FNF Group Reports Fourth Quarter 2015 Adjusted EPS of $0.55, Adjusted Pre-Tax Title Margin of 13.8%, BKFS Revenue Growth of 8% and BKFS Adjusted EBITDA Margin of 44.9%

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Feb 10, 2016, 04:11 ET

JACKSONVILLE, Fla., Feb. 10, 2016 /PRNewswire/ -- 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 twelve-month periods ended December 31, 2015.

Total revenue of approximately $1.9 billion in the fourth quarter versus $1.7 billion in the fourth quarter of 2014
Adjusted fourth quarter net earnings of $155 million versus adjusted net earnings of $144 million for the fourth quarter of 2014
Adjusted fourth quarter diluted EPS of $0.55 versus adjusted diluted EPS of $0.50 in the fourth quarter of 2014
Fourth quarter free cash flow provided of $184 million versus $167 million provided in the fourth quarter of 2014
Repurchased 2.4 million shares of FNF common stock for approximately $85 million in the fourth quarter; for the full-year 2015, repurchased 5.9 million shares for approximately $214 million

Title

Approximately $1.6 billion in total revenue, adjusted pre-tax earnings of $225 million and adjusted pre-tax title margin of 13.8% for the fourth quarter versus approximately $1.5 billion in total revenue, adjusted pre-tax earnings of $217 million and an adjusted pre-tax title margin of 14.8% in the fourth quarter of 2014
Adjusted pre-tax title margin of 13.8% was a 100 basis point decline from the fourth quarter 2014 adjusted pre-tax title margin of 14.8%
ServiceLink generated $198 million in revenue, adjusted EBITDA of $25 million, an adjusted EBITDA margin of 13%, adjusted pre-tax earnings of $21 million and an adjusted pre-tax margin of 11% for the fourth quarter
Open orders per day of 7,000 for the fourth quarter versus 7,175 open orders per day for the fourth quarter of 2014
Closed orders per day of 5,413 for the fourth quarter versus 5,302 closed orders per day for the fourth quarter of 2014
Fourth quarter purchase orders opened and closed increased by 6% and 9%, respectively, versus the fourth quarter of 2014; for FNTG only (excluding ServiceLink), purchase orders opened and closed both increased by 9% versus the fourth quarter of 2014
Total commercial revenue of $303 million, a 11% increase over total commercial revenue in the fourth quarter of 2014; fourth quarter national commercial title revenue of $183 million, a 10% increase from the fourth quarter of 2014, driven by a 4% improvement in the commercial fee per file and a 6% increase in closed orders; open national commercial orders were essentially flat with the prior year
Overall fourth quarter average fee per file of $2,272, a 7% increase versus the fourth quarter of 2014
Title claims paid of $84 million, an increase of $8 million, or 11%, from the fourth quarter of 2014

Title Orders

	Direct Orders Opened *		Direct Orders Closed *
Month	/ (% Purchase)		/ (% Purchase)
October 2015	167,000	55%	120,000	58%
November 2015	140,000	56%	102,000	57%
December 2015	134,000	54%	119,000	59%

Fourth Quarter 2015	441,000	55%	341,000	58%

	Direct Orders Opened *		Direct Orders Closed *
Month	/ (% Purchase)		/ (% Purchase)
October 2014	176,000	53%	115,000	60%
November 2014	133,000	52%	97,000	56%
December 2014	143,000	51%	122,000	54%

Fourth Quarter 2014	452,000	52%	334,000	57%

* 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*
Fourth Quarter 2015 - Total Commercial		46,300		36,300		$303		$8,300
Fourth Quarter 2014 - Total Commercial		—		—		$274		—

Fourth Quarter 2015 - National Commercial		18,100		13,400		$183		$13,600
Fourth Quarter 2014 - National Commercial		18,100		12,700		$166		$13,100


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

BKFS

Revenue of $238 million, led by Servicing Technology revenue of approximately $162 million
Revenue growth of 8% for the fourth quarter compared to the fourth quarter of 2014, led by strong growth in Closing Insight and Loan Origination Systems
Adjusted EBITDA of $106 million and adjusted EBITDA margin of 44.9%

