<!DOCTYPE html><html lang="en"><head><meta http-equiv="origin-trial" content="A/kargTFyk8MR5ueravczef/wIlTkbVk1qXQesp39nV+xNECPdLBVeYffxrM8TmZT6RArWGQVCJ0LRivD7glcAUAAACQeyJvcmlnaW4iOiJodHRwczovL2dvb2dsZS5jb206NDQzIiwiZmVhdHVyZSI6IkRpc2FibGVUaGlyZFBhcnR5U3RvcmFnZVBhcnRpdGlvbmluZzIiLCJleHBpcnkiOjE3NDIzNDIzOTksImlzU3ViZG9tYWluIjp0cnVlLCJpc1RoaXJkUGFydHkiOnRydWV9">
<script type="text/javascript" async="" src="https://www.google-analytics.com/analytics.js"></script><script type="text/javascript" async="" src="https://www.googletagmanager.com/gtag/js?id=UA-113590965-4&l=dataLayer&cx=c&gtm=45je4b70v895705171za200"></script><script type="text/javascript" async="" charset="utf-8" src="https://www.gstatic.com/recaptcha/releases/-ZG7BC9TxCVEbzIO2m429usb/recaptcha__en.js" crossorigin="anonymous" integrity="sha384-gaZtYaI7oJHEOo1YO6VuoCE4iZ5fMV9mYHP0BHf+r2ttABnpWWCIkgI6ItNW4ZdO"></script><script async="" src="https://www.googletagmanager.com/gtag/js?id=G-REPSH58KSM"></script>
<script async="" src="https://www.googletagmanager.com/gtm.js?id=GTM-5KBPWNG"></script>
<meta charset="utf-8">
<meta http-equiv="content-language" content="en">
<meta name="google" content="notranslate">
<title>CNNE - Earnings call transcript Q3 2024 | Cannae Holdings, Inc.</title>
<meta property="og:title" content="CNNE - Earnings call transcript Q3 2024">
<meta property="og:description" content="2024 Q3 earnings call transcript for Cannae Holdings, Inc.">
<meta property="og:image" content="https://files.capedge.com/images/logo/1704720.png">
<meta property="og:url" content="https://capedge.com/transcript/1704720/2024Q3/CNNE">
<meta property="og:type" content="website">
<meta name="twitter:card" content="summary_large_image">
<meta name="viewport" content="width=device-width, initial-scale=1.0, maximum-scale=1.0, user-scalable=no, shrink-to-fit=no">
<link rel="stylesheet" href="/css/style.css?v=20241112T234002">
<link rel="icon" sizes="32x32" type="image/png" href="/img/icon-200.png">
<link rel="apple-touch-icon" sizes="200x200" href="/img/icon-200.png">
<link rel="canonical" href="https://capedge.com/transcript/1704720/2024Q3/CNNE">
</head>
<body class="plan-free no-sidebar-wrap">
<a name="pageTop" id="pageTop"></a>
<div id="alert-container"></div>
<div class="d-lg-none" id="mobile-mode-canary"></div>
<div id="main-container">
<div id="above-footer">
<div class="container">
<div class="row align-items-center py-3 py-lg-2 d-print-none">
<div class="col-4 col-lg-3 order-1 pr-0">
<a href="/user/dashboard" id="logo-container"><img src="/img/capedge-logo-by-finsight.svg?v=20241112T234002" alt="CapEdge" width="174" height="37"></a>
</div>
<div class="col-12 col-lg order-3 order-lg-2 pt-3 pt-lg-0">
<form action="/search" method="get" id="mainSearchForm" spellcheck="false" autocomplete="off" role="search">
<div class="input-group">
<div class="tokenInput tokeninput-container tokeninput-empty flex-grow-1 form-control header-search">
<input id="searchInput" type="search" name="q" placeholder="Search by ticker, company or words in SEC filings" value="" tabindex="1" autocomplete="off" autocorrect="off" autocapitalize="off" style="width: 100%;">
<script class="tokeninput-data" type="application/json">
{
"resultDataProp":"suggestions",
"resultTextProp":"name",
"resultValueProp":"value",
"url":"/search/suggestions?profiles=true&q=$query&ctxType=company&ctxVal=1704720",
"values":[],
"type":"lookup",
"completionGroups" : {
"profiles" : { "heading" : "Filing Profile", "newOption" : false },
"searches" : { "heading" : "Search Across Filings, News and Transcripts", "newOption" : false }
},
"autoSuggestMode":true
}
</script>
</div>
<div id="searchLoading">Loading</div>
<div id="searchAdvanced" class="d-none"><a href="/help/search" tabindex="2">Advanced</a></div>
</div>
</form>
</div>
<div class="col-8 col-lg-3 order-2 order-lg-3">
<div class="d-flex justify-content-end align-items-center user-action-buttons">
<a href="https://help.capedge.com/release-notes/" target="_blank" class="mr-4 text-decoration-none header-help-link"><span class="d-xxl-none"><i class="fe fe-help-circle d-block"></i></span><span class="d-none d-xxl-block"><i class="fe fe-info"></i> What's new?</span></a>
<div class="btn-toolbar align-items-center" role="toolbar" id="favourites-toolbar">
<div class="btn-group" role="group">
<button type="button" id="btn-toggle-favourites" class="btn top-level active" data-toggle="tooltip" data-placement="bottom" title="" data-click-toggle="favourites-col" data-original-title="Toggle favorites"><i class="fe fe-star"></i></button>
<button type="button" id="btn-toggle-alerts" class="btn top-level" data-toggle="tooltip" data-placement="bottom" title="" data-click-toggle="alerts-col" data-original-title="Toggle alert feed"><i class="fe fe-bell"></i></button>
<button type="button" id="btn-toggle-notes" class="btn top-level" data-toggle="tooltip" data-placement="bottom" title="" data-click-toggle="notes-col" data-original-title="Toggle note list"><i class="fe fe-edit"></i></button>
<div class="btn-group" role="group">
<button class="btn top-level dropdown-toggle user-plan-free" type="button" data-toggle="dropdown" aria-haspopup="true" aria-expanded="false">TS</button>
<div class="dropdown-menu dropdown-menu-right">
<a class="dropdown-item" href="/user/edit">
<i class="dropdown-icon fe fe-user"></i>Edit profile
</a>
<a class="dropdown-item" href="/user/changepassword">
<i class="dropdown-icon fe fe-shield"></i>Change password
</a>
<a class="dropdown-item" href="/user/settings">
<i class="dropdown-icon fe fe-sliders"></i>Email settings
</a>
<a class="dropdown-item" href="/user/myaccount">
<i class="dropdown-icon fe fe-info"></i>Manage my account
</a>
<a class="dropdown-item" href="/user/support">
<i class="dropdown-icon fe fe-life-buoy"></i>Support
</a>
<div class="dropdown-divider"></div>
<div class="dropdown-item">
<form action="/user/logout" method="post">
<button type="submit" class="btn btn-sm btn-outline-primary w-100">Logout</button>
</form>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="row d-print-none">
<div class="col">
<ul class="nav nav-tabs align-items-center" id="primary-menu" data-test="menuMain">
<li class="nav-item" data-test="menuMainItem">
<a class="nav-link" href="/">Home</a>
</li>
<li class="nav-item" data-test="menuMainItem">
<a class="nav-link" href="/sector"><span class="d-none d-lg-inline">Sectors & Industries</span><span class="d-lg-none">Sectors</span></a>
</li>
<li class="nav-item separator"></li>
<li class="nav-item" data-test="menuMainItem">
<a class="nav-link" href="/earnings-calendar">Earnings</a>
</li>
<li class="nav-item" data-test="menuMainItem">
<a class="nav-link" href="/ipo-calendar">IPOs</a>
</li>
<li class="nav-item" data-test="menuMainItem">
<a class="nav-link" href="/transcript/by/companyId/all">Transcripts</a>
</li>
<li class="nav-item separator"></li>
<li class="nav-item" data-test="menuMainItem">
<a class="nav-link" href="/insider">Insider</a>
</li>
<li class="nav-item" data-test="menuMainItem">
<a class="nav-link" href="/institutional">Institutional</a>
</li>
<li class="nav-item right" data-test="menuMainItem">
<a class="nav-link" href="/user/dashboard">My Dashboard</a>
