Stewart, 4분기 2017 결과 보고
Stewart, 4분기 2017 결과 보고
- Total revenues of $525.7 million, increased 5 percent sequentially; in-line with prior year quarter
- Net income attributable to Stewart of $15.1 million, compared to $16.7 million in the prior year quarter
- Commercial revenues of $71.5 million, increased 23 percent from the prior year quarter
- Total cash from operations of $60.0 million, increased 2 percent from the prior year quarter
- The Company continues its strategic alternatives review process
HOUSTON, 2월 8 2018 -- Stewart Information Services Corporation (NYSE: STC) today reported net income attributable to Stewart of $15.1 million ($0.64 per diluted share) for the fourth quarter 2017 compared to net income attributable to Stewart of $16.7 million ($0.71 per diluted share) for the fourth quarter 2016. 4분기의 비지배 지분 이전의 세전 소득2017은 23.0분기의 비지배 지분 이전의 세전 소득에 비해 17.500만 달러였습니다. 2016.
4분기 2017 결과에는 다음이 포함되었습니다.
- $2.9 million of third party advisory expenses recorded in other operating expenses in the ancillary services and corporate segment relating to our previously announced review of strategic alternatives,
- $3.5 million of office closure costs, primarily lease termination and litigation expenses, recorded in other operating expenses in the title segment,
- $1.7 million of executive severance and retention expenses recorded in employee costs in the title and ancillary services and corporate segments,
- $1.0 million of acquisition integration expenses recorded in other operating expenses in the title segment, and
- $6.6 million of net income tax benefits related to the effects of the recently-enacted Tax Cuts and Jobs Act.
4분기 2016 결과에는 다음이 포함되었습니다.
- $5.4 million of net realized losses, primarily related to realized losses on the sale of assets related to certain ancillary services business lines, and
- $2.4 million of income tax benefits related to previously unrecognized tax credits.
“We were pleased with the 5 percent sequential increase in revenues this quarter, as broad-based commercial strength and contributions from new business producers helped offset overall market weakness,” noted Matthew Morris, chief executive officer. “We continue to be encouraged by the success of our recruiting efforts in replacing revenue impacted by staff departures earlier in the year as well as expanding further in our high priority markets. While investing in this growth temporarily elevated our expenses in 2017, we enter 2018 with strong momentum and improving productivity, ready to take advantage of improving residential purchase trends and continued penetration in the commercial market.”
Review of Strategic Alternatives
In our third quarter 2017 earnings release, we noted that Stewart’s Board of Directors had formed a strategic committee to actively assess the full range of available strategic alternatives. That review continues and while there is no timeframe on its conclusion, its completion is of the highest priority. As noted in November, given the ongoing review, there can be no assurance that this process will result in any particular outcome.
선택한 재무 정보
운영의 요약 결과는 다음과 같습니다(주당 금액을 제외한 수백만 달러).
(1) As previously reported, during the second quarter 2016, Stewart paid a $12.0 million cash consideration to the holders of our Class B Common Stock as part of the exchange agreement announced during that quarter. Excluding this cash payment, the adjusted net income per diluted share for the full year 2016 was $2.36. Under U.S. GAAP, the $12.0 million payment was recorded as a reduction to retained earnings, similar to a preferred stock dividend, but did not reduce the net income attributable to Stewart. However, the payment reduced the net income used in the calculation of basic and diluted earnings per share.
제목 세그먼트
제목 세그먼트의 요약 결과는 다음과 같습니다(세전 마진을 제외한 수백만 달러).
Total title revenues for the fourth quarter 2017 were slightly higher than the prior year quarter, while pretax income declined $11.1 million for the fourth quarter 2017 compared to the fourth quarter 2016. The lower pretax income was primarily due to increased employee costs related to our investment in stabilizing and growing target markets, a lower agency remittance rate and slightly higher title loss expense as a percent of title revenues. Also included in the segment’s results for the fourth quarter 2017, as discussed above, are approximately $3.5 million of office closure costs and $1.0 million related to acquisition integration costs.
Direct title revenue information is presented below (dollars in millions):
Non-commercial domestic revenue includes revenues from purchase transactions and centralized title operations (processing primarily refinancing and default title orders), which decreased 7 percent and 33 percent, respectively, in the fourth quarter 2017 compared to the prior year. Total commercial revenues improved 23 percent from the prior year quarter, driven by domestic strength across multiple geographies and an increased contribution from our international operations. Total international title revenues increased 14 percent in the fourth quarter 2017 compared to the prior year quarter driven by higher commercial revenues and stronger foreign exchange rates against the U.S. dollar, partially offset by lower non-commercial transaction volume.
Gross revenues from independent agency operations in the fourth quarter 2017 increased 1 percent compared to the fourth quarter 2016. The independent agency remittance rate decreased to 17.2 percent in the fourth quarter 2017 from 18.2 percent in the prior year quarter as a result of the geographic mix of our agency business (decreased revenues in higher-remitting states and increased revenues in lower-remitting states); revenues, net of agency retention, decreased 4 percent in the fourth quarter 2017 compared to the prior year quarter.
