JACKSONVILLE, Fla.,
Oct. 25, 2017 /PRNewswire/ -- Fidelity National Financial,
Inc. today reported the operating results of FNF Group (NYSE:
FNF), a leading provider of title insurance and transaction
services to the real estate and mortgage industries, for the three
and nine-month periods ended September 30, 2017.
- Total revenue of approximately $2.0
billion in the third quarter versus $1.9 billion in the third quarter of 2016
- Third quarter net earnings of $170
million and adjusted net earnings of $197 million versus net earnings of $163 million and adjusted net earnings of
$192 million for the third quarter of
2016
- Third quarter diluted EPS of $0.62 and adjusted diluted EPS of $0.71 versus diluted EPS of $0.58 and adjusted diluted EPS of $0.69 in the third quarter of 2016
- Third quarter net cash flow provided by operations of
$302 million versus net cash flow
provided by operations of $360
million in the third quarter of 2016
Title
- Approximately $1.9 billion in
total revenue, equal to the approximately $1.9 billion in total revenue in the third
quarter of 2016
- Pre-tax earnings of $262 million
and adjusted pre-tax earnings of $287
million versus pre-tax earnings of $263 million and adjusted pre-tax earnings of
$295 million in the third quarter of
2016
- Pre-tax title margin of 14.0% and adjusted pre-tax title margin
of 15.3% versus pre-tax title margin of 14.1% and adjusted pre-tax
title margin of 15.8% in the third quarter of 2016
- Open orders per day of 7,952 for the third quarter versus 9,625
open orders per day for the third quarter of 2016
- Closed orders per day of 5,825 for the third quarter versus
6,766 closed orders per day for the third quarter of 2016
- Third quarter purchase orders opened and closed increased by 4%
and 7%, respectively, versus the third quarter of 2016
- Total commercial revenue of $250
million, a 7% increase over total commercial revenue in the
third quarter of 2016, driven by a 3% increase in total commercial
fee per file and a 5% increase in closed orders; third quarter
total commercial open orders decreased 4% compared to the prior
year; third quarter national commercial title revenue of
$138 million, a 6% increase from the
third quarter of 2016, driven by a 12% increase in closed orders
and a 5% decline in the national commercial fee per file; third
quarter national commercial open orders decreased by 2%
- Overall third quarter average fee per file of $2,368, an 18% increase versus the third quarter
of 2016
Title Orders
|
|
|
Direct Orders
Opened *
|
|
|
Direct Orders
Closed *
|
Month
|
|
/ (%
Purchase)
|
|
/ (%
Purchase)
|
July 2017
|
|
|
159,000
|
66%
|
|
|
118,000
|
66%
|
August
2017
|
|
|
181,000
|
61%
|
|
|
131,000
|
65%
|
September
2017
|
|
|
161,000
|
59%
|
|
|
118,000
|
63%
|
|
|
|
|
|
|
|
Third Quarter
2017
|
|
|
501,000
|
62%
|
|
|
367,000
|
65%
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct Orders
Opened *
|
|
|
Direct Orders
Closed *
|
Month
|
|
/ (%
Purchase)
|
|
|
/ (%
Purchase)
|
July 2016
|
|
|
203,000
|
48%
|
|
|
130,000
|
58%
|
August
2016
|
|
|
218,000
|
50%
|
|
|
156,000
|
53%
|
September
2016
|
|
|
195,000
|
50%
|
|
|
147,000
|
52%
|
|
|
|
|
|
|
|
Third Quarter
2016
|
|
|
616,000
|
50%
|
|
|
433,000
|
54%
|
|
|
|
|
|
|
|
|
|
* 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
|
Third Quarter 2017 -
Total Commercial
|
|
48,300
|
|
|
33,400
|
|
|
$250
|
|
|
$7,500
|
Third Quarter 2016 -
Total Commercial
|
|
50,400
|
|
|
31,900
|
|
|
$233
|
|
|
$7,300
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2017 -
National Commercial
|
|
19,900
|
|
|
13,100
|
|
|
$138
|
|
|
$10,500
|
Third Quarter 2016 -
National Commercial
|
|
20,400
|
|
|
11,700
|
|
|
$130
|
|
|
$11,100
|
"The third quarter was another strong performance for our title
insurance business," said Chairman William
P. Foley, II. "We generated adjusted pre-tax title
earnings of $287 million and a 15.3%
adjusted pre-tax title margin. The residential purchase and
commercial markets continued to drive our performance in the third
quarter, as residential open and closed purchase orders increased
4% and 7%, respectively, in the quarter and total commercial
revenue grew by 7% versus the third quarter of 2016. We look
forward to continued strong, industry-leading performance from our
title insurance business.
"We closed the tax-free distribution of Black Knight on
September 29, as FNF shareholders
received 0.3066322 shares of Black Knight common stock for each
share of FNF common stock. Black Knight is now a stand-alone
public company, with no FNF ownership. We also made
significant progress on the FNFV exchange transaction during the
quarter and have now set a shareholder vote and closing date of
November 17, 2017, for the exchange
of the FNFV tracking stock for Cannae Holdings common stock.
Once the exchange is completed, FNF will again be eligible for
potential index inclusion, including the S&P 500, and Cannae
Holdings will be a legally separate public company."
Conference Call
We will host a call with investors and
analysts to discuss third quarter 2017 FNF Group results on
Thursday, October 26, 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
October 26, 2017, through
November 1, 2017, by dialing
800-475-6701 (USA) or 320-365-3844
(International). The access code will be 430331.
