Cannae Holdings Inc (CNNE) 2024 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Cannae Holdings Inc., first-quarter 2024 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded and a replay is available through 11:59 PM Eastern Time on May 16, 2024.

女士們、先生們，下午好，歡迎參加 Cannae Holdings Inc. 2024 年第一季財務業績電話會議。（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 5 月 16 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，本次電話會議以及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，包括有關坎尼的期望、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. The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

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。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。

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. Additional information, including a reconciliation between non-GAAP financial information to the GAAP financial information is provided in our shareholder letter.

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。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 our 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我們的董事長兼執行長 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。

Thank you Jamie. Since returning as CEO of Cannae in February, I have been focused on executing a strategic plan designed to both grow the net asset value, or NAV, of our portfolio and close our share price discount to NAV.

謝謝傑米。自從二月重新擔任 Cannae 執行長以來，我一直專注於執行一項策略計劃，該計劃旨在增加我們投資組合的淨資產價值（NAV）並結束我們的股價對資產淨值的折扣。

Our strategy is three main levers, including improving the performance and valuation of our portfolio companies, making new investments, primarily in private companies that will grow NAV; and when appropriate, return capital to shareholders, which until today was done primarily through Cannae share repurchases at a discount to NAV. I believe we're all happy with the continued success across all three pillars of our strategy.

我們的策略是三個主要槓桿，包括提高投資組合公司的績效和估值、進行新投資（主要是對將增加資產淨值的私人公司）；在適當的時候，向股東返還資本，直到今天，這主要是透過以資產淨值折扣的價格回購坎尼股票來完成的。我相信我們都對我們策略的所有三個支柱的持續成功感到高興。

First, I would like to discuss the performance of our two largest holdings, Dun & Bradstreet and Alight, which continued to make progress throughout the quarter, and we believe will drive additional growth in NAV. I'll let Ryan get into more details on the specifics of each company's quarter, but I want to highlight a few key points.

首先，我想討論我們最大的兩家公司 Dun & Bradstreet 和 Alight 的業績，它們在整個季度繼續取得進展，我們相信這將推動資產淨值的進一步成長。我會讓 Ryan 詳細介紹每個公司季度的具體情況，但我想強調幾個關鍵點。

Dun & Bradstreet produced a 4.3% year-over-year organic growth, which is up from the first quarter of last year, but more importantly, Anthony and his team continue to invest in new products and continue to build confidence in hitting their midterm target of 5% to 7% organic growth.

鄧白氏實現了 4.3% 的同比有機成長，高於去年第一季度，但更重要的是，安東尼和他的團隊繼續投資新產品，並繼續建立實現中期目標的信心5% 至7% 的有機增長。

This is quite a turnaround from a business that had negative growth when we acquired it. We continue to believe that there is significant upside in D&B's stock price, and we're encouraged by D&B's Board of Directors, of which I am the Chairman, to authorize a share repurchase program for up to 10 million shares of Dun & Bradstreet common stock.

與我們收購時出現負成長的業務相比，這是一個很大的轉變。我們仍然相信 D&B 的股價有顯著的上漲空間，並且我擔任董事長的 D&B 董事會授權我們實施最多 1000 萬股 Dun & Bradstreet 普通股的股票回購計劃，這讓我們深受鼓舞。

In the first quarter, Alight announced the sale of their payroll and professional services business to an affiliate of H.I.G. Capital for up to $1.2 billion. The sale values the segment at approximately 10 times its estimated 2023 EBITDA and 24 times its estimated unlevered free cash flow. We worked with Stephan for more than six months on this transaction, and we were excited to get it announced as it should greatly simplify Alight's business, improve profitability, reduce their leverage to less than 3x debt-to-EBITDA, and allow the company to buy back more shares.

第一季度，Alight 宣布將其薪資和專業服務業務出售給 H.I.G. 的一家附屬公司。資本額高達12億美元。此次出售對該部門的估值約為其預計 2023 年 EBITDA 的 10 倍和預計無槓桿自由現金流的 24 倍。我們與Stephan 就此項交易合作了六個多月，我們很高興宣布這一交易，因為它將大大簡化Alight 的業務，提高盈利能力，將其槓桿率降低至債務與EBITDA 的3 倍以下，並允許公司回購更多股票。

I'm confident in the leadership of both D&B and Alight, and we look forward to their continued progress in 2024, which we believe eventually will translate into improving stock price performance and growing our NAV.

