Cannae Holdings Inc (CNNE) 2023 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Cannae Holdings, Incorporated fourth-quarter and full-year 2023 financial results conference call.

女士們、先生們，下午好，歡迎參加坎尼控股公司 2023 年第四季和全年財務業績電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded and a replay is available through 11:59 PM Eastern time on February 28, 2024.

（操作員說明）謹此提醒，本次電話會議正在錄音，並可在東部時間 2024 年 2 月 28 日晚上 11:59 之前重播。

With that, I would like to turn the call over to Jamie Lillis of Solebury Strategic Communications. Please go ahead.

說到這裡，我想將電話轉給索爾伯里策略傳播公司的傑米·莉利斯 (Jamie Lillis)。請繼續。

Thank you, operator, and all of you for joining us. On the call today, we have our Chairman and Chief Executive Officer, Bill Foley; Cannae's President, Ryan Caswell; and Bryan Coy, our Chief Financial Officer.

感謝運營商以及大家加入我們。今天的電話會議由我們的董事長兼執行長 Bill Foley 主持。坎尼主席 Ryan Caswell；和我們的財務長 Bryan Coy。

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.

在我們開始之前，我想提醒聽眾，本次電話會議和我們發言後的問答可能包含涉及許多風險和不確定性的前瞻性陳述。非歷史事實的陳述，包括有關 Cannae 的期望、希望、意圖或未來策略的陳述，均屬於前瞻性陳述。

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.

前瞻性陳述是基於管理階層的信念以及管理階層所做的假設和目前可獲得的資訊。由於此類陳述是基於對未來財務和經營績效的預期，而不是事實陳述，因此實際結果可能與預測有重大差異。

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.

本公司不承擔更新任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。前瞻性陳述所涉及的風險和不確定性包括但不限於我們今天下午發布的季度股東信以及我們向 SEC 提交的其他文件中詳細說明的風險和其他因素。

Today's remarks will also include references to non-GAAP financial measures. Additional information, including a reconciliation between non-GAAP financial information to the GAAP financial information is provided in our shareholder letter.

今天的演講也將提及非公認會計準則財務指標。我們的股東信中提供了其他訊息，包括非 GAAP 財務資訊與 GAAP 財務資訊之間的調整。

I would now like to turn the call over to Cannae's Chairman and CEO, Bill Foley, who will open with a few brief remarks, followed by Ryan Caswell. We will then open the line for your questions.

我現在想將電話轉給坎尼的董事長兼執行長 Bill Foley，他將首先做一些簡短的發言，然後由 Ryan Caswell 發言。然後我們將開通您的提問熱線。

Thanks, Jamie. As we previously announced, I have assumed the role of CEO and Rick Massey has taken on the role of Vice Chairman of our Board of Directors. I'd like to thank Rick for his many contributions to Cannae over the last four years and look forward to continuing to work with him. As CEO, I will focus on returns to shareholders both immediate and longer term. I am very aware of the deep discount that Cannae shares trade to net asset value and appreciate the input from our shareholders on the importance of share buybacks.

謝謝，傑米。正如我們之前宣布的，我擔任首席執行官，里克·馬西 (Rick Massey) 擔任董事會副主席。我要感謝 Rick 在過去四年中為坎尼做出的許多貢獻，並期待繼續與他合作。作為首席執行官，我將關注股東的近期和長期回報。我非常清楚坎尼股票交易相對資產淨值的大幅折扣，並感謝我們的股東對股票回購重要性的意見。

In my letter released this afternoon, I noted the company's intention to commence a modified Dutch auction tender to repurchase $200 million worth of Cannae's common stock at a price per share between $20.75 and $23.75. The transaction will commence in early March and will be funded by cash on hand. Further details, including the terms and conditions of the tender offer will be filed with the SEC over the coming weeks.

