Management is accelerating a shift toward sports and entertainment assets where the company maintains a proprietary competitive advantage and can actively drive value. The sale of Dun & Bradstreet for $630 million and exits from Paysafe, System1, and Sightline represent a deliberate move away from non-strategic public securities. Black Knight Football Club (BKFC) is now the primary value driver, with AFC Bournemouth achieving significant transfer profits while maintaining Premier League performance. ...

Cannae (NYSE:CNNE) Q4 2025 Earnings call February 23, 2026 05:00 PM ET Company ParticipantsBryan Coy - CFOIan Zaffino - Managing DirectorJamie Lillis - Managing Director of Investor RelationsRyan Caswell - CEOConference Call ParticipantsKenneth Lee - VP and Senior Equity Research AnalystOperatorGood afternoon, ladies and gentlemen, and welcome to the Cannae Holdings, Inc. 4th Quarter and Full Year 2025 Financial Results Conference Call. During today's presentation, all parties will be in a listen-only mode. ...

Financial Data and Key Metrics Changes - Total operating revenues for Q4 2025 were $103 million, a 6% decrease from $110 million in Q4 2024, primarily due to lower restaurant revenue and nine fewer O'Charley's locations [12][13] - Total operating expenses in Q4 2025 were $127 million, down from $132 million in the prior year, with a significant decrease in operating expenses by approximately 13% when excluding non-cash impairment charges [13][14] - For the full year 2025, total operating revenue was $424 million, compared to $453 million in 2024, reflecting lower restaurant locations and associated revenue [15] - The operating loss for 2025 was $119 million, compared to $104 million in 2024, influenced by non-recurring management charges and non-cash impairment charges [15][16] Business Line Data and Key Metrics Changes - The decrease in total operating revenues was primarily attributed to lower guest traffic in restaurants, despite higher average guest checks [12] - The company reported a $55 million tax refund expected in summer 2026, resulting from strategic sales of shares [4][16] Market Data and Key Metrics Changes - The performance of AFC Bournemouth, a key investment, was highlighted, with the team sitting in 8th place in the Premier League and generating over $400 million in transfer proceeds [6][8] - The company also acquired the remaining 60% of FC Lorient for approximately EUR 60 million, enhancing its strategic position in the multi-club model [7] Company Strategy and Development Direction - The company is focusing on transforming its portfolio to concentrate on sports and entertainment-related assets, where it has a competitive advantage [9][10] - A new set of strategic priorities has been established to enhance operating performance, increase transparency, and maintain disciplined capital returns [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed dissatisfaction with the current stock price, indicating that it does not reflect the intrinsic value of the company's assets [8][41] - The board is committed to evaluating and enhancing governance policies to align with best practices [11] Other Important Information - The company repurchased $323 million of stock, representing 28% of its shares outstanding, and increased its dividend by 25% to $0.15 per quarter [4][5] Q&A Session Summary Question: Potential monetizations across the portfolio - Management is reviewing individual assets for potential monetization, particularly focusing on sports and entertainment-related assets [18][20] Question: Outlook on JANA partnership - Management remains optimistic about the partnership with JANA and believes they will continue to source opportunities aligned with the strategic focus on sports and entertainment [22][24] Question: AI risks across the portfolio - Management has considered AI impacts and believes that most portfolio companies are well-positioned with long-term contracts, while also being proactive in implementing AI for efficiency [25][27] Question: Valuation of Black Knight Football Club - Management discussed the valuation framework and indicated that they are providing more detailed financials to help investors understand the value of their investments [30][33] Question: Investment in SpaceX - The investment in SpaceX is expected to be a source of cash over time, with significant value appreciation since acquisition [35][38]

Cannae (NYSE:CNNE) Q4 2025 Earnings call February 23, 2026 05:00 PM ET Speaker5Good afternoon, ladies and gentlemen, and welcome to the Cannae Holdings, Inc. 4th Quarter and Full Year 2025 Financial Results Conference Call. During today's presentation, all parties will be in a listen-only mode. Following the company's prepared remarks, the conference will be open for questions with instructions to follow at that time. As a reminder, this conference call is being recorded and a replay is available through 11 ...

