July 20, 2016

FNFV Reports Second Quarter 2016 Results With $940 Million Book Value of Portfolio Company Investments, or $13.98 Per Share; Repurchased Additional 1.8 Million Shares of Common Stock in Second Quarter

JACKSONVILLE, Fla., July 20, 2016 /PRNewswire/ -- Fidelity National Financial, Inc. today reported the operating results for FNFV Group (NYSE: FNFV), a tracking stock established to highlight the inherent value of the portfolio companies of Fidelity National Financial, Inc., for the three and six-month periods ended June 30, 2016

  • Total revenue of $348 million in the second quarter versus $400 million in the second quarter of 2015
  • Second quarter diluted EPS of $0.14 and adjusted diluted EPS of $0.06 versus diluted EPS of $0.12 and adjusted diluted EPS of $0.18 in the second quarter of 2015
  • Pretax earnings of $19 million and adjusted EBITDA of $21 million for the second quarter versus pretax earnings of $2 million and adjusted EBITDA of $24 million for the second quarter of 2015
  • Second quarter FNFV net cash flow provided by operations of $5 million and free cash flow used of $10 million versus net cash flow used in operations of $2 million and free cash flow used of $13 million in the second quarter of 2015
  • $106 million in holding company cash on June 30, 2016
  • Repurchased approximately 1.8 million shares of common stock for more than $20 million in the second quarter
  • Since the formation of FNFV in July 2014, nearly 25.5 million shares of FNFV common stock have been repurchased for a total of approximately $344 million; approximately 28% of the shares of  FNFV common stock distributed in July 2014 have been repurchased

Restaurant Group

  • $292 million in total revenue, pretax earnings of $6 million, adjusted EBITDA of $18 million, and an adjusted EBITDA  margin of 6.2% for the second quarter, versus, approximately $371 million in total revenue, pretax earnings of $7 million, adjusted EBITDA of $24 million, and an adjusted EBITDA margin of 6.5% in the second quarter of 2015; second quarter of 2015 included results of J. Alexander's and Max & Erma's
  • Same store sales decreased approximately 2.6% in the second quarter, as Ninety Nine same stores sales growth of 2.4% was offset by a 4.3% decline at O'Charley's, a 4.7% decline at Village Inn and a 5% decline at Bakers Square

Ceridian HCM

  • Second quarter total revenue of approximately $167 million, a 1% increase over the second quarter of 2015, pretax loss of $28 million, adjusted EBITDA of $12 million and an adjusted EBITDA margin of 7%

Digital Insurance

  • Second quarter total revenue of $36 million, a 31% increase over the second quarter of 2015; pretax earnings of $0.4 million; adjusted EBITDA of $8 million, a 40% increase over the second quarter of 2015; second quarter pretax margin and adjusted EBITDA margin of 1% and 22%, respectively

Monetization and Investment Initiatives

  • In June, completed the sale of FNFV's 15% ownership stake in Stillwater Insurance Group for gross cash proceeds of $36 million and a pre-tax gain of $15 million
  • In May and June, Ceridian Holding sold the remaining shares of FleetCor common stock it owned at a price of approximately $151 per share, for gross proceeds of $212 million; $202 million of those proceeds remain in escrow, with 50% eligible for distribution in November 2016 and 50% in November 2017; FNFV expects to receive 33.5% of any proceeds distributed from Ceridian Holding
  • In April, FNFV and our partner bought out the ownership interest of a Ceridian minority investor; FNFV's share of the purchase price was approximately $17.2 million and FNFV's ownership in Ceridian increased to 33.5% after the transaction
  • Repurchased approximately 1.8 million shares of FNFV common stock for more than $20 million during the second  quarter

"We continued our efforts to selectively monetize certain investments and repurchased FNFV common stock during the second quarter, " said Chairman William P. Foley, II.  "In June, we completed the sale of our 15% minority stake in Stillwater Insurance for gross proceeds of $36 million and a pre-tax gain of $15 million.  Additionally, Ceridian Holding sold the remaining shares of Fleetcor, almost all of which were being held in escrow.  Total proceeds were $212 million, of which $202 million remain in escrow and we expect to receive our 33.5% share of those proceeds, before any tax impact, equally in November 2016 and November 2017.  Finally, we increased our investment in Ceridian by $17 million and now own 33.5% of the company.

