JACKSONVILLE, Fla.,
July 19, 2017 /PRNewswire/ --
Fidelity National Financial, Inc. today reported the operating
results of FNF Group (NYSE:FNF), a leading provider of title
insurance, technology and transaction services to the real estate
and mortgage industries, for the three and six-month periods ended
June 30, 2017.
- Total revenue of approximately $2.3
billion in the second quarter versus $2.1 billion in the second quarter of 2016
- Second quarter net earnings of $175
million and adjusted net earnings of $207 million versus net earnings of $187 million and adjusted net earnings of
$207 million for the second quarter
of 2016
- Second quarter diluted EPS of $0.63 and adjusted diluted EPS of $0.75 versus diluted EPS of $0.67 and adjusted diluted EPS of $0.74 in the second quarter of 2016
- Second quarter net cash flow provided by operations of
$401 million versus net cash flow
provided by operations of $277
million in the second quarter of 2016
Title
- Approximately $1.9 billion in
total revenue, a 5% increase over the approximately $1.8 billion in total revenue in the second
quarter of 2016
- Pre-tax earnings of $294 million
and adjusted pre-tax earnings of $310
million versus pre-tax earnings of $281 million and adjusted pre-tax earnings of
$300 million in the second quarter of
2016
- Pre-tax title margin of 15.3% and adjusted pre-tax title margin
of 16.2% versus pre-tax title margin of 15.4% and adjusted pre-tax
title margin of 16.5% in the second quarter of 2016
- Open orders per day of 8,188 for the second quarter versus
9,016 open orders per day for the second quarter of 2016
- Closed orders per day of 5,781 for the second quarter versus
6,266 closed orders per day for the second quarter of 2016
- Second quarter purchase orders opened and closed increased by
6% and 9%, respectively, versus the second quarter of 2016
- Total commercial revenue of $261
million, a 7% increase over total commercial revenue in the
second quarter of 2016, driven by a 7% increase in
total commercial fee per file and flat closed orders; second
quarter total commercial open orders increased 2% compared to the
prior year; second quarter national commercial title revenue of
$148 million, a 3% increase from the
second quarter of 2016, driven by a 15% increase in closed orders
and a 10% decline in the national commercial fee per file; second
quarter national commercial open orders increased by 8%
- Overall second quarter average fee per file of $2,428, a 15% increase versus the second quarter
of 2016
Title Orders
|
|
|
Direct Orders
Opened *
|
|
|
Direct Orders
Closed *
|
Month
|
|
/ (%
Purchase)
|
|
/ (%
Purchase)
|
April 2017
|
|
|
163,000
|
67%
|
|
|
109,000
|
66%
|
May 2017
|
|
|
181,000
|
67%
|
|
|
128,000
|
67%
|
June 2017
|
|
|
180,000
|
64%
|
|
|
133,000
|
69%
|
|
|
|
|
|
|
|
Second Quarter
2017
|
|
|
524,000
|
66%
|
|
|
370,000
|
67%
|
|
|
|
|
|
|
|
|
|
|
Direct Orders
Opened *
|
|
|
Direct Orders
Closed *
|
Month
|
|
/ (%
Purchase)
|
|
|
/ (%
Purchase)
|
April 2016
|
|
|
187,000
|
57%
|
|
|
127,000
|
56%
|
May 2016
|
|
|
189,000
|
58%
|
|
|
132,000
|
58%
|
June 2016
|
|
|
201,000
|
54%
|
|
|
142,000
|
59%
|
|
|
|
|
|
|
|
Second Quarter
2016
|
|
|
577,000
|
57%
|
|
|
401,000
|
58%
|
|
|
|
|
|
|
|
|
|
* Includes an
immaterial number of non-purchase and non-refinance
orders
|
|
|
Open
|
|
|
Closed
|
|
|
Commercial
|
|
|
|
|
|
Commercial
|
|
|
Commercial
|
|
|
Revenue
|
|
|
Commercial
|
|
|
Orders
|
|
|
Orders
|
|
|
(In
millions)
|
|
|
Fee Per
File
|
Second Quarter 2017 -
Total Commercial
|
|
50,800
|
|
|
33,600
|
|
|
$261
|
|
|
|
$7,800
|
Second Quarter 2016 -
Total Commercial
|
|
49,900
|
|
|
33,600
|
|
|
$244
|
|
|
|
$7,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter 2017 -
National Commercial
|
|
22,000
|
|
|
13,300
|
|
|
$148
|
|
|
|
$11,100
|
Second Quarter 2016 -
National Commercial
|
|
20,300
|
|
|
11,600
|
|
|
$144
|
|
|
|
$12,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BKFS
- Revenue of $242 million, led by
Servicing Technology revenue of approximately $184 million
- Pre-tax earnings of $29 million,
a $12 million, or 29% decrease
compared to the second quarter of 2016
- Adjusted EBITDA of $119 million,
a $5 million, or 4%, increase
compared to the second quarter of 2016 and an adjusted EBITDA
margin of 47.9%, a 270 basis point increase from the second quarter
of 2016
"The second quarter was another strong performance for our title
insurance business," said Chairman William
P. Foley, II. "We generated adjusted pre-tax title
earnings of $310 million, a
$10 million increase over a very
strong 2016 second quarter and the largest amount of quarterly
adjusted pre-tax title earnings since 2003. We also produced
a 16.2% adjusted pre-tax title margin and our distributed title
operations, which exclude ServiceLink, generated a 17.0% adjusted
pre-tax title margin, equal to the second quarter of 2016.
The residential purchase and commercial markets continued to drive
our performance in the second quarter, as residential open and
closed purchase orders increased 6% and 9%, respectively, in the
quarter and total commercial revenue grew by 7% versus the second
quarter of 2016. We look forward to continued strong,
industry-leading performance from our title insurance business.
"Black Knight continues to perform to our expectations,
generating revenue of $242 million
and adjusted EBITDA of $119 million,
for a 47.9% adjusted EBITDA margin. FNF's Black Knight
ownership stake is currently worth approximately $3.5 billion, or approximately $12.65 per FNF share.
"Finally, we made significant progress on the Black Knight
distribution during the second quarter, with several milestones
achieved. We announced the receipt of the private letter
ruling on May 10, signed the formal
agreements with Black Knight on June
8, filed the preliminary Registration Statements on Forms
S-4 and S-1 with the SEC on June 13
and June 21, respectively, received
comments from the SEC on July 10 and
filed Amendment No. 1 to Forms S-1 and S-4 with the SEC on July
18. Once the SEC declares the Registration Statements on
Forms S-1 and S-4 effective, we can mail the proxy
statement/prospectus to shareholders and then have the shareholder
vote, at the earliest, twenty business days after the
mailing. We still expect a late third quarter closing for the
distribution."
Conference Call
We will host a call with investors and
analysts to discuss second quarter 2017 FNF Group results on
Thursday, July 20, 2017, beginning at
11:30 a.m. Eastern Time. A live
webcast of the conference call will be available on the Events and
Multimedia page of the FNF Investor Relations website at
www.fnf.com. The conference call replay will be available via
webcast through the FNF Investor Relations website at
www.fnf.com. The telephone replay will be available from
1:30 p.m. Eastern time on
July 20, 2017, through July 27, 2017, by dialing 800-475-6701
(USA) or 320-365-3844
(International). The access code will be 426236.
About Fidelity National Financial, Inc.