"This quarter was a strong finish to another successful year for FNF," said Chairman William P. Foley, II. "We generated a 13.8% adjusted pre-tax title margin this quarter and a 14.3% adjusted pre-tax title margin for the full-year 2015. The commercial market remains very strong, with record fourth quarter total commercial revenue of more than $300 million and full-year 2015 total commercial revenue of more than $1 billion. Our open and closed purchase orders, excluding ServiceLink, both grew by 9% in the fourth quarter and for the full-year 2015, open and closed purchase orders grew by 8% and 9%, respectively. Refinance activity declined somewhat throughout the fourth quarter, although with the recent market volatility and decline in rates, refinance volumes have the potential to be more stable than most would have expected as we head into 2016. If we continue to see a strong commercial market, further growth in the purchase market and some level of stability from the refinance market, we believe we can generate an adjusted pre-tax title margin above 15% in 2016.

"Black Knight continued its strong financial performance this quarter, generating 8% revenue growth, $106 million in adjusted EBITDA and a 44.9% adjusted EBITDA margin in the fourth quarter. For the full-year, Black Knight generated revenue growth of 9%, adjusted EBITDA of $409 million and an adjusted EBITDA margin of 44%. FNF's Black Knight ownership stake is currently worth approximately $2.3 billion, or approximately $8 per FNF share. Black Knight's business fundamentals remain strong and we firmly believe that its high single-digit organic revenue growth rate, mid-40's EBITDA margins and predictability of earnings will allow Black Knight to continue to generate value for both its shareholders and FNF shareholders."

Conference Call
We will host a call with investors and analysts to discuss fourth quarter 2015 FNF Group results on Thursday, February 11, 2016, 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 February 11, 2016, through February 18, 2016, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 383828.

About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. is organized into two groups, FNF Group (NYSE: FNF) and FNFV Group (NYSE: FNFV). FNF is a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. FNF also provides industry-leading mortgage technology solutions and transaction services, including MSP®, the leading residential mortgage servicing technology platform in the U.S., through its majority-owned subsidiaries, Black Knight Financial Services, Inc. and ServiceLink Holdings, LLC. FNFV holds majority and minority equity investment stakes in a number of entities, including American Blue Ribbon Holdings, LLC, Ceridian HCM, Inc., Fleetcor Technologies, Inc., Digital Insurance, Inc. and Del Frisco's Restaurant Group, Inc. More information about FNF and FNFV can be found at www.fnf.com.

Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, the Company has provided non-GAAP financial measures, which it believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include earnings before interest, taxes and depreciation and amortization (EBITDA), adjusted earnings before interest, taxes and depreciation and amortization (Adjusted EBITDA), adjusted earnings before interest, taxes and depreciation as a percent of adjusted revenue (Adjusted EBITDA margin), adjusted net earnings, adjusted EPS and free cash flow.

Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings. Further, FNF's non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP measures to related GAAP measures are provided below.

Forward-Looking Statements and Risk Factors

This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions, including changes in the financial markets; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries.

This press release should be read in conjunction with the press release filed for the results of 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-E

FNF GROUP
FOURTH QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
										FNF Group Corporate and Other
	Total FNF Group			Title			BKFS
*Three Months Ended*
*December 31, 2015*
Direct title premiums	$	521		$	521		$	—		$	—
Agency title premiums	592			592			—			—
Escrow, title related and other fees (1)	776			483			238			55
Total title and escrow	1,889			1,596			238			55

Interest and investment income	30			31			—			(1)
Realized gains and losses, net	14			14			—			—
Total revenue	1,933			1,641			238			54

Personnel costs	636			531			93			12
Agent commissions	452			452			—			—
Other operating expenses	437			345			42			50
Depreciation and amortization	90			36			51			3
Claim loss expense	61			61			—			—
Interest expense	31			—			15			16
Total expenses	1,707			1,425			201			81

Pre-tax earnings (loss) from continuing operations	$	226		$	216		$	37		$	(27)

