v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280). The guidance improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments in this ASU enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. This guidance is also to be applied retrospectively to all prior periods presented in the financial statements. For public companies, the guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.
We have adopted this ASU and as a result, we have disclosed those expenses for each reportable segment that are (1) regularly provided to the chief operating decision maker ("CODM"); (2) included in each reported measure of segment profit and loss; and (3) considered significant, including categories of expense and amounts. In addition, the segment table for the three months ended June 30, 2024 have been retrospectively revised to incorporate the additional information for reportable segments.
Cannae’s CODM is the Company’s CEO who oversees all of the Company’s investments and is responsible for the key operating decisions of the Company. The CODM primarily uses net earnings or loss and EBITDA as the performance measure for each operating segment which helps the CODM in deciding how to allocate resources. The CODM uses the performance measure to evaluate profitability and income generated from the businesses in deciding how to allocate the Company's resources and decisions regarding the investee relationship. As net earnings or loss is the measure most consistent with U.S. GAAP, we include such measure in our segment tables that follow.
In the period ended March 31, 2025, we began accounting for our investment in D&B as a discontinued operation and no longer consider D&B a reportable segment. Segment information for the periods ended June 30, 2024 has been recast in the tables that follow to remove D&B as a reportable segment.
As of June 30, 2025, Cannae has identified three reportable segments: Restaurant Group, Alight, and BKFC. The tables below provide information about the Company's segments, as well as an aggregation of all other non-reportable operating segments within the Corporate and Other category. For Alight and BKFC, which are accounted for as unconsolidated affiliates, the amounts presented in the tables below represent our portion of equity in losses and our investment balance that reconcile to our consolidated statements of operations and balance sheets, respectively. Refer to Note B - Investments for certain summarized gross amounts of the results of operations of these unconsolidated affiliates.
As of and for the three months ended June 30, 2025:
 Restaurant GroupAlightBKFCTotal Reportable Segments Corporate
and Other		Total Consolidated
 (In millions)
Restaurant revenues$101.9 $101.9 $— $101.9 
Other revenues— — 8.3 8.3 
Total revenues101.9 101.9 8.3 110.2 
Expenses
Cost of revenue90.8 90.8 
Depreciation and amortization2.5 2.5 
Other segment items (1)
10.4 10.4 
Interest expense1.6 1.6 
Equity in losses of unconsolidated affiliates— (81.7)(12.3)(94.0)
Net loss from continuing operations$(3.4)$(81.7)$(12.3)$(97.4)$(132.1)$(229.5)
Assets$260.9 $229.1 $106.0 $596.0 $1,189.8 $1,785.8 
Goodwill53.4 53.4 — 53.4 
As of and for the three months ended June 30, 2024:
 Restaurant GroupAlightBKFCTotal Reportable Segments Corporate
and Other		Total Consolidated
 (In millions)
Restaurant revenues$107.6 $107.6 $— $107.6 
Other revenues— — 10.4 10.4 
Total revenues107.6 107.6 10.4 118.0 
Expenses
Cost of revenue92.1 92.1 
Depreciation and amortization2.7 2.7 
Other segment items (1)
9.7 9.7 
Interest expense1.3 1.3 
Equity in earnings (losses) of unconsolidated affiliates— 2.2 (17.9)(15.7)
Net earnings (loss) from continuing operations$1.8 $2.2 $(17.9)$(13.9)$(135.0)$(148.9)
Assets$279.0 $492.1 $104.6 $875.7 $1,348.3 $2,224.0 
Goodwill53.4 53.4 — 53.4 
As of and for the six months ended June 30, 2025:
 Restaurant GroupAlightBKFCTotal Reportable Segments Corporate
and Other		Total Consolidated
 (In millions)
Restaurant revenues$201.0 $201.0 $— $201.0 
Other revenues— — 12.4 12.4 
Total revenues201.0 201.0 12.4 213.4 
Expenses
Cost of revenue181.8 181.8 
Depreciation and amortization4.9 4.9 
Other segment items (1)
19.6 19.6 
Interest expense3.1 3.1 
