Fidelity National Financial, Inc. - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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EX-99.2 - EXHIBIT 99.2 - Fidelity National Financial, Inc.	a20172qfnfvgrouppressrelea.htm
8-K - 8-K - Fidelity National Financial, Inc.	a20172q8k.htm

FNF Group Reports Second Quarter 2017 Diluted EPS of $0.63 and Adjusted Diluted EPS of $0.75, Pre-Tax Title Margin of 15.3% and Adjusted Pre-Tax Title Margin of 16.2%

Jacksonville, Fla. - (July 19, 2017) - 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 six-month periods ended June 30, 2017.


•	Total revenue of approximately $2.3 billion in the second quarter versus $2.1 billion in the second quarter of 2016


•	Second quarter net earnings of $175 million and adjusted net earnings of $207 million versus net earnings of $187 million and adjusted net earnings of $207 million for the second quarter of 2016


•	Second quarter diluted EPS of $0.63 and adjusted diluted EPS of $0.75 versus diluted EPS of $0.67 and adjusted diluted EPS of $0.74 in the second quarter of 2016


•	Second quarter net cash flow provided by operations of $401 million versus net cash flow provided by operations of $277 million in the second quarter of 2016

Title


•	Approximately $1.9 billion in total revenue, a 5% increase over the approximately $1.8 billion in total revenue in the second quarter of 2016


•	Pre-tax earnings of $294 million and adjusted pre-tax earnings of $310 million versus pre-tax earnings of $281 million and adjusted pre-tax earnings of $300 million in the second quarter of 2016


•	Pre-tax title margin of 15.3% and adjusted pre-tax title margin of 16.2% versus pre-tax title margin of 15.4% and adjusted pre-tax title margin of 16.5% in the second quarter of 2016


•	Open orders per day of 8,188 for the second quarter versus 9,016 open orders per day for the second quarter of 2016


•	Closed orders per day of 5,781 for the second quarter versus 6,266 closed orders per day for the second quarter of 2016


•	Second quarter purchase orders opened and closed increased by 6% and 9%, respectively, versus the second quarter of 2016

•

Total commercial revenue of $261 million, a 7% increase over total commercial revenue in the second quarter of 2016, driven by a 7% increase in total commercial fee per file and flat closed orders; second quarter total commercial open orders increased 2% compared to the prior year; second quarter national commercial title revenue of $148 million, a 3% increase from the second quarter of 2016, driven by a 15% increase in closed orders and a 10% decline in the national commercial fee per file; second quarter national commercial open orders increased by 8%


•	Overall second quarter average fee per file of $2,428, a 15% increase versus the second quarter of 2016

Title Orders



		Direct Orders Opened *			Direct Orders Closed *
Month	/ (% Purchase)			/ (% Purchase)
April 2017		163,000	67%		109,000	66%
May 2017		181,000	67%		128,000	67%
June 2017		180,000	64%		133,000	69%

Second Quarter 2017		524,000	66%		370,000	67%



		Direct Orders Opened *		Direct Orders Closed *
Month	/ (% Purchase)			/ (% Purchase)
April 2016		187,000	57%	127,000	56%
May 2016		189,000	58%	132,000	58%
June 2016		201,000	54%	142,000	59%

Second Quarter 2016		577,000	57%	401,000	58%

* 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
Second Quarter 2017 - Total Commercial		50,800		33,600		$261		$7,800
Second Quarter 2016 - Total Commercial		49,900		33,600		$244		$7,300

Second Quarter 2017 - National Commercial		22,000		13,300		$148		$11,100
Second Quarter 2016 - National Commercial		20,300		11,600		$144		$12,400

BKFS


•	Revenue of $242 million, led by Servicing Technology revenue of approximately $184 million


•	Pre-tax earnings of $29 million, a $12 million, or 29% decrease compared to the second quarter of 2016


•	Adjusted EBITDA of $119 million, a $5 million, or 4%, increase compared to the second quarter of 2016 and an adjusted EBITDA margin of 47.9%, a 270 basis point increase from the second quarter of 2016

