0001104659-24-051241.txt : 20240424 0001104659-24-051241.hdr.sgml : 20240424 20240424163025 ACCESSION NUMBER: 0001104659-24-051241 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240424 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240424 DATE AS OF CHANGE: 20240424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STEWART INFORMATION SERVICES CORP CENTRAL INDEX KEY: 0000094344 STANDARD INDUSTRIAL CLASSIFICATION: TITLE INSURANCE [6361] ORGANIZATION NAME: 02 Finance 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: 24871004 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 tm2412625d1_8k.htm FORM 8-K
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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): April 24, 2024

 

STEWART INFORMATION SERVICES CORPORATION

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 

DELAWARE   001-02658   74-1677330
(STATE OR OTHER
JURISDICTION)		   (COMMISSION FILE NO.)   (I.R.S. 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

 

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 New York Stock Exchange (NYSE)

 

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 April 24, 2024, regarding financial results for the three months ended March 31, 2024, 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 April 24, 2024, reporting financial results for the three months ended March 31, 2024.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURE

 

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 thereunto duly authorized.

 

  STEWART INFORMATION SERVICES CORPORATION
(Registrant)
   
  By: /s/ David C. Hisey               
  David C. Hisey,
  Chief Financial Officer and Treasurer

 

Date: April 24, 2024

 

 

 

 EX-99.1 2 tm2412625d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

https:||portal.mypropago.com|view.pie?pie=g5rPLZ36i0CwvWAs%2bKXbpAyov2BpNgXicVhm4GVH9Jp%2bS90v3DnCzBYawtt3xvjNz9kdHogYx7Hhy%2fWEflTjmQ%3d%3d&ext=.jpg

 

NEWS RELEASE

 

STEWART INFORMATION SERVICES CORP.

P.O. Box 2029

Houston, Texas 77252-2029

www.stewart.com

CONTACT

Kathryn Bass / Brian Glaze

Investor Relations

(713) 625-8633

 

Stewart Reports First Quarter 2024 Results

 

·Total revenues of $554.3 million ($547.3 million on an adjusted basis) compared to $524.3 million ($526.1 million on an adjusted basis) in the prior year quarter

·Net income of $3.1 million ($4.6 million on an adjusted basis) compared to net loss of $8.2 million (net income of $0.2 million on an adjusted basis) in the prior year quarter

·Diluted earnings per share of $0.11 ($0.17 on an adjusted basis) compared to prior year quarter loss per diluted share of $0.30 ($0.01 earnings per share on an adjusted basis)

 

HOUSTON, April 24, 2024 - Stewart Information Services Corporation (NYSE: STC) today reported net income attributable to Stewart of $3.1 million ($0.11 per diluted share) for the first quarter 2024, compared to a net loss of $8.2 million ($0.30 loss per diluted share) for the first quarter 2023. On an adjusted basis, Stewart’s first quarter 2024 net income was $4.6 million ($0.17 per diluted share) compared to net income of $0.2 million ($0.01 per diluted share) in the first quarter 2023. First quarter 2024 pretax income before noncontrolling interests was $7.1 million ($9.1 million on an adjusted basis) compared to pretax loss before noncontrolling interests of $10.2 million (pretax income of $0.9 million on an adjusted basis) for the first quarter 2023.

 

First quarter 2024 results included $7.0 million of pretax net realized and unrealized gains primarily driven by net unrealized gains on fair value changes of equity securities investments, while first quarter 2023 results included $1.8 million of pretax net realized and unrealized losses, primarily composed of net unrealized losses on fair value changes of equity securities investments and realized losses on sales of investment securities.

 

“Our first quarter results improved over the first quarter 2023, but reflect the continuing challenges in the real estate market due to the higher interest rate environment, which we expect to continue for several quarters. We are encouraged by the increase in our commercial revenues this quarter compared to the prior year, although we anticipate ongoing challenges to residential transaction volumes,” commented Fred Eppinger, chief executive officer. “We remain focused on our strategic investments and will continue to focus on balancing thoughtful cost discipline with investment in long-term enterprise initiatives to create a stronger and more resilient company.”

