FNF - Earnings call transcript Q2 2022 | Fidelity National Financial, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning and welcome to FNF's Second Quarter 2022 Earnings Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the call over to Lisa Foxworthy-Parker, Senior Vice President of Investor and External Relations. Please go ahead.

Lisa Foxworthy-Parker

Great. again, welcome and operator everyone. Thanks,

factors do and Before such not call Securities undertake reminder, events statements which earnings any duty or a include we Litigation performance. forward-looking update do Act Private begin may the statements today's to under refer and future recent the revise most annual reports as could to other discussion and information, We guarantee filings not to that quarterly those Reform events a or projections implied. changes or results materially subsequent new actual our reflect in Please for SEC to strategy. cause from or and of differ expressed

replay the conference be August are website. find also website. reconciliations business be which at certain discussing issued our on measures of available we available on replay these through will metrics telephone Eastern a relevant our X:XX this materials company's webcast fnf.com. the XXXX. is believe assessing also beginning the p.m. press within available Time call will release available on call of and through at today We Today's in earnings XX, Yesterday, It you'll which non-GAAP performance we for be will financial

I'll our discuss conclusion of CEO. our Mike and Chris to turn your the following We addressing call now morning that, questions the Mike. in Tony Blunt, look prepared this Park, me And further detail are F&G's results over CEO; Joining Nolan, CFO; forward with to to remarks.

Mike Nolan

morning. second strong of the set Lisa quarter. and another good results Thank we Overall, had have you, for

revenue of mortgage slowing well quarter. total continues $X.X generated business the Title Our perform having despite to billion in originations,

to deliver Title of adjusted FNF XX% XX. reflects this FNF at on best F&G its in a this shareholders are of complete to strategy to growth the Similarly, fourth pretax crossing history distribution under pretax in dividend of adjusted milestone management quarter total with terms billion in For and $XX ownership continues margin. Title second diversified F&G second And the quarter the revenue, assets June earnings we year. the of track on early result,

is Turning as to on mortgage business. year. commentary our rapidly focusing Title slowing certainly risen mortgage much rates There this have originations

this in quarter which year be refinance volumes bottoming seen the now have the of in second appear decline and of this to started We through last second quarter year. our to

the residential from record experienced levels second we the Additionally, year in volumes have purchase that quarter. ago moderated

quarter April, XX% daily As an in overall XX% closed year. June to compared and second prior in down purchase orders May XX% for were X% the the in in decrease

the commentary the to market. the it in media, housing of easy the Given daily is lose current on U.S. perspective state

of residential one continue to we compared moderate be demand half year, the of in XXXX residential the last year years. purchase markets last will While strongest to to in the still the record expect as seen second levels XX the purchase

buffer to important has volumes which disciplined to management an prior Additionally, strength and per residential approach moderating a on we residential in has in fee continue touch expense home both per commercial has increased will the with and in This the versus strength commercial market combined file purchase purchase market. more to benefit our from year. appreciation XX% X%, moment. provided fee file Notably, our increased the price I

in our more second the per opened to orders Turning X,XXX Total day Title results in averaged quarter. detail.

opened orders X,XXX were day. For month the of per July, total

of for and Refinance prior the from purchase day down of second of down July July the opened for month the opened second orders quarter versus were Looking down orders XX% from XX% and prior the the XXXX year. were month versus Daily XX% per opened type. at the by orders year. of quarter XXXX XX% down

of and per orders commercial lower versus July quarter prior XXXX the the from the of down month X% opened second year. for were day total by Lastly, XX%

For $X.X July, billion, of positive Title was for Overall, decrease were gains compared and with going have into X% per third excluding quarter. the losses, over quarter the recognized revenue seen XXX us a we orders XXXX. second commercial giving total momentum the solid quarter. opened day, Total revenue,

