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Fidelity National Financial, Inc. Reports Fourth Quarter 2013 Core EPS of $0.32, Adjusted Core EPS of $0.37 and Adjusted Pre-Tax Title Margin of 11%

JACKSONVILLE, Fla., Feb. 12, 2014 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE: FNF), a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries, today reported operating results for the three-month and twelve-month periods ended December 31, 2013. 

  • Net earnings of $76 million, or $0.30 per diluted share, for the fourth quarter versus net earnings of $152 million, or $0.66 per diluted share in the fourth quarter of 2012
  • Adjusted net earnings of $108 million, or $0.43 per diluted share, for the fourth quarter versus adjusted net earnings of $166 million, or $0.72 per diluted share in the fourth quarter of 2012

Due to the recent formation of Black Knight Financial Services, LLC ("Black Knight") and ServiceLink Holdings, LLC ("ServiceLink") as well as the announced future formation of the new tracking stock for Fidelity National Financial Ventures ("FNFV"), FNF will begin separately reporting on its core operations, which includes Fidelity National Title Group, Inc. ("FNT"), Black Knight and ServiceLink, and the portfolio company investments that will comprise FNFV in the future.

Core Operations

  • Adjusted pre-tax title margin of 11.0% for the fourth quarter versus 16.0% in the fourth quarter of 2012
  • Core diluted EPS of $0.32 for the fourth quarter versus $0.62 for the fourth quarter of 2012
  • Adjusted fourth quarter core diluted EPS of $0.37, which excludes $3 million of after-tax purchase price amortization ($0.01 impact on diluted EPS), a $7 million after-tax executive separation charge ($0.03 impact on diluted EPS) and $3 million of after-tax expenses related to the Lender Processing Services, Inc. acquisition ($0.01 impact on diluted EPS) versus adjusted core diluted EPS of $0.64 in the fourth quarter of 2012
  • Fourth quarter core free cash flow of $38 million versus $160 million in the fourth quarter of 2012
  • Open title orders of 392,000 for the fourth quarter, a decrease of 285,000, or 42%, compared with the fourth quarter of 2012, reflecting a more than 60% decline in refinance orders in the fourth quarter of 2013 versus the prior year; open orders per day of 6,200 for the fourth quarter versus 10,700 open orders per day for the fourth quarter of 2012; 55% of fourth quarter open title orders were purchase related versus 32% in the fourth quarter of 2012
  • Closed title orders of 307,000 for the fourth quarter, a decrease of 211,000, or 41%, compared with the fourth quarter of 2012; closed orders per day of 4,900 for the fourth quarter versus 8,200 closed orders per day for the fourth quarter of 2012; 56% of fourth quarter closed title orders were purchase related versus 33% in the fourth quarter of 2012
  • Fourth quarter purchase orders opened and closed decreased by 3% and 2%, respectively, versus the fourth quarter of 2012
  • Fourth quarter commercial title revenue of $146 million, a 2% decrease from the strong fourth quarter of 2012, driven by a 5% improvement in the commercial fee per file offset by a 6% decrease in closed orders; open commercial orders increased by 2% over the prior year
  • Overall fourth quarter average fee per file of $2,082, a 33% increase over the fourth quarter of 2012 and a 15% sequential increase from the third quarter of 2013; residential and local commercial fee per file (excluding national commercial business) of $1,676 versus $1,312 for the fourth quarter of 2012, a 28% increase over the prior year period and a 7% sequential improvement versus the third quarter of 2013

The following are summary financial results for the core operations of FNF for the three-month and twelve-month periods ended December 31, 2013 and 2012:

 

Core Operations - Total ($ in millions except per share amounts)





