0000950170-23-002170.txt : 20230208 0000950170-23-002170.hdr.sgml : 20230208 20230208163123 ACCESSION NUMBER: 0000950170-23-002170 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230208 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230208 DATE AS OF CHANGE: 20230208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STEWART INFORMATION SERVICES CORP CENTRAL INDEX KEY: 0000094344 STANDARD INDUSTRIAL CLASSIFICATION: TITLE INSURANCE [6361] IRS NUMBER: 741677330 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-02658 FILM NUMBER: 23599568 BUSINESS ADDRESS: STREET 1: 1360 POST OAK BLVD STREET 2: SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77056 BUSINESS PHONE: 7136258100 MAIL ADDRESS: STREET 1: 1360 POST OAK BLVD STREET 2: SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77056 8-K 1 stc-20230208.htm 8-K 8-K
0000094344false00000943442023-02-082023-02-08

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 08, 2023

 

 

STEWART INFORMATION SERVICES CORPORATION

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-02658

74-1677330

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

1360 Post Oak Blvd

Suite 100

 

Houston, Texas

 

77056

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 713 625-8100

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock, $1 par value

 

STC

 

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 2.02 Results of Operations and Financial Condition.

A press release issued by Stewart Information Services Corporation on February 8, 2023, regarding financial results for the three months ended December 31, 2022, is attached hereto as Exhibit 99.1, and is incorporated herein by reference. This information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

(d) EXHIBITS

 

Exhibit No.

 

Description

99.1

 

Press release of Stewart Information Services Corporation dated February 8, 2023, reporting financial results for the three months ended December 31, 2022.

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

STEWART INFORMATION SERVICES CORPORATION (Registrant)

 

 

 

 

Date:

February 8, 2023

By:

/s/ David C. Hisey

 

 

 

David C. Hisey,
Chief Financial Officer and Treasurer

 

 EX-99.1 2 stc-ex99_1.htm EX-99.1

Exhibit 99.1

Stewart Reports Fourth Quarter 2022 Results

  • Total revenues of $655.9 million ($643.2 million on an adjusted basis) compared to $961.7 million ($955.2 million on an adjusted basis) in the prior year quarter
  • Net income of $13.3 million ($16.3 million on an adjusted basis) compared to $85.5 million ($83.7 million on an adjusted basis) in the prior year quarter
  • Diluted EPS of $0.49 ($0.60 on an adjusted basis) compared to prior year quarter diluted EPS of $3.12 ($3.05 on an adjusted basis)

HOUSTON, Feb. 8, 2023 /PRNewswire/ -- Stewart Information Services Corporation (NYSE: STC) today reported net income attributable to Stewart for the fourth quarter 2022 of $13.3 million ($0.49 per diluted share), compared to net income attributable to Stewart of $85.5 million ($3.12 per diluted share) for the fourth quarter 2021. On an adjusted basis, Stewart's fourth quarter 2022 net income was $16.3 million ($0.60 per diluted share) compared to $83.7 million ($3.05 per diluted share) in the fourth quarter 2021. Fourth quarter 2022 pretax income before noncontrolling interests was $20.8 million ($24.7 million on an adjusted basis) compared to pretax income before noncontrolling interests of $114.1 million ($111.7 million on an adjusted basis) for the fourth quarter 2021.

Fourth quarter 2022 results included $12.7 million of pretax net realized and unrealized gains, primarily composed of net unrealized gains on fair value changes of equity securities investments and gains related to settlements of company-owned insurance policies, offset by $16.7 million of combined office closure, severance and regulatory settlement and litigation expenses. Fourth quarter 2021 results included $6.5 million of pretax net realized and unrealized gains, primarily composed of net unrealized gains on fair value changes of equity securities investments and net gains related to acquisition contingent liability adjustments, partially offset by net realized losses primarily related to sale of securities investments and other assets and $4.1 million of office closure costs.

