Stewart 报告第二季度2020业绩

- Operating revenues of $728.3 million, an increase of $215.6 million, or 42 percent, compared to the prior year quarter

- Net income of $59.7 million ($56.4 million on an adjusted basis) compared to break-even results ($20.6 million on an adjusted basis) in the prior year quarter

- Diluted EPS of $2.22 ($2.09 on an adjusted basis) compared to prior year quarter diluted EPS of $0.00 ($0.87 on an adjusted basis)

- Full year 2020 net income of $154.9 million ($158.3 million on an adjusted basis) compared to $78.6 million ($65.4 million on an adjusted basis) in the prior year

- Full year 2020 diluted EPS of $6.22 ($6.35 on an adjusted basis) compared to 2019 diluted EPS of $3.31 ($2.75 on an adjusted basis)

HOUSTON, Feb.10, 2021 /PRNewswire/ -- Stewart Information Services Corporation (NYSE: STC) today reported net income attributable to Stewart for the fourth quarter 2020 of $59.7 million ($2.22 per diluted share), compared to break-even results for the fourth quarter 2019. On an adjusted basis, Stewart's fourth quarter 2020 net income of $56.4 million ($2.09 per diluted share) increased 174 percent from $20.6 million ($0.87 per diluted share) in the fourth quarter 2019. Fourth quarter 2020 pretax income before noncontrolling interests was $83.9 million compared to pretax income before noncontrolling interests of $3.8 million for the fourth quarter 2019.

Fourth quarter 2020 results included $4.4 million of pretax net realized and unrealized gains, composed of $3.9 million of net unrealized gains on fair value changes of equity securities investments and $0.5 million of net realized gains on sale of securities investments recorded in the title segment.

Fourth quarter 2019 results included the following pretax items:

• $8.0 million of net realized and unrealized losses, which included $11.7 million of impairment expenses relating to long-lived assets, partially offset by $2.2 million of realized gains on sale of securities investments and $1.1 million of net unrealized gains on fair value changes of equity securities investments,
• $6.5 million of severance expenses related to our corporate reorganization included in employee costs ($4.3 million in the ancillary services and corporate segment and $2.2 million in the title segment),
• $5.9 million of office closure costs primarily related to lease terminations included in other operating expenses ($4.7 million in the title segment and $1.2 million in the ancillary services and corporate segment),
• $2.2 million of executive insurance policy settlement expense recorded as part of other operating expenses within the ancillary services and corporate segment,
• $1.7 million of commercial services' escrow loss recorded as part of title loss expense in the title segment, and
• $2.1 million of other non-operating charges ($1.3 million in the ancillary services and corporate segment and $0.8 million in the title segment).

"Our fourth quarter 2020 results were driven by revenue growth across all lines of business and by actively managing our cost structure. Even with real estate trends remaining strong through the fourth quarter, I was especially encouraged to see solid performance across all major channels, including purchase, refinancing, commercial, international and ancillary services," commented Fred Eppinger, chief executive officer. "We continued to execute on our plan to leverage top line performance to drive enhanced company profitability, as we not only took advantage of elevated transaction activity in the quarter, but also made acquisitions that strengthened our real estate technology, valuations and core title offerings. Lastly, I remain thankful for the tremendous dedication and hard work of our associates in these challenging times, their efforts have been nothing short of extraordinary and, hopefully, 2021 will bring all of us a greater level of safety and security."

选定的财务信息摘要运营结果如下（以百万美元为单位，每股金额除外）：

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

标题段的标题段摘要结果如下（百万美元，税前保证金除外）：

Title segment pretax income increased $74.6 million, while pretax margin improved 960 basis points to 13.6 percent in the fourth quarter 2020 compared to the prior year quarter. Title operating revenues increased $184.3 million, or 36 percent, resulting from increases in direct title revenues of $106.0 million, or 45 percent, and gross independent agency revenues of $78.3 million, or 29 percent. In line with the increased title revenues, the segment's fourth quarter 2020 overall operating expenses increased $116.3 million, or 24 percent, with agency retention expenses and combined title employee costs and other operating expenses increasing 28 percent and 16 percent, respectively, from the prior year quarter. Average independent agency remittance rate improved to 18.2 percent in the fourth quarter 2020, compared to 17.7 percent in the prior year quarter, while combined title employee costs and other operating expenses, as a percentage of title revenues, improved to 38.8 percent in the fourth quarter 2020 compared to 45.7 percent in the prior year quarter.

