January 30, 2018

FNF Reports Fourth Quarter 2017 Diluted EPS from Continuing Operations of $0.88 and Adjusted Diluted EPS from Continuing Operations of $0.60, Pre-Tax Title Margin of 13.4% and Adjusted Pre-Tax Title Margin of 14.7%

JACKSONVILLE, Fla., Jan. 30, 2018 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE: FNF), a leading provider of title insurance and transaction services to the real estate and mortgage industries, today reported operating results for the three and twelve-month periods ended December 31, 2017.

  • Total revenue of approximately $2.0 billion in the fourth quarter versus $1.9 billion in the fourth quarter of 2016
  • Fourth quarter net earnings from continuing operations of $246 million and adjusted net earnings from continuing operations of $170 million versus net earnings from continuing operations of $222 million and adjusted net earnings from continuing operations of $182 million for the fourth quarter of 2016
  • Fourth quarter diluted EPS from continuing operations of $0.88 and adjusted diluted EPS from continuing operations of $0.60 versus diluted EPS from continuing operations of $0.80 and adjusted diluted EPS from continuing operations of $0.65 in the fourth quarter of 2016
  • A $93 million credit adjustment was recorded to revalue the net deferred tax liability position given the recent passage of federal tax regulation; this was excluded from both adjusted net earnings and adjusted diluted EPS
  • The fourth quarter of 2016 included a $97 million pre-tax credit recorded to claims loss expense, reducing a redundancy in the reserve for title claim losses balance and making the reserve consistent with the actuarial central estimate; this was excluded from both adjusted net earnings and adjusted diluted EPS

Title

  • Approximately $1.9 billion in total revenue versus the approximately $1.8 billion in total revenue in the fourth quarter of 2016
  • Pre-tax earnings of $248 million and adjusted pre-tax earnings of $273 million versus pre-tax earnings of $360 million and adjusted pre-tax earnings of $292 million in the fourth quarter of 2016
  • Pre-tax title margin of 13.4% and adjusted pre-tax title margin of 14.7% versus pre-tax title margin of 19.5% and adjusted pre-tax title margin of 15.8% in the fourth quarter of 2016
  • Claims loss provision was reduced to 4.5% for the fourth quarter and future quarters, driven by significantly lower title loss payments related to policy years 2009-2016
  • Fourth quarter purchase orders opened and closed increased by 5% and 1%, respectively, versus the fourth quarter of 2016
  • Total commercial revenue of $288 million, a 1% increase over total commercial revenue in the fourth quarter of 2016, driven by a 6% increase in total commercial fee per file and a 4% decrease in closed orders; fourth quarter total commercial open orders increased 1% compared to the prior year; fourth quarter national commercial title revenue of $165 million, a 1% decrease from the fourth quarter of 2016, driven by a 5% increase in the national commercial fee per file and a 5% decrease in closed orders; fourth quarter national commercial open orders increased by 6%
  • Overall fourth quarter average fee per file of $2,425, a 16% increase versus the fourth quarter of 2016

Title Orders




Direct Orders Opened *



Direct Orders Closed *

Month


 / (% Purchase)


 / (% Purchase)

October 2017



167,000

61%



124,000

61%

November 2017



151,000

60%



114,000

61%

December 2017



127,000

59%



119,000

61%








Fourth Quarter 2017



445,000

60%



357,000

61%











Direct Orders Opened *



Direct Orders Closed *

Month


 / (% Purchase)



 / (% Purchase)

October 2016



181,000

51%



140,000

50%

November 2016



159,000

53%



138,000

49%

December 2016



134,000

56%



141,000

52%








Fourth Quarter 2016



474,000

53%



419,000

51%










          * 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

Fourth Quarter 2017 - Total Commercial



46,300




33,200




$288




$8,700

Fourth Quarter 2016 - Total Commercial



45,900




34,700




$285




$8,200

















Fourth Quarter 2017 - National Commercial



19,000




12,100




$165




$13,600

Fourth Quarter 2016 - National Commercial



17,900




12,800




$167




$13,000

"The fourth quarter was another strong performance for our title insurance business, as we generated adjusted pre-tax title earnings of $273 million and an adjusted pre-tax title margin of 14.7%," said Chairman William P. Foley, II.  "For full-year 2017, we generated more than $1 billion in adjusted pre-tax title earnings and an adjusted pre-tax title margin of 14.5%.

