Synchrony Financial (SYF) 2024 Q4 法說會逐字稿

Good morning and welcome to the Synchrony Financial fourth-quarter and full year 2024 earnings conference call. Please refer to the company's investor relations (technical difficulty) website for access to their earnings materials. (Operator instructions)

早安，歡迎參加 Synchrony Financial 2024 年第四季和全年財報電話會議。請參閱該公司的投資者關係（技術難度）網站以取得其收益資料。（操作員指令）

I will now turn the call over to Kathryn Miller, Senior Vice President of Investor Relations. Thank you, you may begin.

現在我將電話轉給投資者關係高級副總裁凱瑟琳·米勒。謝謝您，您可以開始了。

Thank you and good morning, everyone. (technical difficulty) Welcome to our quarterly earnings conference 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，早安。（技術難題）歡迎參加我們的季度財報電話會議。新聞稿、詳細的財務時間表和簡報可在我們的網站 synchronyfinancial.com 上找到。您可透過造訪網站的投資者關係部分來取得此資訊。

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 can 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。這些聲明受風險和不確定性的影響，實際結果可能有重大差異。我們在網站上的美國證券交易委員會文件中列出了可能導致實際結果出現重大差異的因素。

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.

在電話會議中，我們將參考非公認會計準則財務指標來討論公司的表現。您可以在我們今天電話會議的資料中找到這些指標與 GAAP 財務指標的對帳表。最後，Synchrony Financial 不對第三方提供的我們的收益電話會議記錄的準確性負責，也不編輯或保證其準確性。唯一授權的網路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 Brian Doubles。Synchrony 總裁兼執行長；以及執行副總裁兼財務長 Brian Wenzel。現在我將電話轉給 Brian Doubles。

Thanks Kathryn and good morning everyone. I'd like to first take a moment to acknowledge all those who have been affected by the devastation of the California wildfires. Synchrony has colleagues, customers, partners and providers that were impacted. And while we do not expect a meaningful financial impact on our business, we are monitoring the situation closely and offering support in a number of ways to all those affected.

謝謝凱瑟琳，大家早安。首先，我想花點時間向所有受到加州野火破壞影響的人們表示感謝。Synchrony 的同事、客戶、合作夥伴和供應商都受到了影響。雖然我們預計這不會對我們的業務產生重大的財務影響，但我們正在密切監視情況並透過多種方式向所有受影響的用戶提供支援。

Moving to synchrony's fourth quarter performance. We added 5 million new accounts, generated $48 billion of purchase volume and grew ending loan receivables by 2%. In addition, we continue to see improvement in our portfolios year-over-year delinquency trends. Our RSA continued to align the interests of both Synchrony and our partners and we maintained our cost discipline to deliver fourth quarter net earnings of $774 million or $1.91 per diluted share, a return on average assets of 2.6% and a return on tangible common equity of 23%.

轉向同步第四季的表現。我們增加了 500 萬個新帳戶，產生了 480 億美元的購買量，期末應收貸款增加了 2%。此外，我們繼續看到我們的投資組合的拖欠趨勢逐年改善。我們的 RSA 繼續協調 Synchrony 和我們合作夥伴的利益，我們保持成本控制，實現第四季度淨收益 7.74 億美元或每股 1.91 美元，平均資產回報率為 2.6%，有形普通股回報率為23%。

These fourth quarter results enabled a strong close to 2024, during which Synchrony acquired almost 20 million new accounts and financed more than $182 billion of purchase volume. This year marked our second highest level of purchase volume and serves as an important testament to the lasting appeal of our diverse and flexible financing solutions and compelling value propositions that we offer.

第四季的業績為 2024 年畫上了強勁的句號，在此期間，Synchrony 獲得了近 2000 萬個新帳戶，並為超過 1820 億美元的購買量提供了融資。今年我們的採購量創下了歷史第二高，這也充分證明了我們多樣化、靈活的融資解決方案和令人信服的價值主張具有持久的吸引力。

Synchrony deeply understands the needs of our many stakeholders. And so even as customers became more discerning in their spending choices and the impacts of persistent inflation and our credit actions took hold as the year progressed. Synchrony leveraged our scale, our data analytics and deep lending expertise and our advanced digital capabilities to remain nimble and responsive in a rapidly changing environment.

Synchrony 深刻理解我們眾多利害關係人的需求。因此，儘管客戶在消費選擇上變得更加謹慎，並且持續通膨的影響和我們的信貸行動隨著時間的推移而逐漸顯現。Synchrony 利用我們的規模、數據分析和深厚的貸款專業知識以及先進的數位能力，在快速變化的環境中保持靈活和響應。

As a result, Synchrony generated full year 2024 net earnings of $3.5 billion or $8.55 per diluted share, a return on average assets of 2.9% and a return on tangible common equity of 27.5%. The financial performance included both the positive and adverse impacts of several nonrecurring events in our business, ranging from the sale of one business and the acquisition of another to the undertaking of an unprecedented multiphase plan to prepare for a potential regulatory change with far reaching implications for the consumer lending industry.

結果，Synchrony 2024 年全年淨利為 35 億美元，即每股攤薄收益 8.55 美元，平均資產回報率為 2.9%，有形普通股回報率為 27.5%。財務表現包括我們業務中幾個非經常性事件的正面和負面影響，從出售一項業務、收購另一項業務，到實施一項前所未有的多階段計劃，以應對可能對公司產生深遠影響的監管變化。

And yet through all the complexities of these opportunities, and amidst an ever evolving landscape, Synchrony executed at a high level across all our key strategic priorities to optimize our business and position us for sustainable growth at strong risk adjusted returns for the long term.

然而，儘管面臨許多機會和不斷變化的形勢，Synchrony 仍然高水準地執行了所有關鍵戰略重點，以優化我們的業務，並使我們處於長期可持續增長和強勁風險調整回報的位置。

During 2024, we added more than 45 new partners, including iconic brands like Virgin, Gibson and BRP, as well as technology oriented relationships like (inaudible) practice management software and servicetitan. Each of these editions further diversified the industries, products and services for which Synchrony can provide flexible financing solutions, while also extending our customer reach.

2024 年，我們增加了 45 多個新合作夥伴，包括 Virgin、Gibson 和 BRP 等標誌性品牌，以及（聽不清楚）實踐管理軟體和 servicetitan 等技術導向型合作夥伴。每個版本都進一步豐富了 Synchrony 可以提供靈活融資解決方案的產業、產品和服務，同時擴大了我們的客戶範圍。

Synchrony also grew and expanded existing partnerships during the year with the renewal of more than 45 programs, including Verizon and Generac and more recently, two of our top five partners, Sam's Club and JC Penney.

Synchrony 在這一年中也發展並擴大了現有的合作夥伴關係，續簽了超過45 個項目，其中包括Verizon 和Generac，以及最近與我們五大合作夥伴中的兩家——山姆會員商店(Sam's Club ) 和JC Penney。

We're excited to announce that in January we renewed and extended our more than 30 year relationship with Sam's Club, which builds upon our strong focus of delivering member centric, digital experiences and value.

我們很高興地宣布，今年一月份我們重新開啟並延長了與山姆會員店 30 多年的合作關係，這更加建立在我們致力於提供以會員為中心的數位體驗和價值的基礎上。

Synchrony's partnership with JC Penney has also evolved over nearly 25 years through both collaboration and innovation as our customers' needs have changed. Our long term program extension and expansion will now include the introduction of Synchrony pay later. Our buy now pay later financing solution with 6, 12 or 24 month installment payments. Customers can scan a QR code in store to complete an application their own device. And if approved, select their preferred financing option and make their purchase immediately.

隨著客戶需求的變化，Synchrony 與 JC Penney 的合作關係也在近 25 年的時間裡透過協作和創新不斷發展。我們的長期計劃延伸和擴展現在將包括引入 Synchrony 付費。我們的「先買後付」融資解決方案提供 6、12 或 24 個月的分期付款。顧客可以在店內掃描二維碼，透過自己的設備完成申請。如果獲得批准，請選擇他們喜歡的融資方式並立即購買。

And just as Synchrony is evolving and expanding the ways in which we deliver value through partner programs we offer, we are also focused on diversifying the programs and markets we serve and the breadth and utility of the products we offer.

正如 Synchrony 不斷發展和拓展我們透過合作夥伴計畫提供價值的方式一樣，我們也致力於實現我們所服務的計畫和市場的多樣化，以及我們所提供產品的廣度和實用性。

In 2024, we completed the acquisition of the Ally lending business and are in the process of transitioning merchants to Synchrony pay later. We're excited to continue further developing our multiproduct capabilities and continue the expanded integration of this vertical in 2025.

2024 年，我們完成了對 Ally 借貸業務的收購，並且正在將商家過渡到 Synchrony 後續付款。我們很高興能夠進一步開發我們的多產品能力，並在 2025 年繼續擴大這一垂直領域的整合。

We also finalized the sale of pets best to independence pet holdings. And in addition to a significant financial gain, we extended our reach in the rapidly growing pet industry through an equity interest in IPH. We're excited about the recent launch of better together with Care Credit and pets best, a patent pending simple and seamless innovation that connects the two solutions by directly reimbursing insurance claims to the Care Credit health and wellness card.

我們也最終將寵物最佳產品出售給獨立寵物控股公司。除了獲得可觀的經濟收益之外，我們還透過對 IPH 的股權擴大了我們在快速成長的寵物產業的影響力。我們對最近與Care Credit 和pets best 聯合推出的better 感到非常興奮，這是一項正在申請專利的簡單無縫的創新，透過直接向Care Credit 健康和保健卡償還保險索賠來連接這兩種解決方案。

We believe this streamlined payment process will deliver a unified experience for pet parents and support our growth in the pet care financing industry. And we launched care credit into wellness markets to finance fertility, nutrition and dietitian products and services, which supported almost 15% growth in wellness related purchase volume during 2024. In addition, Synchrony enhanced the utility of a number of our private label credit cards by broadening their acceptance and expanding their distribution channels.

我們相信這種簡化的支付流程將為寵物主人帶來統一的體驗，並支持我們在寵物照護融資產業的發展。我們在健康市場推出了護理信貸，為生育、營養和營養師產品和服務提供資金，這支持了 2024 年健康相關購買量增長近 15%。此外，Synchrony 還透過擴大受理範圍和拓展分銷管道，增強了我們的許多自有品牌信用卡的實用性。

An evolution made possible by the delivery of our financial ecosystem through more of our merchant acquirer partners. For example, the Amazon store card can now be used at all Whole Foods locations via mobile QR code and for one medical memberships. The results have exceeded expectations and build upon our strong foundation of acceptance including amazon.com, Amazon pay and Audible.

這項變革是透過我們更多的商家收單合作夥伴所建構的金融生態系統而實現的。例如，亞馬遜商店卡現在可以透過手機二維碼在所有 Whole Foods 門市使用，還可以作為醫療會員資格。結果超出了預期，並鞏固了我們包括 amazon.com、Amazon pay 和 Audible 在內的強大認可基礎。

In addition, Care Credit can now be used to pay for select health and wellness products and services across a growing list of approximately 18,000 retail acceptance locations, including Albertsons companies, Sam's Club, Walgreens and Walmart.

此外，Care Credit 現可用於在不斷增長的約 18,000 個零售接受點支付精選健康和保健產品和服務，其中包括 Albertsons 公司、山姆會員店、Walgreens 和沃爾瑪。

And in keeping with our strategy of broadening product utility, we continue to roll out our Care Credit dual card over the past year which grew open accounts by 16%. Thanks to its strong value proposition and utility. About 60% of this product's out of partner spend in 2024 was outside of traditional health and wellness categories.

為了遵循擴大產品實用性的策略，我們在過去一年中繼續推出 Care Credit 雙卡，開放帳戶數量增加了 16%。這得益於其強大的價值主張和實用性。2024 年該產品的合作夥伴支出中約有 60% 不在傳統健康和保健類別中。

Today, Synchrony delivers a wide variety of innovative financing products and services that are designed to responsibly address each customer's needs whenever and however they are looking to make a purchase. An opportunity that is increasingly occurring digitally whether that's on a mobile device or at the physical point of sale through wallet apps and digital payments.

如今，Synchrony 提供各種創新融資產品和服務，旨在負責任地滿足每位客戶隨時隨地、以任何方式購買的需求。無論是透過行動設備，還是透過錢包應用程式和數位支付在實體銷售點，數位化機會正日益增加。

So throughout the past year, Synchrony has been on a journey to bring our customer experience to life through more engaging and cohesive content across our digital footprint. From our native apps to our marketplace and website, we are expanding and deepening the role that Synchrony plays with our customers and partner relationships.

因此，在過去的一年裡，Synchrony 一直致力於透過在我們的數位足跡中提供更具吸引力和凝聚力的內容來為我們的客戶帶來更生​​動的體驗。從我們的原生應用程式到我們的市場和網站，我們正在擴大和深化 Synchrony 在我們的客戶和合作夥伴關係中所扮演的角色。

In fact, through our efforts to expand Synchrony's digital presence, we've enhanced our cross marketing capabilities and strengthened partner and product awareness for our customers. We're also seeing customers engage with Synchrony more extensively, visiting our sites more often and while they're engaging longer on our properties. This engagement has contributed to incremental new accounts and sales as well as lower acquisition costs.

