News Release

FNFV Reports Second Quarter 2016 Results With $940 Million Book Value of Portfolio Company Investments, or $13.98 Per Share; Repurchased Additional 1.8 Million Shares of Common Stock in Second Quarter

July 20, 2016

JACKSONVILLE, Fla., July 20, 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 six-month periods ended June 30, 2016. 

  • Total revenue of $348 million in the second quarter versus $400 million in the second quarter of 2015
  • Second quarter diluted EPS of $0.14 and adjusted diluted EPS of $0.06 versus diluted EPS of $0.12 and adjusted diluted EPS of $0.18 in the second quarter of 2015
  • Pretax earnings of $19 million and adjusted EBITDA of $21 million for the second quarter versus pretax earnings of $2 million and adjusted EBITDA of $24 million for the second quarter of 2015
  • Second quarter FNFV net cash flow provided by operations of $5 million and free cash flow used of $10 million versus net cash flow used in operations of $2 million and free cash flow used of $13 million in the second quarter of 2015
  • $106 million in holding company cash on June 30, 2016
  • Repurchased approximately 1.8 million shares of common stock for more than $20 million in the second quarter
  • Since the formation of FNFV in July 2014, nearly 25.5 million shares of FNFV common stock have been repurchased for a total of approximately $344 million; approximately 28% of the shares of  FNFV common stock distributed in July 2014 have been repurchased

Restaurant Group

  • $292 million in total revenue, pretax earnings of $6 million, adjusted EBITDA of $18 million, and an adjusted EBITDA  margin of 6.2% for the second quarter, versus, approximately $371 million in total revenue, pretax earnings of $7 million, adjusted EBITDA of $24 million, and an adjusted EBITDA margin of 6.5% in the second quarter of 2015; second quarter of 2015 included results of J. Alexander's and Max & Erma's
  • Same store sales decreased approximately 2.6% in the second quarter, as Ninety Nine same stores sales growth of 2.4% was offset by a 4.3% decline at O'Charley's, a 4.7% decline at Village Inn and a 5% decline at Bakers Square

Ceridian HCM

  • Second quarter total revenue of approximately $167 million, a 1% increase over the second quarter of 2015, pretax loss of $28 million, adjusted EBITDA of $12 million and an adjusted EBITDA margin of 7%

Digital Insurance

  • Second quarter total revenue of $36 million, a 31% increase over the second quarter of 2015; pretax earnings of $0.4 million; adjusted EBITDA of $8 million, a 40% increase over the second quarter of 2015; second quarter pretax margin and adjusted EBITDA margin of 1% and 22%, respectively

Monetization and Investment Initiatives

  • In June, completed the sale of FNFV's 15% ownership stake in Stillwater Insurance Group for gross cash proceeds of $36 million and a pre-tax gain of $15 million
  • In May and June, Ceridian Holding sold the remaining shares of FleetCor common stock it owned at a price of approximately $151 per share, for gross proceeds of $212 million; $202 million of those proceeds remain in escrow, with 50% eligible for distribution in November 2016 and 50% in November 2017; FNFV expects to receive 33.5% of any proceeds distributed from Ceridian Holding
  • In April, FNFV and our partner bought out the ownership interest of a Ceridian minority investor; FNFV's share of the purchase price was approximately $17.2 million and FNFV's ownership in Ceridian increased to 33.5% after the transaction
  • Repurchased approximately 1.8 million shares of FNFV common stock for more than $20 million during the second  quarter

"We continued our efforts to selectively monetize certain investments and repurchased FNFV common stock during the second quarter, " said Chairman William P. Foley, II.  "In June, we completed the sale of our 15% minority stake in Stillwater Insurance for gross proceeds of $36 million and a pre-tax gain of $15 million.  Additionally, Ceridian Holding sold the remaining shares of Fleetcor, almost all of which were being held in escrow.  Total proceeds were $212 million, of which $202 million remain in escrow and we expect to receive our 33.5% share of those proceeds, before any tax impact, equally in November 2016 and November 2017.  Finally, we increased our investment in Ceridian by $17 million and now own 33.5% of the company.

"We also continued to repurchase our own shares during the quarter.  In total, we bought back an additional 1.8 million shares for a total cost of more than $20 million, thereby reducing FNFV's share count to approximately 67.2 million shares.  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."

