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FNF Group$43.54($.66)(1.49%)

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 FNF Reports Fourth Quarter 2017 Diluted EPS from Continuing Operations of $0.88 and Adjusted Diluted EPS from Continuing Operations of $0.60, Pre-Tax Title Margin of 13.4% and Adjusted Pre-Tax Title Margin of 14.7%
   Tuesday, January 30, 2018 4:15:00 PM ET

Fidelity National Financial, Inc. (FNF ), a leading provider of title insurance and transaction services to the real estate and mortgage industries, today reported operating results for the three and twelve-month periods ended December 31, 2017.

-- Total revenue of approximately $2.0 billion in the fourth quarter versus $1.9 billion in the fourth quarter of 2016

-- Fourth quarter net earnings from continuing operations of $246 million and adjusted net earnings from continuing operations of $170 million versus net earnings from continuing operations of $222 million and adjusted net earnings from continuing operations of $182 million for the fourth quarter of 2016

-- Fourth quarter diluted EPS from continuing operations of $0.88 and adjusted diluted EPS from continuing operations of $0.60 versus diluted EPS from continuing operations of $0.80 and adjusted diluted EPS from continuing operations of $0.65 in the fourth quarter of 2016

-- A $93 million credit adjustment was recorded to revalue the net deferred tax liability position given the recent passage of federal tax regulation; this was excluded from both adjusted net earnings and adjusted diluted EPS

-- The fourth quarter of 2016 included a $97 million pre-tax credit recorded to claims loss expense, reducing a redundancy in the reserve for title claim losses balance and making the reserve consistent with the actuarial central estimate; this was excluded from both adjusted net earnings and adjusted diluted EPS

Title

-- Approximately $1.9 billion in total revenue versus the approximately $1.8 billion in total revenue in the fourth quarter of 2016

-- Pre-tax earnings of $248 million and adjusted pre-tax earnings of $273 million versus pre-tax earnings of $360 million and adjusted pre-tax earnings of $292 million in the fourth quarter of 2016

-- Pre-tax title margin of 13.4% and adjusted pre-tax title margin of 14.7% versus pre-tax title margin of 19.5% and adjusted pre-tax title margin of 15.8% in the fourth quarter of 2016

-- Claims loss provision was reduced to 4.5% for the fourth quarter and future quarters, driven by significantly lower title loss payments related to policy years 2009-2016

-- Fourth quarter purchase orders opened and closed increased by 5% and 1%, respectively, versus the fourth quarter of 2016

-- Total commercial revenue of $288 million, a 1% increase over total commercial revenue in the fourth quarter of 2016, driven by a 6% increase in total commercial fee per file and a 4% decrease in closed orders; fourth quarter total commercial open orders increased 1% compared to the prior year; fourth quarter national commercial title revenue of $165 million, a 1% decrease from the fourth quarter of 2016, driven by a 5% increase in the national commercial fee per file and a 5% decrease in closed orders; fourth quarter national commercial open orders increased by 6%

-- Overall fourth quarter average fee per file of $2,425, a 16% increase versus the fourth quarter of 2016

Title Orders

                              Direct Orders Opened *            Direct Orders Closed *
Month                / (% Purchase)                    / (% Purchase)
October 2017                  167,000     61%                   124,000     61%
November 2017                 151,000     60%                   114,000     61%
December 2017                 127,000     59%                   119,000     61%
Fourth Quarter 2017           445,000     60%                   357,000     61%
                              Direct Orders Opened *            Direct Orders Closed *
Month                / (% Purchase)                             / (% Purchase)
October 2016                  181,000     51%                   140,000     50%
November 2016                 159,000     53%                   138,000     49%
December 2016                 134,000     56%                   141,000     52%
Fourth Quarter 2016           474,000     53%                   419,000     51%
* 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 2017 - Total Commercial           46,300         33,200          $288            $8,700
Fourth Quarter 2016 - Total Commercial           45,900         34,700          $285            $8,200
Fourth Quarter 2017 - National Commercial        19,000         12,100          $165            $13,600
Fourth Quarter 2016 - National Commercial        17,900         12,800          $167            $13,000

"The fourth quarter was another strong performance for our title insurance business, as we generated adjusted pre-tax title earnings of $273 million and an adjusted pre-tax title margin of 14.7%," said Chairman William P. Foley, II. "For full-year 2017, we generated more than $1 billion in adjusted pre-tax title earnings and an adjusted pre-tax title margin of 14.5%.