事實上，透過努力擴大 Synchrony 的數位影響力，我們增強了交叉行銷能力，並加強了客戶對合作夥伴和產品的認知。我們也看到客戶與 Synchrony 的互動更加廣泛，造訪我們的網站更加頻繁，並且在我們的網站上停留的時間更長。此次合作促進了新帳戶和新銷售的增加以及收購成本的降低。

In the case of Synchrony bank, we've more than doubled the number of new Synchrony bank accounts acquired through our synchrony.com website with almost no associated acquisition cost. And thanks to the combination of our dynamic technology platform, our advanced analytics and our scale with more than[ $140 million] reported trade lines and trillions of customer and spend data points. We can leverage proprietary insights throughout our digital financial ecosystem and across the customer journey to deliver highly personalized and engaging experiences.

以 Synchrony 銀行為例，我們透過 synchrony.com 網站取得的新 Synchrony 銀行帳戶數量增加了一倍多，而且幾乎沒有相關的取得成本。由於我們動態的技術平台、先進的分析技術和超過 [ 1.4 億美元 ] 的報告貿易線以及數萬億的客戶和支出數據點的規模。我們可以利用整個數位金融生態系統和整個客戶旅程中的專有見解來提供高度個人化和引人入勝的體驗。

Synchrony's marketplace is a growing part of that financial ecosystem and drives greater connectedness between our customers and partners. Over the last year, we've launched curated campaigns and differentiated offers to our marketplace that contributed to more than 600 million impressions and 1 million referrals across participating partners.

Synchrony 的市場是這個金融生態系統中不斷增長的一部分，並推動了我們的客戶和合作夥伴之間的聯繫更加緊密。在過去的一年裡，我們向市場推出了精心策劃的活動和差異化優惠，為參與的合作夥伴帶來了超過 6 億次展示和 100 萬次推薦。

In addition, marketplace hosted almost 228 million customer visits and drove more than 17% growth in newly submitted applications within marketplace. Synchrony's digital wallet strategy also made great strides in 2024 driving stronger engagement, utility and purchasing power for our customers. In fact, Synchrony is unique active wallet users grew 85% compared to 2023, and contributed to more than double the digital wallet sales in 2024.

此外，市場接待了近2.28億名客戶訪問，並推動市場內新提交的申請數量增加了17%以上。Synchrony 的數位錢包策略也在 2024 年取得了長足進步，為我們的客戶帶來了更強的參與度、實用性和購買力。事實上，Synchrony 獨特的活躍錢包用戶與 2023 年相比增長了 85%，並在 2024 年貢獻了數位錢包銷售額的兩倍以上。

This growth also supported a more than 200 basis point improvement in our dual and cobrand cards wallet penetration rate. We should enhance the stickiness of these products and provide natural tailings to Synchronize mobile wallet share as we continue to invest in the strategy. We're also excited by the opportunities we see to drive our digital penetration further in 2025.

這一成長也支持了我們的雙卡和聯名卡錢包普及率提高200個基點以上。我們應該增強這些產品的黏性，並在我們繼續投資該策略的同時為同步行動錢包份額提供自然的尾隨。我們也對 2025 年進一步推動數位化滲透的機會感到興奮。

This includes our recent announcement that eligible Synchrony Mastercard holders can now choose to pay with the standard terms of their credit card or use a promotional offer that includes fixed monthly payments when checking out with Apple pay online in an app on an iPhone or an iPad. This enhances the way users pay and provides them with more choice and flexibility. And we plan to expand on this Apple pay integration even further later this year by bringing users the ability to view and redeem rewards from eligible Synchrony issue cards.

這包括我們最近宣布的，符合條件的Synchrony Mastercard 持有者現在可以選擇使用其信用卡的標準條款付款，或者在使用iPhone 或iPad 上的應用程式在線結帳時使用Apple Pay 支付時使用包含固定月付款的促銷優惠。這增強了用戶的支付方式並為他們提供了更多的選擇和靈活性。我們計劃在今年稍後進一步擴展與 Apple Pay 的集成，讓用戶能夠查看和兌換符合條件的 Synchrony 發行卡的獎勵。

Synchrony also plans to work with our Apple pay enabled partners to expand this capability across our portfolio. And as Synchrony continues to innovate and drive still greater financing experience and value for all those we serve, we're maintaining our discipline and leveraging our core strengths to sustainably grow and deepen our leadership position.

Synchrony 還計劃與支援 Apple Pay 的合作夥伴合作，在我們的產品組合中擴展此功能。隨著 Synchrony 不斷創新，為所有服務對象提供更優質的融資體驗和價值，我們將繼續保持紀律，利用我們的核心優勢，持續發展並深化我們的領導地位。

Our sophisticated approach to customer lifetime value is driving incremental and deeper connections between approximately 70 million customers and hundreds of thousands of partners providers and small and midsized businesses that we serve. Our diversified portfolio of products, programs and spend categories is empowering our customers with financing flexibility in whatever moment of life they're in. Our expansive distribution channels and omni channel capabilities are increasingly delivering our financial ecosystem, anywhere a purchase can be made.

我們對客戶終身價值的精妙方法正在推動我們服務的約 7000 萬客戶和數十萬名合作夥伴提供者以及中小型企業之間建立更深入的聯繫。我們多樣化的產品、計劃和支出類別組合可讓我們的客戶在人生的任何階段獲得靈活的融資。我們廣泛的分銷管道和全通路能力正日益將我們的金融生態系統擴展到任何可以進行購買的地方。

And our differentiated approach to underwriting and credit management is driving the stability of our portfolio's post-pandemic credit performance compared to most other lenders in the industry. All of this has been made possible with an incredible team of people and culture that earned Synchrony the honor of being ranked fifth among best companies to work for in the US by Fortune magazine and great places to work in 2024.

與業內大多數其他貸款機構相比，我們差異化的承保和信貸管理方法正在推動我們投資組合在疫情後信貸表現的穩定性。這一切都歸功於一支出色的團隊和文化，正是這種精神和文化讓 Synchrony 榮獲《財富》雜誌評選的美國最佳工作公司第五名和 2024 年最佳工作場所的殊榮。

So as we looked at 2025 and beyond, Synchrony is operating from a position of strength. We're executing across our key strategic priorities, empowering strong outcomes for the many stakeholders we serve. We're deepening our role within the heart of American commerce and priming our business for profitable growth for years to come. And we're driving considerable long term value for our shareholders.

因此，展望 2025 年及以後，Synchrony 將處於強勢地位。我們正在執行我們的關鍵策略重點，為我們服務的眾多利害關係人帶來強勁的成果。我們正在深化我們在美國商業核心中的地位，並為未來幾年的業務獲利成長做好準備。我們正在為股東創造可觀的長期價值。

With that, I'll turn the call over to Brian to discuss our financial performance in greater detail.

說完這些，我將把電話轉給布萊恩，更詳細地討論我們的財務表現。

Thanks Brian and good morning everyone. Synchrony's fourth quarter performance reflected the inherent resilience that comes from our diversified portfolio products and spend categories. Our balanced approach to underwriting and credit management in our sophisticated technology platform. This differentiated combination of strengths enable our business to swiftly adapt to the evolving landscape.

謝謝 Brian，大家早安。Synchrony 第四季的表現反映了我們多元化投資組合產品和支出類別所帶來的內在彈性。我們透過先進的技術平台對核保和信用管理採取均衡的方法。這種差異化的優勢組合使我們的業務能夠迅速適應不斷變化的環境。

During the fourth quarter, customers continue to seek out our flexible financing solutions, as the strong value propositions and broad utility of our product offerings generate lasting value against a persistently inflationary environment. As a result, we added 5 million new accounts, maintained approximately 70 million active accounts and generated $48 billion of purchase volume.

在第四季度，客戶繼續尋求我們靈活的融資解決方案，因為我們產品的強大價值主張和廣泛實用性在持續通膨的環境下創造了持久的價值。結果，我們增加了 500 萬個新帳戶，維持了約 7,000 萬個活躍帳戶，並產生了 480 億美元的購買量。

Despite the continued impact of the credit actions we took between mid 2023 and early 2024. Any receivables grew 2% to $105 billion as payment rates continue to moderate down approximately 10 basis points compared to last year. Purchase volume and receivables at the platform level reflected the continuation of the trends we discussed over the course of the year as customers remain selective in their spending behavior and generally prioritize non discretionary and seasonal holiday items.

儘管我們在 2023 年中至 2024 年初採取的信貸行動持續產生影響。由於支付率與去年相比持續下降約 10 個基點，應收帳款成長 2%，達到 1,050 億美元。平台層面的購買量和應收帳款反映了我們在一年中討論的趨勢的延續，因為客戶在消費行為上仍然保持選擇性，並且通常優先考慮非自由支配的和季節性的節日物品。

Platform purchase buying growth range between down 1% and down 6% year-over-year. Generally reflecting lower spend per account as customers moderated both bigger ticket and discretionary spend, particularly in categories like furniture, electronics, cosmetic, and outdoor, as well as the impact of Synchrony's credit actions.

平台購買量成長率年減幅度在 1% 至 6% 之間。總體而言，由於客戶減少了大額消費和可自由支配的支出，尤其是在家具、電子產品、化妝品和戶外用品等類別的支出，以及 Synchrony 信貸行動的影響，每個帳戶的支出較低。

Receivables growth across the platforms range from flat to 6% higher year-over-year, primarily due to slower purchase volume growth and payment rate moderation, dual and co branded cards account for 44% of total purchase volume for the quarter and increased 1% reflecting the benefit of these products broadbased utility offset by the combined impacts of selective customer spend and Synchrony's credit actions.

各平台的應收帳款年增率從持平到成長 6%，主要原因是購買量成長放緩和支付率下降，雙品牌卡和聯名卡佔本季總購買量的 44%，成長了 1%反映了這些產品的廣泛效用所帶來的好處，但被選擇性客戶支出和Synchrony 信貸行動的綜合影響所抵消。

Net revenue grew 4% to $3.8 billion resulting from higher interest and fees and higher other income partially offset by higher RSA and interest expense. The interest income increased 3% to $4.6 billion as interest and fees grew 3%, primarily reflecting higher interest and fees on loans, partially offset by an increase in interest expense from higher interest bearing liabilities.

淨收入增加 4% 至 38 億美元，原因是利息和費用增加以及其他收入增加，但 RSA 和利息支出增加部分抵消了這一影響。利息收入增加 3% 至 46 億美元，因為利息和費用增加了 3%，主要反映了貸款利息和費用的增加，部分被利息支出的增加所抵消。

Our loan receivables yield grew 8 basis points primarily driven by our pricing actions including the impact of our product, pricing and policy changes or PPPCs, as well as a lower payment rate, partially offset by higher reversals and a lower late fee. Total incident total interest bearing liabilities cost was 4.58%, an increase of 3 basis points versus last year. RSAs of $919 million were 3.57% of average loan receivables in the fourth quarter and increased $41 million versus the prior year, primarily reflecting program performance, which includes the impact of our PPPCs.

我們的應收貸款收益率成長了8 個基點，主要原因是我們的定價行動，包括我們的產品、定價和政策變化或PPPC 的影響，以及較低的付款率，但部分被更高的逆轉和較低的滯納金所抵消。總計息負債成本比率為4.58%，較去年同期增加3個基點。9.19 億美元的 RSA 佔第四季度平均應收貸款的 3.57%，比上年增加 4,100 萬美元，主要反映了計劃的績效，其中包括我們的 PPPC 的影響。

Other income increased $128 million primarily related to the impact of our PPPC related fees, which were partially offset by the impact of our pets vest disposition. Provision for credit losses decreased to $1.6 billion, primarily reflecting $100 million reserve lease in the fourth quarter compared to a reserve build of $402 million in the prior year, partially offset by higher net charge offs.

其他收入增加了 1.28 億美元，主要與我們的 PPPC 相關費用的影響有關，但部分被我們的寵物背心處置的影響所抵消。信貸損失準備金減少至 16 億美元，主要反映第四季度租賃準備金為 1 億美元，而去年同期的準備金為 4.02 億美元，但淨沖銷額增加部分抵消了這一影響。

Other expenses decreased 4% to $1.3 billion, primarily driven by the prior year restructuring costs and other notable expenses as outlined on slide 17 of earnings presentation and lower operational losses in the current year. These decreases were partially offset by costs related to the allied lending acquisition and technology investments.

其他費用減少 4% 至 13 億美元，主要由於去年的重組成本和收益報告第 17 頁概述的其他顯著費用以及本年度的營運損失減少。這些減少被與聯合貸款收購和技術投資相關的成本部分抵消。

The efficiency ratio was 33.3% for the fourth quarter, an improvement of approximately 270 basis points versus last year, reflecting a combination of Synchrony's cost discipline and revenue growth. Taken together, Synchrony generated net earnings of $774 million or $1.91 per diluted share, and delivered a return on average assets of 2.6% return on tangible common equity of 23% and a 23% increase in tangible book value per share.

第四季的效率比率為 33.3%，比去年同期提高了約 270 個基點，反映了 Synchrony 的成本控制和收入成長的結合。整體而言，Synchrony 的淨利潤為 7.74 億美元，即每股攤薄收益 1.91 美元，平均資產回報率為 2.6%，有形普通股權益回報率為 23%，每股有形帳面價值成長 23%。

Next, I'll cover our key credit trends on slide. 11. At quarter end, our 30 plus delinquency rate was 4.70%., a decline of 4 basis points from 4.74% in the prior year and 8 basis points above our historical average from the fourth quarter of 2017 to 2019. Our 90 plus delinquency rate was 2.40%, an increase of 12 basis points from 2.28% in the prior year and 16 basis points above our historical average from the fourth quarters of 2017 to 2019.

