cnne-20200930
false2020Q3000170472012/31P3YP3YP3YP1YP1YP5YP5Y00017047202020-01-012020-09-30xbrli:shares00017047202020-10-31iso4217:USD00017047202020-09-3000017047202019-12-31iso4217:USDxbrli:shares0001704720cnne:RestaurantSalesMember2020-07-012020-09-300001704720cnne:RestaurantSalesMember2019-07-012019-09-300001704720cnne:RestaurantSalesMember2020-01-012020-09-300001704720cnne:RestaurantSalesMember2019-01-012019-09-300001704720cnne:TotalOtherOperatingRevenueMember2020-07-012020-09-300001704720cnne:TotalOtherOperatingRevenueMember2019-07-012019-09-300001704720cnne:TotalOtherOperatingRevenueMember2020-01-012020-09-300001704720cnne:TotalOtherOperatingRevenueMember2019-01-012019-09-3000017047202020-07-012020-09-3000017047202019-07-012019-09-3000017047202019-01-012019-09-300001704720us-gaap:NoncontrollingInterestMember2020-07-012020-09-300001704720us-gaap:NoncontrollingInterestMember2020-01-012020-09-300001704720us-gaap:CommonStockMember2019-06-300001704720us-gaap:AdditionalPaidInCapitalMember2019-06-300001704720us-gaap:RetainedEarningsMember2019-06-300001704720us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001704720us-gaap:TreasuryStockMember2019-06-300001704720us-gaap:NoncontrollingInterestMember2019-06-3000017047202019-06-300001704720us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-07-012019-09-300001704720us-gaap:TreasuryStockMember2019-07-012019-09-300001704720srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:AdditionalPaidInCapitalMember2019-07-012019-09-300001704720srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:NoncontrollingInterestMember2019-07-012019-09-300001704720srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2019-07-012019-09-300001704720us-gaap:AdditionalPaidInCapitalMember2019-07-012019-09-300001704720us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:AdditionalPaidInCapitalMember2019-07-012019-09-300001704720us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2019-07-012019-09-300001704720us-gaap:RetainedEarningsMember2019-07-012019-09-300001704720us-gaap:NoncontrollingInterestMember2019-07-012019-09-300001704720us-gaap:CommonStockMember2019-09-300001704720us-gaap:AdditionalPaidInCapitalMember2019-09-300001704720us-gaap:RetainedEarningsMember2019-09-300001704720us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-300001704720us-gaap:TreasuryStockMember2019-09-300001704720us-gaap:NoncontrollingInterestMember2019-09-3000017047202019-09-300001704720us-gaap:CommonStockMember2020-06-300001704720us-gaap:AdditionalPaidInCapitalMember2020-06-300001704720us-gaap:RetainedEarningsMember2020-06-300001704720us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001704720us-gaap:TreasuryStockMember2020-06-300001704720us-gaap:NoncontrollingInterestMember2020-06-3000017047202020-06-300001704720us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001704720srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001704720srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2020-07-012020-09-300001704720us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001704720us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001704720us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-07-012020-09-300001704720us-gaap:RetainedEarningsMember2020-07-012020-09-300001704720us-gaap:CommonStockMember2020-09-300001704720us-gaap:AdditionalPaidInCapitalMember2020-09-300001704720us-gaap:RetainedEarningsMember2020-09-300001704720us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001704720us-gaap:TreasuryStockMember2020-09-300001704720us-gaap:NoncontrollingInterestMember2020-09-300001704720us-gaap:CommonStockMember2018-12-310001704720us-gaap:AdditionalPaidInCapitalMember2018-12-310001704720us-gaap:RetainedEarningsMember2018-12-310001704720us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001704720us-gaap:TreasuryStockMember2018-12-310001704720us-gaap:NoncontrollingInterestMember2018-12-3100017047202018-12-310001704720us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310001704720us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310001704720srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310001704720us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-09-300001704720us-gaap:AdditionalPaidInCapitalMember2019-01-012019-09-300001704720us-gaap:TreasuryStockMember2019-01-012019-09-300001704720srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:AdditionalPaidInCapitalMember2019-01-012019-09-300001704720us-gaap:NoncontrollingInterestMember2019-01-012019-09-300001704720srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2019-01-012019-09-300001704720us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:AdditionalPaidInCapitalMember2019-01-012019-09-300001704720us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2019-01-012019-09-300001704720us-gaap:RetainedEarningsMember2019-01-012019-09-300001704720us-gaap:CommonStockMember2019-12-310001704720us-gaap:AdditionalPaidInCapitalMember2019-12-310001704720us-gaap:RetainedEarningsMember2019-12-310001704720us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001704720us-gaap:TreasuryStockMember2019-12-310001704720us-gaap:NoncontrollingInterestMember2019-12-310001704720us-gaap:CommonStockMember2020-01-012020-09-300001704720us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300001704720us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001704720us-gaap:TreasuryStockMember2020-01-012020-09-300001704720srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300001704720srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2020-01-012020-09-300001704720us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300001704720us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-01-012020-09-300001704720us-gaap:RetainedEarningsMember2020-01-012020-09-300001704720cnne:DunAndBradstreetCorporationMember2020-01-012020-09-300001704720cnne:DunAndBradstreetCorporationMember2019-01-012019-09-300001704720cnne:OptimalBlueMember2020-01-012020-09-300001704720cnne:OptimalBlueMember2019-01-012019-09-300001704720cnne:InvestmentsExcludingDunBradstreetMember2020-01-012020-09-300001704720cnne:InvestmentsExcludingDunBradstreetMember2019-01-012019-09-3000017047202017-11-172017-11-170001704720us-gaap:IPOMembercnne:DunAndBradstreetCorporationMember2020-07-062020-07-060001704720cnne:DunAndBradstreetCorporationMemberus-gaap:OverAllotmentOptionMember2020-07-062020-07-060001704720us-gaap:IPOMembercnne:DunAndBradstreetCorporationMember2020-07-060001704720cnne:DunAndBradstreetCorporationMember2020-07-062020-07-06xbrli:pure0001704720cnne:SeniorNotesDue2027Membercnne:DunAndBradstreetCorporationMember2020-07-010001704720cnne:DBPrivatePlacementMember2020-07-062020-07-060001704720cnne:DunAndBradstreetCorporationMember2020-07-060001704720cnne:DunAndBradstreetCorporationMember2020-07-060001704720us-gaap:IPOMembercnne:DunAndBradstreetCorporationMember2020-07-012020-09-300001704720cnne:CeridianMember2020-01-012020-09-300001704720cnne:CeridianMember2020-09-300001704720cnne:CeridianMember2020-06-300001704720cnne:CeridianMember2020-01-012020-09-300001704720cnne:CeridianMemberus-gaap:SubsequentEventMember2020-11-092020-11-090001704720cnne:AmericanBlueRibbonHoldingsLLCMember2020-01-270001704720cnne:AmericanBlueRibbonHoldingsLLCMember2020-01-272020-01-270001704720cnne:AmericanBlueRibbonHoldingsLLCMember2020-04-012020-06-300001704720us-gaap:EquityMethodInvesteeMembercnne:AmericanBlueRibbonHoldingsLLCMember2020-09-300001704720us-gaap:EquityMethodInvesteeMembercnne:AmericanBlueRibbonHoldingsLLCMember2020-07-012020-09-300001704720us-gaap:EquityMethodInvesteeMembercnne:AmericanBlueRibbonHoldingsLLCMember2020-01-012020-09-300001704720us-gaap:EquityMethodInvesteeMembercnne:DIPLoanMembercnne:AmericanBlueRibbonHoldingsLLCMember2020-09-300001704720us-gaap:EquityMethodInvesteeMemberus-gaap:SubsequentEventMembercnne:AmericanBlueRibbonHoldingsLLCMember2020-10-020001704720cnne:AmeriLifeJointVentureMember2020-03-182020-03-180001