QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company |
Page | |||||
E. Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2023 and 2022 | |||||
Item 3. Defaults Upon Senior Securities | |||||
June 30, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments | |||||||||||
Other current assets | |||||||||||
Income taxes receivable | |||||||||||
Total current assets | |||||||||||
Investments in unconsolidated affiliates | |||||||||||
Equity securities, at fair value | |||||||||||
Lease assets | |||||||||||
Property and equipment, net | |||||||||||
Goodwill | |||||||||||
Deferred tax asset | |||||||||||
Other intangible assets, net | |||||||||||
Other long-term investments and non-current assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and other accrued liabilities, current | $ | $ | |||||||||
Lease liabilities, current | |||||||||||
Deferred revenue | |||||||||||
Notes payable, current | |||||||||||
Income taxes payable | |||||||||||
Total current liabilities | |||||||||||
Lease liabilities, long-term | |||||||||||
Notes payable, long-term | |||||||||||
Accounts payable and other accrued liabilities, long-term | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies - see Note H | |||||||||||
Equity: | |||||||||||
Cannae common stock, | |||||||||||
Preferred stock, | |||||||||||
Retained earnings | |||||||||||
Additional paid-in capital | |||||||||||
Less: Treasury stock, | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total Cannae shareholders' equity | |||||||||||
Noncontrolling interests | ( | ( | |||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Restaurant revenue | $ | $ | $ | $ | |||||||||||||||||||
Other operating revenue | |||||||||||||||||||||||
Total operating revenues | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of restaurant revenue | |||||||||||||||||||||||
Personnel costs | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating loss | ( | ( | ( | ( | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest, investment and other income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Recognized (losses) gains, net | ( | ( | ( | ||||||||||||||||||||
Total other (expense) income | ( | ( | ( | ||||||||||||||||||||
Loss before income taxes and equity in losses of unconsolidated affiliates | ( | ( | ( | ( | |||||||||||||||||||
Income tax benefit | ( | ( | ( | ( | |||||||||||||||||||
Loss before equity in losses of unconsolidated affiliates | ( | ( | ( | ( | |||||||||||||||||||
Equity in losses of unconsolidated affiliates | ( | ( | ( | ( | |||||||||||||||||||
Net loss | ( | ( | ( | ( | |||||||||||||||||||
Less: Net loss attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Net loss attributable to Cannae Holdings, Inc. common shareholders | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Earnings per share | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Net loss per share | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Diluted | |||||||||||||||||||||||
Net loss per share | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted Average Shares Outstanding | |||||||||||||||||||||||
Weighted average shares outstanding Cannae Holdings common stock, basic basis | |||||||||||||||||||||||
Weighted average shares outstanding Cannae Holdings common stock, diluted basis |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive earnings (loss), net of tax: | |||||||||||||||||||||||
Unrealized earnings (loss) of investments in unconsolidated affiliates (1) | ( | ( | |||||||||||||||||||||
Comprehensive loss | ( | ( | ( | ( | |||||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive loss attributable to Cannae Holdings, Inc. common shareholders | $ | ( | $ | ( | $ | ( | $ | ( |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comp (Loss) Earnings | Treasury Stock | Non-controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | $ | Shares | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Treasury stock repurchases | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, consolidated subsidiaries | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, unconsolidated affiliates | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive earnings — unrealized earnings of investments in unconsolidated affiliates, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock repurchases | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, consolidated subsidiaries | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, unconsolidated affiliates | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comp (Loss) Earnings | Treasury Stock | Non-controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | $ | Shares | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Treasury stock repurchases | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, consolidated subsidiaries | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, unconsolidated affiliates | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock repurchases | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Payment for shares withheld for taxes and in treasury | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, consolidated subsidiaries | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, unconsolidated affiliates | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary dividends paid to noncontrolling interests | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ |
Six months ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Equity in losses of unconsolidated affiliates | |||||||||||
Distributions from investments in unconsolidated affiliates | |||||||||||
Recognized (gains) losses and asset impairments, net | ( | ||||||||||
Lease asset amortization | |||||||||||
Stock-based compensation expense | |||||||||||
Non-cash carried interest expense | |||||||||||
Changes in assets and liabilities, net of effects from acquisitions: | |||||||||||
Other assets | |||||||||||
Lease liabilities | ( | ( | |||||||||
Accounts payable, accrued liabilities, deferred revenue and other liabilities | ( | ( | |||||||||
Income taxes | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
Cash flows from investing activities: | |||||||||||
Proceeds from sales of Ceridian shares | |||||||||||
Additions to property and equipment and other intangible assets | ( | ( | |||||||||
Collections of notes receivable | |||||||||||
Proceeds from sale of investments in unconsolidated affiliates and other long term investments | |||||||||||
Investment in System1 | ( | ||||||||||
Additional investments in unconsolidated affiliates | ( | ||||||||||
Purchases of other long term investments | ( | ( | |||||||||
Distributions from investments in unconsolidated affiliates | |||||||||||
Purchases of short-term investment securities | ( | ||||||||||
Proceeds from sale and maturity of short-term investment securities | |||||||||||
Net cash (used in) provided by investing activities | ( | ||||||||||
Cash flows from financing activities: | |||||||||||
Borrowings | |||||||||||
Debt service payments | ( | ( | |||||||||
Payment for vested shares withheld for taxes and in treasury | ( | ||||||||||
Treasury stock repurchases | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net (decrease) increase in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ |
Ownership at June 30, 2023 | June 30, 2023 | December 31, 2022 | |||||||||||||||
(in millions) | |||||||||||||||||
Dun & Bradstreet | % | $ | $ | ||||||||||||||
Alight | % | ||||||||||||||||
Sightline | % | ||||||||||||||||
System1 | % | ||||||||||||||||
BKFE | % | ||||||||||||||||
Paysafe | % | ||||||||||||||||
Other | various | ||||||||||||||||
Total | $ | $ |
June 30, 2023 | |||||
(in millions) | |||||
Dun & Bradstreet | $ | ||||
Alight | |||||
System1 | |||||
Paysafe |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Dun & Bradstreet (1) | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Alight | ( | ( | |||||||||||||||||||||
Sightline (2) | ( | ( | ( | ( | |||||||||||||||||||
System1 | ( | ( | ( | ||||||||||||||||||||
BKFE | ( | ( | |||||||||||||||||||||
Paysafe | ( | ( | ( | ( | |||||||||||||||||||
Other | ( | ||||||||||||||||||||||
Total | $ | ( | $ | ( | $ | ( | $ | ( |
June 30, 2023 | December 31, 2022 | ||||||||||
(In millions) | |||||||||||
Total current assets | $ | $ | |||||||||
Goodwill and other intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Current liabilities | $ | $ | |||||||||
Long-term debt | |||||||||||
Other non-current liabilities | |||||||||||
Total liabilities | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Operating income | |||||||||||||||||||||||
Loss before income taxes | ( | ( | ( | ( | |||||||||||||||||||
Net loss | ( | ( | ( | ||||||||||||||||||||
Less: net earnings attributable to noncontrolling interest | |||||||||||||||||||||||
