FNFV Reports Fourth Quarter 2015 Results With $969 Million Book Value of Portfolio Company Investments, or $13.43 Per Share; Repurchased Additional 3.6 Million Shares of Common Stock in Fourth Quarter
- Total revenue of
$351 million in the fourth quarter versus$398 million in the fourth quarter of 2014 - Fourth quarter adjusted diluted EPS of
$0.04 versus adjusted diluted EPS of$0.17 in the fourth quarter of 2014 - Adjusted EBITDA of
$25 million for the fourth quarter versus adjusted EBITDA of$26 million for the fourth quarter of 2014 - Fourth quarter FNFV free cash flow of
$7 million versus$65 million in the fourth quarter of 2014 $245 million in holding company cash onDecember 31, 2015 - Repurchased approximately 3.6 million shares of common stock for more than
$39 million in the fourth quarter - Since the formation of FNFV in
July 2014 , more than 20.5 million shares of FNFV common stock have been repurchased for a total of approximately$291 million ; approximately 22% of the shares of FNFV common stock distributed inJuly 2014 have been repurchased
Restaurant Group
$320 million in total revenue, adjusted EBITDA of$25 million and adjusted EBITDA margin of 7.6% for the fourth quarter versus approximately$369 million in total revenue, adjusted EBITDA of$28 million and an adjusted EBITDA margin of 7.3% in the fourth quarter of 2014- Same store sales increased approximately 0.6% in the fourth quarter, as Ninety Nine,
Bakers Square and O'Charley's had same store sales growth of 2.9%, 1.6% and 0.6%, respectively
- Fourth quarter total revenue of approximately
$205 million , a 2% decrease from the fourth quarter of 2014 and EBITDA of more than$29 million , a 15% improvement over the fourth quarter of 2014, for an EBITDA margin of approximately 14%
- Fourth quarter total revenue of
$31 million , a 24% increase over the fourth quarter of 2014; adjusted EBITDA of more than$6 million , a 44% increase over the fourth quarter of 2014, and a fourth quarter EBITDA margin of more than 20%
Monetization and Investment Initiatives
- In separate transactions in September, October and December, received gross proceeds of approximately
$157 million from the indirect sale of approximately 1.1 million shares of Fleetcor common stock; net, after-tax proceeds were approximately$125 million - Repurchased nearly 3.6 million shares of FNFV common stock for more than
$39 million during the fourth quarter; since the formation of FNFV inJuly 2014 , more than 20.5 million shares of common stock have been repurchased for a total of approximately$291 million - During the fourth quarter, purchased approximately 2.2 million shares of Del Frisco's Restaurant Group common stock for a total investment of nearly
$32 million ; incremental purchases made in January andFebruary 2016 resulted in a total investment of approximately 2.9 million shares (12.4% of outstanding shares) for nearly$42 million
"We again were successful in completing several monetization events during the quarter at FNFV," said Chairman
Conference Call
We will host a call with investors and analysts to discuss fourth quarter 2015 results of FNFV on
About
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 net earnings, adjusted EPS and free cash flow.
