Fidelity National Financial, Inc. Reports First Quarter 2014 Adjusted Core EPS of $0.26; Adjusted Pre-Tax Title Margin of 5.5%; Black Knight Adjusted EBITDA Margin of 35.9%; Increased LPS Total Synergy Target to $290 Million - WALB.com, Albany News, Weather, Sports

Fidelity National Financial, Inc. Reports First Quarter 2014 Adjusted Core EPS of $0.26; Adjusted Pre-Tax Title Margin of 5.5%; Black Knight Adjusted EBITDA Margin of 35.9%; Increased LPS Total Synergy Target to $290 Million

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SOURCE Fidelity National Financial, Inc.

JACKSONVILLE, Fla., April 30, 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 period ended March 31, 2014. 

Consolidated

  • Total revenue of $2.1 billion in the first quarter versus $2.0 billion in the first quarter of 2013
  • Adjusted net earnings of $84 million, or $0.30 per diluted share, for the first quarter versus adjusted net earnings of $102 million, or $0.44 per diluted share, in the first quarter of 2013; first quarter 2014 adjusted net earnings exclude $106 million of after-tax, unusual or one-time items, primarily related to the acquisition of Lender Processing Services, Inc. ("LPS") and a one-time Ceridian legal settlement
  • GAAP net loss of $22 million, or ($0.08) per diluted share, for the first quarter versus net earnings of $90 million, or $0.39 per diluted share in the first quarter of 2013

Core Operations

  • Total revenue of $1.4 billion in the first quarter versus $1.4 billion in the first quarter of 2013
  • Adjusted EBITDA of $148 million for the first quarter versus adjusted EBITDA of $179 million for the first quarter of 2013
  • Adjusted net earnings of $74 million, or $0.26 per diluted share, for the first quarter versus adjusted net earnings of $98 million, or $0.42 per diluted share, in the first quarter of 2013; adjusted first quarter 2014 net earnings exclude $80 million of unusual or one-time items, including $117 million of costs and expenses related to the acquisition of LPS, $75 million in purchase price amortization and a legal accrual of $2 million, less a $51 million non-controlling interest credit related to the LPS items, a $61 million tax impact from the adjustments and $2 million of realized gains
  • First quarter free cash flow used of $39 million versus $36 million used in the first quarter of 2013

Fidelity National Financial Ventures ("FNFV")

  • Total revenue of $686 million in the first quarter versus $656 million in the first quarter of 2013
  • EBITDA of $58 million in the first quarter versus adjusted EBITDA of $41 million in the first quarter of 2013
  • Adjusted net earnings of $10 million, or $0.04 per diluted share, for the first quarter versus $4 million, or $0.02 per diluted share, in the first quarter of 2013; first quarter 2014 adjusted net earnings exclude $26 million of unusual and one-time items, including $21 million in expense from a one-time Ceridian legal settlement and $12 million in purchase price amortization, less a $3 million non-controlling interest credit related to the purchase price amortization and a $4 million tax impact from the adjustments
  • Book value attributable to FNF common shareholders of approximately $1.3 billion, or $4.72 per share

Core Operations

Title

  • Adjusted pre-tax title margin of 5.5% for the first quarter versus 12.5% in the first quarter of 2013; adjusted EBITDA margin of 6.8% for the first quarter versus 13.5% in the first quarter of 2013
  • Open title orders of 469,000 for the first quarter, a decrease of 174,000, or 27%, compared with the first quarter of 2013; open orders per day of 7,700 for the first quarter versus 10,500 open orders per day for the first quarter of 2013; 55% of first quarter open title orders were purchase related versus 38% in the first quarter of 2013
  • Closed title orders of 295,000 for the first quarter, a decrease of 192,000, or 39%, compared with the first quarter of 2013; closed orders per day of 4,800 for the first quarter versus 8,000 closed orders per day for the first quarter of 2013; 52% of first quarter closed title orders were purchase related versus 31% in the first quarter of 2013
  • First quarter purchase orders opened increased by nearly 1.5% and closed purchase orders decreased by 6% versus the first quarter of 2013; purchase open orders increased by more than 3% for the first three weeks of April 2014
  • First quarter commercial title revenue of $104 million, an 18% increase from the first quarter of 2013, driven by a 23% improvement in the commercial fee per file slightly offset by a 4% decrease in closed orders; open commercial orders increased by 5% over the prior year
  • Overall first quarter average fee per file of $1,858, a 35% increase over the first quarter of 2013
  • ServiceLink total revenue of $215 million, adjusted pre-tax earnings of $10 million and an adjusted pre-tax margin of 4.7%; the adjusted pre-tax earnings exclude $60 million of costs and expenses related to the acquisition of LPS and $22 million of purchase price amortization

