FNF Group Reports Second Quarter 2015 Adjusted EPS of $0.65, Adjusted Pre-Tax Title Margin of 16.2%, BKFS Adjusted Revenue Growth of 7% and Adjusted EBITDA Margin of 43.5% - Fidelity National Finl (NYSE:FNF)

JACKSONVILLE, Fla., July 29, 2015 /PRNewswire/ -- Fidelity National Financial, Inc. today reported the operating results of FNF Group FNF, a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries, for the three and six-month periods ended June 30, 2015.

Total revenue of approximately $2.0 billion in the second quarter versus $1.7 billion in the second quarter of 2014
Adjusted second quarter net earnings of $187 million versus adjusted net earnings of $141 million for the second quarter of 2014
Adjusted second quarter diluted EPS of $0.65 versus adjusted diluted EPS of $0.50 in the second quarter of 2014
Second quarter free cash flow provided of $289 million versus $223 million provided in the second quarter of 2014

Title

Approximately $1.8 billion in total revenue, adjusted pre-tax earnings of $286 million and adjusted pre-tax title margin of 16.2% for the second quarter versus approximately $1.5 billion in total revenue, adjusted pre-tax earnings of $208 million and an adjusted pre-tax title margin of 14.2% in the second quarter of 2014
Adjusted pre-tax title margin of 16.2% was a 200 basis point improvement over the second quarter 2014 adjusted pre-tax title margin of 14.2%
ServiceLink generated $224 million in revenue, adjusted EBITDA of $34 million, an adjusted EBITDA margin of 15%, adjusted pre-tax earnings of $29 million and an adjusted pre-tax margin of 13% for the second quarter
Open orders per day of 8,750 for the second quarter versus 8,031 open orders per day for the second quarter of 2014
Closed orders per day of 6,375 for the second quarter versus 5,344 closed orders per day for the second quarter of 2014
Second quarter purchase orders opened and closed increased by 7% and 12%, respectively, versus the second quarter of 2014; purchase orders opened and closed increased by 7% and 11%, respectively, versus the second quarter of 2014 excluding ServiceLink default related purchase orders
Total commercial revenue of $258 million, a 41% increase over total commercial revenue in the second quarter of 2014; second quarter national commercial title revenue of $150 million, a 30% increase from the second quarter of 2014, driven by a 22% improvement in the commercial fee per file and a 6% increase in closed orders; open national commercial orders decreased by 5% over the prior year
Overall second quarter average fee per file of $2,026, a 2% increase versus the second quarter of 2014
Title claims paid of $70 million, a decrease of $9 million, or 11%, from the second quarter of 2014

Title Orders

	Direct Orders Opened *		Direct Orders Closed *
Month	/ (% Purchase)		/ (% Purchase)
April 2015	202,000	53%	138,000	51%
May 2015	174,000	58%	129,000	54%
June 2015	184,000	61%	141,000	57%

Second Quarter 2015	560,000	57%	408,000	54%


	Direct Orders Opened *		Direct Orders Closed *
Month	/ (% Purchase)		/ (% Purchase)
April 2014	172,000	60%	113,000	59%
May 2014	170,000	60%	112,000	61%
June 2014	172,000	60%	117,000	62%

Second Quarter 2014	514,000	60%	342,000	61%

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

	Open		Closed		Commercial
	Commercial		Commercial		Revenue		Commercial
	Orders*		Orders*		(In millions)		Fee Per File*
Second Quarter 2015 - Total Commercial		50,800		32,400		$258		$8,000
Second Quarter 2014 - Total Commercial		—		—		$183		—

Second Quarter 2015 - National Commercial		21,200		12,500		$150		$12,000
Second Quarter 2014 - National Commercial		22,200		11,800		$115		$9,800

* Total commercial order and fee per file tracking began in January 2015

BKFS

Adjusted revenue of $235 million, led by Servicing Technology revenue of approximately $160 million
Adjusted revenue growth of 7% for the second quarter compared to the second quarter of 2014, led by strong growth in Origination Technology and Data & Analytics
Adjusted EBITDA of $102 million and adjusted EBITDA margin of 43.5%

"We generated a 16.2% adjusted pre-tax title margin this quarter in a strong commercial environment and a steadily improving residential real estate market," said Chairman William P. Foley, II. "The performance of our title business this quarter gives us further confidence that we can continue to generate pre-tax title margins in the 15%-20% range as we experience further strength in the residential purchase market. We remain the most profitable title insurance company and believe our financial performance should warrant a premium market multiple versus our title company peers.

