JACKSONVILLE, Fla.,
Oct. 25, 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 nine-month periods ended
September 30, 2017.
- Total revenue of $279 million in
the third quarter versus $319 million
in the third quarter of 2016
- Third quarter diluted EPS of ($0.08) versus diluted EPS of ($0.11) in the third quarter of 2016
- Pretax loss of $21 million and
EBITDA of ($8) million for the third
quarter versus pretax loss of $4
million and EBITDA of $15
million for the third quarter of 2016
- $323 million in holding company
cash on September 30, 2017
Restaurant Group
- $266 million in total revenue,
pretax loss of $19 million, EBITDA of
($6) million for the third quarter,
versus $272 million in total revenue,
pretax loss of $4 million, EBITDA of
$9 million, and an EBITDA margin of
3.3% in the third quarter of 2016
- Same store sales declined 1.3% in the third quarter, as Ninety
Nine same stores sales decreased by 1.3%, O'Charley's declined by
1.4%, Village Inn fell by 1.3% and Bakers Square declined by
0.7%
Ceridian HCM
- Third quarter total revenue of $185
million, an 8.6% increase over the third quarter of 2016,
pretax loss of $16.3 million, EBITDA
of $20.1 million, a $20.7 million increase over the third quarter of
2016, and an EBITDA margin of 10.9%
- Cloud-based revenues grew 33% to $103
million in the third quarter on a constant currency basis as
165 Dayforce customers went live on the platform during the
quarter
- Over 2,850 Dayforce customers are live on the platform, up from
approximately 2,150 at the end of the third quarter of 2016
Monetization and Investment Initiatives
- In October, completed the acquisition of T-System Holdings, a
provider of clinical documentation and coding solutions to
hospital-based and free-standing emergency departments and urgent
care facilities, for approximately $200
million in cash
- In August, announced a definitive agreement to merge 99
Restaurant & Pub with J. Alexander Holdings, after which FNFV
will directly and indirectly own approximately 16.27 million common
share equivalents, or approximately 52% of the outstanding common
stock of J. Alexander's
"I am pleased with the success that we achieved this quarter, as
we announced two exciting transactions that we believe will create
value for our shareholders," said Chairman William P. Foley, II. "The first is
T-System, which is a great company with an experienced management
team that operates in a very large and fragmented medical
documentation and coding market, with a business model that is
shifting to a majority of recurring revenue streams. We
believe that the documentation business is at an inflection point
with a significant near-term organic growth opportunity. We
are also confident that we can assist T-System in making multiple
acquisitions that can further accelerate future growth while
expanding the product and services that the company offers to its
customers. Longer term, we see the Healthcare IT and Services
sector as an exciting area for investment and growth and see
T-System as a platform to take advantage of this opportunity.
"We also announced the merger of our 99 Restaurant and Pub
operations with J. Alexander's in a stock for stock combination.
Both 99 and J. Alexander's are terrific concepts that have
individually generated strong same store sales and impressive
financial performance in a challenging environment for the casual
dining industry. We believe this combination provides a
larger, stronger, better diversified and more formidable player in
the casual dining segment.
Mr. Foley concluded, "We made significant progress on the FNFV
exchange transaction during the third quarter and have now set a
shareholder vote and closing date of November 17, 2017, for the exchange of the FNFV
tracking stock for Cannae Holdings common stock. The new
Cannae Holdings common stock will trade on the NYSE under the
ticker symbol 'CNNE' and it will be a legally separate, stand-alone
public company."
Conference Call
We will host a call with investors and
analysts to discuss third quarter 2017 results of FNFV on
Thursday, October 26, 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
October 26, 2017, through
November 1, 2017, by dialing
800-475-6701 (USA) or 320-365-3844
(International). The access code will be 430330.
