JACKSONVILLE, Fla., Nov. 2, 2016 /PRNewswire/ -- Fidelity National Financial, Inc. today reported the operating results of FNF Group (NYSE: FNF), a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries, for the three and nine-month periods ended September 30, 2016.

  • Total revenue of approximately $2.2 billion in the third quarter versus $2.0 billion in the third quarter of 2015
  • Third quarter net earnings of $163 million and adjusted net earnings of $192 million versus net earnings of $150 million and adjusted net earnings of $171 million for the third quarter of 2015
  • Third quarter diluted EPS of $0.58 and adjusted diluted EPS of $0.69 versus diluted EPS of $0.53 and adjusted diluted EPS of $0.60 in the third quarter of 2015
  • Third quarter net cash flow provided by operations of $360 million and free cash flow provided of $329 million versus net cash flow provided by operations of $279 million and free cash flow provided of $233 million in the third quarter of 2015
  • Repurchased 1.1 million shares of FNF common stock for nearly $41 million in the third quarter
  • Income tax expense rate of 37% for the third quarter versus previously stated estimate of 35%

Title

  • Approximately $1.9 billion in total revenue, a 7% increase over the approximately $1.7 billion in total revenue in the third quarter of 2015
  • Pre-tax earnings of $263 million and adjusted pre-tax earnings of $295 million versus pre-tax earnings of $239 million and adjusted pre-tax earnings of $267 million in the third quarter of 2015
  • Pre-tax title margin of 14.1% and adjusted pre-tax title margin of 15.8% versus pre-tax title margin of 13.8% and adjusted pre-tax title margin of 15.4% in the third quarter of 2015
  • ServiceLink generated $205 million in revenue, adjusted pre-tax earnings of $27 million and an adjusted pre-tax margin of 13.2% for the third quarter
  • Open orders per day of 9,625 for the third quarter versus 8,031 open orders per day for the third quarter of 2015
  • Closed orders per day of 6,766 for the third quarter versus 5,906 closed orders per day for the third quarter of 2015
  • Third quarter purchase orders opened and closed increased by 3% and 4%, respectively, versus the third quarter of 2015; for FNTG only (excluding ServiceLink), purchase orders opened and closed increased by 5% and 4%, respectively versus the third quarter of 2015
  • Total commercial revenue of $233 million, a 10% decrease from total commercial revenue in the third quarter of 2015, driven by a 3% decrease in closed orders and a 6% decrease in total commercial fee per file; third quarter total commercial open orders were essentially flat with the prior year; third quarter national commercial title revenue of $130 million, an 11% decrease from the third quarter of 2015, driven by a 8% decline in the national commercial fee per file and a 4% decrease in closed orders; third quarter national commercial open orders declined by 3%
  • Overall third quarter average fee per file of $2,015, a 6% decrease versus the third quarter of 2015
  • Title claims paid of $57 million, a decrease of $14 million, or 20%, from the third quarter of 2015

Title Orders

Direct Orders Opened *

Direct Orders Closed *

Month

/ (% Purchase)

/ (% Purchase)

July 2016

203,000

48%

130,000

58%

August 2016

218,000

50%

156,000

53%

September 2016

195,000

50%

147,000

52%

Third Quarter 2016

616,000

50%

433,000

54%

Direct Orders Opened *

Direct Orders Closed *

Month

/ (% Purchase)

/ (% Purchase)

July 2015

176,000

61%

136,000

60%

August 2015

169,000

58%

120,000

60%

September 2015

169,000

55%

122,000

59%

Third Quarter 2015

514,000

58%

378,000

60%

* Includes an immaterial number of non-purchase and non-refinance orders

Open

Closed

Commercial

Commercial

Commercial

Revenue

Commercial

Orders

Orders

(In millions)

Fee Per File

Third Quarter 2016 - Total Commercial

50,400

31,900

$233

$7,300

Third Quarter 2015 - Total Commercial

50,300

33,000

$258

$7,800

Third Quarter 2016 - National Commercial

20,400

11,700

$130

$11,100

Third Quarter 2015 - National Commercial

21,000

12,200

$146

$12,000

BKFS

  • Revenue of $267 million, led by Servicing Technology revenue of approximately $176 million
  • Pre-tax earnings of $38 million, a $1 million, or 3%, decrease from the third quarter of 2015
  • Adjusted EBITDA of $115 million, a $10 million, or 10%, increase over the third quarter of 2015 and an adjusted EBITDA margin of 44.6%, a 10 basis point decrease from the third quarter of 2015

