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press release

Feb. 17, 2022, 4:11 p.m. EST

Doma Delivers at High End of 2021 Guidance on Retained Premiums and Fees, and Exceeds Guidance on Adjusted Growth Profit

Fourth quarter includes successful expansion of core machine intelligence-powered title and closing offering into purchase transactions within Local channel Provides Growth and Margin Outlook for FY 2022 Fourth Quarter 2021 Business Highlights(1): Total revenues of $138 million, up 17% versus Q4 2020 Retained premiums and fees of $66 million, up 24% versus Q4 2020 Gross profit of $22 million, down 10% versus Q4 2020 Adjusted gross profit of $25 million, down 9% versus Q4 2020 Closed orders up 35% versus Q4 2020, Enterprise closed orders up 296% versus Q4 2020 Open orders up 21% versus Q4 2020

SAN FRANCISCO, (BUSINESS WIRE) -- Doma Holdings, Inc. /zigman2/quotes/224084230/composite DOMA -8.98% (“Doma” or the “Company”), a leading force for disruptive change in the real estate industry, today reported quarterly financial results and key operating data for the three months and full year ended December 31, 2021 [(2)] . Doma’s results demonstrate strong growth that continues to outperform the mortgage industry as a whole, driven by the expansion and continued adoption of its proprietary machine learning technology.

“Our referral partners’ receptivity to our offering, and the Doma team’s ability to execute with a high degree of skill has fortified our pursuit of becoming the unquestioned leader in our industry,” said Max Simkoff, Founder and CEO of Doma. “The successful opening of our first purchase transactions on the Doma Intelligence platform is the latest affirmation of our compelling opportunity to take market share, raise our growth potential, and add even more certainty to our path to profitability," Mr. Simkoff concluded.

Noaman Ahmad, CFO of Doma, added, “We finished the year in a position of strength, having consistently outperformed the objectives we set for retained premium and fees and adjusted gross profit since announcing our plans to go public last March. In terms of our plans for 2022, we are taking advantage of the momentum in our business and will focus on broadening the use and coverage of our proven Doma Intelligence platform. We will use the capital we raised from going public to expand our core machine intelligence-powered title and closing offering into purchase transactions, as well as to capture opportunities in adjacent markets."

Doma remains committed to strategic investment in growth in order to accelerate and secure its leadership position in the industry. Doma's key strategic initiatives for 2022 include an acceleration of investments across its home purchase platform. Investments will take the form of investing in customer acquisition and go-to-market delivery, migration of purchase transactions to the Doma Intelligence platform, new product functionality, and opportunities to expand into adjacent markets.

(1) Reconciliations of retained premiums and fees, adjusted gross profit, and the other financial measures used in this press release that are not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”) to the nearest measures prepared in accordance with GAAP have been provided in this press release in the accompanying tables. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
(2) Doma completed its business combination with Capitol Investment Corp. V ("Capitol") on July 28, 2021. The financial results and key operating data included in this fourth quarter release include operating results of Doma prior to completion of the business combination and operating results of the combined company subsequent to completion of the business combination.

Fourth Quarter 2021 Growth Drivers and Recent Business Highlights

  • Successful launch of purchase transactions on the Doma Intelligence platform in December, delivering on one of the Company's key commitments for 2021. Given the recent rise in lending rates and an accelerated drop-off in mortgage refinances, Doma will aggressively pursue the migration of purchase transactions from the Local business to the Doma Intelligence platform, further enabling the real estate professionals, lenders, independent title agents and homeowners Doma works with to all benefit from closings that are faster, higher quality, and more affordable.

  • 296% year over year closed order growth from Doma Enterprise, despite a 59% decline in the overall refinance market. Total order growth in the fourth quarter was propelled by the addition of several new Enterprise referral partners that include another top 10 national mortgage lender, a leading provider of innovative home equity products, and a technology-led non-bank originator, as well as increases in wallet share from existing referral partners, reflecting confidence in Doma's technology by the nation's largest mortgage lenders.

  • Home purchase transaction volume increased by a healthy 4% over the same period in 2020, outpacing market contraction in purchase of 8%.

  • Continued improvements to the Doma Intelligence platform helped deliver better customer outcomes through the application of cutting-edge machine learning technology.

  • Expansion of the Doma Intelligence platform in the States of Washington, Maine, and Mississippi, bringing total coverage to approximately 83% of US residential real estate market based on gross written premium.

