JACKSONVILLE, Fla.,
Oct. 23, 2013 /PRNewswire/ -- Fidelity National
Financial, Inc. (NYSE:FNF), a leading provider of title insurance,
mortgage services and diversified services, today reported
operating results for the three-month and nine-month periods ended
September 30, 2013.
- Adjusted pre-tax title margin of 14.2% for the third quarter
versus 14.4% in the third quarter of 2012
- Consolidated results include a $10
million after-tax charge related to the write-off of a
deferred tax asset and one-time debt extinguishment costs at
Ceridian and $5 million of after-tax
expenses related to the announced signing of a definitive agreement
to acquire Lender Processing Services, Inc. (NYSE:LPS); a combined
$0.07 negative impact to fully
diluted EPS for the third quarter; adjusted EPS of $0.50 for the third quarter of 2013
- Open title orders of 474,000 for the third quarter, a decrease
of 233,000, or 33%, compared with the third quarter of 2012,
reflecting a significant decline in refinance orders partially
mitigated with growth in purchase orders; open orders per day of
7,400 for the third quarter versus 11,200 open orders per day for
the third quarter of 2012; 56% of third quarter open title orders
were purchase related versus 33% in the third quarter of 2012
- Closed title orders of 410,000 for the third quarter, a
decrease of 70,000, or 15%, compared with the third quarter of
2012; closed orders per day of 6,400 for the third quarter versus
7,600 closed orders per day for the third quarter of 2012; 50% of
third quarter closed title orders were purchase related versus 37%
in the third quarter of 2012
- Third quarter purchase orders opened and closed increased by
10% and 15%, respectively, versus the third quarter of 2012
- Third quarter commercial title revenue of $120 million, a 25% increase over the third
quarter of 2012, driven by a 22% improvement in the commercial fee
per file and a 3% increase in closed orders
- Overall third quarter average fee per file of $1,807, a 23% increase over the third quarter of
2012 and a 16% sequential increase from the second quarter of 2013;
residential and local commercial fee per file (excluding national
commercial business) of $1,562 versus
$1,300 for the third quarter of 2012,
a 20% increase over the prior year period
- Restaurant group total revenue of $338
million generating adjusted EBITDA of $14 million, and an adjusted EBITDA margin of
4.2%
- Remy total revenue of $266
million producing adjusted EBITDA of $34 million and an adjusted EBITDA margin of
12.7%
Consolidated ($ in millions except
per share amounts)
|
Three Months
Ended
September 30,
2013
|
Three Months
Ended
September 30,
2012
|
Total
revenue
|
$2,174
|
$2,033
|
Net earnings
attributable to common shareholders
|
$98*
|
$234**
|
Net earnings per
diluted share attributable to common shareholders
|
$0.43*
|
$1.04**
|
Cash flow from
operations
|
$130
|
$184
|
|
|
|
|
Nine Months
Ended
September 30,
2013
|
Nine Months
Ended
September 30,
2012
|
Total
revenue
|
$6,494
|
$4,940
|
Net earnings
attributable to common shareholders
|
$326
|
$455
|
Net earnings per
diluted share attributable to common shareholders
|
$1.42
|
$2.02
|
Cash flow from
operations
|
$344
|
$377
|
*Third quarter 2013 results include a $10
million pre-tax charge related to the write-off of a
deferred tax asset and one-time debt extinguishment costs at
Ceridian and $5 million of after-tax
expenses related to the previously announced signing of a
