STEWART INFORMATION SERVICES CORP

For the period ended Dec 31, 2024. Filed Feb 28, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 28, 2025

STC$44.81-2.5%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated statements of cash flows

	For the Years Ended December 31,
	2024	2023	2022
(in $ thousands)
Reconciliation of net income to cash provided by operating activities:
Net income	88,156	45,598	181,788
Adjustments for:
Depreciation and amortization	61,612	62,447	57,178
Provision for credit losses on receivables	2,214	2,425	824
Net realized and unrealized (gains) losses	(12,937)	34	1,476
Amortization of net premium on debt securities investments	(792)	486	2,162
Payments for title losses (in excess of) less than provisions	(5,010)	(24,035)	9,635
Adjustments for insurance recoveries of title losses	208	(208)	220
(Increase) decrease in receivables – net	(12,054)	(5,355)	10,154
(Increase) decrease in other assets – net	(17,529)	3,178	2,503
Increase (decrease) in payables and accrued liabilities – net	13,325	(6,432)	(87,502)
Change in net deferred income taxes	4,487	(6,772)	293
Net income from equity investees	(1,759)	(1,071)	(3,257)
Dividends received from equity investees	1,443	1,408	3,659
Stock-based compensation expense	13,564	10,920	12,282
Other – net	681	419	445
Cash provided by operating activities	135,609	83,042	191,860
Investing activities:
Proceeds from sales of investments in securities	36,582	60,457	66,695
Proceeds from matured investments in debt securities	94,003	71,753	37,089
Purchases of investments in securities	(121,498)	(78,017)	(207,512)
Net purchases of short-term investments	(4,736)	(14,275)	(7,220)
Purchases of property and equipment	(40,468)	(37,791)	(47,948)
Net cash paid for acquisition of businesses	(14,383)	(25,100)	(142,859)
Increase in notes receivable	(8,320)	(8,040)	(6,780)
Purchases of cost-basis and other investments	(31,593)	(1,015)	(69)
Other – net	3,150	2,059	7,939
Cash used by investing activities	(87,263)	(29,969)	(300,665)
Financing activities:
Proceeds from notes payable	3,387	3,538	39,499
Payments on notes payable	(3,378)	(5,776)	(76,486)
Purchase of remaining interest of consolidated subsidiaries	—	—	(3,838)
Cash dividends paid	(53,916)	(50,523)	(44,672)
Distributions to noncontrolling interests	(13,091)	(16,135)	(20,640)
Payment of acquisition contingent consideration	(720)	(3,390)	(19,764)
Repurchases of Common Stock	(3,844)	(1,783)	(3,262)
Proceeds from stock option and employee stock purchase plan exercises	10,550	4,970	5,828
Other - net	54	—	115
Cash used by financing activities	(60,958)	(69,099)	(123,220)
Effects of changes in foreign currency exchange rates	(4,455)	1,024	(5,527)
Net change in cash and cash equivalents	(17,067)	(15,002)	(237,552)
Cash and cash equivalents at beginning of year	233,365	248,367	485,919
Cash and cash equivalents at end of year	216,298	233,365	248,367

F - 9

	For the Years Ended December 31,
	2024	2023	2022
(in $ thousands)
Supplemental information:
Net changes in financial statement amounts due to acquisition of businesses and purchase accounting adjustments:
Goodwill acquired (adjusted)	12,853	(706)	149,436
Intangible assets acquired	12,000	28,710	12,621
Receivables and other assets acquired	37	296	8,038
Fixed assets and title plants (adjusted) acquired	—	(225)	669
Liabilities recognized	(10,507)	(2,975)	(27,760)
Noncontrolling interests recognized	—	—	(145)
Net cash paid for acquisition of businesses	14,383	25,100	142,859
Income taxes paid, net	25,766	5,345	60,088
Interest paid	17,460	17,169	17,398

F - 10

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