November 2, 2016

FNFV Reports Third Quarter 2016 Results With $923 Million Book Value of Portfolio Company Investments, or $13.85 Per Share; Repurchased Additional 455,000 Shares of Common Stock in Third Quarter

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

  • Total revenue of $319 million in the third quarter versus $369 million in the third quarter of 2015
  • Third quarter diluted EPS of ($0.11) and adjusted diluted EPS of ($0.01) versus diluted EPS of ($0.24) and adjusted diluted EPS of $0.00 in the third quarter of 2015
  • Pretax loss of $4 million and adjusted EBITDA of $17 million for the third quarter versus pretax loss of $16 million and adjusted EBITDA of $18 million for the third quarter of 2015
  • Third quarter FNFV net cash flow provided by operations of $12 million and free cash flow used of $4 million versus net cash flow provided by operations of $4 million and free cash flow used of $13 million in the third quarter of 2015
  • $99 million in holding company cash on September 30, 2016
  • Repurchased 455,000 shares of common stock for approximately $5.7 million in the third quarter
  • Since the formation of FNFV in July 2014, nearly 26 million shares of FNFV common stock have been repurchased for a total of approximately $350 million; approximately 29% of the shares of FNFV common stock distributed in July 2014 have been repurchased

Restaurant Group

  • $272 million in total revenue, pretax loss of $4 million, adjusted EBITDA of $11 million, and an adjusted EBITDA  margin of 4.0% for the third quarter, versus, approximately $338 million in total revenue, pretax loss of $13 million, adjusted EBITDA of $16 million, and an adjusted EBITDA margin of 4.6% in the third quarter of 2015; third quarter of 2015 included results of J. Alexander's and Max & Erma's
  • Same store sales decreased approximately 1.9% in the third quarter, as Ninety Nine same stores sales growth of 2.5% was offset by a 2.8% decline at O'Charley's, a 5.3% decline at Village Inn and a 3.8% decline at Bakers Square

Ceridian HCM

  • Third quarter total revenue of approximately $170 million, a 2.4% increase over the third quarter of 2015, pretax loss of $31 million, EBITDA of $6 million and an EBITDA margin of 3%

Digital Insurance

  • Third quarter total revenue of $37 million, a 23% increase over the third quarter of 2015; pretax earnings of $0.1 million; adjusted EBITDA of more than $7 million, a 10% increase over the third quarter of 2015; third quarter adjusted EBITDA margin of 20%

Monetization and Investment Initiatives

  • Repurchased 455,000 shares of FNFV common stock for approximately $5.7 million during the third quarter

"It was a quiet quarter on the monetization front for FNFV," said Chairman William P. Foley, II.  "However, Ceridian continued its evolution into a cloud-based company, as third quarter cloud revenue of $75 million grew 39% over the third quarter of 2015.  We believe that Ceridian will ultimately be a strong investment for FNFV shareholders.  Digital Insurance continues to execute its business plan and should exit 2016 approaching $150 million in annual revenue and EBITDA in the low $30 million range.  ABRH is managing its operations and making operational improvements in a tough economic environment for family and casual restaurants.  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.

"We also continued to repurchase our own shares during the quarter.  In total, we bought back an additional 455,000 shares for a total cost of approximately $5.7 million, thereby reducing FNFV's share count to approximately 66.6 million shares."

Conference Call

We will host a call with investors and analysts to discuss third quarter 2016 results of FNFV on Thursday, November 3, 2016, beginning at 12:30 p.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 2:30 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 403310.

