OREANDA-NEWS. October 28, 2015. Fidelity National Financial, Inc. today reported the operating results for FNFV Group (NYSE:FNFV), a tracking stock established to highlight the inherent value of the portfolio companies of Fidelity National Financial, Inc., for the three and nine-month periods ended September 30, 2015. 

  • Total revenue of \\$369 million in the third quarter versus \\$367 million in the third quarter of 2014
  • Third quarter adjusted diluted EPS of \\$0.00 versus adjusted diluted EPS of \\$(0.06) in the third quarter of 2014
  • Adjusted EBITDA of \\$18 million for the third quarter versus adjusted EBITDA of \\$13 million for the third quarter of 2014
  • Third quarter FNFV free cash flow used of \\$14 million versus \\$21 million used in the third quarter of 2014
  • \\$176 million in holding company cash on September 30, 2015
  • Approximately 75.8 million common shares and 78 million diluted shares currently outstanding; since the formation of FNFV in July 2014, approximately 17 million FNFV shares have been repurchased

Restaurant Group

  • \\$338 million in total revenue, adjusted EBITDA of \\$16 million and adjusted EBITDA margin of 4.6% for the third quarter versus approximately \\$343 million in total revenue, adjusted EBITDA of \\$13 million and an adjusted EBITDA margin of 3.8% in the third quarter of 2014
  • American Blue Ribbon Holdings generated \\$289 million in total revenue and adjusted EBITDA of more than \\$11 million;  same store sales increased approximately 1.0% in the third quarter, with Ninety Nine, Bakers Square and  Village Inn leading the way at 3.9%, 0.6% and 0.4%, respectively; O'Charley's same stores sale were flat, breaking a string of seven consecutive quarters of sales increases
  • J. Alexander's produced \\$49 million in total revenue and adjusted EBITDA of more than \\$4 million

Ceridian HCM

  • Third quarter total revenue of approximately \\$186 million, a 3% decline from the third quarter of 2014 and EBITDA of more than \\$15 million, for an EBITDA margin of approximately 8%

Digital Insurance

  • Third quarter total revenue of \\$30 million, a 21% increase over the third quarter of 2014; pre-tax earnings of nearly \\$1 million, EBITDA of \\$7 million, a 29% increase over the third quarter of 2014, and a third quarter EBITDA margin of more than 22%

Monetization Initiatives

  • Completed the tax-free distribution of

    J.Alexander's common stock to FNFV shareholders on September 28, 2015; FNFV shareholders received 0.17272 shares of J. Alexander's for each share of FNFV common stock; J. Alexander's began trading as an independent public company on September 29, 2015

  • In October, received gross proceeds of approximately \\$136 million from the indirect sale of approximately 912,000 shares of Fleetcor common stock in September 2015; net, after-tax proceeds were approximately \\$108 million; these proceeds are not included in the September 30, 2015 holding company cash balance of \\$176 million
  • Repurchased nearly 2.3 million shares of FNFV common stock for approximately \\$33 million during the third quarter; since the formation of FNFV, more than 17 million shares of common stock have been repurchased

"We again were successful in completing several monetization events during the quarter at FNFV," said Chairman

William P. Foley, II.  "On September 28, 2015, we successfully distributed the common stock of J. Alexander's to our shareholders at a rate of 0.17272 shares of J. Alexander's for each share of FNFV.  J. Alexander's began trading as an independent public company on September 29 , 2015.  We have confidence that the J. Alexander's management team will create value for our FNFV shareholders that hold on to their ownership in

J. Alexander's.  In September, we indirectly sold approximately 912,000 shares of Fleetcor common stock and in October, FNFV received approximately \\$136 million in gross cash proceeds and \\$108 million in net, after-tax, cash proceeds.  We also continued our share repurchase efforts in the third quarter, buying back an additional 2.3 million shares of FNFV common stock for approximately \\$33 million and we ended the quarter with approximately \\$176 million of cash at the FNFV holding company level."

Conference Call

We will host a call with investors and analysts to discuss third quarter 2015 results of FNFV on Wednesday, October 28, 2015, beginning at 10:00 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 12:00 p.m. Eastern time on October 28, 2015, through November 4, 2015, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 370126.

