STC - Earnings call 4 2023 | Stewart Information Services Corporation

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Operator

Hello, and thank you for joining the Stewart Information Services Fourth Quarter 2023 Earnings Call. [Operator Instructions] Please note, today's call is being recorded. [Operator Instructions]

It is now my pleasure to turn the conference over to Brian Glaze, Chief Accounting Officer. Please go ahead.

Brian Glaze

us Stewart's joining Earnings Quarter for Call. Conference you today Fourth for XXXX Thank

discussing were results the be will We that close. released after yesterday

Hisey. uncertainties refer contain access the the Joining and for this go CEO, are conference a number the link that that filings the To call involve call. This press with David may to SEC to me release please statements listen results materially. website a company's Fred cause stewart.com conference online, forward-looking to today CFO, risks of risks could and to and actual our and the uncertainties. of for Please discussion differ other Eppinger;

During non-GAAP measures. our some discuss we call, will

For appendix at our a refer website please earnings these available to measures, on in stewart.com. reconciliation the release, of non-GAAP today's which is

turn call me to Fred. Let over the now

Frederick Eppinger

you thank released Yesterday, Call. joining Dave will in for Earnings for review the and us we XXXX Quarter Stewart's quarter, and these Brian, minute. Thanks, Fourth Conference financial for results today a

like you Stewart up on success. I'd we set important will though, progress so believe to initiatives continued view doing on of for market our update Before that and the my long-term

we we a continued While managed very carefully, this economic to and improve thoughtfully it's areas invested and invest through environment, in to critical number expenses business. of difficult materially have have our

been cycle. has and more over estate real resilient a focus on Our stronger thrive creating full enterprise that a will

rates reach to of the we XXXX, falling close year. of near high are operating mortgage in a we end interest that during As quarter, mid-X% environment the an X% around before fourth the saw

industry the has home low lows at combined volumes, homes. and volatility historically we rates existing low kept elevated. transaction listing ourselves level, impact purchase an of sale rate volumes, prices inventory and Mortgage At for cool listing historic continue to with find

XXXX given macroeconomics likely sales X top transition existing laid very see challenging of it believe a As towards XXXX, normal impact. more for the during be we next months as year will home market typical seasonal a said and before, I have the on

improving very pleased is current the While the of it environment teams our progress work underlying has and made we is the improving operating company months. resiliency There the have in markets to with done, dedication be significant and and critical to performance and through financial But on I am difficult, during on our XXXX. more been in during their margins, capabilities. focused for our progress want remain operational growth scale to initiatives last attractive these improve XX enhancing I the enterprise teams thank making

strengthened financial the During arise. the Stewart long-term year successfully our opportunities of investing we us flexibility position, to take giving in and the and they continue continuing as quarter, this of to advantages success

are quarter, we costs appropriate. thoughtfully where sound we on fourth structure the expenses. During to continually cost making to ensure actions have that our decisions taken evaluate long-term We manage and continued targeted

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technology model, enhance improve to remain and customer on building targeted scale our experience operations of our enhancing investments We in areas. in our focused operating efficiency and

we cost a volumes. low focused somewhat title strategic on improving have are as transaction elevated historically are ratios are market the as in data of our investments production in our given well investments processes These in management and Some technology access. resulting with that

long-term investments, thoughtful in performance However, improve the a that near-term these management, for our term. structure up expense the financial in We Stewart coupled long and we overall performance with better setting believe are will future.

acquisition-related been opportunity where current deployment to of capabilities. ensured and with half enhance the has operations, increase will capital have share prudent returns, of have the to cautious first our reevaluating we environment, our acceptable our approach and investments investments been routinely leadership have in XXXX. We long-term the we that maintain This this During markets our provides direct through

the operations commercial XXXX, a During well our fourth market. throughout challenging in quarter have performed and

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our are We We commercial our business. us strategies will also believe long-term in to efficiently the growth more better investing to serve customers allow the and for us. commercial create technology support operations, in manage markets our to

fourth technology share another gains. business have drive as been to agency we solid leveraging market Our with performance the quarter finished our agency

