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FNF Reports Fourth Quarter 2019 Diluted EPS of $1.22 and Adjusted Diluted EPS of $0.95, Pre-Tax Title Margin of 20.3% and Adjusted Pre-Tax Title Margin of 16.3%
  
Jacksonville, Fla. - (February 13, 2020) - 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, 2019.

Total revenue of approximately $2.4 billion in the fourth quarter versus $1.7 billion in the fourth quarter of 2018
Fourth quarter net earnings of $340 million and adjusted net earnings of $263 million versus net earnings of $44 million and adjusted net earnings of $175 million for the fourth quarter of 2018
Fourth quarter diluted EPS of $1.22 and adjusted diluted EPS of $0.95 versus diluted EPS of $0.16 and adjusted diluted EPS of $0.63 in the fourth quarter of 2018
Realized gains were $131 million in the fourth quarter versus realized losses of $144 million in the fourth quarter of 2018

Title
Total revenue of approximately $2.3 billion versus approximately $1.7 billion in total revenue in the fourth quarter of 2018
Pre-tax earnings of $468 million and adjusted pre-tax earnings of $355 million versus pre-tax earnings of $102 million and adjusted pre-tax earnings of $258 million in the fourth quarter of 2018
Pre-tax title margin of 20.3% and adjusted pre-tax title margin of 16.3% versus pre-tax title margin of 6.1% and adjusted pre-tax title margin of 14.2% in the fourth quarter of 2018
Fourth quarter purchase orders opened increased 3% on a daily basis and purchase orders closed increased 5% on a daily basis versus the fourth quarter of 2018
Total commercial revenue of $321 million, a 2% decline over total commercial revenue in the fourth quarter of 2018, driven by a 12% decline in fee per file partially offset by a 11% increase in closed orders; fourth quarter total commercial open orders increased 20% compared to the prior year
Overall fourth quarter average fee per file of $2,384, a 15% decrease versus the fourth quarter of 2018

Title Orders
 
 
 
Direct Orders Opened *
 
 
Direct Orders Closed *
Month
 
 / (% Purchase)
 
 / (% Purchase)
October 2019
 
 
195,000
50%
 
 
153,000
48%
November 2019
 
 
157,000
49%
 
 
127,000
49%
December 2019
 
 
140,000
51%
 
 
137,000
50%
 
 
 
 
 
 
 
Fourth Quarter 2019
 
 
492,000
50%
 
 
417,000
49%
 
 
 
 
 
 
 
 
 
 
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%
 
 
 
 
 
 
 
 
 
* Includes an immaterial number of non-purchase and non-refinance orders

1



 
 
Open
 
 
Closed
 
 
Commercial
 
 
 
 
 
Commercial
 
 
Commercial
 
 
Revenue
 
 
Commercial
 
 
Orders
 
 
Orders
 
 
(In millions)
 
 
Fee Per File
Fourth Quarter 2019 - Total Commercial
 
 
55,100
 
 
 
39,100
 
 
 
$321
 
 
 
$8,200
Fourth Quarter 2018 - Total Commercial
 
 
46,000
 
 
 
35,200
 
 
 
$328
 
 
 
$9,300

“Our strong fourth quarter results rounded out a banner year for our title business. In the quarter we generated adjusted pre-tax title earnings of $355 million and an adjusted pre-tax title margin of 16.3%. Total commercial revenues were $321 million for the quarter which compares favorably to the record breaking results that we posted in the 2018 fourth quarter where total commercial revenues were $328 million,” commented Chairman William P. Foley, II.  “For the full year 2019, we generated adjusted pre-tax title earnings of $1.3 billion, a record year, and an adjusted pre-tax title margin of 16.3%, our best year since 2003.   Looking ahead to 2020, we expect mortgage originations to moderate through the year from the very strong levels enjoyed in 2019 as refinance volumes naturally ease.  We will remain vigilant on expenses as we manage this expected slowdown in volumes.  

Following the termination of the merger agreement with Stewart Information Services, the Board and management underwent a comprehensive review of FNF’s capital allocation strategy and determined that expanding into the annuity market through the acquisition of FGL Holdings (“F&G”), announced subsequent to quarter end, would best maximize value for our shareholders.  After three years as a minority owner and with the advent of new leadership at F&G, we decided to acquire the remaining interest in F&G as a way to diversify our earnings and reduce the risk and volatility inherent in our stand-alone title operations. F&G offers an attractive return on our capital investment in an industry with strong secular growth tailwinds that will perform well in economic environments that may be more challenging for title insurance. FNF is excited to welcome F&G's employees and policy holders to the FNF family.”   

