Fidelity National Financial, Inc. (FNF) 10-K Annual Report February 2014

Jacksonville, Fla. - (February 12, 2014) - Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries, today reported operating results for the three-month and twelve-month periods ended December 31, 2013.


•	Net earnings of $76 million, or $0.30 per diluted share, for the fourth quarter versus net earnings of $152 million, or $0.66 per diluted share in the fourth quarter of 2012


•	Adjusted net earnings of $108 million, or $0.43 per diluted share, for the fourth quarter versus adjusted net earnings of $166 million, or $0.72 per diluted share in the fourth quarter of 2012

Due to the recent formation of Black Knight Financial Services, LLC (“Black Knight”) and ServiceLink Holdings, LLC (“ServiceLink”) as well as the announced future formation of the new tracking stock for Fidelity National Financial Ventures (“FNFV”), FNF will begin separately reporting on its core operations, which includes Fidelity National Title Group, Inc. (“FNT”), Black Knight and ServiceLink, and the portfolio company investments that will comprise FNFV in the future.

Core Operations


•	Adjusted pre-tax title margin of 11.0% for the fourth quarter versus 16.0% in the fourth quarter of 2012


•	Core diluted EPS of $0.32 for the fourth quarter versus $0.62 for the fourth quarter of 2012

•

Adjusted fourth quarter core diluted EPS of $0.37, which excludes $3 million of after-tax purchase price amortization ($0.01 impact on diluted EPS), a $7 million after-tax executive separation charge ($0.03 impact on diluted EPS) and $3 million of after-tax expenses related to the Lender Processing Services, Inc. acquisition ($0.01 impact on diluted EPS) versus adjusted core diluted EPS of $0.64 in the fourth quarter of 2012


•	Fourth quarter core free cash flow of $38 million versus $160 million in the fourth quarter of 2012

•

Open title orders of 392,000 for the fourth quarter, a decrease of 285,000, or 42%, compared with the fourth quarter of 2012, reflecting a more than 60% decline in refinance orders in the fourth quarter of 2013 versus the prior year; open orders per day of 6,200 for the fourth quarter versus 10,700 open orders per day for the fourth quarter of 2012; 55% of fourth quarter open title orders were purchase related versus 32% in the fourth quarter of 2012


•	Closed title orders of 307,000 for the fourth quarter, a decrease of 211,000, or 41%, compared with the fourth quarter of 2012; closed orders per day of 4,900 for the fourth quarter versus 8,200 closed orders per day for the fourth quarter of 2012; 56% of fourth quarter closed title orders were purchase related versus 33% in the fourth quarter of 2012


•	Fourth quarter purchase orders opened and closed decreased by 3% and 2%, respectively, versus the fourth quarter of 2012


•	Fourth quarter commercial title revenue of $146 million, a 2% decrease from the strong fourth quarter of 2012, driven by a 5% improvement in the commercial fee per file offset by a 6% decrease in closed orders; open commercial orders increased by 2% over the prior year

•

Overall fourth quarter average fee per file of $2,082, a 33% increase over the fourth quarter of 2012 and a 15% sequential increase from the third quarter of 2013; residential and local commercial fee per file (excluding national commercial business) of $1,676 versus $1,312 for the fourth quarter of 2012, a 28% increase over the prior year period and a 7% sequential improvement versus the third quarter of 2013

The following information was filed by Fidelity National Financial, Inc. (FNF) on Wednesday, February 12, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Fidelity National Financial, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.11: Material Contract

Exhibit 10.12: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: FNF
CIK: 1331875
Form Type: 10-K Annual Report
Accession Number: 0001331875-14-000005
Submitted to the SEC: Fri Feb 28 2014 4:23:41 PM EST
Accepted by the SEC: Fri Feb 28 2014
Period: Tuesday, December 31, 2013
Industry: Title Insurance

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Fidelity National Financial, Inc. (FNF) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

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