0001564590-22-016101.txt : 20220427 0001564590-22-016101.hdr.sgml : 20220427 20220427163740 ACCESSION NUMBER: 0001564590-22-016101 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20220427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220427 DATE AS OF CHANGE: 20220427 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: 22860370 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-8k_20220427.htm 8-K stc-8k_20220427.htm
false 0000094344 0000094344 2022-04-27 2022-04-27

 

 

 

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 27, 2022

 

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 27, 2022, regarding financial results for the three months ended March 31, 2021, 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 27, 2022, reporting financial results for the three months ended March 31, 2021.

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, Secretary and Treasurer)

 

 

 

Date: April 27, 2022

 

 

 

 

 

 

 

 EX-99.1 2 d350829dex991.htm EX-99.1
Exhibit 99.1

Stewart Reports First Quarter 2022 Results

  • Total revenues of $852.9 million ($815.0 million on an adjusted basis) compared to $688.6 million ($685.3 million on an adjusted basis) in the prior year quarter
  • Net income of $57.9 million ($55.8 million on an adjusted basis) compared to $54.2 million ($51.7 million on an adjusted basis) in the prior year quarter
  • Diluted EPS of $2.11 ($2.03 on an adjusted basis) compared to prior year quarter diluted EPS of $2.01 ($1.92 on an adjusted basis)

HOUSTON, April 27, 2022 /PRNewswire/ -- Stewart Information Services Corporation (NYSE: STC) today reported net income attributable to Stewart for the first quarter 2022 of $57.9 million ($2.11 per diluted share), compared to net income attributable to Stewart of $54.2 million ($2.01 per diluted share) for the first quarter 2021. On an adjusted basis, Stewart's first quarter 2022 net income was $55.8 million ($2.03 per diluted share), an improvement of $4.1 million, or 8 percent, from the first quarter 2021. First quarter 2022 pretax income before noncontrolling interests was $79.6 million ($76.9 million on adjusted basis) compared to pretax income before noncontrolling interests of $74.0 million for the first quarter 2021.

First quarter 2022 results included $4.1 million of pretax net realized and unrealized gains, which included $2.7 million of net unrealized gains on fair value changes of equity securities investments. First quarter 2021 results included $3.3 million of pretax net realized and unrealized gains, primarily related to net unrealized gains on fair value changes of equity securities investments.

"I am pleased with the results we delivered in the first quarter 2022 in a rising interest rate environment," commented Fred Eppinger, chief executive officer. "Stewart's results this quarter demonstrate the significant structural progress we have made in improving our performance and making us a resilient company that can perform throughout the cycle. We remain optimistic on both the operating structure we continue to build as well as the long-term opportunity the market offers us given strong underlying demographic trends."

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

Quarter Ended
March 31,

2022

2021


Total revenues

852.9

688.6

Pretax income before noncontrolling interests

79.6

74.0

Income tax expense


(17.7)

(16.9)

Net income attributable to noncontrolling interests

(4.0)

(2.9)

Net income attributable to Stewart

57.9

54.2

Non-GAAP adjustments, after taxes*

(2.1)

(2.5)

Adjusted net income attributable to Stewart*

55.8

51.7

Net income per diluted Stewart share

2.11

2.01

Adjusted net income per diluted Stewart share*

2.03

1.92


 * See Appendix A for an explanation and reconciliation of non-GAAP adjustments.

Effective this quarter, we revised the presentation of our reportable segments to reflect three segments: Title, Real Estate Solutions, and Corporate and Other. This segment presentation allows us to report distinct financial information relating to our real estate solutions operations (formerly, ancillary services operations) which have increased as a result of strategic acquisitions. Prior to 2022, the real estate solutions operations were combined in one segment with our corporate operations, which consist of expenses of the parent holding company and other centralized administrative services departments. Under the revised segment presentation, the composition of each of the title and real estate solutions segments is substantially unchanged, while the corporate and other segment primarily includes corporate operations. Refer to Appendix B for the restated segment results for all quarters of 2021 using our new presentation.