XX% year increase revenue quarter was record with adjusted driven the by compared year. second a For margin down the million and commercial Title offset pretax earnings quarter closed commercial a per XX.X% decrease X% sequential Title quarter, total increased quarter, $XXX of record note, we XX.X% file, by fee of delivered ago partially in in the pretax the adjusted million $XXX which from $XXX from prior million, total although in Of orders. of the

always the adjusting accordingly. our we base and and managing the operations Importantly, opened orders watching closely trend are have, business expense we closed the real-time and by in way

We fourth X% demonstrated over three reducing record economic last a we manage to approximately the as count and began head track of in quarters. the quarter work cycles of margin. count we head have reduced effectively have Title by navigating Title Overall, XXXX

our open closed carefully we rapidly market to watch to continue and will We orders adapt needs. changing as

opportunities attractive our to We advantage industry market Title market leader, business the in agency that at to Title positions sheet balance will As opportunities as and our multiples. also are actively looking share. that acquire at revenue-attached To we businesses and to current increase of we the focus acquisitions. us continue talent end, believe good strong take recruit on growing

We to market-leading investments will make we in extend technology position. ensure maintain and continue to our also

and the add business scalable the user enhance Over expansive innovative to develop in and our to the decade, industry. Title about platform features an service to we We with offerings experience. Experience remain our excited real new last estate technology and created broader have Platform continue inHere

remainder XXX,XXX their XX% quarter. to come third residential it slated now approximately to using in board of has the We the operations, on platform our app deployed real with actively our mobile to agents orders. have And track estate the approximately

Chris and in detail more Turning moment. in will to F&G discuss a which

we at At assets F&G following the ability $XX.X to market five ending capturing billion which expected billion by grow double completed management year-over-year quarter when $XX Second the assets while the the growth. by channels. XX% merger, our quarter of acquisition. under of to ahead to we that sales rose $X.X is organic the with profitably billion, we time their years under stated significantly F&G's original expectations to growing billion expanding through demonstrates $XX acquisition share in distribution two assets to over only new years management

to contributed to this quarter. our XX% F&G Importantly, second adjusted compared quarter as earnings year in ago the XX%

contributions as over under to source will that and to F&G's of management so their primarily As growing as continue We a spread-based F&G's competitive FNF. too advantage steady assets a model provides equity earnings will this retaining view to XX% we businesses earnings continue approximately grow, F&G benefit will of time By benefit that following FNF been and countercyclical also a created. growth our dividend business to their ownership highlighting as to distribution, be has substantial value from Title. while the as well will continue

to Finally, by our thanking I employees. wrap like would up

has team with operations perform experience. and exceptional to Our and a customer continued kept to with providing running well our customers efficiently focus an extremely commitment laser

now to me to Chris turn over the F&G's highlights. Let Blunt call review second quarter

Chris Blunt

Mike. Thanks,

second sales, assets a quarter. management year the June prior sales billion F&G under record of as We up ending billion which boosted of $X.X $X.X During generated group $XX.X retail of to billion from XX. quarter, XX% total the generated

and that expanding higher existing product of with sales meets consumer traction broad rates. needs demand new volume interest range increased a relationships Our reflects a partners, and distribution retail given portfolio from comprehensive

to the agreement similar the markets. the institutional compared issuances in to billion quarter of no million the transactions issuances year we nearly XXXX. into the with Turning second market transfer in year. during quarter, There current were since second $XXX launched of risk were Funding this $X in prior half pension prior

in our be and institutional Although we annual we retail channels pension opportunistic in sales target and institutional agreements, risk than channels. year-over-year in of funding sales more expect growth will lumpier our transfer

toward typically For and industry a an of transfer, deals the risk with we half second pension active maintaining the are year. closing in are the seasonal volumes bias pipeline

