United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Item 2.02. | Results of Operations and Financial Condition | |
On October 29, 2019 , Fidelity National Financial, Inc. (the "Company", "FNF") issued an earnings release announcing its financial results for the Third Quarter of 2019. The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
A copy of the FNF earnings release is attached as Exhibit 99.1.
Item 9.01. | Financial Statements and Exhibits | |
(d) Exhibits
Exhibit | Description | ||||
99.1 | |||||
101 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Fidelity National Financial, Inc. | |||||
Date: | October 30, 2019 | By: | /s/ Anthony J. Park | ||
Name: | Anthony J. Park | ||||
Title: | Chief Financial Officer | ||||
FNF Reports Third Quarter 2019 Diluted EPS of $0.90 and Adjusted Diluted EPS of $1.10, Pre-Tax Title Margin of 17.7% and Adjusted Pre-Tax Title Margin of 18.6%
Jacksonville, Fla. - (October 29, 2019) - Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance and transaction services to the real estate and mortgage industries, today reported operating results for the three and nine-month periods ended September 30, 2019.
• | Total revenue of approximately $2.2 billion in the third quarter versus $2.1 billion in the third quarter of 2018 |
• | Third quarter net earnings of $250 million and adjusted net earnings of $304 million versus net earnings of $236 million and adjusted net earnings of $218 million for the third quarter of 2018 |
• | Third quarter diluted EPS of $0.90 and adjusted diluted EPS of $1.10 versus diluted EPS of $0.85 and adjusted diluted EPS of $0.78 in the third quarter of 2018 |
• | Realized gains were $4 million in the third quarter versus realized gains of $50 million in the third 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 $2.2 billion versus approximately $1.9 billion in total revenue in the third quarter of 2018 |
• | Pre-tax earnings of $389 million and adjusted pre-tax earnings of $407 million versus pre-tax earnings of $311 million and adjusted pre-tax earnings of $299 million in the third quarter of 2018 |
• | Pre-tax title margin of 17.7% and adjusted pre-tax title margin of 18.6% versus pre-tax title margin of 16.0% and adjusted pre-tax title margin of 15.7% in the third quarter of 2018 |
• | Third quarter purchase orders opened increased 0.7% on a daily basis and purchase orders closed decreased 1.6% on a daily basis versus the third quarter of 2018 |
• | Total commercial revenue of $301 million, a 9% increase versus total commercial revenue in the third quarter of 2018, driven by a 17% increase in closed orders somewhat offset by a 6% decrease in total commercial fee per file; third quarter total commercial orders opened increased 15% compared to the prior year |
• | Overall third quarter average fee per file of $2,459, a 6% decrease versus the third quarter of 2018 |
Title Orders
Direct Orders Opened * | Direct Orders Closed * | |||||||
Month | / (% Purchase) | / (% Purchase) | ||||||
July 2019 | 192,000 | 56% | 134,000 | 59% | ||||
August 2019 | 214,000 | 48% | 137,000 | 56% | ||||
September 2019 | 186,000 | 51% | 138,000 | 51% | ||||
Third Quarter 2019 | 592,000 | 52% | 409,000 | 55% | ||||
Direct Orders Opened * | Direct Orders Closed * | |||||||
Month | / (% Purchase) | / (% Purchase) | ||||||
July 2018 | 158,000 | 70% | 116,000 | 71% | ||||
August 2018 | 165,000 | 69% | 123,000 | 71% | ||||
September 2018 | 133,000 | 69% | 100,000 | 70% | ||||
Third Quarter 2018 | 456,000 | 69% | 339,000 | 71% | ||||
* Includes an immaterial number of non-purchase and non-refinance orders
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Open | Closed | Commercial | |||||||||||||
Commercial | Commercial | Revenue | Commercial | ||||||||||||
Orders | Orders | (In millions) | Fee Per File | ||||||||||||
Third Quarter 2019 - Total Commercial | 56,000 | 36,400 | $301 | $8,300 | |||||||||||
Third Quarter 2018 - Total Commercial | 48,900 | 31,200 | $276 | $8,800 | |||||||||||
"During the third quarter, we experienced continued strong performance from our title business," said Chairman William P. Foley, II. "We generated adjusted pre-tax title earnings of $407 million and an 18.6% adjusted pre-tax title margin, both of which represent record quarterly results dating back sixteen years to the third quarter of 2003. Looking ahead, purchase orders opened increased by 0.7% on a daily basis versus the third quarter of 2018, a sequential improvement from the 2% decrease in the second quarter of 2019, compared to the prior year. Refinance orders opened increased by nearly 114% on a daily basis versus the third quarter of 2018, as the decline in mortgage rates continues to drive strong refinance volumes. Lastly, total commercial orders opened increased by 15% over the third quarter of 2018. With another strong quarter of refinance orders opened, and the continued strength in commercial orders opened, we are well positioned to continue producing strong title business results through the end of 2019.”
