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FNF Reports Fourth Quarter 2018 Diluted EPS of $0.16 and Adjusted Diluted EPS of $0.63, Pre-Tax Title Margin of 6.1% and Adjusted Pre-Tax Title Margin of 14.4%
  
Jacksonville, Fla. - (February 13, 2019) - 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 twelve-month periods ended December 31, 2018.

Total revenue of approximately $1.7 billion in the fourth quarter versus $2.0 billion in the fourth quarter of 2017
Fourth quarter net earnings of $44 million and adjusted net earnings of $175 million versus net earnings from continuing operations of $246 million and adjusted net earnings from continuing operations of $170 million for the fourth quarter of 2017
Fourth quarter diluted EPS of $0.16 and adjusted diluted EPS of $0.63 versus diluted EPS from continuing operations of $0.88 and adjusted diluted EPS from continuing operations of $0.60 in the fourth quarter of 2017
Realized losses were $144 million in the fourth quarter versus realized gains of $2 million in the fourth quarter of 2017, primarily due to the adoption of a new accounting standard in 2018 that requires mark to market accounting treatment of equity and preferred stock securities and recognition of the related changes in fair value in realized gains and losses, whether the securities were disposed of in the quarter or continue to be held in our investment portfolio

Title
Total revenue of approximately $1.7 billion versus approximately $1.9 billion in total revenue in the fourth quarter of 2017
Pre-tax earnings of $102 million and adjusted pre-tax earnings of $258 million versus pre-tax earnings of $248 million and adjusted pre-tax earnings of $273 million in the fourth quarter of 2017
Pre-tax title margin of 6.1% and adjusted pre-tax title margin of 14.4% versus pre-tax title margin of 13.4% and adjusted pre-tax title margin of 14.7% in the fourth quarter of 2017
Fourth quarter purchase orders opened decreased 6% and purchase orders closed decreased 6% versus the fourth quarter of 2017
Total commercial revenue of $324 million, a 13% increase over total commercial revenue in the fourth quarter of 2017, driven by a 6% increase in closed orders and a 6% increase in total commercial fee per file; fourth quarter total commercial open orders decreased 1% compared to the prior year
Overall fourth quarter average fee per file of $2,803, a 16% increase versus the fourth quarter of 2017

Title Orders
 
 
 
Direct Orders Opened *
 
 
Direct Orders Closed *
Month
 
 / (% Purchase)
 
 / (% Purchase)
October 2018
 
 
150,000
69%
 
 
111,000
68%
November 2018
 
 
123,000
68%
 
 
95,000
70%
December 2018
 
 
106,000
65%
 
 
95,000
68%
 
 
 
 
 
 
 
Fourth Quarter 2018
 
 
379,000
67%
 
 
301,000
69%
 
 
 
 
 
 
 
 
 
 
Direct Orders Opened *
 
 
Direct Orders Closed *
Month
 
 / (% Purchase)
 
 
 / (% Purchase)
October 2017
 
 
167,000
61%
 
 
124,000
61%
November 2017
 
 
151,000
60%
 
 
114,000
61%
December 2017
 
 
127,000
59%
 
 
119,000
61%
 
 
 
 
 
 
 
Fourth Quarter 2017
 
 
445,000
60%
 
 
357,000
61%
 
 
 
 
 
 
 
 
 
* 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
Fourth Quarter 2018 - Total Commercial
 
 
46,000
 
 
 
35,200
 
 
 
$324
 
 
 
$9,200
Fourth Quarter 2017 - Total Commercial
 
 
46,300
 
 
 
33,200
 
 
 
$288
 
 
 
$8,700

"The fourth quarter was a solid finish to a strong year for our title business, as we generated adjusted pre-tax title earnings of $258 million and a 14.4% adjusted pre-tax title margin," said Chairman William P. Foley, II. "For the full-year 2018, we generated adjusted pre-tax title earnings of nearly $1.1 billion and an adjusted pre-tax title margin of 14.8%. Additionally, fourth quarter total commercial revenue of $324 million was a company record, as was full-year 2018 total commercial revenue of $1.1 billion. We expect another strong performance from our commercial operations in 2019. We did experience some softness in the residential purchase market in the fourth quarter, as closed purchase orders declined by 6% versus the prior year. In response to that slowdown in the purchase market, we reduced staffing in our field operations by approximately 564 positions, or 5%, during the fourth quarter. As we enter 2019, we are optimistic that the strong economy, relatively stable mortgage rates, potentially slower home price appreciation and the possibility of increased residential supply will provide the backdrop for a restart of the strength in the residential purchase market that we saw for much of 2018.

