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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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☑ | | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2021
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:
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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 such files). 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 October 29, 2021 there were 88,912,864 shares of the Registrant's common stock outstanding.
FORM 10-Q
QUARTERLY REPORT
Quarter Ended September 30, 2021
TABLE OF CONTENTS
Part I: FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
| | | | | | | | | | | |
| September 30, 2021 | | December 31, 2020 |
ASSETS |
Current assets: | | | |
Cash and cash equivalents | $ | 234.2 | | | $ | 724.7 | |
Fixed maturity securities available for sale, at fair value | — | | | 35.2 | |
Other current assets | 91.8 | | | 84.3 | |
| | | |
| | | |
| | | |
| | | |
| | | |
Total current assets | 326.0 | | | 844.2 | |
Equity securities, at fair value | 1,241.7 | | | 1,799.1 | |
Investments in unconsolidated affiliates | 2,268.2 | | | 1,453.0 | |
Lease assets | 177.2 | | | 202.3 | |
Property and equipment, net | 99.7 | | | 145.8 | |
Other intangible assets, net | 27.8 | | | 51.8 | |
Goodwill | 53.4 | | | 53.4 | |
| | | |
| | | |
Other long term investments and non-current assets | 119.5 | | | 63.8 | |
| | | |
Total assets | $ | 4,313.5 | | | $ | 4,613.4 | |
LIABILITIES AND EQUITY |
Current liabilities: | | | |
Accounts payable and other accrued liabilities, current | $ | 92.8 | | | $ | 93.2 | |
Lease liabilities, current | 23.8 | | | 26.2 | |
Income taxes payable | 38.0 | | | 47.4 | |
Deferred revenue | 14.6 | | | 23.9 | |
Notes payable, current | 7.4 | | | 11.3 | |
| | | |
Total current liabilities | 176.6 | | | 202.0 | |
Lease liabilities, long term | 169.3 | | | 195.6 | |
Deferred tax liability | 190.1 | | | 325.3 | |
| | | |
Notes payable, long term | 220.4 | | | 52.2 | |
| | | |
Accounts payable and other accrued liabilities, long term | 49.3 | | | 53.1 | |
| | | |
Total liabilities | 805.7 | | | 828.2 | |
Commitments and contingencies - see Note G | | | |
Equity: | | | |
Cannae common stock, 0.0001 par value; authorized 115,000,000 shares as of September 30, 2021 and December 31, 2020; outstanding of 88,912,864 and 91,651,257 shares as of September 30, 2021 and December 31, 2020, respectively, and issued of 92,381,740 and 92,391,965 shares as of September 30, 2021 and December 31, 2020, respectively | — | | | — | |
Preferred stock, 0.0001 par value; authorized 10,000,000 shares; issued and outstanding, none as of September 30, 2021 and December 31, 2020 | — | | | — | |
Retained earnings | 1,752.1 | | | 1,929.8 | |
Additional paid-in capital | 1,883.7 | | | 1,875.8 | |
Less: Treasury stock, 3,468,876 and 740,708 shares as of September 30, 2021 and December 31, 2020, respectively, at cost | (117.6) | | | (21.1) | |
Accumulated other comprehensive loss | (18.8) | | | (4.9) | |
Total Cannae shareholders' equity | 3,499.4 | | | 3,779.6 | |
Noncontrolling interests | 8.4 | | | 5.6 | |
Total equity | 3,507.8 | | | 3,785.2 | |
Total liabilities and equity | $ | 4,313.5 | | | $ | 4,613.4 | |
See Notes to Condensed Consolidated Financial Statements
CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended September 30, | | Nine months ended September 30, |
| 2021 | | 2020 | | 2021 | | 2020 |
| | | |
Revenues: | | | |
Restaurant revenue | $ | 175.1 | | | $ | 129.4 | | | $ | 532.3 | | | $ | 398.7 | |
Other operating revenue | 10.9 | | | 10.3 | | | 28.0 | | | 16.6 | |
Total operating revenues | 186.0 | | | 139.7 | | | 560.3 | | | 415.3 | |
Operating expenses: | | | | | | | |
Cost of restaurant revenue | 154.8 | | | 121.7 | | | 462.8 | | | 375.6 | |
Personnel costs | 21.9 | | | 16.7 | | | 58.3 | | | 69.2 | |