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, J. Alexander's, LLC , Ceridian HCM, Inc., Fleetcor Technologies, Inc. and Digital Insurance, 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 FNF Group 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.

FIDELITY NATIONAL FINANCIAL VENTURES
THIRD QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)

Total FNFV

Restaurant Group

FNFV

Corporate and Other

Three Months Ended


September 30, 2015


Operating revenue

\\$

378

\\$

349

\\$

29

Interest and investment income

1

—

1

Realized gains and losses, net

(10)

(11)

1

Total revenue

369

338

31







Personnel costs

39

17

22

Other operating expenses

24

18

6

Cost of restaurant revenue

302

302

—

Depreciation and amortization

17

12

5

Interest expense

3

2

1

Total expenses

385

351

34







Pre-tax loss from continuing operations

\\$

(16)

\\$

(13)

\\$

(3)







Non-GAAP adjustments before taxes





  Realized (gains) and losses, net

\\$

10

\\$

11

\\$

(1)

  Purchase price amortization

7

3

4

  IPO costs

4

4

—

 Total non-GAAP adjustments before taxes

\\$

21

\\$

18

\\$

3







  Adjusted pre-tax earnings from continuing operations

\\$

5

\\$

5

\\$

—

  Adjusted pre-tax margin from continuing operations

1.3

%

1.4

%

—







Purchase price amortization

(7)

(3)

(4)

Depreciation and amortization

17

12

5

Interest expense

3

2

1







  Adjusted EBITDA

\\$

18

\\$

16

\\$

2

  Adjusted EBITDA margin

4.7

%

4.6

%

6.7

%

FIDELITY NATIONAL FINANCIAL VENTURES
THIRD QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)

Total FNFV

Restaurant Group

FNFV

Corporate and Other

Three Months Ended


September 30, 2015


Pre-tax loss from continuing operations

\\$

(16)

\\$

(13)

\\$

(3)







  Income tax benefit

(14)

—

(14)

  Loss from equity investments

(21)

—

(21)

  Non-controlling interests

(5)

(5)

—







Net losses attributable to FNFV common shareholders

\\$

(18)

\\$

(8)

\\$

(10)







EPS attributable to FNFV common shareholders - basic

\\$

(0.24)

\\$

(0.11)

\\$

(0.13)

EPS attributable to FNFV common shareholders - diluted

\\$

(0.24)

\\$

(0.11)

\\$

(0.13)







FNFV weighted average shares - basic

76




FNFV weighted average shares - diluted

78











Net losses attributable to FNFV common shareholders

\\$

(18)

\\$

(8)

\\$

(10)







 Total non-GAAP, pre-tax adjustments

\\$

21

\\$

18

\\$

3

  Income taxes on non-GAAP adjustments

(12)

(5)

(7)

  Ceridian Divestiture Loss

15

—

15

  Noncontrolling interest on non-GAAP adjustments

(6)

(6)

—

Total non-GAAP adjustments

18

7

11







Adjusted net earnings (loss) attributable to FNFV common shareholders

\\$

—

\\$

(1)

\\$

1







Adjusted EPS attributable to FNFV common shareholders - diluted

\\$

—

\\$

(0.01)

\\$

0.01







Cash flows provided by operations:

\\$

3




Non-GAAP adjustments:





IPO costs

4




Total non-GAAP adjustments

4











Adjusted cash flows from operations

7




Capital expenditures

21




Free cash flow

\\$

(14)




FIDELITY NATIONAL FINANCIAL VENTURES
THIRD QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)

Total FNFV

Restaurant Group

FNFV

Corporate and Other

Three Months Ended


September 30, 2014


Operating revenue

\\$

371

\\$

343

\\$

28

Interest and investment income

1

—

1

Realized gains and losses, net

(5)

—

(5)

Total revenue

367

343

24







Personnel costs

42

19

23

Other operating expenses

21

15

6

Cost of restaurant revenue

296

296

—

Depreciation and amortization

17

14

3

Interest expense

—

2

(2)

