Delaware (State or Other Jurisdiction of Incorporation or Organization) | 16-1725106 (IRS Employer Identification Number) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition |
Item 9.01. | Financial Statements and Exhibits |
Exhibit | Description | ||||
99.1 | Press release announcing Fidelity National Financial, Inc. Reports Fourth Quarter 2011 Earnings. |
Fidelity National Financial, Inc. | |||||
Date: | February 8, 2012 | By: | /s/ Anthony J. Park | ||
Name: | Anthony J. Park | ||||
Title: | Chief Financial Officer |
Exhibit | Description | ||||
99.1 | Press release announcing Fidelity National Financial, Inc. Reports Fourth Quarter 2011 Earnings. |
Three Months Ended | Three Months Ended | |||
December 31, 2011 | December 31, 2010 | |||
Total revenue | $1.27 billion | $1.53 billion | ||
Net earnings attributable to common shareholders | $172.7 million | $130.8 million | ||
Net earnings per diluted share attributable to common shareholders | $0.78 | $0.58 | ||
Cash flow from operations | $49.6 million | $113.3 million |
Twelve Months Ended | Twelve Months Ended | |||
December 31, 2011 | December 31, 2010 | |||
Total revenue | $4.84 billion | $4.00 billion | ||
Net earnings attributable to common shareholders | $369.5 million | $370.1 million | ||
Net earnings per diluted share attributable to common shareholders | $1.66 | $1.61 | ||
Cash flow from operations | $124.9 million | $182.5 million |
Three Months Ended | Three Months Ended | |||
December 31, 2011 | December 31, 2010 | |||
Total revenue | $1.26 billion | $1.32 billion | ||
Pre-tax earnings | $142.2 million | $139.5 million | ||
Realized gains (losses) | $(6.5) million | $44.5 million | ||
Pre-tax earnings (excluding realized gains (losses)) | $148.7 million | $165.6 million | ||
Pre-tax margin (excluding realized gains (losses)) | 11.7% | 11.2% |
Twelve Months Ended | Twelve Months Ended | |||
December 31, 2011 | December 31, 2010 | |||
Total revenue | $4.79 billion | $5.23 billion | ||
Pre-tax earnings | $530.3 million | $506.4 million | ||
Realized gains (losses) | $7.0 million | $110.9 million | ||
Pre-tax earnings (excluding realized gains (losses)) | $523.3 million | $395.5 million | ||
Pre-tax margin (excluding realized gains (losses)) | 10.9% | 7.7% |
Month | Direct Orders Opened | Direct Orders Closed | |||||
October 2011 | 190,700 | 136,300 | |||||
November 2011 | 178,500 | 136,700 | |||||
December 2011 | 172,800 | 138,400 | |||||
Fourth Quarter 2011 | 542,000 | 411,400 | |||||
Month | Direct Orders Opened | Direct Orders Closed | |||||
October 2010 | 236,700 | 151,800 | |||||
November 2010 | 210,700 | 156,700 | |||||
December 2010 | 163,900 | 163,400 | |||||
Fourth Quarter 2010 | 611,300 | 471,900 | |||||
Open | Closed | Commercial | |||||||||||||
Commercial | Commercial | Revenue | Commercial | ||||||||||||
Orders | Orders | (In millions) | Fee Per File | ||||||||||||
Fourth Quarter 2011 | 17,400 | 12,500 | $103.8 | $8,300 | |||||||||||
Fourth Quarter 2010 | 18,900 | 12,600 | $102.1 | $8,100 |
• | 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. |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||
Direct title premiums | $ | 377.4 | $ | 420.9 | $ | 1,431.5 | $ | 1,404.5 | |||||||||||
Agency title premiums | 495.6 | 654.4 | 1,829.6 | 2,236.7 | |||||||||||||||
Total title premiums | 873.0 | 1,075.3 | 3,261.1 | 3,641.2 | |||||||||||||||
Escrow, title-related and other fees | 370.9 | 377.3 | 1,429.1 | 1,401.4 | |||||||||||||||
