Cannae Reports Third Quarter 2018 Results with $1.09 Billion Book Value of Portfolio Company Investments, or $15.18 Per Share
Highlights
-
The Company's investment in
Ceridian HCM Holding Inc. (NYSE:CDAY) is now worth$1.46 billion based on a closing price of$39.25 as ofNovember 7, 2018 . -
On
July 27, 2018 ,Lifeworks Corporation Ltd. was sold toMorneau Shepell for$325 million . Cannae received$49.8 million in cash proceeds and expects to receive an additional$6.6 million for its interest in the 4th quarter. -
On
August 1, 2018 ,Bob Wilhelm , an experienced healthcare services executive, was named T-System's new Chief Executive Officer. -
On
August 8, 2018 , Cannae entered into a definitive agreement in partnership with an investment consortium includingCC Capital andThomas H. Lee Partners to acquireDun & Bradstreet (NYSE:DNB) in a transaction valued at$6.9 billion . Cannae's commitment is$900 million of the purchase price. -
On
November 6, 2018 , the Company completed a restructuring of itsRestaurant Group and now beneficially owns 65.4% of ABRH and 88.5% of 99 Holdings. -
On
November 7, 2018 , theDun & Bradstreet stockholders voted to approve the merger transaction which remains on track to close no later than during the first quarter of 2019. -
The Company has entered into non-binding commitments with various
investors to syndicate
$400 million of its total$900 million commitment to acquireDun & Bradstreet equity. Cannae expects to retain the remaining$500 million of its commitment, representing approximately 25% equity ownership ofDun & Bradstreet , and to fund such amount through cash and borrowings available under the Company's undrawn lines of credit. -
On
November 7, 2018 , the Company entered into a margin loan agreement with various banks pursuant to which Cannae may borrow up to$300.0 million at a rate of LIBOR plus an applicable margin (the "Margin Facility"). The Margin Facility is secured by 25.0 million shares of our holdings of Ceridian and matures 3 years from the closing date. -
Total book value of portfolio company investments was
$1.091 billion , or$15.18 per share, as ofSeptember 30, 2018 compared to total book value of$1.059 billion , or$14.95 per share, atDecember 31, 2017 .
Ceridian
-
Dayforce revenue increased 35.7% to
$111.7 million from$82.3 million in the third quarter of 2017 -
Cloud revenue, which includes both Dayforce and Powerpay, increased
29.1% to
$133.0 million from$103.0 million in the third quarter of 2017 -
Total revenue, which includes revenue from both Ceridian’s
Cloud and Bureau solutions, increased 9.8% to$179.6 million from$163.5 million in the third quarter of 2017 - Excluding the effect of foreign currency fluctuations, Dayforce revenue increased 36.8% year-over-year, cloud revenue increased 31.2% year-over-year, and total revenue increased 11.4% year-over-year
-
Operating profit increased 200.0% to
$15.3 million from$5.1 million in the third quarter of 2017. Pretax income from continuing operations was$6.5 million compared to a pretax loss from continuing operations of$16.8 million in the third quarter of 2017 -
Adjusted EBITDA increased 28.2% to
$36.4 million from$28.4 million in the third quarter of 2017. Adjusted EBITDA margin increased to 20.3% from 17.4%, in the third quarter of 2017 - 3,465 Dayforce customers were live on the platform at the end of the third quarter of 2018, up from 2,855 at the end of the third quarter of 2017
$269.3 million in total revenue and a pretax loss of$21.7 million for the third quarter, versus$270.0 million in total revenue and a pretax loss of$18.5 million in the third quarter of 2017-
EBITDA of
$(5.8) million and EBITDA margin of 0.0% for the third quarter, versus EBITDA of$(5.7) million and EBITDA margin of 0.0% in the third quarter of 2017 -
Same store sales decreased 0.7% in the third quarter, as Ninety Nine
same stores sales increased by 5.9%, O'Charley's declined by 4.7%,
Village Inn declined by 1.2% andBakers Square declined by 2.0% -
On
November 6, 2018 , the Company completed a restructuring of itsRestaurant Group whereby (i) 99 Holdings, the holding entity for 99 Restaurants, assumed all obligations outstanding under the Company’s intercompany notes withAmerican Blue Ribbons Holdings LLC ("ABRH"), (ii) Cannae exchanged$100 million of this debt for a direct 66.7% equity interest in 99 Holdings thereby leaving 99 Holdings with approximately$33 million of indebtedness under such notes, and (iii) the Company was paid a facilitation fee in the form of additional equity interests in the direct parent of ABRH. Following the restructuring, the Company now beneficially owns 65.4% of ABRH and 88.5% of 99 Holdings
