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Doma (DOMA) - 2024 Q2 - Quarterly Results
2024-08-13 20:17
[Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) Doma reported sequential revenue growth and improved profitability in Q2 2024, alongside announcing a pending acquisition by TRG expected to close in the second half of 2024 [Q2 2024 Business Highlights](index=1&type=section&id=Second%20Quarter%202024%20Business%20Highlights) Doma reported sequential growth in Q2 2024 with total revenues of $78 million, an 18% increase from Q1 2024, demonstrating improved profitability with gross profit up 23% and adjusted EBITDA loss narrowing to $3 million Q2 2024 Key Metrics vs. Q1 2024 | Metric | Q2 2024 | Change vs. Q1 2024 | | :--- | :--- | :--- | | Total Revenues | $78 million | +18% | | Retained Premiums and Fees | $15 million | +13% | | Gross Profit | $5 million | +23% | | Adjusted Gross Profit | $8 million | +15% | | Net Loss | $19 million | Unchanged | | Adjusted EBITDA Loss | $3 million | Improved from $6M loss | - The reported financial results and key operating data are for Doma's continuing operations, as the company has exited its local retail operations, which are now classified as "discontinued operations"[2](index=2&type=chunk) [Pending Transaction with TRG](index=1&type=section&id=Pending%20Transaction) Doma has a pending all-cash acquisition agreement with Title Resources Group (TRG) for $6.29 per share, expected to close in the second half of 2024, after which Doma will become a private company - Doma entered a definitive agreement to be acquired by Title Resources Group (TRG) in an all-cash transaction for **$6.29 per share**[3](index=3&type=chunk) - The transaction is expected to close in the **second half of 2024**, which will result in Doma becoming a private company[3](index=3&type=chunk) - Due to the pending acquisition, Doma will not hold an earnings conference call or issue forward-looking guidance[3](index=3&type=chunk) [Financial Statements and Key Indicators](index=3&type=section&id=Financial%20Statements%20and%20Key%20Indicators) This section presents Doma's key operating and financial indicators, consolidated statements of operations, and balance sheets for continuing operations, highlighting performance and financial position [Key Operating and Financial Indicators](index=3&type=section&id=Key%20Operating%20and%20Financial%20Indicators%20from%20Continuing%20Operations) Doma reported Q2 2024 total revenues of $77.6 million and a net loss of $19.0 million from continuing operations, with adjusted gross profit at $8.1 million and adjusted EBITDA loss at $2.7 million Key Financial Indicators (Three Months Ended June 30, in thousands) | Metric (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | **GAAP Data** | | | | Revenue | $77,646 | $81,279 | | Gross Profit | $5,056 | $1,972 | | Net Loss | $(19,008) | $(24,253) | | **Non-GAAP Data** | | | | Retained Premiums and Fees | $15,474 | $16,509 | | Adjusted Gross Profit | $8,131 | $4,881 | | Adjusted EBITDA | $(2,665) | $(12,141) | [Consolidated Statements of Operations](index=5&type=section&id=Doma%20Holdings%2C%20Inc.%20Consolidated%20Statements%20of%20Operations) Doma's Q2 2024 total revenues were $77.6 million, with operating loss from continuing operations significantly reduced to $11.0 million and net loss improving to $19.0 million year-over-year Statement of Operations Highlights (Three Months Ended June 30, in thousands) | Item | 2024 | 2023 | | :--- | :--- | :--- | | Total Revenues | $77,646 | $81,279 | | Total Operating Expenses | $88,694 | $100,463 | | Operating Loss from Continuing Operations | $(11,048) | $(19,184) | | Loss from Continuing Operations, Net of Taxes | $(19,008) | $(24,253) | | Net Loss | $(20,397) | $(35,877) | | Net Loss Per Share (Basic & Diluted) | $(1.46) | $(2.69) | - Net premiums written included revenues from a related party of **$38.0 million** in Q2 2024, up from **$33.5 million** in Q2 2023[15](index=15&type=chunk) [Consolidated Balance Sheets](index=6&type=section&id=Doma%20Holdings%2C%20Inc.