接下來，我將在投影片上介紹我們的主要信貸趨勢。11.截至季末，我們的 30 以上拖欠率為 4.70%，較上年的 4.74% 下降 4 個基點，比 2017 年第四季至 2019 年的歷史平均高出 8 個基點。我們的 90 歲以上拖欠率為 2.40%，比前一年的 2.28% 增加了 12 個基點，比 2017 年第四季至 2019 年的歷史平均值高出 16 個基點。

And our net charge off rate was 6.45% in the fourth quarter, an increase of 87 basis points from 5.58% in the prior year and 96 basis points above our historical average from the fourth quarter of 2017 to 2019. Our allowance for credit losses as a percent of loan receivables was 10.44% which decreased approximately 35 basis points from the 10.79% in the third quarter.

我們第四季的淨沖銷率為 6.45%，較前一年的 5.58% 增加了 87 個基點，比 2017 年第四季至 2019 年的歷史平均值高出 96 個基點。我們的信用損失準備金佔應收貸款的百分比為 10.44%，較第三季的 10.79% 下降了約 35 個基點。

As shown on side 12, the credit actions we've taken from mid 2023 to early 2024 are improving our delinquency formation as the rate of year-over-year growth in both 30 plus and 90 plus delinquency rates continue to decelerate. These trends give us confidence in our ability to return to our long term net charge off target.

如第 12 頁所示，我們從 2023 年中期到 2024 年初採取的信貸行動正在改善我們的拖欠形成情況，因為 30 歲以上和 90 歲以上的拖欠率的同比增長率持續減速。這些趨勢使我們對恢復長期淨沖銷目標的能力充滿信心。

Turning to slide 13, Synchrony's funding, capital and liquidity continue to provide a strong foundation for our business. During the fourth quarter, Synchrony grew our direct deposits by approximately $716 million and reduced our broker deposits by $938 million. At quarter end, deposits represented 84% of our total funding was secured and unsecured debt, each representing 8% of total funding respectively.

轉到第 13 張投影片，Synchrony 的資金、資本和流動性繼續為我們的業務提供堅實的基礎。第四季度，Synchrony 的直接存款增加了約 7.16 億美元，經紀人存款減少了 9.38 億美元。截至季末，存款占我們總資金的 84%，有擔保債務和無擔保債務分別佔總資金的 8%。

Total liquid assets and undrawn credit facilities were $19.8 billion essentially flat versus last year and represented 16.6% of total assets, a 26 basis point decrease from last year.

總流動資產和未提取信貸額度為 198 億美元，與去年基本持平，佔總資產的 16.6%，比去年下降了 26 個基點。

Focusing 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 will make a final transition adjustment to our regulatory capital metrics of approximately 50 basis points in January 2025, which will reflect the fully phased in effects of CECL. The impact of CECL has already been recognized in our income statement and balance sheet.

關注我們的資本比率。提醒一下，我們選擇利用聯合聯邦銀行機構發布的 CECL 過渡規則。Synchrony 將於 2025 年 1 月對我們的監管資本指標進行約 50 個基點的最終過渡調整，這將反映 CECL 的全面實施效果。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 fourth quarter with a CET1 ratio of 13.3%, 110 basis points higher than last year's 12.2%. Our Tier 1 capital ratio was 14.5%, 160 basis points above last year. Our total capital ratio increased 160 basis points to 16.5%.

根據 CECL 過渡規則，我們第四季末的 CET1 比率為 13.3%，比去年的 12.2% 高出 110 個基點。我們的一級資本比率為14.5%，比去年高出160個基點。我們的總資本比率增加了160個基點，達到16.5％。

In our Tier 1 capital, plus reserves ratio on a fully phased in basis increased to 24.3% compared to 22.1% last year. Synchrony returned $197 million to shareholders during the fourth quarter, consisting of $100 million in share repurchases and $97 million in common stock dividends, totaling $1.4 billion of capital returned during the full year 2024.

我們的第一級資本加上儲備金比率以全面分階段計算上升至 24.3%，去年同期為 22.1%。Synchrony 在第四季向股東返還了 1.97 億美元，其中包括 1 億美元的股票回購和 9,700 萬美元的普通股股息，2024 年全年共返還了 14 億美元的資本。

At year end, we had $600 million remaining in our share repurchase authorization for the period ending June 30, 2025. Synchrony remains well positioned to return capital shareholders as guided by our business performance, market conditions, regulatory restrictions and subject to our capital plan.

截至年底，我們在截至 2025 年 6 月 30 日的股票回購授權中剩餘 6 億美元。根據我們的業務表現、市場條件、監管限制和資本計劃，Synchrony 仍然能夠為股東帶來豐厚的回報。

Turn to our outlook for 2025 on slide 14. Our baseline assumptions include a stable macroeconomic environment, full year GDP growth of 2.2%, a year end employment rate of 4.1%, a year end fed funds rate of 4.25%, full year deposit fees of approximately 60%.

請看第 14 張投影片，了解我們對 2025 年的展望。我們的基本假設包括穩定的宏觀經濟環境、全年 GDP 成長率為 2.2%、年底就業率為 4.1%、年底聯邦基金利率為 4.25%、全年存款費用約為 60%。

In addition, given the uncertainty with regard to the litigation process and the political landscape surrounding the late fee rule, our outlook assumes no impact from the potential late fee rule change, but does include the impact of our PPPCs. If the late fee rule were to go into effect, this outlook would no longer be applicable.

此外，鑑於訴訟程序和滯納金規則政治格局的不確定性，我們的展望認為潛在的滯納金規則變化不會產生影響，但包括了我們的 PPPC 的影響。如果滯納金規則生效，這種觀點將不再適用。

Starting with ending loan receivables. We expect purchase volume and new account growth to continue to reflect the impacts of our credit actions and selective customer spend behavior. We also expect payment rate in 2025 to generally remain flat with 2024 levels as a result of our past credit actions which have stabilized the mix of customer payment behaviors. As a result, we expect low single digit growth in ending loan receivables for the full year 2025.

從結束貸款應收款開始。我們預期購買量和新帳戶成長將持續反映我們的信貸行動和選擇性客戶消費行為的影響。我們也預計，由於我們過去的信貸行動穩定了客戶支付行為的組合，2025 年的支付率將與 2024 年的水平基本持平。因此，我們預計 2025 年全年期末應收貸款將達到低個位數成長。

We expect net revenue for the full year to be between $15.2 billion and $15.7 billion and to follow seasonal trends. We expect year-over-year growth in both interest income and other income as the impact of our PPPCs build, partially offset by the flow through of lower average prime rate on our variable rate receivables, lower late fees as delinquency performance improves, lower yielding investment portfolio due to lower benchmark rates and finance charts and late fee reversals associate with the seasonality of our credit performance.

我們預計全年淨收入將在 152 億美元至 157 億美元之間，並將遵循季節性趨勢。我們預計利息收入和其他收入將同比增長，因為我們的PPPC 的影響正在擴大，但部分抵消了浮動利率應收帳款平均優惠利率下降、拖欠率改善導致的滯納金減少、收益率下降等因素的影響。

Lower average benchmark rates should also contribute to lower funding costs as our CD maturities reprice. Although this will be influenced by competitive deposit beta trends in response to any additional rate cuts that may occur.

隨著我們的CD到期日重新定價，較低的平均基準利率也應有助於降低融資成本。儘管這將受到競爭性存款貝塔趨勢的影響，以應對可能發生的任何額外降息。

In addition, we generally expect to maintain higher levels of liquidity of approximately 17% for the next few quarters, given our desire to prioritize our deposit customer relationships and prefund future growth. Finally, RSA as a percentage of average loan receivables should be between 3.60% and 3.85% driven by improving program performance as net charge offs decline and the impact of our PPPCs increase.

此外，考慮到我們希望優先考慮存款客戶關係並為未來成長提供資金，我們通常預計未來幾季的流動性將維持在約 17% 的較高水準。最後，RSA 佔平均應收貸款的百分比應該在 3.60% 到 3.85% 之間，這是由於隨著淨沖銷額的下降和 PPPC 的影響的增加，計劃績效的提高所致。

We expect our portfolio net charge off rate for the full year to be between 5.8% and 6.1%, primarily reflecting the benefit of our prior credit actions and our differentiated approach to underwriting and credit management.

我們預計全年投資組合淨核銷率將在 5.8% 至 6.1% 之間，這主要反映了我們先前的信貸行動帶來的好處以及我們差異化的承保和信貸管理方法。

And we expect our efficiency ratio to be between 31.5% and 32.5%, as Synchrony remains focused on driving operating leverage in our business. Before I turn the call over to Q&A I'd like to leave you with three key takeaways from today's discussion.

我們預計我們的效率比率將在 31.5% 至 32.5% 之間，因為 Synchrony 仍然專注於推動我們業務的營運槓桿。在我將電話轉入問答環節之前，我想先向大家介紹今天討論的三個關鍵要點。

First, Synchrony is well positioned to re accelerate our growth. Our investments we've made in credit actions we've taken were designed to prioritize sustainable profitable growth through evolving market conditions. Our performance since exiting the pandemic in 2021, demonstrates our discipline with average ending loan receivables growth of approximately 9%, while delivering an average return on assets of approximately 3%, an average return on tangible common equity of approximately 25%.

首先，Synchrony 已準備好重新加速我們的成長。我們採取的信貸行動的投資目的是在不斷變化的市場條件下優先實現可持續的獲利成長。自 2021 年擺脫疫情以來，我們的表現反映了我們的紀律，期末應收貸款平均成長率約為 9%，平均資產回報率約為 3%，有形普通股平均回報率約為 25%。

Second, the outperformance of our portfolio's credit trends relative to the industry has enabled this track record and a recent delinquency formation trends give us confidence in both our credit outlook and our ability to reaccelerate profitable growth. We are watching for continued stability in the macro environment, more confident consumer spend behavior and continued improvement in our delinquency performance to support the gradual reversal of our credit restrictions.

其次，我們投資組合的信用趨勢相對於行業的優異表現成就了這一業績記錄，而最近的違約形成趨勢使我們對我們的信用前景和重新加速盈利增長的能力充滿信心。我們期待宏觀環境持續保持穩定、消費者支出行為更加自信、我們的拖欠表現繼續改善，以支持我們逐步取消信貸限制。

And third, Synchrony's robust capital position is a clear strength. It will enable our growth, while also supporting greater capital returns to our shareholders in the years ahead. In summary, Synchrony's high level execution in 2024 has positioned us well for 2025 and beyond as we drive progress towards our long term financial targets.

第三，Synchrony 強大的資本狀況是其明顯的優勢。它將促進我們的成長，同時也支持我們在未來幾年為股東帶來更大的資本回報。總而言之，Synchrony 在 2024 年的高水準執行為我們在 2025 年及以後實現長期財務目標奠定了良好基礎。

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

說完這些，我會把電話轉回給凱瑟琳，開始問答環節。

That concludes our prepared remarks. We will now begin the Q&A session, so that we can accommodate as many of you as possible. (Operator instructions)

我們的準備好的演講到此結束。我們現在開始問答環節，以便盡可能滿足更多人的需要。（操作員指令）

Operator, please start the Q&A session.

接線生，請開始問答環節。

(Operator instructions)

（操作員指令）

Ryan Nash, Goldman Sachs.

高盛的瑞安·納什（Ryan Nash）。

Hey, good morning everyone.

嘿，大家早安。

Hey Ryan, good morning, Ryan.

嘿，Ryan，早上好，Ryan。

So, maybe to start off on the on the net revenue guide. Brian, you talked about growth in both fees and I can, we maybe just dig in on some of the moving pieces on net interest income and, I guess, first, how do we think about the impact from rates. I know you're targeting four and a quarter. In terms of FED funds, the balance sheet should benefit as rates come down.

因此，也許可以從淨收入指南開始。布萊恩，您談到了費用的成長，我可以，我們也許只是深入研究淨利息收入的一些變動因素，我想，首先，我們如何看待利率的影響。我知道你的目標是四年四分之一。就聯邦基金而言，隨著利率下降，資產負債表應該會受益。

And then second, how is the impact of the PPPCs coming through on your guide? How much of the full benefit are you anticipating is already incorporated into the run rate for this year? And then I have a follow up.

第二，PPPC 對您的指南有何影響？您預期的全部福利中有多少已經納入今年的運行率？然後我會進行後續跟進。

Yeah, great. Let me try to unpack a little bit of that Ryan. So I think when you think about net revenue guide and I'll bridge you a little bit to NII. When you think about the net revenue guide, you're going to get a significant increase related to the PPPCs running through net revenue. You'll also get a lift coming from growth and revolve rate coming through here.

是的，很棒。讓我試著解釋一下瑞安 (Ryan) 的這段話。因此，我認為當您考慮淨收入指南時，我會稍微向您介紹 NII。當您考慮淨收入指南時，您將獲得與貫穿淨收入的 PPPC 相關的顯著成長。您還將獲得來自這裡的成長和周轉率的提升。

But there are fairly two fairly large offsets that are coming back. One is RSAs, which has the effect, not only from a lower net charge or lower net charge off rate in 2025, but also has the effect of the PPPPCs that are flowing through there and you have a fairly significant drop in late fee revenue that comes through there as well as your charge offs decline.