Fidelity
National Financial, Inc. is organized into two groups, FNF Group
(NYSE: FNF) and FNFV Group (NYSE: FNFV). FNF is a leading
provider of title insurance, technology and transaction services to
the real estate and mortgage industries. FNF is the nation's
largest title insurance company through its title insurance
underwriters - Fidelity National Title, Chicago Title, Commonwealth
Land Title, Alamo Title and National Title of New York - that collectively issue more title
insurance policies than any other title company in the United
States. FNF also provides industry-leading mortgage
technology solutions and transaction services, including MSP®, the
leading residential mortgage servicing technology platform in the
U.S., through its majority-owned subsidiaries, Black Knight
Financial Services, Inc. and ServiceLink Holdings, LLC. FNFV
holds majority and minority equity investment stakes in a number of
entities, including American Blue Ribbon Holdings, LLC, Ceridian
HCM, Inc. and Del Frisco's
Restaurant Group, Inc. More information about FNF and FNFV
can be found at www.fnf.com.
Use of Non-GAAP Financial Information
Generally
Accepted Accounting Principles (GAAP) is the term used to refer to
the standard framework of guidelines for financial accounting. GAAP
includes the standards, conventions, and rules accountants follow
in recording and summarizing transactions and in the preparation of
financial statements. In addition to reporting financial results in
accordance with GAAP, the Company has provided non-GAAP financial
measures, which it believes are useful to help investors better
understand its financial performance, competitive position and
prospects for the future. These non-GAAP measures include earnings
before interest, taxes and depreciation and amortization (EBITDA),
adjusted earnings before interest, taxes and depreciation and
amortization (Adjusted EBITDA), adjusted earnings before interest,
taxes and depreciation as a percent of adjusted revenue (Adjusted
EBITDA margin), adjusted pre-tax earnings from continuing
operations, adjusted pre-tax earnings from continuing operations as
a percentage of adjusted revenue (Adjusted pre-tax margin from
continuing operations), adjusted net earnings and adjusted EPS.
Any non-GAAP measures should be considered in context with the
GAAP financial presentation and should not be considered in
isolation or as a substitute for GAAP net earnings. Further, FNF's
non-GAAP measures may be calculated differently from similarly
titled measures of other companies. Reconciliations of these
non-GAAP measures to related GAAP measures are provided below.
Forward-Looking Statements and Risk Factors
This press
release contains forward-looking statements that involve a number
of risks and uncertainties. Statements that are not historical
facts, including statements regarding our expectations, hopes,
intentions or strategies regarding the future are forward-looking
statements. Forward-looking statements are based on management's
beliefs, as well as assumptions made by, and information currently
available to, management. Because such statements are based on
expectations as to future financial and operating results and are
not statements of fact, actual results may differ materially from
those projected. We undertake no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise. The risks and uncertainties which
forward-looking statements are subject to include, but are not
limited to: our ability to successfully achieve the conditions to
and consummate the plans to distribute shares of Black Knight
Financial Services and redeem and exchange the FNFV tracking stock
with the result being an independent, publicly-traded FNFV common
stock; changes in general economic, business and political
conditions, including changes in the financial markets; weakness or
adverse changes in the level of real estate activity, which may be
caused by, among other things, high or increasing interest rates, a
limited supply of mortgage funding or a weak U. S. economy;
our potential inability to find suitable acquisition candidates,
acquisitions in lines of business that will not necessarily be
limited to our traditional areas of focus, or difficulties in
integrating acquisitions; our dependence on distributions from our
title insurance underwriters as a main source of cash flow;
significant competition that our operating subsidiaries face;
compliance with extensive government regulation of our operating
subsidiaries.
This press release should be read in conjunction with the press
release filed for the results of FNFV on this same date as well as
the risks detailed in the "Statement Regarding Forward-Looking
Information," "Risk Factors" and other sections of the Company's
Form 10-Q, 10-K and other filings with the Securities and Exchange
Commission.
FNF-E
FNF
GROUP
|
SECOND QUARTER
SEGMENT INFORMATION
|
(In millions, except
order information in thousands)
|
(Unaudited)
|
|
|
Total FNF
Group
|
|
Title
|
|
BKFS
|
|
FNF Group Corporate
and Other
|
Three Months
Ended
|
|
|
|
|
June 30,
2017
|
|
|
|
|
Direct title
premiums
|
|
$
|
575
|
|
|
$
|
575
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Agency title
premiums
|
|
726
|
|
|
726
|
|
|
—
|
|
|
—
|
|
Escrow, title related
and other fees (1)
|
|
966
|
|
|
575
|
|
|
259
|
|
|
132
|
|
Total title and
escrow
|
|
2,267
|
|
|
1,876
|
|
|
259
|
|
|
132
|
|
|
|
|
|
|
|
|
|
|
Interest and
investment income
|
|
33
|
|
|
33
|
|
|
—
|
|
|
—
|
|
Realized gains and
losses, net
|
|
(12)
|
|
|
8
|
|
|
(17)
|
|
|
(3)
|
|
Total
revenue
|
|
2,288
|
|
|
1,917
|
|
|
242
|
|
|
129
|
|
|
|
|
|
|
|
|
|
|
Personnel
costs
|
|
723
|
|
|
602
|
|
|
97
|
|
|
24
|
|
Agent
commissions
|
|
558
|
|
|
558
|
|
|
—
|
|
|
—
|
|
Other operating
expenses
|
|
529
|
|
|
359
|
|
|
52
|
|
|
118
|
|
Depreciation and
amortization
|
|
94
|
|
|
39
|
|
|
50
|
|
|
5
|
|
Claim loss
expense
|
|
65
|
|
|
65
|
|
|
—
|
|
|
—
|
|
Interest
expense
|
|
26
|
|
|
—
|
|
|
14
|
|
|
12
|
|
Total
expenses
|
|
1,995
|
|
|
1,623
|
|
|
213
|
|
|
159
|
|
|
|
|
|
|
|
|
|
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
293
|
|
|
$
|
294
|
|
|
$
|
29
|
|
|
$
|
(30)
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments
before taxes
|
|
|
|
|
|
|
|
|
Realized
(gains) and losses, net
|
|
12
|
|
|
(8)
|
|
|
17
|
|
|
3
|
|
Deferred
revenue add back and management fee
|
|
3
|
|
|
1
|
|
|
2
|
|
|
—
|
|
Purchase price
amortization
|
|
50
|
|
|
23
|
|
|
23
|
|
|
4
|
|
Spin-off
costs
|
|
9
|
|
|
—
|
|
|
7
|
|
|
2
|
|
Total non-GAAP
adjustments before taxes
|
|
$
|
74
|
|
|
$
|
16
|
|
|
$
|
49
|
|
|
$
|
9
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax
earnings (loss) from continuing
operations
|
|
$
|
367
|
|
|
$
|
310
|
|
|
$
|
78
|
|
|
$
|
(21)
|
|
Adjusted pre-tax
margin from continuing operations
|
|
15.9
|
%
|
|
16.2
|
%
|
|
29.9
|
%
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Purchase price
amortization
|
|
(50)
|
|
|
(23)
|
|
|
(23)
|
|
|
(4)
|
|
Depreciation and
amortization
|
|
94
|
|
|
39
|
|
|
50
|
|
|
5
|
|
Interest
expense
|
|
26
|
|
|
—
|
|
|
14
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
437
|
|
|
$
|
326
|
|
|
$
|
119
|
|
|
$
|
(8)
|
|
Adjusted
EBITDA margin
|
|
19.0
|
%
|
|
17.1
|
%
|
|
47.9
|
%
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.