Net loss attributable to Dun & Bradstreet | ( | ( | ( | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net (losses) gains recognized during the period on equity securities | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Less: net (losses) gains recognized during the period on equity securities sold or transferred during the period | ( | ( | |||||||||||||||||||||
Unrealized (losses) gains recognized during the reporting period on equity securities held at the reporting date | $ | ( | $ | ( | $ | $ | ( |
June 30, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Short-term investments | |||||||||||||||||||||||
Ceridian | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ |
December 31, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||
Ceridian | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Total Assets | Maximum Exposure | Total Assets | Maximum Exposure | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Investments in unconsolidated affiliates | $ | $ | $ | $ | ||||||||||||||||
Restaurant Group | Dun & Bradstreet | Paysafe | Alight | Sightline | Corporate and Other | Affiliate Elimination | Total | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Restaurant revenues | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Other operating revenues | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues from external customers | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Interest, investment and other income, including recognized gains (losses), net | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Total revenues, other income and realized gains (losses), net | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Income tax (benefit) expense | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
(Loss) earnings, before equity in (losses) earnings of unconsolidated affiliates | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net (loss) earnings | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||
Assets | $ | $ | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Goodwill | ( |
Restaurant Group | Dun & Bradstreet | Paysafe | Alight | Sightline | Corporate and Other | Affiliate Elimination | Total | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Restaurant revenues | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Other operating revenues | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues from external customers | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Interest investment and other income (expense), including recognized gains (losses), net | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues, other income and recognized gains (losses), net | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Income tax (benefit) expense | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
(Loss) earnings before equity in earnings of unconsolidated affiliates | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Net (loss) earnings | $ | ( | $ | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||
Assets | $ | $ | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Goodwill | ( |
Restaurant Group | Dun & Bradstreet | Paysafe | Alight | Sightline | Corporate and Other | Affiliate Elimination | Total | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Restaurant revenues | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Other operating revenues | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues from external customers | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Interest, investment and other income, including recognized gains (losses), net | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues and other income | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Loss before income taxes and equity in earnings (losses) of unconsolidated affiliates | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Income tax benefit | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Loss before equity in (losses) earnings of unconsolidated affiliates | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net (loss) earnings | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||
Assets | $ | $ | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Goodwill | ( |
Restaurant Group | Dun & Bradstreet | Paysafe | Alight | Sightline | Corporate and Other | Affiliate Elimination | Total | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Restaurant revenues | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Other operating revenues | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues from external customers | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Interest investment and other income, including recognized gains (losses), net | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues and other income | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
(Loss) earnings before equity in earnings (losses) of unconsolidated affiliates | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Net (loss) earnings | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||
Assets | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Goodwill | ( |
Three Months Ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Revenue Stream | Segment | Total Revenue | ||||||||||||||||||||||||||||||
Restaurant revenue: | (in millions) | |||||||||||||||||||||||||||||||
Restaurant sales | Restaurant Group | $ | $ | $ | $ | |||||||||||||||||||||||||||
Other | Restaurant Group | |||||||||||||||||||||||||||||||
Total restaurant revenue | ||||||||||||||||||||||||||||||||
Other operating revenue: | ||||||||||||||||||||||||||||||||
Real estate and resort | Corporate and other | |||||||||||||||||||||||||||||||
Other | Corporate and other | |||||||||||||||||||||||||||||||
Total other operating revenue | ||||||||||||||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
(In millions) | |||||||||||
Trade receivables, net | $ | $ | |||||||||
Deferred revenue (contract liabilities) |
June 30, 2023 | December 31, 2022 | |||||||||||||
(In millions) | ||||||||||||||
2020 Margin Facility | $ | $ | ||||||||||||
FNF Revolver | ||||||||||||||
Other | ||||||||||||||
Notes payable, total | $ | $ | ||||||||||||
Less: Notes payable, current | ||||||||||||||
Notes payable, long term | $ | $ |
2023 (remaining) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total | $ |
2023 (remaining) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total purchase commitments | $ |
Six months ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
(In millions) | ||||||||||||||
Cash paid during the period: | ||||||||||||||
Interest | $ | $ | ||||||||||||
Income taxes | ||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||
D&B shares received as partial consideration for the Optimal Blue Disposition | ||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Restaurant revenue | $ | 145.2 | $ | 166.7 | $ | 293.7 | $ | 328.8 | |||||||||||||||
Other operating revenue | 7.6 | 7.8 | 13.4 | 13.1 | |||||||||||||||||||
Total operating revenues | 152.8 | 174.5 | 307.1 | 341.9 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of restaurant revenue | 128.3 | 147.9 | 259.9 | 293.3 | |||||||||||||||||||
Personnel costs | 11.3 | 16.0 | 26.9 | 37.1 | |||||||||||||||||||
Depreciation and amortization | 4.6 | 6.2 | 9.7 | 12.0 | |||||||||||||||||||
Other operating expenses | 28.2 | 31.4 | 52.9 | 102.1 | |||||||||||||||||||
Total operating expenses | 172.4 | 201.5 | 349.4 | 444.5 | |||||||||||||||||||
Operating loss | (19.6) | (27.0) | (42.3) | (102.6) | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest, investment and other income | 2.7 | 0.1 | 5.5 | 0.1 | |||||||||||||||||||
Interest expense | (4.0) | (2.6) | (8.4) | (5.0) | |||||||||||||||||||
Recognized (losses) gains, net | (42.2) | (193.6) | 9.9 | (458.8) | |||||||||||||||||||
Total other (expense) income | (43.5) | (196.1) | 7.0 | (463.7) | |||||||||||||||||||
Loss before income taxes and equity in losses of unconsolidated affiliates | (63.1) | (223.1) | (35.3) | (566.3) | |||||||||||||||||||
Income tax benefit | (21.8) | (66.5) | (19.2) | (128.4) | |||||||||||||||||||
Loss before equity in losses of unconsolidated affiliates | (41.3) | (156.6) | (16.1) | (437.9) | |||||||||||||||||||
Equity in losses of unconsolidated affiliates | (49.1) | (108.0) | (81.2) | (76.1) | |||||||||||||||||||
Net loss | (90.4) | (264.6) | (97.3) | (514.0) | |||||||||||||||||||
Less: Net loss attributable to non-controlling interests | (3.2) | (1.3) | (6.0) | (3.1) | |||||||||||||||||||
Net loss attributable to Cannae Holdings, Inc. common shareholders | $ | (87.2) | $ | (263.3) | $ | (91.3) | $ | (510.9) |
Three Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Dun & Bradstreet | $ | (5.6) | (2.6) | ||||||||
Alight | (7.0) | 2.5 | |||||||||
Sightline | (5.0) | (4.2) | |||||||||
System1 | (15.7) | (9.1) | |||||||||
BKFE | (15.6) | — | |||||||||
Paysafe | (0.2) | (96.7) | |||||||||
Other | — | 2.1 | |||||||||
