Transaction helps drive Doma’s new
singular strategy and refined focus on its core technology and
underwriting business, and supports WFG’s growth initiative by
significantly expanding the company’s operational presence in the
vital Northern and Central California regions
Enables improved cost structure and further
positions Doma to achieve its goal of Adjusted EBITDA profitability
by year-end
Doma Holdings, Inc. (NYSE: DOMA) (“Doma”), a leading force for
disruptive change in the real estate industry, and Williston
Financial Group (“WFG”), a Portland, Oregon-based, full-service
provider of title insurance, underwriting and escrow services for
residential and commercial real estate transactions nationwide,
have jointly announced the signing and closing of an agreement for
WFG to acquire certain branches of Doma's West Coast local retail
title operations. The sale includes multiple retail title locations
and operations centers in the Northern and Central California
regions.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230523005698/en/
“This strategic transaction is aligned with our mission-driven
go-forward strategy and refined focus on our core underwriting and
technology business," said Max Simkoff, Founder and CEO of Doma.
"Our West Coast operations are premier locations within their
respective real estate communities with a track record of providing
excellent customer service. We believe we have found an optimal
home for our Local team members in the branches we have sold to WFG
and they will continue to thrive under their leadership. I want to
thank this team for their hard work and dedication to Doma and our
vision over the years.”
Since its 2010 founding, WFG’s leadership has assertively sought
to expand the company’s services and market reach, achieving a
national footprint faster than any other title underwriter, and
this acquisition significantly expands WFG’s existing market
coverage and client base in the vital Northern and Central
California regions.
“We are thrilled to extend our California market reach through
this acquisition, as it will significantly enhance our ability to
serve the needs of our customers in these key growth regions,” said
WFG Chairman and Founder Patrick F. Stone. “Since day one, our
vision for WFG has been to eliminate friction, increase
transparency and deliver a superior experience for our real estate,
lender and title agent customers, as well as for the consumers we
all serve. These new members of the WFG team share this vision, and
we are extremely eager to join forces with them to enhance the
customer experience in some of the nation’s strongest housing
markets.”
This transaction follows Doma's announcement on its first
quarter 2023 earnings call that it had been conducting a
comprehensive review of the business over the last several months
to evaluate the optimal organization structure to successfully
deliver on its mission to make homebuying more affordable and to
maximize shareholder value. Doma's go-forward strategy is centered
around harnessing the power and benefits of its instant
underwriting technology via the efficient and profitable
distribution of its core technology by external partners with the
end goal of bringing down refinance specific costs for homeowners.
To execute on this strategy, Doma is currently finalizing and
expects to enter into partnerships with some of the largest players
in the national mortgage origination market while also reassessing
anything in the business that is non-core.
In connection with the transaction, Houlihan Lokey is acting as
a financial advisor to Doma and Mayer Brown LLP is acting as legal
counsel to Doma.
Non-GAAP Financial Measures
Some of the financial information and data contained in this
press release, such as retained premiums and fees, adjusted gross
profit and adjusted EBITDA, have not been prepared in accordance
with United States generally accepted accounting principles
("GAAP"). Retained premiums and fees is defined as revenue less
premiums retained by third-party agents. Adjusted gross profit is
defined as gross profit (loss), adjusted to exclude the impact of
depreciation and amortization. Adjusted EBITDA is defined as net
income (loss) before interest, income taxes, depreciation and
amortization, and further adjusted to exclude the impact of
stock-based compensation, severance and interim salary costs,
goodwill impairment, long-lived asset impairment, the change in
fair value of warrant and sponsor covered shares liabilities, and
accelerated contract expense. Doma believes that the use of
retained premiums and fees, adjusted gross profit and adjusted
EBITDA provides additional tools to assess operational performance
and trends in, and in comparing Doma's financial measures with,
other similar companies, many of which present similar non-GAAP
financial measures to investors. Doma’s non-GAAP financial measures
may be different from non-GAAP financial measures used by other
companies. The presentation of non-GAAP financial measures is not
intended to be considered in isolation or as a substitute for, or
superior to, financial measures determined in accordance with GAAP.
