Cannae Holdings, Inc. (NYSE:CNNE) Q1 2022 Earnings Conference Call May 9, 2022 5:30 PM ET

Company Participants

Rory Rumore - SOLEBURY TROUT

William Foley - Chairman

Bryan Coy - EVP & CFO

Richard Massey - CEO & Director

Conference Call Participants

John Campbell - Stephens Inc.

Ian Zaffino - Oppenheimer

Kenneth Lee - RBC Capital Markets

Joichi Sakai - Singular Research

Operator

Good afternoon, ladies and gentlemen, and welcome to the Cannae Holdings Inc. First Quarter 2022 Financial Results Conference Call. [Operator Instructions]. As a reminder, the conference call is being recorded, and a replay is available through 11:59 p.m. Eastern Time on May 16, 2022. With that, I would like to turn the call over to Rory Rumore of SOLEBURY TROUT. Thank you. You may begin.

Rory Rumore

Thank you, operator, and good afternoon. On the call today, we have our Chairman, Bill Foley; 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. 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. 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 financial 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 and then open the line for questions.

William Foley

Thank you, Rory. Within a quarter that presented a challenging equity market backdrop, geopolitical tensions and shifting macroeconomic conditions, our focus remains unchanged. We repurchased 2 million shares of Cannae in the first quarter of 2022. Our repurchase activity since we approved our share repurchase program in the first quarter of 2021 totaled 6.8 million shares or 7.4% of our outstanding shares. We will continue to take a balanced approach to capital allocation with a focus on repurchasing shares while also searching for private companies that fit our investment profile, and we'll continue to work with our management teams to help them execute.