Form 8-K Fidelity National Financ For: Jul 29

July 29, 2015 4:23 PM

United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported):

July 29, 2015

Fidelity National Financial, Inc.

(Exact name of Registrant as Specified in its Charter)

001-32630

(Commission File Number)



Delaware (State or Other Jurisdiction of Incorporation or Organization)		16-1725106 (IRS Employer Identification Number)

601 Riverside Avenue

Jacksonville, Florida 32204

(Addresses of Principal Executive Offices)

(904) 854-8100

(Registrant's Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Item 2.02.		Results of Operations and Financial Condition

On July 29, 2015, Fidelity National Financial, Inc. issued an earnings release announcing its financial results for the Second Quarter of 2015. The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

A copy of the FNF Core and FNFV earnings releases are attached as Exhibit 99.1 and Exhibit 99.2, respectively.



Item 9.01.		Financial Statements and Exhibits



Exhibit		Description
	99.1	Press release announcing FNF Core Second Quarter 2015 Earnings.
	99.2	Press release announcing FNFV Second Quarter 2015 Earnings.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.




		Fidelity National Financial, Inc.
Date:	July 29, 2015	By:	/s/ Anthony J. Park
			Name:	Anthony J. Park
			Title:	Chief Financial Officer

EXHIBIT INDEX




Exhibit		Description
	99.1	Press release announcing FNF Core Second Quarter 2015 Earnings.
	99.2	Press release announcing FNFV Second Quarter 2015 Earnings.

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%

Jacksonville, Fla. - (July 29, 2015) - Fidelity National Financial, Inc. today reported the operating results of FNF Group (NYSE: 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.

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.

SOURCE: Fidelity National Financial, Inc.

CONTACT: Daniel Kennedy Murphy, Senior Vice President and Treasurer, 904-854-8120, [email protected]

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)				(Unaudited)
Cash and investment portfolio		$	5,012		$	4,360
Goodwill		4,536			4,514
Title plant		393			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)			(Unaudited)
Cash and investment portfolio		$	5,012		$	893		$	5,905		$	5,369
Goodwill		4,536			204			4,740			4,721
Title plant		393			—			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			79
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		)

###

FNFV Reports Second Quarter 2015 Results With Continued Progress on Several Monetization Efforts and $1.2 Billion Book Value of Portfolio Company Investments, or $14.84 Per Share

Jacksonville, Fla. -- (July 29, 2015) -- 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 six-month periods ended June 30, 2015.


•	Total revenue of $400 million in the second quarter versus $386 million in the second quarter of 2014


•	Second quarter adjusted diluted EPS of $0.18 versus adjusted diluted EPS of $0.02 in the second quarter of 2014


•	Adjusted EBITDA of $24 million for the second quarter versus adjusted EBITDA of $27 million for the second quarter of 2014


•	Second quarter FNFV free cash flow used of $13 million versus $18 million provided in the second quarter of 2014


•	$207 million in holding company cash on June 30, 2015


•	Approximately 78 million shares currently outstanding; since the formation of FNFV in July 2014, approximately 14.9 million FNFV shares have been repurchased

Restaurant Group


•	$371 million in total revenue, adjusted EBITDA of $24 million and adjusted EBITDA margin of 6.5% for the second quarter versus approximately $357 million in total revenue, adjusted EBITDA of $21 million and an adjusted EBITDA margin of 5.9% in the second quarter of 2014


•	American Blue Ribbon Holdings generated $318 million in total revenue and adjusted EBITDA of $19 million; same store sales increased approximately 2.0% in the second quarter, with Ninety Nine and Village Inn leading the way at 5.1% and 2.0%, respectively; O'Charley's and Bakers Square both also had positive same stores sale at 1.3% and 1.6%, respectively


•	J. Alexander's produced $53 million in total revenue and adjusted EBITDA of more than $5 million; same store sales growth was approximately 4.7% at J. Alexander's and 6..2% at Stoney River in the second quarter