Depreciation and amortization | 6.3 | | | 6.5 | | | 20.6 | | | 22.2 | |
Other operating expenses | 27.8 | | | 23.2 | | | 115.6 | | | 68.0 | |
Goodwill impairment | — | | | — | | | — | | | 7.7 | |
Total operating expenses | 210.8 | | | 168.1 | | | 657.3 | | | 542.7 | |
Operating loss | (24.8) | | | (28.4) | | | (97.0) | | | (127.4) | |
Other income (expense): | | | | | | | |
Interest, investment and other income | 18.7 | | | 4.7 | | | 20.1 | | | 15.2 | |
Interest expense | (2.3) | | | (1.6) | | | (6.9) | | | (6.4) | |
Recognized (losses) gains, net | (186.2) | | | 189.6 | | | (224.7) | | | 1,682.8 | |
Total other (expense) income | (169.8) | | | 192.7 | | | (211.5) | | | 1,691.6 | |
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates | (194.6) | | | 164.3 | | | (308.5) | | | 1,564.2 | |
Income tax (benefit) expense | (34.7) | | | 35.1 | | | (47.4) | | | 335.6 | |
(Loss) earnings before equity in earnings (losses) of unconsolidated affiliates | (159.9) | | | 129.2 | | | (261.1) | | | 1,228.6 | |
Equity in earnings (losses) of unconsolidated affiliates | 41.4 | | | (1.2) | | | 86.5 | | | 3.6 | |
| | | | | | | |
| | | | | | | |
Net (loss) earnings | (118.5) | | | 128.0 | | | (174.6) | | | 1,232.2 | |
Less: Net earnings (loss) attributable to non-controlling interests | 2.5 | | | (3.9) | | | 3.1 | | | (22.7) | |
Net (loss) earnings attributable to Cannae Holdings, Inc. common shareholders | $ | (121.0) | | | $ | 131.9 | | | $ | (177.7) | | | $ | 1,254.9 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Earnings per share | | | | | | | |
Basic | | | | | | | |
| | | | | | | |
| | | | | | | |
Net (loss) earnings per share | $ | (1.36) | | | $ | 1.44 | | | $ | (1.97) | | | $ | 14.97 | |
Diluted | | | | | | | |
| | | | | | | |
| | | | | | | |
Net (loss) earnings per share | $ | (1.36) | | | $ | 1.44 | | | $ | (1.97) | | | $ | 14.94 | |
Weighted Average Shares Outstanding | | | | | | | |
Weighted average shares outstanding Cannae Holdings common stock, basic basis | 88.8 | | | 91.3 | | | 90.3 | | | 83.8 | |
Weighted average shares outstanding Cannae Holdings common stock, diluted basis | 88.9 | | | 91.6 | | | 90.4 | | | 84.0 | |
See Notes to Condensed Consolidated Financial Statements
CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
(In millions)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended September 30, | | Nine months ended September 30, |
| 2021 | | 2020 | | 2021 | | 2020 |
Net (loss) earnings | $ | (118.5) | | | $ | 128.0 | | | $ | (174.6) | | | $ | 1,232.2 | |
Other comprehensive earnings (loss), net of tax: | | | | | | | |
Unrealized gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) (1) | — | | | 0.3 | | | 0.5 | | | 11.5 | |
Unrealized (losses) gains of investments in unconsolidated affiliates (2) | (3.0) | | | 4.8 | | | (5.7) | | | (1.7) | |
Reclassification adjustments for unrealized gains and losses on investments and other financial instruments, net of tax, (excluding investments in unconsolidated affiliates) included in net earnings (3) | — | | | — | | | (10.9) | | | — | |
Reclassification adjustments for unrealized gains and losses of unconsolidated affiliates, net of tax, included in net earnings (4) | — | | | 1.8 | | | 2.2 | | | 46.2 | |
Other comprehensive (loss) earnings | (3.0) | | | 6.9 | | | (13.9) | | | 56.0 | |
Comprehensive (loss) earnings | (121.5) | | | 134.9 | | | (188.5) | | | 1,288.2 | |
Less: Comprehensive earnings (loss) attributable to noncontrolling interests | 2.5 | | | (3.9) | | | 3.1 | | | (22.7) | |
Comprehensive (loss) earnings attributable to Cannae Holdings, Inc. common shareholders | $ | (124.0) | | | $ | 138.8 | | | $ | (191.6) | | | $ | 1,310.9 | |
_________________________________
(1)Net of income tax expense of $0.1 million for the three months ended September 30, 2020, and $0.1 million and $3.1 million for the nine months ended September 30, 2021 and 2020, respectively.