BKFS also reported adjusted revenue of $263 million, which includes
$1 million of deferred revenue
|
FNF
GROUP
|
SECOND QUARTER
SEGMENT INFORMATION
|
(In millions, except
order information in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Total FNF
Group
|
|
Title
|
|
BKFS
|
|
FNF Group Corporate
and Other
|
Three Months
Ended
|
|
|
|
|
June 30,
2017
|
|
|
|
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
293
|
|
|
$
|
294
|
|
|
$
|
29
|
|
|
$
|
(30)
|
|
Income tax
expense
|
|
113
|
|
|
89
|
|
|
11
|
|
|
13
|
|
Earnings from
equity investments
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
Non-controlling interests
|
|
7
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) attributable to FNF Group common shareholders
|
|
$
|
175
|
|
|
$
|
207
|
|
|
$
|
11
|
|
|
$
|
(43)
|
|
|
|
|
|
|
|
|
|
|
EPS attributable
to FNF Group common shareholders -
basic
|
|
$
|
0.65
|
|
|
$
|
0.77
|
|
|
$
|
0.04
|
|
|
$
|
(0.16)
|
|
EPS attributable
to FNF Group common shareholders -
diluted
|
|
$
|
0.63
|
|
|
$
|
0.75
|
|
|
$
|
0.04
|
|
|
$
|
(0.16)
|
|
|
|
|
|
|
|
|
|
|
FNF Group weighted
average shares - basic
|
|
271
|
|
|
|
|
|
|
|
FNF Group weighted
average shares - diluted
|
|
277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) attributable to FNF Group common
shareholders
|
|
$
|
175
|
|
|
$
|
207
|
|
|
$
|
11
|
|
|
$
|
(43)
|
|
|
|
|
|
|
|
|
|
|
Total non-GAAP,
pre-tax adjustments
|
|
$
|
74
|
|
|
$
|
16
|
|
|
$
|
49
|
|
|
$
|
9
|
|
Income taxes
on non-GAAP adjustments
|
|
(28)
|
|
|
(5)
|
|
|
(19)
|
|
|
(4)
|
|
Noncontrolling
interest on non-GAAP adjustments
|
|
(18)
|
|
|
(4)
|
|
|
(14)
|
|
|
—
|
|
Nondeductible
income taxes on litigation and
regulatory
settlements
|
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
Total non-GAAP
adjustments
|
|
$
|
32
|
|
|
$
|
7
|
|
|
$
|
20
|
|
|
$
|
5
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
earnings (loss) attributable to FNF Group common
shareholders
|
|
$
|
207
|
|
|
$
|
214
|
|
|
$
|
31
|
|
|
$
|
(38)
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS
attributable to FNF Group common
shareholders - diluted
|
|
$
|
0.75
|
|
|
$
|
0.77
|
|
|
$
|
0.11
|
|
|
$
|
(0.13)
|
|
|
|
|
|
|
|
|
|
|
Direct orders opened
(000's)
|
|
524
|
|
|
524
|
|
|
|
|
|
Direct orders closed
(000's)
|
|
370
|
|
|
370
|
|
|
|
|
|
Fee per
file
|
|
$
|
2,428
|
|
|
$
|
2,428
|
|
|
|
|
|
Actual title claims
paid
|
|
$
|
57
|
|
|
$
|
57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
provided by operations
|
|
$
|
401
|
|
|
|
|
|
|
|
FNF
GROUP
|
SECOND QUARTER
SEGMENT INFORMATION
|
(In millions, except
order information in thousands)
|
(Unaudited)
|
|
|
Total FNF
Group
|
|
Title
|
|
BKFS
|
|
FNF Group Corporate
and Other
|
Three Months
Ended
|
|
|
|
|
June 30,
2016
|
|
|
|
|
Direct title
premiums
|
|
$
|
540
|
|
|
$
|
540
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Agency title
premiums
|
|
691
|
|
|
691
|
|
|
—
|
|
|
—
|
|
Escrow, title related
and other fees (1)
|
|
867
|
|
|
552
|
|
|
256
|
|
|
59
|
|
Total title and
escrow
|
|
2,098
|
|
|
1,783
|
|
|
256
|
|
|
59
|
|
|
|
|
|
|
|
|
|
|
Interest and
investment income
|
|
36
|
|
|
36
|
|
|
—
|
|
|
—
|
|
Realized gains and
losses, net
|
|
—
|
|
|
3
|
|
|
—
|
|
|
(3)
|
|
Total
revenue
|
|
2,134
|
|
|
1,822
|
|
|
256
|
|
|
56
|
|
|
|
|
|
|
|
|
|
|
Personnel
costs
|
|
667
|
|
|
557
|
|
|
95
|
|
|
15
|
|
Agent
commissions
|
|
526
|
|
|
526
|
|
|
—
|
|
|
—
|
|
Other operating
expenses
|
|
465
|
|
|
354
|
|
|
55
|
|
|
56
|
|
Depreciation and
amortization
|
|
87
|
|
|
36
|
|
|
49
|
|
|
2
|
|
Claim loss
expense
|
|
68
|
|
|
68
|
|
|
—
|
|
|
—
|
|
Interest
expense
|
|
32
|
|
|
—
|
|
|
16
|
|
|
16
|
|
Total
expenses
|
|
1,845
|
|
|
1,541
|
|
|
215
|
|
|
89
|
|
|
|
|
|
|
|
|
|
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
289
|
|
|
$
|
281
|
|
|
$
|
41
|
|
|
$
|
(33)
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments
before taxes
|
|
|
|
|
|
|
|
|
Realized
(gains) and losses, net
|
|
—
|
|
|
(3)
|
|
|
—
|
|
|
3
|
|
Deferred
revenue add back and management fee
|
|
3
|
|
|
1
|
|
|
2
|
|
|
—
|
|
Purchase price
amortization
|
|
42
|
|
|
21
|
|
|
20
|
|
|
1
|
|
M&A
costs
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Other legal
accruals
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
Total non-GAAP
adjustments before taxes
|
|
$
|
51
|
|
|
$
|
19
|
|
|
$
|
28
|
|
|
$
|
4
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax
earnings (loss) from continuing
operations
|
|
$
|
340
|
|
|
$
|
300
|
|
|
$
|
69
|
|
|
$
|
(29)
|
|
Adjusted pre-tax
margin from continuing operations
|
|
15.9
|
%
|
|
16.5
|
%
|
|
26.7
|
%
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Purchase price
amortization
|
|
(42)
|
|
|
(21)
|
|
|
(20)
|
|
|
(1)
|
|
Depreciation and
amortization
|
|
87
|
|
|
36
|
|
|
49
|
|
|
2
|
|
Interest
expense
|
|
32
|
|
|
—
|
|
|
16
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
417
|
|
|
$
|
315
|
|
|
$
|
114
|
|
|
$
|
(12)
|
|
Adjusted
EBITDA margin
|
|
19.5
|
%
|
|
17.3
|
%
|
|
45.2
|
%
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.
