FIDELITY NATIONAL FINANCIAL INC JACKSONVILLE, Fla., Oct. 25, 2017 /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 nine-month periods ended September 30, 2017.
- Total revenue of $279 million in the third quarter versus $319 million in the third quarter of 2016
- Third quarter diluted EPS of ($0.08) versus diluted EPS of ($0.11) in the third quarter of 2016
- Pretax loss of $21 million and EBITDA of ($8) million for the third quarter versus pretax loss of $4 million and EBITDA of $15 million for the third quarter of 2016
- $323 million in holding company cash on September 30, 2017
Restaurant Group
- $266 million in total revenue, pretax loss of $19 million, EBITDA of ($6) million for the third quarter, versus $272 million in total revenue, pretax loss of $4 million, EBITDA of $9 million, and an EBITDA margin of 3.3% in the third quarter of 2016
- Same store sales declined 1.3% in the third quarter, as Ninety Nine same stores sales decreased by 1.3%, O'Charley's declined by 1.4%, Village Inn fell by 1.3% and Bakers Square declined by 0.7%
Ceridian HCM
- Third quarter total revenue of $185 million, an 8.6% increase over the third quarter of 2016, pretax loss of $16.3 million, EBITDA of $20.1 million, a $20.7 million increase over the third quarter of 2016, and an EBITDA margin of 10.9%
- Cloud-based revenues grew 33% to $103 million in the third quarter on a constant currency basis as 165 Dayforce customers went live on the platform during the quarter
- Over 2,850 Dayforce customers are live on the platform, up from approximately 2,150 at the end of the third quarter of 2016
Monetization and Investment Initiatives
- In October, completed the acquisition of T-System Holdings, a provider of clinical documentation and coding solutions to hospital-based and free-standing emergency departments and urgent care facilities, for approximately $200 million in cash
- In August, announced a definitive agreement to merge 99 Restaurant & Pub with J. Alexander Holdings, after which FNFV will directly and indirectly own approximately 16.27 million common share equivalents, or approximately 52% of the outstanding common stock of J. Alexander's
'I am pleased with the success that we achieved this quarter, as we announced two exciting transactions that we believe will create value for our shareholders,' said Chairman William P. Foley, II. 'The first is T-System, which is a great company with an experienced management team that operates in a very large and fragmented medical documentation and coding market, with a business model that is shifting to a majority of recurring revenue streams. We believe that the documentation business is at an inflection point with a significant near-term organic growth opportunity. We are also confident that we can assist T-System in making multiple acquisitions that can further accelerate future growth while expanding the product and services that the company offers to its customers. Longer term, we see the Healthcare IT and Services sector as an exciting area for investment and growth and see T-System as a platform to take advantage of this opportunity.
'We also announced the merger of our 99 Restaurant and Pub operations with J. Alexander's in a stock for stock combination. Both 99 and J. Alexander's are terrific concepts that have individually generated strong same store sales and impressive financial performance in a challenging environment for the casual dining industry. We believe this combination provides a larger, stronger, better diversified and more formidable player in the casual dining segment.
Mr. Foley concluded, 'We made significant progress on the FNFV exchange transaction during the third quarter and have now set a shareholder vote and closing date of November 17, 2017, for the exchange of the FNFV tracking stock for Cannae Holdings common stock. The new Cannae Holdings common stock will trade on the NYSE under the ticker symbol 'CNNE' and it will be a legally separate, stand-alone public company.'
Conference Call
We will host a call with investors and analysts to discuss third quarter 2017 results of FNFV on Thursday, October 26, 2017, 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 October 26, 2017, through November 1, 2017, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 430330.
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. 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), and earnings before interest, taxes and depreciation as a percent of revenue (EBITDA margin).
