FNFV Reports Second Quarter 2016 Results With $940 Million Book Value of Portfolio Company Investments, or $13.98 Per Share; Repurchased Additional 1.8 Million Shares of Common Stock in Second Quarter

From www.prnewswire.com, by Fidelity National Financial, Inc.
FNFV Reports Second Quarter 2016 Results With $940 Million Book Value of Portfolio Company Investments, or $13.98 Per...

JACKSONVILLE, Fla., July 20, 2016 /PRNewswire/ -- Fidelity National Financial, Inc. today reported the operating results for FNFV Group (NYSE: FNFV), a tracking stock established to highlight the inherent value of the portfolio companies of Fidelity National Financial, Inc., for the three and six-month periods ended June 30, 2016. 

  • Total revenue of $348 million in the second quarter versus $400 million in the second quarter of 2015
  • Second quarter diluted EPS of $0.14 and adjusted diluted EPS of $0.06 versus diluted EPS of $0.12 and adjusted diluted EPS of $0.18 in the second quarter of 2015
  • Pretax earnings of $19 million and adjusted EBITDA of $21 million for the second quarter versus pretax earnings of $2 million and adjusted EBITDA of $24 million for the second quarter of 2015
  • Second quarter FNFV net cash flow provided by operations of $5 million and free cash flow used of $10 million versus net cash flow used in operations of $2 million and free cash flow used of $13 million in the second quarter of 2015
  • $106 million in holding company cash on June 30, 2016
  • Repurchased approximately 1.8 million shares of common stock for more than $20 million in the second quarter
  • Since the formation of FNFV in July 2014, nearly 25.5 million shares of FNFV common stock have been repurchased for a total of approximately $344 million; approximately 28% of the shares of  FNFV common stock distributed in July 2014 have been repurchased

Restaurant Group

  • $292 million in total revenue, pretax earnings of $6 million, adjusted EBITDA of $18 million, and an adjusted EBITDA  margin of 6.2% for the second quarter, versus, approximately $371 million in total revenue, pretax earnings of $7 million, adjusted EBITDA of $24 million, and an adjusted EBITDA margin of 6.5% in the second quarter of 2015; second quarter of 2015 included results of J. Alexander's and Max & Erma's
  • Same store sales decreased approximately 2.6% in the second quarter, as Ninety Nine same stores sales growth of 2.4% was offset by a 4.3% decline at O'Charley's, a 4.7% decline at Village Inn and a 5% decline at Bakers Square

Ceridian HCM

  • Second quarter total revenue of approximately $167 million, a 1% increase over the second quarter of 2015, pretax loss of $28 million, adjusted EBITDA of $12 million and an adjusted EBITDA margin of 7%

Digital Insurance

  • Second quarter total revenue of $36 million, a 31% increase over the second quarter of 2015; pretax earnings of $0.4 million; adjusted EBITDA of $8 million, a 40% increase over the second quarter of 2015; second quarter pretax margin and adjusted EBITDA margin of 1% and 22%, respectively

Monetization and Investment Initiatives

  • In June, completed the sale of FNFV's 15% ownership stake in Stillwater Insurance Group for gross cash proceeds of $36 million and a pre-tax gain of $15 million
  • In May and June, Ceridian Holding sold the remaining shares of FleetCor common stock it owned at a price of approximately $151 per share, for gross proceeds of $212 million; $202 million of those proceeds remain in escrow, with 50% eligible for distribution in November 2016 and 50% in November 2017; FNFV expects to receive 33.5% of any proceeds distributed from Ceridian Holding
  • In April, FNFV and our partner bought out the ownership interest of a Ceridian minority investor; FNFV's share of the purchase price was approximately $17.2 million and FNFV's ownership in Ceridian increased to 33.5% after the transaction
  • Repurchased approximately 1.8 million shares of FNFV common stock for more than $20 million during the second  quarter

"We continued our efforts to selectively monetize certain investments and repurchased FNFV common stock during the second quarter, " said Chairman William P. Foley, II.  "In June, we completed the sale of our 15% minority stake in Stillwater Insurance for gross proceeds of $36 million and a pre-tax gain of $15 million.  Additionally, Ceridian Holding sold the remaining shares of Fleetcor, almost all of which were being held in escrow.  Total proceeds were $212 million, of which $202 million remain in escrow and we expect to receive our 33.5% share of those proceeds, before any tax impact, equally in November 2016 and November 2017.  Finally, we increased our investment in Ceridian by $17 million and now own 33.5% of the company.

