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FNF Reports Third Quarter 2018 Diluted EPS of $0.85 and Adjusted Diluted EPS of $0.78, Pre-Tax Title Margin of 16.2% and Adjusted Pre-Tax Title Margin of 15.6%
  
Jacksonville, Fla. - (October 24, 2018) - Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance and transaction services to the real estate and mortgage industries, today reported operating results for the three and nine-month periods ended September 30, 2018.

Total revenue of approximately $2.1 billion in the third quarter versus $2.0 billion in the third quarter of 2017
Third quarter net earnings of $236 million and adjusted net earnings of $218 million versus net earnings from continuing operations of $156 million and adjusted net earnings from continuing operations of $174 million for the third quarter of 2017
Third quarter diluted EPS of $0.85 and adjusted diluted EPS of $0.78 versus diluted EPS from continuing operations of $0.57 and adjusted diluted EPS from continuing operations of $0.63 in the third quarter of 2017

Title
Total revenue of approximately $1.9 billion versus approximately $1.9 billion in total revenue in the third quarter of 2017
Pre-tax earnings of $309 million and adjusted pre-tax earnings of $297 million versus pre-tax earnings of $262 million and adjusted pre-tax earnings of $287 million in the third quarter of 2017
Pre-tax title margin of 16.2% and adjusted pre-tax title margin of 15.6% versus pre-tax title margin of 14.0% and adjusted pre-tax title margin of 15.3% in the third quarter of 2017
Third quarter purchase orders opened increased 0.3% and purchase orders closed decreased 1%, respectively, versus the third quarter of 2017
Total commercial revenue of $271 million, an 8% increase over total commercial revenue in the third quarter of 2017, driven by a 16% increase in total commercial fee per file and a 7% decrease in closed orders; third quarter total commercial open orders increased 1% compared to the prior year
Overall third quarter average fee per file of $2,623, an 11% increase versus the third quarter of 2017

Title Orders
 
 
 
Direct Orders Opened *
 
 
Direct Orders Closed *
Month
 
 / (% Purchase)
 
 / (% Purchase)
July 2018
 
 
158,000
70%
 
 
116,000
71%
August 2018
 
 
165,000
69%
 
 
123,000
71%
September 2018
 
 
133,000
69%
 
 
100,000
70%
 
 
 
 
 
 
 
Third Quarter 2018
 
 
456,000
69%
 
 
339,000
71%
 
 
 
 
 
 
 

 
 
 
Direct Orders Opened *
 
 
Direct Orders Closed *
Month
 
 / (% Purchase)
 
 
 / (% Purchase)
July 2017
 
 
159,000
66%
 
 
118,000
66%
August 2017
 
 
181,000
61%
 
 
131,000
65%
September 2017
 
 
161,000
59%
 
 
118,000
63%
 
 
 
 
 
 
 
Third Quarter 2017
 
 
501,000
62%
 
 
367,000
65%
 
 
 
 
 
 
 
 
 
* Includes an immaterial number of non-purchase and non-refinance orders

1




 
 
Open
 
 
Closed
 
 
Commercial
 
 
 
 
 
Commercial
 
 
Commercial
 
 
Revenue
 
 
Commercial
 
 
Orders
 
 
Orders
 
 
(In millions)
 
 
Fee Per File
Third Quarter 2018 - Total Commercial
 
 
48,900
 
 
 
31,200
 
 
 
$271
 
 
 
$8,700
Third Quarter 2017 - Total Commercial
 
 
48,300
 
 
 
33,400
 
 
 
$250
 
 
 
$7,500

"The third quarter was a solid performance for our title business, as we generated adjusted pre-tax title earnings of $297 million and a 15.6% adjusted pre-tax title margin, increases of $10 million and 30 basis points, respectively, over the third quarter of 2017," said Chairman William P. Foley, II. "The commercial and residential purchase markets continued to be the main drivers of our performance in the third quarter, as total commercial revenue grew by 8% versus the third quarter of 2017, continuing a very strong year for our commercial business. While residential purchase open orders per day increased by 0.3% and residential purchase closed orders per day declined by 1%, this was offset by an 11% increase in the fee per file that provided 3% growth in direct title premiums over the prior year. As we enter the seasonally slower fourth quarter, we will remain focused on our operating metrics and staffing levels in order to maximize our profitability.

