Q2 2021 Doma Holdings Inc Earnings Call
Thank you for standing by and welcome to the Dome with second quarter 2021 earnings Conference call. At this time all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session.
Ask a question during the session you will need to press star one on your telephone as a reminder, today's program may be recorded I would now like to introduce your host for today's program, Chris My Mona.
Head of Investor Relations. Please go ahead Sir.
Thank you operator.
Afternoon, everybody and thank you for joining done our second quarter 2021 earnings conference call.
Earlier today Dhamma issued a press release announcing its second quarter results, which is also available at investor Dot Dot Dot com, leading today's discussion that'll be dumbest, founder and Chief Executive Officer and.
Then chief Financial Officer Gnomon Ahmed.
Management's prepared remarks, we will open up the call to questions.
Before we begin I would like to remind you that our discussion will retain predictions expectations forward looking statements and other information about our business and is based on management's current expectations as of the date of this presentation.
Forward looking statements include but are not limited to someone's expectations or predictions of financial and business performance conditions and competitive and entry outlook forward looking statements are subject to risks uncertainties and other factors that could cause our actual results to differ materially from historical results and work from our forecast, including those set forth in <unk> form 8-K filed today.
For more information please refer to the risks uncertainties and other factors discussed in gentlemen, SEC filings.
Cautionary statements that we make during this call are applicable to any forward looking statements, we make wherever they appear.
You should carefully consider the risks and uncertainties and other factors discussed in <unk> SEC filings.
Not place undue reliance on forward looking statements as them is under no obligation and expressly disclaims any responsibility for updating altering or a REIT revising any forward looking statements, whether as a result of new information future events or otherwise except as required by law.
Running through some of the technicality of associated with the recent public listing events. The transaction was accounted for as a reverse capitalization and capital investment Corporation five will be treated at the acquired company for financial statement reporting purposes del Mar prior to the business combination with being the predecessor and gentlemen, after the business combination will be the <unk>.
Except the SEC registrant, meaning the dumbest Banco statements for periods prior to the consummation of the business combination will be disclosed in donuts future periodic reports no goodwill or other intangible assets were recorded in accordance with GAAP from our details. Please see our filings with the SEC.
Additionally, during this conference call. We will also refer to non-GAAP financial measures, including retained premiums fees adjusted gross profit and other measures described in our earnings release, our GAAP results and a description of non-GAAP financial measures with a full reconciliation to GAAP can be found in the second quarter 2021 earnings release, which has been furnished to the SEC and avere.
On our IR website.
That I will turn the call over to Maxim CEO Abdominal Holdings, Inc.
Thanks, Chris and good afternoon, everybody. Thank you for joining US today. This is our first quarterly earnings call as a public company and I'm excited to start today's call talking through our demonstrated results in Q2. The continued expectations for top line performance that we have in the future and Additionally, the core drivers of this growth that enable us to deliver a much needed solution for a very long.
Market that is long overdue for disruption by modern day technology.
After I've talked to you our Q2 highlights the drivers of our growth and our vision for how we will build on this with the new proceeds. We've recently brought to the balance sheet, you're going public I will hand, it over to norm on Amit our CFO to provide more detail on our Q2 financial results as well as a more detailed update regarding our near term expectations. So.
So first on our growth our results in the second quarter were a testament to how successfully we've been able to execute on our mission of delivering differentiated value to customers and consumers alike, leveraging the power of machine learning. These efforts have driven significant market share gains, we opened and closed substantially more orders than we did during the same quarter last year.
Allowing us to grow our retained premiums and fees, which as a reminder, as our primary top line metric by 46% versus Q2 of 2020 most.
Most importantly, we drove share gains and another quarter of over 500% year over year closed order growth in our enterprise channel, which is where we have fully deployed our <unk> intelligence platform and technology differentiated offerings. This growth was principally fueled by two factors first. The addition of new customers, we signed 17 new enterprise.
Customers, including Wells Fargo, and fairway dependent mortgage to more of the top 15 largest mortgage originators in the country.
Second by expanding wallet share with existing enterprise customers, such as Chase home point in Pennymac. Some of these wallet share gains were driven by donut expanding into four more states, bringing our geographic footprint up over 75% coverage of the U S mortgage market by volume.
Our local division grew over the same period last year in large part due to a significant shift in our transaction next toward purchase transactions purchase transactions had the benefit of being much less susceptible to macroeconomic swings and also yield higher average retained premiums and fees per transaction. We also prepared to begin fulfilling purchase volume via our domain intelligence platform later this year on track with.