"Black Knight continues to perform to our high expectations, generating 7% adjusted revenue growth and a 43.5% adjusted EBITDA margin in the second quarter. We completed the Black Knight IPO in May and look forward to FNF shareholders sharing in the benefit of Black Knight trading as a stand-alone, public company.

"In conjunction with the IPO, Black Knight repaid FNF $1.5 billion in intercompany and mirror notes and FNF utilized $1.1 billion of those proceeds to fully repay the term loan that was borrowed in conjunction with the January 2014 LPS acquisition. Additionally, we repurchased 1.3 million shares of FNF common stock between June 1st and the first week of July and we expect to continue repurchasing FNF shares throughout the remainder of 2015."

Conference Call
We will host a call with investors and analysts to discuss second quarter 2015 FNF Core results on Thursday, July 30, 2015, beginning at 11:00 a.m. Eastern Time. A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at www.fnf.com. The conference call replay will be available via webcast through the FNF Investor Relations website at www.fnf.com. The telephone replay will be available from 1:00 p.m. Eastern time on July 30, 2015, through August 6, 2015, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 362665.

About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. is organized into two groups, FNF Group FNF and FNFV Group 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, LLC 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. and Digital Insurance, 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 FNFV on this same date as well as the risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-Q,10-K and other filings with the Securities and Exchange Commission.

FNF GROUP SECOND QUARTER SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited)

	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
*Three Months Ended*
*June 30, 2015*
Direct title premiums	$	547		$	547		$	—		$	—
Agency title premiums	597			597			—			—
Escrow, title related and other fees (1)	827			591			232			4
Total title and escrow	1,971			1,735			232			4

Interest and investment income	32			32			—			—
Realized gains and losses (2)	(8)			1			(5)			(4)
Total revenue	1,995			1,768			227			—

Personnel costs	652			543			102			7
Agent commissions	451			451			—			—
Other operating expenses	453			403			41			9
Depreciation and amortization	87			37			50			—
Claim loss expense	69			69			—			—
Interest expense	31			—			11			20
Total expenses	1,743			1,503			204			36

Pre-tax earnings (loss) from continuing operations (3)	$	252		$	265		$	23		$	(36)

Non-GAAP adjustments before taxes
Realized (gain) loss, net adjustment	$	8		$	(1)		$	5		$	4
Deferred revenue add back and management fee	4			1			3			—
Purchase price amortization	44			21			23			—
IPO costs & profits interest acceleration	10			—			10			—
Total non-GAAP adjustments before taxes	$	66		$	21		$	41		$	4

Adjusted pre-tax earnings (loss) from continuing ops.	$	318		$	286		$	64		$	(32)
Adjusted pre-tax margin from continuing operations	15.9		%	16.2		%	27.2		%	—

Purchase price amortization	(44)			(21)			(23)			—
Depreciation and amortization	87			37			50			—
Interest expense	31			—			11			20

Adjusted EBITDA	$	392		$	302		$	102		$	(12)
Adjusted EBITDA margin	19.5		%	17.1		%	43.5		%	—

ServiceLink non-GAAP reconciliations:
ServiceLink pre-tax earnings	$	10
Depreciation and amortization	23
ServiceLink EBITDA	$	33
Management fee	1
ServiceLink Adjusted EBITDA	$	34

ServiceLink pre-tax earnings	$	10
Purchase price amortization	18
Management fee	1
ServiceLink adjusted pre-tax earnings	$	29

1.	BKFS also reported adjusted revenue of $235 million, which includes $3 million of deferred revenue; adjusted revenue is used to calculate adjusted EBITDA
2.	BKFS recorded the $5 million write-off of bond premium interest in other expense
3.	BKFS reported pre-tax earnings of $8 million, which includes $15 million of intercompany interest expense that was eliminated in FNF consolidation

FNF GROUP SECOND QUARTER SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited)

