News Release

FNFV Reports Third Quarter 2015 Results With Success on Several Monetization Efforts and $1.01 Billion Book Value of Portfolio Company Investments, or $13.37 Per Share

October 27, 2015

JACKSONVILLE, Fla., Oct. 27, 2015 /PRNewswire/ -- Fidelity National Financial, Inc. today reported the operating results for FNFV Group (NYSE:FNFV), a tracking stock established to highlight the inherent value of the portfolio companies of Fidelity National Financial, Inc., for the three and nine-month periods ended September 30, 2015. 

  • Total revenue of $369 million in the third quarter versus $367 million in the third quarter of 2014
  • Third quarter adjusted diluted EPS of $0.00 versus adjusted diluted EPS of $(0.06) in the third quarter of 2014
  • Adjusted EBITDA of $18 million for the third quarter versus adjusted EBITDA of $13 million for the third quarter of 2014
  • Third quarter FNFV free cash flow used of $14 million versus $21 million used in the third quarter of 2014
  • $176 million in holding company cash on September 30, 2015
  • Approximately 75.8 million common shares and 78 million diluted shares currently outstanding; since the formation of FNFV in July 2014, approximately 17 million FNFV shares have been repurchased

Restaurant Group

  • $338 million in total revenue, adjusted EBITDA of $16 million and adjusted EBITDA margin of 4.6% for the third quarter versus approximately $343 million in total revenue, adjusted EBITDA of $13 million and an adjusted EBITDA margin of 3.8% in the third quarter of 2014
  • American Blue Ribbon Holdings generated $289 million in total revenue and adjusted EBITDA of more than $11 million;  same store sales increased approximately 1.0% in the third quarter, with Ninety Nine, Bakers Square and  Village Inn leading the way at 3.9%, 0.6% and 0.4%, respectively; O'Charley's same stores sale were flat, breaking a string of seven consecutive quarters of sales increases
  • J. Alexander's produced $49 million in total revenue and adjusted EBITDA of more than $4 million

Ceridian HCM

  • Third quarter total revenue of approximately $186 million, a 3% decline from the third quarter of 2014 and EBITDA of more than $15 million, for an EBITDA margin of approximately 8%

Digital Insurance

  • Third quarter total revenue of $30 million, a 21% increase over the third quarter of 2014; pre-tax earnings of nearly $1 million, EBITDA of $7 million, a 29% increase over the third quarter of 2014, and a third quarter EBITDA margin of more than 22%

Monetization Initiatives

  • Completed the tax-free distribution of J.Alexander's common stock to FNFV shareholders on September 28, 2015; FNFV shareholders received 0.17272 shares of J. Alexander's for each share of FNFV common stock; J. Alexander's began trading as an independent public company on September 29, 2015
  • In October, received gross proceeds of approximately $136 million from the indirect sale of approximately 912,000 shares of Fleetcor common stock in September 2015; net, after-tax proceeds were approximately $108 million; these proceeds are not included in the September 30, 2015holding company cash balance of $176 million
  • Repurchased nearly 2.3 million shares of FNFV common stock for approximately $33 million during the third quarter; since the formation of FNFV, more than 17 million shares of common stock have been repurchased

"We again were successful in completing several monetization events during the quarter at FNFV," said Chairman William P. Foley, II.  "On September 28, 2015, we successfully distributed the common stock of J. Alexander's to our shareholders at a rate of 0.17272 shares of J. Alexander's for each share of FNFV.  J. Alexander's began trading as an independent public company on September 29 , 2015.  We have confidence that the J. Alexander's management team will create value for our FNFV shareholders that hold on to their ownership in J. Alexander's.  In September, we indirectly sold approximately 912,000 shares of Fleetcor common stock and in October, FNFV received approximately $136 million in gross cash proceeds and $108 million in net, after-tax, cash proceeds.  We also continued our share repurchase efforts in the third quarter, buying back an additional 2.3 million shares of FNFV common stock for approximately $33 million and we ended the quarter with approximately $176 million of cash at the FNFV holding company level."

