Fidelity National Financial, Inc.

Fidelity National Financial, Inc.

Press Release

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Apr 27, 2016

FNF Group Reports First Quarter 2016 Adjusted EPS of $0.33, Adjusted Pre-Tax Title Margin of 9.8%, BKFS Revenue Growth of 6% and BKFS Adjusted EBITDA Margin of 45.1%

JACKSONVILLE, Fla., April 27, 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-month period ended March 31, 2016.

  • Total revenue of approximately $1.7 billion in the first quarter versus $1.6 billion in the first quarter of 2015
  • Adjusted first quarter net earnings of $94 million versus adjusted net earnings of $106 million for the first quarter of 2015
  • Adjusted first quarter diluted EPS of $0.33 versus adjusted diluted EPS of $0.37 in the first quarter of 2015
  • First quarter free cash flow provided of $35 million versus $2 million provided in the first quarter of 2015
  • Repurchased 1.9 million shares of FNF common stock for approximately $62 million in the first quarter

Title

  • Approximately $1.4 billion in total revenue, adjusted pre-tax earnings of $142 million and adjusted pre-tax title margin of 9.8% for the first quarter versus approximately $1.3 billion in total revenue, adjusted pre-tax earnings of $141 million and an adjusted pre-tax title margin of 10.5% in the first quarter of 2015
  • Adjusted pre-tax title margin of 9.8% was a 70 basis point decline from the first quarter 2015 adjusted pre-tax title margin of 10.5%
  • ServiceLink generated $195 million in revenue, adjusted EBITDA of $18 million, an adjusted EBITDA margin of 9%, adjusted pre-tax earnings of $14 million and an adjusted pre-tax margin of 7% for the first quarter
  • Open orders per day of 8,339 for the first quarter versus 9,475 open orders per day for the first quarter of 2015
  • Closed orders per day of 5,194 for the first quarter versus 5,656 closed orders per day for the first quarter of 2015
  • First quarter purchase orders opened and closed increased by 5% and 9%, respectively, versus the first quarter of 2015; for FNTG only (excluding ServiceLink), purchase orders opened and closed increased by 6% and 10%, respectively versus the first quarter of 2015
  • Total commercial revenue of $211 million, a 1% increase over total commercial revenue in the first quarter of 2015, driven by a 4% increase in closed orders and a 1% decrease in total commercial fee per file; first quarter total commercial open orders increased by 1%; first quarter national commercial title revenue of $121 million, a 2% increase from the first quarter of 2015, driven by a 7% improvement in the national commercial fee per file and a 5% decrease in closed orders; first quarter national commercial open orders declined by 5%
  • Overall first quarter average fee per file of $2,032, an 11% increase versus the first quarter of 2015
  • Title claims paid of $40 million, a decrease of $20 million, or 33%, from the first quarter of 2015

Title Orders




Direct Orders Opened *



Direct Orders Closed *

Month



/ (% Purchase)



 / (% Purchase)

January 2016


139,000

57%



94,000

55%

February 2016


182,000

52%



99,000

55%

March 2016


196,000

57%



129,000

53%








First Quarter 2016


517,000

55%



322,000

55%








 




Direct Orders Opened *



Direct Orders Closed *

Month



/ (% Purchase)



 / (% Purchase)

January 2015

190,000

42%



94,000

50%

February 2015

187,000

46%



110,000

44%

March 2015


201,000

52%



141,000

46%










First Quarter 2015


578,000

47%



345,000

46%










* 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

First Quarter 2016 - Total Commercial


48,500



30,700



$211



$6,900

First Quarter 2015 - Total Commercial


47,800



29,600



$208



$7,000
















First Quarter 2016 - National Commercial


19,300



10,600



$121



$11,400

First Quarter 2015 - National Commercial


20,400



11,100



$119



$10,700

 

BKFS

  • Revenue of $242 million, led by Servicing Technology revenue of approximately $164 million
  • Revenue growth of 6% for the first quarter compared to the first quarter of 2015, led by strong growth in Origination Technology and Servicing Technology
  • Adjusted EBITDA of $107 million, an $11 million increase, or 11%, over the first quarter of 2015 and an adjusted EBITDA margin of 45.1%

