News Release

FNFV Reports Fourth Quarter 2016 Results With $916 Million Book Value of Portfolio Company Investments, or $13.78 Per Share; Repurchased Additional 220,000 Shares of Common Stock in Fourth Quarter

February 1, 2017

JACKSONVILLE, Fla., Feb. 1, 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 twelve-month periods ended December 31, 2016. 

  • Total revenue of $339 million in the fourth quarter versus $351 million in the fourth quarter of 2015
  • Fourth quarter diluted EPS of ($0.12) versus diluted EPS of ($0.07) in the fourth quarter of 2015
  • Pretax loss of $8 million and adjusted EBITDA of $16 million for the fourth quarter versus pretax loss of $2 million and adjusted EBITDA of $25 million for the fourth quarter of 2015
  • Fourth quarter FNFV net cash flow provided by operations of $44 million and free cash flow provided of $26 million versus net cash flow provided by operations of $21 million and free cash flow provided of $6 million in the fourth quarter of 2015
  • $129 million in holding company cash on December 31, 2016
  • Repurchased 220,000 shares of common stock for approximately $2.7 million in the fourth quarter
  • Since the formation of FNFV in July 2014, more than 26 million shares of FNFV common stock have been repurchased for a total of more than $354 million; approximately 29% of the shares of FNFV common stock distributed in July 2014 have been repurchased

Restaurant Group

  • $298 million in total revenue, pretax loss of $1 million, adjusted EBITDA of $13 million, and an adjusted EBITDA margin of 4.3% for the fourth quarter, versus, approximately $320 million in total revenue, pretax earnings of $3 million, adjusted EBITDA of $25 million, and an adjusted EBITDA margin of 7.6% in the fourth quarter of 2015
  • Same store sales decreased approximately 5% in the fourth quarter, as Ninety Nine same stores sales growth of 0.1% was offset by a 8.3% decline at O'Charley's, a 4.7% decline at Village Inn and a 4.3% decline at Bakers Square

Ceridian HCM

  • Fourth quarter total revenue of approximately $189 million, a 2.2% increase over the fourth quarter of 2015, pretax loss of $11 million, EBITDA of $25 million and an EBITDA margin of 13%

One Digital

  • Fourth quarter total revenue of nearly $39 million, a 25% increase over the fourth quarter of 2015; pretax earnings of $0.1 million; adjusted EBITDA of nearly $8 million, a 26% increase over the fourth quarter of 2015; fourth quarter adjusted EBITDA margin of more than 20%

Monetization and Investment Initiatives

  • In November, received approximately $37 million from Ceridian due to the release of cash proceeds from the sale of FleetCor shares held in escrow
  • Repurchased 220,000 shares of FNFV common stock for approximately $2.7 million during the fourth quarter

"2016 was an eventful year on both the monetization and investment front for FNFV, " said Chairman William P. Foley, II.  "On the monetization side, we completed the sale of our minority interest in Stillwater Insurance in June for gross cash proceeds of $36 million and in November we received approximately $37 million of cash from the sale of FleetCor shares held in escrow.  On the investment side, we made a $22 million investment in the debt of Colt Defense in January and added to our ownership position in Del Frisco's common stock, bringing our total investment to $44 million.  In March, we made a $47 million additional capital investment in Ceridian to fund the continued growth of the DayForce product line.  We will continue to focus on the growth, financial performance and monetization of our current investments while seeking attractive future investments that will create value for our shareholders.

"We also continued to repurchase our own shares during 2016.  In the fourth quarter, we repurchased 220,000 shares for a total cost of approximately $2.7 million, thereby reducing FNFV's share count to approximately 66.4 million shares.  In total for 2016,  we repurchased nearly 5.7 million shares for approximately $62 million.

"Finally, in December, we announced a tax-free plan in which we intend to redeem all FNFV tracking stock shares and exchange those for shares of common stock of FNFV.  We are working through that process and still expect to complete that exchange in the third quarter of 2017."

Conference Call
We will host a call with investors and analysts to discuss fourth quarter 2016 results of FNFV on Thursday, February 2, 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 February 2, 2017, through February 9, 2017, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 414839.

