Cannae Holdings Inc (CNNE) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Cannae Holdings, Incorporated first-quarter 2026 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 25, 2026.

各位女士、各位先生，下午好，歡迎參加 Cannae Holdings, Incorporated 2026 年第一季財務業績電話會議。（接線員指示）提醒各位，本次電話會議將被錄音，並可於 2026 年 5 月 25 日美東時間晚上 11:59 前收聽重播。

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

接下來，我想把電話交給 Solebury Strategic Communications 的 Jamie Lillis 先生。先生，請開始。

Thank you, operator, and good afternoon. And thank you for joining Cannae Holdings first quarter 2026 earnings call. On today's call are Ryan Caswell, Chief Executive Officer; and Bryan Coy, Chief Financial Officer.

謝謝，接線員，大家下午好。也感謝各位參加 Cannae Holdings 2026 年第一季財報電話會議。今天與會者包括執行長 Ryan Caswell，以及財務長 Bryan Coy。

But before we begin, I'd like to remind listeners that this call may contain forward-looking statements and references to non-GAAP financial measures. 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.

在開始之前，我想提醒各位聽眾，本次電話會議可能包含前瞻性陳述以及對非 GAAP 財務衡量指標的引用。凡非歷史事實之陳述，包括關於 Cannae 對未來的預期、希望、意圖或策略等，均屬前瞻性陳述。前瞻性陳述係基於管理層的信念，以及管理層所作之假設與目前可得之資訊。由於此類陳述係基於對未來財務與營運結果的預期，並非事實陳述，實際結果可能與預測存在重大差異。公司不承擔更新任何前瞻性陳述之義務，不論係因新資訊、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.

前瞻性陳述所面臨之風險與不確定性包括但不限於：我們於今日下午發布之季度股東信，以及我們向 SEC 提交之其他文件中所詳述的風險與其他因素。

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. These statements are subject to risks and uncertainties described in our shareholder letter and SEC filings, and we undertake no obligation to update forward-looking statements.

今天的發言亦將包含對非 GAAP 財務衡量指標的引用。更多資訊（包括非 GAAP 財務資訊與 GAAP 財務資訊之間的調節表）已載於我們的股東信中。上述陳述受股東信與 SEC 文件所述之風險與不確定性影響，我們亦不承擔更新前瞻性陳述之義務。

With that, I'll turn the call over to Ryan.

接下來，我把電話交給 Ryan。

Thank you, Jamie. Good afternoon. On the call today, I want to cover four key topics: how we allocated our capital in the quarter; what is happening at our largest sports asset, Black Knight Football; where we stand on the restaurant business and exiting additional non-core assets; and how we are managing the holding company.

謝謝你，Jamie。各位下午好。今天的電話會議上，我想涵蓋四個重點主題：我們本季如何配置資本；我們最大體育資產 Black Knight Football 的最新進展；餐飲業務的現況以及退出更多非核心資產的進度；以及我們如何管理控股公司。

Starting with capital allocation. In the first quarter, we returned approximately $51 million to shareholders through a combination of buybacks and our regular dividend, which currently provides a 4.2% dividend yield.

先從資本配置談起。第一季，我們透過庫藏股回購與例行股利的組合，向股東回饋約 5,100 萬美元；目前股利殖利率為 4.2%。

Year to date, this $51 million represents about 86% of all the capital we have allocated. The remaining 14% of our capital went to existing investments. A year ago, the comparable shareholder figure return was about 70% to shareholders. The shift toward buybacks was deliberate in the quarter as we viewed the highest return investment available to us was our own equity. We will analyze our capital allocation on an ongoing basis to determine what maximizes shareholder value between capital returns and new investments.

截至目前為止，這 5,100 萬美元約占我們已配置資本的 86%。其餘 14% 的資本投入既有投資。一年前，相對應的股東回饋比例約為 70%。本季提高回購比重是刻意為之，因為我們認為當下可得的最高報酬投資就是我們自己的股權。我們將持續檢視資本配置，以判斷在資本回饋與新投資之間，何者最能極大化股東價值。

On the buyback specifically, year to date, we have repurchased 3.4 million shares, representing about 7.3% of our shares outstanding for $43 million. Our Board expanded the repurchase authorization to 14.9 million shares during the quarter so we can continue opportunistic buybacks.