(2)Net of income tax (benefit) expense of $(0.8) million and $1.3 million for the three months ended September 30, 2021 and 2020, respectively, and $(1.5) million and $(0.4) million for the nine months ended September 30, 2021 and 2020, respectively.
(3)Net of income tax benefit of $2.9 million for the three and nine months ended September 30, 2021.
(4)Net of income tax expense of $0.5 million for the three months ended September 30, 2020, and $0.6 million and $12.3 million for the nine months ended September 30, 2021 and 2020, respectively.
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, June 30, 2020 | 92.4 | | | $ | — | | | $ | 1,868.4 | | | $ | 1,266.6 | | | $ | 3.2 | | | 0.7 | | | $ | (20.3) | | | $ | 15.9 | | | $ | 3,133.8 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax | — | | | — | | | — | | | — | | | 0.3 | | | — | | | — | | | — | | | 0.3 | |
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax | — | | | — | | | — | | | — | | | 4.8 | | | — | | | — | | | — | | | 4.8 | |
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings | — | | | — | | | — | | | — | | | 1.8 | | | — | | | — | | | — | | | 1.8 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Stock-based compensation, consolidated subsidiaries | — | | | — | | | 1.2 | | | — | | | — | | | — | | | — | | | — | | | 1.2 | |
Contribution of CSA services from FNF | — | | | — | | | 0.3 | | | — | | | — | | | — | | | — | | | — | | | 0.3 | |
Stock-based compensation, unconsolidated affiliates | — | | | — | | | 1.8 | | | — | | | — | | | — | | | — | | | — | | | 1.8 | |
| | | | | | | | | | | | | | | | | |
Net earnings (loss) | — | | | — | | | — | | | 131.9 | | | — | | | — | | | — | | | (3.9) | | | 128.0 | |
Balance, September 30, 2020 | 92.4 | | | $ | — | | | $ | 1,871.7 | | | $ | 1,398.5 | | | $ | 10.1 | | | 0.7 | | | $ | (20.3) | | | $ | 12.0 | | | $ | 3,272.0 | |
| | | | | | | | | | | | | | | | | |
Balance, June 30, 2021 | 92.4 | | | $ | — | | | $ | 1,880.8 | | | $ | 1,873.1 | | | $ | (15.8) | | | 3.2 | | | $ | (110.8) | | | $ | 6.2 | | | $ | 3,633.5 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax | — | | | — | | | — | | | — | | | (3.0) | | | — | | | — | | | — | | | (3.0) | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Treasury stock repurchases | — | | | — | | | — | | | — | | | — | | | 0.2 | | | (6.8) | | | — | | | (6.8) | |
Stock-based compensation, consolidated subsidiaries | — | | | — | | | 0.6 | | | — | | | — | | | — | | | — | | | — | | | 0.6 | |
| | | | | | | | | | | | | | | | | |
Stock-based compensation, unconsolidated affiliates | — | | | — | | | 2.3 | | | — | | | — | | | — | | | — | | | — | | | 2.3 | |
Subsidiary dividends paid to noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (0.3) | | | (0.3) | |
Net (loss) earnings | — | | | — | | | — | | | (121.0) | | | — | | | — | | | — | | | 2.5 | | | (118.5) | |
Balance, September 30, 2021 | 92.4 | | | $ | — | | | $ | 1,883.7 | | | $ | 1,752.1 | | | $ | (18.8) | | | 3.4 | | | $ | (117.6) | | | $ | 8.4 | | | $ | 3,507.8 | |
See Notes to Condensed Consolidated Financial Statements
CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY- CONTINUED
(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, 2019 | 79.7 | | | $ | — | | | $ | 1,396.7 | | | $ | 143.6 | | | $ | (45.9) | | | 0.2 | | | $ | (5.9) | | | $ | 41.3 | | | $ | 1,529.8 | |
Equity offering, net of offering costs | 12.7 | | | — | | | 455.0 | | | — | | | — | | | — | | | — | | | — | | | 455.0 | |
| | | | | | | | | | | | | | | | | |
Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax | — | | | — | | | — | | | — | | | 11.5 | | | — | | | — | | | — | | | 11.5 | |
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax | — | | | — | | | — | | | — | | | (1.7) | | | — | | | — | | | — | | | (1.7) | |
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings | — | | | — | | | — | | | — | | | 46.2 | | | — | | | — | | | — | | | 46.2 | |
