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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 March 31, 2021

OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-38300
CANNAE HOLDINGS, INC.
______________________________________________________________________________________________________________________________________________________
(Exact name of registrant as specified in its charter)
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 April 30, 2021 there were 91,655,025 shares of the Registrant's common stock outstanding.



FORM 10-Q
QUARTERLY REPORT
Quarter Ended March 31, 2021
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)
 March 31,
2021
December 31,
2020
ASSETS
Current assets:  
Cash and cash equivalents$439.7 $724.7 
Fixed maturity securities available for sale, at fair value35.8 35.2 
Other current assets40.5 84.3 
Assets held for sale - see Note J76.9  
Total current assets592.9 844.2 
Equity securities, at fair value1,232.3 1,799.1 
Investments in unconsolidated affiliates2,011.1 1,453.0 
Lease assets182.1 202.3 
Property and equipment, net119.6 145.8 
Other intangible assets, net29.2 51.8 
Goodwill53.4 53.4 
Other long term investments and non-current assets84.8 63.8 
Total assets$4,305.4 $4,613.4 
LIABILITIES AND EQUITY
Current liabilities: 
Accounts payable and other accrued liabilities, current$78.0 $93.2 
Lease liabilities, current23.2 26.2 
Income taxes payable64.8 47.4 
Deferred revenue17.0 23.9 
Notes payable, current13.9 11.3 
Liabilities held for sale - see Note J40.2  
Total current liabilities237.1 202.0 
Lease liabilities, long term176.8 195.6 
Deferred tax liability244.8 325.3 
Notes payable, long term45.8 52.2 
Accounts payable and other accrued liabilities, long term50.6 53.1 
Total liabilities755.1 828.2 
Commitments and contingencies - see Note G
Equity: 
Cannae common stock, 0.0001 par value; authorized 115,000,000 shares as of March 31, 2021 and December 31, 2020; outstanding of 91,655,025 and 91,651,257 shares as of March 31, 2021 and December 31, 2020, respectively, and issued of 92,395,733 and 92,391,965 shares as of March 31, 2021 and December 31, 2020, respectively
  
Preferred stock, 0.0001 par value; authorized 10,000,000 shares; issued and outstanding, none as of March 31, 2021 and December 31, 2020
  
Retained earnings1,696.7 1,929.8 
Additional paid-in capital1,878.3 1,875.8 
Less: Treasury stock, 740,708 shares as of March 31, 2021 and December 31, 2020, respectively, at cost
(21.1)(21.1)
Accumulated other comprehensive loss(8.7)(4.9)
Total Cannae shareholders' equity3,545.2 3,779.6 
Noncontrolling interests5.1 5.6 
Total equity3,550.3 3,785.2 
Total liabilities and equity$4,305.4 $4,613.4 
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 March 31,
 20212020
Revenues:
Restaurant revenue$167.3 $169.9 
Other operating revenue4.6 3.1 
Total operating revenues171.9 173.0 
Operating expenses:
Cost of restaurant revenue147.7 153.1 
Personnel costs12.0 29.2 
Depreciation and amortization7.9 8.4 
Other operating expenses40.3 27.9 
Goodwill impairment 7.7 
Total operating expenses207.9 226.3 
Operating loss(36.0)(53.3)
Other income (expense):
Interest, investment and other income0.9 2.2 
Interest expense(2.1)(3.8)
Recognized (losses) gains, net(312.5)915.1 
Total other (expense) income(313.7)913.5 
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates(349.7)860.2 
Income tax (benefit) expense(62.0)169.4 
(Loss) earnings before equity in earnings (losses) of unconsolidated affiliates(287.7)690.8 
Equity in earnings (losses) of unconsolidated affiliates53.9 (52.7)
Net (loss) earnings(233.8)638.1 
Less: Net loss attributable to non-controlling interests(0.7)(9.6)
Net (loss) earnings attributable to Cannae Holdings, Inc. common shareholders$(233.1)$647.7 
Earnings per share
Basic
Net (loss) earnings per share $(2.55)$8.19 
Diluted
Net (loss) earnings per share$(2.55)$8.17 
Weighted Average Shares Outstanding
Weighted average shares outstanding Cannae Holdings common stock, basic basis91.5 79.1 
Weighted average shares outstanding Cannae Holdings common stock, diluted basis91.6 79.3 
See Notes to Condensed Consolidated Financial Statements
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Table of Contents

CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) EARNINGS
(In millions)
(Unaudited)
 Three months ended March 31,
 20212020
Net (loss) earnings $(233.8)$638.1 
Other comprehensive (loss) earnings, net of tax:  
Unrealized gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) (1)0.5 5.3 
Unrealized losses of investments in unconsolidated affiliates (2)(4.6)(3.9)
Reclassification adjustments for unrealized gains and losses of unconsolidated affiliates, net of tax, included in net earnings (3)0.3 44.3 
Other comprehensive (loss) earnings(3.8)45.7 
Comprehensive (loss) earnings(237.6)683.8 
Less: Comprehensive loss attributable to noncontrolling interests(0.7)(9.6)
Comprehensive (loss) earnings attributable to Cannae Holdings, Inc. common shareholders$(236.9)$693.4 
_________________________________
 
(1)Net of income tax expense of $0.1 million and $1.4 million for the three months ended March 31, 2021 and 2020, respectively.
(2)Net of income tax benefit of $1.2 million and $1.0 million for the three months ended March 31, 2021 and 2020, respectively.
(3)Net of income tax expense of $0.1 million and $11.8 million for the three months ended March 31, 2021 and 2020, 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, December 31, 2019
79.7 $ $1,396.7 $143.6 $(45.9)0.2 $(5.9)$41.3 $1,529.8 
Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax— — — — 5.3 — — — 5.3 
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax— — — — (3.9)— — — (3.9)
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 — — — — 44.3 — — — 44.3 
Restaurant Group reorganization and deconsolidation of Legendary Baking and VIBSQ— — 5.2 — — — — (10.3)(5.1)
Sale of noncontrolling interest in consolidated subsidiary— — — — — — — 3.1 3.1 
Treasury stock repurchases— — — — — 0.4 (10.8)— (10.8)
Stock-based compensation, consolidated subsidiaries— — 1.1 — — — — — 1.1 
Contribution of CSA services from FNF— — 0.4 — — — — — 0.4 
Stock-based compensation, unconsolidated affiliates— — 2.7 — — — — — 2.7 
Net earnings (loss)— — — 647.7 — — — (9.6)638.1 
Balance, March 31, 2020
79.7 $ $1,406.1 $791.3 $(0.2)0.6 $(16.7)$24.5 $2,205.0 
Balance, December 31, 2020
92.4 $ $1,875.8 $1,929.8 $(4.9)0.7 $(21.1)$5.6 $3,785.2 
Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax— — — — 0.5 — — — 0.5 
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax— — — — (4.6)— — — (4.6)
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net loss — — — — 0.3 — — — 0.3 
Stock-based compensation, consolidated subsidiaries— — 0.7 — — — — — 0.7 
Stock-based compensation, unconsolidated affiliates— — 1.8 — — — — — 1.8 
Subsidiary dividends paid to noncontrolling interests— — — — — — — 0.2 0.2 
Net loss— — — (233.1)— — — (0.7)(233.8)
Balance, March 31, 2021
92.4 $ $1,878.3 $1,696.7 $(8.7)0.7 $(21.1)$5.1 $3,550.3 

See Notes to Condensed Consolidated Financial Statements


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CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 Three months ended March 31,
 
