Financial Data and Key Metrics Changes - Cannae's total operating revenue for Q4 2024 was $110 million, an 8% decrease compared to Q4 2023, primarily due to lower restaurant revenue [23] - The aggregate net asset value (NAV) of the company is approximately $1.9 billion, equating to $29.78 per share on an after-tax basis, while Cannae shares closed at $19.19, reflecting a 36% discount to NAV [29] Business Line Data and Key Metrics Changes - Dun and Bradstreet (DNB) reported Q4 2024 revenue of $632 million, showing less than 1% constant currency organic growth, with adjusted EBITDA at $260 million, down slightly from the previous year [17] - Alight posted total revenue from continuing operations of $680 million for Q4 2024, a 0.3% decrease from Q4 2023, while adjusted EBITDA increased by 5% to $217 million [19] - AFC Bournemouth's revenues increased nearly GBP 20 million or 14% in fiscal year 2024, with expectations for further growth in 2025 [10] Market Data and Key Metrics Changes - The restaurant operating expenses in Q4 2024 were $170 million, accounting for 81% of total operating expenses, which is approximately 300 basis points lower than Q4 2023 [24] - Cannae recognized a $12.5 million gain from an early exit from the restaurant support center, offset by losses from the sale of shares in Alight and Paysafe [26] Company Strategy and Development Direction - The company aims to increase NAV and narrow the discount to intrinsic value through improving portfolio company performance, making new investments, and returning capital to shareholders [7] - Cannae plans to prioritize share buybacks and use proceeds from public company sales to pay down debt and invest in new and existing portfolio companies [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the portfolio's ability to drive future value creation and grow NAV, highlighting new private investments expected to generate high returns [11] - The management team is focused on generating cash flow to cover dividends and operating expenses, indicating that they are still working towards this goal [42] Other Important Information - The company internalized its external manager and brought back Bill Foley as CEO, aligning management compensation with shareholder interests [15] - Cannae has over $108 million in corporate cash and short-term investments, with $101 million on margin loans and $60 million of net debt at a weighted average of 7.35% [28] Q&A Session Summary Question: Impact of Bournemouth's performance on financials - Management noted that Bournemouth's performance could have a significant financial impact, including additional media dollars and match day revenues from European competitions [36] Question: Dividend funding through cash flow - Management indicated they are still a ways away from fully covering the dividend through cash flow but are focused on generating cash from investments [42] Question: Appetite for share buybacks - Management confirmed that share buybacks are a priority, contingent on the stock price and potential monetization events from public company investments [46] Question: Capital funding for Black Knight Football - Management discussed the capital funding needs for AFC Bournemouth, including player transfers and infrastructure investments [55] Question: Alight's management changes - Management clarified that Bill Foley stepped down as Chairman but remains involved, and they believe the new board will add value to Alight's long-term strategy [58] Question: JANA partnership activity - Management stated that discussions with JANA Partners are very active, with specific targets being discussed that could be beneficial for Cannae [65]

