FNFV Reports Fourth Quarter 2015 Results With $969 Million Book Value of Portfolio Company Investments, or $13.43 Per Share; Repurchased Additional 3.6 Million Shares of Common Stock in Fourth Quarter

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Feb 10, 2016, 04:11 ET

JACKSONVILLE, Fla., Feb. 10, 2016 /PRNewswire/ -- 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 twelve-month periods ended December 31, 2015.

Total revenue of $351 million in the fourth quarter versus $398 million in the fourth quarter of 2014
Fourth quarter adjusted diluted EPS of $0.04 versus adjusted diluted EPS of $0.17 in the fourth quarter of 2014
Adjusted EBITDA of $25 million for the fourth quarter versus adjusted EBITDA of $26 million for the fourth quarter of 2014
Fourth quarter FNFV free cash flow of $7 million versus $65 million in the fourth quarter of 2014
$245 million in holding company cash on December 31, 2015
Repurchased approximately 3.6 million shares of common stock for more than $39 million in the fourth quarter
Since the formation of FNFV in July 2014, more than 20.5 million shares of FNFV common stock have been repurchased for a total of approximately $291 million; approximately 22% of the shares of FNFV common stock distributed in July 2014 have been repurchased

Restaurant Group

$320 million in total revenue, adjusted EBITDA of $25 million and adjusted EBITDA margin of 7.6% for the fourth quarter versus approximately $369 million in total revenue, adjusted EBITDA of $28 million and an adjusted EBITDA margin of 7.3% in the fourth quarter of 2014
Same store sales increased approximately 0.6% in the fourth quarter, as Ninety Nine, Bakers Square and O'Charley's had same store sales growth of 2.9%, 1.6% and 0.6%, respectively

Ceridian HCM

Fourth quarter total revenue of approximately $205 million, a 2% decrease from the fourth quarter of 2014 and EBITDA of more than $29 million, a 15% improvement over the fourth quarter of 2014, for an EBITDA margin of approximately 14%

Digital Insurance

Fourth quarter total revenue of $31 million, a 24% increase over the fourth quarter of 2014; adjusted EBITDA of more than $6 million, a 44% increase over the fourth quarter of 2014, and a fourth quarter EBITDA margin of more than 20%

Monetization and Investment Initiatives

In separate transactions in September, October and December, received gross proceeds of approximately $157 million from the indirect sale of approximately 1.1 million shares of Fleetcor common stock; net, after-tax proceeds were approximately $125 million
Repurchased nearly 3.6 million shares of FNFV common stock for more than $39 million during the fourth quarter; since the formation of FNFV in July 2014, more than 20.5 million shares of common stock have been repurchased for a total of approximately $291 million
During the fourth quarter, purchased approximately 2.2 million shares of Del Frisco's Restaurant Group common stock for a total investment of nearly $32 million; incremental purchases made in January and February 2016 resulted in a total investment of approximately 2.9 million shares (12.4% of outstanding shares) for nearly $42 million

"We again were successful in completing several monetization events during the quarter at FNFV," said Chairman William P. Foley, II. "In separate transactions during the quarter we indirectly sold approximately 1.1 million shares of Fleetcor common stock for gross proceeds of approximately $157 million and $125 million in net, after-tax, cash proceeds. We also continued our share repurchase efforts in the fourth quarter, buying back an additional 3.6 million shares of FNFV common stock for approximately $39 million. We also made our first new investment through FNFV, buying approximately 2.9 million shares of Del Frisco's Restaurant Group common stock for a total investment of nearly $42 million. We continue to seek to maximize the value of current and future investments for the benefit of our shareholders."

Conference Call
We will host a call with investors and analysts to discuss fourth quarter 2015 results of FNFV on Thursday, February 11, 2016, 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 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 2:00 p.m. Eastern time on February 11, 2016, through February 18, 2016, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 383825.

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., 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 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.

