July 20, 2016

FNF Group Reports Second Quarter 2016 Diluted EPS of $0.67 and Adjusted Diluted EPS of $0.74, Pre-Tax Title Margin of 15.4% and Adjusted Pre-Tax Title Margin of 16.5%

JACKSONVILLE, Fla., July 20, 2016 /PRNewswire/ -- Fidelity National Financial, Inc. today reported the operating results of FNF Group  (NYSE:FNF), a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries, for the three and six-month periods ended June 30, 2016.

  • Total revenue of approximately $2.1 billion in the second quarter versus $2.0 billion in the second quarter of 2015
  • Second quarter net earnings of $187 million and adjusted net earnings of $207 million versus net earnings of $160 million and adjusted net earnings of $187 million for the second quarter of 2015
  • Second quarter diluted EPS of $0.67 and adjusted diluted EPS of $0.74 versus diluted EPS of $0.56 and adjusted diluted EPS of $0.65 in the second quarter of 2015
  • Second quarter net cash flow provided by operations of $277 million and free cash flow provided of $165 million versus net cash flow provided by operations of $350 million and free cash flow provided of $309 million in the second quarter of 2015
  • Repurchased nearly 2.5 million shares of FNF common stock for more than $84 million in the second quarter

Title

  • Approximately $1.8 billion in total revenue versus approximately $1.7 billion in total revenue in the second quarter of 2015
  • Pre-tax earnings of $281 million and adjusted pre-tax earnings of $300 million versus pre-tax earnings of $261 million and adjusted pre-tax earnings of $283 million in the second quarter of 2015
  • Pre-tax title margin of 15.4% and adjusted pre-tax title margin of 16.5% versus pre-tax title margin of 15.3% and adjusted pre-tax title margin of 16.5% in the second quarter of 2015
  • ServiceLink generated $203 million in revenue, adjusted pre-tax earnings of $26 million and an adjusted pre-tax margin of 12.8% for the second quarter
  • Open orders per day of 9,016 for the second quarter versus 8,750 open orders per day for the second quarter of 2015
  • Closed orders per day of 6,266 for the second quarter versus 6,375 closed orders per day for the second quarter of 2015
  • Second quarter purchase orders opened and closed increased by 4% and 6%, respectively, versus the second quarter of 2015; for FNTG only (excluding ServiceLink), purchase orders opened and closed increased by 5% and 6%, respectively versus the second quarter of 2015
  • Total commercial revenue of $244 million, a 5% decrease from total commercial revenue in the second quarter of 2015, driven by a 4% increase in closed orders and a 9% decrease in total commercial fee per file; second quarter total commercial open orders decreased by 2%; second quarter national commercial title revenue of $144 million, a 4% decrease from the second quarter of 2015, driven by a 3% improvement in the national commercial fee per file and a 7% decrease in closed orders; second quarter national commercial open orders declined by 4%
  • Overall second quarter average fee per file of $2,116, a 4% increase versus the second quarter of 2015
  • Title claims paid of $73 million, a increase of $3 million, or 4%, from the second quarter of 2015

Title Orders



Direct Orders Opened *



Direct Orders Closed *

Month


 / (% Purchase)


 / (% Purchase)

April 2016


187,000

57%



127,000

56%

May 2016


189,000

58%



132,000

58%

June 2016


201,000

54%



142,000

59%







Second Quarter 2016


577,000

57%



401,000

58%



















Direct Orders Opened *



Direct Orders Closed *

Month


 / (% Purchase)



 / (% Purchase)

April 2015


202,000

53%



138,000

51%

May 2015


174,000

58%



129,000

54%

June 2015


184,000

61%



141,000

57%







Second Quarter 2015


560,000

57%



408,000

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

Second Quarter 2016 - Total Commercial


49,900



33,600



$244



$7,300

Second Quarter 2015 - Total Commercial


50,800



32,400



$258



$8,000













Second Quarter 2016 - National Commercial


20,300



11,600



$144



$12,400

Second Quarter 2015 - National Commercial


21,200



12,500



$150



$12,000

 

BKFS

  • Revenue of $256 million, led by Servicing Technology revenue of approximately $172 million
  • Pre-tax earnings of $41 million, a 78% increase over the second quarter of 2015
  • Adjusted EBITDA of $114 million, a $12 million, or 12% increase, over the second quarter of 2015 and an adjusted EBITDA margin of 45.2%, and a 170 basis point increase over the second quarter of 2015

"This quarter clearly highlights the earnings power of our title insurance business," said Chairman William P. Foley, II.  "We experienced continued mid-single digit growth in the purchase market, a slight decline in commercial revenue and lower refinance closings, yet we still were able to generate a 16.5% adjusted pre-tax title margin.  With the decline in interest rates in late June, we have already begun to see a meaningful increase in refinance openings in the last three weeks, which bodes well for improved third quarter refinance closings.  As we enter the second half of 2016, we will continue to strive to maximize earnings from our operations and remain the most profitable title insurance company in the country.

