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 FNFV Reports Fourth Quarter 2016 Results With $916 Million Book Value of Portfolio Company Investments, or $13.78 Per Share; Repurchased Additional 220,000 Shares of Common Stock in Fourth Quarter
   Wednesday, February 01, 2017 4:15:00 PM ET

Fidelity National Financial, Inc. today reported the operating results for FNFV Group (FNFV ), a tracking stock established to highlight the inherent value of the portfolio companies of Fidelity National Financial, Inc., for the three and twelve-month periods ended December 31, 2016.

-- Total revenue of $339 million in the fourth quarter versus $351 million in the fourth quarter of 2015

-- Fourth quarter diluted EPS of ($0.12) versus diluted EPS of ($0.07) in the fourth quarter of 2015

-- Pretax loss of $8 million and adjusted EBITDA of $16 million for the fourth quarter versus pretax loss of $2 million and adjusted EBITDA of $25 million for the fourth quarter of 2015

-- Fourth quarter FNFV net cash flow provided by operations of $44 million and free cash flow provided of $26 million versus net cash flow provided by operations of $21 million and free cash flow provided of $6 million in the fourth quarter of 2015

-- $129 million in holding company cash on December 31, 2016

-- Repurchased 220,000 shares of common stock for approximately $2.7 million in the fourth quarter

-- Since the formation of FNFV in July 2014, more than 26 million shares of FNFV common stock have been repurchased for a total of more than $354 million; approximately 29% of the shares of FNFV common stock distributed in July 2014 have been repurchased

Restaurant Group

-- $298 million in total revenue, pretax loss of $1 million, adjusted EBITDA of $13 million, and an adjusted EBITDA margin of 4.3% for the fourth quarter, versus, approximately $320 million in total revenue, pretax earnings of $3 million, adjusted EBITDA of $25 million, and an adjusted EBITDA margin of 7.6% in the fourth quarter of 2015

-- Same store sales decreased approximately 5% in the fourth quarter, as Ninety Nine same stores sales growth of 0.1% was offset by a 8.3% decline at O’Charley’s, a 4.7% decline at Village Inn and a 4.3% decline at Bakers Square

Ceridian HCM

-- Fourth quarter total revenue of approximately $189 million, a 2.2% increase over the fourth quarter of 2015, pretax loss of $11 million, EBITDA of $25 million and an EBITDA margin of 13%

One Digital

-- Fourth quarter total revenue of nearly $39 million, a 25% increase over the fourth quarter of 2015; pretax earnings of $0.1 million; adjusted EBITDA of nearly $8 million, a 26% increase over the fourth quarter of 2015; fourth quarter adjusted EBITDA margin of more than 20%

Monetization and Investment Initiatives

-- In November, received approximately $37 million from Ceridian due to the release of cash proceeds from the sale of FleetCor shares held in escrow

-- Repurchased 220,000 shares of FNFV common stock for approximately $2.7 million during the fourth quarter

"2016 was an eventful year on both the monetization and investment front for FNFV, " said Chairman William P. Foley, II. "On the monetization side, we completed the sale of our minority interest in Stillwater Insurance in June for gross cash proceeds of $36 million and in November we received approximately $37 million of cash from the sale of FleetCor shares held in escrow. On the investment side, we made a $22 million investment in the debt of Colt Defense in January and added to our ownership position in Del Frisco’s common stock, bringing our total investment to $44 million. In March, we made a $47 million additional capital investment in Ceridian to fund the continued growth of the DayForce product line. We will continue to focus on the growth, financial performance and monetization of our current investments while seeking attractive future investments that will create value for our shareholders.

"We also continued to repurchase our own shares during 2016. In the fourth quarter, we repurchased 220,000 shares for a total cost of approximately $2.7 million, thereby reducing FNFV’s share count to approximately 66.4 million shares. In total for 2016, we repurchased nearly 5.7 million shares for approximately $62 million.

"Finally, in December, we announced a tax-free plan in which we intend to redeem all FNFV tracking stock shares and exchange those for shares of common stock of FNFV. We are working through that process and still expect to complete that exchange in the third quarter of 2017."

