Document

0001331875-16-000159.txt : 20161102 0001331875-16-000159.hdr.sgml : 20161102 20161102162259 ACCESSION NUMBER: 0001331875-16-000159 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20161102 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20161102 DATE AS OF CHANGE: 20161102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Fidelity National Financial, Inc. CENTRAL INDEX KEY: 0001331875 STANDARD INDUSTRIAL CLASSIFICATION: TITLE INSURANCE [6361] IRS NUMBER: 161725106 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32630 FILM NUMBER: 161968128 BUSINESS ADDRESS: STREET 1: 601 RIVERSIDE AVENUE CITY: JACKSONVILLE STATE: FL ZIP: 32204 BUSINESS PHONE: 904-854-8100 MAIL ADDRESS: STREET 1: 601 RIVERSIDE AVENUE CITY: JACKSONVILLE STATE: FL ZIP: 32204 FORMER COMPANY: FORMER CONFORMED NAME: Fidelity National Title Group, Inc. DATE OF NAME CHANGE: 20050630 8-K 1 a20163q8k.htm 8-K Document

United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported):

November 2, 2016

Fidelity National Financial, Inc.

(Exact name of Registrant as Specified in its Charter)

001-32630

(Commission File Number)



Delaware (State or Other Jurisdiction of Incorporation or Organization)		16-1725106 (IRS Employer Identification Number)

601 Riverside Avenue

Jacksonville, Florida 32204

(Addresses of Principal Executive Offices)

(904) 854-8100

(Registrant's Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



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

On November 2, 2016, Fidelity National Financial, Inc. issued an earnings release announcing its financial results for the Third Quarter of 2016. The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

A copy of the FNF Core and FNFV earnings releases are attached as Exhibit 99.1 and Exhibit 99.2, respectively.



Item 9.01.		Financial Statements and Exhibits



Exhibit		Description
	99.1	Press release announcing FNF Core Third Quarter 2016 Earnings.
	99.2	Press release announcing FNFV Third Quarter 2016 Earnings.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.




		Fidelity National Financial, Inc.
Date:	November 2, 2016	By:	/s/ Anthony J. Park
			Name:	Anthony J. Park
			Title:	Chief Financial Officer

EXHIBIT INDEX




Exhibit		Description
	99.1	Press release announcing FNF Core Third Quarter 2016 Earnings.
	99.2	Press release announcing FNFV Third Quarter 2016 Earnings.

EX-99.1 2 a20163qfnfgrouppressrelease.htm EXHIBIT 99.1 Exhibit

FNF Group Reports Third Quarter 2016 Diluted EPS of $0.58 and Adjusted Diluted EPS of $0.69, Pre-Tax Title Margin of 14.1% and Adjusted Pre-Tax Title Margin of 15.8%

Jacksonville, Fla. - (November 2, 2016) - Fidelity National Financial, Inc. today reported the operating results of FNF Group (NYSE:FNF), a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries, for the three and nine-month periods ended September 30, 2016.


•	Total revenue of approximately $2.2 billion in the third quarter versus $2.0 billion in the third quarter of 2015


•	Third quarter net earnings of $163 million and adjusted net earnings of $192 million versus net earnings of $150 million and adjusted net earnings of $171 million for the third quarter of 2015


•	Third quarter diluted EPS of $0.58 and adjusted diluted EPS of $0.69 versus diluted EPS of $0.53 and adjusted diluted EPS of $0.60 in the third quarter of 2015


•	Third quarter net cash flow provided by operations of $360 million and free cash flow provided of $329 million versus net cash flow provided by operations of $279 million and free cash flow provided of $233 million in the third quarter of 2015


•	Repurchased 1.1 million shares of FNF common stock for nearly $41 million in the third quarter


•	Income tax expense rate of 37% for the third quarter versus previously stated estimate of 35%

Title


•	Approximately $1.9 billion in total revenue, a 7% increase over the approximately $1.7 billion in total revenue in the third quarter of 2015


•	Pre-tax earnings of $263 million and adjusted pre-tax earnings of $295 million versus pre-tax earnings of $239 million and adjusted pre-tax earnings of $267 million in the third quarter of 2015


•	Pre-tax title margin of 14.1% and adjusted pre-tax title margin of 15.8% versus pre-tax title margin of 13.8% and adjusted pre-tax title margin of 15.4% in the third quarter of 2015


•	ServiceLink generated $205 million in revenue, adjusted pre-tax earnings of $27 million and an adjusted pre-tax margin of 13.2% for the third quarter


•	Open orders per day of 9,625 for the third quarter versus 8,031 open orders per day for the third quarter of 2015


•	Closed orders per day of 6,766 for the third quarter versus 5,906 closed orders per day for the third quarter of 2015


•	Third quarter purchase orders opened and closed increased by 3% and 4%, respectively, versus the third quarter of 2015; for FNTG only (excluding ServiceLink), purchase orders opened and closed increased by 5% and 4%, respectively versus the third quarter of 2015

•

Total commercial revenue of $233 million, a 10% decrease from total commercial revenue in the third quarter of 2015, driven by a 3% decrease in closed orders and a 6% decrease in total commercial fee per file; third quarter total commercial open orders were essentially flat with the prior year; third quarter national commercial title revenue of $130 million, an 11% decrease from the third quarter of 2015, driven by a 8% decline in the national commercial fee per file and a 4% decrease in closed orders; third quarter national commercial open orders declined by 3%


•	Overall third quarter average fee per file of $2,015, a 6% decrease versus the third quarter of 2015


•	Title claims paid of $57 million, a decrease of $14 million, or 20%, from the third quarter of 2015

Title Orders



		Direct Orders Opened *			Direct Orders Closed *
Month	/ (% Purchase)			/ (% Purchase)
July 2016		203,000	48%		130,000	58%
August 2016		218,000	50%		156,000	53%
September 2016		195,000	50%		147,000	52%

Third Quarter 2016		616,000	50%		433,000	54%



		Direct Orders Opened *		Direct Orders Closed *
Month	/ (% Purchase)			/ (% Purchase)
July 2015		176,000	61%	136,000	60%
August 2015		169,000	58%	120,000	60%
September 2015		169,000	55%	122,000	59%

Third Quarter 2015		514,000	58%	378,000	60%

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



	Open		Closed		Commercial
	Commercial		Commercial		Revenue		Commercial
	Orders		Orders		(In millions)		Fee Per File
Third Quarter 2016 - Total Commercial		50,400		31,900		$233		$7,300
Third Quarter 2015 - Total Commercial		50,300		33,000		$258		$7,800

Third Quarter 2016 - National Commercial		20,400		11,700		$130		$11,100
Third Quarter 2015 - National Commercial		21,000		12,200		$146		$12,000

BKFS


•	Revenue of $267 million, led by Servicing Technology revenue of approximately $176 million


•	Pre-tax earnings of $38 million, a $1 million, or 3%, decrease from the third quarter of 2015


•	Adjusted EBITDA of $115 million, a $10 million, or 10%, increase over the third quarter of 2015 and an adjusted EBITDA margin of 44.6%, a 10 basis point decrease from the third quarter of 2015

“This was another strong quarter in our title insurance business, as we generated adjusted pre-tax title earnings of $295 million and a 15.8% adjusted pre-tax title margin," said Chairman William P. Foley, II. "We benefited from the continued mid-single digit growth in the residential purchase market and the strength of the residential refinance market. However, we did experience a slowdown in commercial revenue in the third quarter, primarily driven by a decrease in the fee per file. That weakness was more prominent in July and August, where we saw a 12% decline in daily commercial revenue. In September, total commercial revenue increased sequentially from July and August and declined by only 3% on a daily basis versus the prior year. Overall, we remain the most profitable company in the industry and we are confident that our title insurance business will have a solid finish to the year.

