Cannae(CNNE) - 2024 Q4 - Annual Results

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].