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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (date of earliest event reported): November 27, 2019

CANNAE HOLDINGS, INC.
(Exact name of Registrant as Specified in its Charter)

Delaware
1-38300
82-1273460
(State or other jurisdiction of 
incorporation)
 (Commission File Number)
(IRS Employer Identification No.)

1701 Village Center Circle
Las Vegas, Nevada 89134
(Addresses of principal executive offices)

(702323-7330
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.






Item 8.01
 
Other Events


Cannae Holdings, Inc. (“the Company”) is filing this Current Report on Form 8-K (this "Current Report") to present retrospectively recast condensed consolidated financial statements for the quarter ended June 30, 2019 to reflect the retrospective application of our previously disclosed change in accounting principle related to the Company's reporting of its investment in The Dun and Bradstreet Corporation ("Dun & Bradstreet") on a current basis rather than our previous reporting on a three-month lag.
We historically accounted for our investment and proportionate share of losses in Dun & Bradstreet utilizing a three-month reporting lag due to timeliness considerations. In the third quarter of 2019, the Company was able to obtain financial information for Dun & Bradstreet on a more timely basis and determined it was preferable to record our investment in Dun & Bradstreet on a current basis as opposed to the previous three-month lag. In accordance with applicable accounting literature, a change to eliminate a previously existing reporting lag is considered a change in accounting principle. Changes in accounting principle are to be reported through retrospective application of the new principle to all prior financial statement periods presented. Accordingly, the Company's condensed consolidated financial statements for the interim periods of fiscal year 2019 were adjusted in our Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2019 filed with the Securities and Exchange Commission (the "SEC") on November 12, 2019 to reflect the period-specific effects of eliminating the three-month reporting lag.
The financial information being recast in this Current Report was originally filed in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 (the "Original Second Quarter 10-Q") which was filed with the SEC on August 8, 2019. The updated financial statements are not a restatement of previously issued financial statements. The recast of the information contained in Item 1 of Part I and Item 2 of Part I (to make necessary conforming changes in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”) of the Original Second Quarter 10-Q are presented in Exhibit 99.1 to this Current Report. See the Explanatory Note and Note A to such financial statements for further discussion regarding the changes from our previously filed condensed consolidated financial statements included in the Original Second Quarter 10-Q and the change in accounting principle, respectively.
The information included in this Current Report is provided for informational purposes only in connection with the change in accounting principle related to the Company's reporting of its investment in The Dun and Bradstreet Corporation on a current basis and does not amend or restate the Company’s condensed consolidated financial statements included in the Company’s Original Second Quarter 10-Q. For developments subsequent to the filing of the Original Second Quarter 10-Q, refer to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 which was filed with the SEC on November 12, 2019, and Current Reports on Form 8-K filed subsequent to the filing of the Original Second Quarter 10-Q.





Item 9.01.
 
Financial Statements and Exhibits

(d) Exhibits
Exhibit
Description
 
99.1

 
 
 
 
 
 
101.INS

 
Inline XBRL Instance Document*
 
 
 
 
 
101.SCH

 
Inline XBRL Taxonomy Extension Schema Document
 
 
 
 
 
101.CAL

 
Inline XBRL Taxonomy Extension Calculation Linkbase Document
 
 
 
 
 
101.DEF

 
Extension Definition Linkbase Document
 
 
 
 
 
101.PRE

 
Inline XBRL Taxonomy Extension Presentation Linkbase Document
 
 
 
 
 
101.LAB

 
Extension Label Linkbase Document
 
 
 
 
 
104

 
Cover Page Interactive Data File formatted as Inline XBRL and contained in Exhibit 101.
* - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.






SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
Cannae Holdings, Inc.
 
 
Date:
November 27, 2019
By:  
/s/ Richard L. Cox
 
 
 
 
Name:  
Richard L. Cox
 
 
 
 
Title:  
Executive Vice President and Chief Financial Officer
 



Exhibit
Exhibit 99.1


EXPLANATORY NOTE

Cannae Holdings, Inc. (the “Company”) is filing this Exhibit 99.1 to its Current Report on Form 8-K (this "Exhibit 99.1") to revise the “Unaudited Condensed Consolidated Financial Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (“MD&A”) comprising Item 1 of Part I and Item 2 of Part I, respectively, in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 (the “Original Second Quarter 10-Q”), which was filed with the SEC on August 8, 2019. These sections have been recast to reflect the retrospective application of the previously disclosed change in accounting principle related to the Company's reporting of its investment in The Dun and Bradstreet Corporation on a current basis rather than our previous reporting on a three-month lag. Refer to the discussion under the header Change in Accounting Principle included in Note A to the Condensed Consolidated Financial Statements included herein for further information regarding the change in accounting principle.
With the exception of the foregoing, this Exhibit 99.1 is presented as of the filing date of the Original Second Quarter 10-Q. Accordingly, this Exhibit 99.1 does not reflect events occurring after the date of filing of the Original Second Quarter 10-Q or modify or update disclosures in any way other than as required to reflect the revisions described above. Consequently, all other information not affected by the revisions described above is unchanged and reflects the disclosures and other information made at the date of the filing of the Original Second Quarter 10-Q. Among other things, forward-looking statements made in the Original Second Quarter 10-Q have not been revised to reflect events that occurred or facts that became known to us after the filing of the Original Second Quarter 10-Q, and any such forward-looking statements should be read in their historical context. As such, this Exhibit 99.1 should be read in conjunction with the Original Second Quarter 10-Q and our filings with the SEC subsequent to such date, including amendments to such filings, if any.