Ceridian HCM


•	Second quarter total revenue of approximately $197 million, a 7% decline from the second quarter of 2014 and EBITDA of approximately $27 million and an EBITDA margin of approximately 14% - these results are not consolidated into the FNFV financial results as we own approximately 32% of Ceridian HCM

Digital Insurance


•	Second quarter total revenue of $28 million, a 23% increase over the second quarter of 2014; pre-tax earnings of nearly $1 million, EBITDA of $6 million, a 20% increase over the second quarter of 2014, and a second quarter EBITDA margin of 22%

Monetization Initiatives


•	Received gross proceeds of approximately $135 million from the indirect sale of approximately 885,000 shares of Fleetcor common stock in June 2015; net, after-tax proceeds were approximately $107 million


•	Received approximately $10.5 million for full repayment of principal and interest on the FNFV loan to J.Alexander's in May 2015


•	Repurchased 1.9 million shares of FNFV common stock for approximately $29 million during the second quarter


•	Continue to work towards the tax-free distribution of J. Alexander's common stock in the third quarter

“We again made progress on our monetization efforts during the quarter at FNFV,” said Chairman William P. Foley, II. “In June. we sold approximately 885,000 shares of Fleetcor common stock and FNFV received approximately $135 million in gross cash proceeds and $107 million in net cash proceeds after tax. We also continued our share repurchase efforts in the second quarter, buying back an additional 1.9 million shares of FNFV common stock for approximately $29 million and we ended the quarter with approximately $207 million of cash at the FNFV holding company level. Finally, we continue to work towards the planned tax-free distribution of J. Alexander's stock in the third quarter and we have made the decision to pursue the tax-free distribution

of Amercian Blue Ribbon Holdings stock, which we expect to accomplish by the fourth quarter of this year. As always, we remain committed to most efficiently maximizing the value of each of FNFV's investments."

Conference Call

We will host a call with investors and analysts to discuss second quarter 2015 results of FNFV on Thursday, July 30, 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 July 30, 2015, through August 6, 2015, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 362666.

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, 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

Forward-Looking Statements and Risk Factors

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.

SOURCE: Fidelity National Financial, Inc.

CONTACT: Daniel Kennedy Murphy, Senior Vice President and Treasurer, 904-854-8120, [email protected]

FIDELITY NATIONAL FINANCIAL VENTURES

SECOND QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Three Months Ended
June 30, 2015
Operating revenue	$	401		$	371		$	30
Realized gains and losses	(1		)	—			(1		)
Total revenue	400			371			29

Personnel costs	38			16			22
Other operating expenses	29			21			8
Cost of restaurant revenue	313			313			—
Depreciation and amortization	17			13			4
Interest expense	1			1			—
Total expenses	398			364			34

Pre-tax earnings (loss) from continuing operations	$	2		$	7		$	(5	)

Non-GAAP adjustments before taxes
Realized loss (gain), net adjustment	$	1		$	—		$	1
Purchase price amortization	7			4			3
IPO costs	3			3			—
Total non-GAAP adjustments before taxes	$	11		$	7		$	4

Adjusted pre-tax earnings (loss) from continuing operations	$	13		$	14		$	(1	)
Adjusted pre-tax margin from continuing operations	3.2		%	3.8		%	—

Purchase price amortization	(7		)	(4		)	(3		)
Depreciation and amortization	17			13			4
Interest expense	1			1			—

Adjusted EBITDA	$	24		$	24		$	—
Adjusted EBITDA margin	6.0		%	6.5		%	—

FIDELITY NATIONAL FINANCIAL VENTURES

SECOND QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Three Months Ended
June 30, 2015
Pre-tax earnings from continuing operations	$	2		$	7		$	(5	)

Income tax benefit	(7		)	—			(7		)
Earnings from equity investments	4			—			4
Non-controlling interests	3			3			—