Mr. Foley concluded, “In 2019 the Board focused on returning capital to shareholders having increased our quarterly cash dividend 6.5% to $0.33 per share in addition to repurchasing 2,120,000 shares throughout the year.  FNF’s share repurchase plan has 22.2 million shares remaining on the authorization. The Board will continue to evaluate capital allocation including share repurchases, dividends, debt paydown and further investments in our business segments.” 
  
Conference Call
We will host a call with investors and analysts to discuss fourth quarter 2019
FNF results on Friday, February 14, 2020, 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 3:00 p.m. Eastern Time on February 14, 2020, through February 21, 2020, by dialing 1-844-512-2921 (USA) or 1-412-317-6671. The access code will be 13697834.

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.



2




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, 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:  the ability to consummate the proposed F&G transaction; the ability to obtain requisite regulatory, shareholder and stockholder approval and the satisfaction of other conditions to the consummation of the proposed F&G transaction; the ability of FNF to successfully integrate F&G's operations and employees; the potential impact of the announcement or consummation of the proposed F&G transaction on relationships, including with employees, suppliers, customers and competitors; 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 F&G and 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.
FOURTH QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
December 31, 2019
 
 
 
Direct title premiums
 
$
656

 
$
656

 
$

Agency title premiums
 
828

 
828

 

Escrow, title related and other fees
 
692

 
642

 
50

Total title and escrow
 
2,176

 
2,126

 
50

 
 
 
 
 
 
 
Interest and investment income
 
55

 
49

 
6

Realized gains and losses, net
 
131

 
135

 
(4
)
Total revenue
 
2,362

 
2,310

 
52

 
 
 
 
 
 
 
Personnel costs
 
717

 
681

 
36

Agent commissions
 
628

 
628

 

Other operating expenses
 
455

 
428

 
27

Depreciation and amortization
 
46

 
39

 
7

Claim loss expense
 
66

 
66

 

Interest expense
 
11

 

 
11

Total expenses
 
1,923

 
1,842

 
81

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
439

 
$
468

 
$
(29
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 
(131
)
 
(135
)
 
4

  Purchase price amortization
 
27

 
22

 
5

  Severance costs
 
6

 

 
6

 Total non-GAAP adjustments before taxes
 
$
(98
)
 
$
(113
)
 
$
15

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss)
 
$
341

 
$
355

 
$
(14
)
Adjusted pre-tax margin
 
15.3
%
 
16.3
%
 
%
 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
439

 
$
468

 
$
(29
)
  Income tax expense (benefit)
 
98

 
103

 
(5
)
  Earnings from equity investments
 
3

 
2

 
1

  Non-controlling interests
 
4

 
5

 
(1
)
 
 
 
 
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
340

 
$
362

 
$
(22
)
 
 
 
 
 
 
 
EPS attributable to FNF, Inc. common shareholders - basic
 
$
1.24

 
 
 
 
EPS attributable to FNF, Inc. common shareholders - diluted
 
$
1.22

 
 
 
 
 
 
 
 
 
 
 
FNF, Inc. weighted average shares - basic
 
274

 
 
 
 
FNF, Inc. weighted average shares - diluted
 
278

 
 
 
 







4



FIDELITY NATIONAL FINANCIAL, INC.
FOURTH QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
December 31, 2019
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
340

 
$
362

 
$
(22
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
(98
)
 
$
(113
)
 
$
15

  Income taxes on non-GAAP adjustments
 
24

 
28

 
(4
)
  Noncontrolling interest on non-GAAP adjustments
 
(3
)
 
(3
)
 

Total non-GAAP adjustments
 
$
(77
)
 
$
(88
)
 
$
11

 
 
 
 
 
 
 
Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
263

 
$
274

 
$
(11
)
 
 
 
 
 
 
 
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted
 
$
0.95

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
492

 
492

 
 
Direct orders closed (000's)
 
417

 
417

 
 
Fee per file
 
$
2,384

 
$
2,384

 
 
Actual title claims paid
 
$
53

 
$
53

 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
428

 
 
 
 
 























5



FIDELITY NATIONAL FINANCIAL, INC.
FOURTH QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
December 31, 2018
 
 
 
Direct title premiums
 
$
576

 
$
576

 
$

Agency title premiums
 
672

 
672

 

Escrow, title related and other fees
 
537

 
521

 
16

Total title and escrow
 
1,785

 
1,769

 
16

 
 
 
 
 
 
 
Interest and investment income
 
52

 
48

 
4

Realized gains and losses, net
 
(144
)
 
(135
)
 
(9
)
Total revenue
 
1,693

 
1,682

 
11

 
 
