Fourth quarter includes successful expansion of
core machine intelligence-powered title and closing offering into
purchase transactions within Local channel
Provides Growth and Margin Outlook for FY
2022
Fourth Quarter 2021 Business Highlights(1):
- Total revenues of $138 million, up 17% versus Q4 2020
- Retained premiums and fees of $66 million, up 24% versus Q4
2020
- Gross profit of $22 million, down 10% versus Q4 2020
- Adjusted gross profit of $25 million, down 9% versus Q4
2020
- Closed orders up 35% versus Q4 2020, Enterprise closed orders
up 296% versus Q4 2020
- Open orders up 21% versus Q4 2020
Doma Holdings, Inc. (NYSE: DOMA) (“Doma” or the “Company”), a
leading force for disruptive change in the real estate industry,
today reported quarterly financial results and key operating data
for the three months and full year ended December 31, 2021(2).
Doma’s results demonstrate strong growth that continues to
outperform the mortgage industry as a whole, driven by the
expansion and continued adoption of its proprietary machine
learning technology.
“Our referral partners’ receptivity to our offering, and the
Doma team’s ability to execute with a high degree of skill has
fortified our pursuit of becoming the unquestioned leader in our
industry,” said Max Simkoff, Founder and CEO of Doma. “The
successful opening of our first purchase transactions on the Doma
Intelligence platform is the latest affirmation of our compelling
opportunity to take market share, raise our growth potential, and
add even more certainty to our path to profitability," Mr. Simkoff
concluded.
Noaman Ahmad, CFO of Doma, added, “We finished the year in a
position of strength, having consistently outperformed the
objectives we set for retained premium and fees and adjusted gross
profit since announcing our plans to go public last March. In terms
of our plans for 2022, we are taking advantage of the momentum in
our business and will focus on broadening the use and coverage of
our proven Doma Intelligence platform. We will use the capital we
raised from going public to expand our core machine
intelligence-powered title and closing offering into purchase
transactions, as well as to capture opportunities in adjacent
markets."
Doma remains committed to strategic investment in growth in
order to accelerate and secure its leadership position in the
industry. Doma's key strategic initiatives for 2022 include an
acceleration of investments across its home purchase platform.
Investments will take the form of investing in customer acquisition
and go-to-market delivery, migration of purchase transactions to
the Doma Intelligence platform, new product functionality, and
opportunities to expand into adjacent markets.
(1)
Reconciliations of retained premiums and
fees, adjusted gross profit, and the other financial measures used
in this press release that are not calculated in accordance with
generally accepted accounting principles in the United States
(“GAAP”) to the nearest measures prepared in accordance with GAAP
have been provided in this press release in the accompanying
tables. An explanation of these measures is also included below
under the heading “Non-GAAP Financial Measures.”
(2)
Doma completed its business combination
with Capitol Investment Corp. V ("Capitol") on July 28, 2021. The
financial results and key operating data included in this fourth
quarter release include operating results of Doma prior to
completion of the business combination and operating results of the
combined company subsequent to completion of the business
combination.
Fourth Quarter 2021 Growth Drivers and Recent Business
Highlights
- Successful launch of purchase transactions on the Doma
Intelligence platform in December, delivering on one of the
Company's key commitments for 2021. Given the recent rise in
lending rates and an accelerated drop-off in mortgage refinances,
Doma will aggressively pursue the migration of purchase
transactions from the Local business to the Doma Intelligence
platform, further enabling the real estate professionals, lenders,
independent title agents and homeowners Doma works with to all
benefit from closings that are faster, higher quality, and more
affordable.
- 296% year over year closed order growth from Doma Enterprise,
despite a 59% decline in the overall refinance market. Total order
growth in the fourth quarter was propelled by the addition of
several new Enterprise referral partners that include another top
10 national mortgage lender, a leading provider of innovative home
equity products, and a technology-led non-bank originator, as well
as increases in wallet share from existing referral partners,
reflecting confidence in Doma's technology by the nation's largest
mortgage lenders.