Total expenses

376

346

30







Pre-tax losses from continuing operations

\\$

(9)

\\$

(3)

\\$

(6)







Non-GAAP adjustments before taxes





  Realized (gains) and losses, net

\\$

5

\\$

—

\\$

5

  Purchase price amortization

6

4

2

 Total non-GAAP adjustments before taxes

\\$

11

\\$

4

\\$

7







  Adjusted pre-tax earnings from continuing operations

\\$

2

\\$

1

\\$

1

  Adjusted pre-tax margin from continuing operations

0.5

%

0.3

%

3.4

%





Purchase price amortization

(6)

(4)

(2)

Depreciation and amortization

17

14

3

Interest expense

—

2

(2)







  Adjusted EBITDA

\\$

13

\\$

13

\\$

—

  Adjusted EBITDA margin

3.5

%

3.8

%

—

FIDELITY NATIONAL FINANCIAL VENTURES
THIRD QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)

Total FNFV

Restaurant Group

FNFV

Corporate and Other

Three Months Ended


September 30, 2014


Pre-tax losses from continuing operations

\\$

(9)

\\$

(3)

\\$

(6)







  Income tax benefit

(8)

—

(8)

Loss from equity investments

(8)

—

(8)

  Loss from discontinued operations, net of tax

(13)

—

(13)

  Non-controlling interests

(10)

(2)

(8)







Net loss attributable to FNFV common shareholders

\\$

(12)

\\$

(1)

\\$

(11)







EPS attributable to FNFV common shareholders - basic

\\$

(0.13)

\\$

(0.01)

\\$

(0.12)

EPS attributable to FNFV common shareholders - diluted

\\$

(0.13)

\\$

(0.01)

\\$

(0.12)







FNFV weighted average shares - basic

92




FNFV weighted average shares - diluted

93











Net loss attributable to FNFV common shareholders

\\$

(12)

\\$

(1)

\\$

(11)







 Total non-GAAP, pre-tax adjustments

\\$

11

\\$

4

\\$

7

  Income taxes on non-GAAP adjustments

(3)

—

(3)

  Noncontrolling interest on non-GAAP adjustments

(2)

(2)

—

Total non-GAAP adjustments

6

2

4







Adjusted net earnings attributable to FNFV common shareholders

\\$

(6)

\\$

1

\\$

(7)







Adjusted EPS attributable to FNFV common shareholders - diluted

\\$

(0.06)

\\$

0.01

\\$

(0.07)







Adjusted net earnings attributable to FNFV common shareholders

\\$

(6)

\\$

1

\\$

(7)

Loss from discontinued operations, net of tax

13

—

13

Non-controlling interests on discontinued operations

(8)

—

(8)

Adjusted net earnings (loss) from continuing operations attributable to FNFV common shareholders

\\$

(1)

\\$

1

\\$

(2)







Adjusted EPS from continuing operations attributable to FNFV common shareholders - diluted

\\$

(0.01)

\\$

0.01

\\$

(0.02)







Cash flows used by operations:

\\$

8











Capital expenditures

29




Free cash flow

\\$

(21)




FIDELITY NATIONAL FINANCIAL VENTURES
YTD QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)

Total FNFV

Restaurant Group

FNFV

Corporate and Other

Nine Months Ended


September 30, 2015


Operating revenue

\\$

1,256

\\$

1,084

\\$

172

Interest and investment income

2

—

2

Realized gains and losses, net

(11)

(11)

—

Total revenue

1,247

1,073

174







Personnel costs

115

50

65

Other operating expenses

147

55

92

Cost of restaurant revenue

921

921

—

Depreciation and amortization

51

38

13

Interest expense

6

5

1

Total expenses

1,240

1,069

171







Pre-tax earnings from continuing operations

\\$

7

\\$

4

\\$

3







Non-GAAP adjustments before taxes





  Realized (gains) and losses, net

\\$

11

\\$

11

\\$

—

  Purchase price amortization

21

11

10

  IPO costs

7

7

—

 Total non-GAAP adjustments before taxes

\\$

39

\\$

29

\\$

10







  Adjusted pre-tax earnings from continuing operations

\\$

46

\\$

33

\\$

13

  Adjusted pre-tax margin from continuing operations

3.7

%

3.0

%

7.5

%





Purchase price amortization

(21)