"Black Knight continued its strong financial performance this quarter, generating revenue of $256 million and adjusted EBITDA of $114 million, for a 45.2% adjusted EBITDA margin.  FNF's Black Knight ownership stake is currently worth approximately $3.2 billion, or more than $11 per FNF share." 

Conference Call
We will host a call with investors and analysts to discuss second quarter 2016 FNF Group results on Thursday, July 21, 2016, beginning at 10:30 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 12:30 p.m. Eastern time on July 21, 2016, through July 28, 2016, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 396730.

About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. is organized into two groups, FNF Group (NYSE: FNF) and FNFV Group (NYSE: FNFV).  FNF is a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries.  FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States.  FNF also provides industry-leading mortgage technology solutions and transaction services, including MSP®, the leading residential mortgage servicing technology platform in the U.S., through its majority-owned subsidiaries, Black Knight Financial Services, Inc. and ServiceLink Holdings, LLC.  FNFV holds majority and minority equity investment stakes in a number of entities, including American Blue Ribbon Holdings, LLC, Ceridian HCM, Inc., Digital Insurance, 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 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 on this same date as well as the risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-Q, 10-K and other filings with the Securities and Exchange Commission.

FNF-E

 

FNF GROUP

SECOND QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

 (Unaudited)









Three Months Ended

Total FNF
Group


Title


BKFS


FNF Group
Corporate and
Other

June 30, 2016





Direct title premiums

$

540



$

540



$



$


Agency title premiums

691



691






Escrow, title related and other fees (1)

867



552



256



59


Total title and escrow

2,098



1,783



256



59










Interest and investment income

36



36






Realized gains and losses, net



3





(3)


Total revenue

2,134



1,822



256



56










Personnel costs

667



557



95



15


Agent commissions

526



526






Other operating expenses

465



354



55



56


Depreciation and amortization

87



36



49



2


Claim loss expense

68



68






Interest expense

32





16



16


Total expenses

1,845



1,541



215



89










Pre-tax earnings (loss) from continuing operations

$

289



$

281



$

41



$

(33)










Non-GAAP adjustments before taxes








  Realized (gains) and losses, net



(3)





3


  Deferred revenue add back and management fee

3



1



2




  Purchase price amortization

42



21



20



1


  M&A costs

1





1




  Other legal accruals

5





5




 Total non-GAAP adjustments before taxes

$

51



$

19



$

28



$

4










  Adjusted pre-tax earnings (loss) from continuing ops.

$

340



$

300



$

69



$

(29)


  Adjusted pre-tax margin from continuing operations

15.9

%


16.5

%


26.7

%











Purchase price amortization

(42)



(21)



(20)



(1)


Depreciation and amortization

87



36



49



2


Interest expense

32





16



16










  Adjusted EBITDA

$

417



$

315



$

114



$

(12)


  Adjusted EBITDA margin

19.5

%


17.3

%


45.2

%











ServiceLink non-GAAP reconciliations:








ServiceLink pre-tax earnings

$

6








Purchase price amortization

17








Management fee / other expenses

3








ServiceLink adjusted pre-tax earnings

$

26








 

1.         BKFS also reported adjusted revenue of $258 million, which includes $2 million of deferred revenue

 

FNF GROUP

SECOND QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)









Three Months Ended

Total FNF
Group


Title


BKFS


FNF Group
Corporate and
Other

June 30, 2016





Pre-tax earnings (loss) from continuing operations

$

289



$

281



$

41



$

(33)


  Income tax expense (benefit)

98



106



14



(22)


  Earnings from equity investments

3



3






  Non-controlling interests

7



(4)



12



(1)










Net earnings (loss) attributable to FNF Group common shareholders

$

187



$

182



$

15



$

(10)










EPS attributable to FNF Group common shareholders - basic

$

0.69



$

0.67



$

0.06



$

(0.04)