"Overall, 2017 was a very successful strategic year for our company on a number of fronts, as we continued to deploy capital in our ongoing quest to create value for our shareholders. We simplified our corporate structure through the completion of two transactions during the year. We closed the tax-free distribution of Black Knight in September and then the exchange of the FNFV tracking stock for a new Cannae Holdings common stock and subsequent split-off of Cannae Holdings in November.

"We continued to strengthen our title insurance business, acquiring ten title and escrow companies during the year. We also continued building our real estate technology offerings aimed at real estate brokers through the Real Geeks and SkySlope acquisitions and are now focused on integrating our real estate technologies to offer a suite of best of breed technology solutions to our real estate agent customers and further solidify our relationships with this vital group of clients.

"We also devoted $549 million for the repurchase of our outstanding convertible bonds during the year, eliminating the need to issue nearly 12 million shares of FNF common stock if the notes had been converted based on the year-end conversion price.

"Additionally, for the sixth straight year, our board decided to increase our quarterly cash dividend, with our fourth quarter 2017 dividend increasing to $0.27 per share, an 8% increase from the previous quarterly dividend.

"We believe our company is well-positioned as we enter 2018 and we look forward to executing on our business plans and deploying capital to maximize returns for our shareholders."

Conference Call

We will host a call with investors and analysts to discuss fourth quarter 2017 FNF results on Wednesday, January 31, 2018, beginning at 11:30 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 1:30 p.m. Eastern time on January 31, 2018, through February 7, 2018, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 442706.

About Fidelity National Financial, Inc.

Fidelity National Financial, Inc. (FNF ) is a leading provider of title insurance 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. More information about FNF can be found at www.fnf.com.

Use of Non-GAAP Financial Information

Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, the Company has provided non-GAAP financial measures, which it believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include adjusted pre-tax earnings from continuing operations, adjusted pre-tax earnings from continuing operations as a percentage of adjusted revenue (adjusted pre-tax title margin from continuing operations), adjusted net earnings from continuing operations and adjusted EPS from continuing operations.

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; 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; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.

