/C O R R E C T I O N -- Fidelity National Financial, Inc./

In the news release, FNFV Reports Fourth Quarter 2014 Results With Completion of Several Monetization Efforts and $1.4 Billion Book Value of Portfolio Company Investments, or $14.84 Per Share, issued 18-Feb-2015 by Fidelity National Financial, Inc. over PR Newswire, we are advised by the company that the quote from Chairman William P. Foley, II above the Conference Call section was missing information concerning the repurchase of FNFV common stock. The complete, corrected release follows:

FNFV Reports Fourth Quarter 2014 Results With Completion of Several Monetization Efforts and $1.4 Billion Book Value of Portfolio Company Investments, or $14.84 Per Share

JACKSONVILLE, Fla., Feb. 18, 2015 /PRNewswire/ -- FNFV FNFV, a tracking stock established to highlight the inherent value of the portfolio companies of Fidelity National Financial, Inc. FNF, today reported operating results for the three-month and twelve-month periods ended December 31, 2014. 

  • Total revenue of approximately $398 million in the fourth quarter versus $395 million in the fourth quarter of 2013
  • Fourth quarter adjusted diluted EPS of $0.12 versus adjusted diluted EPS of $0.07 in the fourth quarter of 2013
  • Adjusted EBITDA of $26 million for the fourth quarter versus adjusted EBITDA of $23 million for the fourth quarter of 2013
  • Fourth quarter FNFV free cash flow provided of $89 million versus $78 million provided in the fourth quarter of 2013

Restaurant Group

  • Approximately $369 million in total revenue, adjusted EBITDA of $28 million and adjusted EBITDA margin of 7.3% for the fourth quarter versus approximately $370 million in total revenue, adjusted EBITDA of $23 million and an adjusted EBITDA margin of 6.2% in the fourth quarter of 2013
  • American Blue Ribbon Holdings generated $316 million in total revenue and adjusted EBITDA of more than $22 million; same store sales increased approximately 2% in the fourth quarter, with O'Charley's and Ninety Nine leading the way at 2% and 6%, respectively, both exceeding the Knapp-Track U. S. Casual Dining Index of 1.5% same store sales growth
  • J. Alexander's produced $53 million in total revenue and adjusted EBITDA of nearly $6 million; same store sales growth was approximately 5% at both the J. Alexander's and Stoney River concepts in the fourth quarter

Ceridian HCM

  • Fourth quarter total revenue of approximately $227 million, a 5% decline from the fourth quarter of 2013, a pre-tax loss of $5 million, EBITDA of more than $34 million and an EBITDA margin of 15%

Digital Insurance

  • Fourth quarter total revenue of $25 million, a 28% increase over the fourth quarter of 2013; pre-tax loss of $1 million, EBITDA of more than $4 million, a 29% increase over the fourth quarter of 2013 and a fourth quarter EBITDA margin of nearly 18%

Monetization Initiatives

  • Closed the sale of Comdata to Fleetcor in November 2014; FNFV now indirectly owns approximately 2.4 million shares of Fleetcor common stock, 75% of which is subject to a six-month lockup period and 25% of which has been placed in an escrow account and is scheduled to be released ratably over a three-year period; current value of the Fleetcor investment is approximately $360 million
  • Completed the tax-free distribution of Remy common stock to FNFV shareholders on December 31, 2014; distributed approximately 16.6 million shares of Remy valued at approximately $350 million
  • J. Alexander's announced filing an initial registration statement with the SEC related to the proposed initial offering of its common stock in October 2014; FNFV now intends to pursue a tax-free spin-off of J. Alexander's to FNFV shareholders 
  • J. Alexander's paid FNFV $14.6 million, of which $10 million was principal, reducing the loan balance from FNFV to J. Alexander's to $10 million

"We completed several monetization events at FNFV this quarter," said Chairman William P. Foley, II. "The sale of Comdata for Fleetcor common shares has brought FNFV an attractive, liquid investment in an innovative, industry-leading company. The tax-free distribution of Remy common shares provided a tax efficient monetization event for our shareholders. The J. Alexander's spin-off will make it a publicly traded common stock that will provide liquidity and a market valuation for that business. We also announced a 10 million share stock repurchase authorization during the fourth quarter and have repurchased approximately 539,000 shares to date. We also intend to use FNFV holding company liquidity to pursue a Dutch tender auction offer to repurchase up to 12 million shares of FNFV common stock. More details will be forthcoming at the launch of the tender offer."

Conference Call
We will host a call with investors and analysts to discuss fourth quarter 2014 results of FNFV on Thursday, February 19, 2015, 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 19, 2015, through February 26, 2015, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 351179.