보조 서비스 및 기업 부문
보조 서비스 및 기업 부문의 요약 결과는 다음과 같습니다(단위: 백만 달러).
The decline in fourth quarter 2017 segment revenues compared to the prior year quarter was primarily due to the divestitures from certain ancillary services lines of business at the end of 2016 and lower revenues generated by the valuation services operations in the current year quarter.
The segment’s pretax results for the fourth quarter 2017 improved to a $9.6 million pretax loss, which included $2.9 million of expenses relating to our strategic alternatives review, compared to the prior year quarter’s pretax loss of $15.1 million, which included net realized losses of $4.9 million primarily related to the sale of certain ancillary services business lines and early lease termination costs. This improvement was primarily due to the higher reduction in overall segment expenses relative to the decrease in revenues. The segment’s results for the fourth quarter 2017 and 2016 included approximately $8.8 million and $6.4 million, respectively, of net expenses attributable to parent company and corporate operations.
경비
Employee costs of $147.0 million for the fourth quarter 2017 were comparable to the prior year quarter. Salaries declined as a result of an approximately 7 percent reduction in average employee counts, primarily related to volume declines in our ancillary services and centralized title operations and staff departures in direct operations during the second quarter 2017. This decline was offset by higher commissions and incentive compensation during the fourth quarter 2017, driven by higher commercial revenues, increased value of performance-based stock compensation and increased recruiting efforts to replace departed staff in direct operations. As a percentage of total operating revenues, employee costs for the fourth quarter 2017 were 28.4 percent compared to 27.9 percent in the prior year quarter.
Other operating expenses of $95.9 million for the fourth quarter 2017 were also comparable to the fourth quarter 2016. Outside title search fees, costs of services within ancillary services and centralized title operations and bad debt expense decreased, offset by increased technology costs and third-party advisory fees. As a percentage of total operating revenues, other operating expenses for the fourth quarter 2017 were 18.5 percent compared to 18.2 percent in the fourth quarter 2016. As noted earlier, other operating costs for the fourth quarter 2017 included approximately $3.5 million of office closure costs, $2.9 million of expenses related to our strategic alternatives review and $1.0 million of acquisition integration costs; excluding these charges, the other operating expenses ratio for the fourth quarter 2017 was 17.1 percent, an improvement of 110 basis points from the prior year quarter.
Title loss expenses increased to $25.9 million in the fourth quarter 2017, compared to $24.5 million in the fourth quarter 2016. Title losses were 5.1 percent of title revenues in the fourth quarter 2017 compared to 4.8 percent in the fourth quarter 2016. Looking ahead in 2018, we expect our loss provisioning rate will be approximately 4.8 percent.
Depreciation and amortization expenses decreased to $6.5 million in the fourth quarter 2017 from $7.3 million in the fourth quarter 2016, primarily due to lower amortization expenses resulting from the disposal of certain intangible assets related to the divestitures of several lines of the ancillary services business during the fourth quarter 2016.
기타
Net cash provided by operations in the fourth quarter 2017 increased to $60.0 million, from $59.0 million in the prior year quarter, due primarily to lower claims payments, partially offset by the lower net income generated during the fourth quarter 2017.
Fourth quarter Earnings Call
Stewart will hold a conference call to discuss the fourth quarter 2017 earnings at 8:30 오전 Eastern Time on 목요일, 2월 8, 2018. To participate, dial (866) 342-8591 (USA) and (203) 518-9822 (International) - access code STCQ417. Additionally, participants can listen to the conference call through Stewart’s Investor Relations website at https://www.stewart.com/en/investor-relations/earnings-call.html. The conference call replay will be available from 10:00 오전 Eastern Time on 2월 8 2018 until midnight on 2월 15 2018, by dialing (800) 374-0328 (USA) or (402) 220-0663 (International) - the access code is also STCQ417.
Stewart 소개
Stewart Information Services Corporation(NYSE:STC)은 당사의 직접 운영, Stewart Trusted Providers™ 네트워크 및 계열사를 통해 제품과 서비스를 제공하는 글로벌 부동산 서비스 회사입니다. 주거용 및 상업용 부동산 권원 보험, 클로징 및 결제 서비스에서 모기지 산업을 위한 전문 오퍼링에 이르기까지 당사는 고객이 부동산 거래에 필요한 포괄적인 서비스, 심층적인 전문 지식 및 솔루션을 제공합니다. Stewart는 강력한 관계를 구축한다고 믿습니다. 이러한 파트너십은 모든 거래 성사, 모든 거래 및 모든 거래의 초석입니다. Stewart. 진정한 파트너. 진정한 가능성.™ 자세한 정보는 회사 웹사이트 stewart.com 참조하거나, blog.stewart.com Stewart 블로그를 구독하거나, Twitter® @stewarttitleco에서 Stewart를 팔로우할 수 있습니다.