Title loss expense increased $17.7 million, or 61 percent, in the fourth quarter 2020 compared to the prior year quarter, primarily due to increased title revenues and higher loss provisioning rates due to the macroeconomic environment. As a percentage of title revenues, the title loss expense in the fourth quarter 2020 was 6.8 percent compared to 5.7 percent from the prior year quarter; on a full year basis, the title loss ratio was 5.3 percent in 2020 compared to 4.6 percent in 2019. Given the current economic environment, we anticipate that our 2021 loss ratio will be comparable to the full year 2020 loss ratio.

The segment's investment income decreased $1.1 million, or 21 percent, in the fourth quarter 2020, primarily as a result of lower interest rates during 2020. As noted previously, net realized and unrealized gains for the fourth quarter 2020 consisted primarily of net unrealized gains on fair value changes of equity securities investments (as noted above), while net realized and unrealized losses for the fourth quarter 2019 included $7.1 million of impairment expenses related to long-lived assets, partially offset by net gains from sale of securities investments and fair value changes of equity securities investments.

直接产权收入信息如下所示（百万美元）：

Direct title revenues increased as a result of overall improvements in commercial and non-commercial revenues, primarily driven by increased transactions during the fourth quarter 2020 compared to the prior year quarter. Domestic non-commercial revenues increased $90.6 million, or 61 percent, as a result of higher purchase and refinancing residential closed orders from both existing and newly acquired title offices. Domestic commercial revenues improved $3.4 million, or 6 percent, due to increased transaction size and volume. Total international revenues increased $11.9 million, or 38 percent, primarily due to higher volumes in our Canadian and European operations. Domestic commercial fee per file in the fourth quarter 2020 was approximately $12,900, an improvement of 6 percent from the fourth quarter 2019; while domestic residential fee per file was approximately $2,000, or 4 percent lower than the prior year quarter, primarily due to a higher mix of refinancing compared to purchase transactions.

辅助服务和公司分部摘要结果如下（以百万美元计）：

The segment's operating revenues increased from the prior year quarter as a result of 2020 acquisitions, which generated $34.5 million in the fourth quarter 2020. Revenues from our capital markets search and home equity valuation services operations declined $3.2 million, or 48 percent, due to significantly lower customer orders. Net realized losses in the fourth quarter 2019 were primarily related to impairments of long-lived assets. Pretax results for ancillary services operations, including acquisitions, improved $0.5 million, or 48 percent, in the fourth quarter 2020 compared to the prior year quarter. Net expenses attributable to parent company and corporate operations for the fourth quarter 2020 were approximately $10.4 million, which included costs related to charitable contributions, increased employee vacation carryover, and third-party strategic consulting; while net expenses for the fourth quarter 2019 were approximately $10.9 million, which included reorganization severance expenses, executive insurance policy settlement costs, charitable contributions and asset impairment charges.

Expenses Total employee costs and other operating expenses related to operations of new acquisitions were $20.6 million and $34.0 million, respectively, for the fourth quarter 2020. Excluding these acquisitions, total employee costs increased $9.6 million, or 6 percent, in the fourth quarter 2020 compared to the prior year quarter, primarily due to higher incentive compensation on improved overall operating results, partially offset by lower severance expenses. As a percentage of total operating revenues, consolidated employee costs for the fourth quarter 2020 improved to 25.3 percent from 30.1 percent in the fourth quarter 2019.

Excluding acquisitions, other operating expenses increased $1.9 million, or 2 percent, in the fourth quarter 2020 compared to the prior year quarter. This increase primarily resulted from higher outside title search, attorney fee split and premium tax expenses on higher title revenues, and increased third-party consulting, partially offset by lower insurance, travel and office closure expenses. As a percentage of total operating revenues, consolidated other operating expenses for the fourth quarter 2020 was 17.9 percent compared to 18.4 percent in the fourth quarter 2019.

Other Net cash provided by operations was $134.9 million in the fourth quarter 2020, compared to $59.1 million in the prior year quarter. The increased cash from operations was primarily driven by the higher net income and lower payments on accounts payables, partially offset by lower collections on accounts receivable.

