Synchrony Financial (SYF) 2025 Q4 法說會逐字稿

Please stand by. Your meeting is about to begin. Good morning, and welcome to the Synchrony Financial fourth quarter 2025 earnings conference call.

請稍候。會議即將開始。早安，歡迎參加Synchrony Financial 2025年第四季財報電話會議。

Please refer to the company's Investor Relations website for access to their earnings materials. Please be advised that today's conference 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，今天的會議正在錄影。（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.

現在我將把電話轉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. The press release, detailed financial schedules, and presentation are available on our website, synchronyfinancial.com. This information can be accessed by going to the investor relations section of the website.

謝謝大家，大家早安。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。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版塊來獲取這些資訊。

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

在正式開始之前，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, good morning, everyone. Synchrony ended the year with a strong fourth quarter performance, highlighted by net earnings of $751 million or $2.04 per diluted share, which included a $0.14 restructuring charge related to a voluntary employee early retirement program.

謝謝凱瑟琳，大家早安。Synchrony 以強勁的第四季度業績結束了這一年，其中淨利潤為 7.51 億美元，即每股攤薄收益 2.04 美元，其中包括與員工自願提前退休計劃相關的 0.14 美元重組費用。

A return on average assets of 2.5% and a return on tangible common equity of 21.8%. During the quarter, we connected nearly 70 million customers to our partners and generated more than $49 billion of purchase volume, fourth quarter record, and a year over year increase of 3%. As the average active account and spend trends continued to sequentially strengthen across almost all of our platforms.

平均資產回報率為 2.5%，有形普通股權益回報率為 21.8%。本季度，我們為近 7,000 萬名客戶與我們的合作夥伴建立了聯繫，並創造了超過 490 億美元的採購額，創下第四季度紀錄，同比增長 3%。在我們幾乎所有平台上，平均活躍帳戶和消費趨勢持續走強。

Purchase volume across our digital platform increased 6%, driven by higher spend per account and strong customer response to enhanced product offerings. And refresh value propositions.

受帳戶消費增加和客戶對增強型產品供應的強烈反響推動，我們數位平台的購買量增加了 6%。並更新價值主張。

Diversified and value purchase volume grew 4%, primarily reflecting the impact of partner expansion this year. Purchase volume and health and wellness also grew 4%, reflecting growth in patent audiology, partially offset by lower spending cosmetic.

多元化和高價值採購量增加了 4%，主要反映了今年合作夥伴擴張的影響。購買量和健康保健品也增加了 4%，這反映了專利聽力學的成長，但部分被化妝品支出的減少所抵消。

In addition, higher spend per account exceeded the impact of lower average active accounts. Purchase volume in our lifestyle platform increased 3%, reflecting higher broad-based spend per account, partially offset by lower average active accounts.

此外，每個帳戶的消費額增加超過了平均活躍帳戶數減少的影響。我們的生活風格平台購買量成長了 3%，反映出每個帳戶的整體消費額有所增加，但部分被平均活躍帳戶數的下降所抵消。

And purchase volume in home and auto was down to 2%, generally reflecting selective spend and home improvement and lower average active accounts, partially offset by strong growth in spend per account. Synchrony's dual and co-branding cards accounted for 50% of our total purchase volume in the fourth quarter, and increased 16% versus last year, driven by product upgrades, higher broad-based spend, and expanded utility across these card programs.

房屋和汽車的購買量下降了 2%，這主要反映了選擇性支出和房屋裝修以及平均活躍帳戶數量的減少，但每個帳戶的支出強勁增長部分抵消了這一影響。Synchrony 的雙品牌卡和聯名卡在第四季度占我們總購買量的 50%，比去年同期增長了 16%，這得益於產品升級、更廣泛的消費以及這些卡計劃的用途擴大。

We also continue to see year over year improvement in the mix of discretionary spend within our out of partner purchase volume, with strength coming from categories like electronics, entertainment, and travel.

我們也看到，在合作夥伴以外的採購量中，可自由支配支出的佔比逐年提高，其中電子產品、娛樂和旅遊等類別表現強勁。

In addition, both average transaction values and average transaction frequency continued to grow across the portfolio. Average transaction values rose about 30 basis points compared to last year, reflecting growth from non-prime and super prime customers.

此外，整個投資組合的平均交易額和平均交易頻率均持續成長。平均交易金額較去年同期成長約 30 個基點，反映出非優質客戶和超優質客戶的成長。

Average transaction frequency increased across all credit cohorts, up about 3.7% versus last year. Collectively, these strengthening core trends across our portfolio are a reflection of synchrony focus and discipline execution throughout the year.

所有信用等級的平均交易頻率均有所增加，比去年增長了約 3.7%。總而言之，我們投資組合中這些不斷增強的核心趨勢反映了我們全年同步的關注和嚴謹的執行力。

We delivered strong credit results while also advancing our key strategic priorities to enhance the value and utility of our financing solutions, broaden our reach, and deliver more powerful experiences for our customers and partners alike.

我們在取得強勁的信貸業績的同時，也推進了我們的關鍵策略重點，以提高融資解決方案的價值和實用性，擴大我們的覆蓋範圍，並為我們的客戶和合作夥伴提供更強大的體驗。

And as a result, Synchrony added more than 20 million new accounts, drove engagement with nearly 70 million existing customers, and generated more than $182 billion of sales for our partners, merchants, and providers in 2025.

因此，Synchrony 在 2025 年新增了 2,000 多萬個帳戶，提高了近 7,000 萬現有客戶的參與度，並為我們的合作夥伴、商家和供應商創造了超過 1,820 億美元的銷售額。

This is the kind of proven success that has established Synchrony as a trusted partner. In the fourth quarter, we added or renewed more than 25 partners, including Bob's Discount Furniture, RH, and Polaris.

正是這種經受住考驗的成功，使Synchrony成為值得信賴的合作夥伴。第四季度，我們新增或續簽了 25 多個合作夥伴，包括 Bob's Discount Furniture、RH 和 Polaris。

We're excited to announce our exclusive multi-year agreement with Bob's Discount Furniture to offer short and long-term promotional financing options to customers at more than 200 Bob's locations.

我們很高興地宣布與 Bob's Discount Furniture 達成獨家多年協議，將在 Bob's 的 200 多家門市為顧客提供短期和長期促銷融資方案。

This partnership is expected to launch mid-year and strengthen Synchrony's leadership in the home furnishings industry with partnerships across more than half of furniture today's top100 retailers.

預計這項合作將於年中啟動，並透過與當今家具業前 100 強零售商中超過一半的零售商建立合作關係，加強 Synchrony 在家居行業的領導地位。

In addition, our renewed partnership with Polaris, a leading manufacturer off-road vehicle, builds on a nearly two-decade long relationship of collaboration to provide financing for vehicles, parts, accessories, gear, as well as vehicle service and protection products through customized promotional financing and loan options.

此外，我們與領先的越野車製造商 Polaris 重新建立了合作夥伴關係，在近二十年的合作關係基礎上，透過客製化的促銷融資和貸款方案，為車輛、零件、配件、裝備以及車輛服務和保護產品提供融資。

Throughout the past year, Synchrony expanded our portfolio across both national and local businesses. Bringing our total added or renewed partners to more than 75, including two of our top five partners and seven of our top 20.

在過去一年中，Synchrony 將我們的業務組合擴展到了全國性和地方性企業。使我們新增或續約的合作夥伴總數超過 75 家，其中包括我們前五大合作夥伴中的兩家和前 20 大合作夥伴中的七家。

Approximately 97% of our total interest and fees from our top 25 partners are renewed through 2028, and our top five partners are renewed through 2030 and beyond, reflecting the deep trust our partners have in synchrony and our ability to deliver for their businesses.

我們從前 25 位合作夥伴處獲得的總利息和費用中約有 97% 續簽至 2028 年，而前五位合作夥伴的續簽則至 2030 年及以後，這反映了我們的合作夥伴對同步以及我們為其業務提供服務的能力的深切信任。

Synchrony also continued to diversify our programs, products, and markets over the past year, providing greater flexibility and broader access for our customers and partners as their needs evolve and priority shift.

過去一年，Synchrony 也不斷拓展我們的專案、產品和市場，隨著客戶和合作夥伴的需求不斷變化和優先事項的調整，為他們提供更大的靈活性和更廣泛的管道。

We entered into more than 10 merchant and practice management platform partnerships, including Weave, one of the largest patient relationship management software providers in the health and wellness space that supports over 35,000 small and medium sized practices across dental, cosmetic, vision, and vet.

我們與 10 多家商家和診所管理平台建立了合作關係，其中包括 Weave，它是健康和保健領域最大的患者關係管理軟體提供者之一，為牙科、美容、視力和獸醫等領域的 35,000 多家中小型診所提供支援。

Together we're focused on eliminating the friction between patient communication and payment experiences and empowering customers with access and financial flexibility, so we're excited to develop a best in class patient engagement and payment solution that will seamlessly integrate care credit across critical moments that matter in the patient journey from appointment scheduling and reminders to bill pay.

我們共同致力於消除患者溝通和支付體驗之間的摩擦，並賦予客戶獲取醫療服務和財務靈活性的能力，因此我們很高興能夠開發一流的患者互動和支付解決方案，將 Care Credit 無縫集成到患者就醫過程中的關鍵時刻，從預約安排和提醒到賬單支付。

Synchrony now partners with over 50 merchant and practice management platforms like Weave in both the health and wellness and home and auto markets, so that we can enable seamless access to our financing solution suite while converting more sales for hundreds of thousands of small and mid-sized businesses that utilize these technology platforms to operate their businesses.

Synchrony 目前與 50 多個商家和診所管理平台（如 Weave）合作，涵蓋健康和保健以及家庭和汽車市場，以便我們能夠為數十萬使用這些技術平台運營業務的中小型企業提供無縫訪問我們融資解決方案套件的機會，同時提高銷售額。

Similarly, our acquisition of Versatile is expected to accelerate our multi-source financing strategy, reaching and empowering more customers with smarter financing options across online, in-store, and mobile points of sale, while driving seamless integrations, higher approval rates, and detailed reporting to drive sales across home, auto, and elective medical merchants and providers.

同樣，我們收購 Versatile 有望加速我們的多通路融資策略，透過線上、店內和行動銷售點，為更多客戶提供更智慧的融資選擇，同時推動無縫整合、提高審批率和提供詳細的報告，從而促進家庭、汽車和選擇性醫療商家及供應商的銷售。

And our continued launch of new products across our portfolio is delivering enhanced utility and value for our customers, while driving loyalty and sales for our partners. For example, synchrony pay later is now offered to more than 6,200 merchants, and thus far, our data shows that when we offer a pay later and revolving products together, we experience an at least 10% average increase in sales, pointing to the expansive purchase power Synchrony can deliver through our multi-product strategy.

我們不斷推出涵蓋我們產品組合的新產品，為客戶帶來更高的實用性和價值，同時也提高了合作夥伴的忠誠度和銷售。例如，Synchrony 的「先享後付」服務目前已向超過 6,200 家商家提供。到目前為止，我們的數據顯示，當我們同時提供「先享後付」和循環信貸產品時，銷售額平均至少增長了 10%，這表明 Synchrony 透過我們的多產品策略可以帶來巨大的購買力。

And in today's world where purchases are often decided and financing approved before checkout, synchrony is increasingly wherever our customer is on the product page, in search results, in digital shopping carts, and even in their inbox, providing effortless access to flexible financing options.

在當今世界，購買決策和融資審批往往在結帳之前就已經完成，無論客戶身處產品頁面、搜尋結果、數位購物車，甚至是收件匣，同步性都在不斷增強，從而讓他們能夠輕鬆獲得靈活的融資方案。

The investments we've been making are driving these and other innovations at Synchrony, as we seek to expand and deepen the role we play across the consumer finance and payments ecosystem. Over the last year, we have enriched the experiences we deliver while empowering our customers with more dynamic access and choice through the combination of Synchrony Marketplace, which features our AI search capability called Joy Hunt and Synchrony's website and native app.

我們一直在進行的投資正在推動Synchrony的這些以及其他創新，因為我們尋求擴大和深化我們在消費者金融和支付生態系統中扮演的角色。在過去一年中，我們透過 Synchrony Marketplace（其特色是我們的人工智慧搜尋功能 Joy Hunt）與 Synchrony 的網站和原生應用程式相結合，豐富了我們提供的體驗，同時賦予客戶更動態的存取和選擇權。

Together, the enhancements we made across these channels contributed to an 18% increase in total visits and 17% more in sales in 2025. Our digital wallet strategy also continued to accelerate, having more than doubled the number of unique provisioned accounts and digital wallet sales compared to last year.

我們透過這些管道所做的改進，使得到 2025 年總訪問量增長了 18%，銷售額增長了 17%。我們的數位錢包策略也持續加速發展，與去年相比，獨立開通帳戶數量和數位錢包銷售額都增加了一倍以上。

This growth also supported a 400 basis point gain in our dual and co-branded cards wallet penetration rate, which should enhance the stickiness of these products and provide natural tailwinds to synchronize mobile wallet share as we continue to invest in this strategy and aim to ensure that our products are anywhere our customers want them to be.