"Our fourth quarter results were impacted by historically low transaction volumes due to the current economic environment and its impact on the housing industry. We have continued to manage our operations during this challenging environment with a reasonable balance of cost discipline and investment in capabilities that we expect will have a positive impact on our business over the long term," commented Fred Eppinger, chief executive officer. "We have made significant progress in becoming a stronger company and will continue to invest opportunistically to build a more resilient company. In line with our long-term strategies of improving Stewart, we are excited to welcome to the Stewart family BCHH, a national provider of title services to institutional real estate investors and lenders."

Selected Financial Information
Summary results of operations are as follows (dollars in millions, except per share amounts, and amounts may not add as presented due to rounding):

Quarter Ended
December 31,


Year Ended
December 31,

2022

2021

2022

2021






Total revenues

655.9

961.7

3,069.3

3,305.8

Pretax income before noncontrolling interests

20.8

114.1

232.7

434.0

Income tax expense

(2.5)

(23.4)

(50.9)

(94.0)

Net income attributable to noncontrolling interests

(4.9)

(5.1)

(19.5)

(16.8)

Net income attributable to Stewart

13.3

85.5

162.3

323.2

Non-GAAP adjustments, after taxes

3.0

(1.8)

17.8

(14.1)

Adjusted net income attributable to Stewart*

16.3

83.7

180.1

309.1

Net income per diluted Stewart share

0.49

3.12

5.94

11.90

Adjusted net income per diluted Stewart share*

0.60

3.05

6.58

11.38






* Adjusted net income and adjusted net income per diluted share are non-GAAP measures. See
Appendix A for an explanation and reconciliation of non-GAAP adjustments.

Title Segment
Summary results of the title segment are as follows (dollars in millions, except pretax margin):

Quarter Ended December 31,


2022

2021

% Change







Operating revenues

581.6

836.4

(30 %)

Investment income

6.9

3.7

85 %

Net realized and unrealized gains

10.3

4.9

110 %

Pretax income

26.9

118.6

(77 %)

Non-GAAP adjustments to pretax income

8.0

2.6


Adjusted pretax income*

35.0

121.1

(71 %)

Pretax margin

4.5 %

14.0 %


Adjusted pretax margin*

5.9 %

14.4 %








* Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See
Appendix A for an explanation and reconciliation of non-GAAP adjustments.

Operating revenues for the title segment decreased $254.8 million, or 30 percent, in the fourth quarter 2022 compared to the fourth quarter 2021, primarily due to volume declines in our direct title and agency operations, while total segment operating expenses decreased $154.6 million, or 21 percent, primarily as a result of lower revenues. Agency retention expenses in the fourth quarter 2022 decreased $107.8 million, or 30 percent, consistent with the 30 percent decline in gross agency revenues, while the average independent agency remittance rate in the fourth quarter 2022 was 17.6 percent compared to 18 percent in the fourth quarter 2021.

Total employee costs and other operating expenses in the fourth quarter 2022 decreased $36.2 million, or 11 percent, compared to the prior year quarter, and as a percentage of operating revenues, these expenses were 48.9 percent in the fourth quarter 2022 compared to 38.3 percent in the fourth quarter 2021, primarily due to lower revenues in the fourth quarter 2022. Title loss expense in the fourth quarter 2022 decreased $11.9 million, or 36 percent, compared to the prior year quarter, primarily due to lower title revenues. As a percentage of title revenues, title loss expense was 3.7 percent in the fourth quarter 2022 compared to 4.0 percent in the fourth quarter 2021.

The title segment's net realized and unrealized gains in the fourth quarters 2022 and 2021 included net unrealized gains of $11.2 million and $8.1 million, respectively, related to fair value changes of equity securities investments and net realized losses of $0.6 million and $0.8 million, respectively, on sale of investment securities. Additionally, the segment recorded $2.0 million of net losses related to acquisition contingent liability adjustments during the fourth quarter 2021. Investment income in the fourth quarter 2022 increased compared to the prior year quarter, primarily as a result of higher interest income resulting from increased interest rates and higher short-term investments in the fourth quarter 2022.

