Doma delivers at high end of 2021 guidance on retained premiums and fees, and exceeds guidance on adjusted growth profit
San francisco--(business wire)--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 and full year ended december 31, 2021(2). doma’s results demonstrate strong growth that continues to outperform the mortgage industry as a whole, driven by the expansion and continued adoption of its proprietary machine learning technology. “our referral partners’ receptivity to our offering, and the doma team’s ability to execute with a high degree of skill has fortified our pursuit of becoming the unquestioned leader in our industry,” said max simkoff, founder and ceo of doma. “the successful opening of our first purchase transactions on the doma intelligence platform is the latest affirmation of our compelling opportunity to take market share, raise our growth potential, and add even more certainty to our path to profitability," mr. simkoff concluded. noaman ahmad, cfo of doma, added, “we finished the year in a position of strength, having consistently outperformed the objectives we set for retained premium and fees and adjusted gross profit since announcing our plans to go public last march. in terms of our plans for 2022, we are taking advantage of the momentum in our business and will focus on broadening the use and coverage of our proven doma intelligence platform. we will use the capital we raised from going public to expand our core machine intelligence-powered title and closing offering into purchase transactions, as well as to capture opportunities in adjacent markets." doma remains committed to strategic investment in growth in order to accelerate and secure its leadership position in the industry. doma's key strategic initiatives for 2022 include an acceleration of investments across its home purchase platform. investments will take the form of investing in customer acquisition and go-to-market delivery, migration of purchase transactions to the doma intelligence platform, new product functionality, and opportunities to expand into adjacent markets. (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) 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 fourth 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. fourth quarter 2021 growth drivers and recent business highlights successful launch of purchase transactions on the doma intelligence platform in december, delivering on one of the company's key commitments for 2021. given the recent rise in lending rates and an accelerated drop-off in mortgage refinances, doma will aggressively pursue the migration of purchase transactions from the local business to the doma intelligence platform, further enabling the real estate professionals, lenders, independent title agents and homeowners doma works with to all benefit from closings that are faster, higher quality, and more affordable. 296% year over year closed order growth from doma enterprise, despite a 59% decline in the overall refinance market. total order growth in the fourth quarter was propelled by the addition of several new enterprise referral partners that include another top 10 national mortgage lender, a leading provider of innovative home equity products, and a technology-led non-bank originator, as well as increases in wallet share from existing referral partners, reflecting confidence in doma's technology by the nation's largest mortgage lenders. home purchase transaction volume increased by a healthy 4% over the same period in 2020, outpacing market contraction in purchase of 8%. continued improvements to the doma intelligence platform helped deliver better customer outcomes through the application of cutting-edge machine learning technology. added more transparency for co-signers within the doma close product which allows homeowners to review and esign about 50% of documents prior to the in-person signing, making the overall experience less daunting and stressful. added new capabilities within doma escrow for payoff parsing, policy automation, and automated funding disbursement that all help to further expedite the final stages of closing and drive faster payouts to the parties involved. added more transparency for co-signers within the doma close product which allows homeowners to review and esign about 50% of documents prior to the in-person signing, making the overall experience less daunting and stressful. added new capabilities within doma escrow for payoff parsing, policy automation, and automated funding disbursement that all help to further expedite the final stages of closing and drive faster payouts to the parties involved. expansion of the doma intelligence platform in the states of washington, maine, and mississippi, bringing total coverage to approximately 83% of us residential real estate market based on gross written premium. 