0001104659-24-011641.txt : 20240207 0001104659-24-011641.hdr.sgml : 20240207 20240207163413 ACCESSION NUMBER: 0001104659-24-011641 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20240207 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240207 DATE AS OF CHANGE: 20240207 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: 24604786 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 tm245528d1_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): February 7, 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 February 7, 2024, regarding financial results for the three months ended December 31, 2023, is attached hereto as Exhibit 99.1, and is incorporated herein by reference. This information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference in any filing under the Securities Act of 1933, as amended.

 

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

 

(d) EXHIBITS

 

Exhibit No.   Description
99.1   Press release of Stewart Information Services Corporation dated February 7, 2024, reporting financial results for the three months ended December 31, 2023.
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: February 7, 2024

 

 

 

 EX-99.1 2 tm245528d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

NEWS RELEASE

 

STEWART INFORMATION SERVICES CORP.

P.O. Box 2029

Houston, Texas 77252-2029

www.stewart.com 

CONTACT

Brian Glaze / David Hisey

Investor Relations

(713) 625-8761 

 

Stewart Reports Fourth Quarter 2023 Results

 

·Total revenues of $582.2 million ($577.4 million on an adjusted basis) compared to $655.9 million ($643.2 million on an adjusted basis) in the prior year quarter
   
·Net income of $8.8 million ($16.6 million on an adjusted basis) compared to $13.3 million ($22.9 million on an adjusted basis) in the prior year quarter
   
·Diluted EPS of $0.32 ($0.60 on an adjusted basis) compared to prior year quarter diluted EPS of $0.49 ($0.84 on an adjusted basis)

 

HOUSTON, February 7, 2024 - Stewart Information Services Corporation (NYSE: STC) today reported net income attributable to Stewart of $8.8 million ($0.32 per diluted share) for the fourth quarter 2023, compared to $13.3 million ($0.49 per diluted share) for the fourth quarter 2022. On an adjusted basis, Stewart’s fourth quarter 2023 net income was $16.6 million ($0.60 per diluted share) compared to $22.9 million ($0.84 per diluted share) in the fourth quarter 2022. Fourth quarter 2023 pretax income before noncontrolling interests was $18.8 million ($29.1 million on an adjusted basis) compared to pretax income before noncontrolling interests of $20.8 million ($33.3 million on an adjusted basis) for the fourth quarter 2022.

 

Fourth quarter 2023 results included $4.8 million of pretax net realized and unrealized gains primarily driven by net unrealized gains on fair value changes of equity securities investments and net gains from acquisition liability adjustments, offset by $6.4 million of combined office closures and severance expenses. Fourth quarter 2022 results included $12.7 million of pretax net realized and unrealized gains, primarily composed of net unrealized gains on fair value changes of equity securities investments and gains related to settlements of company-owned insurance policies, offset by $16.7 million of combined office closure, severance and regulatory settlement and litigation expenses.

 

“Our fourth quarter results reflect continuing uncertainty in the real estate market due to the higher interest rate environment coupled with the normal seasonality. Although we are encouraged by the moderation of interest rates into the mid – 6 percent range during the fourth quarter and into early 2024, we maintain our outlook that higher interest rates will negatively impact real estate transaction volume in the first half of 2024,” commented Fred Eppinger, chief executive officer. “We have made excellent progress on our strategic investments during 2023 and will continue to focus on balancing thoughtful cost discipline with investment in these long-term enterprise initiatives to create a stronger and more resilient company.”