704720cnne:CannaeTHLAndOtherInvestorsMembercnne:AmeriLifeJointVentureMember2020-03-182020-03-180001704720cnne:AmeriLifeJointVentureMember2020-03-180001704720cnne:SenatorFocusedStrategiesMember2019-12-012019-12-310001704720cnne:SenatorFocusedStrategiesMember2019-12-310001704720cnne:SenatorFocusedStrategiesMember2020-01-012020-09-300001704720cnne:CoreLogicIncMember2020-07-012020-09-300001704720cnne:CoreLogicIncMember2020-09-300001704720cnne:SenatorFocusedStrategiesMember2020-07-012020-09-300001704720cnne:SenatorFocusedStrategiesMember2020-09-300001704720cnne:CoreLogicIncMember2020-06-260001704720cnne:CoreLogicIncMember2020-09-14cnne:director0001704720cnne:CoreLogicIncMemberus-gaap:SubsequentEventMember2020-11-170001704720cnne:SenatorFocusedStrategiesMemberus-gaap:SubsequentEventMember2020-10-302020-10-300001704720cnne:BlackKnightIncMembercnne:OptimalBlueMember2020-09-1500017047202020-09-152020-09-150001704720cnne:FoleyTrasimeneAcquisitionCorpMembercnne:ForwardPurchaseAgreementPurchaseOfCommonStockMember2020-05-080001704720cnne:ForwardPurchaseAgreementPurchaseRedeemableWarrantsMembercnne:FoleyTrasimeneAcquisitionCorpMember2020-05-08cnne:numberOfShares0001704720cnne:FoleyTrasimeneAcquisitionCorpMember2020-05-082020-05-080001704720cnne:TrebiaMembercnne:ForwardPurchaseAgreementPurchaseOfCommonStockMember2020-06-050001704720cnne:ForwardPurchaseAgreementPurchaseRedeemableWarrantsMembercnne:TrebiaMember2020-06-050001704720cnne:TrebiaMember2020-06-052020-06-050001704720cnne:FoleyTrasimeneAcquisitionCorpIIMembercnne:ForwardPurchaseAgreementPurchaseOfCommonStockMember2020-07-310001704720cnne:ForwardPurchaseAgreementPurchaseRedeemableWarrantsMembercnne:FoleyTrasimeneAcquisitionCorpIIMember2020-07-310001704720cnne:FoleyTrasimeneAcquisitionCorpIIMembercnne:ForwardPurchaseAgreementPurchaseOfCommonStockMember2020-07-312020-07-3100017047202020-06-012020-06-300001704720us-gaap:OverAllotmentOptionMember2020-06-012020-06-300001704720us-gaap:SubsequentEventMembersrt:AffiliatedEntityMembercnne:CorporateServicesAgreementMember2020-10-072020-10-070001704720cnne:ManagementServicesAgreementFeesEarnedMember2020-01-012020-09-300001704720us-gaap:FairValueInputsLevel1Member2020-09-300001704720us-gaap:FairValueInputsLevel2Member2020-09-300001704720us-gaap:FairValueInputsLevel3Member2020-09-300001704720cnne:CeridianMemberus-gaap:FairValueInputsLevel1Member2020-09-300001704720cnne:CeridianMemberus-gaap:FairValueInputsLevel2Member2020-09-300001704720cnne:CeridianMemberus-gaap:FairValueInputsLevel3Member2020-09-300001704720cnne:CeridianMember2020-09-300001704720cnne:CoreLogicIncMemberus-gaap:FairValueInputsLevel1Member2020-09-300001704720cnne:CoreLogicIncMemberus-gaap:FairValueInputsLevel2Member2020-09-300001704720cnne:CoreLogicIncMemberus-gaap:FairValueInputsLevel3Member2020-09-300001704720cnne:CoreLogicIncMember2020-09-300001704720cnne:BlackKnightIncMemberus-gaap:FairValueInputsLevel1Member2020-09-300001704720cnne:BlackKnightIncMemberus-gaap:FairValueInputsLevel2Member2020-09-300001704720cnne:BlackKnightIncMemberus-gaap:FairValueInputsLevel3Member2020-09-300001704720cnne:BlackKnightIncMember2020-09-300001704720cnne:OtherMemberus-gaap:FairValueInputsLevel1Member2020-09-300001704720us-gaap:FairValueInputsLevel2Membercnne:OtherMember2020-09-300001704720cnne:OtherMemberus-gaap:FairValueInputsLevel3Member2020-09-300001704720cnne:OtherMember2020-09-300001704720us-gaap:FairValueInputsLevel1Member2019-12-310001704720us-gaap:FairValueInputsLevel2Member2019-12-310001704720us-gaap:FairValueInputsLevel3Member2019-12-310001704720us-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2020-09-300001704720us-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2020-09-300001704720srt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Member2020-09-300001704720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-06-300001704720us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel3Member2020-06-300001704720us-gaap:FairValueInputsLevel3Member2020-06-300001704720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-06-300001704720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-07-012020-09-300001704720us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel3Member2020-07-012020-09-300001704720us-gaap:FairValueInputsLevel3Member2020-07-012020-09-300001704720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-07-012019-09-300001704720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-09-300001704720us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel3Member2020-09-300001704720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-09-300001704720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-12-310001704720us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel3Member2019-12-310001704720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2018-12-310001704720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-09-300001704720us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-09-300001704720us-gaap:FairValueInputsLevel3Member2020-01-012020-09-300001704720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-09-300001704720cnne:DunAndBradstreetCorporationMember2020-09-300001704720cnne:DunAndBradstreetCorporationMember2019-12-310001704720cnne:CeridianMember2020-09-300001704720cnne:CeridianMember2019-12-310001704720cnne:OptimalBlueMember2020-09-300001704720cnne:OptimalBlueMember2019-12-310001704720cnne:AmeriLifeJointVentureMember2020-09-300001704720cnne:AmeriLifeJointVentureMember2019-12-310001704720cnne:OtherInvestmentsInUnconsolidatedAffiliatesMember2020-09-300001704720cnne:OtherInvestmentsInUnconsolidatedAffiliatesMember2019-12-310001704720cnne:DunAndBradstreetCorporationMember2020-07-012020-09-300001704720cnne:DunAndBradstreetCorporationMember2019-07-012019-09-300001704720cnne:CeridianMember2020-07-012020-09-300001704720cnne:CeridianMember2019-07-012019-09-300001704720cnne:CeridianMember2019-01-012019-09-300001704720cnne:OptimalBlueMember2020-07-012020-09-300001704720cnne:OptimalBlueMember2019-07-012019-09-300001704720cnne:SenatorFocusedStrategiesMember2019-07-012019-09-300001704720cnne:SenatorFocusedStrategiesMember2019-01-012019-09-300001704720cnne:AmeriLifeJointVentureMember2020-07-012020-09-300001704720cnne:AmeriLifeJointVentureMember2019-07-012019-09-300001704720cnne:AmeriLifeJointVentureMember2020-01-012020-09-300001704720cnne:AmeriLifeJointVentureMember2019-01-012019-09-300001704720cnne:OtherInvestmentsInUnconsolidatedAffiliatesMember2020-07-012020-09-300001704720cnne:OtherInvestmentsInUnconsolidatedAffiliatesMember2019-07-012019-09-300001704720cnne:OtherInvestmentsInUnconsolidatedAffiliatesMember2020-01-012020-09-300001704720cnne:OtherInvestmentsInUnconsolidatedAffiliatesMember2019-01-012019-09-300001704720cnne:DunAndBradstreetCorporationMembercnne:EquitySponsorsMember2020-09-300001704720cnne:DunAndBradstreetCorporationMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-09-300001704720cnne:DunAndBradstreetCorporationMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2019-12-310001704720us-gaap:OperatingSegmentsMembercnne:DunAndBradstreetCorporationMember2020-09-300001704720cnne:DunAndBradstreetCorporationMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-07-012020-09-300001704720cnne:DunAndBradstreetCorporationMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2019-07-012019-09-300001704720cnne:DunAndBradstreetCorporationMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-01-012020-09-300001704720cnne:DunAndBradstreetCorporationMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2019-02-082019-06-300001704720us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembercnne:OptimalBlueMember2020-09-1500017047202020-09-150001704720us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembercnne:OptimalBlueMember2020-09-152020-09-300001704720cnne:SenatorFocusedStrategiesMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-09-300001704720cnne:SenatorFocusedStrategiesMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2019-12-310001704720cnne:SenatorFocusedStrategiesMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-07-012020-09-300001704720cnne:SenatorFocusedStrategiesMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-01-012020-09-300001704720cnne:FundsHeldOnDepositWithEquityFundMembercnne:SenatorFocusedStrategiesMember2020-09-300001704720us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembercnne:AmeriLifeJointVentureMember2020-06-300001704720us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembercnne:AmeriLifeJointVentureMember2020-04-012020-06-300001704720us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembercnne:AmeriLifeJointVentureMember2020-03-182020-06-300001704720cnne:QOMPLXInc.Member2020-09-300001704720us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMember2020-09-300001704720us-gaap:CorporateDebtSecuritiesMember2020-09-300001704720us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-09-300001704720us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMember2019-12-310001704720us-gaap:CorporateDebtSecuritiesMember2019-12-310001704720us-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310001704720us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:EquityMethodInvestmentsMember2020-09-300001704720us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:EquityMethodInvestmentsMember2019-12-310001704720us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:NotesReceivableMember2020-09-300001704720us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:NotesReceivableMember2019-12-310001704720cnne:ForwardPurchaseAgreementPurchaseOfCommonStockMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-09-300001704720cnne:ForwardPurchaseAgreementPurchaseOfCommonStockMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2019-12-310001704720cnne:AmericanBlueRibbonHoldingsLLCMember2020-09-300001704720us-gaap:NotesPayableToBanksMembercnne:A99TermLoanMember2020-09-300001704720us-gaap:NotesPayableToBanksMembercnne:A99TermLoanMember2019-12-310001704720us-gaap:RevolvingCreditFacilityMembercnne:A99RestaurantsCreditFacilityMember2020-09-300001704720us-gaap:RevolvingCreditFacilityMembercnne:A99RestaurantsCreditFacilityMember2019-12-310001704720cnne:DevelopmentLineOfCreditLoanMember2020-09-300001704720cnne:DevelopmentLineOfCreditLoanMember2019-12-310001704720cnne:MarginLoanAgreementMemberus-gaap:RevolvingCreditFacilityMember2020-09-300001704720cnne:MarginLoanAgreementMemberus-gaap:RevolvingCreditFacilityMember2019-12-310001704720cnne:BrasadaCreditAgreementMemberus-gaap:NotesPayableToBanksMember2020-09-300001704720cnne:BrasadaCreditAgreementMemberus-gaap:NotesPayableToBanksMember2019-12-310001704720cnne:CorporateRevolverNoteMemberus-gaap:RevolvingCreditFacilityMember2020-09-300001704720cnne:CorporateRevolverNoteMemberus-gaap:RevolvingCreditFacilityMember2019-12-310001704720us-gaap:NotesPayableOtherPayablesMembercnne:OtherNotesPayableMember2020-09-300001704720us-gaap:NotesPayableOtherPayablesMembercnne:OtherNotesPayableMember2019-12-310001704720cnne:NinetyNineRestaurantsMembercnne:A99RestaurantsCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2018-12-210001704720cnne:NinetyNineRestaurantsMembercnne:A99TermLoanMember2018-12-210001704720cnne:NinetyNineRestaurantsMembercnne:DevelopmentLineOfCreditLoanMemberus-gaap:LineOfCreditMember2018-12-210001704720cnne:NinetyNineRestaurantsMemberus-gaap:BaseRateMembercnne:A99RestaurantsCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2018-12-212018-12-210001704720cnne:NinetyNineRestaurantsMemberus-gaap:LondonInterbankOfferedRateLIBORMembercnne:A99RestaurantsCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2018-12-212018-12-210001704720cnne:NinetyNineRestaurantsMembercnne:A99RestaurantsCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2020-09-300001704720cnne:MarginLoanAgreementMemberus-gaap:RevolvingCreditFacilityMember2018-11-070001704720cnne:MarginLoanAgreementMemberus-gaap:RevolvingCreditFacilityMember2018-11-072018-11-070001704720cnne:MarginLoanAgreementMemberus-gaap:RevolvingCreditFacilityMember2019-11-132019-11-130001704720cnne:MarginLoanAgreementMemberus-gaap:RevolvingCreditFacilityMember2019-12-182019-12-180001704720cnne:MarginLoanAgreementMemberus-gaap:RevolvingCreditFacilityMember2020-02-182020-02-180001704720cnne:BrasadaCreditAgreementMembercnne:FNFNVBrasadaLLCMember2016-01-290001704720cnne:BrasadaCreditAgreementMembercnne:NotesPayableToBanksAcquisitionLoanMembercnne:FNFNVBrasadaLLCMember2016-01-290001704720cnne:BrasadaCreditAgreementMembercnne:NotesPayableToBanksDevelopmentLoanMembercnne:FNFNVBrasadaLLCMember2016-01-290001704720cnne:BrasadaCreditAgreementMemberus-gaap:LineOfCreditMembercnne:FNFNVBrasadaLLCMember2016-01-290001704720cnne:BrasadaCreditAgreementMemberus-gaap:LineOfCreditMembercnne:FNFNVBrasadaLLCMember2018-06-130001704720cnne:BrasadaCreditAgreementMembercnne:FNFNVBrasadaLLCMembercnne:NotesPayableToBanksAcquisitionLoanANoteMember2016-01-290001704720cnne:BrasadaCreditAgreementMembercnne:FNFNVBrasadaLLCMembercnne:NotesPayableToBanksAcquisitionLoanBNoteMember2016-01-290001704720cnne:BrasadaCreditAgreementMemberus-gaap:LondonInterbankOfferedRateLIBORMembercnne:FNFNVBrasadaLLCMembercnne:NotesPayableToBanksAcquisitionLoanBNoteMember2016-01-292016-01-290001704720cnne:BrasadaCreditAgreementMemberus-gaap:NotesPayableToBanksMembercnne:FNFNVBrasadaLLCMember2020-09-300001704720cnne:BrasadaCreditAgreementMemberus-gaap:LineOfCreditMembercnne:FNFNVBrasadaLLCMember2020-09-300001704720cnne:CorporateRevolverNoteMemberus-gaap:RevolvingCreditFacilityMember2017-11-170001704720cnne:CorporateRevolverNoteMemberus-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:RevolvingCreditFacilityMember2017-11-172017-11-170001704720cnne:CorporateRevolverNoteMemberus-gaap:RevolvingCreditFacilityMember2017-11-172017-11-170001704720us-gaap:EquityMethodInvesteeMemberus-gaap:SubsequentEventMembercnne:RevolvingLineOfCreditOneMembercnne:AmericanBlueRibbonHoldingsLLCMember2020-10-020001704720cnne:TermLoanMemberus-gaap:EquityMethodInvesteeMemberus-gaap:SubsequentEventMembercnne:AmericanBlueRibbonHoldingsLLCMember2020-10-02cnne:loan0001704720us-gaap:EquityMethodInvesteeMemberus-gaap:SubsequentEventMembercnne:RevolvingLineOfCreditTwoMembercnne:AmericanBlueRibbonHoldingsLLCMember2020-10-020001704720cnne:RestaurantSalesMemberus-gaap:OperatingSegmentsMembercnne:RestaurantGroupMember2020-07-012020-09-300001704720cnne:RestaurantSalesMemberus-gaap:OperatingSegmentsMembercnne:DunAndBradstreetCorporationMember2020-07-012020-09-300001704720cnne:OptimalBlueMembercnne:RestaurantSalesMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300001704720cnne:RestaurantSalesMemberus-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2020-07-012020-09-300001704720us-gaap:IntersegmentEliminationMembercnne:RestaurantSalesMember2020-07-012020-09-300001704720us-gaap:OperatingSegmentsMembercnne:RestaurantGroupMembercnne:TotalOtherOperatingRevenueMember2020-07-012020-09-300001704720us-gaap:OperatingSegmentsMembercnne:TotalOtherOperatingRevenueMembercnne:DunAndBradstreetCorporationMember2020-07-012020-09-300001704720cnne:OptimalBlueMemberus-gaap:OperatingSegmentsMembercnne:TotalOtherOperatingRevenueMember2020-07-012020-09-300001704720us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMembercnne:TotalOtherOperatingRevenueMember2020-07-012020-09-300001704720us-gaap:IntersegmentEliminationMembercnne:TotalOtherOperatingRevenueMember2020-07-012020-09-300001704720us-gaap:OperatingSegmentsMembercnne:RestaurantGroupMember2020-07-012020-09-300001704720us-gaap:OperatingSegmentsMembercnne:DunAndBradstreetCorporationMember2020-07-012020-09-300001704720cnne:OptimalBlueMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300001704720us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2020-07-012020-09-300001704720us-gaap:IntersegmentEliminationMember2020-07-012020-09-300001704720us-gaap:OperatingSegmentsMembercnne:RestaurantGroupMember2020-09-300001704720cnne:OptimalBlueMemberus-gaap:OperatingSegmentsMember2020-09-300001704720us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2020-09-300001704720us-gaap:IntersegmentEliminationMember2020-09-300001704720cnne:RestaurantSalesMemberus-gaap:OperatingSegmentsMembercnne:RestaurantGroupMember2019-07-012019-09-300001704720cnne:RestaurantSalesMemberus-gaap:OperatingSegmentsMembercnne:DunAndBradstreetCorporationMember2019-07-012019-09-300001704720cnne:RestaurantSalesMemberus-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2019-07-012019-09-300001704720us-gaap:IntersegmentEliminationMembercnne:RestaurantSalesMember2019-07-012019-09-300001704720us-gaap:OperatingSegmentsMembercnne:RestaurantGroupMembercnne:TotalOtherOperatingRevenueMember2019-07-012019-09-300001704720us-gaap:OperatingSegmentsMembercnne:TotalOtherOperatingRevenueMembercnne:DunAndBradstreetCorporationMember2019-07-012019-09-300001704720us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMembercnne:TotalOtherOperatingRevenueMember2019-07-012019-09-300001704720us-gaap:IntersegmentEliminationMembercnne:TotalOtherOperatingRevenueMember2019-07-012019-09-300001704720us-gaap:OperatingSegmentsMembercnne:RestaurantGroupMember2019-07-012019-09-300001704720us-gaap:OperatingSegmentsMembercnne:DunAndBradstreetCorporationMember2019-07-012019-09-300001704720us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2019-07-012019-09-300001704720us-gaap:IntersegmentEliminationMember2019-07-012019-09-300001704720us-gaap:OperatingSegmentsMembercnne:RestaurantGroupMember2019-09-300001704720us-gaap:OperatingSegmentsMembercnne:DunAndBradstreetCorporationMember2019-09-300001704720us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2019-09-300001704720us-gaap:IntersegmentEliminationMember2019-09-300001704720cnne:RestaurantSalesMemberus-gaap:OperatingSegmentsMembercnne:RestaurantGroupMember2020-01-012020-09-300001704720cnne:RestaurantSalesMemberus-gaap:OperatingSegmentsMembercnne:DunAndBradstreetCorporationMember2020-01-012020-09-300001704720cnne:OptimalBlueMembercnne:RestaurantSalesMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300001704720cnne:RestaurantSalesMemberus-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2020-01-012020-09-300001704720us-gaap:IntersegmentEliminationMembercnne:RestaurantSalesMember2020-01-012020-09-300001704720us-gaap:OperatingSegmentsMembercnne:RestaurantGroupMembercnne:TotalOtherOperatingRevenueMember2020-01-012020-09-300001704720us-gaap:OperatingSegmentsMembercnne:TotalOtherOperatingRevenueMembercnne:DunAndBradstreetCorporationMember2020-01-012020-09-300001704720cnne:OptimalBlueMemberus-gaap:OperatingSegmentsMembercnne:TotalOtherOperatingRevenueMember2020-01-012020-09-300001704720us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMembercnne:TotalOtherOperatingRevenueMember2020-01-012020-09-300001704720us-gaap:IntersegmentEliminationMembercnne:TotalOtherOperatingRevenueMember2020-01-012020-09-300001704720us-gaap:OperatingSegmentsMembercnne:RestaurantGroupMember2020-01-012020-09-300001704720us-gaap:OperatingSegmentsMembercnne:DunAndBradstreetCorporationMember2020-01-012020-09-300001704720cnne:OptimalBlueMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300001704720us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2020-01-012020-09-300001704720us-gaap:IntersegmentEliminationMember2020-01-012020-09-300001704720cnne:RestaurantSalesMemberus-gaap:OperatingSegmentsMembercnne:RestaurantGroupMember2019-01-012019-09-300001704720cnne:RestaurantSalesMemberus-gaap:OperatingSegmentsMembercnne:DunAndBradstreetCorporationMember2019-01-012019-09-300001704720cnne:RestaurantSalesMemberus-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2019-01-012019-09-300001704720us-gaap:IntersegmentEliminationMembercnne:RestaurantSalesMember2019-01-012019-09-300001704720us-gaap:OperatingSegmentsMembercnne:RestaurantGroupMembercnne:TotalOtherOperatingRevenueMember2019-01-012019-09-300001704720us-gaap:OperatingSegmentsMembercnne:TotalOtherOperatingRevenueMembercnne:DunAndBradstreetCorporationMember2019-01-012019-09-300001704720us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMembercnne:TotalOtherOperatingRevenueMember2019-01-012019-09-300001704720us-gaap:IntersegmentEliminationMembercnne:TotalOtherOperatingRevenueMember2019-01-012019-09-300001704720us-gaap:OperatingSegmentsMembercnne:RestaurantGroupMember2019-01-012019-09-300001704720us-gaap:OperatingSegmentsMembercnne:DunAndBradstreetCorporationMember2019-01-012019-09-300001704720us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2019-01-012019-09-300001704720us-gaap:IntersegmentEliminationMember2019-01-012019-09-300001704720cnne:OCharleysMember2020-09-300001704720cnne:NinetyNineRestaurantsMember2020-09-30cnne:record00017047202020-01-012020-03-310001704720cnne:RestaurantSalesMembercnne:RestaurantGroupMember2020-07-012020-09-300001704720cnne:RestaurantSalesMembercnne:RestaurantGroupMember2019-07-012019-09-300001704720cnne:RestaurantSalesMembercnne:RestaurantGroupMember2020-01-012020-09-300001704720cnne:RestaurantSalesMembercnne:RestaurantGroupMember2019-01-012019-09-300001704720cnne:RestaurantGroupMembercnne:BakerySalesMember2020-07-012020-09-300001704720cnne:RestaurantGroupMembercnne:BakerySalesMember2019-07-012019-09-300001704720cnne:RestaurantGroupMembercnne:BakerySalesMember2020-01-012020-09-300001704720cnne:RestaurantGroupMembercnne:BakerySalesMember2019-01-012019-09-300001704720cnne:RestaurantGroupMembercnne:FranchiseAndOtherMember2020-07-012020-09-300001704720cnne:RestaurantGroupMembercnne:FranchiseAndOtherMember2019-07-012019-09-300001704720cnne:RestaurantGroupMembercnne:FranchiseAndOtherMember2020-01-012020-09-300001704720cnne:RestaurantGroupMembercnne:FranchiseAndOtherMember2019-01-012019-09-300001704720cnne:RestaurantGroupMember2020-07-012020-09-300001704720cnne:RestaurantGroupMember2019-07-012019-09-300001704720cnne:RestaurantGroupMember2020-01-012020-09-300001704720cnne:RestaurantGroupMember2019-01-012019-09-300001704720us-gaap:CorporateAndOtherMembercnne:RealEstateAndResortMember2020-07-012020-09-300001704720us-gaap:CorporateAndOtherMembercnne:RealEstateAndResortMember2019-07-012019-09-300001704720us-gaap:CorporateAndOtherMembercnne:RealEstateAndResortMember2020-01-012020-09-300001704720us-gaap:CorporateAndOtherMembercnne:RealEstateAndResortMember2019-01-012019-09-300001704720cnne:OtherProductsAndServicesMemberus-gaap:CorporateAndOtherMember2020-07-012020-09-300001704720cnne:OtherProductsAndServicesMemberus-gaap:CorporateAndOtherMember2019-07-012019-09-300001704720cnne:OtherProductsAndServicesMemberus-gaap:CorporateAndOtherMember2020-01-012020-09-300001704720cnne:OtherProductsAndServicesMemberus-gaap:CorporateAndOtherMember2019-01-012019-09-300001704720cnne:TotalOtherOperatingRevenueMember2020-07-012020-09-300001704720cnne:TotalOtherOperatingRevenueMember2019-07-012019-09-300001704720cnne:TotalOtherOperatingRevenueMember2020-01-012020-09-300001704720cnne:TotalOtherOperatingRevenueMember2019-01-012019-09-300001704720cnne:RestaurantGroupMember2019-12-310001704720us-gaap:CorporateAndOtherMember2019-12-310001704720us-gaap:CorporateAndOtherMember2020-01-012020-09-300001704720cnne:RestaurantGroupMember2020-09-300001704720us-gaap:CorporateAndOtherMember2020-09-300001704720cnne:RestaurantGroupMemberus-gaap:TradeNamesMember2020-01-012020-09-300001704720cnne:CodingSolutionsMemberus-gaap:DiscontinuedOperationsHeldforsaleMembercnne:TSystemHoldingsInc.Member2019-12-312019-12-310001704720us-gaap:DiscontinuedOperationsHeldforsaleMembercnne:TSystemHoldingsInc.Member2019-07-012019-09-300001704720us-gaap:DiscontinuedOperationsHeldforsaleMembercnne:TSystemHoldingsInc.Member2019-01-012019-09-30
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 September 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 October 31, 2020 there were 91,656,245 shares of the Registrant's common stock outstanding.