(11)

(10)

Depreciation and amortization

51

38

13

Interest expense

6

5

1







  Adjusted EBITDA

\\$

82

\\$

65

\\$

17

  Adjusted EBITDA margin

6.5

%

6.0

%

9.8

%

FIDELITY NATIONAL FINANCIAL VENTURES
YTD QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)

Total FNFV

Restaurant Group

FNFV

Corporate and Other

Nine Months Ended


September 30, 2015


Pre-tax earnings from continuing operations

\\$

7

\\$

4

\\$

3







  Income tax benefit

(18)

—

(18)

 Loss from equity investments

(20)

—

(20)

  Non-controlling interests

13

1

12







Net (loss) earnings attributable to FNFV common shareholders

\\$

(8)

\\$

3

\\$

(11)







EPS attributable to FNFV common shareholders - basic

\\$

(0.10)

\\$

0.04

\\$

(0.14)

EPS attributable to FNFV common shareholders - diluted

\\$

(0.10)

\\$

0.04

\\$

(0.14)







FNFV weighted average shares - basic

81




FNFV weighted average shares - diluted

84











Net (loss) earnings attributable to FNFV common shareholders

\\$

(8)

\\$

3

\\$

(11)







 Total non-GAAP, pre-tax adjustments

\\$

39

\\$

29

\\$

10

  Income taxes on non-GAAP adjustments

(17)

(7)

(10)

  Ceridian Divestiture Loss

15

—

15

  Noncontrolling interest on non-GAAP adjustments

(11)

(11)

—

Total non-GAAP adjustments

26

11

15







Adjusted net earnings attributable to FNFV common shareholders

\\$

18

\\$

14

\\$

4







Adjusted EPS attributable to FNFV common shareholders - diluted

\\$

0.21

\\$

0.17

\\$

0.04







Cash flows used by operations:

\\$

7




Non-GAAP adjustments:





  IPO costs

7




Total Non-GAAP adjustments

7











Adjusted cash flows from operations

14




Capital expenditures

45




Free cash flow

\\$

(31)




FIDELITY NATIONAL FINANCIAL VENTURES
YTD QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)

Total FNFV

Restaurant Group

FNFV

Corporate and Other

Nine Months Ended


September 30, 2014


Operating revenue

\\$

1,137

\\$

1,055

\\$

82

Interest and investment income

5

—

5

Realized gains and losses, net

(6)

(1)

(5)

Total revenue

1,136

1,054

82







Personnel costs

114

52

62

Other operating expenses

61

46

15

Cost of restaurant revenue

899

899

—

Depreciation and amortization

49

39

10

Interest expense

3

5

(2)

Total expenses

1,126

1,041

85







Pre-tax earnings (loss) from continuing operations

\\$

10

\\$

13

\\$

(3)







Non-GAAP adjustments before taxes





  Realized (gains) and losses, net

\\$

6

\\$

1

\\$

5

  Purchase price amortization

19

11

8

 Total non-GAAP adjustments before taxes

\\$

25

\\$

12

\\$

13







  Adjusted pre-tax earnings from continuing operations

\\$

35

\\$

25

\\$

10

  Adjusted pre-tax margin from continuing operations

3.1

%

2.4

%

11.5

%





Purchase price amortization

(19)

(11)

(8)

Depreciation and amortization

49

39

10

Interest expense

3

5

(2)







  Adjusted EBITDA

\\$

68

\\$

58

\\$

10

  Adjusted EBITDA margin

6.0

%

5.5

%

11.5

%

FIDELITY NATIONAL FINANCIAL VENTURES
YTD QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)

Total FNFV

Restaurant Group

FNFV

Corporate and Other

Nine Months Ended


September 30, 2014


Pre-tax earnings (loss) from continuing operations

\\$

10

\\$

13

\\$

(3)







  Income tax benefit

(13)

—

(13)