 
 
 
 
 
Personnel costs
 
613

 
613

 

Agent commissions
 
513

 
513

 

Other operating expenses
 
394

 
360

 
34

Depreciation and amortization
 
44

 
38

 
6

Claim loss expense
 
56

 
56

 

Interest expense
 
12

 

 
12

Total expenses
 
1,632

 
1,580

 
52

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
61

 
$
102

 
$
(41
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 
144

 
135

 
9

  Purchase price amortization
 
27

 
21

 
6

  Transaction costs
 
4

 

 
4

 Total non-GAAP adjustments before taxes
 
$
175


$
156


$
19

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss)
 
$
236

 
$
258

 
$
(22
)
Adjusted pre-tax margin
 
12.8
%
 
14.2
%
 
%
 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
61

 
$
102

 
$
(41
)
 
 
 
 
 
 
 
  Income tax expense (benefit)
 
16

 
26

 
(10
)
  Earnings from equity investments
 
1

 
1

 

  Non-controlling interests
 
2

 
1

 
1

 
 
 
 
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
44

 
$
76

 
$
(32
)
 
 
 
 
 
 
 
EPS attributable to FNF, Inc. common shareholders - basic
 
$
0.16

 
 
 
 
EPS attributable to FNF, Inc. common shareholders - diluted
 
$
0.16

 
 
 
 
 
 
 
 
 
 
 
FNF, Inc. weighted average shares - basic
 
274

 
 
 
 
FNF, Inc. weighted average shares - diluted
 
277

 
 
 
 


6



FIDELITY NATIONAL FINANCIAL, INC.
FOURTH QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Three Months Ended
 
 
 
December 31, 2018
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
44

 
$
76

 
$
(32
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
175

 
$
156

 
$
19

  Income taxes on non-GAAP adjustments
 
(40
)
 
(36
)
 
(4
)
  Noncontrolling interest on non-GAAP adjustments
 
(4
)
 
(3
)
 
(1
)
Total non-GAAP adjustments
 
$
131

 
$
117

 
$
14

 
 
 
 
 
 
 
Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
175

 
$
193

 
$
(18
)
 
 
 
 
 
 
 
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted
 
$
0.63

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
379

 
379

 
 
Direct orders closed (000's)
 
301

 
301

 
 
Fee per file
 
$
2,803

 
$
2,803

 
 
Actual title claims paid
 
$
58

 
$
58

 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
273

 
 
 
 

7



FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Twelve Months Ended
 
 
 
December 31, 2019
 
 
 
Direct title premiums
 
$
2,381

 
$
2,381

 
$

Agency title premiums
 
2,961

 
2,961

 

Escrow, title related and other fees
 
2,584

 
2,389

 
195

Total title and escrow
 
7,926

 
7,731

 
195

 
 
 
 
 
 
 
Interest and investment income
 
225

 
202

 
23

Realized gains and losses, net
 
318

 
326

 
(8
)
Total revenue
 
8,469

 
8,259

 
210

 
 
 
 
 
 
 
Personnel costs
 
2,696

 
2,562

 
134

Agent commissions
 
2,258

 
2,258

 

Other operating expenses
 
1,681

 
1,509

 
172

Depreciation and amortization
 
178

 
154

 
24

Claim loss expense
 
240

 
240

 

Interest expense
 
47

 

 
47

Total expenses
 
7,100

 
6,723

 
377

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
1,369

 
$
1,536

 
$
(167
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 
(318
)
 
(326
)
 
8

  Purchase price amortization
 
105

 
86

 
19

  Transaction costs
 
58

 

 
58

  Severance costs
 
6

 

 
6

  Other adjustments
 
1

 
1

 

 Total non-GAAP adjustments before taxes
 
$
(148
)
 
$
(239
)
 
$
91

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss)
 
$
1,221

 
$
1,297

 
$
(76
)
Adjusted pre-tax margin
 
15.0
%
 
16.3
%
 
%
 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
1,369

 
$
1,536

 
$
(167
)
 
 
 
 
 
 
 
  Income tax expense (benefit)
 
308

 
363

 
(55
)
  Earnings from equity investments
 
15

 
13

 
2

  Non-controlling interests
 
14

 
15

 
(1
)
 
 
 
 
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
1,062

 
$
1,171

 
$
(109
)
 
 
 
 
 
 
 
EPS attributable to FNF, Inc. common shareholders - basic
 
$
3.89

 
 
 
 
EPS attributable to FNF, Inc. common shareholders - diluted
 
$
3.83

 
 
 
 
 
 


 
 
 
 
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
Twelve Months Ended
 
 
 
