Third Quarter 2022 Business Highlights(1):
- Total revenue of $108 million, down (13)% versus Q2 2022
- Retained premiums and fees of $43 million, down (13)% versus Q2
2022
- Gross profit of $7 million, up 3% versus Q2 2022
- Adjusted gross profit of $12 million, up 7% versus Q2 2022
- Purchase closed orders down (11)% versus Q2 2022, Refinance
closed orders down (25)% versus Q2 2022, and Total closed orders
down (19)% versus Q2 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 nine months ended September 30, 2022(2). Doma’s
results, while impacted by this year's extraordinarily challenging
housing market conditions, demonstrate the Company's ability to
adapt the business and drive value for all parties involved in a
real estate transaction under even the most challenging of cycles.
Doma is now committed to accelerating its path to profitability and
achieving positive adjusted EBITDA earlier in 2023 than previously
communicated.
"We know how important reaching adjusted EBITDA profitability
is, especially as we're facing a set of circumstances that seem to
be pointing the housing market toward recession," said Max Simkoff,
CEO of Doma. "We believe we are the only company in our space with
the proven technology and distribution opportunities to
meaningfully drive transactions for homeowners that are better,
faster, and cheaper. It is more important now than it ever has been
to continue to deliver on our mission and to do so at scale, which
is why we are committed to achieving adjusted EBITDA profitability
sooner than the late 2023 timeline which we had previously
communicated."
Doma's financial performance in the third quarter was challenged
by the cumulative effect of four consecutive 75 basis point rate
hikes this year, high inflation, broken global supply chains, and
broader geopolitical concerns which have all contributed to the
near doubling of 30-year fixed mortgage rates versus this time last
year. Despite these strong market headwinds, Doma's ability to
adapt to even the most difficult external conditions is highlighted
by its third quarter $13 million adjusted EBITDA improvement
compared to Q2, driven by significant expense reductions in Q2 and
Q3. These expense reductions are expected to continue to contribute
to an upward trajectory in adjusted EBITDA in Q4, but the Company
also anticipates strong market headwinds to continue to challenge
its ability to generate Retained Premiums and Fees. As a result,
Doma is revising its adjusted EBITDA guidance for the full year
2022, expecting to fall between negative $135 million and negative
$140 million, versus the negative $100 million to negative $120
million previously communicated. This revised 2022 guidance will
not impact Doma's commitment to become adjusted EBITDA positive in
2023 and the Company is squarely focused on the most scalable and
cost effective distribution of its technology solutions to
customers in line with how the market continues to evolve.
"Given our laser focus on profitability, we will continue to
prioritize investments in areas that we believe will drive the most
long-term value for all our stakeholders, while ensuring those
investments have a focus on profitability and cash generation, over
growth," said Mike Smith, Chief Financial Officer at Doma. "While
we are updating our adjusted EBITDA guidance for 2022, we remain
committed to adjustments and investment in the business that are
not only scalable and will keep us on our path to profitability but
that best serve the needs of customers in this difficult housing
market."
(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 third
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.
2022 Full Year Outlook (3):
- Non-GAAP Financial Measures
- Doma revises adjusted EBITDA guidance to between negative $135
million and negative $140 million
- Doma intends to be adjusted EBITDA positive sooner than late
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 (loss), adjusted to exclude the impact of
depreciation and amortization. Adjusted EBITDA is defined as net
income (loss) before interest, income taxes, depreciation and
amortization, and further adjusted to exclude the impact of
stock-based compensation, severance costs, goodwill impairment and
the 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, November 10, to present its third quarter 2022 financial
results.
Dial-in Details: To access the call by phone, please go to this
link
(https://register.vevent.com/register/BIae0c54666f4949a589c0e4263d178c4b),
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.
(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.