The timing expectations, we've communicated in the past finally, we accelerated the refinance volume in our local business that is now being serviced through our domain intelligence platform, enabling us to offer differentiated capabilities for more of the smaller regional lenders and credit unions that will help us capture additional share and drive more growth in that part of the market going forward.
I'm going to talk about our technology solutions in a minute, but first an important reminder, we currently only serve a small percentage of our 23 billion dollar market opportunity and therefore believe that we can continue to grow rapidly regardless of macroeconomic trends on the strength of our differentiated offering and a strong track record of customer obsessed delivery for which we are now now.
For this reason we are raising our 2021 full year outlook for retained premiums and fees, which is the primary measure we use for assessing the top line performance of our business and know Oman will share more details on this shortly.
To talk through some of the drivers of this growth as many of you know our growth in the $23 billion residential title and escrow market is driven by a unique approach of applying cutting edge machine learning technology to remove giant chunks of friction frustration and expense from the historically tedious process of closing residential purchase or refinance transaction.
In Q2, we demonstrated significant progress and more broadly deploying our technology in seeing ever faster better and cheaper outcomes for our clients and end customers at the core of our technology first approach to delivering incident homeownership experiences is a platform we call Don My intelligence the domain intelligence platform utilizes three key elements.
Title Delmastro and dome of close to deliver our machine learning capabilities across all aspects of our residential mortgage closings.
As many more of you may be new to the Delta solution given our recent entry into the public markets I thought it would be beneficial to briefly walk through how the solutions work today Sir.
Delma title reduces a typical three to five days title underwriting process down to less than a minute using industry, leading machine learning powered underwriting technology in Q2, all of our dome of enterprise customers continued to see significant benefits from down the title with more than 80% of orders unwritten instantly regardless of where these orders are being handled and closed.
Across the country.
In our Doma enterprise channel in the second quarter, we saw quicker transaction close times on average for our customers of between three and five days for instance, the underwritten orders within dome title versus those handled via traditional search process, while we launched AUM entitled for refinance transactions originally in our Dharma enterprise business, we extended its use to refinance.
Transactions in our local channel late last year and saw accelerating adoption of it throughout Q2 across a broader set of local refinance transactions and more markets. We are now excited to launch this proprietary technology for purchase transactions by the end of this year on the timeline, we communicated earlier this year to bring the same speed accuracy and cost savings to an entirely new.
The category of transactions.
Don the escrow is the second core element of Dhamma intelligence and and applies a unique combination of natural language processing and computer vision to massive amounts of labor time and stress from the cumbersome areas of fee balancing and closing document management, our domain escrow functionality can scan hundreds of pages of documents at a time extract relevant information automatically <unk>.
Alex and reconcile fees and identify and correct errors and discrepancies work that has historically been manually fulfilled in this industry.
At one of our largest nationally service Doma enterprise lender customers. We saw that in Q2, gentlemen, escrow was processing and delivering closing documents, 33% faster than the fastest competitive alternative in this part of the process that this lender had ever seen and as the machine learning models that drive this part of the solution process more and more data we.
Specced for them to get even more accurate can still faster as time grows providing continuously optimizing benefit to our customers.
<unk> title and dome Astro, we have five pending U S patent applications and our data science teams are constantly inventing new first of their kind of machine learning applications to drive more unique intellectual property for the company.
In the third key element of Dhamma intelligence Gumma clothes, we are building an unparalleled user experience around a fully remote fully digital way to instantly closer mortgage by allowing for all of the homebuyers as documents to be signed at the tap of a finger in Q2, we began broadening to AUM or close to address more of the document management process to include pre closing documents as well.
There's some post closing follow ups, allowing for a larger number of refinance transactions the benefit from Dhamma close beginning in Q3.
Across these three core product areas. Domo also applies are built from scratch operational service delivery model that augments, our proprietary technology with deep human expertise to drive more effective outcomes better user experiences faster time to close and lower cost for everyone involved in the title insurance escrow and closing service process.
So in summary, because of our unique full stack technology first solution in Q2, more banks and lenders SEC more orders are way across more of the United States further validating the notion that our approach is resonating across the industry, we deliver faster residential mortgage closings for the likes of Chase Pennymac home point, and now new customers like Wells Fargo and fairway.
Independent mortgage we did so by underwriting title insurance faster balancing closing statements and processing complex structured and unstructured data faster, which enables our customers to digitally closed residential refinance transactions for their end customers and a record setting pace ultimately producing meaningful and more impactful long term relationships with those same customers.
