FNF Reports Second Quarter 2019 Diluted EPS of $0.96 and Adjusted Diluted EPS of $0.92, Pre-Tax Title Margin of 18.5% and Adjusted Pre-Tax Title Margin of 17.7%
- Total revenue of approximately
$2.1 billion in the second quarter versus$2.1 billion in the second quarter of 2018 - Second quarter net earnings of
$266 million and adjusted net earnings of$255 million versus net earnings of$251 million and adjusted net earnings of$239 million for the second quarter of 2018 - Second quarter diluted EPS of
$0.96 and adjusted diluted EPS of$0.92 versus diluted EPS of$0.90 and adjusted diluted EPS of$0.86 in the second quarter of 2018 - Realized gains were
$41 million in the second quarter versus realized losses of$16 million in the second quarter of 2018, primarily due to the adoption of a new accounting standard in 2018 that requires mark to market accounting treatment of equity and preferred stock securities and recognition of the related changes in fair value in realized gains and losses, whether the securities were disposed of in the quarter or continue to be held in our investment portfolio
Title
- Total revenue of approximately
$2.1 billion versus approximately$2.0 billion in total revenue in the second quarter of 2018 - Pre-tax earnings of
$387 million and adjusted pre-tax earnings of$363 million versus pre-tax earnings of$300 million and adjusted pre-tax earnings of$337 million in the second quarter of 2018 - Pre-tax title margin of 18.5% and adjusted pre-tax title margin of 17.7% versus pre-tax title margin of 15.3% and adjusted pre-tax title margin of 17.1% in the second quarter of 2018
- Second quarter purchase orders opened decreased 2% on a daily basis and purchase orders closed decreased 6% on a daily basis versus the second quarter of 2018
- Total commercial revenue of
$286 million , a 2% increase versus total commercial revenue in the second quarter of 2018, driven by a 5% increase in total commercial fee per file somewhat offset by a 3% decrease in closed orders; second quarter total commercial orders opened increased 8% compared to the prior year - Overall second quarter average fee per file of
$2,677 , a 4% increase versus the second quarter of 2018
Title Orders
|
Direct Orders Opened * |
Direct Orders Closed * |
|||||||
|
Month |
/ (% Purchase) |
/ (% Purchase) |
||||||
|
April 2019 |
184,000 |
63% |
114,000 |
65% |
||||
|
May 2019 |
179,000 |
63% |
127,000 |
64% |
||||
|
June 2019 |
181,000 |
57% |
118,000 |
65% |
||||
|
Second Quarter 2019 |
544,000 |
61% |
359,000 |
65% |
||||
|
Direct Orders Opened * |
Direct Orders Closed * |
|||||||
|
Month |
/ (% Purchase) |
/ (% Purchase) |
||||||
|
April 2018 |
167,000 |
70% |
114,000 |
69% |
||||
|
May 2018 |
175,000 |
72% |
124,000 |
71% |
||||
|
June 2018 |
163,000 |
71% |
124,000 |
73% |
||||
|
Second Quarter 2018 |
505,000 |
71% |
362,000 |
71% |
||||
|
* 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 |
||||||||||||
|
Second Quarter 2019 - Total Commercial |
58,600 |
34,000 |
$286 |
$8,400 |
|||||||||||
|
Second Quarter 2018 - Total Commercial |
54,200 |
35,100 |
$280 |
$8,000 |
|||||||||||
"The second quarter was a very strong performance for our title business," said Chairman
"With respect to the acquisition of
Conference Call
We will host a call with investors and analysts to discuss second quarter 2019 FNF results on
About
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, FNF 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 adjusted pre-tax earnings, adjusted pre-tax earnings as a percentage of adjusted revenue (adjusted pre-tax title margin), 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: 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; 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; the risk that the necessary regulatory approvals of our acquisition of
