SAN FRANCISCO--(BUSINESS WIRE)--Doma Holdings, Inc. (NYSE: DOMA) (“Doma” or the “Company”), a leading force for disruptive change in the real estate industry, today reported financial results and key operating data for the three months and twelve months ended December 31, 2023. Fourth Quarter 2023 Business Highlights (1)(2): Total revenues of $85 million, up 11% versus Q3 2023 Retained premiums and fees of $17 million, up 7% versus Q3 2023 Gross profit of $5 million, up 56% versus Q3 2023 Adjusted ...

Exhibit 99.1 Doma Reports Fourth Quarter and Full Year 2023 Financial Results 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 ef iciency and significant tech upgrades SAN FRANCISCO--(Business Wire)--March 12, 2024-- Doma Holdings, Inc. (NYSE: DOMA) ("Doma" or the " ...

SAN FRANCISCO--(BUSINESS WIRE)--Doma Holdings, Inc. (NYSE: DOMA) (“Doma” or the “Company”), a leading force for disruptive change in the real estate industry, today announced that it will report fourth quarter and full year 2023 financial results after the market close on Tuesday, March 12, 2024. Management will host a conference call and webcast to present Doma's financial results and answer questions from the financial analyst community at 5:00 pm ET that same evening. Doma Fourth Quarter and Full Year 2 ...

Financial Performance - Revenue for Q3 2023 was $76.24 million, a decrease of 22.2% compared to $97.92 million in Q3 2022[209] - Gross profit for Q3 2023 was $3.08 million, up from $2.33 million in Q3 2022, reflecting a gross profit margin of 4.0%[209] - Net loss for Q3 2023 was $22.24 million, compared to a net loss of $38.90 million in Q3 2022[209] - Adjusted gross profit for Q3 2023 was $6.02 million, slightly down from $6.34 million in Q3 2022[209] - The ratio of adjusted gross profit to retained premiums and fees was 34% in Q3 2023, compared to 39% in Q3 2022[209] - For the three months ended September 30, 2023, net premiums written decreased by 22% to $73.736 million from $94.488 million in the same period of 2022[245] - Total revenues for the three months ended September 30, 2023, were $76.240 million, down 22% from $97.915 million in the prior year[245] - Premiums retained by agents decreased by 20% to $60.815 million compared to $75.874 million in the same period of 2022[245] - Adjusted gross profit is viewed as a key indicator of underlying profitability and efficiency, with expectations for growth in adjusted gross profit per transaction outpacing retained premiums and fees over the long term[216] - Adjusted EBITDA is considered an important measure of recurring financial performance, although specific figures were not disclosed in the provided content[219] - Adjusted EBITDA improved by $59.0 million to negative $30.2 million for the nine months ended September 30, 2023, due to reduced personnel and operating expenses[267] - Net loss from continuing operations for the three months ended September 30, 2023, was $22.239 million, a 43% improvement from $38.904 million in the same period of 2022[245] - Net cash used in operating activities for the first nine months of 2023 was $67.4 million, an improvement from $139.2 million in the same period of 2022[284] - Net cash provided by investing activities for the first nine months of 2023 was $76.6 million, compared to a net cash used of $55.6 million in the same period of 2022[287] Operational Changes - The company sold its title insurance agency business in Q2 2023, marking a strategic shift in operations[190] - The company plans to invest in customer acquisition and research and development to enhance revenue growth and reduce transaction costs[194] - Personnel costs saw a significant reduction of 57%, totaling $15.521 million, down from $36.288 million in the previous year[245] - The operating loss from continuing operations improved by 54%, decreasing to $16.853 million from $36.371 million year-over-year[245] - Personnel costs decreased by $73.8 million, or 56%, for the nine months ended September 30, 2023, due to workforce reduction plans and lower revenue[256] - The company expects to reduce fulfillment costs as direct labor expense per order declines, enhancing overall efficiency[216] Market Conditions - The Federal Reserve raised benchmark interest rates by 100 basis points in 2023, impacting mortgage demand and refinancing transactions[203] - Average interest rates for a 30-year fixed mortgage rose to 7.20% in September 2023, compared to 6.11% in September 2022[203] - The company faces principal market risk from interest rate fluctuations, which can impact loan refinancing activity and the value of fixed-rate investments[308] Claims and Reserves - The provision for claims as a percentage of net premiums written increased to 5.4% for the nine months ended September 30, 2023, compared to 4.6% for the same period in 2022[255] - The breakdown of loss reserves shows known title claims at $7.19 million (9%) and IBNR title claims at $75.33 million (91%)[297] - The company continually reviews and adjusts reserve estimates to reflect loss experience and new information[297] - IBNR reserves are estimated using expected loss rates and loss development factors, reflecting the company's long claim exposure[294] - The company monitors events that may indicate a need to reassess claims provision estimates throughout the year[295] Asset Management - Cash and cash equivalents as of September 30, 2023, totaled $80.3 million, with an additional $24.2 million in held-to-maturity debt securities[274] - The company had $20.3 million in lease commitments as of September 30, 2023, with $1.7 million payable in 2023[280] - Senior secured credit agreement requires a liquidity covenant of at least $20.0 million, which the company is currently in compliance with[277] - Long-lived asset impairment increased by $1.4 million for the nine months ended September 30, 2023, related to certain internally developed software and operating lease assets[258] - Investment, dividend, and other income increased by $2.6 million, or 153%, for the nine months ended September 30, 2023, attributed to a larger invested asset base and higher interest rates[251] - Interest expense increased by $4.2 million, or 40%, for the nine months ended September 30, 2023, due to a higher amount of debt outstanding[260] - Goodwill on the balance sheet as of September 30, 2023, is $23.4 million, primarily related to the North American Title Acquisition[298] Efficiency Metrics - The ratio of adjusted gross profit to retained premiums and fees is viewed as a significant indicator of operating efficiency, reflecting the impact of machine-learning capabilities[218] - The ratio of adjusted gross profit to retained premiums and fees increased by 16 percentage points to 34% for the nine months ended September 30, 2023, due to lower direct labor expenses[265]

