Document
false--12-31Q220190001704720P5Y440000016700000167000001670000000.00010.00011150000001150000007222369272234330722236927223433016700000167000001670000016700000167000001670000016700000P5Y0.010P1Y0.00010.000110000000100000000000430000024000001063810638
0001704720
2019-01-01
2019-06-30
0001704720
2019-07-31
0001704720
2019-06-30
0001704720
2018-12-31
0001704720
2019-04-01
2019-06-30
0001704720
2018-01-01
2018-06-30
0001704720
2018-04-01
2018-06-30
0001704720
fnf:RestaurantSalesMember
2019-04-01
2019-06-30
0001704720
fnf:RestaurantSalesMember
2018-01-01
2018-06-30
0001704720
fnf:RestaurantSalesMember
2018-04-01
2018-06-30
0001704720
fnf:RestaurantSalesMember
2019-01-01
2019-06-30
0001704720
fnf:TotalOtherOperatingRevenueMember
2018-01-01
2018-06-30
0001704720
fnf:TotalOtherOperatingRevenueMember
2019-01-01
2019-06-30
0001704720
fnf:TotalOtherOperatingRevenueMember
2019-04-01
2019-06-30
0001704720
fnf:TotalOtherOperatingRevenueMember
2018-04-01
2018-06-30
0001704720
us-gaap:RetainedEarningsMember
2018-01-01
2018-06-30
0001704720
us-gaap:AdditionalPaidInCapitalMember
2018-06-30
0001704720
us-gaap:CommonStockMember
2018-06-30
0001704720
us-gaap:RetainedEarningsMember
2018-12-31
0001704720
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2018-12-31
0001704720
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2019-01-01
2019-06-30
0001704720
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2017-12-31
0001704720
us-gaap:AccountingStandardsUpdate201409Member
2018-01-01
0001704720
2019-03-31
0001704720
us-gaap:NoncontrollingInterestMember
2019-06-30
0001704720
us-gaap:CommonStockMember
2017-12-31
0001704720
us-gaap:TreasuryStockMember
2018-12-31
0001704720
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2019-03-31
0001704720
us-gaap:NoncontrollingInterestMember
2019-01-01
2019-06-30
0001704720
us-gaap:CommonStockMember
2018-12-31
0001704720
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2018-01-01
2018-06-30
0001704720
us-gaap:AccountingStandardsUpdate201409Member
us-gaap:RetainedEarningsMember
2018-01-01
0001704720
us-gaap:AdditionalPaidInCapitalMember
2019-06-30
0001704720
2018-06-30
0001704720
us-gaap:AdditionalPaidInCapitalMember
2017-12-31
0001704720
fnf:CeridianMember
2019-01-01
2019-06-30
0001704720
us-gaap:RetainedEarningsMember
2019-03-31
0001704720
us-gaap:TreasuryStockMember
2019-06-30
0001704720
us-gaap:RetainedEarningsMember
2019-06-30
0001704720
us-gaap:AdditionalPaidInCapitalMember
2018-01-01
2018-06-30
0001704720
us-gaap:RetainedEarningsMember
2017-12-31
0001704720
us-gaap:TreasuryStockMember
2018-06-30
0001704720
us-gaap:NoncontrollingInterestMember
2018-01-01
2018-06-30
0001704720
fnf:CeridianMember
us-gaap:AdditionalPaidInCapitalMember
2018-01-01
2018-06-30
0001704720
us-gaap:TreasuryStockMember
2017-12-31
0001704720
us-gaap:CommonStockMember
2019-06-30
0001704720
fnf:CeridianMember
us-gaap:AdditionalPaidInCapitalMember
2019-01-01
2019-06-30
0001704720
us-gaap:RetainedEarningsMember
2019-01-01
2019-06-30
0001704720
us-gaap:NoncontrollingInterestMember
2018-12-31
0001704720
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2018-06-30
0001704720
us-gaap:AdditionalPaidInCapitalMember
2019-01-01
2019-06-30
0001704720
us-gaap:AdditionalPaidInCapitalMember
2018-12-31
0001704720
us-gaap:CommonStockMember
2018-01-01
2018-06-30
0001704720
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2019-06-30
0001704720
us-gaap:NoncontrollingInterestMember
2018-06-30
0001704720
2017-12-31
0001704720
us-gaap:RetainedEarningsMember
2018-06-30
0001704720
fnf:CeridianMember
2018-01-01
2018-06-30
0001704720
us-gaap:NoncontrollingInterestMember
2017-12-31
0001704720
us-gaap:RetainedEarningsMember
2019-04-01
2019-06-30
0001704720
us-gaap:RetainedEarningsMember
2018-04-01
2018-06-30
0001704720
us-gaap:AdditionalPaidInCapitalMember
2019-04-01
2019-06-30
0001704720
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2019-04-01
2019-06-30
0001704720
us-gaap:AdditionalPaidInCapitalMember
2018-04-01
2018-06-30
0001704720
us-gaap:NoncontrollingInterestMember
2019-04-01
2019-06-30
0001704720
us-gaap:NoncontrollingInterestMember
2018-04-01
2018-06-30
0001704720
us-gaap:CommonStockMember
2018-03-31
0001704720
us-gaap:AdditionalPaidInCapitalMember
2019-03-31
0001704720
us-gaap:AdditionalPaidInCapitalMember
2018-03-31
0001704720
us-gaap:NoncontrollingInterestMember
2019-03-31
0001704720
us-gaap:TreasuryStockMember
2018-03-31
0001704720
us-gaap:CommonStockMember
2019-03-31
0001704720
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2018-04-01
2018-06-30
0001704720
us-gaap:NoncontrollingInterestMember
2018-03-31
0001704720
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2018-03-31
0001704720
fnf:CeridianMember
us-gaap:AdditionalPaidInCapitalMember
2019-04-01
2019-06-30
0001704720
us-gaap:CommonStockMember
2018-04-01
2018-06-30
0001704720
us-gaap:RetainedEarningsMember
2018-03-31
0001704720
fnf:CeridianMember
us-gaap:AdditionalPaidInCapitalMember
2018-04-01
2018-06-30
0001704720
us-gaap:TreasuryStockMember
2019-03-31
0001704720
2018-03-31
0001704720
fnf:CeridianMember
2018-04-01
2018-06-30
0001704720
fnf:CeridianMember
2019-04-01
2019-06-30
0001704720
fnf:CeridianMember
2018-01-01
2018-06-30
0001704720
fnf:OtherEquityMethodInvestmentsMember
2018-01-01
2018-06-30
0001704720
fnf:OtherEquityMethodInvestmentsMember
2019-01-01
2019-06-30
0001704720
fnf:CeridianMember
2019-01-01
2019-06-30
0001704720
us-gaap:AccountingStandardsUpdate201409Member
fnf:AdjustmentsforErrorCorrectionsToPriorInterimPeriodsOfCurrentYearMember
fnf:TSystemMember
us-gaap:RetainedEarningsMember
2018-06-30
0001704720
srt:RestatementAdjustmentMember
fnf:IncreaseToNetLossAndNetLossAttributabletoCannaeMember
2018-04-01
2018-06-30
0001704720
us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember
us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember
fnf:ABRHRealEstateMember
2019-06-30
0001704720
us-gaap:AccountingStandardsUpdate201602Member
2019-01-01
0001704720
srt:RestatementAdjustmentMember
fnf:IncreaseToNetLossPerShareMember
2018-04-01
2018-06-30
0001704720
us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember
fnf:ABRHRealEstateMember