 

 

 

 

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
December 31,		   Year Ended
December 31,		 
   2023   2022   2023   2022 
Total revenues   582.2    655.9    2,257.3    3,069.3 
Pretax income before noncontrolling interests   18.8    20.8    60.9    232.7 
Income tax expense   (5.7)   (2.5)   (15.3)   (50.9)
Net income attributable to noncontrolling interests   (4.3)   (4.9)   (15.2)   (19.5)
Net income attributable to Stewart   8.8    13.3    30.4    162.3 
Non-GAAP adjustments, after taxes*   7.8    9.6    36.2    43.1 
Adjusted net income attributable to Stewart*   16.6    22.9    66.6    205.4 
Pretax margin   3.2%   3.2%   2.7%   7.6%
Adjusted pretax margin*   5.0%   5.2%   4.8%   9.5%
Net income per diluted Stewart share   0.32    0.49    1.11    5.94 
Adjusted net income per diluted Stewart share*   0.60    0.84    2.42    7.51 

 

* 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 December 31, 
   2023   2022   % Change 
Operating revenues   503.0    581.6    (14%)
Investment income   13.0    6.9    89%
Net realized and unrealized gains   5.1    10.3    (50%)
Pretax income   27.3    26.9    2%
Non-GAAP adjustments to pretax income*   4.0    8.3      
Adjusted pretax income*   31.4    35.2    (11%)
Pretax margin   5.2%   4.5%     
Adjusted pretax margin*   6.1%   6.0%     

 

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

 

Fourth quarter title segment operating revenues decreased $78.6 million, or 14 percent, compared to the prior year quarter, as a result of transaction volume declines in our direct and agency title operations. Total segment operating expenses in the fourth quarter 2023 decreased $78.1 million, or 14 percent, consistent with lower operating revenues. Agency retention expenses decreased $39.7 million, or 15 percent, in the fourth quarter 2023 primarily due to $49.2 million, or 16 percent, lower gross agency revenues. The average independent agency remittance rate in the fourth quarter 2023 was 17.3 percent, compared to 17.6 percent during the fourth quarter 2022.

 

 

 

 

Total employee costs and other operating expenses in the fourth quarter 2023 were lower by $37.6 million, or 13 percent, compared to the prior year quarter, while as a percentage of operating revenues, these expenses were 49.1 percent in the fourth quarter 2023 compared to 48.9 percent in the prior year quarter. Fourth quarter title loss expense decreased $1.1 million, or 5 percent, primarily as a result of lower title revenues compared to the prior year quarter. As a percentage of title revenues, title loss expense was 4.1 percent in the fourth quarter 2023 compared to 3.7 percent in the fourth quarter 2022, which benefited from last year’s favorable claims experience.

 

Investment income in the fourth quarter 2023 increased $6.1 million, compared to the prior year quarter, primarily due to higher interest income resulting from earned interest from eligible escrow balances in the fourth quarter 2023. Non-GAAP adjustments to the title segment’s pretax income included $9.1 million and $18.6 million of acquisition intangible asset amortization and other expenses, partially offset by $5.1 million and $10.3 million of net realized and unrealized gains in the fourth quarters 2023 and 2022, respectively.

 

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

 

   Quarter Ended December 31, 
   2023   2022   % Change 
Non-commercial:               
Domestic   153.8    171.3    (10%)
International   24.0    24.0    0%
    177.8    195.3    (9%)
Commercial:               
Domestic   56.1    66.9    (16%)
International   6.5    7.7    (16%)
    62.6    74.6    (16%)
Total direct title revenues   240.4    269.9    (11%)

 

Total non-commercial domestic revenues in the fourth quarter 2023 declined $17.5 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 fourth quarter 2022. Fourth quarter domestic commercial revenues decreased $10.8 million, or 16 percent, primarily driven by 14 percent lower commercial transactions compared to the prior year quarter. Average domestic commercial fee per file in the fourth quarter 2023 was $14,800, compared to $15,100 in the fourth quarter 2022, while average residential fee per file in the fourth quarter 2023 was $3,200, compared to $3,500 in the prior year quarter primarily due to transaction mix in the fourth quarter 2023. Total international revenues in the fourth quarter 2023 decreased by $1.2 million, or 4 percent, primarily due to lower transaction volumes compared to the prior year quarter.

