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FNF Reports Third Quarter 2019 Diluted EPS of $0.90 and Adjusted Diluted EPS of $1.10, Pre-Tax Title Margin of 17.7% and Adjusted Pre-Tax Title Margin of 18.6%
  
Jacksonville, Fla. - (October 29, 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 nine-month periods ended September 30, 2019.

Total revenue of approximately $2.2 billion in the third quarter versus $2.1 billion in the third quarter of 2018
Third quarter net earnings of $250 million and adjusted net earnings of $304 million versus net earnings of $236 million and adjusted net earnings of $218 million for the third quarter of 2018
Third quarter diluted EPS of $0.90 and adjusted diluted EPS of $1.10 versus diluted EPS of $0.85 and adjusted diluted EPS of $0.78 in the third quarter of 2018
Realized gains were $4 million in the third quarter versus realized gains of $50 million in the third 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 $2.2 billion versus approximately $1.9 billion in total revenue in the third quarter of 2018
Pre-tax earnings of $389 million and adjusted pre-tax earnings of $407 million versus pre-tax earnings of $311 million and adjusted pre-tax earnings of $299 million in the third quarter of 2018
Pre-tax title margin of 17.7% and adjusted pre-tax title margin of 18.6% versus pre-tax title margin of 16.0% and adjusted pre-tax title margin of 15.7% in the third quarter of 2018
Third quarter purchase orders opened increased 0.7% on a daily basis and purchase orders closed decreased 1.6% on a daily basis versus the third quarter of 2018
Total commercial revenue of $301 million, a 9% increase versus total commercial revenue in the third quarter of 2018, driven by a 17% increase in closed orders somewhat offset by a 6% decrease in total commercial fee per file; third quarter total commercial orders opened increased 15% compared to the prior year
Overall third quarter average fee per file of $2,459, a 6% decrease versus the third quarter of 2018

Title Orders
 
 
 
Direct Orders Opened *
 
 
Direct Orders Closed *
Month
 
 / (% Purchase)
 
 / (% Purchase)
July 2019
 
 
192,000
56%
 
 
134,000
59%
August 2019
 
 
214,000
48%
 
 
137,000
56%
September 2019
 
 
186,000
51%
 
 
138,000
51%
 
 
 
 
 
 
 
Third Quarter 2019
 
 
592,000
52%
 
 
409,000
55%
 
 
 
 
 
 
 

 
 
 
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%
 
 
 
 
 
 
 
 
 
* 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
Third Quarter 2019 - Total Commercial
 
 
56,000
 
 
 
36,400
 
 
 
$301
 
 
 
$8,300
Third Quarter 2018 - Total Commercial
 
 
48,900
 
 
 
31,200
 
 
 
$276
 
 
 
$8,800

"During the third quarter, we experienced continued strong performance from our title business," said Chairman William P. Foley, II.  "We generated adjusted pre-tax title earnings of $407 million and an 18.6% adjusted pre-tax title margin, both of which represent record quarterly results dating back sixteen years to the third quarter of 2003. Looking ahead, purchase orders opened increased by 0.7% on a daily basis versus the third quarter of 2018, a sequential improvement from the 2% decrease in the second quarter of 2019, compared to the prior year. Refinance orders opened increased by nearly 114% on a daily basis versus the third quarter of 2018, as the decline in mortgage rates continues to drive strong refinance volumes. Lastly, total commercial orders opened increased by 15% over the third quarter of 2018.  With another strong quarter of refinance orders opened, and the continued strength in commercial orders opened, we are well positioned to continue producing strong title business results through the end of 2019.” 
Mr. Foley concluded, “As announced in September, we agreed to terminate our proposed merger with Stewart Information Services given insurmountable regulatory hurdles. Looking forward, we remain committed to creating meaningful, long-term value for our shareholders and are in the process of reviewing our capital allocation strategy. Our priorities for capital continue to be focused on share repurchases, consistent dividend growth over time, and strategic M&A that enhances the growth profile and diversification of the Company.”
Conference Call
We will host a call with investors and analysts to discuss third quarter 2019 FNF results on Wednesday, October 30, 2019, beginning at 12:00 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 2:00 p.m. Eastern Time on October 30, 2019, through November 6, 2019, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 472566.