Total title and escrow | 1,243.9 | 1,452.6 | 4,690.2 | 5,042.6 | |||||||||||||||
Interest and investment income | 35.7 | 32.8 | 142.7 | 135.0 | |||||||||||||||
Realized gains and losses | (6.7 | ) | 43.3 | 6.7 | 235.7 | ||||||||||||||
Total revenue | 1,272.9 | 1,528.7 | 4,839.6 | 5,413.3 | |||||||||||||||
Personnel costs | 408.2 | 428.7 | 1,578.0 | 1,578.6 | |||||||||||||||
Other operating expenses | 277.4 | 297.5 | 1,083.0 | 1,145.5 | |||||||||||||||
Agent commissions | 377.7 | 510.9 | 1,410.8 | 1,758.7 | |||||||||||||||
Depreciation and amortization | 17.9 | 21.7 | 73.5 | 86.7 | |||||||||||||||
Title claim loss expense | 59.7 | 73.7 | 222.3 | 248.9 | |||||||||||||||
Interest expense | 15.1 | 13.7 | 57.2 | 46.2 | |||||||||||||||
Total expenses | 1,156.0 | 1,346.2 | 4,424.8 | 4,864.6 | |||||||||||||||
Earnings from continuing operations before taxes and equity investments | 116.9 | 182.5 | 414.8 | 548.7 | |||||||||||||||
Income tax expense | 27.1 | 60.5 | 134.4 | 189.8 | |||||||||||||||
Earnings from continuing operations before equity investments | 89.8 | 122.0 | 280.4 | 358.9 | |||||||||||||||
Earnings (loss) from equity investments | 2.0 | 5.0 | 9.7 | (1.2 | ) | ||||||||||||||
Earnings from continuing operations, net of tax | 91.8 | 127 | 290.1 | 357.7 | |||||||||||||||
Earnings from discontinued operations, net of tax | 83.3 | 5.5 | 89.0 | 17.9 | |||||||||||||||
Net earnings | 175.1 | 132.5 | 379.1 | 375.6 | |||||||||||||||
Non-controlling interests | 2.4 | 1.7 | 9.6 | 5.5 | |||||||||||||||
Net earnings attributable to common shareholders | $ | 172.7 | $ | 130.8 | $ | 369.5 | $ | 370.1 | |||||||||||
Earnings per share: | |||||||||||||||||||
Net earnings from continuing operations attributable to common shareholders - basic | $ | 0.80 | $ | 0.58 | $ | 1.69 | $ | 1.64 | |||||||||||
Net earnings from continuing operations attributable to common shareholders - diluted | $ | 0.78 | $ | 0.58 | $ | 1.66 | $ | 1.61 | |||||||||||
Weighted average shares - basic | 217.1 | 224.0 | 219.0 | 226.2 | |||||||||||||||
Weighted average shares - diluted | 220.9 | 227.0 | 222.7 | 229.3 | |||||||||||||||
Direct operations orders opened (000's) | 542.0 | 611.3 | 2,140.1 | 2,385.3 | |||||||||||||||
Direct operations orders closed (000's) | 411.4 | 471.9 | 1,514.2 | 1,574.3 | |||||||||||||||
Fee per file | $ | 1,477 | $ | 1,369 | $ | 1,489 | $ | 1,387 | |||||||||||
Actual title claims paid | $ | 153.0 | $ | 177.0 | $ | 520.4 | $ | 526.8 |
Three Months Ended | Corporate | |||||||||||
December 31, 2011 | Consolidated | FNT | and Other | |||||||||
Gross operating revenue | $ | 1,243.9 | $ | 1,233.9 | $ | 10.0 | ||||||
Interest and investment income | 35.7 | 34.6 | 1.1 | |||||||||
Realized gains and losses | (6.7 | ) | (6.5 | ) | (0.2 | ) | ||||||
Total revenue | 1,272.9 | 1,262.0 | 10.9 | |||||||||
Personnel costs | 408.2 | 400.0 | 8.2 | |||||||||
Other operating expenses | 277.4 | 264.7 | 12.7 | |||||||||
Agent commissions | 377.7 | 377.7 | — | |||||||||
Depreciation and amortization | 17.9 | 17.1 | 0.8 | |||||||||
Title claim loss expense | 59.7 | 59.7 | — | |||||||||
Interest expense | 15.1 | 0.6 | 14.5 | |||||||||
Total expenses | 1,156.0 | 1,119.8 | 36.2 | |||||||||
Pretax earnings (loss) from continuing operations | 116.9 | 142.2 | (25.3 | ) | ||||||||
Pretax margin | 9.2 | % | 11.3 | % | — | |||||||
Open orders | 542.0 | 542.0 | — | |||||||||
Closed orders | 411.4 | 411.4 | — |