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businesses, challenges immune with offset are not market during we While the to able to gains. downturn in these the some share of we've been

capabilities. was An important production efficiency on centralization our technology operational XXXX the our title and process improving focus improve for achievement during automation to and

of as we significant improving data. progress improve our the And to centralization of toward in efficiency operating the digitization and priority customer already another -- all across have Our resulted is the our work experience work investments area title channels.

this significant that made we year. the that on are pleased progress with We

This progress add considerable been journey. financial has costs. in significant margin Improving our of delivery level result a growing normal more our strength improvement by focus our production in

effort are the in made We the during aware progress have of and returns that our phase cycle. we good remain depressed this

we market. Our us double-digit million purchase to allow should investment X achieve as pretax margins low more unit to normal a turn

strategic customer and a well While having experience that in real all improved we our not more know we a financial are competitive We our talent, throughout position of by cycles. offering building complete. efficient journey our functions technology, encouraged an on disciplined that being and remain plan by focused the model, is improvements estate

we attractive We scale have emphasized lines have in the all made growing across great improving experience of in strides our channels. in business, all and customer the markets

improves. -- more efforts Attracting are increased each been I team through gains am our results market talent the our year-over-year and retaining businesses. agency, real in share important. we that through place with on in pleased estate of market yielding right commercial that And so direct key service even this efforts as focused and talent our retaining cycle we've is always have the

be our and to performance. strengthening reiterating that also long-term we discipline the the operating market expenses for growth by mindful for current to have conclude Stewart our of -- of thoughtfully dedicated me and balance necessary managing changes, investments throughout Let been while

Our to will advantage this that the solid provide. should position take us best of financial opportunities footing cycle

positive Finally, services I the the and of become of company. estate the the remain title on Stewart view real market long-term to ability premier

agency appreciate and diligently they have and I our these all worked associates loyalty thank times I accomplished. continued throughout challenging Our and for to partners their also want our customers support. have

now update everyone will the results. David on

David Hisey

you, Good morning, everyone, and thank Fred.

their more customers during challenging so thankful I'm and our support, current always, outstanding of service continued for As their market. associates the our for

dropped today, a meeting rates Fed's in challenged. after lowest December real was meeting, rates market. choppy mortgage XX estate in the and had the of comments existing over causing single-family Although XXXX also sales through a commercial activity the drive home caused years January continuation

results a than were operating lower year. the As prior result,

total income our net asset $X.XX per per XXXX income After of of diluted diluted fourth or Yesterday, unrealized and XXXX. Stewart diluted adjustments adjusted gains revenues expenses compared $X reported net intangible or million amortization and fourth of and net million. of $XXX for fourth acquired in quarter $X.XX per share share million realized income million $XX expenses to other $XX of or press losses, share, on release, $X.XX at quarter quarter adjusted detailed was the net

pretax In slightly intangible X% margin amortization to $XX quarter XXXX. segment's purchase for compared $XX income decreased adjustments income the million or management. the pretax due pretax quarter to title primarily items, fourth the and title improved for fourth about was the in quarters. revenues million while both was expense segment, total Adjusted other for higher income XX%, fourth investment $XX After quarter operating million and

orders was XX%, $XX,XXX in open increased direct compared commercial Domestic lower the year Average total primarily commercial our prior $XX,XXX to On per closed to by by decreased XXXX, primarily while in $XX approximately transactions. decreased X% orders commercial fourth title million year. quarter the due prior XX%, or revenues quarter. due acquisitions for to business, to by compared fee file the

million lower XX% was international purchase $X,XXX due or per year, lower file transaction Total primarily overall decreased or residential primarily $X,XXX X% to volumes Average the to mix. fourth result fee as per revenues $XX compared file. X%, volumes. revenues quarter $X lower declined of and residential Domestic in refinancing a million operating fee last and due transaction to

title in and quarter market, year, title comparable. Similar losses, fourth from in in lower the X% On prior million residential decreased $XX compared the was revenues the revenue. lower quarter the rate compared the roughly to prior to remittance agency by lower while the activity loss or expense to year, commercial primarily XX% fourth was title total

XXXX experience. title expense fourth compared percentage which XXXX, was claims a in X.X% fourth loss X.X% As quarter benefited title of favorable to quarter from the revenues, of the