	Total FNF Group		Title		BKFS		FNF Group Corporate and Other
*Three Months Ended*
*June 30, 2015*
Pre-tax earnings (loss) from continuing operations	$	252	$	265	$	23	$	(36)
Income tax expense (benefit)	95		97		—		(2)
Non-controlling interests	(3)		(5)		2		—

Net earnings (loss) attributable to FNF Group common shareholders	$	160	$	173	$	21	$	(34)

EPS attributable to FNF Group common shareholders - basic	$	0.57	$	0.62	$	0.07	$	(0.12)
EPS attributable to FNF Group common shareholders - diluted	$	0.56	$	0.60	$	0.08	$	(0.12)

FNF Group weighted average shares - basic	279
FNF Group weighted average shares - diluted	287

Net earnings (loss) attributable to FNF Group common shareholders	$	160	$	173	$	21	$	(34)

Total non-GAAP, pre-tax adjustments	66		21		41		4
Noncontrolling interest on non-GAAP adjustments	(23)		(7)		(16)		—
Income taxes on non-GAAP adjustments	(16)		(5)		(9)		(2)
Total non-GAAP adjustments	27		9		16		2

Adjusted net earnings (loss) attributable to FNF Group common shareholders	$	187	$	182	$	37	$	(32)

Adjusted EPS attributable to FNF Group common shareholders - diluted	$	0.65	$	0.64	$	0.13	$	(0.12)

Direct orders opened (000's)	560		560
Direct orders closed (000's)	408		408
Fee per file	$	2,026	$	2,026
Actual title claims paid	$	70	$	70

Cash flows provided by operations:	$	330
Non-GAAP adjustments:
IPO costs	4
THL Management fee	1
Total non-GAAP adjustments	5

Adjusted cash flows from operations	335
Capital expenditures	46
Free cash flow	$	289

FNF GROUP SECOND QUARTER SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited)

	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
*Three Months Ended*
*June 30, 2014*
Direct title premiums	$	433		$	433		$	—		$	—
Agency title premiums	518			518			—			—
Escrow, title related and other fees (1)	689			481			213			(5)
Total title and escrow	1,640			1,432			213			(5)

Interest and investment income	33			33			—			—
Total revenue	1,673			1,465			213			(5)

Personnel costs	587			474			110			3
Agent commissions	395			395			—			—
Other operating expenses	386			329			48			9
Depreciation and amortization	68			35			32			1
Claim loss expense	57			57			—			—
Interest expense	31			—			7			24
Total expenses	1,524			1,290			197			37

Pre-tax earnings (loss) from continuing operations (2)	$	149		$	175		$	16		$	(42)

Non-GAAP adjustments before taxes
Deferred revenue add back	4			—			4			—
Severance expense	3			1			2			—
Synergy accrual	26			12			11			3
Merger transaction costs	9			7			2			—
Premium tax settlement	(8)			(8)			—			—
Other legal matters	14			—			8			6
Purchase price amortization	30			21			9			—
Total non-GAAP adjustments before taxes	$	78		$	33		$	36		$	9

Adjusted pre-tax earnings (loss) from continuing operations	$	227		$	208		$	52		$	(33)
Adjusted pre-tax margin from continuing operations	13.5		%	14.2		%	24.0		%	—

Purchase price amortization	(30)			(21)			(9)			—
Depreciation and amortization	68			35			32			1
Interest expense	31			—			7			24

Adjusted EBITDA (3)	$	296		$	222		$	82		$	(8)
Adjusted EBITDA margin	17.7		%	15.2		%	37.8		%	—

1.	BKFS also reported adjusted revenue of $218 million, which includes $4 million of deferred revenue; adjusted revenue is used to calculate adjusted EBITDA; FNF reports in millions which can cause small rounding differences
2.	BKFS reported a pre-tax loss of $24 million, which includes $25 million of intercompany interest expense that was eliminated in FNF consolidation and a $15 million LPS related purchase depreciation adjustment that FNF did not book due to immateriality
3.	BKFS adjusted EBITDA adds back stock based compensation of $2 million and FNF reports in millions which can cause small rounding differences

FNF GROUP SECOND QUARTER SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited)

