Bulletin
Investor Alert

press release

May 10, 2022, 4:10 p.m. EDT

Doma's Q1 2022 Results Show Continued Market Share Gains Fueled by Tech-Driven Value Creation in Refinance, Despite Mortgage Market Headwinds

Management reaffirms commitment to achieving EBITDA profitability in 2023 as the company continues to focus on delivering differentiated value to the home purchase market First Quarter 2022 Business Highlights(1): Market share of 1.4%, up 40% versus Q1 2021(2) Total revenues of $112 million, down (12)% versus Q1 2021 Retained premiums and fees of $52 million, down (10)% versus Q1 2021 Gross profit of $7 million, down (73)% versus Q1 2021 Adjusted gross profit of $10 million, down (64)% versus Q1 2021 Closed orders down (16)% versus Q1 2021, Enterprise closed orders up 38% versus Q1 2021 Open orders down (14)% versus Q1 2021

SAN FRANCISCO, (BUSINESS WIRE) -- Doma Holdings, Inc. /zigman2/quotes/224084230/composite DOMA +4.12% ("Doma" or the "Company"), a leading force for disruptive change in the real estate industry, today reported quarterly financial results and key operating data for the three months ended March 31, 2022 [(3)] . Doma’s results demonstrate further market share gains led by the continued adoption of its proprietary, machine intelligence-driven technology, despite the US mortgage industry's dramatic shift into an environment of rapidly rising interest rates and extraordinarily low housing supply.

"Doma's mission is, and always has been, to make it easier for people to buy a home," said Max Simkoff, CEO of Doma. "The recent shifts in the mortgage industry have only emphasized the need to deliver a better, faster, and more affordable home closing experience, and Doma's market share gains are continued proof that the industry sees value in our proprietary, machine learning-driven technology that is transforming the closing process. Our Q1 2022 results reflect the downturn we are seeing in the broader market, but this also gives us the conviction that our investment in moving purchase transactions onto the Doma Intelligence platform is absolutely one that will benefit home buyers and sellers, real estate professionals, and lenders in a unique and differentiated way."

Doma's year over year decline in retained premiums and fees reflects the challenges faced by the overall mortgage market, which saw a steep decline in refinance transactions in Q1 2022 and a tightening purchase market. Doma's market share gains were driven by outperformance in refinance transactions which were down 20% year over year, compared to the industry's 63% decline. In anticipation of further market challenges throughout the remainder of the year, Doma took steps in Q1 2022 to protect its path to achieve EBITDA profitability in 2023 by reducing costs and refocusing resources on a narrower set of strategic initiatives which will allow the Company to aggressively focus on the transition of additional purchase transactions onto the Doma Intelligence platform.

"While we believe the mortgage market will continue to face significant challenges this year, we are confident in our ability to continue to drive market share gains in both the refinance and purchase markets," said Mike Smith, Chief Accounting Officer and future Acting Chief Financial Officer at Doma. "In an environment of rising interest rates and low housing inventory, Doma's value proposition becomes even more attractive to lenders and real estate professionals who are looking to close loans faster and minimize costs for home buyers and sellers."

(1)   Reconciliations of retained premiums and fees, adjusted gross profit, and the other financial measures used in this press release that are not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”) to the nearest measures prepared in accordance with GAAP have been provided in this press release in the accompanying tables. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
(2)   To calculate market share, Doma's purchase and refinance closed orders are divided by total industry purchase and refinance closed order statistics as published by the Mortgage Bankers Association.
(3)   Doma completed its business combination with Capitol Investment Corp. V ("Capitol") on July 28, 2021. The financial results and key operating data included in this first quarter release include operating results of Doma prior to completion of the business combination and operating results of the combined company subsequent to completion of the business combination.