These faster closings are also less error prone because our machine learning technology gets constantly smarter and making accurate interpretations and decisions. It's also a much better closing experience overall for everyone better for borrowers better for mortgage originators and by the end of this year better for buyers sellers and real estate agents.
We are confident that as we continue to build upon our cutting edge technology platform, we can expand our competitively and further build on the growth we've already demonstrated for many quarters to come.
I want to finish by talking about where we go from here now that we have recently taken the company public and added a significant amount of new capital to our balance sheet that we would use to widen our lead as a reminder, all of our growth in 2021, so far as well as the continued growth we expect for the remainder of the year is driven by a self funded plan that does not.
That reflect any benefit in the $350 million of new proceeds we just raised when we entered the public markets on July 28.
These proceeds will allow us to expand the scope of our ambition and to accelerate the pace of our execution to deliver upside beyond the self funded plan. We previously outlined going public with simply another way of us establishing our place as a growth business being able to expand key markets more quickly and launch new product functionality that extend the advantages of our <unk>.
My intelligence platform.
In terms of expanding key markets in our core business today to support continued growth across both enterprise and dhamma local will now be embarking on a multiyear journey to expand and grow our customer acquisition functions from new customer sales to account management to service and solution delivery.
As we do this we are confident that the appeal of working to bring the industry into the future will help us attract the best talent in the market oftentimes getting people from diverse backgrounds at some of the leading tech companies on the planet to consider joining our real estate pack business when they might not have normally given in the second block.
With respect to launching new product functionality, we are in the process of finalizing a plan to use some of the proceeds we just raised to build deeper functionality for more rapidly understanding and actioning decisions instantly across every aspect of the mortgage closing process using new proprietary data sources.
To drive this expansion in product scope and functionality, we've already started to augmenting our overall technology team the quality and size of this team grew materially even over the last few months in Q2 alone we hired top tier engineers data scientists product managers operational experts and customer relationship managers from the likes of box Carta Logmein.
In Netflix Oracle, Netsuite, Paypal and Splunk among others.
And finally with respect to expanding our focus to new adjacent markets. We plan on putting some of the proceeds we've raised to work against delivering the same cutting edge technology, we've deployed for title and closing to both the $8 billion of appraisal market and $3 billion home warranty market appraisal because it is manual and full of friction as title and escrow and our machine learning and insurance expertise.
Presents a clear opportunity to introduce a new approach that will remove a lot of today's labor dependency from a relatively analog old school process and in the case of home warranty. We believe that the total available market itself could be even bigger if someone delivered a truly enjoyable and impactful instant digital experience for homeowners to protect and add value to <unk>.
Any of their most valuable and important home systems.
And we see several opportunities for us to establish a foothold in that part of the market as we deliver a more integrated digital mortgage closing platform.
Successfully penetrating these adjacencies increases the size of our near term Tam from 23 billion to 34 billion, representing a 50% increase to our addressable market alone.
Not five years after founding the company in a single shared office in San Francisco, We now have over 1500 associates across 22 states, helping us accelerate our pace towards not only owning a leadership position in the $23 billion residential title and closing market, but also in expanding our focus into the $11 billion of appraisal and home warranty opportunity.
With the new proceeds we just raised via going public we can not only accelerate the growth in our core business, but we can help deliver a future where you will find a purchase contract for a home on a Friday afternoon and move in on Monday morning, with all the interim processes and documents handled by our proprietary technology in between.
Before concluding my prepared remarks, I want to thank the team of people and investors, who have partnered with us to support our long term growth as a public company. In addition to the more than 500 strong I mentioned, we now have helping us to recognize our long term vision I also want to thank our three recently announced new board members short <unk>, formerly a partner at Ernst and young Maxine Williams.
The Chief diversity officer at Facebook, and Serena Wolfe Chief Financial Officer of annually capital management, a leading diversified capital manager in the mortgage REIT sector.
These phenomenal women will bring diverse perspectives and broad expertise and will be valuable members to our already exceptionally strong board, helping us round out our incredible team and I also want to make sure to thank our investors both those who have been with us for a large part of the journey already and those who recently decided to back the company for long term success with that.
I'm going to pass it over to gnomon, who can provide more color on our second quarter results and improved financial outlook for the full year Noma.
Thanks, Matt and good afternoon, everyone.
Out of the Domo team for helping us achieve strong results for the second quarter of 2021 that exceeded our internal plan all the while remaining hyperfocus successfully becoming a public company, which we accomplished in July 28.