"We continue to work through the regulatory process for the Stewart Information Services acquisition and are engaged in the Second Request related to the FTC's HSR regulatory review of the transaction. Unfortunately, the FTC informed us that no work related to the regulatory review occurred during the recent roughly month-long government shutdown. Also, on January 31, 2019, the New York State Department of Financial Services provided written notice of its disapproval of FNF's application to acquire control of Stewart Title Insurance Company, a New York domiciled title insurance underwriter that is licensed only in the State of New York. We are evaluating the appropriate course of action, which may include a discussion with the New York State Department of Financial Services to better understand its concerns and respond to the letter. We 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 fourth quarter 2018 FNF results on Thursday, February 14, 2019, 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 February 14, 2019, through February 21, 2019, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 462490.

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.




2



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,
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.
FOURTH QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
December 31, 2018
 
 
 
Direct title premiums
 
$
576

 
$
576

 
$

Agency title premiums
 
672

 
672

 

Escrow, title related and other fees
 
537

 
499

 
38

Total title and escrow
 
1,785

 
1,747

 
38

 
 
 
 
 
 
 
Interest and investment income
 
52

 
48

 
4

Realized gains and losses, net
 
(144
)
 
(135
)
 
(9
)
Total revenue
 
1,693

 
1,660

 
33

 
 
 
 
 
 
 
Personnel costs
 
612

 
592

 
20

Agent commissions
 
513

 
513

 

Other operating expenses
 
395

 
359

 
36

Depreciation and amortization
 
44

 
38

 
6

Claim loss expense
 
56

 
56

 

Interest expense
 
12

 

 
12

Total expenses
 
1,632

 
1,558

 
74

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
61

 
$
102

 
$
(41
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 
144

 
135

 
9

  Purchase price amortization
 
27

 
21

 
6

  Transaction costs
 
4

 

 
4

 Total non-GAAP adjustments before taxes
 
$
175

 
$
156

 
$
19

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss)
 
$
236

 
$
258

 
$
(22
)
Adjusted pre-tax margin
 
12.8
%
 
14.4
%
 
%
 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
61

 
$
102

 
$
(41
)
  Income tax expense (benefit)
 
16

 
26

 
(10
)
  Earnings from equity investments
 
1

 
1

 

  Non-controlling interests
 
2

 
1

 
1

 
 
 
 
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
44

 
$
76

 
$
(32
)
 
 
 
 
 
 
 
EPS attributable to FNF, Inc. common shareholders - basic
 
$
0.16

 
 
 
 
EPS attributable to FNF, Inc. common shareholders - diluted
 
$
0.16

 
 
 
 
 
 
 
 
 
 
 
FNF, Inc. weighted average shares - basic
 
274

 
 
 
 
FNF, Inc. weighted average shares - diluted
 
277

 
 
 
 







4



FIDELITY NATIONAL FINANCIAL, INC.
FOURTH QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
December 31, 2018
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
44

 
$
76

 
$
(32
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
175

 
$
156

 
$
19

  Income taxes on non-GAAP adjustments
 
(40
)
 
(36
)
 
(4
)
  Noncontrolling interest on non-GAAP adjustments
 
(4
)
 
(3
)
 
(1
)
Total non-GAAP adjustments
 
$
131

 
$
117

 
$
14

 
 
 
 
 
 
 
Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
175

 
$
193

 
$
(18
)
 
 
 
 
 
 
 
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted
 
$
0.63

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
379

 
379

 
 