BKFS also reported adjusted revenue of $258 million, which includes
$2 million of deferred revenue
|
|
|
|
|
FNF
GROUP
SECOND QUARTER
SEGMENT INFORMATION
(In millions, except
order information in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Total
FNF
|
|
|
|
|
|
|
|
FNF Group
Corporate and
|
June 30,
2016
|
|
Group
|
|
Title
|
|
BKFS
|
|
|
Other
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
289
|
|
|
$
|
281
|
|
|
$
|
41
|
|
|
$
|
(33)
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense (benefit)
|
|
98
|
|
|
106
|
|
|
14
|
|
|
(22)
|
|
Earnings from
equity investments
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
Non-controlling interests
|
|
7
|
|
|
(4)
|
|
|
12
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) attributable to FNF Group common
shareholders
|
|
$
|
187
|
|
|
$
|
182
|
|
|
$
|
15
|
|
|
$
|
(10)
|
|
|
|
|
|
|
|
|
|
|
EPS attributable
to FNF Group common shareholders -
basic
|
|
$
|
0.69
|
|
|
$
|
0.67
|
|
|
$
|
0.06
|
|
|
$
|
(0.04)
|
|
EPS attributable
to FNF Group common shareholders -
diluted
|
|
$
|
0.67
|
|
|
$
|
0.65
|
|
|
$
|
0.06
|
|
|
$
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
FNF Group weighted
average shares - basic
|
|
272
|
|
|
|
|
|
|
|
FNF Group weighted
average shares - diluted
|
|
281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) attributable to FNF Group common
shareholders
|
|
$
|
187
|
|
|
$
|
182
|
|
|
$
|
15
|
|
|
$
|
(10)
|
|
|
|
|
|
|
|
|
|
|
Total non-GAAP,
pre-tax adjustments
|
|
$
|
51
|
|
|
$
|
19
|
|
|
$
|
28
|
|
|
$
|
4
|
|
Income taxes
on non-GAAP adjustments
|
|
(20)
|
|
|
(7)
|
|
|
(11)
|
|
|
(2)
|
|
Noncontrolling
interest on non-GAAP adjustments
|
|
(11)
|
|
|
(3)
|
|
|
(8)
|
|
|
—
|
|
Total non-GAAP
adjustments
|
|
$
|
20
|
|
|
$
|
9
|
|
|
$
|
9
|
|
|
$
|
2
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
earnings (loss) attributable to FNF Group
common shareholders
|
|
$
|
207
|
|
|
$
|
191
|
|
|
$
|
24
|
|
|
$
|
(8)
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS
attributable to FNF Group common
shareholders - diluted
|
|
$
|
0.74
|
|
|
$
|
0.68
|
|
|
$
|
0.09
|
|
|
$
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
Direct orders opened
(000's)
|
|
577
|
|
|
577
|
|
|
|
|
|
Direct orders closed
(000's)
|
|
401
|
|
|
401
|
|
|
|
|
|
Fee per
file
|
|
$
|
2,116
|
|
|
$
|
2,116
|
|
|
|
|
|
Actual title claims
paid
|
|
$
|
73
|
|
|
$
|
73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
provided by operations
|
|
$
|
277
|
|
|
|
|
|
|
|
FNF
GROUP
YTD SEGMENT
INFORMATION
(In millions, except
order information in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Total FNF
Group
|
|
Title
|
|
BKFS
|
|
FNF Group
Corporate and Other
|
Six Months
Ended
|
|
|
|
|
June 30,
2017
|
|
|
|
|
Direct title
premiums
|
|
$
|
1,040
|
|
|
$
|
1,040
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Agency title
premiums
|
|
1,309
|
|
|
1,309
|
|
|
—
|
|
|
—
|
|
Escrow, title related
and other fees (1)
|
|
1,785
|
|
|
1,071
|
|
|
517
|
|
|
197
|
|
Total title and
escrow
|
|
4,134
|
|
|
3,420
|
|
|
517
|
|
|
197
|
|
|
|
|
|
|
|
|
|
|
Interest and
investment income
|
|
61
|
|
|
61
|
|
|
—
|
|
|
—
|
|
Realized gains and
losses, net
|
|
(18)
|
|
|
6
|
|
|
(19)
|
|
|
(5)
|
|
Total
revenue
|
|
4,177
|
|
|
3,487
|
|
|
498
|
|
|
192
|
|
|
|
|
|
|
|
|
|
|
Personnel
costs
|
|
1,392
|
|
|
1,150
|
|
|
198
|
|
|
44
|
|
Agent
commissions
|
|
1,004
|
|
|
1,004
|
|
|
—
|
|
|
—
|
|
Other operating
expenses
|
|
964
|
|
|
694
|
|
|
97
|
|
|
173
|
|
Depreciation and
amortization
|
|
190
|
|
|
77
|
|
|
103
|
|
|
10
|
|
Claim loss
expense
|
|
117
|
|
|
117
|
|
|
—
|
|
|
—
|
|
Interest
expense
|
|
57
|
|
|
—
|
|
|
30
|
|
|
27
|
|
Total
expenses
|
|
3,724
|
|
|
3,042
|
|
|
428
|
|
|
254
|
|
|
|
|
|
|
|
|
|
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
453
|
|
|
$
|
445
|
|
|
$
|
70
|
|
|
$
|
(62)
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments
before taxes
|
|
|
|
|
|
|
|
|
Realized
(gains) and losses, net
|
|
18
|
|
|
(6)
|
|
|
19
|
|
|
5
|
|
Deferred
revenue add back and management fee
|
|
4
|
|
|
1
|
|
|
3
|
|
|
—
|
|
Purchase price
amortization
|
|
98
|
|
|
45
|
|
|
45
|
|
|
8
|
|
Spin-off
costs
|
|
10
|
|
|
—
|
|
|
8
|
|
|
2
|
|
Total non-GAAP
adjustments before taxes
|
|
$
|
130
|
|
|
$
|
40
|
|
|
$
|
75
|
|
|
$
|
15
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax
earnings (loss) from continuing
operations
|
|
$
|
583
|
|
|
$
|
485
|
|
|
$
|
145
|
|
|
$
|
(47)
|
|
Adjusted pre-tax
margin from continuing operations
|
|
13.9
|
%
|
|
13.9
|
%
|
|
27.9
|
%
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Purchase price
amortization
|
|
(98)
|
|
|
(45)
|
|
|
(45)
|
|
|
(8)
|
|
Depreciation and
amortization
|
|
190
|
|
|
77
|
|
|
103
|
|
|
10
|
|
Interest
expense
|
|
57
|
|
|
—
|
|
|
30
|
|
|
27
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
732
|
|
|
$
|
517
|
|
|
$
|
233
|
|
|
$
|
(18)
|
|
Adjusted
EBITDA margin
|
|
17.4
|
%
|
|
14.9
|
%
|
|
47.0
|
%
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.