%20Consolidated%20Balance%20Sheets) As of June 30, 2024, Doma reported $69.1 million in cash, total assets of $213.7 million, and total liabilities of $273.6 million, resulting in a widened stockholders' deficit of $60.0 million Balance Sheet Highlights (in thousands) | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $69,098 | $65,939 | | Total Assets | $213,672 | $240,301 | | Total Liabilities | $273,642 | $266,212 | | Total Stockholders' Deficit | $(59,970) | $(25,911) | [Non-GAAP Financial Measures and Reconciliations](index=1&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section defines Doma's non-GAAP financial measures and provides reconciliations for Retained Premiums and Fees, Adjusted Gross Profit, and Adjusted EBITDA [Definition of Non-GAAP Measures](index=1&type=section&id=Non-GAAP%20Financial%20Measures) Doma uses non-GAAP measures like Retained Premiums and Fees, Adjusted Gross Profit, and Adjusted EBITDA to assess operational performance by excluding specific items from GAAP figures - Retained premiums and fees are defined as total revenue less premiums retained by agents[5](index=5&type=chunk) - Adjusted gross profit is defined as gross profit (loss) adjusted to exclude the impact of depreciation and amortization[5](index=5&type=chunk) - Adjusted EBITDA is defined as net income (loss) adjusted for interest, taxes, D&A, loss from discontinued operations, stock-based compensation, severance, merger costs, and other specific items[5](index=5&type=chunk) [Reconciliation of Retained Premiums and Fees](index=3&type=section&id=Reconciliation%20of%20Retained%20premiums%20and%20fees) Doma's Q2 2024 GAAP revenue of $77.6 million reconciled to Retained Premiums and Fees of $15.5 million after agent deductions, leading to a GAAP Gross Profit of $5.1 million Reconciliation to Gross Profit (Three Months Ended June 30, in thousands) | Item | 2024 | 2023 | | :--- | :--- | :--- | | Revenue | $77,646 | $81,279 | | Less: Premiums retained by agents | (62,172) | (64,770) | | **Retained premiums and fees** | **$15,474** | **$16,509** | | Less: Other direct costs | (10,418) | (14,537) | | **Gross Profit** | **$5,056** | **$1,972** | [Reconciliation of Adjusted Gross Profit](index=4&type=section&id=Adjusted%20gross%20profit) Doma's Q2 2024 GAAP Gross Profit of $5.1 million was adjusted to a non-GAAP Adjusted Gross Profit of $8.1 million, a **67% increase** from Q2 2023 Adjusted Gross Profit Reconciliation (Three Months Ended June 30, in thousands) | Item | 2024 | 2023 | | :--- | :--- | :--- | | Gross Profit | $5,056 | $1,972 | | Add: Depreciation and amortization | 3,075 | 2,909 | | **Adjusted Gross Profit** | **$8,131** | **$4,881** | [Reconciliation of Adjusted EBITDA](index=4&type=section&id=Adjusted%20EBITDA) Doma's Q2 2024 GAAP net loss of $20.4 million was reconciled to a non-GAAP Adjusted EBITDA loss of $2.7 million, a substantial improvement from the $12.1 million loss in Q2 2023 Adjusted EBITDA Reconciliation (Three Months Ended June 30, in thousands) | Item | 2024 | 2023 | | :--- | :--- | :--- | | Net loss (GAAP) | $(20,397) | $(35,877) | | Adjustments (D&A, Interest, Taxes, etc.) | 10,969 | 8,086 | | EBITDA | $(9,428) | $(27,791) | | Other Adjustments (Discontinued Ops, SBC, Merger Costs, etc.) | 6,763 | 15,650 | | **Adjusted EBITDA** | **$(2,665)** | **$(12,141)** |
SHAREHOLDER ALERT: The M&A Class Action Firm Continues to Investigate the Merger and Upcoming Vote on August 27, 2024, of Doma Holdings, Inc. - DOMA
GlobeNewswire News Room· 2024-07-27 16:15
Group 1 - The shareholder vote for Doma Holdings, Inc. is scheduled for August 27, 2024, regarding its proposed sale to Title Resources Group [1][4] - Under the terms of the agreement, Doma Holdings shareholders are expected to receive $6.29 in cash per share they own [4] Group 2 - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report and has a successful track record in recovering money for shareholders [4]
DOMA Perpetual Sends Letter to the Board of Directors of InMode Urging the Execution of a 40% Tender Offer
Prnewswire· 2024-07-25 12:15
Believes InMode's Cash Balance of Roughly 55% of its Market Cap is Grossly Inefficient MIAMI, July 25, 2024 /PRNewswire/ -- DOMA Perpetual Capital Management LLC today sent a letter to the Board of Directors of InMode (NYSE: INMD) urging the Board to execute a 40% tender offer of the stock. The full text of the letter follows: To the Board Members of InMode: Over the last few months, we have communicated privately with the Board of Directors of the Company (the "Board") about our concerns regarding the Comp ...
INVESTIGATION: The M&A Class Action Firm Investigates Merger and Imminent Vote on August 27, 2024, of Doma Holdings, Inc. - DOMA
GlobeNewswire News Room· 2024-07-23 16:06
NEW YORK, July 23, 2024 (GLOBE NEWSWIRE) -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and is investigating Doma Holdings, Inc. (NYSE: DOMA), relating to its proposed sale to Title Resources Group. Under the terms of the agreement, DOMA shareholders are expected to receive $6.29 in cash per shar ...
