Synchrony Financial (SYF) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Synchrony Financial Second Quarter 2023 Earnings Conference Call. Please refer to the company's Investor Relations website for access to their earnings materials. Please be advised that today's conference call is being recorded. (Operator Instructions) I will now turn the call over to Kathryn Miller, Senior Vice President of Investor Relations. Thank you. You may begin.

早上好，歡迎參加 Synchrony Financial 2023 年第二季度收益電話會議。請訪問該公司的投資者關係網站以獲取其收益材料。請注意，今天的電話會議正在錄音。 （操作員指示）我現在將電話轉給投資者關係高級副總裁凱瑟琳·米勒 (Kathryn Miller)。謝謝。你可以開始了。

Thank you, and good morning, everyone. Welcome to our quarterly earnings conference call. In addition to today's press release, we have provided a presentation that covers the topics we plan to address during our call. The press release, detailed financial schedules and presentation are available on our website, synchronyfinancial.com. This information can be accessed by going to the Investor Relations section of the website.

謝謝大家，大家早上好。歡迎參加我們的季度收益電話會議。除了今天的新聞稿外，我們還提供了一份演示文稿，涵蓋了我們計劃在電話會議中討論的主題。新聞稿、詳細財務時間表和演示文稿可在我們的網站 synchronyfinancial.com 上獲取。您可以通過網站的投資者關係部分獲取此信息。

Before we get started, I wanted to remind you that our comments today will include forward-looking statements. These statements are subject to risks and uncertainty, and actual results could differ materially. We list the factors that might cause actual results to differ materially in our SEC filings, which are available on our website.

在我們開始之前，我想提醒您，我們今天的評論將包括前瞻性陳述。這些陳述存在風險和不確定性，實際結果可能存在重大差異。我們在 SEC 文件中列出了可能導致實際結果出現重大差異的因素，這些文件可在我們的網站上找到。

During the call, we will refer to non-GAAP financial measures in discussing the company's performance. You can find a reconciliation of these measures to GAAP financial measures in our materials for today's call. Finally, Synchrony Financial is not responsible for and does not edit or guarantee the accuracy of our earnings teleconference transcripts provided by third parties. The only authorized webcasts are located on our website.

在電話會議期間，我們將參考非公認會計原則財務指標來討論公司的業績。您可以在我們今天電話會議的材料中找到這些指標與 GAAP 財務指標的對照表。最後，Synchrony Financial 不對第三方提供的收益電話會議記錄的準確性負責，也不對其進行編輯或保證其準確性。唯一授權的網絡廣播位於我們的網站上。

On the call this morning are Brian Doubles, Synchrony's President and Chief Executive Officer; and Brian Wenzel, Executive Vice President and Chief Financial Officer. I will now turn the call over to Brian Doubles.

今天早上參加電話會議的是 Synchrony 總裁兼首席執行官 Brian Doubles；以及執行副總裁兼首席財務官 Brian Wenzel。我現在將把電話轉給布萊恩·道布爾斯。

Thanks, Kathryn, and good morning, everyone. In the second quarter, Synchrony delivered strong financial results, including net earnings of $569 million or $1.32 per diluted share, a return on average assets of 2.1% and a return on tangible common equity of 21.7%.

謝謝凱瑟琳，大家早上好。第二季度，Synchrony 實現了強勁的財務業績，其中淨利潤為 5.69 億美元，即稀釋後每股收益 1.32 美元，平均資產回報率為 2.1%，有形普通股回報率為 21.7%。

Synchrony continues to demonstrate strong growth and financial performance as consumer behavior reverts to pre-pandemic norms and as our profit and value propositions resonate strongly across our diversified set of platforms and partners.

隨著消費者行為恢復到大流行前的常態，以及我們的利潤和價值主張在我們多元化的平台和合作夥伴中產生強烈共鳴，Synchrony 繼續展現出強勁的增長和財務業績。

During the second quarter, we opened 5.9 million new accounts and grew average active accounts by 7% on a core basis. Once again, we set a new record as our $47 billion in purchase volume reached our highest level ever for the second quarter. These strong sales continue to demonstrate the value of our diversified products and platforms.

第二季度，我們開設了 590 萬個新賬戶，核心平均活躍賬戶增長了 7%。我們再次創造了新紀錄，第二季度 470 億美元的採購額達到了有史以來的最高水平。這些強勁的銷售繼續證明了我們多元化產品和平台的價值。

Health & Wellness purchase volume grew 17% compared to last year, reflecting broad-based growth in active accounts, along with higher spend per active account. The 8% growth in Digital purchase volume was driven by higher average active accounts and reflected continued momentum in several of our new programs.

健康與保健購買量與去年相比增長了 17%，反映出活躍賬戶的廣泛增長以及每個活躍賬戶的支出增加。數字購買量增長 8% 是由平均活躍賬戶數增加推動的，並反映出我們的幾個新計劃的持續增長勢頭。

In Diversified & Value, purchase volume increased 7%, reflecting higher out-of-partner spend, strong retailer performance and the continued impact of newer value propositions driving penetration growth. Lifestyle purchase volume increased 10%, reflecting growth in average transaction value in Outdoor and Luxury.

在多元化和價值領域，購買量增長了 7%，反映出合作夥伴外支出增加、零售商業績強勁以及新價值主張推動滲透率增長的持續影響。生活方式購買量增長了 10%，反映了戶外和奢侈品平均交易價值的增長。

And in Home & Auto, purchase volume was largely unchanged versus last year as the benefit of higher average transaction values and growth in commercial products was largely offset by lower retail traffic and a reduction in gas prices. Dual and Co-Branded Cards accounted for 41% of total purchase volume in the quarter and increased 14% on a core basis, with several of our newer value propositions continuing to drive elevated growth.

在家居和汽車領域，購買量與去年相比基本沒有變化，因為平均交易價值上升和商業產品增長的好處在很大程度上被零售流量下降和汽油價格下降所抵消。雙品牌卡和聯名卡佔本季度總購買量的 41%，核心增長了 14%，我們的一些新的價值主張繼續推動增長。

Our view into the consumer, informed by the billions of real-time transactional data that we regularly monitor, shows continued normalization in consumer behavior toward pre-pandemic levels, which has progressed in line with our expectations.

根據我們定期監控的數十億實時交易數據，我們對消費者的看法表明，消費者行為持續正常化到大流行前的水平，這一進展符合我們的預期。

Average transaction frequency continued to grow in the quarter, while average transaction values declined modestly. This decline, however, was partly attributable to lower gas prices. A deeper dive into our Auto partners spend shows continued stability in key discretionary categories such as restaurants and entertainment as well as in nondiscretionary categories like grocery and discount stores.

本季度平均交易頻率繼續增長，而平均交易金額小幅下降。然而，這一下降的部分原因是天然氣價格下降。對我們的汽車合作夥伴支出的深入研究表明，餐廳和娛樂等關鍵非自由裁量類別以及雜貨店和折扣店等非自由裁量類別的支出持續穩定。

The reduction in average values was noted even among our highest credit quality borrowers, which was also accompanied by some modest slowing in transaction frequency. Following the trend from previous quarters, our younger borrowers as well as those in lower credit grades continue to reduce the pace of spend.

即使在我們信用質量最高的借款人中，平均價值也出現了下降，同時交易頻率也略有放緩。遵循前幾個季度的趨勢，我們的年輕借款人以及信用等級較低的借款人繼續減少支出步伐。

This quarter, given the seasonal impact of tax refunds, we saw a small sequential increase in our payment rates, largely driven by higher credit quality segments. Year-over-year, however, payment rates continued to decline across age and credit bands.

本季度，考慮到退稅的季節性影響，我們的付款率出現了小幅環比增長，這主要是由較高的信用質量細分市場推動的。然而，與去年同期相比，不同年齡和信用等級的付款率繼續下降。

Meanwhile, the external deposit data we track shows that the average consumer savings balances declined approximately 2% from the first quarter, but remain approximately 7% above 2020's average level. So taken together, the payment spend and savings trends we're watching suggests that consumers continue to be well supported by the constructive labor market and relatively healthy balance sheets as they gradually revert to their pre-pandemic norms.

與此同時，我們追踪的外部存款數據顯示，平均消費者儲蓄餘額較第一季度下降約2%，但仍比2020年平均水平高出約7%。綜上所述，我們正在觀察的支付支出和儲蓄趨勢表明，隨著消費者逐漸恢復到大流行前的正常水平，他們繼續受到建設性勞動力市場和相對健康的資產負債表的良好支持。

And as we continue to closely monitor the health of our consumers, we are also advancing the key strategic priorities of our business to position Synchrony for long-term success.

在我們繼續密切監測消費者健康的同時，我們也在推進業務的關鍵戰略重點，以使 Synchrony 取得長期成功。

One of our key priorities is the continued expansion of our multiproduct strategy across partners, distribution channels and markets, allowing us to meet our customers how and where they want to be met, and with a variety of financing solutions that address their specific financing needs in each interaction.

我們的首要任務之一是在合作夥伴、分銷渠道和市場中持續擴展我們的多產品戰略，使我們能夠以客戶希望的方式和地點滿足他們的需求，並提供各種融資解決方案來滿足他們在每次互動中的特定融資需求。

We recognize that our customers' needs change over time. And Synchrony can and should be their financing partner of choice throughout life stages. Whether applying in-person, online or through an app, we leverage our data and advanced analytics for our digital ecosystem to deliver fast, seamless offers designed to responsibly support each customer's particular purchase.

我們認識到客戶的需求會隨著時間的推移而變化。 Synchrony 可以而且應該成為他們整個生命階段的首選融資合作夥伴。無論是親自、在線還是通過應用程序申請，我們都會利用數字生態系統的數據和高級分析來提供快速、無縫的優惠，旨在負責任地支持每個客戶的特定購買。

For customers who appreciate the simplicity in installment loan with flexible terms and payment schedules, Synchrony's buy now, pay later solutions have become popular options and are successfully attracting new accounts and driving deeper engagement. In fact, partners who have launched these products have seen a 29% lift in new accounts, with over 95% of the sales coming from new customers.

對於喜歡分期貸款的簡單性以及靈活的條款和付款計劃的客戶來說，Synchrony 的先買後付解決方案已成為流行的選擇，並成功吸引了新帳戶並推動了更深層次的參與。事實上，推出這些產品的合作夥伴的新客戶數量增加了 29%，其中超過 95% 的銷售額來自新客戶。

These solutions conveniently integrated into our broader partner relationships and product offerings and match with our deep insights into consumer clearly expand our reach beyond our traditional set of customers and offer our partners another effective tool for engaging with their most loyal shoppers.

這些解決方案可以方便地集成到我們更廣泛的合作夥伴關係和產品中，並與我們對消費者的深入洞察相匹配，明顯地將我們的影響力擴展到傳統客戶群之外，並為我們的合作夥伴提供了另一種與最忠實的購物者互動的有效工具。

Most recently, we announced that our partner, At Home, selected Synchrony as its exclusive by now, pay later provider, integrating this installment product with its existing suite of payment options.

最近，我們宣布我們的合作夥伴 At Home 選擇 Synchrony 作為其獨家的稍後付款提供商，將該分期產品與其現有的支付選項套件集成。

Customers can select Synchrony Pay Later at checkout, online and in-store. And thanks to our integrated data and leading underwriting capabilities, most can be prequalified without impacting their credit score.

客戶可以在結帳、在線和店內選擇“同步稍後付款”。得益於我們的綜合數據和領先的承保能力，大多數人都可以通過資格預審，而不會影響他們的信用評分。

At Home joins over 700 of our partners, providers and merchants that now utilize Synchrony's installment suite in the form of our Pay Later, Allegro and secured installment loans. We are excited to further roll out these offerings across more programs and through our proprietary distribution channels over the coming months.

