FNF - Earnings call transcript Q4 2024 | Fidelity National Financial, Inc.

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Operator

Greetings, and welcome to the Fidelity National Financial Fourth Quarter and Full Year 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to your host, Lisa Foxworthy-Parker, Senior Vice President of Investor and External Relations. Please go ahead, Lisa.

Lisa Foxworthy-Parker

Thanks, operator, and welcome again, everyone, to our call.

Mike and by Park, today joined Nolan, Tony CEO; CFO. I'm questions forward prepared to look following addressing We your our remarks. Q&A. F&G's management will for CFO, Wendy and team, Chris also Blunt, be CEO Young, available

and reports earnings or or projections Reform Today's strategy. and update which guarantee business. to with will new do been accordance such results performance. assessing the today's relevant discussion not within events information, SEC do in and This could recorded company's quarterly GAAP and in include subsequent for morning's non-GAAP duty not may forward-looking Please undertake website. Non-GAAP reconciled Act, earnings under on in financial call Private Please any refer Securities to investor believes required call reflect the changes Litigation differ SEC recent that those to or note that to details also We future of webcast replay. statements statements performance to and for be measures or materials annual other filings being factors available are rules where on available is most materially our the expressed events important our have the actual implied. cause revise measures, from includes which management

the And Nolan. with to over hand that, I'll Mike call

Mike Nolan

Lisa, you, and Thank good morning.

full do in outstanding and of ability These as we the adjusted $X.X segment, businesses, the best, and of The clients. impressed results terms low successfully fourth to Title believe, quarter $XXX results adjusted last of to fourth Starting rounded of And XX,XXX million title you results strong that and best of pretax out. delivering earnings earnings XX.X% year of have both year like adjusted our our of with year for all in are F&G navigating would that's with while adjusted title to continually billion is environment. and the who, a team's out pretax our title our pretax an for industry. margin title and XXXX, exceptionally and doing transaction what team and I and results the margin XX.X% for title execution. this delivered decade the pretax achieved performance seasoned of over operational deliver industry-leading ability value they the as the say in well year thank we to employees validation for the efficiencies I exceptional quarter. I'm

the by our also like wildfires recent thoughts and across Angeles area. heartfelt the of sympathy I greater to those would extend Los impacted to all

our disaster. dedication employees are first responders We throughout grateful to for and this demonstrated resilience natural unwavering the brave and their

to Now results. our turning

were from On third seasonality the quarter quarter XX% decline open purchase sequential that X% sequential we over the modestly was and fourth fourth the up purchase XXXX orders fourth seen in front, years. down daily XX% quarter in recent than This quarter. better of the typical have the

reflecting per in in the in compared can mortgage with in day mortgage saw XX-year This On change of per lows. how the as when the fraction fluctuated refinance modest day seen orders borrowers hit still of of historic XXXX orders levels the as per generated volumes are X,XXX the in X,XXX early during course $X,XXX day and XXXX. of said, opened have per refinance rates movement been a quarter We front, mortgage average XXXX refinance opened day fourth X,XXX month the year. That refinance to January, of volumes rates rates. in responsive

commercial month year Commercial prior should quarter revenue fourth best we full was year momentum fourth third for going volumes direct opened than Notably, generated our held revenue year orders billion the the record. the quarter. commercial in provide first into with levels $X.X the which which quarter, up and Overall, good of direct ended on year, at better of strong the the record for near December. quarter

see to volumes sectors, the to continued for ahead and energy XXXX, higher potential Looking we expect continues the as strength multifamily office industrial, sector the commercial recover. others, among in and

more Looking for at fourth prior and up Daily fourth purchase January of December. January the quarter of flat versus orders up month volumes the quarter closely. month of over X% were opened XXXX, for versus year XX% the the

for Our the the day year X% XX% the over for January quarter versus up XXXX, the were refinance up per prior month and of versus opened orders up fourth of December. of month January XX%

over January up January versus for of XXXX, versus quarter opened the orders prior the X% X% commercial were per total of year for $XXX the month up December. fourth Our and XX% the of day, month up

the X,XXX at opened X,XXX, and day with averaged the fourth at total orders On October X,XXX per in X,XXX. quarter, at whole, December November

result day, For per X,XXX the total we of investment that work month pioneering quarter of XX% over past the performance in the opened January, have up a decade. Overall, were our orders the made is December. and outstanding versus

