Edited Transcript of FNF earnings conference call or presentation 2.Jul 1.GMTJACKSONVILLE Aug 1.Thomson Street.Events Edited Transcript of Fidelity National Financial Inc earnings conference call or presentation Thursday, July 2.GMT Anthony J.Park.Fidelity National Financial, Inc.CFO and EVPFidelity National Financial, Inc.SVP and Treasurer.Fidelity National Financial, Inc.Apple Inc.MarketWatch.PresidentRaymond R.Quirk.Fidelity National Financial, Inc.CEO and DirectorWilliam P.Piper Jaffray Debt Capital Markets Update Real Estate' title='Piper Jaffray Debt Capital Markets Update Real Estate' />October 3, 2017 Saba Capital Management disclosed in a 13DA filing that it held 8,118,988 shares 13.BlackRock Debt Strategies Fund, Inc.DSU.Find the latest news on car recalls and automobile manufacturers, as well as industry insights from Behind the Wheel, from CNBC.Piper Jaffray Debt Capital Markets Update Real Estate' title='Piper Jaffray Debt Capital Markets Update Real Estate' />Foley.Fidelity National Financial, Inc.Non Executive ChairmanMark C.De.Vries Ladies and gentlemen, thank you for standing by, and welcome to the FNF 2.Second Quarter Earnings Call.Operator Instructions And as a reminder, todays conference call is being recorded.At this time, Id like to turn the conference over to our host, Treasurer, Dan Murphy.Please go ahead.Daniel Kennedy Murphy, Fidelity National Financial, Inc.SVP and Treasurer 2 Thank you, and good morning, everyone, and thanks for joining us for our second quarter 2.Joining me today are our Chairman, Bill Foley CEO, Randy Quirk President, Mike Nolan CFO, Tony Park and EVP, Brent Bickett.Well begin with a brief strategic overview from Bill.Randy will review the title business.And Tony will finish with a review of the financial highlights.Well then open the call up for your questions and finish with some concluding remarks from Bill Foley.This conference call may contain forward looking statements that involve a number of risks and uncertainties.Statements that are not historical facts, including statements about our expectations, hopes, intentions or strategies regarding the future, are forward looking statements.Forward looking statements are based on managements 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, the risks and other factors detailed in our press release dated yesterday and in the statement regarding forward looking information, risk factors and other sections of the companys Form 1.K and other filings with the SEC.This conference call will be available for replay via webcast at fnf.It will also be available through phone replay beginning at 1 3.Eastern Time today through July 2.The replay number is 8.Let me now turn the call over to our Chairman, Bill Foley.William P.Foley, Fidelity National Financial, Inc.Non Executive Chairman 3 Thank you, Dan.The second quarter was another strong performance from our title business as we generated adjusted pretax earnings of 3.I will let Randy go into more detail on the performance of our title business.We also announced 2 acquisitions during the second quarter.The first was Hudson Marshall, a full service auction company and one of the nations top real estate and property auction providers.FNF and H M will partner to further enhance the services FNF can provide to our strong lender, servicer and real estate relationships.Additionally, H M will be powering Service.Link Auction, a full service auction platform that will be fully integrated with Service.Links suite of products and technologies.We also announced the acquisition of Title Guaranty of Hawaii, the oldest title insurance company in the state of Hawaii, which also carries about a 5.Hawaii. 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We have had more than a 3.Title Guaranty, and were excited to welcome them into the FNF family.We also committed to an investment related to CF Corps announced acquisition of Fidelity and Guaranty Life.Our plan is to invest approximately 1.CF Corporation common stock and 1.We have seen a 2.During the second quarter, we continued to repurchase our 4.To date, we have repurchased 1.This eliminates the need to issue approximately 5 million shares of FNF and 1.FNFV common stock if the notes had been converted.There are rules around this type of repurchase which preclude us from seeking to buy further convertible notes in the near term.We made significant progress on the Black Knight distribution during the second quarter with several milestones achieved.We announced the receipt of a private letter ruling on May 1.Black Knight on June 8 filed the preliminary registration statements on Forms S 4 and S 1 with the SEC on June 1.June 2.SEC on July 1.Amendment No.Forms S 1 and S 4 with the SEC on July 1.Once the SEC declares the registration statements on Forms S 1 and S 4 effective, we can mail the proxy to shareholders and then have the shareholder vote, at the earliest, 2.We still expect a third quarter closing for the Black Knight distribution.Let me now turn the call over to Randy Quirk to discuss the title insurance business.Raymond R.Quirk, Fidelity National Financial, Inc.Psycho Beach Party Movie Download on this page.CEO and Director 4 Thank you, Bill.As Bill mentioned, this is another strong quarter for our title operations.The residential purchase market and commercial markets continued to drive our performance in the second quarter as residential open and closed purchase orders increased 6 and 9, respectively, in the quarter, and total commercial revenue grew by 7 versus the second quarter of 2.Overall, we generated 3.Service.Link. We look forward to continuing strong industry leading performance from our title insurance business.For the second quarter, total open orders averaged a consistent 8,2.April at 8,1.May at more than 8,2.June at 8,2.As I mentioned, purchase orders opened per day increased by more than 6 in the second quarter.Total open orders were 7,9.July, and purchase orders opened per day grew by 7 over the first 2 weeks of July in 2.We experienced consistent growth in our direct and agency channels as direct premiums grew by 6 and agency premiums increased by 5 over the second quarter of 2.Direct revenue benefited from a 1.On the agent side, 9.January of 2.We had another strong commercial quarter.Total commercial revenue of 2.National commercial revenue of 1.The total fee per file of 2,4.The increase in the total commercial fee per file also benefited the total fee per file.Let me now turn the call over to Tony Park to review the financial highlights.Anthony J.Park, Fidelity National Financial, Inc.CFO and EVP 5 Thank you, Randy.We generated 2.Black Knight contributing 2.Corporate and Other segment generating 1.CINC revenue.
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