November 2, 2016

FNF Group Reports Third Quarter 2016 Diluted EPS of $0.58 and Adjusted Diluted EPS of $0.69, Pre-Tax Title Margin of 14.1% and Adjusted Pre-Tax Title Margin of 15.8%

JACKSONVILLE, Fla., Nov. 2, 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 nine-month periods ended September 30, 2016.

  • Total revenue of approximately $2.2 billion in the third quarter versus $2.0 billion in the third quarter of 2015
  • Third quarter net earnings of $163 million and adjusted net earnings of $192 million versus net earnings of $150 million and adjusted net earnings of $171 million for the third quarter of 2015
  • Third quarter diluted EPS of $0.58 and adjusted diluted EPS of $0.69 versus diluted EPS of $0.53 and adjusted diluted EPS of $0.60 in the third quarter of 2015
  • Third quarter net cash flow provided by operations of $360 million and free cash flow provided of $329 million versus net cash flow provided by operations of $279 million and free cash flow provided of $233 million in the third quarter of 2015
  • Repurchased 1.1 million shares of FNF common stock for nearly $41 million in the third quarter
  • Income tax expense rate of 37% for the third quarter versus previously stated estimate of 35%

Title

  • Approximately $1.9 billion in total revenue, a 7% increase over the approximately $1.7 billion in total revenue in the third quarter of 2015
  • Pre-tax earnings of $263 million and adjusted pre-tax earnings of $295 million versus pre-tax earnings of $239 million and adjusted pre-tax earnings of $267 million in the third quarter of 2015
  • Pre-tax title margin of 14.1% and adjusted pre-tax title margin of 15.8% versus pre-tax title margin of 13.8% and adjusted pre-tax title margin of 15.4% in the third quarter of 2015
  • ServiceLink generated $205 million in revenue, adjusted pre-tax earnings of $27 million and an adjusted pre-tax margin of 13.2% for the third quarter
  • Open orders per day of 9,625 for the third quarter versus 8,031 open orders per day for the third quarter of 2015
  • Closed orders per day of 6,766 for the third quarter versus 5,906 closed orders per day for the third quarter of 2015
  • Third quarter purchase orders opened and closed increased by 3% and 4%, respectively, versus the third quarter of 2015; for FNTG only (excluding ServiceLink), purchase orders opened and closed increased by 5% and 4%, respectively versus the third quarter of 2015
  • Total commercial revenue of $233 million, a 10% decrease from total commercial revenue in the third quarter of  2015, driven by a 3% decrease in closed orders and a 6% decrease in total commercial fee per file; third quarter total commercial open orders were essentially flat with the prior year; third quarter national commercial title revenue of $130 million, an 11% decrease from the third quarter of 2015, driven by a 8% decline in the national commercial fee per file and a 4% decrease in closed orders; third quarter national commercial open orders declined by 3%
  • Overall third quarter average fee per file of $2,015, a 6% decrease versus the third quarter of 2015
  • Title claims paid of $57 million, a decrease of $14 million, or 20%, from the third quarter of 2015

Title Orders




Direct Orders Opened *



Direct Orders Closed *

Month


 / (% Purchase)


 / (% Purchase)

July 2016



203,000

48%



130,000

58%

August 2016



218,000

50%



156,000

53%

September 2016



195,000

50%



147,000

52%








Third Quarter 2016



616,000

50%



433,000

54%








 




Direct Orders Opened *



Direct Orders Closed *

Month


 / (% Purchase)



 / (% Purchase)

July 2015



176,000

61%



136,000

60%

August 2015



169,000

58%



120,000

60%

September 2015



169,000

55%



122,000

59%








Third Quarter 2015



514,000

58%



378,000

60%










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

 



Open



Closed



Commercial






Commercial



Commercial



Revenue



Commercial



Orders



Orders



(In millions)



Fee Per File

Third Quarter 2016 - Total Commercial



50,400




31,900




$233




$7,300

Third Quarter 2015 - Total Commercial



50,300




33,000




$258




$7,800

















Third Quarter 2016 - National Commercial



20,400




11,700




$130




$11,100

Third Quarter 2015 - National Commercial



21,000




12,200




$146




$12,000

 