T-System
$14.1 million in total revenue and a pretax loss of$2.9 million for the third quarter of 2018-
EBITDA of
$3.0 million and an EBITDA margin of 21.3% for the third quarter of 2018
“I am pleased with the progress that we achieved positioning Cannae to
deliver continued growth and value for our shareholders,” commented
Chairman
Mr. Foley continued, “I am also very excited with our pending
acquisition of
“Turning to our restaurant group, the industry backdrop remains
challenging for casual dining which has pressured results this quarter
as can be seen in the group’s modest same store sales decline. ABRH’s
management team continues to implement a broad range of initiatives
designed to reduce expenses, increase productivity, improve customer
satisfaction and drive traffic. We continue to see much opportunity to
expand margins, which currently lags peers and are a clear priority. One
highlight to note this quarter is our 99 Restaurant and Pub brand which
delivered a 5.9% increase in same store sales and continues to be a
standout in the group and the gem in our restaurant portfolio.
Importantly, we completed a restructuring of the group this past week
which has increased our ownership interest in the
Mr. Foley concluded, “On
Conference Call
As previously announced, Cannae will host a conference call
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at http://investor.cannaeholdings.com/. The online replay will remain available for a limited time beginning immediately following the call.
About
Cannae holds majority and minority equity investment stakes in a number
of entities, including
Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, the Company has provided non-GAAP financial measures, which it believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include earnings before interest, taxes and depreciation and amortization (EBITDA), and earnings before interest, taxes and depreciation and amortization as a percent of revenue (EBITDA margin).
Ceridian's adjusted EBITDA is defined as net income or loss before interest, taxes, depreciation, and amortization, as adjusted to exclude net income or loss from discontinued operations, sponsor management fees, non-cash charges for asset impairments, gains or losses on assets and liabilities held in a foreign currency other than the functional currency of a company subsidiary, non-cash share-based compensation expense, severance charges, restructuring consulting fees, and IPO transaction costs. Adjusted EBITDA margin is determined by calculating the percentage Adjusted EBITDA is of Total Revenue.
Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings. Further, Cannae's non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP measures to related GAAP measures are provided below.
Ceridian Adjusted EBITDA Reconciliation
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||
(Dollar in millions) | ||||||||||||||||||||
Operating profit | $ | 15.3 | $ | 5.1 | $ | 31.3 | $ | 16.9 | ||||||||||||
Depreciation and amortization | 14.3 | 13.6 | 42.4 | 39.7 | ||||||||||||||||
EBITDA from continuing operations | 29.6 | 18.7 | 73.7 | 56.6 | ||||||||||||||||
Sponsorship management fees | — | 0.5 | 12.0 | 1.5 | ||||||||||||||||
Intercompany foreign exchange loss (gain) | 0.3 | 4.1 | (2.5 | ) | 7.0 | |||||||||||||||
Share-based compensation | 4.8 | 4.3 | 19.5 | 12.8 | ||||||||||||||||
Severance charges | 1.1 | 0.8 | 4.1 | 4.3 | ||||||||||||||||
Restructuring consulting fees | 0.6 | — | 3.1 | — | ||||||||||||||||
IPO transaction costs | — | — | 3.7 | — | ||||||||||||||||
Adjusted EBITDA | $ | 36.4 | $ | 28.4 | $ | 113.6 | $ | 82.2 | ||||||||||||
Cannae accounts for its investment in Ceridian using the equity method of accounting; therefore, its results do not consolidate into the Company’s. As prescribed by relevant accounting standards, the Company recognizes its proportionate share of Ceridian’s net earnings or loss in earnings from equity investees in the tables that follow. See the Company’s Annual Report on Form 10-K for further information on the Company’s accounting for its investment in Ceridian.