BKFS also reported adjusted revenue of $523 million, which includes
$3 million of deferred revenue
|
|
|
|
FNF
GROUP
|
YTD SEGMENT
INFORMATION
|
(In millions, except
order information in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Total FNF
Group
|
|
Title
|
|
BKFS
|
|
FNF Group Corporate
and Other
|
Six Months
Ended
|
|
|
|
|
June 30,
2017
|
|
|
|
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
453
|
|
|
$
|
445
|
|
|
$
|
70
|
|
|
$
|
(62)
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
193
|
|
|
167
|
|
|
24
|
|
|
2
|
|
Earnings from
equity investments
|
|
4
|
|
|
4
|
|
|
—
|
|
|
—
|
|
Non-controlling interests
|
|
18
|
|
|
(1)
|
|
|
19
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) attributable to FNF Group common
shareholders
|
|
$
|
246
|
|
|
$
|
283
|
|
|
$
|
27
|
|
|
$
|
(64)
|
|
|
|
|
|
|
|
|
|
|
EPS attributable
to FNF Group common shareholders -
basic
|
|
$
|
0.91
|
|
|
$
|
1.05
|
|
|
$
|
0.10
|
|
|
$
|
(0.24)
|
|
EPS attributable
to FNF Group common shareholders -
diluted
|
|
$
|
0.88
|
|
|
$
|
1.02
|
|
|
$
|
0.10
|
|
|
$
|
(0.24)
|
|
|
|
|
|
|
|
|
|
|
FNF Group weighted
average shares - basic
|
|
271
|
|
|
|
|
|
|
|
FNF Group weighted
average shares - diluted
|
|
278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) attributable to FNF Group common
shareholders
|
|
$
|
246
|
|
|
$
|
283
|
|
|
$
|
27
|
|
|
$
|
(64)
|
|
|
|
|
|
|
|
|
|
|
Total non-GAAP,
pre-tax adjustments
|
|
$
|
130
|
|
|
$
|
40
|
|
|
$
|
75
|
|
|
$
|
15
|
|
Income taxes
on non-GAAP adjustments
|
|
(48)
|
|
|
(13)
|
|
|
(29)
|
|
|
(6)
|
|
Noncontrolling
interest on non-GAAP adjustments
|
|
(28)
|
|
|
(7)
|
|
|
(21)
|
|
|
—
|
|
Nondeductible
income taxes on litigation and
regulatory
settlements
|
|
25
|
|
|
21
|
|
|
4
|
|
|
—
|
|
Total non-GAAP
adjustments
|
|
$
|
79
|
|
|
$
|
41
|
|
|
$
|
29
|
|
|
$
|
9
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
earnings (loss) attributable to FNF Group
common shareholders
|
|
$
|
325
|
|
|
$
|
324
|
|
|
$
|
56
|
|
|
$
|
(55)
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS
attributable to FNF Group common shareholders -
diluted
|
|
$
|
1.17
|
|
|
$
|
1.17
|
|
|
$
|
0.20
|
|
|
$
|
(0.20)
|
|
|
|
|
|
|
|
|
|
|
Direct orders opened
(000's)
|
|
996
|
|
|
996
|
|
|
|
|
|
Direct orders closed
(000's)
|
|
704
|
|
|
704
|
|
|
|
|
|
Fee per
file
|
|
$
|
2,295
|
|
|
$
|
2,295
|
|
|
|
|
|
Actual title claims
paid
|
|
$
|
108
|
|
|
$
|
108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
provided by operations:
|
|
$
|
389
|
|
|
|
|
|
|
|
FNF
GROUP
|
YTD SEGMENT
INFORMATION
|
(In millions, except
order information in thousands)
|
(Unaudited)
|
|
|
|
Total FNF
Group
|
|
Title
|
|
BKFS
|
|
FNF Group Corporate
and Other
|
Six Months
Ended
|
|
|
|
|
June 30,
2016
|
|
|
|
|
Direct title
premiums
|
|
$
|
962
|
|
|
$
|
962
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Agency title
premiums
|
|
1,221
|
|
|
1,221
|
|
|
—
|
|
|
—
|
|
Escrow, title related
and other fees (1)
|
|
1,608
|
|
|
1,018
|
|
|
498
|
|
|
92
|
|
Total title and
escrow
|
|
3,791
|
|
|
3,201
|
|
|
498
|
|
|
92
|
|
|
|
|
|
|
|
|
|
|
Interest and
investment income
|
|
65
|
|
|
65
|
|
|
—
|
|
|
—
|
|
Realized gains and
losses, net
|
|
(3)
|
|
|
3
|
|
|
—
|
|
|
(6)
|
|
Total
revenue
|
|
3,853
|
|
|
3,269
|
|
|
498
|
|
|
86
|
|
|
|
|
|
|
|
|
|
|
Personnel
costs
|
|
1,281
|
|
|
1,063
|
|
|
191
|
|
|
27
|
|
Agent
commissions
|
|
928
|
|
|
928
|
|
|
—
|
|
|
—
|
|
Other operating
expenses
|
|
870
|
|
|
685
|
|
|
96
|
|
|
89
|
|
Depreciation and
amortization
|
|
172
|
|
|
71
|
|
|
97
|
|
|
4
|
|
Claim loss
expense
|
|
120
|
|
|
120
|
|
|
—
|
|
|
—
|
|
Interest
expense
|
|
63
|
|
|
—
|
|
|
32
|
|
|
31
|
|
Total
expenses
|
|
3,434
|
|
|
2,867
|
|
|
416
|
|
|
151
|
|
|
|
|
|
|
|
|
|
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
419
|
|
|
$
|
402
|
|
|
$
|
82
|
|
|
$
|
(65)
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments
before taxes
|
|
|
|
|
|
|
|
|
Realized
(gains) and losses, net
|
|
3
|
|
|
(3)
|
|
|
—
|
|
|
6
|
|
Deferred
revenue add back and management fee
|
|
5
|
|
|
1
|
|
|
4
|
|
|
—
|
|
Purchase price
amortization
|
|
83
|
|
|
42
|
|
|
40
|
|
|
1
|
|
M&A
costs
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Other
legal accruals
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
Total non-GAAP
adjustments before taxes
|
|
$
|
97
|
|
|
$
|
40
|
|
|
$
|
50
|
|
|
$
|
7
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax
earnings (loss) from continuing
operations
|
|
$
|
516
|
|
|
$
|
442
|
|
|
$
|
132
|
|
|
$
|
(58)
|
|
Adjusted pre-tax
margin from continuing operations
|
|
13.4
|
%
|
|
13.5
|
%
|
|
26.3
|
%
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Purchase price
amortization
|
|
(83)
|
|
|
(42)
|
|
|
(40)
|
|
|
(1)
|
|
Depreciation and
amortization
|
|
172
|
|
|
71
|
|
|
97
|
|
|
4
|
|
Interest
expense
|
|
63
|
|
|
—
|
|
|
32
|
|
|
31
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
668
|
|
|
$
|
471
|
|
|
$
|
221
|
|
|
$
|
(24)
|
|
Adjusted
EBITDA margin
|
|
17.3
|
%
|
|
14.4
|
%
|
|
45.2
|
%
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.
BKFS also reported adjusted revenue of $502 million, which includes
$4 million of deferred revenue
|
|
|
|
|
|
FNF
GROUP
|
YTD SEGMENT
INFORMATION