就回購而言，截至目前我們已以 4,300 萬美元回購 340 萬股，約占流通在外股數的 7.3%。董事會於本季將回購授權擴大至 1,490 萬股，以便我們持續進行機會型回購。

Now to Black Knight Football, which is the largest single position in our portfolio and in my view, the asset with the greatest upside. AFC Bournemouth currently sits in sixth place in the Premier League. If the club holds that position, it will be the highest finish in the club's 127-year history, and it would qualify the club for European competition for the first time.

接著談 Black Knight Football。這是我們投資組合中最大的單一持倉，我認為也是上行潛力最大的資產。AFC Bournemouth 目前在英超聯賽排名第六。若球隊能維持此名次，將創下該俱樂部 127 年歷史上的最佳排名，並將首次取得歐洲賽事參賽資格。

European qualification is not just a sporting milestone. It materially changes the commercial, branding, and economics of the club. The sporting results are even more notable because over the last 18 months, we have sold top players to Manchester City, Real Madrid, Paris Saint-Germain, and Liverpool, totaling roughly $360 million in transfer fees. We have done this and gotten better results, not worse. That is the platform in our investment and operating strategy working.

取得歐洲賽事資格不僅是體育上的里程碑。它將在商業、品牌與經濟層面帶來實質性的改變。體育成績更值得注意的是，在過去 18 個月中，我們將頂尖球員出售給曼城、皇家馬德里、巴黎聖日耳曼與利物浦，轉會費合計約 3.6 億美元。我們在完成這些出售後，成績不但沒有變差，反而更好。這正是我們投資與營運策略發揮作用的平台。

Let me give you one specific example because I think it captures the entire investment thesis of the multi-club. A player named Eli Junior Kroupi, who is 19 years old and came up through the academy at FC Lorient, which is a club we own. In January of last year, AFC Bournemouth, another club we own, acquired him from Lorient and let him remain at the club for the remainder of the season to develop and help with their requalification to Ligue 1. This season, he moved to Bournemouth. He is the leading scorer for Bournemouth, and he has scored more goals in a single Premier League season than any teenager in the history of the Premier League.

我舉一個具體例子，因為我認為它完整呈現了多俱樂部投資論點。有一位名叫 Eli Junior Kroupi 的球員，19 歲，出身於我們所擁有的 FC Lorient 青訓體系。去年 1 月，我們擁有的另一家俱樂部 AFC Bournemouth 從 Lorient 將他簽下，並讓他在該隊留到賽季結束，以持續成長並協助球隊重返法甲（Ligue 1）。本賽季，他轉至 Bournemouth。他目前是 Bournemouth 的頭號射手，且他在單一英超賽季的進球數，超越英超歷史上任何青少年球員。

That is the multi-club platform in one transaction. We developed an asset at a club and moved that asset onto another club at the appropriate time for the team and the player. In the end, both clubs benefit from an economic and a sporting perspective, and the player benefits and improves his career trajectory. This represents the value of the multi-club platform and will drive returns for our investment at Black Knight Football.

這就是多俱樂部平台在一筆交易中的體現。我們在一間俱樂部培養資產，並在對球隊與球員都合適的時間，將該資產轉移到另一間俱樂部。最終，兩間俱樂部在經濟與競技層面都受益，球員也受益並改善其職涯發展軌跡。這代表多俱樂部平台的價值，並將推動我們在 Black Knight Football 的投資報酬。

The financial picture is consistent with the sporting one, with double-digit increases in revenue and EBITDA hitting $136 million, given significant player sales and improved revenues referenced above. Bryan will go into these numbers in more detail in his remarks.

財務表現與競技表現一致：在上述重大球員出售與營收改善的帶動下，營收與 EBITDA 皆呈現雙位數成長，EBITDA 達到 1.36 億美元。Bryan 將在他的發言中更詳細說明這些數字。

We posted a detailed overview of Black Knight Football on Cannae's website during last quarter. I would encourage everyone on the call to spend some time with it as it captures our work.