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	$	(14)		$	(14)		$	—		$	—
Deferred revenue add back and management fee	3			—			3			—
Purchase price amortization	46			23			23			—
Total non-GAAP adjustments before taxes	$	35		$	9		$	26		$	—

Adjusted pre-tax earnings (loss) from continuing ops.	$	261		$	225		$	63		$	(27)
Adjusted pre-tax margin from continuing operations	13.6		%	13.8		%	26.1		%	—

Purchase price amortization	(46)			(23)			(23)			—
Depreciation and amortization	90			36			51			3
Interest expense	31			—			15			16

Adjusted EBITDA	$	336		$	238		$	106		$	(8)
Adjusted EBITDA margin	17.5		%	14.6		%	44.9		%	—

ServiceLink non-GAAP reconciliations:
ServiceLink pre-tax loss	$	(5)
Depreciation and amortization	23
ServiceLink EBITDA	18
Management fee / other expenses	7
ServiceLink Adjusted EBITDA	$	25

ServiceLink pre-tax loss	$	(5)
Purchase price amortization	19
Management fee / other expenses	7
ServiceLink adjusted pre-tax earnings	$	21

1. BKFS also reported adjusted revenue of $240 million, which includes $2 million of deferred revenue

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

	Total FNF Group		Title		BKFS		FNF Group Corporate and Other
*Three Months Ended*
*December 31, 2015*
Pre-tax earnings (loss) from continuing operations	$	226	$	216	$	37	$	(27)
Income tax expense (benefit)	73		79		18		(24)
Earnings from equity investments	2		2		—		—
Non-controlling interests	11		1		11		(1)

Net earnings (loss) attributable to FNF Group common shareholders	$	144	$	138	$	8	$	(2)

EPS attributable to FNF Group common shareholders - basic	$	0.52	$	0.50	$	0.03	$	(0.01)
EPS attributable to FNF Group common shareholders - diluted	$	0.51	$	0.49	$	0.03	$	(0.01)

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

Net earnings (loss) attributable to FNF Group common shareholders	$	144	$	138	$	8	$	(2)

Total non-GAAP, pre-tax adjustments	35		9		26		—
Noncontrolling interest on non-GAAP adjustments	(17)		(4)		(13)		—
Income taxes on non-GAAP adjustments	(7)		(2)		(5)		—
Total non-GAAP adjustments	11		3		8		—

Adjusted net earnings (loss) attributable to FNF Group common shareholders	$	155	$	141	$	16	$	(2)

Adjusted EPS attributable to FNF Group common shareholders - diluted	$	0.55	$	0.50	$	0.06	$	(0.01)

Direct orders opened (000's)	441		441
Direct orders closed (000's)	341		341
Fee per file	$	2,272	$	2,272
Actual title claims paid	$	84	$	84

Cash flows provided by operations:	$	236

Capital expenditures	52
Free cash flow	$	184

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

	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
*Three Months Ended*
*December 31, 2014*
Direct title premiums	$	478		$	478		$	—		$	—
Agency title premiums	494			494			—			—
Escrow, title related and other fees	679			461			220			(2)
Total title and escrow	1,651			1,433			220			(2)

Interest and investment income	33			33			—			—
Realized gains and losses, net	4			(4)			—			8
Total revenue	1,688			1,462			220			6

Personnel costs	596			483			107			6
Agent commissions	373			373			—			—
Other operating expenses	371			330			40			1
Depreciation and amortization	83			36			46			1
Claim loss expense	59			59			—			—
Interest expense	29			—			8			21
Total expenses	1,511			1,281			201			29

Pre-tax earnings (loss) from continuing operations	$	177		$	181		$	19		$	(23)

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	(4)			$	4		—			(8)
Deferred revenue add back	3			—			3			—
Severance expense	2			2			—			—
Synergy accrual	6			2			3			1
Merger transaction costs	6			3			3			—
Premium tax settlement	—			—			—			—
Other legal matters	2			1			1			—
Purchase price amortization	46			24			22			—
Payroll Accrual	3			—			3			—
Total non-GAAP adjustments before taxes	$	64		$	36		$	35		$	(7)