我對 D&B 和 Alight 的領導充滿信心，我們期待他們在 2024 年繼續取得進步，我們相信這最終將轉化為改善股價表現和增加我們的資產淨值。

I'm very proud of our work at AFC Bournemouth, our football club. In the first full season under our ownership, the Cherries have already achieved their highest Premiere League point total in the 125-year history of the club and the season isn't over yet.

我對我們在伯恩茅斯足球俱樂部的工作感到非常自豪。在我們入主的第一個完整賽季中，櫻桃隊已經取得了俱樂部 125 年歷史上最高的英超聯賽總積分，而且這個賽季還沒有結束。

Turning to capital returns to shareholders. We completed our previously announced Dutch tender wherein we repurchased 9.7 million shares of Cannae common stock, representing 13% of the shares outstanding for approximately $222 million at $22.95 per share.

轉向股東的資本回報。我們完成了先前宣布的荷蘭招標，其中我們以每股 22.95 美元的價格回購了 970 萬股 Cannae 普通股，佔已發行股份的 13%，價格約為 2.22 億美元。

While we bought the shares back at a premium to where they are trading today, we believe it was an effective use of capital given the quantity of shares acquired in such a compressed time frame. However, stock price performance post-tender illustrates that we also need to grow our NAV through increasing our portfolio to continue to close the NAV discount.

雖然我們以高於當前交易價格的價格回購了這些股票，但考慮到在如此壓縮的時間內收購的股票數量，我們相信這是對資本的有效利用。然而，投標後的股價表現表明，我們還需要透過增加投資組合來增加資產淨值，以繼續縮小資產淨值折扣。

Since starting our share repurchase program, we have repurchased approximately 34% of our common shares outstanding as compared to March 31, 2021, having returned more than $733 million in capital at a significant discount to NAV. Looking forward, we have approximately 13 million shares remaining on our buyback authorization, which we plan to utilize at a measured pace.

自啟動股票回購計畫以來，與 2021 年 3 月 31 日相比，我們已回購了約 34% 的已發行普通股，以較資產淨值大幅折扣的價格返還了超過 7.33 億美元的資本。展望未來，我們的回購授權中剩餘約 1,300 萬股股票，我們計劃以謹慎的速度使用這些股票。

We -- today, we announced a dividend of $0.12 per share per quarter payable on June 28, to provide an additional return of capital to our long-term shareholders. We initially will fund the dividends, including the one next month through the sale of assets, but over time, are looking to make cash flow generative acquisitions that will be a source of cash to fund the dividend.

今天，我們宣布將於 6 月 28 日支付每季每股 0.12 美元的股息，為我們的長期股東提供額外的資本回報。我們最初將為股息提供資金，包括透過出售資產下個月的股息，但隨著時間的推移，我們將尋求進行現金流生成性收購，這將成為為股息提供資金的現金來源。

In the first quarter, we sold 10 million shares of D&B for approximately $101 million and 2.5 million shares of Dayforce for total proceeds of $177 million. We used the proceeds from these sales to fund the tender offer as well as for general corporate purposes.

第一季度，我們以約 1.01 億美元的價格出售了 1,000 萬股 D&B 股票，並以約 1.77 億美元的價格出售了 250 萬股 Dayforce 股票。我們將這些銷售所得收益用於為要約收購提供資金以及用於一般公司用途。

Going forward, when we need capital to fund potential investments, share buybacks, and the dividend, we expect to sell portions of our public holdings. This will also serve to gradually rebalance our portfolio away from public company investments towards high-return private investments, which we expect will maximize value for our shareholders.

展望未來，當我們需要資金來資助潛在投資、股票回購和股利時，我們預計會出售部分公開持股。這也將有助於逐步重新平衡我們的投資組合，從上市公司投資轉向高回報私人投資，我們預計這將為股東帶來最大價值。

Lastly, in the first quarter, we announced the internalization and wind down of Cannae's management agreement with Trasimene Capital effective in July and occurring over the next three years. We felt this transaction was accretive for our shareholders as it will reduce total management expense and further aligns Cannae management with shareholders given the majority of our compensation will now be in Cannae's stock. We believe, over time, that this will also drive an increase in Cannae's stock price.

最後，在第一季度，我們宣布 Cannae 與 Trasimene Capital 的管理協議內部化並逐步終止，該協議於 7 月生效，並在未來三年內生效。我們認為這項交易對我們的股東來說是增值的，因為它將減少總管理費用，並進一步使 Cannae 管理層與股東保持一致，因為我們的大部分薪酬現在將來自 Cannae 的股票。我們相信，隨著時間的推移，這也將推動坎尼股價上漲。

I'd like to now turn the call over to Ryan.