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

THIRD QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)




Total FNFV


Restaurant Group


FNFV
Corporate and Other

Three Months Ended




September 30, 2016




Operating revenue


$

319



$

273



$

46


Interest and investment income


1





1


Realized gains and losses, net


(1)



(1)




Total revenue


319



272



47









Personnel costs


42



13



29


Other operating expenses


25



13



12


Cost of restaurant revenue


237



237




Depreciation and amortization


15



11



4


Interest expense


4



2



2


Total expenses


323



276



47









Pre-tax loss from continuing operations


$

(4)



$

(4)



$









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


1



1




  Purchase price amortization


10



5



5


  Other expenses


1



1




 Total non-GAAP adjustments before taxes


$

12



$

7



$

5









  Adjusted pre-tax earnings from continuing operations


$

8



$

3



$

5


  Adjusted pre-tax margin from continuing operations


2.5

%


1.1

%


10.6

%








Purchase price amortization


(10)



(5)



(5)


Depreciation and amortization


15



11



4


Interest expense


4



2



2









  Adjusted EBITDA


$

17



$

11



$

6


  Adjusted EBITDA margin


5.3

%


4.0

%


12.8

%

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

THIRD QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)




Total FNFV


Restaurant Group


FNFV Corporate and Other

Three Months Ended




September 30, 2016




Pre-tax loss from continuing operations


$

(4)



$

(4)



$









  Income tax benefit


(7)





(7)


  Loss from equity investments


(11)





(11)


  Non-controlling interests


(1)



(1)











Net loss attributable to FNFV common shareholders


$

(7)



$

(3)



$

(4)









EPS attributable to FNFV common shareholders - basic


$

(0.11)



$

(0.05)



$

(0.06)


EPS attributable to FNFV common shareholders - diluted


$

(0.11)



$

(0.05)



$

(0.06)









FNFV weighted average shares - basic


66






FNFV weighted average shares - diluted


69













Net loss attributable to FNFV common shareholders


$

(7)



$

(3)



$

(4)









 Total non-GAAP, pre-tax adjustments


$

12



$

7



$

5


  Income taxes on non-GAAP adjustments


(3)



(1)



(2)


  Noncontrolling interest on non-GAAP adjustments


(3)



(3)




Total non-GAAP adjustments


$

6



$

3



$

3









Adjusted net loss attributable to FNFV common shareholders


$

(1)



$



$

(1)









Adjusted EPS attributable to FNFV common shareholders - diluted


$

(0.01)



$



$

(0.01)









Cash flows provided by operations:


$

12






Non-GAAP adjustments:







Other expenses


1






Total non-GAAP adjustments


1













Adjusted cash flows from operations


13






Capital expenditures


17






Free cash flow


$

(4)






 

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

THIRD QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)




Total FNFV


Restaurant Group


FNFV
Corporate and Other

Three Months Ended




September 30, 2015




Operating revenue


$

378



$

349



$

29


Interest and investment income


1





1


Realized gains and losses, net


(10)



(11)



1


Total revenue


369



338



31









Personnel costs


39



17



22


Other operating expenses


24



18



6


Cost of restaurant revenue


302



302




Depreciation and amortization


17



12



5


Interest expense


3



2



1


Total expenses


385



351



34









Pre-tax loss from continuing operations


$

(16)



$

(13)



$

(3)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


10



11



(1)


  Purchase price amortization


7



3



4


  IPO Costs


4



4




 Total non-GAAP adjustments before taxes


$

21



$

18



$

3









  Adjusted pre-tax earnings from continuing operations


$

5



$

5



$


  Adjusted pre-tax margin from continuing operations


1.3

%


1.4

%


%








Purchase price amortization


(7)



(3)



(4)


Depreciation and amortization


17



12



5


Interest expense


3



2



1









  Adjusted EBITDA


$

18



$

16



$

2


  Adjusted EBITDA margin


4.7

%


4.6

%


6.7

%

 

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

THIRD QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)




Total FNFV


Restaurant Group


FNFV Corporate and Other

Three Months Ended




September 30, 2015




Pre-tax loss from continuing operations


$

(16)



$

(13)



$

(3)









  Income tax benefit


(14)





(14)


Loss from equity investments


(21)





(21)


  Non-controlling interests


(5)



(5)











Net loss attributable to FNFV common shareholders


$

(18)



$

(8)



$

(10)









EPS attributable to FNFV common shareholders - basic


$

(0.24)



$

(0.11)



$

(0.13)


