Synchrony Financial (SYF) 2025 Q1 法說會逐字稿

Good morning and welcome to the Synchrony Financial first-quarter 2025 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)

早安，歡迎參加 Synchrony Financial 2025 年第一季財報電話會議。請參閱本公司的投資者關係網站以取得其收益資料。請注意，今天的電話會議正在錄音。（操作員指示）

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 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，早安。歡迎參加我們的季度財報電話會議。除了今天的新聞稿之外，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、詳細的財務時間表和簡報可在我們的網站 synchronyfinancial.com 上找到。您可以透過造訪網站的投資者關係部分來獲取此資訊。

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。我們在提交給美國證券交易委員會的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查閱。

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 and our materials for today's call.

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。您可以找到這些指標與 GAAP 財務指標以及我們今天電話會議的資料的對帳表。

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.

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.

參加今天早上電話會議的有 Synchrony 總裁兼執行長 Brian Doubles 和執行副總裁兼財務長 Brian Wenzel。現在我會把電話轉給 Brian Doubles。

Thanks, Kathryn. Good morning, everyone. Synchrony delivered a strong financial performance in the first quarter of 2025 that included net earnings of $757 million or $1.89 per diluted share, a return on average assets of 2.5%, and a return on tangible common equity of 22.4%. These results were driven by Synchrony's ability to leverage our core strengths in order to empower our customers with prudent financial flexibility and enduring value when they need it most, while also delivering loyalty and sales to the many partners, providers, and small businesses that form the foundation of our economy.

謝謝，凱瑟琳。大家早安。Synchrony 在 2025 年第一季取得了強勁的財務業績，包括淨收益 7.57 億美元或每股攤薄收益 1.89 美元、平均資產回報率 2.5% 和有形普通股權益回報率 22.4%。這些成果得益於 Synchrony 能夠利用我們的核心優勢，在客戶最需要的時候為他們提供審慎的財務靈活性和持久的價值，同時也為構成我們經濟基礎的眾多合作夥伴、供應商和小型企業帶來忠誠度和銷售。

During the first quarter, Synchrony engaged with approximately 70 million customers and generated $41 billion in purchase volume. Year-over-year trends in both active accounts and purchase volume continued to be impacted by the credit actions that Synchrony previously implemented, as well as continued moderation and customer spend as they navigated the challenges of affordability and economic uncertainty in their day-to-day lives.

第一季度，Synchrony 服務了約 7,000 萬名客戶，實現了 410 億美元的購買量。活躍帳戶和購買量的同比趨勢繼續受到 Synchrony 先前實施的信貸行動以及客戶在日常生活中應對負擔能力和經濟不確定性挑戰時持續節制和支出的影響。

Dual and co-branded cards accounted for 45% of total purchase volume for the quarter and increased 2%, generally reflecting the growth from our CareCredit Dual Card launch, which began last year and has been contributing to out of partner spend ever since. Purchase volume at the platform level ranged from between down 1% and down 9% year over year, as customers generally remain selective in their discretionary spend in bigger ticket purchases, particularly in categories like furniture, jewelry, outdoor, dental, and cosmetics.

雙品牌卡和聯名卡佔本季總購買量的 45%，成長了 2%，總體反映了我們去年開始推出的 CareCredit 雙卡的成長，自那時起，它一直為合作夥伴支出做出貢獻。平台層面的購買量年減 1% 至 9%，因為消費者在購買大件商品時通常會選擇性地進行可自由支配的支出，尤其是在家具、珠寶、戶外用品、牙科和化妝品等類別的商品上。

Slide 3 of our earnings presentation provides a closer look at our weekly purchase volume during the first quarter, as well as the first two weeks of April. Our week-to-week sales were generally consistent throughout the quarter, as was the weekly variance the prior year, including in March when news of government layoffs and tariffs began to intensify.

我們的財報第 3 張投影片詳細介紹了我們第一季以及 4 月前兩週的每週採購量。我們整個季度的周銷售額基本上保持穩定，與去年同期的周差異也基本一致，包括三月政府裁員和關稅消息開始加劇的時候。

As you can see by the generational mix of weekly sales, we saw consistent engagement across the customer base throughout the quarter, with no discernible shift between generational cohorts. These portfolio spend trends in combination with our credit actions contributed to the 2% year-over-year decline in ending receivables.

從每週銷售的世代組合可以看出，我們看到整個季度整個客戶群的參與度保持一致，各世代之間沒有明顯的轉變。這些投資組合支出趨勢與我們的信貸行動結合，導致期末應收帳款年減 2%。

From a payment behavior perspective, payment rate remained flat compared to last year, but increased sequentially by 10 basis points, generally in line with pre-pandemic seasonality. This sequential increase in payment behavior occurred across all credit grades as the proportion of above minimum payments increased and less than minimum payments decreased. In aggregate, the proportion of less than minimum payments on our portfolio remain below the 2017 to 2019 average across all credit segments.

從支付行為來看，支付率與去年同期持平，但較上季上升10個基點，與疫情前的季節性基本一致。隨著高於最低還款額的比例增加，低於最低還款額的比例減少，所有信用等級的還款行為都出現了連續增加。整體而言，我們投資組合中低於最低還款額的比例仍低於 2017 年至 2019 年所有信貸領域的平均值。

Synchrony monitors our customers' behavior very closely across our portfolio through a comprehensive set of real-time indicators and data points which range from cash usage and utility payment data to credit bureau and auto payment changes. And when viewed in combination with the spend and payment behaviors we've observed, we believe that customers are continuing to manage their spending needs and payment obligations amid the challenges of a persistent inflationary environment and uncertain economic backdrop. Of course, our customers, partners, and small and mid-sized businesses rely on Synchrony for access to financial products and flexibility with attractive value propositions and utility for wherever life may take them.

Synchrony 透過一套全面的即時指標和數據點密切監控我們整個投資組合中的客戶行為，這些指標和數據點涵蓋現金使用情況和公用事業支付數據、信用局和自動支付變化。結合我們觀察到的支出和支付行為，我們相信，在持續的通膨環境和不確定的經濟背景的挑戰中，客戶仍在繼續管理他們的支出需求和支付義務。當然，我們的客戶、合作夥伴和中小型企業依靠 Synchrony 來獲取金融產品和靈活性，無論他們的生活需要什麼，它都具有有吸引力的價值主張和實用性。

Our track record of leveraging our proprietary data, sophisticated underwriting and analytics, diverse product suite, and channel distribution to drive sales and enhanced loyalty has reinforced Synchrony's position as the partner of choice, and we are proud of the consistently strong partner pipeline that has resulted from this execution. During the first quarter, Synchrony added or renewed more than 10 partners, including Sun Country, Texas A&M Veterinary Hospital, Ashley, Discount Tire, and American Eagle.

我們利用專有數據、複雜的承保和分析、多樣化的產品套件和通路分銷來推動銷售和提高忠誠度的良好記錄鞏固了 Synchrony 作為首選合作夥伴的地位，我們對透過這項執行而產生的持續強大的合作夥伴管道感到自豪。第一季度，Synchrony 增加或續簽了 10 多家合作夥伴，包括 Sun Country、Texas A&M Veterinary Hospital、Ashley、Discount Tire 和 American Eagle。

Synchrony is always seeking opportunities to expand access to flexible financing across the wide range of spend categories we serve, particularly those where customers seek to maximize value. Our new program with Sun Country Airlines, a Minnesota-based, hybrid, low-cost air carrier, is a great opportunity to deliver compelling utility and rewards for flights throughout the United States and to destinations in Mexico, Central America, Canada, and the Caribbean.

Synchrony 始終致力於尋找機會擴大我們所服務的廣泛支出類別的靈活融資管道，特別是那些客戶尋求價值最大化的類別。我們與總部位於明尼蘇達州的混合型廉價航空公司太陽國航空合作的新計劃是一個絕佳的機會，可以為飛往美國各地以及墨西哥、中美洲、加拿大和加勒比地區目的地的航班提供極具吸引力的實用性和獎勵。

We have also continued to expand our CareCredit acceptance across the veterinary space and are excited to announce that CareCredit has been named the preferred financing partner for the Texas A&M University Veterinary Medical Teaching Hospital. This new partnership reflects a significant milestone in solidifying CareCredit's acceptance at all 29 public veterinary university hospitals in the country, as well as Synchrony's commitment to supporting the veterinary community and ensuring pet parents have access to care for their beloved pets.

我們也繼續擴大 CareCredit 在獸醫領域的接受度，並很高興地宣布 CareCredit 已被指定為德州 A&M 大學獸醫醫學教學醫院的首選融資合作夥伴。這項新的合作標誌著 CareCredit 在全國所有 29 所公立獸醫大學醫院的認可取得了重大進展，也體現了 Synchrony 致力於支持獸醫界和確保寵物主人能夠照顧他們心愛的寵物的承諾。

In addition, our program renewal with Ashley, the number one furniture selling brand in the USA and one of the world's largest furniture manufacturers, extends our nearly 15-year partnership. We are excited about the opportunity we see to help drive retail growth and enable customers to access flexible financing solutions to purchase quality furnishings that fit their lifestyle and budget.

此外，我們與美國第一大家具銷售品牌、全球最大的家具製造商之一 Ashley 續簽了合作協議，延續了我們近 15 年的合作關係。我們很高興看到有機會幫助推動零售成長，並使客戶能夠獲得靈活的融資解決方案，以購買適合他們的生活方式和預算的優質家具。

Meanwhile, our program renewal discount tire will provide their millions of cardholders with access to expanded utility at over one million US locations through the Synchrony Car Care network for automotive services and repairs, as well as for purchases like insurance, gas, oil changes, and more.

同時，我們的續訂折扣輪胎計畫將為數百萬持卡人提供透過 Synchrony Car Care 網路在全美超過一百萬個地點享受擴展服務的機會，包括汽車服務和維修，以及保險、汽油、換油等購買服務。

And finally, we're proud to build our nearly 30-year partnership with American Eagle Outfitters through a multi-year extension that will continue to deliver exceptional value, enhance the customer experience, and deepen customer relationships.

最後，我們很自豪能夠透過多年的延長來鞏固與 American Eagle Outfitters 近 30 年的合作夥伴關係，這將繼續提供卓越的價值、提升客戶體驗並深化客戶關係。

The Real Rewards by American Eagle and Aerie loyalty program was recognized as one of America's Best Loyalty Programs by Newsweek for the fifth consecutive year, and the Real Rewards credit card was named Money's Best Retail Credit Card In-store Rewards for 2025. These awards reflect our collective commitment to delivering value to loyal customers and driving growth, and we look forward to expanding access to these industry-leading financial solutions.

American Eagle 和 Aerie 的 Real Rewards 忠誠度計劃連續第五年被《新聞周刊》評為美國最佳忠誠度計劃之一，Real Rewards 信用卡被《Money》雜誌評為 2025 年最佳零售信用卡店內獎勵。這些獎項體現了我們為忠實客戶提供價值和推動成長的共同承諾，我們期待擴大對這些行業領先金融解決方案的訪問。

So as we look to the remainder of 2025 and beyond, Synchrony remains in a position of strength. We are focused on executing across our strategic priorities and maintaining our differentiated approach to serving our customers and partners.

因此，展望 2025 年剩餘時間及以後，Synchrony 仍將保持強勁地位。我們專注於執行我們的策略重點，並保持差異化的方式為我們的客戶和合作夥伴提供服務。

Synchrony's ability to optimize the outcomes for our many stakeholders has been made possible by the incredible people here at Synchrony who deeply understand their evolving needs and expectations. Our team approaches each opportunity to deliver best-in-class experiences with a passion and a commitment to excellence that is inspiring.

Synchrony 之所以能夠為我們的眾多利害關係人優化成果，得益於 Synchrony 內部的優秀員工，他們深刻理解利害關係人不斷變化的需求和期望。我們的團隊以熱情和對卓越的承諾抓住每一個機會，提供一流的體驗，這令人鼓舞。

That's why I'm so proud to share that Synchrony was named as the number two Best Company to Work For in the US by Fortune Magazine and great places to work. This recognition is testament to our unique culture, our company values that our employees embody every day, and our unwavering dedication to keeping our people at the heart of all that we do.

