Ally Financial Inc. (NYSE:ALLY) Q3 2023 Earnings Conference Call October 18, 2023 9:00 AM ET

Company Participants

Sean Leary - Head of IR and Enterprise FP&A

Jeffrey J. Brown - CEO

Russell Hutchinson - CFO

Conference Call Participants

Ryan Nash - Goldman Sachs

Sanjay Sakhrani - Keefe, Bruyette, & Woods

Jon Arfstrom - RBC Capital Markets

Bill Carcache - Wolfe Research

Kevin Barker - Piper Sandler

Operator

Good day and thank you for standing by. Welcome to the Ally Financial’s Third Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your Sean Leary, Head of Investor Relations. Please go ahead.

Sean Leary

Thank you, Carmen. Good morning and welcome to Ally Financial's third quarter 2023 earnings call. This morning, our CEO, Jeff Brown; and our CFO, Russ Hutchinson will review Ally's results before taking questions. The presentation we will reference 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'll turn the call over to J.B.

Jeffrey J. Brown

Thank you Sean, good morning. We appreciate you joining us to review our third quarter results. I will begin on Slide number 4. Before we get into the quarter, I would like to spend a couple of minutes talking about last week’s announcement that I will be leaving Ally in the next few months. Let me start by restating my confidence in the strategic, operational, and financial positioning of the company as well as my deep trust and financial positioning of the company as well my deep trust in the leadership team to flawlessly execute during and after this transition period.

Ally has delivered a remarkable transformation, built an incredibly strong foundation, and is positioned to thrive. I'm honored to have led our company and my teammates through some of the incredible things we've accomplished during these nearly nine years as CEO. I came to legacy GMAC to help with the financial restructuring, that I thought would take three to four years. Nearly 15 years later, we transformed the captive finance company, funded in the capital markets into a leading automotive franchise, the largest all digital bank in the country, and a very special brand. We successfully navigated the Great Financial Crisis, returned $20 billion to the U.S. Treasury coming out of Tarp, and became an investment grade publicly traded company.