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Fidelity National Financial, Inc. (FNF) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Fidelity National Financial, Inc.

CIK: 1331875 Ticker: FNF


graphic20192qa03.jpg
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

1

The following information was filed by Fidelity National Financial, Inc. (FNF) on Tuesday, July 16, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statement Of Equity
Condensed Consolidated Statement Of Equity (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Earnings
Condensed Consolidated Statements Of Comprehensive Earnings (Parenthetical)
Condensed Consolidated Statements Of Earnings
Basis Of Financial Statements
Basis Of Financial Statements (Policies)
Basis Of Financial Statements - Earnings Per Share (Details)
Basis Of Financial Statements - Income Tax (Details)
Basis Of Financial Statements - Recent Accounting Pronouncements (Details)
Basis Of Financial Statements - Recent Developments (Details)
Commitments And Contingencies
Commitments And Contingencies - Narrative (Details)
Dividends
Dividends (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Fair Value Hierarchy For Assets And Liabilities Measured On A Recurring Basis (Details)
Fair Value Measurements - Summary Of Changes In Fair Value Of Level 3 Assets Measured On A Recurring Basis (Details)
Investments
Investments (Tables)
Investments - Investments With Related Party (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 - Schedule Of Carrying Amount And Fair Value Of Available For Sale Securities (Details)
Investments - Securities In A Continuous Unrealized Loss Position (Details)
Leases
Leases (Tables)
Leases - Future Payments Under Operating Leases Accounted For Under Asc Topic 840 (Details)
Leases - Future Payments Under Operating Leases Accounted For Under Asc Topic 842 (Details)
Leases - Narrative (Details)
Notes Payable
Notes Payable (Tables)
Notes Payable - 4.50% Notes (Details)
Notes Payable - 5.50% Notes (Details)
Notes Payable - Existing Credit Agreement (Details)
Notes Payable - Long Term Debt Narrative (Details)
Notes Payable - Principal Maturities Of Notes Payable (Details)
Notes Payable - Schedule Of Long Term Debt (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Information About Receivables And Deferred Revenue (Details)
Segment Information
Segment Information (Tables)
Segment Information - Schedule Of Segment Reporting Information (Details)
Summary Of Reserve For Claims Losses
Summary Of Reserve For Claims Losses (Details)
Summary Of Reserve For Claims Losses (Tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)

Material Contracts, Statements, Certifications & more

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: 0001331875-19-000034
Submitted to the SEC: Tue Jul 23 2019 12:09:57 PM EST
Accepted by the SEC: Tue Jul 23 2019
Period: Sunday, June 30, 2019
Industry: Title Insurance

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