Three Months Ended
December 31, 2013

Three Months Ended
December 31, 2012

Total revenue

$1,385

$1,595

Net earnings

$81

$143

Net earnings per diluted share

$0.32

$0.62

Adjusted net earnings

$94

$147

Adjusted net earnings per diluted share

$0.37

$0.64

Free cash flow

$38

$160





Twelve Months Ended   
December 31, 2013

Twelve Months Ended
December 31, 2012

Total revenue

$5,956

$5,633

Net earnings

$428

$451

Net earnings per diluted share

$1.82

$2.00

Adjusted net earnings

$471

$473

Adjusted net earnings per diluted share

$2.01

$2.09

Free cash flow

$323

$440

    


FNT ($ in millions)





Three Months Ended
December 31, 2013

Three Months Ended
December 31, 2012

Total revenue

$1,372

$1,580

Pre-tax earnings

$158

$249

Realized gains (losses)

$8

(4)

Adjusted pre-tax earnings

$150

$253

Adjusted pre-tax margin

11.0%

16.0%





Twelve Months Ended   
December 31, 2013

Twelve Months Ended
December 31, 2012

Total revenue

$5,894

$5,586

Pre-tax earnings

$821

$776

Realized gains

$18

$1

Claims recoupment impairment

--

$11

Adjusted pre-tax earnings

$803

$786

Adjusted pre-tax margin

13.7%

14.1%




Month

Direct Orders Opened*/
(% Purchase)

Direct Orders Closed*/
(% Purchase)

October 2013

156,000 (54%)

112,000 (55%)

November 2013

124,000 (54%)

94,000 (55%)

December 2013

112,000 (56%)

101,000 (58%)

Fourth Quarter 2013

392,000 (55%)

307,000 (56%)




* Includes an immaterial number of non-purchase and non-refinance orders






October 2012

268,000 (31%)

179,000 (33%)

November 2012

215,000 (32%)

164,000 (33%)

December 2012

194,000 (32%)

175,000 (34%)

Fourth Quarter 2012

677,000 (32%)

518,000 (33%)







Open
Commercial
Orders

Closed
Commercial
Orders

Commercial
Revenue
(millions)

Commercial
Fee Per File

4th Quarter 2013

19,300

12,800

$146

$11,400

4th Quarter 2012

18,900

13,600

$149

$10,900








 

- The preceding table only includes commercial activity from FNF's commercial offices in the national commercial division and does not attempt to capture potential commercial activity in our local offices.   

 

Portfolio Company Investments -Total ($ in millions except per share amounts)





Three Months Ended
December 31, 2013

Three Months Ended

December 31, 2012

Total revenue

$690

$633

Net earnings (loss)

($5)

$9

Net earnings (loss) per diluted share

($0.02)

$0.04

Adjusted net earnings

$14

$19

Adjusted net earnings per diluted share

$0.06

$0.08

Free cash flow

$78

$47





Twelve Months Ended   
December 31, 2013

Twelve Months Ended

December 31, 2012

Total revenue

$2,622

$1,535

Net earnings (loss)

($26)

$156

Net earnings (loss) per diluted share

($0.11)

$0.69

Adjusted net earnings

$38

$29

Adjusted net earnings per diluted share

$0.16

$0.13

Free cash flow

$59

$101

 

The following are summary financial results for the two major, consolidated portfolio company investments of FNF for the three-month and twelve-month periods ended December 31, 2013 and 2012:   

 

Restaurant Group ($ in millions)







Three Months Ended
December 31, 2013

Three Months Ended
December 31, 2012

Operating revenue

$371

$357

Realized losses

($1)

($2)

Total revenue

$370

$355

Pre-tax earnings (loss)

$8

($4)

Depreciation & amortization

$13

$15

Interest expense

$2

$2

EBITDA

$23

$13

Realized losses

$1

$2

Transaction and integration costs

$2

$4

Adjusted EBITDA

$26

$19

Adjusted EBITDA margin

7.0%

5.3%





Twelve Months Ended
December 31, 2013

Twelve Months Ended
(Partial – May 11 –
December 31)
December 31, 2012

Operating revenue

$1,408

$908

Realized gains (losses)

