Second Quarter 2022 Business Highlights(1):
- Total revenue of $124 million, up 10% versus Q1 2022
- Retained premiums and fees of $49 million, down (5)% versus Q1
2022
- Gross profit of $7 million, flat versus Q1 2022
- Adjusted gross profit of $11 million, up 5% versus Q1 2022
- Purchase closed orders up 16% versus Q1 2022, Refinance closed
orders down (47)% versus Q1 2022, and Total closed orders down
(31)% versus Q1 2022
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 and six months ended June 30, 2022(2). Doma’s results
demonstrate the Company's ability to effectively manage the
business through a set of macroeconomic and housing industry
headwinds that continued to worsen significantly in the first half
of 2022. Despite these headwinds, the Company's Q2 results,
including strategic investment prioritization, cost restructuring,
and a focus on purchase transactions, show that Doma remains on its
path to positive Adjusted EBITDA profitability by the end of
2023.
"In the face of heightened cyclical challenges within the
mortgage and housing market, I am confident Doma will be recognized
as one of the most agile companies to adapt to evolving market
conditions, while still remaining focused on our vision of making
the home closing experience better, faster, and more affordable,"
said Max Simkoff, CEO of Doma." The re-prioritization of our
investments and our focus on purchase orders, which now make up 66%
of our direct Retained Premiums and Fees, give us confidence we'll
achieve positive Adjusted EBITDA by the end of 2023, if not
sooner."
Doma's financial performance in the second quarter was delivered
against the backdrop of a mortgage market that saw overall mortgage
demand fall to the lowest level in 22 years, with purchase mortgage
applications declining 14% from Q1 2022 to Q2 2022, and where
purchase transaction cancellations reached 15% in June, the highest
level since April of 2020. Doma's unique value proposition is
highlighted by its strong performance in purchase transactions
which were up 16% quarter over quarter. In anticipation of further
market challenges throughout the remainder of the year, Doma took
additional steps in Q2 2022 to protect its path to achieve positive
Adjusted EBITDA by the end of 2023. These actions included further
cost reductions amidst a narrower focus on a set of strategic home
purchase initiatives. Chief among these priorities include the
acceleration of additional purchase transactions onto the Doma
Intelligence platform (also referred to as Doma for Purchase) and
the development of additional product features within Doma for
Purchase for select Enterprise referral partners.
"Because of the high degree of volatility in the mortgage
market, most of which is being driven by macroeconomic factors
outside of Doma's control, we are being strategically selective
with our investments and are prudently managing our expenses,
including prioritizing profitability and preserving cash over
growth," said Mike Smith, Chief Financial Officer at Doma. "We
believe that we have taken meaningful actions to guard against the
uncertainty in the mortgage market in the back half of this year
and to protect our bottom-line results. We are reaffirming our full
year 2022 Adjusted EBITDA guidance at the low end of the range and
will continue to manage our cost structure and investment
prioritization, specifically focused on the purchase market, to
ensure that we remain on our near-term path to profitability by the
end of 2023."
Second Quarter 2022 Growth Drivers and Recent Business
Highlights
- Steady progress in the purchase market, demonstrated by
purchase orders as of Q2 2022 making up 38% of Doma's direct
residential order volume and 66% of its direct Retained Premiums
& Fees.
- Added new features and functionality to the Doma Intelligence
platform in support of purchase transactions, while ensuring
increased quality and efficiency across escrow and fulfillment
ahead of an accelerated rollout. Doma expects to have the majority
of its purchase transactions on the Doma Intelligence platform by
the end of 2023.
- Partnered with several Enterprise referral partners to explore
a version of Doma for Purchase that can be offered directly to
borrowers as part of the lender's purchase workflow. Doma intends
to roll out an initial version of this product with a small group
of these Enterprise partners later this year and believes this
initiative may unlock an additional distribution channel for Doma
for Purchase.
- Continued share gain in the Enterprise channel - which
comprises the majority of refinance volumes - evidenced by a net
gain in wallet share across Enterprise accounts and the onboarding
of several new partners in the quarter.