- Home purchase transaction volume increased by a healthy 4% over
the same period in 2020, outpacing market contraction in purchase
of 8%.
- Continued improvements to the Doma Intelligence platform helped
deliver better customer outcomes through the application of
cutting-edge machine learning technology.
- Added more transparency for co-signers within the Doma Close
product which allows homeowners to review and eSign about 50% of
documents prior to the in-person signing, making the overall
experience less daunting and stressful.
- Added new capabilities within Doma Escrow for payoff parsing,
policy automation, and automated funding disbursement that all help
to further expedite the final stages of closing and drive faster
payouts to the parties involved.
- Expansion of the Doma Intelligence platform in the States of
Washington, Maine, and Mississippi, bringing total coverage to
approximately 83% of US residential real estate market based on
gross written premium.
2022 Full Year Outlook (1):
- GAAP Financial Measures
- For the full year, Doma expects gross profit of between $118
million and $136 million
- Non-GAAP Financial Measures
- Doma expects retained premiums and fees of between $300 million
and $320 million
- Doma expects ratio of adjusted gross profit to retained
premiums and fees between 44% and 47%
- Doma expects adjusted EBITDA between negative $90 million and
negative $70 million
- Doma intends to reach adjusted EBITDA positive in 2023
Non-GAAP Financial Measures
Some of the financial information and data contained in this
press release, such as retained premiums and fees, adjusted gross
profit and adjusted EBITDA, have not been prepared in accordance
with United States generally accepted accounting principles
("GAAP"). Retained premiums and fees is defined as revenue less
premiums retained by third-party agents. Adjusted gross profit is
defined as gross profit, plus depreciation and amortization.
Adjusted EBITDA is defined as net loss before interest expense,
income taxes, depreciation and amortization, stock-based
compensation, COVID-related severance costs and change in fair
value of warrant and sponsor covered shares liabilities. Doma
believes that the use of retained premiums and fees, adjusted gross
profit and adjusted EBITDA provides additional tools to assess
operational performance and trends in, and in comparing Doma's
financial measures with, other similar companies, many of which
present similar non-GAAP financial measures to investors. Doma’s
non-GAAP financial measures may be different from non-GAAP
financial measures used by other companies. The presentation of
non-GAAP financial measures is not intended to be considered in
isolation or as a substitute for, or superior to, financial
measures determined in accordance with GAAP. Because of the
limitations of non-GAAP financial measures, you should consider the
non-GAAP financial measures presented herein in conjunction with
Doma’s financial statements and the related notes thereto. Please
refer to the non-GAAP reconciliations in this press release for a
reconciliation of these non-GAAP financial measures to the most
comparable financial measure prepared in accordance with GAAP.
Conference Call Information
Doma will host a conference call at 5:00 PM Eastern Time on
Thursday, February 17, to present its fourth quarter 2021 financial
results.
The telephonic version of the call can be
accessed by dialing:
Participant Toll Free Dial-In Number: (844)
615-6508
Participant International Dial-In Number:
(918) 922-3146
Conference ID: 7967607
The live webcast of the call will be accessible on the Company’s
website at investor.doma.com. Approximately two hours after
conclusion of the live event, an archived webcast of the conference
call will be accessible from the Investor Relations section of the
Company’s website for twelve months.
About Doma Holdings, Inc.
Doma (NYSE: DOMA) is architecting the future of real estate
transactions. The Company uses machine intelligence and its
proprietary technology solutions to transform residential real
estate, making closings instant and affordable. Doma and its family
of brands – States Title, North American Title Company (NATC) and
North American Title Insurance Company (NATIC) – offer solutions
for current and prospective homeowners, lenders, title agents, and
real estate professionals that make closings vastly more simple and
efficient, reducing cost and increasing customer satisfaction.
Doma’s clients include some of the largest bank and non-bank
lenders in the United States. To learn more visit doma.com.