definitive agreement to acquire LPS; a combined $0.07 negative impact to fully diluted EPS for
the third quarter; adjusted EPS of $0.50 for the third quarter of 2013
**Includes $89 million, or
$0.39 per diluted share, in net gains
from the consolidations of O'Charley's and Remy
The following are summary financial and operational results for
the operating segments of FNF for the three-month and nine-month
periods ended September 30, 2013 and
2012:
Fidelity National Title Group ("FNT")
($ in millions)
|
Three Months
Ended
September 30,
2013
|
Three Months
Ended
September 30,
2012
|
Total
revenue
|
$1,539
|
$1,452
|
Pre-tax
earnings
|
$221
|
$209
|
Realized
gains
|
$3
|
--
|
Adjusted pre-tax
earnings
|
$218
|
$209
|
Adjusted pre-tax
margin
|
14.2%
|
14.4%
|
|
|
|
|
Nine Months
Ended
September 30,
2013
|
Nine Months
Ended
September 30,
2012
|
Total
revenue
|
$4,529
|
$4,009
|
Pre-tax
earnings
|
$662
|
$526
|
Realized
gains
|
$10
|
$5
|
Claims recoupment
impairment
|
--
|
$11
|
Adjusted pre-tax
earnings
|
$652
|
$532
|
Adjusted pre-tax
margin
|
14.4%
|
13.3%
|
|
|
|
Month
|
Direct
Orders
Opened***/
(%
Purchase)
|
Direct
Orders
Closed***/
(%
Purchase)
|
July 2013
|
177,000
(54%)
|
158,000
(46%)
|
August
2013
|
158,000
(57%)
|
139,000
(51%)
|
September
2013
|
139,000
(58%)
|
113,000
(54%)
|
Third Quarter
2013
|
474,000 (56%)
|
410,000 (50%)
|
|
|
|
*** Includes an
immaterial number of non-purchase and non-refinance
orders
|
|
|
|
|
|
July 2012
|
240,000
(34%)
|
155,000
(38%)
|
August
2012
|
248,000
(34%)
|
174,000
(36%)
|
September
2012
|
219,000
(33%)
|
151,000
(35%)
|
Third Quarter
2012
|
707,000 (33%)
|
480,000 (37%)
|
|
|
|
|
|
|
Open
Commercial
Orders
|
Closed Commercial
Orders
|
Commercial
Revenue
(millions)
|
Commercial
Fee Per
File
|
3rd Quarter
2013
|
19,900
|
12,600
|
$120
|
$9,500
|
3rd Quarter
2012
|
18,900
|
12,200
|
$96
|
$7,800
|
|
|
|
|
|
|
|
- The preceding table only includes commercial activity from
FNF's commercial offices in the national commercial division and
does not attempt to capture potential commercial activity in our
local offices.
Restaurant Group ($ in millions)
|
Three Months
Ended
September 30,
2013
|
Three Months
Ended
September 30,
2012
|
Operating
revenue
|
$336
|
$298
|
Realized
gains
|
$2
|
$50
|
Total
revenue
|
$338
|
$348
|
Pre-tax
earnings
|
--
|
$43
|
Depreciation &
amortization
|
$13
|
$11
|
Interest
expense
|
$2
|
$1
|
EBITDA
|
$15
|
$55
|
Realized
(gains)
|
($2)
|
($50)
|
Transaction and
integration costs
|
$1
|
$5
|
Adjusted
EBITDA
|
$14
|
$10
|
Adjusted EBITDA
margin
|
4.2%
|
3.4%
|
|
|
|
|
Nine Months
Ended
September 30,
2013
|
Nine Months
Ended
(Partial – May 11
–
Sept
30)
September 30,
2012
|
Operating
revenue
|
$1,037
|
$551
|
Realized
gains
|
--
|
$121
|
Total
revenue
|
$1,037
|
$672
|
Pre-tax
earnings
|
$5
|
$106
|
Depreciation &
amortization
|
$40
|
$20
|
Interest
expense
|
$6
|
$2
|
EBITDA
|
$51
|
$128
|
Realized (gains)
losses
|
--
|
($121)
|
Transaction and
integration costs
|
$5
|
$15
|
Adjusted
EBITDA
|
$56
|
$22
|
Adjusted EBITDA
margin
|
5.4%
|
4.0%
|
|
|
|
Remy ($ in
millions)
|
Three Months
Ended
September 30,
2013
|
Three Months
Ended
(Partial – August
15 –
September
30)
September 30,
2012
|
Operating
revenue
|
$266
|
$143
|
Interest and
investment income
|
$1
|
--
|
Realized
gains/(losses)
|
($1)
|
$79
|
Total
revenue
|
$266
|
$222
|
Pre-tax
earnings
|
$4
|
$80
|
Depreciation &
amortization
|
$20
|
$6
