JACKSONVILLE, Fla.,
July 19, 2017 /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 six-month periods ended
June 30, 2017.
- Total revenue of $599 million in
the second quarter versus $348
million in the second quarter of 2016
- Pre-tax gain of $269 million from
the June closing of the sale of One Digital Health and
Benefits
- Second quarter diluted EPS of $1.81 versus diluted EPS of $0.14 in the second quarter of 2016
- Pretax earnings of $237 million
and EBITDA of $256 million for the
second quarter versus pretax earnings of $19
million and EBITDA of $35
million for the second quarter of 2016
- $354 million in holding company
cash on June 30, 2017
Restaurant Group
- $287 million in total revenue,
pretax loss of $2 million, EBITDA of
$10 million, and an EBITDA margin of
3.5% for the second quarter, versus $292
million in total revenue, pretax earnings of $6 million, EBITDA of $17
million, and an EBITDA margin of 5.8% in the second quarter
of 2016
- Same store sales decreased 1.6% in the second quarter, as a
Ninety Nine same stores sales increase of 0.6% was offset by an
O'Charley's decline of 2.6%, a Village Inn decrease of 3.2% and a
Bakers Square decline of 0.7%
Ceridian HCM
- Second quarter total revenue of approximately $177 million, a 6.3% increase over the second
quarter of 2016, pretax loss of $20.9
million, EBITDA of $15.2
million, a 60% increase over the second quarter of 2016, and
an EBITDA margin of 8.6%
Monetization and Investment Initiatives
- On June 2, completed the sale of
One Digital Health and Benefits for $560
million in an all-cash transaction; after repayment of debt,
payout to option holders and a minority equity investor and other
transaction related payments, we received $331 million; after-tax proceeds were
approximately $219 million
- During the second quarter, we repurchased 1,295,800 shares of
FNFV stock for approximately $19.6
million; since the formation of FNFV in July 2014, 27.6 million shares of FNFV stock have
been repurchased for a total of $374
million; approximately 31% of the shares of FNFV stock
distributed in July 2014 have been
repurchased
"We were excited to monetize One Digital at an attractive price
for our shareholders and recognize a pre-tax cash monetization of
$331 million," said Chairman
William P. Foley, II. "This
represented a 4.6x cash on cash multiple on our original equity
investment and a 41% IRR. We experienced tremendous growth in
One Digital in our 4 1/2 year ownership and are proud of the
success the company and FNFV enjoyed together.
"We also made significant progress on the FNFV exchange during
the second quarter, with several milestones achieved. We
announced the receipt of the private letter ruling on May 10, filed the preliminary Registration
Statement on Form S-4 with the SEC on May
11, received comments from the SEC on June 6 and responded to those comments on June
22. We are continuing to work through the SEC review and are
in the process of responding to additional comments received on
July 14. Once the SEC declares the Registration Statement on
S-4 effective, we can mail the proxy to shareholders and then have
the shareholder vote, at the earliest, twenty business days after
the mailing. We still expect a late third quarter closing for
the exchange of the FNFV tracking stock for the new Cannae Holdings
common stock that we plan to have trade on the NYSE under the
ticker symbol CNNE."
Conference Call
We will host a call with investors and
analysts to discuss second quarter 2017 results of FNFV on
Thursday, July 20, 2017, beginning at
12:30 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
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
2:30 p.m. Eastern time on
July 20, 2017, through July 27, 2017, by dialing 800-475-6701
(USA) or 320-365-3844
(International). The access code will be 426237.
About Fidelity National Financial, Inc.