Conference Call

We will host a call with investors and analysts to discuss third quarter 2015 results of FNFV on Wednesday, October 28, 2015, beginning at 10:00 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 12:00 p.m. Eastern time on October 28, 2015, through November 4, 2015, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 370126.

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. and Digital Insurance, 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.

 

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

   

Total FNFV

 

Restaurant Group

 

FNFV

Corporate and Other

Three Months Ended

     

September 30, 2015

     

Operating revenue

 

$

378

   

$

349

   

$

29

 

Interest and investment income

 

1

   

   

1

 

Realized gains and losses, net

 

(10)

   

(11)

   

1

 

Total revenue

 

369

   

338

   

31

 
             

Personnel costs

 

39

   

17

   

22

 

Other operating expenses

 

24

   

18

   

6

 

Cost of restaurant revenue

 

302

   

302

   

 

Depreciation and amortization

 

17

   

12

   

5

 

Interest expense

 

3

   

2

   

1

 

Total expenses

 

385

   

351

   

34

 
             

Pre-tax loss from continuing operations

 

$

(16)

   

$

(13)

   

$

(3)

 
             

Non-GAAP adjustments before taxes

           

  Realized (gains) and losses, net

 

$

10

   

$

11

   

$

(1)

 

  Purchase price amortization

 

7

   

3

   

4

 

  IPO costs

 

4

   

4

   

 

 Total non-GAAP adjustments before taxes

 

$

21

   

$

18

   

$

3

 
             

  Adjusted pre-tax earnings from continuing operations

 

$

5

   

$

5

   

$

 

  Adjusted pre-tax margin from continuing operations

 

1.3

%

 

1.4

%

 

 
             

Purchase price amortization

 

(7)

   

(3)

   

(4)

 

Depreciation and amortization

 

17

   

12

   

5

 

Interest expense

 

3

   

2

   

1

 
             

  Adjusted EBITDA

 

$

18

   

$

16

   

$

2

 

  Adjusted EBITDA margin

 

4.7

%

 

4.6

%

 

6.7

%

 

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

 
   

Total FNFV

 

Restaurant Group

 

FNFV

Corporate and Other

Three Months Ended

     

September 30, 2015

     

Pre-tax loss from continuing operations

 

$

(16)

   

$

(13)

   

$

(3)

 
             

  Income tax benefit

 

(14)

   

   

(14)

 

  Loss from equity investments

 

(21)

   

   

(21)

 

  Non-controlling interests

 

(5)

   

(5)

   

 
             

Net losses attributable to FNFV common shareholders

 

$

(18)

   

$

(8)

   

$

(10)

 
             

EPS attributable to FNFV common shareholders - basic

 

$

(0.24)

   

$

(0.11)

   

$

(0.13)

 

EPS attributable to FNFV common shareholders - diluted

 

$

(0.24)

   

$

(0.11)

   

$

(0.13)

 
             

FNFV weighted average shares - basic

 

76

         

FNFV weighted average shares - diluted

 

78

         
             

Net losses attributable to FNFV common shareholders

 

$

(18)

   

$

(8)

   

$

(10)

 
             

 Total non-GAAP, pre-tax adjustments

 

$

21

   

$

18

   

$

3

 

  Income taxes on non-GAAP adjustments

 

(12)

   

(5)

   

(7)

 

  Ceridian Divestiture Loss

 

15

   

   

15

 

  Noncontrolling interest on non-GAAP adjustments

 

(6)

   

(6)

   

 

Total non-GAAP adjustments

 

18

   

7

   

11

 
             

Adjusted net earnings (loss) attributable to FNFV common shareholders

 

$

   

$

(1)

   

$

1

 
             

Adjusted EPS attributable to FNFV common shareholders - diluted

 

$

   

$

(0.01)

   

$

0.01

 
             

Cash flows provided by operations:

 

$

3

         

Non-GAAP adjustments:

           

IPO costs

 

4

         

Total non-GAAP adjustments

 

4

         
             

Adjusted cash flows from operations

 

7

         

Capital expenditures

 

21

         

Free cash flow

 