Three Months Ended | Corporate | |||||||||||
December 31, 2010 | Consolidated | FNT | and Other | |||||||||
Gross operating revenue | $ | 1,452.6 | $ | 1,443.6 | $ | 9.0 | ||||||
Interest and investment income | 32.8 | 32.8 | — | |||||||||
Realized gains and losses | 43.3 | 44.5 | (1.2 | ) | ||||||||
Total revenue | 1,528.7 | 1,520.9 | 7.8 | |||||||||
Personnel costs | 428.7 | 420.7 | 8.0 | |||||||||
Other operating expenses | 297.5 | 284.3 | 13.2 | |||||||||
Agent commissions | 510.9 | 510.9 | — | |||||||||
Depreciation and amortization | 21.7 | 21.1 | 0.6 | |||||||||
Title claim loss expense | 73.7 | 73.7 | — | |||||||||
Interest expense | 13.7 | 0.1 | 13.6 | |||||||||
Total expenses | 1,346.2 | 1,310.8 | 35.4 | |||||||||
Pretax earnings (loss) from continuing operations | 182.5 | 210.1 | (27.6 | ) | ||||||||
Pretax margin | 11.9 | % | 13.8 | % | — | |||||||
Open orders | 611.3 | 611.3 | — | |||||||||
Closed orders | 471.9 | 471.9 | — |
Twelve Months Ended | Corporate | |||||||||||
December 31, 2011 | Consolidated | FNT | and Other | |||||||||
Gross operating revenue | $ | 4,690.2 | $ | 4,644.6 | $ | 45.6 | ||||||
Interest and investment income | 142.7 | 141.3 | 1.4 | |||||||||
Realized gains and losses | 6.7 | 7.0 | (0.3 | ) | ||||||||
Total revenue | 4,839.6 | 4,792.9 | 46.7 | |||||||||
Personnel costs | 1,578.0 | 1,529.9 | 48.1 | |||||||||
Other operating expenses | 1,083.0 | 1,027.6 | 55.4 | |||||||||
Agent commissions | 1,410.8 | 1,410.8 | — | |||||||||
Depreciation and amortization | 73.5 | 70.6 | 2.9 | |||||||||
Claim loss expense | 222.3 | 222.3 | — | |||||||||
Interest expense | 57.2 | 1.4 | 55.8 | |||||||||
Total expenses | 4,424.8 | 4,262.6 | 162.2 | |||||||||
Pretax earnings (loss) on continuing operations | 414.8 | 530.3 | (115.5 | ) | ||||||||
Pretax margin | 8.6 | % | 11.1 | % | — | |||||||
Open orders | 2,140.1 | 2,140.1 | — | |||||||||
Closed orders | 1,514.2 | 1,514.2 | — |
Twelve Months Ended | Corporate | |||||||||||
December 31, 2010 | Consolidated | FNT | and Other | |||||||||
Gross operating revenue | $ | 5,042.6 | $ | 4,985.8 | $ | 56.8 | ||||||
Interest and investment income | 135.0 | 133.5 | 1.5 | |||||||||
Realized gains and losses | 235.7 | 110.9 | 124.8 | |||||||||
Total revenue | 5,413.3 | 5,230.2 | 183.1 | |||||||||
Personnel costs | 1,578.6 | 1,547.8 | 30.8 | |||||||||
Other operating expenses | 1,145.5 | 1,083.2 | 62.3 | |||||||||
Agent commissions | 1,758.7 | 1,758.7 | — | |||||||||
Depreciation and amortization | 86.7 | 84.9 | 1.8 | |||||||||
Claim loss expense | 248.9 | 248.9 | — | |||||||||
Interest expense | 46.2 | 0.3 | 45.9 | |||||||||
Total expenses | 4,864.6 | 4,723.8 | 140.8 | |||||||||
Pretax earnings from continuing operations | 548.7 | 506.4 | 42.3 | |||||||||
Pretax margin | 10.1 | % | 9.7 | % | 23.1 | % | ||||||
Open orders | 2,385.3 | 2,385.3 | — | |||||||||
Closed orders | 1,574.3 | 1,574.3 | — |
December 31, 2011 | December 31, 2010 | |||||||||
(Unaudited) | ||||||||||
Cash and investment portfolio | $ | 4,717.4 | $ | 4,939.3 | ||||||
Goodwill | 1,452.2 | 1,470.7 | ||||||||
Title plant | 386.7 | 390.8 | ||||||||
Total assets | 7,856.3 | 7,887.5 | ||||||||
Notes payable | 915.8 | 952.0 | ||||||||
Reserve for claim losses | 1,912.8 | 2,270.1 | ||||||||
Secured trust deposits | 419.9 | 388.4 | ||||||||
Total equity | 3,655.9 | 3,444.4 | ||||||||
Book value per share | $ | 16.57 | $ | 15.39 |
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