Harmony Acquisitions Enters into Letter of Intent for Qualifying Transaction with DOMA BR
newsfilecorp.com· 2024-05-21 13:00
Core Viewpoint - Harmony Acquisitions Corp. has entered into a letter of intent with DOMA BR S/A to pursue a business combination that will constitute a reverse take-over, qualifying as a "Qualifying Transaction" under TSX Venture Exchange policies [1][8]. Group 1: Company Overview - Harmony Acquisitions Corp. is a Capital Pool Company incorporated in British Columbia, with no commercial operations or assets other than cash [3]. - DOMA BR S/A is a Brazilian real estate investment company focused on acquiring and developing forestlands in the Amazon Rainforest for carbon offset production, with a foundational asset of approximately 12,000 hectares [2]. Group 2: Transaction Details - The transaction will be structured as a share purchase, amalgamation, reverse take-over, merger, or other arrangements, with the final structure to be determined based on various factors [4]. - DOMA plans to conduct a private placement financing in connection with the transaction, with the price per security to be mutually agreed upon [5]. - A definitive agreement will be established to outline the terms and conditions of the transaction, including customary representations and warranties [6]. Group 3: Regulatory and Approval Aspects - Shareholder approval is not required under TSXV rules, but corporate law may necessitate a meeting of Harmony's shareholders prior to closing [7]. - The transaction is not classified as a Non-Arm's Length Qualifying Transaction under TSXV policies [8]. - Completion of the transaction is subject to TSXV acceptance and, if applicable, majority of minority shareholder approval [13].
Doma (DOMA) - 2024 Q1 - Quarterly Report
2024-05-13 20:29
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 Commission file number 001-39754 Doma Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 84-1956909 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 101 Mission Street, Suite 1050 San Fr ...
Doma (DOMA) - 2024 Q1 - Quarterly Results
2024-05-07 20:22
Financial Performance - Total revenues for Q1 2024 were $66 million, a decrease of 22% compared to Q4 2023[9] - Retained premiums and fees amounted to $14 million, down 17% from Q4 2023[9] - Gross profit for the quarter was $4 million, a decline of 14% compared to Q4 2023[9] - Adjusted gross profit was $7 million, down 9% from Q4 2023[9] - The net loss for Q1 2024 was $19 million, compared to a net loss of $18 million in Q4 2023[9] - Adjusted EBITDA loss was $6 million, compared to a loss of $3 million in Q4 2023[9] - Total revenues for Q1 2024 were $66,067,000, a decrease of 4.0% from $68,812,000 in Q1 2023[23] - Net premiums written decreased to $63,513,000 in Q1 2024 from $66,770,000 in Q1 2023, reflecting a decline of 4.8%[23] - Total operating expenses decreased to $79,202,000 in Q1 2024, down 17.5% from $95,933,000 in Q1 2023[23] - The operating loss from continuing operations improved to $(13,135,000) in Q1 2024 compared to $(27,121,000) in Q1 2023[23] - Net loss for Q1 2024 was $(20,551,000), a significant reduction from $(42,123,000) in Q1 2023, representing a 51.2% improvement[23] - Basic and diluted net loss per share from continuing operations improved to $(1.42) in Q1 2024 from $(2.37) in Q1 2023[23] Cash and Assets - Cash and cash equivalents decreased to $61,467,000 as of March 31, 2024, down from $65,939,000 at the end of 2023[26] - Total assets decreased to $223,199,000 as of March 31, 2024, compared to $240,301,000 at December 31, 2023[26] - Stockholders' deficit increased to $(41,681,000) as of March 31, 2024, from $(25,911,000) at the end of 2023[26] Claims Management - The company reported a provision for claims of $730,000 in Q1 2024, significantly lower than $3,287,000 in Q1 2023, indicating improved claims management[23] Corporate Developments - Doma entered into a definitive agreement to be acquired by Title Resources Group for $6.29 per share, expected to close in the second half of 2024[5] - Doma will not hold an earnings conference call or provide forward-looking guidance due to the pending transaction[6] - The company has exited its local retail operations, which are classified as discontinued operations starting from Q3 2023[10] Profitability Ratios - The ratio of adjusted gross profit to retained premiums and fees improved to 52% from 35% year-over-year[15]
FinTech IPO Index Slides 2.9% Amid Nuvei's Go-Private Deal and Doma's Acquisition News 
PYMNTS· 2024-04-05 02:23
Deal-making dominated the headlines this past week as the FinTech IPO Index lost 2.9%.Nuvei’s stock gained 2.4%.As reported by PYMNTS, Nuvei is being taken private in a $6.3 billion deal with private equity firm Advent International.Nuvei CEO Philip Fayer will reportedly control nearly a quarter of the equity in the private company and expected to remain as the head of the firm.In our coverage of the company’s latest earnings report, Nuvei’s fourth-quarter results showed that the company is seeing double-di ...
Doma (DOMA) - 2023 Q4 - Annual Report
2024-04-01 20:41
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Delaware 84-1956909 (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number 001-39754 Doma Holdings, Inc. (Exact name of registrant as specified in its charter) (S ...
Doma (DOMA) - 2023 Q4 - Earnings Call Transcript
2024-03-13 01:45
Doma Holdings Inc. (NYSE:DOMA) Q4 2023 Earnings Conference Call March 12, 2024 5:00 PM ET Mike Smith - Chief Financial Officer Bose George - KBW Before we begin, I would like to remind you that our discussion will contain predictions, expectations, forwardlooking statements and other information about our business that is based on managementâs current expectations as of the date of the presentation. Forward-looking statements include, but are not limited to, Domaâs expectations or predictions of financial a ...