About FNF
Fidelity National Financial, Inc. (FNF) is organized into two groups, FNF Core FNF and FNF Ventures FNFV. Through our Core operations, 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, LLC and ServiceLink Holdings, LLC. In addition, in our FNFV group, we own 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. and Digital Insurance, Inc. More information about FNF 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.

Tender Offer Statement
This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any shares of FNFV Group common stock. The solicitation and offer to buy shares of FNFV Group common stock will only be made pursuant to the offer to purchase and related materials that FNF will send to its FNFV stockholders. FNFV stockholders should read those materials carefully because they will contain important information, including the various terms and conditions of the tender offer. FNFV stockholders will be able to obtain free copies of these materials and other documents filed by FNF with the Securities and Exchange Commission when available at www.sec.gov or at the FNF Investor Relations website at www.fnf.com.

Forward-Looking Statements
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 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.

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


Interest and investment income







Realized gains and losses


(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 loss (gain), net adjustment


$

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 from continuing operations


$

14



$

16



$

(2)


Adjusted pre-tax margin from continuing operations


3.4

%


4.2

%













Purchase price amortization


(8)



(4)



(4)


Interest expense


2



3



(1)


Depreciation and amortization


18



13



5












Adjusted EBITDA


$

26



$

28



$

(2)


Adjusted EBITDA margin


6.4

%


7.3

%



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


Earnings 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


















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












Adjusted net earnings attributable to FNFV common shareholders


$

16



$

6



$

10


Earnings from discontinued operations, net of tax


(8)





(8)


Non-controlling interests on discontinued operations


4





4


Net earnings from continuing operations attributable to FNFV common
shareholders


$

12



$

6



$

6












Adjusted EPS from continuing operations attributable to FNFV
common shareholders - diluted


$

0.12



$

0.06



$

0.06












Cash flows provided by operations:


$

117


















Capital expenditures


28








Free cash flow


$

89








FIDELITY NATIONAL FINANCIAL VENTURES

FOURTH QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)




Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Three Months Ended




December 31, 2013




Operating revenue


$

396



$

371



$

25


Interest and investment income


1





1


Realized gains and losses


(2)



(1)



(1)


Total revenue


395



370



25












Personnel costs


55



18



37


Other operating expenses


22



15



7


Cost of restaurant revenue


315



315




Depreciation and amortization


14



13



1


Interest expense


2



2




Total expenses


408



363



45












Pre-tax (loss) earnings from continuing operations


$

(13)



$

7



$

(20)












Non-GAAP adjustments before taxes










Realized loss, net adjustment


$

2



$

1



$

1


FNFV incentive plan accrual


18





18


Purchase price amortization


6



4



2


Total non-GAAP adjustments before taxes


$

26



$

5



$

21












Adjusted pre-tax earnings from continuing operations


$

13



$

12



$

1


Adjusted pre-tax margin from continuing operations


3.3

%


3.2

%


3.8

%











Purchase price amortization


(6)



(4)



(2)


Interest expense


2



2




Depreciation and amortization


14



13



1












Adjusted EBITDA


$

23



$

23



$


Adjusted EBITDA margin


5.8

%


6.2

%



FIDELITY NATIONAL FINANCIAL VENTURES

FOURTH QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)




Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Three Months Ended




December 31, 2013














Pre-tax earnings from continuing operations


$

(13)



$

7



$

(20)












Income tax expense


(13)



(3)



(10)


Loss from equity investments


(6)





(6)


Earnings from discontinued operations, net of tax


8





8


Non-controlling interests


3



3














Net earnings attributable to Old FNF common shareholders


$

(1)



$

7



$

(8)












EPS attributable to Old FNF common shareholders - basic


$



$

0.03



$

(0.03)


EPS attributable to Old FNF common shareholders - diluted


$



$

0.03



$

(0.03)












Old FNF weighted average shares - basic


230








Old FNF weighted average shares - diluted


235


















Total non-GAAP, pre-tax adjustments


$

26



$

5



$

21


Ceridian adjustments


10





10


Income taxes on non-GAAP adjustments


(12)



(2)



(10)


Noncontrolling interest on non-GAAP adjustments


(1)



(1)




Total non-GAAP adjustments


23



2



21












Adjusted net earnings attributable to Old FNF common shareholders


$

22



$

9



$

13












Adjusted EPS attributable to Old FNF common shareholders - diluted


$

0.09



$

0.04



$

0.06












Adjusted net earnings attributable to Old FNF common shareholders


$

22



$

9



$

13


Earnings from discontinued operations, net of tax


(8)





(8)


Non-controlling interests on discontinued operations


4





4


Net earnings from continuing operations attributable to Old FNF
common shareholders


$

18



$

9



$

9












Adjusted EPS from continuing operations attributable to Old FNF
common shareholders - diluted


$

0.07



$

0.04



$

0.04












Cash flows provided by operations:


$

94








Capital expenditures


16








Free cash flow


$

78








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


(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 earnings from continuing operations


$

(14)



$

13



$

(27)












Non-GAAP adjustments before taxes










Realized loss, net adjustment


$

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)


Interest expense


5



8



(3)


Depreciation and amortization


67



52



15












Adjusted EBITDA


$

94



$

86



$

8


Adjusted EBITDA margin


6.1

%


6.0

%


7.0

%











Pre-tax 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 FNF 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)












Old FNF weighted average shares - basic


138








Old FNF weighted average shares - diluted


142


















EPS attributable to FNFV group common shareholders - basic


$

3.04



$



$

3.04


EPS attributable to FNFV group common shareholders - diluted


$

3.01



$



$

3.01


FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)




Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Twelve Months Ended




December 31, 2014
























FNFV weighted average shares - basic


46








FNFV weighted average shares - diluted


47








FNFV actual shares outstanding as of December 31, 2014


93


















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)












Total adjusted net earnings attributable to FNFV


$

25



$

19



$

6












Total adjusted EPS attributable to FNFV shareholders - diluted*


$

0.27



$

0.20



$

0.06












Adjusted net earnings attributable to FNFV common shareholders


$

25



$

19



$

6


Earnings from discontinued operations, net of tax


(8)





(8)


Non-controlling interests on discontinued operations


4





4


Net earnings from continuing operations attributable to FNFV common
shareholders


$

21



$

19



$

2












Adjusted EPS from continuing operations attributable to FNFV
common shareholders*


$

0.22



$

0.20



$

0.02


* Adjusted EPS is presented as if 93M shares of FNFV group common stock were outstanding for the entire twelve months

Cash flows provided by operations:


$

106








Non-GAAP adjustments:










FNFV incentive program payments


57








Other legal matters


16








Total non-GAAP adjustments


73


















Adjusted cash flows from operations


179








Capital expenditures


90








Free cash flow


$

89








FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)




Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Twelve Months Ended




December 31, 2013




Operating revenue


$

1,495



$

1,408



$

87


Interest and investment income


4





4


Realized gains and losses


(2)



(1)



(1)


Total revenue


1,497



1,407



90












Personnel costs


179



65



114


Other operating expenses


84



65



19


Cost of restaurant revenue


1,204



1,204




Depreciation and amortization


65



53



12


Interest expense


5



8



(3)


Total expenses


1,537



1,395



142












Pre-tax (loss) earnings from continuing operations


$

(40)



$

12



$

(52)












Non-GAAP adjustments before taxes










Realized loss, net adjustment


$

2



$

1



$

1


FNFV incentive plan accrual


54





54


Purchase price amortization


21



11



10


Total non-GAAP adjustments before taxes


$

77



$

12



$

65












Adjusted pre-tax earnings from continuing operations


$

37



$

24



$

13


Adjusted pre-tax margin from continuing operations


2.5

%


1.7

%


14.3

%











Purchase price amortization


(21)



(11)



(10)


Interest expense


5



8



(3)


Depreciation and amortization


65



53



12












Adjusted EBITDA


$

86



$

74



$

12


Adjusted EBITDA margin


5.7

%


5.3

%


13.2

%

FIDELITY NATIONAL FINANCIAL VENTURES

YTD SEGMENT INFORMATION

(In millions)

(Unaudited)




Total FNFV


Restaurant
Group


FNFV
Corporate and
Other

Twelve Months Ended




December 31, 2013














Pre-tax earnings from continuing operations


$

(40)



$

12



$

(52)












Income tax (benefit) expense


(42)



(4)



(38)


Loss from equity investments


(30)





(30)


Earnings (loss) from discontinued operations, net of tax


4



(3)



7


Non-controlling interests


3



4



(1)












Net (loss) earnings attributable to Old FNF common shareholders


$

(27)



$

9



$

(36)












EPS attributable to Old FNF common shareholders - basic


$

(0.12)



$

0.04



$

(0.16)


EPS attributable to Old FNF common shareholders - diluted


$

(0.12)



$

0.04



$

(0.16)












Weighted average shares - basic


230








Weighted average shares - diluted


235


















Total non-GAAP, pre-tax adjustments


$

77



$

12



$

65


Income taxes on non-GAAP adjustments


(24)



(4)



(20)


Noncontrolling interest on non-GAAP adjustments


(3)



(3)




Total non-GAAP adjustments


50



5



45












Adjusted net earnings attributable to Old FNF common shareholders


$

23



$

14



$

9












Adjusted EPS attributable to Old FNF common shareholders - diluted


$

0.10



$

0.06



$

0.04












Adjusted net earnings attributable to FNFV


$

23



$

14



$

9


Earnings from discontinued operations, net of tax


(4)



3



(7)


Non-controlling interests on discontinued operations


2



(1)