 

 

 

 

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 December 31, 
   2023   2022   % Change 
Operating revenues   61.4    54.7    12%
Pretax income   1.4    0.4    276%
Non-GAAP adjustments to pretax income*   6.0    6.6      
Adjusted pretax income*   7.4    7.0    5%
Pretax margin   2.3%   0.7%     
Adjusted pretax margin*   12.0%   12.8%     

 

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

 

The segment’s fourth quarter operating revenues improved $6.7 million, or 12 percent, compared to the prior year quarter, primarily due to increased credit information services revenues, partially offset by lower valuation services revenues from lower transaction volumes. Combined segment employee costs and other operating expenses in the fourth quarter 2023 increased $5.4 million, or 11 percent, consistent with the higher operating revenues. Non-GAAP adjustments to pretax income of $6.0 million and $6.6 million in the fourth quarters 2023 and 2022, respectively, were primarily related to acquisition intangible asset amortization expenses.

 

Corporate and Other Segment

 

The segment’s results for the fourth quarter 2023 and 2022 were primarily driven by net expenses attributable to corporate operations which were $9.7 million and $9.0 million, respectively. During the prior year quarter, the segment recorded $2.5 million of net realized gains primarily related to a settlement of a company-owned life insurance policy.

 

Expenses

 

Fourth quarter consolidated employee costs were lower by $13.6 million, or 7 percent, compared to the prior year quarter, primarily due to lower salaries and benefits expenses and incentive compensation resulting from lower average employee count and reduced transaction volumes in the fourth quarter 2023. As a percentage of total operating revenues, consolidated employee costs were slightly higher at 31.6 percent in the fourth quarter 2023 compared to 30.1 percent in the prior year quarter, primarily due to lower fourth quarter 2023 revenues.

 

Total other operating expenses in the fourth quarter 2023 decreased $17.9 million, or 12 percent, primarily as a result of reduced costs tied to lower title revenues, and lower litigation settlement, third-party outsourcing, and office closures expenses compared to the fourth quarter 2022. As a percentage of total operating revenues, consolidated other operating expenses for the fourth quarter 2023 were 22.5 percent, which was slightly better compared to 22.8 percent in the prior year quarter.

 

 

 

 

Other

 

Net cash provided by operations improved to $40.6 million in the fourth quarter 2023 compared to $24.8 million in the fourth quarter 2022, primarily as a result of lower payments on claims and accounts payable, partially offset by the lower net income during the fourth quarter 2023. Our income tax rate for the fourth quarter 2023 was higher than our normal tax rate primarily due to the effect of non-deductible expenses on lower domestic pretax income.

 

Fourth Quarter Earnings Call

 

Stewart will hold a conference call to discuss the fourth quarter 2023 earnings at 8:30 a.m. Eastern Time on Thursday, February 8, 2024. To participate, dial (800) 267-6316 (USA) or (203) 518-9783 (International) - access code STCQ423. Additionally, participants can listen to the conference call through Stewart’s Investor Relations website at http://investors.stewart.com/news-and-events/events/default.aspx. The conference call replay will be available from 11:00 a.m. Eastern Time on February 8, 2024 until midnight on February 15, 2024 by dialing (800) 934-8233 (USA) or (402) 220-6991 (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, 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 INCOME

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

 

   Quarter Ended
December 31 (Unaudited),		   Year Ended
December 31,		 
   2023   2022   2023   2022 
Revenues:                    
Title revenues:                    
Direct operations   240,432    269,894    962,674    1,246,258 
Agency operations   262,513    311,697    985,989    1,466,243 
Real estate solutions and other   61,408    54,697    263,577    335,850 
Total operating revenues   564,353    636,288    2,212,240    3,048,351 
Investment income   13,021    6,903    45,135    22,421 
Net realized and unrealized gains (losses)   4,795    12,718    (34)   (1,476)
    582,169    655,909    2,257,341    3,069,296 
Expenses:                    
Amounts retained by agencies   217,021    256,752    813,519    1,208,307 
Employee costs   178,084    191,715    712,794    802,001 
Other operating expenses   127,171    145,056    507,701    648,022 
Title losses and related claims   20,555    21,628    80,282    102,733 
Depreciation and amortization   15,600    15,075    62,447    57,178 
Interest   4,959    4,932    19,737    18,403 
    563,390    635,158    2,196,480    2,836,644 
Income before taxes and noncontrolling interests   18,779    20,751    60,861    232,652 
Income tax expense   (5,675)   (2,488)   (15,263)   (50,864)
Net income   13,104    18,263    45,598    181,788 
Less net income attributable to noncontrolling interests   4,289    4,949    15,159    19,483 
Net income attributable to Stewart   8,815    13,314    30,439    162,305 
                     
