Overview
For a description of our business, including descriptions of segments and recent business developments, see the discussion in Note 1 Basis of Financial Statements in the accompanying unaudited Consolidated Financial Statements included in Item 1 of Part I of this Report, which is incorporated by reference into this Part I, Item 2.
As of
The Company will continue to pursue acquisition opportunities which will allow us to potentially derive benefit from the Company's net operating loss carryforwards and also create appropriate risk adjusted returns for shareholders.
Results from Operations
Three Months Ended
The Company generated dividend income of
As a result of the Company's acquisition of the title insurance operations, the
Company generated title premium and other title fee revenue of
Corporate general and administrative expenses are not directly allocable to
either of our reporting segments and consist primarily of wages and personnel
costs, legal and professional fees, insurance expense, and stock based
compensation. Corporate general and administrative expenses decreased to
Our effective tax rate for the three month periods ended
Financial Condition, Liquidity and Capital Resources
Sources of liquidity include cash on hand, earnings from our title insurance
subsidiaries, and dividends from our
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Cash flows provided by operating activities differ from net loss due to
adjustments for non-cash items, such as gains and losses on investments and
affiliates, impairment losses on note receivables, the timing of disbursements
for taxes, claims and other accrued liabilities, and collections or changes in
receivables and other assets. Net cash provided by operations for the three
month period ended
Critical Accounting Policies
Our critical accounting policies and estimates are discussed in the information
provided in Item 7, "Management's Discussion and Analysis of Financial Condition
and Results of Operations", included in our 2021 Annual Report on Form 10-K. We
believe there have been no new critical accounting policies or material changes
to our existing critical accounting policies and estimates during the three
months ended
Forward-Looking Statements
Certain statements made in this report are not based on historical facts, but
are forward-looking statements. These statements can be identified by the use of
forward-looking terminology such as "believes," "estimates," "expects," "may,"
"will," "should," "could," or "anticipates," or the negative thereof or other
variations thereon or comparable terminology, or by discussions of strategy.
These statements reflect our reasonable judgment with respect to future events
and are subject to risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements. Such risks and
uncertainties include the occurrence of events that negatively impact the
Company's liquidity in such a way as to limit or eliminate the Company's ability
to use its cash on hand to fund further asset acquisitions, an inability on the
part of the Company to identify additional suitable businesses to acquire or
develop, and the occurrence of events that negatively impact the title insurance
operations and/or the business or assets of
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