Doma Reports Fourth Quarter and Full Year 2023 Financial Results
- Total revenues increased by 11% to $85 million in the fourth quarter of 2023 compared to the previous quarter.
- Gross profit rose by 56% to $5 million in Q4 2023.
- Adjusted EBITDA loss decreased to $3 million from $5 million in the third quarter of 2023.
- Doma successfully launched the Upfront Title pilot program, targeting cost reduction and improved customer benefits.
- The company's strategic focus on innovative title insurance solutions aligns with the current housing affordability initiatives.
- Doma's participation in the FHFA's title acceptance pilot program highlights its technological and underwriting capabilities.
- None.
Insights
The financial results of Doma Holdings, Inc. indicate a sequential improvement in key metrics such as total revenues, retained premiums and fees and gross profit. This growth trajectory, particularly the 56% increase in gross profit, suggests that the company's cost reduction strategies and tech upgrades are translating into tangible financial benefits. The reduction in net loss and adjusted EBITDA loss points towards an improving operational efficiency. However, the persistence of net losses indicates that the company is still in a transitional phase and has yet to achieve profitability.
From a market perspective, the launch of the Upfront Title product and the pilot program with a major mortgage technology platform could potentially disrupt the traditional title insurance market. If successful, this innovation could streamline the homebuying process and offer cost savings to consumers, aligning with broader public and political interests in affordable housing. The focus on technology-driven solutions is a strategic move that could capitalize on the current industry trends towards digitization.
The mention of Doma's progress towards reaching adjusted EBITDA profitability is a critical metric for investors as it provides a clearer picture of the company's core operational performance by excluding non-recurring expenses. The reported increase in adjusted gross profit by 29% is a positive sign for stakeholders, as it reflects better cost management and potentially scalable business operations. Investors should monitor the company's ability to maintain this upward trend in subsequent quarters to assess the sustainability of its business model.
It is important to note that the company has acknowledged the non-material impact of the pilot program's revenue in the short term. This transparency is crucial for setting realistic expectations for investors. The long-term potential for expansion, however, hinges on the early results from the pilot program and the broader industry's response to the FHFA's pilot to waive lender's title insurance requirements.
The implications of the FHFA's announcement regarding the waiver of lender's title insurance requirements could have significant legal ramifications for the title insurance industry. Doma's ability to participate in this pilot program due to its technology and underwriting capabilities may offer it a competitive advantage. However, it is essential to consider the legal risks associated with such waivers, as they could potentially expose lenders to unforeseen title issues.
Moreover, the political focus on reducing title insurance costs, as highlighted in President Biden's State of the Union Address, suggests a regulatory environment that may favor innovative solutions like Doma's. This could lead to a shift in industry standards and practices, where technology-driven companies could gain a foothold. Understanding the legal landscape and adapting to potential regulatory changes will be crucial for Doma and its competitors.
Successfully launched Upfront Title product via a pilot program with a major mortgage software platform leader
Continues making progress towards reaching adjusted EBITDA profitability
Core Underwriting platform continues to demonstrate strong performance, benefitting from increased operational efficiency and significant tech upgrades
Fourth Quarter 2023 Business Highlights (1)(2):
-
Total revenues of
$85 million 11% versus Q3 2023 -
Retained premiums and fees of
$17 million 7% versus Q3 2023 -
Gross profit of
$5 million 56% versus Q3 2023 -
Adjusted gross profit of
$8 million 29% versus Q3 2023 -
Net loss of
$18 million $22 million -
Adjusted EBITDA loss of
$3 million $5 million
“2023 was a transformational year for Doma. As we continued to navigate challenging market conditions, we successfully executed significant cost reduction actions, divested our non-core local agency operations, and streamlined our business to focus on our core strengths and to support our invaluable customers,” said Max Simkoff, CEO of Doma. “We narrowed our strategy to better address the ever-growing market demand for more affordable and tech-driven title insurance offerings, including the launch of an innovative, new product, called Upfront Title.”