 20212020
 
Cash flows from operating activities:
Net (loss) earnings$(233.8)$638.1 
Adjustments to reconcile net (loss) earnings to net cash used in operating activities:
            Depreciation and amortization7.9 8.4 
            Equity in (earnings) losses of unconsolidated affiliates(53.9)52.7 
            Distributions from investments in unconsolidated affiliates5.1 0.5 
            Recognized gains and losses and asset impairments, net 312.4 (902.0)
            Lease asset amortization5.8 6.2 
            Stock-based compensation cost0.7 1.1 
Changes in assets and liabilities, net of effects from acquisitions:
Net decrease in trade receivables4.5 8.7 
Net decrease (increase) in other assets27.2 (10.9)
Net decrease in lease liabilities(6.7)(8.2)
Net (decrease) increase in accounts payable, accrued liabilities, deferred revenue and other liabilities(0.8)2.0 
Net change in income taxes(62.4)169.1 
Net cash provided by (used in) operating activities6.0 (34.3)
Cash flows from investing activities:  
Proceeds from sale of investment securities and investments in unconsolidated affiliates2.5  
Proceeds from partial sale of Ceridian shares  283.7 
Additions to property and equipment and other intangible assets(1.9)(13.6)
Collections of notes receivable1.6  
Additions to notes receivable(12.5)(11.2)
Proceeds from sales of property and equipment5.4  
Investments in Paysafe, net of subscription fees(494.4) 
Purchase of warrants of Austerlitz II(29.6) 
Additional investments in unconsolidated affiliates(35.1)(226.2)
Cash deconsolidated through the Blue Ribbon Reorganization (1.1)
Distributions from investments in unconsolidated affiliates281.2  
Net proceeds from sales and maturities of short-term investment securities (0.3)
Net cash (used in) provided by investing activities(282.8)31.3 
Cash flows from financing activities:  
Borrowings4.6 12.5 
Debt service payments(9.0)(91.2)
Subsidiary distributions paid to noncontrolling interest shareholders0.3  
Sale of noncontrolling interest in consolidated subsidiary 3.1 
Treasury stock repurchases (10.8)
Net cash used in financing activities(4.1)(86.4)
Net decrease in cash and cash equivalents(280.9)(89.4)
Cash and cash equivalents of LB and VIBSQ classified as held for sale - see Note J(4.1) 
Cash and cash equivalents at beginning of period724.7 533.7 
Cash and cash equivalents at end of period$439.7 $444.3 
See Notes to Condensed Consolidated Financial Statements
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CANNAE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note A — Basis of Financial Statements
The following describes the significant accounting policies of Cannae Holdings, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” "Cannae," "CNNE," or the "Company”), which have been followed in preparing the accompanying Condensed Consolidated Financial Statements.
Description of the Business
We are engaged in actively managing and operating a group of companies and investments, as well as making additional majority and minority equity portfolio investments in businesses, in order to achieve superior financial performance and maximize the value of these assets. Our primary investments as of March 31, 2021 include our minority ownership interests in Dun & Bradstreet Holdings, Inc. ("Dun & Bradstreet" or "D&B"), Ceridian HCM Holding, Inc. ("Ceridian"), Paysafe Limited ("Paysafe"), Optimal Blue Holdco, LLC ("Optimal Blue"), AmeriLife Group, LLC ("AmeriLife") and QOMPLX, Inc. ("QOMPLX"); 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.
We conduct our business through our wholly-owned subsidiary Cannae Holdings, LLC ("Cannae LLC"), a Delaware limited liability company. Our 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 our “Manager”).
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, 2020.
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 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 fair value measurements (Note C). Actual results may differ from estimates.
Recent Developments
Dun & Bradstreet
On January 8, 2021, D&B completed its acquisition of Bisnode Business Information Group AB (the "Bisnode Acquisition"). In connection with the Bisnode Acquisition, D&B issued an additional 6.2 million shares of its common stock, which resulted in a decrease in our ownership interest in D&B from approximately 18.1% to approximately 17.7%.
Alight
On January 25, 2021, Foley Trasimene Acquisition Corp. ("FTAC") entered into a business combination agreement with Alight Solutions ("Alight"), a leading cloud-based provider of integrated digital human capital and business solutions (the "FTAC Alight Business Combination"). Under the terms of the FTAC Alight Business Combination, FTAC will combine with Alight and Alight will become a publicly traded entity under the name “Alight, Inc.” and symbol ALIT. The FTAC Alight Business Combination will be funded with the cash held in trust at FTAC, forward purchase commitments, private investment
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CANNAE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — continued
in public equity (“PIPE”) commitments and equity of Alight. Completion of the FTAC Alight Business Combination is subject to approval by FTAC stockholders, the effectiveness of a registration statement to be filed with the SEC in connection with the transaction, and other customary closing conditions of SPAC business combinations, including the receipt of certain regulatory approvals. The FTAC Alight Business Combination is expected to close in the second quarter of 2021.