Importantly, earnings, we spread items, trends our Adjusting with total income our items regard investment actuarial $XX the primarily quarter the as net With net updates. for assumption pricing. consistent of growth and earnings favorable result with adjusted market line a to basis investment consistent points, approach and $XXX for were F&G's and of deliver net net disciplined earnings XXX across million, was continue quarter notable spread favorable cycles. historical to to varying in net topline million. Adjusted second for included

the guaranteed which in response notable strong quarter. in first to were have Adjusted our annuity $XX fixed by pricing net utilization quarter, We based to our or minimum indexed the continue million environment. in-force benefits second Adjusted $XX our monitor the well business from earned items, well $XX spread prior withdrawal basis new points excluding relative of rate disciplined XXX as AAUM million increase for to assets XX% assumptions and was assumptions conservative in of as our the XXXX changes on as updated in results of book. we both growing will significant return experience year earnings, our driven on for million as compared more half macro an net actions on to assumptions

power Our business of rising in the demonstrate the financial F&G results underlying a particularly rate earnings model, environment.

not the F&G to FNF which continued fourth a efforts updates XX% FNF's confidential transition their allow the remains growth We the potential earnings on stand-alone is the new our of to our book in to on for will this our the flow for cash F&G to the the quarter the of benefit Last a XX dividend FNF in This of its F&G to as help in public approvals. months. thank Form with F&G certainly are to upside on to business of now future while through year, back spin-off. directly company in providing statement vote and track confidence maintaining well to invest like shareholders. track We and value to from platform. dedication. customary registration partial as reinforce a potential from of forward our capitalize of the We has for partnership common further well-positioned in-force of look take significant early to ownership. for the the least, listing public the in and coming and anticipate I'd stock filed investors extraordinary being process public SEC team majority subject our of but see F&G We close milestone transaction as business

will the Park Tony now that, appreciation. sincere review highlights. financial turn my I call have quarter to to over FNF's With second You

Tony Park

generated total revenue Thank quarter. our consolidated you, in with billion second the results. Chris. Starting We in $X.X

million, million in treatment securities including net recognized $XXX recognized the of XXXX. quarter our of investment $XXX are net securities, of earnings of stock net $XXX preferred gains The due period and quarter equity gains the including quarter losses million were each second of in held $XXX in Second the losses in to net earnings recognized net million and or whether continue primarily disposed of mark-to-market portfolio. to be accounting versus were

net total $X.X Excluding net compared losses, $X.X was $X.XX billion of our Adjusted continuing from or share the and recognized operations quarter $XXX in with was diluted per XXXX. as earnings million second $XXX share contributed compared revenue of for and gains loss $XX segment The Title or million. with per adjusted $XXX Corporate an F&G XXXX. of million, contributed the net the million million quarter second segment $X.XX had billion $XXX

segment's highlights. Title the to Turning financial

the Our quarter by XXXX. billion and Title the prior in XX% premiums quarter premiums the second and of of decrease billion decreased XX.X% the losses total the and second expenses decreased costs X%. recognized second operating in an the quarter, generated by the other quarter. decreased Title-related All million quarter, fees Agency excluding in in, adjusted by escrow a business versus compared revenue versus by Personnel record Title $XXX basis Direct other X% of for generated with margin XXX of Title $X.X X% the $X year. decreased decreased versus XX.X% by net XXXX. X% segment year prior points in pretax

short-term portfolio corporate totalled prior million from in to in investments. billion Interest XX. June due XXXX increased compared business Our the quarter, Exchange income Title investment $X.X Corporate year of and the segments investment $XX income Title and as our and increases primarily $XX with at and million

quarterly would moderation help anticipate higher about the each the funds would income in with it put basis Given expect points. after for rate in and Corporate million $X environment, the potential approximately for XXX we XX rising To basis Title portfolio, additional investment income. point Fed in we for some increase perspective,

carried reserve $XX Our our of second for the claim paid were million losses $XX or provision Title lower $XX million the X% actuary than The Title of above central approximately $XX million claims estimate. quarter. million for is

