Cannae(US:CNNE)2021-08-08 15:01Financial Data and Key Metrics Changes - Cannae Holdings executed a share repurchase of almost $100 million, representing approximately 3% of shares outstanding through July 13, 2021 [7] - The company monetized $400 million of investments during the second quarter, achieving significant gains [16] Business Line Data and Key Metrics Changes - Alight is viewed as the most compelling risk-weighted value in the portfolio, with a focus on transforming it into a business process as a service enterprise [9] - Dun & Bradstreet's second quarter results were in line with expectations, with strong retention and new product initiatives driving revenue growth [14][15] Market Data and Key Metrics Changes - The SPAC market experienced dislocation, leading to indiscriminate selling, affecting the portfolio companies like Paysafe [6] - Paysafe is positioned well in the digital payment market, with strong tailwinds from the global economic recovery [10][11] Company Strategy and Development Direction - The company is focused on executing its pipeline of back-end SPAC transactions and igniting growth in portfolio companies [5] - Cannae is committed to risk management and portfolio balance, actively looking for strong acquisition targets to complement existing assets [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the market will eventually recognize the intrinsic value of the company's growing profitable enterprises [8] - The company is optimistic about the iGaming sector due to the growing legalization of sports betting in the US [12] Other Important Information - Cannae has a credit facility in place to meet its commitments and is exploring various sources for liquidity [35] - The lockup period for Paysafe shares and warrants is set to expire after August 20, which may provide liquidity options [36] Q&A Session Summary Question: Thoughts on discount to NAV and buybacks - Management acknowledged the perplexity of the discount to NAV and indicated that buybacks remain a priority, but they are also considering other attractive investment opportunities [23][24][26] Question: Financing commitments - Management confirmed that credit facilities are in place to meet commitments and that they are evaluating the liquidation of non-core investments for capital recovery [34][35][39]