On January 25, 2021, Cannae entered into an agreement to purchase 25,000,000 shares of Alight for $250.0 million as part of a subscription to the PIPE (the "Alight Subscription Agreement"). Upon consummation of the FTAC Alight Business Combination, our aggregate investment in Alight is expected to be $404.5 million, inclusive of Cannae's $150.0 million investment commitment under a forward purchase agreement with FTAC (the "FTAC FPA"), the Alight Subscription Agreement and our previous $4.5 million investment in the sponsor of FTAC, and we expect to receive 44,639,500 shares of common stock of Alight which represents approximately 8.3% of the pro forma outstanding common equity of Alight and 8,026,666 warrants to purchase one share of Alight common stock at $11.50 per share. Alight has agreed to pay us a placement fee of $6.3 million as consideration for our subscription.
Paysafe
On March 30, 2021, Foley Trasimene Acquisition Corp. II ("FTAC II") completed its previously announced merger with Paysafe Limited ("Paysafe"), a leading integrated payments platform (the "FTAC II Paysafe Merger"), in accordance with the agreement and plan of merger dated December 7, 2020. The newly combined company operates as Paysafe and is traded on the New York Stock Exchange ("NYSE") under the symbol PSFE. The FTAC II Paysafe Merger was funded with the cash held in trust at FTAC II, forward purchase commitments, PIPE commitments and equity of Paysafe.
In conjunction with the FTAC II Paysafe Merger, Cannae funded its previously announced investments in Paysafe of (a) $350 million as part of our subscription to the PIPE and (b) $150 million as part of our forward purchase agreement with FTAC II entered into on July 31, 2020. For Cannae’s total investment in Paysafe of $504.7 million, Cannae received 54,294,395 common shares and 8,134,067 warrants of Paysafe (the "Paysafe Warrants"). As of March 31, 2021, Cannae, directly and indirectly through our 15% interest in the sponsor of FTAC II, holds approximately 54 million shares or 7.5% of the outstanding common equity of Paysafe. In connection with the investment in the PIPE, Paysafe paid Cannae a fee of $5.6 million as described in the agreement and plan of merger dated December 7, 2020 which was deducted from the basis of our investment.
We account for our investment in common equity of Paysafe as an equity method investment and the Paysafe Warrants as a derivative instrument. See Note C and D for further discussion of our accounting for our investment in common equity of Paysafe. The Paysafe Warrants are included in Other long-term investments and non-current assets on our Condensed Consolidated Balance Sheet as of March 31, 2021.
Forward Purchases of Equity of Special Purpose Acquisition Companies
On February 25, 2021, we entered into a forward purchase agreement (the "Austerlitz I FPA") with Austerlitz Acquisition Corp. I (“Austerlitz I”), a special purpose acquisition company ("SPAC") whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities (the "Austerlitz I Initial Business Combination"). Austerlitz is co-sponsored by entities affiliated with William P. Foley II. Under the Austerlitz I FPA, we will purchase an aggregate of 5,000,000 shares of Austerlitz I’s Class A common stock, plus an aggregate of 1,250,000 redeemable warrants to purchase one share of Austerlitz I's Class A common stock at $11.50 per share for an aggregate purchase price of $50.0 million in a private placement to occur concurrently with the closing of the Austerlitz I Initial Business Combination. Additionally, Cannae invested $1.6 million in the sponsor of Austerlitz I for a 10% indirect economic interest in the founder shares and warrants held by the sponsor. The Austerlitz I FPA is contingent upon the closing of the Austerlitz I Initial Business Combination.
On February 25, 2021, we entered into a forward purchase agreement (the "Austerlitz II FPA") with Austerlitz Acquisition Corp. II (“Austerlitz II”), a SPAC whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities (the "Austerlitz II Initial Business Combination"). Austerlitz II is co-sponsored by entities affiliated with the chairman of our Board of Directors ("Board"), William P. Foley II. Under the Austerlitz II FPA, we will purchase an aggregate of 12,500,000 shares of Austerlitz II’s Class A common stock, plus an aggregate of 3,125,000 redeemable warrants to purchase one share of Austerlitz II's Class A common stock at $11.50 per share for an aggregate purchase price of $125.0 million in a private placement to occur concurrently with the closing of the Austerlitz II Initial Business Combination. Additionally, Cannae directly invested $29.6 million for a 20% indirect economic interest in the founder shares held by the sponsor and a direct interest in 19,733,333 private placement warrants of Austerlitz II (the "Austerlitz II Warrants") at the initial public offering. The Austerlitz II FPA is contingent upon the closing of the Austerlitz II Initial Business Combination.
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CANNAE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — continued
Refer to Note C and E for further discussion of our accounting for the Forward Purchase Agreements (as defined in Note C) and the Austerlitz II Warrants.
QOMPLX
On March 1, 2021, Tailwind Acquisition Corp. ("Tailwind") entered into a business combination agreement to merge with QOMPLX (the "Tailwind QOMPLX Merger"). Completion of the Tailwind QOMPLX Merger is expected to occur in mid-2021, subject to approval by Tailwind’s stockholders and the satisfaction or waiver of other customary closing conditions identified in the business combination agreement entered into by QOMPLX and Tailwind Acquisition Corp.