Fidelity
National Financial, Inc. is organized into two groups, FNF Group
(NYSE: FNF) and FNFV Group (NYSE: FNFV). FNF is a leading
provider of title insurance, technology and transaction services to
the real estate and mortgage industries. FNF is the nation's
largest title insurance company through its title insurance
underwriters - Fidelity National Title, Chicago Title, Commonwealth
Land Title, Alamo Title and National Title of New York - that collectively issue more title
insurance policies than any other title company in the United
States. FNF also provides industry-leading mortgage
technology solutions and transaction services, including MSP®, the
leading residential mortgage servicing technology platform in the
U.S., through its majority-owned subsidiaries, Black Knight
Financial Services, Inc. and ServiceLink Holdings, LLC. FNFV
holds majority and minority equity investment stakes in a number of
entities, including American Blue Ribbon Holdings, LLC, Ceridian
HCM, Inc. 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),
and earnings before interest, taxes and depreciation as a percent
of revenue (EBITDA margin).
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 plan 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 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.
FNF-E
FIDELITY NATIONAL
FINANCIAL VENTURES
SECOND QUARTER
SEGMENT INFORMATION
(In
millions)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Total
FNFV
|
|
Restaurant
Group
|
|
FNFV
Corporate and
Other
|
Three Months
Ended
|
|
|
|
June 30,
2017
|
|
|
|
|
Operating
revenue
|
|
$
|
330
|
|
|
$
|
288
|
|
|
$
|
42
|
|
Interest and
investment income
|
|
1
|
|
|
—
|
|
|
1
|
|
Realized gains and
losses, net
|
|
268
|
|
|
(1)
|
|
|
269
|
|
Total
revenue
|
|
599
|
|
|
287
|
|
|
312
|
|
|
|
|
|
|
|
|
Personnel
costs
|
|
65
|
|
|
13
|
|
|
52
|
|
Other operating
expenses
|
|
29
|
|
|
15
|
|
|
14
|
|
Cost of restaurant
revenue
|
|
249
|
|
|
249
|
|
|
—
|
|
Depreciation and
amortization
|
|
16
|
|
|
11
|
|
|
5
|
|
Interest
expense
|
|
3
|
|
|
1
|
|
|
2
|
|
Total
expenses
|
|
362
|
|
|
289
|
|
|
73
|
|
|
|
|
|
|
|
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
237
|
|
|
$
|
(2)
|
|
|
$
|
239
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
$
|
113
|
|
|
$
|
—
|
|
|
$
|
113
|
|
Loss from
equity investments
|
|
(4)
|
|
|
—
|
|
|
(4)
|
|
Non-controlling interests
|
|
(1)
|
|
|
(1)
|
|
|
—
|
|
|
|
|
|
|
|
|
Net earnings
(loss) attributable to FNFV common shareholders
|
|
$
|
121
|
|
|
$
|
(1)
|
|
|
$
|
122
|
|
|
|
|
|
|
|
|
EPS attributable
to FNFV common shareholders - basic
|
|
$
|
1.83
|
|
|
$
|
(0.02)
|
|
|
$
|
1.85
|
|
EPS attributable
to FNFV common shareholders - diluted
|
|
$
|
1.81
|
|
|
$
|
(0.02)
|
|
|
$
|
1.83
|
|
|
|
|
|
|
|
|
FNFV weighted average
shares - basic