Financial Data and Key Metrics Changes - Cannae's total operating revenue for Q4 2024 was $110 million, an 8% decrease compared to Q4 2023, primarily due to lower restaurant revenue [14] - The aggregate decrease in restaurant revenue reflects store closures and general headwinds in the casual dining sector [14] - Cannae recognized a net asset value of approximately $1.9 billion, equating to $29.78 per share on an after-tax basis, with shares closing at $19.19, representing a 36% discount to NAV [17] Business Line Data and Key Metrics Changes - Dun and Bradstreet reported revenue of $632 million for Q4 2024, with less than 1% constant currency organic growth compared to the prior year [10] - Alight posted total revenue from continuing operations of $680 million for Q4 2024, a 0.3% decrease from Q4 2023, while adjusted EBITDA increased by 5% to $217 million [11] - AFC Bournemouth's revenues increased nearly $1 million or 14% in fiscal year 2024 and are expected to increase again in 2025 [5][6] Market Data and Key Metrics Changes - AFC Bournemouth is currently in sixth place in the Premier League, its highest ranking ever, and has achieved the longest unbeaten streak in club history [6] - DNB achieved 3% organic revenue growth for the full year 2024, with adjusted EBITDA expanding to $927 million, up from $569 million at the time of Cannae's take-private [10] Company Strategy and Development Direction - Cannae's long-term strategic plan aims to increase net asset value (NAV) and narrow the discount to intrinsic value by improving portfolio company performance, making new investments, and returning capital to shareholders [5] - The company plans to prioritize share buybacks and use proceeds from public company share sales to pay down debt and invest in new and existing portfolio companies [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the portfolio's ability to drive future value creation and grow NAV, particularly through new private investments [6][7] - The management team is focused on generating cash flow to cover dividends and operating expenses, indicating that they are still working towards this goal [25] Other Important Information - Cannae repurchased 9.7 million shares in a Dutch auction, returning approximately $222 million to shareholders, and instituted a quarterly dividend that returned an additional $23 million in 2024 [8] - The company internalized its external manager and brought Bill Foley back as CEO, aligning management compensation with shareholder interests [9] Q&A Session Summary Question: Impact of Bournemouth's performance on financials - Management noted that Bournemouth's performance could have a significant financial impact, including additional media revenues and match day revenues from European competitions [22][23] Question: Funding for dividends and capital allocation - Management indicated that they are still working towards generating sufficient cash flow to cover dividends and operating expenses, with a focus on capital allocation [25][26] Question: Capital funding for Black Knight Football - Management discussed the capital funding needs for AFC Bournemouth, emphasizing the importance of player sales and ongoing commercial revenues [36] Question: Alight's management changes and strategic positioning - Management clarified that Bill Foley stepped down from the Chairman role at Alight but remains involved, and they believe the company is well-positioned for future success [41][42] Question: Activity level in the Jana Partners partnership - Management confirmed that discussions with Jana Partners are very active, with specific targets being discussed that could be beneficial for Cannae [45][46] Question: Capital needs for AFC Bournemouth - Management mentioned potential capital needs related to player transfers and infrastructure, including stadium redevelopment [48][52]

Financial Performance - Dun & Bradstreet reported Q4 2024 total revenue of $632 million, with organic constant currency growth of less than 1% year-over-year, and full-year revenue of $2.38 billion, a 2.9% increase [9][13]. - Alight's Q4 2024 revenue was $680 million, down 0.3% from Q4 2023, but up 23% sequentially from Q3 2024, with BPaaS revenue growing nearly 10% to $146 million [21][22]. - Paysafe reported Q4 2024 total revenues of $420 million, an increase from $414.5 million in Q4 2023, with a net income of $34 million compared to a loss of $12.1 million [27]. - Revenue for Q4 2024 is estimated at $420 million, a 1% increase from Q4 2023, or 4% when excluding disposed business [31]. - Net income for Q4 2024 is expected to be between $31 million and $37 million, compared to a net loss of $12 million in Q4 2023 [31]. - Adjusted EBITDA for Q4 2024 is estimated at $103 million, a 16% decrease, or a 1% increase when excluding disposed business [31]. - Adjusted EBITDA for Dun & Bradstreet in Q4 2024 was $260 million, a slight decrease from the previous year, with an Adjusted EBITDA margin of 41.2% [14]. - Adjusted EBITDA for Alight increased 5.3% to $217 million in Q4 2024, with a margin improvement of 170 basis points year-over-year [22]. - Adjusted EBITDA for Paysafe was $103 million for Q4 2024, down from $121.7 million in Q4 2023, reflecting a decrease of approximately 15% [85]. - Adjusted EBITDA for Cannae Holdings in Q4 2024 was $1.4 million, a decrease from $2.4 million in Q4 2023, indicating a decline of approximately 42% [91]. Investments and Shareholder Actions - Cannae executed a Dutch tender auction, repurchasing over $200 million of shares and raised $470 million from portfolio company sales in 2024 [5]. - Cannae's portfolio company Alight initiated a quarterly dividend program and repurchased $12 million of shares in Q4 2024, totaling $167 million in buybacks for the year [23]. - Cannae holds 69 million shares of Dun & Bradstreet, valued at approximately $651 million as of February 21, 2025 [18]. - Cannae has invested $214 million in Black Knight Football, representing an approximate 47% ownership interest [50]. Net Income and Losses - Cannae's net loss attributable to common shareholders for Q4 2024 was $46.1 million, compared to a loss of $58.4 million in Q4 2023 [56]. - Net income attributable to Dun & Bradstreet was $7.8 million in Q4 2024, up from $1.7 million in Q4 2023 [76]. - Net income from continuing operations for Alight was $29.0 million in Q4 2024, a significant recovery from a loss of $121.0 million in Q4 2023 [79]. - Paysafe reported a net income of $34 million for the three months ended December 31, 2024, compared to a net loss of $12.1 million in the same period of 2023 [85]. - Cannae Holdings reported net earnings of $6.9 million for Q4 2024, down from $15.8 million in Q4 2023 [91]. Assets and Liabilities - Total current assets increased to $196.9 million in Q4 2024 from $177.3 million in Q4 2023, representing an increase of 9.1% [59]. - Total assets decreased to $2,228.9 million in Q4 2024 from $2,686.7 million in Q4 2023, a decline of 17.0% [59]. - Total liabilities increased to $413.6 million in Q4 2024 from $377.5 million in Q4 2023, an increase of 9.5% [59]. - Retained earnings decreased significantly to $567.1 million in Q4 2024 from $901.3 million in Q4 2023, a decrease of 37.0% [59]. Future Guidance - Alight provided 2025 revenue guidance of $2.32 billion to $2.39 billion, with Adjusted EBITDA expected between $620 million and $645 million [24]. - Full year 2025 revenue growth is expected to be between 6.5% and 8.0%, with adjusted EBITDA margin between 27.1% and 27.6% [32]. Miscellaneous - Cannae's net leverage at year-end 2024 was reduced to 3.6 times, down from 3.8 times at the end of 2023 [15]. - System1 reported total revenue of $88.8 million for Q3 2024, a $1 million increase from Q3 2023 [38]. - System1's adjusted EBITDA for Q3 2024 was $10.3 million, a 27% increase from $8.1 million in Q3 2023 [39]. - AFC Bournemouth is currently in 6th place in the Premier League, providing a place in European competition [45]. - The club has increased season ticket and matchday revenue by approximately 20% over the past two seasons [47]. - Cannae's investment in D&B is accounted for using the equity method, reflecting its proportionate share of D&B's net earnings or loss [74]. - Cannae's investment in Paysafe is accounted for at fair value, and its results do not consolidate into the Company's financials [82]. - Cannae Holdings will hold its fourth quarter 2024 conference call on February 24, 2025, at 5:00 pm ET [92]. - The company’s common stock is listed on the New York Stock Exchange under the symbol CNNE [96].