"We continue to work through the regulatory process for the Stewart Information Services acquisition that we announced on March 19. We are currently engaged in the Second Request related to the FTC's HSR regulatory review of the transaction. Responses to nearly all the FTC's requests for information and documentation have been submitted. The Form A filings with the states of Texas and New York are being reviewed by those states. We still anticipate a first or second quarter of 2019 closing for the transaction and continue to believe the Stewart acquisition will create meaningful long-term value for our shareholders."
   
Conference Call
We will host a call with investors and analysts to discuss third quarter 2018 FNF results on Thursday, October 25, 2018, beginning at 1:00 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 fnf.com. The conference call replay will be available via webcast through the FNF Investor Relations website at fnf.com. The telephone replay will be available from 3:00 p.m. Eastern time on October 25, 2018, through November 1, 2018, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 455027.

About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance 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. More information about FNF can be found at 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, FNF 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 adjusted pre-tax earnings, adjusted pre-tax earnings from continuing operations, adjusted pre-tax earnings as a percentage of adjusted revenue (adjusted pre-tax title margin), adjusted pre-tax earnings from continuing operations as a percentage of adjusted revenue (adjusted pre-tax title margin from continuing operations). adjusted net earnings, adjusted net earnings from continuing operations, adjusted EPS and adjusted EPS from continuing operations.

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,

2



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; 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; the risk that the necessary regulatory approvals of our acquisition of Stewart Information Services Corporation ("Stewart") may not be obtained or may be obtained subject to conditions that are not anticipated; risks that any of the closing conditions to the proposed Stewart merger may not be satisfied in a timely manner; the risk that the businesses will not be integrated successfully, that such integration may be more difficult, time-consuming or costly than expected or that the expected benefits of the acquisition will not be realized; and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of FNF's Form 10-K and other filings with the Securities and Exchange Commission ("SEC").

FNF-E
SOURCE: Fidelity National Financial, Inc.
CONTACT: Daniel Kennedy Murphy, Senior Vice President and Treasurer, 904-854-8120, dkmurphy@fnf.com


3



FIDELITY NATIONAL FINANCIAL, INC.
THIRD QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
September 30, 2018
 
 
 
Direct title premiums
 
$
574

 
$
574

 
$

Agency title premiums
 
722

 
722

 

Escrow, title related and other fees
 
691

 
566

 
125

Total title and escrow
 
1,987

 
1,862

 
125

 
 
 
 
 
 
 
Interest and investment income
 
48

 
46

 
2

Realized gains and losses, net
 
50

 
40

 
10

Total revenue
 
2,085

 
1,948

 
137

 
 
 
 
 
 
 
Personnel costs
 
654

 
624

 
30

Agent commissions
 
554

 
554

 

Other operating expenses
 
477

 
365

 
112

Depreciation and amortization
 
46

 
38

 
8

Claim loss expense
 
58

 
58

 

Interest expense
 
9

 

 
9

Total expenses
 
1,798

 
1,639

 
159

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
287

 
$
309

 
$
(22
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 
(50
)
 
(40
)
 
(10
)
  Purchase price amortization
 
27

 
22

 
5

  Transaction costs
 
9

 

 
9

  Sales tax contingency
 
6

 
6

 

 Total non-GAAP adjustments before taxes
 
$
(8
)
 
$
(12
)
 
$
4

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss)
 
$
279

 
$
297

 
$
(18
)
Adjusted pre-tax margin
 
13.7
%
 
15.6
%
 

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
287

 
$
309

 
$
(22
)
  Income tax expense (benefit)
 
51

 
68

 
(17
)
  Earnings from equity investments
 
1

 
1

 

  Non-controlling interests
 
1

 
3

 
(2
)
 
 
 
 
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
236

 
$
239

 
$
(3
)
 
 
 
 
 
 
 
EPS attributable to FNF, Inc. common shareholders - basic
 
$
0.86

 
 
 
 
EPS attributable to FNF, Inc. common shareholders - diluted
 
$
0.85

 
 
 
 
 
 
 
 
 
 