BKFS

  • Revenue of $267 million, led by Servicing Technology revenue of approximately $176 million
  • Pre-tax earnings of $38 million, a $1 million, or 3%, decrease from the third quarter of 2015
  • Adjusted EBITDA of $115 million, a $10 million, or 10%, increase over the third quarter of 2015 and an adjusted EBITDA margin of 44.6%, a 10 basis point decrease from the third quarter of 2015

"This was another strong quarter in our title insurance business, as we generated adjusted pre-tax title earnings of $295 million and a 15.8% adjusted pre-tax title margin," said Chairman William P. Foley, II.  "We benefited from the continued mid-single digit growth in the residential purchase market and the strength of the residential refinance market.  However, we did experience a slowdown in commercial revenue in the third quarter, primarily driven by a decrease in the fee per file.  That weakness was more prominent in July and August, where we saw a 12% decline in daily commercial revenue.  In September, total commercial revenue increased sequentially from July and August and declined by only 3% on a daily basis versus the prior year.  Overall, we remain the most profitable company in the industry and we are confident that our title insurance business will have a solid finish to the year.

"Black Knight continues to execute its business plan, generating revenue of $267 million and adjusted EBITDA of $115 million, for a 44.6% adjusted EBITDA margin.  FNF's Black Knight ownership stake is currently worth more than $3.2 billion, or nearly $12 per FNF share." 

Conference Call
We will host a call with investors and analysts to discuss third quarter 2016 FNF Group results on Thursday, November 3, 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 November 3, 2016, through November 10, 2016, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 403298.

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

THIRD QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

 (Unaudited)




Total FNF Group


Title


BKFS


FNF Group Corporate and Other

Three Months Ended





September 30, 2016





Direct title premiums


$

556



$

556



$



$


Agency title premiums


713



713






Escrow, title related and other fees (1)


904



569



267



68


Total title and escrow


2,173



1,838



267



68











Interest and investment income


28



29





(1)


Realized gains and losses, net


(3)



(2)





(1)


Total revenue


2,198



1,865



267



66











Personnel costs


690



570



103



17


Agent commissions


545



545






Other operating expenses


489



379



53



57


Depreciation and amortization


98



38



57



3


Claim loss expense


70



70






Interest expense


31





16



15


Total expenses


1,923



1,602



229



92











Pre-tax earnings (loss) from continuing operations


$

275



$

263



$

38



$

(26)











Non-GAAP adjustments before taxes









  Realized (gains) and losses, net


3



2





1


  Deferred revenue add back


2





2




  Purchase price amortization


51



24



25



2


  M&A costs


1





1




  Other legal accruals


7



6



1




 Total non-GAAP adjustments before taxes


$

64



$

32



$

29



$

3











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


$

339



$

295



$

67



$

(23)


  Adjusted pre-tax margin from continuing operations


15.4

%


15.8

%


24.9

%












Purchase price amortization


(51)



(24)



(25)



(2)


Depreciation and amortization


98



38



57



3


Interest expense


31





16



15











  Adjusted EBITDA


$

417



$

309



$

115



$

(7)


  Adjusted EBITDA margin


18.9

%


16.6

%


44.6

%












ServiceLink pre-tax earnings


$

1








Purchase price amortization


17








Management fee / other expenses


9








ServiceLink adjusted pre-tax earnings


$

27








1.

BKFS also reported adjusted revenue of $269 million, which includes $2 million of deferred revenue

 

 

FNF GROUP

THIRD QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Total FNF Group


Title


BKFS


FNF Group Corporate and Other

Three Months Ended





September 30, 2016





Pre-tax earnings (loss) from continuing operations


$

275



$

263



$

38



$

(26)


  Income tax expense (benefit)


102



100



12



(10)


  Earnings from equity investments


4



3





1


  Non-controlling interests


14



2



11



1











Net earnings (loss) attributable to FNF Group common shareholders


$

163



$

164



$

15



$

(16)











EPS attributable to FNF Group common shareholders - basic


$

0.60



$

0.60



$

0.06



$

(0.06)


EPS attributable to FNF Group common shareholders - diluted


$

0.58



$

0.59



$

0.05



$

(0.06)











FNF Group weighted average shares - basic


271








FNF Group weighted average shares - diluted


279

















Net earnings (loss) attributable to FNF Group common shareholders


$

163



$

164



$

15



$

(16)











 Total non-GAAP, pre-tax adjustments


$

64



$

32



$

29



$

3


  Income taxes on non-GAAP adjustments


(22)



