Doma (DOMA) 18 Feb 222021 Q4 Earnings call transcript

Good day. Thank you for standing by and welcome to Doma's Fourth Quarter and Full Year Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. now Head hand of would to conference I Bartolome, Beatriz Investor Instructions] like the to over [Operator Relations. Please, go ahead.

Simkoff; Thank Executive thank at today's Doma's you and year-end and Noaman afternoon, investor.doma.com. press release everybody, Leading Doma's issued which Officer, Officer, fourth today, Good and and earnings Ahmad. Founder quarter quarter its Earlier XXXX full Chief you, fourth be year is a discussion call. Doma results, Max will announcing for Financial Chief operator. joining conference and also available

Following management's will open call the up prepared remarks, we to questions.

begin, like business the the presentation. and I other Before current is you we statements contain date of our about management's would of that that will our as discussion information forward-looking based remind expectations, predictions, on to expectations

but to, and and conditions or Forward-looking Doma's performance and not competitive financial statements limited expectations business include, of predictions and industry outlook. are

other actual historical Forward-looking from in uncertainties subject could those set X-K and risks, Doma's from materially that differ forth Form our statements filed to results forecast, to including today. factors cause our are and/or results

refer any information, make they cautionary make to statements may this we risks, applicable other factors uncertainties please we discussed filings. in that more For during are call All forward-looking and statements Doma's to SEC the appear. wherever

except carefully result law. disclaims otherwise, events expressly or whether as reliance forward-looking or statements, statements, on for information, consider and of as other is filings. undue place required no revising new future factors responsibility and obligation otherwise should the You uncertainties forward-looking updating, SEC as risks not discussed a by in or any Do Doma's any under altering Doma

profit premiums adjusted will we financial to non-GAAP during our measures measures, gross including other conference and retained Additionally, the release. in described refer earnings this also fees, and call,

found SEC over Max is been of release, our financial available to non-GAAP the investor of website. quarter the GAAP, reconciliation full Simkoff, to that, description with and I'll can furnished results earnings to which call CEO GAAP measures, has the a And in with and be fourth Our our XXXX on turn Doma.

our delivered attribute industry-leading partners warm continued a you and the industry as consecutive continued estate the adoption real customers a Two, ongoing of will sector. market. residential clear have help with our overall close have team. platform Bea, for at driven the excited environment to affordably. executing of cover This our the set of a we our which three, one, we estate we growth our which really three respect to by of to third a XXXX outperform faster Today, to member continued in now alike. of our more intelligence-driven to our transactions growth. enabling again themes. of will on We're for outperformance, decidedly With we you, In One, quarter investment the your Doma Thank differentiated was our theme machine earnings here. to areas results Doma help number instant welcome key call XXXX main by first QX, new outperformance quality we digital be in have business, accelerate us crystallize experiences. homeownership referral real and prioritized And in the rate helped and marks higher technology vision outperformance to you rising

profit the expectations retained delivered and end premiums for Our high at performance adjusted guidance gross exceeded and also the recent our most ensured full that year. meaningfully our year fees QX we of XXXX

what for theme today second The to drive strong our continues results. is

learning by affordable platform. an Our industry-leading value or proposition refinance is enabled better, faster, purchase home machine more closings,

fewer delivers manual superior customers. our steps creates partners reduction in This better, We steps experience. a referral our to technology because customer are manual and

estate real instantly more expeditious to technology in a the of the using take in risk key table in decisions way. the because faster, to get we are closing and key items people closing We process, resolve out action

are We gross of cost increases are homeowners we more closing because margins. down, and part cost which of own of which driving affordable, to our the of part transaction reduces the the