Adjusted pre-tax earnings (loss) from continuing operations	$	241		$	217		$	54		$	(30)
Adjusted pre-tax margin from continuing operations	14.3		%	14.8		%	24.2		%	—

Purchase price amortization	(46)			(24)			(22)			—
Depreciation and amortization	83			36			46			1
Interest expense	29			—			8			21

Adjusted EBITDA	$	307		$	229		$	86		$	(8)
Adjusted EBITDA margin	18.2		%	15.6		%	38.6		%	—

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

	Total FNF Group		Title		BKFS		FNF Group Corporate and Other
*Three Months Ended*
*December 31, 2014*
Pre-tax earnings (loss) from continuing operations	$	177	$	181	$	19	$	(23)

Income tax expense	70		63		4		3
Earnings from equity investments	1		1		—		—
Non-controlling interests	8		(2)		10		—

Net earnings (loss) attributable to FNF Group common shareholders	$	100	$	121	$	5	$	(26)

EPS attributable to FNF Group common shareholders - basic	$	0.36	$	0.44	$	0.02	$	(0.09)
EPS attributable to FNF Group common shareholders - diluted	$	0.35	$	0.42	$	0.02	$	(0.09)

FNF Group weighted average shares - basic	276
FNF Group weighted average shares - diluted	286

Net earnings (loss) attributable to FNF Group common shareholders	$	100	$	121	$	5	$	(26)

Total non-GAAP, pre-tax adjustments	64		36		35		(7)
Income taxes on non-GAAP adjustments	(16)		(10)		(9)		3
Noncontrolling interest on non-GAAP adjustments	(4)		(5)		1		—
Total non-GAAP adjustments	44		21		27		(4)

Adjusted net earnings (loss) attributable to FNF Group common shareholders	$	144	$	142	$	32	$	(30)

Adjusted EPS attributable to FNF Group common shareholders - diluted	$	0.50	$	0.50	$	0.11	$	(0.10)

Direct orders opened (000's)	452		452
Direct orders closed (000's)	334		334
Fee per file	$	2,131	$	2,131
Actual title claims paid	$	76	$	76

Cash flows provided by operations:	$	186
Non-GAAP adjustments:
LPS merger transaction costs	8
Other legal expenses	11
Total non-GAAP adjustments	19

Adjusted cash flows from operations	205
Capital expenditures	38
Free cash flow	$	167

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

	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
*Twelve Months Ended*
*December 31, 2015*
Direct title premiums	$	2,009		$	2,009		$	—		$	—
Agency title premiums	2,277			2,277			—			—
Escrow, title related and other fees (1)	3,121			2,005			931			185
Total title and escrow	7,407			6,291			931			185

Interest and investment income	121			123			—			(2)
Realized gains and losses, net	6			14			(5)			(3)
Total revenue	7,534			6,428			926			180

Personnel costs	2,514			2,090			382			42
Agent commissions	1,731			1,731			—			—
Other operating expenses	1,714			1,381			161			172
Depreciation and amortization	345			144			194			7
Claim loss expense	246			246			—			—
Interest expense	122			—			50			72
Total expenses	6,672			5,592			787			293

Pre-tax earnings (loss) from continuing operations	$	862		$	836		$	139		$	(113)

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	(6)			$	(14)		5			3
Deferred revenue add back and management fee	13			2			11			—
Purchase price amortization	183			92			90			1
IPO costs & profits interest acceleration	10			—			10			—
Total non-GAAP adjustments before taxes	$	200		$	80		$	116		$	4

Adjusted pre-tax earnings (loss) from continuing operations	$	1,062		$	916		$	255		$	(109)
Adjusted pre-tax margin from continuing operations	14.1		%	14.3		%	27.1		%	—

Purchase price amortization	(183)			(92)			(90)			(1)
Depreciation and amortization	345			144			194			7
Interest expense	122			—			50			72

Adjusted EBITDA	$	1,346		$	968		$	409		$	(31)
Adjusted EBITDA margin	17.9		%	15.1		%	44.0		%	—