我們在上一季期間已於 Cannae 官網發布 Black Knight Football 的詳細概覽。我鼓勵所有與會者花些時間閱讀，因為它完整呈現了我們的工作成果。

Now to the restaurants. The strategic process around the restaurant group that we announced previously is ongoing. What I can update you on today is that the Board's position is unchanged. This is a non-core asset, and our focus is to monetize the asset, maximize proceeds, and redeploy that capital into either higher returning investments, which will grow our NAV or into our own stock. We are working hard to achieve this outcome and expect to be able to give you a more substantive update on the next call.

接著談餐飲業務。我們先前宣布的餐飲集團策略流程仍在進行中。我今天可以更新的是，董事會的立場沒有改變。這是一項非核心資產，我們的重點是將其變現、極大化處分收益，並將資本重新部署至報酬更高、可提升我們 NAV 的投資，或投入我們自家股票。我們正全力推動達成此結果，並預期在下一次電話會議上能提供更具體的更新。

More broadly, the Board continues to review our entire portfolio every quarter for the optimal time to sell non-core assets. Restaurants are not the only one we are evaluating. You should expect continued movement in our portfolio, which I will detail at the appropriate time.

更廣泛而言，董事會每季都會檢視我們的整體投資組合，以判斷出售非核心資產的最佳時點。餐飲業務並非我們唯一正在評估的項目。各位應可預期我們的投資組合將持續有所調整，我會在適當時機進一步說明。

The last topic from me is the holding company itself. We continue to focus on reducing our corporate holding company costs. I will let Bryan expand upon it in his comments, but for the first quarter, our corporate holding company costs are down approximately 45% from last year, which reflects the discipline of the Board and the management have applied to reducing corporate holding company costs.

我最後一個要談的主題是控股公司本身。我們持續專注於降低公司控股層級的成本。我會讓 Bryan 在他的評論中進一步說明，但就第一季而言，我們的公司控股成本較去年約下降 45%，這反映出董事會與管理團隊在降低公司控股成本上所展現的紀律。

On governance, the Board continues to evaluate further governance enhancements. In the first quarter, we refreshed our committee composition to include the four new directors elected last year, which brings new perspective into committee deliberations.

在公司治理方面，董事會持續評估進一步的治理強化措施。第一季我們更新了委員會組成，納入去年選出的四位新董事，為委員會審議帶來新的觀點。

In summary, we are executing our plan. We are looking for ways to concentrate the portfolio further into sports and entertainment-related assets while monetizing our non-core assets. We are opportunistically returning meaningful capital to our shareholders at prices we believe are well below intrinsic value. We are improving our portfolio companies and providing more transparency into each of them.

總結來說，我們正在執行我們的計畫。我們正在尋找方法，進一步將投資組合集中於運動與娛樂相關資產，同時將非核心資產變現。我們也在我們認為遠低於內在價值的價格水準下，伺機向股東回饋具實質意義的資本。我們正在改善投資組合公司，並提高對各公司的透明度。

We are reducing holding company costs. We will keep doing these things until the discount closes and NAV increases.

我們正在降低控股公司成本。我們會持續做這些事情，直到折價收斂且 NAV 提升。

With that, I will turn the call over to Bryan.

接下來，我把電話會議交給 Bryan。

Thanks, Ryan. Good afternoon. I'll walk through the first-quarter results and then close with a brief note on the balance sheet and liquidity. Total operating revenues for the first quarter were $96 million, down 7% year over year. The entirety of that decline came from the restaurant group, which reflects the closure of eight O'Charley's locations since March of last year and lower traffic at both brands.

謝謝你，Ryan。各位下午好。我將說明第一季的業績，並在最後簡要談一下資產負債表與流動性。第一季總營運收入為 9,600 萬美元，年減 7%。這一下滑全部來自餐廳事業群，反映自去年 3 月以來關閉了 8 家 O'Charley's 門店，以及兩個品牌的來客數下降。

At Ninety Nine, higher average guest checks nearly offset the traffic decline. At O'Charley's, pricing recovered roughly half of the traffic drop. Revenue at Brasada Ranch was approximately flat quarter over quarter.