|
|
66
|
|
|
|
|
|
FNFV weighted average
shares - diluted
|
|
67
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
237
|
|
|
$
|
(2)
|
|
|
$
|
239
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
2
|
|
Depreciation and
amortization
|
|
16
|
|
|
11
|
|
|
5
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
256
|
|
|
$
|
10
|
|
|
$
|
246
|
|
EBITDA
margin
|
|
42.7
|
%
|
|
3.5
|
%
|
|
78.8
|
%
|
FIDELITY NATIONAL
FINANCIAL VENTURES
SECOND QUARTER
SEGMENT INFORMATION
(In
millions)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Total
FNFV
|
|
Restaurant
Group
|
|
FNFV
Corporate and
Other
|
Three Months
Ended
|
|
|
|
June 30,
2016
|
|
|
|
|
Operating
revenue
|
|
$
|
332
|
|
|
$
|
292
|
|
|
$
|
40
|
|
Interest and
investment income
|
|
1
|
|
|
—
|
|
|
1
|
|
Realized gains and
losses, net
|
|
15
|
|
|
—
|
|
|
15
|
|
Total
revenue
|
|
348
|
|
|
292
|
|
|
56
|
|
|
|
|
|
|
|
|
Personnel
costs
|
|
40
|
|
|
14
|
|
|
26
|
|
Other operating
expenses
|
|
28
|
|
|
16
|
|
|
12
|
|
Cost of restaurant
revenue
|
|
245
|
|
|
245
|
|
|
—
|
|
Depreciation and
amortization
|
|
15
|
|
|
10
|
|
|
5
|
|
Interest
expense
|
|
1
|
|
|
1
|
|
|
—
|
|
Total
expenses
|
|
329
|
|
|
286
|
|
|
43
|
|
|
|
|
|
|
|
|
Pre-tax earnings
from continuing operations
|
|
$
|
19
|
|
|
$
|
6
|
|
|
$
|
13
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
3
|
|
Loss from equity
investments
|
|
(4)
|
|
|
—
|
|
|
(4)
|
|
Non-controlling interests
|
|
2
|
|
|
2
|
|
|
—
|
|
|
|
|
|
|
|
|
Net earnings
attributable to FNFV common shareholders
|
|
$
|
10
|
|
|
$
|
4
|
|
|
$
|
6
|
|
|
|
|
|
|
|
|
EPS attributable
to FNFV common shareholders - basic
|
|
$
|
0.15
|
|
|
$
|
0.06
|
|
|
$
|
0.09
|
|
EPS attributable
to FNFV common shareholders - diluted
|
|
$
|
0.14
|
|
|
$
|
0.06
|
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
FNFV weighted average
shares - basic
|
|
67
|
|
|
|
|
|
FNFV weighted average
shares - diluted
|
|
70
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax earnings
from continuing operations
|
|
$
|
19
|
|
|
$
|
6
|
|
|
$
|
13
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
—
|
|
Depreciation and
amortization
|
|
15
|
|
|
|
10
|
|
|
|
5
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
35
|
|
|
$
|
17
|
|
|
$
|
18
|
|
EBITDA
margin
|
|
10.1
|
%
|
5.8
|
%
|
|
|
32.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY NATIONAL
FINANCIAL VENTURES
YTD SEGMENT
INFORMATION
(In
millions)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Total
FNFV
|
|
Restaurant
Group
|
|
FNFV
Corporate and
Other
|
Six Months
Ended
|
|
|
|
June 30,
2017
|
|
|
|
|
Operating
revenue
|
|
$
|
652
|
|
|
$
|
561
|
|
|
$
|
91
|
|
Interest and
investment income
|
|
2
|
|
|
—
|
|
|
2
|
|
Realized gains and
losses, net
|
|
273
|
|
|
(1)
|
|
|
274
|
|
Total
revenue
|
|
927
|
|
|