We have operational and across through proven platform. our experience operating as SoftPro integrated customer digital enhanced efficient tools platform footprint transaction become through such more our our our inhere

be in expanded margins, our can which seen XXX have XXXX. over transformation basis Our points

margins XXXX During XXXX, prior cycle significantly troughs. and our outperformed have

our of dividend. acquisitions level technology while flow Additionally, attractive cash continued generated free to in through and in we business have a investments our increasing steady invest

we remain see persisted XXXX, have although seasonality, enter normal rates we elevated. expect mortgage and As X% around to could

headcount in always, As footprint the and trend will our orders to manage and accordingly. adjust we open business our

performance supports housing NAR pent-up to of XX NAR we sales home and lowest million National home march the long-term a all title we would to invest on company. I Realtors bullish population due continue there the mortgage the perspective, people unleash that for business This the is were is and next level more prospects expected done to and view have through or years, that value and sales few about existing XXXX normalized decades. housing X achieve back why industry-leading time. the XXXX at put that the insurance basic process improving of our for are of insurance excited am shortage. of help growth U.S. and the efficiency our and noted high And our we in since the a demand remain title of we rates more need costs and last are in proud exam anticipate over in coverage environment. to opportunities. our continued reported that the while That product, To the Over in in recently search a preserving to Association our over reducing this

on maintaining efficiency exploring processes. We while the our continue of AI our with and innovation settlement enhancing title operations focus further improve generative the tools to and

our We achieved improve are striving decade. we like to have continually what past margins over the

reinsurance expansion F&G to F&G towards Investor Day to earnings and to flow to margin targets now under Turning growth growth, business. earnings. which December well and a our from accretive profitably record FNF's at F&G management billion $XX.X asset positioned and make profile is before be of grown flow and XXst. reinsurance continues assets continues progress has distribution to enhanced owned

as year F&G of strong earnings which fact, engine, net medium-term financial In F&G to full contributed goals. expect their XX% we growth FNF's execute XXXX. against they continue adjusted for a is consolidated the

dividends cash to $XXX FNF in F&G paid million Additionally, XXXX. of

review fourth to the Tony With and performance over to full that, quarter me let call FNF's now additional financial and year turn highlights. provide

Anthony Park

Mike. you, Thank

fourth $X.X revenue in quarter. we results, consolidated in our with total billion the generated Starting

loss stock net was net the whether million billion of continue $X.X disposed quarter reported XXXX. and XXXX. $XXX of in net gains recognized preferred billion of compared losses securities losses were recognized are the including be fourth of to gains primarily of million, $XXX The $XXX and net the million, of earnings total Excluding accounting in million treatment $X due net fourth quarter each a fourth revenue the portfolio. versus or quarter our including as We losses, quarter period our held investment in with and recognized gains in of recognized in to mark-to-market net $XX of equity securities,

F&G $XXX $XXX F&G share quarter or financial in Adjusted the $X.XX contributed XXXX. net million share contributed were the segment of from $XX statements. and earnings $XXX the eliminating diluted The consolidated million. $X.XX dividend segment for segment million or million with million Title before compared million, per The $X fourth contributed of $XXX income Corporate per

in year eliminating in strong difficult saw the the net contributed and $XXX year XX% solid year for billion environment $XX.X Total revenue, $XX F&G profitability. performance well gains for million of XXXX million an the in Title dividend adjusted earnings, $XXX million. was statements. the billion full XXXX. Title delivered together of despite record segment increase from XXXX. year For million, a increase as contributed segment income the excluding we a losses, and F&G XX% growth contributed before segment The The full as XXXX, the over $X.X full million and F&G over generated consolidated full segment segment, the reflects $XXX in financial Corporate We $XXX which

Turning to segment. highlights fourth specific financial to the quarter title

versus Our the premiums in year. XX%, pretax costs XXXX with of quarter XX.X% XX% and net increased Title prior the in in XX.X% the fourth title generated title for increased The quarter $X.X pretax the operating prior $XXX XX% escrow $XX quarter. $X.X and billion quarter, of compared related in, losses the for in other fees increased Personnel the generated title segment excluding All million revenue margin recognized the fourth increased $XXX title of compared total a X%. quarter million billion business Agency XX%. million with other and adjusted adjusted increased XXXX. earnings year Direct expenses fourth of over premiums and

billion compared and million in and adjusted for margin generated full excluding $X.X versus Title was Interest billion Corporate from $X year at year, segments and title title investment full corporate title quarter and of prior of company. million. adjusted year portfolio year XX. to the the a increase dividends of earnings the business And $XXX income the an XX.X% the million the holding totaled over with pretax the XXXX. in pretax For $XXX $X.X F&G full December income title investment XX.X% XXXX.