Black Knight

  • Total revenue of $187 million, led by mortgage servicing technology revenue of $120 million
  • Adjusted EBITDA of $69 million and adjusted EBITDA margin of 35.9%

 

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










Three Months Ended
March 31, 2014


Three Months Ended

March 31, 2013

Total revenue


$1,403


$1,385

Net earnings (loss)


($6)


$96

Net earnings (loss) per diluted share


($0.02)


$0.42

Merger transaction costs


$41


-

Severance expense


$39


-

Synergy bonus accrual


$32


-

Purchase price amortization


$75


$3

Deferred revenue adjustment


$5


-

Legal accrual


$2


-

Realized gains


($2)


-

Non-controlling interest on non-GAAP adjustments


($51)


-

Tax impact of adjustments


($61)


($1)

Adjusted net earnings


$74


$98

Adjusted net earnings per diluted share


$0.26


$0.42

Free cash flow


($39)


($36)

   

Title ($ in millions)






Three Months Ended
March 31, 2014


Three Months Ended
March 31, 2013


Total revenue




$1,208


$1,375


Pre-tax earnings (loss)




($15)


$169


Merger transaction costs




$32


-


Severance expense




$15


-


Synergy bonus accrual




$13


-


Purchase price amortization




$23


$3


Realized gains




($2)


-


Adjusted pre-tax earnings




$66


$172


Adjusted pre-tax margin




5.5%


12.5%


























 

Month




Direct Orders Opened*/
(% Purchase)


Direct Orders Closed*/
(% Purchase)


January 2014




150,000 (53%)


99,000 (47%)


February 2014




150,000 (51%)


92,000 (51%)


March 2014




169,000 (60%)


104,000 (58%)


First Quarter 2014




469,000 (55%)


295,000 (52%)


























January 2013




218,000 (35%)


167,000 (28%)


February 2013




203,000 (38%)


155,000 (30%)


March 2013




222,000 (41%)


165,000 (36%)


First Quarter 2013




643,000 (38%)


487,000 (31%)


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


































Open
Commercial Orders


Closed
Commercial
Orders


Commercial
Revenue

(millions)

Commercial
Fee Per File

1st Quarter 2014


19,600


10,200


$104

$10,200

1st Quarter 2013


18,700


10,600


$88

$8,300









 

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

     

Black Knight ($ in millions)





Three Months Ended
March 31, 2014

Total revenue

$187

Pre-tax earnings (loss)

($74)

Depreciation & amortization

$61

Interest expense

$5

EBITDA

($8)

Merger transaction costs

$35

Severance expense

$24

Synergy bonus accrual

$13

Deferred revenue adjustment

$5

Adjusted EBITDA

$69

Adjusted EBITDA margin

35.9%

 

FNFV – Total ($ in millions except per share amounts)







Three Months Ended
March 31, 2014

Three Months Ended

March 31, 2013

Total revenue

$686

$656

Pre-tax earnings (loss)

21

($9)

Depreciation & amortization

31

34

Interest expense

$6

$7

EBITDA

$58

$32

Remy severance expense

-

$7

Realized gains

-

$2

Adjusted EBITDA

$58

$41

Adjusted EBITDA margin

8.5%

6.3%

Free cash flow

($59)

($23)

Book value

$1,307

-

Book value per share attributable to FNF common shareholders

$4.72

-

   

Restaurant Group ($ in millions)







Three Months Ended
March 31, 2014

Three Months Ended
March 31, 2013

Operating revenue

$354

$354

Realized losses

-

($2)

Total revenue

$354

$352

Pre-tax earnings

$9

-

Depreciation & amortization

$13

$13

Interest expense

$2

$2

EBITDA

$24

$15

Realized losses

-

$2

Adjusted EBITDA

$24

$17

Adjusted EBITDA margin

6.8%

4.8%




Remy ($ in millions)