FNF-E
|
FIDELITY NATIONAL FINANCIAL, INC. SECOND QUARTER SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited) |
||||||||||||
|
Consolidated |
Title |
Corporate and Other |
||||||||||
|
Three Months Ended |
||||||||||||
|
June 30, 2019 |
||||||||||||
|
Direct title premiums |
$ |
625 |
$ |
625 |
$ |
— |
||||||
|
Agency title premiums |
754 |
754 |
— |
|||||||||
|
Escrow, title related and other fees |
665 |
613 |
52 |
|||||||||
|
Total title and escrow |
2,044 |
1,992 |
52 |
|||||||||
|
Interest and investment income |
59 |
54 |
5 |
|||||||||
|
Realized gains and losses, net |
41 |
46 |
(5) |
|||||||||
|
Total revenue |
2,144 |
2,092 |
52 |
|||||||||
|
Personnel costs |
685 |
653 |
32 |
|||||||||
|
Agent commissions |
579 |
579 |
— |
|||||||||
|
Other operating expenses |
409 |
373 |
36 |
|||||||||
|
Depreciation and amortization |
44 |
38 |
6 |
|||||||||
|
Claim loss expense |
62 |
62 |
— |
|||||||||
|
Interest expense |
12 |
— |
12 |
|||||||||
|
Total expenses |
1,791 |
1,705 |
86 |
|||||||||
|
Pre-tax earnings (loss) |
$ |
353 |
$ |
387 |
$ |
(34) |
||||||
|
Non-GAAP adjustments before taxes |
||||||||||||
|
Realized (gains) and losses, net |
(41) |
(46) |
5 |
|||||||||
|
Purchase price amortization |
25 |
21 |
4 |
|||||||||
|
Transaction costs |
4 |
— |
4 |
|||||||||
|
Other adjustments |
1 |
1 |
— |
|||||||||
|
Total non-GAAP adjustments before taxes |
$ |
(11) |
$ |
(24) |
$ |
13 |
||||||
|
Adjusted pre-tax earnings (loss) |
$ |
342 |
$ |
363 |
$ |
(21) |
||||||
|
Adjusted pre-tax margin |
16.3% |
17.7% |
— |
|||||||||
|
Pre-tax earnings (loss) |
$ |
353 |
$ |
387 |
$ |
(34) |
||||||
|
Income tax expense (benefit) |
86 |
95 |
(9) |
|||||||||
|
Earnings from equity investments |
3 |
3 |
— |
|||||||||
|
Non-controlling interests |
4 |
5 |
(1) |
|||||||||
|
Net earnings (loss) attributable to FNF, Inc. common shareholders |
$ |
266 |
$ |
290 |
$ |
(24) |
||||||
|
EPS attributable to FNF, Inc. common shareholders - basic |
$ |
0.97 |
||||||||||
|
EPS attributable to FNF, Inc. common shareholders - diluted |
$ |
0.96 |
||||||||||
|
FNF, Inc. weighted average shares - basic |
273 |
|||||||||||
|
FNF, Inc. weighted average shares - diluted |
277 |
|||||||||||
|
FIDELITY NATIONAL FINANCIAL, INC. SECOND QUARTER SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited) |
||||||||||||||
|
Consolidated |
Title |
Corporate and |
||||||||||||
|
Three Months Ended |
||||||||||||||
|
June 30, 2019 |
||||||||||||||
|
Net earnings (loss) attributable to FNF, Inc. common shareholders |
$ |
266 |
$ |
290 |
$ |
(24) |
||||||||
|
Total non-GAAP, pre-tax adjustments |
$ |
(11) |
$ |
(24) |
$ |
13 |
||||||||
|
Income taxes on non-GAAP adjustments |
3 |
6 |
(3) |
|||||||||||
|
Noncontrolling interest on non-GAAP adjustments |
(3) |
(2) |
(1) |
|||||||||||
|
Total non-GAAP adjustments |
$ |
(11) |
$ |
(20) |
$ |
9 |
||||||||
|
Adjusted net earnings (loss) attributable to FNF, Inc. common |
$ |
255 |
$ |
270 |
$ |
(15) |
||||||||
|
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted |
$ |
0.92 |
||||||||||||
|
Direct orders opened (000's) |
544 |
544 |
||||||||||||
|
Direct orders closed (000's) |
359 |
359 |
||||||||||||
|
Fee per file |
$ |
2,677 |
$ |
2,677 |
||||||||||
|
Actual title claims paid |
$ |
66 |
$ |
66 |
||||||||||
|
Cash flows provided by operations |
$ |
377 |
||||||||||||
|
FIDELITY NATIONAL FINANCIAL, INC. SECOND QUARTER SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited) |
||||||||||||
|
Consolidated |
Title |
Corporate and Other |
||||||||||
|
Three Months Ended |
||||||||||||
|
June 30, 2018 |
||||||||||||
|
Direct title premiums |
$ |
599 |
$ |
599 |
$ |
— |
||||||
|
Agency title premiums |
732 |
732 |
— |
|||||||||
|
Escrow, title related and other fees |
765 |
600 |
165 |
|||||||||
|
Total title and escrow |
2,096 |
