FNF Group Reports Third Quarter 2017 Diluted EPS of $0.62 and Adjusted Diluted EPS of $0.71, Pre-Tax Title Margin of 14.0% and Adjusted Pre-Tax Title Margin of 15.3%

October 25, 2017 at 4:15 PM EDT

FNF Group Reports Third Quarter 2017 Diluted EPS of $0.62 and Adjusted Diluted EPS of $0.71, Pre-Tax Title Margin of 14.0% and Adjusted Pre-Tax Title Margin of 15.3% 158.9 KB

JACKSONVILLE, Fla., Oct. 25, 2017 /PRNewswire/ -- Fidelity National Financial, Inc. today reported the operating results of FNF Group (NYSE: FNF), a leading provider of title insurance and transaction services to the real estate and mortgage industries, for the three and nine-month periods ended September 30, 2017.

Total revenue of approximately $2.0 billion in the third quarter versus $1.9 billion in the third quarter of 2016
Third quarter net earnings of $170 million and adjusted net earnings of $197 million versus net earnings of $163 million and adjusted net earnings of $192 million for the third quarter of 2016
Third quarter diluted EPS of $0.62 and adjusted diluted EPS of $0.71 versus diluted EPS of $0.58 and adjusted diluted EPS of $0.69 in the third quarter of 2016
Third quarter net cash flow provided by operations of $302 million versus net cash flow provided by operations of $360 million in the third quarter of 2016

Title

Approximately $1.9 billion in total revenue, equal to the approximately $1.9 billion in total revenue in the third quarter of 2016
Pre-tax earnings of $262 million and adjusted pre-tax earnings of $287 million versus pre-tax earnings of $263 million and adjusted pre-tax earnings of $295 million in the third quarter of 2016
Pre-tax title margin of 14.0% and adjusted pre-tax title margin of 15.3% versus pre-tax title margin of 14.1% and adjusted pre-tax title margin of 15.8% in the third quarter of 2016
Open orders per day of 7,952 for the third quarter versus 9,625 open orders per day for the third quarter of 2016
Closed orders per day of 5,825 for the third quarter versus 6,766 closed orders per day for the third quarter of 2016
Third quarter purchase orders opened and closed increased by 4% and 7%, respectively, versus the third quarter of 2016
Total commercial revenue of $250 million, a 7% increase over total commercial revenue in the third quarter of 2016, driven by a 3% increase in total commercial fee per file and a 5% increase in closed orders; third quarter total commercial open orders decreased 4% compared to the prior year; third quarter national commercial title revenue of $138 million, a 6% increase from the third quarter of 2016, driven by a 12% increase in closed orders and a 5% decline in the national commercial fee per file; third quarter national commercial open orders decreased by 2%
Overall third quarter average fee per file of $2,368, an 18% increase versus the third quarter of 2016

Title Orders

		Direct Orders Opened *			Direct Orders Closed *
Month	/ (% Purchase)			/ (% Purchase)
July 2017		159,000	66%		118,000	66%
August 2017		181,000	61%		131,000	65%
September 2017		161,000	59%		118,000	63%

Third Quarter 2017		501,000	62%		367,000	65%

		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%

* 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 2017 - Total Commercial		48,300		33,400		$250		$7,500
Third Quarter 2016 - Total Commercial		50,400		31,900		$233		$7,300

Third Quarter 2017 - National Commercial		19,900		13,100		$138		$10,500
Third Quarter 2016 - National Commercial		20,400		11,700		$130		$11,100

"The third quarter was another strong performance for our title insurance business," said Chairman William P. Foley, II. "We generated adjusted pre-tax title earnings of $287 million and a 15.3% adjusted pre-tax title margin. The residential purchase and commercial markets continued to drive our performance in the third quarter, as residential open and closed purchase orders increased 4% and 7%, respectively, in the quarter and total commercial revenue grew by 7% versus the third quarter of 2016. We look forward to continued strong, industry-leading performance from our title insurance business.

"We closed the tax-free distribution of Black Knight on September 29, as FNF shareholders received 0.3066322 shares of Black Knight common stock for each share of FNF common stock. Black Knight is now a stand-alone public company, with no FNF ownership. We also made significant progress on the FNFV exchange transaction during the quarter and have now set a shareholder vote and closing date of November 17, 2017, for the exchange of the FNFV tracking stock for Cannae Holdings common stock. Once the exchange is completed, FNF will again be eligible for potential index inclusion, including the S&P 500, and Cannae Holdings will be a legally separate public company."

