2024-07-25 12:10:26 ET
Bread Financial Holdings, Inc. (BFH)
Q2 2024 Results Conference Call
July 25, 2024 08:30 AM ET
Company Participants
Brian Vereb - Head of Investor Relations
Ralph Andretta - President and Chief Executive Officer
Perry Beberman - Executive Vice President and Chief Financial Officer
Conference Call Participants
Mihir Bhatia - Bank of America
Jeff Adelson - Morgan Stanley
Sanjay Sakhrani - KBW
Moshe Orenbuch - TD Cowen
Vincent Caintic - BTIG
John Pancari - Evercore IS
Terry Ma - Barclays
Reggie Smith - JPM
Presentation
Operator
Good morning, and welcome to Bread Financial’s Second Quarter 2024 Earnings Conference Call. My name is Towanda, and I will be coordinating your call today. At this time, all parties have been placed on a listen-only mode. Following today’s presentation, the floor will be opened for your questions. [Operator Instructions]
It is now my pleasure to introduce Mr. Brian Vereb, Head of Investor Relations at Bread Financial. Sir, the floor is yours.
Brian Vereb
Thank you. Copies of the slides we will be reviewing and the earnings release can be found on the Investor Relations section of our website at breadfinancial.com. On the call today, we have Ralph Andretta, President and Chief Executive Officer; and Perry Beberman, Executive Vice President and Chief Financial Officer.
Before we begin, I would like to remind you that some of the comments made on today's call and some of the responses to your questions may contain forward-looking statements. These statements are based on management's current expectations and assumptions and are subject to the risks and uncertainties described in the Company's earnings release and other filings with the SEC.
Also on today's call, our speakers will reference certain non-GAAP financial measures, which we believe provide useful information for investors. Reconciliation of those measures to GAAP are included in our quarterly earnings materials posted on our Investor Relations website.
With that, I would like to turn the call over to Ralph Andretta.
Ralph Andretta
Thank you, Brian, and good morning to everyone joining the call. Starting with the highlights from the second quarter on Slide 2. I am pleased to report another quarter of solid results as we continue to navigate a challenging consumer and regulatory environment. Our strong results include net income of $133 million and earnings per diluted share of $2.66 or adjusted diluted EPS of $2.67 after adjusting for the anti-dilutive impact of our capped call transactions, which are related to the 2023 issuance and of convertible notes, which Perry will discuss more fully.
Notably, our balance sheet continued to improve as we increased our tangible book value by 25% year-over-year to nearly $49 per share, improved our common equity Tier 1 capital ratio by 170 basis points year-over-year to 13.8% reduced our double leverage ratio to 110%, achieving our target of less than 115%....
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Bread Financial Holdings, Inc. (BFH) Q2 2024 Earnings Call Transcript