FNF-E

FIDELITY NATIONAL FINANCIAL, INC.
FOURTH QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
                                                                                        Consolidated    Title           Corporate and Other
Three Months Ended
December 31, 2017
Direct title premiums                                                                   $    572        $    572        $      --
Agency title premiums                                                                   695             695             --
Escrow, title related and other fees                                                    668             547             121
Total title and escrow                                                                  1,935           1,814           121
Interest and investment income                                                          38              38              --
Realized gains and losses, net                                                          2               --              2
Total revenue                                                                           1,975           1,852           123
Personnel costs                                                                         638             611             27
Agent commissions                                                                       532             532             --
Other operating expenses                                                                469             362             107
Depreciation and amortization                                                           50              42              8
Claim loss expense                                                                      57              57              --
Interest expense                                                                        9               --              9
Total expenses                                                                          1,755           1,604           151
Pre-tax earnings (loss) from continuing operations                                      $    220        $    248        $      (28)
Non-GAAP adjustments before taxes
Realized (gains) and losses, net                                                        (2)             --              (2)
Purchase price amortization                                                             31              25              6
Spin-off costs                                                                          1               --              1
Total non-GAAP adjustments before taxes                                                 $    30         $    25         $      5
Adjusted pre-tax earnings (loss) from continuing operations                             $    250        $    273        $      (23)
Adjusted pre-tax margin from continuing operations                                      12.7      %     14.7      %     --
Pre-tax earnings (loss) from continuing operations                                      $    220        $    248        $      (28)
Income tax benefit                                                                      (23)            (16)            (7)
Earnings from equity investments                                                        3               3               --
Loss from discontinued operations, net of tax                                           (10)            --              (10)
Non-controlling interests                                                               (2)             1               (3)
Net earnings (loss) attributable to FNF, Inc. common shareholders                       $    238        $    266        $      (28)
Net earnings attributable to FNFV Group common shareholders                             $    (8)        $    --         $      (8)
Net earnings (loss) attributable to FNF Group common shareholders                       $    246        $    266        $      (20)
EPS from continuing operations attributable to FNF, Inc. common shareholders - basic    $    0.90
EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted  $    0.88
FNF, Inc. weighted average shares - basic                                               272
FNF, Inc. weighted average shares - diluted                                             281
FIDELITY NATIONAL FINANCIAL, INC.
FOURTH QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
                                                                                                       Consolidated Title        Corporate and Other
Three Months Ended
December 31, 2017
Net earnings (loss) attributable to FNF, Inc. common shareholders                                      $    238     $    266     $      (28)
Loss from discontinued operations, net of tax                                                          (10)         --           (10)
Non-controlling interests of discontinued operations                                                   (2)          --           (2)
Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders           $    246     $    266     $      (20)
Total non-GAAP, pre-tax adjustments                                                                    $    30      $    25      $      5
Income taxes on non-GAAP adjustments                                                                   (10)         (8)          (2)
Noncontrolling interest on non-GAAP adjustments                                                        (3)          (3)          --
Tax reform                                                                                             (93)         (103)        10
Total non-GAAP adjustments                                                                             $    (76)    $    (89)    $      13
Adjusted net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders  $    170     $    177     $      (7)
Adjusted EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted        $    0.60
Direct orders opened (000’s)                                                                           445          445
Direct orders closed (000’s)                                                                           357          357
Fee per file                                                                                           $    2,425   $    2,425
Actual title claims paid                                                                               $    63      $    63
Cash flows provided by operations                                                                      $    175
Cash flows provided by operations attributable to FNF Group                                            $    183
Cash flows provided by operations attributable to FNFV Group                                           $    (8)
FIDELITY NATIONAL FINANCIAL, INC.
FOURTH QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
                                                                                              Consolidated    Title           Corporate and Other
Three Months Ended
December 31, 2016
Direct title premiums                                                                         $    579        $    579        $      --
Agency title premiums                                                                         692             692             --
Escrow, title related and other fees                                                          621             541             80
