Cannae Holdings, Inc.

Good afternoon, ladies and gentlemen, and welcome to the Kenai Holdings Incorporated Fourth Quarter and Full Year 2021 Financial Results Conference Call. During today's presentation, all parties will be in a listen-only mode. Following the company's brief 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 1159 p.m. Eastern Time on February 24, 2022. With that, I would like to turn the call over to Jamie Lillis of Sulbury Trout.

Thank you, Operator, and all of you for joining us on this call today. On the call, we have our Chairman, Bill Foley, our Chief Executive Officer, Rick Massey, Kenai's President, David Dukaman, and Brian 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 Kani'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 FCC. Today's remarks will also include references to non-GAAP financial measures. Additional information including reconciliation between non-GAAP financial information and to the GAAP financial information is provided in our shareholder letter. I would now like to turn the call over to the United States Chairman, Bill Foley, who will open with a few brief remarks and then open the line for questions.

Thanks, Jamie. Over the last year, we exited several businesses and deployed nearly $1.5 billion to acquire interests in a light, pay-safe sight line. In early 2022, we closed the business combination between the SPAC Trebia and System 1. All of these companies possess similar characteristics, a utility with large addressable markets, wide moats, and transformation opportunities. We will actively partner with management teams to increase value through both organic growth and strategic acquisitions. Our approach to active management can be seen in Dun & Bradstreet's results in Q4, where organic growth continued to accelerate to 4.8%. We were fortunate to increase our shares of D&B through the sale of our interest in Optimal Blue to Black Knight this week. In exchange for our interest in Optimal Blue, Kenai received 20.2 million shares of D&B and now holds 88.3 million shares, or approximately 20.5% of Dun & Bradstreet. Kenai also received $144.5 million in cash. Given the steep discount to Fair Value, we have been aggressive with our share repurchase plan. Since May of 2021, We've repurchased 5.2 million shares, and that was 6% of our shares outstanding, and have 9.1 million shares remaining on our authorization. Looking forward, we will continue to emphasize stock buybacks, and we'll put more focus on corporate carve-outs and on investments in private companies like Sightline, where we can take a significant ownership interest and partner with management to to execute their transformation strategies. I'm encouraged by the strength of our portfolio, and we will continue to work with our portfolio management teams to unlock the unique value that exists within those companies. I'll now turn the call back to the operator to begin our question and answer session.