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 plan to redeem and exchange the FNFV tracking stock with the result being an independent, publicly-traded Cannae Holdings 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 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 | ||||||||||||
THIRD QUARTER SEGMENT INFORMATION | ||||||||||||
(In millions) | ||||||||||||
(Unaudited) | ||||||||||||
Total FNFV |
Restaurant |
Corporate and | ||||||||||
Three Months Ended | ||||||||||||
September 30, 2017 | ||||||||||||
Operating revenue | $ | 280 | $ | 269 | $ | 11 | ||||||
Interest and investment income | 2 | - | 2 | |||||||||
Realized gains and losses, net | (3) | (3) | - | |||||||||
Total revenue | 279 | 266 | 13 | |||||||||
Personnel costs | 19 | 13 | 6 | |||||||||
Other operating expenses | 25 | 16 | 9 | |||||||||
Cost of restaurant revenue | 243 | 243 | - | |||||||||
Depreciation and amortization | 12 | 11 | 1 | |||||||||
Interest expense | 1 | 2 | (1) | |||||||||
Total expenses | 300 | 285 | 15 | |||||||||
Pre-tax loss from continuing operations | $ | (21) | $ | (19) | $ | (2) | ||||||
Income tax benefit | $ | (14) | $ | - | $ | (14) | ||||||
Loss from equity investments | (6) | - | (6) | |||||||||
Non-controlling interests | (8) | (8) | - | |||||||||
Net (loss) earnings attributable to FNFV common shareholders | $ | (5) | $ | (11) | $ | 6 | ||||||
EPS attributable to FNFV common shareholders - basic | $ | (0.08) | $ | (0.17) | $ | 0.09 | ||||||
EPS attributable to FNFV common shareholders - diluted | $ | (0.08) | $ | (0.17) | $ | 0.09 | ||||||
FNFV weighted average shares - basic | 65 | |||||||||||
FNFV weighted average shares - diluted | 65 | |||||||||||
Pre-tax loss from continuing operations | $ | (21) | $ | (19) | $ | (2) | ||||||
Interest expense | $ | 1 | $ | 2 | $ | (1) | ||||||
Depreciation and amortization | 12 | 11 | 1 | |||||||||
EBITDA | $ | (8) | $ | (6) | $ | (2) | ||||||
EBITDA margin | - | - | - | |||||||||
FIDELITY NATIONAL FINANCIAL VENTURES | ||||||||||||
THIRD QUARTER SEGMENT INFORMATION | ||||||||||||
(In millions) | ||||||||||||
(Unaudited) | ||||||||||||
Total FNFV |
Restaurant |
Corporate and | ||||||||||
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) | $ | - | ||||||
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 | |||||||||||
Pre-tax loss from continuing operations | $ | (4) | $ | (4) | $ | - | ||||||
Interest expense | $ | 4 | $ | 2 | $ | 2 | ||||||
Depreciation and amortization | 15 | 11 | 4 | |||||||||
EBITDA | $ | 15 | $ | 9 | $ | 6 | ||||||
EBITDA margin | 4.7 | % | 3.3 | % | 12.8 | % | ||||||
FIDELITY NATIONAL FINANCIAL VENTURES | ||||||||||||
YTD SEGMENT INFORMATION | ||||||||||||
(In millions) | ||||||||||||
(Unaudited) | ||||||||||||
Total FNFV |
Restaurant |
Corporate and | ||||||||||
Nine Months Ended | ||||||||||||
September 30, 2017 | ||||||||||||
Operating revenue | $ | 932 | $ | 830 | $ | 102 | ||||||
Interest and investment income | 4 | - | 4 | |||||||||
Realized gains and losses, net | 277 | (4) | 281 | |||||||||
Total revenue | 1,213 | 826 | 387 | |||||||||
Personnel costs | 136 | 39 | 97 | |||||||||
Other operating expenses | 80 | 46 | 34 | |||||||||
Cost of restaurant revenue | 728 | 728 | - | |||||||||
Depreciation and amortization | 44 | 33 | 11 | |||||||||
Interest expense | 8 | 5 | 3 | |||||||||
Total expenses | 996 | 851 | 145 | |||||||||
Pre-tax earnings (loss) from continuing operations | $ | 217 | $ | (25) | $ | 242 | ||||||
Income tax expense | 97 | - | 97 | |||||||||
Loss from equity investments | (14) | - | (14) | |||||||||
Non-controlling interests | (11) | (11) | - | |||||||||
Net earnings (loss) attributable to FNFV common shareholders | $ | 117 | $ | (14) | $ | 131 | ||||||
EPS attributable to FNFV common shareholders - basic | $ | 1.80 | $ | (0.22) | $ | 2.02 | ||||||
EPS attributable to FNFV common shareholders - diluted | $ | 1.75 | $ | (0.22) | $ | 1.97 | ||||||
FNFV weighted average shares - basic | 65 | |||||||||||
FNFV weighted average shares - diluted | 67 | |||||||||||