December 31, 2019
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
1,062

 
$
1,171

 
$
(109
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
(148
)
 
$
(239
)
 
$
91

  Income taxes on non-GAAP adjustments
 
38

 
60

 
(22
)
  Noncontrolling interest on non-GAAP adjustments
 
(12
)
 
(11
)
 
(1
)
Total non-GAAP adjustments
 
$
(122
)
 
$
(190
)
 
$
68

 
 
 
 
 
 
 
Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
940

 
$
981

 
$
(41
)
 
 
 
 
 
 
 
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted
 
$
3.39

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
2,066

 
2,066

 
 
Direct orders closed (000's)
 
1,448

 
1,448

 
 
Fee per file
 
$
2,511

 
$
2,511

 
 
Actual title claims paid
 
$
220

 
$
220

 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
1,121

 
 
 
 

9



FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
Twelve Months Ended
 
Consolidated
 
Title
 
Corporate and Other
December 31, 2018
 
 
 
Direct title premiums
 
$
2,221

 
$
2,221

 
$

Agency title premiums
 
2,690

 
2,690

 

Escrow, title related and other fees
 
2,615

 
2,204

 
411

Total title and escrow
 
7,526

 
7,115

 
411

 
 
 
 
 
 
 
Interest and investment income
 
177

 
170

 
7

Realized gains and losses, net
 
(109
)
 
(110
)
 
1

Total revenue
 
7,594

 
7,175

 
419

 
 
 
 
 
 
 
Personnel costs
 
2,538

 
2,444

 
94

Agent commissions
 
2,059

 
2,059

 

Other operating expenses
 
1,801

 
1,421

 
380

Depreciation and amortization
 
182

 
154

 
28

Claim loss expense
 
221

 
221

 

Interest expense
 
43

 

 
43

Total expenses
 
6,844

 
6,299

 
545

 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
750

 
$
876

 
$
(126
)
 
 
 
 
 
 
 
Non-GAAP adjustments before taxes
 
 
 
 
 
 
  Realized (gains) and losses, net
 
109

 
110

 
(1
)
  Purchase price amortization
 
109

 
87

 
22

  Transaction costs
 
17

 

 
17

  Sales tax contingency
 
6

 
6

 

  Other adjustments
 
3

 
1

 
2

 Total non-GAAP adjustments before taxes
 
$
244


$
204


$
40

 
 
 
 
 
 
 
Adjusted pre-tax earnings (loss)
 
$
994

 
$
1,080

 
$
(86
)
Adjusted pre-tax margin
 
12.9
%
 
14.8
%
 
%
 
 
 
 
 
 
 
Pre-tax earnings (loss)
 
$
750

 
$
876

 
$
(126
)
 
 
 
 
 
 
 
  Income tax expense (benefit)
 
120

 
163

 
(43
)
  Earnings from equity investments
 
5

 
4

 
1

  Non-controlling interests
 
7

 
8

 
(1
)
 
 
 
 
 
 
 
Net earnings attributable to FNF, Inc. common shareholders
 
$
628

 
$
709

 
$
(81
)
 
 
 
 
 
 
 
EPS attributable to FNF, Inc. common shareholders - basic
 
$
2.30

 
 
 
 
EPS attributable to FNF, Inc. common shareholders - diluted
 
$
2.26

 
 
 
 
 
 
 
 
 
 
 
FNF, Inc. weighted average shares - basic
 
273

 
 
 
 
FNF, Inc. weighted average shares - diluted
 
278

 
 
 
 

10



FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
 
 
Consolidated
 
Title
 
Corporate and Other
Twelve Months Ended
 
 
 
December 31, 2018
 
 
 
Net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
628

 
$
709

 
$
(81
)
 
 
 
 
 
 
 
 Total non-GAAP, pre-tax adjustments
 
$
244

 
$
204

 
$
40

  Income taxes on non-GAAP adjustments
 
(55
)
 
(46
)
 
(9
)
  Noncontrolling interest on non-GAAP adjustments
 
(14
)
 
(11
)
 
(3
)
  Change in tax estimate
 
(45
)
 
(45
)
 

  Black Knight tax contingency
 
(8
)
 

 
(8
)
Total non-GAAP adjustments
 
$
122

 
$
102

 
$
20

 
 
 
 
 
 
 
Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders
 
$
750

 
$
811

 
$
(61
)
 
 
 
 
 
 
 
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted
 
$
2.70

 
 
 
 
 
 
 
 
 
 
 
Direct orders opened (000's)
 
1,818

 
1,818

 
 
Direct orders closed (000's)
 
1,315

 
1,315

 
 