Conference Call
We will host a call with investors and analysts to discuss second quarter 2016 results of FNFV on Thursday, July 21, 2016, beginning at 11:30 a.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 1:30 p.m. Eastern time on July 21, 2016, through July 28, 2016, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 396732.

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: 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, 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

 
             

Non-GAAP adjustments before taxes

           

  Realized (gains) and losses, net

 

(15)

   

   

(15)

 

  Max & Erma's exit/disposal cost

 

1

   

1

   

 

  Purchase price amortization

 

8

   

5

   

3

 

 Total non-GAAP adjustments before taxes

 

$

(6)

   

$

6

   

$

(12)

 
             

  Adjusted pre-tax earnings from continuing operations

 

$

13

   

$

12

   

$

1

 

  Adjusted pre-tax margin from continuing operations

 

3.9

%

 

4.1

%

 

2.4

%

             

Purchase price amortization

 

(8)

   

(5)

   

(3)

 

Depreciation and amortization

 

15

   

10

   

5

 

Interest expense

 

1

   

1

   

 
             

  Adjusted EBITDA

 

$

21

   

$

18

   

$

3

 

  Adjusted EBITDA margin

 

6.3

%

 

6.2

%

 

7.3

%

 

 

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

     

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

   

$

0.09

 
             

FNFV weighted average shares - basic

 

67

         

FNFV weighted average shares - diluted

 

70

         
             

Net earnings attributable to FNFV common shareholders

 

$

10

   

$

4

   

$

6

 
             

 Total non-GAAP, pre-tax adjustments

 

$

(6)

   

$

6

   

$

(12)

 

  Income taxes on non-GAAP adjustments

 

4

   

(1)

   

5

 

  Ceridian divestiture (gain) loss

 

(1)

   

   

(1)

 

  Noncontrolling interest on non-GAAP adjustments

 

(3)

   

(3)

   

 

Total non-GAAP adjustments

 

$

(6)

   

$

2

   

$

(8)

 
             

Adjusted net earnings attributable to FNFV common shareholders

 

$

4

   

$

6

   

$

(2)

 
             

Adjusted EPS attributable to FNFV common shareholders - diluted

 

$

0.06

   

$

0.09

   

$

(0.03)

 
             

Cash flows provided by operations:

 

$

5

         

Capital expenditures

 

15

         

Free cash flow

 

$

(10)

         

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

SECOND QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)

             
   

Total FNFV

 

Restaurant 
Group

 

FNFV 
Corporate and 
Other

Three Months Ended

     

June 30, 2015

     

Operating revenue

 

$

401

   

$

371

   

$

30

 

Realized gains and losses, net

 

(1)

   

   

(1)

 

Total revenue

 

400

   

371

   

29

 
             

Personnel costs

 

38

   

16

   

22

 

Other operating expenses

 

29

   

21

   

8

 

Cost of restaurant revenue

 

313

   

313

   

 

Depreciation and amortization

 

17

   

13

   

4

 

Interest expense

 

1

   

1

   

 

Total expenses

 

398

   

364

   

34

 
             

Pre-tax earnings (loss) from continuing operations

 

$

2

   

$

7

   

$

(5)

 
             

Non-GAAP adjustments before taxes

           

  Realized (gains) and losses, net

 

1

   

   

1

 

  Purchase price amortization

 

7

   

4

   

3

 

  IPO Costs

 

3

   

3

   

 

 Total non-GAAP adjustments before taxes

 

$

11

   

$

7

   

$

4

 
             

  Adjusted pre-tax earnings (loss) from continuing operations

 

$

13

   

$

14

   

$

(1)

 

  Adjusted pre-tax margin from continuing operations

 

3.2

%

 

3.8

%

 

%

             

Purchase price amortization

 

(7)

   

(4)

   

(3)

 

Depreciation and amortization

 

17

   

13

   

4

 

Interest expense

 

1

   

1

   

 
             

  Adjusted EBITDA

 

$

24

   

$

24

   

$

 

  Adjusted EBITDA margin

 

6.0

%

 

6.5

%

 

%

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

SECOND QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)

             
   

Total FNFV

 

Restaurant 
Group

 

FNFV 
Corporate and 
Other

Three Months Ended

     

June 30, 2015

     

Pre-tax earnings (loss) from continuing operations

 

$

2

   

$

7

   

$

(5)

 
             

  Income tax benefit

 

(7)

   

   

(7)

 

Earnings from equity investments

 

4

   

   

4

 

  Non-controlling interests

 