Because of the limitations of non-GAAP financial measures, you
should consider the non-GAAP financial measures presented in
conjunction with Doma’s financial statements and the related notes
thereto. Please refer to the non-GAAP reconciliations in our most
recently filed report on Form 10-Q, filed with the SEC, for a
reconciliation of these non-GAAP financial measures to the most
comparable financial measure prepared in accordance with GAAP.
About Doma Holdings, Inc.
Doma is a real estate technology company that is disrupting a
century-old industry by building an instant and frictionless home
closing experience for buyers and sellers. Doma uses proprietary
machine intelligence technology and deep human expertise to create
a vastly more simple and affordable experience for everyone
involved in a residential real estate transaction, including
current and prospective homeowners, mortgage lenders, title agents,
and real estate professionals. With Doma, what used to take days
can now be done in minutes, replacing an arcane and cumbersome
process with a digital experience designed for today’s world. To
learn more visit doma.com.
About Williston Financial Group
Portland, Oregon-based Williston Financial Group is the parent
company of WFG National Title Insurance Company (“WFG”), a leading
provider of title insurance and real estate settlement services for
commercial and residential transactions nationwide. One of just six
truly national title underwriters, WFG accomplished its national
footprint faster than any other underwriter in history.
Built around the directive to “communicate, collaborate,
coexist,” WFG strives to improve the real estate process through
the creation and delivery of comprehensive, innovative services and
technology solutions that empower and increase transaction
transparency for the title agents, real estate professionals,
lenders, and consumers it serves. The company enjoys a Financial
Stability Rating of A’ (A prime), as assigned by Demotech, Inc. For
more information, visit www.wfgtitle.com.
Forward-Looking Statements Legend
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"expect," "anticipate," "believe," "seek," "target" or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. The
absence of these words does not mean that a statement is not
forward-looking. Such statements are based on the beliefs of, as
well as assumptions made by information currently available to Doma
management. These forward-looking statements include, but are not
limited to, statements regarding estimates and forecasts of
financial and performance metrics, such as statements relating to
Doma’s ability to achieve Adjusted EBITDA profitability by the end
of 2023, statements regarding management plans, such as statements
relating to Doma’s go-forward strategy and ability to finalize and
enter into partnerships with certain participants in the national
mortgage origination market. These statements are based on various
assumptions, whether or not identified in this press release, and
on the current expectation of Doma’s management and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as, and must not be relied on by any investor as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict, will differ from assumptions and are
beyond the control of Doma.
These forward-looking statements are subject to a number of
risks and uncertainties, including changes in business, market,
financial, political and legal conditions; risks relating to the
uncertainty of the projected financial information with respect to
Doma; future global, regional or local economic, political, market
and social conditions, including due to the COVID-19 pandemic; the
development, effects and enforcement of laws and regulations,
including with respect to the title insurance industry; Doma’s
ability to manage its future growth or to develop, acquire
enhancements to its platform or execute its go-forward strategy
discussed in this press release; the effects of competition on
Doma’s future business; the outcome of any potential litigation,
government and regulatory proceedings, investigations and
inquiries; and those other factors described in Part I, Item 1A -
“Risk Factors” of our Annual Report on Form 10-K for the year ended
December 31, 2022 and any subsequent reports filed by Doma from
time to time with the U.S. Securities and Exchange Commission (the
“SEC”).
If any of these risks materialize or Doma’s assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. There may be
additional risks that Doma does not presently know or that Doma
currently believes are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect Doma’s
expectations, plans or forecasts of future events and views as of
the date of this press release. Doma anticipates that subsequent
events and developments will cause Doma’s assessments to change.
However, while Doma may elect to update these forward-looking
statements at some point in the future, Doma specifically disclaims
any obligation to do so, except as required by law. These
forward-looking statements should not be relied upon as
representing Doma’s assessment as of any date subsequent to the
date of this press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230523005698/en/
Investor Contact: Matt Thunander, Head of Investor
Relations for Doma | ir@doma.com WFG Contact: Darcy Patch,
VP Marketing, Enterprise Solutions | dpatch@myhome.com
Grafico Azioni Doma (NYSE:DOMA)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Doma (NYSE:DOMA)
Storico
Da Gen 2024 a Gen 2025
