Welcome!

.NET Authors: Lori MacVittie, Yeshim Deniz, Ivan Antsipau, Liz McMillan, Michael Bushong

News Feed Item

Fidelity National Financial, Inc. Reports 2nd Quarter 2014 Adjusted Core EPS of $0.47; Adjusted Pre-Tax Title Margin of 14.6%; Black Knight Adjusted EBITDA Margin of 41%; Increased LPS Synergy Target of $315 Million and Reduced Title Claim Loss Expense of

JACKSONVILLE, Fla., July 30, 2014 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries, today reported operating results for the three-month and six-month periods ended June 30, 2014. 

Core Operations

  • Total revenue of approximately $1.7 billion in the second quarter versus $1.6 billion in the second quarter of 2013
  • Second quarter adjusted core diluted EPS of $0.47 versus adjusted core diluted EPS of $0.67 in the second quarter of 2013
  • Adjusted EBITDA of $299 million for the second quarter versus adjusted EBITDA of $248 million for the second quarter of 2013
  • Second quarter core free cash flow provided of $231 million versus $213 million provided in the second quarter of 2013

FNFV

  • Total revenue of $686 million in the second quarter versus $650 million in the second quarter of 2013
  • Adjusted EBITDA of $59 million in the second quarter versus $44 million in the second quarter of 2013
  • Book value of approximately $1.44 billion, or $15.69 per diluted FNFV share

Core Operations

Title

  • Approximately $1.5 billion in total revenue, adjusted pre-tax earnings of $214 million and adjusted pre-tax title margin of 14.6% for the second quarter versus approximately $1.6 billion in total revenue, adjusted pre-tax earnings of $269 million and an adjusted pre-tax title margin of 16.8% in the second quarter of 2013; adjusted pre-tax title margin showed sequential improvement of 910 basis points versus the first quarter of 2014
  • ServiceLink generated $227 million in revenue, adjusted pre-tax earnings of $30 million and an adjusted pre-tax margin of 13.2%, a sequential margin improvement of 850 basis points from the first quarter of 2014
  • Open title orders of 514,000 for the second quarter, a decrease of 158,000, or 24%, compared with the second quarter of 2013; open orders per day of 8,000 for the second quarter versus 10,500 open orders per day for the second quarter of 2013; 60% of second quarter open title orders were purchase related versus 42% in the second quarter of 2013
  • Closed title orders of 342,000 for the second quarter, a decrease of 162,000, or 32%, compared with the second quarter of 2013; closed orders per day of 5,300 for the second quarter versus 7,900 closed orders per day for the second quarter of 2013; 61% of second quarter closed title orders were purchase related versus 40% in the second quarter of 2013
  • Second quarter purchase orders opened increased by 7% and closed orders were flat, respectively, versus the second quarter of 2013; excluding ServiceLink default related purchase orders, purchase orders opened were essentially flat with the prior year
  • Second quarter commercial title revenue of $115 million, a 3% increase from the second quarter of 2013, driven by an 8% improvement in the commercial fee per file slightly offset by a 4% decrease in closed orders; open commercial orders increased by 9% over the prior year
  • Overall second quarter average fee per file of $1,982, a 27% increase over the second quarter of 2013
  • Title claim loss expense reduced to 6% in the second quarter, a 100 basis point reduction from previous 7% level; 6% title claim loss expense expected for remainder of 2014

Black Knight

  • Total revenue of $201 million, a sequential improvement of 7% versus the first quarter of 2014, led by mortgage servicing technology revenue of approximately $122 million
  • Adjusted EBITDA of $84 million and adjusted EBITDA margin of 41.0%, a 510 basis point sequential improvement from the first quarter of 2014

 

Core Operations - Total ($ in millions except per share amounts)



Three Months Ended
June 30, 2014

Three Months Ended

June 30, 2013

Total revenue

$1,673

$1,629

Net earnings

$111

$142

Net earnings per diluted share (283 and 229
diluted shares, respectively)

$0.39

$0.62

LPS related transaction costs

$16

$3

Synergy bonus accrual

$26

-

Purchase price amortization

$30

$3

Premium tax settlement

($8)

-

Legal accrual

$14

$20

Realized gains

-

($8)

Non-controlling interest on non-GAAP adjustments

($27)

-

Tax impact of adjustments

($28)

($6)

Adjusted net earnings

$134

$154

Adjusted net earnings per diluted share

$0.47

$0.67

Free cash flow

$231

$213

 


Six Months Ended 

June 30, 2014

Six Months Ended

June 30, 2013

Total revenue

$3,076

$3,014

Net earnings

$105

$238

Net earnings per diluted share (282 and 230
diluted shares, respectively)

$0.37

$1.03

LPS related transaction costs

$101

$3

Synergy bonus accrual

$58

-

Purchase price amortization

$91

$6

Premium tax settlement

($8)

-

Legal accrual

$16

$20

Realized gains

($2)

($8)

Non-controlling interest on non-GAAP adjustments

($96)

-

Tax impact of adjustments

($85)

($7)

