Synchrony Financial (SYF) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Synchrony Financial second-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 年第二季財報電話會議。請參閱該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、詳細財務報表及簡報可在我們的網站 synchronyfinancial.com 查閱。您也可以造訪網站的「投資者關係」版塊以取得這些資訊。

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 could differ materially. We list the factors that might cause actual results to differ materially in our SEC filings, which are available on our website. 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.

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。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。

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. 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.

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。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。

I will now turn the call over to Brian Doubles.

現在我會把電話轉給 Brian Doubles。

Thanks, Kathryn, and good morning, everyone. Synchrony delivered a strong financial performance in the second quarter of 2025 that included net earnings of $967 million or $2.50 per diluted share, a return on average assets of 3.2% and a return on tangible common equity of 28.3%.

謝謝，凱瑟琳，大家早安。Synchrony 在 2025 年第二季取得了強勁的財務業績，包括淨收益 9.67 億美元或每股攤薄收益 2.50 美元、平均資產回報率 3.2% 和有形普通股權益回報率 28.3%。

Despite an uncertain macroeconomic backdrop, we executed at a high level across our strategic priorities to drive value for our many stakeholders. Synchrony's diversified portfolio of products and spend categories, industry-leading value propositions, and expansive network of distribution channels enabled us to connect approximately 70 million Americans with a broad range of small and midsized businesses and national brands.

儘管宏觀經濟背景不確定，我們仍高水準執行各項策略重點，為眾多利害關係人創造價值。Synchrony 多樣化的產品和支出類別組合、行業領先的價值主張以及廣泛的分銷管道網絡使我們能夠將大約 7000 萬美國人與眾多中小型企業和國家品牌聯繫起來。

And our continued credit discipline and previous credit actions drove better-than-expected delinquency and net charge-off performance, reinforcing our ability to drive sustainable growth and strong risk-adjusted returns as we look forward. And while our credit actions, in combination with selective consumer spend behavior, have had a short-term impact on our year-over-year growth in purchase volume and receivables, we have begun to see some encouraging signs within the portfolio.

我們持續的信貸紀律和先前的信貸行動推動了拖欠率和淨沖銷業績好於預期，增強了我們推動可持續增長和強勁風險調整回報的能力。雖然我們的信貸行動，加上選擇性消費者支出行為，對我們的購買量和應收帳款同比增長產生了短期影響，但我們已開始在投資組合中看到一些令人鼓舞的跡象。

Synchrony generated $46 billion of purchase volume in the second quarter. Dual and co-branded cards accounted for 45% of that purchase volume and increased 5% versus last year, primarily reflecting growth from our CareCredit Dual Card as well as broad-based growth across our other dual card programs. Out of partner spend on our Dual and co-branded cards generally continue to reflect a discerning customer with the mix of discretionary spend down slightly compared to last year. That said, we saw a gradual growth in the mix of discretionary spend as the quarter progressed, with points of strength coming from restaurants, cosmetics and electronics.

Synchrony 在第二季的採購量達到 460 億美元。雙卡和聯名卡佔購買量的 45%，比去年增長了 5%，主要反映了我們的 CareCredit 雙卡的增長以及其他雙卡計劃的廣泛增長。我們的雙品牌卡和聯名卡的合作夥伴支出總體上繼續反映出客戶的挑剔，可自由支配的支出組合與去年相比略有下降。話雖如此，隨著本季度的進展，我們看到可自由支配支出的組合逐漸增長，其中餐飲、化妝品和電子產品表現強勁。

We also saw continued improvement in average transaction values during the second quarter, which were down only about 50 basis points compared to last year, a clear improvement from the 1.7% decline in the first quarter and a 2.4% decline in the fourth quarter. Customers across credit grades contributed to this trend, but particular strength came from our nonprime credit segment. Customers across credit grades continue to transact with relatively consistent frequency over the last several quarters, up about 3% in the second quarter versus last year, which partially offset the impact of lower transaction values.

我們也看到第二季平均交易價值持續改善，與去年相比僅下降了約 50 個基點，與第一季 1.7% 的降幅和第四季 2.4% 的降幅相比有明顯改善。不同信用等級的客戶都對此趨勢做出了貢獻，但我們的非優質信用客戶群尤其強勁。過去幾個季度，不同信用等級的客戶繼續以相對穩定的頻率進行交易，第二季度的交易頻率比去年同期增長了約 3%，部分抵消了交易價值下降的影響。

Overall, we feel good about the resilience we've seen in our customers thus far, and we'll continue to leverage our core strength as we navigate this operating environment. Of course, Synchrony has built a long track record of driving powerful outcomes for our customers and partners with constantly changing market conditions. This has earned us both the opportunity and privilege to be a partner of choice for hundreds of thousands of businesses across the country.

總體而言，我們對迄今為止客戶所表現出的韌性感到滿意，並且我們將在應對這種營運環境時繼續利用我們的核心優勢。當然，在不斷變化的市場條件下，Synchrony 長期以來一直致力於為我們的客戶和合作夥伴帶來強勁的成果。這使我們有機會和榮幸成為全國數十萬家企業的首選合作夥伴。

And during the second quarter, we added or renewed more than 15 partners including the addition of our program with Walmart and OnePay and our renewed relationship with Amazon. We are proud to announce our partnership with OnePay, a leading consumer fintech to exclusively power a new industry-leading credit card program with Walmart, one of the most iconic and largest retailers in the world.

在第二季度，我們增加或續簽了 15 多個合作夥伴，包括與沃爾瑪和 OnePay 的合作計劃以及與亞馬遜的重新合作。我們很榮幸地宣布與領先的消費金融科技公司 OnePay 建立合作夥伴關係，與全球最具標誌性和最大的零售商之一沃爾瑪合作，獨家推出一項領先業界的新信用卡計劃。

Together, we will leverage our respective expertise to launch a general purpose card and a private label card, both featuring a seamless digital experience embedded inside the OnePay app and compelling value propositions. We expect the program to launch this fall and are excited to deliver even greater innovation and choice to better serve the millions of consumers that seek to maximize our purchasing power.

我們將共同利用各自的專業知識推出通用卡和自有品牌卡，這兩種卡都具有嵌入 OnePay 應用程式的無縫數位體驗和引人注目的價值主張。我們預計該計劃將於今年秋季啟動，並很高興能夠提供更大的創新和選擇，以更好地服務於尋求最大化購買力的數百萬消費者。

Synchrony's renewed relationship with Amazon builds on more than 15 years of collaboration and financing innovation, which is why we are also proud to announce our recently completed launch of Synchrony Pay Later at Amazon. Our Buy-Now-Pay-Later offering is available for all transactions of $50 or more for approved Amazon customers.

Synchrony 與亞馬遜重新建立的關係建立在超過 15 年的合作和融資創新基礎之上，這也是我們自豪地宣布最近在亞馬遜上推出 Synchrony Pay Later 的原因。對於獲得批准的亞馬遜客戶，所有交易金額為 50 美元或以上均可享受我們的「先買後付」服務。

Synchrony continuously seeks to evolve and enhance the customer experience and the ways in which we drive utility and choice for our customers and loyalty and sales for our partners. And in today's world, that often means providing access to flexible financing anywhere that a customer is seeking to make a purchase, whether that's online or in person.

Synchrony 不斷尋求發展和提升客戶體驗，以及我們為客戶帶來實用性和選擇、為合作夥伴帶來忠誠度和銷售的方式。在當今世界，這通常意味著在客戶尋求購物的任何地方（無論是在線上還是親自購物）提供靈活的融資管道。

One of our offerings with PayPal, called PayPal Credit, has been a popular choice among consumers for many years and historically has been a digital-only product. Over the last several years, however, we've seen increasing demand for a physical PayPal credit card so that customers could utilize their favorable financing more broadly in their day-to-day lives.

我們與 PayPal 合作推出的一項服務名為 PayPal Credit，多年來深受消費者青睞，一直以來都是純數位產品。然而，在過去幾年中，我們看到對實體 PayPal 信用卡的需求不斷增加，以便客戶可以在日常生活中更廣泛地利用其優惠融資。

Together, PayPal and Synchrony sought to deliver a more innovative payment solution that would enable our customers to take PayPal Credit anywhere and still have access to six-month promotional financing on qualifying PayPal purchases. We are currently rolling out the physical PayPal credit card to US customers, which can be added to mobile wallets for fast and easy tap to pay and includes a limited time promotional offer to pay for qualifying travel purchases like flights, hotels, cruises and ride shares.

PayPal 和 Synchrony 共同致力於提供更具創新性的支付解決方案，使我們的客戶能夠隨處使用 PayPal Credit，並且仍可獲得符合資格的 PayPal 購買的六個月促銷融資。我們目前正在向美國客戶推出實體 PayPal 信用卡，該卡可以添加到行動錢包中，以便快速輕鬆地進行支付，並包括限時促銷優惠，用於支付符合條件的旅行購買，如航班、酒店、遊輪和共乘。

As we look ahead, Synchrony is in a position of strength. We've been consistently executing across our business to reinforce our resilience amidst an ever-changing economic backdrop. We've been investing in our continued evolution to deliver the right products at the right time and for the right purchases as customer preferences and needs change. We are also driving customer loyalty, sales, and lifetime value for the many small and midsized businesses, local merchants and providers, and major national brands that we serve.

展望未來，Synchrony 處於強勢地位。在不斷變化的經濟背景下，我們始終如一地執行業務操作，以增強我們的韌性。隨著客戶偏好和需求的變化，我們一直在投資持續發展，以便在正確的時間提供正確的產品，滿足正確的購買需求。我們也致力於為眾多中小型企業、本地商家和供應商以及我們服務的全國性大品牌提高客戶忠誠度、銷售額和終身價值。

In the last quarter alone, Synchrony launched new products with two of our top five partners and announced a new partnership with a previous top five partner. We also renewed one of our top five partners. With this renewal, the current expiration date of our program agreements with our five largest partners range from 2030 through 2035.

僅在上個季度，Synchrony 就與我們前五大合作夥伴中的兩家推出了新產品，並宣布與之前的前五名合作夥伴建立新的合作夥伴關係。我們也續簽了五大合作夥伴之一。在此次續約後，我們與五大合作夥伴的計畫協議的到期日期目前從 2030 年到 2035 年不等。

In addition, 22 of Synchrony's 25 largest program agreements have an expiration date in 2027 or beyond, and those 22 programs represent 98% of our interest and fees attributable to the top 25 as of year-end '24. Synchrony is clearly building upon our long track record of delivering truly differentiated outcomes for our many stakeholders and solidifying our position as the partner of choice within the heart of American commerce.