在今天下午發布的信中，我指出該公司打算啟動修改後的荷蘭式拍賣招標，以每股 20.75 美元至 23.75 美元之間的價格回購價值 2 億美元的 Cannae 普通股。該交易將於三月初開始，並將由庫存現金提供資金。更多細節，包括要約收購的條款和條件，將在未來幾週內向美國證券交易委員會提交。

The Dutch tenders in addition to our previously approved share repurchase programs, which -- under which we repurchased approximately 24% of our shares outstanding compared to March 31, 2021, having returned more than $510 million in capital.

荷蘭招標以及我們先前批准的股票回購計劃，根據該計劃，與 2021 年 3 月 31 日相比，我們回購了約 24% 的已發行股票，已返還超過 5.1 億美元的資本。

Additionally, Cannae still has 12.6 million shares remaining on our previous share buyback authorization, which is in addition to the tender offer that we have announced today. And when taken together speaks to our commitment and when we were looking to close Cannae's share price discount to net asset value. As a top five holder of Cannae, I am very aligned with our shareholders in creating value and seeing our share price not only appreciate towards the fair value of our portfolio, but also growing that value.

此外，除了我們今天宣布的要約收購之外，我們先前的股票回購授權中還剩餘 1,260 萬股 Cannae 股票。綜合起來，就體現了我們的承諾，以及我們希望將 Cannae 的股價折扣降至資產淨值的水平。作為 Cannae 的前五名持有者，我在創造價值方面與我們的股東非常一致，並且看到我們的股價不僅朝著我們投資組合的公允價值升值，而且還在增加該價值。

Looking back over our history, private company investments have been an important part of Cannae's success. Ceridian is the best example where we've now received over $2.1 billion in gross proceeds from the sales of stock in this company.

回顧我們的歷史，私人公司投資是坎尼成功的重要組成部分。Ceridian 就是最好的例子，我們現在透過出售該公司的股票獲得了超過 21 億美元的總收益。

I'll now turn the call over to Ryan Caswell, our President.

現在我將把電話轉給我們的總裁瑞安卡斯韋爾。

Thank you, Bill. Continuing to find attractive investments is critical to our long-term success, and I'm excited with our announcement today of our strategic investment and partnership with JANA Partners where we acquired a minority stake for approximately 1.58 million Cannae common shares and $18 million in cash. I'm thrilled to partner with Barry Rosenstein, Scott Ostfeld, and the JANA team, who have built an incredible track record as a public company investor.

謝謝你，比爾。繼續尋找有吸引力的投資對於我們的長期成功至關重要，我很高興今天宣布我們的戰略投資以及與JANA Partners 的合作夥伴關係，我們收購了約158 萬股Cannae 普通股和1800 萬美元現金的少數股權。我很高興能與 Barry Rosenstein、Scott Ostfeld 和 JANA 團隊合作，他們作為上市公司投資者創造了令人難以置信的業績記錄。

We believe a partnership with JANA creates significant upside for Cannae as a result of one, sourcing of new control opportunities for Cannae. JANA's business is based on finding undervalued public companies with specific catalysts to unlock value. Cannae and JANA can collectively work together to find a situation where Cannae can be part of the catalyst to unlock value with the target company, i.e., Cannae acquire to carve out the company or provide other capital solutions.

我們相信，與 JANA 的合作將為 Cannae 帶來顯著的優勢，因為它可以為 Cannae 帶來新的控制機會。JANA 的業務是基於尋找具有特定催化劑來釋放價值的被低估的上市公司。Cannae 和 JANA 可以共同努力找到一種情況，讓 Cannae 可以成為目標公司釋放價值的催化劑的一部分，即 Cannae 收購以分拆公司或提供其他資本解決方案。

This relationship will be beneficial to both Cannae through the sourcing of these opportunities as well as JANA by giving them a different tool to execute their strategy that is leveraging Cannae as a catalyst to a target company, and thus driving returns for both entities.