Core Insights - Adaptability is identified as a key competitive advantage in the payments industry, emphasizing the need for companies to be flexible in response to rapid changes [1][5] Industry Trends - The pandemic accelerated the shift towards digital and contactless payment methods, making speed and convenience essential expectations for consumers [3] - Global digital wallet transaction value reached $10 trillion in 2024, a significant increase from $3.9 trillion in 2020, driven by the dominance of mobile payments and Gen Z adoption [7] - AI-driven tools for fraud prevention, such as tokenization and multi-factor authentication (MFA), have reduced eCommerce fraud by up to 30%, with real-time detection processing over a billion transactions daily [7] - Embedded payments are projected to hit $6.5 trillion in volume by 2025, while open banking adoption is growing, albeit slowly in the U.S. due to regulatory challenges [7] - Cash usage has declined sharply in mature markets, yet it remains resilient globally, indicating diverse consumer preferences for payment methods [7] Merchant Needs - Small and medium-sized businesses (SMBs) are increasingly seeking seamless financial management solutions, expecting immediate access to funds and a consolidated view of their performance [7] Payment Innovations - The anticipated rise of real-time payments has been validated, with UPI in India and Pix in Brazil leading the way, although the U.S. has not scaled as expected [7] - The rapid adoption of AI, particularly following the introduction of ChatGPT in November 2022, has shifted consumer behavior towards seeking advice from AI rather than traditional search engines [7]

Summary of Endava (NYSE:DAVA) 2025 Conference Call Company Overview - **Company**: Endava (NYSE:DAVA) - **Date**: November 18, 2025 - **Speakers**: Mark (CFO), Al (Chief Engagement Officer), Puneet (JPMorgan) Key Points Financial Performance - **Q3 Results**: Results were slightly below expectations primarily due to an unexpected credit issue with a significant client, impacting revenue and EPS [5][6] - **Revenue Impact**: The credit issue was not due to poor performance but was aimed at securing future work with the client. This led to a revenue shortfall, affecting EPS directly [5][6] - **Pipeline Weakness**: There was some weakness in the non-big deal pipeline, with fewer conversions than anticipated. However, three large deals were secured, including a five-year $100 million deal with Paysafe, which is expected to boost revenue in the second half of the year [6][7] Client Engagement and Deal Structure - **Large Deals**: Endava is focusing on securing large, multi-year transformational deals, particularly in financial services. These deals are characterized by immediate service delivery rather than gradual ramp-ups [12][13] - **AI Integration**: The company is integrating AI into its service delivery, emphasizing the importance of partnerships and long-term commitments with clients [18][19] - **Client Concerns**: Clients are looking for partners who can help navigate the complexities of AI implementation and ensure data security and compliance [31][33] Market Trends and Industry Dynamics - **Payments Industry**: Endava is well-positioned in the payments sector, which accounts for over 30% of its revenue. The company is helping clients modernize their payment platforms amidst regulatory changes and the rise of new competitors [50][52] - **Sovereignty of Data**: There is a growing trend towards data sovereignty in payments, particularly in Asia and South America, as governments seek to create local jobs and support local companies [51][52] Endava Flow Methodology - **Endava Flow**: This is described as a methodology rather than a platform, focusing on using AI agents to enhance efficiency in project delivery. It aims to streamline processes while maintaining governance and quality [56][60] - **Cultural Impact**: The company emphasizes a strong culture among its employees, who are motivated by working on innovative projects and contributing to significant outcomes for clients [67][69] Future Outlook - **Growth Potential**: The company sees significant growth potential in core modernization services, which are essential for enabling AI capabilities. However, the pace of growth has not met previous expectations [35][36] - **Client Engagement Strategy**: Endava is shifting its focus to higher-level C-suite engagements, addressing broader industry challenges rather than just technological solutions [65][66] Additional Insights - **AI Use Cases**: There is a focus on both operational efficiency and new business propositions enabled by AI, with examples from various industries, including payments and healthcare [40][43] - **Regulatory Environment**: The company is actively engaging with clients on regulatory matters, particularly in the context of emerging technologies like stablecoins and crypto [54][55] This summary captures the essential insights from the Endava conference call, highlighting the company's financial performance, strategic focus, and market dynamics.