Restaurant Group reorganization and deconsolidation of Legendary Baking and VIBSQ | — | | | — | | | 5.2 | | | — | | | — | | | — | | | — | | | (10.3) | | | (5.1) | |
| | | | | | | | | | | | | | | | | |
Sale of noncontrolling interest in consolidated subsidiary | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3.7 | | | 3.7 | |
Treasury stock repurchases | — | | | — | | | — | | | — | | | — | | | 0.5 | | | (14.4) | | | — | | | (14.4) | |
Stock-based compensation, consolidated subsidiaries | — | | | — | | | 3.3 | | | — | | | — | | | — | | | — | | | — | | | 3.3 | |
Contribution of CSA services from FNF | — | | | — | | | 1.1 | | | — | | | — | | | — | | | — | | | — | | | 1.1 | |
Stock-based compensation, unconsolidated affiliates | — | | | — | | | 10.4 | | | — | | | — | | | — | | | — | | | — | | | 10.4 | |
| | | | | | | | | | | | | | | | | |
Net earnings (loss) | — | | | — | | | — | | | 1,254.9 | | | — | | | — | | | — | | | (22.7) | | | 1,232.2 | |
Balance, September 30, 2020 | 92.4 | | | $ | — | | | $ | 1,871.7 | | | $ | 1,398.5 | | | $ | 10.1 | | | 0.7 | | | $ | (20.3) | | | $ | 12.0 | | | $ | 3,272.0 | |
| | | | | | | | | | | | | | | | | |
Balance, December 31, 2020 | 92.4 | | | $ | — | | | $ | 1,875.8 | | | $ | 1,929.8 | | | $ | (4.9) | | | 0.7 | | | $ | (21.1) | | | $ | 5.6 | | | $ | 3,785.2 | |
| | | | | | | | | | | | | | | | | |
Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax | — | | | — | | | — | | | — | | | 0.5 | | | — | | | — | | | — | | | 0.5 | |
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax | — | | | — | | | — | | | — | | | (5.7) | | | — | | | — | | | — | | | (5.7) | |
Reclassification adjustments for unrealized gains and losses on investments and other financial instruments, net of tax, (excluding investments in unconsolidated affiliates) included in net earnings | — | | | — | | | — | | | — | | | (10.9) | | | — | | | — | | | — | | | (10.9) | |
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net loss | — | | | — | | | — | | | — | | | 2.2 | | | — | | | — | | | — | | | 2.2 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Treasury stock repurchases | — | | | — | | | — | | | — | | | — | | | 2.7 | | | (96.5) | | | — | | | (96.5) | |
Stock-based compensation, consolidated subsidiaries | — | | | — | | | 2.0 | | | — | | | — | | | — | | | — | | | — | | | 2.0 | |
| | | | | | | | | | | | | | | | | |
Stock-based compensation, unconsolidated affiliates | — | | | — | | | 5.9 | | | — | | | — | | | — | | | — | | | — | | | 5.9 | |
Subsidiary dividends paid to noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (0.3) | | | (0.3) | |
Net (loss) earnings | — | | | — | | | — | | | (177.7) | | | — | | | — | | | — | | | 3.1 | | | (174.6) | |
Balance, September 30, 2021 | 92.4 | | | $ | — | | | $ | 1,883.7 | | | $ | 1,752.1 | | | $ | (18.8) | | | 3.4 | | | $ | (117.6) | | | $ | 8.4 | | | $ | 3,507.8 | |
See Notes to Condensed Consolidated Financial Statements
CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
| | | | | | | | | | | |
| Nine months ended September 30, |
|
| 2021 | | 2020 |
| | | |
Cash flows from operating activities: | | | |
Net (loss) earnings | $ | (174.6) | | | $ | 1,232.2 | |
Adjustments to reconcile net (loss) earnings to net cash used in operating activities: | | | |
Depreciation and amortization | 20.6 | | | 22.2 | |
Equity in earnings of unconsolidated affiliates | (86.5) | | | (3.6) | |
Distributions from investments in unconsolidated affiliates | 5.4 | | | 0.5 | |
Recognized losses (gains) and asset impairments, net | 225.0 | | | (1,669.7) | |
Lease asset amortization | 15.8 | | | 17.4 | |
Stock-based compensation cost | 2.0 | | | 3.3 | |
Changes in assets and liabilities, net of effects from acquisitions: | | | |
| | | |
Net decrease (increase) in other assets | 22.6 | | | (29.9) | |