to quarter and million Fed cuts during generate funds year. million to of further Looking $XXX rate during assuming XXXX, each investment interest income quarterly the no $XX ahead, we expect in

F&G's dividend stock mandatory In majority XXX% the we expect over January ownership reflects income stake to our preferred issued corporate million given and of preferred return cash in from FNF addition, XX% convertible dividend dividend XXXX. F&G's common F&G annual the approximately on to of This $XXX segment. of

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

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

billion This sales fourth year reinsurance fourth $X.XX full its the call net Adjusted year alternative will $XX income significant I gross $X.XX million a $XXX recap hosted year-end. profitably update, a to a million to segment. earlier retained year of at full the turning institutional XX% XXXX. thorough quarter. full a record key for $XX.X million market billion long-term the or retail or segment per $XX this and included sales over increase highlights morning net investment $XX.X This the included sales for in to sales F&G its expectations earnings sales. F&G the fourth assets $X.X of F&G's increase F&G quarter. of $XX.X $X.X has before XXXX, flow the XXXX, and our F&G billion by record over share returns for of includes few $XX.X the Next, below year reported under gross specific grown were Since This the management earnings full items billion robust and net driven XXXX, provided includes AUM in were share. quarter. highlights. F&G financial the This of XX% a by per in billion billion.

XXXX, per million For the $X.XX FNF's $XX share. were million fourth items together, for per below our alternative share segment significant million share. or To $XXX consolidated diluted significant all items $XXX net the the per long-term $X.XX investment were adjusted the includes for F&G excluding in $X.XX full adjusted bring expectations million. or year income and net it quarter, segment F&G of earnings by This returns $XXX or earnings,

complement to allocation year From are FNF's net adjusted For our the XXXX. contributed or provides regardless earnings, for FNF's our up or full balance full of are excluding items the The significant a F&G and the we and important earnings strong per falling $X.XX full XX% sheet consolidated XX% net rates XX% capital F&G full share. XXXX, capital segment in maintaining year ensuring from adjusted balanced and strategy. were a rising earnings an stability $X.X F&G whether diluted the segment, provide title business. of and liquidity for continues year, XXXX billion to in to a perspective, year

at billion XXXX, repayment was purposes February price proceeds consolidated general of outstanding $XXX for debt. debt Our be fully to F&G redeemed of is million unpaid In outstanding redemption including date. par to F&G December subordinated corporate at issued January notes accrued net up $XXX junior million In senior the early of and used with redemption a due XXst. interest May the of notes XXXX, of of XXXX plus $X.X

ratio, debt-to-capitalization our with consolidated of equity XX%, sheet AOCI, shareholders' target Our excluding in line and as our will we to grows. remains range that XX% naturally expect long-term delever balance

share to repurchases. Turning

actively continue resume $XXX market capital From cash cash, perspective, and in we the and with share the cash stable holding that as we as with We M&A short-term and trough are repurchases look to in We liquid we XXXX are buybacks. market company. view backdrop. signs for to a the where the indicators and through entered investments allocation sustained opportunistic against at million evaluate opportunity with generation

risk wage liquid today's the holding XX% spend the $XXX and while is $XXX keeping the our the fund preferred $XX ended title funding year, continued of pace at million generated cash $XX dividend, holding cash all short-term acquisition inflation million strategic held year-end and company, million During investments which the We $XXX business in interest with invested XXXX. annual in the and at expense, to stock, company million and required with spend F&G higher amount of million common XXXX technology about in landscape. of in

business is to this sustain environment cash shareholders level such in ability low while capital transaction from feel, businesses. differentiates and, the to cyclical and returning of in noteworthy investing a Our certainly we us

me prepared call remarks, let turn back concludes now our the questions. This our operator to and for

Operator

question Deutsche Our coming Bank. today Instructions] Mark is from DeVries [Operator first from

Mark DeVries

we growth accelerating to give you the quarter. in you little kind surprised January in of more Or is you're open into a us in kind title kind share? learn Are seeing backup there? driving rates business saw I the the of the the fourth was given strength your orders of that what's or January? in on color Could what taking

Mike Nolan

one Mike. whether Mark, we're with is Yes, It's encouraged know monthly to But share X% quarter hard in certainly it's purchase basis, the taking fourth over in not. up year. or last

rates. in then up this in And January, see was to out to with to even sort that's to January. even up. out. as come But the were said That's points demand refi got of in further again, the existing purchase a think how relative pent-up just numbers flat numbers probably rates that plays encouraging. And maybe, with opening these those persistently little I how relatively XX% higher share, comments, very see we