Core Insights - Paysafe has partnered with Endava to enhance payment solutions and community engagement through advanced technology [2][4] - The collaboration aims to leverage Paysafe's payment expertise and Endava's AI-driven engineering to improve transaction experiences [4][5] Company Overview - Paysafe specializes in facilitating secure transactions globally, offering services like digital wallets, prepaid solutions, and online payment processing [2] - Endava provides a variety of tech and business services, including engineering optimization and AI solutions, with experience in the payments sector [3] Partnership Goals - The partnership seeks to establish a new standard for payments and community experiences, focusing on quicker rollouts and richer digital experiences [4] - The collaboration combines world-class payment infrastructure with next-generation engineering to simplify and enhance transaction processes [5] Recent Performance and Challenges - Paysafe recently lowered its quarterly earnings guidance, citing challenges with digital wallet products [5] - The CEO noted that while digital wallets are still developing, consumer engagement in eCash has been strong, with over 500,000 registrations for account and card offerings [6] Market Dynamics - Digital banking partnerships are increasing in Europe, but traditional wallets are not meeting growth expectations due to global weaknesses [7] - The complexity of the regulatory and banking ecosystem has delayed the execution of product roadmaps, although the customer pipeline remains strong [7]

Core Insights - Paysafe's shares dropped significantly following the release of third-quarter earnings results, reflecting investor concerns about growth and profitability [1][7] - The company reported a mixed eCommerce performance, with overall growth moderating to 22% compared to previous quarters, primarily due to weaker performance in lower-tier merchant segments [2][3] Financial Performance - North America, the largest market for the company, experienced an 8% growth in Q3, with iGaming growing by 50% and small- to medium-sized business (SMB) growth at 4% [2] - The overall revenue mix has shifted towards lower-margin ISO business, impacting total segment margins as the company continues to focus on optimizing its SMB portfolio [3] Product Development and Challenges - Digital wallets are still in development, with strong consumer engagement in eCash, but the rollout of new wallet solutions has been slower than anticipated [4][5] - The company faces challenges in executing product roadmaps due to regulatory and banking complexities, which have resulted in delays [5][8] Future Outlook - The company expects revenues to be at the low end of prior guidance, with EBITDA margins projected to decline from 29% to about 23% in Q4 [6][5] - Despite challenges, the customer pipeline remains strong, indicating potential for future growth once current obstacles are overcome [5]

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Core Insights - Paysafe's shares surged following strong earnings, driven by organic growth in eCommerce and digital wallet revenues, with transaction volumes increasing by double digits [1][6] Financial Performance - Transaction volumes rose by 10% year-on-year, reaching $41.8 billion [2] - Organic revenue growth was reported at 5%, with eCommerce growth exceeding 30% across various sectors [5] - Revenue from eCash solutions and online account distributions grew by 37%, totaling $22 million [3] - Merchant solutions volumes increased by 9% to $35.7 billion [5] Business Development - The CEO indicated that enterprise-level deals and annual contract values are up over 20% year-to-date, with a strong backlog in gaming and FinTech sectors [3] - The company launched the PagoEfectivo wallet in Peru, achieving nearly 40,000 signups and a significant volume of repeat users [3][4] - 81% of surveyed customers expressed intent to use the company's wallet, with existing Pago customers doubling their transaction frequency [4] Future Outlook - The CFO reaffirmed the 2025 outlook, expecting organic growth to accelerate to 8% to 10% in the second half of the year, with the fourth quarter anticipated to be the strongest [6] - The company is exploring stablecoins as a potential growth avenue, leveraging its distribution network for further development [7][8]