'This was another strong quarter in our title insurance business, as we generated adjusted pre-tax title earnings of $295 million and a 15.8% adjusted pre-tax title margin,' said Chairman William P. Foley, II. 'We benefited from the continued mid-single digit growth in the residential purchase market and the strength of the residential refinance market. However, we did experience a slowdown in commercial revenue in the third quarter, primarily driven by a decrease in the fee per file. That weakness was more prominent in July and August, where we saw a 12% decline in daily commercial revenue. In September, total commercial revenue increased sequentially from July and August and declined by only 3% on a daily basis versus the prior year. Overall, we remain the most profitable company in the industry and we are confident that our title insurance business will have a solid finish to the year.

'Black Knight continues to execute its business plan, generating revenue of $267 million and adjusted EBITDA of $115 million, for a 44.6% adjusted EBITDA margin. FNF's Black Knight ownership stake is currently worth more than $3.2 billion, or nearly $12 per FNF share.'

Conference Call
We will host a call with investors and analysts to discuss third quarter 2016 FNF Group results on Thursday, November 3, 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 November 3, 2016, through November 10, 2016, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 403298.

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 FNFV 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

FNF GROUP

THIRD QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)

Total FNF Group

Title

BKFS

FNF Group Corporate and Other

Three Months Ended

September 30, 2016

Direct title premiums

$

556

$

556

$

-

$

-

Agency title premiums

713

713

-

-

Escrow, title related and other fees (1)

904

569

267

68

Total title and escrow

2,173

1,838

267

68

Interest and investment income

28

29

-

(1)

Realized gains and losses, net

(3)

(2)

-

(1)

Total revenue

2,198

1,865

267

66

Personnel costs

690

570

103

17

Agent commissions

545

545

-

-

Other operating expenses

489

379

53

57

Depreciation and amortization

98

38

57

3

Claim loss expense

70

70

-

-

Interest expense

31

-

16

15

Total expenses

1,923

1,602

229

92

Pre-tax earnings (loss) from continuing operations

$

275

$

263

$

38

$

(26)

Non-GAAP adjustments before taxes

Realized (gains) and losses, net

3

2

-

1

Deferred revenue add back

2

-

2

-

Purchase price amortization

51

24

25

2

M&A costs

1

-

1

-

Other legal accruals

7

6

1

-

Total non-GAAP adjustments before taxes

$

64

$

32

$

29

$

3

Adjusted pre-tax earnings (loss) from continuing ops.

$

339

$

295

$

67

$

(23)

Adjusted pre-tax margin from continuing operations

15.4

%

15.8

%

24.9

%

-

Purchase price amortization

(51)

(24)

(25)

(2)

Depreciation and amortization

98

38

57

3

Interest expense

31

-

16

15

Adjusted EBITDA

$

417

$

309

$

115

$

(7)

Adjusted EBITDA margin

18.9

%

16.6

%

44.6

%

-

ServiceLink pre-tax earnings

$

1

Purchase price amortization

17

Management fee / other expenses

9

ServiceLink adjusted pre-tax earnings

$

27

1.

BKFS also reported adjusted revenue of $269 million, which includes $2 million of deferred revenue

FNF GROUP

THIRD QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)

Total FNF Group

Title

BKFS

FNF Group Corporate and Other

Three Months Ended

September 30, 2016

Pre-tax earnings (loss) from continuing operations

$

275

$

263

$

38

$

(26)

Income tax expense (benefit)

102

100

12

(10)

Earnings from equity investments

4

3

-

1

Non-controlling interests

14

2

11

1

Net earnings (loss) attributable to FNF Group common shareholders

$

163

$

164

$

15

$

(16)

EPS attributable to FNF Group common shareholders - basic

$

0.60

$

0.60

$

0.06

$

(0.06)

EPS attributable to FNF Group common shareholders - diluted

$

0.58

$

0.59

$

0.05

$

(0.06)

FNF Group weighted average shares - basic

271

FNF Group weighted average shares - diluted

279

Net earnings (loss) attributable to FNF Group common shareholders

$

163

$

164

$

15

$

(16)

Total non-GAAP, pre-tax adjustments

$

64

$

32

$

29

$

3

Income taxes on non-GAAP adjustments

(22)

(10)

(11)

(1)

Noncontrolling interest on non-GAAP adjustments

(13)

(5)

(8)

