Executive Summary

Q2 revenue of $77.6M declined 4.5% year over year (vs. $81.3M) but rose 17.5% sequentially from Q1’s $66.1M; adjusted EBITDA loss improved to $(2.7)M from $(5.6)M in Q1, reflecting cost progress despite a still-loss-making profile .
GAAP net loss was $(20.4)M; loss from continuing operations per share improved to $(1.36) from $(1.82) in Q2’23 and $(1.42) in Q1’24, while adjusted gross profit rose to $8.1M (from $7.1M in Q1) .
No earnings call and no forward guidance due to the pending go-private transaction with Title Resources Group at $6.29/share; shareholders approved the merger on Aug 27, 2024 and the deal subsequently closed Sept 27, 2024, removing public guidance/communication catalysts and overshadowing quarterly fundamentals .
Street estimates from S&P Global were unavailable for DOMA; comparisons vs consensus could not be completed (S&P Global consensus unavailable).

What Went Well and What Went Wrong

What Went Well
- Sequential rebound: Revenue +18% q/q, retained premiums and fees +13% q/q, adjusted gross profit +15% q/q, and adjusted EBITDA loss narrowed to $(2.7)M from $(5.6)M, indicating improved operating leverage q/q .
- Cost/efficiency traction: Other indirect costs declined to $9.3M in Q2 from $11.2M in Q1 (bridge from adjusted gross profit to adjusted EBITDA), a tailwind to adjusted EBITDA improvement .
- Management tone on execution: “We are pleased with the continued progress our team is making toward achieving our strategic goals,” per CEO Max Simkoff .
What Went Wrong
- YoY decline persists: Revenue fell 4.5% yoy and retained premiums and fees fell yoy as the macro remains challenging (and the business is smaller after exiting local retail ops) .
- GAAP losses continue: Net loss of $(20.4)M and operating loss of $(11.0)M in Q2; interest expense also elevated at $(7.8)M, pressuring bottom-line results .
- No guidance/call: Management did not host a call or provide guidance due to the pending transaction, limiting near-term visibility and removing a communication catalyst .

Financial Results

Key P&L metrics by quarter (older → newer)

Metric	Q4 2023	Q1 2024	Q2 2024
Total Revenues ($USD Millions)	$84.612	$66.067	$77.646
Gross Profit ($USD Millions)	$4.795	$4.108	$5.056
Net Loss (GAAP) ($USD Millions)	$(17.563)	$(20.551)	$(20.397)
Net Loss per Share - Continuing ($)	N/A	$(1.42)	$(1.36)
Retained Premiums & Fees ($USD Millions)	$16.557	$13.676	$15.474
Adjusted Gross Profit ($USD Millions)	$7.755	$7.093	$8.131
Adjusted EBITDA ($USD Millions)	$(2.832)	$(5.562)	$(2.665)

Year-over-year comparison (Q2 2023 vs Q2 2024)

Metric	Q2 2023	Q2 2024
Total Revenues ($USD Millions)	$81.279	$77.646
Gross Profit ($USD Millions)	$1.972	$5.056
Loss from Continuing Ops ($USD Millions)	$(24.253)	$(19.008)
Net Loss per Share - Continuing ($)	$(1.82)	$(1.36)
Retained Premiums & Fees ($USD Millions)	$16.509	$15.474
Adjusted Gross Profit ($USD Millions)	$4.881	$8.131
Adjusted EBITDA ($USD Millions)	$(12.141)	$(2.665)

Revenue composition (older → newer)

Revenue Component ($USD Millions)	Q1 2024	Q2 2024
Net Premiums Written	$63.513	$75.408
Escrow, Other Title-related Fees & Other	$1.071	$0.922
Investment, Dividend & Other Income	$1.483	$1.316
Total Revenues	$66.067	$77.646

KPI/operating metrics (older → newer)

KPI	Q4 2023	Q1 2024	Q2 2024
Retained Premiums & Fees ($USD Millions)	$16.557	$13.676	$15.474
Adjusted Gross Profit ($USD Millions)	$7.755	$7.093	$8.131
Adjusted GP / RPF (%)	47%	52%	53%
Adjusted EBITDA ($USD Millions)	$(2.832)	$(5.562)	$(2.665)

Balance sheet highlights

Cash and cash equivalents: $69.1M at 6/30/24 vs $65.9M at 12/31/23 .
Debt (Loan and Security Agreement): $168.5M at 6/30/24 vs $154.1M at 12/31/23 .