這種關係將透過獲取這些機會對 Cannae 和 JANA 都有利，因為它們為他們提供了不同的工具來執行其策略，即利用 Cannae 作為目標公司的催化劑，從而為兩個實體帶來回報。

Number two -- the second reason why we're excited about this investment is we believe there will be an increase in the value of the JANA platform. JANA's stand-alone business is well positioned for success, given its industry-leading returns and long track record of success. We believe their stand-alone business, coupled with the opportunities from our partnership, will enable JANA to enhance their already strong performance and help grow their business to its optimal scale, thus increasing the overall value of JANA's business.

第二——我們對這項投資感到興奮的第二個原因是我們相信 JANA 平台的價值將會增加。鑑於其行業領先的回報和長期的成功記錄，JANA 的獨立業務已做好了成功的準備。我們相信，他們的獨立業務加上我們合作夥伴關係帶來的機會，將使 JANA 能夠增強其本已強勁的業績，並幫助其業務發展到最佳規模，從而提高 JANA 業務的整體價值。

Three, closing of Cannae stock price NAV gap. Over time, we believe by leveraging the JANA relationship, Cannae's ability to source proprietary acquisition opportunities and make new investments and with the improving performance of Cannae's underlying portfolio, the stock price to NAV gap will close, resulting in significant returns to our shareholders.

三、關閉 Cannae 股價 NAV 缺口。隨著時間的推移，我們相信，透過利用JANA 關係， Cannae 有能力尋找專有收購機會並進行新投資，並且隨著Cannae 基礎投資組合績效的改善，股價與資產淨值的差距將縮小，從而為我們的股東帶來可觀的回報。

Cross-equity ownership of the transaction aligns both parties and the other's success. I would note that Cannae will not pay fees on its investment in JANA funds or future opportunities. And additionally, the JANA investment will not be subject to any of the Trasimene management or incentive fees.

交易的交叉股權使雙方和對方的成功保持一致。我想指出的是，坎尼不會為其對 JANA 基金或未來機會的投資支付費用。此外，JANA 投資無需繳納 Trasimene 的任何管理費或獎勵費。

I would also like to talk about the CSI investment. Through our relationship with Frank Martire and Bridgeport Partners, we participate in CSI's LBO in 2022. CSI has outperformed all expectations and brought in a new large investor in December, valuing the company at approximately $2 billion, a 31% increase from the take private valuation. As part of this investment, Cannae received a $37 million cash distribution or 43% of the initial capital that we invested, while the implied value of our ongoing position represents 104% of our original investment.

我還想談談CSI投資。透過我們與 Frank Martire 和 Bridgeport Partners 的關係，我們於 2022 年參與了 CSI 的槓桿收購。CSI 的表現超出了所有人的預期，並於 12 月引入了新的大型投資者，對該公司的估值約為 20 億美元，比私有化時的估值增長了 31%。作為這項投資的一部分，Cannae 獲得了 3,700 萬美元的現金分配，即我們投資初始資本的 43%，而我們持續持股的隱含價值相當於我們原始投資的 104%。

I would next like to turn to Black Knight football. At AFC Bournemouth, our management team has done a terrific job transforming Bournemouth both on and off the field. Currently, the team is ranked in 13th place, which is up from last year's 15th place, and we believe we can move higher than that. Additionally, the business side of Bournemouth has performed very strong with hospitality up approximately 50% year over year, ticketing up 13% year over year, and sponsorship up 40% year over year.

接下來我想談談黑騎士足球。在伯恩茅斯足球俱樂部，我們的管理團隊在場內和場外都為伯恩茅斯的轉型做出了出色的貢獻。目前，該團隊排名第 13 位，高於去年的第 15 位，我們相信我們可以進一步提升。此外，伯恩茅斯的商業方面表現非常強勁，接待同比增長約 50%，門票同比增長 13%，贊助同比增長 40%。

In January, Black Knight football announced that it purchased a minority interest in Hibernian Football Club of the Scottish Premiere League. We are excited to partner with the Gordon family and believe that Hibernian will be a strong contributor to our multi-club ownership strategy. We believe finding private investments like these where we can acquire operating companies, partner with management teams, and actively engage to help grow their businesses will drive value for our shareholders.