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 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. 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 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
THIRD QUARTER
SEGMENT INFORMATION
(In millions, except
order information in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Total
FNF
|
|
|
|
Corporate
and
|
September 30,
2017
|
|
Group
|
|
Title
|
|
Other
|
Direct title
premiums
|
|
$
|
558
|
|
|
$
|
558
|
|
|
$
|
—
|
|
Agency title
premiums
|
|
719
|
|
|
719
|
|
|
—
|
|
Escrow, title related
and other fees
|
|
678
|
|
|
563
|
|
|
115
|
|
Total title and
escrow
|
|
1,955
|
|
|
1,840
|
|
|
115
|
|
|
|
|
|
|
|
|
Interest and
investment income
|
|
32
|
|
|
32
|
|
|
—
|
|
Realized gains and
losses, net
|
|
(1)
|
|
|
—
|
|
|
(1)
|
|
Total
revenue
|
|
1,986
|
|
|
1,872
|
|
|
114
|
|
|
|
|
|
|
|
|
Personnel
costs
|
|
627
|
|
|
605
|
|
|
22
|
|
Agent
commissions
|
|
553
|
|
|
553
|
|
|
—
|
|
Other operating
expenses
|
|
443
|
|
|
348
|
|
|
95
|
|
Depreciation and
amortization
|
|
46
|
|
|
40
|
|
|
6
|
|
Claim loss
expense
|
|
64
|
|
|
64
|
|
|
—
|
|
Interest
expense
|
|
11
|
|
|
—
|
|
|
11
|
|
Total
expenses
|
|
1,744
|
|
|
1,610
|
|
|
134
|
|
|
|
|
|
|
|
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
242
|
|
|
$
|
262
|
|
|
$
|
(20)
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments
before taxes
|
|
|
|
|
|
|
Realized
(gains) and losses, net
|
|
1
|
|
|
—
|
|
|
1
|
|
Purchase price
amortization
|
|
29
|
|
|
24
|
|
|
5
|
|
Spin-off
costs
|
|
1
|
|
|
—
|
|
|
1
|
|
Other
adjustments
|
|
1
|
|
|
1
|
|
|
—
|
|
Total non-GAAP
adjustments before taxes
|
|
$
|
32
|
|
|
$
|
25
|
|
|
$
|
7
|
|
|
|
|
|
|
|
|
Adjusted pre-tax
earnings (loss) from continuing operations
|
$
|
274
|
|
|
$
|
287
|
|
|
$
|
(13)
|
|
Adjusted pre-tax
margin from continuing operations
|
|
13.8
|
%
|
|
15.3
|
%
|
|
—
|
|
|
|
|
|
|
|
|
Purchase price
amortization
|
|
(29)
|
|
|
(24)
|
|
|
(5)
|
|
Depreciation and
amortization
|
|
46
|
|
|
40
|
|
|
6
|
|
Interest
expense
|
|
11
|
|
|
—
|
|
|
11
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
302
|
|
|
$
|
303
|
|
|
$
|
(1)
|
|
Adjusted
EBITDA margin
|
|
15.2
|
%
|
|
16.2
|
%
|
|
—
|
|
FNF
GROUP
THIRD QUARTER
SEGMENT INFORMATION
(In millions, except
order information in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Total
FNF
|
|
|
|
Corporate
and
|
September 30,
2017
|
|
Group
|
|
Title
|
|
Other
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
242
|
|
|
$
|
262
|
|
|
$
|
(20)
|
|
Income tax
expense (benefit)
|
|
88
|
|
|
98
|
|
|
(10)
|
|
Earnings from
equity investments
|
|
3
|
|
|
3
|
|
|
—
|
|
Earnings from
discontinued operations, net of tax
|
|
31
|
|
|
—
|
|
|
31
|
|
Non-controlling interests
|
|
18
|
|
|
1
|
|
|
17
|
|
|
|
|
|
|
|
|
Net earnings
attributable to FNF Group common shareholders
|
|
$
|
170
|
|
|
$
|
166
|
|
|
$
|
4
|
|
|
|
|
|
|
|
|
EPS attributable
to FNF Group common shareholders - basic
|
|
$
|
0.63
|
|
|
$
|
0.61
|
|
|
$
|
0.02
|
|
EPS attributable
to FNF Group common shareholders - diluted
|
|
$
|
0.62
|
|
|
$
|
0.60
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
FNF Group weighted
average shares - basic
|
|
272
|
|
|
|
|
|
FNF Group weighted
average shares - diluted
|
|
276
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to FNF Group common shareholders
|
|
$
|
170
|
|
|
$
|
166
|
|
|
$
|
4
|
|
|
|
|
|
|
|
|
Total non-GAAP,
pre-tax adjustments
|
|
$
|
32
|
|
|
$
|
25
|
|
|
$
|
7
|
|
Income taxes
on non-GAAP adjustments
|
|
(10)
|
|
|
(8)
|
|
|
(2)
|
|
Noncontrolling
interest on non-GAAP adjustments
|
|
(3)
|
|
|
(3)
|
|
|
—
|
|
Adjustments
related to discontinued operations
|
|
8
|
|
|
—
|
|
|
8
|
|
Total non-GAAP
adjustments
|
|
$
|
27
|
|
|
$
|
14
|
|
|
$
|
13
|
|
|
|
|
|
|
|
|
Adjusted net
earnings attributable to FNF Group common
shareholders
|
$
|
197
|
|
|
$
|
180
|
|
|
$
|
17
|
|
|
|
|
|
|
|
|
Adjusted EPS
attributable to FNF Group common shareholders -
diluted
|
$
|
0.71
|
|
|
$
|
0.65
|
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
Direct orders opened
(000's)
|
|
501
|
|
|
501
|
|
|
|
Direct orders closed
(000's)
|
|
367
|
|
|
367
|
|
|
|
Fee per
file
|
|
$
|
2,368
|
|
|
$
|
2,368
|
|
|
|
Actual title claims
paid
|
|
$
|
60
|
|
|
$
|
60
|
|
|
|
|
|
|
|
|
|
|
Cash flows
provided by operations
|
|
$
|
302
|
|
|
|
|
|
FNF
GROUP
THIRD QUARTER
SEGMENT INFORMATION
(In millions, except
order information in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Total
FNF
|
|
|
|
|
Corporate
and
|
September 30,
2016
|
|
Group
|
|
Title
|
|
Other
|
Direct title
premiums
|
|
$
|
556
|
|
|
$
|
556
|
|
|
$
|
—
|
|
Agency title