Three Months Ended
March 31, 2014

Three Months Ended
March 31, 2013

Total revenue

$302

$285

Pre-tax earnings (loss)

$10

($1)

Depreciation & amortization

$15

$19

Interest expense

$5

$7

EBITDA

$30

$25

Severance expense

-

$7

Adjusted EBITDA

$30

$32

Adjusted EBITDA margin

9.9%

11.2%

 

"This quarter was a return to more normal first quarter seasonality in our title insurance business where we experience seasonally lower purchase activity compared to other quarters during the year," said Chairman William P. Foley, II.  "Purchase orders increased approximately 1.5% for the first quarter of 2014 versus the prior year first quarter and increased by more than 3% in the first three weeks of April.  Despite a slower purchase market and refinance order volumes that declined by 48%, we were able to generate a 5.5% adjusted pre-tax title margin and an adjusted EBITDA title margin of 6.8%.  Our title business will benefit from a continued improvement in the residential purchase market.

"Black Knight had a strong first quarter under our ownership.  Total revenue was $187 million with adjusted EBITDA of $69 million, an adjusted EBITDA margin of 35.9%.  We are experiencing strong demand for our industry standard loan origination and servicing technology products and are excited about the growing and recurring revenue, improving operating margins and strong free cash flow at Black Knight.    

"The integration of LPS has progressed smoothly and we uncovered further cost synergies during the first quarter.  We are now confident in raising our total cost synergy target to $290 million, with $215 million of that target already achieved by the end of the first quarter. 

"Overall, we expect margins to improve in all of our core businesses as we move through the year, as the impact of the increased synergies become apparent in those core businesses and we also enter the traditionally stronger spring and summer real estate seasons.

"Finally, we continue to work through the process of setting up FNFV as a tracking stock for our portfolio company investments.  The stockholder vote is set for June 18, 2014, and we hope to close the transaction and distribute the shares of FNFV to FNF stockholders on a 1-for-3 basis on or near June 30, 2014."

Conference Call
FNF will host a call with investors and analysts to discuss first quarter 2014 results on Thursday, May 1, 2014, 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 May 1, 2014, through May 8, 2014, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 323968.

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, 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, 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 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; 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.

CONSOLIDATED SUMMARY OF EARNINGS

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

(Unaudited)








Three Months Ended



March 31,



2014


2013


Direct title premiums

$351


$413


Agency title premiums

404


524


  Total title premiums

755


937


Escrow, title-related and other fees

646


435


  Total title and escrow and other

1,401


1,372


Restaurant revenue

354


354


Remy revenue

302


284


Interest and investment income

30


33


Realized gains and losses

2


(2)


  Total revenue

2,089


2,041







Personnel costs

671


519


Other operating expenses

429


325


Cost of restaurant revenue

300


302


Cost of Remy revenue (includes $14 and $18, respectively of D&A)

254


240


Agent commissions

307


397


Depreciation and amortization

118


33


Title claim loss expense

53


65


Interest expense

36


23


  Total expenses

2,168


1,904







Earnings (loss) from continuing operations before taxes

(79)


137


Income tax expense

(37)


46


Earnings from continuing operations before equity investments

(42)


91


Loss from equity investments

(31)


(3)


Net earnings from continuing operations

(73)


88


Loss from discontinued operations, net of tax

-


(1)


Net earnings (loss)

($73)


$89


Non-controlling interests

(51)


(1)


Net earnings (loss) attributable to common shareholders

($22)


$90


Earnings per share:





      Net (loss) earnings attributable to common shareholders - basic

($0.08)


$0.40


    Net earnings (loss) attributable to common shareholders - diluted

($0.08)


$0.39


   

Weighted average shares – basic

274


225


Weighted average shares – diluted

282


231


Direct operations orders opened (000's)

469


643


Direct operations orders closed (000's)

295


487


Fee per file

$1,858


$1,373


Actual title claims paid

$67


$91







 

FIDELITY NATIONAL FINANCIAL, INC.