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. 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 Cannae
Holdings 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
|
THIRD QUARTER
SEGMENT INFORMATION
|
(In
millions)
|
(Unaudited)
|
|
|
|
Total
FNFV
|
|
Restaurant
Group
|
|
Corporate and
Other
|
Three Months
Ended
|
|
|
|
September 30,
2017
|
|
|
|
Operating
revenue
|
|
$
|
280
|
|
|
$
|
269
|
|
|
$
|
11
|
|
Interest and
investment income
|
|
2
|
|
|
—
|
|
|
2
|
|
Realized gains and
losses, net
|
|
(3)
|
|
|
(3)
|
|
|
—
|
|
Total
revenue
|
|
279
|
|
|
266
|
|
|
13
|
|
|
|
|
|
|
|
|
Personnel
costs
|
|
19
|
|
|
13
|
|
|
6
|
|
Other operating
expenses
|
|
25
|
|
|
16
|
|
|
9
|
|
Cost of restaurant
revenue
|
|
243
|
|
|
243
|
|
|
—
|
|
Depreciation and
amortization
|
|
12
|
|
|
11
|
|
|
1
|
|
Interest
expense
|
|
1
|
|
|
2
|
|
|
(1)
|
|
Total
expenses
|
|
300
|
|
|
285
|
|
|
15
|
|
|
|
|
|
|
|
|
Pre-tax loss from
continuing operations
|
|
$
|
(21)
|
|
|
$
|
(19)
|
|
|
$
|
(2)
|
|
|
|
|
|
|
|
|
Income tax
benefit
|
|
$
|
(14)
|
|
|
$
|
—
|
|
|
$
|
(14)
|
|
Loss from
equity investments
|
|
(6)
|
|
|
—
|
|
|
(6)
|
|
Non-controlling interests
|
|
(8)
|
|
|
(8)
|
|
|
—
|
|
|
|
|
|
|
|
|
Net (loss)
earnings attributable to FNFV common shareholders
|
|
$
|
(5)
|
|
|
$
|
(11)
|
|
|
$
|
6
|
|
|
|
|
|
|
|
|
EPS attributable
to FNFV common shareholders - basic
|
|
$
|
(0.08)
|
|
|
$
|
(0.17)
|
|
|
$
|
0.09
|
|
EPS attributable
to FNFV common shareholders - diluted
|
|
$
|
(0.08)
|
|
|
$
|
(0.17)
|
|
|
$
|
0.09
|
|
|
|
|
|
|
|
|
FNFV weighted average
shares - basic
|
|
65
|
|
|
|
|
|
FNFV weighted average
shares - diluted
|
|
65
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax loss from
continuing operations
|
|
$
|
(21)
|
|
|
$
|
(19)
|
|
|
$
|
(2)
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
(1)
|
|
Depreciation and
amortization
|
|
12
|
|
|
11
|
|
|
1
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
(8)
|
|
|
$
|
(6)
|
|
|
$
|
(2)
|
|
EBITDA
margin
|
|
—
|
|
|
—
|
|
|
—
|
|
FIDELITY NATIONAL
FINANCIAL VENTURES
|
THIRD QUARTER
SEGMENT INFORMATION
|
(In
millions)
|
(Unaudited)
|
|
|
|
Total
FNFV
|
|
Restaurant
Group
|
|
Corporate and
Other
|
Three Months
Ended
|
|
|
|
September 30,
2016
|
|
|
|
Operating
revenue
|
|
$
|
319
|
|
|
$
|
273
|
|
|
$
|
46
|
|
Interest and
investment income
|
|
1
|
|
|
—
|
|
|
1
|
|
Realized gains and
losses, net
|
|
(1)
|
|
|
(1)
|
|
|
—
|
|
Total
revenue
|
|
319
|
|
|
272
|
|
|
47
|
|
|
|
|
|
|
|
|
Personnel
costs
|
|
42
|
|
|
13
|
|
|
29
|
|
Other operating
expenses
|
|
25
|
|
|
13
|
|
|
12
|
|
Cost of restaurant
revenue
|