“The second quarter was another strong performance for our title insurance business," said Chairman William P. Foley, II. "We generated adjusted pre-tax title earnings of $310 million, a $10 million increase over a very strong 2016 second quarter and the largest amount of quarterly adjusted pre-tax title earnings since 2003. We also produced a 16.2% adjusted pre-tax title margin and our distributed title operations, which exclude ServiceLink, generated a 17.0% adjusted pre-tax title margin, equal to the second quarter of 2016. The residential purchase and commercial markets continued to drive our performance in the second quarter, as residential open and closed purchase orders increased 6% and 9%, respectively, in the quarter and total commercial revenue grew by 7% versus the second quarter of 2016. We look forward to continued strong, industry-leading performance from our title insurance business.

“Black Knight continues to perform to our expectations, generating revenue of $242 million and adjusted EBITDA of $119 million, for a 47.9% adjusted EBITDA margin. FNF's Black Knight ownership stake is currently worth approximately $3.5 billion, or approximately $12.65 per FNF share.

"Finally, we made significant progress on the Black Knight distribution during the second quarter, with several milestones achieved. We announced the receipt of the private letter ruling on May 10, signed the formal agreements with Black Knight on June 8, filed the preliminary Registration Statements on Forms S-4 and S-1 with the SEC on June 13 and June 21, respectively, received comments from the SEC on July 10 and filed Amendment No. 1 to Forms S-1 and S-4 with the SEC on July 18. Once the SEC declares the Registration Statements on Forms S-1 and S-4 effective, we can mail the proxy statement/prospectus to shareholders and then have the shareholder vote, at the earliest, twenty business days after the mailing. We still expect a late third quarter closing for the distribution."

Conference Call

We will host a call with investors and analysts to discuss second quarter 2017 FNF Group results on Thursday, July 20, 2017, 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 20, 2017, through July 27, 2017, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 426236.

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. 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 pre-tax earnings from continuing operations, adjusted pre-tax earnings from continuing operations as a percentage of adjusted revenue (Adjusted pre-tax margin from continuing operations), adjusted net earnings and adjusted EPS.

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: our ability to successfully achieve the conditions to and consummate the plans to distribute shares of Black Knight Financial Services and redeem and exchange the FNFV tracking stock with the result being an independent, publicly-traded FNFV common stock; 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

SECOND QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)



	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
Three Months Ended
June 30, 2017
Direct title premiums	$	575		$	575		$	—		$	—
Agency title premiums	726			726			—			—
Escrow, title related and other fees (1)	966			575			259			132
Total title and escrow	2,267			1,876			259			132

Interest and investment income	33			33			—			—
Realized gains and losses, net	(12		)	8			(17		)	(3		)
Total revenue	2,288			1,917			242			129

Personnel costs	723			602			97			24
Agent commissions	558			558			—			—
Other operating expenses	529			359			52			118
Depreciation and amortization	94			39			50			5
Claim loss expense	65			65			—			—
Interest expense	26			—			14			12
Total expenses	1,995			1,623			213			159

Pre-tax earnings (loss) from continuing operations	$	293		$	294		$	29		$	(30	)

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	12			(8		)	17			3
Deferred revenue add back and management fee	3			1			2			—
Purchase price amortization	50			23			23			4
Spin-off costs	9			—			7			2
Total non-GAAP adjustments before taxes	$	74		$	16		$	49		$	9

Adjusted pre-tax earnings (loss) from continuing operations	$	367		$	310		$	78		$	(21	)
Adjusted pre-tax margin from continuing operations	15.9		%	16.2		%	29.9		%	—

Purchase price amortization	(50		)	(23		)	(23		)	(4		)
Depreciation and amortization	94			39			50			5
Interest expense	26			—			14			12

Adjusted EBITDA	$	437		$	326		$	119		$	(8	)
Adjusted EBITDA margin	19.0		%	17.1		%	47.9		%	—


1.	BKFS also reported adjusted revenue of $263 million, which includes $1 million of deferred revenue

FNF GROUP

SECOND QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)