今年1月，黑騎士足球宣布購買蘇格蘭超級聯賽希伯尼安足球俱樂部的少數股權。我們很高興與戈登家族合作，並相信希伯尼安將為我們的多俱樂部所有權策略做出重要貢獻。我們相信，找到這樣的私人投資，我們可以收購營運公司，與管理團隊合作，並積極參與幫助他們發展業務，將為我們的股東帶來價值。

Moving on to our listed companies. DNB's constant currency growth of 5.1% from the quarter is an acceleration from the 4.8% in the third quarter and 3.2% in the second and first quarters. While Alight's top-line revenue growth was 1.9%, the company posted 12% growth in adjusted EBITDA and hit $2.2 billion in BPaaS total contract value bookings since 2021, $700 million over the three-year target of $1.5 billion that they had set. Alight also has more than $6.5 billion of future revenue under contract.

轉向我們的上市公司。DNB 本季匯率恆定成長率為 5.1%，較第三季的 4.8% 以及第二季和第一季的 3.2% 有所加快。雖然Alight 的營收成長率為1.9%，但該公司調整後EBITDA 成長了12%，自2021 年以來BPaaS 合約總價值預訂達到22 億美元，比他們設定的15 億美元的三年目標高出7 億美元。Alight 根據合約還擁有超過 65 億美元的未來收入。

The team is also working with Stefan on Alight's strategic portfolio review, which they announced this morning. We believe that we can expand Alight's profitability and recurring revenue model while building a more valuable business. Finally, starting in the third quarter of this year, Trasamine's fees will be reduced by approximately 16% going forward as a result of Rick Massey moving into the Vice Chairman role.

團隊還與 Stefan 合作進行 Alight 的策略性投資組合審查，他們今天早上宣布了這項決定。我們相信，我們可以擴大 Alight 的獲利能力和經常性收入模式，同時建立更有價值的業務。最後，從今年第三季開始，由於 Rick Massey 出任副主席，Trasamine 的費用將減少約 16%。

To conclude, we are very optimistic with what the future holds for Cannae and our shareholders as we find new high-return investments, continue with our share buybacks, and gradually rebalance our portfolio. Taken together, I believe this will have the dual effect of driving our net asset value higher while closing our share price to NAV discount.

總而言之，隨著我們尋找新的高回報投資、繼續股票回購並逐步重新平衡我們的投資組合，我們對 Cannae 和股東的未來感到非常樂觀。總而言之，我相信這將產生雙重效應，即推高我們的資產淨值，同時將我們的股價收至資產淨值折扣。

I'll now turn the call over to Bryan Coy to touch on our financial position.

我現在將電話轉給 Bryan Coy，詢問我們的財務狀況。

Thanks, Ryan. At the close today, Cannae's aggregate net asset value was $2.43 billion or $33.61 per Cannae share compared with the third quarter's $2.38 billion or $33.67 per share. Cannae's liquidity position is strong with $149 million of corporate cash and short-term investments, net of the cash invested in the JANA transaction.

謝謝，瑞安。截至今天收盤， Cannae 的總資產淨值為 24.3 億美元，即每股 Cannae 股 33.61 美元，而第三季為 23.8 億美元，即每股 Cannae 股 33.61 美元，而第三季為 23.8 億美元，即每股 33.67 美元。Cannae 的流動性狀況強勁，扣除投資於 JANA 交易的現金後，公司現金和短期投資為 1.49 億美元。

The company also has $150 million of undrawn capacity under its existing margin loan. The only outstanding debt presently is approximately $60 million under our revolver that matures near the end of 2025. Under an amendment to that revolver, we paid down $25 million of the balance and fixed the interest rate at 7%, saving Cannae approximately $4 million annually in interest payments.

該公司現有保證金貸款下還有 1.5 億美元的未動用產能。目前，我們的左輪手槍中唯一未償還的債務約為 6,000 萬美元，將於 2025 年底到期。根據該左輪手槍的修正案，我們支付了 2500 萬美元的餘額，並將利率固定在 7%，每年為坎尼節省了約 400 萬美元的利息。

I'll now turn the call back to the operator to begin the Q&A session.