1,931 |
165 |
|||||||||
|
Interest and investment income |
43 |
43 |
— |
|||||||||
|
Realized gains and losses, net |
(16) |
(16) |
— |
|||||||||
|
Total revenue |
2,123 |
1,958 |
165 |
|||||||||
|
Personnel costs |
665 |
633 |
32 |
|||||||||
|
Agent commissions |
561 |
561 |
— |
|||||||||
|
Other operating expenses |
506 |
366 |
140 |
|||||||||
|
Depreciation and amortization |
45 |
38 |
7 |
|||||||||
|
Claim loss expense |
60 |
60 |
— |
|||||||||
|
Interest expense |
11 |
— |
11 |
|||||||||
|
Total expenses |
1,848 |
1,658 |
190 |
|||||||||
|
Pre-tax earnings (loss) |
$ |
275 |
$ |
300 |
$ |
(25) |
||||||
|
Non-GAAP adjustments before taxes |
||||||||||||
|
Realized (gains) and losses, net |
16 |
16 |
— |
|||||||||
|
Purchase price amortization |
26 |
21 |
5 |
|||||||||
|
Transaction costs |
4 |
— |
4 |
|||||||||
|
Total non-GAAP adjustments before taxes |
$ |
46 |
$ |
37 |
$ |
9 |
||||||
|
Adjusted pre-tax earnings (loss) |
$ |
321 |
$ |
337 |
$ |
(16) |
||||||
|
Adjusted pre-tax margin |
15.0% |
17.1% |
— |
|||||||||
|
Pre-tax earnings (loss) |
$ |
275 |
$ |
300 |
$ |
(25) |
||||||
|
Income tax expense (benefit) |
22 |
29 |
(7) |
|||||||||
|
Earnings from equity investments |
1 |
1 |
— |
|||||||||
|
Non-controlling interests |
3 |
3 |
— |
|||||||||
|
Net earnings (loss) attributable to FNF, Inc. common shareholders |
$ |
251 |
$ |
269 |
$ |
(18) |
||||||
|
EPS attributable to FNF, Inc. common shareholders - basic |
$ |
0.92 |
||||||||||
|
EPS attributable to FNF, Inc. common shareholders - diluted |
$ |
0.90 |
||||||||||
|
FNF, Inc. weighted average shares - basic |
273 |
|||||||||||
|
FNF, Inc. weighted average shares - diluted |
278 |
|||||||||||
|
FIDELITY NATIONAL FINANCIAL, INC. SECOND QUARTER SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited) |
||||||||||||
|
Consolidated |
Title |
Corporate and |
||||||||||
|
Three Months Ended |
||||||||||||
|
June 30, 2018 |
||||||||||||
|
Net earnings (loss) attributable to FNF, Inc. common shareholders |
$ |
251 |
$ |
269 |
$ |
(18) |
||||||
|
Total non-GAAP, pre-tax adjustments |
$ |
46 |
$ |
37 |
$ |
9 |
||||||
|
Income taxes on non-GAAP adjustments |
(10) |
(8) |
(2) |
|||||||||
|
Noncontrolling interest on non-GAAP adjustments |
(3) |
(3) |
— |
|||||||||
|
Change in tax estimate |
(45) |
(45) |
— |
|||||||||
|
Total non-GAAP adjustments |
$ |
(12) |
$ |
(19) |
$ |
7 |
||||||
|
Adjusted net earnings (loss) attributable to FNF, Inc. common |
$ |
239 |
$ |
250 |
$ |
(11) |
||||||
|
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted |
$ |
0.86 |
||||||||||
|
Direct orders opened (000's) |
505 |
505 |
||||||||||
|
Direct orders closed (000's) |
362 |
362 |
||||||||||
|
Fee per file |
$ |
2,579 |
$ |
2,579 |
||||||||
|
Actual title claims paid |
$ |
58 |
$ |
58 |
||||||||
|
Cash flows provided by operations |
$ |
331 |
||||||||||
|
FIDELITY NATIONAL FINANCIAL, INC. YTD SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited) |
||||||||||||
|
Consolidated |
Title |
Corporate and Other |
||||||||||
|
Six Months Ended |
||||||||||||
|
June 30, 2019 |
||||||||||||
|
Direct title premiums |
$ |
1,065 |
$ |
1,065 |
$ |
— |
||||||
|
Agency title premiums |
1,306 |
1,306 |
— |
|||||||||
|
Escrow, title related and other fees |
1,199 |
1,094 |
105 |
|||||||||
|
Total title and escrow |
3,570 |
3,465 |
105 |
|||||||||
|
Interest and investment income |
113 |
102 |
11 |
|||||||||
|
Realized gains and losses, net |
183 |
188 |
(5) |
|||||||||
|
Total revenue |
3,866 |
3,755 |
111 |
|||||||||
|
Personnel costs |
1,277 |
1,204 |
73 |
|||||||||
|
Agent commissions |
1,000 |
1,000 |
— |
|||||||||
|
Other operating expenses |
753 |
688 |
65 |
|||||||||
|
Depreciation and amortization |
88 |
77 |
11 |
|||||||||
|
Claim loss expense |
107 |
107 |
— |
|||||||||
|
Interest expense |
24 |
— |
24 |
