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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 September 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 jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
101 Mission Street, Suite 740
San Francisco, California

94105
(Address of Principal Executive Offices)
(Zip Code)
(650) 419-3827
Registrant’s telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.0001 per shareDOMAThe 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.WSThe New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o


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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  x   No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
o
Accelerated filer
o
Non-accelerated filer
x
Smaller reporting company
x
Emerging growth company
x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes   o     No  x


The registrant had outstanding 328,495,942 shares of common stock as of November 8, 2022.



INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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Introductory Note

On July 28, 2021 (the “Closing Date”), Capitol Investment Corp. V (“Capitol”) consummated a business combination (the “Business Combination”) with Doma Holdings, Inc., a Delaware corporation (“Old Doma”), pursuant to the agreement and plan of merger, dated March 2, 2021, by and among Capitol, Capitol V Merger Sub, Inc., a wholly owned subsidiary of Capitol (“Merger Sub”), and Old Doma (as amended on March 18, 2021, the “Agreement”). In connection with the closing of the Business Combination, Old Doma changed its name to States Title Holding, Inc. (“States Title”), Capitol changed its name to Doma Holdings, Inc. (“Doma”) and Old Doma became a wholly owned subsidiary of Doma. Doma continues the existing business operations of Old Doma as a publicly traded company.
Unless the context otherwise requires, references herein to “company,” “Company,” “Doma,” “we,” “us,” “our” and similar terms refer to Doma Holdings, Inc. (f/k/a Capitol Investment Corp. V) and its consolidated subsidiaries. References to “Capitol” refer to our predecessor company prior to the consummation of the Business Combination. References to “Old Doma” refer to Old Doma prior to the Business Combination and to States Title, the wholly owned subsidiary of Doma, upon the consummation of the Business Combination.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this Quarterly Report, about our plans, strategies and prospects, both business and financial, are forward-looking statements. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “goal,” “project” or the negative of such terms or other similar expressions. Moreover, the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this Quarterly Report. We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control.
Forward-looking statements contained in this Quarterly Report include, but are not limited to, statements about:
our projected financial information, anticipated growth rate and market opportunity;
our ability to maintain the listing of our common stock on the New York Stock Exchange;
our ability to raise financing in the future and to comply with restrictive covenants related to long-term indebtedness;
our success in retaining or recruiting, or changes required in, our officers, key employees or directors;
the accounting of our warrants as liabilities and any changes in the value of our warrants having a material effect on our financial results;
factors relating to our business, operations and financial performance, including:
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our ability to drive an increasing proportion of orders in both our Enterprise and Local channels through the Doma Intelligence platform;
changes in the competitive and regulated industries in which we operate, variations in technology and operating performance across competitors, and changes in laws and regulations affecting our business;
our ability to implement business plans, forecasts and other expectations, and identify and realize additional opportunities;
the impact of COVID-19 on our business;
the impact on the real estate finance market from recent macroeconomic events and conditions that have resulted in a significant increase in interest rates largely due to actions of central banks, including the U.S. Federal Reserve; and
other factors detailed under the section “Risk Factors” in our periodic filings with the Securities and Exchange Commission (the “SEC”).
Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Additional cautionary statements or discussions of risks and uncertainties that could affect our results or the achievement of the expectations described in forward-looking statements may also be contained in any subsequent periodic report.
Should one or more of the risks or uncertainties described in this Quarterly Report occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements.
You should read this Quarterly Report completely and with the understanding that our actual future results, levels of activity and performance as well as other events and circumstances may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.
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Part I - Financial Information
Item 1. Financial Statements
Doma Holdings, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except share information)September 30, 2022December 31, 2021
Assets
Cash and cash equivalents
$186,400 $379,702 
Restricted cash
2,965 4,126 
Investments:
Fixed maturities
Held-to-maturity debt securities, at amortized cost (net of allowance for credit losses of $433 at September 30, 2022 and $0 at December 31, 2021)
46,132 67,164 
Available-for-sale debt securities, at fair value (amortized cost $48,399 at September 30, 2022 and $0 at December 31, 2021)
47,584  
Mortgage loans
302 2,022 
Other long-term investments325 325 
Total investments
$94,343 $69,511 
Receivables (net of allowance for credit losses of $1,428 at September 30, 2022 and $1,082 at December 31, 2021)
10,469 15,498 
Prepaid expenses, deposits and other assets
11,558 15,692 
Lease right-of-use assets27,636 — 
Fixed assets (net of accumulated depreciation of $29,650 at September 30, 2022 and $19,543 at December 31, 2021)
63,558 45,953 
Title plants
14,533 13,952 
Goodwill
77,741 111,487 
Total assets
$489,203 $655,921 
Liabilities and stockholders’ equity
Accounts payable
$3,441 $6,930 
Accrued expenses and other liabilities
34,955 54,149 
Lease liabilities29,089 — 
Senior secured credit agreement, net of debt issuance costs and original issue discount
151,383 141,769 
Liability for loss and loss adjustment expenses
83,791 80,267 
Warrant liabilities1,040 16,467 
Sponsor Covered Shares liability312 5,415 
Total liabilities
$304,011 $304,997 
Commitments and contingencies (see Note 12)
Stockholders’ equity:
Common stock, 0.0001 par value; 2,000,000,000 shares authorized at September 30, 2022; 327,872,190 and 323,347,806 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
$33 $33 
Additional paid-in capital
571,167 543,070 
Accumulated deficit
(385,369)(192,179)
Accumulated other comprehensive income
(639) 
Total stockholders’ equity
$185,192 $350,924 
Total liabilities and stockholders’ equity
$489,203 $655,921 

