Synchrony Financial (SYF) 2025 Q3 法說會逐字稿

Please stand by. We're about to begin. Good morning, everyone. Welcome to the Synchrony Financial third-quarter 2025 earnings conference call.

請稍候。我們即將開始。各位早安。歡迎參加Synchrony Financial 2025年第三季財報電話會議。

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)

請造訪公司投資人關係網站查閱其獲利報告。請注意，今天的電話會議將會被錄音。（操作說明）

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

現在我將把電話交給投資者關係高級副總裁凱瑟琳·米勒。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.

謝謝大家，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，其中涵蓋了我們計劃在電話會議中討論的主題。

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.

新聞稿、詳細財務報表和簡報均可在我們的網站synchronyfinancial.com上查閱。您可以透過造訪網站的「投資者關係」部分來獲取這些資訊。

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.

在正式開始之前，我想提醒各位，我們今天的演講將包含一些前瞻性陳述。這些聲明存在風險和不確定性，實際結果可能與聲明內容有重大差異。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與預期結果有重大差異的因素，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 in our materials for today's call.

在電話會議中，我們將參考非GAAP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措施與 GAAP 財務指標的調整表。

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 對第三方提供的獲利電話會議記錄的準確性不承擔任何責任，也不對其進行編輯或保證。唯一授權的網路直播位於我們的網站上。

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

今天早上參加電話會議的有Synchrony公司總裁兼執行長Brian Doubles，以及執行副總裁兼財務長Brian Wenzel。現在我將把電話交給布萊恩·道布爾斯。

Thanks, Kathryn, and good morning, everyone. Synchrony delivered another strong financial performance in the third quarter of 2025 that included net earnings of $1.1 billion or $2.86 per diluted share, a return on average assets of 3.6%, and a return on tangible common equity of 30.6%.

謝謝凱瑟琳，大家早安。Synchrony 在 2025 年第三季再次取得了強勁的財務業績，淨利潤為 11 億美元，即每股攤薄收益 2.86 美元，平均資產回報率為 3.6%，有形普通股回報率為 30.6%。

We generated $46 billion of purchase volume in the third quarter, a year-over-year increase of plus 2% as trends across our five platforms improved even as the effects of our previous credit actions continue to impact average active accounts.

第三季度，我們的採購額達到 460 億美元，年增 2%，這得益於我們五個平台的發展趨勢有所改善，儘管我們先前的信貸措施的影響仍在繼續影響平均活躍帳戶數。

Spend across our digital platform increased 5%, driven by higher spend per account and reflecting strong customer response to our enhanced product offering and refresh value proposition. Diversified & Value purchase volume grew 3%, reflecting strong retailer performance and growth in out-of-partner spend.

我們的數位平台消費額成長了 5%，這主要得益於每個帳戶消費額的增加，也反映了客戶對我們增強的產品供應和更新的價值主張的強烈反響。多元化及超值商品的採購量成長了 3%，反映出零售商的強勁表現以及合作夥伴外支出的成長。

Purchase volume in Health & Wellness also grew 3%, reflecting growth in Pet and Audiology, partially offset by lower spend in Cosmetic. Meanwhile, purchase volume in Home and Auto was down 1%, generally due to selective spending in Home Specialty. And purchase volume in our Lifestyle platform was down 3%, reflecting lower spend in Outdoor and Specialty as consumers continue to manage discretionary spend.

健康與保健品類的採購量也增加了 3%，這主要得益於寵物和聽力保健品類的成長，但部分被化妝品類支出的減少所抵消。同時，家居和汽車用品的購買量下降了 1%，這主要是由於家居用品專賣店的選擇性消費所致。我們的生活方式平台購買量下降了 3%，反映出戶外和特色商品的支出減少，因為消費者繼續控制可自由支配的支出。

Dual and co-branded cards accounted for 46% of total purchase volume in the third quarter, an increase plus 8% versus last year, driven by higher broad-based spend across these card programs and Synchrony's branded general purpose card. Out-of-partner spend on our Dual and co-branded cards generally reflected year-over-year improvement in the mix of discretionary spend as the quarter progressed, with continued points of strength coming from restaurants and electronics.

第三季度，雙品牌卡和聯名卡佔總消費額的 46%，比去年同期成長 8%，這主要得益於這些卡片項目和 Synchrony 品牌通用卡的廣泛消費額增加。隨著季度推進，我們雙卡和聯名卡上的非合作商家消費總體上反映了可自由支配消費組合的同比改善，其中餐飲和電子產品消費持續強勁。

And as highlighted on slide 3 of our earnings presentation, average transaction values for the portfolio were approximately 40 basis points higher than last year, building on the improving trend over the last four quarters. This trend occurred across all credit grades and generations within our portfolio, with particular strength coming from nonprime, pointing to the efficacy of our credit actions as we strengthen the mix of that cohort.

正如我們在收益簡報第 3 頁中所強調的那樣，該投資組合的平均交易價值比去年高出約 40 個基點，延續了過去四個季度的改善趨勢。這一趨勢在我們投資組合中的所有信用等級和世代中均有體現，其中非優質貸款表現尤為強勁，這表明隨著我們加強該群體的組成，我們的信貸行動是有效的。

Customers across credit grades and generations also increased their spend frequency during the third quarter, up about 3.4% in the quarter versus last year. Collectively, Synchrony's portfolio spend trends suggest that the utility and value we offer for a variety of product offerings are resonating with our customers and driving stronger engagement as they navigate the continued uncertainty in the broader environment.

第三季度，不同信用等級和年齡層的客戶消費頻率均增加，比去年同期增加約 3.4%。總體而言，Synchrony 的產品組合支出趨勢表明，我們為各種產品提供的實用性和價值引起了客戶的共鳴，並在他們應對更廣泛的環境中持續存在的不確定性時，推動了更強烈的參與。

We are a trusted partner to almost 70 million customers, many of the nation's most respected brands, and hundreds of thousands of small and midsized businesses across the country. It is both a privilege and an opportunity to connect them through our financial ecosystem and empower them with financial flexibility and choice. And given how our credit actions have outperformed our expectation, we've begun gradually reversing some of our tightening in areas where we see strong risk-adjusted growth opportunities.

我們是近 7,000 萬客戶、眾多全國最受尊敬的品牌以及遍布全國的數十萬家中小企業的值得信賴的合作夥伴。透過我們的金融生態系統將他們聯繫起來，賦予他們財務靈活性和選擇權，這既是一種榮幸，也是一個機會。鑑於我們的信貸措施效果超出預期，我們已經開始逐步扭轉在一些我們認為具有強勁風險調整後成長機會的領域的緊縮政策。

We're monitoring our portfolio closely and expect to make similar incremental adjustments gradually over the coming months as supported by broader macroeconomic conditions. In the meantime, Synchrony has continued investing in our business and executing across our strategic priorities.

我們正在密切關注我們的投資組合，並預計在未來幾個月內，在更廣泛的宏觀經濟狀況的支持下，逐步做出類似的調整。同時，Synchrony 持續增加對業務的投資，並推動各項策略重點的實施。

We added renewed or expanded more than 15 partners during the third quarter, including The Toro Company, Regency showrooms, Lowe's commercial program, including the pending acquisition of its co-branded credit card portfolio, and Dental Intelligence.

第三季度，我們新增或擴展了 15 多個合作夥伴，包括 Toro 公司、Regency 展廳、Lowe's 商業計劃（包括即將收購其聯名信用卡組合）和 Dental Intelligence。

Synchrony's launch of The Toro Company credit card will deliver a variety of our promotional financing options to their extensive network of independent dealers across the outdoor environment solution space. Our multiyear renewal with Regency Furniture provides access to Synchrony financing across more than 95 furniture stores across the Northeast under the brand names of Regency, Marlow, Value City of New Jersey, and Ashley.

Synchrony 推出的 Toro 公司信用卡將為他們遍布戶外環境解決方案領域的龐大獨立經銷商網路提供各種促銷融資方案。我們與 Regency Furniture 的多年續約協議，讓您能夠透過 Synchrony 融資服務，在東北地區的 95 多家家具店享受 Regency、Marlow、Value City of New Jersey 和 Ashley 等品牌的融資。

And Synchrony is also proud to build on our more than 45-year relationship with Lowe's by enhancing our existing commercial program and acquiring our commercial co-branded credit card portfolio. We look forward to relaunching the Lowe's Business Rewards credit card with enhanced value and a seamless customer experience as we help Lowe's pros pay for the tools and supplies they need.

Synchrony 也非常自豪能夠鞏固我們與 Lowe's 超過 45 年的合作關係，透過加強我們現有的商業計劃並收購我們的商業聯名信用卡組合來實現這一目標。我們期待重新推出 Lowe's Business Rewards 信用卡，提升其價值，並提供無縫的客戶體驗，幫助 Lowe's 的專業人士支付他們所需的工具和用品費用。

In addition, we announced our strategic partnership with Dental Intelligence, a leading patient relationship management and analytics platform used by over 9,000 dental practices. That joined Synchrony's more than 40 healthcare software solution partnerships designed to strengthen patient provider relationships and enhance practice operations through innovative technology.

此外，我們還宣布與 Dental Intelligence 建立策略合作夥伴關係，Dental Intelligence 是一個領先的病患關係管理和分析平台，由超過 9,000 家牙科診所使用。這使Synchrony與40多家醫療保健軟體解決方案合作夥伴攜手，旨在透過創新技術加強醫病關係並提升診所營運效率。

Our new seamless integration with Dental Intelligence now includes Synchrony's CareCredit financing options, including CareCredit status tool. Providers can offer CareCredit to patients more intuitively through simple automated payment communications and make it easier for patients to understand their payment options. Our integration process is faster and more efficient than ever, strengthening care processes, driving administrative efficiency, and empowering patients to get the care they need when insurance is not sufficient.

我們與 Dental Intelligence 的全新無縫整合現在包括 Synchrony 的 CareCredit 融資選項，包括 CareCredit 狀態工具。醫療機構可以透過簡單的自動支付溝通，更直觀地向患者提供 CareCredit 服務，並讓患者更容易理解他們的付款選項。我們的整合流程比以往任何時候都更快、更有效率，從而加強了護理流程，提高了行政效率，並使患者能夠在保險不足的情況下獲得所需的護理。

Synchrony's recent acquisition of Versatile Credit is yet another example of how we are driving expanded access to flexible financing while also enhancing the value we deliver to small and midsized businesses across the country. Versatile is a leading multisource financing platform with more than 30 integrated lenders across the full credit spectrum that helps merchants and providers empower their customers with smarter financing options across online, in-store, and mobile point of sale. They're able to deliver seamless integrations, higher approval rates, and detailed reporting to drive sales across home, auto, and elective medical merchants and providers.

