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FNFV Reports Fourth Quarter 2015 Results With $969 Million Book Value of Portfolio Company Investments, or $13.43 Per Share; Repurchased Additional 3.6 Million Shares of Common Stock in Fourth Quarter
PR Newswire

JACKSONVILLE, Fla., Feb. 10, 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 twelve-month periods ended December 31, 2015. 

  • Total revenue of $351 million in the fourth quarter versus $398 million in the fourth quarter of 2014
  • Fourth quarter adjusted diluted EPS of $0.04 versus adjusted diluted EPS of $0.17 in the fourth quarter of 2014
  • Adjusted EBITDA of $25 million for the fourth quarter versus adjusted EBITDA of $26 million for the fourth quarter of 2014
  • Fourth quarter FNFV free cash flow of $7 million versus $65 million in the fourth quarter of 2014
  • $245 million in holding company cash on December 31, 2015
  • Repurchased approximately 3.6 million shares of common stock for more than $39 million in the fourth quarter
  • Since the formation of FNFV in July 2014, more than 20.5 million shares of FNFV common stock have been repurchased for a total of approximately $291 million; approximately 22% of the shares of FNFV common stock distributed in July 2014 have been repurchased

Restaurant Group

  • $320 million in total revenue, adjusted EBITDA of $25 million and adjusted EBITDA margin of 7.6% for the fourth quarter versus approximately $369 million in total revenue, adjusted EBITDA of $28 million and an adjusted EBITDA margin of 7.3% in the fourth quarter of 2014
  • Same store sales increased approximately 0.6% in the fourth quarter, as Ninety Nine, Bakers Square and O'Charley's had same store sales growth of 2.9%, 1.6% and 0.6%, respectively

Ceridian HCM

  • Fourth quarter total revenue of approximately $205 million, a 2% decrease from the fourth quarter of 2014 and EBITDA of more than $29 million, a 15% improvement over the fourth quarter of 2014, for an EBITDA margin of approximately 14%

Digital Insurance

  • Fourth quarter total revenue of $31 million, a 24% increase over the fourth quarter of 2014; adjusted EBITDA of more than $6 million, a 44% increase over the fourth quarter of 2014, and a fourth quarter EBITDA margin of more than 20%

Monetization and Investment Initiatives

  • In separate transactions in September, October and December, received gross proceeds of approximately $157 million from the indirect sale of approximately 1.1 million shares of Fleetcor common stock; net, after-tax proceeds were approximately $125 million
  • Repurchased nearly 3.6 million shares of FNFV common stock for more than $39 million during the fourth quarter; since the formation of FNFV in July 2014, more than 20.5 million shares of common stock have been repurchased for a total of approximately $291 million
  • During the fourth quarter, purchased approximately 2.2 million shares of Del Frisco's Restaurant Group common stock for a total investment of nearly $32 million; incremental purchases made in January and February 2016 resulted in a total investment of approximately 2.9 million shares (12.4% of outstanding shares) for nearly $42 million

"We again were successful in completing several monetization events during the quarter at FNFV," said Chairman William P. Foley, II.  "In separate transactions during the quarter we indirectly sold approximately 1.1 million shares of Fleetcor common stock for gross proceeds of approximately $157 million and $125 million in net, after-tax, cash proceeds.  We also continued our share repurchase efforts in the fourth quarter, buying back an additional 3.6 million shares of FNFV common stock for approximately $39 million.  We also made our first new investment through FNFV, buying approximately 2.9 million shares of Del Frisco's Restaurant Group common stock for a total investment of nearly $42 million.  We continue to seek to maximize the value of current and future investments for the benefit of our shareholders."

Conference Call
We will host a call with investors and analysts to discuss fourth quarter 2015 results of FNFV on Thursday, February 11, 2016, beginning at 12:00 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 2:00 p.m. Eastern time on February 11, 2016, through February 18, 2016, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 383825.

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, J. Alexander's, LLC , Ceridian HCM, Inc., Fleetcor Technologies, 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.

