Ally Financial Inc (ALLY) 2019 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Ally Financial First Quarter 2019 Earnings Conference Call. (Operator Instructions) And as a reminder, this conference is being recorded.

女士們、先生們，美好的一天，歡迎參加 Ally Financial 2019 年第一季度收益電話會議。（操作員說明）謹此提醒，本次會議正在錄製中。

I would now like to hand the call over to Mr. Daniel Eller, Executive Director of Investor Relations. You may begin.

現在我想將電話轉交給投資者關係執行董事 Daniel Eller 先生。你可以開始了。

Thank you, Amanda. We appreciate everyone joining us this morning to review Ally Financial's first quarter 2019 results. You can find the presentation we'll reference throughout the call on the Investor Relations section of our website, ally.com.

謝謝你，阿曼達。我們感謝今天早上大家與我們一起回顧 Ally Financial 2019 年第一季度的業績。您可以在我們網站 ally.com 的投資者關係部分找到我們將在整個電話會議中參考的演示文稿。

On Slide 2 of the presentation, I direct your attention to our forward-looking statements and risk factors. Contents of today's call will be governed by this language.

在演示文稿的幻燈片 2 中，我請您注意我們的前瞻性陳述和風險因素。今天電話會議的內容將採用這種語言。

On Slide 3, we've included some of our key GAAP and non-GAAP or core measures. These and other core measures are used by management, and we believe they are useful to investors in assessing the company's operating performance and capital measures. Please keep in mind these are supplemental to and not a substitute for U.S. GAAP measures. The supplemental slides at the end include full definitions and reconciliations.

在幻燈片 3 中，我們包含了一些關鍵的 GAAP 和非 GAAP 或核心指標。這些和其他核心指標由管理層使用，我們相信它們對於投資者評估公司的經營業績和資本指標很有用。請記住，這些是對美國公認會計準則措施的補充，而不是替代。最後的補充幻燈片包括完整的定義和協調。

Today, we have our CEO, Jeff Brown; and our CFO, Jenn LaClair, on the call to review our operating and financial results. We'll have time set aside after the prepared remarks for Q&A.

今天，我們的首席執行官傑夫·布朗 (Jeff Brown)；我們的首席財務官 Jenn LaClair 致電審查我們的運營和財務業績。在準備好問答後，我們將留出時間。

And with that, I'll turn the call over to Jeff Brown.

接下來，我會將電話轉給傑夫·布朗。

Thank you, Daniel. Good morning, everyone. We appreciate you joining our call. Jenn and the entire financial organization have done a terrific job focusing on efficiency opportunities across the company, including in our financial close process, so you're now seeing our cadence shifts about a week ahead from where we've historically announced results. And that's a big win for us inside the house.

謝謝你，丹尼爾。大家，早安。我們感謝您加入我們的通話。Jenn 和整個財務組織在專注於整個公司的效率機會方面做得非常出色，包括我們的財務結算流程，因此您現在會看到我們的節奏比我們歷史上宣布的結果提前了大約一周。這對我們內部來說是一個巨大的勝利。

On Slide #4, let me cover the first quarter highlights. We had a very solid quarter across the company that I believe stellar execution in our auto and deposit franchises. Performance this quarter keeps us on track with our long-term strategic objectives and 2019 financial outlook.

在幻燈片 #4 上，讓我介紹一下第一季度的亮點。我們整個公司的季度表現非常強勁，我相信我們的汽車和存款特許經營業務表現出色。本季度的業績使我們能夠實現長期戰略目標和 2019 年財務前景。

Adjusted EPS of $0.80 was up 17% year-over-year. Core ROTCE of 10.9% increased 37 basis points compared to the prior year period. Revenues exceeded $1.5 billion in the quarter, a 5% increase year-over-year while our risk profile was consistent. We remain the market leader in auto finance, a position we've maintained through our constant and unrelenting focus on our customers. We leverage our expertise we built over the past 100 years to continuously focus on how to adapt the business to a variety of operating environments. We partner with more than 18,000 dealers across the U.S., offering a full suite of finance and insurance products across the entire credit spectrum.

調整後每股收益為 0.80 美元，同比增長 17%。核心 ROTCE 為 10.9%，較去年同期增加 37 個基點。本季度收入超過 15 億美元，同比增長 5%，而我們的風險狀況保持一致。我們仍然是汽車金融領域的市場領導者，這一地位是我們通過持續不斷地關注客戶而保持的。我們利用過去 100 年來積累的專業知識，持續關注如何使業務適應各種運營環境。我們與美國 18,000 多家經銷商合作，提供涵蓋整個信用範圍的全套金融和保險產品。

Over the past few years, we focused on digitization at the dealership level, increased auto decisioning while expanding relationships across a broader universe of dealers and emerging players. This approach resulted in 3.2 million decision applications during the quarter, the highest on record for us. We originated $9.2 billion of loans and leases at attractive levels during the quarter. Newly originated auto yields exceeded 7.5% in the period compared to 6.5% in the prior year, an increase of 108 basis points while net charge-offs declined 15 basis points year-over-year.

在過去的幾年裡，我們專注於經銷商層面的數字化，增加汽車決策，同時擴大與更廣泛的經銷商和新興參與者的關係。這種方法在本季度收到了 320 萬份決策申請，這是我們有記錄以來的最高記錄。本季度我們以有吸引力的水平發放了 92 億美元的貸款和租賃。期內新發汽車收益率超過 7.5%，較去年同期的 6.5% 上升 108 個基點，而淨沖銷同比下降 15 個基點。

Our diversified strategy allows us to take advantage of market opportunities. Within the auto finance universe, used lending was at or near its highest historical level in 2018. Our position and expertise in the segment drove used originations above 50% for the fifth consecutive quarter, reaching 56% in 1Q '19. This is a prime example of how we have adapted the business in response to a shifting market and the needs of our customers.

我們的多元化戰略使我們能夠充分利用市場機會。在汽車金融領域，二手貸款達到或接近 2018 年的歷史最高水平。我們在該領域的地位和專業知識連續五個季度推動二手產品使用率超過 50%，在 19 年第一季度達到 56%。這是我們如何調整業務以應對不斷變化的市場和客戶需求的一個典型例子。

Looking closer at credit. Performance in our auto portfolio improved year-over-year and, as you just heard, another quarter of increasing portfolio yields and declining loss rates. We actively monitor metrics across our portfolio, along with macro trends, and we continue to see positive signs around the overall health of the U.S. consumer. Employment conditions remain robust. Wage growth has continued to accelerate in 2019. And the consumer balance sheet remains well positioned looking at both debt-to-income and payment-to-income trends. All these factors support a consistent and stable outlook for the consumer in the near term. Our balance sheet is well positioned and predominantly comprised of fully secured assets that demonstrated high priority in the payment waterfall over many cycles.

仔細觀察信用。我們的汽車投資組合的業績同比有所改善，正如您剛剛聽到的，投資組合收益率又增加了一個季度，損失率也下降了。我們積極監控整個投資組合的指標以及宏觀趨勢，並且我們繼續看到美國消費者整體健康狀況的積極跡象。就業條件依然強勁。2019年工資增長繼續加速。從債務與收入和支付與收入趨勢來看，消費者資產負債表仍然處於有利位置。所有這些因素都支持消費者在短期內保持一致和穩定的前景。我們的資產負債表定位良好，主要由完全擔保的資產組成，這些資產在多個週期的支付瀑布中表現出高度優先性。

Turning to Deposits. We ended the quarter with over $113 billion in balances, an increase of nearly $16 billion year-over-year. This quarter, we experienced exceptionally strong retail growth of $6.3 billion, our highest quarter ever and equal to over 50% of our full year 2018 growth. Performance was driven by our consistent approach to the customer, including industry-leading service levels; compelling, differentiated product offerings; a world-class mobile banking experience. And all of that bundled with attractive rates.

轉向存款。截至本季度末，我們的餘額超過 1,130 億美元，同比增加近 160 億美元。本季度，我們的零售增長異常強勁，達到 63 億美元，這是我們有史以來最高的季度，相當於 2018 年全年增長的 50% 以上。績效是由我們對客戶的一貫態度驅動的，包括行業領先的服務水平；引人注目的、差異化的產品；世界一流的手機銀行體驗。所有這些都與極具吸引力的價格捆綁在一起。

Record retail balance in customer growth levels demonstrates the strength of our nationwide digital model. Nearly 2/3 of the retail growth came in the form of liquid deposit products this quarter with the main source of inflows from traditional banks. We added 120,000 new deposit customers in the first quarter, over 50% of our full year 2018 growth, driving us to 1.77 million total depositors. Momentum in customer and balance growth reflects a combination of Ally's compelling brand and value proposition that has been highlighted throughout our recent marketing campaign, Better Is Out There. Appetite for direct digital banking products continues to grow as consumers prioritize products with greater value and increased utility, elevated service levels and high transparency and convenience. Digital deposits meet many of these criteria and have continued to grow and still represent less than 10% of the retail deposit market share today, a nice path forward given our industry-leading position and value proposition.