Direct orders closed (000's)
 
301

 
301

 
 
Fee per file
 
$
2,803

 
$
2,803

 
 
Actual title claims paid
 
$
58

 
$
58

 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
273

 
 
 
 
 























5



FIDELITY NATIONAL FINANCIAL, INC.
FOURTH QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
December 31, 2017
 
 
 
Direct title premiums
 
$
572

 
$
572

 
$

Agency title premiums
 
695

 
695

 

Escrow, title related and other fees
 
668

 
547

 
121

Total title and escrow
 
1,935

 
1,814

 
121

 
 
 
 
 
 
 
Interest and investment income
 
38

 
38

 

Realized gains and losses, net
 
2

 

 
2

Total revenue
 
1,975

 
1,852

 
123

 
 
 
 
 
 
 
Personnel costs
 
638

 
611

 
27

Agent commissions
 
532

 
532

 

Other operating expenses
 
469

 
362

 
107

Depreciation and amortization
 
50

 
42

 
8

Claim loss expense
 
57

 
57

 

Interest expense
 
9

 

 
9

Total expenses
 
1,755

 
1,604

 
151

 
 
 
 
 
 
 
Pre-tax earnings (loss) from continuing operations
 
$
220

 
$
248

 
$
(28
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 
(2
)
 

 
(2
)
  Purchase price amortization
 
31

 
25

 
6

  Spin-off costs
 
1

 

 
1

 Total non-GAAP adjustments before taxes
 
$
30


$
25


$
5

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss) from continuing operations
 
$
250

 
$
273

 
$
(23
)
Adjusted pre-tax margin from continuing operations
 
12.7
%
 
14.7
%
 
%
 
 
 
 
 
 
 
Pre-tax earnings (loss) from continuing operations
 
$
220

 
$
248

 
$
(28
)
 
 
 
 
 
 
 
  Income tax benefit
 
(23
)
 
(16
)
 
(7
)
  Earnings from equity investments
 
3

 
3

 

  Loss from discontinued operations, net of tax
 
(10
)
 

 
(10
)
  Non-controlling interests
 
(2
)
 
1

 
(3
)
 
 
 
 
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
238

 
$
266

 
$
(28
)
 
 
 
 
 
 
 
Net (loss) earnings attributable to FNFV Group common shareholders
 
$
(8
)
 
$

 
$
(8
)
Net earnings (loss) attributable to FNF Group common shareholders
 
$
246

 
$
266

 
$
(20
)
 
 
 
 
 
 
 
EPS from continuing operations attributable to FNF, Inc. common shareholders - basic
 
$
0.90

 
 
 
 
EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted
 
$
0.88

 
 
 
 
 
 
 
 
 
 
 
FNF, Inc. weighted average shares - basic
 
272

 
 
 
 
FNF, Inc. weighted average shares - diluted
 
281

 
 
 
 


6



FIDELITY NATIONAL FINANCIAL, INC.
FOURTH QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
December 31, 2017
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
238

 
$
266

 
$
(28
)
 
 
 
 
 
 
 
  Loss from discontinued operations, net of tax
 
(10
)
 

 
(10
)
  Non-controlling interests of discontinued operations
 
(2
)



(2
)
 
 
 
 
 
 
 
Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders
 
$
246

 
$
266

 
$
(20
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
30

 
$
25

 
$
5

  Income taxes on non-GAAP adjustments
 
(10
)
 
(8
)
 
(2
)
  Noncontrolling interest on non-GAAP adjustments
 
(3
)
 
(3
)
 

  Tax reform
 
(93
)
 
(103
)
 
10

Total non-GAAP adjustments
 
$
(76
)
 
$
(89
)
 
$
13

 
 
 
 
 
 
 
Adjusted net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders
 
$
170

 
$
177

 
$
(7
)
 
 
 
 
 
 
 
Adjusted EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted
 
$
0.60

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
445

 
445

 
 
Direct orders closed (000's)
 
357

 
357

 
 