此外，Synchrony 的 25 個最大計劃協議中有 22 個的到期日為 2027 年或之後，截至 24 年底，這 22 個計劃占我們歸屬於前 25 名計劃的利息和費用的 98%。Synchrony 顯然正在鞏固我們長期以來為眾多利害關係人提供真正差異化成果的記錄，並鞏固我們作為美國商業核心首選合作夥伴的地位。

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，讓他更詳細地討論我們的財務表現。

Thanks, Brian, and good morning, everyone. Synchrony's second-quarter performance showcased the strength of our differentiated business model, which has been built to deliver resilient risk-adjusted returns through evolving market conditions. We generated $46 billion of purchase volume during the second quarter, which was down 2% year over year and include the effects of the credit actions we took between mid-2023 and early 2024 and continued selectivity in consumer spend behavior.

謝謝，布萊恩，大家早安。Synchrony 第二季的業績展示了我們差異化商業模式的優勢，該模式旨在透過不斷變化的市場條件提供有彈性的風險調整回報。我們在第二季的購買量為 460 億美元，年減 2%，其中包括我們在 2023 年中至 2024 年初採取的信貸行動以及消費者支出行為的持續選擇性的影響。

Purchase volume at the platform level range between down 7% year over year in home and auto, reflecting discerning customer spend amidst the uncertain macroeconomic backdrop and up 2% in digital as growth in both new accounts and spend per active was partially offset by lower average active accounts.

平台層面的購買量在家庭和汽車領域同比下降 7%，反映出在不確定的宏觀經濟背景下客戶支出的挑剔，而在數位領域則增長 2%，因為新帳戶和每活躍帳戶支出的增長被較低的平均活躍帳戶數部分抵消。

Ending loan receivables decreased 2% to $100 billion in the second quarter due to the combination of lower purchase volume and higher payment rate. The payment rate increased by approximately 30 basis points versus last year to 16.3% and was approximately 100 basis points above the pre-pandemic second-quarter average. The higher payment rate primarily reflects the impact of our previous credit actions, which contributed to approximately 1.5 percentage point sequential increase in our super prime credit card mix and an almost equivalent decrease in the proportion of nonprime.

由於購買量下降和付款率上升，第二季期末貸款應收款下降 2% 至 1,000 億美元。支付率較去年同期增加約 30 個基點，達到 16.3%，比疫情前第二季的平均水準高出約 100 個基點。更高的支付率主要反映了我們先前的信貸行動的影響，這些行動導致我們的超優質信用卡組合環比增長約 1.5 個百分點，而非優質信用卡比例幾乎等量下降。

Payment rate was also impacted by a reduction in the percentage of promotional financing loan receivables, which generally carry a lower payment rate. We expect the mix shift to gradually revert to the historical mean over time. Net revenue decreased 2% to $3.6 billion, primarily reflecting the impact of higher RSAs driven by program performance. Net interest income increased 3% to $4.5 billion, as a 10% decrease in interest expense and a 1% increase in interest and fees on loans was partially offset by lower interest income on investment securities.

付款率也受到促銷融資貸款應收款比例下降的影響，這類貸款的付款率通常較低。我們預計，隨著時間的推移，組合變化將逐漸恢復到歷史平均值。淨收入下降 2% 至 36 億美元，主要反映了專案績效推動的 RSA 增加的影響。淨利息收入增加 3% 至 45 億美元，因為利息支出減少 10%，貸款利息和費用增加 1%，但投資證券的利息收入減少部分抵消了這一影響。

Our second-quarter net interest margin increased 32 basis points versus last year to 14.78%. The increase was driven in part by a 53 basis point increase in our loan receivable yield which was primarily driven by the impact of our product, pricing and policy changes or PPPCs and partially offset by lower benchmark rates and lower SaaS late fees. This contributed to approximately 43 basis points of our net interest margin.

我們第二季的淨利差較去年同期增加 32 個基點，達到 14.78%。這一成長部分是由於我們的應收貸款收益率增加了 53 個基點，這主要受到我們的產品、定價和政策變化或 PPPC 的影響，並被較低的基準利率和較低的 SaaS 滯納金部分抵消。這為我們的淨利差貢獻了約 43 個基點。

Total interest-bearing liabilities cost decreased 45 basis points versus last year and contributed approximately 38 basis points to our net interest margin. Our liquidity portfolio yield declined 95 basis points, generally reflecting the impact of lower benchmark rates and reduced our net interest margin by 16 basis points.

總計息負債成本較去年同期下降 45 個基點，為我們的淨利差貢獻約 38 個基點。我們的流動性投資組合收益率下降了 95 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 16 個基點。

And our loan receivables mix, as a percentage of interest earning assets, decreased by 194 basis points, which reduced our net interest margin by approximately 33 basis points. RSAs of $992 million were 4.1% of average loan receivables in the second quarter and increased $182 million versus the prior year, primarily reflecting program performance which included lower net charge-offs and the impact of our PPPCs. And other income increased 1% year over year to $118 million, driven by the impact of our PPPC-related fees and partially offset by the $51 million gain from the Visa B-1 share exchange in the prior year.

我們的應收貸款組合佔生息資產的百分比下降了 194 個基點，這使我們的淨利差降低了約 33 個基點。9.92 億美元的 RSA 佔第二季平均貸款應收款的 4.1%，比前一年增加 1.82 億美元，主要反映了包括較低的淨沖銷和 PPPC 的影響在內的計畫績效。其他營收年增 1% 至 1.18 億美元，這主要得益於我們 PPPC 相關費用的影響，但被去年 Visa B-1 股票交易獲得的 5,100 萬美元收益部分抵銷。

Excluding the impact of this gain, other income would have increased 79% versus last year. Provision for credit losses decreased $545 million to $1.1 billion, driven by a $265 million reserve release in the second quarter compared to the prior year reserve build of $70 million and a $210 million decrease in net charge-offs.

不計入該項收益的影響，其他收入將比去年增加79%。信貸損失準備金減少 5.45 億美元至 11 億美元，原因是第二季釋放了 2.65 億美元的準備金，而去年同期的準備金增加了 7,000 萬美元，且淨沖銷減少了 2.1 億美元。

Including the reserve relief is $12 million relating to the movement of approximately $200 million in loan receivables to held for sale. Other expenses increased 6% to $1.2 billion, generally reflecting higher employee costs, partially offset by lower operational losses and preparatory expenses related to the late fee rule in the prior year.

其中包括與約 2 億美元貸款應收款轉為持有待售相關的 1,200 萬美元儲備減免。其他支出增加 6% 至 12 億美元，一般反映了員工成本的增加，但部分被上一年的營運損失減少和與滯納金規則相關的準備費用所抵消。

The second-quarter efficiency ratio was 34.1%, approximately 240 basis points higher than last year, driven by the higher expenses and the impact of higher RSAs on net revenue as credit performance improved. Taken together, Synchrony generated net earnings of $967 million or $2.50 per diluted share and delivered a return on average assets of 3.2% and return on tangible common equity of 28.3% and an 18% increase in tangible book value per share.

第二季的效率比率為 34.1%，比去年高出約 240 個基點，這得益於費用增加以及信貸業績改善導致 RSA 增加對淨收入的影響。整體而言，Synchrony 的淨收益為 9.67 億美元，即每股攤薄收益 2.50 美元，平均資產回報率為 3.2%，有形普通股權益回報率為 28.3%，每股有形帳面價值成長 18%。

Next, I'll cover our key credit trends on slide 8. At quarter end, our 30-plus delinquency rate was 4.18%, a decrease of 29 basis points from the 4.47% in the prior year and 10 basis points below our historical average from the second quarters of 2017 to 2019. Our [90-plus days past due] was 2.06%, a decrease of 13 basis points from 2.19% in the prior year and 5 basis points above our historical average from the second quarters of 2017 to 2018. Our net charge-off rate was 5.70% in the second quarter, a decrease of 72 basis points from 6.42% in the prior year and 10 basis points below our historical average for the second quarters of 2017 to 2019.

接下來，我將在第 8 張投影片上介紹我們的主要信貸趨勢。截至季末，我們的 30 歲以上拖欠率為 4.18%，較上年的 4.47% 下降了 29 個基點，比 2017 年第二季至 2019 年第二季的歷史平均值低 10 個基點。我們的 [90 天以上逾期] 率為 2.06%，較前一年的 2.19% 下降了 13 個基點，比 2017 年第二季至 2018 年第二季的歷史平均高出 5 個基點。我們第二季的淨沖銷率為 5.70%，較前一年的 6.42% 下降了 72 個基點，比 2017 年至 2019 年第二季的歷史平均值低 10 個基點。

Net charge-off [dollars] were down 11% sequentially. This compares favorably to the 2017 to 2019 average sequential trend of essentially flat. And as highlighted on slide 3 of our presentation, Synchrony sequential net charge-off trends have generally outperformed our quarterly average sequential movement between 2017 and 2019.

淨沖銷金額（美元）季減 11%。這與 2017 年至 2019 年基本持平的平均連續趨勢相比表現良好。正如我們簡報第 3 張投影片所強調的那樣，Synchrony 連續淨沖銷趨勢總體上優於 2017 年至 2019 年期間的季度平均連續變動。

When evaluating credit performance, our portfolio delinquency and net charge-off trends, reflect both the efficacy of our credit actions and the power of our disciplined underwriting and credit management and reinforce our confidence in the portfolio's credit positioning as we move forward. Finally, our allowance for credit losses as a percent of loan receivables was 10.59%, which decreased approximately 28 basis points from the 10.87% in the first quarter.

在評估信貸表現時，我們的投資組合拖欠率和淨沖銷趨勢既反映了我們的信貸行動的有效性，也反映了我們嚴格的承保和信貸管理的力量，並增強了我們對未來投資組合信貸定位的信心。最後，我們的信用損失準備金佔貸款應收款的百分比為 10.59%，比第一季的 10.87% 下降了約 28 個基點。

Turning to slide 9. Synchrony's funding, capital and liquidity continue to provide a strong foundation for our business. During the second quarter, Synchrony's direct deposits decreased by approximately $310 million and brokered deposits declined by $863 million. At quarter end, deposits represented 84% of our total funding, with both secured and unsecured debt each representing 8%. Total liquid assets increased 9% to $21.8 billion and represented 18.1% of total assets, 145 basis points higher than last year.

翻到第 9 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。第二季度，Synchrony 的直接存款減少了約 3.1 億美元，經紀存款減少了 8.63 億美元。截至季末，存款占我們總資金的 84%，其中擔保債務和無擔保債務各佔 8%。總流動資產成長 9% 至 218 億美元，佔總資產的 18.1%，比去年高出 145 個基點。

Moving to our capital ratios. Synchrony ended the second quarter with a CET1 ratio of 13.6%, 100 basis points higher than last year's 12.6%. Our Tier 1 capital ratio was 14.8%, 100 basis points above last year. Our total capital ratio increased 110 basis points to 16.9%. And our Tier 1 capital plus reserves ratio increased to 25.2% compared to 23.9% last year.

