Fidelity National Financial, Inc.

Fidelity National Financial, Inc.

Press Release

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Oct 27, 2015

FNFV Reports Third Quarter 2015 Results With Success on Several Monetization Efforts and $1.01 Billion Book Value of Portfolio Company Investments, or $13.37 Per Share

JACKSONVILLE, Fla., Oct. 27, 2015 /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, 2015

  • Total revenue of $369 million in the third quarter versus $367 million in the third quarter of 2014
  • Third quarter adjusted diluted EPS of $0.00 versus adjusted diluted EPS of $(0.06) in the third quarter of 2014
  • Adjusted EBITDA of $18 million for the third quarter versus adjusted EBITDA of $13 million for the third quarter of 2014
  • Third quarter FNFV free cash flow used of $14 million versus $21 million used in the third quarter of 2014
  • $176 million in holding company cash on September 30, 2015
  • Approximately 75.8 million common shares and 78 million diluted shares currently outstanding; since the formation of FNFV in July 2014, approximately 17 million FNFV shares have been repurchased

Restaurant Group

  • $338 million in total revenue, adjusted EBITDA of $16 million and adjusted EBITDA margin of 4.6% for the third quarter versus approximately $343 million in total revenue, adjusted EBITDA of $13 million and an adjusted EBITDA margin of 3.8% in the third quarter of 2014
  • American Blue Ribbon Holdings generated $289 million in total revenue and adjusted EBITDA of more than $11 million;  same store sales increased approximately 1.0% in the third quarter, with Ninety Nine, Bakers Square and  Village Inn leading the way at 3.9%, 0.6% and 0.4%, respectively; O'Charley's same stores sale were flat, breaking a string of seven consecutive quarters of sales increases
  • J. Alexander's produced $49 million in total revenue and adjusted EBITDA of more than $4 million

Ceridian HCM

  • Third quarter total revenue of approximately $186 million, a 3% decline from the third quarter of 2014 and EBITDA of more than $15 million, for an EBITDA margin of approximately 8%

Digital Insurance

  • Third quarter total revenue of $30 million, a 21% increase over the third quarter of 2014; pre-tax earnings of nearly $1 million, EBITDA of $7 million, a 29% increase over the third quarter of 2014, and a third quarter EBITDA margin of more than 22%

Monetization Initiatives

  • Completed the tax-free distribution of J.Alexander's common stock to FNFV shareholders on September 28, 2015; FNFV shareholders received 0.17272 shares of J. Alexander's for each share of FNFV common stock; J. Alexander's began trading as an independent public company on September 29, 2015
  • In October, received gross proceeds of approximately $136 million from the indirect sale of approximately 912,000 shares of Fleetcor common stock in September 2015; net, after-tax proceeds were approximately $108 million; these proceeds are not included in the September 30, 2015 holding company cash balance of $176 million
  • Repurchased nearly 2.3 million shares of FNFV common stock for approximately $33 million during the third quarter; since the formation of FNFV, more than 17 million shares of common stock have been repurchased

"We again were successful in completing several monetization events during the quarter at FNFV," said Chairman William P. Foley, II.  "On September 28, 2015, we successfully distributed the common stock of J. Alexander's to our shareholders at a rate of 0.17272 shares of J. Alexander's for each share of FNFV.  J. Alexander's began trading as an independent public company on September 29 , 2015.  We have confidence that the J. Alexander's management team will create value for our FNFV shareholders that hold on to their ownership in J. Alexander's.  In September, we indirectly sold approximately 912,000 shares of Fleetcor common stock and in October, FNFV received approximately $136 million in gross cash proceeds and $108 million in net, after-tax, cash proceeds.  We also continued our share repurchase efforts in the third quarter, buying back an additional 2.3 million shares of FNFV common stock for approximately $33 million and we ended the quarter with approximately $176 million of cash at the FNFV holding company level."