|||||||||
|
Total expenses |
3,249 |
3,076 |
173 |
|||||||||
|
Pre-tax earnings (loss) |
$ |
617 |
$ |
679 |
$ |
(62) |
||||||
|
Non-GAAP adjustments before taxes |
||||||||||||
|
Realized (gains) and losses, net |
(183) |
(188) |
5 |
|||||||||
|
Purchase price amortization |
52 |
43 |
9 |
|||||||||
|
Transaction costs |
6 |
— |
6 |
|||||||||
|
Other adjustments |
1 |
1 |
— |
|||||||||
|
Total non-GAAP adjustments before taxes |
$ |
(124) |
$ |
(144) |
$ |
20 |
||||||
|
Adjusted pre-tax earnings (loss) |
$ |
493 |
$ |
535 |
$ |
(42) |
||||||
|
Adjusted pre-tax margin |
13.4% |
15.0% |
— |
|||||||||
|
Pre-tax earnings (loss) |
$ |
617 |
$ |
679 |
$ |
(62) |
||||||
|
Income tax expense (benefit) |
151 |
166 |
(15) |
|||||||||
|
Earnings from equity investments |
10 |
10 |
— |
|||||||||
|
Non-controlling interests |
4 |
5 |
(1) |
|||||||||
|
Net earnings (loss) attributable to FNF, Inc. common shareholders |
$ |
472 |
$ |
518 |
$ |
(46) |
||||||
|
EPS attributable to FNF, Inc. common shareholders - basic |
$ |
1.73 |
||||||||||
|
EPS attributable to FNF, Inc. common shareholders - diluted |
$ |
1.70 |
||||||||||
|
FNF, Inc. weighted average shares - basic |
273 |
|||||||||||
|
FNF, Inc. weighted average shares - diluted |
277 |
|||||||||||
|
FIDELITY NATIONAL FINANCIAL, INC. YTD SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited) |
||||||||||||
|
Consolidated |
Title |
Corporate and |
||||||||||
|
Six Months Ended |
||||||||||||
|
June 30, 2019 |
||||||||||||
|
Net earnings (loss) attributable to FNF, Inc. common shareholders |
$ |
472 |
$ |
518 |
$ |
(46) |
||||||
|
Total non-GAAP, pre-tax adjustments |
$ |
(124) |
$ |
(144) |
$ |
20 |
||||||
|
Income taxes on non-GAAP adjustments |
31 |
36 |
(5) |
|||||||||
|
Noncontrolling interest on non-GAAP adjustments |
(6) |
(5) |
(1) |
|||||||||
|
Total non-GAAP adjustments |
$ |
(99) |
$ |
(113) |
$ |
14 |
||||||
|
Adjusted net earnings (loss) attributable to FNF, Inc. common |
$ |
373 |
$ |
405 |
$ |
(32) |
||||||
|
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted |
$ |
1.35 |
||||||||||
|
Direct orders opened (000's) |
982 |
982 |
||||||||||
|
Direct orders closed (000's) |
622 |
622 |
||||||||||
|
Fee per file |
$ |
2,630 |
$ |
2,630 |
||||||||
|
Actual title claims paid |
$ |
115 |
$ |
115 |
||||||||
|
Cash flows provided by operations |
$ |
372 |
||||||||||
|
FIDELITY NATIONAL FINANCIAL, INC. YTD SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited) |
||||||||||||
|
Six Months Ended |
Consolidated |
Title |
Corporate and |
|||||||||
|
June 30, 2018 |
||||||||||||
|
Direct title premiums |
$ |
1,071 |
$ |
1,071 |
$ |
— |
||||||
|
Agency title premiums |
1,296 |
1,296 |
— |
|||||||||
|
Escrow, title related and other fees |
1,383 |
1,116 |
267 |
|||||||||
|
Total title and escrow |
3,750 |
3,483 |
267 |
|||||||||
|
Interest and investment income |
81 |
80 |
1 |
|||||||||
|
Realized gains and losses, net |
(15) |
(15) |
— |
|||||||||
|
Total revenue |
3,816 |
3,548 |
268 |
|||||||||
|
Personnel costs |
1,272 |
1,212 |
60 |
|||||||||
|
Agent commissions |
992 |
992 |
— |
|||||||||
|
Other operating expenses |
929 |
696 |
233 |
|||||||||
|
Depreciation and amortization |
92 |
78 |
14 |
|||||||||
|
Claim loss expense |
107 |
107 |
— |
|||||||||
|
Interest expense |
22 |
— |
22 |
|||||||||
|
Total expenses |
3,414 |
3,085 |
329 |
|||||||||
|
Pre-tax earnings (loss) |
$ |
402 |
$ |
463 |
$ |
(61) |
||||||
|
Non-GAAP adjustments before taxes |
||||||||||||
|
Realized (gains) and losses, net |
15 |
15 |
— |
|||||||||
|
Purchase price amortization |
55 |
44 |
11 |
|||||||||
|
Transaction costs |
4 |
— |
4 |
|||||||||
|
Other adjustments |
3 |
1 |
2 |
|||||||||
|
Total non-GAAP adjustments before taxes |
$ |
77 |
$ |
60 |
$ |
17 |
||||||
|
Adjusted pre-tax earnings (loss) |
$ |
479 |
$ |
523 |
$ |
