Fidelity National Financial, Inc. - FORM 8-K - EX-99.2

Attached files

file	filename
8-K - FORM 8-K - Fidelity National Financial, Inc.	d615573d8k.htm
EX-99.3 - EX-99.3 - Fidelity National Financial, Inc.	d615573dex993.htm
EX-23.1 - EX-23.1 - Fidelity National Financial, Inc.	d615573dex231.htm
EX-99.4 - EX-99.4 - Fidelity National Financial, Inc.	d615573dex994.htm
EX-99.1 - EX-99.1 - Fidelity National Financial, Inc.	d615573dex991.htm
EX-99.6 - EX-99.6 - Fidelity National Financial, Inc.	d615573dex996.htm
EX-99.5 - EX-99.5 - Fidelity National Financial, Inc.	d615573dex995.htm

Exhibit 99.2

Fidelity National Financial, Inc.

Third Quarter 2013 Operating Results

The following are summary consolidated financial and operational results for Fidelity National Financial, Inc. for the three-month and nine-month periods ended September 30, 2013 and 2012:

FIDELITY NATIONAL FINANCIAL, INC.

SUMMARY OF EARNINGS

(In millions, except order information in 000’s)

(Unaudited)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2013			2012			2013			2012
Direct title premiums	$	472		$	436		$	1,377		$	1,215
Agency title premiums		630			569			1,779			1,501

Total title premiums		1,102			1,005			3,156			2,716
Escrow, title-related and other fees		437			428			1,361			1,228

Total title and escrow		1,539			1,433			4,517			3,944
Restaurant revenue		336			298			1,037			551
Remy revenue		266			143			834			143
Interest and investment income		29			36			99			109
Realized gains and losses		4			123			7			193

Total revenue		2,174			2,033			6,494			4,940
Personnel costs		540			470			1,605			1,322
Other operating expenses		329			331			1,020			932
Cost of restaurant revenue		292			258			889			473
Cost of Remy revenue (includes $19, $6, $55 and $6 of D&A, respectively)		223			125			704			125
Agent commissions		482			432			1,352			1,144
Depreciation and amortization		36			28			104			71
Title claim loss expense		77			69			221			200
Interest expense		27			19			71			50

Total expenses		2,006			1,732			5,966			4,317
Earnings from continuing operations before taxes		168			301			528			623
Income tax expense		54			70			172			188

Earnings from continuing operations before equity investments		114			231			356			435
Earnings from equity investments		(14	)		5			(20	)		13

Net earnings from continuing operations		100			236			336			448
Income from discontinued operations, net of tax		—			(1	)		(2	)		11

Net earnings		100			235			334			459
Non-controlling interests		2			1			8			4

Net earnings attributable to common shareholders	$	98		$	234		$	326		$	455

Earnings per share:
Net earnings attributable to common shareholders – basic	$	0.43		$	1.06		$	1.45		$	2.07

Net earnings attributable to common shareholders – diluted	$	0.43		$	1.04		$	1.42		$	2.02
Weighted average shares – basic		226			221			225			220

Weighted average shares – diluted		230			226			230			225

Direct operations orders opened (000’s)		474			707			1,789			2,025
Direct operations orders closed (000’s)		410			480			1,401			1,349
Fee per file	$	1,807		$	1,467		$	1,568		$	1,456
Actual title claims paid	$	103		$	97		$	303		$	302

FIDELITY NATIONAL FINANCIAL, INC.

THIRD QUARTER SEGMENT INFORMATION

(In millions, except order information in 000’s)

(Unaudited)


*Three Months Ended* *September 30, 2013*	Consolidated			FNT			Restaurant Group			Remy			Corporate and Other
Gross operating revenue	$	2,141		$	1,507		$	336		$	266		$	32
Interest and investment income		29			29			—			1			(1	)
Realized gains and losses		4			3			2			(1	)		—

Total revenue		2,174			1,539			338			266			31
Personnel costs		540			467			16			19			38
Other operating expenses		329			276			15			13			25
Cost of revenue		515			—			292			223			—
Agent commissions		482			482			—			—			—
Depreciation and amortization		36			16			13			1			6
Title claim loss expense		77			77			—			—			—
Interest expense		27			—			2			6			19

