STEWART INFORMATION SERVICES CORP (STC) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Title	2,733.7	3,002.9	2,205.3	1,857.0	1,855.7	1,899.5	1,922.4	1,904.3
Title insurance premiums, Agency				970.5	1,004.0	1,016.4	1,009.8
Title insurance premiums, Direct				615.6	597.5	602.9	618.2
Escrow fees	204.2	248.4	190.9	137.5	124.7	142.5	154.8
Other	131.3	54.4						129.6
Total revenues [+]	3,069.3	3,305.8	2,288.4	1,940.0	1,907.7	1,955.7	2,006.6	2,033.9
Net investment income	22.4	16.9	18.6	19.8	19.7	18.9	18.9	16.9
Revenue growth [+]	-7.2%	44.5%	18.0%	1.7%	-2.5%	-2.5%	-1.3%	8.7%
Title	-9.0%	36.2%	18.8%	0.1%	-2.3%	-1.2%	1.0%	10.0%
Title insurance premiums, Agency				-3.3%	-1.2%	0.6%
Title insurance premiums, Direct				3.0%	-0.9%	-2.5%
Escrow fees	-17.8%	30.1%	38.8%	10.3%	-12.5%	-7.9%
Ancillary Services and Corporate				59.6%	-7.6%	-33.2%	-35.0%	-7.4%
Cost of goods sold	120.1	131.3	117.8	88.8	75.4	100.0	94.2	108.4
Gross profit	2,949.2	3,174.5	2,170.6	1,851.2	1,832.3	1,855.7	1,912.4	1,925.5
Gross margin	96.1%	96.0%	94.9%	95.4%	96.0%	94.9%	95.3%	94.7%
Selling, general and administrative [+]	2,010.3	2,077.4	1,557.7	1,366.4	1,389.5	1,403.3	1,430.4	1,467.8
Sales and marketing	1,208.3	1,300.4	944.5	799.2	827.0	837.1	826.0	809.6
General and administrative	802.0	777.0	613.2	567.2	562.5	566.2	604.4
Other selling, general and administrative								658.3
Other operating expenses	631.1	597.4	374.2	298.2	341.4	345.8	361.6	381.2
EBITDA [+]	307.8	499.7	238.7	186.6	101.4	106.6	120.5	76.5
EBITDA growth	-38.4%	109.4%	27.9%	84.0%	-4.9%	-11.5%	57.5%	5.4%
EBITDA margin	10.0%	15.1%	10.4%	9.6%	5.3%	5.5%	6.0%	3.8%
Depreciation	24.2	17.2	19.2	22.5	24.9	25.9	30.0	30.3
EBITA	283.6	482.5	219.5	164.1	76.5	80.7	90.4	46.2
EBITA margin	9.2%	14.6%	9.6%	8.5%	4.0%	4.1%	4.5%	2.3%
Amortization of intangibles	33.0	19.2
EBIT [+]	250.6	463.3	219.5	164.1	76.5	80.7	90.4	46.2
EBIT growth	-45.9%	111.1%	33.8%	114.6%	-5.3%	-10.7%	95.9%	-4.4%
EBIT margin	8.2%	14.0%	9.6%	8.5%	4.0%	4.1%	4.5%	2.3%
Non-recurring items [+]	1.0							35.7
Asset impairment								35.7
Interest expense	18.4	5.0	2.6	4.3	3.9	3.5	3.1	2.1
Interest expense	18.4	5.0	2.6	4.3	3.9	3.5	3.1	2.1
Other income (expense), net [+]	1.5	-24.3	1.7	-42.8	-0.1	-2.2	0.7	1.4
Other non-operating gains/losses	-1.5	24.3	-1.7	42.8	0.1	2.2	-0.7	-1.4
Pre-tax income	232.7	434.0	218.5	117.0	72.5	75.1	88.0	9.7
Income taxes	50.9	94.0	48.8	26.7	13.5	14.9	19.6	5.7
Tax rate	21.9%	21.7%	22.3%	22.8%	18.6%	19.9%	22.3%	58.3%
Minority interest	19.5	16.8	14.8	11.7	11.5	11.5	12.9	10.2
Net income	162.3	323.2	154.9	78.6	47.5	48.7	55.5	-6.2
Net margin	5.3%	9.8%	6.8%	4.1%	2.5%	2.5%	2.8%	-0.3%

Basic EPS [+]	$6.00	$12.05	$6.25	$3.33	$2.02	$2.08	$2.37	($0.26)
Growth	-50.2%	92.9%	87.6%	64.9%	-2.7%	-12.6%	-1001.1%	-120.2%
Diluted EPS [+]	$5.94	$11.90	$6.22	$3.31	$2.01	$2.06	$2.36	($0.26)
Growth	-50.1%	91.3%	87.9%	65.0%	-2.7%	-12.8%	-997.0%	-121.9%

Dividends per share [+]	$1.65	$1.37	$1.20	$1.20	$1.20	$1.20	$1.20	$0.80
Growth	20.4%	14.2%	0.0%	0.0%	0.0%	0.0%	50.0%	680.7%

Shares outstanding (basic) [+]	27.1	26.8	24.8	23.6	23.5	23.4	23.4	23.5
Growth	0.9%	8.2%	5.0%	0.3%	0.4%	0.3%	-0.8%	3.4%
Shares outstanding (diluted) [+]	27.3	27.2	24.9	23.8	23.7	23.6	23.5	23.5
Growth	0.7%	9.1%	4.9%	0.3%	0.4%	0.5%	-0.3%	-4.7%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.