In conjunction with the Tailwind QOMPLX Merger, Cannae entered into an agreement to purchase 4.6 million shares of common stock of the combined company for $37.5 million as part of a subscription to the PIPE (the "Tailwind Subscription Agreement" and together with the Alight Subscription Agreement, the "Subscription Agreements"). Additionally, Cannae funded a convertible note for $12.5 million, of which the principal and accrued interest thereon will convert into common shares of the combined company upon consummation of the Tailwind QOMPLX Merger. Upon consummation of the Tailwind QOMPLX Merger, our aggregate investment in QOMPLX is expected to be $80.0 million, inclusive of Cannae's historical investment in preferred equity of QOMPLX, and we expect to receive approximately 23.7 million shares of common stock of QOMPLX which is expected to represent an approximate 16% ownership interest in QOMPLX.
See Note C for further discussion of our accounting for the Tailwind Subscription Agreement.
Restaurant Group
In March 2021, we received preliminary, non-binding letters of intent to sell materially all of the assets and liabilities of Legendary Baking Holdings I, LLC ("Legendary Baking") and VIBSQ Holdco, LLC ("VIBSQ") and their subsidiaries (the "LOIs"). We currently own 100% of Legendary Baking and VIBSQ. The transactions contemplated by the LOIs are subject to the completion of due diligence by the buyers, receipt of regulatory approvals and other customary conditions. We expect to consummate the sale of Legendary Baking and VIBSQ in fiscal year 2021.
See Note J for further discussion.
Other Developments
On March 1, 2021, we announced that our Board authorized a three-year stock repurchase program, effective February 26, 2021, under which the Company may repurchase up to 10 million shares of its common stock. Purchases may be made from time to time in the open market at prevailing prices or in privately negotiated transactions through February 26, 2024. The repurchase program does not obligate the Company to acquire any specific number of shares and may be suspended or terminated at any time.
On March 31, 2021, we closed on a $32.0 million investment in Sightline Payments LLC ("Sightline"), a fintech company that enables cashless, mobile and omni-channel payment solutions for the gaming, lottery, sports betting, entertainment and hospitality businesses. The investment represents 5.1% of the current outstanding membership interests in Sightline and is accounted for as an equity method investment. See Note C for further discussion of the Company's accounting for investments in unconsolidated affiliates.
During the three months ended March 31, 2021, we received distributions of $280.6 million from our joint venture (the "Senator JV") with affiliates of Senator Investment Group, LP. We have no further material ownership interest in the Senator JV.
Related Party Transactions
During the three months ended March 31, 2021 and 2020, we incurred $7.6 million and $4.2 million, respectively, of management fee expenses payable to our Manager, and in the three months ended March 31, 2021, we incurred $17.1 million of carried interest expense related to monetizations of the Company's investments which are recorded in Other operating expenses on our Condensed Consolidated Statement of Operations.
Earnings Per Share
Basic earnings per share, as presented on the Condensed Consolidated Statement of Operations, is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period.
In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus the impact of assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted loss per share is equal to basic loss per share
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CANNAE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — continued
as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain shares of restricted stock that have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported.
Instruments that provide the ability to purchase shares of our common stock that are antidilutive are excluded from the computation of diluted earnings per share. For the three months ended March 31, 2021 and 2020, there were no antidilutive shares of restricted stock outstanding which were excluded from the calculation of diluted earnings per share.
Income Tax
Our effective tax rate was 17.7% and 19.7% in the three months ended March 31, 2021 and 2020, respectively. The decrease in the effective tax rate in the three-month period ended March 31, 2021 compared to the same period in 2020 was primarily attributable to the increased impact of equity in earnings of unconsolidated affiliates on pretax losses in the three months ended March 31, 2021 compared to the impact of equity in losses of unconsolidated affiliates on pretax earnings in the same period in 2020.
We have a Deferred tax liability of $244.8 million as of March 31, 2021 and of $325.3 million as of December 31, 2020. The $80.5 million change in deferred taxes in the three months ended March 31, 2021 is primarily attributable to the tax impact of the fair value markdowns in Ceridian and the Forward Purchase Agreements.
Restricted Cash
Our Restaurant Group is required to hold cash collateralizing its outstanding letters of credit. Included in Cash and cash equivalents on our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 is $12.5 million of such restricted cash.
Recent Accounting Pronouncements
We have completed our evaluation of the recently issued accounting pronouncements and we did not identify any that are expected to, if currently adopted, have a material impact on our condensed consolidated financial statements.

