Cannae Holdings Inc (CNNE) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Cannae Holdings Inc first quarter 2025 financial results conference call.

女士們、先生們，下午好，歡迎參加 Cannae Holdings Inc 2025 年第一季財務業績電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this conference call is being recorded, and a replay is available through 11:59 PM Eastern Time on May 26, 2025. With that, I would like to turn the call over to Jamie Lillis of Solebury Strategic Communications. Please go ahead.

提醒一下，本次電話會議正在錄音，重播截止日期為 2025 年 5 月 26 日美國東部時間晚上 11:59。接下來，我想將電話轉給 Solebury Strategic Communications 的 Jamie Lillis。請繼續。

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

謝謝接線生以及大家的參與。參加今天電話會議的有 Cannae 的執行長 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. 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.

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 對未來的期望、希望、意圖或策略的陳述均為前瞻性陳述。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用的資訊。由於此類聲明是基於對未來財務和經營結果的預期，而非事實陳述，因此實際結果可能與預測結果有重大差異。本公司不承擔更新任何前瞻性陳述的義務，無論其是否出現新資訊、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.

前瞻性陳述所面臨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美國證券交易委員會提交的其他文件中詳述的風險和其他因素。

Today's remarks will also include references to non-GAAP financial measures. Additional information, including a reconciliation between the 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。我們在致股東的信中提供了更多信息，包括非 GAAP 財務資訊與 GAAP 財務資訊之間的對帳。

I would now like to turn the call over to Ryan.

現在我想把電話轉給瑞安。

Thank you, Jamie. Given the executive management succession announcement from earlier today, I would first like to start by welcoming Bill Foley to his new role as Vice Chairman and Doug Ammerman to his new role as Chairman. More importantly, I want to thank Bill for his mentorship and all that he has provided to Cannae and its portfolio companies. Under Bill's leadership, we have made great progress and have significant opportunities in front of us to increase shareholder value. I look forward to continuing to work with Bill and Doug in their new roles and the entire Board as we continue to position Cannae for long-term success as a permanent capital vehicle.

謝謝你，傑米。鑑於今天早些時候宣布的高管繼任消息，我首先歡迎比爾·福利 (Bill Foley) 出任副董事長，並歡迎道格·阿默曼 (Doug Ammerman) 出任董事長。更重要的是，我要感謝比爾的指導以及他為 Cannae 及其投資組合公司提供的一切。在比爾的領導下，我們取得了巨大進步，並面臨著增加股東價值的重大機會。我期待著繼續與比爾和道格在新職位上以及整個董事會合作，繼續將坎尼定位為永久資本工具，並取得長期成功。

We remain committed to creating long-term sustainable shareholder value through the execution of our strategic plan, including: one, rebalancing the portfolio away from current public investments and opportunistically investing in attractive companies with positive cash flows; two, returning capital to shareholders; and three, improving the operational performance of Cannae's portfolio companies. I am excited to report that we continue to make progress on all fronts.

我們將繼續致力於透過執行策略計畫來創造長期可持續的股東價值，包括：一、重新平衡投資組合，減少對當前公共投資的依賴，並擇機投資於具有正現金流的有吸引力的公司；二、向股東返還資本；三、提高 Cannae 投資組合公司的營運績效。我很高興地報告，我們在各個方面繼續取得進展。

In late March, our largest public investment, Dun & Bradstreet, announced a definitive agreement to be acquired by Clearlake Capital in an all-cash transaction valuing D&B at $4.1 billion of equity from which at closing, Cannae will receive $632 million of proceeds. This capital provides Cannae with significant flexibility and allows us an ability to return a meaningful amount of capital to our shareholders.

3 月底，我們最大的公共投資鄧白氏 (Dun & Bradstreet) 宣布了一項最終協議，該協議將以全現金交易的方式被 Clearlake Capital 收購，鄧白氏的估值為 41 億美元，交易結束時，Cannae 將獲得 6.32 億美元的收益。這筆資本為 Cannae 提供了極大的靈活性，並使我們能夠向股東返還大量資本。

As previously announced, post transaction closing, we expect to use at least $460 million of these proceeds for share repurchases, dividends and debt repayment, of which at least $300 million will be used to repurchase shares, $101 million to repay Cannae's margin loan, and we will retain $60 million to pay future dividends. These actions will provide significant capital to our shareholders, and we believe will help close the stock price discount to NAV.