Non-GAAP notes: Company reports retained premiums & fees, adjusted gross profit, and adjusted EBITDA; reconciliations and definitions provided (non-GAAP measures not to be considered in isolation) -.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
All metrics	FY/Quarterly	None provided (Q1 2024)	None provided (Q2 2024)	Maintained “no guidance”
Earnings call	Q2 2024	No call (Q1 2024)	No call due to pending merger	Maintained “no call”

Context: The pending go-private transaction with TRG (announced Mar 28, 2024 at $6.29/share; approved Aug 27; closed Sept 27) was cited as the reason for no call or forward guidance .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4 2023; Q1 2024)	Current Period (Q2 2024)	Trend
Technology initiatives (instant underwriting, Upfront Title)	Q4: Launched Upfront Title pilot with a major mortgage tech platform and a national lender; focus on licensing instant underwriting tech upstream . Q1: Emphasized scale-tested tech and potential participation in FHFA pilot; positioning with GSEs/lenders .	No call; press release focuses on progress toward strategic goals, with non-GAAP improvements .	Positive execution signals; communication limited by merger.
Regulatory/macro (FHFA title acceptance pilot; rates, affordability)	Q4: FHFA pilot could waive lender’s title insurance for certain low-risk refis; Doma believes it can participate; affordability focus . Q1: Reiterated twenty-year-high mortgage rates and constrained supply; cited Fannie Mae focus, positioning for pilot .	No incremental disclosures beyond continued progress; no guidance/call .	Policy tailwinds monitored; disclosure constrained.
Cost discipline/EBITDA trajectory	Q4: Adjusted EBITDA loss improved to $(2.8)M; cost actions and efficiency emphasized . Q1: Adjusted EBITDA loss $(5.6)M; still focused on margin expansion .	Adjusted EBITDA improved to $(2.7)M; other indirect costs lower q/q .	Sequential improvement sustained.
Strategic/Corporate (M&A)	—	Q1: Announced definitive agreement to be acquired by TRG for $6.29/share; no guidance/call .	Q2: Maintained no call/guidance due to pending merger; shareholders approved Aug 27; deal later closed Sept 27 .

Management Commentary

“We are pleased with the continued progress our team is making toward achieving our strategic goals.” — Max Simkoff, CEO (Q2 press release) .
“With mortgage rates at twenty-year highs and housing supply severely constrained, many of the largest participants in the mortgage ecosystem… are seeking new and innovative solutions to reduce closing costs for consumers… We welcome the focus of Fannie Mae in this area, and believe our scale- and market-tested technology puts us in a leading position to participate in their pilot program.” — Max Simkoff (Q1 press release) .
On FHFA “title acceptance” pilot and affordability: Doma sees potential participation given its instant underwriting tech; viewed as a path to reduce borrower costs while maintaining safety on certain refis (Q4 press release narrative) .
Corporate update: Company reiterated it would not hold an earnings call or provide forward-looking guidance while the TRG transaction was pending (Q1 and Q2) .

Q&A Highlights

No Q&A this quarter as the company did not hold an earnings conference call due to the pending transaction .
No guidance clarifications were provided (no formal guidance) .

Estimates Context

S&P Global consensus estimates for DOMA (EPS/revenue) were unavailable; as a result, we cannot provide beat/miss analysis versus Street. Values retrieved from S&P Global were unavailable due to missing mapping.

Where estimates may need to adjust: Given sequential revenue improvement and narrowing adjusted EBITDA loss, models that assumed continued q/q deterioration may require upward revisions to near-term revenue and non-GAAP profitability trajectories; however, the go-private transaction renders public model updates moot for trading purposes .

Key Takeaways for Investors

Sequential momentum: Q2 showed a meaningful q/q rebound in revenue and non-GAAP profitability, with adjusted EBITDA loss narrowing to $(2.7)M; cost discipline (lower other indirect costs) supported the improvement .
YoY still soft: Revenues and retained premiums/fees remain below prior-year levels, underscoring a still-challenging backdrop despite operational progress .
Limited near-term catalysts as a public equity: No call, no guidance, and the merger at $6.29/share (approved and later closed) constrain fundamental catalysts and reduce estimate/communication dynamics .
Non-GAAP improvement credible: Adjusted gross profit and adjusted EBITDA improved both yoy and q/q, backed by detailed reconciliations; investors should monitor sustainability of lower indirect costs and claims provisioning cadence -.
Regulatory optionality longer term (if relevant post-transaction): Company commentary continues to point to potential participation in FHFA’s title acceptance pilot, leveraging instant underwriting tech to lower costs on certain refis .
Balance sheet watch: Cash of $69.1M and higher period-end debt reflect runway but also interest burden (Q2 interest expense $(7.8)M) that weighs on GAAP earnings .
Post-close: With the TRG transaction completed, public market trading implications are largely concluded; focus shifts to integration and private execution milestones .

Additional Context and Documents Reviewed

Q2 2024 8-K/Press Release (Aug 13, 2024): full GAAP and non-GAAP metrics, no call/guidance due to pending TRG acquisition - -.
Q1 2024 8-K/Press Release (May 7, 2024): macro/regulatory commentary, initial merger announcement context, no call/guidance -.
Q4 2023 8-K/Press Release (Mar 12, 2024): Upfront Title pilot and FHFA pilot commentary; adjusted EBITDA progress -.
Special Meeting/Shareholder Vote (Aug 29, 2024 8-K): merger approval vote details -.
Closing of Go-Private Transaction (Sept 27, 2024 8-K/Press Release): transaction closed; Doma now private; Doma Title Insurance under TRG; tech division as Doma TechCo .

Doma Holdings, Inc. (DOMA)·Q2 2024 Earnings Summary