(44) |
||||||
|
Adjusted pre-tax margin |
12.5% |
14.7% |
— |
|||||||||
|
Pre-tax earnings (loss) |
$ |
402 |
$ |
463 |
$ |
(61) |
||||||
|
Income tax expense (benefit) |
53 |
69 |
(16) |
|||||||||
|
Earnings from equity investments |
3 |
2 |
1 |
|||||||||
|
Non-controlling interests |
4 |
4 |
— |
|||||||||
|
Net earnings (loss) attributable to FNF, Inc. common shareholders |
$ |
348 |
$ |
392 |
$ |
(44) |
||||||
|
EPS attributable to FNF, Inc. common shareholders - basic |
$ |
1.27 |
||||||||||
|
EPS attributable to FNF, Inc. common shareholders - diluted |
$ |
1.25 |
||||||||||
|
FNF, Inc. weighted average shares - basic |
273 |
|||||||||||
|
FNF, Inc. weighted average shares - diluted |
279 |
|||||||||||
|
FIDELITY NATIONAL FINANCIAL, INC. YTD SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited) |
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Consolidated |
Title |
Corporate and |
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|
Six Months Ended |
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|
June 30, 2018 |
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|
Net earnings (loss) attributable to FNF, Inc. common shareholders |
$ |
348 |
$ |
392 |
$ |
(44) |
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|
Total non-GAAP, pre-tax adjustments |
$ |
77 |
$ |
60 |
$ |
17 |
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Income taxes on non-GAAP adjustments |
(17) |
(13) |
(4) |
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|
Noncontrolling interest on non-GAAP adjustments |
(6) |
(6) |
— |
|||||||||
|
Change in tax estimate |
(45) |
(45) |
$ |
— |
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Total non-GAAP adjustments |
$ |
9 |
$ |
(4) |
$ |
13 |
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Adjusted net earnings (loss) attributable to FNF, Inc. common |
$ |
357 |
$ |
388 |
$ |
(31) |
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Adjusted EPS attributable to FNF, Inc. common shareholders - diluted |
$ |
1.28 |
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Direct orders opened (000's) |
983 |
983 |
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Direct orders closed (000's) |
675 |
675 |
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Fee per file |
$ |
2,470 |
$ |
2,470 |
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Actual title claims paid |
$ |
110 |
$ |
110 |
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Cash flows provided by operations |
$ |
350 |
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FIDELITY NATIONAL FINANCIAL, INC. QUARTERLY OPERATING STATISTICS (Unaudited) |
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Q2 2019 |
Q1 2019 |
Q4 2018 |
Q3 2018 |
Q2 2018 |
Q1 2018 |
Q4 2017 |
Q3 2017 |
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Quarterly Opened Orders ('000's except % data) |
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Total opened orders* |
544 |
438 |
379 |
456 |
505 |
478 |
445 |
501 |
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Total opened orders per day* |
8.5 |
7.2 |
6.0 |
7.2 |
7.9 |
7.7 |
7.2 |
8.0 |
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Purchase % of opened orders |
61% |
65% |
67% |
69% |
71% |
66% |
60% |
62% |
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Refinance % of opened orders |
39% |
35% |
33% |
31% |
29% |
34% |
40% |
38% |
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Total closed orders* |
359 |
263 |
301 |
339 |
362 |
313 |
357 |
367 |
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Total closed orders per day* |
5.6 |
4.3 |
4.8 |
5.4 |
5.7 |
5.0 |
5.8 |
5.8 |
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Purchase % of closed orders |
65% |
66% |
69% |
71% |
71% |
62% |
61% |
65% |
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Refinance % of closed orders |