這一成長也使我們的雙品牌和聯名卡錢包滲透率提高了 400 個基點，這將增強這些產品的黏性，並為同步行動錢包份額提供自然的順風，因為我們將繼續投資於此策略，並致力於確保我們的產品出現在客戶想要的任何地方。

So no matter how our customers come to synchrony with the hundreds of thousands of partners, providers, and small and mid-sized businesses we serve, our digital ecosystem is designed to connect them with the compelling value propositions, broad utility, and flexible payment structures that best align with their needs in that moment.

因此，無論我們的客戶如何與我們服務的數十萬合作夥伴、供應商以及中小企業達成同步，我們的數位生態系統旨在將他們與極具吸引力的價值主張、廣泛的實用性和靈活的支付結構聯繫起來，從而在當時最符合他們的需求。

By almost any account, we believe the ways in which synchrony is executed throughout 2025 have positioned us well for the future. We have invested in our products and digital capabilities to drive greater reach, deeper penetration, and broader utility, and we have built enduring relationships with a diverse range of partners who are primed to deliver strong risk-adjusted growth as conditions allow.

無論從哪個角度來看，我們都相信 2025 年的同步實施方式已經讓我們為未來做好了充分準備。我們已對產品和數位化能力進行投資，以擴大覆蓋面、加深滲透、提升實用性，並與眾多合作夥伴建立了持久的合作關係，這些合作夥伴已做好準備，在條件允許的情況下實現強勁的風險調整後增長。

And 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 fourth quarter and full year financial performance delivered strong risk adjusted returns amidst evolving market conditions. The combination of our underwriting discipline and the efficacy of our prior credit actions enabled the return of our full year net charge-off rate to within our long-term target range of 5.5% to 6%.

謝謝布萊恩，大家早安。在不斷變化的市場環境下，Synchrony 第四季和全年的財務業績實現了強勁的風險調整後收益。我們嚴格的核保紀律和先前信貸措施的有效性相結合，使我們全年的淨沖銷率恢復到 5.5% 至 6% 的長期目標範圍內。

We achieved strong new account and purchase line growth across the portfolio. Despite maintaining our net credit restrictive position and despite the associated effects of an elevated payment rate, ending loan receivables grew across three of our five platforms, and interest income increased, reflecting the building impact of our product, pricing and policy changes or PPPCs and the reduction of our funding liabilities costs.

我們在所有產品組合中都實現了強勁的新客戶成長和採購訂單成長。儘管我們保持了淨信貸限制地位，並且儘管支付率上升產生了相關影響，但我們五個平台中的三個平台的期末貸款應收款額均有所增長，利息收入也有所增加，這反映了我們的產品、定價和政策變化或PPPC的逐步影響以及我們融資負債成本的降低。

The combination of these trends drove enhanced program performance, which was shared through our RSAs, maintaining economic alignment with our partners, enabling them to reinvest in our mutual customers and drive loyalty amidst a backdrop of more discerning spend behavior.

這些趨勢的結合推動了專案績效的提升，並透過我們的區域銷售協議 (RSA) 實現了共享，從而與我們的合作夥伴保持了經濟上的一致性，使他們能夠重新投資於我們的共同客戶，並在消費行為更加謹慎的背景下提高客戶忠誠度。

To summarize Synchrony's fourth quarter results, we generated net earnings of $751 million or $2.04 per diluted share, which included the impact of a $0.14 restructuring charge related to a voluntary employee early retirement program.

總結Synchrony第四季業績，我們實現了7.51億美元的淨利潤，即每股攤薄收益2.04美元，其中包括與員工自願提前退休計劃相關的0.14美元重組費用的影響。

A return on average assets of 2.5%, a return on tangible common equity of 21.8%, and a 9% increase in tangible book value per share. And for the full year, Synchrony delivered net earnings of $3.6 billion or $9.28 per diluted share, a return on average assets of 3.0%, and a return on tangible common equity of 25.8%. We look forward to building on this momentum across our business in both the short and medium term.

平均資產回報率為 2.5%，有形普通股權益回報率為 21.8%，每股有形帳面價值成長 9%。全年來看，Synchrony 實現淨利潤 36 億美元，即每股攤薄收益 9.28 美元，平均資產回報率為 3.0%，有形普通股權益回報率為 25.8%。我們期待在短期和中期內，在業務的各個方面都能保持這種發展勢頭。

Focusing on our fourth quarter results in more detail, we generated $49 billion of purchase volume our fourth quarter record, and a 3% year over year increase despite the ongoing effects of net credit restrictive actions we took between mid 2023 and early 2024 and continued selectivity in customer spending behavior.

更詳細地來看我們第四季度的業績，儘管受到 2023 年年中至 2024 年初期間採取的淨信貸限制措施的持續影響以及客戶消費行為的持續選擇性，我們仍然實現了 490 億美元的採購額，創下第四季度紀錄，並同比增長 3%。

Ending loan receivables decreased 1% to $104 billion in the fourth quarter, reflecting the combination of higher payment rates, lower average active accounts, and the effects of lower purchase volume in the first half of this year.

第四季末貸款應收款下降 1% 至 1,040 億美元，反映出更高的付款率、更低的平均活躍帳戶數以及今年上半年購買量下降的影響。

The payment rate increased by approximately 45 basis points versus last year to 16.3% and was approximately 155 basis points above the pre-pandemic fourth quarter average. Net revenue of $3.8 billion is flat versus last year. Its higher net interest income was offset by higher RSAs driven by program performance.

支付率較去年同期成長約 45 個基點，達到 16.3%，比疫情前的第四季平均高出約 155 個基點。淨收入為38億美元，與去年持平。其較高的淨利息收入被專案績效帶來的較高RSA所抵銷。

Net interest income increased 4% to $4.8 billion primarily driven by higher loan receivables yield and the impact of our PPPCs and lower interest-bearing liabilities costs associated with lower benchmark rates partially offset by lower liquidity portfolio yield.

淨利息收入成長 4% 至 48 億美元，主要得益於貸款應收款收益率提高以及我們的 PPPC 和基準利率降低帶來的計息負債成本下降，但部分被流動性組合收益率下降所抵消。

Our fourth quarter net interest margin increased 82 basis points versus last year to 15.83%, reflecting three key drivers. One, a 53 basis points increase in our loan receivable yield, which contributed approximately 44 basis points to our net interest margin.

我們的第四季淨利差較去年同期成長 82 個基點至 15.83%，主要得益於三個關鍵因素。第一，我們的貸款應收款收益率提高了 53 個基點，這為我們的淨利差貢獻了約 44 個基點。

This increase was primarily driven by the impact of our PPPCs, partially offset by lower benchmark rates and lower assessed late fees. Two, a 51 basis points decline in our total interest-bearing liabilities costs versus last year, which contributed approximately 41 basis points to our net interest margin.

這一增長主要是由於我們的PPPC（個人付款計劃）的影響，部分被較低的基準利率和較低的滯納金所抵消。第二，與去年相比，我們的總計息負債成本下降了 51 個基點，這為我們的淨利差貢獻了約 41 個基點。

And three, a 46 basis points increase in the mix of loan receivables as a percent of interest earning assets, which increased our net interest margin by approximately 8 basis points.

第三，貸款應收款佔生息資產的比例增加了 46 個基點，使我們的淨利差增加了約 8 個基點。

These improvements were partially offset by a 73 basis points reduction in our liquidity portfolio yield, which reduced our net interest margin by 11 basis points. The decline generally reflected the impact of lower benchmark rates.

這些改善被流動性組合收益率下降 73 個基點部分抵消，導致我們的淨利差下降了 11 個基點。這一降幅總體上反映了基準利率下降的影響。

Moving on, RSAs of $1.1 billion or 4.30% of average loan receivables in the fourth quarter, and increased $175 million versus the prior year, primarily reflecting program performance, which included lower net charge-offs and the impact of our PPPCs.

接下來，第四季 RSA 為 11 億美元，佔平均貸款應收款的 4.30%，比去年同期增加了 1.75 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。

Provision for credit losses decreased $119 million to $1.4 million driven by a $294 million decrease in net charge-offs and partially offset by a reserve bill of $76 million versus a $100 million release in the prior year. Other expense increased 10% to $1.4 billion generally reflecting higher employee costs and technology investments.

信貸損失準備金減少了 1.19 億美元，至 140 萬美元，主要原因是淨沖銷減少了 2.94 億美元，但部分被 7,600 萬美元的準備金帳單所抵消，而上一年則釋放了 1 億美元。其他支出成長 10% 至 14 億美元，主要反映了員工成本和技術投資的增加。

Employee cost increase primarily due to a $67 million restructuring charge associated with a voluntary employee early retirement program, as well as a shift in headcount mix. The fourth quarter efficiency ratio was 36.9%, approximately 360 basis points higher than last year.

員工成本增加主要是由於與員工自願提前退休計畫相關的 6,700 萬美元重組費用，以及人員組成的變化。第四季效率比為 36.9%，比去年同期高出約 360 個基點。

This resulted from higher overall expenses and the impact of higher RSA on net revenue as program performance improved. Excluding the impacts of the restructuring charge, the fourth quarter efficiency ratio would have been approximately 180 basis points lower.

這是由於整體支出增加以及隨著專案績效的提高，RSA 增加對淨收入的影響。如果排除重組費用的影響，第四季效率比率將下降約 180 個基點。

Shifting focus to our key credit trends on slide 9, which shows that our 30 plus and 90 plus delinquency rates, as well as our net charge-off rate, are all below our historical average for the fourth quarters of 2017 to 2019.

接下來，我們將重點關注第 9 張投影片上的關鍵信貸趨勢，該投影片顯示，我們的 30 天以上和 90 天以上的逾期率以及淨沖銷率均低於 2017 年至 2019 年第四季的歷史平均水平。

At quarter end, our 30 plus delinquency rate was 4.49%, a decrease of 21 basis points from 4.7% in the prior year. Our 90 plus delinquency rate was 2.17%, a decrease of 23 basis points from 2.40% in the prior year, and our net charge-off rate was 5.37% in the fourth quarter, a decrease of 108 basis points from 6.45% in the prior year.

截至季末，我們的逾期 30 天以上的貸款率為 4.49%，比上年的 4.7% 下降了 21 個基點。第四季度，逾期 90 天以上的貸款違約率為 2.17%，比前一年的 2.40% 下降了 23 個基點；淨沖銷率為 5.37%，比前一年的 6.45% 下降了 108 個基點。

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 discipline, underwriting, and credit management strategies. These trends reinforce our confidence in our portfolio's credit positioning as we move forward and provide a strong foundation for us to execute our business strategy.

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行動的有效性，也反映了我們紀律、承銷和信貸管理策略的力量。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。

Finally, our allowance for credit losses as a percent of loan receivables was 10.06%, which decreased approximately 29 basis points from 10.35% in the third quarter and declined 38 basis points from the 10.44% in the fourth quarter of 2024.

最後，我們的信貸損失準備金佔貸款應收款的百分比為 10.06%，比第三季的 10.35% 下降了約 29 個基點，比 2024 年第四季的 10.44% 下降了 38 個基點。

Turning to slide 10, Synchrony's funding, capital, and liquidity continue to provide a strong foundation for our business as we exited 2025. Synchrony grew our direct deposits by $2.9 billion versus last year as we reduced broker deposits by $3.8 billion.

翻到第 10 張投影片，截至 2025 年末，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。與去年相比，Synchrony 的直接存款增加了 29 億美元，而經紀存款則減少了 38 億美元。

Also, during the fourth quarter, we issued a $750 million and three year secured public bond from the synchronic Card Issuance Trust with the tightest benchmark adjusted spread we've had in the past seven years and a final coupon of 4.06%.

此外，在第四季度，我們透過同步卡發行信託發行了 7.5 億美元、三年期擔保公債，基準調整利差為過去七年來最低，最終票息為 4.06%。

At December 31, deposits represented 84% of our total funding with secured debt representing 9% and unsecured debt representing 7%. Total liquid assets decreased 3% to $16.6 billion and represented 13.9% of total assets, 45 basis points lower than last year.

截至 12 月 31 日，存款占我們總資金的 84%，有擔保債務佔 9%，無擔保債務佔 7%。流動資產總額下降 3% 至 166 億美元，佔總資產的 13.9%，比去年下降 45 個基點。

Moving to our capital ratios, synchrony ended the quarter with a CET1 ratio of 12.6%, a tier one capital ratio of 13.8%, and the total capital ratio of 15.8%. Each declined approximately 70 basis points versus prior year. And our tier one capital plus reserves ratio decreased to 23.7% compared to 24.3% last year.

再來看我們的資本比率，Synchrony 在本季末的 CET1 比率為 12.6%，一級資本比率為 13.8%，總資本比率為 15.8%。與上年同期相比，兩項指標均下降了約70個基點。我們的第一級資本加儲備金比率從去年的 24.3% 下降至 23.7%。

During the fourth quarter, simply returned $1.1 billion to shareholders consisting of $952 million in share purchases and $106 million in common stock dividends, and for the full year we returned $3.3 billion including $2.9 billion in share purchases and $427 million in common stock dividends.