|
237
|
|
|
237
|
|
|
—
|
|
Depreciation and
amortization
|
|
15
|
|
|
11
|
|
|
4
|
|
Interest
expense
|
|
4
|
|
|
2
|
|
|
2
|
|
Total
expenses
|
|
323
|
|
|
276
|
|
|
47
|
|
|
|
|
|
|
|
|
Pre-tax loss from
continuing operations
|
|
$
|
(4)
|
|
|
$
|
(4)
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
Income tax
benefit
|
|
$
|
(7)
|
|
|
$
|
—
|
|
|
$
|
(7)
|
|
Loss from
equity investments
|
|
(11)
|
|
|
—
|
|
|
(11)
|
|
Non-controlling interests
|
|
(1)
|
|
|
(1)
|
|
|
—
|
|
|
|
|
|
|
|
|
Net loss
attributable to FNFV common shareholders
|
|
$
|
(7)
|
|
|
$
|
(3)
|
|
|
$
|
(4)
|
|
|
|
|
|
|
|
|
EPS attributable
to FNFV common shareholders - basic
|
|
$
|
(0.11)
|
|
|
$
|
(0.05)
|
|
|
$
|
(0.06)
|
|
EPS attributable
to FNFV common shareholders - diluted
|
|
$
|
(0.11)
|
|
|
$
|
(0.05)
|
|
|
$
|
(0.06)
|
|
|
|
|
|
|
|
|
FNFV weighted average
shares - basic
|
|
66
|
|
|
|
|
|
FNFV weighted average
shares - diluted
|
|
69
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax loss from
continuing operations
|
|
$
|
(4)
|
|
|
$
|
(4)
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
$
|
4
|
|
|
$
|
2
|
|
|
$
|
2
|
|
Depreciation and
amortization
|
|
15
|
|
|
11
|
|
|
4
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
15
|
|
|
$
|
9
|
|
|
$
|
6
|
|
EBITDA
margin
|
|
4.7
|
%
|
|
3.3
|
%
|
|
12.8
|
%
|
FIDELITY NATIONAL
FINANCIAL VENTURES
|
YTD SEGMENT
INFORMATION
|
(In
millions)
|
(Unaudited)
|
|
|
|
Total
FNFV
|
|
Restaurant
Group
|
|
Corporate and
Other
|
Nine Months
Ended
|
|
|
|
September 30,
2017
|
|
|
|
Operating
revenue
|
|
$
|
932
|
|
|
$
|
830
|
|
|
$
|
102
|
|
Interest and
investment income
|
|
4
|
|
|
—
|
|
|
4
|
|
Realized gains and
losses, net
|
|
277
|
|
|
(4)
|
|
|
281
|
|
Total
revenue
|
|
1,213
|
|
|
826
|
|
|
387
|
|
|
|
|
|
|
|
|
Personnel
costs
|
|
136
|
|
|
39
|
|
|
97
|
|
Other operating
expenses
|
|
80
|
|
|
46
|
|
|
34
|
|
Cost of restaurant
revenue
|
|
728
|
|
|
728
|
|
|
—
|
|
Depreciation and
amortization
|
|
44
|
|
|
33
|
|
|
11
|
|
Interest
expense
|
|
8
|
|
|
5
|
|
|
3
|
|
Total
expenses
|
|
996
|
|
|
851
|
|
|
145
|
|
|
|
|
|
|
|
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
217
|
|
|
$
|
(25)
|
|
|
$
|
242
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
97
|
|
|
—
|
|
|
97
|
|
Loss from
equity investments
|
|
(14)
|
|
|
—
|
|
|
(14)
|
|
Non-controlling interests
|
|
(11)
|
|
|
(11)
|
|
|
—
|
|
|
|
|
|
|
|
|
Net earnings
(loss) attributable to FNFV common shareholders
|
|
$
|
117
|
|
|
$
|
(14)
|
|
|
$
|
131
|
|
|
|
|
|
|
|
|
EPS attributable
to FNFV common shareholders - basic
|
|
$
|
1.80
|
|
|
$
|
(0.22)
|
|
|
$
|
2.02