At Home 加入了我們 700 多家合作夥伴、提供商和商家的行列，他們現在以稍後付款、Allegro 和擔保分期貸款的形式使用 Synchrony 的分期套件。我們很高興在未來幾個月內通過我們的專有分銷渠道在更多計劃中進一步推出這些產品。

As Synchrony continues to broaden our product suite and empower these offerings with our dynamic decision and capabilities, we are better able to acquire and deepen relationships with our customers. We see these new installment products leading to cross-selling opportunities and product upgrades across the business in helping partners build lifelong customers.

隨著 Synchrony 不斷擴大我們的產品套件，並通過我們的動態決策和能力來增強這些產品的能力，我們能夠更好地獲得併加深與客戶的關係。我們看到這些新的分期產品帶來了整個業務的交叉銷售機會和產品升級，幫助合作夥伴建立終身客戶。

In campaigns across various portfolios, we have seen a 20% of private label cardholders are eligible for an upgrade to a Dual Card, which brings higher utility and better value proposition. And our customers respond to these upgrades, with nearly double the purchase volume at 1.6x the lifetime value to Synchrony.

在各種投資組合的活動中，我們發現 20% 的自有品牌持卡人有資格升級到雙卡，這帶來了更高的實用性和更好的價值主張。我們的客戶對這些升級做出了回應，購買量幾乎翻倍，生命週期價值是 Synchrony 的 1.6 倍。

For our partners, these deeper relationships translate into more loyal, better-engaged shoppers. And so ultimately, the successful execution of our multiproduct strategy means better experiences for everyone, reinforcing a dependable and resilient model for all of our stakeholders.

對於我們的合作夥伴來說，這些更深層次的關係可以轉化為更忠誠、更積極參與的購物者。因此，最終，我們多產品戰略的成功執行意味著每個人都能獲得更好的體驗，為所有利益相關者強化可靠且有彈性的模型。

As we head into the second half of 2023, Synchrony is well positioned to capitalize on these and other new opportunities while continuing to consistently deliver for our customers, our partners and our shareholders.

進入 2023 年下半年，Synchrony 已做好充分準備，能夠充分利用這些機會和其他新機遇，同時繼續持續為我們的客戶、合作夥伴和股東提供服務。

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

然後，我會將電話轉給布萊恩。

Thanks, Brian, and good morning, everyone. Synchrony's second quarter results demonstrate the power of our differentiated model. Our broad reach across industries and verticals and the compelling value propositions offered on our products were key drivers of our resilient purchase volume.

謝謝布萊恩，大家早上好。 Synchrony 第二季度的業績證明了我們差異化模型的力量。我們跨行業和垂直領域的廣泛影響力以及我們產品提供的令人信服的價值主張是我們彈性採購量的關鍵驅動力。

These core Synchrony strengths, combined with our disciplined approach to underwriting, our diverse funding model and [RSA] arrangements continue to provide effective offsets to changes in the macroeconomic environment.

這些 Synchrony 的核心優勢，加上我們嚴謹的承保方法、多樣化的融資模式和 [RSA] 安排，繼續為宏觀經濟環境的變化提供有效的抵消。

On a core basis, [ending] receivables grew 15% versus last year. This was driven by a combination of approximately 130 basis points decrease in payment rate and a 6% growth in core purchase volume. Our second quarter pay rate of 16.8% remains approximately 150 basis points higher than our 5-year pre-pandemic historical average.

核心基礎上，[期末]應收賬款比去年增長了 15%。這是由付款率下降約 130 個基點和核心採購量增長 6% 共同推動的。我們第二季度的薪資率為 16.8%，仍比疫情前 5 年的歷史平均水平高出約 150 個基點。

Net interest income increased 8% to $4.1 billion, reflecting 19% growth in interest and fees from higher loan receivables and stronger loan receivable yield, partially offset by the impact of divestitures in the prior-year period. On a core basis, interest and fees grew 25%, driven by loan receivables growth, higher benchmark rates and a lower payment rate as credit continues to normalize towards pre-pandemic levels.

淨利息收入增長 8%，達到 41 億美元，反映出應收貸款增加和應收貸款收益率上升導致利息和費用增長 19%，但部分被上年同期資產剝離的影響所抵消。在核心基礎上，隨著信貸繼續向大流行前的水平正常化，應收貸款增長、基準利率提高和支付率降低，推動利息和費用增長了 25%。

Our net interest margin of 14.94% declined 66 basis points as higher funding costs more than offset the benefit of strong loan yields. More specifically, loan receivable yields grew 145 basis points and contributed 124 basis points to net interest margin. Higher liquidity portfolio yield contributed an additional 53 basis points to net interest margin.

我們 14.94% 的淨息差下降了 66 個基點，因為較高的融資成本抵消了強勁貸款收益率的好處。更具體地說，應收貸款收益率增長了 145 個基點，對淨息差貢獻了 124 個基點。較高的流動性投資組合收益率為淨息差額外貢獻了 53 個基點。

Offsetting these improvements was higher interest-bearing liability cost, which increased 263 basis points to 4.04% and reduced net interest margin by 215 basis points.

較高的帶息負債成本抵消了這些改善，增加了 263 個基點至 4.04%，淨息差減少了 215 個基點。

Finally, our mix of interest-earning assets reduced net interest margin by approximately 28 basis points as continued deposit inflows allowed us to build liquidity and prefund anticipated receivables growth in the second half of this year.

最後，我們的生息資產組合將淨息差降低了約 28 個基點，因為持續的存款流入使我們能夠建立流動性，並為今年下半年的預期應收賬款增長提供資金。

RSA of $887 million in the second quarter were 3.85% of average loan receivables. The $240 million decline from the prior year reflected higher net charge-offs and the impact of portfolio sold in the prior year, partially offset by higher net interest income.

第二季度 RSA 為 8.87 億美元，占平均應收貸款的 3.85%。較上一年減少 2.4 億美元，反映出淨沖銷增加以及上一年出售投資組合的影響，但淨利息收入增加部分抵消了這一影響。

The RSA continues to provide critical alignment with our partners and stability in Synchrony's risk-adjusted returns, as demonstrated through this period of credit normalization and higher funding costs. Provision for credit losses increased to $1.4 billion, reflecting higher net charge-offs and a $287 million reserve build, which was largely driven by growth in loan receivables.

RSA 繼續與我們的合作夥伴保持關鍵的一致性，並確保 Synchrony 風險調整後回報的穩定性，這一點通過這段信用​​正常化和更高的融資成本就可以證明。信貸損失撥備增至 14 億美元，反映出淨沖銷增加和 2.87 億美元準備金增加，這主要是由應收貸款增長推動的。

The decline in other income was driven by $120 million gain on portfolio sales recorded in the prior-year period. Other expenses increased 8% to $1.2 billion, primarily driven by growth-related items as well as operational losses and technology investments. Our efficiency ratio for the second quarter improved by approximately 220 basis points compared to last year to 35.5%.

其他收入下降的原因是上年同期投資組合銷售收益 1.2 億美元。其他支出增長 8%，達到 12 億美元，主要由增長相關項目以及運營虧損和技術投資推動。我們第二季度的效率比去年提高了約 220 個基點，達到 35.5%。

In total, Synchrony generated second quarter net earnings of $569 million or $1.32 per diluted share, a return on average assets of 2.1% and return on tangible common equity of 21.7%.

總的來說，Synchrony 第二季度淨利潤為 5.69 億美元，即稀釋後每股收益 1.32 美元，平均資產回報率為 2.1%，有形普通股回報率為 21.7%。

Next, I'll cover our key credit trends on Slide 8. As payment behavior continues to revert towards pre-pandemic historical averages, our delinquency and net charge-off rates continue to normalize towards pre-pandemic performance. Our 30-plus delinquency rate was 3.84% compared to 2.74% last year, which is approximately 60 basis points lower than the second quarter of 2019.

接下來，我將在幻燈片 8 上介紹我們的主要信貸趨勢。隨著支付行為繼續恢復到大流行前的歷史平均水平，我們的拖欠率和淨沖銷率繼續正常化，接近大流行前的表現。我們的 30 歲以上的拖欠率為 3.84%，而去年為 2.74%，比 2019 年第二季度降低了約 60 個基點。

Our 90-plus delinquency rate was 1.77% versus 1.22% in the prior year, which is approximately 40 basis points lower than the second quarter of 2019. Our net charge-off rate was 4.75% versus 2.73% last year, which is approximately 100 basis points below the midpoint of our underwriting target of 5.5% to 6%, where Synchrony's risk-adjusted returns are more fully optimized.

我們的 90 歲以上拖欠率為 1.77%，去年為 1.22%，比 2019 年第二季度低約 40 個基點。我們的淨沖銷率為 4.75%，去年為 2.73%，比我們的承保目標 5.5% 至 6% 的中點低約 100 個基點，其中 Synchrony 的風險調整回報得到了更充分的優化。

While credit continues to normalize in line with our expectations, we're actively monitoring our portfolio and have undertaken some proactive targeted actions to position our portfolio into 2024. These actions have been focused on certain types of inactive accounts as well as segments of the portfolio where we are seeing significant score migration into nonprime and are unlikely to have a material impact on purchase volume.

雖然信貸繼續按照我們的預期正常化，但我們正在積極監控我們的投資組合，並採取了一些積極主動的有針對性的行動，將我們的投資組合定位到 2024 年。這些行動主要針對某些類型的不活躍賬戶以及投資組合中我們看到大量分數遷移到非優質賬戶的部分，並且不太可能對購買量產生重大影響。

Focusing on reserves. Our allowance for credit losses as a percent of loan receivables was 10.34%, down 10 basis points from the 10.44% in the first quarter. The reserve build of $287 million in the quarter was largely driven by receivables growth. Our provision did not include any material changes in our qualitative reserves or significant changes in our macroeconomic assumptions.

注重儲備。信用損失準備金占應收貸款的比例為10.34%，比一季度的10.44%下降10個基點。本季度準備金增加 2.87 億美元，主要是由應收賬款增長推動的。我們的準備金不包括我們的質量儲備的任何重大變化或我們的宏觀經濟假設的重大變化。

Turning to Slide 10. Funding, capital and liquidity continue to be highlights of Synchrony's performance. During the second quarter, our consumer bank offerings continue to resonate with customers. We experienced positive net flows each week, culminating in direct deposit growth of $2.3 billion in the first quarter, which was partially offset by lower broker deposits.

轉向幻燈片 10。資金、資本和流動性仍然是 Synchrony 業績的亮點。第二季度，我們的消費者銀行產品繼續引起客戶的共鳴。我們每週都會經歷正的淨流量，第一季度直接存款最終增長 23 億美元，但部分被經紀商存款減少所抵消。

Deposits at quarter end represented 84% of our total funding. The remainder of our funding stack is comprised of securitized and unsecured debt at 6% and 10% of our funding, respectively. We remain focused on being active issuers in both markets as conditions allow.

季度末的存款占我們總資金的 84%。我們的剩餘資金由證券化債務和無擔保債務組成，分別占我們資金的 6% 和 10%。在條件允許的情況下，我們仍然致力於成為兩個市場的活躍發行人。

Total liquidity, including undrawn credit facilities, was $19.4 billion, up $521 million from last year. As a percent of total assets, liquidity represented 17.9%, down 198 basis points from last year as we manage our liquidity portfolio and fund strong loan receivables growth.

