OREANDA-NEWS. April 28, 2016. Fidelity National Financial, Inc. today reported the operating results of FNF Group  (NYSE: FNF), a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries, for the three-month period ended March 31, 2016.

  • Total revenue of approximately \\$1.7 billion in the first quarter versus \\$1.6 billion in the first quarter of 2015
  • Adjusted first quarter net earnings of \\$94 million versus adjusted net earnings of \\$106 million for the first quarter of 2015
  • Adjusted first quarter diluted EPS of \\$0.33 versus adjusted diluted EPS of \\$0.37 in the first quarter of 2015
  • First quarter free cash flow provided of \\$35 million versus \\$2 million provided in the first quarter of 2015
  • Repurchased 1.9 million shares of FNF common stock for approximately \\$62 million in the first quarter

Title

  • Approximately \\$1.4 billion in total revenue, adjusted pre-tax earnings of \\$142 million and adjusted pre-tax title margin of 9.8% for the first quarter versus approximately \\$1.3 billion in total revenue, adjusted pre-tax earnings of \\$141 million and an adjusted pre-tax title margin of 10.5% in the first quarter of 2015
  • Adjusted pre-tax title margin of 9.8% was a 70 basis point decline from the first quarter 2015 adjusted pre-tax title margin of 10.5%
  • ServiceLink generated \\$195 million in revenue, adjusted EBITDA of \\$18 million, an adjusted EBITDA margin of 9%, adjusted pre-tax earnings of \\$14 million and an adjusted pre-tax margin of 7% for the first quarter
  • Open orders per day of 8,339 for the first quarter versus 9,475 open orders per day for the first quarter of 2015
  • Closed orders per day of 5,194 for the first quarter versus 5,656 closed orders per day for the first quarter of 2015
  • First quarter purchase orders opened and closed increased by 5% and 9%, respectively, versus the first quarter of 2015; for FNTG only (excluding ServiceLink), purchase orders opened and closed increased by 6% and 10%, respectively versus the first quarter of 2015
  • Total commercial revenue of \\$211 million, a 1% increase over total commercial revenue in the first quarter of 2015, driven by a 4% increase in closed orders and a 1% decrease in total commercial fee per file; first quarter total commercial open orders increased by 1%; first quarter national commercial title revenue of \\$121 million, a 2% increase from the first quarter of 2015, driven by a 7% improvement in the national commercial fee per file and a 5% decrease in closed orders; first quarter national commercial open orders declined by 5%
  • Overall first quarter average fee per file of \\$2,032, an 11% increase versus the first quarter of 2015
  • Title claims paid of \\$40 million, a decrease of \\$20 million, or 33%, from the first quarter of 2015

Title Orders

Direct Orders Opened *

Direct Orders Closed *

Month

/ (% Purchase)

 / (% Purchase)

January 2016

139,000

57%

94,000

55%

February 2016

182,000

52%

99,000

55%

March 2016

196,000

57%

129,000

53%





First Quarter 2016

517,000

55%

322,000

55%








Direct Orders Opened *

Direct Orders Closed *

Month

/ (% Purchase)

 / (% Purchase)

January 2015

190,000

42%

94,000

50%

February 2015

187,000

46%

110,000

44%

March 2015

201,000

52%

141,000

46%







First Quarter 2015

578,000

47%

345,000

46%







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

Open

Closed

Commercial


Commercial

Commercial

Revenue

Commercial

Orders

Orders

(In millions)

Fee Per File

First Quarter 2016 - Total Commercial

48,500

30,700

\\$211

\\$6,900

First Quarter 2015 - Total Commercial

47,800

29,600

\\$208

\\$7,000













First Quarter 2016 - National Commercial

19,300

10,600

\\$121

\\$11,400

First Quarter 2015 - National Commercial

20,400

11,100

\\$119

\\$10,700

BKFS

  • Revenue of \\$242 million, led by Servicing Technology revenue of approximately \\$164 million
  • Revenue growth of 6% for the first quarter compared to the first quarter of 2015, led by strong growth in Origination Technology and Servicing Technology
  • Adjusted EBITDA of \\$107 million, an \\$11 million increase, or 11%, over the first quarter of 2015 and an adjusted EBITDA margin of 45.1%