-

Total non-GAAP adjustments

$

29

$

17

$

10

$

2

Adjusted net earnings (loss) attributable to FNF Group common shareholders

$

192

$

181

$

25

$

(14)

Adjusted EPS attributable to FNF Group common shareholders - diluted

$

0.69

$

0.65

$

0.09

$

(0.05)

Direct orders opened (000's)

616

616

Direct orders closed (000's)

433

433

Fee per file

$

2,015

$

2,015

Actual title claims paid

$

57

$

57

Cash flows provided by operations:

$

360

Non-GAAP adjustments:

M&A costs

1

Other

1

Total non-GAAP adjustments

2

Adjusted cash flows from operations

362

Capital expenditures

33

Free cash flow

$

329

FNF GROUP

THIRD QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)

Total FNF Group

Title

BKFS

FNF Group Corporate and Other

Three Months Ended

September 30, 2015

Direct title premiums

$

524

$

524

$

-

$

-

Agency title premiums

647

647

-

-

Escrow, title related and other fees (1)

823

537

234

52

Total title and escrow

1,994

1,708

234

52

Interest and investment income

29

30

-

(1)

Total revenue

2,023

1,738

234

51

Personnel costs

641

539

90

12

Agent commissions

495

495

-

-

Other operating expenses

452

364

41

47

Depreciation and amortization

85

36

48

1

Claim loss expense

65

65

-

-

Interest expense

31

-

16

15

Total expenses

1,769

1,499

195

75

Pre-tax earnings (loss) from continuing operations

$

254

$

239

$

39

$

(24)

Non-GAAP adjustments before taxes

Deferred revenue add back and management fee

3

1

2

-

Purchase price amortization

50

27

23

-

Total non-GAAP adjustments before taxes

$

53

$

28

$

25

$

-

Adjusted pre-tax earnings (loss) from continuing operations

$

307

$

267

$

64

$

(24)

Adjusted pre-tax margin from continuing operations

15.2

%

15.4

%

27.1

%

-

Purchase price amortization

(50)

(27)

(23)

-

Depreciation and amortization

85

36

48

1

Interest expense

31

-

16

15

Adjusted EBITDA

$

373

$

276

$

105

$

(8)

Adjusted EBITDA margin

18.4

%

15.9

%

44.7

%

-

1.

BKFS also reported adjusted revenue of $236 million, which includes $2 million of deferred revenue

FNF GROUP

THIRD QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)

Total FNF Group

Title

BKFS

FNF Group Corporate and Other

Three Months Ended

September 30, 2015

Pre-tax earnings (loss) from continuing operations

$

254

$

239

$

39

$

(24)

Income tax expense (benefit)

95

87

17

(9)

Earnings from equity investments

2

2

-

-

Non-controlling interests

11

-

10

1

Net earnings (loss) attributable to FNF Group common shareholders

$

150

$

154

$

12

$

(16)

EPS attributable to FNF Group common shareholders - basic

$

0.54

$

0.56

$

0.04

$

(0.06)

EPS attributable to FNF Group common shareholders - diluted

$

0.53

$

0.55

$

0.04

$

(0.06)

FNF Group weighted average shares - basic

277

FNF Group weighted average shares - diluted

285

Net earnings (loss) attributable to FNF Group common shareholders

$

150

$

154

$

12

$

(16)

Total non-GAAP, pre-tax adjustments

$

53

$

28

$

25

$

-

Income taxes on non-GAAP adjustments

(15)

(9)

(6)

-

Noncontrolling interest on non-GAAP adjustments

(17)

(6)

(11)

-

Total non-GAAP adjustments

$

21

$

13

$

8

$

-

Adjusted net earnings (loss) attributable to FNF Group common shareholders

$

171

$

167

$

20

$

(16)

Adjusted EPS attributable to FNF Group common shareholders - diluted

$

0.60

$

0.59

$

0.07

$

(0.06)

Direct orders opened (000's)

514

514

Direct orders closed (000's)

378

378

Fee per file

$

2,133

$

2,133

Actual title claims paid

$

71

$

71

Cash flows provided by operations:

$

279

Non-GAAP adjustments:

THL management fee

1

Total non-GAAP adjustments

1

Adjusted cash flows from operations

280

Capital expenditures

47

Free cash flow

$

233

FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)

Total FNF Group

Title

BKFS

FNF Group Corporate and Other

Nine Months Ended

September 30, 2016

Direct title premiums

$

1,518

$

1,518

$

-

$

-

Agency title premiums

1,934

1,934

-

-

Escrow, title related and other fees (1)

