What were the key takeaways from Cannae Holdings’s earnings call?

What is Cannae Holdings's latest dividend and current dividend yield?

What does Cannae Holdings do and what are its main business segments?

What is Cannae Holdings's gross profit margin?

What is the market's earnings forecast for Cannae Holdings next quarter?

What factors drove the changes in Cannae Holdings's revenue and profit?

Did Cannae Holdings beat or miss consensus estimates last quarter?

What were the key takeaways from Cannae Holdings's earnings call?

- **Strategic Shift to Sports**: Cannae pivoting to sports/entertainment, selling non-core assets (e.g., $630M D&B sale) and investing $117.5M in sports. 
- **Financial Strength**: $147M cash, $55M tax refund pending. FY25 operating loss $119M due to impairments.
- **Shareholder Returns**: $323M buybacks (28% of shares), 25% dividend increase to $0.15/Q.
- **Sports Growth**: AFC Bournemouth 8th in Premier League, $400M transfer profits. Stadium expansion to 20,000 seats. FC Lorient acquisition completed.
- **Focus on Value**: Despite stock price dissatisfaction, executing strategic plan to unlock asset value.

**【CEO Summary Section】**
- **Strategic Portfolio Shift**: Sold non-core assets like Dun & Bradstreet for $630M and repurchased $323M in stock, increasing dividend by 25% to $0.15/Q. New investments in sports (Black Knight Football) and private equity (JANA Partners). 
- **Sports Success**: AFC Bournemouth 8th in Premier League with 38 points; generated $400M in transfer profits. Stadium expansion to 20,000 seats (80% increase). Acquired FC Lorient for €60M, now 100% owned.
- **New Strategic Priorities**: 
  1. **Focus on Sports/Entertainment**: Monetize non-strategic assets (e.g., restaurants), invest in synergistic sports assets.
  2. **Enhanced Transparency**: Expanded financial disclosures, including Black Knight Football overview deck.
  3. **Capital Return**: Maintain dividend, selective buybacks.
  4. **Governance**: Refreshed Board with 4 new directors.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: 
  - Revenue: $103M (-6% YoY) due to restaurant closures.
  - Operating Loss: $127m (incl. $12m non-cash charges). Excluding charges, expenses down 13%.
  - Net Loss: $119m (FY25), driven by impairments.
- **Balance Sheet**: $1.3B assets, $330M liabilities, $147M cash. Expect $55M tax refund in 2026.

**【Q&A Highlights】**
- **Portfolio Monetization**: Actively evaluating non-sports assets for sale. 
- **JANA Partnership**: Optimistic about future deals, but focused on sports alignment.
- **AI Risks**: Sports less impacted; fintech firms adapting with AI efficiency.
- **SpaceX Valuation**: Using sum-of-parts approach; expects to be cash source upon monetization.

Cannae Holdings, Inc.(CNNE)-20260224-2025 Q4 Earnings call transcript

- **Strategic Success**: 70%→20% public portfolio shift, $1.1B asset sales, $275M buybacks at 31% discount. 
- **Stadium Growth**: 11,300→20,000 seat expansion on track. 
- **Financial Health**: $8M net gains, $47.5M debt, 20% NAV discount narrowing. 
- **Tax Efficiency**: $55M refunds via NOLs. 
- **AI Adaptation**: Portfolio companies leveraging AI for margin improvement.

**【CEO Summary Section】**
- **Strategic Plan Progress**: Portfolio rebalanced from 70% public to 20% public investments, with $1.1 billion in public asset sales. $275 million in share buybacks at 31% discount to NAV, narrowing share price discount by 20%. 
- **Capital Allocation**: $630M from D&B sale used for $275M buybacks, debt repayment, and dividends. Stadium renovation to 20,000 seats expected for '26-'27 season. 
- **Portfolio Updates**: Black Knight Football's Bournemouth stadium phase 1 (17,000 seats) on track; Alight revenue $533M (-4% YoY), but EBITDA and cash flow improved. 