($1)

$119

Total revenue

$1,407

$1,027

Pre-tax earnings

$12

$102

Depreciation & amortization

$53

$35

Interest expense

$8

3

EBITDA

$73

$140

Realized (gains) losses

$1

($119)

Transaction and integration costs

$7

$19

Adjusted EBITDA

$81

$40

Adjusted EBITDA margin

5.8%

4.4%




Remy ($ in millions)

Three Months Ended
December 31, 2013

Three Months Ended
December 31, 2012

Operating revenue

$293

$274

Interest and investment income

$1

$1

Total revenue

$294

$275

Pre-tax earnings

$15

$9

Depreciation & amortization

$18

$21

Interest expense

$4

$7

EBITDA

$37

$37

Stock compensation/other adjustments

$1

$3

Adjusted EBITDA

$38

$40

Adjusted EBITDA margin

13.0%

14.6%





Twelve Months Ended
December 31, 2013

Twelve Months Ended
(Partial – August 15 -
December 31)
December 31, 2012

Operating revenue

$1,127

$417

Interest and investment income

$2

$1

Realized gains (losses)

($4)

$79

Total revenue

$1,125

$497

Pre-tax earnings

$22

$90

Depreciation & amortization

$76

$28

Interest expense

$20

$10

EBITDA

$118

$128

Realized losses (gains)

$4

($79)

Stock compensation, executive severance and other adjustments

$17

$13

Adjusted EBITDA

$139

$62

Adjusted EBITDA margin

12.3%

14.9%

 

"The fourth quarter was a solid finish to a year of transition in our title insurance business, as we continued to move from a refinance driven market towards what appears to be a more purchase driven market," said Chairman William P. Foley, II.  "While this quarter witnessed the majority of the revenue impact from the steep decline in refinance title orders that began during the summer, we were still able to generate an 11% adjusted pre-tax title margin for the fourth quarter and nearly 14% for the full-year 2013.  In the face of these declining refinance order volumes, we continued to focus on our expense structure, as we eliminated over 700 positions during the fourth quarter and over 2,300 since our staffing peak in May 2013, a staff reduction of nearly 20%.  We are confident these actions have us well positioned to maximize profitability in our title insurance business as we enter what looks to be a much more purchase driven market in 2014.

"We also were pleased to close the Lender Processing Services ("LPS") acquisition on January 2, 2014.  We have separated the combined LPS and ServiceLink businesses into Black Knight Financial Services, our mortgage technology-focused company and ServiceLink, our transaction services businesses.  The long process to closing gave us the opportunity to explore the cost synergy opportunities in more detail.  To this point, we have recognized an estimated $150 million in annualized run-rate synergies and we are now targeting $225 million in total cost synergies.  We are very excited about the future of the Black Knight and ServiceLink companies and look forward to their contribution to the continued success of FNF."

Conference Call
FNF will host a call with investors and analysts to discuss fourth quarter 2013 results on Thursday, February 13, 2014, beginning at 11:00 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 February 13, 2014, through February 20, 2014, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 316606.

About FNF
Fidelity National Financial, Inc. (NYSE: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 and Alamo Title – 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, FNF owns majority and minority equity investment stakes in a number of entities, including American Blue Ribbon Holdings, LLC, J. Alexander's, LLC, Remy International, Inc., Ceridian HCM, Inc., Comdata Inc. and Digital Insurance, Inc.  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 above.

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; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.

 

FIDELITY NATIONAL FINANCIAL, INC.

