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FNF Reports Fourth Quarter 2018 Diluted EPS of $0.16 and Adjusted Diluted EPS of $0.63, Pre-Tax Title Margin of 6.1% and Adjusted Pre-Tax Title Margin of 14.4%

JACKSONVILLE, Fla., Feb. 13, 2019 /PRNewswire/ -- Fidelity National Financial, Inc. (FNF), a leading provider of title insurance and transaction services to the real estate and mortgage industries, today reported operating results for the three and twelve-month periods ended December 31, 2018.

  • Total revenue of approximately $1.7 billion in the fourth quarter versus $2.0 billion in the fourth quarter of 2017
  • Fourth quarter net earnings of $44 million and adjusted net earnings of $175 million versus net earnings from continuing operations of $246 million and adjusted net earnings from continuing operations of $170 million for the fourth quarter of 2017
  • Fourth quarter diluted EPS of $0.16 and adjusted diluted EPS of $0.63 versus diluted EPS from continuing operations of $0.88 and adjusted diluted EPS from continuing operations of $0.60 in the fourth quarter of 2017
  • Realized losses were $144 million in the fourth quarter versus realized gains of $2 million in the fourth quarter of 2017, primarily due to the adoption of a new accounting standard in 2018 that requires mark to market accounting treatment of equity and preferred stock securities and recognition of the related changes in fair value in realized gains and losses, whether the securities were disposed of in the quarter or continue to be held in our investment portfolio

Title

  • Total revenue of approximately $1.7 billion versus approximately $1.9 billion in total revenue in the fourth quarter of 2017
  • Pre-tax earnings of $102 million and adjusted pre-tax earnings of $258 million versus pre-tax earnings of $248 million and adjusted pre-tax earnings of $273 million in the fourth quarter of 2017
  • Pre-tax title margin of 6.1% and adjusted pre-tax title margin of 14.4% versus pre-tax title margin of 13.4% and adjusted pre-tax title margin of 14.7% in the fourth quarter of 2017
  • Fourth quarter purchase orders opened decreased 6% and purchase orders closed decreased 6% versus the fourth quarter of 2017
  • Total commercial revenue of $324 million, a 13% increase over total commercial revenue in the fourth quarter of 2017, driven by a 6% increase in closed orders and a 6% increase in total commercial fee per file; fourth quarter total commercial open orders decreased 1% compared to the prior year
  • Overall fourth quarter average fee per file of $2,803, a 16% increase versus the fourth quarter of 2017

Title Orders




Direct Orders Opened *



Direct Orders Closed *

Month


 / (% Purchase)


 / (% Purchase)

October 2018



150,000

69%



111,000

68%

November 2018



123,000

68%



95,000

70%

December 2018



106,000

65%



95,000

68%








Fourth Quarter 2018



379,000

67%



301,000

69%











Direct Orders Opened *



Direct Orders Closed *

Month


 / (% Purchase)



 / (% Purchase)

October 2017



167,000

61%



124,000

61%

November 2017



151,000

60%



114,000

61%

December 2017



127,000

59%



119,000

61%








Fourth Quarter 2017



445,000

60%



357,000

61%










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




Open



Closed



Commercial






Commercial



Commercial



Revenue



Commercial



Orders



Orders



(In millions)



Fee Per File

Fourth Quarter 2018 - Total Commercial



46,000




35,200




$324




$9,200

Fourth Quarter 2017 - Total Commercial



46,300




33,200




$288




$8,700

"The fourth quarter was a solid finish to a strong year for our title business, as we generated adjusted pre-tax title earnings of $258 million and a 14.4% adjusted pre-tax title margin," said Chairman William P. Foley, II.  "For the full-year 2018, we generated adjusted pre-tax title earnings of nearly $1.1 billion and an adjusted pre-tax title margin of 14.8%.  Additionally, fourth quarter total commercial revenue of $324 million was a company record, as was full-year 2018 total commercial revenue of $1.1 billion.  We expect another strong performance from our commercial operations in 2019.  We did experience some softness in the residential purchase market in the fourth quarter, as closed purchase orders declined by 6% versus the prior year.  In response to that slowdown in the purchase market, we reduced staffing in our field operations by approximately 564 positions, or 5%, during the fourth quarter.  As we enter 2019, we are optimistic that the strong economy, relatively stable mortgage rates, potentially slower home price appreciation and the possibility of increased residential supply will provide the backdrop for a restart of the strength in the residential purchase market that we saw for much of 2018.