1. BKFS also reported adjusted revenue of $940 million, which includes $9 million of deferred revenue

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

	Total FNF Group		Title		BKFS		FNF Group Corporate and Other
*Twelve Months Ended*
*December 31, 2015*
Pre-tax earnings (loss) from continuing operations	$	862	$	836	$	139	$	(113)

Income tax expense (benefit)	310		305		35		(30)
Earnings from equity investments	6		6		—		—
Non-controlling interests	18		(10)		28		—

Net earnings (loss) attributable to FNF Group common shareholders	$	540	$	547	$	76	$	(83)

EPS attributable to FNF Group common shareholders - basic	$	1.95	$	1.97	$	0.27	$	(0.29)
EPS attributable to FNF Group common shareholders - diluted	$	1.89	$	1.91	$	0.27	$	(0.29)

FNF Group weighted average shares - basic	277
FNF Group weighted average shares - diluted	286

Net earnings (loss) attributable to FNF Group common shareholders	$	540	$	547	$	76	$	(83)

Total non-GAAP, pre-tax adjustments	200		80		116		4
Income taxes on non-GAAP adjustments	(50)		(22)		(26)		(2)
Noncontrolling interest on non-GAAP adjustments	(71)		(23)		(48)		—
Total non-GAAP adjustments	79		35		42		2

Adjusted net earnings (loss) attributable to FNF Group common shareholders	$	619	$	582	$	118	$	(81)

Adjusted EPS attributable to FNF Group common shareholders - diluted	$	2.16	$	2.03	$	0.41	$	(0.28)

Direct orders opened (000's)	2,092		2,092
Direct orders closed (000's)	1,472		1,472
Fee per file	$	2,065	$	2,065
Actual title claims paid	$	285	$	285

Cash flows provided by operations:	$	888
Non-GAAP adjustments:
IPO Cost	4
Management fee	3
Total non-GAAP adjustments	7

Adjusted cash flows from operations	895
Capital expenditures	179
Free cash flow	$	716

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

	Total FNF Group			Title			BKFS			FNF Group Corporate and Other
*Twelve Months Ended*
*December 31, 2014*
Direct title premiums	$	1,727		$	1,727		$	—		$	—
Agency title premiums	1,944			1,944			—			—
Escrow, title related and other fees	2,694			1,855			852			(13)
Total title and escrow	6,365			5,526			852			(13)

Interest and investment income	121			122			—			(1)
Realized gains and losses, net	4			(4)			—			8
Total revenue	6,490			5,644			852			(6)

Personnel costs	2,370			1,896			449			25
Agent commissions	1,471			1,471			—			—
Other operating expenses	1,557			1,370			199			(12)
Depreciation and amortization	336			145			188			3
Claim loss expense	228			228			—			—
Interest expense	122			—			31			91
Total expenses	6,084			5,110			867			107

Pre-tax earnings (loss) from continuing operations	$	406		$	534		$	(15)		$	(113)

Non-GAAP adjustments before taxes
Realized (gain) loss, net adjustment	(4)			4			—			(8)
Deferred revenue add back	13			—			13			—
Severance expense	47			20			27			—
Synergy accrual	73			30			31			12
Merger transaction costs	62			35			53			(26)
Premium tax settlement	(8)			(8)			—			—
Other legal matters	23			1			12			10
Purchase price amortization	183			88			95			—
Payroll Accrual	3			—			3			—
Total non-GAAP adjustments before taxes	$	392		$	170		$	234		$	(12)

Adjusted pre-tax earnings (loss) from continuing operations	$	798		$	704		$	219		$	(125)
Adjusted pre-tax margin from continuing operations	12.3		%	12.5		%	25.3		%	—

Purchase price amortization	(183)			(88)			(95)			—
Depreciation and amortization	336			145			188			3
Interest expense	122			—			31			91

Adjusted EBITDA	$	1,073		$	761		$	343		$	(31)
Adjusted EBITDA margin	16.5		%	13.5		%	39.7		%	—