2022 full year outlook (1): gaap financial measures for the full year, doma expects gross profit of between $118 million and $136 million for the full year, doma expects gross profit of between $118 million and $136 million non-gaap financial measures doma expects retained premiums and fees of between $300 million and $320 million doma expects ratio of adjusted gross profit to retained premiums and fees between 44% and 47% doma expects adjusted ebitda between negative $90 million and negative $70 million doma intends to reach adjusted ebitda positive in 2023 doma expects retained premiums and fees of between $300 million and $320 million doma expects ratio of adjusted gross profit to retained premiums and fees between 44% and 47% doma expects adjusted ebitda between negative $90 million and negative $70 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, covid-related severance costs 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 thursday, february 17, to present its fourth quarter 2021 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: 7967607 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 (nyse: doma) is architecting the future of real estate transactions. the company uses machine intelligence and its proprietary technology solutions to transform residential real estate, making closings instant and affordable. doma and its family of brands – states title, north american title company (natc) and north american title insurance company (natic) – offer solutions for current and prospective homeowners, lenders, title agents, and real estate professionals that make closings vastly more simple and efficient, reducing cost and increasing customer satisfaction. doma’s clients include some of the largest bank and non-bank lenders in the united states. 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 december 31, year ended december 31, 2021 2020 2021 2020 (in thousands, except for open and closed order numbers) key operating data: opened orders 43,247 35,712 178,689 136,873 closed orders 37,042 27,363 136,428 92,389 gaap financial data: revenue (1) $ 137,679 $ 117,510 $ 558,043 $ 409,814 gross profit (2) $ 22,031 $ 24,412 $ 103,261 $ 85,830 net loss $ (43,729 ) $ (8,563 ) $ (113,056 ) $ (35,103 ) non-gaap financial data (3): retained premiums and fees $ 66,349 $ 53,499 $ 259,598 $ 189,671 adjusted gross profit $ 24,646 $ 26,991 $ 113,582 $ 91,645 ratio of adjusted gross profit to retained premiums and fees 37 % 50 % 44 % 48 % adjusted ebitda $ (36,303 ) $ (3,060 ) $ (71,592 ) $ (18,986 ) (1) revenue is comprised of (i) net premiums written, (ii) escrow, other title-related fees and other, and (iii) investment, dividend and other income. net loss is made up of the components of revenue and expenses. (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) 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 december 31, year ended december 31, 2021 2020 2021 2020 (in thousands) (in thousands) revenue $ 137,679 $ 117,510 $ 558,043 $ 409,814 minus: premiums retained by third-party agents 71,330 64,011 298,445 220,143 retained premiums and fees $ 66,349 $ 53,499 $ 259,598 $ 189,671 minus: direct labor 26,787 17,050 89,616 62,154 provision for claims 4,594 5,272 21,335 15,337 depreciation and amortization 2,615 2,579 10,321 5,815 other direct costs (1) 10,322 4,186 35,065 20,535 gross profit $ 22,031 $ 24,412 $ 103,261 $ 85,830 (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 december 31, year ended december 31, 2021 2020 2021 2020 (in thousands) (in thousands) gross profit $ 22,031 $ 24,412 $ 103,261 $ 85,830 adjusted for: depreciation and amortization 2,615 2,579 10,321 5,815 adjusted gross profit $ 24,646 $ 26,991 $ 113,582 $ 91,645 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 december 31, year ended december 31, 2021 2020 2021 2020 (in thousands) (in thousands) net loss (gaap) $ (43,729 ) $ (8,563 ) $ (113,056 ) $ (35,103 ) adjusted for: depreciation and amortization 2,615 2,579 10,321 5,815 interest expense 4,519 1,151 16,861 5,579 income taxes 421 223 927 843 ebitda $ (36,174 ) $ (4,610 ) $ (84,947 ) $ (22,866 ) adjusted for: stock-based compensation 11,040 1,550 20,046 