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Mar 31, 2020
Cannae Holdings Q1 2020 Earnings Report
Cannae Holdings reported operating results for the three-month period March 31, 2020.
Key Takeaways
Cannae Holdings reported a successful first quarter, executing its plan of monetizing legacy investments, making new investments, nurturing its core portfolio companies, and adding to the Company’s liquidity for future investment. Holding company cash totaled $398.7 million. Total book value of portfolio company investments was $2.2 billion, or $27.57 per share.
Dun & Bradstreet repriced its $2.53 billion term loan B facility reducing its interest rate by 100 basis points.
Cannae sold 3.9 million common shares of Ceridian HCM Holdings Inc. and received gross proceeds of $283.7 million and recorded a gain of $223.1 million.
Cannae completed the previously announced investment in AmeriLife Group, LLC with THL Partners, funding $125.0 million in equity for a 20% interest.
Holding company cash totaled $398.7 million, providing ample capacity for future transactions.
Cannae Holdings
Cannae Holdings
Cannae Holdings Revenue by Segment
Revenue by Segment
Restaurant Revenue
CapyFin.comOther operating Revenue
CapyFin.com Forward Guidance
Cannae believes that opportunities to invest in good companies at attractive values will present themselves.
Positive Outlook
- Strong balance sheet
- Approximately $400 million in cash
- No debt
- Ability to continue to nurture our portfolio companies
- Ample capital to deploy on investments
Challenges Ahead
- Changes in general economic, business and political conditions
- Changes in the financial markets
- Changes in the conditions resulting from the outbreak of a pandemic such as the novel COVID-19
- The overall impact of the outbreak of COVID-19 and measures to curb its spread, including the effect of governmental or voluntary mitigation measures such as business shutdowns, social distancing, and stay-at-home orders
- Risks and uncertainties related to the success of our externalization
Revenue & Expenses
Visualization of income flow from segment revenue to net income