但有相當大兩個偏移量正在捲土重來。一個是 RSA，它不僅會產生 2025 年較低的淨費用或較低的淨沖銷率的影響，而且還會產生 PPPPC 的影響，而且滯納金收入會大幅下降，透過那裡以及你的沖銷下降。

So those are the general moving pieces. You will see a more pronounced NII growth because, obviously that strips out the RSA impact, but the same late fee dynamic to revolve rate, all those kind of flow through. On net funding, it's slightly negative for the full year. It's it's more a timing of when we have the rate cut kind of coming through, prime rate already starting to drop this in the beginning part of this year.

這些都是一般的活動部件。你會看到更明顯的 NII 成長，因為顯然這去除了 RSA 的影響，但相同的滯納金動態到循環利率，所有這些都流入其中。就淨融資而言，全年略為負值。這更像是我們降息的時機，基本利率在今年年初就開始下降。

So it's more a timing to be honest with you. When you think about prime rate decline the investment portfolio, which resets fairly quickly. And then the funding piece again, depending upon when the CD maturities restack. So again, more pronounced NII growth.

所以說實話這更多的是時機問題。當你考慮到基本利率下降時，投資組合會相當快速地重置。然後再次是融資部分，取決於 CD 到期時間的重新排序。因此，NII 成長再次更加明顯。

And PPPCs, I'll get ahead of the question are performing generally in line with financially our expectations. we have said there's a little bit of mix where we're getting stronger retention, stronger yield on the interest side and a little bit lighter on the paper statement fees mainly due to people adopting (inaudible). So that's how I kind of think about the framework for both net revenue and NII.

我想提前說的是，PPPC 的業績表現總體上符合我們的財務預期。我們說過，我們有一些混合模式，即留存率更高，利息收益更高，紙質賬單費用略有降低，這主要是因為人們採用了（聽不清楚）。這就是我對淨收入和NII框架的看法。

Got it. And maybe as a follow up on capital. So, you're sitting over 200 bps above the target, especially in a seasonally low quarter. And I think you brought back $100 billion of stock. Can you maybe just talk about the plan for capital return, particularly why it was a little bit depressed in the quarter and maybe just toddle between, are you seeing more opportunities to deploy it inorganically or, I know you mentioned twice in the, in your last remarks, Brian about the re acceleration of growth.

知道了。或許作為資本的後續行動。因此，您的利率已高出目標 200 個基點，尤其是在季節性低迷的季度。我認為你帶回了價值 1000 億美元的股票。您能否談談資本回報計劃，特別是為什麼本季度資本回報有些低迷，或者只是徘徊在兩者之間，您是否看到了更多無機部署的機會，或者，我知道您在您的最後，布萊恩談到了成長的重新加速。

Are you holding back a little bit in terms of anticipating the return of loan growth? Just trying to understand the thought process on the lower near term buyback and what it means for deploying capital over the next few quarters?

您是否對貸款成長的回升有所保留？只是想了解短期內降低迴購規模的思考過程以及這對未來幾季的資本部署意味著什麼？

Yeah, thanks for that question, Ryan. I know a lot of people are going to try to make a readthrough into to what we did and the cadence for the quarter. I just want to be clear, the cadence for the quarter being lower than some of the prior quarters was more our kind of view on the market what was going to be potentially a more volatile market given the Presidential election and the aftermath of whichever administration kind of came through in the flow through effect.

是的，謝謝你的提問，瑞安。我知道很多人都會嘗試了解我們本季所做的事情和節奏。我只是想明確一點，本季的節奏低於前幾個季度，這更多的是我們對市場的看法，考慮到總統大選以及任何政府的後果，市場可能會更加動盪。

So, we kind of predetermined that wasn't a quarter that we were going to be heavily leaning in from a buyback perspective. I would not read through that the $600 million that we have remaining on the current authorization. Our intention is to complete that.

因此，我們已經預先確定，從回購角度來看，這不是我們會大力傾向的一個季度。我不會仔細閱讀我們目前授權中剩餘的 6 億美元。我們的目的是完成這個。

And right now, we're in the process of, our 2025 capital plan running our lost stress test for there. And again, we understand that that capital is a strength for us. It does provide us the opportunity to do things integratically.

目前，我們正在進行 2025 年資本計畫的損失壓力測試。而且，我們明白，資本對我們來說是一種優勢。它確實為我們提供了綜合做事的機會。

But I want to be clear, we didn't build capital or the lower purchases, but not due to waiting for additional growth and organic. It was just more, our kind of view of the markets maybe being a little bit more disrupted or disjointed in the fourth quarter and we remain committed to bring capital back down, closer to our target.

但我想明確一點，我們沒有建立資本或降低購買量，並不是為了等待額外的成長和有機成長。我們認為第四季的市場可能會更加混亂或脫節，我們仍然致力於讓資本回落，更接近我們的目標。

Thanks for the color.

謝謝你的顏色。

Thanks Ryan. Have a good day.

謝謝瑞安。祝你有美好的一天。

Sanjay Sakhrani, KBW.

桑傑薩克拉尼（Sanjay Sakhrani），KBW。

Thank you. Good morning. Brian Wenzell. Maybe just to drill into that PPPC impact a little bit more. Is it fair to assume that by the end of this year you'd still sort of have that full run rate of what you anticipated putting in as mitigation in the numbers. Then I guess like, how should we think about if late fee regulation doesn't happen, how it impacts the ROA? I'm just trying to think about, sort of normalize your long-term ROA and when you anticipate getting there, and I would have thought that mitigation takes that higher and sort of when we might get there. Thank you.

謝謝。早安.布萊恩·溫澤爾。也許只是為了更深入地探究 PPPC 的影響。是否可以公平地假設，到今年年底，您仍然會擁有預期投入的全部運行率，以減輕數位壓力。那麼我想，如果沒有滯納金監管，我們該如何考慮它會對 ROA 產生什麼影響？我只是試著去思考，如何讓你的長期 ROA 正常化，以及你預計何時能夠達到這個目標，我原以為緩解措施會使其更高，以及我們何時能夠達到這個目標。謝謝。

Yes. Thanks for the question, Sanjay. As I think about how you exit out of 2025 and the PPPC, if I look at a couple of different components, you're still not going to be fully there on the finance charges. If you recall, we said you're roughly half, one year out, you're about 75% two years out. So there's going to be incremental run rate to go on the interest line as you exit at '25 and get closer into '26. That's number one.

是的。謝謝你的提問，桑傑。當我考慮如何退出 2025 年和 PPPC 時，如果我查看幾個不同的組成部分，您會發現您仍然無法完全承擔財務費用。如果你還記得的話，我們說過，一年後你大概能完成一半，兩年後你大概能完成 75%。因此，當您在 25 年退出並接近 26 年時，利息線的運行率將會遞增。這是第一點。

Paper statements should, I'd say a steadier state level, but then will be, then we'll grow rate relative to our average active accounts and how that grows depending upon mix and where not all the accounts have that paper statement, potentially, there could be a little bit of a headwind if more people choose eBill and then you're going to get the benefit down on the expense line versus the other income line.

我認為紙本報表應該處於更穩定的水平，但隨後，我們的成長率將相對於平均活躍帳戶，成長速度取決於組合，並非所有帳戶都有紙本報表，如果越來越多的人選擇電子帳單，那麼可能會遇到一點阻力，然後你將在支出線上而不是其他收入線上獲得收益。

And the last thing I'd say is on the promotional fees that should build throughout 2025, because that's something that went in effect a little bit later in 2024. As promotional volume picks up, it's been a little bit below our historical amounts, right?

我最後要說的是，促銷費用應該在 2025 年期間增加，因為這是在 2024 年稍晚一點生效的。隨著促銷量的增加，它已經比我們的歷史數量略低了一點，對嗎？

Just on a buying perspective, that should pick up and amortize in over time. So I think as you exit out of '25, there still is room to grow both on the interest line from promo fees and interest income, interest from the interest charges and a little bit on the paper statement fees.

僅從購買角度來看，隨著時間的推移，其價值應該會增加並攤提。因此，我認為，當你退出 25 年時，促銷費用和利息收入的利息線、利息費用的利息以及紙本對帳單費用方面仍有成長空間。

Okay. And then as far as like ROA any thoughts there?

好的。那麼就 ROA 而言，有什麼想法嗎？

We're obviously not, we're not guiding to an ROA. But if you look at the construct of the outlook. In theory, coming from a place where you need to strip out this year, it's really important to ship about the (inaudible). In theory, the PPPC without Ally offset to lower late fees you generally should have something that would drive the ROA incrementally higher.

顯然，我們不會引導 ROA。但如果你看一下前景的構造。從理論上講，從今年需要剝離的地方開始，出貨量非常重要（聽不清楚）。理論上，如果沒有 Ally 抵消的 PPPC 來降低滯納金，通常應該會有一些可以逐步提高 ROA 的東西。

Okay. Just one follow-up for Brian Doubles. Maybe if you could just talk about the deal environment. I know there's a couple of RFPs out there. There's a lot of chatter around those. Maybe you can just talk about how it's looking for you. And then the loan growth still remains weak. The purchase volume remains weak. I mean, anything that can help drive that? Are you guys being conservative there? Thanks.

好的。這只是 Brian Doubles 的一次後續行動。也許您可以談談交易環境。我知道那裡有幾份 RFP。人們對這些話題議論紛紛。或許您可以談談它對您來說是什麼感覺。貸款成長仍然疲軟。購買量仍然疲軟。我的意思是，有什麼可以幫助推動這一點嗎？你們這些人是保守派嗎？謝謝。

Yes, I would say, generally, we like the operating environment right now. I'll start with your second question, which is just around growth. I think, look, the consumer is in pretty good shape. We like the environment right now. We did take some credit actions. You're seeing those work exactly as designed. So you saw 30-plus turn the corner. The setup for next year is really good. So we feel great about the environment.

是的，我想說，總體而言，我們喜歡現在的營運環境。我先談你的第二個問題，也就是有關成長的問題。我認為，消費者的狀況非常好。我們喜歡現在的環境。我們確實採取了一些信用行動。您會看到它們的工作原理與設計完全一致。所以你看到30多個人轉過彎來。明年的安排非常好。因此，我們對環境感到非常滿意。

I'll tell you on the competitive side, there's still pretty good discipline in the market. We're looking at a lot of new opportunities as we always do. We have a robust pipeline. And at this point, there's still pretty good discipline.

我要告訴你，從競爭方面來看，市場紀律仍然相當良好。正如我們一直以來所做的那樣，我們正在尋找許多新的機會。我們擁有強大的管道。在這一點上，紀律仍然相當好。

I think some of that is coming out of, last year was a little bit uncertain in terms of the economy, the effects of inflation, the election. And I think when you're in periods like that, you tend to see pretty good discipline around pricing new opportunities, and we're seeing that.

我認為部分原因是，去年在經濟、通貨膨脹的影響和選舉方面有些不確定。我認為，當你處於這樣的時期時，你往往會看到對新機會的定價有相當好的紀律，我們就看到了這一點。

So as you know, we're a disciplined bidder. We're always focused on a good risk (technical difficulty) we have really strong alignment between us and the partner. Like those things are critical. (technical difficulty) Those are absolutely non-negotiables for us. And we continue to win new business.

正如你所知，我們是一個有紀律的競標者。我們始終專注於好的風險（技術難度），我們與合作夥伴之間保持著非常緊密的聯繫。就像那些事情很重要一樣。（技術難題）對我們來說，這絕對是不容談判的。我們不斷贏得新業務。

So I feel, again, I feel good about the environment. I (technical difficulty) feel really good about how we're competing for new business. And you actually saw that with a couple of big renewals that we did this past quarter with Sam's and JCPenney. (technical difficulty).

因此我再次感到，我對環境感到滿意。我（技術困難）對於我們如何競爭新業務感覺非常好。您實際上已經看到，我們在上個季度與 Sam's 和 JCPenney 進行了幾次大型續約。（技術難度）。

Yes. So Sanjay, if I could just add 1 point of clarity for what Brian said, when you look at the purchase line growth in the fourth quarter, I know people are focused on that, a significant portion of that was credit action driven. That was us really trying to focus to get credit into the position in 2025, where we're getting back into our (inaudible) range.

是的。因此，桑傑，如果我可以對布萊恩所說的補充一點澄清，當你查看第四季度的購買線增長時，我知道人們關注的是這一點，其中很大一部分是由信貸行動驅動的。我們真正想要集中精力在 2025 年獲得信貸，屆時我們將回到我們的（聽不清楚）範圍。

And that's really important. And I know we'll get the credit at some point, but it's also helping us get back on a trajectory faster than our peers. But the purchase volume is by design. And the new accounts were by design to kind of set us up really on the credit side.

這真的很重要。我知道我們最終會得到讚譽，但這也能幫助我們比同行更快地回到正軌。但購買量是設計好的。而新帳戶的設計初衷就是為我們在信用上提供一些幫助。

Thank you.

謝謝。

Mahir Bhatia, Bank of America.

美國銀行的馬希爾‧巴蒂亞 (Mahir Bhatia)。

Thank you for taking my questions. I actually wanted to go back to the question around just the net revenue and some of the components that, maybe just talk about some of the assumptions embedded in there in terms of just how much of your portfolio is resized heading into 2025? What do you expect heading out of 2025? Does that imply like even more upside on net revenue in 2026? Thank you.

