FNFV Reports Second Quarter 2015 Results With Continued Progress on Several Monetization Efforts and $1.2 Billion Book Value of Portfolio Company Investments, or $14.84 Per Share

Jul 29, 2015, 16:05 ET from Fidelity National Financial, Inc.

JACKSONVILLE, Fla., July 29, 2015 /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, 2015. 

  • Total revenue of $400 million in the second quarter versus $386 million in the second quarter of 2014
  • Second quarter adjusted diluted EPS of $0.18 versus adjusted diluted EPS of $0.02 in the second quarter of 2014
  • Adjusted EBITDA of $24 million for the second quarter versus adjusted EBITDA of $27 million for the second quarter of 2014
  • Second quarter FNFV free cash flow used of $13 million versus $18 million provided in the second quarter of 2014
  • $207 million in holding company cash on June 30, 2015
  • Approximately 78 million shares currently outstanding; since the formation of FNFV in July 2014, approximately 14.9 million FNFV shares have been repurchased

Restaurant Group

  • $371 million in total revenue, adjusted EBITDA of $24 million and adjusted EBITDA margin of 6.5% for the second quarter versus approximately $357 million in total revenue, adjusted EBITDA of $21 million and an adjusted EBITDA margin of 5.9% in the second quarter of 2014
  • American Blue Ribbon Holdings generated $318 million in total revenue and adjusted EBITDA of $19 million; same store sales increased approximately 2.0% in the second quarter, with Ninety Nine and Village Inn leading the way at 5.1% and 2.0%, respectively; O'Charley's and Bakers Square both also had positive same stores sale at 1.3% and 1.6%, respectively
  • J. Alexander's produced $53 million in total revenue and adjusted EBITDA of more than $5 million; same store sales growth was approximately 4.7% at J. Alexander's and 6..2% at Stoney River in the second quarter

Ceridian HCM

  • Second quarter total revenue of approximately $197 million, a 7% decline from the second quarter of 2014 and EBITDA of approximately $27 million and an EBITDA margin of approximately 14% - these results are not consolidated into the FNFV financial results as we own approximately 32% of Ceridian HCM

Digital Insurance

  • Second quarter total revenue of $28 million, a 23% increase over the second quarter of 2014; pre-tax earnings of nearly $1 million, EBITDA of $6 million, a 20% increase over the second quarter of 2014, and a second quarter EBITDA margin of 22%

Monetization Initiatives

  • Received gross proceeds of approximately $135 million from the indirect sale of approximately 885,000 shares of Fleetcor common stock in June 2015; net, after-tax proceeds were approximately $107 million
  • Received approximately $10.5 million for full repayment of principal and interest on the FNFV loan to J.Alexander's in May 2015
  • Repurchased 1.9 million shares of FNFV common stock for approximately $29 million during the second quarter
  • Continue to work towards the tax-free distribution of J. Alexander's common stock in the third quarter

"We again made progress on our monetization efforts during the quarter at FNFV," said Chairman William P. Foley, II.  "In June. we sold approximately 885,000 shares of Fleetcor common stock and FNFV received approximately $135 million in gross cash proceeds and $107 million in net cash proceeds after tax.  We also continued our share repurchase efforts in the second quarter, buying back an additional 1.9 million shares of FNFV common stock for approximately $29 million and we ended the quarter with approximately $207 million of cash at the FNFV holding company level.  Finally, we continue to work towards the planned tax-free distribution of J. Alexander's stock in the third quarter and we have made the decision to pursue the tax-free distribution of Amercian Blue Ribbon Holdings stock, which we expect to accomplish by the fourth quarter of this year.  As always, we remain committed to most efficiently maximizing the value of each of FNFV's investments."

Conference Call We will host a call with investors and analysts to discuss second quarter 2015 results of FNFV on Thursday, July 30, 2015, 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 July 30, 2015, through August 6, 2015, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 362666.

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, LLC 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
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


(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 loss (gain), net adjustment


$

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 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 provided by operations:


$

(2)






Non-GAAP adjustments:







IPO costs


3






Total non-GAAP adjustments


3













Adjusted cash flows from operations


1






Capital expenditures


14






Free cash flow


$

(13)






 

 

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




Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Three Months Ended




June 30, 2014




Operating revenue


$

384



$

358



$

26


Interest and investment income


3





3


Realized gains and losses


(1)



(1)




Total revenue


386



357



29









Personnel costs


36



17



19


Other operating expenses


21



17



4


Cost of restaurant revenue


303



303




Depreciation and amortization


16



12



4


Interest expense


2



1



1


Total expenses


378



350



28









Pre-tax earnings from continuing operations


$

8



$

7



$

1









Non-GAAP adjustments before taxes







  Realized loss, net adjustment


$

1



$

1



$


  Purchase price amortization


7



3



4


 Total non-GAAP adjustments before taxes


$

8



$

4



$

4









  Adjusted pre-tax earnings from continuing operations


$

16



$

11



$

5


  Adjusted pre-tax margin from continuing operations


4.1

%


3.1

%


17.2

%








Purchase price amortization


(7)