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, 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-E
|
FIDELITY NATIONAL FINANCIAL VENTURES | ||||||||||||
|
Total FNFV |
Restaurant |
FNFV | ||||||||||
|
Three Months Ended |
||||||||||||
|
|
||||||||||||
|
Operating revenue |
$ |
359 |
$ |
328 |
$ |
31 |
||||||
|
Realized gains and losses, net |
(8) |
(8) |
— |
|||||||||
|
Total revenue |
351 |
320 |
31 |
|||||||||
|
Personnel costs |
42 |
15 |
27 |
|||||||||
|
Other operating expenses |
20 |
16 |
4 |
|||||||||
|
Cost of restaurant revenue |
274 |
274 |
— |
|||||||||
|
Depreciation and amortization |
14 |
11 |
3 |
|||||||||
|
Interest expense |
3 |
1 |
2 |
|||||||||
|
Total expenses |
353 |
317 |
36 |
|||||||||
|
Pre-tax (loss) earnings from continuing operations |
$ |
(2) |
$ |
3 |
$ |
(5) |
||||||
|
Non-GAAP adjustments before taxes |
||||||||||||
|
Realized (gains) and losses, net |
$ |
8 |
$ |
8 |
$ |
— |
||||||
|
Purchase price amortization |
8 |
4 |
4 |
|||||||||
|
IPO costs |
2 |
2 |
— |
|||||||||
|
Total non-GAAP adjustments before taxes |
$ |
18 |
$ |
14 |
$ |
4 |
||||||
|
Adjusted pre-tax earnings (loss) from continuing operations |
$ |
16 |
$ |
17 |
$ |
(1) |
||||||
|
Adjusted pre-tax margin from continuing operations |
4.5 |
% |
5.2 |
% |
— |
|||||||
|
Purchase price amortization |
(8) |
(4) |
(4) |
|||||||||
|
Depreciation and amortization |
14 |
11 |
3 |
|||||||||
|
Interest expense |
3 |
1 |
2 |
|||||||||
|
Adjusted EBITDA |
$ |
25 |
$ |
25 |
$ |
— |
||||||
|
Adjusted EBITDA margin |
7.0 |
% |
7.6 |
% |
— |
|||||||
|
FIDELITY NATIONAL FINANCIAL VENTURES | ||||||||||||
|
Total FNFV |
Restaurant |
FNFV | ||||||||||
|
Three Months Ended |
||||||||||||
|
|
||||||||||||
|
Pre-tax (loss) earnings from continuing operations |
$ |
(2) |
$ |
3 |
$ |
(5) |
||||||
|
Income tax (benefit) expense |
(2) |
(2) |
— |
|||||||||
|
Loss from equity investments |
(2) |
— |
(2) |
|||||||||
|
Non-controlling interests |
3 |
2 |
1 |
|||||||||
|
Net (loss) earnings attributable to FNFV common shareholders |
$ |
(5) |
$ |
3 |
$ |
(8) |
||||||
|
EPS attributable to FNFV common shareholders - basic |
$ |
(0.07) |
$ |
0.04 |
$ |
(0.11) |
||||||
|
EPS attributable to FNFV common shareholders - diluted |
$ |
(0.07) |
$ |
0.04 |
$ |
(0.11) |
||||||
|
FNFV weighted average shares - basic |
73 |
|||||||||||
|
FNFV weighted average shares - diluted |
75 |
|||||||||||
|
Net (loss) earnings attributable to FNFV common shareholders |
$ |
(5) |
$ |
3 |
$ |
(8) |
||||||
|
Total non-GAAP, pre-tax adjustments |
$ |
18 |
$ |
14 |
$ |
4 |
||||||
|
Income taxes on non-GAAP adjustments |
(4) |
(3) |
(1) |
|||||||||
|
Noncontrolling interest on non-GAAP adjustments |
(6) |
(6) |
— |
|||||||||
|
Total non-GAAP adjustments |
8 |
5 |
3 |
|||||||||
|
Adjusted net earnings (loss) attributable to FNFV common shareholders |
$ |
3 |
$ |
8 |
$ |
(5) |
||||||
|
Adjusted EPS attributable to FNFV common shareholders - diluted |
$ |
0.04 |
$ |
0.11 |
$ |
(0.07) |
||||||
|
Cash flows provided by operations: |
$ |
22 |
||||||||||
|
Non-GAAP adjustments: |
||||||||||||