</li>
</ul>
</div>
</div>
<div class="row flex-nowrap pb-5" id="columns-row" data-open="1">
<div class="col order-2 sticky-scrolly user-feed-col mobile-toggle-only-one d-print-none " id="favourites-col">
<div class="">
<div class="btn-toolbar align-items-center w-100" role="toolbar" id="favourites-toolbar">
<div class="mr-auto toolbar-title" data-count="0">Favorites</div>
<div class="btn-group" role="group">
<button type="button" class="btn btn-sm" data-toggle="modal" data-target="#modalAddFavourite"><i class="fe fe-plus-circle"></i></button>
<button type="button" class="btn btn-sm d-md-none" data-click-toggle="favourites-col"><i class="fe fe-x"></i></button>
</div>
</div>
</div>
<div class="br">
<ul id="favourites-list" class="list-unstyled mb-0 w-100 empty-placeholder" data-count="0"></ul>
</div>
</div>
<div class="col order-3 sticky-scrolly user-feed-col mobile-toggle-only-one d-print-none collapsed" id="alerts-col">
<div class="">
<div class="btn-toolbar align-items-center w-100" role="toolbar" id="alerts-toolbar">
<div class="mr-auto toolbar-title">Alert feed</div>
<div class="btn-group" role="group">
<button type="button" class="btn btn-sm" data-toggle="modal" data-target="#modalAlertSettings" id="btn-alert-config"><i class="fe fe-settings"></i></button>
<button type="button" class="btn btn-sm d-md-none" data-click-toggle="alerts-col"><i class="fe fe-x"></i></button>
</div>
</div>
</div>
<div class="br">
<ul id="alerts-list" class="list-unstyled mb-0 block-list w-100 empty-placeholder">
</ul>
</div>
</div>
<div class="col order-4 sticky-scrolly user-feed-col mobile-toggle-only-one d-print-none collapsed" id="notes-col">
<div>
<div class="btn-toolbar align-items-center w-100" role="toolbar" id="notes-toolbar">
<div class="mr-auto toolbar-title" data-count="0">Notes</div>
<div class="btn-group" role="group">
<div>
<div id="add-note-recaptcha" class="g-recaptcha" data-sitekey="6Le1YlooAAAAAIpAmJQ9Vu8FsSGGsncij4tpVSol" data-callback="recaptchaAddNote" data-size="invisible"><div class="grecaptcha-badge" data-style="bottomright" style="width: 256px; height: 60px; display: block; transition: right 0.3s; position: fixed; bottom: 14px; right: -186px; box-shadow: gray 0px 0px 5px; border-radius: 2px; overflow: hidden;"><div class="grecaptcha-logo"><iframe title="reCAPTCHA" width="256" height="60" role="presentation" name="a-tfsgvgx6e60n" frameborder="0" scrolling="no" sandbox="allow-forms allow-popups allow-same-origin allow-scripts allow-top-navigation allow-modals allow-popups-to-escape-sandbox allow-storage-access-by-user-activation" src="https://www.google.com/recaptcha/api2/anchor?ar=1&k=6Le1YlooAAAAAIpAmJQ9Vu8FsSGGsncij4tpVSol&co=aHR0cHM6Ly9jYXBlZGdlLmNvbTo0NDM.&hl=en&v=-ZG7BC9TxCVEbzIO2m429usb&size=invisible&cb=xcjo1xp8vyhq"></iframe></div><div class="grecaptcha-error"></div><textarea id="g-recaptcha-response" name="g-recaptcha-response" class="g-recaptcha-response" style="width: 250px; height: 40px; border: 1px solid rgb(193, 193, 193); margin: 10px 25px; padding: 0px; resize: none; display: none;"></textarea></div><iframe style="display: none;"></iframe></div>
<button type="button" class="btn btn-sm prevent-double-click" id="add-note-button"><i class="fe fe-plus-circle"></i></button>
</div>
<div class="dropdown" id="note-sort">
<button class="btn btn-sm" type="button" id="dropdownMenuButton" data-toggle="dropdown">
<i class="fe fe-settings"></i>
</button>
<div class="dropdown-menu dropdown-menu-right">
<h6 class="dropdown-header">Sort notes by</h6>
<button class="dropdown-item active" data-sort="created">Created</button>
<button class="dropdown-item" data-sort="updated">Updated</button>
<button class="dropdown-item" data-sort="title">Alphabetical</button>
</div>
</div>
<button type="button" class="btn btn-sm d-md-none" data-click-toggle="notes-col"><i class="fe fe-x"></i></button>
</div>
</div>
</div>
<div class="br">
<ul id="notes-list" class="list-unstyled mb-0 block-list w-100 empty-placeholder" data-limit="" data-count="0" data-num-displayed="" data-per-page="20"></ul>
<div id="note-list-end"></div>
</div>
</div>
<div class="col order-1 resp-container resp-sm resp-md" id="main-col" data-observe-resizes="true">
<div class="d-flex flex-column">
<div class="row mb-3 d-print-none secondary-menu-row order-2">
<div class="col">
<ul class="nav nav-tabs align-items-center px-4" id="secondary-menu" data-test="secondaryMenu">
<li class="nav-item " data-test="secondaryMenuItem">
<a class="nav-link" href="/company/1704720/CNNE">
<span class="tab-ticker">CNNE</span> Dashboard
</a>
</li>
<li class="nav-item " data-test="secondaryMenuItem">
<a class="nav-link" href="/company/1704720/CNNE/financials">
Financials
</a>
</li>
<li class="nav-item " data-test="secondaryMenuItem">
<a class="nav-link" href="/company/1704720/CNNE/filings">
Filings
</a>
</li>
<li class="nav-item " data-test="secondaryMenuItem">
<a class="nav-link" href="/company/1704720/CNNE/holdings-history">
Holdings
</a>
</li>
<li class="nav-item " data-test="secondaryMenuItem">
<a class="nav-link" href="/transcript/by/companyId/1704720">
Transcripts
</a>
</li>
<li class="nav-item separator"></li>
<li class="nav-item " data-test="secondaryMenuItem">
<a class="nav-link" href="/company/1704720/CNNE/etfs">
ETFs
</a>
</li>
<li class="nav-item " data-test="secondaryMenuItem">
<a class="nav-link" href="/company/1704720/CNNE/insider-ownership-history">
Insider
</a>
</li>
<li class="nav-item " data-test="secondaryMenuItem">
<a class="nav-link" href="/company/1704720/CNNE/institutional-ownership-history">
Institutional
</a>
</li>
<li class="nav-item " data-test="secondaryMenuItem">
<a class="nav-link" href="/company/1704720/CNNE/short-interest">
Shorts
</a>
</li>
<li class="nav-item active " data-test="secondaryMenuItem">
<div class="nav-link" href="https://capedge.com/transcript/1704720/2024Q3/CNNE">
2024 Q3 Transcript
</div>
</li>
</ul>
</div>
</div>
<div class="row align-items-center py-6">
<div class="col">
<h1 class="page-title" data-test="pageTitle">
<span class="company-name">
Cannae
(CNNE)
</span>
<span class="banner-crumb">12 Nov 24</span><span class="banner-crumb">2024 Q3 Earnings call transcript</span>
</h1>
<div class="my-1 text-muted-dark">
Company Profile
</div>
</div>
</div>
</div>
<div class="row" id="main-content-cols">
<div class="col order-1 sticky-scrolly mobile-toggle-only-one d-print-none default-sidebar-column" id="sidebar-col">
<div class="text-center mb-5 mobile-toggle-button-cont"><button type="button" class="btn btn-sm btn-outline-primary ml-auto" data-click-toggle="sidebar-col">< Back</button></div>
<div class="transcript-sidebar">
<div class="sidebar-annotations-container"><div class="annotator-editor card" style="display: none;">
<form>
<div class="card-header"><div class="card-title not-in-menu"><div class="d-block">Add <span class="annotation-type"></span></div></div></div>
<div class="card-body">
