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Doma's Q1 2022 Results Show Continued Market Share Gains Fueled by Tech-Driven Value Creation in Refinance, Despite Mortgage Market Headwinds

DOMA

Management reaffirms commitment to achieving EBITDA profitability in 2023 as the company continues to focus on delivering differentiated value to the home purchase market

First Quarter 2022 Business Highlights(1):

  • Market share of 1.4%, up 40% versus Q1 2021(2)
  • Total revenues of $112 million, down (12)% versus Q1 2021
  • Retained premiums and fees of $52 million, down (10)% versus Q1 2021
  • Gross profit of $7 million, down (73)% versus Q1 2021
  • Adjusted gross profit of $10 million, down (64)% versus Q1 2021
  • Closed orders down (16)% versus Q1 2021, Enterprise closed orders up 38% versus Q1 2021
  • Open orders down (14)% versus Q1 2021

Doma Holdings, Inc. (NYSE: DOMA) ("Doma" or the "Company"), a leading force for disruptive change in the real estate industry, today reported quarterly financial results and key operating data for the three months ended March 31, 2022(3). Doma’s results demonstrate further market share gains led by the continued adoption of its proprietary, machine intelligence-driven technology, despite the US mortgage industry's dramatic shift into an environment of rapidly rising interest rates and extraordinarily low housing supply.

"Doma's mission is, and always has been, to make it easier for people to buy a home," said Max Simkoff, CEO of Doma. "The recent shifts in the mortgage industry have only emphasized the need to deliver a better, faster, and more affordable home closing experience, and Doma's market share gains are continued proof that the industry sees value in our proprietary, machine learning-driven technology that is transforming the closing process. Our Q1 2022 results reflect the downturn we are seeing in the broader market, but this also gives us the conviction that our investment in moving purchase transactions onto the Doma Intelligence platform is absolutely one that will benefit home buyers and sellers, real estate professionals, and lenders in a unique and differentiated way."

Doma's year over year decline in retained premiums and fees reflects the challenges faced by the overall mortgage market, which saw a steep decline in refinance transactions in Q1 2022 and a tightening purchase market. Doma's market share gains were driven by outperformance in refinance transactions which were down 20% year over year, compared to the industry's 63% decline. In anticipation of further market challenges throughout the remainder of the year, Doma took steps in Q1 2022 to protect its path to achieve EBITDA profitability in 2023 by reducing costs and refocusing resources on a narrower set of strategic initiatives which will allow the Company to aggressively focus on the transition of additional purchase transactions onto the Doma Intelligence platform.

"While we believe the mortgage market will continue to face significant challenges this year, we are confident in our ability to continue to drive market share gains in both the refinance and purchase markets," said Mike Smith, Chief Accounting Officer and future Acting Chief Financial Officer at Doma. "In an environment of rising interest rates and low housing inventory, Doma's value proposition becomes even more attractive to lenders and real estate professionals who are looking to close loans faster and minimize costs for home buyers and sellers."

(1)

Reconciliations of retained premiums and fees, adjusted gross profit, and the other financial measures used in this press release that are not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”) to the nearest measures prepared in accordance with GAAP have been provided in this press release in the accompanying tables. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

(2)

To calculate market share, Doma's purchase and refinance closed orders are divided by total industry purchase and refinance closed order statistics as published by the Mortgage Bankers Association.

(3)

Doma completed its business combination with Capitol Investment Corp. V ("Capitol") on July 28, 2021. The financial results and key operating data included in this first quarter release include operating results of Doma prior to completion of the business combination and operating results of the combined company subsequent to completion of the business combination.

First Quarter 2022 Growth Drivers and Recent Business Highlights

  • Market share growth of 40% year over year, climbing to 1.4% in Q1 2022 vs. 1.0% in Q1 2021
  • Strong outperformance in refinance order volume in our enterprise segment, representing closed order growth of 38% year over year, driven by the continued adoption of our Doma Intelligence technology among lender referral partners, including by 11 new bank and non-bank mortgage originators and the expansion of existing enterprise business into new states
  • A refocusing of resources to a narrower set of strategic initiatives that will allow the Company to target investment almost exclusively within the home purchase market and drive differentiated, tech-led value to home buyers and sellers in a time when interest rates have risen at a rate not seen in 28 years and where housing inventory remains at historic lows, including:
    • The exploration of a Doma Intelligence-driven purchase offering for existing and new lender referral partners.
    • Significant reductions in cost structure across the Company to align with reduced refinance volume and investment in moving additional purchase transactions onto the Doma Intelligence platform. This includes the recent workforce reduction that will result in approximately $4 million of second quarter charges but an overall annualized compensation expense savings of approximately $30 million.
    • A re-scoped and streamlined investment plan across efforts to expand into home warranty and appraisal; and
    • Optimization of customer acquisition strategies and geographic expansion within the home purchase market that facilitate faster and more cost-effective growth.
  • Management affirmation that the Company remains on its previously communicated timeline to achieve adjusted EBITDA profitability in 2023
  • Named as one of Inc.'s Best Workplaces of 2022, for the second year in a row