Total title and escrow                                                                        1,892           1,812           80
Interest and investment income                                                                32              33              (1)
Realized gains and losses, net                                                                (3)             (1)             (2)
Total revenue                                                                                 1,921           1,844           77
Personnel costs                                                                               596             581             15
Agent commissions                                                                             525             525             --
Other operating expenses                                                                      432             372             60
Depreciation and amortization                                                                 44              39              5
Claim loss credit                                                                             (33)            (33)            --
Interest expense                                                                              16              --              16
Total expenses                                                                                1,580           1,484           96
Pre-tax earnings (loss) from continuing operations                                            $    341        $    360        $      (19)
Non-GAAP adjustments before taxes
Realized (gains) and losses, net                                                              3               1               2
Purchase price amortization                                                                   28              23              5
Claims reserve adjustment                                                                     (97)            (97)            --
Other legal accruals                                                                          5               5               --
Total non-GAAP adjustments before taxes                                                       $    (61)       $    (68)       $      7
Adjusted pre-tax earnings (loss) from continuing operations                                   $    280        $    292        $      (12)
Adjusted pre-tax margin from continuing operations                                            14.6      %     15.8      %     --
Pre-tax earnings (loss) from continuing operations                                            $    341        $    360        $      (19)
Income tax expense (benefit)                                                                  125             135             (10)
Earnings from equity investments                                                              5               4               1
Earnings from discontinued operations, net of tax                                             12              --              12
Non-controlling interests                                                                     10              (1)             11
Net earnings (loss) attributable to FNF, Inc. common shareholders                             $    223        $    230        $      (7)
Net loss attributable to FNFV Group common shareholders                                       $    (8)        $    --         $      (8)
Net earnings attributable to FNF Group common shareholders                                    $    231        $    230        $      1
Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders  $    222        $    230        $      (8)
EPS attributable to FNF, Inc. common shareholders - basic                                     $    0.85
EPS attributable to FNF, Inc. common shareholders - diluted                                   $    0.83
EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted        $    0.80
FNF, Inc. weighted average shares - basic                                                     271
FNF, Inc. weighted average shares - diluted                                                   278
FIDELITY NATIONAL FINANCIAL, INC.
FOURTH QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
                                                                                                       Consolidated Title        Corporate and Other
Three Months Ended
December 31, 2016
Net earnings (loss) attributable to FNF, Inc. common shareholders                                      $    223     $    230     $      (7)
Earnings from discontinued operations, net of tax                                                      12           --           12
Non-controlling interests of discontinued operations                                                   11           --           11
Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders           $    222     $    230     $      (8)
Total non-GAAP, pre-tax adjustments                                                                    $    (61)    $    (68)    $      7
Income taxes on non-GAAP adjustments                                                                   26           28           (2)
Noncontrolling interest on non-GAAP adjustments                                                        (5)          (5)          --
Total non-GAAP adjustments                                                                             $    (40)    $    (45)    $      5
Adjusted net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders  $    182     $    185     $      (3)
Adjusted EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted        $    0.65
Direct orders opened (000’s)                                                                           474          474
Direct orders closed (000’s)                                                                           419          419
Fee per file                                                                                           $    2,091   $    2,091
Actual title claims paid                                                                               $    76      $    76
Cash flows provided by operations                                                                      $    416
Cash flows provided by operations attributable to FNF Group                                            $    372
Cash flows provided by operations attributable to FNFV Group                                           $    44
FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
                                                                                              Consolidated     Title            Corporate and Other
Twelve Months Ended
December 31, 2017
Direct title premiums                                                                         $    2,170       $    2,170       $      --
Agency title premiums                                                                         2,723            2,723            --
Escrow, title related and other fees                                                          2,637            2,181            456
Total title and escrow                                                                        7,530            7,074            456
Interest and investment income                                                                131              131              --
Realized gains and losses, net                                                                2                6                (4)