Our by platform value triple-digit predominantly in proposition our occupy where since abundant a enterprise percentage growing And to offering evidenced and relatively room and of small only deployed. our continue is the still Doma continual Doma best growth rates outperforming channel, Escrow Intelligence the corridor is market head via in XXXX to proven and into accounts, beyond. our remains the core as enterprise we this title we

our in focused broadening involves last that a expanding we more core which now over market of grow to provide enable is we driving call add I even that to first provide experiencing themes. our and over for delivered market. Association The also will detail on we have the as refinance outperformance because to Noaman, key guidance strong us our according coverage I'll profitability. machine XXXX, front year, the of successfully and contracted mortgage we on is our opportunity manifestation transactions volume. that, XX% year-over-year these to additional will technology well After closing fourth December. This position QX well XXXX. outlook now to investment turn more certainty that third within areas channel. Mortgage accelerate in the quarter our overall and rapid path into in our in side XXXX, have to rising by on respect to our the am transactions and market the and $XX ties the year-over-year. in and application detail, what three With theme want use to commitments areas key some power now to to potential intelligence in leadership decline today, year-over-year yet our As to Intelligence which offering continue our Doma purchase technology we are purchase I prioritized in our share, up proven X% term that was our lines adjusted in the more premiums who retained title Doma Doma local discuss intelligence as the growth RPF of by in profit grew million and which another backdrop big delivered now to this large pleased as with down XX% area when I'll our one the the on platform The our secure we industry late due of on mortgage the into of of conviction to of is Bankers accelerate on in interest out the we us purchase fees market gross part or nearest market the of defined opened increasingly successful rates called platform of share financials specific overall works our

and approximately year-over-year For the $XXX profit approximately $XXX by million year-over-year grew adjusted full gross grew XX% to million. year, to XX% Doma RPF

As RPF far the $XXX a exceeded with calling adjusted of million market profit we March, point gross of and reference, of this for outlook million. last the initial shared $XX

continues provider originator. We for year-over-year channel the is has leading order Intelligence QX times our XX five closed This by and lead growth Doma Enterprise and deployed driven Enterprise full This propelled new year, on which mortgage differentiated XXX% where drove of based a lender have and orders of and growth we And of refinance closed volume by Enterprise home fully equity the reminder size addition for is Our story. the today. platform refinance national while nearly we growth this contracted grew non-bank a share in as technology by included XX%. of market in to was referral top technology-led gains partners channel our the products that several market in another a innovative QX.

expansion Enterprise saw accounts. share wallet of with addition, number existing we a In our

with XX% a For in last cycle launched span and top transaction Doma in prior a title months five them volume performance of title increase best-performing example, few with who escrow in drove lender vendor. than superior the their saw QX twice Doma's faster year This to QX. times Doma

prioritization Doma's launch. just to post partner lender able Doma prompting states to in and with leverage power volume weeks Another more to their close, expand targeted after order times been in our processing them streamline to to instant XX-day technology six their title QX has two

Doma estate the in the in purchase year-over-year. XX% the growth residential of market in United to NBA. closed the channel the driven based outperformance in by Keep driven platform also principally were the channel, was channel, the as the the Intelligence expansion growth. gains In time order stages purchase outperformed our whole market residential by estate of for closed bringing share local local year-over-year wallet when Doma our capabilities market of Intelligence we X% the approximately Enterprise and outsized X% States our in fell coverage on overall of incorporating drive mind, order delivered in such written more remain we in limited real states QX are that real of transactions premium. that within the to at platform a Some ability earlier gross three the volume to more This our also

technology recall, we to Doma in I'm respect purchase new to effort second detail core onto our core year. in purchase using XXXX. our opened local investment the platform. Intelligence will of again, December to machine As product With intelligence further Intelligence continued our late on the theme, bring you our QX XXXX, in helped Expansion advancements. first us lead highlight, thrilled in will gain benefiting offering this differentiated be once transactions focus embarked we that transformational this some Doma a behind of from

Close to to and the and less cosigners experience within we in-person XX% Specifically, overall signing making our e-sign about product for Doma prior homeowners documents of more transparency stressful. which added daunting allows the review

overall a the one Close product partners use with Additionally, launching among lender the we Doma notably technology-led lender top we expanded work with. partners, of of our