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; 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: Jamie Lillis, Managing Director, Solebury Trout, 203-428-3223, jlillis@soleburytrout.com


3



FIDELITY NATIONAL FINANCIAL, INC.
THIRD QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
September 30, 2019
 
 
 
Direct title premiums
 
$
660

 
$
660

 
$

Agency title premiums
 
827

 
827

 

Escrow, title related and other fees
 
693

 
653

 
40

Total title and escrow
 
2,180

 
2,140

 
40

 
 
 
 
 
 
 
Interest and investment income
 
57

 
51

 
6

Realized gains and losses, net
 
4

 
3

 
1

Total revenue
 
2,241

 
2,194

 
47

 
 
 
 
 
 
 
Personnel costs
 
702

 
677

 
25

Agent commissions
 
630

 
630

 

Other operating expenses
 
473

 
393

 
80

Depreciation and amortization
 
44

 
38

 
6

Claim loss expense
 
67

 
67

 

Interest expense
 
12

 

 
12

Total expenses
 
1,928

 
1,805

 
123

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
313

 
$
389

 
$
(76
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 
(4
)
 
(3
)
 
(1
)
  Purchase price amortization
 
26

 
21

 
5

  Transaction costs
 
52

 

 
52

 Total non-GAAP adjustments before taxes
 
$
74

 
$
18

 
$
56

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss)
 
$
387

 
$
407

 
$
(20
)
Adjusted pre-tax margin
 
17.3
%
 
18.6
%
 

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
313

 
$
389

 
$
(76
)
  Income tax expense (benefit)
 
59

 
94

 
(35
)
  Earnings from equity investments
 
2

 
1

 
1

  Non-controlling interests
 
6

 
5

 
1

 
 
 
 
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
250

 
$
291

 
$
(41
)
 
 
 
 
 
 
 
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
 
277

 
 
 
 







4



FIDELITY NATIONAL FINANCIAL, INC.
THIRD QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
September 30, 2019
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
250

 
$
291

 
$
(41
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
74

 
$
18

 
$
56

  Income taxes on non-GAAP adjustments
 
(17
)
 
(4
)
 
(13
)
  Noncontrolling interest on non-GAAP adjustments
 
(3
)
 
(3
)
 

Total non-GAAP adjustments
 
$
54

 
$
11

 
$
43

 
 
 
 
 
 
 
Adjusted net earnings attributable to FNF, Inc. common shareholders
 
$
304

 
$
302

 
$
2

 
 
 
 
 
 
 
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted
 
$
1.10

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
592

 
592

 
 
Direct orders closed (000's)
 
409

 
409

 
 
Fee per file
 
$
2,459

 
$
2,459

 
 
Actual title claims paid
 
$
52

 
$
52

 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
328

 
 
 
 
 























5



FIDELITY NATIONAL FINANCIAL, INC.
THIRD QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
September 30, 2018
 
 
 
Direct title premiums
 
$
574

 
$
574

 
$

Agency title premiums
 
722

 
722

 

Escrow, title related and other fees
 
695

 
567

 
128

Total title and escrow
 
1,991

 
1,863

 
128

 
 
 
 
 
 
 
Interest and investment income
 
44

 
42

 
2

Realized gains and losses, net
 
50

 
40

 
10

Total revenue
 
2,085

 
1,945

 
140

 
 
 
 
 
 
 
Personnel costs
 
654

 
619

 
35

Agent commissions
 
554

 
554

 

Other operating expenses
 
477

 
365

 
112

Depreciation and amortization
 
46

 
38

 
8

Claim loss expense
 
58

 
58

 

Interest expense
 
9

 

 
9

Total expenses
 
1,798

 
1,634

 
164

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
287

 
$
311

 
$
(24
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 
(50
)
 
(40
)
 
(10
)
  Purchase price amortization
 
27

 
22

 
5

  Transaction costs
 
9

 