Direct title revenues information is presented below (dollars in millions):

Quarter Ended December 31,

2022

2021

% Change






Non-commercial:



Domestic

171.3

251.0

(32 %)

International

24.0

38.3

(37 %)


195.3

289.3

(32 %)

Commercial:



Domestic

66.9

93.1

(28 %)

International

7.7

9.4

(18 %)


74.6

102.5

(27 %)

Total direct title revenues

269.9

391.8

(31 %)

Total non-commercial revenues decreased $94.0 million, or 32 percent, primarily resulting from a 55 percent decline in residential purchase and refinancing transactions during the fourth quarter 2022 compared to the prior year quarter. Domestic commercial revenues in the fourth quarter 2022 decreased $26.2 million, or 28 percent, primarily due to lower transaction volume and size compared to the fourth quarter 2021. Average domestic commercial fee per file in the fourth quarter 2022 was $15,100, which was 23 percent lower compared to $19,700 in the fourth quarter 2021, while average residential fee per file in the fourth quarter 2022 increased 45 percent to $3,500, compared to $2,400 in the prior year quarter due to a higher purchase mix in the fourth quarter 2022. Total international revenues in the fourth quarter 2022 declined by $16.0 million, or 34 percent, primarily as a result of lower transaction volumes in our Canadian operations and weaker foreign currency exchange rates against the U.S. dollar compared to the prior year quarter.

Real Estate Solutions Segment
Summary results of the real estate solutions segment are as follows (dollars in millions):

Quarter Ended December 31,

2022

2021

% Change





Operating revenues

54.7

83.7

(35 %)

Net realized and unrealized gains

-

3.3

(100 %)

Pretax income

0.4

5.3

(93 %)

Non-GAAP adjustments to pretax income

6.6

2.3

Adjusted pretax income*

7.0

7.6

(7 %)

Pretax margin

0.7 %

6.1 %

Adjusted pretax margin*

12.8 %

9.1 %



* Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See
Appendix A for an explanation and reconciliation of non-GAAP adjustments.

Operating revenues for the real estate solutions segment decreased in the fourth quarter 2022 compared to last year's fourth quarter primarily due to lower transaction volumes influenced by the current high interest rate environment. Combined employee costs and other operating expenses decreased 36 percent in the fourth quarter 2022, consistent with the reduced operating revenue. Net realized and unrealized gains during the fourth quarter 2021 were primarily driven by net gains related to acquisition contingent liability adjustments. Included in the total non-GAAP adjustments to pretax income were total acquired intangible asset amortization expenses in the fourth quarters 2022 and 2021 of $5.8 million and $5.6 million, respectively.

Corporate and Other Segment
The corporate and other segment recorded $2.5 million of net realized and unrealized gains in the fourth quarter 2022, primarily related to settlement of a company-owned life insurance policy, compared to $1.6 million of net realized losses in the fourth quarter 2021, primarily driven by losses on asset disposals. Segment results for the fourth quarter 2021 included a real estate brokerage company that was acquired in late 2021 and sold in early 2022. Net expenses attributable to corporate operations increased to $9.0 million in the fourth quarter 2022 compared to $7.9 million in the prior year quarter, primarily as a result of higher interest expense resulting from debt.

Expenses
Consolidated employee costs in the fourth quarter 2022 decreased $29.8 million, or 14 percent, compared to the fourth quarter 2021, primarily due to lower incentive compensation and temporary labor costs, consistent with lower operating results and volumes, partially offset by severance expenses and increased average headcount resulting from acquisitions. As a percentage of total operating revenues, consolidated employee costs increased to 30.1 percent for the fourth quarter 2022 compared to 23.3 percent in the prior year quarter, primarily due to lower operating revenues in the fourth quarter 2022.

Total other operating expenses in the fourth quarter 2022 decreased $65.8 million, or 31 percent, compared to the prior year quarter, primarily as a result of reduced costs tied to lower title and real estate solutions revenues, partially offset by higher office closure costs and regulatory settlement and litigation expenses recorded during the fourth quarter 2022. As a percentage of total operating revenues, consolidated other operating expenses for the fourth quarter 2022 were 22.8 percent compared to 22.2 percent in the fourth quarter 2021; excluding office closure costs and regulatory settlement and litigation expenses, consolidated other operating expenses were 20.6 percent in the fourth quarter 2022 compared to 21.7 percent in the prior year quarter.