"Overall, 2017 was a very successful strategic year for our company on a number of fronts, as we continued to deploy capital in our ongoing quest to create value for our shareholders.  We simplified our corporate structure through the completion of two transactions during the year.  We closed the tax-free distribution of Black Knight in September and then the exchange of the FNFV tracking stock for a new Cannae Holdings common stock and subsequent split-off of Cannae Holdings in November.

"We continued to strengthen our title insurance business, acquiring ten title and escrow companies during the year.  We also continued building our real estate technology offerings aimed at real estate brokers through the Real Geeks and SkySlope acquisitions and are now focused on integrating our real estate technologies to offer a suite of best of breed technology solutions to our real estate agent customers and further solidify our relationships with this vital group of clients.

"We also devoted $549 million for the repurchase of our outstanding convertible bonds during the year, eliminating the need to issue nearly 12 million shares of FNF common stock if the notes had been converted based on the year-end conversion price.

"Additionally, for the sixth straight year, our board decided to increase our quarterly cash dividend, with our fourth quarter 2017 dividend increasing to $0.27 per share, an 8% increase from the previous quarterly dividend.

"We believe our company is well-positioned as we enter 2018 and we look forward to executing on our business plans and deploying capital to maximize returns for our shareholders."

Conference Call

We will host a call with investors and analysts to discuss fourth quarter 2017 FNF results on Wednesday, January 31, 2018, 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 January 31, 2018, through February 7, 2018, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 442706.

About Fidelity National Financial, Inc.

Fidelity National Financial, Inc. (NYSE: 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.  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 adjusted pre-tax earnings from continuing operations, adjusted pre-tax earnings from continuing operations as a percentage of adjusted revenue (adjusted pre-tax title margin from continuing operations), adjusted net earnings from continuing operations and adjusted EPS from continuing operations.

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: 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; 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; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.

FNF-E

 

FIDELITY NATIONAL FINANCIAL, INC.

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and Other

Three Months Ended




December 31, 2017




Direct title premiums


$

572



$

572



$


Agency title premiums


695



695




Escrow, title related and other fees


668



547



121


Total title and escrow


1,935



1,814



121









Interest and investment income


38



38




Realized gains and losses, net


2





2


Total revenue


1,975



1,852



123









Personnel costs


638



611



27


Agent commissions


532



532




Other operating expenses


469



362



107


Depreciation and amortization


50



42



8


Claim loss expense


57



57




Interest expense


9





9


Total expenses


1,755



1,604



151









Pre-tax earnings (loss) from continuing operations


$

220



$

248



$

(28)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


(2)





(2)


  Purchase price amortization


31



25



6


  Spin-off costs


1





1


 Total non-GAAP adjustments before taxes


$

30



$

25



$

5









Adjusted pre-tax earnings (loss) from continuing operations


$

250



$

273



$

(23)


Adjusted pre-tax margin from continuing operations


12.7

%


14.7

%










Pre-tax earnings (loss) from continuing operations


$

220



$

248



$

(28)


  Income tax benefit


(23)



(16)



(7)


  Earnings from equity investments


3



3




  Loss from discontinued operations, net of tax


(10)





(10)


  Non-controlling interests


(2)



1



(3)









Net earnings (loss) attributable to FNF, Inc. common shareholders


$

238



$

266



$

(28)









Net earnings attributable to FNFV Group common shareholders


$

(8)



$



$

(8)


Net earnings (loss) attributable to FNF Group common shareholders


$

246



$

266



$

(20)









EPS from continuing operations attributable to FNF, Inc. common shareholders - basic


$

0.90






EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted


$

0.88













FNF, Inc. weighted average shares - basic


272






FNF, Inc. weighted average shares - diluted


281






 

 

FIDELITY NATIONAL FINANCIAL, INC.