 

-1-

 

 

Selected Financial Information

 

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

 

   Quarter Ended
March 31,		 
   2024   2023 
Total revenues   554.3    524.3 
Pretax income (loss) before noncontrolling interests   7.1    (10.2)
Income tax (expense) benefit   (0.9)   4.9 
Net income attributable to noncontrolling interests   (3.1)   (3.0)
Net income (loss) attributable to Stewart   3.1    (8.2)
Non-GAAP adjustments, after taxes*   1.5    8.4 
Adjusted net income attributable to Stewart*   4.6    0.2 
Pretax margin   1.3%   (1.9%)
Adjusted pretax margin*   1.7%   0.2%
Net income (loss) per diluted Stewart share   0.11    (0.30)
Adjusted net income per diluted Stewart share*   0.17    0.01 

 

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

 

Title Segment

 

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

 

   Quarter Ended March 31, 
   2024   2023   % Change 
Operating revenues   451.4    456.9    (1%)
Investment income   12.9    6.6    96%
Net realized and unrealized gains (losses)   7.1    (1.8)   492%
Pretax income (loss)   10.2    (0.7)   1,633%
Non-GAAP adjustments to pretax income*   (3.7)   5.3      
Adjusted pretax income*   6.5    4.6    41%
Pretax margin   2.2%   (0.1%)     
Adjusted pretax margin*   1.4%   1.0%     

 

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

 

First quarter 2024 title segment operating revenues decreased $5.5 million, or 1 percent, primarily as a result of residential volume declines in our direct and agency title operations, partially offset by increased commercial revenues, while total segment operating expenses declined by $1.1 million, which was less than 1 percent, compared to the first quarter 2023. Agency retention expenses in the first quarter 2024 decreased $5.8 million, or 3 percent, in line with $8.2 million, or 3 percent, lower gross agency revenues, while the average independent agency remittance rate in the first quarter 2024 was approximately 17 percent, compared to 17.4 percent during the prior year quarter.

 

-2-

 

 

Total title segment employee costs and other operating expenses increased by $4.3 million, or 2 percent, in the first quarter 2024 compared to the prior year quarter, primarily due to increased outside search expenses related to higher commercial revenues. As a percentage of operating revenues, these expenses were 52 percent in the first quarter 2024 compared to 50.4 percent in the prior year quarter. First quarter title loss expense decreased $0.3 million, or 2 percent, primarily due to lower title revenues compared to the prior year quarter. As a percentage of title revenues, title loss expense was 3.9 percent for both the first quarters 2024 and 2023.

 

Investment income improved by $6.3 million in the first quarter 2024 compared to the prior year quarter, primarily due to higher interest income resulting from earned interest from eligible escrow balances in the first quarter 2024. Non-GAAP adjustments to the title segment’s pretax income included $3.4 million of total acquisition intangible asset amortization and other expenses for both the first quarters 2024 and 2023, and $7.1 million and ($1.8) million of net realized and unrealized gains (losses) in the first quarters 2024 and 2023, respectively.

 

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

 

   Quarter Ended March 31, 
   2024   2023   % Change 
Non-commercial:            
Domestic   135.3    150.3    (10%)
International   19.2    19.2    0%
    154.5    169.5    (9%)
Commercial:               
Domestic   49.7    32.7    52%
International   6.4    5.7    12%
    56.1    38.4    46%
Total direct title revenues   210.6    207.9    1%

 

Total non-commercial domestic revenues in the first quarter 2024 declined $15.0 million, or 10 percent, primarily due to a 5 percent decline in total residential purchase and refinancing transactions and a lower average fee per file compared to the prior year quarter. First quarter 2024 domestic commercial revenues improved by $17.0 million, or 52 percent, primarily driven by increased average transaction size, which was partially offset by fewer commercial transactions. Average domestic commercial fee per file in the first quarter 2024 was $13,900, or 67 percent higher compared to $8,300 in the first quarter 2023, while average residential fee per file in the first quarter 2024 was $2,900, or 16 percent lower compared to $3,400 in the prior year quarter, primarily due to a lower purchase transaction mix in the first quarter 2024.