premiums
|
|
713
|
|
|
713
|
|
|
—
|
|
Escrow, title related
and other fees
|
|
654
|
|
|
569
|
|
|
85
|
|
Total title and
escrow
|
|
1,923
|
|
|
1,838
|
|
|
85
|
|
|
|
|
|
|
|
|
Interest and
investment income
|
|
28
|
|
|
29
|
|
|
(1)
|
|
Realized gains and
losses, net
|
|
(3)
|
|
|
(2)
|
|
|
(1)
|
|
Total
revenue
|
|
1,948
|
|
|
1,865
|
|
|
83
|
|
|
|
|
|
|
|
|
Personnel
costs
|
|
588
|
|
|
570
|
|
|
18
|
|
Agent
commissions
|
|
545
|
|
|
545
|
|
|
—
|
|
Other operating
expenses
|
|
439
|
|
|
379
|
|
|
60
|
|
Depreciation and
amortization
|
|
41
|
|
|
38
|
|
|
3
|
|
Claim loss
expense
|
|
70
|
|
|
70
|
|
|
—
|
|
Interest
expense
|
|
14
|
|
|
—
|
|
|
14
|
|
Total
expenses
|
|
1,697
|
|
|
1,602
|
|
|
95
|
|
|
|
|
|
|
|
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
251
|
|
|
$
|
263
|
|
|
$
|
(12)
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments
before taxes
|
|
|
|
|
|
|
Realized
(gains) and losses, net
|
|
3
|
|
|
2
|
|
|
1
|
|
Purchase price
amortization
|
|
26
|
|
|
24
|
|
|
2
|
|
Other legal
accruals
|
|
6
|
|
|
6
|
|
|
—
|
|
Total non-GAAP
adjustments before taxes
|
|
$
|
35
|
|
|
$
|
32
|
|
|
$
|
3
|
|
|
|
|
|
|
|
|
Adjusted pre-tax
earnings (loss) from continuing operations
|
$
|
286
|
|
|
$
|
295
|
|
|
$
|
(9)
|
|
Adjusted pre-tax
margin from continuing operations
|
|
14.7
|
%
|
|
15.8
|
%
|
|
—
|
|
|
|
|
|
|
|
|
Purchase price
amortization
|
|
(26)
|
|
|
(24)
|
|
|
(2)
|
|
Depreciation and
amortization
|
|
41
|
|
|
38
|
|
|
3
|
|
Interest
expense
|
|
14
|
|
|
—
|
|
|
14
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
315
|
|
|
$
|
309
|
|
|
$
|
6
|
|
Adjusted
EBITDA margin
|
|
16.1
|
%
|
|
16.6
|
%
|
|
7.1
|
%
|
FNF
GROUP
THIRD QUARTER
SEGMENT INFORMATION
(In millions, except
order information in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Total
FNF
|
|
|
|
Corporate
and
|
September 30,
2016
|
|
Group
|
|
Title
|
|
Other
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
251
|
|
|
$
|
263
|
|
|
$
|
(12)
|
|
|
|
|
|
|
|
|
Income tax
expense (benefit)
|
|
95
|
|
|
100
|
|
|
(5)
|
|
Earnings from
equity investments
|
|
4
|
|
|
3
|
|
|
1
|
|
Earnings from
discontinued operations, net of tax
|
|
17
|
|
|
—
|
|
|
17
|
|
Non-controlling interests
|
|
14
|
|
|
2
|
|
|
12
|
|
|
|
|
|
|
|
|
Net earnings
(loss) attributable to FNF Group common shareholders
|
|
$
|
163
|
|
|
$
|
164
|
|
|
$
|
(1)
|
|
|
|
|
|
|
|
|
EPS attributable
to FNF Group common shareholders - basic
|
|
$
|
0.60
|
|
|
$
|
0.61
|
|
|
$
|
(0.01)
|
|
EPS attributable
to FNF Group common shareholders - diluted
|
|
$
|
0.58
|
|
|
$
|
0.59
|
|
|
$
|
(0.01)
|
|
|
|
|
|
|
|
|
FNF Group weighted
average shares - basic
|
|
271
|
|
|
|
|
|
FNF Group weighted
average shares - diluted
|
|
279
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) attributable to FNF Group common shareholders
|
|
$
|
163
|
|
|
$
|
164
|
|
|
$
|
(1)
|
|
|
|
|
|
|
|
|
Total non-GAAP,
pre-tax adjustments
|
|
$
|
35
|
|
|
$
|
32
|
|
|
$
|
3
|
|
Income taxes
on non-GAAP adjustments
|
|
(11)
|
|
|
(10)
|
|
|
(1)
|
|
Noncontrolling
interest on non-GAAP adjustments
|
|
(5)
|
|
|
(5)
|
|
|
—
|
|
Adjustments
related to discontinued operations
|
|
10
|
|
|
—
|
|
|
10
|
|
Total non-GAAP
adjustments
|
|
$
|
29
|
|
|
$
|
17
|
|
|
$
|
12
|
|
|
|
|
|
|
|
|
Adjusted net
earnings attributable to FNF Group common
shareholders
|
|
$
|
192
|
|
|
$
|
181
|
|
|
$
|
11
|
|
|
|
|
|
|
|
|
Adjusted EPS
attributable to FNF Group common shareholders -
diluted
|
|
$
|
0.69
|
|
|
$
|
0.65
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
Direct orders opened
(000's)
|
|
616
|
|
|
616
|
|
|
|
Direct orders closed
(000's)
|
|
433
|
|
|
433
|
|
|
|
Fee per
file
|
|
$
|
2,015
|
|
|
$
|
2,015
|
|
|
|
Actual title claims
paid
|
|
$
|
57
|
|
|
$
|
57
|
|
|
|
|
|
|
|
|
|
|
Cash flows
provided by operations
|
|
$
|
360
|
|
|
|
|
|
FNF
GROUP
YTD SEGMENT
INFORMATION
(In millions, except
order information in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
Total
FNF
|
|
|
|
Corporate
and
|
September 30,
2017
|
|
Group
|
|
Title
|
|
Other
|
Direct title
premiums
|
|
$
|
1,598
|
|
|
$
|
1,598
|
|
|
$
|
—
|
|
Agency title
premiums
|
|
2,028
|
|
|
2,028
|
|
|
—
|
|
Escrow, title related
and other fees
|
|
1,969
|
|
|
1,634
|
|
|
335
|
|
Total title and
escrow
|
|
5,595
|
|
|
5,260
|
|
|
335
|
|
|
|
|
|
|
|
|
Interest and
investment income
|
|
93
|
|
|
93
|
|
|
—
|
|
Realized gains and
losses, net
|
|
—
|
|
|
6
|
|
|
(6)
|
|
Total
revenue
|
|
5,688
|
|
|
5,359
|
|
|
329
|
|
|
|
|
|
|
|
|
Personnel
costs
|
|
1,822
|
|
|
1,755
|
|
|
67
|
|
Agent
commissions
|
|
1,557
|
|
|
1,557
|
|
|
—
|
|
Other operating
expenses
|
|
1,312
|
|
|
1,042
|
|
|