“Black Knight continues to execute its business plan, generating revenue of $267 million and adjusted EBITDA of $115 million, for a 44.6% adjusted EBITDA margin. FNF's Black Knight ownership stake is currently worth more than $3.2 billion, or nearly $12 per FNF share."

Conference Call

We will host a call with investors and analysts to discuss third quarter 2016 FNF Group results on Thursday, November 3, 2016, beginning at 11:30 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 1:30 p.m. Eastern time on November 3, 2016, through November 10, 2016, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 403298.

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, Inc. and ServiceLink Holdings, LLC. FNFV holds majority and minority equity investment stakes in a number of entities, including American Blue Ribbon Holdings, LLC, Ceridian HCM, Inc., Digital Insurance, Inc. and Del Frisco's Restaurant Group, 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 FNFV on this same date as well as the risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-Q, 10-K and other filings with the Securities and Exchange Commission.

FNF-E

SOURCE: Fidelity National Financial, Inc.

CONTACT: Daniel Kennedy Murphy, Senior Vice President and Treasurer, 904-854-8120, dkmurphy@fnf.com

FNF GROUP

THIRD QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)



	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
Three Months Ended
September 30, 2016
Direct title premiums	$	556		$	556		$	—		$	—
Agency title premiums	713			713			—			—
Escrow, title related and other fees (1)	904			569			267			68
Total title and escrow	2,173			1,838			267			68

Interest and investment income	28			29			—			(1		)
Realized gains and losses, net	(3		)	(2		)	—			(1		)
Total revenue	2,198			1,865			267			66

Personnel costs	690			570			103			17
Agent commissions	545			545			—			—
Other operating expenses	489			379			53			57
Depreciation and amortization	98			38			57			3
Claim loss expense	70			70			—			—
Interest expense	31			—			16			15
Total expenses	1,923			1,602			229			92

Pre-tax earnings (loss) from continuing operations	$	275		$	263		$	38		$	(26	)

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	3			2			—			1
Deferred revenue add back	2			—			2			—
Purchase price amortization	51			24			25			2
M&A costs	1			—			1			—
Other legal accruals	7			6			1			—
Total non-GAAP adjustments before taxes	$	64		$	32		$	29		$	3

Adjusted pre-tax earnings (loss) from continuing ops.	$	339		$	295		$	67		$	(23	)
Adjusted pre-tax margin from continuing operations	15.4		%	15.8		%	24.9		%	—

Purchase price amortization	(51		)	(24		)	(25		)	(2		)
Depreciation and amortization	98			38			57			3
Interest expense	31			—			16			15

Adjusted EBITDA	$	417		$	309		$	115		$	(7	)
Adjusted EBITDA margin	18.9		%	16.6		%	44.6		%	—

ServiceLink pre-tax earnings	$	1
Purchase price amortization	17
Management fee / other expenses	9
ServiceLink adjusted pre-tax earnings	$	27


1.	BKFS also reported adjusted revenue of $269 million, which includes $2 million of deferred revenue

FNF GROUP

THIRD QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)



	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
Three Months Ended
September 30, 2016
Pre-tax earnings (loss) from continuing operations	$	275		$	263		$	38		$	(26	)
Income tax expense (benefit)	102			100			12			(10		)
Earnings from equity investments	4			3			—			1
Non-controlling interests	14			2			11			1

Net earnings (loss) attributable to FNF Group common shareholders	$	163		$	164		$	15		$	(16	)

EPS attributable to FNF Group common shareholders - basic	$	0.60		$	0.60		$	0.06		$	(0.06	)
EPS attributable to FNF Group common shareholders - diluted	$	0.58		$	0.59		$	0.05		$	(0.06	)

FNF Group weighted average shares - basic	271
FNF Group weighted average shares - diluted	279

Net earnings (loss) attributable to FNF Group common shareholders	$	163		$	164		$	15		$	(16	)

Total non-GAAP, pre-tax adjustments	$	64		$	32		$	29		$	3
Income taxes on non-GAAP adjustments	(22		)	(10		)	(11		)	(1		)
Noncontrolling interest on non-GAAP adjustments	(13		)	(5		)	(8		)	—
Total non-GAAP adjustments	$	29		$	17		$	10		$	2

Adjusted net earnings (loss) attributable to FNF Group common shareholders	$	192		$	181		$	25		$	(14	)

Adjusted EPS attributable to FNF Group common shareholders - diluted	$	0.69		$	0.65		$	0.09		$	(0.05	)

Direct orders opened (000's)	616			616
Direct orders closed (000's)	433			433
Fee per file	$	2,015		$	2,015
Actual title claims paid	$	57		$	57

Cash flows provided by operations:	$	360
Non-GAAP adjustments:
M&A costs	1
Other	1
Total non-GAAP adjustments	2

Adjusted cash flows from operations	362
Capital expenditures	33
Free cash flow	$	329

FNF GROUP

THIRD QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)



	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
Three Months Ended
September 30, 2015
Direct title premiums	$	524		$	524		$	—		$	—
Agency title premiums	647			647			—			—
Escrow, title related and other fees (1)	823			537			234			52
Total title and escrow	1,994			1,708			234			52

Interest and investment income	29			30			—			(1		)
Total revenue	2,023			1,738			234			51

Personnel costs	641			539			90			12
Agent commissions	495			495			—			—
Other operating expenses	452			364			41			47
Depreciation and amortization	85			36			48			1
Claim loss expense	65			65			—			—
Interest expense	31			—			16			15
Total expenses	1,769			1,499			195			75

Pre-tax earnings (loss) from continuing operations	$	254		$	239		$	39		$	(24	)

Non-GAAP adjustments before taxes
Deferred revenue add back and management fee	3			1			2			—
Purchase price amortization	50			27			23			—
Total non-GAAP adjustments before taxes	$	53		$	28		$	25		$	—