35% |
34% |
31% |
29% |
29% |
38% |
39% |
35% |
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Commercial (millions, except orders in '000's) |
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Total commercial revenue |
$ |
286 |
$ |
231 |
$ |
328 |
$ |
276 |
$ |
280 |
$ |
235 |
$ |
288 |
$ |
250 |
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Total commercial opened orders |
58.6 |
49.8 |
46.0 |
48.9 |
54.2 |
52.8 |
46.3 |
48.3 |
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Total commercial closed orders |
34.0 |
30.0 |
35.2 |
31.2 |
35.1 |
31.5 |
33.2 |
33.4 |
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National commercial revenue |
$ |
165 |
$ |
123 |
$ |
197 |
$ |
157 |
$ |
155 |
$ |
128 |
$ |
165 |
$ |
138 |
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National commercial opened orders |
25.3 |
20.6 |
19.1 |
19.8 |
23.0 |
21.1 |
19.0 |
19.9 |
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National commercial closed orders |
12.7 |
10.5 |
13.2 |
12.0 |
12.9 |
11.2 |
12.1 |
13.1 |
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Total Fee Per File |
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Fee per file |
$ |
2,677 |
$ |
2,567 |
$ |
2,803 |
$ |
2,623 |
$ |
2,579 |
$ |
2,344 |
$ |
2,425 |
$ |
2,368 |
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|
Residential fee per file |
$ |
2,075 |
$ |
1,964 |
$ |
2,003 |
$ |
2,032 |
$ |
2,051 |
$ |
1,816 |
$ |
1,789 |
$ |
1,885 |
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|
Total commercial fee per file |
$ |
8,400 |
$ |
7,700 |
$ |
9,300 |
$ |
8,800 |
$ |
8,000 |
$ |
7,500 |
$ |
8,700 |
$ |
7,500 |
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National commercial fee per file |
$ |
13,000 |
$ |
11,700 |
$ |
14,900 |
$ |
13,100 |
$ |
12,000 |
$ |
11,400 |
$ |
13,600 |
$ |
10,500 |
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Total Staffing |
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Total field operations employees |
10,300 |
10,000 |
10,200 |
10,800 |
11,000 |
10,900 |
11,200 |
11,700 |
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* Includes an immaterial number of non-purchase and non-refinance orders |
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FIDELITY NATIONAL FINANCIAL, INC. SUMMARY BALANCE SHEET INFORMATION (In millions) |
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FNF, Inc. June 30, 2019 |
FNF, Inc. December 31, 2018 |
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|
(Unaudited) |
(Unaudited) |
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|
Cash and investment portfolio |
$ |
5,234 |
$ |
4,806 |
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Goodwill |
2,725 |
2,726 |
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Title plant |
405 |
405 |
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Total assets |
10,189 |
9,301 |
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Notes payable |
838 |
836 |
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Reserve for title claim losses |
1,480 |
1,488 |
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|
Secured trust deposits |
912 |
822 |
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Redeemable non-controlling interests |
344 |
344 |
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Non-redeemable non-controlling interests |
(10) |
(2) |
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|
Total equity and non-controlling interests |
5,296 |
4,972 |
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|
Total equity attributable to common shareholders |
4,962 |
4,630 |
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View original content:SOURCE
Daniel Kennedy Murphy, Senior Vice President and Treasurer, 904-854-8120, dkmurphy@fnf.com