0001564590-22-035270.txt : 20221026 0001564590-22-035270.hdr.sgml : 20221026 20221026163118 ACCESSION NUMBER: 0001564590-22-035270 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20221026 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20221026 DATE AS OF CHANGE: 20221026 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: 221333607 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_20221026.htm 8-K stc-8k_20221026.htm
false 0000094344 0000094344 2022-10-26 2022-10-26

 

 

 

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): October 26, 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 October 26, 2022, regarding financial results for the three months ended September 30, 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 October 26, 2022, reporting financial results for the three months ended September 30, 2022.

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: October 26, 2022

 

 

 

 EX-99.1 2 d414668dex991.htm EX-99.1

Exhibit 99.1

Stewart Reports Third Quarter 2022 Results

  • Total revenues of $716.4 million ($722.8 million on an adjusted basis) compared to $836.7 million ($833.8 million on an adjusted basis) in the prior year quarter
  • Net income of $29.4 million ($37.5 million on an adjusted basis) compared to $88.7 million ($86.4 million on an adjusted basis) in the prior year quarter
  • Diluted EPS of $1.08 ($1.37 on an adjusted basis) compared to prior year quarter diluted EPS of $3.26 ($3.17 on an adjusted basis)

HOUSTON, Oct. 26, 2022 /PRNewswire/ -- Stewart Information Services Corporation (NYSE: STC) today reported net income attributable to Stewart for the third quarter 2022 of $29.4 million ($1.08 per diluted share), compared to net income attributable to Stewart of $88.7 million ($3.26 per diluted share) for the third quarter 2021. On an adjusted basis, Stewart's third quarter 2022 net income was $37.5 million ($1.37 per diluted share) compared to $86.4 million ($3.17 per diluted share) in the third quarter 2021. Third quarter 2022 pretax income before noncontrolling interests was $45.5 million ($56.1 million on an adjusted basis) compared to pretax income before noncontrolling interests of $116.4 million ($113.6 million on an adjusted basis) for the third quarter 2021.

Third quarter 2022 results included $6.4 million of pretax net realized and unrealized losses, primarily related to net unrealized losses on fair value changes of equity securities investments recorded in the title segment. Third quarter 2021 results included $2.9 million of pretax net realized and unrealized gains primarily driven by an acquisition contingent liability adjustment recorded in the real estate solutions segment.

"Our third quarter results reflect the headwinds experienced from increased mortgage interest rates that have significantly impacted the market. We are managing our operations in a disciplined manner during these challenging times," commented Fred Eppinger, chief executive officer. "At the same time, we will continue to invest opportunistically to build a stronger and more resilient company. In line with our long-term focus on improving Stewart, we just welcomed to the Stewart family FNC Title Services, LLC, which specializes in providing title services for reverse mortgage transactions."

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

September 30,


Nine Months Ended

September 30,


2022

2021

2022

2021




Total revenues

716.4

836.7

2,413.4

2,344.1

Pretax income before noncontrolling interests

45.5

116.4

211.9

319.9

Income tax expense

(10.8)

(23.1)

(48.4)

(70.5)

Net income attributable to noncontrolling interests

(5.3)

(4.7)

(14.5)

(11.6)

Net income attributable to Stewart

29.4

88.7

149.0

237.7

Non-GAAP adjustments, after taxes*

8.0

(2.2)

14.6

(13.7)

Adjusted net income attributable to Stewart*

37.5

86.4

163.6

224.0

Net income per diluted Stewart share

1.08

3.26

5.45

8.78

Adjusted net income per diluted Stewart share*

1.37

3.17

5.98

8.27


* 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 September 30,


2022

2021

% Change







Operating revenues

647.9

767.9

(16 %)

Investment income

5.2

4.1

27 %

Net realized and unrealized (losses) gains

(6.4)

0.3

(2,042 %)

Pretax income

51.8

119.1

(56 %)

Non-GAAP adjustments to pretax income*

10.7

(0.3)


