FNFV Reports Second Quarter 2016 Results With $940 Million Book Value of Portfolio Company Investments, or $13.98 Per Share; Repurchased Additional 1.8 Million Shares of Common Stock in Second Quarter

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Jul 20, 2016, 04:15 ET

JACKSONVILLE, Fla., July 20, 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 six-month periods ended June 30, 2016.

Total revenue of $348 million in the second quarter versus $400 million in the second quarter of 2015
Second quarter diluted EPS of $0.14 and adjusted diluted EPS of $0.06 versus diluted EPS of $0.12 and adjusted diluted EPS of $0.18 in the second quarter of 2015
Pretax earnings of $19 million and adjusted EBITDA of $21 million for the second quarter versus pretax earnings of $2 million and adjusted EBITDA of $24 million for the second quarter of 2015
Second quarter FNFV net cash flow provided by operations of $5 million and free cash flow used of $10 million versus net cash flow used in operations of $2 million and free cash flow used of $13 million in the second quarter of 2015
$106 million in holding company cash on June 30, 2016
Repurchased approximately 1.8 million shares of common stock for more than $20 million in the second quarter
Since the formation of FNFV in July 2014, nearly 25.5 million shares of FNFV common stock have been repurchased for a total of approximately $344 million; approximately 28% of the shares of FNFV common stock distributed in July 2014 have been repurchased

Restaurant Group

$292 million in total revenue, pretax earnings of $6 million, adjusted EBITDA of $18 million, and an adjusted EBITDA margin of 6.2% for the second quarter, versus, approximately $371 million in total revenue, pretax earnings of $7 million, adjusted EBITDA of $24 million, and an adjusted EBITDA margin of 6.5% in the second quarter of 2015; second quarter of 2015 included results of J. Alexander's and Max & Erma's
Same store sales decreased approximately 2.6% in the second quarter, as Ninety Nine same stores sales growth of 2.4% was offset by a 4.3% decline at O'Charley's, a 4.7% decline at Village Inn and a 5% decline at Bakers Square

Ceridian HCM

Second quarter total revenue of approximately $167 million, a 1% increase over the second quarter of 2015, pretax loss of $28 million, adjusted EBITDA of $12 million and an adjusted EBITDA margin of 7%

Digital Insurance

Second quarter total revenue of $36 million, a 31% increase over the second quarter of 2015; pretax earnings of $0.4 million; adjusted EBITDA of $8 million, a 40% increase over the second quarter of 2015; second quarter pretax margin and adjusted EBITDA margin of 1% and 22%, respectively

Monetization and Investment Initiatives

In June, completed the sale of FNFV's 15% ownership stake in Stillwater Insurance Group for gross cash proceeds of $36 million and a pre-tax gain of $15 million
In May and June, Ceridian Holding sold the remaining shares of FleetCor common stock it owned at a price of approximately $151 per share, for gross proceeds of $212 million; $202 million of those proceeds remain in escrow, with 50% eligible for distribution in November 2016 and 50% in November 2017; FNFV expects to receive 33.5% of any proceeds distributed from Ceridian Holding
In April, FNFV and our partner bought out the ownership interest of a Ceridian minority investor; FNFV's share of the purchase price was approximately $17.2 million and FNFV's ownership in Ceridian increased to 33.5% after the transaction
Repurchased approximately 1.8 million shares of FNFV common stock for more than $20 million during the second quarter

"We continued our efforts to selectively monetize certain investments and repurchased FNFV common stock during the second quarter, " said Chairman William P. Foley, II. "In June, we completed the sale of our 15% minority stake in Stillwater Insurance for gross proceeds of $36 million and a pre-tax gain of $15 million. Additionally, Ceridian Holding sold the remaining shares of Fleetcor, almost all of which were being held in escrow. Total proceeds were $212 million, of which $202 million remain in escrow and we expect to receive our 33.5% share of those proceeds, before any tax impact, equally in November 2016 and November 2017. Finally, we increased our investment in Ceridian by $17 million and now own 33.5% of the company.