We continue Title for at Title of to provide claims premiums. X.X% total

a real and capital equity other in as in agencies focused intercompany as capital to shareholders into converted we and balanced and shared repurchasing innovation on few wrap dividend thoughts navigate businesses, quarter. quarterly This to F&G, support on and continuing a encompasses me investments organic $XXX ensuring title current shares. liquidity. title with making strategic technology loan Let strategic during evaluate paying initiatives We we up and in to the remain allocation to business, M&A the a our the strategy sensible regard to as environment. With existing in commitments the term expected, opportunities estate-related technology quarters, prior acquisitions, capital million generous funding growth

at in billion $XXX June the XX senior ended target increase growing Going expect with $XXX its mature X.X% to consolidated and earnings, debt holding versus fund sequential XX% is line debt-to-capital September of FNF's to manage quarter unused F&G's with reinsurance billion total quarter. $X.X liquid and forward, level, debt capitalization growth F&G company programs $X.X We ratio capacity. XXXX. to XX adjusted million a to ratio ratings. at was short-term million statutory notes long-term which they and in an the intends of investments XX% with the will cash in that their of continued debt includes June on

annual expense approximately debt is outstanding $XXX on interest Our million.

through $XXX is we paid as During second to of reviewed $XXX our million. quarter, the to increase repurchases expected continues and cash to over view market time remained alternative throughout FNF per the for cash subject million quarterly share excess quarter. uses second and total return sustainable. $X.XX into over current time, share third active and shareholders of dividends common dividend We has The the dividend common flows, and annual of capital conditions. quarter to a

X.XX the X.X of second shares where average million for a million to per quarter, XXXX, of $XXX of we first This a price repurchased compares share. $XX.XX shares quarter During $XXX million total repurchased at the for we total of million. an

returned to through we For repurchases. have almost $XXX and capital common the million of share second quarter, dividends our shareholders

repurchases. year, full prepared the operator through me This turn concludes For common we the returned million to back share for and call $XXX our approximately questions. have our and let dividends now remarks

Operator

DeVries our Mark Instructions] with [Operator first from line comes question the And of Barclays.

MarkDeVries

what that orders are size? about file I'm Could think versus more a about Is and the you're what you talk transaction you looking little down volume to like quarter. If pipeline, XX% trying correctly, I seeing size you in accurate? the guess, seeing transaction indicated heard bit a from in out more on perspective? open XQ? realized are both But to commercial X% figure just I importantly, what per think the in fee I

Mike Nolan

It's Mark. Mike. Sure,

And X%. national. -- falling that only local, question. national Local the bit the the your the help First, orders down between July, they we at are off local and XQ-over-XQ over national was down were said more down XQ-over-XQ, than and were XX% look the correct might commercial answer are down that The were total you a And difference X%. we XX%. for July orders when quarter,

had better And fee mean second national tend strength, half. happen swings per strong you would of marginally really given in the in first you transactions. the I So to in will in maybe we're we've obviously. to any half the it that year. exactly kind I those file be larger can side get of X%, expect what the Can't but pretty I think, seeing tell be on quarter still the lumpier, good

MarkDeVries

growth so is the next do with shown of higher merger was rates for That's think strong the of F&G. over closed. growth the obviously, up? guidance you've of and But late, the turning moving demand what Okay. growth Chris, year you outlook picking And then helpful. to kind already or when for ahead really

Chris Blunt

can going to Great Yes. share. gain been to to also -- quite And a clip. we But be still we Obviously, sales question. market we've going grow growth double-digit a can continue difficult solid we going at rate we at it's doubling forward. think and think

So we're pretty optimistic.

we going I whereas for we on had have across just one. return different the really capital channels five us, again, years about distribution, really channels ago, forward, optimizing think two because, of it's now

MarkDeVries

And credit you new I lot on on to Okay. then seen on Got one it. we've of realize mean widening spread for in markets. slightly there Is wider existing a last on have outlook business. the opportunity your business an new question the spread just spreads business? than

Chris Blunt

Yes.