 
FNF, Inc. weighted average shares - basic
 
273

 
 
 
 
FNF, Inc. weighted average shares - diluted
 
278

 
 
 
 







4



FIDELITY NATIONAL FINANCIAL, INC.
THIRD QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
September 30, 2018
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
236

 
$
239

 
$
(3
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
(8
)
 
$
(12
)
 
$
4

  Income taxes on non-GAAP adjustments
 
2

 
3

 
(1
)
  Noncontrolling interest on non-GAAP adjustments
 
(4
)
 
(2
)
 
(2
)
  Black Knight tax contingency
 
(8
)
 

 
(8
)
Total non-GAAP adjustments
 
$
(18
)
 
$
(11
)
 
$
(7
)
 
 
 
 
 
 
 
Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
218

 
$
228

 
$
(10
)
 
 
 
 
 
 
 
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted
 
$
0.78

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
456

 
456

 
 
Direct orders closed (000's)
 
339

 
339

 
 
Fee per file
 
$
2,623

 
$
2,623

 
 
Actual title claims paid
 
$
55

 


 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
321

 
 
 
 
 























5



FIDELITY NATIONAL FINANCIAL, INC.
THIRD QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
September 30, 2017
 
 
 
Direct title premiums
 
$
558

 
$
558

 
$

Agency title premiums
 
719

 
719

 

Escrow, title related and other fees
 
678

 
563

 
115

Total title and escrow
 
1,955

 
1,840

 
115

 
 
 
 
 
 
 
Interest and investment income
 
32

 
32

 

Realized gains and losses, net
 
(1
)
 

 
(1
)
Total revenue
 
1,986

 
1,872

 
114

 
 
 
 
 
 
 
Personnel costs
 
627

 
605

 
22

Agent commissions
 
553

 
553

 

Other operating expenses
 
444

 
348

 
96

Depreciation and amortization
 
46

 
40

 
6

Claim loss expense
 
64

 
64

 

Interest expense
 
10

 

 
10

Total expenses
 
1,744

 
1,610

 
134

 
 
 
 
 
 
 
Pre-tax earnings (loss) from continuing operations
 
$
242

 
$
262

 
$
(20
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 
1

 

 
1

  Purchase price amortization
 
29

 
24

 
5

  Spin-off costs
 
1

 

 
1

  Other adjustments
 
1

 
1

 

 Total non-GAAP adjustments before taxes
 
$
32


$
25


$
7

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss) from continuing operations
 
$
274

 
$
287

 
$
(13
)
Adjusted pre-tax margin from continuing operations
 
13.8
%
 
15.3
%
 

 
 
 
 
 
 
 
Pre-tax earnings (loss) from continuing operations
 
$
242

 
$
262

 
$
(20
)
 
 
 
 
 
 
 
  Income tax expense (benefit)
 
88

 
98

 
(10
)
  Earnings from equity investments
 
3

 
3

 

  Earnings from discontinued operations, net of tax
 
18

 

 
18

  Non-controlling interests
 
10

 
1

 
9

 
 
 
 
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
165

 
$
166

 
$
(1
)
 
 
 
 
 
 
 
Net (loss) earnings attributable to FNFV Group common shareholders
 
$
(5
)
 
$

 
$
(5
)
Net earnings attributable to FNF Group common shareholders
 
$
170

 
$
166

 
$
4

Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders
 
$
156

 
$
166

 
$
(10
)
EPS attributable to FNF, Inc. common shareholders - basic
 
$
0.63

 
 
 
 
EPS attributable to FNF, Inc. common shareholders - diluted
 
$
0.62

 
 
 
 
EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted
 
$
0.57

 


 
 
FNF, Inc. weighted average shares - basic
 
272

 
 
 
 
FNF, Inc. weighted average shares - diluted
 
276

 
 
 
 


6



FIDELITY NATIONAL FINANCIAL, INC.
THIRD QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
September 30, 2017
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
165

 
$
166

 
$
(1
)
 
 
 
 
 
 
 
  Earnings from discontinued operations, net of tax
 
18

 

 
18

  Non-controlling interests of discontinued operations
 
9




9

 
 
 
 
 
 
