News Release

FNFV Reports Third Quarter 2016 Results With $923 Million Book Value of Portfolio Company Investments, or $13.85 Per Share; Repurchased Additional 455,000 Shares of Common Stock in Third Quarter

November 2, 2016

JACKSONVILLE, Fla., Nov. 2, 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 nine-month periods ended September 30, 2016. 

  • Total revenue of $319 million in the third quarter versus $369 million in the third quarter of 2015
  • Third quarter diluted EPS of ($0.11) and adjusted diluted EPS of ($0.01) versus diluted EPS of ($0.24) and adjusted diluted EPS of $0.00 in the third quarter of 2015
  • Pretax loss of $4 million and adjusted EBITDA of $17 million for the third quarter versus pretax loss of $16 million and adjusted EBITDA of $18 million for the third quarter of 2015
  • Third quarter FNFV net cash flow provided by operations of $12 million and free cash flow used of $4 million versus net cash flow provided by operations of $4 million and free cash flow used of $13 million in the third quarter of 2015
  • $99 million in holding company cash on September 30, 2016
  • Repurchased 455,000 shares of common stock for approximately $5.7 million in the third quarter
  • Since the formation of FNFV in July 2014, nearly 26 million shares of FNFV common stock have been repurchased for a total of approximately $350 million; approximately 29% of the shares of FNFV common stock distributed in July 2014 have been repurchased

Restaurant Group

  • $272 million in total revenue, pretax loss of $4 million, adjusted EBITDA of $11 million, and an adjusted EBITDA  margin of 4.0% for the third quarter, versus, approximately $338 million in total revenue, pretax loss of $13 million, adjusted EBITDA of $16 million, and an adjusted EBITDA margin of 4.6% in the third quarter of 2015; third quarter of 2015 included results of J. Alexander's and Max & Erma's
  • Same store sales decreased approximately 1.9% in the third quarter, as Ninety Nine same stores sales growth of 2.5% was offset by a 2.8% decline at O'Charley's, a 5.3% decline at Village Inn and a 3.8% decline at Bakers Square

Ceridian HCM

  • Third quarter total revenue of approximately $170 million, a 2.4% increase over the third quarter of 2015, pretax loss of $31 million, EBITDA of $6 million and an EBITDA margin of 3%

Digital Insurance

  • Third quarter total revenue of $37 million, a 23% increase over the third quarter of 2015; pretax earnings of $0.1 million; adjusted EBITDA of more than $7 million, a 10% increase over the third quarter of 2015; third quarter adjusted EBITDA margin of 20%

Monetization and Investment Initiatives

  • Repurchased 455,000 shares of FNFV common stock for approximately $5.7 million during the third quarter

"It was a quiet quarter on the monetization front for FNFV," said Chairman William P. Foley, II.  "However, Ceridian continued its evolution into a cloud-based company, as third quarter cloud revenue of $75 million grew 39% over the third quarter of 2015.  We believe that Ceridian will ultimately be a strong investment for FNFV shareholders.  Digital Insurance continues to execute its business plan and should exit 2016 approaching $150 million in annual revenue and EBITDA in the low $30 million range.  ABRH is managing its operations and making operational improvements in a tough economic environment for family and casual restaurants.  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 the quarter.  In total, we bought back an additional 455,000 shares for a total cost of approximately $5.7 million, thereby reducing FNFV's share count to approximately 66.6 million shares."

Conference Call

We will host a call with investors and analysts to discuss third quarter 2016 results of FNFV on Thursday, November 3, 2016, 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 November 3, 2016, through November 10, 2016, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 403310.

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

THIRD QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)

 
   

Total FNFV

 

Restaurant Group

 

FNFV 
Corporate and Other

Three Months Ended

     

September 30, 2016

     

Operating revenue

 

$

319

   

$

273

   

$

46

 

Interest and investment income

 

1

   

   

1

 

Realized gains and losses, net

 

(1)

   

(1)

   

 

Total revenue

 

319

   

272

   

47

 
             

Personnel costs

 

42

   

13

   

29

 

Other operating expenses

 

25

   

13

   

12

 

Cost of restaurant revenue

 

237

   

237

   

 

Depreciation and amortization

 

15

   

11

   

4

 

Interest expense

 

4

   

2

   

2

 