"This quarter was a solid start to what we expect to be another successful year for FNF, as we generated a 9.8% pre-tax title margin in the first quarter," said Chairman

William P. Foley, II.  "Given the normal slow first quarter seasonal pattern, a nearly 10% pre-tax title margin is a strong historical first quarter performance. TRID implementation has had a negative impact on our closing efficiency ratio as we continue to carry higher than normal headcount to help our customers navigate the new closing process.  With a current backdrop of mid-single digit growth in the purchase market, an apparently softening refinance market and a relatively flat, although still very strong, commercial market, we are targeting a 15% pre-tax title margin in the second quarter.

"Black Knight continued its strong financial performance this quarter, generating 6% revenue growth, \\$107 million in adjusted EBITDA and a 45.1% adjusted EBITDA margin.  FNF's Black Knight ownership stake is currently worth approximately \\$2.5 billion, or more than \\$9 per FNF share, and we continue to believe that Black Knight will generate long-term value for  FNF shareholders." 

Conference Call
We will host a call with investors and analysts to discuss first quarter 2016 FNF Group results on Thursday, April 28, 2016, beginning at 11:30 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 www.fnf.com.  The conference call replay will be available via webcast through the FNF Investor Relations website at www.fnf.com.  The telephone replay will be available from 1:30 p.m. Eastern time on April 28, 2016, through May 5, 2016, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 391052.

About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. is organized into two groups, FNF Group (NYSE: FNF) and FNFV Group (NYSE: FNFV).  FNF is a leading provider of title insurance, technology 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.  FNF also provides industry-leading mortgage technology solutions and transaction services, including MSP®, the leading residential mortgage servicing technology platform in the U.S., through its majority-owned subsidiaries, Black Knight Financial Services, Inc. and ServiceLink Holdings, LLC.  FNFV holds majority and minority equity investment stakes in a number of entities, including American Blue Ribbon Holdings, LLC, Ceridian HCM, Inc., Fleetcor Technologies, Inc., Digital Insurance, Inc. and Del Frisco's Restaurant Group, Inc.  More information about FNF and FNFV can be found at www.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, the Company 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 earnings before interest, taxes and depreciation and amortization (EBITDA), adjusted earnings before interest, taxes and depreciation and amortization (Adjusted EBITDA), adjusted earnings before interest, taxes and depreciation as a percent of adjusted revenue (Adjusted EBITDA margin), adjusted net earnings, adjusted EPS and free cash flow.

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, 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, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; 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.

This press release should be read in conjunction with the press release filed for the results of FNFV on this same date as well as the risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-Q, 10-K and other filings with the Securities and Exchange Commission.

FNF-E

FNF GROUP

FIRST QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)







Three Months Ended

March 31, 2016

Total FNF
Group

Title

BKFS

FNF Group
Corporate and
Other

Direct title premiums

\\$

422

\\$

422

\\$

—

\\$

—

Agency title premiums

530

530

—

—

Escrow, title related and other fees (1)

741

466

242

33

Total title and escrow

1,693

1,418

242

33









Interest and investment income

29

29

—

—

Realized gains and losses, net

(3)

—

—

(3)

Total revenue

1,719

1,447

242

30









Personnel costs

614

506

96

12

Agent commissions

402

402

—

—

Other operating expenses

405

331

41

33

Depreciation and amortization

85

35

48

2

Claim loss expense

52

52

—

—

Interest expense

31

—

16

15

Total expenses

1,589

1,326

201

62









Pre-tax earnings (loss) from continuing operations

\\$

130

\\$

121

\\$

41

\\$

(32)









Non-GAAP adjustments before taxes






  Realized (gains) and losses, net

\\$

3

\\$

—

\\$

—

\\$

3

  Deferred revenue add back and management fee

2

—

2

—

  Purchase price amortization

41

21

20

—

 Total non-GAAP adjustments before taxes

\\$

46

\\$

21

\\$

22

\\$

3









  Adjusted pre-tax earnings (loss) from continuing ops.