Within policy faster payoff funding documents learning-driven two the added and further our Doma the processing our largest also closing Doma We automation of payouts automated to drive to capabilities product of of and touchless machine stages for the that disbursement partners. to involved. parties disclosure also we completely closing final Escrow new referral to parsing all expedite expanded capabilities Escrow bring helped

investment of in to in a platform proceeds of deployment our near-term raised platform initiatives to acceleration good key Intelligence we of in is expansion theme the channel Doma public our channel July of strategic our growth Local transition XXXX. when details benefit successful using the the key initiatives several third Enterprise our went Our the and behind and

acceleration key Our an initiative coming what of for product be purchase transactions of delivery these migration Doma and of calls accelerated prior platform the product differentiated on go-to-market, In previewed can for and year strategic most earnings expansion to investments you with purchase. investment home is evident top consistent enable and the to we expect to functionality. XXXX our customer the capabilities acquisition new in Intelligence of

growing Our out This appraisal. customers. market a in bringing have effort will Doma invest to also bit for capabilities on where informing XXXX also longer-term investment. In migration a of adds in in require transactions short more channel planned I'll two expanding to particularly in color friction Doma go efforts turn an we to certainty investments is into of and customer go-to-market our purchase of and but bringing the second of more our costs, on and professionals of Doma to our priority of momentum single to more our the be acquisition and specifically faster number our broader both highest local With path local volume benefits. estate areas will acquire growth time. term platform purchase in a eliminate respect Intelligence purchase, at Intelligence which areas investments investments in we upfront new a each for accelerating comes product hands the now our specific the drive build more hand-in-hand help a business to trade-off This and priority how a that title key set drives be offering get to way. will in local provide differentiated profitability. XXXX our of is who marketing for plan of we opportune a these ahead making will valuation onto meaningful sales a desire appraisal first lenders help of undeniable expressed the on the transformational will the These acceleration us in real of that our more with key number

So we're necessary the in looking area. forward to capital deploying that

us opportunities pertains and Finally, important us the quickly as hone expansion chain, estate in explore to as in to the in into the we markets residential expanding hypothesis our adjacency adjacent invest new it deploying in began and on XXXX. validate capital most which value across helped QX to key for real appraisal

in but to market. any I to we time ready that can this lines provide yet confirm enter infrastructure actively specific aren't this We building are area,

develop. as opportunities a has home shape Additionally, friction these and they we few more macro our key for opportunity investment approach in articulate a as demonstrates focus In the growth. to of path for process business other of our in potential real areas the economy well to XXXX adjacent become challenging or home selling of warranty companies although continued in other have expect as closing we buying estate to further strong that better taken removing operate in trajectory in have a the our

market go remain continued for to path our our the evolution further to profitability our shareholders. market us customers share and our will our our that more we our robust sensitive forward XXXX. environment deliver results will and through value and We to and the pick becomes sustainable as proposition believe growth as will speed. continue over expenses as become rate up that even tightens, rising lenders as Because provide of us a in We I in long-term time reduce to discussed. looking now we Noaman? confidence strategic financial for the propelling real the business quarter on value attractive key now to who professionals of costs. confident to call to have is more to invest position the guidance turn estate specifics year Additionally, areas Noaman to this full the well that and are fourth best meaningfully of

in before adjusted everyone. a refinances. that industry-leading our the challenging immensely proud as of mortgage for XXXX with be up of The team Thanks team revenue then take quarter XXXX provide Doma's finished exceeding and results will year from for first Max gross the our afternoon industry generated guidance discuss financial and our in of growth fees retained I GAAP guidance. the end out overview your high We strength for basis on and of our backdrop delivered leadership quarter million brief to for materially I XX% questions. of We position good consecutive and and are particularly entire the happy the I of guidance fourth a quarter profit XXXX. we'll a fourth and we fourth quarter premium $XXX against at closed a third

portion have stated Doma of GAAP previously, does premiums we includes third-party agent not that the As revenue retain.

which retained focus of much fourth this So We the to agents. XXXX, period year. in same by RPF versus With $XX million performance. we the the is XX% on increase a representation mind, this Doma's underlying prior a premium line in fees premiums the grew better believe RPF, in of top excludes or third-party quarter retained Doma's

referral growth in but Doma our orders for declined of differentiated overall in was still our platform. Our year-over-year channel quarter our This machine year-over-year purchase contraction by outperformance purchase result MBA. XX%, this continued partners' driven XXX% market channel X% in fourth Doma, time outperformed was market intelligence-driven in the order orders overall a per principally when X% Closed closed an in Enterprise Local primarily The strength fell the in XX% closed channel. by driven year-over-year. growth the at increase confidence the our was in a transactions