Conference Call

We will host a call with investors and analysts to discuss third quarter 2015 results of FNFV on Wednesday, October 28, 2015, beginning at 10:00 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 12:00 p.m. Eastern time on October 28, 2015, through November 4, 2015, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 370126.

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, J. Alexander's, LLC , Ceridian HCM, Inc., Fleetcor Technologies, Inc. and Digital Insurance, 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.

 

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 losses 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 losses 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:


$

3






Non-GAAP adjustments:







IPO costs


4






Total non-GAAP adjustments


4













Adjusted cash flows from operations


7






Capital expenditures


21






Free cash flow


$

(14)






 

FIDELITY NATIONAL FINANCIAL VENTURES
THIRD QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)




Total FNFV


Restaurant Group


FNFV

Corporate and Other

Three Months Ended




September 30, 2014




Operating revenue


$

371



$

343



$

28


Interest and investment income


1





1


Realized gains and losses, net


(5)





(5)


Total revenue


367



343



24









Personnel costs


42



19



23


Other operating expenses


21



15



6


Cost of restaurant revenue


296



296




Depreciation and amortization


17



14



3


Interest expense




2



(2)


Total expenses


376



346



30









Pre-tax losses from continuing operations


$

(9)



$

(3)



$

(6)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


$

5



$



$

5


  Purchase price amortization


6



4



2


 Total non-GAAP adjustments before taxes


$

11



$

4



$

7









  Adjusted pre-tax earnings from continuing operations


$

2



$

1



$

1


  Adjusted pre-tax margin from continuing operations


0.5

%


0.3

%


3.4

%








Purchase price amortization


(6)



(4)



(2)


Depreciation and amortization


17



14



3


Interest expense




2



(2)









  Adjusted EBITDA


$

13



$

13



$


  Adjusted EBITDA margin


3.5

%


3.8

%



 

FIDELITY NATIONAL FINANCIAL VENTURES
THIRD QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)




Total FNFV


Restaurant Group


FNFV

Corporate and Other

Three Months Ended




September 30, 2014




Pre-tax losses from continuing operations


$

(9)



$

(3)



$

(6)









  Income tax benefit


(8)





(8)


Loss from equity investments


(8)





(8)


  Loss from discontinued operations, net of tax


(13)





(13)


  Non-controlling interests


(10)



(2)



(8)









Net loss attributable to FNFV common shareholders


$

(12)



$

(1)



$

(11)









EPS attributable to FNFV common shareholders - basic


$

(0.13)



$

(0.01)



$

(0.12)


EPS attributable to FNFV common shareholders - diluted


$

(0.13)



$

(0.01)



$

(0.12)









FNFV weighted average shares - basic


92






FNFV weighted average shares - diluted


93













Net loss attributable to FNFV common shareholders


$

(12)



$

(1)



$

(11)









 Total non-GAAP, pre-tax adjustments


$

11



$

4



$

7


  Income taxes on non-GAAP adjustments


(3)





(3)


  Noncontrolling interest on non-GAAP adjustments


(2)



(2)




Total non-GAAP adjustments


6



2



4









Adjusted net earnings attributable to FNFV common shareholders


$

(6)



$

1



$

(7)









Adjusted EPS attributable to FNFV common shareholders - diluted


$

(0.06)



$

0.01



$

(0.07)









Adjusted net earnings attributable to FNFV common shareholders


$

(6)



$

1



$

(7)


Loss from discontinued operations, net of tax


13





13


Non-controlling interests on discontinued operations


(8)





(8)


Adjusted net earnings (loss) from continuing operations attributable to FNFV common shareholders


$

(1)



$

1



$

(2)









Adjusted EPS from continuing operations attributable to FNFV common shareholders - diluted


$

(0.01)



$

0.01



$

(0.02)









Cash flows used by operations:


$

8













Capital expenditures


29






Free cash flow


$

(21)






 

FIDELITY NATIONAL FINANCIAL VENTURES
YTD QUARTER 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 QUARTER 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 used by operations:


$

7






Non-GAAP adjustments:







  IPO costs


7






Total Non-GAAP adjustments


7













Adjusted cash flows from operations


14






Capital expenditures


45






Free cash flow


$

(31)






 

FIDELITY NATIONAL FINANCIAL VENTURES
YTD QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)




Total FNFV


Restaurant Group


FNFV

Corporate and Other

Nine Months Ended




September 30, 2014




Operating revenue


$

1,137



$

1,055



$

82


Interest and investment income


5





5


Realized gains and losses, net


(6)



(1)



(5)


Total revenue


1,136



1,054



82









Personnel costs


114



52



62


Other operating expenses


61



46



15


Cost of restaurant revenue


899



899




Depreciation and amortization


49



39



10


Interest expense


3



5



(2)


Total expenses


1,126



1,041



85









Pre-tax earnings (loss) from continuing operations


$

10



$

13



$

(3)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


$

6



$

1



$

5


  Purchase price amortization


19



11



8


 Total non-GAAP adjustments before taxes


$

25



$

12



$

13









  Adjusted pre-tax earnings from continuing operations


$

35



$

25



$

10


  Adjusted pre-tax margin from continuing operations


3.1

%


2.4

%


11.5

%








Purchase price amortization


(19)



(11)



(8)


Depreciation and amortization


49



39



10


Interest expense


3



5



(2)









  Adjusted EBITDA


$

68



$

58



$

10


  Adjusted EBITDA margin


6.0

%


5.5

%


11.5

%

 

FIDELITY NATIONAL FINANCIAL VENTURES
YTD QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)




Total FNFV


Restaurant Group


FNFV

Corporate and Other

Nine Months Ended




September 30, 2014




Pre-tax earnings (loss) from continuing operations


$

10



$

13



$

(3)









  Income tax benefit


(13)





(13)


Loss from equity investments


(46)





(46)


  Non-controlling interests


1



4



(3)









Net (loss) earnings attributable to FNFV common shareholders


$

(24)



$

9



$

(33)









EPS attributable to Old FNF common shareholders - basic


$

(0.04)



$

0.04



$

(0.08)


EPS attributable to Old FNF common shareholders - diluted


$

(0.04)



$

0.04



$

(0.08)









EPS attributable to FNFV common shareholders - basic


$

(0.13)



$

(0.01)



$

(0.12)


EPS attributable to FNFV common shareholders - diluted


$

(0.13)



$

(0.01)



$

(0.12)









Old FNF weighted average shares - basic


183






Old FNF weighted average shares - diluted


189













FNFV weighted average shares - basic


31






FNFV weighted average shares - diluted


31













Net (loss) earnings attributable to FNFV common shareholders


$

(24)



$

9



$

(33)









 Total non-GAAP, pre-tax adjustments


$

25



$

12



$

13


Ceridian truck stop settlement


34





34


  Income taxes on non-GAAP adjustments


(21)



(3)



(18)


  Noncontrolling interest on non-GAAP adjustments


(5)



(5)




Total non-GAAP adjustments


33



4



29









Adjusted net earnings (loss) attributable to FNFV common shareholders


$

9



$

13



$

(4)









Adjusted EPS attributable to FNFV common shareholders - diluted


$

0.29



$

0.42



$

(0.13)









Adjusted net earnings (loss) attributable to FNFV common shareholders


$

9



$

13



$

(4)


  Earnings from discontinued operations, net of tax







  Non-controlling interests on discontinued operations


(2)





(2)


Adjusted net earnings (loss) from continuing operations attributable to FNFV common shareholders


$

7



$

13



$

(6)









Cash flows provided by operations:


$

1













Capital expenditures


58






Free cash flow


$

(57)






 

FIDELITY NATIONAL FINANCIAL VENTURES
SUMMARY BALANCE SHEET AND BOOK VALUE SUMMARY
(In millions)




FNFV

September 30, 2015


FNFV

December 31, 2014



(Unaudited)


(Unaudited)