<ul class="annotator-listing"><li class="annotator-field form-group"><div class="quote" id="annotator-field-0" placeholder="Quote"></div></li><li class="annotator-field form-group"><textarea rows="3" class="form-control" id="annotator-field-1" placeholder="Comments…"></textarea></li><li class="annotator-field form-group"><label class="custom-switch pl-0"><input type="checkbox" class="custom-switch-input" id="annotator-field-2" placeholder="Visible to public"><span class="custom-switch-indicator"></span><span class="custom-switch-description">Visible to public</span></label></li><li class="annotator-field form-group"><input type="hidden" class="form-control" id="annotator-field-3" placeholder="In Reply To"></li></ul>
<div class="annotator-controls d-flex justify-content-between">
<button class="btn btn-primary annotator-save annotator-focus">Save <span class="annotation-type"></span></button>
<button class="btn btn-link annotator-cancel">Cancel</button>
</div>
</div>
</form>
</div><div class="annotator-viewer card" style="display: none;">
<div class="card-header">
<div class="card-title">Annotations</div>
<button type="button" class="btn btn-light ml-auto mobile-toggle-button-cont" id="close-mobile-annotations"><i class="fe fe-x"></i></button>
</div>
<ul class="card-body annotator-listing"></ul>
</div></div>
<div class="card">
<div class="card-header">
<div class="card-title">Share this transcript</div>
</div>
<div class="card-body">
<ul class="social-links list-inline mb-0">
<li class="list-inline-item m-0">
<a href="https://twitter.com/share?url=https%3A%2F%2Fcapedge.com%2Ftranscript%2F1704720%2F2024Q3%2FCNNE" target="_blank" rel="noreferrer noopener" data-toggle="tooltip" data-placement="top" title="" data-original-title="Share via Twitter"><i class="fe fe-twitter"></i></a>
</li>
<li class="list-inline-item m-0">
<a href="https://www.linkedin.com/shareArticle?url=https%3A%2F%2Fcapedge.com%2Ftranscript%2F1704720%2F2024Q3%2FCNNE&title=CNNE%20-%20Earnings%20call%20transcript%20Q3%202024%20%7C%20Cannae%20Holdings%2C%20Inc." target="_blank" rel="noreferrer noopener" data-toggle="tooltip" data-placement="top" title="" data-original-title="Share via LinkedIn"><i class="fe fe-linkedin"></i></a>
</li>
<li class="list-inline-item m-0">
<a href="mailto:?subject=CNNE%20-%20Earnings%20call%20transcript%20Q3%202024%20%7C%20Cannae%20Holdings%2C%20Inc.&body=https%3A%2F%2Fcapedge.com%2Ftranscript%2F1704720%2F2024Q3%2FCNNE" data-toggle="tooltip" data-placement="top" title="" data-original-title="Share via Email"><i class="fe fe-mail"></i></a>
</li>
<li class="list-inline-item m-0">
<a href="#" id="print-button" data-toggle="tooltip" data-placement="top" title="" data-original-title="Print"><i class="fe fe-printer"></i></a>
</li>
<li class="list-inline-item mr-0">
<a href="#" id="copy-link-button" data-toggle="tooltip" data-placement="top" title="" data-original-title="Copy URL to clipboard"><i class="fe fe-link"></i></a>
</li>
</ul>
</div>
</div>
<div class="card">
<div class="card-header">
<div class="card-title">Recent CNNE transcripts</div>
</div>
<ul class="container transcript-sidebar-list list-unstyled">
<li>
<a class="row item-row d-block transcript active" href="/transcript/1704720/2024Q3/CNNE">
<div class="d-flex">
<div class="title label-col">Earnings call transcript</div>
<div class="filing-type-col">
<div class="filing-period">2024 Q3</div>
</div>
<div class="date">12 Nov 24</div>
</div>
</a>
</li>
<li>
<a class="row item-row d-block transcript" href="/transcript/1704720/2024Q2/CNNE">
<div class="d-flex">
<div class="title label-col">Earnings call transcript</div>
<div class="filing-type-col">
<div class="filing-period">2024 Q2</div>
</div>
<div class="date">8 Aug 24</div>
</div>
</a>
</li>
<li>
<a class="row item-row d-block transcript" href="/transcript/1704720/2024Q1/CNNE">
<div class="d-flex">
<div class="title label-col">Earnings call transcript</div>
<div class="filing-type-col">
<div class="filing-period">2024 Q1</div>
</div>
<div class="date">9 May 24</div>
</div>
</a>
</li>
<li>
<a class="row item-row d-block transcript" href="/transcript/1704720/2023Q4/CNNE">
<div class="d-flex">
<div class="title label-col">Earnings call transcript</div>
<div class="filing-type-col">
<div class="filing-period">2023 Q4</div>
</div>
<div class="date">21 Feb 24</div>
</div>
</a>
</li>
<li>
<a class="row item-row d-block transcript" href="/transcript/1704720/2023Q3/CNNE">
<div class="d-flex">
<div class="title label-col">Earnings call transcript</div>
<div class="filing-type-col">
<div class="filing-period">2023 Q3</div>
</div>
<div class="date">7 Nov 23</div>
</div>
</a>
</li>
</ul>
</div>
<div class="card">
<div class="card-header">
<div class="card-title">Associated CNNE filings</div>
</div>
<ul class="card-body filing-sidebar-list list-unstyled mb-0">
<li class="clearfix ">
<a href="/filing/1704720/0001704720-24-000084/10Q-2024Q3" class="text-truncate filing-link">
<span class="filing-date">2024 Q3</span>
<span class="text-nowrap filing-type type-10Q type-financial">10-Q</span>
<span class="filing-description ">Quarterly report</span>
</a>
</li>
</ul>
</div>
</div>
</div>
<div class="col order-2">
<div id="toast-container"></div>
<button type="button" class="btn btn-sm btn-outline-primary mb-5 mx-auto d-block mobile-toggle-button-cont" data-click-toggle="sidebar-col"><i class="fe fe-more-vertical"></i> Transcript menu</button>
<div class="card transcript">
<div class="card-header">
<div class="card-title">Participants</div>
</div>
<div class="card-body">
<table class="participant-list">
<tbody><tr class="participant">
<td class="name">Ryan Caswell</td>
<td class="role">executive</td>
</tr>
<tr class="participant">
<td class="name">Bryan Coy</td>
<td class="role">executive</td>
</tr>
<tr class="participant">
<td class="name">Kenneth Lee</td>
<td class="role">analyst</td>
</tr>
<tr class="participant">
<td class="name">John Campbell</td>
<td class="role">analyst</td>
</tr>
<tr class="participant">
<td class="name">Ian Zaffino</td>
<td class="role">analyst</td>
</tr>
</tbody></table>
</div>
</div>
<div class="card transcript">
<div class="card-header">
<div class="card-title">Call transcript</div>
</div>
<div class="card-body transcript-container">
<div class="speech">
<div class="participant-name">Operator</div>
<div class="content">
<p>Good afternoon, ladies and gentlemen, and welcome to the Cannae Holdings Third Quarter 2024 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded, and a replay is available through 11:59 p.m. Eastern Time on November 26, 2024. With that, I would like to turn the call over to Jamie Lillis of Solebury Strategic Communications. Please go ahead.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Jamie Lillis</div>
<div class="content">
<p>Thank you, operator, and all of you for joining us.</p>
<p>On the call today, we have Ryan Caswell, Cannae's President; and Bryan Coy, our Chief Financial Officer. But before we begin, I would like to remind listeners that this conference call and the Q&A following our remarks may contain forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about Cannae's expectations, hopes, intentions, or strategies regarding the future are forward-looking statements.</p>
<p>Forward-looking statements are based on management's beliefs as well as assumptions made by and information currently available to management.
Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the risks and other factors detailed in our quarterly shareholder letter, which was released this afternoon, and in our other filings with the SEC. Today's remarks will also include references to non-GAAP financial measures.</p>
<p>Additional information, including a reconciliation between the non-GAAP financial information to the GAAP financial information is provided in our shareholder letter. I would now like to turn the call over to Ryan.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Ryan Caswell</div>
<div class="content">
<p>Thank you, Jamie, and good afternoon, everyone. On our first call this year, Bill outlined a strategic plan designed to increase the net asset value or NAV of our portfolio and close our share price discount to NAV.</p>
<p>Our strategy has 3 main levers, including improving the performance and valuation of our portfolio companies, making new investments primarily in private companies that will grow NAV, and returning capital to shareholders. I believe that we are making progress on all fronts, and I will highlight a few items relating to each.</p>
<p>As I did last quarter, I will then discuss the results of several of our portfolio companies in more detail.</p>
<p>We are working to rebalance our portfolio away from some of our public company investments and into new private company investments.</p>
<p>As part of this strategy, in October, we announced the acquisition of a 53% stake in the Watkins Company. Watkins was founded over 150 years ago and has a strong market position and brand recognition within the fragmented spices, seasoning, and extracts category, one of the highest growth categories within the overall U.S. food industry.</p>
<p>We are excited about the deal structure of the existing owner, one of only two owners in the history of the company is partnering with us and will own approximately 40% of the business.</p>
<p>Additionally, we are partnering with KDSA, an investment firm focused on founder-led and family-owned businesses in the food and beverage sectors.
We believe the company has a substantial opportunity to grow distribution across existing and new retailers, expand into other ancillary products, and could be an attractive platform for future acquisitions, all of which will accelerate the company's growth and profitability. Furthermore, we believe this business will provide cash flow to Cannae through preferred dividends and equity distributions.</p>
<p>As part of our portfolio rebalancing, we sold the final shares held in Dayforce this quarter. This concludes an incredibly successful investment for Cannae from first investing in Dayforce, then known as Ceridian 17 years ago when it was a large service bureau-based business.</p>
<p>Over the years, we applied our playbook to improve the company's management and operations, conduct accretive M&A and drive synergies and efficiencies across the business.
We sold Comdata in 2014 and subsequently IPO-ed the remaining business in 2018. Since that time, Cannae has sold 37 million shares of Dayforce, realizing $2.8 billion from the sale of those shares and distributions. I would like to thank Dave Oss and his entire management team for all the success and partnership over the years. I now want to spend a few minutes discussing how we are improving the value of our portfolio companies as it relates to Black Knight Football.</p>
<p>We continue to invest time and capital into building out Black Knight Football. And although still early in the investment cycle, we believe we are starting to see the impact of these actions on value creation.</p>
<p>As we discussed previously, last season, AFC Bournemouth achieved their highest Premier League point total in the 125-year history of the club.</p>
<p>We also noted on previous calls that we believe our capital investment in players was starting to create valuable player assets, and this came to fruition with the sale of Dominic Solanke to Tottenham for up to GBP 65 million or $84 million.</p>
<p>First off, I want to thank Dom for all of his achievements in Bournemouth and wish him continued success as he moves on his career. Dom's transfer is the largest in the Cherry's history and the second largest in the Premier League during the summer transfer window.</p>
<p>More importantly, despite the sale of one of our best players, we continue to have success on the field.
The team currently sits in 12th place in the Premier League, but only 3 points or 1 win from seventh and recently beat Manchester City, the previous Premier League champion for the first time in Bournemouth history and it was Man City's first defeat in their last 32 Premier League matches. We believe this, in conjunction with our activity across the other Black Knight clubs is evidence that our actions are building a valuable platform, teams and brands within global football, which should create value for our shareholders.</p>
<p>Lastly, we have returned significant capital to our shareholders this year. Through the third quarter, we have returned $243 million of capital to our shareholders through a combination of share buybacks and dividends. In December, we will pay a third quarterly dividend of $0.12 per share, which provides a consistent capital return to our shareholders as we continue to execute our strategic plan with the goal of increasing our share price.
I will now spend a few minutes on updates on some of our portfolio companies.</p>
<p>First, the D&B. The company posted revenue of $609 million, representing constant currency organic growth of 3.4% over the prior year's third quarter and 3.9% constant currency growth year-to-date. Adjusted EBITDA was $247 million for the third quarter, representing growth of 5.1% over the prior year's third quarter. The adjusted EBITDA margin also expanded 60 basis points to 40.6% and free cash flow conversion continued to improve. Net leverage was maintained at 3.7x, and the team expects that to be down to 3.5x by year-end. Anthony Jabbour also noted on D&B's third quarter call that the Board continues to work with their advisers to evaluate inquiries received from both strategic and financial buyers.</p>
<p>Beyond that, we will not provide further comment today on D&B's potential strategic alternatives.</p>
<p>Moving to Alight. My financial discussion will focus on the continuing business, given Alight closed on its $1.2 billion sale of its Professional Services segment and payroll and HCM Outsourcing in July of 2024. The continuing business total revenue was $555 million for the third quarter 2024, down 0.4% from 2023. Adjusted EBITDA was $118 million for the third quarter, a 3.5% increase from 2023. Adjusted operating cash flow for the 9 months was $199 million or 53% of adjusted EBITDA. Furthermore, Alight's net leverage was 2.9x, which reflects a $740 million paydown in conjunction with the sale of the business noted above. Alight also announced it would begin paying a $0.04 per share quarterly dividend. We believe Alight's remaining business will be more attractive to public shareholders given the higher percentage of recurring revenue, higher EBITDA margins, better cash flow conversion with lower leverage and now a quarterly dividend.
Computer Services, or CSI, continues to perform well. After posting a record number of core banking deals in 2024, the company has now generated record growth in the first half of fiscal year 2025. The company has also been an effective acquirer. In the prior fiscal year, CSI acquired loan origination software provider, Hawthorn River and has already increased Hawthorn River customer base, expanded its software seat and secured new core deals. This year, CSI announced the acquisition of Velocity Solutions, which currently services more than 30 million consumers and business owners, and CSI is optimistic about the prospects of that business.</p>
<p>We continue to work with JANA Partners on situations involving undervalued public companies where there is a specific catalyst to unlock value and Cannae can participate in that catalyst as either an acquirer or capital solution.</p>
<p>While nothing concrete to report yet, we are extremely pleased with the partnership to date and optimistic about its prospects. JANA has also seen strong underlying business performance since our investments.</p>
<p>Lastly, I'll spend a little more time on Watkins financial profile and deal structure.</p>
<p>During the last 12 months, the company generated about $75 million of net sales and has historical revenue growth in the mid to high single digits and strong EBITDA margins and free cash flow. Cannae invested $80 million to acquire approximately 53% of Watkins on a fully diluted basis, including $20 million structured as a convertible preferred investment with an 8% annual dividend. The deal was also financed with $56 million of debt.