Loss from equity investments

(46)

—

(46)

  Non-controlling interests

1

4

(3)







Net (loss) earnings attributable to FNFV common shareholders

\\$

(24)

\\$

9

\\$

(33)







EPS attributable to Old FNF common shareholders - basic

\\$

(0.04)

\\$

0.04

\\$

(0.08)

EPS attributable to Old FNF common shareholders - diluted

\\$

(0.04)

\\$

0.04

\\$

(0.08)







EPS attributable to FNFV common shareholders - basic

\\$

(0.13)

\\$

(0.01)

\\$

(0.12)

EPS attributable to FNFV common shareholders - diluted

\\$

(0.13)

\\$

(0.01)

\\$

(0.12)







Old FNF weighted average shares - basic

183




Old FNF weighted average shares - diluted

189











FNFV weighted average shares - basic

31




FNFV weighted average shares - diluted

31











Net (loss) earnings attributable to FNFV common shareholders

\\$

(24)

\\$

9

\\$

(33)







 Total non-GAAP, pre-tax adjustments

\\$

25

\\$

12

\\$

13

Ceridian truck stop settlement

34

—

34

  Income taxes on non-GAAP adjustments

(21)

(3)

(18)

  Noncontrolling interest on non-GAAP adjustments

(5)

(5)

—

Total non-GAAP adjustments

33

4

29







Adjusted net earnings (loss) attributable to FNFV common shareholders

\\$

9

\\$

13

\\$

(4)







Adjusted EPS attributable to FNFV common shareholders - diluted

\\$

0.29

\\$

0.42

\\$

(0.13)







Adjusted net earnings (loss) attributable to FNFV common shareholders

\\$

9

\\$

13

\\$

(4)

  Earnings from discontinued operations, net of tax

—

—

—

  Non-controlling interests on discontinued operations

(2)

—

(2)

Adjusted net earnings (loss) from continuing operations attributable to FNFV common shareholders

\\$

7

\\$

13

\\$

(6)







Cash flows provided by operations:

\\$

1











Capital expenditures

58




Free cash flow

\\$

(57)




FIDELITY NATIONAL FINANCIAL VENTURES
SUMMARY BALANCE SHEET AND BOOK VALUE SUMMARY
(In millions)

FNFV

September 30, 2015

FNFV

December 31, 2014

(Unaudited)

(Unaudited)

Cash and investment portfolio

\\$

781


\\$

1,009

Goodwill

188


206

Total assets

1,488


1,919

Notes payable

211


121

Non-controlling interest

111


137

Total equity and redeemable non-controlling interests

1,124


1,515

Total equity attributable to common shareholders

1,013


1,378


FNF Group

September 30, 2015

FNFV

September 30, 2015

Consolidated

September 30, 2015

Consolidated

December 31, 2014

(Unaudited)

(Unaudited)

(Unaudited)


Cash and investment portfolio

\\$

4,924


\\$

781



\\$

5,705


\\$

5,369

Goodwill

4,543


188



4,731


4,721

Title plant

394


—



394


393

Total assets

12,548


1,488



14,036


13,845

Notes payable

2,600


211



2,811


2,803

Reserve for title claim losses

1,605


—



1,605


1,621

Secured trust deposits

684


—



684


622

Redeemable non-controlling interests

344


—



344


715

Non-redeemable non-controlling interests

703


111



814


79

Total equity and redeemable non-controlling interests

5,825


1,124



6,949


6,788

Total equity attributable to common shareholders

4,778


1,013



5,791


5,994

 Adjusted Book Value Summary

FNFV

September 30, 2015

FNFV

December 31, 2014

(Unaudited)

(Unaudited)

Ceridian/Fleetcor

\\$

501


\\$

632

American Blue Ribbon Holdings

167


159

J. Alexander's

—


100

Digital Insurance

73


149

Holding Company Cash

176


164

Other

97


111

     FNFV Book Value

\\$

1,014


\\$

1,315

FIDELITY NATIONAL FINANCIAL, INC.
CONSOLIDATED SUMMARY OF EARNINGS
(In millions)
(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 2015