2022 Full Year Outlook (1):

  • GAAP Financial Measures

  • 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, plus depreciation and amortization. Adjusted EBITDA is defined as net loss before interest expense, income taxes, depreciation and amortization, stock-based compensation, COVID-related severance costs and change in fair value of warrant and sponsor covered shares liabilities. Doma believes that the use of retained premiums and fees, adjusted gross profit and adjusted EBITDA provides additional tools to assess operational performance and trends in, and in comparing Doma's financial measures with, other similar companies, many of which present similar non-GAAP financial measures to investors. Doma’s non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial measures determined in accordance with GAAP. Because of the limitations of non-GAAP financial measures, you should consider the non-GAAP financial measures presented herein in conjunction with Doma’s financial statements and the related notes thereto. Please refer to the non-GAAP reconciliations in this press release for a reconciliation of these non-GAAP financial measures to the most comparable financial measure prepared in accordance with GAAP.

Conference Call Information

Doma will host a conference call at 5:00 PM Eastern Time on Thursday, February 17, to present its fourth quarter 2021 financial results.

The telephonic version of the call can be accessed by dialing:

Participant Toll Free Dial-In Number: (844) 615-6508

Participant International Dial-In Number: (918) 922-3146

Conference ID: 7967607

The live webcast of the call will be accessible on the Company’s website at investor.doma.com. Approximately two hours after conclusion of the live event, an archived webcast of the conference call will be accessible from the Investor Relations section of the Company’s website for twelve months.

About Doma Holdings, Inc.

Doma /zigman2/quotes/224084230/composite DOMA -8.98% is architecting the future of real estate transactions. The Company uses machine intelligence and its proprietary technology solutions to transform residential real estate, making closings instant and affordable. Doma and its family of brands – States Title, North American Title Company (NATC) and North American Title Insurance Company (NATIC) – offer solutions for current and prospective homeowners, lenders, title agents, and real estate professionals that make closings vastly more simple and efficient, reducing cost and increasing customer satisfaction. Doma’s clients include some of the largest bank and non-bank lenders in the United States. To learn more visit doma.com.

Forward-Looking Statements Legend

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The absence of these words does not mean that a statement is not forward-looking. Such statements are based on the beliefs of, as well as assumptions made by information currently available to Doma management. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity, total addressable market ("TAM"), market share and competition. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectation of Doma’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict, will differ from assumptions and are beyond the control of Doma.

These forward-looking statements are subject to a number of risks and uncertainties, including changes in business, market, financial, political and legal conditions; risks relating to the uncertainty of the projected financial information with respect to Doma; future global, regional or local economic, political, market and social conditions, including due to the COVID-19 pandemic; the development, effects and enforcement of laws and regulations, including with respect to the title insurance industry; Doma’s ability to manage its future growth or to develop or acquire enhancements to its platform; the effects of competition on Doma’s future business; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those other factors described in the "Risk Factors" section of the documents filed by Doma from time to time with the SEC.

If any of these risks materialize or Doma’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Doma does not presently know or that Doma currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Doma’s expectations, plans or forecasts of future events and views as of the date of this press release. Doma anticipates that subsequent events and developments will cause Doma’s assessments to change. However, while Doma may elect to update these forward-looking statements at some point in the future, Doma specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Doma’s assessment as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Key Operating and Financial Indicators
 
  Three Months Ended December 31,   Year ended December 31,
    2021       2020       2021       2020  
  (in thousands, except for open and closed order numbers)
Key operating data:              
Opened orders   43,247       35,712       178,689       136,873  
Closed orders   37,042       27,363       136,428       92,389  
               
GAAP financial data:              
Revenue [(1)] $ 137,679     $ 117,510     $ 558,043     $ 409,814  
Gross profit [(2)] $ 22,031     $ 24,412     $ 103,261     $ 85,830  
Net loss $ (43,729 )   $ (8,563 )   $ (113,056 )   $ (35,103 )
Non-GAAP financial data (3):              
Retained premiums and fees $ 66,349     $ 53,499     $ 259,598     $ 189,671  
Adjusted gross profit $ 24,646     $ 26,991     $ 113,582     $ 91,645  
Ratio of adjusted gross profit to retained premiums and fees   37 %     50 %     44 %     48 %
Adjusted EBITDA $ (36,303 )   $ (3,060 )   $ (71,592 )   $ (18,986 )
               
_________________
n.m. = not meaningful
(1) Revenue is comprised of (i) net premiums written, (ii) escrow, other title-related fees and other, and (iii) investment, dividend and other income. Net loss is made up of the components of revenue and expenses.
(2) Gross profit, calculated in accordance with GAAP, is calculated as total revenue, minus premiums retained by third-party agents, direct labor expense (including mainly personnel expense for certain employees involved in the direct fulfillment of policies) and direct non-labor expense (including mainly title examination expense, provision for claims, and depreciation and amortization). In our consolidated income statements, depreciation and amortization is recorded under the “other operating expenses” caption.
(3) Retained premiums and fees, adjusted gross profit and adjusted EBITDA are non-GAAP financial measures.