2022 Full Year Outlook (1):

  • GAAP Financial Measures
    • For the full year, Doma expects gross profit of between $71 million and $86 million
  • Non-GAAP Financial Measures
    • Doma expects retained premiums and fees of between $220 million and $240 million
    • Doma expects ratio of adjusted gross profit to retained premiums and fees between 39% and 42%
    • Doma expects adjusted EBITDA between negative $120 million and negative $100 million
    • Doma intends to reach adjusted EBITDA positive in 2023

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, plus depreciation and amortization. Adjusted EBITDA is defined as net loss before interest expense, income taxes, depreciation and amortization, stock-based compensation and change in fair value of warrant and sponsor covered shares liabilities. 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 herein in conjunction with Doma’s financial statements and the related notes thereto. Please refer to the non-GAAP reconciliations in this press release for a reconciliation of these non-GAAP financial measures to the most comparable financial measure prepared in accordance with GAAP.

Conference Call Information

Doma will host a conference call at 5:00 PM Eastern Time on Tuesday, May 10, to present its first quarter 2022 financial results.

The telephonic version of the call can be accessed by dialing:

Participant Toll Free Dial-In Number: (844) 615-6508

Participant International Dial-In Number: (918) 922-3146

Conference ID: 5534256

The live webcast of the call will be accessible on the Company’s website at investor.doma.com. Approximately two hours after conclusion of the live event, an archived webcast of the conference call will be accessible from the Investor Relations section of the Company’s website for twelve months.

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.

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, projections of market opportunity, total addressable market ("TAM"), market share and competition. 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 or acquire enhancements to its platform; 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 the "Risk Factors" section of the documents filed by Doma from time to time with 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.

Key Operating and Financial Indicators

Three Months Ended March 31,

2022

2021

(in thousands, except for open and
closed order numbers)

Key operating data:

Opened orders

35,192

41,084

Closed orders

27,347

32,650

GAAP financial data:

Revenue (1)

$

112,207

$

127,796

Gross profit (2)

$

7,134

$

26,414

Net loss (3)

$

(50,026

)

$

(11,758

)

Non-GAAP financial data (4):

Retained premiums and fees

$

51,605

$

57,458

Adjusted gross profit

$

10,370

$

29,121

Ratio of adjusted gross profit to retained premiums and fees

20

%

51

%

Adjusted EBITDA

$

(44,905

)

$

(3,277

)

_________________

(1)

Revenue is comprised of (i) net premiums written, (ii) escrow, other title-related fees and other, and (iii) investment, dividend and other income.

(2)

Gross profit, calculated in accordance with GAAP, is calculated as total revenue, minus premiums retained by third-party agents, direct labor expense (including mainly personnel expense for certain employees involved in the direct fulfillment of policies) and direct non-labor expense (including mainly title examination expense, provision for claims, and depreciation and amortization). In our consolidated income statements, depreciation and amortization is recorded under the “other operating expenses” caption.

(3)

Net loss is made up of the components of revenue and expenses.

(4)

Retained premiums and fees, adjusted gross profit and adjusted EBITDA are non-GAAP financial measures.

Non-GAAP Financial Measures

Retained premiums and fees

The following table reconciles our retained premiums and fees to our gross profit, the most closely comparable GAAP financial measure, for the periods indicated:

Three Months Ended March 31,

2022

2021

(in thousands)

Revenue

$

112,207

$

127,796

Minus:

Premiums retained by third-party agents

60,602

70,338

Retained premiums and fees

$

51,605

$

57,458

Minus:

Direct labor

27,798

17,979

Provision for claims

4,611

3,249

Depreciation and amortization

3,236

2,707

Other direct costs (1)

8,826

7,109

Gross Profit

$

7,134

$

26,414

__________________

(1)

Includes title examination expense, office supplies, and premium and other taxes.