Adjusted net earnings

$180

$252

Adjusted net earnings per diluted share

$0.64

$1.10

Free cash flow

$94

$177




    

Title ($ in millions)




Three Months Ended
June 30, 2014

Three Months Ended

June 30, 2013

Total revenue

$1,466

$1,611

Pre-tax earnings

$181

$273

LPS related transaction costs

$8

-

Synergy bonus accrual

$12

-

Purchase price amortization

$21

$3

Premium tax settlement

($8)

-

Realized gains

-

($7)

Adjusted pre-tax earnings

$214

$269

Adjusted pre-tax margin

14.6%

16.8%





Six Months Ended 

June 30, 2014

Six Months Ended
June 30, 2013

Total revenue

$2,674

$2,986

Pre-tax earnings

$166

$442

LPS related transaction costs

$55

-

Synergy bonus accrual

$25

-

Purchase price amortization

$43

$6

Premium tax settlement

($8)

-

Realized gains

($2)

($7)

Adjusted pre-tax earnings

$279

$441

Adjusted pre-tax margin

10.4%

14.8%




Month

Direct Orders Opened*/
(% Purchase)

Direct Orders Closed*/
(% Purchase)

April 2014

172,000 (60%)

113,000 (59%)

May 2014

170,000 (60%)

112,000 (61%)

June 2014

172,000 (60%)

117,000 (62%)

Second Quarter 2014

514,000 (60%)

342,000 (61%)

 

April 2013

 

244,000 (39%)

 

170,000 (38%)

May 2013

240,000 (40%)

175,000 (40%)

June 2013

188,000 (48%)

159,000 (42%)

Second Quarter 2013

672,000 (42%)

504,000 (40%)

 

*Includes an immaterial number of non-purchase and non-refinance orders






Open Commercial Orders

Closed Commercial Orders

Commercial Revenue

(millions)

Commercial

Fee Per File

2nd Quarter 2014

22,200

11,800

$115

$9,800

2nd Quarter 2013

20,300

12,300

$112

$9,100








- The preceding table only includes commercial activity from FNF's commercial offices in the national commercial division and does not attempt to capture commercial activity in our local offices.

    

Black Knight ($ in millions)




Three Months Ended
June 30, 2014


Total revenue

$201


Pre-tax earnings

$17


Depreciation & amortization

$32


Interest expense

$7


EBITDA

$56


LPS related transaction costs

$8


Other legal matters

$8


Synergy bonus accrual

$12


Adjusted EBITDA

$84


Adjusted EBITDA margin

41.0%






Six Months Ended 

June 30, 2014


Total revenue

$388


Pre-tax loss

($60)


Depreciation & amortization

$93


Interest expense

$15


EBITDA

$48


LPS related transaction costs

$72


Other legal matters

$8


Synergy bonus accrual

$25


Adjusted EBITDA

$153


Adjusted EBITDA margin

38.5%


 

FNFV -Total ($ in millions)




Three Months Ended
June 30, 2014

Three Months Ended

June 30, 2013

Total revenue

$686

$650

Pre-tax earnings

$16

-

Depreciation & amortization

$35

$36

Interest expense

$7

$5

EBITDA

$58

$41

Realized losses

$1

$3

Adjusted EBITDA

$59

$44

Adjusted EBITDA margin

8.6%

6.8%

Free cash flow

$12

$25





Six Months Ended 

June 30, 2014

Six Months Ended

June 30, 2013

Total revenue

$1,372

$1,306

Pre-tax earnings (loss)

$37

($9)

Depreciation & amortization

$66

$70

Interest expense

$13

$12

EBITDA

$116

$73

Remy severance

-

$7

Realized losses

$1

$5

Adjusted EBITDA

$117

$85

Adjusted EBITDA margin

8.5%

6.5%

Free cash flow

($47)

($9)

 

   

Restaurant Group ($ in millions)




Three Months Ended
June 30, 2014

Three Months Ended
June 30, 2013

Operating revenue

$358

$347

Realized losses

($1)

-

Total revenue

$357

$347

Pre-tax earnings 

$7

$5

Depreciation & amortization

$12

$14

Interest expense

$1

$2

EBITDA

$20

$21

Realized losses

$1

-

Adjusted EBITDA

$21

$21

Adjusted EBITDA margin

5.9%

6.1%





Six Months Ended

 June 30, 2014

Six Months Ended 

June 30, 2013




Operating revenue

$712

$701

Realized losses

($1)

($2)

Total revenue

$711

$699

Pre-tax earnings

$16

$5

Depreciation & amortization

$25

$27

Interest expense

$3

$4

EBITDA

$44

$36

Realized losses

$1

$2

Adjusted EBITDA

$45

$38

Adjusted EBITDA margin

6.3%

5.4%

Remy ($ in millions)

