TM Fourth Quarter 2023 Update 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 information currently available to, management. Because such statements are based on expectations as t ...

Cannae Holdings, Inc. (NYSE:CNNE) Q3 2023 Earnings Conference Call November 7, 2023 5:00 PM ET Company Participants Jamie Lillis - Solebury Communications Richard Massey - CEO & Director Bryan Coy - CFO Ryan Caswell - President Conference Call Participants Ian Zaffino - Oppenheimer Kenneth Lee - RBC Capital Markets John Campbell - Stephens Inc. Operator Good afternoon, ladies and gentlemen, and welcome to the Cannae Holdings Inc. Third Quarter 2023 Financial Results Conference Call. [Operator Instructions] ...

CANNAE HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) Equity: Cannae common stock, 0.0001 par value; authorized 115,000,000 shares as of September 30, 2023 and December 31, 2022; issued of 92,841,242 and 92,583,280 shares as of September 30, 2023 and December 31, 2022, respectively and outstanding of 70,761,454 and 76,254,972 shares as of September 30, 2023 and December 31, 2022, respectively — — See Notes to Condensed Consolidated Financial Statements Table of Contents 2 ___ ...

Financial Data and Key Metrics Changes - The company repurchased 3.1 million shares from May through July, representing about 4% of the company, indicating a strong buyback strategy [7][34] - Alight reported a revenue growth of 12.7% year-over-year, a significant increase from the previous 2% growth, showcasing operational improvement [35] Business Line Data and Key Metrics Changes - The non-BPaaS segment of the business is growing at mid-single digits with a 100% customer retention rate, indicating stability and reliability in revenue generation [16] Market Data and Key Metrics Changes - Dun & Bradstreet showed a growth rate of about 4%, despite facing headwinds, and is considered undervalued at 9.5 times 2023 EBITDA compared to peers [8] - Ceridian (CDAY) reported a revenue increase of approximately 26.5% to 27%, reflecting strong market performance [36] Company Strategy and Development Direction - The company is focusing on share repurchases as the best use of capital, especially given the current trading discount of approximately 45% [19][30] - Management emphasized the importance of improving commercial operations and revenue generation through strategic investments and operational enhancements [7][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential of portfolio companies, despite some being undervalued compared to peers [15][17] - There is a recognition of slower-than-expected product rollout and customer uptake in certain segments, indicating areas for improvement [23] Other Important Information - The company has not engaged in any sales or acquisitions of portfolio companies recently, focusing instead on maximizing value within existing investments [15] - The SEC classification issue regarding the Investment Company Act of 1940 was addressed, with management asserting their active role in portfolio management [39][25] Q&A Session Summary Question: What are the latest thoughts around capital allocation? - Management indicated that the best use of capital is currently in share repurchases due to significant discounts in share price [19] Question: Can you provide details on the buyback activity? - The majority of the 3.1 million shares were repurchased in the second quarter, with minimal activity in July due to blackout periods [22] Question: What is the status of the monetization timeline for the site line? - The rollout has been slower than planned, with modifications needed and customer uptake lagging behind expectations [23] Question: Can you clarify the SEC classification issue? - Management clarified that they are not a passive investor and have actively engaged with portfolio companies, which is inconsistent with the Investment Company Act classification [39][25]

Table of Contents Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: August 9, 2023 CANNAE HOLDINGS, INC. (registrant) 32 14 Table of Contents CANNAE HOLDINGS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — continued interest in the tables above. We account for Paysafe using the equity method of accounting, and therefore, its results ...

Cannae Holdings, Inc. (NYSE:CNNE) Q1 2023 Earnings Conference Call May 9, 2023 5:00 PM ET Company Participants Rory Rumore - Investor Relations, Solebury Strategic Communications Rick Massey - Chief Executive Officer Ryan Caswell - President Bryan Coy - Chief Financial Officer Conference Call Participants Ian Zaffino - Oppenheimer John Campbell - Stephens, Inc. Chris Sakai - Singular Research Kenneth Lee - RBC Capital Markets Operator Good afternoon, ladies and gentlemen, and welcome to the Cannae Holdings, ...

19 Details relating to the results of operations of Dun & Bradstreet (NYSE: "DNB") can be found in its periodic reports filed with the SEC. Alight As of March 31, 2023, we own approximately 9.7% of the outstanding common stock of Alight. We account for our ownership of Alight under the equity method of accounting; therefore, its results do not consolidate into ours. Summarized financial information for Alight for the relevant dates and time periods included in Equity in earnings of unconsolidated affiliates ...