quarter. fourth profitability the our to Turning for

dynamics fulfillment our both as with the of price adjusted gross driven our significantly percentage trend continuing redundancy Enterprise primarily mix transactions the the a Intelligence have The the Adjusted the to RPF point previous of reviewed adjusted gross these calls, a of percentage the impacts lower $XX and onto of more compared and profit versus platform. of quarter local which of purchase of channel intelligence. is XX% to to expansion acceleration in X% XXXX. quarter our Doma as focus XX% Doma higher profit upcoming Local a carry by main came our RPF Our million, staff we decline gross XXXX a profit at down we In was is expected fourth year-over-year. which XXXX of in transactions migrate results. in we fourth as in anticipate This as in earnings was

resulted a was in quarter management of Finally, $XX our quarter resulted EBITDA QX in continue G&A, we by decreasing consisting of plans operating Intelligence long-term to infrastructure of fourth side and as mainly our a in the investments in operate strategic year-over-year. accelerated in platform, capital-light in With investments of investment a capital million the in the driven software fourth acquisition, other research The decline support of related respect business, by public in $XX development and the adjusted which million to profitability including to company. Doma investments XXXX. customer development the service

In XX% the momentum platform, with see positive transactions our Intelligence in we terms open we of year-over-year. Doma coverage for through our proven and beyond, broadening to will and XXXX, XXXX purchase the use in primarily continue our to orders drive business on plans of focus growing platform. QX In

and making As capabilities platform, plan the to migration on Doma functionality new product Max process, mentioned, differentiated we enable of primarily to investments broader markets the closing transactions across appraisal purchase in valuation. and for Intelligence new accelerated go-to-market, adjacent

While my XXXX. path results, I'll we strategic impact will for that these drive of and XXXX growth long-term are will outlook sustainable an industry. securing with our our these on leadership now investments the believe our priorities remarks in financial have close and this guidance

and and EBITDA million. million. premiums of $XX retained XX% gross fees negative million premiums of $XXX fees $XX and Ratio adjusted of expect between adjusted negative $XXX between retained and between and million and We XX% to profit

the EBITDA to call Max now adjusted questions. before to we in reach call to pass XXXX. Importantly, the back the profitability intends open company I'll

there and conferences back various current and were prospective both at Thank you, investors other We excited to meet Noaman. hosted events. out get

expense near-term Jefferies to include Some our setting by support. continue hard you how future shareholders your from partners a have continued standard life's eliminate your for continued a customers Securities Technology the trust company. as we're to your we reiterating of optimistic to and for how enter questions. ready the on as I'll and of here Conference today's all XX. one conclude our and decisions year InsurTech about to public financial friction, conference X and our appearances most for ability JMP call to first employees planned our and the am Thank March on Operator, full at our March Doma work I we for important frustration for

Instructions] [Operator Matt you. Thank go Please with ahead. Our question Carletti come from first will JMP.

Hey, been thanks. update of was that kind how there even expectations Good kind you just going a just out with hoping a channel good kind could morning afternoon. us I you've versus then the see of unfolding the Local how pleased into progress bit two? or across you or local XXXX? go more market on of, earlier guess dig and you as Max, build little And back quarter

hear Matt, voice. your to Sure. good

build quite there. So of say, we're with local I'd out are making the progress terms pleased the in we

just milestone, the drive our you've affected quarter order, this history we purchase seen there Doma Intelligence purchase Doma like starting outsized previous, As important momentum of terms to quarter, the company's much ability business market the albeit, our by outperformed local how purchase of was through quarter momentum the is platform. the in for platform. the there transactions last key to first run on ever we in is the time reached Intelligence most And

year. that channel is informs really, this focus on So that what our particular

this platform. local all super We through from accelerate division now to the and of platform, making Intelligence of through kinds we're that, are at movement purchase Doma transactions milestone the running intensely be transactions the important and our excited focused we sure on

get local have there's a no numbers or estimate heavily that maybe which that XXXX of channel way market of strokes many guess, follow-up look through outside on really at of whether the I full But Enterprise? of versus your that by is that Kind terms in more to much to as predict pieces. the we is rough kind year should there's XXXX, much it's we the time so do to coming we and business you a of more end today of how of looks how think how kind moving

Yeah.