|
|
EPS attributable
to FNFV common shareholders - diluted
|
|
$
|
1.75
|
|
|
$
|
(0.22)
|
|
|
$
|
1.97
|
|
|
|
|
|
|
|
|
FNFV weighted average
shares - basic
|
|
65
|
|
|
|
|
|
FNFV weighted average
shares - diluted
|
|
67
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax earnings
(loss) from continuing operations
|
|
$
|
217
|
|
|
$
|
(25)
|
|
|
$
|
242
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
$
|
8
|
|
|
$
|
5
|
|
|
$
|
3
|
|
Depreciation and
amortization
|
|
44
|
|
|
33
|
|
|
11
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
269
|
|
|
$
|
13
|
|
|
$
|
256
|
|
EBITDA
margin
|
|
22.2
|
%
|
|
1.6
|
%
|
|
66.1
|
%
|
FIDELITY NATIONAL
FINANCIAL VENTURES
|
YTD SEGMENT
INFORMATION
|
(In
millions)
|
(Unaudited)
|
|
|
|
Total
FNFV
|
|
Restaurant
Group
|
|
Corporate and
Other
|
Nine Months
Ended
|
|
|
|
September 30,
2016
|
|
|
|
Operating
revenue
|
|
$
|
982
|
|
|
$
|
858
|
|
|
$
|
124
|
|
Interest and
investment income
|
|
3
|
|
|
—
|
|
|
3
|
|
Realized gains and
losses, net
|
|
11
|
|
|
(4)
|
|
|
15
|
|
Total
revenue
|
|
996
|
|
|
854
|
|
|
142
|
|
|
|
|
|
|
|
|
Personnel
costs
|
|
120
|
|
|
40
|
|
|
80
|
|
Other operating
expenses
|
|
80
|
|
|
50
|
|
|
30
|
|
Cost of restaurant
revenue
|
|
727
|
|
|
727
|
|
|
—
|
|
Depreciation and
amortization
|
|
45
|
|
|
31
|
|
|
14
|
|
Interest
expense
|
|
8
|
|
|
4
|
|
|
4
|
|
Total
expenses
|
|
980
|
|
|
852
|
|
|
128
|
|
|
|
|
|
|
|
|
Pre-tax earnings
from continuing operations
|
|
$
|
16
|
|
|
$
|
2
|
|
|
$
|
14
|
|
|
|
|
|
|
|
|
Income tax
benefit
|
|
$
|
(5)
|
|
|
$
|
—
|
|
|
$
|
(5)
|
|
Loss from equity
investments
|
|
(16)
|
|
|
—
|
|
|
(16)
|
|
Non-controlling
interests
|
|
1
|
|
|
1
|
|
|
—
|
|
|
|
|
|
|
|
|
Net earnings
attributable to FNFV common shareholders
|
|
$
|
4
|
|
|
$
|
1
|
|
|
$
|
3
|
|
|
|
|
|
|
|
|
EPS attributable
to FNFV common shareholders - basic
|
|
$
|
0.06
|
|
|
$
|
0.02
|
|
|
$
|
0.04
|
|
EPS attributable
to FNFV common shareholders - diluted
|
|
$
|
0.06
|
|
|
$
|
0.02
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
FNFV weighted average
shares - basic
|
|
68
|
|
|
|
|
|
FNFV weighted average
shares - diluted
|
|
70
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax earnings
from continuing operations
|
|
$
|
16
|
|
|
$
|
2
|
|
|
$
|
14
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
$
|
8
|
|
|
$
|
4
|
|
|
$
|
4
|
|
Depreciation and
amortization
|
|
45
|
|
|
31
|
|
|
14
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
69
|
|
|
$
|
37
|
|
|
$
|
32
|
|
EBITDA
margin
|
|
6.9
|
%
|
|
4.3
|
%
|
|
22.5
|
%
|
FIDELITY NATIONAL
FINANCIAL VENTURES
|
SUMMARY BALANCE