We believe that our stake was acquired an attractive valuation given the growth given the growth margin and cash flow profile of the business when compared to public comparables and precedent M&A transactions.</p>
<p>Going forward, we believe this business will provide cash to the holding company. In conclusion, we are optimistic about our portfolio companies and we'll continue to look for new investments that will grow NAV. I'll now turn the call over to Bryan to touch on our financial position.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Bryan Coy</div>
<div class="content">
<p>Thanks, Ryan. Cannae's third quarter 2024 total revenues were $114 million compared to $144 million in the prior year, primarily comprising our restaurant revenues. Change in revenues is largely in line with the reduction of store locations as the 2024 third quarter results reflect 35 fewer locations than the comparable period in '23.</p>
<p>Our restaurant brands continue to work hard on improving guest traffic and growing revenue, including a focus on value-oriented bundling and price reductions, particularly at our O'Charley's locations.</p>
<p>While the third quarter was tough across the casual dining industry from a guest count perspective, we are starting to see guest counts improve through the first few weeks of the fourth quarter with the strategy of targeted offerings.</p>
<p>Third quarter 2024 operating expenses were $132 million, down 33% from the prior year quarter, driven by restaurant items and lower external manager fees. The cost of restaurant revenue in the current year quarter was $93 million, which is a 20% decrease from the 2023 third quarter attributable to the lower locations. The cost of restaurant revenue was higher as a percentage of restaurant revenue, a few percentage points due to the bundling and pricing activities. The guest count strategies discussed above are having the intended effect of increasing traffic, but have also increased interim margin performance as the cost of restaurant revenue contains certain fixed components such as rent and management labor. We believe this can be offset when the other cost rationalization measures that we've put into place are realized in the first half of 2025. And the team has also identified other cost efficiencies in the supply chain, our menu offerings and brand support.</p>
<p>While we are not where we want to be from a growth and profitability perspective at Restaurant Group, we're encouraged by what we're seeing in the dedication from the team members. Separately, the 2023 third quarter also included $31 million of noncash charges that were related to locations and lease agreements closed. And finally, the fees to the external manager were $3.7 million in this year's third quarter, approximately $6 million lower than the nearly $10 million in the prior year as a result of the amended management agreement and wind-down schedule.</p>
<p>Lastly, Cannae recorded $23 million in recognized gains for the third quarter 2024 compared to $130 million of losses in the prior year. The 2024 net gains were primarily noncash fair value pickups relating to Dayforce and Paysafe shares, while the prior year losses were noncash impairments of System1 and Sightline. One post-quarter item that we wanted to flag was with regard to Sightline payments.</p>
<p>While senior management has been rationalizing their cost and employee base while concurrently advancing development of its embedded banking product and looking for additional capital, the company faces a challenging liquidity situation post quarter end.</p>
<p>As a result, in the fourth quarter, we wrote off the remaining book value recorded for Sightline, and this is reflected in the sum of the parts table published today and going forward. Cannae's balance sheet and liquidity position remains solid following the Watkins transaction and additional investments in Black Knight Football. Cannae has $40 million in corporate cash today, $49 million of capacity in our margin loan and holds listed securities with a gross fair value in excess of $1.4 billion. With regard to leverage, Cannae has $101 million outstanding on our margin loan and $60 million under our FNF note that matures near the end of next year. At our close today, Cannae's aggregate net asset value was $2.1 billion or $34.29 per Cannae shares. That means today's closing price of $21.63 represents a 37% discount to its intrinsic value. With that, I'll now turn the call back to the operator to begin our question-and-answer session.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Operator</div>
<div class="content">
<p>[Operator Instructions] The first question comes from Kenneth Lee from RBC Capital Markets.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Kenneth Lee</div>
<div class="content">
<p>Just the first one on BKFE. What's sort of the outlook for additional capital or investments for BKFE? And could you perhaps just give us a little bit more detail in terms of any near-term outlook in terms of investments such as physical plant CapEx or player acquisitions?</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Ryan Caswell</div>
<div class="content">
<p>Ken, thank you for the question.</p>
<p>So we -- there will probably be -- I mean, as you know, the transfer windows are really kind of where player acquisition or sales occur.</p>
<p>So the next one occurs in January. We don't believe there will be any capital required ahead of that. But I think at that time, we will figure out what the rest of the year budget looks like. There will probably be some capital investment for the second half of the year, but we will not know until the transfer window concludes.</p>
<p>In terms of CapEx in the business, we are very close to finishing. The real CapEx is at Bournemouth and the training facility, which we've discussed before.</p>
<p>We are actually very close to being through that, and that should be open. I believe it's in the first quarter, I think, February time frame.</p>
<p>And so that is really the only CapEx.</p>
<p>We continue to look at a stadium in the future, but that is further out, and we will either finance that on the balance sheet or we may look to raise third-party capital, but that's much further, and we'll give you more visibility as we have more visibility on how that plays out.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Kenneth Lee</div>
<div class="content">
<p>And just one on the JANA partnership. It looks like there was nothing to report there, but just want to get a little bit more color around the outlook for potential private investments. What are you seeing in your pipeline there? And do you see a potential acceleration in terms of potential transactions, especially given the current macro backdrop?</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Ryan Caswell</div>
<div class="content">
<p>Yes. Thanks, Ken.</p>
<p>So we continue to have very constructive discussions with the JANA team around potential opportunities where we can partner together. Once we identify an opportunity, it will take time to play out.</p>
<p>So I wouldn't expect in the next couple of months, there will be anything. But we are very excited and optimistic about the relationship. We think that both parties, them through their expertise and us through our capital, can uncover some very attractive situations for Cannae shareholders.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Kenneth Lee</div>
<div class="content">
<p>Got you. And if I could just squeeze one more in.</p>
<p>Just relatedly, if there were to be any kind of new private investments with that partnership, what kind of financing sources or capital sources could you look? Would you consider ever raising equity capital as part of the options there?</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Ryan Caswell</div>
<div class="content">
<p>Okay. Yes, no problem.</p>
<p>I think the most obvious places that we would look to create capital for new investments are through the sale of our public securities. We've talked about transitioning out of those public securities into private investments.</p>
<p>So that would be option #1. We could potentially look for some other debt financing. I do not believe, especially at the current prices, that we would be looking to do any form of equity offering, if that's what you were referring to as capital. We would initially be looking to redeploy capital from our public investments into whatever new investments we find.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Operator</div>