"We also continued to repurchase our own shares during the quarter.  In total, we bought back an additional 1.8 million shares for a total cost of more than $20 million, thereby reducing FNFV's share count to approximately 67.2 million shares.  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."

Conference Call
We will host a call with investors and analysts to discuss second quarter 2016 results of FNFV on Thursday, July 21, 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 July 21, 2016, through July 28, 2016, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 396732.

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 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

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

SECOND QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)

Total FNFV

Restaurant
Group

FNFV
Corporate and
Other

Three Months Ended

June 30, 2016

Operating revenue

$

332

$

292

$

40

Interest and investment income

1

1

Realized gains and losses, net

15

15

Total revenue

348

292

56

Personnel costs

40

14

26

Other operating expenses

28

16

12

Cost of restaurant revenue

245

245

Depreciation and amortization

15

10

5

Interest expense

1

1

Total expenses

329

286

43

Pre-tax earnings from continuing operations

$

19

$

6

$

13

Non-GAAP adjustments before taxes

  Realized (gains) and losses, net

(15)

(15)

  Max & Erma's exit/disposal cost

1

1

  Purchase price amortization

8

5

3

 Total non-GAAP adjustments before taxes

$

(6)

$

6

$

(12)

  Adjusted pre-tax earnings from continuing operations

$

13

$

12

$

1

  Adjusted pre-tax margin from continuing operations

3.9

%

4.1

%

2.4

%

Purchase price amortization

(8)

(5)

(3)

Depreciation and amortization

15

10

5

Interest expense

1

1

  Adjusted EBITDA

$

21

$

18

$

3

  Adjusted EBITDA margin

6.3

%

6.2

%

7.3

%

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

SECOND QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)

Total FNFV

Restaurant
Group

FNFV
Corporate and
Other

Three Months Ended

June 30, 2016

Pre-tax earnings from continuing operations

$

19

$

6

$

13

  Income tax expense

3

3

  Loss from equity investments

(4)

(4)

  Non-controlling interests

2

2

Net earnings attributable to FNFV common shareholders

$

10

$

4

$

6

EPS attributable to FNFV common shareholders - basic

$

0.15

$

0.06

$

0.09

EPS attributable to FNFV common shareholders - diluted

$

0.14

$

0.06

$

0.09

FNFV weighted average shares - basic

67

FNFV weighted average shares - diluted

70

Net earnings attributable to FNFV common shareholders

$

10

$

4

$

6

 Total non-GAAP, pre-tax adjustments

$

(6)

$

6

$

(12)

  Income taxes on non-GAAP adjustments

4

(1)

5

  Ceridian divestiture (gain) loss

(1)

(1)

  Noncontrolling interest on non-GAAP adjustments

(3)

(3)

Total non-GAAP adjustments

$

(6)

$

2

$

(8)

Adjusted net earnings attributable to FNFV common shareholders

$

4

$

6

$

(2)

Adjusted EPS attributable to FNFV common shareholders - diluted

$

0.06

$

0.09

$

(0.03)

Cash flows provided by operations:

$

5

Capital expenditures

15

Free cash flow

$

(10)

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

SECOND QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)

Total FNFV

Restaurant
Group

FNFV
Corporate and
Other

Three Months Ended

June 30, 2015

Operating revenue

$

401

$

371

$

30

Realized gains and losses, net

(1)

(1)

Total revenue

400

371

29

Personnel costs

38

16

22

Other operating expenses

29

21

8

Cost of restaurant revenue

313

313

Depreciation and amortization

17

13

4

Interest expense

1

1

Total expenses

398

364

34

Pre-tax earnings (loss) from continuing operations

$

2

$

7

$

(5)

Non-GAAP adjustments before taxes

  Realized (gains) and losses, net

1

1

  Purchase price amortization

7

4

3

  IPO Costs

3

3

 Total non-GAAP adjustments before taxes

$

11

$

7

$

4

  Adjusted pre-tax earnings (loss) from continuing operations

$

13

$

14

$

(1)