\\$

176

\\$

142

\\$

63

\\$

(29)

  Adjusted pre-tax margin from continuing operations

10.2

%

9.8

%

25.8

%

—









Purchase price amortization

(41)

(21)

(20)

—

Depreciation and amortization

85

35

48

2

Interest expense

31

—

16

15









  Adjusted EBITDA

\\$

251

\\$

156

\\$

107

\\$

(12)

  Adjusted EBITDA margin

14.6

%

10.8

%

45.1

%

—









ServiceLink non-GAAP reconciliations:






ServiceLink pre-tax loss

\\$

(3)






Depreciation and amortization

21






ServiceLink EBITDA

18















ServiceLink pre-tax loss

\\$

(3)






Purchase price amortization

17






ServiceLink adjusted pre-tax earnings

\\$

14






1.         BKFS also reported adjusted revenue of \\$244 million, which includes \\$2 million of deferred revenue

FNF GROUP

FIRST QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)









Total FNF
Group

Title

BKFS

FNF Group
Corporate and
Other

Three Months Ended


March 31, 2016



Pre-tax earnings (loss) from continuing operations

\\$

130

\\$

121

\\$

41

\\$

(32)

  Income tax expense (benefit)

50

45

14

(9)

  Earnings from equity investments

3

3

—

—

  Non-controlling interests

10

(2)

12

—









Net earnings (loss) attributable to FNF Group common shareholders

\\$

73

\\$

81

\\$

15

\\$

(23)









EPS attributable to FNF Group common shareholders - basic

\\$

0.27

\\$

0.30

\\$

0.05

\\$

(0.08)

EPS attributable to FNF Group common shareholders - diluted

\\$

0.26

\\$

0.29

\\$

0.05

\\$

(0.08)









FNF Group weighted average shares - basic

274






FNF Group weighted average shares - diluted

281















Net earnings (loss) attributable to FNF Group common shareholders

\\$

73

\\$

81

\\$

15

\\$

(23)









 Total non-GAAP, pre-tax adjustments

46

21

22

3

  Noncontrolling interest on non-GAAP adjustments

(10)

(4)

(6)

—

  Income taxes on non-GAAP adjustments

(15)

(6)

(8)

(1)

Total non-GAAP adjustments

21

11

8

2









Adjusted net earnings (loss) attributable to FNF Group common shareholders

\\$

94

\\$

92

\\$

23

\\$

(21)









Adjusted EPS attributable to FNF Group common shareholders - diluted

\\$

0.33

\\$

0.33

\\$

0.08

\\$

(0.08)









Direct orders opened (000's)

517

517




Direct orders closed (000's)

322

322




Fee per file

\\$

2,032

\\$

2,032




Actual title claims paid

\\$

40

\\$

40













Cash flows provided by operations:

\\$

73















Capital expenditures

38






Free cash flow

\\$

35






FNF GROUP

FIRST QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)









Total FNF
Group

Title

BKFS

FNF Group
Corporate and
Other

Three Months Ended



March 31, 2015



Direct title premiums

\\$

417

\\$

417

\\$

—

\\$

—

Agency title premiums

441

441

—

—

Escrow, title related and other fees

695

450

227

18

Total title and escrow

1,553

1,308

227

18









Interest and investment income

30

30

—

—

Realized gains and losses, net

—

—

—

—

Total revenue

1,583

1,338

227

18









Personnel costs

585

480

97

8

Agent commissions

333

333

—

—

Other operating expenses

372

317

37

18

Depreciation and amortization

83

37

45

1

Claim loss expense

51

51

—

—

Interest expense

29

—

8

21

Total expenses

1,453

1,218

187

48









Pre-tax earnings (loss) from continuing operations

\\$

130

\\$

120

\\$

40

\\$

(30)