September 30, 2015

Consolidated

Core

FNFV

Consolidated

Core

FNFV

Direct title premiums

\\$

524

\\$

524

\\$

—


\\$

1,488

\\$

1,488

\\$

—

Agency title premiums

647

647

—


1,685

1,685

—

     Total title premiums

1,171

1,171

—


3,173

3,173

—

Escrow, title-related and other fees

852

823

29


2,517

2,345

172

     Total title and escrow and other

2,023

1,994

29


5,690

5,518

172













Restaurant revenue

349

—

349


1,084

—

1,084

Interest and investment income

30

29

1


93

91

2

Realized gains and losses, net

(10)

—

(10)


(19)

(8)

(11)

     Total revenue

2,392

2,023

369


6,848

5,601

1,247













Personnel costs

680

641

39


1,993

1,878

115

Other operating expenses

476

452

24


1,424

1,277

147

Cost of restaurant revenue

302

—

302


921

—

921

Agent commissions

495

495

—


1,279

1,279

—

Depreciation and amortization

102

85

17


306

255

51

Title claim loss expense

65

65

—


185

185

—

Interest expense

34

31

3


97

91

6

     Total expenses

2,154

1,769

385


6,205

4,965

1,240













Earnings (loss) from continuing operations before taxes

238

254

(16)


643

636

7

Income tax expense (benefit)

81

95

(14)


219

237

(18)

Earnings (loss) from continuing operations before equity investments

157

159

(2)


424

399

25

(Loss) earnings from equity investments

(19)

2

(21)


(16)

4

(20)

Net earnings (loss)

138

161

(23)


408

403

5

Non-controlling interests

6

11

(5)


20

7

13

Net earnings (loss)  attributable to common shareholders

\\$

132

\\$

150

\\$

(18)


\\$

388

\\$

396

\\$

(8)













Cash flows provided by operations

280

277

3


660

653

7

FIDELITY NATIONAL FINANCIAL, INC.
CONSOLIDATED SUMMARY OF EARNINGS
(In millions)
(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 2014

September 30, 2014

Consolidated

Core

FNFV

Consolidated

Core

FNFV

Direct title premiums

\\$

465

\\$

465

\\$

—


\\$

1,249

\\$

1,249

\\$

—

Agency title premiums

528

528

—


1,450

1,450

—

  Total title premiums

993

993

—


2,699

2,699

—

Escrow, title-related and other fees

736

708

28


2,097

2,015

82

     Total title and escrow and other

1,729

1,701

28


4,796

4,714

82













Restaurant revenue

343

—

343


1,055

—

1,055

Interest and investment income

28

27

1


93

88

5

Realized gains and losses, net

(7)

(2)

(5)


(6)

—

(6)

     Total revenue

2,093

1,726

367


5,938

4,802

1,136













Personnel costs

626

584

42


1,888

1,774

114

Other operating expenses

411

390

21


1,247

1,186

61

Cost of restaurant revenue

296

—

296


899

—

899

Agent commissions

396

396

—


1,098

1,098

—

Depreciation and amortization

101

84

17


302

253

49

Title claim loss expense

59

59

—


169

169

—

Interest expense

32

32

—


96

93

3

     Total expenses

1,921

1,545

376


5,699

4,573

1,126













Earnings (loss) from continuing operations before taxes

172

181

(9)


239

229

10

Income tax expense (benefit)

65

73

(8)


79

92

(13)

Earnings from continuing operations before equity investments

107

108

(1)


160

137

23

(Loss) earnings from equity investments

(7)

1

(8)


(43)

3

(46)

Net earnings (loss) from continuing operations

100

109

(9)


117

140

(23)

Loss from discontinued operations, net of tax

(13)

—

(13)


(1)

(1)

—

Net earnings (loss)

87

109

(22)


116

139

(23)

Non-controlling interests

(15)

(5)

(10)


(75)

(76)

1

Net earnings (loss) attributable to common shareholders

\\$

102

\\$

114

\\$

(12)


\\$

191

\\$

215

\\$

(24)













Cash flows provided by operations

300

292

8


289

288

1