SUMMARY OF EARNINGS

(In millions, except order information in 000's)

(Unaudited)





Three Months Ended

 Twelve Months Ended


December 31,

December 31,


2013


2012

2013


2012

Direct title premiums

$423


$517

$1,800


$1,732

Agency title premiums

573


600

2,352


2,101

  Total title premiums

996


1,117

4,152


3,833

Escrow, title-related and other fees

376


448

1,737


1,676

  Total title and escrow

1,372


1,565

5,889


5,509

Restaurant revenue

371


357

1,408


908

Remy revenue

293


274

1,127


417

Interest and investment income

30


35

129


144

Realized gains and losses

5


(6)

12


187

  Total revenue

2,071


2,225

8,565


7,165








Personnel costs

529


541

2,134


1,863

Other operating expenses

299


356

1,319


1,287

Cost of restaurant revenue

315


299

1,204


773

Cost of Remy revenue (includes $17, $20, $72 and $27 of D&A, respectively)

243


225

947


350

Agent commissions

437


456

1,789


1,600

Depreciation and amortization

33


33

137


104

Title claim loss expense

70


79

291


279

Interest expense

22


24

93


74

  Total expenses

1,948


2,013

7,914


6,330








Earnings from continuing operations before taxes

123


212

651


835

Income tax expense

33


59

205


247

Earnings from continuing operations before equity investments

90


153

446


588

Earnings (Loss) from equity investments

(6)


(3)

(26)


10

Net earnings from continuing operations

84


150

420


598

Income (Loss) from discontinued operations, net of tax

1


3

(1)


14

 Net earnings

85


153

419


612

Non-controlling interests

9


1

17


5

Net earnings attributable to common shareholders

$76


$152

$402


$607

Earnings per share:







    Net earnings attributable to common shareholders - basic

$0.31


$0.68

$1.75


$2.75

    Net earnings attributable to common shareholders - diluted

$0.30


$0.66

$1.71


$2.69

   

Weighted average shares – basic

243


224

230


221

Weighted average shares – diluted

251


229

235


226








Direct operations orders opened (000's)

392


677

2,181


2,702

Direct operations orders closed (000's)

307


518

1,708


1,867

Fee per file

$2,082


$1,565

$1,660


$1,487

Actual title claims paid

$100


$131

$403


$433








 

FIDELITY NATIONAL FINANCIAL, INC.

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except order information in 000's)

(Unaudited)














Total 

















FNF



Portfolio






Other







Total




Corporate



Company




Restaurant 


Corporate

Three Months Ended December 31, 2013


Consolidated


Eliminations


FNF Core


FNT


and Other



Investments


Remy


Group


and Other





















Direct title premiums


$             423


$                -


$             423


$        423


$             -



$                -


$            -


$            -


$            -

Agency title premiums


573


-


573


573


-



-


-


-


-

Escrow, title related and other fees


376


-


350


339


11



26


-


-


26

Total Title and Escrow


1,372


-


1,346


1,335


11



26


-


-


26





















Restaurant revenue


371


-


-


-


-



371


-


371


-

Remy revenue


293


-


-


-


-



293


293


-


-

Interest and investment income


30


(4)


31


29


2



3


1


-


2

Realized gains and losses


5


-


8


8


-



(3)


-


(1)


(2)

  Total revenue


2,071


(4)


1,385


1,372


13



690


294


370


26





















Personnel costs


529


-


454


438


16



75


21


18


36

Other operating expenses


299


-


271


253


18



28


10


14


4

Agent commissions


437


-


437


437


-



-


-


-


-

Cost of revenue


558


-


-


-


-



558


243


315


-

Depreciation and amortization


33


-


16


16


-



17


1


13


3

Title claim loss expense


70


-


70


70


-



-


-


-


-

Interest expense


22


(4)


16


-


16



10


4


2


4

  Total expenses


1,948


(4)


1,264


1,214


50



688


279


362


47





















Pre-tax earnings from continuing operations


123


-


121


158


(37)



2


15


8


(21)