	Total FNF Group		Title		BKFS		FNF Group Corporate and Other
*Three Months Ended*
*June 30, 2014*
Pre-tax loss from continuing operations	$	149	$	175	$	16	$	(42)

Income tax expense	55		50		—		5
Earnings from equity investments	2		2		—		—
Loss from discontinued operations, net of tax	(1)		(1)		—		—
Non-controlling interests	(14)		(9)		(5)		—

Net earnings (loss) attributable to Old FNF common shareholders	$	109	$	135	$	21	$	(47)

EPS attributable to Old FNF common shareholders - basic	$	0.39	$	0.49	$	0.07	$	(0.17)
EPS attributable to Old FNF common shareholders - diluted	$	0.39	$	0.48	$	0.07	$	(0.16)

Old FNF weighted average shares - basic	275
Old FNF weighted average shares - diluted	283

Net earnings (loss) attributable to Old FNF common shareholders	$	109	$	135	$	21	$	(47)

Total non-GAAP, pre-tax adjustments	78		33		36		9
Income taxes on non-GAAP adjustments	(19)		(7)		(8)		(4)
Noncontrolling interest on non-GAAP adjustments	(27)		(14)		(13)		—
Total non-GAAP adjustments	32		12		15		5

Adjusted net earnings (loss) attributable to Old FNF common shareholders	$	141	$	147	$	36	$	(42)

Adjusted EPS attributable to Old FNF common shareholders - diluted	$	0.50	$	0.52	$	0.13	$	(0.15)

Direct orders opened (000's)	514		514
Direct orders closed (000's)	342		342
Fee per file	$	1,982	$	1,982
Actual title claims paid	$	79	$	79

Cash flows provided by operations:	$	190
Non-GAAP adjustments:
Transaction costs related to acquisition of LPS	3
Severance costs related to acquisition of LPS	3
Synergy bonus payment	31
Premium tax settlement	15
THL management fee	1
Other legal matters	6
Total non-GAAP adjustments	59

Adjusted cash flows from operations	249
Capital expenditures	26
Free cash flow	$	223

FNF GROUP YTD QUARTER SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited)

	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
*Six Months Ended*
*June 30, 2015*
Direct title premiums	$	964		$	964		$	—		$	—
Agency title premiums	1,038			1,038			—			—
Escrow, title related and other fees (1)	1,522			1,063			459			—
Total title and escrow	3,524			3,065			459			—

Interest and investment income	62			62			—			—
Realized gains and losses (2)	(8)			1			(5)			(4)
Total revenue	3,578			3,128			454			(4)

Personnel costs	1,237			1,026			199			12
Agent commissions	784			784			—			—
Other operating expenses	825			741			78			6
Depreciation and amortization	170			74			95			1
Claim loss expense	120			120			—			—
Interest expense	60			—			19			41
Total expenses	3,196			2,745			391			60

Pre-tax earnings (loss) from continuing operations (3)	$	382		$	383		$	63		$	(64)

Non-GAAP adjustments before taxes
Realized (gain) loss, net adjustment	8			$	(1)		5			4
Deferred revenue add back and management fee	7			1			6			—
Purchase price amortization	87			43			44			—
IPO costs & profits interest acceleration	10			—			10			—
Total non-GAAP adjustments before taxes	$	112		$	43		$	65		$	4

Adjusted pre-tax earnings (loss) from continuing operations	$	494		$	426		$	128		$	(60)
Adjusted pre-tax margin from continuing operations	13.8		%	13.6		%	27.6		%	—

Purchase price amortization	(87)			(43)			(44)			—
Depreciation and amortization	170			74			95			1
Interest expense	60			—			19			41

Adjusted EBITDA (4)	$	637		$	457		$	198		$	(18)
Adjusted EBITDA margin	17.7		%	14.6		%	42.7		%	—

1.	BKFS also reported adjusted revenue of $464, which includes $5 million of deferred revenue; adjusted revenue is used to calculate adjusted EBITDA
2.	BKFS recorded the $5 million write-off of bond premium interest in other expense
3.	BKFS reported pre-tax earnings of $23 million, which includes $40 million of intercompany interest expense that was eliminated in FNF consolidation
4.	BKFS adjusted EBITDA adds back stock based compensation of $3 million and FNF reports in millions which can cause small rounding differences

