News Release

FNFV Reports Fourth Quarter 2015 Results With $969 Million Book Value of Portfolio Company Investments, or $13.43 Per Share; Repurchased Additional 3.6 Million Shares of Common Stock in Fourth Quarter

February 10, 2016

JACKSONVILLE, Fla., Feb. 10, 2016 /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 twelve-month periods ended December 31, 2015. 

  • Total revenue of $351 million in the fourth quarter versus $398 million in the fourth quarter of 2014
  • Fourth quarter adjusted diluted EPS of $0.04 versus adjusted diluted EPS of $0.17 in the fourth quarter of 2014
  • Adjusted EBITDA of $25 million for the fourth quarter versus adjusted EBITDA of $26 million for the fourth quarter of 2014
  • Fourth quarter FNFV free cash flow of $7 million versus $65 million in the fourth quarter of 2014
  • $245 million in holding company cash on December 31, 2015
  • Repurchased approximately 3.6 million shares of common stock for more than $39 million in the fourth quarter
  • Since the formation of FNFV in July 2014, more than 20.5 million shares of FNFV common stock have been repurchased for a total of approximately $291 million; approximately 22% of the shares of FNFV common stock distributed in July 2014 have been repurchased

Restaurant Group

  • $320 million in total revenue, adjusted EBITDA of $25 million and adjusted EBITDA margin of 7.6% for the fourth quarter versus approximately $369 million in total revenue, adjusted EBITDA of $28 million and an adjusted EBITDA margin of 7.3% in the fourth quarter of 2014
  • Same store sales increased approximately 0.6% in the fourth quarter, as Ninety Nine, Bakers Square and O'Charley's had same store sales growth of 2.9%, 1.6% and 0.6%, respectively

Ceridian HCM

  • Fourth quarter total revenue of approximately $205 million, a 2% decrease from the fourth quarter of 2014 and EBITDA of more than $29 million, a 15% improvement over the fourth quarter of 2014, for an EBITDA margin of approximately 14%

Digital Insurance

  • Fourth quarter total revenue of $31 million, a 24% increase over the fourth quarter of 2014; adjusted EBITDA of more than $6 million, a 44% increase over the fourth quarter of 2014, and a fourth quarter EBITDA margin of more than 20%

Monetization and Investment Initiatives

  • In separate transactions in September, October and December, received gross proceeds of approximately $157 million from the indirect sale of approximately 1.1 million shares of Fleetcor common stock; net, after-tax proceeds were approximately $125 million
  • Repurchased nearly 3.6 million shares of FNFV common stock for more than $39 million during the fourth quarter; since the formation of FNFV in July 2014, more than 20.5 million shares of common stock have been repurchased for a total of approximately $291 million
  • During the fourth quarter, purchased approximately 2.2 million shares of Del Frisco's Restaurant Group common stock for a total investment of nearly $32 million; incremental purchases made in January and February 2016 resulted in a total investment of approximately 2.9 million shares (12.4% of outstanding shares) for nearly $42 million

"We again were successful in completing several monetization events during the quarter at FNFV," said Chairman William P. Foley, II.  "In separate transactions during the quarter we indirectly sold approximately 1.1 million shares of Fleetcor common stock for gross proceeds of approximately $157 million and $125 million in net, after-tax, cash proceeds.  We also continued our share repurchase efforts in the fourth quarter, buying back an additional 3.6 million shares of FNFV common stock for approximately $39 million.  We also made our first new investment through FNFV, buying approximately 2.9 million shares of Del Frisco's Restaurant Group common stock for a total investment of nearly $42 million.  We continue to seek to maximize the value of current and future investments for the benefit of our shareholders."

Conference Call
We will host a call with investors and analysts to discuss fourth quarter 2015 results of FNFV on Thursday, February 11, 2016, 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 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 2:00 p.m. Eastern time on February 11, 2016, through February 18, 2016, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 383825.

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., Digital Insurance, 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), 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.