Financial Performance - Total revenue for 2022 decreased by $80.1 million compared to 2021, primarily due to a decline in the Restaurant Group segment[495]. - Net earnings for 2022 were $4.1 million, a significant improvement from a net loss of $65.9 million in 2021[498]. - The company’s loss before income taxes improved to $(27.2) million in 2022 from $(45.2) million in 2021[498]. - The company recognized net losses of $(189.0) million for the year ended December 31, 2022, compared to $(312.9) million in 2021[524]. Revenue and Sales - Comparable store sales for the 99 Restaurants brand changed by 7.5% in 2022, attributed to an increase in average spending per visit despite a decrease in guest counts[497]. - Total revenues for Paysafe for the year ended December 31, 2022, were $3,132.0 million, with a net loss of $72.0 million[499]. Expenses and Costs - Cost of restaurant revenue decreased by $46.0 million, or 7.5%, in 2022 compared to 2021[497]. - The company’s total operating expenses in the Corporate and Other segment were $154.1 million in 2022, a slight decrease from $159.4 million in 2021[499]. - The company’s cost of restaurant revenue includes significant personnel costs, which are a major component of operating expenses[513]. Cash Flows and Investments - Operating cash flows used in operations for the year ended December 31, 2022, were $205.1 million, an increase of $29.0 million from 2021 due to increased operating loss and timing of payments[524]. - Cash flows provided by investing activities for the year ended December 31, 2022, were $521.2 million, a change of $793.6 million from 2021 primarily due to proceeds from sales of investments[524]. - Total capital expenditures for property and equipment and other intangible assets were $14.3 million for the year ended December 31, 2022, compared to $13.7 million in 2021[524]. - Cash flows used in financing activities for the year ended December 31, 2022, were $(154.2) million, a decrease of $36.2 million from 2021 due to reduced borrowings[524]. Shareholder Actions - The company repurchased 9,483,416 shares of common stock for approximately $198.5 million in 2022, averaging $20.93 per share[508]. - As of December 31, 2022, the company owned approximately 5.6% of the outstanding common stock of Paysafe, accounting for its ownership under the equity method[498]. Strategic Investments and Acquisitions - The company completed the acquisition of a minority interest in FC Lorient, a football club in France's Ligue 1, in February 2023[508]. - The company completed the sale of net assets of VIBSQ, RC, and Legendary Baking in 2021, impacting comparability of results[510]. Market and Operational Risks - The Restaurant Group segment is exposed to market price fluctuations in beef, seafood, produce, and other food products, which can materially impact food and beverage costs[527]. - The company does not use financial instruments to hedge against market price fluctuations in food product prices[527]. Employee and Management Information - As of December 31, 2022, Cannae and its consolidated subsidiaries had a total of 11,988 employees, with 11,785 in the Restaurant Group[393]. - None of the employees are unionized or represented by any collective agency, and employee relations are generally considered good[393]. - The company has made strategic investments in information security to protect client and information systems, including capital expenditures and operating expenses on hardware and software[391]. - The company has established risk management policies related to information security and cybersecurity to monitor and mitigate risks[392]. Obligations and Payments - Unconditional purchase obligations total $99.6 million, with $82.9 million due in 2023[525]. - Operating lease payments total $242.1 million, with $34.2 million due in 2023[525]. - Management fees payable to the Manager total $67.7 million, with $36.9 million due in 2023[525].

Cannae Holdings, Inc. (NYSE:CNNE) Q4 2022 Earnings Conference Call February 22, 2023 5:00 PM ET Company Participants Jamie Lillis - Solebury Trout, IR Richard Massey - CEO Bryan Coy - CFO Ryan Caswell - President Conference Call Participants John Campbell - Stephens Inc. Isaac Sellhausen - Oppenheimer Kenneth Lee - RBC Capital Markets Operator Good afternoon, ladies and gentlemen, and welcome to the Cannae Holdings, Inc. Fourth Quarter and Full Year 2022 Financial Results Conference Call. During today's pre ...

Financial Data and Key Metrics Changes - The company repurchased approximately 2.1 million shares at an average price of $20.76, representing a 43% discount to its estimated net asset value [6][7] - Over the past year, the company has repurchased 13.75 million shares, which is about 15% of the company [6][7] - The company raised cash by selling CorroHealth for $80 million and 75% of its stake in AmeriLife for $243 million, achieving a 2.7 times multiple on the initial investment [8][9] Business Line Data and Key Metrics Changes - Dun and Bradstreet reported a 4% growth in organic revenue and a 7% increase in overall revenues in constant currency, maintaining a 40% EBITDA margin [10] - Alight generated approximately 8.7% of overall revenues with nearly 10% growth in its Employer Services segment, and its BPaaS offering grew 56% year-over-year [11][12] Market Data and Key Metrics Changes - Sightline is progressing in cashless gaming, working with Resorts World in Las Vegas to implement its cashless gaming system [13] - JPMorgan Payments made a strategic investment in Sightline, enhancing liquidity and providing a strong endorsement [14] Company Strategy and Development Direction - The company plans to continue share buybacks as long as the stock trades at a significant discount to NAV, while also exploring new investment opportunities [22][25] - The company is committed to finding ways to bring in third-party capital for new investments to preserve its own capital [23] - The company has made new investments in a core processing company for small banks and a Premier League football club, indicating a diversification strategy [15][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of the gaming market, believing that the liberalization of gaming markets is inevitable [42] - The company is focused on executing its cashless solution in casinos and is not expecting monetization of Sightline in the near term [41] - Management highlighted the potential for significant growth in the sports betting industry, projecting it to be a $50 billion industry by 2025 [43] Other Important Information - The company has authorized an additional 10 million shares for buybacks, indicating a strong commitment to returning value to shareholders [7] - The company is actively participating in upcoming investor conferences, showcasing its commitment to investor relations [50] Q&A Session Summary Question: Plans for cash from AmeriLife sale - Management indicated three options: aggressive share buybacks, new investments, and potential support for existing portfolio companies [22][25] Question: Valuations in private vs public equity - Management stated that public equity offers better valuations currently [22] Question: Details on soccer team investment - Management clarified that the maximum commitment is $125 million with no future obligations, and the investment is structured to align interests with the general partner [31][34] Question: Benefits from JPMorgan partnership for Sightline - Management noted that the partnership will enhance approval rates and provide strategic advice, unlocking significant growth potential for Sightline [38][39] Question: Long-term outlook for sports betting - Management remains optimistic about the liberalization of gaming markets and the continued growth of the industry despite recent challenges [42][43] Question: Future of SPAC activity for Cannae - Management indicated no current plans for SPACs but acknowledged their potential as an alternative to IPOs in the future [46][47]