Delaware (State or other jurisdiction of incorporation or organization) | 54-1242469 (I.R.S. Employer Identification Number) |
Page | ||
PART I | ||
Item 1. | Business | 1 |
Organization | 1 | |
Public Filings | 1 | |
Employees | 1 | |
Products and Services | 2 | |
Sales and Marketing | 6 | |
Training and Support | 6 | |
Customers | 6 | |
ChoiceParts Joint Venture | 6 | |
Intellectual Property and Licenses | 7 | |
Competition | 8 | |
Regulation | 8 | |
Research and Development | 9 | |
Certain Risks Related to Our Business | 9 | |
Item 2. | Properties | 11 |
Item 3. | Legal Proceedings | 12 |
Item 4. | Submission of Matters to a Vote of Security Holders | 12 |
PART II | ||
Item 5. | Market for Registrant's Common Equity and Related Stockholder Matters | 12 |
Item 6. | Selected Financial Data | 13 |
Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 14 |
Item 7A. | Quantitative and Qualitative Disclosure about Market Risk | 26 |
Item 8. | Financial Statements and Supplementary Data | 26 |
Item 9. | Changes in and Disagreements with Auditors on Accounting and Financial Disclosure | 26 |
Item 9A. | Controls and Procedures | 27 |
Item 9B. | Other Information | 27 |
PART III | ||
Item 10. | Directors and Executive Officers of the Registrant | 28 |
Item 11. | Executive Compensation | 28 |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters | 28 |
Item 13. | Certain Relationships and Related Transactions | 28 |
Item 14. | Principal Accounting Fees and Services | 28 |
PART IV | ||
Item 15. | Exhibits and Financial Statement Schedules | 29 |
Signatures | 65 | |
Directors and Executive Officers | 66 | |
Corporate Information | 67 |
· | CCC Pathways® Registered Appraisal Solution (for insurance customers); |
· | CCC Pathways® Registered Estimating Solution (for collision repair facility customers); |
· | CCC Pathways® Registered Independent Appraiser Solution (for independent appraisers); |
· | CCC Pathways® Digital Imaging; |
· | Recycled Parts Services; and |
· | Comp-Est™ Estimating Solution |
On April 22, 2003, the Company filed a patent infringement lawsuit against Mitchell International, Inc. in the United States District Court for the Northern District of Illinois (Eastern Division). In the complaint CCC alleges that Mitchell is infringing CCC's patent entitled "system and method for managing insurance claim processing", U.S. Patent No. 5,950,169 (" '169 Patent"). The '169 Patent includes coverage for the parts comparison feature in CCC Pathways collision estimating software.
In addition to a judicial determination that Mitchell infringed the '169 Patent, CCC is seeking preliminary and permanent injunctions enjoining Mitchell from further acts of infringement of the '169 Patent, triple monetary damages for willful infringement, disgorgement of all profits resulting from the infringement of the '169 Patent and attorneys fees.
On July 3, 2003, Mitchell filed an answer to the lawsuit, denying that it is infringing the '169 Patent. Mitchell also seeks a declaration from the Court that the '169 Patent is invalid.
On July 2, 2004, Mitchell International Inc. filed a Motion for Summary Judgment in the patent infringement lawsuit brought by the Company in the United States District Court for the Northern District of Illinois (Eastern Division). CCC filed its response to Mitchell’s Motion for Summary Judgment on August 6, 2004, and Mitchell filed a reply to CCC's response on August 20, 2004. The Court has not yet issued a ruling on Mitchell's motion.
2004 | 2003 | ||||||||||||
High | Low | High | Low | ||||||||||
First Quarter | $ | 20.20 | $ | 16.55 | $ | 21.60 | $ | 15.97 | |||||
Second Quarter | $ | 18.05 | $ | 13.86 | $ | 18.19 | $ | 13.92 | |||||
Third Quarter | $ | 18.56 | $ | 14.77 | $ | 16.76 | $ | 12.37 | |||||
Fourth Quarter | $ | 22.69 | $ | 17.80 | $ | 17.20 | $ | 16.55 |
Year Ended December 31, | ||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||
(In Thousands, Except Per Share Data) | ||||||||||||||||
Consolidated Statement of Operations: | ||||||||||||||||
Revenues | $ | 198,653 | $ | 193,352 | $ | 191,860 | $ | 187,941 | $ | 184,641 | ||||||
Expenses: | ||||||||||||||||
Production and customer support | 32,315 | 31,866 | 28,376 | 32,498 | 41,449 | |||||||||||
Commissions, royalties and licenses | 12,541 | 11,713 | 10,411 | 10,129 | 13,512 | |||||||||||
Selling, general and administrative | 71,895 | 68,089 | 77,449 | 90,892 | 86,663 | |||||||||||
Depreciation and amortization | 7,465 | 7,923 | 9,069 | 11,820 | 11,499 | |||||||||||
Product development and programming | 30,164 | 32,234 | 28,383 | 30,429 | 27,895 | |||||||||||
Stock compensation, non-cash | 13,139 | — | — | — | — | |||||||||||
Restructuring charges | 886 | 1,061 | 869 | 10,499 | 6,017 | |||||||||||
Litigation settlements | (2,586 | ) | — | — | 4,250 | 2,375 | ||||||||||
Total operating expenses | 165,819 | 152,886 | 154,557 | 190,517 | 189,410 | |||||||||||
Operating income (loss) | 32,834 | 40,466 | 37,303 | (2,576 | ) | (4,769 | ) | |||||||||
Interest expense | (3,986 | ) | (392 | ) | (708 | ) | (5,680 | ) | (3,135 | ) | ||||||
Other income (expense), net | 552 | 272 | 455 | (248 | ) | 5,101 | ||||||||||
Gain on exchange of investment securities, net | — | — | — | — | 18,437 | |||||||||||
Loss on investment securities and notes | — | — | — | (28,267 | ) | — | ||||||||||
CCC Capital Trust minority interest expense | — | — | (3,984 | ) | (1,371 | ) | — | |||||||||
Equity in net income (losses) of ChoiceParts | 513 | (21 | ) | (291 | ) | (2,486 | ) | (2,071 | ) | |||||||
Income (loss) from continuing operations before income taxes | 29,913 | 40,325 | 32,775 | (40,628 | ) | 13,563 | ||||||||||
Income tax (provision) benefit | (11,340 | ) | (14,285 | ) | (10,420 | ) | 18,329 | (3,452 | ) | |||||||
Income (loss) from continuing operations before equity losses | 18,573 | 26,040 | 22,355 | (22,299 | ) | 10,111 | ||||||||||