Cash and investment portfolio



$

781




$

1,009


Goodwill



188




206


Total assets



1,488




1,919


Notes payable



211




121


Non-controlling interest



111




137


Total equity and redeemable non-controlling interests



1,124




1,515


Total equity attributable to common shareholders



1,013




1,378


 



FNF Group

September 30, 2015



FNFV

September 30, 2015



Consolidated

September 30, 2015


Consolidated

December 31, 2014



(Unaudited)


(Unaudited)



(Unaudited)




Cash and investment portfolio



$

4,924




$

781





$

5,705




$

5,369


Goodwill



4,543




188





4,731




4,721


Title plant



394








394




393


Total assets



12,548




1,488





14,036




13,845


Notes payable



2,600




211





2,811




2,803


Reserve for title claim losses



1,605








1,605




1,621


Secured trust deposits



684








684




622


Redeemable non-controlling interests



344








344




715


Non-redeemable non-controlling interests



703




111





814




79


Total equity and redeemable non-controlling interests



5,825




1,124





6,949




6,788


Total equity attributable to common shareholders



4,778




1,013





5,791




5,994


 

 Adjusted Book Value Summary

FNFV

September 30, 2015


FNFV

December 31, 2014


(Unaudited)


(Unaudited)

Ceridian/Fleetcor


$

501




$

632


American Blue Ribbon Holdings


167




159


J. Alexander's





100


Digital Insurance


73




149


Holding Company Cash


176




164


Other


97




111


     FNFV Book Value


$

1,014




$

1,315


 

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

280



277



3




660



653



7


 

FIDELITY NATIONAL FINANCIAL, INC.
CONSOLIDATED SUMMARY OF EARNINGS
(In millions)
(Unaudited)



Three Months Ended



Nine Months Ended


September 30, 2014



September 30, 2014


Consolidated


Core


FNFV



Consolidated


Core


FNFV

Direct title premiums

$

465



$

465



$




$

1,249



$

1,249



$


Agency title premiums

528



528






1,450



1,450




  Total title premiums

993



993






2,699



2,699




Escrow, title-related and other fees

736



708



28




2,097



2,015



82


     Total title and escrow and other

1,729



1,701



28




4,796



4,714



82















Restaurant revenue

343





343




1,055





1,055


Interest and investment income

28



27



1




93



88



5


Realized gains and losses, net

(7)



(2)



(5)




(6)





(6)


     Total revenue

2,093



1,726



367




5,938



4,802



1,136















Personnel costs

626



584



42




1,888



1,774



114


Other operating expenses

411



390



21




1,247



1,186



61


Cost of restaurant revenue

296





296




899





899


Agent commissions

396



396






1,098



1,098




Depreciation and amortization

101



84



17




302



253



49


Title claim loss expense

59



59






169



169




Interest expense

32



32






96



93



3


     Total expenses

1,921



1,545



376




5,699



4,573



1,126















Earnings (loss) from continuing operations before taxes

172



181



(9)




239



229



10


Income tax expense (benefit)

65



73



(8)




79



92



(13)


Earnings from continuing operations before equity investments

107



108



(1)




160



137



23


(Loss) earnings from equity investments

(7)



1



(8)




(43)



3



(46)


Net earnings (loss) from continuing operations

100



109



(9)




117



140



(23)


Loss from discontinued operations, net of tax

(13)





(13)




(1)



(1)




Net earnings (loss)

87



109



(22)




116



139



(23)


Non-controlling interests

(15)



(5)



(10)




(75)



(76)



1


Net earnings (loss) attributable to common shareholders

$

102



$

114



$

(12)




$

191



$

215



$

(24)















Cash flows provided by operations

300



292



8




289



288



1


 

FNFV-E

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fnfv-reports-third-quarter-2015-results-with-success-on-several-monetization-efforts-and-101-billion-book-value-of-portfolio-company-investments-or-1337-per-share-300166980.html

SOURCE Fidelity National Financial, Inc.

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