Non-GAAP adjustments before taxes






  Deferred revenue add back

2

—

2

—

  Management fee

1

—

1

—

  Purchase price amortization

43

21

21

1

 Total non-GAAP adjustments before taxes

\\$

46

\\$

21

\\$

24

\\$

1









  Adjusted pre-tax earnings (loss) from continuing operations

\\$

176

\\$

141

\\$

64

\\$

(29)

  Adjusted pre-tax margin from continuing operations

11.1

%

10.5

%

27.9

%

—









Purchase price amortization

(43)

(21)

(21)

(1)

Depreciation and amortization

83

37

45

1

Interest expense

29

—

8

21









  Adjusted EBITDA

\\$

245

\\$

157

\\$

96

\\$

(8)

  Adjusted EBITDA margin

15.5

%

11.7

%

41.9

%

—

FNF GROUP

FIRST QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)









Total FNF
Group

Title

BKFS

FNF Group
Corporate and
Other

Three Months Ended


March 31, 2015



Pre-tax earnings (loss) from continuing operations

\\$

130

\\$

120

\\$

40

\\$

(30)









  Income tax expense

47

43

—

4

  Earnings from equity investments

2

2

—

—

  Non-controlling interests

(1)

(5)

5

(1)









Net earnings (loss) attributable to FNF Group common shareholders

\\$

86

\\$

84

\\$

35

\\$

(33)









EPS attributable to FNF Group common shareholders - basic

\\$

0.31

\\$

0.30

\\$

0.13

\\$

(0.12)

EPS attributable to FNF Group common shareholders - diluted

\\$

0.30

\\$

0.30

\\$

0.12

\\$

(0.12)









FNF Group weighted average shares - basic

278






FNF Group weighted average shares - diluted

288















Net earnings (loss) attributable to FNF Group common shareholders

\\$

86

\\$

84

\\$

35

\\$

(33)









 Total non-GAAP, pre-tax adjustments

46

21

24

1

  Income taxes on non-GAAP adjustments

(12)

(6)

(6)

—

  Noncontrolling interest on non-GAAP adjustments

(14)

(6)

(8)

—

Total non-GAAP adjustments

20

9

10

1









Adjusted net earnings (loss) attributable to FNF Group common shareholders

\\$

106

\\$

93

\\$

45

\\$

(32)









Adjusted EPS attributable to FNF Group common shareholders - diluted

\\$

0.37

\\$

0.32

\\$

0.16

\\$

(0.11)









Direct orders opened (000's)

578

578




Direct orders closed (000's)

345

345




Fee per file

\\$

1,833

\\$

1,833




Actual title claims paid

\\$

60

\\$

60













Cash flows provided by operations:

\\$

35






Non-GAAP adjustments:






   THL Management Fee

1






Total non-GAAP adjustments

1















Adjusted cash flows from operations

36






Capital expenditures

34






Free cash flow

\\$

2






FNF GROUP

QUARTERLY OPERATING STATISTICS

(Unaudited)




















Q1 2016

Q4 2015

Q3 2015

Q2 2015

Q1 2015

Q4 2014

Q3 2014

Q2 2014

Quarterly Open Orders ('000's except % data)

Total open orders*

517

441

514

560

578

452

481

514

Total open orders per day*

8.3

7.0

8.0

8.8

9.5

7.1

7.5

8.0

Purchase % of open orders

55

%

55

%

58

%

57

%

47

%

52

%

60

%

60

%

Refinance % of open orders

45

%

45

%

42

%

43

%

53

%

48

%

40

%

40

%

Total closed orders*

322

341

378

408

345

334

348

342

Total closed orders per day*

5.2

5.4

5.9

6.4

5.7

5.3

5.4

5.3

Purchase % of closed orders

55

%

58

%

60

%

54

%

46

%

57

%

62

%

61

%

Refinance % of closed orders

45

%

42

%

40

%

46

%

54

%

43

%

38

%

39

%















Commercial (millions, except orders in '000's)