感謝您回答我的問題。我實際上想回到有關淨收入和一些組成部分的問題上，也許只是談論其中的一些假設，即到 2025 年您的投資組合中有多少會進行調整？您對 2025 年有何期待？這是否意味著 2026 年淨收入還有更大的上升空間？謝謝。

Yes. Again, we haven't really changed. We're providing an incremental color here other than we talked about how much of the book should reprice in the first 12 months and in the next 12 months, I'd say we're slightly ahead of that schedule as we stand now.

是的。再說一遍，我們其實並沒有改變。除了我們討論在前 12 個月和未來 12 個月應該對多少書籍進行重新定價之外，我們在這裡提供了一個增量顏色，我想說我們目前已經略微領先於這個時間表。

Obviously, we're also going into a period where prime rate is going to have a little bit of an influence here in the first half, given the changes that happened in the latter part of 2024. So again, there's no change to the guidance that we had with regard to how much of the book is going to be on the new APRs.

顯然，考慮到 2024 年下半年發生的變化，我們也將進入一個優惠利率在上半年產生一定影響的時期。因此，對於新 APR 在帳簿中所佔比例的指導意見沒有改變。

Got it. Thank you. And then maybe just like you mentioned credit, so let's turn to that. Your outlook does adjust meaningful improvement, and we see that in the delinquencies. But I was curious about how you would, but your purchase volumes are still pressured. I understand some of it is driven by your own actions and pulling back on tightening underwriting.

知道了。謝謝。然後可能就像您提到的信用一樣，讓我們來討論一下這個。您的前景確實會有所改善，我們在拖欠款項方面看到了這一點。但我很好奇你會怎麼做，但你的購買量仍然受到壓力。我理解其中部分原因是你們自己的行動以及放棄緊縮承保。

So I guess a couple of questions there. Just are you done with tightening underwriting for now? How do you feel about the environment currently? What are you seeing from the consumer? Some others have mentioned an increase in people paying minimum balances, some type, some commentary around how many people are at full, at their full credit limits. What are you seeing in your book? How do you feel about the consumer? And where are you from an underwriting posture standpoint? Thank you.

我想這裡有幾個問題。你們現在收緊承保的工作完成了嗎？您覺得現在的環境怎麼樣？您從消費者角度看到了什麼？其他一些人提到支付最低餘額的人數有所增加，一些評論指出有多少人的信用額度已達到最高。你在書裡看到了什麼？您對消費者有什麼看法？從承保立場來看，您處於什麼位置？謝謝。

Yes. Let me try and unpack that one here. The first thing, I want people to focus on the fact that we were later in the credit normalization than others. We reached what, if you could say, a peak or a trend where our 30 pluses now turned positive, whether you think about it sequentially to the third quarter or year-over-year in the fourth quarter, where a lot of other people are doing it. So we didn't go with high and ours was much more compressed, largely due to the credit actions that we've taken, and we're pleased with how they're performing.

是的。讓我嘗試在這裡解開這個問題。首先，我希望人們專注於一個事實，即我們在信貸正常化方面比其他國家晚。我們達到了一個高峰或趨勢，現在我們的 30 多萬客戶都轉為正值，無論是第三季度的環比增長，還是第四季度的同比增長，很多人都在關注正在做。因此，我們的信貸規模沒有太大變化，而且我們的信貸規模更加壓縮，這在很大程度上是由於我們採取的信貸行動，我們對它們的表現感到滿意。

The broad-based actions that we took really, I'd say, (inaudible) back in the second quarter of 2024. So the actions that we continue to take are the standard idiosyncratic type refinements that we look at partners, channels as we look at the risk return of those channels and products.

我想說，我們採取的廣泛行動實際上（聽不清楚）是在 2024 年第二季。因此，我們繼續採取的行動是標準的特殊類型改進，我們在考慮合作夥伴和管道的同時考慮這些管道和產品的風險回報。

As we enter into 2025, I think when you look at the credit trajectory and we've outperformed seasonality now for five months on a '17 to '19 basis. I think we feel optimistic where we are going with credit and the performance of those actions, which gives us a guide down again to that [5.8% to 6.10%] range, some of that's going to be more dependent upon the denominator.

當我們進入 2025 年時，我認為當您觀察信貸軌跡時，我們會發現從 2017 年到 2019 年，我們的表現已經連續五個月超越了季節性。我認為，我們對信貸的發展方向和這些行動的表現感到樂觀，這為我們再次降至 [5.8％至 6.10％] 範圍提供了指導，其中一些將更多地取決於分母。

When you go underneath the hood and you start thinking about the consumer for a second, overall line utilization has not really changed. So we don't see consumers (inaudible) line. So that's not an issue that we see in our portfolio (inaudible) our portfolio.

當您深入內部並開始為消費者著想時，您會發現整體生產線利用率實際上並沒有改變。因此，我們沒有看到消費者（聽不清楚）的路線。所以這不是我們投資組合（聽不清楚）中看到的問題。

When we look at payment behavioral patterns, when we see movements, we are seeing movements generally across all credit grades. So it's not centered around nonprime. We see it probably a little bit more in the upper prime category than the low prime, which means they're kind of coming back from some places where they had excess liquidity, but we don't see anything materially different.

當我們觀察支付行為模式並觀察變動時，我們通常會看到所有信用等級的變化。所以它不是以非素數為中心的。我們看到，上層優質貸款類別的情況可能比下層優質貸款類別的情況稍微多一些，這意味著，它們正從一些流動性過剩的地方回升，但我們沒有看到任何實質性的不同。

If you look at our payment composition, right, relative to 2019, people who are making the minimum payment is up significantly from 2019 across all credit grades. And so you look at the [780] plus, they're up probably a little over 400 basis points every other (inaudible) the prime, the nonprime were up high 3s. It's not materially different. Part of that is structural, right, as we put more installment lending in and promotional financing. All those payments go into exact (inaudible). So that's kind of structural.

如果您查看我們的付款結構，相對於 2019 年，所有信用等級中支付最低款項的人數都比 2019 年大幅增加。因此，您會看到 [780] 以上，它們可能每隔一個（聽不清楚）就上漲超過 400 個基點，優質和非優質債券都上漲了 3 個基點。這並沒有什麼實質的區別。其中一部分是結構性的，因為我們投入了更多的分期貸款和促銷融資。所有這些付款都用於（聽不清楚）。這是一種結構性現象。

So we don't see cracks in the consumer. As Brian talked about any of the payment behavior patterns, line utilization patterns, we continue to believe that a lot of the loss pressure across the industry was too much credit being put out for certain cohorts, and their ability to really handle that credit. So we don't see things that are troubling to us.

因此，我們沒有看到消費者出現問題。正如布萊恩談到的任何支付行為模式、線路使用模式一樣，我們仍然相信，整個行業的大部分虧損壓力來自於對某些群體給予過多的信貸，以及他們實際處理這些信貸的能力。所以我們不會看到令我們困擾的事情。

And I think as we step through the first half of the year, I think we'll take an assessment back on whether or not at what point do we want to potentially lift some of the credit restrictions that are in place. There could be a scenario where you do some of that in the back half of this year.

我認為，隨著我們進入上半年，我們將重新評估是否要在何時取消現有的一些信貸限制。有可能你會在今年下半年做其中的一些事。

I wouldn't say there's a scenario we reverse everything, but there could be a reason for us to sit back and say, the actions have largely fill what they needed to do in order to get the book in the right place. So that's kind of how I think about credit and some of the performance of the book today here.

我不會說存在我們扭轉一切的情況，但我們可能有理由坐下來說，這些行動基本上已經滿足了他們需要做的事情，以便讓這本書處於正確的位置。這就是我對信譽以及今天這本書的部分錶現的看法。

Thank you.

謝謝。

Thank you. Have a good day.

謝謝。祝你有美好的一天。

Terry Ma, Barclays.

巴克萊銀行的馬特里 (Terry Ma)。

Hey, thank you. Good morning. Maybe as a follow-up to credit, your delinquency rate was down 4 basis points year-over-year. Do you have any sense for how much additional room there could be for improvement on a year-over-year basis as we progress through the rest of the year?

嘿，謝謝你。早安.也許作為信貸的後續行動，您的拖欠率比去年同期下降了 4 個基點。您是否知道，隨著我們在今年剩餘時間的進展，與去年同期相比，還有多少可以改進的空間？

Yes. Thank you and good morning, Terry. So we don't forecast 30 plus, 90 plus externally. What I sit back and give you maybe color on is some of the trends that we do see in credit, which obviously informs not only the charge-off rate, but where we go from a reserving standpoint. We continue to see entry rate favorability. That, again, accelerated a little bit more in the fourth quarter for some actions we've taken pre collections.

是的。謝謝你，早安，特里。因此，我們不會對外預測 30 多、90 多。我坐下來，想給你介紹一下我們在信貸方面看到的一些趨勢，這些趨勢顯然不僅影響沖銷率，還影響我們從準備金的角度去考慮問題。我們繼續看到進入率的有利性。由於我們在收款前採取的一些行動，第四季的成長速度再次有所加快。

We've seen good performance, right, relative in our two flows to charge-off. And really, our late-stage collections have improved. So I think as you look at that, that gives us a really high confidence level as we think about getting the net charge-off rate down year-over-year and back into our target underwriting zone.

相對於我們的兩個沖銷流程，我們已經看到了良好的表現。事實上，我們的後期收藏已經有所改善。因此，我認為，當您看到這一點時，我們會對淨沖銷率給予很高的信心，因為我們正在考慮讓淨沖銷率同比下降，並回到我們的目標承保範圍內。

I think, if you think about the short-term nature here, obviously, there's generally a seasonal lift that you see particularly in the first quarter and go on from there. We will not see as much of a seasonal lift. Traditionally, it's been around 50 basis points. We will not experience that in the first quarter of 2025, what I believe, mainly for two things.

我認為，如果你考慮到這裡的短期性質，顯然，通常會出現季節性上漲，特別是在第一季度，然後繼續上漲。我們不會看到如此大的季節性成長。傳統上，該利率在 50 個基點左右。我認為，2025年第一季我們不會經歷這種情況，主要有兩點。

One is that performance as I talked about, particularly late-stage improvement across some of those later delinquency stages, number one, and two, the timing of certain recovery actions we have, while recoveries are going to be on par with that, you think about 2024, just the timing of that play through. So a little bit better seasonally in the first half or first quarter, excuse me. So we feel good based on the delinquency formation of flow.

一是我剛才談到的表現，特別是一些後期拖欠階段的後期改善，第一，第二，我們採取某些恢復行動的時機，而恢復將與此同步，你認為大約2024 年，這只是該劇的播出時間。所以，就季節性而言，上半年或第一季的情況會好一些，抱歉。因此，我們對於流程違法行為的形成感到滿意。

Got it. That's helpful. And then maybe as a follow-up on the allowance ratio. If you put all that together, what does that mean for the allowance ratio as we kind of progress through the rest of this year? I think this quarter ended up a little bit higher than what you had kind of guided to earlier in the year. So maybe any color on the delta between the guide versus the realized and then how we should think about the allowance ratio?

知道了。這很有幫助。然後也許是對津貼比率的後續跟進。如果把所有這些放在一起，那麼對於今年剩餘時間的撥備比率來說，這意味著什麼呢？我認為本季的業績比你今年早些時候預測的要略高一些。那麼，也許可以對指南與實際值之間的差異進行任何解釋，然後我們應該如何考慮津貼比率？

Yes. Thanks for that question. So let me try to address a little bit of the ending point in 2024. And I think there's really two factors that kind of have gone into that end point being maybe higher than people expected were, generally, we said it'd be fairly in line with our exit point in 2023. Number one, the denominator clearly had some influence to being slightly higher on a rate basis. So that's part of it.

是的。謝謝你的提問。因此，讓我試著稍微討論一下 2024 年的結束點。我認為有兩個因素導致這個終點可能高於人們的預期，一般來說，我們說這將與我們 2023 年的退出點相當一致。首先，分母顯然對利率略高有影響。這就是其中的一部分。

The second piece of it probably is a little bit of what I would say, conservatism, how we think about the credit actions inside the quantitative part of the model as we enter 2025. I think, if you take a step back, while we're not providing guidance on the reserve, but think about the components there, if you continue to believe or believe that the net charge-off rate comes back down closer to that or inside of the net charge-off long-term guide, right? That part of the model, which is the quantitative part of the model, you should be able to get a rate benefit coming off of that.

第二部分可能有點我想說的保守主義，我們如何看待進入 2025 年時模型量化部分內的信貸行動。我認為，如果你退一步考慮，雖然我們沒有提供儲備金的指導，但想想那裡的組成部分，如果你繼續相信或相信淨沖銷率會回落到更接近或處於這個水平之內淨沖銷的長期指南，對嗎？該模型的那部分，即模型的定量部分，您應該能夠從中獲得利率效益。

The second piece of it is your qualitative overlays and whether or not you get clarity on the macroeconomic environment, right, which today continues to be ebbs and flows on how inflation is trending and how interest rates are funding. But those are the pieces that we're going to have to watch.