"We also continued to repurchase our own shares during the quarter. In total, we bought back an additional 1.8 million shares for a total cost of more than $20 million, thereby reducing FNFV's share count to approximately 67.2 million shares. We will continue to focus on the growth, financial performance and monetization of our current investments while seeking attractive future investments that will create value for our shareholders."

Conference Call
We will host a call with investors and analysts to discuss second quarter 2016 results of FNFV on Thursday, July 21, 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 July 21, 2016, through July 28, 2016, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 396732.

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., 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.

FNF-E

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

	Total FNFV			Restaurant Group			FNFV Corporate and Other
*Three Months Ended*
*June 30, 2016*
Operating revenue	$	332		$	292		$	40
Interest and investment income	1			—			1
Realized gains and losses, net	15			—			15
Total revenue	348			292			56

Personnel costs	40			14			26
Other operating expenses	28			16			12
Cost of restaurant revenue	245			245			—
Depreciation and amortization	15			10			5
Interest expense	1			1			—
Total expenses	329			286			43

Pre-tax earnings from continuing operations	$	19		$	6		$	13

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	(15)			—			(15)
Max & Erma's exit/disposal cost	1			1			—
Purchase price amortization	8			5			3
Total non-GAAP adjustments before taxes	$	(6)		$	6		$	(12)

Adjusted pre-tax earnings from continuing operations	$	13		$	12		$	1
Adjusted pre-tax margin from continuing operations	3.9		%	4.1		%	2.4		%

Purchase price amortization	(8)			(5)			(3)
Depreciation and amortization	15			10			5
Interest expense	1			1			—

Adjusted EBITDA	$	21		$	18		$	3
Adjusted EBITDA margin	6.3		%	6.2		%	7.3		%

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

	Total FNFV		Restaurant Group		FNFV Corporate and Other
*Three Months Ended*
*June 30, 2016*
Pre-tax earnings from continuing operations	$	19	$	6	$	13

Income tax expense	3		—		3
Loss from equity investments	(4)		—		(4)
Non-controlling interests	2		2		—

Net earnings attributable to FNFV common shareholders	$	10	$	4	$	6

EPS attributable to FNFV common shareholders - basic	$	0.15	$	0.06	$	0.09
EPS attributable to FNFV common shareholders - diluted	$	0.14	$	0.06	$	0.09

FNFV weighted average shares - basic	67
FNFV weighted average shares - diluted	70

Net earnings attributable to FNFV common shareholders	$	10	$	4	$	6

Total non-GAAP, pre-tax adjustments	$	(6)	$	6	$	(12)
Income taxes on non-GAAP adjustments	4		(1)		5
Ceridian divestiture (gain) loss	(1)		—		(1)
Noncontrolling interest on non-GAAP adjustments	(3)		(3)		—
Total non-GAAP adjustments	$	(6)	$	2	$	(8)

Adjusted net earnings attributable to FNFV common shareholders	$	4	$	6	$	(2)

Adjusted EPS attributable to FNFV common shareholders - diluted	$	0.06	$	0.09	$	(0.03)

Cash flows provided by operations:	$	5
Capital expenditures	15
Free cash flow	$	(10)

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

	Total FNFV			Restaurant Group			FNFV Corporate and Other
*Three Months Ended*
*June 30, 2015*
Operating revenue	$	401		$	371		$	30
Realized gains and losses, net	(1)			—			(1)
Total revenue	400			371			29

Personnel costs	38			16			22
Other operating expenses	29			21			8
Cost of restaurant revenue	313			313			—
Depreciation and amortization	17			13			4
Interest expense	1			1			—
Total expenses	398			364			34

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

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	1			—			1
Purchase price amortization	7			4			3
IPO Costs	3			3			—
Total non-GAAP adjustments before taxes	$	11		$	7		$	4

Adjusted pre-tax earnings (loss) from continuing operations	$	13		$	14		$	(1)
Adjusted pre-tax margin from continuing operations	3.2		%	3.8		%	—		%