Total commercial revenue**

\\$

211

\\$

303

\\$

258

\\$

258

\\$

208

\\$

274

\\$

225

\\$

183

Total commercial open orders**

48.5

46.3

50.3

50.8

47.8

—

—

—

Total commercial closed orders**

30.7

36.3

33.0

32.4

29.6

—

—

—

















National commercial revenue

\\$

121

\\$

183

\\$

146

\\$

150

\\$

119

\\$

166

\\$

136

\\$

115

National commercial open orders

19.3

18.1

21.0

21.2

20.4

18.1

21.4

22.2

National commercial closed orders

10.6

13.4

12.2

12.5

11.1

12.7

12.8

11.8

















Total

Fee Per File

Fee per file

\\$

2,032

\\$

2,272

\\$

2,133

\\$

2,026

\\$

1,833

\\$

2,131

\\$

2,066

\\$

1,982

Residential and local commercial fee per file

\\$

1,713

\\$

1,806

\\$

1,805

\\$

1,711

\\$

1,538

\\$

1,699

\\$

1,739

\\$

1,750

Residential fee per file

\\$

1,522

\\$

1,548

\\$

1,589

\\$

1,514

1,346

—

—

—

Total commercial fee per file**

\\$

6,900

\\$

8,300

\\$

7,800

\\$

8,000

7,000

—

—

—

National commercial fee per file

\\$

11,400

\\$

13,600

\\$

12,000

\\$

12,000

\\$

10,700

\\$

13,100

\\$

10,600

\\$

9,800

















Total Staffing

Total field operations employees

10,900

10,700

11,000

10,900

10,400

9,900

10,200

10,200

















FNT Only Quarterly Operating Statistics ('000's except fee per file and staffing)

Total open orders*

429

360

422

458

456

354

385

403

Total open orders per day*

6.9

5.7

6.6

7.2

7.5

5.6

6.0

6.3

Purchase % of open orders

61

%

62

%

65

%

65

%

54

%

60

%

69

%

71

%

Refinance % of open orders

39

%

38

%

35

%

35

%

46

%

40

%

31

%

29

%

Total closed orders*

265

285

314

334

277

273

282

272

Total closed orders per day*

4.3

4.5

4.9

5.2

4.5

4.3

4.4

4.3

Purchase % of closed orders

60

%

63

%

66

%

61

%

52

%

63

%

70

%

71

%

Refinance % of closed orders

40

%

37

%

34

%

39

%

48

%

37

%

30

%

29

%

Fee per file

\\$

2,261

\\$

2,521

\\$

2,364

\\$

2,264

\\$

2,055

\\$

2,382

\\$

2,306

\\$

2,227

Total title field operations employees

9,700

9,500

9,700

9,600

9,100

8,700

8,900

8,700

















ServiceLink Only Quarterly Operating Statistics ('000's except fee per file and staffing)

Total Open Orders*

87

81

92

102

122

98

96

111

Total open orders per day*

1.4

1.3

1.4

1.6

2.0

1.6

1.5

1.7

Purchase % of open orders

24

%

22

%

23

%

22

%

17

%

23

%

23

%

20

%

Refinance % of open orders

76

%

78

%

77

%

78

%

83

%

77

%

77

%

80

%

Total closed orders

57

56

64

74

68

61

66

70

Total closed orders per day*

0.9

0.9

1.0

1.2

1.1

1.0

1.0

1.1

Purchase % of closed orders

28

%

31

%

26

%

21

%

22

%

26

%

24

%

18

%

Refinance % of closed orders

72

%

69

%

74

%

79

%

78

%

74

%

76

%

82

%

Fee per file

\\$

972

\\$

1,003

\\$

987

\\$

958

\\$

921

\\$

1,027

\\$

1,052

\\$

1,038

Total ServiceLink operating employees

1,200

1,200

1,300

1,300

1,300

1,200

1,300

1,500

* Includes an immaterial number of non-purchase and non-refinance orders
** Total commercial order and fee per file tracking began in January 2015