包括未提取信貸額度在內的流動性總額為 194 億美元，比去年增加 5.21 億美元。由於我們管理流動性投資組合併為強勁的應收貸款增長提供資金，流動性佔總資產的百分比為 17.9%，比去年下降 198 個基點。

Focusing on our capital ratios. As a reminder, we elected to take the benefit of the CECL transition rules issued by the joint federal banking agencies. Synchrony made its annual transitional adjustment of approximately 60 basis points in January and will continue to make annual adjustments of approximately 60 basis points each year until January of 2025. The impact of CECL has already been recognized in our income statement and balance sheet.

關注我們的資本比率。謹此提醒，我們選擇受益於聯合聯邦銀行機構發布的 CECL 過渡規則。 Synchrony於1月份進行了約60個基點的年度過渡性調整，並將繼續每年進行約60個基點的年度調整，直至2025年1月。CECL的影響已在我們的損益表和資產負債表中得到確認。

Under the CECL transition rules, we ended the second quarter with a CET1 ratio of 12.3%, 290 basis points lower than last year's levels of 15.2%. The Tier 1 capital ratio was 13.1% under the CECL transition rules compared to 16.1% last year. The total capital ratio decreased 220 basis points to 15.2%. And the Tier 1 capital plus reserves ratio on a fully [phased-in] basis decreased to 22.4% compared to 25% last year.

根據CECL過渡規則，我們第二季度末的CET1比率為12.3%，比去年15.2%的水平低290個基點。根據CECL過渡規則，一級資本比率為13.1%，而去年為16.1%。總資本比率下降220個基點至15.2%。全面落實的一級資本加準備金率由去年的25%下降至22.4%。

Continuing our commitment to robust capital returns, Synchrony announced approval of an incremental $1 billion share repurchase authorization for June of 2024 in addition to the $300 million remaining on the prior authorization. We also announced our intention to increase the company's common stock dividend by 9% to $0.25 per share from $0.23 per share beginning in the third quarter.

繼續我們對強勁資本回報的承諾，Synchrony 宣佈在先前授權剩餘的 3 億美元之外，批准在 2024 年 6 月增加 10 億美元的股票回購授權。我們還宣布打算從第三季度開始將公司普通股股息從每股 0.23 美元增加 9% 至每股 0.25 美元。

During the second quarter, we returned $399 million to shareholders, reflecting $300 million of share repurchases and $99 million in common stock dividends. At the end of the quarter, we had [$1 billion] remaining in our share repurchase authorization.

第二季度，我們向股東返還 3.99 億美元，其中包括 3 億美元的股票回購和 9900 萬美元的普通股股息。截至本季度末，我們的股票回購授權中還剩 [10 億美元]。

Synchrony will continue to execute on our capital plan as guided by our business performance, market conditions, regulatory restrictions and subject to our capital plan. We will also continue to seek opportunities to complete our fully developed capital structure through the issuance of additional preferred stock.

Synchrony 將繼續根據我們的業務表現、市場狀況、監管限制並遵守我們的資本計劃來執行我們的資本計劃。我們還將繼續尋找機會通過發行額外的優先股來完善我們成熟的資本結構。

We have a strong history of capital generation and management, which is empowered by our resilient business model. Given the uncertainties in both the macroeconomic environment and the financial services industry, Synchrony remains focused on actively managing the assets we originate and prudently managing the capital we generate to optimize our long-term value creation and resiliency.

我們在資本生成和管理方面擁有悠久的歷史，這得益於我們富有彈性的業務模式。鑑於宏觀經濟環境和金融服務行業的不確定性，Synchrony 仍然專注於積極管理我們產生的資產並審慎管理我們產生的資本，以優化我們的長期價值創造和彈性。

Finally, please refer to Slide 12 of our presentation for more detail on our full year 2023 outlook. We expect our ending loan receivables to grow by 10% or more for 2023, reflecting the combined impact of the payment rate moderation and purchase volume growth. We continue to expect payment rates to normalize or remain above pre-pandemic levels through the remainder of this year.

最後，請參閱我們演示文稿的幻燈片 12，了解有關 2023 年全年展望的更多詳細信息。我們預計 2023 年期末應收貸款將增長 10% 或更多，反映了支付率放緩和採購量增長的綜合影響。我們繼續預計，在今年剩餘時間內，支付率將正常化或保持在大流行前的水平以上。

We now expect our net interest margin within a range of 15% to 15.15% for the full year. The interest margin in the first half was influenced by higher liquidity due to stronger-than-anticipated deposit flows and receivables gross prefunding.

我們目前預計全年淨息差在 15% 至 15.15% 之間。上半年的息差受到存款流量和應收賬款預融資總額強於預期而導致流動性增加的影響。

Deposit data has also trended better than expected in the first half, but we have since seen growing competition for deposits. Our revised full-year outlook incorporates these first half trends as well as the anticipated impacts of further interest rate increases by the Federal Reserve and the possibility of higher deposit betas in the second half of the year.

上半年存款數據也好於預期，但此後我們看到存款競爭日益激烈。我們修訂後的全年展望納入了上半年的趨勢以及美聯儲進一步加息的預期影響以及下半年存款貝塔值上升的可能性。

As a reminder, we expect our net interest margin to fluctuate quarter-to-quarter, driven by higher liquidity as we prefund growth, resulting in variation in the mix of interest-earning assets, and interest and fee growth partially offset by rising reversals as credit continues to normalize.

提醒一下，我們預計我們的淨息差將出現季度波動，這是由於我們為增長預先融資而流動性增加，從而導致生息資產組合發生變化，而隨著信貸繼續正常化，利息和費用的增長將被不斷上升的逆轉所部分抵消。

Turning to our credit outlook. We now expect delinquencies to reach pre-pandemic levels during the second half of 2023 versus our previous expectation of an approaching peak in mid-year. Net charge-offs should follow a similar but lag progression through the year. Generally speaking, lost dollars will not reach a fully normalized level until approximately 6 months following the peak in delinquencies.

轉向我們的信用前景。我們現在預計拖欠率將在 2023 年下半年達到大流行前的水平，而我們之前的預期是在年中接近峰值。全年淨沖銷應遵循類似但滯後的進程。一般來說，在拖欠高峰期後大約 6 個月，美元損失才會達到完全正常化的水平。

Given the slightly more moderate pace of delinquency normalization, we now expect net charge-offs to trend towards the lower end of our prior outlook between 4.75% and 4.90%. We continue to anticipate losses reaching fully normalized levels on an annual basis in 2024.

鑑於拖欠正常化的步伐稍微溫和，我們現在預計淨沖銷將趨於我們之前預測的下限，即 4.75% 至 4.90% 之間。我們繼續預計損失將在 2024 年達到完全正常化的年度水平。

We expect the RSA to trend below our prior outlook and be between 3.95% and 4.10% of average loan receivables for the full year. This improved range reflects the impact of continued credit normalization, lower net interest margin and the mix of our loan receivables growth.

我們預計 RSA 的趨勢將低於我們之前的預期，佔全年平均應收貸款的 3.95% 至 4.10% 之間。這一改善反映了持續信貸正常化、較低的淨息差以及我們的應收貸款增長的綜合影響。

And given our higher-than-anticipated growth in the first half, we now anticipate quarterly operating expenses to trend at approximately $1.15 billion for 2023. We remain committed to delivering operating leverage for the full year.

鑑於我們上半年的增長高於預期，我們現在預計 2023 年季度運營費用約為 11.5 億美元。我們仍然致力於提供全年運營槓桿。

Taken together, Synchrony's differentiated model continues to power resilient financial results through a range of environments, and we look forward to delivering on our commitments as we close out the second half of 2023.

總而言之，Synchrony 的差異化模式將繼續在一系列環境中推動具有彈性的財務業績，我們期待在 2023 年下半年結束時兌現我們的承諾。

I'll now turn the call back over to Brian for his closing thoughts.

現在我將把電話轉回給布萊恩，聽聽他的結束語。

Thanks, Brian. Synchrony's differentiated model has positioned the company well through evolving environments. We consistently power best-in-class experiences for our customers and strong outcomes for our partners even as their needs change.

謝謝，布萊恩。 Synchrony 的差異化模式使公司在不斷變化的環境中處於有利地位。即使合作夥伴的需求發生變化，我們也始終如一地為客戶提供一流的體驗，並為合作夥伴提供豐厚的成果。

Our business generates strong capital. We are adept at putting that capital to work in an effective, prudent manner to deliver sustainable longer-term growth at attractive risk-adjusted returns. As I look ahead to the remainder of this year, I am confident in our ability to execute on our strategic priorities and deliver value to our many stakeholders.

我們的業務產生了雄厚的資本。我們善於以有效、審慎的方式運用這些資本，以有吸引力的風險調整回報實現可持續的長期增長。展望今年剩餘時間，我對我們執行戰略重點並為眾多利益相關者創造價值的能力充滿信心。

With that, I'll turn the call back to Kathryn to open the Q&A.

之後，我會將電話轉回凱瑟琳以開始問答。

That concludes our prepared remarks. We will now begin the Q&A session. (Operator Instructions) Operator, please start the Q&A session.

我們準備好的發言到此結束。我們現在開始問答環節。 （操作員指示）操作員，請開始問答環節。

(Operator Instructions) We'll take our first question from Arren Cyganovich with Citi.

（操作員說明）我們將接受花旗銀行 Arren Cyganovich 提出的第一個問題。

With your payment rates still normalizing in purchase volumes relatively stable, what's going to drive the -- somewhat a bit of a deceleration in your growth from 15%, where it's been recently to the kind of closer to 10% plus that you've talked about for year end?

由於您的支付率仍在正常化，購買量相對穩定，那麼什麼會推動您的增長率從最近的 15% 下降到您提到的年底接近 10% 以上？

Yes, thanks for the question. I think it's a little bit less about our current period. You're right, we do anticipate the payment rate continuing to moderate as we move in the back end, but be elevated versus the pre-pandemic period. And we do continue to expect to see, on a dollar basis, strong purchase volume growth.

是的，謝謝你的提問。我認為關於我們當前時期的情況有點少。你是對的，我們確實預計，隨著我們進入後端，支付率將繼續放緩，但與大流行前相比會有所提高。我們確實繼續預計，以美元計算，購買量將強勁增長。

I think when you look back at [deceleration] last year, coming out of Omicron and the pandemic period, there was an acceleration beginning in the second quarter through the end of the year, which provides more difficult comps.

我認為，當你回顧去年的[減速]時，從 Omicron 和大流行時期來看，從第二季度開始一直到年底都有加速，這提供了更困難的比較。

So I think when you look at it on a [V] basis and the asset build as paying rate really came off at high last year, it's just a more difficult comp. I think when you think about the volume we're going to put up here in the second quarter, all the way through the end of the year, I think it's going to be strong when you look at that performance across all of our sales platforms.

因此，我認為，當你從 [V] 的角度來看，去年資產建設的支付率確實很高，這只是一個更困難的比較。我認為，當你考慮到我們將在第二季度一直到年底的銷量時，當你看到我們所有銷售平台的表現時，我認為它將會很強勁。

And then in the Digital and Health & Wellness platforms, both of those are showing continued, really strong growth there. Can you provide a little color about, within those segments, what's driving the strong growth there?

然後在數字和健康與保健平台上，這兩個平台都顯示出持續、真正強勁的增長。您能否提供一些關於這些細分市場中推動強勁增長的因素的信息？

Yes, sure. Look, I would say, we're very pleased with the growth that we're seeing across all of our platforms. You look at receivables, up 15% for the company, Health & Wellness leading the charge at 22%, Digital up 18%. But even Home & Auto up 10% is a really good result and really pacing ahead of our expectations so far this year. .