轉向我們的資本比率。Synchrony 第二季的 CET1 比率為 13.6%，比去年的 12.6% 高出 100 個基點。我們的一級資本比率為 14.8%，比去年高出 100 個基點。我們的總資本比率增加了110個基點，達到16.9%。我們的一級資本加準備金比率從去年的 23.9% 上升至 25.2%。

During the second quarter, Synchrony returned $614 million to shareholders, consisting of $500 million in share repurchases and $114 million in common stock dividends. Ticker remains well positioned to return capital to shareholders as guided by our business performance, market conditions, regulatory restrictions, and our capital plan.

第二季度，Synchrony 向股東返還了 6.14 億美元，其中包括 5 億美元的股票回購和 1.14 億美元的普通股股息。根據我們的業務表現、市場條件、監管限制和資本計劃，Ticker 仍能很好地向股東返還資本。

Turning to our outlook for 2025 on slide 10. Our baseline assumption for the full-year outlook now includes the minor modifications we expect to make to our PPPCs this year as well as the impact of the launch of our Walmart OnePay program in the fall and exclude any potential impact from the deteriorating macroeconomic environment or from the implementation of tariffs or potential retaliatory tariffs as their effects remain unknown.

第 10 張投影片介紹了我們對 2025 年的展望。我們對全年前景的基本假設現在包括我們預計今年對 PPPC 做出的微小修改以及秋季推出沃爾瑪 OnePay 計劃的影響，並排除宏觀經濟環境惡化或實施關稅或潛在報復性關稅的任何潛在影響，因為它們的影響仍然未知。

Turning to our outlook in more detail. Our current expectation is that ending loan receivables will be flat versus last year. This expectation includes the continued impact of selective consumer spend and the ongoing effects of our past credit actions on purchase volume and payment rate. Previously, we expect [pay rates] to generally remain flat relative to 2024. However, we now expect it to be elevated in 2025, reflecting the credit and promotional finance mix shift discussed earlier.

更詳細地談談我們的展望。我們目前的預期是期末貸款應收帳款將與去年持平。這項預期包括選擇性消費者支出的持續影響以及我們過去的信貸行動對購買量和支付率的持續影響。此前，我們預期[工資率]相對於2024年將基本保持平穩。然而，我們現在預計這一比例將在 2025 年上升，這反映了先前討論過的信貸和促銷融資組合的轉變。

While our past credit actions may have impacted our growth trajectory over the short term (inaudible) the strength and the trajectory of our portfolio's delinquency and net charge-off performance, we now expect our loss rate to be between 5.6% and 5.8%, which is comfortably within our long-term underwriting target of 5.5% to 6%. This improved credit outlook will contribute to higher RSAs as partner program performance further improves. As a result, we now expect RSA as a percent of average receivables to be between 3.95% and 4.1%, which will also shift our net revenue outlook for the full year to be between $15 billion and $15.3 billion.

雖然我們過去的信貸行動可能在短期內影響了我們的成長軌跡（聽不清楚），但我們投資組合的拖欠和淨沖銷表現的強度和軌跡，我們現在預計我們的損失率在 5.6% 至 5.8% 之間，這在我們 5.5% 至 6% 的長期承保目標範圍內。隨著合作夥伴計畫績效的進一步提高，信用前景的改善將有助於提高 RSA。因此，我們現在預計 RSA 占平均應收帳款的百分比將在 3.95% 至 4.1% 之間，這也將使我們全年淨收入預期變為 150 億美元至 153 億美元之間。

Net interest income for the year will be impacted by lower receivables, but still expect it to follow seasonal trends associated with growth, credit, performance and liquidity. We expect our net interest margin to increase to an average 15.6% in the second half of 2025, reflecting improving loan receivable yield related to credit seasonality and the building impact of our PPPCs, lower funding costs due to lower benchmark rates, partially offset by lower-yielding investment portfolio, and an increasing mix of loan receivables as a percent of earning assets driven by the impact of seasonal growth and a gradual reduction of our excess liquidity.

全年淨利息收入將受到應收帳款減少的影響，但預計仍將遵循與成長、信貸、業績和流動性相關的季節性趨勢。我們預計，到 2025 年下半年，我們的淨利差將增至平均 15.6%，這反映出與信貸季節性和 PPPC 建設影響相關的應收貸款收益率的提高、基準利率降低導致的融資成本降低（部分被收益率較低的投資組合所抵消），以及受季節性增長和過剩流動性逐步減少的影響，

And lastly, we're updating our efficiency ratio expectation to be between 32% and 33%, primarily reflecting the updated net revenue outlook as well as higher expenses associated with the launch of the Walmart OnePay program. We expect other expenses to increase approximately 3% on a dollar basis for the full year.

最後，我們將效率比率預期更新為 32% 至 33% 之間，這主要反映了更新後的淨收入前景以及與推出沃爾瑪 OnePay 計畫相關的更高費用。我們預計全年其他支出將以美元計算增加約 3%。

In summary, Synchrony's difference in business model is expected to deliver net interest margin expansion, lower net charge-offs and continued performance alignment to RSA this year. This will drive higher risk-adjusted return and a return on average assets that exceeds our long-term target of 2.5%.

綜上所述，Synchrony 的商業模式差異預計將在今年帶來淨利差的擴大、淨沖銷額的降低以及與 RSA 績效的持續一致。這將推動風險調整後回報率更高，平均資產回報率將超過我們 2.5% 的長期目標。

With that, I'll turn the call back over to Brian.

說完這些，我就把電話轉回給布萊恩。

Thanks, Brian. Before I turn the call over to Q&A, I'd like to leave you with three key takeaways from today's discussion. First, Synchrony's credit trends have outperformed relative to the industry, which is underscored by our current year outlook. Our portfolio's credit position will provide a strong foundation on which we can grow and deliver strong risk-adjusted returns. While we have begun to selectively unwind some of our credit actions on the margin, we are closely monitoring the environment in our portfolio and are evaluating further actions as we gain more clarity.

謝謝，布萊恩。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。首先，Synchrony 的信貸趨勢相對於產業而言表現優異，這一點從我們今年的展望中可以看出。我們投資組合的信用狀況將為我們的成長和實現強勁的風險調整回報奠定堅實的基礎。雖然我們已經開始選擇性地解除一些保證金信貸行動，但我們正在密切監測投資組合的環境，並在獲得更多清晰資訊後評估進一步的行動。

Second, Synchrony's unique business model delivers industry-leading value propositions, a diverse product suite and advanced digital solutions, empowering customers with financial flexibility and driving loyalty and sales for businesses, and our interests are closely aligned. When our customers thrive, so do our partners.

其次，Synchrony 獨特的商業模式提供了業界領先的價值主張、多樣化的產品套件和先進的數位解決方案，為客戶提供了財務靈活性，並推動了企業的忠誠度和銷售，這與我們的利益緊密一致。當我們的客戶蓬勃發展時，我們的合作夥伴也會蓬勃發展。

And third, Synchrony is the nationwide leader in the private label and co-brand industry. It is positioned to deliver market-leading returns for our shareholders. We consistently earn and win new and existing partners, including more than 25 partners in the first half of 2025 alone. And we have built a long track record of execution through our intense focus on delivering outstanding outcomes for our customers and partners. This is what drives deep, long-lasting relationships and meaningful long-term value for all.

第三，Synchrony 是全國自有品牌和聯合品牌產業的領導者。它的定位是為我們的股東帶來市場領先的回報。我們不斷贏得新的和現有的合作夥伴，僅在 2025 年上半年就贏得了超過 25 位合作夥伴。我們高度重視為客戶和合作夥伴提供卓越的成果，並建立了長期的執行記錄。這就是推動深厚、持久的關係以及為所有人帶來有意義的長期價值的動力。

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. (Operator Instructions) 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。（接線生指示）接線員，請開始問答環節。

(Operator Instructions) Ryan Nash, Goldman Sachs.

（操作員指示）高盛的瑞安·納許。

So Brian, you noted that you're seeing some encouraging signs in the portfolio and you talked about selectively unwinding some of the credit actions. Maybe just talk about what some of those encouraging signs are and actions that you've taken to lose some credit to drive growth.

布萊恩，您指出，您在投資組合中看到了一些令人鼓舞的跡象，並且您談到了有選擇地解除一些信貸行動。也許只是談論一些令人鼓舞的跡像以及您為失去一些信譽以推動增長而採取的行動。

And then I guess, second, we're clearly running below where you've historically targeted that 7%-plus level. Maybe just talk about with Walmart coming on board, renewing Amazon and stabilizing consumer, maybe just talk about do you see a path back towards that mid- to high single-digit growth level.

其次，我想，我們的成長率顯然低於您歷史上設定的 7% 以上的目標。也許只是談論沃爾瑪的加入、亞馬遜的復興和消費者的穩定，也許只是談論你是否看到了一條回到中高個位數成長水平的道路。

Yeah. Sure, Ryan. Look, I think just starting with the consumer, I think they're still in pretty good shape. We're not seeing signs of weakness. I think spend is still pretty strong. I think credit is definitely performing better than we expected. We continue to be selective, but we are seeing some positive signs. If you look at our co-brand growth, that was pretty encouraging, up 5% versus the prior year. That compares to plus 2% last quarter. So that's a nice trend.

是的。當然，瑞安。看，我認為從消費者開始，他們的狀況仍然很好。我們沒有看到疲軟的跡象。我認為支出仍然相當強勁。我認為信貸表現肯定比我們預期的要好。我們繼續有所選擇，但我們看到了一些積極的跡象。如果你看一下我們的聯名品牌成長情況，那是相當令人鼓舞的，比前一年成長了 5%。相比之下，上一季的增幅為 2%。這是一個很好的趨勢。

We're seeing decent trends in retail, cosmetics, electronics. So there are some green shoots as we look across the portfolio. And to your point, because credit has performed better than we expected, we did start to open up selectively in the second quarter, really focused initially on our health and wellness space. But I'm optimistic that there's room to do more in the second half.

我們看到零售、化妝品、電子產品領域呈現良好的趨勢。因此，當我們審視整個投資組合時，我們發現了一些復甦的跡象。正如您所說，由於信貸表現優於我們的預期，我們確實在第二季度開始有選擇地開放，最初真正專注於我們的健康和保健領域。但我樂觀地認為下半年還有更多進步的空間。

So I'm still pretty optimistic around the growth trajectory, particularly as we head into 2026 because you've got -- just look at what we announced today. You've got Walmart OnePay that's launching in the second half. You've got Pay Later launch at Amazon, what we're doing at PayPal with the physical card. And then you add all those things up, and then on top of that, you look at opening up the credit box a little bit just based on the trends that we're seeing, I'm pretty bullish. So I think we should really drive some [rate] growth as we head into 2026.