Financial Data and Key Metrics Changes - Adjusted EBITDA loss for continuing operations was $5 million in Q3, a significant improvement from a loss of $12 million in Q2, driven by workforce reductions and cost-cutting actions [21][66] - GAAP revenue for Q3 was $76 million, down 6% from $81 million in Q2, primarily due to the sale of local retail operations [67] - Retained premiums and fees (RP&F) were $15 million in Q3, down 7% compared to Q2, influenced by the sale of local retail operations [69] Business Line Data and Key Metrics Changes - Underwriting RP&F within the third-party agent channel decreased by 3% in Q3 compared to Q2, primarily due to a decrease in policies from the independent agent network [69] - The underwriting division continues to perform well, aided by strength in the homebuilder portion of the business and positive gross profit improvements [70] Market Data and Key Metrics Changes - The housing market is experiencing unprecedented headwinds, with a noted need for more affordable title and closing solutions, particularly for low-income minority borrowers [9][31] - The average monthly payment for borrowers taking out a conventional mortgage rose 46% from December 2021 to December 2022, driven by rising mortgage interest rates [29] Company Strategy and Development Direction - The company is focused on reaching adjusted EBITDA profitability by Q4 2023, despite risks from the housing market [3][8] - A new product, Upfront Title, is being launched to provide affordable title solutions, aimed at reducing costs for homeowners and increasing revenue through software licensing [35][41] - The strategy includes licensing patented instant underwriting technology to major mortgage market participants, enhancing operational efficiency and reducing costs [26][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging macroeconomic environment but believes that cost structure improvements and new strategies will lead to profitability [22][24] - There is a recognition of the ongoing demand for lower-cost title solutions, with management expressing confidence in the company's ability to navigate the current market [54][59] Other Important Information - The company has exited all local retail operations, which are now classified as discontinued operations [56] - The underwriting division remains a stable source of profit, demonstrating the ability to be stand-alone profitable despite market challenges [59] Q&A Session Summary Question: What goes into the expectation for the EBITDA improvement in Q4? - Management expects continued progress in adjusted EBITDA due to cost reduction measures and the sale of local business, but acknowledges risks due to seasonal softness in Q1 [78][79] Question: Is the earnings stream from the pilot program an underwriting stream or a royalty stream? - The earnings stream will be both, with software licensing revenue and discounted title premium revenue anticipated from the new Upfront Title product [80][81] Question: What is the biggest driver of earnings growth expected in the next 12 months? - The company's strategy to offer technology-driven solutions for lower-cost title insurance is expected to drive significant revenue and earnings growth, addressing the affordability crisis in housing [84][85]

Doma Holdings Inc. (NYSE:DOMA) Q2 2023 Earnings Conference Call August 8, 2023 5:00 PM ET Maxwell Simkoff - Founder and Chief Executive Officer Thomas White - D.A. Davidson And I would now like to hand the conference over to your speaker today, Carlee Herzog, Head of Investor Relations. Please go ahead. Following management's prepared remarks, we will open up the call to questions. Before we begin, I would like to remind you that our discussion will contain predictions, expectations, forward-looking stateme ...