- Management reaffirmation of 2022 full year Adjusted EBITDA
guidance at the low end of the range, due to continued developing
headwinds across the mortgage market that put the Company's
previous Retained Premiums & Fees guidance at risk. Management
has further affirmed that the Company remains on its previously
communicated timeline to achieve positive Adjusted EBITDA by the
end of 2023, if not sooner.
- Took further actions to align cost structure with the
commitment to get to positive Adjusted EBITDA by the end of 2023 or
earlier, and to reach positive cash flow generation by the end of
2023, including a significant downsizing of corporate support
functions and a more streamlined management structure which is
expected to result in a third quarter charge of $3 million and
annualized cost savings of $40 million.
2022 Full Year Outlook (1):
- Non-GAAP Financial Measures
- Doma expects Adjusted EBITDA between negative $120 million and
negative $100 million (3)
- 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, 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.
(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 second
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.
(3)
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.
Conference Call Information
Doma will host a conference call at 5:00 PM Eastern Time on
Tuesday, August 9, to present its second quarter 2022 financial
results.
Dial-in Details: To access the call by phone, please go to this
link (registration link), and you will be provided with dial-in
details. To avoid delays, we encourage participants to dial into
the conference call fifteen minutes ahead of the scheduled start
time.
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 Part I, Item 1A -
“Risk Factors” of our Annual Report on Form 10-K for the year ended
December 31, 2021 and any subsequent reports filed by Doma from
time to time with the U.S. Securities and Exchange Commission (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 June
30,
Six Months Ended June
30,
2022
2021
2022
2021
(in thousands, except for open
and closed order numbers)
Key operating data:
Opened orders
25,231
41,491
60,423
82,575
Closed orders
18,799
31,436
46,146
64,086
GAAP financial data:
Revenue (1)
$
123,744
$
129,986
$
235,951
$
257,782
Gross profit (2)
$
7,143
$
26,514
$
14,277
$
52,930
Net loss (3)
$
(58,652
)
$
(23,299
)
$
(108,678
)
$
(35,057
)
Non-GAAP financial data (4):
Retained premiums and fees
$
49,106
$
64,805
$
100,711
$
122,263
Adjusted gross profit
$
10,890
$
29,535
$
21,260
$
58,657
Ratio of adjusted gross profit to retained
premiums and fees
22
%
46
%
21
%
48
%
Adjusted EBITDA
$
(43,390
)
$
(11,903
)
$
(88,295
)
$
(15,182
)
_________________
(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 employee 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 June
30,
Six Months Ended June
30,
2022
2021
2022
2021
(in thousands)
(in thousands)
Revenue
$
123,744
$
129,986
$
235,951
$
257,782
Minus:
Premiums retained by third-party
agents
74,638
65,181
135,240
135,519
Retained premiums and fees
$
49,106
$
64,805
$
100,711
$
122,263
Minus:
Direct labor
23,890
20,902
51,688
38,881
Provision for claims
6,310
6,807
10,921
10,055
Depreciation and amortization
3,747
3,021
6,983
5,727
Other direct costs (1)
8,016
7,561
16,842
14,670
Gross Profit
$
7,143
$
26,514
$
14,277
$
52,930
__________________
(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 June
30,
Six Months Ended June
30,
2022
2021
2022
2021
(in thousands)
(in thousands)
Gross Profit
$
7,143
$
26,514
$
14,277
$
52,930
Adjusted for:
Depreciation and amortization
3,747
3,021
6,983
5,727
Adjusted Gross Profit
$
10,890
$
29,535
$
21,260
$
58,657
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 June
30,
Six Months Ended June
30,
2022
2021
2022
2021
(in thousands)
(in thousands)
Net loss (GAAP)
$
(58,652
)
$
(23,299
)
$
(108,678
)
$
(35,057
)
Adjusted for:
Depreciation and amortization
3,747
3,021
6,983
5,727
Interest expense
4,489
4,451
8,696
7,810
Income taxes
136
211
321
336
EBITDA
$
(50,280
)
$
(15,616
)
$
(92,678
)
$
(21,184
)
Adjusted for:
Stock-based compensation
8,255
3,713
19,648
6,002
Severance costs
3,828
—
3,828
—
Change in fair value of Warrant and
Sponsor Covered shares liabilities
(5,193
)
—
(19,093
)
—
Adjusted EBITDA
$
(43,390
)
$
(11,903
)
$
(88,295
)
$
(15,182
)
The following table reconciles our adjusted gross profit to our
adjusted EBITDA, for the periods indicated:
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
(in thousands)
(in thousands)
Adjusted Gross Profit
$
10,890
$
29,535
$
21,260
$
58,657
Minus:
Customer acquisition costs
14,853
12,192
30,778
22,087
Other indirect costs (1)
39,427
29,246
78,777
51,752
Adjusted EBITDA
$
(43,390
)
$
(11,903
)
$
(88,295
)
$
(15,182
)
__________________
(1)
Includes corporate support, research and
development, and other operating costs.