 

-3-

 

 

Real Estate Solutions Segment

 

Summary results of the real estate solutions segment are as follows (dollars in millions, except pretax margin and adjusted pretax margin):

 

   Quarter Ended March 31, 
   2024   2023   % Change 
Operating revenues   83.0    62.6    33%
Pretax income   6.7    1.4    393%
Non-GAAP adjustments to pretax income*   5.6    5.8      
Adjusted pretax income*   12.3    7.2    71%
Pretax margin   8.1%   2.2%     
Adjusted pretax margin*   14.8%   11.5%     

 

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

 

First quarter 2024 segment operating revenues increased $20.4 million, or 33 percent, compared to the prior year quarter, primarily driven by higher revenues from credit information and valuation services. Combined segment employee costs and other operating expenses increased $15.1 million, or 27 percent, in the first quarter 2024 consistent with the higher operating revenues. Non-GAAP adjustments to pretax income shown in the schedule above were related to acquisition intangible asset amortization expenses.

 

Corporate and Other Segment

 

The segment’s results were primarily driven by net expenses attributable to corporate operations, which decreased to $9.7 million in the first quarter 2024, compared to $10.9 million in the first quarter 2023, primarily driven by management’s cost discipline.

 

Expenses

 

Consolidated employee costs in the first quarter 2024 increased slightly by $1.9 million, or 1 percent, compared to the prior year quarter, while as a percentage of total operating revenues, employee costs improved to 32.3 percent in the first quarter 2024 compared to 32.8 percent in the prior year quarter.

 

Total other operating expenses in the first quarter 2024 increased $16.2 million, or 13 percent, primarily driven by higher service expenses and outside search fees related to increased revenues from real estate solutions and commercial title operations, respectively, partially offset by lower third-party outsourcing and litigation settlement expenses compared to the first quarter 2023. As a percentage of total operating revenues, consolidated other operating expenses for the first quarter 2024 were 25.6 percent, compared to 23.2 percent in the prior year quarter, primarily driven by increased real estate solutions service expenses.

 

Other

 

Net cash used by operations in the first quarter 2024 was $29.6 million compared to net cash used by operations in the first quarter 2023 of $51.1 million, primarily as a result of improved results and lower payments on claims and accounts payable during the first quarter 2024.

 

-4-

 

 

First Quarter Earnings Call

 

Stewart will hold a conference call to discuss the first quarter 2024 earnings at 8:30 a.m. Eastern Time on Thursday, April 25, 2024. To participate, dial (800) 267-6316 (USA) or (203) 518-9783 (International) - access code STCQ124. 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 April 25, 2024 until midnight on May 2, 2024 by dialing (888) 276-5316 (USA) or (402) 220-2333 (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. At Stewart, we are dedicated to becoming the premier title services company and we are committed to doing so by partnering with our customers to create mutual success. Learn more at stewart.com.

 

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; our ability to manage risks associated with potential cybersecurity or other privacy or data security breaches; 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, 2023, 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.

 

-5-

 

 

STEWART INFORMATION SERVICES CORPORATION

CONDENSED STATEMENTS OF INCOME

(In thousands of dollars, except per share amounts and except where noted)

 

   Quarter Ended
March 31 (Unaudited),		 
   2024   2023 
Revenues:        
Title revenues:          
Direct operations   210,588    207,871 
Agency operations   240,772    249,021 
Real estate solutions and other   83,016    62,592 
Total operating revenues   534,376    519,484 
Investment income   12,901    6,599 
Net realized and unrealized gains (losses)   7,038    (1,778)
    554,315    524,305 
Expenses:          
Amounts retained by agencies   199,976    205,738 
Employee costs   172,417    170,551 
Other operating expenses   136,951    120,743 
Title losses and related claims   17,383    17,674 
Depreciation and amortization   15,384    14,906 
Interest   5,058    4,849 
    547,169    534,461 
Income (loss) before taxes and noncontrolling interests   7,146    (10,156)
Income tax (expense) benefit   (936)   4,938 
Net income (loss)   6,210    (5,218)
Less net income attributable to noncontrolling interests   3,080    2,972 
Net income (loss) attributable to Stewart   3,130    (8,190)
           
Net earnings (loss) per diluted share attributable to Stewart   0.11    (0.30)
Diluted average shares outstanding (000)   28,027    27,201 
           