Adjusted gross profit

The following table reconciles our adjusted gross profit to our gross profit, the most closely comparable GAAP financial measure, for the periods indicated:

Three Months Ended March 31,

2022

2021

(in thousands)

Gross Profit

$

7,134

$

26,414

Adjusted for:

Depreciation and amortization

3,236

2,707

Adjusted Gross Profit

$

10,370

$

29,121

Adjusted EBITDA

The following table reconciles our adjusted EBITDA to our net loss, the most closely comparable GAAP financial measure, for the periods indicated:

Three Months Ended March 31,

2022

2021

(in thousands)

Net loss (GAAP)

$

(50,026

)

$

(11,758

)

Adjusted for:

Depreciation and amortization

3,236

2,707

Interest expense

4,207

3,360

Income taxes

185

125

EBITDA

$

(42,398

)

$

(5,566

)

Adjusted for:

Stock-based compensation

11,393

2,289

Change in fair value of Warrant and Sponsor Covered shares liabilities

(13,900

)

Adjusted EBITDA

$

(44,905

)

$

(3,277

)

The following table reconciles our adjusted gross profit to our adjusted EBITDA, for the periods indicated:

Three Months Ended March 31,

2022

2021

(in thousands)

Adjusted Gross Profit

$

10,370

$

29,121

Minus:

Customer acquisition costs

15,925

9,895

Other indirect costs (1)

39,350

22,503

Adjusted EBITDA

$

(44,905

)

$

(3,277

)

__________________

(1)

Includes corporate support, research and development, and other operating costs.

Outlook reconciliations

The following tables reconcile the ranges of expected retained premiums and fees to expected gross profit and the ranges expected adjusted gross profit to expected gross profit, which, in each case, is the most comparable GAAP measure, for the full year ended December 31, 2022.

Year Ended December 31, 2022

Low

High

(in thousands)

Retained premiums and fees

$

220,000

$

240,000

Minus:

Estimated adjustments (1)

149,000

154,000

Gross Profit

$

71,000

$

86,000

Year Ended December 31, 2022

Low

High

(in thousands)

Gross Profit

$

71,000

$

86,000

Adjusted for:

Depreciation and amortization

15,000

15,000

Adjusted Gross Profit

$

86,000

$

101,000

Outlook for Other Key Operating Indicators

Ratio of adjusted gross profit to retained premiums and fees

39

%

42

%

Adjusted EBITDA

$

(120,000

)

$

(100,000

)

With respect to our guidance on adjusted EBITDA, the Company is not able to provide a quantitative reconciliation without unreasonable efforts to the most directly comparable GAAP financial measure, which would be net loss, due to the high variability, complexity and low visibility with respect to certain items such as income taxes and changes in the fair value of Warrant and Sponsor Covered shares liabilities. We expect the variability of these items to have a potentially unpredictable and potentially significant impact on future GAAP financial results, and, as such, we also believe that any reconciliations provided would imply a degree of precision that would be confusing or misleading to investors.

__________________

(1)

Estimated adjustments include direct labor, provision for claims, depreciation and amortization, and other direct costs (which includes title examination expense, office supplies, and premium and other taxes).

Doma Holdings, Inc.

Consolidated Statements of Operations

Three months ended March 31,

(In thousands, except share and per share information)

2022

2021

Revenues:

Net premiums written (1)

$

95,666

$

107,992

Escrow, other title-related fees and other

16,113

18,575

Investment, dividend and other income

428

1,229

Total revenues

$

112,207

$

127,796

Expenses:

Premiums retained by Third-Party Agents (2)

$

60,602

$

70,338

Title examination expense

5,981

4,853

Provision for claims

4,611

3,249

Personnel costs

77,793

43,464

Other operating expenses

22,754

14,165

Total operating expenses

$

171,741

$

136,069

Loss from operations

$

(59,534

)

$

(8,273

)

Other (expense) income:

Change in fair value of Warrant and Sponsor Covered Shares liabilities

13,900

Interest expense

(4,207

)

(3,360

)

Loss before income taxes

$

(49,841

)

$

(11,633

)

Income tax expense

(185

)

(125

)

Net loss

$

(50,026

)

$

(11,758

)

Earnings per share:

Net loss per share attributable to stockholders - basic and diluted

$

(0.15

)

$

(0.17

)

Weighted average shares outstanding common stock - basic and diluted

323,890,562

67,418,142

__________________

(1)

Net premiums written includes revenues from a related party of $27.7 million and $24.7 million during the three months ended March 31, 2022 and 2021, respectively.