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)





Consolidated


Title


Corporate and Other

Three Months Ended




December 31, 2017




Net earnings (loss) attributable to FNF, Inc. common shareholders


$

238



$

266



$

(28)









  Loss from discontinued operations, net of tax


(10)





(10)


  Non-controlling interests of discontinued operations


(2)





(2)









Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders


$

246



$

266



$

(20)









 Total non-GAAP, pre-tax adjustments


$

30



$

25



$

5


  Income taxes on non-GAAP adjustments


(10)



(8)



(2)


  Noncontrolling interest on non-GAAP adjustments


(3)



(3)




  Tax reform


(93)



(103)



10


Total non-GAAP adjustments


$

(76)



$

(89)



$

13









Adjusted net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders


$

170



$

177



$

(7)









Adjusted EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted


$

0.60













Direct orders opened (000's)


445



445




Direct orders closed (000's)


357



357




Fee per file


$

2,425



$

2,425




Actual title claims paid


$

63



$

63











Cash flows provided by operations


$

175






Cash flows provided by operations attributable to FNF Group


$

183






Cash flows provided by operations attributable to FNFV Group


$

(8)






 

 

FIDELITY NATIONAL FINANCIAL, INC.

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and Other

Three Months Ended




December 31, 2016




Direct title premiums


$

579



$

579



$


Agency title premiums


692



692




Escrow, title related and other fees


621



541



80


Total title and escrow


1,892



1,812



80









Interest and investment income


32



33



(1)


Realized gains and losses, net


(3)



(1)



(2)


Total revenue


1,921



1,844



77









Personnel costs


596



581



15


Agent commissions


525



525




Other operating expenses


432



372



60


Depreciation and amortization


44



39



5


Claim loss credit


(33)



(33)




Interest expense


16





16


Total expenses


1,580



1,484



96









Pre-tax earnings (loss) from continuing operations


$

341



$

360



$

(19)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


3



1



2


  Purchase price amortization


28



23



5


  Claims reserve adjustment


(97)



(97)




  Other legal accruals


5



5




 Total non-GAAP adjustments before taxes


$

(61)



$

(68)



$

7









Adjusted pre-tax earnings (loss) from continuing operations


$

280



$

292



$

(12)


Adjusted pre-tax margin from continuing operations


14.6

%


15.8

%










Pre-tax earnings (loss) from continuing operations


$

341



$

360



$

(19)









  Income tax expense (benefit)


125



135



(10)


  Earnings from equity investments


5



4



1


  Earnings from discontinued operations, net of tax


12





12


  Non-controlling interests


10



(1)



11









Net earnings (loss) attributable to FNF, Inc. common shareholders


$

223



$

230



$

(7)









Net loss attributable to FNFV Group common shareholders


$

(8)



$



$

(8)


Net earnings attributable to FNF Group common shareholders


$

231



$

230



$

1


Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders


$

222



$

230



$

(8)


EPS attributable to FNF, Inc. common shareholders - basic


$

0.85






EPS attributable to FNF, Inc. common shareholders - diluted


$

0.83






EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted


$

0.80






FNF, Inc. weighted average shares - basic


271






FNF, Inc. weighted average shares - diluted


278






 

 

FIDELITY NATIONAL FINANCIAL, INC.

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and Other

Three Months Ended




December 31, 2016




Net earnings (loss) attributable to FNF, Inc. common shareholders


$

223



$

230



$

(7)









  Earnings from discontinued operations, net of tax


12





12


  Non-controlling interests of discontinued operations


11





11









Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders


$

222



$

230



$

(8)









 Total non-GAAP, pre-tax adjustments


$

(61)



$

(68)



$

7


  Income taxes on non-GAAP adjustments


26



28



(2)


  Noncontrolling interest on non-GAAP adjustments


(5)



(5)




Total non-GAAP adjustments


$

(40)



$

(45)



$

5









Adjusted net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders


$

182



$

185



$

(3)









Adjusted EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted


$

0.65













Direct orders opened (000's)


474



474




Direct orders closed (000's)


419



419




Fee per file


$

2,091



$

2,091




Actual title claims paid


$

76



$

76











Cash flows provided by operations


$

416






Cash flows provided by operations attributable to FNF Group


$

372






Cash flows provided by operations attributable to FNFV Group


$

44






 