Fee per file
 
$
2,585

 
$
2,585

 
 
Actual title claims paid
 
$
223

 
$
223

 
 
 
 
 
 
 
 
 
Cash flows provided by operations
 
$
943

 
 
 
 



11



FIDELITY NATIONAL FINANCIAL, INC.
QUARTERLY OPERATING STATISTICS
(Unaudited)
 
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q1 2019
 
Q4 2018
 
Q3 2018
 
Q2 2018
 
Q1 2018
Quarterly Opened Orders ('000's except % data)
Total opened orders*
 
492

 
592

 
544

 
438

 
379

 
456

 
505

 
478

Total opened orders per day*
 
7.8

 
9.3

 
8.5

 
7.2

 
6.0

 
7.2

 
7.9

 
7.7

Purchase % of opened orders
 
50
%
 
52
%
 
61
%
 
65
%
 
67
%
 
69
%
 
71
%
 
66
%
Refinance % of opened orders
 
50
%
 
48
%
 
39
%
 
35
%
 
33
%
 
31
%
 
29
%
 
34
%
Total closed orders*
 
417

 
409

 
359

 
263

 
301

 
339

 
362

 
313

Total closed orders per day*
 
6.6

 
6.4

 
5.6

 
4.3

 
4.8

 
5.4

 
5.7

 
5.0

Purchase % of closed orders
 
49
%
 
55
%
 
65
%
 
66
%
 
69
%
 
71
%
 
71
%
 
62
%
Refinance % of closed orders
 
51
%
 
45
%
 
35
%
 
34
%
 
31
%
 
29
%
 
29
%
 
38
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial (millions, except orders in '000's)
Total commercial revenue
 
$
321

 
$
301

 
$
286

 
$
231

 
$
328

 
$
276

 
$
280

 
$
235

Total commercial opened orders
 
55.1

 
56.0

 
58.6

 
49.8

 
46.0

 
48.9

 
54.2

 
52.8

Total commercial closed orders
 
39.1

 
36.4

 
34.0

 
30.0

 
35.2

 
31.2

 
35.1

 
31.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
National commercial revenue
 
$
188

 
$
173

 
$
165

 
$
123

 
$
197

 
$
157

 
$
155

 
$
128

National commercial opened orders
 
22.6

 
23.8

 
25.3

 
20.6

 
19.1

 
19.8

 
23.0

 
21.1

National commercial closed orders
 
16.2

 
14.1

 
12.7

 
10.5

 
13.2

 
12.0

 
12.9

 
11.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fee Per File
Fee per file
 
$
2,384

 
$
2,459

 
$
2,677

 
$
2,567

 
$
2,803

 
$
2,623

 
$
2,579

 
$
2,344

Residential fee per file
 
$
1,792

 
$
1,928

 
$
2,075

 
$
1,964

 
$
2,003

 
$
2,032

 
$
2,051

 
$
1,816

Total commercial fee per file
 
$
8,200

 
$
8,300

 
$
8,400

 
$
7,700

 
$
9,300

 
$
8,800

 
$
8,000

 
$
7,500

National commercial fee per file
 
$
11,600

 
$
12,300

 
$
13,000

 
$
11,700

 
$
14,900

 
$
13,100

 
$
12,000

 
$
11,400

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Staffing
Total field operations employees**
 
12,300

 
12,200

 
12,000

 
11,700

 
11,800

 
12,400

 
12,500

 
12,400

* Includes an immaterial number of non-purchase and non-refinance orders
**During Q4 2019 we established an automated payroll data feed, based on hours worked, as a new process to determine number of field operation employees. This new process captures shared services and other operational employees that were not previously included. All previous periods have been restated using the new method.

FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY BALANCE SHEET INFORMATION
(In millions)
 
 
FNF, Inc.
December 31, 2019
 
FNF, Inc.
December 31, 2018
 
 
(Unaudited)
 
(Unaudited)
Cash and investment portfolio
 
 
$
5,760

 
 
$
4,806

Goodwill
 
 
2,727

 
 
2,726

Title plant
 
 
404

 
 
405

Total assets
 
 
10,677

 
 
9,301

Notes payable
 
 
838

 
 
836

Reserve for title claim losses
 
 
1,509

 
 
1,488

Secured trust deposits
 
 
791

 
 
822

Redeemable non-controlling interests
 
 
344

 
 
344

Non-redeemable non-controlling interests
 
 
(17
)
 
 
(2
)
Total equity and non-controlling interests
 
 
5,709

 
 
4,972

Total equity attributable to common shareholders
 
 
5,382

 
 
4,630



###

12

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