(10)



(11)



(1)


  Noncontrolling interest on non-GAAP adjustments


(13)



(5)



(8)




Total non-GAAP adjustments


$

29



$

17



$

10



$

2











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


$

192



$

181



$

25



$

(14)











Adjusted EPS attributable to FNF Group common shareholders - diluted


$

0.69



$

0.65



$

0.09



$

(0.05)











Direct orders opened (000's)


616



616






Direct orders closed (000's)


433



433






Fee per file


$

2,015



$

2,015






Actual title claims paid


$

57



$

57















Cash flows provided by operations:


$

360








Non-GAAP adjustments:









  M&A costs


1








  Other


1








Total non-GAAP adjustments


2

















Adjusted cash flows from operations


362








Capital expenditures


33








Free cash flow


$

329








 

 

 

FNF GROUP

THIRD QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Total FNF Group


Title


BKFS


FNF Group Corporate and Other

Three Months Ended





September 30, 2015





Direct title premiums


$

524



$

524



$



$


Agency title premiums


647



647






Escrow, title related and other fees (1)


823



537



234



52


Total title and escrow


1,994



1,708



234



52











Interest and investment income


29



30





(1)


Total revenue


2,023



1,738



234



51











Personnel costs


641



539



90



12


Agent commissions


495



495






Other operating expenses


452



364



41



47


Depreciation and amortization


85



36



48



1


Claim loss expense


65



65






Interest expense


31





16



15


Total expenses


1,769



1,499



195



75











Pre-tax earnings (loss) from continuing operations


$

254



$

239



$

39



$

(24)











Non-GAAP adjustments before taxes









  Deferred revenue add back and management fee


3



1



2




  Purchase price amortization


50



27



23




 Total non-GAAP adjustments before taxes


$

53



$

28



$

25



$











  Adjusted pre-tax earnings (loss) from continuing operations


$

307



$

267



$

64



$

(24)


  Adjusted pre-tax margin from continuing operations


15.2

%


15.4

%


27.1

%












Purchase price amortization


(50)



(27)



(23)




Depreciation and amortization


85



36



48



1


Interest expense


31





16



15











  Adjusted EBITDA


$

373



$

276



$

105



$

(8)


  Adjusted EBITDA margin


18.4

%


15.9

%


44.7

%



 

1.

BKFS also reported adjusted revenue of $236 million, which includes $2 million of deferred revenue

 

 

 

FNF GROUP

THIRD QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Total FNF Group


Title


BKFS


FNF Group Corporate and Other

Three Months Ended





September 30, 2015





Pre-tax earnings (loss) from continuing operations


$

254



$

239



$

39



$

(24)











  Income tax expense (benefit)


95



87



17



(9)


  Earnings from equity investments


2



2






  Non-controlling interests


11





10



1











Net earnings (loss) attributable to FNF Group common shareholders


$

150



$

154



$

12



$

(16)











EPS attributable to FNF Group common shareholders - basic


$

0.54



$

0.56



$

0.04



$

(0.06)


EPS attributable to FNF Group common shareholders - diluted


$

0.53



$

0.55



$

0.04



$

(0.06)











FNF Group weighted average shares - basic


277








FNF Group weighted average shares - diluted


285

















Net earnings (loss) attributable to FNF Group common shareholders


$

150



$

154



$

12



$

(16)











 Total non-GAAP, pre-tax adjustments


$

53



$

28



$

25



$


  Income taxes on non-GAAP adjustments


(15)



(9)



(6)




  Noncontrolling interest on non-GAAP adjustments


(17)



(6)



(11)




Total non-GAAP adjustments


$

21



$

13



$

8



$











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


$

171



$

167



$

20



$

(16)











Adjusted EPS attributable to FNF Group common shareholders - diluted


$

0.60



$

0.59



$

0.07



$

(0.06)











Direct orders opened (000's)


514



514






Direct orders closed (000's)


378



378






Fee per file


$

2,133



$

2,133






Actual title claims paid


$

71



$

71















Cash flows provided by operations:


$

279








Non-GAAP adjustments:









   THL management fee


1








Total non-GAAP adjustments


1

















Adjusted cash flows from operations


280








Capital expenditures


47








Free cash flow


$

233








 


 

 

FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Total FNF Group


Title


BKFS


FNF Group Corporate and Other

Nine Months Ended





September 30, 2016





Direct title premiums


$

1,518



$

1,518



$



$


Agency title premiums


1,934



1,934






Escrow, title related and other fees (1)


2,512



1,587



765



160


Total title and escrow


5,964



5,039



765



160











Interest and investment income


93



94





(1)


Realized gains and losses, net


(6)



1





(7)


Total revenue


6,051



5,134



765



152











Personnel costs


1,971



1,633



294



44


Agent commissions


1,473



1,473






Other operating expenses


1,359



1,064



149



146


Depreciation and amortization


270



109



154



7


Claim loss expense


190



190






Interest expense


94





48



46


Total expenses


5,357



4,469



645



243











Pre-tax earnings (loss) from continuing operations


$

694



$

665



$

120



$

(91)











Non-GAAP adjustments before taxes









  Realized (gains) and losses, net


6



(1)





7


  Deferred revenue add back and management fee


7



1



6




  Purchase price amortization


134



66



65



3


  M&A costs


2





2




  Other legal accruals


12



6



6




 Total non-GAAP adjustments before taxes


$

161



$

72



$

79



$

10











  Adjusted pre-tax earnings (loss) from continuing operations


$

855



$

737



$

199



$

(81)


  Adjusted pre-tax margin from continuing operations


14.1

%


14.4

%


25.8

%












Purchase price amortization


(134)



(66)



(65)



(3)


Depreciation and amortization


270



109



154



7


Interest expense


94





48



46











  Adjusted EBITDA


$

1,085



$

780



$

336



$

(31)


  Adjusted EBITDA margin


17.9

%


15.2

%


45.0

%



 

1.

BKFS also reported adjusted revenue of $770 million, which includes $5 million of deferred revenue

 

 

 

FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Total FNF Group


Title


BKFS


FNF Group Corporate and Other

Nine Months Ended





September 30, 2016





Pre-tax earnings (loss) from continuing operations


$

694



$

665



$

120



$

(91)











  Income tax expense (benefit)


250



251



40



(41)


  Earnings from equity investments


10



9





1


  Non-controlling interests


31



(4)



35













Net earnings (loss) attributable to FNF Group common shareholders


$

423



$

427



$

45



$

(49)











EPS attributable to FNF Group common shareholders - basic


$

1.56



$

1.57



$

0.17



$

(0.18)


EPS attributable to FNF Group common shareholders - diluted


$

1.51



$

1.53



$

0.16



$

(0.18)











FNF Group weighted average shares - basic


272








FNF Group weighted average shares - diluted


280

















Net earnings (loss) attributable to FNF Group common shareholders


$

423



$

427



$

45



$

(49)











 Total non-GAAP, pre-tax adjustments


$

161



$

72



$

79



$

10


  Income taxes on non-GAAP adjustments


(57)



(23)



(30)



(4)


  Noncontrolling interest on non-GAAP adjustments


(34)



(12)



(22)




Total non-GAAP adjustments


$

70



$

37



$

27



$

6











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


$

493



$

464



$

72



$

(43)











Adjusted EPS attributable to FNF Group common shareholders - diluted


$

1.76



$

1.66



$

0.26



$

(0.16)











Direct orders opened (000's)


1,708



1,708






Direct orders closed (000's)


1,156



1,156






Fee per file


$

2,055



$

2,055






Actual title claims paid


$

169



$

169















Cash flows provided by operations:


$

709








Non-GAAP adjustments:









  M&A costs


2








  THL management fee


1








  Other


6








Total non-GAAP adjustments


9

















Adjusted cash flows from operations


718








Capital expenditures


185








Free cash flow


$

533








 

 

 

FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Total FNF Group


Title


BKFS


FNF Group Corporate and Other

Nine Months Ended





September 30, 2015





Direct title premiums


$

1,488



$

1,488



$



$


Agency title premiums


1,685



1,685






Escrow, title related and other fees  (1)


2,345



1,522



693



130


Total title and escrow


5,518



4,695



693



130











Interest and investment income


91



92





(1)


Realized gains and losses, net


(8)





(5)



(3)