Conference Call
We will host a call with investors and analysts to discuss third quarter 2017 FNF Group results on Thursday, October 26, 2017, 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 October 26, 2017, through November 1, 2017, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 430331.

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 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. FNFV holds majority and minority equity investment stakes in a number of entities, including American Blue Ribbon Holdings, LLC, Ceridian HCM, 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 pre-tax earnings from continuing operations, adjusted pre-tax earnings from continuing operations as a percentage of adjusted revenue (Adjusted pre-tax margin from continuing operations), adjusted net earnings and adjusted EPS.

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: our ability to successfully achieve the conditions to and consummate the plans to redeem and exchange the FNFV tracking stock with the result being an independent, publicly-traded FNFV common stock; 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)

*Three Months Ended*	Total FNF						Corporate and
*September 30, 2017*	Group			Title			Other
Direct title premiums	$	558		$	558		$	—
Agency title premiums	719			719			—
Escrow, title related and other fees	678			563			115
Total title and escrow	1,955			1,840			115

Interest and investment income	32			32			—
Realized gains and losses, net	(1)			—			(1)
Total revenue	1,986			1,872			114

Personnel costs	627			605			22
Agent commissions	553			553			—
Other operating expenses	443			348			95
Depreciation and amortization	46			40			6
Claim loss expense	64			64			—
Interest expense	11			—			11
Total expenses	1,744			1,610			134

Pre-tax earnings (loss) from continuing operations	$	242		$	262		$	(20)

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	1			—			1
Purchase price amortization	29			24			5
Spin-off costs	1			—			1
Other adjustments	1			1			—
Total non-GAAP adjustments before taxes	$	32		$	25		$	7

Adjusted pre-tax earnings (loss) from continuing operations	$	274		$	287		$	(13)
Adjusted pre-tax margin from continuing operations	13.8		%	15.3		%	—

Purchase price amortization	(29)			(24)			(5)
Depreciation and amortization	46			40			6
Interest expense	11			—			11

Adjusted EBITDA	$	302		$	303		$	(1)
Adjusted EBITDA margin	15.2		%	16.2		%	—

FNF GROUP THIRD QUARTER SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited)

*Three Months Ended*	Total FNF				Corporate and
*September 30, 2017*	Group		Title		Other
Pre-tax earnings (loss) from continuing operations	$	242	$	262	$	(20)
Income tax expense (benefit)	88		98		(10)
Earnings from equity investments	3		3		—
Earnings from discontinued operations, net of tax	31		—		31
Non-controlling interests	18		1		17

Net earnings attributable to FNF Group common shareholders	$	170	$	166	$	4

EPS attributable to FNF Group common shareholders - basic	$	0.63	$	0.61	$	0.02
EPS attributable to FNF Group common shareholders - diluted	$	0.62	$	0.60	$	0.02

FNF Group weighted average shares - basic	272
FNF Group weighted average shares - diluted	276

Net earnings attributable to FNF Group common shareholders	$	170	$	166	$	4

Total non-GAAP, pre-tax adjustments	$	32	$	25	$	7
Income taxes on non-GAAP adjustments	(10)		(8)		(2)
Noncontrolling interest on non-GAAP adjustments	(3)		(3)		—
Adjustments related to discontinued operations	8		—		8
Total non-GAAP adjustments	$	27	$	14	$	13

Adjusted net earnings attributable to FNF Group common shareholders	$	197	$	180	$	17

Adjusted EPS attributable to FNF Group common shareholders - diluted	$	0.71	$	0.65	$	0.06

Direct orders opened (000's)	501		501
Direct orders closed (000's)	367		367
Fee per file	$	2,368	$	2,368
Actual title claims paid	$	60	$	60

Cash flows provided by operations	$	302

FNF GROUP THIRD QUARTER SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited)

*Three Months Ended*	Total FNF						Corporate and
*September 30, 2016*	Group			Title			Other
Direct title premiums	$	556		$	556		$	—
Agency title premiums	713			713			—
Escrow, title related and other fees	654			569			85
Total title and escrow	1,923			1,838			85

Interest and investment income	28			29			(1)
Realized gains and losses, net	(3)			(2)			(1)
Total revenue	1,948			1,865			83

Personnel costs	588			570			18
Agent commissions	545			545			—
Other operating expenses	439			379			60
Depreciation and amortization	41			38			3
Claim loss expense	70			70			—
Interest expense	14			—			14
Total expenses	1,697			1,602			95

Pre-tax earnings (loss) from continuing operations	$	251		$	263		$	(12)