現在我將把電話轉回接線生以開始問答環節。

(Operator Instructions) Kenneth Lee, RBC Capital Markets.

（操作員指令）Kenneth Lee，RBC 資本市場。

Hey. Good evening and thanks for taking the question. First one on the tender offer. Wonder if you could talk a little bit more about the motivation for pursuing a tender offer versus perhaps some of the other options you could have pursued. Thanks.

嘿。晚上好，感謝您提出問題。要約收購中的第一個。想知道您是否可以多談談追求要約收購的動機以及您可能追求的其他一些選擇。謝謝。

Well, really, we went to the tender offer plan to accelerate our share repurchase program to retire shares. We found that as we were repurchasing shares, first, we were blacked out at various points in time due to earnings releases or activities we are involved in, for example, the JANA transaction.

嗯，確實，我們進行了要約收購計劃，以加速我們的股票回購計劃以退役股票。我們發現，當我們回購股票時，首先，由於收益發布或我們參與的活動（例如 JANA 交易），我們在不同的時間點都被封鎖。

And also, we're limited by the number of shares we can buy per day. And while we can do a large bulk or large share block transactions, they were really becoming even part between for us to execute against. So we feel like at this point, with our share price to trade at this NAV discount, that we should just accelerate our buyback program, which is in fact, that's what the tender offer is doing, and retire more shares more quickly.

而且，我們每天可以買的股票數量也受到限制。雖然我們可以進行大量或大量份額的區塊交易，但它們實際上已經成為我們執行的一部分。因此，我們覺得，在這一點上，我們的股價以資產淨值折扣進行交易，我們應該加快我們的回購計劃，事實上，這就是要約收購正在做的事情，並更快地退出更多股票。

Got you. And then in terms of funding the tender offer, you mentioned using cash on hand. I presume that there could be some drawdown potentially in the loan facilities, but just want to get a little bit more color around that. Thanks.

明白你了。然後，在為要約收購提供資金方面，您提到使用手頭現金。我認為貸款設施可能會出現一些提款，但只是想對此有更多了解。謝謝。

Yeah. It could be a combination of drawdown under our margin loan facility, or it could be a sale of a -- continued sale of some of our liquid securities -- liquid public securities. We have about $150 million of cash on hand right now. So the $200 million figure really is only $50 million short of what we actually have on hand in the bank at this point.

是的。它可能是我們的保證金貸款安排下的提款組合，也可能是出售——繼續出售我們的一些流動性證券——流動性公共證券。我們現在手頭上有大約1.5億美元的現金。因此，2 億美元的數字實際上只比我們目前銀行實際持有的資金少 5,000 萬美元。

So we're really not concerned about raising the additional $50 million. And if we actually have a green shoe, which will be 15% of the $200 million, that would be an additional $30 million, but we're very confident that we can raise those funds really expeditiously and easily.

所以我們真的不擔心籌集額外的 5000 萬美元。如果我們真的有一個綠鞋，這將是 2 億美元的 15%，那將是額外的 3000 萬美元，但我們非常有信心我們能夠真正迅速、輕鬆地籌集這些資金。

Got you. Very helpful there. And if I could ask another follow-up here. Could you just talk a little bit more about the -- in terms of the JANA partnership. Wonder if you could get a little bit more detail in terms of the voting arrangements and any kind of detail around that in terms of supporting the management and the Board there. Thanks.

明白你了。那裡非常有幫助。我是否可以在這裡詢問另一個後續行動。您能多談談 JANA 合作夥伴關係嗎？想知道您是否可以獲得有關投票安排的更多詳細信息，以及有關支持管理層和董事會的任何詳細信息。謝謝。

Yeah. So as we noted in our press release, we agreed to a voting agreement with JANA. We view this as a partnership. We're excited to work together. They are taking stock in Cannae, and we are taking stock in JANA. And we believe the cross ownership will incentivize both of us to work together, and we believe it will be a benefit to both businesses through theirs in terms of driving returns and increasing AUM and to ours in terms of sourcing, proprietary acquisitions of operating businesses.