<div class="content">
<p>The next question comes from John Campbell from Stephens.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">John Campbell</div>
<div class="content">
<p>Ryan, just going back to the strategic focus on shifting away from the private portfolio.</p>
<p>You guys have made steady progress over the last probably year or so. I'm curious about your sense of urgency there. Obviously, you've got the D&B development.</p>
<p>You're not going to comment on that. But on the other public investments, I'm thinking mainly where you've got sizable ownership, you've got fundamentals that seem to be kind of on better footing.</p>
<p>I think Alight is probably the shining example there. But if you can't get the public markets to recognize the value, at what point do you feel compelled to push for a strategic sell? And does it have to be just Alight, but of any of the entities?</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Ryan Caswell</div>
<div class="content">
<p>Look, I think a strategic sale of any of those is obviously up to the Board of that entity.</p>
<p>So I believe that we're going to think about it just more in terms of what is the near-term investment opportunities that we have and how do we get liquidity through the securities that we own, right? And so we may start selling down certain public positions to create liquidity for Cannae. But in terms of full company sales or things like that, we obviously believe they're attractive businesses, but that question is much better directed at the Boards and the management teams of those businesses.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">John Campbell</div>
<div class="content">
<p>Okay. Fair enough. I guess you'll still get a Christmas card from them this year.</p>
<p>On the Black Knight football investment, obviously, you guys have the momentum going.</p>
<p>I think that's really clear to see at Bournemouth. But within the Cannae stock, I just don't think you're getting any credit for that value you've created. It's probably too small to do a whole lot with right now. It doesn't seem like Bill is going to really look to monetize that anytime soon.</p>
<p>So I mean, a couple of these international clubs do have stock you know publicly traded stocks.</p>
<p>So I'm just curious if there's a way, if you've explored a way to create a tracking stock or maybe spin out a portion of that value so we can get a public market value and tie it back to Cannae.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Ryan Caswell</div>
<div class="content">
<p>I think it's a really good idea, John.</p>
<p>We are, I mean, I think we will think about all different ways to create value or to get value recognized for our securities.</p>
<p>And so I don't know if there's a tracking stock or what the specific would be, but we agree with you and we want to be able to find a mark for the company and whether that's through third-party investment, whether that's through tracking stock, whatever it may be, but trying to find ways to demonstrate the value that we're creating will be very helpful for the business and for Cannae's stock.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">John Campbell</div>
<div class="content">
<p>Yes, agreed there. And then last one for me. I just want to circle back on the $0.12 quarterly dividend, just how you're feeling about the sustainability of that level of commitment? And then how much of that you're able to actually source the free cash flow versus kind of dipping into the capital pool?</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Ryan Caswell</div>
<div class="content">
<p>Yes.</p>
<p>So right now, we are dipping into the capital pool. We do believe it's sustainable.</p>
<p>I think one of the interesting things around Watkins, we've also talked about some of the stuff we're doing around the restaurant group.</p>
<p>We are starting to get some businesses that are producing cash flow for the holding company of Cannae. And the goal is to get enough of those that it fully covers the dividend.</p>
<p>And so that we're not dipping into our capital pool. But that will be a progression.</p>
<p>And so today, again, we're dipping into the capital pool. But hopefully, 6 months, 12 months from today, we'll be dipping much less so.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Operator</div>
<div class="content">
<p>The next question comes from Ian Zaffino from Oppenheimer.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Ian Zaffino</div>
<div class="content">
<p>I wanted to ask you on kind of philosophy on the portfolio construction, right? When you're going to the market and you're looking for deals or deals come to you, what deal size are you kind of looking at? If you had your wish, how many positions would you have? How large would they be? And I just think I kind of look at the sum of the parts, thanks, Brian, for updating this. It's just kind of all over the place.</p>
<p>You have things that are worth less than $1 per share. And I just don't see the focus here.</p>
<p>And so maybe you can kind of help me understand what are you trying to achieve as far as position size, number of positions, et cetera?</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Ryan Caswell</div>
<div class="content">
<p>I do think that we have you know there's probably some outsized positions in our portfolio.</p>
<p>Some of those are the amount of capital we invested, some of those have grown. I would think, going forward, investment size would be in the, call it, $100 million-plus type of range.</p>
<p>I think we invested $80 million in Watkins. That seems like a pretty -- a good starting point. I do think we'll look at some bigger stuff, but I don't believe that you'll have some of the larger deals that we did historically. Like I think we'll continue to be a bit smaller in scale than that given the capital base that we have today is how I think about the portfolio construction.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Ian Zaffino</div>
<div class="content">
<p>Okay.</p>
<p>So I guess to kind of define what you said, maybe 20, 25 positions, something along those lines.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Ryan Caswell</div>
<div class="content">
<p>Yes, it's probably less than that. But I think yes, you just did kind of at $100.</p>
<p>I think it's, call it, $100 million to $300 million type position.</p>
<p>So I think it will be less securities than that. And obviously, all of that's dependent on our ability to sell down some of the bigger positions that we have and reinvest that capital.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Ian Zaffino</div>
<div class="content">
<p>Okay. And then also on the football side, soccer side, can you talk about maybe some of the synergies you're seeing there between the teams' desire to get bigger there? I mean you talked about some of the improved performance, I guess, maybe both on and off the field.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Ryan Caswell</div>
<div class="content">
<p>Yes. Thanks, Ian. We've actually been spending a lot of time at what I'm going to call the holding company and trying to create more synergies across the business, both on the kind of the football side or the soccer side as well as on the commercial side. We announced on our last call, we hired Tim Bezbatchenko, who's now the President of Black Knight Football. Under him, we've started to hire additional people and really are building out the kind of the specific recruiting processes, commercial processes and sporting performance processes so that we are leveraging the expertise and the best practices across the business.</p>
<p>And so we believe this is an area of a lot of opportunity that we're just kind of scratching the surface.
We think that probably the biggest and most important point will be on the player acquisition and just creating different teams with different purchase prices of players that we can ideally send through the system.</p>
<p>So again, I think we are early in where we're trying to get to, but we're spending a lot of time in trying to build this out such that it becomes a real competitive advantage across each of the different clubs.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Operator</div>