For expense X.X% the last compared year, title to year. averaged X.X% loss

in losses range title to mid-X% be We the XXXX. lower expect in to

to estate real to more solutions margin Pretax roughly from million primarily our segment, comparable data prior X.X% pretax businesses. credit-related year declines compared the adjusted margin Regarding revenues which improved income quarter year, to XX%. last $X business, an quarter pretax increased last basis, compared our from was at transactional offset year. X.X% was due and the Fourth to On than income

revenues. last Other year. by On operating our ratio expenses, operating XX%, expenses primarily comparable our which compared year, XX% driven cost last lower to consolidated were to was was employee XX%

XX%, the than our taxes, due expenses primarily on the fourth higher income. tax income effect nondeductible of effective the was rate, to pretax tax for quarter rate Regarding was domestic historical which lower

historic expect We as rate operations to return domestic tax levels to our normalize.

financial the our market. other On to support solid customers' estate position matters, real employees in our remains

million cash $XXX was reserve excess total of investments approximately in statutory and Our XX, premium at XXXX, December requirements.

to XX, December with XXXX, million a approximately approximately $XXX also value We facility. $XX and $X.XX in share cash primarily this provided $XX result payments book quarter, Total to year's -- fourth net last line on stockholders' quarter partially billion, was at payable, per quarter. improved of offset by Net lower year fully million in $XX last last similar have credit the available of by compared quarter to claims of year. lower as million income a accounts equity operations a

customers associates appreciate greatly real I'll the to questions. our the operator the we turn Lastly, service estate remain and back now our and over markets. to call confident for in

Operator

We'll with from Soham Instructions] our [Operator take BTIG. question first Bhonsle

Soham Bhonsle

on on just a you side sort anything there few turn comps with be here. of where seeing was for maybe Are February year-over-year, basis the and January weeks a commercial positive great. would start resi to orders, or the and first month-over-month Wanted trending

Frederick Eppinger

about The market towards the before, quite to year -- X this bit a of said challenging. we way think market, tale the months the as going will normal are the little in be cities. X it's is be transition think a 'XX, I and a Likely more I've Yes. of first

bouncing bottom. I So first of the is about think way kind quarter the off the

worse November, disclosed getting is to the to December, I year right? So going you last previous together. a that here But there being quarter, closer think than closer things and see is see and to in but improve. the trends than what than bouncing previous orders, in bit trend, in first we're the from worse purchase quarter again, still not in together quarter, I first first first year, in order going still -- of little the the being think worse can we And but we're we're then the So from quarter October, what starting hopefully coming year. be

that the that I helps X% has the going made really the orders. that seasonality greater shot you'll Now that's towards And is of seen rapid But results. which volatility And an you well, to for us, havoc and obviously cancellation up your Because answer with question, some at of one think kind where the challenges, see least what orders, quarter. see the as we the uptick, cancellations. change, order affects closed you've you way, are. by for to just more the of second more

little transition so second relatively -- notion And a bet that, volatility trends light. next the year of now. to transition like we're going again, -- I bit that feel hopefully, nothing has some right of the a a But good affected that the there's that still is half be year of kind

David Hisey

to Yes, I rates context look quick. it's have have real at the it you of David in what doing. mean also been

then at a end and X in come they area. first as think quarter the meeting. They of 'XX, you ] Fed they've [ X X the the to ] of last the as if about result down this up in of X, So were year, came X back [ X comments

And environment of this year so bit a with little right? start sort a of you choppier

Soham Bhonsle

Yes.

understood. guess, I for Okay, a differently. a tag wanted where it I I little to one, And get could second but year, maybe land sense this potentially margins

So XX% increase XX%. how about you and up rates to you us a of originations and I how half? this XX%, in are that up stay thinking But go XX% managing calling rate, to for that sort with the right, at OpEx the lines, the volumes? to would quarter sense where everything. of current for see can ramp least first back the employee sort give and should core forecasts right? half fourth you expect in we think scenario, just other maybe maybe But you're most We'll for Like sort of run then to expect at

Frederick Eppinger

Yes.