Net decrease in lease liabilities | (18.9) | | | (22.3) | |
Net (decrease) increase in accounts payable, accrued liabilities, deferred revenue and other liabilities | (11.6) | | | 17.4 | |
Net change in income taxes | (141.4) | | | 241.6 | |
Net cash used in operating activities | (141.6) | | | (190.9) | |
Cash flows from investing activities: | | | |
| | | |
Proceeds from partial sale of Ceridian shares | 275.0 | | | 522.0 | |
Proceeds from partial sale of D&B shares | 186.0 | | | — | |
Additions to property and equipment and other intangible assets | (7.7) | | | (18.3) | |
Collections of notes receivable | 2.8 | | | — | |
Additions to notes receivable | (18.6) | | | (28.9) | |
Proceeds from sales of property and equipment | 10.3 | | | — | |
Proceeds from sale of other investments in unconsolidated affiliates and other long term investments | 18.5 | | | — | |
Investment in Dun & Bradstreet | — | | | (200.0) | |
Investment in Optimal Blue | — | | | (289.0) | |
Investments in Paysafe, net of subscription fees earned | (494.4) | | | — | |
Investments in Alight, net of subscription fees earned | (446.3) | | | — | |
Investments in Sightline | (272.0) | | | — | |
Purchase of warrants of Austerlitz II | (29.6) | | | — | |
Additional investments in unconsolidated affiliates | (8.5) | | | (311.5) | |
Cash proceeds from settlement of fixed maturity securities and equity in Colt | 38.7 | | | — | |
Cash proceeds from sales of VIBSQ, Legendary Baking, and RCI | 28.2 | | | — | |
Purchases of other long term investments | (4.0) | | | — | |
Cash deconsolidated through the Blue Ribbon Reorganization | — | | | (1.1) | |
Distributions from investments in unconsolidated affiliates | 281.3 | | | 1.6 | |
Net purchases of short-term investment securities | — | | | 0.5 | |
Net other investing activities | 2.6 | | | 0.8 | |
| | | |
Net cash used in investing activities | (437.7) | | | (323.9) | |
Cash flows from financing activities: | | | |
Borrowings | 206.5 | | | 37.0 | |
Debt service payments | (21.2) | | | (94.3) | |
Sale of noncontrolling interest in consolidated subsidiary | — | | | 3.7 | |
Proceeds from equity offering, net of offering costs | — | | | 455.0 | |
| | | |
Treasury stock repurchases | (96.5) | | | (14.4) | |
| | | |
Net cash provided by financing activities | 88.8 | | | 387.0 | |
Net decrease in cash and cash equivalents | (490.5) | | | (127.8) | |
| | | |
Cash and cash equivalents at beginning of period | 724.7 | | | 533.7 | |
Cash and cash equivalents at end of period | $ | 234.2 | | | $ | 405.9 | |
See Notes to Condensed Consolidated Financial Statements
CANNAE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note A — Basis of Financial Statements
The following describes the significant accounting policies of Cannae Holdings, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” "Cannae," "CNNE," or the "Company”), which have been followed in preparing the accompanying Condensed Consolidated Financial Statements.
Description of the Business
We are engaged in actively managing and operating a group of companies and investments, 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. Our primary investments as of September 30, 2021 include our minority ownership interests in Dun & Bradstreet Holdings, Inc. ("Dun & Bradstreet" or "D&B"), Ceridian HCM Holding, Inc. ("Ceridian"), Paysafe Limited ("Paysafe"), Alight, Inc. ("Alight"), Optimal Blue Holdco, LLC ("Optimal Blue"), Sightline Payments Holdings, LLC ("Sightline") and AmeriLife Group, LLC ("AmeriLife"); majority equity ownership stakes in O'Charley's Holdings, LLC ("O'Charley's") and 99 Restaurants Holdings, LLC ("99 Restaurants"); and various other controlled portfolio companies and minority equity investments.
See Note H for further discussion of the businesses comprising our reportable segments.