560
|
|
|
367
|
|
|
|
|
|
|
|
|
Personnel
costs
|
|
111
|
|
|
26
|
|
|
85
|
|
Other operating
expenses
|
|
54
|
|
|
30
|
|
|
24
|
|
Cost of restaurant
revenue
|
|
485
|
|
|
485
|
|
|
—
|
|
Depreciation and
amortization
|
|
32
|
|
|
22
|
|
|
10
|
|
Interest
expense
|
|
7
|
|
|
3
|
|
|
4
|
|
Total
expenses
|
|
689
|
|
|
566
|
|
|
123
|
|
|
|
|
|
|
|
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
238
|
|
|
$
|
(6)
|
|
|
$
|
244
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
111
|
|
|
—
|
|
|
111
|
|
Loss from equity
investments
|
|
(8)
|
|
|
—
|
|
|
(8)
|
|
Non-controlling interests
|
|
(3)
|
|
|
(3)
|
|
|
—
|
|
|
|
|
|
|
|
|
Net earnings
(loss) attributable to FNFV common shareholders
|
|
$
|
122
|
|
|
$
|
(3)
|
|
|
$
|
125
|
|
|
|
|
|
|
|
|
EPS attributable
to FNFV common shareholders - basic
|
|
$
|
1.85
|
|
|
$
|
(0.05)
|
|
|
$
|
1.90
|
|
EPS attributable
to FNFV common shareholders - diluted
|
|
$
|
1.79
|
|
|
$
|
(0.05)
|
|
|
$
|
1.84
|
|
|
|
|
|
|
|
|
FNFV weighted average
shares - basic
|
|
66
|
|
|
|
|
|
FNFV weighted average
shares - diluted
|
|
68
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
238
|
|
|
$
|
(6)
|
|
|
$
|
244
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
$
|
7
|
|
|
$
|
3
|
|
|
$
|
4
|
|
Depreciation and
amortization
|
|
32
|
|
|
22
|
|
|
10
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
277
|
|
|
$
|
19
|
|
|
$
|
258
|
|
EBITDA
margin
|
|
29.9
|
%
|
|
3.4
|
%
|
|
70.3
|
%
|
FIDELITY NATIONAL
FINANCIAL VENTURES
YTD SEGMENT
INFORMATION
(In
millions)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Total
FNFV
|
|
Restaurant
Group
|
|
FNFV
Corporate and
Other
|
Six Months
Ended
|
|
|
|
June 30,
2016
|
|
|
|
|
Operating
revenue
|
|
$
|
663
|
|
|
$
|
585
|
|
|
$
|
78
|
|
Interest and
investment income
|
|
2
|
|
|
—
|
|
|
2
|
|
Realized gains and
losses, net
|
|
12
|
|
|
(3)
|
|
|
15
|
|
Total
revenue
|
|
677
|
|
|
582
|
|
|
95
|
|
|
|
|
|
|
|
|
Personnel
costs
|
|
78
|
|
|
27
|
|
|
51
|
|
Other operating
expenses
|
|
55
|
|
|
37
|
|
|
18
|
|
Cost of restaurant
revenue
|
|
490
|
|
|
490
|
|
|
—
|
|
Depreciation and
amortization
|
|
30
|
|
|
20
|
|
|
10
|
|
Interest
expense
|
|
4
|
|
|
2
|
|
|
2
|
|
Total
expenses
|
|
657
|
|
|
576
|
|
|
81
|
|
|
|
|
|
|
|
|
Pre-tax earnings
from continuing operations
|
|
$
|
20
|
|
|
$
|
6
|
|
|
$
|
14
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
2
|
|
Loss from equity
investments
|
|
(5)
|
|
|
—
|
|
|
(5)
|
|
Non-controlling
interests
|
|
2
|
|
|
2
|
|
|
—
|
|
|
|
|
|
|
|
|
Net earnings
attributable to FNFV common shareholders
|
|
$
|
11
|
|
|
$
|
4
|
|
|
$
|
7
|
|
|
|
|
|
|
|
|
EPS attributable
to FNFV common shareholders - basic
|
|
$
|
0.16
|
|
|
$
|
0.06
|
|
|
$
|
0.10
|
|
EPS attributable
to FNFV common shareholders - diluted
|
|
$
|
0.15
|
|
|
$
|