Equity in net losses of affiliates | — | — | — | (2,354 | ) | (15,650 | ) | |||||||||
Income (loss) from continuing operations | 18,573 | 26,040 | 22,355 | (24,653 | ) | (5,539 | ) | |||||||||
Income (loss) from discontinued operations, net of income taxes | — | — | 354 | (5,972 | ) | (3,704 | ) | |||||||||
Net income (loss) | $ | 18,573 | $ | 26,040 | $ | 22,709 | $ | (30,625 | ) | $ | (9,243 | ) | ||||
Income (loss) per common share—basic | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.81 | $ | 0.99 | $ | 0.86 | $ | (1.12 | ) | $ | (0.25 | ) | ||||
Income (loss) from discontinued operations | — | — | 0.01 | (0.27 | ) | (0.17 | ) | |||||||||
Net income (loss) | $ | 0.81 | $ | 0.99 | $ | 0.87 | $ | (1.39 | ) | $ | (0.42 | ) | ||||
Income (loss) per common share—diluted | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.77 | $ | 0.94 | $ | 0.83 | $ | (1.12 | ) | $ | (0.25 | ) | ||||
Income (loss) from discontinued operations | — | — | 0.01 | (0.27 | ) | (0.17 | ) | |||||||||
Net income (loss) | $ | 0.77 | $ | 0.94 | $ | 0.84 | $ | (1.39 | ) | $ | (0.42 | ) | ||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 22,993 | 26,243 | 25,850 | 21,967 | 21,851 | |||||||||||
Diluted | 24,258 | 27,655 | 26,904 | 21,967 | 21,851 |
December 31, | ||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||
(In Thousands) | ||||||||||||||||
Selected Consolidated Balance Sheet Data: | ||||||||||||||||
Cash and short-term investments | $ | 19,958 | $ | 27,759 | $ | 20,200 | $ | 766 | $ | 912 | ||||||
Working capital | 6,290 | 14,287 | (4,444 | ) | (20,256 | ) | (24,886 | ) | ||||||||
Total assets | 83,633 | 86,735 | 67,843 | 62,194 | 94,688 | |||||||||||
Long-term debt, excluding current maturities | 169,613 | — | — | 7,145 | 42,000 | |||||||||||
Stockholders' equity (deficit) | (121,875 | ) | 51,583 | 21,184 | (6,811 | ) | 2,118 |
Variance | |||||||||||||||||||
2004 | 2003 | Increase (Decrease) | |||||||||||||||||
CCC Pathways | $ | 124,726 | 62.8 | % | $ | 118,190 | 61.1 | % | $ | 6,536 | 5.5 | % | |||||||
CCC Valuescope | 41,642 | 21.0 | % | 42,187 | 21.8 | % | (545 | ) | (1.3 | )% | |||||||||
Workflow Products | 25,873 | 13.0 | % | 26,107 | 13.5 | % | (234 | ) | (0.9 | )% | |||||||||
Information Services Products | 2,016 | 1.0 | % | 1,708 | 0.9 | % | 308 | 18.0 | % | ||||||||||
Other Products and Services | 4,396 | 2.2 | % | 5,160 | 2.7 | % | (764 | ) | (14.8 | )% | |||||||||
Total Revenue | $ | 198,653 | 100.0 | % | $ | 193,352 | 100.0 | % | $ | 5,301 | 2.7 | % |
Variance | |||||||||||||||||||
2004 | 2003 | Increase (Decrease) | |||||||||||||||||
Revenues | $ | 198,653 | 100.0 | % | $ | 193,352 | 100.0 | % | $ | 5,301 | 2.7 | % | |||||||
Production and customer support | 32,315 | 16.3 | % | 31,866 | 16.5 | % | 449 | 1.4 | % | ||||||||||
Commissions, royalties and licenses | 12,541 | 6.3 | % | 11,713 | 6.1 | % | 828 | 7.1 | % | ||||||||||
Selling, general and administrative | 71,895 | 36.2 | % | 68,089 | 35.2 | % | 3,806 | 5.6 | % | ||||||||||
Depreciation and amortization | 7,465 | 3.8 | % | 7,923 | 4.1 | % | (458 | ) | (5.8 | )% | |||||||||
Product development and programming | 30,164 | 15.2 | % | 32,234 | 16.7 | % | (2,070 | ) | (6.4 | )% | |||||||||
Stock compensation, non-cash | 13,139 | 6.6 | % | — | — | 13,139 | — | ||||||||||||
Restructuring charges | 886 | 0.4 | % | 1,061 | 0.5 | % | (175 | ) | (16.5 | )% | |||||||||
Litigation settlements | (2,586 | ) | (1.3 | )% | — | — | (2,586 | ) | — | ||||||||||
Total operating expenses | $ | 165,819 | 83.5 | % | $ | 152,886 | 79.1 | % | $ | 12,933 | 8.5 | % |
Variance | |||||||||||||||||||
2003 | 2002 | Increase (Decrease) | |||||||||||||||||
CCC Pathways | $ | 118,190 | 61.1 | % | $ | 116,231 | 60.6 | % | $ | 1,959 | 1.7 | % | |||||||
CCC Valuescope | 42,187 | 21.8 | % | 45,463 | 23.7 | % | (3,276 | ) | (7.2 | )% | |||||||||
Workflow Products | 26,107 | 13.5 | % | 22,602 | 11.8 | % | 3,505 | 15.5 | % | ||||||||||
Information Services Products | 1,708 | 0.9 | % | 1,134 | 0.6 | % | 574 | 50.6 | % | ||||||||||
Other Products and Services | 5,160 | 2.7 | % | 6,430 | 3.3 | % | (1,270 | ) | (19.8 | )% | |||||||||
Total Revenue | $ | 193,352 | 100.0 | % | $ | 191,860 | 100.0 | % | $ | 1,492 | 0.8 | % |
Variance | |||||||||||||||||||
2003 | 2002 | Increase (Decrease) | |||||||||||||||||
Revenues | $ | 193,352 | 100.0 | % | $ | 191,860 | 100.0 | % | $ | 1,492 | 0.8 | % | |||||||
Production and Customer Support | 31,866 | 16.5 | % | 28,376 | 14.8 | % | 3,490 | 12.3 | % | ||||||||||
Commissions, Royalties and Licenses | 11,713 | 6.1 | % | 10,411 | 5.4 | % | 1,302 | 12.5 | % | ||||||||||
Selling, General and Administrative | 68,089 | 35.2 | % | 77,449 | 40.4 | % | (9,360 | ) | (12.1 | )% | |||||||||
Depreciation and Amortization | 7,923 | 4.1 | % | 9,069 | 4.7 | % | (1,146 | ) | (12.6 | )% | |||||||||
Product Development and Programming | 32,234 | 16.7 | % | 28,383 | 14.8 | % | 3,851 | 13.6 | % | ||||||||||
Restructuring Charges | 1,061 | 0.5 | % | 869 | 0.5 | % | 192 | 22.1 | % | ||||||||||
Total Operating Expenses | $ | 152,886 | 79.1 | % | $ | 154,557 | 80.6 | % | $ | (1,671 | ) | (1.1 | )% |
Three Months Ended | |||||||||||||||||||||||||
Mar. 31, | June 30, | Sept. 30, | Dec. 31, | Mar. 31, | June 30, | Sept. 30, | Dec. 31, | ||||||||||||||||||
2003 | 2003 | 2003 | 2003 | 2004 | 2004 | 2004 | 2004 | ||||||||||||||||||
Revenues | $ | 47,732 | $ | 48,097 | $ | 48,621 | $ | 48,902 | $ | 49,603 | $ | 49,473 | $ | 49,092 | $ | 50,485 | |||||||||
Expenses: | |||||||||||||||||||||||||
Production and customer support | 7,344 | 7,754 | 8,279 | 8,489 | 8,349 | 7,807 | 7,976 | 8,183 | |||||||||||||||||
Commissions, royalties and licenses | 2,417 | 3,013 | 3,184 | 3,099 | 3,174 | 3,145 | 3,166 | 3,056 | |||||||||||||||||
Selling, general and administrative | 18,566 | 17,150 | 16,699 | 15,674 | 17,930 | 19,105 | 17,086 | 17,774 | |||||||||||||||||