Net earnings attributable to FNFV common shareholders	$	10		$	4		$	6

EPS attributable to FNFV common shareholders - basic	$	0.12		$	0.05		$	0.07
EPS attributable to FNFV common shareholders - diluted	$	0.12		$	0.05		$	0.07

FNFV weighted average shares - basic	78
FNFV weighted average shares - diluted	80

Net earnings attributable to FNFV common shareholders	$	10		$	4		$	6

Total non-GAAP, pre-tax adjustments	$	11		$	7		$	4
Income taxes on non-GAAP adjustments	(3		)	(1		)	(2		)
Noncontrolling interest on non-GAAP adjustments	(3		)	(3		)	—
Total non-GAAP adjustments	5			3			2

Adjusted net earnings attributable to FNFV common shareholders	$	15		$	7		$	8

Adjusted EPS attributable to FNFV common shareholders - diluted	$	0.18		$	0.09		$	0.09

Cash flows provided by operations:	$	(2	)
Non-GAAP adjustments:
IPO costs	3
Total non-GAAP adjustments	3

Adjusted cash flows from operations	1
Capital expenditures	14
Free cash flow	$	(13	)

FIDELITY NATIONAL FINANCIAL VENTURES

SECOND QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Three Months Ended
June 30, 2014
Operating revenue	$	384		$	358		$	26
Interest and investment income	3			—			3
Realized gains and losses	(1		)	(1		)	—
Total revenue	386			357			29

Personnel costs	36			17			19
Other operating expenses	21			17			4
Cost of restaurant revenue	303			303			—
Depreciation and amortization	16			12			4
Interest expense	2			1			1
Total expenses	378			350			28

Pre-tax earnings from continuing operations	$	8		$	7		$	1

Non-GAAP adjustments before taxes
Realized loss, net adjustment	$	1		$	1		$	—
Purchase price amortization	7			3			4
Total non-GAAP adjustments before taxes	$	8		$	4		$	4

Adjusted pre-tax earnings from continuing operations	$	16		$	11		$	5
Adjusted pre-tax margin from continuing operations	4.1		%	3.1		%	17.2		%

Purchase price amortization	(7		)	(3		)	(4		)
Depreciation and amortization	16			12			4
Interest expense	2			1			1

Adjusted EBITDA	$	27		$	21		$	6
Adjusted EBITDA margin	7.0		%	5.9		%	20.7		%

FIDELITY NATIONAL FINANCIAL VENTURES

SECOND QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Three Months Ended
June 30, 2014
Pre-tax earnings from continuing operations	$	8		$	7		$	1

Income tax benefit	(1		)	—			(1		)
Loss from equity investments	(7		)	—			(7		)
Earnings from discontinued operations, net of tax	6			—			6
Non-controlling interests	5			3			2

Net earnings (loss) attributable to Old FNF common shareholders	$	3		$	4		$	(1	)

EPS attributable to Old FNF common shareholders - basic	$	0.02		$	0.02		$	—
EPS attributable to Old FNF common shareholders - diluted	$	0.01		$	0.02		$	(0.01	)

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

Net earnings (loss) attributable to Old FNF common shareholders	$	3		$	4		$	(1	)

Total non-GAAP, pre-tax adjustments	$	8		$	4		$	4
Income taxes on non-GAAP adjustments	(5		)	(2		)	(3		)
Noncontrolling interest on non-GAAP adjustments	(1		)	(1		)	—
Total non-GAAP adjustments	2			1			1

Adjusted net earnings attributable to Old FNF common shareholders	$	5		$	5		$	—

Adjusted EPS attributable to Old FNF common shareholders - diluted	$	0.02		$	0.02		$	—

Adjusted net earnings attributable to Old FNF common shareholders	$	5		$	5		$	—
Earnings from discontinued operations, net of tax	(6		)	—			(6		)
Non-controlling interests on discontinued operations	2			—			2
Adjusted net earnings (loss) from continuing operations attributable to Old FNF common shareholders	$	1		$	5		$	(4	)