這就是為什麼我很自豪地告訴大家，Synchrony 被《財星》雜誌評為美國第二大最佳工作公司和最佳工作場所。這項認可證明了我們獨特的文化、員工每天體現的公司價值觀以及我們堅定不移地致力於將員工置於我們所做的一切的核心。

And as our team continues to drive innovation, expand access to flexible financing, and deliver compelling results for all those we serve, we also remain focused on building our leadership position and driving significant long-term value for our stakeholders. With that, I'll turn the call over to Brian to discuss our financial performance in greater detail.

隨著我們的團隊繼續推動創新，擴大靈活融資管道，並為我們服務的所有人提供令人信服的成果，我們也將繼續專注於建立我們的領導地位，並為我們的利害關係人創造重大的長期價值。說完這些，我將把電話轉給布萊恩，讓他更詳細地討論我們的財務表現。

Thanks Brian, and good morning, everyone. Synchrony's first quarter performance continued to demonstrate the strength of our differentiated business model, which has been built to deliver resilient risk adjusted returns to evolving market conditions. We generated $41 billion of purchase volume during the first quarter, which was down 4% year over year when compared to a record first quarter last year. They include the effects of the credit actions we took between mid-2023 and early 2024, continued selectivity in customer spend behavior and one less day in the quarter, which had approximately 1%-point impact.

謝謝 Brian，大家早安。Synchrony 第一季的業績繼續證明了我們差異化商業模式的優勢，該模式旨在根據不斷變化的市場條件提供有彈性的風險調整回報。我們在第一季的採購量為 410 億美元，與去年第一季創紀錄的採購量相比，年減了 4%。其中包括我們在 2023 年中至 2024 年初採取的信貸行動的影響、客戶支出行為的持續選擇性以及本季度減少一天的影響，這產生了約 1% 個百分點的影響。

Ending loan receivables decreased 2% to $100 billion in the first quarter due to lower purchase volume. Our portfolio payment rate remained flat versus last year at 15.8% and was approximately 60 basis points above the pre-pandemic first quarter average.

由於採購量下降，第一季期末貸款應收款下降 2% 至 1,000 億美元。我們的投資組合支付率與去年同期持平，為 15.8%，比疫情前第一季的平均水準高出約 60 個基點。

Yet revenue decreased 23% to $3.7 billion, primarily reflecting the impact of the Pets Best gain on sale in the prior year. Excluding this impact, net revenue was essentially flat as lower interest expense and higher other income were offset by higher RSA. Yet interest income increased 1% to $4.5 billion as a 7% decrease in interest expense was partially offset by a modest decline in interest income.

但營收下降了 23% 至 37 億美元，主要反映了去年 Pets Best 銷售收益的影響。排除此影響，淨收入基本上持平，因為較低的利息支出和較高的其他收入被較高的 RSA 所抵消。然而，利息收入增加了 1%，達到 45 億美元，因為利息支出 7% 的下降被利息收入的適度下降部分抵消。

Our first quarter net interest margin was 14.74% and increased 19 basis points compared to last year. The increase was driven in part by lower interest-bearing liabilities costs which decreased 26 basis points versus last year and contributed approximately 25 basis points to our net interest margin.

第一季淨利差為14.74%，較去年同期增加19個基點。成長的部分原因是計息負債成本下降，較去年同期下降了 26 個基點，為我們的淨息差貢獻了約 25 個基點。

Our loan receivable yield grew 24 basis points, primarily driven by the impact of our products, pricing and policy changes, or PPPCs, and partially offset by lower benchmark rates and lowers late fees. This contribute approximately 20 basis points to our net interest margin.

我們的應收貸款收益率增加了 24 個基點，主要受我們的產品、定價和政策變化（PPPC）的影響，但部分被較低的基準利率和較低的滯納金所抵消。這為我們的淨利差貢獻了約20個基點。

Our liquidity portfolio yield declined 88 basis points, generally reflecting the impact of lower benchmark rates and reduced our net interest margin by 15 basis points. In the mix of our interest earning assets decreased by 62 basis points and reduced our net interest margin by approximately 11 basis points. RSAs of $895 million or 3.59% of average loan receivables in the first quarter and increased $131 million versus the prior year, primarily reflecting the program performance, which included the impact of our PPPCs.

我們的流動性投資組合收益率下降了 88 個基點，整體反映了基準利率降低的影響，並導致我們的淨利差降低了 15 個基點。我們的生息資產組合減少了 62 個基點，淨利差減少了約 11 個基點。第一季 RSA 為 8.95 億美元，佔平均貸款應收款的 3.59%，比上年增加 1.31 億美元，主要反映了計畫績效，其中包括我們的 PPPC 的影響。

Another income decreased 87% year over year to $149 million to the impact of the Pets Best gain on sale in the prior year. Excluding that impact, other income increased 69%, primarily driven by the impact of our PPPC-related fees.

另一項營收年減 87% 至 1.49 億美元，這是受上一年 Pets Best 銷售收益的影響。除此影響外，其他收入成長了 69%，主要受 PPPC 相關費用的影響。

Provision for credit losses decreased to $1.5 billion, driven by $97 million reserve release in the first quarter compared to the prior year's reserve bill of $299 million, which included $190 million reserve bill related to our allied lending acquisition. Other expenses increased 3% to $1.2 billion, generally due to the cost associated with the technology investments and included a $15 million charitable contribution and a $12 million restriction charge related to the allied lending business and the expected completion of its integration in the second quarter.

信貸損失準備金減少至 15 億美元，原因是第一季釋放了 9,700 萬美元的準備金，而去年同期的準備金為 2.99 億美元，其中包括與我們的聯合貸款收購相關的 1.9 億美元準備金。其他支出增加 3% 至 12 億美元，主要是由於與技術投資相關的成本，其中包括 1500 萬美元的慈善捐款和與聯合貸款業務及預計在第二季度完成整合有關的 1200 萬美元的限制費用。

Excluding the charitable contribution and the restructuring charging tax, our expense would have been up 1% versus last year. The first quarter efficiency ratio was 33.4%, approximately 110 basis points higher than last year when excluding the impact of the Pets Best gain on sale. Taken together, synchrony generated net earnings of $757 million or $1.89 per diluted share, and delivered an average return on assets of 2.5%, a return on tangible common equity of 22.4%, and a 15% increase in tangible book value per share.

不包括慈善捐款和重組收費稅，我們的支出將比去年增加 1%。第一季的效率比率為 33.4%，若排除 Pets Best 銷售收益的影響，則比去年高出約 110 個基點。整體而言，同步公司淨利潤為 7.57 億美元，即每股攤薄收益 1.89 美元，平均資產回報率為 2.5%，有形普通股權益回報率為 22.4%，每股有形帳面價值成長 15%。

Next, I'll cover our key credit trends on slide 8, which highlight the efficacy of our credit actions that Synchrony took from mid-2023 to early 2024. It gives us confidence in our portfolio's trajectory towards a long-term net charge off target of 5.5% to 6%.

接下來，我將在第 8 張投影片上介紹我們的主要信貸趨勢，重點介紹 Synchrony 從 2023 年中期到 2024 年初採取的信貸行動的有效性。這讓我們對投資組合的長期淨沖銷目標——5.5%至6%——充滿信心。

At quarter end, our 30 plus delinquency rate was 4.52%, a decline of 22 basis points from 4.74% in the prior year and 4 basis points below our historical average for the first quarters of 2017 to 2019. Our 90 plus delinquency rate was 2.29%, a decrease of 13 basis points from 2.42% in the prior year and 1 basis point above our historical average for the first quarters of 2017 to 2019. And our net charge off rate was 6.38% in the first quarter, an increase of 7 basis points from the 6.31% in the prior year and 54 basis points above our historical average in the first quarters of 2017 to 2019.

截至季末，我們的 30 歲以上拖欠率為 4.52%，較上年的 4.74% 下降 22 個基點，比 2017 年至 2019 年第一季的歷史平均值低 4 個基點。我們的 90 歲以上拖欠率為 2.29%，比前一年的 2.42% 下降了 13 個基點，比 2017 年至 2019 年第一季的歷史平均高出 1 個基點。我們第一季的淨沖銷率為 6.38%，較前一年的 6.31% 增加了 7 個基點，比 2017 年至 2019 年第一季的歷史平均值高出 54 個基點。

Net charge off dollars were down 4% sequentially. This compares favorably to the 2017 to 2019 average sequential increase of 9%. Our allowance for credit losses as a percent of loan receivables was 10.87%, which increased approximately 43 basis points from the 10.44% in the fourth quarter. Turning to slide 9.

淨沖銷金額季減 4%。這與 2017 年至 2019 年 9% 的平均連續增幅相比有所改善。我們的信用損失準備金佔貸款應收款的百分比為 10.87%，比第四季的 10.44% 增加了約 43 個基點。翻到第 9 張投影片。

Synchrony's funding, capital, and liquidity continues to provide a strong foundation for our business. During the first quarter, synchrony grew our direct deposits by approximately $1.7 billion and reduced our broker deposits by $338 million. In addition, we execute both secured and unsecured deals and attractive credit spreads when compared to historical deals.

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。在第一季度，同步銀行的直接存款增加了約 17 億美元，而經紀人存款減少了 3.38 億美元。此外，與歷史交易相比，我們執行有擔保和無擔保交易以及有吸引力的信用利差。

In the secured market, we issued $750 million of three-year bonds with a coupon of 4.70%. In the unsecured market, we issued $800 million of six-year, non-call, five-year note at a coupon of 5.45%. We also achieved the credit rating upgrade from Fitch, moving our long-term issuer default rating up to BBB with a stable outlook. We are proud of this rating action as it reflects Synchrony's strong balance sheet, the resiliency of our business model, and a strong execution as a public company over a decade since our IPO.

在擔保市場，我們發行了 7.5 億美元的三年期債券，票面利率為 4.70%。在無擔保市場，我們發行了 8 億美元的六年、不可贖回的五年票據，票面利率為 5.45%。我們還獲得了惠譽的信用評級升級，將我們的長期發行人違約評級上調至 BBB，展望為穩定。我們對這項評級行動感到自豪，因為它反映了 Synchrony 強勁的資產負債表、我們商業模式的彈性以及自首次公開募股以來十多年來作為上市公司的強勁執行力。

At quarter end, deposits represented 83% of our total funding with secured and unsecured debt representing 9% and 8% respectively. Total liquid assets increased 9% to $23.8 billion and represented 19.5% of total assets, 142 basis points higher than last year. Moving to our capital ratios.

截至季末，存款占我們總資金的 83%，其中有擔保債務和無擔保債務分別佔 9% 和 8%。總流動資產成長 9% 至 238 億美元，佔總資產的 19.5%，比去年高出 142 個基點。轉向我們的資本比率。

As a reminder, Synchrony elected to take the benefit of the CECL transition rules issued by the joint federal banking agencies. We made our final transitional adjustment of approximately 50 basis points to our regulatory capital metrics in January 2025. Our capital metrics now fully reflect the phase and effects of CECL. The impact of CECL has already been recognized in our income statement and balance sheet.

提醒一下，Synchrony 選擇利用聯邦銀行聯合機構發布的 CECL 過渡規則。我們於 2025 年 1 月對監理資本指標進行了約 50 個基點的最終過渡調整。我們的資本指標現在完全反映了 CECL 的階段和影響。CECL 的影響已在我們的損益表和資產負債表中得到確認。

We ended the first quarter with a CET1 ratio of 13.2%, 60 basis points higher than last year's 12.6%. Our Tier 1 capital ratio was 14.4%, 60 basis points above last year. Our total capital ratio increased 70 basis points to 16.5%. In our Tier 1 capital plus reserves ratio on a fully faith in basis increased to 25.1% compared to 23.8% last year.

第一季末，我們的 CET1 比率為 13.2%，比去年的 12.6% 高出 60 個基點。我們的一級資本比率為 14.4%，比去年高出 60 個基點。我們的總資本比率增加了70個基點，達到16.5%。我們的一級資本加儲備比率（以完全信任基礎計算）從去年的 23.8% 上升至 25.1%。

During the first quarter, Synchrony completed our existing share or purchase authorization for the period ending June 30, 2025, and returned $697 million to shareholders, consisting of $600 million in share purchases and $97 million in common stock dividends. Given our strong capital position, we announced today that as part of our capital plan, our Board approved a new share repurchase authorization of $2.5 billion for the period ending June 30, 2026, and increased our regular quarterly dividend by 20% to $0.30 per common share beginning in the second quarter of 2025.