我現在想把電話轉給瑞安。

Thank you, Bill. I will now spend a few minutes on updates on some of our key portfolio companies and provide a bit more detail on potential new investments. For the first quarter, D&B reported revenue of $564 million, representing 4.3% year-over-year organic growth, which is an acceleration compared to 3.2% organic growth in the prior year first quarter. The company generated 6% growth in adjusted EBITDA in the quarter, which equated to $201 million at a 36% margin.

謝謝你，比爾。我現在將花幾分鐘介紹我們一些主要投資組合公司的最新情況，並提供更多有關潛在新投資的細節。D&B 第一季營收為 5.64 億美元，年比有機成長 4.3%，較去年第一季 3.2% 的有機成長加快。該公司本季調整後 EBITDA 成長 6%，相當於 2.01 億美元，利潤率為 36%。

Importantly, D&B also improved free cash flow conversion. Leverage at &today is 3.7 times debt-to-EBITDA, which has moved down from 4 times one year ago, and management expects to be at 3.5 times by the end of 2024. We remain optimistic about the future for D&B as they are improving key metrics and investing in the right areas to achieve their midterm guidance, and we believe this will drive upside in the stock.

重要的是，鄧白氏也改善了自由現金流轉換。目前，債務與 EBITDA 的槓桿率為 3.7 倍，低於一年前的 4 倍，管理層預計到 2024 年底將達到 3.5 倍。我們對鄧白氏的未來保持樂觀，因為他們正在改善關鍵指標並投資於正確的領域以實現中期指導，我們相信這將推動該股上漲。

Alight's first quarter results, unfortunately, were below expectations with continuing operations posting $559 million in revenue, representing a year-over-year decline of 4.6%, primarily associated with lower volumes, timing of large deals, and the wind down of Alight's hosted business.

遺憾的是，Alight 第一季業績低於預期，持續營運業務收入為 5.59 億美元，年減 4.6%，這主要與銷售下降、大型交易的時機以及 Alight 託管業務的結束有關。

However, adjusted EBITDA increased to $116 million, representing a year-over-year gain of 4%, and total company operating cash flow increased nearly 39% to $100 million from the prior year. We are pleased to see the company now has nearly $7 billion of revenue under contract, of which over $5 billion is in 2024 and 2025. We remain confident that Alight's business will reaccelerate in the second half of the year.

然而，調整後的 EBITDA 增至 1.16 億美元，年增 4%，公司經營現金流量總額比上年增長近 39%，達到 1 億美元。我們很高興地看到該公司目前的合約收入接近 70 億美元，其中 2024 年和 2025 年的收入超過 50 億美元。我們仍然相信 Alight 的業務將在今年下半年重新加速。

As Bill noted, we believe the sale of their payroll and professional services business is an important step to improving Alight's business model, attractiveness to investors, and valuation.

正如 Bill 所指出的那樣，我們認為出售薪資和專業服務業務是改善 Alight 商業模式、對投資者的吸引力和估值的重要一步。

Lastly, I want to highlight that Alight's Board authorized the repurchase of up to an additional $200 million of the company's Class A common stock and noted the plans to be more aggressive and consistent in its return of capital to shareholders.

最後，我想強調的是，Alight 董事會授權回購最多 2 億美元的公司 A 類普通股，並指出該計畫將更積極且一致地向股東返還資本。

Turning to Black Knight Football, we are excited about the progress we have made. Since our purchase of AFC Bournemouth in late 2022, our management team has worked to enhance the quality of Bournemouth's competitive position and on-field performance, improve the business operations of the club, and upgrade Bournemouth's facilities.

談到黑騎士足球，我們對所取得的進步感到興奮。自2022年底收購伯恩茅斯以來，我們的管理團隊一直致力於提高伯恩茅斯的競爭地位和場上表現質量，改善俱樂部的業務運營，併升級伯恩茅斯的設施。

In this first complete season under Black Knight ownership, the Cherries have 48 points, putting them in 10th place in the Premier League table. Our influence off the pitch is also evident as demonstrated by the 50% increase year over year in hospitality revenue; 40% increase in sponsorship; and a 13% increase in ticketing, all compared to the previous year. We believe AFC Bournemouth's success, both on and off the field, will ultimately drive significant value creation for our shareholders.