Depreciation and amortization | 1,930 | 2,014 | 1,944 | 2,035 | 2,103 | 1,805 | 1,719 | 1,838 | |||||||||||||||||
Product development and programming | 7,696 | 8,156 | 7,838 | 8,544 | 8,037 | 8,089 | 7,175 | 6,863 | |||||||||||||||||
Stock compensation, non-cash | — | — | — | — | — | — | 13,139 | — | |||||||||||||||||
Restructuring charges | — | 1,061 | — | — | — | 886 | — | — | |||||||||||||||||
Litigation settlements | — | — | — | — | — | — | (2,586 | ) | — | ||||||||||||||||
Total operating expenses | 37,953 | 39,148 | 37,944 | 37,841 | 39,593 | 40,837 | 47,675 | 37,714 | |||||||||||||||||
Operating income | 9,779 | 8,949 | 10,677 | 11,061 | 10,010 | 8,636 | 1,417 | 12,771 | |||||||||||||||||
Interest income (expense) | (222 | ) | (165 | ) | (169 | ) | 164 | (146 | ) | (126 | ) | (1,199 | ) | (2,515 | ) | ||||||||||
Other income (expense) | 89 | 67 | 45 | 71 | 87 | 80 | 265 | 120 | |||||||||||||||||
Equity in income (loss) of ChoiceParts | (6 | ) | 12 | (150 | ) | 123 | 109 | 94 | 161 | 149 | |||||||||||||||
Income before income taxes | 9,640 | 8,863 | 10,403 | 11,419 | 10,060 | 8,684 | 644 | 10,525 | |||||||||||||||||
Income tax provision | (3,669 | ) | (3,369 | ) | (4,052 | ) | (3,195 | ) | (3,853 | ) | (3,341 | ) | (161 | ) | (3,985 | ) | |||||||||
Net income | $ | 5,971 | $ | 5,494 | $ | 6,351 | $ | 8,224 | $ | 6,207 | $ | 5,343 | $ | 483 | $ | 6,540 | |||||||||
Per Share Data: | |||||||||||||||||||||||||
Net Income per common share— | |||||||||||||||||||||||||
basic | $ | 0.23 | $ | 0.21 | $ | 0.24 | $ | 0.31 | $ | 0.23 | $ | 0.20 | $ | 0.02 | $ | 0.41 | |||||||||
Net Income per common share— | |||||||||||||||||||||||||
diluted. | $ | 0.22 | $ | 0.20 | $ | 0.23 | $ | 0.30 | $ | 0.22 | $ | 0.19 | $ | 0.02 | $ | 0.38 | |||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||
Basic | 26,156 | 26,224 | 26,256 | 26,338 | 26,472 | 26,643 | 22,965 | 15,995 | |||||||||||||||||
Diluted | 27,741 | 27,630 | 27,484 | 27,752 | 27,927 | 27,824 | 24,161 | 17,171 |
Less than | 1-3 | 4-5 | More than | No Specific | |||||||||||||||
Total | 1 Year | Years | Years | 5 Years | Date | ||||||||||||||
Operating lease obligations | $ | 15,512 | $ | 3,252 | $ | 6,502 | $ | 3,819 | $ | 1,939 | $ | — | |||||||
ChoiceParts Investment | 1,788 | — | — | — | — | 1,788 | |||||||||||||
Capital lease obligations | — | — | — | — | — | — | |||||||||||||
Long-term debt obligations | 169,613 | — | 3,444 | 3,444 | 162,725 | — | |||||||||||||
Purchase obligations | 165,956 | 19,304 | 20,613 | 18,951 | 107,088 | — | |||||||||||||
Other long-term liabilities | 1,130 | 898 | 232 | — | — | — | |||||||||||||
Total | $ | 353,999 | $ | 23,454 | $ | 30,791 | $ | 26,214 | $ | 271,752 | $ | 1,788 |
Expected Maturity Date | ||||||||||
Interest Rate Derivatives | 2005 | 2006 | 2007 | |||||||
Interest Rate Swap | ||||||||||
Variable to Fixed | $ | 88,750 | $ | 88,750 | $ | 88,750 | ||||
Average pay rate | 3.53 | % | 3.53 | % | 3.53 | % | ||||
Average receive rate | 3.33 | % | 4.20 | % | 4.40 | % |
1. | Consolidated Financial Statements |
Page | |
Report of Independent Registered Public Accounting Firm | 30 |
Consolidated Financial Statements: | |
Consolidated Statements of Operations | 32 |
Consolidated Balance Sheets | 33 |
Consolidated Statements of Cash Flows | 34 |
Consolidated Statements of Stockholders' (Deficit) Equity | 36 |
Notes to Consolidated Financial Statements | 37 |
2. | Financial Statement Schedule |
Schedule II Valuation and Qualifying Accounts | 61 |
3. | Exhibits |
The exhibits required by this item are set forth on the exhibit index attached hereto | 62 |
Year Ended December 31, | ||||||||||
2004 | 2003 | 2002 | ||||||||
Revenues | $ | 198,653 | $ | 193,352 | $ | 191,860 | ||||
Expenses: | ||||||||||
Production and customer support | 32,315 | 31,866 | 28,376 | |||||||
Commissions, royalties and licenses | 12,541 | 11,713 | 10,411 | |||||||
Selling, general and administrative | 71,895 | 68,089 | 77,449 | |||||||
Depreciation and amortization | 7,465 | 7,923 | 9,069 | |||||||
Product development and programming | 30,164 | 32,234 | 28,383 | |||||||
Stock compensation, non-cash | 13,139 | — | — | |||||||
Restructuring charges | 886 | 1,061 | 869 | |||||||
Litigation settlements | (2,586 | ) | — | — | ||||||
Total operating expenses | 165,819 | 152,886 | 154,557 | |||||||
Operating income | 32,834 | 40,466 | 37,303 | |||||||
Interest expense | (3,986 | ) | (392 | ) | (708 | ) | ||||
Other income, net | 552 | 272 | 455 | |||||||
CCC Capital Trust minority interest expense | — | — | (3,984 | ) | ||||||
Equity in income (losses) of ChoiceParts | 513 | (21 | ) | (291 | ) | |||||
Income from continuing operations before income taxes | 29,913 | 40,325 | 32,775 | |||||||
Income tax provision | (11,340 | ) | (14,285 | ) | (10,420 | ) | ||||
Income from continuing operations | 18,573 | 26,040 | 22,355 | |||||||
Income from discontinued operations, net of income taxes | — | — | 354 | |||||||
Net income | $ | 18,573 | $ | 26,040 | $ | 22,709 | ||||
Per Share Data: | ||||||||||
Income per common share - basic from: | ||||||||||
Income from continuing operations | $ | 0.81 | $ | 0.99 | $ | 0.86 | ||||
Income from discontinued operations | — | — | 0.01 | |||||||
Income per common share—basic | $ | 0.81 | $ | 0.99 | $ | 0.87 | ||||
Income per common share - diluted from: | ||||||||||
Income from continuing operations | $ | 0.77 | $ | 0.94 | $ | 0.83 | ||||
Income from discontinued operations | — | — | 0.01 | |||||||
Income per common share—diluted | $ | 0.77 | $ | 0.94 | $ | 0.84 | ||||
Weighted average shares outstanding: | ||||||||||
Basic | 22,993 | 26,243 | 25,850 | |||||||
Diluted | 24,258 | 27,655 | 26,904 |
December 31, | |||||||
2004 | 2003 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 19,958 | $ | 20,755 | |||
Short-term investments | — | 7,004 | |||||
Accounts receivable, net | 12,721 | 10,247 | |||||
Other current assets | 7,790 | 8,369 | |||||
