FNFV Reports 3rd Quarter 2014 Results With Significant Progress on Monetization Efforts and $1.4 Billion Book Value of Portfolio Company Investments, or $15.24 Per Share

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Oct 29, 2014, 04:04 ET

JACKSONVILLE, Fla., Oct. 29, 2014 /PRNewswire/ -- FNFV (NYSE:FNFV), a tracking stock established to highlight the inherent value of the portfolio companies of Fidelity National Financial, Inc. (NYSE:FNF), today reported operating results for the three-month and nine-month periods ended September 30, 2014.

Total revenue of approximately $657 million in the third quarter versus $624 million in the third quarter of 2013
Third quarter adjusted diluted EPS of $0.06 versus adjusted diluted EPS of $(0.05) in the third quarter of 2013
Adjusted EBITDA of $43 million for the third quarter versus adjusted EBITDA of $31 million for the third quarter of 2013
Third quarter FNFV free cash flow used of $(12) million versus $5 million provided in the third quarter of 2013

Restaurant Group

Approximately $343 million in total revenue, adjusted EBITDA of $13 million and adjusted EBITDA margin of 3.8% for the third quarter versus approximately $338 million in total revenue, adjusted EBITDA of $13 million and an adjusted EBITDA margin of 3.9% in the third quarter of 2013
American Blue Ribbon Holdings generated $296 million in total revenue and a same store sales increase of approximately 1% in the third quarter, with O'Charley's and Ninety Nine achieving approximately 2% same store sales growth, both exceeding the Knapp-Track U. S. Casual Dining Index by more than 200 basis points
J. Alexander's produced $47 million in total revenue and same store sales growth of more than 4% in the third quarter

Remy

Total revenue of $290 million versus total revenue of $266 million in the third quarter of 2013
Adjusted EBITDA of $30 million and adjusted EBITDA margin of 10.3%, versus adjusted EBITDA of $33 million and adjusted EBITDA margin of 12.4% in the third quarter of 2013

Ceridian HCM

Third quarter total revenue of approximately $208 million, a 6% decline from the third quarter of 2013, pre-tax loss of $31 million, EBITDA of $22 million, excluding interest and depreciation and amortization and an EBITDA margin of 11%

Digital Insurance

Third quarter total revenue of $25 million, a 38% increase over the third quarter of 2013; pre-tax earnings of $0 million, EBITDA of $5 million, excluding interest and depreciation and amortization, a 35% increase over the third quarter of 2013 and a third quarter EBITDA margin of 20%

Monetization Initiatives

Announced sale of Comdata to Fleetcor in August 2014; FNFV will indirectly receive approximately 2.3 million shares of Fleetcor common stock at closing, subject to a six-month lockup period; current value of approximately $320 million; closing is expected in the fourth quarter of 2014 and HSR clearance has been received
Announced tax-free distribution of Remy common stock in September 2014; current value of approximately $285 million; closing expected in December 2014 or first quarter of 2015
J. Alexander's announced filing a registration statement with the SEC related to the proposed initial offering of its common stock in October 2014
American Blue Ribbon Holdings completed a leveraged recapitalization in August 2014 that facilitated a $75 million shareholder dividend, with FNFV's share of the dividend being approximately $40 million

"We achieved several important milestones at FNFV this quarter," said Chairman William P. Foley, II. "The pending sale of Comdata for Fleetcor commonshares will bring an attractive investment in an innovative, industry-leading company. The tax-free distribution of Remy common shares provides a tax efficient monetization event for our shareholders. J. Alexander's has begun the IPO process and a publicly traded common stock will provide liquidity and a market valuation for that business. We will continue to seek to maximize the value of the portfolio company investments at FNFV."

Conference Call
We will host a call with investors and analysts to discuss third quarter 2014 results of FNFV on Thursday, October 30, 2014, 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 30, 2014, through November 6, 2014, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 338004.

About FNF
Fidelity National Financial, Inc. (FNF) is organized into two groups, FNF Core (NYSE: FNF) and FNF Ventures (NYSE: FNFV). Through our Core operations, 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, LLC and ServiceLink Holdings, LLC. In addition, in our FNFV group, we own majority and minority equity investment stakes in a number of entities, including American Blue Ribbon Holdings, LLC ("ABRH"), J. Alexander's, LLC ("J. Alexander's"), Remy International, Inc. ("Remy"), Ceridian HCM, Inc. and Comdata Inc. (collectively "Ceridian") and Digital Insurance, Inc. ("Digital Insurance").
More information about FNF 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
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.