Synchrony 最近收購 Versatile Credit 再次證明，我們正在努力擴大靈活融資管道，同時提升我們為全國各地中小企業提供的價值。Versatile 是一個領先的多通路融資平台，擁有 30 多家涵蓋所有信貸領域的綜合貸款機構，幫助商家和供應商透過線上、店內和行動銷售點為客戶提供更聰明的融資選擇。他們能夠提供無縫整合、更高的審批率和詳細的報告，從而推動家庭、汽車和選擇性醫療商家及供應商的銷售。

Moving forward, Versatile we'll continue to operate its existing business strategy and maintain its data integrity to continue to provide financing through their existing lender integrations for their merchants. Synchrony will receive referral revenue and leverage our scale and underwriting expertise in combination with Versatile's innovative technology to accelerate our embedded finance strategy. And while we do not expect versatile to be material to Synchrony's near-term financial performance, we do expect our collaboration to contribute to Synchrony's profitable growth for years to come.

展望未來，Versatile 將繼續執行其現有的業務策略，並保持其資料完整性，以便繼續透過其現有的貸款機構集成為其商家提供融資。Synchrony 將獲得推薦收入，並利用我們的規模和承保專業知識，結合 Versatile 的創新技術，加速我們的嵌入式融資策略。雖然我們預計多功能性不會對 Synchrony 的近期財務業績產生實質影響，但我們預計我們的合作將在未來幾年為 Synchrony 的獲利成長做出貢獻。

Lastly, albeit early, the momentum and execution in the first month of our Walmart program launch is off to a great start and the initial results have been very encouraging. We believe that the combination of such a compelling value proposition, innovative customer experience, and highly prominent product placement should position this product as a top-of-wallet card and drive deeper engagement for Walmart customers across the country.

最後，儘管現在還處於早期階段，但我們沃爾瑪計畫啟動第一個月的勢頭和執行情況都取得了良好的開端，初步結果也令人鼓舞。我們相信，如此引人注目的價值主張、創新的客戶體驗以及高度突出的產品定位相結合，應該能將這款產品定位為錢包裡的首選卡，並推動沃爾瑪全國各地客戶更深入地參與其中。

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

接下來，我將把電話交給布萊恩，讓他更詳細地討論我們的財務表現。

Thanks, Brian, and good morning, everyone. Synchrony's third-quarter financial results were highlighted by continued strength in our credit performance and acceleration of our purchase volume trends which was broad-based across our five sales platforms and all generations.

謝謝你，布萊恩，大家早安。Synchrony 第三季的財務表現亮點在於信貸表現的持續強勁以及採購量趨勢的加速成長，這一趨勢在我們五個銷售平台和所有年齡層的客戶群中均得到廣泛體現。

We generated $46 billion of purchase volume during the third quarter, which was up 2% year over year and continue to be affected by the credit actions we took between mid-2023 and early 2024 and continued selectivity in customer spend behavior.

第三季度，我們的採購額達到 460 億美元，年增 2%，這繼續受到我們在 2023 年年中至 2024 年初採取的信貸措施以及客戶消費行為持續選擇性的影響。

Ending loan receivables decreased 2% to $100 billion in the third quarter due to the combination of lower prior period purchase volume and average active accounts as well as higher payment rate. The payment rate increased by approximately 60 basis points versus last year to 16.3% and was approximately 120 basis points above the pre-pandemic third quarter average.

由於前期購買量和平均活躍帳戶數量減少以及付款率提高，第三季末貸款應收款下降 2% 至 1000 億美元。支付率較去年同期成長約 60 個基點，達到 16.3%，比疫情前的第三季平均高出約 120 個基點。

Net revenue of $3.8 billion was flat versus last year as higher net interest income was offset by higher RSAs driven by program performance. Our net interest income increased 2% to $4.7 billion, reflecting a 14% decrease in interest expense, partially offset by a 16% lower interest income on investment securities. Our third-quarter net interest margin increased 58 basis points versus last year to 15.62%.

淨收入為 38 億美元，與去年持平，較高的淨利息收入被專案績效帶來的較高 RSA 所抵銷。我們的淨利息收入成長 2% 至 47 億美元，反映出利息支出下降了 14%，但部分被投資證券利息收入下降 16% 所抵銷。第三季淨利差較去年同期成長58個基點，達15.62%。

There are two key drivers of this net interest margin improvement. One, a 58-basis-point decline in our total interest and liabilities costs versus last year, which contributed approximately 49 basis points to our net interest margin. And two, a 35-basis-point increase in our loan receivables yield, which contributed approximately 29 basis points to our net interest margin. This increase was primarily driven by the impact of our product, pricing and policy changes or PPPCs, partially offset by lower benchmark rates and lower assessed late fees.

淨利差改善主要有兩個驅動因素。第一，我們的總利息和負債成本較去年下降了 58 個基點，這為我們的淨利差貢獻了約 49 個基點。其次，我們的貸款應收款收益率提高了 35 個基點，這為我們的淨利差貢獻了約 29 個基點。這一增長主要是由於我們的產品、定價和政策變化或PPPC的影響，部分被較低的基準利率和較低的滯納金所抵消。

These improvements were partially offset by another two key drivers of net interest margin. One, an 88-basis-point reduction in our liquidity portfolio yield, which reduced our net interest margin by 14 basis points. The decline generally reflected the impact of lower benchmark rates; and two, a 35-basis-point decrease in the mix of loan receivables as a percent of interest-earning assets, which reduced our net interest margin by approximately 6 basis points.

這些改善被淨利差的另外兩個關鍵驅動因素部分抵消。第一，我們的流動性組合收益率下降了 88 個基點，導致我們的淨利差下降了 14 個基點。這一下降總體上反映了基準利率下降的影響；其次，貸款應收款佔生息資產的比例下降了 35 個基點，導致我們的淨利差下降了約 6 個基點。

Moving on. RSAs of $1 billion were 4.07% of average loan receivables in the third quarter and increased $110 million versus the prior year, primarily reflecting program performance, which included lower net charge-offs and the impact of our PPPCs. Other income increased 7% year over year to $127 million which include the impact of PPPC-related fees.

繼續。第三季度，RSA 為 10 億美元，佔平均貸款應收款的 4.07%，比去年同期增加了 1.1 億美元，主要反映了專案績效，其中包括淨沖銷減少和我們的 PPPC 的影響。其他收入年增 7% 至 1.27 億美元，其中包括 PPPC 相關費用的影響。

Provision for credit losses decreased $451 million to $1.1 billion driven by $255 million decrease in net charge-offs and a reserve release of $152 million versus a build of $44 million in the prior year. The current year reserve release included the impact of a $45 million reserve build for the pending acquisition of the lowest commercial co-brand credit card portfolio, which is expected to close during the first half of 2026.

信貸損失準備金減少了 4.51 億美元，至 11 億美元，主要原因是淨沖銷減少了 2.55 億美元，以及準備金釋放了 1.52 億美元（而前一年則增加了 4,400 萬美元）。本年度的準備金釋放包括即將收購最低商業聯名信用卡組合而增加的 4,500 萬美元準備金的影響，該收購預計將於 2026 年上半年完成。

Other expense increased 5% to $1.2 billion, generally reflecting higher employee costs and costs related to technology investments, partially offset by preparatory expenses related to the proposed late fee rule change in the prior year. The third-quarter efficiency ratio was 32.6%, approximately 140 basis points higher than last year due to higher overall expenses and the impact of higher RSAs on net revenue as credit performance improved.

其他支出增加 5% 至 12 億美元，主要反映了員工成本和技術投資相關成本的增加，部分被上一年擬議的滯納金規則變更相關的準備費用所抵消。第三季效率比率為 32.6%，比去年同期高出約 140 個基點，原因是整體支出增加以及信貸表現改善導致 RSA 增加對淨收入的影響。

Taken together, Synchrony generated net earnings of $1.1 billion or $2.86 per diluted share and delivered a return on average assets of 3.6% or return on tangible common equity of 30.6% and a 16% increase in tangible book value per share. Next, I'll cover our key credit trends on slide 8.

綜上所述，Synchrony 實現了 11 億美元的淨收益，即每股攤薄收益 2.86 美元，平均資產回報率為 3.6%，有形普通股權益回報率為 30.6%，每股有形賬面價值增長了 16%。接下來，我將在第 8 張投影片上介紹我們的主要信貸趨勢。

At quarter end, our 30-plus delinquency rate was 4.39%, a decrease of 39 basis points from 4.78% in the prior year and 23 basis points below our historical average for the third quarters of 2017 to 2019.

截至季末，我們的 30 歲以上逾期率為 4.39%，比上年的 4.78% 下降了 39 個基點，比 2017 年至 2019 年第三季的歷史平均值低 23 個基點。

Our 90-plus delinquency rate was 2.12%, a decrease of 21 basis points from 2.33% in the prior year, in line with our historical average from the third quarters of 2017 to 2019. And our net charge-off rate was 5.16% in the third quarter, a decrease of 90 basis points from the 6.06% in the prior year and 7 basis points above our historical average for the third quarters of 2017 to 2019.

我們的逾期 90 天以上的貸款率為 2.12%，比前一年的 2.33% 下降了 21 個基點，與 2017 年第三季至 2019 年第三季的歷史平均值一致。第三季我們的淨沖銷率為 5.16%，比去年同期的 6.06% 下降了 90 個基點，比 2017 年至 2019 年第三季的歷史平均高出 7 個基點。

Net charge-off dollars were down 8% sequentially. This compares favorably to the 2017 to 2019 average sequential dollar decline of 7%. When evaluating our 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 strategies. These trends reinforce our confidence in our portfolio's credit positioning as we move forward and provides a strong foundation for us to execute our business strategy. Finally, our allowance for credit losses as a percent of loan receivables was 10.35%, which decreased approximately 24 basis points from 10.59% in the second quarter.

淨沖銷金額季減 8%。與 2017 年至 2019 年美元平均環比下跌 7% 的情況相比，這一數字較為樂觀。在評估我們的信貸表現時，我們的投資組合違約率和淨沖銷趨勢既反映了我們信貸措施的有效性，也反映了我們嚴謹的承銷和信貸管理策略的效力。這些趨勢增強了我們對投資組合信用狀況的信心，並為我們執行業務策略奠定了堅實的基礎。最後，我們的信貸損失準備金佔貸款應收款的百分比為 10.35%，比第二季的 10.59% 下降了約 24 個基點。

Turning to slide 9. Synchrony's funding, capital and liquidity continue to provide a strong foundation for our business. During the third quarter, Synchrony's direct deposits remained sequentially flat as broker deposits declined by $2.4 billion. At quarter end, deposits represented 85% of our total funding, with unsecured debt representing 7% and secured debt representing 8%. Total liquid assets decreased 7% to $18.2 billion, and represented 15.6% of total assets, 94 basis points lower 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。第三季度，Synchrony 的直接存款環比持平，而經紀商存款減少了 24 億美元。截至季末，存款占我們總資金的 85%，無擔保債務佔 7%，有擔保債務佔 8%。流動資產總額下降 7% 至 182 億美元，佔總資產的 15.6%，比去年低 94 個基點。

Moving to our capital ratios. Synchrony ended the third quarter with a CET1 ratio of 13.7%, 60 basis points higher than last year's 13.1%. Our Tier 1 capital ratio was 14.9%, 60 basis points higher than last year. Our total capital ratio increased 60 basis points to 17%. And our Tier 1 capital plus reserves ratio increased to 25.1% compared to 24.5% last year. During the third quarter, Synchrony returned $971 million to shareholders, consisting of $861 million in share repurchases and $110 million in common stock dividends.