Three Months Ended 

June 30, 2014

Three Months Ended
June 30, 2013

Total revenue

$301

$280

Pre-tax earnings

$8

$4

Depreciation & amortization

$19

$19

Interest expense

$6

$3

EBITDA

$33

$26

Realized losses

-

$3

Adjusted EBITDA

$33

$29

Adjusted EBITDA margin

11.0%

10.2%





Six Months Ended 

June 30, 2014

Six Months Ended
June 30, 2013

Total revenue

$603

$565

Pre-tax earnings

$18

$3

Depreciation & amortization

$34

$38

Interest expense

$11

$10

EBITDA

$63

$51

Severance expense

-

$7

Realized losses

-

$3

Adjusted EBITDA

$63

$61

Adjusted EBITDA margin

10.4%

10.7%

 

"This quarter highlighted the potential of our title business when we experience stable order volumes, as we generated a 14.6% pre-tax title margin while operating in a slow recovering purchase environment and a very soft refinance market," said Chairman William P. Foley, II.  "The 14.6% margin approached our normalized pre-tax title margin target of 15%-20%, despite operating in what is arguably less than a normal residential real estate market.  We believe this clearly shows that we are primed to benefit significantly from potential further improvement in the residential purchase market.

"Black Knight had another strong quarter, with revenue of $201 million, a 7% sequential improvement from the first quarter of 2014.  Adjusted EBITDA of $84 million generated a 41% adjusted EBITDA margin, a 510 basis point sequential improvement from the first quarter of 2014.  We remain excited about the recurring nature of the revenue, the market positioning of our product offerings, the significant organic revenue growth opportunities and the strong EBITDA margins that Black Knight brings to FNF.

"The integration of LPS continues to progress well, as we have now realized nearly $275 million of cost synergies on a run-rate basis as of the end of the second quarter. Additionally, we are confident in again increasing our total cost synergy target to $315 million.

"Finally, we distributed the stock of FNFV on June 30, 2014, and it began trading as a separate public company on the NYSE on July 1, 2014.  We are encouraged by the market's significant interest in FNFV and look forward to creating value for FNFV shareholders through the active management of the existing portfolio company investments, the potential monetization of portfolio company investments and future potential add-on or new investments."

Conference Calls
FNF will host a call with investors and analysts to discuss second quarter 2014 results on Thursday, July 31, 2014, beginning at 11:00 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 1:00 p.m. Eastern time on July 31, 2014, through August 7, 2014, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 329754.

FNFV will host a call with investors and analysts to discuss second quarter 2014 results on Thursday, July 31, 2014, beginning at 12:00 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 2:00 p.m. Eastern time on July 31, 2014, through August 7, 2014, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 332182.

About FNF
Fidelity National Financial, Inc. (NYSE: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, LLC and ServiceLink Holdings, LLC.  More information about FNF can be found at www.fnf.com.

About FNFV
Fidelity National Financial Ventures (NYSE:FNFV) is a tracking stock designed to track and reflect the economic and financial performance of FNFV's portfolio company investments.  Those investments include Ceridian Corporation, a human resources and payroll processing company, Comdata, a provider of electronic payment solutions, American Blue Ribbon Holdings, the eighth largest full service restaurant company in the U.S., J. Alexander's, an upscale casual dining company, Remy International, a manufacturer, remanufacturer and distributor of vehicle starters and alternators and Digital Insurance, an employee benefits management company.  FNFV was distributed to FNF shareholders on June 30, 2014.

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), adjusted earnings before interest, taxes and depreciation and amortization (Adjusted EBITDA), adjusted earnings before interest, taxes and depreciation as a percent of adjusted revenue (Adjusted EBITDA margin), adjusted net earnings, adjusted EPS and free cash flow.

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
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, 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; 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.

 

 

FIDELITY NATIONAL FINANCIAL, INC.

SUMMARY OF EARNINGS

(In millions, except order information in 000's)

(Unaudited)








      Three Months Ended


              Six Months Ended


       June 30,


              June 30,


2014


2013


2014


2013

Direct title premiums

$433


$492


$784


$905

Agency title premiums

518


625


922


1,149

  Total title premiums

951


1,117


1,706


2,054

Escrow, title-related and other fees

716


489


1,362


924

  Total title and escrow

1,667


1,606


3,068


2,978

Restaurant revenue

358


347


712


701

Remy revenue

300


284


602


568

Interest and investment income

35


37


65


70

Realized gains and losses

(1)


5


1


3

  Total revenue

2,359


2,279


4,448


4,320









Personnel costs

645


546


1,316


1,065

Other operating expenses

417


366


846


691

Cost of restaurant revenue

303


295


603


597

Cost of Remy revenue (includes $18, $18, $32 and $36 of D&A, respectively)

251


241


505


481

Agent commissions

395


473


702


870

Depreciation and amortization

85


35


203


68

Title claim loss expense

57


79


110


144

Interest expense

38


21


74


44

  Total expenses

2,191


2,056


4,359


3,960









Earnings from continuing operations before taxes

168


223


89


360

Income tax expense

57


72


20


118

Earnings from continuing operations before equity investments

111


151


69


242

Loss from equity investments

(5)


(3)


(36)


(6)

Net earnings from continuing operations

106


148


33


236

Loss from discontinued operations, net of tax

(1)


(3)


(1)


(2)

