Financial Performance - Cannae Holdings, Inc. reported a quarterly loss of $0.59 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.56, representing an earnings surprise of -5.36% [1] - The company posted revenues of $103.2 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 3.73%, and down from $110.7 million a year ago [2] - Over the last four quarters, Cannae has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Stock Performance - Cannae shares have declined approximately 7.4% since the beginning of the year, compared to a decline of -3.8% for the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is -$0.35 on revenues of $115.3 million, and for the current fiscal year, it is -$1.18 on revenues of $445.5 million [7] Industry Outlook - The Financial - Investment Management industry, to which Cannae belongs, is currently ranked in the bottom 14% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Cannae's stock performance [5]

Financial Data and Key Metrics Changes - Cannae's total operating revenue for Q1 2025 was $103 million, a 7% decrease from the prior year due to lower restaurant revenue [23] - The company reported net recognized gains of $7 million in Q1 2025, compared to $5 million in the prior year [27] - Cannae's equity in earnings and losses of unconsolidated affiliates posted a $2 million net loss in Q1 2025, compared to an $18 million gain in the prior year [28] Business Line Data and Key Metrics Changes - CNB reported revenue of $580 million, representing 3.6% constant currency organic growth compared to the prior year's first quarter [13] - Alight reported total revenue from continuing operations of $548 million for Q1 2025, a 2% decrease from the prior year [14] - Adjusted EBITDA for Alight was $118 million, a $2 million increase compared to the prior year [14] Market Data and Key Metrics Changes - Cannae's largest public investment, Dun and Bradstreet, is being acquired for $4.1 billion, from which Cannae will receive $632 million upon closing [7][9] - The company expects to utilize approximately $730 million from public portfolio sales for shareholder returns and debt repayment [10] Company Strategy and Development Direction - Cannae is focused on rebalancing its portfolio away from public investments and investing in companies with positive cash flows [7] - The company aims to return capital to shareholders and improve operational performance of its portfolio companies [7] - Cannae announced an agreement to acquire an additional 30% stake in JANNA Partners for $67.5 million, enhancing its ability to allocate capital towards proprietary acquisitions [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strategic relationship with JANNA Partners and the potential for future investments [32] - The company believes there remains significant embedded value in its portfolio and upside in stock price as it executes its strategic plan [50] Other Important Information - Cannae appointed Bill Royan and Woody Tyler to its board, both bringing strong investment management experience [12] - The company is undergoing significant changes in its Restaurant Group, including management restructuring and cost-cutting measures [26] Q&A Session Summary Question: Can you discuss the revenue and earnings profile of JANNA Partners? - Management indicated that JANNA has significantly higher assets under management than initially invested, exceeding $2 billion, and is performing well financially [31][32] Question: Are there plans to increase ownership in JANNA Partners? - Currently, there are no plans to increase ownership percentage as the existing structure is deemed effective [35] Question: Can you elaborate on the Vitality Stadium acquisition? - Management believes the redevelopment of the stadium is financially attractive, projecting mid-teens returns on the investment [42][43] Question: How does Cannae plan to deploy incremental capital for M&A? - In the short term, the focus will be on returning capital to shareholders, but the company remains open to opportunistic investments that can deliver attractive returns [46][47]