Fee per file
 
$
2,425

 
$
2,425

 
 
Actual title claims paid
 
$
63

 
$
63

 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
183

 
 
 
 

7



FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Twelve Months Ended
 
 
 
December 31, 2018
 
 
 
Direct title premiums
 
$
2,221

 
$
2,221

 
$

Agency title premiums
 
2,690

 
2,690

 

Escrow, title related and other fees
 
2,615

 
2,189

 
426

Total title and escrow
 
7,526

 
7,100

 
426

 
 
 
 
 
 
 
Interest and investment income
 
177

 
170

 
7

Realized gains and losses, net
 
(109
)
 
(110
)
 
1

Total revenue
 
7,594

 
7,160

 
434

 
 
 
 
 
 
 
Personnel costs
 
2,538

 
2,430

 
108

Agent commissions
 
2,059

 
2,059

 

Other operating expenses
 
1,801

 
1,421

 
380

Depreciation and amortization
 
182

 
154

 
28

Claim loss expense
 
221

 
221

 

Interest expense
 
43

 

 
43

Total expenses
 
6,844

 
6,285

 
559

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
750

 
$
875

 
$
(125
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 
109

 
110

 
(1
)
  Purchase price amortization
 
109

 
87

 
22

  Transaction costs
 
17

 

 
17

  Sales tax contingency
 
6

 
6

 

  Other adjustments
 
3

 
1

 
2

 Total non-GAAP adjustments before taxes
 
$
244

 
$
204

 
$
40

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss)
 
$
994

 
$
1,079

 
$
(85
)
Adjusted pre-tax margin
 
12.9
%
 
14.8
%
 
%
 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
750

 
$
875

 
$
(125
)
 
 
 
 
 
 
 
  Income tax expense (benefit)
 
120

 
163

 
(43
)
  Earnings from equity investments
 
5

 
4

 
1

  Non-controlling interests
 
7

 
8

 
(1
)
 
 
 
 
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
628

 
$
708

 
$
(80
)
 
 
 
 
 
 
 
EPS attributable to FNF, Inc. common shareholders - basic
 
$
2.30

 
 
 
 
EPS attributable to FNF, Inc. common shareholders - diluted
 
$
2.26

 
 
 
 
 
 


 
 
 
 
FNF, Inc. weighted average shares - basic
 
273

 
 
 
 
FNF, Inc. weighted average shares - diluted
 
278

 
 
 
 

8



FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Twelve Months Ended
 
 
 
December 31, 2018
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
628

 
$
708

 
$
(80
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
244

 
$
204

 
$
40

  Income taxes on non-GAAP adjustments
 
(55
)
 
(46
)
 
(9
)
  Noncontrolling interest on non-GAAP adjustments
 
(14
)
 
(11
)
 
(3
)
  Change in tax estimate
 
(45
)
 
(45
)
 

  Black Knight tax contingency

 
(8
)
 

 
(8
)
Total non-GAAP adjustments
 
$
122

 
$
102

 
$
20

 
 
 
 
 
 
 
Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
750

 
$
810

 
$
(60
)
 
 
 
 
 
 
 
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted
 
$
2.70

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
1,818

 
1,818

 
 
Direct orders closed (000's)
 
1,315

 
1,315

 
 
Fee per file
 
$
2,585

 
$
2,585

 
 
Actual title claims paid
 
$
223

 
$
223

 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
943

 
 
 
 

9



FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
Twelve Months Ended
 
Consolidated
 
Title
 
Corporate and Other
December 31, 2017
 
 
 
Direct title premiums
 
$
2,170

 
$
2,170

 
$

Agency title premiums
 
2,723

 
2,723

 

Escrow, title related and other fees
 
2,637

 
2,181

 
456

Total title and escrow
 
7,530

 
7,074

 
456

 
 
 
 
 
 
 
Interest and investment income
 
131

 
131

 

Realized gains and losses, net
 
2

 
6

 
(4
)
Total revenue
 
7,663

 
7,211

 
452

 
 
 
 
 
 