正如先前宣布的，交易結束後，我們預計將使用至少 4.6 億美元收益用於股票回購、股息和債務償還，其中至少 3 億美元將用於回購股票，1.01 億美元用於償還 Cannae 的保證金貸款，我們將保留 6000 萬美元用於支付未來的股息。這些舉措將為我們的股東提供大量資本，我們相信這將有助於縮小股價相對於資產淨值的折讓。

We are grateful to the entire D&B team for their hard work since our initial take drive of the business and know that they will perform well with their new partners at Clearlake. The transaction is expected to close in the third quarter of this year.

我們感謝整個 D&B 團隊自我們最初接手這項業務以來的辛勤工作，並相信他們將與 Clearlake 的新合作夥伴一起表現出色。該交易預計將於今年第三季完成。

With the expected sale of D&B and the 2024 share sales of Dayforce, Alight, D&B and Paysafe, we will have sold approximately $1.1 billion of our public portfolio stakes since the beginning of 2024, and expect to utilize approximately $730 million as either a return to shareholders through repurchases and dividends or as a debt repayment. We believe this demonstrates our commitment to our strategy of rebalancing our portfolio and returning a significant amount of capital to our shareholders.

隨著 D&B 的預期出售以及 Dayforce、Alight、D&B 和 Paysafe 的 2024 年股票出售，自 2024 年初以來，我們將出售約 11 億美元的公開投資組合股份，並預計將利用約 7.3 億美元透過回購和股息返還股東或償還債務。我們相信，這表明我們致力於重新平衡投資組合並向股東返還大量資本的策略。

Today, we announced the expansion of our strategic relationship with JANA Partners, an investment firm focused on creating value through shareholder engagement. Cannae has entered into an agreement to acquire an additional 30% stake in JANA for $67.5 million with potential further payment of up to $26 million contingent on JANA's future assets under management. Post closing, Cannae will have total ownership of 50%. This additional investment in JANA broadens the scope of our partnership established in February 2024, enhancing and expanding Cannae's ability to allocate capital towards proprietary acquisitions and investment opportunities that complement JANA's strategy and investment activities.

今天，我們宣布擴大與 JANA Partners 的策略合作關係，JANA Partners 是一家專注於透過股東參與創造價值的投資公司。Cannae 已達成協議，將以 6,750 萬美元收購 JANA 額外 30% 的股份，並可能根據 JANA 未來管理的資產規模進一步支付高達 2,600 萬美元。交易完成後，Cannae 將擁有該公司 50% 的總所有權。對 JANA 的額外投資擴大了我們於 2024 年 2 月建立的合作夥伴關係的範圍，增強並擴大了 Cannae 為專有收購和投資機會分配資本的能力，以補充 JANA 的策略和投資活動。

The widened strategic relationship also provides Cannae with additional ownership and cash distributions from a high-performing private company, and represents another aspect of Cannae's strategy to rebalance its portfolio to attractive companies that produce cash.

擴大策略關係也為 Cannae 提供了來自高績效私人公司的額外所有權和現金分配，並代表了 Cannae 將其投資組合重新平衡為具有吸引力且能產生現金的公司這一策略的另一個方面。

We are excited to continue our partnership with Barry, Scott and the JANA team. The transaction is expected to close in the third quarter of this year.

我們很高興能繼續與 Barry、Scott 和 JANA 團隊合作。該交易預計將於今年第三季完成。

Also today, Cannae appointed Bill Royan and Woody Tyler to its Board effective as of June 1, 2025. Both individuals bring strong track records in investment management, having successfully worked at both public pension and private investment funds where each oversaw and managed multibillion-dollar portfolios across a variety of strategies. Furthermore, each has extensive experience working with portfolio companies, public and private boards and other stakeholders to make strategic decisions that drive future value. We expect that Bill Royan will serve on Cannae's Corporate Governance and Nominating Committee and Related Person Transaction Committee, and Woody will serve on Cannae's Related Person Transaction Committee. We are delighted to have them both and believe that they will add significant value to Cannae's business.

