Cannae Holdings, Inc. · NYSE:CNNE
Cannae — Investor Presentation (February 2025)
26 slides from Cannae's investor presentation, February 2025
Slide 1: Investor Presentation Winter 2025
INVESTOR PRESENTATION WINTER 2025
Slide 2: Safe Harbor
SAFE HARBOR This communication contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions, or strategies regarding the future are forward-looking statements. Forwar
Slide 3: Cannae Overview
CANNAE OVERVIEW Cannae (NYSE:CNNE) is a diversified holding company led by William P. Foley, II (“Foley”) that offers shareholders a unique opportunity to generate returns through owning a diverse portfolio of operating businesses. CNNE BY THE NUMBERS 2014 FOUNDED(1) Split off from FNF in 2017 $1.9B
Slide 4: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS Cannae is led by Foley 1 A preeminent operator and deal maker with a long, proven track record of shareholder value creation Supported by a best-in-class management team 2 Seasoned management teams at both Cannae and underlying operating businesses Unique investment philoso
Slide 5: Cannae is led by our CEO, William P. Foley, II
1 CANNAE IS LED BY OUR CEO, WILLIAM P. FOLEY, II Foley is responsible for the growth of ~$87B in publicly traded companies(1) to date. Strong track record delivering value… • Throughout his career, Foley developed his value creation framework(2) to identify and execute investments and drive value fo
Slide 6: Supported by Seasoned Management
2 SUPPORTED BY SEASONED MANAGEMENT Strong Leadership at Portfolio Companies ANTHONY JABBOUR Chief Executive Officer RYAN CASWELL BRYAN D. COY MICHAEL L. GRAVELLE DAVE GUILMETTE ALEXANDER CINIELLO President Chief Financial Officer EVP, General Counsel VP, Corporate Finance Chief Executive Officer and
Slide 7: Value Creation Playbook Established at FNF
3 VALUE CREATION PLAYBOOK ESTABLISHED AT FNF Foley created • In 1984, Foley acquired Fidelity National Title for $3M when it was ranked 48th in the country among Identify Value Enhancements playbook at FNF title insurance companies and had revenue of $6M (1) • Cost savings • Strategy shifts • Elimin
Slide 8: Playbook Successful Across Numerous Investments
3 PLAYBOOK SUCCESSFUL ACROSS NUMEROUS INVESTMENTS • Global human capital management software • Global provider of business decision data, analytics, • A premier provider of high-performance provider that helps manage the entire employee and insights. software, data and analytics for mortgage lifecyc
Slide 9: Foley Focuses on Recurring Investment Themes
3 FOLEY FOCUSES ON RECURRING INVESTMENT THEMES Large Addressable Market Essential Utilities Unseen Potential for Growth with Significant Market Share • #1 market leading title insurer in the • Critical infrastructure and • Execute on opportunities to realize United States, covering ~31%(1) all real
Slide 10: Trading at Significant Discount to Net Asset Value
4 TRADING AT SIGNIFICANT DISCOUNT TO NET ASSET VALUE… $'s in millions except for values per CNNE share (1) Net Asset Value Cost of Initial Year Gross Fair Per CNNE Company Current Ownership Invested Amount(3) Invested Value(2) Share(1) Capital 69.0M shares or ~16% 2019 $ 663.6 $ 637.3 $ 642.8 $ 10.2
Slide 11: ...With Embedded Upside in Our Investments
4 …WITH EMBEDDED UPSIDE IN OUR INVESTMENTS Cannae’s major investments continue to grow across Cannae portfolio key metrics, but stock prices have not followed composition(1): IMPROVING FINANCIAL PERFORMANCE yet LAGGING STOCK PRICE ~39% Revenue ~63% AEBITDA Cumulative Stock Performance Private & othe
Slide 12: Strategic Capital Allocation
5 STRATEGIC CAPITAL ALLOCATION CAPITAL ALLOCATION BETWEEN SHARE REPURCHASES, DIVIDENDS, AND NEW INVESTMENTS (1) DISCIPLINED SHARE REPURCHASES SHAREHOLDER DIVIDENDS RECENT INVESTMENTS On February 21, 2025, Cannae’s Board of Directors approved a quarterly dividend of The Watkins Co. $0.12 per common
Slide 13: Proven Ability to Create Value for Shareholders Over the Long Term
PROVEN ABILITY TO CREATE VALUE 6 FOR SHAREHOLDERS OVER THE LONG TERM RECENT MONETIZATION EVENTS Cannae Investment Monetization Summary(1) $’s billions Dayforce - Since September 2023, Cannae has sold remaining 5M DAY shares for $331M or >5x gain on 2.3x invested capital. invested capital Alight -
Slide 14: Investment Thesis: CNNE's Long-Term Value Opportunity