$

(14)

         

 

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

 
   

Total FNFV

 

Restaurant Group

 

FNFV

Corporate and Other

Three Months Ended

     

September 30, 2014

     

Operating revenue

 

$

371

   

$

343

   

$

28

 

Interest and investment income

 

1

   

   

1

 

Realized gains and losses, net

 

(5)

   

   

(5)

 

Total revenue

 

367

   

343

   

24

 
             

Personnel costs

 

42

   

19

   

23

 

Other operating expenses

 

21

   

15

   

6

 

Cost of restaurant revenue

 

296

   

296

   

 

Depreciation and amortization

 

17

   

14

   

3

 

Interest expense

 

   

2

   

(2)

 

Total expenses

 

376

   

346

   

30

 
             

Pre-tax losses from continuing operations

 

$

(9)

   

$

(3)

   

$

(6)

 
             

Non-GAAP adjustments before taxes

           

  Realized (gains) and losses, net

 

$

5

   

$

   

$

5

 

  Purchase price amortization

 

6

   

4

   

2

 

 Total non-GAAP adjustments before taxes

 

$

11

   

$

4

   

$

7

 
             

  Adjusted pre-tax earnings from continuing operations

 

$

2

   

$

1

   

$

1

 

  Adjusted pre-tax margin from continuing operations

 

0.5

%

 

0.3

%

 

3.4

%

             

Purchase price amortization

 

(6)

   

(4)

   

(2)

 

Depreciation and amortization

 

17

   

14

   

3

 

Interest expense

 

   

2

   

(2)

 
             

  Adjusted EBITDA

 

$

13

   

$

13

   

$

 

  Adjusted EBITDA margin

 

3.5

%

 

3.8

%

 

 

 

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

 
   

Total FNFV

 

Restaurant Group

 

FNFV

Corporate and Other

Three Months Ended

     

September 30, 2014

     

Pre-tax losses from continuing operations

 

$

(9)

   

$

(3)

   

$

(6)

 
             

  Income tax benefit

 

(8)

   

   

(8)

 

Loss from equity investments

 

(8)

   

   

(8)

 

  Loss from discontinued operations, net of tax

 

(13)

   

   

(13)

 

  Non-controlling interests

 

(10)

   

(2)

   

(8)

 
             

Net loss attributable to FNFV common shareholders

 

$

(12)

   

$

(1)

   

$

(11)

 
             

EPS attributable to FNFV common shareholders - basic

 

$

(0.13)

   

$

(0.01)

   

$

(0.12)

 

EPS attributable to FNFV common shareholders - diluted

 

$

(0.13)

   

$

(0.01)

   

$

(0.12)

 
             

FNFV weighted average shares - basic

 

92

         

FNFV weighted average shares - diluted

 

93

         
             

Net loss attributable to FNFV common shareholders

 

$

(12)

   

$

(1)

   

$

(11)

 
             

 Total non-GAAP, pre-tax adjustments

 

$

11

   

$

4

   

$

7

 

  Income taxes on non-GAAP adjustments

 

(3)

   

   

(3)

 

  Noncontrolling interest on non-GAAP adjustments

 

(2)

   

(2)

   

 

Total non-GAAP adjustments

 

6

   

2

   

4

 
             

Adjusted net earnings attributable to FNFV common shareholders

 

$

(6)

   

$

1

   

$

(7)

 
             

Adjusted EPS attributable to FNFV common shareholders - diluted

 

$

(0.06)

   

$

0.01

   

$

(0.07)

 
             

Adjusted net earnings attributable to FNFV common shareholders

 

$

(6)

   

$

1

   

$

(7)

 

Loss from discontinued operations, net of tax

 

13

   

   

13

 

Non-controlling interests on discontinued operations

 

(8)

   

   

(8)

 

Adjusted net earnings (loss) from continuing operations attributable to FNFV common shareholders

 

$

(1)

   

$

1

   

$

(2)

 
             

Adjusted EPS from continuing operations attributable to FNFV common shareholders - diluted

 

$

(0.01)

   