第四季度，我們向股東返還了 11 億美元，其中包括 9.52 億美元的股票回購和 1.06 億美元的普通股股息；全年，我們返還了 33 億美元，其中包括 29 億美元的股票回購和 4.27 億美元的普通股股息。

Signing remains well positioned to return capital to shareholders. Subject to our business performance, market conditions, regulatory restrictions or expectations, and our capital plan.

Signing公司仍處於有利地位，能夠為股東帶來資本回報。取決於我們的業務表現、市場狀況、監管限製或預期以及我們的資本計劃。

Turning to our outlook for 2026 on slide 11. It creates high-level execution throughout the past year, coupled with our ongoing investments has positioned as well to grow a portfolio in a prudent risk adjusted manner should conditions allow.

接下來請看第 11 頁投影片，了解我們對 2026 年的展望。過去一年，我們憑藉高水準的執行力，加上持續的投資，在條件允許的情況下，以審慎的風險調整方式發展投資組合。

Our baseline assumptions include no regulatory or legislative changes, a stable macroeconomic environment, with no significant reduction in inflation rates, full year GDP growth of 2%, a year-end unemployment rate of 4.8%.

我們的基準假設包括：沒有監管或立法變化，宏觀經濟環境穩定，通貨膨脹率沒有顯著下降，全年GDP成長2%，年底失業率為4.8%。

A year-ended funds rate of 3.25% and full year deposit base of approximately 65% for 2026, we expect average active account and purchase volume growth to drive mid-single-digit ending receivables growth, even while payment rates remain elevated.

預計 2026 年末資金利率為 3.25%，全年存款基數約為 65%，即使支付率仍然較高，平均活躍帳戶和購買量的增長也將推動應收帳款實現中等個位數的期末增長。

The rate of receivables growth should follow seasonality and accelerate as we move into the back half of the year, as recently launched programs grow and the Lowe's commercial co-brand credit card program transfers to our portfolio in the second quarter.

隨著新推出的項目不斷增長，以及 Lowe's 商業聯名信用卡項目在第二季度轉移到我們的產品組合中，應收帳款的增長速度將隨著季節性因素而加快，並進入下半年。

This growth outlook also assumes no additional broad-based credit refinements. We currently also expect our portfolio and the charge-off rate to be in line with our long-term target of 5.5% to 6%.

這一成長前景也假設不會有其他更廣泛的信貸改革措施。我們目前也預期我們的投資組合和核銷率將符合我們 5.5% 至 6% 的長期目標。

We will continue to monitor our portfolio performance and the broader macroeconomic conditions closely. To the extent we see notable changes in the portfolio trends or macroeconomic conditions, we will consider making further adjustments to our credit positioning.

我們將繼續密切關注投資組合表現和更廣泛的宏觀經濟狀況。如果投資組合趨勢或宏觀經濟狀況有顯著變化，我們將考慮進一步調整我們的信貸配置。

We expect net interest income to continue to grow in 2026 as the impact of PPPCs continue to build and as we reduce our funding liabilities costs. These trends will be partially offset by lower late fee incidences and the yield dilutive effect of accelerating new account growth.

我們預計，隨著PPPC的影響持續增強以及我們降低融資負債成本，2026年淨利息收入將持續成長。這些趨勢將被較低的滯納金發生率和新帳戶成長加速帶來的收益率稀釋效應部分抵消。

RSAs are expected to increase reflecting stronger program performance but remain within our target of 4.0% to 4.5% of average receivables.

RSA 預計會隨著專案績效的增強而增加，但仍將維持在平均應收帳款 4.0% 至 4.5% 的目標範圍內。

Other expenses, excluding the impact of the $98 million of notable items in 2025 should grow in line with loan receivables, reflecting continued investment in our growth and innovation as we look to drive our momentum forward.

除 2025 年 9,800 萬美元的重大項目的影響外，其他支出應與貸款應收款同步增長，這反映了我們為推動發展勢頭而持續投資於成長和創新。

Remain focused on delivering operating leverage in our business while balancing the opportunities we see to power leading edge experiences and portfolio expansion. Altogether, these financial drivers are expected to deliver net earnings per diluted share between $9.10 and $9.50 for the full year 2026.

繼續專注於提升業務營運效率，同時兼顧我們所看到的機遇，以推動前沿體驗和產品組合的擴展。綜合來看，這些財務因素預計將使公司在 2026 年全年實現每股攤薄淨收益 9.10 美元至 9.50 美元。

This range includes the impact of growth-related initiatives like Walmart OnePay, Lowe's commercial co-brand, and versatile Credit, as well as investments in other key technology initiatives.

這項範圍包括沃爾瑪 OnePay、勞氏商業聯名和多功能信貸等成長相關措施的影響，以及對其他關鍵技術措施的投資。

These combined investments will impact loan receivables yield, provision for credit losses, other income, and other expenses to varying degrees. Synchrony's model is designed to generate double-digit earnings per share growth on average over time and through cycles. This reflects our disciplined approach to underwriting credit management as well as our expense base and economic alignment we achieve through our RSAs.

這些綜合投資將對貸款應收款收益率、信貸損失準備金、其他收入和其他支出產生不同程度的影響。Synchrony 的商業模式旨在隨著時間的推移和週期性波動，平均實現每股收益兩位數的成長。這體現了我們嚴謹的核保信貸管理方法，以及我們透過 RSA 實現的費用基礎和經濟一致性。

As we look to 2026 and beyond, these core drivers have set the stage as conditions allow for synchrony to drive strong earnings and continue progress towards our long-term financial targets while generating incremental excess capital. With that, I'll turn the call back to Brian.

展望 2026 年及以後，這些核心驅動因素已經為實現強勁盈利和繼續朝著我們的長期財務目標邁進奠定了基礎，同時也產生了額外的超額資本。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.

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。

First, 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.

首先，同步性體現在我們關鍵策略重點的執行上，即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。

And we are doing this while also earning the honor of being ranked second among the top best companies to work for in the U.S. by Fortune magazine and great places to work in 2025. I am incredibly proud of the great work we are doing together and the great strides we are making as we seek to solidify synchrony at the heart of American commerce.

同時，我們也榮獲《財星》雜誌評選的美國最佳雇主公司第二名，並被評為 2025 年最佳工作場所之一。我為我們共同取得的偉大成就和在鞏固美國商業核心同步性方面取得的巨大進步感到無比自豪。

Second, synchrony past, present, and future are grounded in our ability to drive sustainable growth at appropriate risk-adjusted returns through cycles and the evolving consumer landscape. Our expertise, discipline, and consistent innovation have made this possible, allowing us to deliver products and experiences with enduring appeal and compelling value for both our customers and partners alike.

其次，過去、現在和未來的同步性取決於我們是否能在週期和不斷變化的消費環境中，以適當的風險調整回報推動永續成長。我們的專業知識、嚴謹的作風和持續的創新使這一切成為可能，讓我們能夠為客戶和合作夥伴提供具有持久吸引力和巨大價值的產品和體驗。

Since exiting the pandemic in 2021, Synchrony has added or renewed more than 300 partners, including 16 of our top 20, while also growing ending receivables at an average rate of approximately 7% and delivering an average return on assets of approximately 3%, and an average return on tangible common equity of approximately 25%.

自 2021 年疫情結束後，Synchrony 新增或續簽了 300 多個合作夥伴，其中包括我們前 20 名合作夥伴中的 16 個，同時期末應收帳款平均增長率約為 7%，資產平均回報率約為 3%，有形普通股平均回報率約為 25%。

And third, Synchrony's robust capital generation capacity positions us well to continue to invest in our business and growth opportunities, while also returning capital as conditions allow. So as we look to 2026 and beyond, we are confident in the momentum we've built to drive considerable long-term value for our many stakeholders. With that, I'll turn the call back to Kathryn and open the Q&A.

第三，Synchrony 強大的資本創造能力使我們能夠繼續投資於我們的業務和成長機會，同時在條件允許的情況下返還資本。展望 2026 年及以後，我們對已建立的勢頭充滿信心，相信這將為我們的眾多利害關係人帶來可觀的長期價值。接下來，我將把電話轉回給凱瑟琳，開始問答環節。

That concludes our prepared remarks. We will now begin the Q&A session. So that we can accommodate as many of you as possible, I'd like to ask the participants to please limit yourself to one primary and one follow-up question. If you have additional questions, the Investor Relations team will be available after the call.

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。

Operator, please start the Q&A session.

操作員，請開始問答環節。

(Operator Instructions).

（操作說明）

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Good morning. Good job on 2025. I know you guys had a lot to deal with. Maybe just, starting on the mid-single-digit, growth guide for receivables growth. I think that's quite encouraging. Brian, can you just talk about sort of the building blocks for that?

早安.2025年做得很好。我知道你們有很多事情要處理。或許可以先從個位數中段的成長目標開始，作為應收帳款成長的指導方針。我覺得很令人鼓舞。布萊恩，你能簡單談談這方面的組成要素嗎？

I saw the co-brand volume growth accelerated. Is that partly due to Walmart, or how are the early views of Walmart looking? And then Brian Wenzel, you talked a little bit about not necessarily assuming any changes to, so the underwriting stance, for the year, but is that something you're considering inside the guide?

我看到聯名品牌銷售成長加速。這部分原因是否在於沃爾瑪？或者說，沃爾瑪的早期前景如何？Brian Wenzel，你剛才談到不一定要假設今年的核保立場會有任何變化，但這是你在指南中考慮的內容嗎？

Yeah, Sanjay, why don't I start on that. So look, I think overall we're pretty encouraged by what we're seeing in terms of the consumer. I think, the consumer's been resilient.

好啊，桑傑，不如我先開始。所以，總的來說，我認為我們對目前消費者的情況感到相當鼓舞。我認為，消費者展現了強烈的韌性。

All year, I think better than we expected. We're not really seeing any signs of weakness, we're actually seeing strength as we look at the spending patterns and credit continues to outperform our expectations as you mentioned.

我覺得全年表現都比預期好。我們並沒有看到任何疲軟的跡象，實際上，從消費模式來看，我們看到的是強勁的成長勢頭，正如您所提到的，信貸表現繼續超越我們的預期。

So I think the macro environment is still pretty constructive. Bigger tax runs refunds could potentially help us a little bit here in the short-term as well. But if you look at our business more specifically, I think, purchase volume, turn the corner, nice trajectory up 3% versus last year, we've got four out of five platforms improving sequentially.

所以我認為宏觀環境仍然相當有利。短期內，較大的退稅額或許也能為我們帶來一些幫助。但如果你更具體地看一下我們的業務，我認為，採購量已經扭轉局面，呈現出良好的成長勢頭，比去年增長了 3%，我們五個平台中有四個都在環比增長。

We're seeing really nice growth in co-brand purchase volume up 16% versus prior years you mentioned. So, we're kind of firing on all cylinders and we feel pretty good about that mid-single-digit loan guide. If you look at the components, Walmart's obviously a big part of that. We launched in September, it's the fastest growing program we've ever launched, so we feel great about that. We're making continued investments in health and wellness.

我們看到聯名品牌購買量出現了非常可觀的成長，比您提到的往年成長了 16%。所以，我們目前一切進展順利，對中位數的貸款指導利率感到非常滿意。如果仔細分析各個組成部分，沃爾瑪顯然是其中非常重要的一部分。該項目於 9 月啟動，是我們迄今為止推出的成長速度最快的項目，我們對此感到非常自豪。我們將持續加大對健康和福祉領域的投入。

That's a platform that continues to outperform, and we expect it to continue to outperform next year. So, Lowe's commercial program, there's just a lot of things that you tick down the list that we're really optimistic about as we look forward to '26. I don't know, Brian, if you want to add to that.

這是一個持續表現優異的平台，我們預期它明年也將繼續保持優異表現。所以，Lowe's 的商業計劃有很多方面讓我們對 2026 年充滿信心，我們可以逐一檢查。布萊恩，我不知道你是否想補充什麼。

Yeah, Good morning, Sanjay. So a couple of things I just add on to what Brian said I mean, first look at the trajectory as you step through 2025, we're minus 4, minus 2 and you get through the end part of 2025, you were plus 3 on purchase volume.

是啊，早安，桑傑。所以，我還要補充布萊恩說的幾點。我的意思是，首先，看看到 2025 年的發展軌跡，我們先是下降了 4，然後又下降了 2，到了 2025 年末，購買量就上升了 3。

If you take that and extrapolate that into the first, several weeks of 2026, we have accelerated, the purchase volume beyond that rate. Now again, we'll see what happens this weekend after the snowstorm and ice storm came through, but we were encouraged by that increased spending, even when you look at the holiday inside of the fourth quarter, our holiday partners, which make up about two third of our portfolio, grew above a 4% rate.

