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FNF Reports Second Quarter 2019 Diluted EPS of $0.96 and Adjusted Diluted EPS of $0.92, Pre-Tax Title Margin of 18.5% and Adjusted Pre-Tax Title Margin of 17.7%
  
Jacksonville, Fla. - (July 16, 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 six-month periods ended
June 30, 2019
.

Total revenue of approximately $2.1 billion in the second quarter versus $2.1 billion in the second quarter of 2018
Second quarter net earnings of $266 million and adjusted net earnings of $255 million versus net earnings of $251 million and adjusted net earnings of $239 million for the second quarter of 2018
Second quarter diluted EPS of $0.96 and adjusted diluted EPS of $0.92 versus diluted EPS of $0.90 and adjusted diluted EPS of $0.86 in the second quarter of 2018
Realized gains were $41 million in the second quarter versus realized losses of $16 million in the second quarter of 2018, 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 $2.1 billion versus approximately $2.0 billion in total revenue in the second quarter of 2018
Pre-tax earnings of $387 million and adjusted pre-tax earnings of $363 million versus pre-tax earnings of $300 million and adjusted pre-tax earnings of $337 million in the second quarter of 2018
Pre-tax title margin of 18.5% and adjusted pre-tax title margin of 17.7% versus pre-tax title margin of 15.3% and adjusted pre-tax title margin of 17.1% in the second quarter of 2018
Second quarter purchase orders opened decreased 2% on a daily basis and purchase orders closed decreased 6% on a daily basis versus the second quarter of 2018
Total commercial revenue of $286 million, a 2% increase versus total commercial revenue in the second quarter of 2018, driven by a 5% increase in total commercial fee per file somewhat offset by a 3% decrease in closed orders; second quarter total commercial orders opened increased 8% compared to the prior year
Overall second quarter average fee per file of $2,677, a 4% increase versus the second quarter of 2018

Title Orders
 
 
 
Direct Orders Opened *
 
 
Direct Orders Closed *
Month
 
 / (% Purchase)
 
 / (% Purchase)
April 2019
 
 
184,000
63%
 
 
114,000
65%
May 2019
 
 
179,000
63%
 
 
127,000
64%
June 2019
 
 
181,000
57%
 
 
118,000
65%
 
 
 
 
 
 
 
Second Quarter 2019
 
 
544,000
61%
 
 
359,000
65%
 
 
 
 
 
 
 

 
 
 
Direct Orders Opened *
 
 
Direct Orders Closed *
Month
 
 / (% Purchase)
 
 
 / (% Purchase)
April 2018
 
 
167,000
70%
 
 
114,000
69%
May 2018
 
 
175,000
72%
 
 
124,000
71%
June 2018
 
 
163,000
71%
 
 
124,000
73%
 
 
 
 
 
 
 
Second Quarter 2018
 
 
505,000
71%
 
 
362,000
71%
 
 
 
 
 
 
 
 
 
* Includes an immaterial number of non-purchase and non-refinance orders

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Open
 
 
Closed
 
 
Commercial
 
 
 
 
 
Commercial
 
 
Commercial
 
 
Revenue
 
 
Commercial
 
 
Orders
 
 
Orders
 
 
(In millions)
 
 
Fee Per File
Second Quarter 2019 - Total Commercial
 
 
58,600
 
 
 
34,000
 
 
 
$286
 
 
 
$8,400
Second Quarter 2018 - Total Commercial
 
 
54,200
 
 
 
35,100
 
 
 
$280
 
 
 
$8,000

"The second quarter was a very strong performance for our title business," said Chairman William P. Foley, II. "We generated adjusted pre-tax title earnings of $363 million and a 17.7% adjusted pre-tax title margin, both of which were our best quarterly performance since the third quarter of 2003 nearly sixteen years ago. Looking ahead, purchase orders opened declined by 2% versus the second quarter of 2018, a sequential improvement from the 6% decrease in the first quarter of 2019 versus the prior year. Refinance orders opened increased by 51% versus the second quarter of 2018, as the decline in mortgage rates appears to be more persistent than many originally expected. Lastly, total commercial orders opened increased by 8% over the second quarter of 2018. With strong second quarter refinance orders opened, an improving trend in purchase orders opened and continued strength in commercial orders opened, we are well positioned to continue to produce strong financial results in our title business as we enter the second half of 2019.