270
|
|
Depreciation and
amortization
|
|
133
|
|
|
117
|
|
|
16
|
|
Claim loss
expense
|
|
181
|
|
|
181
|
|
|
—
|
|
Interest
expense
|
|
39
|
|
|
—
|
|
|
39
|
|
Total
expenses
|
|
5,044
|
|
|
4,652
|
|
|
392
|
|
|
|
|
|
|
|
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
644
|
|
|
$
|
707
|
|
|
$
|
(63)
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments
before taxes
|
|
|
|
|
|
|
Realized
(gains) and losses, net
|
|
—
|
|
|
(6)
|
|
|
6
|
|
Management
fee
|
|
1
|
|
|
1
|
|
|
—
|
|
Purchase price
amortization
|
|
82
|
|
|
69
|
|
|
13
|
|
Spin-off
costs
|
|
3
|
|
|
—
|
|
|
3
|
|
Other
adjustments
|
|
1
|
|
|
1
|
|
|
—
|
|
Total non-GAAP
adjustments before taxes
|
|
$
|
87
|
|
|
$
|
65
|
|
|
$
|
22
|
|
|
|
|
|
|
|
|
Adjusted pre-tax
earnings (loss) from continuing operations
|
$
|
731
|
|
|
$
|
772
|
|
|
$
|
(41)
|
|
Adjusted pre-tax
margin from continuing operations
|
|
12.9
|
%
|
|
14.4
|
%
|
|
—
|
|
|
|
|
|
|
|
|
Purchase price
amortization
|
|
(82)
|
|
|
(69)
|
|
|
(13)
|
|
Depreciation and
amortization
|
|
133
|
|
|
117
|
|
|
16
|
|
Interest
expense
|
|
39
|
|
|
—
|
|
|
39
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
821
|
|
|
$
|
820
|
|
|
$
|
1
|
|
Adjusted
EBITDA margin
|
|
14.4
|
%
|
|
15.3
|
%
|
|
0.3
|
%
|
FNF
GROUP
YTD SEGMENT
INFORMATION
(In millions, except
order information in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
Total
FNF
|
|
|
|
Corporate
and
|
September 30,
2017
|
|
Group
|
|
Title
|
|
Other
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
644
|
|
|
$
|
707
|
|
|
$
|
(63)
|
|
|
|
|
|
|
|
|
Income tax
expense (benefit)
|
|
258
|
|
|
290
|
|
|
(32)
|
|
Earnings from
equity investments
|
|
7
|
|
|
7
|
|
|
—
|
|
Earnings from
discontinued operations, net of tax
|
|
59
|
|
|
—
|
|
|
59
|
|
Non-controlling interests
|
|
36
|
|
|
—
|
|
|
36
|
|
|
|
|
|
|
|
|
Net earnings
(loss) attributable to FNF Group common shareholders
|
|
$
|
416
|
|
|
$
|
424
|
|
|
$
|
(8)
|
|
|
|
|
|
|
|
|
EPS attributable
to FNF Group common shareholders - basic
|
|
$
|
1.54
|
|
|
$
|
1.56
|
|
|
$
|
(0.02)
|
|
EPS attributable
to FNF Group common shareholders - diluted
|
|
$
|
1.50
|
|
|
$
|
1.52
|
|
|
$
|
(0.02)
|
|
|
|
|
|
|
|
|
FNF Group weighted
average shares - basic
|
|
271
|
|
|
|
|
|
FNF Group weighted
average shares - diluted
|
|
277
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) attributable to FNF Group common shareholders
|
|
$
|
416
|
|
|
$
|
424
|
|
|
$
|
(8)
|
|
|
|
|
|
|
|
|
Total non-GAAP,
pre-tax adjustments
|
|
$
|
87
|
|
|
$
|
65
|
|
|
$
|
22
|
|
Income taxes
on non-GAAP adjustments
|
|
(29)
|
|
|
(21)
|
|
|
(8)
|
|
Noncontrolling
interest on non-GAAP adjustments
|
|
(10)
|
|
|
(10)
|
|
|
—
|
|
Nondeductible
income taxes on litigation and
regulatory settlements
|
|
21
|
|
|
21
|
|
|
—
|
|
Adjustments
related to discontinued operations
|
|
37
|
|
|
—
|
|
|
37
|
|
Total non-GAAP
adjustments
|
|
$
|
106
|
|
|
$
|
55
|
|
|
$
|
51
|
|
|
|
|
|
|
|
|
Adjusted net
earnings attributable to FNF Group common
shareholders
|
|
$
|
522
|
|
|
$
|
479
|
|
|
$
|
43
|
|
|
|
|
|
|
|
|
Adjusted EPS
attributable to FNF Group common shareholders -
diluted
|
|
$
|
1.88
|
|
|
$
|
1.73
|
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
Direct orders opened
(000's)
|
|
1,497
|
|
|
1,497
|
|
|
|
Direct orders closed
(000's)
|
|
1,071
|
|
|
1,071
|
|
|
|
Fee per
file
|
|
$
|
2,320
|
|
|
$
|
2,320
|
|
|
|
Actual title claims
paid
|
|
$
|
168
|
|
|
$
|
168
|
|
|
|
|
|
|
|
|
|
|
Cash flows
provided by operations:
|
|
$
|
691
|
|
|
|
|
|
FNF
GROUP
YTD SEGMENT
INFORMATION
(In millions, except
order information in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
Total
FNF
|
|
|
|
Corporate
and
|
September 30,
2016
|
|
Group
|
|
Title
|
|
Other
|
Direct title
premiums
|
|
$
|
1,518
|
|
|
$
|
1,518
|
|
|
$
|
—
|
|
Agency title
premiums
|
|
1,934
|
|
|
1,934
|
|
|
—
|
|
Escrow, title related
and other fees
|
|
1,796
|
|
|
1,587
|
|
|
209
|
|
Total title and
escrow
|
|
5,248
|
|
|
5,039
|
|
|
209
|
|
|
|
|
|
|
|
|
Interest and
investment income
|
|
93
|
|
|
94
|
|
|
(1)
|
|
Realized gains and
losses, net
|
|
(6)
|
|
|
1
|
|
|
(7)
|
|
Total
revenue
|
|
5,335
|
|
|
5,134
|
|
|
201
|
|
|
|
|
|
|
|
|
Personnel
costs
|
|
1,680
|
|
|
1,633
|
|
|
47
|
|
Agent
commissions
|
|
1,473
|
|
|
1,473
|
|
|
—
|
|
Other operating
expenses
|
|
1,216
|
|
|
1,064
|
|
|
152
|
|
Depreciation and
amortization
|
|
116
|
|
|
109
|
|
|
7
|
|
Claim loss
expense
|
|
190
|
|
|
190
|
|
|
—
|
|
Interest
expense
|
|
47
|
|
|
—
|
|
|
47
|
|
Total
expenses
|
|
4,722
|
|
|
4,469
|
|
|
253
|
|
|
|
|
|
|
|
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
613
|
|
|
$
|
665
|
|
|
$