Mark DeVries

FNF's you of whether call then my earlier from And PRT Chris. it. Got believe benefit from that would you for entity? My or when synergies there majority discussing ownership. FG to FG your a today your on you ownership as second are you to execute critical is well or earnings realized I question your business, growth that executing continue believe Okay. is positioned for stand-alone plans, for to On question material a whether benefits to any alluded be are kind

Christopher Blunt

mean we've business run the a business I as really Yes. get-go. stand-alone the from

have would So much we've the been capital integrated in that any we're support along really ownership. But further has than haven't cybersecurity, businesses FNF's biggest been benefits. benefit Hard we received we way. now there's been probably the clearly without

Mike Nolan

Mike add, I again. And would Mark, it's

and in was And IMO where the upgrade of the in or now the fact Just tied from sales. XXs that's low double mean all bank I the XX-plus to tripled. maybe XXXX a And to upgrade. sales expansion. to when that's and ratings to mid-XXs. at you And ratings critical digits channel that look mid-XXs had that of the low lot with the do went was broker-dealer business with percent

Unknown Executive

XXX%.

Christopher Blunt

of Yes. I timing would And the those upgrades, agree.

Anthony Park

if would -- would probably be we the that upgrade ratings mean, I likely that those F&G ratings. it's it but point that, where independent answer I stands the same to an know probably it company, case. that, don't were probably even guess And at maintain this

Mark DeVries

Okay. kind point And penetration kind of Is the more of accurate channels existing channel that the of you're I I that due indicated think, you're is lot than trying of you your rather a earlier growth expanding expansion. seeing now earlier? think Chris, of an make representation to to

Christopher Blunt

in Yes, it think is. I we've the F&Gs. and to of XX% assume mean we're -- the and selling we advisers these tend of channels that got [indiscernible]

of and greenfield particularly channel. thinnest. gain just But there's every to opportunities a lot channel, newest yes, our the us, in still the in where is we the penetration for probably So see broker/dealer

Operator

Campbell next John question from from Your is Stephens. coming

John Campbell

on So results what's probably on the sense data degree it's this the margin of breach the your know impact question, mentioned guess you for a business. year But the out. best Tony, tough I'm the probably of Any really to or year-over-year normalized thinking guys title of really you in this basis? like-for-like expecting ago I impressive are or piece title but period? kind

Anthony Park

major. wasn't It Yes.

been talked I XXX is XX recollection so have about on that year margin ago. of think it, call been 'XX, points we we in impacted QX it but... My have were it XXX, might would we felt basis a like

Mike Nolan

That of the to really John. but lot And of number, quarter felt days look when I a at that year. at like but back some sounds first that weren't only December up I negligible, had time go have X transactions. back maybe, we really really closing last probably pushed know it right. in what We we the negligible. felt we really we picked didn't and saw we was we about pretty Remember, revenue

just direct quarter great commercial quarter. across had also margin had record at strong look for outperformance and of it fourth our great business a XXXX had well. subservicing the a And actually from was agency, our you we as revenue pretax business. They lines, year in all a when think I John, quarter,

So of the cylinders. humming to on all it was business kind see just great

John Campbell

Yes, call, strategic absolutely. FG you to to And then, products. Chris, morning's returning our kind capital allocate earnings during of decision talked to this the higher

capital. really put with impressive up that comment obviously do kind have gross guys but implying you You hinting of growth, sales more be could more or that to seemed

So [indiscernible] more I'm now? guys the FG for are appetite shed some there maybe now? or on hoping you constraints with you have the you should And as to viewing maybe then is self-sustaining light capital, team, infuse any could

Christopher Blunt

Yes.

business if we lot look, could a mean, equity of and additional got that more reinsurance had a but other throws a block always off I of So use year. we're primarily our do lot of large we and every now capital-intensive is pretty capital capital we've the sources,

it of of a yes, always allocation capital, business could So was yes, think comment relative case like more a that we make productively in more But how we capital. ours. about use and sure, just the of that's