在 Ninety Nine，較高的平均客單價幾乎抵銷了來客數下滑。在 O'Charley's，調價大約彌補了來客數下滑的一半。Brasada Ranch 的營收季比約持平。

Total operating expenses were $118 million in the first quarter of 2026, compared with $125 million in the prior year first quarter. This reflects flat operating expenses for the restaurant group and decreased holding company expenses.

2026 年第一季總營運費用為 1.18 億美元，去年同期為 1.25 億美元。這反映餐廳事業群的營運費用持平，以及控股公司費用下降。

The cost of restaurant revenues decreased by just over $7 million on the lower top-line volume I discussed a moment ago. That decrease was offset by an approximately $8 million of non-cash impairments on the restaurant right of use and assets and fixed assets.

餐廳營收成本因我剛才提到的營收規模下降而減少了略高於 700 萬美元。但該減少被約 800 萬美元的非現金減損所抵銷，減損項目包括餐廳使用權資產及其他資產與固定資產。

Continuing our efforts to further transparency, we added more disclosure on corporate holding company expenses within the MD&A section of our 10-Q that is filed today. In the meantime, I will note that the holding company expenses were $8.9 million in the first quarter of 2026, compared against $16.1 million in the same quarter last year, a $7.2 million or 45% reduction year over year. That reflects a $3.6 million decrease in corporate personnel costs on lower bonus and stock compensation after the management transition and no management or termination fees, compared to $3.6 million in the first quarter of last year. We expect this run rate to continue throughout the remainder of the year.

為持續提升透明度，我們在今日提交的 10-Q 之 MD&A 章節中，新增了更多關於公司控股費用的揭露。同時我也說明，2026 年第一季控股公司費用為 890 萬美元，去年同期為 1,610 萬美元，年減 720 萬美元或 45%。這反映管理層交接後，因獎金與股票薪酬降低而使公司人員成本減少 360 萬美元，且沒有管理費或解約費；相較之下，去年第一季有 360 萬美元的管理費或解約費。我們預期此費用水準將在今年剩餘期間持續。

Looking at our equity method investments, which include Black Knight Football. Earlier, Ryan noted that total revenue at Black Knight Football increased 19% to $274 million for the 12 months ended December 31, 2025. That revenue growth came from on-field performance from higher commercial revenue at Bournemouth and from the inclusion of Moreirense for the half year.

接著看我們的權益法投資，其中包括 Black Knight Football。先前 Ryan 提到，Black Knight Football 在截至 2025 年 12 月 31 日的 12 個月總營收成長 19% 至 2.74 億美元。該營收成長來自場上表現帶動、Bournemouth 的商業收入提高，以及 Moreirense 納入半年度的貢獻。

EBITDA grew from $12 million in calendar year 2024 to $136 million in 2025, driven by a nearly fourfold increase in player trading profits from $30 million in '24 to $113 million in 2025. Adjusted EBITDA, which excludes player trading profits, improved from negative $5 million in 2024 to positive $21 million in 2025 on improved operating leverage net of higher player wages. On the remaining EMIs, a large driver of the year-over-year variance is a valuation gain on our CSI holding that benefited the prior year period.

EBITDA 從 2024 年曆年的 1,200 萬美元成長至 2025 年的 1.36 億美元，主要由球員交易利潤近四倍成長所帶動，從 2024 年的 3,000 萬美元增至 2025 年的 1.13 億美元。調整後 EBITDA（排除球員交易利潤）在扣除較高球員薪資後，受惠於營運槓桿改善，從 2024 年的負 500 萬美元改善至 2025 年的正 2,100 萬美元。至於其餘的 EMI，年對年差異的一大驅動因素，是我們持有的 CSI 在去年期間受惠於估值收益。

Turning to the balance sheet. At the corporate level, Cannae had $123 million of cash at quarter end. After continuing buyback since the quarter close, we have approximately $90 million today. We filed our corporate tax return and refund claim in March. We expect to receive about $45 million cash refund and approximately $10 million of additional tax assets later this year, after a portion of the refund was recharacterized as carryforwards.