|
(52)
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments
before taxes
|
|
|
|
|
|
|
Realized
(gains) and losses, net
|
|
6
|
|
|
(1)
|
|
|
7
|
|
Purchase price
amortization
|
|
69
|
|
|
66
|
|
|
3
|
|
Other legal
accruals
|
|
6
|
|
|
6
|
|
|
—
|
|
Management
fee
|
|
1
|
|
|
1
|
|
|
—
|
|
Total non-GAAP
adjustments before taxes
|
|
$
|
82
|
|
|
$
|
72
|
|
|
$
|
10
|
|
|
|
|
|
|
|
|
Adjusted pre-tax
earnings (loss) from continuing operations
|
$
|
695
|
|
|
$
|
737
|
|
|
$
|
(42)
|
|
Adjusted pre-tax
margin from continuing operations
|
|
13.0
|
%
|
|
14.4
|
%
|
|
—
|
|
|
|
|
|
|
|
|
Purchase price
amortization
|
|
(69)
|
|
|
(66)
|
|
|
(3)
|
|
Depreciation and
amortization
|
|
116
|
|
|
109
|
|
|
7
|
|
Interest
expense
|
|
47
|
|
|
—
|
|
|
47
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
789
|
|
|
$
|
780
|
|
|
$
|
9
|
|
Adjusted
EBITDA margin
|
|
14.8
|
%
|
|
15.2
|
%
|
|
4.3
|
%
|
FNF
GROUP
YTD SEGMENT
INFORMATION
(In millions, except
order information in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
Total
FNF
|
|
|
|
Corporate
and
|
September 30,
2016
|
|
Group
|
|
Title
|
|
Other
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
613
|
|
|
$
|
665
|
|
|
$
|
(52)
|
|
|
|
|
|
|
|
|
Income tax
expense (benefit)
|
|
223
|
|
|
251
|
|
|
(28)
|
|
Earnings from
equity investments
|
|
10
|
|
|
9
|
|
|
1
|
|
Earnings from
discontinued operations, net of tax
|
|
54
|
|
|
—
|
|
|
54
|
|
Non-controlling interests
|
|
31
|
|
|
(4)
|
|
|
35
|
|
|
|
|
|
|
|
|
Net earnings
(loss) attributable to FNF Group common shareholders
|
|
$
|
423
|
|
|
$
|
427
|
|
|
$
|
(4)
|
|
|
|
|
|
|
|
|
EPS attributable
to FNF Group common shareholders - basic
|
|
$
|
1.56
|
|
|
$
|
1.57
|
|
|
$
|
(0.01)
|
|
EPS attributable
to FNF Group common shareholders - diluted
|
|
$
|
1.51
|
|
|
$
|
1.53
|
|
|
$
|
(0.02)
|
|
|
|
|
|
|
|
|
FNF Group weighted
average shares - basic
|
|
272
|
|
|
|
|
|
FNF Group weighted
average shares - diluted
|
|
280
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) attributable to FNF Group common shareholders
|
|
$
|
423
|
|
|
$
|
427
|
|
|
$
|
(4)
|
|
|
|
|
|
|
|
|
Total non-GAAP,
pre-tax adjustments
|
|
$
|
82
|
|
|
$
|
72
|
|
|
$
|
10
|
|
Income taxes
on non-GAAP adjustments
|
|
(27)
|
|
|
(23)
|
|
|
(4)
|
|
Noncontrolling
interest on non-GAAP adjustments
|
|
(12)
|
|
|
(12)
|
|
|
—
|
|
Adjustments
related to discontinued operations
|
|
27
|
|
|
—
|
|
|
27
|
|
Total non-GAAP
adjustments
|
|
$
|
70
|
|
|
$
|
37
|
|
|
$
|
33
|
|
|
|
|
|
|
|
|
Adjusted net
earnings attributable to FNF Group common
shareholders
|
$
|
493
|
|
|
$
|
464
|
|
|
$
|
29
|
|
Adjusted EPS
attributable to FNF Group common shareholders -
diluted
|
$
|
1.76
|
|
|
$
|
1.66
|
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
Direct orders opened
(000's)
|
|
1,708
|
|
|
1,708
|
|
|
|
Direct orders closed
(000's)
|
|
1,156
|
|
|
1,156
|
|
|
|
Fee per
file
|
|
$
|
2,055
|
|
|
$
|
2,055
|
|
|
|
Actual title claims
paid
|
|
$
|
169
|
|
|
$
|
169
|
|
|
|
|
|
|
|
|
|
|
Cash flows
provided by operations:
|
|
$
|
709
|
|
|
|
|
|
FNF
GROUP
QUARTERLY
OPERATING STATISTICS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3
2017
|
|
Q2
2017
|
|
Q1
2017
|
|
Q4
2016
|
|
Q3
2016
|
|
Q2
2016
|
|
Q1
2016
|
|
Q4
2015
|
Quarterly Open
Orders ('000's except % data)
|
Total open
orders*
|
|
501
|
|
|
524
|
|
|
472
|
|
|
474
|
|
|
616
|
|
|
577
|
|
|
517
|
|
|
441
|
|
Total open orders per
day*
|
|
8.0
|
|
|
8.2
|
|
|
7.6
|
|
|
7.6
|
|
|
9.6
|
|
|
9.0
|
|
|
8.3
|
|
|
7.0
|
|
Purchase % of open
orders
|
|
62
|
%
|
|
66
|
%
|
|
64
|
%
|
|
53
|
%
|
|
50
|
%
|
|
57
|
%
|
|
55
|
%
|
|
55
|
%
|
Refinance % of open
orders
|
|
38
|
%
|
|
34
|
%
|
|
36
|
%
|
|
47
|
%
|
|
50
|
%
|
|
43
|
%
|
|
45
|
%
|
|
45
|
%
|
Total closed
orders*
|
|
367
|
|
|
370
|
|
|
334
|
|
|
419
|
|
|
433
|
|
|
401
|
|
|
322
|
|
|
341
|
|
Total closed orders
per day*
|
|
5.8
|
|
|
5.8
|
|
|
5.4
|
|
|
6.8
|
|
|
6.8
|
|
|
6.3
|
|
|
5.2
|
|
|
5.4
|
|
Purchase % of closed
orders
|
|
65
|
%
|
|
67
|
%
|
|
58
|
%
|
|
51
|
%
|
|
54
|
%
|
|
58
|
%
|
|
55
|
%
|
|
58
|
%
|
Refinance % of closed
orders
|
|
35
|
%
|
|
33
|
%
|
|
42
|
%
|
|
49
|
%
|
|
46
|
%
|
|
42
|
%
|
|
45
|
%
|
|
42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
(millions, except orders in '000's)
|
Total commercial
revenue
|
|
$
|
250
|
|
|
$
|
261
|
|
|
$
|
224
|
|
|
$
|
285
|
|
|
$
|
233
|
|
|
$
|
244
|
|
|
$
|
211
|
|
|
$
|
303
|
|
Total commercial open
orders
|
|
48.3
|
|
|
50.8
|
|
|
49.4
|
|
|
45.9
|
|
|
50.4
|
|
|
49.9
|
|
|
48.5
|
|
|
46.3
|
|
Total commercial
closed orders
|
|
33.4
|
|
|
33.6
|
|
|
30.0
|
|
|
34.7
|
|
|
31.9
|
|
|
33.6
|
|
|
30.7
|
|
|
