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 ...

Fourth Quarter 2025 Update CANNAE HOLDINGS, INC. / FOURTH QUARTER 2025 UPDATE Forward-Looking Statements and Risk Factors 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 informatio ...

LAS VEGAS--(BUSINESS WIRE)--Cannae Holdings, Inc. (NYSE: CNNE) ("Cannae†or the "Company†) today announced that its Board of Directors has declared a quarterly cash dividend of $0.15 per share. The dividend will be payable March 31, 2026, to shareholders of record as of March 17, 2026. About Cannae Holdings, Inc. We primarily acquire interests in operating companies and are actively engaged in managing and operating a core group of those companies. We believe that our long-term ownership and ac. ...

Group 1 - The article discusses the rarity of holding companies with clean balance sheets, liquid assets, and clear catalysts trading at half their liquidation value, suggesting that such discrepancies often indicate poor asset quality [1] - The author emphasizes a fundamental investment approach that targets companies whose valuations are misaligned with their underlying economics, focusing on cash flow durability and balance sheet strength [1] - The investment strategy includes identifying mispriced opportunities in cyclical industries, energy, industrials, and under-followed mid-caps, where market expectations may diverge from reality [1] Group 2 - The author seeks asymmetric setups, where companies have already faced market punishment while their fundamentals are stabilizing or improving, allowing for potential stock price recovery with modest changes in expectations [1] - The article serves as a platform for sharing investment ideas and company analysis, inviting readers to challenge the author's investment thesis [1]

Core Viewpoint - Cannae Holdings, Inc. announced that Black Knight Football Club (BKFC) has acquired the remaining equity interests in FC Lorient, making BKFC the sole shareholder of the French Ligue 1 football club [1][2] Group 1: Acquisition Details - BKFC's acquisition of FC Lorient allows for deeper integration into its multi-club model, providing financial strength and strategic resources on a global scale [2] - Loïc Féry, the previous majority owner, will take part of his consideration in BKFC shares and will continue as president of FC Lorient [1][5] - The acquisition further cements BKFC's position as a leading global multi-club owner and operator, enhancing collaboration across clubs [5][8] Group 2: Strategic Benefits - FC Lorient will benefit from resources, expertise, and connections with other clubs in BKFC's portfolio, particularly AFC Bournemouth, which has already seen multiple player transactions [3][4] - BKFC aims to optimize each club's strengths in training, recruitment, and player development, enhancing overall performance [2][4] Group 3: Club Background - FC Lorient, founded in 1926, competes in Ligue 1 and has a successful track record of developing world-class footballers through its youth academy [6] - The club has played in Ligue 1 for 16 of the last 20 seasons and currently ranks 9th in the league [5][6] Group 4: BKFC Overview - BKFC, led by William P. Foley II and supported by Cannae Holdings, has been building an international multi-club model since 2022 [7] - The multi-club ownership strategy includes 100% stakes in AFC Bournemouth and FC Lorient, as well as a majority stake in Moreirense FC [8]

Core Viewpoint - The preliminary voting results from Cannae's 2025 Annual Meeting indicate a strong shareholder mandate for change, with the election of two independent directors, Mona Aboelnaga and Chérie Schaible, signaling a shift towards improved corporate governance and value creation [1][2]. Group 1: Election Results - Shareholders elected Carronade Capital's nominees, Mona Aboelnaga and Chérie Schaible, to Cannae's Board of Directors, receiving more votes than the Company's own nominees [1]. - The election results reflect shareholders' desire for meaningful change and a rejection of the Company's "Say on Pay" proposal, indicating dissatisfaction with the current compensation practices for directors and management [2]. Group 2: Future Directions - Cannae has committed to addressing key issues raised by Carronade, including increasing capital returns to shareholders, de-staggering the Board, and reallocating the portfolio [2]. - The newly elected directors are prepared to collaborate with existing board members and management to enhance corporate governance, improve capital allocation, and identify opportunities for value creation [2]. Group 3: Company Background - Carronade Capital Management is a multi-strategy investment firm based in Darien, Connecticut, managing approximately $2.7 billion in assets and focusing on process-driven investments in catalyst-rich situations [3]. - Founded in 2019 by Dan Gropper, Carronade Capital has a team of 17 members and aims to leverage its experience in special situations credit to drive value in its investments [3].

Core Viewpoint - Cannae Holdings, Inc. announced preliminary results from its 2025 Annual Meeting of Shareholders, indicating the election of new board members and approval of key proposals aimed at enhancing shareholder value [1][2]. Group 1: Board Elections and Shareholder Proposals - Shareholders are expected to elect James B. Stallings, Jr., Barry B. Moullet, Mona Aboelnaga, and Chérie L. Schaible to the Board of Directors [1]. - The Board expressed gratitude to outgoing members Erika Meinhardt and Frank P. Willey for their contributions [1][2]. - Shareholders approved the declassification of the Board and ratified the appointment of Cannae's auditor [2]. Group 2: Shareholder Feedback and Future Commitments - The Chairman of the Board, Doug Ammerman, acknowledged shareholder support and feedback, emphasizing the commitment to increasing share price and closing the discount to NAV [2]. - The advisory vote on executive compensation and a proposal for engaging an investment banker were not approved by shareholders [2]. Group 3: Final Results and Reporting - The preliminary results will be finalized and certified by an independent Inspector of Elections, with final results to be reported in a Current Report on Form 8-K filed with the SEC [3].

Core Viewpoint - Carronade Capital urges Cannae shareholders to vote for its independent nominees to enhance shareholder value and governance, while recommending to withhold votes for Cannae's underperforming nominees [1][5]. Group 1: Voting Recommendations - Shareholders are encouraged to vote "FOR" Mona Aboelnaga, Benjamin Duster, Dennis Prieto, and Chérie Schaible, and "WITHHOLD" on Erika Meinhardt, Barry B. Moullet, James B. Stallings, Jr., and Frank P. Willey using Carronade's GOLD proxy card [1][2]. - The voting deadline is set for December 11, 2025, at 11:59 PM Pacific Time [2]. Group 2: Performance and Governance Issues - Cannae has experienced a total shareholder return of -60% over the past five years, while its directors have collectively received over $650 million since 2017 despite poor performance [5]. - The current directors have shown a cumulative relative total shareholder return (TSR) of -148% for Ms. Meinhardt, Mr. Stallings, and Mr. Willey, and -112% for Mr. Moullet during their tenures [5]. Group 3: Carronade's Objectives - Carronade believes that electing its nominees will restore shareholder confidence and drive value creation by enhancing governance, improving asset disclosure, and aligning management incentives [5]. - The firm emphasizes the need for independent oversight and accountability in Cannae's boardroom, which it claims has been lacking [5]. Group 4: About Carronade Capital - Carronade Capital Management, founded in 2019, manages approximately $2.7 billion in assets and focuses on process-driven investments in catalyst-rich situations [4]. - The firm employs 17 team members and is led by industry veteran Dan Gropper, who has nearly three decades of experience in special situations credit [4].