FNF Core Reports Fourth Quarter 2014 Adjusted EPS of $0.50; Adjusted Pre-Tax Title Margin of 14.1% and Black Knight Adjusted EBITDA Margin of 43.0%
 
Jacksonville, Fla. - (February 18, 2015) - Fidelity National Financial, Inc. today reported the operating results of its core segment (NYSE:FNF), a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries, for the three and twelve-month periods ended December 31, 2014.

Total revenue of approximately $1.7 billion in the fourth quarter versus $1.4 billion in the fourth quarter of 2013
Adjusted fourth quarter net earnings of $144 million versus adjusted net earnings of $81 million for the fourth quarter of 2013
Adjusted fourth quarter core diluted EPS of $0.50 versus adjusted core diluted EPS of $0.34 in the fourth quarter of 2013
Fourth quarter core free cash flow provided of $139 million versus $47 million provided in the fourth quarter of 2013

Title
Approximately $1.5 billion in total revenue, adjusted pre-tax earnings of $207 million and adjusted pre-tax title margin of 14.1% for the fourth quarter versus approximately $1.4 billion in total revenue, adjusted pre-tax earnings of $147 million and an adjusted pre-tax title margin of 10.8% in the fourth quarter of 2013
Adjusted pre-tax title margin of 14.1% was a 330 basis point improvement over the fourth quarter 2013 adjusted pre-tax title margin of 10.8%
ServiceLink generated $211 million in revenue, adjusted EBITDA of $27 million, an adjusted EBITDA margin of 13%, adjusted pre-tax earnings of $23 million and an adjusted pre-tax margin of 11% for the fourth quarter
Open orders per day of 7,175 for the fourth quarter versus 6,206 open orders per day for the fourth quarter of 2013
Closed orders per day of 5,302 for the fourth quarter versus 4,873 closed orders per day for the fourth quarter of 2013
Fourth quarter purchase orders opened and closed increased by 11% and 9%, respectively, versus the fourth quarter of 2013; purchase orders opened and closed were both essentially flat versus the fourth quarter of 2013 excluding ServiceLink default related purchase orders
Fourth quarter national commercial title revenue of $166 million, a 14% increase from the fourth quarter of 2013, driven by a 15% improvement in the commercial fee per file and a 1% decrease in closed orders; open commercial orders decreased by 6% over the prior year
Overall fourth quarter average fee per file of $2,131, a 2% increase over the fourth quarter of 2013
Title claims paid of $78 million, a decrease of $22 million, or 22%, from the fourth quarter of 2013

Title Orders
 
 
 
Direct Orders Opened *
 
 
Direct Orders Closed *
Month
 
 / (% Purchase)
 
 / (% Purchase)
October 2014
 
 
176,000
53%
 
 
115,000
60%
November 2014
 
 
133,000
52%
 
 
97,000
56%
December 2014
 
 
143,000
51%
 
 
122,000
54%
 
 
 
 
 
 
 
Fourth Quarter 2014
 
 
452,000
52%
 
 
334,000
57%
 
 
 
 
 
 
 


1

The following information was filed by Fidelity National Financial, Inc. (FNF) on Thursday, February 19, 2015 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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