The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited).
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Doma Holdings, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three months ended September 30,Nine months ended September 30,
(In thousands, except share and per share information)2022202120222021
Revenues:
Net premiums written (1)
$94,488 $141,491 $299,080 $358,754 
Escrow, other title-related fees and other
12,627 20,452 43,106 59,092 
Investment, dividend and other income
741 639 1,621 2,518 
Total revenues
$107,856 $162,582 $343,807 $420,364 
Expenses:
Premiums retained by Third-Party Agents (2)
$65,141 $91,596 $200,381 $227,115 
Title examination expense
3,709 5,289 14,836 15,643 
Provision for claims
4,665 6,685 15,586 16,741 
Personnel costs
60,481 62,410 211,507 159,829 
Other operating expenses
20,656 21,693 67,047 53,038 
Goodwill impairment33,746  33,746  
Total operating expenses
$188,398 $187,673 $543,103 $472,366 
Loss from operations
$(80,542)$(25,091)$(199,296)$(52,002)
Other (expense) income:
Change in fair value of Warrant and Sponsor Covered Shares liabilities 1,438 (4,478)20,531 (4,478)
Interest expense
(4,584)(4,531)(13,280)(12,341)
Loss before income taxes
$(83,688)$(34,100)$(192,045)$(68,821)
Income tax expense
(425)(170)(746)(506)
Net loss
$(84,113)$(34,270)$(192,791)$(69,327)
Earnings per share:
Net loss per share attributable to stockholders - basic and diluted
$(0.26)$(0.14)$(0.59)$(0.54)
Weighted average shares outstanding common stock - basic and diluted
326,820,954 245,003,754 325,207,884 128,105,954 
The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited).
__________________
(1)Net premiums written includes revenues from a related party of $34.8 million and $30.3 million during the three months ended September 30, 2022 and 2021, respectively. Net premiums written includes revenues from a related party of $96.1 million and $81.9 million during the nine months ended September 30, 2022 and 2021, respectively (see Note 11).
(2)Premiums retained by Third-Party Agents includes expenses associated with a related party of $27.9 million and $24.8 million during the three months ended September 30, 2022 and 2021, respectively. Premiums retained by Third-Party Agents includes expenses associated with a related party of $77.5 million and $66.6 million during the nine months ended September 30, 2022 and 2021, respectively (see Note 11).
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Doma Holdings, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited)
Three months ended September 30,Nine months ended September 30,
(In thousands)2022202120222021
Net loss
$(84,113)$(34,270)$(192,791)$(69,327)
Other comprehensive loss, net of tax:
Unrealized loss on available-for-sale debt securities, net of tax
(876) (639)(179)
Reclassification adjustment for realized gain on sale of available-for-sale debt securities, net of tax
   (507)
Comprehensive loss
$(84,989)$(34,270)$(193,430)$(70,013)
The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited).
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Doma Holdings, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(Unaudited)
Preferred Stock
Series A
Preferred Stock
Series A-1
Preferred Stock
Series A-2
Preferred Stock
Series B
Preferred Stock
Series C
Common Stock
Additional
Paid-in Capital
Accumulated DeficitAccumulated Other Comprehensive Income (Loss)Stockholders’ Equity
(In thousands, except share information)SharesAmountSharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance, January 1, 2021
43,737,586 $1 48,913,906 $1 14,003,187 $ 15,838,828 $ 60,665,631 $1 62,832,307 $1 $266,464 $(79,123)$686 $188,031 
Exercise of stock options— — — — — — — — — — 2,637,441 — 1,267 — — 1,267 
Stock-based compensation expenses— — — — — — — — — — — — 2,289 — — 2,289 
Original issue discount on senior secured credit agreement— — — — — — — — — — — — 18,519 — — 18,519 
Net loss— — — — — — — — — — — — — (11,758)— (11,758)
Other comprehensive income— — — — — — — — — — — — — — (686)(686)
