$CNNE

Cannae Holdings, Inc.

CIK:0001704720|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total operating revenues	$ 102.2	$ 110.2	$ 198.4	$ 213.4
Operating expenses:
Cost of restaurant revenue	85.3	90.8	169.2	181.8
Personnel costs	12.9	36.2	24.1	50.4
Depreciation and amortization	2.4	3.0	5.0	6.1
Other operating expenses, including asset impairments	26.3	41.1	46.9	57.4
Goodwill impairment	32.1	0.0	32.1	0.0
Total operating expenses	159.0	171.1	277.3	295.7
Operating loss	(56.8)	(60.9)	(78.9)	(82.3)
Other income (expense):
Interest, investment and other income	3.5	4.8	5.6	6.2
Interest expense	(1.2)	(3.3)	(3.5)	(7.1)
Recognized gains (losses), net	82.8	(76.2)	75.6	(69.0)
Total other income (expense)	85.1	(74.7)	77.7	(69.9)
Income (loss) before income taxes and equity in income (losses) of unconsolidated affiliates	28.3	(135.6)	(1.2)	(152.2)
Income tax expense (benefit)	1.7	(1.8)	2.2	18.4
Income (loss) before equity in income (losses) of unconsolidated affiliates	26.6	(133.8)	(3.4)	(170.6)
Equity in income (losses) of unconsolidated affiliates	1.8	(95.7)	(4.0)	(97.6)
Net income (loss) from continuing operations	28.4	(229.5)	(7.4)	(268.2)
Net loss from discontinued operations, net of tax - see Note J	0.0	(11.0)	0.0	(87.3)
Net income (loss)	28.4	(240.5)	(7.4)	(355.5)
Less: Net loss attributable to noncontrolling interests	(9.1)	(1.7)	(12.8)	(3.7)
Net income (loss) attributable to Cannae Holdings, Inc. common shareholders	37.5	(238.8)	5.4	(351.8)
Amounts attributable to Cannae Holdings, Inc. common shareholders
Net income (loss) from continuing operations attributable to Cannae Holdings, Inc. common shareholders	37.5	(227.8)	5.4	(264.5)
Net loss from discontinued operations attributable to Cannae Holdings, Inc. common shareholders	0.0	(11.0)	0.0	(87.3)
Net income (loss) attributable to Cannae Holdings, Inc. common shareholders	$ 37.5	$ (238.8)	$ 5.4	$ (351.8)
Basic
Net income (loss) per share from continuing operations (in usd per share)	$ 0.86	$ (3.75)	$ 0.12	$ (4.30)
Net loss per share from discontinued operations (in usd per share)	0	(0.18)	0	(1.42)
Net income (loss) per share (in usd per share)	0.86	(3.93)	0.12	(5.72)
Diluted
Net income (loss) per share from continuing operations (in usd per share)	0.86	(3.75)	0.12	(4.30)
Net loss per share from discontinued operations (in usd per share)	0	(0.18)	0	(1.42)
Net income (loss) per share (in usd per share)	$ 0.86	$ (3.93)	$ 0.12	$ (5.72)
Weighted Average Shares Outstanding
Weighted average shares outstanding Cannae Holdings common stock, basic basis (in shares)	43.5	60.8	44.7	61.5
Weighted average shares outstanding Cannae Holdings common stock, diluted basis (in shares)	43.6	60.8	44.8	61.5
Restaurant revenue
Revenues:
Total operating revenues	$ 92.0	$ 101.9	$ 183.9	$ 201.0
Other operating revenue
Revenues:
Total operating revenues	$ 10.2	$ 8.3	$ 14.5	$ 12.4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net income (loss)	$ 28.4	$ (240.5)	$ (7.4)	$ (355.5)	$ (536.7)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2.4	3.0	5.0	6.1
Equity in losses of unconsolidated affiliates	(1.8)	95.7	4.0	97.6
Distributions from investments in unconsolidated affiliates			0.6	3.1
Recognized (gains) losses and asset impairments, net			(34.1)	69.0
Lease asset amortization			5.9	6.8
Stock-based compensation expense			4.2	14.9
Net loss from discontinued operations - see Note J			0.0	87.3
Changes in assets and liabilities:
Other assets			3.3	2.9
Lease liabilities			(8.2)	(7.7)