在黑騎士執教的第一個完整賽季中，櫻桃隊以 48 分，在英超積分榜上排名第十。我們在場外的影響力也很明顯，飯店營收年增 50% 就證明了這一點；贊助量增加40%；與前一年相比，票務數量增加了 13%。我們相信伯恩茅斯足球俱樂部在場內和場外的成功最終將為我們的股東創造巨大的價值。

We unfortunately have not had the same success at FC Lorient, where we own 40%. The team is currently in 17th place in Ligue 1 with two matches remaining, and in the current position would be relegated to the lower Ligue if the season ended today.

不幸的是，我們在洛里昂俱樂部並沒有取得同樣的成功，我們擁有該俱樂部 40% 的股份。球隊目前在法甲聯賽中排名第17位，還剩兩場比賽，如果本季今天結束，目前的排名將降級到下級聯賽。

While we are frustrated where FC Lorient sits, we would note that our put-call arrangement to buy the remaining stake had contemplated this potential scenario and the valuation for the remaining stake is much lower if the team is relegated to the second division.

雖然我們對洛里昂的處境感到沮喪，但我們注意到，我們購買剩餘股權的看跌期權安排已經考慮到了這種潛在情況，如果球隊降級到乙級聯賽，剩餘股權的估值會低得多。

Additionally, in the quarter, we closed on the 25% interest in Hibernian FC, a nearly 150-year old Scottish Premiership Club based in Edinburgh. Hibernian is sitting in 7th place in the table with three matches remaining. We are the first multi-club ownership group approved by the Scottish FA to own a stake and a team in the Scottish Premiership and are excited about the opportunities at Hibernian going forward.

此外，在本季度，我們還收購了 Hibernian FC 25% 的股權，這是一家總部位於愛丁堡、擁有近 150 年歷史的蘇格蘭超級俱樂部。希伯尼安在積分榜上排名第七，還剩下三場比賽。我們是蘇格蘭足協批准的第一個擁有蘇格蘭超級聯賽股份和球隊的多俱樂部所有權集團，並且對希伯尼安未來的機會感到興奮。

Computer Services, or CSI has also continued to outperform. And their fiscal year ended February 29, the company secured 44 core banking deals across the US, a 33% year-over-year increase resulting in record sales, which should drive future revenue.

電腦服務（CSI）也繼續跑贏大盤。截至 2 月 29 日的財年，該公司在美國獲得了 44 項核心銀行交易，年增 33%，銷售額創歷史新高，這將推動未來的收入。

Fiscal 2024 also included the acquisition of loan origination software provider, Hawthorne River, the launch of CSI's instant payment offering, and the closing of the previously announced new investment from which Cannae received a $37 million cash distribution. We remain very excited about our investment in CSI.

2024 財年還包括收購貸款發放軟體供應商 Hawthorne River、推出 CSI 即時支付產品以及完成先前宣布的新投資，Cannae 從中獲得了 3,700 萬美元的現金分配。我們對 CSI 的投資仍然感到非常興奮。

Unfortunately, Sightline has not seen the same success. As we have discussed before, the company has experienced declining operational results in a challenged liquidity position given lower-than-expected uptake on certain of their cashless products, and as a result, has underperformed expectations.

不幸的是，Sightline 並沒有取得同樣的成功。正如我們之前討論的，由於某些無現金產品的使用率低於預期，該公司在流動性狀況面臨挑戰的情況下經歷了營運業績下降，因此表現不如預期。

Management has refocused their efforts to improve the company's performance and liquidity position, including the sale of their mobile app engagement platform in the first quarter. We hope these actions drive improvement in their results and cash flow going forward.

管理層重新調整了工作重點，以改善公司的業績和流動性狀況，包括在第一季出售其行動應用程式參與平台。我們希望這些行動能推動他們未來業績和現金流的改善。

Lastly, I want to give a quick update on Minden Mill. We have made significant progress since we closed the acquisition in May 2023. We have completed some minor remodels around the facility and the tasting room is open for the spring and summer season. We hired a master distiller with 20 years of experience, and last week, launched our first product, an ultra-premium vodka called High Ground Estate vodka.

最後，我想快速介紹明登米爾的最新情況。自 2023 年 5 月完成收購以來，我們取得了重大進展。我們已經完成了設施周圍的一些小改造，品酒室在春季和夏季開放。我們聘請了一位擁有 20 年經驗的釀酒大師，並於上週推出了我們的第一款產品，一款名為 High Ground Estate 伏特加的超優質伏特加。

High Ground has been reviewed and awarded an exceptional 94 out of 100 points by the Beverage Testing Institute, and we are optimistic about the initial sales. The company also has multiple other products in the final stage of development, including a bourbon blend and coffee liqueur, which are expected to be ready for sale by the end of the year. While still early, we are excited about the progress to date.