FNFV-E

FIDELITY NATIONAL FINANCIAL VENTURES FOURTH QUARTER SEGMENT INFORMATION (In millions) (Unaudited)
	Total FNFV			Restaurant Group			FNFV Corporate and Other
*Three Months Ended*
*December 31, 2015*
Operating revenue	$	359		$	328		$	31
Realized gains and losses, net	(8)			(8)			—
Total revenue	351			320			31

Personnel costs	42			15			27
Other operating expenses	20			16			4
Cost of restaurant revenue	274			274			—
Depreciation and amortization	14			11			3
Interest expense	3			1			2
Total expenses	353			317			36

Pre-tax (loss) earnings from continuing operations	$	(2)		$	3		$	(5)

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	$	8		$	8		$	—
Purchase price amortization	8			4			4
IPO costs	2			2			—
Total non-GAAP adjustments before taxes	$	18		$	14		$	4

Adjusted pre-tax earnings (loss) from continuing operations	$	16		$	17		$	(1)
Adjusted pre-tax margin from continuing operations	4.5		%	5.2		%	—

Purchase price amortization	(8)			(4)			(4)
Depreciation and amortization	14			11			3
Interest expense	3			1			2

Adjusted EBITDA	$	25		$	25		$	—
Adjusted EBITDA margin	7.0		%	7.6		%	—

FIDELITY NATIONAL FINANCIAL VENTURES FOURTH QUARTER SEGMENT INFORMATION (In millions) (Unaudited)
	Total FNFV		Restaurant Group		FNFV Corporate and Other
*Three Months Ended*
*December 31, 2015*
Pre-tax (loss) earnings from continuing operations	$	(2)	$	3	$	(5)

Income tax (benefit) expense	(2)		(2)		—
Loss from equity investments	(2)		—		(2)
Non-controlling interests	3		2		1

Net (loss) earnings attributable to FNFV common shareholders	$	(5)	$	3	$	(8)

EPS attributable to FNFV common shareholders - basic	$	(0.07)	$	0.04	$	(0.11)
EPS attributable to FNFV common shareholders - diluted	$	(0.07)	$	0.04	$	(0.11)

FNFV weighted average shares - basic	73
FNFV weighted average shares - diluted	75

Net (loss) earnings attributable to FNFV common shareholders	$	(5)	$	3	$	(8)

Total non-GAAP, pre-tax adjustments	$	18	$	14	$	4
Income taxes on non-GAAP adjustments	(4)		(3)		(1)
Noncontrolling interest on non-GAAP adjustments	(6)		(6)		—
Total non-GAAP adjustments	8		5		3

Adjusted net earnings (loss) attributable to FNFV common shareholders	$	3	$	8	$	(5)

Adjusted EPS attributable to FNFV common shareholders - diluted	$	0.04	$	0.11	$	(0.07)

Cash flows provided by operations:	$	22
Non-GAAP adjustments:
IPO costs	2
Total non-GAAP adjustments	2

Adjusted cash flows from operations	24
Capital expenditures	17
Free cash flow	$	7

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

	Total FNFV			Restaurant Group			FNFV Corporate and Other
*Three Months Ended*
*December 31, 2014*
Operating revenue	$	409		$	381		$	28
Realized gains and losses, net	(11)			(12)			1
Total revenue	398			369			29

Personnel costs	56			17			39
Other operating expenses	25			15			10
Cost of restaurant revenue	321			321			—
Depreciation and amortization	18			13			5
Interest expense	2			3			(1)
Total expenses	422			369			53

Pre-tax loss from continuing operations	$	(24)		$	—		$	(24)

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	$	11		$	12		$	(1)
FNFV incentive plan accrual	19			—			19
Purchase price amortization	8			4			4
Total non-GAAP adjustments before taxes	$	38		$	16		$	22

Adjusted pre-tax earnings (loss) from continuing operations	$	14		$	16		$	(2)
Adjusted pre-tax margin from continuing operations	3.4		%	4.2		%	—

Purchase price amortization	(8)			(4)			(4)
Depreciation and amortization	18			13			5
Interest expense	2			3			(1)

Adjusted EBITDA	$	26		$	28		$	(2)
Adjusted EBITDA margin	6.4		%	7.3		%	—

(1) Results for J. Alexander's are included in the 2014 results.

FIDELITY NATIONAL FINANCIAL VENTURES FOURTH QUARTER SEGMENT INFORMATION (In millions) (Unaudited)
	Total FNFV		Restaurant Group		FNFV Corporate and Other
*Three Months Ended*
*December 31, 2014*
Pre-tax loss from continuing operations	$	(24)	$	—	$	(24)

Income tax expense	163		1		162
Earnings from equity investments	474		—		474
Income from discontinued operations, net of tax	8		—		8
Non-controlling interests	3		(2)		5

Net earnings attributable to FNFV common shareholders	$	292	$	1	$	291

EPS attributable to FNFV common shareholders - basic	$	3.17	$	0.01	$	3.16
EPS attributable to FNFV common shareholders - diluted	$	3.14	$	0.01	$	3.13