Total | $ | (49.1) | $ | (108.0) |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Dun & Bradstreet | $ | (13.9) | $ | (10.1) | |||||||
Alight | (14.1) | 9.2 | |||||||||
Sightline | (9.1) | (8.5) | |||||||||
System1 | (22.6) | 3.7 | |||||||||
BKFE | (16.9) | — | |||||||||
Paysafe | (2.1) | (89.9) | |||||||||
Other | (2.5) | 19.5 | |||||||||
Total | $ | (81.2) | $ | (76.1) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Restaurant revenue | $ | 145.2 | $ | 166.7 | $ | 293.7 | $ | 328.8 | |||||||||||||||
Total operating revenues | 145.2 | 166.7 | 293.7 | 328.8 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of restaurant revenue | 128.3 | 147.9 | 259.9 | 293.3 | |||||||||||||||||||
Personnel costs | 6.0 | 6.1 | 12.7 | 12.3 | |||||||||||||||||||
Depreciation and amortization | 4.3 | 5.6 | 8.9 | 10.9 | |||||||||||||||||||
Other operating expenses | 11.7 | 10.5 | 20.6 | 19.3 | |||||||||||||||||||
Total operating expenses | 150.3 | 170.1 | 302.1 | 335.8 | |||||||||||||||||||
Operating loss | (5.1) | (3.4) | (8.4) | (7.0) | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense | (1.3) | (1.1) | (2.6) | (2.2) | |||||||||||||||||||
Recognized (losses) gains, net | (0.2) | 2.0 | (0.1) | 1.4 | |||||||||||||||||||
Total other (expense) income | (1.5) | 0.9 | (2.7) | (0.8) | |||||||||||||||||||
Loss before income taxes and equity in losses of unconsolidated affiliates | $ | (6.6) | $ | (2.5) | $ | (11.1) | $ | (7.8) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Total revenues | $ | 554.7 | $ | 537.3 | $ | 1,095.1 | $ | 1,073.3 | |||||||||||||||
Operating income | 16.5 | 29.7 | 24.4 | 46.1 | |||||||||||||||||||
Net loss | (18.8) | — | (51.6) | (29.8) | |||||||||||||||||||
Less: net earnings attributable to noncontrolling interest | 0.6 | 1.8 | 1.5 | 3.3 | |||||||||||||||||||
Net loss attributable to Dun & Bradstreet | (19.4) | (1.8) | (53.1) | (33.1) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2022 | 2021 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Total revenues | $ | 806.0 | $ | 715.0 | $ | 1,637.0 | $ | 1,440.0 | |||||||||||||||
Gross profit | 257.0 | 219.0 | 514.0 | 442.0 | |||||||||||||||||||
Net (loss) income | (72.0) | 52.0 | (146.0) | 39.0 | |||||||||||||||||||
Net (loss) income attributable to noncontrolling interests | (6.0) | 1.0 | (12.0) | (1.0) | |||||||||||||||||||
Net (loss) income attributable to Alight | (66.0) | 51.0 | (134.0) | 40.0 |
Three months ended March 31, | Six months ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Total revenues | $ | 387.8 | $ | 367.7 | $ | 771.3 | $ | 739.3 | |||||||||||||||
Operating income (loss) | 35.0 | (1,191.7) | 53.2 | (1,162.7) | |||||||||||||||||||
Net loss | (3.8) | (1,170.8) | (37.6) | (1,080.3) | |||||||||||||||||||
Less: net earnings attributable to noncontrolling interest | — | 0.4 | — | 0.6 | |||||||||||||||||||
Net loss attributable to Paysafe | (3.8) | (1,171.2) | (37.6) | (1,080.9) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Other operating revenue | $ | 7.6 | $ | 7.8 | $ | 13.4 | $ | 13.1 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Personnel costs | 5.3 | 9.9 | 14.2 | 24.8 | |||||||||||||||||||
Depreciation and amortization | 0.3 | 0.6 | 0.8 | 1.1 | |||||||||||||||||||
Other operating expenses | 16.5 | 20.9 | 32.3 | 82.8 | |||||||||||||||||||
Total operating expenses | 22.1 | 31.4 | 47.3 | 108.7 | |||||||||||||||||||
Operating loss | (14.5) | (23.6) | (33.9) | (95.6) | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest, investment and other income | 2.7 | 0.1 | 5.5 | 0.1 | |||||||||||||||||||
Interest expense | (2.7) | (1.5) | (5.8) | (2.8) | |||||||||||||||||||
Recognized (losses) gains, net | (42.0) | (195.6) | 10.0 | (460.2) | |||||||||||||||||||
Total other (expense) income | (42.0) | (197.0) | 9.7 | (462.9) | |||||||||||||||||||
Loss before income taxes and equity in earnings of unconsolidated affiliates | $ | (56.5) | $ | (220.6) | $ | (24.2) | $ | (558.5) |
Three months ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Ceridian fair value adjustments | $ | (31.3) | $ | (152.0) | |||||||
Equity and other security impairments and fair value adjustments | (9.0) | (43.5) | |||||||||
Other, net | (1.7) | (0.1) | |||||||||
Recognized losses, net | $ | (42.0) | $ | (195.6) |
Six months ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Ceridian fair value adjustments | $ | 27.9 | $ | (476.5) | |||||||
Paysafe impairment | — | (236.0) | |||||||||
Equity and other security impairments and fair value adjustments | (9.0) | (52.8) | |||||||||
Optimal Blue gain on sale | — | 313.0 | |||||||||
Other, net | (8.9) | (7.9) | |||||||||
Recognized gains (losses), net | $ | 10.0 | $ | (460.2) |
2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Operating lease payments | $ | 16.8 | $ | 28.6 | $ | 25.7 | $ | 23.8 | $ | 22.0 | $ | 114.5 | $ | 231.4 | |||||||||||||||||||||||||||
Unconditional purchase obligations | 43.6 | 8.4 | 6.3 | 4.6 | — | — | 62.9 | ||||||||||||||||||||||||||||||||||
Notes payable | 5.2 | 1.1 | 85.8 | 8.9 | 0.6 | 2.7 | 104.3 | ||||||||||||||||||||||||||||||||||
Management fees payable to Manager | 19.1 | 31.8 | — | — | — | — | 50.9 | ||||||||||||||||||||||||||||||||||
Restaurant Group financing obligations | 2.0 | 3.7 | 4.5 | 3.5 | 3.5 | 17.2 | 34.4 | ||||||||||||||||||||||||||||||||||
Total | $ | 86.7 | $ | 73.6 | $ | 122.3 | $ | 40.8 | $ | 26.1 | $ | 134.4 | $ | 483.9 |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2) | ||||||||||||||||||||||
4/1/2023 - 4/30/2023 | — | $ | — | — | 8,732,818 | |||||||||||||||||||||
5/1/2023 - 5/31/2023 | 1,148,905 | $ | 19.39 | 1,148,905 | 7,583,913 | |||||||||||||||||||||
6/1/2023 - 6/30/2023 | 1,916,899 | $ | 19.91 | 1,916,899 | 5,667,014 | |||||||||||||||||||||
Total | 3,065,804 | $ | 19.71 | 3,065,804 | ||||||||||||||||||||||
Item 3. Defaults Upon Senior Securities |
Item 5. Other Information |
10.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1* | ||||||||
32.2* | ||||||||
101.INS** | Inline XBRL Instance Document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
104 | Cover Page Interactive Data File formatted in Inline XBRL and contained in Exhibit 101. |
Date: | August 9, 2023 | CANNAE HOLDINGS, INC. (registrant) | ||||||||||||
By: | /s/ Bryan D. Coy | |||||||||||||
Bryan D. Coy | ||||||||||||||
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
CANNAE FUNDING C, LLC, as Borrower 1 | |||||
By: | /s/ Bryan. D Coy | ||||
Name: Bryan. D Coy | |||||
Title: Chief Financial Officer | |||||
CANNAE FUNDING D, LLC, as Borrower 2 | |||||
By: | /s/ Bryan. D Coy | ||||
Name: Bryan. D Coy | |||||
Title: Chief Financial Officer |
ROYAL BANK OF CANADA, as Administrative Agent | |||||
By: | /s/ Annie Lee | ||||
Name: Annie Lee | |||||
Title: Manager, Agency Services |
ROYAL BANK OF CANADA, as Calculation Agent | |||||
By: | /s/ Brian Ward | ||||
Name: Brian Ward | |||||
Title: Authorized Signatory | |||||
ROYAL BANK OF CANADA, as Lender | |||||
By: | /s/ Glenn Van Allen | ||||
Name: Glenn Van Allen | |||||
Title: Authorized Signatory | |||||
By: | /s/ Richard N. Massey | |||||||
Richard N. Massey Chief Executive Officer and Principal Executive Officer |
By: | /s/ Bryan D. Coy | |||||||
Bryan D. Coy Chief Financial Officer and Principal Financial Officer |
By: | /s/ Richard N. Massey | |||||||
Richard N. Massey | ||||||||
Chief Executive Officer and Principal Executive Officer |
By: | /s/ Bryan D. Coy | |||||||
Bryan D. Coy | ||||||||
Chief Financial Officer and Principal Financial Officer |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock authorized (in shares) | 115,000,000 | 115,000,000 |
Common stock outstanding (in shares) | 73,423,951 | 76,254,972 |
Common stock issued (in shares) | 92,820,862 | 92,583,280 |
Preferred stock par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Preferred stock authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock issued (in shares) | 0 | 0 |
Preferred stock outstanding (in shares) | 0 | 0 |
Treasury shares (in shares) | 19,396,911 | 16,328,308 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) EARNINGS - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|||
Statement of Comprehensive Income [Abstract] | ||||||
Net loss | $ (90.4) | $ (264.6) | $ (97.3) | $ (514.0) | ||
Other comprehensive earnings (loss), net of tax: | ||||||
Unrealized earnings (loss) of investments in unconsolidated affiliates | [1] | 3.0 | (6.4) | 4.2 | (7.6) | |
Comprehensive loss | (87.4) | (271.0) | (93.1) | (521.6) | ||
Less: Comprehensive loss attributable to noncontrolling interests | (3.2) | (1.3) | (6.0) | (3.1) | ||
Comprehensive loss attributable to Cannae Holdings, Inc. common shareholders | $ (84.2) | $ (269.7) | $ (87.1) | $ (518.5) | ||
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) EARNINGS (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Unrealized loss of investments in unconsolidated affiliates, tax expense (benefit) | $ 0.8 | $ (1.7) | $ 1.1 | $ (2.0) |