$

0.01

   

$

(0.02)

 
             

Cash flows used by operations:

 

$

8

         
             

Capital expenditures

 

29

         

Free cash flow

 

$

(21)

         

 

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

 
   

Total FNFV

 

Restaurant Group

 

FNFV

Corporate and Other

Nine Months Ended

     

September 30, 2015

     

Operating revenue

 

$

1,256

   

$

1,084

   

$

172

 

Interest and investment income

 

2

   

   

2

 

Realized gains and losses, net

 

(11)

   

(11)

   

 

Total revenue

 

1,247

   

1,073

   

174

 
             

Personnel costs

 

115

   

50

   

65

 

Other operating expenses

 

147

   

55

   

92

 

Cost of restaurant revenue

 

921

   

921

   

 

Depreciation and amortization

 

51

   

38

   

13

 

Interest expense

 

6

   

5

   

1

 

Total expenses

 

1,240

   

1,069

   

171

 
             

Pre-tax earnings from continuing operations

 

$

7

   

$

4

   

$

3

 
             

Non-GAAP adjustments before taxes

           

  Realized (gains) and losses, net

 

$

11

   

$

11

   

$

 

  Purchase price amortization

 

21

   

11

   

10

 

  IPO costs

 

7

   

7

   

 

 Total non-GAAP adjustments before taxes

 

$

39

   

$

29

   

$

10

 
             

  Adjusted pre-tax earnings from continuing operations

 

$

46

   

$

33

   

$

13

 

  Adjusted pre-tax margin from continuing operations

 

3.7

%

 

3.0

%

 

7.5

%

             

Purchase price amortization

 

(21)

   

(11)

   

(10)

 

Depreciation and amortization

 

51

   

38

   

13

 

Interest expense

 

6

   

5

   

1

 
             

  Adjusted EBITDA

 

$

82

   

$

65

   

$

17

 

  Adjusted EBITDA margin

 

6.5

%

 

6.0

%

 

9.8

%

 

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

 
   

Total FNFV

 

Restaurant Group

 

FNFV

Corporate and Other

Nine Months Ended

     

September 30, 2015

     

Pre-tax earnings from continuing operations

 

$

7

   

$

4

   

$

3

 
             

  Income tax benefit

 

(18)

   

   

(18)

 

 Loss from equity investments

 

(20)

   

   

(20)

 

  Non-controlling interests

 

13

   

1

   

12

 
             

Net (loss) earnings attributable to FNFV common shareholders

 

$

(8)

   

$

3

   

$

(11)

 
             

EPS attributable to FNFV common shareholders - basic

 

$

(0.10)

   

$

0.04

   

$

(0.14)

 

EPS attributable to FNFV common shareholders - diluted

 

$

(0.10)

   

$

0.04

   

$

(0.14)

 
             

FNFV weighted average shares - basic

 

81

         

FNFV weighted average shares - diluted

 

84

         
             

Net (loss) earnings attributable to FNFV common shareholders

 

$

(8)

   

$

3

   

$

(11)

 
             

 Total non-GAAP, pre-tax adjustments

 

$

39

   

$

29

   

$

10

 

  Income taxes on non-GAAP adjustments

 

(17)

   

(7)

   

(10)

 

  Ceridian Divestiture Loss

 

15

   

   

15

 

  Noncontrolling interest on non-GAAP adjustments

 

(11)

   

(11)

   

 

Total non-GAAP adjustments

 

26

   

11

   

15

 
             

Adjusted net earnings attributable to FNFV common shareholders

 

$

18

   

$

14

   

$

4

 
             

Adjusted EPS attributable to FNFV common shareholders - diluted

 

$

0.21

   

$

0.17

   

$

0.04

 
             

Cash flows used by operations:

 

$

7

         

Non-GAAP adjustments:

           

  IPO costs

 

7

         

Total Non-GAAP adjustments

 

7

         
             

Adjusted cash flows from operations

 

14

         

Capital expenditures

 

45

         

Free cash flow

 

$

(31)

         

 

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

 
   

Total FNFV

 

