Unveils new strategy focused on both directly
licensing its patented Instant Underwriting technology to largest
mortgage originators and secondary market purchasers, and the
continued rollout of Instant Underwriting technology for its
Independent Agents to serve traditional channels
Continues making progress towards reaching
adjusted EBITDA profitability in 2023
Recently divested non-core Local retail
business to align with new strategy
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 June 30, 2023(1).
Second Quarter 2023 Business Highlights(2):
- Total revenues of $89 million, up 19% versus Q1 2023
- Retained premiums and fees of $31 million, up 22% versus Q1
2023
- Gross profit of $6 million, up 312% versus Q1 2023
- Adjusted gross profit of $9 million, up 97% versus Q1 2023
- Adjusted EBITDA loss of $14 million, compared to a loss of $22
million in Q1 2023
- Purchase closed orders up 26% versus Q1 2023, Refinance closed
orders down 16% versus Q1 2023, and Total closed orders up 12%
versus Q1 2023
“We’re excited to unveil a new strategy that will ensure our
patented technology helps address the significant home
affordability challenge facing millions of Americans. We believe
our strengthened focus on deploying our instant underwriting
technology on a broader scale, through both licensing our software
and working with our independent agent community, will enable us to
grow the business in a more capital-efficient manner,” said Max
Simkoff, CEO of Doma. “Initially as part of our new licensing
strategy, we will focus on licensing our technology directly to
several of the largest mortgage originators and secondary market
purchasers in the country, so that they can utilize our patented
underwriting technologies platform to instantly and safely ensure
clear title for their customers while significantly reducing the
amount of fees paid by consumers. We are in discussion with several
of these parties regarding a commercial framework that would allow
us to bring this model to life at a crucial period.”
Simkoff added, “With home affordability still at record lows,
there has never been a more critical time for us to realize our
bold vision and I can say that with our new go-forward strategy, we
have never been more strongly positioned to make a true impact and
to make homeownership more affordable. Aligned with this focus on
our underwriting business and the licensing of our technology, we
have now fully exited all Local retail operations nationwide. I
want to thank our local team for their hard work and dedication
over the years.”
“We remain focused on reaching our goal of achieving adjusted
EBITDA profitability this year and we were pleased to see an $8
million improvement in our adjusted EBITDA loss this quarter,” said
Mike Smith, Chief Financial Officer of Doma. “We expect to see a
further significant adjusted EBITDA improvement from Q2 to Q3,
driven by the continued benefit of the cost reduction actions
implemented at the end of 2022, cost savings related to our most
recent reductions, the sale of our Local business, and additional
savings as we continue to further streamline expenses. We believe
the steps we have taken reposition the business to succeed in any
macroeconomic environment, and we remain highly focused on
successfully executing on implementing our new strategy. We look
forward to providing updates over the coming quarters.”
(1)
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.
(2)
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.”
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,
long-lived asset impairment, the change in fair value of warrant
and sponsor covered shares liabilities, loss on sale of business,
gain on sale of title plant, and accelerated contract expense. 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 today
on Tuesday, August 8, to present its second quarter 2023 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 our ability to offer our
technology through, and enter into commercial relationships with,
primary and/or secondary mortgage market participants and/or their
customers, 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, 2022 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,
2023
2022
2023
2022
(Unaudited - in thousands, except
for open and closed order
numbers)
Key operating data:
Opened orders
8,368
25,231
18,308
60,423
Closed orders
7,036
18,799
13,316
46,146
GAAP financial data:
Revenue (1)
$
88,853
$
123,744
$
163,221
$
235,951
Gross profit (2)
$
5,747
$
7,143
$
7,143
$
14,277
Net loss (3)
$
(35,877
)
$
(58,652
)
$
(78,000
)
$
(108,678
)
Non-GAAP financial data (4):