Total expenses		2,006			1,318			338			262			88
Pre-tax earnings from continuing operations		168			221			—			4			(57	)
Pre-tax margin		7.7	%		14.4	%		—			1.5	%		—
Adjusted pre-tax margin		7.6	%		14.2	%		—			1.9	%		—
Open orders		474			474			—			—			—
Closed orders		410			410			—			—			—

*Three Months Ended* *September 30, 2012*	Consolidated			FNT			Restaurant Group			Remy			Corporate and Other
Gross operating revenue	$	1,874		$	1,418			298			143		$	15
Interest and investment income		36			34			—			—			2
Realized gains and losses		123			—			50			79			(6	)

Total revenue		2,033			1,452			348			222			11
Personnel costs		470			436			17			8			9
Other operating expenses		331			289			18			5			19
Cost of revenue		383						258			125
Agent commissions		432			432			—			—			—
Depreciation and amortization		28			17			11			—			—
Title claim loss expense		69			69			—			—			—
Interest expense		19			—			1			4			14

Total expenses		1,732			1,243			305			142			42
Pre-tax earnings from continuing operations		301			209			43			80			(31	)
Pre-tax margin		14.8	%		14.4	%		12.3	%		36.0	%		—
Adjusted pre-tax margin		9.3	%		14.4	%		—			0.7	%		—
Open orders		707			707			—			—			—
Closed orders		480			480			—			—			—

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except order information in 000’s)

(Unaudited)


*Nine Months Ended* *September 30, 2013*	Consolidated			FNT			Restaurant Group			Remy			Corporate and Other
Gross operating revenue	$	6,388		$	4,422		$	1,037		$	834		$	95
Interest and investment income		99			97			—			1			1
Realized gains and losses		7			10			—			(4	)		1

Total revenue		6,494			4,529			1,037			831			97
Personnel costs		1,605			1,400			47			65			93
Other operating expenses		1,020			845			50			36			89
Cost of revenue		1,593			—			889			704			—
Agent commissions		1,352			1,352			—			—			—
Depreciation and amortization		104			49			40			3			12
Title claim loss expense		221			221			—			—			—
Interest expense		71			—			6			16			49

Total expenses		5,966			3,867			1,032			824			243
Pre-tax earnings from continuing operations		528			662			5			7			(146	)
Pre-tax margin		8.1	%		14.6	%		0.5	%		0.8	%		—
Adjusted pre-tax margin		8.0	%		14.4	%		0.5	%		1.3	%		—
Open orders		1,789			1,789			—			—			—
Closed orders		1,401			1,401			—			—			—

*Nine Months Ended* *September 30, 2012*	Consolidated			FNT			Restaurant Group			Remy			Corporate and Other
Gross operating revenue	$	4,638		$	3,900			551			143		$	44
Interest and investment income		109			104			—			—			5
Realized gains and losses		193			5			121			79			(12	)

Total revenue		4,940			4,009			672			222			37
Personnel costs		1,322			1,263			25			8			26
Other operating expenses		932			827			46			5			54
Cost of revenue		598			—			473			125
Agent commissions		1,144			1,144			—			—			—
Depreciation and amortization		71			49			20			—			2
Title claim loss expense		200			200			—			—			—
Interest expense		50			—			2			4			44

Total expenses		4,317			3,483			566			142			126
Pre-tax earnings from continuing operations		623			526			106			80			(89	)
Pre-tax margin		12.6	%		13.1	%		15.8	%		36.0	%		—
Adjusted pre-tax margin		9.1	%		13.3	%		—			0.7	%		—
Open orders		2,025			2,025			—			—			—
Closed orders		1,349			1,349			—			—			—

FIDELITY NATIONAL FINANCIAL, INC.

SUMMARY BALANCE SHEET INFORMATION

(In millions, except per share amounts)


	September 30,		December 31,
	2013		2012
	(Unaudited)
Cash and investment portfolio	$	5,252	$	5,186
Goodwill		1,894		1,909
Title plant		374		374
Total assets		10,077		9,903
Notes payable		1,348		1,344
Reserve for title claim losses		1,695		1,748
Secured trust deposits		644		528
Total equity		4,940		4,749
Book value per share	$	21.51	$	20.78

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Fidelity National Financial, Inc. - FORM 8-K - EX-99.2 - October 23, 2013

Attached files

Fidelity National Financial, Inc. Reports