Management reaffirms commitment to achieving
EBITDA profitability in 2023 as the company continues to focus on
delivering differentiated value to the home purchase market
First Quarter 2022 Business Highlights(1):
- Market share of 1.4%, up 40% versus Q1 2021(2)
- Total revenues of $112 million, down (12)% versus Q1 2021
- Retained premiums and fees of $52 million, down (10)% versus Q1
2021
- Gross profit of $7 million, down (73)% versus Q1 2021
- Adjusted gross profit of $10 million, down (64)% versus Q1
2021
- Closed orders down (16)% versus Q1 2021, Enterprise closed
orders up 38% versus Q1 2021
- Open orders down (14)% versus Q1 2021
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 ended March 31, 2022(3). Doma’s results
demonstrate further market share gains led by the continued
adoption of its proprietary, machine intelligence-driven
technology, despite the US mortgage industry's dramatic shift into
an environment of rapidly rising interest rates and extraordinarily
low housing supply.
"Doma's mission is, and always has been, to make it easier for
people to buy a home," said Max Simkoff, CEO of Doma. "The recent
shifts in the mortgage industry have only emphasized the need to
deliver a better, faster, and more affordable home closing
experience, and Doma's market share gains are continued proof that
the industry sees value in our proprietary, machine learning-driven
technology that is transforming the closing process. Our Q1 2022
results reflect the downturn we are seeing in the broader market,
but this also gives us the conviction that our investment in moving
purchase transactions onto the Doma Intelligence platform is
absolutely one that will benefit home buyers and sellers, real
estate professionals, and lenders in a unique and differentiated
way."
Doma's year over year decline in retained premiums and fees
reflects the challenges faced by the overall mortgage market, which
saw a steep decline in refinance transactions in Q1 2022 and a
tightening purchase market. Doma's market share gains were driven
by outperformance in refinance transactions which were down 20%
year over year, compared to the industry's 63% decline. In
anticipation of further market challenges throughout the remainder
of the year, Doma took steps in Q1 2022 to protect its path to
achieve EBITDA profitability in 2023 by reducing costs and
refocusing resources on a narrower set of strategic initiatives
which will allow the Company to aggressively focus on the
transition of additional purchase transactions onto the Doma
Intelligence platform.
"While we believe the mortgage market will continue to face
significant challenges this year, we are confident in our ability
to continue to drive market share gains in both the refinance and
purchase markets," said Mike Smith, Chief Accounting Officer and
future Acting Chief Financial Officer at Doma. "In an environment
of rising interest rates and low housing inventory, Doma's value
proposition becomes even more attractive to lenders and real estate
professionals who are looking to close loans faster and minimize
costs for home buyers and sellers."
(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)
To calculate market share, Doma's purchase
and refinance closed orders are divided by total industry purchase
and refinance closed order statistics as published by the Mortgage
Bankers Association.
(3)
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 first
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.
First Quarter 2022 Growth Drivers and Recent Business
Highlights
- Market share growth of 40% year over year, climbing to 1.4% in
Q1 2022 vs. 1.0% in Q1 2021
- Strong outperformance in refinance order volume in our
enterprise segment, representing closed order growth of 38% year
over year, driven by the continued adoption of our Doma
Intelligence technology among lender referral partners, including
by 11 new bank and non-bank mortgage originators and the expansion
of existing enterprise business into new states
- A refocusing of resources to a narrower set of strategic
initiatives that will allow the Company to target investment almost
exclusively within the home purchase market and drive
differentiated, tech-led value to home buyers and sellers in a time
when interest rates have risen at a rate not seen in 28 years and
where housing inventory remains at historic lows, including:
- The exploration of a Doma Intelligence-driven purchase offering
for existing and new lender referral partners.
- Significant reductions in cost structure across the Company to
align with reduced refinance volume and investment in moving
additional purchase transactions onto the Doma Intelligence
platform. This includes the recent workforce reduction that will
result in approximately $4 million of second quarter charges but an
overall annualized compensation expense savings of approximately
$30 million.
- A re-scoped and streamlined investment plan across efforts to
expand into home warranty and appraisal; and
- Optimization of customer acquisition strategies and geographic
expansion within the home purchase market that facilitate faster
and more cost-effective growth.