2,512

1,587

765

160

Total title and escrow

5,964

5,039

765

160

Interest and investment income

93

94

-

(1)

Realized gains and losses, net

(6)

1

-

(7)

Total revenue

6,051

5,134

765

152

Personnel costs

1,971

1,633

294

44

Agent commissions

1,473

1,473

-

-

Other operating expenses

1,359

1,064

149

146

Depreciation and amortization

270

109

154

7

Claim loss expense

190

190

-

-

Interest expense

94

-

48

46

Total expenses

5,357

4,469

645

243

Pre-tax earnings (loss) from continuing operations

$

694

$

665

$

120

$

(91)

Non-GAAP adjustments before taxes

Realized (gains) and losses, net

6

(1)

-

7

Deferred revenue add back and management fee

7

1

6

-

Purchase price amortization

134

66

65

3

M&A costs

2

-

2

-

Other legal accruals

12

6

6

-

Total non-GAAP adjustments before taxes

$

161

$

72

$

79

$

10

Adjusted pre-tax earnings (loss) from continuing operations

$

855

$

737

$

199

$

(81)

Adjusted pre-tax margin from continuing operations

14.1

%

14.4

%

25.8

%

-

Purchase price amortization

(134)

(66)

(65)

(3)

Depreciation and amortization

270

109

154

7

Interest expense

94

-

48

46

Adjusted EBITDA

$

1,085

$

780

$

336

$

(31)

Adjusted EBITDA margin

17.9

%

15.2

%

45.0

%

-

1.

BKFS also reported adjusted revenue of $770 million, which includes $5 million of deferred revenue

FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)

Total FNF Group

Title

BKFS

FNF Group Corporate and Other

Nine Months Ended

September 30, 2016

Pre-tax earnings (loss) from continuing operations

$

694

$

665

$

120

$

(91)

Income tax expense (benefit)

250

251

40

(41)

Earnings from equity investments

10

9

-

1

Non-controlling interests

31

(4)

35

-

Net earnings (loss) attributable to FNF Group common shareholders

$

423

$

427

$

45

$

(49)

EPS attributable to FNF Group common shareholders - basic

$

1.56

$

1.57

$

0.17

$

(0.18)

EPS attributable to FNF Group common shareholders - diluted

$

1.51

$

1.53

$

0.16

$

(0.18)

FNF Group weighted average shares - basic

272

FNF Group weighted average shares - diluted

280

Net earnings (loss) attributable to FNF Group common shareholders

$

423

$

427

$

45

$

(49)

Total non-GAAP, pre-tax adjustments

$

161

$

72

$

79

$

10

Income taxes on non-GAAP adjustments

(57)

(23)

(30)

(4)

Noncontrolling interest on non-GAAP adjustments

(34)

(12)

(22)

-

Total non-GAAP adjustments

$

70

$

37

$

27

$

6

Adjusted net earnings (loss) attributable to FNF Group common shareholders

$

493

$

464

$

72

$

(43)

Adjusted EPS attributable to FNF Group common shareholders - diluted

$

1.76

$

1.66

$

0.26

$

(0.16)

Direct orders opened (000's)

1,708

1,708

Direct orders closed (000's)

1,156

1,156

Fee per file

$

2,055

$

2,055

Actual title claims paid

$

169

$

169

Cash flows provided by operations:

$

709

Non-GAAP adjustments:

M&A costs

2

THL management fee

1

Other

6

Total non-GAAP adjustments

9

Adjusted cash flows from operations

718

Capital expenditures

185

Free cash flow

$

533

FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)

Total FNF Group

Title

BKFS

FNF Group Corporate and Other

Nine Months Ended

September 30, 2015

Direct title premiums

$

1,488

$

1,488

$

-

$

-

Agency title premiums

1,685

1,685

-

-

Escrow, title related and other fees (1)

2,345

1,522

693

130

Total title and escrow

5,518

4,695

693

130

Interest and investment income

91

92

-

(1)

Realized gains and losses, net

(8)

-

(5)

(3)

Total revenue

5,601

4,787

688

126

Personnel costs

1,878

1,559

289

30

Agent commissions

1,279

1,279

-

-

Other operating expenses

1,277

1,036

119

122

Depreciation and amortization

255

108

143

4

Claim loss expense

185

185

-

-

Interest expense

91

-

35

56

Total expenses

4,965

4,167

586

212

Pre-tax earnings (loss) from continuing operations

$

636

$

620

$

102

$

(86)