Pre-tax earnings (loss) from continuing operations | $ | 217 | $ | (25) | $ | 242 | ||||||
Interest expense | $ | 8 | $ | 5 | $ | 3 | ||||||
Depreciation and amortization | 44 | 33 | 11 | |||||||||
EBITDA | $ | 269 | $ | 13 | $ | 256 | ||||||
EBITDA margin | 22.2 | % | 1.6 | % | 66.1 | % | ||||||
FIDELITY NATIONAL FINANCIAL VENTURES | ||||||||||||
YTD SEGMENT INFORMATION | ||||||||||||
(In millions) | ||||||||||||
(Unaudited) | ||||||||||||
Total FNFV |
Restaurant |
Corporate and | ||||||||||
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 | ||||||
Income tax benefit | $ | (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 | |||||||||||
Pre-tax earnings from continuing operations | $ | 16 | $ | 2 | $ | 14 | ||||||
Interest expense | $ | 8 | $ | 4 | $ | 4 | ||||||
Depreciation and amortization | 45 | 31 | 14 | |||||||||
EBITDA | $ | 69 | $ | 37 | $ | 32 | ||||||
EBITDA margin | 6.9 | % | 4.3 | % | 22.5 | % | ||||||
FIDELITY NATIONAL FINANCIAL VENTURES | |||||||||||||||||||||
SUMMARY BALANCE SHEET AND BOOK VALUE SUMMARY | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
FNFV September 30, | FNFV December 31, | ||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||
Cash and investment portfolio | $ | 807 | $ | 642 | |||||||||||||||||
Goodwill | 101 | 206 | |||||||||||||||||||
Total assets | 1,311 | 1,400 | |||||||||||||||||||
Notes payable | 128 | 233 | |||||||||||||||||||
Non-controlling interest | 99 | 116 | |||||||||||||||||||
Total equity and redeemable non-controlling interests | 1,114 | 1,032 | |||||||||||||||||||
Total equity attributable to common shareholders | 1,015 | 916 | |||||||||||||||||||
FNF Group
September 30, | FNFV
September 30, | Consolidated September 30, | Consolidated December 31, | ||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||
Cash and investment portfolio | $ | 4,555 | $ | 807 | $ | 5,362 | $ | 5,473 | |||||||||||||
Goodwill | 2,683 | 101 | 2,784 | 2,761 | |||||||||||||||||
Title plant | 398 | - | 398 | 395 | |||||||||||||||||
Total assets | 9,190 | 1,311 | 10,501 | 14,463 | |||||||||||||||||
Notes payable | 762 | 128 | 890 | 1,220 | |||||||||||||||||
Reserve for title claim losses | 1,496 | - | 1,496 | 1,487 | |||||||||||||||||
Secured trust deposits | 923 | - | 923 | 860 | |||||||||||||||||
Redeemable non-controlling interests | 344 | - | 344 | 344 | |||||||||||||||||
Non-redeemable non-controlling interests | - | 99 | 99 | 902 | |||||||||||||||||
Total equity and redeemable non-controlling interests | 4,599 | 1,114 | 5,713 | 7,242 | |||||||||||||||||
Total equity attributable to common shareholders | 4,255 | 1,015 | 5,270 | 5,996 | |||||||||||||||||
Adjusted Book Value Summary | FNFV September 30, | FNFV December 31, | |||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||
Ceridian/Fleetcor | $ | 400 | $ | 386 | |||||||||||||||||
American Blue Ribbon Holdings | 157 | 173 | |||||||||||||||||||
One Digital | - | 75 | |||||||||||||||||||
Del Frisco's Restaurant Group | 17 | 49 | |||||||||||||||||||
Holding Company Cash | 323 | 129 | |||||||||||||||||||
Other | 118 | 104 | |||||||||||||||||||
FNFV Book Value | $ | 1,015 | $ | 916 | |||||||||||||||||
Outstanding FNFV shares | 64.9 | 66.4 | |||||||||||||||||||
FNFV Book Value per Share | $ | 15.65 | $ | 13.78 | |||||||||||||||||
Fidelity National Financial, Inc. | ||||||||||||||||||||||||
CONSOLIDATED SUMMARY OF EARNINGS | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, 2017 | September 30, 2017 | |||||||||||||||||||||||
Consolidated | Core | FNFV | Consolidated | Core | FNFV | |||||||||||||||||||
Direct title premiums | $ | 558 | $ | 558 | $ | - | $ | 1,598 | $ | 1,598 | $ | - | ||||||||||||
Agency title premiums | 719 | 719 | - | 2,028 | 2,028 | - | ||||||||||||||||||
Total title premiums | 1,277 | 1,277 | - | 3,626 | 3,626 | - | ||||||||||||||||||
Escrow, title-related and other fees | 689 | 678 | 11 | 2,071 | 1,969 | 102 | ||||||||||||||||||
Total title and escrow and other | 1,966 | 1,955 | 11 | 5,697 | 5,595 | 102 | ||||||||||||||||||
Restaurant revenue | 269 | - | 269 | 830 | - | 830 | ||||||||||||||||||