|
Interest
expense
|
$6
|
$4
|
EBITDA
|
$30
|
$90
|
Realized losses
(gains)
|
$1
|
($79)
|
Stock
compensation/other adjustments
|
$3
|
$10
|
Adjusted
EBITDA
|
$34
|
$21
|
Adjusted EBITDA
margin
|
12.7%
|
14.7%
|
|
|
|
|
Nine Months
Ended
September 30,
2013
|
Nine Months
Ended
(Partial – August
15-
September
30)
September 30,
2012
|
Operating
revenue
|
$834
|
$143
|
Interest and
investment income
|
$1
|
--
|
Realized
gains/(losses)
|
($4)
|
$79
|
Total
revenue
|
$831
|
$222
|
Pre-tax
earnings
|
$7
|
$80
|
Depreciation &
amortization
|
$58
|
$6
|
Interest
expense
|
$16
|
$4
|
EBITDA
|
$81
|
$90
|
Realized losses
(gains)
|
$4
|
($79)
|
Stock compensation,
executive severance and other adjustments
|
$16
|
$10
|
Adjusted
EBITDA
|
$101
|
$21
|
Adjusted EBITDA
margin
|
12.1%
|
14.7%
|
"The expected transition from a refinance driven market to a
purchase driven market accelerated in the third quarter," said
Chief Executive Officer George P.
Scanlon. "Despite a 15% decrease in closed orders
versus the third quarter of 2012, we still generated a 14.2%
adjusted pre-tax margin in the title business, a decline of only 20
basis points from the prior year, as the combination of a 23%
increase in the fee per file and nearly 1,650 staffing reductions
since the middle of June offset the decline in order volume.
In the third quarter, our residential purchase orders opened grew
by 10% versus the third quarter of 2012 and closed purchase orders
increased by 15% over the prior year, as the purchase market
continued to improve despite modestly higher mortgage rates.
Overall, purchase orders constituted 56% of open orders and 50% of
closed orders during the third quarter. Our commercial title
insurance business continues to perform extremely well, generating
25% revenue growth over a strong third quarter of 2012. As we
enter the normally seasonally slower fourth quarter and first
quarter of 2014, we will remain focused on operating the business
efficiently in order to continue to maximize the earnings from our
title insurance business."
"We continue to work towards a late fourth quarter or possibly
January 2014 closing for the LPS
acquisition," said Chairman William P.
Foley, II. "Once closed, the addition of LPS will
create a larger, broader, more diversified and recurring revenue
base for FNF and we look forward to creating significant value for
our shareholders through this strategic acquisition."
Conference Call
FNF will host a call with investors
and analysts to discuss third quarter 2013 results on Wednesday, October 23, 2013, beginning at
5:00 p.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
7:00 p.m. Eastern time on
October 24, 2013, through
October 30, 2013, by dialing
800-475-6701 (USA) or 320-365-3844
(International). The access code will be 305378.
About FNF
Fidelity National Financial, Inc.
(NYSE:FNF), is a leading provider of title insurance, mortgage
services and diversified services. FNF is the nation's
largest title insurance company through its title insurance
underwriters - Fidelity National Title, Chicago Title, Commonwealth
Land Title and Alamo Title - that collectively issue more title
insurance policies than any other title company in the United
States. FNF owns a 55% stake in American Blue Ribbon
Holdings, LLC, a family and casual dining restaurant owner,
operator and franchisor of the O'Charley's, Ninety Nine Restaurant,
Max & Erma's, Village Inn, and Bakers Square concepts.