FIRST QUARTER SEGMENT INFORMATION

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

(Unaudited)
































FNF













Total







Corporate


Total




Restaurant 


FNFV

Three Months Ended March 31, 2014


Consolidated


FNF Core


Title


BKFS



and Other


FNFV


Remy


Group


Other





















Direct title premiums


$             351


$             351


$        351


$            -



$             -


$                -


$            -


$            -


$            -

Agency title premiums


404


404


404


-



-


-


-


-


-

Escrow, title related and other fees


646


618


423


187



8


28


-


-


28

Total Title and Escrow


1,401


1,373


1,178


187



8


28


-


-


28





















Restaurant revenue


354


-


-


-



-


354


-


354


-

Remy revenue


302


-


-


-



-


302


302


-


-

Interest and investment income


30


28


28


-



-


2


-


-


2

Realized gains and losses


2


2


2


-



-


-


-


-


-

  Total revenue


2,089


1,403


1,208


187



8


686


302


354


30





















Personnel costs


671


613


466


133



14


58


22


16


20

Agent commissions


307


307


307


-



-


-


-


-


-

Other operating expenses


429


399


358


62



(21)


30


10


14


6

Cost of revenue


554


-


-


-



-


554


254


300


-

Depreciation and amortization


118


101


39


61



1


17


1


13


3

Title claim loss expense


53


53


53


-



-


-


-


-


-

Interest expense


36


30


-


5



25


6


5


2


(1)

  Total expenses


2,168


1,503


1,223


261



19


665


292


345


28





















Pre-tax earnings from continuing operations


$              (79)


$           (100)


$        (15)


$        (74)



$          (11)


$              21


$          10


$            9


$            2

Adjusted pre-tax earnings


$             125


$               92


$          66


$          55



$          (29)


$              33


$          19


$            9


$            5

Adjusted pre-tax margin


6.0%


6.5%


5.5%


28.6%



-


4.8%


6.3%


2.5%


16.7%





















Adjusted EBITDA


$             206


$             148


$          82


$          69



$            (3)


$              58


$          30


$          24


$            4

Adjusted EBITDA margin


9.8%


10.5%


6.8%


35.9%



-


8.5%


9.9%


6.8%


13.3%





















Open orders


469


469


469


-



-


-


-


-


-

Closed orders


295


295


295


-



-


-


-


-


-








































































FNF













Total







Corporate


Total




Restaurant 


FNFV

Three Months Ended March 31, 2013


Consolidated


FNF Core


Title


BKFS



and Other


FNFV


Remy


Group


Other





















Direct title premiums


$             413


$             413


$        413


$            -



$             -


$                -


$            -


$            -


$            -

Agency title premiums


524


524


524


-



-


-


-


-


-

Escrow, title related and other fees


435


416


406


-



10


19


-


-


19

Total Title and Escrow


1,372


1,353


1,343


-



10


19


-


-


19





















Restaurant revenue


354


-


-


-



-


354


-


354


-

Remy revenue


284


-


-


-



-


284


284


-


-

Interest and investment income


33


32


32


-



-


1


1


-


-

Realized gains and losses


(2)


-


-


-



-


(2)


-


(2)


-

  Total revenue


2,041


1,385


1,375


-



10


656


285


352


19





















Personnel costs


519


456


451


-



5


63


27


15


21

Agent commissions


397


397


397


-



-


-


-


-


-

Other operating expenses


325


288


277


-



11


37


11


20


6

Cost of revenue


542


-


-


-



-


542


240


302


-

Depreciation and amortization


33


17


16


-



1


16


1


13


2

Title claim loss expense


65


65


65


-



-


-


-


-


-

Interest expense


23


16


-


-



16


7


7


2


(2)

  Total expenses


1,904


1,239


1,206


-



33


665


286


352


27





















Pre-tax earnings from continuing operations


$             137


$             146


$        169


-



$          (23)


$               (9)


$          (1)


$           -


$          (8)

Adjusted pre-tax earnings


$             164


$             149


$        172


-



$          (23)


$              15


$          18


$            2


$          (5)

Adjusted pre-tax margin


8.0%


10.8%


12.5%


-



-


2.3%


6.3%


0.6%


-





















Adjusted EBITDA


$             220


$             179


$        185


-



$            (6)


$              41


$          32


$          17


$          (8)

Adjusted EBITDA margin


10.8%


12.9%


13.5%


-



-


6.3%


11.2%


4.8%


-





















Open orders


643


643


643


-



-


-


-


-


-

Closed orders


487


487


487


-



-


-


-


-


-





















 

FIDELITY NATIONAL FINANCIAL, INC.