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


Quarter Ended March 31,

2022

2021

% Change





Operating revenues

722.0

625.4

15%

Investment income

3.6

3.9

(9%)

Net realized and unrealized gains

3.8

3.2

18%

Pretax income

82.8

77.1

7%

Pretax margin

11.4%

12.2%

Title segment's pretax income in the first quarter 2022 increased by $5.7 million compared to the first quarter 2021, while pretax margin was 11.4 percent in the first quarter 2022 compared to 12.2 percent in the prior year quarter. Title operating revenues in the first quarter 2022 improved $96.5 million, or 15 percent, as a result of revenue increases in direct title operations of $38.3 million, or 14 percent, and agency operations of $58.2 million, or 17 percent. Overall segment operating expenses in the first quarter 2022 increased $91.1 million, or 16 percent, primarily driven by 17 percent increases in both agency retention expenses and combined title employee costs and other operating expenses, compared to the prior year quarter. Average independent agency remittance rate in the first quarter 2022 was 18.1 percent, compared to 17.9 percent in the prior year quarter. As a percentage of title revenues, combined title employee costs and other operating expenses was 38.8 percent in the first quarter 2022 compared to 38.1 percent in the first quarter 2021.

Title loss expense in the first quarter 2022 was $29.2 million, which was slightly higher than $28.8 million in the first quarter 2021, primarily due to higher title revenues which was partially offset by favorable claims experience. As a percentage of title revenues, the title loss expense in the first quarter 2022 was 4.0 percent compared to 4.6 percent in the prior year quarter.

The segment's net realized and unrealized gains in the first quarter 2022 primarily included $2.7 million of net unrealized gains on fair value changes of equity securities investments, while net realized and unrealized gains in the first quarter 2021 were also primarily related to net unrealized gains on fair value changes of equity securities investments. Investment income in the first quarter 2022 was slightly lower compared to the prior year quarter, primarily due to the higher mix of lower interest rate investments in the first quarter 2022.

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


Quarter Ended March 31,


2022

2021

% Change




Non-commercial:



     Domestic

220.2

216.0

2%


     International

31.5

28.8

9%


Commercial:



     Domestic

56.4

29.2

93%


     International

9.7

5.5

76%


Total direct title revenues

317.8

279.5

14%



Total non-commercial revenues increased $6.9 million, or 3 percent, while total commercial revenues increased $31.4 million, or 90 percent, in the first quarter 2022 compared to the prior year quarter. Non-commercial revenues increased primarily due to improved residential purchase transactions and scale, partially offset by lower refinancing transactions in the first quarter 2022. Domestic commercial revenues increased $27.2 million, or 93 percent, in the first quarter 2022, primarily due to improved commercial transaction size and volume compared to the prior year quarter. Domestic commercial and residential fees per file in the first quarter 2022 were approximately $12,700 and $2,600, respectively, which were 47 percent and 37 percent, respectively, higher compared to the first quarter 2021. Total international revenues in the first quarter 2022 improved by $6.9 million, or 20 percent, primarily as a result of increased transaction volumes in our Canadian operations 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 March 31,

2022

2021

% Change





Operating revenues

89.4

55.9

60%

Pretax income

6.8

2.7

156%

Pretax margin

7.6%

4.8%

The segment's pretax income improved to $6.8 million in the first quarter 2022 compared to $2.7 million in the prior year quarter, primarily due to higher operating revenues resulting from recent acquisitions. Total segment operating expenses increased $29.3 million, or 55 percent, primarily due to acquisitions and higher purchased intangible amortization expenses in the first quarter 2022 compared to the prior year quarter. Total intangible amortization expenses in the first quarters 2022 and 2021 were $6.4 million and $1.7 million, respectively.