在第一季度，Synchrony 完成了截至 2025 年 6 月 30 日的現有股票或購買授權，並向股東返還了 6.97 億美元，其中包括 6 億美元的股票購買和 9,700 萬美元的普通股股息。鑑於我們強大的資本狀況，我們今天宣布，作為我們資本計劃的一部分，董事會批准了截至 2026 年 6 月 30 日的 25 億美元新股票回購授權，並從 2025 年第二季度開始將我們的常規季度股息提高 20% 至每股 0.30 美元。

Synchrony remains well-positioned to return capital to shareholders is guided by our business performance, market conditions, regulatory restrictions, and subject to our capital plan. Turning to our baseline outlook for 2025 on slide 10.

Synchrony 仍處於有利地位，可根據我們的業務表現、市場條件、監管限制以及我們的資本計劃向股東返還資本。前往投影片 10 上的 2025 年基準展望。

In the court order entered last week in the litigation and ultimately vacated the late fee rule, Synchrony will begin the process of assessing next steps and engaging with the partners regarding the performance of our implemented PPPCs to determine if any adjustments are warranted. Our baseline assumptions exclude any potential impacts from changes to the PPPCs as well as any potential impacts from a deteriorating macroeconomic environment or from the implementation of tariffs and retaliatory tariffs as they are unknown at this point. Turning to our outlook in more detail.

在上週的訴訟中，法院命令最終撤銷了滯納金規則，Synchrony 將開始評估後續步驟，並與合作夥伴就我們實施的 PPPC 的績效進行溝通，以確定是否需要進行任何調整。我們的基準假設排除了PPPC變化的任何潛在影響，以及宏觀經濟環境惡化或關稅和報復性關稅實施的任何潛在影響，因為目前這些影響尚不清楚。更詳細地談談我們的展望。

We continue to expect purchase buying growth to be impacted by our previous credit actions and selective customer spend behavior, and that payment rate will remain generally in line with 2024 levels. As a result, we are maintaining our full year expectation of low-single digit growth in any loan receivables.

我們仍然預期購買成長將受到我們先前的信貸行動和選擇性客戶消費行為的影響，且支付率將與 2024 年的水準基本保持一致。因此，我們維持全年貸款應收款低個位數成長的預期。

We continue to expect net revenue between $15.2 billion and $15.7 billion for the full year. The industry's income is expected to follow seasonal trends associated with growth, credit performance and liquidity, and will ultimately be determined by a number of factors including year-over-year growth in both interest income and other income as the impact of our PPPCs bills, partially offset by the flow due effect of lower average benchmark rates on our variable rate receivables, lower assessed late fees as delinquency performance improves, a lower yielding investment portfolio due to lower benchmark rates, and finance charges and lengthy reversals associated with the seasonality of our credit performance.

我們繼續預計全年淨收入在 152 億美元至 157 億美元之間。預計行業收入將遵循與成長、信貸表現和流動性相關的季節性趨勢，並最終由多種因素決定，包括利息收入和其他收入的同比增長，因為我們的 PPPC 賬單的影響，部分抵消了較低的平均基準利率對我們的浮動利率應收賬款的流動效應，隨著拖欠投資表現的改善而降低的評估

Lower average benchmark rates should also continue to contribute to lower funding costs as our CDE maturity is repriced, although this will be influenced by competitive deposit data trends in response to any additional rate cuts that may occur. In addition, we continue to expect higher levels of liquidity in the second quarter, given our desire to prioritize our deposit customer relationships and pre-fund future growth.

隨著我們的 CDE 期限重新定價，較低的平均基準利率也應繼續有助於降低融資成本，儘管這將受到競爭性存款數據趨勢的影響，以應對可能發生的任何額外降息。此外，考慮到我們希望優先考慮存款客戶關係和預先為未來成長提供資金，我們預計第二季的流動性水準將繼續提高。

We anticipate reducing our excess liquidity portfolio gradually as growth begins to build in the back half of the year. As a result, our liquid assets as a percent of total assets will average approximately 17% for the full year, which is higher than our historical average over the prior three years.

隨著下半年經濟成長開始加快，我們預計會逐步減少過剩流動性組合。因此，我們的流動資產佔總資產的百分比全年平均約為 17%，高於前三年的歷史平均值。

We now expect RSA as a percent of the average loan receivables to be between 3.70% and 3.85%, driven by improving program performance, and their net charge off outlook has improved to be between 5.8% and 6.0%. Our revised net charge off range expectation for the full year is now inside our long-term financial framework of 5.5% to 6%, driven by our prior credit actions and differentiated approach to underwriting and credit management.

我們現在預計，受計畫績效提高的推動，RSA 佔平均貸款應收款的百分比將在 3.70% 至 3.85% 之間，其淨沖銷前景已改善至 5.8% 至 6.0% 之間。受我們先前的信貸行動以及差異化的核保和信貸管理方法的推動，我們修訂後的全年淨沖銷範圍預期目前處於 5.5% 至 6% 的長期財務框架之內。

And lastly, we're maintaining our expectation of an efficiency ratio between 31.5% to 32.5%. Before I turn the call over to Q&A, I'd like to leave you with three key takeaways from today's discussion.

最後，我們維持對 31.5% 至 32.5% 之間的效率比率的預期。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, our customers have remained stable. They've been consistently making choices that align their day-to-day needs and seeking value and flexibility to truly manage their financial situations amid an inflationary and highly fluid environment.

一是客戶群保持穩定。他們始終如一地做出符合日常需求的選擇，並尋求價值和靈活性，以便在通貨膨脹和高度流動的環境中真正管理自己的財務狀況。

Second, Synchrony's credit trends continue to outperform relative to the industry, which is underscored by our current year outlook. Our sophisticated underwriting and credit management strategy have enabled the lower relative net charge off peak in most of our peers and swifter expected return to our long-term target range. And while our credit actions create near-term impact on growth, our portfolio's credit position should provide greater, long-term resilience as market conditions continue to evolve.

其次，Synchrony 的信貸趨勢繼續優於行業，這一點在我們今年的展望中得到了強調。我們先進的核保和信用管理策略使我們大多數同業在非高峰期的淨費用相對較低，預期回報也更快達到我們的長期目標範圍。雖然我們的信貸行動會在短期內對成長產生影響，但隨著市場狀況的不斷發展，我們投資組合的信貸狀況應該能夠提供更強的長期彈性。

And third, Synchrony's robust capital remains a clear strength. Our new capital plan reflects the confidence of our Board and our company that Synchrony is well positioned to continue to drive progress towards our long-term financial targets and deliver significant long-term value for our stakeholders.

第三，Synchrony 雄厚的資本仍然是其明顯的優勢。我們的新資本計畫反映了董事會和公司的信心，即 Synchrony 有能力繼續推動我們實現長期財務目標，並為我們的利害關係人帶來重大的長期價值。

With that, I'll turn the call back over 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, I'd like to ask the participants to please limit yourself to one primary and one follow up question. If you have additional questions, the investor relations team will be available after the call. Operator, please start the Q&A session.

我們的準備好的演講到此結束。我們現在開始問答環節。為了盡可能滿足各位的要求，我希望各位與會者只提出一個主要問題和一個後續問題。如果您還有其他問題，投資者關係團隊將在通話結束後為您提供協助。接線生，請開始問答環節。

(Operator Instructions)

（操作員指示）

Ryan Nash, Goldman Sachs.

高盛的瑞安·納許。

So obviously, lots of concerns in the market on credit. You guys are able to take down the top end of the guide. Can you maybe just talk about what you're seeing, what gave you the confidence to bring down the upper end of the range? And second, the allowance was up with seasonality, but if you can maybe just remind us what's assumed for unemployment, particularly when you overlay your qualitative reserves?

顯然，市場上對信貸有許多擔憂。你們可以把指南的頂端拿下來。您能否談談您所看到的情況，是什麼讓您有信心降低該範圍的上限？其次，津貼隨著季節性而增加，但您是否可以提醒我們失業率的假設是什麼，特別是當您涵蓋定性儲備時？

Yeah, so Ryan, why don't I start on that and then Brian can talk in more detail on the reserve assumptions. Look, I think we feel pretty constructive around the consumer and the trends that we're seeing right now. I think our credit team did a fantastic job kind of navigating the last two years. I think the investments that we made in our Prism proprietary underwriting system are certainly paying off. It was great to see turn the corner on delinquencies, 30 plus was down 22 basis points, 90 plus was down 13 basis points. I think both a little better than our expectations.

是的，那麼 Ryan，我先從這個開始，然後 Brian 可以更詳細地談談儲備假設。看，我認為我們對消費者和我們目前看到的趨勢感到非常有建設性。我認為我們的信貸團隊在過去兩年中做得非常出色。我認為我們在 Prism 專有核保系統上所做的投資肯定會獲得回報。很高興看到拖欠率出現好轉，30 以上下降了 22 個基點，90 以上下降了 13 個基點。我認為兩者都比我們的預期要好一些。

With that said, we didn't adjust the guidance all that much, but we did feel comfortable given the trends that we're seeing just tweaking it a little bit. I think what's particularly important is we're doing that with receivables maybe just a touch softer than we expected. So you know, you've got the denominator impact which isn't exactly helping, so credit is trending better than we expected, so we feel pretty good overall in terms of how we started the year on credit.

話雖如此，我們並沒有對指導方針進行太多調整，但考慮到我們所看到的趨勢，我們確實感到很舒服，只需稍微調整一下即可。我認為特別重要的是，我們這樣做時應收帳款可能比我們預期的要少一些。所以你知道，你已經得到了分母效應，這並沒有真正起到幫助作用，所以信貸趨勢比我們預期的要好，所以就今年信貸開局而言，我們總體感覺相當良好。

Yeah, Ryan, let me throw a little piece in the crit and talk about the reserves. Obviously as we look at the formation that was at the end of the first quarter, we're down 18 basis points versus last year. We're better than our 17th and 19th seasonality or pre-pandemic period by 4 basis points. 90 plus is right on top of that pre-pandemic period.

是的，瑞安，讓我稍微補充一下，談談儲備。顯然，當我們回顧第一季末的情況時，我們會發現與去年相比，下降了 18 個基點。我們比第 17 和第 19 個季節性或大流行前時期好 4 個基點。 90 多歲正處於疫情爆發前的時期。

And when we continue to look, we continue to see strength and entry rate as is what's flowing into delinquency and then what we're seeing is some improved performance in the back end of delinquency that gives us comfort right how delinquency is performing, and those trends have been consistent. You look at outperforming seasonality, for the better part of six months we have been outperforming seasonality on a 30 plus and 90 plus.

當我們繼續觀察時，我們繼續看到強度和進入率，以及流入拖欠的因素，然後我們看到拖欠後端的表現有所改善，這讓我們對拖欠的表現感到放心，這些趨勢一直是一致的。你看，我們的業績表現超越了季節性，在六個月的大部分時間裡，我們的業績表現超越了季節性，分別為 30 多和 90 多。

What's giving us comfort is obviously the credit actions that we've taken both in the middle part of '23 and the late part of '24 has really resonated. If you look at the vintages that we see in '24, they're outperforming 2019, albeit early, outperforming 2019 and 2023. So we feel comfortable about the formation. We feel comfortable about what we're underwriting today as it relates to that, so that's what kind of gives us comfort.

讓我們感到安慰的是，我們在 23 年中期和 24 年末採取的信貸行動確實產生了共鳴。如果你看一下我們在 24 年看到的年份，它們的表現要優於 2019 年，儘管為時過早，但它們的表現要優於 2019 年和 2023 年。因此我們對這個陣型感到很放心。我們對今天承保的內容感到滿意，因為這與我們有關，所以這讓我們感到安心。

I mean, we're already three months into the year. You see delinquency, which gives you a pretty good indication for the next six months. So we felt good that we're back inside of our long-term target of 5.5% to 6% as a guide for this year.

我的意思是，今年已經過去三個月了。你會看到拖欠情況，這為接下來的六個月提供了很好的預兆。因此，我們很高興看到我們又回到了 5.5% 至 6% 的長期目標範圍內，並以此作為今年的指導。

Now, when you think about the reserves, albeit we had a release of $97 million. Inside of that, we had a $5 million post up for an acquisition. So you think about a $100 million reserve release, there was an increase to the qualitative reserve. So the quantitative reserve based on performance came down, but we increased the qualitative reserve over $200 million and what really underpinned that is the macroeconomic overlay that essentially has a 5.3% unemployment rate in it.