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that involve a
number of risks and uncertainties. Statements that are not historical
facts, including statements regarding our expectations, hopes,
intentions or strategies regarding the future are forward-looking
statements. Forward-looking statements are based on management's
beliefs, as well as assumptions made by, and information currently
available to, management. Because such statements are based on
expectations as to future financial and operating results and are not
statements of fact, actual results may differ materially from those
projected. We undertake no obligation to update any forward-looking
statements, whether as a result of new information, future events or
otherwise. The risks and uncertainties which forward-looking statements
are subject to include, but are not limited to: changes in general
economic, business and political conditions, including changes in the
financial markets; our potential inability to find suitable acquisition
candidates, acquisitions in lines of business that will not necessarily
be limited to our traditional areas of focus, or difficulties in
integrating acquisitions; significant competition that our operating
subsidiaries face; compliance with extensive government regulation of
our operating subsidiaries; risks associated with our split-off from
This press release should be read in conjunction with the risks detailed
in the “Statement Regarding Forward-Looking Information,” “Risk Factors”
and other sections of the Company’s Form 10-Q,10-K and other filings
with the
CANNAE HOLDINGS, INC. THIRD QUARTER SEGMENT INFORMATION (In millions) (Unaudited) |
||||||||||||||||||||
Consolidated |
Restaurant |
T-System |
Corporate |
|||||||||||||||||
Three Months Ended | ||||||||||||||||||||
September 30, 2018 | ||||||||||||||||||||
Restaurant revenue | $ | 269.3 | $ | 269.3 | $ | — | $ | — | ||||||||||||
Other operating revenue | 24.2 | — | 14.1 | 10.1 | ||||||||||||||||
Total operating revenue | 293.5 | 269.3 | 14.1 | 10.1 | ||||||||||||||||
Cost of restaurant revenue | 244.5 | 244.5 | — | — | ||||||||||||||||
Personnel costs | 30.6 | 12.3 | 8.0 | 10.3 | ||||||||||||||||
Depreciation and amortization | 16.7 | 11.8 | 4.5 | 0.4 | ||||||||||||||||
Other operating expenses | 27.6 | 15.9 | 3.1 | 8.6 | ||||||||||||||||
Total operating expenses | 319.4 | 284.5 | 15.6 | 19.3 | ||||||||||||||||
Operating loss | $ | (25.9 | ) | $ | (15.2 | ) | $ | (1.5 | ) | $ | (9.2 | ) | ||||||||
Interest and investment income | $ | 1.6 | $ | — | $ | — | $ | 1.6 | ||||||||||||
Interest (expense) income | (0.4 | ) | (4.1 | ) | (1.4 | ) | 5.1 | |||||||||||||
Realized gains and losses | 11.3 | (2.4 | ) | — | 13.7 | |||||||||||||||
Total other income (expense) | 12.5 | (6.5 | ) | (1.4 | ) | 20.4 | ||||||||||||||
(Loss) earnings before tax | $ | (13.4 | ) | $ | (21.7 | ) | $ | (2.9 | ) | $ | 11.2 | |||||||||
Income tax benefit | $ | (1.1 | ) | $ | — | $ | (0.7 | ) | $ | (0.4 | ) | |||||||||
Earnings from equity investees | 3.8 | — | — | 3.8 | ||||||||||||||||
Non-controlling interests | (9.6 | ) | (9.8 | ) | (0.1 | ) | 0.3 | |||||||||||||
Net earnings (loss) attributable to Cannae common shareholders | $ | 1.1 | $ | (11.9 | ) | $ | (2.1 | ) | $ | 15.1 | ||||||||||