Conference Call We will host a call with investors and analysts to discuss fourth quarter 2016 results of FNFV on Thursday, February 2, 2017, beginning at 12:30 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 2:30 p.m. Eastern time on February 2, 2017, through February 9, 2017, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 414839.

About Fidelity National Financial, Inc. Fidelity National Financial, Inc. is organized into two groups, FNF Group (FNF ) and FNFV Group (FNFV ). FNF is a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries. FNF is the nation’s largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. FNF also provides industry-leading mortgage technology solutions and transaction services, including MSP?, the leading residential mortgage servicing technology platform in the U.S., through its majority-owned subsidiaries, Black Knight Financial Services, 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., 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: our ability to successfully achieve the conditions to and consummate the plan to redeem and exchange the FNFV tracking stock with the result being an independent, publicly-traded FNFV common stock; changes in general economic, business and political conditions, including changes in the financial markets; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries.

This press release should be read in conjunction with the press release filed for the results of FNF 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.

FNF-E

FIDELITY NATIONAL FINANCIAL VENTURES
FOURTH QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)
                                                      Total FNFV   Restaurant   FNFV
                                                                   Group        Corporate and
                                                                                Other
Three Months Ended
December 31, 2016
Operating revenue                                     $   344      $   300      $    44
Realized gains and losses, net                        (5)          (2)          (3)
Total revenue                                         339          298          41
Personnel costs                                       44           13           31
Other operating expenses                              27           17           10
Cost of restaurant revenue                            257          257          --
Depreciation and amortization                         17           11           6
Interest expense                                      2            1            1
Total expenses                                        347          299          48
Pre-tax loss from continuing operations               $   (8)      $   (1)      $    (7)
Non-GAAP adjustments before taxes
Realized (gains) and losses, net                      5            2            3
Purchase price amortization                           4            --           4
Total non-GAAP adjustments before taxes               $   9        $   2        $    7
Adjusted pre-tax earnings from continuing operations  $   1        $   1        $    --
Adjusted pre-tax margin from continuing operations    0.3     %    0.3     %    --
Purchase price amortization                           (4)          --           (4)
Depreciation and amortization                         17           11           6
Interest expense                                      2            1            1
Adjusted EBITDA                                       $   16       $   13       $    3
Adjusted EBITDA margin                                4.7     %    4.3     %    6.8       %
FIDELITY NATIONAL FINANCIAL VENTURES
FOURTH QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)
                                                                       Total FNFV    Restaurant    FNFV
                                                                                     Group         Corporate and
                                                                                                   Other
Three Months Ended
December 31, 2016
Pre-tax loss from continuing operations                                $     (8)     $     (1)     $      (7)
Income tax (benefit) expense                                           (6)           1             (7)
Loss from equity investments                                           (7)           --            (7)
Non-controlling interests                                              (1)           (1)           --
Net loss attributable to FNFV common shareholders                      $     (8)     $     (1)     $      (7)
EPS attributable to FNFV common shareholders - basic                   $     (0.12)  $     (0.02)  $      (0.10)
EPS attributable to FNFV common shareholders - diluted                 $     (0.12)  $     (0.02)  $      (0.10)
FNFV weighted average shares - basic                                   66
FNFV weighted average shares - diluted                                 68
Net loss attributable to FNFV common shareholders                      $     (8)     $     (1)     $      (7)
Total non-GAAP, pre-tax adjustments                                    $     9       $     2       $      7
Income taxes on non-GAAP adjustments                                   (4)           --            (4)
Ceridian divestiture (gain) loss                                       2             --            2
Noncontrolling interest on non-GAAP adjustments                        (1)           (1)           --
Total non-GAAP adjustments                                             $     6       $     1       $      5
Adjusted net earnings (loss) attributable to FNFV common shareholders  $     (2)     $     --      $      (2)
Adjusted EPS attributable to FNFV common shareholders - diluted        $     (0.03)  $     --      $      (0.03)
Cash flows provided by operations:                                     $     44
Capital expenditures                                                   18
Free cash flow                                                         $     26
FIDELITY NATIONAL FINANCIAL VENTURES
FOURTH QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)
                                                              Total FNFV                 Restaurant                 FNFV
                                                                                         Group                      Corporate and
                                                                                                                    Other
Three Months Ended
December 31, 2015
Operating revenue                                             $           359            $           328            $           31
Realized gains and losses, net                                (8)                        (8)                        --
Total revenue                                                 351                        320                        31