Total current assets | 40,469 | 46,375 | |||||
Property and equipment, net | 12,151 | 12,776 | |||||
Intangible assets, net | 1,298 | 2,153 | |||||
Goodwill | 15,747 | 15,747 | |||||
Deferred income taxes, net | 9,420 | 9,127 | |||||
Investments | 778 | 265 | |||||
Other assets | 3,770 | 292 | |||||
Total assets | $ | 83,633 | $ | 86,735 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | |||||||
Accounts payable | $ | 7,728 | $ | 5,937 | |||
Accrued expenses | 19,468 | 16,522 | |||||
Income taxes payable | 97 | 1,602 | |||||
Current portion of deferred revenues | 6,886 | 7,930 | |||||
Other current liabilities | — | 97 | |||||
Total current liabilities | 34,179 | 32,088 | |||||
Long-term debt | 169,613 | — | |||||
Other liabilities | 1,716 | 3,064 | |||||
Total liabilities | 205,508 | 35,152 | |||||
Commitments and contingencies (Notes 24 and 27) | |||||||
Preferred Stock ($1.00 par value, 100 shares authorized, issued and outstanding) | — | — | |||||
Common stock ($0.10 par value, 40,000,000 shares authorized, 16,144,124 and 26,376,839 shares outstanding at December 31, 2004 and 2003, respectively) | 1,614 | 3,034 | |||||
Additional paid-in capital | 7,006 | 131,590 | |||||
Other comprehensive income | 72 | — | |||||
Accumulated deficit | (78,315 | ) | (36,838 | ) | |||
Treasury stock, at cost (4,460,501 and 4,094,665 common shares in treasury at December 31, 2004 and December 31, 2003) | (52,252 | ) | (46,203 | ) | |||
Total stockholders' (deficit) equity | (121,875 | ) | 51,583 | ||||
Total liabilities and stockholders' (deficit) equity | $ | 83,633 | $ | 86,735 |
Year Ended December 31, | ||||||||||
2004 | 2003 | 2002 | ||||||||
Operating Activities: | ||||||||||
Net income | $ | 18,573 | $ | 26,040 | $ | 22,709 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Income from discontinued operations, net of income taxes | — | — | (354 | ) | ||||||
Equity in (income) losses of ChoiceParts | (513 | ) | 21 | 291 | ||||||
Depreciation and amortization of property and equipment | 6,609 | 7,210 | 9,069 | |||||||
Amortization of intangible assets | 856 | 713 | — | |||||||
Deferred income tax (benefit) provision | (293 | ) | 1,327 | 13,456 | ||||||
Restructuring charges | 886 | 1,061 | 869 | |||||||
Restricted stock compensation, non-cash | 41 | 16 | — | |||||||
Stock compensation, non-cash | 13,139 | — | — | |||||||
Income tax benefit related to exercise of stock options | 1,250 | 533 | 704 | |||||||
Interest on notes receivable from officer | — | — | (106 | ) | ||||||
Other, net | 88 | 78 | 191 | |||||||
Changes in: | ||||||||||
Accounts receivable, net | (2,474 | ) | 928 | 1,065 | ||||||
Other current assets | 579 | 135 | (1,649 | ) | ||||||
Other assets | 144 | 335 | 400 | |||||||
Accounts payable | 1,791 | (2,542 | ) | (437 | ) | |||||
Accrued expenses | 1,694 | (8,891 | ) | (2,021 | ) | |||||
Income taxes payable | (1,504 | ) | (966 | ) | 2,755 | |||||
Other current liabilities | 445 | (62 | ) | — | ||||||
Deferred revenues | (1,044 | ) | 178 | 153 | ||||||
Other liabilities | (1,348 | ) | (1,102 | ) | (1,543 | ) | ||||
Net cash provided by operating activities: | ||||||||||
Continuing operations | 38,919 | 25,012 | 45,552 | |||||||
Discontinued operations | — | — | 30 | |||||||
Net cash provided by operating activities | 38,919 | 25,012 | 45,582 | |||||||
Investing Activities: | ||||||||||
Capital expenditures | (6,014 | ) | (7,491 | ) | (8,609 | ) | ||||
Acquisition of Comp-Est Inc. | — | (13,205 | ) | (193 | ) | |||||
Purchase of short-term investments | — | (7,004 | ) | — | ||||||
Proceeds from sale of short-term investments | 7,004 | — | — | |||||||
Investment in affiliates | — | — | (275 | ) | ||||||
Issuance of warrants to Hearst | — | — | 318 | |||||||
Net cash provided by (used for) investing activities | 990 | (27,700 | ) | (8,759 | ) |
Year Ended December 31, | ||||||||||
2004 | 2003 | 2002 | ||||||||
Financing Activities: | ||||||||||
Proceeds from exercise of stock options | 3,903 | 1,825 | 3,112 | |||||||
Payment of principal and interest on notes receivable from officer | — | 1,506 | — | |||||||
Proceeds from employee stock purchase plan | 422 | 399 | 377 | |||||||
Proceeds from borrowings on long-term debt | 177,500 | — | 22,000 | |||||||
Principal repayments on long-term debt | (7,888 | ) | — | (28,500 | ) | |||||
Self-tender offer of common stock | (210,000 | ) | — | — | ||||||
Payment of debt issuance and self-tender offer costs | (4,485 | ) | — | — | ||||||
Purchase of Trust Preferred Securities | — | — | (13,369 | ) | ||||||
Principal repayments of capital lease obligations | (158 | ) | (487 | ) | (421 | ) | ||||
Principal repayments on short term note | — | — | (588 | ) | ||||||
Net cash provided by (used for) financing activities | (40,706 | ) | 3,243 | (17,389 | ) | |||||
Net increase (decrease) in cash and cash equivalents | (797 | ) | 555 | 19,434 | ||||||
Cash and cash equivalents: | ||||||||||
Beginning of year | 20,755 | 20,200 | 766 | |||||||
End of year | $ | 19,958 | $ | 20,755 | $ | 20,200 |
Accumulated | Notes | Total | ||||||||||||||||||||||||||
Outstanding Common Stock | Additional | Other | Receivable | Treasury Stock | Stockholders' | |||||||||||||||||||||||
Number of Shares | Par Value | Paid-in Capital | Accumulated Deficit | Comprehensive Loss (Income) | from Officer | Number of Shares | Cost | Equity (Deficit) | ||||||||||||||||||||
December 31, 2001 | 25,503,567 | $ | 2,967 | $ | 124,188 | $ | (85,587 | ) | $ | (10 | ) | $ | — | 4,286,665 | $ | (48,369 | ) | $ | (6,811 | ) | ||||||||
Issuance of warrants to Hearst | — | — | 793 | — | — | — | — | — | 793 | |||||||||||||||||||
Treasury stock purchases | 192,000 | — | (966 | ) | — | — | (1,200 | ) | (192,000 | ) | 2,166 | — | ||||||||||||||||
Interest on notes receivable from officer | — | — | — | — | — | (106 | ) | — | — | (106 | ) | |||||||||||||||||