FNF also owns an 87% stake in J. Alexander's, LLC, an upscale
dining restaurant owner and operator of the J. Alexander's and
Stoney River Legendary Steaks concepts. In addition, FNF also
owns a 51% stake in Remy International, Inc., a leading designer,
manufacturer, remanufacturer, marketer and distributor of
aftermarket and original equipment electrical components for
automobiles, light trucks, heavy-duty trucks and other
vehicles. FNF also owns a minority interest in Ceridian
Corporation, a leading provider of global human capital management
and payment solutions. More information about FNF 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) and adjusted earnings before
interest, taxes and depreciation as a percent of adjusted revenue
(Adjusted EBITDA margin).
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 above.
Important Information Filed with the SEC
FNF has filed
with the SEC a Registration Statement on Form S‑4 in connection
with the previously announced transaction to purchase LPS that
includes a prospectus of FNF and a preliminary Joint Proxy
Statement of FNF and LPS. The Registration Statement has not
yet become effective. Following the Registration Statement
having been declared effective by the SEC, FNF and LPS plan to file
with the SEC and mail to their respective stockholders a Joint
Proxy Statement/Prospectus in connection with the transaction. The
Registration Statement and the Joint Proxy Statement/Prospectus
will contain important information about FNF, LPS, the transaction
and related matters. Investors and security holders are
urged to read the Registration Statement and the PRELIMINARY JOINT
PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED
OR TO BE FILED BY FNF OR LPS, INCLUDING THE DEFINITIVE JOINT Proxy
Statement/Prospectus when IT BECOMES available, BECAUSE THEY
CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION.
Investors and security holders are able to obtain free copies of
the Registration Statement and the preliminary Joint Proxy
Statement/Prospectus and other documents filed with the SEC by FNF
and LPS through the web site maintained by the SEC at www.sec.gov
or by phone, email or written request by contacting the investor
relations department of FNF or LPS at the following:
FNF
|
LPS
|
601 Riverside
Avenue
|
601 Riverside
Avenue
|
Jacksonville, FL
32204
|
Jacksonville, FL
32204
|
Attention: Investor
Relations
|
Attention: Investor
Relations
|
904-854-8100
|
904-854-8640
|
dkmurphy@fnf.com
|
nancy.murphy@lpsvcs.com
|
FNF and LPS, and their respective directors and executive
officers, may be deemed to be participants in the solicitation of
proxies in respect of the transactions contemplated by the merger
agreement. Information regarding the directors and executive
officers of FNF is contained in FNF's Form 10-K for the year ended
December 31, 2012 and its proxy
statement filed on April 12, 2013,
which are filed with the SEC. Information regarding LPS's
directors and executive officers is contained in LPS's Form 10-K
for the year ended December 31, 2012
and its proxy statement filed on April 9,
2013, which are filed with the SEC. A more complete
description will be available in the Registration Statement and the
Joint Proxy Statement/Prospectus.
This communication shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act of 1933, as
amended.
Forward Looking Statements
This press release contains
forward-looking statements that involve a number of risks and
uncertainties. Statements that are not historical facts, including
statements regarding 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. FNF undertakes 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: the ability to consummate the previously announced
transaction with LPS; the ability to obtain requisite regulatory
and stockholder approval and the satisfaction of other conditions
to the consummation of the proposed transaction with LPS; the
ability of FNF to successfully integrate LPS's operations and
employees and realize anticipated synergies and cost savings; the
potential impact of the announcement or consummation of the
proposed LPS transaction on relationships, including with
employees, suppliers, customers and competitors; 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; FNF's dependence on distributions
from its title insurance underwriters as a main source of cash
flow; significant competition that FNF faces; compliance with
extensive government regulation; and other risks detailed in the
"Statement Regarding Forward-Looking Information," "Risk Factors"
and other sections of FNF's Form 10-K and other filings with the
Securities and Exchange Commission.