"We also continued to repurchase our own shares during the quarter.  In total, we bought back an additional 1.8 million shares for a total cost of more than $20 million, thereby reducing FNFV's share count to approximately 67.2 million shares.  We will continue to focus on the growth, financial performance and monetization of our current investments while seeking attractive future investments that will create value for our shareholders."

Conference Call
We will host a call with investors and analysts to discuss second quarter 2016 results of FNFV on Thursday, July 21, 2016, beginning at 11:30 a.m. Eastern Time.  A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at www.fnf.com.  The conference call replay will be available via webcast through the FNF Investor Relations website at www.fnf.com.  The telephone replay will be available from 1:30 p.m. Eastern time on July 21, 2016, through July 28, 2016, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 396732.

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 FNF Group 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

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

SECOND QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)










Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Three Months Ended




June 30, 2016




Operating revenue


$

332



$

292



$

40


Interest and investment income


1





1


Realized gains and losses, net


15





15


Total revenue


348



292



56









Personnel costs


40



14



26


Other operating expenses


28



16



12


Cost of restaurant revenue


245



245




Depreciation and amortization


15



10



5


Interest expense


1



1




Total expenses


329



286



43









Pre-tax earnings from continuing operations


$

19



$

6



$

13









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


(15)





(15)


  Max & Erma's exit/disposal cost


1



1




  Purchase price amortization


8



5



3


 Total non-GAAP adjustments before taxes


$

(6)



$

6



$

(12)









  Adjusted pre-tax earnings from continuing operations


$

13



$

12



$

1


  Adjusted pre-tax margin from continuing operations


3.9

%


4.1

%


2.4

%








Purchase price amortization


(8)



(5)



(3)


Depreciation and amortization


15



10



5


Interest expense


1



1











  Adjusted EBITDA


$

21



$

18



$

3


  Adjusted EBITDA margin


6.3

%


6.2

%


7.3

%

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

SECOND QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)










Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Three Months Ended




June 30, 2016




Pre-tax earnings from continuing operations


$

19



$

6



$

13









  Income tax expense


3





3


  Loss from equity investments


(4)





(4)


  Non-controlling interests


2



2











Net earnings attributable to FNFV common shareholders


$

10



$

4



$

6









EPS attributable to FNFV common shareholders - basic


$

0.15



$

0.06



$

0.09


EPS attributable to FNFV common shareholders - diluted


$

0.14



$

0.06



$

0.09









FNFV weighted average shares - basic


67






FNFV weighted average shares - diluted


70













Net earnings attributable to FNFV common shareholders


$

10



$

4



$

6









 Total non-GAAP, pre-tax adjustments


$

(6)



$

6



$

(12)


  Income taxes on non-GAAP adjustments


4



(1)



5


  Ceridian divestiture (gain) loss


(1)





(1)


  Noncontrolling interest on non-GAAP adjustments


(3)



(3)




Total non-GAAP adjustments


$

(6)



$

2



$

(8)









Adjusted net earnings attributable to FNFV common shareholders


$

4



$

6



$

(2)









Adjusted EPS attributable to FNFV common shareholders - diluted


$

0.06



$

0.09



$

(0.03)









Cash flows provided by operations:


$

5






Capital expenditures


15






Free cash flow


$

(10)






 

 

FIDELITY NATIONAL FINANCIAL VENTURES

SECOND QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)










Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Three Months Ended




June 30, 2015




Operating revenue


$

401



$

371



$

30


Realized gains and losses, net


(1)





(1)


Total revenue


400



371



29









Personnel costs


38



16



22


Other operating expenses


29



21



8


Cost of restaurant revenue


313



313




Depreciation and amortization


17



13



4


Interest expense


1



1




Total expenses


398



364



34









Pre-tax earnings (loss) from continuing operations


$

2



$

7



$

(5)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


1





1


  Purchase price amortization


7



4



3


  IPO Costs


3



3




 Total non-GAAP adjustments before taxes


$

11



$

7



$

4









  Adjusted pre-tax earnings (loss) from continuing operations


$

13



$

14



$

(1)