是的。正如我們在新聞稿中指出的，我們同意與 JANA 達成投票協議。我們將此視為一種夥伴關係。我們很高興能一起工作。他們正在盤點坎尼，我們正在盤點賈納。我們相信，交叉所有權將激勵我們雙方共同合作，我們相信，這將有利於雙方企業在推動回報和增加資產管理規模方面的優勢，以及在採購和運營業務的專有收購方面對我們企業的優勢。

Got you. And just one final follow-up for me if I may. You talked a little bit about how some of the partnering on potential opportunities with JANA could look like. But wondering if you could just further flesh that out in terms of potential structures of making control acquisitions with JANA, and I think you mentioned a bit about some carve-outs. Just wonder if you could just perhaps talk on a hypothetical or some other further flesh out of some of the opportunities? How could they look like? Thanks.

明白你了。如果可以的話，請為我做最後的跟進。您談到了與 JANA 就潛在機會進行合作的一些情況。但想知道您是否可以在與 JANA 進行控制權收購的潛在結構方面進一步充實這一點，我認為您提到了一些關於剝離的內容。只是想知道您是否可以就一些機會進行假設或其他進一步的具體討論？他們怎麼可能長得像？謝謝。

Yeah. I think you really ought to take a look at JANA's deck -- investment deck, it'd be very revealing to you and Ryan could provide that to you if you would like to see it. It's a document they use when they're raising funds from third-party sources. There is no specific transaction currently on the table. A number of things that JANA is looking at and that they've shared with us appear to be very interesting, but there's no one transaction that's pending at this time. We anticipate several transactions occurring each year and that we'll be partners with them on.

是的。我認為你真的應該看看 JANA 的投資平台，它對你來說非常有啟發性，如果你想看的話，Ryan 可以提供給你。這是他們從第三方籌集資金時使用的文件。目前沒有具體的交易。JANA 正在研究並與我們分享的許多事情似乎都非常有趣，但目前沒有一筆交易處於待處理狀態。我們預計每年都會發生幾筆交易，我們將與他們合作。

Got you. And actually just one more, if I could squeeze in. Would it also be possible for JANA perhaps to invest in any of the portfolio companies within the Cannae portfolio? Is that also a possibility?

明白你了。事實上，如果我能擠進去的話，就再多一個。JANA 是否也有可能投資坎尼投資組合中的任何投資組合公司？難道這也是一種可能嗎？

Everything really is on the table with JANA. I'm sure they can help us with some of our portfolio companies in terms of looking at alternative strategies relative to sale of all or a portion of the assets going private transactions, all kinds of different situations. So the JANA Group is a very skilled group of investment professionals. And really, we look forward to the partnership.

JANA 確實將一切都擺在桌面上。我相信他們可以幫助我們的一些投資組合公司尋找與出售全部或部分資產私有化交易相關的替代策略，以及各種不同的情況。因此，JANA 集團是一個由非常熟練的投資專業人士組成的團隊。事實上，我們期待著這種合作關係。

Well, great. Well, I'll step back into the queue Thank you very much.

嗯，太好了。好吧，我會回到隊列中，非常感謝。

(Operator Instructions) Jonathan Bass, Stephens.

（操作員說明）喬納森·巴斯，史蒂芬斯。

Hey, guys, thanks for taking my questions. I was hoping you could address the public versus private investment philosophy. Where do you guys see the team spending the majority of their time and efforts moving forward? And out of the private investments you have today, ignoring the size, what do you see as having the most promising return potential over the next handful of years?

嘿，夥計們，謝謝你回答我的問題。我希望您能談談公共投資理念與私人投資理念。你們認為團隊將大部分時間和精力花在了哪些方面？在您今天擁有的私人投資中，忽略規模，您認為哪些投資在未來幾年內最有希望獲得回報？

Look, I think in terms of -- in terms of public versus private, we are going to be more -- much more focused on private investments going forward. I think it's a -- I think it works better. If you think of what Cannae is and the capital it has and how we can most effectively leverage our permanent capital, we believe, looking at private businesses, it will be better than the public. And we like the public businesses that we have, but I think you'll see us sell down those names over time and look to reinvest in private businesses.