Non-GAAP Financial Measures

Retained premiums and fees

The following table reconciles our retained premiums and fees to our gross profit, the most closely comparable GAAP financial measure, for the periods indicated:

  Three Months Ended December 31,   Year ended December 31,
  2021   2020   2021   2020
  (in thousands)   (in thousands)
Revenue $ 137,679   $ 117,510   $ 558,043   $ 409,814
Minus:              
Premiums retained by third-party agents   71,330     64,011     298,445     220,143
Retained premiums and fees $ 66,349   $ 53,499   $ 259,598   $ 189,671
Minus:              
Direct labor   26,787     17,050     89,616     62,154
Provision for claims   4,594     5,272     21,335     15,337
Depreciation and amortization   2,615     2,579     10,321     5,815
Other direct costs [(1)]   10,322     4,186     35,065     20,535
Gross Profit $ 22,031   $ 24,412   $ 103,261   $ 85,830
__________________
(1) Includes title examination expense, office supplies, and premium and other taxes.

Adjusted gross profit

The following table reconciles our adjusted gross profit to our gross profit, the most closely comparable GAAP financial measure, for the periods indicated:

  Three Months Ended December 31,   Year ended December 31,
  2021   2020   2021   2020
  (in thousands)   (in thousands)
Gross Profit $ 22,031   $ 24,412   $ 103,261   $ 85,830
Adjusted for:              
Depreciation and amortization   2,615     2,579     10,321     5,815
Adjusted Gross Profit $ 24,646   $ 26,991   $ 113,582   $ 91,645

Adjusted EBITDA

The following table reconciles our adjusted EBITDA to our net loss, the most closely comparable GAAP financial measure, for the periods indicated:

  Three Months Ended December 31,   Year ended December 31,
    2021       2020       2021       2020  
  (in thousands)   (in thousands)
Net loss (GAAP) $ (43,729 )   $ (8,563 )   $ (113,056 )   $ (35,103 )
Adjusted for:              
Depreciation and amortization   2,615       2,579       10,321       5,815  
Interest expense   4,519       1,151       16,861       5,579  
Income taxes   421       223       927       843  
EBITDA $ (36,174 )   $ (4,610 )   $ (84,947 )   $ (22,866 )
Adjusted for:              
Stock-based compensation   11,040       1,550       20,046       2,495  
COVID-related severance costs                     1,385  
Change in fair value of Warrant and Sponsor Covered shares liabilities   (11,169 )           (6,691 )      
Adjusted EBITDA $ (36,303 )   $ (3,060 )   $ (71,592 )   $ (18,986 )

The following table reconciles our adjusted gross profit to our adjusted EBITDA, for the periods indicated:

  Three Months Ended December 31,   Year ended December 31,
    2021       2020       2021       2020  
  (in thousands)   (in thousands)
Adjusted Gross Profit $ 24,646     $ 26,991     $ 113,582     $ 91,645  
Minus:              
Customer acquisition costs   18,251       9,252       55,208       34,482  
Other indirect costs [(1)]   42,698       20,799       129,966       76,149  
Adjusted EBITDA $ (36,303 )   $ (3,060 )   $ (71,592 )   $ (18,986 )
__________________
(1) Includes corporate support, research and development, and other operating costs.

Outlook reconciliations

The following tables reconcile the ranges of expected retained premiums and fees to expected gross profit and the ranges expected adjusted gross profit to expected gross profit, which, in each case, is the most comparable GAAP measure, for the full year ended December 31, 2022.