Restaurant Group

 

FNFV

Corporate and Other

Nine Months Ended

     

September 30, 2014

     

Operating revenue

 

$

1,137

   

$

1,055

   

$

82

 

Interest and investment income

 

5

   

   

5

 

Realized gains and losses, net

 

(6)

   

(1)

   

(5)

 

Total revenue

 

1,136

   

1,054

   

82

 
             

Personnel costs

 

114

   

52

   

62

 

Other operating expenses

 

61

   

46

   

15

 

Cost of restaurant revenue

 

899

   

899

   

 

Depreciation and amortization

 

49

   

39

   

10

 

Interest expense

 

3

   

5

   

(2)

 

Total expenses

 

1,126

   

1,041

   

85

 
             

Pre-tax earnings (loss) from continuing operations

 

$

10

   

$

13

   

$

(3)

 
             

Non-GAAP adjustments before taxes

           

  Realized (gains) and losses, net

 

$

6

   

$

1

   

$

5

 

  Purchase price amortization

 

19

   

11

   

8

 

 Total non-GAAP adjustments before taxes

 

$

25

   

$

12

   

$

13

 
             

  Adjusted pre-tax earnings from continuing operations

 

$

35

   

$

25

   

$

10

 

  Adjusted pre-tax margin from continuing operations

 

3.1

%

 

2.4

%

 

11.5

%

             

Purchase price amortization

 

(19)

   

(11)

   

(8)

 

Depreciation and amortization

 

49

   

39

   

10

 

Interest expense

 

3

   

5

   

(2)

 
             

  Adjusted EBITDA

 

$

68

   

$

58

   

$

10

 

  Adjusted EBITDA margin

 

6.0

%

 

5.5

%

 

11.5

%

 

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

 
   

Total FNFV

 

Restaurant Group

 

FNFV

Corporate and Other

Nine Months Ended

     

September 30, 2014

     

Pre-tax earnings (loss) from continuing operations

 

$

10

   

$

13

   

$

(3)

 
             

  Income tax benefit

 

(13)

   

   

(13)

 

Loss from equity investments

 

(46)

   

   

(46)

 

  Non-controlling interests

 

1

   

4

   

(3)

 
             

Net (loss) earnings attributable to FNFV common shareholders

 

$

(24)

   

$

9

   

$

(33)

 
             

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

 

$

(0.13)

   

$

(0.01)

   

$

(0.12)

 

EPS attributable to FNFV common shareholders - diluted

 

$

(0.13)

   

$

(0.01)

   

$

(0.12)

 
             

Old FNF weighted average shares - basic

 

183

         

Old FNF weighted average shares - diluted

 

189

         
             

FNFV weighted average shares - basic

 

31

         

FNFV weighted average shares - diluted

 

31

         
             

Net (loss) earnings attributable to FNFV common shareholders

 

$

(24)

   

$

9

   

$

(33)

 
             

 Total non-GAAP, pre-tax adjustments

 

$

25

   

$

12

   

$

13

 

Ceridian truck stop settlement

 

34

   

   

34

 

  Income taxes on non-GAAP adjustments

 

(21)

   

(3)

   

(18)

 

  Noncontrolling interest on non-GAAP adjustments

 

(5)

   

(5)

   

 

Total non-GAAP adjustments

 

33

   

4

   

29

 
             

Adjusted net earnings (loss) attributable to FNFV common shareholders

 

$

9

   

$

13

   

$

(4)

 
             

Adjusted EPS attributable to FNFV common shareholders - diluted

 

$

0.29

   

$

0.42

   

$

(0.13)

 
             

Adjusted net earnings (loss) attributable to FNFV common shareholders

 

$

9

   

$

13

   

$

(4)

 

  Earnings from discontinued operations, net of tax

 

   

   

 

  Non-controlling interests on discontinued operations

 

(2)

   

   

(2)

 

Adjusted net earnings (loss) from continuing operations attributable to FNFV common shareholders

 

$

7

   

$

13

   

$

(6)

 
             

Cash flows provided by operations:

 

$

1

         
             