36.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National commercial
revenue
|
|
$
|
138
|
|
|
$
|
148
|
|
|
$
|
127
|
|
|
$
|
167
|
|
|
$
|
130
|
|
|
$
|
144
|
|
|
$
|
121
|
|
|
$
|
183
|
|
National commercial
open orders
|
|
19.9
|
|
|
22.0
|
|
|
21.1
|
|
|
17.9
|
|
|
20.4
|
|
|
20.3
|
|
|
19.3
|
|
|
18.1
|
|
National commercial
closed orders
|
|
13.1
|
|
|
13.3
|
|
|
11.2
|
|
|
12.8
|
|
|
11.7
|
|
|
11.6
|
|
|
10.6
|
|
|
13.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fee Per
File
|
Fee per
file
|
|
$
|
2,368
|
|
|
$
|
2,428
|
|
|
$
|
2,148
|
|
|
$
|
2,091
|
|
|
$
|
2,015
|
|
|
$
|
2,116
|
|
|
$
|
2,032
|
|
|
$
|
2,272
|
|
Residential and local
commercial fee per file
|
|
$
|
2,066
|
|
|
$
|
2,104
|
|
|
$
|
1,829
|
|
|
$
|
1,746
|
|
|
$
|
1,762
|
|
|
$
|
1,809
|
|
|
$
|
1,713
|
|
|
$
|
1,806
|
|
Residential fee per
file
|
|
$
|
1,856
|
|
|
$
|
1,895
|
|
|
$
|
1,623
|
|
|
$
|
1,538
|
|
|
$
|
1,594
|
|
|
$
|
1,645
|
|
|
$
|
1,522
|
|
|
$
|
1,548
|
|
Total commercial fee
per file
|
|
$
|
7,500
|
|
|
$
|
7,800
|
|
|
$
|
7,500
|
|
|
$
|
8,200
|
|
|
$
|
7,300
|
|
|
$
|
7,300
|
|
|
$
|
6,900
|
|
|
$
|
8,300
|
|
National commercial
fee per file
|
|
$
|
10,500
|
|
|
$
|
11,100
|
|
|
$
|
11,300
|
|
|
$
|
13,000
|
|
|
$
|
11,100
|
|
|
$
|
12,400
|
|
|
$
|
11,400
|
|
|
$
|
13,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Staffing
|
Total field
operations employees
|
|
11,700
|
|
|
11,300
|
|
|
11,000
|
|
|
11,100
|
|
|
11,400
|
|
|
10,900
|
|
|
10,900
|
|
|
10,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FNTG Only
Quarterly Operating Statistics ('000's except fee per file and
staffing)
|
Total open
orders*
|
|
434
|
|
|
457
|
|
|
407
|
|
|
395
|
|
|
518
|
|
|
484
|
|
|
429
|
|
|
360
|
|
Total open orders per
day*
|
|
7.0
|
|
|
7.2
|
|
|
6.6
|
|
|
6.4
|
|
|
8.1
|
|
|
7.5
|
|
|
6.9
|
|
|
5.7
|
|
Purchase % of open
orders
|
|
68
|
%
|
|
72
|
%
|
|
69
|
%
|
|
59
|
%
|
|
55
|
%
|
|
63
|
%
|
|
61
|
%
|
|
62
|
%
|
Refinance % of open
orders
|
|
32
|
%
|
|
28
|
%
|
|
31
|
%
|
|
41
|
%
|
|
45
|
%
|
|
37
|
%
|
|
39
|
%
|
|
38
|
%
|
Total closed
orders*
|
|
325
|
|
|
324
|
|
|
277
|
|
|
352
|
|
|
369
|
|
|
338
|
|
|
265
|
|
|
285
|
|
Total closed orders
per day*
|
|
5.1
|
|
|
5.1
|
|
|
4.5
|
|
|
5.7
|
|
|
5.8
|
|
|
5.3
|
|
|
4.3
|
|
|
4.5
|
|
Purchase % of closed
orders
|
|
70
|
%
|
|
72
|
%
|
|
63
|
%
|
|
55
|
%
|
|
58
|
%
|
|
63
|
%
|
|
60
|
%
|
|
63
|
%
|
Refinance % of closed
orders
|
|
30
|
%
|
|
28
|
%
|
|
37
|
%
|
|
45
|
%
|
|
42
|
%
|
|
37
|
%
|
|
40
|
%
|
|
37
|
%
|
Fee per
file
|
|
$
|
2,543
|
|
|
$
|
2,618
|
|
|
$
|
2,395
|
|
|
$
|
2,313
|
|
|
$
|
2,205
|
|
|
$
|
2,337
|
|
|
$
|
2,261
|
|
|
$
|
2,521
|
|
Total title field
operations employees
|
|
10,800
|
|
|
10,300
|
|
|
9,900
|
|
|
10,000
|
|
|
10,200
|
|
|
9,600
|
|
|
9,700
|
|
|
9,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ServiceLink Only
Quarterly Operating Statistics ('000's except fee per file and
staffing)
|
Revenue
(millions)
|
|
$
|
184
|
|
|
$
|
191
|
|
|
$
|
192
|
|
|
$
|
198
|
|
|
$
|
205
|
|
|
$
|
203
|
|
|
$
|
195
|
|
|
$
|
198
|
|
Total open
orders*
|
|
67
|
|
|
67
|
|
|
65
|
|
|
79
|
|
|
98
|
|
|
93
|
|
|
87
|
|
|
81
|
|
Total open orders per
day*
|
|
1.0
|
|
|
1.0
|
|
|
1.0
|
|
|
1.2
|
|
|
1.5
|
|
|
1.5
|
|
|
1.4
|
|
|
1.3
|
|
Purchase % of open
orders
|
|
23
|
%
|
|
25
|
%
|
|
25
|
%
|
|
21
|
%
|
|
17
|
%
|
|
22
|
%
|
|
24
|
%
|
|
22
|
%
|
Refinance % of open
orders
|
|
77
|
%
|
|
75
|
%
|
|
75
|
%
|
|
79
|
%
|
|
83
|
%
|
|
78
|
%
|
|
76
|
%
|
|
78
|
%
|
Total closed
orders*
|
|
42
|
|
|
46
|
|
|
57
|
|
|
67
|
|
|
64
|
|
|
63
|
|
|
57
|
|
|
56
|
|
Total closed orders
per day*
|
|
0.7
|
|
|
0.7
|
|
|
0.9
|
|
|
1.1
|
|
|
1.0
|
|
|
1.0
|
|
|
0.9
|
|
|
0.9
|
|
Purchase % of closed
orders
|
|
24
|
%
|
|
28
|
%
|
|
30
|
%
|
|
24
|
%
|
|
27
|
%
|
|
27
|
%
|
|
28
|
%
|
|
31
|
%
|
Refinance % of closed
orders
|
|
76
|
%
|
|
72
|
%
|
|
70
|
%
|
|
76
|
%
|
|
73
|
%
|
|
73
|
%
|
|
72
|
%
|
|
69
|
%
|
Fee per
file
|
|
$
|
1,040
|
|
|
$
|
1,047
|
|
|
$
|
950
|
|
|
$
|
932
|
|
|
$
|
916
|
|
|
$
|
940
|
|
|
$
|
972
|
|
|
$
|
1,003
|
|
Total ServiceLink
operations employees
|
|
900
|
|
|
1,000
|
|
|
1,100
|
|
|
1,100
|
|
|
1,200
|
|
|
1,300
|
|
|
1,200
|
|
|
1,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Includes an
immaterial number of non-purchase and non-refinance
orders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FNF
GROUP
SUMMARY BALANCE
SHEET INFORMATION
(In
millions)
|
|
|
|
|
|
|
|
FNF
Group
September 30,
2017
|
|
FNF
Group
December 31,
2016
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
Cash and investment
portfolio
|
|
|
$
|
4,555
|
|
|
|
$
|
4,831
|
|
Goodwill
|