Purchase price amortization	(7)			(4)			(3)
Depreciation and amortization	17			13			4
Interest expense	1			1			—

Adjusted EBITDA	$	24		$	24		$	—
Adjusted EBITDA margin	6.0		%	6.5		%	—		%

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

	Total FNFV		Restaurant Group		FNFV Corporate and Other
*Three Months Ended*
*June 30, 2015*
Pre-tax earnings (loss) from continuing operations	$	2	$	7	$	(5)

Income tax benefit	(7)		—		(7)
Earnings from equity investments	4		—		4
Non-controlling interests	3		3		—

Net earnings attributable to FNFV common shareholders	$	10	$	4	$	6

EPS attributable to FNFV common shareholders - basic	$	0.12	$	0.05	$	0.07
EPS attributable to FNFV common shareholders - diluted	$	0.12	$	0.05	$	0.07

FNFV weighted average shares - basic	78
FNFV weighted average shares - diluted	80

Net earnings attributable to FNFV common shareholders	$	10	$	4	$	6

Total non-GAAP, pre-tax adjustments	$	11	$	7	$	4
Income taxes on non-GAAP adjustments	(3)		(1)		(2)
Noncontrolling interest on non-GAAP adjustments	(3)		(3)		—
Total non-GAAP adjustments	$	5	$	3	$	2

Adjusted net earnings attributable to FNFV common shareholders	$	15	$	7	$	8

Adjusted EPS attributable to FNFV common shareholders - diluted	$	0.18	$	0.09	$	0.09

Cash flows used in operations:	$	(2)
Non-GAAP adjustments:
IPO Cost	3
Total Non-GAAP adjustments	3

Adjusted cash flows from operations	1
Capital expenditures	14
Free cash flow	$	(13)

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

	Total FNFV			Restaurant Group			FNFV Corporate and Other
*Six Months Ended*
*June 30, 2016*
Operating revenue	$	663		$	585		$	78
Interest and investment income	2			—			2
Realized gains and losses, net	12			(3)			15
Total revenue	677			582			95

Personnel costs	78			27			51
Other operating expenses	55			37			18
Cost of restaurant revenue	490			490			—
Depreciation and amortization	30			20			10
Interest expense	4			2			2
Total expenses	657			576			81

Pre-tax earnings from continuing operations	$	20		$	6		$	14

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	(12)			3			(15)
Purchase price amortization	15			8			7
Max & Erma's exit/disposal cost	7			7			—
Total non-GAAP adjustments before taxes	$	10		$	18		$	(8)

Adjusted pre-tax earnings from continuing operations	$	30		$	24		$	6
Adjusted pre-tax margin from continuing operations	4.5		%	4.1		%	7.5		%

Purchase price amortization	(15)			(8)			(7)
Depreciation and amortization	30			20			10
Interest expense	4			2			2

Adjusted EBITDA	$	49		$	38		$	11
Adjusted EBITDA margin	7.4		%	6.5		%	13.8		%

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

	Total FNFV		Restaurant Group		FNFV Corporate and Other
*Six Months Ended*
*June 30, 2016*
Pre-tax earnings from continuing operations	$	20	$	6	$	14

Income tax expense	2		—		2
Loss from equity investments	(5)		—		(5)
Non-controlling interests	2		2		—

Net earnings attributable to FNFV common shareholders	$	11	$	4	$	7

EPS attributable to FNFV common shareholders - basic	$	0.16	$	0.06	$	0.09
EPS attributable to FNFV common shareholders - diluted	$	0.15	$	0.06	$	0.10

FNFV weighted average shares - basic	69
FNFV weighted average shares - diluted	71

Net earnings attributable to FNFV common shareholders	$	11	$	4	$	7

Total non-GAAP, pre-tax adjustments	$	10	$	18	$	(8)
Income taxes on non-GAAP adjustments	1		(4)		5
Ceridian divestiture (gain) loss	(4)		—		(4)
Noncontrolling interest on non-GAAP adjustments	(8)		(8)		—
Total non-GAAP adjustments	$	(1)	$	6	$	(7)

