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Fidelity National Financial, Inc. (FNF) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Fidelity National Financial, Inc.

CIK: 1331875 Ticker: FNF


fnfgraphic20184q.jpg
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

The following information was filed by Fidelity National Financial, Inc. (FNF) on Wednesday, February 13, 2019 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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Inside Fidelity National Financial, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii Fidelity National Financial, Inc. (Parent Company)
Schedule Ii Fidelity National Financial, Inc. (Parent Company) - Balance Sheet (Details)
Schedule Ii Fidelity National Financial, Inc. (Parent Company) - Notes To Financial Statements (Details)
Schedule Ii Fidelity National Financial, Inc. (Parent Company) - Statement Of Cash Flows (Details)
Schedule Ii Fidelity National Financial, Inc. (Parent Company) - Statement Of Earnings And Retained Earnings (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Earnings
Consolidated Statements Of Comprehensive Earnings Consolidated Statements Of Comprehensive Earnings (Parenthetical)
Consolidated Statements Of Earnings
Consolidated Statements Of Equity
Accounts Payable And Other Accrued Liabilities
Accounts Payable And Other Accrued Liabilities (Details)
Accounts Payable And Other Accrued Liabilities (Tables)
Acquisitions
Acquisitions - Narrative (Details)
Acquisitions - Purchase Price (Details)
Acquisitions - Purchase Price Allocation (Details)
Acquisitions (Tables)
Acquisitions - Asset Carrying Value And Useful Lives (Details)
Business And Summary Of Significant Accounting Policies
Business And Summary Of Significant Accounting Policies (Policies)
Business And Summary Of Significant Accounting Policies - Discontinued Operations (Details)
Business And Summary Of Significant Accounting Policies - Earnings Per Share (Details)
Business And Summary Of Significant Accounting Policies - Goodwill (Details)
Business And Summary Of Significant Accounting Policies - Other Intangible Assets (Details)
Business And Summary Of Significant Accounting Policies - Property And Equipment (Details)
Business And Summary Of Significant Accounting Policies - Recent Developments (Details)
Business And Summary Of Significant Accounting Policies - Redeemable Non-Controlling Interest (Details)
Business And Summary Of Significant Accounting Policies - Schedule Of Changes In Other Comprehensive Earnings (Details)
Business And Summary Of Significant Accounting Policies - Secured Trust Deposits (Details)
Business And Summary Of Significant Accounting Policies - Trade And Notes Receivable (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Future Minimum Operating Lease Payments (Details)
Commitments And Contingencies - Narrative (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Fnfv (Details)
Discontinued Operations - Reconciliation Of Net Earnings Of Discontinued Operations To Statement Of Operations (Details)
Discontinued Operations - Summary Of Operations Of Disposal Group Included In Discontinued Operations (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - 401(K) Profit Sharing Plan (Details)
Employee Benefit Plans - Narrative (Details)
Employee Benefit Plans - Omnibus Incentive Plan (Details)
Employee Benefit Plans - Options Outstanding And Exercisable By Exercise Price (Details)
Employee Benefit Plans - Pension Plans (Details)
Employee Benefit Plans - Restricted Stock Activity (Details)
Employee Benefit Plans - Stock Option Activity (Details)
Employee Benefit Plans - Stock Purchase Plan (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Fair Value Hierarchy For Assets Measured At Fair Value On Recurring Basis (Details)
Fair Value Measurements - Summary Of Changes In Fair Value Of Level 3 Assets Measured On A Recurring Basis (Details)
Financial Instruments With Off-Balance Sheet Risk And Concentration Of Risk
Financial Instruments With Off-Balance Sheet Risk And Concentration Of Risk (Details)
Financial Instruments With Off-Balance Sheet Risk And Concentration Of Risk (Tables)
Goodwill
Goodwill (Details)
Goodwill (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Components Deferred Tax Asset And Liabilities (Details)
Income Taxes - Effective Tax Rate Reconciliation (Details)
Income Taxes - Tax Expense (Benefit) Allocation (Details)
Income Taxes - Tax Expense On Continuing Operations (Details)
Investments
Investments (Tables)
Investments - Carrying Amount And Fair Values Of Available For Sale Securities (Details)
Investments - Interest And Investment Income (Details)
Investments - Maturity Of Fixed Maturity Securities (Details)
Investments - Narrative (Details)
Investments - Realized Gains And Losses And Proceeds On Investments And Other Assets (Details)
Investments - Securities In A Continuous Unrealized Loss Position (Details)
Notes Payable
Notes Payable (Tables)
Notes Payable - 4.25% Notes (Details)
Notes Payable - Existing Credit Agreement (Details)
Notes Payable - Fnf 5.50% Notes (Details)
Notes Payable - Maturities Of Long Term Debt (Details)
Notes Payable - Narrative (Details)
Notes Payable - Schedule Of Long Term Debt (Details)
Other Intangible Assets
Other Intangible Assets (Details)
Other Intangible Assets (Tables)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Details)
Regulation And Equity
Regulation And Equity - Equity (Details)
Regulation And Equity - Regulation (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Contract Balances (Details)
Revenue Recognition - Disaggregation Of Revenue (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Summary Of Reserve For Claim Losses
Summary Of Reserve For Claim Losses (Details)
Summary Of Reserve For Claim Losses (Tables)
Summary Of Significant Accounting Policies (Table)
Supplementary Cash Flow Information
Supplementary Cash Flow Information (Details)
Supplementary Cash Flow Information (Tables)
Ticker: FNF
CIK: 1331875
Form Type: 10-K Annual Report
Accession Number: 0001331875-19-000010
Submitted to the SEC: Tue Feb 19 2019 11:24:17 AM EST
Accepted by the SEC: Tue Feb 19 2019
Period: Monday, December 31, 2018
Industry: Title Insurance

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