Personnel costs                                               42                         15                         27
Other operating expenses                                      20                         16                         4
Cost of restaurant revenue                                    274                        274                        --
Depreciation and amortization                                 14                         11                         3
Interest expense                                              3                          1                          2
Total expenses                                                353                        317                        36
Pre-tax (loss) earnings from continuing operations            $           (2)            $           3              $           (5)
Non-GAAP adjustments before taxes
Realized (gains) and losses, net                              8                          8                          --
Purchase price amortization*                                  4                          --                         4
IPO Costs                                                     2                          2                          --
Total non-GAAP adjustments before taxes*                      $           14             $           10             $           4
Adjusted pre-tax earnings (loss) from continuing operations*  $           12             $           13             $           (1)
Adjusted pre-tax margin from continuing operations*           3.3                     %  4.0                     %  --
Purchase price amortization*                                  (4)                        --                         (4)
Depreciation and amortization                                 14                         11                         3
Interest expense                                              3                          1                          2
Adjusted EBITDA                                               $           25             $           25             $           --
Adjusted EBITDA margin                                        7.0                     %  7.6                     %  --
*         Total FNFV and Restaurant Group amounts reflect a correction to previously reported Restaurant Group figures related to purchase price
amortization
FIDELITY NATIONAL FINANCIAL VENTURES
FOURTH QUARTER SEGMENT INFORMATION
(In millions)
(Unaudited)
                                                                        Total FNFV                         Restaurant                         FNFV
                                                                                                           Group                              Corporate and
                                                                                                                                              Other
Three Months Ended
December 31, 2015
Pre-tax (loss) earnings from continuing operations                      $                (2)               $                3                 $                (5)
Income tax (benefit) expense                                            (2)                                (2)                                --
Loss from equity investments                                            (2)                                --                                 (2)
Non-controlling interests                                               3                                  2                                  1
Net (loss) earnings attributable to FNFV common shareholders            $                (5)               $                3                 $                (8)
EPS attributable to FNFV common shareholders - basic                    $                (0.07)            $                0.04              $                (0.11)
EPS attributable to FNFV common shareholders - diluted                  $                (0.07)            $                0.04              $                (0.11)
FNFV weighted average shares - basic                                    73
FNFV weighted average shares - diluted                                  75
Net (loss) earnings attributable to FNFV common shareholders            $                (5)               $                3                 $                (8)
Total non-GAAP, pre-tax adjustments*                                    $                14                $                10                $                4
Income taxes on non-GAAP adjustments*                                   (3)                                (2)                                (1)
Noncontrolling interest on non-GAAP adjustments*                        (4)                                (4)                                --
Total non-GAAP adjustments*                                             $                7                 $                4                 $                3
Adjusted net earnings (loss) attributable to FNFV common shareholders*  $                2                 $                7                 $                (5)
Adjusted EPS attributable to FNFV common shareholders - diluted*        $                0.03              $                0.09              $                (0.06)
Cash flows provided by operations:                                      $                21
Non-GAAP adjustments:
IPO cost                                                                2
Total Non-GAAP adjustments                                              2
Adjusted cash flows from operations                                     23
Capital expenditures                                                    17
Free cash flow                                                          $                6
*         Total FNFV and Restaurant Group amounts reflect a correction to previously reported Restaurant Group figures related to purchase price
amortization
FIDELITY NATIONAL FINANCIAL VENTURES
YTD SEGMENT INFORMATION
(In millions)
(Unaudited)
                                                       Total FNFV                 Restaurant                 FNFV
                                                                                  Group                      Corporate and
                                                                                                             Other
Twelve Months Ended
December 31, 2016
Operating revenue                                      $           1,326          $           1,158          $           168
Interest and investment income                         3                          --                         3
Realized gains and losses, net                         6                          (6)                        12
Total revenue                                          1,335                      1,152                      183