FNFV-E

 

FIDELITY NATIONAL FINANCIAL VENTURES
FOURTH QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)



Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Three Months Ended




December 31, 2015




Operating revenue


$

359



$

328



$

31


Realized gains and losses, net


(8)



(8)




Total revenue


351



320



31









Personnel costs


42



15



27


Other operating expenses


20



16



4


Cost of restaurant revenue


274



274




Depreciation and amortization


14



11



3


Interest expense


3



1



2


Total expenses


353



317



36









Pre-tax (loss) earnings from continuing operations


$

(2)



$

3



$

(5)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


$

8



$

8



$


  Purchase price amortization


8



4



4


  IPO costs


2



2




 Total non-GAAP adjustments before taxes


$

18



$

14



$

4









  Adjusted pre-tax earnings (loss) from continuing operations


$

16



$

17



$

(1)


  Adjusted pre-tax margin from continuing operations


4.5

%


5.2

%










Purchase price amortization


(8)



(4)



(4)


Depreciation and amortization


14



11



3


Interest expense


3



1



2









  Adjusted EBITDA


$

25



$

25



$


  Adjusted EBITDA margin


7.0

%


7.6

%



 

 

FIDELITY NATIONAL FINANCIAL VENTURES
FOURTH QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)



Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Three Months Ended




December 31, 2015




Pre-tax (loss) earnings from continuing operations


$

(2)



$

3



$

(5)









  Income tax (benefit) expense


(2)



(2)




  Loss from equity investments


(2)





(2)


  Non-controlling interests


3



2



1









Net (loss) earnings attributable to FNFV common shareholders


$

(5)



$

3



$

(8)









EPS attributable to FNFV common shareholders - basic


$

(0.07)



$

0.04



$

(0.11)


EPS attributable to FNFV common shareholders - diluted


$

(0.07)



$

0.04



$

(0.11)









FNFV weighted average shares - basic


73






FNFV weighted average shares - diluted


75













Net (loss) earnings attributable to FNFV common shareholders


$

(5)



$

3



$

(8)









 Total non-GAAP, pre-tax adjustments


$

18



$

14



$

4


  Income taxes on non-GAAP adjustments


(4)



(3)



(1)


  Noncontrolling interest on non-GAAP adjustments


(6)



(6)




Total non-GAAP adjustments


8



5



3









Adjusted net earnings (loss) attributable to FNFV common shareholders


$

3



$

8



$

(5)









Adjusted EPS attributable to FNFV common shareholders - diluted


$

0.04



$

0.11



$

(0.07)









Cash flows provided by operations:


$

22






Non-GAAP adjustments:







IPO costs


2






Total non-GAAP adjustments


2













Adjusted cash flows from operations


24






Capital expenditures


17






Free cash flow


$

7






 

 

FIDELITY NATIONAL FINANCIAL VENTURES
FOURTH QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)




Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Three Months Ended




December 31, 2014




Operating revenue


$

409



$

381



$

28


Realized gains and losses, net


(11)



(12)



1


Total revenue


398



369



29









Personnel costs


56



17



39


Other operating expenses


25



15



10


Cost of restaurant revenue


321



321




Depreciation and amortization


18



13



5


Interest expense


2



3



(1)


Total expenses


422



369



53









Pre-tax loss from continuing operations


$

(24)



$



$

(24)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


$

11



$

12



$

(1)


  FNFV incentive plan accrual


19





19


  Purchase price amortization


8



4



4


 Total non-GAAP adjustments before taxes


$

38



$

16



$

22









  Adjusted pre-tax earnings (loss) from continuing operations


$

14



$

16



$

(2)


  Adjusted pre-tax margin from continuing operations


3.4

%


4.2

%










Purchase price amortization


(8)



(4)



(4)


Depreciation and amortization


18



13



5


Interest expense


2



3



(1)









  Adjusted EBITDA


$

26



$

28



$

(2)


  Adjusted EBITDA margin


6.4

%


7.3

%




(1) Results for J. Alexander's are included in the 2014 results.

 

 

FIDELITY NATIONAL FINANCIAL VENTURES
FOURTH QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)



Total FNFV


Restaurant Group


FNFV
Corporate and
Other

Three Months Ended




December 31, 2014




Pre-tax loss from continuing operations


$

(24)



$



$

(24)









  Income tax expense


163



1



162


Earnings from equity investments


474





474


  Income from discontinued operations, net of tax


8





8


  Non-controlling interests


3



(2)



5









Net earnings attributable to FNFV common shareholders


$

292



$

1



$

291









EPS attributable to FNFV common shareholders - basic


$

3.17



$

0.01



$

3.16


EPS attributable to FNFV common shareholders - diluted


$

3.14



$

0.01



$

3.13









FNFV weighted average shares - basic


92






FNFV weighted average shares - diluted


93













Net earnings attributable to FNFV common shareholders


$

292



$

1



$

291









 Total non-GAAP, pre-tax adjustments


$

38



$

16



$

22


FNFV portion of gain on sale of Comdata


(490)





(490)


  Impairment of Fidelity National Environmental Solutions investment


15





15


  Income taxes on non-GAAP adjustments


169



(3)



172


  Noncontrolling interest on non-GAAP adjustments


(8)



(8)




Total non-GAAP adjustments


(276)



5



(281)









Adjusted net earnings attributable to FNFV common shareholders


$

16



$

6



$

10









Adjusted EPS attributable to FNFV common shareholders - diluted


$

0.17



$

0.06



$

0.11









Cash flows provided by operations:


$

93













Capital expenditures


28






Free cash flow


$

65







(1) Results for Remy and J. Alexander's are included in the 2014 results.