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 September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
(in thousands, except for open
and closed order numbers)
Key operating data:
Opened orders
21,509
52,867
81,932
135,442
Closed orders
15,302
35,300
61,448
99,386
GAAP financial data:
Revenue (1)
$
107,856
$
162,582
$
343,807
$
420,364
Gross profit (2)
$
7,355
$
28,302
$
21,632
$
81,232
Net loss (3)
$
(84,113
)
$
(34,270
)
$
(192,791
)
$
(69,327
)
Non-GAAP financial data (4):
Retained premiums and fees
$
42,715
$
70,986
$
143,426
$
193,249
Adjusted gross profit
$
11,606
$
30,280
$
32,866
$
88,937
Ratio of adjusted gross profit to retained
premiums and fees
27
%
43
%
23
%
46
%
Adjusted EBITDA
$
(30,232
)
$
(20,109
)
$
(118,527
)
$
(35,291
)
__________________
(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 September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
(in thousands)
(in thousands)
Revenue
$
107,856
$
162,582
$
343,807
$
420,364
Minus:
Premiums retained by third-party
agents
65,141
91,596
200,381
227,115
Retained premiums and fees
$
42,715
$
70,986
$
143,426
$
193,249
Minus:
Direct labor
20,220
23,948
71,908
62,829
Provision for claims
4,665
6,685
15,586
16,741
Depreciation and amortization
4,251
1,978
11,234
7,705
Other direct costs (1)
6,224
10,073
23,066
24,742
Gross Profit
$
7,355
$
28,302
$
21,632
$
81,232
__________________
(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 September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
(in thousands)
(in thousands)
Gross Profit
$
7,355
$
28,302
$
21,632
$
81,232
Adjusted for:
Depreciation and amortization
4,251
1,978
11,234
7,705
Adjusted Gross Profit
$
11,606
$
30,280
$
32,866
$
88,937
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 September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
(in thousands)
(in thousands)
Net loss (GAAP)
$
(84,113
)
$
(34,270
)
$
(192,791
)
$
(69,327
)
Adjusted for:
Depreciation and amortization
4,251
1,978
11,234
7,705
Interest expense
4,584
4,531
13,280
12,341
Income taxes
425
170
746
506
EBITDA
$
(74,853
)
$
(27,591
)
$
(167,531
)
$
(48,775
)
Adjusted for:
Stock-based compensation
7,746
3,004
27,394
9,006
Severance costs
4,567
—
8,395
—
Goodwill impairment
33,746
—
33,746
—
Change in fair value of Warrant and
Sponsor Covered shares liabilities
(1,438
)
4,478
(20,531
)
4,478
Adjusted EBITDA
$
(30,232
)
$
(20,109
)
$
(118,527
)
$
(35,291
)
The following table reconciles our adjusted gross profit to our
adjusted EBITDA, for the periods indicated:
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
(in thousands)
(in thousands)
Adjusted Gross Profit
$
11,606
$
30,280
$
32,866
$
88,937
Minus:
Customer acquisition costs
10,824
14,870
41,602
36,956
Other indirect costs (1)
31,014
35,519
109,791
87,272
Adjusted EBITDA
$
(30,232
)
$
(20,109
)
$
(118,527
)
$
(35,291
)
__________________
(1)
Includes corporate support, research and development, and other
operating costs.
Doma Holdings, Inc.
Consolidated Statements of
Operations
Three Months Ended September
30,
Nine Months Ended September
30,
(In thousands, except share and per share
information)
2022
2021
2022
2021
Revenues:
Net premiums written (1)
$
94,488
$
141,491
$
299,080
$
358,754
Escrow, other title-related fees and
other
12,627
20,452
43,106
59,092
Investment, dividend and other income
741
639
1,621
2,518
Total revenues
$
107,856
$
162,582
$
343,807
$
420,364
Expenses:
Premiums retained by Third-Party Agents
(2)
$
65,141
$
91,596
$
200,381
$
227,115
Title examination expense
3,709
5,289
14,836
15,643
Provision for claims
4,665
6,685
15,586
16,741
Personnel costs
60,481
62,410
211,507
159,829
Other operating expenses
20,656
21,693
67,047
53,038
Goodwill impairment
33,746
—
33,746
—
Total operating expenses
$
188,398
$
187,673
$
543,103
$
472,366
Loss from operations
$
(80,542
)
$
(25,091
)
$
(199,296
)
$
(52,002
)
Other (expense) income:
Change in fair value of Warrant and
Sponsor Covered Shares liabilities
1,438
(4,478
)
20,531
(4,478
)
Interest expense
(4,584
)
(4,531
)
(13,280
)
(12,341
)
Loss before income taxes
$
(83,688
)
$
(34,100
)
$
(192,045
)
$
(68,821
)
Income tax expense
(425
)
(170
)
(746
)
(506
)
Net loss
$
(84,113
)
$
(34,270
)
$
(192,791
)
$
(69,327
)
Earnings per share:
Net loss per share attributable to
stockholders - basic and diluted
$
(0.26
)
$
(0.14
)
$
(0.59
)
$
(0.54
)
Weighted average shares outstanding common
stock - basic and diluted
326,820,954
245,003,754
325,207,884
128,105,954
__________________
(1)
Net premiums written includes revenues from a related party of
$34.8 million and $30.3 million during the three months ended
September 30, 2022 and 2021, respectively. Net premiums written
includes revenues from a related party of $96.1 million and $81.9
million during the nine months ended September 30, 2022 and 2021,
respectively.