如果將這一趨勢推算到 2026 年的前幾週，就會發現購買量已經超過了之前的水平。現在，我們將再次觀察本週末暴雪和冰暴過後的情況，但我們對支出增加感到鼓舞，即使只看第四季度內的假期，我們的假日合作夥伴（約占我們投資組合的三分之二）的增長率也超過了 4%。

It's really the non-holiday part which you get in with about a third, was growing, significantly less than that, which is how you got to the three. And even you see green shoots in the portfolio. One of the biggest things that you think about that guide, Sanjay, is where's consumer confidence? You saw it tick up.

實際上，非假日部分佔比約為三分之一，成長速度遠低於此，這就是最終佔比為三的原因。甚至從作品集中也能看到一些正面的跡象。Sanjay，你對那份指南最關心的問題之一是消費者信心在哪裡？你看到它上升了。

Most certainly that trails a lot of times what we're starting to see in our portfolio and if you look at like home specialty, here's something that was comping down every single quarter was kind of flattish in the fourth. So if you can get that bigger ticket, to turn and consumer confidence to turn, I think that gives you momentum.

當然，這遠遠落後於我們投資組合中開始看到的情況。如果你看看家居用品專賣店，你會發現它每季都在下滑，但在第四季卻基本持平。所以，如果你能拿下大單，提振消費者信心，我認為這會為你帶來發展動力。

I think if you pull up for a second, the growth rate as you think about it for, moving forward we were, just, slowly down one. To mid-single digits is really, putting in three buckets, right? Number one, the core book which we just talked about, some of the momentum, you highlighted, co-brand, the other things we're seeing is some of the green shoots in the consumer confidence. Two goes into the credit aperture changes we made in 2025 that will contribute, into the portfolio.

我認為，如果你停下來想一想，成長率，就目前來看，我們只是緩慢地下降了1%。達到個位數中段，其實就是往三個桶子裡放東西，對吧？第一，我們剛才談到的核心書籍，你重點提到的一些勢頭，聯合品牌，以及我們看到的其他方面，消費者信心出現了一些復甦的跡象。其中兩點將納入我們在 2025 年所做的信貸寬鬆政策調整，這將有助於投資組合的發展。

We don't have incremental, credit aperture changes in the guide here. That's something obviously at our discretion depending on how credit performs. And then third, it's really, Walmart and Lowe's as they kind of come into the portfolio. And again, the opportunity with Walmart is obviously significant given their customer past.

本指南中沒有漸進式的信貸開口變化。這顯然由我們根據信貸表現酌情決定。第三，沃爾瑪和勞氏公司也算是進入了我們的投資組合。再次強調，考慮到沃爾瑪過往的顧客記錄，與沃爾瑪的合作機會顯然非​​常巨大。

So I think there's many different levers, and even when you look at the consumer behavior both on a frequency and average transaction value basis. We're showing improvement in both of those as we exit out of 2025, so really, I think strong performance by the consumer in a uncertain environment.

所以我認為有很多不同的槓桿，即使你從消費頻率和平均交易額的角度來看消費者的行為。2025 年即將結束，我們在這兩方面都取得了進步，所以我認為，在不確定的環境下，消費者表現強勁。

Thank you. Just my follow-up question is on these, the news on the 10% APR caps. I'm just curious if you guys -- obviously your views on it, but if you guys have any had chances to talk to some of your partners about sort of how they're thinking about it, because it definitely affects both you and them as well, so I'm just curious to hear your views and your feedback.

謝謝。我的後續問題是關於10%年利率上限的新聞。我只是好奇你們——當然，我是想聽聽你們的看法，但你們有沒有機會和伴侶們談談他們的想法，因為這肯定會影響到你們和他們，所以我很想聽聽你們的看法和回饋。

Yeah, sure, Sanjay. So look, I think the administration is focused on affordability, which we completely agree is important for consumers and the economy.

當然可以，桑傑。所以你看，我認為政府關注的是價格負擔能力，我們完全同意這對消費者和經濟都很重要。

And as like we pride ourselves on offering credit to a very broad cross section of the U.S. consumer. We approve more customers at that low to mid-income level than many other issuers, and I think that availability of credit is critical to the economy.

正如我們引以為傲的那樣，我們向美國廣大消費者提供信貸服務。我們批准的低收入到中等收入客戶數量比許多其他發卡機構都多，我認為信貸的可近性對經濟至關重要。

As this is a highly competitive industry, and credit cards are one of the most competitive spaces in banking. Our products have to be competitively priced, and we also have to offer significant value to the consumer.

由於這是一個競爭非常激烈的行業，而信用卡又是銀行業競爭最激烈的領域之一。我們的產品必須定價具有競爭力，同時我們也必須為消費者提供顯著的價值。

So any price controls, like an APR cap would not make credit more affordable. It would eliminate credit for those that need it, a cap would require issuers to significantly reduce the amount of credit they're able to provide, and again that disproportionately impacts the consumers at the lower income levels.

因此，任何價格管制措施，例如年利率上限，都不會使信貸更實惠。這將使需要信貸的人無法獲得信貸，而信貸上限將要求發卡機構大幅減少其能夠提供的信貸額度，而這同樣會對低收入消費者造成不成比例的影響。

And then you mentioned our partners. I mean this is very bad for merchants that depend on those credit programs, we support 400,000 small to medium sized businesses who depend on those credit programs. In some cases we can be over 40% of their sales, so this would be a huge hit for them.

然後您提到了我們的合作夥伴。我的意思是，這對依賴這些信貸項目的商家來說非常糟糕，我們支持著 40 萬家依賴這些信貸項目的中小型企業。在某些情況下，我們的銷售額可以占到他們銷售額的 40% 以上，所以這對他們來說將是一個巨大的打擊。

So when you look at the severe impact on both the consumers and businesses, there's no question this would be very bad for the economy, and we're out there talking to our partners every day, the big partners, small to medium sized businesses, and they're very concerned when they think about what this would do to their businesses.

因此，考慮到疫情對消費者和企業的嚴重影響，毫無疑問，這將對經濟造成非常不利的影響。我們每天都在與我們的合作夥伴，包括大型合作夥伴和中小企業進行溝通，他們都非常擔心疫情會對他們的業務造成怎樣的影響。

Thank you.

謝謝。

Ryan Nash, Goldman Sachs.

Ryan Nash，高盛集團。

Hey, good morning, guys. Maybe just start on credit. The guide, I think would imply, losses increasing slightly at the midpoint despite strong delinquency performance. And, if I'm doing the math correct, if I use the 17 to 19 seasonality.

嘿，大家早安。或許可以先從貸款開始。我認為該指南暗示，儘管違約率表現強勁，但中期損失可能會略有增加。而且，如果我的計算沒錯，如果我使用 17 到 19 的季節性。

That would put losses on the low end, although I guess losses were rising in 17, so that overstates the seasonality. So maybe if you unpacked the credit guide a bit, do you expect to be at the low end of that or potentially lower, and maybe just talk about any benefit that is baked in from the elevated tax refunds. Thank you.

這樣看來，損失應該在較低水平，不過我猜 17 年的損失正在增加，所以這誇大了季節性因素。所以，如果你仔細研究一下稅收抵免指南，你預期你的抵免額會處於指南的低端，還是會更低？也許我們可以談談提高退稅額所帶來的任何好處。謝謝。

Yeah, let me unpack that a little bit, Ryan. Thanks for the question. First based on the performance, right, where delinquency is as we enter into, 2026.

好的，讓我稍微解釋一下，瑞恩。謝謝你的提問。首先根據表現來看，沒錯，到 2026 年，違約率會是多少。

I mean, obviously when you look at, you, the charge-offs of 5.37% for the fourth quarter and how that kind of steps out and the favorability that you have versus the historical loss rate in 17 basis points to 19 basis points to 12 basis points better.

我的意思是，很明顯，當你看到第四季度的沖銷率為 5.37%，以及它與歷史損失率相比，優勢顯著，比歷史損失率低了 17 到 19 個基點，甚至低了 12 個基點。

Obviously 30 plus being 13 basis points better than that historical period and a little bit narrower on 90 plus, at 217, but 7 basis points better. So the formation as we enter into, 2026 is strong, right? Number one, the full year obviously for this year was 565.

顯然，30歲以上人群比歷史時期高出13個基點，而90歲以上人群的差距略小，為217，但高出7個基點。所以，進入2026年，情況依然強勁，對吧？第一，今年的全年數據顯然是 565。

The way to think about it around a little bit is, you got a strong foundation bringing you into the year, but you're also bringing into it. You, a new portfolio we talked quite a bit about, Walmart kind of coming in. You have early losses associated with that, so there's, an upward bias, right, relative to the one day Walmart program.

稍微思考一下，你今年的基礎很紮實，但你也為這一年帶來了新的開始。你，我們之前多次討論過的新投資組合，沃爾瑪也算是進來了。與此相關的早期損失是存在的，因此相對於沃爾瑪一日計劃而言，存在向上偏差，對吧。

You also have a little bit of upward bias, right, relative to, I'd say the credit aperture changes that we made, during the middle part to fourth quarter of this year, they begin to bleed in the back half of the year, so they do factor into losses.

你也存在一些向上偏差，對吧？相對於我們在今年年中到第四季進行的信貸寬鬆政策調整而言，這些調整在下半年開始顯現效果，因此確實會造成損失。

To some degree as you kind of come through here, so there are some moving pieces here. We don't really kind of give you a point within the guide, obviously the biggest thing is going to be, has the macro developed, in our models, and you saw for reserves, we have unemployment rising, a little bit in the back half of the year from a model standpoint that obviously produces higher, net charge.

在某種程度上，當你來到這裡時，你會發現這裡有一些動態因素。我們並沒有在指南中給出具體的要點，顯然最重要的因素是宏觀經濟的發展情況，根據我們的模型，你可以看到，就儲備而言，從模型的角度來看，下半年失業率略有上升，這顯然會導致更高的淨費用。

So the extent that unemployment remains in a checked position. I think you're going to have some favorability as it comes to that. So we're going to have to see how it plays out, as we said through the year again, I think we're really proud of the efficacy of what we've done. It sets us up nicely for the year.

因此，失業率在很大程度上仍處於可控狀態。我認為你在這方面會受到一些優待。所以，我們得看看結果如何。正如我們今年一直強調的，我認為我們對所取得的成效感到非常自豪。這為我們新的一年奠定了良好的基礎。

Got you. Maybe as my follow-up, Brian, can you maybe just talk about what kind of net interest margin is embedded within the guidance and should we assume continued improvement given the PPPCs and the benefits from lower rates, or there are other headwinds that we should be considering?

抓到你了。Brian，作為我的後續問題，您能否談談績效指引中隱含的淨利差是多少？考慮到PPPC和低利率的好處，我們是否應該假設淨利差會繼續改善？或者我們應該考慮其他不利因素？

Thank you.

謝謝。

Yeah, obviously we refer on the Outlook page that you should see NII, increase, right? and obviously there, there's probably a greater bias for the margin to increase. I think when you look at the pieces.

是的，顯然我們在 Outlook 頁面上會提到您應該看到 NII 增加，對吧？顯然，在這種情況下，利潤率更有可能上升。我認為當你仔細觀察這些部件時。

Ryan, there's probably different gives and takes, right? So number one, when you think about the interest in, interest of feline, clearly that's going to continue to benefit, albeit at a slower pace, as you kind of move through 2026 from the PPPCs as they continue to build both on the APR piece and then as delinquent pricing piece kind of comes in, so that's actually favorable.

瑞恩，這其中可能存在不同的權衡取捨，對吧？所以第一，當你考慮到人們對貓科動物的興趣時，很明顯，隨著 PPPCs 繼續在 APR 和逾期付款定價方面進行調整，貓科動物的興趣將繼續受益，儘管速度會放緩，直到 2026 年，所以這實際上是有利的。

If you kind of think about that line again, you're going to have part of the interest rate environment kind of coming down, so you're going to have prime rate going down, against that, as you step through, depending upon how, where you come out on losses, you obviously have a late fee impact, that's going to, either be neutral, higher or lower, depending upon where you set that charge-offs in your model.

如果你再仔細想想那條線，你會發現部分利率環境正在下降，所以基準利率也會下降。同時，隨著你逐步分析，根據你最終的損失情況，顯然會受到滯納金的影響，滯納金的影響可能是中性的，也可能更高或更低，這取決於你在模型中將沖銷額設定在哪裡。

I think then when you kind of continue on and think about the different pieces, interest rates obviously will be favorable year over year again, that should be, offset, I would say by both prime rate, number one, the investment portfolio yield number two, and the [MDR 3].

我認為，當你繼續分析各個因素時，利率顯然會逐年保持有利，但這應該會被以下兩方面因素抵消：第一，最優惠利率；第二，投資組合收益率；[MDR 3]。

So that should probably be a little bit more neutral as you kind of step through it. So as you kind of look at it, the biggest thing is going to be obviously payment rate, and we have payment rate. To remain elevated here, which is a combination of the credit mix to the portfolio.