接下來來看看我們的資本比率。Synchrony 第三季末的 CET1 比率為 13.7%，比去年同期的 13.1% 高出 60 個基點。我們的一級資本適足率為 14.9%，比去年高出 60 個基點。我們的總資本充足率提高了60個基點，達到17%。我們的第一級資本加儲備比率從去年的 24.5% 提高到 25.1%。第三季度，Synchrony 向股東返還了 9.71 億美元，其中包括 8.61 億美元的股票回購和 1.1 億美元的普通股股息。

Recognizing the strength of our balance sheet, our strong capital generation capacity and resilience of our business from both our sophisticated underwriting and retailer share arrangements, Synchrony's Board approved an incremental $1 billion in share repurchases in September, bringing our total authorization to $2.1 billion at the end of the third quarter. Synchrony remains well positioned to return capital to shareholders as guided by our business performance, market conditions, regulatory restrictions, and our capital plan.

鑑於我們穩健的資產負債表、強大的資本產生能力以及透過我們成熟的承銷和零售商股份安排所展現出的業務韌性，Synchrony 董事會於 9 月份批准了 10 億美元的額外股票回購，使我們在第三季末的總授權額達到 21 億美元。根據我們的業務表現、市場狀況、監管限制和資本計劃，Synchrony 仍然處於向股東返還資本的良好狀態。

Turning to our outlook for 2025 on slide 10. Our baseline assumptions for the full-year outlook continue to include minor modifications we made to our PPPCs this year as well as our September launch of a Walmart OnePay program. Exclude any potential impacts from a deteriorating macroeconomic environment or from the implementation of tariffs and potential retaliatory tariffs as the effects remain unknown and now also included the acquisition of Versatile Credit, which is not expected to have a material impact on our 2025 financial performance.

接下來請看第 10 頁投影片，了解我們對 2025 年的展望。我們對全年展望的基本假設仍然包括我們今年對 PPPC 所做的細微修改，以及我們在 9 月推出的 Walmart OnePay 計畫。排除宏觀經濟環境惡化或關稅及潛在報復性關稅實施可能帶來的任何潛在影響，因為這些影響仍然未知，現在還包括收購 Versatile Credit，預計這不會對我們 2025 年的財務業績產生重大影響。

Focusing on our outlook in more detail. We continue to expect flat ending receivables versus last year, reflecting the ongoing impact of selective customer spend and the continued effect of our past credit actions on purchase volume and payment rate, the latter which remains elevated relative to our pre-pandemic average.

更詳細探討我們的展望。我們繼續預期期末應收帳款與去年持平，這反映了選擇性客戶支出持續的影響，以及我們過去信貸措施對採購量和付款率的持續影響，後者相對於疫情前的平均水平仍然較高。

While we made certain modifications to our credit strategy in the third quarter and expect to make further adjustments in the fourth quarter, we do not expect them to have a material effect on growth in 2025. While our past credit actions have been traded to higher payment rate and slower loan receivables growth over the short term, they have meaningfully strengthened our portfolio's credit performance. We now expect our loss rate to be between 5.6% and 5.7%, which is towards the lower end of our long-term underwriting target of 5.5% to 6%.

雖然我們在第三季對信貸策略進行了一些調整，並預計在第四季度進行進一步調整，但我們預計這些調整不會對 2025 年的成長產生實質影響。雖然我們過去的信貸行動在短期內導致了更高的付款率和更慢的貸款應收款成長，但它們顯著地增強了我們投資組合的信貸表現。我們現在預計損失率將在 5.6% 至 5.7% 之間，這接近我們長期承保目標 5.5% 至 6% 的下限。

The combination of higher payment rates and improved credit outlook is contributing to lower interest and fees, which is expected to reduce net interest income and result in RSAs between 3.95% and 4.05% of receivables and net revenue between $15 billion and $15.1 billion.

更高的支付率和改善的信貸前景共同促成了利息和費用的降低，預計這將減少淨利息收入，並使應收帳款的 RSA 佔應收帳款的 3.95% 至 4.05%，淨收入在 150 億美元至 151 億美元之間。

We expect our net interest margin to increase and average approximately 15.7% for the full second half of 2025, reflecting 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 continued reduction of our excess liquidity.

我們預計，2025 年下半年淨利差將上升，平均約為 15.7%，這反映了基準利率下降導致融資成本降低，但部分被收益率下降的投資組合以及受季節性增長和持續減少過剩流動性影響而導致的貸款應收款佔生息資產比例上升所抵消。

And lastly, we're updating our efficiency ratio expectation between 33% and 33.5%, primarily reflecting the updated net revenue outlook. We continue to expect other expenses to increase approximately 3% on a dollar basis for the full year, which includes the Walmart program launch costs.

最後，我們將效率比率預期調整為 33% 至 33.5%，主要反映了更新後的淨收入預期。我們預計全年其他支出將以美元計算成長約 3%，其中包括沃爾瑪計畫啟動成本。

In summary, Synchrony's outlook for 2025 demonstrates the strength of our distinctive business model and delivers net interest margin expansion, stronger delinquency formation and net charge-offs, and continued performance alignment through the RSA. This will drive higher risk-adjusted return and return on average assets that exceeds our long-term target of 2.5%.

總而言之，Synchrony 對 2025 年的展望表明了我們獨特的商業模式的優勢，並實現了淨息差擴大、更強勁的違約形成和淨沖銷，以及透過 RSA 繼續保持業績一致性。這將帶來更高的風險調整後收益和平均資產收益，超過我們 2.5% 的長期目標。

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

這樣，我就把電話轉回布萊恩了。

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, the combination of Synchrony's credit expertise, discipline, and credit actions have enhanced the resilience of our portfolio, creating a strong foundation on which to grow in 2026 and beyond. We're encouraged by the trends we've seen in our customers and our portfolio and are optimistic that we will continue to adjust our credit actions subject to macroeconomic conditions.

謝謝你，布萊恩。在將電話轉入問答環節之前，我想和大家分享今天討論的三個主要要點。首先，Synchrony 的信貸專業知識、紀律和信貸行動相結合，增強了我們投資組合的韌性，為我們在 2026 年及以後的發展奠定了堅實的基礎。我們對客戶和投資組合的發展趨勢感到鼓舞，並樂觀地認為，我們將繼續根據宏觀經濟狀況調整信貸措施。

Second, Synchrony is executing on our key strategic priorities to grow and win new partners, diversify our programs, products and markets, and deliver best-in-class experiences for all those we serve. And as we continue to elevate the ways in which we connect our customers with our partners, providers and merchants, we're driving greater utility and value and deepening our position at the heart of American commerce.

其次，Synchrony 正在執行我們的關鍵策略重點，以發展和贏得新的合作夥伴，使我們的專案、產品和市場多樣化，並為我們服務的所有人提供一流的體驗。隨著我們不斷提升客戶與合作夥伴、供應商和商家之間的聯繫方式，我們正在創造更大的實用性和價值，並加深我們在美國商業核心的地位。

And third, Synchrony's differentiated business model, consistent prioritization of growth at strong risk-adjusted returns, and robust capital generation positions us uniquely well to drive considerable long-term value for our many stakeholders. With that, I'll turn the call back to Kathyrn to open the Q&A.

第三，Synchrony 的差異化商業模式、持續優先考慮在風險調整後收益強勁的情況下實現增長，以及強大的資本創造能力，使我們擁有獨特的優勢，能夠為我們的眾多利益相關者創造可觀的長期價值。接下來，我將把電話轉回給凱瑟琳，讓她開始問答環節。

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.

我們的發言稿到此結束。現在開始問答環節。為了盡可能滿足大家的需求，我希望各位參與者將問題限制在一個主要問題和一個後續問題上。如果您還有其他問題，投資人關係團隊將在電話會議結束後為您解答。操作員，請開始問答環節。

(Operator Instructions) Terry Ma, Barclays.

（操作說明）Terry Ma，巴克萊銀行。

Hi, thank you. Good morning. Maybe just to start off with the updated revenue guide. You lowered the high end of the range this quarter after lowering it last quarter. So just curious, what was kind of incremental throughout the quarter that led you to lower it?

您好，謝謝。早安.或許可以先從更新後的收入指南開始。繼上季下調價格區間上限後，本季又調降了價格區間上限。所以我很好奇，本季有哪些因素促使你下調了預期？

Yeah, good morning, Terry. When you think about the net revenue guide, you have a couple of moving pieces in there. One is the positive nature of the PPPCs that are going into place that drive revenue. I think two things that counterbalance that a little bit, Terry.

早上好，特里。當你考慮淨收入指標時，你會發現其中涉及幾個可變因素。一是正在實施的付費點擊廣告的正面性質，它能推動營收成長。特里，我認為有兩件事可以稍微抵消這種影響。

Number one, the continued improvement in delinquencies. If you look at the rate 4.3% of the quarter, which is better than the pre-pandemic period of '17 to '19 by 23 basis points, that's driven a lower incident rate really of late fees, which we view as positive because you're getting it from -- you're getting the positivity from a credit perspective.

第一，犯罪率持續下降。如果看一下本季的利率低 4.3%，比 2017 年至 2019 年疫情前的利率低 23 個基點，這確實降低了滯納金的發生率，我們認為這是積極的，因為從信貸角度來看，這是積極的。

And then obviously, the payment rate is elevated because we have lower subprime. Again, that's 80 basis points down year over year on non-prime flat quarter on quarter. But it's really the fact that the payment rates elevated a little bit lower late the incidents, but you have positivities, right, relative to PPPCs that are in there.

很顯然，由於次級貸款減少，支付率也隨之增加。同樣，這比去年同期下降了 80 個基點，而非優質貸款環比持平。但實際上，支付率在事件後期略有下降，但相對於其中的PPPC而言，還是有一些正面因素的，對吧。

Got it. Maybe just a follow-up on the PPPC modifications. You had disclosed, I think, last quarter and even on stage with me a month ago that you wrote back APRs for one partner. I did also recently noticed an updated TJ Maxx agreement with a lower APR.

知道了。或許只是 PPPC 修改的後續跟進。我認為，你上個季度甚至一個月前還在台上向我透露過，你曾為一位合夥人退回過年利率。我最近也注意到 TJ Maxx 更新了協議，年利率更低了。

So I just wanted to confirm that is, in fact, the retailer you cited before, and it's not a new rollback. And then to the extent possible, any color you can provide on whether or not there are additional conversations happening?

所以我想確認一下，這確實是你之前提到的零售商，而不是新的回滾措施。然後，請盡可能提供一些信息，說明是否還有其他對話正在進行中？

Yeah, so let me take that. I mean, we're not going to comment on the programs. But as I mentioned previously, any potential rollbacks are going to happen partner by partner. There is no big rollback plan that's in the works. And frankly, there's not a lot of discussions happening with our partners right now.