Adjusted pre-tax earnings (loss) from continuing operations	$	307		$	267		$	64		$	(24	)
Adjusted pre-tax margin from continuing operations	15.2		%	15.4		%	27.1		%	—

Purchase price amortization	(50		)	(27		)	(23		)	—
Depreciation and amortization	85			36			48			1
Interest expense	31			—			16			15

Adjusted EBITDA	$	373		$	276		$	105		$	(8	)
Adjusted EBITDA margin	18.4		%	15.9		%	44.7		%	—


1.	BKFS also reported adjusted revenue of $236 million, which includes $2 million of deferred revenue

FNF GROUP

THIRD QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)



	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
Three Months Ended
September 30, 2015
Pre-tax earnings (loss) from continuing operations	$	254		$	239		$	39		$	(24	)

Income tax expense (benefit)	95			87			17			(9		)
Earnings from equity investments	2			2			—			—
Non-controlling interests	11			—			10			1

Net earnings (loss) attributable to FNF Group common shareholders	$	150		$	154		$	12		$	(16	)

EPS attributable to FNF Group common shareholders - basic	$	0.54		$	0.56		$	0.04		$	(0.06	)
EPS attributable to FNF Group common shareholders - diluted	$	0.53		$	0.55		$	0.04		$	(0.06	)

FNF Group weighted average shares - basic	277
FNF Group weighted average shares - diluted	285

Net earnings (loss) attributable to FNF Group common shareholders	$	150		$	154		$	12		$	(16	)

Total non-GAAP, pre-tax adjustments	$	53		$	28		$	25		$	—
Income taxes on non-GAAP adjustments	(15		)	(9		)	(6		)	—
Noncontrolling interest on non-GAAP adjustments	(17		)	(6		)	(11		)	—
Total non-GAAP adjustments	$	21		$	13		$	8		$	—

Adjusted net earnings (loss) attributable to FNF Group common shareholders	$	171		$	167		$	20		$	(16	)

Adjusted EPS attributable to FNF Group common shareholders - diluted	$	0.60		$	0.59		$	0.07		$	(0.06	)

Direct orders opened (000's)	514			514
Direct orders closed (000's)	378			378
Fee per file	$	2,133		$	2,133
Actual title claims paid	$	71		$	71

Cash flows provided by operations:	$	279
Non-GAAP adjustments:
THL management fee	1
Total non-GAAP adjustments	1

Adjusted cash flows from operations	280
Capital expenditures	47
Free cash flow	$	233

FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)



	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
Nine Months Ended
September 30, 2016
Direct title premiums	$	1,518		$	1,518		$	—		$	—
Agency title premiums	1,934			1,934			—			—
Escrow, title related and other fees (1)	2,512			1,587			765			160
Total title and escrow	5,964			5,039			765			160

Interest and investment income	93			94			—			(1		)
Realized gains and losses, net	(6		)	1			—			(7		)
Total revenue	6,051			5,134			765			152

Personnel costs	1,971			1,633			294			44
Agent commissions	1,473			1,473			—			—
Other operating expenses	1,359			1,064			149			146
Depreciation and amortization	270			109			154			7
Claim loss expense	190			190			—			—
Interest expense	94			—			48			46
Total expenses	5,357			4,469			645			243

Pre-tax earnings (loss) from continuing operations	$	694		$	665		$	120		$	(91	)

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	6			(1		)	—			7
Deferred revenue add back and management fee	7			1			6			—
Purchase price amortization	134			66			65			3
M&A costs	2			—			2			—
Other legal accruals	12			6			6			—
Total non-GAAP adjustments before taxes	$	161		$	72		$	79		$	10

Adjusted pre-tax earnings (loss) from continuing operations	$	855		$	737		$	199		$	(81	)
Adjusted pre-tax margin from continuing operations	14.1		%	14.4		%	25.8		%	—

Purchase price amortization	(134		)	(66		)	(65		)	(3		)
Depreciation and amortization	270			109			154			7
Interest expense	94			—			48			46

Adjusted EBITDA	$	1,085		$	780		$	336		$	(31	)
Adjusted EBITDA margin	17.9		%	15.2		%	45.0		%	—


1.	BKFS also reported adjusted revenue of $770 million, which includes $5 million of deferred revenue

FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)



	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
Nine Months Ended
September 30, 2016
Pre-tax earnings (loss) from continuing operations	$	694		$	665		$	120		$	(91	)

Income tax expense (benefit)	250			251			40			(41		)
Earnings from equity investments	10			9			—			1
Non-controlling interests	31			(4		)	35			—

Net earnings (loss) attributable to FNF Group common shareholders	$	423		$	427		$	45		$	(49	)

EPS attributable to FNF Group common shareholders - basic	$	1.56		$	1.57		$	0.17		$	(0.18	)
EPS attributable to FNF Group common shareholders - diluted	$	1.51		$	1.53		$	0.16		$	(0.18	)

FNF Group weighted average shares - basic	272
FNF Group weighted average shares - diluted	280

Net earnings (loss) attributable to FNF Group common shareholders	$	423		$	427		$	45		$	(49	)

Total non-GAAP, pre-tax adjustments	$	161		$	72		$	79		$	10
Income taxes on non-GAAP adjustments	(57		)	(23		)	(30		)	(4		)
Noncontrolling interest on non-GAAP adjustments	(34		)	(12		)	(22		)	—
Total non-GAAP adjustments	$	70		$	37		$	27		$	6

Adjusted net earnings (loss) attributable to FNF Group common shareholders	$	493		$	464		$	72		$	(43	)

Adjusted EPS attributable to FNF Group common shareholders - diluted	$	1.76		$	1.66		$	0.26		$	(0.16	)

Direct orders opened (000's)	1,708			1,708
Direct orders closed (000's)	1,156			1,156
Fee per file	$	2,055		$	2,055
Actual title claims paid	$	169		$	169

Cash flows provided by operations:	$	709
Non-GAAP adjustments:
M&A costs	2
THL management fee	1
Other	6
Total non-GAAP adjustments	9

Adjusted cash flows from operations	718
Capital expenditures	185
Free cash flow	$	533

FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)



	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
Nine Months Ended
September 30, 2015
Direct title premiums	$	1,488		$	1,488		$	—		$	—
Agency title premiums	1,685			1,685			—			—
Escrow, title related and other fees (1)	2,345			1,522			693			130
Total title and escrow	5,518			4,695			693			130

Interest and investment income	91			92			—			(1		)
Realized gains and losses, net	(8		)	—			(5		)	(3		)
Total revenue	5,601			4,787			688			126

Personnel costs	1,878			1,559			289			30
Agent commissions	1,279			1,279			—			—
Other operating expenses	1,277			1,036			119			122
Depreciation and amortization	255			108			143			4
Claim loss expense	185			185			—			—
Interest expense	91			—			35			56
Total expenses	4,965			4,167			586			212