2019-06-30
0001704720
srt:RestatementAdjustmentMember
fnf:DecreaseToOtherOperatingRevenueMember
2018-04-01
2018-06-30
0001704720
srt:ScenarioPreviouslyReportedMember
2018-04-01
2018-06-30
0001704720
srt:RestatementAdjustmentMember
fnf:IncreaseToNetLossAndNetLossAttributabletoCannaeMember
2018-01-01
2018-06-30
0001704720
fnf:CeridianMember
2019-06-30
0001704720
fnf:QOMPLXInc.Member
us-gaap:SubsequentEventMember
2019-07-23
0001704720
fnf:CeridianMember
fnf:UnderwrittenSecondaryPublicOfferingMember
2019-05-22
2019-05-22
0001704720
srt:RestatementAdjustmentMember
fnf:DecreaseToIncomeTaxBenefitMember
2018-04-01
2018-06-30
0001704720
srt:RestatementAdjustmentMember
fnf:DecreaseToIncomeTaxBenefitMember
2018-01-01
2018-06-30
0001704720
us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember
fnf:ABRHRealEstateMember
2019-03-31
0001704720
fnf:DunAndBradstreetCorporationMember
2019-06-01
2019-06-30
0001704720
fnf:CeridianMember
fnf:UnderwrittenSecondaryPublicOfferingMember
2019-05-22
0001704720
srt:RestatementAdjustmentMember
fnf:DecreaseToDepreciationAndAmortizationMember
2018-04-01
2018-06-30
0001704720
fnf:CannaeHoldingsInc.Member
fnf:DunAndBradstreetCorporationMember
fnf:DunAndBradstreetCorporationMember
fnf:EquityCommitmentToPurchaseCommonEquityOfStarAndDunAndBradstreetRetainedAndFundedMember
2019-02-08
0001704720
us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember
fnf:ABRHRealEstateMember
2019-03-21
2019-03-21
0001704720
srt:RestatementAdjustmentMember
fnf:DecreaseToOtherOperatingRevenueMember
2018-01-01
2018-06-30
0001704720
fnf:QOMPLXInc.Member
srt:ScenarioForecastMember
fnf:EquityInvestmentCommitmentFundingMember
us-gaap:SubsequentEventMember
2019-01-01
2019-12-31
0001704720
fnf:QOMPLXInc.Member
us-gaap:SubsequentEventMember
2019-07-23
2019-07-23
0001704720
us-gaap:AccountingStandardsUpdate201409Member
us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member
us-gaap:RetainedEarningsMember
2017-12-31
0001704720
srt:RestatementAdjustmentMember
fnf:IncreaseToNetLossPerShareMember
2019-01-01
2019-06-30
0001704720
us-gaap:AccountingStandardsUpdate201409Member
us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member
us-gaap:RetainedEarningsMember
2018-06-30
0001704720
srt:RestatementAdjustmentMember
fnf:DecreaseToDepreciationAndAmortizationMember
2018-01-01
2018-06-30
0001704720
us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember
fnf:ABRHRealEstateMember
2019-04-01
2019-06-30
0001704720
us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember
fnf:ABRHRealEstateMember
2019-03-21
0001704720
srt:RestatementAdjustmentMember
fnf:IncreaseToReclassificationAdjustmentUnrealizedGainsAndLossesOnUnconsolidatedAffiliatesNetofTaxMember
2018-04-01
2018-06-30
0001704720
srt:RestatementAdjustmentMember
us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember
fnf:ABRHRealEstateMember
2019-06-30
0001704720
srt:RestatementAdjustmentMember
us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember
fnf:ABRHRealEstateMember
2019-03-31
0001704720
srt:RestatementAdjustmentMember
fnf:IncreaseToNetLossPerShareMember
2018-01-01
2018-06-30
0001704720
srt:ScenarioPreviouslyReportedMember
2018-01-01
2018-06-30
0001704720
srt:RestatementAdjustmentMember
fnf:DecreaseInComprehensiveLossMember
2018-04-01
2018-06-30
0001704720
srt:RestatementAdjustmentMember
fnf:IncreaseInComprehensiveEarningsAttributableToCannaeHoldingsInc.Member
2018-01-01
2018-06-30
0001704720
srt:RestatementAdjustmentMember
fnf:DecreaseInComprehensiveLossMember
2018-01-01
2018-06-30
0001704720
srt:RestatementAdjustmentMember
fnf:IncreaseToReclassificationAdjustmentUnrealizedGainsAndLossesOnUnconsolidatedAffiliatesNetofTaxMember
2018-01-01
2018-06-30
0001704720
srt:RestatementAdjustmentMember
fnf:IncreaseInComprehensiveEarningsAttributableToCannaeHoldingsInc.Member
2018-04-01
2018-06-30
0001704720
srt:RestatementAdjustmentMember
fnf:ABRHRealEstateMember
2019-06-30
0001704720
fnf:CostofRestaurantRevenueMember
2019-01-01
2019-06-30
0001704720
us-gaap:OtherOperatingIncomeExpenseMember
2019-01-01
2019-06-30
0001704720
us-gaap:OtherOperatingIncomeExpenseMember
2019-04-01
2019-06-30
0001704720
fnf:CostofRestaurantRevenueMember
2019-04-01
2019-06-30
0001704720
srt:MaximumMember
2019-06-30
0001704720
srt:MinimumMember
2019-06-30
0001704720
us-gaap:CorporateDebtSecuritiesMember
us-gaap:FairValueInputsLevel3Member
2018-06-30
0001704720
us-gaap:CorporateDebtSecuritiesMember
us-gaap:FairValueInputsLevel3Member
2018-12-31
0001704720
us-gaap:CorporateDebtSecuritiesMember
us-gaap:FairValueInputsLevel3Member
2018-01-01
2018-06-30
0001704720
us-gaap:CorporateDebtSecuritiesMember
us-gaap:FairValueInputsLevel3Member
2017-12-31
0001704720
us-gaap:FairValueInputsLevel3Member
2018-01-01
2018-06-30
0001704720
us-gaap:CorporateDebtSecuritiesMember
us-gaap:FairValueInputsLevel3Member
2019-01-01
2019-06-30
0001704720
us-gaap:CorporateDebtSecuritiesMember
us-gaap:FairValueInputsLevel3Member
2019-06-30
0001704720
us-gaap:FairValueInputsLevel3Member
2019-01-01
2019-06-30
0001704720
srt:WeightedAverageMember
us-gaap:FairValueInputsLevel3Member
us-gaap:MeasurementInputDiscountRateMember
2019-06-30
0001704720
srt:MaximumMember
us-gaap:FairValueInputsLevel3Member
us-gaap:MeasurementInputDiscountRateMember
2019-06-30
0001704720
srt:MinimumMember
us-gaap:FairValueInputsLevel3Member
us-gaap:MeasurementInputDiscountRateMember
2019-06-30
0001704720
us-gaap:FairValueInputsLevel1Member
us-gaap:CorporateDebtSecuritiesMember
2019-06-30
0001704720
us-gaap:FairValueInputsLevel2Member
us-gaap:CorporateDebtSecuritiesMember
2019-06-30
0001704720
us-gaap:FairValueInputsLevel3Member
us-gaap:CorporateDebtSecuritiesMember
2019-06-30
0001704720
us-gaap:FairValueInputsLevel3Member
2019-06-30
0001704720
us-gaap:FairValueInputsLevel2Member
2019-06-30
0001704720
us-gaap:CorporateDebtSecuritiesMember
2019-06-30
0001704720
us-gaap:FairValueInputsLevel1Member
2019-06-30
0001704720
us-gaap:FairValueInputsLevel2Member
us-gaap:CorporateDebtSecuritiesMember
2018-12-31
0001704720
us-gaap:FairValueInputsLevel1Member
us-gaap:CorporateDebtSecuritiesMember
2018-12-31
0001704720
us-gaap:CorporateDebtSecuritiesMember