(2)
Premiums retained by Third-Party Agents includes expenses
associated with a related party of $27.9 million and $24.8 million
during the three months ended September 30, 2022 and 2021,
respectively. Premiums retained by Third-Party Agents includes
expenses associated with a related party of $77.5 million and $66.6
million during the nine months ended September 30, 2022 and 2021,
respectively.
Doma Holdings, Inc.
Consolidated Balance
Sheets
(In thousands, except share
information)
September 30, 2022
December 31, 2021
Assets
Cash and cash equivalents
$
186,400
$
379,702
Restricted cash
2,965
4,126
Investments:
Fixed maturities
Held-to-maturity debt securities, at
amortized cost (net of allowance for credit losses of $433 at
September 30, 2022 and $0 at December 31, 2021)
46,132
67,164
Available-for-sale debt securities, at
fair value (amortized cost $48,399 at September 30, 2022 and $0 at
December 31, 2021)
47,584
—
Mortgage loans
302
2,022
Other long-term investments
325
325
Total investments
$
94,343
$
69,511
Receivables (net of allowance for credit
losses of $1,428 at September 30, 2022 and $1,082 at December 31,
2021)
10,469
15,498
Prepaid expenses, deposits and other
assets
11,558
15,692
Lease right-of-use assets
27,636
—
Fixed assets (net of accumulated
depreciation of $29,650 at September 30, 2022 and $19,543 at
December 31, 2021)
63,558
45,953
Title plants
14,533
13,952
Goodwill
77,741
111,487
Total assets
$
489,203
$
655,921
Liabilities and stockholders’
equity
Accounts payable
$
3,441
$
6,930
Accrued expenses and other liabilities
34,955
54,149
Lease liabilities
29,089
—
Senior secured credit agreement, net of
debt issuance costs and original issue discount
151,383
141,769
Liability for loss and loss adjustment
expenses
83,791
80,267
Warrant liabilities
1,040
16,467
Sponsor Covered Shares liability
312
5,415
Total liabilities
$
304,011
$
304,997
Stockholders’ equity:
Common stock, 0.0001 par value;
2,000,000,000 shares authorized at September 30, 2022; 327,872,190
and 323,347,806 shares issued and outstanding as of September 30,
2022 and December 31, 2021, respectively
33
33
Additional paid-in capital
571,167
543,070
Accumulated deficit
(385,369
)
(192,179
)
Accumulated other comprehensive income
(639
)
—
Total stockholders’ equity
$
185,192
$
350,924
Total liabilities and stockholders’
equity
$
489,203
$
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)
September 30, 2020
December 31, 2020
March 31, 2021
June 30, 2021
September 30, 2021
December 31, 2021
March 31, 2022
June 30, 2022
September 30, 2022
Revenues:
Net premiums written
$
103,587
$
98,870
$
107,992
$
109,271
$
141,491
$
116,598
$
95,666
$
108,926
$
94,488
Escrow, other title-related fees and
other
16,742
17,977
18,575
20,065
20,452
20,493
16,113
14,366
12,627
Investment, dividend and other income
743
663
1,229
650
639
588
428
452
741
Total revenues
$
121,072
$
117,510
$
127,796
$
129,986
$
162,582
$
137,679
$
112,207
$
123,744
$
107,856
Expenses:
Premiums retained by Third-Party
Agents
$
67,024
$
64,011
$
70,338
$
65,181
$
91,596
$
71,330
$
60,602
$
74,638
$
65,141
Title examination expense
4,624
4,393
4,853
5,500
5,289
6,495
5,981
5,146
3,709
Provision for claims
5,242
5,272
3,249
6,807
6,685
4,594
4,611
6,310
4,665
Personnel costs
36,197
38,874
43,464
53,954
62,410
78,306
77,793
73,233
60,481
Other operating expenses
10,210
12,149
14,165
17,181
21,693
26,912
22,754
23,637
20,656
Goodwill impairment
—
—
—
—
—
—
—
—
33,746
Total operating expenses
$
123,297
$
124,699
$
136,069
$
