11/9/2022

speaker
David Ducamin
Kenai Executive (host)

through the first nine months of the year. So they're already about to hit their guidance, and they've got, what, two months left of the year. So they're doing really well, and you're going to see some really nice, surprisingly large new logos added over the next, call it 60 days. They've signed them. They were not able to announce them just yet, but it just shows that they're just continuing to sop up all the Fortune 100 companies and make them customers. We're very excited about it. Did you want to talk about Sightline?

speaker
Duke
Kenai Executive (responsible for Sightline commentary)

Sure. Sightline continues to make progress in their core segment, which is cashless gaming. They're currently working with Resorts World in Las Vegas to kind of put their flagship end-to-end cashless gaming system in place, and hopefully by the end of the year they'll be in a position to start to retest that. Another good news, J.P. Morgan Payments made a strategic investment in the business that came in at a premium to the value we invested in. So it's more liquidity for the company, a great stamp of approval from an A-tier strategic partner. So we hope more good things are to come.

speaker
David Ducamin
Kenai Executive (host)

Thanks. Thanks, Duke. So the only other thing, we had a couple of new investments that we've announced. One of them is computer services of Glorious Paducah, Kentucky, a company that I've known since I was a young man, which has been some time. And they do core processing for small banks and credit unions, and I'm talking like sub-billion dollar asset banks. It's an unbelievably durable customer segment. And these guys pretty much, you know, I wouldn't say they own it, but they've got a great big market share. And Frank Martieri, who, as you both know, as you all know probably, you know, has an incredible track record both at Medivante and then after Medivante was acquired by FIS, he became the CEO – executive chairman, chairman of FIS for decades. And he's bringing his team to bear to grow that business. He's got great plans. And we have all kinds of optimism about multiples of our money. It's kind of a three, you know, looking at their numbers, you know, with an exit at the same multiple that you're buying it, you're looking at kind of a three times your money and You know, five years, you might get lucky. There might be a buyer that comes earlier, but we really like the business. It generates cash. It's right up our alley. We all know this area very well, bank technology. And then we, as you probably know, we committed $125.7 billion for a 50.1% ownership in an English Premier League football club called AFC Bournemouth, and Many of you have asked us, you're technology guys, why did you do a team? And the short answer is, this is a Bill Foley company. Bill started a hockey team from scratch five years ago, and he's been offered valuations of about four times more the original equity investment. I'm lucky to have been one of those. And we believe Bill and his team can work the same magic with Bournemouth. It is way under investment in facilities and sponsorships and gear sales, media rights, all the stuff that Bill and his team at the VGKs, at the Vegas Golden Knights, have have really knocked it out of the park. I mean, they're at the top of the NHL in virtually every revenue category. So we think that they're going to apply the – Bill's already got plans for how he's going to grow the business side of this. So we think – I mean, I asked to invest in this deal. I asked on behalf of Kenai because I think we're going to make three or four times our money at a minimum over the next five to seven years. So with that, I think that covered, unless you all have something, I think that covered all the major stuff for the quarter, and we'll turn it over to Q&A if you're ready for that, Ms. Operator.

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