Adjusted pretax income

62.5

118.8

(47 %)

Pretax margin

8.0 %

15.4 %


Adjusted pretax margin*

9.6 %

15.4 %




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

The title segment's operating revenues in the third quarter 2022 decreased $120.0 million, or 16 percent, compared to the third quarter 2021, primarily due to volume declines in our direct title and agency operations. Overall segment operating expenses in the third quarter 2022 decreased $58 million, or 9 percent, compared to the prior year quarter, primarily due to lower agency retention and title loss expenses, consistent with lower title revenues, and lower total employee costs and other operating expenses. Average independent agency remittance rate in the third quarter 2022 was 17.6 percent compared to 17.9 percent in the third quarter 2021. As a percentage of operating revenues, combined title employee costs and other operating expenses were 43.4 percent in the third quarter 2022 compared to 37.5 percent in the third quarter 2021, primarily due to lower revenues in the third quarter 2022.

Title loss expense in the third quarter 2022 decreased by $4.9 million, or 16 percent, compared to the prior year quarter, primarily due to lower title revenues. As a percentage of title revenues, title loss expense in the third quarter 2022 was 3.9 percent compared to 4.0 percent in the third quarter 2021. For the full year 2022, we anticipate our title losses will be approximately 4 percent of title revenues.

The segment's net realized and unrealized losses and gains in the third quarters 2022 and 2021, respectively, were primarily related to fair value changes of equity securities investments. Investment income in the third quarter 2022 increased compared to the prior year quarter, primarily as a result of higher interest income driven by the increased interest rate environment in the third quarter 2022.

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


Quarter Ended September 30,


2022

2021

% Change




Non-commercial:



Domestic

204.4

249.1

(18 %)


International

33.8

44.2

(24 %)

238.2

293.3

(19 %)


Commercial:



Domestic

61.0

64.5

(5 %)


International

8.2

8.3

(1 %)

69.2

72.8

(5 %)


Total direct title revenues

307.4

366.1

(16 %)



Total non-commercial revenues declined $55.1 million, or 19 percent, primarily due to significantly lower residential purchase and refinancing activity during the third quarter 2022 compared to the prior year quarter. Domestic commercial revenues decreased $3.5 million, or 5 percent, in the third quarter 2022, primarily due to reduced transaction size compared to the third quarter 2021. Average domestic commercial fee per file was 11 percent lower in the third quarter 2022 at $13,700, compared to $15,400 in the third quarter 2021, while average residential fee per file increased 38 percent to $3,300, compared to $2,400 in the prior year quarter, due to a higher purchase mix in the third quarter 2022. Total international revenues in the third quarter 2022 decreased by $10.5 million, or 20 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 September 30,

2022

2021

% Change





Operating revenues

69.7

61.9

13 %

Net realized gains

-

2.5

(100 %)

Pretax income

3.4

2.8

21 %

Pretax margin

4.8 %

4.3 %

Pretax income for the segment improved in the third quarter 2022, compared to the prior year quarter, primarily due to $7.8 million, or 13 percent, net increased revenues, driven by revenues from fourth quarter 2021 acquisitions, partially offset by lower revenues from appraisal management and notary solutions operations due to reduced market activity. Total operating expenses increased $4.7 million, or 8 percent, driven by higher employee costs related to increased employee count resulting from acquisitions and higher purchased intangible asset amortization expenses in the third quarter 2022 compared to the prior year quarter. Total intangible asset amortization expenses in the third quarters 2022 and 2021 were $5.8 million and $4.2 million, respectively; excluding these amortization expenses, pretax margin for the segment was 13.1 percent and 10.8 percent, respectively.

Corporate and Other Segment

Net expenses attributable to corporate operations in the third quarter 2022 increased $4.2 million, or 76 percent, to $9.7 million, compared to $5.5 million in the third quarter 2021, primarily as a result of higher interest expense resulting from debt issued in the fourth quarter 2021.