"With respect to the acquisition of Stewart Information Services, we recently exercised our second option to extend the closing date of the transaction an additional three months to September 18, 2019. We continue to work with the FTC and the New York State Department of Financial Services to seek approval of the proposed acquisition. If the approvals are obtained, we remain confident that the Stewart acquisition can create meaningful long-term value for our shareholders."
   
Conference Call
We will host a call with investors and analysts to discuss second quarter 2019 FNF results on Wednesday, July 17, 2019, beginning at 11:00 a.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 1:00 p.m. Eastern Time on July 17, 2019, through July 24, 2019, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 469222.

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 as a percentage of adjusted revenue (adjusted pre-tax title margin), adjusted net earnings, and adjusted EPS.

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.
SECOND QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
June 30, 2019
 
 
 
Direct title premiums
 
$
625

 
$
625

 
$

Agency title premiums
 
754

 
754

 

Escrow, title related and other fees
 
665

 
613

 
52

Total title and escrow
 
2,044

 
1,992

 
52

 
 
 
 
 
 
 
Interest and investment income
 
59

 
54

 
5

Realized gains and losses, net
 
41

 
46

 
(5
)
Total revenue
 
2,144

 
2,092

 
52

 
 
 
 
 
 
 
Personnel costs
 
685

 
653

 
32

Agent commissions
 
579

 
579

 

Other operating expenses
 
409

 
373

 
36

Depreciation and amortization
 
44

 
38

 
6

Claim loss expense
 
62

 
62

 

Interest expense
 
12

 

 
12

Total expenses
 
1,791

 
1,705

 
86

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
353

 
$
387

 
$
(34
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 
(41
)
 
(46
)
 
5

  Purchase price amortization
 
25

 
21

 
4

  Transaction costs
 
4

 

 
4

  Other adjustments
 
1

 
1

 

 Total non-GAAP adjustments before taxes
 
$
(11
)
 
$
(24
)
 
$
13

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss)
 
$
342

 
$
363

 
$
(21
)
Adjusted pre-tax margin
 
16.3
%
 
17.7
%
 

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
353

 
$
387

 
$
(34
)
  Income tax expense (benefit)
 
86

 
95

 
(9
)
  Earnings from equity investments
 
3

 
3

 

  Non-controlling interests
 
4

 
5

 
(1
)
 
 
 
 
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
266

 
$
290

 
$
(24
)
 
 
 
 
 
 
 
EPS attributable to FNF, Inc. common shareholders - basic
 
$
0.97

 
 
 
 
EPS attributable to FNF, Inc. common shareholders - diluted
 
$
0.96

 
 
 
 
 
 
 
 
 
 
 
FNF, Inc. weighted average shares - basic
 
273

 
 
 
 
FNF, Inc. weighted average shares - diluted
 
277

 
 
 
 







4



FIDELITY NATIONAL FINANCIAL, INC.
SECOND QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
June 30, 2019
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
266

 
$
290

 
$
(24
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
(11
)
 
$
(24
)
 
$
13

  Income taxes on non-GAAP adjustments
 
3

 
6

 
(3
)
  Noncontrolling interest on non-GAAP adjustments
 
(3
)
 
(2
)
 
(1
)
Total non-GAAP adjustments
 
$
(11
)
 
$
(20
)
 
$
9

 
 
 
 
 
 
 
Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
255

 
$
270

 
$
(15
)
 
 
 
 
 
 
 
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted
 
$
0.92

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
544

 
544

 
 
Direct orders closed (000's)
 
359

 
359

 
 
Fee per file
 
$
2,677

 
$
2,677

 
 
Actual title claims paid
 
$
66

 
$
66

 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
377

 
 
 
 
 























5



FIDELITY NATIONAL FINANCIAL, INC.
SECOND QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
June 30, 2018
 
 
 
Direct title premiums
 
$
599

 
$
599

 
$

Agency title premiums
 
732

 
732

 

Escrow, title related and other fees
 
765

 
600

 
165

Total title and escrow
 
2,096

 
1,931

 
165

 
 
 
 
 
 
 
Interest and investment income
 
43

 
43

 