FIDELITY NATIONAL
FINANCIAL, INC.
|
SUMMARY OF
EARNINGS
|
(In millions, except
order information in 000's)
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Direct title
premiums
|
$472
|
|
$436
|
|
$1,377
|
|
$1,215
|
Agency title
premiums
|
630
|
|
569
|
|
1,779
|
|
1,501
|
Total title
premiums
|
1,102
|
|
1,005
|
|
3,156
|
|
2,716
|
Escrow, title-related
and other fees
|
437
|
|
428
|
|
1,361
|
|
1,228
|
Total title
and escrow
|
1,539
|
|
1,433
|
|
4,517
|
|
3,944
|
Restaurant
revenue
|
336
|
|
298
|
|
1,037
|
|
551
|
Remy
revenue
|
266
|
|
143
|
|
834
|
|
143
|
Interest and
investment income
|
29
|
|
36
|
|
99
|
|
109
|
Realized gains and
losses
|
4
|
|
123
|
|
7
|
|
193
|
Total
revenue
|
2,174
|
|
2,033
|
|
6,494
|
|
4,940
|
|
|
|
|
|
|
|
|
Personnel
costs
|
540
|
|
470
|
|
1,605
|
|
1,322
|
Other operating
expenses
|
329
|
|
331
|
|
1,020
|
|
932
|
Cost of restaurant
revenue
|
292
|
|
258
|
|
889
|
|
473
|
Cost of Remy revenue
(includes $19, $6, $55 and $6 of D&A, respectively)
|
223
|
|
125
|
|
704
|
|
125
|
Agent
commissions
|
482
|
|
432
|
|
1,352
|
|
1,144
|
Depreciation and
amortization
|
36
|
|
28
|
|
104
|
|
71
|
Title claim loss
expense
|
77
|
|
69
|
|
221
|
|
200
|
Interest
expense
|
27
|
|
19
|
|
71
|
|
50
|
Total
expenses
|
2,006
|
|
1,732
|
|
5,966
|
|
4,317
|
|
|
|
|
|
|
|
|
Earnings from
continuing operations before taxes
|
168
|
|
301
|
|
528
|
|
623
|
Income tax
expense
|
54
|
|
70
|
|
172
|
|
188
|
Earnings from
continuing operations before equity investments
|
114
|
|
231
|
|
356
|
|
435
|
Earnings from equity
investments
|
(14)
|
|
5
|
|
(20)
|
|
13
|
Net earnings from
continuing operations
|
100
|
|
236
|
|
336
|
|
448
|
Income from
discontinued operations, net of tax
|
--
|
|
(1)
|
|
(2)
|
|
11
|
Net
earnings
|
100
|
|
235
|
|
334
|
|
459
|
Non-controlling
interests
|
2
|
|
1
|
|
8
|
|
4
|
Net earnings
attributable to common shareholders
|
$98
|
|
$234
|
|
$326
|
|
$455
|
Earnings per
share:
|
|
|
|
|
|
|
|
Net earnings attributable to common shareholders - basic
|
$0.43
|
|
$1.06
|
|
$1.45
|
|
$2.07
|
Net earnings attributable to common shareholders
-diluted
|
$0.43
|
|
$1.04
|
|
$1.42
|
|
$2.02
|
Weighted average
shares – basic
|
226
|
|
221
|
|
225
|
|
220
|
Weighted average
shares – diluted
|
230
|
|
226
|
|
230
|
|
225
|
|
|
|
|
|
|
|
|
Direct operations
orders opened (000's)
|
474
|
|
707
|
|
1,789
|
|
2,025
|
Direct operations
orders closed (000's)
|
410
|
|
480
|
|
1,401
|
|
1,349
|
Fee per
file
|
$1,807
|
|
$1,467
|
|
$1,568
|
|
$1,456
|
Actual title claims
paid
|
$103
|
|
$97
|
|
$303
|
|
$302
|
FIDELITY NATIONAL
FINANCIAL, INC.