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

Three Months Ended *September 30, 2014*	Total FNFV			Remy			Restaurant Group			FNFV Corporate and Other
Operating revenue	$	660		$	290		$	343		$	27
Interest and investment income	2			—			—			2
Realized gains and losses	(5)			—			—			(5)
Total revenue	657			290			343			24

Personnel costs	61			20			19			22
Other operating expenses	38			16			15			7
Cost of autoparts revenue (Includes depreciation and amortization of $19 million at Remy)	266			266			—			—
Cost of restaurant revenue	296			—			296			—
Depreciation and amortization	18			1			14			3
Interest expense	5			5			2			(2)
Total expenses	684			308			346			30

Pre-tax earnings from continuing operations	$	(27)		$	(18)		$	(3)		$	(6)

Non-GAAP adjustments before taxes
Realized (gain) loss, net adjustment	$	5		$	—		$	—		$	5
Transaction costs	3			3			—			—
Other legal matters	20			20			—			—
Purchase price amortization	20			13			3			4
Total non-GAAP adjustments before taxes	$	48		$	36		$	3		$	9

Adjusted pre-tax earnings from continuing operations	$	21		$	18		$	—		$	3
Adjusted pre-tax margin from continuing operations	3.2		%	6.2		%	—			10.3		%

Purchase price amortization	(20)			(13)			(3)			(4)
Interest expense	5			5			2			(2)
Depreciation and amortization	37			20			14			3

Adjusted EBITDA	$	43		$	30		$	13		$	—
Adjusted EBITDA margin	6.5		%	10.3		%	3.8		%	—

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


	Total FNFV		Remy		Restaurant Group		FNFV Corporate and Other
*Three Months Ended*
*September 30, 2014*

Pre-tax earnings from continuing operations	$	(27)	$	(18)	$	(3)	$	(6)

Income tax expense	(14)		(6)		—		(8)
Earnings (loss) from equity investments	(8)		—		—		(8)
Non-controlling interests	(9)		(7)		(2)		—

Net earnings attributable to FNFV common shareholders	$	(12)	$	(5)	$	(1)	$	(6)

EPS attributable to FNFV common shareholders - basic	$	(0.13)	$	(0.05)	$	(0.01)	$	(0.07)
EPS attributable to FNFV common shareholders - diluted	$	(0.13)	$	(0.05)	$	(0.01)	$	(0.07)

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

Total non-GAAP, pre-tax adjustments	48		36		3		9
Income taxes on non-GAAP adjustments	(18)		(14)		(1)		(3)
Noncontrolling interest on non-GAAP adjustments	(12)		(11)		(1)		—
Total non-GAAP adjustments	18		11		1		6

Adjusted net earnings attributable to FNFV common shareholders	$	6	$	6	$	—	$	—

Adjusted EPS attributable to FNFV common shareholders - diluted	$	0.06	$	0.06	$	—	$	—

Cash flows provided by operations:	$	3
Non-GAAP adjustments:
Other legal matters	16
Total non-GAAP adjustments	16

Adjusted cash flows from operations	19
Capital expenditures	31
Free cash flow	$	(12)

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

	Total FNFV			Remy			Restaurant Group			FNFV Corporate and Other
*Three Months Ended*
*September 30, 2013*
Operating revenue	$	624		$	266		$	336		$	22
Interest and investment income	(1)			1			—			(2)
Realized gains and losses	1			(1)			2			—
Total revenue	624			266			338			20

Personnel costs	67			19			16			32
Other operating expenses	29			11			15			3
Cost of autoparts revenue (Includes depreciation and amortization of $19 million at Remy)	223			223			—			—
Cost of restaurant revenue	292			—			292			—
Depreciation and amortization	20			1			13			6
Interest expense	7			6			2			(1)
Total expenses	638			260			338			40

Pre-tax earnings from continuing operations	$	(14)		$	6		$	—		$	(20)

Non-GAAP adjustments before taxes
Realized (gain) loss, net adjustment	$	(1)		$	1		$	(2)		$	—
Purchase price amortization	17			12			2			3
Total non-GAAP adjustments before taxes	$	16		$	13		$	—		$	3

Adjusted pre-tax earnings from continuing operations	$	2		$	19		$	—		$	(17)
Adjusted pre-tax margin from continuing operations	0.3		%	7.1		%	—			—

Purchase price amortization	(17)			(12)			(2)			(3)
Interest expense	7			6			2			(1)
Depreciation and amortization	39			20			13			6

Adjusted EBITDA	$	31		$	33		$	13		$	(15)
Adjusted EBITDA margin	5.0		%	12.4		%	3.9		%	—