所以，在逐步了解的過程中，態度應該要稍微中立一些。所以從某個角度來看，最重要的顯然是支付率，而我們有支付率。要維持目前的良好狀態，需要合理配置信貸組合。

Being, in one of its best periods of time, number one, and then number two, having a lower percentage of promotional financing assets which carry a, lower payment rate to the extent that we get some of that big ticket that I talked about and some of the bigger items that will effectively slow down the payment rate as well as the credit mix can slow down the payment rate to give you an upward bias.

在它最好的時期之一，排名第一，其次，促銷融資資產的比例較低，付款率也較低，以至於我們能夠獲得我提到的那些大額交易，以及一些能夠有效減緩付款率的大額項目，而信貸組合也能減緩付款率，從而給你帶來向上的偏差。

So I think when you put the piece together again, NII should go up and NIM should go up, but again, it's how you factor those different moving parts together.

所以我覺得當你把這些因素重新考慮起來時，NII 和 NIM 都應該上升，但關鍵在於你如何將這些不同的變動因素綜合起來。

Thanks Brian.

謝謝你，布萊恩。

Terry Ma, Barclays.

Terry Ma，巴克萊銀行。

Hey, thank you. Good morning. Maybe just to follow-up on the PPPCs. Can you maybe just talk about, how those are kind of tracking relative to your expectations? I think you had indicated about 75% should be kind of priced in by June of this year, and then kind of going forward, like how much more lift can we expect from them, kind of after 2026.

嘿，謝謝。早安.或許只是為了跟進PPPCs的情況。您能否談談這些結果與您的預期相比如何？我認為你曾表示，到今年 6 月，大約 75% 的價格應該已經反映在股價中，然後展望未來，例如 2026 年之後，我們還能期待他們帶來多少成長。

Yeah, good morning, Terry and thanks for the question. I think when you take a step back to the-- and look at the PPPCs. I think it is what we've said is we're slightly ahead of the burning of the APR changes to date, because of the fact that the pain rate has been elevated, so the protective balance is paid down a little bit quicker.

是的，早上好，特里，謝謝你的提問。我認為當你退後一步，看看PPPCs。我認為我們之前說過，由於疼痛率上升，保護性餘額的消耗速度略快於目前的年利率變化，因此我們比之前略微領先於年利率變化的消耗速度。

So again, you're probably a little bit ahead of that pace towards the 75% in the middle part of this year. Again, the back end of that curve, its not as steep, right? So the growth can but will continue to bleed through. So I think that's developed other than pain, other than coming a little bit quicker, it's developed as we thought, right, relative to the various assumptions on.

所以，你今年的進度可能比預期的要快一些，預計在今年年中達到 75% 的目標。再說一遍，這條曲線的後半段，坡度沒那麼陡，對吧？所以生長過程可能會繼續向外擴散。所以我覺得除了疼痛之外，除了來得更快一些之外，它的發展正如我們所想的那樣，對吧，相對於各種假設而言。

Attrition rates, et cetera. So we feel good about the PPPCs, on the APR line. When you think about on the paper statement fee line, I think that is settled in and to some degree has been relatively flat, and I think the combination of that is even as you see the average actives pick up in the fourth quarter, it's the, really growth in our e-bill, percentage of people who are electing digitally, which I think is a better thing for us.

損耗率等等。所以我們對 PPPC 的 APR 線感到滿意。就紙本帳單費用而言，我認為已經穩定下來，並且在某種程度上保持相對穩定。我認為，儘管第四季度平均活躍用戶數量有所增加，但真正推動我們成長的是電子帳單，選擇數位化帳單的用戶比例，我認為這對我們來說是件好事。

As a company, not only for them to avoid the fee, but engage with us digitally, so we're seeing the benefit that's going to come through the expense line there. So when I look at that in combination, most certainly I think we're pleased with the way the PPPCs have performed and it's generally in line with our expectations.

作為一家公司，我們不僅希望他們避免支付費用，還希望他們與我們進行數位互動，因此我們看到了這將在費用方面帶來的好處。所以綜合來看，我認為我們對PPPC的表現非常滿意，整體上符合我們的預期。

Got it. Helpful. And then as my follow-up on the expense growth guide that's in line with receivables, maybe just talk about what sort of investments, related to growth you're making and then, after 2026 we kind of expect, kind of more positive operating leverage going forward. Thank you.

知道了。很有幫助。然後，作為與應收帳款相符的費用成長指南的後續，也許可以談談你正在進行的與成長相關的投資類型，然後，在 2026 年之後，我們預計未來會有更積極的經營槓桿。謝謝。

Yeah, so let me pull up and maybe address one broader point here which is really the significant investments in growth we kind of highlighted here which affect, all the lines really in the P&L. The largest line when we talk about significant investments is going to be on the reserve line, right, really for the asset growth as you think about.

是的，那麼讓我停下來，談談一個更廣泛的問題，那就是我們在這裡重點提到的對成長的重大投資，這些投資實際上影響了損益表中的所有項目。當我們談到重大投資時，最大的一筆支出將是儲備金，對吧，實際上是為了資產成長，正如你所想的那樣。

Growing, not only the Walmart portfolio, but obviously lows that comes in the first half, but also the new programs when you think about bob's and RH, et cetera. Kind of coming in. But the biggest piece is reserves, I think when you think about the expense component of that, right, there's a couple of things that happen, right?

不僅沃爾瑪的產品組合在成長，上半年的低迷期也很明顯，但當你想到Bob's和RH等新項目時，也會看到成長。算是進來了。但我認為，最重要的部分是儲備金。當你考慮其中的支出部分時，你會發現有幾件事會發生，對吧？

You have launch costs associated with new programs. You invest in some of the early, month-on books and marketing programs associated with kind of getting a lot of new accounts up and running and engaged, as you think about that.

新專案都需要投入啟動成本。你會投資一些早期、按月推出的書籍和行銷計劃，以便讓許多新客戶上線運作並參與互動，就像你考慮的那樣。

So there's the launch cost, there's the conversion cost for certain portfolios, then you have most certainly the investment in marketing, also from an expense standpoint. You really want to make sure you're investing, and we have to have the staffing in ahead of, this is more on a non-exempt standpoint to take the calls that come with it. All in all, those are really positive investments for growth, and we certainly will pay back and you'll get that operating leverage.

所以，除了啟動成本之外，還有某些產品組合的轉換成本，從支出角度來看，一定還有行銷的投資。你真的想確保你的投資物有所值，而且我們必須提前配備人員，這更多的是從非豁免的角度來接聽隨之而來的電話。總而言之，這些都是對成長非常有利的投資，我們肯定會獲得回報，你們也會獲得營運槓桿效應。

You, the one thing I'd tell you is we have increased our capital spend a bit, and that's really around, I, I'd say three key areas. Number one. It, it's around, increased investment in AI and driving AI in various areas of the business, not only that drive, productivity but also drive growth for us, which is our focus, and we can most certainly chat about that more.

我唯一要告訴你們的是，我們增加了一些資本支出，主要集中在三個關鍵領域。第一。關鍵在於加大對人工智慧的投資，並在業務的各個領域推動人工智慧的發展，不僅能提高生產力，還能推動我們的成長，這也是我們的重點，我們當然可以就此多聊聊。

The second area is around our cloud, journey and accelerating expenditures related to getting that done a little bit faster so we can get the productivity and efficiency benefits that it comes through that.

第二個面向是圍繞我們的雲端轉型和加速相關支出，以便更快完成雲端轉型，從而獲得雲端轉型帶來的生產力和效率優勢。

And then third, Brian's talked quite a bit about our desire to continue to grow health and wellness at a faster pace, so investments in that health and wellness business, those are the big pieces. But again, if I go back to where I started on the significant investments, the biggest piece is reserves. But again, as you think about all the lines in the P&L, they're going to be impacted by growth.

第三，布萊恩多次談到我們希望以更快的速度繼續發展健康和保健事業，因此對健康和保健業務的投資是重中之重。但話說回來，如果我回到最初討論重大投資的時候，最大的部分是儲備金。但話說回來，當你考慮損益表中的所有項目時，你會發現它們都會受到成長的影響。

You're going to have, as you think about the J curve, you're going to have assets in there at a lower yielding as they go through maturity and seasoning. You're going to see it on the other income line when it comes into loyalty, maybe in advance of, again, some of the income coming off the assets, and then the expense line.

當你考慮 J 型殖利率曲線時，你會發現，隨著資產到期和累積時間的推移，其殖利率會降低。你會在另一筆收入中看到它，那就是忠誠度，可能比資產產生的部分收入以及支出項都要早一些。

When I think about the various pieces on the individual lines. They're less than 10 basis points, but they're on each of the lines, so that's why we kind of try to call it out as you guys model it. Again, these are all investments that we believe, across the business really set us up for the longer-term to be a, much better company.

當我思考各個線路上的各種部件。雖然相差不到 10 個基點，但每條線上都有，所以我們會在你們建模的時候盡量指出來。再次強調，我們相信，這些投資將真正為我們長期發展成為一家更好的公司奠定基礎。

Moshe Orenbuch, CD Cowen.

Moshe Orenbuch，CD Cowen。

Great, thanks. Going back, to kind of loan growth and opportunities, you mentioned, adding the pay later gives you a lift. Can you talk a little bit about, are there other, areas, whether they're, verticals or partners, and how much of the portfolio kind of could that impact over the course of '26?

太好了，謝謝。回到您提到的貸款成長和機會方面，增加「稍後付款」選項可以為您帶來助力。您能否談談，除了垂直領域或合作夥伴之外，還有哪些領域可能會對 2026 年的投資組合產生多大影響？

Yeah, I think I'll start just by talking a little bit about the multi-product strategy because I think you know this has been very successful, I think, over the last couple of years, and pay later is an important part of that. It's resonating with our partners, we now have it at some of our largest partners, Lowe's, Amazon, Penney's, Belk, Sleep Number.

是的，我想先簡單談談多產品策略，因為我認為，在過去的幾年裡，這種策略非常成功，而「先消費後付款」是其中一個重要的部分。它引起了我們合作夥伴的共鳴，現在我們的一些最大合作夥伴，如 Lowe's、亞馬遜、彭尼百貨、貝爾克百貨、Sleep Number 等，都已開始使用該產品。

And the accounts that we're seeing come through on that product are incremental, and I think that's great news, right? So we still have kind of the same flow of new customers coming into private label co-brand.

我們看到該產品的用戶數量是逐步增加的，我認為這是個好消息，對吧？所以，我們仍然會迎來與以往大致相同的新客戶流量，這些新客戶會選擇自有品牌或聯名品牌。

And the pay later customers are incremental, which means our partners are getting incremental sales, so they love that, obviously, so our partners are not looking at this as like an either or, they're really now seeing the power of having these products kind of work in concert with one another and giving customers have different financing needs, sometimes we're evolving products, the right product for them.

而「先消費後付款」的客戶是新增客戶，這意味著我們的合作夥伴獲得了新增銷售額，所以他們當然很喜歡這一點。因此，我們的合作夥伴並沒有把這看作是二選一的選擇，他們現在真正看到了這些產品協同運作的力量，並滿足客戶不同的融資需求，有時我們會不斷改進產品，為他們提供合適的產品。

Some may prefer fixed payments or installment product, and the strength of our franchises we offer all the above. So we really like how this is working. Like I said, it's resonating with our partners, it's helping us win new programs as well, and we can show them that kind of migration strategy. So we might be starting off a customer with a pay later account, getting comfortable with them and their payment behavior.

有些人可能更喜歡固定付款或分期付款產品，憑藉我們強大的加盟體系，我們可以提供以上所有選擇。我們非常喜歡這種方式。正如我所說，它引起了我們合作夥伴的共鳴，也幫助我們贏得了新的項目，我們可以向他們展示這種遷移策略。因此，我們可能會先為一位開通「先消費後付款」帳戶的客戶建立聯繫，以便熟悉他們及其付款行為。

And then upgrading them to a private label card, ultimately a co-brand card with a larger line, so that's like I said, really resonating with our partners and we think that's the right strategy for the long-term.

然後將它們升級為自有品牌卡，最終升級為聯名卡，提供更多選擇。正如我所說，這確實引起了我們合作夥伴的共鳴，我們認為這是長期的正確策略。

Great, thanks. And maybe, I mean, Brian, you did just reference kind of new programs. You talk a little bit about state of play. I mean there are some startups that are in the space, but I think a lot of others have kind of pulled back. What are the areas you think that are most ripe kind of for new programs and, talk a little bit about what you're seeing in the market.

太好了，謝謝。布萊恩，我的意思是，你剛才確實提到了一些新項目。你稍微談到了當前局勢。我的意思是，雖然有一些新創公司在這個領域發展，但我認為許多其他公司已經退出了這個領域。您認為哪些領域最適合推出新專案？請談談您在市場上觀察到的情況。

Yeah, look, we've got a great pipeline across all of our platforms, we, if you just look at last year, we added or renewed 75 partners, we renewed seven of our top 20, I think, and it's broad, it's across every industry. Both, existing programs, startup programs, so we feel really good about our ability to compete. We're winning the deals that we want to win.

