Cannae(US:CNNE)2025-11-10 21:12Shareholder Returns - Cannae purchased $163 million of its stock since the start of the third quarter, representing 8.6 million shares at a 31% discount to NAV[12] - Year to date November 10th, Cannae has purchased $275 million, or 14.4 million shares, representing 22.9% of its shares outstanding at the prior year-end[12] - Cannae has returned over $1 billion to shareholders since May 2021 through share buybacks, representing over 50% of its outstanding shares[12] - Cannae received $630 million in cash proceeds from the sale of Dun & Bradstreet, with $424 million used for share repurchases, margin loan repayment, and dividends[12] - The company expects to total $30 million in dividends for 2025, having paid $23 million so far[12] Financial Performance - Alight reported total revenue of $533 million for the quarter ended September 30, 2025, compared to $555 million for the prior year quarter, reflecting a decrease of 4%[22] - Alight recognized a non-cash impairment of goodwill of $1.3 billion, leading to a net loss from continuing operations of $1,055 million for the quarter[19] - Adjusted EBITDA for Alight improved to $138 million, a 17% increase from $118 million in the prior year third quarter[23] - For Q3 2025, total operating revenues decreased to $106.9 million from $113.9 million in Q3 2024, a decline of 6.1%[37] - The net loss attributable to Cannae Holdings, Inc. common shareholders for Q3 2025 was $68.4 million, compared to $13.6 million in Q3 2024[37] - Year-to-date total operating revenues for 2025 were $320.3 million, down from $342.6 million in 2024, reflecting a decrease of 6.5%[38] - The net loss attributable to Cannae Holdings, Inc. common shareholders for the first nine months of 2025 was $420.2 million, compared to $258.5 million in the same period of 2024[38] - Net loss from continuing operations for Q3 2025 was $1,055 million, compared to a loss of $44 million in Q3 2024[47] - Adjusted EBITDA from continuing operations for Q3 2025 was $138 million, up from $118 million in Q3 2024, resulting in an adjusted EBITDA margin of 25.9%, compared to 21.3% in the prior year[47][48] - Revenue for Q3 2025 was $533 million, a decrease from $555 million in Q3 2024[47] - Free cash flow from continuing operations for the nine months ended September 30, 2025, was $151 million, compared to $104 million for the same period in 2024[49] - Cash provided by operating activities for continuing operations was $236 million for the nine months ended September 30, 2025, compared to $75 million in 2024[49] - The company incurred $4 million in transaction and integration expenses related to acquisition and divestiture activities in Q3 2025[48] - The company reported a gain of $1,338 million from other activities, including impairment, in the reconciliation of net loss to adjusted EBITDA[47] Asset and Liability Management - As of September 30, 2025, total assets decreased to $1,514.3 million from $2,228.9 million at the end of 2024, a reduction of 32%[39] - Current liabilities decreased to $130.6 million from $146.5 million at the end of 2024, indicating improved short-term financial health[39] Interest and Expenses - Interest expense for Q3 2025 was $24 million, compared to $19 million in Q3 2024[47] - Depreciation and amortization expenses were $103 million in Q3 2025, slightly up from $97 million in Q3 2024[47] Investments - Cannae has invested $249 million in Black Knight Football, representing approximately 45% ownership interest[36] - The company recognizes its proportionate share of Black Knight Football Club's net earnings or loss in its consolidated results, reported on a three-month lag[51][52] Management Guidance - Alight's management lowered its previous guidance for 2025, projecting revenue in the range of $2.25 billion to $2.28 billion[25] Sports Team Performance - FC Lorient secured 8 new players this summer, with 5 of them under the age of 22, aligning with the strategy of developing young talent[31] - Moreirense FC, acquired by BKFC, is positioned in the Primeira Liga, known for its strong domestic talent and no limit on non-EU players, enhancing market opportunities[32] - After 11 matches, Moreirense FC is in 6th place in the Primeira Liga with 6 wins, no draws, and 5 losses[33]