好的，那就讓我來吧。我的意思是，我們不會對這些節目發表評論。但正如我之前提到的，任何可能的撤銷都將逐一合作夥伴進行。目前還沒有正在製定的大規模撤回計劃。坦白說，目前我們和合作夥伴之間並沒有進行太多討論。

As I mentioned last quarter, we did have one partner that wanted to make a change to one element on their program, which we've already done. We had one other change that we made in the fragmented space related to promotional fee that added up to less than $50 million in revenue, pretty small overall, and that's already been incorporated into the outlook. So any other potential discussions in the future are going to happen partner by partner.

正如我上個季度提到的，我們確實有一位合作夥伴希望對其專案中的某個要素進行更改，我們已經完成了更改。我們在與促銷費相關的分散領域還做出了改變，總收入不到 5000 萬美元，總體來說數額很小，而且這已經納入了預期之中。因此，未來任何其他可能的討論都將由合作夥伴逐一進行。

I would think of them kind of normal course. We're always looking at pricing in conjunction with credit, the value proposition on the card, where the competition's priced, where other partner programs are priced, and again, with the goal of leveraging price to drive sales for our partners and grow for the program at good returns.

我覺得這算是正常狀況。我們始終將定價與信貸、信用卡價值主張、競爭對手的定價、其他合作夥伴計劃的定價結合起來考慮，目標是利用價格來推動合作夥伴的銷售，並為該計劃帶來良好的回報。

Yeah, got it. Thank you.

好的，明白了。謝謝。

Great, thanks, Terry.

太好了，謝謝你，特里。

Ryan Nash, Goldman Sachs.

Ryan Nash，高盛集團。

Hey, good morning, guys.

嘿，大家早安。

Hey, Ryan.

嘿，瑞恩。

Good morning, Ryan.

早安，瑞恩。

So you seem to be bucking the trend that the broader market had been concerned about this quarter, given concerns on credit in the low-end consumer. Brian Doubles, maybe just expand a little bit on what you're seeing on the consumer. And given the actions that you've taken, if we're in sort of a stable macro environment, could we continue to see this better-than-expected credit performance? And then I have a follow-up.

鑑於低端消費者信貸方面的擔憂，本季大盤普遍擔憂的趨勢似乎與你的表現背道而馳。Brian Doubles，或許可以稍微詳細談談你從消費者身上觀察到的情況。鑑於您已採取的措施，如果我們處於相對穩定的宏觀環境，我們能否繼續看到這種好於預期的信貸表現？然後我還有一個後續問題。

Yeah, sure, Ryan. Look, we still think the consumer is in pretty good shape. They've been very resilient. We're not really seeing any signs of weakness. We're actually seeing improvement as we think about both spending trends, but also what we're seeing on credit has outpaced our expectations. So we're pretty optimistic in terms of the trends we're seeing across the portfolio.

好的，當然，瑞恩。你看，我們還是認為消費者的處境相當不錯。他們非常有韌性。我們目前還沒有看到任何疲軟的跡象。實際上，我們看到消費趨勢有所改善，而且信貸方面的情況也超出了我們的預期。因此，我們對整個投資組合的發展趨勢相當樂觀。

Purchase volume turned positive this quarter, up 2%. All five platforms improved as you look at them sequentially. We saw particular strength in digital, health and wellness, D&D -- we're seeing nice growth in the co-brand portfolio.

本季採購量轉正，成長2%。依序來看，這五個平台都有改進。我們在數位、健康和保健、D&D 領域看到了特別強勁的勢頭——我們看到聯名品牌組合也實現了良好的成長。

Purchase volume was up 8% and receivables were up 13%. So I think there's definitely a reason to be optimistic. And inside of those numbers, there really isn't much lift from opening up the credit box. So we have plans to add back about 30% of the sales from the credit actions that we took earlier. And that leaves another 70% that we'll evaluate over the next couple of quarters.

採購量增加了 8%，應收帳款增加了 13%。所以我認為我們絕對有理由保持樂觀。在這些數字範圍內，打開信用卡帳戶實際上並不會帶來太多提升。因此，我們計劃將先前採取的信貸措施所帶來的約 30% 的銷售額重新增加。剩下的 70% 我們將在接下來的幾季進行評估。

So all else being equal, we should get a little more lift towards year-end and as we head into next year. So we're pretty optimistic in terms of everything we're seeing from the consumer at this point.

因此，在其他條件不變的情況下，我們應該會在年底和進入明年時獲得一些成長。所以，就目前我們從消費者看到的情況來看，我們都非常樂觀。

Got you. And maybe just as a follow-up to the point that you just made. Obviously, you've been in a bit of a restrictive credit environment. You talked about rolling back 30% of the credit actions. You have Walmart coming back -- coming on board, which should help, and you made some positive comments there.

抓到你了。也許可以作為您剛才提出的觀點的補充。顯然，你一直處於信貸環境較為緊張的時期。你提到要撤銷 30% 的信用操作。沃爾瑪即將回歸——加入進來，這應該會有所幫助，而且你也對此發表了一些積極的評論。

Maybe just talk about the path back to, call it, mid-single-digit growth that I know you guys have talked about. Maybe talk about in terms of Walmart versus everything else and do you see as the key drivers there? Obviously, the 70% unwind would be a big part of that. But maybe just help contextualize that for us. Thank you.

或許我們可以談談如何重回，比如說，實現你們之前討論過的，個位數中段的成長。或許可以談談沃爾瑪與其他零售商相比的情況，以及你認為關鍵驅動因素是什麼？顯然，70%的回調將是其中的重要組成部分。但或許可以幫我們理解一下其中的背景。謝謝。

Yeah, We've got a few things that we're really excited about. Walmart, obviously, is a big one. We're officially launched now as of September. We're very excited by the early results. We're seeing good growth in new accounts. We like the mix that we're seeing. We like the out-of-store spend that we're seeing. The placement in-store and on all of Walmart's digital properties has been really great. So out of the gate, this is one of the fastest de novo programs that I can remember.

是的，我們有一些讓我們非常興奮的事情。沃爾瑪顯然是一家大型企業。我們已於9月正式上線。我們對初步結果感到非常興奮。新帳戶數量成長良好。我們很喜歡目前這種多元化的組合。我們很喜歡目前看到的店外消費狀況。在沃爾瑪門市和所有數位平台上的推廣效果都非常好。所以，從一開始，這就是我記憶中最快的全新課程之一。

We've also got the Pay Later launch at Amazon. We're seeing really good results there out of the gate. That should benefit us as we head into '26. Last quarter, we announced the PayPal physical card launch. It's very early, but we like what we're seeing there.

亞馬遜也推出了「先享後付」服務。我們已經看到初步成果非常好。這應該會對我們進入 2026 年大有裨益。上個季度，我們宣布推出PayPal實體卡。現在下結論還為時過早，但我們對目前看到的情況感到滿意。

And then there is still opportunity to drive some growth through opening up the credit box. We're going to be balanced there. We're going to look at areas where we know we're going to get really good risk-adjusted returns.

此外，放寬信貸政策仍有推動經濟成長的機會。我們會在這一點上保持平衡。我們將關注那些我們知道能夠獲得非常好的風險調整後收益的領域。

We started in our Health & Wellness platform. but we're going to continue to evaluate that as we get through the end of this year and into '26. So there's a lot of really positive momentum in different dynamics when you look at product launch and value props and things that we think will really benefit us as we get into '26.

我們從健康與保健平台起步，但我們將在今年年底以及2026年繼續對其進行評估。因此，從產品發布、價值主張以及我們認為在 2026 年真正有利於我們的各種動態來看，有許多非常積極的勢頭。

Got it. Thanks for the call, Brian.

知道了。謝謝你的來電，布萊恩。

Yeah, thanks.

嗯，謝謝。

John Pancari, Evercore ISI.

John Pancari，Evercore ISI。

Good morning. Just back to the broader consumer, it's encouraging to hear that you're not yet seeing broader signs of weakness and the consumer is still in pretty good shape. We're clearly seeing a degree of bifurcation out there in terms of the lower income brackets.

早安.回到更廣泛的消費者群體，令人鼓舞的是，你們尚未看到更廣泛的疲軟跡象，消費者狀況仍然相當良好。很明顯，低收入群體中存在一定程度的分化。

Can you talk a little bit more specifically about what you're seeing amid your lower income cohorts? Are you seeing differing payment rate behavior, greater stress in terms of spend behavior or credit dynamics, just to see how you may be seeing it within your base?

您能否更具體地談談您在低收入群體中觀察到的情況？您是否觀察到不同的支付率行為、消費行為或信用動態方面的更大壓力？請您觀察一下您的客戶群中是否有這種情況。

Great. Good morning, John. Thanks for the question. When we look at what I'd say, two specific areas. when you first think about spending for a second, we showed the chart on -- in the presentation this morning about average transaction value and average transaction frequency. When you look at it on a credit tier basis, the nonprime for us actually performed better than the other cohorts, right, when I think about it on a sequential basis, and even on a year-over-year basis.

偉大的。早安，約翰。謝謝你的提問。當我們審視我認為的兩個具體領域時，首先要考慮的是消費，我們在今天早上的演示中展示了關於平均交易額和平均交易頻率的圖表。從信用等級來看，我們的非優質客戶實際上比其他客戶群表現得更好，對吧？無論是按季度還是按年計算都是如此。

That's mainly the fact that what we've done with the credit actions is removed probably the lower end of that subprime population. So I think we're seeing stronger behavior patterns, whether it's on a transaction value basis or a frequency basis. So their willingness to engage, their willingness to use the card, their willingness to engage with the products has been than the other cohorts, simply by the fact of what we've done right, relative to the credit actions. Again, I want to reinforce the fact that our nonprime is down about 80 basis points year over year.

這主要是因為我們採取的信貸行動可能已經剔除了次級貸款人群中較底層的群體。所以我認為我們看到了更明顯的行為模式，無論是從交易金額或交易頻率來看都是如此。因此，與其他群體相比，他們更願意參與、更願意使用信用卡、更願意接觸產品，這僅僅是因為我們在信貸方面做得對。我再次強調，我們的非優質利率年減了約 80 個基點。

When you go into the payment trends, actually, the payment trends are very strong for us when you think about that cohort that is on prime. And when I look at it, John, the implications of the benefit, you're seeing more people that are paying [Minpay] in the nonprime population, but where the shift is coming from is really from below midday players. So the way to interpret that is we have lower delinquency in some of those, but they are paying Minpay.

實際上，從支付趨勢來看，對我們來說，尤其是對於 Prime 會員群體而言，支付趨勢非常強勁。約翰，當我審視這項福利的影響時，你會發現越來越多的非優質人群支付[最低支付額]，但這種轉變實際上來自中午以下的玩家。所以可以這樣理解：雖然有些貸款機構的拖欠率較低，但他們仍然支付最低還款額。

So I think when we look at the payment strength of non-prime borrowers, when we look at the payment engagement, whether it's values or frequency, they are performing better than some of the other cohorts. So performing extremely well. Again, we're probably better positioned because we took those broader-based actions that -- over '23 and '24.