第二部分是您的定性覆蓋，以及您是否清楚宏觀經濟環境，對吧，今天宏觀經濟環境繼續取決於通膨趨勢和利率融資方式的起伏。但這些都是我們必須關注的部分。

Inherently, I think if you think about charge-off rates are declining and you think of a macroeconomic environment that improves and you have greater clarity, there would be a downward bias as you move into 2025 and exit out of 2025 on the reserve rate. Again, it will be subject to a little bit of the seasonality throughout the year, but there should be a downward bias under that type of scenario or framework

從本質上講，我認為如果您考慮到沖銷率正在下降，並且考慮到宏觀經濟環境正在改善，並且您有更大的清晰度，那麼當您進入2025 年並在2025 年退出時，準備金率就會出現下行趨勢。再次強調，全年都會受到一點季節性的影響，但在這種情景或框架下，應該會出現下行趨勢

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

Great, thanks. Brian Doubles, you mentioned that part of the JCPenney renewal was the addition of the Synchrony Pay Later. Could you talk about the other, any other sort of new aspects to the renewals for those two large programs? And just talk a little bit about how we should think about the economics of those renewals? Thank you.

太好了，謝謝。Brian Doubles，您提到 JCPenney 的革新的一部分是增加了 Synchrony Pay Later 功能。您能談談這兩個大型專案的續簽的其他新方面嗎？您能稍微談談我們應該如何看待這些更新的經濟效益嗎？謝謝。

Yes. Sure, Moshe. So look, I would say, first, we're thrilled to have renewed JCPenney and Sam's Club. We've been with both partners for decades now at this point. So we're extremely happy to have them renewed. We're excited to launch Pay Later with JCPenney.

是的。當然，摩西。所以，我想說，首先，我們很高興與傑西潘尼和山姆會員店續約。到目前為止，我們與雙方的合作已經有幾十年了。因此我們非常高興能夠續約。我們很高興與 JCPenney 合作推出 Pay Later 服務。

I think it's a real testament to the multi-product ecosystem that we've built, starting with Lowe's, JCPenney, it's really resonating with our partners, both, frankly, both on the renewal side, but also as we go out and compete with new, compete for new business.

我認為這是我們建立的多產品生態系統的真實證明，從 Lowe's 到 JCPenney，它確實引起了我們合作夥伴的共鳴，坦率地說，不僅在更新方面，而且在我們出去競爭時新的，爭奪新業務。

And I think it's different than it was probably two or three years ago, where you had partners that were leveraging fintechs, looking for buy-now-pay-later solutions, they were basically doing anything they could to generate and drive sales. Now they've kind of taken a step back and they said, hey, we want a product that can be a starter product a way to bring in new customers and then over time, graduate them to a revolving product, co-brand card.

我認為這與兩三年前的情況不同，那時的合作夥伴正在利用金融科技，尋找先買後付的解決方案，他們基本上盡一切努力來創造和推動銷售。現在他們有點退了一步，他們說，嘿，我們想要一種可以作為入門產品的產品，一種吸引新客戶的方式，然後隨著時間的推移，將它們升級為循環產品、聯合品牌卡。

And when you look at the economic model associated with that, it's really compelling. It's great for us. It's great for the partners because some of the starter products in buy-now-pay-later don't exactly meet our return threshold, but when you look at the lifetime value of that customer, it absolutely does. And like I said, it benefits us and the partner.

當你看看與之相關的經濟模型時，它確實令人信服。這對我們來說太棒了。這對合作夥伴來說是一件好事，因為「先買後付」模式中的一些入門產品並不完全符合我們的退貨門檻，但是當你考慮該客戶的終身價值時，它絕對符合我們的退貨門檻。正如我所說的，這對我們和合作夥伴都有好處。

In terms of the two renewals on economics, we don't get into that. I would just tell you that we're extremely happy with both the economics and the terms of both agreements. We've got great alignment on both. I talk about that a lot because it's absolutely critical to have a successful program. These are long-term agreements. And we want to make sure that the interest between us and the partner is perfectly aligned. And in both cases, I think they are.

關於經濟學方面的兩次更新，我們不會討論這個。我只想告訴你，我們對這兩項協議的經濟效益和條款都非常滿意。我們在這兩方面都達成了很好的共識。我經常談論這一點，因為這對於一個成功的專案來說絕對至關重要。這些是長期協議。我們希望確保我們與合作夥伴之間的利益完全一致。對於這兩種情況，我認為都是這樣的。

Got it. Thanks. And maybe just as a follow-up, you talked a little bit about the potential for some degree of reversal of some of the tightenings perhaps by the second half of the year. Just talk a little bit more granularly about whether there are certain types of, maybe not names of partners, but types of partners that you'd likely see that first or any other kind of signs that we should be looking forward to see that, that's going on?

知道了。謝謝。也許只是作為後續問題，您談到了可能在今年下半年部分緊縮政策出現一定程度的逆轉的可能性。稍微詳細地談談是否存在某些類型的合作夥伴，也許不是合作夥伴的名字，而是您可能首先看到的合作夥伴類型，或者我們應該期待看到的任何其他類型的跡象，這就是發生了什麼？

Yes. So great question, Moshe. I think what you're going to start to see is in a couple of areas, right? We will see an acceleration potentially of dual card, right, so that we have dual cards as you potentially would think about where we may be down selling a little bit more into private label today, we would go through and do more upgrades from the private label product into the dual card products, that's one.

是的。這個問題問得真好，Moshe。我想您將會開始看到以下幾個方面，對嗎？我們將看到雙卡的潛在加速發展，對吧，所以我們有雙卡，因為你可能會想到，我們今天可能會在自有品牌上多賣一點，我們會通過並從自有品牌上進行更多的升級標籤產品變成雙卡產品，就此而已。

I think in two, area you'll see is where we have probably been more restrictive on credit line increases and potentially credit line decreases, you'll see probably a little bit more credit line increase activity and decreased activity and that generally will happen in some of the larger balance type platforms that we have.

我認為，在兩個方面，我們可能會對信貸額度的增加和信貸額度的減少實施更嚴格的限制，您可能會看到信貸額度增加活動略有增加，信貸額度減少活動略有減少，這通常會發生在我們擁有的一些較大的平衡型平台。

So I think initially, what you'll start to see is really some expansion into growth areas, some improvement on our approval rate new accounts that then begins to flow through on the purchase line activity. Again, I think, centered in a little bit of the larger type balance platforms.

因此我認為最初您會看到的是成長領域的一些擴展、新帳戶批准率的一些提高，這些改進隨後開始流經購買線活動。再次，我認為，以較大類型的平衡平台為中心。

I think another big component here is going to be when the consumer has enough confidence, we watch consumer confidence quite closely, but has enough confidence where they want to make more discretionary purchases because that's what we're seeing across the board, where it's in health and wellness, you think about some of the cosmetic (inaudible) potentially when you think about in home and auto, some of the mattresses and furniture deferrals.

我認為另一個重要因素是消費者是否有足夠的信心，我們密切關註消費者信心，但是否有足夠的信心讓他們願意進行更多的自由支配購買，因為這是我們全面看到的情況，健康和保健，當您考慮家庭和汽車時，您可能會考慮一些化妝品（聽不清楚），一些床墊和家具延期。

Those should create nice tailwinds when the consumer gets some confidence as we step through they're noncredit oriented, but we'll be there to help them. So I do think it's a little bit broader on some of the actions that we would take or begin to unwind under that potential scenario.

當我們逐步消除消費者的信用顧慮時，這些應該會創造良好的順風，因為消費者雖然不注重信用，但我們會盡力幫助他們。因此，我確實認為，在這種潛在情況下，我們將採取或開始放鬆的一些行動將更加廣泛。

Great. Thanks very much.

偉大的。非常感謝。

Thanks so much (inaudible)

非常感謝（聽不清楚）

Jeff Adelson, Morgan Stanley.

摩根士丹利的傑夫·阿德爾森。

Hey, good morning. Thanks for taking my questions.

嘿，早安。感謝您回答我的問題。

Jeff, [just] morning.

傑夫，早安。

Just given the broader slowing growth of purchase volumes and account growth you've seen for a few years now and the credit actions you've taken, can you maybe share some of the feedback and conversations you're having with your key retail partners around that?

鑑於您這幾年看到的購買量和帳戶增長普遍放緩，以及您採取的信貸行動，您能否分享一些您與主要零售合作夥伴的反饋和對話 那？

I understand that Synchrony controls the underwriting, but are you hearing more of a desire from some of these partners to maybe lean back in a little bit here? And how is that talking point of slower growth narrative maybe feeding into the competitive dynamic as you look to really renew and win new partnerships from here?

我理解 Synchrony 控制承銷，但你是否聽到一些合作夥伴表示希望在這裡稍微退後一步？當您尋求真正重建並贏得新的合作關係時，成長放緩這一話題會如何影響競爭態勢？

Yes. Jeff, I think it comes back to what I said earlier, which is all of our programs, we have really good alignment with the partners. So when we saw, what the industry did in '21, '22, a little bit into '23 and the massive amount of credit that was extended to consumers, we started very proactively making some of these tightening actions and modifications.

是的。傑夫，我想這又回到了我之前說過的，那就是我們所有的項目，都與合作夥伴保持著良好的協調。因此，當我們看到產業在21年、22年以及23年的表現，以及向消費者提供的大量信貸時，我們開始非常積極地採取一些緊縮措施和修改。

And we did that completely transparently with all of our partners, just like we do on everything related to the program. We look at the data, we look at the results. We show them exactly what it's going to do to the performance of the program, both on the growth side, but also on the RSA piece, and we make those decisions jointly.

我們對所有合作夥伴都完全透明地做到這一點，就像我們對與該計劃相關的所有事情所做的那樣。我們查看數據，查看結果。我們向他們展示了它將對專案表現產生什麼影響，包括成長面向和 RSA 部分，然後我們共同做出這些決定。

We control credit. There's no confusion about that, but we do it very transparently with our partners. And our interests are aligned through the RSA. And you're seeing that now. I mean, as Brian said, the RSA will come up a little bit because of the PPPCs and the better net charge-offs profile for 2025. That's exactly how they're supposed to work. And so both the credit actions and the RSA are working as designed.

我們控制信用。對此沒有任何混淆，但我們對合作夥伴的做法非常透明。我們的利益透過 RSA 保持一致。現在您就看到了。我的意思是，正如 Brian 所說，由於 PPPC 和 2025 年更好的淨沖銷狀況，RS​​A 將會略有上升。這正是它們應該工作的方式。因此，信用行動和 RSA 均按設計運作。

And so in a partnership like this as long as you've got a good contract where it's very clear that we both win together. And don't be confused, we both want to grow. We want to improve more customers. We want to help our partners drive sales, but we want to do it in a prudent way where we're managing to the long-term credit target, and I think we're doing that.

因此，在這樣的合作中，只要你簽了好合同，很明顯我們雙方都是雙贏的。別誤會，我們都希望成長。我們希望改善更多的客戶。我們希望幫助我們的合作夥伴推動銷售，但我們希望以審慎的方式進行，以實現長期信貸目標，我認為我們正在這樣做。

Yes. The only thing I'd just add on to that, Jeff. I mean, just taking a little step back here, we did put up the second highest purchase volume ever as a company, coming off a record purchase volume in the year before. And we had significant asset growth the year before. So this is in, I'd say, some long-term trend. This is by design of taking credit actions.

是的。我只想補充一點，傑夫。我的意思是，稍微回顧一下，我們確實創下了公司歷史上第二高的採購量，而前一年我們的採購量創下了歷史新高。前一年我們的資產實現了顯著成長。所以我想說，這是一種長期趨勢。這是採取信用行動的設計。

That's why I think, if you look at the pace at which losses start to accelerate and push through your long-term historical averages, we were probably the slowest to do that and one of the fastest coming back out, and we didn't have a steep an increase. That was because of credit actions and our desire to do that. So again, I don't want to lose sight of the fact that from a purchase line perspective, this is a significant year for our partners and for our company.

這就是為什麼我認為，如果你看看虧損開始加速並突破長期歷史平均的速度，我們可能是最慢做到這一點的，也是恢復最快的，而且我們沒有急劇增加。這是因為信用行動和我們這樣做的願望。因此，我再說一遍，我不想忽視這樣一個事實：從採購線的角度來看，今年對我們的合作夥伴和公司來說都是重要的一年。

Okay. Great. And as my follow-up, just maybe circle back on Sanjay's question. If the late fee regulation doesn't come out and let's just say the CFPB sends the rule, can you just talk about the plans from there? And have any of your retail partners talked about maybe a desire to pull back on some of the PPPC you put through?

好的。偉大的。作為我的後續問題，也許我會回到桑傑的問題。如果滯納金規定沒有出台，假設消費者金融保護局 (CFPB) 發布規則，您能談談後續計劃嗎？您的零售合作夥伴是否曾表示想要減少一些您正在開展的 PPPC 業務？

Yes. Look, I'll start on this. I think clearly, there's been some positive developments on the litigation front, the injunction will stay in place. I think just some positive comments about the merits of the case for the industry. With all that said, nothing is final. We don't have certainty at this point. So we're not planning on making any changes to the pricing actions at this point. We got to see how the litigation progresses. We need some level of certainty.

是的。瞧，我就從這個開始。我認為，訴訟方面顯然已經取得了一些積極進展，禁令將繼續有效。我認為這對該行業的優點做出了一些積極的評價。儘管如此，一切都還沒有定論。目前我們還不確定。因此我們目前不打算對定價行動做出任何改變。我們必須看看訴訟如何進展。我們需要一定程度的確定性。

And like I said earlier, I think we'll do exactly what we did when the late fee proposal came out. We'll go out. We'll talk to our partners. We'll do that very transparently. We'll look at a number of different factors, including any behavioral changes that we may have seen up until this point, we'll look at where other merchants and providers are pricing their programs.