Realized gains and losses, net
 
(16
)
 
(16
)
 

Total revenue
 
2,123

 
1,958

 
165

 
 
 
 
 
 
 
Personnel costs
 
665

 
633

 
32

Agent commissions
 
561

 
561

 

Other operating expenses
 
506

 
366

 
140

Depreciation and amortization
 
45

 
38

 
7

Claim loss expense
 
60

 
60

 

Interest expense
 
11

 

 
11

Total expenses
 
1,848

 
1,658

 
190

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
275

 
$
300

 
$
(25
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 
16

 
16

 

  Purchase price amortization
 
26

 
21

 
5

  Transaction costs
 
4

 

 
4

 Total non-GAAP adjustments before taxes
 
$
46


$
37


$
9

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss)
 
$
321

 
$
337

 
$
(16
)
Adjusted pre-tax margin
 
15.0
%
 
17.1
%
 

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
275

 
$
300

 
$
(25
)
 
 
 
 
 
 
 
  Income tax expense (benefit)
 
22

 
29

 
(7
)
  Earnings from equity investments
 
1

 
1

 

  Non-controlling interests
 
3

 
3

 

 
 
 
 
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
251

 
$
269

 
$
(18
)
 
 
 
 
 
 
 
EPS attributable to FNF, Inc. common shareholders - basic
 
$
0.92

 
 
 
 
EPS attributable to FNF, Inc. common shareholders - diluted
 
$
0.90

 
 
 
 
 
 
 
 
 
 
 
FNF, Inc. weighted average shares - basic
 
273

 
 
 
 
FNF, Inc. weighted average shares - diluted
 
278

 
 
 
 


6



FIDELITY NATIONAL FINANCIAL, INC.
SECOND QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
June 30, 2018
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
251

 
$
269

 
$
(18
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
46

 
$
37

 
$
9

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

  Change in tax estimate
 
(45
)
 
(45
)
 

Total non-GAAP adjustments
 
$
(12
)
 
$
(19
)
 
$
7

 
 
 
 
 
 
 
Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
239

 
$
250

 
$
(11
)
 
 
 
 
 
 
 
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted
 
$
0.86

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
505

 
505

 
 
Direct orders closed (000's)
 
362

 
362

 
 
Fee per file
 
$
2,579

 
$
2,579

 
 
Actual title claims paid
 
$
58

 
$
58

 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
331

 
 
 
 

7



FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Six Months Ended
 
 
 
June 30, 2019
 
 
 
Direct title premiums
 
$
1,065

 
$
1,065

 
$

Agency title premiums
 
1,306

 
1,306

 

Escrow, title related and other fees
 
1,199

 
1,094

 
105

Total title and escrow
 
3,570

 
3,465

 
105

 
 
 
 
 
 
 
Interest and investment income
 
113

 
102

 
11

Realized gains and losses, net
 
183

 
188

 
(5
)
Total revenue
 
3,866

 
3,755

 
111

 
 
 
 
 
 
 
Personnel costs
 
1,277

 
1,204

 
73

Agent commissions
 
1,000

 
1,000

 

Other operating expenses
 
753

 
688

 
65

Depreciation and amortization
 
88

 
77

 
11

Claim loss expense
 
107

 
107

 

Interest expense
 
24

 

 
24

Total expenses
 
3,249

 
3,076

 
173

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
617

 
$
679

 
$
(62
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 
(183
)
 
(188
)
 
5

  Purchase price amortization
 
52

 
43

 
9

  Transaction costs
 
6

 

 
6

  Other adjustments
 
1

 
1

 

 Total non-GAAP adjustments before taxes
 
$
(124
)
 
$
(144
)
 
$
20

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss)
 
$
493

 
$
535

 
$
(42
)
Adjusted pre-tax margin
 
13.4
%
 
15.0
%
 

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
617

 
$
679

 
$
(62
)
 
 
 
 
 
 
 
  Income tax expense (benefit)
 
151

 
166

 
(15
)
  Earnings from equity investments
 
10

 
10

 

  Non-controlling interests
 
4

 
5

 
(1
)
 
 
 
 
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
472

 
$
518

 
$
(46
)
 
 
 
 
 
 
 