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

	Total FNF Group		Title		BKFS		FNF Group Corporate and Other
*Twelve Months Ended*
*December 31, 2014*
Pre-tax earnings (loss) from continuing operations	$	406	$	534	$	(15)	$	(113)

Income tax expense (benefit)	162		192		(7)		(23)
Earnings from equity investments	4		4		—		—
Loss from discontinued operations, net of tax	(1)		(1)		—		—
Non-controlling interests	(68)		(42)		(26)		—

Net earnings (loss) attributable to FNF Group common shareholders	$	315	$	387	$	18	$	(90)

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	$	0.52	$	(0.07)	$	(0.08)

EPS attributable to FNF Group common shareholders - basic	$	0.77	$	0.88	$	0.13	$	(0.24)
EPS attributable to FNF Group common shareholders - diluted	$	0.75	$	0.86	$	0.13	$	(0.24)

Old FNF weighted average shares - basic	138
Old FNF weighted average shares - diluted	142

FNF Group weighted average shares - basic	138
FNF Group weighted average shares - diluted	142

Net earnings (loss) attributable to FNF common shareholders *	$	315	$	387	$	18	$	(90)

Total non-GAAP, pre-tax adjustments	392		170		234		(12)
Income taxes on non-GAAP adjustments	(95)		(42)		(58)		5
Noncontrolling interest on non-GAAP adjustments	(123)		(54)		(69)		—
Total non-GAAP adjustments	174		74		107		(7)

Adjusted net earnings (loss) attributable to FNF common shareholders *	$	489	$	461	$	125	$	(97)
Adjusted EPS attributable to FNF common shareholders - diluted *	$	1.72	$	1.62	$	0.44	$	(0.34)
*Adjusted EPS is presented as Old FNF common shareholders and FNF Group common shareholders are combined.

Direct orders opened (000's)	1,914		1,914
Direct orders closed (000's)	1,319		1,319
Fee per file	$	2,014	$	2,014
Actual title claims paid	$	302	$	302

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

*(Continued)*	Total FNF Group		Title	BKFS	FNF Group Corporate and Other
*Twelve Months Ended*
*December 31, 2014*

Cash flows provided by operations:	$	475
Non-GAAP adjustments:
Transaction costs related to acquisition of LPS	54
Severance costs related to acquisition of LPS	47
Synergy bonus payment	67
Premium tax settlement	15
Other legal matters	8
Total non-GAAP adjustments	191

Adjusted cash flows from operations	666
Capital expenditures	124
Free cash flow	$	542

FNF GROUP
QUARTERLY OPERATING STATISTICS
(Unaudited)

	Q4 2015			Q3 2015			Q2 2015			Q1 2015			Q4 2014			Q3 2014			Q2 2014			Q1 2014
Quarterly Open Orders ('000's except % data)
Total open orders*	441			514			560			578			452			481			514			469
Total open orders per day*	7.0			8.0			8.8			9.5			7.1			7.5			8.0			7.7
Purchase % of open orders	55		%	58		%	57		%	47		%	52		%	60		%	60		%	57		%
Refinance % of open orders	45		%	42		%	43		%	53		%	48		%	40		%	40		%	43		%
Total closed orders*	341			378			408			345			334			348			342			295
Total closed orders per day*	5.4			5.9			6.4			5.7			5.3			5.4			5.3			4.8
Purchase % of closed orders	58		%	60		%	54		%	46		%	57		%	62		%	61		%	52		%
Refinance % of closed orders	42		%	40		%	46		%	54		%	43		%	38		%	39		%	48		%

Commercial (millions, except orders in '000's)
Total commercial revenue**	$	303		$	258		$	258		$	208		$	274		$	225		$	183		$	175
Total commercial open orders**	46.3			50.3			50.8			47.8			—			—			—			—
Total commercial closed orders**	36.3			33.0			32.4			29.6			—			—			—			—

National commercial revenue	$	183		$	146		$	150		$	119		$	166		$	136		$	115		$	104
National commercial open orders	18.1			21.0			21.2			20.4			18.1			21.4			22.2			19.6
National commercial closed orders	13.4			12.2			12.5			11.1			12.7			12.8			11.8			10.2