  Adjusted pre-tax margin from continuing operations

3.2

%

3.8

%

%

Purchase price amortization

(7)

(4)

(3)

Depreciation and amortization

17

13

4

Interest expense

1

1

  Adjusted EBITDA

$

24

$

24

$

  Adjusted EBITDA margin

6.0

%

6.5

%

%

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

SECOND QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)

Total FNFV

Restaurant
Group

FNFV
Corporate and
Other

Three Months Ended

June 30, 2015

Pre-tax earnings (loss) from continuing operations

$

2

$

7

$

(5)

  Income tax benefit

(7)

(7)

Earnings from equity investments

4

4

  Non-controlling interests

3

3

Net earnings attributable to FNFV common shareholders

$

10

$

4

$

6

EPS attributable to FNFV common shareholders - basic

$

0.12

$

0.05

$

0.07

EPS attributable to FNFV common shareholders - diluted

$

0.12

$

0.05

$

0.07

FNFV weighted average shares - basic

78

FNFV weighted average shares - diluted

80

Net earnings attributable to FNFV common shareholders

$

10

$

4

$

6

 Total non-GAAP, pre-tax adjustments

$

11

$

7

$

4

  Income taxes on non-GAAP adjustments

(3)

(1)

(2)

  Noncontrolling interest on non-GAAP adjustments

(3)

(3)

Total non-GAAP adjustments

$

5

$

3

$

2

Adjusted net earnings attributable to FNFV common shareholders

$

15

$

7

$

8

Adjusted EPS attributable to FNFV common shareholders - diluted

$

0.18

$

0.09

$

0.09

Cash flows used in operations:

$

(2)

Non-GAAP adjustments:

  IPO Cost

3

Total Non-GAAP adjustments

3

Adjusted cash flows from operations

1

Capital expenditures

14

Free cash flow

$

(13)

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)

Total FNFV

Restaurant
Group

FNFV
Corporate and
Other

Six Months Ended

June 30, 2016

Operating revenue

$

663

$

585

$

78

Interest and investment income

2

2

Realized gains and losses, net

12

(3)

15

Total revenue

677

582

95

Personnel costs

78

27

51

Other operating expenses

55

37

18

Cost of restaurant revenue

490

490

Depreciation and amortization

30

20

10

Interest expense

4

2

2

Total expenses

657

576

81

Pre-tax earnings from continuing operations

$

20

$

6

$

14

Non-GAAP adjustments before taxes

  Realized (gains) and losses, net

(12)

3

(15)

  Purchase price amortization

15

8

7

  Max & Erma's exit/disposal cost

7

7

 Total non-GAAP adjustments before taxes

$

10

$

18

$

(8)

  Adjusted pre-tax earnings from continuing operations

$

30

$

24

$

6

  Adjusted pre-tax margin from continuing operations

4.5

%

4.1

%

7.5

%

Purchase price amortization

(15)

(8)

(7)

Depreciation and amortization

30

20

10

Interest expense

4

2

2

  Adjusted EBITDA

$

49

$

38

$

11

  Adjusted EBITDA margin

7.4

%

6.5

%

13.8

%

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)

Total FNFV

Restaurant
Group

FNFV
Corporate and
Other

Six Months Ended

June 30, 2016

Pre-tax earnings from continuing operations

$

20

$

6

$

14

  Income tax expense

2

2

Loss from equity investments

(5)

(5)

  Non-controlling interests

2

2

Net earnings attributable to FNFV common shareholders

$

11

$

4

$

7

EPS attributable to FNFV common shareholders - basic

$

0.16

$

0.06

$

0.09

EPS attributable to FNFV common shareholders - diluted

$

0.15

$

0.06

$

0.10

FNFV weighted average shares - basic

69

FNFV weighted average shares - diluted

71

Net earnings attributable to FNFV common shareholders

$

11

$

4

$

7

 Total non-GAAP, pre-tax adjustments

$

10

$

18

$

(8)

  Income taxes on non-GAAP adjustments

1

(4)

5

  Ceridian divestiture (gain) loss

(4)

(4)

  Noncontrolling interest on non-GAAP adjustments

(8)