Interest and investment income | 34 | 32 | 2 | 97 | 93 | 4 | ||||||||||||||||||
Realized gains and losses, net | (4) | (1) | (3) | 277 | - | 277 | ||||||||||||||||||
Total revenue | 2,265 | 1,986 | 279 | 6,901 | 5,688 | 1,213 | ||||||||||||||||||
Personnel costs | 646 | 627 | 19 | 1,958 | 1,822 | 136 | ||||||||||||||||||
Other operating expenses | 468 | 443 | 25 | 1,392 | 1,312 | 80 | ||||||||||||||||||
Cost of restaurant revenue | 243 | - | 243 | 728 | - | 728 | ||||||||||||||||||
Agent commissions | 553 | 553 | - | 1,557 | 1,557 | - | ||||||||||||||||||
Depreciation and amortization | 58 | 46 | 12 | 177 | 133 | 44 | ||||||||||||||||||
Title claim loss expense | 64 | 64 | - | 181 | 181 | - | ||||||||||||||||||
Interest expense | 12 | 11 | 1 | 47 | 39 | 8 | ||||||||||||||||||
Total expenses | 2,044 | 1,744 | 300 | 6,040 | 5,044 | 996 | ||||||||||||||||||
Earnings (loss) from continuing operations before taxes | 221 | 242 | (21) | 861 | 644 | 217 | ||||||||||||||||||
Income tax expense (benefit) | 74 | 88 | (14) | 355 | 258 | 97 | ||||||||||||||||||
Earnings (loss) from continuing operations before equity investments | 147 | 154 | (7) | 506 | 386 | 120 | ||||||||||||||||||
(Loss) earnings from equity investments | (3) | 3 | (6) | (7) | 7 | (14) | ||||||||||||||||||
Net earnings (loss) from continuing operations | 144 | 157 | (13) | 499 | 393 | 106 | ||||||||||||||||||
Earnings from discontinued operations, net of tax | 31 | 31 | - | 59 | 59 | - | ||||||||||||||||||
Net earnings (loss) | 175 | 188 | (13) | 558 | 452 | 106 | ||||||||||||||||||
Non-controlling interests | 10 | 18 | (8) | 25 | 36 | (11) | ||||||||||||||||||
Net earnings (loss) attributable to common shareholders | $ | 165 | $ | 170 | $ | (5) | $ | 533 | $ | 416 | $ | 117 | ||||||||||||
Cash flows provided by (used in) operations | 274 | 302 | (28) | 566 | 691 | (125) | ||||||||||||||||||
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 | 700 | 654 | 46 | 1,920 | 1,796 | 124 | ||||||||||||||||||
Total title and escrow and other | 1,969 | 1,923 | 46 | 5,372 | 5,248 | 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 | 2,267 | 1,948 | 319 | 6,331 | 5,335 | 996 | ||||||||||||||||||
Personnel costs | 630 | 588 | 42 | 1,800 | 1,680 | 120 | ||||||||||||||||||
Other operating expenses | 464 | 439 | 25 | 1,296 | 1,216 | 80 | ||||||||||||||||||
Cost of restaurant revenue | 237 | - | 237 | 727 | - | 727 | ||||||||||||||||||
Agent commissions | 545 | 545 | - | 1,473 | 1,473 | - | ||||||||||||||||||
Depreciation and amortization | 56 | 41 | 15 | 161 | 116 | 45 | ||||||||||||||||||
Title claim loss expense | 70 | 70 | - | 190 | 190 | - | ||||||||||||||||||
Interest expense | 18 | 14 | 4 | 55 | 47 | 8 | ||||||||||||||||||
Total expenses | 2,020 | 1,697 | 323 | 5,702 | 4,722 | 980 | ||||||||||||||||||
Earnings (loss) from continuing operations before taxes | 247 | 251 | (4) | 629 | 613 | 16 | ||||||||||||||||||
Income tax expense (benefit) | 88 | 95 | (7) | 218 | 223 | (5) | ||||||||||||||||||
Earnings from continuing operations before equity investments | 159 | 156 | 3 | 411 | 390 | 21 | ||||||||||||||||||
(Loss) earnings from equity investments | (7) | 4 | (11) | (6) | 10 | (16) | ||||||||||||||||||
Net earnings (loss) from continuing operations | 152 | 160 | (8) | 405 | 400 | 5 | ||||||||||||||||||
Earnings from discontinued operations, net of tax | 17 | 17 | - | 54 | 54 | - | ||||||||||||||||||
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 | ||||||||||||||||||
View original content:http://www.prnewswire.com/news-releases/fnfv-reports-third-quarter-2017-results-with-102-billion-book-value-of-portfolio-company-investments-or-1565-per-share-300543156.html
SOURCE Fidelity National Financial, Inc.
Fidelity National Financial Inc. published this content on 25 October 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 25 October 2017 20:22:33 UTC.
Original documenthttp://www.investor.fnf.com/releasedetail.cfm?ReleaseID=1045426
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