Doma Holdings, Inc.
Consolidated Statements of
Operations
Three Months Ended June
30,
Six Months Ended June
30,
(In thousands, except share and per share
information)
2022
2021
2022
2021
Revenues:
Net premiums written (1)
$
108,926
$
109,271
$
204,592
$
217,263
Escrow, other title-related fees and
other
14,366
20,065
30,479
38,640
Investment, dividend and other income
452
650
880
1,879
Total revenues
$
123,744
$
129,986
$
235,951
$
257,782
Expenses:
Premiums retained by Third-Party Agents
(2)
$
74,638
$
65,181
$
135,240
$
135,519
Title examination expense
5,146
5,500
11,127
10,353
Provision for claims
6,310
6,807
10,921
10,055
Personnel costs
73,233
53,954
151,026
97,419
Other operating expenses
23,637
17,181
46,391
31,347
Total operating expenses
$
182,964
$
148,623
$
354,705
$
284,693
Loss from operations
$
(59,220
)
$
(18,637
)
$
(118,754
)
$
(26,911
)
Other (expense) income:
Change in fair value of Warrant and
Sponsor Covered Shares liabilities
5,193
—
19,093
—
Interest expense
(4,489
)
(4,451
)
(8,696
)
(7,810
)
Loss before income taxes
$
(58,516
)
$
(23,088
)
$
(108,357
)
$
(34,721
)
Income tax expense
(136
)
(211
)
(321
)
(336
)
Net loss
$
(58,652
)
$
(23,299
)
$
(108,678
)
$
(35,057
)
Earnings per share:
Net loss per share attributable to
stockholders - basic and diluted
$
(0.18
)
$
(0.33
)
$
(0.34
)
$
(0.51
)
Weighted average shares outstanding common
stock - basic and diluted
324,879,934
69,944,477
324,387,981
68,688,288
__________________
(1)
Net premiums written includes revenues
from a related party of $33.7 million and $27.0 million during the
three months ended June 30, 2022 and 2021, respectively. Net
premiums written includes revenues from a related party of $61.3
million and $51.6 million during the six months ended June 30, 2022
and 2021, respectively.
(2)
Premiums retained by Third-Party Agents
includes expenses associated with a related party of $27.2 million
and $22.0 million during the three months ended June 30, 2022 and
2021, respectively. Premiums retained by Third-Party Agents
includes expenses associated with a related party of $49.6 million
and $41.8 million during the six months ended June 30, 2022 and
2021, respectively.
Doma Holdings, Inc.