是的，你看，我們所有平台都有非常強大的業務管道。如果你看看去年，我們新增或續簽了 75 家合作夥伴，其中前 20 名中有 7 家續簽了合同，而且業務範圍很廣，涵蓋了各個行業。無論是現有項目還是新創項目，我們都對自己的競爭力充滿信心。我們拿下了我們想拿下的訂單。

I think this is, back to a little bit of what Brian talked about, the investments that we're making are helping us stay out of the competition. Every RFP that we go into, we're told that, our tech is, best in the industry, our ability to integrate our, the investments we've made in our proprietary underwriting model prism.

我認為這又回到了布萊恩剛才談到的一點，我們正在進行的投資正在幫助我們遠離競爭。在我們參與的每一個 RFP 專案中，都會有人告訴我們，我們的技術是業界最好的，我們有能力整合我們的技術，以及我們在專有承保模型稜鏡方面所做的投資。

Those are all helping us win and compete in business, we are never going to be the low cost provider, we're very clear on that upfront. We've made big investments in the business and the platform, and we need to earn a return commensurate with that, and we think that, we're the best in the partner-based financing business, and we're proving that out every day with the deals that we're renewing, the partner base that we have and where we're adding new partnerships.

這些都有助於我們在商業競爭中獲勝和發展，我們永遠不會成為低成本供應商，這一點我們一開始就非常清楚。我們對業務和平台進行了大量投資，我們需要獲得與之相稱的回報。我們認為，我們在合作夥伴融資業務中是最好的，我們每天都在透過續約交易、現有合作夥伴基礎以及新增合作夥伴來證明這一點。

Thanks very much.

非常感謝。

Yeah, thanks, Moshe. Thanks, Moshe. Have a good day.

謝謝你，莫舍。謝謝你，莫舍。祝你有美好的一天。

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

Hi, thank you for taking my question. Maybe just first to start off on the reserve rate, you're approaching day one CECL levels here, so just wondering, I mean, I know obviously you've tightened credit and it's gotten better, but just how are you thinking about the reserve rate level from here and any thoughts into 2026 on how that would trend as you widen the credit aperture again?

您好，感謝您回答我的問題。或許可以先從準備金率說起，你們現在已經接近CECL實施第一天的水平了，所以我想問一下，我知道你們顯然已經收緊了信貸，情況也有所好轉，但是你們是如何考慮接下來的準備金率水平的？對於2026年，隨著信貸再次放寬，準備金率的走勢又會如何？

Yeah, thanks, May. You, honestly, as we look at the reserve rate, clearly it's come down, and most certainly it's come down relative to the loss rate we've experienced, as you think, as you look out into 2026, most certainly, we've given you the guide where we see, unemployment rate rising here, towards the end of the year, which is really, the Moody's forecast, and most certainly we maintained.

是啊，謝謝你，梅。說實話，當我們審視準備率時，很明顯它已經下降了，而且相對於我們所經歷的損失率而言，它肯定已經下降了。正如你所想，展望 2026 年，我們確實已經給出了指導方針，其中我們看到，到年底失業率將會上升，這實際上是穆迪的預測，而且我們肯定也維持了這一預測。

The qualitative overlays where you have an unemployment rate, consistent with past quarter, so we have not eased off of that. I think as you look forward, the question becomes if you believe, the macro environment becomes stable, at what point can the qualitative reserves kind of come down, which would end up giving you a little bit of a, on a rate basis, a downward bias to the reserve rate.

定性分析顯示，失業率與上一季持平，所以我們並沒有放鬆對失業率的控制。我認為，展望未來，問題在於，如果你相信宏觀環境趨於穩定，那麼定性準備金在什麼情況下會下降，這最終會從利率層面上給準備金率帶來一些下行的偏差。

When that actually happens, it's a little bit unclear. I think we're the closest that we've been to day one, not that that's necessarily the greatest anchor, but it's most certainly the first mile marker you look at of where your REIT should be.

當這種情況真正發生時，情況就有點不明朗了。我認為我們現在比以往任何時候都更接近成立之初的狀態，雖然這不一定是最好的衡量標準，但這絕對是衡量 REIT 應該達到的目標的第一個里程碑。

So I think we're encouraged around that, but obviously a lot's going to depend upon how our, number one, how our delinquency formation develops, and then number two, the macro environment. So again, I would assume we're a little more downward biased on a rate basis, obviously. They talked about the significant investments you're going to see on a dollar basis increase with the growth going back to the mid-single-digits.

所以我覺得我們在這方面受到了鼓舞，但顯然很多事情取決於，第一，我們的犯罪形成是如何發展的，第二，宏觀環境。所以，我再次假設，從利率的角度來看，我們顯然會更傾向於向下看。他們談到，隨著經濟成長恢復到個位數中段水平，你將會看到以美元計價的大量投資增加。

Got it. And then maybe just, going back to the pay later conversation, that we were just having, just comment like on how the progress has been. I think you mean you gave an impressive stat, about 10% increase where it's offered side by side.

知道了。然後，也許可以回到我們剛才討論的「先消費後付款」的話題，評論一下目前的進展。我想你的意思是說你給了一個令人印象深刻的數據，在並排比較的情況下，成長了大約 10%。

Is that across all your platforms and just, maybe just comment if you would on Lowe's, Amazon, some of the big ones, any learnings from those rollouts that you can share and where you are with that process currently?

你們所有平台都這樣做嗎？能否請您就 Lowe's、亞馬遜等一些大型平台發表一下看法，分享一下您在這些平台上的推廣經驗以及目前該流程的進展情況？

Yeah, I think, look, generally we're very pleased with the performance so far across all of the partners where we've launched it, I think going back to the multi-product strategy, we believe that that's the right one. We're anchored in that strategy.

是的，我認為，總的來說，我們對目前為止在所有合作夥伴處的表現都非常滿意。我認為，回到多產品策略，我們相信這是正確的策略。我們堅持這一戰略。

The one question for us, like as we started to roll this down, I think the question for our partners, what was, would there be any cannibalization of the private label card and the dual card and co-brand cards that we offer, and the good news is, there hasn't been.

對我們來說，就像我們開始逐步推出這項服務時一樣，我認為我們的合作夥伴也會問，我們提供的自有品牌卡、雙卡和聯名卡是否會受到蠶食，好消息是，並沒有發生這種情況。

So we track that very closely across all of our partners where we have the multi-product strategy in place. And we can clearly see that the volume flowing through private label and co-brand is very consistent and that the pay later accounts that we're getting are net new, and I think that's great news that allows us to attract a new customer base that ultimately we want to offer other products to and so that was.

因此，對於我們所有實施多產品策略的合作夥伴，我們都會密切追蹤這一情況。我們可以清楚地看到，自有品牌和聯名品牌的銷售非常穩定，而且我們獲得的「先買後付」帳戶都是新增帳戶，我認為這是個好消息，它使我們能夠吸引新的客戶群體，最終我們希望向他們提供其他產品，就是這樣。

As we embarked on this a number of years ago, that was kind of a question that we were getting from our partners. We were pretty confident that this was going to attract a new customer base, and that's been the case so far, so we're very pleased across the Board.

幾年前我們開始做這件事的時候，我們的合作夥伴就問過我們類似的問題。我們很有信心這將吸引新的客戶群體，到目前為止情況也確實如此，所以我們對整體情況非常滿意。

Erika Najarian, UBS.

瑞銀集團的 Erika Najarian。

Hi, good morning. Just wanted to, clarify your response to Mihir's question. So within the $9.10 to $9.50, we should assume that the, [ALLL] ratio is going to come down due to qualitative reserves coming down, and that offsets perhaps the higher reserves from Walmart growth.

您好，早安。我只是想澄清一下你對米希爾問題的回答。因此，在 9.10 美元到 9.50 美元的區間內，我們應該假設 [ALLL] 比率會因為定性儲備的下降而下降，這或許會抵消沃爾瑪增長帶來的較高儲備。

Yeah, good morning, Erika. So again, I was more giving the trajectory of the reserve. We haven't given guidance on what you actually should think about relative to or any of the months, to be honest with you, relative to the $9.10 to $9.50. It's over time that you have a downward bias to it.

早安，艾麗卡。所以，我更多的是在描述儲備金的走勢。坦白說，我們並沒有就您應該如何看待這幾個月，特別是相對於 9.10 美元到 9.50 美元這個區間給出任何指導。隨著時間的推移，您自然會產生一種向下的預期。

Again, on a dollar basis, most certainly, you, we would hope that the rate comes down to offset some of the growth, but we'll have to see how that plays out. But again, we have a very stable outlook here, which I think as you think about the reserve, I was just more talking about the trajectory over time. If you believe that the environment gets better, which again we haven't, on the assumptions we put on our outlook side haven't, aren't getting better, they're staying the same Erika.

再說一遍，以美元計價，我們當然希望利率下降以抵消部分成長，但我們還得看看結果如何。但話說回來，我們這裡的前景非常穩定，我想當你考慮儲備金的時候，我更多的是在談論隨著時間的推移而產生的軌跡。如果你相信環境會好轉，但根據我們對前景的假設，環境並沒有好轉，反而依然如故，艾麗卡。

Got it. And just as a follow-up, you talked about, the tax refund, as a potential tailwind for purchase volume. I'm wondering as we think about, the inflection point in growth and, your assumption that payment rates stay high.

知道了。另外，您剛才提到，退稅可能會對購買量產生正面影響。我想知道，當我們思考成長的轉折點以及您關於支付率將保持高位的假設時，情況是否如此。

One of your peers have talked about the tax refund in context more of better credit rather than better spend, and I'm wondering how have you sort of thought about the different scenarios in terms of how the tax refund, a dynamic could impact the payment rate.

你的一位同行談到退稅時，更多是將其視為改善信用而非改善消費的方式，我想知道你是如何思考退稅這種動態因素對支付率產生不同影響的各種情況的。

Yeah, it's a great question. It's going to be interesting to see how it plays out. Most certainly, I think this tax refund season will be the one of the largest, if not the largest, that we've seen that, that's really a factor of the retroactive nature of some of the benefits, that were passed in legislation in the middle of last year, number one. And number two, the withholding rates which were not adjusted for 2025 will produce.

是的，這是一個很好的問題。看看事情會如何發展，應該會很有趣。我非常肯定地說，我認為今年的退稅季將是規模最大的退稅季之一，甚至可能是規模最大的。這主要是因為去年年中通過的立法賦予了一些福利追溯效力。第二，未針對 2025 年進行調整的預扣稅率將會產生影響。

Some people say between $500 and $1000 incremental refunds off of a, what an average refund of, call between $3000 and $4000 so a significant amount of cash that flows in. That cash generally flows in, if you look at historical refunds, 50% to 60% comes by mid-March 80% to 90% come by May, so you're going to see a large influx of cash into the economy.

有人說，每次退款金額在 500 美元到 1000 美元之間，而平均退款金額在 3000 美元到 4000 美元之間，所以會有相當可觀的現金流入。從歷史退稅情況來看，這筆資金通常會流入經濟，50%到60%會在3月中旬到賬，80%到90%會在5月份到賬，所以你會看到大量資金湧入經濟。

I think when you take a step back, Erika, and you look at where the benefits associated with the tax law changes, who do they affect when you think about whether it's a soft deduction, the childcare deduction, things like that, they're going to affect a certain part of the population that probably income skews a little bit higher.

艾莉卡，我認為當你退後一步，看看稅法變化帶來的福利，想想這些變化會影響哪些人，比如軟性扣除、托兒扣除等等，它們肯定會影響到一部分收入可能略高的人群。

So when you think about it a little bit higher, the higher people generally will sit back and say, okay, let me either save that or pay down debt. When you think about a more moderate. Income consumer, that consumer probably is either going to spend that money as it kind of comes through or not.

所以，當你從更高的層次思考時，那些身居高位的人通常會冷靜下來，然後說，好吧，讓我把錢存起來或用來還債。當你考慮更溫和的方式。對於收入消費者而言，他們要么會把錢花掉，要么不會。

So, our impact on the, on the payment rates really kind of goes back to our view on the consumer and what they're going to do, we're going to obviously track it very closely, but there's going to be a large influx of cash, again in that, end part of the first quarter into the second quarter that we'll look to see, what it's doing.

所以，我們對支付率的影響實際上取決於我們對消費者的看法以及他們將要採取的行動，我們顯然會密切關注這一點，但在第一季末到第二季末，將會有大量現金湧入，我們將觀察其影響。

And I think the good news, look, both of those are positive outcomes for us. You go back to a few years, the stimulus payments, some consumers spent, and we saw an increase in purchase fines. Some paid down debt and we saw record low losses. So, any kind of boost like that, is a good, result for us, and we'll drive a little tailwind as we get it next year.

我認為好消息是，這對我們來說都是正面的結果。回顧幾年前，政府發放刺激性補貼後，一些消費者進行了消費，我們看到了購物罰款的增加。部分債務得以償還，我們看到了創紀錄的低虧損。所以，任何類似的助力對我們來說都是好事，明年我們就能乘勢而上。

Richard Shane, JP Morgan.

