Cannae Holdings, Inc. reported a net loss of $310.1 million for the fiscal year ending December 31, 2024, a slight improvement from the $324.1 million loss recorded in 2023. Total revenues decreased by 21% to $452.5 million, primarily driven by a significant decline in the Restaurant Group segment, which saw revenues drop from $536 million in 2023 to $419.6 million in 2024. The decrease in restaurant revenue was attributed to the closure of several locations and a decline in comparable store sales, particularly for the O'Charley's and 99 Restaurants brands.
The company's operating expenses also decreased, totaling $556.2 million in 2024 compared to $688.9 million in 2023. This reduction was largely due to a decrease in the cost of restaurant revenue and other operating expenses, including a significant drop in asset impairments. Cannae's equity in losses from unconsolidated affiliates amounted to $46.6 million, a decrease from $194 million in the previous year, reflecting improved performance from some of its investments, including Dun & Bradstreet and Alight.
Strategically, Cannae has made several significant moves, including the completion of a tender offer to repurchase 9.67 million shares of its common stock for approximately $222 million. The company also entered into a Third Amended and Restated Management Services Agreement, which reduced management fees to a fixed amount of $7.6 million annually starting July 2024 and set a termination date for the agreement in June 2027. Additionally, Cannae invested $80 million for a 52.8% ownership interest in Watkins Holdings, a producer of flavoring products, and continued to support its existing investments in Dun & Bradstreet, Alight, and Black Knight Football Club.
As of December 31, 2024, Cannae's total assets were valued at $2.23 billion, down from $2.69 billion in 2023. The company held $131.5 million in cash and cash equivalents, with a total of 7,317 employees across its subsidiaries. Looking ahead, Cannae aims to leverage its management expertise to enhance the performance of its portfolio companies and explore new acquisition opportunities, while also navigating the challenges posed by market conditions and operational performance in its restaurant segment.
About Cannae Holdings, Inc.
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