Consolidated Balance
Sheets
(In thousands, except share
information)
June 30, 2022
December 31, 2021
Assets
Cash and cash equivalents
$
226,339
$
379,702
Restricted cash
2,959
4,126
Investments:
Fixed maturities
Held-to-maturity debt securities, at
amortized cost (net of allowance for credit losses of $443 at June
30, 2022 and $0 at December 31, 2021)
51,307
67,164
Available-for-sale debt securities, at
fair value (amortized cost $49,664 at June 30, 2022 and $0 at
December 31, 2021)
49,966
—
Mortgage loans
1,132
2,022
Other long-term investments
325
325
Total investments
$
102,730
$
69,511
Receivables (net of allowance for credit
losses of $1,332 at June 30, 2022 and $1,082 at December 31,
2021)
12,910
15,498
Prepaid expenses, deposits and other
assets
9,250
15,692
Lease right-of-use assets
27,979
—
Fixed assets (net of accumulated
depreciation of $25,775 at June 30, 2022 and $19,543 at December
31, 2021)
59,474
45,953
Title plants
13,952
13,952
Goodwill
111,487
111,487
Total assets
$
567,080
$
655,921
Liabilities and stockholders’
equity
Accounts payable
$
3,306
$
6,930
Accrued expenses and other liabilities
36,487
54,149
Lease liabilities
29,222
—
Senior secured credit agreement, net of
debt issuance costs and original issue discount
148,061
141,769
Liability for loss and loss adjustment
expenses
84,936
80,267
Warrant liabilities
2,080
16,467
Sponsor Covered Shares liability
709
5,415
Total liabilities
$
304,801
$
304,997
Stockholders’ equity:
Common stock, 0.0001 par value;
2,000,000,000 shares authorized at June 30, 2022; 325,497,629 and
323,347,806 shares issued and outstanding as of June 30, 2022 and
December 31, 2021, respectively
33
33
Additional paid-in capital
563,265
543,070
Accumulated deficit
(301,256
)
(192,179
)
Accumulated other comprehensive income
237
—
Total stockholders’ equity
$
262,279
$
350,924
Total liabilities and stockholders’
equity
$
567,080
$
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)
June 30, 2020
September 30, 2020
December 31, 2020
March 31, 2021
June 30, 2021
September 30, 2021
December 31, 2021
March 31, 2022
June 30, 2022
Revenues:
Net premiums written
$
86,334
$
103,587
$
98,870
$
107,992
$
109,271
$
141,491
$
116,598
$
95,666
$
108,926
Escrow, other title-related fees and
other
13,382
16,742
17,977
18,575
20,065
20,452
20,493
16,113
14,366
Investment, dividend and other income
707
743
663
1,229
650
639
588
428
452
Total revenues
$
100,423
$
121,072
$
117,510
$
127,796
$
129,986
$
162,582
$
137,679
$
112,207
$
123,744
Expenses:
Premiums retained by Third-Party
Agents
$
56,006
$
67,024
$
64,011
$
70,338
$
65,181
$
91,596
$
71,330
$
60,602
$
74,638
Title examination expense
3,322
4,624
4,393
4,853
5,500
5,289
6,495
5,981
5,146
Provision for claims
3,040
5,242
5,272
3,249
6,807
6,685
4,594
4,611
6,310
Personnel costs
32,737
36,197
38,874
43,464
53,954
62,410
78,306
77,793
73,233
Other operating expenses
10,286
10,210
12,149
14,165
17,181
21,693
26,912
22,754
23,637
Total operating expenses
$
105,391
$
123,297
$
124,699
$
136,069
$
148,623
$
187,673
$
187,637
$
171,741
$
182,964
Loss from operations
$
(4,968
)
$
(2,225
)
$
(7,189
)
$
(8,273
)
$
(18,637
)
$
(25,091
)
$
(49,958
)
$
(59,534
)
$
(59,220
)
Other income (expense):