"We continue to work through the regulatory process for the Stewart Information Services acquisition and are engaged in the Second Request related to the FTC's HSR regulatory review of the transaction.  Unfortunately, the FTC informed us that no work related to the regulatory review occurred during the recent roughly month-long government shutdown.  Also, on January 31, 2019, the New York State Department of Financial Services provided written notice of its disapproval of FNF's application to acquire control of Stewart Title Insurance Company, a New York domiciled title insurance underwriter that is licensed only in the State of New York.  We are evaluating the appropriate course of action, which may include a discussion with the New York State Department of Financial Services to better understand its concerns and respond to the letter.  We continue to believe the Stewart acquisition will create meaningful long-term value for our shareholders."

Conference Call
We will host a call with investors and analysts to discuss fourth quarter 2018 FNF results on Thursday, February 14, 2019, beginning at 1:00 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 fnf.com.  The conference call replay will be available via webcast through the FNF Investor Relations website at fnf.com.  The telephone replay will be available from 3:00 p.m. Eastern Time on February 14, 2019, through February 21, 2019, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 462490.

About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (FNF) is a leading provider of title insurance 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.  More information about FNF can be found at fnf.com.

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, FNF 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 adjusted pre-tax earnings, adjusted pre-tax earnings from continuing operations, adjusted pre-tax earnings as a percentage of adjusted revenue (adjusted pre-tax title margin), adjusted pre-tax earnings from continuing operations as a percentage of adjusted revenue (adjusted pre-tax title margin from continuing operations), adjusted net earnings, adjusted net earnings from continuing operations, adjusted EPS and adjusted EPS from continuing operations.

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 and Risk Factors
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; 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; the risk that the necessary regulatory approvals of our acquisition of Stewart Information Services Corporation ("Stewart") may not be obtained or may be obtained subject to conditions that are not anticipated;  risks that any of the closing conditions to the proposed Stewart merger may not be satisfied in a timely manner; the risk that the businesses will not be integrated successfully, that such integration may be more difficult, time-consuming or costly than expected or that the expected benefits of the acquisition will not be realized; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of FNF's Form 10-K and other filings with the Securities and Exchange Commission ("SEC").

FNF-E

 

FIDELITY NATIONAL FINANCIAL, INC.

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and

Other

Three Months Ended


December 31, 2018


Direct title premiums


$

576



$

576



$


Agency title premiums


672



672




Escrow, title related and other fees


537



499



38


Total title and escrow


1,785



1,747



38









Interest and investment income


52



48



4


Realized gains and losses, net


(144)



(135)



(9)


Total revenue


1,693



1,660



33









Personnel costs


612



592



20


Agent commissions


513



513




Other operating expenses


395



359



36


Depreciation and amortization


44



38



6


Claim loss expense


56



56




Interest expense


12





12


Total expenses


1,632



1,558



74









Pre-tax earnings (loss)


$

61



$

102



$

(41)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


144



135



9


  Purchase price amortization


27



21



6


  Transaction costs


4





4


 Total non-GAAP adjustments before taxes


$

175



$

156



$

19









Adjusted pre-tax earnings (loss)


$

236



$

258



$

(22)


Adjusted pre-tax margin


12.8

%


14.4

%


%








Pre-tax earnings (loss)


$

61



$

102



$

(41)


  Income tax expense (benefit)


16



26



(10)


  Earnings from equity investments


1



1




  Non-controlling interests


2



1



1









Net earnings (loss) attributable to FNF, Inc. common shareholders


$

44



$

76



$

(32)









EPS attributable to FNF, Inc. common shareholders - basic


$

0.16






EPS attributable to FNF, Inc. common shareholders - diluted


$

0.16













FNF, Inc. weighted average shares - basic


274






FNF, Inc. weighted average shares - diluted


277

























 

FIDELITY NATIONAL FINANCIAL, INC.

