Cannae Holdings, Inc. (NYSE:CNNE) Q2 2022 Earnings Conference Call August 8, 2022 5:00 PM ET
Company Participants
Jamie Lillis - SOLEBURY TROUT LLC
William Foley - Chairman
Richard Massey - Chief Executive Officer
Bryan Coy - Executive Vice President & Chief Financial Officer
Conference Call Participants
John Campbell - Stephens
Ian Zaffino - Oppenheimer
Chris Sakai - Singular Research
John Campbell - Stephens
Operator
Good afternoon, ladies and gentlemen, and welcome to the Cannae Holdings, Inc. Second Quarter 2022 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded and a replay is available through 11:59 P.M. Eastern on August 15, 2022.
With that, I would like to turn the call over to Jamie Lillis of SOLEBURY TROUT. Please proceed.
Jamie Lillis
Thank you, operator and all of you for joining us this afternoon. On the call today, we have our Chairman, Bill Foley; our Chief Executive Officer, Rick Massey; Cannae’s President, David Ducommun; and Bryan Coy, our Chief Financial Officer.
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. And 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 the 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. 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 reconciliation between non-GAAP financial information to the GAAP financial information, is provided in our shareholder letter.
I would now like to turn the call over to Cannae’s Chairman, Bill Foley, who will open with a few brief remarks then we’ll open the line for your questions. Bill?
William Foley
Yes. Thank you, Jamie. Through the second quarter, we focused on two main themes to prepare for inflation in the rising interest rate cycle. First, we used our excess liquidity to repurchase our shares which we believe are trading at a meaningful discount to fair value. Second, we continue to simplify our portfolio by monetizing investments that were either less immune to an inflationary cycle or that helped optimize our tax position. Overall, we are very pleased with our portfolio companies and their ability to continue to generate growing profits in an inflationary environment.