Pre-tax margin


5.9%


-


8.7%


11.5%


-



0.3%


5.1%


2.2%


-

Adjusted pre-tax margin


5.7%


-


8.2%


11.0%


-



0.7%


5.1%


2.4%


-





















Open orders


392


-


392


392


-



-


-


-


-

Closed orders


307


-


307


307


-



-


-


-


-






















































Total 

















FNF



Portfolio






Other







Total




Corporate



Company




Restaurant 


Corporate

Three Months Ended December 31, 2012


Consolidated


Eliminations


FNF Core


FNT


and Other



Investments


Remy


Group


and Other





















Direct title premiums


$             517


$                -


$             517


$        517


$             -



$                -


$            -


$            -


$            -

Agency title premiums


600


-


600


600


-



-


-


-


-

Escrow, title related and other fees


448


-


445


433


12



3


-


-


3

Total Title and Escrow


1,565


-


1,562


1,550


12



3


-


-


3





















Restaurant revenue


357


-


-


-


-



357


-


357


-

Remy revenue


274


-


-


-


-



274


274


-


-

Interest and investment income


35


(3)


37


34


3



1


1


-


-

Realized gains and losses


(6)


-


(4)


(4)


-



(2)


-


(2)


-

  Total revenue


2,225


(3)


1,595


1,580


15



633


275


355


3





















Personnel costs


541


-


486


477


9



55


21


18


16

Other operating expenses


356


-


318


301


17



38


12


25


1

Agent commissions


456


-


456


456


-



-


-


-


-

Cost of revenue


524


-


-


-


-



524


225


299


-

Depreciation and amortization


33


-


17


17


-



16


1


15


-

Title claim loss expense


79


-


79


79


-



-


-


-


-

Interest expense


24


(3)


19


1


18



8


7


2


(1)

  Total expenses


2,013


(3)


1,375


1,331


44



641


266


359


16





















Pre-tax earnings from continuing operations


212


-


220


249


(29)



(8)


9


(4)


(13)

Pre-tax margin


9.5%


-


13.8%


15.8%


-



-


3.3%


-


-

Adjusted pre-tax margin


9.8%


-


14.0%


16.0%


-



-


3.3%


-


-





















Open orders


677


-


677


677


-



-


-


-


-

Closed orders


518


-


518


518


-



-


-


-


-





















 

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except order information in 000's)

 (Unaudited)














Total

















FNF



Portfolio






Other







Total




Corporate



Company 




Restaurant 


Corporate

Twelve Months Ended December 31, 2013


Consolidated


Eliminations


FNF Core


FNT


and Other



Investments


Remy


Group


and Other





















Direct title premiums


$          1,800


$                  -


$          1,800


$    1,800


$             -



$                -


$            -


$            -


$            -

Agency title premiums


2,352


-


2,352


2,352


-



-


-


-


-

Escrow, title related and other fees


1,737


-


1,650


1,597


53



87


-


-


87

Total Title and Escrow


5,889


-


5,802


5,749


53



87


-


-


87





















Restaurant revenue


1,408


-


-


-


-



1,408


-


1,408


-

Remy revenue


1,127


-


-


-


-



1,127


1,127


-


-

Interest and investment income


129


(13)


136


127


9



6


2


-


4

Realized gains and losses


12


-


18


18


-



(6)


(4)


(1)


(1)

  Total revenue


8,565


(13)


5,956


5,894


62



2,622


1,125


1,407


90





















Personnel costs


2,134


-


1,869


1,832


37



265


86


65


114

Other operating expenses


1,319


-


1,189


1,096


93



130


46


65


19

Agent commissions


1,789


-


1,789


1,789


-



-


-


-


-

Cost of revenue


2,151


-


-


-


-



2,151


947


1,204


-

Depreciation and amortization


137


-


68


65


3



69


4


53


12

Title claim loss expense


291


-


291


291


-



-


-


-


-

Interest expense


93


(13)


68


-


68



38


20


8


10

  Total expenses


7,914


(13)


5,274


5,073


201



2,653


1,103


1,395


155





















Pre-tax earnings from continuing operations


651


-


682


821


(139)



(31)


22


12


(65)