|
|
2,683
|
|
|
|
2,555
|
|
Title
plant
|
|
|
398
|
|
|
|
395
|
|
Total
assets
|
|
|
9,190
|
|
|
|
13,063
|
|
Notes
payable
|
|
|
762
|
|
|
|
987
|
|
Reserve for title
claim losses
|
|
|
1,496
|
|
|
|
1,487
|
|
Secured trust
deposits
|
|
|
923
|
|
|
|
860
|
|
Redeemable
non-controlling interests
|
|
|
344
|
|
|
|
344
|
|
Non-redeemable
non-controlling interests
|
|
|
—
|
|
|
|
786
|
|
Total equity and
redeemable non-controlling interests
|
|
|
4,599
|
|
|
|
6,210
|
|
Total equity
attributable to common shareholders
|
|
|
4,255
|
|
|
|
5,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FNF Group
September 30,
2017
|
|
|
FNFV
September 30,
2017
|
|
|
Consolidated September 30,
2017
|
|
Consolidated
December 31,
2016
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
Cash and investment
portfolio
|
|
|
$
|
4,555
|
|
|
|
$
|
807
|
|
|
|
$
|
5,362
|
|
|
$
|
5,473
|
|
Goodwill
|
|
|
2,683
|
|
|
|
101
|
|
|
|
2,784
|
|
|
2,761
|
|
Title
plant
|
|
|
398
|
|
|
|
—
|
|
|
|
398
|
|
|
395
|
|
Total
assets
|
|
|
9,190
|
|
|
|
1,311
|
|
|
|
10,501
|
|
|
14,463
|
|
Notes
payable
|
|
|
762
|
|
|
|
128
|
|
|
|
890
|
|
|
1,220
|
|
Reserve for title
claim losses
|
|
|
1,496
|
|
|
|
—
|
|
|
|
1,496
|
|
|
1,487
|
|
Secured trust
deposits
|
|
|
923
|
|
|
|
—
|
|
|
|
923
|
|
|
860
|
|
Redeemable
non-controlling interests
|
|
|
344
|
|
|
|
—
|
|
|
|
344
|
|
|
344
|
|
Non-redeemable
non-controlling interests
|
|
|
—
|
|
|
|
99
|
|
|
|
99
|
|
|
902
|
|
Total equity and
redeemable non-controlling interests
|
|
4,599
|
|
|
|
1,114
|
|
|
|
5,713
|
|
|
7,242
|
|
Total equity
attributable to common shareholders
|
|
|
4,255
|
|
|
|
1,015
|
|
|
|
5,270
|
|
|
5,996
|
|
Fidelity National
Financial, Inc.
CONSOLIDATED
SUMMARY OF EARNINGS
(In
millions)
(Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
September 30,
2017
|
|
|
September 30,
2017
|
|
Consolidated
|
|
Core
|
|
FNFV
|
|
|
Consolidated
|
|
Core
|
|
FNFV
|
Direct title
premiums
|
$
|
558
|
|
|
$
|
558
|
|
|
$
|
—
|
|
|
|
$
|
1,598
|
|
|
$
|
1,598
|
|
|
$
|
—
|
|
Agency title
premiums
|
719
|
|
|
719
|
|
|
—
|
|
|
|
2,028
|
|
|
2,028
|
|
|
—
|
|
Total title
premiums
|
1,277
|
|
|
1,277
|
|
|
—
|
|
|
|
3,626
|
|
|
3,626
|
|
|
—
|
|
Escrow, title-related
and other fees
|
689
|
|
|
678
|
|
|
11
|
|
|
|
2,071
|
|
|
1,969
|
|
|
102
|
|
Total title and escrow and
other
|
1,966
|
|
|
1,955
|
|
|
11
|
|
|
|
5,697
|
|
|
5,595
|
|
|
102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
revenue
|
269
|
|
|
—
|
|
|
269
|
|
|
|
830
|
|
|
—
|
|
|
830
|
|
Interest and
investment income
|
34
|
|
|
32
|
|
|
2
|
|
|
|
97
|
|
|
93
|
|
|
4
|
|
Realized gains and
losses, net
|
(4)
|
|
|
(1)
|
|
|
(3)
|
|
|
|
277
|
|
|
—
|
|
|
277
|
|
Total revenue
|
2,265
|
|
|
1,986
|
|
|
279
|
|
|
|
6,901
|
|
|
5,688
|
|
|
1,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
costs
|
646
|
|
|
627
|
|
|
19
|
|
|
|
1,958
|
|
|
1,822
|
|
|
136
|
|
Other operating
expenses
|
468
|
|
|
443
|
|
|
25
|
|
|
|
1,392
|
|
|
1,312
|
|
|
80
|
|
Cost of restaurant
revenue
|
243
|
|
|
—
|
|
|
243
|
|
|
|
728
|
|
|
—
|
|
|
728
|
|
Agent
commissions
|
553
|
|
|
553
|
|
|
—
|
|
|
|
1,557
|
|
|
1,557
|
|
|
—
|
|
Depreciation and
amortization
|
58
|
|
|
46
|
|
|
12
|
|
|
|
177
|
|
|
133
|
|
|
44
|
|
Title claim loss
expense
|
64
|
|
|
64
|
|
|
—
|
|
|
|
181
|
|
|
181
|
|
|
—
|
|
Interest
expense
|
12
|
|
|
11
|
|
|
1
|
|
|
|
47
|
|
|
39
|
|
|
8
|
|
Total expenses
|
2,044
|
|
|
1,744
|
|
|
300
|
|
|
|
6,040
|
|
|
5,044
|
|
|
996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from
continuing operations before taxes
|
221
|
|
|
242
|
|
|
(21)
|
|
|
|
861
|
|
|
644
|
|
|
217
|
|
Income tax expense
(benefit)
|
74
|
|
|
88
|
|
|
(14)
|
|
|
|
355
|
|
|
258
|
|
|
97
|
|
Earnings (loss) from
continuing operations before equity investments
|
147
|
|
|
154
|
|
|
(7)
|
|
|
|
506
|
|
|
386
|
|
|
120
|
|
(Loss) earnings from
equity investments
|
(3)
|
|
|
3
|
|
|
(6)
|
|
|
|
(7)
|
|
|
7
|
|
|
(14)
|
|
Net earnings (loss)
from continuing operations
|
144
|
|
|
157
|
|
|
(13)
|
|
|
|
499
|
|
|
393
|
|
|
106
|
|
Earnings from
discontinued operations, net of tax
|
31
|
|
|
31
|
|
|
—
|
|
|
|
59
|
|
|
59
|
|
|
—
|
|
Net earnings
(loss)
|
175
|
|
|
188
|
|
|
(13)
|
|
|
|
558
|
|
|
452
|
|
|
106
|
|
Non-controlling
interests
|
10
|
|
|
18
|
|
|
(8)
|
|
|
|
25
|
|
|
36
|
|
|
(11)
|
|
Net earnings (loss)
attributable to common shareholders
|
$
|
165
|
|
|
$
|
170
|
|
|
$
|
(5)
|
|
|
|
$
|
533
|
|
|
$
|
416
|
|
|
$
|
117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows provided
by (used in) operations
|
274
|
|
|
302
|
|
|
(28)
|
|
|
|
566
|
|
|
691
|
|
|
(125)
|
|
Fidelity National
Financial, Inc.