Anthony Park

Tony. is this John, And

Just resume in proud board the that also the title our there's in FNF on the back to I side I'm investment the that I for maintained And on -- January contributor will us. side. even F&G. It say decided XXXX, the of opportunities million make to the of the position things. future of challenging a to the of sure market preferred share with would guess the buyback. no million million the knowing whether $XXX and we front over we holdco -- be I cash. $XXX met frankly, capital investment guess in yesterday FNF depend maintain cash course and I were able on we a did pretty XXXX, basically in that might F&G, $XXX

feels daily was on probably market. So I when $XXX cash out, tough that with we the F&G that maintain a blacked the And were think being to that we're us modestly in able I given million that that market not would anticipate holdco a Board again, in solid. basis investment,

generate tough And I even strong the so is can relatively would in flow yes, say message market. a we takeaway cash

Operator

coming from Ma from Terry Our next question Barclays. is today

Terry Ma

it encouraging. with by looks like starting growth quarter year, you this it But driven really second national. and Maybe some were The your results this strong commercial. also strong and lot were was comments a just pretty had half

how talk are is pipeline that base. $X.X how the just So off you're that on just that sustainable And based billion grow to maybe confident you continue about you seeing? can

Mike Nolan

QX strong And starting year's order a X averaged Yes, Terry. had national good growth the orders, growth. you on we I you're over our over question, open X -- get much basis, Even in prior in June looking When month last think it an pretty month, really the over double-digit QX, XX% right. X. at we very quarters, about

demand I think, be think the we're levels. as start of pretty activity, sector that optimistic strong another our clients And as happening. to And just a things the York all the very back 'XX a to and beyond. on point commercial getting that sector, up year and side. in be was happen, office And business people was reported to seeing drive So I national partners, an particular, think, fact book. that transactional really which just the be card and to the additive we 'XX contribute office to in built pipeline, will for then again, wild I read sort overall is will One that is element office that the would ultimately will that, talk that pre-pandemic New are those strong to bit, more commercial. And begins to be could little additive our I getting headlines someone recently in just if

Terry Ma

on helpful. spoke just a you FG, then of about maybe us around bit relative touch maybe FNF's That's your just we nature business. it. just But business thoughts Got title little the refresh the just approach to the X-year the to to as spend option anniversary. And complementary

Anthony Park

FG the Board business mean earnings I clear earnings. our to F&G XX% and the and from been title a contributor net with clear grow is adjusted great this comment. that AUM been our I'll from the Tony. point, the the has is direction has grow very at board of This that Terry. generated Thanks, Yes. And segment. complement the

the the up early commentary in we point, comes have, anniversary of to the June. really your X-year acquisition that's So

ability, And again, spend of shareholders Right our assuming would the point, focus. just to focus grow at to still have F&G. we the to so own is we isn't to clearly following least the F&G that it that now, XX% tax-free. continue But

Operator

George from is question coming next KBW. Our from Bose

Bose George

for the to full trends margin. the Obviously, a puts wanted you to very guidance I just what's like year. margin margin. know about the don't assuming and to I ask a margins And think there? way XXXX, XX, persist, just over impressive in about XQ on in But market the good provide and takes in

Mike Nolan

it Yes. by out. factors. Great number that you're And flush question, influenced to But Bose. right, sometimes are to margins is of always a difficult

to prior margin we are what 'XX, equal, our mix better expect have excited record to there's with in will You've a modestly care way, there of the out if in that to range But agency, got 'XX. volumes But pretax to there's volume years better outperform 'XX the business would being of the obviously, had, 'XX. actual non-title things see expect conditions has transactional really the businesses are segment specifically the lot of the direct both of a and warranty, more how home subservicing forecasts and in outcomes by in and title as 'XX to performed, 'XX other cycles and mix We that is question a would better be that that. in commercial, were conditions. assuming loan the

-- but that manage both or more just we purchase know, think a business they're to in drive we're and really strong I margins the not the maybe you in you more with we X% in an If volume, XX% XX% increase to uptick Fannie And refi the well you Mae, originations. well look maybe and as -- forecast, orders, saw positioned originations, or forecasting but at and MBA positioned, 'XX. to

Bose George

That's break segment? you by Okay. Great. give helpful. us question. margin just just the -- And related a then Can

Anthony Park

Yes, a 'XX comparing got versus Tony. numbers XX.X% here few QX the This the is of Bose. I've in 'XX. XX.X%

then X.X% Agency about flat prior quarter. direct our versus national year our in the year XX.X% quarter. Loan pretty prior with were and better prior about was up the than in XX% quarter in quarter. commercial X% about was quarter. versus a about prior So the the versus about year XX% XX%, little in around were XX% prior warranty units the against care, XX% year home year operations

So but our any income. those some numbers aren't burdened by also are include investment of our services, those aren't units. the don't Obviously, shared of