Total revenue


5,601



4,787



688



126











Personnel costs


1,878



1,559



289



30


Agent commissions


1,279



1,279






Other operating expenses


1,277



1,036



119



122


Depreciation and amortization


255



108



143



4


Claim loss expense


185



185






Interest expense


91





35



56


Total expenses


4,965



4,167



586



212











Pre-tax earnings (loss) from continuing operations


$

636



$

620



$

102



$

(86)











Non-GAAP adjustments before taxes









  Realized (gain) loss, net adjustment


8





5



3


  Deferred revenue add back and management fee


10



2



8




  Purchase price amortization


137



69



67



1


  IPO costs & profits interest acceleration


10





10




 Total non-GAAP adjustments before taxes


$

165



$

71



$

90



$

4











  Adjusted pre-tax earnings (loss) from continuing operations


$

801



$

691



$

192



$

(82)


  Adjusted pre-tax margin from continuing operations


14.3

%


14.4

%


27.4

%












Purchase price amortization


(137)



(69)



(67)



(1)


Depreciation and amortization


255



108



143



4


Interest expense


91





35



56











  Adjusted EBITDA


$

1,010



$

730



$

303



$

(23)


  Adjusted EBITDA margin


18.0

%


15.2

%


43.3

%



 

1.

BKFS also reported adjusted revenue of $700 million, which includes $7 million of deferred revenue

 

 


 

FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Total FNF Group


Title


BKFS


FNF Group Corporate and Other

Nine Months Ended





September 30, 2015





Pre-tax earnings (loss) from continuing operations


$

636



$

620



$

102



$

(86)











  Income tax expense (benefit)


237



226



17



(6)


  Earnings from equity investments


4



4






  Non-controlling interests


7



(11)



17



1











Net earnings (loss) attributable to FNF Group common shareholders


$

396



$

409



$

68



$

(81)











EPS attributable to FNF Group common shareholders - basic


$

1.42



$

1.47



$

0.24



$

(0.29)


EPS attributable to FNF Group common shareholders - diluted


$

1.38



$

1.43



$

0.24



$

(0.29)











FNF Group weighted average shares - basic


278








FNF Group weighted average shares - diluted


286

















Net earnings (loss) attributable to FNF Group common shareholders


$

396



$

409



$

68



$

(81)











 Total non-GAAP, pre-tax adjustments


$

165



$

71



$

90



$

4


  Income taxes on non-GAAP adjustments


(43)



(20)



(21)



(2)


  Noncontrolling interest on non-GAAP adjustments


(54)



(19)



(35)




Total non-GAAP adjustments


$

68



$

32



$

34



$

2











Adjusted net earnings (loss) attributable to FNF common shareholders


$

464



$

441



$

102



$

(79)


Adjusted EPS attributable to FNF common shareholders - diluted


$

1.62



$

1.54



$

0.36



$

(0.28)











Direct orders opened (000's)


1,651



1,651






Direct orders closed (000's)


1,132



1,132






Fee per file


$

2,003



$

2,003






Actual title claims paid


$

201



$

201















Cash flows provided by operations:


$

665








Non-GAAP adjustments:









  THL management fee


3








  IPO cost


4








Total non-GAAP adjustments


7

















Adjusted cash flows from operations


672








Capital expenditures


127








Free cash flow


$

545








 

 

 

FNF GROUP

QUARTERLY OPERATING STATISTICS

(Unaudited)