Pre-tax earnings (loss) from continuing operations	$	636		$	620		$	102		$	(86	)

Non-GAAP adjustments before taxes
Realized (gain) loss, net adjustment	8			—			5			3
Deferred revenue add back and management fee	10			2			8			—
Purchase price amortization	137			69			67			1
IPO costs & profits interest acceleration	10			—			10			—
Total non-GAAP adjustments before taxes	$	165		$	71		$	90		$	4

Adjusted pre-tax earnings (loss) from continuing operations	$	801		$	691		$	192		$	(82	)
Adjusted pre-tax margin from continuing operations	14.3		%	14.4		%	27.4		%	—

Purchase price amortization	(137		)	(69		)	(67		)	(1		)
Depreciation and amortization	255			108			143			4
Interest expense	91			—			35			56

Adjusted EBITDA	$	1,010		$	730		$	303		$	(23	)
Adjusted EBITDA margin	18.0		%	15.2		%	43.3		%	—


1.	BKFS also reported adjusted revenue of $700 million, which includes $7 million of deferred revenue

FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)



	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
Nine Months Ended
September 30, 2015
Pre-tax earnings (loss) from continuing operations	$	636		$	620		$	102		$	(86	)

Income tax expense (benefit)	237			226			17			(6		)
Earnings from equity investments	4			4			—			—
Non-controlling interests	7			(11		)	17			1

Net earnings (loss) attributable to FNF Group common shareholders	$	396		$	409		$	68		$	(81	)

EPS attributable to FNF Group common shareholders - basic	$	1.42		$	1.47		$	0.24		$	(0.29	)
EPS attributable to FNF Group common shareholders - diluted	$	1.38		$	1.43		$	0.24		$	(0.29	)

FNF Group weighted average shares - basic	278
FNF Group weighted average shares - diluted	286

Net earnings (loss) attributable to FNF Group common shareholders	$	396		$	409		$	68		$	(81	)

Total non-GAAP, pre-tax adjustments	$	165		$	71		$	90		$	4
Income taxes on non-GAAP adjustments	(43		)	(20		)	(21		)	(2		)
Noncontrolling interest on non-GAAP adjustments	(54		)	(19		)	(35		)	—
Total non-GAAP adjustments	$	68		$	32		$	34		$	2

Adjusted net earnings (loss) attributable to FNF common shareholders	$	464		$	441		$	102		$	(79	)
Adjusted EPS attributable to FNF common shareholders - diluted	$	1.62		$	1.54		$	0.36		$	(0.28	)

Direct orders opened (000's)	1,651			1,651
Direct orders closed (000's)	1,132			1,132
Fee per file	$	2,003		$	2,003
Actual title claims paid	$	201		$	201

Cash flows provided by operations:	$	665
Non-GAAP adjustments:
THL management fee	3
IPO cost	4
Total non-GAAP adjustments	7

Adjusted cash flows from operations	672
Capital expenditures	127
Free cash flow	$	545

FNF GROUP

QUARTERLY OPERATING STATISTICS

(Unaudited)



	Q3 2016			Q2 2016			Q1 2016			Q4 2015			Q3 2015			Q2 2015			Q1 2015			Q4 2014
Quarterly Open Orders ('000's except % data)
Total open orders*	616			577			517			441			514			560			578			452
Total open orders per day*	9.6			9.0			8.3			7.0			8.0			8.8			9.5			7.1
Purchase % of open orders	50		%	57		%	55		%	55		%	58		%	57		%	47		%	52		%
Refinance % of open orders	50		%	43		%	45		%	45		%	42		%	43		%	53		%	48		%
Total closed orders*	433			401			322			341			378			408			345			334
Total closed orders per day*	6.8			6.3			5.2			5.4			5.9			6.4			5.7			5.3
Purchase % of closed orders	54		%	58		%	55		%	58		%	60		%	54		%	46		%	57		%
Refinance % of closed orders	46		%	42		%	45		%	42		%	40		%	46		%	54		%	43		%

Commercial (millions, except orders in '000's)
Total commercial revenue**	$	233		$	244		$	211		$	303		$	258		$	258		$	208		$	274
Total commercial open orders**	50.4			49.9			48.5			46.3			50.3			50.8			47.8			—
Total commercial closed orders**	31.9			33.6			30.7			36.3			33.0			32.4			29.6			—

National commercial revenue	$	130		$	144		$	121		$	183		$	146		$	150		$	119		$	166
National commercial open orders	20.4			20.3			19.3			18.1			21.0			21.2			20.4			18.1
National commercial closed orders	11.7			11.6			10.6			13.4			12.2			12.5			11.1			12.7

Total Fee Per File
Fee per file	$	2,015		$	2,116		$	2,032		$	2,272		$	2,133		$	2,026		$	1,833		$	2,131
Residential and local commercial fee per file	$	1,762		$	1,809		$	1,713		$	1,806		$	1,805		$	1,711		$	1,538		$	1,699
Residential fee per file	$	1,594		$	1,645		$	1,522		$	1,548		$	1,589		$	1,514		$	1,346		—
Total commercial fee per file**	$	7,300		$	7,300		$	6,900		$	8,300		$	7,800		$	8,000		$	7,000		—
National commercial fee per file	$	11,100		$	12,400		$	11,400		$	13,600		$	12,000		$	12,000		$	10,700		$	13,100

Total Staffing
Total field operations employees	11,400			10,900			10,900			10,700			11,000			10,900			10,400			9,900

FNT Only Quarterly Operating Statistics ('000's except fee per file and staffing)
Total open orders*	518			484			429			360			422			458			456			354
Total open orders per day*	8.1			7.5			6.9			5.7			6.6			7.2			7.5			5.6
Purchase % of open orders	55		%	63		%	61		%	62		%	65		%	65		%	54		%	60		%
Refinance % of open orders	45		%	37		%	39		%	38		%	35		%	35		%	46		%	40		%
Total closed orders*	369			338			265			285			314			334			277			273
Total closed orders per day*	5.8			5.3			4.3			4.5			4.9			5.2			4.5			4.3
Purchase % of closed orders	58		%	63		%	60		%	63		%	66		%	61		%	52		%	63		%
Refinance % of closed orders	42		%	37		%	40		%	37		%	34		%	39		%	48		%	37		%
Fee per file	$	2,205		$	2,337		$	2,261		$	2,521		$	2,364		$	2,264		$	2,055		$	2,382
Total title field operations employees	10,200			9,600			9,700			9,500			9,700			9,600			9,100			8,700