Note B — Revenue Recognition
Disaggregation of Revenue
Our revenue consists of:
Three months ended March 31,
20212020
Revenue StreamSegmentTotal Revenue
Restaurant revenue:(in millions)
Restaurant salesRestaurant Group$158.1 $167.0 
Bakery salesRestaurant Group8.2 2.2 
Franchise and otherRestaurant Group1.0 0.7 
Total restaurant revenue167.3 169.9 
Other operating revenue:
Real estate and resortCorporate and other4.2 2.8 
OtherCorporate and other0.4 0.3 
Total other operating revenue4.6 3.1 
Total operating revenues$171.9 $173.0 
Restaurant revenue consists of restaurant sales, bakery sales, and, to a lesser extent, franchise revenue and other revenue. Restaurant sales include food and beverage sales and gift card breakage, are net of applicable state and local sales taxes and discounts, and are recognized at a point in time as services are performed and goods are provided.
Revenue from bakery operations is recognized at a point in time in the period during which the products are shipped and control transfers to the customer.
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CANNAE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — continued
Franchise revenue and other revenue consist of development fees and royalties on sales by franchised units. Initial franchise fees are recognized as income upon commencement of the franchise operation and completion of all material services and conditions by the Company. Royalties are calculated as a percentage of the franchisee sales and recognized in the period in which the sales are generated. Revenue resulting from the sale of gift cards is recognized in the period in which the gift card is redeemed and is recorded as deferred revenue until recognized.
Other operating revenue consists of income generated by our resort operations, which includes sales of real estate, lodging rentals, food and beverage sales, and other income from various resort services offered. Revenue is recognized upon closing of the sale of real estate or once goods and services have been provided and billed to the customer.
Contract Balances
The following table provides information about trade receivables and deferred revenue:
 March 31,December 31,
 20212020
 (In millions)
Trade receivables, net$5.0 $17.6 
Deferred revenue (contract liabilities)17.0 23.9 
Deferred revenue is recorded primarily for restaurant gift card sales. The unrecognized portion of such revenue is recorded as Deferred revenue in the Condensed Consolidated Balance Sheets. Revenue of $4.1 million was recognized in the three months ended March 31, 2021 that was included in Deferred revenue at the beginning of the period.
There was no impairment related to contract balances.