EPS attributable to FNFV common shareholders - diluted


$

(0.24)



$

(0.11)



$

(0.13)









FNFV weighted average shares - basic


76






FNFV weighted average shares - diluted


78













Net loss attributable to FNFV common shareholders


$

(18)



$

(8)



$

(10)









 Total non-GAAP, pre-tax adjustments


$

21



$

18



$

3


  Income taxes on non-GAAP adjustments


(12)



(5)



(7)


  Ceridian Divestiture Loss


15





15


  Noncontrolling interest on non-GAAP adjustments


(6)



(6)




Total non-GAAP adjustments


$

18



$

7



$

11









Adjusted net earnings (loss) attributable to FNFV common shareholders


$



$

(1)



$

1









Adjusted EPS attributable to FNFV common shareholders - diluted


$



$

(0.01)



$

0.01









Cash flows provided by operations:


$

4






Non-GAAP adjustments:







  IPO Cost


4






Total Non-GAAP adjustments


4













Adjusted cash flows from operations


8






Capital expenditures


21






Free cash flow


$

(13)






 

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)




Total FNFV


Restaurant Group


FNFV
Corporate and Other

Nine Months Ended




September 30, 2016




Operating revenue


$

982



$

858



$

124


Interest and investment income


3





3


Realized gains and losses, net


11



(4)



15


Total revenue


996



854



142









Personnel costs


120



40



80


Other operating expenses


80



50



30


Cost of restaurant revenue


727



727




Depreciation and amortization


45



31



14


Interest expense


8



4



4


Total expenses


980



852



128









Pre-tax earnings from continuing operations


$

16



$

2



$

14









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


(11)



4



(15)


  Purchase price amortization


25



13



12


  Max & Erma's exit/disposal cost


7



7




  Other expenses


$

1



$

1



$


 Total non-GAAP adjustments before taxes


$

22



$

25



$

(3)









  Adjusted pre-tax earnings from continuing operations


$

38



$

27



$

11


  Adjusted pre-tax margin from continuing operations


3.9

%


3.1

%


8.7

%








Purchase price amortization


(25)



(13)



(12)


Depreciation and amortization


45



31



14


Interest expense


8



4



4









  Adjusted EBITDA


$

66



$

49



$

17


  Adjusted EBITDA margin


6.7

%


5.7

%


13.4

%

 

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)




Total FNFV


Restaurant Group


FNFV
Corporate and Other

Nine Months Ended




September 30, 2016




Pre-tax earnings from continuing operations


$

16



$

2



$

14









  Income tax expense


(5)





(5)


Loss from equity investments


(16)





(16)


  Non-controlling interests


1



1











Net earnings attributable to FNFV common shareholders


$

4



$

1



$

3









EPS attributable to FNFV common shareholders - basic


$

0.06



$

0.02



$

0.04


EPS attributable to FNFV common shareholders - diluted


$

0.06



$

0.02



$

0.04









FNFV weighted average shares - basic


68






FNFV weighted average shares - diluted


70













Net earnings attributable to FNFV common shareholders


$

4



$

1



$

3









 Total non-GAAP, pre-tax adjustments


$

22



$

25



$

(3)


  Income taxes on non-GAAP adjustments


(2)



(5)



3


  Ceridian divestiture (gain) loss


(4)





(4)


  Noncontrolling interest on non-GAAP adjustments


(11)



(11)




Total non-GAAP adjustments


$

5



$

9



$

(4)









Adjusted net earnings (loss) attributable to FNFV common shareholders


$

9



$

10



$

(1)









Adjusted EPS attributable to FNFV common shareholders - diluted


$

0.13



$

0.14



$

(0.01)









Cash flows provided by operations:


$

36






Non-GAAP adjustments:







  Other expenses


1






Total Non-GAAP adjustments


1













Adjusted cash flows from operations


37






Capital expenditures


44






Free cash flow


$

(7)






 

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)