是的，當然。我想說，我們對所有平台上的增長感到非常滿意。看一下公司的應收賬款，增長了 15%，健康與保健領先，增長了 22%，數字增長了 18%。但即使是家居和汽車業務增長 10% 也是一個非常好的結果，並且今年迄今為止的增速確實超出了我們的預期。 。

We've talked about in the past, Health & Wellness is one of the platforms where we've made incremental investments in marketing and products. And so I think you're seeing those investments pay off. Digitally, we've obviously got the benefit of the new programs that sit inside of digital, all of which are performing really well. So we would continue to expect to over-index in those two platforms.

我們過去談到過，健康與保健是我們在營銷和產品方面進行增量投資的平台之一。所以我認為你會看到這些投資得到回報。在數字方面，我們顯然已經受益於數字內部的新程序，所有這些程序都表現得非常好。因此，我們將繼續預期這兩個平台的指數會過高。

We'll take our next question from Don Fandetti with Wells Fargo.

我們將接受富國銀行唐·范德蒂 (Don Fandetti) 提出的下一個問題。

I was wondering if you could dig in a little bit more on what you're seeing in terms of consumer behavior? I know in the past, you've talked about customer call-ins and what you're hearing in terms of slower wage or working less hours. Has there been any change there?

我想知道您是否可以進一步深入了解您所看到的消費者行為？我知道您過去曾談論過客戶來電以及您所聽到的工資下降或工作時間減少的情況。那裡有什麼變化嗎？

Yes, I'll start on this one. I think, look, the consumer is still strong. I think there's obviously still spending, excess savings are coming down a bit, but they're still trending above 2020 levels. So when you look at having a pretty strong labor market, the one surprise, I'd say, so far this year is how resilient the consumer has been.

是的，我將從這個開始。我認為，看起來，消費者仍然很強勁。我認為顯然仍有支出，超額儲蓄略有下降，但仍高於 2020 年的水平。因此，當你看到一個相當強勁的勞動力市場時，我想說，今年到目前為止，令人驚訝的是消費者的彈性。

You certainly see that on the growth side. We just reported our second quarter was a record in terms of purchase volume. Credit is very much in line with our expectations, maybe a touch better. We're still operating below 2019 levels. We're below our long-term target of 5.5% to 6%. So everything we're seeing on the consumer is still pretty positive.

您肯定會在增長方面看到這一點。我們剛剛報告第二季度的採購量創歷史新高。信用狀況非常符合我們的預期，甚至可能更好一些。我們的運營仍低於 2019 年的水平。我們低於 5.5% 至 6% 的長期目標。因此，我們在消費者身上看到的一切仍然非常積極。

With that said, we're still operating cautiously. We're monitoring this every hour, every day. We're listening to the calls. I wouldn't say we're hearing anything abnormal. It really is kind of in line with our expectations. And as expected, credit will continue to normalize through the balance of this year and into the next.

話雖如此，我們仍保持謹慎操作。我們每天每小時都在監控這一情況。我們正在聽取電話。我不會說我們聽到任何異常情況。這確實有點符合我們的預期。正如預期的那樣，信貸將在今年餘下時間和明年繼續正常化。

Got it. And on the allowance rate, are you still thinking that it's sort of steady to maybe improving a bit?

知道了。關於津貼率，您是否仍然認為它是穩定的，也許會有所改善？

Yes. Thanks for that, Don. The first half of the year, I think when we look at the reserve provisioning, they really been growth-driven provisions, I think 285 and 286, respectively, for the first quarter and the second quarter. Again, we continue to expect that migration back down towards CECL day 1, I think the delinquency formation that we have seen has been in line with our expectations. So again, that will trend out over time.

是的。謝謝你，唐。今年上半年，我認為當我們查看準備金撥備時，它們確實是增長驅動的撥備，我認為第一季度和第二季度分別為 285 和 286。再次，我們繼續預計遷移會回到 CECL 第一天，我認為我們看到的拖欠形成符合我們的預期。再說一次，隨著時間的推移，這種趨勢將會出現。

I think the [one shift] why we haven't changed our macroeconomic assumptions or really things around student loans, they've just been a little bit slower, which is why I think you see us today talking about getting back to that pre-pandemic levels of delinquency in mid second half of this year. So again, it will migrate -- continue to migrate down as long as we believe the macro backdrop comes in line with our expectations.

我認為[一個轉變]為什麼我們沒有改變我們的宏觀經濟假設或圍繞學生貸款的實際情況，它們只是速度有點慢，這就是為什麼我認為你今天看到我們談論在今年下半年中期恢復到大流行前的拖欠水平。因此，只要我們相信宏觀背景符合我們的預期，它就會繼續向下遷移。

We'll take our next question from Mihir Bhatia with Bank of America.

我們將回答美國銀行 Mihir Bhatia 提出的下一個問題。

Maybe to start, I think the first question I have is just on the regulatory front, specifically thinking around the CFPB's late fee rules and also the inquiry into the deferred interest medical cards. Maybe just talk about your perspective on those issues, where things have shaken out, and if there's any updates to share on how you're just preparing for those?

也許首先，我認為我的第一個問題只是在監管方面，特別是考慮 CFPB 的滯納金規則以及對遞延利息醫療卡的調查。也許只是談談你對這些問題的看法，事情已經發生了變化，以及是否有任何關於你如何準備這些問題的最新消息可以分享？

Yes, sure. So let me start on late fees. We've been working on this for over a year now when the initial kind of proposal came out. We're having very productive conversations with our partners around different offsets. I would tell you that they clearly understand that this is an issue that the entire industry has to deal with.

是的，當然。那麼讓我從滯納金開始吧。當最初的提案提出時，我們已經為此工作了一年多。我們正在與合作夥伴圍繞不同的抵消方案進行非常富有成效的對話。我告訴你，他們很清楚這是整個行業都要面對的問題。

It's likely going to result in new pricing models and pricing actions across all issuers. So we've had those discussions with our partners. I'd say, no real surprises as they expected to see the things that we're proposing like higher APRs, different types of fees, penalty pricing. .

這可能會導致所有發行人採用新的定價模式和定價行為。所以我們已經與我們的合作夥伴進行了這些討論。我想說，這並沒有什麼真正的驚喜，因為他們期望看到我們提議的東西，比如更高的年利率、不同類型的費用、懲罰性定價。 。

And we've also been having a good dialogue around underwriting. And I think they fully appreciate that without some of these pricing offsets that a fairly significant portion of the customers that we underwrite today might lose access to credit. And just to be clear, that's something that we don't want. It's something that they don't want. So our interests are very much aligned on that point.

我們還圍繞承保進行了良好的對話。我認為他們完全意識到，如果沒有這些定價抵消，我們今天承保的相當大一部分客戶可能會失去獲得信貸的機會。需要明確的是，這是我們不想要的。這是他們不想要的。因此，我們的利益在這一點上非常一致。

Look, at the end of the day, our goal is to protect the partners. We want to offset the impact here and continue to underwrite the customers that we do today. And then lastly, I'd just say, look, there's a lot still to be decided here. We expect to see a final rule sometime in the fourth quarter. It's likely to be litigated. That's, I think, the consensus at least what we're hearing. But we've had teams focused on this for a while. We're as prepared as we could be. And so we'll just continue to play through and give you updates as we learn more. And then what was your second question?

看，歸根結底，我們的目標是保護合作夥伴。我們希望抵消這裡的影響，並繼續為我們今天所做的客戶提供承保。最後，我想說，看，這裡還有很多事情需要決定。我們預計將在第四季度的某個時候看到最終規則。很有可能會被打官司。我認為，這至少是我們所聽到的共識。但我們的團隊已經專注於此一段時間了。我們已盡力做好準備。因此，我們將繼續進行遊戲，並在了解更多信息後為您提供最新信息。那麼你的第二個問題是什麼？

It was just on the medical. If there's anything to -- if you have any comments on the inquiry into the deferred interest in the medical cards that they've also been talking about?

這只是在醫療上。如果您對他們一直在談論的醫療卡遞延利息調查有什麼意見嗎？

Yes. Look, I'd say first, we're very proud of the CareCredit products that we offer. In our view, CareCredit is not a medical credit card. The vast majority of what we do there is elective health and wellness spend. So 70% of the business is actually dental and pet care. We worked very hard to ensure that the products are fair and transparent. Deferred interest is a product that's been around for decades. We believe our practices are actually industry-leading.

是的。首先，我要說的是，我們對我們提供的 CareCredit 產品感到非常自豪。我們認為，CareCredit 不是醫療信用卡。我們在那裡所做的絕大多數事情都是選擇性的健康和保健支出。所以 70% 的業務實際上是牙科和寵物護理。我們非常努力地確保產品的公平和透明。遞延利息是一種已經存在了幾十年的產品。我們相信我們的實踐實際上是行業領先的。

So one positive outcome would be just the level the playing field and bring other issuers kind of up to the standards and the things that we do every day. So again, very proud of the product. It's actually one of the products that we get the absolute best feedback on from customers.

因此，一個積極的結果就是創造公平的競爭環境，並使其他發行人達到我們每天所做的標準和事情。再說一次，我對這個產品感到非常自豪。它實際上是我們從客戶那裡獲得絕對最佳反饋的產品之一。

And then just if I could switch here to the credit side, right? Your guidance for delinquency rates, and I think you've talked about consumer being resilient, delinquencies taking a little while to get back to pre-pandemic levels, which obviously is a good thing. But your guidance talked about it approaching pre-pandemic levels here in the next I guess, 6 months.

然後如果我可以在這里切換到信用方面，對嗎？您對拖欠率的指導，我認為您已經談到了消費者的彈性，拖欠率需要一段時間才能恢復到大流行前的水平，這顯然是一件好事。但你的指導談到它會在接下來的 6 個月內接近大流行前的水平。

What happens after that? I mean, your charge-off comments for 2024 suggest you think delinquencies will stabilize at those pre-pandemic levels. So maybe just talk about what gives you confidence that, that will happen versus going through those pre-pandemic levels and continuing to grind higher.

之後會發生什麼？我的意思是，您對 2024 年的沖銷評論表明，您認為拖欠率將穩定在大流行前的水平。因此，也許只是談談是什麼讓你有信心，這將會發生，而不是經歷大流行前的水平並繼續走高。

Yes. Thanks, Mihir. So I think the way we think about it, and we watch vintage performance, we watch how the rules kind of come into delinquency. I just want to focus where we are today, right?

是的。謝謝，米希爾。所以我認為我們思考這個問題的方式，我們觀察老式的表現，我們觀察規則是如何陷入違法行為的。我只想關注我們今天的處境，對嗎？

When you look at average delinquency in the pre-pandemic period and compare it to -- apply that to the balances today, our 30-plus and 90-plus are 87% and 82% of historical levels. And that's just been moving up slightly as we step through each of the quarters. I think translating that, that's about 60 basis points lower than 2019 for 30 plus, 40 basis points lower for 90 plus.

當你觀察大流行前時期的平均拖欠率並將其與今天的餘額進行比較時，我們的 30 歲以上和 90 歲以上的人分別是歷史水平的 87% 和 82%。當我們逐步了解每個季度時，這一數字只是略有上升。我認為，對於 30 歲以上的人來說，這比 2019 年低了約 60 個基點，對於 90 歲以上的人來說，比 2019 年低了 40 個基點。

So I think different than a lot of issuers, we are not at that pre-pandemic delinquency formation yet, albeit we are continuing to move closer to that in a very measured approach.

因此，我認為與許多發行人不同的是，我們尚未達到大流行前的拖欠形成狀態，儘管我們正在以非常謹慎的方式繼續向這一目標邁進。

And I think when you think about the loss rate and what's flowing to loss now, we're 82% of our midpoint of our underwriting average. So we look at the formation today and say we feel good about where that is. When we look at the vintages performances, if I go back to '18 and '19, we're not seeing real significant deterioration in those vintages, they're through their peak loss periods.