Balance, March 31, 202143,737,586 $1 48,913,906 $1 14,003,187 $ 15,838,828 $ 60,665,631 $1 65,469,748 $1 $288,539 $(90,881)$ $197,662 
Exercise of stock options— — — — — — — — — — 535,551 — 109 — — 109 
Stock-based compensation expense— — — — — — — — — — — — 2,967 — — 2,967 
Exercise of stock warrants— — 28,870,387 — — — — — — — — — 187 — — 187 
Net loss— — — — — — — — — — — — — (23,299)— (23,299)
Balance, June 30, 202143,737,586 $1 77,784,293 $1 14,003,187 $ 15,838,828 $ 60,665,631 $1 66,005,299 $1 $291,802 $(114,180)$ $177,626 
Exercise of stock options— — — — — — — — — — 82,230 — 38 — — 38 
Stock-based compensation expense— — — — — — — — — — — — 3,191 — — 3,191 
Net loss— — — — — — — — — — — — — (34,270)— (34,270)
Conversion of preferred stock to common stock(43,737,586)(1)(77,784,293)(1)(14,003,187)— (15,838,828)— (60,665,631)(1)212,029,525 21 4 — — 22 
Conversion of common stock— — — — — — — — — — (1,227,451)— 30,080 — — 30,080 
Issuance of common stock in connection with Business Combination and PIPE Investment — — — — — — — — — — 44,654,449 5 259,392 — — 259,397 
Par value change for Old Doma Common Stock — — — — — — — — — — — 6 — — — 6 
Costs directly attributable to the issuance of common stock in connection with Business Combination and PIPE Investment— — — — — — — — — — — — (54,217)— — (54,217)
Balance, September 30, 2021 $  $  $  $  $ 321,544,052 $33 $530,290 $(148,450)$ $381,873 
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Preferred Stock
Series A
Preferred Stock
Series A-1
Preferred Stock
Series A-2
Preferred Stock
Series B
Preferred Stock
Series C
Common Stock
Additional
Paid-in Capital
Accumulated DeficitAccumulated Other Comprehensive Income (Loss)Stockholders’ Equity
(In thousands, except share information)SharesAmountSharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance, January 1, 2022
 $  $  $  $  $ 323,347,806 $33 $543,070 $(192,179)$ $350,924 
Exercise of stock options— — — — — — — — — — 957,648 — (97)— — (97)
Vesting of RSU awards— — — — — — — — — — 42,800 — — — — — 
Stock-based compensation expense— — — — — — — — — — — — 11,579 — — 11,579 
Cumulative effect of change in accounting principle— — — — — — — — — — — — — (399)— (399)
Net loss— — — — — — — — — — — — — (50,026)— (50,026)
Balance, March 31, 2022 $  $  $  $  $ 324,348,254 $33 $554,552 $(242,604)$ $311,981 
Exercise of stock options— — — — — — — — — — 692,511 — 271 — — 271 
Vesting of RSU awards— — — — — — — — — — 456,864 — — — — — 
Stock-based compensation expense— — — — — — — — — — — — 8,442 — — 8,442 
Net loss— — — — — — — — — — — — — (58,652)— (58,652)
Other comprehensive income— — — — — — — — — — — — — — 237 237 
Balance, June 30, 2022 $  $  $  $  $ 325,497,629 $33 $563,265 $(301,256)$237 $262,279 
Exercise of stock options— — — — — — — — — — 359,598 — 156 — — 156 
Vesting of RSU awards— — — — — — — — — — 2,014,963 — — — — — 
Stock-based compensation expense— — — — — — — — — — — — 7,746 — — 7,746 
Net loss— — — — — — — — — — — — — (84,113)— (84,113)
Other comprehensive income— — — — — — — — — — — — — — (876)(876)
Balance, September 30, 2022 $  $  $  $  $ 327,872,190 $33 $571,167 $(385,369)$(639)$185,192 
The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited).
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Doma Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine months ended September 30,
(In thousands)20222021
Cash flow from operating activities:
Net loss$(192,791)$(69,327)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest expense - paid in kind
7,540 6,353 
Depreciation and amortization
11,234 7,705 
Stock-based compensation expense
27,767 8,447 
Amortization of debt issuance costs and original issue discount
2,074 1,429 
Provision for credit losses
673 562 
Deferred income taxes
616 377 
Realized loss (gain) on debt securities
12 (908)
Net unrealized loss on equity securities
 119 
Loss (gain) on disposal of fixed assets and title plants
186 (11)
Net amortization of premiums and accretion of discounts on fixed maturity securities526 901