同樣在今天，Cannae 任命 Bill Royan 和 Woody Tyler 為董事會成員，自 2025 年 6 月 1 日起生效。這兩位人士在投資管理方面都擁有出色的業績記錄，曾在公共退休金和私人投資基金中成功工作，並分別監督和管理過各種策略的數十億美元的投資組合。此外，每個人都擁有與投資組合公司、公共和私人董事會以及其他利害關係人合作的豐富經驗，可以做出推動未來價值的策略決策。我們預期 Bill Royan 將擔任 Cannae 公司治理與提名委員會及關聯人交易委員會委員，而 Woody 將擔任 Cannae 關聯人交易委員會委員。我們很高興擁有他們兩位，並相信他們將為 Cannae 的業務增添巨大的價值。

I would now like to go through a few of our portfolio companies. D&B reported revenue of $580 million, which represents 3.6% constant currency organic growth compared to the prior year's first quarter. Adjusted EBITDA was $211 million for the first quarter of 2025, $9.6 million above the prior year's first quarter. Notably, both revenue and adjusted EBITDA were above consensus expectations. Also, the company's adjusted EBITDA margin increased 70 basis points to 36.4% in the first quarter of 2025.

現在我想介紹一下我們的幾家投資組合公司。D&B 報告的收入為 5.8 億美元，與去年同期相比，以固定匯率計算有機成長率為 3.6%。2025 年第一季調整後 EBITDA 為 2.11 億美元，比去年同期高出 960 萬美元。值得注意的是，收入和調整後的 EBITDA 均高於普遍預期。此外，該公司調整後的 EBITDA 利潤率在 2025 年第一季增加了 70 個基點，達到 36.4%。

Alight reported total revenue from continuing operations of $548 million for the first quarter of 2025, a 2% decrease from the first quarter of 2024. Adjusted EBITDA was $118 million for the first quarter, a $2 million increase compared to the first quarter of 2024. Both of these results were ahead of consensus estimates. Management also affirmed their previous guidance for the full year 2025 with the midpoint for revenue of $2.36 billion and adjusted EBITDA of $633 million. Alight's leverage now sits at 3.1x EBITDA.

Alight 報告稱，2025 年第一季持續經營總收入為 5.48 億美元，較 2024 年第一季下降 2%。第一季調整後 EBITDA 為 1.18 億美元，較 2024 年第一季增加 200 萬美元。這兩項結果均超出了普遍預期。管理層也確認了先前對 2025 年全年的預期，其中間值為收入 23.6 億美元，調整後 EBITDA 為 6.33 億美元。Alight 的槓桿率目前為 EBITDA 的 3.1 倍。

The company also had their Investor Day and management provided midterm targets of 4% to 6% organic revenue growth and 30% adjusted EBITDA margins by 2027, while expecting $1 billion of cumulative free cash flow generation between 2025 and 2027. We were excited to see these financial targets and are hopeful that as Alight continues to show operational improvements and delivers on guidance, the market will recognize the embedded value in the business.

該公司還舉辦了投資者日，管理層設定了中期目標，即到 2027 年實現 4% 至 6% 的有機收入增長和 30% 的調整後 EBITDA 利潤率，同時預計 2025 年至 2027 年期間累計產生 10 億美元的自由現金流。我們很高興看到這些財務目標，並希望隨著 Alight 繼續展示營運改進並提供指導，市場將認識到業務中蘊含的價值。

Turning to Black Knight Football, we made significant progress over the quarter. Starting with the holding company, Black Knight Football club raised approximately $133 million of new capital in the first quarter, half of which has already been funded and the other half will be funded later this year. As part of the capital raise, Cannae will contribute $50 million, of which $25 million has already been funded and the remaining capital will come from Bill and a group of third-party investors. This capital provides Black Knight with significant strategic flexibility as we look to continue investments in the teams, infrastructure and holding company.

談到黑騎士足球，我們在本季取得了重大進展。從控股公司開始，黑騎士足球俱樂部在第一季籌集了約1.33億美元的新資本，其中一半已經到位，另一半將在今年稍後到位。作為融資的一部分，Cannae 將出資 5,000 萬美元，其中 2,500 萬美元已經到位，剩餘資金將來自比爾和一群第三方投資者。當我們尋求繼續對團隊、基礎設施和控股公司進行投資時，這筆資金為 Black Knight 提供了顯著的策略靈活性。

During the quarter, we continued to build out the management team, data capabilities and connectivity between the holding company and respective clubs with the goal of optimizing player development and pathways and commercial opportunities amongst our teams. While we are still in the early stages, we are excited about the progress to date and the potential impact.