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	3			2			1
Purchase price amortization	26			24			2
Other legal accruals	6			6			—
Total non-GAAP adjustments before taxes	$	35		$	32		$	3

Adjusted pre-tax earnings (loss) from continuing operations	$	286		$	295		$	(9)
Adjusted pre-tax margin from continuing operations	14.7		%	15.8		%	—

Purchase price amortization	(26)			(24)			(2)
Depreciation and amortization	41			38			3
Interest expense	14			—			14

Adjusted EBITDA	$	315		$	309		$	6
Adjusted EBITDA margin	16.1		%	16.6		%	7.1		%

FNF GROUP THIRD QUARTER SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited)

*Three Months Ended*	Total FNF				Corporate and
*September 30, 2016*	Group		Title		Other
Pre-tax earnings (loss) from continuing operations	$	251	$	263	$	(12)

Income tax expense (benefit)	95		100		(5)
Earnings from equity investments	4		3		1
Earnings from discontinued operations, net of tax	17		—		17
Non-controlling interests	14		2		12

Net earnings (loss) attributable to FNF Group common shareholders	$	163	$	164	$	(1)

EPS attributable to FNF Group common shareholders - basic	$	0.60	$	0.61	$	(0.01)
EPS attributable to FNF Group common shareholders - diluted	$	0.58	$	0.59	$	(0.01)

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	$	(1)

Total non-GAAP, pre-tax adjustments	$	35	$	32	$	3
Income taxes on non-GAAP adjustments	(11)		(10)		(1)
Noncontrolling interest on non-GAAP adjustments	(5)		(5)		—
Adjustments related to discontinued operations	10		—		10
Total non-GAAP adjustments	$	29	$	17	$	12

Adjusted net earnings attributable to FNF Group common shareholders	$	192	$	181	$	11

Adjusted EPS attributable to FNF Group common shareholders - diluted	$	0.69	$	0.65	$	0.04

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

FNF GROUP YTD SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited)

*Nine Months Ended*	Total FNF						Corporate and
*September 30, 2017*	Group			Title			Other
Direct title premiums	$	1,598		$	1,598		$	—
Agency title premiums	2,028			2,028			—
Escrow, title related and other fees	1,969			1,634			335
Total title and escrow	5,595			5,260			335

Interest and investment income	93			93			—
Realized gains and losses, net	—			6			(6)
Total revenue	5,688			5,359			329

Personnel costs	1,822			1,755			67
Agent commissions	1,557			1,557			—
Other operating expenses	1,312			1,042			270
Depreciation and amortization	133			117			16
Claim loss expense	181			181			—
Interest expense	39			—			39
Total expenses	5,044			4,652			392

Pre-tax earnings (loss) from continuing operations	$	644		$	707		$	(63)

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	—			(6)			6
Management fee	1			1			—
Purchase price amortization	82			69			13
Spin-off costs	3			—			3
Other adjustments	1			1			—
Total non-GAAP adjustments before taxes	$	87		$	65		$	22

Adjusted pre-tax earnings (loss) from continuing operations	$	731		$	772		$	(41)
Adjusted pre-tax margin from continuing operations	12.9		%	14.4		%	—

Purchase price amortization	(82)			(69)			(13)
Depreciation and amortization	133			117			16
Interest expense	39			—			39

Adjusted EBITDA	$	821		$	820		$	1
Adjusted EBITDA margin	14.4		%	15.3		%	0.3		%

FNF GROUP YTD SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited)

*Nine Months Ended*	Total FNF				Corporate and
*September 30, 2017*	Group		Title		Other
Pre-tax earnings (loss) from continuing operations	$	644	$	707	$	(63)

Income tax expense (benefit)	258		290		(32)
Earnings from equity investments	7		7		—
Earnings from discontinued operations, net of tax	59		—		59
Non-controlling interests	36		—		36

Net earnings (loss) attributable to FNF Group common shareholders	$	416	$	424	$	(8)

EPS attributable to FNF Group common shareholders - basic	$	1.54	$	1.56	$	(0.02)
EPS attributable to FNF Group common shareholders - diluted	$	1.50	$	1.52	$	(0.02)

FNF Group weighted average shares - basic	271
FNF Group weighted average shares - diluted	277

Net earnings (loss) attributable to FNF Group common shareholders	$	416	$	424	$	(8)