 
9

  Sales tax contingency
 
6

 
6

 

 Total non-GAAP adjustments before taxes
 
$
(8
)

$
(12
)

$
4

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss)
 
$
279

 
$
299

 
$
(20
)
Adjusted pre-tax margin
 
13.7
%
 
15.7
%
 

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
287

 
$
311

 
$
(24
)
 
 
 
 
 
 
 
  Income tax expense (benefit)
 
51

 
68

 
(17
)
  Earnings from equity investments
 
1

 
1

 

  Non-controlling interests
 
1

 
3

 
(2
)
 
 
 
 
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
236

 
$
241

 
$
(5
)
 
 
 
 
 
 
 
EPS attributable to FNF, Inc. common shareholders - basic
 
$
0.86

 
 
 
 
EPS attributable to FNF, Inc. common shareholders - diluted
 
$
0.85

 
 
 
 
 
 
 
 
 
 
 
FNF, Inc. weighted average shares - basic
 
273

 
 
 
 
FNF, Inc. weighted average shares - diluted
 
278

 
 
 
 


6



FIDELITY NATIONAL FINANCIAL, INC.
THIRD QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
September 30, 2018
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
236

 
$
241

 
$
(5
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
(8
)
 
$
(12
)
 
$
4

  Income taxes on non-GAAP adjustments
 
2

 
3

 
(1
)
  Noncontrolling interest on non-GAAP adjustments
 
(4
)
 
(2
)
 
(2
)
  Black Knight tax contingency
 
(8
)
 

 
(8
)
Total non-GAAP adjustments
 
$
(18
)
 
$
(11
)
 
$
(7
)
 
 
 
 
 
 
 
Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
218

 
$
230

 
$
(12
)
 
 
 
 
 
 
 
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted
 
$
0.78

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
456

 
456

 
 
Direct orders closed (000's)
 
339

 
339

 
 
Fee per file
 
$
2,623

 
$
2,623

 
 
Actual title claims paid
 
$
55

 
$
55

 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
321

 
 
 
 

7



FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Nine Months Ended
 
 
 
September 30, 2019
 
 
 
Direct title premiums
 
$
1,725

 
$
1,725

 
$

Agency title premiums
 
2,133

 
2,133

 

Escrow, title related and other fees
 
1,892

 
1,747

 
145

Total title and escrow
 
5,750

 
5,605

 
145

 
 
 
 
 
 
 
Interest and investment income
 
170

 
153

 
17

Realized gains and losses, net
 
187

 
191

 
(4
)
Total revenue
 
6,107

 
5,949

 
158

 
 
 
 
 
 
 
Personnel costs
 
1,979

 
1,881

 
98

Agent commissions
 
1,630

 
1,630

 

Other operating expenses
 
1,226

 
1,081

 
145

Depreciation and amortization
 
132

 
115

 
17

Claim loss expense
 
174

 
174

 

Interest expense
 
36

 

 
36

Total expenses
 
5,177

 
4,881

 
296

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
930

 
$
1,068

 
$
(138
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 
(187
)
 
(191
)
 
4

  Purchase price amortization
 
78

 
64

 
14

  Transaction costs
 
58

 

 
58

  Other adjustments
 
1

 
1

 

 Total non-GAAP adjustments before taxes
 
$
(50
)
 
$
(126
)
 
$
76

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss)
 
$
880

 
$
942

 
$
(62
)
Adjusted pre-tax margin
 
14.9
%
 
16.4
%
 

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
930

 
$
1,068

 
$
(138
)
 
 
 
 
 
 
 
  Income tax expense (benefit)
 
210

 
260

 
(50
)
  Earnings from equity investments
 
12

 
11

 
1

  Non-controlling interests
 
10

 
10

 

 
 
 
 
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
722

 
$
809

 
$
(87
)
 
 
 
 
 
 
 
EPS attributable to FNF, Inc. common shareholders - basic
 
$
2.64

 
 
 
 
EPS attributable to FNF, Inc. common shareholders - diluted
 
$
2.61

 
 
 
 
 
 


 
 
 
 
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
Nine Months Ended
 
 
 