Mr. Simkoff added, “We are pleased to have successfully launched our Upfront Title pilot program in the first quarter of this year with one of the largest mortgage technology platforms in the country and a major national lender customer. Housing affordability remains a critical issue for the vast majority of Americans, and we believe that by licensing our patented instant underwriting technology upstream, directly to the largest mortgage market participants in the country, while continuing to serve independent agents through our underwriting channel, that we will be able to ultimately lower costs for homeowners. We are already seeing encouraging results, helping to validate that the future could bring a transformational new configuration which can deliver both meaningful savings and benefits to consumers and lenders alike. We believe that based on these early results, that we are on track and if we are successful, upon demonstrated pilot program success in the first half of this year, we would be in a position to expand our partnership in the second half of the year both on a geographic basis, and also by offering a more enhanced Upfront Title product configuration to additional lenders and mortgage technology platforms. We do not expect revenue from this pilot program to be material in the first half of the year; however, we are very encouraged by the early results.”
“The public and political support for more affordable housing outcomes being driven specifically through more innovative title insurance solutions has grown significantly, and we believe we are well positioned to address one specific opportunity that emerged coming out of last week’s State of the Union Address. President Joe Biden announced his plan to lower housing costs for the millions of Americans who are struggling to afford the American dream of homeownership, and he specifically mentioned a focus on reducing title insurance costs. In a separate announcement immediately ahead of the President’s address, The Federal Housing Finance Agency (FHFA) announced that they have approved a pilot to waive the requirement for lender’s title insurance on certain refinances. FHFA’s Director Sandra Thompson further clarified that this “title acceptance” pilot will waive the requirement for lender’s title insurance or a legal opinion on certain low-risk refinance transactions where there is confidence that the property is free and clear of any prior lien or encumbrance. The pilot only impacts the requirement for a lender’s title policy or AOL and does not impact a borrower’s title risk, since it only applies to certain refinance loans where the borrower has title to the property already. We believe that Doma is one of the only companies in our space who has the proven technology and underwriting capabilities to participate in the pilot program announced by FHFA. We’re excited by the actions taken by the administration, and we share a desire and a sense of urgency to reduce closing costs for borrowers by a wide margin compared to traditional non-technology-based solutions. We think that based on what we’ve heard about the announcements made last week, that it’s likely over time that the majority of the refinance universe should qualify for our more innovative approach to quantifying and helping the GSEs assess and underwrite title risk, and we look forward to further exploring this opportunity. This is a great example of the kinds of innovation that could make a lasting impact on helping to alleviate housing affordability challenges in this country in a safe and appropriate manner,” said Mr. Simkoff.
Mr. Simkoff added, “Lastly, our core underwriting platform continues to demonstrate strong performance despite continued difficult market conditions. We continued to launch significant tech initiatives in the Underwriting division, which have been instrumental to our success, and which we believe will benefit our independent agent-focused title production team by saving them time and expense while also enabling them to improve their efficiency through a partnership with Doma.”
“While our results fell just shy of our ambitious goal of reaching adjusted EBITDA profitability in Q4, primarily due to the continued degradation of the interest rate environment, we are encouraged by the significant improvement we made in our cost structure which allowed us to get within our striking distance of our goal. Our adjusted EBITDA loss for continuing operations was
(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
(2) Doma has exited the Company’s local retail operations nationwide. Local and associated operations are classified as “discontinued operations” and segregated in the Company’s financial results beginning in the third quarter ended September 30, 2023. The financial results and key operating data highlighted today reflect the continuing operations of Doma, excluding the discontinued Local and associated operations.