在本季度，我們繼續建立管理團隊、數據能力以及控股公司與各個俱樂部之間的聯繫，目的是優化球員發展、途徑和球隊之間的商業機會。雖然我們仍處於早期階段，但我們對迄今為止的進展和潛在影響感到興奮。

Moving to the individual teams. At AFC Bournemouth, we made significant progress in the quarter from an infrastructure perspective. First, we opened our new world-class performance center for the first team in the Academy. The facility is over 66,000 square feet with four new grass pitches, one full-size outdoor artificial pitch, and a full-size indoor artificial pitch. We believe this facility is one of the best in the world, highlights our ambitions as a club and will be a critical tool for player development and recruiting, which in turn is critical for AFC Bournemouth's continued success on the field.

轉向各個團隊。在AFC伯恩茅斯，我們從基礎設施角度在本季取得了重大進展。首先，我們為學院的一線隊開放了新的世界級表演中心。該設施佔地超過 66,000 平方英尺，擁有四個新草地球場、一個全尺寸室外人工球場和一個全尺寸室內人工球場。我們相信這個設施是世界上最好的設施之一，彰顯了我們作為俱樂部的雄心壯志，並將成為球員發展和招募的重要工具，這對於 AFC 伯恩茅斯在球場上的持續成功至關重要。

Second, on April 25, we announced the signing of an agreement to acquire Vitality Stadium, AFCB's home since 1910. This transaction is expected to close later this week, and we are far along in working on expansion and redevelopment plans. We are currently looking at a two-phase approach that when complete, will nearly double capacity of Vitality to approximately 20,000 seats. We are looking at modular construction, which will provide a significant upgrade to the stadium, but do so in a cost-effective way with higher returns on capital. We will provide updates as we move forward and the plans are finalized.

第二，4月25日，我們宣布簽署協議，收購活力體育場，該體育場自1910年以來一直是AFCB的主場。該交易預計將於本週晚些時候完成，我們的擴張和重建計劃正在穩步推進。我們目前正在研究一個分階段的方案，完成後，Vitality 的容量將增加近一倍，達到約 20,000 個座位。我們正在研究模組化建築，這將對體育場進行重大升級，但以具有成本效益的方式實現，並獲得更高的資本回報率。隨著計劃的推進和最終確定，我們將提供最新消息。

AFCB also continues to perform well on their pitch as they have set a new point record in the Premier League with 53 points and have two matches to go. The Cherries were selected to be one of four teams to represent the Premier League in the US in the 2025 summer series and will play matches in New York, Chicago and Atlanta between July 26 and August 3. Additionally, AFC Bournemouth will field the team in the TST, soccer tournament that takes place in North Carolina in June. We believe these global opportunities demonstrate the improving brand and commercial opportunities at AFC Bournemouth.

AFCB 也繼續在球場上表現出色，他們以 53 分創造了英超聯賽的新積分記錄，並且還剩兩場比賽。櫻桃隊被選為代表英超聯賽參加 2025 年夏季系列賽的四支美國球隊之一，並將於 7 月 26 日至 8 月 3 日在紐約、芝加哥和亞特蘭大進行比賽。此外，AFC 伯恩茅斯隊還將派出球隊參加 6 月在北卡羅來納州舉行的 TST 足球錦標賽。我們相信這些全球機會表明 AFC 伯恩茅斯的品牌和商業機會正在不斷提升。

Lastly, we are excited to note that for the first time ever, AFC Bournemouth was recognized in Sportico's list of the world's 50 most valuable soccer clubs. Sportico valued AFC Bournemouth at USD 630 million. The valuation utilized Bournemouth's 2023 season revenue of $203 million and represents a 3.11x multiple of revenue. The Sportico valuation represents equity appreciation of more than 40% when compared to the total amount of capital BKFC has invested in AFC Bournemouth to date.

最後，我們很高興地宣布，AFC 伯恩茅斯首次入選 Sportico 全球 50 家最有價值足球俱樂部名單。Sportico 對 AFC 伯恩茅斯的估值為 6.3 億美元。該估值採用了伯恩茅斯 2023 年賽季 2.03 億美元的收入，相當於收入的 3.11 倍。與 BKFC 迄今為止對 AFC 伯恩茅斯的投資總額相比，Sportico 的估值意味著股權升值超過 40%。

Turning to FC Lorient. Last Saturday, the team was crowned Champions of League 2 and earned promotion back to League 1, the highest division in French football. This is a significant accomplishment for FC Lorient, and with the team returning to League 1, it provides significantly more strategic value to Black Knight Football.

