Doma (US:DOMA)2024-05-07 20:22Financial 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]