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
Conference Call Information
Doma will host a conference call at 5:00 PM Eastern Time today on Tuesday, March 12, to present its fourth quarter and full year 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, mortgage technology platforms (including any specific partner mentioned), 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, the ability to expand our product offerings geographically and/or add additional partners, and the impact of FHFA’s recently announced “title acceptance” pilot and/or our level of participation, if any, in such pilot. 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 to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them. 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
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 from Continuing Operations
|
|
Three months ended December 31, |
|
|
Year ended December 31, |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
|
|
(Unaudited - in thousands) |
|
|||||||||||||
GAAP financial data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (1) |
|
$ |
84,612 |
|
|
$ |
88,875 |
|
|
$ |
310,943 |
|
|
$ |
399,978 |
|
Gross profit (2) |
|
$ |
4,795 |
|
|
$ |
6,629 |
|
|
$ |
11,947 |
|
|
$ |
9,332 |
|
Net loss (3) |
|
$ |
(17,563 |
) |
|
$ |
(66,281 |
) |
|
$ |
(95,288 |
) |
|
$ |
(187,297 |
) |
Non-GAAP financial data (4): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retained premiums and fees |
|
$ |
16,557 |
|
|
$ |
20,130 |
|
|
$ |
62,766 |
|
|
$ |
92,937 |
|
Adjusted gross profit |
|
$ |
7,755 |
|
|
$ |
11,142 |
|
|
$ |
23,620 |
|
|
$ |
24,409 |
|
Ratio of adjusted gross profit to retained premiums and fees |
|
|
47 |
% |
|
|
55 |
% |
|
|
38 |
% |
|
|
26 |
% |
Adjusted EBITDA |
|
$ |
(2,832 |
) |
|
$ |
(10,740 |
) |
|
$ |
(33,035 |
) |
|
$ |
(99,932 |
) |
| ____________________ | ||
(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 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 continuing operations 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, |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
|
|
(Unaudited - in thousands) |
|
|||||||||||||
Revenue |
|
$ |
84,612 |
|
|
$ |
88,875 |
|
|
$ |
310,943 |
|
|
$ |
399,978 |
|
Minus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums retained by agents |
|
|
68,055 |
|
|
|
68,745 |
|
|
|
248,177 |
|
|
|
307,041 |
|
Retained premiums and fees |
|
$ |
16,557 |
|
|
$ |
20,130 |
|
|
$ |
62,766 |
|
|
$ |
92,937 |
|
Minus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct labor |
|
|
2,862 |
|
|
|
5,126 |
|
|
|
13,286 |
|
|
|
37,312 |
|
Provision for claims |
|
|
2,810 |
|
|
|
880 |
|
|
|
14,764 |
|
|
|
14,781 |
|
Depreciation and amortization |
|
|
2,960 |
|
|
|
4,513 |
|
|
|
11,673 |
|
|
|
15,077 |
|
Other direct costs (1) |
|
|
3,130 |
|
|
|
2,982 |
|
|
|
11,096 |
|
|
|
16,435 |
|
Gross Profit |
|
$ |
4,795 |
|
|
$ |
6,629 |
|
|
$ |
11,947 |
|
|
$ |
9,332 |
|
| ____________________ | ||
(1) |
Includes title examination expense, office supplies, and premium and other taxes. |
|
Adjusted gross profit
The following table reconciles our continuing operations 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, |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
|
|
(Unaudited - in thousands) |
|
|||||||||||||
Gross Profit |
|
$ |
4,795 |
|
|
$ |
6,629 |
|
|
$ |
11,947 |
|
|
$ |
9,332 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,960 |
|
|
|
4,513 |
|
|
|
11,673 |
|
|
|
15,077 |
|
Adjusted Gross Profit |
|
$ |
7,755 |
|
|
$ |
11,142 |
|
|
$ |
23,620 |
|
|
$ |
24,409 |
|
Adjusted EBITDA
The following table reconciles our continuing operations 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, |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
|
|
(Unaudited - in thousands) |
|
|||||||||||||