3

   

3

   

 
             

Net earnings attributable to FNFV common shareholders

 

$

10

   

$

4

   

$

6

 
             

EPS attributable to FNFV common shareholders - basic

 

$

0.12

   

$

0.05

   

$

0.07

 

EPS attributable to FNFV common shareholders - diluted

 

$

0.12

   

$

0.05

   

$

0.07

 
             

FNFV weighted average shares - basic

 

78

         

FNFV weighted average shares - diluted

 

80

         
             

Net earnings attributable to FNFV common shareholders

 

$

10

   

$

4

   

$

6

 
             

 Total non-GAAP, pre-tax adjustments

 

$

11

   

$

7

   

$

4

 

  Income taxes on non-GAAP adjustments

 

(3)

   

(1)

   

(2)

 

  Noncontrolling interest on non-GAAP adjustments

 

(3)

   

(3)

   

 

Total non-GAAP adjustments

 

$

5

   

$

3

   

$

2

 
             

Adjusted net earnings attributable to FNFV common shareholders

 

$

15

   

$

7

   

$

8

 
             

Adjusted EPS attributable to FNFV common shareholders - diluted

 

$

0.18

   

$

0.09

   

$

0.09

 
             

Cash flows used in operations:

 

$

(2)

         

Non-GAAP adjustments:

           

  IPO Cost

 

3

         

Total Non-GAAP adjustments

 

3

         
             

Adjusted cash flows from operations

 

1

         

Capital expenditures

 

14

         

Free cash flow

 

$

(13)

         

 

 

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

 
             

Non-GAAP adjustments before taxes

           

  Realized (gains) and losses, net

 

(12)

   

3

   

(15)

 

  Purchase price amortization

 

15

   

8

   

7

 

  Max & Erma's exit/disposal cost

 

7

   

7

   

 

 Total non-GAAP adjustments before taxes

 

$

10

   

$

18

   

$

(8)

 
             

  Adjusted pre-tax earnings from continuing operations

 

$

30

   

$

24

   

$

6

 

  Adjusted pre-tax margin from continuing operations

 

4.5

%

 

4.1

%

 

7.5

%

             

Purchase price amortization

 

(15)

   

(8)

   

(7)

 

Depreciation and amortization

 

30

   

20

   

10

 

Interest expense

 

4

   

2

   

2

 
             

  Adjusted EBITDA

 

$

49

   

$

38

   

$

11

 

  Adjusted EBITDA margin

 

7.4

%

 

6.5

%

 

13.8

%

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)

             
   

Total FNFV

 

Restaurant 
Group

 

FNFV 
Corporate and 
Other

Six Months Ended

     

June 30, 2016

     

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

   

$

0.09

 

EPS attributable to FNFV common shareholders - diluted

 

$

0.15

   

$

0.06

   

$

0.10

 
             

FNFV weighted average shares - basic

 

69

         

FNFV weighted average shares - diluted

 

71

         
             

Net earnings attributable to FNFV common shareholders

 

$

11

   

$

4

   

$

7

 
             

 Total non-GAAP, pre-tax adjustments

 

$

10

   

$

18

   

$

(8)

 

  Income taxes on non-GAAP adjustments

 

1

   

(4)

   

5

 

  Ceridian divestiture (gain) loss

 

(4)

   

   

(4)

 

  Noncontrolling interest on non-GAAP adjustments

 

(8)

   

(8)

   

 

Total non-GAAP adjustments

 

$

(1)

   

$

6

   

$

(7)

 
             

Adjusted net earnings attributable to FNFV common shareholders

 

$

10

   

$

10

   

$

 
             

Adjusted EPS attributable to FNFV common shareholders - diluted

 

$

0.14

   

$

0.14

   

$

 
             

Cash flows provided by operations:

 

$

25

         

Capital expenditures

 

27

         

Free cash flow

 

$

(2)

         

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)

             
   

Total FNFV

 

Restaurant 
Group

 

FNFV 
Corporate and 
Other

Six Months Ended

     

June 30, 2015

     

Operating revenue

 

$

878

   

$

735

   

$

143

 

Interest and investment income

 

1

   

   

1

 

Realized gains and losses, net

 

(1)

   

   

(1)

 

Total revenue

 

878

   

735

   

143

 
             

Personnel costs

 

76

   

33

   

43

 

Other operating expenses

 

123

   

37

   

86

 

Cost of restaurant revenue

 