**【CFO Financial Commentary】**
- **Q3 2025 Results**: Operating revenue $107M (-6% YoY), expenses $120M (-9% YoY). Net gains $8M vs. $23M prior year. Debt reduced to $47.5M. 
- **Debt Management**: Margin loan repaid, new terms at 2028 maturity. 

**【Q&A Highlights】**
- **Tax Strategy**: $55M tax refunds via NOL monetization. 
- **Capital Priorities**: Share buybacks ($25M remaining) over new investments. 
- **Stadium Timeline**: Phase 1 (17,000 seats) for '26-'27 season; phase 2 to 20,000 by '27-'28. 
- **AI Impact**: Portfolio companies using AI to improve efficiency, no existential threats. 
- **NAV Discount**: 31% average buyback discount, 20% narrowing since 2024.

Cannae Holdings, Inc. (CNNE) Q3 2025 Earnings Call Transcript

- **Strategic Progress**: Reduced public portfolio to 22% of assets, returning $414M to shareholders. D&B sale proceeds allocated to buybacks, debt repayment, and dividends.
- **Portfolio Success**: BKFC generated $130M profit from player sales, with stadium renovation set to double capacity. Alight's adj. EBITDA up 21% YoY, Watkins targeting $20M EBITDA.
- **Financial Focus**: Q2 net loss $76M due to Alight impairment. Post-D&B sale, plan to reduce debt and maintain open-market share buybacks.
- **Growth Drivers**: JANA partnership exploring private investments, BKFC stadium expansion, and Ninety Nine's outperformance in casual dining.

**【CEO Summary Section】**
- **Strategic Plan Progress**: Achieved $1.1B in public portfolio sales, reducing public shares from 63% to 22% of assets. Returned $414M to shareholders via buybacks and dividends.
- **D&B Sale**: Expected $630M proceeds, with $300M allocated to share buybacks, $141M debt repayment, and $60M retained for dividends.
- **Capital Returns**: Repurchased 7.6M shares (12% of outstanding) at $19.71 avg price, 30% below NAV. Increased quarterly dividend by 25% to $0.15/share.
- **Portfolio Investments**: Acquired 50% stake in JANA for $67.5M, and 30% in Moreirense FC for $18M. BKFC raised $130M for stadium renovation and player acquisitions.
- **Portfolio Company Updates**: 
  - **BKFC**: AFC Bournemouth sold players for $200M, generating $130M profit. Stadium renovation to double capacity by 2026/27.
  - **Alight**: Q2 adj. EBITDA $127M (+21% YoY), free cash flow $102M H1, guiding 2025 adj. EBITDA $633M.
  - **Watkins**: Mid-single-digit sales growth, targeting $20M adj. EBITDA (+high single-digit YoY).

**【CFO Financial Commentary】**
- **Q2 2025 Results**: Total revenue $110M (-6.6% YoY), driven by lower restaurant and resort sales. Ninety Nine same-store sales down <1%, outperforming casual dining segment (-2%).
- **Expenses**: Operating expenses $171M (+30% YoY) due to management transition costs. Net loss $76M (vs. $146M prior year), primarily from Alight's $983M goodwill impairment.
- **Balance Sheet**: $42M cash, $188M debt ($141M margin loan). Post-D&B sale, plan to repay margin loan and reduce leverage.

**【Q&A Highlights】**
- **Capital Allocation**: Will continue open-market buybacks, considering tender offer post-D&B sale. No immediate plans to sell remaining public shares.
- **JANA Partnership**: Early-stage opportunities in private investments, leveraging JANA's deal flow.
- **BKFC Strategy**: Stadium renovation targeting mid-teen returns. Focus on player development and stadium expansion to drive revenue.
- **Restaurant Portfolio**: Rationalizing underperforming O'Charley's locations; Ninety Nine performing above industry average.