2018-12-31
0001704720
us-gaap:FairValueInputsLevel2Member
2018-12-31
0001704720
us-gaap:FairValueInputsLevel3Member
2018-12-31
0001704720
us-gaap:FairValueInputsLevel1Member
2018-12-31
0001704720
us-gaap:FairValueInputsLevel3Member
us-gaap:CorporateDebtSecuritiesMember
2018-12-31
0001704720
us-gaap:FairValueInputsLevel3Member
2019-04-01
2019-06-30
0001704720
us-gaap:CorporateDebtSecuritiesMember
us-gaap:FairValueInputsLevel3Member
2019-03-31
0001704720
us-gaap:CorporateDebtSecuritiesMember
us-gaap:FairValueInputsLevel3Member
2018-03-31
0001704720
us-gaap:FairValueInputsLevel3Member
2018-04-01
2018-06-30
0001704720
fnf:DunAndBradstreetCorporationMember
2019-03-31
0001704720
us-gaap:CarryingReportedAmountFairValueDisclosureMember
us-gaap:CorporateDebtSecuritiesMember
2019-06-30
0001704720
us-gaap:CarryingReportedAmountFairValueDisclosureMember
2019-06-30
0001704720
fnf:CannaeHoldingsInc.Member
fnf:DunAndBradstreetCorporationMember
fnf:EquityCommitmentLetterCommitmentToPurchaseCommonEquityOfStarAndDunAndBradstreetMember
2019-02-08
0001704720
srt:MinimumMember
2019-01-01
2019-06-30
0001704720
fnf:DunAndBradstreetCorporationMember
2019-02-08
2019-02-08
0001704720
fnf:DunAndBradstreetCorporationMember
2019-04-30
0001704720
srt:MaximumMember
2019-01-01
2019-06-30
0001704720
fnf:DunAndBradstreetCorporationMember
2019-04-01
2019-04-30
0001704720
fnf:CannaeHoldingsInc.Member
fnf:DunAndBradstreetCorporationMember
fnf:EquityCommitmentLetterCommitmentToPurchaseCommonEquityOfStarAndDunAndBradstreetMember
2019-02-08
2019-02-08
0001704720
fnf:CeridianMember
2018-12-31
0001704720
fnf:CeridianMember
2019-04-01
2019-06-30
0001704720
fnf:CeridianMember
2018-04-01
2018-06-30
0001704720
us-gaap:CarryingReportedAmountFairValueDisclosureMember
us-gaap:CorporateDebtSecuritiesMember
2018-12-31
0001704720
us-gaap:CarryingReportedAmountFairValueDisclosureMember
2018-12-31
0001704720
fnf:DunAndBradstreetCorporationMember
2019-06-30
0001704720
fnf:DunAndBradstreetCorporationMember
2018-12-31
0001704720
fnf:OtherInvestmentsInUnconsolidatedAffiliatesMember
2018-12-31
0001704720
fnf:OtherInvestmentsInUnconsolidatedAffiliatesMember
2019-06-30
0001704720
fnf:DunAndBradstreetCorporationMember
2019-02-08
2019-03-31
0001704720
2019-02-08
2019-03-31
0001704720
fnf:DunAndBradstreetCorporationMember
2018-01-01
2018-06-30
0001704720
fnf:DunAndBradstreetCorporationMember
2018-04-01
2018-06-30
0001704720
fnf:DunAndBradstreetCorporationMember
2019-01-01
2019-06-30
0001704720
fnf:OtherInvestmentsInUnconsolidatedAffiliatesMember
2018-01-01
2018-06-30
0001704720
fnf:OtherInvestmentsInUnconsolidatedAffiliatesMember
2019-01-01
2019-06-30
0001704720
fnf:OtherInvestmentsInUnconsolidatedAffiliatesMember
2018-04-01
2018-06-30
0001704720
fnf:OtherInvestmentsInUnconsolidatedAffiliatesMember
2019-04-01
2019-06-30
0001704720
fnf:DunAndBradstreetCorporationMember
2019-04-01
2019-06-30
0001704720
fnf:FNFNVBrasadaLLCMember
fnf:BrasadaCreditAgreementMember
fnf:NotesPayableToBanksAcquisitionLoanBNoteMember
2016-01-29
0001704720
fnf:FNFNVBrasadaLLCMember
fnf:BrasadaCreditAgreementMember
2016-01-29
0001704720
us-gaap:RevolvingCreditFacilityMember
fnf:CorporateRevolverNoteMember
us-gaap:LondonInterbankOfferedRateLIBORMember
2017-11-17
2017-11-17
0001704720
fnf:A99TermLoanMember
us-gaap:NotesPayableToBanksMember
2019-06-30
0001704720
fnf:FNFNVBrasadaLLCMember
us-gaap:LineOfCreditMember
fnf:BrasadaCreditAgreementMember
2016-01-29
0001704720
fnf:FNFNVBrasadaLLCMember
fnf:BrasadaCreditAgreementMember
fnf:NotesPayableToBanksAcquisitionLoanANoteMember
2016-01-29
0001704720
fnf:FNFNVBrasadaLLCMember
fnf:BrasadaCreditAgreementMember
fnf:NotesPayableToBanksDevelopmentLoanMember
2016-01-29
0001704720
us-gaap:RevolvingCreditFacilityMember
fnf:CorporateRevolverNoteMember
2017-11-17
0001704720
fnf:NinetyNineRestaurantsMember
us-gaap:RevolvingCreditFacilityMember
fnf:A99RestaurantsCreditFacilityMember
2018-12-21
0001704720
us-gaap:RevolvingCreditFacilityMember
fnf:MarginLoanAgreementMember
2019-06-30
0001704720
fnf:NinetyNineRestaurantsMember
us-gaap:RevolvingCreditFacilityMember
fnf:A99RestaurantsCreditFacilityMember
2019-06-30
0001704720
fnf:NinetyNineRestaurantsMember
fnf:A99TermLoanMember
2018-12-21
0001704720
us-gaap:RevolvingCreditFacilityMember
fnf:MarginLoanAgreementMember
2018-11-07
2018-11-07
0001704720
fnf:FNFNVBrasadaLLCMember
fnf:BrasadaCreditAgreementMember
us-gaap:NotesPayableToBanksMember
2019-06-30
0001704720
fnf:FNFNVBrasadaLLCMember
us-gaap:LineOfCreditMember
fnf:BrasadaCreditAgreementMember
2018-06-13
0001704720
us-gaap:RevolvingCreditFacilityMember
fnf:CorporateRevolverNoteMember
2019-06-30
0001704720
us-gaap:RevolvingCreditFacilityMember
fnf:CorporateRevolverNoteMember
2019-02-07
2019-02-07
0001704720
fnf:NinetyNineRestaurantsMember
us-gaap:RevolvingCreditFacilityMember
fnf:A99RestaurantsCreditFacilityMember
us-gaap:LondonInterbankOfferedRateLIBORMember
2018-12-21
2018-12-21
0001704720
fnf:FNFNVBrasadaLLCMember
fnf:BrasadaCreditAgreementMember
fnf:NotesPayableToBanksAcquisitionLoanMember
2016-01-29
0001704720
us-gaap:RevolvingCreditFacilityMember
fnf:CorporateRevolverNoteMember
us-gaap:SubsequentEventMember
2019-07-05
2019-07-05
0001704720
fnf:NinetyNineRestaurantsMember
us-gaap:RevolvingCreditFacilityMember
fnf:A99RestaurantsCreditFacilityMember
us-gaap:BaseRateMember
2018-12-21
2018-12-21
0001704720
fnf:FNFNVBrasadaLLCMember
fnf:BrasadaCreditAgreementMember
fnf:NotesPayableToBanksAcquisitionLoanBNoteMember
us-gaap:LondonInterbankOfferedRateLIBORMember
2016-01-29
2016-01-29
0001704720
fnf:NinetyNineRestaurantsMember
us-gaap:LineOfCreditMember
fnf:DevelopmentLineOfCreditLoanMember
2018-12-21
0001704720
fnf:FNFNVBrasadaLLCMember
us-gaap:LineOfCreditMember
fnf:BrasadaCreditAgreementMember
2019-06-30
0001704720
2019-06-12
2019-06-12
0001704720
us-gaap:RevolvingCreditFacilityMember
fnf:MarginLoanAgreementMember
2018-11-07
0001704720
us-gaap:RevolvingCreditFacilityMember
fnf:MarginLoanAgreementMember
2019-02-07
0001704720
fnf:A99TermLoanMember
us-gaap:NotesPayableToBanksMember
2018-12-31
0001704720
us-gaap:RevolvingCreditFacilityMember
fnf:A99RestaurantsCreditFacilityMember
2019-06-30