Q3 2016


Q2 2016


Q1 2016


Q4 2015


Q3 2015


Q2 2015


Q1 2015


Q4 2014


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


Total open orders*


616


577


517


441


514


560


578


452


Total open orders per day*


9.6


9.0


8.3


7.0


8.0


8.8


9.5


7.1


Purchase % of open orders


50

%

57

%

55

%

55

%

58

%

57

%

47

%

52

%

Refinance % of open orders


50

%

43

%

45

%

45

%

42

%

43

%

53

%

48

%

Total closed orders*


433


401


322


341


378


408


345


334


Total closed orders per day*


6.8


6.3


5.2


5.4


5.9


6.4


5.7


5.3


Purchase % of closed orders


54

%

58

%

55

%

58

%

60

%

54

%

46

%

57

%

Refinance % of closed orders


46

%

42

%

45

%

42

%

40

%

46

%

54

%

43

%



















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


Total commercial revenue**


$

233



$

244



$

211



$

303



$

258



$

258



$

208



$

274



Total commercial open orders**


50.4



49.9



48.5



46.3



50.3



50.8



47.8





Total commercial closed orders**


31.9



33.6



30.7



36.3



33.0



32.4



29.6























National commercial revenue


$

130



$

144



$

121



$

183



$

146



$

150



$

119



$

166



National commercial open orders


20.4



20.3



19.3



18.1



21.0



21.2



20.4



18.1



National commercial closed orders


11.7



11.6



10.6



13.4



12.2



12.5



11.1



12.7





























Total Fee Per File


Fee per file


$

2,015



$

2,116



$

2,032



$

2,272



$

2,133



$

2,026



$

1,833



$

2,131



Residential and local commercial fee per file


$

1,762



$

1,809



$

1,713



$

1,806



$

1,805



$

1,711



$

1,538



$

1,699



Residential fee per file


$

1,594



$

1,645



$

1,522



$

1,548



$

1,589



$

1,514



$

1,346




Total commercial fee per file**


$

7,300



$

7,300



$

6,900



$

8,300



$

7,800



$

8,000



$

7,000




National commercial fee per file


$

11,100



$

12,400



$

11,400



$

13,600



$

12,000



$

12,000



$

10,700



$

13,100





































Total Staffing


Total field operations employees


11,400



10,900



10,900



10,700



11,000



10,900



10,400



9,900





























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


Total open orders*


518



484



429



360



422



458



456



354



Total open orders per day*


8.1



7.5



6.9



5.7



6.6



7.2



7.5



5.6



Purchase % of open orders


55

%


63

%


61

%


62

%


65

%


65

%


54

%


60

%


Refinance % of open orders


45

%


37

%


39

%


38

%


35

%


35

%


46

%


40

%


Total closed orders*


369



338



265



285



314



334



277



273



Total closed orders per day*


5.8



5.3



4.3



4.5



4.9



5.2



4.5



4.3



Purchase % of closed orders


58

%


63

%


60

%


63

%


66

%


61

%


52

%


63

%


Refinance % of closed orders


42

%


37

%


40

%


37

%


34

%


39

%


48

%


37

%


Fee per file


$

2,205



$

2,337



$

2,261



$

2,521



$

2,364



$

2,264



$

2,055



$

2,382



Total title field operations employees


10,200



9,600



9,700



9,500



9,700



9,600



9,100



8,700





























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

Total Open Orders*


98



93



87



81



92



102



122



98


Total open orders per day*


1.5



1.5



1.4



1.3



1.4



1.6



2.0



1.6


Purchase % of open orders


17

%


22

%


24

%


22

%


23

%


22

%


17

%


23

%

Refinance % of open orders


83

%


78

%


76

%


78

%


77

%


78

%


83

%


77

%

Total closed orders


64



63



57



56



64



74



68



61


Total closed orders per day*


1.0



1.0



0.9



0.9



1.0



1.2



1.1



1.0


Purchase % of closed orders


27

%


27

%


28

%


31

%


26

%


21

%


22

%


26

%

Refinance % of closed orders


73

%


73

%


72

%


69

%


74

%


79

%


78

%


74

%

Fee per file


$

916



$

940



$

972



$

1,003



$

987



$

958



$

921



$

1,027


Total ServiceLink operating employees


1,200



1,300



1,200



1,200



1,300



1,300



1,300



1,200


 


*

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

September 30, 2016


FNF Group

December 31, 2015



(Unaudited)



(Unaudited)

Cash and investment portfolio



$

4,879




$

4,898


Goodwill



4,851




4,572


Title plant



395




395


Total assets



13,001




12,502


Notes payable



2,527




2,593


Reserve for title claim losses



1,602




1,583


Secured trust deposits



922




701


Redeemable non-controlling interests



344




344


Non-redeemable non-controlling interests



772




720


Total equity and redeemable non-controlling interests



6,068




5,849


Total equity attributable to common shareholders



4,952




4,785


 



FNF Group

September 30, 2016



FNFV

September 30, 2016

Consolidated

September 30, 2016


Consolidated

December 31, 2015



(Unaudited)


(Unaudited)


(Unaudited)