客戶增長水平創紀錄的零售平衡證明了我們全國數字模式的實力。本季度近2/3的零售增長來自於流動性存款產品，主要資金來源來自傳統銀行。第一季度我們新增了 12 萬存款客戶，佔 2018 年全年增長的 50% 以上，存款戶總數達到 177 萬。客戶和余額增長的勢頭反映了 Ally 引人注目的品牌和價值主張的結合，這一點在我們最近的營銷活動“更好就在那裡”中得到了強調。隨著消費者優先考慮具有更大價值、更高實用性、更高服務水平以及高透明度和便利性的產品，對直接數字銀行產品的需求持續增長。數字存款滿足其中許多標準，並且持續增長，目前仍佔零售存款市場份額的不到 10%，鑑於我們的行業領先地位和價值主張，這是一條很好的前進道路。

Looking at our other businesses. Momentum continued across the Invest and Home offerings while Corporate Finance had another solid quarter of asset expansion. Ally Invest account growth reached the highest quarterly level since we acquired the business in 2016. Ally Home direct-to-consumer originations of $400 million were the strongest levels we've seen since we launched this offering in late 2016.

看看我們的其他業務。投資和住房產品繼續保持強勁勢頭，而企業金融又一個季度實現了資產擴張穩健。Ally Invest 賬戶增長達到我們 2016 年收購該業務以來的最高季度水平。Ally Home 直接面向消費者的融資額達 4 億美元，是我們自 2016 年底推出該產品以來的最高水平。

To further enhance the digital experience, today, we're announcing a partnership with Better.com, an industry-leading customer experience and origination platform. Customers will be able to complete an application in under 3 minutes and lock a rate in under 10 minutes. Ally and Better are aligned in driving a high-value, simple, scalable, cost-effective experience for our customers, and the relationship fits within our existing strategy for this space. We also believe this partnership will allow us to meaningfully reduce our cost structure and expense base and deliver a superior customer experience.

為了進一步增強數字體驗，今天，我們宣布與行業領先的客戶體驗和原創平台 Better.com 建立合作夥伴關係。客戶將能夠在 3 分鐘內完成申請並在 10 分鐘內鎖定價格。Ally 和 Better 一致致力於為我們的客戶提供高價值、簡單、可擴展、經濟高效的體驗，並且這種關係符合我們在該領域的現有戰略。我們還相信，這種合作夥伴關係將使我們能夠有意義地降低成本結構和費用基礎，並提供卓越的客戶體驗。

We ended 1Q with 166,000 existing Ally customers who have 2 or more bank products with us, an increase of 11% versus the prior quarter and 48% year-over-year. Our strategy from the beginning has been to offer our customers a differentiated and digital Ally experience across traditional bank products. We're pleased with the momentum we're gaining in these areas. This approach leads to accretive earnings and increases deposit customer retention over the longer term.

截至第一季度末，我們有 166,000 名現有 Ally 客戶擁有 2 種或以上銀行產品，比​​上一季度增長 11%，比去年同期增長 48%。我們的戰略從一開始就是為客戶提供跨傳統銀行產品的差異化數字盟友體驗。我們對在這些領域取得的勢頭感到高興。從長遠來看，這種方法可以帶來收益增值並提高存款客戶的保留率。

From a capital perspective, we announced a Board-approved share repurchase program of $1.25 billion, a 25% increase to the existing repurchase plan that will close out in June of this year. As a category 4 bank, we have the flexibility to announce earlier than we have previously as we were not subject to the CCAR submission calendar this year. Repurchasing shares at attractive levels remains an efficient use of shareholder capital for us.

從資本角度來看，我們宣布了董事會批准的 12.5 億美元股票回購計劃，比將於今年 6 月結束的現有回購計劃增加 25%。作為一家 4 類銀行，我們可以靈活地比以前更早地宣布，因為我們今年不受 CCAR 提交日曆的約束。以有吸引力的水平回購股票對我們來說仍然是股東資本的有效利用。

Let's turn to Slide #5 to review a few of our key metrics. Trends on this slide demonstrate our continued execution. Year-over-year where trends are more comparable due to seasonality, each metric is meaningfully higher.

讓我們轉向幻燈片#5 來回顧一下我們的一些關鍵指標。這張幻燈片上的趨勢展示了我們持續的執行力。與去年同期相比，由於季節性，趨勢更具可比性，因此每個指標都明顯更高。

In the upper left, adjusted EPS was $0.80 per share in the first quarter, up 17% compared to the prior year period, while adjusted total net revenue of $1.535 billion expanded by $70 million year-over-year. And compared to 4Q, these metrics were impacted by 2 fewer days this quarter. Deposits on the bottom left increased to over $113 billion, and now represent 70% of our funding base compared to 64% in the first quarter of last year and 43% looking back to 1Q 2014. This trajectory demonstrates the consistent and meaningful progress we made in growing a stable, efficient source of funding that serves as the customer entry point to Ally Bank. On the bottom right, tangible book value increased on a linked and year-over-year basis to $31.42 per share, an important indicator of the inherent value we're building for shareholders.

左上方，第一季度調整後每股收益為 0.80 美元，同比增長 17%，調整後淨營收總額為 15.35 億美元，同比增長 7000 萬美元。與第四季度相比，本季度這些指標受到影響的天數減少了 2 天。左下角的存款增加至超過 1130 億美元，目前占我們資金基礎的 70%，而去年第一季度為 64%，回顧 2014 年第一季度為 43%。這一軌跡表明，我們在發展穩定、高效的資金來源方面取得了持續且有意義的進展，該資金來源是 Ally Bank 的客戶切入點。在右下角，有形賬面價值同比增長至每股 31.42 美元，這是我們為股東創造的內在價值的重要指標。

We are well positioned to execute both financially and operationally moving forward. We hear the increasing narrative around economic uncertainties, and our management team remains focused and mindful of the risks out there while actively looking for opportunities to build upon our momentum.

我們處於有利位置，可以在財務和運營方面向前推進。我們聽到有關經濟不確定性的說法越來越多，我們的管理團隊仍然專注並關注那裡的風險，同時積極尋找機會來鞏固我們的勢頭。

And with that, I'll turn it over to Jenn to take you through the detailed financial results.

接下來，我會將其交給 Jenn，讓他帶您了解詳細的財務結果。

Thank you, J.B., and good morning, everyone.

謝謝你，J.B.，大家早上好。

Let's turn to Slide 6 for a review of our detailed financial results. As J.B. mentioned a few moments ago, results this quarter position us well against the 2019 financial outlook provided on our last earnings call. At this point in the year, we are trending in line with expectations across every line item.

讓我們轉向幻燈片 6 來回顧一下我們詳細的財務業績。正如 J.B. 剛才提到的，本季度的業績與我們上次財報電話會議上提供的 2019 年財務前景相比表現良好。今年的這個時候，我們每個產品線的趨勢都符合預期。

Net financing revenue, excluding OID, was $1.139 billion, linked quarter down $25 million and year-over-year up $70 million. Increased net interest income was driven by earning asset growth across our business lines and in capital-efficient categories, optimization in auto where portfolio yield lift continues to migrate toward our new volume pricing and robust growth in our deposit book, which allows us to fund asset expansion while also reducing higher-cost alternative funding sources. We expect NII growth throughout the rest of 2019.

淨融資收入（不包括 OID）為 11.39 億美元，環比下降 2500 萬美元，同比增長 7000 萬美元。淨利息收入的增加是由我們各業務線和資本效率類別的盈利資產增長、汽車領域的優化（投資組合收益率提升繼續轉向我們新的批量定價）以及存款簿的強勁增長（這使我們能夠為資產提供資金）推動的擴張的同時還減少了成本較高的替代資金來源。我們預計 2019 年剩餘時間 NII 將會增長。

Adjusted other revenue of $396 million increased modestly compared to Q4 in the prior year period. Provision expense of $282 million increased by $16 million quarter-over-quarter and $21 million year-over-year. The increase versus the prior year period was primarily due to higher asset levels, lower reserve releases related to hurricane activity and reserves in our Corporate Finance portfolio related to 2 credits. Importantly, within auto, our net charge-offs were lower in the linked quarter and year-over-year comparisons. Performance here affirms the consistent and disciplined underwriting and collection strategies we've been executing for some time now, along with the consumer that continues to have a solid financial profile. We'll cover more detail in credit in a few moments.

