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].

I'll now pass the call back to Max for closing remarks before we open the call to questions. Doma Holdings Inc. (NYSE:DOMA) Q4 2022 Earnings Conference Call February 28, 2023 5:00 PM ET Matt Thunander - Head of Investor Relations Mike Smith - Chief Financial Officer Matt Carletti - JMP Good day and thank you for standing by. Welcome to the Doma Fourth Quarter and Full Year 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be ...

Doma Holdings Inc. (NYSE:DOMA) Q3 2022 Earnings Conference Call November 10, 2022 5:00 PM ET Company Participants Beatriz Bartolome – Head-Investor Relations Max Simkoff – Founder and Chief Executive Officer Mike Smith – Chief Financial Officer Conference Call Participants Matthew Carletti – JMP Securities Tom White – D.A. Davidson Operator Thanks for standing by, and welcome to the Doma Third Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, today's program is being recorded. An ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, par value $0.0001 per share DOMA The New York Stock Exchange Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50 per share DOMA.WS The New York Stock Exchange 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 e ...

Doma Holdings Inc. (NYSE:DOMA) Q2 2022 Earnings Conference Call August 9, 2022 5:00 PM ET Company Participants Beatriz Bartolome - Head of Investor Relations Maxwell Simkoff - Founder & Chief Executive Officer Michael Smith - Acting Financial Officer Conference Call Participants Matthew Carletti - JMP Securities Thomas White - D.A. Davidson Redwan Rafid - Oppenheimer Operator Good day, and thank you for standing by, and welcome to Doma's 2Q '22 Earnings Conference Call. At this time, all participants are in ...

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, 2022 OR o 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) Delaware 84-1956909 (State or other ju ...

Doma Holdings Inc - Ordinary Shares (NYSE:DOMA) Q1 2022 Earnings Conference Call May 10, 2022 5:00 PM ET Company Participants Beatriz Bartolome - Head of Investor Relations Max Simkoff - Founder & Chief Executive Officer Mike Smith - Acting Financial Officer Conference Call Participants Matt Carletti - JMP Tom White - D.A. Davidson Jason Helfstein - Oppenheimer Ryan Gilbert - BTIG Operator Good day and thank you for standing by. Welcome to the Doma First Quarter 2022 Earnings Conference Call. At this time, ...

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, 2022 OR o 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) Delaware 84-1956909 (State or other j ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (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, 2021 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) Delaware 84-1956909 (State or other juri ...