FORM 10-Q
QUARTERLY REPORT
Quarter Ended September 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)
 September 30,
2020
December 31,
2019
ASSETS
Current assets:  
Cash and cash equivalents$405.9 $533.7 
Short-term investments 0.5 
Trade receivables 5.7 16.0 
Inventory6.4 16.3 
Prepaid expenses and other current assets75.1 64.4 
Total current assets493.1 630.9 
Equity securities, at fair value - see Note A1,516.6  
Investments in unconsolidated affiliates1,413.2 836.5 
Lease assets131.8 192.9 
Property and equipment, net127.2 162.6 
Other intangible assets, net37.4 63.1 
Goodwill53.5 66.1 
Fixed maturity securities available for sale, at fair value34.5 19.2 
Deferred tax asset 54.5 
Other long term investments and non-current assets61.3 66.4 
Total assets$3,868.6 $2,092.2 
LIABILITIES AND EQUITY
Current liabilities: 
Accounts payable and other accrued liabilities, current$72.6 $86.4 
Lease liabilities, current26.7 41.5 
Income taxes payable11.8 37.4 
Deferred revenue14.7 26.4 
Notes payable, current33.2 7.0 
Total current liabilities159.0 198.7 
Lease liabilities, long term123.3 199.7 
Deferred tax liability231.1  
Notes payable, long term37.1 120.1 
Accounts payable and other accrued liabilities, long term46.1 43.9 
Total liabilities596.6 562.4 
Commitments and contingencies - see Note G
Equity: 
Cannae common stock, 0.0001 par value; authorized 115,000,000 shares as of September 30, 2020 and December 31, 2019; outstanding of 91,656,245 and 79,516,833 shares as of September 30, 2020 and December 31, 2019, respectively, and issued of 92,377,972 and 79,727,972 shares as of September 30, 2020 and December 31, 2019, respectively
  