- Management affirmation that the Company remains on its
previously communicated timeline to achieve adjusted EBITDA
profitability in 2023
- Named as one of Inc.'s Best Workplaces of 2022, for the second
year in a row
2022 Full Year Outlook (1):
- GAAP Financial Measures
- For the full year, Doma expects gross profit of between $71
million and $86 million
- Non-GAAP Financial Measures
- Doma expects retained premiums and fees of between $220 million
and $240 million
- Doma expects ratio of adjusted gross profit to retained
premiums and fees between 39% and 42%
- Doma expects adjusted EBITDA between negative $120 million and
negative $100 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 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
Tuesday, May 10, to present its first quarter 2022 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: 5534256
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 is a real estate technology company that is disrupting a
century-old industry by building an instant and frictionless home
closing experience for buyers and sellers. Doma uses proprietary
machine intelligence technology and deep human expertise to create
a vastly more simple and affordable experience for everyone
involved in a residential real estate transaction, including
current and prospective homeowners, mortgage lenders, title agents,
and real estate professionals. With Doma, what used to take days
can now be done in minutes, replacing an arcane and cumbersome
process with a digital experience designed for today’s world. 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 March
31,
2022
2021
(in thousands, except for open
and closed order numbers)
Key operating data:
Opened orders
35,192
41,084
Closed orders
27,347
32,650
GAAP financial data:
Revenue (1)
$
112,207
$
127,796
Gross profit (2)
$
7,134
$
26,414
Net loss (3)
$
(50,026
)
$
(11,758
)
Non-GAAP financial data (4):
Retained premiums and fees
$
51,605
$
57,458
Adjusted gross profit
$
10,370
$
29,121
Ratio of adjusted gross profit to retained
premiums and fees
20
%
51
%
Adjusted EBITDA
$
(44,905
)
$
(3,277
)
_________________
(1)
Revenue is comprised of (i) net premiums
written, (ii) escrow, other title-related fees and other, and (iii)
investment, dividend and other income.
(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)
Net loss is made up of the components of
revenue and expenses.
(4)
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 March
31,
2022
2021
(in thousands)
Revenue
$
112,207
$
127,796
Minus:
Premiums retained by third-party
agents
60,602
70,338
Retained premiums and fees
$
51,605
$
57,458
Minus:
Direct labor
27,798
17,979
Provision for claims
4,611
3,249
Depreciation and amortization
3,236
2,707
Other direct costs (1)
8,826
7,109
Gross Profit
$
7,134
$
26,414
__________________
(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 March
31,
2022
2021
(in thousands)
Gross Profit
$
7,134
$
26,414
Adjusted for:
Depreciation and amortization
3,236
2,707
Adjusted Gross Profit
$
10,370
$
29,121
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 March
31,
2022
2021
(in thousands)
Net loss (GAAP)
$
(50,026
)
$
(11,758
)
Adjusted for:
Depreciation and amortization
3,236
2,707
Interest expense
4,207
3,360
Income taxes
185
125
EBITDA
$
(42,398
)
$
(5,566
)
Adjusted for:
Stock-based compensation
11,393
2,289
Change in fair value of Warrant and
Sponsor Covered shares liabilities
(13,900
)
—
Adjusted EBITDA
$
(44,905
)
$
(3,277
)
The following table reconciles our adjusted
gross profit to our adjusted EBITDA, for the periods indicated:
Three Months Ended March
31,
2022
2021
(in thousands)
Adjusted Gross Profit
$
10,370
$
29,121
Minus:
Customer acquisition costs
15,925
9,895
Other indirect costs (1)
39,350
22,503
Adjusted EBITDA
$
(44,905
)
$
(3,277
)
__________________
(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
$
220,000
$
240,000
Minus:
Estimated adjustments (1)
149,000
154,000
Gross Profit
$
71,000
$
86,000
Year Ended December 31,
2022
Low
High
(in thousands)
Gross Profit
$
71,000
$
86,000
Adjusted for:
Depreciation and amortization
15,000
15,000
Adjusted Gross Profit
$
86,000
$
101,000
Outlook for Other Key Operating
Indicators
Ratio of adjusted gross profit to retained
premiums and fees
39
%
42
%
Adjusted EBITDA
$
(120,000
)
$
(100,000
)
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
Three months ended March
31,
(In thousands, except share and per share
information)
2022
2021
Revenues:
Net premiums written (1)
$
95,666
$
107,992
Escrow, other title-related fees and
other
16,113
18,575
Investment, dividend and other income
428
1,229
Total revenues
$
112,207
$
127,796
Expenses:
Premiums retained by Third-Party Agents
(2)
$
60,602
$
70,338
Title examination expense
5,981
4,853
Provision for claims
4,611
3,249
Personnel costs
77,793
43,464
Other operating expenses
22,754
14,165
Total operating expenses
$
171,741
$
136,069
Loss from operations
$
(59,534
)
$
(8,273
)
Other (expense) income:
Change in fair value of Warrant and
Sponsor Covered Shares liabilities
13,900
—
Interest expense
(4,207
)
(3,360
)
Loss before income taxes
$
(49,841
)
$
(11,633
)
Income tax expense
(185
)
(125
)
Net loss
$
(50,026
)
$
(11,758
)
Earnings per share:
Net loss per share attributable to
stockholders - basic and diluted
$
(0.15
)
$
(0.17
)
Weighted average shares outstanding common
stock - basic and diluted
323,890,562
67,418,142
__________________
(1)
Net premiums written includes revenues
from a related party of $27.7 million and $24.7 million during the
three months ended March 31, 2022 and 2021, respectively.