 Net earnings

105


145


32


234

Non-controlling interests

(10)


7


(61)


6

Net earnings attributable to common shareholders

$115


$138


$93


$228

Earnings per share:








    Net earnings attributable to common shareholders - basic

$0.42


$0.61


$0.34


$1.01

    Net earnings attributable to common shareholders -diluted

$0.41


$0.60


$0.33


$0.99

   

Weighted average shares – basic

275


225


275


225

Weighted average shares – diluted

283


229


282


230









Direct operations orders opened (000's)

514


672


982


1,315

Direct operations orders closed (000's)

342


504


637


991

Fee per file

$1,982


$1,562


$1,924


$1,469

Actual title claims paid

$79


$108


$146


$199












 

 

FIDELITY NATIONAL FINANCIAL, INC.
SECOND QUARTER SEGMENT INFORMATION
(In millions, except order information in 000's)
(Unaudited)























































Three Months Ended



Total






FNF Corporate






Restaurant 


FNFV

June 30, 2014

Consolidated


FNF Core


Title


BKFS


and Other


FNFV


Remy


Group


Other



















Direct Title Premiums

$                   433


$                   433


$                   433


$                        -


$                        -


$                        -


$                        -


$                        -


$                        -

Agency Title Premiums

518


518


518


-


-


-


-


-


-

Escrow, title related and other fees

716


689


482


201


6


27


-


-


27

Total Title and Escrow

1,667


1,640


1,433


201


6


27


-


-


27



















Restaurant revenue

358


-


-


-


-


358


-


358


-

Autoparts revenue

300


-


-


-


-


300


300


-


-

Interest and investment income

35


33


33


-


-


2


1


-


1

Realized gains and losses

(1)


-


-


-


-


(1)


-


(1)


-



















  Total revenue

2,359


1,673


1,466


201


6


686


301


357


28



















Personnel costs

645


588


473


106


9


57


21


17


19

Agent commissions

395


395


395


-


-


-


-


-


-

Other operating expenses

417


382


324


39


19


35


14


17


4

Cost of autoparts revenue

251


-


-


-


-


251


251


-


-

Cost of restaurant revenue

303


-


-


-


-


303


-


303


-

Depreciation and amortization

85


68


36


32


-


17


1


12


4

Claim loss expense

57


57


57


-


-


-


-


-


-

Interest expense

38


31


-


7


24


7


6


1


-



















  Total expenses

2,191


1,521


1,285


184


52


670


293


350


27



















Pre-tax earnings from
continuing operations

168


152


181


17


(46)


16


8


7


1



















 Adjusted pre-tax earnings

$                   265


$                   230


$                   214


$                      54


$                    (38)


$                      35


$                      20


$                      12


$                        3

 Adjusted pre-tax margin

11.2%


13.7%


14.6%


26.3%


-


5.1%


6.6%


3.4%


10.7%



















 Adjusted EBITDA 

$                   358


$                   299


$                   229


$                      84


$                    (14)


$                      59


$                      33


$                      21


$                        5

 Adjusted EBITDA margin

15.2%


17.8%


15.6%


41.0%


-


8.6%


11.0%


5.9%


17.9%



















 Open Orders

514


514


514













 Closed Orders

342


342


342













 

 























































Three Months Ended



Total






FNF Corporate






Restaurant 


FNFV

June 30, 2013

Consolidated


FNF Core


Title


BKFS


and Other


FNFV


Remy


Group


Other



















Direct Title Premiums

$                   492


$                   492


$                   492


$                        -


$                       -


$                        -


$                        -


$                        -


$                        -

Agency Title Premiums

625


625


625


-


-


-


-


-


-

Escrow, title related and other fees

489


468


451


-


17


21


-


-


21

Total Title and Escrow

1,606


1,585


1,568


-


17


21


-


-


21










-









Restaurant revenue

347


-


-


-


-


347


-


347


-

Autoparts revenue

284


-


-


-


-


284


284


-


-

Interest and investment income

37


36


36


-


-


1


(1)


-


2

Realized gains and losses

5


8


7


-


1


(3)


(3)


-


-



















  Total revenue

2,279


1,629


1,611


-


18


650


280


347


23



















Personnel costs

546


487


478


-


9


59


19


16


24

Agent commissions

473


473


473


-


-


-


-


-


-

Other operating expenses

366


334


292


-


42


32


12


15


5

Cost of autoparts revenue

241


-


-


-


-


241


241


-


-

Cost of restaurant revenue

295


-


-


-


-


295


-


295


-

Depreciation and amortization

35


17


16


-


1


18


1


14


3

Claim loss expense

79


79


79


-


-


-


-


-


-

Interest expense

21


16


-


-


16


5


3


2


-



















  Total expenses

2,056


1,406


1,338


-


68


650


276


342


32



















Pre-tax earnings from continuing operations

223


223


273


-


(50)


-


4


5


(9)



















 Adjusted pre-tax earnings 

$                   265


$                   241


$                   269


-


$                   (28)


$                      24


$                      22


$                        8


$                      (6)