EPS attributable to FNF Group common shareholders - diluted

$

0.67



$

0.65



$

0.06



$

(0.04)










FNF Group weighted average shares - basic

272








FNF Group weighted average shares - diluted

281
















Net earnings (loss) attributable to FNF Group common shareholders

$

187



$

182



$

15



$

(10)










 Total non-GAAP, pre-tax adjustments

$

51



$

19



$

28



$

4


  Income taxes on non-GAAP adjustments

(20)



(7)



(11)



(2)


  Noncontrolling interest on non-GAAP adjustments

(11)



(3)



(8)




Total non-GAAP adjustments

$

20



$

9



$

9



$

2










Adjusted net earnings (loss) attributable to FNF Group common shareholders

$

207



$

191



$

24



$

(8)










Adjusted EPS attributable to FNF Group common shareholders - diluted

$

0.74



$

0.68



$

0.09



$

(0.03)










Direct orders opened (000's)

577



577






Direct orders closed (000's)

401



401






Fee per file

$

2,116



$

2,116






Actual title claims paid

$

73



$

73














Cash flows provided by operations:

$

277








Non-GAAP adjustments:








  THL management fee

1








  M&A costs

1








Total non-GAAP adjustments

2
















Adjusted cash flows from operations

279








Capital expenditures

114








Free cash flow

$

165








 

FNF GROUP

SECOND QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)









Three Months Ended

Total FNF
Group


Title


BKFS


FNF Group
Corporate and
Other

June 30, 2015





Direct title premiums

$

547



$

547



$



$


Agency title premiums

597



597






Escrow, title related and other fees (1)

827



535



232



60


Total title and escrow

1,971



1,679



232



60










Interest and investment income

32



32






Realized gains and losses, net

(8)





(5)



(3)


Total revenue

1,995



1,711



227



57










Personnel costs

652



540



102



10


Agent commissions

451



451






Other operating expenses

453



355



41



57


Depreciation and amortization

87



35



50



2


Claim loss expense

69



69






Interest expense

31





11



20


Total expenses

1,743



1,450



204



89










Pre-tax earnings (loss) from continuing operations

$

252



$

261



$

23



$

(32)










Non-GAAP adjustments before taxes








  Realized (gains) and losses, net

8





5



3


  Deferred revenue add back and management fee

4



1



3




  Purchase price amortization

44



21



23




  IPO costs and profits interest acceleration

10





10




 Total non-GAAP adjustments before taxes

$

66



$

22



$

41



$

3










  Adjusted pre-tax earnings (loss) from continuing operations

$

318



$

283



$

64



$

(29)


  Adjusted pre-tax margin from continuing operations

15.9

%


16.5

%


27.2

%











Purchase price amortization

(44)



(21)



(23)




Depreciation and amortization

87



35



50



2


Interest expense

31





11



20










  Adjusted EBITDA

$

392



$

297



$

102



$

(7)


  Adjusted EBITDA margin

19.5

%


17.4

%


43.5

%



 

1.         BKFS also reported adjusted revenue of $235 million, which includes $3 million of deferred revenue

 


FNF GROUP

SECOND QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)









Three Months Ended

Total FNF
Group


Title


BKFS


FNF Group
Corporate and
Other

June 30, 2015





Pre-tax earnings (loss) from continuing operations

$

252



$

261



$

23



$

(32)










  Income tax expense

95



96





(1)


  Non-controlling interests

(3)



(6)



2



1










Net earnings (loss) attributable to FNF Group common shareholders

$

160



$

171



$

21



$

(32)










EPS attributable to FNF Group common shareholders - basic

$

0.57



$

0.61



$

0.08



$

(0.12)


EPS attributable to FNF Group common shareholders - diluted

$

0.56



$

0.61



$

0.07



$

(0.12)










FNF Group weighted average shares - basic

279








FNF Group weighted average shares - diluted

287
















Net earnings (loss) attributable to FNF Group common shareholders

$

160



$

171



$

21



$

(32)










 Total non-GAAP, pre-tax adjustments

$

66



$

22



$

41



$

3


  Income taxes on non-GAAP adjustments

(16)



(5)



(9)



(2)


  Noncontrolling interest on non-GAAP adjustments

(23)



(7)



(16)




Total non-GAAP adjustments

$

27



$

10



$

16



$

1










Adjusted net earnings (loss) attributable to FNF Group common shareholders

$

187



$

181



$

37



$

(31)