Change in fair value of warrant and
Sponsor Covered Shares liabilities
—
—
—
—
—
(4,478
)
11,169
13,900
5,193
Interest expense
(1,123
)
(1,193
)
(1,151
)
(3,360
)
(4,451
)
(4,531
)
(4,519
)
(4,207
)
(4,489
)
Loss before income taxes
$
(6,091
)
$
(3,418
)
$
(8,340
)
$
(11,633
)
$
(23,088
)
$
(34,100
)
$
(43,308
)
$
(49,841
)
$
(58,516
)
Income tax expense
(241
)
(204
)
(223
)
(125
)
(211
)
(170
)
(421
)
(185
)
(136
)
Net loss
(6,332
)
(3,622
)
(8,563
)
(11,758
)
(23,299
)
(34,270
)
(43,729
)
(50,026
)
(58,652
)
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)
June 30, 2020
September 30, 2020
December 31, 2020
March 31, 2021
June 30, 2021
September 30, 2021
December 31, 2021
March 31, 2022
June 30, 2022
Revenue
$
100,423
$
121,072
$
117,510
$
127,796
$
129,986
$
162,582
$
137,679
$
112,207
$
123,744
Minus:
Premiums retained by Third-Party
Agents
56,006
67,024
64,011
70,338
65,181
91,596
71,330
60,602
74,638
Retained premiums and fees
$
44,417
$
54,048
$
53,499
$
57,458
$
64,805
$
70,986
$
66,349
$
51,605
$
49,106
Minus:
Direct labor
13,898
14,892
17,050
17,979
20,902
23,948
26,787
27,798
23,890
Provision for claims
3,040
5,242
5,272
3,249
6,807
6,685
4,594
4,611
6,310
Depreciation and amortization
899
1,221
2,579
2,707
3,021
1,978
2,615
3,236
3,747
Other direct costs(1)
4,898
6,314
4,186
7,109
7,561
10,073
10,322
8,826
8,016
Gross Profit
$
21,682
$
26,379
$
24,412
$
26,414
$
26,514
$
28,302
$
22,031
$
7,134
$
7,143
__________________
(1)
Includes title examination expense, office
supplies, and premium and other taxes.
Adjusted gross profit
Three Months Ended
(in thousands)
June 30, 2020
September 30, 2020
December 31, 2020
March 31, 2021
June 30, 2021
September 30, 2021
December 31, 2021
March 31, 2022
June 30, 2022
Gross Profit
$
21,682
$
26,379
$
24,412
$
26,414
$
26,514
$
28,302
$
22,031
$
7,134
$
7,143
Adjusted for:
Depreciation and amortization
899
1,221
2,579
2,707
3,021
1,978
2,615
3,236
3,747
Adjusted Gross Profit
$
22,581
$
27,600
$
26,991
$
29,121
$
29,535
$
30,280
$
24,646
$
10,370
$
10,890
Adjusted EBITDA
Three Months Ended
(in thousands)
June 30, 2020
September 30, 2020
December 31, 2020
March 31, 2021
June 30, 2021
September 30, 2021
December 31, 2021
March 31, 2022
June 30, 2022
Net loss (GAAP)
$
(6,332
)
$
(3,622
)
$
(8,563
)
$
(11,758
)
$
(23,299
)
$
(34,270
)
$
(43,729
)
$
(50,026
)
$
(58,652
)
Adjusted for:
Depreciation and amortization
899
1,221
2,579
2,707
3,021
1,978
2,615
3,236
3,747
Interest expense
1,123
1,193
1,151
3,360
4,451
4,531
4,519
4,207
4,489
Income taxes
241
204
223
125
211
170
421
185
136
EBITDA
$
(4,069
)
$
(1,004
)
$
(4,610
)
$
(5,566
)
$
(15,616
)
$
(27,591
)
$
(36,174
)
$
(42,398
)
$
(50,280
)
Adjusted for:
Stock-based compensation
282
355
1,550
2,289
3,713
3,004
11,040
11,393
8,255
Severance costs
1,385
—
—
—
—
—
—
—
3,828
Change in fair value of warrant and
Sponsor Covered Shares liabilities
—
—
—
—
—
4,478
(11,169
)
(13,900
)
(5,193
)
Adjusted EBITDA
$
(2,402
)
$
(649
)
$
(3,060
)
$
(3,277
)
$
(11,903
)
$
(20,109
)
$
(36,303
)
$
(44,905
)
$
(43,390
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220809005224/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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