Personnel costs                                        164                        53                         111
Other operating expenses                               107                        67                         40
Cost of restaurant revenue                             984                        984                        --
Depreciation and amortization                          62                         42                         20
Interest expense                                       10                         5                          5
Total expenses                                         1,327                      1,151                      176
Pre-tax earnings from continuing operations            $           8              $           1              $           7
Non-GAAP adjustments before taxes
Realized (gains) and losses, net                       (6)                        6                          (12)
Purchase price amortization*                           17                         1                          16
Max & Erma’s exit/disposal cost                        7                          7                          --
Other expenses                                         1                          1                          --
Total non-GAAP adjustments before taxes*               $           19             $           15             $           4
Adjusted pre-tax earnings from continuing operations*  $           27             $           16             $           11
Adjusted pre-tax margin from continuing operations*    2.0                     %  1.4                     %  6.4                     %
Purchase price amortization*                           (17)                       (1)                        (16)
Depreciation and amortization                          62                         42                         20
Interest expense                                       10                         5                          5
Adjusted EBITDA                                        $           82             $           62             $           20
Adjusted EBITDA margin                                 6.2                     %  5.4                     %  11.7                    %
*         Total FNFV and Restaurant Group amounts reflect a correction to previously reported quarterly Restaurant Group figures related to purchase price
amortization
FIDELITY NATIONAL FINANCIAL VENTURES
YTD SEGMENT INFORMATION
(In millions)
(Unaudited)
                                                                  Total FNFV                           Restaurant                           FNFV
                                                                                                       Group                                Corporate and
                                                                                                                                            Other
Twelve Months Ended
December 31, 2016
Pre-tax earnings from continuing operations                       $                 8                  $                 1                  $                 7
Income tax (benefit) expense                                      (11)                                 1                                    (12)
Loss from equity investments                                      (23)                                 --                                   (23)
Net (loss) earnings attributable to FNFV common shareholders      $                 (4)                $                 --                 $                 (4)
EPS attributable to FNFV common shareholders - basic              $                 (0.06)             $                 --                 $                 (0.06)
EPS attributable to FNFV common shareholders - diluted            $                 (0.06)             $                 --                 $                 (0.06)
FNFV weighted average shares - basic                              67
FNFV weighted average shares - diluted                            70
Net (loss) earnings attributable to FNFV common shareholders      $                 (4)                $                 --                 $                 (4)
Total non-GAAP, pre-tax adjustments*                              $                 19                 $                 15                 $                 4
Income taxes on non-GAAP adjustments*                             (4)                                  (3)                                  (1)
Ceridian divestiture (gain) loss                                  (2)                                  --                                   (2)
Noncontrolling interest on non-GAAP adjustments*                  (7)                                  (7)                                  --
Total non-GAAP adjustments*                                       $                 6                  $                 5                  $                 1
Adjusted net earnings (loss) attributable to FNFV common          $                 2                  $                 5                  $                 (3)
shareholders*
Adjusted EPS attributable to FNFV common shareholders - diluted*  $                 0.03               $                 0.07               $                 (0.04)
Cash flows provided by operations:                                $                 81
Capital expenditures                                              62
Free cash flow                                                    $                 19
*         Total FNFV and Restaurant Group amounts reflect a correction to previously reported quarterly Restaurant Group figures related to purchase price
amortization
FIDELITY NATIONAL FINANCIAL VENTURES
YTD SEGMENT INFORMATION
(In millions)
(Unaudited)
                                                       Total FNFV                 Restaurant                 FNFV
                                                                                  Group                      Corporate and
                                                                                                             Other
Twelve Months Ended
December 31, 2015
Operating revenue                                      $           1,615          $           1,412          $           203
Interest and investment income                         2                          --                         2
Realized gains and losses, net                         (19)                       (19)                       --
Total revenue                                          1,598                      1,393                      205
Personnel costs                                        157                        65                         92
Other operating expenses                               167                        71                         96
Cost of restaurant revenue                             1,195                      1,195                      --