I It's rising additional think short answer you're yes. is to some always points capture when easier a basis environment. rate in

it time effect the deployed, get picking Some price it of just is a lag you're up you spread. of by the little of extra bit business

So assumption. I think fair a that's

Operator

of Truist the Our line next from question Mark Hughes comes Securities. with

Mark Hughes

the think say the first -- be will think half. or in fee are How year-over-year higher commercial you when the second you little Is relative file you that you when a half. Mike, thinking? per to

Mike Nolan

the mean clarification. really more half to good. Yes. as said, No, the I which was, is appreciate I was thinking I the I first strong. pipeline

a had last We But up quarter we match to have we in of to year. a whether lot hard really just that, large And strong file fourth fee the per also transactions. it's say.

Mark Hughes

Understood. XX%. about or week in orders think Any trajectory particular July, that quarter? then you Yes. the And purchase residential last through How so? is down the the when

Mike Nolan

fairly say, would I consistent.

of about talking the month Mark? You're July,

Mark Hughes

That's right. Yes. Yes.

Mike Nolan

of in consistent more little fairly in our a it's of standpoint, a direct significant terms and operations. say difference July. It's but from geographic consistent in would a falloff probably Midwest the states Western a not and seeing our of kind fairly Southeast trajectory I

Mark Hughes

you're in competitive How did we of with kind do then, quarter. both and like here And feel as Okay. MYGA you well FIAs sit you MYGAs? like XQ a positioned pretty the standpoint Chris, it this looks from

Chris Blunt

of edge ability lot to originate relatively the to a Yes. of in I'd terms comes size small and in investment say our be relative portfolio. assets source we've got general the well-positioned account to the private that that we both. of Again, continue from

So return we there. want And nothing's partners. a business that's I'd a entered bank us, for And new that ago. maximize perspective, really I say say, channels. different then And try on to distribution capital two it's to broker-dealer channel again, from and changed to, the across up about we're XX years

So I'd humming. I got retail is source we've But our think to now, business opportunities plenty say just right premiums. of

Operator

from next the George with Bose question KBW. comes Our of line

Bose George

commercial. file not Actually, as one strong per have that more track industry as was fee guys The that the increase on you we seen.

have in some like that? driving are you just change Like there was are I commercial? of deals so curious, seen -- that larger mix a in And your

Mike Nolan

Yes. Bose, it's Mike.

think larger a in the mix shift And per is fee national it helping the it's file but more maybe standpoint, from that's again, strength know overall. really don't I really example for deals. I portfolio if of asset real deals. an kind just class multisite drive

Bose George

Okay, I in and then purchase worry downturns great. people about economic of and kind sense. And commercial. makes That weakness as guess,

I wanted think mean range XX% your for Just that you've is meaningful to revisit sort purchase commercial? of the is to margin. sustainable sort given, if we see something in XX% of the range a and you downturn

Mike Nolan

Yes.

to would in outlook the tough XX% feel I I right But right meaningful, near margin we find is it's the say, guess. now, think still to XX% at I least. term,

in from and trends -- closings our We good terms half. purchase expect purchase activity commercial we refinance to have be back the pressure margins on residential We've will we the residential second in half. through strong as got go the but of

the we We closely of X% continue taken, took direct protect count activity manage can. first to becomes another we just very and out out margin the track half. our to on as we've to July expenses. just said, X% And to in to us best as we'll order our paramount it about continue in So head

Bose George

sense. quarter? income in small makes dividend there subs much investment this Title one How from That the income great. Okay, Actually, one. was

Tony Park

count because that get dividend from So, income Title income subs, we we -- if basically our that's as don't transactions. intercompany investment doesn't

XX you know, lately with that balances the is our been And as well think over the the year, driven So short-term least short-term Exchange course with rates. which increases as funds at I income the investments the the point in nine -- of now. there basis Fed have XXXX increases is by investment driven -- increase get our as

trend upward quarterly up We are $X point basis and seeing we're nice income. that each pick for bump, going XX to million in expect about a

Bose George

Okay.