FNF GROUP YTD QUARTER SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited)

	Total FNF Group		Title		BKFS		FNF Group Corporate and Other
*Six Months Ended*
*June 30, 2015*
Pre-tax loss from continuing operations	$	382	$	383	$	63	$	(64)

Income tax expense	142		140		—		2
Earnings from equity investments	2		2		—		—
Non-controlling interests	(4)		(11)		7		—

Net earnings (loss) attributable to FNF Group common shareholders	$	246	$	256	$	56	$	(66)

EPS attributable to FNF Group common shareholders - basic	$	0.88	$	0.92	$	0.20	$	(0.24)
EPS attributable to FNF Group common shareholders - diluted	$	0.86	$	0.89	$	0.20	$	(0.23)

FNF Group weighted average shares - basic	278
FNF Group weighted average shares - diluted	287

Net earnings (loss) attributable to FNF Group common shareholders	$	246	$	256	$	56	$	(66)

Total non-GAAP, pre-tax adjustments	112		43		65		4
Income taxes on non-GAAP adjustments	(28)		(11)		(15)		(2)
Noncontrolling interest on non-GAAP adjustments	(37)		(13)		(24)		—
Total non-GAAP adjustments	47		19		26		2

Adjusted net earnings attributable to FNF Group common shareholders	$	293	$	275	$	82	$	(64)

Adjusted EPS attributable to FNF Group common shareholders - diluted	$	1.02	$	0.96	$	0.29	$	(0.23)

Direct orders opened (000's)	1,138		1,138
Direct orders closed (000's)	753		753
Fee per file	$	1,938	$	1,938
Actual title claims paid	$	130	$	130

Cash flows provided by operations:	$	356
Non-GAAP adjustments:
IPO Cost	4
Management fee	2
Total non-GAAP adjustments	6

Adjusted cash flows from operations	362
Capital expenditures	80
Free cash flow	$	282

FNF GROUP YTD QUARTER SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited)

	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
*Six Months Ended*
*June 30, 2014*
Direct title premiums	$	784		$	784		$	—		$	—
Agency title premiums	922			922			—			—
Escrow, title related and other fees (1)	1,307			903			418			(14)
Total title and escrow	3,013			2,609			418			(14)

Interest and investment income	61			61			—			—
Realized gains and losses	2			2			—			—
Total revenue	3,076			2,672			418			(14)

Personnel costs	1,200			936			254			10
Agent commissions	702			702			—			—
Other operating expenses	785			679			125			(19)
Depreciation and amortization	169			73			94			2
Claim loss expense	110			110			—			—
Interest expense	61			—			15			46
Total expenses	3,027			2,500			488			39

Pre-tax earnings (loss) from continuing operations (2)	$	49		$	172		$	(70)		$	(53)

Non-GAAP adjustments before taxes
Realized (gain) loss, net adjustment	(2)			(2)			—			—
Deferred revenue add back	8			—			8			—
Severance expense	41			15			26			—
Synergy accrual	58			25			24			9
Merger transaction costs	52			29			49			(26)
Premium tax settlement	(8)			(8)			—			—
Other legal matters	16			—			8			8
Purchase price amortization	91			43			48			—
Total non-GAAP adjustments before taxes	$	256		$	102		$	163		$	(9)

Adjusted pre-tax earnings (loss) from continuing operations	$	305		$	274		$	93		$	(62)
Adjusted pre-tax margin from continuing operations	9.9		%	10.3		%	22.1		%	—

Purchase price amortization	(91)			(43)			(48)			—
Depreciation and amortization	169			73			94			2
Interest expense	61			—			15			46

Adjusted EBITDA (3)	$	444		$	304		$	154		$	(14)
Adjusted EBITDA margin	14.4		%	11.4		%	36.6		%	—

1.	BKFS also reported adjusted revenue of $425 million, which includes $8 million of deferred revenue; adjusted revenue is used to calculate adjusted EBITDA; FNF reports in millions which can cause small rounding differences
2.	BKFS reported a pre-tax loss of $120 million, which includes $50 million of intercompany interest expense that was eliminated in FNF consolidation
3.	BKFS adjusted EBITDA adds back stock based compensation of $3 million and FNF reports in millions which can cause small rounding differences