(2)

Premiums retained by Third-Party Agents includes expenses associated with a related party of $22.5 million and $19.9 million during the three months ended March 31, 2022 and 2021, respectively.

Doma Holdings, Inc.

Consolidated Balance Sheets

(In thousands, except share information)

March 31, 2022

December 31, 2021

Assets

Cash and cash equivalents

$

319,436

$

379,702

Restricted cash

2,784

4,126

Investments:

Fixed maturities

Held-to-maturity debt securities, at amortized cost (net of allowance for credit losses of $382 at March 31, 2022 and $0 at December 31, 2021)

62,416

67,164

Mortgage loans

1,141

2,022

Other long-term investments

325

325

Total investments

$

63,882

$

69,511

Receivables (net of allowance for credit losses of $1,226 at March 31, 2022 and $1,082 at December 31, 2021)

12,496

15,498

Prepaid expenses, deposits and other assets

10,844

15,692

Lease right-of-use assets

26,701

Fixed assets (net of accumulated depreciation of $22,323 at March 31, 2022 and $19,543 at December 31, 2021)

52,801

45,953

Title plants

13,952

13,952

Goodwill

111,487

111,487

Total assets

$

614,383

$

655,921

Liabilities and stockholders’ equity

Accounts payable

$

3,891

$

6,930

Accrued expenses and other liabilities

35,477

54,149

Lease liabilities

27,659

Senior secured credit agreement, net of debt issuance costs and original issue discount

144,858

141,769

Liability for loss and loss adjustment expenses

82,534

80,267

Warrant liabilities

6,067

16,467

Sponsor Covered Shares liability

1,916

5,415

Total liabilities

$

302,402

$

304,997

Stockholders’ equity:

Common stock, 0.0001 par value; 2,000,000,000 shares authorized at March 31, 2022; 324,348,254 and 323,347,806 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively

33

33

Additional paid-in capital

554,552

543,070

Accumulated deficit

(242,604

)

(192,179

)

Accumulated other comprehensive income

Total stockholders’ equity

$

311,981

$

350,924

Total liabilities and stockholders’ equity

$

614,383

$

655,921

Quarterly Results of Operations and Other Data

The following tables set forth our selected unaudited quarterly consolidated statements of operations data for each of the quarters indicated. The information for each quarter has been prepared on a basis consistent with our audited consolidated financial statements, and reflect, in the opinion of management, all adjustments, which consist only of a normal, recurring nature that are necessary for a fair statement of the financial information contained in those financial statements. Our historical results are not necessarily indicative of the results that may be expected in the future. The following quarterly financial data should be read in conjunction with our consolidated financial statements.

Consolidated Statements of Operations

Three Months Ended

(In thousands)

March
31, 2020

June
30, 2020

September
30, 2020

December
31, 2020

March
31, 2021

June
30, 2021

September
30, 2021

December
31, 2021

March
31, 2022

Revenues:

Net premiums written

$

56,817

$

86,334

$

103,587

$

98,870

$

107,992

$

109,271

$

141,491

$

116,598

$

95,666

Escrow, other title-related fees and other

13,174

13,382

16,742

17,977

18,575

20,065

20,452

20,493

16,113

Investment, dividend and other income

818

707

743

663

1,229

650

639

588

428

Total revenues

$

70,809

$

100,423

$

121,072

$

117,510

$

127,796

$

129,986

$

162,582

$

137,679

$

112,207

Expenses:

Premiums retained by Third-Party Agents

$

33,102

$

56,006

$

67,024

$

64,011

$

70,338

$

65,181

$

91,596

$

71,330

$

60,602

Title examination expense

3,865

3,322

4,624

4,393

4,853

5,500

5,289

6,495

5,981

Provision for claims

1,783

3,040

5,242

5,272

3,249

6,807

6,685

4,594

4,611

Personnel costs

35,718

32,737

36,197

38,874

43,464

53,954

62,410

78,306

77,793

Other operating expenses

10,640

10,286

10,210

12,149

14,165

17,181

21,693

26,912

22,754

Total operating expenses

$

85,108

$

105,391

$

123,297

$

124,699

$

136,069

$

148,623

$

187,673

$

187,637

$

171,741

Loss from operations

$

(14,299

)

$

(4,968

)

$

(2,225

)

$

(7,189

)

$

(8,273

)

$

(18,637

)

$

(25,091

)

$

(49,958

)

$

(59,534

)

Other income (expense):

Change in fair value of warrant and Sponsor Covered Shares liabilities

(4,478

)