Capital expenditures

 

58

         

Free cash flow

 

$

(57)

         

 

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

 
   

FNFV

September 30, 2015

 

FNFV

December 31, 2014

   

(Unaudited)

 

(Unaudited)

Cash and investment portfolio

   

$

781

     

$

1,009

 

Goodwill

   

188

     

206

 

Total assets

   

1,488

     

1,919

 

Notes payable

   

211

     

121

 

Non-controlling interest

   

111

     

137

 

Total equity and redeemable non-controlling interests

   

1,124

     

1,515

 

Total equity attributable to common shareholders

   

1,013

     

1,378

 

 

   

FNF Group

September 30, 2015

   

FNFV

September 30, 2015

   

Consolidated

September 30, 2015

 

Consolidated

December 31, 2014

   

(Unaudited)

 

(Unaudited)

   

(Unaudited)

     

Cash and investment portfolio

   

$

4,924

     

$

781

       

$

5,705

     

$

5,369

 

Goodwill

   

4,543

     

188

       

4,731

     

4,721

 

Title plant

   

394

     

       

394

     

393

 

Total assets

   

12,548

     

1,488

       

14,036

     

13,845

 

Notes payable

   

2,600

     

211

       

2,811

     

2,803

 

Reserve for title claim losses

   

1,605

     

       

1,605

     

1,621

 

Secured trust deposits

   

684

     

       

684

     

622

 

Redeemable non-controlling interests

   

344

     

       

344

     

715

 

Non-redeemable non-controlling interests

   

703

     

111

       

814

     

79

 

Total equity and redeemable non-controlling interests

   

5,825

     

1,124

       

6,949

     

6,788

 

Total equity attributable to common shareholders

   

4,778

     

1,013

       

5,791

     

5,994

 

 

 Adjusted Book Value Summary

FNFV

September 30, 2015

 

FNFV

December 31, 2014

 

(Unaudited)

 

(Unaudited)

Ceridian/Fleetcor

 

$

501

     

$

632

 

American Blue Ribbon Holdings

 

167

     

159

 

J. Alexander's

 

     

100

 

Digital Insurance

 

73

     

149

 

Holding Company Cash

 

176

     

164

 

Other

 

97

     

111

 

     FNFV Book Value

 

$

1,014

     

$

1,315

 

 

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

 
 

Three Months Ended

   

Nine Months Ended

 

September 30, 2015

   

September 30, 2015

 

Consolidated

 

Core

 

FNFV

   

Consolidated

 

Core

 

FNFV

Direct title premiums

$

524

   

$

524

   

$

     

$

1,488

   

$

1,488

   

$

 

Agency title premiums

647

   

647

   

     

1,685

   

1,685

   

 

     Total title premiums

1,171

   

1,171

   

     

3,173

   

3,173

   

 

Escrow, title-related and other fees

852

   

823

   

29

     

2,517

   

2,345

   

172

 

     Total title and escrow and other

2,023

   

1,994

   

29

     

5,690

   

5,518

   

172

 
                         

Restaurant revenue

349

   

   

349

     

1,084

   

   

1,084

 

Interest and investment income

30

   

29

   

1

     

93

   

91

   

2

 

Realized gains and losses, net

(10)

   

   

(10)

     

(19)

   

(8)

   

(11)

 

     Total revenue

2,392

   

2,023

   

369

     

6,848

   

5,601

   

1,247

 
                         

Personnel costs

680

   

641

   

39

     

1,993

   

1,878

   

115

 

Other operating expenses

476

   

452

   

24

     

1,424

   

1,277

   

147

 

Cost of restaurant revenue

302

   

   

302

     

921

   

   

921

 

Agent commissions

495

   

495

   

     

1,279

   

1,279

   

 

Depreciation and amortization

102

   

85

   

17

     

306

   

255

   

51

 

Title claim loss expense

65

   

65

   

     

185

   

185

   

 

Interest expense

34

   

31

   

3

     

97

   

91

   

6

 

     Total expenses

2,154

   

1,769

   

385

     

6,205

   

4,965

   