FNFV-E

 

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

   

Total FNFV

 

Restaurant 
Group

 

FNFV 
Corporate and 
Other

Three Months Ended

     

December 31, 2015

     

Operating revenue

 

$

359

   

$

328

   

$

31

 

Realized gains and losses, net

 

(8)

   

(8)

   

 

Total revenue

 

351

   

320

   

31

 
             

Personnel costs

 

42

   

15

   

27

 

Other operating expenses

 

20

   

16

   

4

 

Cost of restaurant revenue

 

274

   

274

   

 

Depreciation and amortization

 

14

   

11

   

3

 

Interest expense

 

3

   

1

   

2

 

Total expenses

 

353

   

317

   

36

 
             

Pre-tax (loss) earnings from continuing operations

 

$

(2)

   

$

3

   

$

(5)

 
             

Non-GAAP adjustments before taxes

           

  Realized (gains) and losses, net

 

$

8

   

$

8

   

$

 

  Purchase price amortization

 

8

   

4

   

4

 

  IPO costs

 

2

   

2

   

 

 Total non-GAAP adjustments before taxes

 

$

18

   

$

14

   

$

4

 
             

  Adjusted pre-tax earnings (loss) from continuing operations

 

$

16

   

$

17

   

$

(1)

 

  Adjusted pre-tax margin from continuing operations

 

4.5

%

 

5.2

%

 

 
             

Purchase price amortization

 

(8)

   

(4)

   

(4)

 

Depreciation and amortization

 

14

   

11

   

3

 

Interest expense

 

3

   

1

   

2

 
             

  Adjusted EBITDA

 

$

25

   

$

25

   

$

 

  Adjusted EBITDA margin

 

7.0

%

 

7.6

%

 

 

 

 

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

   

Total FNFV

 

Restaurant 
Group

 

FNFV 
Corporate and 
Other

Three Months Ended

     

December 31, 2015

     

Pre-tax (loss) earnings from continuing operations

 

$

(2)

   

$

3

   

$

(5)

 
             

  Income tax (benefit) expense

 

(2)

   

(2)

   

 

  Loss from equity investments

 

(2)

   

   

(2)

 

  Non-controlling interests

 

3

   

2

   

1

 
             

Net (loss) earnings attributable to FNFV common shareholders

 

$

(5)

   

$

3

   

$

(8)

 
             

EPS attributable to FNFV common shareholders - basic

 

$

(0.07)

   

$

0.04

   

$

(0.11)

 

EPS attributable to FNFV common shareholders - diluted

 

$

(0.07)

   

$

0.04

   

$

(0.11)

 
             

FNFV weighted average shares - basic

 

73

         

FNFV weighted average shares - diluted

 

75

         
             

Net (loss) earnings attributable to FNFV common shareholders

 

$

(5)

   

$

3

   

$

(8)

 
             

 Total non-GAAP, pre-tax adjustments

 

$

18

   

$

14

   

$

4

 

  Income taxes on non-GAAP adjustments

 

(4)

   

(3)

   

(1)

 

  Noncontrolling interest on non-GAAP adjustments

 

(6)

   

(6)

   

 

Total non-GAAP adjustments

 

8

   

5

   

3

 
             

Adjusted net earnings (loss) attributable to FNFV common shareholders

 

$

3

   

$

8

   

$

(5)

 
             

Adjusted EPS attributable to FNFV common shareholders - diluted

 

$

0.04

   

$

0.11

   

$

(0.07)

 
             

Cash flows provided by operations:

 

$

22

         

Non-GAAP adjustments:

           

IPO costs

 

2

         

Total non-GAAP adjustments

 

2

         
             

Adjusted cash flows from operations

 

24

         

Capital expenditures

 

17

         

Free cash flow

 

$

7

         

 

 

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

 
   

Total FNFV

 

Restaurant 
Group

 

FNFV 
Corporate and 
Other

Three Months Ended

     

December 31, 2014

     

Operating revenue

 

$

409

   

$

381

   

$

28

 

Realized gains and losses, net

 

(11)

   

(12)

   

1

 

Total revenue

 