Basis of Financial Statements |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statements | 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 primarily acquire interests in operating companies and are engaged in actively managing and operating a core group of those companies, which we are committed to supporting for the long term. From time to time, we also seek to take meaningful equity ownership stakes where we have the ability to control or significantly influence quality companies, and we bring the strength of our operational expertise to each of our subsidiaries. We are a long-term owner that secures control and governance rights of other companies primarily to engage in their lines of business and we have no preset time constraints dictating when we sell or dispose of our businesses. We believe that our long-term ownership and active involvement in the management and operations of companies helps maximize the value of those businesses for our shareholders. Our primary assets as of June 30, 2023 include our ownership interests in Dun & Bradstreet Holdings, Inc. ("Dun & Bradstreet" or "D&B"); Ceridian HCM Holding, Inc. ("Ceridian"); Alight, Inc. ("Alight"); Paysafe Limited ("Paysafe"); Sightline Payments Holdings, LLC ("Sightline"); System1, Inc. ("System1"); Black Knight Football and Entertainment, LP ("BKFE"); Computer Services, Inc. ("CSI"); AmeriLife Group, LLC ("AmeriLife"); O'Charley's Holdings, LLC ("O'Charley's"); 99 Restaurants Holdings, LLC ("99 Restaurants"); and various other controlled portfolio companies and minority equity ownership interests. See Note E - Segment Information 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 our external manager, 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, 2022. All intercompany profits, transactions and balances have been eliminated. Our ownership interests in non-majority-owned partnerships and affiliates are accounted for under the equity method of accounting or as equity securities. Earnings attributable to noncontrolling interests recorded on the Condensed Consolidated Statements of Operations represents the portion of our majority-owned subsidiaries' net earnings or loss that is owned by noncontrolling shareholders of such subsidiaries. Noncontrolling interest recorded on the Condensed Consolidated Balance Sheets represents the portion of equity owned by noncontrolling shareholders in our consolidated subsidiaries. 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 (See Note C - Fair Value Measurements). Actual results may differ from estimates. Recent Developments Ceridian In February 2023, we completed the sale of 1.0 million shares of common stock of Ceridian. In connection with the sale, we received proceeds of $78.0 million. We owned 5.0 million shares of Ceridian common stock as of June 30, 2023, which represented approximately 3.2% of its outstanding stock as of June 30, 2023. Refer to Note B - Investments and Note C - Fair Value Measurements for further discussion of our accounting for our ownership interest in Ceridian and other equity securities. Dun & Bradstreet On February 9, 2023 and April 26, 2023, the board of directors of D&B declared a quarterly cash dividend of $0.05 per share of DNB common stock. In the six months ended June 30, 2023, we received $7.9 million of cash dividends from D&B which are recorded as a reduction to the basis of our recorded asset for D&B. As of June 30, 2023, we owned 79.0 million shares of D&B, which represented approximately 18.0% of its outstanding common stock. See Note B - Investments for further discussion of our accounting for our ownership interest in D&B and other equity method investments. Black Knight Football and Entertainment In the six months ended June 30, 2023, we invested $44.0 million in BKFE. Subsequent to June 30, 2023, we invested another $40.8 million in BKFE. Following the last investment, we have completed the funding of our previously disclosed commitment to invest in BKFE and have no further legal obligation to fund BKFE as of the date of this Quarterly Report on Form 10-Q. Other Developments On August 3, 2022, our Board authorized a new three-year stock repurchase program, (the "2022 Repurchase Program"), under which the Company may repurchase up to 10.0 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 August 3, 2025. The repurchase program does not obligate us to acquire any specific number of shares and may be suspended or terminated at any time. During the three and six months ended June 30, 2023, we repurchased 3,065,804 shares for approximately $60.4 million, or an average of $19.71 per share. Subsequent to June 30, 2023, we repurchased 54,880 shares for approximately $1.1 million. On May 22, 2023, we invested $52.1 million for an 89% ownership interest in High Sierra Distillery, LP ("Minden Mill"). Minden Mill, through its wholly owned subsidiaries, owns and operates a farm-to-flask distillery and related hospitality venues. Entities affiliated with our chairman, William P. Foley II, are the general partner of Minden Mill and manage all aspects of its operation. The investment in Minden Mill is accounted for as an investment in an unconsolidated affiliate. See Note B - Investments for further discussion of our investments in unconsolidated affiliates. Related Party Transactions During the three and six months ended June 30, 2023, we incurred management fee expenses payable to our Manager of $9.6 million and $18.9 million, respectively, and during the three and six months ended June 30, 2022, we incurred $10.6 million and $21.2 million, respectively. During the three and six months ended June 30, 2022, we incurred $2.2 million and $47.4 million, respectively, of carried interest expense related to the disposition of certain of the Company's assets and ownership interests. These expenses 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 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 and six months ended June 30, 2023 and 2022, there were 0.4 million and 0.1 million antidilutive shares of restricted stock outstanding, respectively, that were excluded from the calculation of diluted earnings per share. Income Taxes Our effective tax rate was 34.5% and 29.8% in the three months ended June 30, 2023 and 2022, respectively, and 54.4% and 22.7% in the six months ended June 30, 2023 and 2022, respectively. The change in the effective tax rate in the three and six-month period ended June 30, 2023 compared to the corresponding prior year period was primarily attributable to the varying impact of equity in (losses) earnings of unconsolidated affiliates on income tax expense (benefit). We have a Deferred tax asset of $47.6 million and $22.7 million as of June 30, 2023 and December 31, 2022, respectively. The $24.9 million change in deferred taxes in the six months ended June 30, 2023 is primarily attributable to equity in losses of unconsolidated affiliates partially offset by sales of Ceridian shares and mark to market gains recorded on Ceridian. 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.
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Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments Investments in Unconsolidated Affiliates Investments in unconsolidated affiliates recorded using the equity method of accounting as of June 30, 2023 and December 31, 2022 consisted of the following:
The aggregate fair value of our direct ownership in the common stock of unconsolidated affiliates that have quoted market prices as of June 30, 2023 consisted of the following:
Equity in (losses) earnings of unconsolidated affiliates for the three and six months ended June 30, 2023 and 2022 consisted of the following:
_____________________________________ (1) Equity in losses for D&B includes $2.1 million of loss for the three months ended June 30, 2023 and 2022, respectively, and $4.3 million and $3.2 million of loss for the six months ended June 30, 2023 and 2022, respectively, related to amortization of Cannae's basis difference between the book value of its ownership interest and ratable portion of the underlying equity in net assets of D&B. (2) Equity in losses for Sightline includes $1.9 million of loss in the three months ended June 30, 2023 and 2022, respectively, and $3.9 million of loss for the six months ended June 30, 2023 and 2022, respectively, related to amortization of Cannae's basis difference between the book value of its investment and ratable portion of the underlying equity in net assets of Sightline. Dun & Bradstreet Summarized financial information for D&B for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in earnings of unconsolidated affiliates in our Condensed Consolidated Balance Sheets and Statements of Operations, respectively, is presented below.