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and

Other

Three Months Ended



December 31, 2018



Net earnings (loss) attributable to FNF, Inc. common shareholders


$

44



$

76



$

(32)









 Total non-GAAP, pre-tax adjustments


$

175



$

156



$

19


  Income taxes on non-GAAP adjustments


(40)



(36)



(4)


  Noncontrolling interest on non-GAAP adjustments


(4)



(3)



(1)


Total non-GAAP adjustments


$

131



$

117



$

14









Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders


$

175



$

193



$

(18)









Adjusted EPS attributable to FNF, Inc. common shareholders - diluted


$

0.63













Direct orders opened (000's)


379



379




Direct orders closed (000's)


301



301




Fee per file


$

2,803



$

2,803




Actual title claims paid


$

58



$

58











Cash flows provided by operations


$

273






 

FIDELITY NATIONAL FINANCIAL, INC.

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and

Other

Three Months Ended



December 31, 2017



Direct title premiums


$

572



$

572



$


Agency title premiums


695



695




Escrow, title related and other fees


668



547



121


Total title and escrow


1,935



1,814



121









Interest and investment income


38



38




Realized gains and losses, net


2





2


Total revenue


1,975



1,852



123









Personnel costs


638



611



27


Agent commissions


532



532




Other operating expenses


469



362



107


Depreciation and amortization


50



42



8


Claim loss expense


57



57




Interest expense


9





9


Total expenses


1,755



1,604



151









Pre-tax earnings (loss) from continuing operations


$

220



$

248



$

(28)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


(2)





(2)


  Purchase price amortization


31



25



6


  Spin-off costs


1





1


 Total non-GAAP adjustments before taxes


$

30



$

25



$

5









Adjusted pre-tax earnings (loss) from continuing operations


$

250



$

273



$

(23)


Adjusted pre-tax margin from continuing operations


12.7

%


14.7

%


%








Pre-tax earnings (loss) from continuing operations


$

220



$

248



$

(28)









  Income tax benefit


(23)



(16)



(7)


  Earnings from equity investments


3



3




  Loss from discontinued operations, net of tax


(10)





(10)


  Non-controlling interests


(2)



1



(3)









Net earnings (loss) attributable to FNF, Inc. common shareholders


$

238



$

266



$

(28)









Net (loss) earnings attributable to FNFV Group common shareholders


$

(8)



$



$

(8)


Net earnings (loss) attributable to FNF Group common shareholders


$

246



$

266



$

(20)









EPS from continuing operations attributable to FNF, Inc. common shareholders - basic


$

0.90






EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted


$

0.88













FNF, Inc. weighted average shares - basic


272






FNF, Inc. weighted average shares - diluted


281






 

FIDELITY NATIONAL FINANCIAL, INC.

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and

Other

Three Months Ended



December 31, 2017



Net earnings (loss) attributable to FNF, Inc. common shareholders


$

238



$

266



$

(28)









  Loss from discontinued operations, net of tax


(10)





(10)


  Non-controlling interests of discontinued operations


(2)





(2)









Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders


$

246



$

266



$

(20)









 Total non-GAAP, pre-tax adjustments


$

30



$

25



$

5


  Income taxes on non-GAAP adjustments


(10)



(8)



(2)


  Noncontrolling interest on non-GAAP adjustments


(3)



(3)




  Tax reform


(93)



(103)



10


Total non-GAAP adjustments


$

(76)



$

(89)



$

13









Adjusted net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders


$

170



$

177



$

(7)









Adjusted EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted


$

0.60













Direct orders opened (000's)


445



445




Direct orders closed (000's)


357



357




Fee per file


$

2,425



$

2,425




Actual title claims paid


$

63



$

63











Cash flows provided by operations


$

183






 

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and

Other

Twelve Months Ended



December 31, 2018



Direct title premiums


$

2,221



$

2,221



$


Agency title premiums


2,690



2,690




Escrow, title related and other fees


2,615



2,189



426


Total title and escrow


7,526



7,100



426









Interest and investment income


177



170



7


Realized gains and losses, net


(109)



(110)



1


Total revenue


7,594



7,160



434









Personnel costs


2,538



2,430



108


Agent commissions


2,059



2,059




Other operating expenses


1,801



1,421



380


Depreciation and amortization


182



154



28


Claim loss expense


221



221




Interest expense


43





43


Total expenses


6,844



6,285



559









Pre-tax earnings (loss)