Non-GAAP adjustments before taxes

Realized (gain) loss, net adjustment

8

-

5

3

Deferred revenue add back and management fee

10

2

8

-

Purchase price amortization

137

69

67

1

IPO costs & profits interest acceleration

10

-

10

-

Total non-GAAP adjustments before taxes

$

165

$

71

$

90

$

4

Adjusted pre-tax earnings (loss) from continuing operations

$

801

$

691

$

192

$

(82)

Adjusted pre-tax margin from continuing operations

14.3

%

14.4

%

27.4

%

-

Purchase price amortization

(137)

(69)

(67)

(1)

Depreciation and amortization

255

108

143

4

Interest expense

91

-

35

56

Adjusted EBITDA

$

1,010

$

730

$

303

$

(23)

Adjusted EBITDA margin

18.0

%

15.2

%

43.3

%

-

1.

BKFS also reported adjusted revenue of $700 million, which includes $7 million of deferred revenue

FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)

Total FNF Group

Title

BKFS

FNF Group Corporate and Other

Nine Months Ended

September 30, 2015

Pre-tax earnings (loss) from continuing operations

$

636

$

620

$

102

$

(86)

Income tax expense (benefit)

237

226

17

(6)

Earnings from equity investments

4

4

-

-

Non-controlling interests

7

(11)

17

1

Net earnings (loss) attributable to FNF Group common shareholders

$

396

$

409

$

68

$

(81)

EPS attributable to FNF Group common shareholders - basic

$

1.42

$

1.47

$

0.24

$

(0.29)

EPS attributable to FNF Group common shareholders - diluted

$

1.38

$

1.43

$

0.24

$

(0.29)

FNF Group weighted average shares - basic

278

FNF Group weighted average shares - diluted

286

Net earnings (loss) attributable to FNF Group common shareholders

$

396

$

409

$

68

$

(81)

Total non-GAAP, pre-tax adjustments

$

165

$

71

$

90

$

4

Income taxes on non-GAAP adjustments

(43)

(20)

(21)

(2)

Noncontrolling interest on non-GAAP adjustments

(54)

(19)

(35)

-

Total non-GAAP adjustments

$

68

$

32

$

34

$

2

Adjusted net earnings (loss) attributable to FNF common shareholders

$

464

$

441

$

102

$

(79)

Adjusted EPS attributable to FNF common shareholders - diluted

$

1.62

$

1.54

$

0.36

$

(0.28)

Direct orders opened (000's)

1,651

1,651

Direct orders closed (000's)

1,132

1,132

Fee per file

$

2,003

$

2,003

Actual title claims paid

$

201

$

201

Cash flows provided by operations:

$

665

Non-GAAP adjustments:

THL management fee

3

IPO cost

4

Total non-GAAP adjustments

7

Adjusted cash flows from operations

672

Capital expenditures

127

Free cash flow

$

545

FNF GROUP

QUARTERLY OPERATING STATISTICS

(Unaudited)

Q3 2016

Q2 2016

Q1 2016

Q4 2015

Q3 2015

Q2 2015

Q1 2015

Q4 2014

Quarterly Open Orders ('000's except % data)

Total open orders*

616

577

517

441

514

560

578

452

Total open orders per day*

9.6

9.0

8.3

7.0

8.0

8.8

9.5

7.1

Purchase % of open orders

50

%

57

%

55

%

55

%

58

%

57

%

47

%

52

%

Refinance % of open orders

50

%

43

%

45

%

45

%

42

%

43

%

53

%

48

%

Total closed orders*

433

401

322

341

378

408

345

334

Total closed orders per day*

6.8

6.3

5.2

5.4

5.9

6.4

5.7

5.3

Purchase % of closed orders

54

%

58

%

55

%

58

%

60

%

54

%

46

%

57

%

Refinance % of closed orders

46

%

42

%

45

%

42

%

40

%

46

%

54

%

43

%

Commercial (millions, except orders in '000's)