Total non-GAAP, pre-tax adjustments	$	87	$	65	$	22
Income taxes on non-GAAP adjustments	(29)		(21)		(8)
Noncontrolling interest on non-GAAP adjustments	(10)		(10)		—
Nondeductible income taxes on litigation and regulatory settlements	21		21		—
Adjustments related to discontinued operations	37		—		37
Total non-GAAP adjustments	$	106	$	55	$	51

Adjusted net earnings attributable to FNF Group common shareholders	$	522	$	479	$	43

Adjusted EPS attributable to FNF Group common shareholders - diluted	$	1.88	$	1.73	$	0.15

Direct orders opened (000's)	1,497		1,497
Direct orders closed (000's)	1,071		1,071
Fee per file	$	2,320	$	2,320
Actual title claims paid	$	168	$	168

Cash flows provided by operations:	$	691

FNF GROUP YTD SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited)

*Nine Months Ended*	Total FNF						Corporate and
*September 30, 2016*	Group			Title			Other
Direct title premiums	$	1,518		$	1,518		$	—
Agency title premiums	1,934			1,934			—
Escrow, title related and other fees	1,796			1,587			209
Total title and escrow	5,248			5,039			209

Interest and investment income	93			94			(1)
Realized gains and losses, net	(6)			1			(7)
Total revenue	5,335			5,134			201

Personnel costs	1,680			1,633			47
Agent commissions	1,473			1,473			—
Other operating expenses	1,216			1,064			152
Depreciation and amortization	116			109			7
Claim loss expense	190			190			—
Interest expense	47			—			47
Total expenses	4,722			4,469			253

Pre-tax earnings (loss) from continuing operations	$	613		$	665		$	(52)

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	6			(1)			7
Purchase price amortization	69			66			3
Other legal accruals	6			6			—
Management fee	1			1			—
Total non-GAAP adjustments before taxes	$	82		$	72		$	10

Adjusted pre-tax earnings (loss) from continuing operations	$	695		$	737		$	(42)
Adjusted pre-tax margin from continuing operations	13.0		%	14.4		%	—

Purchase price amortization	(69)			(66)			(3)
Depreciation and amortization	116			109			7
Interest expense	47			—			47

Adjusted EBITDA	$	789		$	780		$	9
Adjusted EBITDA margin	14.8		%	15.2		%	4.3		%

FNF GROUP YTD SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited)

*Nine Months Ended*	Total FNF				Corporate and
*September 30, 2016*	Group		Title		Other
Pre-tax earnings (loss) from continuing operations	$	613	$	665	$	(52)

Income tax expense (benefit)	223		251		(28)
Earnings from equity investments	10		9		1
Earnings from discontinued operations, net of tax	54		—		54
Non-controlling interests	31		(4)		35

Net earnings (loss) attributable to FNF Group common shareholders	$	423	$	427	$	(4)

EPS attributable to FNF Group common shareholders - basic	$	1.56	$	1.57	$	(0.01)
EPS attributable to FNF Group common shareholders - diluted	$	1.51	$	1.53	$	(0.02)

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	$	(4)

Total non-GAAP, pre-tax adjustments	$	82	$	72	$	10
Income taxes on non-GAAP adjustments	(27)		(23)		(4)
Noncontrolling interest on non-GAAP adjustments	(12)		(12)		—
Adjustments related to discontinued operations	27		—		27
Total non-GAAP adjustments	$	70	$	37	$	33

Adjusted net earnings attributable to FNF Group common shareholders	$	493	$	464	$	29
Adjusted EPS attributable to FNF Group common shareholders - diluted	$	1.76	$	1.66	$	0.10

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

FNF GROUP QUARTERLY OPERATING STATISTICS (Unaudited)

	Q3 2017			Q2 2017			Q1 2017			Q4 2016			Q3 2016			Q2 2016			Q1 2016			Q4 2015
Quarterly Open Orders ('000's except % data)
Total open orders*	501			524			472			474			616			577			517			441
Total open orders per day*	8.0			8.2			7.6			7.6			9.6			9.0			8.3			7.0
Purchase % of open orders	62		%	66		%	64		%	53		%	50		%	57		%	55		%	55		%
Refinance % of open orders	38		%	34		%	36		%	47		%	50		%	43		%	45		%	45		%
Total closed orders*	367			370			334			419			433			401			322			341
Total closed orders per day*	5.8			5.8			5.4			6.8			6.8			6.3			5.2			5.4
Purchase % of closed orders	65		%	67		%	58		%	51		%	54		%	58		%	55		%	58		%
Refinance % of closed orders	35		%	33		%	42		%	49		%	46		%	42		%	45		%	42		%