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., 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: 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

FOURTH QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)

             
   

Total FNFV

 

Restaurant
Group

 

FNFV
Corporate and
Other

Three Months Ended

     

December 31, 2016

     

Operating revenue

 

$

344

   

$

300

   

$

44

 

Realized gains and losses, net

 

(5)

   

(2)

   

(3)

 

Total revenue

 

339

   

298

   

41

 
             

Personnel costs

 

44

   

13

   

31

 

Other operating expenses

 

27

   

17

   

10

 

Cost of restaurant revenue

 

257

   

257

   

 

Depreciation and amortization

 

17

   

11

   

6

 

Interest expense

 

2

   

1

   

1

 

Total expenses

 

347

   

299

   

48

 
             

Pre-tax loss from continuing operations

 

$

(8)

   

$

(1)

   

$

(7)

 
             

Non-GAAP adjustments before taxes

           

  Realized (gains) and losses, net

 

5

   

2

   

3

 

  Purchase price amortization

 

4

   

   

4

 

 Total non-GAAP adjustments before taxes

 

$

9

   

$

2

   

$

7

 
             

  Adjusted pre-tax earnings from continuing operations

 

$

1

   

$

1

   

$

 

  Adjusted pre-tax margin from continuing operations

 

0.3

%

 

0.3

%

 

 
             

Purchase price amortization

 

(4)

   

   

(4)

 

Depreciation and amortization

 

17

   

11

   

6

 

Interest expense

 

2

   

1

   

1

 
             

  Adjusted EBITDA

 

$

16

   

$

13

   

$

3

 

  Adjusted EBITDA margin

 

4.7

%

 

4.3

%

 

6.8

%

 

 

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

             
   

Total FNFV

 

Restaurant
Group

 

FNFV
Corporate and
Other

Three Months Ended

     

December 31, 2016

     

Pre-tax loss from continuing operations

 

$

(8)

 

$

(1)

 

$

(7)

             

  Income tax (benefit) expense

 

(6)

 

1

 

(7)

  Loss from equity investments

 

(7)

 

 

(7)

  Non-controlling interests

 

(1)

 

(1)

 

             

Net loss attributable to FNFV common shareholders

 

$

(8)

 

$

(1)

 

$

(7)

             

EPS attributable to FNFV common shareholders - basic

 

$

(0.12)

 

$

(0.02)

 

$

(0.10)

EPS attributable to FNFV common shareholders - diluted

 

$

(0.12)

 

$

(0.02)

 

$

(0.10)

             

FNFV weighted average shares - basic

 

66

       

FNFV weighted average shares - diluted

 

68

       
             

Net loss attributable to FNFV common shareholders

 

$

(8)

 

$

(1)

 

$

(7)

             

 Total non-GAAP, pre-tax adjustments

 

$

9

 

$

2

 

$

7

  Income taxes on non-GAAP adjustments

 

(4)

 

 

(4)

  Ceridian divestiture (gain) loss

 

2

 

 

2

  Noncontrolling interest on non-GAAP adjustments

 

(1)

 

(1)

 

Total non-GAAP adjustments

 

$

6

 

$

1

 

$

5

             

Adjusted net earnings (loss) attributable to FNFV common shareholders

 

$

(2)

 

$

 

$

(2)

             

Adjusted EPS attributable to FNFV common shareholders - diluted

 

$

(0.03)

 

$

 

$

(0.03)

             

Cash flows provided by operations:

 

$

44

       
             

Capital expenditures

 

18

       

Free cash flow

 

$

26

       

 

 

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*

 

4

   

   

4

  IPO Costs

 

2

   

2

   

 Total non-GAAP adjustments before taxes*

 

$

14

   

$

10

   

$

4

             

  Adjusted pre-tax earnings (loss) from continuing operations*

 

$

12

   

$

13

   

$

(1)

  Adjusted pre-tax margin from continuing operations*

 

3.3

%

 

4.0

%

 

             

Purchase price amortization*

 

(4)

   

   

(4)

Depreciation and amortization

 