ServiceLink Only Quarterly Operating Statistics ('000's except fee per file and staffing)
Total Open Orders*	98			93			87			81			92			102			122			98
Total open orders per day*	1.5			1.5			1.4			1.3			1.4			1.6			2.0			1.6
Purchase % of open orders	17		%	22		%	24		%	22		%	23		%	22		%	17		%	23		%
Refinance % of open orders	83		%	78		%	76		%	78		%	77		%	78		%	83		%	77		%
Total closed orders	64			63			57			56			64			74			68			61
Total closed orders per day*	1.0			1.0			0.9			0.9			1.0			1.2			1.1			1.0
Purchase % of closed orders	27		%	27		%	28		%	31		%	26		%	21		%	22		%	26		%
Refinance % of closed orders	73		%	73		%	72		%	69		%	74		%	79		%	78		%	74		%
Fee per file	$	916		$	940		$	972		$	1,003		$	987		$	958		$	921		$	1,027
Total ServiceLink operating employees	1,200			1,300			1,200			1,200			1,300			1,300			1,300			1,200

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

** Total commercial order and fee per file tracking began in January 2015

FNF GROUP

SUMMARY BALANCE SHEET INFORMATION

(In millions)



	FNF Group September 30, 2016			FNF Group December 31, 2015
	(Unaudited)				(Unaudited)
Cash and investment portfolio		$	4,879		$	4,898
Goodwill		4,851			4,572
Title plant		395			395
Total assets		13,001			12,502
Notes payable		2,527			2,593
Reserve for title claim losses		1,602			1,583
Secured trust deposits		922			701
Redeemable non-controlling interests		344			344
Non-redeemable non-controlling interests		772			720
Total equity and redeemable non-controlling interests		6,068			5,849
Total equity attributable to common shareholders		4,952			4,785



	FNF Group September 30, 2016				FNFV September 30, 2016		Consolidated September 30, 2016			Consolidated December 31, 2015
	(Unaudited)			(Unaudited)			(Unaudited)
Cash and investment portfolio		$	4,879		$	657		$	5,536		$	5,633
Goodwill		4,851			196			5,047			4,760
Title plant		395			—			395			395
Total assets		13,001			1,385			14,386			13,931
Notes payable		2,527			227			2,754			2,793
Reserve for title claim losses		1,602			—			1,602			1,583
Secured trust deposits		922			—			922			701
Redeemable non-controlling interests		344			—			344			344
Non-redeemable non-controlling interests		772			117			889			834
Total equity and redeemable non-controlling interests		6,068			1,040			7,108			6,932
Total equity attributable to common shareholders		4,952			923			5,875			5,754

Fidelity National Financial, Inc.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited)



	Three Months Ended									Nine Months Ended
	September 30, 2016									September 30, 2016
	Consolidated			Core			FNFV			Consolidated			Core			FNFV
Direct title premiums	$	556		$	556		$	—		$	1,518		$	1,518		$	—
Agency title premiums	713			713			—			1,934			1,934			—
Total title premiums	1,269			1,269			—			3,452			3,452			—
Escrow, title-related and other fees	950			904			46			2,636			2,512			124
Total title and escrow and other	2,219			2,173			46			6,088			5,964			124

Restaurant revenue	273			—			273			858			—			858
Interest and investment income	29			28			1			96			93			3
Realized gains and losses, net	(4		)	(3		)	(1		)	5			(6		)	11
Total revenue	2,517			2,198			319			7,047			6,051			996

Personnel costs	732			690			42			2,091			1,971			120
Other operating expenses	514			489			25			1,439			1,359			80
Cost of restaurant revenue	237			—			237			727			—			727
Agent commissions	545			545			—			1,473			1,473			—
Depreciation and amortization	113			98			15			315			270			45
Title claim loss expense	70			70			—			190			190			—
Interest expense	35			31			4			102			94			8
Total expenses	2,246			1,923			323			6,337			5,357			980

Earnings (loss) from continuing operations before taxes	271			275			(4		)	710			694			16
Income tax expense (benefit)	95			102			(7		)	245			250			(5		)
Earnings from continuing operations before equity investments	176			173			3			465			444			21
(Loss) earnings from equity investments	(7		)	4			(11		)	(6		)	10			(16		)
Net earnings (loss)	169			177			(8		)	459			454			5
Non-controlling interests	13			14			(1		)	32			31			1
Net earnings (loss) attributable to common shareholders	$	156		$	163		$	(7	)	$	427		$	423		$	4

Cash flows provided by operations	372			360			12			745			709			36

Fidelity National Financial, Inc.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited)



	Three Months Ended								Nine Months Ended
	September 30, 2015								September 30, 2015
	Consolidated			Core		FNFV			Consolidated			Core			FNFV
Direct title premiums	$	524		$	524	$	—		$	1,488		$	1,488		$	—
Agency title premiums	647			647		—			1,685			1,685			—
Total title premiums	1,171			1,171		—			3,173			3,173			—
Escrow, title-related and other fees	852			823		29			2,517			2,345			172
Total title and escrow and other	2,023			1,994		29			5,690			5,518			172

Restaurant revenue	349			—		349			1,084			—			1,084
Interest and investment income	30			29		1			93			91			2
Realized gains and losses, net	(10		)	—		(10		)	(19		)	(8		)	(11		)
Total revenue	2,392			2,023		369			6,848			5,601			1,247

Personnel costs	680			641		39			1,993			1,878			115
Other operating expenses	476			452		24			1,424			1,277			147
Cost of restaurant revenue	302			—		302			921			—			921
Agent commissions	495			495		—			1,279			1,279			—
Depreciation and amortization	102			85		17			306			255			51
Title claim loss expense	65			65		—			185			185			—
Interest expense	34			31		3			97			91			6
Total expenses	2,154			1,769		385			6,205			4,965			1,240

Earnings (loss) from continuing operations before taxes	238			254		(16		)	643			636			7
Income tax expense (benefit)	81			95		(14		)	219			237			(18		)
Earnings (loss) from continuing operations before equity investments	157			159		(2		)	424			399			25
(Loss) Earnings from equity investments	(19		)	2		(21		)	(16		)	4			(20		)
Net earnings (loss)	138			161		(23		)	408			403			5
Non-controlling interests	6			11		(5		)	20			7			13
Net earnings (loss) attributable to common shareholders	$	132		$	150	$	(18	)	$	388		$	396		$	(8	)

Cash flows provided by operations	283			279		4			673			665			8

###

EX-99.2 3 a20163qfnfvgrouppressrelea.htm EXHIBIT 99.2 Exhibit

FNFV Reports Third Quarter 2016 Results With $923 Million Book Value of Portfolio Company Investments, or $13.85 Per Share; Repurchased Additional 455,000 Shares of Common Stock in Third Quarter

Jacksonville, Fla. -- (November 2, 2016) -- 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 nine-month periods ended September 30, 2016.