Retained premiums and fees
$
30,689
$
49,106
$
55,873
$
100,711
Adjusted gross profit
$
8,818
$
10,890
$
13,289
$
21,260
Ratio of adjusted gross profit to retained
premiums and fees
29
%
22
%
24
%
21
%
Adjusted EBITDA
$
(13,707
)
$
(43,390
)
$
(35,298
)
$
(88,295
)
_________________
(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 June
30,
Six Months Ended June
30,
2023
2022
2023
2022
(Unaudited - in thousands)
Revenue
$
88,853
$
123,744
$
163,221
$
235,951
Minus:
Premiums retained by Third-Party
Agents
58,164
74,638
107,348
135,240
Retained premiums and fees
$
30,689
$
49,106
$
55,873
$
100,711
Minus:
Direct labor
9,931
23,890
22,868
51,688
Provision for claims
5,780
6,310
9,739
10,921
Depreciation and amortization
3,071
3,747
6,146
6,983
Other direct costs (1)
6,160
8,016
9,977
16,842
Gross Profit
$
5,747
$
7,143
$
7,143
$
14,277
__________________
(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,
2023
2022
2023
2022
(Unaudited - in thousands)
Gross Profit
$
5,747
$
7,143
$
7,143
$
14,277
Adjusted for:
Depreciation and amortization
3,071
3,747
6,146
6,983
Adjusted Gross Profit
$
8,818
$
10,890
$
13,289
$
21,260
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,
2023
2022
2023
2022
(Unaudited - in thousands)
Net loss (GAAP)
$
(35,877
)
$
(58,652
)
$
(78,000
)
$
(108,678
)
Adjusted for:
Depreciation and amortization
3,071
3,747
6,146
6,983
Interest expense
5,943
4,489
10,932
8,696
Income taxes
185
136
370
321
EBITDA
$
(26,678
)
$
(50,280
)
$
(60,552
)
$
(92,678
)
Adjusted for:
Stock-based compensation
1,293
8,255
6,990
19,648
Severance and interim salary costs
2,730
3,828
9,150
3,828
Long-lived asset impairment
1,290
—
1,471
—
Change in fair value of Warrant and
Sponsor Covered Shares liabilities
(108
)
(5,193
)
(123
)
(19,093
)
Loss on sale of business
11,591
—
11,591
—
Gain on sale of title plant
(3,825
)
—
(3,825
)
—
Adjusted EBITDA
$
(13,707
)
$
(43,390
)
$
(35,298
)
$
(88,295
)
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,
2023
2022
2023
2022
(Unaudited - in thousands)
(Unaudited - in thousands)
Adjusted Gross Profit
$
8,818
$
10,890
$
13,289
$
21,260
Minus:
Customer acquisition costs
3,748
14,853
8,772
30,778
Other indirect costs (1)
18,777
39,427
39,815
78,777
Adjusted EBITDA
$
(13,707
)
$
(43,390
)
$
(35,298
)
$
(88,295
)
__________________
(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,
(Unaudited - in thousands, except share
and per share information)
2023
2022
2023
2022
Revenues:
Net premiums written (1)
$
78,962
$
108,926
$
145,732
$
204,592
Escrow, other title-related fees and
other
8,292
14,366
14,890
30,479
Investment, dividend and other income
1,599
452
2,599
880
Total revenues
$
88,853
$
123,744
$
163,221
$
235,951
Expenses:
Premiums retained by Third-Party Agents
(2)
$
58,164
$
74,638
$
107,348
$
135,240
Title examination expense
4,164
5,146
6,164
11,127
Provision for claims
5,780
6,310
9,739
10,921
Personnel costs
27,622
73,233
68,191
151,026
Other operating expenses
13,924
23,637
29,363
46,391
Long-lived asset impairment
1,290
—
1,471
—
Gain on sale of title plant
(3,825
)
—
(3,825
)
—
Total operating expenses
$
107,119
$
182,964
$
218,451
$
354,705
Loss from operations
$
(18,266
)
$
(59,220
)
$
(55,230
)
$
(118,754
)
Other (expense) income:
Change in fair value of Warrant and
Sponsor Covered Shares liabilities
108
5,193
123
19,093
Interest expense
(5,943
)
(4,489
)
(10,932
)
(8,696
)
Loss on sale of business
(11,591
)
—
(11,591
)
—
Loss before income taxes
$
(35,692
)
$
(58,516
)
$
(77,630
)
$
(108,357
)
Income tax expense
(185
)
(136
)
(370
)
(321
)
Net loss
$
(35,877
)
$
(58,652
)
$
(78,000
)
$
(108,678
)
Earnings per share:
Net loss per share attributable to
stockholders - basic and diluted
$
(2.69
)
$
(4.51
)
$
(5.88
)
$
(8.38
)
Weighted average shares outstanding common
stock - basic and diluted
13,324,215
12,994,869
13,259,894
12,975,354
__________________
(1)
Net premiums written includes revenues
from a related party of $33.5 million and $33.7 million during the
three months ended June 30, 2023 and 2022, respectively. Net
premiums written includes revenues from a related party of $63.5
million and $61.3 million during the six months ended June 30, 2023
and 2022, respectively.
(2)
Premiums retained by Third-Party Agents
includes expenses associated with a related party of $27.1 million
and $27.2 million during the three months ended June 30, 2023 and
2022, respectively. Premiums retained by Third-Party Agents
includes expenses associated with a related party of $51.2 million
and $49.6 million during the six months ended June 30, 2023 and
2022, respectively.
Doma Holdings, Inc.