0001704720
us-gaap:RevolvingCreditFacilityMember
fnf:MarginLoanAgreementMember
2018-12-31
0001704720
fnf:DevelopmentLineOfCreditLoanMember
2019-06-30
0001704720
fnf:OtherNotesPayableMember
us-gaap:NotesPayableOtherPayablesMember
2018-12-31
0001704720
fnf:DevelopmentLineOfCreditLoanMember
2018-12-31
0001704720
fnf:OtherNotesPayableMember
us-gaap:NotesPayableOtherPayablesMember
2019-06-30
0001704720
fnf:BrasadaCreditAgreementMember
us-gaap:NotesPayableToBanksMember
2019-06-30
0001704720
fnf:BrasadaCreditAgreementMember
us-gaap:NotesPayableToBanksMember
2018-12-31
0001704720
us-gaap:RevolvingCreditFacilityMember
fnf:A99RestaurantsCreditFacilityMember
2018-12-31
0001704720
us-gaap:RevolvingCreditFacilityMember
fnf:CorporateRevolverNoteMember
2017-11-17
2017-11-17
0001704720
us-gaap:OperatingSegmentsMember
fnf:TSystemMember
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantSalesMember
us-gaap:CorporateAndOtherMember
2019-01-01
2019-06-30
0001704720
us-gaap:IntersegmentEliminationMember
fnf:TotalOtherOperatingRevenueMember
2019-01-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
us-gaap:CorporateAndOtherMember
2019-06-30
0001704720
us-gaap:IntersegmentEliminationMember
2019-01-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:DunAndBradstreetCorporationMember
2019-01-01
2019-06-30
0001704720
us-gaap:IntersegmentEliminationMember
fnf:RestaurantSalesMember
2019-01-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:CeridianMember
2019-01-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TSystemMember
2019-01-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantGroupMember
2019-01-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TotalOtherOperatingRevenueMember
us-gaap:CorporateAndOtherMember
2019-01-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
us-gaap:CorporateAndOtherMember
2019-01-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TotalOtherOperatingRevenueMember
fnf:RestaurantGroupMember
2019-01-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantGroupMember
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TotalOtherOperatingRevenueMember
fnf:DunAndBradstreetCorporationMember
2019-01-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantSalesMember
fnf:RestaurantGroupMember
2019-01-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:DunAndBradstreetCorporationMember
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:CeridianMember
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantSalesMember
fnf:DunAndBradstreetCorporationMember
2019-01-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantSalesMember
fnf:TSystemMember
2019-01-01
2019-06-30
0001704720
us-gaap:IntersegmentEliminationMember
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TotalOtherOperatingRevenueMember
fnf:TSystemMember
2019-01-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TotalOtherOperatingRevenueMember
fnf:CeridianMember
2019-01-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantSalesMember
fnf:CeridianMember
2019-01-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TSystemMember
2018-04-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantGroupMember
2018-04-01
2018-06-30
0001704720
us-gaap:IntersegmentEliminationMember
fnf:RestaurantSalesMember
2018-04-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantSalesMember
fnf:TSystemMember
2018-04-01
2018-06-30
0001704720
us-gaap:IntersegmentEliminationMember
2018-04-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
us-gaap:CorporateAndOtherMember
2018-04-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:CeridianMember
2018-04-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TotalOtherOperatingRevenueMember
fnf:TSystemMember
2018-04-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantGroupMember
2018-06-30
0001704720
us-gaap:IntersegmentEliminationMember
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TSystemMember
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantSalesMember
fnf:CeridianMember
2018-04-01
2018-06-30
0001704720
us-gaap:IntersegmentEliminationMember
fnf:TotalOtherOperatingRevenueMember
2018-04-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:CeridianMember
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TotalOtherOperatingRevenueMember
fnf:CeridianMember
2018-04-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantSalesMember
fnf:RestaurantGroupMember
2018-04-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TotalOtherOperatingRevenueMember
fnf:RestaurantGroupMember
2018-04-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
us-gaap:CorporateAndOtherMember
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantSalesMember
us-gaap:CorporateAndOtherMember
2018-04-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TotalOtherOperatingRevenueMember
us-gaap:CorporateAndOtherMember
2018-04-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantGroupMember
2018-01-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:CeridianMember
2018-01-01
2018-06-30
0001704720
us-gaap:IntersegmentEliminationMember
2018-01-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
us-gaap:CorporateAndOtherMember
2018-01-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantSalesMember
us-gaap:CorporateAndOtherMember
2018-01-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TSystemMember
2018-01-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TotalOtherOperatingRevenueMember
fnf:TSystemMember
2018-01-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantSalesMember
fnf:TSystemMember
2018-01-01
2018-06-30
0001704720
us-gaap:IntersegmentEliminationMember
fnf:RestaurantSalesMember
2018-01-01
2018-06-30
0001704720
us-gaap:IntersegmentEliminationMember
fnf:TotalOtherOperatingRevenueMember
2018-01-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantSalesMember
fnf:RestaurantGroupMember
2018-01-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TotalOtherOperatingRevenueMember
us-gaap:CorporateAndOtherMember
2018-01-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TotalOtherOperatingRevenueMember
fnf:CeridianMember
2018-01-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantSalesMember
fnf:CeridianMember
2018-01-01
2018-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TotalOtherOperatingRevenueMember
fnf:RestaurantGroupMember
2018-01-01
2018-06-30
0001704720
fnf:TSystemHoldingsLLCTSystemMember
fnf:SoftwareSolutionsMember
fnf:TSystemClinicalDocumentationMember
2019-01-01
2019-06-30
0001704720
fnf:TSystemHoldingsLLCTSystemMember
fnf:TSystemCodingSoftwareOutsourcedSolutionsMember
2019-01-01
2019-06-30
0001704720
fnf:AmericanBlueRibbonHoldingsLLCMember
2019-06-30
0001704720
fnf:TSystemHoldingsLLCTSystemMember
2019-01-01
2019-06-30
0001704720
2018-01-01
2018-12-31
0001704720
fnf:TSystemHoldingsLLCTSystemMember
fnf:TSheetMember
fnf:TSystemClinicalDocumentationMember
2019-01-01
2019-06-30
0001704720
fnf:TSystemHoldingsLLCTSystemMember
2017-10-16
0001704720
fnf:NinetyNineRestaurantsMember
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TotalOtherOperatingRevenueMember
fnf:TSystemMember
2019-04-01
2019-06-30
0001704720
us-gaap:IntersegmentEliminationMember
2019-04-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:DunAndBradstreetCorporationMember
2019-04-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantGroupMember
2019-04-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:CeridianMember
2019-04-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantSalesMember
fnf:TSystemMember
2019-04-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantSalesMember
fnf:DunAndBradstreetCorporationMember
2019-04-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
us-gaap:CorporateAndOtherMember
2019-04-01
2019-06-30
0001704720
us-gaap:IntersegmentEliminationMember
fnf:TotalOtherOperatingRevenueMember
2019-04-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TotalOtherOperatingRevenueMember
us-gaap:CorporateAndOtherMember
2019-04-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TSystemMember
2019-04-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TotalOtherOperatingRevenueMember
fnf:CeridianMember
2019-04-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantSalesMember
fnf:CeridianMember
2019-04-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantSalesMember
us-gaap:CorporateAndOtherMember
2019-04-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TotalOtherOperatingRevenueMember
fnf:DunAndBradstreetCorporationMember
2019-04-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:RestaurantSalesMember
fnf:RestaurantGroupMember
2019-04-01
2019-06-30
0001704720
us-gaap:IntersegmentEliminationMember
fnf:RestaurantSalesMember
2019-04-01
2019-06-30
0001704720
us-gaap:OperatingSegmentsMember
fnf:TotalOtherOperatingRevenueMember
fnf:RestaurantGroupMember
2019-04-01
2019-06-30
0001704720
fnf:RestaurantSalesMember
fnf:RestaurantGroupMember
2019-04-01
2019-06-30
0001704720
fnf:TotalOtherOperatingRevenueMember
2018-01-01
2018-06-30
0001704720
fnf:FranchiseAndOtherMember
fnf:RestaurantGroupMember
2019-04-01
2019-06-30
0001704720
fnf:RealEstateAndResortMember
us-gaap:CorporateAndOtherMember
2018-04-01
2018-06-30
0001704720
fnf:FranchiseAndOtherMember
fnf:RestaurantGroupMember
2018-01-01
2018-06-30
0001704720
fnf:TSystemOverTimeMember
fnf:TSystemMember
2018-01-01
2018-06-30
0001704720
fnf:TSystemOverTimeMember
fnf:TSystemMember
2019-01-01
2019-06-30
0001704720
fnf:TotalOtherOperatingRevenueMember
2019-04-01
2019-06-30
0001704720
fnf:RestaurantGroupMember
2019-01-01
2019-06-30
0001704720
fnf:BakerySalesMember
fnf:RestaurantGroupMember
2019-04-01
2019-06-30
0001704720
fnf:RestaurantGroupMember
2018-01-01
2018-06-30
0001704720
fnf:TSystemPointInTimeMember
fnf:TSystemMember
2019-01-01
2019-06-30
0001704720
fnf:RestaurantSalesMember
fnf:RestaurantGroupMember
2019-01-01
2019-06-30
0001704720
fnf:TSystemPointInTimeMember
fnf:TSystemMember
2019-04-01
2019-06-30
0001704720
fnf:TotalOtherOperatingRevenueMember
2018-04-01
2018-06-30
0001704720
fnf:OtherProductsAndServicesMember
us-gaap:CorporateAndOtherMember
2019-01-01
2019-06-30
0001704720
fnf:BakerySalesMember
fnf:RestaurantGroupMember
2018-04-01
2018-06-30
0001704720
fnf:OtherProductsAndServicesMember
us-gaap:CorporateAndOtherMember
2019-04-01
2019-06-30
0001704720
fnf:TSystemOverTimeMember
fnf:TSystemMember
2018-04-01
2018-06-30
0001704720
fnf:OtherProductsAndServicesMember
us-gaap:CorporateAndOtherMember
2018-04-01
2018-06-30
0001704720
fnf:FranchiseAndOtherMember
fnf:RestaurantGroupMember
2019-01-01
2019-06-30
0001704720
fnf:BakerySalesMember
fnf:RestaurantGroupMember
2018-01-01
2018-06-30
0001704720
fnf:TSystemOverTimeMember
fnf:TSystemMember
2019-04-01
2019-06-30
0001704720
fnf:RestaurantGroupMember
2018-04-01
2018-06-30
0001704720
fnf:RealEstateAndResortMember
us-gaap:CorporateAndOtherMember
2018-01-01
2018-06-30
0001704720
fnf:FranchiseAndOtherMember
fnf:RestaurantGroupMember
2018-04-01
2018-06-30
0001704720
fnf:TSystemPointInTimeMember
fnf:TSystemMember
2018-04-01
2018-06-30
0001704720
fnf:OtherProductsAndServicesMember
us-gaap:CorporateAndOtherMember
2018-01-01
2018-06-30
0001704720
fnf:TSystemPointInTimeMember
fnf:TSystemMember
2018-01-01
2018-06-30
0001704720
fnf:RestaurantSalesMember
fnf:RestaurantGroupMember
2018-04-01
2018-06-30
0001704720
fnf:RestaurantSalesMember
fnf:RestaurantGroupMember
2018-01-01
2018-06-30
0001704720
fnf:RealEstateAndResortMember
us-gaap:CorporateAndOtherMember
2019-01-01
2019-06-30
0001704720
fnf:RestaurantGroupMember
2019-04-01
2019-06-30
0001704720
fnf:TotalOtherOperatingRevenueMember
2019-01-01
2019-06-30
0001704720
fnf:BakerySalesMember
fnf:RestaurantGroupMember
2019-01-01
2019-06-30
0001704720
fnf:RealEstateAndResortMember
us-gaap:CorporateAndOtherMember
2019-04-01
2019-06-30
0001704720
us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember
2019-06-30
0001704720
us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember
2018-12-31
fnf:renew
xbrli:pure
fnf:stores
xbrli:shares
iso4217:USD
xbrli:shares
iso4217:USD
fnf:segment
fnf:customer
fnf:record
fnf:sites
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
FORM 10-Q
|
| | |
☑ | | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2019
OR
|
| | |
☐ | | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number 1-38300
CANNAE HOLDINGS, INC.