Forward-Looking Statements Legend
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"expect," "anticipate," "believe," "seek," "target" or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. The
absence of these words does not mean that a statement is not
forward-looking. Such statements are based on the beliefs of, as
well as assumptions made by information currently available to Doma
management. These forward-looking statements include, but are not
limited to, statements regarding estimates and forecasts of
financial and performance metrics, projections of market
opportunity, total addressable market ("TAM"), market share and
competition. These statements are based on various assumptions,
whether or not identified in this press release, and on the current
expectation of Doma’s management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict, will differ from assumptions and are beyond
the control of Doma.
These forward-looking statements are subject to a number of
risks and uncertainties, including changes in business, market,
financial, political and legal conditions; risks relating to the
uncertainty of the projected financial information with respect to
Doma; future global, regional or local economic, political, market
and social conditions, including due to the COVID-19 pandemic; the
development, effects and enforcement of laws and regulations,
including with respect to the title insurance industry; Doma’s
ability to manage its future growth or to develop or acquire
enhancements to its platform; the effects of competition on Doma’s
future business; the outcome of any potential litigation,
government and regulatory proceedings, investigations and
inquiries; and those other factors described in the "Risk Factors"
section of the documents filed by Doma from time to time with the
SEC.
If any of these risks materialize or Doma’s assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. There may be
additional risks that Doma does not presently know or that Doma
currently believes are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect Doma’s
expectations, plans or forecasts of future events and views as of
the date of this press release. Doma anticipates that subsequent
events and developments will cause Doma’s assessments to change.
However, while Doma may elect to update these forward-looking
statements at some point in the future, Doma specifically disclaims
any obligation to do so, except as required by law. These
forward-looking statements should not be relied upon as
representing Doma’s assessment as of any date subsequent to the
date of this press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
Key Operating and Financial
Indicators
Three Months Ended December
31,
Year ended December
31,
2021
2020
2021
2020
(in thousands, except for open
and closed order numbers)
Key operating data:
Opened orders
43,247
35,712
178,689
136,873
Closed orders
37,042
27,363
136,428
92,389
GAAP financial data:
Revenue (1)
$
137,679
$
117,510
$
558,043
$
409,814
Gross profit (2)
$
22,031
$
24,412
$
103,261
$
85,830
Net loss
$
(43,729
)
$
(8,563
)
$
(113,056
)
$
(35,103
)
Non-GAAP financial data (3):
Retained premiums and fees
$
66,349
$
53,499
$
259,598
$
189,671
Adjusted gross profit
$
24,646
$
26,991
$
113,582
$
91,645
Ratio of adjusted gross profit to retained
premiums and fees
37
%
50
%
44
%
48
%
Adjusted EBITDA
$
(36,303
)
$
(3,060
)
$
(71,592
)
$
(18,986
)
_________________ n.m. = not meaningful
(1)
Revenue is comprised of (i) net premiums
written, (ii) escrow, other title-related fees and other, and (iii)
investment, dividend and other income. Net loss is made up of the
components of revenue and expenses.
(2)
Gross profit, calculated in accordance
with GAAP, is calculated as total revenue, minus premiums retained
by third-party agents, direct labor expense (including mainly
personnel expense for certain employees involved in the direct
fulfillment of policies) and direct non-labor expense (including
mainly title examination expense, provision for claims, and
depreciation and amortization). In our consolidated income
statements, depreciation and amortization is recorded under the
“other operating expenses” caption.
(3)
Retained premiums and fees, adjusted gross
profit and adjusted EBITDA are non-GAAP financial measures.
Non-GAAP Financial Measures
Retained premiums and fees
The following table reconciles our retained
premiums and fees to our gross profit, the most closely comparable
GAAP financial measure, for the periods indicated:
Three Months Ended December
31,
Year ended December
31,
2021
2020
2021
2020
(in thousands)
(in thousands)
Revenue
$
137,679
$
117,510
$
558,043
$
409,814
Minus:
Premiums retained by third-party
agents
71,330
64,011
298,445
220,143
Retained premiums and fees
$
66,349
$
53,499
$
259,598
$
189,671
Minus:
Direct labor
26,787
17,050
89,616
62,154
Provision for claims
4,594
5,272
21,335
15,337
Depreciation and amortization
2,615
2,579
10,321
5,815
Other direct costs (1)
10,322
4,186
35,065
20,535
Gross Profit
$
22,031
$
24,412
$
103,261
$
85,830
__________________
(1)
Includes title examination expense, office supplies, and premium
and other taxes.