FNF GROUP YTD QUARTER SEGMENT INFORMATION (In millions, except order information in thousands) (Unaudited)

	Total FNF Group		Title		BKFS		FNF Group Corporate and Other
*Six Months Ended*
*June 30, 2014*
Pre-tax loss from continuing operations	$	49	$	172	$	(70)	$	(53)

Income tax expense (benefit)	18		60		(11)		(31)
Earnings from equity investments	2		2		—		—
Loss from discontinued operations, net of tax	(1)		(1)		—		—
Non-controlling interests	(71)		(31)		(40)		—

Net earnings (loss) attributable to Old FNF common shareholders	$	103	$	144	$	(19)	$	(22)

EPS attributable to Old FNF common shareholders - basic	$	0.37	$	0.52	$	(0.07)	$	(0.08)
EPS attributable to Old FNF common shareholders - diluted	$	0.37	$	0.51	$	(0.07)	$	(0.07)

Old FNF weighted average shares - basic	275
Old FNF weighted average shares - diluted	282

Net earnings (loss) attributable to Old FNF common shareholders	$	103	$	144	$	(19)	$	(22)

Total non-GAAP, pre-tax adjustments	256		102		163		(9)
Income taxes on non-GAAP adjustments	(61)		(24)		(40)		3
Noncontrolling interest on non-GAAP adjustments	(95)		(38)		(57)		—
Total non-GAAP adjustments	100		40		66		(6)

Adjusted net earnings (loss) attributable to Old FNF common shareholders	$	203	$	184	$	47	$	(28)
Adjusted EPS attributable to Old FNF common shareholders - diluted	$	0.72	$	0.65	$	0.17	$	(0.10)

Direct orders opened (000's)	982		982
Direct orders closed (000's)	637		637
Fee per file	$	1,924	$	1,924
Actual title claims paid	$	146	$	146

Cash flows provided by operations:	$	(4)
Non-GAAP adjustments:
Transaction costs related to acquisition of LPS	43
Severance costs related to acquisition of LPS	42
Synergy bonus payment	31
Premium tax settlement	15
THL Management Fee	2
Other executive severance payment	9
Other legal matters	8
Total non-GAAP adjustments	150

Adjusted cash flows from operations	146
Capital expenditures	42
Free cash flow	$	104

FNF GROUP QUARTERLY OPERATING STATISTICS (Unaudited)

	Q2 2015			Q1 2015			Q4 2014			Q3 2014			Q2 2014			Q1 2014			Q4 2013			Q3 2013
Quarterly Open Orders ('000's except % data)
Total open orders*	560			578			452			481			514			469			391			474
Total open orders per day*	8.8			9.5			7.1			7.5			8.0			7.7			6.2			7.4
Purchase % of open orders	57		%	47		%	52		%	60		%	60		%	57		%	55		%	56		%
Refinance % of open orders	43		%	53		%	48		%	40		%	40		%	43		%	45		%	44		%
Total closed orders*	408			345			334			348			342			295			307			410
Total closed orders per day*	6.4			5.7			5.2			5.4			5.3			4.8			4.9			6.4
Purchase % of closed orders	54		%	46		%	57		%	62		%	61		%	52		%	56		%	50		%
Refinance % of closed orders	46		%	54		%	43		%	38		%	39		%	48		%	44		%	50		%

Commercial (millions, except orders in '000's)
Total commercial revenue**	$	258		$	213		$	274		$	225		$	183		$	175		—			—
Total commercial open orders**	50.8			47.8			—			—			—			—			—			—
Total commercial closed orders**	32.4			29.6			—			—			—			—			—			—

National commercial revenue	$	150		$	119		$	166.3		$	136		$	115		$	104		$	146		$	120
National commercial open orders	21.2			20.4			18.1			21.4			22.2			19.6			19.3			19.9
National commercial closed orders	12.5			11.1			12.7			12.8			11.8			10.2			12.8			12.6