 

  Year Ended December 31, 2022  
  Low     High  
  (in thousands)
Retained premiums and fees $ 300,000     $ 320,000  
Minus:          
Estimated adjustments [(1)] $ 182,000     $ 184,000  
Gross Profit $ 118,000     $ 136,000  
  Year Ended December 31, 2022
  Low     High
  (in thousands)
Gross Profit $ 118,000     $ 136,000  
Adjusted for:        
Depreciation and amortization   14,000       14,000  
Adjusted Gross Profit $ 132,000     $ 150,000  
         
Outlook for Other Key Operating Indicators        
Ratio of adjusted gross profit to retained premiums and fees   44 %     47 %
Adjusted EBITDA $ (90,000 )   $ (70,000 )

With respect to our guidance on adjusted EBITDA, the Company is not able to provide a quantitative reconciliation without unreasonable efforts to the most directly comparable GAAP financial measure, which would be net loss, due to the high variability, complexity and low visibility with respect to certain items such as income taxes and changes in the fair value of Warrant and Sponsor Covered shares liabilities. We expect the variability of these items to have a potentially unpredictable and potentially significant impact on future GAAP financial results, and, as such, we also believe that any reconciliations provided would imply a degree of precision that would be confusing or misleading to investors.

__________________
(1) Estimated adjustments include direct labor, provision for claims, depreciation and amortization, and other direct costs (which includes title examination expense, office supplies, and premium and other taxes).
Doma Holdings, Inc.
Consolidated Statements of Operations
 
  Year ended December 31
(In thousands, except share and per share information)   2021       2020       2019  
Revenues:          
Net premiums written [(1)] $ 475,352     $ 345,608     $ 292,707  
Escrow, other title-related fees and other   79,585       61,275       62,017  
Investment, dividend and other income   3,106       2,931       3,361  
Total revenues $ 558,043     $ 409,814     $ 358,085  
           
Expenses:          
Premiums retained by Third-Party Agents [(2)] $ 298,445     $ 220,143     $ 178,265  
Title examination expense   22,137       16,204       14,383  
Provision for claims   21,335       15,337       12,285  
Personnel costs   238,134       143,526       130,876  
Other operating expenses   79,951       43,285       39,744  
Total operating expenses $ 660,002     $ 438,495     $ 375,553  
           
Loss from operations $ (101,959 )   $ (28,681 )   $ (17,468 )
           
Other (expense) income:          
Change in fair value of Warrant and Sponsor Covered Shares liabilities   6,691              
Interest expense   (16,861 )     (5,579 )     (9,282 )
Loss before income taxes $ (112,129 )   $ (34,260 )   $ (26,750 )
           
Income tax expense   (927 )     (843 )     (387 )
Net loss $ (113,056 )   $ (35,103 )   $ (27,137 )
           
Earnings per share:          
Net loss per share attributable to stockholders - basic and diluted $ (0.64 )   $ (0.56 )   $ (0.45 )
Weighted average shares outstanding common stock - basic and diluted   177,150,914       62,458,039       60,314,163  
__________________
(1) Net premiums written includes revenues from a related party of $114.2 million, $88.6 million, and $73.1 million for the years ended December 31, 2021, 2020, and 2019, respectively.
(2) Premiums retained by Third-Party Agents includes expenses associated with a related party of $92.5 million, $71.2 million, and $59.9 million during the years ended December 31, 2021, 2020, and 2019, respectively.
Doma Holdings, Inc.
Consolidated Balance Sheets
 
  December 31
(In thousands, except share information)   2021       2020  
Assets      
Cash and cash equivalents $ 379,702     $ 111,893  
Restricted cash   4,126       129  
Investments:      
Fixed maturities      
Held-to-maturity debt securities, at amortized cost   67,164       65,406  
Available-for-sale debt securities, at fair value (amortized cost $7,139 in 2020)         8,057  
Equity securities, at fair value (cost $2,000 in 2020)         2,119  
Mortgage loans   2,022       2,980  
Other invested assets   325        
Total investments $ 69,511     $ 78,562  
Receivables (net of provision for doubtful accounts of $1,082 and $492 at December 31, 2021 and 2020, respectively)   15,498       15,244  
Prepaid expenses, deposits and other assets   15,692       7,365  
Fixed assets (net of accumulated depreciation of $19,543 and $13,813 at December 31, 2021 and 2020, respectively)   45,953       21,661  
Title plants   13,952       14,008  
Goodwill   111,487       111,487  
Trade names (net of accumulated amortization of $3,187 at December 31, 2020)         2,684  
Total assets $ 655,921     $ 363,033  
       
Liabilities and stockholders’ equity      
Accounts payable $ 6,930     $ 6,626  
Accrued expenses and other liabilities   54,149       33,044  
Senior secured credit agreement, net of debt issuance costs and original issue discount   141,769        
Loan from a related party         65,532  
Liability for loss and loss adjustment expenses   80,267       69,800  
Warrant liabilities   16,467        
Sponsor Covered Shares liability   5,415        
Total liabilities $ 304,997     $ 175,002  
       