Adjusted EPS attributable to FNF Group common shareholders - diluted

$

0.65



$

0.64



$

0.13



$

(0.12)










Direct orders opened (000's)

560



560






Direct orders closed (000's)

408



408






Fee per file

$

2,026



$

2,026






Actual title claims paid

$

70



$

70














Cash flows provided by operations:

$

350








Non-GAAP adjustments:








   THL management fee

1








   IPO costs

4








Total non-GAAP adjustments

5
















Adjusted cash flows from operations

355








Capital expenditures

46








Free cash flow

$

309








 

FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)










Six Months Ended


Total FNF
Group


Title


BKFS


FNF Group
Corporate and
Other

June 30, 2016





Direct title premiums


$

962



$

962



$



$


Agency title premiums


1,221



1,221






Escrow, title related and other fees (1)


1,608



1,018



498



92


Total title and escrow


3,791



3,201



498



92











Interest and investment income


65



65






Realized gains and losses, net


(3)



3





(6)


Total revenue


3,853



3,269



498



86











Personnel costs


1,281



1,063



191



27


Agent commissions


928



928






Other operating expenses


870



685



96



89


Depreciation and amortization


172



71



97



4


Claim loss expense


120



120






Interest expense


63





32



31


Total expenses


3,434



2,867



416



151











Pre-tax earnings (loss) from continuing operations


$

419



$

402



$

82



$

(65)











Non-GAAP adjustments before taxes









  Realized (gains) and losses, net


3



(3)





6


  Deferred revenue add back and management fee


5



1



4




  Purchase price amortization


83



42



40



1


  M&A costs


1





1




  Other legal accruals


5





5




 Total non-GAAP adjustments before taxes


$

97



$

40



$

50



$

7











  Adjusted pre-tax earnings (loss) from continuing operations


$

516



$

442



$

132



$

(58)


  Adjusted pre-tax margin from continuing operations


13.4

%


13.5

%


26.3

%












Purchase price amortization


(83)



(42)



(40)



(1)


Depreciation and amortization


172



71



97



4


Interest expense


63





32



31











  Adjusted EBITDA


$

668



$

471



$

221



$

(24)


  Adjusted EBITDA margin


17.3

%


14.4

%


45.2

%



 

1.         BKFS also reported adjusted revenue of $502 million, which includes $4 million of deferred revenue

 

FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)









Six Months Ended

Total FNF
Group


Title


BKFS


FNF Group
Corporate and
Other

June 30, 2016





Pre-tax earnings (loss) from continuing operations

$

419



$

402



$

82



$

(65)










  Income tax expense (benefit)

148



151



28



(31)


  Earnings from equity investments

6



6






  Non-controlling interests

17



(6)



24



(1)










Net earnings (loss) attributable to FNF Group common shareholders

$

260



$

263



$

30



$

(33)










EPS attributable to FNF Group common shareholders - basic

$

0.95



$

0.96



$

0.11



$

(0.12)


EPS attributable to FNF Group common shareholders - diluted

$

0.93



$

0.94



$

0.11



$

(0.12)










FNF Group weighted average shares - basic

273








FNF Group weighted average shares - diluted

281
















Net earnings (loss) attributable to FNF Group common shareholders

$

260



$

263



$

30



$

(33)










 Total non-GAAP, pre-tax adjustments

$

97



$

40



$

50



$

7


  Income taxes on non-GAAP adjustments

(35)



(13)



(19)



(3)


  Noncontrolling interest on non-GAAP adjustments

(21)



(7)



(14)




Total non-GAAP adjustments

$

41



$

20



$

17



$

4










Adjusted net earnings (loss) attributable to FNF Group common shareholders

$

301



$

283



$

47



$

(29)










Adjusted EPS attributable to FNF Group common shareholders - diluted

$

1.07



$

1.01



$

0.17



$

(0.11)










Direct orders opened (000's)

1,094



1,094






Direct orders closed (000's)

723



723






Fee per file

$

2,079



$

2,079






Actual title claims paid

$

113



$

113














Cash flows provided by operations:

$

349








Non-GAAP adjustments:








  THL management fee

1








  M&A costs

1








Total non-GAAP adjustments

2
















Adjusted cash flows from operations

351








Capital expenditures

152








Free cash flow

$

199








 

FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)