Expenses

Consolidated employee costs in the third quarter 2022 decreased $2.5 million, or 1 percent, compared to the third quarter 2021, primarily due to lower incentive compensation and temporary labor costs, partially offset by higher salaries and employee benefits primarily resulting from acquisitions. As a percentage of total operating revenues, consolidated employee costs for the third quarter 2022 were 27.2 percent compared to 23.8 percent in the third quarter 2021.

Total other operating expenses in the third quarter 2022 decreased by $1.4 million, or 1 percent, compared to the prior year quarter, primarily as a result of decreased costs tied to lower title and real estate solutions revenues, partially offset by higher technology and office closure costs. As a percentage of total operating revenues, consolidated other operating expenses for the third quarter 2022 were 21.1 percent compared to 18.4 percent in the third quarter 2021. The higher employee cost and other operating expenses ratios in the third quarter 2022 were primarily driven by lower operating revenues compared to the prior year quarter.

Other

Net cash provided by operations in the third quarter 2022 decreased to $48.9 million, compared to net cash provided by operations of $106.9 million in the third quarter 2021, primarily due to lower net income in the third quarter 2022.

Third Quarter Earnings Call

Stewart will hold a conference call to discuss the third quarter 2022 earnings at 8:30 a.m. Eastern Time on Thursday, October 27, 2022. To participate, dial (800) 343-5172 (USA) or (785) 424-1699 (International) - access code STCQ322. 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 October 27, 2022 until midnight on November 3, 2022, by dialing (800) 938-2801 or (402) 220-9031 (International) - the access code is also STCQ322.

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

September 30,

Nine Months Ended

September 30,


2022

2021

2022

2021

Revenues:




Title revenues:




Direct operations

307,408

366,091

976,364

999,098

Agency operations

340,470

401,762

1,154,546

1,138,023

Real estate solutions and other

69,737

61,934

281,152

176,057

Total operating revenues

717,615

829,787

2,412,062

2,313,178

Investment income

5,158

4,053

15,519

13,127

Net realized and unrealized (losses) gains

(6,374)

2,887

(14,194)

17,816


716,399

836,727

2,413,387

2,344,121

Expenses:




Amounts retained by agencies

280,517

329,906

951,555

935,861

Employee costs

195,057

197,587

610,286

555,451

Other operating expenses

151,208

152,587

502,966

415,864

Title losses and related claims

25,486

30,345

81,105

92,687

Depreciation and amortization

14,067

9,144

42,103

22,394

Interest

4,553

712

13,471

1,960


670,888

720,281

2,201,486

2,024,217

Income before taxes and noncontrolling interests

45,511

116,446

211,901

319,904

Income tax expense

(10,783)

(23,051)

(48,376)

(70,547)

Net income

34,728

93,395

163,525

249,357

Less net income attributable to noncontrolling interests

5,294

4,732

14,534

11,639

Net income attributable to Stewart

29,434

88,663

148,991

237,718




Net earnings per diluted share attributable to Stewart

1.08

3.26

5.45

8.78

Diluted average shares outstanding (000)

27,371

27,238

27,359

27,090




Selected financial information:




Net cash provided by operations

48,853

106,865

167,040

257,317

Other comprehensive loss

(24,606)

(6,781)

(65,061)

(12,245)

Third Quarter Domestic Order Counts:






Opened Orders 2022:

July

August

Sept

Total

Closed Orders 2022:

July

August

Sept

Total

Commercial

1,356

1,556

1,544

4,456

Commercial

1,316

1,594

1,534

4,444

Purchase

19,799

22,217

18,630

60,646

Purchase

15,436

16,394

14,762

46,592

Refinancing

6,629

7,257

6,161

20,047

Refinancing

4,674

5,200

4,469

14,343

Other

405

670

750

1,825

Other

419

468

532

1,419

Total

28,189

31,700

27,085

86,974

Total

21,845

23,656

21,297

66,798









Opened Orders 2021:

July

August

Sept

Total

Closed Orders 2021:

July

August

Sept

Total

Commercial

1,425

1,546

1,490

4,461

Commercial

1,412

1,393

1,399

4,204

Purchase

23,407

25,378

24,773

73,558

Purchase

19,045

19,072

18,453

56,570

Refinancing

20,732

22,662

20,980

64,374

Refinancing

14,727

16,574

16,248

47,549

Other

507

800

455

1,762

Other

285

570

284

1,139

Total

46,071

50,386

47,698

144,155

Total

35,469

37,609

36,384

109,462

STEWART INFORMATION SERVICES CORPORATION

CONDENSED BALANCE SHEETS

(In thousands of dollars)



September 30,
2022

December 31,
2021

Assets:

Cash and cash equivalents

320,933

485,919

Short-term investments

18,077

17,650

Investments in debt and equity securities, at fair value

669,627

679,214

Receivables – premiums from agencies

43,426

45,428

Receivables – other

81,010

81,623

Allowance for uncollectible amounts

(7,577)

(7,711)

Property and equipment, net

80,607

72,456

Operating lease assets, net

130,316

134,578

Title plants

73,358

76,859

Goodwill

961,726

924,837

Intangible assets, net of amortization

174,430

229,804

Deferred tax assets

4,328

3,846

Other assets

155,199

68,859


2,705,460

2,813,362

Liabilities:

Notes payable

446,372

483,491

Accounts payable and accrued liabilities

184,065

287,326

Operating lease liabilities

146,309

149,417

Estimated title losses

547,214

549,614

Deferred tax liabilities

23,999

48,779


1,347,959

1,518,627

Stockholders' equity:

Common Stock and additional paid-in capital

321,492

309,622

Retained earnings

1,090,938

974,800

Accumulated other comprehensive (loss) income

(64,808)

253

Treasury stock

(2,666)

(2,666)

Stockholders' equity attributable to Stewart

1,344,956

1,282,009

Noncontrolling interests

12,545

12,726

Total stockholders' equity

1,357,501

1,294,735


2,705,460

2,813,362

Number of shares outstanding (000)

27,123

26,893

Book value per share

49.59

47.67

STEWART INFORMATION SERVICES CORPORATION

SEGMENT INFORMATION

(In thousands of dollars)


Quarter Ended:

September 30, 2022

September 30, 2021


Title

Real
Estate
Solutions

Corporate
and Other

Total

Title

Real
Estate
Solutions

Corporate
and Other

Total

Revenues:








Operating revenues

647,878

69,737

-

717,615

767,862

61,925

-

829,787

Investment income

5,157

1

-

5,158

4,053

-

-

4,053

Net realized and unrealized (losses) gains

(6,428)

-

54

(6,374)

331

2,500

56

2,887


646,607

69,738

54

716,399

772,246

64,425

56

836,727

Expenses:








Amounts retained by agencies

280,517

-

-

280,517

329,906

-

-

329,906

Employee costs

179,911

12,357

2,789

195,057

187,151

7,574

2,862

197,587

Other operating expenses

101,343

47,813

2,052

151,208

101,141

49,684

1,762

152,587

Title losses and related claims

25,486

-

-

25,486

30,345

-

-

30,345

Depreciation and amortization

7,467

6,204

396

14,067

4,556

4,376

212

9,144

Interest

46

-

4,507

4,553

-

-

712

712


594,770

66,374

9,744

670,888

653,099

61,634

5,548

720,281

Income (loss) before taxes

51,837

3,364

(9,690)

45,511

119,147

2,791

(5,492)

116,446

Nine Months Ended:

September 30, 2022

September 30, 2021


Title

Real
Estate
Solutions

Corporate
and Other

Total

Title

Real
Estate
Solutions

Corporate
and Other

Total

Revenues:








Operating revenues

2,130,910

241,975

39,177

2,412,062

2,137,129

176,049

-

2,313,178

Investment income

15,501

18

-

15,519

13,127

-

-

13,127

Net realized and unrealized (losses) gains

(11,411)