 
Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders
 
$
156

 
$
166

 
$
(10
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
32

 
$
25

 
$
7

  Income taxes on non-GAAP adjustments
 
(11
)
 
(9
)
 
(2
)
  Noncontrolling interest on non-GAAP adjustments
 
(3
)
 
(3
)
 

Total non-GAAP adjustments
 
$
18

 
$
13

 
$
5

 
 
 
 
 
 
 
Adjusted net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders
 
$
174

 
$
179

 
$
(5
)
 
 
 
 
 
 
 
Adjusted EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted
 
$
0.63

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
501

 
501

 
 
Direct orders closed (000's)
 
367

 
367

 
 
Fee per file
 
$
2,368

 
$
2,368

 
 
Actual title claims paid
 
$
60

 
$
60

 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
298

 
 
 
 

7



FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Nine Months Ended
 
 
 
September 30, 2018
 
 
 
Direct title premiums
 
$
1,645

 
$
1,645

 
$

Agency title premiums
 
2,018

 
2,018

 

Escrow, title related and other fees
 
2,072

 
1,684

 
388

Total title and escrow
 
5,735

 
5,347

 
388

 
 
 
 
 
 
 
Interest and investment income
 
131

 
128

 
3

Realized gains and losses, net
 
35

 
25

 
10

Total revenue
 
5,901

 
5,500

 
401

 
 
 
 
 
 
 
Personnel costs
 
1,926

 
1,838

 
88

Agent commissions
 
1,546

 
1,546

 

Other operating expenses
 
1,406

 
1,062

 
344

Depreciation and amortization
 
138

 
116

 
22

Claim loss expense
 
165

 
165

 

Interest expense
 
31

 

 
31

Total expenses
 
5,212

 
4,727

 
485

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
689

 
$
773

 
$
(84
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 
(35
)
 
(25
)
 
(10
)
  Purchase price amortization
 
82

 
66

 
16

  Transaction costs
 
13

 

 
13

  Sales tax contingency
 
6

 
6

 

  Other adjustments
 
3

 
1

 
2

 Total non-GAAP adjustments before taxes
 
$
69

 
$
48

 
$
21

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss)
 
$
758

 
$
821

 
$
(63
)
Adjusted pre-tax margin
 
12.9
%
 
15.0
%
 

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
689

 
$
773

 
$
(84
)
 
 
 
 
 
 
 
  Income tax expense (benefit)
 
104

 
137

 
(33
)
  Earnings from equity investments
 
4

 
3

 
1

  Non-controlling interests
 
5

 
7

 
(2
)
 
 
 
 
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
584

 
$
632

 
$
(48
)
 
 
 
 
 
 
 
EPS attributable to FNF, Inc. common shareholders - basic
 
$
2.14

 
 
 
 
EPS attributable to FNF, Inc. common shareholders - diluted
 
$
2.09

 
 
 
 
 
 


 
 
 
 
FNF, Inc. weighted average shares - basic
 
273

 
 
 
 
FNF, Inc. weighted average shares - diluted
 
279

 
 
 
 

8



FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Nine Months Ended
 
 
 
September 30, 2018
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
584

 
$
632

 
$
(48
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
69

 
$
48

 
$
21

  Income taxes on non-GAAP adjustments
 
(15
)
 
(10
)
 
(5
)
  Noncontrolling interest on non-GAAP adjustments
 
(10
)
 
(8
)
 
(2
)
  Change in tax estimate
 
(45
)
 
(45
)
 

  Black Knight tax contingency

 
(8
)
 

 
(8
)
Total non-GAAP adjustments
 
$
(9
)
 
$
(15
)
 
$
6

 
 
 
 
 
 
 
Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
575

 
$
617

 
$
(42
)
 
 
 
 
 
 
 
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted
 
$
2.06

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
1,439

 
1,439

 
 
Direct orders closed (000's)
 
1,014

 
1,014

 
 
Fee per file
 
$
2,521

 
$
2,521

 
 
Actual title claims paid
 
$
165

 


 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
671

 
 
 
 

9



FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
Nine months ended
 
Consolidated
 
Title
 
Corporate and Other
September 30, 2017
 
 
 