看，我認為就公共與私人而言，我們將更加關注未來的私人投資。我認為它效果更好。如果你想想坎尼是什麼、它擁有的資本以及我們如何最有效地利用我們的永久資本，我們相信，看看私人企業，它會比公眾更好。我們喜歡我們擁有的公共企業，但我認為隨著時間的推移，你會看到我們出售這些名字，並尋求對私人企業進行再投資。

And then in terms of the portfolio of private businesses that we have today, I don't have a perfect answer, but I'll say just because we were talking about it before. I think you heard a little bit about some of the results that you've seen at Bournemouth and Black Knight football.

然後就我們今天擁有的私人企業投資組合而言，我沒有一個完美的答案，但我會這麼說，因為我們之前討論過這個問題。我想你已經聽說過一些你在伯恩茅斯和黑騎士足球比賽中看到的一些結果。

In terms of the success that we've had in both the business side and the football side, we believe that -- we believe that going forward, we'll be able to continue those successes. And furthermore, we think the multi-club network that we are building, we'll -- as we build that out, there's more value to extract from that. So we're very excited about the investment. We're very excited about what the team has done to date, and we think there's big upside going forward.

就我們在商業方面和足球方面的成功而言，我們相信——我們相信未來我們將能夠繼續這些成功。此外，我們認為我們正在建立的多俱樂部網絡，當我們建立它時，我們會從中提取更多的價值。所以我們對這項投資感到非常興奮。我們對團隊迄今為止所做的事情感到非常興奮，我們認為未來還有很大的上升空間。

And also, if you look back at our public company investments, they're really a result of something that was private that converted into public assets. So Dun & Bradstreet, we engaged in a going private transaction, then took it public, and we still have our position in that company. Alight was the result of a private company that was converted into a public company via a SPAC that we had sponsored. And Ceridian or Dayforce, of course, it's a long-term investment that was private for years and years and years. And as it went public, we then began to disposing of our interest in Dayforce, and we're down to a fairly small number of shares.

而且，如果你回顧我們的上市公司投資，它們實際上是私人資產轉化為公共資產的結果。因此，鄧白氏公司進行了私有化交易，然後將其公開，我們仍然在那家公司中擁有自己的地位。Alight 是一家私人公司透過我們贊助的 SPAC 轉型為上市公司的結果。當然，Ceridian 或 Dayforce 是一項長期投資，多年來一直處於私有狀態。隨著 Dayforce 上市，我們開始出售我們在 Dayforce 的權益，我們的股份數量減少到相當少。

Paysafe, again, was a SPAC transaction that we participated in and were a sponsor up and the same with System1. So really, our public company assets that we've acquired have generally started out as private asset -- private company assets that converted into a public company.

Paysafe 再次是我們參與的 SPAC 交易，並且是我們的贊助商，與 System1 相同。事實上，我們收購的上市公司資產通常都是從私人資產開始的——轉化為上市公司的私人公司資產。

Okay. Thank you. And on Ryan's last point there, touching on the multi-club strategy, with the new minority stake in Hibernian, can you maybe highlight the multi-club strategy, what it is and why it makes sense, why it can be successful?

好的。謝謝。關於 Ryan 的最後一點，談到多俱樂部策略，隨著 Hibernian 的新少數股權，您能否強調一下多俱樂部策略，它是什麼以及為什麼它有意義，為什麼它能夠成功？

Well, the Premier League is a difficult league to compete in. It's the best football league in the world with sovereign wealth funds as owners, private equity firms as owners, and obviously, we own the interest in Bournemouth. But we found, as we got involved in the investment that having interest in other clubs and top leagues is very advantageous in terms of the transfer window and acquiring players and also loaning players to those clubs.