Equity Securities Gains (losses) on equity securities included in Recognized gains (losses), net on the Condensed Consolidated Statements of Operations consisted of the following for the three and six months ended June 30, 2023 and 2022:
Equity Security Investments Without Readily Determinable Fair Values We account for our investments in AmeriLife and certain other ownership interests at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly market transactions. As of June 30, 2023 and December 31, 2022, we have $121.9 million and $114.8 million, respectively, recorded for such investments, which is included in Other long term investments and noncurrent assets on our Condensed Consolidated Balance Sheets. During the three months ended June 30, 2023, we recorded impairment of $9.0 million to certain of our equity ownership interests without readily determinable fair values. The amount of the impairment was determined based on the valuation of the investee implied by a contemplated sale to a third-party.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | 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. 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 June 30, 2023 and December 31, 2022, respectively:
We had no material assets or liabilities valued on a recurring basis using Level 3 inputs as of or for the six months ended June 30, 2023 and December 31, 2022. Additional information regarding the fair value of our investment portfolio is included in Note B - Investments.
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Variable Interest Entities |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities The Company, in the normal course of business, engages in certain activities that involve variable interest entities ("VIEs"), which are legal entities in which a group of equity investors individually lack any of the characteristics of a controlling interest. The primary beneficiary of a VIE is generally the enterprise that has both the power to direct the activities most significant to the economic performance of the VIE and the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. The Company evaluates its interest in certain entities to determine if these entities meet the definition of a VIE and whether the Company is the primary beneficiary and should consolidate the entity based on the variable interests it held both at inception and when there is a change in circumstances that requires a reconsideration. If the Company is determined to be the primary beneficiary of a VIE, it must account for the VIE as a consolidated subsidiary. If the Company is determined not to be the primary beneficiary of a VIE but holds a variable interest in the entity, such variable interests are accounted for under accounting standards as deemed appropriate. As of and for the periods ended June 30, 2023 and December 31, 2022, we are not the primary beneficiary of any VIEs. Unconsolidated VIEs The table below summarizes select information related to variable interests held by the Company as of June 30, 2023 and December 31, 2022, of which we are not the primary beneficiary:
Investments in Unconsolidated Affiliates As of June 30, 2023 and December 31, 2022, we held variable interests in certain unconsolidated affiliates, which are primarily comprised of our ownership interests in BKFE, CSI and Minden Mill. Cannae does not have the power to direct the activities that most significantly impact the economic performance of these unconsolidated affiliates; therefore, we are not the primary beneficiary. The principal risk to which these investments and funds are exposed is the credit risk of the underlying investees. Cannae has guaranteed certain payment obligations of BKFE related to investment commitments associated with its acquisitions of interests in football clubs. These BKFE obligations total an estimated amount of approximately $65.2 million in the aggregate as of the date of this Quarterly Report and are potentially payable at various increments over the next five years. The underlying obligation of BKFE to fund these amounts is contingent on the exercise of certain investment options by BKFE or other parties. Cannae is required to fund such payments solely to the extent BKFE is unable to meet these obligations. We do not provide any other implicit or explicit liquidity guarantees or principal value guarantees to these VIEs. The assets are included in Investments in unconsolidated affiliates on the Condensed Consolidated Balance Sheets and accounted for under the equity method of accounting. See Note B - Investments for further discussion of our accounting for investments in unconsolidated affiliates.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information Summarized financial information concerning our reportable segments is shown in the following tables. As of and for the three months ended June 30, 2023:
As of and for the three months ended June 30, 2022:
As of and for the six months ended June 30, 2023:
As of and for the six months ended June 30, 2022:
The activities in our segments include the following: •Restaurant Group. This segment consists primarily of the operations of O'Charley's and 99 Restaurants in which we have 65.4% and 88.5% ownership interests, respectively. O'Charley's and 99 Restaurants and their affiliates are the owners and operators of the O'Charley's and Ninety Nine Restaurants restaurant concepts, respectively. •Dun & Bradstreet. This segment consists of our 18.0% ownership interest in Dun & Bradstreet. Dun & Bradstreet is a leading global provider of business decisioning data and analytics. Clients embed D&B's trusted, end-to-end solutions into their daily workflows to enhance salesforce productivity, gain visibility into key markets, inform commercial credit decisions and confirm that suppliers are financially viable and compliant with laws and regulations. Dun & Bradstreet's solutions support its clients’ mission critical business operations by providing proprietary and curated data and analytics to help drive informed decisions and improved outcomes. Dun & Bradstreet's global commercial database as of December 31, 2022 contained hundreds of millions of business records. Our chief operating decision maker reviews the full financial results of Dun & Bradstreet for purposes of assessing performance and allocating resources. Thus, we consider Dun & Bradstreet a reportable segment and have included the full results of Dun & Bradstreet in the tables above. We account for Dun & Bradstreet using the equity method of accounting; therefore, its results do not consolidate into ours. Accordingly, we have presented the elimination of Dun & Bradstreet's results in the Affiliate Elimination section of the segment presentation above. •Alight. This segment consists of our 9.7% ownership interest in Alight. Alight is a leading cloud-based human capital technology and services provider that powers confident health, wealth and wellbeing decisions for millions of people and their dependents. Its Alight Worklife® platform combines data and analytics with a simple, seamless user experience. Supported by its global delivery capabilities, Alight Worklife is transforming the employee experience for people around the world through personalized, data-driven health, wealth, pay and wellbeing insights. Our chief operating decision maker reviews the full financial results of Alight for purposes of assessing performance and allocating resources. Thus, we consider Alight a reportable segment and have included the full results of Alight subsequent to our initial acquisition of an ownership interest in the tables above. We account for Alight using the equity method of accounting, and therefore, its results do not consolidate into ours. Accordingly, we have presented the elimination of Alight's results in the Affiliate Elimination section of the segment presentation above. •Paysafe. This segment consists of our 5.5% ownership interest in Paysafe. Paysafe is a leading payments platform with an extensive track record of serving merchants and consumers in the global entertainment sectors. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. Our chief operating decision maker reviews the full financial results of Paysafe for purposes of assessing performance and allocating resources. Thus, we consider Paysafe a reportable segment and have included the full results of Paysafe subsequent to our initial acquisition of an ownership interest in the tables above. We account for Paysafe using the equity method of accounting, and therefore, its results do not consolidate into ours. Accordingly, we have presented the elimination of Paysafe's results in the Affiliate Elimination section of the segment presentation above. We report our equity in earnings or loss of Paysafe on a three-month lag. Accordingly, our net earnings and the segment tables above, respectively, for the three and six months ended June 30, 2023 and 2022, include our equity in Paysafe’s earnings and complete results of Paysafe, respectively, for the three and six months ended March 31, 2023 and 2022, respectively. •Sightline. This segment consists of our 32.4% ownership interest in Sightline Payments. Sightline Payments is a leading digital payments provider and mobile application developer to the United States' sports betting and casino gaming market. Our chief operating decision maker reviews the full financial results of Sightline for purposes of assessing performance and allocating resources. Thus, we consider Sightline a reportable segment and have included the full results of Sightline subsequent to our initial acquisition of an ownership interest in the tables above. We account for Sightline using the equity method of accounting, and therefore, its results do not consolidate into ours. Accordingly, we have presented the elimination of Sightline's results in the Affiliate Elimination section of the segment presentation above. We report our equity in earnings or loss of Sightline on a three-month lag. Accordingly, our net earnings and the segment tables above, respectively, for the three and six months ended June 30, 2023 and 2022, include our equity in Sightline’s earnings and complete results of Sightline, respectively, for the three and six months ended March 31, 2023 and 2022, respectively. •Corporate and Other. This nonreportable segment consists of our share in the operations of certain controlled portfolio companies and other equity interests, activity of the corporate holding company and certain intercompany eliminations and taxes.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Disaggregation of Revenue Our revenue consists of:
Restaurant revenue consists of restaurant 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. 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:
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 $3.1 million and $5.2 million was recognized in the three months ended June 30, 2023 and 2022, respectively, and $4.8 million and $7.6 million in the six months ended, respectively, that was included in Deferred revenue at the beginning of the period. There was no impairment related to contract balances.
