PR Newswire
JACKSONVILLE, Fla., July 19, 2017
JACKSONVILLE, Fla., July 19, 2017 /PRNewswire/ -- Fidelity National Financial, Inc. today reported the operating results for FNFV Group (NYSE: FNFV), a tracking stock established to highlight the inherent value of the portfolio companies of Fidelity National Financial, Inc., for the three and six-month periods ended June 30, 2017.
Restaurant Group
Ceridian HCM
Monetization and Investment Initiatives
"We were excited to monetize One Digital at an attractive price for our shareholders and recognize a pre-tax cash monetization of $331 million," said Chairman William P. Foley, II. "This represented a 4.6x cash on cash multiple on our original equity investment and a 41% IRR. We experienced tremendous growth in One Digital in our 4 1/2 year ownership and are proud of the success the company and FNFV enjoyed together.
"We also made significant progress on the FNFV exchange during the second quarter, with several milestones achieved. We announced the receipt of the private letter ruling on May 10, filed the preliminary Registration Statement on Form S-4 with the SEC on May 11, received comments from the SEC on June 6 and responded to those comments on June 22. We are continuing to work through the SEC review and are in the process of responding to additional comments received on July 14. Once the SEC declares the Registration Statement on S-4 effective, we can mail the proxy to shareholders and then have the shareholder vote, at the earliest, twenty business days after the mailing. We still expect a late third quarter closing for the exchange of the FNFV tracking stock for the new Cannae Holdings common stock that we plan to have trade on the NYSE under the ticker symbol CNNE."
Conference Call
We will host a call with investors and analysts to discuss second quarter 2017 results of FNFV on Thursday, July 20, 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 July 20, 2017, through July 27, 2017, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 426237.
About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. is organized into two groups, FNF Group (NYSE: FNF) and FNFV Group (NYSE: FNFV). FNF is a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. FNF also provides industry-leading mortgage technology solutions and transaction services, including MSP®, the leading residential mortgage servicing technology platform in the U.S., through its majority-owned subsidiaries, Black Knight Financial Services, Inc. and ServiceLink Holdings, LLC. FNFV holds majority and minority equity investment stakes in a number of entities, including American Blue Ribbon Holdings, LLC, Ceridian HCM, Inc. 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), and earnings before interest, taxes and depreciation as a percent of revenue (EBITDA margin).
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 SECOND QUARTER SEGMENT INFORMATION (In millions) (Unaudited) | |||||||||||||
| | | | | | | |||||||
| | Total FNFV | | Restaurant | | FNFV | |||||||
Three Months Ended | | | | ||||||||||
June 30, 2017 | | | | | |||||||||
Operating revenue | | $ | 330 | | | $ | 288 | | | $ | 42 | | |
Interest and investment income | | 1 | | | — | | | 1 | | ||||
Realized gains and losses, net | | 268 | | | (1) | | | 269 | | ||||
Total revenue | | 599 | | | 287 | | | 312 | | ||||
| | | | | | | |||||||
Personnel costs | | 65 | | | 13 | | | 52 | | ||||
Other operating expenses | | 29 | | | 15 | | | 14 | | ||||
Cost of restaurant revenue | | 249 | | | 249 | | | — | | ||||
Depreciation and amortization | | 16 | | | 11 | | | 5 | | ||||
Interest expense | | 3 | | | 1 | | | 2 | | ||||
Total expenses | | 362 | | | 289 | | | 73 | | ||||
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Pre-tax earnings (loss) from continuing operations | | $ | 237 | | | $ | (2) | | | $ | 239 | | |
| | | | | | | |||||||
Income tax expense | | $ | 113 | | | $ | — | | | $ | 113 | | |
Loss from equity investments | | (4) | | | — | | | (4) | | ||||
Non-controlling interests | | (1) | | | (1) | | | — | | ||||
| | | | | | | |||||||
Net earnings (loss) attributable to FNFV common shareholders | | $ | 121 | | | $ | (1) | | | $ | 122 | | |
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EPS attributable to FNFV common shareholders - basic | | $ | 1.83 | | | $ Werbung Mehr Nachrichten zur FNFV Fidelity National Financial Aktie kostenlos abonnieren
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