QUARTERLY OPERATING STATISTICS

(Unaudited)














Q1 2014

Q4 2013

Q3 2013

Q2 2013

Q1 2013

Q4 2012

Q3 2012

Q2 2012

Q1 2012

Total Quarterly Order Statistics ('000's except % data)











Total open orders*


469

392

474

672

643

677

707

667

651

Total open orders per day*


7.7

6.2

7.4

10.5

10.5

10.7

11.2

10.4

10.5

Purchase % of open orders


55%

55%

56%

42%

38%

32%

33%

38%

36%

Refinance % of open orders


45%

45%

44%

58%

62%

68%

67%

62%

64%

Total closed orders*


295

307

410

504

487

518

480

459

410

Total closed orders per day*


4.8

4.9

6.4

7.9

8.0

8.2

7.6

7.2

6.6

Purchase % of closed orders


52%

56%

50%

40%

31%

33%

37%

40%

34%

Refinance % of closed orders


48%

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


104

146

120

112

88

149

96

103

83

Open Orders


19.6

19.3

19.9

20.3

18.7

18.9

18.9

20.3

19.8

Closed Orders


10.2

12.8

12.6

12.3

10.6

13.6

12.2

13.1

11.7












Total Fee Per File 











Fee per file


$1,858

$2,082

$1,807

$1,562

$1,373

$1,565

$1,467

$1,497

$1,398












Residential and local commercial fee per file


$1,559

$1,676

$1,562

$1,373

$1,219

$1,312

$1,300

$1,310

$1,231












National commercial fee per file


$10,200

$11,400

$9,500

$9,100

$8,300

$10,900

$7,800

$7,900

$7,100












Total Staffing











Total title field operations employees


10,300

9,900

10,600

12,000

12,000

11,600

11,300

11,000

10,600












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









Total open orders*


349

331

391

516

481

497

525

524

485

Total open orders per day*


5.7

5.3

6.1

8.1

7.9

7.9

8.3

8.2

7.8

Purchase % of open orders


71%

65%

68%

55%

58%

--

--

--

--

Refinance % of open orders


29%

35%

32%

45%

42%

--

--

--

--

Total closed orders*


219

263

323

387

354

396

381

353

323

Total closed orders per day*


3.6

4.2

5.0

6.0

5.8

6.3

6.1

5.5

5.2

Purchase % of closed orders


67%

66%

64%

52%

44%

--

--

--

--

Refinance % of closed orders


33%

34%

36%

48%

56%

--

--

--

--

Fee per file


2,151

2,260

2,028

1,747

1,537

1,756

1,602

1,664

1,510

Total title field operations employees


8,621

8,928

9,274

10,097

9,881

9,529

9,352

9,148

8,673












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









Total open orders*


120

61

83

156

162

180

182

143

166

Total open orders per day*


2.0

1.0

1.3

2.4

2.7

2.9

2.9

2.2

2.7

Purchase % of open orders


7%

0%

0%

0%

0%

--

--

--

--

Refinance % of open orders


93%

100%

100%

100%

100%

--

--

--

--

Total closed orders*


76

44

87

117

133

122

99

106

87

Total closed orders per day*


1.2

0.7

1.4

1.8

2.2

1.9

1.6

1.7

1.4

Purchase % of closed orders


6%

0%

0%

0%

0%

--

--

--

--

Refinance % of closed orders


94%

100%

100%

100%

100%

--

--

--

--

Fee per file


1,009

1,013

989

951

936

946

945

937

988

Total ServiceLink operations employees


1,704

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)













FNF Core


FNFV


Intercompany


3/31/2014


12/31/2013



3/31/2014

3/31/2014

Eliminations




(unaudited)


(unaudited)


(unaudited)


(unaudited)















Cash & investment portfolio

$         4,297


$         480


$                 (33)


$       4,744


$          5,761


Goodwill

4,180


477


-


4,657


1,901


Title plant

395


-


-


395


370


Total assets

12,096


2,630


(33)


14,693


10,498


Notes payable

3,001


376


(33)


3,344


1,323


Reserve for title claims losses

1,680


-


-


1,680


1,636


Secured trust deposits

507


-


-


507


588


Non-controlling interests

642


467


-


1,109


474


Total equity

5,189


1,774


-


6,963


5,542


Book value per share

$         18.75


$        6.41




$       25.16


$          22.14













 

FIDELITY NATIONAL FINANCIAL, INC.