Mr. Foley concluded, “As announced in September, we agreed to terminate our proposed merger with Stewart Information Services given insurmountable regulatory hurdles. Looking forward, we remain committed to creating meaningful, long-term value for our shareholders and are in the process of reviewing our capital allocation strategy. Our priorities for capital continue to be focused on share repurchases, consistent dividend growth over time, and strategic M&A that enhances the growth profile and diversification of the Company.”
Conference Call
We will host a call with investors and analysts to discuss third quarter 2019 FNF results on Wednesday, October 30, 2019, beginning at 12:00 p.m. Eastern Time. A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at fnf.com. The conference call replay will be available via webcast through the FNF Investor Relations website at fnf.com. The telephone replay will be available from 2:00 p.m. Eastern Time on October 30, 2019, through November 6, 2019, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 472566.
About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: 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. More information about FNF can be found at 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, 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,
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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; and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of FNF's Form 10-K and other filings with the Securities and Exchange Commission ("SEC").
FNF-E
SOURCE: Fidelity National Financial, Inc.
CONTACT: Jamie Lillis, Managing Director, Solebury Trout, 203-428-3223, jlillis@soleburytrout.com
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FIDELITY NATIONAL FINANCIAL, INC.
THIRD QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
Consolidated | Title | Corporate and Other | ||||||||||
Three Months Ended | ||||||||||||
September 30, 2019 | ||||||||||||
Direct title premiums | $ | 660 | $ | 660 | $ | — | ||||||
Agency title premiums | 827 | 827 | — | |||||||||
Escrow, title related and other fees | 693 | 653 | 40 | |||||||||
Total title and escrow | 2,180 | 2,140 | 40 | |||||||||
Interest and investment income | 57 | 51 | 6 | |||||||||
Realized gains and losses, net | 4 | 3 | 1 | |||||||||
Total revenue | 2,241 | 2,194 | 47 | |||||||||
Personnel costs | 702 | 677 | 25 | |||||||||
Agent commissions | 630 | 630 | — | |||||||||
Other operating expenses | 473 | 393 | 80 | |||||||||
Depreciation and amortization | 44 | 38 | 6 | |||||||||
Claim loss expense | 67 | 67 | — | |||||||||
Interest expense | 12 | — | 12 | |||||||||
Total expenses | 1,928 | 1,805 | 123 | |||||||||
Pre-tax earnings (loss) | $ | 313 | $ | 389 | $ | (76 | ) | |||||
Non-GAAP adjustments before taxes | ||||||||||||
Realized (gains) and losses, net | (4 | ) | (3 | ) | (1 | ) | ||||||
Purchase price amortization | 26 | 21 | 5 | |||||||||
Transaction costs | 52 | — | 52 | |||||||||
Total non-GAAP adjustments before taxes | $ | 74 | $ | 18 | $ | 56 | ||||||
Adjusted pre-tax earnings (loss) | $ | 387 | $ | 407 | $ | (20 | ) | |||||
Adjusted pre-tax margin | 17.3 | % | 18.6 | % | — | |||||||
Pre-tax earnings (loss) | $ | 313 | $ | 389 | $ | (76 | ) | |||||
Income tax expense (benefit) | 59 | 94 | (35 | ) | ||||||||
Earnings from equity investments | 2 | 1 | 1 | |||||||||
Non-controlling interests | 6 | 5 | 1 | |||||||||
Net earnings (loss) attributable to FNF, Inc. common shareholders | $ | 250 | $ | 291 | $ | (41 | ) | |||||
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 | 277 | |||||||||||
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FIDELITY NATIONAL FINANCIAL, INC.