Net loss (GAAP) |
|
$ |
(20,788 |
) |
|
$ |
(109,418 |
) |
|
$ |
(124,414 |
) |
|
$ |
(302,209 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,960 |
|
|
|
4,513 |
|
|
|
11,673 |
|
|
|
15,077 |
|
Interest expense |
|
|
5,836 |
|
|
|
3,775 |
|
|
|
20,323 |
|
|
|
14,106 |
|
Income taxes |
|
|
62 |
|
|
|
(1,712 |
) |
|
|
528 |
|
|
|
(1,055 |
) |
EBITDA |
|
$ |
(11,930 |
) |
|
$ |
(102,842 |
) |
|
$ |
(91,890 |
) |
|
$ |
(274,081 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of taxes |
|
|
3,225 |
|
|
|
43,137 |
|
|
|
29,126 |
|
|
|
114,912 |
|
Stock-based compensation |
|
|
4,656 |
|
|
|
5,572 |
|
|
|
17,141 |
|
|
|
29,679 |
|
Severance and interim salary costs |
|
|
828 |
|
|
|
9,434 |
|
|
|
10,287 |
|
|
|
16,130 |
|
Long-lived asset impairment |
|
|
86 |
|
|
|
29,524 |
|
|
|
1,499 |
|
|
|
29,524 |
|
Change in fair value of Warrant and Sponsor Covered Shares liabilities |
|
|
(67 |
) |
|
|
(786 |
) |
|
|
(453 |
) |
|
|
(21,317 |
) |
Accelerated contract expense |
|
|
— |
|
|
|
5,221 |
|
|
|
1,268 |
|
|
|
5,221 |
|
Change in fair value of Local Sales Deferred Earnout |
|
|
370 |
|
|
|
— |
|
|
|
(13 |
) |
|
|
— |
|
Adjusted EBITDA |
|
$ |
(2,832 |
) |
|
$ |
(10,740 |
) |
|
$ |
(33,035 |
) |
|
$ |
(99,932 |
) |
The following table reconciles our continuing operations adjusted gross profit to our adjusted EBITDA, for the periods indicated:
|
|
Three months ended December 31, |
|
|
Year ended December 31, |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
|
|
(Unaudited - in thousands) |
|
|||||||||||||
Adjusted Gross Profit |
|
$ |
7,755 |
|
|
$ |
11,142 |
|
|
$ |
23,620 |
|
|
$ |
24,409 |
|
Minus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer acquisition costs |
|
|
1,573 |
|
|
|
2,785 |
|
|
|
7,071 |
|
|
|
19,486 |
|
Other indirect costs (1) |
|
|
9,014 |
|
|
|
19,097 |
|
|
|
49,584 |
|
|
|
104,855 |
|
Adjusted EBITDA |
|
$ |
(2,832 |
) |
|
$ |
(10,740 |
) |
|
$ |
(33,035 |
) |
|
$ |
(99,932 |
) |
| ____________________ | ||
(1) |
Includes corporate support, research and development, and other operating costs. |
|
Doma Holdings, Inc. Consolidated Statements of Operations (Unaudited) |
||||||||
|
|
Year ended December 31, |
|
|||||
(In thousands, except share and per share information) |
|
2023 |
|
|
2022 |
|
||
Revenues: |
|
|
|
|
|
|
|
|
Net premiums written (1) |
|
$ |
301,703 |
|
|
$ |
385,253 |
|
Escrow, other title-related fees and other |
|
|
3,342 |
|
|
|
11,694 |
|
Investment, dividend and other income |
|
|
5,898 |
|
|
|
3,031 |
|
Total revenues |
|
$ |
310,943 |
|
|
$ |
399,978 |
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
Premiums retained by agents (2) |
|
$ |
248,177 |
|
|
$ |
307,041 |
|
Title examination expense |
|
|
3,859 |
|
|
|
8,142 |
|
Provision for claims |
|
|
14,764 |
|
|
|
14,781 |
|
Personnel costs |
|
|
71,074 |
|
|
|
163,604 |
|
Other operating expenses |
|
|
46,460 |
|
|
|
72,449 |
|
Long-lived asset impairment |
|
|
1,499 |
|
|
|
29,524 |
|
Total operating expenses |
|
$ |
385,833 |
|
|
$ |
595,541 |
|
|
|
|
|
|
|
|
|
|
Operating loss from continuing operations |
|
$ |
(74,890 |
) |
|
$ |
(195,563 |
) |
|
|
|
|
|
|
|
|
|
Other (expense) income: |
|
|
|
|
|
|
|
|
Change in fair value of Warrant and Sponsor Covered Shares liabilities |
|
|
453 |
|
|
|
21,317 |
|
Interest expense |
|
|
(20,323 |
) |
|
|
(14,106 |
) |
Loss from continuing operations before income taxes |
|
$ |
(94,760 |
) |
|
$ |
(188,352 |
) |
|
|
|
|
|
|
|
|
|
Income tax benefit (expense) |
|
|
(528 |
) |
|
|
1,055 |
|
Loss from continuing operations, net of taxes |
|
$ |
(95,288 |
) |
|
$ |
(187,297 |
) |
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of taxes |
|
|
(29,126 |
) |
|
|
(114,912 |
) |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(124,414 |
) |
|
$ |
(302,209 |
) |