FNFV weighted average shares - basic	92
FNFV weighted average shares - diluted	93

Net earnings attributable to FNFV common shareholders	$	292	$	1	$	291

Total non-GAAP, pre-tax adjustments	$	38	$	16	$	22
FNFV portion of gain on sale of Comdata	(490)		—		(490)
Impairment of Fidelity National Environmental Solutions investment	15		—		15
Income taxes on non-GAAP adjustments	169		(3)		172
Noncontrolling interest on non-GAAP adjustments	(8)		(8)		—
Total non-GAAP adjustments	(276)		5		(281)

Adjusted net earnings attributable to FNFV common shareholders	$	16	$	6	$	10

Adjusted EPS attributable to FNFV common shareholders - diluted	$	0.17	$	0.06	$	0.11

Cash flows provided by operations:	$	93

Capital expenditures	28
Free cash flow	$	65

(1) Results for Remy and J. Alexander's are included in the 2014 results.

FIDELITY NATIONAL FINANCIAL VENTURES YTD SEGMENT INFORMATION (In millions) (Unaudited)
	Total FNFV			Restaurant Group			FNFV Corporate and Other
*Twelve Months Ended*
*December 31, 2015*
Operating revenue	$	1,615		$	1,412		$	203
Interest and investment income	2			—			2
Realized gains and losses, net	(19)			(19)			—
Total revenue	1,598			1,393			205

Personnel costs	157			65			92
Other operating expenses	167			71			96
Cost of restaurant revenue	1,195			1,195			—
Depreciation and amortization	65			49			16
Interest expense	9			6			3
Total expenses	1,593			1,386			207

Pre-tax earnings (loss) from continuing operations	$	5		$	7		$	(2)

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	$	19		$	19		$	—
Purchase price amortization	29			15			14
IPO costs	9			9			—
Total non-GAAP adjustments before taxes	$	57		$	43		$	14

Adjusted pre-tax earnings from continuing operations	$	62		$	50		$	12
Adjusted pre-tax margin from continuing operations	3.8		%	3.5		%	5.9		%

Purchase price amortization	(29)			(15)			(14)
Depreciation and amortization	65			49			16
Interest expense	9			6			3

Adjusted EBITDA	$	107		$	90		$	17
Adjusted EBITDA margin	6.6		%	6.4		%	8.3		%

FIDELITY NATIONAL FINANCIAL VENTURES YTD SEGMENT INFORMATION (In millions) (Unaudited)
	Total FNFV		Restaurant Group		FNFV Corporate and Other
*Twelve Months Ended*
*December 31, 2015*
Pre-tax earnings (loss) from continuing operations	$	5	$	7	$	(2)

Income tax benefit	(20)		(2)		(18)
Loss from equity investments	(22)		—		(22)
Non-controlling interests	16		3		13

Net (loss) earnings attributable to FNFV common shareholders	$	(13)	$	6	$	(19)

EPS attributable to FNFV common shareholders - basic	$	(0.16)	$	0.08	$	(0.24)
EPS attributable to FNFV common shareholders - diluted	$	(0.16)	$	0.08	$	(0.24)

FNFV weighted average shares - basic	79
FNFV weighted average shares - diluted	82

Net (loss) earnings attributable to FNFV common shareholders	$	(13)	$	6	$	(19)

Total non-GAAP, pre-tax adjustments	$	57	$	43	$	14
Income taxes on non-GAAP adjustments	(21)		(10)		(11)
Ceridian Divestiture Loss	15		—		15
Noncontrolling interest on non-GAAP adjustments	(17)		(17)		—
Total non-GAAP adjustments	34		16		18

Adjusted net earnings (loss) attributable to FNFV common shareholders	$	21	$	22	$	(1)

Adjusted EPS attributable to FNFV common shareholders - diluted	$	0.26	$	0.27	$	(0.01)

Cash flows provided by operations:	$	29
Non-GAAP adjustments:
IPO costs	9
Total Non-GAAP adjustments	9

Adjusted cash flows from operations	38
Capital expenditures	62
Free cash flow	$	(24)

FIDELITY NATIONAL FINANCIAL VENTURES YTD SEGMENT INFORMATION (In millions) (Unaudited)
	Total FNFV			Restaurant Group			FNFV Corporate and Other
*Twelve Months Ended*
*December 31, 2014*
Operating revenue	$	1,546		$	1,436		$	110
Interest and investment income	5			—			5
Realized gains and losses, net	(17)			(13)			(4)
Total revenue	1,534			1,423			111