Total expenses

 

323

   

276

   

47

 
             

Pre-tax loss from continuing operations

 

$

(4)

   

$

(4)

   

$

 
             

Non-GAAP adjustments before taxes

           

  Realized (gains) and losses, net

 

1

   

1

   

 

  Purchase price amortization

 

10

   

5

   

5

 

  Other expenses

 

1

   

1

   

 

 Total non-GAAP adjustments before taxes

 

$

12

   

$

7

   

$

5

 
             

  Adjusted pre-tax earnings from continuing operations

 

$

8

   

$

3

   

$

5

 

  Adjusted pre-tax margin from continuing operations

 

2.5

%

 

1.1

%

 

10.6

%

             

Purchase price amortization

 

(10)

   

(5)

   

(5)

 

Depreciation and amortization

 

15

   

11

   

4

 

Interest expense

 

4

   

2

   

2

 
             

  Adjusted EBITDA

 

$

17

   

$

11

   

$

6

 

  Adjusted EBITDA margin

 

5.3

%

 

4.0

%

 

12.8

%

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

THIRD QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)

 
   

Total FNFV

 

Restaurant Group

 

FNFV Corporate and Other

Three Months Ended

     

September 30, 2016

     

Pre-tax loss from continuing operations

 

$

(4)

   

$

(4)

   

$

 
             

  Income tax benefit

 

(7)

   

   

(7)

 

  Loss from equity investments

 

(11)

   

   

(11)

 

  Non-controlling interests

 

(1)

   

(1)

   

 
             

Net loss attributable to FNFV common shareholders

 

$

(7)

   

$

(3)

   

$

(4)

 
             

EPS attributable to FNFV common shareholders - basic

 

$

(0.11)

   

$

(0.05)

   

$

(0.06)

 

EPS attributable to FNFV common shareholders - diluted

 

$

(0.11)

   

$

(0.05)

   

$

(0.06)

 
             

FNFV weighted average shares - basic

 

66

         

FNFV weighted average shares - diluted

 

69

         
             

Net loss attributable to FNFV common shareholders

 

$

(7)

   

$

(3)

   

$

(4)

 
             

 Total non-GAAP, pre-tax adjustments

 

$

12

   

$

7

   

$

5

 

  Income taxes on non-GAAP adjustments

 

(3)

   

(1)

   

(2)

 

  Noncontrolling interest on non-GAAP adjustments

 

(3)

   

(3)

   

 

Total non-GAAP adjustments

 

$

6

   

$

3

   

$

3

 
             

Adjusted net 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:

 

$

12

         

Non-GAAP adjustments:

           

Other expenses

 

1

         

Total non-GAAP adjustments

 

1

         
             

Adjusted cash flows from operations

 

13

         

Capital expenditures

 

17

         

Free cash flow

 

$

(4)

         

 

 

 

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 loss 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 loss 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:

 

$

4

         

Non-GAAP adjustments:

           

  IPO Cost

 

4

         

Total Non-GAAP adjustments

 

4

         
             

Adjusted cash flows from operations

 

8

         

Capital expenditures

 

21

         

Free cash flow

 

$

(13)

         

 

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)

 
   

Total FNFV

 

Restaurant Group

 

FNFV 
Corporate and Other

Nine Months Ended

     

September 30, 2016

     

Operating revenue

 

$

982

   

$

858

   

$

124

 

Interest and investment income

 

3

   

   

3

 

Realized gains and losses, net

 

11

   

(4)

   

15

 

Total revenue

 

996

   

854

   

142

 
             

Personnel costs

 

120

   

40

   

80

 

Other operating expenses

 

80

   

50

   

30

 

Cost of restaurant revenue

 

727

   

727

   

 

Depreciation and amortization

 

45

   

31

   

14

 

Interest expense

 

8

   

4

   

4

 

Total expenses

 

980

   

852

   

128

 
             

Pre-tax earnings from continuing operations

 

$

16

   

$

2

   

$

14

 
             

Non-GAAP adjustments before taxes

           

  Realized (gains) and losses, net

 

(11)

   

4

   

(15)

 

  Purchase price amortization

 

25

   

13

   

12

 

  Max & Erma's exit/disposal cost

 

7

   

7

   

 

  Other expenses

 

$

1

   

$

1

   