Group 1 - Cannae Holdings, Inc. (CNNE) shares have increased by 11.3% over the past four weeks, closing at $21.70, with a mean price target of $27.33 indicating a potential upside of 25.9% [1] - The average price targets range from a low of $27 to a high of $28, with a standard deviation of $0.58, suggesting a relatively high agreement among analysts regarding the stock's price movement [2][7] - Analysts are optimistic about CNNE's earnings prospects, as indicated by upward revisions in earnings estimates, which have shown a strong correlation with near-term stock price movements [4][9] Group 2 - The Zacks Consensus Estimate for CNNE has increased by 1.7% over the last 30 days, with no negative revisions, indicating positive sentiment among analysts [10] - CNNE holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, suggesting a strong potential upside [11] - While consensus price targets may not be reliable for predicting the exact price movement, they can provide a useful directional guide for investors [12]

Cannae Holdings, Inc. (CNNE) closed the last trading session at $20.43, gaining 3.8% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $27.67 indicates a 35.4% upside potential.The average comprises three short-term price targets ranging from a low of $27 to a high of $28, with a standard deviation of $0.58. While the lowest estimate indicates an increase of 32.2% from the current pr ...

Cannae Holdings, Inc. (NYSE:CNNE) Q3 2024 Earnings Conference Call November 12, 2024 5:00 PM ET Company Participants Jamie Lillis - Solebury Strategic Communications Ryan Caswell - Chief Executive Officer Bryan Coy - Chief Financial Officer Conference Call Participants Kenneth Lee - RBC Capital Markets John Campbell - Stephens Ian Zaffino - Oppenheimer Operator Good afternoon, ladies and gentlemen, and welcome to the Cannae Holdings Third Quarter 2024 Financial Results Conference Call. During today’s presen ...

Cannae Holdings, Inc. (CNNE) came out with a quarterly loss of $0.22 per share versus the Zacks Consensus Estimate of a loss of $0.34. This compares to loss of $2.18 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 35.29%. A quarter ago, it was expected that this company would post a loss of $0.29 per share when it actually produced a loss of $0.16, delivering a surprise of 44.83%.Over the last four quarters, the company has su ...

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 September 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 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 ...