現在，當你考慮儲備金時，儘管我們已經釋放了 9700 萬美元。其中，我們有一個價值 500 萬美元的收購計畫。因此，您想像一下 1 億美元的儲備金釋放，定性儲備金就會增加。因此，基於績效的定量儲備下降了，但我們將定性儲備增加了 2 億多美元，而真正支撐這一增長的是宏觀經濟覆蓋，其中的失業率基本上為 5.3%。

When you factor in the impertinent factor, you're north of a 5.3% unemployment rate. So I think if we think about credit charge offs, we feel really good about, I think, we probably have been thoughtful about a deteriorating (inaudible), at least from a reserve standpoint as we closed out the quarter.

如果將不相關的因素考慮在內，失業率將超過 5.3%。因此，我認為，如果我們考慮信用沖銷，我們會感覺非常好，我想，我們可能已經考慮到惡化（聽不清楚），至少從儲備的角度來看，因為我們在本季度結束時是這樣。

Got it. I appreciate the color. And then Brian, the guidance says no changes to PPPC is already implemented and you know, you mentioned starting to think about next steps. I guess, one, do we have enough clarity that the rule may not come back at a later date? And then how should we think about the timing and process as to whether you hold on to what's already been implemented or inevitably, they will be reversed? Thank you.

知道了。我很欣賞這個顏色。然後布萊恩，指導意見說 PPPC 尚未實施任何變更，你知道，你提到開始考慮下一步。我想，首先，我們是否足夠清楚，該規則可能不會在以後再次出現？那麼，我們應該如何考慮時間和過程，是否堅持已經實施的措施，或不可避免地將它們逆轉？謝謝。

Yeah, Ryan, so I think we feel pretty comfortable that the rule's been vacated. We don't expect it to come back in a similar form in any time in the near future. So with that said, we don't currently have plans to roll anything back in terms of the changes that we made.

是的，瑞安，所以我認為我們對該規則被取消感到非常舒適。我們預計它不會在不久的將來以類似的形式再次出現。因此，就我們所做的更改而言，我們目前沒有計劃撤銷任何更改。

Obviously, now, that we have some certainty that the rule isn't going to go into effect, we're going to go out and we'll talk to our partners, just like we did when we rolled out those actions. We'll be transparent like we are with any major decisions that we make related to the program. We'll look at a number of different factors. And frankly, every partner we have is going to look at this differently.

顯然，現在，我們已經確定該規則不會生效，我們將出去與我們的合作夥伴交談，就像我們在推出這些行動時所做的那樣。我們將保持透明，就像我們做出與該計劃相關的任何重大決定一樣。我們將考慮許多不同的因素。坦白說，我們的每個合作夥伴都會以不同的方式看待這個問題。

We're going to look at the behavioral changes that we saw when we rolled out the pricing actions. Frankly, they haven't been material. We didn't see a big reduction in, you know, accounts or spend related to the actions. We did a lot of test and control around that.

我們將觀察推出定價措施時所看到的行為變化。坦白說，它們並不重要。我們沒有看到與這些行動相關的帳戶或支出大幅減少。我們對此做了大量的測試和控制。

Our partners will certainly look at where other merchants and providers are pricing their programs, so they always look at their competitive set. You have to keep in mind that the crime rate has come down, so on our variable rate cards, consumers have gotten the benefit of that.

我們的合作夥伴肯定會關注其他商家和供應商的計劃定價，因此他們總是關注他們的競爭力。你必須記住，犯罪率已經下降，因此在我們的浮動利率卡上，消費者已經從中受益。

And then lastly, we'll go through the financial impact of what it would mean if we were going to do some kind of rollback. They'd look at the RSA and they'd look at maybe a growth trade off to that extent that there is one.

最後，我們將討論如果我們進行某種回滾將會產生什麼樣的財務影響。他們會研究 RSA，並且可能會研究是否存在成長權衡。

And then the other thing I just want to highlight, I think this is important, any kind of change that we're going to make could come in a variety of forms. So that could be adding value to the card and giving value back to the consumer through promotions and offers and stuff like that. It doesn't have to just be a price rollback necessarily. We could also approve more customers at the margins where we have the opportunity to do that at attractive returns.

然後我想強調的另一件事是，我認為這很重要，我們所做的任何改變都可能以多種形式出現。這樣就可以增加卡片的價值，並透過促銷、優惠等方式將價值回饋給消費者。這不一定只是價格回落。我們還可以批准更多的客戶，這樣我們就有機會以有吸引力的回報做到這一點。

And lastly, I just say look, it's going to take some time. We're going partner by partner, just like it took quite a bit of time to roll out the PPPC. It's going to take a lot of time to get through those discussions. It's complex. Every partner is going to look at it differently. And frankly, our partners are focused on other stuff at the moment just given the uncertainty in the environment.

最後，我只想說，這需要一些時間。我們正與各個合作夥伴合作，就像推出 PPPC 花了相當長的時間一樣。完成這些討論需要花費大量時間。這很複雜。每個合作夥伴都會以不同的方式看待它。坦白說，鑑於環境的不確定性，我們的合作夥伴目前正專注於其他事情。

Terry Ma, Barclays.

巴克萊銀行的馬特里 (Terry Ma)。

I'm just curious about your growth outlook. It's good to see that you reaffirmed your year-end receivables guide in the face of an uncertain macro. But purchase volumes, loan growth, and account growth are all lower year by year. So what's the driver of the return to positive growth by year end? And is there anything you can do to help drive that?

我只是對你的成長前景感到好奇。很高興看到您在宏觀經濟不確定的情況下重申了年終應收帳款指南。但購買量、貸款成長和帳戶成長都在逐年下降。那麼，年底恢復正成長的驅動力是什麼呢？您能做些什麼來幫助推動這個目標嗎？

Yeah, thanks for the question, Terry. As we look at the start at the top of the funnel, the purchase volume, we had negative 4%, it's negative 3% when you factor out a leap year. We're comping against the highest purchase volume for a single quarter in the first quarter in our history so it's tough comp.

是的，謝謝你的提問，特里。當我們從漏斗頂部開始觀察購買量時，我們發現其為負 4%，如果排除閏年，則為負 3%。我們正在與歷史上第一季單季最高的採購量進行比較，因此這是一個艱難的比較。

What we saw last year though was a decline in purchase volume or slowing a purchase volume that began in June of last year through the end of the year, so the comps get a little bit better. I think you see on the charts that we kind of showed in the earnings deck today, this narrative that the consumer is pulling back, we have not seen the consumer pull back for us, sales have been consistent both on a weekly basis all the way throughout the second week into April, so sales may consist, and we haven't seen any generational shifts which we try to show in the short. So the consumer is continuing to be resilient through this period of time.

然而，我們看到去年的購買量從去年 6 月開始到年底有所下降或放緩，因此同店銷售情況有所改善。我想您可以在我們今天的收益報告中的圖表上看到，這種消費者正在回落的說法，我們還沒有看到消費者的回落，整個 4 月的第二週，銷售額在每週的基礎上都保持穩定，所以銷售額可能保持不變，我們還沒有看到任何我們試圖在短期內展示的代際轉變。因此，消費者在這段時間內仍保持韌性。

When you think about some of the other metrics, when you think about active accounts and the like, part of that's really influenced by our credit actions and the impact on new accounts that that has given us a little bit of a headwind. But again, we believe that as the consumer kind of gets their footing here, with hopefully, a lower core inflationary market, that the trend continues. And we see the pickup in volume that should accelerate through the year mainly in the back half of the year, following more seasonal trends.

當你考慮其他一些指標時，當你考慮活躍帳戶等時，你會發現其中一部分確實受到我們的信用行動以及對新帳戶的影響，這給我們帶來了一些阻力。但我們再次相信，隨著消費者在這裡站穩腳跟，並希望核心通膨市場能夠降低，這種趨勢將會持續下去。我們看到，隨著季節性趨勢的增強，交易量將在下半年加速回升。

So our curtain by the first quarter performance is generally in line with how we thought it would play out. We kind of -- we indicated in the dating part of the year, the first half would be much like the second half of last year. Again, once you start laughing that and getting through, we believe that a single-digit receivable growth is achievable.

因此，我們第一季的表現與我們的預期基本一致。我們有點 - 我們在約會部分指出，上半年將與去年下半年非常相似。再說一次，一旦你開始笑並且堅持下去，我們相信個位數的應收帳款成長是可以實現的。

This also doesn't factor in any potential adjustments to credit, right? If the environment holds the way it is today, there's some thought that we may do things that are to existing customers that we know and have relationships that could accelerate that growth that's not factored into this outlook, but something we'll consider as we watch the macroeconomic environment and how things play out.

這還沒有考慮到任何潛在的信用調整，對嗎？如果環境保持目前的狀態，有人認為我們可能會針對我們了解並有關係的現有客戶採取一些措施，以加速這種增長，但這並未計入這一前景，而是我們會在觀察宏觀經濟環境和事態發展時考慮的事情。

Got it. That's helpful. I guess to the extent that loan growth doesn't come in as expected in the low-single digits. How does that impact the phase in of your PPPCs, particularly the APR piece? Any way to kind of quantify or contextualize that? Thank you.

知道了。這很有幫助。我猜測貸款成長率不會像預期的那樣達到低個位數。這對您的 PPPC 的實施，特別是 APR 部分有何影響？有什麼方法可以量化或將其具體化嗎？謝謝。

Yeah, listen, I think you have a core book today, right, that's going to continue to build in value, right, as the APR continues to increase. If you have lower purchase volume, right, that means that the phase and approach and the protective balance will accelerate, will be impacted, and the amount that the PPPCs become effective will actually accelerate throughout the year. So a lower volume actually does help the PPPCs from an interest perspective, most certainly having lower active accounts will provide a little bit of headwind from other income perspective when you think about paper statement fees.

是的，聽著，我認為你今天有一本核心書，對吧，隨著 APR 的不斷增加，它的價值將繼續增加。如果你的購買量較低，那就意味著階段和方法以及保護平衡將會加速，將受到影響，而 PPPC 生效的數量實際上將在全年加速。因此，從利息角度來看，較低的交易量確實對 PPPC 有幫助，但從其他收入角度來看，當你考慮紙本對帳單費用時，較低的活躍帳戶肯定會帶來一些阻力。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

I was intrigued by your comment about you know using the benefits from the mitigants or PPPCs to kind of add value and add growth either by adding value to specific consumer you know, propositions or by underwriting a little deeper. Maybe could you just flesh that out a little bit and you know, talk about maybe not specific merchants, but are there categories of merchants where that's going to where each of those could work better and maybe talk about how that factors into your growth plan for 2025.

我對您的評論很感興趣，您知道，利用緩解措施或 PPPC 帶來的好處來增加價值並增加成長，無論是透過為特定消費者增加價值、主張還是透過更深入的承保。也許您能否稍微詳細說明一下，也許不是談論具體的商家，而是談論哪些類別的商家可以做得更好，也許可以談談這些因素如何影響您 2025 年的成長計劃。

Yeah, it's interesting, we've been talking about this. I think the investment community's been talking about this as just a simple rollback of what we've done. But given the work has already been completed to roll out the pricing changes, any changes from here on out will be similar to changes that we're always looking at with our partners. And they're typically looking at doing one or two things, incenting the consumer to spend more to drive growth for themselves, for the program, to provide more value on the card. So one of the things that particularly in times that are uncertain like this.

是的，這很有趣，我們一直在談論這個。我認為投資界一直在談論此事，認為這只是我們已做之事的簡單倒退。但鑑於定價調整的工作已經完成，從現在開始的任何變化都將與我們一直在與合作夥伴共同關注的變化類似。他們通常會考慮做一兩件事，激勵消費者花更多錢來推動自己和該計劃的成長，並為卡片提供更多價值。因此，特別是在這種不確定的時期，事情之一就是如此。

Our partners lean even more heavily on the car programs. And so, you know, we're in there discussing with some of the additional revenue, can we improve the value prop a little bit, can we do more promotions, more marketing, different placements to drive growth. Those are the kind of discussions that we're having.

我們的合作夥伴更加依賴汽車專案。所以，你知道，我們正在討論一些額外的收入，我們能否稍微改善價值主張，我們能否做更多的促銷，更多的行銷，不同的佈局來推動成長。這些就是我們正在進行的討論。

I think the other interesting thing that we're talking to them about is now with maybe an increase in APR, can we approve more customers on the margin? Obviously, we would do that at very strong, risk-adjusted returns. We would likely do it in our highest returning portfolios, but can we approve more of that marginal customer that may not have been approved under the old APR? So there's a number of different things that we're looking at. I wouldn't say it's unique to any one platform or industry. It really is across the board, but those are the types of things that our teams are out there working on.

