Fidelity National Financial (FNF) Q1 FY2024 earnings: revenue $3.3 billion, up 33.3% on the year

Fidelity National Financial, Inc. (FNF) reported revenue of $3.3 billion for Q1 FY2024, the quarter ended 31 March 2024, up 33.3% on the same quarter a year earlier. Net income was $248 million, and diluted earnings per share $0.91. The figures are the company's own, from the 10-Q it filed with the SEC on 10 May 2024.

Revenue$3.3 billionup 33.3%

Net income$248 million

Diluted EPS$0.91

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	3,299	3,432	n/a	n/a
Operating income	331	-168	n/a	n/a
Operating margin	10.0%	-4.9%	n/a
Interest expense	49.0	45.0	n/a	n/a
Pre-tax income	331	-168	n/a	n/a
Income tax	63.0	-53.0	n/a	n/a
Effective tax rate	19.0%	n/a	n/a
Net income	248	-69.0	n/a	n/a
Net margin	7.5%	-2.0%	n/a
Diluted EPS	$0.91	-$0.25	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	1,591	2,263	n/a	n/a
Cash from investing	-1,096	-3,330	n/a	n/a
Cash from financing	255	625	n/a	n/a
Depreciation and amortisation	167	155	n/a	n/a
Share-based compensation	16.0	17.0	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	130	134	n/a	n/a
Dividend per share	$0.48	n/a	n/a	n/a
Diluted shares, weighted	272m	271m	n/a	n/a
Shares outstanding at period end	273m	273m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	7,125	6,908	n/a	n/a
Non-controlling interest	712	552	n/a	n/a
Debt	3,884	3,887	n/a	n/a
Other liabilities	72,775	69,267	n/a	n/a
Total liabilities and equity	84,496	80,614	n/a	n/a
Fixed assets	167	168	n/a	n/a
Goodwill	5,107	4,830	n/a	n/a
Intangible assets	n/a	4,627	n/a	n/a
Securities held for sale or to maturity	44,566	42,373	n/a	n/a
Loans	5,440	5,336	n/a	n/a
Cash and equivalents	3,517	2,767	n/a	n/a
Other assets	25,699	20,513	n/a	n/a
Total assets	84,496	80,614	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,778	3,432	3,299	3,158	3,603	3,621	2,729	3,635	4,030	4,051	3,226	4,051
Operating income	603	-168	331	458	313	640	111	382	453	451	498	338
Operating margin	22%	-5%	10%	15%	9%	18%	4%	11%	11%	11%	15%	8%
Interest expense	44.0	45.0	49.0	47.0	56.0	57.0	60.0	61.0	n/a	n/a	n/a	n/a
Pre-tax income	603	-168	331	458	313	640	111	382	453	451	498	338
Tax rate	23%	n/a	19%	25%	14%	22%	26%	26%	20%	119%	35%	19%
Net income	426	-69.0	248	306	266	450	83.0	278	358	-117	243	288
Net margin	15%	-2%	8%	10%	7%	12%	3%	8%	9%	-3%	8%	7%
Diluted EPS	$1.57	-$0.25	$0.91	$1.12	$0.97	$1.65	$0.30	$1.02	$1.33	-$0.44	$0.90	$1.08
Operating cash flow	1,076	2,263	1,591	1,363	2,366	1,495	1,115	1,896	1,311	1,506	875	1,871
Buybacks	0.0	0.0	0.0	0.0	0.0	0.0	24.0	154	43.0	30.0	78.0	60.0
Dividends paid	123	134	130	131	130	141	136	135	135	140	140	138
Shares outstanding	272m	273m	273m	273m	274m	275m	275m	272m	271m	271m	269m	268m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 10 May 2024, accession 0001331875-24-000029: the filing on EDGAR. All of Fidelity National Financial, Inc.'s filings: EDGAR company page.

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