我認為，當你考慮損失率以及現在造成損失的因素時，我們的承保平均水平是中點的 82%。所以我們今天看看陣型，並說我們對它的位置感覺良好。當我們查看年份表現時，如果我回到 18 和 19 年，我們並沒有看到這些年份的真正顯著惡化，它們正處於損失高峰期。

We started looking at the pandemic level of vintages, and particularly in the '21 and '22 when a lot of issuers, I'd say, adjusted credit standards that kind of put it on, those vintages, for us, are performing in line with our 2018 and 2019 vintages. So we don't see performance in the air or in the back book, if you call it that, that says we're going to be through our underwriting standards and target range for next year.

我們開始關注年份的大流行水平，特別是在 21 和 22 年，當時很多發行人調整了信用標準，對我們來說，這些年份的表現與我們 2018 年和 2019 年的年份一致。因此，我們沒有看到空中或後台的表現，如果你這麼稱呼它，那就表明我們將完成明年的承保標準和目標範圍。

I think we've also been, for the first time this year, we did a little bit broader-based actions, and these are really around, I think, derisking the loss rate for next year, and these are really around accounts that are either inactive or see significant score migration into nonprime. So not significant, it's unlikely to have a material impact on sales or credit, but just take into some what I'd say, more appropriate prudent actions across the portfolio in addition to the idiosyncratic options that we're doing.

我認為今年我們第一次採取了一些更廣泛的行動，我認為這些行動確實是為了降低明年的損失率，而且這些行動實際上是圍繞那些要么不活躍，要么看到大量分數遷移到非主要賬戶的賬戶。所以並不重要，它不太可能對銷售或信貸產生重大影響，但只需考慮我所說的一些，除了我們正在做的特殊選擇之外，在整個投資組合中採取更適當的審慎行動。

So we feel good with the actions we're taking. We feel good about PRISM and the decision trees that are inside of PRISM in order to manage credit and adapt quickly to the environment, and the vintage performances are in line with our expectations. So that sets us up to how we form. We'll obviously be back towards the end of the year and give updated guidance with regard to the full 2024 loss rate. Hopefully, that gives you some perspective of how we think about them here.

因此，我們對我們正在採取的行動感到滿意。我們對 PRISM 以及 PRISM 內部的決策樹感覺良好，以便管理信用并快速適應環境，並且老式表現符合我們的預期。這讓我們了解了我們的形成方式。顯然，我們會在今年年底回來，並就 2024 年的整體損失率提供更新的指導。希望這能讓您了解我們如何看待它們。

We'll take our next question from Ryan Nash with Goldman Sachs.

我們將回答高盛瑞安·納什的下一個問題。

So Brian, the second half net interest margin guide being in line with the first half, maybe just talk about what is driving your updated expectations.

因此，布萊恩，下半年淨息差指南與上半年一致，也許只是談談是什麼推動了您更新的預期。

I think you mentioned betas could be higher. I'm assuming now you no longer have rate cuts as per the forward curve. Maybe just talk about what you're assuming for betas, and how do you think about the puts and takes or the trajectory of the margin over an intermediate term, if rates are going to stay higher for an extended period of time?

我認為你提到貝塔值可能會更高。我假設現在不再按照遠期曲線降息。也許只是談談您對貝塔值的假設，以及如果利率將在較長一段時間內保持較高水平，您如何看待看跌期權和看跌期權或中期保證金的軌跡？

Yes. Thanks, Ryan. So the betas we experienced in the first half of the year, if I make it broadly between savings and CDs, and the savings were mid-70s, we're low 90s in CDs. And I think as we step forward into the second half, the one thing that we noticed in the competitive dynamics as we exited out of the second quarter, Ryan, was a little bit more price increases from competitors. And I think that comes from a couple of different places.

是的。謝謝，瑞安。因此，我們在今年上半年經歷的測試，如果我在儲蓄和 CD 之間進行廣泛的比較，儲蓄是 70 年代中期，我們的 CD 是 90 年代低。我認為，當我們進入下半年時，瑞安，我們在第二季度退出時在競爭動態中註意到的一件事是競爭對手的價格上漲了一點。我認為這來自幾個不同的地方。

You have certain of the regional banks that are experiencing outflows relative to commercial deposits. That's probably twofold, one. Then, we're running a little tighter on cash; and two, there's some, I'd say, risk mitigation strategies that some commercial firms were using. So they are becoming a little bit more competitive for deposits.

某些地區銀行正在經歷商業存款的資金外流。這可能是雙重的，一。然後，我們的現金有點緊張；第二，我想說，一些商業公司正在使用一些風險緩解策略。因此，他們在存款方面變得更具競爭力。

You also see some of the big brick-and-mortar institutions who are trying to not have to raise their overall deposit rate but using an online product in order to raise rates. That dynamic really emerged, I'd say, late May into June. So as we think about that mid-70s, low 90s, in our back half assumptions, we have it moving up, call it, roughly 10 percentage points. So you'd see savings in the mid-80s, and you see CDs around 100%.

您還看到一些大型實體機構試圖不必提高總體存款利率，而是使用在線產品來提高利率。我想說，這種動態真正出現是在五月底到六月之間。因此，當我們考慮 70 年代中期、90 年代低點時，在我們的後半部分假設中，我們認為它會上升，稱之為大約 10 個百分點。所以你會在 80 年代中期看到節省，並且你會看到 CD 大約 100%。

I think as you think forward about deposits, generally speaking, assuming that the market remains, what I'd say, rational, we would expect it to be fairly stable. And then hopefully, when you start to see rate decreases in the future that the betas will be a similar type of fashion and we can lower it.

我認為，當你對存款進行思考時，一般來說，假設市場仍然是理性的，我們預計它會相當穩定。然後希望，當你開始看到未來利率下降時，貝塔將是類似類型的時尚，我們可以降低它。

I think when we think about the back half broadly speaking about an interest margin, we should continue to see some tailwinds relative to the benchmark rates in the first half as they push through the floating portion of our portfolio in the back half. You continue to see revolve rate increases will certainly -- if you expect the delinquency and losses to kind of come in line, your revolve rates should push up. There will be a little bit of offset there from the reversals as write-offs kind of rise.

我認為，當我們從廣義上考慮下半年的利差時，我們應該會繼續看到相對於上半年基準利率的一些順風，因為它們在下半年推動了我們投資組合的浮動部分。您繼續看到循環利率肯定會增加——如果您預計拖欠率和損失會趨於一致，那麼您的循環利率應該會上升。隨著沖銷的增加，逆轉將會產生一些抵消。

But again, some tailwinds as we comp through there. And then clearly, some of the liquidity we built up in the first half will get deployed. The second half will also be, in fact, potentially how liquidity portfolio pays out in some of the wholesale funding that we're going to do in the second half, both in the secured and unsecured market. So hopefully, that gives you a flavor for how we think about the betas and NIM in the second half, Ryan.

但同樣，當我們在那裡進行比較時，也遇到了一些順風。顯然，我們在上半年建立的一些流動性將得到部署。事實上，下半年也可能是流動性投資組合如何在下半年我們將在有擔保和無擔保市場進行的一些批發融資中支付的情況。希望這能讓您了解我們如何看待下半年的測試版和 NIM，Ryan。

Got it. And then, Brian, we're obviously waiting on a handful of potential regulatory changes in the coming months. Can you maybe just talk about what way, if any, you think this will impact the way that you think about managing both capital and liquidity on a go-forward basis?

知道了。然後，布萊恩，我們顯然正在等待未來幾個月可能出現的一些監管變化。您能否談談您認為這會以何種方式（如果有的話）影響您對未來管理資本和流動性的方式？

Yes, Ryan. So again, [Vice Chair Bar] has indicated that they will put out proposed rules around capital, which again, will have a comment period before a final rule is issued, then an implementation period a couple of years out to fully transition in.

是的，瑞安。因此，[副主席律師協會]再次表示，他們將提出有關資本的擬議規則，在最終規則發布之前，將有一個徵求意見期，然後是幾年後的實施期，以完全過渡。

We've obviously been preparing and have run different scenarios relative to different outcomes when you think about financial changes versus the risk-weighted assets or the potential implications from an operating risk perspective. So I think we've been contemplating that relative to our capital plans. We haven't taken definitive action, so I think it's manageable for us.

當您考慮財務變化與風險加權資產或從操作風險角度考慮的潛在影響時，我們顯然一直在準備並針對不同的結果運行了不同的場景。所以我認為我們一直在考慮與我們的資本計劃相關的問題。我們還沒有採取明確的行動，所以我認為這對我們來說是可以控制的。

I think if the Fed decides to extend some of the long-term debt or TLAC requirements, based on the rules that exist today, we feel like we're in a good position. We are in surplus positions in those. So I think we feel good about what potentially can come.

我認為，如果美聯儲決定根據現有規則延長部分長期債務或 TLAC 要求，我們感覺自己處於有利地位。我們在這些方面處於盈餘地位。所以我認為我們對可能發生的事情感覺良好。

But obviously, we'll look at the rules, we'll evaluate it, and most certainly, we'll adapt our business and try to be smarter with regard to the changes to the risk-weighted assets and how we optimize it. But we haven't taken actions to date, but we'll be closely monitoring, and we'll certainly be addressing as we move forward.

但顯然，我們會研究規則，我們會對其進行評估，而且最肯定的是，我們會調整我們的業務，並努力在風險加權資產的變化以及如何優化它方面變得更加明智。但迄今為止我們尚未採取行動，但我們將密切關注，並且在前進過程中我們肯定會解決這一問題。

We'll take our next question from Kevin Barker with Piper Sandler.

我們將回答凱文·巴克和派珀·桑德勒提出的下一個問題。

We've seen payment rates remain abnormally high for an extended period of time relative to pre-pandemic levels. And obviously, loan growth is still fairly robust. I mean do you expect or do you feel like there is a fundamental shift in consumer behavior right now relative to what you were experiencing in 2018 and 2019, just given that these payment rates remain very high -- could remain elevated for an extended period of time? Just give us an idea of if there was a shift in consumer behavior and what you're seeing today.

我們發現，相對於大流行前的水平，付款率在很長一段時間內保持異常高的水平。顯然，貸款增長仍然相當強勁。我的意思是，考慮到這些支付率仍然非常高，而且可能會在很長一段時間內保持較高水平，您是否預計或感覺與 2018 年和 2019 年相比，目前的消費者行為會發生根本性轉變？請告訴我們消費者行為是否發生了變化以及您今天所看到的情況。

Yes. Thanks, Kevin, for the question. So when we look inside payment rate for a second, there's a couple of different dynamics. We start with -- we don't see something today that says fundamentally, the business paying rates for us or other issuers will be fundamentally different as we look at it, call it, a year from now or so. .

是的。謝謝凱文提出問題。因此，當我們仔細觀察支付率內部時，會發現一些不同的動態。首先，我們今天沒有看到任何從根本上說的東西，從現在起一年左右的時間裡，為我們或其他發行人支付利率的企業將發生根本性的不同。 。

When I look underneath and break it into segments, what you've seen is a normalization back to pre-pandemic levels for the nonprime and lower credit grades. And what's really kind of boosting the payment rate has been prime customers and super prime customers who have built up excess liquidity during the last couple of years, and they continue to pay at a higher rate than they did pre-pandemic.

當我深入觀察並將其分成幾個部分時，您看到的是非優質和較低信用等級的正常化回到大流行前的水平。真正提高支付率的是優質客戶和超級優質客戶，他們在過去幾年中積累了過剩的流動性，並且他們繼續以比大流行前更高的利率支付。

So we expect those people ultimately to normalize back to, I'd say, the pre-pandemic period. We're going to have to wait and see whether or not that happens.

