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Text: We will be discussing results that were released yesterday after the close.
To listen online, please go to the stewart.com website to access the link for this conference call.
Because such statements are based on an expectation of future financial operating results and are not statements of fact, actual results may differ materially from those projected.
In a minute, David will take you through the details of this quarter's financial results.
But before then, I'd like to discuss Stewart's operational evolution to date and the continued execution of our long-term strategy.
two years ago, we started a journey here at Stewart, a journey to become the premier title services company.
We knew it would take some time, but we also knew we had a valued brand, strong balance sheet and associates that were ready and willing to have and to make an impact.
Between then and now, we have navigated the dramatic impacts of COVID-19 life as well as historic real estate market that continues to have momentum.
So where are we on the journey?
And what have been the main areas of focus and progress?
We've made significant improvement on our operational capabilities by adding greater scale in priority markets, augmenting our core business with essential real estate technology and services, and injecting new talent and energy into a 125-year-old company.
As I like to say, we are a 125-year-old start-up.
Initial goals of achieving double-digit margin have been met and exceeded, albeit with the help of a very robust market.
As David will discuss, Stewart's operating revenues are up almost $240 million or 40% from last year.
And operating income was up over $30 million or 55% in a quarter in which the Mortgage Bankers Association forecasts have purchase originations down 12% year-over-year and overall mortgage originations down 25%.
So we feel we are comfortably outperforming the market and creating some real value.
At this stage of our journey, we can safely say much has structurally changed and improved, but we have more work to be done.
Through acquisitions, we have grown scale in many critical markets where our size once hindered profitability and prevented the efficient managing of daily operations.
Scale and flexibility are critical in a business that is both seasonal and cyclical.
We accelerated our restructuring in the midst of heavy transaction volume.
We closed offices where we foresaw challenges going forward.
And we entered two markets we believe will be the center of real estate activity in the future.
On the topic of talent, we are becoming a destination for some very special talent.
On the -- of the top people at Stewart, what we call our senior leadership team, 50% are new or have been promoted.
Our aggressive entrepreneurial actions have attracted great talent, not just from the title operations but across the real estate services spectrum.
And in real estate technology, given our investment, our commitment and nimbleness, many talented leaders have joined us.
This investment and improvement and talent will support our journey for years to come.
Most importantly, we have become more valuable to our customers by building ease into the customer experience.
For our larger lender partners, we have added technology and services that bring greater efficiency and usefulness, both in the current market and as well as a more digitally transformed marketplace.
For our smaller customers, they see the value in our ability to make their daily life easier through tools, technology, service and security.
The last component being of vital importance is wirefraud has become a critical issue for agents and the very reason we have partnered with Certified.
I will leave with you a couple of thoughts.
First, while our operational performance has benefited from the historic real estate market we are in, here at Stewart, we are focused on building a business that will thrive through the full real estate cycle and also be able to take advantage of technology and digitization to further transform the closing process.
We intensely focus on driving the digital innovation required to deliver a superior closing process today and into the future.
And I am confident our investments have positioned us for the current and future success.
Second, while it is critical to build toward a vision of fully automated and digitized closing process in the future for now, at its core, title insurance remains a technology-enabled but execution-driven business, in which the clearing of title removes risk from customers who are ultimately making the largest purchase of their lifetime.
This is a very important reality.
Our journey continues, and we are a quarter closer to our goal.
And David will now update everyone on the results of the quarter.
Although we are entering a seasonally slower real estate period, real estate markets remain strong, driven by demand and favorable interest rates.
Commercial is showing good recovery, particularly in industrial, energy and multifamily.
There are going to continue to be several watch items that could impact future business performance, including Fed and government policy and action, improving yet historically high mortgage delinquency and forbearance, a lingering virus, rising inflation, and slower supply chains.
Consistent with our strategy and Fred's comments, we continue to focus on the areas that will have the most meaningful and durable impact on our long-term operating performance: gaining scale in attractive direct markets; improving scale and geographic focus on agency and commercial operations; broadening and scaling lender services offerings; and throughout our business, improving service and digital capabilities to provide ease of use and better user experience.
For the third quarter of 2021, Stewart yesterday reported net income of $89 million and diluted earnings per share of $3.26 on total operating revenues of $830 million.
The adjustments to our third quarter net income were primarily driven by a gain relating to an acquisition contingent liability adjustment.
Compared to last year, total title revenues for the quarter increased $205 million or 37% due to solid results from our residential agency and commercial operations.
The title segment generated pre-tax income of $119 million, which is $37 million higher than last year's quarter as a result of this revenue growth and continued management focus.
Pretax margin for the segment also improved 90 basis points to 15% compared to last year.
With respect to our direct title business, residential revenues increased $55 million or 23%, driven by higher purchase transactions and improving scale.
Residential fee per file was approximately $2,400, a 24% improvement compared to last year's average fee per file due to a higher purchase mix.
Domestic commercial revenues improved $28 million or 76% due to increased transaction volume and higher average fee per file, which was $15,400 versus $9,700 in last year's quarter.
Total international revenues increased $17 million or 49%, primarily due to improved volumes in our Canadian operations.
Total opened and closed orders in the third quarter decreased 13% and 3% respectively due to lower refinancing transactions consistent with the market trend.
However, commercial and purchase closed orders increased 11% and 8% respectively compared to the third quarter of 2020.
In line with our direct title business, agency operations generated a strong quarter, with revenues improving 42% to $402 million versus $283 million last year.
The agency remittance rate for the third quarter was 17.9% compared to 18.2% last year.
On a year-to-date basis, it was 17.8% for both '21 and '20.
On title losses, total title loss expense increased $2 million or 7% primarily as a result of higher title revenues, partially offset by favorable claims experience.
As a percentage of title revenues, the title loss expense in the third quarter was 4% compared to 5% in the prior year quarter.
In regard to operating expenses, which consist of employee and other operating costs, total operating expenses increased primarily in relation to higher revenues.
Employee costs as a percentage of operating revenues improved to 24% from 26% last year, while other operating expenses increased to 18% from 17% last year primarily due to increased pass-through appraisal and service costs.
Excluding these costs, our overall other operating expense ratio would have been similar to last year.
On other matters, regarding Informative Research, the transaction closed at the end of September.
At that point, the company had $85 million in run rate revenues and a 15%-plus pre-tax margin, with new customers to be onboarded and a good pipeline of future business that should grow both the top and bottom line going forward.
Our financial position remains very strong to support our customers, employees and the real estate market.
Our total cash and investments on the balance sheet are approximately $585 million over regulatory requirements, and we had about $74 million on our existing line credit facility.
Stockholders' equity attributable to Stewart increased to $1.2 billion at September 30, 2021, with a book value of approximately $45 a share.
Lastly, net cash provided by operations for the third quarter increased to $107 million compared to $91 million from last year's quarter.
We remain grateful for and inspired by our customers and associates, advocates for everyone's improved safety and prosperity, and confident in our support of real estate markets.

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qtrly diluted earnings per share of $3.26 ($3.17 on an adjusted basis).

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