$

750



$

875



$

(125)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


109



110



(1)


  Purchase price amortization


109



87



22


  Transaction costs


17





17


  Sales tax contingency


6



6




  Other adjustments


3



1



2


 Total non-GAAP adjustments before taxes


$

244



$

204



$

40









Adjusted pre-tax earnings (loss)


$

994



$

1,079



$

(85)


Adjusted pre-tax margin


12.9

%


14.8

%


%








Pre-tax earnings (loss)


$

750



$

875



$

(125)









  Income tax expense (benefit)


120



163



(43)


  Earnings from equity investments


5



4



1


  Non-controlling interests


7



8



(1)









Net earnings (loss) attributable to FNF, Inc. common shareholders


$

628



$

708



$

(80)









EPS attributable to FNF, Inc. common shareholders - basic


$

2.30






EPS attributable to FNF, Inc. common shareholders - diluted


$

2.26













FNF, Inc. weighted average shares - basic


273






FNF, Inc. weighted average shares - diluted


278






 

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and

Other

Twelve Months Ended



December 31, 2018



Net earnings (loss) attributable to FNF, Inc. common shareholders


$

628



$

708



$

(80)









 Total non-GAAP, pre-tax adjustments


$

244



$

204



$

40


  Income taxes on non-GAAP adjustments


(55)



(46)



(9)


  Noncontrolling interest on non-GAAP adjustments


(14)



(11)



(3)


  Change in tax estimate


(45)



(45)




  Black Knight tax contingency


(8)





(8)


Total non-GAAP adjustments


$

122



$

102



$

20









Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders


$

750



$

810



$

(60)









Adjusted EPS attributable to FNF, Inc. common shareholders - diluted


$

2.70













Direct orders opened (000's)


1,818



1,818




Direct orders closed (000's)


1,315



1,315




Fee per file


$

2,585



$

2,585




Actual title claims paid


$

223



$

223











Cash flows provided by operations


$

943






 

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)


Twelve Months Ended


Consolidated


Title


Corporate and

Other

December 31, 2017



Direct title premiums


$

2,170



$

2,170



$


Agency title premiums


2,723



2,723




Escrow, title related and other fees


2,637



2,181



456


Total title and escrow


7,530



7,074



456









Interest and investment income


131



131




Realized gains and losses, net


2



6



(4)


Total revenue


7,663



7,211



452









Personnel costs


2,460



2,366



94


Agent commissions


2,089



2,089




Other operating expenses


1,781



1,404



377


Depreciation and amortization


183



159



24


Claim loss expense


238



238




Interest expense


48





48


Total expenses


6,799



6,256



543









Pre-tax earnings (loss) from continuing operations


$

864



$

955



$

(91)









Non-GAAP adjustments before taxes







  Realized (gains) and losses, net


(2)



(6)



4


  Management fee


1



1




  Purchase price amortization


113



94



19


  Spin-off costs


4





4


  Sales tax contingency


3



3




  Other adjustments


1



1




 Total non-GAAP adjustments before taxes


$

120



$

93



$

27









Adjusted pre-tax earnings (loss) from continuing operations


$

984



$

1,048



$

(64)


Adjusted pre-tax margin from continuing operations


12.8

%


14.5

%


%








Pre-tax earnings (loss) from continuing operations


$

864



$

955



$

(91)









  Income tax expense (benefit)


235



274



(39)


  Earnings from equity investments


10



10




  Earnings from discontinued operations, net of tax


155





155


  Non-controlling interests


23



1



22









Net earnings attributable to FNF, Inc. common shareholders


$

771



$

690



$

81









Net earnings attributable to FNFV Group common shareholders


$

109



$



$

109


Net earnings (loss) attributable to FNF Group common shareholders


$

662



$

690



$

(28)


Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders


$

639



$

690



$

(51)


EPS attributable to FNF, Inc. common shareholders - basic


$

2.44






EPS attributable to FNF, Inc. common shareholders - diluted


$

2.38






EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted


$

2.30






FNF, Inc. weighted average shares - basic


271






FNF, Inc. weighted average shares - diluted


278






 