398

   

369

   

29

 
             

Personnel costs

 

56

   

17

   

39

 

Other operating expenses

 

25

   

15

   

10

 

Cost of restaurant revenue

 

321

   

321

   

 

Depreciation and amortization

 

18

   

13

   

5

 

Interest expense

 

2

   

3

   

(1)

 

Total expenses

 

422

   

369

   

53

 
             

Pre-tax loss from continuing operations

 

$

(24)

   

$

   

$

(24)

 
             

Non-GAAP adjustments before taxes

           

  Realized (gains) and losses, net

 

$

11

   

$

12

   

$

(1)

 

  FNFV incentive plan accrual

 

19

   

   

19

 

  Purchase price amortization

 

8

   

4

   

4

 

 Total non-GAAP adjustments before taxes

 

$

38

   

$

16

   

$

22

 
             

  Adjusted pre-tax earnings (loss) from continuing operations

 

$

14

   

$

16

   

$

(2)

 

  Adjusted pre-tax margin from continuing operations

 

3.4

%

 

4.2

%

 

 
             

Purchase price amortization

 

(8)

   

(4)

   

(4)

 

Depreciation and amortization

 

18

   

13

   

5

 

Interest expense

 

2

   

3

   

(1)

 
             

  Adjusted EBITDA

 

$

26

   

$

28

   

$

(2)

 

  Adjusted EBITDA margin

 

6.4

%

 

7.3

%

 

 
 

(1) Results for J. Alexander's are included in the 2014 results.

 

 

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

   

Total FNFV

 

Restaurant Group

 

FNFV 
Corporate and 
Other

Three Months Ended

     

December 31, 2014

     

Pre-tax loss from continuing operations

 

$

(24)

   

$

   

$

(24)

 
             

  Income tax expense

 

163

   

1

   

162

 

Earnings from equity investments

 

474

   

   

474

 

  Income from discontinued operations, net of tax

 

8

   

   

8

 

  Non-controlling interests

 

3

   

(2)

   

5

 
             

Net earnings attributable to FNFV common shareholders

 

$

292

   

$

1

   

$

291

 
             

EPS attributable to FNFV common shareholders - basic

 

$

3.17

   

$

0.01

   

$

3.16

 

EPS attributable to FNFV common shareholders - diluted

 

$

3.14

   

$

0.01

   

$

3.13

 
             

FNFV weighted average shares - basic

 

92

         

FNFV weighted average shares - diluted

 

93

         
             

Net earnings attributable to FNFV common shareholders

 

$

292

   

$

1

   

$

291

 
             

 Total non-GAAP, pre-tax adjustments

 

$

38

   

$

16

   

$

22

 

FNFV portion of gain on sale of Comdata

 

(490)

   

   

(490)

 

  Impairment of Fidelity National Environmental Solutions investment

 

15

   

   

15

 

  Income taxes on non-GAAP adjustments

 

169

   

(3)

   

172

 

  Noncontrolling interest on non-GAAP adjustments

 

(8)

   

(8)

   

 

Total non-GAAP adjustments

 

(276)

   

5

   

(281)

 
             

Adjusted net earnings attributable to FNFV common shareholders

 

$

16

   

$

6

   

$

10

 
             

Adjusted EPS attributable to FNFV common shareholders - diluted

 

$

0.17

   

$

0.06

   

$

0.11

 
             

Cash flows provided by operations:

 

$

93

         
             

Capital expenditures

 

28

         

Free cash flow

 

$

65

         
 

(1) Results for Remy and J. Alexander's are included in the 2014 results.