-

(2,783)

(14,194)

7,693

2,500

7,623

17,816


2,135,000

241,993

36,394

2,413,387

2,157,949

178,549

7,623

2,344,121

Expenses:








Amounts retained by agencies

951,555

-

-

951,555

935,861

-

-

935,861

Employee costs

558,376

38,603

13,307

610,286

524,468

22,071

8,912

555,451

Other operating expenses

294,606

167,760

40,600

502,966

269,444

140,668

5,752

415,864

Title losses and related claims

81,105

-

-

81,105

92,687

-

-

92,687

Depreciation and amortization

21,098

19,381

1,624

42,103

13,579

8,155

660

22,394

Interest

48

-

13,423

13,471

3

-

1,957

1,960


1,906,788

225,744

68,954

2,201,486

1,836,042

170,894

17,281

2,024,217

Income (loss) before taxes

228,212

16,249

(32,560)

211,901

321,907

7,655

(9,658)

319,904

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 and severance 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. 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 and nine months ended September 30, 2022 and 2021 (dollars in millions, except share and per share amounts, and amounts may not add as presented due to rounding).


Quarter Ended Sept. 30,

Nine Months Ended Sept. 30,


2022

2021

% Chg

2022

2021

% Chg






Total revenues

716.4

836.7

(14 %)

2,413.4

2,344.1

3 %

Non-GAAP revenue adjustments:






Net realized and unrealized losses (gains)

6.4

(2.9)

14.2

(17.8)

Other adjustments

-

-

(39.2)

-

Adjusted total revenues

722.8

833.8

(13 %)

2,388.4

2,326.3

3 %






Pretax income

45.5

116.4

(61 %)

211.9

319.9

(34 %)

Non-GAAP pretax adjustments:






Net realized and unrealized losses (gains)

6.4

(2.9)

14.2

(17.8)

Office closure and severance expenses

4.2

-

4.2

-

Other adjustments

-

-

0.9

-

Adjusted pretax income

56.1

113.6

(51 %)

231.3

302.1

(23 %)

Adjusted pretax margin

7.8 %

13.6 %

9.7 %

13.0 %








Net income attributable to Stewart

29.4

88.7

(67 %)

149.0

237.7

(37 %)

Non-GAAP pretax adjustments:






Net realized and unrealized losses (gains)

6.4

(2.9)

14.2

(17.8)

Office closure and severance expenses

4.2

-

4.2

-

Other adjustments

-

-

0.9

-

Net tax effects of non-GAAP adjustments

(2.6)

0.7

(4.7)

4.1

Non-GAAP adjustments, after taxes

8.0

(2.2)

14.6

(13.7)

Adjusted net income attributable to Stewart

37.5

86.4

(57 %)

163.6

224.0

(27 %)






Diluted average shares outstanding (000)

27,371

27,238

27,359

27,090

Adjusted net income per share

1.37

3.17

5.98

8.27








Title segment revenues

646.6

772.2

(16 %)

2,135.0

2,157.9

(1 %)

Net realized and unrealized losses (gains)

6.4

(0.3)

11.4

(7.7)

Adjusted title segment revenues

653.0

771.9

(15 %)

2,146.4

2,150.3

0 %






Title segment pretax income

51.8

119.1

(56 %)

228.2

321.9

(29 %)

Non-GAAP revenue adjustments:






Net realized and unrealized losses (gains)

6.4

(0.3)

11.4

(7.7)

Office closure and severance expenses

4.2

-

4.2

-

Total adjustments

10.7

(0.3)

15.7

(7.7)

Adjusted title segment pretax income

62.5

118.8

(47 %)

243.9

314.2

(22 %)

Adjusted title segment pretax margin

9.6 %

15.4 %

11.4 %

14.6 %



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

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Cover
Oct. 26, 2022
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 26, 2022
Entity File Number 001-02658
Entity Registrant Name STEWART INFORMATION SERVICES CORPORATION
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
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
Entity Emerging Growth Company false
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