(8)

Total non-GAAP adjustments

$

(1)

$

6

$

(7)

Adjusted net earnings attributable to FNFV common shareholders

$

10

$

10

$

Adjusted EPS attributable to FNFV common shareholders - diluted

$

0.14

$

0.14

$

Cash flows provided by operations:

$

25

Capital expenditures

27

Free cash flow

$

(2)

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)

Total FNFV

Restaurant
Group

FNFV
Corporate and
Other

Six Months Ended

June 30, 2015

Operating revenue

$

878

$

735

$

143

Interest and investment income

1

1

Realized gains and losses, net

(1)

(1)

Total revenue

878

735

143

Personnel costs

76

33

43

Other operating expenses

123

37

86

Cost of restaurant revenue

619

619

Depreciation and amortization

34

26

8

Interest expense

3

3

Total expenses

855

718

137

Pre-tax earnings from continuing operations

$

23

$

17

$

6

Non-GAAP adjustments before taxes

  Realized (gains) and losses, net

1

1

  Purchase price amortization

14

8

6

  IPO costs

3

3

 Total non-GAAP adjustments before taxes

$

18

$

11

$

7

  Adjusted pre-tax earnings from continuing operations

$

41

$

28

$

13

  Adjusted pre-tax margin from continuing operations

4.7

%

3.8

%

9.0

%

Purchase price amortization

(14)

(8)

(6)

Depreciation and amortization

34

26

8

Interest expense

3

3

  Adjusted EBITDA

$

64

$

49

$

15

  Adjusted EBITDA margin

7.3

%

6.7

%

10.4

%

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)

Total FNFV

Restaurant
Group

FNFV
Corporate and
Other

Six Months Ended

June 30, 2015

Pre-tax earnings from continuing operations

$

23

$

17

$

6

  Income tax benefit

(4)

(4)

Earnings from equity investments

1

1

  Non-controlling interests

18

6

12

Net earnings (loss) attributable to FNFV common shareholders

$

10

$

11

$

(1)

EPS attributable to FNFV common shareholders - basic

$

0.12

$

0.13

$

(0.01)

EPS attributable to FNFV common shareholders - diluted

$

0.12

$

0.13

$

(0.01)

FNFV weighted average shares - basic

84

FNFV weighted average shares - diluted

86

Net earnings (loss) attributable to FNFV common shareholders

$

10

$

11

$

(1)

 Total non-GAAP, pre-tax adjustments

$

18

$

11

$

7

  Income taxes on non-GAAP adjustments

(5)

(2)

(3)

  Noncontrolling interest on non-GAAP adjustments

(5)

(5)

Total non-GAAP adjustments

$

8

$

4

$

4

Adjusted net earnings attributable to FNFV common shareholders

$

18

$

15

$

3

Adjusted EPS attributable to FNFV common shareholders - diluted

$

0.21

$

0.18

$

0.03

Cash flows provided by operations:

$

4

Non-GAAP adjustments:

IPO costs

3

Total Non-GAAP adjustments

3

Adjusted cash flows from operations

7

Capital expenditures

24

Free cash flow

$

(17)

 

 

FIDELITY NATIONAL FINANCIAL VENTURES

SUMMARY BALANCE SHEET AND BOOK VALUE SUMMARY

(In millions)

FNFV

June 30, 2016

FNFV

December 31,

2015

(Unaudited)

(Unaudited)

Cash and investment portfolio

$

689

$

735

Goodwill

194

188

Total assets

1,406

1,429

Notes payable

219

200

Non-controlling interest

119

114

Total equity and redeemable non-controlling interests

1,059

1,083

Total equity attributable to common shareholders

940

969

 

FNF Group

June 30, 2016

FNFV

June 30, 2016

Consolidated

June 30, 2016

Consolidated

December 31,
2015

(Unaudited)

(Unaudited)

(Unaudited)

Cash and investment portfolio

$

5,141

$

689

$

5,830

$

5,633

Goodwill

4,669

194

4,863

4,760

Title plant

395

395

395

Total assets

13,032

1,406

14,438

13,931

Notes payable

2,566

219

2,785

2,793

Reserve for title claim losses

1,590

1,590

1,583

Secured trust deposits

1,102

1,102

701

Redeemable non-controlling interests

344

344

344

Non-redeemable non-controlling interests

741

119

860

834

Total equity and redeemable non-controlling interests

5,954

1,059

7,013

6,932

Total equity attributable to common shareholders

4,869

940

5,809

5,754

 