 

 

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

   

Total FNFV

 

Restaurant 
Group

 

FNFV 
Corporate and 
Other

Twelve Months Ended

     

December 31, 2015

     

Operating revenue

 

$

1,615

   

$

1,412

   

$

203

 

Interest and investment income

 

2

   

   

2

 

Realized gains and losses, net

 

(19)

   

(19)

   

 

Total revenue

 

1,598

   

1,393

   

205

 
             

Personnel costs

 

157

   

65

   

92

 

Other operating expenses

 

167

   

71

   

96

 

Cost of restaurant revenue

 

1,195

   

1,195

   

 

Depreciation and amortization

 

65

   

49

   

16

 

Interest expense

 

9

   

6

   

3

 

Total expenses

 

1,593

   

1,386

   

207

 
             

Pre-tax earnings (loss) from continuing operations

 

$

5

   

$

7

   

$

(2)

 
             

Non-GAAP adjustments before taxes

           

  Realized (gains) and losses, net

 

$

19

   

$

19

   

$

 

  Purchase price amortization

 

29

   

15

   

14

 

  IPO costs

 

9

   

9

   

 

 Total non-GAAP adjustments before taxes

 

$

57

   

$

43

   

$

14

 
             

  Adjusted pre-tax earnings from continuing operations

 

$

62

   

$

50

   

$

12

 

  Adjusted pre-tax margin from continuing operations

 

3.8

%

 

3.5

%

 

5.9

%

             

Purchase price amortization

 

(29)

   

(15)

   

(14)

 

Depreciation and amortization

 

65

   

49

   

16

 

Interest expense

 

9

   

6

   

3

 
             

  Adjusted EBITDA

 

$

107

   

$

90

   

$

17

 

  Adjusted EBITDA margin

 

6.6

%

 

6.4

%

 

8.3

%

 

 

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

   

Total FNFV

 

Restaurant 
Group

 

FNFV 
Corporate and 
Other

Twelve Months Ended

     

December 31, 2015

     

Pre-tax earnings (loss) from continuing operations

 

$

5

   

$

7

   

$

(2)

 
             

  Income tax benefit

 

(20)

   

(2)

   

(18)

 

Loss from equity investments

 

(22)

   

   

(22)

 

  Non-controlling interests

 

16

   

3

   

13

 
             

Net (loss) earnings attributable to FNFV common shareholders

 

$

(13)

   

$

6

   

$

(19)

 
             

EPS attributable to FNFV common shareholders - basic

 

$

(0.16)

   

$

0.08

   

$

(0.24)

 

EPS attributable to FNFV common shareholders - diluted

 

$

(0.16)

   

$

0.08

   

$

(0.24)

 
             

FNFV weighted average shares - basic

 

79

         

FNFV weighted average shares - diluted

 

82

         
             

Net (loss) earnings attributable to FNFV common shareholders

 

$

(13)

   

$

6

   

$

(19)

 
             

 Total non-GAAP, pre-tax adjustments

 

$

57

   

$

43

   

$

14

 

  Income taxes on non-GAAP adjustments

 

(21)

   

(10)

   

(11)

 

  Ceridian Divestiture Loss

 

15

   

   

15

 

  Noncontrolling interest on non-GAAP adjustments

 

(17)

   

(17)

   

 

Total non-GAAP adjustments

 

34

   

16

   

18

 
             

Adjusted net earnings (loss) attributable to FNFV common shareholders

 

$

21

   

$

22

   

$

(1)

 
             

Adjusted EPS attributable to FNFV common shareholders - diluted

 

$

0.26

   

$

0.27

   

$

(0.01)

 
             

Cash flows provided by operations:

 

$

29

         

Non-GAAP adjustments:

           

  IPO costs

 

9

         

Total Non-GAAP adjustments

 

9

         
             

Adjusted cash flows from operations

 

38

         

Capital expenditures

 

62

         

Free cash flow

 

$

(24)

         

 

 

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

   

Total FNFV

 

Restaurant 
Group

 

FNFV 
Corporate and 
Other

Twelve Months Ended

     

December 31, 2014

     

Operating revenue

 

$

1,546

   

$

1,436

   

$

110

 

Interest and investment income

 

5

   

   

5

 

Realized gains and losses, net

 

(17)

   

(13)

   

(4)

 

Total revenue

 

1,534

   

1,423

   

111

 
             

Personnel costs

 

170

   

69

   

101

 

Other operating expenses

 

86

   

61

   

25

 