High Ground 已被飲料測試協會評為 94 分（滿分 100 分），我們對初期銷售感到樂觀。該公司還有多種其他產品處於開發的最後階段，包括波本威士忌和咖啡利口酒，預計今年底上市。雖然還為時過早，但我們對迄今為止的進展感到興奮。

As Bill noted earlier, private company investments have been a driving force behind Cannae's success historically, and we believe, a more efficient use of Cannae's capital. We are looking for new investments that will grow NAV and ideally provide operating cash flow to Cannae.

正如比爾早些時候指出的那樣，私人公司投資一直是坎尼歷史上成功的推動力，我們相信，這可以更有效地利用坎尼的資本。我們正在尋找新的投資，以增加資產淨值，並理想地為坎尼提供營運現金流。

We are focused on acquiring profitable businesses where we have knowledge of the sector, relationships with industry executives, and can add value through our ownerships. We have been looking to source these acquisitions across our networks as well as in conjunction with our partners at JANA, which we discussed on the fourth quarter call. We are hopeful that we can find something over the next few quarters.

我們專注於收購盈利的企業，這些企業我們了解該行業，與行業高管有關係，並且可以透過我們的所有權增加價值。我們一直在尋求透過我們的網路以及與 JANA 合作夥伴的合作來進行這些收購，我們在第四季度的電話會議上對此進行了討論。我們希望能在接下來的幾個季度找到一些東西。

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

我現在將電話轉給布萊恩，詢問我們的財務狀況。

Thanks, Ryan. While we don't typically spend much time on specific income statement line items in our financials, given the dynamics around the accounting treatment for our investments, I did want to address a couple of key points.

謝謝，瑞安。雖然我們通常不會在財務中的特定損益表行項目上花費太多時間，但考慮到我們投資的會計處理的動態，我確實想解決幾個關鍵點。

First, as discussed before, we've been restructuring our restaurant group, having closed more than half of the O'Charley's restaurants to focus resources on the more profitable locations. This restructuring is already producing positive results at store level operating cash flow as a percentage of restaurant revenues has increased from 8.4% of restaurant revenues in the first quarter of 2023 to 10.0% in the first quarter of 2024.

首先，正如之前所討論的，我們一直在重組我們的餐廳集團，關閉了一半以上的奧查理餐廳，將資源集中在利潤更高的地點。此次重組已經在門市層級產生了積極的成果，經營現金流佔餐廳收入的比例已從 2023 年第一季餐廳收入的 8.4% 增加到 2024 年第一季的 10.0%。

And is also the driver to the overall decline in our first-quarter revenues from $154 million in the first quarter of last year to $111 million in the first quarter of 2024. We believe these changes will deliver cash flow to Cannae.

這也是我們第一季營收整體下降的因素，從去年第一季的 1.54 億美元下降到 2024 年第一季的 1.11 億美元。我們相信這些變化將為坎尼帶來現金流。

Bill touched on the wind down of the external management agreement and the reduction in fees, and I wanted to provide additional detail. Management fees were $9.1 million this quarter and will be the same in the second quarter. Therefore, management fees for the trailing 12 months ending June 30, 2024, prior to commencement of the wind down, will be $37 million.

比爾談到了外部管理協議的終止和費用的減少，我想提供更多細節。本季管理費為 910 萬美元，第二季管理費為 910 萬美元。因此，在逐步結束之前，截至 2024 年 6 月 30 日的過去 12 個月的管理費將為 3,700 萬美元。

Comparatively, annual management fees for the 12 months after July will be $7.6 million, and there will be an -- also be a $6.7 million termination fee payment. Both of these values will be fixed for the next three years, at which point they will be eliminated.

相較之下，7 月後 12 個月的年度管理費將為 760 萬美元，並且還將支付 670 萬美元的終止費用。這兩個值將在未來三年內固定，屆時它們將被消除。

Bill and Ryan will also receive compensation as Cannae employees, the majority of which is in Cannae stock. We believe the reduction in management fees and the majority of compensation in Cannae stock is a benefit to Cannae's shareholders.

比爾和瑞安也將作為坎尼員工獲得報酬，其中大部分是坎尼股票。我們認為，管理費和 Cannae 股票的大部分補償的減少對 Cannae 股東來說是有利的。

Our balance sheet and liquidity position remained solid. Cannae has $26 million in corporate cash today and $150 million in immediate capacity on our margin loan. The only outstanding debt presently is $60 million under our FNF note that matures near the end of 2025.