$

 

 Total non-GAAP adjustments before taxes

 

$

22

   

$

25

   

$

(3)

 
             

  Adjusted pre-tax earnings from continuing operations

 

$

38

   

$

27

   

$

11

 

  Adjusted pre-tax margin from continuing operations

 

3.9

%

 

3.1

%

 

8.7

%

             

Purchase price amortization

 

(25)

   

(13)

   

(12)

 

Depreciation and amortization

 

45

   

31

   

14

 

Interest expense

 

8

   

4

   

4

 
             

  Adjusted EBITDA

 

$

66

   

$

49

   

$

17

 

  Adjusted EBITDA margin

 

6.7

%

 

5.7

%

 

13.4

%

 

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)

 
   

Total FNFV

 

Restaurant Group

 

FNFV 
Corporate and Other

Nine Months Ended

     

September 30, 2016

     

Pre-tax earnings from continuing operations

 

$

16

   

$

2

   

$

14

 
             

  Income tax expense

 

(5)

   

   

(5)

 

Loss from equity investments

 

(16)

   

   

(16)

 

  Non-controlling interests

 

1

   

1

   

 
             

Net earnings attributable to FNFV common shareholders

 

$

4

   

$

1

   

$

3

 
             

EPS attributable to FNFV common shareholders - basic

 

$

0.06

   

$

0.02

   

$

0.04

 

EPS attributable to FNFV common shareholders - diluted

 

$

0.06

   

$

0.02

   

$

0.04

 
             

FNFV weighted average shares - basic

 

68

         

FNFV weighted average shares - diluted

 

70

         
             

Net earnings attributable to FNFV common shareholders

 

$

4

   

$

1

   

$

3

 
             

 Total non-GAAP, pre-tax adjustments

 

$

22

   

$

25

   

$

(3)

 

  Income taxes on non-GAAP adjustments

 

(2)

   

(5)

   

3

 

  Ceridian divestiture (gain) loss

 

(4)

   

   

(4)

 

  Noncontrolling interest on non-GAAP adjustments

 

(11)

   

(11)

   

 

Total non-GAAP adjustments

 

$

5

   

$

9

   

$

(4)

 
             

Adjusted net earnings (loss) attributable to FNFV common shareholders

 

$

9

   

$

10

   

$

(1)

 
             

Adjusted EPS attributable to FNFV common shareholders - diluted

 

$

0.13

   

$

0.14

   

$

(0.01)

 
             

Cash flows provided by operations:

 

$

36

         

Non-GAAP adjustments:

           

  Other expenses

 

1

         

Total Non-GAAP adjustments

 

1

         
             

Adjusted cash flows from operations

 

37

         

Capital expenditures

 

44

         

Free cash flow

 

$

(7)

         

 

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD 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 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 provided by operations:

 

$

8

         

Non-GAAP adjustments:

           

IPO costs

 

7

         

Total Non-GAAP adjustments

 

7

         
             

Adjusted cash flows from operations

 

15

         

Capital expenditures

 

45

         

Free cash flow

 

$

(30)

         

 

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

SUMMARY BALANCE SHEET AND BOOK VALUE SUMMARY

(In millions)

 
   

FNFV

September 30, 2016

 

FNFV

December 31, 2015

   

(Unaudited)

 

(Unaudited)

Cash and investment portfolio

   

$

657

     

$

735

 

Goodwill

   

196

     

188

 

Total assets

   

1,385

     

1,429

 

Notes payable

   

227

     

200

 

Non-controlling interest

   

117

     

114

 

Total equity and redeemable non-controlling interests

   

1,040

     

1,083

 

Total equity attributable to common shareholders

   

923

     

969

 

 

 

   

FNF Group

September 30, 2016

   

FNFV

September 30, 2016

   

Consolidated

September 30, 2016

 

Consolidated

December 31, 2015

   

(Unaudited)

 

(Unaudited)

   

(Unaudited)

     

Cash and investment portfolio

   

$

4,879

     

$

657

       

$

5,536

     

$

5,633

 

Goodwill

   

4,851

     

196

       

5,047

     

4,760

 

Title plant

   

395

     

       

395

     

395

 

Total assets

   

13,001

     

1,385

       

14,386

     

13,931

 

Notes payable

   

2,527

     

227

       