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 June 30, 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) (State or other jurisdiction of incorp ...

Financial Data and Key Metrics Changes - In Q1 2023, Doma reported revenue of $74 million, down 23% quarter-over-quarter [27] - Adjusted gross profit was $4 million in Q1 2023, compared to $14 million in Q4 2022, with adjusted gross profit as a percentage of retained premiums and fees (RP&F) at 18% versus 40% in the previous quarter [27] - Adjusted EBITDA was negative $22 million in Q1 2023, worsening from negative $15 million in Q4 2022 [27] Business Line Data and Key Metrics Changes - Retained premiums and fees (RP&F) were $25 million in Q1 2023, down 29% quarter-over-quarter, driven by a 60% decline in refinance closed orders and a 25% decline in purchase closed orders [6] - Purchase closed orders constituted 61% of direct residential volume and 85% of direct residential RP&F in Q1 2023, up from 46% and 78% in Q4 2022 respectively [6] Market Data and Key Metrics Changes - The mortgage market remains under pressure with high rates, as the 30-year fixed mortgage rate is projected to stay above 6% in Q2 2023 and improve to 5.5% by year-end [12] - The National Association of Homebuilders estimates that approximately 73% of U.S. households cannot afford the current median-priced new home, with homeownership being 18% less affordable than a year ago [10] Company Strategy and Development Direction - Doma is focusing on a core strategy to leverage its instant underwriting technology to make homeownership more affordable and is finalizing partnerships with major players in the mortgage origination market [4][5] - The company is committed to achieving adjusted EBITDA profitability by the end of 2023 and is reducing focus on non-core business areas [5][11] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the path to adjusted EBITDA profitability, emphasizing the importance of launching the new strategy successfully amidst challenging market conditions [33] - The company has seen encouraging improvements in open order momentum and conversion rates, which are expected to benefit Q2 and Q3 results [12][35] Other Important Information - Doma's technology aims to reduce title search and closing costs, which are significant contributors to home affordability challenges [10] - The company has closed an additional 13% of its total branch footprint to focus on more profitable opportunities [4] Q&A Session Summary Question: Early data on Doma Intelligence rollout - Management noted positive outcomes in locations where the technology was deployed, but paused further rollout to focus on profitability [30] Question: Changes in EBITDA guidance - Management indicated a cautious approach due to unexpected challenges in Q1, but remains confident in reaching adjusted EBITDA profitability by year-end [32][33] Question: Expense reduction measures - Full benefits from expense reduction measures taken in Q4 2022 are expected to be realized in Q2 2023 [34] Question: Trends impacting top line - Management observed lower conversion rates in Q1 but noted recent improvements and positive momentum heading into the spring selling season [35] Question: Commitment to profitable branches - The focus remains on maximizing profits from the local business while ensuring the core strategy is effectively executed [37]