我認為我們正在與他們討論的另一件有趣的事情是，現在 APR 可能會增加，我們能否批准更多客戶？顯然，我們會以非常強勁的風險調整回報來做到這一點。我們可能會在回報率最高的投資組合中這樣做，但我們能否批准更多在舊 APR 下可能未獲批准的邊際客戶？所以我們正在關注許多不同的事情。我不會說它是任何一個平台或產業所獨有的。這確實是全面的，但這些都是我們的團隊正在努力解決的事情。

Great. Thanks. And maybe as a follow up, I know probably gave you a little bit of a hard time last year about not using the share repurchase as aggressively, and your comment about waiting for some market volatility certainly have seen that. Given that you're now past the full implementation of CECL, and at the moment, loans are not growing, you're expecting them to come back a little bit but still be obviously, you know, you'll be generating a lot of excess capital. If you talk about in the current environment, given all the factors that we know, positive and negative, how you think about the use of that new share repurchase authorization.

偉大的。謝謝。也許作為後續問題，我知道去年您可能因為沒有積極地使用股票回購而給您帶來了一些困難，而您關於等待市場波動的評論肯定已經看到了這一點。鑑於您現在已經全面實施了 CECL，而且目前貸款沒有成長，您預計它們會有所回升，但顯然，您知道，您將產生大量的過剩資本。如果您談論當前環境，考慮到我們所知的所有積極和消極因素，您如何看待使用新的股票回購授權。

Thanks for the question. The way we think about it, we're starting from a place where we have a lot of excess capital, right? So -- and we know that this year, hopefully, if things play out, that we will generate, like other years significant capital for utilization.

謝謝你的提問。我們的想法是，我們從一個擁有大量過剩資本的地方開始，對嗎？所以 — — 我們知道，如果一切順利的話，今年我們將像其他年份一樣產生大量可供利用的資本。

Our number one priority is always going to be organic RWA growth, and again, we have a growing here little single digits which is below our historic norm. Obviously, we would be pleased if it exceeded that.

我們的首要任務始終是 RWA 的有機成長，而且，我們的成長率仍然只有個位數，低於我們的歷史標準。顯然，如果超過這個數字，我們會很高興。

Our second's a dividend and you know, hopefully, you notice this morning we increased our dividend 20% to $0.30 per share on a quarterly basis. And then you then you need to share purchases or inorganic opportunities and again, we're going to be very disciplined when it comes to inorganic opportunities to add things to the portfolio or capabilities to the portfolio, either an attractive financial returns IRR or RIC or returns that are accretive to the baseline ROA of the company as we move forward.

我們的第二項是股息，你知道，希望你注意到今天早上我們將股息按季度增加了 20%，達到每股 0.30 美元。然後，您需要分享購買或無機機會，同樣，當談到無機機會以向投資組合中添加東西或向投資組合中添加能力時，我們將非常自律，無論是有吸引力的財務回報 IRR 或 RIC，還是隨著我們前進而增加公司基線 ROA 的回報。

That being said, $2.5 million is probably one of our larger, historical server purchases. That doesn't preclude us to the extent that growth doesn't necessarily come through going back to the Board and increasing that if we deem that to be the best use of capital. So for us, it's a strategic advantage right now that we can employ either in the short term or invest in the in the longer term. So it gives a lot of flexibility as a company. It gives the Board a lot of flexibility of how we can execute against our long-term strategy.

話雖如此，250 萬美元可能是我們歷史上較大的伺服器採購金額之一。如果我們認為這是對資本的最佳利用，那麼成長並不一定會透過回到董事會並增加來實現，這並不妨礙我們這樣做。因此對我們來說，這是一個戰略優勢，我們可以在短期內利用它，也可以在長期內進行投資。因此，它為公司提供了很大的靈活性。它為董事會在如何執行我們的長期策略方面提供了很大的靈活性。

I could -- I would just reiterate, emphasize that you know, over the last 10 years, with our capital share, we are laser-focused on returning capital to shareholders if in the event that we don't need it for our very growth.

我可以——我只想重申，強調一下，你知道，在過去的 10 年裡，對於我們的資本份額，我們專注於將資本返還給股東，以防我們的成長不需要它。

Mahir Bhatia, Bank of America.

馬希爾·巴蒂亞，美國銀行。

Maybe I just want to take a step back first to just amplify the macro commentary a little bit. I just want to like talk a little bit about what you're seeing in your data hearing from retail partners. How are they prepping for the potential of tariffs? What are you -- is there anything you guys are involved with that process with or just like even thinking through of what it looks like when spending when the tariffs come in place?

也許我只是想先退一步，稍微擴大一下宏觀評論。我只是想稍微談談您在從零售合作夥伴那裡聽到的數據中看到的情況。他們如何為潛在的關稅做準備？你們——你們是否參與了這個過程，或者只是考慮過當關稅生效時支出會是什麼樣子？

And then just on the weekly data, if you could just talk a little bit, it's been pretty stable clearly, and you saw this in April too. Do you think there's a little bit of a pull forward or Easter impact in there that's maybe propping the first two weeks of April up? Thanks.

然後就每週的數據而言，如果你能稍微談談的話，很明顯它一直相當穩定，而且你在四月份也看到了這一點。您是否認為其中存在一些提前因素或復活節的影響，可能會支撐四月前兩週的銷售？謝謝。

Yeah, so there's a lot there. Let me start on that. I think -- look, I think it's important just to differentiate between all of the uncertainty in the market and the macroeconomic kind of futures and what people are predicting. And what we're seeing right now in terms of the health of the consumer, the uncertainty is clearly out there.

是的，那裡有很多東西。讓我從那開始。我認為——看，我認為區分市場中的所有不確定性和宏觀經濟的未來以及人們的預測非常重要。從我們目前看到的消費者健康狀況來看，不確定性顯然存在。

It's impacting consumer confidence, but at this point, it's not impacting what consumers are actually doing. Spend levels are still pretty strong. Credit is performing in line to better than we expected, so I think the consumer is still in pretty good shape. I think the labor market is strong.

它正在影響消費者信心，但目前它還沒有影響消費者的實際行為。支出水平仍然相當強勁。信貸表現比我們預期的要好，所以我認為消費者狀況仍然良好。我認為勞動力市場強勁。

With that said, look, they're being selective around how they spend. They're navigating inflation as they have been for quite some time now. I think as you look inside the portfolio, you've got the lower income consumer, they started tapering their spend about a year ago. That was largely driven by inflation. We saw a rotation out of discretionary and bigger ticket.

話雖如此，看，他們在花錢方面是有選擇性的。他們正在應對通貨膨脹，因為他們已經這樣做了很長一段時間了。我認為，當你查看投資組合時，你會發現低收入消費者大約在一年前就開始減少支出。這主要是由通貨膨脹造成的。我們看到了可自由支配的資產和較大資產的輪換。

You're seeing still pretty good spend levels for the higher income consumer. You know our prime segment grew sales 1%. Average tickets were down a little bit, but frequency was up. And you know, I think what can't get lost in all this is that, that moderation and spending patterns is actually a positive in terms of credit. We actually are encouraged by that pullback because consumers are not overextending, they're being disciplined.

您會看到高收入消費者的支出水準仍然相當不錯。您知道我們的主要細分市場的銷售額成長了 1%。平均票價略有下降，但頻率上升。你知道，我認為在這一切中不能忽視的是，適度和消費模式實際上對信貸來說是積極的。事實上，這種回檔讓我們感到鼓舞，因為消費者並沒有過度消費，反而受到了限制。

So overall, we're very pleased with the trends that we're seeing. I think it's responsible. It's in line or better than our expectations when you look at credit. And so, I think we feel like the setup is pretty good.

總的來說，我們對所看到的趨勢感到非常滿意。我認為這是負責任的。從信用角度來看，它符合或優於我們的預期。所以，我認為我們覺得這個設定非常好。

Now, on tariffs. We're obviously spending a lot of time with our partners, that's creating a lot of the uncertainty. I think our partners, some are more impacted than others, they're rethinking strategies around inventory management, supply chain, pricing actions. You're seeing some marketing to kind of pull forward sales. I would tell you we haven't seen that yet. We haven't seen that materialized. We may. It's still very early, but we're not seeing it in the data. You saw the weekly data was still relatively consistent, relatively flat.

現在談談關稅。我們顯然花了很多時間與合作夥伴在一起，這造成了很多不確定性。我認為我們的合作夥伴，有些受到的影響比其他合作夥伴更大，他們正在重新考慮庫存管理、供應鏈、定價行動方面的策略。您會看到一些行銷活動可以促進銷售。我想告訴你，我們還沒看到這種情況。我們還沒有看到這個目標實現。有可能。現在還為時過早，但我們還沒有在數據中看到這一點。您會看到每週的數據仍然相對一致、相對穩定。

So look, we're in an uncertain situation here. We're staying close to our partners. We're doing everything we can to serve them. Times like these, like I said, you generally see our partners lean on the credit program even more heavily. Those are their best customers typically, and that's where we're spending a lot of our time right now.

所以你看，我們現在處於一個不確定的境地。我們與合作夥伴保持密切聯繫。我們正在盡一切努力為他們服務。正如我所說，在這種時候，你通常會看到我們的合作夥伴更加依賴信貸計劃。這些人通常是他們最好的客戶，我們現在也把大量時間花在了他們身上。

Let me add a little bit more color on, I think, on the outlook and then answer your second question about pull forward.

我想，讓我對前景再多加說明一下，然後回答你關於向前推進的第二個問題。

When you look at the outlet -- the outlook, I think people look at that and say, well, there's no macroeconomic deterioration that's in here or the impact of tariffs. Let me give you a little bit of a framework.

當你觀察出口——前景時，我認為人們會看到這一點並說，這裡不存在宏觀經濟惡化或關稅的影響。讓我給你一點框架。

If you think about a traditional macroeconomic or recessionary type environment, what you generally see in this industry, right, is in theory, slowing down a payment rate higher or above. You end up in the short-term having higher interest income, higher late fees, which precedes net charge offs. Put aside the reserve for a second.

如果您考慮傳統的宏觀經濟或衰退類型的環境，您通常會在這個行業看到理論上降低支付率。短期內，你會獲得更高的利息收入、更高的滯納金，而這都會先於淨沖銷。暫時把儲備放在一旁。

So if you got into a recessionary period like today, I think when you start to see is a change in the consumer behavior that in theory, will provide you incremental revenue offset by the RSA. And then charge offs because the way in which unemployment builds, people lose their jobs, they have severance, they get unemployment, they go through a period of trying to deal with the financial situations. They want to delinquency their role. Their charge offs are more a '26 issue if you were in that scenario today.

因此，如果您進入像今天這樣的經濟衰退時期，我認為當您開始看到消費者行為發生變化時，理論上，這將為您帶來由 RSA 抵消的增量收入。然後，隨著失業率的上升，人們失業了，他們得到了遣散費，他們失業了，他們經歷了一段試圖應對財務狀況的時期。他們想履行自己的職責。如果您今天處於這種情況，他們的沖銷更像是 26 年的問題。

Then you have to consider whether or not your reserve outlook really took into account what you think the top end of the unemployment looks like in '25. So that's why it wasn't really factored in because there are -- if you were in a very traditional recessionary environment, upside to some of the base case that's in here.

然後你必須考慮你的儲備前景是否真的考慮到了你認為 25 年失業率的最高水準。所以這就是為什麼它沒有被真正考慮在內，因為——如果你處於一個非常傳統的衰退環境中，那麼這裡的一些基本情況就會有上行空間。

When we talk about consumer behavioral -- behavioral attributes or from tariffs, there are two elements that come through there. One, yes, sales volume may get, or purchase volume may get a little bit more challenged, but the consumer has to spend more on certain goods and what they may be added discretionary goods, but also payment rates should in theory decline which would give you higher revolve. So those are the ones we'll watch. We haven't seen any of these factors today, either in unemployment or in changes in behavior -- behavioral impact from tariffs.