SHEET AND BOOK VALUE SUMMARY
|
(In
millions)
|
|
|
|
FNFV
September 30,
2017
|
|
FNFV
December 31,
2016
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash and investment
portfolio
|
|
|
$
|
807
|
|
|
|
$
|
642
|
|
Goodwill
|
|
|
101
|
|
|
|
206
|
|
Total
assets
|
|
|
1,311
|
|
|
|
1,400
|
|
Notes
payable
|
|
|
128
|
|
|
|
233
|
|
Non-controlling
interest
|
|
|
99
|
|
|
|
116
|
|
Total equity and
redeemable non-controlling interests
|
|
|
1,114
|
|
|
|
1,032
|
|
Total equity
attributable to common shareholders
|
|
|
1,015
|
|
|
|
916
|
|
|
|
|
FNF Group
September 30,
2017
|
|
|
FNFV
September 30,
2017
|
|
|
Consolidated
September 30,
2017
|
|
Consolidated
December 31,
2016
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
Cash and investment
portfolio
|
|
|
$
|
4,555
|
|
|
|
$
|
807
|
|
|
|
|
$
|
5,362
|
|
|
|
$
|
5,473
|
|
Goodwill
|
|
|
2,683
|
|
|
|
101
|
|
|
|
|
2,784
|
|
|
|
2,761
|
|
Title
plant
|
|
|
398
|
|
|
|
—
|
|
|
|
|
398
|
|
|
|
395
|
|
Total
assets
|
|
|
9,190
|
|
|
|
1,311
|
|
|
|
|
10,501
|
|
|
|
14,463
|
|
Notes
payable
|
|
|
762
|
|
|
|
128
|
|
|
|
|
890
|
|
|
|
1,220
|
|
Reserve for title
claim losses
|
|
|
1,496
|
|
|
|
—
|
|
|
|
|
1,496
|
|
|
|
1,487
|
|
Secured trust
deposits
|
|
|
923
|
|
|
|
—
|
|
|
|
|
923
|
|
|
|
860
|
|
Redeemable
non-controlling interests
|
|
|
344
|
|
|
|
—
|
|
|
|
|
344
|
|
|
|
344
|
|
Non-redeemable
non-controlling interests
|
|
|
—
|
|
|
|
99
|
|
|
|
|
99
|
|
|
|
902
|
|
Total equity and
redeemable non-controlling interests
|
|
4,599
|
|
|
|
1,114
|
|
|
|
|
5,713
|
|
|
|
7,242
|
|
Total equity
attributable to common shareholders
|
|
|
4,255
|
|
|
|
1,015
|
|
|
|
|
5,270
|
|
|
|
5,996
|
|
|
Adjusted Book
Value Summary
|
|
FNFV
September
30, 2017
|
|
FNFV
December 31,
2016
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Ceridian/Fleetcor
|
|
|
$
|
400
|
|
|
|
$
|
386
|
|
American Blue Ribbon
Holdings
|
|
|
157
|
|
|
|
173
|
|
One
Digital
|
|
|
—
|
|
|
|
75
|
|
Del Frisco's
Restaurant Group
|
|
|
17
|
|
|
|
49
|
|
Holding Company
Cash
|
|
|
323
|
|
|
|
129
|
|
Other
|
|
|
118
|
|
|
|
104
|
|
FNFV Book Value
|
|
|
$
|
1,015
|
|
|
|
$
|
916
|
|
Outstanding FNFV
shares
|
|
|
64.9
|
|
|
|
66.4
|
|
FNFV Book Value per
Share
|
|
|
$
|
15.65
|
|
|
|
$
|
13.78
|
|
Fidelity National
Financial, Inc.
|
CONSOLIDATED
SUMMARY OF EARNINGS
|
(In
millions)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
September 30,
2017
|
|
|
September 30,
2017
|
|
Consolidated
|
|
Core
|
|
FNFV
|
|
|
Consolidated
|
|
Core
|
|
FNFV
|
Direct title
premiums
|
$
|
558
|
|
|
$
|
558
|
|
|
$
|
—
|
|
|
|
$
|
1,598
|
|
|
$
|
1,598
|
|
|
$
|
—
|
|