Preferred stock, 0.0001 par value; authorized 10,000,000 shares; issued and outstanding, none as of September 30, 2020 and December 31, 2019
  
Retained earnings1,398.5 143.6 
Additional paid-in capital1,871.7 1,396.7 
Less: Treasury stock, 721,727 and 211,139 shares as of September 30, 2020 and December 31, 2019, respectively, at cost
(20.3)(5.9)
Accumulated other comprehensive earnings (loss)10.1 (45.9)
Total Cannae shareholders' equity3,260.0 1,488.5 
Noncontrolling interests12.0 41.3 
Total equity3,272.0 1,529.8 
Total liabilities and equity$3,868.6 $2,092.2 
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 September 30,Nine months ended September 30,
 2020201920202019
Revenues:
Restaurant revenue$129.4 $247.7 $398.7 $772.0 
Other operating revenue10.3 9.3 16.6 19.5 
Total operating revenues139.7 257.0 415.3 791.5 
Operating expenses:
Cost of restaurant revenue121.7 220.1 375.6 678.7 
Personnel costs16.7 22.9 69.2 62.1 
Depreciation and amortization6.5 9.5 22.2 29.8 
Other operating expenses23.2 26.0 68.0 74.9 
Goodwill impairment  7.7  
Total operating expenses168.1 278.5 542.7 845.5 
Operating loss(28.4)(21.5)(127.4)(54.0)
Other income (expense):
Interest, investment and other income4.7 1.3 15.2 13.7 
Interest expense(1.6)(5.2)(6.4)(14.4)
Recognized gains and losses, net189.6 92.9 1,682.8 169.6 
Total other income192.7 89.0 1,691.6 168.9 
Earnings before income taxes and equity in (losses) earnings of unconsolidated affiliates164.3 67.5 1,564.2 114.9 
Income tax expense35.1 15.1 335.6 16.2 
Earnings before equity in (losses) earnings of unconsolidated affiliates129.2 52.4 1,228.6 98.7 
Equity in (losses) earnings of unconsolidated affiliates(1.2)(8.3)3.6 (50.8)
Earnings from continuing operations128.0 44.1 1,232.2 47.9 
Net losses from discontinued operations, net of tax - see Note L (2.5) (7.3)
Net earnings128.0 41.6 1,232.2 40.6 
Less: Net loss attributable to non-controlling interests(3.9)(4.6)(22.7)(12.2)
Net earnings attributable to Cannae Holdings, Inc. common shareholders$131.9 $46.2 $1,254.9 $52.8 
Amounts attributable to Cannae Holdings, Inc. common shareholders
Net earnings from continuing operations attributable to Cannae Holdings, Inc. common shareholders$131.9 $48.6 $1,254.9 $59.8 
Net loss from discontinued operations attributable to Cannae Holdings, Inc. common shareholders (2.4) (7.0)
Net earnings attributable to Cannae Holdings, Inc. common shareholders$131.9 $46.2 $1,254.9 $52.8 
Earnings per share
Basic
Net earnings per share from continuing operations$1.44 $0.68 $14.97 $0.84 
Net loss per share from discontinued operations (0.03) (0.10)
Net earnings per share $1.44 $0.65 $14.97 $0.74 
Diluted
Net earnings per share from continuing operations $1.44 $0.68 $14.94 $0.83 
Net loss per share from discontinued operations (0.04) (0.10)
Net earnings per share$1.44 $0.64 $14.94 $0.73 
Weighted Average Shares Outstanding
Weighted average shares outstanding Cannae Holdings common stock, basic basis91.3 71.6 83.8 71.6 
Weighted average shares outstanding Cannae Holdings common stock, diluted basis91.6 71.9 84.0 71.9 
See Notes to Condensed Consolidated Financial Statements
2