2,495 covid-related severance costs — — — 1,385 change in fair value of warrant and sponsor covered shares liabilities (11,169 ) — (6,691 ) — adjusted ebitda $ (36,303 ) $ (3,060 ) $ (71,592 ) $ (18,986 ) the following table reconciles our adjusted gross profit to our adjusted ebitda, for the periods indicated: three months ended december 31, year ended december 31, 2021 2020 2021 2020 (in thousands) (in thousands) adjusted gross profit $ 24,646 $ 26,991 $ 113,582 $ 91,645 minus: customer acquisition costs 18,251 9,252 55,208 34,482 other indirect costs (1) 42,698 20,799 129,966 76,149 adjusted ebitda $ (36,303 ) $ (3,060 ) $ (71,592 ) $ (18,986 ) (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 $ 300,000 $ 320,000 minus: estimated adjustments (1) $ 182,000 $ 184,000 gross profit $ 118,000 $ 136,000 year ended december 31, 2022 low high (in thousands) gross profit $ 118,000 $ 136,000 adjusted for: depreciation and amortization 14,000 14,000 adjusted gross profit $ 132,000 $ 150,000 outlook for other key operating indicators ratio of adjusted gross profit to retained premiums and fees 44 % 47 % adjusted ebitda $ (90,000 ) $ (70,000 ) 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 year ended december 31 (in thousands, except share and per share information) 2021 2020 2019 revenues: net premiums written (1) $ 475,352 $ 345,608 $ 292,707 escrow, other title-related fees and other 79,585 61,275 62,017 investment, dividend and other income 3,106 2,931 3,361 total revenues $ 558,043 $ 409,814 $ 358,085 expenses: premiums retained by third-party agents (2) $ 298,445 $ 220,143 $ 178,265 title examination expense 22,137 16,204 14,383 provision for claims 21,335 15,337 12,285 personnel costs 238,134 143,526 130,876 other operating expenses 79,951 43,285 39,744 total operating expenses $ 660,002 $ 438,495 $ 375,553 loss from operations $ (101,959 ) $ (28,681 ) $ (17,468 ) other (expense) income: change in fair value of warrant and sponsor covered shares liabilities 6,691 — — interest expense (16,861 ) (5,579 ) (9,282 ) loss before income taxes $ (112,129 ) $ (34,260 ) $ (26,750 ) income tax expense (927 ) (843 ) (387 ) net loss $ (113,056 ) $ (35,103 ) $ (27,137 ) earnings per share: net loss per share attributable to stockholders - basic and diluted $ (0.64 ) $ (0.56 ) $ (0.45 ) weighted average shares outstanding common stock - basic and diluted 177,150,914 62,458,039 60,314,163 (1) net premiums written includes revenues from a related party of $114.2 million, $88.6 million, and $73.1 million for the years ended december 31, 2021, 2020, and 2019, respectively. (2) premiums retained by third-party agents includes expenses associated with a related party of $92.5 million, $71.2 million, and $59.9 million during the years ended december 31, 2021, 2020, and 2019, respectively. doma holdings, inc. consolidated balance sheets december 31 (in thousands, except share information) 2021 2020 assets cash and cash equivalents $ 379,702 $ 111,893 restricted cash 4,126 129 investments: fixed maturities held-to-maturity debt securities, at amortized cost 67,164 65,406 available-for-sale debt securities, at fair value (amortized cost $7,139 in 2020) — 8,057 equity securities, at fair value (cost $2,000 in 2020) — 2,119 mortgage loans 2,022 2,980 other invested assets 325 — total investments $ 69,511 $ 78,562 receivables (net of provision for doubtful accounts of $1,082 and $492 at december 31, 2021 and 2020, respectively) 15,498 15,244 prepaid expenses, deposits and other assets 15,692 7,365 fixed assets (net of accumulated depreciation of $19,543 and $13,813 at december 31, 2021 and 2020, respectively) 45,953 21,661 title plants 13,952 14,008 goodwill 111,487 111,487 trade names (net of accumulated amortization of $3,187 at december 31, 2020) — 2,684 total assets $ 655,921 $ 363,033 liabilities and stockholders’ equity accounts payable $ 6,930 $ 6,626 accrued expenses and other liabilities 54,149 33,044 senior secured credit agreement, net of debt issuance costs and original issue discount 141,769 — loan from a related party — 65,532 liability for loss and loss adjustment expenses 80,267 69,800 warrant liabilities 16,467 — sponsor covered shares liability 5,415 — total liabilities $ 304,997 $ 175,002 stockholders’ equity: series a preferred stock, 0.0001 par value; 0 shares authorized at december 31, 2021; 0 and 43,737,586 shares issued and outstanding as of december 31, 2021 and 2020, respectively $ — $ 1 series a-1 preferred stock, 0.0001 par value; 