1,240

 
                         

Earnings (loss) from continuing operations before taxes

238

   

254

   

(16)

     

643

   

636

   

7

 

Income tax expense (benefit)

81

   

95

   

(14)

     

219

   

237

   

(18)

 

Earnings (loss) from continuing operations before equity investments

157

   

159

   

(2)

     

424

   

399

   

25

 

(Loss) earnings from equity investments

(19)

   

2

   

(21)

     

(16)

   

4

   

(20)

 

Net earnings (loss)

138

   

161

   

(23)

     

408

   

403

   

5

 

Non-controlling interests

6

   

11

   

(5)

     

20

   

7

   

13

 

Net earnings (loss)  attributable to common shareholders

$

132

   

$

150

   

$

(18)

     

$

388

   

$

396

   

$

(8)

 
                         

Cash flows provided by operations

280

   

277

   

3

     

660

   

653

   

7

 

 

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

 
 

Three Months Ended

   

Nine Months Ended

 

September 30, 2014

   

September 30, 2014

 

Consolidated

 

Core

 

FNFV

   

Consolidated

 

Core

 

FNFV

Direct title premiums

$

465

   

$

465

   

$

     

$

1,249

   

$

1,249

   

$

 

Agency title premiums

528

   

528

   

     

1,450

   

1,450

   

 

  Total title premiums

993

   

993

   

     

2,699

   

2,699

   

 

Escrow, title-related and other fees

736

   

708

   

28

     

2,097

   

2,015

   

82

 

     Total title and escrow and other

1,729

   

1,701

   

28

     

4,796

   

4,714

   

82

 
                         

Restaurant revenue

343

   

   

343

     

1,055

   

   

1,055

 

Interest and investment income

28

   

27

   

1

     

93

   

88

   

5

 

Realized gains and losses, net

(7)

   

(2)

   

(5)

     

(6)

   

   

(6)

 

     Total revenue

2,093

   

1,726

   

367

     

5,938

   

4,802

   

1,136

 
                         

Personnel costs

626

   

584

   

42

     

1,888

   

1,774

   

114

 

Other operating expenses

411

   

390

   

21

     

1,247

   

1,186

   

61

 

Cost of restaurant revenue

296

   

   

296

     

899

   

   

899

 

Agent commissions

396

   

396

   

     

1,098

   

1,098

   

 

Depreciation and amortization

101

   

84

   

17

     

302

   

253

   

49

 

Title claim loss expense

59

   

59

   

     

169

   

169

   

 

Interest expense

32

   

32

   

     

96

   

93

   

3

 

     Total expenses

1,921

   

1,545

   

376

     

5,699

   

4,573

   

1,126

 
                         

Earnings (loss) from continuing operations before taxes

172

   

181

   

(9)

     

239

   

229

   

10

 

Income tax expense (benefit)

65

   

73

   

(8)

     

79

   

92

   

(13)

 

Earnings from continuing operations before equity investments

107

   

108

   

(1)

     

160

   

137

   

23

 

(Loss) earnings from equity investments

(7)

   

1

   

(8)

     

(43)

   

3

   

(46)

 

Net earnings (loss) from continuing operations

100

   

109

   

(9)

     

117

   

140

   

(23)

 

Loss from discontinued operations, net of tax

(13)

   

   

(13)

     

(1)

   

(1)

   

 

Net earnings (loss)

87

   

109

   

(22)

     

116

   

139

   

(23)

 

Non-controlling interests

(15)

   

(5)

   

(10)

     

(75)

   

(76)

   

1

 

Net earnings (loss) attributable to common shareholders

$

102

   

$

114

   

$

(12)

     

$

191

   

$

215

   

$

(24)

 
                         

Cash flows provided by operations

300

   

292

   

8

     

289

   

288

   

1

 

 

FNFV-E

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fnfv-reports-third-quarter-2015-results-with-success-on-several-monetization-efforts-and-101-billion-book-value-of-portfolio-company-investments-or-1337-per-share-300166980.html

SOURCE Fidelity National Financial, Inc.

 

 

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