September 30, 2019
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
722

 
$
809

 
$
(87
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
(50
)
 
$
(126
)
 
$
76

  Income taxes on non-GAAP adjustments
 
14

 
32

 
(18
)
  Noncontrolling interest on non-GAAP adjustments
 
(9
)
 
(8
)
 
(1
)
Total non-GAAP adjustments
 
$
(45
)
 
$
(102
)
 
$
57

 
 
 
 
 
 
 
Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
677

 
$
707

 
$
(30
)
 
 
 
 
 
 
 
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted
 
$
2.44

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
1,574

 
1,574

 
 
Direct orders closed (000's)
 
1,031

 
1,031

 
 
Fee per file
 
$
2,562

 
$
2,562

 
 
Actual title claims paid
 
$
167

 
$
167

 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
700

 
 
 
 

9



FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
Nine Months Ended
 
Consolidated
 
Title
 
Corporate and Other
September 30, 2018
 
 
 
Direct title premiums
 
$
1,645

 
$
1,645

 
$

Agency title premiums
 
2,018

 
2,018

 

Escrow, title related and other fees
 
2,078

 
1,683

 
395

Total title and escrow
 
5,741

 
5,346

 
395

 
 
 
 
 
 
 
Interest and investment income
 
125

 
122

 
3

Realized gains and losses, net
 
35

 
25

 
10

Total revenue
 
5,901

 
5,493

 
408

 
 
 
 
 
 
 
Personnel costs
 
1,926

 
1,831

 
95

Agent commissions
 
1,546

 
1,546

 

Other operating expenses
 
1,406

 
1,061

 
345

Depreciation and amortization
 
138

 
116

 
22

Claim loss expense
 
165

 
165

 

Interest expense
 
31

 

 
31

Total expenses
 
5,212

 
4,719

 
493

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
689

 
$
774

 
$
(85
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 
(35
)
 
(25
)
 
(10
)
  Purchase price amortization
 
82

 
66

 
16

  Transaction costs
 
13

 

 
13

  Sales tax contingency
 
6

 
6

 

  Other adjustments
 
3

 
1

 
2

 Total non-GAAP adjustments before taxes
 
$
69


$
48


$
21

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss)
 
$
758

 
$
822

 
$
(64
)
Adjusted pre-tax margin
 
12.9
%
 
15.0
%
 

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
689

 
$
774

 
$
(85
)
 
 
 
 
 
 
 
  Income tax expense (benefit)
 
104

 
137

 
(33
)
  Earnings from equity investments
 
4

 
3

 
1

  Non-controlling interests
 
5

 
7

 
(2
)
 
 
 
 
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
584

 
$
633

 
$
(49
)
 
 
 
 
 
 
 
EPS attributable to FNF, Inc. common shareholders - basic
 
$
2.14

 
 
 
 
EPS attributable to FNF, Inc. common shareholders - diluted
 
$
2.09

 
 
 
 
 
 


 
 
 
 
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
Nine Months Ended
 
 
 
September 30, 2018
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
584

 
$
633

 
$
(49
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
69

 
$
48

 
$
21

  Income taxes on non-GAAP adjustments
 
(15
)
 
(10
)
 
(5
)
  Noncontrolling interest on non-GAAP adjustments
 
(10
)
 
(8
)
 
(2
)
  Change in tax estimate
 
(45
)
 
(45
)
 

  Black Knight tax contingency
 
$
(8
)
 
$

 
$
(8
)
Total non-GAAP adjustments
 
$
(9
)
 
$
(15
)
 
$
6

 
 
 
 
 
 
 
Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
575

 
$
618

 
$
(43
)
 
 
 
 
 
 
 
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted
 
$
2.06

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
1,439

 
1,439

 
 
Direct orders closed (000's)
 
1,014

 
1,014

 
 
Fee per file
 
$
2,521

 
$
2,521

 
 
Actual title claims paid
 
$
165

 
$
165

 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
671

 
 
 
 



11



FIDELITY NATIONAL FINANCIAL, INC.
QUARTERLY OPERATING STATISTICS
(Unaudited)
 