Adjusted EPS from continuing operations attributable to Old FNF common shareholders - diluted	$	—		$	0.02		$	(0.02	)

Cash flows used by operations:	$	39

Capital expenditures	21
Free cash flow	$	18

FIDELITY NATIONAL FINANCIAL VENTURES

YTD QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Six Months Ended
June 30, 2015
Operating revenue	$	878		$	735		$	143
Interest and investment income	1			—			1
Realized gains and losses	(1		)	—			(1		)
Total revenue	878			735			143

Personnel costs	76			33			43
Other operating expenses	123			37			86
Cost of restaurant revenue	619			619			—
Depreciation and amortization	34			26			8
Interest expense	3			3			—
Total expenses	855			718			137

Pre-tax earnings from continuing operations	$	23		$	17		$	6

Non-GAAP adjustments before taxes
Realized loss, net adjustment	$	1		$	—		$	1
Purchase price amortization	14			8			6
IPO costs	3			3			—
Total non-GAAP adjustments before taxes	$	18		$	11		$	7

Adjusted pre-tax earnings from continuing operations	$	41		$	28		$	13
Adjusted pre-tax margin from continuing operations	4.7		%	3.8		%	9.0		%

Purchase price amortization	(14		)	(8		)	(6		)
Depreciation and amortization	34			26			8
Interest expense	3			3			—

Adjusted EBITDA	$	64		$	49		$	15
Adjusted EBITDA margin	7.3		%	6.7		%	10.4		%

FIDELITY NATIONAL FINANCIAL VENTURES

YTD QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Six Months Ended
June 30, 2015
Pre-tax earnings from continuing operations	$	23		$	17		$	6

Income tax benefit	(4		)	—			(4		)
Earnings from equity investments	1			—			1
Non-controlling interests	18			6			12

Net earnings (loss) attributable to FNFV common shareholders	$	10		$	11		$	(1	)

EPS attributable to FNFV common shareholders - basic	$	0.12		$	0.13		$	(0.01	)
EPS attributable to FNFV common shareholders - diluted	$	0.12		$	0.13		$	(0.01	)

FNFV weighted average shares - basic	84
FNFV weighted average shares - diluted	86

Net earnings attributable to FNFV common shareholders	$	10		$	11		$	(1	)

Total non-GAAP, pre-tax adjustments	$	18		$	11		$	7
Income taxes on non-GAAP adjustments	(5		)	(2		)	(3		)
Noncontrolling interest on non-GAAP adjustments	(5		)	(5		)	—
Total non-GAAP adjustments	8			4			4

Adjusted net earnings attributable to FNFV common shareholders	$	18		$	15		$	3

Adjusted EPS attributable to FNFV common shareholders - diluted	$	0.21		$	0.18		$	0.03

Cash flows used by operations:	$	5
Non-GAAP adjustments:
IPO costs	3
Total Non-GAAP adjustments	3

Adjusted cash flows from operations	8
Capital expenditures	24
Free cash flow	$	(16	)

FIDELITY NATIONAL FINANCIAL VENTURES

YTD QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Six Months Ended
June 30, 2014
Operating revenue	$	766		$	712		$	54
Interest and investment income	4			—			4
Realized gains and losses	(1		)	(1		)	—
Total revenue	769			711			58

Personnel costs	72			33			39
Other operating expenses	40			31			9
Cost of restaurant revenue	603			603			—
Depreciation and amortization	32			25			7
Interest expense	3			3			—
Total expenses	750			695			55

Pre-tax earnings from continuing operations	$	19		$	16		$	3

Non-GAAP adjustments before taxes
Realized loss, net adjustment	$	1		$	1		$	—
Purchase price amortization	13			7			6
Total non-GAAP adjustments before taxes	$	14		$	8		$	6