INVESTMENT THESIS: CNNE’S LONG-TERM VALUE OPPORTUNITY Foley’s Investment Philosophy & Playbook Proven Over 40 Year Track Record of Creating Shareholder Value Across Multiple Public Companies Attractive portfolio with significant embedded upside Portfolio trades at discount to Net Asset Value despite
Slide 15: Appendix
APPENDIX CANNAE HOLDINGS INVESTOR PRESENTATION FEBRUARY 2021 | 15
Slide 16: Holding Company Liquidity and Debt
HOLDING COMPANY LIQUIDITY AND DEBT Liquidity February 24, 2025 December 31, 2024 Holding company cash and short-term investments $107.9 $113.3 Base capacity under margin loan (1) 49.0 Total Gross Liquidity $156.9 Committed Capital and Short-Term Cash Commitments Timing Investment in JANA Funds by 6/
Slide 17: Dun & Bradstreet Investment Summary
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY 2019 • Dun & Bradstreet (NYSE: DNB) is a leading global provider of business decisioning data and analytics that delivers insights to empower customers to accelerate revenue, lower costs, and Investment Date mitigate risk. • Dun & Bradstreet operates throug
Slide 18: Alight Investment Summary
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • Alight (NYSE: ALIT) is a provider of benefits administration and cloud-based HR and financial solutions, that enhance work and life through the company’s service, technology, and data. 2021 Investment Date • The Alight Worklife platform provides an omnich
Slide 19: Paysafe Investment Summary
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • Paysafe Limited (NYSE: PSFE) is a specialized payments platform. Its core purpose is to enable businesses and consumers to connect and transact 2021 Investment Date seamlessly through industry-leading capabilities in electronic payment processing, digital
Slide 20: System1 Investment Summary
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY 2022 • System1 (NYSE: SST) is an omnichannel customer acquisition platform, delivering high- intent customers to advertisers. Investment Date • System1 operates through its RAMP platform. • Responsive Acquisition Marketing Platform (“RAMP”) drives the busin
Slide 21: Black Knight Football Investment Summary
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • Black Knight Football (“BKF”), a partnership led by Foley, is focused on building a global network of world-class football clubs, players, and real estate assets that will produce operational synergies, accelerate player development and enable efficient p
Slide 22: Restaurant Group Investment Summary
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • Cannae’s Restaurant Group, headquartered in Nashville, TN, consists of two casual dining restaurant concepts, O’Charley’s Restaurant + Bar and Ninety Nine Restaurant & Pub. 2012 Initial Investment Date ~88% Current Ownership 2012 Initial Investment Date ~
Slide 23: Strategic Partnership with JANA to Accelerate Shareholder Value Creation
Strategic Partnership with JANA to Accelerate Shareholder Value Creation Mutually beneficial Leading Private Investor with Leading Engaged Public Investor opportunities with public Flexible Mandate targets, including potential… • Industry-leading returns in engaged investing. • Permanent capital str
Slide 24: Computer Services Investment Summary
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • Computer Services (“CSI”) is a leading fintech and regtech provider, offering end-to-end financial software and technology to community and regional banks as well as organizations worldwide. 2022 Investment Date • CSI helps solve their customers’ needs th
Slide 25: Minden Mill Investment Summary
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • High Sierra Distillery, LLC, d/b/a Minden Mill Distilling (Minden Mill), is an estate distillery in Minden, Nevada. • Minden is a historic agricultural and manufacturing town, located in the heart of Carson Valley close to the May 2023 Investment Date Nev
Slide 26: The Watkins Company Investment Summary
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • The Watkins Company, a leading producer of high-quality flavoring products, was founded in 1868 and has grown to be a leading domestic producer of spices, seasonings and extracts. October 2024 Investment Date • For over 150 years, Watkins and its predeces
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