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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, 2020

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)
Delaware82-1273460
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
   
1701 Village Center Circle,Las Vegas,Nevada89134
(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 ClassTrading Symbol Name of Each Exchange on Which Registered
Cannae Common Stock, $0.0001 par valueCNNE 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 FilerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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, 2020 there were 91,656,245 shares of the Registrant's common stock outstanding.



FORM 10-Q
QUARTERLY REPORT
Quarter Ended June 30, 2020
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,
2020
December 31,
2019
ASSETS
Current assets:  
Cash and cash equivalents$922.7  $533.7  
Short-term investments100.0  0.5  
Trade receivables 4.2  16.0  
Inventory6.6  16.3  
Prepaid expenses and other current assets49.9  64.4  
Total current assets1,083.4  630.9  
Equity securities, at fair value - see Note A1,446.5    
Investments in unconsolidated affiliates799.7  836.5  
Lease assets139.4  192.9  
Property and equipment, net132.5  162.6  
Other intangible assets, net37.9  63.1  
Goodwill53.5  66.1  
Fixed maturity securities available for sale, at fair value33.9  19.2  
Deferred tax asset  54.5  
Other long term investments and non-current assets61.8  66.4  
Total assets$3,788.6  $2,092.2  
LIABILITIES AND EQUITY
Current liabilities: 
Accounts payable and other accrued liabilities, current$64.5  $86.4  
Lease liabilities, current27.1  41.5  
Income taxes payable75.5  37.4  
Deferred revenue15.7  26.4  
Notes payable, current6.0  7.0  
Total current liabilities188.8  198.7  
Lease liabilities, long term132.0  199.7  
Deferred tax liability226.0    
Notes payable, long term64.4  120.1  
Accounts payable and other accrued liabilities, long term43.6  43.9  
Total liabilities654.8  562.4  
Commitments and contingencies - see Note G
Equity: 
Cannae common stock, 0.0001 par value; authorized 115,000,000 shares as of June 30, 2020 and December 31, 2019; outstanding of 91,656,245 and 79,516,833 shares as of June 30, 2020 and December 31, 2019, respectively, and issued of 92,377,972 and 79,727,972 shares as of June 30, 2020 and December 31, 2019, respectively
    
Preferred stock, 0.0001 par value; authorized 10,000,000 shares; issued and outstanding, none as of June 30, 2020 and December 31, 2019
    
Retained earnings1,266.6  143.6  
Additional paid-in capital1,868.4  1,396.7  
Less: Treasury stock, 721,727 and 211,139 shares as of June 30, 2020 and December 31, 2019, respectively, at cost
(20.3) (5.9) 
Accumulated other comprehensive earnings (loss)3.2  (45.9) 
Total Cannae shareholders' equity3,117.9  1,488.5  
Noncontrolling interests15.9  41.3  
Total equity3,133.8  1,529.8  
Total liabilities and equity$3,788.6  $2,092.2  
See Notes to Condensed Consolidated Financial Statements
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CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions)
(Unaudited)
Three months ended June 30,Six months ended June 30,
 2020201920202019
Revenues:
Restaurant revenue$99.4  $266.5  $269.3  $524.3  
Other operating revenue3.2  5.7  6.3  10.2  
Total operating revenues102.6  272.2  275.6  534.5  
Operating expenses:
Cost of restaurant revenue100.8  231.6  253.9  458.6  
Personnel costs23.3  23.1  52.5  39.2  
Depreciation and amortization7.3  9.9  15.7  20.3  
Other operating expenses16.9  29.0  44.8  48.9  
Goodwill impairment    7.7    
Total operating expenses148.3  293.6  374.6  567.0  
Operating loss(45.7) (21.4) (99.0) (32.5) 
Other income (expense):
Interest, investment and other income8.3  1.4  10.5  12.4  
Interest expense(1.0) (5.5) (4.8) (9.2) 
Realized and other gains and losses, net578.1  75.1  1,493.2  76.7  
Total other income585.4  71.0  1,498.9  79.9  
Earnings before income taxes and equity in losses of unconsolidated affiliates539.7  49.6  1,399.9  47.4  
Income tax expense131.1  7.1  300.5  1.1  
Earnings before equity in earnings (losses) of unconsolidated affiliates408.6  42.5  1,099.4  46.3  
Equity in earnings (losses) of unconsolidated affiliates57.5  (21.1) 4.8  (42.5) 
Earnings from continuing operations466.1  21.4  1,104.2  3.8  
Net losses from discontinued operations, net of tax - see Note L  (2.5)   (4.8) 
Net earnings (loss)466.1  18.9  1,104.2  (1.0) 
Less: Net loss attributable to non-controlling interests(9.2) (4.5) (18.8) (7.6) 
Net earnings attributable to Cannae Holdings, Inc. common shareholders$475.3  $23.4  $1,123.0  $6.6  
Amounts attributable to Cannae Holdings, Inc. common shareholders
Net earnings from continuing operations attributable to Cannae Holdings, Inc. common shareholders$475.3  $25.8  $1,123.0  $11.0  
Net loss from discontinued operations attributable to Cannae Holdings, Inc. common shareholders  (2.4)   (4.4) 
Net earnings attributable to Cannae Holdings, Inc. common shareholders$475.3  $23.4  $1,123.0  $6.6  
Earnings per share
Basic
Net earnings per share from continuing operations$5.88  $0.36  $14.06  $0.15  
Net loss per share from discontinued operations  (0.03)   (0.06) 
Net earnings per share $5.88  $0.33  $14.06  $0.09  
Diluted
Net earnings per share from continuing operations $5.87  $0.36  $14.00  $0.15  
Net loss per share from discontinued operations  (0.03)   (0.06) 
Net earnings per share$5.87  $0.33  $14.00  $0.09  
Weighted Average Shares Outstanding
Weighted average shares outstanding Cannae Holdings common stock, basic basis80.8  71.6  79.9  71.6  
Weighted average shares outstanding Cannae Holdings common stock, diluted basis81.0  71.9  80.2  71.8  
See Notes to Condensed Consolidated Financial Statements
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CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(In millions)
(Unaudited)
 Three months ended June 30,Six months ended June 30,
 2020201920202019
Net earnings (loss) $466.1  $18.9  $1,104.2  $(1.0) 
Other comprehensive earnings (loss), net of tax:    
Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) (1)5.9  0.1  11.2  (0.1) 
Unrealized (loss) gain relating to investments in unconsolidated affiliates (2)(2.5) 2.3  (6.4) 8.2  
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings (3)  4.1  44.3  4.7  
Other comprehensive earnings3.4  6.5  49.1  12.8  
Comprehensive earnings469.5  25.4  1,153.3  11.8  
Less: Comprehensive loss attributable to noncontrolling interests(9.2) (4.5) (18.8) (7.6) 
Comprehensive earnings attributable to Cannae Holdings, Inc.$478.7  $29.9  $1,172.1  $19.4  
_________________________________
 