理查沙恩，摩根大通。

Hey guys, thanks for taking my questions this morning. Look, you're calling for mid-single-digit loan growth and some degree of NII growth in 2026. Midpoint of EPS is flat, despite the expectations of continued buybacks. And again, we're, this is sort of revisiting Terry's question.

各位，謝謝你們今天早上回答我的問題。你看，你預測 2026 年貸款成長率將達到個位數中段，淨利息收入也將達到一定程度的成長。儘管市場預期將繼續進行股票回購，但每股盈餘中位數持平。我們再次回到特里提出的問題。

RSA is up, pretty significantly, basically takes you back to pre-pandemic levels, which is consistent with pre-pandemic, credit expectations. The implication is obviously that the efficiency ratio was higher in 2026.

RSA 大幅上漲，基本上恢復到了疫情前的水平，這與疫情前的信貸預期相符。顯然，這意味著 2026 年的效率比率更高。

I'm trying to understand, I think part is the RSA a function of sort of a pull forward, pay it forward on the new programs, and should we revert, start to revert to normalized efficiency ratios in 2027 as that sort of pull forward anniversaries? How do we look at this going forward?

我正在努力理解，我認為部分 RSA 是某種提前實施、為新專案提前支付成本的功能，我們是否應該在 2027 年作為這種提前實施週年紀念日，開始恢復到正常的效率比率？我們接下來該如何看待這個問題？

Yeah, thanks for the question, Rick, and good morning. You, I think as you look at the model as you try to, put the pieces together, this is why we kind of called out some of the significant investments because what you are seeing is some of the early growth in some of the programs where you have the heavy reserve rate when you have assets that that are not yielding as much because they're just in the early stages of the J curve.

是的，謝謝你的提問，里克，早安。我認為，當你審視這個模型，試圖將各個部分拼湊起來時，這就是為什麼我們特別指出了一些重大投資的原因，因為你看到的是一些項目的早期增長，這些項目存在較高的準備金率，但資產收益率並不高，因為它們還處於 J 曲線的早期階段。

It's just the nature of the businesses when you think about these vintages and when you go from a flat growth rate. To an accelerating growth rate, you see that that vintage slow down on some of the lines. The RSA moving, to a large degree when you have newer programs, they're not necessarily an RSA perspective, right, because of the early J curve, dynamics.

當你考慮到這些年份以及成長率停滯不前時，這就是企業的本質。隨著成長率的加快，你會發現某些年份的產量在某些方面有所下降。RSA 的發展在很大程度上，當你有較新的程式時，它們不一定是 RSA 的視角，對吧，因為早期的 J 曲線動態。

So I think that ultimately normalizes. I think as you step out. And what we expect as we go beyond, 2026, obviously we'd be, moving closer back to the long-term framework, on all the lines we hope, and we'll certainly, our goal is to grow the business at a double-digit EPS. I think the investments this year in moving from a flattest to down one to a mid single-digits, gives you an EPS profile this year that's a little bit different. But again, we think that sets us up, nicely for, the medium to long-term, and that's what our focus is on creating that value.

所以我認為這最終會趨於正常化。我想當你走出去的時候。展望 2026 年之後，我們顯然會更加接近長期框架，按照我們希望和肯定的方向發展，我們的目標是實現兩位數的每股收益成長。我認為今年的投資從持平到下降 1%，再到個位數中段的成長，使得今年的每股盈餘 (EPS) 情況略有不同。但我們認為，這為中長期發展奠定了良好的基礎，而這正是我們創造價值的重點。

Got it, Brian that's helpful. And so I think what you're steering me to understand is, hey, yes, it's a little bit RSA, but it's really the timing differential associated in part with the CECL reserving of the loan growth. Is that the best way to distill it?

明白了，布萊恩，這很有幫助。所以我覺得你想讓我理解的是，嘿，是的，這有點像 RSA，但實際上是與 CECL 貸款成長準備金相關的時差。這是最好的提煉方法嗎？

Yeah, I mean, yeah how you work, I don't want to get into my tirade around, my views on CECL and whether or not that's good accounting or bad accounting. I think we'll take up another hour, but most certainly when you have to book that those losses upfront, before you get any earrings off the asset, to me is not necessarily the right way to look at the business per se. I think that's why, we kind of look at things, without reserves at first and then with reserves obviously because it's a GAAP basis so, but yes, CECL does, work the true reality a little bit.

是的，我的意思是，是的，你的工作方式，我不想就此展開我的長篇大論，關於CECL以及它是好的會計還是壞的會計。我認為我們還需要再花一個小時，但可以肯定的是，在從資產中獲得任何收益之前就必須預先確認這些損失，在我看來，這未必是看待業務本身的正確方式。我認為這就是為什麼，我們首先會考慮沒有儲備金的情況，然後再考慮有儲備金的情況，因為這是 GAAP 的基礎，所以，是的，CECL 的確能稍微反映出一些真實情況。

Brian, it could be a short tirade you'd be preaching to the choir on that one.

布萊恩，你可能要就這個問題發表一番簡短的長篇大論了，因為你說的都是些已經認同你觀點的人。

You.

你。

Rob Wildhack, Autonomous Research.

Rob Wildhack，自主研究。

Morning guys, one more on the pay later discussion. You sound quite positive on the uptake and conversion there, but I guess what I'm wondering is the translation from the top of the funnel and pay later to loan growth in any way different than the more legacy synchrony products? I'm thinking that maybe pay later. Might be more of a one time purchase versus a larger, open to buy amount, maybe it's smaller ticket on a per transaction basis, any early indications you could share there?

各位早安，再來討論一下「先消費後付款」的問題。聽起來你對產品的接受度和轉換率相當樂觀，但我很好奇的是，從銷售漏斗頂端到「先消費後貸款」的成長模式，與傳統的同步產品相比，是否存在任何不同之處？我在考慮或許可以晚點再付款。這可能更像是一次性購買，而不是大額的、可隨時購買的金額，或許每次交易的金額較小，您能否分享一些初步跡象？

Yeah, look, I would say that it does tend to be a little bit more one time, although we're seeing good repeat usage in pay later across the partners where we have it, which is encouraging.

是的，你看，我認為它確實往往更傾向於一次性使用，儘管我們看到在我們合作的伙伴中，先消費後付款的重複使用情況良好，這令人鼓舞。

Ultimately our goal and kind of where our partners want to be is to get them into that revolving product because I think that allows you to do life cycle marketing, push promotions, push offers.

最終，我們的目標以及合作夥伴希望達到的目標，是讓他們參與這種循環產品來，因為我認為這可以讓你進行生命週期行銷、推送促銷活動和推送優惠。

But we like, look, the customers that are, that take out a pay later loan, we're going to be front and center with them offering another pay later loan, to buy whatever it is they're buying next. So it's not that you can't do the life cycle marketing, it's just, it's a little bit more natural in terms of how our partners think about it in the PPPCs and co-brand space, but.

但是我們喜歡，你看，對於那些選擇「先買後付」貸款的客戶，我們會積極主動地向他們提供另一筆「先買後付」貸款，以便他們下次購買任何東西。所以並不是說你不能做生命週期行銷，只是，就我們的合作夥伴在付費搜尋廣告和聯名品牌領域看待問題的方式而言，這種方式更自然一些。

We like all three products, they're working really well in concert together, that was the thesis we were trying to prove out, and so far, we've proven it.

我們喜歡這三款產品，它們配合使用效果非常好，這正是我們想要證明的，到目前為止，我們已經證明了這一點。

Yeah, the one thing, Rob, let me just add a little bit of financial dimension to it, right? If you look at our entire portfolio turns, just under two, right, $100 plus dollars of receivables on the purchase volume.

是的，羅布，讓我再補充一點財務方面的內容，對吧？如果你看一下我們整個投資組合的周轉率，你會發現不到兩次，對吧，購買量對應的應收帳款超過 100 美元。

I think when you tear that apart into pieces, obviously the dual card and co-branded it turn faster turns a little bit slower when you think about the pay later that we originate, we generally originate, majority in the six to 12 months. You go really, the, it is probably the biggest part you then see 18 to 24 months. So the turn is a little bit.

我認為，當你把這些拆解開來，很明顯，雙卡和聯名卡的周轉速度更快，但當我們考慮我們推出的「稍後付款」服務時，週轉速度就會慢一些，我們通常推出的大多數服務會在六到十二個月內完成。你真的會經歷一段時期，那可能是最重要的部分，你會看到 18 到 24 個月。所以轉捩點稍微有點。

A little bit more consistent with, I think private lab, but we do not do, a lot of volume and don't really push anything below six months. We just, it, it's hard to make money or it's really impossible to make money, most certainly in the paying for and stuff like that. But think about it.

我覺得這跟私人實驗室的情況比較一致一些，但我們的業務量不大，而且我們也不怎麼推銷低於六個月的產品。我們只是覺得，賺錢很難，或者說根本不可能賺錢，尤其是在支付各種費用等方面。但仔細想想。

It's going to be something more similar to a private label when you think about that type of duration. But again, we do pay later longer than that, but the bulk is going to be in the six to 12 month, variety of installments.

考慮到這種持續時間，它更像是自有品牌。但是，我們付款的時間可能會比這更長，但大部分款項將以 6 到 12 個月的各種分期付款方式支付。

Jeffrey Adelson, Morgan Stanley.

傑弗裡·阿德爾森，摩根士丹利。

Hey, good morning, thanks for taking my questions. Maybe just to follow-up on the credit actions or refinements. Can you maybe just update us on your current posture at this point? Are you kind of continuing to lift off the prior tightening actions as you go along?

嗨，早上好，謝謝你回答我的問題。或許只是為了跟進信貸行動或改善措施。能否簡單介紹一下您目前的姿勢？你們是不是在逐步解除之前採取的緊縮措施？

Has that trend accelerated or maybe slowed it off from where you were earlier? Last year, and then Brian Wenzel you mentioned the guy doesn't really include the additional broad-based credit refinements and that this would really depend on credit performance as it comes through, I guess my question is what maybe holds you back from opening up a bit more given that you're already within that historical charge offing you range you target.

這種趨勢是加速了，還是比你之前觀察到的有所放緩？去年，你提到布萊恩·溫澤爾，這個人並沒有真正包括額外的、廣泛的信用改進措施，而且這實際上取決於信用表現，我想問的是，鑑於你已經在你所設定的歷史壞賬率範圍內，是什麼阻止了你進一步放寬限制呢？

You're perhaps getting a little bit of a positive bias in short order with tax refunds. Is this maybe just, some conservatism you prefer to see the delinquency improvement to continue to come through before you maybe make a more definitive commitment there on the credit actions.

退稅這件事，或許會讓你在短時間內產生一些正面的心理偏差。這或許只是你的一些保守想法，你更傾向於看到違約率持續改善，然後再對信貸措施做出更明確的承諾。

Yeah, thanks for the question, Jeff. Let me unpack that a little bit. First, let me remind you, the credit actions that we took in '23 and '24 were around very specific types of items. So you think about student loans, think about personal loans, things like that that we thought about ability to pay.

是的，謝謝你的提問，傑夫。讓我稍微解釋一下。首先，讓我提醒各位，我們在 2023 年和 2024 年採取的信貸措施是針對非常特定類型的商品。所以你會想到學生貸款、個人貸款等等，我們會考慮償還能力。

So some of the actions that we've taken in in 2025 in the in the third and fourth quarter, we're not necessarily lifting of those because we think those are good strategies to have in place, but there are other strategies that have had the effect of adding sales or expanding your credit aperture.

因此，我們在 2025 年第三季和第四季採取的一些措施，我們並不一定會取消，因為我們認為這些都是很好的策略，但還有其他一些策略已經產生了增加銷售額或擴大信貸範圍的效果。

So I wouldn't necessarily refer to it as we're just unwinding those because I think those do stay. The reason why we haven't done, incremental dividing, and just to be clear, in our guide, the actions that we took in the end part of '25 are in the guide.

所以我不會稱它為我們正在解除這些限制，因為我認為這些限制仍然存在。我們沒有漸進式劃分的原因是，為了明確起見，我們的指南中列出了我們在 2025 年末採取的行動。

No incremental broad-based changes are assumed for 2026 as we answer the year. The reason why, if you're asking me why aren't we taking more and more because we have 5.65% loss rate delinquency looks good. I think when you look across the credit cohorts, the one thing that that you'd see across all those this is in the synchrony issue, probability of default, across credit grades is higher than historical norms.

在回答這個問題時，我們假設 2026 年不會出現任何漸進式的廣泛變化。如果你問我為什麼不增加貸款額度，那是因為我們的違約率只有 5.65%，看起來不錯。我認為，縱觀所有信用等級，你會發現所有這些等級的同步性問題（違約機率）都高於歷史平均值。

So we benefit a little bit more because of our line structures and our ability to maintain a lower line structure and control that exposure at the fault. But most certainly we're continuing to watch that probability to fall again across all the credit grades.

