0000950170-23-014877.txt : 20230426 0000950170-23-014877.hdr.sgml : 20230426 20230426164551 ACCESSION NUMBER: 0000950170-23-014877 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230426 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230426 DATE AS OF CHANGE: 20230426 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: 23850440 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-20230426.htm 8-K 8-K
0000094344false00000943442023-04-262023-04-26

 

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): April 26, 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 OFOPERATIONS AND FINANCIAL CONDITION.

A press release issued by Stewart Information Services Corporation on April 26, 2023, regarding financial results for the three months ended March 31, 2023, is attached hereto as Exhibit 99.1, and is incorporated herein by reference. This information is notdeemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by referenceinany 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 26 2023, reporting financial results for the three months ended March 31, 2023.

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:

April 26, 2023

By:

/s/ David C. Hisey

 

 

 

(David C. Hisey, Chief Financial Officer and Treasurer)

 

 EX-99 2 stc-ex99_1.htm EX-99.1

Exhibit 99.1

Stewart Reports First Quarter 2023 Results

  • Challenging real estate environment continued through the first quarter 2023, including a historically low level of existing homes sales
  • Total revenues of $524.3 million ($526.1 million on an adjusted basis) compared to $852.9 million ($815.0 million on an adjusted basis) in the prior year quarter
  • Net loss of $8.2 million ($6.8 million net loss on an adjusted basis) compared to net income of $57.9 million ($55.8 million on an adjusted basis) in the prior year quarter
  • Diluted loss per share of $0.30 ($0.25 diluted loss per share on an adjusted basis) compared to prior year quarter diluted earnings per share of $2.11 ($2.03 on an adjusted basis)

HOUSTON, April 26, 2023 /PRNewswire/ -- Stewart Information Services Corporation (NYSE: STC) today reported a net loss attributable to Stewart for the first quarter 2023 of $8.2 million ($0.30 per diluted share), compared to net income attributable to Stewart of $57.9 million ($2.11 per diluted share) for the first quarter 2022. On an adjusted basis, Stewart's first quarter 2023 net loss was $6.8 million ($0.25 per diluted share) compared to net income of $55.8 million ($2.03 per diluted share) in the first quarter 2022. First quarter 2023 pretax loss before noncontrolling interests was $10.2 million ($8.4 million pretax loss on an adjusted basis) compared to pretax income before noncontrolling interests of $79.6 million ($76.9 million on an adjusted basis) for the first quarter 2022.

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. First quarter 2022 results included $4.1 million of pretax net realized and unrealized gains, primarily composed of net unrealized gains on fair value changes of equity securities investments and realized gains on title plant and other asset sales.

"Our first quarter results were impacted by historically low transaction volumes, driven by an elevated interest rate environment, as well as a seasonally slower first quarter," commented Fred Eppinger, chief executive officer. "We remain focused on our long-term strategies of transforming Stewart into a stronger and more resilient company. We are managing our operations in this challenging environment by balancing cost discipline with investment opportunities that we expect will have a positive impact on our business over the long term. Stewart has made significant progress in becoming a stronger company and will continue to invest opportunistically to build a more resilient company."

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

March 31,



2023

2022




Total revenues

524.3

852.9

Pretax (loss) income before noncontrolling interests

(10.2)

79.6

Income tax benefit (expense)

4.9

(17.7)

Net income attributable to noncontrolling interests

(3.0)

(4.0)

Net (loss) income attributable to Stewart

(8.2)

57.9

Non-GAAP adjustments, after taxes

1.4

(2.1)

Adjusted net (loss) income attributable to Stewart*

(6.8)

55.8

Net (loss) income per diluted Stewart share

(0.30)

2.11

Adjusted net (loss) income per diluted Stewart share*

(0.25)

2.03





* Adjusted net (loss) income and adjusted net (loss) 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):

Quarter Ended March 31,


2023

2022

% Change







Operating revenues

456.9

722.0

(37 %)

Investment income

6.6

3.6

82 %

Net realized and unrealized (losses) gains

(1.8)

3.8

(148 %)

Pretax (loss) income

(0.7)

82.8

(101 %)

Non-GAAP adjustments to pretax (loss) income

4.6

(2.0)


Adjusted pretax income*

3.9

80.8

(95 %)

Pretax margin

(0.1 %)

11.4 %


Adjusted pretax margin*

0.8 %

11.1 %




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








Title segment operating revenues for the first quarter 2023 decreased $265.1 million, or 37 percent, compared to the first quarter 2022, primarily due to volume declines in our direct title and agency operations, while total segment operating expenses decreased $184.3 million, or 28 percent, primarily due to lower revenues. Agency retention expenses in the first quarter 2023 decreased $125.5 million, or 38 percent, due to reduced gross agency revenues, while the average independent agency remittance rate in the first quarter 2023 was 17.4 percent compared to 18.1 percent in the prior year quarter.