So in confused. there thought that a was makes income well. there quarter dividend sense. which I some in as was there I was

So, okay.

Tony Park

Thanks, Yes. Bose.

have to income clarify, dividend Title used that up always to Just investments from in plant showed we QX.

year, out isn't those Now one-time throughout situation. we so it spread a the

nothing unusual QX results. So our there's in

Operator

comes Campbell Stephens question next John with from the of Our Inc. line

John Campbell

Nice work in the quarter.

here. little the next to back sense bit. -- expense I expenses just margins, better Title for we guys down there's I'm down, just kind the lot But underlying revenue basically a line. kind cost the bring mix pretax Do little flattish to were revenues? and moving On bit were Obviously, -- you a But the could trying know hold revenue about flat, is of inflation Title the get flattish of parts a year you able you of just guess, of as think to to efficiencies. then hold and given offsetting assuming you and Title if the whatnot with margins underlying that, of Title kind I same, think

Tony Park

full is will. Maybe although a it's give John, out, this to time effect, takes any I mode it Tony. costs a where but for little a of take bit a would it if you're say in that you're hypothetical you shot, taking a bit Yes. I'll

would of those the year those changes, we or later, say, cost that I benefit if flat so yes, are And a would were cuts midstream. we underway all have

Would And with agree think environment flat reasonable. so I fully revenue to you light-type in is margin a that? better

Mike Nolan

if would takes transitioning And around catch it, I will. sometimes time a the with Tony's Yes. little it kind you that, to Tony. with agree point market, of

even X% saw but the we in costs down only the I premium second think with quarter X% cuts. revenue staff with personnel direct down that

start you'll go to see forward. trending as better that think we I

would with agree Tony's I comments. So

John Campbell

have in a timing know bit And helpful. a to cost revenues. the of of the very saves little on the relative I kind investments That's technology. mentioned the you Okay. felt then if Tony, this I that mismatch don't in, whether just year of for there? in up or last looks basis an on versus reinvestment, kind maybe hand, that Has just step like the or be years? what been all annual there prior on sense a any you technology

Tony Park

because area. Yes. but run I we it's track made part say certainly, a rate. probably haven't would significant just that were in any tough as in specific If technology. investing bit that cuts to probably how years, I That's couple roll back one much out specifically but to not improvements and of there's as we go don't system to up our little of on we're inHere out. more nothing a spending technology a it step make the we It's we're a yes, I would call

John Campbell

helpful. in squeeze Okay. just quick could maybe That's more If I one one.

title escrow the sharper of than kind bit consider just declines, there? What relative the over line, are to On Title that hold to dropped the maybe the premium back half? and moving up how And premiums. directionally, going other a to that's pieces the

Tony Park

Fair Yes. question.

in So lot escrow coming direct XX%, reason with driven That's other know, actually versus because down a premiums X% XX%, were -- down were it's The a as which like down refis quarter, X%. were so were is, by dramatically refi something Escrow of fees total that I and revenue that. only refis direct. don't XX%. percentage down, revenue I total the direct mean

the Title fee so can commercial low fee. fee often a refis see the escrow because off. to that's fallen is just have relative higher much you flat a really escrow purchase So premium how and But and is

fees off escrow XX%. why that's are And so

businesses had of bit. couple We a little that down also were a

subservicing business million. about off care $XX was loan Our

off business valuations -- $XX in ServiceLink Our about was revenue. million valuation

little escrow pieces. through the probably would But So I year. as those would more were half connection we a back generally the and other the get speaking, between say, of direct bit see expect to larger premiums and you

Operator

of with Credit Kligerman question line Suisse. next Our from comes Andrew the

Andrew Kligerman

thinking purchase XX-year X.X%. closed the off around and the about a the about or XX% of to two could think do little bit kind that sits down in last orders back month about you relative volumes? purchase I'm mortgage Do quarter. which how this rate of in? generally, with over think XX-year kind what up with It's And you're come you doing the XX-year coming just a bit bounce with

Mike Nolan

as it's be lot stable predict somewhat rates, year. the that year through quicker Andrew, than mortgage back they It's thought. a Well fairly this hard people our seen is current moved we've the Mike. I think But to they'd I view half think, of and

you moderate out, they pointed As did bit. a

had XX-year and the just rates up had quite where think a in maybe today it now moderated I come was was mid-June bit but from yesterday slightly and down.