THIRD QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
Consolidated | Title | Corporate and Other | ||||||||||
Three Months Ended | ||||||||||||
September 30, 2019 | ||||||||||||
Net earnings (loss) attributable to FNF, Inc. common shareholders | $ | 250 | $ | 291 | $ | (41 | ) | |||||
Total non-GAAP, pre-tax adjustments | $ | 74 | $ | 18 | $ | 56 | ||||||
Income taxes on non-GAAP adjustments | (17 | ) | (4 | ) | (13 | ) | ||||||
Noncontrolling interest on non-GAAP adjustments | (3 | ) | (3 | ) | — | |||||||
Total non-GAAP adjustments | $ | 54 | $ | 11 | $ | 43 | ||||||
Adjusted net earnings attributable to FNF, Inc. common shareholders | $ | 304 | $ | 302 | $ | 2 | ||||||
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted | $ | 1.10 | ||||||||||
Direct orders opened (000's) | 592 | 592 | ||||||||||
Direct orders closed (000's) | 409 | 409 | ||||||||||
Fee per file | $ | 2,459 | $ | 2,459 | ||||||||
Actual title claims paid | $ | 52 | $ | 52 | ||||||||
Cash flows provided by operations | $ | 328 | ||||||||||
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FIDELITY NATIONAL FINANCIAL, INC.
THIRD QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
Consolidated | Title | Corporate and Other | ||||||||||
Three Months Ended | ||||||||||||
September 30, 2018 | ||||||||||||
Direct title premiums | $ | 574 | $ | 574 | $ | — | ||||||
Agency title premiums | 722 | 722 | — | |||||||||
Escrow, title related and other fees | 695 | 567 | 128 | |||||||||
Total title and escrow | 1,991 | 1,863 | 128 | |||||||||
Interest and investment income | 44 | 42 | 2 | |||||||||
Realized gains and losses, net | 50 | 40 | 10 | |||||||||
Total revenue | 2,085 | 1,945 | 140 | |||||||||
Personnel costs | 654 | 619 | 35 | |||||||||
Agent commissions | 554 | 554 | — | |||||||||
Other operating expenses | 477 | 365 | 112 | |||||||||
Depreciation and amortization | 46 | 38 | 8 | |||||||||
Claim loss expense | 58 | 58 | — | |||||||||
Interest expense | 9 | — | 9 | |||||||||
Total expenses | 1,798 | 1,634 | 164 | |||||||||
Pre-tax earnings (loss) | $ | 287 | $ | 311 | $ | (24 | ) | |||||
Non-GAAP adjustments before taxes | ||||||||||||
Realized (gains) and losses, net | (50 | ) | (40 | ) | (10 | ) | ||||||
Purchase price amortization | 27 | 22 | 5 | |||||||||
Transaction costs | 9 | — | 9 | |||||||||
Sales tax contingency | 6 | 6 | — | |||||||||
Total non-GAAP adjustments before taxes | $ | (8 | ) | $ | (12 | ) | $ | 4 | ||||
Adjusted pre-tax earnings (loss) | $ | 279 | $ | 299 | $ | (20 | ) | |||||
Adjusted pre-tax margin | 13.7 | % | 15.7 | % | — | |||||||
Pre-tax earnings (loss) | $ | 287 | $ | 311 | $ | (24 | ) | |||||
Income tax expense (benefit) | 51 | 68 | (17 | ) | ||||||||
Earnings from equity investments | 1 | 1 | — | |||||||||
Non-controlling interests | 1 | 3 | (2 | ) | ||||||||
Net earnings (loss) attributable to FNF, Inc. common shareholders | $ | 236 | $ | 241 | $ | (5 | ) | |||||
EPS attributable to FNF, Inc. common shareholders - basic | $ | 0.86 | ||||||||||
EPS attributable to FNF, Inc. common shareholders - diluted | $ | 0.85 | ||||||||||
FNF, Inc. weighted average shares - basic | 273 | |||||||||||
FNF, Inc. weighted average shares - diluted | 278 | |||||||||||
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FIDELITY NATIONAL FINANCIAL, INC.
