Cannae Holdings Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw lower revenues due to restaurant headwinds but strong growth in sports assets, highlighted by AFC Bournemouth's record finish and Black Knight Football's revenue surge. Asset sales boosted liquidity, enabling future buybacks and investments.
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Q1 2026 saw $51M returned to shareholders, a 45% drop in holding company costs, and a strategic pivot toward sports and entertainment assets. Black Knight Football delivered record revenue and EBITDA, while restaurant group revenues declined.
Fiscal Year 2025
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2025 saw major portfolio transformation, highlighted by the $630M D&B sale, increased focus on sports and entertainment assets, and $323M in share repurchases. Operating revenue and profit declined year-over-year, but capital returns and governance enhancements were prioritized.
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Q3 2025 saw continued portfolio rebalancing, with $1.1B in public securities sold and over $500M returned to shareholders. Operating revenue declined year-over-year, but cost reductions and strong capital returns supported value creation.
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Progress on strategic plan includes major public asset sales, capital returns, and new investments. DNB sale to bring $630M in proceeds, with $300M for buybacks and $141M for debt repayment. BKFC and restaurant segments show mixed results, while Alight faces revenue headwinds but improved EBITDA.
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Q1 2025 revenue declined 7% year-over-year, but cost reductions and gains from asset sales supported results. Major portfolio rebalancing included the D&B sale, with proceeds earmarked for share repurchases, dividends, and debt repayment.
Fiscal Year 2024
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Q4 2024 revenue declined 8% year-over-year, mainly due to restaurant headwinds, while portfolio companies like AFC Bournemouth and Watkins showed strong growth. Capital returned to shareholders via buybacks and dividends, with a focus on further buybacks and debt reduction in 2025.
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Q3 2024 saw lower revenues due to fewer restaurant locations, but cost reductions and portfolio rebalancing, including the Watkins acquisition and Dayforce exit, improved margins and capital returns. NAV stands at $2.1B, with shares trading at a 37% discount.
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NAV reached $2.1 billion with significant capital returned to shareholders and key portfolio actions, including a $141 million impairment on Sightline and strategic transactions at Alight and D&B. Restaurant Group and AFC Bournemouth showed strong operational improvements.