NON-GAAP RECONCILIATIONS - unaudited

(In millions, except per share amounts)












Total


Total 

Three Months Ended March 31, 2014


Consolidated


FNF Core


FNFV








Pre-tax (loss) earnings


$              (79)


$           (100)


$              21

Interest Expense


36


30


6

Depreciation & amortization


132


101


31

EBITDA


$               89


$               31


$              58








Non-GAAP adjustments before taxes:







Realized (gain) loss, net adjustment


(2)


(2)


-

Deferred revenue adjustment for BKFS


5


5


-

Transaction costs related to acquisition of LPS


41


41


-

Severance costs related to acquisition of LPS


39


39


-

Synergy accrual


32


32


-

Other legal matters


2


2


-

Purchase price amortization


87


75


12



204


192


12








Adjusted pre-tax earnings


$             125


$               92


$              33

Adjusted pre-tax margin


6.0%


6.5%


4.8%








Adjusted EBITDA


$             206


$             148


$              58

Adjusted EBITDA margin


9.8%


10.5%


8.5%






















Net loss attributable to FNF common shareholders


$              (22)


$                (6)


$             (16)

EPS


$          (0.08)


$          (0.02)


$         (0.06)








Non-GAAP adjustments:







Realized (gain) loss, net adjustment


(2)


(2)


-

Deferred revenue adjustment for BKFS


5


5


-

Transaction costs related to acquisition of LPS


41


41


-

Severance costs related to acquisition of LPS


39


39


-

Synergy accrual


32


32


-

Other legal matters


2


2


-

Ceridian legal settlement, net of tax


21


-


21

Purchase price amortization


87


75


12

Income taxes on non-GAAP adjustments


(65)


(61)


(4)



160


131


29

Less: noncontrolling interest on non-GAAP adjustments


(54)


(51)


(3)








Adjusted net earnings attributable to FNF common shareholders


$               84


$               74


$              10

Adjusted EPS


$            0.30


$            0.26


$           0.04








Net cash flows (used in) provided by operations


$           (161)


$           (114)


$             (47)








Non-GAAP adjustments:







Transaction costs related to acquisition of LPS


41


41


-

Severance costs related to acquisition of LPS


39


39


-

Other executive severance payment


9


9



Other legal matters


2


2


-

Adjusted cash flows from operations


(70)


(23)


(47)

Less: Capital expenditures


28


16


12








Free cash flow


$              (98)


$              (39)


$             (59)








 

FIDELITY NATIONAL FINANCIAL, INC.

NON-GAAP RECONCILIATIONS - unaudited

(In millions, except per share amounts)












Total


Total 

Three Months Ended March 31, 2013


Consolidated


FNF Core


FNFV








Pre-tax earnings (loss)


$             137


$             146


$               (9)

Interest Expense


23


16


7

Depreciation & amortization


51


17


34

EBITDA


$             211


$             179


$              32








Non-GAAP adjustments before taxes:







Realized (gain) loss, net adjustment


2


-


2

Executive severance 


7


-


7

Purchase price amortization


18


3


15



27


3


24








Adjusted pre-tax earnings


$             164


$             149


$              15

Adjusted pre-tax margin


8.0%


10.8%


2.3%








Adjusted EBITDA


$             220


$             179


$              41

Adjusted EBITDA margin


10.8%


12.9%


6.3%















Net earnings (loss) attributable to FNF common shareholders


$               90


$               96


$               (6)

EPS


$            0.39


$            0.42


$         (0.03)








Non-GAAP adjustments:







Realized (gain) loss, net adjustment


2


-


2

Executive severance 


7


-


7

Purchase price amortization


18


3


15

Income taxes on non-GAAP adjustments


(9)


(1)


(8)



18


2


16

Less: noncontrolling interest on non-GAAP adjustments


(6)


-


(6)








Adjusted net earnings attributable to FNF common shareholders


$             102


$               98


$                 4

Adjusted EPS


$            0.44


$            0.42


$           0.02








Net cash flows used in operations


$              (36)


$              (21)


$             (15)








Non-GAAP adjustments:







Executive severance


7


-


7

Adjusted cash flows from operations


(29)


(21)


(8)

Less: Capital expenditures


30


15


15








Free cash flow


$              (59)


$              (36)


$             (23)








 

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