所以我認為，當我們觀察非優質借款人的支付能力，觀察他們的支付參與度（無論是金額還是頻率）時，他們的表現都優於其他一些群體。表現非常出色。再說一遍，我們之所以處境更好，可能是因為我們在 2023 年和 2024 年採取了更廣泛的行動。

Brian talked about some of the opening of the credit aperture. These are things around upgrades to Dual Card. These are things around giving credit line increases to people who have been around a year. So we're not taking what I would view as incremental risk exposure but rather we're taking what you can term more thoughtful growth action into a portfolio itself where we're not just lowering credit scores and taking greater risk.

布萊恩談到了信貸管道開放的一些情況。這些是關於雙卡升級的相關事宜。這些是關於提高已開卡一年以上的客戶的信用額度的相關事宜。因此，我們並沒有增加我所認為的風險敞口，而是採取了一種你可以稱之為更深思熟慮的成長措施，將投資組合本身納入其中，我們不僅僅是降低信用評分和承擔更大的風險。

Got it. Okay. Great. Thanks for that. And then on the capital front, saw a nice increase in your -- CET1 buybacks came in higher than expected around $861 million. You still have the -- and now with the increase, you have the $2.1 billion authorization. Can you maybe help us frame the -- how you think about the potential pace of buybacks as we look at the fourth quarter and into 2026, given your capital levels where they stand now? Thanks.

知道了。好的。偉大的。謝謝。在資本方面，CET1 回購額出現了不錯的成長，高於預期，約 8.61 億美元。你仍然擁有——而且現在隨著增加，你獲得了 21 億美元的授權。鑑於貴公司目前的資本水平，您能否幫助我們分析一下——您認為在展望第四季度以及2026年時，回購股票的潛在速度會是怎樣的？謝謝。

Yeah, John, capital is the real strength for our company right? ? We clearly know we operate from a position of excess capital. The great thing about this business is it generates a lot of capital. When you look at page 9 of our deck over the last year, we generated over 350 basis points of incremental CET1 just from the earnings of the business.

沒錯，約翰，資金才是我們公司真正的優勢，對吧？？我們很清楚，我們擁有充裕的資本。這個產業最大的優點就是能產生大量資金。如果您查看我們過去一年的簡報第 9 頁，您會發現我們僅透過業務收益就產生了超過 350 個基點的增量 CET1。

So strong capital generation and the ability to deploy that, right? So the Board felt really confident when they looked at the resiliency of the business, that capital generation and where we work to add that $1 billion.

所以，強大的資本累積能力和運用這些資本的能力，對吧？因此，董事會在審視公司的韌性、資本創造能力以及我們為增加 10 億美元所做的努力時，感到非常有信心。

Now it leaves us with $2.1 billion over the next three quarters. We don't really provide guidance for that, but obviously, we're going to deploy that in what I would say is an aggressive but prudent manner. I think we've demonstrated that whether you go back to 2019 and then after the pandemic. But obviously, we're focused on reducing the CET1.

這樣一來，未來三個季度我們還剩下 21 億美元。我們並沒有就此提供指導，但顯然，我們將以積極但謹慎的方式部署它。我認為我們已經證明，無論是回顧 2019 年還是疫情之後。但很顯然，我們目前專注於降低 CET1 值。

And I think if you look over the history, we retired over 55% of the common shares here since we began share repurchases back in 2016. So again, we'll be aggressive but prudent to the rest of this capital plan. And we're going to focus now in the fourth quarter about getting set to prepare our capital plan for the early part of next year.

我覺得，如果你回顧一下歷史，自 2016 年開始股票回購以來，我們已經註銷了超過 55% 的普通股。所以，我們將繼續採取積極進取但謹慎的態度來推進這項資本計畫的其餘部分。接下來，我們將在第四季集中精力，為明年年初的資本計畫做好準備。

Thanks, Brian. Appreciate the color.

謝謝你，布萊恩。欣賞這種顏色。

Thanks. Have a great day.

謝謝。祝你有美好的一天。

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

Hi, good morning. Thank you for taking my question. Maybe I wanted to start with just the allowance ratio and the reserve rate outlook. Maybe just talk a little bit about the puts and takes in the quarter in terms of what drove the step down.

您好，早安。感謝您回答我的問題。或許我只想先從撥備率和準備率展望入手。或許可以稍微談談本季的買賣情況，以及導致股價下跌的原因。

Was it just your own credit performance? How much did macro scenarios contribute? And then as we think about 4Q, should we expect the typical seasonal stepdown? Or was some of that already incorporated in this quarter?

只是你自己的信用表現嗎？宏觀情景分析貢獻了多大？那麼，當我們展望第四季時，是否應該預期會出現典型的季節性下滑？或者其中一些內容已經包含在本季中了？

Yeah, good morning, Mihir, and thanks, thanks for the question. So as you think about the reserve rate reduction and release that happened in the third quarter, I'd say a couple of things.

是的，早上好，米希爾，謝謝你的提問。所以，在思考第三季發生的存款準備率下調和釋放時，我想說幾點。

Number one, first and foremost, it was driven by our credit performance, not only the delinquency formation, but the performance of how it rolled through. We continue to see tremendously strong entry rate into delinquency below the prepandemic period. We saw a stabilization really in early-stage delinquencies. So think about that 2% to 4% and then 4%-plus, we saw some strengthening.

首先，最重要的是，這主要取決於我們的信貸表現，不僅是違約的形成，還有違約的後續發展。我們看到，違約率持續大幅下降，低於疫情前的水準。我們看到早期犯罪案件確實趨於穩定。所以想想看，2%到4%之間，然後是4%以上，我們看到了一些增強。

That continued trend that we saw which hopefully -- or it led to us narrowing our range down to 5.6% to 5.7% for the year, that credit performance is a big driver in the rate reduction that you saw. I'd also say we use the Moody's baseline. And if you looked at that baseline August to May, it was actually a little bit better than that. So there's a little bit of macro improvement in the base model.

我們看到的這種持續趨勢，希望——或者說，正是這種趨勢促使我們將今年的利率區間縮小到 5.6% 至 5.7%，信貸表現是利率下降的一個重要驅動因素。我還要補充一點，我們應該要採用穆迪的基準線。如果以 8 月到 5 月為基準來看，情況實際上比這還要好一些。所以基礎模型有一些宏觀的改進。

What I'd say is the macroeconomic QA overlay that we had on their stay consistent from a deterioration standpoint from the second quarter to the third quarter. So it really was the base performance of the business that drove that.

我想說的是，我們對其宏觀經濟品質保證措施的評估，從第二季度到第三季度，其惡化程度保持不變。所以，真正驅動這項改變的是企業的基本績效。

As you think -- we don't provide guidance for the fourth quarter, but as you think about the fourth quarter, the way I think about it is this. You generally see a step-down rate relative in the reserve rate for the seasonal balances kind of coming in. I think it's fair to say that the seasonal balance you may have seen last year will not be as strong. So I would expect the reserve dollar post in the fourth quarter to reflect the growth in the assets but not quite as much seasonal given where we are.

正如你所想——我們不提供第四季的業績指引，但就你對第四季的思考而言，我的想法是這樣的。通常情況下，季節性餘額的準備率會呈現階梯式下降。我認為可以公平地說，去年那種強勁的季節性平衡今年不會那麼明顯了。因此，我預計第四季度的美元儲備將反映資產成長，但考慮到我們目前的處境，季節性因素的影響不會那麼大。

If I take it up here to 10,000 feet, what you're going to see and what you should see is that there ultimately over a period of time will be a downward bias on the reserve rate, right, as you get unemployment in the base model, which, again, the base model before you overlay any macro has a 4.8 unemployment rate at the end of next year. As that comes down more in line, as the QAs go away, you should see more tightening of the reserve rates as we move forward that potentially can offset future growth-related builds.

如果我把視角拉高到 10,000 英尺，你會看到，也應該看到，隨著時間的推移，準備金率最終會向下傾斜，對吧？因為在基本模型中，失業率上升了，而基本模型在疊加任何宏觀因素之前，明年年底的失業率是 4.8%。隨著這一趨勢逐漸趨於一致，隨著品質保證措施的取消，我們應該會看到儲備金率進一步收緊，這可能會抵消未來與成長相關的建設。

Got it. No, that makes sense. Thank you. If I could just go back to growth and the discussion about the unwinding of credit actions in the 30% and the 70%. I guess maybe to tie that a little bit to like account average accounts are still down year over year, obviously, transaction frequency and values. It sounded like some of the unwinding you're doing is much more related to your existing accounts.

知道了。沒錯，這很有道理。謝謝。如果我能回到成長以及關於30%和70%人群信貸行動解除的討論就好了。我想這可能與帳戶平均數量同比下降、交易頻率和金額等因素有關。聽起來你正在進行的一些資產剝離工作與你現有的帳戶關係更為密切。

So I guess, what do we need to see for average accounts to start trending up or to turn positive? Is it just going to come from like natural growth? Or is there like credit unwinding that will be happening in the short term? I guess what I'm trying to understand is the 30%, 70% discussion. That 30% sounded like very much focused on internal accounts like existing upgrades, et cetera.

所以我想問，我們需要看到什麼才能讓平均帳戶開始呈現上升趨勢或轉為正值？它會像自然生長一樣自然產生嗎？或者說，短期內是否會出現類似信用回調的情況？我想了解的是關於 30% 和 70% 的討論。這 30% 聽起來非常側重於內部帳戶，例如現有升級等。

And I'm trying to think of like account growth and just increasing the number of consumers, what's going to drive that?

我正在思考如何實現帳戶成長和增加消費者數量，是什麼因素會推動這一目標的實現？

Yeah, again, I think the way to think about the active accounts here, we had been in a restricted position. We continue to remain in a restricted position. I think when we were with you back in July, we talked about taking certain credit actions really in the Health & Wellness business.

是的，我再次認為，對於這裡的活躍帳戶，我們應該這樣想：我們之前一直處於受限狀態。我們目前仍處於受限狀態。我想我們七月和您見面的時候，我們討論過在健康和保健行業採取某些信貸措施的問題。

Some of that clearly would be at the acquisition point. There is some of the unwind that we're doing in the fourth quarter is also acquisition related. So I think even though we don't disclose the topic or the metric in our earnings material now, if you look at the new account, our new account will sequentially -- and year over year is up 10%. So again, we're starting to see the consumer more willing to not only applied but also our ability to improve them. So I think that's a turning point.

其中一些顯然會在收購環節發生。我們在第四季進行的一些業務調整也與收購有關。所以我認為，儘管我們現在沒有在收益材料中披露該主題或指標，但如果你查看新帳戶，我們的新帳戶將環比增長——並且同比增長 10%。所以，我們再次看到消費者不僅更願意應用這些技術，也更願意接受我們改進這些技術的能力。所以我認為這是一個轉捩點。

And I think when you look at average active sequentially, they didn't inflect in the third quarter. So we would expect it to go back up. Again, you hope in the fourth quarter, given the product where you have people, especially that you are in active today, reengage with the product for holiday, we'd expect to see a lift.