Total Fee Per File
Fee per file	$	2,272		$	2,133		$	2,026		$	1,833		$	2,131		$	2,066		$	1,982		$	1,858
Residential and local commercial fee per file	$	1,806		$	1,805		$	1,711		$	1,538		$	1,699		$	1,739		$	1,750		$	1,559
Residential fee per file	$	1,548		$	1,589		$	1,514		$	1,346		—			—			—			—
Total commercial fee per file**	$	8,300		$	7,800		$	8,000		$	7,200		—			—			—			—
National commercial fee per file	$	13,600		$	12,000		$	12,000		$	10,700		$	13,100		$	10,600		$	9,800		$	10,200

Total Staffing
Total field operations employees	10,700			11,000			10,900			10,400			9,900			10,200			10,200			10,300

FNT Only Quarterly Operating Statistics ('000's except fee per file and staffing)
Total open orders*	360			422			458			456			354			385			403			349
Total open orders per day*	5.7			6.6			7.2			7.5			5.6			6.0			6.3			5.7
Purchase % of open orders	62		%	65		%	65		%	54		%	60		%	69		%	71		%	71		%
Refinance % of open orders	38		%	35		%	35		%	46		%	40		%	31		%	29		%	29		%
Total closed orders*	285			314			334			277			273			282			272			219
Total closed orders per day*	4.5			4.9			5.2			4.5			4.3			4.4			4.3			3.6
Purchase % of closed orders	63		%	66		%	61		%	52		%	63		%	70		%	71		%	67		%
Refinance % of closed orders	37		%	34		%	39		%	48		%	37		%	30		%	29		%	33		%
Fee per file	$	2,521		$	2,364		$	2,264		$	2,055		$	2,382		$	2,306		$	2,227		$	2,151
Total tile field operations employees	9,500			9,700			9,600			9,100			8,700			8,900			8,700			8,600

ServiceLink Only Quarterly Operating Statistics ('000's except fee per file and staffing)
Total Open Orders*	81			92			102			122			98			96			111			120
Total open orders per day*	1.3			1.4			1.6			2.0			1.6			1.5			1.7			2.0
Purchase % of open orders	22		%	23		%	22		%	17			23			23			20			7
Refinance % of open orders	78		%	77		%	78		%	83		%	77		%	77		%	80		%	93		%
Total closed orders	56			64			74			68			61			66			70			76
Total closed orders per day*	0.9			1.0			1.2			1.1			1.0			1.0			1.1			1.2
Purchase % of closed orders	31		%	26		%	21		%	22			26			24			18			6
Refinance % of closed orders	69		%	74		%	79		%	78		%	74		%	76		%	82		%	94		%
Fee per file	$	1,003		$	987		$	958		$	921		$	1,027		$	1,052		$	1,038		$	1,009
Total ServiceLink operating employees	1,200			1,300			1,300			1,300			1,200			1,300			1,500			1,700

* 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

December 31, 2015

FNF Group

December 31, 2014

(Unaudited)

Cash and investment portfolio

4,898

4,360

Goodwill

4,572

4,514

Title plant

395

393

Total assets

12,502

11,926

Notes payable

2,593

2,683

Reserve for title claim losses

1,583

1,621

Secured trust deposits

701

622

Redeemable non-controlling interests

344

715

Non-redeemable non-controlling interests

720

(58)

Total equity and redeemable non-controlling interests

5,849

5,272

Total equity attributable to common shareholders

4,785

4,615

FNF Group
December 31, 2015

FNFV

December 31, 2015

Consolidated

December 31, 2015

Consolidated

December 31, 2014

(Unaudited)

(Unaudited)