Total Fee Per File
Fee per file	$	2,026		$	1,833		$	2,131		$	2,066		$	1,982		$	1,858		$	2,082		$	1,807
Residential and local commercial fee per file	$	1,711		$	1,538		$	1,699		$	1,739		$	1,750		$	1,559		$	1,676		$	1,562
Residential fee per file	$	1,514		$	1,330		—			—			—			—			—			—
Total commercial fee per file**	$	8,000		$	7,200		—			—			—			—			—			—
National commercial fee per file	$	12,000		$	10,700		$	13,100		$	10,600		$	9,800		$	10,200		$	11,400		$	9,500

Total Staffing
Total field operations employees	10,900			10,400			9,900			10,200			10,200			10,300			9,900			10,600

FNT Only Quarterly Operating Statistics ('000's except fee per file and staffing)
Total open orders*	458			456			354			385			403			349			331			391
Total open orders per day*	7.2			7.5			5.6			6.0			6.3			5.7			5.3			6.1
Purchase % of open orders	65		%	54		%	60		%	69		%	71		%	71		%	65		%	68		%
Refinance % of open orders	35		%	46		%	40		%	31		%	29		%	29		%	35		%	32		%
Total closed orders*	334			277			273			282			272			219			263			323
Total closed orders per day*	5.2			4.5			4.3			4.4			4.3			3.6			4.2			5.0
Purchase % of closed orders	61		%	52		%	63		%	70		%	71		%	67		%	66		%	64		%
Refinance % of closed orders	39		%	48		%	37		%	30		%	29		%	33		%	34		%	36		%
Fee per file	2,264			2,055			2,382			2,306			2,227			2,151			2,260			2,028
Total tile field operations employees	9,600			9,100			8,700			8,900			8,700			8,600			8,900			9,300

ServiceLink Only Quarterly Operating Statistics ('000's except fee per file and staffing)
Total Open Orders*	102			122			98			96			111			120			60			83
Total open orders per day*	1.6			2.0			1.6			1.5			1.7			2.0			1.0			1.3
Purchase % of open orders	22		%	17		%	23		%	23			20			7			—			—
Refinance % of open orders	78		%	83		%	77		%	77		%	80		%	93		%	100		%	100		%
Total closed orders	74			68			61			66			70			76			44			87
Total closed orders per day*	1.2			1.1			1.0			1.0			1.1			1.2			0.7			1.4
Purchase % of closed orders	21		%	22		%	26		%	24			18			6			—			—
Refinance % of closed orders	79		%	78		%	74		%	76		%	82		%	94		%	100		%	100		%
Fee per file	958			921			1,027			1,052			1,038			1,009			1,013			989
Total ServiceLink operating employees	1,300			1,300			1,200			1,300			1,500			1,700			970			1,300
* Includes an immaterial number of non-purchase and non-refinance orders
** Total commercial order and fee per file tracking began in January 2015

FNF GROUP
SUMMARY BALANCE SHEET INFORMATION
(In millions)

FNF Group

June 30, 2015

FNF Group

December 31, 2014

(Unaudited)

Cash and investment portfolio

5,012

4,360

Goodwill

4,536

4,514

Title plant

393

Total assets

12,658

11,944

Notes payable

2,608

2,702

Reserve for title claim losses

1,612

1,621

Secured trust deposits

784

622

Redeemable non-controlling interests

344

715

Non-redeemable non-controlling interests

692

(58)

Total equity and redeemable non-controlling interests

5,820

5,272

Total equity attributable to common shareholders

4,784

4,615

FNF Group

June 30, 2015

FNFV

June 30, 2015

Consolidated

June 30, 2015

Consolidated

December 31, 2014

(Unaudited)

(Unaudited)

Cash and investment portfolio

5,012

893

5,905

5,369

Goodwill

4,536

204

4,740

4,721

Title plant

393

—

393

Total assets

12,658

1,739

14,397

13,868

Notes payable

2,608

221

2,829

2,827

Reserve for title claim losses

1,612

—

1,612

1,621

Secured trust deposits

784

—

784

622

Redeemable non-controlling interests

344

—

344

715

Non-redeemable non-controlling interests

692

128

820

Total equity and redeemable non-controlling interests

5,820

1,291

7,111

6,788

Total equity attributable to common shareholders

4,784

1,163

5,947

5,994

Fidelity National Financial, Inc. CONSOLIDATED SUMMARY OF EARNINGS (In millions) (Unaudited)