 

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and Other

Twelve Months Ended




December 31, 2017




Direct title premiums


$

2,170



$

2,170



$


Agency title premiums


2,723



2,723




Escrow, title related and other fees


2,637



2,181



456


Total title and escrow


7,530



7,074



456









Interest and investment income


131



131




Realized gains and losses, net


2



6



(4)


Total revenue


7,663



7,211



452









Personnel costs


2,460



2,366



94


Agent commissions


2,089



2,089




Other operating expenses


1,781



1,404



377


Depreciation and amortization


183



159



24


Claim loss expense


238



238




Interest expense


48





48


Total expenses


6,799



6,256



543









Pre-tax earnings (loss) from continuing operations


$

864



$

955



$

(91)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


(2)



(6)



4


  Management fee


1



1




  Purchase price amortization


113



94



19


  Spin-off costs


4





4


  Other adjustments


1



1




 Total non-GAAP adjustments before taxes


$

117



$

90



$

27









Adjusted pre-tax earnings (loss) from continuing operations


$

981



$

1,045



$

(64)


Adjusted pre-tax margin from continuing operations


12.8

%


14.5

%










Pre-tax earnings (loss) from continuing operations


$

864



$

955



$

(91)









  Income tax expense (benefit)


235



274



(39)


  Earnings from equity investments


10



10




  Earnings from discontinued operations, net of tax


155





155


  Non-controlling interests


23



1



22









Net earnings attributable to FNF, Inc. common shareholders


$

771



$

690



$

81









Net earnings attributable to FNFV Group common shareholders


$

109



$



$

109


Net earnings (loss) attributable to FNF Group common shareholders


$

662



$

690



$

(28)


Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders


$

639



$

690



$

(51)


EPS attributable to FNF, Inc. common shareholders - basic


$

2.44






EPS attributable to FNF, Inc. common shareholders - diluted


$

2.38






EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted


$

2.30






FNF, Inc. weighted average shares - basic


271






FNF, Inc. weighted average shares - diluted


278






 

 

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and Other

Twelve Months Ended




December 31, 2017




Net earnings attributable to FNF, Inc. common shareholders


$

771



$

690



$

81









  Earnings from discontinued operations, net of tax


155





155


  Non-controlling interests of discontinued operations


23





23









Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders


$

639



$

690



$

(51)









 Total non-GAAP, pre-tax adjustments


$

117



$

90



$

27


  Income taxes on non-GAAP adjustments


(39)



(29)



(10)


  Noncontrolling interest on non-GAAP adjustments


(13)



(13)




  Nondeductible income taxes on litigation and regulatory settlements


21



21




  Tax reform


(93)



(103)



10


Total non-GAAP adjustments


$

(7)



$

(34)



$

27









Adjusted net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders


$

632



$

656



$

(24)









Adjusted EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted


$

2.27













Direct orders opened (000's)


1,942



1,942




Direct orders closed (000's)


1,428



1,428




Fee per file


$

2,346



$

2,346




Actual title claims paid


$

231



$

231











Cash flows provided by operations


$

737






Cash flows provided by operations attributable to FNF Group


$

871






Cash flows provided by operations attributable to FNFV Group


$

(134)






 

 

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and Other

Twelve Months Ended




December 31, 2016




Direct title premiums


$

2,097



$

2,097



$


Agency title premiums


2,626



2,626




Escrow, title related and other fees


2,416



2,128



288


Total title and escrow


7,139



6,851



288









Interest and investment income


126



127



(1)


Realized gains and losses, net


(8)





(8)


Total revenue


7,257



6,978



279









Personnel costs


2,275



2,214



61


Agent commissions


1,998



1,998




Other operating expenses


1,648



1,436



212


Depreciation and amortization


160



148



12


Claim loss expense


157



157




Interest expense


64





64


Total expenses


6,302



5,953



349









Pre-tax earnings (loss) from continuing operations


$

955



$

1,025



$

(70)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


8





8


  Purchase price amortization


97



89



8


  Claims reserve adjustment


(97)



(97)