(1)Net of income tax expense (benefit) of $1.6 million and less than $0.1 million for the three months ended June 30, 2020 and 2019, respectively, and $3.0 million and less than $(0.1) million for the six months ended June 30, 2020 and 2019, respectively.
(2)Net of income tax (benefit) expense of $(0.7) million and $0.6 million for the three months ended June 30, 2020 and 2019, respectively, and $(1.7) million and $2.2 million for the six months ended June 30, 2020 and 2019, respectively.
(3)Net of income tax expense of $1.0 million for the three months ended June 30, 2019 and $11.8 million and $1.2 million for the six months ended June 30, 2020 and 2019, respectively.
        
See Notes to Condensed Consolidated Financial Statements



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CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In millions)
(Unaudited)

 Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comp (Loss) EarningsTreasury StockNon-controlling
Interests
Total
Equity
 Shares$Shares$
 
Balance, March 31, 201972.2  $  $1,147.5  $49.5  $(65.9)   $(0.2) $71.6  $1,202.5  
Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax—  —  —  —  0.1  —  —  —  0.1  
Other comprehensive earnings — unrealized earnings of investments in unconsolidated affiliates, net of tax—  —  —  —  2.3  —  —  —  2.3  
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings —  —  —  —  4.1  —  —  —  4.1  
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, 201972.2  $  $1,152.0  $72.9  $(59.4)   $(0.2) $66.9  $1,232.2  
Balance, March 31, 202079.7  $  $1,406.1  $791.3  $(0.2) 0.6  $(16.7) $24.5  $2,205.0  
Equity offering, net of offering costs12.7  —  455.0  —  —  —  —  —  455.0  
Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax—  —  —  —  5.9  —  —  —  5.9  
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax—  —  —  —  (2.5) —  —  —  (2.5) 
Sale of noncontrolling interest in consolidated subsidiary—  —  —  —  —  —  —  0.6  0.6  
Treasury stock repurchases—  —  —  —  —  0.1  (3.6) —  (3.6) 
Stock-based compensation, consolidated subsidiaries—  —  1.1  —  —  —  —  —  1.1  
Contribution of CSA services from FNF—  —  0.3  —  —  —  —  —  0.3  
Stock-based compensation, unconsolidated affiliates—  —  5.9  —  —  —  —  —  5.9  
Net earnings (loss)—  —  —  475.3  —  —  —  (9.2) 466.1  
Balance, June 30, 202092.4  $  $1,868.4  $1,266.6  $3.2  0.7  $(20.3) $15.9  $3,133.8  

See Notes to Condensed Consolidated Financial Statements


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CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - CONTINUED
(In millions)
(Unaudited)

 Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comp (Loss) EarningsTreasury StockNon-controlling
Interests
Total
Equity
 Shares$Shares$
 
Balance, December 31, 201872.2  $  $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 of investments in unconsolidated affiliates, net of tax—  —  —  —  8.2  —  —  —  8.2  
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, 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, 201972.2  $  $1,152.0  $72.9  $(59.4)   $(0.2) $66.9  $1,232.2  
Balance, December 31, 201979.7