|
IPO costs |
2 |
|||||||||||
|
Total non-GAAP adjustments |
2 |
|||||||||||
|
Adjusted cash flows from operations |
24 |
|||||||||||
|
Capital expenditures |
17 |
|||||||||||
|
Free cash flow |
$ |
7 |
||||||||||
|
FIDELITY NATIONAL FINANCIAL VENTURES | ||||||||||||
|
Total FNFV |
Restaurant |
FNFV | ||||||||||
|
Three Months Ended |
||||||||||||
|
|
||||||||||||
|
Operating revenue |
$ |
409 |
$ |
381 |
$ |
28 |
||||||
|
Realized gains and losses, net |
(11) |
(12) |
1 |
|||||||||
|
Total revenue |
398 |
369 |
29 |
|||||||||
|
Personnel costs |
56 |
17 |
39 |
|||||||||
|
Other operating expenses |
25 |
15 |
10 |
|||||||||
|
Cost of restaurant revenue |
321 |
321 |
— |
|||||||||
|
Depreciation and amortization |
18 |
13 |
5 |
|||||||||
|
Interest expense |
2 |
3 |
(1) |
|||||||||
|
Total expenses |
422 |
369 |
53 |
|||||||||
|
Pre-tax loss from continuing operations |
$ |
(24) |
$ |
— |
$ |
(24) |
||||||
|
Non-GAAP adjustments before taxes |
||||||||||||
|
Realized (gains) and losses, net |
$ |
11 |
$ |
12 |
$ |
(1) |
||||||
|
FNFV incentive plan accrual |
19 |
— |
19 |
|||||||||
|
Purchase price amortization |
8 |
4 |
4 |
|||||||||
|
Total non-GAAP adjustments before taxes |
$ |
38 |
$ |
16 |
$ |
22 |
||||||
|
Adjusted pre-tax earnings (loss) from continuing operations |
$ |
14 |
$ |
16 |
$ |
(2) |
||||||
|
Adjusted pre-tax margin from continuing operations |
3.4 |
% |
4.2 |
% |
— |
|||||||
|
Purchase price amortization |
(8) |
(4) |
(4) |
|||||||||
|
Depreciation and amortization |
18 |
13 |
5 |
|||||||||
|
Interest expense |
2 |
3 |
(1) |
|||||||||
|
Adjusted EBITDA |
$ |
26 |
$ |
28 |
$ |
(2) |
||||||
|
Adjusted EBITDA margin |
6.4 |
% |
7.3 |
% |
— |
|||||||
|
(1) Results for J. Alexander's are included in the 2014 results. |
|
FIDELITY NATIONAL FINANCIAL VENTURES | ||||||||||||
|
Total FNFV |
Restaurant Group |
FNFV | ||||||||||
|
Three Months Ended |
||||||||||||
|
|
||||||||||||
|
Pre-tax loss from continuing operations |
$ |
(24) |
$ |
— |
$ |
(24) |
||||||
|
Income tax expense |
163 |
1 |
162 |
|||||||||
|
Earnings from equity investments |
474 |
— |
474 |
|||||||||
|
Income from discontinued operations, net of tax |
8 |
— |
8 |
|||||||||
|
Non-controlling interests |
3 |
(2) |
5 |
|||||||||
|
Net earnings attributable to FNFV common shareholders |
$ |
292 |
$ |
1 |
$ |
291 |
||||||
|
EPS attributable to FNFV common shareholders - basic |
$ |
3.17 |
$ |
0.01 |
$ |
3.16 |
||||||
|
EPS attributable to FNFV common shareholders - diluted |
$ |
3.14 |
$ |
0.01 |
$ |
3.13 |
||||||
|
FNFV weighted average shares - basic |
92 |
|||||||||||
|
FNFV weighted average shares - diluted |
93 |
|||||||||||
|
Net earnings attributable to FNFV common shareholders |
$ |
292 |
$ |
1 |
$ |
291 |
||||||
|
Total non-GAAP, pre-tax adjustments |
$ |
38 |
$ |
16 |
$ |
22 |
||||||
|
FNFV portion of gain on sale of Comdata |
(490) |
— |
(490) |
|||||||||
|
Impairment of Fidelity National Environmental Solutions investment |
15 |
— |
15 |
|||||||||
|
Income taxes on non-GAAP adjustments |
169 |
(3) |
172 |
|||||||||
|
Noncontrolling interest on non-GAAP adjustments |
