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FNF Group Reports Fourth Quarter 2015 Adjusted EPS of $0.55, Adjusted Pre-Tax Title Margin of 13.8%, BKFS Revenue Growth of 8% and BKFS Adjusted EBITDA Margin of 44.9%
Jacksonville, Fla. - (February 10, 2016) - 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 twelve-month periods ended December 31, 2015.
• | Total revenue of approximately $1.9 billion in the fourth quarter versus $1.7 billion in the fourth quarter of 2014 |
• | Adjusted fourth quarter net earnings of $155 million versus adjusted net earnings of $144 million for the fourth quarter of 2014 |
• | Adjusted fourth quarter diluted EPS of $0.55 versus adjusted diluted EPS of $0.50 in the fourth quarter of 2014 |
• | Fourth quarter free cash flow provided of $184 million versus $167 million provided in the fourth quarter of 2014 |
• | Repurchased 2.4 million shares of FNF common stock for approximately $85 million in the fourth quarter; for the full-year 2015, repurchased 5.9 million shares for approximately $214 million |
Title
• | Approximately $1.6 billion in total revenue, adjusted pre-tax earnings of $225 million and adjusted pre-tax title margin of 13.8% for the fourth quarter versus approximately $1.5 billion in total revenue, adjusted pre-tax earnings of $217 million and an adjusted pre-tax title margin of 14.8% in the fourth quarter of 2014 |
• | Adjusted pre-tax title margin of 13.8% was a 100 basis point decline from the fourth quarter 2014 adjusted pre-tax title margin of 14.8% |
• | ServiceLink generated $198 million in revenue, adjusted EBITDA of $25 million, an adjusted EBITDA margin of 13%, adjusted pre-tax earnings of $21 million and an adjusted pre-tax margin of 11% for the fourth quarter |
• | Open orders per day of 7,000 for the fourth quarter versus 7,175 open orders per day for the fourth quarter of 2014 |
• | Closed orders per day of 5,413 for the fourth quarter versus 5,302 closed orders per day for the fourth quarter of 2014 |
• | Fourth quarter purchase orders opened and closed increased by 6% and 9%, respectively, versus the fourth quarter of 2014; for FNTG only (excluding ServiceLink), purchase orders opened and closed both increased by 9% versus the fourth quarter of 2014 |
• | Total commercial revenue of $303 million, a 11% increase over total commercial revenue in the fourth quarter of 2014; fourth quarter national commercial title revenue of $183 million, a 10% increase from the fourth quarter of 2014, driven by a 4% improvement in the commercial fee per file and a 6% increase in closed orders; open national commercial orders were essentially flat with the prior year |
• | Overall fourth quarter average fee per file of $2,272, a 7% increase versus the fourth quarter of 2014 |
• | Title claims paid of $84 million, an increase of $8 million, or 11%, from the fourth quarter of 2014 |
Title Orders
Direct Orders Opened * | Direct Orders Closed * | |||||||
Month | / (% Purchase) | / (% Purchase) | ||||||
October 2015 | 167,000 | 55% | 120,000 | 58% | ||||
November 2015 | 140,000 | 56% | 102,000 | 57% | ||||
December 2015 | 134,000 | 54% | 119,000 | 59% | ||||
Fourth Quarter 2015 | 441,000 | 55% | 341,000 | 58% | ||||
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The following information was filed by Fidelity National Financial, Inc. (FNF) on Wednesday, February 10, 2016 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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