Financial Performance - For the three months ended March 31, 2023, Doma reported revenue of $74.368 million, a decrease of 33.8% compared to $112.207 million in the same period of 2022[184]. - The net loss for Q1 2023 was $42.123 million, an improvement from a net loss of $50.026 million in Q1 2022[184]. - Total revenues decreased by $37.8 million, or 34%, in Q1 2023 compared to Q1 2022, totaling $74.4 million[221]. - Total operating expenses decreased by $60.4 million, or 35%, in Q1 2023 compared to Q1 2022, totaling $111.3 million[221]. - Loss from operations improved by $22.6 million, or 38%, in Q1 2023 compared to Q1 2022, resulting in a loss of $37.0 million[221]. - Net loss decreased by $7.9 million, or 16%, in Q1 2023 compared to Q1 2022, totaling $42.1 million[221]. - Adjusted EBITDA improved by $23.3 million to negative $21.6 million in Q1 2023 due to reductions in personnel and operating expenses[250]. - Adjusted EBITDA for Q1 2023 was $(21.6) million, an improvement from $(44.9) million in Q1 2022[255]. Order and Premiums - Opened orders decreased to 9,940 in Q1 2023 from 35,192 in Q1 2022, while closed orders fell to 6,280 from 27,347 in the same period[184]. - Retained premiums and fees for Q1 2023 were $25.184 million, down from $51.605 million in Q1 2022[184]. - Net premiums written decreased by $28.9 million, or 30%, in Q1 2023 compared to Q1 2022, driven by a 69% decrease from Direct Agents and an 18% decrease from Third-Party Agents[222]. - Retained premiums and fees decreased by $26.4 million, or 51%, in Q1 2023 compared to Q1 2022, driven by closed order reductions[247]. - Premiums retained by Third-Party Agents decreased by $11.4 million, or 19%, in Q1 2023 compared to Q1 2022, primarily due to decreases in premiums in the Third-Party Agents channel[226]. Operating Efficiency - Adjusted gross profit for Q1 2023 was $4.471 million, compared to $10.370 million in Q1 2022, with a ratio of adjusted gross profit to retained premiums and fees at 18%[184]. - The ratio of adjusted gross profit to retained premiums and fees is viewed as an important indicator of operating efficiency and machine-learning capabilities[195]. - Management expects adjusted gross profit per transaction to grow faster than retained premiums and fees per transaction over the long term[193]. - Adjusted gross profit decreased by $5.9 million, or 57%, in Q1 2023 compared to Q1 2022, due to declines in retained premiums and an increase in the provision for claims ratio[248]. Expenses and Cost Management - Personnel costs decreased by $37.2 million, or 48%, in Q1 2023 compared to Q1 2022, attributed to workforce reduction plans and lower revenue[229]. - Other operating expenses decreased by $7.3 million, or 32%, in Q1 2023 primarily due to lower revenue and personnel[230]. - Title examination expense decreased by $4.0 million, or 67%, in Q1 2023 compared to Q1 2022 due to declines in order volumes and related fees[227]. - Escrow and other title-related fees decreased by $9.5 million, or 59%, in Q1 2023 compared to Q1 2022, due to a 77% decline in closed orders, partially offset by a 78% increase in average escrow fees per direct order[224]. Market Conditions - The average interest rate for a 30-year fixed mortgage rose to 6.42% in March 2023, compared to 4.17% in March 2022, impacting refinance transaction outlook[178]. - Opened orders decreased by 72% and closed orders decreased by 77% in Q1 2023 compared to Q1 2022, attributed to rising interest rates and low home inventories[245]. - Interest rate risk is the principal market risk for the company, affecting loan refinancing activity and interest income from investments[287]. Strategic Initiatives - Doma plans to invest in customer acquisition, research and development, and new product offerings to improve revenue growth and reduce closing transaction costs[170]. - Doma intends to regain compliance with NYSE listing standards through a reverse stock split, subject to board and stockholder approval[183]. Cash and Debt Management - As of March 31, 2023, the company had $84.2 million in cash and cash equivalents, which is expected to meet working capital needs for at least 12 months[257]. - The company had $150.0 million in senior secured debt, with an interest rate of 11.25% per annum[259]. - The company is in compliance with all covenants related to its senior debt as of the reporting date[260]. Claims and Reserves - Total loss reserves as of March 31, 2023, amounted to $81.5 million, with known title claims at $7.8 million and IBNR title claims at $73.0 million[276]. - Provision for claims decreased by $0.7 million, or 14%, in Q1 2023 compared to Q1 2022, with a provision for claims ratio of 5.9% in Q1 2023 versus 4.8% in Q1 2022[228]. Investment and Revenue Recognition - Investment, dividend, and other income increased by $0.6 million, or 134%, in Q1 2023 compared to Q1 2022, attributed to a larger invested asset base and higher returns from the interest rate environment[225]. - The company recognizes revenues on title insurance policies issued by Third-Party Agents upon cash payment receipt, with a reporting lag of approximately three months[281]. - The company estimates and accrues revenues based on historical transactional volume data, which may vary from period to period[281]. Risk Management - The company manages its investment portfolio's duration to match estimated cash flows required for reserve payments[288]. - The company has credit risk related to the ability of reinsurance counterparties to fulfill their obligations under reinsurance programs[289].

