July 19, 2017

FNF Group Reports Second Quarter 2017 Diluted EPS of $0.63 and Adjusted Diluted EPS of $0.75, Pre-Tax Title Margin of 15.3% and Adjusted Pre-Tax Title Margin of 16.2%

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


 

 

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SOURCE Fidelity National Financial, Inc.

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