I if think stable order other stable So, are normal helps with get rates the that than we year. then that volumes seasonality every keeping

we're decline move If be effect in bit holds now. than we'll if seasonal. I steady, that think So then seasonal the the shape. more in And of rates good could higher, you have a

the maybe So pause I I'll don't question know if there. that's answering but

Andrew Kligerman

in equal, line it right the of kind Is think than thinking? where No, better maybe words, I maybe In see like Yes. movement we Yes. now. does. feel other we now, that a else to all you where are could you with rates are right

Mike Nolan

and hit you of quarter And in the January say purchase order Well, every month. created volume downward that purchase opportunity seasonally declined and rises rates pretty I year, guess much itself. much I that and and second moved year as the then of usually back a activity would comes it next second you it order have kind peak increase that again open wouldn't every pretty unless into cycle because then repeats to

it expect So, say seasonal want be balance that would but the steady purchase rates the increase the that on I of basis expecting to to orders normal don't falloff. year in a day per just with open I'm

Andrew Kligerman

sharp you just off? quickly expect if X%, on XX-year were a then the would drop staying And move this, to of kind north of

Mike Nolan

would off. a expect I probably sharper drop

Andrew Kligerman

just any big potentially earlier a what there Could ones, you sense would you ones of is could terms there? the out call of very in size give just small help of in Got there agencies. mentioned interested. addressable it. you a And acquisitions? Are at looking if market it, Are that ton title be

Mike Nolan

I Well, say the sizable. that Mike and again quite potential -- is it's would

industry. title agents over in XX,XXX have the You independent

a agent average acquisition smaller is So that we've seven and pretty a maybe lot a of But revenue maybe in -- five, some that larger. in flow a million would where you be the together bought range, market. of smaller, nice we've addressable in is revenue had of a there's of example. for north number large. not number buy There's and markets opportunities and there's particular $XX you those the put million, average-sized market acquisitions, an market agents some $XX six, The

Andrew Kligerman

Really Got Chris. in I to If one too, sneak helpful. could it. more

in two XX% channel up Just in and on sales growth from bulk Is to the that forward? volume years you going terrific and ago, that of now one retail come banks were the five. broker-dealers you going mentioned

Chris Blunt

Yes.

think mathematically, XX%. we agent our will. independent last keep it in I just grew by mind, But year, channel

relationships those strong. So are

sort concentrated sales the more of Our XX sophisticated are larger, in players. of

And those ever good as been. they've as are relationships so

don't I discount want So that. to

five or all will faster in we think -- six combination yes, expect there. still amongst we to I We had fact think rate channels. that the you'll BDs coming from new of and growth ones but and see continue But same-store sales market just that from three existing growth can to there. banks grow. gain we would But retail, it we every a year, share come

Operator

of BTIG. question from [Operator Instructions] Gilbert Ryan Our line next the comes with

Ryan Gilbert

sense extent you're by details you've that into throughout price a home the the all and geography? that get and progressed price home was trends of call. variations on July hoping any I to seeing shared quarter to this how appreciate in I second the appreciation

Tony Park

let don't do I I Yes. price We guess, that. others home appreciation. track mean, we

it's of the say file, of I X%. the fee it's seeing in terms But purchase exact little side. would bit say now past somewhere around look years, And per don't -- if probably grown our it's digits, at we're pretty single the dramatically you I I trend. would few the remember moderation. In on a

file On I the that. as last purchase quarters double side down low quarter of QX maybe in the in year. in prior and fee per to probably digits X% that's relative from before And recall, coming

Ryan Gilbert

from do fee a the And it you think where in in quarter? second step Okay. per down took was July file

Tony Park

Yes, I do.