EPS attributable to Cannae common shareholders - basic | $ | 0.02 | ||||||||||||||||||
EPS attributable to Cannae common shareholders - diluted | $ | 0.02 | ||||||||||||||||||
Cannae weighted average shares - basic | 71.6 | |||||||||||||||||||
Cannae weighted average shares - diluted | 71.6 | |||||||||||||||||||
(Loss) earnings before tax | $ | (13.4 | ) | $ | (21.7 | ) | $ | (2.9 | ) | $ | 11.2 | |||||||||
Interest (expense) income | $ | (0.4 | ) | $ | (4.1 | ) | $ | (1.4 | ) | $ | 5.1 | |||||||||
Depreciation and amortization | 16.7 | 11.8 | 4.5 | 0.4 | ||||||||||||||||
EBITDA | $ | 3.7 | $ | (5.8 | ) | $ | 3.0 | $ | 6.5 | |||||||||||
EBITDA margin | 1.3 | % | — | % | 21.3 | % | 64.4 | % | ||||||||||||
CANNAE HOLDINGS, INC. THIRD QUARTER SEGMENT INFORMATION (In millions) (Unaudited) |
|||||||||||||||
Consolidated |
Restaurant |
Corporate |
|||||||||||||
Three Months Ended | |||||||||||||||
September 30, 2017 | |||||||||||||||
Restaurant revenue | $ | 270.0 | $ | 270.0 | $ | — | |||||||||
Other operating revenue | 11.3 | — | 11.3 | ||||||||||||
Total operating revenue | 281.3 | 270.0 | 11.3 | ||||||||||||
Cost of restaurant revenue | 242.9 | 242.9 | — | ||||||||||||
Personnel costs | 18.7 | 13.4 | 5.3 | ||||||||||||
Depreciation and amortization | 11.9 | 11.2 | 0.7 | ||||||||||||
Other operating expenses | 28.6 | 19.4 | 9.2 | ||||||||||||
Total operating expenses | 302.1 | 286.9 | 15.2 | ||||||||||||
Operating loss | $ | (20.8 | ) | $ | (16.9 | ) | $ | (3.9 | ) | ||||||
Interest and investment income | $ | 1.6 | $ | — | $ | 1.6 | |||||||||
Interest expense | (1.8 | ) | (1.6 | ) | (0.2 | ) | |||||||||
Realized gains and losses | (0.2 | ) | — | (0.2 | ) | ||||||||||
Total other (expense) income | (0.4 | ) | (1.6 | ) | 1.2 | ||||||||||
Loss before tax | $ | (21.2 | ) | $ | (18.5 | ) | $ | (2.7 | ) | ||||||
Income tax benefit | $ | (2.6 | ) | $ | — | $ | (2.6 | ) | |||||||
Loss from equity investees | (6.1 | ) | — | (6.1 | ) | ||||||||||
Non-controlling interests | (8.1 | ) | (8.3 | ) | 0.2 | ||||||||||
Net loss attributable to Cannae common shareholders | $ | (16.6 | ) | $ | (10.2 | ) | $ | (6.4 | ) | ||||||
EPS attributable to Cannae common shareholders - basic | $ | (0.24 | ) | ||||||||||||
EPS attributable to Cannae common shareholders - diluted | $ | (0.24 | ) | ||||||||||||
Cannae weighted average shares - basic | 70.6 | ||||||||||||||
Cannae weighted average shares - diluted | 70.6 | ||||||||||||||
Loss before tax | $ | (21.2 | ) | $ | (18.5 | ) | $ | (2.7 | ) | ||||||
Interest expense | $ | (1.8 | ) | $ | (1.6 | ) | $ | (0.2 | ) | ||||||
Depreciation and amortization | 11.9 | 11.2 | 0.7 | ||||||||||||
EBITDA | $ | (7.5 | ) | $ | (5.7 | ) | $ | (1.8 | ) | ||||||
EBITDA margin | — | % | — | % | — | % | |||||||||
CANNAE HOLDINGS, INC. YTD SEGMENT INFORMATION (In millions) (Unaudited) |
||||||||||||||||||||
Consolidated |
Restaurant |
T-System |
Corporate |
|||||||||||||||||
Nine Months Ended | ||||||||||||||||||||
September 30, 2018 | ||||||||||||||||||||
Restaurant revenue | $ | 819.3 | $ | 819.3 | $ | — | $ | — | ||||||||||||
Other operating revenue | 72.0 | — | 47.4 | 24.6 | ||||||||||||||||
Total operating revenue | 891.3 | 819.3 | 47.4 | 24.6 | ||||||||||||||||
