PR Newswire
JACKSONVILLE, Fla., Oct. 25, 2017
JACKSONVILLE, Fla., Oct. 25, 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 nine-month periods ended September 30, 2017.
Restaurant Group
Ceridian HCM
Monetization and Investment Initiatives
"I am pleased with the success that we achieved this quarter, as we announced two exciting transactions that we believe will create value for our shareholders," said Chairman William P. Foley, II. "The first is T-System, which is a great company with an experienced management team that operates in a very large and fragmented medical documentation and coding market, with a business model that is shifting to a majority of recurring revenue streams. We believe that the documentation business is at an inflection point with a significant near-term organic growth opportunity. We are also confident that we can assist T-System in making multiple acquisitions that can further accelerate future growth while expanding the product and services that the company offers to its customers. Longer term, we see the Healthcare IT and Services sector as an exciting area for investment and growth and see T-System as a platform to take advantage of this opportunity.
"We also announced the merger of our 99 Restaurant and Pub operations with J. Alexander's in a stock for stock combination. Both 99 and J. Alexander's are terrific concepts that have individually generated strong same store sales and impressive financial performance in a challenging environment for the casual dining industry. We believe this combination provides a larger, stronger, better diversified and more formidable player in the casual dining segment.
Mr. Foley concluded, "We made significant progress on the FNFV exchange transaction during the third quarter and have now set a shareholder vote and closing date of November 17, 2017, for the exchange of the FNFV tracking stock for Cannae Holdings common stock. The new Cannae Holdings common stock will trade on the NYSE under the ticker symbol 'CNNE' and it will be a legally separate, stand-alone public company."
Conference Call
We will host a call with investors and analysts to discuss third quarter 2017 results of FNFV on Thursday, October 26, 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 October 26, 2017, through November 1, 2017, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 430330.
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. 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 Cannae Holdings 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 | ||||||||||||
THIRD QUARTER SEGMENT INFORMATION | ||||||||||||
(In millions) | ||||||||||||
(Unaudited) | ||||||||||||
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| | Total FNFV | | Restaurant | | Corporate and | ||||||
Three Months Ended | | | | |||||||||
September 30, 2017 | | | | |||||||||
Operating revenue | | $ | 280 | | | $ | 269 | | | $ | 11 | |
Interest and investment income | | 2 | | | — | | | 2 | | |||
Realized gains and losses, net | | (3) | | | (3) | | | — | | |||
Total revenue | | 279 | | | 266 | | | 13 | | |||
| | | | | | | ||||||
Personnel costs | | 19 | | | 13 | | | 6 | | |||
Other operating expenses | | 25 | | | 16 | | | 9 | | |||
Cost of restaurant revenue | | 243 | | | 243 | | | — | | |||
Depreciation and amortization | | 12 | | | 11 | | | 1 | | |||
Interest expense | | 1 | | | 2 | | | (1) | | |||
Total expenses | | 300 | | | 285 | | | 15 | | |||
| | | | | | | ||||||
Pre-tax loss from continuing operations | | $ | (21) | | | $ | (19) | | | $ | (2) | |
| | | | | | | ||||||
Income tax benefit | | $ | (14) | | | $ | — | | | $ | (14) | |
Loss from equity investments | | (6) | | | — | | | (6) | | |||
Non-controlling interests | | (8) | | | (8) | | | — | | |||
| | | | | | | ||||||
Net (loss) earnings attributable to FNFV common shareholders | | $ | (5) | | | $ | (11) | | | $ | 6 | |
| | | | | | | ||||||
EPS attributable to FNFV common shareholders - basic | | $ Werbung Mehr Nachrichten zur FNFV Fidelity National Financial Aktie kostenlos abonnieren
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