First Quarter 2022 Growth Drivers and Recent Business Highlights

  • Market share growth of 40% year over year, climbing to 1.4% in Q1 2022 vs. 1.0% in Q1 2021

  • Strong outperformance in refinance order volume in our enterprise segment, representing closed order growth of 38% year over year, driven by the continued adoption of our Doma Intelligence technology among lender referral partners, including by 11 new bank and non-bank mortgage originators and the expansion of existing enterprise business into new states

  • A refocusing of resources to a narrower set of strategic initiatives that will allow the Company to target investment almost exclusively within the home purchase market and drive differentiated, tech-led value to home buyers and sellers in a time when interest rates have risen at a rate not seen in 28 years and where housing inventory remains at historic lows, including:

  • Management affirmation that the Company remains on its previously communicated timeline to achieve adjusted EBITDA profitability in 2023

  • Named as one of Inc.'s Best Workplaces of 2022, for the second year in a row

2022 Full Year Outlook (1):

  • GAAP Financial Measures

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

Conference Call Information

Doma will host a conference call at 5:00 PM Eastern Time on Tuesday, May 10, to present its first quarter 2022 financial results.

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

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

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

Conference ID: 5534256

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

About Doma Holdings, Inc.

Doma is a real estate technology company that is disrupting a century-old industry by building an instant and frictionless home closing experience for buyers and sellers. Doma uses proprietary machine intelligence technology and deep human expertise to create a vastly more simple and affordable experience for everyone involved in a residential real estate transaction, including current and prospective homeowners, mortgage lenders, title agents, and real estate professionals. With Doma, what used to take days can now be done in minutes, replacing an arcane and cumbersome process with a digital experience designed for today’s world. To learn more visit doma.com.

Forward-Looking Statements Legend

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

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

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

Key Operating and Financial Indicators
   
  Three Months Ended March 31,
    2022       2021  
  (in thousands, except for open and
closed order numbers)
Key operating data:      
Opened orders   35,192       41,084  
Closed orders   27,347       32,650  
       
GAAP financial data:      
Revenue [(1)] $ 112,207     $ 127,796  
Gross profit [(2)] $ 7,134     $ 26,414  
Net loss [(3)] $ (50,026 )   $ (11,758 )
Non-GAAP financial data (4):      
Retained premiums and fees $ 51,605     $ 57,458  
Adjusted gross profit $ 10,370     $ 29,121  
Ratio of adjusted gross profit to retained premiums and fees   20 %     51 %
Adjusted EBITDA $ (44,905 )   $ (3,277 )
_________________
(1) Revenue is comprised of (i) net premiums written, (ii) escrow, other title-related fees and other, and (iii) investment, dividend and other income.
(2) Gross profit, calculated in accordance with GAAP, is calculated as total revenue, minus premiums retained by third-party agents, direct labor expense (including mainly personnel expense for certain employees involved in the direct fulfillment of policies) and direct non-labor expense (including mainly title examination expense, provision for claims, and depreciation and amortization). In our consolidated income statements, depreciation and amortization is recorded under the “other operating expenses” caption.
(3) Net loss is made up of the components of revenue and expenses.
(4) Retained premiums and fees, adjusted gross profit and adjusted EBITDA are non-GAAP financial measures.

Non-GAAP Financial Measures

Retained premiums and fees

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

    Three Months Ended March 31,
    2022   2021
    (in thousands)
Revenue $ 112,207   $ 127,796
Minus:      
Premiums retained by third-party agents   60,602     70,338
Retained premiums and fees $ 51,605   $ 57,458
Minus:      
Direct labor   27,798     17,979
Provision for claims   4,611     3,249
Depreciation and amortization   3,236     2,707
Other direct costs [(1)]   8,826     7,109
Gross Profit $ 7,134   $ 26,414
__________________
(1) Includes title examination expense, office supplies, and premium and other taxes.

Adjusted gross profit

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

    Three Months Ended March 31,  
    2022   2021
    (in thousands)  
Gross Profit $ 7,134     $ 26,414  
Adjusted for:          
Depreciation and amortization   3,236       2,707  
Adjusted Gross Profit $ 10,370     $ 29,121  

Adjusted EBITDA

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

  Three Months Ended March 31,
  2022   2021
  (in thousands)
Net loss (GAAP) $ (50,026 )   $ (11,758 )
Adjusted for:      
Depreciation and amortization   3,236       2,707  
Interest expense   4,207       3,360  
Income taxes   185       125  
EBITDA $ (42,398 )   $ (5,566 )
Adjusted for:      
Stock-based compensation   11,393       2,289  
Change in fair value of Warrant and Sponsor Covered shares liabilities   (13,900 )      
Adjusted EBITDA $ (44,905 )   $ (3,277 )