|
(In millions, except
order information in thousands)
|
(Unaudited)
|
|
|
|
Total FNF
Group
|
|
Title
|
|
BKFS
|
|
FNF Group Corporate
and Other
|
Six Months
Ended
|
|
|
|
|
June 30,
2016
|
|
|
|
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
419
|
|
|
$
|
402
|
|
|
$
|
82
|
|
|
$
|
(65)
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense (benefit)
|
|
148
|
|
|
151
|
|
|
28
|
|
|
(31)
|
|
Earnings from
equity investments
|
|
6
|
|
|
6
|
|
|
—
|
|
|
—
|
|
Non-controlling interests
|
|
17
|
|
|
(6)
|
|
|
24
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) attributable to FNF Group common
shareholders
|
|
$
|
260
|
|
|
$
|
263
|
|
|
$
|
30
|
|
|
$
|
(33)
|
|
|
|
|
|
|
|
|
|
|
EPS attributable
to FNF Group common shareholders -
basic
|
|
$
|
0.95
|
|
|
$
|
0.96
|
|
|
$
|
0.11
|
|
|
$
|
(0.12)
|
|
EPS attributable
to FNF Group common shareholders -
diluted
|
|
$
|
0.93
|
|
|
$
|
0.94
|
|
|
$
|
0.11
|
|
|
$
|
(0.12)
|
|
|
|
|
|
|
|
|
|
|
FNF Group weighted
average shares - basic
|
|
273
|
|
|
|
|
|
|
|
FNF Group weighted
average shares - diluted
|
|
281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) attributable to FNF Group common
shareholders
|
|
$
|
260
|
|
|
$
|
263
|
|
|
$
|
30
|
|
|
$
|
(33)
|
|
|
|
|
|
|
|
|
|
|
Total non-GAAP,
pre-tax adjustments
|
|
$
|
97
|
|
|
$
|
40
|
|
|
$
|
50
|
|
|
$
|
7
|
|
Income taxes
on non-GAAP adjustments
|
|
(35)
|
|
|
(13)
|
|
|
(19)
|
|
|
(3)
|
|
Noncontrolling
interest on non-GAAP adjustments
|
|
(21)
|
|
|
(7)
|
|
|
(14)
|
|
|
—
|
|
Total non-GAAP
adjustments
|
|
$
|
41
|
|
|
$
|
20
|
|
|
$
|
17
|
|
|
$
|
4
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
earnings (loss) attributable to FNF Group
common shareholders
|
|
$
|
301
|
|
|
$
|
283
|
|
|
$
|
47
|
|
|
$
|
(29)
|
|
Adjusted EPS
attributable to FNF Group common
shareholders - diluted
|
|
$
|
1.07
|
|
|
$
|
1.01
|
|
|
$
|
0.17
|
|
|
$
|
(0.11)
|
|
|
|
|
|
|
|
|
|
|
Direct orders opened
(000's)
|
|
1,094
|
|
|
1,094
|
|
|
|
|
|
Direct orders closed
(000's)
|
|
723
|
|
|
723
|
|
|
|
|
|
Fee per
file
|
|
$
|
2,079
|
|
|
$
|
2,079
|
|
|
|
|
|
Actual title claims
paid
|
|
$
|
113
|
|
|
$
|
113
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
provided by operations:
|
|
$
|
349
|
|
|
|
|
|
|
|
FNF
GROUP
|
QUARTERLY
OPERATING STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2
2017
|
|
Q1
2017
|
|
Q4
2016
|
|
Q3
2016
|
|
Q2
2016
|
|
Q1
2016
|
|
Q4
2015
|
|
Q3
2015
|
Quarterly Open
Orders ('000's except % data)
|
Total open
orders*
|
|
524
|
|
|
472
|
|
|
474
|
|
|
616
|
|
|
577
|
|
|
517
|
|
|
441
|
|
|
514
|
|
Total open orders per
day*
|
|
8.2
|
|
|
7.6
|
|
|
7.6
|
|
|
9.6
|
|
|
9.0
|
|
|
8.3
|
|
|
7.0
|
|
|
8.0
|
|
Purchase % of open
orders
|
|
66
|
%
|
|
64
|
%
|
|
53
|
%
|
|
50
|
%
|
|
57
|
%
|
|
55
|
%
|
|
55
|
%
|
|
58
|
%
|
Refinance % of open
orders
|
|
34
|
%
|
|
36
|
%
|
|
47
|
%
|
|
50
|
%
|
|
43
|
%
|
|
45
|
%
|
|
45
|
%
|
|
42
|
%
|
Total closed
orders*
|
|
370
|
|
|
334
|
|
|
419
|
|
|
433
|
|
|
401
|
|
|
322
|
|
|
341
|
|
|
378
|
|
Total closed orders
per day*
|
|
5.8
|
|
|
5.4
|
|
|
6.8
|
|
|
6.8
|
|
|
6.3
|
|
|
5.2
|
|
|
5.4
|
|
|
5.9
|
|
Purchase % of closed
orders
|
|
67
|
%
|
|
58
|
%
|
|
51
|
%
|
|
54
|
%
|
|
58
|
%
|
|
55
|
%
|
|
58
|
%
|
|
60
|
%
|
Refinance % of closed
orders
|
|
33
|
%
|
|
42
|
%
|
|
49
|
%
|
|
46
|
%
|
|
42
|
%
|
|
45
|
%
|
|
42
|
%
|
|
40
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
(millions, except orders in '000's)
|
Total commercial
revenue
|
|
$
|
261
|
|
|
$
|
224
|
|
|
$
|
285
|
|
|
$
|
233
|
|
|
$
|
244
|
|
|
$
|
211
|
|
|
$
|
303
|
|
|
$
|
258
|
|
Total commercial open
orders
|
|
50.8
|
|
|
49.4
|
|
|
45.9
|
|
|
50.4
|
|
|
49.9
|
|
|
48.5
|
|
|
46.3
|
|
|
50.3
|
|
Total commercial
closed orders
|
|
33.6
|
|
|
30.0
|
|
|
34.7
|
|
|
31.9
|
|
|
33.6
|
|
|
30.7
|
|
|
36.3
|
|
|
33.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National commercial
revenue
|
|
$
|
148
|
|
|
$
|
127
|
|
|
$
|
167
|
|
|
$
|
130
|
|
|
$
|
144
|
|
|
$
|
121
|
|
|
$
|
183
|
|
|
$
|
146
|
|
National commercial
open orders
|
|
22.0
|
|
|
21.1
|
|
|
17.9
|
|
|
20.4
|
|
|
20.3
|
|
|
19.3
|
|
|
18.1
|
|
|
21.0
|
|
National commercial
closed orders
|
|
13.3
|
|
|
11.2
|
|
|
12.8
|
|
|
11.7
|
|
|
11.6
|
|
|
10.6
|
|
|
13.4
|
|
|
12.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fee Per
File
|
Fee per
file
|
|
$
|
2,428
|
|
|
$
|
2,148
|
|
|
$
|
2,091
|
|
|
$
|
2,015
|
|
|
$
|
2,116
|
|
|
$
|
2,032
|
|
|
$
|
2,272
|
|
|
$
|
2,133
|
|
Residential and local
commercial fee per
file
|
|
$
|
2,104
|
|
|
$
|
1,829
|
|
|
$
|
1,746
|
|
|
$
|
1,762
|
|
|
$
|
1,809
|
|
|
$
|
1,713
|
|
|
$
|
1,806
|
|
|
$
|
1,805
|
|
Residential fee per
file
|
|
$
|
1,895
|
|
|
$
|
1,623
|
|
|
$
|
1,538
|
|
|
$
|
1,594
|
|
|
$
|
1,645
|
|
|
$
|
1,522
|
|
|
$
|
1,548
|
|
|
$
|
1,589
|
|
Total commercial fee
per file
|
|
$
|
7,800
|
|
|
$
|
7,500
|
|
|
$
|
8,200
|
|
|
$
|
7,300
|
|
|
$
|
7,300
|
|
|
$
|
6,900
|
|
|
$
|
8,300
|
|
|
$
|
7,800
|
|
National commercial
fee per file
|
|
$
|
11,100
|
|
|
$
|
11,300
|
|
|
$
|
13,000
|
|
|
$
|
11,100
|
|
|
$
|
12,400
|
|
|
$
|
11,400
|
|
|
$
|
13,600
|
|
|
$
|
12,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Staffing
|
Total field
operations employees
|
|
11,300
|
|