2,754

     

2,793

 

Reserve for title claim losses

   

1,602

     

       

1,602

     

1,583

 

Secured trust deposits

   

922

     

       

922

     

701

 

Redeemable non-controlling interests

   

344

     

       

344

     

344

 

Non-redeemable non-controlling interests

   

772

     

117

       

889

     

834

 

Total equity and redeemable non-controlling interests

   

6,068

     

1,040

       

7,108

     

6,932

 

Total equity attributable to common shareholders

   

4,952

     

923

       

5,875

     

5,754

 

 

 

Adjusted Book Value Summary

FNFV

September 30,

2016

 

FNFV

December 31, 2015

 

(Unaudited)

 

(Unaudited)

Ceridian/Fleetcor

 

$

432

     

$

363

 

American Blue Ribbon Holdings

 

173

     

169

 

Digital Insurance

 

75

     

73

 

Del Frisco's Restaurant Group

 

42

     

34

 

Holding Company Cash

 

99

     

245

 

Other

 

102

     

85

 

     FNFV Book Value

 

$

923

     

$

969

 

     Outstanding FNFV shares

 

66.6

     

72.2

 

     FNFV Book Value per Share

 

$

13.85

     

$

13.43

 

 

 

 

FIDELITY NATIONAL FINANCIAL, INC.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited)

 
 

Three Months Ended

   

Nine Months Ended

 

September 30, 2016

   

September 30, 2016

 

Consolidated

 

Core

 

FNFV

   

Consolidated

 

Core

 

FNFV

Direct title premiums

$

556

   

$

556

   

$

     

$

1,518

   

$

1,518

   

$

 

Agency title premiums

713

   

713

   

     

1,934

   

1,934

   

 

     Total title premiums

1,269

   

1,269

   

     

3,452

   

3,452

   

 

Escrow, title-related and other fees

950

   

904

   

46

     

2,636

   

2,512

   

124

 

     Total title and escrow and other

2,219

   

2,173

   

46

     

6,088

   

5,964

   

124

 
                         

Restaurant revenue

273

   

   

273

     

858

   

   

858

 

Interest and investment income

29

   

28

   

1

     

96

   

93

   

3

 

Realized gains and losses, net

(4)

   

(3)

   

(1)

     

5

   

(6)

   

11

 

     Total revenue

2,517

   

2,198

   

319

     

7,047

   

6,051

   

996

 
                         

Personnel costs

732

   

690

   

42

     

2,091

   

1,971

   

120

 

Other operating expenses

514

   

489

   

25

     

1,439

   

1,359

   

80

 

Cost of restaurant revenue

237

   

   

237

     

727

   

   

727

 

Agent commissions

545

   

545

   

     

1,473

   

1,473

   

 

Depreciation and amortization

113

   

98

   

15

     

315

   

270

   

45

 

Title claim loss expense

70

   

70

   

     

190

   

190

   

 

Interest expense

35

   

31

   

4

     

102

   

94

   

8

 

     Total expenses

2,246

   

1,923

   

323

     

6,337

   

5,357

   

980

 
                         

Earnings (loss) from continuing operations before taxes

271

   

275

   

(4)

     

710

   

694

   

16

 

Income tax expense (benefit)

95

   

102

   

(7)

     

245

   

250

   

(5)

 

Earnings from continuing operations before equity investments

176

   

173

   

3

     

465

   

444

   

21

 

(Loss) earnings from equity investments

(7)

   

4

   

(11)

     

(6)

   

10

   

(16)

 

Net earnings (loss)

169

   

177

   

(8)

     

459

   

454

   

5

 

Non-controlling interests

13

   

14

   

(1)

     

32

   

31

   

1

 

Net earnings (loss) attributable to common shareholders

$

156

   

$

163

   

$

(7)

     

$

427

   

$

423

   

$

4

 
                         

Cash flows provided by operations

372

   

360

   

12

     

745

   

709

   

36

 

 

 

 

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

283

   

279

   

4

     

673

   

665

   

8

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fnfv-reports-third-quarter-2016-results-with-923-million-book-value-of-portfolio-company-investments-or-1385-per-share-repurchased-additional-455000-shares-of-common-stock-in-third-quarter-300356091.html

SOURCE Fidelity National Financial, Inc.

 

 

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