調整後其他收入為 3.96 億美元，與去年第四季度相比略有增長。撥備費用為 2.82 億美元，環比增加 1,600 萬美元，同比增加 2,100 萬美元。與上年同期相比的增長主要是由於資產水平較高、與颶風活動相關的準備金釋放減少以及我們的企業融資投資組合中與 2 個積分相關的準備金減少。重要的是，在汽車領域，我們的淨沖銷在相關季度和同比比較中較低。這裡的表現證實了我們一段時間以來一直執行的一致且嚴格的承保和催收策略，以及消費者繼續擁有穩健的財務狀況。稍後我們將在信用方面介紹更多詳細信息。

Noninterest expense increased by $26 million linked quarter and $16 million compared to the prior year. Increases versus Q4 were largely due to compensation seasonality that occurs in Q1. On a year-over-year basis, we drove operating leverage gains as revenue growth of 5% outpaced 2% higher expenses. This is a key focus area for us across all our businesses, particularly in our growth products where we continue to build capabilities and scale.

非利息支出與上一季度相比增加了 2600 萬美元，與去年同期相比增加了 1600 萬美元。與第四季度相比的增長主要是由於第一季度出現的薪酬季節性。與去年同期相比，我們推動了運營槓桿收益的增長，5% 的收入增長超過了 2% 的支出增長。這是我們所有業務的重點關注領域，特別是在我們不斷增強能力和規模的增長產品中。

Expense trends versus the prior year were driven by items that should be familiar to you, including volume- and revenue-based activities and disciplined investments in our businesses, digital and tech capabilities and brand. We expect expense growth to continue throughout 2019 on an absolute basis but remain committed to driving operating leverage over time through revenue growth and efficiencies.

與上一年相比，支出趨勢是由您應該熟悉的項目驅動的，包括基於數量和收入的活動以及對我們業務、數字和技術能力以及品牌的嚴格投資。我們預計 2019 年費用絕對增長將持續，但仍致力於通過收入增長和效率不斷提高運營槓桿。

Looking at key metrics for the quarter. GAAP and adjusted EPS were $0.92 and $0.80 per share; core ROTCE of 10.9%; and adjusted efficiency ratio of 48.9%, a decline of 120 basis points from Q1 2018; and a tax rate of 22.8%, slightly below our 23% to 24% expected annual run rate.

查看本季度的關鍵指標。GAAP 和調整後每股收益分別為 0.92 美元和 0.80 美元；核心ROTCE為10.9%；調整後效率為48.9%，較2018年第一季度下降120個基點；稅率為 22.8%，略低於我們 23% 至 24% 的預期年運行率。

Turning to Slide 7, I'll review balance sheet and net interest margin. First, from an industry perspective, over the past several quarters, benchmark rates have experienced an elevated level of volatility while the shape of the forward curve has persistently flattened. We've been managing to a relatively neutral interest rate risk position for some time now, which has reduced our NIM volatility relative to more asset-sensitive balance sheet. We think a neutral position continues to be appropriate, particularly with volatility in the curve and a wide range of perception on the Fed's next move. We continually assess repricing and beta dynamics and thoughtfully manage interest-rate risk across both sides of the balance sheet.

轉向幻燈片 7，我將回顧資產負債表和淨息差。首先，從行業角度來看，過去幾個季度，基準利率波動加劇，而遠期曲線形狀持續趨平。一段時間以來，我們一直在努力維持相對中性的利率風險狀況，相對於對資產更加敏感的資產負債表而言，這降低了我們的淨息差波動性。我們認為中性立場仍然是適當的，特別是考慮到曲線波動以及對美聯儲下一步行動的看法存在廣泛分歧。我們不斷評估重新定價和貝塔動態，並周全地管理資產負債表兩側的利率風險。

Net interest margin, excluding OID, was relatively stable at 2.69%, declining 3 basis points quarter-over-quarter, reflecting lower seasonal lease income and ongoing earning asset diversification, while NIM was unchanged versus the prior year. Year-over-year average earning assets grew 7% to $172 billion, including $2.2 billion of higher auto-related balances and over $8 billion of capital-efficient asset growth. Unsecured is now 8% of funding, down from 19% 5 years ago, a significant part of our liability optimization strategy. Through 2020, we have another $3 billion of high-cost debt scheduled to mature with an average coupon of 5.8%. And moving forward, we may access wholesale funding markets with a modest amount of issuance at prices well inside these levels.

淨息差（不包括 OID）相對穩定，為 2.69%，環比下降 3 個基點，反映出季節性租賃收入下降和持續盈利資產多元化，而淨息差與上年持平。平均盈利資產同比增長 7%，達到 1,720 億美元，其中汽車相關餘額增加 22 億美元，資本效率型資產增長超過 80 億美元。無擔保現在佔資金的 8%，低於 5 年前的 19%，這是我們負債優化策略的重要組成部分。到 2020 年，我們還有另外 30 億美元的高成本債務計劃到期，平均票面利率為 5.8%。展望未來，我們可能會以遠低於這些水平的價格進入批發融資市場，並以適度的發行量進行發行。

Asset yields increased 10 basis points linked quarter and 52 basis points compared to the prior year. Retail auto portfolio yields moved up 8 basis points quarter-over-quarter and 57 basis points year-over-year to 6.47%. The sustained trend of originating loans above 7% will steadily drive the portfolio yield higher over the next 2 years through the ongoing turnover of the book. Lease portfolio yield of 5.56% was consistent with our expectations of gains normalized quarter-over-quarter and used car prices declined around 1% year-over-year.

資產收益率環比增長 10 個基點，較上年增長 52 個基點。零售汽車投資組合收益率環比上升 8 個基點，同比上升 57 個基點至 6.47%。發放貸款超過 7% 的持續趨勢將通過賬簿的持續周轉，在未來 2 年內穩步推動投資組合收益率走高。租賃組合收益率為 5.56%，符合我們對季度環比收益正常化的預期，二手車價格同比下降約 1%。

In commercial auto, the portfolio yield increased by 25 basis points linked quarter and 89 basis points compared to the prior year. As a reminder, 99% of our floor plan asset is priced off floating rate indices, which leveled off in Q1.

在商用汽車領域，投資組合收益率環比增長 25 個基點，較上年增長 89 個基點。提醒一下，我們 99% 的平面圖資產是根據浮動利率指數定價的，浮動利率指數在第一季度趨於平穩。

Moving to liabilities. The ongoing migration of our funding base to deposits over the past several years accelerated this quarter. Average deposit growth of $5.5 billion financed earning asset growth of $2.2 billion, a roll down of $1.3 billion in high-cost unsecured and $1.9 billion lower secured funding.

轉向負債。過去幾年我們的資金基礎向存款的持續遷移在本季度加速了。平均存款增長 55 億美元，融資收益資產增長 22 億美元，高成本無擔保融資減少 13 億美元，擔保融資減少 19 億美元。

Turning to Slide 8, we'll look closer at some of our key deposit details. In the upper right, you can see the meaningful growth of our deposit portfolio, ending at over $113 billion, fueled by a record $6.3 billion of retail growth. Customer retention remains strong at 96%, an indicator of overall customer satisfaction and high brand loyalty. We are now 70% deposit funded and expect to steadily move to 75% to 80% over time.

轉向幻燈片 8，我們將仔細研究一些關鍵的存款細節。在右上角，您可以看到我們的存款組合顯著增長，在創紀錄的 63 億美元零售增長的推動下，最終達到超過 1,130 億美元。客戶保留率仍然高達 96%，這是整體客戶滿意度和高品牌忠誠度的指標。我們現在 70% 是由存款提供資金，預計隨著時間的推移，這一比例將穩步上升到 75% 至 80%。

In the bottom left, retail deposit rate increased 21 basis points linked quarter reflecting the December Fed hike, resulting in a portfolio beta of 44% since the beginning of the tightening cycle, aligned with our expectations and outlook. Our current forecast shows no Fed tightening actions for the remainder of 2019, and we believe this will drive less repricing activity across the space and for us. Competition continues to grow in the digital space and has intensified over the past 12 to 18 months. But as the largest, fully digital deposit gatherer, we are well positioned to remain thoughtful and disciplined around pricing and growth.

