CCCCCC Intelligent Solutions Holdings Inc.

Services-Prepackaged Software

Revenue: $1.1B; 12% YoY
Operating margin: 8.9%; 4.7% YoY
EBITDA: $153M; 24% YoY
Market cap: $4.5B
Employees: 2,185; $484K revenue each
Net debt / EBITDA: 7.1×; $1.1B net debt
AI in 10-K: 12.0; mentions per 10K words

Takeover score 6 of 13

Fixable underperformance 4 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$988K median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
187× net income
Cash flow under 80% of net income
Dilutive SBCYes
17% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
190% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
54% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$484K · 55th pct
Bottom quartile of its SIC industry
Quiet on AINo
12.0 per 10K words · 94th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
7.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$869M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$688M	$782M	$866M	$945M	$1.1B	12%
Operating income	−$145M	$52M	−$24M	$80M	$94M	17%
Net income	−$249M	$38M	−$90M	$31M	$2M	95%
Operating cash flow	$127M	$200M	$250M	$284M	$315M	11%
Capex	$38M	$48M	$55M	$53M	$61M	15%
Stock-based comp	$262M	$109M	$145M	$171M	$175M	2.5%
Buybacks	$0	$0	$328M	$0	$601M
Dividends	$269M	$0	$0	—	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 12, 2025	ADVENT INTERNATIONAL, L.P.	SCHEDULE 13D/A	0.0%	Passive
Aug 8, 2025	ADVENT INTERNATIONAL, L.P.	SCHEDULE 13D/A	5.7%	Passive
May 22, 2025	ADVENT INTERNATIONAL, L.P.	SCHEDULE 13D/A	10.2%	Passive
Apr 2, 2025	ADVENT INTERNATIONAL, L.P.	SCHEDULE 13D/A	15.0%	Passive
Jul 1, 2024	ADVENT INTERNATIONAL, L.P.	SC 13D/A	22.4%	Passive
Jul 1, 2024	OH Cypress Aggregator, L.P.	SC 13D/A	4.5%	Passive
Jun 3, 2024	ADVENT INTERNATIONAL, L.P.	SC 13D/A	26.4%	Passive
May 30, 2024	OH Cypress Aggregator, L.P.	SC 13D/A	5.3%	Passive
Apr 11, 2024	ADVENT INTERNATIONAL, L.P.	SC 13D/A	33.5%	Passive
Apr 11, 2024	OH Cypress Aggregator, L.P.	SC 13D/A	6.7%	Passive

Insider trading

Open-market buys, 12 mo: $1000K · 1
Open-market sells, 12 mo: $870M · 12
Net: −$869M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$988K	−$6M	60	88
FY2024	$946K	$4M	88	147
FY2023	$55M	$71M	86	102
FY2022	$849K	−$49M	65	76
FY2021	$137M	$192M	86	98