Six Months Ended


Total FNF
Group


Title


BKFS


FNF Group
Corporate and
Other

June 30, 2015






Direct title premiums


$

964



$

964



$



$


Agency title premiums


1,038



1,038






Escrow, title related and other fees  (1)


1,522



985



459



78


Total title and escrow


3,524



2,987



459



78











Interest and investment income


62



62






Realized gains and losses, net


(8)





(5)



(3)


Total revenue


3,578



3,049



454



75











Personnel costs


1,237



1,020



199



18


Agent commissions


784



784






Other operating expenses


825



672



78



75


Depreciation and amortization


170



72



95



3


Claim loss expense


120



120






Interest expense


60





19



41


Total expenses


3,196



2,668



391



137











Pre-tax earnings (loss) from continuing operations


$

382



$

381



$

63



$

(62)











Non-GAAP adjustments before taxes









  Realized (gain) loss, net adjustment


8





5



3


  Deferred revenue add back and management fee


7



1



6




  Purchase price amortization


87



42



44



1


  IPO costs & profits interest acceleration


10





10




 Total non-GAAP adjustments before taxes


$

112



$

43



$

65



$

4











  Adjusted pre-tax earnings (loss) from continuing operations

$

494



$

424



$

128



$

(58)


  Adjusted pre-tax margin from continuing operations


13.8

%


13.9

%


27.6

%












Purchase price amortization


(87)



(42)



(44)



(1)


Depreciation and amortization


170



72



95



3


Interest expense


60





19



41











  Adjusted EBITDA

$

637



$

454



$

198



$

(15)


  Adjusted EBITDA margin


17.7

%


14.9

%


43.1

%



 

1.         BKFS also reported adjusted revenue of $464, which includes $5 million of deferred revenue

 


FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)









Six Months Ended

Total FNF
Group


Title


BKFS


FNF Group
Corporate and
Other

June 30, 2015





Pre-tax earnings (loss) from continuing operations

$

382



$

381



$

63



$

(62)










  Income tax expense

142



139





3


  Earnings from equity investments

2



2






  Non-controlling interests

(4)



(11)



7












Net earnings (loss) attributable to FNF Group common shareholders

$

246



$

255



$

56



$

(65)










EPS attributable to FNF Group common shareholders - basic

$

0.88



$

0.92



$

0.20



$

(0.24)


EPS attributable to FNF Group common shareholders - diluted

$

0.86



$

0.90



$

0.20



$

(0.24)










FNF Group weighted average shares - basic

278








FNF Group weighted average shares - diluted

287
















Net earnings (loss) attributable to FNF Group common shareholders

$

246



$

255



$

56



$

(65)










 Total non-GAAP, pre-tax adjustments

$

112



$

43



$

65



$

4


  Income taxes on non-GAAP adjustments

(28)



(11)



(15)



(2)


  Noncontrolling interest on non-GAAP adjustments

(37)



(13)



(24)




Total non-GAAP adjustments

$

47



$

19



$

26



$

2










Adjusted net earnings (loss) attributable to FNF common shareholders

$

293



$

274



$

82



$

(63)


Adjusted EPS attributable to FNF common shareholders - diluted

$

1.02



$

0.95



$

0.29



$

(0.22)










Direct orders opened (000's)

1,137



1,137






Direct orders closed (000's)

754



754






Fee per file

$

1,938



$

1,938






Actual title claims paid

$

130



$

130














Cash flows provided by operations:

$

385








Non-GAAP adjustments:








  THL management fee

2








  IPO cost

4








Total non-GAAP adjustments

6
















Adjusted cash flows from operations

391








Capital expenditures

80








Free cash flow

$

311








 

FNF GROUP

QUARTERLY OPERATING STATISTICS

(Unaudited)




