轉向洛里昂足球俱樂部。上週六，該隊榮獲法國足球乙級聯賽冠軍，並重新升入法國足球最高級別聯賽甲級聯賽。這對洛里昂足球俱樂部來說是一項重大成就，隨著球隊重返甲級聯賽，這為黑騎士足球隊提供了更大的戰略價值。

I would also like to note that one of the key players responsible for their success was Eli Junior Kroupi, who AFC Bournemouth acquired in January and kept on loan at FC Lorient for the remainder of the season. This player transaction between clubs again demonstrates the value of multiple teams and player pathways within the group.

我還想指出，他們成功的關鍵球員之一是伊萊·朱尼爾·克魯皮 (Eli Junior Kroupi)，伯恩茅斯足球俱樂部 (AFC Bournemouth) 於一月份收購了他，並將他租借到洛里昂足球俱樂部 (FC Lorient) 直至賽季結束。俱樂部之間的這項球員交易再次證明了集團內多支球隊和多條球員通道的價值。

Hibernian FC has also achieved great results as they currently sit in third place in the Scottish Premier League, which would allow them entry into European competition. During the year, Hibernian went on an 18-game streak where they were unbeat in 17 of the 18 matches equaling a 77-year-old club record.

希伯尼安足球俱樂部也取得了優異的成績，目前位居蘇格蘭超級聯賽第三名，這將使他們有資格參加歐洲比賽。這一年，希伯尼安取得了 18 場連勝，其中 17 場不敗，追平了俱樂部 77 年的紀錄。

Lastly, earlier in the month, BKFC announced a strategic affiliation with Orlando City SC of the MLS. This partnership gives BKFC its first direct connection to professional soccer in North America. This agreement will benefit BKFC by giving it another player development pathway and additional scouting channel and expanded commercial opportunities to offer sponsors of BKFC clubs.

最後，本月早些時候，BKFC 宣布與 MLS 的奧蘭多城足球俱樂部建立戰略合作關係。此次合作使 BKFC 首次與北美職業足球直接建立聯繫。該協議將為 BKFC 帶來另一條球員發展途徑和額外的球探管道，並為 BKFC 俱樂部的贊助商提供更多商業機會。

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

現在我將把電話轉給布萊恩，談談我們的財務狀況。

Thanks, Ryan. Cannae's first quarter total operating revenue of $103 million was 7% lower than the prior year on lower restaurant revenue. Notably, there were five fewer stores or 3% in the 2025 period compared to the prior year. Although the aggregate same-store sales were down, this was almost entirely attributable to the O'Charley's brand as same-store sales for the Ninety Nine Restaurant brand were nearly even at a 0.3% drop. This is a big testament to the Ninety Nine brand as the casual dining industry experienced a very tough quarter from several weather incidents and unstable macroeconomic conditions.

謝謝，瑞安。Cannae 第一季總營業收入為 1.03 億美元，由於餐廳收入下降，比上年下降 7%。值得注意的是，與前一年相比，2025 年的門市數量減少了 5 家，即減少了 3%。儘管整體同店銷售額下降，但這幾乎完全歸因於 O'Charley 品牌，因為 Ninety Nine Restaurant 品牌的同店銷售額幾乎持平，僅下降了 0.3%。這對 Ninety Nine 品牌來說是一個很大的證明，因為休閒餐飲業經歷了一個非常艱難的季度，受到許多天氣事件和不穩定的宏觀經濟條件的影響。

On a same-store basis, the Ninety Nine brand has equaled or outperformed the Baird Casual Dining Index in each of the last 16 four-week periods.

以同店計算，Ninety Nine 品牌在過去 16 個四周期間內的每個期間都達到或超過了貝爾德休閒餐飲指數。

At the operating expense level, aggregate operating expenses were $125 million in the first quarter of 2025 or $27 million below the prior year. Restaurant Group reduced quarterly expenses by $7 million, reflecting the drop in top line and attention to corporate and brand support expenses. A significant portion of the decrease also relates to $10 million of adviser payments in the prior year period as well as $5 million lower manager expenses. The remaining improvement represents lower corporate operating expenses.

在營運費用層面，2025 年第一季的總營運費用為 1.25 億美元，比前一年減少 2,700 萬美元。餐飲集團將季度支出減少了 700 萬美元，這反映了營業收入的下降以及對企業和品牌支援支出的關注。下降的很大一部分也與去年同期 1000 萬美元的顧問費用以及 500 萬美元的管理人員費用減少有關。其餘的改善代表企業營運費用的降低。

Specifically with regard to the operating expense of the Restaurant Group, we have continued to make significant changes. The O'Charley's brand implemented a significant SKU reductions last month, along with other store level improvements aimed at reducing labor and enhancing the guest experience. We also have a new President, a new Chief Operating Officer and a new Chief Financial Officer in place. Next month, the Restaurant Group will move from its long-time headquarters to a new location that is approximately 20% the size of the current space. This change alone will cut more than 7 figures annually from the Restaurant Group support costs.