(3)



(4)


Depreciation and amortization


16



12



4


Interest expense


2



1



1









  Adjusted EBITDA


$

27



$

21



$

6


  Adjusted EBITDA margin


7.0

%


5.9

%


20.7

%

 

 

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




Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Three Months Ended




June 30, 2014




Pre-tax earnings from continuing operations


$

8



$

7



$

1









  Income tax benefit


(1)





(1)


 Loss from equity investments


(7)





(7)


  Earnings from discontinued operations, net of tax


6





6


  Non-controlling interests


5



3



2









Net earnings (loss) attributable to Old FNF common shareholders


$

3



$

4



$

(1)









EPS attributable to Old FNF common shareholders - basic


$

0.02



$

0.02



$


EPS attributable to Old FNF common shareholders - diluted


$

0.01



$

0.02



$

(0.01)









Old FNF weighted average shares - basic


275






Old FNF weighted average shares - diluted


283













Net earnings (loss) attributable to Old FNF common shareholders


$

3



$

4



$

(1)









 Total non-GAAP, pre-tax adjustments


$

8



$

4



$

4


  Income taxes on non-GAAP adjustments


(5)



(2)



(3)


  Noncontrolling interest on non-GAAP adjustments


(1)



(1)




Total non-GAAP adjustments


2



1



1









Adjusted net earnings attributable to Old FNF common shareholders


$

5



$

5



$









Adjusted EPS attributable to Old FNF common shareholders - diluted


$

0.02



$

0.02



$









Adjusted net earnings attributable to Old FNF common shareholders


$

5



$

5



$


Earnings from discontinued operations, net of tax


(6)





(6)


Non-controlling interests on discontinued operations


2





2


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


$

1



$

5



$

(4)









Adjusted EPS from continuing operations attributable to Old FNF common shareholders - diluted


$



$

0.02



$

(0.02)









Cash flows used by operations:


$

39













Capital expenditures


21






Free cash flow


$

18






 

 

FIDELITY NATIONAL FINANCIAL VENTURES
YTD QUARTER 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


(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 loss, net adjustment


$

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 QUARTER 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 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 used by operations:


$

5






Non-GAAP adjustments:







  IPO costs


3






Total Non-GAAP adjustments


3













Adjusted cash flows from operations


8






Capital expenditures


24






Free cash flow


$

(16)






 

 

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




Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Six Months Ended




June 30, 2014




Operating revenue


$

766



$

712



$

54


Interest and investment income


4





4


Realized gains and losses


(1)



(1)




Total revenue


769



711



58









Personnel costs


72



33



39


Other operating expenses


40



31



9


Cost of restaurant revenue


603



603




Depreciation and amortization


32



25



7


Interest expense


3



3




Total expenses


750



695



55









Pre-tax earnings from continuing operations


$

19



$

16



$

3









Non-GAAP adjustments before taxes







  Realized loss, net adjustment


$

1



$

1



$


  Purchase price amortization


13



7



6


 Total non-GAAP adjustments before taxes


$

14



$

8



$

6









  Adjusted pre-tax earnings from continuing operations


$

33



$

24



$

9


  Adjusted pre-tax margin from continuing operations


4.3

%


3.4

%


15.5

%








Purchase price amortization


(13)



(7)



(6)


Depreciation and amortization


32



25



7


Interest expense


3



3











  Adjusted EBITDA


$

55



$

45



$

10


  Adjusted EBITDA margin


7.2

%


6.3

%


17.2

%

 

 

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




Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Six Months Ended




June 30, 2014




Pre-tax earnings from continuing operations


$

19



$

16



$

3









  Income tax benefit


(4)





(4)


 Loss from equity investments


(38)





(38)


  Earnings from discontinued operations, net of tax


13





13


  Non-controlling interests


11



6



5









Net (loss) earnings attributable to Old FNF common shareholders


$

(13)



$

10



$

(23)









EPS attributable to Old FNF common shareholders - basic


$

(0.04)



$

0.04



$

(0.08)


EPS attributable to Old FNF common shareholders - diluted


$

(0.05)



$

0.04



$

(0.09)









Old FNF weighted average shares - basic


275






Old FNF weighted average shares - diluted


282













Net (loss) earnings attributable to Old FNF common shareholders


$

(13)



$

10



$

(23)









 Total non-GAAP, pre-tax adjustments


$

14



$

8



$

6


Ceridian truck stop settlement


34





34


  Income taxes on non-GAAP adjustments


(18)