Financial Performance - The company incurred net losses of $302.2 million for the year ended December 31, 2022, with an accumulated deficit of $494.8 million [123]. - The company has a history of net losses since its incorporation in 2016, with annual losses of $35.1 million, $113.1 million, and $302.2 million for the years 2020, 2021, and 2022, respectively [123]. - The company expects fluctuations in revenue and results of operations due to various factors, including the cyclical nature of the housing industry and changes in economic conditions [147]. - The company may require additional capital to support business growth and meet regulatory capital requirements, which may not be available on acceptable terms [151]. - The company’s financial condition and results of operations are affected by changes in economic conditions, particularly mortgage interest rates and consumer confidence [142]. - The company’s claims history and macroeconomic conditions could significantly impact the ratio of claims to premiums collected, affecting overall financial performance [185]. - The company recognized a goodwill impairment charge of $65.2 million in the Distribution segment due to adverse mortgage and housing market conditions, including rapidly rising interest rates and low housing inventory [235]. - The company’s investment portfolio is subject to market risks, particularly interest rate fluctuations, which can adversely affect net investment income and the fair value of fixed-rate investments [213]. - Changes in tax laws could significantly impact the company's financial performance, including potential increases in corporate income tax rates and limitations on deductions [229]. - The company’s indebtedness may limit its ability to incur additional debt, make certain investments, and could adversely affect liquidity and financial condition [226]. Market and Competition - The top four title insurance companies accounted for about 82% of industry-wide premium volume for the first nine months of 2022, indicating significant competition in the market [126]. - The company’s future growth and profitability depend on its ability to operate effectively in the highly competitive real estate and insurance industries [125]. - The company operates in approximately 90% of the United States and plans to expand to all states offering title insurance products, but faces risks related to regulatory approvals and potential license revocations [202]. - Significant portions of premiums are sourced from California, making the company vulnerable to adverse regulatory changes in that state, which could materially affect financial results [200]. Regulatory and Compliance Risks - The company is subject to stringent and evolving privacy laws and regulations, which could impact its operations and require significant compliance efforts [155]. - The California Consumer Privacy Act (CCPA) and the California Privacy Rights Act (CPRA) impose new obligations on the company regarding consumer data, potentially increasing compliance costs [159]. - The company must comply with extensive federal and state regulations, which could lead to increased expenses and limit growth opportunities [186]. - The title insurance subsidiary is subject to extensive rate regulation, which could lead to premium rate inadequacy if ultimate claims and expenses exceed historically projected levels [238]. - The company is required to accurately and timely evaluate and pay claims, and any failure in this process could lead to regulatory actions or damage to its reputation [239]. Technology and Innovation - The company has invested substantially in the development and rollout of its machine intelligence platform, Doma Intelligence, to enhance underwriting capabilities [132]. - The company intends to continue investing significant resources in developing new and enhancing existing product offerings, including machine intelligence underwriting [138]. - The success of the company's products depends on the continued adoption of new technologies in the real estate and title insurance industries [177]. - Proprietary data science and machine intelligence algorithms are essential for operations, and any failure could lead to financial and reputational impacts [182]. - Continuous development of the data analytics engine is complex and costly, with potential performance problems that could harm competitive standing and brand reputation [183]. Risk Management - The company’s risk management framework is designed to mitigate financial and reputational risks, but failures in this framework could lead to unexpected losses [209]. - The company employs a tiered system of underwriting authority to mitigate risks associated with title insurance policies, which includes state-level title officers and regional underwriting counsel [210]. - The company may experience volatility in claim volume due to cyclical influences from the real estate and mortgage markets, which could adversely affect results of operations [241]. - The company faces risks associated with litigation, including potential class action lawsuits related to data collection practices, which could adversely affect financial results and reputation [198]. Corporate Governance and Structure - Insiders hold a majority of the outstanding shares, which could limit the influence of other stockholders on key transactions [282]. - The company is subject to Delaware law provisions that may delay or prevent a change in control, potentially affecting stockholder interests [288]. - The company plans to use net proceeds from the exercise of warrants and options for working capital and general corporate purposes, including sales and marketing, R&D, and potential acquisitions, but has no current commitments for such acquisitions [295]. - The company is classified as an "emerging growth company" and a "smaller reporting company," which allows it to take advantage of certain exemptions from disclosure requirements, potentially making its securities less attractive to investors [296]. Operational Challenges - The company has limited operating history and a novel business model, making it difficult to evaluate current performance and future prospects [133]. - The company may face challenges in managing growth effectively, especially in a rising interest rate environment [137]. - The company is dependent on attracting and retaining skilled personnel; failure to do so could harm business operations and growth objectives [207]. - The company expects to incur significant operating expenses as it expands into new markets, which may not yield proportional revenue growth [203]. Security and Data Protection - Cyberattacks and malicious activities are increasing, posing risks to the security of personal information, which could lead to significant liability and reputational harm [163]. - Security breaches could expose personal information, resulting in regulatory fines, litigation, and damage to the company's reputation [164]. - The company may face legal action or loss of customer relationships due to breaches of contractual obligations regarding data security [167]. - Compliance with privacy and data protection laws may incur substantial operational costs and require changes to business practices, potentially leading to fines and regulatory actions [160]. Stock and Market Compliance - The company received a notice from the NYSE on August 1, 2022, indicating non-compliance with continued listing standards due to an average closing price of less than $1.00 per share over a consecutive 30 trading-day period [276]. - The company had a six-month period to regain compliance with the NYSE's minimum share price requirement, which it failed to do [277]. - The company intends to implement a reverse stock split to regain compliance, subject to approval by the board of directors and stockholders [277]. - If the company cannot satisfy the NYSE criteria for continued listing, it may face delisting, negatively impacting liquidity and market price [278].