Selected financial information:          
Net cash used by operations   (29,588)   (51,062)
Other comprehensive (loss) income   (6,596)   7,307 

 

First Quarter Domestic Order Counts:                   
Opened Orders
2024:		  Jan   Feb   Mar   Total   Closed Orders
2024:		  Jan   Feb   Mar   Total 
Commercial   1,142    1,359    1,192    3,693   Commercial   1,065    1,186    1,317    3,568 
Purchase   14,867    15,920    17,237    48,024   Purchase   8,941    9,843    10,960    29,744 
Refinancing   5,419    5,391    5,561    16,371   Refinancing   2,935    3,108    3,310    9,353 
Other   3,983    3,836    3,428    11,247   Other   2,618    2,566    2,610    7,794 
Total   25,411    26,506    27,418    79,335   Total   15,559    16,703    18,197    50,459 
                                            
Opened Orders
2023:		   Jan    Feb    Mar    Total   Closed Orders
2023:		   Jan    Feb    Mar    Total 
Commercial   1,156    1,204    1,482    3,842   Commercial   1,186    1,103    1,635    3,924 
Purchase   15,242    15,750    18,477    49,469   Purchase   8,991    9,668    12,969    31,628 
Refinancing   5,072    5,219    5,838    16,129   Refinancing   2,860    2,865    3,888    9,613 
Other   1,394    1,394    1,633    4,421   Other   1,006    792    936    2,734 
Total   22,864    23,567    27,430    73,861   Total   14,043    14,428    19,428    47,899 
                                            

-6-

 

 

STEWART INFORMATION SERVICES CORPORATION

CONDENSED BALANCE SHEETS

(In thousands of dollars)

 

   March 31,
2024
(Unaudited)		   December 31,
2023		 
Assets:          
Cash and cash equivalents   138,351    233,365 
Short-term investments   42,774    39,023 
Investments in debt and equity securities, at fair value   673,950    679,936 
Receivables – premiums from agencies   39,600    38,676 
Receivables – other   111,020    93,811 
Allowance for uncollectible amounts   (8,000)   (7,583)
Property and equipment, net   82,927    82,335 
Operating lease assets, net   113,617    115,879 
Title plants   73,359    73,359 
Goodwill   1,072,315    1,072,129 
Intangible assets, net of amortization   185,067    193,196 
Deferred tax assets   3,719    3,776 
Other assets   122,690    84,959 
    2,651,389    2,702,861 
Liabilities:          
Notes payable   445,433    445,290 
Accounts payable and accrued liabilities   166,376    190,054 
Operating lease liabilities   132,723    135,654 
Estimated title losses   519,229    528,269 
Deferred tax liabilities   23,485    25,045 
    1,287,246    1,324,312 
Stockholders’ equity:          
Common Stock and additional paid-in capital   341,314    338,451 
Retained earnings   1,060,808    1,070,841 
Accumulated other comprehensive loss   (41,811)   (35,215)
Treasury stock   (2,666)   (2,666)
Stockholders’ equity attributable to Stewart   1,357,645    1,371,411 
Noncontrolling interests   6,498    7,138 
Total stockholders’ equity   1,364,143    1,378,549 
    2,651,389    2,702,861 

 

Number of shares outstanding (000)   27,581    27,370 
Book value per share   49.22    50.11 

 

-7-

 

 

STEWART INFORMATION SERVICES CORPORATION

SEGMENT INFORMATION

(In thousands of dollars)

 

Quarter Ended:  March 31, 2024   March 31, 2023 
   Title   Real
Estate
Solutions		   Corporate
and Other		   Total   Title   Real
Estate
Solutions		   Corporate
and Other		   Total 
Revenues:                                        
Operating revenues   451,360    83,016    -    534,376    456,892    62,592    -    519,484 
Investment income   12,876    25    -    12,901    6,566    33    -    6,599 
Net realized and unrealized gains (losses)   7,116    -    (78)   7,038    (1,813)   -    35    (1,778)
    471,352    83,041    (78)   554,315    461,645    62,625    35    524,305 
Expenses:                                        
Amounts retained by agencies   199,976    -    -    199,976    205,738    -    -    205,738 
Employee costs   156,803    12,217    3,397    172,417    154,277    12,434    3,840    170,551 
Other operating expenses   77,901    57,817    1,234    136,952    76,167    42,525    2,051    120,743 
Title losses and related claims   17,383    -    -    17,383    17,674    -    -    17,674 
Depreciation and amortization   8,729    6,275    380    15,384    8,104    6,300    502    14,906 
Interest   379    -    4,679    5,058    349    -    4,500    4,849 
    461,171    76,309    9,690    547,170    462,309    61,259    10,893    534,461 
Income (loss) before taxes   10,181    6,732    (9,768)   7,145    (664)   1,366    (10,858)   (10,156)