I We over side, of this better volume, of if being X have couple over was is times. 'XX, West mentioned that much way is we X.X X% about the or interesting margins I our that, at averaging the I've lot offices took about about think had view years. So The all my X thing, and to about a it's It's decade an company Wild journey. XXX% equal, because we it in 'XX, a so because up a things XX. And got before but of capacity. in excess margin obviously, right,

little we've a I camel's broke margin. And over what So of the we've believe we a it up year, bit wasn't sustainable done, XXX on top couple things, a the picked work last thing that the particularly done basis of back a couple points.

at So XX, -- million on I we're a normal market that that we X think XX.X, about of X.X, we're XX, about purchased like now. instead think probably homes, something

so economics. about So in we're the very XX years we're problem way kind low the level. of that's think in our at is and markets general The -- to a worst

we lot created the as won't improvement look about way -- -- of that we done I is back, -- that you the doesn't the we've part call see a just the what with that So of savings at comes capacity. fact created, adding is be right? excess have we've up don't we numbers that I in show talked resources operating model the So what volume we capacity, of the But numbers. excess I because

Looking search clear and of and management at data our areas there. the some

So things as margins I will like improve, as well. feel our

to going normal close year. we be is be we as the year, I of And worst was and and of quarter Now the but fourth not the out this in were in again, we true. I is -- see be margins, should look it market we're improving XX to good XX, might to historically -- and again able quarters we're But have last than make a is at the first seasonality going anywhere quarter this an years, this challenge It worse one not But pretty a year. probably was money, next in again, to -- I shape. think right? come

the to margins helpful. market So improve I good position really in feel like as if that's improves, a we're

Soham Bhonsle

So follow if I could just up.

you, take the for How and employee today sort OpEx guess where just the run we about David, forward that line is that for should rate think I rest about think of we sort the should of year? it that? So of and

David Hisey

what end revenue. really think to right? wouldn't -- seasonally so happening what's -- going first Fred is it's you're we up But lot I be Well, what that up of adding because the the is have much headcount, going was end is as a saying will slowest period, to just period not

little quarter. percentage you're have the time of you might so a a a and basis, spike And this probably, that's on to going bit be

Frederick Eppinger

Like the first...

David Hisey

people. that, some the to there of volume it's margin And improvement you'll come adding But over sales There right, things same the at it getting back, gone benefit see period as as you'll up comes right? costs are be the starts will as like Yes. not the and because won't rate So up volume right? a historically, then go expenses always variable be in.

Soham Bhonsle

Okay. that your you sense. guess anything discernible in have there? or And peers any had makes behavior I change last sort just And seen customer one, cyberattacks. just then Yes, out of just

Brian Glaze

term, -- helpful think the isn't the material I don't quite in term, I X. in we're there think short of big any impact. it's one the that long In

balance strong the of sheets. one have We

I kind of I've agents to about, boy, spread are a by bit. think risk you they if today, to thoughtful got more talk little

that's and true have I it to about commercial, too. And thought going way. the that And so -- always ones, be in good

agents dedicated that. that position or and have But just many like because us ton us should don't a share anything we our that fully of to disproportionally, how help -- of are

a thing to So it's players. going the spreading an X strong think oligopoly that -- be about about, and I that's such normal to And risk. people in particularly thoughtful business around are a think just

Operator

with question We'll take next from Bose our KBW. George

Bose George

back year, of thinking Just macro? pickup this in of of improvement? potential expectations thinking for terms -- is how that in of the that incorporating margin just the year-over-year about is later ask your sort you year. of half looking at to this Wanted Or sort some sort are

Frederick Eppinger

This kind it's most It's but done. both business. profile so but it's the also new leveraging the the increase, I the kind it's volume And right? we've of capacity talked macro, about, the the sitting of leveraging work some also excess on of of sideline,

volume and bit mean as in can have And year by bottom the at now driven what right proud very that. bottom resources. expenses a just -- with system we're it's why the you of purchase managing so little And both, quarter. much I'm I our that wouldn't bouncing this first far want it's is the to to but challenging because as this out but more system. the of what first quarter so kind is little a the of versus done, be going issue normal do on that's it's we we're of we've we cut in

Bose George

the a of sort actually, then again, just of sort And there, sense. are pretty in remind And there number, what's orders bulk they makes us mostly other good purchase? Is that Yes, activity? jump. Okay. you had can

Frederick Eppinger

where them right, bought us, the helps the at because Sure. we last is the This comparison BCHH acquisition quarter beginning...

David Hisey

At the end of XXXX.