	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
Three Months Ended
June 30, 2017
Pre-tax earnings (loss) from continuing operations	$	293		$	294		$	29		$	(30	)
Income tax expense	113			89			11			13
Earnings from equity investments	2			2			—			—
Non-controlling interests	7			—			7			—

Net earnings (loss) attributable to FNF Group common shareholders	$	175		$	207		$	11		$	(43	)

EPS attributable to FNF Group common shareholders - basic	$	0.65		$	0.77		$	0.04		$	(0.16	)
EPS attributable to FNF Group common shareholders - diluted	$	0.63		$	0.75		$	0.04		$	(0.16	)

FNF Group weighted average shares - basic	271
FNF Group weighted average shares - diluted	277

Net earnings (loss) attributable to FNF Group common shareholders	$	175		$	207		$	11		$	(43	)

Total non-GAAP, pre-tax adjustments	$	74		$	16		$	49		$	9
Income taxes on non-GAAP adjustments	(28		)	(5		)	(19		)	(4		)
Noncontrolling interest on non-GAAP adjustments	(18		)	(4		)	(14		)	—
Nondeductible income taxes on litigation and regulatory settlements	4			—			4			—
Total non-GAAP adjustments	$	32		$	7		$	20		$	5

Adjusted net earnings (loss) attributable to FNF Group common shareholders	$	207		$	214		$	31		$	(38	)

Adjusted EPS attributable to FNF Group common shareholders - diluted	$	0.75		$	0.77		$	0.11		$	(0.13	)

Direct orders opened (000's)	524			524
Direct orders closed (000's)	370			370
Fee per file	$	2,428		$	2,428
Actual title claims paid	$	57		$	57

Cash flows provided by operations	$	401

FNF GROUP

SECOND QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)



	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
Three Months Ended
June 30, 2016
Direct title premiums	$	540		$	540		$	—		$	—
Agency title premiums	691			691			—			—
Escrow, title related and other fees (1)	867			552			256			59
Total title and escrow	2,098			1,783			256			59

Interest and investment income	36			36			—			—
Realized gains and losses, net	—			3			—			(3		)
Total revenue	2,134			1,822			256			56

Personnel costs	667			557			95			15
Agent commissions	526			526			—			—
Other operating expenses	465			354			55			56
Depreciation and amortization	87			36			49			2
Claim loss expense	68			68			—			—
Interest expense	32			—			16			16
Total expenses	1,845			1,541			215			89

Pre-tax earnings (loss) from continuing operations	$	289		$	281		$	41		$	(33	)

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	—			(3		)	—			3
Deferred revenue add back and management fee	3			1			2			—
Purchase price amortization	42			21			20			1
M&A costs	1			—			1			—
Other legal accruals	5			—			5			—
Total non-GAAP adjustments before taxes	$	51		$	19		$	28		$	4

Adjusted pre-tax earnings (loss) from continuing operations	$	340		$	300		$	69		$	(29	)
Adjusted pre-tax margin from continuing operations	15.9		%	16.5		%	26.7		%	—

Purchase price amortization	(42		)	(21		)	(20		)	(1		)
Depreciation and amortization	87			36			49			2
Interest expense	32			—			16			16

Adjusted EBITDA	$	417		$	315		$	114		$	(12	)
Adjusted EBITDA margin	19.5		%	17.3		%	45.2		%	—


1.	BKFS also reported adjusted revenue of $258 million, which includes $2 million of deferred revenue

FNF GROUP

SECOND QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)



	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
Three Months Ended
June 30, 2016
Pre-tax earnings (loss) from continuing operations	$	289		$	281		$	41		$	(33	)

Income tax expense (benefit)	98			106			14			(22		)
Earnings from equity investments	3			3			—			—
Non-controlling interests	7			(4		)	12			(1		)

Net earnings (loss) attributable to FNF Group common shareholders	$	187		$	182		$	15		$	(10	)

EPS attributable to FNF Group common shareholders - basic	$	0.69		$	0.67		$	0.06		$	(0.04	)
EPS attributable to FNF Group common shareholders - diluted	$	0.67		$	0.65		$	0.06		$	(0.04	)