|
11,000
|
|
|
11,100
|
|
|
11,400
|
|
|
10,900
|
|
|
10,900
|
|
|
10,700
|
|
|
11,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FNTG Only
Quarterly Operating Statistics ('000's except fee per file and
staffing)
|
Total open
orders*
|
|
457
|
|
|
407
|
|
|
395
|
|
|
518
|
|
|
484
|
|
|
429
|
|
|
360
|
|
|
422
|
|
Total open orders per
day*
|
|
7.2
|
|
|
6.6
|
|
|
6.4
|
|
|
8.1
|
|
|
7.5
|
|
|
6.9
|
|
|
5.7
|
|
|
6.6
|
|
Purchase % of open
orders
|
|
72
|
%
|
|
69
|
%
|
|
59
|
%
|
|
55
|
%
|
|
63
|
%
|
|
61
|
%
|
|
62
|
%
|
|
65
|
%
|
Refinance % of open
orders
|
|
28
|
%
|
|
31
|
%
|
|
41
|
%
|
|
45
|
%
|
|
37
|
%
|
|
39
|
%
|
|
38
|
%
|
|
35
|
%
|
Total closed
orders*
|
|
324
|
|
|
277
|
|
|
352
|
|
|
369
|
|
|
338
|
|
|
265
|
|
|
285
|
|
|
314
|
|
Total closed orders
per day*
|
|
5.1
|
|
|
4.5
|
|
|
5.7
|
|
|
5.8
|
|
|
5.3
|
|
|
4.3
|
|
|
4.5
|
|
|
4.9
|
|
Purchase % of closed
orders
|
|
72
|
%
|
|
63
|
%
|
|
55
|
%
|
|
58
|
%
|
|
63
|
%
|
|
60
|
%
|
|
63
|
%
|
|
66
|
%
|
Refinance % of closed
orders
|
|
28
|
%
|
|
37
|
%
|
|
45
|
%
|
|
42
|
%
|
|
37
|
%
|
|
40
|
%
|
|
37
|
%
|
|
34
|
%
|
Fee per
file
|
|
$
|
2,618
|
|
|
$
|
2,395
|
|
|
$
|
2,313
|
|
|
$
|
2,205
|
|
|
$
|
2,337
|
|
|
$
|
2,261
|
|
|
$
|
2,521
|
|
|
$
|
2,364
|
|
Total title field
operations employees
|
|
10,300
|
|
|
9,900
|
|
|
10,000
|
|
|
10,200
|
|
|
9,600
|
|
|
9,700
|
|
|
9,500
|
|
|
9,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ServiceLink Only
Quarterly Operating Statistics ('000's except fee per file and
staffing)
|
Revenue
(millions)
|
|
$
|
191
|
|
|
$
|
192
|
|
|
$
|
198
|
|
|
$
|
205
|
|
|
$
|
203
|
|
|
$
|
195
|
|
|
$
|
198
|
|
|
$
|
220
|
|
Total open
orders*
|
|
67
|
|
|
65
|
|
|
79
|
|
|
98
|
|
|
93
|
|
|
87
|
|
|
81
|
|
|
92
|
|
Total open orders per
day*
|
|
1.0
|
|
|
1.0
|
|
|
1.2
|
|
|
1.5
|
|
|
1.5
|
|
|
1.4
|
|
|
1.3
|
|
|
1.4
|
|
Purchase % of open
orders
|
|
25
|
%
|
|
25
|
%
|
|
21
|
%
|
|
17
|
%
|
|
22
|
%
|
|
24
|
%
|
|
22
|
%
|
|
23
|
%
|
Refinance % of open
orders
|
|
75
|
%
|
|
75
|
%
|
|
79
|
%
|
|
83
|
%
|
|
78
|
%
|
|
76
|
%
|
|
78
|
%
|
|
77
|
%
|
Total closed
orders*
|
|
46
|
|
|
57
|
|
|
67
|
|
|
64
|
|
|
63
|
|
|
57
|
|
|
56
|
|
|
64
|
|
Total closed orders
per day*
|
|
0.7
|
|
|
0.9
|
|
|
1.1
|
|
|
1.0
|
|
|
1.0
|
|
|
0.9
|
|
|
0.9
|
|
|
1.0
|
|
Purchase % of closed
orders
|
|
28
|
%
|
|
30
|
%
|
|
24
|
%
|
|
27
|
%
|
|
27
|
%
|
|
28
|
%
|
|
31
|
%
|
|
26
|
%
|
Refinance % of closed
orders
|
|
72
|
%
|
|
70
|
%
|
|
76
|
%
|
|
73
|
%
|
|
73
|
%
|
|
72
|
%
|
|
69
|
%
|
|
74
|
%
|
Fee per
file
|
|
$
|
1,047
|
|
|
$
|
950
|
|
|
$
|
932
|
|
|
$
|
916
|
|
|
$
|
940
|
|
|
$
|
972
|
|
|
$
|
1,003
|
|
|
$
|
987
|
|
Total ServiceLink
operations employees
|
|
1,000
|
|
|
1,100
|
|
|
1,100
|
|
|
1,200
|
|
|
1,300
|
|
|
1,200
|
|
|
1,200
|
|
|
1,300
|
|
* Includes an
immaterial number of non-purchase and non-refinance
orders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FNF
GROUP
|
SUMMARY BALANCE
SHEET INFORMATION
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FNF
Group
June 30,
2017
|
|
FNF
Group
December 31,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
Cash and investment
portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,705
|
|
|
|
$
|
4,965
|
|
Goodwill
|
|
|
|
|
|
|
|
|
|
|
|
|
4,905
|
|
|
|
4,859
|
|
Title
plant
|
|
|
|
|
|
|
|
|
|
|
|
|
395
|
|
|
|
395
|
|
Total
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
12,848
|
|
|
|
13,063
|
|
Notes
payable
|
|
|
|
|
|
|
|
|
|
|
|
|
2,320
|
|
|
|
2,513
|
|
Reserve for title
claim losses
|
|
|
|
|
|
|
|
|
|
|
|
|
1,492
|
|
|
|
1,487
|
|
Secured trust
deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
892
|
|
|
|
860
|
|
Redeemable
non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
344
|
|
|
|
344
|
|
Non-redeemable
non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
770
|
|
|
|
786
|
|
Total equity and
redeemable non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
6,133
|
|
|
|
6,210
|
|
Total equity
attributable to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
5,019
|
|
|
|
5,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FNF Group
June 30,
2017
|
|
|
FNFV
June 30,
2017
|
|
Consolidated
June 30,
2017
|
|
Consolidated
December 31,
2016
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
Cash and investment
portfolio
|
|
|
$
|
4,705
|
|
|
|
$
|
850
|
|
|
|
$
|
5,555
|
|
|
|
$
|
5,607
|
|
Goodwill
|
|
|
4,905
|
|
|
|
102
|
|
|
|
5,007
|
|
|
|
5,065
|
|
Title
plant
|
|
|
395
|
|
|
|
—
|
|
|
|
395
|
|
|
|
395
|
|
Total
assets
|
|
|
12,848
|
|
|
|
1,354
|
|
|
|
14,202
|
|
|
|
14,463
|
|
Notes
payable
|
|
|
2,320
|
|
|
|
118
|
|
|
|
2,438
|
|
|
|
2,746
|
|
Reserve for title
claim losses
|
|
|
1,492
|
|
|
|
—
|
|
|
|
1,492
|
|
|
|
1,487
|
|
Secured trust
deposits
|
|
|
892
|
|
|
|
—
|
|
|
|
892
|
|
|
|
860
|
|
Redeemable
non-controlling interests
|
|
|
344
|
|
|
|
—
|
|
|
|
344
|
|
|
|
344
|
|
Non-redeemable
non-controlling interests
|
|
|
770
|
|
|
|
108
|
|
|
|
878
|
|
|
|
902
|
|
Total equity and
redeemable non-controlling interests
|
|
|
6,133
|
|
|
|
1,130
|
|
|
|
7,263
|
|
|
|
7,242
|
|
Total equity
attributable to common shareholders
|
|
|
5,019
|
|
|
|
1,022
|
|
|
|
6,041
|
|
|
|
5,996
|
|
Fidelity National
Financial, Inc.