Consolidated Balance
Sheets
(Unaudited - in thousands, except share
information)
June 30, 2023
December 31,
2022
Assets
Cash and cash equivalents
$
77,610
$
78,450
Restricted cash
4,934
2,933
Investments:
Fixed maturities
Held-to-maturity debt securities, at
amortized cost (net of allowance for credit losses of $254 at June
30, 2023 and $440 at December 31, 2022)
41,578
90,328
Available-for-sale debt securities, at
fair value (amortized cost $58,106 at June 30, 2023 and $59,191 at
December 31, 2022)
57,021
58,254
Mortgage loans
46
297
Total investments
$
98,645
$
148,879
Trade and other receivables (net of
allowance for credit losses of $1,428 at June 30, 2023 and $1,488
at December 31, 2022)
24,963
21,292
Prepaid expenses, deposits and other
assets
5,468
8,124
Lease right-of-use assets
13,424
18,634
Fixed assets (net of accumulated
depreciation of $26,998 at June 30, 2023 and $24,532 at December
31, 2022)
36,497
39,383
Title plants
2,716
14,533
Goodwill
27,009
46,280
Total assets
$
291,266
$
378,508
Liabilities and stockholders’
equity
Accounts payable
$
2,128
$
2,909
Accrued expenses and other liabilities
19,478
28,892
Lease liabilities
21,740
27,489
Senior secured credit agreement, net of
debt issuance costs and original issue discount
153,164
154,790
Liability for loss and loss adjustment
expenses
83,660
82,070
Warrant liabilities
347
347
Sponsor Covered Shares liability
96
219
Total liabilities
$
280,613
$
296,716
Commitments and contingencies
Stockholders’ equity:
Common stock, 0.0001 par value; 80,000,000
shares authorized at June 30, 2023; 13,350,733 and 13,165,919
shares issued and outstanding as of June 30, 2023 and December 31,
2022, respectively
$
1
$
1
Additional paid-in capital
584,525
577,515
Accumulated deficit
(572,787
)
(494,787
)
Accumulated other comprehensive income
(1,086
)
(937
)
Total stockholders’ equity
$
10,653
$
81,792
Total liabilities and stockholders’
equity
$
291,266
$
378,508
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
(Unaudited - in thousands)
June 30,
2021
September
30, 2021
December
31, 2021
March 31,
2022
June 30,
2022
September
30, 2022
December
31, 2022
March 31,
2023
June 30,
2023
Revenues:
Net premiums written
$
109,271
$
141,491
$
116,598
$
95,666
$
108,926
$
94,488
$
86,173
$
66,770
$
78,962
Escrow, other title-related fees and
other
20,065
20,452
20,493
16,113
14,366
12,627
8,902
6,598
8,292
Investment, dividend and other income
650
639
588
428
452
741
1,299
1,000
1,599
Total revenues
$
129,986
$
162,582
$
137,679
$
112,207
$
123,744
$
107,856
$
96,374
$
74,368
$
88,853
Expenses:
Premiums retained by Third-Party
Agents
$
65,181
$
91,596
$
71,330
$
60,602
$
74,638
$
65,141
$
61,095
$
49,184
$
58,164
Title examination expense
5,500
5,289
6,495
5,981
5,146
3,709
3,425
2,000
4,164
Provision for claims
6,807
6,685
4,594
4,611
6,310
4,665
1,154
3,959
5,780
Personnel costs
53,954
62,410
78,306
77,793
73,233
60,481
48,432
40,569
27,622
Other operating expenses
17,181
21,693
26,912
22,754
23,637
20,656
26,172
15,439
13,924
Goodwill impairment
—
—
—
—
—
33,746
31,461
—
—
Long-lived asset impairment
—
—
—
—
—
—
32,027
181
1,290
Gain on sale of title plant
—
—
—
—
—
—
—
—
(3,825
)
Total operating expenses
$
148,623
$
187,673
$
187,637
$
171,741
$
182,964
$
188,398
$
203,766
$
111,332
$
107,119
Loss from operations
$
(18,637
)
$
(25,091
)
$
(49,958
)
$
(59,534
)
$
(59,220
)
$
(80,542
)
$
(107,392
)
$
(36,964
)
$
(18,266
)
Other income (expense):
Change in fair value of warrant and
Sponsor Covered Shares liabilities
—
(4,478
)
11,169
13,900
5,193
1,438
786
15
108
Interest expense
(4,451
)
(4,531
)
(4,519
)
(4,207
)