As part of taking a company public we reached approximately $350 million in cash to add to the 159 million we had in the balance sheet at the end of Q2 with.
As Max mentioned with additional capital, it's all upside for previously disclosed forecast, which was built on a self funded basis and will help provide growth above and beyond what we're already experiencing in forecasting.
Now to our recent results in Q2, 2021, regenerated revenue on a GAAP basis of $130 million up 29% from the second quarter in 2020.
As we have stated in the past GAAP revenue includes the portion of third party agent premiums that Domo does not retain.
So we focus on domas retained premium and fees, which excludes the <unk> premiums retained by third party agents.
We believe this is a much better representation of Filmless underlying top line performance with.
With this in mind retained premium and fees grew to $65 million in the second quarter of 2021, a 46% year over year increase.
Our growth in Q2 was fueled by another quarter of or 500% year over year closed order growth and our domain reprise channel.
519 to be exact which is where our domain intelligence platform is fully deployed.
The continued strength in this channel was the result of significant wallet share capture as well as new client rates consistent with the pieces, we outlined our financial plan.
Open order momentum in the channel was equally strong with open orders, increasing 343% year over year in Q2, providing us added confidence in our ability to meaningfully exceed our original retained premium increase forecast for the year.
Close order growth and our local channel was 4% and while this was muted when compared to the growth in our demand and price channel. We saw favorable mix trends with purchase closed orders growing 48% year over year, helping drive a 10% year over year increase in our average correct between premium and fees per order.
As Max mentioned, the purchase transaction side of the real estate market is strategically important to us.
Tend to continue investing in this area in particular as we expand the dome intelligence offering two power purchase transactions later in the year.
Turning to our profitability for the quarter, our main focus as adjusted gross profit, which grew to $30 million or 31% increase compared to the same period in 2020.
Adjusted gross profit as a percentage of retained premium and fees was 46% in the second quarter of 2021 compared to 51% in the second quarter of 2020.
The downtick in adjusted gross profit as a percentage of retained premium and fees was consistent with our financial plan.
And driven principally by a reduced benefit from provision from claims releases this quarter.
As well as investments and staffing ahead of growth in our domain enterprise channel a trend we expect to continue as we rapidly scale the channel.
Finally, adjusted EBITDA decreased by $10 million year over year, as we invested in customer acquisition and corporate support Stefan initiatives as part of becoming a public company.
With respect to the capital management of the business, we continue to operate a capital light infrastructure.
Consisting mainly of software development related to the dome intelligence platform.
Which resulted in a $6 million investment in fixed assets in the second quarter of 2021.
I'll close my remarks, with our outlook for the remainder of the year.
Because <unk> financial results exceeded our original plan through the first half of 2021 and because of our recent strong open order momentum, which is a leading indicator retained premium and fees and reinforces the success of our disruptive approach to the title insurance and closing process, where today raising our full year outlook.
We now expect to generate between 250 and $260 million of retained premium and fees and between 95 and $105 million of adjusted gross profit for full year 2021.
This outpaces, our original forecast of $226 million of retained premium fees and $89 million of adjusted gross profit as disclosed in our public and lesser presentation and our form S. Four that were filed earlier this year positioning us well for a strong 2022.
With that I'll turn the call back to Max.
Thank you Omar and I will conclude by saying how incredibly excited we are about the future of Domo, we have proven our ability to add onboard and scale customers across the entire spectrum of the mortgage market. We also executed against our plan to expand our enterprise channel to new States and continue to drive efficiency gains through the utilization of Don My intelligence.
The largest mortgage originators in the country recognize our value proposition and we have also dramatically improved their labor efficiency time to close customer satisfaction and overall costs in a short period of time, we are starting to see a similar value proposition play out in our local channel as we continue to introduce the domain intelligence platform to a branch dependent customers and we're excited to introduce purchase trans.
Actions through Doma intelligence as we remain steadfast on our journey to up and title and escrow industry.
We hope to have the opportunity to meet with you over the next several weeks as we attend several marquee investor conferences to tell our compelling story first step is the Needham virtual Fintech and digital transformation conference on August 19th after that we plan to attend several notable events in September including the D. A Davidson software and Internet conference the JMP Fintech AI conference and the <unk>.
<unk> Global Technology conference, Thanks, again to everyone for tuning in today.
Thank you ladies and gentlemen, if you have any questions. At this time. Please press Star then one on your Touchtone telephone. If your question has been answered and he'd like to remove yourself from the queue. Please press the pound key our first question comes from the line of Matt <unk> from JMP. Your question. Please.
