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• | 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 |
• | 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 |
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% | ||||
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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Fidelity National Financial, Inc..
Fidelity National Financial, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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On July 17, 2018, our Board of Directors terminated the 2015 Repurchase Program effective as of July 31, 2018 and approved a new three-year stock repurchase program effective August 1, 2018 (the "2018 Repurchase Program") under which we can purchase up to 25 million shares of our FNF common stock through July 31, 2021.
The increase of $108 million is primarily attributable to decreased payments for income taxes in the current period of $160 million, increased pre-tax earnings of $45 million and the payment of legal settlements of $65 million in the 2017 period, partially offset by $115 million of cash flow from operating activities attributable to discontinued operations in the 2017 period.
Other operating expenses as a percentage of total revenue excluding agency premiums, interest and investment income, and realized gains and losses increased 1% in the three months ended September 30, 2018 and remained flat in the nine months ended September 30, 2018 compared to the comparable periods in 2017.
Should the fair value of these investments fall below our cost basis and/or the financial condition or prospects of these companies deteriorate, we may determine in a future period that this decline in fair value is other-than-temporary, requiring that an impairment loss be recognized in the period such a determination is made.
The decrease in the nine month period was also attributable to a $45 million change in tax estimate in the three-month period ended June 30, 2018 regarding the timing of payments for, and tax rate applicable to, our tax liability resulting from the decrease in our statutory premium reserves associated with the redomestication of certain of our title insurance underwriters in 2017 and increased tax expense of $21 million in the 2017 period resulting from a change in judgment of the tax deductibility of legal settlements finalized in the period.
We experienced flat closed title...Read more
The MBA predicts overall mortgage...Read more
Such a requirement could be...Read more
The increase is consistent with...Read more
The following table illustrates the...Read more
The following table presents the...Read more
The increase is comprised of...Read more
We continually monitor mortgage origination...Read more
Other operating expenses in the...Read more
Net earnings from continuing operations...Read more
The decrease in cash provided...Read more
Other operating expenses increased by...Read more
Title premiums increased by 1%...Read more
Title premiums from direct operations...Read more
Our insurance subsidiaries generate cash...Read more
Further, depending on business and...Read more
We believe continued strong readings...Read more
In 2015 through 2017, the...Read more
The Provision for title claim...Read more
The second and third calendar...Read more
The increase in the nine-month...Read more
Declines in the level of...Read more
Total revenues increased by $99...Read more
The increase was primarily attributable...Read more
Cash flow from our operations...Read more
Over the last few years,...Read more
We believe that all anticipated...Read more
The increase in average fee...Read more
Title The following table presents...Read more
On July 20, 2015, our...Read more
While projected increases in mortgage...Read more
Personnel costs include base salaries,...Read more
Personnel costs include base salaries,...Read more
Because commercial real estate transactions...Read more
The increase in the nine...Read more
Total revenues in the Corporate...Read more
The decrease in the three...Read more
Financial Statements, Disclosures and Schedules
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Fidelity National Financial, Inc. provided additional information to their SEC Filing as exhibits
Ticker: FNF
CIK: 1331875
Form Type: 10-Q Quarterly Report
Accession Number: 0001331875-18-000062
Submitted to the SEC: Fri Oct 26 2018 12:27:32 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Title Insurance