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Notes Payable |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Payable | Notes Payable Notes payable, net consists of the following:
At June 30, 2023, the carrying value of our outstanding notes payable approximates fair value and are considered Level 2 financial liabilities. 2020 Margin Facility On November 30, 2020, Cannae Funding C, LLC ("Borrower 1"), an indirect wholly-owned special purpose subsidiary of the Company, and Cannae Funding D, LLC ("Borrower 2" and, together with Borrower 1, the "Borrowers"), an indirect wholly-owned special purpose subsidiary of the Company, entered into a Margin Loan Agreement (the "2020 Margin Facility") with the lenders from time to time party thereto and Royal Bank of Canada. Under the 2020 Margin Facility, as amended, the Borrowers may borrow up to $150.0 million in revolving loans and, subject to certain terms and conditions, may enter into an amendment to the 2020 Margin Facility to borrow up to $500.0 million in revolving loans (including the initial revolving loans) from the same initial lender and/or additional lenders on substantially identical terms and conditions as the initial revolving loans. The 2020 Margin Facility matures on November 30, 2023. Outstanding amounts under the 2020 Margin Facility, if any, bear interest quarterly at a rate per annum equal to a three-month adjusted SOFR plus an applicable margin. The 2020 Margin Facility requires the Borrowers to maintain a certain loan-to-value ratio (based on the value of Ceridian and D&B shares). In the event the Borrowers fail to maintain such loan-to-value ratio, the Borrowers must post additional cash collateral under the Loan Agreement and/or elect to repay a portion of the revolving loans thereunder, or sell the Ceridian and/or D&B shares and use the proceeds from such sale to prepay a portion of the revolving loans thereunder. On June 16, 2023, the 2020 Margin Facility was amended to, among other things, lower the immediate capacity from $250 million to $150 million. As of June 30, 2023, there was no outstanding balance under the 2020 Margin Facility, $150.0 million of unused capacity with an option to increase the capacity to $500.0 million upon amendment, and the 2020 Margin Facility was secured by a first priority lien on 5 million shares of Ceridian and 35 million shares of D&B. FNF Revolver On November 17, 2017, Fidelity National Financial, Inc. ("FNF") issued to Cannae a revolver note in aggregate principal amount of up to $100.0 million. On May 12, 2022, FNF and Cannae amended and restated the revolver note to, among other things, limit the use of proceeds for borrowings thereunder to the repurchase of our own shares of common stock from FNF (as amended and restated, the "FNF Revolver"). Pursuant to the FNF Revolver, FNF may make one or more loans to us with up to $100.0 million outstanding at any time. The FNF Revolver accrues interest at one-month adjusted SOFR plus 450 basis points and matures on November 17, 2025. The maturity date is automatically extended for additional five-year terms unless notice of non-renewal is otherwise provided by either FNF or Cannae, in their sole discretion. On June 28, 2022, we completed the repurchase of all of our common stock previously held by FNF. As of June 30, 2023, there was a $84.7 million outstanding principal amount which incurred interest at 9.77% and there is no available borrowing capacity under the FNF Revolver. Gross principal maturities of notes payable at June 30, 2023 are as follows (in millions):
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Legal Contingencies In the ordinary course of business, we are involved in various pending and threatened litigation and regulatory matters related to our operations, some of which include claims for punitive or exemplary damages. Our ordinary course litigation includes purported class action lawsuits, which make allegations related to various aspects of our business. From time to time, we also receive requests for information from various state and federal regulatory authorities, some of which take the form of civil investigative demands or subpoenas. Some of these regulatory inquiries may result in the assessment of fines for violations of regulations or settlements with such authorities requiring a variety of remedies. We believe that no actions, other than those discussed below, if any, depart from customary litigation or regulatory inquiries incidental to our business. Our Restaurant Group companies are a defendant from time to time in various legal proceedings arising in the ordinary course of business, including claims relating to injury or wrongful death under "dram shop" laws that allow a person to sue us based on any injury caused by an intoxicated person who was wrongfully served alcoholic beverages at one of the restaurants; individual and purported class or collective action claims alleging violation of federal and state employment, franchise and other laws; and claims from guests or employees alleging illness, injury or other food quality, health or operational concerns. Our Restaurant Group companies are also subject to compliance with extensive government laws and regulations related to employment practices and policies and the manufacture, preparation, and sale of food and alcohol. We may also become subject to lawsuits and other proceedings, as well as card network fines and penalties, arising out of the actual or alleged theft of our customers' credit or debit card information. We review lawsuits and other legal and regulatory matters (collectively "legal proceedings") on an ongoing basis when making accrual and disclosure decisions. When assessing reasonably possible and probable outcomes, management bases its decision on its assessment of the ultimate outcome assuming all appeals have been exhausted. For legal proceedings in which it has been determined that a loss is both probable and reasonably estimable, a liability based on known facts that represents our best estimate is recorded. As of June 30, 2023 and December 31, 2022, our accrual for settlements of legal proceedings was not considered material. Actual losses may materially differ from the amounts recorded and the ultimate outcome of our pending legal proceedings is generally not yet determinable. While some of these matters could be material to our operating results or cash flows for any particular period in the event of an unfavorable outcome, at present, we do not believe that the ultimate resolution of currently pending legal proceedings, either individually or in the aggregate, will have a material adverse effect on our financial condition, results of operations or cash flows. On September 23, 2020, a stockholder derivative lawsuit styled Oklahoma Firefighters Pension & Retirement System, derivatively on behalf of Cannae Holdings, Inc. v. William P. Foley, II, et al., was filed in the Court of Chancery of the State of Delaware against the Company, certain Board members and officers of the Company, and the Manager, alleging breach of fiduciary duties relating to the Company’s Management Services Agreement. The plaintiff further alleges the Board breached their fiduciary duties by approving bonuses in connection with the initial public offering of Ceridian and the approval of an Investment Success Incentive Plan in August 2018. Along with the Complaint, the plaintiff filed a motion for partial summary judgment as to the count seeking to void the Management Services Agreement. On January 27, 2021, the Company entered into an amendment to the Management Services Agreement and plaintiff withdrew its motion for partial summary judgment as moot. On February 1, 2021, the court ordered the plaintiff's summary judgment motion withdrawn and dismissed the related count of the plaintiff's complaint. On February 18, 2021, our Board formed a Special Litigation Committee (the "SLC") consisting of two of the Board’s Directors, and has authorized the SLC, among other things, to investigate and evaluate the claims and allegations asserted in the lawsuit. The Board has also given the SLC the sole authority and power to consider and determine whether or not prosecution of the claims asserted in the lawsuit is in the best interest of the Company and its shareholders, and what action the Company should take with respect to the lawsuit. On March 9, 2021, the Court entered a stipulated Order staying the action for six months to allow the SLC to investigate, review, and evaluate the facts, circumstances, and claims asserted in or relating to the action and to determine the Company’s response thereto. On October 25, 2022, the parties, including the SLC acting on behalf of the Company, reached an agreement-in-principle to settle the action, subject to various terms and conditions, as well as court approval. On March 10, 2023, the parties formalized their settlement and entered into a Stipulation and Agreement of Compromise, Settlement and Release which has been filed with the court. The agreement includes, among other things, a payment of $6 million in cash to the Company, amendments to the Management Services Agreement between the Company and the Manager, and corporate governance changes. On June 8, 2023, the court entered an Order and Final Judgment approving the settlement in all respects and dismissing the lawsuit. The net settlement amount has been paid to the Company, and the parties are in the process of complying with the remaining terms of the settlement. The net settlement is recorded in Recognized gains (losses), net on our Condensed Consolidated Statement of Operations in the three months ended June 30, 2023. Unconditional Purchase Obligations We have certain unconditional purchase obligations, primarily in our Restaurant Group segment. These purchase obligations are with various vendors and are primarily related to food and beverage obligations with fixed commitments in regards to the time period of the contract and the quantities purchased with annual price adjustments that can fluctuate. We used both historical and projected volume and pricing as of June 30, 2023 to determine the amount of the obligations. Purchase obligations as of June 30, 2023 are as follows (in millions):
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Supplemental Cash Flow Information |
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Supplemental Cash Flow Elements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following supplemental cash flow information is provided with respect to certain cash payments, as well as certain non-cash investing and financing activities.