all it know don't – We specifically, broken tend that, this capture So Local we've out between Enterprise. I business. our in to and direct between

theme you've continue our right? last Intelligence product-led consistent growth, this the So when the take have think that seeing of time contracting Certainly, year-over-year at a I'll XXX% significantly. again expect seen both deployed where was in it I across to product, nearly that, quarter market macro we the we is regardless Doma outsized call growth share Enterprise backdrop.

get to purchase-driven we accelerated. that direct as deployed more obviously our we more and share-take see of so that channel, revenue. drive more to a Local point And share-take more expect the the higher and would will product of the price and more is that overall to And extent

last question, can. Okay. Great. And if then one I just

December high-level these a in done, kind that? a on industry to had projections more some you're mix seeing of premiums connected what you of Is that or included XXXX, and original of question was up, or MBA When transaction of kind you MBA not was of like what something at Just is commented from off us portion of are had way it. you're the the back or ground kind built a given they November similar of guidance, when kind an baseline assumption Doma kind in giving, volume was forecast pretty merger there and the or which retained else that dire. or I guidance think you of particularly fees the

– how Yeah, let in it's forecast, the any maybe projections. of I'm internal make and a you MBA we Noaman our question. second color mentioned more I'll great share a on some our here glad

appropriate rate the we've very seen you're – rapid fixed right – XX-year of now an caution I is what that in increase hearing a given degree mortgage. think the

forecasts, this we then. I that, November December time of been referencing guess, origination Just last a when it would of last they'd we mentioned, that set the reference, XXXX And shared Clearly, have forecast were in at as year you point the or for long-term of X.X%, as MBA's those put about we forecast were as together time X.X% getting QX first Last XX-year XXXX. the in fixed two place, different around a of X% a about right to right? rate showing year in XX-year they the we're of fixed eclipse years. mortgage very end

roughly what's in March more XX-year it notable think in fastest know we March was XXXX, a basis-point XXXX. in and since fixed week-over-week was XX I increase that which what the rate increase happened of the of rate, all

think where the forecasting I we if how anything to want as specifically Doma set happen expectations tried to we're we've being what's add So you don't take to platform. a macro going accelerate while deploying Intelligence share still about more the else anything Noaman, backdrop, market? for prudent confident I the our we'll I of macro And quite to that use way know take with mentioned

I you captured Max No, think it well.

overall in I here seeing I still approach move. to our I did that a keep we think from given any planning performance we look of more all we take like last which sentiment and can deployed think But cautious we're driving don't where there. there's rates technology year perspective I in intend think is an just again, change move our rapidly, share gains think

We caution, to bring you're on what transactions is market on up as one. Intelligence. our Doma hearing first especially around opened So, purchase more more just we

room here. from to go significant there's So

year. nice Great. color, for congrats Thank the you very for much the and

Thanks.

Thanks.

you. Thank

will Davidson. ahead. White come Tom Please from with D.A. go question next Our

my Great. I questions. Thanks can. if Two for taking

guidance circling for XXXX. the The back is on one first

initial the position guide put I EBITDA operating from understand your a forecast well of strength. transaction you of like kind So out is kind you're you can during And the of that there. guys below feel

the want to the the kind midpoint and put the on that and you But is to like differentiated retained that. below lean just plan. of the of you that how business fees, that self-funded also is feel be out. of into sort in supposed forecast And guys is You was showing momentum product the premium

that that mentioned I'm like might is there the related delta anything and Max, know And than else that stuff or I the I So forecast? follow-up. and curious premium to rising I a in guess anything other then pricing just don't have retained fee rates you explain just just

Yes.

the X.X% short it's is rate There's kind to other the of for The thanks of Again being unexpected just question, right? look And seen of degree you characterize last what's set again really a just what how our -- So plan. there. certainly if a driving, months, nothing it north environment, you've the in significant just couple XX-year how it really at of of I'd dramatic is be than understated X%. pretty again that's caution again, of is, Tom. answer an we from else no. can't increase fixed And increase

As know, we like to outperform. you

So that and did last year. we we --

our to number a I summarize you thematic a at I think I'll specific level to delta on And go Noaman that's EBITDA add so probably let we the plans because exactly would set color little as think it what comment investment buckets prudent to adjusted important well. of that accordingly. negative into by said. the in the

be areas, what on And have We I'll to a areas a that of comment frankly, feel a degree investing position couldn't this time are ours the we for to but these Noaman in company like we a strength. from operating couple like lead now be of with those let are. better

Hey, Tom.