我認為，從環比來看，平均活躍用戶數在第三季並沒有出現轉折點。所以我們預計它會回升。再次強調，鑑於目前活躍用戶群（尤其是那些在假期期間重新使用該產品的用戶），我們希望在第四季度看到銷量回升。

And most certainly, Brian highlighted a couple of places where we're adding, whether it's Walmart Pay Later to Amazon and really, the PayPal modifications we made should also add to average active account increase as we move forward.

布萊恩特別指出了一些我們正在新增的服務，例如沃爾瑪的先享後付服務、亞馬遜的支付方式，以及我們對PayPal所做的修改，這些都將有助於提高我們未來的平均活躍帳戶數量。

Got it. Thank you for taking my questions.

知道了。謝謝您回答我的問題。

Thank you. Have a good day.

謝謝。祝你有美好的一天。

Rob Wildhack, Autonomous Research.

Rob Wildhack，自主研究。

Good morning guys. Maybe one more on potentially reversing the tightening. Could you give us some color on maybe what the rate points you might be looking for to unwind that as we go forward? I guess if we -- is it going to be more macro related? Or is it going to be more driven by your own credit results?

各位早安。或許還可以再討論如何扭轉這種收緊局面。能否透露一下，隨著我們逐步推進，您希望以怎樣的利率水準來逐步解除這種局面？我想如果我們——這會更多地與宏觀層面相關嗎？或者，這更取決於你自身的信用記錄？

Yeah, good morning, Rob, and again, thanks for the question. It's a combination, right? Clearly, what we want to see is the macro environment potentially clear. I think there is some, I'd say, a mixed labor market, why people focus on the unemployment rate, when you look down [on net charge-offs], when you think about both the demand side and supply side of the employment market and wage gains, there are some mixed message in there, clearly softening but mixed messages.

是的，早安，羅布，再次感謝你的提問。這是組合，對吧？顯然，我們希望看到的是宏觀環境趨於明朗。我認為勞動市場存在一些複雜因素，人們關注失業率的原因在於，當你向下看（淨沖銷），當你考慮就業市場的需求側和供給側以及工資增長時，其中存在一些矛盾的信息，雖然明顯有所放緩，但信息卻很複雜。

So clearly, we would like to see the macro environment clear. We've seen consistency in the performance in our book to the extent that it continues to perform well. That's a good indicator on how we could potentially remove some of those restrictions and we'll open that after a little bit more. And if our credit continues to improve, and we've seen a trajectory, when you look at the sequential benefit, year over year is widening out. It's been winding out for the last several quarters on 30-plus delinquencies.

所以很明顯，我們希望看到宏觀環境明朗化。我們看到，我們這本書的表現一直保持穩定，表現良好。這很好地表明了我們有可能如何取消其中一些限制，我們稍後會開放這些限制。如果我們的信用狀況持續改善（我們已經看到了這種趨勢），那麼從連續收益來看，逐年成長的幅度正在擴大。過去幾季以來，該公司一直面臨超過 30 起拖欠款項的問題。

So you said those things happen. So it is a combination clearly of the macro environment and clearly in the [on-us] behavioral patterns that we have in here.

所以你說過這種事會發生。所以，這顯然是宏觀環境和我們自身行為模式的結合。

I think it's probably fair to say also that we were just myopically looking at the performance of our own book. We would probably open up a little bit more than we are, that there is some, as Brian said, mixed signals in the macro that give us a little bit of pause, not concerned.

我認為也可以公平地說，我們當時只是目光短淺地只關注了我們自己書的表現。我們可能會比現在更加開放一些，正如布萊恩所說，宏觀經濟中存在一些相互矛盾的信號，這讓我們有些猶豫，但並不擔心。

But when we look at the performance inside of our portfolio, we're very encouraged by what we've seen. Just look at any of the delinquency metrics and even underneath those metrics when you look at entry and roll rates. We're very encouraged by the trends that we're seeing.

但當我們審視投資組合的表現時，我們對所看到的情況感到非常鼓舞。看看任何一項違約指標，甚至看看這些指標下的進入率和滾動率。我們對目前看到的趨勢感到非常鼓舞。

Helpful, thanks. And maybe on NII and the NIM, we can back into the fourth-quarter numbers implied by the guidance. What are sort of the puts and takes you would advise us on as we're thinking about that exit rate on NII and NIM and extrapolating that out beyond this quarter?

很有幫助，謝謝。或許透過淨利息收入和淨利差，我們可以推算出第四季業績指引所暗示的數字。考慮到淨利息收入 (NII) 和淨利差 (NIM) 的退出率，並推斷到本季以後，您會建議我們採取哪些買入和賣出策略？

Yeah, again, thanks for the question, Rob. I think as you think about our framework for the fourth quarter, clearly, the biggest piece is going to be the mix on ALR versus [AEA], right? You're going to increase the percentage of receivables, which is traditional. That's going to be the bulk of the driver that kind of comes in.

是的，再次感謝你的提問，羅布。我認為，在考慮我們第四季度的框架時，很明顯，最重要的部分將是ALR與[AEA]的組合，對吧？你們將提高應收帳款的比例，這是傳統做法。這大概就是大部分驅動因素了。

When you think about the subcomponents that go into their -- when I think about loan yield for a second, you got factors that go a little bit both ways. Number one, we're going to get a PPPC lift sequentially, and on a dollar basis, that will flow through.

當你思考構成貸款收益率的各個子因素時——例如，當我思考貸款收益率時，你會發現有些因素會產生正反兩方面的影響。第一，PPPC 將逐期提升，而且以美元計價，這種提升將會持續下去。

You'll get a little bit of compression from Prime that kind of comes through there. And then you'll have a little bit of denominator impact that kind of comes through. So again, that's -- the benefit of the PPPCs roll through, but again, there are some offsets and then the seasonal nature of the denominator that kind of comes through.

Prime 會進行一些壓縮，這一點會反映出來。這樣一來，就會有一些分母效應顯現出來。所以，再次強調，PPPC 的好處確實存在，但同時也存在一些抵銷因素，而且分母的季節性特徵也會有所體現。

I think when you think about the interest expense or interest-bearing liability side, again, while a lot of our maturities in the fourth quarter are at kind of current rates, maybe a little bit lower. I think you get the benefit of some of the things that we did earlier. So that should be a benefit and a step-up of the net interest margin as we close out the fourth quarter.

我認為，當你考慮到利息支出或計息負債方面時，雖然我們第四季度到期的許多債務的利率都與當前利率持平，甚至可能略低一些。我認為你們已經從我們之前所做的一些事情中受益了。因此，隨著第四季度的結束，這應該會是一個利好因素，並有助於提高淨利差。

I appreciate the question on '26, but obviously, as the PPPCs kind of come in, payment rate ultimately should begin to navigate down, you would hope that there would be a bias for some upward momentum. But we'll be back in January to give you more specific color on how NIM develops.

我很感謝你提出的關於 26 日的問題，但顯然，隨著 PPC 的到來，支付率最終應該會開始下降，你會希望它能有一些上升的勢頭。但我們將在一月回來，為您帶來關於NIM發展情況的更具體資訊。

All right, thank you very much.

好的，非常感謝。

Thanks. Have a good day, Rob.

謝謝。祝你今天過得愉快，羅布。

Mark DeVries, Deutsche Bank.

馬克‧德弗里斯，德意志銀行。

Yeah, Brian Doubles, thanks for the comments on kind of the encouraging signs on the Walmart program. I was hoping you could just elaborate on how the value prop of that card kind of compares to the last time you partnered with Walmart, kind of what that does for your optimism about how big that program can be relative to the last time you partnered. And also just kind of what it's doing in terms of driving uptake on the card engagement and the types of customers you're attracting?

是的，布萊恩·道布爾斯，感謝你對沃爾瑪計畫的一些令人鼓舞的跡象發表評論。我希望您能詳細說明一下這張卡的價值主張與您上次與沃爾瑪合作時相比有何不同，以及這是否會讓您對該項目相對於上次合作的規模的樂觀預期有所改變。還有，它在提高信用卡使用率和吸引客戶類型方面究竟發揮了怎樣的作用？

Yeah, sure, Mark. So there's a couple of things I'd highlight. I think first, this is a leading-edge program from a tech perspective. We're leveraging the OnePay app, our API stack. We're connected in their completely embedded digital experience. So that entire experience from application through servicing will be done through the OnePay app. This is definitely one of our most technologically advanced programs. So that's the first thing I would highlight.

當然可以，馬克。所以我想重點強調幾點。首先，我認為從技術角度來看，這是一個領先的專案。我們正在利用 OnePay 應用程式和我們的 API 堆疊。我們透過他們完全嵌入式的數位化體驗緊密相連。因此，從申請到售後服務的整個過程都將透過 OnePay 應用程式完成。這絕對是我們技術最先進的項目之一。所以這是我首先要強調的一點。

Second, your point, we have a very strong value prop on the card. The Walmart’s numbers, they get unlimited 5% cash back at Walmart. They get 1.5% cash back everywhere else. And even if you're not a Walmart Plus member, you still save 3% at Walmart, 1.5% everywhere else. So very attractive value prop on the part.

其次，正如您所說，我們的卡片確實具有非常強大的價值主張。沃爾瑪會員可享無限 5% 現金回饋。他們在其他地方都能獲得 1.5% 的現金回饋。即使你不是沃爾瑪 Plus 會員，在沃爾瑪購物也能節省 3%，在其他地方購物也能節省 1.5%。所以，這部分產品的價值主張非常有吸引力。

And I think you really do get an exponential benefit when you align a terrific loyalty program like Walmart Plus, with the credit program, and that's what we're trying to do here. We have -- I mentioned earlier, I think really strong digital and in-store placement. So a nice commitment from all parties to grow the program, Walmart's investments in e-com, they give us a great platform, really, to drive new accounts.

我認為，將像 Walmart Plus 這樣優秀的會員忠誠度計劃與信用計劃結合起來，確實能帶來指數級的收益，而這正是我們在這裡努力的方向。正如我之前提到的，我認為我們在數位行銷和實體店行銷方面都擁有非常強大的實力。因此，各方對發展該計劃的承諾非常好，沃爾瑪對電子商務的投資，確實為我們提供了一個很好的平台，可以吸引新客戶。

And if you go online and you see walmart.com, you can see the placement across the digital properties is really strong. The signage in the store is very prevalent, allows customers -- they can easily just scan a QR code and apply for the card anywhere in the store.

如果你上網造訪沃爾瑪網站（walmart.com），你會發現沃爾瑪在各個數位平台上的佈局都非常強大。店內標識非常醒目，顧客只需掃描二維碼即可在店內任何地方申請該卡。

So I think it's a combination of all those things that gets us frankly really excited about this program and the opportunities ahead. I mean, it can clearly be a top five program at some point in the future. And we're excited about the growth that this could drive for both us and for Walmart.

所以我認為正是所有這些因素的綜合作用，讓我們對這個項目以及未來的機會感到非常興奮。我的意思是，它未來很有可能成為排名前五的項目。我們對這可能為我們和沃爾瑪帶來的成長感到興奮。

Okay. That's helpful. And then just a follow-up question on your delinquency trends. It looks like they continue to trend more favorable than normal seasonality. Is that your perception? And also, if so, kind of what are the implications for trends for DQs and charge-offs as we look out kind of 6 to 12 months?