 Adjusted pre-tax margin 

11.6%


14.8%


16.8%


-


-


3.7%


7.8%


2.3%


-



















 Adjusted EBITDA 

$                   292


$                   248


$                   282


-


$                   (34)


$                      44


$                      29


$                      21


$                      (6)

 Adjusted EBITDA margin 

12.8%


15.2%


17.6%


-


-


6.8%


10.2%


6.1%


-



















 Open Orders

672


672


672













 Closed Orders

504


504


504































 

 

FIDELITY NATIONAL FINANCIAL, INC.
YTD SEGMENT INFORMATION
(In millions, except order information in 000's)
(Unaudited)























































Six Months Ended 



Total






FNF Corporate






Restaurant 


FNFV

June 30, 2014

Consolidated


FNF Core


Title


BKFS


and Other


FNFV


Remy


Group


Other



















Direct Title Premiums

$                   784


$                   784


$                   784


$                        -


$                        -


$                        -


$                        -


$                        -


$                        -

Agency Title Premiums

922


922


922


-


-


-


-


-


-

Escrow, title related and other fees

1,362


1,307


905


388


14


55


-


-


55

Total Title and Escrow

3,068


3,013


2,611


388


14


55


-


-


55



















Restaurant revenue

712


-


-


-


-


712


-


712


-

Autoparts revenue

602


-


-


-


-


602


602


-


-

Interest and investment income

65


61


61


-


-


4


1


-


3

Realized gains and losses

1


2


2


-


-


(1)


-


(1)


-



















  Total revenue

4,448


3,076


2,674


388


14


1,372


603


711


58



















Personnel costs

1,316


1,201


939


239


23


115


43


33


39

Agent commissions

702


702


702


-


-


-


-


-


-

Other operating expenses

846


781


682


101


(2)


65


24


31


10

Cost of autoparts revenue

505


-


-


-


-


505


505


-


-

Cost of restaurant revenue

603


-


-


-


-


603


-


603


-

Depreciation and amortization

203


169


75


93


1


34


2


25


7

Claim loss expense

110


110


110


-


-


-


-


-


-

Interest expense

74


61


-


15


46


13


11


3


(1)



















  Total expenses

4,359


3,024


2,508


448


68


1,335


585


695


55



















Pre-tax earnings from continuing operations

89


52


166


(60)


(54)


37


18


16


3



















 Adjusted pre-tax earnings

$                   381


$                   308


$                   279


$                      93


$                    (64)


$                      73


$                      41


$                      25


$                        7

Adjusted pre-tax margin

8.5%


10.0%


10.4%


23.4%


-


5.3%


6.8%


3.5%


12.1%



















 Adjusted EBITDA 

$                   564


$                   447


$                   311


$                   153


$                    (17)


$                   117


$                      63


$                      45


$                        9

 Adjusted EBITDA margin

12.7%


14.5%


11.6%


38.5%


-


8.5%


10.4%


6.3%


15.5%



















 Open Orders

982


982


982













 Closed Orders

637


637


637































 

 























































Six Months Ended



Total






FNF Corporate






Restaurant 


FNFV

June 30, 2013

Consolidated


FNF Core


Title


BKFS


and Other


FNFV


Remy


Group


Other



















Direct Title Premiums

$                   905


$                   905


$                   905


$                        -


$                       -


$                        -


$                        -


$                        -


$                        -

Agency Title Premiums

1,149


1,149


1,149


-


-


-


-


-


-

Escrow, title related and other fees

924


884


857


-


27


40


-


-


40

Total Title and Escrow

2,978


2,938


2,911


-


27


40


-


-


40










-









Restaurant revenue

701


-


-


-


-


701


-


701


-

Autoparts revenue

568


-


-


-


-


568


568


-


-

Interest and investment income

70


68


68


-


-


2


-


-


2

Realized gains and losses

3


8


7


-


1


(5)


(3)


(2)


-



















  Total revenue

4,320


3,014


2,986


-


28


1,306


565


699


42



















Personnel costs

1,065


943


929


-


14


122


46


31


45

Agent commissions

870


870


870


-


-


-


-


-


-

Other operating expenses

691


622


569


-


53


69


23


35


11

Cost of autoparts revenue

481


-


-


-


-


481


481


-


-

Cost of restaurant revenue

597


-


-


-


-


597


-


597


-

Depreciation and amortization

68


34


32


-


2


34


2


27


5

Claim loss expense

144


144


144


-


-


-


-


-


-

Interest expense

44


32


-


-


32


12


10


4


(2)



















  Total expenses

3,960


2,645


2,544


-


101


1,315


562


694


59



















Pre-tax earnings from continuing operations

360


369


442


-


(73)


(9)


3


5


(17)



















 Adjusted pre-tax earnings 

$                   433


$                   390


$                   441


-


$                   (51)


$                      43


$                      42


$                      13


$                    (12)

 Adjusted pre-tax margin 

10.0%


12.9%


14.8%


-


-


3.3%


7.4%


1.9%


-



















 Adjusted EBITDA 

$                   535


$                   450


$                   467


-


$                   (17)


