Ambac Financial Group, Inc. (NYSE:AMBC) Q1 2022 Earnings Conference Call May 11, 2022 8:30 AM ET

Company Participants

Charles Sebaski - Head of Investor Relation

Claude LeBlanc - President & Chief Executive Officer

David Trick - Executive Vice President, Chief Financial Officer & Treasurer

Conference Call Participants

David Belport - Wells Fargo Advisors

Operator

Greetings and welcome to Ambac Financial Group, Inc. First 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 conference over to Charles. Please go ahead, sir.

Charles Sebaski

Thank you. Good morning and thank you, all for joining today's conference call to discuss Ambac Financial Group's first 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 circumstances. Any forward-looking statements are not guarantees of future performance of events. Actual performance and events may differ, possibly materially, from such forward-looking statements. Factors that could cause this include the factors described in our most recent SEC-filed quarterly or annual report under Management's Discussion and Analysis of Financial Conditions and Results of Operation and under Risk Factors. Ambac is not under any obligation and expressly disclaims any obligation to update any forward-looking statement 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 that presentations have been posted to the Events and Presentations section of our IR website which support our comments today.

I would now like to turn the call over to Mr. Claude LeBlanc.

Claude LeBlanc

Thank you, Chuck, and welcome to everyone joining today's call. For the quarter ending March 31, 2022, Ambac reported net profit of $2 million or $0.04 per diluted share, and adjusted earnings of $14 million or $0.30 per diluted share. In addition, this quarter, we announced a share buyback program which began in April, and to-date, we have repurchased over 1.5 million shares for just over $13 million or an average price of $8.78 per share. Yesterday, we announced the addition of $15 million to our share repurchase program, bringing the total unused authorized amount to $21.8 million.