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

    Three Months Ended March 31,
    2022   2021
    (in thousands)
Adjusted Gross Profit $ 10,370     $ 29,121  
Minus:      
Customer acquisition costs   15,925       9,895  
Other indirect costs [(1)]   39,350       22,503  
Adjusted EBITDA $ (44,905 )   $ (3,277 )
__________________
(1) Includes corporate support, research and development, and other operating costs.

Outlook reconciliations

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

  Year Ended December 31, 2022
  Low   High
  (in thousands)
Retained premiums and fees $ 220,000   $ 240,000
Minus:      
Estimated adjustments [(1)]   149,000     154,000
Gross Profit $ 71,000   $ 86,000
  Year Ended December 31, 2022
  Low   High
  (in thousands)
Gross Profit $ 71,000     $ 86,000  
Adjusted for:      
Depreciation and amortization   15,000       15,000  
Adjusted Gross Profit $ 86,000     $ 101,000  
       
Outlook for Other Key Operating Indicators      
Ratio of adjusted gross profit to retained premiums and fees   39 %     42 %
Adjusted EBITDA $ (120,000 )   $ (100,000 )

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

__________________
(1) Estimated adjustments include direct labor, provision for claims, depreciation and amortization, and other direct costs (which includes title examination expense, office supplies, and premium and other taxes).
Doma Holdings, Inc.
Consolidated Statements of Operations
   
  Three months ended March 31,
(In thousands, except share and per share information) 2022   2021
Revenues:      
Net premiums written [(1)] $ 95,666     $ 107,992  
Escrow, other title-related fees and other   16,113       18,575  
Investment, dividend and other income   428       1,229  
Total revenues $ 112,207     $ 127,796  
       
Expenses:      
Premiums retained by Third-Party Agents [(2)] $ 60,602     $ 70,338  
Title examination expense   5,981       4,853  
Provision for claims   4,611       3,249  
Personnel costs   77,793       43,464  
Other operating expenses   22,754       14,165  
Total operating expenses $ 171,741     $ 136,069  
       
Loss from operations $ (59,534 )   $ (8,273 )
       
Other (expense) income:      
Change in fair value of Warrant and Sponsor Covered Shares liabilities   13,900        
Interest expense   (4,207 )     (3,360 )
Loss before income taxes $ (49,841 )   $ (11,633 )
       
Income tax expense   (185 )     (125 )
Net loss $ (50,026 )   $ (11,758 )
       
Earnings per share:      
Net loss per share attributable to stockholders - basic and diluted $ (0.15 )   $ (0.17 )
Weighted average shares outstanding common stock - basic and diluted   323,890,562       67,418,142  
__________________
(1) Net premiums written includes revenues from a related party of $27.7 million and $24.7 million during the three months ended March 31, 2022 and 2021, respectively.
(2) Premiums retained by Third-Party Agents includes expenses associated with a related party of $22.5 million and $19.9 million during the three months ended March 31, 2022 and 2021, respectively.
Doma Holdings, Inc.
Consolidated Balance Sheets
       
(In thousands, except share information) March 31, 2022   December 31, 2021
Assets      
Cash and cash equivalents $ 319,436     $ 379,702  
Restricted cash   2,784       4,126  
Investments:      
Fixed maturities      
Held-to-maturity debt securities, at amortized cost (net of allowance for credit losses of $382 at March 31, 2022 and $0 at December 31, 2021)   62,416       67,164  
Mortgage loans   1,141       2,022  
Other long-term investments   325       325  
Total investments $ 63,882     $ 69,511  
Receivables (net of allowance for credit losses of $1,226 at March 31, 2022 and $1,082 at December 31, 2021)   12,496       15,498  
Prepaid expenses, deposits and other assets   10,844       15,692  
Lease right-of-use assets   26,701        
Fixed assets (net of accumulated depreciation of $22,323 at March 31, 2022 and $19,543 at December 31, 2021)   52,801       45,953  
Title plants   13,952       13,952  
Goodwill   111,487       111,487  
Total assets $ 614,383     $ 655,921  
       