14

   

11

   

3

Interest expense

 

3

   

1

   

2

             

  Adjusted EBITDA

 

$

25

   

$

25

   

$

  Adjusted EBITDA margin

 

7.0

%

 

7.6

%

 

*         Total FNFV and Restaurant Group amounts reflect a correction to previously reported Restaurant Group figures related to purchase price
           amortization

 

 

 

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*

 

$

14

 

$

10

 

$

4

  Income taxes on non-GAAP adjustments*

 

(3)

 

(2)

 

(1)

  Noncontrolling interest on non-GAAP adjustments*

 

(4)

 

(4)

 

Total non-GAAP adjustments*

 

$

7

 

$

4

 

$

3

             

Adjusted net earnings (loss) attributable to FNFV common shareholders*

 

$

2

 

$

7

 

$

(5)

             

Adjusted EPS attributable to FNFV common shareholders - diluted*

 

$

0.03

 

$

0.09

 

$

(0.06)

             

Cash flows provided by operations:

 

$

21

       

Non-GAAP adjustments:

           

  IPO cost

 

2

       

Total Non-GAAP adjustments

 

2

       
             

Adjusted cash flows from operations

 

23

       

Capital expenditures

 

17

       

Free cash flow

 

$

6

       

*         Total FNFV and Restaurant Group amounts reflect a correction to previously reported Restaurant Group figures related to purchase price
          amortization

 

 

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)

             
   

Total FNFV

 

Restaurant
Group

 

FNFV
Corporate and
Other

Twelve Months Ended

     

December 31, 2016

     

Operating revenue

 

$

1,326

   

$

1,158

   

$

168

 

Interest and investment income

 

3

   

   

3

 

Realized gains and losses, net

 

6

   

(6)

   

12

 

Total revenue

 

1,335

   

1,152

   

183

 
             

Personnel costs

 

164

   

53

   

111

 

Other operating expenses

 

107

   

67

   

40

 

Cost of restaurant revenue

 

984

   

984

   

 

Depreciation and amortization

 

62

   

42

   

20

 

Interest expense

 

10

   

5

   

5

 

Total expenses

 

1,327

   

1,151

   

176

 
             

Pre-tax earnings from continuing operations

 

$

8

   

$

1

   

$

7

 
             

Non-GAAP adjustments before taxes

           

  Realized (gains) and losses, net

 

(6)

   

6

   

(12)

 

  Purchase price amortization*

 

17

   

1

   

16

 

  Max & Erma's exit/disposal cost

 

7

   

7

   

 

  Other expenses

 

1

   

1

   

 

 Total non-GAAP adjustments before taxes*

 

$

19

   

$

15

   

$

4

 
             

  Adjusted pre-tax earnings from continuing operations*

 

$

27

   

$

16

   

$

11

 

  Adjusted pre-tax margin from continuing operations*

 

2.0

%

 

1.4

%

 

6.4

%

             

Purchase price amortization*

 

(17)

   

(1)

   

(16)

 

Depreciation and amortization

 

62

   

42

   

20

 

Interest expense

 

10

   

5

   

5

 
             

  Adjusted EBITDA

 

$

82

   

$

62

   

$

20

 

  Adjusted EBITDA margin

 

6.2

%

 

5.4

%

 

11.7

%

*         Total FNFV and Restaurant Group amounts reflect a correction to previously reported quarterly Restaurant Group figures related to purchase price
          amortization

 

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)

             
   

Total FNFV

 

Restaurant
Group

 

FNFV
Corporate and
Other

Twelve Months Ended

     

December 31, 2016

     

Pre-tax earnings from continuing operations

 

$

8

 

$

1

 

$

7

             

  Income tax (benefit) expense

 

(11)

 

1

 

(12)

Loss from equity investments

 

(23)

 

 

(23)

             

Net (loss) earnings attributable to FNFV common shareholders

 

$

(4)

 

$

 

$

(4)

             

EPS attributable to FNFV common shareholders - basic

 

$

(0.06)

 

$

 

$

(0.06)

EPS attributable to FNFV common shareholders - diluted

 