 

 

FIDELITY NATIONAL FINANCIAL VENTURES
YTD SEGMENT INFORMATION
(In millions)
(Unaudited)



Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Twelve Months Ended




December 31, 2015




Operating revenue


$

1,615



$

1,412



$

203


Interest and investment income


2





2


Realized gains and losses, net


(19)



(19)




Total revenue


1,598



1,393



205









Personnel costs


157



65



92


Other operating expenses


167



71



96


Cost of restaurant revenue


1,195



1,195




Depreciation and amortization


65



49



16


Interest expense


9



6



3


Total expenses


1,593



1,386



207









Pre-tax earnings (loss) from continuing operations


$

5



$

7



$

(2)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


$

19



$

19



$


  Purchase price amortization


29



15



14


  IPO costs


9



9




 Total non-GAAP adjustments before taxes


$

57



$

43



$

14









  Adjusted pre-tax earnings from continuing operations


$

62



$

50



$

12


  Adjusted pre-tax margin from continuing operations


3.8

%


3.5

%


5.9

%








Purchase price amortization


(29)



(15)



(14)


Depreciation and amortization


65



49



16


Interest expense


9



6



3









  Adjusted EBITDA


$

107



$

90



$

17


  Adjusted EBITDA margin


6.6

%


6.4

%


8.3

%

 

 

FIDELITY NATIONAL FINANCIAL VENTURES
YTD SEGMENT INFORMATION
(In millions)
(Unaudited)



Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Twelve Months Ended




December 31, 2015




Pre-tax earnings (loss) from continuing operations


$

5



$

7



$

(2)









  Income tax benefit


(20)



(2)



(18)


Loss from equity investments


(22)





(22)


  Non-controlling interests


16



3



13









Net (loss) earnings attributable to FNFV common shareholders


$

(13)



$

6



$

(19)









EPS attributable to FNFV common shareholders - basic


$

(0.16)



$

0.08



$

(0.24)


EPS attributable to FNFV common shareholders - diluted


$

(0.16)



$

0.08



$

(0.24)









FNFV weighted average shares - basic


79






FNFV weighted average shares - diluted


82













Net (loss) earnings attributable to FNFV common shareholders


$

(13)



$

6



$

(19)









 Total non-GAAP, pre-tax adjustments


$

57



$

43



$

14


  Income taxes on non-GAAP adjustments


(21)



(10)



(11)


  Ceridian Divestiture Loss


15





15


  Noncontrolling interest on non-GAAP adjustments


(17)



(17)




Total non-GAAP adjustments


34



16



18









Adjusted net earnings (loss) attributable to FNFV common shareholders


$

21



$

22



$

(1)









Adjusted EPS attributable to FNFV common shareholders - diluted


$

0.26



$

0.27



$

(0.01)









Cash flows provided by operations:


$

29






Non-GAAP adjustments:







  IPO costs


9






Total Non-GAAP adjustments


9













Adjusted cash flows from operations


38






Capital expenditures


62






Free cash flow


$

(24)






 

 

FIDELITY NATIONAL FINANCIAL VENTURES
YTD SEGMENT INFORMATION
(In millions)
(Unaudited)



Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Twelve Months Ended




December 31, 2014




Operating revenue


$

1,546



$

1,436



$

110


Interest and investment income


5





5


Realized gains and losses, net


(17)



(13)



(4)


Total revenue


1,534



1,423



111









Personnel costs


170



69



101


Other operating expenses


86



61



25


Cost of restaurant revenue


1,220



1,220




Depreciation and amortization


67



52



15


Interest expense


5



8



(3)


Total expenses


1,548



1,410



138









Pre-tax (loss) earnings from continuing operations


$

(14)



$

13



$

(27)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


$

17



$

13



$

4


  FNFV incentive plan accrual


19





19


  Purchase price amortization


27



15



12


 Total non-GAAP adjustments before taxes


$

63



$

28



$

35









  Adjusted pre-tax earnings from continuing operations


$

49



$

41



$

8


  Adjusted pre-tax margin from continuing operations


3.2

%


2.9

%


7.0

%








Purchase price amortization


(27)



(15)



(12)


Depreciation and amortization


67



52



15


Interest expense


5



8



(3)









  Adjusted EBITDA


$

94



$

86



$

8


  Adjusted EBITDA margin


6.1

%


6.0

%


7.0

%


(1) Results for J. Alexanders are included in the 2014 results.