好的。那很有幫助。最後，我想就你們的犯罪率趨勢問一個後續問題。看起來它們的趨勢仍然比正常的季節性趨勢更有利。這是你的看法嗎？另外，如果是這樣，展望未來 6 到 12 個月，這對 DQ 和壞帳的趨勢會有什麼影響？

Yeah, thanks, Mark. Yeah, they have [spectator] analysis that they have been performing better. So as Brian highlighted, that's why we adjusted a credit aperture both in the third quarter now where we're going to do in the fourth quarter, again, unwinding that roughly 30%.

是啊，謝謝你，馬克。是的，他們的（觀眾）分析顯示，他們的表現一直在進步。正如布萊恩所強調的那樣，這就是為什麼我們在第三季調整了信貸開口，我們將在第四季再次調整信貸開口，大約減少 30%。

Again, different items, but by adding back some of the restrictions we put in place, I think as you do that, as we kind of settle in here, you're going to begin to merge back or migrate back to generally seasonal trends as we move forward here. But again, we've seen that improvement. And I think it goes -- it's a testament related to the underwriting models we deployed, the alternative data we use in the model as well as the power of having the data that comes from our partners, that really drove that.

雖然情況有所不同，但透過重新實施一些我們先前設定的限制，我認為隨著我們逐漸適應這裡的情況，隨著我們繼續前進，我們將開始逐漸恢復或回歸到一般的季節性趨勢。但是，我們已經看到了這種進步。我認為這證明了我們部署的承保模型、我們在模型中使用的替代數據以及來自合作夥伴的數據的力量，這些數據都真正推動了這一目標的實現。

So again, I would think about it more seasonally from this point will be the safest bet. But again, we're very proud of the performance and credit and really positions us well as we exit 2025 into 2026 from a business perspective.

所以，我還是建議從季節角度來考慮這個問題，這才是最穩健的做法。但話說回來，我們對業績和信用狀況感到非常自豪，從商業角度來看，這確實讓我們在 2025 年結束、2026 年到來之際處於有利地位。

Got it, thank you.

明白了，謝謝。

That's fine. Thanks, Mark. Have a good day.

沒關係。謝謝你，馬克。祝你有美好的一天。

Don Fandetti, Wells Fargo.

唐范德蒂，富國銀行。

Good morning. Can you talk about any potential portfolio acquisitions that you might be looking at or new de novo programs? And then I guess on the versatile acquisition, is that sort of a one-off? Or do you feel like you need -- we'll see more of these bolt-on technology acquisitions?

早安.您能否談談您正在考慮的任何潛在的投資組合收購或新的全新項目？那麼，關於這項多功能收購，我猜這是一次性的嗎？還是你覺得你需要──我們會看到更多這類附加技術收購？

Yeah, sure. Look, I would say, without getting too specific, we've got a really strong pipeline across all of our platforms, a combination of some programs with existing portfolios, plenty of de novo opportunities. So we're encouraged when we look at the pipeline. Our team is very active just given our size and scale in the partner-based business. Pretty much every RFP in the industry comes across our desk, and we compete really hard on those.

當然可以。我覺得，雖然不能說太具體，但我們所有平台都有非常強大的專案儲備，有些專案結合了現有的投資組合，還有很多全新的機會。所以，看到目前的管道狀況，我們感到很受鼓舞。鑑於我們公司在合作夥伴制業務中的規模和體量，我們的團隊非常活躍。業界幾乎所有的招標邀請書都會送到我們這裡，而且我們在這些招標中都全力以赴。

I think in terms of what we're seeing in the market, I think pricing continues to be pretty disciplined. We're not seeing any real irrational behavior. But we're competing and winning base stack, what we're doing around data, our underwriting engine with Prism. So I feel great about how we're competing and what we're winning.

我認為就目前市場情況來看，價格依然保持著相當的理性。我們沒有看到任何真正的非理性行為。但我們在基礎架構、資料方面所做的一切，以及我們與 Prism 的核保引擎方面，都取得了競爭和勝利。所以我對我們的競爭方式和所取得的成績感到非常滿意。

We won't win every program out there because there's always going to be some pricing or terms, considerations that we won't agree to. We're very disciplined around risk-adjusted returns. But generally, I feel really good about the pipeline.

我們不可能贏得所有項目，因為總是會有一些價格或條款的考量是我們無法接受的。我們在風險調整後的效益方面非常謹慎。但總的來說，我對這條輸油管感覺非常好。

And then on Versatile, it's going to be a great acquisition for us. They've built a really strong business. We've been partnering with them for 20 years. So we know each other really well. We've got a great relationship, really strong cultural fit.

至於 Versatile，對我們來說將是一筆非常棒的收購。他們打造了一個非常強大的企業。我們與他們合作已有20年了。我們彼此非常了解。我們關係很好，文化契合度很高。

And look, at the end of the day, all of our partners are looking to leverage credit to drive more sales and enhance loyalty, right? And the Versatile platform is going to allow us to approve more customers -- that's great for our partner base. It's great for our customers. And so we'll drive a higher approval rate. And we'll do that either by doing the lending ourselves or through other institutions. And for those loans that we don't underwrite won't earn a fee. So it benefits us and helps us drive some non-lending revenues.

歸根結底，我們所有的合作夥伴都希望利用信貸來促進銷售並提高客戶忠誠度，對吧？Versatile 平台將使我們能夠批准更多客戶——這對我們的合作夥伴群體來說是件好事。這對我們的客戶來說是件好事。這樣一來，我們就能提高審批​​通過率。我們將透過自己放款或透過其他機構來實現這一目標。對於我們不承銷的貸款，我們將不會獲得任何費用。所以這對我們有好處，也能幫助我們增加一些非貸款收入。

So positive from all aspects, relatively small acquisition, won't be material in the near term. But it's exactly the type of acquisition that we look for where it's not a big capital outlay, but an acquisition that allows us to leverage our scale to grow it, to grow the business.

因此，從各方面來看都是正面的，收購規模相對較小，短期內不會產生實質影響。但這正是我們所尋找的那種收購，它不需要大量的資本投入，卻能讓我們利用自身的規模優勢來發展壯大，拓展業務。

Yeah, I'd just add on, when you think about Versatile for us, again, Brian, it's not necessarily material to all Synchrony. But when you look at whether it's the IR or ROIC, it's very attractive, which goes back to some of the pricing discipline and in how we look at these acquisitions and a very reasonable payback on tangible book value.

是的，我還要補充一點，布萊恩，當我們思考多功能性時，它並不一定對所有同步性都至關重要。但從投資者回報率 (IR) 或投資回報率 (ROIC) 來看，它非常有吸引力，這要歸功於我們的一些定價策略，以及我們看待這些收購的方式，還有有形賬面價值的非常合理的回報。

Got it. Thank you.

知道了。謝謝。

Thanks. Have a great day.

謝謝。祝你有美好的一天。

John Hecht, Jefferies.

約翰‧赫克特，傑富瑞集團。

Good morning, guys. Thanks for taking my questions. I know you -- first question, I know you don't give details at the partner level by name. But maybe can you talk about characteristics of partners where you're seeing expansion versus maybe modest contraction? I mean, maybe like the digital mix or versus in-store or anything like that? Is there any way for us to think about the growth from that perspective?

各位早安。謝謝您回答我的問題。我知道你——第一個問題，我知道你不會在合夥人級別透露姓名等詳細資訊。但您能否談談您觀察到的伴侶擴張和略有收縮的特徵？我的意思是，像是數位版和實體店版的比較之類的？我們能否從這個角度來思考成長問題？

Yeah, I think, John, the thing that really makes a program successful is a little bit of the intangible, which is how engaged is the partner in the program. Where does it sit on their list of priorities and the things that they're trying to drive across the business?

是的，約翰，我認為，真正決定專案是否成功的關鍵在於一些無形因素，那就是合作夥伴對專案的參與程度。它在他們的優先事項清單中處於什麼位置？在他們試圖在整個業務中推進的各項事務中，它又處於什麼位置？

So regardless of what platform you're in for a second, just think about it, if it is -- it is a priority of the CEOs and the executive leadership team of one of our partners to promote credit, to drive the program, to measure the program, to hold their teams accountable as well as to hold us accountable for driving growth. That's really the secret sauce.

所以，無論你身處哪個平台，請思考片刻，如果——我們合作夥伴的執行長和執行領導團隊的首要任務是促進信貸、推動該計劃、衡量該計劃、讓他們的團隊承擔責任，以及讓我們承擔推動成長的責任。這才是真正的秘訣。

And in order to do that, both parties have to be all in, yet to have really good alignment in the contract, really good alignment through the RSA. And if it's a priority for them and you have all of those other building blocks -- great technology integration, a seamless customer experience, strong NPS, all of those things will result in really good growth.

為了實現這一點，雙方都必須全力以赴，並且在合約中要有非常好的協調一致，透過 RSA 實現非常好的協調一致。如果這是他們的優先事項，而你擁有所有其他必要的要素——出色的技術整合、無縫的客戶體驗、強大的淨推薦值，所有這些都將帶來非常好的成長。

And so it's a combination of a lot of different building blocks, but there's also just the intangible of where does it sit inside of the partner in terms of their priority and what are they trying to drive and how are they trying to leverage credit to improve their sales to drive loyalty in our customer base.

因此，它是許多不同組成部分的組合，但同時也存在一些無形因素，例如它在合作夥伴內部的優先順序是什麼，他們想要推動什麼，以及他們如何利用信貸來提高銷售額，從而提高客戶群的忠誠度。

Yeah, the one thing that if you kind of go through the platforms, John, you think about -- let me just point out the areas where we probably see more pressure, right? In Home and Auto, you see pressure in the Home Specialty especially on Home Improvement business. When you think about Lifestyle, the other platform that, again, still doesn't have positive purchase volume growth. It's in that outdoor power equipment, power sports.

是的，約翰，如果你仔細研究一下各個平台，你會想到——讓我指出一些我們可能會看到更大壓力的領域，對吧？在家居和汽車用品領域，家居用品專營，尤其是家居裝修業務，面臨著巨大的壓力。再想想 Lifestyle 這個平台，它同樣還沒有實現正的購買量成長。它屬於戶外動力設備和動力運動領域。

So you think about that bigger ticket or really more discretionary purchases, a little bit in Cosmetic and Health & Wellness. That's where the consumers pull back where you do see areas of trends where we think about diversifying value, we have some real value-oriented players in there, that as a retailer, are growing fairly significantly. So we're maintaining or expanding penetration as you think about that.

所以，你可以考慮一下那些金額較大的消費，或是真正可自由支配的購買，像是化妝品和健康照護的消費。正是在消費者回落的領域，我們看到了一些趨勢，在這些領域，我們考慮多元化價值，我們有一些真正以價值為導向的參與者，作為零售商，這些參與者正在取得相當大的成長。所以，正如你所想，我們正在維持或擴大市場滲透率。

And then obviously, in the Digital, there's a lot of broad-based partners in there who are expanding it at significant clips again, but we're maintaining that penetration in those segments. So again, I think when you look at some things that are probably bigger ticket discretionary -- but even inside Home, we see expansion in some of the furniture partners that we have in verticals we have there.