  Other legal accruals


11



11




  Management fee


1



1




 Total non-GAAP adjustments before taxes


$

20



$

4



$

16









Adjusted pre-tax earnings (loss) from continuing operations


$

975



$

1,029



$

(54)


Adjusted pre-tax margin from continuing operations


13.4

%


14.7

%










Pre-tax earnings (loss) from continuing operations


$

955



$

1,025



$

(70)









  Income tax expense (benefit)


347



386



(39)


  Earnings from equity investments


14



13



1


  Earnings from discontinued operations, net of tax


70





70


  Non-controlling interests


42



(5)



47









Net earnings (loss) attributable to FNF, Inc. common shareholders


$

650



$

657



$

(7)









Net (loss) earnings attributable to FNFV Group common shareholders


$

(4)



$



$

(4)


Net earnings (loss) attributable to FNF Group common shareholders


$

654



$

657



$

(3)


Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders


$

627



$

657



$

(30)


EPS attributable to FNF, Inc. common shareholders - basic


$

2.40






EPS attributable to FNF, Inc. common shareholders - diluted


$

2.34






EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted


$

2.24






FNF, Inc. weighted average shares - basic


272






FNF, Inc. weighted average shares - diluted


280






 

 

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and Other

Twelve Months Ended




December 31, 2016




Net earnings (loss) attributable to FNF, Inc. common shareholders


$

650



$

657



$

(7)









  Earnings from discontinued operations, net of tax


70





70


  Non-controlling interests of discontinued operations


47





47









Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders


$

627



$

657



$

(30)









 Total non-GAAP, pre-tax adjustments


$

20



$

4



$

16


  Income taxes on non-GAAP adjustments


(1)



5



(6)


  Noncontrolling interest on non-GAAP adjustments


(17)



(17)




Total non-GAAP adjustments


$

2



$

(8)



$

10









Adjusted net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders


$

629



$

649



$

(20)









Adjusted EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted


$

2.25













Direct orders opened (000's)


2,184



2,184




Direct orders closed (000's)


1,575



1,575




Fee per file


$

2,065



$

2,065




Actual title claims paid


$

245



$

245











Cash flows provided by operations


$

1,162






Cash flows provided by operations attributable to FNF Group


$

1,081






Cash flows provided by operations attributable to FNFV Group


$

81






 

 

FIDELITY NATIONAL FINANCIAL, INC.

QUARTERLY OPERATING STATISTICS

(Unaudited)




Q4 2017


Q3 2017


Q2 2017


Q1 2017


Q4 2016


Q3 2016


Q2 2016


Q1 2016

Quarterly Open Orders ('000's except % data)

Total open orders*


445



501



524



472



474



616



577



517


Total open orders per day*


7.2



8.0



8.2



7.6



7.6



9.6



9.0



8.3


Purchase % of open orders


60

%


62

%


66

%


64

%


53

%


50

%


57

%


55

%

Refinance % of open orders


40

%


38

%


34

%


36

%


47

%


50

%


43

%


45

%

Total closed orders*


357



367



370



334



419



433



401



322


Total closed orders per day*


5.8



5.8



5.8



5.4



6.8



6.8



6.3



5.2


Purchase % of closed orders


61

%


65

%


67

%


58

%


51

%


54

%


58

%


55

%

Refinance % of closed orders


39

%


35

%


33

%


42

%


49

%


46

%


42

%


45

%


















Commercial (millions, except orders in '000's)