(8) |
(8) |
— |
|||||||||
|
Total non-GAAP adjustments |
(276) |
5 |
(281) |
|||||||||
|
Adjusted net earnings attributable to FNFV common shareholders |
$ |
16 |
$ |
6 |
$ |
10 |
||||||
|
Adjusted EPS attributable to FNFV common shareholders - diluted |
$ |
0.17 |
$ |
0.06 |
$ |
0.11 |
||||||
|
Cash flows provided by operations: |
$ |
93 |
||||||||||
|
Capital expenditures |
28 |
|||||||||||
|
Free cash flow |
$ |
65 |
||||||||||
|
(1) Results for |
|
FIDELITY NATIONAL FINANCIAL VENTURES | ||||||||||||
|
Total FNFV |
Restaurant |
FNFV | ||||||||||
|
Twelve Months Ended |
||||||||||||
|
|
||||||||||||
|
Operating revenue |
$ |
1,615 |
$ |
1,412 |
$ |
203 |
||||||
|
Interest and investment income |
2 |
— |
2 |
|||||||||
|
Realized gains and losses, net |
(19) |
(19) |
— |
|||||||||
|
Total revenue |
1,598 |
1,393 |
205 |
|||||||||
|
Personnel costs |
157 |
65 |
92 |
|||||||||
|
Other operating expenses |
167 |
71 |
96 |
|||||||||
|
Cost of restaurant revenue |
1,195 |
1,195 |
— |
|||||||||
|
Depreciation and amortization |
65 |
49 |
16 |
|||||||||
|
Interest expense |
9 |
6 |
3 |
|||||||||
|
Total expenses |
1,593 |
1,386 |
207 |
|||||||||
|
Pre-tax earnings (loss) from continuing operations |
$ |
5 |
$ |
7 |
$ |
(2) |
||||||
|
Non-GAAP adjustments before taxes |
||||||||||||
|
Realized (gains) and losses, net |
$ |
19 |
$ |
19 |
$ |
— |
||||||
|
Purchase price amortization |
29 |
15 |
14 |
|||||||||
|
IPO costs |
9 |
9 |
— |
|||||||||
|
Total non-GAAP adjustments before taxes |
$ |
57 |
$ |
43 |
$ |
14 |
||||||
|
Adjusted pre-tax earnings from continuing operations |
$ |
62 |
$ |
50 |
$ |
12 |
||||||
|
Adjusted pre-tax margin from continuing operations |
3.8 |
% |
3.5 |
% |
5.9 |
% | ||||||
|
Purchase price amortization |
(29) |
(15) |
(14) |
|||||||||
|
Depreciation and amortization |
65 |
49 |
16 |
|||||||||
|
Interest expense |
9 |
6 |
3 |
|||||||||
|
Adjusted EBITDA |
$ |
107 |
$ |
90 |
$ |
17 |
||||||
|
Adjusted EBITDA margin |
6.6 |
% |
6.4 |
% |
8.3 |
% | ||||||
|
FIDELITY NATIONAL FINANCIAL VENTURES | ||||||||||||
|
Total FNFV |
Restaurant |
FNFV | ||||||||||
|
Twelve Months Ended |
||||||||||||
|
|
||||||||||||
|
Pre-tax earnings (loss) from continuing operations |
$ |
5 |
$ |
7 |
$ |
(2) |
||||||
|
Income tax benefit |
(20) |
(2) |
(18) |
|||||||||
|
Loss from equity investments |
(22) |
— |
(22) |
|||||||||
|
Non-controlling interests |
16 |
3 |
13 |
|||||||||
|
Net (loss) earnings attributable to FNFV common shareholders |
$ |
(13) |
$ |
6 |
$ |
(19) |
||||||
|
EPS attributable to FNFV common shareholders - basic |
$ |
(0.16) |
$ |
0.08 |
$ |
(0.24) |
||||||
|
EPS attributable to FNFV common shareholders - diluted |
$ |
(0.16) |
$ |
0.08 |
$ |
(0.24) |
||||||
|
FNFV weighted average shares - basic |
79 |
|||||||||||
|
FNFV weighted average shares - diluted |
82 |
|||||||||||
|
Net (loss) earnings attributable to FNFV common shareholders |
$ |
(13) |
$ |
6 |
$ |
(19) |
||||||
|
Total non-GAAP, pre-tax adjustments |
$ |
57 |
$ |
43 |
$ |
14 |
||||||
|
Income taxes on non-GAAP adjustments |
(21) |
(10) |