Personnel costs	170			69			101
Other operating expenses	86			61			25
Cost of restaurant revenue	1,220			1,220			—
Depreciation and amortization	67			52			15
Interest expense	5			8			(3)
Total expenses	1,548			1,410			138

Pre-tax (loss) earnings from continuing operations	$	(14)		$	13		$	(27)

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	$	17		$	13		$	4
FNFV incentive plan accrual	19			—			19
Purchase price amortization	27			15			12
Total non-GAAP adjustments before taxes	$	63		$	28		$	35

Adjusted pre-tax earnings from continuing operations	$	49		$	41		$	8
Adjusted pre-tax margin from continuing operations	3.2		%	2.9		%	7.0		%

Purchase price amortization	(27)			(15)			(12)
Depreciation and amortization	67			52			15
Interest expense	5			8			(3)

Adjusted EBITDA	$	94		$	86		$	8
Adjusted EBITDA margin	6.1		%	6.0		%	7.0		%

(1) Results for J. Alexanders are included in the 2014 results.

FIDELITY NATIONAL FINANCIAL VENTURES YTD SEGMENT INFORMATION (In millions) (Unaudited)
	Total FNFV		Restaurant Group		FNFV Corporate and Other
*Twelve Months Ended*
*December 31, 2014*
Pre-tax (loss) earnings from continuing operations	$	(14)	$	13	$	(27)

Income tax expense	150		1		149
Earnings from equity investments	428		—		428
Earnings from discontinued operations, net of tax	8		—		8
Non-controlling interests	4		2		2

Net earnings attributable to FNFV common shareholders	$	268	$	10	$	258

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	$	3.04	$	—	$	3.04
EPS attributable to FNFV common shareholders - diluted	$	3.01	$	—	$	3.01

Old FNF weighted average shares - basic	138
Old FNF weighted average shares - diluted	142

FNFV weighted average shares - basic	46
FNFV weighted average shares - diluted	47
FNFV actual shares outstanding as of December 31, 2014	93

Net earnings attributable to FNFV common shareholders	$	268	$	10	$	258

Total non-GAAP, pre-tax adjustments	$	63	$	28	$	35
Ceridian Comdata gain and other Ceridian legal adjustments	(456)		—		(456)
Impairment of Fidelity National Environmental Solutions investment	15		—		15
Income taxes on non-GAAP adjustments	148		(6)		154
Noncontrolling interest on non-GAAP adjustments	(13)		(13)		—
Total non-GAAP adjustments	(243)		9		(252)

Adjusted net earnings attributable to FNFV common shareholders	$	25	$	19	$	6

Adjusted EPS attributable to FNFV common shareholders - diluted	$	0.27	$	0.20	$	0.06

Cash flows provided by operations:	$	93
Non-GAAP adjustments:
Payments on FNFV incentive plans	57
Other legal matters	16
Total Non-GAAP adjustments	73

Adjusted cash flows from operations	166
Capital expenditures	86
Free cash flow	$	80

(1) Results for Remy and J. Alexanders are included in the 2014 results.

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

FNFV

December 31,
2015

FNFV

December 31,
2014

(Unaudited)

Cash and investment portfolio

735

1,009

Goodwill

188

206

Total assets

1,429

1,919

Notes payable

200

121

Non-controlling interest

114

137

Total equity and redeemable non-controlling interests

1,083

1,515

Total equity attributable to common shareholders

969

1,378

	FNF Group December 31, 2015			FNFV December 31, 2015			Consolidated December 31, 2015			Consolidated December 31, 2014
	(Unaudited)			(Unaudited)			(Unaudited)
Cash and investment portfolio		$	4,898		$	735		$	5,633		$	5,369
Goodwill		4,572			188			4,760			4,721
Title plant		395			—			395			393
Total assets		12,502			1,429			13,931			13,845
Notes payable		2,593			200			2,793			2,803
Reserve for title claim losses		1,583			—			1,583			1,621
Secured trust deposits		701			—			701			622
Redeemable non-controlling interests		344			—			344			715
Non-redeemable non-controlling interests		720			114			834			79
Total equity and redeemable non-controlling interests		5,849			1,083			6,932			6,788
Total equity attributable to common shareholders		4,785			969			5,754			5,994