<div class="content">
<p>This concludes our question-and-answer session. I would like to turn the conference back over to Ryan Caswell for closing remarks.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Ryan Caswell</div>
<div class="content">
<p>Thank you, operator.</p>
<p>We will continue to work hard to drive value for our shareholders and look forward to speaking with you again on our fourth quarter 2024 earnings call. Thank you again for your time today.</p>
</div>
</div>
<div class="speech">
<div class="participant-name">Operator</div>
<div class="content">
<p>The conference has now concluded. Thank you for attending today's presentation.</p>
<p>You may now disconnect.</p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
<footer class="footer">
<div class="container">
<div class="row py-5">
<div class="col-12 col-lg-auto">
<a href="https://finsight.com" target="_blank" rel="noopener" class="no-icon mb-5 mb-lg-0">
<img src="/img/finsight.svg" alt="Finsight">
</a>
</div>
<div class="col-12 col-lg-auto ml-lg-auto">
<div class="row">
<div class="col">
<div class="link-title">Resources</div>
<ul class="list-unstyled">
<li><a href="https://help.capedge.com/" target="_blank">Knowledgebase</a></li>
<li>
<form action="/user/logout" method="post">
<button type="submit" class="btn btn-link">Logout</button>
</form>
</li>
</ul>
</div>
<div class="col">
<div class="link-title">Company</div>
<ul class="list-unstyled">
<li><a href="https://finsight.com/about" target="_blank" rel="noopener">About</a></li>
<li><a href="https://finsight.com/contact-us" target="_blank" rel="noopener">Contact</a></li>
<li><a href="https://finsight.com/our-solutions" target="_blank" rel="noopener">Solutions</a></li>
</ul>
</div>
<div class="col">
<div class="link-title">Products</div>
<ul class="list-unstyled">
<li><a href="https://dealroadshow.finsight.com/" target="_blank" rel="noopener">Deal Roadshow</a></li>
<li><a href="https://dealvdr.com/" target="_blank" rel="noopener">DealVDR</a></li>
<li><a href="https://evercall.co/" target="_blank" rel="noopener">Evercall</a></li>
<li><a href="https://finsight.com/" target="_blank" rel="noopener">Finsight.com</a></li>
</ul>
</div>
<div class="col">
<div class="link-title">CapEdge</div>
<ul class="list-unstyled">
<li><a href="/earnings-calendar">Earnings Calendar</a></li>
<li><a href="/transcript/by/companyId/all">Earnings Transcripts</a></li>
<li><a href="/search?q=">EDGAR Filing Screener</a></li>
<li><a href="/ipo-calendar">IPO Calendar</a></li>
</ul>
</div>
</div>
</div>
</div>
</div>
<div class="footer-bottom">
<div class="container">
<div class="row align-items-center">
<div class="col-12 col-lg-auto">
<ul class="list-inline mb-0">
<li class="list-inline-item"><a href="https://finsight.com/compliance" target="_blank" rel="noopener">Compliance</a></li>
<li class="list-inline-item"><a href="https://finsight.com/privacy-policy" target="_blank" rel="noopener">Privacy</a></li>
<li class="list-inline-item"><a href="https://finsight.com/security-policy" target="_blank" rel="noopener">Security</a></li>
<li class="list-inline-item"><a href="https://finsight.com/terms-of-use" target="_blank" rel="noopener">Terms</a></li>
</ul>
</div>
<div class="col footer-icons text-lg-right">
<a href="https://angel.co/company/finsight-group" target="_blank" rel="noopener" class="no-icon">
<img src="/img/angel.svg" alt="AngelList">
</a>
<a href="https://www.linkedin.com/company/finsight/" target="_blank" rel="noopener" class="no-icon">
<img src="/img/linkedin.svg" alt="LinkedIn">
</a>
</div>
</div>
</div>
</div>
</footer>
</div>
<div class="cookiesBanner_container cookiesBanner_container__visible">
<i class="cookiesBanner_close">
<svg width="16" height="16" viewBox="0 0 16 16" xmlns="http://www.w3.org/2000/svg">
<path d="M8.58719 7.3231C8.93627 7.67218 8.93627 8.23816 8.58719 8.58724C8.2381 8.93633 7.67213 8.93633 7.32304 8.58724L0.261813 1.52597C-0.0872709 1.17689 -0.0872709 0.61091 0.261813 0.261825C0.610896 -0.0872605 1.17687 -0.0872605 1.52596 0.261825L8.58719 7.3231Z"></path><path d="M1.52595 15.7382C1.17687 16.0873 0.610892 16.0873 0.261808 15.7382C-0.087275 15.3891 -0.0872754 14.8231 0.261808 14.474L7.32304 7.41277C7.67212 7.06368 8.2381 7.06368 8.58718 7.41276C8.93626 7.76185 8.93626 8.32783 8.58718 8.67691L1.52595 15.7382Z"></path><path d="M7.4128 8.6769C7.06372 8.32782 7.06372 7.76184 7.4128 7.41275C7.76189 7.06367 8.32786 7.06367 8.67695 7.41275L15.7382 14.474C16.0873 14.8231 16.0873 15.3891 15.7382 15.7382C15.3891 16.0873 14.8231 16.0873 14.474 15.7382L7.4128 8.6769Z"></path><path d="M14.474 0.261814C14.8231 -0.0872713 15.3891 -0.0872713 15.7382 0.261814C16.0873 0.610899 16.0873 1.17688 15.7382 1.52596L8.67695 8.58723C8.32787 8.93632 7.76189 8.93632 7.41281 8.58723C7.06373 8.23815 7.06373 7.67217 7.41281 7.32309L14.474 0.261814Z"></path>
</svg>
</i>
<div class="cookiesBanner_content">
<p class="cookiesBanner_text">
We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our <a class="cookiesBanner_cookiesBannerLink__dvqOM" href="https://finsight.com/privacy-policy#cookiesPolicy" target="_blank">Cookie Policy</a> for more information.
</p>
<button type="button" class="cookiesBanner_btn btn btn-primary">I Agree</button>
</div>
</div>
<div class="modal fade" id="modalAddFavourite" tabindex="-1" role="dialog" aria-hidden="true">
<div class="modal-dialog" role="document">
<div class="modal-content">
<div class="modal-header">
<h3 class="modal-title">Add favorites</h3>
<button type="button" class="close" data-dismiss="modal" aria-label="Close"></button>
</div>
<div class="modal-body">
<ul class="nav nav-tabs" id="faveTabs" role="tablist">
<li class="nav-item">
<a class="nav-link active" id="manual-tab" data-toggle="tab" href="#manual" role="tab" aria-controls="manual" aria-selected="true">Choose</a>
</li>
<li class="nav-item">
<a class="nav-link" id="upload-tab" data-toggle="tab" href="#upload" role="tab" aria-controls="upload" aria-selected="false">Upload list</a>
</li>
</ul>
<div class="tab-content mt-3 pt-2" id="faveTabContent">
<div class="tab-pane fade show active" id="manual" role="tabpanel" aria-labelledby="manual-tab">
<form method="post" action="/user/batch-fave" spellcheck="false" autocomplete="off" id="batch-favorite-form">
<input type="hidden" name="referrer" value="">
<p>Type tickers, company names, or new folder names to organize your favorites.</p>
<div class="tokenInput tokeninput-container fake-input fake-input-lg">
<input type="text" placeholder="Ticker, company name, or new folder name…" name="favourites" autocomplete="off" autocorrect="off" autocapitalize="off" autofocus="on" size="42">
<script class="tokeninput-data" type="application/json">
{
"resultDataProp":"companies",
"resultTextProp":"name",
"resultValueProp":"companyId",
"url":"/search/company?needsXbrl=false&active=true&num=5&allowMultiple=true&q=$query",
"values":[],
"type":"lookup",
"completionGroups" : {
"companies" : { "heading" : "Companies", "newOption" : false, "singular" : "company" },
"folders" : { "heading" : "Folder", "newOption" : true, "singular" : "folder" }
}
}
</script>
</div>
<div class="d-flex mt-6 justify-content-between">
<button type="submit" class="btn btn-primary">Add favorites</button>
<button type="button" class="btn btn-link d-none d-md-inline-block" data-dismiss="modal">Cancel</button>
</div>
</form>
</div>
<div class="tab-pane fade" id="upload" role="tabpanel" aria-labelledby="upload-tab">
<div id="fave-upload-container">
<form method="post" action="/user/add-from-favorite-file">
<div class="not-uploaded">
<p>
Upload a CSV, TSV or Excel file of favorites to add (max 5 MB). We'll try to detect columns of tickers, company names, CIKs or CUSIPs. It doesn't
matter if the file has a header row or not, what order the columns are in, or if you include additional columns that are exported from another system.
</p>
<p>
If you want to organize your favorites into folders, then include a header row, with a column named <strong>Folder</strong> to
specify a folder for each favorite, e.g. (in this example, the name column is optional):
</p><pre> Name,Ticker,Folder
Apple Inc,AAPL,Watchlist
Tesla Inc,TSLA,Watchlist
Microsoft Inc,MSFT,Portfolio</pre>
<p></p>
<p>
If you want to upload a list of favorite searches, then include a header row, with a <strong>Name</strong> column for the search
terms, and a <strong>Type</strong> column with the value <em>search</em>, along with an optional <strong>Folder</strong> column e.g.