嗯，英超聯賽是一個很難競爭的聯賽。這是世界上最好的足球聯賽，所有者為主權財富基金，所有者為私募股權公司，顯然，我們擁有伯恩茅斯的權益。但我們發現，當我們參與投資時，對其他俱樂部和頂級聯賽感興趣，在轉會窗口、收購球員以及向這些俱樂部租借球員方面都是非常有利的。

And the Scottish Premier League is a terrific football league. It's -- obviously, there's no immigration issue with regard to Scotland and the UK. They developed a lot of good players that can also work their way down to Bournemouth.

蘇格蘭超級聯賽是一個很棒的足球聯賽。顯然，蘇格蘭和英國不存在移民問題。他們培養了很多優秀的球員，他們也可以前往伯恩茅斯。

And the other thing that we can do with Hibernian is actually give them players on loan to develop in the Scottish Premier League so they can eventually rotate back to the English Premier League. And the same is true with FC Lorient, which is, again, in League One in France. And recently, we had loaned a player to Lorient, and we just took that player back in January.

我們可以對希伯尼安做的另一件事實際上是向他們租借球員在蘇格蘭超級聯賽中發展，這樣他們最終就可以輪換回到英超聯賽。洛里昂也是如此，球隊再次進入法國甲級聯賽。最近，我們向洛里昂租借了一名球員，我們在一月份剛剛收回了這名球員。

And last year, we acquired a player for Lorient, Dango Ouattara, and he is now playing at Bournemouth. And the result is, if you own a piece of another team, say 40% that we own of the League One team, when we buy a player, we really are only paying 60% to the other owners.

去年，我們為洛里昂引進了一名球員丹戈·瓦塔拉，他現在在伯恩茅斯踢球。結果是，如果你擁有另一支球隊的一部分，比如說我們擁有甲級球隊 40% 的股份，那麼當我們購買一名球員時，我們實際上只向其他所有者支付 60% 的費用。

So it's strategically and financially is a very advantageous situation to be in. And we frankly like to invest in a couple of more clubs and other leagues that could be supportive of our goal to make -- continue to develop Bournemouth and move it up in the table in the Premier League. And right now, you'd have to say that Bournemouth sits at the top of the pyramid and the other teams are supporting Bournemouth.

因此，從策略和財務上來說，這是一個非常有利的局面。坦白說，我們希望投資更多的俱樂部和其他聯賽，這些俱樂部和其他聯賽可以支持我們的目標——繼續發展伯恩茅斯並將其在英超聯賽中的排名提升。現在，你不得不說伯恩茅斯位於金字塔的頂端，其他球隊都在支持伯恩茅斯。

But we're also supporting them in terms of delivering players and helping them develop their teams and coordinating on the manner in which we play, coordinating in the transfer window. So it's really a -- it's not an original model, and it's a Manchester City really has developed over the last 15 or 20 years, and they now have 13 or 14 clubs that they're invested in. So we will never have that many clubs, but a few more would be interesting.

但我們也在提供球員、幫助他們發展球隊、協調我們的比賽方式、在轉會窗口進行協調等方面為他們提供支援。所以這實際上不是一個原始的模式，而是曼城在過去 15 或 20 年裡真正發展起來的模式，他們現在有 13 或 14 個投資的俱樂部。所以我們永遠不會有那麼多俱樂部，但多一些就會很有趣。

All right. Thanks for the color, guys.

好的。謝謝你們的顏色。

You bet.

你打賭。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Bill Foley for any closing remarks.

我們的問答環節到此結束。我想將會議轉交給 Bill Foley 先生發表閉幕詞。

Yeah. Thank you, operator. We're very excited with the opportunities ahead and confident in our strategy as we transform our portfolio, which we believe will deliver value to our shareholders. We look forward to speaking with you again on our first-quarter 2024 earnings calls. Have a great day.

是的。謝謝你，接線生。我們對未來的機會感到非常興奮，並對我們的投資組合轉型策略充滿信心，我們相信這將為股東帶來價值。我們期待在 2024 年第一季財報電話會議上再次與您交談。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。