Corporate and Other Segment
Summary results of the corporate and other segment are as follows (dollars in millions):


Quarter Ended March 31,

2022

2021

% Change





Operating revenues

33.9

-

100%

Realized gains

0.3

0.1

347%

Pretax loss

(10.0)

(5.7)

(73%)

Segment operating revenues in the first quarter 2022 were related to a recently acquired real estate brokerage company, which was subsequently sold in the second quarter 2022. Net expenses attributable to corporate operations in the first quarter 2022 increased to $8.9 million compared to $5.8 million in the prior year quarter, primarily due to increased interest expense resulting from our recently issued debt. Excluding the impact of the recently sold real estate brokerage company, the segment's pretax loss this quarter would have been $8.6 million.

Expenses
Consolidated employee costs in the first quarter 2022 increased $35.6 million, or 21 percent, compared to the first quarter 2021, primarily due to increased salaries and employee benefits, resulting from a 23 percent higher average employee count influenced by acquisitions. As a percentage of total operating revenues, consolidated employee costs for the first quarter 2022 improved to 24.3 percent compared to 24.9 percent in the prior year quarter.

Total other operating expenses in the first quarter 2022 increased $64.3 million, or 51 percent, compared to the prior year quarter. This increase was primarily driven by higher service expenses tied to increased revenues from real estate solutions operations, and increased outside title search and premium tax expenses on higher title revenues. As a percentage of total operating revenues, consolidated other operating expenses for the first quarter 2022 increased to 22.5 percent compared to 18.4 percent in the first quarter 2021, primarily due to the increased size of our real estate solutions and other real estate services operations which typically have higher other operating expenses.

Other
Net cash provided by operations in the first quarter 2022 was $34.9 million, compared to net cash provided by operations of $47.4 million in the first quarter 2021, primarily due to higher payment of operating liabilities outstanding at the prior year-end, partially offset by a higher net income in the first quarter 2022.

First Quarter Earnings Call
Stewart will hold a conference call to discuss the first quarter 2022 earnings at 8:30 a.m. Eastern Time on Thursday, April 28, 2022. To participate, dial (888) 632-3382 (USA) or (203) 518-9544 (International) - access code STCQ122. 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 28, 2022 until midnight on May 5, 2022, by dialing (888) 562-0902 or (402) 220-7344 (International) - the access code is also STCQ122.

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 industry, 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, including the duration and ultimate impact of the COVID-19 pandemic; 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
March 31,

2022

2021

Revenues:


     Title revenues:


          Direct operations

317,834

279,504

          Agency operations

404,145

345,932

     Real estate solutions and other

123,230

55,931

     Total operating revenues

845,209

681,367

     Investment income

3,622

3,945

     Net realized and unrealized gains

4,085

3,274

852,916

688,586

Expenses:


     Amounts retained by agencies

331,191

283,935

     Employee costs

204,982

169,397

     Other operating expenses

189,751

125,482

     Title losses and related claims

29,221

28,773

     Depreciation and amortization

13,748

6,430

     Interest

4,412

567

773,305

614,584

Income before taxes and noncontrolling interests

79,611

74,002

     Income tax expense

(17,699)

(16,880)

Net income

61,912

57,122

     Less net income attributable to noncontrolling interests

4,015

2,886

Net income attributable to Stewart

57,897

54,236




Net earnings per diluted share attributable to Stewart

2.11

2.01

Diluted average shares outstanding (000)

27,444

26,984




Selected financial information:


     Net cash provided by operations

34,875

47,442

     Other comprehensive loss

(19,463)

(7,434)








First Quarter Domestic Order Counts:






Opened Orders
2022:

Jan

Feb

Mar

Total

Closed Orders
2022:

Jan

Feb

Mar

Total

Commercial

1,595

1,971

2,476

6,042

Commercial

1,314

1,227

1,890

4,431

Purchase

20,511

22,498

25,489

68,498

Purchase

14,322

14,761

18,243

47,326

Refinancing

14,557

12,863

13,154

40,574

Refinancing

11,926

11,023

11,538

34,487

Other

388

637

617

1,642

Other

360

664

616

1,640

Total

37,050

37,969

41,736

116,755

Total

27,923

27,675

32,287

87,885









Opened Orders
2021:

Jan

Feb

Mar

Total

Closed Orders
2021:

Jan

Feb

Mar

Total

Commercial

1,217

1,060

1,292

3,569

Commercial

1,008

1,008

1,361

3,377

Purchase

21,104

21,560

28,125

70,789

Purchase

12,906

13,461

19,116

45,483

Refinancing

28,554

28,020

25,176

81,750

Refinancing

19,296

21,594

24,776

65,666

Other

717

610

483

1,810

Other

474

363

338

1,175

Total

51,592

51,250

55,076

157,918

Total

33,684

36,426

45,591

115,701

STEWART INFORMATION SERVICES CORPORATION

CONDENSED BALANCE SHEETS

(In thousands of dollars)


March 31,
2022

December 31,
2021

Assets:

     Cash and cash equivalents

396,649

485,919

     Short-term investments

18,054

17,650

     Investments in debt and equity securities, at fair value

692,415

679,214

     Receivables – premiums from agencies

44,608

45,428

     Receivables – other

78,612

81,623

     Allowance for uncollectible amounts

(7,435)

(7,711)

     Property and equipment, net

72,378

72,456

     Operating lease assets, net

141,033

134,578

     Title plants

76,859

76,859

     Goodwill

932,556

924,837

     Intangible assets, net of amortization

230,245

229,804

     Deferred tax assets

3,732

3,846

     Other assets

81,282

68,859


2,760,988

2,813,362

Liabilities:

     Notes payable

445,936

483,491

     Accounts payable and accrued liabilities

233,135

287,326

     Operating lease liabilities

154,974

149,417

     Estimated title losses

560,718

549,614

     Deferred tax liabilities

41,436

48,779


1,436,199

1,518,627

Stockholders' equity:

     Common Stock and additional paid-in capital

311,891

309,622

     Retained earnings

1,022,457

974,800

     Accumulated other comprehensive (loss) income

(19,210)

253

     Treasury stock

(2,666)

(2,666)

          Stockholders' equity attributable to Stewart

1,312,472

1,282,009

     Noncontrolling interests

12,317

12,726

          Total stockholders' equity

1,324,789

1,294,735


2,760,988

2,813,362

Number of shares outstanding (000)

27,015

26,893

Book value per share

48.58

47.67

STEWART INFORMATION SERVICES CORPORATION

SEGMENT INFORMATION

(In thousands of dollars)


Quarter Ended:

March 31, 2022

March 31, 2021


Title

Real
Estate
Solutions

Corporate
and Other

Total

Title

Real
Estate
Solutions

Corporate
and Other

Total

Revenues:








     Operating revenues

721,979

89,377

33,853

845,209

625,436

55,931

-

681,367

     Investment income

3,608

14

-

3,622

3,945

-

-

3,945

     Net realized and unrealized gains

3,772

-

313

4,085

3,204

-

70

3,274


729,359

89,391

34,166

852,916

632,585

55,931

70

688,586

Expenses:








     Amounts retained by agencies

331,191

-

-

331,191

283,935

-

-

283,935

     Employee costs

185,027

13,407

6,548

204,982

159,459

6,904

3,034

169,397

     Other operating expenses

94,995

62,397

32,359

189,751

79,015

44,475

1,992

125,482

     Title losses and related claims

29,221

-

-

29,221

28,773

-

-

28,773

     Depreciation and amortization

6,141

6,796

811

13,748

4,314

1,894

222

6,430

     Interest

1

-

4,411

4,412

-

1

566

567


646,576

82,600

44,129

773,305

555,496

53,274

5,814

614,584

Income (loss) before taxes

82,783

6,791

(9,963)

79,611

77,089

2,657

(5,744)

74,002

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 the recently sold real estate brokerage company and any 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 the recently sold real estate brokerage company, net realized and unrealized gains and losses and non-recurring expenses. Adjusted diluted earnings per share (adjusted diluted EPS) is calculated using adjusted net income divided by the diluted average weighted outstanding shares. 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 is a reconciliation of the non-GAAP financial measurements used by management to the most directly comparable GAAP measures for the quarter ended March 31, 2022 and 2021 (dollars in millions, except share and per share amounts, and amounts may not foot as presented due to rounding).