	Three Months Ended						Six Months Ended
	June 30, 2015						June 30, 2015
	Consolidated		Core		FNFV		Consolidated		Core		FNFV
Direct title premiums	$	547	$	547	$	—	$	964	$	964	$	—
Agency title premiums	597		597		—		1,038		1,038		—
Total title premiums	1,144		1,144		—		2,002		2,002		—
Escrow, title-related and other fees	857		827		30		1,665		1,522		143
Total title and escrow and other	2,001		1,971		30		3,667		3,524		143

Restaurant revenue	371		—		371		735		—		735
Interest and investment income	32		32		—		63		62		1
Realized gains and losses	(9)		(8)		(1)		(9)		(8)		(1)
Total revenue	2,395		1,995		400		4,456		3,578		878

Personnel costs	690		652		38		1,313		1,237		76
Other operating expenses	482		453		29		948		825		123
Cost of restaurant revenue	313		—		313		619		—		619
Agent commissions	451		451		—		784		784		—
Depreciation and amortization	104		87		17		204		170		34
Title claim loss expense	69		69		—		120		120		—
Interest expense	32		31		1		63		60		3
Total expenses	2,141		1,743		398		4,051		3,196		855

Earnings from continuing operations before taxes	254		252		2		405		382		23
Income tax expense (benefit)	88		95		(7)		138		142		(4)
Earnings from continuing operations before equity investments	166		157		9		267		240		27
Earnings from equity investments	4		—		4		3		2		1
Net earnings	170		157		13		270		242		28
Non-controlling interests	—		(3)		3		14		(4)		18
Net earnings attributable to common shareholders	$	170	$	160	$	10	$	256	$	246	$	10

Cash flows provided by operations	328		330		(2)		361		356		5

Fidelity National Financial, Inc. CONSOLIDATED SUMMARY OF EARNINGS (In millions) (Unaudited)

	Three Months Ended						Six Months Ended
	June 30, 2014						June 30, 2014
	Consolidated		Core		FNFV		Consolidated		Core		FNFV
Direct title premiums	$	433	$	433	$	—	$	784	$	784	$	—
Agency title premiums	518		518		—		922		922		—
Total title premiums	951		951		—		1,706		1,706		—
Escrow, title-related and other fees	715		689		26		1,361		1,307		54
Total title and escrow and other	1,666		1,640		26		3,067		3,013		54

Restaurant revenue	358		—		358		712		—		712
Interest and investment income	36		33		3		65		61		4
Realized gains and losses	(1)		—		(1)		1		2		(1)
Total revenue	2,059		1,673		386		3,845		3,076		769

Personnel costs	623		587		36		1,272		1,200		72
Other operating expenses	407		386		21		825		785		40
Cost of restaurant revenue	303		—		303		603		—		603
Agent commissions	395		395		—		702		702		—
Depreciation and amortization	84		68		16		201		169		32
Title claim loss expense	57		57		—		110		110		—
Interest expense	33		31		2		64		61		3
Total expenses	1,902		1,524		378		3,777		3,027		750

Earnings from continuing operations before taxes	157		149		8		68		49		19
Income tax expense (benefit)	54		55		(1)		14		18		(4)
Earnings from continuing operations before equity investments	103		94		9		54		31		23
(Loss) earnings from equity investments	(5)		2		(7)		(36)		2		(38)
Net loss from continuing operations	98		96		2		18		33		(15)
Earnings (loss) from discontinued operations, net of tax	5		(1)		6		12		(1)		13
Net loss	103		95		8		30		32		(2)
Non-controlling interests	(9)		(14)		5		(60)		(71)		11
Net earnings (loss) attributable to common shareholders	$	112	$	109	$	3	$	90	$	103	$	(13)

Cash flows provided by (used in) operations	229		190		39		(11)		(4)		(7)

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fnf-group-reports-second-quarter-2015-adjusted-eps-of-065-adjusted-pre-tax-title-margin-of-162-bkfs-adjusted-revenue-growth-of-7-and-adjusted-ebitda-margin-of-435-300120550.html

SOURCE Fidelity National Financial, Inc.

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