 
Personnel costs
 
2,460

 
2,366

 
94

Agent commissions
 
2,089

 
2,089

 

Other operating expenses
 
1,781

 
1,404

 
377

Depreciation and amortization
 
183

 
159

 
24

Claim loss expense
 
238

 
238

 

Interest expense
 
48

 

 
48

Total expenses
 
6,799

 
6,256

 
543

 
 
 
 
 
 
 
Pre-tax earnings (loss) from continuing operations
 
$
864

 
$
955

 
$
(91
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 
(2
)
 
(6
)
 
4

  Management fee
 
1

 
1

 

  Purchase price amortization
 
113

 
94

 
19

  Spin-off costs
 
4

 

 
4

  Sales tax contingency
 
3

 
3

 

  Other adjustments
 
1

 
1

 

 Total non-GAAP adjustments before taxes
 
$
120


$
93


$
27

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss) from continuing operations
 
$
984

 
$
1,048

 
$
(64
)
Adjusted pre-tax margin from continuing operations
 
12.8
%
 
14.5
%
 
%
 
 
 
 
 
 
 
Pre-tax earnings (loss) from continuing operations
 
$
864

 
$
955

 
$
(91
)
 
 
 
 
 
 
 
  Income tax expense (benefit)
 
235

 
274

 
(39
)
  Earnings from equity investments
 
10

 
10

 

  Earnings from discontinued operations, net of tax
 
155

 

 
155

  Non-controlling interests
 
23

 
1

 
22

 
 
 
 
 
 
 
Net earnings attributable to FNF, Inc. common shareholders
 
$
771

 
$
690

 
$
81

 
 
 
 
 
 
 
Net earnings attributable to FNFV Group common shareholders
 
$
109

 
$

 
$
109

Net earnings (loss) attributable to FNF Group common shareholders
 
$
662

 
$
690

 
$
(28
)
Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders
 
$
639

 
$
690

 
$
(51
)
EPS attributable to FNF, Inc. common shareholders - basic
 
$
2.44

 
 
 
 
EPS attributable to FNF, Inc. common shareholders - diluted
 
$
2.38

 
 
 
 
EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted
 
$
2.30

 
 
 
 
FNF, Inc. weighted average shares - basic
 
271

 
 
 
 
FNF, Inc. weighted average shares - diluted
 
278

 
 
 
 

10



FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Twelve Months Ended
 
 
 
December 31, 2017
 
 
 
Net earnings attributable to FNF, Inc. common shareholders
 
$
771

 
$
690

 
$
81

 
 
 
 
 
 
 
  Earnings from discontinued operations, net of tax
 
155

 

 
155

  Non-controlling interests of discontinued operations
 
23




23

 
 
 
 
 
 
 
Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders
 
$
639

 
$
690

 
$
(51
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
120

 
$
93

 
$
27

  Income taxes on non-GAAP adjustments
 
(40
)
 
(30
)
 
(10
)
  Noncontrolling interest on non-GAAP adjustments
 
(13
)
 
(13
)
 

  Nondeductible income taxes on litigation and regulatory settlements
 
21

 
21

 

  Tax Reform
 
(93
)
 
(103
)
 
10

Total non-GAAP adjustments
 
$
(5
)
 
$
(32
)
 
$
27

 
 
 
 
 
 
 
Adjusted net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders
 
$
634

 
$
658

 
$
(24
)
 
 
 
 
 
 
 
Adjusted EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted
 
$
2.28

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
1,942

 
1,942

 
 
Direct orders closed (000's)
 
1,428

 
1,428

 
 
Fee per file
 
$
2,346

 
$
2,346

 
 
Actual title claims paid
 
$
231

 
$
231

 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
871

 
 
 
 



11



FIDELITY NATIONAL FINANCIAL, INC.
QUARTERLY OPERATING STATISTICS
(Unaudited)
 