Cost of restaurant revenue

 

1,220

   

1,220

   

 

Depreciation and amortization

 

67

   

52

   

15

 

Interest expense

 

5

   

8

   

(3)

 

Total expenses

 

1,548

   

1,410

   

138

 
             

Pre-tax (loss) earnings from continuing operations

 

$

(14)

   

$

13

   

$

(27)

 
             

Non-GAAP adjustments before taxes

           

  Realized (gains) and losses, net

 

$

17

   

$

13

   

$

4

 

  FNFV incentive plan accrual

 

19

   

   

19

 

  Purchase price amortization

 

27

   

15

   

12

 

 Total non-GAAP adjustments before taxes

 

$

63

   

$

28

   

$

35

 
             

  Adjusted pre-tax earnings from continuing operations

 

$

49

   

$

41

   

$

8

 

  Adjusted pre-tax margin from continuing operations

 

3.2

%

 

2.9

%

 

7.0

%

             

Purchase price amortization

 

(27)

   

(15)

   

(12)

 

Depreciation and amortization

 

67

   

52

   

15

 

Interest expense

 

5

   

8

   

(3)

 
             

  Adjusted EBITDA

 

$

94

   

$

86

   

$

8

 

  Adjusted EBITDA margin

 

6.1

%

 

6.0

%

 

7.0

%

 

(1) Results for J. Alexanders are included in the 2014 results.

 

 

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

   

Total FNFV

 

Restaurant 
Group

 

FNFV 
Corporate and 
Other

Twelve Months Ended

     

December 31, 2014

     

Pre-tax (loss) earnings from continuing operations

 

$

(14)

   

$

13

   

$

(27)

 
             

  Income tax expense

 

150

   

1

   

149

 

Earnings from equity investments

 

428

   

   

428

 

  Earnings from discontinued operations, net of tax

 

8

   

   

8

 

  Non-controlling interests

 

4

   

2

   

2

 
             

Net earnings attributable to FNFV common shareholders

 

$

268

   

$

10

   

$

258

 
             

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

 

$

3.04

   

$

   

$

3.04

 

EPS attributable to FNFV common shareholders - diluted

 

$

3.01

   

$

   

$

3.01

 
             

Old FNF weighted average shares - basic

 

138

         

Old FNF weighted average shares - diluted

 

142

         
             

FNFV weighted average shares - basic

 

46

         

FNFV weighted average shares - diluted

 

47

         

FNFV actual shares outstanding as of December 31, 2014

 

93

         
             

Net earnings attributable to FNFV common shareholders

 

$

268

   

$

10

   

$

258

 
             

 Total non-GAAP, pre-tax adjustments

 

$

63

   

$

28

   

$

35

 

Ceridian Comdata gain and other Ceridian legal adjustments

 

(456)

   

   

(456)

 

  Impairment of Fidelity National Environmental Solutions investment

 

15

   

   

15

 

  Income taxes on non-GAAP adjustments

 

148

   

(6)

   

154

 

  Noncontrolling interest on non-GAAP adjustments

 

(13)

   

(13)

   

 

Total non-GAAP adjustments

 

(243)

   

9

   

(252)

 
             

Adjusted net earnings attributable to FNFV common shareholders

 

$

25

   

$

19

   

$

6

 
             

Adjusted EPS attributable to FNFV common shareholders - diluted

 

$

0.27

   

$

0.20

   

$

0.06

 
             

Cash flows provided by operations:

 

$

93

         

Non-GAAP adjustments:

           

Payments on FNFV incentive plans

 

57

         

  Other legal matters

 

16

         

Total Non-GAAP adjustments

 

73

         
             

Adjusted cash flows from operations

 

166

         

Capital expenditures

 

86

         

Free cash flow

 

$

80

         
 

(1) Results for Remy and J. Alexanders are included in the 2014 results.

