Cannae Holdings, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

For the three months ended September 30, 2024, total operating revenues decreased to $113.9 million, down from $143.6 million in the same period of 2023. Restaurant revenue specifically fell to $102.1 million from $131.2 million, reflecting a decline in guest counts despite increased average spending per visit. Total operating expenses also decreased to $132.0 million from $195.5 million, leading to an operating loss of $(18.1) million, an improvement from $(51.9) million in the prior year. The net loss for the quarter was $(17.5) million, significantly reduced from $(170.6) million in 2023.

For the nine months ended September 30, 2024, total operating revenues were $342.6 million, down from $450.7 million in the same period of 2023. The net loss for this period was $(264.3) million, slightly improved from $(267.9) million in the previous year. The company reported a notable increase in cash and cash equivalents, totaling $160.7 million as of September 30, 2024, compared to $106.2 million at the end of 2023.

Cannae's strategic activities included the sale of 4.0 million shares of Dayforce for gross proceeds of $264.0 million, resulting in no remaining holdings in Dayforce as of September 30, 2024. The company also invested approximately $80.0 million for a 52.8% ownership interest in Watkins Holdings, which acquired The Watkins Company, a flavoring products producer. Additionally, Cannae announced a tender offer to purchase up to $200 million of its common stock, completing the buyback of 9.7 million shares.

The company’s investments in unconsolidated affiliates showed a total value of $1,495.2 million as of September 30, 2024, down from $1,718.8 million at the end of 2023. Notable losses were recorded in investments such as Dun & Bradstreet and Alight, with equity in losses for the three months ended September 30, 2024, totaling $(26.9) million, compared to $(26.0) million in 2023.

Cannae's total assets decreased to $2,286.2 million as of September 30, 2024, from $2,768.4 million a year earlier, while total equity also declined to $1,862.8 million from $2,309.2 million. The company continues to navigate challenges in its restaurant segment, impacted by high inflation and changing consumer behavior, while also focusing on strategic investments and asset management to enhance long-term value.