Direct title premiums
 
$
1,598

 
$
1,598

 
$

Agency title premiums
 
2,028

 
2,028

 

Escrow, title related and other fees
 
1,969

 
1,634

 
335

Total title and escrow
 
5,595

 
5,260

 
335

 
 
 
 
 
 
 
Interest and investment income
 
93

 
93

 

Realized gains and losses, net
 

 
6

 
(6
)
Total revenue
 
5,688

 
5,359

 
329

 
 
 
 
 
 
 
Personnel costs
 
1,822

 
1,755

 
67

Agent commissions
 
1,557

 
1,557

 

Other operating expenses
 
1,312

 
1,042

 
270

Depreciation and amortization
 
133

 
117

 
16

Claim loss expense
 
181

 
181

 

Interest expense
 
39

 

 
39

Total expenses
 
5,044

 
4,652

 
392

 
 
 
 
 
 
 
Pre-tax earnings (loss) from continuing operations
 
$
644

 
$
707

 
$
(63
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 

 
(6
)
 
6

  Purchase price amortization
 
82

 
69

 
13

  Spin-off costs
 
3

 

 
3

  Sales tax contingency
 
3

 
3

 

  Other adjustments
 
2

 
2

 

 Total non-GAAP adjustments before taxes
 
$
90


$
68


$
22

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss) from continuing operations
 
$
734

 
$
775

 
$
(41
)
Adjusted pre-tax margin from continuing operations
 
12.9
%
 
14.5
%
 

 
 
 
 
 
 
 
Pre-tax earnings (loss) from continuing operations
 
$
644

 
$
707

 
$
(63
)
 
 
 
 
 
 
 
  Income tax expense (benefit)
 
258

 
290

 
(32
)
  Earnings from equity investments
 
7

 
7

 

  Earnings from discontinued operations, net of tax
 
165

 

 
165

  Non-controlling interests
 
25

 

 
25

 
 
 
 
 
 
 
Net earnings attributable to FNF, Inc. common shareholders
 
$
533

 
$
424

 
$
109

 
 
 
 
 
 
 
Net earnings attributable to FNFV Group common shareholders
 
$
117

 
$

 
$
117

Net earnings (loss) attributable to FNF Group common shareholders
 
$
416

 
$
424

 
$
(8
)
Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders
 
$
393

 
$
424

 
$
(31
)
EPS attributable to FNF, Inc. common shareholders - basic
 
$
1.54

 
 
 
 
EPS attributable to FNF, Inc. common shareholders - diluted
 
$
1.50

 
 
 
 
EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted
 
$
1.42

 
 
 
 
FNF, Inc. weighted average shares - basic
 
271

 
 
 
 
FNF, Inc. weighted average shares - diluted
 
277

 
 
 
 

10



FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Nine months ended
 
 
 
September 30, 2017
 
 
 
Net earnings attributable to FNF, Inc. common shareholders
 
$
533

 
$
424

 
$
109

 
 
 
 
 
 
 
  Earnings from discontinued operations, net of tax
 
165

 

 
165

  Non-controlling interests of discontinued operations
 
25




25

 
 
 
 
 
 
 
Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders
 
$
393

 
$
424

 
$
(31
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
90

 
$
68

 
$
22

  Income taxes on non-GAAP adjustments
 
(30
)
 
(22
)
 
(8
)
  Noncontrolling interest on non-GAAP adjustments
 
(10
)
 
(10
)
 

  Nondeductible income taxes on litigation and regulatory settlements
 
21

 
21

 
$

Total non-GAAP adjustments
 
$
71

 
$
57

 
$
14

 
 
 
 
 
 
 
Adjusted net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders
 
$
464

 
$
481

 
$
(17
)
 
 
 
 
 
 
 
Adjusted EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted
 
$
1.68

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
1,497

 
1,497

 
 
Direct orders closed (000's)
 
1,071

 
1,071

 
 
Fee per file
 
$
2,320

 
$
2,320

 
 
Actual title claims paid
 
$
168

 
$
168

 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
688

 
 
 
 



11



FIDELITY NATIONAL FINANCIAL, INC.
QUARTERLY OPERATING STATISTICS
(Unaudited)
 