So look, going. where that we about expectations plan earlier. in I delta at think from you talked we areas adjusted think EBITDA if about look year, you the where's right really now It's last the are that our versus investment

and in market I is product half probably of development. think that

deploy on at about we of out then than realized faster at is just couple to -- the this given least spoke the looking criticality on There we're capability and adjacencies again planned. Again, this purchase purchase building last move side. need had capital are product we year, originally commented much Max So appraisal, a of we the warranty. and we on other to which faster areas interesting

the goes investments And I us pure going a to more have transactions as that this is those remaining Intelligence Doma direct there ensure upfront. is operating but side. from purchase on overlap again, about thing that And a to be last maintain then, this to that delta third from expenses the of it's say making investment the to fulfillment then, we're excess of moving staffing transformation, I and want well. say, So the public degree Local would anticipated We not would just to And related high. is had we just platform. the also frankly

our what's that difference running than the example, investment and for. planned insurance million you driving that's higher $X of really we As the see an costs had bulk But delta. are EBITDA the

detail. Thanks the Okay. for

any kind be? through how might next or year a got of Intelligence the DI? of run follow-up price and the get that kind percentage way And rollout you've trained for where of to the of way percentages branches, maybe it Doma change end Like now for there? that like and it's the Local. think might kind kind like refis on we a on And sense purchase? that transactions in Local deployed of progress the whatnot, staff been update your that pricing like it of what as or the has percentage any you in of that, either by about way the should is follow-on of to local Is been the of kind Just channel just what's and DI

Sure.

take the of question can I'll So, the answer maybe that first part second. Noaman then

for technology. for the going the It's certainty And both regions In taking of We orders terms branches of of the technology thing the and higher same close quality. really channel, of out much to is and technology about in you refinance, what to it's rolling to higher wanted both mentioned. the for number underwriting to when of we technology we through right? we We purchase on saw pace these rolled direct Local to what -- attention we're which how transactions with instant the that want country kind pay do faster. exact the think momentum rollout our much go we we're that and with to of want our them that advantage looking

from here déjà a like rolled mean So, like I to team several out we back. the gate the around is refi I'd lot when we same of right years great. here it's have tell for seen that feeling technology out the which vu

see. that's what to expect So, I

rolled escrow Doma Intelligence when note one Local very at of December, to out our in the here. shortly Intelligence purchase pointing important piece instant The the and be actually by underwriting Doma is rolled transaction. platform settlement out think the out online purchase there I start that for that's we technology just in we it rolling for algorithm will

purchase. we So, use we of also used refi will all then have of the use being technology on full for

the I'll or just we So that. have the that's gauge targeted how the Local you rollout of of you if let momentum Noaman transactions provide percentage think the I success commented know we for there. to to want across channel. about the some how on don't we comment if color and have what

vast quarters. here our to all to is I'd is six volume say the next What Yes. over goal majority get that not the if four the

lens. that think quarter, So, think percentage we've about -- it from you percentages be by I or disclosed will don't should but we disclosing

That make sense. it. Appreciate Thanks.

pricing too so I asked on on Thanks. up that. touch just know to you

of As in think pretty competitively we Local now the channel. priced we're right

channel very Enterprise take see place interesting the purchase volume. within starting are conversations directing around We to some

rising So, lenders them. centralized for customers large ever, of seeing products digitally with first a streamlined especially towards their integrated direct closing environment the we have the and in are to offering lenders like -- title more an ability who kinds time rate national

to so them to make to And there well. say it's would in channel the And aggressively think on see the plan Enterprise extent price. progress we're as able Enterprise expect it in channel to to I I we safe with to on the that continue purchase that leaning

you. Thank

Thank you.

will from Our with Please Helfstein come go question Jason Oppenheimer. ahead. next

of what underwrite. to are trying investors kind I'm supposed understand growth to So,

premiums expectations the down retained XX% mean whatever basically in is down are coming outlook than or income give the or so less so top same. probably I about that's consistent. Gross So, XX% take

pretty that the telling us market You're much slowed.