 

-8-

 

 

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 (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, acquired intangible asset amortization, office closure costs, and executive severance expenses. Adjusted diluted earnings per share (adjusted diluted EPS) is calculated using adjusted net income divided by the diluted average weighted outstanding shares. Adjusted pretax margin is calculated using adjusted pretax income divided by adjusted total revenues. 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 measures used by management to the most directly comparable GAAP measures for the quarter ended March 31, 2024 and 2023 (dollars in millions, except shares, per share amounts and pretax margins, and amounts may not add as presented due to rounding).

 

   Quarter Ended March 31, 
   2024   2023   % Chg 
Total revenues   554.3    524.3    6%
Non-GAAP revenue adjustments:               
Net realized and unrealized (gains) losses   (7.0)   1.8      
Adjusted total revenues   547.3    526.1    4%
                
Pretax income (loss)   7.1    (10.2)   170%
Non-GAAP pretax adjustments:               
Net realized and unrealized (gains) losses   (7.0)   1.8      
Acquired intangible asset amortization   8.5    8.6      
Office closure costs   0.2    0.1      
Executive severance expenses   0.3    0.7      
Adjusted pretax income   9.1    0.9    890%
GAAP pretax margin   1.3%   (1.9%)     
Adjusted pretax margin   1.7%   0.2%     
                
Net income (loss) attributable to Stewart   3.1    (8.2)   138%
Non-GAAP pretax adjustments:               
Net realized and unrealized (gains) losses   (7.0)   1.8      
Acquired intangible asset amortization   8.5    8.6      
Office closure costs   0.2    0.1      
Executive severance expenses   0.3    0.7      
Net tax effects of non-GAAP adjustments   (0.5)   (2.7)     
Non-GAAP adjustments, after taxes   1.5    8.4      
Adjusted net income attributable to Stewart   4.6    0.2    1,928%
                
Diluted average shares outstanding (000)   28,027    27,201      
GAAP net income (loss) per share   0.11    (0.30)     
Adjusted net income per share   0.17    0.01      

 

-9-

 

 

   Quarter Ended March 31, 
   2024   2023   % Chg 
Title Segment:               
                
Revenues   471.4    461.6    2%
Net realized and unrealized (gains) losses   (7.1)   1.8      
Adjusted revenues   464.2    463.5    0%

 

Pretax income (loss)   10.2    (0.7)   1,633%
Non-GAAP revenue adjustments:               
Net realized and unrealized (gains) losses   (7.1)   1.8      
Acquired intangible asset amortization   2.9    2.8      
Office closure costs   0.2    0.1      
Severance expenses   0.3    0.6      
Adjusted pretax income   6.5    4.6    41%
GAAP pretax margin   2.2%   (0.1%)     
Adjusted pretax margin   1.4%   1.0%     

 

Real Estate Solutions Segment:               
                
Revenues   83.0    62.6    33%

 

Pretax income   6.7    1.4    393%
Non-GAAP revenue adjustments:               
Acquired intangible asset amortization   5.6    5.8      
Adjusted pretax income   12.3    7.2    71%
GAAP pretax margin   8.1%   2.2%     
Adjusted pretax margin   14.8%   11.5%     

 

-10-

 

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Cover
Apr. 24, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Apr. 24, 2024
Entity File Number 001-02658
Entity Registrant Name STEWART INFORMATION SERVICES CORP
Entity Central Index Key 0000094344
Entity Tax Identification Number 74-1677330
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 1360 Post Oak Blvd, 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
Entity Emerging Growth Company false
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