 

 

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

       
         

FNFV

December 31, 
2015

 

FNFV

December 31, 
2014

         

(Unaudited)

 

(Unaudited)

Cash and investment portfolio

         

$

735

     

$

1,009

 

Goodwill

         

188

     

206

 

Total assets

         

1,429

     

1,919

 

Notes payable

         

200

     

121

 

Non-controlling interest

         

114

     

137

 

Total equity and redeemable non-controlling interests

         

1,083

     

1,515

 

Total equity attributable to common shareholders

         

969

     

1,378

 

 

   

FNF Group

December 31, 
2015

 

FNFV

December 31, 
2015

   

Consolidated

December 31, 
2015

 

Consolidated

December 31, 
2014

   

(Unaudited)

 

(Unaudited)

   

(Unaudited)

     

Cash and investment portfolio

   

$

4,898

     

$

735

       

$

5,633

     

$

5,369

 

Goodwill

   

4,572

     

188

       

4,760

     

4,721

 

Title plant

   

395

     

       

395

     

393

 

Total assets

   

12,502

     

1,429

       

13,931

     

13,845

 

Notes payable

   

2,593

     

200

       

2,793

     

2,803

 

Reserve for title claim losses

   

1,583

     

       

1,583

     

1,621

 

Secured trust deposits

   

701

     

       

701

     

622

 

Redeemable non-controlling interests

   

344

     

       

344

     

715

 

Non-redeemable non-controlling interests

   

720

     

114

       

834

     

79

 

Total equity and redeemable non-controlling interests

   

5,849

     

1,083

       

6,932

     

6,788

 

Total equity attributable to common shareholders

   

4,785

     

969

       

5,754

     

5,994

 

 

 Adjusted Book Value Summary

               

FNFV

December 31, 
2015

 

FNFV

December 31, 
2014

                 

(Unaudited)

 

(Unaudited)

Ceridian/Fleetcor

                 

$

363

     

$

632

 

American Blue Ribbon Holdings

                 

169

     

159

 

Del Frisco's Restaurant Group

                 

34

     

 

J. Alexander's

                 

     

100

 

Digital Insurance

                 

73

     

149

 

Cascade

                 

     

63

 

Holding Company Cash

                 

245

     

164

 

Other

                 

85

     

111

 

     FNFV Book Value

                 

$

969

     

$

1,378

 

     Outstanding FNFV shares

                 

72.2

     

92.8

 

     FNFV Book Value per Share

                 

$

13.43

     

$

14.84

 

 

 

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

 
 

Three Months Ended

   

Twelve Months Ended

 

December 31, 2015

   

December 31, 2015

 

Consolidated

 

Core

 

FNFV

   

Consolidated

 

Core

 

FNFV

Direct title premiums

$

521

   

$

521

   

$

     

$

2,009

   

$

2,009

   

$

 

Agency title premiums

592

   

592

   

     

2,277

   

2,277

   

 

     Total title premiums

1,113

   

1,113

   

     

4,286

   

4,286

   

 

Escrow, title-related and other fees

807

   

776

   

31

     

3,324

   

3,121

   

203

 

     Total title and escrow and other

1,920

   

1,889

   

31

     

7,610

   

7,407

   

203

 
                         

Restaurant revenue

328

   

   

328

     

1,412

   

   

1,412

 

Interest and investment income

30

   

30

   

     

123

   

121

   

2

 

Realized gains and losses, net

6

   

14

   

(8)

     

(13)

   

6

   

(19)

 

     Total revenue

2,284

   

1,933

   

351

     

9,132

   

7,534

   

1,598

 
                         

Personnel costs

678

   

636

   

42

     

2,671

   

2,514

   

157

 

Other operating expenses

457

   

437

   

20

     

1,881

   

1,714

   

167

 

Cost of restaurant revenue

274

   

   

274

     

1,195

   

   

1,195

 

Agent commissions

452

   

452

   

     

1,731

   

1,731

   

 

Depreciation and amortization

104

   

90

   

14

     

410

   

345

   

65

 

Title claim loss expense

61

   

61

   

     

246

   

246

   

 

Interest expense

34

   

31

   

3

     

131

   

122

   

9

 

     Total expenses

2,060

   