具體來說，關於餐飲集團的營運費用，我們繼續做出重大改變。O'Charley 品牌上個月實施了大幅 SKU 削減，同時也在門市層級實施了其他改進，旨在減少勞動力並提升顧客體驗。我們還任命了一位新總裁、一位新營運長和一位新財務長。下個月，該餐飲集團將從其長期總部搬遷至一個面積約為目前面積 20% 的新址。僅此一項變革就能使餐飲集團的支援成本每年減少 7 位數以上。

New management has also performed a detailed review of all locations and has identified changes that we expect to improve store level and regional operating costs.

新管理層還對所有地點進行了詳細審查，並確定了我們期望改善商店水準和區域營運成本的變化。

Cannae had net recognized gains of $7 million in the first quarter of 2025 compared to $5 million in the prior year. The current quarter figure includes noncash fair value losses on Paysafe and Rapid7, offset by gains from the sale of WineDirect's e-commerce business. On that, our initial investment of $10 million in WineDirect since 2017, and with this year's sale of their e-commerce division, Cannae realized a $15 million gain in Q1, received $14 million in cash and still holds its interest in the remaining fulfillment business.

2025 年第一季度，Cannae 的淨確認收益為 700 萬美元，而去年同期為 500 萬美元。本季的數據包括 Paysafe 和 Rapid7 的非現金公平價值損失，但被 WineDirect 電子商務業務出售所得的收益所抵銷。在此基礎上，我們自 2017 年起向 WineDirect 初始投資了 1000 萬美元，隨著今年其電子商務部門的出售，Cannae 在第一季實現了 1500 萬美元的收益，獲得了 1400 萬美元的現金，並且仍然持有剩餘履行業務的權益。

A significant change in our financial statement presentation is that Dun & Bradstreet is no longer included in equity method investments on the balance sheet and earnings from unconsolidated affiliates on our P&L. With the signing of the agreement to be acquired by Clearlake, Cannae's entry into a voting and support agreement, GAAP requires us to present them as assets of discontinued operations on the balance sheet and their results as loss from discontinued operations in the P&L and statement of cash. All prior period balances were reclassified to conform to this presentation.

我們財務報表呈現的一個重大變化是，鄧白不再包含在資產負債表的權益法投資中，也不再包含在損益表中的非合併附屬公司的收益中。隨著 Clearlake 收購協議的簽署，Cannae 達成了投票和支持協議，GAAP 要求我們在資產負債表上將其列為已終止經營的資產，並在損益表和現金表中將其結果列為已終止經營的損失。所有前期餘額均已重新分類，以符合本列示。

Our equity in earnings and losses of unconsolidated affiliates posted a $2 million net loss in Q1 2025 compared to $18 million gain in the prior year. The 2024 figure included a large gain from CSI, offset by losses posted by Alight and Sightline. Unlike most of our investments, the CSI partnership is marked to fair value once per year, and their growth this year resulted in an additional $16 million gain in the fair value of our holding and follows the $41 million gain reported last year to this quarter. This means Cannae has received $37 million of cash distributions and its remaining ownership has a fair value that is 120% of Cannae's original investment.

2025 年第一季度，我們在非合併附屬公司損益中的權益淨虧損 200 萬美元，而前一年則獲利 1,800 萬美元。2024 年的數據包括 CSI 的巨額收益，但被 Alight 和 Sightline 的損失所抵消。與我們的大多數投資不同，CSI 合夥企業每年以公允價值計價一次，今年他們的成長導致我們持有的股票公允價值額外增加了 1,600 萬美元，而去年截至本季報告的公允價值收益為 4,100 萬美元。這意味著 Cannae 已收到 3,700 萬美元的現金分配，其剩餘所有權的公允價值相當於 Cannae 原始投資的 120%。

After our sale last week of 9 million shares of D&B for $81 million, Cannae has $188 million in corporate cash and short-term investments, offset by $149 million of debt. On that, during the quarter, we amended our F&F note, repaying $12.2 million, lowering the interest rate by 200 basis points and extending the maturity to 2030.