Net earnings per diluted share attributable to Stewart   0.32    0.49    1.11    5.94 
Diluted average shares outstanding (000)   27,751    27,276    27,520    27,347 
                     
Selected financial information:                    
Net cash provided by operations   40,585    24,820    83,042    191,860 
Other comprehensive income (loss)   23,406    13,465    16,128    (51,596)

 

Fourth Quarter Domestic Order Counts:

 

Opened Orders 2023:  Oct   Nov   Dec   Total 
Commercial   1,031    1,335    1,381    3,747 
Purchase   16,995    14,076    11,679    42,750 
Refinancing   5,165    5,038    5,194    15,397 
Other   1,912    1,506    3,271    6,689 
Total   25,103    21,955    21,525    68,583 

 

Opened Orders 2022:  Oct   Nov   Dec   Total 
Commercial   1,243    1,124    1,807    4,174 
Purchase   15,591    13,400    11,562    40,553 
Refinancing   4,858    4,549    3,682    13,089 
Other   1,844    1,428    1,219    4,491 
Total   23,536    20,501    18,270    62,307 

 

Closed Orders 2023:  Oct   Nov   Dec   Total 
Commercial   1,074    1,264    1,463    3,801 
Purchase   12,187    10,595    10,989    33,771 
Refinancing   3,479    3,034    3,045    9,558 
Other   2,000    1,309    1,367    4,676 
Total   18,740    16,202    16,864    51,806 

 

Closed Orders 2022:  Oct   Nov   Dec   Total 
Commercial   1,242    1,141    2,058    4,441 
Purchase   12,560    11,480    11,340    35,380 
Refinancing   3,866    3,231    3,151    10,248 
Other   1,403    964    926    3,293 
Total   19,071    16,816    17,475    53,362 

 

 

 

 

STEWART INFORMATION SERVICES CORPORATION

CONDENSED BALANCE SHEETS

(In thousands of dollars)

 

   December 31,
2023		   December 31,
2022		 
Assets:          
Cash and cash equivalents   233,365    248,367 
Short-term investments   39,023    24,318 
Investments in debt and equity securities, at fair value   679,936    710,083 
Receivables – premiums from agencies   38,676    39,921 
Receivables – other   93,811    85,111 
Allowance for uncollectible amounts   (7,583)   (7,309)
Property and equipment, net   82,335    81,539 
Operating lease assets, net   115,879    127,830 
Title plants   73,359    73,358 
Goodwill   1,072,129    1,072,982 
Intangible assets, net of amortization   193,196    199,084 
Deferred tax assets   3,776    2,590 
Other assets   84,959    80,005 
    2,702,861    2,737,879 
Liabilities:          
Notes payable   445,290    447,006 
Accounts payable and accrued liabilities   190,054    196,541 
Operating lease liabilities   135,654    148,003 
Estimated title losses   528,269    549,448 
Deferred tax liabilities   25,045    26,616 
    1,324,312    1,367,614 
Stockholders’ equity:          
Common Stock and additional paid-in capital   338,451    324,344 
Retained earnings   1,070,841    1,091,816 
Accumulated other comprehensive loss   (35,215)   (51,343)
Treasury stock   (2,666)   (2,666)
Stockholders’ equity attributable to Stewart   1,371,411    1,362,151 
Noncontrolling interests   7,138    8,114 
Total stockholders’ equity   1,378,549    1,370,265 
    2,702,861    2,737,879 
           