正如我之前所說的，我認為我們會採取與滯納金提案出台時完全相同的做法。我們就出去。我們將與我們的合作夥伴進行交談。我們會非常透明地做到這一點。我們將考慮許多不同的因素，包括到目前為止我們可能看到的任何行為變化，我們將考慮其他商家和供應商對其計劃的定價。

We look at the competition. We look at the industry. And we'll go through the financial impact to our partners in terms of how it would impact the RSA. So again, it will be very collaborative. We'll make the decision together just like we've done on credit and when the first late fee proposal came out.

我們關注競爭。讓我們看看這個行業。我們將從對 RSA 的影響角度分析其對合作夥伴造成的財務影響。所以再次強調，這將會是一次非常具有協作性的合作。我們會共同做出決定，就像我們在信貸問題上以及第一個滯納金提案出台時所做的那樣。

John Hecht, Jeffries.

約翰‧赫克特、傑弗里斯。

Good morning guys. Thanks for taking my questions. First one, I guess, is just another, I guess, aspect of credit, Brian Wenzel. I know '24 is early, but is there any kind of early reads from some of the aspects of the '24, vintage that leads you to believe that it might, that vintage itself might be performing within the long-term goals?

大家早安。感謝您回答我的問題。首先，我猜，這只是信譽的另一個方面，布萊恩·溫澤爾。我知道 24 年還為時過早，但是從 24 年的某些方面來看，是否有任何早期的解讀可以讓您相信它可能，該年份本身可能在長期目標範圍內表現？

Yes. First of all, thanks for the question, John. Good morning. As we look at the vintages in 2023 and 2024, we talked about some of the early performance very early, particularly for 2024, (inaudible) continue to develop. And I'd say, as we look at those relative to the industry, they are performing better and the industry's experience on both '23 and '24 in our estimation.

是的。首先，感謝您的提問，約翰。早安.當我們展望 2023 年和 2024 年的年份時，我們很早就談論了一些早期的表現，特別是 2024 年的表現，（聽不清楚）將繼續發展。我想說，當我們從行業角度來看時，它們的表現會更好，而且我們估計該行業在 23 年和 24 年都有經驗。

Those vintages when I compare them back to 2018, moved slightly worse than 2018, but nothing that's really significant or gives us pause as they develop. So I think as we look at it, we're very happy with those two vintages (inaudible) vintages that have the full credit actions embedded in, and we feel optimistic is just another reason why we're back, hopefully, inside our long-term target range of by (inaudible), but in the guide of $580 million to $610 million for next year.

當我將這些年份的葡萄酒與 2018 年的葡萄酒進行比較時，它們的表現比 2018 年略差一些，但沒有什麼真正重大的變化，也沒有讓我們在其發展過程中停下來思考。因此，我認為，當我們回顧時，我們對這兩個年份（聽不清楚）的年份感到非常滿意，這些年份都包含完整的信用行動，我們感到樂觀，這只是我們回到長期的另一個原因。

Okay. And then Brian Doubles. Maybe can you talk about just the mix of digital commerce versus in-store commerce. And has that trajectory changed at all over the, I guess, kind of in the wake of COVID?

好的。然後是 Brian Doubles。也許您可以談談數位商務與店內商務的結合。我想，在新冠疫情爆發之後，這軌跡是否有了改變？

Yes. John, not surprisingly, it continues to increase, both in terms of the type of partners where we're seeing the most growth at the moment. But also how the consumer is shopping. One of the big areas where we're investing is in digital wallets that are becoming more and more prevalent.

是的。約翰，毫不奇怪，這個數字還在繼續增長，無論是從我們目前看到的成長最快的合作夥伴類型來看。但也要了解消費者的購物方式。我們投資的一大領域是越來越流行的數位錢包。

We had the announcement of Apple Pay, which you saw. So that's an area where we continue to invest. I think we compete very well there. We have very sophisticated technology platforms that we embed into our partners' apps and their mobile platforms.

我們發布了 Apple Pay，正如您所看到的。所以這是我們將繼續投資的領域。我認為我們在那裡競爭非常激烈。我們擁有非常先進的技術平台，將其嵌入到我們合作夥伴的應用程式和他們的行動平台中。

And I think that's obviously, I'm stating the outage that's where the future is going, and we've been investing there for eight or nine years really heavily. And so we feel good about that as a competitive advantage, I think we have a more sophisticated platform than many in the industry.

我認為這很明顯，我說的是未來的發展方向，而且我們在那裡已經投入了八、九年的巨額資金。因此，我們對此感到很滿意，認為這是一種競爭優勢，我認為我們擁有比業內許多公司更複雜的平台。

Great, thanks for the color, guys.

太好了，謝謝大家提供的顏色。

Thanks, John.

謝謝，約翰。

Thanks, John. Have a good day.

謝謝，約翰。祝你有美好的一天。

John Pancari, Evercore ISI.

約翰‧潘卡里 (John Pancari)，Evercore ISI。

Good morning. On the liquidity front, I know you mentioned you're running at higher levels of liquidity at around 17%, partly to prefund growth. I mean, could you give maybe a little bit more color around this decision? And what could change this view? And what's the longer-term outlook? What would you say is the appropriate long-term liquidity level as you look out?

早安.在流動性方面，我知道您提到您的流動性水平較高，約為 17%，部分是為了預先籌資成長。我的意思是，您能否更詳細地解釋一下這個決定？那什麼可以改變這個觀點呢？長期前景如何？從您的角度來看，您認為適當的長期流動性水準是多少？

Yes. Thanks for the question. As we look at the digital banking deposit market, we continue to think there's a place there with the consumers that we want to attract that there's still on track (inaudible) for us to get new customers.

是的。謝謝你的提問。當我們審視數位銀行存款市場時，我們仍然認為那裡有我們想要吸引的消費者，我們仍然可以在那裡獲得新客戶。

And what we did want to do was really shrink down deposit growth in the short term only have to reaccelerate when growth comes in. Today, even on a higher liquidity on an EPS basis, it's a positive trade for me.

我們確實想要做的是在短期內縮減存款成長速度，只有當存款成長開始時才重新加速。今天，即使每股盈餘 (EPS) 基礎上的流動性更高，對我來說這也是一筆積極的交易。

If I can bring in dollars at a high-yield savings rate of [$4.10] and collect over that, right, in Fed cash, that's a positive economic trade and positive EPS trade. Yes, it will certainly hurts net interest margin, but I think the EPS dollars makes more sense.

如果我能以高收益儲蓄利率 [4.10 美元] 引入美元，並以美聯儲現金的形式收取，那麼這是一項積極的經濟交易和積極的 EPS 交易。是的，這肯定會損害淨利差，但我認為每股盈餘更有意義。

What I want to do is pull back and try to be rate sensitive in the short term and then have a higher cost to acquire in the back half of the year or into next year when we grow. So that's really the strategy around. I think we feel really that we're positioned well relative to who we define as our peers in the digital banking space.

我想做的是撤退並嘗試在短期內對利率敏感，然後在下半年或明年我們成長時以更高的成本進行收購。這才是真正的策略。我認為，我們確實感覺到，相對於我們在數位銀行領域的同行，我們處於良好的地位。

If you think about that long-term rate, it's generally in the, I'll call it, the 15% to 17% depending upon which quarter that you're in. So slightly lower than that from here, but we just wanted to call it out because we're not going to alter our deposit funding strategy in the short term. We believe the growth will reaccelerate at some point.

如果您考慮長期利率，它通常在 15% 到 17% 之間，具體取決於您所在的季度。因此從現在開始會略低一些，但我們只是想說出來，因為我們不會在短期內改變我們的存款融資策略。我們相信，在某個時候，成長將會重新加速。

Got it. All right. Thanks, Brian. And then my follow-up is a quick one, just back to the late fee rule. I heard you acknowledge the positive comments coming from Judge Pitman. But what are you actually hearing from your folks in DC. post the election in terms of potential CFPB action as there's changes at the administration, I mean, could the rule be allowed the sorted out in the courts still or actually killed on the line? Thanks.

知道了。好的。謝謝，布萊恩。然後我的後續問題很快，回到滯納金規則。我聽說您對皮特曼法官的正面評價表示認可。但你實際上從華盛頓的親朋好友那裡聽到了什麼？由於政府發生變動，CFPB 大選後可能會採取哪些行動，我的意思是，這項規定是否還能由法庭來解決，或者是否真的會被直接否決？謝謝。

Yes. It's really hard to speculate on that. I mean, there are a number of different scenarios. We spent a lot of time with our legal team. I will tell you, just going back to when the litigation started, it has been a lot of ups and downs. And I think the industry feels fairly good about Judge Pitman's ruling, but how it could play out from here, there's still a lot of uncertainty.

是的。這確實很難推測。我的意思是，存在多種不同的情況。我們花了很多時間與法律團隊在一起。我可以告訴你，回想這場訴訟剛開始時，它經歷了許多起起伏伏。我認為業界對皮特曼法官的裁決相當滿意，但接下來的結果如何，仍有很大的不確定性。

I think the appeal window is still open until the first week of February. So I don't want to get into speculating. We're staying very close to it. Obviously, we're communicating with our partners, but I don't want to speculate beyond that.

我認為上訴窗口仍然開放至二月的第一週。所以我不想參與猜測。我們正密切關注這一情況。顯然，我們正在與合作夥伴溝通，但我不想進行進一步的猜測。

Okay, understand. Thank you.

好的，明白了。謝謝。

Thank you.

謝謝。

Bill Carcache, Wolfe Research.

比爾‧卡卡什（Bill Carcache），沃爾夫研究公司。

Thank you. Good morning First, can you discuss the potential for PPPC to drive your normalized return profile of 28% sustainably higher?

謝謝。早安，首先，您能否討論一下 PPPC 推動您的 28% 標準化回報率持續走高的潛力？

Yes. Thanks and good morning, Bill. We haven't changed our long-term outlook. I think to some degree, once the late fee rule settles in, whether it goes in, it doesn't go in, what the ultimate effect of the PPPCs are, we'll come back and potentially revisit those targets at that point, but we haven't changed them yet, Bill.

是的。謝謝，早上好，比爾。我們沒有改變我們的長期展望。我認為，在某種程度上，一旦滯納金規則穩定下來，無論它是否實施，PPPC 的最終效果如何，我們都會回過頭來重新審視這些目標，但我們還沒有改變它們，比爾。

Understood. Maybe following up on your efficiency guidance. Sorry if I missed this, but can you give us some color around the factors that would drive efficiency ratio towards the lower versus the higher end of the range?

明白了。也許是遵循你的效率指導。抱歉，如果我錯過了這一點，但您能否告訴我們導致效率比趨向於較低水平而非較高水平的因素？

Yes. One just goes back into how well you manage and grow your existing account population to the extent I can grow the existing balances I get operating leverage on that. I think we have a lot of discipline right relative to when and how we add incremental FTEs, and how we manage some of the non-exempt employees as we go through seasonal periods.

是的。一是回到你如何管理和增加現有帳戶數量，以便我可以增加現有餘額，從而獲得營運槓桿。我認為，我們對何時以及如何增加增量 FTE，以及在季節性時期如何管理一些非豁免員工有著嚴格的規定。

So there's a number of different levers that we use. And we go back into the net revenue decline we saw as a company through the pandemic. We're very quickly back into being one of the more efficient, if not the most efficient credit card company when it comes down to how we operate the business, and that's our commitment is to drive that operating leverage again in 2025.

因此我們使用了多種不同的槓桿。我們又回到了疫情期間公司淨收入下滑的情況。就我們的業務運作方式而言，我們很快就恢復了高效，甚至可以說是最高效的信用卡公司之一，而我們的承諾是在 2025 年再次推動這種營運槓桿。

Thank you.

謝謝。

Thanks, Bill. Have a good day.

謝謝，比爾。祝你有美好的一天。

Rob Wildhack, Autonomous Research.

Rob Wildhack，自主研究。

Good morning guys. Question on the outlook for loan growth. Just wanted to get your thoughts on how that might progress through the year because I think in the past, you've talked about a scenario where you could open up a bit in the second half. So is that still the base case and included in the outlook now? And then what are some of the waypoints we should watch to see if that remains on track? Is it just as simple as net charge-offs normalizing? Thanks.

大家早安。關於貸款成長前景的問題。只是想聽聽您對今年可能如何發展的看法，因為我認為在過去，您曾談到下半年可能會稍微開放一點的情景。那麼這仍然是基本情況並且現在已包含在展望中嗎？那麼，我們應該關注哪些航點來判斷其是否保持在正軌上？這就像淨沖銷正常化一樣簡單嗎？謝謝。

Yes. Thanks and good morning, Rob. As you think about loan growth as you step through the year, you first got to look at against what you're comparing year-over-year. Obviously, the most difficult comp would be the first quarter. We were fairly clear in the second quarter, we saw a deceleration from the consumers that were really somewhat in advance of our credit actions.

是的。謝謝，早安，羅布。當你思考一年中的貸款成長時，你首先要將其與去年同期進行比較。顯然，最困難的比賽是第一季。我們在第二季相當清楚，我們看到消費者的成長減速確實在某種程度上領先於我們的信貸行動。

And then, obviously, the continued deceleration that you saw in the back half of the year, mainly from the credit themselves as well as the discerning customers. So I think if you think about that, your first quarter is probably the more challenging one when it comes to loan growth. And then you should see it kind of accelerated as you step through second through the fourth quarters.