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Basis of Financial Statements (Policies) |
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Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation and Basis of Presentation | 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, 2022. All intercompany profits, transactions and balances have been eliminated. Our ownership interests in non-majority-owned partnerships and affiliates are accounted for under the equity method of accounting or as equity securities. Earnings attributable to noncontrolling interests recorded on the Condensed Consolidated Statements of Operations represents the portion of our majority-owned subsidiaries' net earnings or loss that is owned by noncontrolling shareholders of such subsidiaries. Noncontrolling interest recorded on the Condensed Consolidated Balance Sheets represents the portion of equity owned by noncontrolling shareholders in our consolidated subsidiaries.
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Management Estimates | 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 (See Note C - Fair Value Measurements). Actual results may differ from estimates.
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Related Party Transactions | Related Party TransactionsDuring the three and six months ended June 30, 2023, we incurred management fee expenses payable to our Manager of $9.6 million and $18.9 million, respectively, and during the three and six months ended June 30, 2022, we incurred $10.6 million and $21.2 million, respectively. During the three and six months ended June 30, 2022, we incurred $2.2 million and $47.4 million, respectively, of carried interest expense related to the disposition of certain of the Company's assets and ownership interests. These expenses are recorded in Other operating expenses on our Condensed Consolidated Statement of Operations. |
Earnings Per Share | 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 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.
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Recent Accounting Pronouncements | 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.
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Revenue Recognition | Restaurant revenue consists of restaurant 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. 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. 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.
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Investments (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains on Equity Securities Included in Recognized Gains and Losses | Gains (losses) on equity securities included in Recognized gains (losses), net on the Condensed Consolidated Statements of Operations consisted of the following for the three and six months ended June 30, 2023 and 2022:
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Schedule of Investments, Aggregate Fair Value of Ownership and Equity in Earnings of Unconsolidated Affiliates | Investments in unconsolidated affiliates recorded using the equity method of accounting as of June 30, 2023 and December 31, 2022 consisted of the following:
The aggregate fair value of our direct ownership in the common stock of unconsolidated affiliates that have quoted market prices as of June 30, 2023 consisted of the following:
Equity in (losses) earnings of unconsolidated affiliates for the three and six months ended June 30, 2023 and 2022 consisted of the following:
_____________________________________ (1) Equity in losses for D&B includes $2.1 million of loss for the three months ended June 30, 2023 and 2022, respectively, and $4.3 million and $3.2 million of loss for the six months ended June 30, 2023 and 2022, respectively, related to amortization of Cannae's basis difference between the book value of its ownership interest and ratable portion of the underlying equity in net assets of D&B. (2) Equity in losses for Sightline includes $1.9 million of loss in the three months ended June 30, 2023 and 2022, respectively, and $3.9 million of loss for the six months ended June 30, 2023 and 2022, respectively, related to amortization of Cannae's basis difference between the book value of its investment and ratable portion of the underlying equity in net assets of Sightline. Summarized financial information for D&B for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in earnings of unconsolidated affiliates in our Condensed Consolidated Balance Sheets and Statements of Operations, respectively, is presented below.
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, respectively:
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Variable Interest Entities (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The table below summarizes select information related to variable interests held by the Company as of June 30, 2023 and December 31, 2022, of which we are not the primary beneficiary:
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Segment Information (Tables) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Financial Information Concerning Reportable Segments | As of and for the three months ended June 30, 2023:
As of and for the three months ended June 30, 2022:
As of and for the six months ended June 30, 2023:
As of and for the six months ended June 30, 2022:
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Revenue Recognition (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | Our revenue consists of:
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Contract Balances | The following table provides information about trade receivables and deferred revenue:
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Notes Payable (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notes Payable | Notes payable, net consists of the following:
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Gross Principal Maturities of Notes Payable | Gross principal maturities of notes payable at June 30, 2023 are as follows (in millions):
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Obligations | Purchase obligations as of June 30, 2023 are as follows (in millions):
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Supplemental Cash Flow Information (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Supplemental Cash Flow information | The following supplemental cash flow information is provided with respect to certain cash payments, as well as certain non-cash investing and financing activities.
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Basis of Financial Statements -Other Developments (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|---|
May 22, 2023 |
Aug. 03, 2022 |
Aug. 09, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock repurchases | $ 60.4 | $ 84.7 | $ 60.4 | $ 138.6 | |||
Equity investment | $ 96.1 | $ 0.0 | |||||
Minden Mill | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Equity investment | $ 52.1 | ||||||
Ownership percentage | 89.00% | ||||||
2022 Repurchase Program | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock repurchase program, period | 3 years | ||||||
Stock repurchase program, authorized amount (up to) | $ 10.0 | ||||||
Treasury stock repurchases (in shares) | 3,065,804 | 3,065,804 | |||||
Stock repurchases | $ 60.4 | $ 60.4 | |||||
Stock repurchase, average price per share (in usd per share) | $ 19.71 | $ 19.71 | |||||
2022 Repurchase Program | Subsequent Event | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Treasury stock repurchases (in shares) | 54,880 | ||||||
Stock repurchases | $ 1.1 |
Basis of Financial Statements - Related Party Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Related Party Transaction [Line Items] | ||||
Other operating expenses | $ 28.2 | $ 31.4 | $ 52.9 | $ 102.1 |
Management Fee Expense Payable | ||||
Related Party Transaction [Line Items] | ||||
Other operating expenses | $ 9.6 | 10.6 | $ 18.9 | 21.2 |
Management Fee Expense, Interest Payable | ||||
Related Party Transaction [Line Items] | ||||
Other operating expenses | $ 2.2 | $ 47.4 |
Basis of Financial Statements - Earnings Per Share (Details) - shares shares in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Antidilutive shares excluded from calculation of diluted earnings per share (in shares) | 0.4 | 0.1 | 0.4 | 0.1 |