Note C — Fair Value Measurements
The fair value hierarchy established by the accounting standards on fair value measurements includes three levels, which are based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities that are recorded in the Consolidated Balance Sheets are categorized based on the inputs to the valuation techniques as follows:
Level 1.  Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that we have the ability to access.
Level 2.  Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability.
Level 3.  Financial assets and liabilities whose values are based on model inputs that are unobservable.

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CANNAE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — continued
Recurring Fair Value Measurements
The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, respectively:
 March 31, 2021
 Level 1Level 2Level 3Total
 (In millions)
Assets:
Fixed-maturity securities available for sale:    
Corporate debt securities$ $ $35.8 $35.8 
Equity securities:
Ceridian1,179.8   1,179.8 
Forward Purchase Agreements  13.9 13.9 
Subscription Agreements  1.0 1.0 
Austerlitz II Warrants  36.1 36.1 
Other1.5   1.5 
Total equity securities:1,181.3  51.0 1,232.3 
Other noncurrent assets:
Paysafe Warrants21.7   21.7 
     Total Assets$1,203.0 $ $86.8 $1,289.8 

 December 31, 2020
 Level 1Level 2Level 3Total
 (In millions)
Fixed-maturity securities available for sale:    
Corporate debt securities$ $ $35.2 $35.2 
Equity securities:
Ceridian1,491.8   1,491.8 
Forward Purchase Agreements  136.1 136.1 
Paysafe Subscription Agreement  169.6 169.6 
Other1.6   1.6 
     Total assets$1,493.4 $ $340.9 $1,834.3 
Fixed Maturity Securities
Our Level 3 fair value measurement for our fixed maturity securities available for sale are provided by a single third-party pricing service. Depending on security specific characteristics, either an income or a contingent claims approach was utilized in determining fair value of our Level 3 fixed-maturity securities available for sale. Discount rates are the primary unobservable inputs utilized for the securities valued using an income approach. The discount rates used are based on company-specific risk premiums, public company comparable securities, and leveraged loan indices. The discount rates used in our determination of the fair value of our Level 3 fixed-maturity securities available for sale varies by security type and ranged from 7.0% to 17.5% as of March 31, 2021 and a weighted average based on relative fair value of the underlying securities of 12.1%. Based on the total fair value of our Level 3 fixed-maturity securities available for sale as of March 31, 2021, changes in the discount rate utilized will not result in a fair value significantly different than the amount recorded.
Equity Securities
On June 5, 2020, we entered into a forward purchase agreement (the "Trebia FPA" and together with the FTAC FPA, Austerlitz I FPA, and the Austerlitz II FPA, the "Forward Purchase Agreements") with Trebia Acquisition Corp. (“Trebia”), a SPAC incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset
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CANNAE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — continued
acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (the "Trebia Initial Business Combination"). Trebia is co-sponsored by entities affiliated with the chairman and a member of our Board, William P. Foley II and Frank R. Martire, respectively. Under the Trebia FPA, we will purchase an aggregate of 7,500,000 Class A ordinary shares of Trebia, plus an aggregate of 2,500,000 redeemable warrants to purchase one Class A ordinary share of Trebia at $11.50 per share for an aggregate purchase price of $75.0 million in a private placement to occur concurrently with the closing of the Trebia Initial Business Combination. The forward purchase is contingent upon the closing of the Trebia Initial Business Combination.
The Forward Purchase Agreements and the Subscription Agreements are accounted for at fair value pursuant to ASC Topic 321 Investment - Equity Securities. We utilized a Monte Carlo Simulation in determining the fair value of these agreements, which is considered to be a Level 3 fair value measurement. The Monte Carlo Simulation model simulates the current security price to a simulated date for the consummation of the underlying initial business combination based on probabilities of consummation. The values of the agreements are then calculated as the difference between the future simulated price and the fixed purchase prices for the underlying securities to be purchased pursuant to the Forward Purchase Agreements and the Subscription Agreements. The primary unobservable input utilized in determining the fair value of the Forward Purchase Agreements and Subscription Agreements is the probability of consummation of the business combinations of each underlying transaction. The probabilities assigned to the consummation of the Austerlitz I Initial Business Combination, Austerlitz II Initial Business Combination, and the Trebia Initial Business Combination was 90% and the probability assigned to the consummation of the FTAC Alight Business Combination and the Tailwind QOMPLX Merger was 95%. Determination of such probabilities is based on a hybrid approach of both observed success rates of business combinations for SPACs and the sponsors of FTAC, Trebia, Austerlitz I, and Austerlitz II's track record for consummating similar transactions. The announced FTAC Alight Merger and Tailwind QOMPLX Merger were also considered in our determination of the probabilities. Based on the total fair value of the Forward Purchase Agreements and Subscription Agreements as of March 31, 2021, changes in the probabilities utilized will not result in a change in fair value that is significant or material to the Company's financial position or results of operations.
The Austerlitz II Warrants are accounted for at fair value pursuant to ASC Topic 321. We utilized a modified Black-Scholes option pricing formula in determining the fair value of the Austerlitz II Warrants, which is considered to be a Level 3 fair value measurement. The value is calculated based on the common stock price of Austerlitz II at the date of announcement as that is the underlying security. The primary unobservable inputs utilized in determining the fair value of the warrants is the 90% probability of success assigned to the consummation of the Austerlitz II Initial Business Combination (further discussed above).

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CANNAE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — continued
The following table presents a summary of the changes in the fair values of Level 3 assets, measured on a recurring basis, for the three months ended March 31, 2021 and 2020 (in millions).
 Three months ended March 31, 2021Three months ended March 31, 2020
Corporate debtForward PurchaseSubscriptionAusterlitz IICorporate debt
 securitiesAgreementsAgreementsWarrantsTotalsecurities
 
Fair value, beginning of period$35.2 $136.1 $169.6 $ $340.9 $19.2 
Net valuation (loss) and gain included in earnings (1) (21.6)9.9 6.5 $(5.2) 
Reclassification to equity method investment in Paysafe and Paysafe Warrants (100.6)(178.5) $(279.1) 
Purchase of Austerlitz II Warrants   29.6 $29.6  
Net valuation gain included in other comprehensive earnings (2)0.6    $0.6 6.9 
Fair value, end of period$35.8 $13.9 $1.0 $36.1 $86.8 $26.1 
_____________________________________
(1) Included in Recognized gains and (losses), net on the Condensed Consolidated Statements of Operations
(2) Included in Unrealized gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) on the Condensed Consolidated Statements of Comprehensive (Loss) Earnings
Transfers into or out of the Level 3 fair value category occur when unobservable inputs become more or less significant to the fair value measurement or upon a change in valuation technique. There were no transfers between Level 2 and Level 3 in the three months ended March 31, 2021 and 2020.
All of the unrealized gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) on our Condensed Consolidated Statements of Comprehensive (Loss) Earnings for the three months ended March 31, 2021 and 2020 relate to fixed maturity securities considered Level 3 fair value measures.
Additional information regarding the fair value of our investment portfolio is included in Note D.
The carrying amounts of trade receivables and notes receivable approximate fair value due to their short-term nature. The fair value of our notes payable is included in Note F.