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

	Total FNFV		Remy		Restaurant Group		FNFV Corporate and Other
*Three Months Ended*
*September 30, 2013*

Pre-tax earnings from continuing operations	$	(14)	$	6	$	—	$	(20)

Income tax expense	(11)		1		—		(12)
Earnings (loss) from equity investments	(15)		(2)		—		(13)
Earnings from discontinued operations, net of tax	1		—		1		—
Non-controlling interests	—		1		—		(1)

Net earnings attributable to Old FNF common shareholders	$	(17)	$	2	$	1	$	(20)

EPS attributable to Old FNF common shareholders - basic	$	(0.08)	$	0.01	$	—	$	(0.09)
EPS attributable to Old FNF common shareholders - diluted	$	(0.07)	$	0.01	$	—	$	(0.08)

Old FNF weighted average shares - basic	$	226
Old FNF weighted average shares - diluted	$	230

Total non-GAAP, pre-tax adjustments	16		13		—		3
Income taxes on non-GAAP adjustments	(5)		(4)		—		(1)
Noncontrolling interest on non-GAAP adjustments	(5)		(4)		(1)		—
Total non-GAAP adjustments	6		5		(1)		2

Adjusted net earnings attributable to Old FNF common shareholders	$	(11)	$	7	$	—	$	(18)

Adjusted EPS attributable to Old FNF common shareholders - diluted	$	(0.05)	$	0.03	$	—	$	(0.08)

Cash flows provided by operations:	$	24
Capital expenditures	19
Free cash flow	$	5

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

	Total FNFV			Remy			Restaurant Group			FNFV Corporate and Other
*Nine Months Ended*
*September 30, 2014*
Operating revenue	$	2,029		$	892		$	1,055		$	82
Interest and investment income	6			1			—			5
Realized gains and losses	(6)			—			(1)			(5)
Total revenue	2,029			893			1,054			82

Personnel costs	176			63			52			61
Other operating expenses	103			40			46			17
Cost of autoparts revenue (Includes depreciation and amortization of $51 million at Remy)	771			771			—			—
Cost of restaurant revenue	899			—			899			—
Depreciation and amortization	52			3			39			10
Interest expense	18			16			5			(3)
Total expenses	2,019			893			1,041			85

Pre-tax earnings from continuing operations	$	10		$	—		$	13		$	(3)

Non-GAAP adjustments before taxes
Realized (gain) loss, net adjustment	$	6		$	—		$	1		$	5
Transaction costs	3			3			—			—
Other legal accruals	20			20			—			—
Purchase price amortization	55			36			11			8
Total non-GAAP adjustments before taxes	$	84		$	59		$	12		$	13

Adjusted pre-tax earnings from continuing operations	$	94		$	59		$	25		$	10
Adjusted pre-tax margin from continuing operations	4.6		%	6.6		%	2.4		%	11.5		%

Purchase price amortization	(55)			(36)			(11)			(8)
Interest expense	18			16			5			(3)
Depreciation and amortization	103			54			39			10

Adjusted EBITDA	$	160		$	93		$	58		$	9
Adjusted EBITDA margin	7.9		%	10.4		%	5.5		%	10.3		%

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

	Total FNFV		Remy		Restaurant Group		FNFV Corporate and Other
*Nine Months Ended*
*September 30, 2014*

Pre-tax earnings from continuing operations	$	10	$	—	$	13	$	(3)

Income tax expense	(13)		—		—		(13)
Earnings (loss) from equity investments	(46)		—		—		(46)
Non-controlling interests	1		(2)		4		(1)

Net earnings attributable to FNF common shareholders	$	(24)	$	2	$	9	$	(35)

EPS attributable to Old FNF common shareholders - basic	$	(0.04)	$	0.03	$	0.04	$	(0.11)
EPS attributable to Old FNF common shareholders - diluted	$	(0.04)	$	0.02	$	0.04	$	(0.10)

Old FNF weighted average shares - basic	275
Old FNF weighted average shares - diluted	282

EPS attributable to FNFV group common shareholders - basic	$	(0.13)	$	(0.05)	$	(0.01)	$	(0.07)
EPS attributable to FNFV group common shareholders - diluted	$	(0.13)	$	(0.05)	$	(0.01)	$	(0.07)

FNFV weighted average shares - basic	31
FNFV weighted average shares - diluted	31
FNFV actual shares outstanding as of September 30, 2014	93