 
Q3 2019
 
Q2 2019
 
Q1 2019
 
Q4 2018
 
Q3 2018
 
Q2 2018
 
Q1 2018
 
Q4 2017
Quarterly Opened Orders ('000's except % data)
Total opened orders*
 
592

 
544

 
438

 
379

 
456

 
505

 
478

 
445

Total opened orders per day*
 
9.3

 
8.5

 
7.2

 
6.0

 
7.2

 
7.9

 
7.7

 
7.2

Purchase % of opened orders
 
52
%
 
61
%
 
65
%
 
67
%
 
69
%
 
71
%
 
66
%
 
60
%
Refinance % of opened orders
 
48
%
 
39
%
 
35
%
 
33
%
 
31
%
 
29
%
 
34
%
 
40
%
Total closed orders*
 
409

 
359

 
263

 
301

 
339

 
362

 
313

 
357

Total closed orders per day*
 
6.4

 
5.6

 
4.3

 
4.8

 
5.4

 
5.7

 
5.0

 
5.8

Purchase % of closed orders
 
55
%
 
65
%
 
66
%
 
69
%
 
71
%
 
71
%
 
62
%
 
61
%
Refinance % of closed orders
 
45
%
 
35
%
 
34
%
 
31
%
 
29
%
 
29
%
 
38
%
 
39
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial (millions, except orders in '000's)
Total commercial revenue
 
$
301

 
$
286

 
$
231

 
$
328

 
$
276

 
$
280

 
$
235

 
$
288

Total commercial opened orders
 
56.0

 
58.6

 
49.8

 
46.0

 
48.9

 
54.2

 
52.8

 
46.3

Total commercial closed orders
 
36.4

 
34.0

 
30.0

 
35.2

 
31.2

 
35.1

 
31.5

 
33.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
National commercial revenue
 
$
173

 
$
165

 
$
123

 
$
197

 
$
157

 
$
155

 
$
128

 
$
165

National commercial opened orders
 
23.8

 
25.3

 
20.6

 
19.1

 
19.8

 
23.0

 
21.1

 
19.0

National commercial closed orders
 
14.1

 
12.7

 
10.5

 
13.2

 
12.0

 
12.9

 
11.2

 
12.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fee Per File
Fee per file
 
$
2,459

 
$
2,677

 
$
2,567

 
$
2,803

 
$
2,623

 
$
2,579

 
$
2,344

 
$
2,425

Residential fee per file
 
$
1,928

 
$
2,075

 
$
1,964

 
$
2,003

 
$
2,032

 
$
2,051

 
$
1,816

 
$
1,789

Total commercial fee per file
 
$
8,300

 
$
8,400

 
$
7,700

 
$
9,300

 
$
8,800

 
$
8,000

 
$
7,500

 
$
8,700

National commercial fee per file
 
$
12,300

 
$
13,000

 
$
11,700

 
$
14,900

 
$
13,100

 
$
12,000

 
$
11,400

 
$
13,600

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Staffing
Total field operations employees
 
10,500

 
10,300

 
10,000

 
10,200

 
10,800

 
11,000

 
10,900

 
11,200

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


FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY BALANCE SHEET INFORMATION
(In millions)
 
 
FNF, Inc.
September 30, 2019
 
FNF, Inc.
December 31, 2018
 
 
(Unaudited)
 
(Unaudited)
Cash and investment portfolio
 
 
$
5,432

 
 
$
4,806

Goodwill
 
 
2,726

 
 
2,726

Title plant
 
 
405

 
 
405

Total assets
 
 
10,419

 
 
9,301

Notes payable
 
 
838

 
 
836

Reserve for title claim losses
 
 
1,494

 
 
1,488

Secured trust deposits
 
 
890

 
 
822

Redeemable non-controlling interests
 
 
344

 
 
344

Non-redeemable non-controlling interests
 
 
(18
)
 
 
(2
)
Total equity and non-controlling interests
 
 
5,465

 
 
4,972

Total equity attributable to common shareholders
 
 
5,139

 
 
4,630



###

12

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