Other
Net cash provided by operations in the fourth quarter 2022 decreased to $24.8 million compared to net cash provided by operations of $133.0 million in the fourth quarter 2021, primarily driven by the lower net income in the fourth quarter 2022.

Fourth Quarter Earnings Call
Stewart will hold a conference call to discuss the fourth quarter 2022 earnings at 8:30 a.m. Eastern Time on Thursday, February 9, 2023. To participate, dial (800) 274-8461 (USA) or (203) 518-9843 (International) - access code STCQ422. Additionally, participants can listen to the conference call through Stewart's Investor Relations website at http://investors.stewart.com/news-and-events/events/default.aspx. The conference call replay will be available from 11:00 a.m. Eastern Time on February 9, 2023 until midnight on February 16, 2023 by dialing (800) 839-2383 or (402) 220-7202 (International).

About Stewart
Stewart (NYSE:STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage and real estate industries, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. More information can be found at http://www.stewart.com, subscribe to the Stewart blog at http://blog.stewart.com or follow Stewart on Twitter® @stewarttitleco.

Cautionary statement regarding forward-looking statements. Certain statements in this earnings release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements relate to future, not past, events and often address our expected future business and financial performance. These statements often contain words such as "may," "expect," "anticipate," "intend," "plan," "believe," "seek," "will," "foresee" or other similar words. Forward-looking statements by their nature are subject to various risks and uncertainties that could cause our actual results to be materially different than those expressed in the forward-looking statements. These risks and uncertainties include, among other things, the volatility of economic conditions; adverse changes in the level of real estate activity; changes in mortgage interest rates, existing and new home sales, and availability of mortgage financing; our ability to respond to and implement technology changes, including the completion of the implementation of our enterprise systems; the impact of unanticipated title losses or the need to strengthen our policy loss reserves; any effect of title losses on our cash flows and financial condition; the ability to attract and retain highly productive sales associates; the impact of vetting our agency operations for quality and profitability; independent agency remittance rates; changes to the participants in the secondary mortgage market and the rate of refinancing that affects the demand for title insurance products; regulatory non-compliance, fraud or defalcations by our title insurance agencies or employees; our ability to timely and cost-effectively respond to significant industry changes and introduce new products and services; the outcome of pending litigation; the impact of changes in governmental and insurance regulations, including any future reductions in the pricing of title insurance products and services; our dependence on our operating subsidiaries as a source of cash flow; our ability to access the equity and debt financing markets when and if needed; our ability to grow our international operations; seasonality and weather; and our ability to respond to the actions of our competitors. These risks and uncertainties, as well as others, are discussed in more detail in our documents filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2021, and if applicable, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K filed subsequently. All forward-looking statements included in this earnings release are expressly qualified in their entirety by such cautionary statements. We expressly disclaim any obligation to update, amend or clarify any forward-looking statements contained in this earnings release to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law.

ST-IR

STEWART INFORMATION SERVICES CORPORATION
CONDENSED STATEMENTS OF INCOME
(In thousands of dollars, except per share amounts and except where noted)


Quarter Ended
December 31,

Year Ended
December 31,

2022

2021

2022

2021

Revenues:




Title revenues:




Direct operations

269,894

391,778

1,246,258

1,390,921

Agency operations

311,697

444,617

1,466,243

1,582,640

Real estate solutions and other

54,697

115,043

335,850

291,055

Total operating revenues

636,288

951,438

3,048,351

3,264,616

Investment income

6,903

3,728

22,421

16,855

Net realized and unrealized gains (losses)

12,718

6,505

(1,476)

24,321

655,909

961,671

3,069,296

3,305,792

Expenses:




Amounts retained by agencies

256,752

364,570

1,208,307

1,300,431

Employee costs

191,715

221,517

802,001

776,968

Other operating expenses

145,056

210,898

648,022

626,762

Title losses and related claims

21,628

33,556

102,733

126,243

Depreciation and amortization

15,075

13,992

57,178

36,386

Interest

4,932

3,071

18,403

5,031

635,158

847,604

2,836,644

2,871,821

Income before taxes and noncontrolling interests

20,751

114,067

232,652

433,971

Income tax expense

(2,488)

(23,442)

(50,864)

(93,989)