Quarter Ended March 31,


2022

2021

% Change


Total revenues

852.9

688.6

Non-GAAP revenue adjustments:


     Revenues of recently sold real estate brokerage company

(33.9)

-

     Net realized and unrealized gains

(4.1)

(3.3)

Adjusted total revenues

815.0

685.3

19%


Pretax income

79.6

74.0

Non-GAAP pretax adjustments:


     Operating loss of recently sold real estate brokerage company

1.4

-

     Net realized and unrealized gains

(4.1)

(3.3)

Adjusted pretax income

76.9

70.7

9%

Adjusted pretax margin

9.4%

10.3%




Net income attributable to Stewart

57.9

54.2

Non-GAAP pretax adjustments:


     Operating loss of recently sold real estate brokerage company

1.4

-

     Net realized and unrealized gains

(4.1)

(3.3)

Net tax effects of non-GAAP adjustments

0.6

0.8

Non-GAAP adjustments, after taxes

(2.1)

(2.5)

Adjusted net income attributable to Stewart

55.8

51.7

8%


Diluted average shares outstanding (000)

27,444

26,984

Adjusted net income per share

2.03

1.92

Appendix B

Restated 2021 Quarterly Segment Information (Unaudited)

(In thousands of dollars)


Quarter Ended:

March 31, 2021

June 30, 2021


Title

Real
Estate
Solutions

Corporate
and Other

Total

Title

Real
Estate
Solutions

Corporate
and Other

Total

Revenues:








     Operating revenues

625,436

55,931

-

681,367

743,832

58,193

-

802,025

     Investment income

3,945

-

-

3,945

5,130

-

-

5,130

     Net realized and unrealized gains

3,204

-

70

3,274

4,157

-

7,497

11,654


632,585

55,931

70

688,586

753,119

58,193

7,497

818,809

Expenses:








     Amounts retained by agencies

283,935

-

-

283,935

322,020

-

-

322,020

     Employee costs

159,459

6,904

3,034

169,397

177,858

7,593

3,016

188,467

     Other operating expenses

79,015

44,475

1,992

125,482

89,289

46,509

1,998

137,796

     Title losses and related claims

28,773

-

-

28,773

33,569

-

-

33,569

     Depreciation and amortization

4,314

1,894

222

6,430

4,709

1,884

226

6,819

     Interest

-

1

566

567

3

(5)

684

682


555,496

53,274

5,814

614,584

627,448

55,981

5,924

689,353

Income (loss) before taxes

77,089

2,657

(5,744)

74,002

125,671

2,212

1,573

129,456



























Quarter Ended:

September 30, 2021

December 31, 2021


Title

Real
Estate
Solutions

Corporate
and Other

Total

Title

Real

Estate
Solutions

Corporate
and Other

Total

Revenues:








     Operating revenues

767,862

61,925

-

829,787

836,395

83,675

31,368

951,438

     Investment income

4,053

-

-

4,053

3,728

-

-

3,728

     Net realized and unrealized gains

331

2,500

56

2,887

4,877

3,273

(1,645)

6,505


772,246

64,425

56

836,727

845,000

86,948

29,723

961,671

Expenses:








     Amounts retained by agencies

329,906

-

-

329,906

364,570

-

-

364,570

     Employee costs

187,151

7,574

2,862

197,587

203,850

12,457

5,210

221,517

     Other operating expenses

101,141

49,684

1,762

152,587

116,821

63,279

30,798

210,898

     Title losses and related claims

30,345

-

-

30,345

33,556

-

-

33,556

     Depreciation and amortization

4,556

4,376

212

9,144

7,648

5,917

427

13,992

     Interest

-

-

712

712

-

-

3,071

3,071


653,099

61,634

5,548

720,281

726,445

81,653

39,506

847,604

Income (loss) before taxes

119,147

2,791

(5,492)

116,446

118,555

5,295

(9,783)

114,067



CONTACT: Nat Otis, SVP - Investor Relations/Corporate Development (713) 625-8360

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