11,169

13,900

Interest expense

(2,112

)

(1,123

)

(1,193

)

(1,151

)

(3,360

)

(4,451

)

(4,531

)

(4,519

)

(4,207

)

Loss before income taxes

$

(16,411

)

$

(6,091

)

$

(3,418

)

$

(8,340

)

$

(11,633

)

$

(23,088

)

$

(34,100

)

$

(43,308

)

$

(49,841

)

Income tax expense

(175

)

(241

)

(204

)

(223

)

(125

)

(211

)

(170

)

(421

)

(185

)

Net loss

(16,586

)

(6,332

)

(3,622

)

(8,563

)

(11,758

)

(23,299

)

(34,270

)

(43,729

)

(50,026

)

Reconciliation of GAAP to Non-GAAP Measures

The following tables present our reconciliation of GAAP measures to non-GAAP measures for the historical periods indicated.

Retained premiums and fees

Three Months Ended

(In thousands)

March 31,
2020

June 30,
2020

September
30, 2020

December
31, 2020

March
31, 2021

June
30, 2021

September
30, 2021

December
31, 2021

March
31, 2022

Revenue

$

70,809

$

100,423

$

121,072

$

117,510

$

127,796

$

129,986

$

162,582

$

137,679

$

112,207

Minus:

Premiums retained by Third-Party Agents

33,102

56,006

67,024

64,011

70,338

65,181

91,596

71,330

60,602

Retained premiums and fees

$

37,707

$

44,417

$

54,048

$

53,499

$

57,458

$

64,805

$

70,986

$

66,349

$

51,605

Minus:

Direct labor

16,314

13,898

14,892

17,050

17,979

20,902

23,948

26,787

27,798

Provision for claims

1,783

3,040

5,242

5,272

3,249

6,807

6,685

4,594

4,611

Depreciation and amortization

1,116

899

1,221

2,579

2,707

3,021

1,978

2,615

3,236

Other direct costs(1)

5,137

4,898

6,314

4,186

7,109

7,561

10,073

10,322

8,826

Gross Profit

$

13,357

$

21,682

$

26,379

$

24,412

$

26,414

$

26,514

$

28,302

$

22,031

$

7,134

__________________

(1)

Includes title examination expense, office supplies, and premium and other taxes.

Adjusted gross profit

Three Months Ended

(in thousands)

March 31,
2020

June 30,
2020

September
30, 2020

December
31, 2020

March 31,
2021

June 30,
2021

September
30, 2021

December
31, 2021

March
31, 2022

Gross Profit

$

13,357

$

21,682

$

26,379

$

24,412

$

26,414

$

26,514

$

28,302

$

22,031

$

7,134

Adjusted for:

Depreciation and amortization

1,116

899

1,221

2,579

2,707

3,021

1,978

2,615

3,236

Adjusted Gross Profit

$

14,473

$

22,581

$

27,600

$

26,991

$

29,121

$

29,535

$

30,280

$

24,646

$

10,370

Adjusted EBITDA

Three Months Ended

(in thousands)

March 31,
2020

June 30,
2020

September
30, 2020

December
31, 2020

March
31, 2021

June
30, 2021

September
30, 2021

December
31, 2021

March
31, 2022

Net loss (GAAP)

$

(16,586

)

$

(6,332

)

$

(3,622

)

$

(8,563

)

$

(11,758

)

$

(23,299

)

$

(34,270

)

$

(43,729

)

$

(50,026

)

Adjusted for:

Depreciation and amortization

1,116

899

1,221

2,579

2,707

3,021

1,978

2,615

3,236

Interest expense

2,112

1,123

1,193

1,151

3,360

4,451

4,531

4,519

4,207

Income taxes

175

241

204

223

125

211

170

421

185

EBITDA

$

(13,183

)

$

(4,069

)

$

(1,004

)

$

(4,610

)

$

(5,566

)

$

(15,616

)

$

(27,591

)

$

(36,174

)

$

(42,398

)

Adjusted for:

Stock-based compensation

308

282

355

1,550

2,289

3,713

3,004

11,040

11,393

COVID-related severance costs

1,385

Change in fair value of warrant and Sponsor Covered Shares liabilities

4,478

(11,169

)

(13,900

)

Adjusted EBITDA

$

(12,875

)

$

(2,402

)

$

(649

)

$

(3,060

)

$

(3,277

)

$

(11,903

)

$

(20,109

)

$

(36,303

)

$

(44,905

)

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