Total employee costs and other operating expenses in the first quarter 2023 decreased $49.6 million, or 18 percent, compared to the prior year quarter, and as a percentage of operating revenues, these expenses were 50.4 percent in the first quarter 2023 compared to 38.8 percent in the first quarter 2022, primarily due to lower revenues in the first quarter 2023. Title loss expense in the first quarter 2023 decreased $11.5 million, or 40 percent, compared to the prior year quarter, primarily due to lower title revenues. As a percentage of title revenues, title loss expense was 3.9 percent in the first quarter 2023 compared to 4.0 percent in the first quarter 2022.

The title segment's net realized and unrealized losses and gains in the first quarters 2023 and 2022 were primarily driven by fair value changes of equity securities investments and realized losses and gains on sale of investment securities. Additionally, the segment recorded a realized gain of $1.0 million on a title plant sale during the first quarter 2022. Investment income in the first quarter 2023 increased $3.0 million, 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 first quarter 2023. Included in the total non-GAAP adjustments to pretax (loss) income were total acquired intangible asset amortization expenses in the first quarters 2023 and 2022 of $2.8 million and $1.8 million, respectively.

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

Quarter Ended March 31,

2023

2022

% Change






Non-commercial:



Domestic

150.3

220.2

(32 %)

International

19.2

31.5

(39 %)


169.5

251.7

(33 %)

Commercial:



Domestic

32.7

56.4

(42 %)

International

5.7

9.7

(41 %)


38.4

66.1

(42 %)

Total direct title revenues

207.9

317.8

(35 %)





Total non-commercial domestic revenues decreased $69.9 million, or 32 percent, primarily due to a 50 percent decline in residential purchase and refinancing transactions during the first quarter 2023 compared to the prior year quarter. Domestic commercial revenues in the first quarter 2023 decreased $23.7 million, or 42 percent, primarily due to 11 percent lower commercial orders closed and lower transaction size compared to the prior year quarter. Average domestic commercial fee per file in the first quarter 2023 was $8,300, which was 34 percent lower compared to $12,700 in the first quarter 2022, while average residential fee per file in the first quarter 2023 increased 30 percent to $3,400, compared to $2,600 in the prior year quarter due to a higher purchase mix in the first quarter 2023. Total international revenues in the first quarter 2023 declined by $16.3 million, or 40 percent, primarily as a result of lower 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,

2023

2022

% Change





Operating revenues

62.6

89.4

(30 %)

Pretax income

1.4

6.8

(80 %)

Non-GAAP adjustments to pretax income

5.8

6.4

Adjusted pretax income*

7.2

13.2

(45 %)

Pretax margin

2.2 %

7.6 %

Adjusted pretax margin*

11.5 %

14.8 %

* 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 $26.8 million, or 30 percent, in the first quarter 2023 compared to the first quarter 2022, primarily due to lower transaction volumes resulting from the current higher interest rate environment. Combined employee costs and other operating expenses decreased $20.8 million, or 27 percent, in the first quarter 2023, consistent with lower operating revenues. Included in the total non-GAAP adjustments to pretax income were acquired intangible asset amortization expenses in the first quarters 2023 and 2022 of $5.8 million and $6.4 million, respectively.

Corporate and Other Segment

Net expenses attributable to corporate operations during the first quarter 2023 were $10.9 million compared to $8.9 million in the prior year quarter. Segment results for the first quarter 2022 included a real estate brokerage company that was sold in the second quarter 2022.

Expenses

Consolidated employee costs in the first quarter 2023 decreased $34.4 million, or 17 percent, compared to the prior year quarter, primarily due to lower salaries and benefits expenses, incentive compensation and temporary labor costs as a result of lower volumes and average headcount. As a percentage of total operating revenues, consolidated employee costs increased to 32.8 percent for the first quarter 2023 compared to 24.3 percent in the prior year quarter, primarily due to lower operating revenues in the first quarter 2023.