 

 

FIDELITY NATIONAL FINANCIAL VENTURES
YTD SEGMENT INFORMATION
(In millions)
(Unaudited)



Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Twelve Months Ended




December 31, 2014




Pre-tax (loss) earnings from continuing operations


$

(14)



$

13



$

(27)









  Income tax expense


150



1



149


Earnings from equity investments


428





428


  Earnings from discontinued operations, net of tax


8





8


  Non-controlling interests


4



2



2









Net earnings attributable to FNFV common shareholders


$

268



$

10



$

258









EPS attributable to Old FNF common shareholders - basic


$

(0.04)



$

0.04



$

(0.08)


EPS attributable to Old FNF common shareholders - diluted


$

(0.04)



$

0.04



$

(0.08)









EPS attributable to FNFV common shareholders - basic


$

3.04



$



$

3.04


EPS attributable to FNFV common shareholders - diluted


$

3.01



$



$

3.01









Old FNF weighted average shares - basic


138






Old FNF weighted average shares - diluted


142













FNFV weighted average shares - basic


46






FNFV weighted average shares - diluted


47






FNFV actual shares outstanding as of December 31, 2014


93













Net earnings attributable to FNFV common shareholders


$

268



$

10



$

258









 Total non-GAAP, pre-tax adjustments


$

63



$

28



$

35


Ceridian Comdata gain and other Ceridian legal adjustments


(456)





(456)


  Impairment of Fidelity National Environmental Solutions investment


15





15


  Income taxes on non-GAAP adjustments


148



(6)



154


  Noncontrolling interest on non-GAAP adjustments


(13)



(13)




Total non-GAAP adjustments


(243)



9



(252)









Adjusted net earnings attributable to FNFV common shareholders


$

25



$

19



$

6









Adjusted EPS attributable to FNFV common shareholders - diluted


$

0.27



$

0.20



$

0.06









Cash flows provided by operations:


$

93






Non-GAAP adjustments:







Payments on FNFV incentive plans


57






  Other legal matters


16






Total Non-GAAP adjustments


73













Adjusted cash flows from operations


166






Capital expenditures


86






Free cash flow


$

80







(1) Results for Remy and J. Alexanders are included in the 2014 results.

 

 

FIDELITY NATIONAL FINANCIAL VENTURES
SUMMARY BALANCE SHEET AND BOOK VALUE SUMMARY
(In millions)










FNFV

December 31,
2015


FNFV

December 31,
2014






(Unaudited)


(Unaudited)

Cash and investment portfolio






$

735




$

1,009


Goodwill






188




206


Total assets






1,429




1,919


Notes payable






200




121


Non-controlling interest






114




137


Total equity and redeemable non-controlling interests






1,083




1,515


Total equity attributable to common shareholders






969




1,378


 



FNF Group

December 31,
2015


FNFV

December 31,
2015



Consolidated

December 31,
2015


Consolidated

December 31,
2014



(Unaudited)


(Unaudited)



(Unaudited)




Cash and investment portfolio



$

4,898




$

735





$

5,633




$

5,369


Goodwill



4,572




188





4,760




4,721


Title plant



395








395




393


Total assets



12,502




1,429





13,931




13,845


Notes payable



2,593




200





2,793




2,803


Reserve for title claim losses



1,583








1,583




1,621


Secured trust deposits



701








701




622


Redeemable non-controlling interests



344








344




715


Non-redeemable non-controlling interests



720




114





834




79


Total equity and redeemable non-controlling interests



5,849




1,083





6,932




6,788


Total equity attributable to common shareholders



4,785




969





5,754




5,994


 

 Adjusted Book Value Summary









FNFV

December 31,
2015


FNFV

December 31,
2014










(Unaudited)


(Unaudited)