EPS attributable to FNF, Inc. common shareholders - basic
 
$
1.73

 
 
 
 
EPS attributable to FNF, Inc. common shareholders - diluted
 
$
1.70

 
 
 
 
 
 


 
 
 
 
FNF, Inc. weighted average shares - basic
 
273

 
 
 
 
FNF, Inc. weighted average shares - diluted
 
277

 
 
 
 

8



FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Six Months Ended
 
 
 
June 30, 2019
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
472

 
$
518

 
$
(46
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
(124
)
 
$
(144
)
 
$
20

  Income taxes on non-GAAP adjustments
 
31

 
36

 
(5
)
  Noncontrolling interest on non-GAAP adjustments
 
(6
)
 
(5
)
 
(1
)
Total non-GAAP adjustments
 
$
(99
)
 
$
(113
)
 
$
14

 
 
 
 
 
 
 
Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
373

 
$
405

 
$
(32
)
 
 
 
 
 
 
 
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted
 
$
1.35

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
982

 
982

 
 
Direct orders closed (000's)
 
622

 
622

 
 
Fee per file
 
$
2,630

 
$
2,630

 
 
Actual title claims paid
 
$
115

 
$
115

 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
372

 
 
 
 

9



FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
Six Months Ended
 
Consolidated
 
Title
 
Corporate and Other
June 30, 2018
 
 
 
Direct title premiums
 
$
1,071

 
$
1,071

 
$

Agency title premiums
 
1,296

 
1,296

 

Escrow, title related and other fees
 
1,383

 
1,116

 
267

Total title and escrow
 
3,750

 
3,483

 
267

 
 
 
 
 
 
 
Interest and investment income
 
81

 
80

 
1

Realized gains and losses, net
 
(15
)
 
(15
)
 

Total revenue
 
3,816

 
3,548

 
268

 
 
 
 
 
 
 
Personnel costs
 
1,272

 
1,212

 
60

Agent commissions
 
992

 
992

 

Other operating expenses
 
929

 
696

 
233

Depreciation and amortization
 
92

 
78

 
14

Claim loss expense
 
107

 
107

 

Interest expense
 
22

 

 
22

Total expenses
 
3,414

 
3,085

 
329

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
402

 
$
463

 
$
(61
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 
15

 
15

 

  Purchase price amortization
 
55

 
44

 
11

  Transaction costs
 
4

 

 
4

  Other adjustments
 
3

 
1

 
2

 Total non-GAAP adjustments before taxes
 
$
77


$
60


$
17

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss)
 
$
479

 
$
523

 
$
(44
)
Adjusted pre-tax margin
 
12.5
%
 
14.7
%
 

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
402

 
$
463

 
$
(61
)
 
 
 
 
 
 
 
  Income tax expense (benefit)
 
53

 
69

 
(16
)
  Earnings from equity investments
 
3

 
2

 
1

  Non-controlling interests
 
4

 
4

 

 
 
 
 
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
348

 
$
392

 
$
(44
)
 
 
 
 
 
 
 
EPS attributable to FNF, Inc. common shareholders - basic
 
$
1.27

 
 
 
 
EPS attributable to FNF, Inc. common shareholders - diluted
 
$
1.25

 
 
 
 
 
 


 
 
 
 
FNF, Inc. weighted average shares - basic
 
273

 
 
 
 
FNF, Inc. weighted average shares - diluted
 
279

 
 
 
 

10



FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Six Months Ended
 
 
 
June 30, 2018
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
348

 
$
392

 
$
(44
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
77

 
$
60

 
$
17

  Income taxes on non-GAAP adjustments
 
(17
)
 
(13
)
 
(4
)
  Noncontrolling interest on non-GAAP adjustments
 
(6
)
 
(6
)
 

  Change in tax estimate
 
(45
)
 
(45
)
 
$

Total non-GAAP adjustments
 
$
9

 
$
(4
)
 
$
13

 
 
 
 
 
 
 
Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
357

 
$
388

 
$
(31
)
 
 
 
 
 
 
 
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted
 
$
1.28

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
983

 
983

 
 
Direct orders closed (000's)
 
675

 
675

 
 
Fee per file
 
$
2,470

 
$
2,470

 
 
Actual title claims paid
 
$
110

 
$
110

 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
350

 
 