So last weren't they of last year, much in year.

Frederick Eppinger

Right.

that's which is that business, driven -- well. So very it's by what doing

Bose George

order of the transaction Okay. And cap -- of so seasonality run a is rate? in And sort is there? based? there quarter is just Or that's a more reasonable kind that that for

David Hisey

transaction-based Bose. Yes. It's a business,

the and the of securitizations like. build-to-rent sort then business the as that about think So and buy-to-rent,

it's property then there's so and aggregation securitization. -- And disposition there's and

be tends chokes. and even business to lumpy a it's So

Operator

take our John from question next Campbell Inc. with We'll Stephen

John Campbell

of ongoing Fred, to million around strategic or guys talked of that investment you But your Fred, in spend talked you've you've remarks, kind the think discretionary prepared you in and past, talked the to I specifically of a the about maybe So initiatives. a $XX to long-term the -- for here from not because kind kind then of cautious built talked heads capacity. you And of kind prior many first macro question, really you've excess needing add that from standpoint. half approach

forecasters this have from last hold you do question. spend But case going if kind the to question think $XX here are And into is steady million be of you kind much So year pegged? I that might answered feel recovers strength? that possible like the might will as year? Or the that like market is somewhat of as this you market the lean

Frederick Eppinger

'XX dated of question. data that commercial, would going great -- is to probably ironically, on, a system. more got about then kind [ of we initiatives operating more technologies. than -- a roughly It's it's the make there's in It same, And access I efficient. and 'XX of kind plus Like important But particularly operating roughly kind some have ]. us it's data some we have really

we're so that. And upgrading

same money of well. this the roughly amount additional some year. it's investment There's So cyber there also as

got starting we it's investments Because a areas. and is challenge those trying its on X we behind company investments, things. sequence again, the really do, So and a we and well. to those started, in your one -- up we're make this But base did bit about catch important the through tried be of timing is in et each given the before of some to as to question, and of went capital in those months the journey quicker and the what and the of areas of some thought of the the that investments year payback, little of and things we sequence though, it about first cetera, do just those thoughtful invest those

are or how we whether think some of we of just our of better then customer experience and make that on access -- decisions. will experience it's create these for things an kind people kind data a And for

been in forward are we've is back feel made Again, team up bit And them. ones so good office coming are ones a it's we stuff, they're the the past. little way. than a They all more in important. moves but model pretty year it's less The less good doing I operating on this They're a and us transparent -- it progress -- bit customer the to equally good. little like -- the

So.

John Campbell

that of you initiatives. a I actually could And we platform, of as that Fred, -- the with rollout agency Okay. a kind sticking growth on growth. bit was if the pointed That's on mentioned driver to little share more itself. helpful. was color think the get mean platform I the of then you tech hoping I just maybe

If maybe attempting strategy. through tech that about in to goals walk maybe And standpoint, achieve a fits bigger platform you the agency that it. could into how picture from differentiated you're what's and

Frederick Eppinger

So things again, economics, end-to-end when of process. on about got of the right, combined -- is of really agents, we deal efficiency little that one behind bit so the a with and it's the the you kind it's

back So it has a of lot what we forth kind to both do provide -- the with a need with the you we of of and they the on so integrating and do passed done ] business. forth. kind to kind of lot part and decisions seamlessly other make integrations that and information the of back into their can their we've we instantly [ TPSs the information investments of And kind and

the could And variabilize in search provide that, the X we because of -- little a And we where full full guys, but just the agents services. bit to on costs want to when we a we like top now we had they their services. big downmarket. that's And services, states important have -- only of started, equivalent -- created the country,

services our they're of more to using supplement doing. they're work the So

the whatever, players other these So in when not, we an if a have have into provided. and is we a legitimate or platform Florida efficient, that what's we happening efficient is have than agent now a services go bit little we more --

service done really providing access agents for makes an for perhaps concierge select to that, commercial efficient we've a be geographically access to he is where to of commercial, to probably to it agent than On is. get able top what that's which broader

part the And so this. other that's of

then way services. provide efficient them an additional to it's work and So with these

would point it's XX they states There's and other the make, I of are have a making. thing. returning TPS currently different type mix, we're one investments One and that