Adjusted net earnings attributable to FNFV common shareholders	$	10	$	10	$	—

Adjusted EPS attributable to FNFV common shareholders - diluted	$	0.14	$	0.14	$	—

Cash flows provided by operations:	$	25
Capital expenditures	27
Free cash flow	$	(2)

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

	Total FNFV			Restaurant Group			FNFV Corporate and Other
*Six Months Ended*
*June 30, 2015*
Operating revenue	$	878		$	735		$	143
Interest and investment income	1			—			1
Realized gains and losses, net	(1)			—			(1)
Total revenue	878			735			143

Personnel costs	76			33			43
Other operating expenses	123			37			86
Cost of restaurant revenue	619			619			—
Depreciation and amortization	34			26			8
Interest expense	3			3			—
Total expenses	855			718			137

Pre-tax earnings from continuing operations	$	23		$	17		$	6

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	1			—			1
Purchase price amortization	14			8			6
IPO costs	3			3			—
Total non-GAAP adjustments before taxes	$	18		$	11		$	7

Adjusted pre-tax earnings from continuing operations	$	41		$	28		$	13
Adjusted pre-tax margin from continuing operations	4.7		%	3.8		%	9.0		%

Purchase price amortization	(14)			(8)			(6)
Depreciation and amortization	34			26			8
Interest expense	3			3			—

Adjusted EBITDA	$	64		$	49		$	15
Adjusted EBITDA margin	7.3		%	6.7		%	10.4		%

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

	Total FNFV		Restaurant Group		FNFV Corporate and Other
*Six Months Ended*
*June 30, 2015*
Pre-tax earnings from continuing operations	$	23	$	17	$	6

Income tax benefit	(4)		—		(4)
Earnings from equity investments	1		—		1
Non-controlling interests	18		6		12

Net earnings (loss) attributable to FNFV common shareholders	$	10	$	11	$	(1)

EPS attributable to FNFV common shareholders - basic	$	0.12	$	0.13	$	(0.01)
EPS attributable to FNFV common shareholders - diluted	$	0.12	$	0.13	$	(0.01)

FNFV weighted average shares - basic	84
FNFV weighted average shares - diluted	86

Net earnings (loss) attributable to FNFV common shareholders	$	10	$	11	$	(1)

Total non-GAAP, pre-tax adjustments	$	18	$	11	$	7
Income taxes on non-GAAP adjustments	(5)		(2)		(3)
Noncontrolling interest on non-GAAP adjustments	(5)		(5)		—
Total non-GAAP adjustments	$	8	$	4	$	4

Adjusted net earnings attributable to FNFV common shareholders	$	18	$	15	$	3

Adjusted EPS attributable to FNFV common shareholders - diluted	$	0.21	$	0.18	$	0.03

Cash flows provided by operations:	$	4
Non-GAAP adjustments:
IPO costs	3
Total Non-GAAP adjustments	3

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

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

	FNFV June 30, 2016			FNFV December 31, 2015
	(Unaudited)			(Unaudited)
Cash and investment portfolio		$	689		$	735
Goodwill		194			188
Total assets		1,406			1,429
Notes payable		219			200
Non-controlling interest		119			114
Total equity and redeemable non-controlling interests		1,059			1,083
Total equity attributable to common shareholders		940			969

FNF Group

June 30, 2016

FNFV

June 30, 2016

Consolidated

June 30, 2016

Consolidated

December 31,
2015

(Unaudited)

(Unaudited)

Cash and investment portfolio

5,141

689

5,830

5,633

Goodwill

4,669

194

4,863

4,760

Title plant

395

—

395

Total assets

13,032

1,406

14,438

13,931

Notes payable

2,566

219

2,785

2,793

Reserve for title claim losses

1,590

—

1,590

1,583

Secured trust deposits

1,102

—

1,102

701

Redeemable non-controlling interests

344

—

344

Non-redeemable non-controlling interests

741

119

860

834

Total equity and redeemable non-controlling interests

5,954

1,059

7,013

6,932

Total equity attributable to common shareholders

4,869

940

5,809

5,754

Adjusted Book Value Summary	FNFV June 30, 2016			FNFV December 31, 2015
	(Unaudited)			(Unaudited)
Ceridian/Fleetcor		$	442		$	363
American Blue Ribbon Holdings		176			169
Del Frisco's Restaurant Group		44			34
Digital Insurance		74			73
Holding Company Cash		106			245
Other		98			85
FNFV Book Value		$	940		$	969
Outstanding FNFV shares		67.2			72.2
FNFV Book Value per Share		$	13.98		$	13.43