 
 



11



FIDELITY NATIONAL FINANCIAL, INC.
QUARTERLY OPERATING STATISTICS
(Unaudited)
 
 
Q2 2019
 
Q1 2019
 
Q4 2018
 
Q3 2018
 
Q2 2018
 
Q1 2018
 
Q4 2017
 
Q3 2017
Quarterly Opened Orders ('000's except % data)
Total opened orders*
 
544

 
438

 
379

 
456

 
505

 
478

 
445

 
501

Total opened orders per day*
 
8.5

 
7.2

 
6.0

 
7.2

 
7.9

 
7.7

 
7.2

 
8.0

Purchase % of opened orders
 
61
%
 
65
%
 
67
%
 
69
%
 
71
%
 
66
%
 
60
%
 
62
%
Refinance % of opened orders
 
39
%
 
35
%
 
33
%
 
31
%
 
29
%
 
34
%
 
40
%
 
38
%
Total closed orders*
 
359

 
263

 
301

 
339

 
362

 
313

 
357

 
367

Total closed orders per day*
 
5.6

 
4.3

 
4.8

 
5.4

 
5.7

 
5.0

 
5.8

 
5.8

Purchase % of closed orders
 
65
%
 
66
%
 
69
%
 
71
%
 
71
%
 
62
%
 
61
%
 
65
%
Refinance % of closed orders
 
35
%
 
34
%
 
31
%
 
29
%
 
29
%
 
38
%
 
39
%
 
35
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial (millions, except orders in '000's)
Total commercial revenue
 
$
286

 
$
231

 
$
328

 
$
276

 
$
280

 
$
235

 
$
288

 
$
250

Total commercial opened orders
 
58.6

 
49.8

 
46.0

 
48.9

 
54.2

 
52.8

 
46.3

 
48.3

Total commercial closed orders
 
34.0

 
30.0

 
35.2

 
31.2

 
35.1

 
31.5

 
33.2

 
33.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
National commercial revenue
 
$
165

 
$
123

 
$
197

 
$
157

 
$
155

 
$
128

 
$
165

 
$
138

National commercial opened orders
 
25.3

 
20.6

 
19.1

 
19.8

 
23.0

 
21.1

 
19.0

 
19.9

National commercial closed orders
 
12.7

 
10.5

 
13.2

 
12.0

 
12.9

 
11.2

 
12.1

 
13.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fee Per File
Fee per file
 
$
2,677

 
$
2,567

 
$
2,803

 
$
2,623

 
$
2,579

 
$
2,344

 
$
2,425

 
$
2,368

Residential fee per file
 
$
2,075

 
$
1,964

 
$
2,003

 
$
2,032

 
$
2,051

 
$
1,816

 
$
1,789

 
$
1,885

Total commercial fee per file
 
$
8,400

 
$
7,700

 
$
9,300

 
$
8,800

 
$
8,000

 
$
7,500

 
$
8,700

 
$
7,500

National commercial fee per file
 
$
13,000

 
$
11,700

 
$
14,900

 
$
13,100

 
$
12,000

 
$
11,400

 
$
13,600

 
$
10,500

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Staffing
Total field operations employees
 
10,300

 
10,000

 
10,200

 
10,800

 
11,000

 
10,900

 
11,200

 
11,700

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


FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY BALANCE SHEET INFORMATION
(In millions)
 
 
FNF, Inc.
June 30, 2019
 
FNF, Inc.
December 31, 2018
 
 
(Unaudited)
 
(Unaudited)
Cash and investment portfolio
 
 
$
5,234

 
 
$
4,806

Goodwill
 
 
2,725

 
 
2,726

Title plant
 
 
405

 
 
405

Total assets
 
 
10,189

 
 
9,301

Notes payable
 
 
838

 
 
836

Reserve for title claim losses
 
 
1,480

 
 
1,488

Secured trust deposits
 
 
912

 
 
822

Redeemable non-controlling interests
 
 
344

 
 
344

Non-redeemable non-controlling interests
 
 
(10
)
 
 
(2
)
Total equity and non-controlling interests
 
 
5,296

 
 
4,972

Total equity attributable to common shareholders
 
 
4,962

 
 
4,630



###

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