$                      85


$                      61


$                      38


$                    (14)

 Adjusted EBITDA margin 

12.4%


14.9%


15.7%


-


-


6.5%


10.7%


5.4%


-



















 Open Orders

1,315


1,315


1,315













 Closed Orders

991


991


991































 

 

FIDELITY NATIONAL FINANCIAL, INC.
QUARTERLY OPERATING STATISTICS
(Unaudited)




Q2 2014

Q1 2014

Q4 2013

Q3 2013

Q2 2013

Q1 2013

Q4 2012

Q3 2012

Q2 2012

Total Quarterly Order Statistics ('000's except % data)











Total open orders*


514

469

392

474

672

643

677

707

667

Total open orders per day*


8.0

7.7

6.2

7.4

10.5

10.5

10.7

11.2

10.4

Purchase % of open orders


60%

55%

55%

56%

42%

38%

32%

33%

38%

Refinance % of open orders


40%

45%

45%

44%

58%

62%

68%

67%

62%

Total closed orders*


342

295

307

410

504

487

518

480

459

Total closed orders per day*


5.3

4.8

4.9

6.4

7.9

8.0

8.2

7.6

7.2

Purchase % of closed orders


61%

52%

56%

50%

40%

31%

33%

37%

40%

Refinance % of closed orders


39%

48%

44%

50%

60%

69%

67%

63%

60%

*Includes an immaterial number of non-purchase and non-refinance orders






















Commercial (millions, except orders in '000's)











Revenue


115

104

146

120

112

88

149

96

103

Open Orders


22.2

19.6

19.3

19.9

20.3

18.7

18.9

18.9

20.3

Closed Orders


11.8

10.2

12.8

12.6

12.3

10.6

13.6

12.2

13.1












Total Fee Per File 











Fee per file


$1,982

$1,858

$2,082

$1,807

$1,562

$1,373

$1,565

$1,467

$1,497












Residential and local commercial fee per file


$1,705

$1,559

$1,676

$1,562

$1,373

$1,219

$1,312

$1,300

$1,310












National commercial fee per file


$9,800

$10,200

$11,400

$9,500

$9,100

$8,300

$10,900

$7,800

$7,900












Total Staffing











Total title field operations employees


10,200

10,300

9,900

10,600

12,000

12,000

11,600

11,300

11,000












FNT Only Quarterly Operating Statistics ('000's except fee per file and staffing)











Total open orders*


403

349

331

391

516

481

497

525

524

Total open orders per day*


6.3

5.7

5.3

6.1

8.1

7.9

7.9

8.3

8.2

Purchase % of open orders


71%

71%

65%

68%

55%

58%

--

--

--

Refinance % of open orders


29%

29%

35%

32%

45%

42%

--

--

--

Total closed orders*


272

219

263

323

387

354

396

381

353

Total closed orders per day*


4.3

3.6

4.2

5.0

6.0

5.8

6.3

6.1

5.5

Purchase % of closed orders


71%

67%

66%

64%

52%

44%

--

--

--

Refinance % of closed orders


29%

33%

34%

36%

48%

56%

--

--

--

Fee per file


2,227

2,151

2,260

2,028

1,747

1,537

1,756

1,602

1,664

Total title field operations employees


8,700

8,600

8,900

9,300

10,100

9,900

9,500

9,400

9,100












ServiceLink Only Quarterly Operating Statistics ('000's except fee per file and staffing)










Total open orders*


111

120

61

83

156

162

180

182

143

Total open orders per day*


1.7

2.0

1.0

1.3

2.4

2.7

2.9

2.9

2.2

Purchase % of open orders


20%

7%

0%

0%

0%

0%

--

--

--

Refinance % of open orders


80%

93%

100%

100%

100%

100%

--

--

--

Total closed orders*


70

76

44

87

117

133

122

99

106

Total closed orders per day*


1.1

1.2

0.7

1.4

1.8

2.2

1.9

1.6

1.7

Purchase % of closed orders


18%

6%

0%

0%

0%

0%

--

--

--

Refinance % of closed orders


82%

94%

100%

100%

100%

100%

--

--

--

Fee per file


1,038

1,009

1,013

989

951

936

946

945

937

Total ServiceLink operations employees


1,500

1,700

970

1,300

1,900

2,100

2,100

1,900

1,900























 

 

FIDELITY NATIONAL FINANCIAL, INC.

SUMMARY BALANCE SHEET INFORMATION

(In millions, except per share amounts)




FNF Core




Intercompany


June 30,


December 31,


FNFV

Eliminations


2014

2013



(unaudited)


(unaudited)


(unaudited)


(unaudited)




Cash & investment portfolio

$4,528


$600


(33)


$5,095


$5,760


Goodwill

4,441


476


-


4,917


1,901


Title plant

395


-


-


395


370


Total assets

12,102


2,774


(33)


14,843


10,524


Notes payable

3,003


373


(33)


3,343


1,323


Reserve for title claims losses

1,661


-


-


1,661


1,636


Secured trust deposits

701


-


-


701


588


Redeemable & Non-redeemable
Noncontrolling interest

624


477


-


1,101


474


Total equity

$5,140


$1,916


-


$7,056


$5,542


Book value per share*

$16.27


$15.69


-




$22.14
























*Book value per share is calculated based on the number of FNF Group and FNFV Group shares outstanding as of June 30, 2014, respectively, and excludes Redeemable and Non-redeemable noncontrolling interest.