미래 예측 진술. 이 보도 자료의 특정 진술은 1995의 사모 증권 소송 개혁법의 의미 내에서 "미래 예측 진술"입니다. 이러한 미래 예측 진술은 과거가 아닌 미래의 사건과 관련이 있으며 종종 우리의 예상 미래 비즈니스 및 재무 성과를 다룹니다. 이러한 설명에는 종종 "예상", "예상", "의도", "계획", "믿음", "찾기", "의지", "예측" 또는 기타 유사한 단어와 같은 단어가 포함됩니다. 그 성격에 따른 미래 예측 진술은 다양한 위험과 불확실성의 영향을 받으며, 이는 우리의 실제 결과가 미래 예측 진술에 표현된 것과 실질적으로 다를 수 있습니다. 이러한 위험과 불확실성에는 다음이 포함됩니다. 무엇보다도 어려운 경제 상황 부동산 활동 수준의 불리한 변화 모기지 금리 변동, 기존 및 신규 주택 판매, 모기지 금융의 가용성, 기술 변화에 대응하고 구현하는 능력, 기업 시스템 구현 완료 포함 예상치 못한 권원 손실의 영향 또는 당사의 정책 손실 준비금을 강화해야 할 필요성 소유권 손실이 현금 흐름 및 재정 상태에 미치는 영향 생산성이 높은 영업 사원을 유치하고 유지하는 능력 품질 및 수익성을 위해 에이전시 운영을 심사하는 것의 영향 독립 기관 송금 비율 부동산 권원 보험 상품 수요에 영향을 미치는 2차 모기지 시장의 참가자 및 재융자 비율의 변화 규제 미준수 당사의 권원 보험 기관 또는 직원에 의한 사기 또는 명예 훼손 중요한 산업 변화에 시기적절하고 비용 효율적으로 대응하고 새로운 제품과 서비스를 도입할 수 있는 능력 계류 중인 소송의 결과 정부 및 보험 규정의 변화로 인한 영향 권원 보험 상품 및 서비스의 향후 가격 인하 포함 현금 흐름의 출처로서 운영 자회사에 대한 의존성 비용 관리 프로그램을 통한 비용 절감의 지속적인 실현 인수한 비즈니스를 성공적으로 통합하는 능력 필요할 때 그리고 필요할 경우 주식 및 부채 금융 시장에 접근할 수 있는 당사의 능력 국제 운영을 성장시킬 수 있는 능력 계절성 및 날씨 경쟁사의 행동에 대응하는 능력. 이러한 위험과 불확실성 및 기타 사항은 12월 31 20161이 종료된 연도의 10-K 양식에 대한 연례 보고서, 해당되는 경우 10-Q 양식에 대한 분기별 보고서, 8-K 양식에 대한 현재 보고서를 포함하여 증권거래위원회에 제출된 문서에서 자세히 논의됩니다. 본 보도 자료에 포함된 모든 미래 예측 진술은 그러한 주의 진술에 의해 전체가 명시적으로 검증됩니다. 당사는 관련 법률에서 요구할 수 있는 경우를 제외하고, 본 보도 자료에 포함된 미래 예측 진술을 업데이트, 수정 또는 명확히 하여 본 보도 자료 날짜 이후에 발생할 수 있는 사건 또는 상황을 반영할 의무를 명시적으로 부인합니다.
STEWART INFORMATION SERVICES CORPORATION
요약된 손익계산서
(주당 금액을 제외하고 명시된 경우를 제외하고 수천 달러로 표시)
STEWART INFORMATION SERVICES CORPORATION
CONDENSED BALANCE SHEETS AS OF DECEMBER 31
(수천 달러)
STEWART INFORMATION SERVICES CORPORATION
세그먼트 정보
(수천 달러)
부록 A
조정 수익 및 조정 EBITDA
경영진은 미국 일반회계원칙(GAAP)에 따라 작성된 재무제표 이외의 다양한 재무 및 운영 측정치를 사용하여 성과를 분석합니다. 여기에는 다음이 포함됩니다. (1) adjusted revenues, which are reported revenues adjusted for any net realized gains and losses and (2) net income after earnings from noncontrolling interests and before interest expense, income tax expense, and depreciation and amortization and adjusted for net realized investment and other gains and losses, certain significant litigation expenses and other non-operating costs such as third-party advisory costs, component exit-related costs and prior policy year reserve adjustments (adjusted EBITDA). 경영진은 이러한 조치를 운영의 핵심 수익성에 대한 중요한 성과 척도 및 내부 재무 보고의 주요 구성요소로 간주합니다. 경영진은 투자자들이 경영진이 사용하는 것과 동일한 재무적 조치에 접근함으로써 이익을 얻을 수 있다고 생각합니다.
다음 표는 경영진이 사용하는 비 GAAP 재무 측정치를 분기 및 연말 12월 31 2017 및 2016(백만 달러)에 대해 가장 직접적으로 비교 가능한 GAAP 측정치와 대조합니다.