Depreciation and amortization                          65                         49                         16
Interest expense                                       9                          6                          3
Total expenses                                         1,593                      1,386                      207
Pre-tax earnings (loss) from continuing operations     $           5              $           7              $           (2)
Non-GAAP adjustments before taxes
Realized (gains) and losses, net                       19                         19                         --
Purchase price amortization*                           15                         1                          14
IPO costs                                              9                          9                          --
Total non-GAAP adjustments before taxes*               $           43             $           29             $           14
Adjusted pre-tax earnings from continuing operations*  $           48             $           36             $           12
Adjusted pre-tax margin from continuing operations*    3.0                     %  2.5                     %  5.9                     %
Purchase price amortization*                           (15)                       (1)                        (14)
Depreciation and amortization                          65                         49                         16
Interest expense                                       9                          6                          3
Adjusted EBITDA                                        $           107            $           90             $           17
Adjusted EBITDA margin                                 6.6                     %  6.4                     %  8.3                     %
*         Total FNFV and Restaurant Group amounts reflect a correction to previously reported Restaurant Group figures related to purchase price
amortization
FIDELITY NATIONAL FINANCIAL VENTURES
YTD SEGMENT INFORMATION
(In millions)
(Unaudited)
                                                                  Total FNFV                Restaurant                FNFV
                                                                                            Group                     Corporate and
                                                                                                                      Other
Twelve Months Ended
December 31, 2015
Pre-tax earnings (loss) from continuing operations                $           5             $           7             $           (2)
Income tax benefit                                                (20)                      (2)                       (18)
Loss from equity investments                                      (22)                      --                        (22)
Non-controlling interests                                         16                        3                         13
Net (loss) earnings attributable to FNFV common shareholders      $           (13)          $           6             $           (19)
EPS attributable to FNFV common shareholders - basic              $           (0.16)        $           0.08          $           (0.24)
EPS attributable to FNFV common shareholders - diluted            $           (0.16)        $           0.08          $           (0.24)
FNFV weighted average shares - basic                              79
FNFV weighted average shares - diluted                            82
Net (loss) earnings attributable to FNFV common shareholders      $           (13)          $           6             $           (19)
Total non-GAAP, pre-tax adjustments*                              $           43            $           29            $           14
Income taxes on non-GAAP adjustments*                             (18)                      (7)                       (11)
Ceridian divestiture loss                                         15                        --                        15
Noncontrolling interest on non-GAAP adjustments*                  (11)                      (11)                      --
Total non-GAAP adjustments*                                       $           29            $           11            $           18
Adjusted net earnings (loss) attributable to FNFV common          $           16            $           17            $           (1)
shareholders*
Adjusted EPS attributable to FNFV common shareholders - diluted*  $           0.20          $           0.21          $           (0.01)
Cash flows provided by operations:                                $           29
Non-GAAP adjustments:
IPO costs                                                         9
Total Non-GAAP adjustments                                        9
Adjusted cash flows from operations                               38
Capital expenditures                                              62
Free cash flow                                                    $           (24)
*         Total FNFV and Restaurant Group amounts reflect a correction to previously reported Restaurant Group figures related to purchase price
amortization
FIDELITY NATIONAL FINANCIAL VENTURES
SUMMARY BALANCE SHEET AND BOOK VALUE SUMMARY
(In millions)
                                                                                       FNFV            FNFV
                                                                                       December 31,    December 31,
                                                                                       2016            2015
                                                                                       (Unaudited)     (Unaudited)
Cash and investment portfolio                                                              $   642          $    735
Goodwill                                                                                   206              188
Total assets                                                                               1,400            1,429
Notes payable                                                                              233              200
Non-controlling interest                                                                   116              114
Total equity and redeemable non-controlling interests                                      1,032            1,083
Total equity attributable to common shareholders                                           916              969
                                                      FNF Group          FNFV          Consolidated    Consolidated
                                                      December 31,       December 31,  December 31,    December 31,
                                                      2016               2016          2016            2015
                                                      (Unaudited)     (Unaudited)      (Unaudited)