FNF Group weighted average shares - basic	272
FNF Group weighted average shares - diluted	281

Net earnings (loss) attributable to FNF Group common shareholders	$	187		$	182		$	15		$	(10	)

Total non-GAAP, pre-tax adjustments	$	51		$	19		$	28		$	4
Income taxes on non-GAAP adjustments	(20		)	(7		)	(11		)	(2		)
Noncontrolling interest on non-GAAP adjustments	(11		)	(3		)	(8		)	—
Total non-GAAP adjustments	$	20		$	9		$	9		$	2

Adjusted net earnings (loss) attributable to FNF Group common shareholders	$	207		$	191		$	24		$	(8	)

Adjusted EPS attributable to FNF Group common shareholders - diluted	$	0.74		$	0.68		$	0.09		$	(0.03	)

Direct orders opened (000's)	577			577
Direct orders closed (000's)	401			401
Fee per file	$	2,116		$	2,116
Actual title claims paid	$	73		$	73

Cash flows provided by operations	$	277

FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)



	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
Six Months Ended
June 30, 2017
Direct title premiums	$	1,040		$	1,040		$	—		$	—
Agency title premiums	1,309			1,309			—			—
Escrow, title related and other fees (1)	1,785			1,071			517			197
Total title and escrow	4,134			3,420			517			197

Interest and investment income	61			61			—			—
Realized gains and losses, net	(18		)	6			(19		)	(5		)
Total revenue	4,177			3,487			498			192

Personnel costs	1,392			1,150			198			44
Agent commissions	1,004			1,004			—			—
Other operating expenses	964			694			97			173
Depreciation and amortization	190			77			103			10
Claim loss expense	117			117			—			—
Interest expense	57			—			30			27
Total expenses	3,724			3,042			428			254

Pre-tax earnings (loss) from continuing operations	$	453		$	445		$	70		$	(62	)

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	18			(6		)	19			5
Deferred revenue add back and management fee	4			1			3			—
Purchase price amortization	98			45			45			8
Spin-off costs	10			—			8			2
Total non-GAAP adjustments before taxes	$	130		$	40		$	75		$	15

Adjusted pre-tax earnings (loss) from continuing operations	$	583		$	485		$	145		$	(47	)
Adjusted pre-tax margin from continuing operations	13.9		%	13.9		%	27.9		%	—

Purchase price amortization	(98		)	(45		)	(45		)	(8		)
Depreciation and amortization	190			77			103			10
Interest expense	57			—			30			27

Adjusted EBITDA	$	732		$	517		$	233		$	(18	)
Adjusted EBITDA margin	17.4		%	14.9		%	47.0		%	—


1.	BKFS also reported adjusted revenue of $523 million, which includes $3 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
Six Months Ended
June 30, 2017
Pre-tax earnings (loss) from continuing operations	$	453		$	445		$	70		$	(62	)

Income tax expense	193			167			24			2
Earnings from equity investments	4			4			—			—
Non-controlling interests	18			(1		)	19			—

Net earnings (loss) attributable to FNF Group common shareholders	$	246		$	283		$	27		$	(64	)

EPS attributable to FNF Group common shareholders - basic	$	0.91		$	1.05		$	0.10		$	(0.24	)
EPS attributable to FNF Group common shareholders - diluted	$	0.88		$	1.02		$	0.10		$	(0.24	)

FNF Group weighted average shares - basic	271
FNF Group weighted average shares - diluted	278

Net earnings (loss) attributable to FNF Group common shareholders	$	246		$	283		$	27		$	(64	)

Total non-GAAP, pre-tax adjustments	$	130		$	40		$	75		$	15
Income taxes on non-GAAP adjustments	(48		)	(13		)	(29		)	(6		)
Noncontrolling interest on non-GAAP adjustments	(28		)	(7		)	(21		)	—
Nondeductible income taxes on litigation and regulatory settlements	25			21			4			—
Total non-GAAP adjustments	$	79		$	41		$	29		$	9

Adjusted net earnings (loss) attributable to FNF Group common shareholders	$	325		$	324		$	56		$	(55	)