$

(0.06)

 

$

 

$

(0.06)

             

FNFV weighted average shares - basic

 

67

       

FNFV weighted average shares - diluted

 

70

       
             

Net (loss) earnings attributable to FNFV common shareholders

 

$

(4)

 

$

 

$

(4)

             

 Total non-GAAP, pre-tax adjustments*

 

$

19

 

$

15

 

$

4

  Income taxes on non-GAAP adjustments*

 

(4)

 

(3)

 

(1)

  Ceridian divestiture (gain) loss

 

(2)

 

 

(2)

  Noncontrolling interest on non-GAAP adjustments*

 

(7)

 

(7)

 

Total non-GAAP adjustments*

 

$

6

 

$

5

 

$

1

             

Adjusted net earnings (loss) attributable to FNFV common
shareholders*

 

$

2

 

$

5

 

$

(3)

             

Adjusted EPS attributable to FNFV common shareholders - diluted*

 

$

0.03

 

$

0.07

 

$

(0.04)

             

Cash flows provided by operations:

 

$

81

       
             

Capital expenditures

 

62

       

Free cash flow

 

$

19

       

*         Total FNFV and Restaurant Group amounts reflect a correction to previously reported quarterly Restaurant Group figures related to purchase price
          amortization

 

 

 

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*

 

15

   

1

   

14

 

  IPO costs

 

9

   

9

   

 

 Total non-GAAP adjustments before taxes*

 

$

43

   

$

29

   

$

14

 
             

  Adjusted pre-tax earnings from continuing operations*

 

$

48

   

$

36

   

$

12

 

  Adjusted pre-tax margin from continuing operations*

 

3.0

%

 

2.5

%

 

5.9

%

             

Purchase price amortization*

 

(15)

   

(1)

   

(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

%

*         Total FNFV and Restaurant Group amounts reflect a correction to previously reported Restaurant Group figures related to purchase price
          amortization

 

 

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*

 

$

43

   

$

29

   

$

14

 

  Income taxes on non-GAAP adjustments*

 

(18)

   

(7)

   

(11)

 

  Ceridian divestiture loss

 

15

   

   

15

 

  Noncontrolling interest on non-GAAP adjustments*

 

(11)

   

(11)

   

 

Total non-GAAP adjustments*

 

$

29

   

$

11

   

$

18

 
             

Adjusted net earnings (loss) attributable to FNFV common
shareholders*

 

$

16

   

$

17

   

$

(1)

 
             

Adjusted EPS attributable to FNFV common shareholders - diluted*

 

$

0.20

   

$

0.21

   

$

(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)

         

*         Total FNFV and Restaurant Group amounts reflect a correction to previously reported Restaurant Group figures related to purchase price
          amortization

 

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

SUMMARY BALANCE SHEET AND BOOK VALUE SUMMARY

(In millions)

 
                     

FNFV

December 31,
2016

 

FNFV

December 31,
2015

                     

(Unaudited)

 

(Unaudited)

Cash and investment portfolio

                     

$

642

     

$

735

 

Goodwill

                     

206

     

188

 

Total assets

                     

1,400

     

1,429

 

Notes payable

                     

233

     

200

 

Non-controlling interest

                     

116

     

114

 

Total equity and redeemable non-controlling interests

                     

1,032

     

1,083

 

Total equity attributable to common shareholders

                     

916

     

969

 
                 
 

FNF Group

December 31,
2016

   

FNFV

December 31,
2016

 

Consolidated

December 31,
2016

 

Consolidated

December 31,
2015

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

     

Cash and investment portfolio

 

$

4,965

     

$

642

     

$

5,607

     

$

5,633

 

Goodwill

 

4,859

     

206

     

5,065

     

4,756

 

Title plant

 

395

     

     

395

     

395

 

Total assets

 

13,063

     

1,400

     

14,463

     

13,931

 

Notes payable

 

2,513

     

233

     

2,746

     

2,793

 

Reserve for title claim losses

 

1,487

     

     

1,487

     

1,583

 

Secured trust deposits

 

860

     

     

860

     

701

 