Total commercial revenue


$

288



$

250



$

261



$

224



$

285



$

233



$

244



$

211


Total commercial open orders


46.3



48.3



50.8



49.4



45.9



50.4



49.9



48.5


Total commercial closed orders


33.2



33.4



33.6



30.0



34.7



31.9



33.6



30.7



















National commercial revenue


$

165



$

138



$

148



$

127



$

167



$

130



$

144



$

121


National commercial open orders


19.0



19.9



22.0



21.1



17.9



20.4



20.3



19.3


National commercial closed orders


12.1



13.1



13.3



11.2



12.8



11.7



11.6



10.6



















Total Fee Per File

Fee per file


$

2,425



$

2,368



$

2,428



$

2,148



$

2,091



$

2,015



$

2,116



$

2,032


Residential and local commercial fee per file


$

2,032



$

2,066



$

2,104



$

1,829



$

1,746



$

1,762



$

1,809



$

1,713


Residential fee per file


$

1,784



$

1,856



$

1,895



$

1,623



$

1,538



$

1,594



$

1,645



$

1,522


Total commercial fee per file


$

8,700



$

7,500



$

7,800



$

7,500



$

8,200



$

7,300



$

7,300



$

6,900


National commercial fee per file


$

13,600



$

10,500



$

11,100



$

11,300



$

13,000



$

11,100



$

12,400



$

11,400



















Total Staffing

Total field operations employees


11,200



11,700



11,300



11,000



11,100



11,400



10,900



10,900



















FNTG Only Quarterly Operating Statistics ('000's except fee per file and staffing)

Total open orders*


379



434



457



407



395



518



484



429


Total open orders per day*


6.1



7.0



7.2



6.6



6.4



8.1



7.5



6.9


Purchase % of open orders


66

%


68

%


72

%


69

%


59

%


55

%


63

%


61

%

Refinance % of open orders


34

%


32

%


28

%


31

%


41

%


45

%


37

%


39

%

Total closed orders*


311



325



324



277



352



369



338



265


Total closed orders per day*


5.0



5.1



5.1



4.5



5.7



5.8



5.3



4.3


Purchase % of closed orders


66

%


70

%


72

%


63

%


55

%


58

%


63

%


60

%

Refinance % of closed orders


34

%


30

%


28

%


37

%


45

%


42

%


37

%


40

%

Fee per file


$

2,634



$

2,543



$

2,618



$

2,395



$

2,313



$

2,205



$

2,337



$

2,261


Total title field operations employees


10,300



10,800



10,300



9,900



10,000



10,200



9,600



9,700



















ServiceLink Only Quarterly Operating Statistics ('000's except fee per file and staffing)

Revenue (millions)


$

185



$

184



$

191



$

192



$

198



$

205



$

203



$

195


Total open orders*


66



67



67



65



79



98



93



87


Total open orders per day*


1.1



1.0



1.0



1.0



1.2



1.5



1.5



1.4


Purchase % of open orders


25

%


23

%


25

%


25

%


21

%


17

%


22

%


24

%

Refinance % of open orders


75

%


77

%


75

%


75

%


79

%


83

%


78

%


76

%

Total closed orders*


46



42



46



57



67



64



63



57


Total closed orders per day*


0.8



0.7



0.7



0.9



1.1



1.0



1.0



0.9


Purchase % of closed orders


22

%


24

%


28

%


30

%


24

%


27

%


27

%


28

%

Refinance % of closed orders


78

%


76

%


72

%


70

%


76

%


73

%


73

%


72

%

Fee per file


$

1,013



$

1,040



$

1,047



$

950



$

932



$

916



$

940



$

972


Total ServiceLink operations employees


900



900



1,000



1,100



1,100



1,200



1,300



1,200



* Includes an immaterial number of non-purchase and non-refinance orders

 

 

FIDELITY NATIONAL FINANCIAL, INC.

SUMMARY BALANCE SHEET INFORMATION

(In millions)




FNF, Inc.

December 31,
2017


FNF, Inc.

December 31,
2016



(Unaudited)



(Unaudited)

Cash and investment portfolio



$

4,481




$

4,831


Goodwill



2,746




2,555


Title plant



398




395


Total assets



9,151




14,463


Notes payable



759




987


Reserve for title claim losses



1,490




1,487


Secured trust deposits



830




860


Redeemable non-controlling interests



344




344


Non-redeemable non-controlling interests



20




902


Total equity and redeemable non-controlling interests



4,811




7,242


Total equity attributable to common shareholders



4,447




5,996


 

 

 

Cision View original content:http://www.prnewswire.com/news-releases/fnf-reports-fourth-quarter-2017-diluted-eps-from-continuing-operations-of-088-and-adjusted-diluted-eps-from-continuing-operations-of-060-pre-tax-title-margin-of-134-and-adjusted-pre-tax-title-margin-of-147-300590369.html

SOURCE Fidelity National Financial, Inc.

News Provided by Acquire Media


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