______________________________________________________________________________________________________________________________________________________
(Exact name of registrant as specified in its charter)
|
| | | | | | |
Delaware | | 82-1273460 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification Number) |
| | | | | | |
1701 Village Center Circle | , | Las Vegas | , | Nevada | | 89134 |
(Address of principal executive offices) | | (Zip Code) |
(702) 323-7330
___________________________________________________________________
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
|
| | | | |
Title of Each Class | | Trading Symbol | | Name of Each Exchange on Which Registered |
Cannae Common Stock, $0.0001 par value | | CNNE | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ NO ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit). Yes ☑ NO ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer," “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
|
| | | | | | | | | |
Large Accelerated Filer | ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☑
As of July 31, 2019 there were 72,223,692 shares of the Registrant's common stock outstanding.
FORM 10-Q
QUARTERLY REPORT
Quarter Ended June 30, 2019
TABLE OF CONTENTS
Part I: FINANCIAL INFORMATION
| |
Item 1. | Condensed Consolidated Financial Statements |
CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
|
| | | | | | | |
| June 30, 2019 |
| December 31, 2018 |
| | | |
ASSETS |
Current assets: | |
| | |
|
Cash and cash equivalents | $ | 73.7 |
| | $ | 323.0 |
|
Short-term investments | 1.8 |
| | 31.4 |
|
Trade receivables | 33.1 |
| | 49.8 |
|
Inventory | 32.5 |
| | 22.3 |
|
Prepaid expenses and other current assets | 24.2 |
| | 25.2 |
|
Total current assets | 165.3 |
| | 451.7 |
|
Investments in unconsolidated affiliates | 913.3 |
| | 397.2 |
|
Lease assets - see Note B | 228.4 |
| | — |
|
Property and equipment, net | 160.4 |
| | 176.4 |
|
Other intangible assets, net | 158.0 |
| | 175.8 |
|
Goodwill | 164.8 |
| | 164.8 |
|
Fixed maturity securities available for sale, at fair value | 17.7 |
| | 17.8 |
|
Deferred tax asset | 9.4 |
| | 16.9 |
|
Other long term investments and non-current assets | 55.1 |
| | 58.9 |
|
Total assets | $ | 1,872.4 |
| | $ | 1,459.5 |
|
| | | |
LIABILITIES AND EQUITY |
Current liabilities: | |
| | |
|
Accounts payable and other accrued liabilities, current | $ | 98.2 |
| | $ | 98.4 |
|
Lease liabilities, current - see Note B | 43.0 |
| | — |
|
Income taxes payable | 4.1 |
| | 24.2 |
|
Deferred revenue | 25.3 |
| | 31.5 |
|
Notes payable, current | 5.9 |
| | 5.9 |
|
Total current liabilities | 176.5 |
| | 160.0 |
|
Lease liabilities, long term - see Note B | 218.0 |
| | — |
|
Deferred revenue, long term | 0.2 |
| | 0.2 |
|
Notes payable, long term | 195.2 |
| | 42.2 |
|
Accounts payable and other accrued liabilities, long term | 30.1 |
| | 57.4 |
|
Total liabilities | 620.0 |
| | 259.8 |
|
Commitments and contingencies - see Note G |
|
| |
|
|
Equity: | |
| | |
Cannae common stock, $0.0001 par value; authorized 115,000,000 shares as of June 30, 2019 and December 31, 2018; issued and outstanding of 72,234,330 and 72,223,692, respectively, as of June 30, 2019 and December 31, 2018 | — |
| | — |
|
Preferred stock, $0.0001 par value; authorized 10,000,000 shares; issued and outstanding, none as of June 30, 2019 and December 31, 2018 | — |
| | — |
|
Retained earnings | 90.9 |
| | 45.8 |
|
Additional paid-in capital | 1,150.9 |
| | 1,146.2 |
|
Less: Treasury stock, 10,638 shares as of June 30, 2019 and December 31, 2018, at cost
| (0.2 | ) | | (0.2 | ) |
Accumulated other comprehensive loss | (56.1 | ) | | (67.2 | ) |
Total Cannae shareholders' equity | 1,185.5 |
| | 1,124.6 |
|
Noncontrolling interests | 66.9 |
| | 75.1 |
|
Total equity | 1,252.4 |
| | 1,199.7 |
|
Total liabilities and equity | $ | 1,872.4 |
| | $ | 1,459.5 |
|
See Notes to Condensed Consolidated Financial Statements
CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions)
(Unaudited)
|
| | | | | | | | | | | | | | | |
| Three months ended June 30, | | Six months ended June 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
|
| |
|
Revenues: | | | |
Restaurant revenue | $ | 266.5 |
| | $ | 276.2 |
| | $ | 524.3 |
| | $ | 550.0 |
|
Other operating revenue | 18.6 |
| | 26.1 |
| | 35.3 |
| | 44.7 |
|
Total operating revenues | 285.1 |
| | 302.3 |
| | 559.6 |
| | 594.7 |
|
Operating expenses: | | | | | | | |
Cost of restaurant revenue | 231.6 |
| | 240.1 |
| | 458.6 |
| | 480.9 |
|
Personnel costs | 30.9 |
| | 90.3 |
| | 55.3 |
| | 114.4 |
|
Depreciation and amortization | 13.3 |
| | 14.9 |
| | 27.2 |
| | 29.2 |
|
Other operating expenses | 33.8 |
| | 25.1 |
| | 57.6 |
| | 46.3 |
|
Total operating expenses | 309.6 |
| | 370.4 |
| | 598.7 |
| | 670.8 |
|
Operating loss | (24.5 | ) | | (68.1 | ) | | (39.1 | ) | | (76.1 | ) |
Other income (expense): | | | | | | | |
Interest, investment and other income | 1.4 |
| | 1.6 |
| | 12.4 |
| | 2.9 |
|
Interest expense | (5.5 | ) | | (0.2 | ) | | (9.2 | ) | | (3.2 | ) |
Realized gains, net | 74.5 |
| | 66.5 |
| | 76.1 |
| | 66.5 |
|
Total other income (expense) | 70.4 |
| | 67.9 |
| | 79.3 |
| | 66.2 |
|
Earnings (loss) before income taxes and equity in losses of unconsolidated affiliates | 45.9 |
| | (0.2 | ) | | 40.2 |
| | (9.9 | ) |
Income tax expense (benefit) | 8.5 |
| | 2.6 |
| | 3.7 |
| | (2.9 | ) |
Earnings (loss) before equity in losses of unconsolidated affiliates | 37.4 |
| | (2.8 | ) | | 36.5 |
| | (7.0 | ) |
Equity in losses of unconsolidated affiliates | (22.4 | ) | | (19.6 | ) | | (19.5 | ) | | (20.7 | ) |
Net earnings (loss) | 15.0 |
| | (22.4 | ) | | 17.0 |
| | (27.7 | ) |
Less: Net loss attributable to non-controlling interests | (4.5 | ) | | (2.6 | ) | | (7.6 | ) | | (6.8 | ) |
Net earnings (loss) attributable to Cannae Holdings, Inc. common shareholders | $ | 19.5 |
| | $ | (19.8 | ) | | $ | 24.6 |
| | $ | (20.9 | ) |
Earnings per share | | | | | | | |
Basic | | | | | | | |
Net earnings (loss) per share | $ | 0.27 |
| | $ | (0.28 | ) | | $ | 0.34 |
| | $ | (0.30 | ) |
Diluted |
| |
| |
| |
|
Net earnings (loss) per share | $ | 0.27 |
| | $ | (0.28 | ) | | $ | 0.34 |
| | $ | (0.30 | ) |
Weighted Average Shares Outstanding | | | | | | | |
Weighted average shares outstanding Cannae Holdings common stock, basic basis | 71.6 |
| | 71.1 |
| | 71.6 |
| | 70.8 |
|