Cash and investment portfolio                             $   4,965      $    642          $   5,607        $    5,633
Goodwill                                                  4,859          206               5,065            4,756
Title plant                                               395            --                395              395
Total assets                                              13,063         1,400             14,463           13,931
Notes payable                                             2,513          233               2,746            2,793
Reserve for title claim losses                            1,487          --                1,487            1,583
Secured trust deposits                                    860            --                860              701
Redeemable non-controlling interests                      344            --                344              344
Non-redeemable non-controlling interests                  786            116               902              834
Total equity and redeemable non-controlling               6,210          1,032             7,242            6,932
interests
Total equity attributable to common shareholders          5,080          916               5,996            5,754
Adjusted Book Value Summary                                                            FNFV            FNFV
                                                                                       December 31,    December 31, 2015
                                                                                       2016
                                                                                       (Unaudited)     (Unaudited)
Ceridian/Fleetcor                                                                          $   386          $    363
American Blue Ribbon Holdings                                                              173              169
One Digital                                                                                75               73
Del Frisco’s Restaurant Group                                                              49               34
Holding Company Cash                                                                       129              245
Other                                                                                      104              85
FNFV Book Value                                                                            $   916          $    969
Outstanding FNFV shares                                                                    66.4             72.2
FNFV Book Value per Share                                                                  $   13.78        $    13.43
FIDELITY NATIONAL FINANCIAL, INC.
CONSOLIDATED SUMMARY OF EARNINGS
(In millions)
(Unaudited)
                                                  Three Months Ended              Twelve Months Ended
                                                  December 31, 2016               December 31, 2016
                                                  Consolidated  Core     FNFV     Consolidated Core       FNFV
Direct title premiums                             $    579      $  579   $ --     $    2,097   $  2,097   $  --
Agency title premiums                             692           692      --       2,626        2,626      --
Total title premiums                              1,271         1,271    --       4,723        4,723      --
Escrow, title-related and other fees              910           866      44       3,546        3,378      168
Total title and escrow and other                  2,181         2,137    44       8,269        8,101      168
Restaurant revenue                                300           --       300      1,158        --         1,158
Interest and investment income                    33            33       --       129          126        3
Realized gains and losses, net                    (7)           (2)      (5)      (2)          (8)        6
Total revenue                                     2,507         2,168    339      9,554        8,219      1,335
Personnel costs                                   741           697      44       2,832        2,668      164
Other operating expenses                          505           478      27       1,944        1,837      107
Cost of restaurant revenue                        257           --       257      984          --         984
Agent commissions                                 525           525      --       1,998        1,998      --
Depreciation and amortization                     116           99       17       431          369        62
Title claim loss expense                          (33)          (33)     --       157          157        --
Interest expense                                  34            32       2        136          126        10
Total expenses                                    2,145         1,798    347      8,482        7,155      1,327
Earnings (loss) from continuing operations before 362           370      (8)      1,072        1,064      8
taxes
Income tax expense (benefit)                      127           133      (6)      372          383        (11)
Earnings from continuing operations before equity 235           237      (2)      700          681        19
investments
Earnings (loss) from equity investments           (2)           5        (7)      (8)          15         (23)
Net earnings (loss)                               233           242      (9)      692          696        (4)
Non-controlling interests                         10            11       (1)      42           42         --
Net earnings (loss) attributable to common        $    223      $  231   $ (8)    $    650     $  654     $  (4)
shareholders
Cash flows provided by operations                 416           372      44       1,162        1,081      81
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 224           226      (2)      867          862        5
taxes
Income tax expense (benefit)                      71            73       (2)      290          310        (20)
Earnings from continuing operations before equity 153           153      --       577          552        25
investments
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        $    139      $  144   $ (5)    $    527     $  540     $  (13)
shareholders
Cash flows provided by operations                 278           257      21       951          922        29

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fnfv-reports-fourth-quarter-2016-results-with-916-million-book-value-of-portfolio-company-investments-or-1378-per-share-repurchased-additional-220000-shares-of-common-stock-in-fourth-quarter-300400682.html

SOURCE Fidelity National Financial, Inc.

https://rt.prnewswire.com/rt.gif?NewsItemId=FL02130&Transmission_Id=201702011615PR_NEWS_USPR_____FL02130&DateId=20170201



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