Agency title
premiums
|
719
|
|
|
719
|
|
|
—
|
|
|
|
2,028
|
|
|
2,028
|
|
|
—
|
|
Total title
premiums
|
1,277
|
|
|
1,277
|
|
|
—
|
|
|
|
3,626
|
|
|
3,626
|
|
|
—
|
|
Escrow, title-related
and other fees
|
689
|
|
|
678
|
|
|
11
|
|
|
|
2,071
|
|
|
1,969
|
|
|
102
|
|
Total title and escrow and
other
|
1,966
|
|
|
1,955
|
|
|
11
|
|
|
|
5,697
|
|
|
5,595
|
|
|
102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
revenue
|
269
|
|
|
—
|
|
|
269
|
|
|
|
830
|
|
|
—
|
|
|
830
|
|
Interest and
investment income
|
34
|
|
|
32
|
|
|
2
|
|
|
|
97
|
|
|
93
|
|
|
4
|
|
Realized gains and
losses, net
|
(4)
|
|
|
(1)
|
|
|
(3)
|
|
|
|
277
|
|
|
—
|
|
|
277
|
|
Total revenue
|
2,265
|
|
|
1,986
|
|
|
279
|
|
|
|
6,901
|
|
|
5,688
|
|
|
1,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
costs
|
646
|
|
|
627
|
|
|
19
|
|
|
|
1,958
|
|
|
1,822
|
|
|
136
|
|
Other operating
expenses
|
468
|
|
|
443
|
|
|
25
|
|
|
|
1,392
|
|
|
1,312
|
|
|
80
|
|
Cost of restaurant
revenue
|
243
|
|
|
—
|
|
|
243
|
|
|
|
728
|
|
|
—
|
|
|
728
|
|
Agent
commissions
|
553
|
|
|
553
|
|
|
—
|
|
|
|
1,557
|
|
|
1,557
|
|
|
—
|
|
Depreciation and
amortization
|
58
|
|
|
46
|
|
|
12
|
|
|
|
177
|
|
|
133
|
|
|
44
|
|
Title claim loss
expense
|
64
|
|
|
64
|
|
|
—
|
|
|
|
181
|
|
|
181
|
|
|
—
|
|
Interest
expense
|
12
|
|
|
11
|
|
|
1
|
|
|
|
47
|
|
|
39
|
|
|
8
|
|
Total expenses
|
2,044
|
|
|
1,744
|
|
|
300
|
|
|
|
6,040
|
|
|
5,044
|
|
|
996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from
continuing operations before taxes
|
221
|
|
|
242
|
|
|
(21)
|
|
|
|
861
|
|
|
644
|
|
|
217
|
|
Income tax expense
(benefit)
|
74
|
|
|
88
|
|
|
(14)
|
|
|
|
355
|
|
|
258
|
|
|
97
|
|
Earnings (loss) from
continuing operations before equity investments
|
147
|
|
|
154
|
|
|
(7)
|
|
|
|
506
|
|
|
386
|
|
|
120
|
|
(Loss) earnings from
equity investments
|
(3)
|
|
|
3
|
|
|
(6)
|
|
|
|
(7)
|
|
|
7
|
|
|
(14)
|
|
Net earnings (loss)
from continuing operations
|
144
|
|
|
157
|
|
|
(13)
|
|
|
|
499
|
|
|
393
|
|
|
106
|
|
Earnings from
discontinued operations, net of tax
|
31
|
|
|
31
|
|
|
—
|
|
|
|
59
|
|
|
59
|
|
|
—
|
|
Net earnings
(loss)
|
175
|
|
|
188
|
|
|
(13)
|
|
|
|
558
|
|
|
452
|
|
|
106
|
|
Non-controlling
interests
|
10
|
|
|
18
|
|
|
(8)
|
|
|
|
25
|
|
|
36
|
|
|
(11)
|
|
Net earnings (loss)
attributable to common shareholders
|
$
|
165
|
|
|
$
|
170
|
|
|
$
|
(5)
|
|
|
|
$
|
533
|
|
|
$
|
416
|
|
|
$
|
117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows provided
by (used in) operations
|
274
|
|
|
302
|
|
|
(28)
|
|
|
|
566
|
|
|
691
|
|
|
(125)
|
|
Fidelity National
Financial, Inc.