因此，我們預計這些人最終會恢復正常，回到大流行前的時期。我們將不得不等待，看看這種情況是否會發生。

The other dynamic that we have seen is it has been a rise in Auto pay, which is a good thing for us. So we've had about 4 percentage points shift up to about 20% of the accounts paying on Auto pay. And there, that does help [venture] rate, does help delinquency. It does change a little bit of the dynamics on the payment rate, but that's not something that we think is going to have a material shift.

我們看到的另一個動態是汽車支付的增加，這對我們來說是一件好事。因此，我們已經將大約 4 個百分點的賬戶轉向使用自動支付進行支付，達到大約 20%。在那裡，這確實有助於[風險]率，也有助於犯罪率。它確實改變了支付率的一些動態，但我們認為這不會發生重大變化。

So again, we think this is continuing to be part of the K-shaped recovery and part of the exit out of a pandemic period for now. And until we get more clarity with regard to when the excess savings or money that's been accumulated during the pandemic, totally burns off for those higher credits.

因此，我們再次認為，這將繼續成為 K 型複甦的一部分，也是目前擺脫大流行時期的一部分。直到我們更清楚地了解在大流行期間積累的超額儲蓄或資金何時會完全消耗掉這些更高的信用。

Okay. And then maybe just a follow-up on the growth, the 10% plus, right, it implies to be a slowdown from where we are. Do you anticipate an impact on spending and your sales volume due to the student loan restart payments in October? I know you've already made quite a bit of comments on the credit side, but just give us an idea of your expected impact on the spending side.

好的。然後也許只是增長的後續，10% 以上，對吧，這意味著我們的增長速度會放緩。您預計 10 月份學生貸款重啟付款會對支出和銷量產生影響嗎？我知道您已經在信貸方面發表了很多評論，但請讓我們了解一下您對支出方面的預期影響。

Yes, Kevin. So again, we understand the population of people who have student loans. We understand the magnitude relative to the amount of ones that they have outstanding and what is in -- currently in forbearance to non-forbearance. I think when we look at that population and the mix of that population, first of all, they're very close to the FICO range we have. I think they're about 10 points different on advantage for -- excuse me, difference. They're within 10 basis points of delinquency.

是的，凱文。因此，我們再次了解擁有學生貸款的人群。我們了解相對於他們未償還債務的數量以及目前處於寬容和不寬容狀態的金額的大小。我認為，當我們觀察該人群及其組合時，首先，它們非常接近我們的 FICO 範圍。我認為他們在優勢上相差大約 10 分——對不起，差異。他們的拖欠率在 10 個基點以內。

So they look like the regular book, 46% of those people we have underwritten pre-pandemic that were making payments. So we feel good about their ability to manage the financial situation. So I wouldn't anticipate an impact on that when we think about purchase volume as we move into the back half of the year and into early next year.

所以它們看起來就像普通的賬簿一樣，我們在大流行前承保的人中有 46% 正在付款。因此，我們對他們管理財務狀況的能力感到滿意。因此，當我們進入今年下半年和明年初時，當我們考慮購買量時，我預計不會對此產生影響。

Again, I want to be clear, I tried to mention earlier on the call, Kevin, I don't think we see purchase on a dollar basis decelerating, it just goes back into we have a really tough comp last year for everyone, as you saw this acceleration coming out of the backside of the pandemic, which was pent-up spending in demand both for goods and services. So we feel good about the volume. Brian highlighted Health & Wellness and Digital, which are really pulling the engine forward here, and we expect that to continue.

再次，我想澄清，我試圖在電話會議上提到，凱文，我不認為我們看到以美元為基礎的購買減速，這只是回到去年我們對每個人來說都非常艱難的競爭，正如你看到的這種加速來自大流行的背後，這是被壓抑的商品和服務需求支出。所以我們對音量感覺良好。布萊恩強調了健康與保健和數字化，它們確實推動了這裡的發展，我們預計這種情況將繼續下去。

Our next question will come from Rick Shane with JPMorgan.

我們的下一個問題將來自摩根大通的 Rick Shane。

Kevin really covered my primary topic, but I'd love to discuss a little bit in terms of funding. You've alluded to the fact that in the second half of the year, you're going to look to the secured and unsecured markets.

凱文確實涵蓋了我的主要主題，但我很想討論一下資金方面的問題。您已經提到，在今年下半年，您將關注有擔保和無擔保市場。

I'm just curious, realizing that you guys have not faced the issues that some financial institutions have had related to deposits, whether the events of this year have caused you to at least take down your sort of target deposit ratio, going forward?

我只是好奇，意識到你們沒有遇到一些金融機構在存款方面遇到的問題，今年的事件是否導致你們至少降低了未來的目標存款比率？

Yes. Thanks, Rick. So no, we have not altered our intended targets for the funding stack. We feel very confident and very proud of our deposit franchise, which I believe comprises 84% of our funding. As we look at the first half performance of this year, we were positive on net flows every week, including the weeks where there was the bank turmoil.

是的。謝謝，瑞克。因此，我們沒有改變融資堆棧的預期目標。我們對我們的存款特許經營權感到非常有信心和自豪，我相信這占我們資金的 84%。當我們審視今年上半年的表現時，我們對每週的淨流量都持樂觀態度，包括銀行動蕩的幾週。

So we feel good about our ability to attract deposits. And those deposits, when you look at the vintages, we've grown the vintages in the first half of the year back. So the customers are sticking with us. We continue to have a high retention rate with regard to CD. So the stickiness of having essentially 99% retail deposits is really helping us as we move forward.

因此，我們對自己吸引存款的能力感到滿意。而這些存款，當你查看年份時，我們在今年上半年就種植了年份。所以客戶一直選擇我們。我們在 CD 方面仍然保持著較高的保留率。因此，擁有 99% 的零售存款的粘性確實對我們的前進有幫助。

Our willingness and desire to tap the wholesale markets, it's a very important part of our funding sources. And I think to some degree, when you go longer periods without being into those 2 markets, it becomes more costly for people to willing to buy in and underwrite your name. So having a presence in those markets and continuing to be active over time, particularly when we have debt maturities is going to be important.

我們願意並渴望開拓批發市場，這是我們資金來源的一個非常重要的部分。我認為在某種程度上，當你長時間不進入這兩個市場時，人們願意購買和承銷你的名字的成本就會變得更高。因此，在這些市場上佔有一席之地並隨著時間的推移繼續保持活躍，特別是當我們的債務到期時，這將非常重要。

We also have some maturities in the back half of the year relative to CDs and things like that. So to try to manage the betas, accessing the wholesale market in certain increments makes a lot of intuitive sense for us. So again, we feel good about the deposit franchise. And that would be, again, 80-plus percent of our funding stack as we continue to move forward, is our goal.

我們還有一些與 CD 等相關的產品在今年下半年到期。因此，為了嘗試管理測試版，以一定的增量進入批發市場對我們來說具有很大的直觀意義。再說一次，我們對存款特許經營權感覺良好。隨著我們繼續前進，這將再次占到我們資金總額的 80% 以上，這是我們的目標。

Great. Brian that's very helpful. As you think about the wholesale market, can you talk a little bit in this rate environment and supply and demand, is there -- what is the potential arbitrage in terms of funding versus the deposit market?

偉大的。布萊恩，這很有幫助。當您考慮批發市場時，您能否談談在這種利率環境和供求關係下，資金相對於存款市場的潛在套利是什麼？

Yes. Rick, for us, it's really about access. I mean obviously, credit spreads are a little bit wider than we would like, given some of the uncertainty, and then we'll certainly give some people's where benchmark rates may go even after the Fed meeting later this month. So we less look at it as an arbitrage, more as "How do I create a steady foundation and have the proper mix, going forward?"

是的。里克，對我們來說，這實際上是關於訪問。我的意思是，顯然，考慮到一些不確定性，信貸利差比我們希望的要寬一些，然後我們肯定會告訴一些人即使在本月晚些時候的美聯儲會議之後基準利率可能會走向何方。因此，我們不再將其視為套利，而是將其視為“未來如何創建穩定的基礎並擁有適當的組合？”

And we think, to some degree, we continue to drive what we think is very good performance in the business, show the credit performance here, show our ability to manage the regulatory environment that the credit spreads will tighten in over time. But we don't look at it as an arbitrage. We more look at it as "How do I get a balance funding need in order to really protect the balance sheet of the company and provide the appropriate liquidity under all situations?"

我們認為，在某種程度上，我們繼續推動我們認為非常好的業務表現，展示這裡的信貸表現，展示我們管理監管環境的能力，隨著時間的推移，信貸利差將收緊。但我們並不將其視為套利。我們更多地將其視為“我如何獲得平衡資金需求，以真正保護公司的資產負債表並在所有情況下提供適當的流動性？”

We'll take our next question from Sanjay Sakhrani with KBW.

我們將接受 KBW 的 Sanjay Sakhrani 提出的下一個問題。

There's some news out there that there's at least 1 large portfolio out there for RFP, big technology company. And obviously, Walmart still remains in flux. I'm curious, Brian Doubles, if you could give us a sense of where Synchrony might stand for any larger portfolios or any other deal that might be out there?

有消息稱大型科技公司 RFP 至少有 1 個大型投資組合。顯然，沃爾瑪仍在不斷變化。我很好奇，Brian Doubles，您能否讓我們了解 Synchrony 對於任何更大的投資組合或任何其他可能存在的交易可能代表什麼？

Yes. Sure, Sanjay. Look, I would say with a couple of exceptions, most of what's in our BD pipeline right now are smaller start-up kind of de novo opportunities, which we're really excited about, but obviously take more time to grow.

是的。當然，桑傑。聽著，我想說，除了幾個例外，我們現在的 BD 渠道中的大多數都是小型初創企業的從頭機會，我們對此感到非常興奮，但顯然需要更多時間來成長。

I think, on larger opportunities, obviously, we're very active there as well. But I would also say, that's where we're extremely disciplined as well in terms of risk/, return, making sure we've got the right balance, the right alignment with partners. I think that's just absolutely critical.

我認為，顯然，在更大的機會上，我們也非常活躍。但我還要說，這就是我們在風險/回報方面非常嚴格的地方，確保我們與合作夥伴實現正確的平衡和正確的協調。我認為這絕對是至關重要的。

So I think you're always going to see us steer a little bit more on the small to midsize deals because we just hold the higher deals to -- or the bigger deals to a higher level of scrutiny in terms of risk and return and alignment with the partner.

因此，我認為你總是會看到我們對中小型交易進行更多引導，因為我們只是對更高級別的交易進行控制，或者對更大的交易進行更高級別的審查，包括在風險和回報以及與合作夥伴的協調方面。

I appreciate that. And then, I guess, a follow-up on some of the late fee regulation commentary. I guess what I'm -- what I seem to be hearing is like there might not be a whole lot of move on the safe harbor amount that was proposed.

我很感激。然後，我想，是一些滯納金監管評論的後續行動。我想我的想法是——我似乎聽到的是，擬議的安全港金額可能不會有很大的變化。

And I'm just curious, like as we think about how the adjustments might be made, it's a pretty significant decline in that rate. I guess what is your operating assumption as you move forward, as you talk to your partners? I mean, is it as low as the safe harbor that's been proposed?