619

   

619

   

 

Depreciation and amortization

 

34

   

26

   

8

 

Interest expense

 

3

   

3

   

 

Total expenses

 

855

   

718

   

137

 
             

Pre-tax earnings from continuing operations

 

$

23

   

$

17

   

$

6

 
             

Non-GAAP adjustments before taxes

           

  Realized (gains) and losses, net

 

1

   

   

1

 

  Purchase price amortization

 

14

   

8

   

6

 

  IPO costs

 

3

   

3

   

 

 Total non-GAAP adjustments before taxes

 

$

18

   

$

11

   

$

7

 
             

  Adjusted pre-tax earnings from continuing operations

 

$

41

   

$

28

   

$

13

 

  Adjusted pre-tax margin from continuing operations

 

4.7

%

 

3.8

%

 

9.0

%

             

Purchase price amortization

 

(14)

   

(8)

   

(6)

 

Depreciation and amortization

 

34

   

26

   

8

 

Interest expense

 

3

   

3

   

 
             

  Adjusted EBITDA

 

$

64

   

$

49

   

$

15

 

  Adjusted EBITDA margin

 

7.3

%

 

6.7

%

 

10.4

%

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)

             
   

Total FNFV

 

Restaurant 
Group

 

FNFV 
Corporate and 
Other

Six Months Ended

     

June 30, 2015

     

Pre-tax earnings from continuing operations

 

$

23

   

$

17

   

$

6

 
             

  Income tax benefit

 

(4)

   

   

(4)

 

Earnings from equity investments

 

1

   

   

1

 

  Non-controlling interests

 

18

   

6

   

12

 
             

Net earnings (loss) attributable to FNFV common shareholders

 

$

10

   

$

11

   

$

(1)

 
             

EPS attributable to FNFV common shareholders - basic

 

$

0.12

   

$

0.13

   

$

(0.01)

 

EPS attributable to FNFV common shareholders - diluted

 

$

0.12

   

$

0.13

   

$

(0.01)

 
             

FNFV weighted average shares - basic

 

84

         

FNFV weighted average shares - diluted

 

86

         
             

Net earnings (loss) attributable to FNFV common shareholders

 

$

10

   

$

11

   

$

(1)

 
             

 Total non-GAAP, pre-tax adjustments

 

$

18

   

$

11

   

$

7

 

  Income taxes on non-GAAP adjustments

 

(5)

   

(2)

   

(3)

 

  Noncontrolling interest on non-GAAP adjustments

 

(5)

   

(5)

   

 

Total non-GAAP adjustments

 

$

8

   

$

4

   

$

4

 
             

Adjusted net earnings attributable to FNFV common shareholders

 

$

18

   

$

15

   

$

3

 
             

Adjusted EPS attributable to FNFV common shareholders - diluted

 

$

0.21

   

$

0.18

   

$

0.03

 
             

Cash flows provided by operations:

 

$

4

         

Non-GAAP adjustments:

           

IPO costs

 

3

         

Total Non-GAAP adjustments

 

3

         
             

Adjusted cash flows from operations

 

7

         

Capital expenditures

 

24

         

Free cash flow

 

$

(17)

         

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

SUMMARY BALANCE SHEET AND BOOK VALUE SUMMARY

(In millions)

         
   

FNFV

June 30, 2016

 

FNFV

December 31,

2015

   

(Unaudited)

 

(Unaudited)

Cash and investment portfolio

   

$

689

     

$

735

 

Goodwill

   

194

     

188

 

Total assets

   

1,406

     

1,429

 

Notes payable

   

219

     

200

 

Non-controlling interest

   

119

     

114

 

Total equity and redeemable non-controlling interests

   

1,059

     

1,083

 

Total equity attributable to common shareholders

   

940

     

969

 

 

   

FNF Group

June 30, 2016

   

FNFV

June 30, 2016

   

Consolidated

June 30, 2016

 

Consolidated

December 31, 
2015

   

(Unaudited)

   

(Unaudited)

   

(Unaudited)

     

Cash and investment portfolio

   

$

5,141

     

$

689

       

$

5,830

     

$

5,633

 

Goodwill

   

4,669

     

194

       

4,863

     

4,760

 

Title plant

   

395

     

       

395

     

395

 

Total assets

   

13,032

     

1,406

       

14,438

     

13,931

 

Notes payable

   

2,566

     

219

       

2,785

     