Adjusted gross profit
The following table reconciles our adjusted
gross profit to our gross profit, the most closely comparable GAAP
financial measure, for the periods indicated:
Three Months Ended December
31,
Year ended December
31,
2021
2020
2021
2020
(in thousands)
(in thousands)
Gross Profit
$
22,031
$
24,412
$
103,261
$
85,830
Adjusted for:
Depreciation and amortization
2,615
2,579
10,321
5,815
Adjusted Gross Profit
$
24,646
$
26,991
$
113,582
$
91,645
Adjusted EBITDA
The following table reconciles our adjusted
EBITDA to our net loss, the most closely comparable GAAP financial
measure, for the periods indicated:
Three Months Ended December
31,
Year ended December
31,
2021
2020
2021
2020
(in thousands)
(in thousands)
Net loss (GAAP)
$
(43,729
)
$
(8,563
)
$
(113,056
)
$
(35,103
)
Adjusted for:
Depreciation and amortization
2,615
2,579
10,321
5,815
Interest expense
4,519
1,151
16,861
5,579
Income taxes
421
223
927
843
EBITDA
$
(36,174
)
$
(4,610
)
$
(84,947
)
$
(22,866
)
Adjusted for:
Stock-based compensation
11,040
1,550
20,046
2,495
COVID-related severance costs
—
—
—
1,385
Change in fair value of Warrant and
Sponsor Covered shares liabilities
(11,169
)
—
(6,691
)
—
Adjusted EBITDA
$
(36,303
)
$
(3,060
)
$
(71,592
)
$
(18,986
)
The following table reconciles our adjusted
gross profit to our adjusted EBITDA, for the periods indicated:
Three Months Ended December
31,
Year ended December
31,
2021
2020
2021
2020
(in thousands)
(in thousands)
Adjusted Gross Profit
$
24,646
$
26,991
$
113,582
$
91,645
Minus:
Customer acquisition costs
18,251
9,252
55,208
34,482
Other indirect costs (1)
42,698
20,799
129,966
76,149
Adjusted EBITDA
$
(36,303
)
$
(3,060
)
$
(71,592
)
$
(18,986
)
__________________
(1)
Includes corporate support, research and development, and other
operating costs.
Outlook reconciliations
The following tables reconcile the ranges of
expected retained premiums and fees to expected gross profit and
the ranges expected adjusted gross profit to expected gross profit,
which, in each case, is the most comparable GAAP measure, for the
full year ended December 31, 2022.
Year Ended December 31,
2022
Low
High
(in thousands)
Retained premiums and fees
$
300,000
$
320,000
Minus:
Estimated adjustments (1)
$
182,000
$
184,000
Gross Profit
$
118,000
$
136,000
Year Ended December 31,
2022
Low
High
(in thousands)
Gross Profit
$
118,000
$
136,000
Adjusted for:
Depreciation and amortization
14,000
14,000
Adjusted Gross Profit
$
132,000
$
150,000
Outlook for Other Key Operating
Indicators
Ratio of adjusted gross profit to retained
premiums and fees
44
%
47
%
Adjusted EBITDA
$
(90,000
)
$
(70,000
)
With respect to our guidance on adjusted EBITDA, the Company is
not able to provide a quantitative reconciliation without
unreasonable efforts to the most directly comparable GAAP financial
measure, which would be net loss, due to the high variability,
complexity and low visibility with respect to certain items such as
income taxes and changes in the fair value of Warrant and Sponsor
Covered shares liabilities. We expect the variability of these
items to have a potentially unpredictable and potentially
significant impact on future GAAP financial results, and, as such,
we also believe that any reconciliations provided would imply a
degree of precision that would be confusing or misleading to
investors.