Stock options exercised including income tax benefit | 334,402 | 35 | 3,781 | — | — | — | — | — | 3,816 | |||||||||||||||||||
Employee stock purchase plan | 44,920 | 3 | 374 | — | — | — | — | — | 377 | |||||||||||||||||||
Tax benefit related to issuance costs of Trust Preferred Securities | — | — | 399 | — | — | — | — | — | 399 | |||||||||||||||||||
Translation adjustment | — | — | — | — | 10 | — | — | — | 10 | |||||||||||||||||||
Other | — | — | 197 | — | — | (200 | ) | — | — | (3 | ) | |||||||||||||||||
Net income | — | — | — | 22,709 | — | — | — | — | 22,709 | |||||||||||||||||||
Comprehensive income | — | — | — | 22,709 | 10 | — | — | — | 22,719 | |||||||||||||||||||
December 31, 2002 | 26,074,889 | $ | 3,005 | $ | 128,766 | $ | (62,878 | ) | $ | — | $ | (1,506 | ) | 4,094,665 | $ | (46,203 | ) | $ | 21,184 | |||||||||
Stock options exercised including income tax benefit | 262,639 | 28 | 2,330 | — | — | — | — | — | 2,358 | |||||||||||||||||||
Employee stock purchase plan | 31,311 | 1 | 398 | — | — | — | — | — | 399 | |||||||||||||||||||
Interest on notes receivable from officer | — | — | — | — | — | (47 | ) | — | — | (47 | ) | |||||||||||||||||
Payment of principal and interest on notes receivable from officer | — | — | — | — | — | 1,553 | — | — | 1,553 | |||||||||||||||||||
Restricted stock compensation, non - cash | 8,000 | — | 16 | — | — | — | — | — | 16 | |||||||||||||||||||
Other | — | — | 80 | — | — | — | — | — | 80 | |||||||||||||||||||
Net income | — | — | — | 26,040 | — | — | — | — | 26,040 | |||||||||||||||||||
Comprehensive income | — | — | — | 26,040 | — | — | — | — | 26,040 | |||||||||||||||||||
December 31, 2003 | 26,376,839 | $ | 3,034 | $ | 131,590 | $ | (36,838 | ) | $ | — | $ | — | 4,094,665 | $ | (46,203 | ) | $ | 51,583 | ||||||||||
Warrants and stock options exercised including income tax benefit | 921,368 | 92 | 13,278 | (1,771 | ) | — | — | 365,836 | (6,446 | ) | 5,153 | |||||||||||||||||
Employee stock purchase plan | 29,326 | 3 | 419 | — | — | — | — | — | 422 | |||||||||||||||||||
Self -tender offer, including costs | — | — | (935 | ) | — | — | — | 11,200,000 | (210,000 | ) | (210,935 | ) | ||||||||||||||||
Treasury shares retired | (11,200,000 | ) | (1,120 | ) | (150,599 | ) | (58,281 | ) | — | — | (11,200,000 | ) | 210,000 | — | ||||||||||||||
Stock compensation, non-cash | — | — | 13,139 | — | — | — | — | — | 13,139 | |||||||||||||||||||
Restricted stock compensation, non - cash | 13,000 | 2 | 39 | — | — | — | — | — | 41 | |||||||||||||||||||
Other | 3,591 | (397 | ) | 75 | 2 | 72 | — | — | 397 | 149 | ||||||||||||||||||
Net income | — | — | — | 18,573 | — | — | — | — | 18,573 | |||||||||||||||||||
Comprehensive income | — | — | — | 18,573 | 72 | — | — | — | 18,645 | |||||||||||||||||||
December 31, 2004 | 16,144,124 | $ | 1,614 | $ | 7,006 | $ | (78,315 | ) | $ | 72 | $ | — | 4,460,501 | $ | (52,252 | ) | $ | (121,875 | ) |
Description | Balance at Beginning of Period | Charged to Revenue or Expense | Charged to Other Accounts | Write-offs net of Recoveries | Balance at End of Period | |||||||||||
2002 Sales Allowances and Doubtful Accounts | $ | 2,288 | 1,755 | 26 | (1,756 | ) | $ | 2,313 | ||||||||
2003 Sales Allowances and Doubtful Accounts | $ | 2,313 | 2,093 | (68 | ) | (1,395 | ) | $ | 2,943 | |||||||
2004 Sales Allowances and Doubtful Accounts | $ | 2,943 | 1,629 | (15 | ) | (2,200 | ) | $ | 2,357 |
2004 | 2003 | 2002 | ||||||||
Net income: | ||||||||||
As reported | $ | 18,573 | $ | 26,040 | $ | 22,709 | ||||
Pro forma | $ | 16,756 | $ | 23,570 | $ | 20,638 | ||||
Per share net income assuming dilution: | ||||||||||
As reported | $ | 0.77 | $ | 0.94 | $ | 0.84 | ||||
Pro forma | $ | 0.69 | $ | 0.85 | $ | 0.77 |
December 31, | |||||||
2004 | 2003 | ||||||
Commercial paper | $ | — | $ | 4,504 | |||
Certificates of deposit | — | 2,500 | |||||
Total | $ | — | $ | 7,004 |
February 26, | ||||
2003 | ||||
Current assets | $ | 44 | ||
Property and equipment | 86 | |||
Intangible assets | 2,867 | |||
Total assets acquired | 2,997 | |||
Current liabilities | 450 | |||
Net | $ | 2,547 |
Excess | ||||
Facilities | ||||
Balance at December 31, 2003 | $ | 1,830 | ||
Cash payments | (1,284 | ) | ||
Sub-let rent received | 580 | |||
Balance at December 31, 2004 | $ | 1,126 |
Year Ended December 31 | ||||||||||
2004 | 2003 | 2002 | ||||||||
Current (provision) benefit: | ||||||||||
Federal | $ | (9,935 | ) | $ | (13,527 | ) | $ | (6,540 | ) | |
State | (1,698 | ) | (719 | ) | (1,037 | ) | ||||
Foreign | — | 20 | 3 | |||||||
Total current (provision) benefit | (11,633 | ) | (14,226 | ) | (7,574 | ) | ||||
Deferred (provision) benefit: | ||||||||||
Federal | 262 | 139 | (3,471 | ) | ||||||
State | 31 | (198 | ) | 625 | ||||||
Total deferred (provision) benefit | 293 | (59 | ) | (2,846 | ) | |||||
Total income tax provision | $ | (11,340 | ) | $ | (14,285 | ) | $ | (10,420 | ) |
Year Ended December 31 | |||||||||||||||||||
2004 | 2003 | 2002 | |||||||||||||||||
Federal income tax provision at statutory rate | $ | (10,470 | ) | (35.0 | )% | $ | (14,134 | ) | (35.0 | )% | $ | (11,471 | ) | (35.0 | )% | ||||
State and local taxes, net of federal income tax effect and before valuation allowances | (1,084 | ) | (3.6 | )% | (1,197 | ) | (3.0 | )% | (1,073 | ) | (3.3 | )% | |||||||
Change in valuation allowance | — | — | — | — | (110 | ) | (0.4 | )% | |||||||||||
Nondeductible expenses | (165 | ) | (0.6 | )% | (131 | ) | (0.3 | )% | (140 | ) | (0.4 | )% | |||||||
Write-off of foreign investments | — | — | — | — | 132 | 0.4 | % | ||||||||||||
Research and experimentation credits | 628 | 2.1 | % | 91 | 0.2 | % | 2,383 | 7.3 | % | ||||||||||
Reduction of tax reserves upon resolution of tax uncertainties | — | — | 1,111 | 2.8 | % | — | — | ||||||||||||
Other, net | (249 | ) | (0.8 | )% | (25 | ) | (0.1 | )% | (141 | ) | (0.4 | )% | |||||||
Income tax provision | $ | (11,340 | ) | (37.9 | )% | $ | (14,285 | ) | (35.4 | )% | $ | (10,420 | ) | (31.8 | )% |
