Cannae Holdings, Inc. Q4 FY2025 earnings call

Over the last year, Cannae made substantial progress. Notable accomplishments included sale of Dun & Bradstreet, repurchase of stock, increase in dividend, investments in Black Knight Football Club and JANA Partners. Activities at Black Knight Football clubs were highlighted. New strategic priorities were established including portfolio transformation, enhanced operating performance and transparency, disciplined capital return, and ongoing governance evolution.

Fourth quarter total operating revenues of Cannae were $103 million, a 6% decrease from $110 million in 2024, primarily from lower restaurant revenue offset by higher lot sales and hospitality revenue at Brasada Ranch. Full year 2025 total operating revenue was $424 million, compared to $453 million in 2024, reflecting lower restaurant rotations and associated revenue. Cannae's operating loss was $119 million in 2025, compared to $104 million in 2024.

Board has established new strategic priorities including accelerating portfolio transformation to focus on sports and entertainment related assets, intensifying efforts on improving operating performance of portfolio companies and increasing disclosure, committed to disciplined capital return, and continuous evaluation and enhancement of governance policies and procedures.

Forward-looking statements involve risks and uncertainties, including those detailed in quarterly shareholder letter and other SEC filings.

Q: Just in terms of the strategic priorities...

A: Ryan Caswell answered.

Q: I wanted to ask on Black Knight Football Club...

A: Ryan Caswell answered.

Q: What should we expect there?

A: Ryan Caswell answered