Table of Contents

CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(In millions)
(Unaudited)
 Three months ended September 30,Nine months ended September 30,
 2020201920202019
Net earnings $128.0 $41.6 $1,232.2 $40.6 
Other comprehensive earnings (loss), net of tax:    
Unrealized gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) (1)0.3 0.6 11.5 0.4 
Unrealized earnings (losses) of investments in unconsolidated affiliates (2)4.8 (4.7)(1.7)3.4 
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) (0.3) (0.4)
Reclassification adjustments for unrealized earnings and losses of unconsolidated affiliates, net of tax, included in net earnings (4)1.8 4.6 46.2 9.6 
Other comprehensive earnings6.9 0.2 56.0 13.0 
Comprehensive earnings134.9 41.8 1,288.2 53.6 
Less: Comprehensive loss attributable to noncontrolling interests(3.9)(4.6)(22.7)(12.2)
Comprehensive earnings attributable to Cannae Holdings, Inc.$138.8 $46.4 $1,310.9 $65.8 
_________________________________
 
(1)Net of income tax expense of $0.1 million and $0.2 million for the three months ended September 30, 2020 and 2019, respectively, and $3.1 million and $0.1 million for the nine months ended September 30, 2020 and 2019, respectively.
(2)Net of income tax expense (benefit) of $1.3 million and $(1.2) million for the three months ended September 30, 2020 and 2019, respectively, and $(0.4) million and $0.9 million for the nine months ended September 30, 2020 and 2019, respectively.
(3)Net of income tax benefit of $0.1 million for the three and nine months ended September 30, 2019.
(4)Net of income tax expense of $0.5 million and $1.2 million for the three months ended September 30, 2020 and 2019, respectively, and $12.3 million and $2.5 million for the nine months ended September 30, 2020 and 2019, respectively.
    
See Notes to Condensed Consolidated Financial Statements



3

Table of Contents

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, June 30, 201972.2 $ $1,152.0 $72.9 $(59.4) $(0.2)$66.9 $1,232.2 
Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax— — — — 0.6 — — — 0.6 
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax— — — — (4.7)— — — (4.7)
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 — — — — (0.3)— — — (0.3)
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings — — — — 4.6 — — — 4.6 
Treasury stock repurchases— — — — — 0.2 (3.9)— (3.9)
Stock-based compensation, consolidated subsidiaries— — 1.0 — — — — 0.3 1.3 
Contribution of CSA services from FNF— — 0.4 — — — — — 0.4 
Stock-based compensation, unconsolidated affiliates— — 2.9 — — — — — 2.9 
Net earnings (loss)— — — 46.2 — — — (4.6)41.6 
Balance, September 30, 2019
72.2 $ $1,156.3 $119.1 $(59.2)0.2 $(4.1)$62.6 $1,274.7 
Balance, June 30, 202092.4 $ $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 earnings 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 

See Notes to Condensed Consolidated Financial Statements


4

Table of Contents

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 gain on investments and other financial instruments, net of tax— — — — 0.4 — — — 0.4 
Other comprehensive earnings — unrealized earnings of investments in unconsolidated affiliates, net of tax— — — — 3.4 — — — 3.4 
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 — — — — (0.4)— — — (0.4)
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings — — — — 9.6 — — — 9.6 
Dun & Bradstreet equity issuance costs— — (1.4)— — — — — (1.4)
Treasury stock repurchases— — — — — 0.2 (3.9)— (3.9)
Stock-based compensation, consolidated subsidiaries— — 3.0 — — — — 0.3 3.3 
Contribution of CSA services from FNF— — 0.9 — — — — — 0.9 
Stock-based compensation, unconsolidated affiliates— — 7.6 — — — — — 7.6 
Subsidiary dividends paid to noncontrolling interests— — — — — — — (0.6)(0.6)
Net earnings (loss)— — — 52.8 — — — (12.2)40.6 
Balance, September 30, 2019
72.2 $ $1,156.3 $119.1 $(59.2)0.2 $(4.1)$62.6 $1,274.7 
Balance, December 31, 201979.7 $ $1,396.7 $143.6 $(45.9)0.2 $(5.9)$41.3 $1,529.8 
Equity offering, net of offering costs12.7 — 455.0 — — — — — 455.0 
Restaurant Group reorganization and deconsolidation of Blue Ribbon— — 5.2 — — — — (10.3)(5.1)
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 
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 