with, it agent months, -- to those thing. working launching easier is few requires that's -- TPS or next just new of and offering of things. efficient a for make are in different their agents the which a different workflows speak as than a that we kind attorney unique regular work we're kind They weeks and We

thinking of than back by and that, it's the I share improvement of agents geography that good states. -- gets so a really in give fair And it's steady really -- geography, so some if now we had, kind in why what had we're we believe are agents encouraged. how that's of point, agency. We've pretty efficient to quarters We've good interface John, should X had is to you second safer And Stewart. our with constantly share we is But numbers, solidified then as in X good weird integration going constant. in the not we one kind say, most or what be went about, growth little And as can these the cyber continue. others." And and happens increase for quarter. share And other remember, split we provide think, feel I that. me than business to are as better agents to about bit They "Hey, my a them.

Operator

take will with our next [Operator Geoffrey Instructions] Partners. & Dowling question Dunn We from

Geoffrey Dunn

here. to going a of back cut expense for you weren't year chunk Fred, And I deep into the expenses, future. side closures. expense you're office So had you you the ago, to to that investing wanted too go for commented

Here we chunk leads If opportunities? an of XX% get closures. is what on of year you quarter, second my than it 'XX market emerging stay rates only the there's growth of up and are here end a think How these than actually the being. the kind I come ends what certainly wondering And rather this maybe what debate higher don't a into of office there's identify the towards cuts X% do we mortgage Fannie another MBA forecasting, type and rate I'm risk of market. of sort question,

more not growth in find type a you've can much the X% So year-over-year, obviously, bounced you company said 'XX. off bottom, there's But market of you we with expenses. doesn't positioned flat I saw could that know for like you of or the is It kind do more. sound

you market? how about can talk go X% So your at And you are actions bit about what saves? looking are we a more expense a little if identifying

Frederick Eppinger

Yes.

good So again, really question. Geoff,

there's So about to of think couple a ways this.

like kind So MSA. kind by or a of good. the get what we to within call, XX can't, MSA, given look of sub-geographies And be trying get needed that and and was some we to the these And we kind going it still share, geographic I really last so market time in of margins kind them our a fair. comeback we at made and, was pockets. get to. But the couple we've to where point, frame would to something at get felt of were that the to your this them kind some markets in to you are And to there MSA just the hard have, improvement of you of feel in, scale years slowness say, point, lot of of

in have real of Also, things that from opportunities and estate to we've that you the locations kind consolidation geographically we some the done, are manage to with do acquisitions of duplicate some have can where -- kind together business. close you

cetera, to the that obviously that efficiency through thing our of have not is freed these our we've to because have people up been The has some folks investment. if gaining happened other leave, et hire operational ability initiatives, of

thoughtful. And really lot. to to lot So do. that is a we've we be left try is point My a done there

of us going the as is so robust are. scenarios market the some help is I as do And to if believe even seasonality

the challenging, second help is to So I quarter. be the in first us think quite going seasonality the could quarter but

you described. do about talked and this and to That's I be could ourselves, careful. to like first So X sequencing we manage ourselves going investments have the it to what months, because when is really we're we're have manage why the thoughtful being really way just and prudent stuff I think

I -- every I -- just looking planning don't don't lot more -- doesn't business about and a access we have just a And here. lot. we thoughtful stuff, timing plan at a about rock there's don't of I'm not that and a I thoughtful under lot. sequencing we're see It being our but don't -- not mean it managing and lot

Geoffrey Dunn

your is it look like to going result was did market 'XX better? 'XX, the said I exactly in If

Frederick Eppinger

Yes. Yes.

not a right, We again, our job we're efficient. tad little investment quarter, right? -- So of escrow, got ] -- the bit first better it operating a [ on but income because in a We've done whole got so be the we've malls bit spot, through more and would on a year. better

So better. being equal, be be to to being first all able going a tad things quarter. It's clouded by just the

Operator

the We additional remarks. to line turn or any this time. at for will further the program our closing on over have questions back presenters no I

Frederick Eppinger

Stewart. Again, to so I I Thank us for joining much. you interest appreciate this really the quarter's everybody for in want thank call.

Operator

conclude you does participation, program. may This Thank your you and for today's disconnect.

Stewart Information Services (STC) 8 Feb 242023 Q4 Earnings call transcript