Adjusted EPS attributable to FNF Group common shareholders - diluted	$	1.17		$	1.17		$	0.20		$	(0.20	)

Direct orders opened (000's)	996			996
Direct orders closed (000's)	704			704
Fee per file	$	2,295		$	2,295
Actual title claims paid	$	108		$	108

Cash flows provided by operations:	$	389

FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)



	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
Six Months Ended
June 30, 2016
Direct title premiums	$	962		$	962		$	—		$	—
Agency title premiums	1,221			1,221			—			—
Escrow, title related and other fees (1)	1,608			1,018			498			92
Total title and escrow	3,791			3,201			498			92

Interest and investment income	65			65			—			—
Realized gains and losses, net	(3		)	3			—			(6		)
Total revenue	3,853			3,269			498			86

Personnel costs	1,281			1,063			191			27
Agent commissions	928			928			—			—
Other operating expenses	870			685			96			89
Depreciation and amortization	172			71			97			4
Claim loss expense	120			120			—			—
Interest expense	63			—			32			31
Total expenses	3,434			2,867			416			151

Pre-tax earnings (loss) from continuing operations	$	419		$	402		$	82		$	(65	)

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	3			(3		)	—			6
Deferred revenue add back and management fee	5			1			4			—
Purchase price amortization	83			42			40			1
M&A costs	1			—			1			—
Other legal accruals	5			—			5			—
Total non-GAAP adjustments before taxes	$	97		$	40		$	50		$	7

Adjusted pre-tax earnings (loss) from continuing operations	$	516		$	442		$	132		$	(58	)
Adjusted pre-tax margin from continuing operations	13.4		%	13.5		%	26.3		%	—

Purchase price amortization	(83		)	(42		)	(40		)	(1		)
Depreciation and amortization	172			71			97			4
Interest expense	63			—			32			31

Adjusted EBITDA	$	668		$	471		$	221		$	(24	)
Adjusted EBITDA margin	17.3		%	14.4		%	45.2		%	—


1.	BKFS also reported adjusted revenue of $502 million, which includes $4 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
Six Months Ended
June 30, 2016
Pre-tax earnings (loss) from continuing operations	$	419		$	402		$	82		$	(65	)

Income tax expense (benefit)	148			151			28			(31		)
Earnings from equity investments	6			6			—			—
Non-controlling interests	17			(6		)	24			(1		)

Net earnings (loss) attributable to FNF Group common shareholders	$	260		$	263		$	30		$	(33	)

EPS attributable to FNF Group common shareholders - basic	$	0.95		$	0.96		$	0.11		$	(0.12	)
EPS attributable to FNF Group common shareholders - diluted	$	0.93		$	0.94		$	0.11		$	(0.12	)

FNF Group weighted average shares - basic	273
FNF Group weighted average shares - diluted	281

Net earnings (loss) attributable to FNF Group common shareholders	$	260		$	263		$	30		$	(33	)

Total non-GAAP, pre-tax adjustments	$	97		$	40		$	50		$	7
Income taxes on non-GAAP adjustments	(35		)	(13		)	(19		)	(3		)
Noncontrolling interest on non-GAAP adjustments	(21		)	(7		)	(14		)	—
Total non-GAAP adjustments	$	41		$	20		$	17		$	4

Adjusted net earnings (loss) attributable to FNF Group common shareholders	$	301		$	283		$	47		$	(29	)
Adjusted EPS attributable to FNF Group common shareholders - diluted	$	1.07		$	1.01		$	0.17		$	(0.11	)

Direct orders opened (000's)	1,094			1,094
Direct orders closed (000's)	723			723
Fee per file	$	2,079		$	2,079
Actual title claims paid	$	113		$	113

Cash flows provided by operations:	$	349

FNF GROUP

QUARTERLY OPERATING STATISTICS

(Unaudited)