我們的資產負債表和流動性狀況保持穩健。Cannae 目前擁有 2,600 萬美元的公司現金和 1.5 億美元的保證金貸款即時能力。目前，我們的 FNF 票據中唯一的未償債務為 6,000 萬美元，將於 2025 年底到期。

During the first quarter of 2024, Cannae paid down $25 million of the note balance in exchange for a lower fixed interest rate saving over $4 million annually. We also transferred our margin loan to a new bank, saving approximately $1 million annually going forward on rates and extend the maturity to 2027.

2024 年第一季度，坎尼償還了 2,500 萬美元的票據餘額，以換取每年超過 400 萬美元的較低固定利率。我們還將保證金貸款轉移到一家新銀行，每年節省約 100 萬美元的利率，並將期限延長至 2027 年。

At the close today, Cannae's aggregate net asset value is $2.1 billion or [$33.35] per share, reflecting the completion of our tender offer and returning $222 million to Cannae's shareholders.

截至今天收盤， Cannae 的總資產淨值為 21 億美元或每股 [33.35 美元]，反映了我們的要約收購的完成並向 Cannae 股東返還 2.22 億美元。

With that, I'll now turn the call back over to the operator to begin our question-and-answer session.

現在，我將把電話轉回給接線員，開始我們的問答環節。

(Operator Instructions) John Campbell, Stephens.

（操作員說明）John Campbell，Stephens。

Hey, guys. Good afternoon. Congrats on getting the dividend in place. A little surprising to us, but I totally get the rationale. It seems like that could be just another tool you guys could use to maybe close the discount to some extent. A two-part question here on that. But maybe if you could just start off, how long do you envision on having that dividend in place?

大家好。午安.恭喜您獲得股息。對我們來說有點驚訝，但我完全明白其中的原理。看來這可能只是你們可以用來在某種程度上關閉折扣的另一個工具。這是一個由兩部分組成的問題。但也許如果你可以開始的話，你預計股息要花多久時間才能到位？

Well, it's going to be in place for as long as we're around. And the goal, of course, is to start modestly, but it's well set per share per quarter dividend. And then as we've done with FNF, as you know, increased that dividend as cash flow allows. So we're committed to the dividend going forward on a consistent basis.

嗯，只要我們還在，它就會一直存在。當然，我們的目標是適度起步，但每季每股股息的設定都很好。然後，正如我們對 FNF 所做的那樣，如您所知，在現金流允許的情況下增加了股息。因此，我們致力於持續派發股息。

Okay. That makes sense. And then the -- that does align with what Ryan was just saying around looking for companies that generate -- can help generate free cash flow for you guys. So that makes sense.

好的。這就說得通了。然後——這確實與瑞安剛才所說的尋找能夠產生自由現金流的公司一致——可以幫助你們產生自由現金流。所以這是有道理的。

So the second part of this question is mainly related to how you fund it. And Bill, you mentioned if needed, you would look to monetization efforts to fund it. But as I look at the math here, I mean, it looks like a $30 million payout right now.

所以這個問題的第二部分主要與你如何資助它有關。比爾，你提到如果需要的話，你會尋求貨幣化努力來為其提供資金。但當我看一下這裡的數學時，我的意思是，現在看起來支付了 3000 萬美元。

You guys are saving, I don't know, $15 million or $20 million or so from the Trasimene wind down. And then Bryan just rattled off a couple of different saving areas. So it just seems like maybe you don't have to do a lot of reshuffling, maybe you can support this dividend as it is today. Is that the right way to think about it?

我不知道，你們從 Trasimene 的停業中節省了 1500 萬美元或 2000 萬美元左右。然後布萊恩滔滔不絕地講述了幾個不同的儲蓄領域。所以看起來也許你不需要做很多重組，也許你可以像今天一樣支持這個股息。這是正確的思考方式嗎？

Yeah, it is. John, you got it right. We have one more management fee payment in July, then it really ramps down after that. We are -- have been in the process of selling down our CDAY shares. And that would be to the extent we need some cash flow, that would probably be a source of that cash with the remaining CDAY shares. I'm disposing of those.

是啊，就是。約翰，你說得對。我們在 7 月又支付了一筆管理費，之後確實有所下降。我們一直在出售我們的 CDAY 股票。如果我們需要一些現金流，這可能是剩餘 CDAY 股票的現金來源。我正在處理那些。

But we don't see a big risk in terms of cash flow for this dividend because we are saving -- and we've saved other money in other ways in terms of other salaries and other expenses. So we're not quite as a quality with $30 million or $31 million a year dividend payout, but we're not very far off, frankly.