THIRD QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
Consolidated | Title | Corporate and Other | ||||||||||
Three Months Ended | ||||||||||||
September 30, 2018 | ||||||||||||
Net earnings (loss) attributable to FNF, Inc. common shareholders | $ | 236 | $ | 241 | $ | (5 | ) | |||||
Total non-GAAP, pre-tax adjustments | $ | (8 | ) | $ | (12 | ) | $ | 4 | ||||
Income taxes on non-GAAP adjustments | 2 | 3 | (1 | ) | ||||||||
Noncontrolling interest on non-GAAP adjustments | (4 | ) | (2 | ) | (2 | ) | ||||||
Black Knight tax contingency | (8 | ) | — | (8 | ) | |||||||
Total non-GAAP adjustments | $ | (18 | ) | $ | (11 | ) | $ | (7 | ) | |||
Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders | $ | 218 | $ | 230 | $ | (12 | ) | |||||
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted | $ | 0.78 | ||||||||||
Direct orders opened (000's) | 456 | 456 | ||||||||||
Direct orders closed (000's) | 339 | 339 | ||||||||||
Fee per file | $ | 2,623 | $ | 2,623 | ||||||||
Actual title claims paid | $ | 55 | $ | 55 | ||||||||
Cash flows provided by operations | $ | 321 | ||||||||||
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FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
Consolidated | Title | Corporate and Other | ||||||||||
Nine Months Ended | ||||||||||||
September 30, 2019 | ||||||||||||
Direct title premiums | $ | 1,725 | $ | 1,725 | $ | — | ||||||
Agency title premiums | 2,133 | 2,133 | — | |||||||||
Escrow, title related and other fees | 1,892 | 1,747 | 145 | |||||||||
Total title and escrow | 5,750 | 5,605 | 145 | |||||||||
Interest and investment income | 170 | 153 | 17 | |||||||||
Realized gains and losses, net | 187 | 191 | (4 | ) | ||||||||
Total revenue | 6,107 | 5,949 | 158 | |||||||||
Personnel costs | 1,979 | 1,881 | 98 | |||||||||
Agent commissions | 1,630 | 1,630 | — | |||||||||
Other operating expenses | 1,226 | 1,081 | 145 | |||||||||
Depreciation and amortization | 132 | 115 | 17 | |||||||||
Claim loss expense | 174 | 174 | — | |||||||||
Interest expense | 36 | — | 36 | |||||||||
Total expenses | 5,177 | 4,881 | 296 | |||||||||
Pre-tax earnings (loss) | $ | 930 | $ | 1,068 | $ | (138 | ) | |||||
Non-GAAP adjustments before taxes | ||||||||||||
Realized (gains) and losses, net | (187 | ) | (191 | ) | 4 | |||||||
Purchase price amortization | 78 | 64 | 14 | |||||||||
Transaction costs | 58 | — | 58 | |||||||||
Other adjustments | 1 | 1 | — | |||||||||
Total non-GAAP adjustments before taxes | $ | (50 | ) | $ | (126 | ) | $ | 76 | ||||
Adjusted pre-tax earnings (loss) | $ | 880 | $ | 942 | $ | (62 | ) | |||||
Adjusted pre-tax margin | 14.9 | % | 16.4 | % | — | |||||||
Pre-tax earnings (loss) | $ | 930 | $ | 1,068 | $ | (138 | ) | |||||
Income tax expense (benefit) | 210 | 260 | (50 | ) | ||||||||
Earnings from equity investments | 12 | 11 | 1 | |||||||||
Non-controlling interests | 10 | 10 | — | |||||||||