0.06
|
|
|
$
|
0.09
|
|
|
|
|
|
|
|
|
FNFV weighted average
shares - basic
|
|
69
|
|
|
|
|
|
FNFV weighted average
shares - diluted
|
|
71
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax earnings
from continuing operations
|
|
$
|
20
|
|
|
$
|
6
|
|
|
$
|
14
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
$
|
4
|
|
|
$
|
2
|
|
|
$
|
2
|
|
Depreciation and
amortization
|
|
30
|
|
|
20
|
|
|
10
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
54
|
|
|
$
|
28
|
|
|
$
|
26
|
|
EBITDA
margin
|
|
8.0
|
%
|
|
4.8
|
%
|
|
27.4
|
%
|
FIDELITY NATIONAL
FINANCIAL VENTURES
SUMMARY BALANCE
SHEET AND BOOK VALUE SUMMARY
(In
millions)
|
|
|
|
|
|
FNFV
June 30,
2017
|
|
FNFV
December 31,
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash and investment
portfolio
|
|
$
|
850
|
|
|
$
|
642
|
Goodwill
|
|
102
|
|
|
206
|
Total
assets
|
|
1,354
|
|
|
1,400
|
Notes
payable
|
|
118
|
|
|
233
|
Non-controlling
interest
|
|
108
|
|
|
116
|
Total equity and
redeemable non-controlling interests
|
|
1,130
|
|
|
1,032
|
Total equity
attributable to common shareholders
|
|
1,022
|
|
|
916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FNF Group
June 30,
2017
|
|
|
FNFV
June 30,
2017
|
|
|
Consolidated
June 30,
2017
|
|
Consolidated
December 31,
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
Cash and investment
portfolio
|
|
$
|
4,705
|
|
|
|
$
|
850
|
|
|
|
|
$
|
5,555
|
|
|
$
|
5,607
|
Goodwill
|
|
4,905
|
|
|
|
102
|
|
|
|
|
5,007
|
|
|
5,065
|
Title
plant
|
|
395
|
|
|
|
—
|
|
|
|
|
395
|
|
|
395
|
Total
assets
|
|
12,848
|
|
|
|
1,354
|
|
|
|
|
14,202
|
|
|
14,463
|
Notes
payable
|
|
2,320
|
|
|
|
118
|
|
|
|
|
2,438
|
|
|
2,746
|
Reserve for title
claim losses
|
|
1,492
|
|
|
|
—
|
|
|
|
|
1,492
|
|
|
1,487
|
Secured trust
deposits
|
|
892
|
|
|
|
—
|
|
|
|
|
892
|
|
|
860
|
Redeemable
non-controlling interests
|
|
344
|
|
|
|
—
|
|
|
|
|
344
|
|
|
344
|
Non-redeemable
non-controlling interests
|
|
770
|
|
|
|
108
|
|
|
|
|
878
|
|
|
902
|
Total equity and
redeemable non-controlling interests
|
|
6,133
|
|
|
|
1,130
|
|
|
|
|
7,263
|
|
|
7,242
|
Total equity
attributable to common shareholders
|
|
5,019
|
|
|
|
1,022
|
|
|
|
|
6,041
|
|
|
5,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Book
Value Summary
|
FNFV
June
30,
2017
|
|
FNFV
December 31,
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
Ceridian/Fleetcor
|
|
$
|
399
|
|
|
|
$
|
386
|
American Blue Ribbon
Holdings
|
|
173
|
|
|
|
173
|
One
Digital
|
|
—
|
|
|
|
75
|
Del Frisco's
Restaurant Group
|
|
18
|
|
|
|
49
|
Holding Company
Cash
|
|
354
|
|
|
|
129
|
Other
|
|
78
|
|
|
|
104
|
FNFV Book Value
|
|
$
|
1,022
|
|
|
|
$
|
916
|
Outstanding FNFV
shares
|
|
65.1
|
|
|
|
66.4
|
FNFV Book Value per
Share
|
|
$
|
15.70
|
|
|
|
$
|
13.78
|
Fidelity National
Financial, Inc.