December 31, | |||||||
2004 | 2003 | ||||||
Deferred income tax assets (liabilities): | |||||||
Capital loss carryforward | $ | 7,390 | $ | 7,390 | |||
Foreign net operating losses | 4,209 | 4,209 | |||||
Litigation settlement | 2,636 | 2,694 | |||||
Stock option compensation | 2,614 | — | |||||
Lease termination | 1,243 | 1,563 | |||||
Depreciation and amortization | 950 | 836 | |||||
Bad debt expense | 888 | 1,100 | |||||
Rent | 556 | 805 | |||||
Intangible amortization | 449 | 883 | |||||
Accrued compensation | 206 | 290 | |||||
State research credits | — | 120 | |||||
Deferred revenue | (508 | ) | (22 | ) | |||
Other, net | 386 | 858 | |||||
Subtotal | 21,019 | 20,726 | |||||
Valuation allowance | (11,599 | ) | (11,599 | ) | |||
Total deferred income tax assets | $ | 9,420 | $ | 9,127 |
December 31, | |||||||
2004 | 2003 | ||||||
Prepaid data royalties | $ | 1,853 | $ | 1,948 | |||
Insurance reimbursement for litigation settlement | 1,800 | 2,000 | |||||
Prepaid equipment maintenance | 1,141 | 1,261 | |||||
Deferred contract buyouts | 978 | — | |||||
Prepaid insurance | 820 | 1,080 | |||||
Income tax receivable - research and experimentation credits | 295 | 750 | |||||
Other | 903 | 1,330 | |||||
Total | $ | 7,790 | $ | 8,369 |
December 31, | |||||||
2004 | 2003 | ||||||
Purchased software, licenses and databases | $ | 21,655 | $ | 20,070 | |||
Computer equipment | 14,625 | 14,715 | |||||
Leasehold improvements | 7,190 | 7,067 | |||||
Furniture and other equipment | 4,415 | 5,339 | |||||
Building and land | 1,796 | 1,796 | |||||
Total, cost | 49,681 | 48,987 | |||||
Less accumulated depreciation and amortization | (37,530 | ) | (36,211 | ) | |||
Total, net | $ | 12,151 | $ | 12,776 |
December 31, | |||||||
2004 | 2003 | ||||||
Cost: | |||||||
Customer relationships | $ | 1,883 | $ | 1,883 | |||
Acquired software | 684 | 684 | |||||
Trademark | 300 | 300 | |||||
Total, cost | 2,867 | 2,867 | |||||
Less accumulated amortization: | |||||||
Customer relationships | (1,151 | ) | (524 | ) | |||
Acquired software | (418 | ) | (190 | ) | |||
Trademark | — | — | |||||
Total accumulated amortization | (1,569 | ) | (714 | ) | |||
Total, net | $ | 1,298 | $ | 2,153 |
December 31, | |||||||
2004 | 2003 | ||||||
Litigation settlements | $ | 8,101 | $ | 6,475 | |||
Compensation | 5,725 | 4,468 | |||||
Health insurance | 1,347 | 1,256 | |||||
Restructuring charges | 921 | 860 | |||||
Sales tax | 842 | 933 | |||||
Professional fees | 655 | 843 | |||||
Other, net | 1,877 | 1,687 | |||||
Total | $ | 19,468 | $ | 16,522 |
December 31, | |||||||
2004 | 2003 | ||||||
Deferred rent | $ | 1,466 | $ | 2,140 | |||
Other, net | 250 | 924 | |||||
Total | $ | 1,716 | $ | 3,064 |
2004 | 2003 | 2002 | |||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||||
Average | Average | Average | |||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||
Shares | Price | Shares | Price | Shares | Price | ||||||||||||||
Options Outstanding: | |||||||||||||||||||
Beginning of year | 3,147,106 | $ | 10.67 | 2,922,270 | $ | 9.12 | 3,005,452 | $ | 9.31 | ||||||||||
Granted | 7,500 | $ | 18.92 | 561,325 | $ | 17.29 | 547,500 | $ | 9.75 | ||||||||||
Exercised | (1,134,427 | ) | $ | 8.41 | (262,639 | ) | $ | 6.97 | (334,402 | ) | $ | 9.26 | |||||||
Forfeited and Expired | (293,698 | ) | $ | 12.57 | (73,850 | ) | $ | 13.08 | (296,280 | ) | $ | 11.97 | |||||||
End of year | 1,726,481 | $ | 11.86 | 3,147,106 | $ | 10.67 | 2,922,270 | $ | 9.12 | ||||||||||
Options exercisable at year-end | 1,125,821 | $ | 11.09 | 1,708,676 | $ | 9.51 | 1,316,658 | $ | 9.08 | ||||||||||
Weighted average grant date fair value of options granted during the year | $ | 11.54 | $ | 11.12 | $ | 6.40 |
Options Outstanding | Options Exercisable | |||||||||||||||
Weighted | ||||||||||||||||
Average | Weighted | Weighted | ||||||||||||||
Remaining | Average | Average | ||||||||||||||
Contractual | Exercise | Exercise | ||||||||||||||
Range of Exercise Prices | Shares | Life | Price | Shares | Price | |||||||||||
$5.75 to $6.75 | 31,799 | 6.56 | $ | 6.47 | 11,830 | $ | 6.58 | |||||||||
$6.88 to $6.88 | 17,500 | 1.22 | $ | 6.88 | 17,500 | $ | 6.88 | |||||||||
$7.50 to $8.90 | 605,215 | 6.58 | $ | 8.51 | 357,309 | $ | 8.56 | |||||||||
$9.00 to $11.13 | 368,530 | 5.28 | $ | 10.53 | 367,780 | $ | 10.53 | |||||||||
$12.13 to $16.63 | 288,978 | 4.48 | $ | 13.48 | 278,291 | $ | 13.41 | |||||||||
$17.20 to $19.15 | 414,459 | 8.19 | $ | 17.44 | 93,111 | $ | 17.43 | |||||||||
$5.75 to $19.15 | 1,726,481 | 6.28 | $ | 11.86 | 1,125,821 | $ | 11.09 |
Year Ended December 31, | ||||||||||
2004 | 2003 | 2002 | ||||||||
Net income | $ | 18,573 | $ | 26,040 | $ | 22,709 | ||||
Weighted average common shares | 22,993 | 26,243 | 25,850 | |||||||
Effect of common stock options and warrants | 1,265 | 1,412 | 1,054 | |||||||
Weighted average diluted shares | 24,258 | 27,655 | 26,904 | |||||||
Income per common share—basic: | ||||||||||
Income from continuing operations | $ | 0.81 | $ | 0.99 | $ | 0.86 | ||||
Income from discontinued operations | — | — | 0.01 | |||||||
Income per common share—basic | $ | 0.81 | $ | 0.99 | $ | 0.87 | ||||
Income per common share—diluted: | ||||||||||
Income from continuing operations | $ | 0.77 | $ | 0.94 | $ | 0.83 | ||||
Income from discontinued operations | — | — | 0.01 | |||||||
Income per common share—diluted | $ | 0.77 | $ | 0.94 | $ | 0.84 |
Total | 2005 | 2006 | 2007 | 2008 | 2009 | Thereafter | ||||||||||||||||
Operating leases | $ | 15,512 | 3,252 | 3,274 | 3,228 | 3,082 | 737 | 1,939 |
Year Ended December 31, | ||||||||||
2004 | 2003 | 2002 | ||||||||
CCC Pathways | $ | 124,726 | $ | 118,190 | $ | 116,231 | ||||
CCC Valuescope | 41,642 | 42,187 | 45,463 | |||||||
Workflow Products | 25,873 | 26,107 | 22,602 | |||||||
Information Services Products | 2,016 | 1,708 | 1,134 | |||||||
Other Products and Services | 4,396 | 5,160 | 6,430 | |||||||