Net income

18,263

90,625

181,788

339,982

Less net income attributable to noncontrolling interests

4,949

5,127

19,483

16,766

Net income attributable to Stewart

13,314

85,498

162,305

323,216






Net earnings per diluted share attributable to Stewart

0.49

3.12

5.94

11.90

Diluted average shares outstanding (000)

27,276

27,405

27,347

27,168






Selected financial information:




Net cash provided by operations

24,820

132,974

191,860

390,291

Other comprehensive income (loss)

13,465

(4,524)

(51,596)

(16,769)

Fourth Quarter Domestic Order Counts:






Opened Orders
2022:

Oct

Nov

Dec

Total

Closed Orders
2022:

Oct

Nov

Dec

Total

Commercial

1,243

1,124

1,807

4,174

Commercial

1,242

1,141

2,058

4,441

Purchase

15,591

13,400

11,562

40,553

Purchase

12,560

11,480

11,340

35,380

Refinancing

4,858

4,549

3,682

13,089

Refinancing

3,866

3,231

3,151

10,248

Other

1,844

1,428

1,219

4,491

Other

1,403

964

926

3,293

Total

23,536

20,501

18,270

62,307

Total

19,071

16,816

17,475

53,362











Opened Orders
2021:

Oct

Nov

Dec

Total

Closed Orders
2021:

Oct

Nov

Dec

Total

Commercial

1,292

1,315

1,871

4,478

Commercial

1,341

1,264

2,191

4,796

Purchase

22,331

21,281

18,759

62,371

Purchase

18,578

18,507

20,047

57,132

Refinancing

18,377

17,310

15,100

50,787

Refinancing

15,651

15,752

13,863

45,266

Other

674

412

413

1,499

Other

449

438

357

1,244

Total

42,674

40,318

36,143

119,135

Total

36,019

35,961

36,458

108,438

STEWART INFORMATION SERVICES CORPORATION
CONDENSED BALANCE SHEETS
(In thousands of dollars)


  December 31,
2022

 December 31,
2021

Assets:

Cash and cash equivalents

248,367

485,919

Short-term investments

24,318

17,650

Investments in debt and equity securities, at fair value

710,083

679,214

Receivables – premiums from agencies

39,921

45,428

Receivables – other

85,111

81,623

Allowance for uncollectible amounts

(7,309)

(7,711)

Property and equipment, net

81,539

72,456

Operating lease assets, net

127,830

134,578

Title plants

73,358

76,859

Goodwill

1,072,982

924,837

Intangible assets, net of amortization

199,084

229,804

Deferred tax assets

2,590

3,846

Other assets

80,005

68,859

2,737,879

2,813,362

Liabilities:

Notes payable

447,006

483,491

Accounts payable and accrued liabilities

196,541

287,326

Operating lease liabilities

148,003

149,417

Estimated title losses

549,448

549,614

Deferred tax liabilities

26,616

48,779

1,367,614

1,518,627

Stockholders' equity:

Common Stock and additional paid-in capital

324,344

309,622

Retained earnings

1,091,816

974,800

Accumulated other comprehensive (loss) income

(51,343)

253

Treasury stock

(2,666)

(2,666)

Stockholders' equity attributable to Stewart

1,362,151

1,282,009

Noncontrolling interests

8,114

12,726

Total stockholders' equity

1,370,265

1,294,735

2,737,879

2,813,362



   Number of shares outstanding (000)

27,130

26,893

    Book value per share

50.21

47.67

STEWART INFORMATION SERVICES CORPORATION
SEGMENT INFORMATION
(In thousands of dollars)

Quarter Ended:

December 31, 2022

December 31, 2021

Title

Real
Estate
Solutions

Corporate
and Other

Total

Title

Real
Estate
Solutions

Corporate
and Other

Total

Revenues:








Operating revenues

581,591

54,697

-

636,288

836,395

83,675

31,368

951,438

Investment income

6,891

12

-

6,903

3,728

-

-

3,728

Net realized and unrealized gains
     (losses)

10,262

-

2,456

12,718

4,877

3,273

(1,645)

6,505

598,744

54,709

2,456

655,909

845,000

86,948

29,723

961,671

Expenses:








Amounts retained by agencies

256,752

-

-

256,752

364,570

-

-

364,570

Employee costs

177,371

11,860

2,484

191,715

203,850

12,457

5,210

221,517

Other operating expenses

107,118

36,293

1,645

145,056

116,821

63,279

30,798

210,898

Title losses and related claims

21,628

-

-

21,628

33,556

-

-

33,556

Depreciation and amortization

8,617

6,182

276

15,075

7,648

5,917

427

13,992

Interest

338

-

4,594

4,932

-

-

3,071

3,071

571,824

54,335

8,999

635,158

726,445

81,653

39,506

847,604

Income (loss) before taxes

26,920

374

(6,543)

20,751

118,555

5,295

(9,783)

114,067

Year Ended:

December 31, 2022

December 31, 2021

Title

Real
Estate
Solutions

Corporate
and Other

Total

Title

Real
Estate
Solutions

Corporate
and Other

Total

Revenues:








Operating revenues

2,712,501

296,673

39,177

3,048,351

2,973,524

259,724

31,368

3,264,616

Investment income

22,392

29

-

22,421

16,855

-

-

16,855

Net realized and unrealized
      (losses) gains

(1,149)

-

(327)

(1,476)

12,570

5,773

5,978

24,321

2,733,744

296,702

38,850

3,069,296

3,002,949

265,497

37,346

3,305,792

Expenses:








Amounts retained by agencies

1,208,307

-

-

1,208,307

1,300,431

-

-

1,300,431

Employee costs

735,747

50,462

15,792

802,001

728,318

34,528

14,122

776,968

Other operating expenses

401,724

204,053

42,245

648,022

386,265

203,947

36,550

626,762

Title losses and related claims

102,733

-

-

102,733

126,243

-

-

126,243

Depreciation and amortization

29,715

25,563

1,900

57,178

21,227

14,071

1,088

36,386

Interest

386

-

18,017

18,403

3

-

5,028

5,031

2,478,612

280,078

77,954

2,836,644

2,562,487

252,546

56,788

2,871,821

Income (loss) before taxes

255,132

16,624

(39,104)

232,652

440,462

12,951

(19,442)

433,971

Appendix A
Non-GAAP Adjustments

Management uses a variety of financial and operational measurements other than its financial statements prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) to analyze its performance. These include: (1) adjusted revenues, which are reported revenues adjusted for net realized and unrealized gains and losses, and other adjustments (sold real estate brokerage company), and (2) adjusted pretax income and adjusted net income, which are reported pretax income and reported net income after earnings from noncontrolling interests, respectively, adjusted for net realized and unrealized gains and losses, office closure, severance and regulatory settlement and litigation expenses, and other adjustments. Adjusted diluted earnings per share (adjusted diluted EPS) is calculated using adjusted net income divided by the diluted average weighted outstanding shares. In addition to these adjustments, acquired intangible asset amortization and other expenses are excluded in the calculation of adjusted pretax income for the title and real estate solutions segments. Management views these measures as important performance measures of core profitability for its operations and as key components of its internal financial reporting. Management believes investors benefit from having access to the same financial measures that management uses.

Below are reconciliations of the non-GAAP financial measurements used by management to the most directly comparable GAAP measures for the quarter and year ended December 31, 2022 and 2021 (dollars in millions, except share and per share amounts, and amounts may not add as presented due to rounding).

Quarter Ended December 31,

Year Ended December 31,

2022

2021

% Chg

2022

2021

% Chg

Consolidated Stewart:

 






Total revenues

655.9

961.7

(32 %)

3,069.3

3,305.8

(7 %)

Non-GAAP revenue adjustments:






Net realized and unrealized (gains) losses

(12.7)

(6.5)

1.5

(24.3)

Other adjustments

-

-

(39.2)

-

Adjusted total revenues

643.2

955.2

(33 %)

3,031.6

3,281.5

(8 %)








Pretax income

20.8

114.1

(82 %)

232.7

434.0

(46 %)

Non-GAAP pretax adjustments:






Net realized and unrealized (gains) losses

(12.7)

(6.5)

1.5

(24.3)