See Notes to Condensed Consolidated Financial Statements

5

Table of Contents

CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 Nine months ended September 30,
 
 20202019
 
Cash flows from operating activities:
Net earnings$1,232.2 $40.6 
Adjustments to reconcile net earnings to net cash used in operating activities:
            Depreciation and amortization22.2 40.1 
            Equity in (earnings) losses of unconsolidated affiliates(3.6)50.8 
            Distributions from investments in unconsolidated affiliates0.5 2.0 
            Recognized gains and losses and asset impairments, net (1,669.7)(152.7)
            Lease asset amortization17.4 27.1 
            Stock-based compensation cost3.3 3.3 
Changes in assets and liabilities, net of effects from acquisitions:
Net decrease in trade receivables6.2 15.2 
Net increase in inventory, prepaid expenses and other assets(36.1)(4.8)
Net decrease in lease liabilities(22.3)(33.0)
Net decrease (increase) in accounts payable, accrued liabilities, deferred revenue and other liabilities17.4 (13.6)
Net change in income taxes241.6 (14.1)
Net cash used in operating activities(190.9)(39.1)
Cash flows from investing activities:  
Proceeds from partial sale of Ceridian shares - see Note A522.0 212.5 
Additions to property and equipment and other intangible assets(18.3)(19.0)
Additions to notes receivable(28.9) 
Proceeds from sales of property and equipment 18.7 
Proceeds from sale of investments in unconsolidated affiliates and other long term investments 4.8 
Investments in Dun & Bradstreet, net of capitalized syndication fees(200.0)(526.2)
Purchases of other long term investments (15.0)
Investment in Optimal Blue(289.0) 
Other investments in unconsolidated affiliates(311.5) 
Cash deconsolidated through the Blue Ribbon Reorganization - see Note A(1.1) 
Distributions from investments in unconsolidated affiliates1.6 0.7 
Net proceeds from sales and maturities of short-term investment securities0.5 31.1 
Net other investing activities0.8 2.5 
Net cash used in investing activities(323.9)(289.9)
Cash flows from financing activities:  
Borrowings37.0 364.0 
Debt service payments(94.3)(213.5)
Subsidiary distributions paid to noncontrolling interest shareholders (0.6)
Sale of noncontrolling interest in consolidated subsidiary3.7  
Proceeds from equity offering, net of offering expenses455.0  
Treasury stock repurchases(14.4)(3.9)
Proceeds from Restaurant Group sale and leaseback of corporate office, net of issuance costs 13.2 
Net cash provided by financing activities387.0 159.2 
Net decrease in cash and cash equivalents(127.8)(169.8)
Cash and cash equivalents at beginning of period533.7 323.0 
Cash and cash equivalents at end of period$405.9 $153.2 
See Notes to Condensed Consolidated Financial Statements
6

Table of Contents

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 a holding company 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, 2020 include our minority ownership interests in Dun & Bradstreet Holdings, Inc. ("Dun & Bradstreet" or "D&B"), Ceridian HCM Holding, Inc. ("Ceridian"), CoreLogic, Inc. ("CoreLogic"), Optimal Blue Holdco, LLC ("Optimal Blue") 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 and debt investments.
See Note H for further discussion of the businesses comprising our reportable segments.
The Company conducts its business through its wholly-owned subsidiary Cannae Holdings, LLC ("Cannae LLC"), a Delaware limited liability company. The Company’s board of directors ("Board") oversees the management of the Company, Cannae LLC and its businesses, and the performance of Trasimene Capital Management, LLC (“Trasimene” or the “Manager”). In connection with the externalization of certain of our management functions in September 2019, the Company, Cannae LLC, and the Manager entered into a Management Services Agreement (the “Management Services Agreement”). The Manager is considered a related party to the Company.
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, 2019.
Following the split-off of the former portfolio company investments by Fidelity National Financial, Inc. ("FNF"), and subsequent contribution to us (the "FNF Split-Off"), the Company is allocated certain corporate overhead and management services expenses from FNF based on the terms of the Corporate Services Agreement ("CSA"), dated as of November 17, 2017, by and between the Company and FNF and our proportionate share of the expense determined on actual usage and our best estimate of management's allocation of time. The CSA has an initial three-year term and after the initial three-year term, if the CSA is not mutually terminated by us or FNF prior to the expiration of the initial three-year term, it will automatically renew for successive one-year terms on mutually agreeable arm's length terms unless FNF and Cannae mutually agree to terminate the agreement. The CSA was extended on October 7, 2020. See further discussion below.
Both FNF and Cannae believe expense allocations pursuant to the CSA are reasonable; however, they may not be indicative of the actual results of operations or cash flows of the Company had the Company been operating as an independent, publicly-traded company for the periods presented or the amounts that will be incurred by the Company in the future. FNF is considered a related party to the Company.
All intercompany profits, transactions and balances have been eliminated. Our investments in non-majority-owned partnerships and affiliates are accounted for using the equity method. Earnings attributable to noncontrolling interests are recorded on the Condensed Consolidated Statements of Operations relating to majority-owned subsidiaries with the appropriate noncontrolling interest that represents the portion of equity not related to our ownership interest recorded on the Condensed Consolidated Balance Sheets in each period.
Management Estimates
The preparation of these Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
7

Table of Contents
CANNAE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — continued
liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include the valuation of goodwill and acquired intangible assets (Note K) and fair value measurements (Note C). Actual results may differ from estimates.
Recent Developments
Dun & Bradstreet
On July 6, 2020, Dun & Bradstreet closed its previously announced initial public offering of 90,047,612 shares of common stock, which includes 11,745,340 shares of common stock issued pursuant to the exercise by the underwriters of their option to purchase additional shares in full (the "D&B IPO"). The D&B IPO was priced at $22.00 per share, resulting in gross proceeds to Dun & Bradstreet of $