 

 

FIDELITY NATIONAL FINANCIAL, INC.

NON-GAAP RECONCILIATIONS

(In millions, except per share amounts)

(unaudited)































Three Months Ended June 30, 2014



Three Months Ended June 30, 2013



















Total


Total 





Total


Total 



Consolidated


FNF Core


FNFV



Consolidated


FNF Core


FNFV















Pre-tax earnings


$             168


$             152


$              16



$             223


$             223


$               -

Interest Expense


38


31


7



21


16


5

Depreciation & amortization


103


68


35



53


17


36

EBITDA


$             309


$             251


$              58



$             297


$             256


$              41















Non-GAAP adjustments before taxes:














Realized (gain) loss, net adjustment


1


-


1



(5)


(8)


3

Deferred revenue adjustment for BKFS


4


4


-



-


-


-

Transaction costs related to acquisition of LPS


9


9


-



3


3


-

Severance costs related to acquisition of LPS


3


3


-



-


-


-

Synergy accrual


26


26


-



-


-


-

Premium tax settlement


(8)


(8)


-








Other legal matters


14


14


-



20


20


-

Purchase price amortization


48


30


18



24


3


21



97


78


19



42


18


24















Adjusted pre-tax earnings


$             265


$             230


$              35



$             265


$             241


$              24

Adjusted pre-tax margin


11.2%


13.7%


5.1%



11.6%


14.8%


3.7%















Adjusted EBITDA


$             358


$             299


$              59



$             292


$             248


$              44

Adjusted EBITDA margin


15.2%


17.8%


8.6%



12.8%


15.2%


6.8%











































Net earnings (loss) attributable to FNF common shareholders


$             115


$             111


$                 4



$             138


$             142


$               (4)

EPS


$            0.41


$            0.39


$           0.01



$            0.60


$            0.62


$         (0.02)















Non-GAAP adjustments:














Realized (gain) loss, net adjustment


1


-


1



(5)


(8)


3

Deferred revenue adjustment for BKFS


4


4


-



-


-


-

Transaction costs related to acquisition of LPS


9


9


-



3


3


-

Severance costs related to acquisition of LPS


3


3


-



-


-


-

Synergy accrual


26


26


-



-


-


-

Premium tax settlement


(8)


(8)


-



-


-


-

Other legal matters


14


14


-



20


20


-

Purchase price amortization


48


30


18



24


3


21

Income taxes on non-GAAP adjustments


(35)


(28)


(7)



(14)


(6)


(8)



62


50


12



28


12


16

Less: noncontrolling interest on non-GAAP adjustments


(33)


(27)


(6)



(5)


-


(5)















Adjusted net earnings attributable to FNF common shareholders


$             144


$             134


$              10



$             161


$             154


$                 7

Adjusted EPS


$            0.51


$            0.47


$           0.04



$            0.70


$            0.67


$           0.03















Net cash flows provided by (used in) operations


$             231


$             198


$              33



$             251


$             211


$              40















Non-GAAP adjustments:














Transaction costs related to acquisition of LPS


4


4


-



3


3

#

-

Synergy bonus payment


31


31


-



-


-


-

Premium tax settlement


15


15


-



-


-


-

Severance costs related to acquisition of LPS


3


3


-



-


-


-

Other legal matters


6


6


-



20


20


-

Adjusted cash flows from operations


290


257


33



274


234


40

Less: Capital expenditures


47


26


21



36


21


15















Free cash flow


$             243


$             231


$              12



$             238


$             213


$              25





























FIDELITY NATIONAL FINANCIAL, INC.

NON-GAAP RECONCILIATIONS

(In millions, except per share amounts)

(unaudited)

















Six Months Ended June 30, 2014



Six Months Ended June 30, 2013



















Total


Total 





Total


Total 



Consolidated


FNF Core


FNFV



Consolidated


FNF Core


FNFV















Pre-tax earnings


$               89


$               52


$              37



$             360


$             369


$               (9)

Interest Expense


74


61


13



44


32


12

Depreciation & amortization


235


169


66



104


34


70

EBITDA


$             398


$             282


$            116



$             508


$             435


$              73















Non-GAAP adjustments before taxes:














Realized (gain) loss, net adjustment


(1)


(2)


1



(3)


(8)


5

Deferred revenue adjustment for BKFS


9


9


-



-


-


-

Transaction costs related to acquisition of LPS


50


50


-



3


3


-

Severance costs related to acquisition of LPS


42


42


-



-


-


-

Other legal matters


16


16


-



20


20


-

Other executive severance


-


-


-



7


-


7

Premium tax settlement


(8)


(8)