(4,489
)
(4,584
)
(4,800
)
(4,989
)
(5,943
)
Loss on sale of business
—
—
—
—
—
—
—
—
(11,591
)
Loss before income taxes
$
(23,088
)
$
(34,100
)
$
(43,308
)
$
(49,841
)
$
(58,516
)
$
(83,688
)
$
(111,406
)
$
(41,938
)
$
(35,692
)
Income tax expense
(211
)
(170
)
(421
)
(185
)
(136
)
(425
)
1,988
(185
)
(185
)
Net loss
$
(23,299
)
$
(34,270
)
$
(43,729
)
$
(50,026
)
$
(58,652
)
$
(84,113
)
$
(109,418
)
$
(42,123
)
$
(35,877
)
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
(Unaudited - in thousands)
June 30,
2021
September
30, 2021
December
31, 2021
March 31,
2022
June 30,
2022
September
30, 2022
December
31, 2022
March 31,
2023
June 30,
2023
Revenue
$
129,986
$
162,582
$
137,679
$
112,207
$
123,744
$
107,856
$
96,374
$
74,368
$
88,853
Minus:
Premiums retained by Third-Party
Agents
65,181
91,596
71,330
60,602
74,638
65,141
61,095
49,184
58,164
Retained premiums and fees
$
64,805
$
70,986
$
66,349
$
51,605
$
49,106
$
42,715
$
35,279
$
25,184
$
30,689
Minus:
Direct labor
20,902
23,948
26,787
27,798
23,890
20,220
14,665
12,937
9,931
Provision for claims
6,807
6,685
4,594
4,611
6,310
4,665
1,154
3,959
5,780
Depreciation and amortization
3,021
1,978
2,615
3,236
3,747
4,251
4,785
3,075
3,071
Other direct costs (1)
7,561
10,073
10,322
8,826
8,016
6,224
5,478
3,817
6,160
Gross Profit
$
26,514
$
28,302
$
22,031
$
7,134
$
7,143
$
7,355
$
9,197
$
1,396
$
5,747
__________________
(1)
Includes title examination expense, office
supplies, and premium and other taxes.
Adjusted gross profit
Three Months Ended
(Unaudited - in thousands)
June 30,
2021
September
30, 2021
December
31, 2021
March 31,
2022
June 30,
2022
September
30, 2022
December
31, 2022
March 31,
2023
June 30,
2023
Gross Profit
$
26,514
$
28,302
$
22,031
$
7,134
$
7,143
$
7,355
$
9,197
$
1,396
$
5,747
Adjusted for:
Depreciation and amortization
3,021
1,978
2,615
3,236
3,747
4,251
4,785
3,075
3,071
Adjusted Gross Profit
$
29,535
$
30,280
$
24,646
$
10,370
$
10,890
$
11,606
$
13,982
$
4,471
$
8,818
Adjusted EBITDA
Three Months Ended
(Unaudited - in thousands)
June 30,
2021
September
30, 2021
December
31, 2021
March 31,
2022
June 30,
2022
September
30, 2022
December
31, 2022
March 31,
2023
June 30,
2023
Net loss (GAAP)
$
(23,299
)
$
(34,270
)
$
(43,729
)
$
(50,026
)
$
(58,652
)
$
(84,113
)
$
(109,418
)
$
(42,123
)
$
(35,877
)
Adjusted for:
Depreciation and amortization
3,021
1,978
2,615
3,236
3,747
4,251
4,785
3,075
3,071
Interest expense
4,451
4,531
4,519
4,207
4,489
4,584
4,800
4,989
5,943
Income taxes
211
170
421
185
136
425
(1,988
)
185
185
EBITDA
$
(15,616
)
$
(27,591
)
$
(36,174
)
$
(42,398
)
$
(50,280
)
$
(74,853
)
$
(101,821
)
$
(33,874
)
$
(26,678
)
Adjusted for:
Stock-based compensation
3,713
3,004
11,040
11,393
8,255
7,746
6,293
5,697
1,293
Severance and interim salary costs
—
—
—
—
3,828
4,567
11,218
6,420
2,730
Goodwill impairment
—
—
—
—
—
33,746
31,461
—
—
Long-lived asset impairment
—
—
—
—
—
—
32,027
181
1,290
Change in fair value of warrant and
Sponsor Covered Shares liabilities
—
4,478
(11,169
)
(13,900
)
(5,193
)
(1,438
)
(786
)
(15
)
(108
)
Accelerated contract expense
—
—
—
—
—
—
5,221
—
—
Loss on sale of business
—
—
—
—
—
—
—
—
11,591
Gain on sale of title plant
—
—
—
—
—
—
—
—
(3,825
)
Adjusted EBITDA
$
(11,903
)
$
(20,109
)
$
(36,303
)
$
(44,905
)
$
(43,390
)
$
(30,232
)
$
(16,387
)
$
(21,591
)
$
(13,707
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230808063480/en/
Investor Contact: Carlee Herzog | Head of Investor
Relations for Doma | ir@doma.com
Doma (NYSE:DOMA)
Historical Stock Chart
From Dec 2024 to Jan 2025
Doma (NYSE:DOMA)
Historical Stock Chart
From Jan 2024 to Jan 2025