Number of shares outstanding (000)   27,370    27,130 
Book value per share   50.11    50.21 

 

 

 

 

STEWART INFORMATION SERVICES CORPORATION

SEGMENT INFORMATION

(In thousands of dollars)

 

Quarter Ended:  December 31, 2023   December 31, 2022 
   Title   Real
Estate
Solutions		   Corporate
and Other		   Total   Title   Real
Estate
Solutions		   Corporate
and Other		   Total 
Revenues:                                
Operating revenues   502,945    61,408    -    564,353    581,591    54,697    -    636,288 
Investment income   12,996    25    -    13,021    6,891    12    -    6,903 
Net realized and unrealized gains (losses)   5,094    (3)   (296)   4,795    10,262    -    2,456    12,718 
    521,035    61,430    (296)   582,169    598,744    54,709    2,456    655,909 
Expenses:                                        
Amounts retained by agencies   217,021    -    -    217,021    256,752    -    -    256,752 
Employee costs   163,142    11,987    2,955    178,084    177,371    11,860    2,484    191,715 
Other operating expenses   83,777    41,587    1,807    127,171    107,118    36,293    1,645    145,056 
Title losses and related claims   20,555    -    -    20,555    21,628    -    -    21,628 
Depreciation and amortization   8,819    6,401    380    15,600    8,617    6,182    276    15,075 
Interest   378    48    4,533    4,959    338    -    4,594    4,932 
    493,692    60,023    9,675    563,390    571,824    54,335    8,999    635,158 
Income (loss) before taxes   27,343    1,407    (9,971)   18,779    26,920    374    (6,543)   20,751 

 

Year Ended:  December 31, 2023   December 31, 2022 
   Title   Real
Estate
Solutions		   Corporate
and Other		   Total   Title   Real
Estate
Solutions		   Corporate
and Other		   Total 
Revenues:                                
Operating revenues   1,948,663    263,577    -    2,212,240    2,712,501    296,673    39,177    3,048,351 
Investment income   45,028    107    -    45,135    22,392    29    -    22,421 
Net realized and unrealized gains (losses)   3,437    (3)   (3,468)   (34)   (1,149)   -    (327)   (1,476)
    1,997,128    263,681    (3,468)   2,257,341    2,733,744    296,702    38,850    3,069,296 
Expenses:                                        
Amounts retained by agencies   813,519    -    -    813,519    1,208,307    -    -    1,208,307 
Employee costs   648,832    49,320    14,642    712,794    735,747    50,462    15,792    802,001 
Other operating expenses   320,529    179,640    7,532    507,701    401,724    204,053    42,245    648,022 
Title losses and related claims   80,282    -    -    80,282    102,733    -    -    102,733 
Depreciation and amortization   35,000    25,802    1,645    62,447    29,715    25,563    1,900    57,178 
Interest   1,442    239    18,056    19,737    386    -    18,017    18,403 
    1,899,604    255,001    41,875    2,196,480    2,478,612    280,078    77,954    2,836,644 
Income (loss) before taxes   97,524    8,680    (45,343)   60,861    255,132    16,624    (39,104)   232,652 

 

 

 

 

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 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, executive severance expenses, regulatory settlement and litigation expenses, state sales tax assessment expense (which was related to an acquisition), and other adjustments (pretax results of sold real estate brokerage company). 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 and year ended December 31, 2023 and 2022 (dollars in millions, except shares, per share amounts and pretax margins, and amounts may not add as presented due to rounding).