•	Total revenue of $319 million in the third quarter versus $369 million in the third quarter of 2015


•	Third quarter diluted EPS of ($0.11) and adjusted diluted EPS of ($0.01) versus diluted EPS of ($0.24) and adjusted diluted EPS of $0.00 in the third quarter of 2015


•	Pretax loss of $4 million and adjusted EBITDA of $17 million for the third quarter versus pretax loss of $16 million and adjusted EBITDA of $18 million for the third quarter of 2015


•	Third quarter FNFV net cash flow provided by operations of $12 million and free cash flow used of $4 million versus net cash flow provided by operations of $4 million and free cash flow used of $13 million in the third quarter of 2015


•	$99 million in holding company cash on September 30, 2016


•	Repurchased 455,000 shares of common stock for approximately $5.7 million in the third quarter


•	Since the formation of FNFV in July 2014, nearly 26 million shares of FNFV common stock have been repurchased for a total of approximately $350 million; approximately 29% of the shares of FNFV common stock distributed in July 2014 have been repurchased

Restaurant Group

•

$272 million in total revenue, pretax loss of $4 million, adjusted EBITDA of $11 million, and an adjusted EBITDA margin of 4.0% for the third quarter, versus, approximately $338 million in total revenue, pretax loss of $13 million, adjusted EBITDA of $16 million, and an adjusted EBITDA margin of 4.6% in the third quarter of 2015; third quarter of 2015 included results of J. Alexander's and Max & Erma's


•	Same store sales decreased approximately 1.9% in the third quarter, as Ninety Nine same stores sales growth of 2.5% was offset by a 2.8% decline at O'Charley's, a 5.3% decline at Village Inn and a 3.8% decline at Bakers Square

Ceridian HCM


•	Third quarter total revenue of approximately $170 million, a 2.4% increase over the third quarter of 2015, pretax loss of $31 million, EBITDA of $6 million and an EBITDA margin of 3%

Digital Insurance


•	Third quarter total revenue of $37 million, a 23% increase over the third quarter of 2015; pretax earnings of $0.1 million; adjusted EBITDA of more than $7 million, a 10% increase over the third quarter of 2015; third quarter adjusted EBITDA margin of 20%

Monetization and Investment Initiatives


•	Repurchased 455,000 shares of FNFV common stock for approximately $5.7 million during the third quarter

“It was a quiet quarter on the monetization front for FNFV, ” said Chairman William P. Foley, II. “However, Ceridian continued its evolution into a cloud-based company, as third quarter cloud revenue of $75 million grew 39% over the third quarter of 2015. We believe that Ceridian will ultimately be a strong investment for FNFV shareholders. Digital Insurance continues to execute its business plan and should exit 2016 approaching $150 million in annual revenue and EBITDA in the low $30 million range. ABRH is managing its operations and making operational improvements in a tough economic environment for family and casual restaurants. We will continue to focus on the growth, financial performance and monetization of our current investments while seeking attractive future investments that will create value for our shareholders.

"We also continued to repurchase our own shares during the quarter. In total, we bought back an additional 455,000 shares for a total cost of approximately $5.7 million, thereby reducing FNFV's share count to approximately 66.6 million shares."

Conference Call

We will host a call with investors and analysts to discuss third quarter 2016 results of FNFV on Thursday, November 3, 2016, beginning at 12:30 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 2:30 p.m. Eastern time on November 3, 2016, through November 10, 2016, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 403310.

About Fidelity National Financial, Inc.

Use of Non-GAAP Financial Information

Forward-Looking Statements and Risk Factors

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.

FNF-E

SOURCE: Fidelity National Financial, Inc.

CONTACT: Daniel Kennedy Murphy, Senior Vice President and Treasurer, 904-854-8120, dkmurphy@fnf.com

FIDELITY NATIONAL FINANCIAL VENTURES

THIRD QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Three Months Ended
September 30, 2016
Operating revenue	$	319		$	273		$	46
Interest and investment income	1			—			1
Realized gains and losses, net	(1		)	(1		)	—
Total revenue	319			272			47

Personnel costs	42			13			29
Other operating expenses	25			13			12
Cost of restaurant revenue	237			237			—
Depreciation and amortization	15			11			4
Interest expense	4			2			2
Total expenses	323			276			47

Pre-tax loss from continuing operations	$	(4	)	$	(4	)	$	—

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	1			1			—
Purchase price amortization	10			5			5
Other expenses	1			1			—
Total non-GAAP adjustments before taxes	$	12		$	7		$	5

Adjusted pre-tax earnings from continuing operations	$	8		$	3		$	5
Adjusted pre-tax margin from continuing operations	2.5		%	1.1		%	10.6		%

Purchase price amortization	(10		)	(5		)	(5		)
Depreciation and amortization	15			11			4
Interest expense	4			2			2

Adjusted EBITDA	$	17		$	11		$	6
Adjusted EBITDA margin	5.3		%	4.0		%	12.8		%

FIDELITY NATIONAL FINANCIAL VENTURES

THIRD QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Three Months Ended
September 30, 2016
Pre-tax loss from continuing operations	$	(4	)	$	(4	)	$	—

Income tax benefit	(7		)	—			(7		)
Loss from equity investments	(11		)	—			(11		)
Non-controlling interests	(1		)	(1		)	—

Net loss attributable to FNFV common shareholders	$	(7	)	$	(3	)	$	(4	)

EPS attributable to FNFV common shareholders - basic	$	(0.11	)	$	(0.05	)	$	(0.06	)
EPS attributable to FNFV common shareholders - diluted	$	(0.11	)	$	(0.05	)	$	(0.06	)

FNFV weighted average shares - basic	66
FNFV weighted average shares - diluted	69

Net loss attributable to FNFV common shareholders	$	(7	)	$	(3	)	$	(4	)

Total non-GAAP, pre-tax adjustments	$	12		$	7		$	5
Income taxes on non-GAAP adjustments	(3		)	(1		)	(2		)
Noncontrolling interest on non-GAAP adjustments	(3		)	(3		)	—
Total non-GAAP adjustments	$	6		$	3		$	3

Adjusted net loss attributable to FNFV common shareholders	$	(1	)	$	—		$	(1	)

Adjusted EPS attributable to FNFV common shareholders - diluted	$	(0.01	)	$	—		$	(0.01	)

Cash flows provided by operations:	$	12
Non-GAAP adjustments:
Other expenses	1
Total non-GAAP adjustments	1

Adjusted cash flows from operations	13
Capital expenditures	17
Free cash flow	$	(4	)

FIDELITY NATIONAL FINANCIAL VENTURES

THIRD QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Three Months Ended
September 30, 2015
Operating revenue	$	378		$	349		$	29
Interest and investment income	1			—			1
Realized gains and losses, net	(10		)	(11		)	1
Total revenue	369			338			31