 
Q3 2018
 
Q2 2018
 
Q1 2018
 
Q4 2017
 
Q3 2017
 
Q2 2017
 
Q1 2017
 
Q4 2016
Quarterly Open Orders ('000's except % data)
Total open orders*
 
456

 
505

 
478

 
445

 
501

 
524

 
472

 
474

Total open orders per day*
 
7.2

 
7.9

 
7.7

 
7.2

 
8.0

 
8.2

 
7.6

 
7.6

Purchase % of open orders
 
69
%
 
71
%
 
66
%
 
60
%
 
62
%
 
66
%
 
64
%
 
53
%
Refinance % of open orders
 
31
%
 
29
%
 
34
%
 
40
%
 
38
%
 
34
%
 
36
%
 
47
%
Total closed orders*
 
339

 
362

 
313

 
357

 
367

 
370

 
334

 
419

Total closed orders per day*
 
5.4

 
5.7

 
5.0

 
5.8

 
5.8

 
5.8

 
5.4

 
6.8

Purchase % of closed orders
 
71
%
 
71
%
 
62
%
 
61
%
 
65
%
 
67
%
 
58
%
 
51
%
Refinance % of closed orders
 
29
%
 
29
%
 
38
%
 
39
%
 
35
%
 
33
%
 
42
%
 
49
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial (millions, except orders in '000's)
Total commercial revenue
 
$
271

 
$
276

 
$
230

 
$
288

 
$
250

 
$
261

 
$
224

 
$
285

Total commercial open orders
 
48.9

 
54.2

 
52.8

 
46.3

 
48.3

 
50.8

 
49.4

 
45.9

Total commercial closed orders
 
31.2

 
35.1

 
31.5

 
33.2

 
33.4

 
33.6

 
30.0

 
34.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
National commercial revenue
 
$
150

 
$
147

 
$
122

 
$
165

 
$
138

 
$
148

 
$
127

 
$
167

National commercial open orders
 
19.8

 
23.0

 
21.1

 
19.0

 
19.9

 
22.0

 
21.1

 
17.9

National commercial closed orders
 
12.0

 
12.9

 
11.2

 
12.1

 
13.1

 
13.3

 
11.2

 
12.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fee Per File
Fee per file
 
$
2,623

 
$
2,579

 
$
2,344

 
$
2,425

 
$
2,368

 
$
2,428

 
$
2,148

 
$
2,091

Residential and local commercial fee per file
 
$
2,261

 
$
2,253

 
$
2,027

 
$
2,032

 
$
2,066

 
$
2,104

 
$
1,829

 
$
1,746

Residential fee per file
 
$
2,008

 
$
2,012

 
$
1,789

 
$
1,784

 
$
1,856

 
$
1,895

 
$
1,623

 
$
1,538

Total commercial fee per file
 
$
8,700

 
$
7,900

 
$
7,300

 
$
8,700

 
$
7,500

 
$
7,800

 
$
7,500

 
$
8,200

National commercial fee per file
 
$
12,500

 
$
11,400

 
$
10,900

 
$
13,600

 
$
10,500

 
$
11,100

 
$
11,300

 
$
13,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Staffing
Total field operations employees
 
10,800

 
11,000

 
10,900

 
11,200

 
11,700

 
11,300

 
11,000

 
11,100

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


FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY BALANCE SHEET INFORMATION
(In millions)
 
 
FNF, Inc.
September 30, 2018
 
FNF, Inc.
December 31, 2017
 
 
(Unaudited)
 
(Unaudited)
Cash and investment portfolio
 
 
$
4,845

 
 
$
4,481

Goodwill
 
 
2,719

 
 
2,746

Title plant
 
 
405

 
 
398

Total assets
 
 
9,371

 
 
9,151

Notes payable
 
 
836

 
 
759

Reserve for title claim losses
 
 
1,491

 
 
1,490

Secured trust deposits
 
 
835

 
 
830

Redeemable non-controlling interests
 
 
344

 
 
344

Non-redeemable non-controlling interests
 
 
(1
)
 
 
20

Total equity and non-controlling interests
 
 
5,032

 
 
4,811

Total equity attributable to common shareholders
 
 
4,689

 
 
4,447



###

12

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