"This quarter was a solid start to what we expect to be another successful year for FNF, as we generated a 9.8% pre-tax title margin in the first quarter," said Chairman William P. Foley, II.  "Given the normal slow first quarter seasonal pattern, a nearly 10% pre-tax title margin is a strong historical first quarter performance. TRID implementation has had a negative impact on our closing efficiency ratio as we continue to carry higher than normal headcount to help our customers navigate the new closing process.  With a current backdrop of mid-single digit growth in the purchase market, an apparently softening refinance market and a relatively flat, although still very strong, commercial market, we are targeting a 15% pre-tax title margin in the second quarter.

"Black Knight continued its strong financial performance this quarter, generating 6% revenue growth, $107 million in adjusted EBITDA and a 45.1% adjusted EBITDA margin.  FNF's Black Knight ownership stake is currently worth approximately $2.5 billion, or more than $9 per FNF share, and we continue to believe that Black Knight will generate long-term value for  FNF shareholders." 

Conference Call
We will host a call with investors and analysts to discuss first quarter 2016 FNF Group results on Thursday, April 28, 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 April 28, 2016, through May 5, 2016, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 391052.

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., Fleetcor Technologies, 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

FIRST QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)










Three Months Ended

March 31, 2016


Total FNF
Group


Title


BKFS


FNF Group
Corporate and
Other




Direct title premiums


$

422



$

422



$



$


Agency title premiums

530



530






Escrow, title related and other fees (1)

741



466



242



33


Total title and escrow

1,693



1,418



242



33











Interest and investment income

29



29






Realized gains and losses, net

(3)







(3)


Total revenue


1,719



1,447



242



30











Personnel costs


614



506



96



12


Agent commissions

402



402






Other operating expenses

405



331



41



33


Depreciation and amortization

85



35



48



2


Claim loss expense

52



52






Interest expense


31





16



15


Total expenses


1,589



1,326



201



62











Pre-tax earnings (loss) from continuing operations

$

130



$

121



$

41



$

(32)











Non-GAAP adjustments before taxes








  Realized (gains) and losses, net

$

3



$



$



$

3


  Deferred revenue add back and management fee

2





2




  Purchase price amortization

41



21



20




 Total non-GAAP adjustments before taxes

$

46



$

21



$

22



$

3











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

$

176



$

142



$

63



$

(29)


  Adjusted pre-tax margin from continuing operations

10.2

%


9.8

%


25.8

%












Purchase price amortization

(41)



(21)



(20)




Depreciation and amortization

85



35



48



2


Interest expense


31





16



15











  Adjusted EBITDA

$

251



$

156



$

107



$

(12)


  Adjusted EBITDA margin

14.6

%


10.8

%


45.1

%












ServiceLink non-GAAP reconciliations:








ServiceLink pre-tax loss

$

(3)








Depreciation and amortization

21








ServiceLink EBITDA

18

















ServiceLink pre-tax loss

$

(3)








Purchase price amortization

17








ServiceLink adjusted pre-tax earnings

$

14








 

1.         BKFS also reported adjusted revenue of $244 million, which includes $2 million of deferred revenue

FNF GROUP

FIRST QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)












Total FNF
Group


Title


BKFS


FNF Group
Corporate and
Other

Three Months Ended




March 31, 2016





Pre-tax earnings (loss) from continuing operations

$

130



$

121



$

41



$

(32)


  Income tax expense (benefit)

50



45



14



(9)


  Earnings from equity investments

3



3






  Non-controlling interests


10



(2)



12













Net earnings (loss) attributable to FNF Group common shareholders

$

73



$

81



$

15



$

(23)











EPS attributable to FNF Group common shareholders - basic

$

0.27



$

0.30



$

0.05



$

(0.08)


EPS attributable to FNF Group common shareholders - diluted

$

0.26



$

0.29



$

0.05



$

(0.08)











FNF Group weighted average shares - basic

274








FNF Group weighted average shares - diluted

281

















Net earnings (loss) attributable to FNF Group common shareholders

$

73



$

81



$

15



$

(23)