Total Non-GAAP, pre-tax adjustments	84		59		12		13
Income taxes on non-GAAP adjustments	(30)		(22)		(3)		(5)
Ceridian legal settlement, net of tax	21		—		—		21
Noncontrolling interest on non-GAAP adjustments	(23)		(18)		(5)		—
Total non-GAAP adjustments	52		19		4		29

Total adjusted net earnings attributable to FNFV	$	28	$	21	$	13	$	(6)

Total adjusted EPS attributable to FNFV shareholders - diluted*	$	0.30	$	0.23	$	0.14	$	(0.06)
* Adjusted EPS is presented as if 93M shares of FNFV group common stock were outstanding for the entire nine months

Cash flows used in operations:	$	(11)
Non-GAAP adjustments:
Other legal matters	16
Total non-GAAP adjustments	16

Adjusted cash flows from operations	5
Capital expenditures	64
Free cash flow	$	(59)

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

	Total FNFV			Remy			Restaurant Group			FNFV Corporate and Other
*Nine Months Ended*
*September 30, 2013*
Operating revenue	$	1,933		$	834		$	1,037		$	62
Interest and investment income	1			1			—			—
Realized gains and losses	(4)			(4)			—			—
Total revenue	1,930			831			1,037			62

Personnel costs	189			65			47			77
Other operating expenses	98			36			50			12
Cost of autoparts revenue (Includes depreciation and amortization of $55 million at Remy)	704			704			—			—
Cost of restaurant revenue	889			—			889			—
Depreciation and amortization	54			3			40			11
Interest expense	19			16			6			(3)
Total expenses	1,953			824			1,032			97

Pre-tax earnings from continuing operations	$	(23)		$	7		$	5		$	(35)

Non-GAAP adjustments before taxes
Realized (gain) loss, net adjustment	$	4		$	4		$	—		$	—
Executive severance	7			7			—			—
Purchase price amortization	57			41			8			8
Total non-GAAP adjustments before taxes	$	68		$	52		$	8		$	8

Adjusted pre-tax earnings from continuing operations	$	45		$	59		$	13		$	(27)
Adjusted pre-tax margin from continuing operations	2.3		%	7.1		%	1.3		%	—

Purchase price amortization	(57)			(41)			(8)			(8)
Interest expense	19			16			6			(3)
Depreciation and amortization	109			58			40			11

Adjusted EBITDA	$	116		$	92		$	51		$	(27)
Adjusted EBITDA margin	6.0		%	11.0		%	4.9		%	—

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

	Total FNFV		Remy		Restaurant Group		FNFV Corporate and Other
*Nine Months Ended*
*September 30, 2013*

Pre-tax earnings from continuing operations	$	(23)	$	7	$	5	$	(35)

Income tax expense	(27)		2		(1)		(28)
Earnings (loss) from equity investments	(24)		—		—		(24)
Earnings (loss) from discontinued operations, net of tax	(3)		—		(3)		—
Non-controlling interests	4		4		1		(1)

Net earnings attributable to Old FNF common shareholders	$	(27)	$	1	$	2	$	(30)

EPS attributable to Old FNF common shareholders - basic	$	(0.12)	$	—	$	0.01	$	(0.13)
EPS attributable to Old FNF common shareholders - diluted	$	(0.12)	$	—	$	0.01	$	(0.13)

Weighted average shares - basic	225
Weighted average shares - diluted	230

Total non-GAAP, pre-tax adjustments	68		52		8		8
Income taxes on non-GAAP adjustments	(20)		(17)		—		(3)
Noncontrolling interest on non-GAAP adjustments	(19)		(15)		(4)		—
Total non-GAAP adjustments	29		20		4		5

Adjusted net earnings attributable to Old FNF common shareholders	$	2	$	21	$	6	$	(25)

Adjusted EPS attributable to Old FNF common shareholders - diluted	$	0.01	$	0.09	$	0.03	$	(0.11)

Cash flows provided by operations:	$	46
Non-GAAP adjustments:
Severance costs related to acquisition of LPS	7
Total non-GAAP adjustments	7

Adjusted cash flows from operations	53
Capital expenditures	60
Free cash flow	$	(7)

FIDELITY NATIONAL FINANCIAL VENTURES
SUMMARY BALANCE SHEET INFORMATION
(In millions)

	FNFV September 30, 2014			FNFV December 31, 2013
	(Unaudited)			(Unaudited)
Cash and investment portfolio		$	593		$	559
Goodwill		483			462
Total assets		2,778			2,616
Notes payable		467			452
Non-controlling interest		428			465
Total equity		1,844			1,639