Basis of Financial Statements - Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Effective tax rate | 34.50% | 29.80% | 54.40% | 22.70% | |
Deferred tax asset | $ 47.6 | $ 47.6 | $ 22.7 | ||
Deferred tax liability | $ 22.7 | ||||
Change in deferred taxes | $ (24.9) |
Investments - Schedule of Summarized Financial Information, Dun & Bradstreet (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Condensed Consolidated Balance Sheets | ||||||||
Total current assets | $ 190.1 | $ 190.1 | $ 310.6 | |||||
Total assets | 2,995.6 | $ 3,188.1 | 2,995.6 | $ 3,188.1 | 3,125.5 | |||
Current liabilities | 127.9 | 127.9 | 122.7 | |||||
Long-term debt | 103.3 | 103.3 | 97.4 | |||||
Total liabilities | 413.6 | 413.6 | 410.6 | |||||
Total equity | 2,582.0 | 2,706.1 | 2,582.0 | 2,706.1 | $ 2,718.6 | 2,714.9 | $ 3,042.7 | $ 3,341.1 |
Total liabilities and equity | 2,995.6 | 2,995.6 | 3,125.5 | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ||||||||
Total revenues | 113.3 | (19.0) | 322.5 | (116.8) | ||||
Operating income | (19.6) | (27.0) | (42.3) | (102.6) | ||||
Net loss | (90.4) | (264.6) | (97.3) | (514.0) | ||||
Less: net earnings attributable to noncontrolling interest | (3.2) | (1.3) | (6.0) | (3.1) | ||||
Dun & Bradstreet | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
Total current assets | 690.1 | 690.1 | 703.9 | |||||
Goodwill and other intangible assets, net | 7,535.7 | 7,535.7 | 7,751.4 | |||||
Other assets | 1,041.4 | 1,041.4 | 1,016.6 | |||||
Total assets | 9,267.2 | 9,267.2 | 9,471.9 | |||||
Current liabilities | 974.6 | 974.6 | 1,102.6 | |||||
Long-term debt | 3,613.0 | 3,613.0 | 3,552.2 | |||||
Other non-current liabilities | 1,230.0 | 1,230.0 | 1,308.7 | |||||
Total liabilities | 5,817.6 | 5,817.6 | 5,963.5 | |||||
Total equity | 3,449.6 | 3,449.6 | 3,508.4 | |||||
Total liabilities and equity | 9,267.2 | 9,267.2 | $ 9,471.9 | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ||||||||
Total revenues | 554.7 | 537.3 | 1,095.1 | 1,073.3 | ||||
Operating income | 16.5 | 29.7 | 24.4 | 46.1 | ||||
Loss before income taxes | (37.0) | (0.7) | (82.4) | (40.5) | ||||
Net loss | (18.8) | 0.0 | (51.6) | (29.8) | ||||
Less: net earnings attributable to noncontrolling interest | 0.6 | 1.8 | 1.5 | 3.3 | ||||
Net loss attributable to Dun & Bradstreet | $ (19.4) | $ (1.8) | $ (53.1) | $ (33.1) |
Investments - Equity Securities Gains (Losses) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Net (losses) gains recognized during the period on equity securities | $ (40.3) | $ (152.0) | $ 18.9 | $ (476.5) |
Less: net (losses) gains recognized during the period on equity securities sold or transferred during the period | 0.0 | (24.3) | 13.8 | (132.2) |
Unrealized (losses) gains recognized during the reporting period on equity securities held at the reporting date | $ (40.3) | $ (127.7) | $ 5.1 | $ (344.3) |
Investments - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Debt Securities, Available-for-sale [Line Items] | ||
Investments without readily determinable fair value, impairment | $ 9.0 | |
AmeriLife and Other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments without readily determinable fair value | $ 121.9 | $ 114.8 |
Fair Value Measurements - Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Assets: | ||
Cash and cash equivalents | $ 112.7 | $ 247.7 |
Short-term investments | 53.6 | 34.9 |
Equity securities | 334.9 | 384.9 |
Total assets | 501.2 | 667.5 |
Ceridian | ||
Assets: | ||
Equity securities | 334.9 | 384.9 |
Level 1 | ||
Assets: | ||
Cash and cash equivalents | 112.7 | 247.7 |
Short-term investments | 53.6 | 34.9 |
Total assets | 501.2 | 667.5 |
Level 1 | Ceridian | ||
Assets: | ||
Equity securities | 334.9 | 384.9 |
Level 2 | ||
Assets: | ||
Cash and cash equivalents | 0.0 | 0.0 |
Short-term investments | 0.0 | 0.0 |
Equity securities | 0.0 | 0.0 |
Total assets | 0.0 | 0.0 |
Level 3 | ||
Assets: | ||
Cash and cash equivalents | 0.0 | 0.0 |
Short-term investments | 0.0 | 0.0 |
Equity securities | 0.0 | 0.0 |
Total assets | $ 0.0 | $ 0.0 |
Variable Interest Entities (Details) - USD ($) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
|
Variable Interest Entity [Line Items] | |||
Assets | $ 2,995.6 | $ 3,125.5 | $ 3,188.1 |
BKFE | Payment Guarantee | |||
Variable Interest Entity [Line Items] | |||
Guarantor obligations | $ 65.2 | ||
Guarantor obligations, term | five years | ||
Variable Interest Entity, Not Primary Beneficiary | Investments in unconsolidated affiliates | |||
Variable Interest Entity [Line Items] | |||
Assets | $ 220.5 | 138.3 | |
Maximum Exposure | $ 220.5 | $ 138.3 |
Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Revenue from Contract with Customer [Abstract] | |||||
Trade receivables, net | $ 5.4 | $ 5.4 | $ 7.1 | ||
Deferred revenue (contract liabilities) | 14.2 | 14.2 | $ 18.6 | ||
Revenue recognized that was included in deferred revenue | $ 3.1 | $ 5.2 | $ 4.8 | $ 7.6 |
Notes Payable - Schedule of Notes Payable (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Notes payable, total | $ 103.3 | $ 97.4 |
Less: Notes payable, current | 5.0 | 2.3 |
Notes payable, long term | 98.3 | 95.1 |
2020 Margin Facility | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Notes payable, total | 0.0 | 0.0 |
FNF Revolver | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Notes payable, total | 84.7 | 84.7 |
Other | Notes payable | ||
Debt Instrument [Line Items] | ||
Notes payable, total | $ 18.6 | $ 12.7 |
Notes Payable - Margin Facility (Details) - 2020 Margin Facility - Revolver Note - USD ($) |
Jun. 30, 2023 |
Jun. 16, 2023 |
Jun. 15, 2023 |
Nov. 30, 2020 |
---|---|---|---|---|
Line of Credit Facility [Line Items] | ||||
Aggregate borrowing capacity | $ 150,000,000 | $ 250,000,000 | $ 150,000,000 | |
Option to increase limit | $ 500,000,000 | $ 500,000,000 | ||
Line of credit outstanding balance | 0 | |||
Amount available to be drawn | $ 150,000,000 | |||
Ceridian | Senior Lien | ||||
Line of Credit Facility [Line Items] | ||||
Common stock held as collateral for credit facility (in shares) | 5,000,000 | |||
Dun & Bradstreet | Senior Lien | ||||
Line of Credit Facility [Line Items] | ||||
Common stock held as collateral for credit facility (in shares) | 35,000,000 |
Notes Payable - FNF Revolver (Details) - USD ($) |
Nov. 17, 2017 |
Jun. 30, 2023 |
---|---|---|
Line of Credit Facility [Line Items] | ||
Debt outstanding | $ 104,300,000 | |
Revolving credit facility | FNF Revolver | ||
Line of Credit Facility [Line Items] | ||
Aggregate borrowing capacity | $ 100,000,000 | |
Debt instrument, term of automatic extension | 5 years | |
Debt outstanding | $ 84,700,000 | |
interest rate | 9.77% | |
Available borrowing capacity | $ 0 | |
Revolving credit facility | FNF Revolver | SOFR | ||
Line of Credit Facility [Line Items] | ||
Interest rate basis | 4.50% |
Notes Payable - Gross Principal Maturities of Notes Payable (Details) $ in Millions |
Jun. 30, 2023
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2023 (remaining) | $ 5.2 |
2024 | 1.1 |
2025 | 85.8 |
2026 | 8.9 |
2027 | 0.6 |
Thereafter | 2.7 |
Total Long Term Debt | $ 104.3 |
Commitments and Contingencies - Narrative (Details) $ in Millions |
Mar. 10, 2023
USD ($)
|
Jun. 30, 2023
restaurant
|
Feb. 18, 2021
director
|
---|---|---|---|
Commitments and Contingencies Disclosure [Abstract] | |||
Number of restaurants | restaurant | 1 | ||
Number of directors to be appointed | director | 2 | ||
Litigation settlement, amount awarded from other party | $ | $ 6 |
Commitments and Contingencies - Purchase Obligations (Details) $ in Millions |
Jun. 30, 2023
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
2023 (remaining) | $ 43.6 |
2024 | 8.4 |
2025 | 6.3 |
2026 | 4.6 |
2027 | 0.0 |
Thereafter | 0.0 |
Total purchase commitments | $ 62.9 |
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Cash paid during the period: | ||
Interest | $ 7.0 | $ 4.0 |
Income taxes | 3.3 | 64.3 |
Non-cash investing and financing activities: | ||
D&B shares received as partial consideration for the Optimal Blue Disposition | $ 0.0 | $ 435.0 |
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