Fidelity National Financial (FNF) FY2013 results: revenue $7.4 billion, up 11.6% on the year
Fidelity National Financial, Inc. (FNF) reported revenue of $7.4 billion for fiscal 2013, the year ended 31 December 2013, up 11.6% on the year before. Net income was $394 million, down 35.0%, and diluted earnings per share $1.71. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2014.
Revenue
$7.4 billion
+11.6% on the year
FY2008FY2013
Operating margin
8.3%
11.2% a year earlier
FY2008FY2013
Net income
$394 million
-35.0% on the year
FY2008FY2013
Diluted EPS
$1.71
-36.2% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
7,440
6,668
4,800
+11.6%
Operating income
616
746
405
-17.4%
Operating margin
8.3%
11.2%
8.4%
Interest expense
73.0
64.0
57.0
+14.1%
Pre-tax income
616
746
405
-17.4%
Income tax
195
242
131
-19.4%
Effective tax rate
31.7%
32.4%
32.3%
Net income
394
606
370
-35.0%
Net margin
5.3%
9.1%
7.7%
Diluted EPS
$1.71
$2.68
$1.66
-36.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
484
620
110
-21.9%
Capital expenditure
145
79.0
36.0
+83.5%
Free cash flow
339
541
74.0
-37.3%
Free cash flow margin
4.6%
8.1%
1.5%
Cash from investing
-60.0
-310
164
Cash from financing
340
52.0
-205
+553.8%
Depreciation and amortisation
209
103
73.0
+102.9%
Share-based compensation
35.0
27.0
27.0
+29.6%
Buybacks
34.0
38.0
86.0
-10.5%
Dividends paid
153
128
105
+19.5%
Dividend per share
$0.66
$0.58
$0.48
+13.8%
Diluted shares, weighted
235m
226m
223m
+4.0%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
5,068
4,268
3,633
+18.7%
Non-controlling interest
474
481
23.2
-1.5%
Redeemable equity
0.0
0.0
n/a
Deposits
588
528
420
+11.3%
Debt
1,323
1,344
916
-1.6%
Other liabilities
3,071
3,281
2,870
-6.4%
Total liabilities and equity
10,524
9,903
7,862
+6.3%
Fixed assets
645
628
166
+2.7%
Goodwill
1,901
1,908
1,452
-0.4%
Intangible assets
619
650
131
-4.8%
Securities held for sale or to maturity
2,959
3,140
3,200
-5.8%
Cash and equivalents
1,969
1,132
666
+74.0%
Other assets
2,431
2,444
2,247
-0.5%
Total assets
10,524
9,903
7,862
+6.3%
10-K for the year ended 31 December 2013, filed 28 February 2014: the filing.