Redeemable non-controlling interests

 

344

     

     

344

     

344

 

Non-redeemable non-controlling interests

 

786

     

116

     

902

     

834

 

Total equity and redeemable non-controlling
interests

 

6,210

     

1,032

     

7,242

     

6,932

 

Total equity attributable to common shareholders

 

5,080

     

916

     

5,996

     

5,754

 
                               

Adjusted Book Value Summary

                   

FNFV

December 31,

2016

 

FNFV

December 31, 2015

                     

(Unaudited)

 

(Unaudited)

Ceridian/Fleetcor

                     

$

386

     

$

363

 

American Blue Ribbon Holdings

                     

173

     

169

 

One Digital

                     

75

     

73

 

Del Frisco's Restaurant Group

                     

49

     

34

 

Holding Company Cash

                     

129

     

245

 

Other

                     

104

     

85

 

     FNFV Book Value

                     

$

916

     

$

969

 

     Outstanding FNFV shares

                     

66.4

     

72.2

 

     FNFV Book Value per Share

                     

$

13.78

     

$

13.43

 

 

 

FIDELITY NATIONAL FINANCIAL, INC.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited)

         
 

Three Months Ended

   

Twelve Months Ended

 

December 31, 2016

   

December 31, 2016

 

Consolidated

 

Core

 

FNFV

   

Consolidated

 

Core

 

FNFV

Direct title premiums

$

579

   

$

579

   

$

     

$

2,097

   

$

2,097

   

$

Agency title premiums

692

   

692

   

     

2,626

   

2,626

   

     Total title premiums

1,271

   

1,271

   

     

4,723

   

4,723

   

Escrow, title-related and other fees

910

   

866

   

44

     

3,546

   

3,378

   

168

     Total title and escrow and other

2,181

   

2,137

   

44

     

8,269

   

8,101

   

168

                         

Restaurant revenue

300

   

   

300

     

1,158

   

   

1,158

Interest and investment income

33

   

33

   

     

129

   

126

   

3

Realized gains and losses, net

(7)

   

(2)

   

(5)

     

(2)

   

(8)

   

6

     Total revenue

2,507

   

2,168

   

339

     

9,554

   

8,219

   

1,335

                         

Personnel costs

741

   

697

   

44

     

2,832

   

2,668

   

164

Other operating expenses

505

   

478

   

27

     

1,944

   

1,837

   

107

Cost of restaurant revenue

257

   

   

257

     

984

   

   

984

Agent commissions

525

   

525

   

     

1,998

   

1,998

   

Depreciation and amortization

116

   

99

   

17

     

431

   

369

   

62

Title claim loss expense

(33)

   

(33)

   

     

157

   

157

   

Interest expense

34

   

32

   

2

     

136

   

126

   

10

     Total expenses

2,145

   

1,798

   

347

     

8,482

   

7,155

   

1,327

                         

Earnings (loss) from continuing operations before
taxes

362

   

370

   

(8)

     

1,072

   

1,064

   

8

Income tax expense (benefit)

127

   

133

   

(6)

     

372

   

383

   

(11)

Earnings from continuing operations before equity
investments

235

   

237

   

(2)

     

700

   

681

   

19

Earnings (loss) from equity investments

(2)

   

5

   

(7)

     

(8)

   

15

   

(23)

Net earnings (loss)

233

   

242

   

(9)

     

692

   

696

   

(4)

Non-controlling interests

10

   

11

   

(1)

     

42

   

42

   

Net earnings (loss) attributable to common
shareholders

$

223

   

$

231

   

$

(8)

     

$

650

   

$

654

   

$

(4)

                         

Cash flows provided by operations

416

   

372

   

44

     

1,162

   

1,081

   

81

 

 

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

278

   

257

   

21

     

951

   

922

   

29

 

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fnfv-reports-fourth-quarter-2016-results-with-916-million-book-value-of-portfolio-company-investments-or-1378-per-share-repurchased-additional-220000-shares-of-common-stock-in-fourth-quarter-300400682.html

SOURCE Fidelity National Financial, Inc.

 

 

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