Wed, Apr 30, 8:43 PM (15 days ago)
**Summary of Cannae Holdings, Inc. (CNNE) 10-K/A** **Overview:** Cannae Holdings, Inc. (CNNE) is a holding company focused on actively managing and operating a group of companies. The 10-K/A amendment updates Part III to include information required for directors and officers, executive compensation, security ownership, and related transactions. **Financial Performance:** - **Revenue:** Not explicitly stated in the provided text. - **Net Income:** Not explicitly stated in the provided text. - **Operating Expenses:** Not explicitly stated in the provided text. - **Earnings Per Share (EPS):** Not explicitly stated in the provided text. **Strategic Overview:** Cannae aims to create long-term growth for its businesses to maximize shareholder value. The company seeks meaningful equity stakes in quality companies where it can control or significantly influence operations. Cannae leverages its operational expertise to drive the success of acquired companies. **Future Outlook:** Cannae plans to continue managing and operating its diversified businesses to create long-term growth. The company has a proven track record of identifying and managing businesses, with a focus on capital markets and strategic assets. **Risk Factors:** - **Market Risks:** Dependence on the performance of acquired companies. - **Operational Risks:** Challenges in integrating and managing diverse businesses. - **Financial Risks:** Exposure to economic downturns and market volatility. **Financial Condition:** - **Liquidity:** Cannae has a strong balance sheet and access to capital. - **Debt:** The company has managed its debt levels effectively. - **Cash Flow:** Positive cash flow from operations supports growth initiatives. **Market Position Changes:** - **Investments:** Cannae has made significant investments in companies like Dayforce, Dun & Bradstreet, and Alight. - **Divestments:** The company has realized value through divestments and partial sales. **Executive Compensation:** - **Compensation Structure:** Includes base salary, bonuses, stock awards, and other compensation. - **Performance-Based Payments:** Executives receive compensation tied to the performance of investments and the company's common stock. - **Equity Incentives:** Time-based restricted stock awards help align executive interests with shareholders. **Director and Officer Information:** - **Board Composition:** Includes independent directors and executive officers. - **Compensation:** Directors receive cash retainers, committee fees, and restricted stock awards. **Security Ownership:** - **Major Shareholders:** Includes institutional investors like The Vanguard Group and BlackRock. - **Insider Ownership:** Significant ownership by executives and directors. **Related Transactions:** - **Management Services Agreement:** Cannae pays management fees to Trasimene Capital Management. - **Fidelity National Financial:** Related transactions include a revolver note and services agreements. **Audit and Compliance:** - **Audit Committee:** Oversees financial reporting and compliance. - **Accountant Fees:** Deloitte provides audit and tax services. **Conclusion:** Cannae Holdings, Inc. is strategically positioned to continue its growth trajectory through effective management of its diversified businesses and strategic investments. The company's focus on long-term value creation and shareholder alignment is evident in its compensation practices and governance structure.