 Total non-GAAP, pre-tax adjustments

46



21



22



3


  Noncontrolling interest on non-GAAP adjustments

(10)



(4)



(6)




  Income taxes on non-GAAP adjustments

(15)



(6)



(8)



(1)


Total non-GAAP adjustments

21



11



8



2











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

$

94



$

92



$

23



$

(21)











Adjusted EPS attributable to FNF Group common shareholders - diluted

$

0.33



$

0.33



$

0.08



$

(0.08)











Direct orders opened (000's)

517



517






Direct orders closed (000's)

322



322






Fee per file


$

2,032



$

2,032






Actual title claims paid


$

40



$

40















Cash flows provided by operations:

$

73

















Capital expenditures


38








Free cash flow


$

35








 

 

FNF GROUP

FIRST QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)












Total FNF
Group


Title


BKFS


FNF Group
Corporate and
Other

Three Months Ended





March 31, 2015





Direct title premiums


$

417



$

417



$



$


Agency title premiums


441



441






Escrow, title related and other fees

695



450



227



18


Total title and escrow


1,553



1,308



227



18











Interest and investment income

30



30






Realized gains and losses, net








Total revenue


1,583



1,338



227



18











Personnel costs


585



480



97



8


Agent commissions


333



333






Other operating expenses


372



317



37



18


Depreciation and amortization

83



37



45



1


Claim loss expense


51



51






Interest expense


29





8



21


Total expenses


1,453



1,218



187



48











Pre-tax earnings (loss) from continuing operations

$

130



$

120



$

40



$

(30)











Non-GAAP adjustments before taxes








  Deferred revenue add back

2





2




  Management fee


1





1




  Purchase price amortization

43



21



21



1


 Total non-GAAP adjustments before taxes

$

46



$

21



$

24



$

1











  Adjusted pre-tax earnings (loss) from continuing operations

$

176



$

141



$

64



$

(29)


  Adjusted pre-tax margin from continuing operations

11.1

%


10.5

%


27.9

%












Purchase price amortization

(43)



(21)



(21)



(1)


Depreciation and amortization

83



37



45



1


Interest expense


29





8



21











  Adjusted EBITDA


$

245



$

157



$

96



$

(8)


  Adjusted EBITDA margin

15.5

%


11.7

%


41.9

%



 

 


FNF GROUP

FIRST QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)












Total FNF
Group


Title


BKFS


FNF Group
Corporate and
Other

Three Months Ended




March 31, 2015





Pre-tax earnings (loss) from continuing operations

$

130



$

120



$

40



$

(30)











  Income tax expense

47



43





4


  Earnings from equity investments

2



2






  Non-controlling interests

(1)



(5)



5



(1)











Net earnings (loss) attributable to FNF Group common shareholders

$

86



$

84



$

35



$

(33)











EPS attributable to FNF Group common shareholders - basic

$

0.31



$

0.30



$

0.13



$

(0.12)


EPS attributable to FNF Group common shareholders - diluted

$

0.30



$

0.30



$

0.12



$

(0.12)











FNF Group weighted average shares - basic

278








FNF Group weighted average shares - diluted

288

















Net earnings (loss) attributable to FNF Group common shareholders

$

86



$

84



$

35



$

(33)











 Total non-GAAP, pre-tax adjustments

46



21



24



1


  Income taxes on non-GAAP adjustments

(12)



(6)



(6)




  Noncontrolling interest on non-GAAP adjustments

(14)



(6)



(8)




Total non-GAAP adjustments

20



9



10



1











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

$

106



$

93



$

45



$

(32)











Adjusted EPS attributable to FNF Group common shareholders - diluted

$

0.37



$

0.32



$

0.16



$

(0.11)











Direct orders opened (000's)

578



578






Direct orders closed (000's)

345



345






Fee per file

$

1,833



$

1,833






Actual title claims paid

$

60



$

60















Cash flows provided by operations:

$

35








Non-GAAP adjustments:








   THL Management Fee

1








Total non-GAAP adjustments

1

















Adjusted cash flows from operations

36








Capital expenditures

34








Free cash flow

$

2








 

 

FNF GROUP

QUARTERLY OPERATING STATISTICS

(Unaudited)






