 

   Quarter Ended Dec. 31,   Year Ended Dec. 31, 
   2023   2022   % Chg   2023   2022   % Chg 
Total revenues   582.2    655.9    (11)%   2,257.3    3,069.3    (27)%
Non-GAAP revenue adjustments:                              
Net realized and unrealized (gains) losses   (4.8)   (12.7)        0.1    1.5      
Other adjustments   -    -         -    (39.2)     
Adjusted total revenues   577.4    643.2    (10)%   2,257.4    3,031.6    (26)%
                               
Pretax income   18.8    20.8    (10)%   60.9    232.7    (74)%
Non-GAAP pretax adjustments:                              
Net realized and unrealized (gains) losses   (4.8)   (12.7)        0.1    1.5      
Office closure costs   5.5    7.5         7.3    10.5      
Executive severance expenses   0.9    2.7         3.1    3.9      
Regulatory settlement and litigation expenses   -    6.5         -    6.5      
State sales tax assessment expense   -    -         1.2    -      
Other adjustments   -    -         -    0.9      
    20.4    24.7         72.5    256.0      
Acquired intangible asset amortization   8.7    8.6         36.0    33.3      
Adjusted pretax income   29.1    33.3    (13)%   108.5    289.3    (63)%
GAAP pretax margin   3.2%   3.2%        2.7%   7.6%     
Adjusted pretax margin   5.0%   5.2%        4.8%   9.5%     
                               
Net income attributable to Stewart   8.8    13.3    (34)%   30.4    162.3    (81)%
Non-GAAP pretax adjustments:                              
Net realized and unrealized (gains) losses   (4.8)   (12.7)        0.1    1.5      
Acquired intangible asset amortization   8.7    8.6         36.0    33.3      
Office closure costs   5.5    7.5         7.3    10.5      
Executive severance expenses   0.9    2.7         3.1    3.9      
Regulatory settlement and litigation expenses   -    6.5         -    6.5      
State sales tax assessment expense   -    -         1.2    -      
Other adjustments   -    -         -    0.9      
Net tax effects of non-GAAP adjustments   (2.5)   (3.0)        (11.4)   (13.6)     
Non-GAAP adjustments, after taxes   7.8    9.6         36.2    43.1      
Adjusted net income attributable to Stewart   16.6    22.9    (27)%   66.6    205.4    (68)%
                               
Diluted average shares outstanding (000)   27,751    27,276         27,520    27,347      
GAAP net income per share   0.32    0.49         1.11    5.94      
Adjusted net income per share   0.60    0.84         2.42    7.51      

 

 

 

 

   Quarter Ended Dec. 31,   Year Ended Dec. 31, 
   2023   2022   % Chg   2023   2022   % Chg 
Title Segment:                               
                               
Revenues   521.0    598.7    (13)%   1,997.1    2,733.7    (27)%
Net realized and unrealized (gains) losses   (5.1)   (10.3)        (3.4)   1.1      
Adjusted revenues   515.9    588.5    (12)%   1,993.7    2,734.9    (27)%
                               
Pretax income   27.3    26.9    2%   97.5    255.1    (62)%
Non-GAAP revenue adjustments:                              
Net realized and unrealized (gains) losses   (5.1)   (10.3)        (3.4)   1.1      
Acquired intangible asset amortization   2.9    2.8         12.3    9.1      
Office closure costs   5.5    6.9         7.3    9.9      
Severance expenses   0.7    2.4         2.3    4.0      
Regulatory settlement and litigation expenses   -    6.5         -    6.5      
Adjusted pretax income   31.4    35.2    (11)%   116.0    285.8    (59)%
GAAP pretax margin   5.2%   4.5%        4.9%   9.3%     
Adjusted pretax margin   6.1%   6.0%        5.8%   10.5%     
                               
Real Estate Solutions Segment:                               
                               
Revenues   61.4    54.7    12%   263.7    296.7    (11)%
                               
Pretax income   1.4    0.4    276%   8.7    16.6    (48)%
Non-GAAP revenue adjustments:                              
Acquired intangible asset amortization   5.8    5.8         23.7    24.0      
Severance and office closure expenses   0.2    0.8         0.3    0.9      
State sales tax assessment expense   -    -         1.2    -      
Adjusted pretax income   7.4    7.0    5%   33.8    41.5    (19)%
GAAP pretax margin   2.3%   0.7%        3.3%   5.6%     
Adjusted pretax margin   12.0%   12.8%        12.8%   14.0%     

 

 

 

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Cover
Feb. 07, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 07, 2024
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, 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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