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Table of Contents


 
 
 
 
 
 
 
 
 
 
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
 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


i


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

1

Table of Contents


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

2

Table of Contents


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
)

_________________________________
 
(1)
Net of income tax expense (benefit) of less than $0.1 million and $(0.1) million for the three months ended June 30, 2019 and 2018, respectively, and less than $(0.1) million and $0.6 million for the six months ended June 30, 2019 and 2018, respectively.
(2)
Net of income tax expense (benefit) of $1.4 million and less than $(0.1) million for the three months ended June 30, 2019 and 2018, respectively and $3.0 million and $(1.8) million for the six months ended June 30, 2019 and 2018, respectively.
(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




3

Table of Contents



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

4

Table of Contents



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


5

Table of Contents


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

5

Table of Contents


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