我只是很好奇，就像我們考慮如何進行調整一樣，這個比率出現了相當顯著的下降。我想當你繼續前進時，當你與你的合作夥伴交談時，你的運營假設是什麼？我的意思是，它是否與提議的安全港一樣低？

Yes. So look, we clearly think that this proposal has a lot of unintended consequences to consumers, even to small businesses who rely on credit. So we don't agree with $8. We think that $8 is not a deterrent. It's not an incentive to pay on time. It will restrict credit to some customers. It will make credit more expensive to many customers. And so we're very active with the rest of the industry in the [comment letter] process, and we would certainly welcome a higher amount than the $8.

是的。所以看，我們顯然認為這項提案對消費者，甚至對依賴信貸的小企業產生了很多意想不到的後果。所以我們不同意8美元。我們認為 8 美元不會構成威懾。這不是按時付款的激勵措施。它將限制對某些客戶的信貸。對於許多客戶來說，這將使信貸變得更加昂貴。因此，我們在 [評論信] 流程中與行業其他公司非常積極，我們當然歡迎高於 8 美元的金額。

But with that said, we have to prepare for the $8 to go into effect as written right now. And so that's kind of our base operating assumption. We do think that if the cost calculation were designed differently, we could certainly substantiate a cost higher than $8. And so that's another angle that we're pursuing here.

但話雖如此，我們必須為 8 美元立即生效做好準備。這就是我們的基本運營假設。我們確實認為，如果成本計算設計不同，我們肯定可以證實成本高於 8 美元。這是我們在這裡追求的另一個角度。

But we need to have revenue offsets that we're ready to put in place to offset that. Because again, our goal is to protect our partners here and continue to underwrite their customers just like we do today. And so those are the discussions that are ongoing and those -- that's really where we've been focused for the last 10 to 12 months.

但我們需要準備好收入抵消來抵消這一影響。因為我們的目標是保護我們的合作夥伴，並像我們今天一樣繼續為他們的客戶提供承保。這些是正在進行的討論——這確實是我們過去 10 到 12 個月以來一直關注的焦點。

We'll take our next question from John Pancari with Evercore ISI.

我們將接受 Evercore ISI 的 John Pancari 提出的下一個問題。

Regarding the credit actions that you've mentioned you're taking into 2024, given some migration on the nonprime side, can you give us more color on what portfolios you're seeing this migration and what actions you're taking, if you can give us a little more detail on that front?

關於您提到的到 2024 年要採取的信貸行動，考慮到非主要方面的一些遷移，您能否給我們更多關於您看到這種遷移的投資組合以及您正在採取哪些行動的信息，如果您能給我們提供更多這方面的細節？

Yes. Thanks, John. Obviously, we can't get into specifics with regard to portfolios. But I think broader based, if you had a credit that was in the, call it, 700 range and you saw a migration of 50 or 60 basis points into non-prime, we would look at that account before we used to wait and kind of look at it.

是的。謝謝，約翰。顯然，我們無法詳細討論投資組合。但我認為，從更廣泛的角度來看，如果你的信貸在 700 範圍內，並且看到 50 或 60 個基點遷移到非優質賬戶，那麼我們會在過去等待和查看之前查看該賬戶。

Now we look at it in combination of other factors and decide immediately whether or not we want to reduce the exposure down to the balance, so a credit line [decrease] or 2. If it has other attributes that we may be more uncomfortable with, we do a credit line closure, account closure on that account. And we do the same thing effectively in our inactive portfolio.

現在我們結合其他因素來看待它，並立即決定是否要將風險敞口減少到餘額，因此信用額度[減少]或2。如果它具有我們可能更不舒服的其他屬性，我們會關閉信用額度，關閉該帳戶的賬戶。我們在不活躍的投資組合中有效地做了同樣的事情。

So these are -- what I'd say, this why it's not -- it's unlikely to have a material effect next year is because these are significant movements into nonprime, just because they're not performing the way they would and they had a very significant movement at the time. So again, not broad-based. We only draw the fact, to be honest with you, John, because we said all our actions have been idiosyncratic.

所以這些——我想說的是，這就是為什麼它不會——明年不太可能產生實質性影響，因為這些都是進入非主要市場的重大運動，只是因為它們沒有按照預期的方式表現，而且當時有一個非常重大的運動。再說一次，基礎不廣泛。約翰，說實話，我們只是得出事實，因為我們說過我們所有的行為都是特殊的。

These are, what I'd say, minor refinements that -- but again, we are more broader-based. If we see it anywhere in the portfolio, we're going to take action. Again, it's really more to derisk next year a little bit, but not something that's likely to have a material effect.

我想說的是，這些都是微小的改進——但同樣，我們的基礎更廣泛。如果我們在投資組合中的任何地方看到它，我們就會採取行動。再說一次，明年確實需要稍微規避一些風險，但不會產生實質性影響。

Got it. All right. And then separately, on the expense front, can you give us a little bit more color on your updated expense outlook? I know you bumped that up a bit and mentioning growth in operating losses. So maybe could you help give us more color there, maybe break it out and kind of set out what drove the revision?

知道了。好的。另外，在費用方面，您能給我們更多關於您最新的費用前景的信息嗎？我知道您稍微提高了這一數字並提到了營業虧損的增長。那麼也許你可以幫助我們提供更多的顏色，也許將其分解並列出推動修訂的原因？

Sure. So when we look at growth, I mean, obviously, the growth for us, we raised the guide for the beginning part of the year. We are seeing opportunities to invest more in the portfolio. Brian highlighted, particularly in the Health & Wellness and CareCredit, the ability for us to lean into that segment a little bit more. We saw opportunities really to kind of grow with our Allegro product or others that made sense for us to grow the portfolio.

當然。因此，當我們考慮增長時，我的意思是，顯然，我們的增長，我們提高了今年年初的指導。我們看到了對投資組合進行更多投資的機會。 Brian 強調，特別是在健康與保健和 CareCredit 領域，我們有能力更多地涉足這一領域。我們看到了真正與我們的 Allegro 產品或其他對我們擴大產品組合有意義的產品一起成長的機會。

So we are seeing growth. We've added some incremental resources around that, which we think drive it. Overall purchase volume has been a little bit stronger in the first half. But again, we expect to have some variable cost increases as you think about more active accounts in the back half of the year as we service those accounts. So from a [gross] standpoint, those are some of the attributes and again, ones in which we're going to be -- if we find a good risk-adjusted return we want to lean into in this environment from a gross standpoint.

所以我們看到了增長。我們圍繞這一點添加了一些增量資源，我們認為這會推動它。上半年整體採購量有所增強。但同樣，我們預計可變成本會有所增加，因為您會想到下半年我們為這些賬戶提供服務時會出現更多活躍賬戶。因此，從[總體]的角度來看，這些是我們將要具備的一些屬性——如果我們找到良好的風險調整回報，那麼從總體的角度來看，我們希望在這種環境中有所投入。

The operational losses, we -- the whole industry really benefited the last couple of years as [later] fraud migrated to some of the buy now, pay later and other people who may not have had as robust fraud strategies in place. So we saw abnormally low. And again, this is industry-wide fraud relative to the purchase line. That is migrating back to what I'd say is a more historical level.

運營損失，我們——整個行業在過去幾年確實受益，因為[後來]欺詐行為轉移到了一些現在購買、稍後付款的人以及其他可能沒有製定強有力的欺詐策略的人身上。所以我們看到異常低。再說一次，這是與購買線相關的全行業欺詐。這就是回到我所說的更歷史的水平。

This quarter, we did have one particular incident from a partner who had an exposure, which drove the costs up here a little bit, but there's an RSA offset to it. So again, we just see more normal migration back to what would be in the pre-pandemic period. It's not something that we look at and say this is going to become a challenge for the industry or for us individually, just more the migration back to more normalized levels.

本季度，我們確實遇到了來自一位有風險的合作夥伴的特殊事件，這使得這裡的成本略有上升，但 RSA 對此進行了抵消。因此，我們再次看到更多正常的移民回到了大流行前的時期。我們並不是說這將成為行業或我們個人的挑戰，而只是回到更正常化的水平。

I think the only thing I'd add to that is we're clearly getting operating leverage, and you saw a pretty good year-over-year improvement in the efficiency ratio. So that's the key measure for us that obviously we're very focused on.

我認為我唯一要補充的是，我們顯然獲得了運營槓桿，並且您看到效率比同比有了相當好的改善。所以這對我們來說是一個關鍵指標，顯然我們非常關注。

We'll take our next question from Betsy Graseck with Morgan Stanley.

我們將回答摩根士丹利的貝特西·格拉塞克 (Betsy Graseck) 提出的下一個問題。

This is Jeff Adelson on for Betsy. I was just wondering if you could talk a little bit about the RSA sustainability at these lower run rate levels relative to the longer-term guide you have of the 4% to 4.5%? And what maybe is taking that lower in the 2023 guide, with the NCO is going lower as well? Does that reflect something where maybe your retail partners are a little bit more willing to share in the higher OpEx you've seen come through?

我是貝特西的傑夫·阿德爾森。我只是想知道您是否可以談談相對於 4% 至 4.5% 的長期指導而言，在這些較低運行率水平下 RSA 的可持續性？ 2023 年指南中的 NCO 也會降低，這可能是因為什麼？這是否反映出您的零售合作夥伴可能更願意分享您所看到的更高的運營支出？

Yes. Thanks, Jeff. The RSA does incorporate expense in, so expenses would flow through to our partners as well as -- it's really impacting now is, again, some of the pressure you saw on the net interest margin from interest-bearing liabilities cost. They flow through to the partner as well. So I think you combine that with credit normalization, and you really get the effect that we have. Again, the 4 to [4.25] we started the year now, the [3.90] to [4.15] is at the lower end of our long-term guide.

是的。謝謝，傑夫。 RSA 確實將費用納入其中，因此費用將流向我們的合作夥伴以及——現在真正產生影響的是，您看到的帶息負債成本對淨息差的一些壓力。它們也會流向合作夥伴。所以我認為你將其與信用正常化結合起來，你就會真正得到我們所擁有的效果。同樣，我們今年年初的 4 至 [4.25] 區間，[3.90] 至 [4.15] 區間處於我們長期指導的下限。

I think, again, the long-term guide has a slightly higher net charge-off rate but higher margin where you share. But again, we look at the RSA -- and when you look at the performance, when obviously, we had much lower net charge-offs and the profitability is higher, the RSA was higher.

我再次認為，長期指南的淨沖銷率略高，但您分享的利潤率更高。但我們再次關注 RSA——當你觀察性能時，很明顯，我們的淨沖銷要低得多，盈利能力更高，RSA 更高。

And now, as you see a little bit of this interest-bearing liability cost increase, net charge-off increase, slightly higher expenses, the RSA is performing like it should, and it's designed to where it's a little bit lower than the expectation.

現在，正如您看到的帶息負債成本增加、淨沖銷增加、費用略有增加一樣，RSA 的表現符合其應有的水平，而且它的設計比預期略低。

Again, we updated the guidance to be 3.90 to 4.15 . And we believe that, that is, for this year, a good estimate of where the performance is going to be. And we'll be back. But again, we feel good about the long-term guide, and there hasn't been any fundamental shifts in the sharing of economics with our partners.

我們再次將指導值更新為 3.90 至 4.15 。我們相信，對於今年的表現來說，這是一個很好的估計。我們會回來的。但我們再次對長期指南感到滿意，並且與合作夥伴共享經濟方面沒有發生任何根本性轉變。

And then just in terms of your new account action profile, I know you talked in prior quarters about the relative tightening you guys have been doing. I was just wondering if we could get an update on any incremental actions you've taken over the last 3 months?

然後，就您的新帳戶操作資料而言，我知道您在前幾個季度談到了你們一直在採取的相對緊縮措施。我只是想知道我們是否可以獲得您在過去 3 個月內採取的任何增量行動的最新信息？

And I know you already gave an update on the student loan repayment side of things. Just wondering if that factors into how you're underwriting people today, and maybe what you're hearing from your folks who are calling in on that repayment starting?