(11) |
|||||||||
|
Ceridian Divestiture Loss |
15 |
— |
15 |
|||||||||
|
Noncontrolling interest on non-GAAP adjustments |
(17) |
(17) |
— |
|||||||||
|
Total non-GAAP adjustments |
34 |
16 |
18 |
|||||||||
|
Adjusted net earnings (loss) attributable to FNFV common shareholders |
$ |
21 |
$ |
22 |
$ |
(1) |
||||||
|
Adjusted EPS attributable to FNFV common shareholders - diluted |
$ |
0.26 |
$ |
0.27 |
$ |
(0.01) |
||||||
|
Cash flows provided by operations: |
$ |
29 |
||||||||||
|
Non-GAAP adjustments: |
||||||||||||
|
IPO costs |
9 |
|||||||||||
|
Total Non-GAAP adjustments |
9 |
|||||||||||
|
Adjusted cash flows from operations |
38 |
|||||||||||
|
Capital expenditures |
62 |
|||||||||||
|
Free cash flow |
$ |
(24) |
||||||||||
|
FIDELITY NATIONAL FINANCIAL VENTURES | ||||||||||||
|
Total FNFV |
Restaurant |
FNFV | ||||||||||
|
Twelve Months Ended |
||||||||||||
|
|
||||||||||||
|
Operating revenue |
$ |
1,546 |
$ |
1,436 |
$ |
110 |
||||||
|
Interest and investment income |
5 |
— |
5 |
|||||||||
|
Realized gains and losses, net |
(17) |
(13) |
(4) |
|||||||||
|
Total revenue |
1,534 |
1,423 |
111 |
|||||||||
|
Personnel costs |
170 |
69 |
101 |
|||||||||
|
Other operating expenses |
86 |
61 |
25 |
|||||||||
|
Cost of restaurant revenue |
1,220 |
1,220 |
— |
|||||||||
|
Depreciation and amortization |
67 |
52 |
15 |
|||||||||
|
Interest expense |
5 |
8 |
(3) |
|||||||||
|
Total expenses |
1,548 |
1,410 |
138 |
|||||||||
|
Pre-tax (loss) earnings from continuing operations |
$ |
(14) |
$ |
13 |
$ |
(27) |
||||||
|
Non-GAAP adjustments before taxes |
||||||||||||
|
Realized (gains) and losses, net |
$ |
17 |
$ |
13 |
$ |
4 |
||||||
|
FNFV incentive plan accrual |
19 |
— |
19 |
|||||||||
|
Purchase price amortization |
27 |
15 |
12 |
|||||||||
|
Total non-GAAP adjustments before taxes |
$ |
63 |
$ |
28 |
$ |
35 |
||||||
|
Adjusted pre-tax earnings from continuing operations |
$ |
49 |
$ |
41 |
$ |
8 |
||||||
|
Adjusted pre-tax margin from continuing operations |
3.2 |
% |
2.9 |
% |
7.0 |
% | ||||||
|
Purchase price amortization |
(27) |
(15) |
(12) |
|||||||||
|
Depreciation and amortization |
67 |
52 |
15 |
|||||||||
|
Interest expense |
5 |
8 |
(3) |
|||||||||
|
Adjusted EBITDA |
$ |
94 |
$ |
86 |
$ |
8 |
||||||
|
Adjusted EBITDA margin |
6.1 |
% |
6.0 |
% |
7.0 |
% | ||||||
|
(1) Results for |
|
FIDELITY NATIONAL FINANCIAL VENTURES | ||||||||||||
|
Total FNFV |
Restaurant |
FNFV | ||||||||||
|
Twelve Months Ended |
||||||||||||
|
|
||||||||||||
|
Pre-tax (loss) earnings from continuing operations |
$ |
(14) |
$ |
13 |
$ |
(27) |
||||||
|
Income tax expense |
150 |
1 |
149 |
|||||||||
|
Earnings from equity investments |
428 |
— |
428 |
|||||||||
|
Earnings from discontinued operations, net of tax |
8 |
— |
8 |
|||||||||
|
Non-controlling interests |
4 |
2 |
2 |
|||||||||
|
Net earnings attributable to FNFV common shareholders |
$ |
268 |
$ |
10 |
$ |
258 |
||||||
|
EPS attributable to Old FNF common shareholders - basic |
$ |
(0.04) |
$ |
0.04 |
$ |
(0.08) |
||||||
|
EPS attributable to Old FNF common shareholders - diluted |
$ |