因此，我對成長軌跡仍然非常樂觀，特別是在我們邁入 2026 年之際，因為——看看我們今天宣布的內容。沃爾瑪 OnePay 將於下半年推出。亞馬遜已經推出了「稍後付款」服務，而 PayPal 也正在使用實體卡進行類似服務。然後你把所有這些因素加起來，在此基礎上，你再根據我們看到的趨勢稍微開放一下信用額度，我對此非常樂觀。因此我認為，在邁入 2026 年之際，我們應該真正推動一些 [利率] 成長。

Great. Maybe a follow-up for Brian Wenzel. On the outlook, you highlighted minor modifications to the PPPC. Brian, maybe can you just touch upon like how the discussions have gone with partners? Are you done with the conversations and the modifications you're making? And maybe just give us some examples of what type of modifications that you guys have made?

偉大的。也許是 Brian Wenzel 的後續作品。在展望方面，您強調了 PPPC 的細微修改。布萊恩，您能否簡單談談與夥伴的討論進度如何？您已完成對話和所做的修改了嗎？也許可以給我們舉一些例子來說明你們做了哪些類型的修改？

Yes. Ryan, why don't I start on this one and then turn it over to Brian Wenzel. Look, as I mentioned previously, any potential rollbacks are going to happen partner by partner. There's no big rollback plan that's in the works. And frankly, there's not a lot of discussion happening right now with our partners.

是的。瑞安，我先從這個開始，然後再交給布萊恩·溫澤爾。瞧，正如我之前提到的，任何潛在的回滾都將由合作夥伴共同實現。目前還沒有任何重大的回滾計畫。坦白說，目前我們與合作夥伴的討論並不多。

We had one partner that wanted to make a change to one element of their program. We're going to do that in the second half. We had one other change in the fragmented space related to the promotional fee in some of our verticals. And when you add all those up, it's less than $50 million in net revenue and a go-forward impact. So pretty small overall.

我們有一個合作夥伴想要改變他們的計劃的一個元素。我們將在下半場做到這一點。我們對一些垂直行業的促銷費用進行了另一項碎片化調整。當你把所有這些加起來時，淨收入和未來影響都不足 5,000 萬美元。整體來說相當小。

And I think, look, any potential discussions in the future. And I think the way you should think about this and the way that we're actually approaching it is this is now like normal course, right? These are normal course pricing discussions that we've always had with our partners. We're always looking at pricing in conjunction with the credit that we're providing and the value proposition on the card. And we'll continue to do that. We'll have those conversations, and we'll do it with an eye towards driving sales for our partners and growth for the program at attractive returns.

我認為，看看未來任何潛在的討論。我認為您應該這樣思考這個問題，而且我們實際上處理這個問題的方式現在就像是正常過程，對嗎？這些都是我們一直與合作夥伴進行的正常課程定價討論。我們始終將我們提供的信用和卡片上的價值主張結合起來考慮定價。我們將繼續這樣做。我們會進行這些對話，並專注於推動合作夥伴的銷售和專案的成長，以獲得可觀的回報。

I don't know, Brian, if you want to add anything to that.

布萊恩，我不知道你是否想對此進行補充。

Yeah, Ryan, the only two points again, I'd emphasize again, it's less than $50 million in net revenue that was impacted, particularly when you think about, Brian highlighted before, as we engage with some of our partners, it was really around looking at the programs and making sure that there are benefits coming through.

是的，Ryan，我再次強調只有兩點，受影響的淨收入不到 5000 萬美元，特別是當你想到 Brian 之前強調的那樣，當我們與一些合作夥伴接觸時，我們實際上就是在審視這些計劃並確保它們能夠帶來好處。

One of the things that we have seen, well certainly in the bigger ticket space in home and auto and lifestyle, we've seen some duration shortening on promotional financings as merchants try to manage the cost of the program. So as we engage with discussions around the promo fee, we've also engaged them around lengthening back out some of those promotional financings, which provide a better benefit for us over the longer term.

我們看到的情況之一是，在家庭、汽車和生活方式等更大的票務領域，由於商家試圖控制計劃成本，促銷融資的期限有所縮短。因此，當我們討論促銷費用時，我們也與他們討論延長一些促銷融資，這將為我們在長期內帶來更好的利益。

So again, I think it's a thoughtful way in which we engage the partners in order to try to drive growth into the portfolio as well as meet needs of customers.

因此，我再次認為，這是我們與合作夥伴合作的一種深思熟慮的方式，目的是推動產品組合的成長並滿足客戶的需求。

Terry Ma, Barclays.

巴克萊銀行的馬特里 (Terry Ma)。

I wanted to ask about the NIM guide in the second half of 15.6%. That's a material step up from your first half NIM. Can you maybe just expand on the drivers that get you there? And maybe talk about your level of confidence in achieving that second half NIM? And then as we kind of look forward, you guys kind of averaged 16% NIM kind of pre-pandemic. Can you still get back there?

我想問NIM下半年15.6%的指引。這比你上半年的 NIM 有了實質的提升。您能否詳細說明促使您實現這一目標的因素？也許您可以談談您對實現下半年 NIM 的信心程度？然後，當我們展望未來時，你們在疫情前的平均淨利息收益率 (NIM) 約為 16%。你還能回去那裡嗎？

Yes. If you think about the sequential movement into the back half of the year, what you're going to feel as you step quarter on quarter is the reduction of our -- or an increase, really, in our average loan receivables as a percent of our interest-earning assets. That is a meaningful position. Again, we probably held deposit rates a little bit higher for longer, which gave us more liquidity. You see that relative to the percent of [AOR] in the last quarter. So that is, first of all, the biggest delta as you step into Q3 and then step further into Q4 as you have the seasonal run-up of receivables, that's number one.

是的。如果您考慮下半年的連續走勢，您會感覺到，隨著季度的推移，我們的平均貸款應收款占我們生息資產的百分比正在減少，或者實際上在增加。這是一個很有意義的立場。再次，我們可能在較長時間內維持稍高的存款利率，這為我們提供了更多的流動性。您會看到這與上一季的 [AOR] 百分比有關。因此，首先，當你進入第三季度，然後進入第四季度時，由於應收帳款的季節性增加，最大的增量是，這是第一點。

Number two, which you're also going to feel, is the impact of the PPPC, which you see in loan yield continue to drive up the portfolio into the back half of the year as you step through with the seasonal increases. And then finally, what you're going to see is a little bit of benefit particularly in the third quarter as our CD book reprices will get more interest expense on benefit as we lower the cost for interest-bearing liabilities.

第二點，也是您也會感受到的，是 PPPC 的影響，您可以看到，隨著季節性增長，貸款收益率在下半年繼續推高投資組合。最後，您將看到一點好處，特別是在第三季度，因為我們降低了計息負債的成本，我們的 CD 帳簿重新定價將獲得更多的利息支出收益。

That said, you're also going to have less reversals in the back half. So with that, hopefully, we have a pretty good line of sight. It's really going to come down to how much the liquidity burns off in the third quarter and fourth quarter.

也就是說，後半部的逆轉也會減少。因此，希望我們能夠有一個相當好的視線。這實際上取決於第三季和第四季流動性消耗了多少。

Got it. And then, I guess, in the pre-pandemic NIM, the average of 16%. Do you believe you can kind of get back there longer term?

知道了。然後，我猜，在疫情爆發前的 NIM 中，平均值為 16%。您是否相信自己能夠長期重返那裡？

Yeah, I don't think we see things structurally. I mean, most certainly, what we've seen in the first half of this year is a little bit less promotional financing in the book, which actually should drive up your yield because the promotional financings carry a lower yield. So that's one.

是的，我認為我們沒有從結構上看待事物。我的意思是，可以肯定的是，我們在今年上半年看到的是帳面上的促銷融資有所減少，這實際上應該會提高收益率，因為促銷融資的收益率較低。這就是其中之一。

I think ultimately what you're going to get back to, Terry, are two things. One, we're over-indexing now a little bit more into the super prime components, we've tightened our credit aperture. As that begins to even go back to normal levels, you'll begin to see a better revolve rate, which should continue to push up your NIM interest margin, number one.

特里，我認為你最終會回到兩件事。首先，我們現在對超級優質成分的指數化程度有所提高，我們已經收緊了信貸範圍。當它開始恢復到正常水平時，您將開始看到更好的循環利率，這將繼續推高您的 NIM 息差，這是第一點。

Number two, you also have an environment where you're 4.5% Fed funds rate, where the [guidance] of 16% was at 2.5%. So you should get -- as you move closer back to that norm, you should be able to get a lift. And then most certainly, you have the PPPC that should stack back on top of it. So again, it's more the timing of when the interest rate environment normalizes and when we fully open a credit after back to where we are and probably get back to a similar mix of assets.

第二，目前的聯邦基金利率為 4.5%，而 16% 的 [指引] 利率為 2.5%。所以你應該——當你越來越接近正常水平時，你應該能夠得到提升。然後可以肯定的是，您有應該堆疊在其頂部的 PPPC。因此，這更多的是利率環境正常化的時間，以及我們完全開放信貸後回到現有水平並可能回到類似的資產組合的時間。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

I wanted to go back to Ryan's first question on loan growth. Brian Doubles, I know you're bullish on loan growth. Is it fair to assume that you guys haven't necessarily baked in some of the growth expansion coming from the loosening of credit standards? And I guess, like, how does the guidance factor in Walmart? Is there a contribution this year?

我想回到瑞安關於貸款成長的第一個問題。Brian Doubles，我知道您對貸款成長持樂觀態度。是否可以公平地認為，你們尚未將放鬆信貸標準所帶來的部分成長擴張納入考量？我想，沃爾瑪的指導因素是怎麼樣的呢？今年有捐贈嗎？

And just one final related matter question, sorry. Just you talked about tariffs, and that's obviously a moving target. But you and your partners have had time to sort of digest their impacts for the year? Like how would that play out if there were higher tariffs for the year?

抱歉，最後我只想問一個相關問題。您剛才談到了關稅，這顯然是一個不斷變化的目標。但是您和您的伴侶有時間消化他們今年的影響嗎？如果今年的關稅提高，結果會怎麼樣？

Yes, Sanjay, let me start and I'll turn it over to Brian. Look, I think the thing that is important to appreciate, we started to loosen up a little bit around the margin starting in the second quarter. I think there's more we can do in the second half. But it does take time for those credit actions to kind of work their way into the growth metrics. So I would think about most of those things, including Walmart OnePay, Pay Later, some of those things, leaving into the balance sheet in the first half of 2026, so really benefiting full-year '26.