I it think took step I think down. and year-over-year, -- a

was at it, looked I somewhere, short X% think increase. think, of I probably it a I

I good a to is it some we check it's thing thing it's moderation a extent with and a because, that to us. especially think even is, think or respects, I would flat -- think stop in affordability for be train I the clearly price in the to So rise home in bad bit, mortgage appreciation keep if going the rates falls okay little don't be if

Ryan Gilbert

I business Got worse it bottom. refinance I on a small just looking could And point expand of data, through Okay. then got at like your progressively it's it. July. was mortgage but comments at know this piece the volume applications around volume a hoping near refinance you getting looks your

help. just yes, on that the in refinance seeing So expanding bottoming you're any would comments

Mike Nolan

Ryan. in right refinance June. Yes, little we were a high Sure, saw July in around did X,XXX June in X,XXX but they our off, about numbers openings bit off July that come and

comment Certainly, on that's in lot a where at always volumes half looking refinance more guess were relative that order in -- to market. we the a relative XXXX back maybe look refinance XXXX volumes. here I in And be we're there's the -- So bottoming. from the does seems feel a they of go level kind but to don't where like trough know it of we probably

Operator

from And Partners. Dunn & our comes with Dowling of next Geoffrey question the line

Geoffrey Dunn

update Can two both number regulated for the just expectation and really. remaining unregulated the you capacity questions half, second from businesses? dividend Tony,

Tony Park

to. happy Yes,

that's per I is cash companies at We basically so in. locked think and half, quarter. that could those XX% our regulated in the off and of a regulated, incrementally beginning the unregulated XX% the year, we maybe I about being take But maybe from million, from little that million comes from second the $XXX it's over predict throughout short in the that's market little second unregulated half. harder to year $XXX a call running we're from left generated bit know if the million kind it, companies. real-time little of the The a unregulated. see We've flow a of $XXX been little $XXX that because from million so

Geoffrey Dunn

F&G sizing near-term take? some the thoughts self-funding undertake. -- including majority initially its eventuality return the and has understanding as And your the you spin F&G capital shareholders, to that obviously, initiatives obviously could potential terms beginning that But in the of and of FNF to Okay. can

Chris Blunt

Chris. is This Sure.

to would expect the to to over we're will a what that hoping decide I have be of Board to would going time. capital source we yes, the for be is clarify prior new So but FG the policy FG Obviously, spin. on that dividend

Geoffrey Dunn

eventuality does I etcetera? clarify is initiatives, looking But that, you're something is more guess -- there something say to you could expect Okay. Or of funding maybe later? when that that's we given that a mean rather sooner 'XX-type than this

Chris Blunt

probably taking would fourth to overly obviously, be I'm shareholders. our to Board But in coy would what but to we're be would place. that the dividend for trying we not the be spin on hope as clarify that to able for track to to early policy be Yes. prior quarter And announcement, decide. the be said

Operator

this And Nolan, back the question-and-answer our session. to will I over for remarks. CEO, conclude conference now will Mike turn closing

Mike Nolan

Thank you.

to with higher history from volatility strategy mark to current look rate results for through the list is disciplined in mortgage execute F&G earnings midyear and track appreciate quarter the our at year. overall FNF and are poised due time interest Thanks FNF third the navigating long operating this to traded environment. to call. environment our We a in We your is company this Likewise, and of your morning. you despite well-positioned and this publicly updating on macro is rising our later forward this pleased uncertainty market on environment cycles. to as rate benefit

Operator

the today's concluded. presentation and conference attending for you call has Thank

You disconnect. may now

Fidelity National Financial (FNF) 3 Aug 222022 Q2 Earnings call transcript