Cannae Holdings, Inc.

Good afternoon, ladies and gentlemen, and welcome to the Kenai Holdings, Inc. First Quarter 2022 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, the conference call is being recorded, and a replay is available through 1159 p.m. Eastern Time on May 16, 2022. With that, I would like to turn the call over to Rory Rumor, of Sulbury Trout. Thank you. You may begin.

Thank you, Operator, and good afternoon. On the call today, we have our Chairman, Bill Foley, Chief Executive Officer, Rick Massey, CUNY's President, David Ducamin, 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 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 KNAI's Chairman, Bill Foley, who will open with a few brief remarks and then open the line for questions.

Thank you, Lori. 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 Kenai 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 will continue to work with our management teams to help them execute. We are proud of our portfolio's performance against a very difficult economic environment with each company's strong fundamental performance in the first quarter. We are also excited with the potential for new private investments given the compression in valuations and pullback of risk appetite. I have seen many cycles through my career and periods of volatility typically present the best investment opportunities. But we also remain committed to our repurchase program and to creating value through our work with management teams to further transform our portfolio companies. I'll now turn the call back to the operator to begin our question and answer session.