Cannae(US:CNNE)2025-05-12 20:38Revenue Performance - Cannae reported first quarter 2025 total revenue of $580 million, with organic revenue growth of 3.6%[18] - Dun & Bradstreet reported total revenues of $579.8 million for the first quarter 2025, compared to $564.5 million in the prior year[19] - Alight reported total revenue of $548 million for the first quarter 2025, down from $559 million in the prior year[27] - Cannae Restaurant Group reported total revenues of $99.1 Million for Q1 2025, down from $106.5 Million in Q1 2024[47] - System1 reported total revenue of $75 Million for Q1 2025, a 12% decrease from the prior year[35] Adjusted EBITDA - Adjusted EBITDA for the first quarter 2025 grew 4.8% to $211 million, with an Adjusted EBITDA margin of 21.5%, up from 20.8% in the prior year[18] - D&B's Adjusted EBITDA for the first quarter 2025 was $210.9 million, an increase from $201.3 million in the prior year[19] - Alight's Adjusted EBITDA from continuing operations increased to $118 million, a slight increase from $116 million in the prior year[28] - Adjusted EBITDA for System1 in Q1 2025 was $12 Million, compared to $0.4 Million in the prior year[36] - The adjusted EBITDA from continuing operations for System1 was $12.1 million in Q1 2025, a significant increase from $0.4 million in Q1 2024[80] - The adjusted EBITDA for the Restaurant Group was $(0.6) million in Q1 2025, down from $2.1 million in Q1 2024[82] Net Loss - Cannae's net loss attributable to common shareholders was $113 Million for Q1 2025, compared to $89.9 Million in Q1 2024[54] - System1 reported a net loss of $20 Million compared to a net loss of $14 Million in the prior year[35] - Net loss attributable to D&B was $15.8 million for Q1 2025, an improvement from a loss of $23.2 million in Q1 2024[71] - System1 reported a net loss of $19.9 million for the three months ended March 31, 2025, compared to a net loss of $13.8 million in the same period of 2024[80] - The Restaurant Group experienced a net loss of $3.2 million in Q1 2025, compared to a net loss of $2.4 million in Q1 2024[82] Cash Flow and Assets - Free Cash Flow for the three months ended March 31, 2025, was $44.0 million, down from $61.0 million in Q1 2024[76] - Total current assets increased to $773.5 million as of March 31, 2025, compared to $196.9 million on December 31, 2024[55] - Cash and cash equivalents decreased to $126.2 million as of March 31, 2025, from $131.5 million on December 31, 2024[55] - Total assets decreased to $2,096.4 million as of March 31, 2025, from $2,228.9 million on December 31, 2024[55] - Total liabilities decreased to $399.7 million as of March 31, 2025, from $413.6 million on December 31, 2024[55] - Equity decreased to $1,696.7 million as of March 31, 2025, from $1,815.3 million on December 31, 2024[55] Strategic Plans and Investments - Cannae plans to utilize at least $460 million of the expected $630 million proceeds from the Dun & Bradstreet sale for share repurchases, dividends, and debt repayment[12] - The company repurchased $20 million of its common stock during the quarter, with $261 million remaining in share buyback authorization[18] - Cannae's acquisition of an additional 30% stake in JANA Partners for $67.5 million will increase its total ownership to 50%[12] - Cannae has already sold 9 million shares of D&B for $81 million ahead of the transaction close[18] - Cannae has invested $224 Million in Black Knight Football, representing an approximate 44% ownership interest[45] Management and Corporate Information - Cannae's management team includes CEO Ryan R. Caswell and CFO Bryan D. Coy, among others[84] - The company's common stock is listed on the New York Stock Exchange under the symbol CNNE[87] Guidance and Future Projections - Management affirmed its previous guidance for 2025, projecting a revenue range of $2.32 Billion to $2.39 Billion, Adjusted EBITDA of $620 Million to $645 Million, and Free Cash Flow of $250 Million to $285 Million[30] - At quarter end, the company had $2.2 Billion, or 92% of projected 2025 revenue, under contract, along with $1.6 Billion for 2026 and $1.2 Billion for 2027[31] Other Notable Information - AFC Bournemouth achieved a new club record points tally for a Premier League campaign with 53 points, currently in 10th position[39] - Bournemouth was valued at $630 Million based on its 2023/2024 revenue of $203 Million, marking its first appearance on the World's 50 Most Valuable Football Clubs list[40] - The company incurred acquisition and restructuring costs of $2.1 million in Q1 2025[80] - Interest expense for System1 was $7.1 million in Q1 2025, slightly down from $8.0 million in Q1 2024[80] - Cannae's recorded book value for its investment in System1 was reduced to nil after recognizing System1's net loss in Q4 2023[78] - Cannae's results do not currently include its share of System1's net earnings or loss due to the equity method of accounting[78]