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


Corporate and

Other

Twelve Months Ended



December 31, 2017



Net earnings attributable to FNF, Inc. common shareholders


$

771



$

690



$

81









  Earnings from discontinued operations, net of tax


155





155


  Non-controlling interests of discontinued operations


23





23









Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders


$

639



$

690



$

(51)









 Total non-GAAP, pre-tax adjustments


$

120



$

93



$

27


  Income taxes on non-GAAP adjustments


(40)



(30)



(10)


  Noncontrolling interest on non-GAAP adjustments


(13)



(13)




  Nondeductible income taxes on litigation and regulatory settlements


21



21




  Tax Reform


(93)



(103)



10


Total non-GAAP adjustments


$

(5)



$

(32)



$

27









Adjusted net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders


$

634



$

658



$

(24)









Adjusted EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted


$

2.28













Direct orders opened (000's)


1,942



1,942




Direct orders closed (000's)


1,428



1,428




Fee per file


$

2,346



$

2,346




Actual title claims paid


$

231



$

231











Cash flows provided by operations


$

871






 

FIDELITY NATIONAL FINANCIAL, INC.

QUARTERLY OPERATING STATISTICS

(Unaudited)




Q4 2018


Q3 2018


Q2 2018


Q1 2018


Q4 2017


Q3 2017


Q2 2017


Q1 2017

Quarterly Open Orders ('000's except % data)

Total open orders*


379



456



505



478



445



501



524



472


Total open orders per day*


6.0



7.2



7.9



7.7



7.2



8.0



8.2



7.6


Purchase % of open orders


67

%


69

%


71

%


66

%


60

%


62

%


66

%


64

%

Refinance % of open orders


33

%


31

%


29

%


34

%


40

%


38

%


34

%


36

%

Total closed orders*


301



339



362



313



357



367



370



334


Total closed orders per day*


4.8



5.4



5.7



5.0



5.8



5.8



5.8



5.4


Purchase % of closed orders


69

%


71

%


71

%


62

%


61

%


65

%


67

%


58

%

Refinance % of closed orders


31

%


29

%


29

%


38

%


39

%


35

%


33

%


42

%


















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

Total commercial revenue


$

324



$

271



$

276



$

230



$

288



$

250



$

261



$

224


Total commercial open orders


46.0



48.9



54.2



52.8



46.3



48.3



50.8



49.4


Total commercial closed orders


35.2



31.2



35.1



31.5



33.2



33.4



33.6



30.0



















National commercial revenue


$

189



$

150



$

147



$

122



$

165



$

138



$

148



$

127


National commercial open orders


19.1



19.8



23.0



21.1



19.0



19.9



22.0



21.1


National commercial closed orders


13.2



12.0



12.9



11.2



12.1



13.1



13.3



11.2



















Total Fee Per File

Fee per file


$

2,803



$

2,623



$

2,579



$

2,344



$

2,425



$

2,368



$

2,428



$

2,148


Residential and local commercial fee per file

$

2,275



$

2,261



$

2,253



$

2,027



$

2,032



$

2,066



$

2,104



$

1,829


Residential fee per file


$

1,955



$

2,008



$

2,012



$

1,789



$

1,784



$

1,856



$

1,895



$

1,623


Total commercial fee per file


$

9,200



$

8,700



$

7,900



$

7,300



$

8,700



$

7,500



$

7,800



$

7,500


National commercial fee per file


$

14,400



$

12,500



$

11,400



$

10,900



$

13,600



$

10,500



$

11,100



$

11,300



















Total Staffing

Total field operations employees


10,200



10,800



11,000



10,900



11,200



11,700



11,300



11,000


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



















 

FIDELITY NATIONAL FINANCIAL, INC.

SUMMARY BALANCE SHEET INFORMATION

(In millions)




FNF, Inc.
December 31,
2018


FNF, Inc.
December 31,
2017



(Unaudited)


(Unaudited)

Cash and investment portfolio



$

4,806




$

4,481


Goodwill



2,726




2,746


Title plant



405




398


Total assets



9,301




9,151


Notes payable



836




759


Reserve for title claim losses



1,488




1,490


Secured trust deposits



822




830


Redeemable non-controlling interests



344




344


Non-redeemable non-controlling interests



(2)




20


Total equity and non-controlling interests



4,972




4,811


Total equity attributable to common shareholders



4,630




4,447




Cision

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