1,707

   

353

     

8,265

   

6,672

   

1,593

 
                         

Earnings (loss) from continuing operations before taxes

224

   

226

   

(2)

     

867

   

862

   

5

 

Income tax expense (benefit)

71

   

73

   

(2)

     

290

   

310

   

(20)

 

Earnings from continuing operations before equity investments

153

   

153

   

     

577

   

552

   

25

 

Earnings (loss) from equity investments

   

2

   

(2)

     

(16)

   

6

   

(22)

 

Net earnings (loss)

153

   

155

   

(2)

     

561

   

558

   

3

 

Non-controlling interests

14

   

11

   

3

     

34

   

18

   

16

 

Net earnings (loss)  attributable to common shareholders

$

139

   

$

144

   

$

(5)

     

$

527

   

$

540

   

$

(13)

 
                         

Cash flows provided by operations

258

   

236

   

22

     

917

   

888

   

29

 

 

 

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

 
 

Three Months Ended

   

Twelve Months Ended

 

December 31, 2014

   

December 31, 2014

 

Consolidated

 

Core

 

FNFV

   

Consolidated

 

Core

 

FNFV

Direct title premiums

$

478

   

$

478

   

$

     

$

1,727

   

$

1,727

   

$

 

Agency title premiums

494

   

494

   

     

1,944

   

1,944

   

 

  Total title premiums

972

   

972

   

     

3,671

   

3,671

   

 

Escrow, title-related and other fees

707

   

679

   

28

     

2,804

   

2,694

   

110

 

     Total title and escrow and other

1,679

   

1,651

   

28

     

6,475

   

6,365

   

110

 
                         

Restaurant revenue

381

   

   

381

     

1,436

   

   

1,436

 

Interest and investment income

33

   

33

   

     

126

   

121

   

5

 

Realized gains and losses, net

(7)

   

4

   

(11)

     

(13)

   

4

   

(17)

 

     Total revenue

2,086

   

1,688

   

398

     

8,024

   

6,490

   

1,534

 
                         

Personnel costs

652

   

596

   

56

     

2,540

   

2,370

   

170

 

Other operating expenses

396

   

371

   

25

     

1,643

   

1,557

   

86

 

Cost of restaurant revenue

321

   

   

321

     

1,220

   

   

1,220

 

Agent commissions

373

   

373

   

     

1,471

   

1,471

   

 

Depreciation and amortization

101

   

83

   

18

     

403

   

336

   

67

 

Title claim loss expense

59

   

59

   

     

228

   

228

   

 

Interest expense

31

   

29

   

2

     

127

   

122

   

5

 

     Total expenses

1,933

   

1,511

   

422

     

7,632

   

6,084

   

1,548

 
                         

Earnings (loss) from continuing operations before taxes

153

   

177

   

(24)

     

392

   

406

   

(14)

 

Income tax expense

233

   

70

   

163

     

312

   

162

   

150

 

(Loss) earnings from continuing operations before equity investments

(80)

   

107

   

(187)

     

80

   

244

   

(164)

 

Earnings from equity investments

475

   

1

   

474

     

432

   

4

   

428

 

Net earnings from continuing operations

395

   

108

   

287

     

512

   

248

   

264

 

Earnings (loss) from discontinued operations, net of tax

8

   

   

8

     

7

   

(1)

   

8

 

Net earnings

403

   

108

   

295

     

519

   

247

   

272

 

Non-controlling interests

11

   

8

   

3

     

(64)

   

(68)

   

4

 

Net earnings attributable to common shareholders

$

392

   

$

100

   

$

292

     

$

583

   

$

315

   

$

268

 
                         

Cash flows provided by operations

279

   

186

   

93

     

568

   

475

   

93

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fnfv-reports-fourth-quarter-2015-results-with-969-million-book-value-of-portfolio-company-investments-or-1343-per-share-repurchased-additional-36-million-shares-of-common-stock-in-fourth-quarter-300218352.html

SOURCE Fidelity National Financial, Inc.

 

 

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