2,793

 

Reserve for title claim losses

   

1,590

     

       

1,590

     

1,583

 

Secured trust deposits

   

1,102

     

       

1,102

     

701

 

Redeemable non-controlling interests

   

344

     

       

344

     

344

 

Non-redeemable non-controlling interests

   

741

     

119

       

860

     

834

 

Total equity and redeemable non-controlling interests

   

5,954

     

1,059

       

7,013

     

6,932

 

Total equity attributable to common shareholders

   

4,869

     

940

       

5,809

     

5,754

 

 

Adjusted Book Value Summary

FNFV

June 30,

2016

 

FNFV

December 31, 
2015

 

(Unaudited)

 

(Unaudited)

Ceridian/Fleetcor

 

$

442

     

$

363

 

American Blue Ribbon Holdings

 

176

     

169

 

Del Frisco's Restaurant Group

 

44

     

34

 

Digital Insurance

 

74

     

73

 

Holding Company Cash

 

106

     

245

 

Other

 

98

     

85

 

     FNFV Book Value

 

$

940

     

$

969

 

     Outstanding FNFV shares

 

67.2

     

72.2

 

     FNFV Book Value per Share

 

$

13.98

     

$

13.43

 

 

 

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 (benefit)

101

   

98

   

3

     

150

   

148

   

2

 

Earnings from continuing operations before equity investments

207

   

191

   

16

     

289

   

271

   

18

 

Earnings (loss) from equity investments

(1)

   

3

   

(4)

     

1

   

6

   

(5)

 

Net earnings

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

 

 

 

FIDELITY NATIONAL FINANCIAL, INC.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited)

         
 

Three Months Ended

   

Six Months Ended

 

June 30, 2015

   

June 30, 2015

 

Consolidated

 

Core

 

FNFV

   

Consolidated

 

Core

 

FNFV

Direct title premiums

$

547

   

$

547

   

$

     

$

964

   

$

964

   

$

 

Agency title premiums

597

   

597

   

     

1,038

   

1,038

   

 

  Total title premiums

1,144

   

1,144

   

     

2,002

   

2,002

   

 

Escrow, title-related and other fees

857

   

827

   

30

     

1,665

   

1,522

   

143

 

     Total title and escrow and other

2,001

   

1,971

   

30

     

3,667

   

3,524

   

143

 
                         

Restaurant revenue

371

   

   

371

     

735

   

   

735

 

Interest and investment income

32

   

32

   

     

63

   

62

   

1

 

Realized gains and losses, net

(9)

   

(8)

   

(1)

     

(9)

   

(8)

   

(1)

 

     Total revenue

2,395

   

1,995

   

400

     

4,456

   

3,578

   

878

 
                         

Personnel costs

690

   

652

   

38

     

1,313

   

1,237

   

76

 

Other operating expenses

482

   

453

   

29

     

948

   

825

   

123

 

Cost of restaurant revenue

313

   

   

313

     

619

   

   

619

 

Agent commissions

451

   

451

   

     

784

   

784

   

 

Depreciation and amortization

104

   

87

   

17

     

204

   

170

   

34

 

Title claim loss expense

69

   

69

   

     

120

   

120

   

 

Interest expense

32

   

31

   

1

     

63

   

60

   

3

 

     Total expenses

2,141

   

1,743

   

398

     

4,051

   

3,196

   

855

 
                         

Earnings from continuing operations before taxes

254

   

252

   

2

     

405

   

382

   

23

 

Income tax expense

88

   

95

   

(7)

     

138

   

142

   

(4)

 

Earnings from continuing operations before equity investments

166

   

157

   

9

     

267

   

240

   

27

 

(Loss) earnings from equity investments

4

   

   

4

     

3

   

2

   

1

 

Net earnings

170

   

157

   

13

     

270

   

242

   

28

 

Non-controlling interests

   

(3)

   

3

     

14

   

(4)

   

18

 

Net earnings attributable to common shareholders

$

170

   

$

160

   

$

10

     

$

256

   

$

246

   

$

10

 
                         

Cash flows provided by operations

348

   

350

   

(2)

     

389

   

385

   

4

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fnfv-reports-second-quarter-2016-results-with-940-million-book-value-of-portfolio-company-investments-or-1398-per-share-repurchased-additional-18-million-shares-of-common-stock-in-second-quarter-300301495.html

SOURCE Fidelity National Financial, Inc.

 

 

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