Financial Performance - Total operating revenues for the three months ended March 31, 2025, were $103.2 million, a decrease of 6.4% from $110.7 million in the same period of 2024[111]. - Restaurant revenue decreased to $99.1 million in Q1 2025 from $106.5 million in Q1 2024, reflecting a decline of 6.9%[111]. - Operating loss for the three months ended March 31, 2025, was $21.4 million, an improvement from a loss of $40.6 million in the same period of 2024, representing a reduction of 47.3%[111]. - Net loss attributable to Cannae Holdings, Inc. common shareholders was $113.0 million for Q1 2025, compared to a net loss of $89.9 million in Q1 2024, indicating an increase of 25.7%[111]. - Alight's total revenues decreased to $548.0 million in Q1 2025 from $559.0 million in Q1 2024, with a net loss attributable to Alight of $25.0 million[127]. Impairments and Fair Value - The fair value of the ownership interest in Dun & Bradstreet was $617.3 million as of March 31, 2025, with a recorded book value of $685.4 million, resulting in an impairment of $68.1 million[106]. - The fair value of the investment in Alight was $240.0 million as of March 31, 2025, compared to a book value of $369.5 million, indicating a decline in fair value for approximately 11 months[107]. Taxation - Income tax expense for the three months ended March 31, 2025, was $20.2 million, down from $56.5 million in the same period of 2024, reflecting a decrease of 64.3%[120]. - The effective tax rate for Q1 2025 was (121.7)%, compared to (156.1)% in Q1 2024, influenced by changes in the characteristics of net earnings[120]. Operational Challenges - The company anticipates ongoing macroeconomic uncertainty impacting operations in fiscal 2025, including factors such as consumer spending and inflation levels[101]. - Comparable store sales for O'Charley's and 99 Restaurants brands decreased by 14.9% and 0.3%, respectively, primarily due to a decrease in guest counts[124]. - Cost of restaurant revenue as a percentage of restaurant revenue increased to 91.8% in Q1 2025 from 88.5% in Q1 2024, primarily due to inflation in commodities[125]. Segment Performance - Restaurant Group segment total revenues decreased by $7.4 million, or 6.9%, to $99.1 million for the three months ended March 31, 2025, compared to $106.5 million in 2024[123]. - Corporate and Other segment operating loss improved to $17.7 million in Q1 2025 from $37.5 million in Q1 2024, primarily due to decreased personnel costs[132]. Cash Flow and Liquidity - Cash flows provided by operations increased by $45.1 million to $9.1 million in Q1 2025, compared to $(36.0) million in Q1 2024, mainly due to tax refunds and lower operating expenses[142]. - Cash and cash equivalents as of March 31, 2025, totaled $126.2 million, with $109.9 million held by the corporate holding company[138]. - The company expects to receive additional cash proceeds of $549.4 million upon closing of the D&B Sale, anticipated in Q3 2025[139]. Share Repurchase Programs - The company has repurchased a total of 7,704,537 shares for approximately $151.0 million, averaging $19.59 per share, under the 2022 Repurchase Program[152]. - A new stock repurchase program was authorized on October 29, 2023, allowing for the repurchase of up to 10.0 million shares, in addition to the existing 2022 program[153]. - The 2025 Repurchase Program was authorized on March 24, 2025, also permitting the repurchase of up to 10.0 million shares, with no purchases made under this program as of the report date[154]. Market Risks - There have been no material changes in market risks during the three months ended March 31, 2025, compared to the previous annual report[155].

Revenue 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]

Group 1 - Cannae Holdings, Inc. (CNNE) shares increased by 7.8% to close at $17.36, following a notable trading volume that exceeded typical levels [1] - The stock surge was driven by a broader market rally, influenced by President Trump's announcement of a 90-day tariff pause for non-retaliating nations, which boosted investor confidence [2] - Cannae is expected to report a quarterly loss of $0.56 per share, reflecting a year-over-year change of +55.9%, with anticipated revenues of $107.2 million, down 3.2% from the previous year [2] Group 2 - The consensus EPS estimate for Cannae has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] - Cannae Holdings currently holds a Zacks Rank of 3 (Hold), while another company in the same industry, Patria Investments (PAX), saw an 8% increase in its stock price, closing at $10.45 [4] - Patria Investments has a consensus EPS estimate of $0.25 for the upcoming report, representing a year-over-year change of +19.1%, and currently holds a Zacks Rank of 4 (Sell) [5]