我知道您已經提供了學生貸款償還方面的最新情況。只是想知道這是否會影響您今天對人們的承保方式，也許您從打電話要求還款開始的人們那裡聽到了什麼？

Yes, Jeff, we haven't taken any broad-based actions with regard to account acquisition. We really look there at performance against risk-adjusted margin and probability to [fault] on a partner channel basis. So we've been making more refinements there but not broad-based action. So we feel good about it.

是的，傑夫，我們尚未就帳戶獲取採取任何廣泛的行動。我們確實會根據風險調整後的利潤和合作夥伴渠道的[故障]概率來考察績效。因此，我們一直在這方面進行更多改進，但沒有採取廣泛的行動。所以我們對此感覺良好。

You got to remember us as an issuer, we get selected for credit versus others who do mailings and choose people to apply for credit. So we have to be hopefully smarter at the time of that decision in which we can gather more data, use data from our partners, use unique data attrites, bringing it to make that smarter decision.

您必須記住我們作為發行人，我們被選擇獲得信貸，而不是其他進行郵寄並選擇人員申請信貸的人。因此，我們在做出決策時必須變得更加明智，我們可以收集更多數據，使用來自合作夥伴的數據，使用獨特的數據屬性，從而做出更明智的決策。

So -- the other important point I'd say is during the pandemic period, we really don't open and close the acquisition lever. We make small adjustments as we see fit, where relative to line assignments, but we try to be consistent with our partners and really manage the exposure to the line.

因此，我要說的另一個重要點是，在大流行期間，我們確實不會打開和關閉收購槓桿。我們會根據生產線分配進行我們認為合適的小幅調整，但我們會盡力與合作夥伴保持一致，並真正管理生產線的風險。

So again, no significant changes on account acquisition. I think you can see that in the consistency of our new account origination, both last year and through the first half of this year.

同樣，帳戶獲取方面沒有重大變化。我想你可以從我們去年和今年上半年新賬戶創建的一致性中看到這一點。

Our next question comes from John Hecht with Jefferies.

我們的下一個問題來自杰弗里斯的約翰·赫克特。

First one is, Brian Doubles, I think you gave a little bit more color on the usage of BNPL and I guess, the increased usage of the BNPL product in your portfolio. It sounds like you're emphasizing it in the sense as maybe a customer acquisition tool for some of your counterparties.

第一個是，Brian Doubles，我認為您對 BNPL 的使用提供了更多的色彩，我想，您的投資組合中 BNPL 產品的使用量有所增加。聽起來您強調它可能是某些交易對手的客戶獲取工具。

I'm just wondering with respect to that, is it -- I guess, how is it -- is that the point now where it affects volumes overall and fee structures and that margins overall? And if so, how does the impact of the BNPL product impact those metrics?

我只是想知道，我猜是怎麼樣的，現在它是否會影響總體交易量、費用結構以及總體利潤率？如果是這樣，BNPL 產品對這些指標有何影響？

Yes, sure, John. So I think -- just to take a step back, I think the -- just to reiterate what we think is this long-term strategy here is the multiproduct, and there's real benefits there that our partners are fully realizing now in terms of how these products can complement each other, right? They don't cannibalize, they actually complement each other, and they provide choice to both our partner and their customers. And I think that's really important. .

是的，當然，約翰。所以我認為——只是退一步，我想——只是重申一下我們認為這裡的長期戰略是多產品，我們的合作夥伴現在充分意識到這些產品如何相互補充有真正的好處，對嗎？他們不會互相蠶食，實際上是互補的，並且為我們的合作夥伴及其客戶提供了選擇。我認為這非常重要。 。

So in some partners, this may be a customer acquisition tool, right, where we bring them in on a buy now, pay later product, and then we upgrade them over time into our revolving product and a Dual Card. And when we look at the lifetime value of that customer, we can make that work, we can make the economics work.

因此，在某些合作夥伴中，這可能是一種客戶獲取工具，對吧，我們將他們引入“立即購買，稍後付款”的產品，然後我們隨著時間的推移將他們升級為我們的循環產品和雙卡。當我們關注該客戶的終生價值時，我們就可以使其發揮作用，我們就可以使經濟效益發揮作用。

So I think that's kind of the power of this model, is that you can make this more attractive to both us and our partners from an economic standpoint. One of the things that we've talked about is we've seen a little bit of a shift in that. Through the pandemic, you saw partners engaging in buy now, pay later. If they need to drive sales, they want to bring in new traffic and customers.

所以我認為這就是這種模式的力量，從經濟的角度來看，你可以讓這種模式對我們和我們的合作夥伴都更具吸引力。我們討論過的一件事是我們看到了一些變化。在大流行期間，您看到合作夥伴參與“立即購買，稍後付款”的做法。如果他們需要推動銷售，他們希望引入新的流量和客戶。

And then they took a little bit of a step back in a higher interest rate environment, so a lot of these products are actually really expensive. And maybe there's a different model here. And that's really the model that we're employing, which is for some customers and some purchases, an installment loan makes sense. For some purchases, a revolving product makes more sense. And so it really is partner-by-partner in terms of the strategy that we're employing.

然後他們在較高的利率環境下退了一步，所以很多這些產品實際上非常昂貴。也許這裡有不同的模型。這確實是我們正在採用的模式，對於某些客戶和某些購買，分期貸款是有意義的。對於某些購買，循環產品更有意義。因此，就我們採用的策略而言，這確實是逐個合作夥伴的合作。

But the good news is that we can customize that completely for the partner, given the economic sharing and the arrangements that we have with them. So we can really make this work in a number of different ways and customize it in a way that is economically attractive for the partner, but also helps us balance the risk and the return.

但好消息是，考慮到我們與合作夥伴的經濟共享和安排，我們可以完全為合作夥伴定制。因此，我們確實可以通過多種不同的方式來實現這項工作，並以對合作夥伴具有經濟吸引力的方式進行定制，同時也有助於我們平衡風險和回報。

Okay. That's very helpful color. And then Brian Wenzel, I think you touched on this, so I apologize for any redundancy, but maybe a quick color on the seasonality of Q3 and Q4 NIM, anything to consider there?

好的。這是非常有用的顏色。然後 Brian Wenzel，我想你提到了這一點，所以我對任何冗餘表示歉意，但也許對第三季度和第四季度 NIM 的季節性有一個快速的了解，有什麼需要考慮的嗎？

Yes. Thanks, John, for the question. I think as you think about net interest margin, again, some of the liquidities deployed as we begin to build assets going into the back half of the year, plus some of the tailwinds relative to some of the benchmark rate increases, you should see that net interest margin tick up a little bit in the third quarter and then kind of flatten out in the fourth. So -- but again, I think short term, you think you'll see a little bit of benefit from where we exit out of Q2.

是的。謝謝約翰提出這個問題。我認為，當你再次考慮淨息差時，我們在下半年開始建立資產時部署的一些流動性，加上相對於一些基準利率上漲的一些順風，你應該會看到淨息差在第三季度略有上升，然後在第四季度趨於平緩。所以，但我再次認為，從短期來看，你認為你會從我們退出第二季度的情況中看到一些好處。

We have time for one more question from Dominick Gabriele at Oppenheimer.

我們還有時間回答奧本海默的多米尼克·加布里埃爾（Dominick Gabriele）提出的另一個問題。

I was just curious about the debt collection fees. They seem to be going up a little bit. And I was wondering if there's anything we should read into within that line, not just for Synchrony, but for the general industry when we think about net charge-offs moving forward? And I just have a follow-up.

我只是對追債費用感到好奇。他們似乎在上升一點。我想知道，當我們考慮未來的淨沖銷時，我們是否應該在該行中閱讀任何內容，不僅是針對 Synchrony，而且是針對整個行業？我只是有一個後續行動。

Yes. So when I think about that product, I wouldn't -- well, first of all, I'm not sure I can comment for the industry. I think when we look at it what this represents, we primarily originate this through digital channels. And I see as we have pushed more into digital, so I'll just see a little bit more sign up as people have the ability to really understand the product, its terms and conditions and sign up for, number one.

是的。因此，當我想到該產品時，我不會——嗯，首先，我不確定我可以對這個行業發表評論。我認為，當我們審視它所代表的含義時，我們主要是通過數字渠道起源的。我認為，隨著我們更多地推動數字化，所以我只會看到更多的註冊，因為人們有能力真正了解產品、其條款和條件並註冊，這是第一。

And two, I think as you see average balances increasing, you then get a rate impact on the higher balance that's being protected, so again, a product that we feel good about the benefits that we offer to our consumers. And we do it in a way that's transparent to the digital channels, which obviously we pushed into in the last couple of years a little bit more heavily.

第二，我認為，當您看到平均餘額增加時，您就會對受保護的較高餘額產生利率影響，因此，我們對為消費者提供的好處感到滿意的產品。我們以對數字渠道透明的方式做到這一點，顯然我們在過去幾年中加大了力度。

Great. And if we just talk about expenses a little bit, the incremental expenses between the guidance numbers, could you just talk about where you're kind of putting on the gas pedal, is it marketing? Is it a customer acquisition? Or is it tech advancement? How do we think about the incremental spend that drove the increase in run rate of expenses?

偉大的。如果我們只談論一下費用，指導數字之間的增量費用，你能談談你在哪裡踩油門嗎，是營銷嗎？是獲取客戶嗎？還是科技的進步？我們如何看待導致費用運行率增加的增量支出？

Yes. Thanks for the question. So I think when you think about where we're putting on expenses, first is going to be in some of the employee costs as we look to people to drive strategic initiatives inside our Health & Wellness platform and inside really our marketplace in some of the place where we're engaging with the consumer products. So some of that requires headcount in order to drive some of the technology that's in there.

是的。謝謝你的提問。因此，我認為，當你考慮我們在哪些方面投入開支時，首先是一些員工成本，因為我們希望人們在我們的健康與保健平台以及我們的市場中與消費產品打交道的一些地方推動戰略舉措。因此，其中一些需要人員來推動其中的一些技術。

There clearly is a technology component that leans in there as we have contractors who are building capabilities that really enhance our customers' experience. And then you are seeing a little bit on the marketing line, we continue to lean into some of the direct-to-consumer businesses inside of Health & Wellness as we try to promote the product to really drive the experience and manage what is a very difficult healthcare environment for folks as more costs are shifting towards them.

顯然，這裡有一個技術組件，因為我們的承包商正在構建真正增強客戶體驗的能力。然後你會在營銷線上看到一點，我們繼續傾向於健康與保健領域內的一些直接面向消費者的業務，因為我們試圖推廣產品，以真正推動體驗並管理人們非常困難的醫療保健環境，因為更多的成本正在轉向他們。

So it's really across those 3 levers: employee costs as well as technology and marketing. And you will see that again, that normalization of operational losses as we move forward.

因此，這實際上涉及這三個槓桿：員工成本以及技術和營銷。隨著我們的前進，您將再次看到運營損失的正常化。

And we've got a very disciplined approach on that. We make sure that we're getting the right return on those investments. You're seeing that come through in the top line growth. You're seeing the net effect on that operating leverage and the efficiency ratio, as I mentioned earlier.

我們對此採取了非常嚴格的方法。我們確保這些投資獲得適當的回報。您會看到這一點在收入增長中得到體現。正如我之前提到的，您會看到對運營槓桿和效率比的淨影響。

This concludes Synchrony's earnings conference call. You may disconnect your line at this time, and have a wonderful day. Thank you so much.

Synchrony 的收益電話會議到此結束。此時您可以斷開線路，度過美好的一天。太感謝了。