Liabilities and stockholders’ equity      
Accounts payable $ 3,891     $ 6,930  
Accrued expenses and other liabilities   35,477       54,149  
Lease liabilities   27,659        
Senior secured credit agreement, net of debt issuance costs and original issue discount   144,858       141,769  
Liability for loss and loss adjustment expenses   82,534       80,267  
Warrant liabilities   6,067       16,467  
Sponsor Covered Shares liability   1,916       5,415  
Total liabilities $ 302,402     $ 304,997  
       
Stockholders’ equity:      
Common stock, 0.0001 par value; 2,000,000,000 shares authorized at March 31, 2022; 324,348,254 and 323,347,806 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively   33       33  
Additional paid-in capital   554,552       543,070  
Accumulated deficit   (242,604 )     (192,179 )
Accumulated other comprehensive income          
Total stockholders’ equity $ 311,981     $ 350,924  
Total liabilities and stockholders’ equity $ 614,383     $ 655,921  

Quarterly Results of Operations and Other Data

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

Consolidated Statements of Operations

 
  Three Months Ended
(In thousands) March 31, 2020   June 30, 2020   September 30, 2020   December 31, 2020   March 31, 2021   June 30, 2021   September 30, 2021   December 31, 2021   March 31, 2022
Revenues:                                  
Net premiums written $ 56,817     $ 86,334     $ 103,587     $ 98,870     $ 107,992     $ 109,271     $ 141,491     $ 116,598     $ 95,666  
Escrow, other title-related fees and other   13,174       13,382       16,742       17,977       18,575       20,065       20,452       20,493       16,113  
Investment, dividend and other income   818       707       743       663       1,229       650       639       588       428  
Total revenues $ 70,809     $ 100,423     $ 121,072     $ 117,510     $ 127,796     $ 129,986     $ 162,582     $ 137,679     $ 112,207  
                                   
Expenses:                                  
Premiums retained by Third-Party Agents $ 33,102     $ 56,006     $ 67,024     $ 64,011     $ 70,338     $ 65,181     $ 91,596     $ 71,330     $ 60,602  
Title examination expense   3,865       3,322       4,624       4,393       4,853       5,500       5,289       6,495       5,981  
Provision for claims   1,783       3,040       5,242       5,272       3,249       6,807       6,685       4,594       4,611  
Personnel costs   35,718       32,737       36,197       38,874       43,464       53,954       62,410       78,306       77,793  
Other operating expenses   10,640       10,286       10,210       12,149       14,165       17,181       21,693       26,912       22,754  
Total operating expenses $ 85,108     $ 105,391     $ 123,297     $ 124,699     $ 136,069     $ 148,623     $ 187,673     $ 187,637     $ 171,741  
                                   
Loss from operations $ (14,299 )   $ (4,968 )   $ (2,225 )   $ (7,189 )   $ (8,273 )   $ (18,637 )   $ (25,091 )   $ (49,958 )   $ (59,534 )
                                   
Other income (expense):                                  
Change in fair value of warrant and Sponsor Covered Shares liabilities                                       (4,478 )     11,169       13,900  
Interest expense   (2,112 )     (1,123 )     (1,193 )     (1,151 )     (3,360 )     (4,451 )     (4,531 )     (4,519 )     (4,207 )
Loss before income taxes $ (16,411 )   $ (6,091 )   $ (3,418 )   $ (8,340 )   $ (11,633 )   $ (23,088 )   $ (34,100 )   $ (43,308 )   $ (49,841 )
                                   
Income tax expense   (175 )     (241 )     (204 )     (223 )     (125 )     (211 )     (170 )     (421 )     (185 )
Net loss   (16,586 )     (6,332 )     (3,622 )     (8,563 )     (11,758 )     (23,299 )     (34,270 )     (43,729 )     (50,026 )