接著談資產負債表。在公司層級，Cannae 於季末持有 1.23 億美元現金。在季後持續回購之後，我們目前約有 9,000 萬美元。我們已於 3 月提交公司所得稅申報與退稅申請。我們預期在今年稍晚可收到約 4,500 萬美元的現金退稅，以及約 1,000 萬美元的額外稅務資產，因為部分退稅被重新歸類為結轉扣抵。

During the first quarter, we terminated Cannae's margin loan, which reduces commitment and custody fees by approximately $350,000 annually. After that termination, the only corporate level debt outstanding is $48 million of 5% fixed rate interest-only term debt that doesn't mature for over four years.

第一季期間，我們終止了 Cannae 的融資融券（margin）貸款，這將使承諾費與保管費每年約減少 35 萬美元。終止後，公司層級唯一未償還的債務為 4,800 萬美元、利率 5% 的固定利率、僅付息的定期債務，距離到期仍超過四年。

With that, operator, please open the line for questions.

接下來，請接線員開放提問。

(Operator Instructions) Kenneth Lee, RBC Capital Markets.

（接線員指示）RBC Capital Markets 的 Kenneth Lee。

Just one on the portfolio allocation. Just given the longer term shift towards sports and media investments, how should we think about some of the investments that were done in the past, for example, Jana Partners, Walk-Ins, and I guess most of the other investments, except for outside of BKFC, is the plan to eventually monetize pretty much all of them? Thanks.

我只有一個關於投資組合配置的問題。鑑於長期將轉向運動與媒體投資，我們應如何看待過去所做的一些投資，例如 Jana Partners、Walk-Ins，以及我想除了 BKFC 之外的大多數其他投資；計畫是否最終會將它們幾乎全部變現？謝謝。

Yes. Thanks, Ken. We are pushing to sports and entertainment-related assets. But with that being said, we like all of the investments that we have, and we think there's attractive attributes. What I do on a quarterly basis is I review our entire portfolio with the Board, and we determine whether it makes sense to divest any of the assets. When appropriate, we will obviously disclose any of the conclusions that the Board comes to, similar to what we did with the restaurant group.

是的。謝謝你，Ken。我們正推進到運動與娛樂相關資產。但即便如此，我們喜歡目前持有的所有投資，也認為它們各自具備吸引人的特質。我每季都會與董事會一起檢視整體投資組合，並判斷是否有必要出售任何資產。在適當時機，我們當然會比照我們對餐廳事業群所做的方式，揭露董事會所做出的任何結論。

Got you. And then in terms of capital returns, has there been any updated evaluation. And I know that you've done some evaluation in the past in terms of returning capital either through buybacks or continue to return it through buybacks, or have you given dividends or special dividends a thought as well? Thanks.

了解。那在資本回饋方面，是否有任何更新的評估？我知道你們過去曾評估透過回購來回饋資本或持續透過回購回饋；你們是否也考慮過股利或特別股利？謝謝。

Yeah. Currently, in terms of buybacks, we remain committed to share buybacks and as evidence from purchases thus far this year. We have not looked at special dividends or things like that. We obviously have the ongoing dividend. I think more broadly, we look at capital allocation and liquidity on an ongoing basis and look to what will maximize shareholder value between capital returns and new investments, and that's a framework that we will continue going forward.

是的。目前就回購而言，我們仍致力於股票回購，這也可從今年迄今的買回行動看出。我們尚未評估特別股利或類似作法。我們當然有持續發放的股利。更廣泛地說，我們會持續檢視資本配置與流動性，並在資本回饋與新投資之間，尋求最能極大化股東價值的作法；這將是我們未來持續採用的框架。

Got you. And one more for me. Just once again, looking across the portfolio, are you also maintaining active dialogue or having a pipeline of potential opportunities or new investments? Maybe just want to get a little bit more color around that. Thanks.

了解。我還有一個問題。再確認一次，從整體投資組合來看，你們是否也持續與外部保持積極對話，或是有一個潛在機會或新投資的管線？我想多了解一些細節。謝謝。

We are. I think we are leveraging our -- the network that we have, given the success that we've had in some of our sports assets, and we try to disclose a bit more around this in our -- in -- or we will disclose in an updated investor deck that will be out later today. But we are looking at different deals. Each new investment that we look at, we are trying to determine whether it makes -- it is higher value for our shareholders to invest in a new business or to continue the share buyback. Last quarter, we spent the money on share buyback, but we are seeing a lot of deals and we'll do that analysis going forward.