CONSOLIDATED
SUMMARY OF EARNINGS
(In
millions)
(Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
September 30,
2016
|
|
|
September 30,
2016
|
|
Consolidated
|
|
Core
|
|
FNFV
|
|
|
Consolidated
|
|
Core
|
|
FNFV
|
Direct title
premiums
|
$
|
556
|
|
|
$
|
556
|
|
|
$
|
—
|
|
|
|
$
|
1,518
|
|
|
$
|
1,518
|
|
|
$
|
—
|
|
Agency title
premiums
|
713
|
|
|
713
|
|
|
—
|
|
|
|
1,934
|
|
|
1,934
|
|
|
—
|
|
Total title
premiums
|
1,269
|
|
|
1,269
|
|
|
—
|
|
|
|
3,452
|
|
|
3,452
|
|
|
—
|
|
Escrow, title-related
and other fees
|
700
|
|
|
654
|
|
|
46
|
|
|
|
1,920
|
|
|
1,796
|
|
|
124
|
|
Total title and escrow and
other
|
1,969
|
|
|
1,923
|
|
|
46
|
|
|
|
5,372
|
|
|
5,248
|
|
|
124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
revenue
|
273
|
|
|
—
|
|
|
273
|
|
|
|
858
|
|
|
—
|
|
|
858
|
|
Interest and
investment income
|
29
|
|
|
28
|
|
|
1
|
|
|
|
96
|
|
|
93
|
|
|
3
|
|
Realized gains and
losses, net
|
(4)
|
|
|
(3)
|
|
|
(1)
|
|
|
|
5
|
|
|
(6)
|
|
|
11
|
|
Total revenue
|
2,267
|
|
|
1,948
|
|
|
319
|
|
|
|
6,331
|
|
|
5,335
|
|
|
996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
costs
|
630
|
|
|
588
|
|
|
42
|
|
|
|
1,800
|
|
|
1,680
|
|
|
120
|
|
Other operating
expenses
|
464
|
|
|
439
|
|
|
25
|
|
|
|
1,296
|
|
|
1,216
|
|
|
80
|
|
Cost of restaurant
revenue
|
237
|
|
|
—
|
|
|
237
|
|
|
|
727
|
|
|
—
|
|
|
727
|
|
Agent
commissions
|
545
|
|
|
545
|
|
|
—
|
|
|
|
1,473
|
|
|
1,473
|
|
|
—
|
|
Depreciation and
amortization
|
56
|
|
|
41
|
|
|
15
|
|
|
|
161
|
|
|
116
|
|
|
45
|
|
Title claim loss
expense
|
70
|
|
|
70
|
|
|
—
|
|
|
|
190
|
|
|
190
|
|
|
—
|
|
Interest
expense
|
18
|
|
|
14
|
|
|
4
|
|
|
|
55
|
|
|
47
|
|
|
8
|
|
Total expenses
|
2,020
|
|
|
1,697
|
|
|
323
|
|
|
|
5,702
|
|
|
4,722
|
|
|
980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from
continuing operations before taxes
|
247
|
|
|
251
|
|
|
(4)
|
|
|
|
629
|
|
|
613
|
|
|
16
|
|
Income tax expense
(benefit)
|
88
|
|
|
95
|
|
|
(7)
|
|
|
|
218
|
|
|
223
|
|
|
(5)
|
|
Earnings from
continuing operations before equity investments
|
159
|
|
|
156
|
|
|
3
|
|
|
|
411
|
|
|
390
|
|
|
21
|
|
(Loss) earnings from
equity investments
|
(7)
|
|
|
4
|
|
|
(11)
|
|
|
|
(6)
|
|
|
10
|
|
|
(16)
|
|
Net earnings (loss)
from continuing operations
|
152
|
|
|
160
|
|
|
(8)
|
|
|
|
405
|
|
|
400
|
|
|
5
|
|
Earnings from
discontinued operations, net of tax
|
17
|
|
|
17
|
|
|
—
|
|
|
|
54
|
|
|
54
|
|
|
—
|
|
Net earnings
(loss)
|
169
|
|
|
177
|
|
|
(8)
|
|
|
|
459
|
|
|
454
|
|
|
5
|
|
Non-controlling
interests
|
13
|
|
|
14
|
|
|
(1)
|
|
|
|
32
|
|
|
31
|
|
|
1
|
|
Net earnings (loss)
attributable to common shareholders
|
$
|
156
|
|
|
$
|
163
|
|
|
$
|
(7)
|
|
|
|
$
|
427
|
|
|
$
|
423
|
|
|
$
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows provided
by operations
|
372
|
|
|
360
|
|
|
12
|
|
|
|
745
|
|
|
709
|
|
|
36
|
|
View original
content:http://www.prnewswire.com/news-releases/fnf-group-reports-third-quarter-2017-diluted-eps-of-062-and-adjusted-diluted-eps-of-071-pre-tax-title-margin-of-140-and-adjusted-pre-tax-title-margin-of-153-300543159.html
SOURCE Fidelity National Financial, Inc.