FNF GROUP

SUMMARY BALANCE SHEET INFORMATION

(In millions)





FNF Group

March 31, 2016

FNF Group

December 31, 2015

(Unaudited)

(Unaudited)

Cash and investment portfolio

\\$

4,957


\\$

4,898

Goodwill

4,579


4,572

Title plant

395


395

Total assets

12,533


12,502

Notes payable

2,535


2,593

Reserve for title claim losses

1,595


1,583

Secured trust deposits

840


701

Redeemable non-controlling interests

344


344

Non-redeemable non-controlling interests

732


720

Total equity and redeemable non-controlling interests

5,852


5,849

Total equity attributable to common shareholders

4,776


4,785












































FNF Group

March 31, 2016

FNFV

March 31, 2016

Consolidated

March 31, 2016

Consolidated

December 31, 2015

(Unaudited)

(Unaudited)

(Unaudited)


Cash and investment portfolio

\\$

4,957


\\$

701


\\$

5,658


\\$

5,633

Goodwill

4,579


187


4,766


4,760

Title plant

395


—


395


395

Total assets

12,533


1,410


13,943


13,931

Notes payable

2,535


207


2,742


2,793

Reserve for title claim losses

1,595


—


1,595


1,583

Secured trust deposits

840


—


840


701

Redeemable non-controlling interests

344


—


344


344

Non-redeemable non-controlling interests

732


116


848


834

Total equity and redeemable non-controlling interests

5,852


1,067


6,919


6,932

Total equity attributable to common shareholders

4,776


951


5,727


5,754

Fidelity National Financial, Inc.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited) 

Three Months Ended

March 31, 2016

Consolidated

Core

FNFV

Direct title premiums

\\$

422

\\$

422

\\$

—

Agency title premiums

530

530

—

     Total title premiums

952

952

—

Escrow, title-related and other fees

779

741

38

     Total title and escrow and other

1,731

1,693

38






Restaurant revenue

293

—

293

Interest and investment income

30

29

1

Realized gains and losses, net

(6)

(3)

(3)

     Total revenue

2,048

1,719

329






Personnel costs

652

614

38

Other operating expenses

432

405

27

Cost of restaurant revenue

245

—

245

Agent commissions

402

402

—

Depreciation and amortization

100

85

15

Title claim loss expense

52

52

—

Interest expense

34

31

3

     Total expenses

1,917

1,589

328






Earnings from continuing operations before taxes

131

130

1

Income tax expense (benefit)

49

50

(1)

Earnings from continuing operations before equity investments

82

80

2

Earnings (loss) from equity investments

2

3

(1)

Net earnings

84

83

1

Non-controlling interests

10

10

—

Net earnings attributable to common shareholders

\\$

74

\\$

73

\\$

1






Cash flows provided by operations

92

73

19

Fidelity National Financial, Inc.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited)

Three Months Ended

March 31, 2015

Consolidated

Core

FNFV

Direct title premiums

\\$

417

\\$

417

\\$

—

Agency title premiums

441

441

—

     Total title premiums

858

858

—

Escrow, title-related and other fees

808

695

113

     Total title and escrow and other

1,666

1,553

113






Restaurant revenue

364

—

364

Interest and investment income

31

30

1

Realized gains and losses, net

—

—

—

     Total revenue

2,061

1,583

478






Personnel costs

623

585

38

Other operating expenses

466

372

94

Cost of restaurant revenue

306

—

306

Agent commissions

333

333

—

Depreciation and amortization

100

83

17

Title claim loss expense

51

51

—

Interest expense

31

29

2

     Total expenses

1,910

1,453

457






Earnings from continuing operations before taxes

151

130

21

Income tax expense

50

47

3

Earnings from continuing operations before equity investments

101

83

18

(Loss) earnings from equity investments

(1)

2

(3)

Net earnings

100

85

15

Non-controlling interests

14

(1)

15

Net earnings attributable to common shareholders

\\$

86

\\$

86

\\$

—






Cash flows provided by operations

42

35

7