Cash and investment portfolio

4,898

735

5,633

5,369

Goodwill

4,572

188

4,760

4,721

Title plant

395

—

395

393

Total assets

12,502

1,429

13,931

13,845

Notes payable

2,593

200

2,793

2,803

Reserve for title claim losses

1,583

—

1,583

1,621

Secured trust deposits

701

—

701

622

Redeemable non-controlling interests

344

—

344

715

Non-redeemable non-controlling interests

720

114

834

Total equity and redeemable non-controlling interests

5,849

1,083

6,932

6,788

Total equity attributable to common shareholders

4,785

969

5,754

5,994

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

	Three Months Ended						Twelve Months Ended
	December 31, 2015						December 31, 2015
	Consolidated		Core		FNFV		Consolidated		Core		FNFV
Direct title premiums	$	521	$	521	$	—	$	2,009	$	2,009	$	—
Agency title premiums	592		592		—		2,277		2,277		—
Total title premiums	1,113		1,113		—		4,286		4,286		—
Escrow, title-related and other fees	807		776		31		3,324		3,121		203
Total title and escrow and other	1,920		1,889		31		7,610		7,407		203

Restaurant revenue	328		—		328		1,412		—		1,412
Interest and investment income	30		30		—		123		121		2
Realized gains and losses, net	6		14		(8)		(13)		6		(19)
Total revenue	2,284		1,933		351		9,132		7,534		1,598

Personnel costs	678		636		42		2,671		2,514		157
Other operating expenses	457		437		20		1,881		1,714		167
Cost of restaurant revenue	274		—		274		1,195		—		1,195
Agent commissions	452		452		—		1,731		1,731		—
Depreciation and amortization	104		90		14		410		345		65
Title claim loss expense	61		61		—		246		246		—
Interest expense	34		31		3		131		122		9
Total expenses	2,060		1,707		353		8,265		6,672		1,593

Earnings (loss) from continuing operations before taxes	224		226		(2)		867		862		5
Income tax expense (benefit)	71		73		(2)		290		310		(20)
Earnings from continuing operations before equity investments	153		153		—		577		552		25
Earnings (loss) from equity investments	—		2		(2)		(16)		6		(22)
Net earnings (loss)	153		155		(2)		561		558		3
Non-controlling interests	14		11		3		34		18		16
Net earnings (loss) attributable to common shareholders	$	139	$	144	$	(5)	$	527	$	540	$	(13)

Cash flows provided by operations	258		236		22		917		888		29

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

	Three Months Ended						Twelve Months Ended
	December 31, 2014						December 31, 2014
	Consolidated		Core		FNFV		Consolidated		Core		FNFV
Direct title premiums	$	478	$	478	$	—	$	1,727	$	1,727	$	—
Agency title premiums	494		494		—		1,944		1,944		—
Total title premiums	972		972		—		3,671		3,671		—
Escrow, title-related and other fees	707		679		28		2,804		2,694		110
Total title and escrow and other	1,679		1,651		28		6,475		6,365		110

Restaurant revenue	381		—		381		1,436		—		1,436
Interest and investment income	33		33		—		126		121		5
Realized gains and losses, net	(7)		4		(11)		(13)		4		(17)
Total revenue	2,086		1,688		398		8,024		6,490		1,534

Personnel costs	652		596		56		2,540		2,370		170
Other operating expenses	396		371		25		1,643		1,557		86
Cost of restaurant revenue	321		—		321		1,220		—		1,220
Agent commissions	373		373		—		1,471		1,471		—
Depreciation and amortization	101		83		18		403		336		67
Title claim loss expense	59		59		—		228		228		—
Interest expense	31		29		2		127		122		5
Total expenses	1,933		1,511		422		7,632		6,084		1,548

Earnings (loss) from continuing operations before taxes	153		177		(24)		392		406		(14)
Income tax expense	233		70		163		312		162		150
(Loss) earnings from continuing operations before equity investments	(80)		107		(187)		80		244		(164)
Earnings from equity investments	475		1		474		432		4		428
Net earnings from continuing operations	395		108		287		512		248		264
Earnings (loss) from discontinued operations, net of tax	8		—		8		7		(1)		8
Net earnings	403		108		295		519		247		272
Non-controlling interests	11		8		3		(64)		(68)		4
Net earnings attributable to common shareholders	$	392	$	100	$	292	$	583	$	315	$	268

Cash flows provided by operations	279		186		93		568		475		93