Office closure expenses

7.5

4.1

10.5

6.1

Regulatory settlement and litigation expenses

6.5

-

6.5

-

Severance expenses

2.7

-

3.9

-

Other adjustments

-

-

0.9

-

Adjusted pretax income

24.7

111.7

(78 %)

256.0

415.8

(38 %)

Pretax margin

3.2 %

11.9 %

7.6 %

13.1 %

Adjusted pretax margin

3.8 %

11.7 %

8.4 %

12.7 %








Net income attributable to Stewart

13.3

85.5

(84 %)

162.3

323.2

(50 %)

Non-GAAP pretax adjustments:






Net realized and unrealized (gains) losses

(12.7)

(6.5)

1.5

(24.3)

Office closure expenses

7.5

4.1

10.5

6.1

Regulatory settlement and litigation expenses

6.5

-

6.5

-

Severance expenses

2.7

-

3.9

-

Other adjustments

-

-

0.9

-

Net tax effects of non-GAAP adjustments

(1.0)

0.5

(5.6)

4.1

Non-GAAP adjustments, after taxes

3.0

(1.8)

17.8

(14.1)

Adjusted net income attributable to Stewart

16.3

83.7

(81 %)

180.1

309.1

(42 %)








Diluted average shares outstanding (000)

27,276

27,405

27,347

27,168

Net income per share

0.49

3.12

5.94

11.90

Adjusted net income per share

0.60

3.05

6.58

11.38


Quarter Ended December 31,

Year Ended December 31,

2022

2021

% Chg

2022

2021

% Chg

Title Segment:

 






Revenues

598.7

845.0

(29 %)

2,733.7

3,002.9

(9 %)

Net realized and unrealized (gains) losses

(10.3)

(4.9)

1.1

(12.6)

Adjusted revenues

588.5

840.1

(30 %)

2,734.9

2,990.4

(9 %)








Pretax income

26.9

118.6

(77 %)

255.1

440.5

(42 %)

Non-GAAP revenue adjustments:






Net realized and unrealized (gains) losses

(10.3)

(4.9)

1.1

(12.6)

Office closure expenses

6.9

4.1

10.5

6.1

Regulatory settlement and litigation expenses

6.5

-

6.5

-

Severance expenses

2.1

-

3.3

-

Acquired intangible asset amortization and other
expenses

2.8

3.3

9.1

6.0

Adjusted pretax income

35.0

121.1

(71 %)

285.8

440.0

(35 %)

Pretax margin

4.5 %

14.0 %

9.3 %

14.7 %

Adjusted pretax margin

5.9 %

14.4 %

10.4 %

14.7 %

Real Estate Solutions Segment:

 






Revenues

54.7

86.9

(37 %)

296.7

265.5

12 %

Net realized and unrealized gains

-

(3.3)

-

(5.8)

Adjusted revenues

54.7

83.7

(35 %)

296.7

259.7

14 %








Pretax income

0.4

5.3

(93 %)

16.6

13.0

28 %

Non-GAAP revenue adjustments:






Net realized and unrealized gains

-

(3.3)

-

(5.8)

Office closure expenses

0.5

-

0.5

-

Severance expenses

0.3

-

0.3

-

Acquired intangible asset amortization

5.8

5.6

24.0

13.0

Adjusted pretax income

7.0

7.6

(7 %)

41.5

20.2

106 %

Pretax margin

0.7 %

6.1 %

5.6 %

4.9 %

Adjusted pretax margin

12.8 %

9.1 %

14.0 %

7.8 %



CONTACT: Brian Glaze / David Hisey, Investor Relations, (713) 625-8761

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Document And Entity Information
Feb. 08, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 08, 2023
Entity Registrant Name STEWART INFORMATION SERVICES CORPORATION
Entity Central Index Key 0000094344
Entity Emerging Growth Company false
Securities Act File Number 001-02658
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 74-1677330
Entity Address, Address Line One 1360 Post Oak Blvd
Entity Address, Address Line Two Suite 100
Entity Address, City or Town Houston
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77056
City Area Code 713
Local Phone Number 625-8100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $1 par value
Trading Symbol STC
Security Exchange Name NYSE
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