	Q2 2017			Q1 2017			Q4 2016			Q3 2016			Q2 2016			Q1 2016			Q4 2015			Q3 2015
Quarterly Open Orders ('000's except % data)
Total open orders*	524			472			474			616			577			517			441			514
Total open orders per day*	8.2			7.6			7.6			9.6			9.0			8.3			7.0			8.0
Purchase % of open orders	66		%	64		%	53		%	50		%	57		%	55		%	55		%	58		%
Refinance % of open orders	34		%	36		%	47		%	50		%	43		%	45		%	45		%	42		%
Total closed orders*	370			334			419			433			401			322			341			378
Total closed orders per day*	5.8			5.4			6.8			6.8			6.3			5.2			5.4			5.9
Purchase % of closed orders	67		%	58		%	51		%	54		%	58		%	55		%	58		%	60		%
Refinance % of closed orders	33		%	42		%	49		%	46		%	42		%	45		%	42		%	40		%

Commercial (millions, except orders in '000's)
Total commercial revenue	$	261		$	224		$	285		$	233		$	244		$	211		$	303		$	258
Total commercial open orders	50.8			49.4			45.9			50.4			49.9			48.5			46.3			50.3
Total commercial closed orders	33.6			30.0			34.7			31.9			33.6			30.7			36.3			33.0

National commercial revenue	$	148		$	127		$	167		$	130		$	144		$	121		$	183		$	146
National commercial open orders	22.0			21.1			17.9			20.4			20.3			19.3			18.1			21.0
National commercial closed orders	13.3			11.2			12.8			11.7			11.6			10.6			13.4			12.2

Total Fee Per File
Fee per file	$	2,428		$	2,148		$	2,091		$	2,015		$	2,116		$	2,032		$	2,272		$	2,133
Residential and local commercial fee per file	$	2,104		$	1,829		$	1,746		$	1,762		$	1,809		$	1,713		$	1,806		$	1,805
Residential fee per file	$	1,895		$	1,623		$	1,538		$	1,594		$	1,645		$	1,522		$	1,548		$	1,589
Total commercial fee per file	$	7,800		$	7,500		$	8,200		$	7,300		$	7,300		$	6,900		$	8,300		$	7,800
National commercial fee per file	$	11,100		$	11,300		$	13,000		$	11,100		$	12,400		$	11,400		$	13,600		$	12,000

Total Staffing
Total field operations employees	11,300			11,000			11,100			11,400			10,900			10,900			10,700			11,000

FNTG Only Quarterly Operating Statistics ('000's except fee per file and staffing)
Total open orders*	457			407			395			518			484			429			360			422
Total open orders per day*	7.2			6.6			6.4			8.1			7.5			6.9			5.7			6.6
Purchase % of open orders	72		%	69		%	59		%	55		%	63		%	61		%	62		%	65		%
Refinance % of open orders	28		%	31		%	41		%	45		%	37		%	39		%	38		%	35		%
Total closed orders*	324			277			352			369			338			265			285			314
Total closed orders per day*	5.1			4.5			5.7			5.8			5.3			4.3			4.5			4.9
Purchase % of closed orders	72		%	63		%	55		%	58		%	63		%	60		%	63		%	66		%
Refinance % of closed orders	28		%	37		%	45		%	42		%	37		%	40		%	37		%	34		%
Fee per file	$	2,618		$	2,395		$	2,313		$	2,205		$	2,337		$	2,261		$	2,521		$	2,364
Total title field operations employees	10,300			9,900			10,000			10,200			9,600			9,700			9,500			9,700

ServiceLink Only Quarterly Operating Statistics ('000's except fee per file and staffing)
Revenue (millions)	$	191		$	192		$	198		$	205		$	203		$	195		$	198		$	220
Total open orders*	67			65			79			98			93			87			81			92
Total open orders per day*	1.0			1.0			1.2			1.5			1.5			1.4			1.3			1.4
Purchase % of open orders	25		%	25		%	21		%	17		%	22		%	24		%	22		%	23		%
Refinance % of open orders	75		%	75		%	79		%	83		%	78		%	76		%	78		%	77		%
Total closed orders*	46			57			67			64			63			57			56			64
Total closed orders per day*	0.7			0.9			1.1			1.0			1.0			0.9			0.9			1.0
Purchase % of closed orders	28		%	30		%	24		%	27		%	27		%	28		%	31		%	26		%
Refinance % of closed orders	72		%	70		%	76		%	73		%	73		%	72		%	69		%	74		%
Fee per file	$	1,047		$	950		$	932		$	916		$	940		$	972		$	1,003		$	987
Total ServiceLink operations employees	1,000			1,100			1,100			1,200			1,300			1,200			1,200			1,300