(0.04) |
$ |
0.04 |
$ |
(0.08) |
||||||
|
EPS attributable to FNFV common shareholders - basic |
$ |
3.04 |
$ |
— |
$ |
3.04 |
||||||
|
EPS attributable to FNFV common shareholders - diluted |
$ |
3.01 |
$ |
— |
$ |
3.01 |
||||||
|
Old FNF weighted average shares - basic |
138 |
|||||||||||
|
Old FNF weighted average shares - diluted |
142 |
|||||||||||
|
FNFV weighted average shares - basic |
46 |
|||||||||||
|
FNFV weighted average shares - diluted |
47 |
|||||||||||
|
FNFV actual shares outstanding as of |
93 |
|||||||||||
|
Net earnings attributable to FNFV common shareholders |
$ |
268 |
$ |
10 |
$ |
258 |
||||||
|
Total non-GAAP, pre-tax adjustments |
$ |
63 |
$ |
28 |
$ |
35 |
||||||
|
Ceridian Comdata gain and other Ceridian legal adjustments |
(456) |
— |
(456) |
|||||||||
|
Impairment of Fidelity National Environmental Solutions investment |
15 |
— |
15 |
|||||||||
|
Income taxes on non-GAAP adjustments |
148 |
(6) |
154 |
|||||||||
|
Noncontrolling interest on non-GAAP adjustments |
(13) |
(13) |
— |
|||||||||
|
Total non-GAAP adjustments |
(243) |
9 |
(252) |
|||||||||
|
Adjusted net earnings attributable to FNFV common shareholders |
$ |
25 |
$ |
19 |
$ |
6 |
||||||
|
Adjusted EPS attributable to FNFV common shareholders - diluted |
$ |
0.27 |
$ |
0.20 |
$ |
0.06 |
||||||
|
Cash flows provided by operations: |
$ |
93 |
||||||||||
|
Non-GAAP adjustments: |
||||||||||||
|
Payments on FNFV incentive plans |
57 |
|||||||||||
|
Other legal matters |
16 |
|||||||||||
|
Total Non-GAAP adjustments |
73 |
|||||||||||
|
Adjusted cash flows from operations |
166 |
|||||||||||
|
Capital expenditures |
86 |
|||||||||||
|
Free cash flow |
$ |
80 |
||||||||||
|
(1) Results for |
|
FIDELITY NATIONAL FINANCIAL VENTURES | |||||||||||||
|
FNFV
|
FNFV
| ||||||||||||
|
(Unaudited) |
(Unaudited) | ||||||||||||
|
Cash and investment portfolio |
$ |
735 |
$ |
1,009 |
|||||||||
|
|
188 |
206 |
|||||||||||
|
Total assets |
1,429 |
1,919 |
|||||||||||
|
Notes payable |
200 |
121 |
|||||||||||
|
Non-controlling interest |
114 |
137 |
|||||||||||
|
Total equity and redeemable non-controlling interests |
1,083 |
1,515 |
|||||||||||
|
Total equity attributable to common shareholders |
969 |
1,378 |
|||||||||||
|
|
FNFV
|
Consolidated
|
Consolidated
| ||||||||||||||||||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||||||||||||||||||
|
Cash and investment portfolio |
$ |
4,898 |
$ |
735 |
$ |
5,633 |
$ |
5,369 |
|||||||||||||
|
|
4,572 |
188 |
4,760 |
4,721 |
|||||||||||||||||
|
Title plant |
395 |
— |
395 |
393 |
|||||||||||||||||
|
Total assets |
12,502 |
1,429 |
13,931 |
13,845 |
|||||||||||||||||
|
Notes payable |
2,593 |
200 |
2,793 |
2,803 |
|||||||||||||||||
|
Reserve for title claim losses |
1,583 |
— |
1,583 |
1,621 |
|||||||||||||||||
|
Secured trust deposits |
701 |
— |
701 |
622 |
|||||||||||||||||
|
Redeemable non-controlling interests |
344 |
— |
344 |
715 |
|||||||||||||||||
|
Non-redeemable non-controlling interests |
720 |
114 |
834 |
79 |
|||||||||||||||||
|
Total equity and redeemable non-controlling interests |
5,849 |
1,083 |