Total commercial revenue**

$

233

$

244

$

211

$

303

$

258

$

258

$

208

$

274

Total commercial open orders**

50.4

49.9

48.5

46.3

50.3

50.8

47.8

-

Total commercial closed orders**

31.9

33.6

30.7

36.3

33.0

32.4

29.6

-

National commercial revenue

$

130

$

144

$

121

$

183

$

146

$

150

$

119

$

166

National commercial open orders

20.4

20.3

19.3

18.1

21.0

21.2

20.4

18.1

National commercial closed orders

11.7

11.6

10.6

13.4

12.2

12.5

11.1

12.7

Total Fee Per File

Fee per file

$

2,015

$

2,116

$

2,032

$

2,272

$

2,133

$

2,026

$

1,833

$

2,131

Residential and local commercial fee per file

$

1,762

$

1,809

$

1,713

$

1,806

$

1,805

$

1,711

$

1,538

$

1,699

Residential fee per file

$

1,594

$

1,645

$

1,522

$

1,548

$

1,589

$

1,514

$

1,346

-

Total commercial fee per file**

$

7,300

$

7,300

$

6,900

$

8,300

$

7,800

$

8,000

$

7,000

-

National commercial fee per file

$

11,100

$

12,400

$

11,400

$

13,600

$

12,000

$

12,000

$

10,700

$

13,100

Total Staffing

Total field operations employees

11,400

10,900

10,900

10,700

11,000

10,900

10,400

9,900

FNT Only Quarterly Operating Statistics ('000's except fee per file and staffing)

Total open orders*

518

484

429

360

422

458

456

354

Total open orders per day*

8.1

7.5

6.9

5.7

6.6

7.2

7.5

5.6

Purchase % of open orders

55

%

63

%

61

%

62

%

65

%

65

%

54

%

60

%

Refinance % of open orders

45

%

37

%

39

%

38

%

35

%

35

%

46

%

40

%

Total closed orders*

369

338

265

285

314

334

277

273

Total closed orders per day*

5.8

5.3

4.3

4.5

4.9

5.2

4.5

4.3

Purchase % of closed orders

58

%

63

%

60

%

63

%

66

%

61

%

52

%

63

%

Refinance % of closed orders

42

%

37

%

40

%

37

%

34

%

39

%

48

%

37

%

Fee per file

$

2,205

$

2,337

$

2,261

$

2,521

$

2,364

$

2,264

$

2,055

$

2,382

Total title field operations employees

10,200

9,600

9,700

9,500

9,700

9,600

9,100

8,700

ServiceLink Only Quarterly Operating Statistics ('000's except fee per file and staffing)

Total Open Orders*

98

93

87

81

92

102

122

98

Total open orders per day*

1.5

1.5

1.4

1.3

1.4

1.6

2.0

1.6

Purchase % of open orders

17

%

22

%

24

%

22

%

23

%

22

%

17

%

23

%

Refinance % of open orders

83

%

78

%

76

%

78

%

77

%

78

%

83

%

77

%

Total closed orders

64

63

57

56

64

74

68

61

Total closed orders per day*

1.0

1.0

0.9

0.9

1.0

1.2

1.1

1.0

Purchase % of closed orders

27

%

27

%

28

%

31

%

26

%

21

%

22

%

26

%

Refinance % of closed orders

73

%

73

%

72

%

69

%

74

%

79

%

78

%

74

%

Fee per file

$

916

$

940

$

972

$

1,003

$

987

$

958

$

921

$

1,027

Total ServiceLink operating employees

1,200

1,300

1,200

1,200

1,300

1,300

1,300

1,200

*

Includes an immaterial number of non-purchase and non-refinance orders

**

Total commercial order and fee per file tracking began in January 2015

FNF GROUP

SUMMARY BALANCE SHEET INFORMATION

(In millions)

FNF Group

September 30, 2016

FNF Group

December 31, 2015

(Unaudited)

(Unaudited)

Cash and investment portfolio

$

4,879

$

4,898

Goodwill

4,851

4,572

Title plant

395

395

Total assets

13,001

12,502

Notes payable

2,527

2,593

Reserve for title claim losses

1,602

1,583

Secured trust deposits

922

701

Redeemable non-controlling interests

344

344

Non-redeemable non-controlling interests

772

720

Total equity and redeemable non-controlling interests

6,068

5,849

Total equity attributable to common shareholders

4,952

4,785

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

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/fnf-group-reports-third-quarter-2016-diluted-eps-of-058-and-adjusted-diluted-eps-of-069-pre-tax-title-margin-of-141-and-adjusted-pre-tax-title-margin-of-158-300356183.html

SOURCE Fidelity National Financial, Inc.

Fidelity National Financial Inc. published this content on 02 November 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 02 November 2016 20:28:39 UTC.

Original documenthttp://www.investor.fnf.com/releasedetail.cfm?ReleaseID=997157

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