Ambac Financial Group, Inc. (NYSE:AMBC) Q2 2022 Earnings Conference Call August 9, 2022 8:30 AM ET

Company Participants

Charles Sebaski - Head of Investor Relation

Claude LeBlanc - Chief Executive Officer

David Trick - Chief Financial Officer

Conference Call Participants

Operator

Greetings, and welcome to Ambac Financial Group, Inc. Second Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Charles Sebaski, Head of Investor Relations; Claude LeBlanc, Chief Executive Officer; and David Trick, Chief Financial Officer.

I will now turn the call over to Charles.

Charles Sebaski

Thank you. Good morning, and thank you all for joining today's conference call to discuss Ambac Financial Group's second quarter 2022 financial results. We'd like to remind you that today's presentation may contain forward-looking statements about our business, including but not limited to new business, credit outlooks, market conditions, credit spreads, financial ratings, loss reserves, loss mitigation, loss recoveries, investment returns, or other items that may affect our future results. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstance.

Any forward-looking statements are not guarantees of future performance or events. Actual performance and events may differ, possibly materially, from such forward-looking statements. Factors that could cause this include factors described in our most recently filed SEC annual report under management's discussion and analysis of financial condition and results of operation and other risk factors. Ambac is not under any obligation and expressly disclaims any obligation to update any forward-looking statements whether as a result of new information, future events, or otherwise.

Today's presentation contains non-GAAP financial measures. The reconciliation of such measures to the most comparable GAAP figures are included in our earnings press release, which is available on our website at ambac.com. Please note the presentations have been posted to our Events and Presentations section of our IR website which support our comments today.

Now, I would like to turn our call over to Mr. Claude Leblanc.

Claude LeBlanc

Thank you, Chuck, and welcome to everyone joining today's call. For the quarter ending June 30, 2022, Ambac reported net income of $5 million or $0.11 per diluted share and adjusted earnings of $13 million or $0.28 per diluted share. Book value at quarter end was $784 million and adjusted book value was $773 million. During the quarter, we repurchased $1.6 million shares of our common stock under our share repurchase program at an average price of $8.86 per share. David will discuss our financial results in more detail shortly.