當我們談論消費者行為－行為屬性或關稅時，有兩個要素需要考慮。首先，是的，銷售量可能會增加，或者購買量可能會面臨更大的挑戰，但消費者必須在某些商品和可能增加的非必需品上花費更多，而且理論上支付率應該會下降，這將為你帶來更高的周轉率。這些就是我們要關注的。今天我們還沒有看到任何這些因素，無論是失業或行為變化——關稅對行為的影響。

There's a specific question about the pull forward and you look at the weekly sales as we showed you the first couple of weeks of April. If you look at the weeks 12 and 13 versus with you know, 15, so the second week in there when we unpacked that there were three platforms that were impacted. One platform had what we believe is is seasonal increase relative to home, right, which we traditionally see in the springtime. One platform had a significant campaign run by our partner which included our credit card where we saw an uplift in new accounts and activity, so that was fairly normal. And the third platform was really more Easter.

有一個關於提前的具體問題，您可以查看我們向您展示的四月前幾週的每週銷售。如果您查看第 12 週和第 13 週，與第 15 週相比，那麼第二週我們發現有三個平台受到了影響。我們認為，一個平台相對於國內而言出現了季節性增長，對吧，我們通常在春季看到這種情況。我們的合作夥伴在一個平台上進行了一項重大活動，其中包括我們的信用卡，我們看到新帳戶和活動有所增加，所以這是相當正常的。第三個平台其實更有復活節的意味。

I think we see it. We do not see, even though we see some of our partners running tariff related promotions, there's been no discernible information or data that says we have any pulled forward from tariffs in and of themselves.

我想我們已經看到了。我們沒有看到，我們看到我們的一些合作夥伴正在進行與關稅相關的促銷活動，但沒有任何明顯的資訊或數據表明我們本身已經從關稅中獲得了任何收益。

Got it. That was tremendously helpful. Thank you. Maybe just switching gears a little bit to partners and competitive intensity for retail programs. Can you just talk about your appetite for onboarding, a larger portfolio in this environment?

知道了。這非常有幫助。謝謝。也許只是稍微轉變一下合作夥伴和零售計畫的競爭強度。您能否談談您對入職培訓以及在這種環境下擴大投資組合的興趣？

And just relatedly, I did want to ask about the renewals because I think your 10-K, the percentage of revenue that's under contract 24 months out was a little lighter this year compared to the last few years. So anything to call out there? Thank you.

與此相關的是，我確實想問續約的情況，因為我認為與過去幾年相比，今年你的 10-K，即 24 個月合約期間的收入百分比要少一些。那麼有什麼需要注意的嗎？謝謝。

Yeah, I think the competitive environment is pretty consistent with where it's been the last couple of years, I think we haven't been in a very stable, predictable environment. And I think when you have some uncertainty out there, I think you see issuers demonstrate a little more discipline in terms of how their pricing programs, how they're looking at the risk return equation, we believe we have that discipline through cycles, more so than anybody else, but I'll tell you it felt like a pretty good competitive environment.

是的，我認為競爭環境與過去幾年的情況非常一致，我認為我們所處的環境並不是非常穩定、可預測的。我認為，當存在一些不確定性時，你會看到發行人在定價計劃、如何看待風險回報方程式方面表現出更多的紀律性，我們相信我們在整個週期中都比其他任何人都更有紀律，但我會告訴你，這感覺像是一個相當不錯的競爭環境。

And look, we're always looking to bring on new programs. We signed some this quarter. We had some great renewals, big, small, we kind of cater to such a diversified set of partners, tons of small to medium sized businesses, hundreds of thousands, and we've got really large partners that are really attractive as well. And if you think about just the past year, we renewed Sam's Club, JC Penney, we're always in those types of discussions with our partners looking to early renew when we can outside of an RFP.

而且，我們一直在尋求推出新的項目。我們本季簽署了一些協議。我們有一些很棒的續約，有大的，有小的，我們迎合瞭如此多樣化的合作夥伴，大量的中小型企業，數十萬，而且我們也有非常有吸引力的大型合作夥伴。如果你回想一下去年，我們與山姆會員店、JC Penney 續約，我們一直在與合作夥伴進行此類討論，希望在 RFP 之外儘早續約。

And there's typically things inside of the program that you know, as you get into these 10-year agreements, something that we want to fix something that they want to change, maybe it's a refreshed value prop, so you know, we'll typically get together on those with our partners and say, okay, we're both willing to make this investment, let's add some years to the back end of the contract.

你知道，當你簽訂這些 10 年協議時，計劃中通常會有一些我們想要修復的東西，而他們想要改變的東西，也許這是一個更新的價值主張，所以你知道，我們通常會和我們的合作夥伴一起討論這些問題，然後說，好吧，我們都願意進行這項投資，讓我們在合約的後期增加幾年。

Yeah, and here to answer the second part of your question. Our 10-K disclosure, obviously, the year shifted between '23 and '24, so we slid out to 2027 and beyond from a disclosure standpoint. I think back in December when we finalized the year and produced the cane in February, we're in the low 80% range relative to revenue that was beyond '27 that's now in the high 80s, so we continue to make progress, and we have some renewals to go here in the next couple of years.

是的，這裡回答你問題的第二部分。我們的 10-K 披露，顯然，年份在 23 年和 24 年之間變化，因此從披露的角度來看，我們推遲到 2027 年及以後。我回想起去年 12 月，當我們結束這一年並在 2 月份生產出甘蔗的時候，相對於 27 年以後的收入，我們的收入處於 80% 的低位，而現在已達到 80% 的高位，因此我們將繼續取得進展，並且在接下來的幾年裡，我們將進行一些更新。

As Brian always tell us, we earn renewals every day and we'll continue to work on those over the course of the next year or so. But obviously, deliver for our partners, particularly in an uncertain environment is the best way to have renewals.

正如布萊恩經常告訴我們的那樣，我們每天都會獲得續約，我們將在接下來的一年左右繼續努力。但顯然，為我們的合作夥伴提供服務，特別是在不確定的環境中，是實現革新的最佳方式。

Rob Wildhack, Autonomous Research.

Rob Wildhack，自主研究。

I think last quarter you had mentioned running with higher levels of liquidity this or at least for the early part of this year to pre-funded growth. Does that stance change at all with respect to the current macroenvironment and the uncertainty out there today? Is it possible that you would run with liquidity even higher now?

我認為上個季度您曾提到要以更高的流動性水準運行，或至少在今年年初實現預先資助的成長。考慮到當前的宏觀環境和不確定性，這種立場是否會改變？現在，您是否有可能以更高的流動性運行？

I think our liquidity position as we thought about it as we entered the year was twofold. Number one, albeit a slower growth environment than historical norms, we realized we're going to return to growth, right? So coming on and off and trying to start the engine of growth on your digital bank and deposits didn't make a lot of sense to us given the rate environment, even if I have excess liquidity, why it's a drain on them.

我認為，當我們進入新年時，我們的流動性狀況是雙重的。第一，儘管成長環境比歷史正常水平要慢，但我們意識到我們將會恢復成長，對嗎？因此，考慮到利率環境，斷斷續續地嘗試啟動數位銀行和存款的成長引擎對我們來說沒有多大意義，即使我擁有過剩的流動性，為什麼這會對他們造成負擔。

If I'm lending, if I'm borrowing at 4%, I'm getting 4.5% at the Fed, its positive economic trade, so we weren't necessarily troubled by having necessarily excess liquidity number one. The view hasn't really changed relative to the asset growth. We will use it at some point as we move forward.

如果我以 4% 的利率借入或借貸，那麼聯準會的利率為 4.5%，這對經濟貿易有利，因此我們不一定會因為流動性過剩而感到困擾。相對於資產成長而言，觀點並沒有真正改變。我們會在前進的過程中用到它。

The second benefit of having access to liquidity, we're into some significant maturity towers here on CDs that are up for renewal, so it gives us a little bit of pricing flexibility as we think about that to lower our interest bearing liabilities cost without the fear that we're going to have to raise rates somewhere else in order to keep that customer or maintain the liquidity.

獲得流動性的第二個好處是，我們這裡的一些 CD 到期日已到，需要續期，因此，當我們考慮降低我們的計息負債成本時，它給了我們一點定價靈活性，而不必擔心為了留住該客戶或維持流動性，我們將不得不在其他地方提高利率。

We expect to higher pay most certainly in the first half of the year as we talked about growth should accelerate the back half of the year, so we'll begin to use that liquidity both in the back half of this year and into next year. So the simple interest, no, it hasn't changed our view since December.

我們預計今年上半年的薪酬肯定會上漲，因為我們談到的成長將在下半年加速，因此我們將在今年下半年和明年開始使用這種流動性。因此，單利，不，自 12 月以來它並沒有改變我們的觀點。

And then I just wanted to dig in a little bit and ask about dual card and co-brands. The volume and loan growth there was better than the than the portfolio overall and accelerated sequentially. Last quarter, you had mentioned that as kind of being a waypoint for a reversal of some of your tightening. Maybe this is just normal ebbs and flows, Q4 -- Q1, but could you just unpack that dynamic and then talk about how you're thinking about things with respect to private label growth versus dual card or co-brand growth going forward? Thanks.

然後我只是想深入了解雙卡和聯名品牌。那裡的貸款量和貸款成長優於整體投資組合，並且連續加速。上個季度，您曾提到，這是扭轉部分緊縮政策的方向。也許這只是正常的起伏，Q4 和 Q1，但您能否解釋一下這種動態，然後談談您對未來自有品牌成長與雙卡或聯名品牌成長的看法？謝謝。

So when you think about the dual card growth for a second, one of the areas that we've talked about kind of prioritizing for the company has been our health and wellness. So the dual card we have issued in our CareCredit business which allows customers the flexibility whether they're in network, using in many places where CareCredits except for the veterinary, dental offices and over the 40 specialties that we have in there, but also generating benefits in the world has been very attractive to folks who's been one of our growth vectors for last year and that continues to drive growth into this year.

因此，當您考慮雙卡成長時，我們討論過的、公司優先考慮的領域之一就是我們的健康和保健。因此，我們在 CareCredit 業務中發行的雙卡讓客戶能夠靈活地選擇是否在網絡中，在 CareCredits 的許多地方使用，除了獸醫、牙科診所和我們在那裡的 40 多個專業機構之外，同時還能在世界各地產生收益，這對人們來說非常有吸引力，他們是我們去年的增長載體之一，並將繼續推動今年的增長載體。

As you continue to think about our core partners, right, where we have a dual card private label offering, it really goes through the door populations. We get a stronger through the door population. We're able to approve more dual cards, and they put on. They recognize the value in the world back into the brand of which they have intense loyalty to, which is why they apply for credit with us.

當您繼續考慮我們的核心合作夥伴時，對的，我們提供雙卡自有品牌產品，它確實可以覆蓋所有人群。我們透過門獲得了更強大的人口。我們可以批准更多的雙卡，並且它們可以應用。他們認識到世界的價值在於他們所忠誠的品牌，這就是他們向我們申請信貸的原因。

So I think it really is a testament to the brand strength of our partners and in places where we're leaning into from a dual card perspective. With regards to that, we still do run a strategy where we are lower line of signs than traditional, general-purpose cards, which allows us to maintain a very attractive, risk-adjusted margin and maintain the charge off profile of the company.

因此，我認為這確實證明了我們合作夥伴的品牌實力以及我們從雙卡角度所傾向的領域。就這一點而言，我們仍然實行一種策略，即我們的標誌線低於傳統的通用卡，這使我們能夠保持非常有吸引力的風險調整利潤率，並維持公司的沖銷狀況。

And this is why the multi-product strategy is so important. I mean, we can start somebody off in a secured card in a set pay product, a private label, and then migrate them over time as they demonstrate the ability to pay credit worthiness. We get to know that customer, how they spend, what types of purchases they make. And that's really the power of the multi-product strategy, that's really resonating with our partners. We talked about new wins, renewals that's been a key component of particularly the big renewals where we've added a product or two to those to those programs.

這就是為什麼多產品策略如此重要的原因。我的意思是，我們可以讓某人開始使用一套支付產品（私人標籤）中的擔保卡，然後隨著他們證明其信用支付能力而隨著時間的推移進行遷移。我們了解客戶，了解他們的消費方式以及他們購買哪些類型的商品。這就是多產品策略的力量，它確實引起了我們合作夥伴的共鳴。我們討論了新的勝利和續約，這是特別是大型續約的關鍵組成部分，我們在這些計劃中添加了一兩款產品。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

I guess I wanted to follow up on credit quality. I know we've talked extensively about it, but when I look at the path of the delinquency rate over the last several months and then the charge off rates actually come down year over year in March and it seems like there's a good glide path, all else equal for credit to improve quite decently. I'm just trying to think about you know, where we would expect all of equal the charge off to migrate, can we go below average given you've tightened so much? Maybe you can just talk a little bit about that.

