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Introductory Note The following describes the business of Cannae Holdings, Inc. and its subsidiaries. Except where otherwise noted, all references to "we," "us," "our," "Cannae," "Cannae Holdings" or the "Company," are to Cannae Holdings, Inc. and its subsidiaries, taken together.
The business is unprofitable at the operating level (-28.23% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 6.4% YoY. Margins deteriorated 5.3pp alongside, both lines moving the wrong way.
ROIC dropped from -3.45% to -5.56%, capital efficiency is deteriorating. Negative free cash flow of -$29M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$417M
▼ -6.4% YoY
Net Income (TTM)
-$432M
▼ -68.5% YoY
Op. Margin
-28.88%
▼ -5.3pp YoY
ROIC
-6.90%
▼ -2.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$59M
▲ +70.6% YoY
Op. Cash Flow (TTM)
-$48M
▲ +79.9% YoY
Net Debt
$68M
Cash & Equiv.
$136M
5Y CAGR: -32.2%
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