  Adjusted pre-tax margin from continuing operations


3.2

%


3.8

%


%








Purchase price amortization


(7)



(4)



(3)


Depreciation and amortization


17



13



4


Interest expense


1



1











  Adjusted EBITDA


$

24



$

24



$


  Adjusted EBITDA margin


6.0

%


6.5

%


%

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

SECOND QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)










Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Three Months Ended




June 30, 2015




Pre-tax earnings (loss) from continuing operations


$

2



$

7



$

(5)









  Income tax benefit


(7)





(7)


Earnings from equity investments


4





4


  Non-controlling interests


3



3











Net earnings attributable to FNFV common shareholders


$

10



$

4



$

6









EPS attributable to FNFV common shareholders - basic


$

0.12



$

0.05



$

0.07


EPS attributable to FNFV common shareholders - diluted


$

0.12



$

0.05



$

0.07









FNFV weighted average shares - basic


78






FNFV weighted average shares - diluted


80













Net earnings attributable to FNFV common shareholders


$

10



$

4



$

6









 Total non-GAAP, pre-tax adjustments


$

11



$

7



$

4


  Income taxes on non-GAAP adjustments


(3)



(1)



(2)


  Noncontrolling interest on non-GAAP adjustments


(3)



(3)




Total non-GAAP adjustments


$

5



$

3



$

2









Adjusted net earnings attributable to FNFV common shareholders


$

15



$

7



$

8









Adjusted EPS attributable to FNFV common shareholders - diluted


$

0.18



$

0.09



$

0.09









Cash flows used in operations:


$

(2)






Non-GAAP adjustments:







  IPO Cost


3






Total Non-GAAP adjustments


3













Adjusted cash flows from operations


1






Capital expenditures


14






Free cash flow


$

(13)






 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)










Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Six Months Ended




June 30, 2016




Operating revenue


$

663



$

585



$

78


Interest and investment income


2





2


Realized gains and losses, net


12



(3)



15


Total revenue


677



582



95









Personnel costs


78



27



51


Other operating expenses


55



37



18


Cost of restaurant revenue


490



490




Depreciation and amortization


30



20



10


Interest expense


4



2



2


Total expenses


657



576



81









Pre-tax earnings from continuing operations


$

20



$

6



$

14









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


(12)



3



(15)


  Purchase price amortization


15



8



7


  Max & Erma's exit/disposal cost


7



7




 Total non-GAAP adjustments before taxes


$

10



$

18



$

(8)









  Adjusted pre-tax earnings from continuing operations


$

30



$

24



$

6


  Adjusted pre-tax margin from continuing operations


4.5

%


4.1

%


7.5

%








Purchase price amortization


(15)



(8)



(7)


Depreciation and amortization


30



20



10


Interest expense


4



2



2









  Adjusted EBITDA


$

49



$

38



$

11


  Adjusted EBITDA margin


7.4

%


6.5

%


13.8

%

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)










Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Six Months Ended




June 30, 2016




Pre-tax earnings from continuing operations


$

20



$

6



$

14









  Income tax expense


2





2


Loss from equity investments


(5)





(5)


  Non-controlling interests


2



2











Net earnings attributable to FNFV common shareholders


$

11



$

4



$

7









EPS attributable to FNFV common shareholders - basic


$

0.16



$

0.06



$

0.09


EPS attributable to FNFV common shareholders - diluted


$

0.15



$

0.06



$

0.10









FNFV weighted average shares - basic


69






FNFV weighted average shares - diluted


71













Net earnings attributable to FNFV common shareholders


$

11



$

4



$

7









 Total non-GAAP, pre-tax adjustments


$

10



$

18



$

(8)


  Income taxes on non-GAAP adjustments


1



(4)



5


  Ceridian divestiture (gain) loss


(4)





(4)


  Noncontrolling interest on non-GAAP adjustments


(8)



(8)




Total non-GAAP adjustments


$

(1)



$

6



$

(7)









Adjusted net earnings attributable to FNFV common shareholders


$

10



$

10



$









Adjusted EPS attributable to FNFV common shareholders - diluted


$

0.14



$

0.14



$









Cash flows provided by operations:


$

25






Capital expenditures


27






Free cash flow


$

(2)