Total revenue                                                                                 7,663            7,211            452
Personnel costs                                                                               2,460            2,366            94
Agent commissions                                                                             2,089            2,089            --
Other operating expenses                                                                      1,781            1,404            377
Depreciation and amortization                                                                 183              159              24
Claim loss expense                                                                            238              238              --
Interest expense                                                                              48               --               48
Total expenses                                                                                6,799            6,256            543
Pre-tax earnings (loss) from continuing operations                                            $    864         $    955         $      (91)
Non-GAAP adjustments before taxes
Realized (gains) and losses, net                                                              (2)              (6)              4
Management fee                                                                                1                1                --
Purchase price amortization                                                                   113              94               19
Spin-off costs                                                                                4                --               4
Other adjustments                                                                             1                1                --
Total non-GAAP adjustments before taxes                                                       $    117         $    90          $      27
Adjusted pre-tax earnings (loss) from continuing operations                                   $    981         $    1,045       $      (64)
Adjusted pre-tax margin from continuing operations                                            12.8       %     14.5       %     --
Pre-tax earnings (loss) from continuing operations                                            $    864         $    955         $      (91)
Income tax expense (benefit)                                                                  235              274              (39)
Earnings from equity investments                                                              10               10               --
Earnings from discontinued operations, net of tax                                             155              --               155
Non-controlling interests                                                                     23               1                22
Net earnings attributable to FNF, Inc. common shareholders                                    $    771         $    690         $      81
Net earnings attributable to FNFV Group common shareholders                                   $    109         $    --          $      109
Net earnings (loss) attributable to FNF Group common shareholders                             $    662         $    690         $      (28)
Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders  $    639         $    690         $      (51)
EPS attributable to FNF, Inc. common shareholders - basic                                     $    2.44
EPS attributable to FNF, Inc. common shareholders - diluted                                   $    2.38
EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted        $    2.30
FNF, Inc. weighted average shares - basic                                                     271
FNF, Inc. weighted average shares - diluted                                                   278
FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
                                                                                                       Consolidated Title        Corporate and Other
Twelve Months Ended
December 31, 2017
Net earnings attributable to FNF, Inc. common shareholders                                             $    771     $    690     $      81
Earnings from discontinued operations, net of tax                                                      155          --           155
Non-controlling interests of discontinued operations                                                   23           --           23
Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders           $    639     $    690     $      (51)
Total non-GAAP, pre-tax adjustments                                                                    $    117     $    90      $      27
Income taxes on non-GAAP adjustments                                                                   (39)         (29)         (10)
Noncontrolling interest on non-GAAP adjustments                                                        (13)         (13)         --
Nondeductible income taxes on litigation and regulatory settlements                                    21           21           --
Tax reform                                                                                             (93)         (103)        10
Total non-GAAP adjustments                                                                             $    (7)     $    (34)    $      27
Adjusted net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders  $    632     $    656     $      (24)
Adjusted EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted        $    2.27
Direct orders opened (000’s)                                                                           1,942        1,942
Direct orders closed (000’s)                                                                           1,428        1,428
Fee per file                                                                                           $    2,346   $    2,346
Actual title claims paid                                                                               $    231     $    231
Cash flows provided by operations                                                                      $    737
Cash flows provided by operations attributable to FNF Group                                            $    871
Cash flows provided by operations attributable to FNFV Group                                           $    (134)
FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
                                                                                              Consolidated     Title            Corporate and Other
Twelve Months Ended
December 31, 2016
Direct title premiums                                                                         $    2,097       $    2,097       $      --
Agency title premiums                                                                         2,626            2,626            --
Escrow, title related and other fees                                                          2,416            2,128            288
Total title and escrow                                                                        7,139            6,851            288
Interest and investment income                                                                126              127              (1)