Core Viewpoint - Carronade Capital is advocating for the election of four independent director nominees to the Board of Cannae Holdings, citing the need for accountability and independence to address chronic underperformance and governance issues [1][2][3]. Group 1: Nomination and Qualifications - Carronade Capital has nominated four highly qualified candidates: Mona Aboelnaga, Benjamin Duster, Dennis Prieto, and Cherie Schaible, who possess the expertise to drive value creation initiatives [3][4]. - The nominees are described as truly independent and are expected to prioritize shareholder interests over management [3][4]. Group 2: Criticism of Current Board - Carronade Capital criticizes Cannae's current Board for its inadequate response to governance issues and for providing excessive benefits to Bill Foley, including a cash buyout for half his shares at a premium if he resigns under certain conditions [2][3]. - The firm argues that the current Board's actions are insufficient to rectify the significant discount to net asset value (NAV) and that new independent directors are necessary to restore shareholder confidence [3]. Group 3: Value Creation Initiatives - If elected, Carronade's nominees are expected to implement several initiatives aimed at enhancing shareholder value, including timely capital returns through spin-outs or buybacks, refreshing leadership in key committees, and reducing corporate overhead costs [4][5]. - The firm emphasizes the importance of creating a Value Maximization committee to oversee the execution of plans designed to improve shareholder returns [5]. Group 4: Shareholder Engagement - Carronade Capital plans to engage with shareholders leading up to the 2025 Annual Meeting, which is expected to occur around mid-June 2025 [4]. - Shareholders are advised that no action is required from them at this time [4]. Group 5: Company Background - Carronade Capital is a multi-strategy investment firm based in Connecticut, managing over $2.2 billion in assets and focusing on process-driven investments in catalyst-rich situations [5]. - The firm was founded in 2019 by Dan Gropper, who has nearly three decades of experience in special situations credit [5][6].

