Cannae Holdings, Inc. (NYSE:CNNE) Q3 2024 Earnings Conference Call November 12, 2024 5:00 PM ET

Company Participants

Jamie Lillis - Solebury Strategic Communications
Ryan Caswell - Chief Executive Officer
Bryan Coy - Chief Financial Officer

Conference Call Participants

Kenneth Lee - RBC Capital Markets
John Campbell - Stephens
Ian Zaffino - Oppenheimer

Operator

Good afternoon, ladies and gentlemen, and welcome to the Cannae Holdings Third Quarter 2024 Financial Results Conference Call. During today’s presentation, all parties will be in a listen-only mode. Following the company’s prepared remarks, the conference will be open for questions with instructions to follow at that time. As a reminder, this conference call is being recorded, and a replay is available through 11:59 p.m. Eastern Time on November 26, 2024.

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

Jamie Lillis

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

But 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 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.

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

Ryan Caswell

Thank you Jamie, and good afternoon everyone. On our first call this year, Bill outlined a strategic plan designed to increase the net asset value or NAV of our portfolio and close our share price discount to NAV. Our strategy has 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 returning capital to shareholders. I believe that we are making progress on all fronts and I will highlight a few items relating to each. As I did last quarter I will then discuss the results of several of our portfolio companies in more detail. We are working to rebalance our portfolio away from some of our public company investments and into new private companies’ investments. As part of this strategy in October, we announced the acquisition of a 53% stake in the Watkins Company.