Stockholders’ equity:      
Series A preferred stock, 0.0001 par value; 0 shares authorized at December 31, 2021; 0 and 43,737,586 shares issued and outstanding as of December 31, 2021 and 2020, respectively $     $ 1  
Series A-1 preferred stock, 0.0001 par value; 0 shares authorized at December 31, 2021; 0 and 48,913,906 shares issued and outstanding as of December 31, 2021 and 2020, respectively         1  
Series A-2 preferred stock, 0.0001 par value; 0 shares authorized at December 31, 2021; 0 and 14,003,187 shares issued and outstanding as of December 31, 2021 and 2020, respectively          
Series B preferred stock, 0.0001 par value; 0 shares authorized at December 31, 2021; 0 and 15,838,828 shares issued and outstanding as of December 31, 2021 and 2020, respectively          
Series C preferred stock, 0.0001 par value; 0 shares authorized at December 31, 2021; 0 and 60,665,631 shares issued and outstanding as of December 31, 2021 and 2020, respectively         1  
Common stock, 0.0001 par value; 2,000,000,000 shares authorized at December 31, 2021; 323,347,806 and 62,832,307 shares issued and outstanding as of December 31, 2021 and 2020, respectively   33       1  
Additional paid-in capital   543,070       266,464  
Accumulated deficit   (192,179 )     (79,123 )
Accumulated other comprehensive income         686  
Total stockholders’ equity $ 350,924     $ 188,031  
Total liabilities and stockholders’ equity $ 655,921     $ 363,033  

Quarterly Results of Operations and Other Data

The following tables set forth our selected unaudited quarterly consolidated statements of operations data for each of the quarters indicated. The information for each quarter has been prepared on a basis consistent with our audited consolidated financial statements, and reflect, in the opinion of management, all adjustments, which consist only of a normal, recurring nature that are necessary for a fair statement of the financial information contained in those financial statements. Our historical results are not necessarily indicative of the results that may be expected in the future. The following quarterly financial data should be read in conjunction with our consolidated financial statements.

Consolidated Statements of Operations

  Three months ended
(In thousands) March 31, 2020   June 30, 2020   September 30, 2020   December 31, 2020   March 31, 2021   June 30, 2021   September 30, 2021   December 31, 2021
Revenues:                              
Net premiums written $ 56,817     $ 86,334     $ 103,587     $ 98,870     $ 107,992     $ 109,271     $ 141,491     $ 116,598  
Escrow, other title-related fees and other   13,174       13,382       16,742       17,977       18,575       20,065       20,452       20,493  
Investment, dividend and other income   818       707       743       663       1,229       650       639       588  
Total revenues $ 70,809     $ 100,423     $ 121,072     $ 117,510     $ 127,796     $ 129,986     $ 162,582     $ 137,679  
                               
Expenses:                              
Premiums retained by Third-Party Agents $ 33,102     $ 56,006     $ 67,024     $ 64,011     $ 70,338     $ 65,181     $ 91,596     $ 71,330  
Title examination expense   3,865       3,322       4,624       4,393       4,853       5,500       5,289       6,495  
Provision for claims   1,783       3,040       5,242       5,272       3,249       6,807       6,685       4,594  
Personnel costs   35,718       32,737       36,197       38,874       43,464       53,954       62,410       78,306  
Other operating expenses   10,640       10,286       10,210       12,149       14,165       17,181       21,693       26,912  
Total operating expenses $ 85,108     $ 105,391     $ 123,297     $ 124,699     $ 136,069     $ 148,623     $ 187,673     $ 187,637  
                               
Loss from operations $ (14,299 )   $ (4,968 )   $ (2,225 )   $ (7,189 )   $ (8,273 )   $ (18,637 )   $ (25,091 )   $ (49,958 )
                               
Other income (expense):                              
Change in fair value of warrant and Sponsor Covered Shares liabilities                                       (4,478 )     11,169  
Interest expense   (2,112 )     (1,123 )     (1,193 )     (1,151 )     (3,360 )     (4,451 )     (4,531 )     (4,519 )
Loss before income taxes $ (16,411 )   $ (6,091 )   $ (3,418 )   $ (8,340 )   $ (11,633 )   $ (23,088 )   $ (34,100 )   $ (43,308 )
                               
Income tax expense   (175 )     (241 )     (204 )     (223 )     (125 )     (211 )     (170 )     (421 )
Net loss   (16,586 )     (6,332 )     (3,622 )     (8,563 )     (11,758 )     (23,299 )     (34,270 )     (43,729 )

Reconciliation of GAAP to Non-GAAP Measures

The following tables present our reconciliation of GAAP measures to non-GAAP measures for the historical periods indicated.