So of will. recaps that segments, the you if kind

Operator

Our Securities. next question coming from Truist Mark today from [Operator is Instructions] Hughes

Mark Hughes

in impact wildfires de is or minimis? the terms Any QX in from just closing, that of

Mike Nolan

there's not Mark, really de personal like minimis. but Mike. lot are it's Pacific think Yes, might fires on the you about transactional there. as those level a It's horrific, areas, Obviously, Palisades, just a of volume

so really us. it think, for is minimis, I And de

Mark Hughes

pretty a just way of business settlement. settlement, change the broker seen that real Have is and result I NAR flowing front. you're any The the think you've you of in said pattern on as kind the agnostic referral estate, the community, the

Mike Nolan

can't say seen we've changes. significant I any

some have to think time. modestly, commissions take I more that very modestly notes maybe going declined seen I've probably

They have in our management We real learning transaction see with SkySlope. estate that. brokers more about in some seen more interest platform more in interested

better with than that that, it all other comply business I might them pretty help seems think But changes. as these it from a view usual.

Operator

& Next question Dowling from Geoffrey from Partners. coming is Dunn

Geoffrey Dunn

over Mike, I the production you the focused? ask last front-end wanted the If and in efficiency focused investment investment think your segment years to a of been really end, years is title couple efficiency where about X and as And with next back and business. we're about gains? we the

Mike Nolan

have to all couple cloud to you. with of first to our storage. In and ultimately, Geoff, and beforehand. -- also XXXX question, going well, a went It thought build things. AI, made that really the digital the and of I'm that. handling good I'd was Really do point efficiency Yes. I not yet. data scalability critical it is sure even to of really speed were But We we important and others down. done And decision believe. we thank the very if in to we volumes XXXX, up

did And XXXX. we in that so

close how our XXXX. get We've SoftPro. lot in and very on decision to focus get the we that. operations made worked around get do that we've on to to XX% of through over over be also we'll as everybody X We And a last production. of And X the X, platform, X, of got platform, company then to title our operating a percentage integrated years a hard XXX large

employee So on volume helpful with repository, customer standpoint. how better described. is as margin up efficient and integrated a front down, in out to very title -- more end I'm same of we've we're developed proprietary India, But impacting focusing integrated title state with is drive volumes named and this the 'XX. end, closing goes We production the all a a front think our time, I that cases. of we our we've through are to it built facilities still really environment title to on certainly going out to the a We're that got essentially customers. kind on our seeing upside user of I AI, use and lot on performance integrated of all more got but helped and a seeing AI dealt we've group. XX% X plants, personal of get there of automated platform, side. couple outsized integrated the our in we with as think part a across of and I Geoff, that is think employees productivity a only over just the it experience, the At the company. a probably the technologies, experience, for us look Officer our with the footprint really industry that that's production relative can make also from lot And -- have working experience We've the our We next 'XX. digital been and rolled of better the of at on side AI. Chief more of see that closing use better on number things And We've now I continue transaction

Geoffrey Dunn

way any margin upside to the Any the it Is back qualify normalize? efficiency way opportunity is from to XX% what the on a think end? to that? about to there XX% Is there

Mike Nolan

Yes.

e-mails, time, it we using up bit mean we be a a year we a at a -- come probably rigor just I had and is get I probably and think of see true yet think about to we think a full number going you're and are closing. a here. I'd and work as to digital the use to transaction, starting, to That because the million I some reducing just It need benefits. develop tracking, more if quite more this Geoff, on have people little will just put on to or to upside. definitely you meaning but X technology there's with over the in phone just not just I there isn't But that but platform, for And signing in there time. higher number, last self-serving expect tracking, starting people industry. reluctant calls start

Operator

closing our comments. at turn reach for question-and-answer to to any the further back session. end I'd like of We Mike over floor the

Mike Nolan

has XXXX the continue of in business on industry-leading many we performance invest current forward delivering with updating earnings in to and the and deliver morning. The for the pleased for Likewise, while remains both levels with transactional drive FG a for market. to Day title accretive to look in continue the exceptional businesses growth your in executing very on poised to time long well rebound appreciate you interest are ahead term segment your margin returns. We targets margins. its first and asset call. FNF and Thanks expansion our for opportunities quarter this Investor We

Operator

you. Thank teleconference. That conclude does today's

day. may line today. your at thank this We have You wonderful participation your and you for a disconnect time,

Fidelity National Financial (FNF) 21 Feb 252024 Q4 Earnings call transcript