Accounts payable, accrued liabilities, deferred revenue and other liabilities			(2.7)	20.3
Income taxes			3.0	42.7
Net cash used in operating activities			(26.4)	(12.5)
Cash flows from investing activities:
Additions to property and equipment and other intangible assets			(4.9)	(3.9)
Proceeds from sales of property and equipment			0.0	1.7
Proceeds from sale of investments in unconsolidated affiliates, equity securities and other long-term investments			7.1	103.1
Additional investments in unconsolidated affiliates			(15.0)	(30.1)
Purchases of other long-term investments			(3.3)	(7.0)
Distributions from investments in unconsolidated affiliates			4.7	7.5
Proceeds from sale and maturity of short-term investment securities			0.0	6.2
Consideration transferred for acquisition of Exeter Rugby Group			(9.6)	0.0
Net cash (used in) provided by investing activities			(21.0)	77.5
Cash flows from financing activities:
Borrowings			1.5	0.6
Debt service payments			(2.3)	(0.7)
Other activity in non-controlling interests			(0.1)	0.2
Payment for vested shares withheld for taxes and in treasury			(1.3)	(1.6)
Dividends paid			(13.5)	(15.4)
Treasury stock repurchases			(46.9)	(112.9)
Net cash used in financing activities			(62.6)	(129.8)
Net decrease in cash and cash equivalents			(110.0)	(64.8)
Cash and cash equivalents classified as held for sale	(1.6)	0.0	(1.6)	0.0
Cash and cash equivalents at beginning of period			182.0	131.5	131.5
Cash and cash equivalents at end of period	$ 70.4	$ 66.7	$ 70.4	$ 66.7	$ 182.0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 70.4	$ 182.0
Income taxes receivable	47.2	48.8
Other current assets	36.3	25.7
Assets held for sale	37.2	0.0
Total current assets	191.1	256.5
Investments in unconsolidated affiliates	637.6	643.5
Equity securities, without a readily determinable fair value	139.9	147.3
Equity securities, at fair value	110.9	1.4
Lease assets	95.5	116.9
Property and equipment, net	42.7	49.0
Goodwill	21.3	53.4
Deferred tax asset	1.0	0.6
Other intangible assets, net	11.3	13.2
Other long-term investments and non-current assets	7.1	27.1
Total assets	1,258.4	1,308.9
Current liabilities:
Accounts payable and other accrued liabilities, current	87.7	91.9
Lease liabilities, current	15.5	15.4
Deferred revenue	19.5	16.1
Notes payable, current	5.4	6.3
Liabilities held for sale	25.5	0.0
Total current liabilities	153.6	129.7
Lease liabilities, long-term	114.3	122.8
Notes payable, long-term	64.5	64.5
Deferred tax liability	1.9	0.0
Accounts payable and other accrued liabilities, long-term	12.2	12.8
Total liabilities	346.5	329.8
Commitments and contingencies - see Note H
Equity:
Cannae common stock, 0.0001 par value; authorized 115,000,000 shares as of June 30, 2026 and December 31, 2025; issued of 95,325,106 and 94,925,400 shares as of June 30, 2026 and December 31, 2025, respectively, and outstanding of 43,366,802 and 46,703,745 shares as of June 30, 2026 and December 31, 2025, respectively	0.0	0.0
Preferred stock, 0.0001 par value; authorized 10,000,000 shares; none issued and outstanding as of June 30, 2026 and December 31, 2025	0.0	0.0
Retained earnings	3.4	11.5
Additional paid-in capital	2,046.8	2,040.5
Less: Treasury stock, 51,958,304 and 48,221,655 shares as of June 30, 2026 and December 31, 2025, respectively, at cost	(1,092.6)	(1,046.5)
Accumulated other comprehensive income	0.0	6.5
Total Cannae shareholders' equity	957.6	1,012.0
Noncontrolling interests	(45.7)	(32.9)
Total equity	911.9	979.1
Total liabilities and equity	$ 1,258.4	$ 1,308.9