Adjusted pre-tax earnings from continuing operations	$	33		$	24		$	9
Adjusted pre-tax margin from continuing operations	4.3		%	3.4		%	15.5		%

Purchase price amortization	(13		)	(7		)	(6		)
Depreciation and amortization	32			25			7
Interest expense	3			3			—

Adjusted EBITDA	$	55		$	45		$	10
Adjusted EBITDA margin	7.2		%	6.3		%	17.2		%

FIDELITY NATIONAL FINANCIAL VENTURES

YTD QUARTER SEGMENT INFORMATION

(In millions)

(Unaudited)



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Six Months Ended
June 30, 2014
Pre-tax earnings from continuing operations	$	19		$	16		$	3

Income tax benefit	(4		)	—			(4		)
Loss from equity investments	(38		)	—			(38		)
Earnings from discontinued operations, net of tax	13			—			13
Non-controlling interests	11			6			5

Net (loss) earnings attributable to Old FNF common shareholders	$	(13	)	$	10		$	(23	)

EPS attributable to Old FNF common shareholders - basic	$	(0.04	)	$	0.04		$	(0.08	)
EPS attributable to Old FNF common shareholders - diluted	$	(0.05	)	$	0.04		$	(0.09	)

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

Net (loss) earnings attributable to Old FNF common shareholders	$	(13	)	$	10		$	(23	)

Total non-GAAP, pre-tax adjustments	$	14		$	8		$	6
Ceridian truck stop settlement	34			—			34
Income taxes on non-GAAP adjustments	(18		)	(3		)	(15		)
Noncontrolling interest on non-GAAP adjustments	(3		)	(3		)	—
Total non-GAAP adjustments	27			2			25

Adjusted net earnings attributable to Old FNF common shareholders	$	14		$	12		$	2

Adjusted EPS attributable to Old FNF common shareholders - diluted	$	0.05		$	0.04		$	0.01

Adjusted net earnings attributable to Old FNF common shareholders	$	14		$	12		$	2
Earnings from discontinued operations, net of tax	(13		)	—			(13		)
Non-controlling interests on discontinued operations	5			—			5
Adjusted net earnings (loss) from continuing operations attributable to Old FNF common shareholders	$	6		$	12		$	(6	)

Adjusted EPS from continuing operations attributable to Old FNF common shareholders - diluted	$	0.02		$	0.04		$	(0.02	)

Cash flows used by operations:	$	(7	)

Capital expenditures	33
Free cash flow	$	(40	)

FIDELITY NATIONAL FINANCIAL VENTURES

SUMMARY BALANCE SHEET AND BOOK VALUE SUMMARY

(In millions)



	FNFV June 30, 2015			FNFV December 31, 2014
	(Unaudited)			(Unaudited)
Cash and investment portfolio		$	893		$	1,009
Goodwill		204			206
Total assets		1,739			1,923
Notes payable		221			124
Non-controlling interest		128			137
Total equity and redeemable non-controlling interests		1,291			1,515
Total equity attributable to common shareholders		1,163			1,378



	FNF Core				FNFV		Consolidated June 30, 2015			Consolidated December 31, 2014
	(Unaudited)			(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			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			79
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



Book Value Summary	FNFV June 30, 2015			FNFV December 31, 2014
	Book Value			Book Value
	(Unaudited)			(Unaudited)
Ceridian/Fleetcor		$	527		$	632
American Blue Ribbon Holdings		171			159
J. Alexander's		89			100
Digital Insurance		72			149
Holding Company Cash		207			164
Other		94			111
FNFV Book Value		$	1,160		$	1,315

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 from continuing operations	170			157			13			270			242			28
Earnings from discontinued operations, net of tax	—			—			—			—			—			—
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 loss attributable to common shareholders	$	112		$	109		$	3		$	90		$	103		$	(13	)

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

###

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