Fourth quarter Earnings Call Stewart will hold a conference call to discuss the fourth quarter 2020 earnings at 上午 8:30 Eastern Time on 星期四, 二月 11, 2021. To participate, dial (866) 342-8591 (USA) and (203) 518-9713 (International) - access code STCQ420. Additionally, participants can listen to the conference call through Stewart's Investor Relations website at http://www.stewart.com/investor-relations/earnings-call.html. The conference call replay will be available from 上午 11:00 Eastern Time on 2021 年 2 月 11 日 until midnight on 2021 年 2 月 18 日, by dialing (800) 283-7928 (USA) or (402) 220-0866 (International) - the access code is also STCQ420.

关于 Stewart Stewart Information Services Corporation （NYSE：STC） 是一家全球房地产服务公司，通过我们的直接运营、Stewart Trusted Providers 网络和公司家族提供产品和服务。从住宅和商业产权保险以及成交和结算服务，到抵押贷款行业的专业产品，我们为客户提供任何房地产交易所需的全面服务、深厚的专业知识和解决方案。在斯图尔特，我们相信建立牢固的关系 - 这些伙伴关系是每笔成交，每笔交易和每笔交易的基石。Stewart. 真正的房地产合作伙伴。真正的可能性。如需更多信息，请访问公司网站 stewart.com，或订阅 Stewart 博客 blog.stewart.com，或在 Twitter^® @stewarttitleco 上关注 Stewart。

前瞻性陈述。Certain statements in this earnings release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. 此类前瞻性陈述与未来而非过去的事件有关，通常涉及我们预期的未来业务和财务业绩。这些陈述通常包含诸如“可能”、“期望”、“预期”、“打算”、“计划”、“相信”、“寻求”、“将”、“预见”或其他类似词语。前瞻性陈述的性质受到各种风险和不确定性的影响，可能导致我们的实际结果与前瞻性陈述中表达的结果存在重大差异。这些风险和不确定性包括： 除其他事项外， 经济状况的波动性 包括 COVID-19 疫情的持续时间和影响； 房地产活动水平的不利变化； 抵押贷款利率的变化， 现有和新的房屋销售 以及抵押贷款融资的可用性； 我们应对和实施技术变革的能力， 包括完成我们企业系统的实施； 意外产权损失的影响或需要加强我们的保单损失准备金； 产权损失对我们现金流和财务状况的任何影响； 吸引和留住高效率销售人员的能力； 审查我们的代理业务对质量和盈利能力的影响； 独立机构汇款率； 二级抵押贷款市场参与者的变化以及影响产权保险产品需求的再融资率； 监管不合规 由我们的产权保险机构或员工欺诈或处分； 我们能够及时、经济高效地应对重大行业变化并引进新产品和服务； 未决诉讼的结果； 政府和保险法规变化的影响， 包括产权保险产品和服务定价的任何未来降低； 我们依赖我们的运营子公司作为现金流的来源； 我们在需要时进入股权和债务融资市场的能力； 我们发展国际业务的能力； 季节性和天气； 以及我们应对竞争对手行为的能力。这些风险和不确定性以及其他因素将在我们提交给证券交易委员会的文件中进行更详细的讨论，包括我们截至 2019 年 12 月 31 日1 的年度 10-K 表年度报告，并补充了我们 10-Q 表季度报告和 8-K 表当前报告中包含的任何风险因素。本收益报告中包含的所有前瞻性陈述均明确符合此类警示性陈述的全部条件。我们明确否认有任何义务更新、修改或澄清本收益报告中包含的任何前瞻性陈述，以反映在本协议日期后可能出现的事件或情况，除非适用法律要求。

附录 A
Non-GAAP Adjustments

除了根据美国公认会计原则 （GAAP） 编制的财务报表外，管理层还使用各种财务和运营衡量指标来分析其绩效。这些包括：(1) adjusted revenues, which are reported revenues adjusted for any net realized and unrealized gains and losses and (2) net income after earnings from noncontrolling interests and adjusted for net realized and unrealized gains and losses and other non-operating costs, which primarily include merger expenses, cost initiative severance expenses, office closure costs and insurance settlement expenses (adjusted net income). Adjusted diluted earnings per share (adjusted diluted EPS) is calculated using adjusted net income divided by the diluted average weighted outstanding shares. 管理层将这些衡量指标视为其运营核心盈利能力的重要绩效衡量指标，以及其内部财务报告的关键组成部分。管理层认为，投资者可以从获得与管理层相同的财务措施中受益。

Below is a reconciliation of the non-GAAP financial measurements used by management to the most directly comparable GAAP measures for the quarter and year ended 2020 年 12 月 31 日 and 2019 (dollars in millions, except share and per share amounts).

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