148,623
$
187,673
$
187,637
$
171,741
$
182,964
$
188,398
Loss from operations
$
(2,225
)
$
(7,189
)
$
(8,273
)
$
(18,637
)
$
(25,091
)
$
(49,958
)
$
(59,534
)
$
(59,220
)
$
(80,542
)
Other income (expense):
Change in fair value of warrant and
Sponsor Covered Shares liabilities
—
—
—
—
(4,478
)
11,169
13,900
5,193
1,438
Interest expense
(1,193
)
(1,151
)
(3,360
)
(4,451
)
(4,531
)
(4,519
)
(4,207
)
(4,489
)
(4,584
)
Loss before income taxes
$
(3,418
)
$
(8,340
)
$
(11,633
)
$
(23,088
)
$
(34,100
)
$
(43,308
)
$
(49,841
)
$
(58,516
)
$
(83,688
)
Income tax expense
(204
)
(223
)
(125
)
(211
)
(170
)
(421
)
(185
)
(136
)
(425
)
Net loss
$
(3,622
)
$
(8,563
)
$
(11,758
)
$
(23,299
)
$
(34,270
)
$
(43,729
)
$
(50,026
)
$
(58,652
)
$
(84,113
)
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)
September 30, 2020
December 31, 2020
March 31, 2021
June 30, 2021
September 30, 2021
December 31, 2021
March 31, 2022
June 30, 2022
September 30, 2022
Revenue
$
121,072
$
117,510
$
127,796
$
129,986
$
162,582
$
137,679
$
112,207
$
123,744
$
107,856
Minus:
Premiums retained by Third-Party
Agents
67,024
64,011
70,338
65,181
91,596
71,330
60,602
74,638
65,141
Retained premiums and fees
$
54,048
$
53,499
$
57,458
$
64,805
$
70,986
$
66,349
$
51,605
$
49,106
$
42,715
Minus:
Direct labor
14,892
17,050
17,979
20,902
23,948
26,787
27,798
23,890
20,220
Provision for claims
5,242
5,272
3,249
6,807
6,685
4,594
4,611
6,310
4,665
Depreciation and amortization
1,221
2,579
2,707
3,021
1,978
2,615
3,236
3,747
4,251
Other direct costs(1)
6,314
4,186
7,109
7,561
10,073
10,322
8,826
8,016
6,224
Gross Profit
$
26,379
$
24,412
$
26,414
$
26,514
$
28,302
$
22,031
$
7,134
$
7,143
$
7,355
__________________
(1)
Includes title examination expense, office supplies, and premium
and other taxes
Adjusted gross profit
Three Months Ended
(in thousands)
September 30, 2020
December 31, 2020
March 31, 2021
June 30, 2021
September 30, 2021
December 31, 2021
March, 31, 2022
June 30, 2022
September 30, 2022
Gross Profit
$
26,379
$
24,412
$
26,414
$
26,514
$
28,302
$
22,031
$
7,134
$
7,143
$
7,355
Adjusted for:
Depreciation and amortization
1,221
2,579
2,707
3,021
1,978
2,615
3,236
3,747
4,251
Adjusted Gross Profit
$
27,600
$
26,991
$
29,121
$
29,535
$
30,280
$
24,646
$
10,370
$
10,890
$
11,606
Adjusted EBITDA
Three Months Ended
(in thousands)
September 30, 2020
December 31, 2020
March 31, 2021
June 30, 2021
September 30, 2021
December 31, 2021
March, 31, 2022
June 30, 2022
September 30, 2022
Net loss (GAAP)
$
(3,622
)
$
(8,563
)
$
(11,758
)
$
(23,299
)
$
(34,270
)
$
(43,729
)
$
(50,026
)
$
(58,652
)
$
(84,113
)
Adjusted for:
Depreciation and amortization
1,221
2,579
2,707
3,021
1,978
2,615
3,236
3,747
4,251
Interest expense
1,193
1,151
3,360
4,451
4,531
4,519
4,207
4,489
4,584
Income taxes
204
223
125
211
170
421
185
136
425
EBITDA
$
(1,004
)
$
(4,610
)
$
(5,566
)
$
(15,616
)
$
(27,591
)
$
(36,174
)
$
(42,398
)
$
(50,280
)
$
(74,853
)
Adjusted for:
Stock-based compensation
355
1,550
2,289
3,713
3,004
11,040
11,393
8,255
7,746
Severance costs
—
—
—
—
—
—
—
3,828
4,567
Goodwill impairment
—
—
—
—
—
—
—
—
33,746
Change in fair value of warrant and
Sponsor Covered Shares liabilities
—
—
—
—
4,478
(11,169
)
(13,900
)
(5,193
)
(1,438
)
Adjusted EBITDA
$
(649
)
$
(3,060
)
$
(3,277
)
$
(11,903
)
$
(20,109
)
$
(36,303
)
$
(44,905
)
$
(43,390
)
$
(30,232
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221110005143/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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