Weighted average shares outstanding Cannae Holdings common stock, diluted basis | 71.9 |
| | 71.1 |
| | 71.8 |
| | 70.9 |
|
See Notes to Condensed Consolidated Financial Statements
CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
(In millions)
(Unaudited)
|
| | | | | | | | | | | | | | | |
| Three months ended June 30, | | Six months ended June 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Net earnings (loss) | $ | 15.0 |
| | $ | (22.4 | ) | | $ | 17.0 |
| | $ | (27.7 | ) |
Other comprehensive earnings (loss), net of tax: | |
| | |
| | |
| | |
|
Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) (1) | 0.1 |
| | (0.4 | ) | | (0.1 | ) | | 1.8 |
|
Unrealized gain (loss) relating to investments in unconsolidated affiliates (2) | 5.3 |
| | (0.1 | ) | | 11.5 |
| | (6.9 | ) |
Reclassification adjustments for unrealized gains and losses, net of tax, included in net earnings (3) | 4.1 |
| | 16.7 |
| | 4.7 |
| | 16.7 |
|
Other comprehensive earnings (loss) | 9.5 |
| | 16.2 |
| | 16.1 |
| | 11.6 |
|
Comprehensive earnings (loss) | 24.5 |
| | (6.2 | ) | | 33.1 |
| | (16.1 | ) |
Less: Comprehensive loss attributable to noncontrolling interests | (4.5 | ) | | (2.6 | ) | | (7.6 | ) | | (6.8 | ) |
Comprehensive earnings (loss) attributable to Cannae Holdings, Inc. | $ | 29.0 |
| | $ | (3.6 | ) | | $ | 40.7 |
| | $ | (9.3 | ) |
_________________________________
| |
(3) | Net of income tax benefit of $1.0 million and $1.2 million for the three and six months ended June 30, 2019, respectively, and of $4.4 million for the three and six months ended June 30, 2018. |
See Notes to Condensed Consolidated Financial Statements
CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In millions)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comp (Loss) Earnings | | Treasury Stock
| | Non-controlling Interests | | Total Equity |
| Shares | | $ | | | | | Shares | | $ | | |
| | | | | |
Balance, March 31, 2018 | 70.9 |
| | $ | — |
| | $ | 1,131.9 |
| | $ | 1.0 |
| | $ | (75.6 | ) | | — |
| | $ | — |
| | $ | 89.5 |
| | $ | 1,146.8 |
|
Adjustment for adoption of ASU 2018-02 | — |
| | — |
| | — |
| | 16.1 |
| | (16.1 | ) | | — |
| | — |
| | — |
| | — |
|
Other comprehensive earnings — unrealized loss on investments and other financial instruments, net of tax | — |
| | — |
| | — |
| | — |
| | (0.4 | ) | | — |
| | — |
| | — |
| | (0.4 | ) |
Other comprehensive earnings — unrealized loss on investments in unconsolidated affiliates, net of tax | — |
| | — |
| | — |
| | — |
| | (0.1 | ) | | — |
| | — |
| | — |
| | (0.1 | ) |
Reclassification adjustments for unrealized gains and losses, net of tax, included in net earnings | — |
| | — |
| | — |
| | — |
| | 16.7 |
| | — |
| | — |
| | — |
| | 16.7 |
|
Shares issued for investment success bonuses, net of issuance costs | 1.0 |
| | — |
| | 19.8 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 19.8 |
|
Stock-based compensation | — |
| | — |
| | 0.4 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 0.4 |
|
Contribution of CSA services from FNF | — |
| | — |
| | 0.3 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 0.3 |
|
Ceridian stock-based compensation | — |
| | — |
| | 3.0 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 3.0 |
|
Sale of noncontrolling interest in consolidated subsidiary | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 4.1 |
| | 4.1 |
|
Net loss | — |
| | — |
| | — |
| | (19.8 | ) | | — |
| | — |
| | — |
| | (2.6 | ) | | (22.4 | ) |
Balance, June 30, 2018 | 71.9 |
| | $ | — |
| | $ | 1,155.4 |
| | $ | (2.7 | ) | | $ | (75.5 | ) | | — |
| | $ | — |
| | $ | 91.0 |
| | $ | 1,168.2 |
|
| | | | | | | | | | | | | | | | | |
Balance, March 31, 2019 | 72.2 |
| | $ | — |
| | $ | 1,148.8 |
| | $ | 71.4 |
| | $ | (65.6 | ) | | — |
| | $ | (0.2 | ) | | $ | 71.6 |
| | $ | 1,226.0 |
|
Other comprehensive earnings — unrealized loss on investments and other financial instruments, net of tax | — |
| | — |
| | — |
| | — |
| | 0.1 |
| | — |
| | — |
| | — |
| | 0.1 |
|
Other comprehensive earnings — unrealized earnings on investments in unconsolidated affiliates, net of tax | — |
| | — |
| | — |
| | — |
| | 5.3 |
| | — |
| | — |
| | — |
| | 5.3 |
|
Reclassification adjustments for unrealized gains and losses, net of tax, included in net earnings | — |
| | — |
| | — |
| | — |
| | 4.1 |
| | — |
| | — |
| | — |
| | 4.1 |
|
Dun & Bradstreet equity issuance costs | — |
| | — |
| | (1.4 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | (1.4 | ) |
Stock-based compensation | — |
| | — |
| | 1.0 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 1.0 |
|
Contribution of CSA services from FNF | — |
| | — |
| | 0.3 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 0.3 |
|
Ceridian stock-based compensation | — |
| | — |
| | 2.2 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 2.2 |
|
Subsidiary dividends paid to noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (0.2 | ) | | (0.2 | ) |
Net earnings (loss) | — |
| | — |
| | — |
| | 19.5 |
| | — |
| | — |
| | — |
| | (4.5 | ) | | 15.0 |
|
Balance, June 30, 2019 | 72.2 |
|
| $ | — |
|
| $ | 1,150.9 |
|
| $ | 90.9 |
|
| $ | (56.1 | ) |
| — |
|
| $ | (0.2 | ) |
| $ | 66.9 |
| | $ | 1,252.4 |
|
See Notes to Condensed Consolidated Financial Statements
CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In millions)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comp (Loss) Earnings | | Treasury Stock
| | Non-controlling Interests | | Total Equity |
| Shares | | $ | | | | | Shares | | $ | | |
| | | | | |
Balance, December 31, 2017 | 70.9 |
| | $ | — |
| | $ | 1,130.2 |
| | $ | 0.2 |
| | $ | (71.0 | ) | | — |
| | $ | — |
| | $ | 93.7 |
| | $ | 1,153.1 |
|
Adjustment for cumulative effect of adoption of ASC Topic 606 | — |
| | — |
| | — |
| | 1.9 |
| | — |
| | — |
| | — |
| | — |
| | 1.9 |
|
Adjustment for adoption of ASU 2018-02 | — |
| | — |
| | — |
| | 16.1 |
| | (16.1 | ) | | — |
| | — |
| | — |
| | — |
|
Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax | — |
| | — |
| | — |
| | — |
| | 1.8 |
| | — |
| | — |
| | — |
| | 1.8 |
|
Other comprehensive earnings — unrealized loss on investments in unconsolidated affiliates, net of tax | — |
| | — |
| | — |
| | — |
| | (6.9 | ) | | — |
| | — |
| | — |
| | (6.9 | ) |
Reclassification adjustments for unrealized gains and losses, net of tax, included in net earnings | — |
| | — |
| | — |
| | — |
| | 16.7 |
| | — |
| | — |
| | — |
| | 16.7 |
|