Cost of restaurant revenue | 725.4 | 725.4 | — | — | ||||||||||||||||
Personnel costs | 145.0 | 35.3 | 25.4 | 84.3 | ||||||||||||||||
Depreciation and amortization | 46.9 | 33.2 | 12.8 | 0.9 | ||||||||||||||||
Other operating expenses | 73.9 | 49.7 | 10.5 | 13.7 | ||||||||||||||||
Total operating expenses | 991.2 | 843.6 | 48.7 | 98.9 | ||||||||||||||||
Operating loss | $ | (99.9 | ) | $ | (24.3 | ) | $ | (1.3 | ) | $ | (74.3 | ) | ||||||||
Interest and investment income | $ | 4.5 | $ | — | $ | — | $ | 4.5 | ||||||||||||
Interest (expense) income | (3.6 | ) | (11.6 | ) | (2.9 | ) | 10.9 | |||||||||||||
Realized gains and losses | 77.8 | (1.0 | ) | — | 78.8 | |||||||||||||||
Total other income (expense) | 78.7 | (12.6 | ) | (2.9 | ) | 94.2 | ||||||||||||||
(Loss) earnings before tax | $ | (21.2 | ) | $ | (36.9 | ) | $ | (4.2 | ) | $ | 19.9 | |||||||||
Income tax benefit | $ | (2.3 | ) | $ | — | $ | (1.3 | ) | $ | (1.0 | ) | |||||||||
(Loss) earnings from equity investees | (16.9 | ) | 0.1 | — | (17.0 | ) | ||||||||||||||
Non-controlling interests | (16.4 | ) | (16.6 | ) | (0.1 | ) | 0.3 | |||||||||||||
Net (loss) earnings attributable to Cannae common shareholders | $ | (19.4 | ) | $ | (20.2 | ) | $ | (2.8 | ) | $ | 3.6 | |||||||||
EPS attributable to Cannae common shareholders - basic | $ | (0.27 | ) | |||||||||||||||||
EPS attributable to Cannae common shareholders - diluted | $ | (0.27 | ) | |||||||||||||||||
Cannae weighted average shares - basic | 71.1 | |||||||||||||||||||
Cannae weighted average shares - diluted | 71.1 | |||||||||||||||||||
(Loss) earnings before tax | $ | (21.2 | ) | $ | (36.9 | ) | $ | (4.2 | ) | $ | 19.9 | |||||||||
Interest (expense) income | $ | (3.6 | ) | $ | (11.6 | ) | $ | (2.9 | ) | $ | 10.9 | |||||||||
Depreciation and amortization | 46.9 | 33.2 | 12.8 | 0.9 | ||||||||||||||||
EBITDA | $ | 29.3 | $ | 7.9 | $ | 11.5 | $ | 9.9 | ||||||||||||
EBITDA margin | 3.3 | % | 1.0 | % | 24.3 | % | 40.2 | % | ||||||||||||
CANNAE HOLDINGS, INC. YTD SEGMENT INFORMATION (In millions) (Unaudited) |
|||||||||||||||
Consolidated |
Restaurant |
Corporate |
|||||||||||||
Nine Months Ended | |||||||||||||||
September 30, 2017 | |||||||||||||||
Restaurant revenue | $ | 830.4 | $ | 830.4 | $ | — | |||||||||
Other operating revenue | 21.7 | — | 21.7 | ||||||||||||
Total operating revenue | 852.1 | 830.4 | 21.7 | ||||||||||||
Cost of restaurant revenue | 727.7 | 727.7 | — | ||||||||||||
Personnel costs | 79.2 | 39.1 | 40.1 | ||||||||||||
Depreciation and amortization | 34.9 | 32.9 | 2.0 | ||||||||||||
Other operating expenses | 72.8 | 50.5 | 22.3 | ||||||||||||
Total operating expenses | 914.6 | 850.2 | 64.4 | ||||||||||||
Operating loss | $ | (62.5 | ) | $ | (19.8 | ) | $ | (42.7 | ) | ||||||
Interest and investment income | $ | 3.9 | $ | — | $ | 3.9 | |||||||||
Interest expense | (5.2 | ) | (4.8 | ) | (0.4 | ) | |||||||||
Realized gains and losses | 4.9 | — | 4.9 | ||||||||||||
Total other income (expense) | 3.6 | (4.8 | ) | 8.4 | |||||||||||
Loss before tax | $ | (58.9 | ) | $ | (24.6 | ) | $ | (34.3 | ) | ||||||
Income tax benefit | $ | (27.0 | ) | $ | — | $ | (27.0 | ) | |||||||
(Loss) earnings from equity investees | (16.3 | ) | 0.1 | (16.4 | ) | ||||||||||