Adjusted Book Value Summary	FNFV December 31, 2015			FNFV December 31, 2014
	(Unaudited)			(Unaudited)
Ceridian/Fleetcor		$	363		$	632
American Blue Ribbon Holdings		169			159
Del Frisco's Restaurant Group		34			—
J. Alexander's		—			100
Digital Insurance		73			149
Cascade		—			63
Holding Company Cash		245			164
Other		85			111
FNFV Book Value		$	969		$	1,378
Outstanding FNFV shares		72.2			92.8
FNFV Book Value per Share		$	13.43		$	14.84

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

	Three Months Ended						Twelve Months Ended
	December 31, 2015						December 31, 2015
	Consolidated		Core		FNFV		Consolidated		Core		FNFV
Direct title premiums	$	521	$	521	$	—	$	2,009	$	2,009	$	—
Agency title premiums	592		592		—		2,277		2,277		—
Total title premiums	1,113		1,113		—		4,286		4,286		—
Escrow, title-related and other fees	807		776		31		3,324		3,121		203
Total title and escrow and other	1,920		1,889		31		7,610		7,407		203

Restaurant revenue	328		—		328		1,412		—		1,412
Interest and investment income	30		30		—		123		121		2
Realized gains and losses, net	6		14		(8)		(13)		6		(19)
Total revenue	2,284		1,933		351		9,132		7,534		1,598

Personnel costs	678		636		42		2,671		2,514		157
Other operating expenses	457		437		20		1,881		1,714		167
Cost of restaurant revenue	274		—		274		1,195		—		1,195
Agent commissions	452		452		—		1,731		1,731		—
Depreciation and amortization	104		90		14		410		345		65
Title claim loss expense	61		61		—		246		246		—
Interest expense	34		31		3		131		122		9
Total expenses	2,060		1,707		353		8,265		6,672		1,593

Earnings (loss) from continuing operations before taxes	224		226		(2)		867		862		5
Income tax expense (benefit)	71		73		(2)		290		310		(20)
Earnings from continuing operations before equity investments	153		153		—		577		552		25
Earnings (loss) from equity investments	—		2		(2)		(16)		6		(22)
Net earnings (loss)	153		155		(2)		561		558		3
Non-controlling interests	14		11		3		34		18		16
Net earnings (loss) attributable to common shareholders	$	139	$	144	$	(5)	$	527	$	540	$	(13)

Cash flows provided by operations	258		236		22		917		888		29

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

	Three Months Ended						Twelve Months Ended
	December 31, 2014						December 31, 2014
	Consolidated		Core		FNFV		Consolidated		Core		FNFV
Direct title premiums	$	478	$	478	$	—	$	1,727	$	1,727	$	—
Agency title premiums	494		494		—		1,944		1,944		—
Total title premiums	972		972		—		3,671		3,671		—
Escrow, title-related and other fees	707		679		28		2,804		2,694		110
Total title and escrow and other	1,679		1,651		28		6,475		6,365		110

Restaurant revenue	381		—		381		1,436		—		1,436
Interest and investment income	33		33		—		126		121		5
Realized gains and losses, net	(7)		4		(11)		(13)		4		(17)
Total revenue	2,086		1,688		398		8,024		6,490		1,534

Personnel costs	652		596		56		2,540		2,370		170
Other operating expenses	396		371		25		1,643		1,557		86
Cost of restaurant revenue	321		—		321		1,220		—		1,220
Agent commissions	373		373		—		1,471		1,471		—
Depreciation and amortization	101		83		18		403		336		67
Title claim loss expense	59		59		—		228		228		—
Interest expense	31		29		2		127		122		5
Total expenses	1,933		1,511		422		7,632		6,084		1,548

Earnings (loss) from continuing operations before taxes	153		177		(24)		392		406		(14)
Income tax expense	233		70		163		312		162		150
(Loss) earnings from continuing operations before equity investments	(80)		107		(187)		80		244		(164)
Earnings from equity investments	475		1		474		432		4		428
Net earnings from continuing operations	395		108		287		512		248		264
Earnings (loss) from discontinued operations, net of tax	8		—		8		7		(1)		8
Net earnings	403		108		295		519		247		272
Non-controlling interests	11		8		3		(64)		(68)		4
Net earnings attributable to common shareholders	$	392	$	100	$	292	$	583	$	315	$	268

Cash flows provided by operations	279		186		93		568		475		93