Q2 2016


Q1 2016


Q4 2015


Q3 2015


Q2 2015


Q1 2015


Q4 2014


Q3 2014

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

Total open orders*


577



517



441



514



560



578



452



481


Total open orders per day*


9.0



8.3



7.0



8.0



8.8



9.5



7.1



7.5


Purchase % of open orders


57

%


55

%


55

%


58

%


57

%


47

%


52

%


60

%

Refinance % of open orders


43

%


45

%


45

%


42

%


43

%


53

%


48

%


40

%

Total closed orders*


401



322



341



378



408



345



334



348


Total closed orders per day*


6.3



5.2



5.4



5.9



6.4



5.7



5.3



5.4


Purchase % of closed orders


58

%


55

%


58

%


60

%


54

%


46

%


57

%


62

%

Refinance % of closed orders


42

%


45

%


42

%


40

%


46

%


54

%


43

%


38

%


















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

Total commercial revenue**


$

244



$

211



$

303



$

258



$

258



$

208



$

274



$

225


Total commercial open orders**


49.9



48.5



46.3



50.3



50.8



47.8






Total commercial closed orders**


33.6



30.7



36.3



33.0



32.4



29.6























National commercial revenue


$

144



$

121



$

183



$

146



$

150



$

119



$

166



$

136


National commercial open orders


20.3



19.3



18.1



21.0



21.2



20.4



18.1



21.4


National commercial closed orders


11.6



10.6



13.4



12.2



12.5



11.1



12.7



12.8



















Total Fee Per File

Fee per file


$

2,116



$

2,032



$

2,272



$

2,133



$

2,026



$

1,833



$

2,131



$

2,066


Residential and local commercial fee per file


$

1,809



$

1,713



$

1,806



$

1,805



$

1,711



$

1,538



$

1,699



$

1,739


Residential fee per file


$

1,645



$

1,522



$

1,548



$

1,589



$

1,514



$

1,346






Total commercial fee per file**


$

7,300



$

6,900



$

8,300



$

7,800



$

8,000



$

7,000






National commercial fee per file


$

12,400



$

11,400



$

13,600



$

12,000



$

12,000



$

10,700



$

13,100



$

10,600



















Total Staffing

Total field operations employees


10,900



10,900



10,700



11,000



10,900



10,400



9,900



10,200



















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

Total open orders*


484



429



360



422



458



456



354



385


Total open orders per day*


7.5



6.9



5.7



6.6



7.2



7.5



5.6



6.0


Purchase % of open orders


63

%


61

%


62

%


65

%


65

%


54

%


60

%


69

%

Refinance % of open orders


37

%


39

%


38

%


35

%


35

%


46

%


40

%


31

%

Total closed orders*


338



265



285



314



334



277



273



282


Total closed orders per day*


5.3



4.3



4.5



4.9



5.2



4.5



4.3



4.4


Purchase % of closed orders


63

%


60

%


63

%


66

%


61

%


52

%


63

%


70

%

Refinance % of closed orders


37

%


40

%


37

%


34

%


39

%


48

%


37

%


30

%

Fee per file


$

2,337



$

2,261



$

2,521



$

2,364



$

2,264



$

2,055



$

2,382



$

2,306


Total title field operations employees


9,600



9,700



9,500



9,700



9,600



9,100



8,700



8,900



















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

Total Open Orders*


93



87



81



92



102



122



98



96


Total open orders per day*


1.5



1.4



1.3



1.4



1.6



2.0



1.6



1.5


Purchase % of open orders


22

%


24

%


22

%


23

%


22

%


17

%


23

%


23

%

Refinance % of open orders


78

%


76

%


78

%


77

%


78

%


83

%


77

%


77

%

Total closed orders


63



57



56



64



74



68



61



66


Total closed orders per day*


1.0



0.9



0.9



1.0



1.2



1.1



1.0



1.0


Purchase % of closed orders


27

%


28

%


31

%


26

%


21

%


22

%


26

%


24

%

Refinance % of closed orders


73

%


72

%


69

%


74

%


79

%


78

%


74

%


76

%

Fee per file


$

940



$

972



$

1,003



$

987



$

958



$

921



$

1,027



$

1,052


Total ServiceLink operating employees


1,300



1,200



1,200



1,300



1,300



1,300



1,200



1,300


 


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

** Total commercial order and fee per file tracking began in January 2015

 

FNF GROUP

SUMMARY BALANCE SHEET INFORMATION

(In millions)




FNF Group

June 30, 2016


FNF Group

December 31, 2015



(Unaudited)



(Unaudited)

Cash and investment portfolio



$

5,141




$

4,898


Goodwill



4,669




4,572


Title plant



395




395


Total assets



13,032




12,502


Notes payable



2,566




2,593


Reserve for title claim losses



1,590




1,583


Secured trust deposits



1,102




701


Redeemable non-controlling interests



344




344


Non-redeemable non-controlling interests



741




720


Total equity and redeemable non-controlling interests



5,954




5,849


Total equity attributable to common shareholders



4,869




4,785




FNF Group

June 30, 2016



FNFV

June 30, 2016

Consolidated

June 30, 2016


Consolidated

December 31, 2015



(Unaudited)