是的，桑傑，讓我先開始，然後我會把它交給布萊恩。看，我認為值得讚賞的重要一點是，我們從第二季開始在利潤率方面有所放鬆。我認為我們在下半場還可以做更多。但這些信貸行動確實需要時間才能對成長指標產生影響。因此，我會考慮將其中大部分內容（包括 Walmart OnePay、Pay Later 等）納入 2026 年上半年的資產負債表，從而真正使 2026 年全年受益。

So it does take a little bit of time, but we are optimistic that not only do we have a good pipeline of growth opportunities, things that are launched and things that will be launched, but also the opportunity around opening up on credit. So we see plenty of positive dynamics as we think about 2026, but it will take a little bit of time to [bake] in.

所以這確實需要一點時間，但我們樂觀地認為，我們不僅有良好的成長機會、已經推出的產品和將要推出的產品，而且還有開放信貸的機會。因此，當我們展望 2026 年時，我們看到了許多積極的動力，但它需要一點時間來消化。

Yes. Let me just add some color, Sanjay, on to that. Brian highlighted a couple of different points. Number one, as we skew towards the super prime, we have more dual card in the book. So you are seeing that lift where it's 5% of purchase volume or 6% on loan receivables, number one.

是的。桑傑，讓我再補充一些內容。布萊恩強調了幾個不同的觀點。第一，隨著我們向超級素數傾斜，我們在書中擁有更多的雙卡。因此，您會看到，購買量上升了 5%，貸款應收款上升了 6%，這是第一點。

Two, Brian highlighted that, particularly, on the out of partner spend relative to that, we've seen positive trends over the last four quarters really in closing cosmetics, electronics as well as restaurants. So we are seeing those green shoots of spend as consumers are more willing to go into some of those discretionary types items.

其次，布萊恩強調，特別是在合作夥伴支出方面，我們在過去四個季度中看到了積極的趨勢，尤其是在化妝品、電子產品以及餐廳的銷售方面。因此，我們看到了消費支出的復甦跡象，因為消費者更願意購買一些非必需品。

I'll also point you to page 5 of the deck, where we have three platforms that are essentially flat. So we are seeing a turn both in digital, health and wellness, and diversified value as that kind of comes out. The Walmart impact, it's going to be back half of the year. It's probably not going to be meaningful on the growth rate of the company, but we'll certainly [launch you] into 2026 from a bid perspective. [It's only] going to be a timing around the prescreen and when we actually get it launched both in the app as well as in the store.

我也會向大家指出簡報的第 5 頁，那裡有三個基本上是平坦的平台。因此，我們看到數位化、健康和保健以及多元化價值的轉變。沃爾瑪的影響將在半年後回歸。這可能對公司的成長率沒什麼影響，但從競標的角度來看，我們肯定會在2026年推出。這只是一個預先篩選和實際在應用程式和商店上線的時間安排。

So there are positive momentum. The last thing I'd share with you is we look at the first three weeks of July or go through the 20th. We actually are seeing positive comps on total purchase volume. So we feel good about where we're starting in the quarter, and albeit early, and we'll continue to launch as we move through.

因此存在著積極的勢頭。我要與大家分享的最後一件事是，讓我們來看看 7 月的前三週或 20 日的情況。我們實際上看到總購買量呈現正成長。因此，我們對本季的開局感到滿意，儘管為時過早，但我們會繼續推進。

Great color. Just a follow-up, capital management. Obviously, you guys are solidly capitalized at this point. I'm just trying to think through uses of that excess capital as we look forward in the second half into next year. Maybe you can also address the pipeline of any acquisitions, so if there are any?

顏色很棒。只是一個後續問題，資本管理。顯然，你們現在資本雄厚。我只是在思考如何利用這些過剩資本，並展望明年下半年。也許您還可以討論任何收購的管道，如果有的話？

Yeah. Why don't I take the first part and then let Brian talk a little bit about the pipeline. Sanjay, obviously, we have $2 million remaining on the existing share repurchase program. We're fully committed to bring capital back to shareholders. I caution people when we try to think about the cadence, as you step through versus our business performance, which I think when you look at the net income and delivering $2.50 per share this quarter, we're strong positioned there.

是的。我先講第一部分，然後讓 Brian 稍微講一下管道。桑傑，顯然，我們現有的股票回購計畫還剩餘 200 萬美元。我們全力致力於將資本回饋給股東。當我們試圖思考節奏時，我提醒人們，當你逐步了解我們的業務表現時，我認為當你查看淨收入並實現本季度每股 2.50 美元時，我們處於強勢地位。

I think also, you have to recognize there are certain times during the quarter where we may be limited on our ability to repurchase for nonpublic information, which can hinder you at times. But as we step through, the first piece is going to be funding our RWA growth which, again, we hope to have an increase here in the back half of the year. We've shown the increase in the dividend up to $0.30 again for this quarter, and then we get into share repurchases and inorganic. And again, we're going to continue to be very disciplined when it comes to pricing.

我還認為，您必須認識到，在本季度的某些時候，我們回購非公開資訊的能力可能會受到限制，這有時會對您造成阻礙。但隨著我們的逐步推進，第一步將是為我們的 RWA 成長提供資金，我們希望在今年下半年實現成長。我們已顯示本季股利再次增加至 0.30 美元，然後我們進入股票回購和無機股利。再次強調，在定價方面我們將繼續保持非常嚴謹的態度。

I'll let Brian talk about the pipeline in a second. But again, as long as the market is there, we understand we're in a position of real strength at a 13.6% CET1. And to the extent that we have an opportunity to potentially increase our share repurchases, we'll look at it. But again, it's going to be guided by business performance and our capital plan.

稍後我將讓 Brian 談論管道。但同樣，只要市場存在，我們就知道我們在 13.6% 的 CET1 下處於真正的優勢地位。如果我們有機會增加股票回購，我們就會考慮。但同樣，它將以業務績效和資本計劃為指導。

Brain, [you want to add on pipeline]?

腦，[您想新增管道]？

Yeah. I would just also reiterate that we are laser-focused on returning capital to shareholders. I think we've got a great track record demonstrating that. We bought back half the shares over the last 10 years. So it's not lost on us that we have excess capital today, and we are actively looking to deploy it.

是的。我還要重申，我們專注於向股東返還資本。我認為我們已經有出色的業績記錄來證明這一點。我們在過去十年裡回購了一半的股份。因此，我們並沒有忘記我們今天擁有過剩的資本，我們正在積極尋求部署它。

Brian walked through the priorities. The only one I'll touch on briefly is the pipeline. I think we've got a strong pipeline. If you look across the different verticals in the business, that continues to be the case. I think competition is rational right now, and I feel really good about our position to win.

布萊恩詳細闡述了優先事項。我唯一要簡要談及的是管道。我認為我們擁有強大的管道。如果你觀察一下該行業的不同垂直領域，你會發現情況仍然如此。我認為現在的競爭是理性的，我對我們的獲勝地位感到非常有信心。

If you look at what we announced this quarter with Walmart OnePay, renewal on Amazon, I feel great about our ability to compete for what's sitting in the pipeline. So that is a very attractive use of capital from our perspective. But we also look selectively at M&A. We're very disciplined around that. But again, not lost on us that we're sitting with excess capital today, and we're actively looking to deploy it.

如果你看一下我們本季宣布的沃爾瑪 OnePay 和亞馬遜續約計劃，我會對我們在現有項目上的競爭力感到非常滿意。因此，從我們的角度來看，這是一種非常有吸引力的資本利用方式。但我們也會選擇性地關注併購。我們對此非常嚴謹。但是，我們並沒有忘記，我們今天擁有過剩的資本，我們正在積極尋求部署它。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

I was hoping that you could talk a little bit about the comments that you made on new products with your existing largest customers and maybe talk about how those can contribute to growth. It would seem that you probably have a shorter start-up period for things like that. Maybe just a little more detail about the plans and how much that could contribute to growth, whether it's in '25 or '26.

我希望您能與現有最大客戶談談您對新產品的評價，並談談這些評價如何促進成長。看起來，對於這樣的事情，你的啟動期可能會更短。也許只是稍微詳細地介紹一下這些計劃以及這些計劃對成長的貢獻有多大，無論是在 25 年還是 26 年。

Yes. I think the two biggest ones we talked a little bit about with the Pay Later launch at Amazon, we're very excited about that. First, we're excited about the renewal and the long-term extension. If you look at our top five relationships now, the expiration dates are between 2030 and 2035. So we feel really good about that profile.

是的。我認為，我們談到的兩個最大的問題是亞馬遜推出的「稍後付款」服務，我們對此感到非常興奮。首先，我們對續約和長期延長感到興奮。如果你看看我們現在最重要的五種關係，它們的到期日都在 2030 年至 2035 年之間。所以我們對該簡介感到非常滿意。

It allows us to really focus on innovating and growing inside of those programs. At Amazon now, we've got three products. We've got the private label card. We've got the secured card and now Pay Later. And I think that really speaks to the power of the multiproduct strategy.

它使我們能夠真正專注於這些項目的創新和發展。目前在亞馬遜我們有三種產品。我們有自有品牌卡。我們已經獲得了擔保卡，現在可以稍後付款。我認為這確實體現了多產品策略的力量。

We've been talking about this for a while now, and we love a program where we have multiple products, where we can cater those products, both the type of customer and the type of purchase that they're making. And we think that that choice is really important. We also love the strategy of being able to start someone in maybe a secured card, migrate them to private label and then to multiple products within the suite.

我們已經談論這個問題有一段時間了，我們喜歡一個擁有多種產品的計劃，我們可以滿足這些產品的需求，無論是客戶類型還是他們購買的類型。我們認為這個選擇非常重要。我們也喜歡這樣的策略：能夠為某人提供一張安全卡，然後將其遷移到自有品牌，然後再遷移到套件中的多個產品。

So I feel great about our product suite and our ability to compete. I think for Pay Later at Amazon and what we're doing with PayPal with the [physical] card, I think you'll see those primarily again bleed in through 2026 and impact the growth there. We'll clearly get a little bit of benefit in '25, but I don't think you'll see it necessarily show up in the full-year guide.

因此，我對我們的產品套件和競爭力感到非常滿意。我認為，對於亞馬遜的 Pay Later 以及我們與 PayPal 合作推出的實體卡業務，你會看到它們在 2026 年再次滲透並影響那裡的成長。我們顯然會在 25 年獲得一點好處，但我認為你不一定會在全年指南中看到它。

Okay. And to follow up kind of on Sanjay's questions about capital return. I guess, in the quarter, you had 28% return on tangible equity and commented that you expected loan growth to actually slow. So you're generating more capital and kind of needing it a little bit less than you would have thought perhaps three months ago. I guess, what other signs do you need to see to actually step up that repurchase? It seems like almost as if you would want to be doing that to just demonstrate that, yes, we've got a little lower loan growth, but capital position is still very, very strong.