Equity in losses of unconsolidated affiliates— (83.6)(22.7)(106.3)
Net loss from continuing operations$(8.4)$(83.6)$(22.7)$(114.7)$(153.5)$(268.2)
Assets$260.9 $229.1 $106.0 $596.0 $1,189.8 $1,785.8 
Goodwill53.4 53.4 — 53.4 
As of and for the six months ended June 30, 2024:
 Restaurant GroupAlightBKFCTotal Reportable Segments Corporate
and Other		Total Consolidated
 (In millions)
Restaurant revenues$214.1 $214.1 $— $214.1 
Other revenues— — 14.6 14.6 
Total revenues214.1 214.1 14.6 228.7 
Expenses
Cost of revenue186.3 186.3 
Depreciation and amortization5.4 5.4 
Other segment items (1)
22.1 22.1 
Interest expense2.6 2.6 
Equity in losses of unconsolidated affiliates— (9.1)(25.3)(34.4)
Net loss from continuing operations$(2.3)$(9.1)$(25.3)$(36.7)$(187.3)$(224.0)
Assets$279.0 $492.1 $104.6 $875.7 $1,348.3 $2,224.0 
Goodwill53.4 53.4 — 53.4 
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(1) "Other segment items" includes restaurant corporate personnel costs, advertising, professional fees and recognized gains and losses, net.
The activities in our segments include the following:
•Restaurant Group. This segment consists primarily of the operations of O'Charley's and 99 Restaurants in which we have 65.4% and 88.5% ownership interests, respectively. O'Charley's and 99 Restaurants and their affiliates are the owners and operators of the O'Charley's and Ninety Nine Restaurants restaurant concepts, respectively.
•Alight. This segment consists of our 7.6% ownership interest in Alight. Alight is a technology-enabled services company delivering human capital management solutions to many of the world’s largest and most complex organizations. This includes the implementation and administration of employee benefits (e.g., health, wealth and leaves benefits) solutions. Alight’s numerous solutions and services are utilized year-round by employees and their family members in support of their overall health, wealth and wellbeing goals. Participants can access their solutions digitally, including through a mobile application on Alight Worklife®, their intuitive, cloud-based employee engagement platform. Through Alight Worklife, Alight believes it is defining the future of employee benefits by providing an enterprise level, integrated offering designed to drive better outcomes for organizations and individuals. Our chief operating decision maker reviews the financial results of Alight for purposes of assessing performance and allocating resources. Thus, we consider Alight an operating segment. We account for Alight using the equity method of accounting, and therefore, its results do not consolidate into ours.
•Black Knight Football. This segment consists of our 42.5% ownership interest in BKFC. BKFC is a partnership led by Bill Foley that owns and operates AFC Bournemouth ("AFCB"), an English Premier League ("EPL" or the "Premier
League") football club, and holds a significant minority interest in FC Lorient ("FCL"), a French Ligue 1 football club, and The Hibernian Football Club Limited ("Hibernian"), a Scottish Premiership football club. In June 2025, BKFC acquired a controlling interest in Moreirense Futebol Clube ("Moreirense"), a Portuguese Primeira Liga football club. BKFC aims to grow into a leading multi-club operator of football assets across the world. Our chief operating decision maker reviews the financial results of Black Knight Football for purposes of assessing performance and allocating resources. Thus, we consider BKFC an operating segment. We account for our ownership of BKFC using the equity method of accounting; therefore, its results of operations do not consolidate into ours. We report our equity in earnings or loss of BKFC on a three-month lag. Accordingly, the segment tables above for the three and six months ended June 30, 2025 and 2024 include our equity in losses of BKFC and complete results of Black Knight Football for the three and six months ended December 31, 2024 and 2023.
•Corporate and Other. This nonreportable segment consists of our share in the operations of certain controlled portfolio companies and other equity interests, activity of the corporate holding company and certain intercompany eliminations and taxes.