(2)
Premiums retained by Third-Party Agents
includes expenses associated with a related party of $22.5 million
and $19.9 million during the three months ended March 31, 2022 and
2021, respectively.
Doma Holdings, Inc.
Consolidated Balance
Sheets
(In thousands, except share
information)
March 31, 2022
December 31, 2021
Assets
Cash and cash equivalents
$
319,436
$
379,702
Restricted cash
2,784
4,126
Investments:
Fixed maturities
Held-to-maturity debt securities, at
amortized cost (net of allowance for credit losses of $382 at March
31, 2022 and $0 at December 31, 2021)
62,416
67,164
Mortgage loans
1,141
2,022
Other long-term investments
325
325
Total investments
$
63,882
$
69,511
Receivables (net of allowance for credit
losses of $1,226 at March 31, 2022 and $1,082 at December 31,
2021)
12,496
15,498
Prepaid expenses, deposits and other
assets
10,844
15,692
Lease right-of-use assets
26,701
—
Fixed assets (net of accumulated
depreciation of $22,323 at March 31, 2022 and $19,543 at December
31, 2021)
52,801
45,953
Title plants
13,952
13,952
Goodwill
111,487
111,487
Total assets
$
614,383
$
655,921
Liabilities and stockholders’
equity
Accounts payable
$
3,891
$
6,930
Accrued expenses and other liabilities
35,477
54,149
Lease liabilities
27,659
—
Senior secured credit agreement, net of
debt issuance costs and original issue discount
144,858
141,769
Liability for loss and loss adjustment
expenses
82,534
80,267
Warrant liabilities
6,067
16,467
Sponsor Covered Shares liability
1,916
5,415
Total liabilities
$
302,402
$
304,997
Stockholders’ equity:
Common stock, 0.0001 par value;
2,000,000,000 shares authorized at March 31, 2022; 324,348,254 and
323,347,806 shares issued and outstanding as of March 31, 2022 and
December 31, 2021, respectively
33
33
Additional paid-in capital
554,552
543,070
Accumulated deficit
(242,604
)
(192,179
)
Accumulated other comprehensive income
—
—
Total stockholders’ equity
$
311,981
$
350,924
Total liabilities and stockholders’
equity
$
614,383
$
655,921
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
March 31, 2022
Revenues:
Net premiums written
$
56,817
$
86,334
$
103,587
$
98,870
$
107,992
$
109,271
$
141,491
$
116,598
$
95,666
Escrow, other title-related fees and
other
13,174
13,382
16,742
17,977
18,575
20,065
20,452
20,493
16,113
Investment, dividend and other income
818
707
743
663
1,229
650
639
588
428
Total revenues
$
70,809
$
100,423
$
121,072
$
117,510
$
127,796
$
129,986
$
162,582
$
137,679
$
112,207
Expenses:
Premiums retained by Third-Party
Agents
$
33,102
$
56,006
$
67,024
$
64,011
$
70,338
$
65,181
$
91,596
$
71,330
$
60,602
Title examination expense
3,865
3,322
4,624
4,393
4,853
5,500
5,289
6,495
5,981
Provision for claims
1,783
3,040
5,242
5,272
3,249
6,807
6,685
4,594
4,611
Personnel costs
35,718
32,737
36,197
38,874
43,464
53,954
62,410
78,306
77,793
Other operating expenses
10,640
10,286
10,210
12,149
14,165
17,181
21,693
26,912
22,754
Total operating expenses
$
85,108
$
105,391
$
123,297
$
124,699
$
136,069
$
148,623
$
187,673
$