0 shares authorized at december 31, 2021; 0 and 48,913,906 shares issued and outstanding as of december 31, 2021 and 2020, respectively — 1 series a-2 preferred stock, 0.0001 par value; 0 shares authorized at december 31, 2021; 0 and 14,003,187 shares issued and outstanding as of december 31, 2021 and 2020, respectively — — series b preferred stock, 0.0001 par value; 0 shares authorized at december 31, 2021; 0 and 15,838,828 shares issued and outstanding as of december 31, 2021 and 2020, respectively — — series c preferred stock, 0.0001 par value; 0 shares authorized at december 31, 2021; 0 and 60,665,631 shares issued and outstanding as of december 31, 2021 and 2020, respectively — 1 common stock, 0.0001 par value; 2,000,000,000 shares authorized at december 31, 2021; 323,347,806 and 62,832,307 shares issued and outstanding as of december 31, 2021 and 2020, respectively 33 1 additional paid-in capital 543,070 266,464 accumulated deficit (192,179 ) (79,123 ) accumulated other comprehensive income — 686 total stockholders’ equity $ 350,924 $ 188,031 total liabilities and stockholders’ equity $ 655,921 $ 363,033 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 revenues: net premiums written $ 56,817 $ 86,334 $ 103,587 $ 98,870 $ 107,992 $ 109,271 $ 141,491 $ 116,598 escrow, other title-related fees and other 13,174 13,382 16,742 17,977 18,575 20,065 20,452 20,493 investment, dividend and other income 818 707 743 663 1,229 650 639 588 total revenues $ 70,809 $ 100,423 $ 121,072 $ 117,510 $ 127,796 $ 129,986 $ 162,582 $ 137,679 expenses: premiums retained by third-party agents $ 33,102 $ 56,006 $ 67,024 $ 64,011 $ 70,338 $ 65,181 $ 91,596 $ 71,330 title examination expense 3,865 3,322 4,624 4,393 4,853 5,500 5,289 6,495 provision for claims 1,783 3,040 5,242 5,272 3,249 6,807 6,685 4,594 personnel costs 35,718 32,737 36,197 38,874 43,464 53,954 62,410 78,306 other operating expenses 10,640 10,286 10,210 12,149 14,165 17,181 21,693 26,912 total operating expenses $ 85,108 $ 105,391 $ 123,297 $ 124,699 $ 136,069 $ 148,623 $ 187,673 $ 187,637 loss from operations $ (14,299 ) $ (4,968 ) $ (2,225 ) $ (7,189 ) $ (8,273 ) $ (18,637 ) $ (25,091 ) $ (49,958 ) other income (expense): change in fair value of warrant and sponsor covered shares liabilities — — — — — — (4,478 ) 11,169 interest expense (2,112 ) (1,123 ) (1,193 ) (1,151 ) (3,360 ) (4,451 ) (4,531 ) (4,519 ) loss before income taxes $ (16,411 ) $ (6,091 ) $ (3,418 ) $ (8,340 ) $ (11,633 ) $ (23,088 ) $ (34,100 ) $ (43,308 ) income tax expense (175 ) (241 ) (204 ) (223 ) (125 ) (211 ) (170 ) (421 ) net loss (16,586 ) (6,332 ) (3,622 ) (8,563 ) (11,758 ) (23,299 ) (34,270 ) (43,729 ) 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 revenue $ 70,809 $ 100,423 $ 121,072 $ 117,510 $ 127,796 $ 129,986 $ 162,582 $ 137,679 minus: premiums retained by third-party agents 33,102 56,006 67,024 64,011 70,338 65,181 91,596 71,330 retained premiums and fees $ 37,707 $ 44,417 $ 54,048 $ 53,499 $ 57,458 $ 64,805 $ 70,986 $ 66,349 minus: direct labor 16,314 13,898 14,892 17,050 17,979 20,902 23,948 26,787 provision for claims 1,783 3,040 5,242 5,272 3,249 6,807 6,685 4,594 depreciation and amortization 1,116 899 1,221 2,579 2,707 3,021 1,978 2,615 other direct costs(1) 5,137 4,898 6,314 4,186 7,109 7,561 10,073 10,322 gross profit $ 13,357 $ 21,682 $ 26,379 $ 24,412 $ 26,414 $ 26,514 $ 28,302 $ 22,031 (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 gross profit $ 13,357 $ 21,682 $ 26,379 $ 24,412 $ 26,414 $ 26,514 $ 28,302 $ 22,031 adjusted for: depreciation and amortization 1,116 899 1,221 2,579 2,707 3,021 1,978 2,615 adjusted gross profit $ 14,473 $ 22,581 $ 27,600 $ 26,991 $ 29,121 $ 29,535 $ 30,280 $ 24,646 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 net loss (gaap) $ (16,586 ) $ (6,332 ) $ (3,622 ) $ (8,563 ) $ (11,758 ) $ (23,299 ) $ (34,270 ) $ (43,729 ) adjusted for: depreciation and amortization 1,116 899 1,221 2,579 2,707 3,021 1,978 2,615 interest expense 2,112 1,123 1,193 1,151 3,360 4,451 4,531 4,519 income taxes 175 241 204 223 125 211 170 421 ebitda $ (13,183 ) $ (4,069 ) $ (1,004 ) $ (4,610 ) $ (5,566 ) $ (15,616 ) $ (27,591 ) $ (36,174 ) adjusted for: stock-based compensation 308 282 355 1,550 2,289 3,713 3,004 11,040 covid-related severance costs — 1,385 — — — — — — change in fair value of warrant and sponsor covered shares liabilities — — — — — — 4,478 (11,169 ) adjusted ebitda $ (12,875 ) $ (2,402 ) $ (649 ) $ (3,060 ) $ (3,277 ) $ (11,903 ) $ (20,109 ) $ (36,303 )