Investment Activities - In the year ended December 31, 2024, the company sold 4.0 million shares of Dayforce for gross proceeds of $264.0 million[198]. - The company received $14.3 million in cash dividends from Dun & Bradstreet in 2024, with quarterly dividends declared at $0.05 per share[199]. - As of December 31, 2024, the company owned 69.0 million shares of Dun & Bradstreet, representing approximately 15.6% of its outstanding common stock[200]. - The company purchased 1.6 million shares of Paysafe for $23.4 million in January 2024 and sold 0.9 million shares for $16.0 million in November 2024[201]. - The company completed the sale of 12.0 million shares of Alight for aggregate proceeds of $89.0 million on December 3, 2024[203]. - The company invested approximately $80.0 million for a 52.8% ownership interest in Watkins Holdings, which acquired The Watkins Company[206]. - The company invested $36.8 million in Black Knight Football, holding a 47.2% ownership interest as of December 31, 2024[208]. - The company conducted a tender offer to purchase up to $200 million of its common stock, accepting 9,672,540 shares at a purchase price of $22.95 per share for a total cost of $222.0 million[210]. - The company committed to invest $50 million into JANA funds and issued 1.85 million shares of common stock for a 19.99% equity interest in JANA, valued at $55.5 million[349]. - The company sold the remaining 4.0 million shares of Dayforce for gross proceeds of $264.0 million, exiting its investment in Dayforce as of December 31, 2024[343]. Financial Performance - Total operating revenues for the year ended December 31, 2024, were $452.5 million, a decrease of $117.5 million, or 20.6%, compared to $570.0 million in 2023[235]. - The Restaurant Group segment's revenues decreased by $116.4 million, or 21.7%, in 2024, primarily due to the closure of 99 Restaurants and O'Charley's stores and a decline in comparable store sales[247]. - The company's net loss attributable to common shareholders was $304.6 million for the year ended December 31, 2024, a decrease of $8.8 million compared to 2023[245]. - Total operating expenses for the year ended December 31, 2024, were $556.2 million, down from $688.9 million in 2023[235]. - The company recorded an operating loss of $103.7 million for the year ended December 31, 2024, compared to an operating loss of $118.9 million in 2023[235]. - The effective tax rate for the year ended December 31, 2024, was 0.2%, significantly lower than 37.2% in 2023, primarily due to a valuation allowance of $47.7 million on federal net operating loss carryforwards[242]. - The net loss for the year ended December 31, 2024, was $310.1 million, compared to a net loss of $324.1 million in 2023 and $429.6 million in 2022[335]. - Restaurant revenue declined to $419.6 million in 2024, down 21.8% from $536.0 million in 2023[324]. - Operating loss for 2024 was $103.7 million, compared to a loss of $118.9 million in 2023, showing an improvement of 11.3%[324]. - Net loss attributable to Cannae Holdings, Inc. common shareholders was $304.6 million in 2024, slightly improved from $313.4 million in 2023[324]. Tax and Deferred Assets - As of December 31, 2024, the company had a net deferred tax asset of $73.9 million, with an additional valuation allowance of $47.7 million recorded for federal net operating loss carryforwards[226]. - The company will continue to monitor the recoverability of deferred tax assets on a quarterly basis, indicating potential future adjustments[227]. - The company expects to realize other deferred tax assets based on sufficient taxable income and available excess capital gains from prior years[227]. - The company recognizes deferred tax assets and liabilities based on enacted tax rates expected to apply to taxable income in future years[383]. - The company accounts for uncertain tax positions only after determining a more likely than not probability that they will withstand challenge from taxing authorities[384]. Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2024, totaled $131.5 million, including $113.2 million held by the corporate holding company[267]. - Operating cash flows for the year ended December 31, 2024, were $90.1 million, an increase of $2.3 million from 2023, primarily due to lower tax payments and cash expenses[271]. - Investing cash flows provided by investing activities increased to $298.3 million in 2024, up $245.2 million from 2023, mainly due to proceeds from sales of Dayforce, D&B, and Alight[272]. - Financing cash flows used in financing activities rose to $182.9 million in 2024, an increase of $76.1 million from 2023, attributed to the Tender Offer and dividends paid[274]. - The company expects its cash requirements over the next 12 months to be satisfied by cash equivalents, short-term investments, and capacity under credit agreements[269]. - The company actively manages the impact of rising interest rates on both idle cash and outstanding debt to ensure liquidity[268]. Equity and Shareholder Information - The company held $56.2 million in equity securities at fair value as of December 31, 2024, with a potential $11.2 million increase or decrease in fair value from a 20% market price fluctuation[282][283]. - The balance of retained earnings decreased to $567.1 million by December 31, 2024, from $901.3 million in 2023[335]. - The total equity at the end of 2024 was $1,815.3 million, a decrease from $2,309.2 million at the end of 2023[335]. - Weighted average shares outstanding on a basic basis decreased to 64.4 million in 2024 from 73.4 million in 2023[324]. - The company repurchased treasury stock totaling $231.4 million in 2024, compared to $113.2 million in 2023[335]. Impairments and Losses - The company recorded an impairment of $149.5 million for its investment in Sightline due to a decline in fair market value[223]. - The fair value of Cannae's investment in Alight was $280.1 million as of December 31, 2024, compared to a book value of $374.0 million, indicating a potential impairment[306]. - The equity losses from Dun & Bradstreet for the years ended December 31, 2024, 2023, and 2022 were $13.7 million, $17.1 million, and $8.8 million respectively[302]. - The equity losses from Alight for the years ended December 31, 2024, 2023, and 2022 were $15.5 million, $35.1 million, and $1.6 million respectively[302]. - The company recorded impairments to Property and equipment of $1.0 million, $8.1 million, and $1.3 million, respectively, primarily related to closed O'Charley's stores[381]. Audit and Compliance - The Company expressed an unqualified opinion on its internal control over financial reporting as of December 31, 2024[301]. - The financial statements of Cannae Holdings were audited in accordance with PCAOB standards, ensuring reasonable assurance against material misstatement[304]. - The Company has been audited by Deloitte & Touche LLP since 2017, indicating a long-term relationship with the auditing firm[309]. - The financial statements present fairly the financial position of Cannae Holdings as of December 31, 2024, in conformity with U.S. GAAP[312]. Operational Changes and Strategies - The company closed 77 O'Charley's stores in 2023 as part of a strategy to renegotiate or terminate leases with unfavorable cash flow profiles[234]. - Cannae Holdings plans to focus on improving operational efficiency and exploring strategic partnerships for future growth[324]. - The management fee under the Third Amended Management Services Agreement will be reduced to a fixed amount of $7.6 million annually starting July 2, 2024[277].

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 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]