Total other operating expenses in the first quarter 2023 decreased $69.0 million, or 36 percent, compared to the prior year quarter, primarily as a result of reduced costs tied to lower title and real estate solutions revenues. As a percentage of total operating revenues, consolidated other operating expenses for the first quarter 2023 were 23.2 percent compared to 22.5 percent in the first quarter 2022.

Other

Net cash used by operations in the first quarter 2023 was $51.1 million compared to net cash provided by operations of $34.9 million in the first quarter 2022, primarily driven by the net loss for the first quarter 2023.

First quarter Earnings Call

Stewart will hold a conference call to discuss the first quarter 2023 earnings at 8:30 a.m. Eastern Time on Thursday, April 27, 2023. To participate, dial (800) 343-4849 (USA) or (203) 518-9843 (International) - access code STCQ123. 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 27, 2023 until midnight on May 4, 2023 by dialing (800) 839-3020 or (402) 220-7234 (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, 2022, 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 OPERATIONS (Unaudited)

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

 



Quarter Ended

March 31,

2023

2022

Revenues:


Title revenues:


Direct operations

207,871

317,834

Agency operations

249,021

404,145

Real estate solutions and other

62,592

123,230

Total operating revenues

519,484

845,209

Investment income

6,599

3,622

Net realized and unrealized (losses) gains

(1,778)

4,085

524,305

852,916

Expenses:


Amounts retained by agencies

205,738

331,191

Employee costs

170,551

204,982

Other operating expenses

120,743

189,751

Title losses and related claims

17,674

29,221

Depreciation and amortization

14,906

13,748

Interest

4,849

4,412

534,461

773,305

(Loss) income before taxes and noncontrolling interests

(10,156)

79,611

Income tax benefit (expense)

4,938

(17,699)

Net (loss) income

(5,218)

61,912

Less net income attributable to noncontrolling interests

2,972

4,015

Net (loss) income attributable to Stewart

(8,190)

57,897




Net (loss) earnings per diluted share attributable to Stewart

(0.30)

2.11

Diluted average shares outstanding (000)

27,201

27,444




Selected financial information:


Net cash (used) provided by operations

(51,062)

34,875

Other comprehensive income (loss)

7,307

(19,463)

First Quarter Domestic Order Counts:






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











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

STEWART INFORMATION SERVICES CORPORATION

CONDENSED BALANCE SHEETS (Unaudited)

(In thousands of dollars)

 

 

March 31,
2023

 

December 31,
2022

Assets:

Cash and cash equivalents

174,815

248,367

Short-term investments

26,407

24,318

Investments in debt and equity securities, at fair value

689,755

710,083

Receivables – premiums from agencies

37,231

39,921

Receivables – other

101,076

85,111

Allowance for uncollectible amounts

(7,440)

(7,309)

Property and equipment, net

80,680

81,539

Operating lease assets, net

128,192

127,830

Title plants

73,358

73,358

Goodwill

1,094,406

1,072,982

Intangible assets, net of amortization

190,827

199,084

Deferred tax assets

2,586

2,590

Other assets

87,167

80,005

2,679,060

2,737,879

Liabilities:

Notes payable

445,067

447,006

Accounts payable and accrued liabilities

163,001

196,541

Operating lease liabilities

147,594

148,003

Estimated title losses

533,415

549,448

Deferred tax liabilities

30,231

26,616

1,319,308

1,367,614

Stockholders' equity:

Common Stock and additional paid-in capital

327,823

324,344

Retained earnings

1,071,320

1,091,816

Accumulated other comprehensive loss

(44,036)

(51,343)

Treasury stock

(2,666)

(2,666)

Stockholders' equity attributable to Stewart

1,352,441

1,362,151

Noncontrolling interests

7,311

8,114

Total stockholders' equity

1,359,752

1,370,265

2,679,060

2,737,879

Number of shares outstanding (000)

27,245

27,130

Book value per share

49.64

50.21

STEWART INFORMATION SERVICES CORPORATION

SEGMENT INFORMATION

(In thousands of dollars)

 

Quarter Ended:

March 31, 2023

March 31, 2022

Title

Real
Estate
Solutions

Corporate
and Other

Total

Title

Real
Estate
Solutions

Corporate
and Other

Total

Revenues:








Operating revenues

456,892

62,592

-

519,484

721,979

89,377

33,853

845,209

Investment income

6,566

33

-

6,599

3,608

14

-

3,622

Net realized and unrealized (losses) gains

(1,813)

-

35

(1,778)

3,772

-

313

4,085

461,645

62,625

35

524,305

729,359

89,391

34,166

852,916

Expenses:








Amounts retained by agencies

205,738

-

-

205,738

331,191

-

-

331,191

Employee costs

154,277

12,434

3,840

170,551

185,027

13,407

6,548

204,982

Other operating expenses

76,167

42,525

2,051

120,743

94,995

62,397

32,359

189,751

Title losses and related claims

17,674

-

-

17,674

29,221

-

-

29,221

Depreciation and amortization

8,104

6,300

502

14,906

6,141

6,796

811

13,748

Interest

349

-

4,500

4,849

1

-

4,411

4,412

462,309

61,259

10,893

534,461

646,576

82,600

44,129

773,305

(Loss) income before taxes

(664)

1,366

(10,858)

(10,156)

82,783

6,791

(9,963)

79,611

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 (revenues of sold real estate brokerage company), and (2) adjusted pretax income (loss) and adjusted net income (loss), which are reported pretax income (loss) and reported net income (loss) after earnings from noncontrolling interests, respectively, adjusted for net realized and unrealized gains and losses and other adjustments (pretax results of sold real estate brokerage company). Adjusted diluted earnings (loss) per share (adjusted diluted EPS) is calculated using adjusted net income (loss) divided by the diluted average weighted outstanding shares. In addition to these adjustments, acquired intangible asset amortization are excluded in the calculation of adjusted pretax income (loss) 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 ended March 31, 2023 and 2022 (dollars in millions, except share and per share amounts, and amounts may not add as presented due to rounding).

Quarter Ended March 31,

2023

2022

% Chg

Consolidated Stewart:

 



Total revenues

524.3

852.9

(39 %)

Non-GAAP revenue adjustments:



Net realized and unrealized loss (gains)

1.8

(4.1)

Other adjustments

-

(33.9)

Adjusted total revenues

526.1

815.0

(35 %)





Pretax (loss) income

(10.2)

79.6

(113 %)

Non-GAAP pretax adjustments:



Net realized and unrealized losses (gains)

1.8

(4.1)

Other adjustments

-

1.4

Adjusted pretax (loss) income

(8.4)

76.9

(111 %)

Pretax margin

(1.9 %)

9.3 %

Adjusted pretax margin

(1.6 %)

9.4 %






Net (loss) income attributable to Stewart

(8.2)

57.9

(114 %)

Non-GAAP pretax adjustments:



Net realized and unrealized losses (gains)

1.8

(4.1)

Other adjustments

-

1.4

Net tax effects of non-GAAP adjustments

(0.4)

0.6

Non-GAAP adjustments, after taxes

1.4

(2.1)

Adjusted net (loss) income attributable to Stewart

(6.8)

55.8

(112 %)





Diluted average shares outstanding (000)

27,201

27,444

Net (loss) income per share

(0.30)

2.11

Adjusted net (loss) income per share

(0.25)

2.03


Quarter Ended March 31,

2023

2022

% Chg

Title Segment:



Revenues

461.6

729.4

(37 %)

Net realized and unrealized losses (gains)

1.8

(3.8)

Adjusted revenues

463.5

725.6

(36 %)

Pretax (loss) income

(0.7)

82.8

(101 %)

Non-GAAP revenue adjustments:



Net realized and unrealized losses (gains)

1.8

(3.8)

Acquired intangible asset amortization

2.8

1.8

Adjusted pretax income

3.9

80.8

(95 %)

Pretax margin

(0.1 %)

11.4 %

Adjusted pretax margin

0.8 %

11.1 %

Real Estate Solutions Segment:



Revenues

62.6

89.4

(30 %)

Pretax income

1.4

6.8

(80 %)

Non-GAAP revenue adjustments:



Acquired intangible asset amortization

5.8

6.4

Adjusted pretax income

7.2

13.2

(45 %)

Pretax margin

2.2 %

7.6 %

Adjusted pretax margin

11.5 %

14.8 %



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

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Document And Entity Information
Apr. 26, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Apr. 26, 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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