因此，由於我們的線路結構以及我們能夠維持較低的線路結構並控制斷層處的暴露程度，我們受益更多。但我們肯定會繼續觀察所有學分等級的機率再次下降的情況。

It's not into one part, so it's how it normalizes and most certainly there's a focus, we've been tighter at the bottom end, which you've seen, our shift, a little bit less into non-prime is in that kind of right at the prime level, so that kind of advantage 650 to 700, and see what that cost who is feeling the effects of affordability. For a number of years, so we're watching that probability to fall across not only us but across the industry.

它不是分成一個部分，而是如何正常化，而且肯定有一個重點，我們在低端市場更加緊縮，正如你所看到的，我們的轉變，稍微減少了對非優質客戶的投入，現在正處於優質客戶層面，所以這種優勢在 650 到 700 之間，看看誰感受到了負擔能力的影響。多年來，我們一直在觀察這種機率的下降，不僅在我們公司，而且在整個行業都是如此。

Okay, great. And as my follow-up, it's nice to hear of the success you're having in pay later, and I think you mentioned that 6,200 merchants, so I guess maybe a different way of asking some of the other questions that have been asked is there a way to think about how you're, how material that pay later offering can be for your for loan growth, either, the mid-single-digit growth you're looking for in the near term or the 7% to 10% long-term you talk about is that.

好的，太好了。作為我的後續問題，很高興聽到您在“先享後付”方面取得了成功，我想您提到了 6200 家商戶，所以我想換個角度問一些之前被問過的問題，您認為“先享後付”服務對您的貸款增長有多大意義？無論是您近期尋求的個位數中段成長，還是您提到的 7% 到 10% 的長期成長，您認為這方面會有多大意義？

Something that could be 100 basis points or more of a pickup, and maybe just, we've gotten some questions on progress of the pay later offering at Amazon you launched earlier, last year I think we did notice that it's not available at the checkout anymore. Is there maybe just an update on how that program's going? Thanks.

這可能意味著 100 個基點或更多的提升，而且，我們收到了一些關於亞馬遜去年推出的「先享後付」服務進展的問題，我想我們確實注意到它在結帳時不再可用了。能否提供一下該專案進度的最新資訊？謝謝。

Yeah, sure, Josh, look, we can't get specific on any of our individual programs, but I would again just say we're very happy with the results on the product so far across all of our partners.

當然，喬希，你看，我們不能具體談論任何個別項目，但我還是要說，到目前為止，我們對所有合作夥伴的產品成果都非常滿意。

We're seeing really strong growth in new accounts, obviously that's included in the loan guide. Again, it's a little bit about what pay later can deliver, but it's also that vehicle to bring in new customers and then migrate them over time. So it's obviously a big part of the strategy. It's included in the mid-single-digits, and I don't know, Brian, if you want to give a little more color.

我們看到新帳戶數量成長非常強勁，這顯然也包含在貸款指南中。這在某種程度上關乎「先消費後付款」模式能帶來什麼好處，但它也是吸引新客戶並隨著時間的推移逐步引導他們使用這種模式的工具。所以這顯然是該戰略的重要組成部分。它屬於個位數中段，布萊恩，我不知道你是否想讓它更生動一些。

Yeah, I think the one thing Jeff, to understand about that product in and of itself is.

是的，傑夫，我認為關於這款產品本身，你需要了解的一點是…

The average ticket size and what that product is meant to do, and this is where Brian highlights the multi-product strategy. Is the product fits a certain purchase type and a for a certain thing. You do not see as much large ticket going into that six and 12 month with installment on a closed end. You generally see a smaller ticket size.

平均客單價以及該產品的功能，而布萊恩正是強調了多產品策略。該產品是否符合某種購買類型和用途？你不會看到那麼多額支出進入為期六個月或十二個月的封閉式分期付款階段。通常情況下，票面尺寸會比較小。

So when you see a smaller ticket size, the relative contribution, when I think about the, a company that's got over $100 billion receivable, it's not going to be as a meaningful driver to move the company's overall growth rate, but an important part for us to continue to expand penetration at our partners.

所以，當單筆訂單金額較小時，其相對貢獻，在我看來，對於一家擁有超過 1000 億美元應收帳款的公司來說，不會成為推動公司整體成長率的重要因素，但對於我們繼續擴大在合作夥伴中的滲透率而言，這是一個重要的組成部分。

So it's important to have that, today we have a bigger ticket. Offering right relative to, equal pay installments, it just sits inside a revolving account, which is what you see primarily in our home and auto business, or a little bit our lifestyle business and health and wellness.

所以擁有這一點很重要，因為今天我們拿到的是更高的票價。提供相對合理的等額分期付款，它就存放在一個循環帳戶中，這主要體現在我們的房屋和汽車業務中，或者在我們的生活方式業務以及健康和保健業務中也有所體現。

So again, from a growth rate standpoint, again, given the denominator, you, I'd sit back and say the smaller ticket doesn't move the growth rate as fast right now. Again, it's important to have it as part of a holistic, offering to our partners.

所以，從成長率的角度來看，考慮到分母，我會說，小額訂單目前並不會像大訂單那樣迅速推動成長率。再次強調，將其作為我們向合作夥伴提供的整體方案的一部分非常重要。

Great, thank you.

太好了，謝謝。

Brian Foran, Truist.

Brian Foran，Truist。

Hi, you've kind of touched on this throughout your comments, but it's just the decision on the guide to move from kind of the, and I know there's no standard the way you've done it, but generally over time you've given line items, and now you're giving an EPS range with a little bit less line item detail is the conclusion.

您好，您在評論中已經略微提到過這一點，但關鍵在於指南的決定，即從某種程度上……我知道您的做法沒有標準，但總的來說，隨著時間的推移，您給出了明細項目，而現在您給出的是一個 EPS 範圍，明細項目較少，這就是結論。

You're happy with where consensus is on an EPS basis, but you're flagging. Some of the line items might need to change as people think through these investments for growth, or I don't want to leave the witness, maybe you could just say, why switch to an EPS range this year.

你對每股收益的普遍預期感到滿意，但你卻感到擔憂。隨著人們仔細思考這些成長投資，有些項目可能需要更改，或者我不想留下見證人，也許你可以直接說，為什麼今年要改用 EPS 範圍。

Yeah, thanks. Good morning, Brian, and thanks for the question. You, this is an interesting, it's an interesting question on how we try to help analysts, understand the results of our company, and I think to a large degree, Brian, to be honest with you, with a large number of analysts, there's quite a diversity in.

嗯，謝謝。早安，布萊恩，謝謝你的提問。你，這是一個很有趣的問題，關於我們如何幫助分析師理解我們公司的業績，我認為在很大程度上，布萊恩，坦白地說，對於大量的分析師來說，情況相當複雜。

Even though we provided line item guidance, the outcomes on line items relative to the guidance how people built their models, so effectively we said, listen, the best way for you to understand and value our company ultimately at the end of the day was to provide, as I sometimes call it, the cheat code on the test, which is what we think the EPS amount will be, on the different line items.

儘管我們提供了分項指導，但分項結果與指導的相對應性以及人們構建模型的方式，實際上我們說，聽著，最終讓你們理解和重視我們公司的最佳方式，就是提供，我有時稱之為考試的作弊碼，也就是我們認為不同分項的每股收益金額。

So it was more of a factor of how do we try to get people to the. The best way to think about the performance of the company for 2026 and trying to get five line items right.

所以，這更多的是一個我們如何努力讓人們參與的問題。思考公司 2026 年業績的最佳方法是努力準確掌握以下五個面向。

That's helpful, and I think you mentioned the mid-single-digit loan growth is going to be a little bit more evident, in the back half of the year, if that's right. What would you say are the one or two key markers we should watch for in the front half of the year that would show whether you're on track above or below, tracking above or below, that kind of trajectory.

那很有幫助，而且我認為你提到過，如果情況屬實的話，那麼下半年貸款成長率將更加明顯地保持在個位數中段水準。您認為在今年上半年，我們應該專注於哪些關鍵指標，才能表明我們是走在目標之上還是之下，或者說，是朝著更高的目標前進還是低於目標前進，或者朝著更高的目標前進，諸如此類的軌跡。

Yeah, it's a great question, Brian. I think the first thing you have to look at is what's purchased volume, and what's that flow of, volume that's coming into the system. Number one, I think number two, you got to watch your average actives, and whether or not you see average active growth, and you think about sequential, whether it's purchase volume per average active, et cetera. So you can kind of step through, and say, does the growth make sense, right? Again.

是的，布萊恩，這是一個很好的問題。我認為首先要看的是購買量，以及流入系統的流量。第一，我認為第二，你要關注你的平均活躍用戶數，以及你是否看到平均活躍用戶數增長，你還要考慮連續增長情況，例如每個平均活躍用戶的購買量等等。所以你可以一步一步分析，然後說，這種成長有意義嗎？再次。

We're optimistic about what we saw here in the first three weeks of January, but those are the kind of, two big mile markers I'd be looking at, as you kind of come through. I mean, the payment rate will manifest itself ultimately in the turn of the portfolio and the receivables, but.

我們對一月份前三週的情況感到樂觀，但這是我需要關注的兩個重要里程碑，因為接下來還有很多工作要做。我的意思是，支付率最終會體現在投資組合和應收帳款的周轉上，但是。

That's really, you won't really see that until the end of period again, each of the monthly delinquency reporting credit, you'll get a snapshot of what average loans do and then, most certainly what end of period is.

實際上，你只有在週期結束的時候才能真正看到這一點，每個月的逾期信用報告，你才能了解平均貸款情況，當然，才能了解週期結束時的情況。

If I could sneak in one last one just on the tax refund thing, so it's the conclusion that your best guess of the impact is included in the guide or to the extent there are benefits to your business from elevated tax refunds that would be, incremental to the guide.

如果我能再補充一點關於退稅的事情，那麼結論是，您對影響的最佳猜測已包含在指南中，或者，如果提高退稅額能給您的企業帶來好處，那麼這些好處將是指南之外的補充內容。

Brian, I'm going to let you deal with Kathryn for going beyond one extra question, but it is included in the guidance.

布萊恩，關於凱瑟琳多問一個問題，我會交給你來處理，但這在指導原則中是有規定的。

Don Fandetti, Wells Fargo.

唐范德蒂，富國銀行。

Hi, can you maybe just dig in a little bit on the Walmart, partnership? I mean, obviously that's going very well. Like, is this going to be just a steady ramp up in loan growth? Are there any milestones, or, can you just maybe talk about how the rollout's going?

您好，能否稍微深入探討沃爾瑪的合作關係？我的意思是，很明顯，一切都很順利。也就是說，貸款成長會穩定提升嗎？是否有任何里程碑事件？或者，您能否談談推廣工作的進度？

Yeah, look, Don, it's going incredibly well, the program is fully launched in market, really strong early results. I mentioned fastest growth we've ever seen in the de novo program. There's a couple of things that I would highlight as you think about it.

是的，你看，唐，進展非常順利，該項目已全面推向市場，早期結果非常強勁。我提到了我們在從頭開始的專案中所見過的最快成長速度。當你思考這個問題時，我想強調幾點。

First, it is a leading edge program from a tech perspective. So we're fully leveraging the OnePay app, which is a great app. We're leveraging our API stack, so we're completely embedded. With a digital experience, the entire experience is inside the application all the way through when you apply for credit, all the way through servicing.

首先，從技術角度來看，這是一個領先的專案。所以我們正在充分利用 OnePay 應用，這是一個很棒的應用。我們正在利用我們的 API 堆疊，因此我們完全嵌入其中。透過數位化體驗，從申請信貸到後續服務，整個過程都在應用程式內完成。

The second thing I'd highlight is, it's got a very strong valve prop on the card, so Walmart Plus members get unlimited 5% cash back at Walmart, 1.5% cashback everywhere else. That's a big improvement and a big lift compared to, how we're running the program when we last had it.

第二點要強調的是，這張卡有非常強大的Valve優惠，沃爾瑪Plus會員在沃爾瑪購物可獲得無限5%現金返還，在其他任何地方購物可獲得1.5%現金返還。與我們上次運行該專案的方式相比，這是一個很大的進步和提升。

And we're seeing it convert a lot of Walmart Plus members, which is really great we've got really good digital in-store placement, you'll see that if you're if you're on Walmart.com, you'll see it if you're in the stores, and overall I'd say we just have really good alignment to the deal structure, we're both incentive to grow the program.

我們看到它轉化了很多沃爾瑪Plus會員，這真的很棒。我們在線上線下通路的推廣做得非常好，如果你在沃爾瑪官網上，或者在實體店裡，你都會看到它。總的來說，我認為我們在交易結構上非常契合，我們雙方都有動力發展這個計畫。

So we couldn't be off to a better start, and we're really encouraged about what this is going to do for growth, not just in '26, but in the future.

所以，我們開局再好不過了，我們對這將帶來的成長感到非常鼓舞，不僅是2026年，而且是未來。

Thank you.

謝謝。

And this concludes our Q&A session, as well as synchronous earnings conference call. You may disconnect your line at this time and have a wonderful day.

我們的問答環節以及同步進行的財報電話會議到此結束。現在您可以斷開線路了，祝您有美好的一天。