Pre-tax margin


7.6%


-


11.5%


13.9%


-



-


2.0%


0.9%


-

Adjusted pre-tax margin


7.5%


-


11.2%


13.7%


-



-


2.3%


0.9%


-





















Open orders


2,181


-


2,181


2,181


-



-


-


-


-

Closed orders


1,708


-


1,708


1,708


-



-


-


-


-






















































Total

















FNF



Portfolio






Other







Total




Corporate



Company 




Restaurant 


Corporate

Twelve Months Ended December 31, 2012


Consolidated


Eliminations


FNF Core


FNT


and Other



Investments


Remy


Group


and Other





















Direct title premiums


$          1,732


$                  -


$          1,732


$    1,732


$             -



$                -


$            -


$            -


$            -

Agency title premiums


2,101


-


2,101


2,101


-



-


-


-


-

Escrow, title related and other fees


1,676


-


1,661


1,613


48



15


-


-


15

Total Title and Escrow


5,509


-


5,494


5,446


48



15


-


-


15





















Restaurant revenue


908


-


-


-


-



908


-


908


-

Remy revenue


417


-


-


-


-



417


417


-


-

Interest and investment income


144


(3)


144


139


5



3


1


-


2

Realized gains and losses


187


-


(5)


1


(6)



192


79


119


(6)

  Total revenue


7,165


(3)


5,633


5,586


47



1,535


497


1,027


11





















Personnel costs


1,863


-


1,767


1,738


29



96


29


43


24

Other operating expenses


1,287


-


1,187


1,128


59



100


18


71


11

Agent commissions


1,600


-


1,600


1,600


-



-


-


-


-

Cost of revenue


1,123


-


-


-


-



1,123


349


773


1

Depreciation and amortization


104


-


68


64


4



36


1


35


-

Title claim loss expense


279


-


279


279


-



-


-


-


-

Interest expense


74


(3)


61


1


60



16


10


3


3

  Total expenses


6,330


(3)


4,962


4,810


152



1,371


407


925


39





















Pre-tax earnings from continuing operations


835


-


671


776


(105)



164


90


102


(28)

Pre-tax margin


11.7%


-


11.9%


13.9%


-



10.7%


18.1%


9.9%


-

Adjusted pre-tax margin


9.3%


-


12.0%


14.1%


-



-


2.6%


-


-





















Open orders


2,702


-


2,702


2,702


-



-


-


-


-

Closed orders


1,867


-


1,867


1,867


-



-


-


-


-





















 

FIDELITY NATIONAL FINANCIAL, INC.

QUARTERLY OPERATING STATISTICS

(Unaudited)




Q4 2013

Q3 2013

Q2 2013

Q1 2013

Q4 2012

Q3 2012

Q2 2012

Q1 2012

Total Quarterly Title Margins (millions except % data)










Total revenue


1,372

1,539

1,613

1,385

1,580

1,443

1,383

1,166

Pre-tax earnings


158

221

272

171

249

207

188

126

Realized (gains)/losses


(8)

(3)

(7)

--

4

--

(1)

(4)

Claims recoupment impairment


--

--

--

--

--

--

11

--

Adjusted pre-tax title earnings


150

218

265

171

253

207

198

122

Adjusted pre-tax title margin


11.0%

14.2%

16.5%

12.3%

16.0%

14.3%

14.3%

10.5%











Total Quarterly Open Orders ('000's except % data)










Total open orders*


392

474

672

643

677

707

667

651

Total open orders per day*


6.2

7.4

10.5

10.5

10.7

11.2

10.4

10.5

Purchase % of open orders


55%

56%

42%

38%

32%

33%

38%

36%

Refinance % of open orders


45%

44%

58%

62%

68%

67%

62%

64%











Total Quarterly Closed Orders ('000's except % data)