6,932 |
6,788 |
|||||||||||||||||
|
Total equity attributable to common shareholders |
4,785 |
969 |
5,754 |
5,994 |
|||||||||||||||||
|
Adjusted Book Value Summary |
FNFV
|
FNFV
| |||||||||||||||
|
(Unaudited) |
(Unaudited) | ||||||||||||||||
|
Ceridian/Fleetcor |
$ |
363 |
$ |
632 |
|||||||||||||
|
|
169 |
159 |
|||||||||||||||
|
Del Frisco's Restaurant Group |
34 |
— |
|||||||||||||||
|
J. Alexander's |
— |
100 |
|||||||||||||||
|
|
73 |
149 |
|||||||||||||||
|
Cascade |
— |
63 |
|||||||||||||||
|
Holding Company Cash |
245 |
164 |
|||||||||||||||
|
Other |
85 |
111 |
|||||||||||||||
|
FNFV Book Value |
$ |
969 |
$ |
1,378 |
|||||||||||||
|
Outstanding FNFV shares |
72.2 |
92.8 |
|||||||||||||||
|
FNFV Book Value per Share |
$ |
13.43 |
$ |
14.84 |
|||||||||||||
|
| ||||||||||||||||||||||||
|
Three Months Ended |
Twelve Months Ended | |||||||||||||||||||||||
|
|
| |||||||||||||||||||||||
|
Consolidated |
Core |
FNFV |
Consolidated |
Core |
FNFV | |||||||||||||||||||
|
Direct title premiums |
$ |
521 |
$ |
521 |
$ |
— |
$ |
2,009 |
$ |
2,009 |
$ |
— |
||||||||||||
|
Agency title premiums |
592 |
592 |
— |
2,277 |
2,277 |
— |
||||||||||||||||||
|
Total title premiums |
1,113 |
1,113 |
— |
4,286 |
4,286 |
— |
||||||||||||||||||
|
Escrow, title-related and other fees |
807 |
776 |
31 |
3,324 |
3,121 |
203 |
||||||||||||||||||
|
Total title and escrow and other |
1,920 |
1,889 |
31 |
7,610 |
7,407 |
203 |
||||||||||||||||||
|
Restaurant revenue |
328 |
— |
328 |
1,412 |
— |
1,412 |
||||||||||||||||||
|
Interest and investment income |
30 |
30 |
— |
123 |
121 |
2 |
||||||||||||||||||
|
Realized gains and losses, net |
6 |
14 |
(8) |
(13) |
6 |
(19) |
||||||||||||||||||
|
Total revenue |
2,284 |
1,933 |
351 |
9,132 |
7,534 |
1,598 |
||||||||||||||||||
|
Personnel costs |
678 |
636 |
42 |
2,671 |
2,514 |
157 |
||||||||||||||||||
|
Other operating expenses |
457 |
437 |
20 |
1,881 |
1,714 |
167 |
||||||||||||||||||
|
Cost of restaurant revenue |
274 |
— |
274 |
1,195 |
— |
1,195 |
||||||||||||||||||
|
Agent commissions |
452 |
452 |
— |
1,731 |
1,731 |
— |
||||||||||||||||||
|
Depreciation and amortization |
104 |
90 |
14 |
410 |
345 |
65 |
||||||||||||||||||
|
Title claim loss expense |
61 |
61 |
— |
246 |
246 |
— |
||||||||||||||||||
|
Interest expense |
34 |
31 |
3 |
131 |
122 |
9 |
||||||||||||||||||
|
Total expenses |
2,060 |
1,707 |
353 |
8,265 |
6,672 |
1,593 |
||||||||||||||||||
|
Earnings (loss) from continuing operations before taxes |
224 |
226 |
(2) |
867 |
862 |
5 |
||||||||||||||||||
|
Income tax expense (benefit) |
71 |
73 |
(2) |
290 |
310 |
(20) |
||||||||||||||||||
|
Earnings from continuing operations before equity investments |
153 |
153 |
— |
577 |
552 |
25 |
||||||||||||||||||
|
Earnings (loss) from equity investments |
— |
2 |
(2) |
(16) |
6 |
(22) |
||||||||||||||||||
|
Net earnings (loss) |
153 |
155 |
(2) |
561 |
558 |
3 |
||||||||||||||||||
|
Non-controlling interests |
14 |
11 |
3 |
34 |
18 |
16 |
||||||||||||||||||
|
Net earnings (loss) attributable to common shareholders |
$ |
139 |
$ |
144 |
$ |
(5) |
$ |