187,637
$
171,741
Loss from operations
$
(14,299
)
$
(4,968
)
$
(2,225
)
$
(7,189
)
$
(8,273
)
$
(18,637
)
$
(25,091
)
$
(49,958
)
$
(59,534
)
Other income (expense):
Change in fair value of warrant and
Sponsor Covered Shares liabilities
—
—
—
—
—
—
(4,478
)
11,169
13,900
Interest expense
(2,112
)
(1,123
)
(1,193
)
(1,151
)
(3,360
)
(4,451
)
(4,531
)
(4,519
)
(4,207
)
Loss before income taxes
$
(16,411
)
$
(6,091
)
$
(3,418
)
$
(8,340
)
$
(11,633
)
$
(23,088
)
$
(34,100
)
$
(43,308
)
$
(49,841
)
Income tax expense
(175
)
(241
)
(204
)
(223
)
(125
)
(211
)
(170
)
(421
)
(185
)
Net loss
(16,586
)
(6,332
)
(3,622
)
(8,563
)
(11,758
)
(23,299
)
(34,270
)
(43,729
)
(50,026
)
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
March 31, 2022
Revenue
$
70,809
$
100,423
$
121,072
$
117,510
$
127,796
$
129,986
$
162,582
$
137,679
$
112,207
Minus:
Premiums retained by Third-Party
Agents
33,102
56,006
67,024
64,011
70,338
65,181
91,596
71,330
60,602
Retained premiums and fees
$
37,707
$
44,417
$
54,048
$
53,499
$
57,458
$
64,805
$
70,986
$
66,349
$
51,605
Minus:
Direct labor
16,314
13,898
14,892
17,050
17,979
20,902
23,948
26,787
27,798
Provision for claims
1,783
3,040
5,242
5,272
3,249
6,807
6,685
4,594
4,611
Depreciation and amortization
1,116
899
1,221
2,579
2,707
3,021
1,978
2,615
3,236
Other direct costs(1)
5,137
4,898
6,314
4,186
7,109
7,561
10,073
10,322
8,826
Gross Profit
$
13,357
$
21,682
$
26,379
$
24,412
$
26,414
$
26,514
$
28,302
$
22,031
$
7,134
__________________
(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
March 31, 2022
Gross Profit
$
13,357
$
21,682
$
26,379
$
24,412
$
26,414
$
26,514
$
28,302
$
22,031
$
7,134
Adjusted for:
Depreciation and amortization
1,116
899
1,221
2,579
2,707
3,021
1,978
2,615
3,236
Adjusted Gross Profit
$
14,473
$
22,581
$
27,600
$
26,991
$
29,121
$
29,535
$
30,280
$
24,646
$
10,370
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
March 31, 2022
Net loss (GAAP)
$
(16,586
)
$
(6,332
)
$
(3,622
)
$
(8,563
)
$
(11,758
)
$
(23,299
)
$
(34,270
)
$
(43,729
)
$
(50,026
)
Adjusted for:
Depreciation and amortization
1,116
899
1,221
2,579
2,707
3,021
1,978
2,615
3,236
Interest expense
2,112
1,123
1,193
1,151
3,360
4,451
4,531
4,519
4,207
Income taxes
175
241
204
223
125
211
170
421
185
EBITDA
$
(13,183
)
$
(4,069
)
$
(1,004
)
$
(4,610
)
$
(5,566
)
$
(15,616
)
$
(27,591
)
$
(36,174
)
$
(42,398
)
Adjusted for:
Stock-based compensation
308
282
355
1,550
2,289
3,713
3,004
11,040
11,393
COVID-related severance costs
—
1,385
—
—
—
—
—
—
—
Change in fair value of warrant and
Sponsor Covered Shares liabilities
—
—
—
—
—
—
4,478
(11,169
)
(13,900
)
Adjusted EBITDA
$
(12,875
)
$
(2,402
)
$
(649
)
$
(3,060
)
$
(3,277
)
$
(11,903
)
$
(20,109
)
$
(36,303
)
$
(44,905
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220510005527/en/
Investor Contact: Beatriz Bartolome | Head of Investor
Relations for Doma | ir@doma.com
Media Contact: Camilla Whitmore | Lead, Public Relations
for Doma | press@doma.com
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