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

	Three Months Ended						Six Months Ended
	June 30, 2016						June 30, 2016
	Consolidated		Core		FNFV		Consolidated		Core		FNFV
Direct title premiums	$	540	$	540	$	—	$	962	$	962	$	—
Agency title premiums	691		691		—		1,221		1,221		—
Total title premiums	1,231		1,231		—		2,183		2,183		—
Escrow, title-related and other fees	907		867		40		1,686		1,608		78
Total title and escrow and other	2,138		2,098		40		3,869		3,791		78

Restaurant revenue	292		—		292		585		—		585
Interest and investment income	37		36		1		67		65		2
Realized gains and losses, net	15		—		15		9		(3)		12
Total revenue	2,482		2,134		348		4,530		3,853		677

Personnel costs	707		667		40		1,359		1,281		78
Other operating expenses	493		465		28		925		870		55
Cost of restaurant revenue	245		—		245		490		—		490
Agent commissions	526		526		—		928		928		—
Depreciation and amortization	102		87		15		202		172		30
Title claim loss expense	68		68		—		120		120		—
Interest expense	33		32		1		67		63		4
Total expenses	2,174		1,845		329		4,091		3,434		657

Earnings from continuing operations before taxes	308		289		19		439		419		20
Income tax expense (benefit)	101		98		3		150		148		2
Earnings from continuing operations before equity investments	207		191		16		289		271		18
Earnings (loss) from equity investments	(1)		3		(4)		1		6		(5)
Net earnings	206		194		12		290		277		13
Non-controlling interests	9		7		2		19		17		2
Net earnings attributable to common shareholders	$	197	$	187	$	10	$	271	$	260	$	11

Cash flows provided by operations	282		277		5		374		349		25

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

	Three Months Ended						Six Months Ended
	June 30, 2015						June 30, 2015
	Consolidated		Core		FNFV		Consolidated		Core		FNFV
Direct title premiums	$	547	$	547	$	—	$	964	$	964	$	—
Agency title premiums	597		597		—		1,038		1,038		—
Total title premiums	1,144		1,144		—		2,002		2,002		—
Escrow, title-related and other fees	857		827		30		1,665		1,522		143
Total title and escrow and other	2,001		1,971		30		3,667		3,524		143

Restaurant revenue	371		—		371		735		—		735
Interest and investment income	32		32		—		63		62		1
Realized gains and losses, net	(9)		(8)		(1)		(9)		(8)		(1)
Total revenue	2,395		1,995		400		4,456		3,578		878

Personnel costs	690		652		38		1,313		1,237		76
Other operating expenses	482		453		29		948		825		123
Cost of restaurant revenue	313		—		313		619		—		619
Agent commissions	451		451		—		784		784		—
Depreciation and amortization	104		87		17		204		170		34
Title claim loss expense	69		69		—		120		120		—
Interest expense	32		31		1		63		60		3
Total expenses	2,141		1,743		398		4,051		3,196		855

Earnings from continuing operations before taxes	254		252		2		405		382		23
Income tax expense	88		95		(7)		138		142		(4)
Earnings from continuing operations before equity investments	166		157		9		267		240		27
(Loss) earnings from equity investments	4		—		4		3		2		1
Net earnings	170		157		13		270		242		28
Non-controlling interests	—		(3)		3		14		(4)		18
Net earnings attributable to common shareholders	$	170	$	160	$	10	$	256	$	246	$	10

Cash flows provided by operations	348		350		(2)		389		385		4