左下角，零售存款利率環比上漲 21 個基點，反映出美聯儲 12 月加息，導致自緊縮週期開始以來投資組合貝塔值為 44%，這與我們的預期和前景一致。我們目前的預測顯示，美聯儲在 2019 年剩餘時間內不會採取緊縮行動，我們相信這將減少整個領域和我們的重新定價活動。數字領域的競爭持續加劇，並且在過去 12 至 18 個月中更加激烈。但作為最大的全數字存款收集者，我們處於有利位置，可以在定價和增長方面保持深思熟慮和嚴格遵守。

In the bottom right, we added 120,000 customers, reaching 1.77 million total deposit customers. New customers accounted for 56% of our balance growth while 44% of growth came from robust augmentation among existing customers. And momentum among millennials continued, representing 59% of new account openings. We have achieved strong deposit results through a combination of the items J.B. mentioned earlier, including high customer service and strong loyalty; differentiated products; disruptive, impactful marketing; and great rates.

右下角，新增客戶12萬，存款客戶總數達到177萬。新客戶占我們餘額增長的 56%，而 44% 的增長來自現有客戶的強勁增長。千禧一代的勢頭仍在持續，佔新開設賬戶的 59%。通過結合 J.B. 前面提到的項目，我們取得了強勁的存款業績，包括高客戶服務和高忠誠度；差異化產品；顛覆性、有影響力的營銷；和優惠的價格。

Let's turn to capital on Slide 9. CET1 of 9.3% increased compared to Q4 in the prior year due to earnings growth and the roll down of the disallowed DTA. We repurchased around 1.3% of outstanding shares this quarter, representing a decline of over 17% since the inception of our buyback program, executed at attractive levels relative to book value. Earlier this month, our Board approved a $1.25 billion share repurchase program that will begin in July of this year. This represents 11% of our current market cap and a 25% increase compared to the current repurchase plan. Additionally, the Board recently approved a second quarter dividend of $0.17 payable on May 15, aligned with the first quarter.

讓我們轉向幻燈片 9 上的資本。由於盈利增長和被禁止的 DTA 的縮減，CET1 與去年第四季度相比增加了 9.3%。本季度我們回購了約 1.3% 的流通股，自回購計劃啟動以來下降了 17% 以上，相對於賬面價值而言，執行價格頗具吸引力。本月早些時候，我們的董事會批准了一項 12.5 億美元的股票回購計劃，該計劃將於今年 7 月開始。這相當於我們當前市值的 11%，比當前的回購計劃增加了 25%。此外，董事會最近批准於 5 月 15 日支付 0.17 美元的第二季度股息，與第一季度一致。

And regarding CECL implementation and the opportunity to phase in capital, we are well positioned to incorporate the impact into our ongoing capital management processes. We expect to continue our trajectory of capital distribution and ongoing focus on investments in growth in our businesses.

關於 CECL 的實施和分階段資本的機會，我們處於有利地位，可以將其影響納入我們正在進行的資本管理流程。我們期望繼續我們的資本分配軌跡，並持續關注我們業務增長的投資。

Asset quality details are on Slide 10. Consolidated net charge-offs came in at 73 basis points this quarter, down 11 basis points year-over-year, reflecting the consistent performance of our portfolio and focus on risk management.

資產質量詳細信息請參見幻燈片 10。本季度綜合淨沖銷為 73 個基點，同比下降 11 個基點，反映了我們投資組合的持續表現以及對風險管理的關注。

In the upper right, consolidated provision expense in Q1 of $282 million was up $21 million compared to the prior year, driven by higher auto loan balances, an uptick in our retail coverage ratio at -- to 1.5% reflecting macroeconomic improvement trends that have slightly moderated, reduced hurricane-related releases and increased reserves in the Corporate Finance portfolio related to 2 credits.

在右上角，由於汽車貸款餘額增加以及我們的零售覆蓋率上升至 1.5%，第一季度綜合撥備支出為 2.82 億美元，較上一年增加了 2100 萬美元，反映出宏觀經濟改善趨勢略有改善。緩和、減少了與颶風相關的排放，並增加了與 2 個學分相關的企業融資投資組合的儲備。

In the bottom left, retail auto net charge-offs were lower by 15 basis points year-over-year, the fifth consecutive quarter of a year-over-year decline.

左下角，零售汽車淨沖銷同比下降 15 個基點，連續第五個季度同比下降。

Looking at delinquency trends in the bottom right, 60-plus increased 1 basis point year-over-year and 30-plus declined by 5 basis points over the same period. We expect to see slightly higher year-over-year delinquency levels throughout the remainder of 2019, reflecting the higher mix and seasoning of our used portfolio. Taken together, these trends aligned with our expectation for net charge-offs to be on the low end of our 1.4% to 1.6% range for the full year. We are pleased with the consistent performance in our portfolio, a reflection of stable credit in recent vintages that comprise the majority of our balances today.

從右下角的拖欠趨勢來看，60歲以上的人同比增加了1個基點，30歲以上的人同期下降了5個基點。我們預計 2019 年剩餘時間內的拖欠率將略高於去年同期，這反映出我們二手投資組合的組合和調整程度更高。總而言之，這些趨勢與我們對全年淨沖銷額處於 1.4% 至 1.6% 範圍低端的預期一致。我們對投資組合的持續表現感到滿意，這反映了最近幾個年份的穩定信用，這些年份構成了我們今天的大部分餘額。

On Slide 11, auto finance pretax income of $329 million was down $6 million versus prior quarter and up $61 million versus prior year. You've heard us talk about optimizing auto, and this is evident across our operational and financial results. Results in retail net financing revenue grew year-over-year as earning assets expanded and higher-yielding originated volumes replaced lower-yielding older vintages. This is fueled by the full spectrum of products we offer, our disciplined approach to credit and underwriting and a diversified distribution network, which leads to strong relationships at the dealer level and continued access to higher app flow.

在幻燈片 11 中，汽車金融稅前收入為 3.29 億美元，比上一季度減少 600 萬美元，比去年同期增加 6100 萬美元。您已經聽過我們談論優化汽車，這在我們的運營和財務業績中顯而易見。隨著盈利資產的擴大以及高收益的原始數量取代了低收益的舊年份，零售淨融資收入的結果同比增長。我們提供的全系列產品、嚴格的信貸和承保方法以及多元化的分銷網絡推動了這一趨勢，從而在經銷商層面建立了牢固的關係，並持續獲得更高的應用程序流量。

During Q1, we decisioned a record level of applications, representing a 9% increase year-over-year, which enhances our ability to generate consistent volume and strong risk-adjusted margins without changing our credit buy box. We also improved dealer engagement within the Growth Channel where 40% of dealers send us at least 5 deals a month, an increase of 5 percentage points year-over-year. And over the past 12 months, we exited RV and transportation finance with a strategic profile, and returns did not align with our broader objectives.

在第一季度，我們的申請量達到了創紀錄的水平，同比增長 9%，這增強了我們在不改變信用購買框的情況下產生穩定的交易量和強大的風險調整利潤的能力。我們還提高了增長渠道內的經銷商參與度，其中 40% 的經銷商每月至少向我們發送 5 筆交易，同比增長 5 個百分點。在過去的 12 個月裡，我們以戰略眼光退出了房車和交通融資業務，但回報與我們更廣泛的目標並不相符。

In the bottom right, you can see the increase in estimated retail new origination yield, up 108 basis points year-over-year, driving a retail portfolio yield higher by 57 basis points over that same time frame. With an average duration of around 2.5 years, approximately 40% of the books turns over each year. This will drive the portfolio yield steadily higher over time towards 7-plus percent when new originations are coming on.

在右下角，您可以看到估計零售新發收益率的增長，同比上升 108 個基點，推動零售投資組合收益率同期上漲 57 個基點。平均期限約為 2.5 年，每年約有 40% 的書籍被翻閱。當新的產品出現時，這將推動投資組合收益率隨著時間的推移穩步上升，達到 7% 以上。

Let's turn to Slide 12. Originations in Q1 were $9.2 billion, an increase of $1 billion quarter-over-quarter and down $300 million versus the prior year. Growth in used accounted for 49% and 56% of originations, respectively, while non-prime remained steady at 11%. Origination through these channels allowed us to offset the impact of lower new vehicle sales.