Realized gains and losses, net                                                                (8)              --               (8)
Total revenue                                                                                 7,257            6,978            279
Personnel costs                                                                               2,275            2,214            61
Agent commissions                                                                             1,998            1,998            --
Other operating expenses                                                                      1,648            1,436            212
Depreciation and amortization                                                                 160              148              12
Claim loss expense                                                                            157              157              --
Interest expense                                                                              64               --               64
Total expenses                                                                                6,302            5,953            349
Pre-tax earnings (loss) from continuing operations                                            $    955         $    1,025       $      (70)
Non-GAAP adjustments before taxes
Realized (gains) and losses, net                                                              8                --               8
Purchase price amortization                                                                   97               89               8
Claims reserve adjustment                                                                     (97)             (97)             --
Other legal accruals                                                                          11               11               --
Management fee                                                                                1                1                --
Total non-GAAP adjustments before taxes                                                       $    20          $    4           $      16
Adjusted pre-tax earnings (loss) from continuing operations                                   $    975         $    1,029       $      (54)
Adjusted pre-tax margin from continuing operations                                            13.4       %     14.7       %     --
Pre-tax earnings (loss) from continuing operations                                            $    955         $    1,025       $      (70)
Income tax expense (benefit)                                                                  347              386              (39)
Earnings from equity investments                                                              14               13               1
Earnings from discontinued operations, net of tax                                             70               --               70
Non-controlling interests                                                                     42               (5)              47
Net earnings (loss) attributable to FNF, Inc. common shareholders                             $    650         $    657         $      (7)
Net (loss) earnings attributable to FNFV Group common shareholders                            $    (4)         $    --          $      (4)
Net earnings (loss) attributable to FNF Group common shareholders                             $    654         $    657         $      (3)
Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders  $    627         $    657         $      (30)
EPS attributable to FNF, Inc. common shareholders - basic                                     $    2.40
EPS attributable to FNF, Inc. common shareholders - diluted                                   $    2.34
EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted        $    2.24
FNF, Inc. weighted average shares - basic                                                     272
FNF, Inc. weighted average shares - diluted                                                   280
FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
                                                                                                       Consolidated Title        Corporate and Other
Twelve Months Ended
December 31, 2016
Net earnings (loss) attributable to FNF, Inc. common shareholders                                      $    650     $    657     $      (7)
Earnings from discontinued operations, net of tax                                                      70           --           70
Non-controlling interests of discontinued operations                                                   47           --           47
Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders           $    627     $    657     $      (30)
Total non-GAAP, pre-tax adjustments                                                                    $    20      $    4       $      16
Income taxes on non-GAAP adjustments                                                                   (1)          5            (6)
Noncontrolling interest on non-GAAP adjustments                                                        (17)         (17)         --
Total non-GAAP adjustments                                                                             $    2       $    (8)     $      10
Adjusted net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders  $    629     $    649     $      (20)
Adjusted EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted        $    2.25
Direct orders opened (000’s)                                                                           2,184        2,184
Direct orders closed (000’s)                                                                           1,575        1,575
Fee per file                                                                                           $    2,065   $    2,065
Actual title claims paid                                                                               $    245     $    245
Cash flows provided by operations                                                                      $    1,162
Cash flows provided by operations attributable to FNF Group                                            $    1,081
Cash flows provided by operations attributable to FNFV Group                                           $    81
FIDELITY NATIONAL FINANCIAL, INC.
QUARTERLY OPERATING STATISTICS
(Unaudited)
                                               Q4 2017        Q3 2017        Q2 2017        Q1 2017        Q4 2016        Q3 2016        Q2 2016        Q1 2016
Quarterly Open Orders (’000’s except % data)
Total open orders*                             445            501            524            472            474            616            577            517
Total open orders per day*                     7.2            8.0            8.2            7.6            7.6            9.6            9.0            8.3
Purchase % of open orders                      60         %   62         %   66         %   64         %   53         %   50         %   57         %   55         %
Refinance % of open orders                     40         %   38         %   34         %   36         %   47         %   50         %   43         %   45         %
Total closed orders*                           357            367            370            334            419            433            401            322