Personnel costs	39			17			22
Other operating expenses	24			18			6
Cost of restaurant revenue	302			302			—
Depreciation and amortization	17			12			5
Interest expense	3			2			1
Total expenses	385			351			34

Pre-tax loss from continuing operations	$	(16	)	$	(13	)	$	(3	)

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	10			11			(1		)
Purchase price amortization	7			3			4
IPO Costs	4			4			—
Total non-GAAP adjustments before taxes	$	21		$	18		$	3

Adjusted pre-tax earnings from continuing operations	$	5		$	5		$	—
Adjusted pre-tax margin from continuing operations	1.3		%	1.4		%	—		%

Purchase price amortization	(7		)	(3		)	(4		)
Depreciation and amortization	17			12			5
Interest expense	3			2			1

Adjusted EBITDA	$	18		$	16		$	2
Adjusted EBITDA margin	4.7		%	4.6		%	6.7		%

FIDELITY NATIONAL FINANCIAL VENTURES

THIRD QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Three Months Ended
September 30, 2015
Pre-tax loss from continuing operations	$	(16	)	$	(13	)	$	(3	)

Income tax benefit	(14		)	—			(14		)
Loss from equity investments	(21		)	—			(21		)
Non-controlling interests	(5		)	(5		)	—

Net loss attributable to FNFV common shareholders	$	(18	)	$	(8	)	$	(10	)

EPS attributable to FNFV common shareholders - basic	$	(0.24	)	$	(0.11	)	$	(0.13	)
EPS attributable to FNFV common shareholders - diluted	$	(0.24	)	$	(0.11	)	$	(0.13	)

FNFV weighted average shares - basic	76
FNFV weighted average shares - diluted	78

Net loss attributable to FNFV common shareholders	$	(18	)	$	(8	)	$	(10	)

Total non-GAAP, pre-tax adjustments	$	21		$	18		$	3
Income taxes on non-GAAP adjustments	(12		)	(5		)	(7		)
Ceridian Divestiture Loss	15			—			15
Noncontrolling interest on non-GAAP adjustments	(6		)	(6		)	—
Total non-GAAP adjustments	$	18		$	7		$	11

Adjusted net earnings (loss) attributable to FNFV common shareholders	$	—		$	(1	)	$	1

Adjusted EPS attributable to FNFV common shareholders - diluted	$	—		$	(0.01	)	$	0.01

Cash flows provided by operations:	$	4
Non-GAAP adjustments:
IPO Cost	4
Total Non-GAAP adjustments	4

Adjusted cash flows from operations	8
Capital expenditures	21
Free cash flow	$	(13	)

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Nine Months Ended
September 30, 2016
Operating revenue	$	982		$	858		$	124
Interest and investment income	3			—			3
Realized gains and losses, net	11			(4		)	15
Total revenue	996			854			142

Personnel costs	120			40			80
Other operating expenses	80			50			30
Cost of restaurant revenue	727			727			—
Depreciation and amortization	45			31			14
Interest expense	8			4			4
Total expenses	980			852			128

Pre-tax earnings from continuing operations	$	16		$	2		$	14

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	(11		)	4			(15		)
Purchase price amortization	25			13			12
Max & Erma's exit/disposal cost	7			7			—
Other expenses	$	1		$	1		$	—
Total non-GAAP adjustments before taxes	$	22		$	25		$	(3	)

Adjusted pre-tax earnings from continuing operations	$	38		$	27		$	11
Adjusted pre-tax margin from continuing operations	3.9		%	3.1		%	8.7		%

Purchase price amortization	(25		)	(13		)	(12		)
Depreciation and amortization	45			31			14
Interest expense	8			4			4

Adjusted EBITDA	$	66		$	49		$	17
Adjusted EBITDA margin	6.7		%	5.7		%	13.4		%

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Nine Months Ended
September 30, 2016
Pre-tax earnings from continuing operations	$	16		$	2		$	14

Income tax expense	(5		)	—			(5		)
Loss from equity investments	(16		)	—			(16		)
Non-controlling interests	1			1			—

Net earnings attributable to FNFV common shareholders	$	4		$	1		$	3

EPS attributable to FNFV common shareholders - basic	$	0.06		$	0.02		$	0.04
EPS attributable to FNFV common shareholders - diluted	$	0.06		$	0.02		$	0.04

FNFV weighted average shares - basic	68
FNFV weighted average shares - diluted	70

Net earnings attributable to FNFV common shareholders	$	4		$	1		$	3

Total non-GAAP, pre-tax adjustments	$	22		$	25		$	(3	)
Income taxes on non-GAAP adjustments	(2		)	(5		)	3
Ceridian divestiture (gain) loss	(4		)	—			(4		)
Noncontrolling interest on non-GAAP adjustments	(11		)	(11		)	—
Total non-GAAP adjustments	$	5		$	9		$	(4	)

Adjusted net earnings (loss) attributable to FNFV common shareholders	$	9		$	10		$	(1	)

Adjusted EPS attributable to FNFV common shareholders - diluted	$	0.13		$	0.14		$	(0.01	)

Cash flows provided by operations:	$	36
Non-GAAP adjustments:
Other expenses	1
Total Non-GAAP adjustments	1

Adjusted cash flows from operations	37
Capital expenditures	44
Free cash flow	$	(7	)

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Nine Months Ended
September 30, 2015
Operating revenue	$	1,256		$	1,084		$	172
Interest and investment income	2			—			2
Realized gains and losses, net	(11		)	(11		)	—
Total revenue	1,247			1,073			174

Personnel costs	115			50			65
Other operating expenses	147			55			92
Cost of restaurant revenue	921			921			—
Depreciation and amortization	51			38			13
Interest expense	6			5			1
Total expenses	1,240			1,069			171

Pre-tax earnings from continuing operations	$	7		$	4		$	3

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	11			11			—
Purchase price amortization	21			11			10
IPO costs	7			7			—
Total non-GAAP adjustments before taxes	$	39		$	29		$	10

Adjusted pre-tax earnings from continuing operations	$	46		$	33		$	13
Adjusted pre-tax margin from continuing operations	3.7		%	3.0		%	7.5		%

Purchase price amortization	(21		)	(11		)	(10		)
Depreciation and amortization	51			38			13
Interest expense	6			5			1

Adjusted EBITDA	$	82		$	65		$	17
Adjusted EBITDA margin	6.5		%	6.0		%	9.8		%

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Nine Months Ended
September 30, 2015
Pre-tax earnings from continuing operations	$	7		$	4		$	3

Income tax benefit	(18		)	—			(18		)
Loss from equity investments	(20		)	—			(20		)
Non-controlling interests	13			1			12

Net (loss) earnings attributable to FNFV common shareholders	$	(8	)	$	3		$	(11	)

EPS attributable to FNFV common shareholders - basic	$	(0.10	)	$	0.04		$	(0.14	)
EPS attributable to FNFV common shareholders - diluted	$	(0.10	)	$	0.04		$	(0.14	)