__________________
(1)
Estimated adjustments include direct labor, provision for
claims, depreciation and amortization, and other direct costs
(which includes title examination expense, office supplies, and
premium and other taxes).
Doma Holdings, Inc.
Consolidated Statements of
Operations
Year ended December 31
(In thousands, except share and per share
information)
2021
2020
2019
Revenues:
Net premiums written (1)
$
475,352
$
345,608
$
292,707
Escrow, other title-related fees and
other
79,585
61,275
62,017
Investment, dividend and other income
3,106
2,931
3,361
Total revenues
$
558,043
$
409,814
$
358,085
Expenses:
Premiums retained by Third-Party Agents
(2)
$
298,445
$
220,143
$
178,265
Title examination expense
22,137
16,204
14,383
Provision for claims
21,335
15,337
12,285
Personnel costs
238,134
143,526
130,876
Other operating expenses
79,951
43,285
39,744
Total operating expenses
$
660,002
$
438,495
$
375,553
Loss from operations
$
(101,959
)
$
(28,681
)
$
(17,468
)
Other (expense) income:
Change in fair value of Warrant and
Sponsor Covered Shares liabilities
6,691
—
—
Interest expense
(16,861
)
(5,579
)
(9,282
)
Loss before income taxes
$
(112,129
)
$
(34,260
)
$
(26,750
)
Income tax expense
(927
)
(843
)
(387
)
Net loss
$
(113,056
)
$
(35,103
)
$
(27,137
)
Earnings per share:
Net loss per share attributable to
stockholders - basic and diluted
$
(0.64
)
$
(0.56
)
$
(0.45
)
Weighted average shares outstanding common
stock - basic and diluted
177,150,914
62,458,039
60,314,163
__________________
(1)
Net premiums written includes revenues from a related party of
$114.2 million, $88.6 million, and $73.1 million for the years
ended December 31, 2021, 2020, and 2019, respectively.
(2)
Premiums retained by Third-Party Agents includes expenses
associated with a related party of $92.5 million, $71.2 million,
and $59.9 million during the years ended December 31, 2021, 2020,
and 2019, respectively.
Doma Holdings, Inc.
Consolidated Balance
Sheets
December 31
(In thousands, except share
information)
2021
2020
Assets
Cash and cash equivalents
$
379,702
$
111,893
Restricted cash
4,126
129
Investments:
Fixed maturities
Held-to-maturity debt securities, at
amortized cost
67,164
65,406
Available-for-sale debt securities, at
fair value (amortized cost $7,139 in 2020)
—
8,057
Equity securities, at fair value (cost
$2,000 in 2020)
—
2,119
Mortgage loans
2,022
2,980
Other invested assets
325
—
Total investments
$
69,511
$
78,562
Receivables (net of provision for doubtful
accounts of $1,082 and $492 at December 31, 2021 and 2020,
respectively)
15,498
15,244
Prepaid expenses, deposits and other
assets
15,692
7,365
Fixed assets (net of accumulated
depreciation of $19,543 and $13,813 at December 31, 2021 and 2020,
respectively)
45,953
21,661
Title plants
13,952
14,008
Goodwill
111,487
111,487
Trade names (net of accumulated
amortization of $3,187 at December 31, 2020)
—
2,684
Total assets
$
655,921
$
363,033
Liabilities and stockholders’
equity
Accounts payable
$
6,930
$
6,626
Accrued expenses and other liabilities
54,149
33,044
Senior secured credit agreement, net of
debt issuance costs and original issue discount
141,769
—
Loan from a related party
—
65,532
Liability for loss and loss adjustment
expenses
80,267
69,800
Warrant liabilities
16,467
—
Sponsor Covered Shares liability
5,415
—
Total liabilities
$
304,997
$
175,002
Stockholders’ equity:
Series A preferred stock, 0.0001 par
value; 0 shares authorized at December 31, 2021; 0 and 43,737,586
shares issued and outstanding as of December 31, 2021 and 2020,
respectively
$
—
$
1
Series A-1 preferred stock, 0.0001 par
value; 0 shares authorized at December 31, 2021; 0 and 48,913,906
