Tue, Nov 12, 9:57 PM (238 days ago)
Cannae Holdings, Inc. (CNNE) reported significant financial challenges for Q3 2024, with total revenues declining by 20.7% year-over-year to $113.9 million, primarily due to restaurant closures. The operating loss improved to $18.1 million from $51.9 million in Q3 2023, driven by reduced operating expenses, particularly a notable decrease in other operating expenses. The net loss attributable to common shareholders was $13.6 million, compared to a loss of $157.3 million in the prior year. Cash flow from operations was negative at $78.1 million, an increase in cash used compared to $54.5 million in 2023, largely due to higher investment bonuses and professional fees. However, investing activities produced $307.1 million, largely from sales of investments, contrasting with a cash outflow in the previous year. Financing activities reflected significant cash usage, primarily from a tender offer and debt repayments. Cannae's liquidity position remains stable with $160.7 million in cash and equivalents. The company is navigating uncertainties from inflationary pressures and operational challenges but remains focused on long-term value creation through strategic investments and cost management.