Ally Financial Inc. (NYSE:ALLY) Q2 2022 Earnings Conference Call July 19, 2022 9:00 AM ET

Company Participants

Sean Leary - Head, Investor Relations

Jeff Brown - Chief Executive Officer

Jenn LaClair - Chief Financial Officer

Conference Call Participants

Moshe Orenbuch - Credit Suisse

Betsy Graseck - Morgan Stanley

Sanjay Sakhrani - KBW

Ryan Nash - Goldman Sachs

John Hecht - Jefferies

Rob Wildhack - Autonomous

Operator

Good day and thank you for standing by. Welcome to the Second Quarter 2022 Ally Financial Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speakers today, Sean Leary, Head of Investor Relations. Please go ahead.

Sean Leary

Thank you, Katherine. Good morning and welcome to Ally Financial’s second quarter 2021 earnings call. This morning, our CEO, Jeff Brown; and our CFO, Jenn LaClair, will review Ally’s results before taking questions. The presentation will reference on today’s call can be found on the Investor Relations section of our website, ally.com. Forward-looking statements and risk factor language governing today’s call are on Slide 2. GAAP and non-GAAP measures pertaining to our operating performance and capital results are on Slide 3. As a reminder, non-GAAP or core metrics are supplemental to and not a substitute for U.S. GAAP measures. Definitions and reconciliations can be found in the appendix.

And with that, I will turn the call over to JB.

Jeff Brown

Thank you, Sean. Good morning. We appreciate everyone joining us this morning. I will begin on Slide #4. Financial and operational results remained strong and demonstrate the unique scale and positioning of our businesses. Broadly speaking, macro uncertainty and market volatility are elevated. The challenges of persistent inflation, rapidly rising interest rates, quantitative tightening and geopolitical conflict are very real. The combination of these events occurring simultaneously presents unique challenges that are likely to continue in the quarters ahead. However, I remain optimistic in Ally’s outlook given the strength of our businesses and the power of our people and culture.

Staying true to our culture has enabled us to successfully grow through various economic environments in the past and that will continue as we navigate the environment ahead. Our focus and actions for all stakeholders will remain rooted in our do-it-right philosophy. In June, we pledged to reach equal media spend across men’s and women’s sports. Beyond the financial impact, supporting of quality is the right thing to do and we hope our pledge inspires others as well. We are well underway with our recognition of supplier diversity month in July. This initiative is integral to our broader goals for financial and social inclusion. And while we aren’t done, we have seen a significant increase in diverse spend since the program’s inception.