October 25, 2017

FNF Group Reports Third Quarter 2017 Diluted EPS of $0.62 and Adjusted Diluted EPS of $0.71, Pre-Tax Title Margin of 14.0% and Adjusted Pre-Tax Title Margin of 15.3%

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.

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