讓我們轉向幻燈片 12。第一季度的發起額為 92 億美元，環比增加 10 億美元，比上年減少 3 億美元。二手貨的增長分別佔發源量的 49% 和 56%，而非優質貨則穩定在 11%。通過這些渠道的推出使我們能夠抵消新車銷量下降的影響。

Broadly speaking, our strategic positioning over the past few years is demonstrated here in real-time performance. We've been mindful of auto ecosystem shift and built an adaptable platform that positions our franchise for the long term. At the dealer level, we align with trends in the used category where momentum has continued to build.

從廣義上講，我們過去幾年的戰略定位在這里通過實時表現得到了體現。我們一直關注汽車生態系統的轉變，並建立了一個適應性強的平台，為我們的特許經營權提供長期定位。在經銷商層面，我們與二手車類別的趨勢保持一致，該類別的勢頭持續增強。

Moving to the bottom left, consumer assets grew around $2 billion year-over-year to $79.8 billion as growth in retail auto balances offset a slight decline in lease balances. And looking at commercial assets on the bottom right, average balances normalized at around $35.6 billion.

左下角，消費者資產同比增長約 20 億美元，達到 798 億美元，零售汽車餘額的增長抵消了租賃餘額的小幅下降。再看看右下角的商業資產，平均餘額正常化為 356 億美元左右。

Let's turn to the Insurance segment results on Slide 13. Core pretax income of $80 million this quarter was up $18 million compared to the prior year. Underwriting income, net of losses, increased $9 million year-over-year as earned premium continued to grow. Realized gains moved higher by $9 million, reflecting higher equity markets. Written premiums of $305 million was $30 million higher year-over-year, driven mainly by higher rates and portfolio growth of our dealer floor plan inventory offering. We continue to see strong written premium trends and diversification through our Growth Channel efforts.

讓我們看看幻燈片 13 上的保險部門結果。本季度核心稅前收入為 8000 萬美元，比上年增加 1800 萬美元。隨著已賺保費持續增長，承保收入（扣除損失）同比增加 900 萬美元。已實現收益增加了 900 萬美元，反映出股市上漲。承保保費為 3.05 億美元，同比增加 3,000 萬美元，這主要是由於我們的經銷商平面圖庫存產品的費率提高和投資組合增長所致。通過我們的增長渠道努力，我們繼續看到強勁的保費趨勢和多元化。

Slide 14 has our Corporate Finance segment results. Core pretax income of $9 million was down on a linked and prior year basis, driven by reserve activity on 2 separate sector-specific exposures. Both loans have been on our watch list and were classified as nonperforming in Q4. The overall portfolio performance continues to be strong and within our expectations as nonaccrual loans remain below our historic average. And HFI assets grew over $300 million during the quarter and are up 17% compared to the prior year as we have surpassed $5 billion in Q1 balances. Our experienced Corporate Finance team remains focused and disciplined in an intensely competitive environment, ensuring execution of deals aligns with our risk appetite across each of our diversified categories where we lend. We expect the portfolio growth rate to remain in the mid- to high teens throughout the remainder of 2019 as we navigate competitive dynamics.

第 14 張幻燈片顯示了我們的企業融資部門結果。核心稅前收入為 900 萬美元，較上年同期下降，這是由 2 個單獨的特定行業風險敞口的儲備活動推動的。這兩筆貸款均已列入我們的觀察名單，並在第四季度被列為不良貸款。由於非應計貸款仍低於我們的歷史平均水平，整體投資組合表現仍然強勁，符合我們的預期。本季度 HFI 資產增長超過 3 億美元，與上年相比增長 17%，第一季度餘額已超過 50 億美元。我們經驗豐富的企業融資團隊在激烈的競爭環境中保持專注和紀律，確保交易的執行符合我們貸款的每個多元化類別的風險偏好。隨著我們應對競爭動態，我們預計在 2019 年剩餘時間內，投資組合增長率將保持在中高位。

On Slide 15, mortgage pretax income of $13 million this quarter increased $5 million from the prior year period as net financing revenue increased and asset levels grew. We purchased around $1.2 billion of bulk mortgages during Q1 and originated $400 million of direct-to-consumer loans. And as J.B. mentioned at the beginning of the call, we are announcing our partnership with Better.com this morning. This aligns with our culture and prioritization of customer-centered, streamlined, digitally-based products. Through this partnership, we are providing customers with an end-to-end digital mortgage experience, a clearly differentiated offering in the space. The platform is scalable and underpinned by best-in-class economics, which we will realize at an accelerated pace. We remain aligned with our strategy to grow direct-to-consumer originations to around $3 billion per year and enhance ROE at the enterprise level over time. We're excited about the opportunity as we begin rolling this out over the summer.

在幻燈片 15 中，隨著淨融資收入的增加和資產水平的增長，本季度抵押貸款稅前收入 1300 萬美元比去年同期增加了 500 萬美元。我們在第一季度購買了約 12 億美元的大宗抵押貸款，並發放了 4 億美元的直接面向消費者的貸款。正如 J.B. 在電話會議開始時提到的那樣，我們今天早上宣布與 Better.com 建立合作夥伴關係。這符合我們的文化和以客戶為中心、精簡、數字化產品的優先順序。通過這種合作關係，我們為客戶提供端到端的數字抵押貸款體驗，這是該領域明顯差異化的產品。該平台具有可擴展性，並以一流的經濟效益為基礎，我們將加快實現這一目標。我們仍然堅持我們的戰略，將直接面向消費者的產品增長到每年 30 億美元左右，並隨著時間的推移提高企業層面的 ROE。當我們在今年夏天開始推出這項服務時，我們對這個機會感到很興奮。

Before handing it back to J.B., I'll close by saying we remain focused on delivering for our customers and building long-term value for our shareholders. Our successful results this quarter are a direct reflection of our consistent execution and risk management within each of our business lines. Our steady accretion of adjustable tangible book value per share ending at $31.42, an increase of 14% year-over-year, is a testament to the inherent value we've built for shareholders over time.

在將其交還給 J.B. 之前，我最後要說的是，我們仍然專注於為客戶提供服務並為股東創造長期價值。我們本季度的成功業績直接反映了我們在每個業務線內的一致執行和風險管理。我們的每股可調整有形賬面價值穩步增長，最終達到 31.42 美元，同比增長 14%，這證明了我們隨著時間的推移為股東創造的內在價值。

And with that, I'll turn it back to J.B.

說到這裡，我會把它轉回給 J.B.

Thanks, Jenn.

謝謝，珍。

On Slide #16, our priorities for 2019 and key themes remain consistent with what I've laid out on prior calls. We take great pride in being a comprehensive, adaptive and digitally focused consumer and commercial finance provider and believe our dominant franchises are well positioned for the long term.

在幻燈片 #16 上，我們 2019 年的優先事項和關鍵主題與我在之前的電話會議中列出的內容保持一致。我們為成為一家全面、適應性強、專注於數字化的消費者和商業金融提供商而感到自豪，並相信我們的主導特許經營業務在長期內處於有利地位。

In 2019, we will pass several milestones across our businesses, including our fifth year since becoming a publicly traded company, 10th year since launching Ally Bank, 20th year in Corporate Finance and our 100th year in auto finance, demonstrating our deep industry experience, the resiliency of our franchises and the ability to take advantage of future market opportunities. We are focused on leveraging expertise and our history to build a stronger company for the future, including disciplined risk management and purposeful capital management. At the center of culture is a Do It Right mentality, which our more than 8,000 Ally teammates apply to every interaction with our customers within our communities and on behalf of our shareholders.

2019年，我們將跨越多個業務里程碑，包括成為上市公司以來的第五個年頭、成立Ally Bank以來的第十個年頭、企業融資的第20個年頭以及我們進入汽車金融的第100個年頭，展示了我們深厚的行業經驗、我們特許經營的彈性和利用未來市場機會的能力。我們專注於利用專業知識和歷史，為未來打造一家更強大的公司，包括嚴格的風險管理和有目的的資本管理。文化的核心是“正確行事”的心態，我們 8,000 多名 Ally 團隊成員將這種心態運用到我們社區內並代表我們的股東與客戶的每一次互動中。

We thank you for your interest and support. And with that, I think we can now head into Q&A.

我們感謝您的關注和支持。至此，我想我們現在可以進入問答環節了。

Thanks, J.B.

謝謝，J.B.

So operator, we would ask that you begin the Q&A here in a moment. (Operator Instructions). Amanda, if you could start the Q&A, please.