Ceridian/Fleetcor










$

363




$

632


American Blue Ribbon Holdings










169




159


Del Frisco's Restaurant Group










34





J. Alexander's













100


Digital Insurance










73




149


Cascade













63


Holding Company Cash










245




164


Other










85




111


     FNFV Book Value










$

969




$

1,378


     Outstanding FNFV shares










72.2




92.8


     FNFV Book Value per Share










$

13.43




$

14.84


 

 

FIDELITY NATIONAL FINANCIAL, INC.
CONSOLIDATED SUMMARY OF EARNINGS
(In millions)
(Unaudited)



Three Months Ended



Twelve Months Ended


December 31, 2015



December 31, 2015


Consolidated


Core


FNFV



Consolidated


Core


FNFV

Direct title premiums

$

521



$

521



$




$

2,009



$

2,009



$


Agency title premiums

592



592






2,277



2,277




     Total title premiums

1,113



1,113






4,286



4,286




Escrow, title-related and other fees

807



776



31




3,324



3,121



203


     Total title and escrow and other

1,920



1,889



31




7,610



7,407



203















Restaurant revenue

328





328




1,412





1,412


Interest and investment income

30



30






123



121



2


Realized gains and losses, net

6



14



(8)




(13)



6



(19)


     Total revenue

2,284



1,933



351




9,132



7,534



1,598















Personnel costs

678



636



42




2,671



2,514



157


Other operating expenses

457



437



20




1,881



1,714



167


Cost of restaurant revenue

274





274




1,195





1,195


Agent commissions

452



452






1,731



1,731




Depreciation and amortization

104



90



14




410



345



65


Title claim loss expense

61



61






246



246




Interest expense

34



31



3




131



122



9


     Total expenses

2,060



1,707



353




8,265



6,672



1,593















Earnings (loss) from continuing operations before taxes

224



226



(2)




867



862



5


Income tax expense (benefit)

71



73



(2)




290



310



(20)


Earnings from continuing operations before equity investments

153



153






577



552



25


Earnings (loss) from equity investments



2



(2)




(16)



6



(22)


Net earnings (loss)

153



155



(2)




561



558



3


Non-controlling interests

14



11



3




34



18



16


Net earnings (loss)  attributable to common shareholders

$

139



$

144



$

(5)




$

527



$

540



$

(13)















Cash flows provided by operations

258



236



22




917



888



29


 

 

FIDELITY NATIONAL FINANCIAL, INC.
CONSOLIDATED SUMMARY OF EARNINGS
(In millions)
(Unaudited)



Three Months Ended



Twelve Months Ended


December 31, 2014



December 31, 2014


Consolidated


Core


FNFV



Consolidated


Core


FNFV

Direct title premiums

$

478



$

478



$




$

1,727



$

1,727



$


Agency title premiums

494



494






1,944



1,944




  Total title premiums

972



972






3,671



3,671




Escrow, title-related and other fees

707



679



28




2,804



2,694



110


     Total title and escrow and other

1,679



1,651



28




6,475



6,365



110















Restaurant revenue

381





381




1,436





1,436


Interest and investment income

33



33






126



121



5


Realized gains and losses, net

(7)



4



(11)




(13)



4



(17)


     Total revenue

2,086



1,688



398




8,024



6,490



1,534















Personnel costs

652



596



56




2,540



2,370



170


Other operating expenses

396



371



25




1,643



1,557



86


Cost of restaurant revenue

321





321




1,220





1,220


Agent commissions

373



373






1,471



1,471




Depreciation and amortization

101



83



18




403



336



67


Title claim loss expense

59



59






228



228




Interest expense

31



29



2




127



122



5


     Total expenses

1,933



1,511



422




7,632



6,084



1,548















Earnings (loss) from continuing operations before taxes

153



177



(24)




392



406



(14)


Income tax expense

233



70



163




312



162



150


(Loss) earnings from continuing operations before equity investments

(80)



107



(187)




80



244



(164)


Earnings from equity investments

475



1



474




432



4



428


Net earnings from continuing operations

395



108



287




512



248



264


Earnings (loss) from discontinued operations, net of tax

8





8




7



(1)



8


Net earnings

403



108



295




519



247



272


Non-controlling interests

11



8



3




(64)



(68)



4


Net earnings attributable to common shareholders

$

392



$

100



$

292




$

583



$

315



$

268















Cash flows provided by operations

279



186



93




568



475



93


 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fnfv-reports-fourth-quarter-2015-results-with-969-million-book-value-of-portfolio-company-investments-or-1343-per-share-repurchased-additional-36-million-shares-of-common-stock-in-fourth-quarter-300218352.html

SOURCE Fidelity National Financial, Inc.

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