Reconciliation of GAAP to Non-GAAP Measures

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

Retained premiums and fees

  Three Months Ended
(In thousands) March 31,
2020
  June 30, 2020   September 30, 2020   December 31, 2020   March 31, 2021   June 30, 2021   September 30, 2021   December 31, 2021   March 31, 2022
Revenue $ 70,809   $ 100,423   $ 121,072   $ 117,510   $ 127,796   $ 129,986   $ 162,582   $ 137,679   $ 112,207
Minus:                                  
Premiums retained by Third-Party Agents   33,102     56,006     67,024     64,011     70,338     65,181     91,596     71,330     60,602
Retained premiums and fees $ 37,707   $ 44,417   $ 54,048   $ 53,499   $ 57,458   $ 64,805   $ 70,986   $ 66,349   $ 51,605
Minus:                                  
Direct labor   16,314     13,898     14,892     17,050     17,979     20,902     23,948     26,787     27,798
Provision for claims   1,783     3,040     5,242     5,272     3,249     6,807     6,685     4,594     4,611
Depreciation and amortization   1,116     899     1,221     2,579     2,707     3,021     1,978     2,615     3,236
Other direct costs [(1)]   5,137     4,898     6,314     4,186     7,109     7,561     10,073     10,322     8,826
Gross Profit $ 13,357   $ 21,682   $ 26,379   $ 24,412   $ 26,414   $ 26,514   $ 28,302   $ 22,031   $ 7,134
__________________
(1) Includes title examination expense, office supplies, and premium and other taxes.

Adjusted gross profit

  Three Months Ended
(in thousands) March 31, 2020   June 30, 2020   September 30, 2020   December 31, 2020   March 31, 2021   June 30, 2021   September 30, 2021   December 31, 2021   March 31, 2022
Gross Profit $ 13,357   $ 21,682   $ 26,379   $ 24,412   $ 26,414   $ 26,514   $ 28,302   $ 22,031   $ 7,134
Adjusted for:                                  
Depreciation and amortization   1,116     899     1,221     2,579     2,707     3,021     1,978     2,615     3,236
Adjusted Gross Profit $ 14,473   $ 22,581   $ 27,600   $ 26,991   $ 29,121   $ 29,535   $ 30,280   $ 24,646   $ 10,370

Adjusted EBITDA

  Three Months Ended
(in thousands) March 31, 2020   June 30, 2020   September 30, 2020   December 31, 2020   March 31, 2021   June 30, 2021   September 30, 2021   December 31, 2021   March 31, 2022
Net loss (GAAP) $ (16,586 )   $ (6,332 )   $ (3,622 )   $ (8,563 )   $ (11,758 )   $ (23,299 )   $ (34,270 )   $ (43,729 )   $ (50,026 )
Adjusted for:                                  
Depreciation and amortization   1,116       899       1,221       2,579       2,707       3,021       1,978       2,615       3,236  
Interest expense   2,112       1,123       1,193       1,151       3,360       4,451       4,531       4,519       4,207  
Income taxes   175       241       204       223       125       211       170       421       185  
EBITDA $ (13,183 )   $ (4,069 )   $ (1,004 )   $ (4,610 )   $ (5,566 )   $ (15,616 )   $ (27,591 )   $ (36,174 )   $ (42,398 )
Adjusted for:                                  
Stock-based compensation   308       282       355       1,550       2,289       3,713       3,004       11,040       11,393  
COVID-related severance costs         1,385                                            
Change in fair value of warrant and Sponsor Covered Shares liabilities                                       4,478       (11,169 )     (13,900 )
Adjusted EBITDA $ (12,875 )   $ (2,402 )   $ (649 )   $ (3,060 )   $ (3,277 )   $ (11,903 )   $ (20,109 )   $ (36,303 )   $ (44,905 )

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220510005527/en/

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 | press@doma.com

COMTEX_406990067/2456/2022-05-10T16:10:06

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.

Copyright Business Wire 2022

/zigman2/quotes/224084230/composite
US : U.S.: NYSE
$ 0.98
+0.04 +4.12%
Volume: 1.52M
Aug. 12, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
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Market Cap
$319.46 million
Rev. per Employee
$264,960
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