CONSOLIDATED
SUMMARY OF EARNINGS
(In
millions)
(Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
June 30,
2017
|
|
|
June 30,
2017
|
|
Consolidated
|
|
Core
|
|
FNFV
|
|
|
Consolidated
|
|
Core
|
|
FNFV
|
Direct title
premiums
|
$
|
575
|
|
|
$
|
575
|
|
|
$
|
—
|
|
|
|
$
|
1,040
|
|
|
$
|
1,040
|
|
|
$
|
—
|
|
Agency title
premiums
|
726
|
|
|
726
|
|
|
—
|
|
|
|
1,309
|
|
|
1,309
|
|
|
—
|
|
Total title
premiums
|
1,301
|
|
|
1,301
|
|
|
—
|
|
|
|
2,349
|
|
|
2,349
|
|
|
—
|
|
Escrow, title-related
and other fees
|
1,008
|
|
|
966
|
|
|
42
|
|
|
|
1,876
|
|
|
1,785
|
|
|
91
|
|
Total title and escrow and
other
|
2,309
|
|
|
2,267
|
|
|
42
|
|
|
|
4,225
|
|
|
4,134
|
|
|
91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
revenue
|
288
|
|
|
—
|
|
|
288
|
|
|
|
561
|
|
|
—
|
|
|
561
|
|
Interest and
investment income
|
34
|
|
|
33
|
|
|
1
|
|
|
|
63
|
|
|
61
|
|
|
2
|
|
Realized gains and
losses, net
|
256
|
|
|
(12)
|
|
|
268
|
|
|
|
255
|
|
|
(18)
|
|
|
273
|
|
Total revenue
|
2,887
|
|
|
2,288
|
|
|
599
|
|
|
|
5,104
|
|
|
4,177
|
|
|
927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
costs
|
788
|
|
|
723
|
|
|
65
|
|
|
|
1,503
|
|
|
1,392
|
|
|
111
|
|
Other operating
expenses
|
558
|
|
|
529
|
|
|
29
|
|
|
|
1,018
|
|
|
964
|
|
|
54
|
|
Cost of restaurant
revenue
|
249
|
|
|
—
|
|
|
249
|
|
|
|
485
|
|
|
—
|
|
|
485
|
|
Agent
commissions
|
558
|
|
|
558
|
|
|
—
|
|
|
|
1,004
|
|
|
1,004
|
|
|
—
|
|
Depreciation and
amortization
|
110
|
|
|
94
|
|
|
16
|
|
|
|
222
|
|
|
190
|
|
|
32
|
|
Title claim loss
expense
|
65
|
|
|
65
|
|
|
—
|
|
|
|
117
|
|
|
117
|
|
|
—
|
|
Interest
expense
|
29
|
|
|
26
|
|
|
3
|
|
|
|
64
|
|
|
57
|
|
|
7
|
|
Total expenses
|
2,357
|
|
|
1,995
|
|
|
362
|
|
|
|
4,413
|
|
|
3,724
|
|
|
689
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
continuing operations before taxes
|
530
|
|
|
293
|
|
|
237
|
|
|
|
691
|
|
|
453
|
|
|
238
|
|
Income tax
expense
|
226
|
|
|
113
|
|
|
113
|
|
|
|
304
|
|
|
193
|
|
|
111
|
|
Earnings from
continuing operations before equity investments
|
304
|
|
|
180
|
|
|
124
|
|
|
|
387
|
|
|
260
|
|
|
127
|
|
(Loss) earnings from
equity investments
|
(2)
|
|
|
2
|
|
|
(4)
|
|
|
|
(4)
|
|
|
4
|
|
|
(8)
|
|
Net earnings from
continuing operations
|
302
|
|
|
182
|
|
|
120
|
|
|
|
383
|
|
|
264
|
|
|
119
|
|
Non-controlling
interests
|
6
|
|
|
7
|
|
|
(1)
|
|
|
|
15
|
|
|
18
|
|
|
(3)
|
|
Net earnings
attributable to common shareholders
|
$
|
296
|
|
|
$
|
175
|
|
|
$
|
121
|
|
|
|
$
|
368
|
|
|
$
|
246
|
|
|
$
|
122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows provided
by (used in) operations
|
287
|
|
|
401
|
|
|
(114)
|
|
|
|
291
|
|
|
389
|
|
|
(98)
|
|
Fidelity National
Financial, Inc.