Cannae Holdings, Inc. (CNNE) Q2 2025 Earnings Call Transcript

- **$632M D&B Sale**: Returning $460M to shareholders via buybacks, debt repayment, and dividends.
- **50% JANA Stake**: $67.5M investment in high-performing private equity firm with >$2B AUM.
- **Portfolio Success**: D&B EBITDA +$9.6M YoY; Alight EBITDA +$2M YoY; AFC Bournemouth valued at $630M.
- **Cost Efficiency**: Operating expenses down 20% YoY, restaurant brand restructuring driving savings.
- **Stadium Expansion**: Mid-teens IRR expected from Vitality Stadium Phase 1, doubling capacity to 20,000 seats.

**【Management Updates】**
- Announced Bill Foley as Vice Chairman and Doug Ammerman as Chairman, emphasizing long-term strategic focus.
- Appointed Bill Royan and Woody Tyler to the Board, enhancing investment expertise.
- Strategic plan includes portfolio rebalancing, capital return, and operational improvement.

**【Portfolio Sales & Capital Return】**
- Sold D&B to Clearlake for $4.1B, receiving $632M proceeds. Plans to use $460M for: 
  - $300M share buybacks
  - $101M debt repayment
  - $60M dividends
- Since 2024, sold $1.1B of public stakes, returning $730M to shareholders.

**【Strategic Investments】**
- Acquired 30% stake in JANA for $67.5M, total ownership now 50%. JANA AUM >$2B, with potential future contingent payments.
- Black Knight Football raised $133M, with Cannae contributing $25M for stadium expansion and team development.

**【Portfolio Company Performance】**
- **D&B**: Q1 revenue $580M (+3.6% YoY), EBITDA $211M (+$9.6M YoY), margin 36.4%.
- **Alight**: Q1 revenue $548M (-2% YoY), EBITDA $118M (+$2M YoY). 2025 guidance: $2.36B revenue, $633M EBITDA.
- **Black Knight Football**: 
  - AFC Bournemouth: $630M valuation (3.11x revenue), stadium expansion to 20,000 seats.
  - FC Lorient: Promoted to Ligue 1, player development success.
  - Hibernian FC: 3rd in Scottish Premier League.
  - New partnership with Orlando City SC for North American expansion.

**【Financial Results】**
- Total operating revenue $103M (-7% YoY) due to restaurant closures.
- Operating expenses $125M (-20% YoY), driven by cost reductions and brand restructuring.
- Net cash $188M, debt $149M. Repaid $12.2M F&F note, reducing rate by 200bps.
- Equity in affiliates: $2M loss vs. $18M gain YoY, offset by $15M gain from WineDirect sale.

**【Q&A Highlights】**
- **JANA Investment**: No plans to increase ownership beyond 50%; focuses on synergies and returns.
- **Vitality Stadium**: Mid-teens IRR expected from Phase 1 redevelopment, enhancing fan experience and revenue.
- **Capital Allocation**: Prioritizes share buybacks but remains open to attractive M&A opportunities.

Cannae (CNNE)-12 May 25-2025 Q1 Earnings call transcript

- **Strategic Momentum**: 2024 buybacks ($222M) and new investments (Watkins, JANA) narrow NAV discount to 36%, lowest in 5 years.
- **Operational Excellence**: AFC Bournemouth revenue +14%, DNB EBITDA +65%, and Minden Mill spirits winning 92+ ratings.
- **Liquidity Strength**: $108M cash, $1B listed securities, and 7.35% WACC debt structure supports aggressive buyback plan.
- **Growth Catalysts**: JANA pipeline (2+ deals), DNB strategic review, and Black Knight stadium expansion driving 2025 NAV growth.