Net earnings (loss) attributable to FNF, Inc. common shareholders | $ | 722 | $ | 809 | $ | (87 | ) | |||||
EPS attributable to FNF, Inc. common shareholders - basic | $ | 2.64 | ||||||||||
EPS attributable to FNF, Inc. common shareholders - diluted | $ | 2.61 | ||||||||||
FNF, Inc. weighted average shares - basic | 273 | |||||||||||
FNF, Inc. weighted average shares - diluted | 277 | |||||||||||
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FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
Consolidated | Title | Corporate and Other | ||||||||||
Nine Months Ended | ||||||||||||
September 30, 2019 | ||||||||||||
Net earnings (loss) attributable to FNF, Inc. common shareholders | $ | 722 | $ | 809 | $ | (87 | ) | |||||
Total non-GAAP, pre-tax adjustments | $ | (50 | ) | $ | (126 | ) | $ | 76 | ||||
Income taxes on non-GAAP adjustments | 14 | 32 | (18 | ) | ||||||||
Noncontrolling interest on non-GAAP adjustments | (9 | ) | (8 | ) | (1 | ) | ||||||
Total non-GAAP adjustments | $ | (45 | ) | $ | (102 | ) | $ | 57 | ||||
Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders | $ | 677 | $ | 707 | $ | (30 | ) | |||||
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted | $ | 2.44 | ||||||||||
Direct orders opened (000's) | 1,574 | 1,574 | ||||||||||
Direct orders closed (000's) | 1,031 | 1,031 | ||||||||||
Fee per file | $ | 2,562 | $ | 2,562 | ||||||||
Actual title claims paid | $ | 167 | $ | 167 | ||||||||
Cash flows provided by operations | $ | 700 | ||||||||||
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FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
Nine Months Ended | Consolidated | Title | Corporate and Other | |||||||||
September 30, 2018 | ||||||||||||
Direct title premiums | $ | 1,645 | $ | 1,645 | $ | — | ||||||
Agency title premiums | 2,018 | 2,018 | — | |||||||||
Escrow, title related and other fees | 2,078 | 1,683 | 395 | |||||||||
Total title and escrow | 5,741 | 5,346 | 395 | |||||||||
Interest and investment income | 125 | 122 | 3 | |||||||||
Realized gains and losses, net | 35 | 25 | 10 | |||||||||
Total revenue | 5,901 | 5,493 | 408 | |||||||||
Personnel costs | 1,926 | 1,831 | 95 | |||||||||
Agent commissions | 1,546 | 1,546 | — | |||||||||
Other operating expenses | 1,406 | 1,061 | 345 | |||||||||
Depreciation and amortization | 138 | 116 | 22 | |||||||||
Claim loss expense | 165 | 165 | — | |||||||||
Interest expense | 31 | — | 31 | |||||||||
Total expenses | 5,212 | 4,719 | 493 | |||||||||
Pre-tax earnings (loss) | $ | 689 | $ | 774 | $ | (85 | ) | |||||
Non-GAAP adjustments before taxes | ||||||||||||
Realized (gains) and losses, net | (35 | ) | (25 | ) | (10 | ) | ||||||
Purchase price amortization | 82 | 66 | 16 | |||||||||
Transaction costs | 13 | — | 13 | |||||||||
Sales tax contingency | 6 | 6 | — | |||||||||
Other adjustments | 3 | 1 | 2 | |||||||||