Total revenue | $ | 198,653 | $ | 193,352 | $ | 191,860 |
Balance at | Charged to | Charged | Balance | |||||||||||||
Beginning of | Costs and | to Other | Additions/ | at End | ||||||||||||
Description | Period | Expenses | Accounts | Deductions | of Period | |||||||||||
2002 Sales Allowances and Doubtful Accounts | $ | 2,288 | 1,755(a | ) | 26 | (1,756)(b | ) | $ | 2,313 | |||||||
2003 Sales Allowances and Doubtful Accounts | $ | 2,313 | 2,093(a | ) | (68 | ) | (1,395)(b | ) | $ | 2,943 | ||||||
2004 Sales Allowances and Doubtful Accounts | $ | 2,943 | 1,629(a | ) | (15 | ) | (2,200)(b | ) | $ | 2,357 | ||||||
2002 Deferred Income Tax Valuation Allowance | $ | 11,489 | — | — | 110(c | ) | $ | 11,599 | ||||||||
2003 Deferred Income Tax Valuation Allowance | $ | 11,599 | — | — | — | $ | 11,599 | |||||||||
2004 Deferred Income Tax Valuation Allowance | $ | 11,599 | — | — | — | $ | 11,599 |
(a) | Sales allowances were charged to revenue, doubtful accounts were charged to selling, general and administration expense in our consolidated statement of operations. |
(b) | Accounts receivable write-offs, net of recoveries. |
(c) | Additional valuation allowance for capital loss on sale of CCC Southeast assets (goodwill). |
3.1 | Amended and Restated Certificate of Incorporation of the Company (incorporated herein by reference to Exhibit 3.1 of the Company's 2000 Annual Report on Form 10-K, as amended, Commission File Number 000-28600 filed on April 17, 2001) |
3.2 | Certificate of Amendment of Amended and Restated Certificate of Incorporation for the Company (incorporated herein by reference to Exhibit 3.2 of the Company's 2000 Annual Report on Form 10-K, as amended, Commission File Number 000-28600 filed on April 17, 2001) |
3.3 | Second Amended and Restated Bylaws of the Company (incorporated herein by reference to Exhibit 3.2 of the Company's 1996 Annual Report on Form 10-K, as amended, Commission File Number 000-28600 filed on March 14, 1997) |
4.1 | Credit Agreement dated August 20, 2004 among CCC Information Services Inc., the Company, the lenders named therein and Credit Suisse First Boston (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q, Commission File Number 000-28600 filed on November 1, 2004) |
4.2 | Guarantee and Collateral Agreement dated August 20, 2004 among the Company, CCC Information Services Inc., the subsidiaries of CCC Information Services identified therein and Credit Suisse First Boston (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q, Commission File Number 000-28600 filed on November 1, 2004) |
10.1 | Purchase Agreement, dated as of November 29, 2001, between CCC Information Services Group Inc., White River Ventures, Inc., Capricorn Investors II, L.P. and Capricorn Investors III, L.P. (incorporated herein by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K, as amended, Commission File Number 000-28600 filed on December 3, 2001) |
10.2 | Agreement, dated as of November 30, 2001, between CCC Information Services Group Inc. and Capricorn Investors III, L.P.(incorporated herein by reference to Exhibit 10.5 of the Company's Current Report on Form 8-K, as amended, Commission File Number 000-28600 filed on December 3, 2001) |
10.3 | Indenture, dated as of February 13, 2001, by and between CCC Information Services Group Inc. and Wilmington Trust Company (incorporated herein by reference to Exhibit 4.22 of the Company's Registration Statement on Form 3, Commission File Number 333-64132 filed on June 29, 2001) |
10.4 | Supplemental Indenture, dated as of November 30, 2001, by and between CCC Information Services Group Inc. and Wilmington Trust Company (incorporated herein by reference to Exhibit 10.4 of the Company's Current Report on Form 8-K, as amended, Commission File Number 000-28600 filed on December 3, 2001) |
10.5 | Securities Purchase Agreement dated as of February 23, 2001 Among CCC Information Services Group Inc., CCC Capital Trust and Capricorn Investors III, L.P.(incorporated herein by reference to Exhibit 10.14 of Company's 2000 Annual Report on Form 10-K, as amended, Commission File Number 000-28600 filed on April 17, 2001) |
10.6 | Agreement dated as of February 23, 2001 between CCC Information Services Group Inc. and Capricorn Investors III, L.P.(incorporated herein by reference to Exhibit 10.17 of Company's 2000 Annual Report on Form 10-K, as amended, Commission File Number 000-28600 filed on April 17, 2001) |
10.7 | Registration Rights Agreement dated as of February 23, 2001 Between CCC Information Services Group Inc. and Capricorn Investors III, L.P.(incorporated herein by reference to Exhibit 10.15 of Company's 2000 Annual Report on Form 10-K, as amended, Commission File Number 000-28600 filed on April 17, 2001) |
10.8 | Warrant dated as of February 23, 2001 issued by CCC Information Services Group Inc. for the benefit of Capricorn Investors III, L.P.(incorporated herein by reference to Exhibit 10.16of Company's 2000 Annual Report on Form 10-K, as amended, Commission File Number 000-28600 filed on April 17, 2001) |
10.9 | First Amendment and Waiver, dated as of November 30, 2001, to the Warrant dated as of February 23, 2001, issued by CCC Information Services Group Inc. for the benefit of Capricorn Investors III, L.P. (incorporated herein by reference to Exhibit 10.3 of the Company's Current Report on Form 8-K, as amended, Commission File Number 000-28600 filed on December 3, 2001) |
10.10 | Purchase and Waiver Agreement, dated as of October 21, 2002, by and among the Company, CCC Capital Trust and Capricorn Investors III, L.P. (incorporated herein by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K, Commission File Number 000-28600 filed on October 28, 2002) |
10.11 | Amended and Restated MOTOR Crash Estimating Guides Database License Agreement (incorporated herein by reference to Exhibit 10.16 of Company's 2001 Annual Report on Form 10-K, Commission File Number 000-28600 Filed on March 26, 2002) |