然後，顯然，您在下半年看到的持續減速主要來自於信貸本身以及挑剔的客戶。所以我認為如果你考慮到這一點，第一季的貸款成長可能更具挑戰性。然後，隨著第二季到第四季的推進，你會看到這種趨勢加速。

With regard to the scenario that we potentially have talked about a couple of times around lifting some of the credit restrictions, that's not part of the base plan, it would be something that we would look at later in the year, and then you'll begin to see those effects as we take those actions. A good precursor to that is going to be how you see that charge-offs develop and whether or not we can deliver on the charge-off guidance, and we talked a little bit about the first quarter, but really getting back inside that range and feel comfortable that the trajectory and what we're originating is the rate risk adjusted margin, that's really the focal point for the company in which we would then begin to lift some of the restrictions (inaudible) it's the latter part of this year or into next year.

關於我們可能已經討論過幾次的取消部分信貸限制的方案，這不是基本計劃的一部分，這是我們將在今年晚些時候考慮的事情，然後你就會當我們採取這些行動時，就會開始看到這些影響。一個很好的先決條件是你如何看待沖銷的發展，以及我們是否能夠實現沖銷指導，我們在第一季度談了一些，但真正回到這個範圍內，感覺很舒服，我們的軌跡和我們的起源是利率風險調整後的保證金，這確實是公司的焦點，我們將開始取消一些限制（聽不清楚），這是今年下半年或明年。

Thanks And then a quick clarification on deposits in betas. 60% beta for this year. I think this time last year, you were talking about an 80% or 90% beta on the way up and an expectation for something similar on the way down through the entire cutting cycle. So how you think about the 60% this year in the context of the 80%, 90% that you experienced on the way up?

謝謝，然後快速澄清一下測試版中的存款。今年的測試版為 60%。我認為去年這個時候，您談論的是整個切割週期中上升過程中的 80% 或 90% 的貝塔值，以及下降過程中對類似值的預期。那麼，相對於您之前經歷的 80%、90% 的成長，您如何看待今年的 60% 的成長？

Yes. So the way we think about betas up and definitionally, I think issuers or banks look at it slightly differently. We look at the start of the read-up cycle to the start of the downward cycle. So when I look at that, both for high-yield savings and CDs, that beta is around 75% when (inaudible). So that's really the guidepost.

是的。因此，我認為，從我們思考貝塔係數的方式和定義上來說，發行人或銀行對此的看法略有不同。我們觀察從上行週期的開始到下行週期的開始。因此，當我查看高收益儲蓄和 CD 時，其貝塔係數約為 75%（聽不清楚）。這確實是一個路標。

And ultimately, you're going to, our view is you're going to get back to that same type of downer beta when you look at that first rate hike going forward, with 60% is more reflective, I think, of a little bit of lag that happens with digital banks and really the timing of the rate decrease. As you can see from our page, we only have one rate decrease in that's more towards the back half of the year. So given that lag, you don't see as much deposit beta during the current year.

最終，我們的觀點是，當你展望未來第一次升息時，你會回到同樣類型的下行貝塔值，我認為 60% 更能反映一點數字銀行確實存在一些滯後，而且利率下降的時機也確實如此。正如您從我們的頁面上看到的，我們只有一次利率下調，而且是在下半年。因此，考慮到這種滯後，今年你不會看到那麼多的存款貝塔值。

Very helpful. Thank you.

非常有幫助。謝謝。

Thanks (inaudible)

謝謝（聽不清楚）

[Brian Crowley], Robert W Baird.

[布萊恩·克勞利]，羅伯特·W·貝爾德。

Hey, good morning guys. Thanks for taking my question. I think most of my stuff has already been answered, but just you guys have mentioned a bit about the dual cards and the care credit, dual card driving new card growth. I'm just wondering if you guys could provide a little more color on your strategy here and what channels you're expecting to drive meaningful growth from?

嘿，大家早安。感謝您回答我的問題。我想我的大部分問題已經得到解答了，但是你們剛才提到了一些關於雙卡和護理信用、雙卡推動新卡增長的問題。我只是想知道你們是否可以提供更多關於你們的策略以及你們期望從哪些管道推動有意義的成長？

Yes, I'll take that. So look, I think the health and wellness business is one of our biggest strategic priorities. We've seen really good growth there, huge opportunities in front of us. One of the things that we looked at, just given the strong customer loyalty in the CareCredit product was offering a dual card. So one thing we've seen over the last 10 years is that consumers like to compartmentalize their health and wellness spend.

是的，我接受。所以，我認為健康和保健業務是我們最大的策略重點之一。我們看到那裡確實出現了良好的成長勢頭，我們面前存在著巨大的機會。考慮到 CareCredit 產品強大的客戶忠誠度，我們考慮的一件事就是提供雙卡。我們在過去十年中看到的一個現像是，消費者喜歡將他們的健康和保健支出分類。

And so the idea was, hey, if you love the CareCredit product, use it at pharmacies, use it for health and wellness spend. We've collaborated with some of our other partners to be able to accept the CareCredit card. And so it's an exciting growth trajectory for us. We love the product. We'll continue to invest there.

所以這個想法是，嘿，如果你喜歡 CareCredit 產品，可以在藥局使用它，並用它來進行健康和保健消費。我們已經與其他一些合作夥伴合作以便能夠接受 CareCredit 卡。所以這對我們來說是一條令人興奮的成長軌跡。我們喜歡這個產品。我們將繼續在那裡投資。

Great. Thanks guys.

偉大的。謝謝大家。

Thanks.

謝謝。

Thanks, have a good day.

謝謝，祝你有美好的一天。

Erica Najarian, UBS.

瑞銀的埃里卡·納賈里安（Erica Najarian）。

Yes, hi. Just one last question and just pulling up back to growth. I think the primary conversation that I was having with your investors really around the time you presented at a conference in December was on the growth trajectory and I just wanted to make sure we were really unpacking all of the messages that you gave us today. So one is very clear, a lot of the slowdown in growth is from your from credit actions that you were proactive on.

是的，你好。只剩下最後一個問題了，讓我們重新回到成長上。我認為，在您 12 月參加一次會議時，我與您的投資者進行的主要對話就是關於成長軌跡，我只是想確保我們確實理解了您今天給我們的所有資訊。因此，很明顯，經濟成長放緩很大程度上是由於你們積極主動採取的信貸行動所致。

So I think that's pretty clear. You've mentioned that the consumer is in good shape, but the consumer is also not confident. So we kind of wanted to unpack what your cohort is really like in terms of how we're thinking about spending because the data we've gotten across different cohorts so far this earnings season has been pretty strong and the forward look has been pretty strong.

所以我認為這很清楚。您剛才提到消費者狀況良好，但消費者也不有自信。因此，我們想了解一下你的群體在支出方面的真實情況，因為到目前為止，這個財報季我們從不同群體獲得的數據都相當強勁，而且前瞻性也相當強勁。

And the third is I'm actually going to ask the other question the PPPCs and that if we don't get late fees, I mean, who, in a way does it really matter if it's ROE accretive, if it's going to be disincentivizing to growth, right? Like a purchase APR of 32% might be disincentivizing to growth.

第三，我實際上要問另一個問題，即 PPPC，如果我們不收取滯納金，我的意思是，在某種程度上，如果它能增加 ROE，如果它會抑製成長，對吧？例如 32% 的購買年利率可能會抑製成長。

So, those are just three things that I think investors are really considering as we think about, what are the, what does the growth look like for synchrony specifically in your cohort as we think about a consumer? That's probably a little bit healthier than we thought they were going to be in '25?

所以，我認為這些只是投資者真正考慮的三件事，當我們考慮消費者時，您的群體的同步性成長是什麼樣的？這可能比我們想像的 25 年更健康一點吧？

Yes. So let me start on the consumer. I think we, look, we do feel good about the consumer. I think no matter what you're looking at, if you're looking at how they're spending, the fact that they're being disciplined, they're managing to a budget. We have seen a pullback in the lower income cohort, and I think that's pretty consistent across the industry. That's where they're feeling the effects of inflation.

是的。那麼讓我先從消費者開始說起。我想，我們確實對消費者感覺良好。我認為無論你看什麼，如果你看他們如何花錢，你會發現他們很自律，他們在控制預算。我們看到低收入群體的人數減少，我認為整個產業的情況都相當一致。這就是他們感受到通貨膨脹影響的地方。

On the higher income customer, they're pulling back a little bit, but I think still very healthy. And I think that's good for, from a credit perspective, people are being disciplined. They're not overextending, which is a good thing.

對於高收入客戶，他們的收入有所下降，但我認為仍然非常健康。我認為從信用角度來看這是件好事，因為人們受到了紀律。他們並沒有過度擴張，這是一件好事。

So I think it's a combination of that and what we did on credit. And so we're very pleased with how the actions we took are performing, we're getting credit in line with the long-term guidance. And we're willing to sacrifice a little bit of growth here in the short term to deliver that.

所以我認為這是上述情況和我們的信用行為的結合。因此，我們對所採取的行動所產生的效果感到非常滿意，我們獲得的讚譽符合長期指導方針。為了實現這個目標，我們願意在短期內犧牲一點成長空間。

Yes. Erika, if I can add a couple of other points here. I think when you look at the overall consumer, when we look at that higher-end consumer, that hiring consumer for us was flat, right, for the quarter. So yes, it does trail, but it wasn't net negative, where we see more of the negativity down on the lower nonprime segment, which is the segment that attracted more of the credit actions. So again, when you unpack the pieces of it, we don't feel really bad about it.

是的。艾莉卡，我可以在這裡補充幾點。我認為，當你看整體消費者時，當我們看高端消費者時，我們的招募消費者在本季是持平的。所以是的，它確實落後了，但並不是淨負面，我們在較低的非優質部分看到更多的負面情緒，這是吸引了更多信貸行動的部分。因此，當你再次解開它的各個部分時，我們並沒有感到難過。

When you get to the PPPC, you bring up the concept around the APR and that. A couple of things I'd just add to that. Number one, for all the programs in which we executed PPPCs, we have a test first control. So we actually can see purchase volume per active. We can see realization rate. We can see whether there is attrition, solid attrition or changes in revolver or transactor behaviors.

當您了解 PPPC 時，您會提出有關 APR 等的概念。我只想補充幾點。首先，對於我們執行 PPPC 的所有程序，我們都進行測試優先控制。因此我們實際上可以看到每個活躍用戶的購買量。我們可以看到實現率。我們可以看到是否有人員流失、實質流失或循環信貸機構或交易者行為的變化。

And there's not a significant difference between the ones that are in the control group versus the ones that received the terms and conditions. So that gives us some level of comfort that the sales decline are not necessarily PPPC-oriented number one.

對照組和收到條款和條件組之間沒有顯著差異。因此，這讓我們感到一定程度的安慰，即銷售額的下降並不一定是由 PPPC 導致的。

Number two, there were a couple of holdouts that we have, while we may have agreed the terms have put in place, until (inaudible) rule went into place. In those situations, they're seeing some of the same declines that we're seeing across the board. So again, another data point that this isn't necessarily driven off of the PPPC.

第二，雖然我們可能已經同意了所製定的條款，但還是有一些堅持者，直到（聽不清楚）規則生效。在這些情況下，他們也看到了與我們一樣普遍的衰退現象。所以，再說一次，另一個數據點表明這不一定是由 PPPC 驅動的。

So as we look at that. And then the final point I make, (inaudible) to the APR, you have to look at the value proposition that these cards generally have a higher value proposition all in when you're looking at 5% discount in certain retailers or you're looking at 10% off and things like that. So a higher value proposition, which is a bulk of the RSAs, the gap is a great example of why you could have that thing kind of price.

所以當我們看一下這個。然後我要說的最後一點，（聽不清楚）關於 APR，你必須考慮價值主張，這些卡通常具有更高的價值主張，當你在某些零售商那裡看到 5% 的折扣時，或者你看看10% 的折扣和類似的東西。因此，更高的價值主張（佔 RSA 的大部分）之間的差距就是一個很好的例子，說明了為什麼你可以擁有這種價格。

That's why someone can charge several hundred dollars for an annual fee in a card because someone has believed that the value proposition is strong enough to support it. So I think you got to take a step back and look at all the elements around the pricing of the product and the value proposition before you draw conclusions.

這就是為什麼有人可以在卡中收取數百美元的年費，因為有人相信價值主張足夠強大以支持它。因此我認為在得出結論之前你必須退一步考慮產品定價和價值主張的所有因素。

And that analysis is back to the point I made earlier, that's exactly what we sit down and go through with our partners. So we say, okay, here's the test. Here's the control. Here's what we think will happen if you move APRs up or down and what the trade-offs are. And obviously, our partners are very interested in that because they're impacted, frankly, both on the growth side as well as their interests are aligned through the RSA.

這個分析又回到了我之前提到的觀點，這正是我們和夥伴坐下來討論的問題。所以我們說，好吧，這是測試。這是控件。以下是我們認為如果提高或降低 APR 會發生的情況以及其優缺點。顯然，我們的合作夥伴對此非常感興趣，因為坦白說，他們不僅在成長方面受到了影響，而且他們的利益也透過 RSA 得到了統一。

Thanks. I think that was really helpful color for investors in terms of the control group anecdote. So I appreciate that. Thanks.

謝謝。我認為，從對照組的軼事來看，這對投資者來說確實很有幫助。我很感激。謝謝。

Great. Thank you. Have a good day.

偉大的。謝謝。祝你有美好的一天。

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

Synchrony 的收益電話會議到此結束。此時您可以斷開線路並享受美好的一天。謝謝。