Total non-GAAP adjustments before taxes | $ | 69 | $ | 48 | $ | 21 | ||||||
Adjusted pre-tax earnings (loss) | $ | 758 | $ | 822 | $ | (64 | ) | |||||
Adjusted pre-tax margin | 12.9 | % | 15.0 | % | — | |||||||
Pre-tax earnings (loss) | $ | 689 | $ | 774 | $ | (85 | ) | |||||
Income tax expense (benefit) | 104 | 137 | (33 | ) | ||||||||
Earnings from equity investments | 4 | 3 | 1 | |||||||||
Non-controlling interests | 5 | 7 | (2 | ) | ||||||||
Net earnings (loss) attributable to FNF, Inc. common shareholders | $ | 584 | $ | 633 | $ | (49 | ) | |||||
EPS attributable to FNF, Inc. common shareholders - basic | $ | 2.14 | ||||||||||
EPS attributable to FNF, Inc. common shareholders - diluted | $ | 2.09 | ||||||||||
FNF, Inc. weighted average shares - basic | 273 | |||||||||||
FNF, Inc. weighted average shares - diluted | 279 | |||||||||||
10
FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
Consolidated | Title | Corporate and Other | ||||||||||
Nine Months Ended | ||||||||||||
September 30, 2018 | ||||||||||||
Net earnings (loss) attributable to FNF, Inc. common shareholders | $ | 584 | $ | 633 | $ | (49 | ) | |||||
Total non-GAAP, pre-tax adjustments | $ | 69 | $ | 48 | $ | 21 | ||||||
Income taxes on non-GAAP adjustments | (15 | ) | (10 | ) | (5 | ) | ||||||
Noncontrolling interest on non-GAAP adjustments | (10 | ) | (8 | ) | (2 | ) | ||||||
Change in tax estimate | (45 | ) | (45 | ) | — | |||||||
Black Knight tax contingency | $ | (8 | ) | $ | — | $ | (8 | ) | ||||
Total non-GAAP adjustments | $ | (9 | ) | $ | (15 | ) | $ | 6 | ||||
Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders | $ | 575 | $ | 618 | $ | (43 | ) | |||||
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted | $ | 2.06 | ||||||||||
Direct orders opened (000's) | 1,439 | 1,439 | ||||||||||
Direct orders closed (000's) | 1,014 | 1,014 | ||||||||||
Fee per file | $ | 2,521 | $ | 2,521 | ||||||||
Actual title claims paid | $ | 165 | $ | 165 | ||||||||
Cash flows provided by operations | $ | 671 | ||||||||||
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FIDELITY NATIONAL FINANCIAL, INC.
QUARTERLY OPERATING STATISTICS
(Unaudited)
Q3 2019 | Q2 2019 | Q1 2019 | Q4 2018 | Q3 2018 | Q2 2018 | Q1 2018 | Q4 2017 | |||||||||||||||||||||||||
Quarterly Opened Orders ('000's except % data) | ||||||||||||||||||||||||||||||||
Total opened orders* | 592 | 544 | 438 | 379 | 456 | 505 | 478 | 445 | ||||||||||||||||||||||||
Total opened orders per day* | 9.3 | 8.5 | 7.2 | 6.0 | 7.2 | 7.9 | 7.7 | 7.2 | ||||||||||||||||||||||||
Purchase % of opened orders | 52 | % | 61 | % | 65 | % | 67 | % | 69 | % | 71 | % | 66 | % | 60 | % | ||||||||||||||||
Refinance % of opened orders | 48 | % | 39 | % | 35 | % | 33 | % | 31 | % | 29 | % | 34 | % | 40 | % | ||||||||||||||||
Total closed orders* | 409 | 359 | 263 | 301 | 339 | 362 | 313 | 357 | ||||||||||||||||||||||||