好的。並跟進桑傑關於資本回報的問題。我想，在本季度，您的有形資產回報率為 28%，並且您表示預計貸款成長實際上會放緩。因此，你會產生更多的資本，而對資本的需求卻比三個月前想像的要少一些。我想，您還需要看到什麼其他跡象才能真正加大回購力道？看起來你這樣做只是為了證明，是的，我們的貸款成長略低，但資本狀況仍然非常非常強勁。

Yeah. Thanks much for the question. Again, I point you back to my comments earlier. Sometimes within quarters, there are situations where we're prohibited from repurchasing on certain information. Well, certainly, when you think about announcing a relationship with Walmart and Amazon, it most certainly can influence the timing of when we're able to purchase.

是的。非常感謝您的提問。我再次提醒您注意我之前的評論。有時在某個季度內，會出現我們被禁止根據某些資訊重新購買的情況。嗯，當然，當你考慮宣布與沃爾瑪和亞馬遜建立合作關係時，它肯定會影響我們購買的時間。

Again, subject to market conditions, we're going to continue to be prudent but yet aggressive. But I understand we do have certain restrictions at times. But that should not influence or affect our confidence level in returning capital, and even evaluating whether or not we want to increase that share repurchase with our Board at some later point during the year.

再次強調，根據市場情況，我們將繼續保持謹慎但積極的態度。但我知道我們有時確實會受到某些限制。但這不應該影響我們對返還資本的信心水平，甚至不應該影響我們是否希望在今年稍後與董事會一起增加股票回購。

Rick Shane, JPMorgan.

摩根大通的里克·沙恩。

Look, portfolio construction is about sort of dynamically balancing higher ROA and higher volatility riskier borrowers against lower ROA and lower vol -- higher-quality borrowers. I'm kind of curious, does the stickiness of PPPC enhance the ROA of time borrowers in a way that they become even more attractive for you going forward? And does that change the model a little bit?

看起來，投資組合建構是關於動態平衡較高 ROA 和較高波動性風險較高的借款人與較低 ROA 和較低波動性品質較高的借款人。我有點好奇，PPPC 的黏性是否會提高時間借款人的 ROA，從而使他們在未來對您更具吸引力？這是否會稍微改變模型？

Yeah. Thanks for the question, Rick. Yes, well, certainly, I think where you see the potential to have a greater impact is in that prime segment. So when you think about a Vantage 650-plus into the low 700s to the extent that you can introduce a higher margin on that customer, that's going to give you a better ROA.

是的。謝謝你的提問，里克。是的，嗯，當然，我認為您認為在那個主要部分有產生更大影響的潛力。因此，當您考慮將 Vantage 650 以上的價格提高到 700 美元出頭時，您可以為該客戶帶來更高的利潤，這將為您帶來更好的 ROA。

At the high end, the super prime segment, again, their payment rate is fairly high by itself. So I don't think you're going to move that ROA needle substantially. And then most certainly, you'll get some benefit in the non-prime customers. But really, it's in that prime segment where you can become actually more capital efficient and drive a higher return on assets.

在高端，超級優質部分，他們的支付率本身就相當高。所以我不認為你會大幅改變 ROA 指標。那麼，你肯定會從非優質客戶那裡獲得一些好處。但實際上，正是在那個主要領域，你可以真正提高資本效率並獲得更高的資產報酬率。

Got it. Okay. Look, obviously, the pushback on the quarter is going to be the debate between the credit quality and the loan growth. To me, handing out money is the easy part, getting it back is the hard part. As you think about the second half and widening the aperture, how do you balance that? I mean do you see your borrowers behaving in a more disciplined way? Do you respect that? Or do you give them a little bit more room?

知道了。好的。顯然，本季的阻力將是信貸品質和貸款成長之間的爭論。對我來說，發放錢財很容易，拿回錢財卻很難。當您考慮後半部分並擴大光圈時，您如何平衡這一點？我的意思是，您是否看到借款人的行為更加自律？你尊重這一點嗎？還是你給他們多一點空間？

Yeah. Look, Rick, this has always been -- it's art and science, right? Everything we do is in the context of our long-term NCO guidance of 5.5% to 6%, and targeting areas in the portfolio where we have really strong risk-adjusted returns, which is why when we started to open up in the second quarter, we started with our health and wellness business. We like the return profile there. We like everything we were seeing in terms of the credit trends, and we looked at that in combination with PPPC, and we said, okay, we have an opportunity to open up a little bit.

是的。聽著，里克，這一直是——藝術和科學，對吧？我們所做的一切都是在 5.5% 至 6% 的長期 NCO 指導背景下進行的，並針對投資組合中我們具有真正強勁風險調整回報的領域，這就是為什麼當我們在第二季度開始開放時，我們首先從健康和保健業務開始。我們喜歡那裡的回報情況。我們喜歡所看到的所有信貸趨勢，我們將其與 PPPC 結合起來進行研究，我們說，好吧，我們有機會稍微開放一點。

And now we're looking -- as you get in the second half here, there are other places in the portfolio where we have the opportunity to do that. And so if I take a step all the way back, we saw credit starting to go where it was going, just given what the industry had done for a couple of years. And [with] shared consumer, we said, it's prudent to dial back a little bit around the margins and we did that.

現在我們正在尋找——當你進入下半年時，投資組合中的其他地方也有機會做到這一點。因此，如果我回顧一下，我們會看到信貸開始朝著它應該的方向發展，這要歸功於該行業近幾年來所取得的成就。對於共享消費者，我們說，在利潤率方面稍微回撥一下是明智之舉，我們也這麼做了。

And frankly, I think our credit teams did a fantastic job navigating that fairly uncertain environment. Now we've got credit comfortably within our long-term guidance, and we see some pockets of opportunity to drive some growth with a very manageable loss rate and strong returns. And so that's what we're doing.

坦白說，我認為我們的信貸團隊在應對相當不確定的環境中做得非常出色。現在，我們的信貸額度已完全符合我們的長期指導，而且我們看到了一些機會，可以透過可控的損失率和強勁的回報來推動成長。這就是我們正在做的事情。

The one thing I'd add, Rick, if you take a step back, other general purpose issuers had the luxury of dialing back now [by] adjusting a little bit more on the fly. With our partners and merchants, we need to be consistent or want to be consistent with them with regard to that credit aperture. So again, we try not to adjust as quickly on the downside as well as on the upside.

瑞克，我想補充一點，如果你退一步想，你會發現其他通用發行機構現在可以透過即時調整來回撥。對於我們的合作夥伴和商家，我們需要保持一致，或希望在信用方面與他們保持一致。因此，我們再次嘗試不要像調整上行或下行時那樣快速調整。

Again, the most important part here now is what's going to happen with the economy and potentially a power situation. So I think we're going to prudently step through that in order not to make sure that we're not going to be putting our merchants in a situation where we're opening that credit aperture and then we have to close it a little bit. So I think we're just stepping out quarter by quarter, making sure we have good visibility into how the environment is playing out.

再次強調，現在最重要的部分是經濟和潛在的電力狀況將會發生什麼。因此，我認為我們將謹慎地解決這個問題，以確保我們不會讓我們的商家陷入這樣的境地：我們剛剛打開了信貸管道，然後又必須稍微關閉它。所以我認為我們只是逐季地進行調查，確保我們能夠清楚地了解環境的演變。

Got it. It's very helpful. And the last part is something I hadn't actually thought about before, so thank you.

知道了。這非常有幫助。最後一部分是我之前沒有真正想過的，所以謝謝你。

John Hecht, Jefferies.

傑富瑞的約翰·赫克特。

You mentioned health and wellness. I know that's been a, relative to the overall business, has had higher growth historically. Maybe can you just give us an update on health and wellness, what the kind of product categories are and where you're seeing the opportunities there?

您提到了健康和保健。我知道，相對於整體業務而言，從歷史上看，這是一個較高的成長。您能否向我們介紹健康和保健的最新情況，有哪些產品類別，以及您認為有哪些機會？

Yeah. Thanks, John. Look, I think health and wellness is clearly one of our strongest platforms. It's an area where we've been investing heavily for the last three years. You've seen the growth outperform the rest of the business. We have a great competitive position there. We've got a great brand. We've got great digital assets that our provider base uses. We're innovating new products and launching new products in that space every day. And I feel really good about how we're positioned in health and wellness.

是的。謝謝，約翰。看，我認為健康和保健顯然是我們最強大的平台之一。這是我們過去三年來一直大力投資的領域。您已經看到其成長表現優於其他業務。我們在那裡具有很強的競爭地位。我們有一個偉大的品牌。我們擁有供應商群體使用的優質數位資產。我們每天都在該領域創新新產品並推出新產品。我對我們目前在健康和保健領域的定位感到非常滿意。

We did dial back a little bit in terms of credit. Over the last 12 months, we started to open back up. So I'm actually fairly optimistic that we're going to return to above average growth in health and wellness going forward. And it isn't one industry or segment. We're very strong in dental [than] cosmetic, and we see great growth opportunities across the board. So we're not targeting one or another, but we see really strong opportunities as we look across all those verticals.

在信貸方面，我們確實有所縮減。在過去的 12 個月裡，我們開始重新開放。因此，我實際上相當樂觀地認為，未來我們的健康和保健水平將恢復到高於平均水平的增長。而且它不是一個行業或領域。我們在牙科領域比在美容領域實力更強，而且我們在各個領域都看到了巨大的成長機會。因此，我們並沒有瞄準其中某個，但當我們縱觀所有這些垂直領域時，我們看到了真正強大的機會。

Okay. That's helpful. But maybe just touching on credit. I know it's a little early to be getting, I guess, a definitive look at '24, but what are the early looks at the '24 vintage and how that compares to maybe pre-pandemic? And if those trends continue, what do we think about the [ALL] level over time?

好的。這很有幫助。但也許只是涉及信用。我知道現在對 24 年做出最終評價還為時過早，但對 24 年的早期評價是怎麼樣的？與疫情之前相比如何？如果這些趨勢持續下去，我們對 [ALL] 水平隨時間的變化有何看法？

Yes. Thanks, John. So if I work backwards, John, albeit very early, the '25 vintage is performing incredibly well. It has a fully seasoned effects of the credit actions. When I say that, I'm really comparing back to the 2018 vintage. The 2024 vintage splitting in the first half and second half, again, that's performing better than our 2018 vintages. So again, where we had the credit actions probably fully in play, most certainly for the back half of the year, or almost for most of the first half of the year, performing better than that 2018.

是的。謝謝，約翰。因此，約翰，如果我倒推一下，儘管時間還很早，但 25 年份的表現非常好。它對信用行為有充分的成熟效果。當我這麼說的時候，我實際上是在與 2018 年份的葡萄酒進行比較。2024 年份的葡萄酒分為上半年和下半年，其表現再次優於 2018 年份的葡萄酒。因此，我們再次強調，我們的信貸行動可能已經充分發揮作用，最肯定的是在今年下半年，或者幾乎在今年上半年的大部分時間裡，其表現都比 2018 年要好。

And again, '22 and '23 vintages, they're performing slightly worse than the 2018 vintage, which is why we took those actions. But again, we feel comfortable that what we're originating in '25 and '24 [is it] seasoning out is better than 2018.