在我們上週以 8,100 萬美元的價格出售了 900 萬股 D&B 股票後，Cannae 擁有 1.88 億美元的公司現金和短期投資，但有 1.49 億美元的債務。為此，我們在本季度修改了 F&F 票據，償還了 1,220 萬美元，將利率降低了 200 個基點，並將期限延長至 2030 年。

That concludes our prepared remarks, and we'll be happy to take your questions now.

我們的準備好的發言到此結束，現在我們很樂意回答你們的提問。

(Operator Instructions)

（操作員指示）

Kenneth Lee, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Kenneth Lee。

Congrats, Ryan, on your new role. Just one on the JANA Partners. Now that there's a plan to be a 50% owner, could you talk a little bit more about the revenue and earnings profile of the business and perhaps also as well, just remind us again the assets under management of the business.

瑞安，祝賀你擔任新職務。JANA Partners 僅此一家。既然現在有成為 50% 所有者的計劃，您能否再多談一下該企業的收入和盈利狀況，或許還可以再次提醒我們該企業管理的資產。

Ken, this is Ryan. First off, thank you. I'm just trying to think what -- I think at a high level, I don't want to get into kind of revenue and earnings figures. But I think at a high level, the business has significantly higher AUM than we originally invested. It's north of $2 billion, and it's been performing very well from a financial profile.

肯，這是瑞安。首先，謝謝你。我只是在想——我認為從高層次來看，我不想涉及收入和獲利數字。但我認為從高層次來看，該業務的 AUM 明顯高於我們最初投資的水平。它的市值已超過 20 億美元，而且從財務狀況來看，它的表現非常出色。

So we are very excited about the investment. I think when we look at the deal value, we think it's at an attractive price, and we're really optimistic around what we can do with JANA going forward. And I think it shows kind of how we're trying to -- that we will try and prioritize new investments with them that we think could be very impactful with Cannae in addition to our investment in their business, which we think is also -- will be very positive for the company.

因此我們對這項投資感到非常興奮。我認為，當我們考慮交易價值時，我們認為這是一個有吸引力的價格，我們對未來與 JANA 的合作非常樂觀。我認為這在某種程度上表明了我們正在努力——我們將嘗試優先考慮與他們進行新的投資，我們認為除了對他們業務的投資之外，這些投資還可能對 Cannae 產生非常大的影響，我們認為這對公司來說也是非常積極的影響。

And then just a brief follow-up here. Are there any longer-term plans to potentially increase the ownership percentage of JANA Partners sometime down the line?

然後這裡只是簡短的跟進。是否有任何長期計劃來在未來某個時候增加 JANA Partners 的所有權百分比？

At the current time, there are no plans to increase the ownership percentage. We think the structure that we have today works very well.

目前，尚無增加所有權比例的計畫。我們認為我們目前的結構運作良好。

Very helpful there. And just one more follow-up, if I may. Have there been any subsequent or recent discussions with the investor Carnot Capital? And any kind of thoughts around some of the recent actions that you've taken there?

非常有幫助。如果可以的話，我還有一個後續問題。是否與投資者 Carnot Capital 進行過後續或近期的討論？對於您最近在那裡採取的一些行動，您有什麼看法？

In terms of the dialogue, I think that you can look publicly and see what's out there. We obviously have a view of what we are doing in our strategic plan, and we continue to move forward on that plan. And we're open to discussions with them or any other investors as we move forward about how we create shareholder value.

就對話而言，我認為你可以公開地觀察並了解那裡的情況。我們顯然對戰略計劃中所做的事情有自己的看法，並且我們會繼續推進該計劃。我們願意與他們或任何其他投資者討論如何創造股東價值。

(Operator Instructions)

（操作員指示）

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

So I just wanted to delve a little bit into the Vitality Stadium acquisition. Help us understand the opportunity there, some of the economics there and what's kind of going on?

所以我只是想深入探討活力體育場的收購。幫助我們了解那裡的機會、經濟狀況以及正在發生的事情？

Of course. The deal hasn't closed yet. So I want to be sensitive around some of the specific financial metrics. But at a high level, we think that it's a very attractive -- the stadium investment and redevelopment is an incredibly attractive proposition for the team. First off, as we talked about on the last call, we've been looking at whether we do a new stadium or whether we do a redevelopment.