Cash and investment portfolio



$

4,879




$

657




$

5,536




$

5,633


Goodwill



4,851




196




5,047




4,760


Title plant



395







395




395


Total assets



13,001




1,385




14,386




13,931


Notes payable



2,527




227




2,754




2,793


Reserve for title claim losses



1,602







1,602




1,583


Secured trust deposits



922







922




701


Redeemable non-controlling interests



344







344




344


Non-redeemable non-controlling interests



772




117




889




834


Total equity and redeemable non-controlling interests



6,068




1,040




7,108




6,932


Total equity attributable to common shareholders



4,952




923




5,875




5,754


 

 

 

Fidelity National Financial, Inc.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited) 



Three Months Ended



Nine Months Ended


September 30, 2016



September 30, 2016


Consolidated


Core


FNFV



Consolidated


Core


FNFV

Direct title premiums

$

556



$

556



$




$

1,518



$

1,518



$


Agency title premiums

713



713






1,934



1,934




     Total title premiums

1,269



1,269






3,452



3,452




Escrow, title-related and other fees

950



904



46




2,636



2,512



124


     Total title and escrow and other

2,219



2,173



46




6,088



5,964



124















Restaurant revenue

273





273




858





858


Interest and investment income

29



28



1




96



93



3


Realized gains and losses, net

(4)



(3)



(1)




5



(6)



11


     Total revenue

2,517



2,198



319




7,047



6,051



996















Personnel costs

732



690



42




2,091



1,971



120


Other operating expenses

514



489



25




1,439



1,359



80


Cost of restaurant revenue

237





237




727





727


Agent commissions

545



545






1,473



1,473




Depreciation and amortization

113



98



15




315



270



45


Title claim loss expense

70



70






190



190




Interest expense

35



31



4




102



94



8


     Total expenses

2,246



1,923



323




6,337



5,357



980















Earnings (loss) from continuing operations before taxes

271



275



(4)




710



694



16


Income tax expense (benefit)

95



102



(7)




245



250



(5)


Earnings from continuing operations before equity investments

176



173



3




465



444



21


(Loss) earnings from equity investments

(7)



4



(11)




(6)



10



(16)


Net earnings (loss)

169



177



(8)




459



454



5


Non-controlling interests

13



14



(1)




32



31



1


Net earnings (loss) attributable to common shareholders

$

156



$

163



$

(7)




$

427



$

423



$

4















Cash flows provided by operations

372



360



12




745



709



36


 

 

 

Fidelity National Financial, Inc.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited)



Three Months Ended



Nine Months Ended


September 30, 2015



September 30, 2015


Consolidated


Core


FNFV



Consolidated


Core


FNFV

Direct title premiums

$

524



$

524



$




$

1,488



$

1,488



$


Agency title premiums

647



647






1,685



1,685




     Total title premiums

1,171



1,171






3,173



3,173




Escrow, title-related and other fees

852



823



29




2,517



2,345



172


     Total title and escrow and other

2,023



1,994



29




5,690



5,518



172















Restaurant revenue

349





349




1,084





1,084


Interest and investment income

30



29



1




93



91



2


Realized gains and losses, net

(10)





(10)




(19)



(8)



(11)


     Total revenue

2,392



2,023



369




6,848



5,601



1,247















Personnel costs

680



641



39




1,993



1,878



115


Other operating expenses

476



452



24




1,424



1,277



147


Cost of restaurant revenue

302





302




921





921


Agent commissions

495



495






1,279



1,279




Depreciation and amortization

102



85



17




306



255



51


Title claim loss expense

65



65






185



185




Interest expense

34



31



3




97



91



6


     Total expenses

2,154



1,769



385




6,205



4,965



1,240















Earnings (loss) from continuing operations before taxes

238



254



(16)




643



636



7


Income tax expense (benefit)

81



95



(14)




219



237



(18)


Earnings (loss) from continuing operations before equity investments

157



159



(2)




424



399



25


(Loss) Earnings from equity investments

(19)



2



(21)




(16)



4



(20)


Net earnings (loss)

138



161



(23)




408



403



5


Non-controlling interests

6



11



(5)




20



7



13


Net earnings (loss) attributable to common shareholders

$

132



$

150



$

(18)




$

388



$

396



$

(8)















Cash flows provided by operations

283



279



4




673



665



8


 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fnf-group-reports-third-quarter-2016-diluted-eps-of-058-and-adjusted-diluted-eps-of-069-pre-tax-title-margin-of-141-and-adjusted-pre-tax-title-margin-of-158-300356183.html

SOURCE Fidelity National Financial, Inc.

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