</p><pre> Type,Folder,Name
search,Future Tech,bitcoin OR cryptocurrency
search,Future Tech,S-1 drones
search,Green Energy,TSLA "renewable energy"</pre>
<p></p>
</div>
<div class="uploaded-only">
<table id="matched-upload-table" class="table table-sm">
<thead>
<tr>
<th></th>
<th colspan="2" class="uploaded-count">Uploaded</th>
<th colspan="2" class="matched-count">Matched</th>
<th class="folder-only">Folder</th>
</tr>
</thead>
<tbody></tbody>
</table>
<input type="hidden" name="uploadData" id="upload-data" value="">
<div class="mt-5 p-3 bg-blue-lightest">
<h6>Important:</h6>
<div class="form-check">
<input class="form-check-input" type="radio" name="actionExisting" id="actionExistingAdd" value="add" checked="">
<label class="form-check-label" for="actionExistingAdd">Add to existing favorites</label>
</div>
<div class="form-check">
<input class="form-check-input" type="radio" name="actionExisting" id="actionExistingReplace" value="replace">
<label class="form-check-label" for="actionExistingReplace">Remove existing favorites that are not in this list</label>
</div>
</div>
</div>
<div class="d-flex mt-6 justify-content-between">
<label class="btn btn-primary not-uploaded" for="upload-faves" id="upload-fave-button">
Upload favorites list…
<input type="file" id="upload-faves" class="d-none" name="files">
</label>
<button type="submit" class="btn btn-primary uploaded-only">Add selected favorites</button>
<button type="button" class="btn btn-link d-none d-md-inline-block" data-dismiss="modal">Cancel</button>
</div>
</form>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="modal fade" id="modalRenameFolder" tabindex="-1" role="dialog" aria-hidden="true">
<div class="modal-dialog" role="document">
<div class="modal-content">
<div class="modal-header">
<h3 class="modal-title">Rename folder</h3>
<button type="button" class="close" data-dismiss="modal" aria-label="Close"></button>
</div>
<form method="post" action="/user/rename-fave" spellcheck="false" autocomplete="off">
<div class="modal-body">
<input type="text" class="form-control" placeholder="Type new folder name…" name="documentSpecifier" autocomplete="off" autocorrect="off" autocapitalize="off" autofocus="on" pattern="[^<>]+">
<input type="hidden" name="documentId" value="">
</div>
<div class="modal-footer">
<button type="button" class="btn btn-link" data-dismiss="modal">Cancel</button>
<button type="submit" class="btn btn-primary">Rename</button>
</div>
</form>
</div>
</div>
</div>
<div class="modal fade" id="modalAlertSettings" tabindex="-1" role="dialog" aria-hidden="true">
<div class="modal-dialog" role="document">
<div class="modal-content">
<div class="modal-header">
<h3 class="modal-title">Alert feed settings</h3>
<button type="button" class="close" data-dismiss="modal" aria-label="Close"></button>
</div>
<form method="post" action="/user/settings" autocomplete="off" id="alert-settings-form" class="no-reset-on-close">
<div class="modal-body">
<p>Choose the information that appears in your CapEdge alert feed. You'll see alerts for information that matches your favorite companies.</p>
<div class="custom-controls-stacked mt-3">
<div class="form-group">
<label class="custom-switch pl-0">
<input type="checkbox" name="settings[alertTypes][]" value="ldb" class="custom-switch-input" checked="checked">
<span class="custom-switch-indicator"></span>
<span class="custom-switch-description">Filings</span>
</label>
<div class="pl-7 text-muted">New filings from SEC.</div>
</div>
<div class="form-group">
<label class="custom-switch pl-0">
<input type="checkbox" name="settings[alertTypes][]" value="news" class="custom-switch-input" checked="checked">
<span class="custom-switch-indicator"></span>
<span class="custom-switch-description">News</span>
</label>
<div class="pl-7 text-muted">Full news stories, breaking headlines, and press releases.</div>
</div>
<div class="form-group">
<label class="custom-switch pl-0">
<input type="checkbox" name="settings[alertTypes][]" value="social" class="custom-switch-input" checked="checked">
<span class="custom-switch-indicator"></span>
<span class="custom-switch-description">Social</span>
</label>
<div class="pl-7 text-muted">Message threads from Reddit.</div>
</div>
<div class="form-group">
<label class="custom-switch pl-0">
<input type="checkbox" name="settings[alertTypes][]" value="user" class="custom-switch-input" checked="checked">
<span class="custom-switch-indicator"></span>
<span class="custom-switch-description">Community content</span>
</label>
<div class="pl-7 text-muted">New community notes and annotations.</div>
</div>
</div>
</div>
<div class="modal-footer">
<button type="button" class="btn btn-link" data-dismiss="modal">Cancel</button>
<button type="submit" class="btn btn-primary">Update alerts feed settings</button>
</div>
</form>
</div>
</div>
</div>
<div class="modal fade" id="modalSendToNote" tabindex="-1" role="dialog" aria-hidden="true">
<div class="modal-dialog" role="document">
<div class="modal-content">
<div class="modal-header">
<h3 class="modal-title">Add to note</h3>
<button type="button" class="close" data-dismiss="modal" aria-label="Close"></button>
</div>
<form method="post" action="#" class="no-disable" spellcheck="false" autocomplete="off">
<div class="modal-body">
<p>The following content will be added to your chosen note:</p>
<div id="fragment-preview" class="my-3 text-muted"></div>
<p>Search or choose a recent note below:</p>
<div class="tokenInput tokeninput-container fake-input fake-input-lg">
<input type="text" placeholder="Search your note titles…" name="noteSearch" autocomplete="off" autocorrect="off" autocapitalize="off" tabindex="1" autofocus="on" size="25">
<script class="tokeninput-data" type="application/json">
{
"resultDataProp":"results",
"resultTextProp":"title",
"resultValueProp":"id",
"url":"/note/notesearch?limit=3&query=$query",
"type":"lookup",
"completionGroups" : {
"bestmatch" : { "heading" : "Best Match" },
"notes" : { "heading" : "Notes", "newOption" : true, "singular" : "note" }
}
}
</script>
</div>
<div id="send-recent-list"></div>
</div>
<div class="modal-footer">
<button type="button" class="btn btn-link" data-dismiss="modal" tabindex="2">Cancel</button>
</div>
</form>
</div>
</div>
</div>
<div class="dropdown-menu dropdown-menu-sm" id="user-feed-context-menu">
<a class="dropdown-item context-open" href="#">Open</a>
<a class="dropdown-item context-open" href="#" target="_blank">Open in new tab</a>
<div class="dropdown-divider"></div>
<a class="dropdown-item context-delete" href="#">Delete</a>
</div>
<div style="display:none" id="google-id" data-id="G-REPSH58KSM,UA-113590965-4"></div>
<div style="display:none" id="google-tag-id" data-id="GTM-5KBPWNG"></div>
<noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-5KBPWNG" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript>
<script src="https://www.google.com/recaptcha/api.js" async="" defer=""></script>
<script type="application/json" id="user-data">{"id":"665437da02f04742ce51dd52","loggedIn":true,"settings":{"emailNewFilings":false,"emailSearches":true,"emailCommunityContent":true,"emailProductUpdates":true,"enableAnnotations":true,"enableReadCheckbox":false,"subscribedEmailFilingGroups":["financial","news","registration","proxy","other","ownership"],"subscribedEmailFilingTypes":[],"subscribedCommunityNotifications":["repliesToMine","newOnAnnotated"],"periodicEmailSchedule":"never","stockChartComparison":true,"stockChartPeriod":"1m","toggleFavouritescol":false,"toggleNotescol":true,"toggleAlertscol":true,"collapsedFolders":[],"collapsedCards":[],"annotationsPublic":false,"disableEmailNotes":false,"hideNextSteps":false,"alertTypes":["ldb","news","social","user"],"emailSearchesSchedule":"realtime","folderSettings":[]},"plan":"free"}</script>
<script type="application/json" id="init-data">{"annotationDocumentRoot":".transcript-container","annotationDocumentType":"transcript","annotationDocumentId":"CNNE_3408141","annotationCompanyId":1704720}</script>
<script src="/js/dist/initial.js?v=20241112T234002"></script>
<script src="/js/dist/build.js?v=20241112T234002" defer=""></script>
<script src="/js/dist/annotator.js?v=20241112T234002" defer=""></script>
<script async="" src="/js/dist/annotator-frame.js"></script><div class="annotator-adder" style="display: none;"><button type="button" class="sendTo">Add to note</button><button type="button" class="create">Annotate</button></div></body></html>