有的。我認為我們正在運用我們所擁有的網絡，鑑於我們在部分體育資產上的成功；我們也會在更新版的投資人簡報中對此多做一些揭露，該簡報將於今天稍晚發布。不過我們確實在看不同的交易。對於我們評估的每一項新投資，我們都會判斷：對股東而言，是投資新業務的價值更高，還是持續進行股票回購更有利。上一季我們把資金用在股票回購上，但我們看到很多交易，未來也會持續做這樣的分析。

Ian Zaffino, Oppenheimer.

Ian Zaffino，Oppenheimer。

Just kind of a follow-up on the buyback question is, how do you think about sizing buybacks as far as -- stock's very, very cheap here. So how are you thinking about just really kind of pulling the trigger on incremental buybacks?

就回購問題再追問一下：在回購規模方面你們怎麼思考——目前股價非常、非常便宜。所以你們如何看待更果斷地啟動額外的回購？

And then you think about your alternative use of cash and investing, how high is the bar for new investments? So is there like a very kind of minimal chance you're going to be doing incremental investments, or is there still a very high chance you're doing incremental investments? If so maybe give us an example of what you look for and maybe what area of kind of your verticals you're in. Thanks.

另外，談到現金的替代用途與投資，新投資的門檻有多高？也就是說，你們進一步投資的可能性是否很低，還是仍然很高？如果是，能否舉例說明你們會尋找什麼樣的標的，以及大概會在你們所處的哪些垂直領域？謝謝。

Thanks. Let me try and take those one at a time. First, in terms of buybacks and trying to size the buyback, we think about liquidity, and liquidity over the next, 6 to 12 months in terms of how we think about the buybacks, and that liquidity analysis also includes the timing of some of these other non-core asset sales. So I don't want to provide a specific size framework. You obviously can look back with what we did in the first quarter and historically. But for each buyback and each -- we are looking at liquidity and the capital allocation framework that I mentioned before.

謝謝。我試著逐一回答。首先，關於回購以及回購規模的拿捏，我們會考量流動性，並以未來6到12個月的流動性來思考回購；這個流動性分析也包含部分其他非核心資產出售的時點。因此我不想提供一個特定的規模框架。你們當然可以回頭看我們第一季以及歷史上的作法。但每一次回購以及每一項——我們都會依據流動性與我先前提到的資本配置框架來評估。

In terms of new investments, management and the Board are focused on trying to maximize shareholder value through the growth of NAV over time. And we have talked about how we're transitioning the portfolio to sports and entertainment assets.

至於新投資，管理層與董事會的重點是透過長期提升NAV（淨資產價值）的成長來最大化股東價值。我們也談過，我們正把投資組合轉向體育與娛樂資產。

And so in order to do that, we do need to make new investments. We're being thoughtful and mindful around those in terms of, again, thinking about size and liquidity, and valuation and future performance. But we believe that transitioning the portfolio to the sports-related assets will create the most shareholder value over time.

因此，為了做到這一點，我們確實需要進行新投資。我們會審慎且謹慎地評估，並再次從規模與流動性、估值以及未來表現等面向思考。但我們相信，將投資組合轉向與體育相關的資產，長期而言將為股東創造最大的價值。

Okay, thanks. Just a follow-up. Where are we as far as the strategic alternatives for the restaurants? And you talked a lot about their performance, but where are we as far as the strategic alternatives?

好的，謝謝。再追問一下。關於餐飲業務的策略性替代方案，目前進展到哪裡？你們談了很多它們的營運表現，但策略性替代方案方面目前到哪一步了？

As I mentioned, in my prepared remarks, the strategic alternatives, the process is ongoing. We are looking to maximize the value and the proceeds from each asset. And we think that by the next quarter, we'll have a more fulsome update. But the Board's firm view is these are non-core assets, and we are working to monetize them.

如我在事先準備的發言中提到，策略性替代方案的流程仍在進行中。我們希望最大化每項資產的價值與可取得的處分款項。我們認為到下一季，我們會有更完整的更新。但董事會的明確看法是，這些是非核心資產，我們正在推動其變現。

(Operator Instructions) Oscar Nieves, Stephens.