don't kind growth be think want of companies same or I nearly down growth XX% to So, instead you're seeing the you're that like XX% rate. the slowing of comped kind yet to of

invest and on how what like kind companies we they could like can in kind kind and view you at they think in trade should the other XX% about just look for of company growth, of of a So, why of should multiple. underwrite given investors multiyear you that

think I really is XX% don't are as So, of what attract Thanks. to multiyear underwriting a interest? because going investors lot a

question the I be speak facing to profile the mean I Jason. that for can't backdrop for same -- who to companies is what the growth we rate thanks projected are proptech Yes. going other interest are.

months. risen I view in think very given how I rates of just and a cautious like couple we're said trying quickly the last to take have prudent interest

your all. outlook changed it business the at our as think long-term hasn't relates I question though for to

large more In we're is fact opportunity long-term a am lot in. than share what now more I've our market been a I in never take in to right confident antiquated that

said macro people focus like with able to which cautious and are we investing Our the a is lead still a prudent against the a of the outlined. be that take what backdrop market to to than to market's I contracting the help us frankly in know that lot approach more substantially areas to Noaman accelerate this certainly backdrop invest that backdrop market expected. confidently -- with year our continue overall will is more share is the And

I if we kind Noaman, summarizes the know think taken approach but we've of here. to I have anything that So add that that how don't you'd

well you think countered I Yes, it Max.

Thank Great. you.

with today's Please And you. will from last come Thank Ryan go Gilbert ahead. question BTIG.

everybody. Good afternoon, Thanks. Hi.

title up XXXX maybe companies your in on First landscape increase question hearing the competitive share. you XXXX and Enterprise. year-to-date color to extent a changes interested on starting saw quarter And any just against had or that other the you in which fourth operating is in wallet Enterprise? the on new I'm Doma and in the board lenders Appreciated about bump in coming of you're thoughts to

far think And shows the up answer again for nearly customers. what quarter. simple fourth close of we're them. Ryan. competitive it just a growth a Thanks Look seen in of it I these evidenced we and landscape the that producing which the we're we of haven't in is for is for question our in results doing The superior truth solution up XXX% the short much the is shows have change by Sure. across also the again order spectrum

And strategic competitive really was the best was we year process evidenced know been share of new think bit settlement the our I point. just sure haven't And pleased seen We've at wallet response escrow I last of become the I you welcome we for that just aspects rolling instant kind think there. frankly for competition. -- really the anything would thing And we've and again or them. some gains. frankly we over think is so bag a -- some with it's out what of in again title. an of chatter and much effect partners. there's all the for closing I'm technology coming had And if a that in partners seeing Enterprise machine we competitive learning it's

And differential think any purchase response orders you it. touched way traditional title that open through quantify in Doma market? Local your Intelligence compares are Got I versus the on maybe versus the non there competitors is channel platform intelligence Okay. in the on in your the opened through should other can going in can another specifically you question. and Doma how to say But you pricing with I that purchase pricing

go probably that Intelligence business Right and I now publicly And Doma such Yes. are separate as think Local has And filed. transactions our Local the fees. even through going our through Sure. rates channel. purchase they're

They're on seek other channel would look of technology currently distribution-focused call local where for generally the primarily competitive to being could I them differentiate used Enterprise up. we for our kind is prices companies competitive refinance. what title with You where generally

see would earlier opportunity through differentiate an to more mentioned transactions price. handle is on the channel to I our that As Enterprise so we the that seek to lender partners we from extent further purchase direct area where

guess That's field-level understanding one I other are there? go-to-market Okay. sales staff, just areas Got investing I'm primarily sure just for you or Last making that helpful. me Is adding correctly. in it.

Yes and just also made We've business product in corporate best-in-class really in demand sales really and generation. across marketing. capability go-to-market a for us marketing the and a brand, is marketing marketing but investment not substantial

headcount dollars spend marketing that it's and our on sales then So for we primarily force. salespeople marketing and assisting programs

Okay. much. Great. Thanks very

you. Thank

Thank you concludes conference call. this gentlemen, today's your participation. for and Ladies

disconnect. now may You