Hey, Thanks, good afternoon.
Okay.
Back to you you've commented a few times in your prepared remarks about the push into local market purchase transactions.
Okay.
<unk> through 'twenty, one and I guess my question is could you talk a little bit more about that specifically.
How do you view the value proposition to say the real estate agent in that case.
Different positive negative otherwise then to the large strategic partners on your refi side and do you think investors should think any differently about the risk involved in our purchase versus refi given theres a property exchanging hands versus just a new loan with refi.
Sure and thanks, Matt for the question good to hear your voice as you know purchase transactions are typically referred to us via real estate agents operating in local markets versus loan officers, referring us refi transactions in the same local markets or in case of our enterprise business large lenders, sending us significant volume primarily refi transactions. So we.
These transactions from real estate agents and the value proposition to our real estate agent really isn't fundamentally different than the one that we offer to a lender.
More specifically to our loan officer at a lender and that is to say that loan officers, who are doing refis and real estate agents, who are helping clients buy or sell their home. They both care equally as much about closing the transaction as quickly as possible with as much certainty in quality for their end customer at the most affordable price. So if you look at it more simply our faster better.
Keep our value proposition resonates strongly with real estate agents as it does with lenders.
On the risk side, we do think that purchase transactions likely have more risk due to the fact that theyre really transactions between unrelated third parties, but we feel confident that our instant underwriting model is still going to work successfully for these transactions and Additionally, if you recall the revenue for purchase transactions is oftentimes two to three <unk>.
With the revenue per REIT by transaction and so that allows us to still we believe affords that manage and measure the risk and effectively. So we think the value proposition is just as strong for real estate agents in many ways. It's very similar to what it is for loan officers and our lender.
Great and then maybe if you could give us a little bit of color on the strategic and enterprise side, both kind of if we take wells as an example, or just some of the more recent additions in terms of partnerships give us a feel for kind of where those rollout stand how long does it take to get EMEA like a wells or so you added at fairway.
Most recently kind of fully up and running on the platform and what does the pipeline look like for additional partnerships.
Sure.
Wells did launch and they're already in production and I can say they've got a great team they've been a phenomenal partner, but I won't comment more on their individual performance metrics I think to answer the second part of your question in terms of how these clients. These dome enterprise clients typically launch.
After we've spent some period of time familiarizing them with the value proposition.
Oftentimes, providing reference customers for them to talk to our doing a demo of the solution. The onboarding of the client can happen pretty quickly and then they scale volume usually over a several month period just to validate that the solution is delivering the differentiated value that we promised we've proven across pretty much all of our enterprise customers.
We've got a solid framework for illuminating that value over the first few months of Onboarding and in a way that helps us expand with the client pretty quickly thereafter.
Excited to do this with all of our enterprise customers going forwards.
Adding wells.
Great and then last one if I could.
The load of soft partnership that was announced end of June.
That sounds like it's a little bit different than maybe some of the other partnerships that we've seen can you just give a little bit of color. There on what that is and how we should expect to see that.
With adults.
Lotus offers a really a software platform to help mortgage brokers.
Manage their business and.
And to provide better outcomes for their customers and that partnership was really about us.
Spending more focus on mortgage broker part of the origination market, it's a really fast growing and attractive part of the market for us and as we had on boarded some some mortgage brokerage customers through our enterprise channel earlier. This year, we saw the opportunity to explore a partnership with Lotus off to see if theres a way.
For us to get better capabilities and focus on that part of the market in the back half of the year.
Great well. Thank you for taking my questions and congrats on a nice first quarter out of the gates as a public company.
Thanks, so much.
Thank you. Our next question comes from the line of Tom White from D. A Davidson your question. Please.
Oh, great. Thank you guys and congrats on your first public earnings call.
Next it sounds like your conviction on being able to hit your self funded plan has increased here.
Over the last few months.
Not surprising given the recent strength in the business, but can you maybe just give us a little bit more.
Color on.
Specifically, what youre seeing that is it increasing your conviction there both for this year, but also kind of you know the next Oh. The forecast you have for the next couple of years and maybe could you clarify did the self funded plan contemplate proceeds from the from the pipe or was it really entirely self funded.
Sure. So I'll ask <unk> to take a shot at this sure.
So hi, Tom.
From a funding perspective and growth perspective, a self funded plan that we disclosed earlier. This year was all based on the current cash we had on the balance sheet.