-



-


-


-

Synergy accrual


58


58


-



-


-


-

Purchase price amortization


126


91


35



46


6


40



292


256


36



73


21


52















Adjusted pre-tax earnings


$             381


$             308


$              73



$             433


$             390


$              43

Adjusted pre-tax margin


8.5%


10.0%


5.3%



10.0%


12.9%


3.3%















Adjusted EBITDA


$             564


$             447


$            117



$             535


$             450


$              85

Adjusted EBITDA margin


12.7%


14.5%


8.5%



12.4%


14.9%


6.5%











































Net earnings (loss) attributable to FNF common shareholders


$               93


$             105


$             (12)



$             228


$             238


$             (10)

EPS


$            0.33


$            0.37


$         (0.04)



$            0.99


$            1.03


$         (0.04)















Non-GAAP adjustments:














Realized (gain) loss, net adjustment


(1)


(2)


1



(3)


(8)


5

Deferred revenue adjustment for BKFS


9


9


-



-


-


-

Transaction costs related to acquisition of LPS


50


50


-



3


3


-

Severance costs related to acquisition of LPS


42


42


-



-


-


-

Other legal matters


16


16


-



20


20


-

Other executive severance


-


-


-



7


-


7

Premium tax settlement


(8)


(8)


-



-


-


-

Synergy accrual


58


58


-



-


-


-

Purchase price amortization


126


91


35



46


6


40

Ceridian legal settlement, net of tax


21


-


21



-


-


-

Income taxes on non-GAAP adjustments


(98)


(85)


(13)



(25)


(7)


(18)



215


171


44



48


14


34

Less: noncontrolling interest on non-GAAP adjustments


(107)


(96)


(11)



(12)


-


(12)















Adjusted net earnings attributable to FNF common shareholders


$             201


$             180


$              21



$             264


$             252


$              12

Adjusted EPS


$            0.71


$            0.64


$           0.07



$            1.15


$            1.10


$           0.05















Net cash flows provided by (used in) operations


$              (11)


$                  3


$             (14)



$             215


$             190


$              25















Non-GAAP adjustments:














Transaction costs related to acquisition of LPS


45


45


-



3


3


-

Synergy bonus payment


31


31


-



-


-


-

Premium tax settlement


15


15


-



-


-


-

Severance costs related to acquisition of LPS


42


42


-



-


-


-

Other legal matters


8


8


-



20


20


-

Other executive severance payment


-


-


-



7


-


7

Adjusted cash flows from operations


130


144


(14)



245


213


32

Less: Capital expenditures


83


50


33



77


36


41















Free cash flow


$               47


$               94


$             (47)



$             168


$             177


$               (9)















 

SOURCE Fidelity National Financial, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
There will be 50 billion Internet connected devices by 2020. Today, every manufacturer has a propriety protocol and an app. How do we securely integrate these "things" into our lives and businesses in a way that we can easily control and manage? Even better, how do we integrate these "things" so that they control and manage each other so our lives become more convenient or our businesses become more profitable and/or safe? We have heard that the best interface is no interface. In his session at Internet of @ThingsExpo, Chris Matthieu, Co-Founder & CTO at Octoblu, Inc., will discuss how these devices generate enough data to learn our behaviors and simplify/improve our lives. What if we could connect everything to everything? I'm not only talking about connecting things to things but also systems, cloud services, and people. Add in a little machine learning and artificial intelligence and now we have something interesting...
Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
We are reaching the end of the beginning with WebRTC and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) irreversibly encoded. In his session at Internet of @ThingsExpo, Peter Dunkley, Technical Director at Acision, will look at how this identity problem can be solved and discuss ways to use existing web identities for real-time communication.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn real-world benefits of WebRTC and explore future possibilities, as WebRTC and IoT intersect to improve customer service.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, an Open Source Cloud Communications company that helps the shift from legacy IN/SS7 telco networks to IP-based cloud comms. An early investor in multiple start-ups, he still finds time to code for his companies and contribute to open source projects.
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines.
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice services to the modern P2P RTC era of OTT cloud assisted services.
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehension and conference efficiency.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example to explain some of these concepts including when to use different storage models.
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...
Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies, with a focus on the enterprise, industrial, aerospace, and defense industries. Innodisk is dedicated to serving their customers and business partners. Quality is vitally important when it comes to industrial embedded flash and DRAM storage products. That’s why Innodisk manufactures all of their products in their own purpose-built memory production facility. In fact, they designed and built their production center to maximize manufacturing efficiency and guarantee the highest quality of our products.
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. Download Slide Deck: ▸ Here
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
With the iCloud scandal seemingly in its past, Apple announced new iPhones, updates to iPad and MacBook as well as news on OSX Yosemite. Although consumers will have to wait to get their hands on some of that new stuff, what they can get is the latest release of iOS 8 that Apple made available for most in-market iPhones and iPads. Originally announced at WWDC (Apple’s annual developers conference) in June, iOS 8 seems to spearhead Apple’s newfound focus upon greater integration of their products into everyday tasks, cross-platform mobility and self-monitoring. Before you update your device, here is a look at some of the new features and things you may want to consider from a mobile security perspective.