 
Q4 2018
 
Q3 2018
 
Q2 2018
 
Q1 2018
 
Q4 2017
 
Q3 2017
 
Q2 2017
 
Q1 2017
Quarterly Open Orders ('000's except % data)
Total open orders*
 
379

 
456

 
505

 
478

 
445

 
501

 
524

 
472

Total open orders per day*
 
6.0

 
7.2

 
7.9

 
7.7

 
7.2

 
8.0

 
8.2

 
7.6

Purchase % of open orders
 
67
%
 
69
%
 
71
%
 
66
%
 
60
%
 
62
%
 
66
%
 
64
%
Refinance % of open orders
 
33
%
 
31
%
 
29
%
 
34
%
 
40
%
 
38
%
 
34
%
 
36
%
Total closed orders*
 
301

 
339

 
362

 
313

 
357

 
367

 
370

 
334

Total closed orders per day*
 
4.8

 
5.4

 
5.7

 
5.0

 
5.8

 
5.8

 
5.8

 
5.4

Purchase % of closed orders
 
69
%
 
71
%
 
71
%
 
62
%
 
61
%
 
65
%
 
67
%
 
58
%
Refinance % of closed orders
 
31
%
 
29
%
 
29
%
 
38
%
 
39
%
 
35
%
 
33
%
 
42
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial (millions, except orders in '000's)
Total commercial revenue
 
$
324

 
$
271

 
$
276

 
$
230

 
$
288

 
$
250

 
$
261

 
$
224

Total commercial open orders
 
46.0

 
48.9

 
54.2

 
52.8

 
46.3

 
48.3

 
50.8

 
49.4

Total commercial closed orders
 
35.2

 
31.2

 
35.1

 
31.5

 
33.2

 
33.4

 
33.6

 
30.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
National commercial revenue
 
$
189

 
$
150

 
$
147

 
$
122

 
$
165

 
$
138

 
$
148

 
$
127

National commercial open orders
 
19.1

 
19.8

 
23.0

 
21.1

 
19.0

 
19.9

 
22.0

 
21.1

National commercial closed orders
 
13.2

 
12.0

 
12.9

 
11.2

 
12.1

 
13.1

 
13.3

 
11.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fee Per File
Fee per file
 
$
2,803

 
$
2,623

 
$
2,579

 
$
2,344

 
$
2,425

 
$
2,368

 
$
2,428

 
$
2,148

Residential and local commercial fee per file
 
$
2,275

 
$
2,261

 
$
2,253

 
$
2,027

 
$
2,032

 
$
2,066

 
$
2,104

 
$
1,829

Residential fee per file
 
$
1,955

 
$
2,008

 
$
2,012

 
$
1,789

 
$
1,784

 
$
1,856

 
$
1,895

 
$
1,623

Total commercial fee per file
 
$
9,200

 
$
8,700

 
$
7,900

 
$
7,300

 
$
8,700

 
$
7,500

 
$
7,800

 
$
7,500

National commercial fee per file
 
$
14,400

 
$
12,500

 
$
11,400

 
$
10,900

 
$
13,600

 
$
10,500

 
$
11,100

 
$
11,300

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Staffing
Total field operations employees
 
10,200

 
10,800

 
11,000

 
10,900

 
11,200

 
11,700

 
11,300

 
11,000

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


FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY BALANCE SHEET INFORMATION
(In millions)
 
 
FNF, Inc.
December 31, 2018
 
FNF, Inc.
December 31, 2017
 
 
(Unaudited)
 
(Unaudited)
Cash and investment portfolio
 
 
$
4,806

 
 
$
4,481

Goodwill
 
 
2,726

 
 
2,746

Title plant
 
 
405

 
 
398

Total assets
 
 
9,301

 
 
9,151

Notes payable
 
 
836

 
 
759

Reserve for title claim losses
 
 
1,488

 
 
1,490

Secured trust deposits
 
 
822

 
 
830

Redeemable non-controlling interests
 
 
344

 
 
344

Non-redeemable non-controlling interests
 
 
(2
)
 
 
20

Total equity and non-controlling interests
 
 
4,972

 
 
4,811

Total equity attributable to common shareholders
 
 
4,630

 
 
4,447



###

12

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