(3)



(15)


  Noncontrolling interest on non-GAAP adjustments


(3)



(3)




Total non-GAAP adjustments


27



2



25









Adjusted net earnings attributable to Old FNF common shareholders


$

14



$

12



$

2









Adjusted EPS attributable to Old FNF common shareholders - diluted


$

0.05



$

0.04



$

0.01









Adjusted net earnings attributable to Old FNF common shareholders


$

14



$

12



$

2


Earnings from discontinued operations, net of tax


(13)





(13)


Non-controlling interests on discontinued operations


5





5


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


$

6



$

12



$

(6)









Adjusted EPS from continuing operations attributable to Old FNF common shareholders - diluted


$

0.02



$

0.04



$

(0.02)









Cash flows used by operations:


$

(7)













Capital expenditures


33






Free cash flow


$

(40)






 

 

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









FNFV

June 30, 2015


FNFV

December 31, 2014








(Unaudited)


(Unaudited)

Cash and investment portfolio







$

893


$

1,009

Goodwill







204


206

Total assets







1,739


1,923

Notes payable







221


124

Non-controlling interest







128


137

Total equity and redeemable non-controlling interests




1,291


1,515

Total equity attributable to common shareholders




1,163


1,378






















FNF Core


FNFV


Consolidated

June 30, 2015


Consolidated

December 31, 2014


(Unaudited)


(Unaudited)


(Unaudited)



Cash and investment portfolio

$

5,012


$

893


$

5,905


$

5,369

Goodwill

4,536


204


4,740


4,721

Title plant

393



393


393

Total assets

12,658


1,739


14,397


13,868

Notes payable

2,608


221


2,829


2,827

Reserve for title claim losses

1,612



1,612


1,621

Secured trust deposits

784



784


622

Redeemable non-controlling interests

344



344


715

Non-redeemable non-controlling interests

692


128


820


79

Total equity and redeemable non-controlling interests

5,820


1,291


7,111


6,788

Total equity attributable to common shareholders

4,784


1,163


5,947


5,994

















 Book Value Summary







FNFV

June 30, 2015


FNFV

December 31, 2014








Book Value


Book Value








(Unaudited)


(Unaudited)

Ceridian/Fleetcor







$

527


$

632

American Blue Ribbon Holdings







171


159

J. Alexander's







89


100

Digital Insurance







72


149

Holding Company Cash







207


164

Other







94


111

     FNFV Book Value







$

1,160


$

1,315

 

 

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

(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 (benefit)

88



95



(7)




138



142



(4)


Earnings from continuing operations before equity investments

166



157



9




267



240



27


Earnings from equity investments

4





4




3



2



1


Net earnings from continuing operations

170



157



13




270



242



28


Earnings from discontinued operations, net of tax













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

328



330



(2)




361



356



5















 

 

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



Three Months Ended



Six Months Ended


June 30, 2014



June 30, 2014


Consolidated


Core


FNFV



Consolidated


Core


FNFV

Direct title premiums

$

433



$

433



$




$

784



$

784



$


Agency title premiums

518



518






922



922




  Total title premiums

951



951






1,706



1,706




Escrow, title-related and other fees

715



689



26




1,361



1,307



54


     Total title and escrow and other

1,666



1,640



26




3,067



3,013



54















Restaurant revenue

358





358




712





712


Interest and investment income

36



33



3




65



61



4


Realized gains and losses

(1)





(1)




1



2



(1)


     Total revenue

2,059



1,673



386




3,845



3,076



769















Personnel costs

623



587



36




1,272



1,200



72


Other operating expenses

407



386



21




825



785



40


Cost of restaurant revenue

303





303




603





603


Agent commissions

395



395






702



702




Depreciation and amortization

84



68



16




201



169



32


Title claim loss expense

57



57






110



110




Interest expense

33



31



2




64



61



3


     Total expenses

1,902



1,524



378




3,777



3,027



750















Earnings from continuing operations before taxes

157



149



8




68



49



19


Income tax expense (benefit)

54



55



(1)




14



18



(4)


Earnings from continuing operations before equity investments

103



94



9




54



31



23


(Loss) earnings from equity investments

(5)



2



(7)




(36)



2



(38)


Net loss from continuing operations

98



96



2




18



33



(15)


Earnings (loss) from discontinued operations, net of tax

5



(1)



6




12



(1)



13


Net loss

103



95



8




30



32



(2)


Non-controlling interests

(9)



(14)



5




(60)



(71)



11


Net loss attributable to common shareholders

$

112



$

109



$

3




$

90



$

103



$

(13)















Cash flows provided by (used in) operations

229



190



39




(11)



(4)



(7)


 

SOURCE Fidelity National Financial, Inc.



RELATED LINKS

http://www.fnf.com