再說一次，22 和 23 年份的表現比 2018 年份略差，這就是我們採取這些行動的原因。但同樣，我們感到欣慰的是，我們在 2025 年和 2024 年取得的成績比 2018 年要好。

Don Fandetti, Wells Fargo.

富國銀行的唐‧范德蒂 (Don Fandetti)。

On the July purchase volume improvement, can you talk a little bit more about if that's broad-based, low and high end across verticals? If I layer that in with your average ticket comment on the improvement in the low end, it sounds like pretty constructive, almost like a mini acceleration type environment.

關於 7 月購買量的成長，您能否詳細談談這是否是廣泛、低端和高端的垂直成長？如果我將其與您對低端改進的平均票價評論結合起來，這聽起來相當有建設性，幾乎就像一個微型加速類型的環境。

Yeah. Thank you, Don, for your question. I think where you're seeing it is in the three platforms that have experienced better purchase volume performance. So think about health and wellness, diversified value in digital, you're really seeing the acceleration there. Again, we're seeing a little bit in home and auto and lifestyle, but again, those are bigger ticket purchases. We also hope by trying to get the shift out in some of the promotional terms in the back half of the year can help those verticals. But it's really in the three core sales platforms that are experiencing a little bit more signs of life.

是的。謝謝唐的提問。我認為您看到的是這三個平台的購買量表現更好。所以想想健康和保健，數位領域的多元化價值，你真的會看到那裡的加速發展。再次，我們在家庭、汽車和生活方式方面看到了一些成長，但這些是更大的消費項目。我們也希望透過在下半年嘗試改變一些促銷方式來幫助這些垂直行業。但實際上，三大核心銷售平台正呈現出更多的復甦跡象。

Got it. Okay. And then can you just give us an update on your technology investment, whether it's AI and other initiatives? Clearly, you're doing well relative to peers on digital engagement.

知道了。好的。然後您能否向我們介紹您的技術投資的最新情況，無論是人工智慧還是其他計劃？顯然，在數位參與方面，你們比同行做得更好。

Yeah, sure. So let me start on that one. I think just because you mentioned GenAI, I mean, that's a big opportunity for us as it is for most others. We're investing in a number of areas right now. I think about it in a few big buckets. Obviously, big efficiency opportunity across the company. We can improve speed to market. We can drive costs down. We've developed and launched an internal, what we call Synchrony GPT, really gives access to all employees in terms of being able to leverage GenAI in their day-to-day jobs. So we're excited about that.

是的，當然。那麼就讓我從這個開始吧。我認為僅僅因為您提到了 GenAI，我的意思是，這對我們來說是一個巨大的機會，就像對大多數其他人一樣。我們目前正在多個領域進行投資。我把這個問題分成幾個大類來思考。顯然，這對整個公司來說是一個很大的效率提升機會。我們可以提高上市速度。我們可以降低成本。我們已經開發並推出了一款內部產品，我們稱之為 Synchrony GPT，它真正讓所有員工在日常工作中利用 GenAI。所以我們對此感到很興奮。

I think there's a big opportunity in customer service, creating GenAI tools that will help our contacts and our associates help the customer solve their problems more quickly. And then lastly, we're using it to drive the top line as well. So we launched some GenAI capabilities in our marketplace that allow you to search for, say, furniture with a certain theme or from a certain [decade], which is pretty cool, and then it brings back results from our partner base. So we love that because it's bringing sales to our partners. And so we see so many use cases there that this is clearly an area that we're going to invest.

我認為客戶服務領域存在巨大機遇，創建 GenAI 工具可以幫助我們的聯絡人和同事更快地幫助客戶解決他們的問題。最後，我們也利用它來推動營收成長。因此，我們在市場中推出了一些 GenAI 功能，讓您可以搜尋具有特定主題或特定[十年]的家具，這非常酷，然後它會從我們的合作夥伴庫中返回結果。我們非常喜歡這一點，因為它為我們的合作夥伴帶來了銷售。因此，我們看到瞭如此多的用例，這顯然是我們要投資的領域。

And then outside of GenAI, we continue to invest in our products, our capabilities. We're investing in the point of sale. We talked about Walmart OnePay, that's going to be one of the most technologically advanced programs that we have. We're super excited about it. We're going to be completely embedded in the One Pay app, very seamless integration, leveraging our API stack. So many areas across the business, but this is how we're competing.

在 GenAI 之外，我們繼續投資於我們的產品和能力。我們正在投資銷售點。我們討論了沃爾瑪 OnePay，這將是我們擁有的最先進的技術項目之一。我們對此感到非常興奮。我們將完全嵌入 One Pay 應用程序，實現非常無縫的集成，並利用我們的 API 堆疊。業務涉及如此多的領域，但這就是我們的競爭方式。

If I had to pick one or two things in terms of when we go in and compete for new business, it's the technology investments that we've made and our credit underwriting. Frankly, that's how we're differentiating ourselves right now. So those investments, we're getting a fantastic return on.

如果就我們進入新市場並競爭新業務而言，我必須選擇一兩件事，那就是我們所做的技術投資和我們的信用承保。坦白說，這就是我們現在的與眾不同之處。因此，我們從這些投資中獲得了豐厚的回報。

Just to add some color. I know there's a focus on expenses, both for the quarter of the year. I think when we look at expenses for the total year being up 3%. But on the compensation line, what we are seeing is we've increased our exempt headcounts about 5%, and that's -- three quarters of that is coming from IT and strategic investments, with a corresponding decrease in nonexempt as we buy and adjust.

只是為了添加一些顏色。我知道人們關注的重點是本季的支出。我認為，當我們看全年的支出時，會發現它上漲了 3%。但在薪資方面，我們看到的是，我們的免稅員工數量增加了約 5%，其中四分之三來自 IT 和策略投資，而隨著我們的購買和調整，非免稅員工數量也相應減少。

So we are continuing to invest in that short to medium term because that's the right thing for our business, even though growth slowed down a little bit. If we don't continue to invest in the areas Brian talked about, we can fall behind competition. So there is some mix there, but we are continuing to invest while maintaining expense discipline of being up, our view, about 3% for the full year.

因此，我們將繼續進行短期至中期投資，因為這對我們的業務來說是正確的，儘管成長速度有所放緩。如果我們不繼續在布萊恩談到的領域進行投資，我們就會落後於競爭對手。因此，存在一些混合情況，但我們將繼續投資，同時保持支出紀律，我們認為全年支出將增加約 3%。

Jeff Adelson, Morgan Stanley.

摩根士丹利的傑夫·阿德爾森。

Just wanted to ask again about expenses. You talked about how the OnePay launch did drive up expenses this quarter. You had a little bit more variable comp expense this quarter. Are we largely past those at this point? Or is there anything else left to be aware for the rest of the year or going forward?

只是想再次詢問有關費用的問題。您談到了 OnePay 的推出確實推高了本季的開支。本季您的變動薪資費用略有增加。我們現在基本上已經超越這些了嗎？或者今年剩餘時間或未來還有什麼需要注意的嗎？

And just as we think about, you may be opening up the credit box a little bit here, is there an opportunity for you to maybe lean a little bit more in on the marketing side, which I think has seen a little bit more moderate growth in the past year?

正如我們所想，您可能會在這裡稍微開放信用箱，是否有機會讓您更傾向於行銷方面，我認為在過去的一年裡，行銷方面已經出現了更溫和的成長？

Yeah, Jeff, let me unpack that a little bit. First of all, the expenses related to the Walmart launch will primarily be back half of the year probably split between third quarter and fourth quarter, again, depending upon one of our large marketing campaigns. But that's kind of more back end probably pretty equal between 3Q and 4Q, number one.

是的，傑夫，讓我稍微解釋一下。首先，與沃爾瑪發布相關的費用將主要分佈在今年下半年，可能分佈在第三季度和第四季度，同樣，這取決於我們的大型行銷活動之一。但這是一種後端，可能在第三季和第四季之間相當平等，這是第一點。

Number two, there are some timing issues in the quarter. We do -- in order to try to help our nonexempt employees, we pay an inflation bonus, which we paid in the fourth quarter last year. We accelerated that to the second quarter in order to help that population of people. So that, again, will show some favorability in the fourth but negative during the second.

第二，本季存在一些時間問題。我們確實這樣做了——為了幫助我們的非豁免員工，我們支付了通貨膨脹獎金，這是我們在去年第四季度支付的。為了幫助這部分人群，我們將這一進程加速至第二季。因此，第四季會呈現一些有利因素，但第二季則會呈現負面因素。

And then some of the other compensation-related items, we're really marking some of the comp plans based upon the share performance of the plan. So again, I've highlighted, Jeff, I think the 3% for the full year, there are some more one-timers that I think were in this quarter than others and some swings within the quarters.

然後，對於其他一些與薪酬相關的項目，我們實際上是根據計劃的股票表現來標記一些薪酬計劃。因此，傑夫，我再次強調，我認為全年的 3% 成長率，我認為本季的一次性事件比其他季度多，而且各個季度內也存在一些波動。

But again, the OnePay Walmart will be [evenly] split between the third quarter and the fourth quarter. And probably the bigger impact to the year, to be honest with you, would probably be more related to reserves to the extent that the asset builds as you go into the holiday season.

但同樣，OnePay Walmart 將在第三季和第四季之間平均分配。老實說，今年影響更大的可能與儲備有關，因為隨著假期的到來，資產會增加。

Okay. Great. And just a quick follow-up on the Pay Later launch. And I know you've been rolling that out at different returns. I guess how meaningful do you think that can be for you over time? And is there any sort of shift in economics we need to be aware of there? I mean, I know some of the terms you highlighted on Amazon are still a 20% APR there, but just sort of curious if there's any sort of shift in the economics we need to be aware of as we think about that going forward.

好的。偉大的。這只是對「稍後付款」推出的快速跟進。我知道你們已經以不同的回報推出了這項舉措。我猜您認為從長遠來看這對您來說有多大意義？我們是否需要注意經濟方面發生的某種轉變？我的意思是，我知道您在亞馬遜上強調的一些條款仍然是 20% 的年利率，但我只是好奇，當我們考慮未來時，我們需要注意經濟方面是否發生了任何變化。

Yes. Look, I'd say first, we're super excited about it. I think the Pay Later is going to be a meaningful part of the business for years to come. It's clearly a product that consumers want. I think what our product team has built is great. We're super excited to have it launched at Amazon. We've got it at a number of our big partners now.