接線員，我們要求您稍後開始問答。（操作員說明）。阿曼達，請開始問答。

(Operator Instructions) The first question is from the line of Chris Donat of Sandler O'Neill.

（操作員說明） 第一個問題來自 Sandler O'Neill 的 Chris Donat。

Jenn, I wanted to ask one just on the originated yield. And I think it's pretty clear that we're expecting the average yields in the portfolio to rise with those. But can you just remind us on some of the seasonality there? Because the benchmark rates did look like they decreased quarter-on-quarter, but then you saw a nice pickup in the originated rates quarter-on-quarter. So I'm just trying to understand the dynamic there and expectations going forward.

Jenn，我想問一個關於原始產量的問題。我認為很明顯，我們預計投資組合的平均收益率將隨之上升。但您能提醒我們一些季節性因素嗎？因為基準利率看起來確實環比下降，但隨後你會看到原始利率環比大幅上升。所以我只是想了解那裡的動態和未來的期望。

Sure. Thanks, Chris, and good morning. So you're absolutely right. We do have seasonality that runs through our origination yields. And think about it by first half of the year, we typically have a higher percent of used, which drives our yields up a bit. And in particular, as we go into Q2, you'll see that shift in our mix -- our originated mix to the used segment. So we are running around 7.56% in Q1. We'd expect that level to continue into Q2. And for full year, we're expecting to be kind of in the low to mid-7% range on full year originated yields. In terms of the benchmark, we obviously had just a terrific quarter in terms of total auto originations at $9.2 billion. We're expecting, with applications up 9% year-over-year, to continue to see constructive and strong flows, which has helped to just support pricing overall across our business. So while benchmark rates have come down, we've been able to maintain our pricing so far this year. And to your last point about the portfolio, we were at 5.80 in 2018. The portfolio yield on retail was about 6.14 last year. So as we continue for 2 years in a row to have yields above 7%, you're absolutely right, we would expect the total book portfolio yield to continue to migrate up over the next couple of years.

當然。謝謝克里斯，早上好。所以你是完全正確的。我們的原始收益率確實存在季節性。想想今年上半年，我們的使用率通常會更高，這會推動我們的產量有所上升。特別是，當我們進入第二季度時，您會看到我們組合的轉變——我們最初的組合到二手細分市場的轉變。所以我們第一季度的運行速度約為 7.56%。我們預計這一水平將持續到第二季​​度。對於全年而言，我們預計全年原始收益率將在 7% 的低至中水平範圍內。就基準而言，我們顯然剛剛度過了一個出色的季度，汽車總產值達到 92 億美元。我們預計，隨著申請量同比增長 9%，我們將繼續看到建設性且強勁的流量，這有助於支持我們整個業務的整體定價。因此，儘管基準利率有所下降，但今年迄今為止我們仍能夠維持定價。就您關於投資組合的最後一點而言，2018 年我們的比率為 5.80。去年零售投資組合收益率約為 6.14。因此，隨著我們連續兩年將收益率保持在 7% 以上，您是絕對正確的，我們預計賬面投資組合總收益率將在未來幾年繼續上升。

Okay. And then as a follow-up and related to this, as you're able to maintain pricing and grow your applications, can you comment on the competitive environment here? It seems like if you're growing applications, I would expect some degradation in your pricing. But is it a more benign environment than you saw, say, a year ago? Or can you just give us some comparison on where we are on that?

好的。然後，作為後續行動並與此相關，由於您能夠維持定價並發展您的應用程序，您能否對這裡的競爭環境發表評論？看來如果您正在增加應用程序，我預計您的定價會有所下降。但現在的環境比你一年前看到的更加良性嗎？或者您能給我們一些關於我們在這方面的進展的比較嗎？

Yes. Sure. It's really been steady-as-you-go. We haven't seen any major changes in the competitive environment. I think what you're seeing in terms of the application increase is really just continuing to focus on the dealer, continuing to lean in where there's opportunities in the market. And as J.B. mentioned, in 2017 and 2018, used is at an absolute all-time high as far back as the data goes. And we've got a model that allows us to lean into used when there's opportunities there. So that's really what you're seeing in terms of our success. It's just the diversification of our distribution channels, the full product spectrum that we offer to our dealers as well as just being able to lend and find opportunities across the market.

是的。當然。確實一直穩如泰山。我們沒有看到競爭環境發生任何重大變化。我認為您所看到的應用程序增長實際上只是繼續關注經銷商，繼續關注市場上有機會的地方。正如 J.B. 提到的，從數據來看，2017 年和 2018 年的使用量處於絕對歷史最高水平。我們有一個模型，可以讓我們在有機會時傾向於使用。這就是您所看到的我們的成功。這只是我們分銷渠道的多元化，我們向經銷商提供的完整產品系列，以及能夠在整個市場上借貸和尋找機會。

Our next question comes from the line of Betsy Graseck of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Betsy Graseck。

Two questions. One, just wanted to ask about the increased buyback announcement that you made during the quarter, and you did that with an expectation for CET1 to be in range. So I just wanted to get a sense as to how you are managing the average earning asset growth, the loan growth. Do you think that is going to slow down a bit as we go through the next 4 to 8 quarters? Or are you expecting that just the improvement in returns is going to be able to keep the CET1 where you want it? Just if you could talk to that a little bit.

兩個問題。第一，只是想詢問一下您在本季度宣布的增加回購公告，您這樣做的時候預計 CET1 會在範圍內。所以我只是想了解一下你們是如何管理平均盈利資產增長、貸款增長的。您認為在接下來的 4 到 8 個季度中，這種情況會放緩嗎？或者您是否期望僅僅回報的改善就能將 CET1 保持在您想要的水平？如果你能談談這一點就好了。

Yes. Sure. The buyback announcement, I think, underscores our consistent focus on repurchasing, especially as our stock continues to trade below book value. So no surprises there in terms of our strategy to continue to lean into buybacks. Relative to the CET1 ratio at 9%, we're not going to pull back on opportunities across our businesses to grow assets. You saw just the robust growth we had in retail auto, continuing to lean in on Corporate Finance. And with our Better.com partnership announcement, we think we can accelerate lending in the home lending and mortgage space as well. So we're not expecting to pull back at all on prudent and high ROTCE asset growth. The way that we're going to continue to build capital is exactly what you said, it's continuing to get better returns. We've been focused on ROTCE organic earnings growth. And then we'll also look at opportunities across our balance sheet to just continue to optimize.

是的。當然。我認為，回購公告強調了我們對回購的一貫關注，特別是在我們的股票交易價格繼續低於賬面價值的情況下。因此，我們繼續傾向於回購的策略並不令人意外。相對於 9% 的 CET1 比率，我們不會放棄整個業務增長資產的機會。您看到了我們在零售汽車領域的強勁增長，繼續依靠企業融資。通過 Better.com 合作夥伴關係的宣布，我們認為我們也可以加速住房貸款和抵押貸款領域的貸款。因此，我們預計 ROTCE 資產的審慎和高增長不會出現任何放緩。我們將繼續建立資本的方式正是你所說的，它將繼續獲得更好的回報。我們一直專注於 ROTCE 有機盈利增長。然後我們還將尋找資產負債表中的機會來繼續優化。

Okay. That's helpful.

好的。這很有幫助。

And...

和...

Yes. Go ahead.

是的。前進。

No. I was just going to add that the -- keep in mind that the products that we're leaning into are capital efficient. So think about mortgage, for example, as a 50% RWA versus 100% of retail auto. So that helps to manage our CET1 ratio as well.

不。我只是想補充一點，請記住，我們正在開發的產品具有資本效率。例如，將抵押貸款視為 50% 的 RWA 與 100% 的零售汽車。因此這也有助於管理我們的 CET1 比率。

Right. Actually, that leads into the second question on the announcement that you made with the partnership around mortgage originations, and you indicated that you thought you could get an improvement in efficiencies on a relatively quick path. Could you just help us understand how you will migrate your current origination process to the online? And then what kind of time frame you think you're going to be able to migrate that? And how much uptick in margin you're expecting to get as a result of this partnership?