Total closed orders*


307

410

504

487

518

480

459

410

Total closed orders per day*


4.9

6.4

7.9

8.0

8.2

7.6

7.2

6.6

Purchase % of closed orders


56%

50%

40%

31%

33%

37%

40%

34%

Refinance % of closed orders


44%

50%

60%

69%

67%

63%

60%

66%

*Includes an immaterial number of non-purchase and non-refinance orders




















Commercial (millions, except orders in '000's)










Revenue


146

120

112

88

149

96

103

83

Open Orders


19.3

19.9

20.3

18.7

18.9

18.9

20.3

19.8

Closed Orders


12.8

12.6

12.3

10.6

13.6

12.2

13.1

11.7











Total Fee Per File 










Fee per file


$2,082

$1,807

$1,562

$1,373

$1,565

$1,467

$1,497

$1,398











Residential and local commercial fee per file


$1,676

$1,562

$1,373

$1,219

$1,312

$1,300

$1,310

$1,231











National commercial fee per file


$11,400

$9,500

$9,100

$8,300

$10,900

$7,800

$7,900

$7,100











Total Staffing










Total title field operations employees


9,900

10,600

12,000

12,000

11,600

11,300

11,000

10,600











FNT Only Quarterly Title Margins (millions except % data)










Total revenue


1,279

1,399

1,434

1,197

1,405

1,294

1,227

1,028

Pre-tax earnings


147

190

231

128

216

186

158

108

Realized (gains)/losses


(8)

(3)

(7)

0

4

--

(1)

(4)

Claims recoupment impairment


--

--

--

--

--

--

11

--

Adjusted pre-tax title earnings


139

187

224

128

220

186

168

104

Adjusted pre-tax title margin


11.0%

13.4%

15.7%

10.7%

15.7%

14.4%

13.7%

10.2%











FNT Only Quarterly Operating Statistics ('000's except fee per file and staffing)










Total open orders*


331

391

516

481

497

525

524

485

Total open orders per day*


5.3

6.1

8.1

7.9

7.9

8.3

8.2

7.8

Total closed orders*


263

323

387

354

396

381

353

323

Total closed orders per day*


4.2

5.0

6.0

5.8

6.3

6.1

5.5

5.2

Fee per file


2,260

2,028

1,747

1,537

1,756

1,602

1,664

1,510

Total title field operations employees


8,928

9,274

10,097

9,881

9,529

9,352

9,148

8,673











ServiceLink Only Quarterly Title Margins (millions except % data)










Total revenue


93

140

179

188

176

149

156

138

Pre-tax earnings


11

31

41

43

32

21

30

18

Pre-tax title margin


11.6%

22.1%

22.9%

22.9%

18.2%

14.1%

19.2%

13.0%











ServiceLink Only Quarterly Operating Statistics ('000's except fee per file and staffing)










Total open orders*


61

83

156

162

180

182

143

166

Total open orders per day*


1.0

1.3

2.4

2.7

2.9

2.9

2.2

2.7

Total closed orders*


44

87

117

133

122

99

106

87

Total closed orders per day*


0.7

1.4

1.8

2.2

1.9

1.6

1.7

1.4

Fee per file


1,013

989

951

936

946

945

937

988

Total ServiceLink operations employees


972

1,326

1,903

2,119

2,071

1,948

1,852

1,927











 


FIDELITY NATIONAL FINANCIAL, INC.

SUMMARY BALANCE SHEET INFORMATION

(In millions, except per share amounts)



December 31,

Intercompany

FNF Core

Portfolio

Company
Investments

December 31,


2013

2013

2013

2013

2012


 (Unaudited)

 (Unaudited)

(Unaudited)

 (Unaudited)


Cash and investment portfolio

$5,760

$(33)

$5,235

$558

$5,186

Goodwill and other intangibles

2,519

-

1,554

965

1,909

Title plant

370

-

370

-

374

Total assets

10,524

(129)

8,017

2,636

9,903

Notes payable

1,323

(111)

983

451

1,344

Reserve for title claim losses

1,636

-

1,636

-

1,748

Secured trust deposits

588

-

588

-

528

Non-controlling interest

474

-

10

464

481

Total equity

5,542

-

3,880

1,662

4,749

Book value per share

$22.14

-

$15.50

$6.64

$20.78

 

 

FIDELITY NATIONAL FINANCIAL, INC.