是的。瞧，首先我想說，我們對此感到非常興奮。我認為「延期付款」在未來幾年內將成為業務的重要組成部分。這顯然是消費者想要的產品。我認為我們的產品團隊所打造的產品非常棒。我們非常高興它在亞馬遜上推出。目前我們已經與多家大型合作夥伴達成了這項協議。

We've got it at Amazon, Lowe's, JCPenney, Bell, [Fleet Number]. So there's been really good partner adoption. And I think what we've been able to demonstrate with them is the power of the multiproduct strategy. So being able to offer pay later loan for one customer, depending on what they're purchasing or a private label card or a dual card or a co-brand card.

我們在亞馬遜、勞氏、傑西潘尼、貝爾都有，[艦隊編號]。因此合作夥伴的採用率確實很高。我認為我們已經能夠向他們展示多產品策略的力量。因此，可以根據客戶的購買情況，為一位客戶提供延期付款貸款，或自有品牌卡、雙卡或聯名卡。

And us having access to the consumer, looking at how they spend, when they spend, what they're purchasing and offering the right product at the right time is really powerful. And if I go back three or four years, that didn't really exist because there was no one that could offer that broad suite of products. Now we can. And so actually I feel great about that, and I think it will be a meaningful part of our growth going forward.

我們能夠接觸到消費者，了解他們如何消費、何時消費、購買什麼，並在適當的時間提供合適的產品，這真的非常有用。如果回顧三、四年前，那實際上並不存在，因為沒有人可以提供如此廣泛的產品套件。現在我們可以了。因此，實際上我對此感到非常高興，我認為這將成為我們未來發展中有意義的一部分。

Erika Najarian, UBS.

瑞銀的 Erika Najarian。

I just wanted to follow up on a couple of line items just to make sure that we're taking away the right message from the call. So you often talked about how the impact of your previous credit action sort of had a long tail, and we're seeing that in the growth. As we think about I think, Brian, you mentioned stepping out quarter by quarter. Is the message really here is that sort of we're now fully lapping the impact of those previous credit actions on growth?

我只是想跟進幾個項目，以確保我們從通話中獲得了正確的資訊。因此，您經常談到您先前的信貸行動的影響有多深遠，而我們在成長中也看到了這一點。當我們思考時，我想，布萊恩，你提到逐季推出新產品。這裡傳達的訊息是否真的是，我們現在正在完全承受先前的信貸行動對成長的影響？

And as we think about 2026, and I think Brian Doubles mentioned first half of the year you're going to start seeing growth. As we start thinking about 2026, you can have the impact of the credit actions in reverse and also Walmart? Just wanted to make sure that we're taking away from this call what the expected cadence of growth is beyond this year.

當我們展望 2026 年時，我認為 Brian Doubles 提到今年上半年你將開始看到成長。當我們開始考慮 2026 年時，您是否能感受到信貸行動的逆轉影響，沃爾瑪也是如此？只是想確保我們從這次電話會議中了解到今年以後的預期成長節奏。

Yeah. Thanks, Erika for the question. Yes, at this point in time, as you move to the back half of the year, we have lapped the credit actions, number one. I think number two, if you go back to a year ago, I think around the same time on this call, we talked a little bit about the consumer being a little bit more discerning that started in the latter part of June into the back half of the year, particularly in those bigger ticket platforms like home and auto and lifestyle. So I think from that perspective, you should see the comps kind of come through.

是的。謝謝 Erika 提出的問題。是的，目前，隨著進入下半年，我們已經完成了信貸行動，這是第一點。我認為第二點，如果回顧一年前，我想大約在這次電話會議的同一時間，我們談到了消費者變得更加挑剔，這種現象從 6 月下旬開始持續到下半年，特別是在那些更大的票務平台，如家居、汽車和生活方式。所以我認為從這個角度來看，你應該會看到同類產品的成功。

As you move into 2026, clearly, you'll have the last quarter probably of those -- or through the credit actions at that point, as we evaluate potentially opening that aperture up, you'll see some of the benefits of that begin to flow through as you step through 2026. And then obviously, Walmart, there's a lot of opportunity here. So it's really about our execution, both through the app and the placement as well as through the store. So those can provide tailwinds as we step into 2026.

隨著進入 2026 年，顯然，您可能會迎來最後一個季度 - 或者透過那時的信貸行動，當我們評估可能打開這個機會時，您會看到其中的一些好處在您跨入 2026 年時開始顯現。顯然，沃爾瑪這裡有很多機會。因此，這實際上與我們的執行有關，包括透過應用程式和展示位置以及透過商店。因此，當我們邁入 2026 年時，這些可以為我們提供助力。

And then lastly, is it possible at all to unpack the impact of the higher APRs for the second half margin? So I try to isolate that from seasonality. I guess I'm just thinking about, other than rate actions by the Fed, what the launch point is that is maybe more permanent. And perhaps as sort of a second follow-up, are these PPPCs that are flowing through APR a little bit more permanent and not considered for modification?

最後，是否有可能解開下半年較高的 APR 對利潤的影響？所以我嘗試將其與季節性隔離。我想我只是在思考，除了聯準會的利率行動之外，也許更持久的啟動點是什麼。也許作為第二個後續問題，這些通過 APR 流動的 PPPC 是否更加永久並且不考慮修改？

I think as you step through, remember, the guidance that we gave was about -- 50% of the balance is probably a little bit more so would have been baked in through the second quarter of this year. You got about 75% next year. So you should continue to see that build through the portfolio, obviously, adjusted for seasonal. So you should see the interest yield continued to increase even through some of those seasonal trends that you see in the 3Q into the 4Q. So again, we're not breaking out the PPPCs directly, but you will see loan yield increase in both those quarters.

我認為，當你逐步推進時，請記住，我們給出的指導是——餘額的 50% 可能稍微多一點，所以將在今年第二季度實現。明年您將獲得約 75% 的成績。因此，您應該會繼續看到投資組合的構建，顯然，會根據季節性進行調整。因此，您應該會看到，即使經歷了第三季到第四季的一些季節性趨勢，利息收益率仍會持續增加。因此，我們不會直接列出 PPPC，但您會看到這兩個季度的貸款收益率都在增加。

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

Maybe the first question I wanted to ask was just about the Walmart program. Can you just talk a little bit about what's different this time? How OnePays involvement changes things? Any metrics or guidepost you can discuss that can help investors understand how that program will ramp?

也許我想問的第一個問題就是沃爾瑪的計畫。能稍微談談這次有什麼不同嗎？OnePays 的參與如何改變現狀？您可以討論哪些指標或指導方針來幫助投資者了解該計劃將如何發展？

Yeah. So look, I do think this is a different program than what has been historically. And I think that is largely because of OnePay, but also as I mentioned, this will be one of the most technologically advanced programs that we have in the business. So completely embedded digital experience. The entire process application through servicing is going to be done through the OnePay app.

是的。所以，我確實認為這是一個與歷史上的計劃不同的計劃。我認為這主要是因為 OnePay，但正如我所提到的，這將是我們業務中技術最先進的項目之一。如此完全嵌入的數位體驗。從申請到服務的整個流程都將透過 OnePay 應用程式完成。

From a product standpoint, we're going to have both the general purpose card with world utility. We'll have a private label card that's really exclusive for Walmart purchases. We'll have a strong (inaudible). I think the deal structure from our perspective has a strong financial profile. I think we've also got really good alignment with both Walmart and OnePay in terms of what we're trying to achieve here. We've got nice commitment from all the parties.

從產品角度來看，我們將同時擁有通用卡和全球實用卡。我們將推出專門用於沃爾瑪購物的自有品牌卡。我們將有一個強大的（聽不清楚）。我認為從我們的角度來看，該交易結構具有良好的財務狀況。我認為，就我們想要實現的目標而言，我們與沃爾瑪和 OnePay 也達成了很好的一致性。我們得到了各方的良好承諾。

So I think we'll have really good placement across the digital properties to drive apps and new accounts. So I'm very excited about it. I mean there's no question that this should be a top five program just given Walmart's size and scale.

因此我認為我們將在數位資產領域擁有良好的地位，以推動應用程式和新帳戶的發展。所以我對此感到非常興奮。我的意思是，考慮到沃爾瑪的規模，毫無疑問這應該是排名前五的項目之一。

And then (multiple speakers) I guess.

然後（多位發言者）我想。

(technical difficulty) the value proposition will be significantly stronger, number one. Number two, the loss content of the portfolio will be significantly less than the 10% we ran last time, which I think will drive good behavior we hold inside the program. So yes, that's the one benefit of coming with the de novo book versus inheriting a back book.

（技術難度）價值主張將顯著增強，這是第一點。第二，投資組合的損失率將明顯低於上次的 10%，我認為這將推動我們在計畫內部保持良好的行為。所以是的，這是使用新書而不是繼承舊書的一個好處。

Got it. That's helpful, especially the point on losses. I think my final question, maybe just to put a ribbon on the call a little bit. [Has] loan growth troughed, right? I mean you highlighted quite a few levers that you have to pull. I understand macro is a bit of a wildcard, but are you willing to say loan growth has troughed here?

知道了。這很有幫助，尤其是有關損失的部分。我的最後一個問題，或許可以稍微給這通電話加點彩帶。貸款成長已經觸底了嗎？我的意思是，你強調了你必須採取的許多措施。我明白宏觀經濟有點難以預測，但您是否願意說貸款成長已觸底？

Oh, has troughed. I mean, the way to think about them here is if we're 2% negative, we're trying to say get to flat at the end of the year, you should see loan growth, in theory, increase albeit you're heading into the seasonal holiday nature of it. But again, I think there's probably -- I think we covered a number of times, there's probably more green shoots and positive data points as we step into the back half of the year that we're going to continue to evaluate and [exercise] as we move forward.

哦，已經跌入低谷了。我的意思是，在這裡思考這些問題的方式是，如果我們的利率為負 2%，我們試圖說在年底達到平穩，那麼理論上你應該會看到貸款增長會增加，儘管你正進入季節性假期。但我再次認為——我想我們已經討論過很多次了，隨著我們進入下半年，可能會出現更多的復甦跡象和積極的數據點，我們將在前進的過程中繼續評估和運用它們。

Yeah, I think, I mean, not to go back through the list of things that are in the pipeline, but if you look at new program launches, new product launches, you look at the opportunities we have to open up around credit, where we see strong risk-adjusted returns, that all gives us some confidence that a lot of things are within our control. It will take a little bit of time. But as we look into 2026, we think we get back to seeing some pretty good growth in the portfolio.

是的，我想，我的意思是，不要回顧正在籌備的事情清單，但如果你看看新項目的推出、新產品的推出，看看我們在信貸方面開放的機會，我們看到強勁的風險調整回報，這一切都讓我們有信心，很多事情都在我們的控制範圍內。這需要一點時間。但展望 2026 年，我們認為投資組合將再次實現相當不錯的成長。

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，祝您有美好的一天。謝謝。