527 |
$ |
540 |
$ |
(13) |
||||||||||||
|
Cash flows provided by operations |
258 |
236 |
22 |
917 |
888 |
29 |
||||||||||||||||||
|
| ||||||||||||||||||||||||
|
Three Months Ended |
Twelve Months Ended | |||||||||||||||||||||||
|
|
| |||||||||||||||||||||||
|
Consolidated |
Core |
FNFV |
Consolidated |
Core |
FNFV | |||||||||||||||||||
|
Direct title premiums |
$ |
478 |
$ |
478 |
$ |
— |
$ |
1,727 |
$ |
1,727 |
$ |
— |
||||||||||||
|
Agency title premiums |
494 |
494 |
— |
1,944 |
1,944 |
— |
||||||||||||||||||
|
Total title premiums |
972 |
972 |
— |
3,671 |
3,671 |
— |
||||||||||||||||||
|
Escrow, title-related and other fees |
707 |
679 |
28 |
2,804 |
2,694 |
110 |
||||||||||||||||||
|
Total title and escrow and other |
1,679 |
1,651 |
28 |
6,475 |
6,365 |
110 |
||||||||||||||||||
|
Restaurant revenue |
381 |
— |
381 |
1,436 |
— |
1,436 |
||||||||||||||||||
|
Interest and investment income |
33 |
33 |
— |
126 |
121 |
5 |
||||||||||||||||||
|
Realized gains and losses, net |
(7) |
4 |
(11) |
(13) |
4 |
(17) |
||||||||||||||||||
|
Total revenue |
2,086 |
1,688 |
398 |
8,024 |
6,490 |
1,534 |
||||||||||||||||||
|
Personnel costs |
652 |
596 |
56 |
2,540 |
2,370 |
170 |
||||||||||||||||||
|
Other operating expenses |
396 |
371 |
25 |
1,643 |
1,557 |
86 |
||||||||||||||||||
|
Cost of restaurant revenue |
321 |
— |
321 |
1,220 |
— |
1,220 |
||||||||||||||||||
|
Agent commissions |
373 |
373 |
— |
1,471 |
1,471 |
— |
||||||||||||||||||
|
Depreciation and amortization |
101 |
83 |
18 |
403 |
336 |
67 |
||||||||||||||||||
|
Title claim loss expense |
59 |
59 |
— |
228 |
228 |
— |
||||||||||||||||||
|
Interest expense |
31 |
29 |
2 |
127 |
122 |
5 |
||||||||||||||||||
|
Total expenses |
1,933 |
1,511 |
422 |
7,632 |
6,084 |
1,548 |
||||||||||||||||||
|
Earnings (loss) from continuing operations before taxes |
153 |
177 |
(24) |
392 |
406 |
(14) |
||||||||||||||||||
|
Income tax expense |
233 |
70 |
163 |
312 |
162 |
150 |
||||||||||||||||||
|
(Loss) earnings from continuing operations before equity investments |
(80) |
107 |
(187) |
80 |
244 |
(164) |
||||||||||||||||||
|
Earnings from equity investments |
475 |
1 |
474 |
432 |
4 |
428 |
||||||||||||||||||
|
Net earnings from continuing operations |
395 |
108 |
287 |
512 |
248 |
264 |
||||||||||||||||||
|
Earnings (loss) from discontinued operations, net of tax |
8 |
— |
8 |
7 |
(1) |
8 |
||||||||||||||||||
|
Net earnings |
403 |
108 |
295 |
519 |
247 |
272 |
||||||||||||||||||
|
Non-controlling interests |
11 |
8 |
3 |
(64) |
(68) |
4 |
||||||||||||||||||
|
Net earnings attributable to common shareholders |
$ |
392 |
$ |
100 |
$ |
292 |
$ |
583 |
$ |
315 |
$ |
268 |
||||||||||||
|
Cash flows provided by operations |
279 |
186 |
93 |
568 |
475 |
93 |
||||||||||||||||||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fnfv-reports-fourth-quarter-2015-results-with-969-million-book-value-of-portfolio-company-investments-or-1343-per-share-repurchased-additional-36-million-shares-of-common-stock-in-fourth-quarter-300218352.html
SOURCE
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