NON-GAAP RECONCILIATIONS

(In millions, except per share amounts)














Total







Portfolio





Total


Company 

Three Months Ended December 31, 2013


Consolidated


FNF Core


Investments








Net earnings


$               76


$               81


$               (5)

EPS


$            0.30


$            0.32


$         (0.02)








Non-GAAP adjustments (presented net of tax):







Expenses related to acquisition of LPS


3


3


-

Executive separation charge


7


7


-

Ceridian non-recurring costs


7


-


7

Purchase price amortization


15


3


12








Adjusted net earnings


$             108


$               94


$              14

Adjusted EPS


$            0.43


$            0.37


$           0.06








Net cash flows provided by operations


$             140


$               46


$              94








Non-GAAP adjustments







Expenses related to acquisition of LPS


5


5


-

Adjusted cash flows from operations


145


51


94

Less: Capital expenditures


29


13


16








Free cash flow


$             116


$               38


$              78





















Total







Portfolio





Total


Company 

Three Months Ended December 31, 2012


Consolidated


FNF Core


Investments








Net earnings


$             152


$             143


$                 9

EPS


$            0.66


$            0.62


$           0.04








Non-GAAP adjustments (presented net of tax):







Purchase price amortization


14


4


10








Adjusted earnings


$             166


$             147


$              19

Adjusted EPS


$            0.72


$            0.64


$           0.08








Net cash flows provided by operations


$             243


$             177


$              66

Less: Capital expenditures


36


17


19








Free cash flow


$             207


$             160


$              47








 

 

 

FIDELITY NATIONAL FINANCIAL, INC.

NON-GAAP RECONCILIATIONS

(In millions, except per share amounts)








Total







Portfolio





Total


Company 

Twelve Months Ended December 31, 2013


Consolidated


FNF Core


Investments








Net earnings


$             402


$             428


$             (26)

EPS


$            1.71


$            1.82


$         (0.11)








Non-GAAP adjustments (presented net of tax):







Expenses related to acquisition of LPS


11


11


-

Executive separation charge


12


7


5

Employment litigation matter


14


14


-

Ceridian non-recurring costs


17


-


17

Purchase price amortization


53


11


42








Adjusted net earnings


$             509


$             471


$              38

Adjusted EPS


$            2.17


$            2.01


$           0.16








Net cash flows provided by operations


$             484


$             354


$            130








Non-GAAP adjustments







Expenses related to acquisition of LPS


16


16


-

Executive separation charge


7


-


7

Employment litigation matter


20


20


-

Adjusted cash flows from operations


527


390


137

Less: Capital expenditures


145


67


78








Free cash flow


$             382


$             323


$              59





















Total







Portfolio





Total


Company 

Twelve Months Ended December 31, 2012


Consolidated


FNF Core


Investments








Net earnings


$             607


$             451


$            156

EPS


$            2.69


$            2.00


$           0.69








Non-GAAP adjustments (presented net of tax):







Gain on consolidation of O'Charley's and ABRH


$              (51)


$                -


$             (51)

Bargain purchase gain on O'Charley's


(34)


-


(34)

Gain on consolidation of Remy


(56)


-


(56)

Claim recoupment impairment


8


8


-

Purchase price amortization


28


14


14








Adjusted earnings


$             502


$             473


$              29

Adjusted EPS


$            2.22


$            2.09


$           0.13








Net cash flows provided by operations


$             620


$             476


$            144

Less: Capital expenditures


79


36


43








Free cash flow


$             541


$             440


$            101








 

 

SOURCE Fidelity National Financial, Inc.

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