10.12 | ChoiceParts, LLC Members' Agreement By and Among ChoiceParts, LLC, ADP, Inc., CCC Information Services, Inc. and the Reynolds and Reynolds Company dated May 4, 2000 (incorporated herein by reference to Exhibit 10.13 of Company's 2000 Annual Report on Form 10-K, as amended, Commission File Number 000-28600 filed on April 17, 2001) |
10.13 | 2000 Stock Incentive Plan (2004 Restatement) (incorporated herein by reference to Annex A of the Company’s Proxy Statement on Schedule 14A filed on April 23, 2004) |
10.14 | Form of Stock Option Agreement (Time Vested) for grants under the 2000 Stock Incentive Plan (2004 Restatement), as amended (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K, Commission File Number 000-28600, filed March 2, 2005) |
10.15 | Form of Restricted Stock Agreement (Time Vested) for grants to directors under the 2000 Stock Incentive Plan (2004 Restatement), as amended (incorporated by reference to Exhibit 10.2 to Current Report on Form 8-K, Commission File Number 000-28600, filed March 2, 2005) |
10.16 | Form of Restricted Stock Agreement (Time Vested) for grants to eligible grantees (other than directors) under the 2000 Stock Incentive Plan (2004 Restatement), as amended (incorporated by reference to Exhibit 10.3 to Current Report on Form 8-K, Commission File Number 000-28600, filed March 2, 2005) |
10.17 | Form of Restricted Share Agreement (Performance Vested Based on Earnings Per Share) for grants under the 2000 Stock Incentive Plan (2004 Restatement), as amended (incorporated by reference to Exhibit 10.4 to Current Report on Form 8-K, Commission File Number 000-28600, filed March 2, 2005) |
10.18 | Form of Restricted Share Agreement (Performance Vested Based on Stock Price) for grants under the 2000 Stock Incentive Plan (2004 Restatement), as amended (incorporated by reference to Exhibit 10.5 to Current Report on Form 8-K, Commission File Number 000-28600, filed March 2, 2005) |
10.19 | Restricted Stock Agreement between the Company and John D. Collins (incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K, Commission File Number 000-28600, filed December 10, 2004) |
10.20* | Management Incentive Plan—Plan Summary |
10.21* | Executive Severance Policy |
10.22* | Summary of Board of Directors and Committee Compensation Arrangements |
10.23* | Summary of Named Executive Officer Compensation Arrangements |
10.24 | Employment Agreement, effective July 1, 2001, by and between CCC Information Services Inc. and Githesh Ramamurthy (management contract required to be filed pursuant to Item 601 of Regulation S-K) (incorporated herein by reference to Exhibit 10.23 of Company's 2001 Annual Report on Form 10-K, Commission File Number 000-28600 Filed on March 26, 2002) |
10.25 | Executive Loan Arrangement by and between CCC Information Services Inc. and Charlesbank Capital Partners dated July 16, 2001 (incorporated herein by reference to Exhibit 10.24 of Company's 2001 Annual Report on Form 10-K, Commission File Number 000-28600 Filed on March 26, 2002) |
10.26 | Option and Acquisition Agreement dated February 6, 1998 by and among Hearst Business Publishing, Inc. and Comp-Est, Inc. |
10.24 | First Amendment to Option and Acquisition Agreement dated February 26, 2003 by and among the Motor Information Systems Division of Hearst Business Publishing, Inc. and Comp-Est, Inc. |
10.27 | Option Agreement dated February, 1998 between Motor Information Systems Division of Hearst Business Publishing, Inc. and CCC Information Service Inc. |
21 * | List of Subsidiaries |
23.1 * | Consent of PricewaterhouseCoopers LLP |
31.1 * | Rule 13a-14(a) Certification of Chief Executive Officer |
31.2 * | Rule 13a-14(a) Certification of Chief Financial Officer |
32.1 * | Section 1350 Certifications of Chief Executive and Financial Officers |
Date: March 16, 2005 | CCC Information Services Group Inc. | |||
By: | /s/Githesh Ramamurthy | By: | /s/ Thomas L. Kempner | |
Name: | Githesh Ramamurthy | Name: | Thomas L. Kempner | |
Title: | Chairman and Chief Executive Officer | Title: | Director | |
By: | /s/ Andrew G. Balbirer | By: | /s/ J. Roderick Heller III | |
Name: | Andrew G. Balbirer | Name: | J. Roderick Heller, III | |
Title: | Executive Vice President and Chief Financial Officer | Title: | Director | |
By: | /s/John D. Collins | By: | /s/ Mark A. Rosen | |
Name: | John D. Collins | Name: | Mark A. Rosen | |
Title: | Director | Title: | Director | |
By: | /s/Morgan W. Davis | By: | /s/Herbert S. Winokur Jr. | |
Name: | Morgan W. Davis | Name: | Herbert S. Winokur Jr. | |
Title: | Director | Title: | Director | |
By: | /s/Michael R. Eisenson | |||
Name: | Michael R. Eisenson | |||
Title: | Director |
Directors | John D. Collins Partner (Retired) KPMG LLP |
Morgan W. Davis Managing Director One Beacon Insurance Group | |
Michael R. Eisenson Managing Director and Chief Executive Officer Charlesbank Capital Partners LLC | |
Thomas L. Kempner Chairman and Chief Executive Officer Loeb Partners Corporation | |
J. Roderick Heller III Chairman and Chief Executive Officer Carnton Capital Associates | |
Githesh Ramamurthy Chairman and Chief Executive Officer CCC Information Services Group Inc. | |
Mark A. Rosen Managing Director Charlesbank Capital Partners LLC | |
Herbert S. "Pug" Winokur Jr. Chairman and Chief Executive Officer Capricorn Holdings, Inc. | |
Executive Officers | Githesh Ramamurthy Chairman and Chief Executive Officer |
J. Laurence Costin Jr. Vice Chairman | |
Mary Jo Prigge President,Service Operations | |
Andrew G. Balbirer Executive Vice President and Chief Financial Officer | |
James T. Beattie Executive Vice President and Chief Technology Officer | |
Robert S. Guttman Senior Vice President, General Counsel and Secretary | |
James A. Dickens Senior Vice President, Sales | |
Oliver G. Prince, Jr. Senior Vice President, Human Resources |