但我們認為這種股息的現金流並沒有很大的風險，因為我們正在儲蓄——而且我們已經以其他方式在其他工資和其他開支方面節省了其他錢。因此，我們還沒有達到每年 3000 萬或 3100 萬美元股息支付的水平，但坦白說，我們離這個目標也不是很遠。

Yeah. Makes sense. And I want to extend congrats on the Cherries, Ryan. You've created a bunch of Cherries fans over here in Little Rock. So congrats to you guys on the great season.

是的。說得通。我想向櫻桃表示祝賀，瑞安。你在小石城培養了一群櫻桃粉絲。祝賀你們度過了一個偉大的賽季。

Thank you.

謝謝。

(Operator Instructions) Ian Zaffino, Oppenheimer.

（操作員說明）Ian Zaffino，Oppenheimer。

Hi. Treat. Thank you very much and thanks for a very fulsome conference call. Appreciate that. I wanted to -- basically, you got a higher level view here and ask, as you move more to private, is there going to be a theme in private that you're going to look for? I know you touched on JANA a little bit.

你好。對待。非常感謝你們，也感謝你們召開了一次非常充實的電話會議。感謝。我想——基本上，你在這裡有一個更高層次的觀點，並問，當你更多地轉向私人時，是否會有一個你要尋找的私人主題？我知道你接觸過 JANA 一點點。

Can you maybe give us a little bit more of a fulsome discussion and like what you're seeing? What you've been surprised by? What has been top of the table? And any other color you could give us on what to look for maybe in a potential investment? Thanks.

您能否給我們一些更豐富的討論並喜歡您所看到的內容？你對什麼感到驚訝？什麼是最重要的？您能給我們任何其他顏色來說明在潛在投資中尋找什麼嗎？謝謝。

Yes. So we're really going to stick -- to kind of stick to our knitting. If you look at the history of FNF over the past 20 or 30 years and the acquisitions we've made, they've been in this financial services, fintech space. And that's -- and they've been related to the real estate market in America. So we have a number of different ideas that we're looking at right now that some things are very, very inexpensive, particularly if there's some -- an interest rate component involved.

是的。所以我們真的要堅持——堅持我們的編織。如果你看看 FNF 過去 20 或 30 年的歷史以及我們進行的收購，你會發現它們都在金融服務、金融科技領域。那就是——它們與美國的房地產市場有關。因此，我們現在正在考慮許多不同的想法，有些東西非常非常便宜，特別是如果涉及利率成分的話。

And that's really where we're searching right now. And we've got three or four or five things that are germinated to the top of the table. And we look at three, four different transactions a week and generally speaking, discard almost -- discard them all, but we do have one potential transaction we're working on in which we've issued a letter of intent. And we have a couple of other ideas that are -- that should develop over the next 60 days to 90 days. And -- but they'll be conservative, there'll be cash flow generating ideas if that helps.

這確實是我們現在正在尋找的地方。我們已經有三四五件事發芽到了桌子的頂端。我們每週都會查看三、四筆不同的交易，一般來說，幾乎放棄——全部放棄，但我們確實正在處理一項潛在交易，我們已經在其中發出了意向書。我們還有其他一些想法，應該在未來 60 到 90 天內發展。而且──但他們會很保守，如果有幫助的話，就會有現金流產生的想法。

No, that does. And if you could also give us maybe an update on any potential deals on the European sports side? I know that's been a common area you talked about it maybe big synergies. You save a transfer fees. Any new developments on that front or? And how does that compete with capital versus what I asked you in your first question. Thanks.

不，確實如此。您是否也可以向我們介紹一下歐洲體育方面任何潛在交易的最新情況？我知道這是您談到的一個共同領域，也許會有很大的協同效應。您可以節省一筆轉帳費用。這方面有什麼新進展嗎？與我在第一個問題中問你的相比，它如何與資本競爭。謝謝。

Yes. So we are looking at a lot of different opportunities particularly in Europe, really not Africa or South America, but particularly in Europe, teams that could -- it could be feeder teams or development squads for one of our primary league teams such as Bournemouth or Hibernian or Lorient.

是的。因此，我們正在尋找許多不同的機會，特別是在歐洲，實際上不是非洲或南美洲，而是特別是在歐洲，這些球隊可以——它可能是我們主要聯賽球隊之一的支線球隊或發展球隊，例如伯恩茅斯或希伯尼安或洛里昂。

And again, we probably see two or three different opportunities a week. And we're just being very careful. We want to make sure that whatever we buy or buy into the cash flows is sustainable. It's not going to be an investment that requires additional capital infusions. And they need to be teams that are geographically placed so that they make sense from our multi-club model that we're trying to pursue. And they have to be in low-risk countries.