Q1 2016


Q4 2015


Q3 2015


Q2 2015


Q1 2015


Q4 2014


Q3 2014


Q2 2014

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

Total open orders*

517



441



514



560



578



452



481



514


Total open orders per day*

8.3



7.0



8.0



8.8



9.5



7.1



7.5



8.0


Purchase % of open orders

55

%


55

%


58

%


57

%


47

%


52

%


60

%


60

%

Refinance % of open orders

45

%


45

%


42

%


43

%


53

%


48

%


40

%


40

%

Total closed orders*

322



341



378



408



345



334



348



342


Total closed orders per day*

5.2



5.4



5.9



6.4



5.7



5.3



5.4



5.3


Purchase % of closed orders

55

%


58

%


60

%


54

%


46

%


57

%


62

%


61

%

Refinance % of closed orders

45

%


42

%


40

%


46

%


54

%


43

%


38

%


39

%


















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

Total commercial revenue**

$

211



$

303



$

258



$

258



$

208



$

274



$

225



$

183


Total commercial open orders**

48.5



46.3



50.3



50.8



47.8








Total commercial closed orders**

30.7



36.3



33.0



32.4



29.6

























National commercial revenue

$

121



$

183



$

146



$

150



$

119



$

166



$

136



$

115


National commercial open orders

19.3



18.1



21.0



21.2



20.4



18.1



21.4



22.2


National commercial closed orders

10.6



13.4



12.2



12.5



11.1



12.7



12.8



11.8



















Total Fee Per File

Fee per file

$

2,032



$

2,272



$

2,133



$

2,026



$

1,833



$

2,131



$

2,066



$

1,982


Residential and local commercial fee per file

$

1,713



$

1,806



$

1,805



$

1,711



$

1,538



$

1,699



$

1,739



$

1,750


Residential fee per file

$

1,522



$

1,548



$

1,589



$

1,514



1,346








Total commercial fee per file**

$

6,900



$

8,300



$

7,800



$

8,000



7,000








National commercial fee per file

$

11,400



$

13,600



$

12,000



$

12,000



$

10,700



$

13,100



$

10,600



$

9,800



















Total Staffing

Total field operations employees

10,900



10,700



11,000



10,900



10,400



9,900



10,200



10,200



















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

Total open orders*

429



360



422



458



456



354



385



403


Total open orders per day*

6.9



5.7



6.6



7.2



7.5



5.6



6.0



6.3


Purchase % of open orders

61

%


62

%


65

%


65

%


54

%


60

%


69

%


71

%

Refinance % of open orders

39

%


38

%


35

%


35

%


46

%


40

%


31

%


29

%

Total closed orders*

265



285


314


334


277


273


282


272

Total closed orders per day*

4.3


4.5


4.9


5.2


4.5


4.3


4.4


4.3

Purchase % of closed orders

60

%


63

%


66

%


61

%


52

%


63

%


70

%


71

%

Refinance % of closed orders

40

%


37

%


34

%


39

%


48

%


37

%


30

%


29

%

Fee per file

$

2,261



$

2,521



$

2,364



$

2,264



$

2,055



$

2,382



$

2,306



$

2,227


Total title field operations employees

9,700



9,500



9,700



9,600



9,100



8,700



8,900



8,700



















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

Total Open Orders*

87



81



92



102



122



98



96



111


Total open orders per day*

1.4



1.3



1.4



1.6



2.0



1.6



1.5



1.7


Purchase % of open orders

24

%


22

%


23

%


22

%


17

%


23

%


23

%


20

%

Refinance % of open orders

76

%


78

%


77

%


78

%


83

%


77

%


77

%


80

%

Total closed orders

57



56



64



74



68



61



66



70


Total closed orders per day*

0.9



0.9



1.0



1.2



1.1



1.0



1.0



1.1


Purchase % of closed orders

28

%


31

%


26

%


21

%


22

%


26

%


24

%


18

%

Refinance % of closed orders

72

%


69

%


74

%


79

%


78

%


74

%


76

%


82

%

Fee per file

$

972



$

1,003



$

987



$

958



$

921



$

1,027



$

1,052



$

1,038


Total ServiceLink operating employees

1,200



1,200



1,300



1,300



1,300



1,200



1,300



1,500


 