CONSOLIDATED
SUMMARY OF EARNINGS
(In
millions)
(Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
June 30,
2016
|
|
|
June 30,
2016
|
|
Consolidated
|
|
Core
|
|
FNFV
|
|
|
Consolidated
|
|
Core
|
|
FNFV
|
Direct title
premiums
|
$
|
540
|
|
|
$
|
540
|
|
|
$
|
—
|
|
|
|
$
|
962
|
|
|
$
|
962
|
|
|
$
|
—
|
|
Agency title
premiums
|
691
|
|
|
691
|
|
|
—
|
|
|
|
1,221
|
|
|
1,221
|
|
|
—
|
|
Total title
premiums
|
1,231
|
|
|
1,231
|
|
|
—
|
|
|
|
2,183
|
|
|
2,183
|
|
|
—
|
|
Escrow, title-related
and other fees
|
907
|
|
|
867
|
|
|
40
|
|
|
|
1,686
|
|
|
1,608
|
|
|
78
|
|
Total title and escrow and
other
|
2,138
|
|
|
2,098
|
|
|
40
|
|
|
|
3,869
|
|
|
3,791
|
|
|
78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
revenue
|
292
|
|
|
—
|
|
|
292
|
|
|
|
585
|
|
|
—
|
|
|
585
|
|
Interest and
investment income
|
37
|
|
|
36
|
|
|
1
|
|
|
|
67
|
|
|
65
|
|
|
2
|
|
Realized gains and
losses, net
|
15
|
|
|
—
|
|
|
15
|
|
|
|
9
|
|
|
(3)
|
|
|
12
|
|
Total revenue
|
2,482
|
|
|
2,134
|
|
|
348
|
|
|
|
4,530
|
|
|
3,853
|
|
|
677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
costs
|
707
|
|
|
667
|
|
|
40
|
|
|
|
1,359
|
|
|
1,281
|
|
|
78
|
|
Other operating
expenses
|
493
|
|
|
465
|
|
|
28
|
|
|
|
925
|
|
|
870
|
|
|
55
|
|
Cost of restaurant
revenue
|
245
|
|
|
—
|
|
|
245
|
|
|
|
490
|
|
|
—
|
|
|
490
|
|
Agent
commissions
|
526
|
|
|
526
|
|
|
—
|
|
|
|
928
|
|
|
928
|
|
|
—
|
|
Depreciation and
amortization
|
102
|
|
|
87
|
|
|
15
|
|
|
|
202
|
|
|
172
|
|
|
30
|
|
Title claim loss
expense
|
68
|
|
|
68
|
|
|
—
|
|
|
|
120
|
|
|
120
|
|
|
—
|
|
Interest
expense
|
33
|
|
|
32
|
|
|
1
|
|
|
|
67
|
|
|
63
|
|
|
4
|
|
Total expenses
|
2,174
|
|
|
1,845
|
|
|
329
|
|
|
|
4,091
|
|
|
3,434
|
|
|
657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
continuing operations before taxes
|
308
|
|
|
289
|
|
|
19
|
|
|
|
439
|
|
|
419
|
|
|
20
|
|
Income tax
expense
|
101
|
|
|
98
|
|
|
3
|
|
|
|
150
|
|
|
148
|
|
|
2
|
|
Earnings from
continuing operations before equity investments
|
207
|
|
|
191
|
|
|
16
|
|
|
|
289
|
|
|
271
|
|
|
18
|
|
(Loss) earnings from
equity investments
|
(1)
|
|
|
3
|
|
|
(4)
|
|
|
|
1
|
|
|
6
|
|
|
(5)
|
|
Net earnings from
continuing operations
|
206
|
|
|
194
|
|
|
12
|
|
|
|
290
|
|
|
277
|
|
|
13
|
|
Non-controlling
interests
|
9
|
|
|
7
|
|
|
2
|
|
|
|
19
|
|
|
17
|
|
|
2
|
|
Net earnings
attributable to common shareholders
|
$
|
197
|
|
|
$
|
187
|
|
|
$
|
10
|
|
|
|
$
|
271
|
|
|
$
|
260
|
|
|
$
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows provided
by operations
|
282
|
|
|
277
|
|
|
5
|
|
|
|
374
|
|
|
349
|
|
|
25
|
|
View original
content:http://www.prnewswire.com/news-releases/fnfv-reports-second-quarter-2017-results-with-102-billion-book-value-of-portfolio-company-investments-or-1570-per-share-300490771.html
SOURCE Fidelity National Financial, Inc.