Note D — Investments
Equity Securities
Gains on equity securities included in Recognized gains and losses, net on the Condensed Consolidated Statements of Operations consisted of the following for the three months ended March 31, 2021 and 2020 (in millions):
 Three Months Ended March 31, 2021Three Months Ended March 31, 2020
 
Net (losses) and gains recognized during the period on equity securities$(317.5)$684.9 
Less: net gains recognized during the period on equity securities sold or transferred during the period9.8  
Unrealized (loss) and gains recognized during the reporting period on equity securities still held at the reporting date$(327.3)$684.9 

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CANNAE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — continued
Investments in Unconsolidated Affiliates
Investments in unconsolidated affiliates recorded using the equity method of accounting as of March 31, 2021 and December 31, 2020 consisted of the following (in millions):
 
Ownership at March 31, 2021
March 31,
2021
December 31,
2020
Dun & Bradstreet17.7 %$657.2 $653.2 
Paysafe (1)6.9 %746.9  
Optimal Blue20.0 %276.2 279.8 
AmeriLife19.8 %115.4 121.1 
Othervarious215.4 398.9 
Total $2,011.1 $1,453.0 
_____________________________________
(1) Represents the Company's direct interest in Paysafe. The Company's 0.6% indirect interest in Paysafe held through the sponsor of FTAC II is presented in Other.

Equity in (losses) earnings of unconsolidated affiliates for the three months ended March 31, 2021 and 2020 consisted of the following (in millions):
 Three months ended March 31, 2021Three months ended March 31, 2020
Dun & Bradstreet(6.4)$10.1 
Ceridian (1) 1.5 
Optimal Blue(4.0) 
Senator JV(1.2)(58.8)
AmeriLife(5.9) 
Other71.4 (5.5)
Total$53.9 $(52.7)
_____________________________________
(1) The amount for the three months ended March 31, 2020 represents the Company's equity in earnings of Ceridian in the three months ended March 31, 2020 prior to the change in accounting for the investment beginning March 31, 2020.
Dun & Bradstreet
Based on quoted market prices, the aggregate value of our ownership of Dun & Bradstreet common stock was $1.8 billion as of March 31, 2021.
As of March 31, 2021, we hold less than 20% of the outstanding common equity of Dun & Bradstreet but continue to account for our investment under the equity method because we continue to exert significant influence through our 17.7% ownership, because certain of our senior management and directors serve on D&B's board of directors, and because we are party to an agreement with other of its equity sponsors, which collectively own greater than 50% of the outstanding voting equity of Dun & Bradstreet, pursuant to which we have agreed to collectively vote together on all matters related to the election of directors to the Dun & Bradstreet board of directors for a period of three years.
Effective January 1, 2021, D&B made a change in accounting principle related to removal of lag accounting for its international operations which they believe to be preferable. The change in accounting policy was applied retrospectively by D&B. The impact of this change in accounting principle did not have a material impact to our results of operations or financial condition and was applied to our current period accounting for our investment in D&B.

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CANNAE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — continued
Summarized financial information for Dun & Bradstreet for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in earnings (losses) of unconsolidated affiliates in our Consolidated Balance Sheets and Statements of Operations, respectively, is presented below. Financial information for the three months ended March 31, 2020 represents that of Star Parent, L.P. ("Star Parent"), the former parent of D&B through which the Company was invested prior to D&B's initial public offering in July 2020.
 March 31,
2021
December 31,
2020
(In millions)
Total current assets$673.2 $874.4 
Goodwill and other intangible assets, net8,475.9 7,672.7 
Other assets775.8 673.2 
Total assets$9,924.9 $9,220.3 
Current liabilities$996.3 $828.1 
Long-term debt3,548.0 3,255.8 
Other non-current liabilities1,702.4 1,552.5 
Total liabilities6,246.7 5,636.4 
Total equity3,678.2 3,583.9 
Total liabilities and equity$9,924.9 $9,220.3 
 Three months ended March 31, 2021Three months ended March 31, 2020
(In millions)
Total revenues$504.5 $395.7 
Loss before income taxes(33.7)(0.6)
Net (loss) income(23.3)74.3 
Dividends attributable to preferred equity and noncontrolling interest expense(1.7)(32.4)
Net (loss) earnings attributable to Dun & Bradstreet(25.0)