TM ANNAE Third Quarter 2024 Update CANNAE HOLDINGS, INC. / THIRD QUARTER 2024 UPDATE Forward-Looking Statements and Risk Factors This communication 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 inf ...

Compassionate Eye Foundation/David Oxberry/DigitalVision via Getty Images Cannae Holdings (NYSE:CNNE) is a holding company that was founded by Bill Foley, a billionaire and West Point graduate with a long term history of creating value for shareholders. CNNE gives you the opportunity to "tag along" with Bill Foley. It usually trades at a big discount to the "sum of the parts" or mark-to market valuation of the underlying portfolio. Management has recently increased efforts to reduce the discount. What Can C ...

Financial Data and Key Metrics Changes - Cannae Holdings reported a second quarter 2024 operating revenue decline of $35 million or 23% year-over-year, reflecting a 27% reduction in the number of restaurant locations [18] - The company recognized losses of $145 million in the second quarter, primarily due to a noncash impairment charge related to the Sightline investment [20] - Cannae's aggregate net asset value (NAV) was reported at $2.1 billion or $32.90 per share, compared to a closing price of $19.95 [22] Business Line Data and Key Metrics Changes - Dun & Bradstreet (D&B), Cannae's largest holding, reported second quarter revenue of $576 million, representing 4.3% year-over-year organic growth, an acceleration from 3.9% in the prior year [9] - Alight's second quarter revenue from continuing operations was $538 million, down 4% from $561 million in the prior year, with adjusted EBITDA of $105 million, representing a 19.5% margin compared to 21.2% in the previous year [12] - AFC Bournemouth's revenue for the 12 months ended June 30, 2024, grew to approximately $203 million, a 19% increase from $170 million in the prior year [13] Market Data and Key Metrics Changes - D&B's adjusted EBITDA grew by 5.7% in the second quarter, equating to $218 million at a 37.8% margin, up 60 basis points year-over-year [10] - Alight's net leverage decreased to 2.8 times after repaying $740 million of debt from the sale of its Payroll and Professional Services business [11] Company Strategy and Development Direction - Cannae's strategy focuses on improving portfolio company performance, making new investments in private businesses, and providing capital returns to shareholders through dividends and share repurchases [4] - The company aims to close the share price discount to NAV through these strategic pillars [5] - Cannae is actively seeking new investment opportunities, particularly in private markets, and plans to fund acquisitions by redeploying capital from public company investments [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about portfolio companies and highlighted efforts to drive revenue growth and improve cash flow [6] - The company acknowledged challenges with certain investments, particularly the impairment of Sightline due to lack of market adoption for key products [6][20] - Management remains confident in the strategic direction and potential for NAV growth [44] Other Important Information - Cannae plans to pay a second dividend of $0.12 per share on September 30, 2024, and has returned over $235 million to shareholders in 2024 through dividends and share buybacks [9] - The company has made significant progress in its portfolio companies, including the successful sale of Alight's Payroll and Professional Services business for up to $1.2 billion [5] Q&A Session Summary Question: Update on D&B investment thesis and valuation - Management reiterated that D&B was initially viewed as undervalued with strong data assets and market penetration, and they are frustrated with its current trading position despite operational improvements [25] Question: Investment expectations for AFC Bournemouth - Management indicated that capital needs for Bournemouth are still being assessed due to the ongoing transfer window, but some investment is expected [27] Question: Potential strategic sale of Alight - Management stated that while there is interest in Alight, capital allocation decisions will depend on market conditions and opportunities [31] Question: Capital allocation strategy - Management emphasized a balanced approach to capital allocation, considering both share buybacks and new investments [33] Question: Impairment charge for Sightline - Management clarified that the impairment was driven by lack of traction with legacy products and ongoing development challenges [42]

Earnings Performance - Cannae Holdings reported a quarterly loss of $0 16 per share, beating the Zacks Consensus Estimate of a loss of $0 29, representing an earnings surprise of 44 83% [1] - The company's loss per share improved significantly compared to the year-ago loss of $1 16 per share [1] - Over the last four quarters, Cannae has surpassed consensus EPS estimates only once [2] Revenue Performance - Cannae posted revenues of $118 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 5 93% [2] - This compares to year-ago revenues of $152 8 million, indicating a decline [2] - The company has topped consensus revenue estimates just once over the last four quarters [2] Stock Performance - Cannae shares have lost about 0 7% since the beginning of the year, underperforming the S&P 500's gain of 9% [3] - The stock's immediate price movement will depend on management's commentary on the earnings call [3] Earnings Outlook - The current consensus EPS estimate for the coming quarter is -$0 31 on $110 2 million in revenues [7] - For the current fiscal year, the consensus EPS estimate is -$1 80 on $432 6 million in revenues [7] - The estimate revisions trend for Cannae is mixed, translating into a Zacks Rank 3 (Hold) [6] Industry Outlook - The Financial - Investment Management industry is currently in the bottom 30% of the Zacks industries [8] - The top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [8] Peer Performance - Greenidge Generation Holdings Inc is expected to post a quarterly loss of $0 37 per share, representing a year-over-year improvement of 74 1% [9] - The consensus EPS estimate for Greenidge has been revised 10 4% lower over the last 30 days [9] - Greenidge's revenues are expected to be $16 1 million, up 9 5% from the year-ago quarter [10]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-38300 CANNAE HOLDINGS, INC. | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------- ...

TM ANNAE = Second Quarter 2024 Update CANNAE HOLDINGS, INC. / SECOND QUARTER 2024 UPDATE Forward-Looking Statements and Risk Factors This communication 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 ...

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today: Cannae Holdings, Inc. (CNNE) is an asset management company. The Zacks Consensus Estimate for its current year earnings has been revised 42.3% downward over the last 60 days. Dorian LPG Ltd. (LPG) is a liquefied petroleum gas transportation company. The Zacks Consensus Estimate for its current year earnings has been revised 22.2% downward over the last 60 days. Japan Airlines Co., Ltd. (JAPSY) is an air transport company.The Zacks Co ...

Fortescue Ltd (FSUGY) is a mining company.The Zacks Consensus Estimate for its current year earnings has been revised 5.7% downward over the last 60 days. Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today: Cannae Holdings, Inc. (CNNE) is an investment company. The Zacks Consensus Estimate for its current year earnings has been revised 42.9% downward over the last 60 days. View the entire Zacks Rank #5 List. Crescent Energy Company (CRGY) is an oil and gas exploration and production c ...

Cannae Holdings, Inc. (NYSE:CNNE) Q1 2024 Earnings Conference Call May 9, 2024 5:00 PM ET Company Participants Jamie Lillis - Managing Director, Solebury Strategic Communications Bill Foley - Chairman & Chief Executive Officer Ryan Caswell - President Bryan Coy - Chief Financial Officer Conference Call Participants John Campbell - Stephens Ian Zaffino - Oppenheimer Operator Good afternoon, ladies and gentlemen, and welcome to the Cannae Holdings Inc. First Quarter 2024 Financial Results Conference Call. Dur ...

31 Table of Contents FORM 10-Q OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-38300 Delaware 82-1273460 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the precedi ...