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

Fidelity National Financial, Inc.

CIK: 1331875 Ticker: FNF


graphic20193qa01.jpg
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

1

The following information was filed by Fidelity National Financial, Inc. (FNF) on Wednesday, October 30, 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 (Tables)
Summary Of Reserve For Claims Losses - Narrative (Details)
Summary Of Reserve For Claims Losses - Summary Of Reserve Claims (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Ticker: FNF
CIK: 1331875
Form Type: 10-Q Quarterly Report
Accession Number: 0001331875-19-000053
Submitted to the SEC: Wed Oct 30 2019 12:08:29 PM EST
Accepted by the SEC: Wed Oct 30 2019
Period: Monday, September 30, 2019
Industry: Title Insurance

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