 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)










Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Six Months Ended




June 30, 2015




Operating revenue


$

878



$

735



$

143


Interest and investment income


1





1


Realized gains and losses, net


(1)





(1)


Total revenue


878



735



143









Personnel costs


76



33



43


Other operating expenses


123



37



86


Cost of restaurant revenue


619



619




Depreciation and amortization


34



26



8


Interest expense


3



3




Total expenses


855



718



137









Pre-tax earnings from continuing operations


$

23



$

17



$

6









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


1





1


  Purchase price amortization


14



8



6


  IPO costs


3



3




 Total non-GAAP adjustments before taxes


$

18



$

11



$

7









  Adjusted pre-tax earnings from continuing operations


$

41



$

28



$

13


  Adjusted pre-tax margin from continuing operations


4.7

%


3.8

%


9.0

%








Purchase price amortization


(14)



(8)



(6)


Depreciation and amortization


34



26



8


Interest expense


3



3











  Adjusted EBITDA


$

64



$

49



$

15


  Adjusted EBITDA margin


7.3

%


6.7

%


10.4

%

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)










Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Six Months Ended




June 30, 2015




Pre-tax earnings from continuing operations


$

23



$

17



$

6









  Income tax benefit


(4)





(4)


Earnings from equity investments


1





1


  Non-controlling interests


18



6



12









Net earnings (loss) attributable to FNFV common shareholders


$

10



$

11



$

(1)









EPS attributable to FNFV common shareholders - basic


$

0.12



$

0.13



$

(0.01)


EPS attributable to FNFV common shareholders - diluted


$

0.12



$

0.13



$

(0.01)









FNFV weighted average shares - basic


84






FNFV weighted average shares - diluted


86













Net earnings (loss) attributable to FNFV common shareholders


$

10



$

11



$

(1)









 Total non-GAAP, pre-tax adjustments


$

18



$

11



$

7


  Income taxes on non-GAAP adjustments


(5)



(2)



(3)


  Noncontrolling interest on non-GAAP adjustments


(5)



(5)




Total non-GAAP adjustments


$

8



$

4



$

4









Adjusted net earnings attributable to FNFV common shareholders


$

18



$

15



$

3









Adjusted EPS attributable to FNFV common shareholders - diluted


$

0.21



$

0.18



$

0.03









Cash flows provided by operations:


$

4






Non-GAAP adjustments:







IPO costs


3






Total Non-GAAP adjustments


3













Adjusted cash flows from operations


7






Capital expenditures


24






Free cash flow


$

(17)






 

 

FIDELITY NATIONAL FINANCIAL VENTURES

SUMMARY BALANCE SHEET AND BOOK VALUE SUMMARY

(In millions)








FNFV

June 30, 2016


FNFV

December 31,

2015



(Unaudited)


(Unaudited)

Cash and investment portfolio



$

689




$

735


Goodwill



194




188


Total assets



1,406




1,429


Notes payable



219




200


Non-controlling interest



119




114


Total equity and redeemable non-controlling interests



1,059




1,083


Total equity attributable to common shareholders



940




969


 



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


 

Adjusted Book Value Summary

FNFV

June 30,

2016


FNFV

December 31,
2015


(Unaudited)


(Unaudited)

Ceridian/Fleetcor


$

442




$

363


American Blue Ribbon Holdings


176




169


Del Frisco's Restaurant Group


44




34


Digital Insurance


74




73


Holding Company Cash


106




245


Other


98




85


     FNFV Book Value


$

940




$

969


     Outstanding FNFV shares


67.2




72.2


     FNFV Book Value per Share


$

13.98




$

13.43


 

 

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 (benefit)

101



98



3




150



148



2


Earnings from continuing operations before equity investments

207



191



16




289



271



18


Earnings (loss) 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

88



95



(7)




138



142



(4)


Earnings from continuing operations before equity investments

166



157



9




267



240



27


(Loss) 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/fnfv-reports-second-quarter-2016-results-with-940-million-book-value-of-portfolio-company-investments-or-1398-per-share-repurchased-additional-18-million-shares-of-common-stock-in-second-quarter-300301495.html

SOURCE Fidelity National Financial, Inc.

News Provided by Acquire Media


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