shares issued and outstanding as of December 31, 2021 and 2020,
respectively
—
1
Series A-2 preferred stock, 0.0001 par
value; 0 shares authorized at December 31, 2021; 0 and 14,003,187
shares issued and outstanding as of December 31, 2021 and 2020,
respectively
—
—
Series B preferred stock, 0.0001 par
value; 0 shares authorized at December 31, 2021; 0 and 15,838,828
shares issued and outstanding as of December 31, 2021 and 2020,
respectively
—
—
Series C preferred stock, 0.0001 par
value; 0 shares authorized at December 31, 2021; 0 and 60,665,631
shares issued and outstanding as of December 31, 2021 and 2020,
respectively
—
1
Common stock, 0.0001 par value;
2,000,000,000 shares authorized at December 31, 2021; 323,347,806
and 62,832,307 shares issued and outstanding as of December 31,
2021 and 2020, respectively
33
1
Additional paid-in capital
543,070
266,464
Accumulated deficit
(192,179
)
(79,123
)
Accumulated other comprehensive income
—
686
Total stockholders’ equity
$
350,924
$
188,031
Total liabilities and stockholders’
equity
$
655,921
$
363,033
Quarterly Results of Operations and Other
Data
The following tables set forth our selected
unaudited quarterly consolidated statements of operations data for
each of the quarters indicated. The information for each quarter
has been prepared on a basis consistent with our audited
consolidated financial statements, and reflect, in the opinion of
management, all adjustments, which consist only of a normal,
recurring nature that are necessary for a fair statement of the
financial information contained in those financial statements. Our
historical results are not necessarily indicative of the results
that may be expected in the future. The following quarterly
financial data should be read in conjunction with our consolidated
financial statements.
Consolidated Statements of
Operations
Three months ended
(In thousands)
March 31, 2020
June 30, 2020
September 30, 2020
December 31, 2020
March 31, 2021
June 30, 2021
September 30, 2021
December 31, 2021
Revenues:
Net premiums written
$
56,817
$
86,334
$
103,587
$
98,870
$
107,992
$
109,271
$
141,491
$
116,598
Escrow, other title-related fees and
other
13,174
13,382
16,742
17,977
18,575
20,065
20,452
20,493
Investment, dividend and other income
818
707
743
663
1,229
650
639
588
Total revenues
$
70,809
$
100,423
$
121,072
$
117,510
$
127,796
$
129,986
$
162,582
$
137,679
Expenses:
Premiums retained by Third-Party
Agents
$
33,102
$
56,006
$
67,024
$
64,011
$
70,338
$
65,181
$
91,596
$
71,330
Title examination expense
3,865
3,322
4,624
4,393
4,853
5,500
5,289
6,495
Provision for claims
1,783
3,040
5,242
5,272
3,249
6,807
6,685
4,594
Personnel costs
35,718
32,737
36,197
38,874
43,464
53,954
62,410
78,306
Other operating expenses
10,640
10,286
10,210
12,149
14,165
17,181
21,693
26,912
Total operating expenses
$
85,108
$
105,391
$
123,297
$
124,699
$
136,069
$
148,623
$
187,673
$
187,637
Loss from operations
$
(14,299
)
$
(4,968
)
$
(2,225
)
$
(7,189
)
$
(8,273
)
$
(18,637
)
$
(25,091
)
$
(49,958
)
Other income (expense):
Change in fair value of warrant and
Sponsor Covered Shares liabilities
—
—
—
—
—
—
(4,478
)
11,169
Interest expense
(2,112
)
(1,123
)
(1,193
)
(1,151
)
(3,360
)
(4,451
)
(4,531
)
(4,519
)
Loss before income taxes
$
(16,411
)
$
(6,091
)
$
(3,418
)
$
(8,340
)
$
(11,633
)
$
(23,088
)
$
(34,100
)
$
(43,308
)
Income tax expense
(175
)
(241
)
(204
)
(223
)
(125
)
(211
)
(170
)
(421
)
Net loss
(16,586
)
(6,332
)
(3,622
)
(8,563
)
(11,758
)
(23,299
)
(34,270
)
(43,729
)
Reconciliation of GAAP to Non-GAAP
Measures
The following tables present our
reconciliation of GAAP measures to non-GAAP measures for the
historical periods indicated.