3


Net earnings from continuing operations attributable to FNFV


$

21



$

16



$

5












Adjusted EPS from continuing operations attributable to FNFV
common shareholders*


$

0.09



$

0.07



$

0.02












Cash flows provided by operations:


$

130








Non-GAAP adjustments:










Other legal matters


7








Total non-GAAP adjustments


7


















Adjusted cash flows from operations


137








Capital expenditures


78








Free cash flow


$

59








FIDELITY NATIONAL FINANCIAL VENTURES

SUMMARY BALANCE SHEET INFORMATION

(In millions)


























FNFV
December 31,
2014


FNFV

December 31,
2013














(Unaudited)


(Unaudited)

Cash and investment portfolio












$

1,009




$

559


Goodwill












206




462


Total assets












1,923




2,616


Notes payable












124




452


Non-controlling interest












137




465


Total equity and redeemable non-controlling interests











1,515




1,639


Total equity attributable to common shareholders












1,378




1,174






FNF Core



FNFV



Consolidated

December 31,
2014


Consolidated

December 31,
2013



(Unaudited)


(Unaudited)



(Unaudited)





Cash and investment portfolio



$

4,360




$

1,009





$

5,369




$

5,761


Goodwill



4,514




206





4,720




1,901


Title plant



393








393




370


Total assets



11,944




1,923





13,867




10,529


Notes payable



2,702




124





2,826




1,323


Reserve for title claim losses



1,621








1,621




1,636


Secured trust deposits



622








622




588


Redeemable non-controlling interests



717








717





Non-redeemable non-controlling interests



(60)




137





77




474


Total equity and redeemable non-controlling
interests



5,272




1,515





6,787




5,535


Total equity attributable to common shareholders



4,615




1,378





5,993




5,061
























FIDELITY NATIONAL FINANCIAL VENTURES

SUMMARY BALANCE SHEET INFORMATION

(In millions)

(Unaudited)




FNFV
December 31,
2014



Book Value

Ceridian/Fleetcor



$

632


American Blue Ribbon Holdings



159


J. Alexander's



100


Digital Insurance



149


Cascade



63


Holding Company Cash



164


Other



111


FNFV Book Value



1,378


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

(7)



4



(11)




(13)



4



(17)


Total revenue

2,086



1,688



398




8,024



6,490



1,534





















Personnel costs

644



588



56




2,540



2,370



170


Other operating expenses

404



379



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

275



158



117




559



453



106





















FIDELITY NATIONAL FINANCIAL, INC.

CONSOLIDATED SUMMARY OF EARNINGS

(In millions)

(Unaudited)



Three Months Ended



Twelve Months Ended


December 31, 2013



December 31, 2013


Consolidated


Core


FNFV



Consolidated


Core


FNFV

Direct title premiums

$

423



$

423



$




$

1,800



$

1,800



$


Agency title premiums

573



573






2,352



2,352




Total title premiums

996



996






4,152



4,152




Escrow, title-related and other fees

376



351



25




1,737



1,650



87


Total title and escrow and other

1,372



1,347



25




5,889



5,802



87





















Restaurant revenue

371





371




1,408





1,408


Interest and investment income

29



28



1




127



123



4


Realized gains and losses

5



7



(2)




16



18



(2)


Total revenue

1,777



1,382



395




7,440



5,943



1,497





















Personnel costs

515



460



55




2,061



1,882



179


Other operating expenses

289



267



22




1,273



1,189



84


Cost of restaurant revenue

315





315




1,204





1,204


Agent commissions

437



437






1,789



1,789




Depreciation and amortization

32



18



14




133



68



65


Title claim loss expense

70



70






291



291




Interest expense

18



16



2




73



68



5


Total expenses

1,676



1,268



408




6,824



5,287



1,537





















Earnings (loss) from continuing operations before
taxes

101



114



(13)




616



656



(40)


Income tax expense (benefit)

27



40



(13)




195



237



(42)


Earnings from continuing operations before equity
investments

74



74






421



419



2


(Loss) earnings from equity investments

(6)





(6)




(26)



4



(30)


Net earnings (loss) from continuing operations

68



74



(6)




395



423



(28)


Earnings from discontinued operations, net of tax

9



1



8




6



2



4


Net earnings (loss)

77



75



2




401



425



(24)


Non-controlling interests

3





3




7



4



3


Net earnings (loss) attributable to common
shareholders

$

74



$

75



$

(1)




$

394



$

421



$

(27)





















Cash flows provided by operations

140



46



94




484



354



130


 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fnfv-reports-fourth-quarter-2014-results-with-completion-of-several-monetization-efforts-and-14-billion-book-value-of-portfolio-company-investments-or-1484-per-share-300037962.html

SOURCE Fidelity National Financial, Inc.

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