當然。該交易尚未完成。所以我希望對一些特定的財務指標保持敏感。但從高層次來看，我們認為這是一個非常有吸引力的提議——體育場的投資和重建對球隊來說是一個非常有吸引力的提議。首先，正如我們在上次電話會議上談到的那樣，我們一直在考慮是否要建造一個新體育場或是否進行重建。

And as we looked at the financial analysis, we believe that it was much more compelling from a financial perspective to do a redevelopment. Look at the fans have been in the stadium since 1910, so there's an identity with the stadium, but we're also able to significantly improve the brand, the look of the stadium, the feel and get a lot more fans in there. But we think that just looking at the return on assets will be -- from the total investment, the EBITDA they could generate and through both phases, as I mentioned in my prepared remarks, there'll be a Phase 1 and Phase 2. But it will be kind of a mid-teens type return without thinking of any financing or other ways. So it's -- we think it's both a great opportunity for the Club, the brand, and we think it's attractive financially as well.

當我們進行財務分析時，我們認為從財務角度來看，重新開發更具吸引力。看看球迷們從 1910 年起就一直在體育場，所以體育場有一個特色，但我們也能夠顯著改善品牌、體育場的外觀、感覺，並吸引更多的球迷。但我們認為，僅從資產回報率來看——從總投資來看，他們可以產生的 EBITDA，並且通過兩個階段，正如我在準備好的發言中提到的那樣，將會有第一階段和第二階段。但它將是一種十幾歲的回報，無需考慮任何融資或其他方式。所以，我們認為這對俱樂部和品牌來說都是一個絕佳的機會，而且從經濟角度來看也很有吸引力。

Okay. And then also, when you think about the incremental capital that you plan to deploy going forward on M&A, how are you thinking about that? Because I know you talk a lot about Black Knight being a big kind of source of maybe some acquisitions you could do or something else. But is that kind of how you're thinking about it now in that you want to create more of these kind of network effects of owning multiple teams? Or do you think we're kind of done with that and we're going to deploy capital elsewhere?

好的。另外，當您考慮計劃在未來的併購中部署的增量資本時，您是如何考慮的？因為我知道您經常談論黑騎士可能是您可以進行的某些收購或其他事情的重要來源。但是，您現在的想法是否是這樣的，您想創造更多這種擁有多支球隊的網路效應？或者您認為我們已經完成了這項工作並將把資本部署到其他地方？

Well, I mentioned on the call that Black Knight raised a bunch of capital that Cannae participated in. I think in the short term, that's not going to be a focus of capital. But for the additional $25 million that I referenced on the call, I think -- look, I think that a deal -- like the JANA deal is obviously an area that we're -- we've invested some capital. We obviously looked at Watkins last year. But how we're thinking about capital more broadly is we've obviously are returning a significant amount of capital related to the D&B transaction and share repurchases, dividends and then paying down some of the margin loan.

嗯，我在電話會議上提到，Black Knight 籌集了大量資金，Cannae 也參與其中。我認為短期內這不會成為資本關注的重點。但對於我在電話中提到的額外的 2500 萬美元，我認為——看，我認為像 JANA 交易這樣的交易顯然是我們——我們已經投入了一些資金的領域。我們去年顯然有關注沃特金斯。但從更廣泛的角度考慮，我們對資本的思考是，我們顯然已經返還了與 D&B 交易、股票回購、股息相關的大量資本，然後償還了部分保證金貸款。

But at the same time, we need to also be mindful of there will be -- we will opportunistically make investments in businesses or situations that we think can deliver an attractive return. But clearly, in the short term, we're using the majority of our capital to buy back stock.

但同時，我們也需要注意，我們會抓住機會，對我們認為可以帶來可觀回報的企業或情況進行投資。但顯然，短期內我們將使用大部分資金來回購股票。

This concludes the question-and-answer session. I would like to turn the conference back over to Ryan Caswell for any closing remarks. Please go ahead.

問答環節到此結束。我想將會議交還給 Ryan Caswell 做最後發言。請繼續。

Thank you. In conclusion, we believe there remains significant embedded value in Cannae's portfolio and upside in our stock price as we continue to execute on our strategic plan and position Cannae for long-term success as a permanent capital vehicle. Thank you for your time.

謝謝。總之，我們相信，隨著我們繼續執行策略計劃，並將 Cannae 定位為永久資本工具，以實現長期成功，Cannae 的投資組合中仍然具有巨大的內在價值，並且我們的股價具有上漲空間。感謝您抽出時間。

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。