Total FNFV


Restaurant Group


FNFV
Corporate and Other

Nine Months Ended




September 30, 2015




Operating revenue


$

1,256



$

1,084



$

172


Interest and investment income


2





2


Realized gains and losses, net


(11)



(11)




Total revenue


1,247



1,073



174









Personnel costs


115



50



65


Other operating expenses


147



55



92


Cost of restaurant revenue


921



921




Depreciation and amortization


51



38



13


Interest expense


6



5



1


Total expenses


1,240



1,069



171









Pre-tax earnings from continuing operations


$

7



$

4



$

3









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


11



11




  Purchase price amortization


21



11



10


  IPO costs


7



7




 Total non-GAAP adjustments before taxes


$

39



$

29



$

10









  Adjusted pre-tax earnings from continuing operations


$

46



$

33



$

13


  Adjusted pre-tax margin from continuing operations


3.7

%


3.0

%


7.5

%








Purchase price amortization


(21)



(11)



(10)


Depreciation and amortization


51



38



13


Interest expense


6



5



1









  Adjusted EBITDA


$

82



$

65



$

17


  Adjusted EBITDA margin


6.5

%


6.0

%


9.8

%

 

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)




Total FNFV


Restaurant Group


FNFV
Corporate and Other

Nine Months Ended




September 30, 2015




Pre-tax earnings from continuing operations


$

7



$

4



$

3









  Income tax benefit


(18)





(18)


Loss from equity investments


(20)





(20)


  Non-controlling interests


13



1



12









Net (loss) earnings attributable to FNFV common shareholders


$

(8)



$

3



$

(11)









EPS attributable to FNFV common shareholders - basic


$

(0.10)



$

0.04



$

(0.14)


EPS attributable to FNFV common shareholders - diluted


$

(0.10)



$

0.04



$

(0.14)









FNFV weighted average shares - basic


81






FNFV weighted average shares - diluted


84













Net (loss) earnings attributable to FNFV common shareholders


$

(8)



$

3



$

(11)









 Total non-GAAP, pre-tax adjustments


$

39



$

29



$

10


  Income taxes on non-GAAP adjustments


(17)



(7)



(10)


  Ceridian divestiture loss


15





15


  Noncontrolling interest on non-GAAP adjustments


(11)



(11)




Total non-GAAP adjustments


$

26



$

11



$

15









Adjusted net earnings attributable to FNFV common shareholders


$

18



$

14



$

4









Adjusted EPS attributable to FNFV common shareholders - diluted


$

0.21



$

0.17



$

0.04









Cash flows provided by operations:


$

8






Non-GAAP adjustments:







IPO costs


7






Total Non-GAAP adjustments


7













Adjusted cash flows from operations


15






Capital expenditures


45






Free cash flow


$

(30)






 

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

SUMMARY BALANCE SHEET AND BOOK VALUE SUMMARY

(In millions)




FNFV

September 30, 2016


FNFV

December 31, 2015



(Unaudited)


(Unaudited)

Cash and investment portfolio



$

657




$

735


Goodwill



196




188


Total assets



1,385




1,429


Notes payable



227




200


Non-controlling interest



117




114


Total equity and redeemable non-controlling interests



1,040




1,083


Total equity attributable to common shareholders



923




969


 

 



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


 

 

Adjusted Book Value Summary

FNFV

September 30,

2016


FNFV

December 31, 2015


(Unaudited)


(Unaudited)

Ceridian/Fleetcor


$

432




$

363


American Blue Ribbon Holdings


173




169


Digital Insurance


75




73


Del Frisco's Restaurant Group


42




34


Holding Company Cash


99




245


Other


102




85


     FNFV Book Value


$

923




$

969


     Outstanding FNFV shares


66.6




72.2


     FNFV Book Value per Share


$

13.85




$

13.43


 

 

 

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/fnfv-reports-third-quarter-2016-results-with-923-million-book-value-of-portfolio-company-investments-or-1385-per-share-repurchased-additional-455000-shares-of-common-stock-in-third-quarter-300356091.html

SOURCE Fidelity National Financial, Inc.

News Provided by Acquire Media


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