**【CEO Strategic Update】**
- **Portfolio Optimization**: Sold non-core assets (e.g., Alight's payroll division) to reduce leverage and repurchase shares, with 2024 share buybacks totaling $222M and quarterly dividends returning $23M.
- **New Investments**: Acquired 20% stake in JANA Partners (strategic collaboration for M&A) and majority stake in Watkins (flavoring company with 2024 EBITDA growth of 8%).
- **Operational Excellence**: AFC Bournemouth revenue +14% YoY, DNB EBITDA +65% since privatization, and Minden Mill launching award-winning spirits with 2025 sales growth expectations.

**【CFO Financial Highlights】**
- **Revenue & Expenses**: Q4 2024 total revenue $110M (-8% YoY), with restaurant COGS improving 200bps QoQ to 89% of revenue. Operating expenses down 5% YoY to $210M.
- **Liquidity & Debt**: $108M cash, $101M margin loan, and $60M F&F note (7.35% WACC). NAV $29.78/share vs. $19.19 closing price (-36% discount).
- **Investment Cashflows**: $470M from public security sales (e.g., Alight, Paysafe) and $16M dividends, with $14M realized gain on Wine Direct division sale.

**【Q&A Key Takeaways】**
- **Black Knight Football**: $12M+ annual capital allocation for player transfers, stadium upgrades, and Lorient expansion (potential 80% ownership by summer 2025).
- **Capital Allocation**: Prioritize share buybacks (2024: $222M) over dividends, with 2025 focus on monetizing public holdings (e.g., DNB strategic review expected Q1 2025).
- **JANA Partnership**: Active M&A pipeline with 2+ high-potential deals in diligence, targeting mid-sized private companies for NAV accretion.
- **Alight Strategy**: Board refresh and EBITDA +5% YoY signals long-term value, with management targeting 2025 free cash flow growth >10%.


Actual										8.17	5.87	1.44	5.8	-2.55	1.94	-1.36	-1.24	-2.88	-3.15	0.69	0.35	-0.05	-1.16	-2.18	-0.83	-1.27	-2.49	-0.22	-0.74	-1.81	-3.75	-1.06	-1.93
Forecast										0.05	0.02	0	-0.09	-0.145	0.01	0.085	0.0633	0.0533	0.175	0.0375	0.02	-0.0725	-0.035	-0.33	-0.5467	-0.1	-0.1733	-0.2167	-0.2933	-0.4033	-0.275	-0.295	-0.375
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+16240.00%	+29250.00%	0.00%	+6544.44%	-1658.62%	+19300.00%	-1700.00%	-2058.93%	-5503.38%	-1900.00%	+1740.00%	+1650.00%	+31.03%	-3214.29%	-560.61%	-51.82%	-1170.00%	-1336.81%	-1.52%	-152.30%	-348.80%	-1263.64%	-259.32%	-414.67%

Actual	--	--	--	--	--	--	--	--	--	173.00M	102.60M	139.70M	170.40M	171.90M	202.40M	186.00M	181.90M	167.40M	174.50M	164.50M	155.70M	154.30M	152.80M	143.60M	119.30M	110.70M	118.00M	113.90M	109.90M	103.20M	110.20M	106.90M	103.30M
Forecast	--	--	--	--	--	--	--	--	--	243.20M	109.70M	139.40M	179.35M	158.70M	177.00M	194.20M	182.47M	187.78M	227.23M	167.20M	163.08M	161.65M	168.52M	149.17M	138.27M	126.23M	112.00M	105.67M	105.90M	105.30M	109.95M	104.80M	102.70M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-28.87%	-6.47%	+0.22%	-4.99%	+8.32%	+14.35%	-4.22%	-0.31%	-10.85%	-23.21%	-1.61%	-4.52%	-4.55%	-9.33%	-3.73%	-13.72%	-12.31%	+5.36%	+7.79%	+3.78%	-1.99%	+0.23%	+2.00%	+0.58%

CNNE

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CNNE Q4 2025 Earnings

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CNNE

CNNE fundamentals

CNNE Q4 2025 Earnings

Earnings Call

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