（接線員指示）Oscar Nieves，Stephens。

My first one is on the buyback. Back in 2024, Cannae bought a sizable chunk of shares outstanding through a tender offer. So my question is given how many shares are still available under the current buyback program and potentially the proceeds from the restaurant business, would the company consider the possibility of executing a structured process like that in 2024?

我的第一個問題是關於回購。在2024年，Cannae 透過要約收購買回了相當大一部分流通在外股份。所以我的問題是：考量目前回購計畫下仍可回購的股份數量，以及餐飲業務可能帶來的處分款項，公司是否會考慮像2024年那樣執行一個結構化的流程？

Yeah. Thanks, Oscar. Right now, we're focused on open market buybacks. We did do a tender before, so it is something that we could consider if we couldn't get the volume or the pricing that we wanted. But we bought the shares at a premium and the stock traded down. So in the short term, we are most focused on open market purchases as the form of buybacks.

會的。謝謝你，Oscar。目前我們的重點是透過公開市場回購。我們之前確實做過要約收購，所以如果我們無法取得想要的成交量或價格，這確實是我們可以考慮的選項。但我們當時是以溢價買回，而股價之後下跌。因此短期內，我們最專注的是以公開市場買進作為回購的方式。

That's helpful. My next one is what can you tell us about Alight and the current thinking on that investment?

這很有幫助。下一個問題是：關於 Alight，你們能告訴我們什麼，以及目前對這項投資的想法是什麼？

We are optimistic about Alight and the new -- the new CEO. I would turn you to his more detailed remarks in terms of the performance of the business. But we've been a holder of the business for a while and are supportive of him and the business. But as I said earlier, is we will review quarterly each of our investments with our Board to make a determination on what's the appropriate timing.

我們對 Alight 以及新任——新任執行長抱持樂觀。關於業務表現的更詳細說明，我會請你參考他更完整的評論。不過我們持有這家公司已有一段時間，也支持他與公司的發展。但如我先前所說，我們會在每一季與董事會一起檢視各項投資，以判斷適當的時點。

Okay. My last one is, on the $55 million tax refund, or I guess $45 million you mentioned earlier, how are you thinking about allocating that capital between buybacks and potential incremental investments in some of the core assets? And also, what will ultimately drive that decision?

好的。最後一個問題：關於5,500萬美元的退稅，或我想你先前提到的是4,500萬美元，你們如何思考在回購與對部分核心資產進一步投資之間分配這筆資金？另外，最終會由什麼因素來驅動這個決策？

So we will look at allocating that capital similar to how we look at allocating any liquidity that we have on our balance sheet, which is what we determine to be the most attractive use of capital at that time for our shareholders. In this last quarter, we allocated about 86% of our excess capital -- or of our capital to buybacks and dividends. But it will be a case-by-case basis when the timing comes in and where we are in terms of investments or where our stock price is trading.

我們會以與分配資產負債表上任何流動性相同的方式來分配這筆資金，也就是：在當時對股東而言，判斷最具吸引力的資本用途。在上一季，我們將約86%的超額資本——或我們的資本——配置於回購與股利。但當這筆資金到位時，會依個案決定，取決於我們在投資上的進度，以及我們的股價交易水準。

Thank you. Gentlemen, it appears we have no further questions this afternoon. Mr. Caswell, I'll turn things back to you, sir, for any closing comments.

謝謝。各位先生，看起來今天下午沒有其他問題了。Caswell 先生，我把時間交還給您，請您做結語。

I want to thank you all for the support as we continue to execute our strategic priorities. We look forward to update you on our progress next quarter. Thank you very much.

感謝各位在我們持續執行策略重點時給予支持。我們期待在下一季向各位更新我們的進展。非常感謝。

Thank you, gentlemen. Again, ladies and gentlemen, this will conclude the Cannae Holdings, Incorporated first quarter 2026 earnings conference call. Thank you all so much for joining us today. We wish you all a great afternoon. Good-bye.

謝謝各位先生。再次提醒各位女士、先生，這將結束 Cannae Holdings, Incorporated 2026 年第一季財報電話會議。非常感謝各位今天的參與。祝各位下午愉快。再見。