同樣，我們每周可能會看到兩到三個不同的機會。我們只是非常小心。我們希望確保我們購買的任何東西或購買的現金流都是可持續的。這不會是需要額外資本注入的投資。他們需要是地理位置優越的球隊，這樣他們才能從我們正在努力追求的多俱樂部模式中有意義。而且它們必須位於低風險國家。

So you're really talking about Benelux, the Scandinavian teams, Eastern European teams in very stable situations, probably not a LaLiga team or a Serie A team. They're a little bit expensive, but we have seen opportunities in both of those leagues.

所以你實際上談論的是比荷盧經濟聯盟、斯堪的納維亞球隊、情況非常穩定的東歐球隊，可能不是西甲球隊或意甲球隊。它們有點貴，但我們在這兩個聯賽中都看到了機會。

So I'd say it's a very patient approach, and we're trying to be careful, and we want to really develop our multi-club strategy and model so that these teams support each other. They play a -- they'll play a similar style of football that coaches can be developed at a more junior or a higher band team such as a band 5 or band 4, where Premier League is obviously band 1 and Ligue 1 is band 1 and Serie A is band 1 as well as the Deutsche League and LaLiga.

所以我想說這是一種非常耐心的方法，我們正在努力謹慎，我們希望真正制定我們的多俱樂部策略和模式，以便這些團隊可以互相支持。他們踢的是一種類似的足球風格，教練可以在更初級或更高級的球隊中培養，例如第5級或第4級，其中英超聯賽顯然是第1級，而法甲聯賽是第1級意甲聯賽以及德甲聯賽和西甲聯賽屬於第一級。

So it's all the idea of trying to make things come together and work together. And we don't have anything pending right now, but we're looking. We're constantly looking, but we're being very judicious with our cash spend. We're being very careful. And we're also talking to outside investors that may want to invest with Black Knight Football Club and take an ownership position.

因此，這就是試圖讓事物整合在一起並協同工作的想法。我們現在沒有任何懸而未決的事情，但我們正在尋找。我們一直在尋找，但我們對現金支出非常明智。我們非常小心。我們也正在與可能想要投資黑騎士足球俱樂部並取得所有權的外部投資者進行交談。

And again, as we take in new investors that will result in a mark to our valuation, which will be a positive. So that's the football story. And Ryan and I really spent quite a bit of time on the football side, just looking at different situations.

再說一次，當我們吸收新投資者時，這將導致我們的估值上升，這將是積極的。這就是足球故事。瑞安和我確實在足球方面花了相當多的時間，只是觀察不同的情況。

Okay. Good. And then just one more question if I could. If we look at kind of like Alight and post an asset sale of that? I mean, should that be a standalone company you think or attractive strategic partner to another company? Or like how do you think about that general? And I don't know if you can answer that, but if again, I'd love to hear the answer.

好的。好的。如果可以的話，還有一個問題。如果我們看看類似 Alight 並發布資產出售？我的意思是，您認為這應該是一家獨立的公司，還是另一家公司有吸引力的策略夥伴？或者你如何看待那位將軍？我不知道你是否能回答這個問題，但如果我能再次回答，我很想聽到答案。

Well, what I can tell you is that by disposing of the payroll business and the professional services business, it has greatly simplified Alight. Alight is now a very significant benefits company, one of the largest in the country.

那麼我可以告訴你的是，透過處理薪資業務和專業服務業務，它已經大大簡化了Alight。Alight 現在是一家非常重要的福利公司，也是全國最大的公司之一。

And just as we responded to companies that were interested in our payroll business and our professional services business. If someone develops or a company develops is interested in talking about the balance of Alight, then that's obviously something we'd discuss and we'd consider.

正如我們回應對我們的薪資業務和專業服務業務感興趣的公司一樣。如果有人開發或公司開發有興趣談論 Alight 的平衡，那麼這顯然是我們會討論和考慮的事情。

Okay. Thank you very much.

好的。非常感謝。

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

我們的問答環節到此結束。我想將會議轉回比爾·弗利（Bill Foley）發表閉幕詞。

Thank you, operator, and I appreciate everyone's attention. I appreciate the questions and we look forward to speaking to you next quarter. Thank you.

謝謝運營商，也謝謝大家的關注。我感謝您提出的問題，我們期待下個季度與您交談。謝謝。

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。