Earnings from discontinued operations, net of tax | 147.7 | — | 147.7 | ||||||||||||
Non-controlling interests | (10.8 | ) | (11.0 | ) | 0.2 | ||||||||||
Net earnings (loss) attributable to Cannae common shareholders | $ | 110.3 | $ | (13.5 | ) | $ | 123.8 | ||||||||
EPS attributable to Cannae common shareholders - basic | $ | 1.56 | |||||||||||||
EPS attributable to Cannae common shareholders - diluted | $ | 1.56 | |||||||||||||
Cannae weighted average shares - basic | 70.6 | ||||||||||||||
Cannae weighted average shares - diluted | 70.6 | ||||||||||||||
Loss before tax | $ | (58.9 | ) | $ | (24.6 | ) | $ | (34.3 | ) | ||||||
Interest expense | $ | (5.2 | ) | $ | (4.8 | ) | $ | (0.4 | ) | ||||||
Depreciation and amortization | 34.9 | 32.9 | 2.0 | ||||||||||||
EBITDA | $ | (18.8 | ) | $ | 13.1 | $ | (31.9 | ) | |||||||
EBITDA margin | — |
% |
1.6 | % | — | % | |||||||||
CANNAE HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS AND ADJUSTED BOOK VALUE SUMMARY (In millions) |
|||||||||||
September 30, |
December 31, |
||||||||||
in millions | (Unaudited) | (Unaudited) | |||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 57.8 | $ | 245.6 | |||||||
Equity securities | — | 17.7 | |||||||||
Other current assets | 194.6 | 86.9 | |||||||||
Total current assets | $ | 252.4 | $ | 350.2 | |||||||
Ceridian equity investment | $ | 413.9 | $ | 383.9 | |||||||
Other equity method investments | 37.0 | 41.0 | |||||||||
Property and equipment, net | 186.0 | 218.8 | |||||||||
Software & intangible assets | 194.6 | 214.5 | |||||||||
Goodwill | 197.2 | 202.7 | |||||||||
Other non-current assets | 83.6 | 76.1 | |||||||||
Total assets | $ | 1,364.7 | $ | 1,487.2 | |||||||
Current liabilities: | |||||||||||
A/P & other current liabilities | $ | 118.8 | $ | 127.6 | |||||||
Notes payable, current | 0.5 | 122.2 | |||||||||
Total current liabilities | $ | 119.3 | $ | 249.8 | |||||||
Notes payable, non-current | $ | 11.6 | $ | 12.7 | |||||||
Other non-current liabilities | 61.3 | 71.6 | |||||||||
Total liabilities | $ | 192.2 | $ | 334.1 | |||||||
Additional paid in capital | $ | 1,157.4 | $ | 1,130.2 | |||||||
Retained earnings | 1.2 | 0.2 | |||||||||
Accumulated other comprehensive loss | (67.5 | ) | (71.0 | ) | |||||||
Non-controlling interests | 81.4 | 93.7 | |||||||||
Cannae shareholder's equity | $ | 1,172.5 | $ | 1,153.1 | |||||||
Total liabilities and equity | $ | 1,364.7 | $ | 1,487.2 | |||||||
Adjusted Book Value Summary | September 30, 2018 |
December 31, 2017 |
|||||||||
(Unaudited) | (Unaudited) | ||||||||||
Ceridian | $ | 422.2 | $ | 398.5 | |||||||
LifeWorks Receivable | 50.6 | — | |||||||||
American Blue Ribbon Holdings | 222.5 | 109.9 | |||||||||
T-System | 201.7 | 204.6 | |||||||||
Del Frisco's Restaurant Group | — | 17.7 | |||||||||
Holding company cash and short-term investments | 71.0 | 215.4 | |||||||||
Other | 123.1 | 113.3 | |||||||||
Cannae Book Value | $ | 1,091.1 | $ | 1,059.4 | |||||||
Outstanding Cannae shares | 71.9 | 70.9 | |||||||||
Cannae Book Value per Share | $ | 15.18 | $ | 14.95 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20181108005248/en/
Source:
Solebury Trout
Jamie Lillis, Managing Director
203-428-3223
jlillis@soleburytrout.com