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Doma (DOMA) investor relations material
Doma Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Entered into a definitive merger agreement to be acquired for $6.29 per share in cash, with closing expected in the second half of 2024, pending shareholder and regulatory approvals.
Completed the sale and exit of the Local Component retail title agency business in 2023, with results now reflecting only continuing operations.
Implemented workforce reduction plans and cost-saving initiatives to improve efficiency and profitability.
Total revenues reached $78 million in Q2 2024, an 18% increase versus Q1 2024.
Gross profit was $5 million, up 23% sequentially; adjusted gross profit was $8 million, up 15%.
Financial highlights
Revenue from continuing operations was $77.6M for Q2 2024, down 4% year-over-year; six-month revenue was $143.7M, down 4%.
Net loss from continuing operations improved to $19.0M in Q2 2024 from $24.3M in Q2 2023; unchanged from Q1 2024.
Adjusted gross profit rose 67% to $8.1M in Q2 2024 and 55% to $15.2M for the six months, driven by lower provision for claims.
Adjusted EBITDA improved to negative $2.7M in Q2 2024 from negative $12.1M in Q2 2023; six-month adjusted EBITDA improved to negative $8.2M from negative $24.9M.
Cash and cash equivalents and restricted cash totaled $73.1M as of June 30, 2024.
Outlook and guidance
Management expects the merger to close in the second half of 2024, subject to shareholder and regulatory approvals.
Current liquidity and new financing facilities are expected to cover working capital and capital expenditures for at least 12 months.
No earnings call or forward-looking guidance due to pending transaction.
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