Total closed orders per day*                   5.8            5.8            5.8            5.4            6.8            6.8            6.3            5.2
Purchase % of closed orders                    61         %   65         %   67         %   58         %   51         %   54         %   58         %   55         %
Refinance % of closed orders                   39         %   35         %   33         %   42         %   49         %   46         %   42         %   45         %
Commercial (millions, except orders in ’000’s)
Total commercial revenue                       $   288        $   250        $   261        $   224        $   285        $   233        $   244        $   211
Total commercial open orders                   46.3           48.3           50.8           49.4           45.9           50.4           49.9           48.5
Total commercial closed orders                 33.2           33.4           33.6           30.0           34.7           31.9           33.6           30.7
National commercial revenue                    $   165        $   138        $   148        $   127        $   167        $   130        $   144        $   121
National commercial open orders                19.0           19.9           22.0           21.1           17.9           20.4           20.3           19.3
National commercial closed orders              12.1           13.1           13.3           11.2           12.8           11.7           11.6           10.6
Total Fee Per File
Fee per file                                   $   2,425      $   2,368      $   2,428      $   2,148      $   2,091      $   2,015      $   2,116      $   2,032
Residential and local commercial fee per file  $   2,032      $   2,066      $   2,104      $   1,829      $   1,746      $   1,762      $   1,809      $   1,713
Residential fee per file                       $   1,784      $   1,856      $   1,895      $   1,623      $   1,538      $   1,594      $   1,645      $   1,522
Total commercial fee per file                  $   8,700      $   7,500      $   7,800      $   7,500      $   8,200      $   7,300      $   7,300      $   6,900
National commercial fee per file               $   13,600     $   10,500     $   11,100     $   11,300     $   13,000     $   11,100     $   12,400     $   11,400
Total Staffing
Total field operations employees               11,200         11,700         11,300         11,000         11,100         11,400         10,900         10,900
FNTG Only Quarterly Operating Statistics (’000’s except fee per file and staffing)
Total open orders*                             379            434            457            407            395            518            484            429
Total open orders per day*                     6.1            7.0            7.2            6.6            6.4            8.1            7.5            6.9
Purchase % of open orders                      66         %   68         %   72         %   69         %   59         %   55         %   63         %   61         %
Refinance % of open orders                     34         %   32         %   28         %   31         %   41         %   45         %   37         %   39         %
Total closed orders*                           311            325            324            277            352            369            338            265
Total closed orders per day*                   5.0            5.1            5.1            4.5            5.7            5.8            5.3            4.3
Purchase % of closed orders                    66         %   70         %   72         %   63         %   55         %   58         %   63         %   60         %
Refinance % of closed orders                   34         %   30         %   28         %   37         %   45         %   42         %   37         %   40         %
Fee per file                                   $   2,634      $   2,543      $   2,618      $   2,395      $   2,313      $   2,205      $   2,337      $   2,261
Total title field operations employees         10,300         10,800         10,300         9,900          10,000         10,200         9,600          9,700
ServiceLink Only Quarterly Operating Statistics (’000’s except fee per file and staffing)
Revenue (millions)                             $   185        $   184        $   191        $   192        $   198        $   205        $   203        $   195
Total open orders*                             66             67             67             65             79             98             93             87
Total open orders per day*                     1.1            1.0            1.0            1.0            1.2            1.5            1.5            1.4
Purchase % of open orders                      25         %   23         %   25         %   25         %   21         %   17         %   22         %   24         %
Refinance % of open orders                     75         %   77         %   75         %   75         %   79         %   83         %   78         %   76         %
Total closed orders*                           46             42             46             57             67             64             63             57
Total closed orders per day*                   0.8            0.7            0.7            0.9            1.1            1.0            1.0            0.9
Purchase % of closed orders                    22         %   24         %   28         %   30         %   24         %   27         %   27         %   28         %
Refinance % of closed orders                   78         %   76         %   72         %   70         %   76         %   73         %   73         %   72         %
Fee per file                                   $   1,013      $   1,040      $   1,047      $   950        $   932        $   916        $   940        $   972
Total ServiceLink operations employees         900            900            1,000          1,100          1,100          1,200          1,300          1,200
* Includes an immaterial number of non-purchase and non-refinance orders
FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY BALANCE SHEET INFORMATION
(In millions)
                                                       FNF, Inc.       FNF, Inc.
                                                       December 31,    December 31,
                                                       2017            2016
                                                       (Unaudited)         (Unaudited)
Cash and investment portfolio                              $   4,481       $   4,831
Goodwill                                                   2,746           2,555
Title plant                                                398             395
Total assets                                               9,151           14,463
Notes payable                                              759             987
Reserve for title claim losses                             1,490           1,487
Secured trust deposits                                     830             860
Redeemable non-controlling interests                       344             344
Non-redeemable non-controlling interests                   20              902
Total equity and redeemable non-controlling interests      4,811           7,242
Total equity attributable to common shareholders           4,447           5,996

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SOURCE Fidelity National Financial, Inc.

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