正確的。實際上，這引出了您與抵押貸款發放合作夥伴關係發布的公告中的第二個問題，您表示您認為可以通過相對較快的方式提高效率。您能否幫助我們了解您將如何將當前的發起流程遷移到在線？然後您認為您能夠在什麼時間範圍內進行遷移？通過這次合作，您預計利潤率會增加多少？

Yes. Sure. So we currently outsource our origination platform. So the transition that you'll see -- and we're going to work through this over the summer and should be ready to go back half of this year, but the transition is really from one vendor to another. It's not like we have any substantial build around that. It's really just a vendor management shift. The way that I see this is there's 2 things we want to optimize against. One is just an -- a differentiated, exceptional experience for our customers. And we think through Better.com, we are going to achieve that. If you look at the experience and you go through just how quickly and easy it is for our customers, it will be truly a differentiating factor for us. And then the second thing is to be successful in this business and to drive ROTCE higher, we have to have an incredibly efficient front- to back-end digital operating platform. And we believe, with Better and some of the other vendors that we've selected, that our operating platform is unique in the industry in terms of the efficiency it provides. And you couple that with the fact that mortgage requires half the RWA as other asset process and we think will be very accretive in terms of the returns that we'll get pretty much out of the gate here with this new partnership.

是的。當然。因此，我們目前外包我們的原創平台。因此，您將看到過渡 - 我們將在整個夏天完成這一工作，並應該準備好在今年下半年進行，但過渡實際上是從一個供應商到另一個供應商。我們並沒有圍繞這個進行任何實質性的構建。這實際上只是供應商管理的轉變。我認為我們要針對兩件事進行優化。其中之一就是為我們的客戶提供差異化、卓越的體驗。我們認為通過 Better.com，我們將實現這一目標。如果您看看我們的體驗，就會發現它對我們的客戶來說是多麼快捷和簡單，這對我們來說確實是一個與眾不同的因素。第二件事是要在這個業務上取得成功並推動ROTCE更高，我們必須擁有一個非常高效的前端到後端數字化運營平台。我們相信，通過 Better 和我們選擇的其他一些供應商，我們的操作平台在提供的效率方面在行業中是獨一無二的。再加上抵押貸款需要的 RWA 是其他資產流程的一半，我們認為，通過這種新的合作夥伴關係，我們將在回報方面獲得非常大的回報。

Okay. And you're going to be unique in the industry because you're going to be fully digital whereas others aren't. Is that your point?

好的。您將在行業中獨一無二，因為您將完全數字化，而其他人則不然。這是你的觀點嗎？

Yes. The point is fully digital, very selective in terms of how we piece together our front- to back-office operating platform. And that's going to take down. We've been very careful about how we've invested in this space. We will have some costs coming down internally just based on our old originating platform. And as we move over to Better, we'll shed those costs and move into a much more efficient operating platform going forward.

是的。重點是完全數字化，在我們如何整合前台到後台操作平台方面非常有選擇性。這將會被取消。我們對於如何投資這個領域一直非常謹慎。僅基於我們舊的原始平台，我們就會在內部降低一些成本。當我們轉向更好時，我們將削減這些成本並轉向一個更高效的運營平台。

Our next question comes from the line of Sanjay Sakhrani of KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

I have a question about used car prices. Obviously, those remain fairly strong despite persistent strength recently. Could you just talk about what's driving that strength and if you expect that strength to continue and then maybe just how that would affect remarketing gains going forward?

我有一個關於二手車價格的問題。顯然，儘管最近持續走強，但這些仍然相當強勁。您能否談談是什麼推動了這種優勢，如果您預計這種優勢會持續下去，那麼這可能會如何影響未來的再營銷收益？

Yes. Sure. And good morning, Sanjay. So a couple of dynamics there. One is if you look at new vehicles, the price of new vehicles has continued to escalate, and we actually saw new vehicle sales coming down about 5% coming into the first quarter here. And so as new vehicles sales have come down, there's been an increased demand for used. It's got a great value proposition for customers. Dealers actually make substantially more from a used vehicle sale versus new, and then that's true for Ally as well. So think about it kind of a -- the trifecta: benefit to the customer, benefit to the dealer and benefit to Ally as well. We've been guiding towards kind of a 3% to 5% decrease year-over-year in used vehicles. We've been outperforming that. We're down 1%. I will say if you look linked quarter, used vehicle prices were down about 7%. So we kind of peaked in Q4 and came down a bit. And so we continue to model into our residuals as well as into our provision expense this assumption around the 3% to 5% decline. Now you've got to keep in mind, the market has outperformed, but we will have the peak lease -- off-lease vehicles coming into the market this year at about 4 million units. And as you see that increase in supply, we'll just have to manage the dynamics around demand. And so far, demand has outpaced supply. But I think with the off-lease vehicles and the peak we're going to hit here in 2019, we just have to be watchful. But we've been conservative both in terms of the residuals as well as in our provision expectations.

是的。當然。早上好，桑傑。所以有一些動態。一個是，如果你看一下新車，新車的價格持續上漲，我們實際上看到第一季度新車銷量下降了約 5%。因此，隨著新車銷量的下降，二手車的需求卻在增加。它為客戶提供了巨大的價值主張。實際上，經銷商從二手車銷售中獲得的利潤比新車要高得多，對於 Ally 來說也是如此。所以想一想——三重奏：對客戶有利，對經銷商有利，對盟友也有利。我們一直在指導二手車數量同比減少 3% 到 5%。我們的表現已經超越了這一點。我們下跌了 1%。我想說的是，如果你看一下相關季度，二手車價格下降了約 7%。所以我們在第四季度達到了頂峰，然後有所下降。因此，我們繼續將下降 3% 至 5% 的假設納入殘差和撥備費用模型中。現在你必須記住，市場表現已經跑贏大市，但我們將迎來租賃高峰——今年約有 400 萬輛的租賃車輛進入市場。正如您所看到的供應增加，我們只需管理圍繞需求的動態即可。到目前為止，需求已經超過供應。但我認為，隨著租賃車輛的到期以及我們將在 2019 年達到峰值，我們必須保持警惕。但我們在殘值和撥備預期方面都持保守態度。

Second question just on capital return. Under the new regulatory paradigm in like a CCAR, maybe you could just talk about how you think about capital adequacy and the associated buffers in relation to CECL as well. So with the very strong share buyback you guys announced, is that something that's indicative of the new paradigm or something else?

第二個問題關於資本回報。在 CCAR 等新監管模式下，也許您可以談談您如何看待資本充足率以及與 CECL 相關的緩衝。那麼，你們宣布了非常強勁的股票回購，這是否表明了新範式或其他什麼？

Sure. I mean I think -- let me go to our announcement. I think our announcement is just continuing our strategic priority around share buybacks in light of the fact that we trade under book value. We think that's a very accretive, risk-free use of our capital. And so no changes there in terms of our strategy to lean into share buybacks. As we look out on the horizon and we revisit our target and goal framework and the 9% that we put out there, we revisit that all the time relative to financial health of the company, our risk appetite. And now with CECL on the horizon and potentially some changes with SCB, it is something that we're going to consider. We do think that 9% at this point in time is the right level for us. But to your question, there could -- we may continue to revisit as the -- under CECL or SCB if that gives us an opportunity. Now on CECL, and I mentioned this in my prepared remarks, we do have an opportunity to phase in the additional capital. And as you've got kind of the 3-year phase-in of -- like you've got, say, 25% for 4 years, we do think that, that meets the impact. And it gives us an opportunity to really fold that into just our normal capital management processes. So a lot in there. I'd say no significant changes in our strategic focus around buybacks. We think the CECL impact is manageable, and we'll continue to revisit the 9% target.

當然。我的意思是我想——讓我來看看我們的公告。我認為，鑑於我們的交易低於賬面價值，我們的公告只是繼續我們圍繞股票回購的戰略重點。我們認為這是對我們資本的一種非常增值、無風險的利用。因此，我們傾向於股票回購的策略沒有變化。當我們展望未來並重新審視我們的目標和目標框架以及我們提出的 9% 時，我們會一直重新審視與公司的財務健康狀況和我們的風險偏好相關的問題。現在，隨著 CECL 的出現以及 SCB 可能發生的一些變化，這是我們要考慮的事情。我們確實認為目前 9% 對我們來說是合適的水平。但對於你的問題，如果這給我們機會的話，我們可能會繼續在 CECL 或 SCB 下重新審視。現在，關於 CECL，我在準備好的發言中提到了這一點，我們確實有機會分階段投入額外資本。因為你已經有 3 年的分階段實施，比如說 4 年 25%，我們確實認為這符合影響。它讓我們有機會真正將其融入到我們正常的資本管理流程中。裡面有很多東西。我想說的是，我們圍繞回購的戰略重點沒有發生重大變化。我們認為 CECL 的影響是可控的，我們將繼續重新審視 9% 的目標。

Our next question comes from the line of Kevin Baker (sic) [Barker] of Piper Jaffray.

