Q2 2024 Cannae Holdings Inc Earnings Call Transcript
Key Points
- Cannae Holdings Inc (CNNE) successfully executed a strategic sale of Alight's payroll and professional services business for up to $1.2 billion, enhancing cash flow and reducing debt.
- Dun & Bradstreet, a major holding, reported a 4.3% year-over-year organic revenue growth and a 5.7% growth in adjusted EBITDA, indicating improved financial performance.
- Cannae Holdings Inc (CNNE) returned over $235 million to shareholders in 2024 through dividends and share buybacks, demonstrating a commitment to shareholder value.
- AFC Bournemouth, under Cannae Holdings Inc (CNNE)'s ownership, achieved its highest Premier League points total, leading to a 19% revenue increase, showcasing successful sports investment.
- The partnership with JANA Partners is expected to unlock value in undervalued public companies, potentially creating new investment opportunities for Cannae Holdings Inc (CNNE).
- Cannae Holdings Inc (CNNE) took a $141 million impairment on its Sightline investment due to poor market adoption and cash flow issues, impacting overall financial results.
- Operating revenues decreased by 23% compared to the prior year, largely due to a reduction in restaurant locations, indicating challenges in the restaurant segment.
- Alight's second-quarter revenue from continuing operations decreased by 4% year-over-year, reflecting challenges in maintaining growth post-business sale.
- FC Lorient, partially owned by Cannae Holdings Inc (CNNE), was relegated to Ligue 2, negatively impacting the sports investment portfolio.
- The Restaurant Group faced a 27% reduction in locations and laid off 20% of corporate employees, highlighting ongoing restructuring challenges.
Good afternoon, ladies and gentlemen, and welcome to the Cannae Holdings, Inc. second-quarter 2024 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded, and a replay is available through 11:59 PM Eastern Time on August 15, 2024.
With that, I would like to turn the call over to Jamie Lillis of Solebury Strategic Communications. Please go ahead.
Thank you, operator, and all of you for joining us. On the call today, we have Ryan Caswell, Cannae's President; and Bryan Coy, our Chief Financial Officer.
But before we begin, I would like to remind listeners that this conference call and the Q&A following our remarks may contain forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about Cannae's expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on
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