顯然，在數位領域，有許多廣泛的合作夥伴正在以顯著的速度再次擴張，但我們在這些領域保持著滲透率。所以，我認為，當你審視一些價格可能較高的非必需消費品時——即使在家居領域，我們也看到我們在垂直領域的一些家具合作夥伴正在擴張。

So again, I think we see green shoots inside the portfolio of really the consumer kind of engaging in some of those discretionary purchases. Maybe some of the bigger ones are still a little bit patient on making.

所以，我認為我們看到消費者在進行一些非必需消費品購買方面出現了復甦的跡象。或許有些規模較大的專案還需要一些耐心才能完成。

Okay. Super helpful color. And then second question, Brian, you mentioned payment rates, they've been elevated really since -- for the last several years. In your opinion, what's the source of that? Are you seeing that across a variety of income levels? And can you tell how much of that might be like debt consolidation?

好的。非常實用的顏色。第二個問題，布萊恩，你提到了支付率，近幾年來支付率確實一直在上升。你認為其根源是什麼？你是否在不同的收入水平人群中都觀察到了這種情況？你能判斷其中有多少是屬於債務整合嗎？

Yeah, so let me bifurcate that a little bit, John. If I go up to 10,000 seats, you really have two big drivers on why pay rate is elevated when you look at an absolute rate basis. Number one is the credit actions we've done, which has been more restrictive into the nonprime area.

好的，約翰，讓我稍微解釋一下。如果座位數增加到 10,000 個，那麼從絕對費率的角度來看，工資上漲的原因主要有兩個。第一點是我們採取的信貸行動，這些行動對非優質客戶群採取了更嚴格的限制。

So when you go and look at nonprime as a percent of total, we're better 80 basis points year over year. And really, where it's coming out, it's the top end, which you see a higher payment rate, that really top end versus the nonprime. So that's number one. And that's to be expected, right, relative to that. That's why you're getting the benefit in charge-offs and delinquency.

所以，如果你看一下非優質貸款佔總數的百分比，我們比去年同期改善了 80 個基點。實際上，問題出在高端市場，你會看到更高的支付率，高端市場與非優質市場相比確實存在更高的支付率。這是第一點。考慮到這一點，這也在意料之中。這就是為什麼你在註銷和拖欠款項方面能獲得好處的原因。

The other thing is that on some of the bigger ticket discretionary promotional financing purchases, promo as a percent of the balances are down. Now promo balances have a payment rate of, call it, 9% to 10%. Your core balances have a payment rate of 19% to 20%. So that mix shift that happens does have a little bit of influence on the payment rate in and of itself.

另一方面，對於一些金額較大的可自由支配的促銷融資購買，促銷金額佔餘額的百分比有所下降。現在促銷餘額的支付率大約是 9% 到 10%。您的核心餘額支付率為 19% 至 20%。因此，這種組合變化本身確實會對支付率產生一定影響。

When we start to kind of go down to the -- to it by credit grade, John, what we're seeing here is actually strength in the nonprime in payment rate. Because, again, we took out some of that bottom into the non-prime through our credit action.

約翰，當我們開始按信用等級來分析時，我們實際上看到的是非優質貸款支付率的強勁表現。因為，再一次，我們透過信貸行動，將一部分低端貸款納入了次級貸款市場。

So when I look at it just on a cohort across the entire book with regard to payment rate, it's really the strengthening that brings you back to the credit actions in and of itself. Even when we look at it generationally, generationally, it's kind of moving in parallel given the characteristics of each of those cohorts. So again, the strength is more driven by a little bit of the mix between promotional balances versus core and then really the credit actions are the biggest driver.

所以，當我從整個帳簿的付款率來看時，實際上是付款率的提高最終還是信貸行為本身的問題。即使從世代的角度來看，考慮到每一代的特點，它也在某種程度上是平行發展的。所以，這種強勁勢頭更多是由促銷餘額與核心餘額之間的某種組合所驅動的，而信貸活動才是真正的最大驅動因素。

Okay, thanks very much.

好的，非常感謝。

Thanks, John. Have a good day.

謝謝你，約翰。祝你有美好的一天。

Thanks, John.

謝謝你，約翰。

Jeff Adelson, Morgan Stanley.

傑夫·阿德爾森，摩根士丹利。

Hey, good morning, guys. Thanks for fitting me into be in here. Just as a follow-up on the payment rate question, one topic that's come up more recently is there's been some more prepayment out there more in the instalment world of the lending spectrum. And some of that may be coming from increased competition or private credit demand to originate new loans.

嘿，大家早安。謝謝你安排我來這裡。關於還款率的問題，最近出現的一個主題是，在貸款領域的分期付款方面，提前還款的情況有所增加。其中一些可能源於日益激烈的競爭或私人信貸需求，以發放新的貸款。

Now I know credit card is a different animal here, more of a revolving product, but just curious if you're maybe noticing any of that competitive dynamics flowing in and maybe keeping the payment rate a little bit more elevated here?

我知道信用卡在這裡的情況有所不同，它更像是一種循環消費產品，但我只是好奇你是否注意到任何競爭因素的影響，導致這裡的還款率略高一些？

Yeah, thanks for the question, Jeff. When I look at it, I'm going to cut it two different ways. When we look at whether instalment is impacting our business, when we look at application flow, where maybe so much could be a different payment option, we have not seen application flow negatively decline.

是的，謝謝你的提問，傑夫。我來看，我會從兩個不同的角度來看這個問題。當我們審視分期付款是否對我們的業務產生影響時，當我們審視申請流程時，儘管許多申請可能可以選擇不同的付款方式，但我們並沒有看到申請量出現負面下降。

Actually, in fact, we've seen application flow increase throughout the portfolio. So I don't think we see competitive dynamics where an instalment product is disintermediating us, right, relative to that or causing that.

事實上，我們看到整個產品組合的申請量都有增加。所以我認為我們並沒有看到分期付款產品取代我們成為中間商或導致這種情況發生的競爭動態。

Back to the question that John Hecht -- I apologize we're not necessarily answering it and maybe where you're heading a little bit, when you think about people consolidating debt into an installment-type loan or some type of personal loan, I'd say this. We did two different types of analysis, right, relative to that. One where we looked at a cohort of -- or a test portfolio and said, okay, look at accounts that were revolvers for six consecutive months and then paid off to zero. Had that balance shifted and has not shifted materially, we'll certainly not in a manner that would equate to what you're seeing in some of the loan growth that you see in personal loans.

回到約翰·赫克特提出的問題——很抱歉，我們不一定能回答這個問題，也許你有點想表達的意思，當你想到人們將債務合併成分期貸款或某種個人貸款時，我想說的是：我們針對這一點進行了兩種不同的分析，對吧。其中一個例子是，我們查看了一組（或測試投資組合）帳戶，然後說，好的，看看那些連續六個月循環借貸，然後還清所有欠款的帳戶。如果這種平衡發生了變化（但實際上並沒有實質變化），那麼我們肯定不會看到像個人貸款中某些貸款成長那樣的情況。

We also went out and looked at a sample of the population and looked at, number one, do we see an increase in our portfolio? People have taken out personal loans, number one. And then number two, for some of the heavy revolvers, have we seen any of the payment behavioral changes reimpose those that have taken out a personal loan. And the answer is we have not seen that.

我們也出去調查了一部分人口樣本，首先，我們查看了投資組合是否有所成長？第一，人們都申請了個人貸款。其次，對於一些大額循環貸款者，我們是否看到任何還款行為的改變重新約束了那些申請了個人貸款的人？答案是，我們還沒有看到這種情況。

So again, every issuer is impacted by some form of personal loan but has not been a significant driver that's influenced our result from a growth perspective or from a payment rate perspective.

所以，每個發卡機構都會受到某種形式的個人貸款的影響，但從成長角度或支付率角度來看，個人貸款並不是影響我們業績的重要因素。

Got it. That's helpful. And as my follow-up, just piggybacking off the commentary on the success of Pay Later and Amazon. You obviously have that product out there with other partners like Lowe's. Does the success of that launch maybe reinforce or shift how you're thinking about leaning to that opportunity going forward?

知道了。那很有幫助。作為後續，我只是想藉用一下關於「先享後付」和亞馬遜成功案例的評論。顯然，你們已經與其他合作夥伴（例如勞氏公司）一起推出了這款產品。這次發表會的成功是否會強化或改變你未來如何看待並把握這個機會？

Should we be expecting a continuous kind of launch of this multiproduct strategy going forward at every partner you have? And maybe just update us on how that's coming up in the conversations with your partners as they maybe compare you guys to the offering, some of the other buy now pay later players are giving them?

我們是否可以期待貴公司未來的每個合作夥伴都會持續推出這種多產品策略？或許您可以更新一下您與合作夥伴的溝通進度，看看他們是否將您的服務與其他一些「先買後付」服務商提供的服務進行了比較？

Yeah, sure. Look, I think we've been able to demonstrate the power of being able to offer multiple products inside a program. We are thrilled with the progress on Pay Later across the business. We now have it at some of our largest partners. You mentioned Amazon. We have it at Lowe's, JCPenney, Belk, Sleep Number.

當然可以。我認為我們已經證明了在一個專案中提供多種產品的優勢。我們對公司各部門「先享後付」服務的進展感到非常興奮。我們現在在一些最大的合作夥伴那裡已經擁有了這項服務。你提到了亞馬遜。我們在勞氏、彭尼百貨、貝爾克百貨和睡眠號碼商店都有販售。

And our partners aren't really seeing the products as an either/or. They really do see the value of the multiproduct strategy. I think that's a real opportunity. They fully appreciate that customers have different financing needs. In some cases, revolving product is right for some purchases. Others prefer fixed payments of a buy now pay later product.

我們的合作夥伴並不認為這些產品是非此即彼的選擇。他們確實看到了多產品策略的價值。我認為這是一個真正的機會。他們充分理解客戶的融資需求各不相同。在某些情況下，循環產品適合某些購買情況。另一些人則喜歡先買後付的固定付款方式。

But we're anchored in that multiproduct strategy. And based on our conversations with our partners, that's really resonating with them. So that's the strategy going forward. We're excited to continue to roll it out to the partner base.

但我們仍然堅持多產品策略。根據我們與合作夥伴的交流，這一點確實引起了他們的共鳴。這就是我們接下來的策略。我們很高興能繼續向合作夥伴推廣這項服務。

Okay, great. Thank you.

好的，太好了。謝謝。

Great. Thanks, Jeff.

偉大的。謝謝你，傑夫。

Thanks, Jeff.

謝謝你，傑夫。

Thank you. And ladies and gentlemen, this will bring us to the conclusion of today's Synchrony Financial third-quarter earnings conference call. We'd like to thank you all so much for joining us this morning and wish you all a great rest of your day. Good-bye.

謝謝。女士們、先生們，今天的Synchrony Financial第三季財報電話會議到此結束。非常感謝各位今天上午的參與，祝福大家今天剩下的時間過得愉快。再見。