FNFV weighted average shares - basic	81
FNFV weighted average shares - diluted	84

Net (loss) earnings attributable to FNFV common shareholders	$	(8	)	$	3		$	(11	)

Total non-GAAP, pre-tax adjustments	$	39		$	29		$	10
Income taxes on non-GAAP adjustments	(17		)	(7		)	(10		)
Ceridian divestiture loss	15			—			15
Noncontrolling interest on non-GAAP adjustments	(11		)	(11		)	—
Total non-GAAP adjustments	$	26		$	11		$	15

Adjusted net earnings attributable to FNFV common shareholders	$	18		$	14		$	4

Adjusted EPS attributable to FNFV common shareholders - diluted	$	0.21		$	0.17		$	0.04

Cash flows provided by operations:	$	8
Non-GAAP adjustments:
IPO costs	7
Total Non-GAAP adjustments	7

Adjusted cash flows from operations	15
Capital expenditures	45
Free cash flow	$	(30	)

FIDELITY NATIONAL FINANCIAL VENTURES

SUMMARY BALANCE SHEET AND BOOK VALUE SUMMARY

(In millions)



	FNFV September 30, 2016			FNFV December 31, 2015
	(Unaudited)			(Unaudited)
Cash and investment portfolio		$	657		$	735
Goodwill		196			188
Total assets		1,385			1,429
Notes payable		227			200
Non-controlling interest		117			114
Total equity and redeemable non-controlling interests		1,040			1,083
Total equity attributable to common shareholders		923			969



	FNF Group September 30, 2016				FNFV September 30, 2016		Consolidated September 30, 2016			Consolidated December 31, 2015
	(Unaudited)			(Unaudited)			(Unaudited)
Cash and investment portfolio		$	4,879		$	657		$	5,536		$	5,633
Goodwill		4,851			196			5,047			4,760
Title plant		395			—			395			395
Total assets		13,001			1,385			14,386			13,931
Notes payable		2,527			227			2,754			2,793
Reserve for title claim losses		1,602			—			1,602			1,583
Secured trust deposits		922			—			922			701
Redeemable non-controlling interests		344			—			344			344
Non-redeemable non-controlling interests		772			117			889			834
Total equity and redeemable non-controlling interests		6,068			1,040			7,108			6,932
Total equity attributable to common shareholders		4,952			923			5,875			5,754



Adjusted Book Value Summary	FNFV September 30, 2016			FNFV December 31, 2015
	(Unaudited)			(Unaudited)
Ceridian/Fleetcor		$	432		$	363
American Blue Ribbon Holdings		173			169
Digital Insurance		75			73
Del Frisco's Restaurant Group		42			34
Holding Company Cash		99			245
Other		102			85
FNFV Book Value		$	923		$	969
Outstanding FNFV shares		66.6			72.2
FNFV Book Value per Share		$	13.85		$	13.43

FIDELITY NATIONAL FINANCIAL, INC.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited)



	Three Months Ended									Nine Months Ended
	September 30, 2016									September 30, 2016
	Consolidated			Core			FNFV			Consolidated			Core			FNFV
Direct title premiums	$	556		$	556		$	—		$	1,518		$	1,518		$	—
Agency title premiums	713			713			—			1,934			1,934			—
Total title premiums	1,269			1,269			—			3,452			3,452			—
Escrow, title-related and other fees	950			904			46			2,636			2,512			124
Total title and escrow and other	2,219			2,173			46			6,088			5,964			124

Restaurant revenue	273			—			273			858			—			858
Interest and investment income	29			28			1			96			93			3
Realized gains and losses, net	(4		)	(3		)	(1		)	5			(6		)	11
Total revenue	2,517			2,198			319			7,047			6,051			996

Personnel costs	732			690			42			2,091			1,971			120
Other operating expenses	514			489			25			1,439			1,359			80
Cost of restaurant revenue	237			—			237			727			—			727
Agent commissions	545			545			—			1,473			1,473			—
Depreciation and amortization	113			98			15			315			270			45
Title claim loss expense	70			70			—			190			190			—
Interest expense	35			31			4			102			94			8
Total expenses	2,246			1,923			323			6,337			5,357			980

Earnings (loss) from continuing operations before taxes	271			275			(4		)	710			694			16
Income tax expense (benefit)	95			102			(7		)	245			250			(5		)
Earnings from continuing operations before equity investments	176			173			3			465			444			21
(Loss) earnings from equity investments	(7		)	4			(11		)	(6		)	10			(16		)
Net earnings (loss)	169			177			(8		)	459			454			5
Non-controlling interests	13			14			(1		)	32			31			1
Net earnings (loss) attributable to common shareholders	$	156		$	163		$	(7	)	$	427		$	423		$	4

Cash flows provided by operations	372			360			12			745			709			36

FIDELITY NATIONAL FINANCIAL, INC.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited)



	Three Months Ended								Nine Months Ended
	September 30, 2015								September 30, 2015
	Consolidated			Core		FNFV			Consolidated			Core			FNFV
Direct title premiums	$	524		$	524	$	—		$	1,488		$	1,488		$	—
Agency title premiums	647			647		—			1,685			1,685			—
Total title premiums	1,171			1,171		—			3,173			3,173			—
Escrow, title-related and other fees	852			823		29			2,517			2,345			172
Total title and escrow and other	2,023			1,994		29			5,690			5,518			172

Restaurant revenue	349			—		349			1,084			—			1,084
Interest and investment income	30			29		1			93			91			2
Realized gains and losses, net	(10		)	—		(10		)	(19		)	(8		)	(11		)
Total revenue	2,392			2,023		369			6,848			5,601			1,247

Personnel costs	680			641		39			1,993			1,878			115
Other operating expenses	476			452		24			1,424			1,277			147
Cost of restaurant revenue	302			—		302			921			—			921
Agent commissions	495			495		—			1,279			1,279			—
Depreciation and amortization	102			85		17			306			255			51
Title claim loss expense	65			65		—			185			185			—
Interest expense	34			31		3			97			91			6
Total expenses	2,154			1,769		385			6,205			4,965			1,240

Earnings (loss) from continuing operations before taxes	238			254		(16		)	643			636			7
Income tax expense (benefit)	81			95		(14		)	219			237			(18		)
Earnings (loss) from continuing operations before equity investments	157			159		(2		)	424			399			25
(Loss) earnings from equity investments	(19		)	2		(21		)	(16		)	4			(20		)
Net earnings (loss)	138			161		(23		)	408			403			5
Non-controlling interests	6			11		(5		)	20			7			13
Net earnings (loss) attributable to common shareholders	$	132		$	150	$	(18	)	$	388		$	396		$	(8	)

Cash flows provided by operations	283			279		4			673			665			8

###

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