Adjusted Book Value Summary

FNFV

June 30,

2016

FNFV

December 31,
2015

(Unaudited)

(Unaudited)

Ceridian/Fleetcor

$

442

$

363

American Blue Ribbon Holdings

176

169

Del Frisco's Restaurant Group

44

34

Digital Insurance

74

73

Holding Company Cash

106

245

Other

98

85

     FNFV Book Value

$

940

$

969

     Outstanding FNFV shares

67.2

72.2

     FNFV Book Value per Share

$

13.98

$

13.43

 

 

FIDELITY NATIONAL FINANCIAL, INC.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 2016

June 30, 2016

Consolidated

Core

FNFV

Consolidated

Core

FNFV

Direct title premiums

$

540

$

540

$

$

962

$

962

$

Agency title premiums

691

691

1,221

1,221

     Total title premiums

1,231

1,231

2,183

2,183

Escrow, title-related and other fees

907

867

40

1,686

1,608

78

     Total title and escrow and other

2,138

2,098

40

3,869

3,791

78

Restaurant revenue

292

292

585

585

Interest and investment income

37

36

1

67

65

2

Realized gains and losses, net

15

15

9

(3)

12

     Total revenue

2,482

2,134

348

4,530

3,853

677

Personnel costs

707

667

40

1,359

1,281

78

Other operating expenses

493

465

28

925

870

55

Cost of restaurant revenue

245

245

490

490

Agent commissions

526

526

928

928

Depreciation and amortization

102

87

15

202

172

30

Title claim loss expense

68

68

120

120

Interest expense

33

32

1

67

63

4

     Total expenses

2,174

1,845

329

4,091

3,434

657

Earnings from continuing operations before taxes

308

289

19

439

419

20

Income tax expense (benefit)

101

98

3

150

148

2

Earnings from continuing operations before equity investments

207

191

16

289

271

18

Earnings (loss) from equity investments

(1)

3

(4)

1

6

(5)

Net earnings

206

194

12

290

277

13

Non-controlling interests

9

7

2

19

17

2

Net earnings attributable to common shareholders

$

197

$

187

$

10

$

271

$

260

$

11

Cash flows provided by operations

282

277

5

374

349

25

 

 

FIDELITY NATIONAL FINANCIAL, INC.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 2015

June 30, 2015

Consolidated

Core

FNFV

Consolidated

Core

FNFV

Direct title premiums

$

547

$

547

$

$

964

$

964

$

Agency title premiums

597

597

1,038

1,038

  Total title premiums

1,144

1,144

2,002

2,002

Escrow, title-related and other fees

857

827

30

1,665

1,522

143

     Total title and escrow and other

2,001

1,971

30

3,667

3,524

143

Restaurant revenue

371

371

735

735

Interest and investment income

32

32

63

62

1

Realized gains and losses, net

(9)

(8)

(1)

(9)

(8)

(1)

     Total revenue

2,395

1,995

400

4,456

3,578

878

Personnel costs

690

652

38

1,313

1,237

76

Other operating expenses

482

453

29

948

825

123

Cost of restaurant revenue

313

313

619

619

Agent commissions

451

451

784

784

Depreciation and amortization

104

87

17

204

170

34

Title claim loss expense

69

69

120

120

Interest expense

32

31

1

63

60

3

     Total expenses

2,141

1,743

398

4,051

3,196

855

Earnings from continuing operations before taxes

254

252

2

405

382

23

Income tax expense

88

95

(7)

138

142

(4)

Earnings from continuing operations before equity investments

166

157

9

267

240

27

(Loss) earnings from equity investments

4

4

3

2

1

Net earnings

170

157

13

270

242

28

Non-controlling interests

(3)

3

14

(4)

18

Net earnings attributable to common shareholders

$

170

$

160

$

10

$

256

$

246

$

10

Cash flows provided by operations

348

350

(2)

389

385

4

 

SOURCE Fidelity National Financial, Inc.