|
THIRD QUARTER
SEGMENT INFORMATION
|
(In millions, except
order information in 000's)
|
(Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
September 30,
2013
|
Consolidated
|
FNT
|
Restaurant
Group
|
Remy
|
Corporate
and
Other
|
Gross operating
revenue
|
$2,141
|
$1,507
|
$336
|
$266
|
$32
|
|
|
|
|
|
|
Interest and
investment income
|
29
|
29
|
--
|
1
|
(1)
|
Realized gains and
losses
|
4
|
3
|
2
|
(1)
|
--
|
Total
revenue
|
2,174
|
1,539
|
338
|
266
|
31
|
|
|
|
|
|
|
Personnel
costs
|
540
|
467
|
16
|
19
|
38
|
Other operating
expenses
|
329
|
276
|
15
|
13
|
25
|
Cost of
revenue
|
515
|
--
|
292
|
223
|
--
|
Agent
commissions
|
482
|
482
|
--
|
--
|
--
|
Depreciation and
amortization
|
36
|
16
|
13
|
1
|
6
|
Title claim loss
expense
|
77
|
77
|
--
|
--
|
--
|
Interest
expense
|
27
|
--
|
2
|
6
|
19
|
Total
expenses
|
2,006
|
1,318
|
338
|
262
|
88
|
Pre-tax earnings from
continuing operations
|
168
|
221
|
--
|
4
|
(57)
|
|
|
|
|
|
|
Pre-tax
margin
|
7.7%
|
14.4%
|
--
|
1.5%
|
--
|
Adjusted pre-tax
margin
|
7.6%
|
14.2%
|
--
|
1.9%
|
--
|
|
|
|
|
|
|
Open
orders
|
474
|
474
|
--
|
--
|
--
|
Closed
orders
|
410
|
410
|
--
|
--
|
--
|
|
|
|
|
|
|
Three Months
Ended
September 30,
2012
|
Consolidated
|
FNT
|
Restaurant
Group
|
Remy
|
Corporate
and
Other
|
Gross operating
revenue
|
$1,874
|
$1,418
|
298
|
143
|
$15
|
Interest and
investment income
|
36
|
34
|
--
|
--
|
2
|
Realized gains and
losses
|
123
|
--
|
50
|
79
|
(6)
|
Total
revenue
|
2,033
|
1,452
|
348
|
222
|
11
|
|
|
|
|
|
|
Personnel
costs
|
470
|
436
|
17
|
8
|
9
|
Other operating
expenses
|
331
|
289
|
18
|
5
|
19
|
Cost of
revenue
|
383
|
|
258
|
125
|
|
Agent
commissions
|
432
|
432
|
--
|
--
|
--
|
Depreciation and
amortization
|
28
|
17
|
11
|
--
|
--
|
Title claim loss
expense
|
69
|
69
|
--
|
--
|
--
|
Interest
expense
|
19
|
--
|
1
|
4
|
14
|
Total
expenses
|
1,732
|
1,243
|
305
|
142
|
42
|
Pre-tax earnings from
continuing operations
|
301
|
209
|
43
|
80
|
(31)
|
|
|
|
|
|
|
Pre-tax
margin
|
14.8%
|
14.4%
|
12.3%
|
36.0%
|
--
|
Adjusted pre-tax
margin
|
9.3%
|
14.4%
|
--
|
0.7%
|
--
|
|
|
|
|
|
|
Open
orders
|
707
|
707
|
--
|
--
|
--
|
Closed
orders
|
480
|
480
|
--
|
--
|
--
|
FIDELITY NATIONAL
FINANCIAL, INC.