Retained premiums and fees

  Three Months Ended
(In thousands) March 31, 2020   June 30, 2020   September 30, 2020   December 31, 2020   March 31, 2021   June 30, 2021   September 30, 2021   December 31, 2021
Revenue $ 70,809   $ 100,423   $ 121,072   $ 117,510   $ 127,796   $ 129,986   $ 162,582   $ 137,679
Minus:                              
Premiums retained by Third-Party Agents   33,102     56,006     67,024     64,011     70,338     65,181     91,596     71,330
Retained premiums and fees $ 37,707   $ 44,417   $ 54,048   $ 53,499   $ 57,458   $ 64,805   $ 70,986   $ 66,349
Minus:                              
Direct labor   16,314     13,898     14,892     17,050     17,979     20,902     23,948     26,787
Provision for claims   1,783     3,040     5,242     5,272     3,249     6,807     6,685     4,594
Depreciation and amortization   1,116     899     1,221     2,579     2,707     3,021     1,978     2,615
Other direct costs [(1)]   5,137     4,898     6,314     4,186     7,109     7,561     10,073     10,322
Gross Profit $ 13,357   $ 21,682   $ 26,379   $ 24,412   $ 26,414   $ 26,514   $ 28,302   $ 22,031
__________________
(1) Includes title examination expense, office supplies, and premium and other taxes.

Adjusted gross profit

  Three Months Ended
(in thousands) March 31, 2020   June 30, 2020   September 30, 2020   December 31, 2020   March 31, 2021   June 30, 2021   September 30, 2021   December 31, 2021
Gross Profit $ 13,357   $ 21,682   $ 26,379   $ 24,412   $ 26,414   $ 26,514   $ 28,302   $ 22,031
Adjusted for:                              
Depreciation and amortization   1,116     899     1,221     2,579     2,707     3,021     1,978     2,615
Adjusted Gross Profit $ 14,473   $ 22,581   $ 27,600   $ 26,991   $ 29,121   $ 29,535   $ 30,280   $ 24,646

Adjusted EBITDA

  Three Months Ended
(in thousands) March 31, 2020   June 30, 2020   September 30, 2020   December 31, 2020   March 31, 2021   June 30, 2021   September 30, 2021   December 31, 2021
Net loss (GAAP) $ (16,586 )   $ (6,332 )   $ (3,622 )   $ (8,563 )   $ (11,758 )   $ (23,299 )   $ (34,270 )   $ (43,729 )
Adjusted for:                              
Depreciation and amortization   1,116       899       1,221       2,579       2,707       3,021       1,978       2,615  
Interest expense   2,112       1,123       1,193       1,151       3,360       4,451       4,531       4,519  
Income taxes   175       241       204       223       125       211       170       421  
EBITDA $ (13,183 )   $ (4,069 )   $ (1,004 )   $ (4,610 )   $ (5,566 )   $ (15,616 )   $ (27,591 )   $ (36,174 )
Adjusted for:                              
Stock-based compensation   308       282       355       1,550       2,289       3,713       3,004       11,040  
COVID-related severance costs         1,385                                      
Change in fair value of warrant and Sponsor Covered Shares liabilities                                       4,478       (11,169 )
Adjusted EBITDA $ (12,875 )   $ (2,402 )   $ (649 )   $ (3,060 )   $ (3,277 )   $ (11,903 )   $ (20,109 )   $ (36,303 )

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220217005373/en/

SOURCE: Doma Holdings, Inc.

Investor Contact: Beatriz Bartolome | Head of Investor Relations for Doma | ir@doma.com Media Contact: Camilla Whitmore | Lead, Public Relations for Doma | camilla.whitmore@doma.com

COMTEX_402602887/2456/2022-02-17T16:10:30

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

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/zigman2/quotes/224084230/composite
US : U.S.: NYSE
$ 0.79
-0.08 -8.98%
Volume: 263,034
Aug. 19, 2022 12:56p
P/E Ratio
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N/A
Market Cap
$283.81 million
Rev. per Employee
$264,960
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/zigman2/quotes/224084230/composite
US : U.S.: NYSE
$ 0.79
-0.08 -8.98%
Volume: 263,034
Aug. 19, 2022 12:56p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$283.81 million
Rev. per Employee
$264,960
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