我想我想跟進信用品質。我知道我們已經廣泛討論過這個問題，但是當我查看過去幾個月的拖欠率走勢，然後發現 3 月份的沖銷率實際上同比下降，似乎有一個良好的下滑路徑，在其他所有條件相同的情況下，信貸狀況會得到相當不錯的改善。我只是在想，你知道，我們期望所有平等的人都能夠遷移到哪裡，考慮到你已經收緊了這麼多，我們能否低於平均水平？也許您可以稍微談論一下這個問題。

Yeah, let me start at a high level, Sanjay. Look, I think we feel very pleased with the credit trends that we're seeing. The actions that we took starting in mid '23 are clearly having the desired impact. We're trending a little bit better than we expected, we talked about 30, 90, now showing down year over year.

是的，讓我從高層次開始，桑傑。看，我認為我們對所看到的信貸趨勢感到非常滿意。我們從 23 年中期開始採取的行動顯然產生了預期的效果。我們的趨勢比我們預期的要好一點，我們談論的是 30、90，現在顯示逐年下降。

If you look at our performance relative to the industry and you benchmark that against 2019, we just simply perform better, and I think that's a lot of the investments that we've made that the investments we made in Prism. I think our credit team has done a fantastic job navigating this.

如果您看一下我們相對於行業的表現，並將其與 2019 年進行比較，您會發現我們的表現更好，我認為這歸功於我們在 Prism 上所做的大量投資。我認為我們的信貸團隊在處理這一問題上做得非常出色。

As Brian talked about earlier, I think there may be an opportunity where we can open up a little bit in the back half of the year. If we do that, it'll be very methodical. We'll do that starting with our existing customers, giving them a little more spending power. In some of our higher returning segments, I think we might have the opportunity to make some slight adjustments on approval rates. But generally, we feel like it's a pretty good setup for the back half of the year. Ad I'll turn to Brian to talk a little more about the charge off guidance.

正如布萊恩之前談到的，我認為我們可能有機會在今年下半年稍微開放一些。如果我們這樣做，事情就會變得非常有條理。我們將從現有客戶開始，為他們提供更多的消費能力。在我們一些回報率較高的細分市場中，我認為我們可能有機會對批准率做出一些細微的調整。但總體而言，我們認為這對下半年來說是一個非常好的安排。我將請布萊恩進一步談談沖銷指導。

Yeah, Sanjay, I gave some framework earlier in the call really well to the charge off. I think as we look at it and you kind of feel the oven, the onion back here a little bit, there are a number of factors, right?

是的，桑傑，我在通話中早些時候給了一些框架，以便很好地完成收費。我認為，當我們看著它時，你會感覺到烤箱，洋蔥有點回到這裡，有很多因素，對嗎？

Number one was the credit actions that we've taken in order to -- as far as origination and authorization of transactions on existing accounts to get that in a place where we feel comfortable with that being inside of our long-term guidance. We've also made a number of changes over the last couple of years around collections, our strategies, whether it's on a pretty delinquent basis or inside delinquency where we're able to do different things than we did a couple of years ago. We think it's really helping entry rate and some of the flows back in.

首先是我們採取的信貸行動——就現有帳戶的交易發起和授權而言，將其置於我們感到舒適的水平，並納入我們的長期指導範圍內。過去幾年，我們在催收和策略方面也做出了一些改變，無論是在嚴重拖欠的基礎上，還是在內部拖欠的基礎上，我們都能做與幾年前不同的事情。我們認為這確實有助於提高入境率並增加一些回流。

And I think some of the activity really with regards to even our recovery operation where we insource that from a third party to really deliver benefits, and to be honest with you, relative to fears we didn't really have the dip in recovers we had. So there are multiple different factors, I think, that help us produce that net charge off rate, all of which are our view performing low right now and gives us comfort that we can hit this net charge off rate most certainly sitting here in mid-April.

我認為，我們的一些活動實際上甚至與我們的恢復行動有關，我們從第三方外包這些活動以真正帶來好處，而且說實話，相對於人們的擔憂，我們的恢復情況並沒有真正出現下滑。因此，我認為有多個不同的因素可以幫助我們產生淨沖銷率，所有這些因素都是我們認為目前表現較低的因素，並且讓我們放心，我們肯定可以在 4 月中旬達到這個淨沖銷率。

Okay, great. And then Brian Doubles, I think here was also alluding to some of the larger RFPs out there for sizable portfolios. Could you just -- I'm not sure if I heard the answer to that, but can you just talk about how you guys feel about sort of the opportunity to secure larger portfolios?

好的，太好了。然後是 Brian Doubles，我認為這裡也暗指一些針對大型投資組合的較大 RFP。你能不能——我不確定我是否聽到了答案，但你能不能談談你們對獲得更大投資組合的機會有何感想？

Yeah, we are very interested in securing larger portfolios. We always have been. We have a lot of discipline though around how we evaluate those opportunities.

是的，我們對獲得更大的投資組合非常感興趣。我們一直都是這樣。然而，我們在評估這些機會方面有嚴格的紀律。

You've got to have really good alignment with the partner. You've got to have a good deal structure that's fair, inequitable with both parties, good alignment in terms of how you want to grow. Because you know, if you're going to sign a large program that's going to go over 10 years, you have to have that alignment because you're going to have to make changes to the program, whether it's underwriting, marketing strategies, placements, and those things need to benefit both parties.

你必須與合作夥伴保持良好的協調。你必須有一個公平、對雙方不公平的良好交易結構，並且在你想要的發展方式方面保持良好的一致性。因為你知道，如果你要簽署一項為期 10 年以上的大型計劃，你就必須進行這種協調，因為你必須對該計劃做出改變，無論是承保、營銷策略、佈局，這些都需要使雙方受益。

We do an enormous amount of financial due diligence on a lot of models. We stress those bigger opportunities significantly to make sure that as we look at a 10-year deal, we look at it every year and say, okay, are we going to like this deal in that year under these circumstances? Is the partner still going to like this deal? And so, we've got a ton of rigor around that process.

我們對許多模型進行了大量的財務盡職調查。我們非常強調這些更大的機會，以確保當我們審視一項 10 年期協議時，我們每年都會審視它並說，好吧，在這種情況下，我們在那一年會喜歡這筆協議嗎？合作夥伴還會喜歡這筆交易嗎？因此，我們對這項流程非​​常嚴格。

And at the end of the day, we have other uses for our capital, and it has to compete with sharing purchases and other things and so it's got to be in line with the overall return for the business or creative. And so, you know, these are very attractive opportunities when you look at larger programs and bringing on an earning portfolio, but it's got to meet a lot of hurdles and have a really attractive risk-adjusted return and really good alignment between the parties.

最終，我們的資本還有其他用途，它必須與共享購買和其他事物競爭，因此它必須與業務或創意的整體回報保持一致。所以，你知道，當你考慮更大的項目並帶來盈利組合時，這些都是非常有吸引力的機會，但它必須克服很多障礙，並擁有真正有吸引力的風險調整回報以及雙方之間真正良好的協調。

Is there a sense of timing on any of this, whether you know or not?

無論您是否知道，這一切是否都有時間觀念？

It sounds like you're talking about a specific opportunity or two, Ryan, that I'm obviously not going to get into. I'm sorry, Sanjay.

聽起來你正在談論一兩個特定的機會，瑞安，我顯然不會參與其中。對不起，桑傑。

Rick Shane, JP Morgan.

摩根大通的里克·沙恩。

Look, I'd like to delve in a little bit more to the dual card. There was talk about the growth there, but I am curious, when you think about the credit profile, is it different both from a FICO score perspective, but maybe even more importantly from a utility perspective? Should we in a slowdown expect different performance for private label versus the dual cars?

瞧，我想更深入地探討雙卡。有人談論那裡的成長，但我很好奇，當你考慮信用狀況時，從 FICO 評分角度來看它是否不同，但也許更重要的是從實用性角度來看它是否不同？在經濟放緩的時期，我們是否應該期待自有品牌汽車和雙品牌汽車的表現有所不同？

Yes, so dual card, generally, we use a number of factors from right then. Yes, credit quality is one. We have our own proprietary score as well as we use data from our partners in order to determine whether or not they're dual card eligible or private label card eligible. When we think through that, there are times when your credit score may be a little bit lower but based on their performance unless we give them a dual card because they perform better. They form like a higher credit rate.

是的，雙卡，一般來說，我們從那時起就使用了許多因素。是的，信用品質是其中之一。我們擁有自己的專有分數，並且我們使用來自合作夥伴的數據來確定他們是否有資格獲得雙卡或自有品牌卡。當我們考慮到這一點時，有時您的信用評分可能會稍微低一些，但這取決於他們的表現，除非我們給他們雙卡，因為他們的表現更好。它們形成類似於更高的信用利率。

Generally speaking though, the credit quality of the dual card is higher, the spend and payment rates are generally higher than that of a private label card. I think as you enter -- if you were to enter into an economic downturn, most certainly, we deploy the same type of credit actions we normally would take, which is make sure we are not overextended our lines. We watch account transactions and authorizations.

但整體來說，雙卡的信用品質較高，消費和支付率一般都高於私人標籤卡。我認為，當你進入經濟衰退期時，我們肯定會採取與平常相同的信貸行動，即確保我們的信貸額度不會過度擴張。我們監視帳戶交易和授權。

It generally will have higher severity because it's a bigger balance, but lower incident rate of charge off. Where your private label book has a higher incident rate because it has a, generally speaking, a lower credit profile but a lower severity rate because of the average balance and line restrictions.

由於餘額較大，因此嚴重程度通常會較高，但沖銷事件發生率較低。您的自有品牌書籍的事故發生率較高，因為一般來說，它的信用狀況較低，但由於平均餘額和線路限制，嚴重率較低。

Got it. And can you speak a little bit to the impact of utility for the consumer being able to use the card in one place as opposed to having it be their primary card and how that impacts payment behaviors?

知道了。您能否稍微談談消費者能夠在一個地方使用該卡（而不是將其作為主要卡）的實用性的影響，以及這對支付行為有何影響？

Yeah. Listen, I think every individual makes a payment hierarchy decision, right, with relative to what cards. In a lot of places, they'll make decisions and look at cards based upon the brand in which they're connected with not solely utility. I mean, it's not just a piece of plastic or a digital card, right? They want to sit back and say, listen, I like to go shop at retailer X or Y, and they want to continue to use that, and they use it there.

是的。聽著，我認為每個人都會根據所使用的卡做出支付層次的決定，對吧。在很多地方，他們會根據所關聯的品牌而不是僅僅實用性來做出決定並查看卡片。我的意思是，它不僅僅是一塊塑膠或一張數字卡，對吧？他們想坐下來說，聽著，我喜歡去零售商 X 或 Y 購物，他們想繼續使用它，並且他們在那裡使用它。

That being said, we also have cards that are private label. They have broad-based utility. You think about a PayPal card, you think about an Amazon card, you think about cards that we're now being able to load into or will be able to load an Apple Pay that has broad utilities. So utility does matter and there's lots of places where utilities broad-based.

話雖如此，我們也有自有品牌的卡。它們具有廣泛的實用性。您可以考慮 PayPal 卡、亞馬遜卡，也可以考慮我們現在可以加載的卡，或者可以加載具有廣泛用途的 Apple Pay 的卡。因此，效用確實很重要，而且在很多地方，效用都是廣泛的。

If you think about our home segment, we have home cars, Car Care cards that go across multiple retailers. CareCredit goes across multiple specialties. So so while dual card's one, we have broad-based utility which makes the card important to the consumer, and honestly, the connection with the brand really is relevant.

如果你考慮我們的家居部門，我們有家用汽車、跨多個零售商的汽車保養卡。CareCredit 涉及多個專業領域。因此，雖然雙卡是一種選擇，但我們具有廣泛的實用性，這使得該卡對消費者來說很重要，老實說，與品牌的聯繫確實很重要。

John Pancari, Evercore.

約翰·潘卡里（John Pancari），Evercore。

On the macro assumptions, Brian, thanks for the color regarding the baseline assumptions and why they don't dial in the recessionary backdrop. But if you did dial in a weaker macro and recessionary dynamics into the baseline assumptions, I hear you that revenue and NII may benefit from a higher revolver rate. What would it mean for your charge off expectation? I know maybe it's not a '25 thing, but it's more of 2026.