Shares issued for investment success bonuses, net of issuance costs | 1.0 |
| | — |
| | 19.8 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 19.8 |
|
Stock-based compensation | — |
| | — |
| | 0.9 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 0.9 |
|
Contribution of CSA services from FNF | — |
| | — |
| | 0.6 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 0.6 |
|
Ceridian stock-based compensation | — |
| | — |
| | 3.9 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 3.9 |
|
Sale of noncontrolling interest in consolidated subsidiary | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 4.1 |
| | 4.1 |
|
Net loss | — |
| | — |
| | — |
| | (20.9 | ) | | — |
| | — |
| | — |
| | (6.8 | ) | | (27.7 | ) |
Balance, June 30, 2018 | 71.9 |
| | $ | — |
| | $ | 1,155.4 |
| | $ | (2.7 | ) | | $ | (75.5 | ) | | — |
| | $ | — |
| | $ | 91.0 |
| | $ | 1,168.2 |
|
| | | | | | | | | | | | | | | | | |
Balance, December 31, 2018 | 72.2 |
| | $ | — |
| | $ | 1,146.2 |
| | $ | 45.8 |
| | $ | (67.2 | ) | | — |
| | $ | (0.2 | ) | | $ | 75.1 |
| | $ | 1,199.7 |
|
Adjustment for cumulative effect of adoption of accounting standards by unconsolidated affiliates | — |
| | — |
| | — |
| | 20.5 |
| | (5.0 | ) | | — |
| | — |
| | — |
| | 15.5 |
|
Other comprehensive earnings — unrealized loss on investments and other financial instruments, net of tax | — |
| | — |
| | — |
| | — |
| | (0.1 | ) | | — |
| | — |
| | — |
| | (0.1 | ) |
Other comprehensive earnings — unrealized earnings on investments in unconsolidated affiliates, net of tax | — |
| | — |
| | — |
| | — |
| | 11.5 |
| | — |
| | — |
| | — |
| | 11.5 |
|
Reclassification adjustments for unrealized gains and losses, net of tax, included in net earnings | — |
| | — |
| | — |
| | — |
| | 4.7 |
| | — |
| | — |
| | — |
| | 4.7 |
|
Dun & Bradstreet equity issuance costs | — |
| | — |
| | (1.4 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | (1.4 | ) |
Stock-based compensation | — |
| | — |
| | 1.9 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 1.9 |
|
Contribution of CSA services from FNF | — |
| | — |
| | 0.7 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 0.7 |
|
Ceridian stock-based compensation | — |
| | — |
| | 3.5 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 3.5 |
|
Subsidiary dividends paid to noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (0.6 | ) | | (0.6 | ) |
Net earnings (loss) | — |
| | — |
| | — |
| | 24.6 |
| | — |
| | — |
| | — |
| | (7.6 | ) | | 17.0 |
|
Balance, June 30, 2019 | 72.2 |
| | $ | — |
| | $ | 1,150.9 |
| | $ | 90.9 |
| | $ | (56.1 | ) | | — |
| | $ | (0.2 | ) | | $ | 66.9 |
| | $ | 1,252.4 |
|
See Notes to Condensed Consolidated Financial Statements
CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
|
| | | | | | | |
| Six months ended June 30, |
|
| 2019 | | 2018 |
| |
Cash flows from operating activities: | | | |
Net earnings (loss) | $ | 17.0 |
| | $ | (27.7 | ) |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | | | |
Depreciation and amortization | 27.3 |
| | 29.2 |
|
Equity in losses of unconsolidated affiliates | 19.5 |
| | 20.7 |
|
Distributions from investments in unconsolidated affiliates | 2.0 |
| | 0.9 |
|
Realized gains and asset impairments, net | (64.4 | ) | | (61.4 | ) |
Lease asset amortization | 18.0 |
| | — |
|
Stock-based compensation cost | 1.9 |
| | 20.6 |
|
Changes in assets and liabilities, net of effects from acquisitions: | | | |
Net decrease (increase) in trade receivables | 16.5 |
| | (1.0 | ) |
Net increase in inventory, prepaid expenses and other assets | (15.6 | ) | | (8.4 | ) |
Net decrease in lease liabilities | (22.0 | ) | | — |
|
Net decrease in accounts payable, accrued liabilities, deferred revenue and other | (4.0 | ) | | (15.9 | ) |
Net change in income taxes | (20.7 | ) | | (4.5 | ) |
Net cash used in operating activities | (24.5 | ) | | (47.5 | ) |
Cash flows from investing activities: | | | |
Proceeds from sale of investment securities and investments in unconsolidated affiliates | — |
| | 17.7 |
|
Proceeds from Ceridian Share Sale - See Note A | 100.5 |
| | — |
|
Additions to property and equipment and other intangible assets | (10.3 | ) | | (6.2 | ) |
Proceeds from sales of property and equipment | 11.4 |
| | 3.2 |
|
Proceeds from sale of investments in unconsolidated affiliates | 4.3 |
| | 4.6 |
|
Investments in Dun & Bradstreet, net of capitalized syndication fees - see Note D | (526.2 | ) | | — |
|
Purchases of other long-term investments | — |
| | (3.6 | ) |
Distributions from investments in unconsolidated affiliates | 0.3 |
| | 0.3 |
|
Net proceeds from sales and maturities of (cash paid for purchases of) short-term investment securities | 29.6 |
| | (17.3 | ) |
Net other investing activities | 2.6 |
| | 0.6 |
|
Net cash used in investing activities | (387.8 | ) | | (0.7 | ) |
Cash flows from financing activities: | | | |
Borrowings | 262.1 |
| | 0.1 |
|
Debt service payments | (111.7 | ) | | (123.9 | ) |
Subsidiary distributions paid to noncontrolling interest shareholders | (0.6 | ) | | — |
|
Sale of noncontrolling interest in consolidated subsidiary | — |
| | 4.1 |
|
Proceeds from ABRH sale and leaseback of corporate office, net of issuance costs- see Note A | 13.2 |
| | — |
|
Net cash provided by (used in) financing activities | 163.0 |
| | (119.7 | ) |
Net decrease in cash and cash equivalents | (249.3 | ) | | (167.9 | ) |
Cash and cash equivalents at beginning of period | 323.0 |
| | 245.6 |
|
Cash and cash equivalents at end of period | $ | 73.7 |
| | $ | 77.7 |
|
See Notes to Condensed Consolidated Financial Statements
CANNAE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note A — Basis of Financial Statements
Description of the Business
We are a holding company engaged in actively managing and operating a group of companies and investments with a net asset value of approximately $1.3 billion as of June 30, 2019. Our business consists of managing and operating certain majority-owned subsidiaries, as well as making additional majority and minority equity portfolio investments in businesses, in order to achieve superior financial performance and maximize the value of these assets. As of June 30, 2019, our primary investments include our minority ownership interests in Ceridian HCM Holding, Inc. ("Ceridian") and The Dun & Bradstreet Corporation ("DNB"); majority equity ownership stakes in American Blue Ribbon Holdings, LLC ("ABRH"), 99 Restaurants H