So we had contemplated none of the spec proceeds and none of the pipe proceeds we're very confident in delivering to that plan or better than that plan.
As you've seen the performance this year has been stronger than our original forecast and we've raised guidance as a result of that that again is all on the basis of our current investment trajectory.
It does not contemplate any use of the new proceeds we have raised.
And as we now look to the rest of the Europe and beyond we will start planning for how we utilize the new funds raised.
Long term objectives are no different and our ability to invest in those strategic objectives Theres no different at this point.
Okay, great maybe.
Maybe a follow up.
In the prepared remarks, there are there was a comment about.
Investing in I think it was sort of new proprietary data sources to help.
Kind of better inform or train the algorithms are on dome intelligence platform was hoping you could just give a little more color there like what kind of data are you are you.
Thinking about it and how.
Would it kind of improve the product.
Sure.
We are our product is at its core a machine intelligence platform that consumes data from a variety of different sources to effectively make predictions that make the process of closing our mortgage more efficient and.
Like like.
Most at scale machine learning platforms, the more data of different types that you can feed into the models the smarter and more accurate.
And more optimized they can get over time. So today, we use a combination of proprietary and.
Some actual public data sources.
And without going into specifics about the.
The specific data sources that we're planning on incorporating into the model. We're always looking for new data to factor into the model to make them more accurate at driving these predictions. So you.
You can expect us to continue finding and incorporating new data sources, just kind of in the normal course of focusing on making the platform smarter.
Okay.
Maybe one more if I could I think you know in the past you guys have talked about being kind of sub 10% penetrated.
When it when it comes to kind of the the refi volume at your kind of large S and EAA.
Customers, how should we think about where that penetration.
Might be able to get to over the over the next few years you know presuming you guys continue to execute in and kind of stay ahead of the competition.
Where could that kind of penetration rate kind of Max out you think.
Sure so.
Well, we certainly haven't disclosed volumes on a client by client basis per se.
Youre right that were still relatively underpenetrated across.
These enterprise customers as a group.
And that's even despite a number of significant year to date wallet share expansion with this group of customers, including when we launched into new states and near immediately after launching of new States started taking volumes from those same customers. So there's a lot more room for us to grow I think to more directly answer the question, you're asking if it's whereas the.
Where might we find a ceiling of wallet share ceiling with these customers and we've seen.
Several examples now of where it's not at all abnormal for us to be able to get upwards of 50% to 75% of the wallet share in these customers and again I think the reason for that is really important it's that were delivering such better results for these customers. They are able to close these loans so much faster for their end customers.
Better quality and and at a more affordable price.
So we feel quite confident that over time.
Is entirely reasonable for us to get as high as 50% to 75% wallet share in these accounts.
Okay.
Oh, great. Thanks, guys appreciate the color and congrats on the first quarter out of it.
Thank you.
Thank you. Our next question comes from the line of Jason <unk> from <unk>. Your question. Please.
Hey, guys, it's Sean on the call for Jason Congrats on the quarter. So I just have one for you. We're beginning to see a lot of these tech enabled brokerage firms really start to lean into the adjacent services opportunity.
How are you guys thinking about potential partnerships here do you see it as an opportunity or are you more focused on the traditional side of things. Thank you.
Thanks, Sean Thanks for the question, we do see an opportunity here in the long run.
I'm very encouraged and excited by the amount of technology investment that's being directed at enabling real estate agents to spend more time building their business and less time fulfilling a lot of the ancillary services and back office tasks.
That quite frankly, they they shouldn't have to be doing and so we are just seeing now some of these platforms.
Start to offer some of the kind of open API architecture that would enable solutions like ours.
To nicely slot in there and offer integrated products value. So that is an area, where we're going to be spending more time, and it's an area, where we've staffed up our technology team.
To spend more time and focus, particularly in the back half of the year as we start bringing purchase transactions onto the dome intelligence platform.
Thanks, a lot appreciate it congrats again.
Thank you. This does conclude the question and answer session of today's program I'd like to hand, the program back to management for any further remarks.
Thanks, I'd, just like to I would just like to finish the call by sending a big Thank you again to our customers without whom we wouldn't have a business and we're hugely indebted to you for believing in us and we plan on continuing to deliver incredible value for you to our team.
As I mentioned over 500 strong we're just really lucky to work with this group of people and also to our investors who have chosen to back the business in and partner with us to build long term value really wanted to thank you a lot have a great day.
Thank you, ladies and gentlemen for your participation in today's conference. This does conclude the program you may now disconnect good day.
Okay.
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