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

FNF GROUP

SUMMARY BALANCE SHEET INFORMATION

(In millions)



	FNF Group June 30, 2017			FNF Group December 31, 2016
	(Unaudited)				(Unaudited)
Cash and investment portfolio		$	4,705		$	4,965
Goodwill		4,905			4,859
Title plant		395			395
Total assets		12,848			13,063
Notes payable		2,320			2,513
Reserve for title claim losses		1,492			1,487
Secured trust deposits		892			860
Redeemable non-controlling interests		344			344
Non-redeemable non-controlling interests		770			786
Total equity and redeemable non-controlling interests		6,133			6,210
Total equity attributable to common shareholders		5,019			5,080



	FNF Group June 30, 2017				FNFV June 30, 2017		Consolidated June 30, 2017			Consolidated December 31, 2016
	(Unaudited)			(Unaudited)			(Unaudited)
Cash and investment portfolio		$	4,705		$	850		$	5,555		$	5,607
Goodwill		4,905			102			5,007			5,065
Title plant		395			—			395			395
Total assets		12,848			1,354			14,202			14,463
Notes payable		2,320			118			2,438			2,746
Reserve for title claim losses		1,492			—			1,492			1,487
Secured trust deposits		892			—			892			860
Redeemable non-controlling interests		344			—			344			344
Non-redeemable non-controlling interests		770			108			878			902
Total equity and redeemable non-controlling interests		6,133			1,130			7,263			7,242
Total equity attributable to common shareholders		5,019			1,022			6,041			5,996

Fidelity National Financial, Inc.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited)



	Three Months Ended									Six Months Ended
	June 30, 2017									June 30, 2017
	Consolidated			Core			FNFV			Consolidated			Core			FNFV
Direct title premiums	$	575		$	575		$	—		$	1,040		$	1,040		$	—
Agency title premiums	726			726			—			1,309			1,309			—
Total title premiums	1,301			1,301			—			2,349			2,349			—
Escrow, title-related and other fees	1,008			966			42			1,876			1,785			91
Total title and escrow and other	2,309			2,267			42			4,225			4,134			91

Restaurant revenue	288			—			288			561			—			561
Interest and investment income	34			33			1			63			61			2
Realized gains and losses, net	256			(12		)	268			255			(18		)	273
Total revenue	2,887			2,288			599			5,104			4,177			927

Personnel costs	788			723			65			1,503			1,392			111
Other operating expenses	558			529			29			1,018			964			54
Cost of restaurant revenue	249			—			249			485			—			485
Agent commissions	558			558			—			1,004			1,004			—
Depreciation and amortization	110			94			16			222			190			32
Title claim loss expense	65			65			—			117			117			—
Interest expense	29			26			3			64			57			7
Total expenses	2,357			1,995			362			4,413			3,724			689

Earnings from continuing operations before taxes	530			293			237			691			453			238
Income tax expense	226			113			113			304			193			111
Earnings from continuing operations before equity investments	304			180			124			387			260			127
(Loss) earnings from equity investments	(2		)	2			(4		)	(4		)	4			(8		)
Net earnings from continuing operations	302			182			120			383			264			119
Non-controlling interests	6			7			(1		)	15			18			(3		)
Net earnings attributable to common shareholders	$	296		$	175		$	121		$	368		$	246		$	122

Cash flows provided by (used in) operations	287			401			(114		)	291			389			(98		)

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	101			98		3			150		148			2
Earnings from continuing operations before equity investments	207			191		16			289		271			18
(Loss) earnings from equity investments	(1		)	3		(4		)	1		6			(5		)
Net earnings from continuing operations	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. - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - July 19, 2017

Attached files

Fidelity National Financial, Inc. Reports