我們的下一個問題來自 Piper Jaffray 的 Kevin Baker（原文如此）[Barker]。

Just a follow-up one more time on capital. Have you given any consideration around your tangible common equity ratio in addition to the CET1? Especially with the addition of mortgages or the growth in mortgages on the balance sheet, it appears you combine that with the buyback and your TCE ratio may go sub-7%, which would be probably one of the lowest amongst the peer group as we go into late 2019, early 2020.

只是關於資本的又一次後續行動。除了 CET1 之外，您是否還考慮過有形普通股權益比率？尤其是隨著抵押貸款的增加或資產負債表上抵押貸款的增長，看來您將其與回購結合起來，您的 TCE 比率可能會低於 7%，這可能是我們同行中最低的之一到2019年底，2020年初。

Yes. I mean it is something that we look at, and we are mindful of kind of it going below 7%. We know that's a metric that the industry looks at. For us, we've been much more focused on CET1 as our binding constraint. And we'll continue to just focus on growing earnings, growing capital organically, making sure we're getting the right returns. And we do think that we'll continue to grow both the TCE as well as our CET1. Keep in mind, we do have a fully secured balance sheet. And so we'd like to remind everybody that our returns may be a bit lower, but we do have just very valuable collateral.

是的。我的意思是，我們正在關注這一點，並且我們會注意它是否會低於 7%。我們知道這是業界關注的一個指標。對於我們來說，我們更加關注 CET1 作為我們的綁定約束。我們將繼續專注於收入增長、資本有機增長，確保我們獲得正確的回報。我們確實認為我們將繼續提高 TCE 和 CET1。請記住，我們確實擁有完全安全的資產負債表。因此，我們想提醒大家，我們的回報可能會低一些，但我們確實擁有非常有價值的抵押品。

Okay. Great. And then as far as the operating efficiency and some of the moves you made in improving efficiency, especially in this quarter, do you expect this trend to continue to drive lower the overall percentage of the asset base, given what the partnership made so far?

好的。偉大的。然後，就運營效率以及您在提高效率方面採取的一些舉措（尤其是在本季度）而言，考慮到合作夥伴迄今為止取得的成果，您是否預計這種趨勢會繼續降低資產基礎的總體百分比？

Yes. On expenses, we don't have a specific target. What we're focused on is growing revenue faster than expenses to drive that operating leverage. We're very mindful of our level of investments, but we see big opportunities for expansion across all of our businesses. And we don't want to trade short-term earnings for a long-term opportunity to expand our returns. And so we're going to continue to lean in, growing our businesses. There are some variable costs attached to that. We're going to continue to grow new product adjacencies like the -- continuing to lean in on Ally Invest opportunities, Ally Home and just continuing to build out our consumer franchise and all of our dominant businesses. So a short answer is we're focused on positive operating leverage, and we'll manage expenses within that.

是的。在費用方面，我們沒有具體的目標。我們關注的是收入增長速度快於支出增長速度，以推動運營槓桿。我們非常關注我們的投資水平，但我們看到了所有業務擴張的巨大機會。我們不想用短期收益來換取擴大回報的長期機會。因此，我們將繼續努力，發展我們的業務。隨之而來的是一些可變成本。我們將繼續發展新產品鄰接項目，例如繼續依靠 Ally Invest 機會、Ally Home，並繼續建立我們的消費者特許經營權和我們所有的主導業務。因此，簡短的回答是我們專注於積極的運營槓桿，我們將在此範圍內管理費用。

Our next question comes from the line of Moshe Orenbuch of Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Moshe Orenbuch。

This is actually James Ulan on for Moshe. We were surprised at the strength of origination yields, and we're wondering what role higher-loan applications and active dealer growth might be playing in origination yields and strong credit. Can you talk about what we might expect for growth in active dealers and applications over the next few years and what impact that might have on origination yields?

這實際上是詹姆斯·烏蘭為摩西代言的。我們對原始收益率的強勁感到驚訝，我們想知道更高的貸款申請和活躍的經銷商增長可能在原始收益率和強勁的信貸中發揮什麼作用。您能否談談我們對未來幾年活躍經銷商和應用程序增長的預期以及這可能對原始收益率產生什麼影響？

Sure. Our whole strategy is around growing applications, and that's all about continuing to look for diversification opportunities and distribution. J.B. mentioned the metrics around continuing to see 5-plus percent growth in our Growth Channel, coupled with the fact that we're focused on further engagement within each of those dealers. And I shared the metric around the percent of dealers giving us 5 or more assets continue to grow over time. So you're absolutely right. We're going to continue to drive higher applications through our distribution network and the engagement of our distribution network. While we grow applications, we also grow our flows, and that allows us to be very picky about which applications we approve and what we put on our balance sheet. And so the comment was made earlier, "Underlying benchmark yields have come down, but your pricing hasn't." Just the continued flow of new applications has allowed us to maintain that yield. As we go through the year, we're going to continue to focus on making sure we get the right flows. We expect to have origination yields in the kind of mid- to low-7% range. And that will continue to drive up our total portfolio yields over time.

當然。我們的整個戰略是圍繞不斷增長的應用程序，這就是繼續尋找多元化機會和分銷。J.B. 提到了我們的增長渠道繼續實現 5% 以上增長的指標，以及我們專注於與每個經銷商進一步互動的事實。我分享了一個指標，即向我們提供 5 種或更多資產的經銷商百分比隨著時間的推移持續增長。所以你是完全正確的。我們將繼續通過我們的分銷網絡和分銷網絡的參與來推動更高的應用程序。在我們增加應用程序的同時，我們也增加了流量，這使我們能夠對批准哪些應用程序以及將哪些內容列入資產負債表非常挑剔。因此，早些時候發表了評論，“基礎基準收益率已經下降，但你們的定價卻沒有下降。”正是新應用程序的持續湧入才使我們能夠維持這樣的產量。在這一年中，我們將繼續專注於確保獲得正確的資金流。我們預計初始收益率將在 7% 的中低水平範圍內。隨著時間的推移，這將繼續推高我們的總投資組合收益率。

That's good color. And on the growth dealer channel, you said you're always working to drive engagement, which makes sense, how much more runway do you think there is? I mean we know it's a competitive space, but you guys have a rewards program. So can you talk to what we might expect there?

這顏色真好啊在增長經銷商渠道上，您說您一直在努力提高參與度，這是有道理的，您認為還有多少跑道？我的意思是，我們知道這是一個競爭激烈的領域，但你們有獎勵計劃。那麼您能談談我們對此的期望嗎？

Yes. I mean I'd say two things. One is we're going to continue to grow the number of growth dealers, and that's -- as we look at that Growth Channel, it's traditional dealerships, but it's also some of the new players in the market: the Carvanas, the DriveTimes, the CarMaxes. We're going to continue to be leaders in this space and continue to evolve our model and diversify within the Growth Channel. And then second to that, and this is where the team has really focused over the last quarter, is within those dealerships, just making sure that we're getting the right amount of flow. And you're absolutely right, our Ally Dealer Rewards program helps us not only to bring in the number, but also to bring in the engagement level that we need. And we're going to continue to focus on both of those. And I think the trajectory that we've demonstrated over the last couple of years, we're going to continue.

是的。我的意思是我想說兩件事。一是我們將繼續增加增長經銷商的數量，那就是——當我們觀察增長渠道時，它是傳統的經銷商，但也是市場上的一些新參與者：Carvanas、DriveTimes、 CarMaxes。我們將繼續成為該領域的領導者，並繼續發展我們的模式並在增長渠道內實現多元化。其次，這是團隊在上個季度真正關注的地方，在這些經銷商內部，只是確保我們獲得適量的流量。您說得完全正確，我們的盟友經銷商獎勵計劃不僅幫助我們帶來數量，還幫助我們帶來我們所需的參與度。我們將繼續關注這兩個問題。我認為我們在過去幾年中所展示的軌跡將繼續下去。

And that does conclude our question-and-answer session for today. I'd like to turn the call back over to Mr. Daniel Eller for the closing remarks.

我們今天的問答環節到此結束。我想將電話轉回給丹尼爾·埃勒先生作結束語。

Great. Thank you. So thank you for joining our call today. If you do have additional questions, please feel free to reach out to Investor Relations. That concludes today's call.

偉大的。謝謝。感謝您今天加入我們的電話會議。如果您還有其他問題，請隨時聯繫投資者關係部。今天的電話會議到此結束。

Ladies and gentlemen, thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程序。您現在可以斷開連接。大家，祝你有美好的一天。