Commercial (millions, except orders in '000's)
Total commercial revenue	$	250		$	261		$	224		$	285		$	233		$	244		$	211		$	303
Total commercial open orders	48.3			50.8			49.4			45.9			50.4			49.9			48.5			46.3
Total commercial closed orders	33.4			33.6			30.0			34.7			31.9			33.6			30.7			36.3

National commercial revenue	$	138		$	148		$	127		$	167		$	130		$	144		$	121		$	183
National commercial open orders	19.9			22.0			21.1			17.9			20.4			20.3			19.3			18.1
National commercial closed orders	13.1			13.3			11.2			12.8			11.7			11.6			10.6			13.4

Total Fee Per File
Fee per file	$	2,368		$	2,428		$	2,148		$	2,091		$	2,015		$	2,116		$	2,032		$	2,272
Residential and local commercial fee per file	$	2,066		$	2,104		$	1,829		$	1,746		$	1,762		$	1,809		$	1,713		$	1,806
Residential fee per file	$	1,856		$	1,895		$	1,623		$	1,538		$	1,594		$	1,645		$	1,522		$	1,548
Total commercial fee per file	$	7,500		$	7,800		$	7,500		$	8,200		$	7,300		$	7,300		$	6,900		$	8,300
National commercial fee per file	$	10,500		$	11,100		$	11,300		$	13,000		$	11,100		$	12,400		$	11,400		$	13,600

Total Staffing
Total field operations employees	11,700			11,300			11,000			11,100			11,400			10,900			10,900			10,700

FNTG Only Quarterly Operating Statistics ('000's except fee per file and staffing)
Total open orders*	434			457			407			395			518			484			429			360
Total open orders per day*	7.0			7.2			6.6			6.4			8.1			7.5			6.9			5.7
Purchase % of open orders	68		%	72		%	69		%	59		%	55		%	63		%	61		%	62		%
Refinance % of open orders	32		%	28		%	31		%	41		%	45		%	37		%	39		%	38		%
Total closed orders*	325			324			277			352			369			338			265			285
Total closed orders per day*	5.1			5.1			4.5			5.7			5.8			5.3			4.3			4.5
Purchase % of closed orders	70		%	72		%	63		%	55		%	58		%	63		%	60		%	63		%
Refinance % of closed orders	30		%	28		%	37		%	45		%	42		%	37		%	40		%	37		%
Fee per file	$	2,543		$	2,618		$	2,395		$	2,313		$	2,205		$	2,337		$	2,261		$	2,521
Total title field operations employees	10,800			10,300			9,900			10,000			10,200			9,600			9,700			9,500

ServiceLink Only Quarterly Operating Statistics ('000's except fee per file and staffing)
Revenue (millions)	$	184		$	191		$	192		$	198		$	205		$	203		$	195		$	198
Total open orders*	67			67			65			79			98			93			87			81
Total open orders per day*	1.0			1.0			1.0			1.2			1.5			1.5			1.4			1.3
Purchase % of open orders	23		%	25		%	25		%	21		%	17		%	22		%	24		%	22		%
Refinance % of open orders	77		%	75		%	75		%	79		%	83		%	78		%	76		%	78		%
Total closed orders*	42			46			57			67			64			63			57			56
Total closed orders per day*	0.7			0.7			0.9			1.1			1.0			1.0			0.9			0.9
Purchase % of closed orders	24		%	28		%	30		%	24		%	27		%	27		%	28		%	31		%
Refinance % of closed orders	76		%	72		%	70		%	76		%	73		%	73		%	72		%	69		%
Fee per file	$	1,040		$	1,047		$	950		$	932		$	916		$	940		$	972		$	1,003
Total ServiceLink operations employees	900			1,000			1,100			1,100			1,200			1,300			1,200			1,200

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

FNF GROUP

SUMMARY BALANCE SHEET INFORMATION

(In millions)

FNF Group

September 30,
2017

FNF Group

December 31,
2016

(Unaudited)

Cash and investment portfolio

4,555

4,831

Goodwill

2,683

2,555

Title plant

398

395

Total assets

9,190

13,063

Notes payable

762

987

Reserve for title claim losses

1,496

1,487

Secured trust deposits

923

860

Redeemable non-controlling interests

344

Non-redeemable non-controlling interests

—

786

Total equity and redeemable non-controlling interests

4,599

6,210

Total equity attributable to common shareholders

4,255

5,080

FNF Group

September 30,
2017

FNFV

September 30,
2017

Consolidated
September 30,
2017

Consolidated

December 31,
2016

(Unaudited)