|
YTD SEGMENT
INFORMATION
|
(In millions, except
order information in 000's)
|
(Unaudited)
|
|
|
|
|
|
|
Nine Months
Ended
September 30,
2013
|
Consolidated
|
FNT
|
Restaurant
Group
|
Remy
|
Corporate
and
Other
|
Gross operating
revenue
|
$6,388
|
$4,422
|
$1,037
|
$834
|
$95
|
|
|
|
|
|
|
Interest and
investment income
|
99
|
97
|
--
|
1
|
1
|
Realized gains and
losses
|
7
|
10
|
--
|
(4)
|
1
|
Total
revenue
|
6,494
|
4,529
|
1,037
|
831
|
97
|
|
|
|
|
|
|
Personnel
costs
|
1,605
|
1,400
|
47
|
65
|
93
|
Other operating
expenses
|
1,020
|
845
|
50
|
36
|
89
|
Cost of
revenue
|
1,593
|
--
|
889
|
704
|
--
|
Agent
commissions
|
1,352
|
1,352
|
--
|
--
|
--
|
Depreciation and
amortization
|
104
|
49
|
40
|
3
|
12
|
Title claim loss
expense
|
221
|
221
|
--
|
--
|
--
|
Interest
expense
|
71
|
--
|
6
|
16
|
49
|
Total
expenses
|
5,966
|
3,867
|
1,032
|
824
|
243
|
Pre-tax earnings from
continuing operations
|
528
|
662
|
5
|
7
|
(146)
|
|
|
|
|
|
|
Pre-tax
margin
|
8.1%
|
14.6%
|
0.5%
|
0.8%
|
--
|
Adjusted pre-tax
margin
|
8.0%
|
14.4%
|
0.5%
|
1.3%
|
--
|
|
|
|
|
|
|
Open
orders
|
1,789
|
1,789
|
--
|
--
|
--
|
Closed
orders
|
1,401
|
1,401
|
--
|
--
|
--
|
|
|
|
|
|
|
Nine Months
Ended
September 30,
2012
|
Consolidated
|
FNT
|
Restaurant
Group
|
Remy
|
Corporate
and
Other
|
Gross operating
revenue
|
$4,638
|
$3,900
|
551
|
143
|
$44
|
Interest and
investment income
|
109
|
104
|
--
|
--
|
5
|
Realized gains and
losses
|
193
|
5
|
121
|
79
|
(12)
|
Total
revenue
|
4,940
|
4,009
|
672
|
222
|
37
|
|
|
|
|
|
|
Personnel
costs
|
1,322
|
1,263
|
25
|
8
|
26
|
Other operating
expenses
|
932
|
827
|
46
|
5
|
54
|
Cost of
revenue
|
598
|
--
|
473
|
125
|
|
Agent
commissions
|
1,144
|
1,144
|
--
|
--
|
--
|
Depreciation and
amortization
|
71
|
49
|
20
|
--
|
2
|
Title claim loss
expense
|
200
|
200
|
--
|
--
|
--
|
Interest
expense
|
50
|
--
|
2
|
4
|
44
|
Total
expenses
|
4,317
|
3,483
|
566
|
142
|
126
|
Pre-tax earnings from
continuing operations
|
623
|
526
|
106
|
80
|
(89)
|
|
|
|
|
|
|
Pre-tax
margin
|
12.6%
|
13.1%
|
15.8%
|
36.0%
|
--
|
Adjusted pre-tax
margin
|
9.1%
|
13.3%
|
--
|
0.7%
|
--
|
|
|
|
|
|
|
Open
orders
|
2,025
|
2,025
|
--
|
--
|
--
|
Closed
orders
|
1,349
|
1,349
|
--
|
--
|
--
|
FIDELITY NATIONAL
FINANCIAL, INC.