* 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

March 31, 2016


FNF Group

December 31, 2015



(Unaudited)



(Unaudited)

Cash and investment portfolio



$

4,957




$

4,898


Goodwill



4,579




4,572


Title plant



395




395


Total assets



12,533




12,502


Notes payable



2,535




2,593


Reserve for title claim losses



1,595




1,583


Secured trust deposits



840




701


Redeemable non-controlling interests



344




344


Non-redeemable non-controlling interests



732




720


Total equity and redeemable non-controlling interests



5,852




5,849


Total equity attributable to common shareholders



4,776




4,785














































FNF Group

March 31, 2016



FNFV

March 31, 2016

Consolidated

March 31, 2016


Consolidated

December 31, 2015



(Unaudited)


(Unaudited)


(Unaudited)




Cash and investment portfolio



$

4,957




$

701




$

5,658




$

5,633


Goodwill



4,579




187




4,766




4,760


Title plant



395







395




395


Total assets



12,533




1,410




13,943




13,931


Notes payable



2,535




207




2,742




2,793


Reserve for title claim losses



1,595







1,595




1,583


Secured trust deposits



840







840




701


Redeemable non-controlling interests



344







344




344


Non-redeemable non-controlling interests



732




116




848




834


Total equity and redeemable non-controlling interests



5,852




1,067




6,919




6,932


Total equity attributable to common shareholders



4,776




951




5,727




5,754


 

 

Fidelity National Financial, Inc.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited) 




Three Months Ended


March 31, 2016


Consolidated


Core


FNFV

Direct title premiums

$

422



$

422



$


Agency title premiums

530



530




     Total title premiums

952



952




Escrow, title-related and other fees

779



741



38


     Total title and escrow and other

1,731



1,693



38








Restaurant revenue

293





293


Interest and investment income

30



29



1


Realized gains and losses, net

(6)



(3)



(3)


     Total revenue

2,048



1,719



329








Personnel costs

652



614



38


Other operating expenses

432



405



27


Cost of restaurant revenue

245





245


Agent commissions

402



402




Depreciation and amortization

100



85



15


Title claim loss expense

52



52




Interest expense

34



31



3


     Total expenses

1,917



1,589



328








Earnings from continuing operations before taxes

131



130



1


Income tax expense (benefit)

49



50



(1)


Earnings from continuing operations before equity investments

82



80



2


Earnings (loss) from equity investments

2



3



(1)


Net earnings

84



83



1


Non-controlling interests

10



10




Net earnings attributable to common shareholders

$

74



$

73



$

1








Cash flows provided by operations

92



73



19


 

 

Fidelity National Financial, Inc.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited)




Three Months Ended


March 31, 2015


Consolidated


Core


FNFV

Direct title premiums

$

417



$

417



$


Agency title premiums

441



441




     Total title premiums

858



858




Escrow, title-related and other fees

808



695



113


     Total title and escrow and other

1,666



1,553



113








Restaurant revenue

364





364


Interest and investment income

31



30



1


Realized gains and losses, net






     Total revenue

2,061



1,583



478








Personnel costs

623



585



38


Other operating expenses

466



372



94


Cost of restaurant revenue

306





306


Agent commissions

333



333




Depreciation and amortization

100



83



17


Title claim loss expense

51



51




Interest expense

31



29



2


     Total expenses

1,910



1,453



457








Earnings from continuing operations before taxes

151



130



21


Income tax expense

50



47



3


Earnings from continuing operations before equity investments

101



83



18


(Loss) earnings from equity investments

(1)



2



(3)


Net earnings

100



85



15


Non-controlling interests

14



(1)



15


Net earnings attributable to common shareholders

$

86



$

86



$








Cash flows provided by operations

42



35



7


 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fnf-group-reports-first-quarter-2016-adjusted-eps-of-033-adjusted-pre-tax-title-margin-of-98-bkfs-revenue-growth-of-6-and-bkfs-adjusted-ebitda-margin-of-451-300258500.html

SOURCE Fidelity National Financial, Inc.

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