|
CONSOLIDATED
SUMMARY OF EARNINGS
|
(In
millions)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
September 30,
2016
|
|
|
September 30,
2016
|
|
Consolidated
|
|
Core
|
|
FNFV
|
|
|
Consolidated
|
|
Core
|
|
FNFV
|
Direct title
premiums
|
$
|
556
|
|
|
$
|
556
|
|
|
$
|
—
|
|
|
|
$
|
1,518
|
|
|
$
|
1,518
|
|
|
$
|
—
|
|
Agency title
premiums
|
713
|
|
|
713
|
|
|
—
|
|
|
|
1,934
|
|
|
1,934
|
|
|
—
|
|
Total title
premiums
|
1,269
|
|
|
1,269
|
|
|
—
|
|
|
|
3,452
|
|
|
3,452
|
|
|
—
|
|
Escrow, title-related
and other fees
|
700
|
|
|
654
|
|
|
46
|
|
|
|
1,920
|
|
|
1,796
|
|
|
124
|
|
Total title and escrow and
other
|
1,969
|
|
|
1,923
|
|
|
46
|
|
|
|
5,372
|
|
|
5,248
|
|
|
124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
revenue
|
273
|
|
|
—
|
|
|
273
|
|
|
|
858
|
|
|
—
|
|
|
858
|
|
Interest and
investment income
|
29
|
|
|
28
|
|
|
1
|
|
|
|
96
|
|
|
93
|
|
|
3
|
|
Realized gains and
losses, net
|
(4)
|
|
|
(3)
|
|
|
(1)
|
|
|
|
5
|
|
|
(6)
|
|
|
11
|
|
Total revenue
|
2,267
|
|
|
1,948
|
|
|
319
|
|
|
|
6,331
|
|
|
5,335
|
|
|
996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
costs
|
630
|
|
|
588
|
|
|
42
|
|
|
|
1,800
|
|
|
1,680
|
|
|
120
|
|
Other operating
expenses
|
464
|
|
|
439
|
|
|
25
|
|
|
|
1,296
|
|
|
1,216
|
|
|
80
|
|
Cost of restaurant
revenue
|
237
|
|
|
—
|
|
|
237
|
|
|
|
727
|
|
|
—
|
|
|
727
|
|
Agent
commissions
|
545
|
|
|
545
|
|
|
—
|
|
|
|
1,473
|
|
|
1,473
|
|
|
—
|
|
Depreciation and
amortization
|
56
|
|
|
41
|
|
|
15
|
|
|
|
161
|
|
|
116
|
|
|
45
|
|
Title claim loss
expense
|
70
|
|
|
70
|
|
|
—
|
|
|
|
190
|
|
|
190
|
|
|
—
|
|
Interest
expense
|
18
|
|
|
14
|
|
|
4
|
|
|
|
55
|
|
|
47
|
|
|
8
|
|
Total expenses
|
2,020
|
|
|
1,697
|
|
|
323
|
|
|
|
5,702
|
|
|
4,722
|
|
|
980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from
continuing operations before taxes
|
247
|
|
|
251
|
|
|
(4)
|
|
|
|
629
|
|
|
613
|
|
|
16
|
|
Income tax expense
(benefit)
|
88
|
|
|
95
|
|
|
(7)
|
|
|
|
218
|
|
|
223
|
|
|
(5)
|
|
Earnings from
continuing operations before equity investments
|
159
|
|
|
156
|
|
|
3
|
|
|
|
411
|
|
|
390
|
|
|
21
|
|
(Loss) earnings from
equity investments
|
(7)
|
|
|
4
|
|
|
(11)
|
|
|
|
(6)
|
|
|
10
|
|
|
(16)
|
|
Net earnings (loss)
from continuing operations
|
152
|
|
|
160
|
|
|
(8)
|
|
|
|
405
|
|
|
400
|
|
|
5
|
|
Earnings from
discontinued operations, net of tax
|
17
|
|
|
17
|
|
|
—
|
|
|
|
54
|
|
|
54
|
|
|
—
|
|
Net earnings
(loss)
|
169
|
|
|
177
|
|
|
(8)
|
|
|
|
459
|
|
|
454
|
|
|
5
|
|
Non-controlling
interests
|
13
|
|
|
14
|
|
|
(1)
|
|
|
|
32
|
|
|
31
|
|
|
1
|
|
Net earnings (loss)
attributable to common shareholders
|
$
|
156
|
|
|
$
|
163
|
|
|
$
|
(7)
|
|
|
|
$
|
427
|
|
|
$
|
423
|
|
|
$
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows provided
by operations
|
372
|
|
|
360
|
|
|
12
|
|
|
|
745
|
|
|
709
|
|
|
36
|
|
View original
content:http://www.prnewswire.com/news-releases/fnfv-reports-third-quarter-2017-results-with-102-billion-book-value-of-portfolio-company-investments-or-1565-per-share-300543156.html
SOURCE Fidelity National Financial, Inc.