|
CONSOLIDATED
SUMMARY OF EARNINGS
|
(In
millions)
|
(Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
June 30,
2017
|
|
|
June 30,
2017
|
|
Consolidated
|
|
Core
|
|
FNFV
|
|
|
Consolidated
|
|
Core
|
|
FNFV
|
Direct title
premiums
|
$
|
575
|
|
|
$
|
575
|
|
|
$
|
—
|
|
|
|
$
|
1,040
|
|
|
$
|
1,040
|
|
|
$
|
—
|
|
Agency title
premiums
|
726
|
|
|
726
|
|
|
—
|
|
|
|
1,309
|
|
|
1,309
|
|
|
—
|
|
Total title
premiums
|
1,301
|
|
|
1,301
|
|
|
—
|
|
|
|
2,349
|
|
|
2,349
|
|
|
—
|
|
Escrow, title-related
and other fees
|
1,008
|
|
|
966
|
|
|
42
|
|
|
|
1,876
|
|
|
1,785
|
|
|
91
|
|
Total title and escrow and
other
|
2,309
|
|
|
2,267
|
|
|
42
|
|
|
|
4,225
|
|
|
4,134
|
|
|
91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
revenue
|
288
|
|
|
—
|
|
|
288
|
|
|
|
561
|
|
|
—
|
|
|
561
|
|
Interest and
investment income
|
34
|
|
|
33
|
|
|
1
|
|
|
|
63
|
|
|
61
|
|
|
2
|
|
Realized gains and
losses, net
|
256
|
|
|
(12)
|
|
|
268
|
|
|
|
255
|
|
|
(18)
|
|
|
273
|
|
Total revenue
|
2,887
|
|
|
2,288
|
|
|
599
|
|
|
|
5,104
|
|
|
4,177
|
|
|
927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
costs
|
788
|
|
|
723
|
|
|
65
|
|
|
|
1,503
|
|
|
1,392
|
|
|
111
|
|
Other operating
expenses
|
558
|
|
|
529
|
|
|
29
|
|
|
|
1,018
|
|
|
964
|
|
|
54
|
|
Cost of restaurant
revenue
|
249
|
|
|
—
|
|
|
249
|
|
|
|
485
|
|
|
—
|
|
|
485
|
|
Agent
commissions
|
558
|
|
|
558
|
|
|
—
|
|
|
|
1,004
|
|
|
1,004
|
|
|
—
|
|
Depreciation and
amortization
|
110
|
|
|
94
|
|
|
16
|
|
|
|
222
|
|
|
190
|
|
|
32
|
|
Title claim loss
expense
|
65
|
|
|
65
|
|
|
—
|
|
|
|
117
|
|
|
117
|
|
|
—
|
|
Interest
expense
|
29
|
|
|
26
|
|
|
3
|
|
|
|
64
|
|
|
57
|
|
|
7
|
|
Total expenses
|
2,357
|
|
|
1,995
|
|
|
362
|
|
|
|
4,413
|
|
|
3,724
|
|
|
689
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
continuing operations before taxes
|
530
|
|
|
293
|
|
|
237
|
|
|
|
691
|
|
|
453
|
|
|
238
|
|
Income tax
expense
|
226
|
|
|
113
|
|
|
113
|
|
|
|
304
|
|
|
193
|
|
|
111
|
|
Earnings from
continuing operations before equity investments
|
304
|
|
|
180
|
|
|
124
|
|
|
|
387
|
|
|
260
|
|
|
127
|
|
(Loss) earnings from
equity investments
|
(2)
|
|
|
2
|
|
|
(4)
|
|
|
|
(4)
|
|
|
4
|
|
|
(8)
|
|
Net earnings from
continuing operations
|
302
|
|
|
182
|
|
|
120
|
|
|
|
383
|
|
|
264
|
|
|
119
|
|
Non-controlling
interests
|
6
|
|
|
7
|
|
|
(1)
|
|
|
|
15
|
|
|
18
|
|
|
(3)
|
|
Net earnings
attributable to common shareholders
|
$
|
296
|
|
|
$
|
175
|
|
|
$
|
121
|
|
|
|
$
|
368
|
|
|
$
|
246
|
|
|
$
|
122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows provided
by (used in) operations
|
287
|
|
|
401
|
|
|
(114)
|
|
|
|
291
|
|
|
389
|
|
|
(98)
|
|
Fidelity National
Financial, Inc.
|
CONSOLIDATED
SUMMARY OF EARNINGS
|
(In
millions)
|
(Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
June 30,
2016
|
|
|
June 30,
2016
|
|
Consolidated
|
|
Core
|
|
FNFV
|
|
|
Consolidated
|
|
Core
|
|
FNFV
|
Direct title
premiums
|
$
|
540
|
|
|
$
|
540
|
|
|
$
|
—
|
|
|
|
$
|
962
|
|
|
$
|
962
|
|
|
$
|
—
|
|
Agency title
premiums
|
691
|
|
|
691
|
|
|
—
|
|
|
|
1,221
|
|
|
1,221
|
|
|
—
|
|
Total title
premiums
|
1,231
|
|
|
1,231
|
|
|
—
|
|
|
|
2,183
|
|
|
2,183
|
|
|
—
|
|
Escrow, title-related
and other fees
|
907
|
|
|
867
|
|
|
40
|
|
|
|
1,686
|
|
|
1,608
|
|
|
78
|
|
Total title and escrow and
other
|
2,138
|
|
|
2,098
|
|
|
40
|
|
|
|
3,869
|
|
|
3,791
|
|
|
78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
revenue
|
292
|
|
|
—
|
|
|
292
|
|
|
|
585
|
|
|
—
|
|
|
585
|
|
Interest and
investment income
|
37
|
|
|
36
|
|
|
1
|
|
|
|
67
|
|
|
65
|
|
|
2
|
|
Realized gains and
losses, net
|
15
|
|
|
—
|
|
|
15
|
|
|
|
9
|
|
|
(3)
|
|
|
12
|
|
Total revenue
|
2,482
|
|
|
2,134
|
|
|
348
|
|
|
|
4,530
|
|
|
3,853
|
|
|
677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
costs
|
707
|
|
|
667
|
|
|
40
|
|
|
|
1,359
|
|
|
1,281
|
|
|
78
|
|
Other operating
expenses
|
493
|
|
|
465
|
|
|
28
|
|
|
|
925
|
|
|
870
|
|
|
55
|
|
Cost of restaurant
revenue
|
245
|
|
|
—
|
|
|
245
|
|
|
|
490
|
|
|
—
|
|
|
490
|
|
Agent
commissions
|
526
|
|
|
526
|
|
|
—
|
|
|
|
928
|
|
|
928
|
|
|
—
|
|
Depreciation and
amortization
|
102
|
|
|
87
|
|
|
15
|
|
|
|
202
|
|
|
172
|
|
|
30
|
|
Title claim loss
expense
|
68
|
|
|
68
|
|
|
—
|
|
|
|
120
|
|
|
120
|
|
|
—
|
|
Interest
expense
|
33
|
|
|
32
|
|
|
1
|
|
|
|
67
|
|
|
63
|
|
|
4
|
|
Total expenses
|
2,174
|
|
|
1,845
|
|
|
329
|
|
|
|
4,091
|
|
|
3,434
|
|
|
657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
continuing operations before taxes
|
308
|
|
|
289
|
|
|
19
|
|
|
|
439
|
|
|
419
|
|
|
20
|
|
Income tax
expense
|
101
|
|
|
98
|
|
|
3
|
|
|
|
150
|
|
|
148
|
|
|
2
|
|
Earnings from
continuing operations before equity investments
|
207
|
|
|
191
|
|
|
16
|
|
|
|
289
|
|
|
271
|
|
|
18
|
|
(Loss) earnings from
equity investments
|
(1)
|
|
|
3
|
|
|
(4)
|
|
|
|
1
|
|
|
6
|
|
|
(5)
|
|
Net earnings from
continuing operations
|
206
|
|
|
194
|
|
|
12
|
|
|
|
290
|
|
|
277
|
|
|
13
|
|
Non-controlling
interests
|
9
|
|
|
7
|
|
|
2
|
|
|
|
19
|
|
|
17
|
|
|
2
|
|
Net earnings
attributable to common shareholders
|
$
|
197
|
|
|
$
|
187
|
|
|
$
|
10
|
|
|
|
$
|
271
|
|
|
$
|
260
|
|
|
$
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows provided
by operations
|
282
|
|
|
277
|
|
|
5
|
|
|
|
374
|
|
|
349
|
|
|
25
|
|
View original
content:http://www.prnewswire.com/news-releases/fnf-group-reports-second-quarter-2017-diluted-eps-of-063-and-adjusted-diluted-eps-of-075-pre-tax-title-margin-of-153-and-adjusted-pre-tax-title-margin-of-162-300490840.html
SOURCE Fidelity National Financial, Inc.