|
QUARTERLY
OPERATING STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Q3
2013
|
Q2
2013
|
Q1
2013
|
Q4
2012
|
Q3
2012
|
Q2
2012
|
Q1
2012
|
Quarterly Title
Margins (millions except % data)
|
|
|
|
|
|
|
|
Total
revenue
|
1,539
|
1,613
|
1,385
|
1,590
|
1,452
|
1,392
|
1,175
|
Pre-tax
earnings
|
221
|
272
|
171
|
251
|
209
|
191
|
129
|
Realized
(gains)/losses
|
(3)
|
(7)
|
--
|
4
|
--
|
(1)
|
(4)
|
Claims recoupment
impairment
|
--
|
--
|
--
|
--
|
--
|
11
|
--
|
Adjusted pre-tax
title earnings
|
218
|
265
|
171
|
255
|
209
|
201
|
125
|
Adjusted pre-tax
title margin
|
14.2%
|
16.5%
|
12.3%
|
16.0%
|
14.4%
|
14.5%
|
10.7%
|
|
|
|
|
|
|
|
|
|
Quarterly Open
Orders ('000's except % data)
|
|
|
|
|
|
|
|
Total open
orders*
|
474
|
672
|
643
|
677
|
707
|
667
|
651
|
Total open orders per
day*
|
7.4
|
10.5
|
10.5
|
10.7
|
11.2
|
10.4
|
10.5
|
Purchase % of open
orders
|
56%
|
42%
|
38%
|
32%
|
33%
|
38%
|
36%
|
Refinance % of open
orders
|
44%
|
58%
|
62%
|
68%
|
67%
|
62%
|
64%
|
|
|
|
|
|
|
|
|
|
Quarterly Closed
Orders ('000's except % data)
|
|
|
|
|
|
|
|
Total closed
orders*
|
410
|
504
|
487
|
518
|
480
|
459
|
410
|
Total closed orders
per day*
|
6.4
|
7.9
|
8.0
|
8.2
|
7.6
|
7.2
|
6.6
|
Purchase % of closed
orders
|
50%
|
40%
|
31%
|
33%
|
37%
|
40%
|
34%
|
Refinance % of closed
orders
|
50%
|
60%
|
69%
|
67%
|
63%
|
60%
|
66%
|
*Includes an
immaterial number of non-purchase and non-refinance
orders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
('000's)
|
|
|
|
|
|
|
|
Revenue
|
120
|
112
|
88
|
143
|
96
|
103
|
83
|
Open
Orders
|
19.9
|
20.3
|
18.7
|
18.3
|
18.9
|
20.3
|
19.8
|
Closed
Orders
|
12.6
|
12.3
|
10.6
|
13.5
|
12.2
|
13.1
|
11.7
|
|
|
|
|
|
|
|
|
|
Fee Per
File
|
|
|
|
|
|
|
|
Fee per
file
|
$1,807
|
$1,562
|
$1,373
|
$1,565
|
$1,467
|
$1,497
|
$1,398
|
|
|
|
|
|
|
|
|
|
Residential and local
commercial fee per file
|
$1,562
|
$1,373
|
$1,219
|
$1,323
|
$1,300
|
$1,310
|
$1,231
|
|
|
|
|
|
|
|
|
|
National commercial
fee per file
|
$9,500
|
$9,100
|
$8,300
|
$10,600
|
$7,800
|
$7,900
|
$7,100
|
|
|
|
|
|
|
|
|
|
Staffing
|
|
|
|
|
|
|
|
Total field
operations employees
|
10,600
|
12,000
|
12,000
|
11,600
|
11,300
|
11,000
|
10,600
|
FIDELITY NATIONAL
FINANCIAL, INC.
|
SUMMARY BALANCE
SHEET INFORMATION
|
(In millions, except
per share amounts)
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
2013
|
|
2012
|
|
|
(Unaudited)
|
|
|
Cash and investment
portfolio
|
|
$5,252
|
|
$5,186
|
Goodwill
|
|
1,894
|
|
1,909
|
Title
plant
|
|
374
|
|
374
|
Total
assets
|
|
10,077
|
|
9,903
|
Notes
payable
|
|
1,348
|
|
1,344
|
Reserve for title
claim losses
|
|
1,695
|
|
1,748
|
Secured trust
deposits
|
|
644
|
|
528
|
Total
equity
|
|
4,940
|
|
4,749
|
Book value per
share
|
|
$21.51
|
|
$20.78
|
SOURCE Fidelity National Financial, Inc.