(Unaudited)

(Unaudited)



Cash and investment portfolio



$

5,141




$

689




$

5,830




$

5,633


Goodwill



4,669




194




4,863




4,760


Title plant



395







395




395


Total assets



13,032




1,406




14,438




13,931


Notes payable



2,566




219




2,785




2,793


Reserve for title claim losses



1,590







1,590




1,583


Secured trust deposits



1,102







1,102




701


Redeemable non-controlling interests



344







344




344


Non-redeemable non-controlling interests



741




119




860




834


Total equity and redeemable non-controlling interests



5,954




1,059




7,013




6,932


Total equity attributable to common shareholders



4,869




940




5,809




5,754


 

Fidelity National Financial, Inc.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited) 







Three Months Ended



Six Months Ended


June 30, 2016



June 30, 2016


Consolidated


Core


FNFV



Consolidated


Core


FNFV

Direct title premiums

$

540



$

540



$




$

962



$

962



$


Agency title premiums

691



691






1,221



1,221




     Total title premiums

1,231



1,231






2,183



2,183




Escrow, title-related and other fees

907



867



40




1,686



1,608



78


     Total title and escrow and other

2,138



2,098



40




3,869



3,791



78















Restaurant revenue

292





292




585





585


Interest and investment income

37



36



1




67



65



2


Realized gains and losses, net

15





15




9



(3)



12


     Total revenue

2,482



2,134



348




4,530



3,853



677















Personnel costs

707



667



40




1,359



1,281



78


Other operating expenses

493



465



28




925



870



55


Cost of restaurant revenue

245





245




490





490


Agent commissions

526



526






928



928




Depreciation and amortization

102



87



15




202



172



30


Title claim loss expense

68



68






120



120




Interest expense

33



32



1




67



63



4


     Total expenses

2,174



1,845



329




4,091



3,434



657















Earnings from continuing operations before taxes

308



289



19




439



419



20


Income tax expense

101



98



3




150



148



2


Earnings from continuing operations before equity investments

207



191



16




289



271



18


(Loss) earnings from equity investments

(1)



3



(4)




1



6



(5)


Net earnings

206



194



12




290



277



13


Non-controlling interests

9



7



2




19



17



2


Net earnings attributable to common shareholders

$

197



$

187



$

10




$

271



$

260



$

11















Cash flows provided by operations

282



277



5




374



349



25


 

Fidelity National Financial, Inc.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited)







Three Months Ended



Six Months Ended


June 30, 2015



June 30, 2015


Consolidated


Core


FNFV



Consolidated


Core


FNFV

Direct title premiums

$

547



$

547



$




$

964



$

964



$


Agency title premiums

597



597






1,038



1,038




     Total title premiums

1,144



1,144






2,002



2,002




Escrow, title-related and other fees

857



827



30




1,665



1,522



143


     Total title and escrow and other

2,001



1,971



30




3,667



3,524



143















Restaurant revenue

371





371




735





735


Interest and investment income

32



32






63



62



1


Realized gains and losses, net

(9)



(8)



(1)




(9)



(8)



(1)


     Total revenue

2,395



1,995



400




4,456



3,578



878















Personnel costs

690



652



38




1,313



1,237



76


Other operating expenses

482



453



29




948



825



123


Cost of restaurant revenue

313





313




619





619


Agent commissions

451



451






784



784




Depreciation and amortization

104



87



17




204



170



34


Title claim loss expense

69



69






120



120




Interest expense

32



31



1




63



60



3


     Total expenses

2,141



1,743



398




4,051



3,196



855















Earnings from continuing operations before taxes

254



252



2




405



382



23


Income tax expense (benefit)

88



95



(7)




138



142



(4)


Earnings from continuing operations before equity investments

166



157



9




267



240



27


Earnings from equity investments

4





4




3



2



1


Net earnings

170



157



13




270



242



28


Non-controlling interests



(3)



3




14



(4)



18


Net earnings attributable to common shareholders

$

170



$

160



$

10




$

256



$

246



$

10















Cash flows provided by operations

348



350



(2)




389



385



4


 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fnf-group-reports-second-quarter-2016-diluted-eps-of-067-and-adjusted-diluted-eps-of-074-pre-tax-title-margin-of-154-and-adjusted-pre-tax-title-margin-of-165-300301505.html

SOURCE Fidelity National Financial, Inc.

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