關於宏觀假設，布萊恩，感謝您對基線假設的闡述，以及為什麼它們沒有考慮到經濟衰退的背景。但如果你確實將較弱的宏觀經濟和衰退動態納入基準假設中，我聽說收入和NII可能會受益於更高的循環利率。這對您的沖銷預期意味著什麼？我知道這可能不是 25 年的事情，而是 2026 年的事。

I guess what I'm asking, what does a stressed charge off level look like for Synchrony given your current business mix, your credit tightening as of today? How would that charge off range compared to this 5.8% to 6% level that you're looking at for this year?

我想問的是，考慮到您目前的業務組合以及截至今天的信貸緊縮狀況，Synchrony 的壓力沖銷水平是什麼樣的？與您今年預期的 5.8% 至 6% 的水平相比，這一超出範圍的收費如何？

First of all, go back to outlook, I know you talked a little bit about some of the impacts you talked about and the revenue impact. I also think on the growth side of the equation, you have lower purchase volume and slower pay rate which counterbalance each other to some degree really depends upon the severity of the macroeconomic event.

首先，回到展望，我知道您談到了一些影響以及收入影響。我還認為，在等式的成長方面，購買量較低，支付率較慢，它們在某種程度上相互抵消，這實際上取決於宏觀經濟事件的嚴重程度。

Again, when you sit around saying I'm in the 22nd of April of this year, depending on the severity of event, there's not as much charge off impact given the fact that it takes a while to go from losing your job to going through net charge off. Unless you say the person's going to go bankrupt or go into a settlement program right away, which has not been the historical norm.

再說一次，當你坐下來說我在今年 4 月 22 日時，根據事件的嚴重程度，考慮到從失去工作到淨沖銷需要一段時間，沖銷的影響不會那麼大。除非你說這個人會破產或立即進入和解計劃，但這在歷史上是不常見的。

So to some degree, there is a lag time of generally 9 to 12 months on certain economic events where you start to see the charge off so. The expectation, again, this is all theoretical because there's not an assumption here, but there probably wouldn't be as much impact on that charge off in '25 if it follows some of the historical norms that we've seen on typical recessions put aside the GFC and the pandemic.

因此，從某種程度上來說，某些經濟事件通常需要 9 到 12 個月的延遲時間，之後你才能開始看到沖銷。再次強調，預期全都只是理論上的，因為這裡沒有假設，但如果遵循我們在典型的經濟衰退中看到的一些歷史規範（撇開全球金融危機和疫情不談），那麼對 25 年的沖銷可能不會產生那麼大的影響。

And care to comment on what a '26 number would look like under a recessionary scenario given your business mix and the mix in the balance sheet?

並且請您評論一下，考慮到您的業務組合和資產負債表中的組合，在經濟衰退的情況下，26 年的數字會是什麼樣子？

I actually do not care to comment. We're not commenting at '26 or a hypothetical for inflationary way -- I'm sorry, recessionary environment, but thanks for the question.

我實際上不想發表評論。我們不會對 26 或假設的通貨膨脹方式發表評論 - 抱歉，經濟衰退環境，但感謝您的提問。

No, I understand. And then separately, I guess just in terms of the credit actions, I know you indicated that you're evaluating actions to accelerate growth, and, when you talked about some of the partnerships and everything, does that include a widening of the credit box from here just given how your credit has performed? I mean, are you evaluating, unwinding some of the tightening actions that you put in place in '23 and '24 to drive some acceleration and growth?

不，我明白。然後單獨來說，我想就信貸行動而言，我知道您表示您正在評估加速增長的行動，並且，當您談到一些合作夥伴關係和所有事情時，考慮到您的信貸表現，這是否包括從現在開始擴大信貸範圍？我的意思是，您是否正在評估並取消 2023 年和 2024 年實施的一些緊縮措施，以推動經濟加速和成長？

Yeah, I alluded to that earlier. I think it's something we're evaluating; we'll be very methodical about how we'll do it. We would tend to start with our existing customers, we know them well. We know how they spend, they built a credit history with us, so we would give them a little more spending power potentially where we have higher returning segments in the portfolio, there may be an opportunity to widen the box a little bit.

是的，我之前提到過這一點。我認為這是我們正在評估的事情；我們將非常有條理地進行這項工作。我們傾向於從現有客戶開始，我們非常了解他們。我們知道他們如何消費，他們在我們這裡建立了信用記錄，因此，我們可能會給予他們更多的消費能力，在我們的投資組合中擁有更高回報率的部分，可能有機會稍微擴大範圍。

But everything would be done in the context of that long-term net charge off rate, so 5.5%, 6%. We're not looking to do anything outside of that. We don't want to run well below that because we're leaving growth on the table, and we certainly don't want to run above that. And you've seen us manage it back into that long-term charge off guidance so you know that's how we would approach it. We're managing through a fairly uncertain environment, so we're obviously taking that into account and that's why we move pretty methodically.

但一切都將在長期淨沖銷率的背景下進行，即 5.5%、6%。除此之外，我們不想做任何事。我們不想低於這個水平，因為這樣我們就無法實現成長，當然也不想高於這個水平。而且您已經看到我們將其重新納入長期沖銷指導，因此您知道這就是我們的處理方式。我們正在應對一個相當不確定的環境，因此我們顯然會考慮到這一點，這也是我們行動相當有條理的原因。

Mark DeVries, Deutsche Bank.

德意志銀行的馬克‧德弗里斯。

I had a follow up question on just capital levels and returns. You're sitting here with CET1, 13.2%, well above kind of the historic target range of 10% to 11%. I guess the question is that still the right target for you to manage down to? And any thoughts on kind of pace at which we should expect you to kind of manage down to those levels?

我有一個關於資本水準和回報的後續問題。您的 CET1 比率為 13.2%，遠高於 10% 至 11% 的歷史目標範圍。我想問題是，這仍然是您要實現的正確目標嗎？您認為我們應該期望您以什麼樣的速度達到這些水準？

You know our target level, which we've shared is 11%, so that -- that's the goal which we go through. Obviously, there's some buffer around that at different points given seasonality, but we're on a consistent pace to do that.

您知道我們的目標水平，我們已經分享過，是 11%，所以 - 這就是我們要實現的目標。顯然，考慮到季節性，在不同的時間點會有一些緩衝，但我們會以一致的速度做到這一點。

Remember, Mark, we started out where our capital peaked at 18% CET1 in this company and Brian highlighted earlier on the call, we've taken out over half the shares since 2016 to kind of get here now. So we understand the importance of having an efficient balance sheet. We've kind of built out our Tier 2. We have a little bit more on Tier 1.

記住，馬克，我們一開始的資本在這家公司的 CET1 比率達到 18% 的峰值，布萊恩在電話會議上早些時候強調，自 2016 年以來，我們已經減持了超過一半的股份，才達到現在的水平。因此我們了解擁有有效資產負債表的重要性。我們已經建立了我們的 Tier 2。我們對於第 1 層還有更多了解。

And we're on a pace in which we share with our board and our regulators over the course of several years on how we -- how our capital kind of capital directory goes. The $2.5 billion today, we think is a good position relative to our -- the earnings power there in the capital we're going to generate this year, given the RWA expenditure on the increase in the dividend and doesn't preclude us from coming back later in the year and discussing with the Board whether or not that needs to be adjusted upwards.

在接下來的幾年中，我們會定期與董事會和監管機構分享我們的資本目錄的進展。我們認為，今天的 25 億美元相對於我們今年將要產生的資本的盈利能力來說是一個不錯的位置，考慮到 RWA 支出用於增加股息，並且並不妨礙我們在今年晚些時候回來與董事會討論是否需要向上調整。

So while we have set the framework, our outlook hasn't changed to getting back to the 11%. And again, I do think we should get some level of credit for reducing over half the shares of the company in a period of eight years.

因此，雖然我們已經設定了框架，但我們的前景並沒有改變，仍是回到 11%。我確實認為我們應該獲得一定程度的讚揚，因為我們在八年內減持了公司一半以上的股份。

Okay, and just to follow up on that, when you set this latest authorization, was it kind of size to give you plenty of flexibility to outperform on the growth perspective? Because I just think about like what consensus earnings are and what the implied payout if you use 100% of the repurchase with the new dividend, you'd be kind of neutral to CET1 at the end of the year, am I thinking about that right? And so, either you outperform on a growth perspective, or it is likely you come back and essentially look to buy back more stock or expand the authorization?

好的，只是為了跟進一下，當您設定這個最新授權時，它的規模是否能為您提供足夠的靈活性，以便在成長方面表現出色？因為我只是在想，如果將 100% 的回購與新股息一起使用，那麼一致的收益和隱含的支出是多少，那麼到年底，您對 CET1 會持中性態度，我這樣想對嗎？那麼，要么您在成長方面表現出色，要么您可能會回來並尋求回購更多股票或擴大授權？

Yeah. I think, whenever we do a capital plan, what we bring to the board is a number of different scenarios, we have baseline scenarios, obviously, we have the stress scenarios. There are outlays that are in there and so we have a full range that shows that the type of resiliency, the capital stack really has under different scenarios.

是的。我認為，每當我們制定資本計劃時，我們都會向董事會提出許多不同的情景，我們有基準情景，顯然，我們有壓力情景。其中有支出，因此我們有一個完整的範圍，可以顯示在不同情況下資本堆疊所具有的彈性類型。

We didn't go to the Board and say we're going to be back later this year. But obviously, that's an option for us to discuss with the Board whether it's warranted. I mean, I think right now, $2.5 billion authorization is a good place to start. We'll see throughout the year and see how growth develops and see what the opportunities are. And then if change is warranted, we'll bring it to the Board and have that discussion.

我們並沒有向董事會表示我們將在今年稍後回來。但顯然，我們可以與董事會討論是否有必要這樣做。我的意思是，我認為現在，25 億美元的授權是一個很好的起點。我們將觀察全年情況，看看成長如何發展，看看有哪些機會。如果需要改變，我們會將其提交給董事會並進行討論。

But again, we're very pleased with the capital plan that has a $0.30 dividend of 20% from our existing dividend and a $2.5 billion authorization, especially today, given our market capitalization, which is unfortunately, lower than its true value.

但是，我們對資本計劃感到非常滿意，該計劃從我們現有的股息中派發 20% 的 0.30 美元股息，並授權 25 億美元，尤其是今天，考慮到我們的市值，不幸的是，我們的市值低於其真實價值。

Don Fandetti, Wells Fargo.

富國銀行的唐‧范德蒂 (Don Fandetti)。

Brian, can you talk a little bit about the sort of runway for CareCredit? It's been a good growth story. Competitively, are you still seeing that as a fragmented market? And then also, how has the credit performance been versus your expectations?

布萊恩，您能簡單談談 CareCredit 的發展歷程嗎？這是一個很好的成長故事。從競爭角度來看，您是否仍認為這是一個分散的市場？那麼，信貸表現與您的預期相比如何？

Yeah. Look, I think we still feel great about the health and wellness platform. That is certainly if I had to pick a platform that we're really investing in and trying to grow, it is that one. It's a huge market. We've got a leadership position. We've been in the business for almost 40 years. Our NPS scores in that platform are off the charts. We have a really good reputation in terms of the providers that we serve across dental and vet, and it's a growing market as well.

是的。看，我認為我們仍然對健康和保健平台感到滿意。毫無疑問，如果我必須選擇一個我們真正投資並努力發展的平台，那就是這個。這是一個巨大的市場。我們擁有領導地位。我們從事這個行業已經近40年了。我們在該平台上的 NPS 分數非常高。就我們服務的牙科和獸醫服務供應商而言，我們享有良好的聲譽，而且這也是一個不斷增長的市場。

And so, you know, Brian Wenzel talked a little bit about the CareCredit dual card. We're employing a number of strategies to continue to grow there. It's obviously a bigger ticket, so it's maybe just a little bit of softness here recently, but we are extremely optimistic about our ability to grow fair credit over the long term. And I would say on the credit performance side, generally in line with the rest of the business, although, given some of the margins, we are able to underwrite a little bit, a touch deeper there at very attractive risk-adjusted returns.

所以，你知道，Brian Wenzel 談到了 CareCredit 雙卡。我們正在採取多種策略來繼續在那裡發展。這顯然是一張更大的票，所以最近可能只是有點疲軟，但我們對長期增加公平信貸的能力非常樂觀。我想說，在信貸表現方面，總體上與其他業務一致，儘管考慮到一些利潤率，我們能夠以非常有吸引力的風險調整回報承保一點點，更深一點。

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

謝謝。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。