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
Net loss from continuing operations per share attributable to stockholders - basic and diluted |
|
$ |
(7.14 |
) |
|
$ |
(14.36 |
) |
Net loss per share attributable to stockholders - basic and diluted |
|
$ |
(9.32 |
) |
|
$ |
(23.17 |
) |
Weighted average shares outstanding common stock - basic and diluted |
|
|
13,342,913 |
|
|
|
13,041,337 |
|
| ____________________ | ||
(1) |
|
Net premiums written includes revenues from a related party of |
(2) |
|
Premiums retained by agents includes expenses associated with a related party of |
Doma Holdings, Inc. Consolidated Balance Sheets (Unaudited) |
||||||||
|
|
December 31, |
|
|||||
(In thousands, except share information) |
|
2023 |
|
|
2022 |
|
||
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
65,939 |
|
|
$ |
78,450 |
|
Restricted cash |
|
|
5,228 |
|
|
|
2,933 |
|
Investments: |
|
|
|
|
|
|
|
|
Fixed maturities |
|
|
|
|
|
|
|
|
Held-to-maturity debt securities, at amortized cost (net of allowance for credit losses of |
|
|
18,179 |
|
|
|
90,328 |
|
Available-for-sale debt securities, at fair value (amortized cost of |
|
|
58,032 |
|
|
|
58,254 |
|
Mortgage loans |
|
|
45 |
|
|
|
297 |
|
Total investments |
|
$ |
76,256 |
|
|
$ |
148,879 |
|
Trade and other receivables (net of allowance for credit losses of |
|
|
24,452 |
|
|
|
20,541 |
|
Prepaid expenses, deposits and other assets |
|
|
4,614 |
|
|
|
6,687 |
|
Lease right-of-use assets |
|
|
4,175 |
|
|
|
4,724 |
|
Fixed assets (net of accumulated depreciation of |
|
|
30,945 |
|
|
|
37,024 |
|
Title plants |
|
|
2,716 |
|
|
|
2,716 |
|
Goodwill |
|
|
23,413 |
|
|
|
23,413 |
|
Assets held for disposal |
|
|
2,563 |
|
|
|
53,141 |
|
Total assets |
|
$ |
240,301 |
|
|
$ |
378,508 |
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders’ (deficit) equity |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,798 |
|
|
$ |
2,407 |
|
Accrued expenses and other liabilities |
|
|
12,700 |
|
|
|
23,347 |
|
Leases liabilities |
|
|
8,838 |
|
|
|
10,793 |
|
Senior secured credit agreement, net of debt issuance costs and original issue discount |
|
|
154,087 |
|
|
|
147,374 |
|
Liability for loss and loss adjustment expenses |
|
|
81,894 |
|
|
|
81,873 |
|
Warrant liabilities |
|
|
26 |
|
|
|
347 |
|
Sponsor Covered Shares liability |
|
|
86 |
|
|
|
219 |
|
Liabilities held for disposal |
|
|
6,783 |
|
|
|
30,356 |
|
Total liabilities |
|
$ |
266,212 |
|
|
$ |
296,716 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ (deficit) equity: |
|
|
|
|
|
|
|
|
Common stock, 0.0001 par value; 80,000,000 shares authorized at December 31, 2023 and 2022; 13,524,203 and 13,165,919 shares issued and outstanding as of December 31, 2023 and 2022, respectively |
|
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
|
593,772 |
|
|
|
577,515 |
|
Accumulated deficit |
|
|
(619,201 |
) |
|
|
(494,787 |
) |
Accumulated other comprehensive income |
|
|
(483 |
) |
|
|
(937 |
) |
Total stockholders’ (deficit) equity |
|
$ |
(25,911 |
) |
|
$ |
81,792 |
|
Total liabilities and stockholders’ (deficit) equity |
|
$ |
240,301 |
|
|
$ |
378,508 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240312587194/en/
Investor Contact: Dave DeHorn | Chief Strategy Officer and Interim Head of Investor Relations for Doma | ir@doma.com
Source: Doma Holdings, Inc.
FAQ
What were Doma Holdings, Inc.'s total revenues in the fourth quarter of 2023?
How did Doma's gross profit change in Q4 2023 compared to Q3 2023?
What was Doma's adjusted EBITDA loss in the fourth quarter of 2023?
What new product did Doma launch via a pilot program?
Which major sector leader did Doma partner with for the Upfront Title pilot program?
What housing affordability initiative did President Joe Biden mention in his State of the Union Address?