Retained premiums and fees
Three Months Ended
(In thousands)
March 31, 2020
June 30, 2020
September 30, 2020
December 31, 2020
March 31, 2021
June 30, 2021
September 30, 2021
December 31, 2021
Revenue
$
70,809
$
100,423
$
121,072
$
117,510
$
127,796
$
129,986
$
162,582
$
137,679
Minus:
Premiums retained by Third-Party
Agents
33,102
56,006
67,024
64,011
70,338
65,181
91,596
71,330
Retained premiums and fees
$
37,707
$
44,417
$
54,048
$
53,499
$
57,458
$
64,805
$
70,986
$
66,349
Minus:
Direct labor
16,314
13,898
14,892
17,050
17,979
20,902
23,948
26,787
Provision for claims
1,783
3,040
5,242
5,272
3,249
6,807
6,685
4,594
Depreciation and amortization
1,116
899
1,221
2,579
2,707
3,021
1,978
2,615
Other direct costs(1)
5,137
4,898
6,314
4,186
7,109
7,561
10,073
10,322
Gross Profit
$
13,357
$
21,682
$
26,379
$
24,412
$
26,414
$
26,514
$
28,302
$
22,031
__________________
(1)
Includes title examination expense, office supplies, and premium
and other taxes.
Adjusted gross profit
Three Months Ended
(in thousands)
March 31, 2020
June 30, 2020
September 30, 2020
December 31, 2020
March 31, 2021
June 30, 2021
September 30, 2021
December 31, 2021
Gross Profit
$
13,357
$
21,682
$
26,379
$
24,412
$
26,414
$
26,514
$
28,302
$
22,031
Adjusted for:
Depreciation and amortization
1,116
899
1,221
2,579
2,707
3,021
1,978
2,615
Adjusted Gross Profit
$
14,473
$
22,581
$
27,600
$
26,991
$
29,121
$
29,535
$
30,280
$
24,646
Adjusted EBITDA
Three Months Ended
(in thousands)
March 31, 2020
June 30, 2020
September 30, 2020
December 31, 2020
March 31, 2021
June 30, 2021
September 30, 2021
December 31, 2021
Net loss (GAAP)
$
(16,586
)
$
(6,332
)
$
(3,622
)
$
(8,563
)
$
(11,758
)
$
(23,299
)
$
(34,270
)
$
(43,729
)
Adjusted for:
Depreciation and amortization
1,116
899
1,221
2,579
2,707
3,021
1,978
2,615
Interest expense
2,112
1,123
1,193
1,151
3,360
4,451
4,531
4,519
Income taxes
175
241
204
223
125
211
170
421
EBITDA
$
(13,183
)
$
(4,069
)
$
(1,004
)
$
(4,610
)
$
(5,566
)
$
(15,616
)
$
(27,591
)
$
(36,174
)
Adjusted for:
Stock-based compensation
308
282
355
1,550
2,289
3,713
3,004
11,040
COVID-related severance costs
—
1,385
—
—
—
—
—
—
Change in fair value of warrant and
Sponsor Covered Shares liabilities
—
—
—
—
—
—
4,478
(11,169
)
Adjusted EBITDA
$
(12,875
)
$
(2,402
)
$
(649
)
$
(3,060
)
$
(3,277
)
$
(11,903
)
$
(20,109
)
$
(36,303
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220217005373/en/
Investor Contact: Beatriz Bartolome | Head of Investor
Relations for Doma | ir@doma.com
Media Contact: Camilla Whitmore | Lead, Public Relations
for Doma | camilla.whitmore@doma.com
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