(Unaudited)

Cash and investment portfolio

4,555

807

5,362

5,473

Goodwill

2,683

101

2,784

2,761

Title plant

398

—

398

395

Total assets

9,190

1,311

10,501

14,463

Notes payable

762

128

890

1,220

Reserve for title claim losses

1,496

—

1,496

1,487

Secured trust deposits

923

—

923

860

Redeemable non-controlling interests

344

—

344

Non-redeemable non-controlling interests

—

902

Total equity and redeemable non-controlling interests

4,599

1,114

5,713

7,242

Total equity attributable to common shareholders

4,255

1,015

5,270

5,996

Fidelity National Financial, Inc. CONSOLIDATED SUMMARY OF EARNINGS (In millions) (Unaudited)

	Three Months Ended						Nine Months Ended
	September 30, 2017						September 30, 2017
	Consolidated		Core		FNFV		Consolidated		Core		FNFV
Direct title premiums	$	558	$	558	$	—	$	1,598	$	1,598	$	—
Agency title premiums	719		719		—		2,028		2,028		—
Total title premiums	1,277		1,277		—		3,626		3,626		—
Escrow, title-related and other fees	689		678		11		2,071		1,969		102
Total title and escrow and other	1,966		1,955		11		5,697		5,595		102

Restaurant revenue	269		—		269		830		—		830
Interest and investment income	34		32		2		97		93		4
Realized gains and losses, net	(4)		(1)		(3)		277		—		277
Total revenue	2,265		1,986		279		6,901		5,688		1,213

Personnel costs	646		627		19		1,958		1,822		136
Other operating expenses	468		443		25		1,392		1,312		80
Cost of restaurant revenue	243		—		243		728		—		728
Agent commissions	553		553		—		1,557		1,557		—
Depreciation and amortization	58		46		12		177		133		44
Title claim loss expense	64		64		—		181		181		—
Interest expense	12		11		1		47		39		8
Total expenses	2,044		1,744		300		6,040		5,044		996

Earnings (loss) from continuing operations before taxes	221		242		(21)		861		644		217
Income tax expense (benefit)	74		88		(14)		355		258		97
Earnings (loss) from continuing operations before equity investments	147		154		(7)		506		386		120
(Loss) earnings from equity investments	(3)		3		(6)		(7)		7		(14)
Net earnings (loss) from continuing operations	144		157		(13)		499		393		106
Earnings from discontinued operations, net of tax	31		31		—		59		59		—
Net earnings (loss)	175		188		(13)		558		452		106
Non-controlling interests	10		18		(8)		25		36		(11)
Net earnings (loss) attributable to common shareholders	$	165	$	170	$	(5)	$	533	$	416	$	117

Cash flows provided by (used in) operations	274		302		(28)		566		691		(125)

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	700		654		46		1,920		1,796		124
Total title and escrow and other	1,969		1,923		46		5,372		5,248		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	2,267		1,948		319		6,331		5,335		996

Personnel costs	630		588		42		1,800		1,680		120
Other operating expenses	464		439		25		1,296		1,216		80
Cost of restaurant revenue	237		—		237		727		—		727
Agent commissions	545		545		—		1,473		1,473		—
Depreciation and amortization	56		41		15		161		116		45
Title claim loss expense	70		70		—		190		190		—
Interest expense	18		14		4		55		47		8
Total expenses	2,020		1,697		323		5,702		4,722		980

Earnings (loss) from continuing operations before taxes	247		251		(4)		629		613		16
Income tax expense (benefit)	88		95		(7)		218		223		(5)
Earnings from continuing operations before equity investments	159		156		3		411		390		21
(Loss) earnings from equity investments	(7)		4		(11)		(6)		10		(16)
Net earnings (loss) from continuing operations	152		160		(8)		405		400		5
Earnings from discontinued operations, net of tax	17		17		—		54		54		—
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

View original content:http://www.prnewswire.com/news-releases/fnf-group-reports-third-quarter-2017-diluted-eps-of-062-and-adjusted-diluted-eps-of-071-pre-tax-title-margin-of-140-and-adjusted-pre-tax-title-margin-of-153-300543159.html

SOURCE Fidelity National Financial, Inc.

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FNF Group Reports Third Quarter 2017 Diluted EPS of $0.62 and Adjusted Diluted EPS of $0.71, Pre-Tax Title Margin of 14.0% and Adjusted Pre-Tax Title Margin of 15.3%

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