Total closed orders per day* | 6.4 | 5.6 | 4.3 | 4.8 | 5.4 | 5.7 | 5.0 | 5.8 | ||||||||||||||||||||||||
Purchase % of closed orders | 55 | % | 65 | % | 66 | % | 69 | % | 71 | % | 71 | % | 62 | % | 61 | % | ||||||||||||||||
Refinance % of closed orders | 45 | % | 35 | % | 34 | % | 31 | % | 29 | % | 29 | % | 38 | % | 39 | % | ||||||||||||||||
Commercial (millions, except orders in '000's) | ||||||||||||||||||||||||||||||||
Total commercial revenue | $ | 301 | $ | 286 | $ | 231 | $ | 328 | $ | 276 | $ | 280 | $ | 235 | $ | 288 | ||||||||||||||||
Total commercial opened orders | 56.0 | 58.6 | 49.8 | 46.0 | 48.9 | 54.2 | 52.8 | 46.3 | ||||||||||||||||||||||||
Total commercial closed orders | 36.4 | 34.0 | 30.0 | 35.2 | 31.2 | 35.1 | 31.5 | 33.2 | ||||||||||||||||||||||||
National commercial revenue | $ | 173 | $ | 165 | $ | 123 | $ | 197 | $ | 157 | $ | 155 | $ | 128 | $ | 165 | ||||||||||||||||
National commercial opened orders | 23.8 | 25.3 | 20.6 | 19.1 | 19.8 | 23.0 | 21.1 | 19.0 | ||||||||||||||||||||||||
National commercial closed orders | 14.1 | 12.7 | 10.5 | 13.2 | 12.0 | 12.9 | 11.2 | 12.1 | ||||||||||||||||||||||||
Total Fee Per File | ||||||||||||||||||||||||||||||||
Fee per file | $ | 2,459 | $ | 2,677 | $ | 2,567 | $ | 2,803 | $ | 2,623 | $ | 2,579 | $ | 2,344 | $ | 2,425 | ||||||||||||||||
Residential fee per file | $ | 1,928 | $ | 2,075 | $ | 1,964 | $ | 2,003 | $ | 2,032 | $ | 2,051 | $ | 1,816 | $ | 1,789 | ||||||||||||||||
Total commercial fee per file | $ | 8,300 | $ | 8,400 | $ | 7,700 | $ | 9,300 | $ | 8,800 | $ | 8,000 | $ | 7,500 | $ | 8,700 | ||||||||||||||||
National commercial fee per file | $ | 12,300 | $ | 13,000 | $ | 11,700 | $ | 14,900 | $ | 13,100 | $ | 12,000 | $ | 11,400 | $ | 13,600 | ||||||||||||||||
Total Staffing | ||||||||||||||||||||||||||||||||
Total field operations employees | 10,500 | 10,300 | 10,000 | 10,200 | 10,800 | 11,000 | 10,900 | 11,200 | ||||||||||||||||||||||||
* Includes an immaterial number of non-purchase and non-refinance orders
FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY BALANCE SHEET INFORMATION
(In millions)
FNF, Inc. September 30, 2019 | FNF, Inc. December 31, 2018 | |||||||||
(Unaudited) | (Unaudited) | |||||||||
Cash and investment portfolio | $ | 5,432 | $ | 4,806 | ||||||
Goodwill | 2,726 | 2,726 | ||||||||
Title plant | 405 | 405 | ||||||||
Total assets | 10,419 | 9,301 | ||||||||
Notes payable | 838 | 836 | ||||||||
Reserve for title claim losses | 1,494 | 1,488 | ||||||||
Secured trust deposits | 890 | 822 | ||||||||
Redeemable non-controlling interests | 344 | 344 | ||||||||
Non-redeemable non-controlling interests | (18 | ) | (2 | ) | ||||||
Total equity and non-controlling interests | 5,465 | 4,972 | ||||||||
Total equity attributable to common shareholders | 5,139 | 4,630 | ||||||||
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