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
887.2

 
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
15.3

 
16.9

Other long term investments and non-current assets
55.1

 
58.9

Total assets
$
1,852.2

 
$
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
72.9

 
45.8

Additional paid-in capital
1,152.0

 
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
(59.4
)
 
(67.2
)
Total Cannae shareholders' equity
1,165.3

 
1,124.6

Noncontrolling interests
66.9

 
75.1

Total equity
1,232.2

 
1,199.7

Total liabilities and equity
$
1,852.2

 
$
1,459.5

See Notes to Condensed Consolidated Financial Statements

1



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)
5.9

 
2.6

 
(1.3
)
 
(2.9
)
Earnings (loss) before equity in losses of unconsolidated affiliates
40.0

 
(2.8
)
 
41.5

 
(7.0
)
Equity in losses of unconsolidated affiliates
(21.1
)
 
(19.6
)
 
(42.5
)
 
(20.7
)
Net earnings (loss)
18.9

 
(22.4
)
 
(1.0
)
 
(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
$
23.4

 
$
(19.8
)
 
$
6.6

 
$
(20.9
)
Earnings per share
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
Net earnings (loss) per share
$
0.33

 
$
(0.28
)
 
$
0.09

 
$
(0.30
)
Diluted

 

 

 

Net earnings (loss) per share
$
0.33

 
$
(0.28
)
 
$
0.09

 
$
(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



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)
$
18.9

 
$
(22.4
)
 
$
(1.0
)
 
$
(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)
2.3

 
(0.1
)
 
8.2

 
(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)
6.5

 
16.2

 
12.8

 
11.6

Comprehensive earnings (loss)
25.4

 
(6.2
)
 
11.8

 
(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.
$
29.9

 
$
(3.6
)
 
$
19.4

 
$
(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 $0.6 million and less than $(0.1) million for the three months ended June 30, 2019 and 2018, respectively and $2.2 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




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

 
$

 
$
1,148.9

 
$
49.5

 
$
(65.9
)
 

 
$
(0.2
)
 
$
71.6

 
$
1,203.9

Other comprehensive earnings — unrealized gain 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

 

 

 

 
2.3

 

 

 

 
2.3

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, consolidated subsidiaries

 

 
1.0

 

 

 

 

 

 
1.0

Contribution of CSA services from FNF

 

 
0.4

 

 

 

 

 

 
0.4

Stock-based compensation, unconsolidated affiliates

 

 
3.1

 

 

 

 

 

 
3.1

Subsidiary dividends paid to noncontrolling interests

 

 

 

 

 

 

 
(0.2
)
 
(0.2
)
Net earnings (loss)

 

 

 
23.4

 

 

 

 
(4.5
)
 
18.9

Balance, June 30, 2019
72.2


$


$
1,152.0


$
72.9


$
(59.4
)



$
(0.2
)

$
66.9

 
$
1,232.2


See Notes to Condensed Consolidated Financial Statements

4




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

 

 

 

 
8.2

 

 

 

 
8.2

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, consolidated subsidiaries

 

 
1.9

 

 

 

 

 

 
1.9

Contribution of CSA services from FNF

 

 
0.7

 

 

 

 

 

 
0.7

Stock-based compensation, unconsolidated affiliates

 

 
4.6

 

 

 

 

 

 
4.6

Subsidiary dividends paid to noncontrolling interests

 

 

 

 

 

 

 
(0.6
)
 
(0.6
)
Net earnings (loss)

 

 

 
6.6

 

 

 

 
(7.6
)
 
(1.0
)
Balance, June 30, 2019
72.2

 
$

 
$
1,152.0

 
$
72.9

 
$
(59.4
)
 

 
$
(0.2
)
 
$
66.9

 
$
1,232.2


See Notes to Condensed Consolidated Financial Statements


5



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)
$
(1.0
)
 
$
(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
42.5

 
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
(25.7
)
 
(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



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 $1.2 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 Holdings, LLC ("99 Restaurants") and T-System Holdings, LLC ("T-System"); and various other controlled portfolio companies and minority equity and debt investments. Except where otherwise noted, all references to we, us, our, Cannae, Cannae Holdings, the Company, or CNNE are to Cannae Holdings, Inc. and its subsidiaries, taken together.

See Note H for further discussion of the businesses comprising our reportable segments.

Principles of Consolidation and Basis of Presentation
The accompanying Condensed Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X and include the historical accounts as well as wholly-owned and majority-owned subsidiaries of the Company. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2018.
Following the split-off of the former