	FNF Core				FNFV			Intercompany Eliminations		Consolidated September 30, 2014			Consolidated December 31, 2013
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Cash and investment portfolio		$	4,494		$	593		$	(29)		$	5,058		$	5,761
Goodwill		4,489			483			—			4,792			1,901
Title plant		395			—			—			395			370
Total assets		12,041			2,778			(29)			14,790			10,529
Notes payable		2,802			467			(29)			3,240			1,323
Reserve for title claim losses		1,640			—			—			1,640			1,636
Secured trust deposits		722			—			—			722			588
Redeemable non-controlling interests		687			—			—			687			—
Non-redeemable non-controlling interests		(58)			428			—			370			474
Total equity		5,197			1,844			—			7,041			5,535

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	735		708		27		2,097		2,015		82
Total title and escrow and other	1,728		1,701		27		4,796		4,714		82

Restaurant revenue	343		—		343		1,055		—		1,055
Remy revenue	290		—		290		892		—		892
Interest and investment income	29		27		2		94		88		6
Realized gains and losses	(7)		(2)		(5)		(6)		—		(6)
Total revenue	2,383		1,726		657		6,831		4,802		2,029

Personnel costs	645		584		61		1,950		1,774		176
Other operating expenses	428		390		38		1,289		1,186		103
Cost of Remy revenue (includes $19 and $51 of D&A, respectively)	266		—		266		771		—		771
Cost of restaurant revenue	296		—		296		899		—		899
Agent commissions	396		396		—		1,098		1,098		—
Depreciation and amortization	102		84		18		305		253		52
Title claim loss expense	59		59		—		169		169		—
Interest expense	37		32		5		111		93		18
Total expenses	2,229		1,545		684		6,592		4,573		2,019

Earnings from continuing operations before taxes	154		181		(27)		239		229		10
Income tax expense	59		73		(14)		79		92		(13)
Earnings from continuing operations before equity investments	95		108		(13)		160		137		23
Loss from equity investments	(7)		1		(8)		(43)		3		(46)
Net earnings from continuing operations	88		109		(21)		117		140		(23)
Loss from discontinued operations, net of tax	—		—		—		(1)		(1)		—
Net earnings	88		109		(21)		116		139		(23)
Non-controlling interests	(14)		(5)		(9)		(75)		(76)		1
Net earnings attributable to common shareholders	$	102	$	114	$	(12)	$	191	$	215	$	(24)

Cash flows provided by (used in) operations	295		292		3		301		360		(59)

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

	Three Months Ended						Nine Months Ended
	September 30, 2013						September 30, 2013
	Consolidated		Core		FNFV		Consolidated		Core		FNFV
Direct title premiums	$	472	$	472	$	—	$	1,377	$	1,377	$	—
Agency title premiums	630		630		—		1,779		1,779		—
Total title premiums	1,102		1,102		—		3,156		3,156		—
Escrow, title-related and other fees	437		415		22		1,361		1,299		62
Total title and escrow and other	1,539		1,517		22		4,517		4,455		62

Restaurant revenue	336		—		336		1,037		—		1,037
Remy revenue	266		—		266		834		—		834
Interest and investment income	29		30		(1)		99		98		1
Realized gains and losses	4		3		1		7		11		(4)
Total revenue	2,174		1,550		624		6,494		4,564		1,930

Personnel costs	546		479		67		1,611		1,422		189
Other operating expenses	329		300		29		1,020		922		98
Cost of Remy revenue (includes $19 and $55 of D&A, respectively)	223		—		223		704		—		704
Cost of restaurant revenue	292		—		292		889		—		889
Agent commissions	482		482		—		1,352		1,352		—
Depreciation and amortization	36		16		20		104		50		54
Title claim loss expense	77		77		—		221		221		—
Interest expense	27		20		7		71		52		19
Total expenses	2,012		1,374		638		5,972		4,019		1,953

Earnings from continuing operations before taxes	162		176		(14)		522		545		(23)
Income tax expense	52		63		(11)		170		197		(27)
Earnings from continuing operations before equity investments	110		113		(3)		352		348		4
Loss from equity investments	(14)		1		(15)		(20)		4		(24)
Net earnings from continuing operations	96		114		(18)		332		352		(20)
Loss from discontinued operations, net of tax	—		(1)		1		(2)		1		(3)
Net earnings	96		113		(17)		330		353		(23)
Non-controlling interests	2		2		—		8		4		4
Net earnings attributable to common shareholders	$	94	$	111	$	(17)	$	322	$	349	$	(27)

Cash flows provided by (used in) operations	129		105		24		344		298		46