Synchrony Financial (SYF) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Synchrony Financial first-quarter 2026 earnings conference call. Please refer to the company's Investor Relations website for access to their earnings materials. Please be advised that today's conference call is being recorded. (Operator Instructions)

早安，歡迎參加 Synchrony Financial 2026 年第一季財報電話會議。請至公司投資人關係網站取得本次財報相關資料。提醒您，今日的電話會議將被錄音。(接線員指示)

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

現在我將把電話交給投資人關係資深副總裁 Kathryn Miller。謝謝。您可以開始了。

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，各位早安。歡迎參加我們的季度財報電話會議。除今日新聞稿外，我們也提供了一份簡報，涵蓋我們在本次電話會議中計畫討論的主題。新聞稿、詳細財務附表與簡報皆可於我們的網站 synchronyfinancial.com 取得。您可至網站的投資人關係（Investor Relations）專區存取這些資訊。

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. 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.

在開始之前，我想提醒各位，我們今天的評論將包含前瞻性陳述。這些陳述受風險與不確定性影響，實際結果可能有重大差異。我們在可於本公司網站取得的 SEC 申報文件中列示可能導致實際結果與前瞻性陳述出現重大差異的因素。在電話會議中，我們將在討論公司表現時引用非 GAAP 財務衡量指標。您可在本次電話會議資料中找到這些指標與 GAAP 財務衡量指標之間的調節表。

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 webcast are located on our website.

最後，Synchrony Financial 對第三方提供的財報電話會議逐字稿不負責任，亦不會編輯或保證其準確性。唯一經授權的網路直播位於我們的網站。

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.

今天早上的與會者包括 Synchrony 總裁兼執行長 Brian Doubles，以及執行副總裁兼財務長 Brian Wenzel。

I will now turn the call over to Brian Doubles.

現在我將把電話交給 Brian Doubles。

Thanks, Kathryn, and good morning, everyone. Synchrony started the year with strong momentum and delivered first quarter financial results that included record first quarter purchase volume of $43 billion, reflecting the enduring appeal of Synchrony's multi-product suite. Customers engaged across our diversified portfolio, contributing to continued sequential improvement in average active account trends, higher spend per account across all five platforms and 6% growth in total portfolio purchase volume compared to last year. At the platform level, diversified and value purchase volume grew 9% primarily reflecting the impact of partner expansion. Digital platform purchase volume increased 8%, driven by strong customer response to enhanced product offerings and refresh value propositions.

謝謝你，Kathryn，各位早安。Synchrony 以強勁動能展開新的一年，第一季財務表現亮眼，創下第一季購買量 430 億美元的歷史新高，反映 Synchrony 多元產品組合的持久吸引力。客戶在我們多元化的投資組合中持續活躍，帶動平均活躍帳戶趨勢連續改善、五大平台的每戶支出均提升，且總投資組合購買量較去年成長 6%。就平台層級而言，多元化與價值型平台購買量成長 9%，主要反映合作夥伴擴張的影響。數位平台購買量成長 8%，受惠於客戶對強化後產品供給與更新價值主張的正面回應。

Purchase volume in lifestyle increased 7%, primarily driven by other apparel and goods and luxury partially offset by lower average active accounts. Health & Wellness purchase volume was 3% higher primarily reflecting growth in Pet & Audiology. And purchase volume in Home & Auto was flat, generally reflecting partner expansion in furniture and electronics offset by selective spend in home improvement and lower average active accounts. Synchrony's co-branded credit cards, including our dual cards, accounted for 51% of our total purchase volume in the first quarter and increased 20% versus last year, driven by product upgrades, higher broad-based spend and enhanced utility across these card programs. The mix of discretionary spend within our auto partner portfolio increased during the first quarter, making the third consecutive quarter of year-on-year improvement.

生活風格平台購買量成長 7%，主要由其他服飾與商品以及奢侈品帶動，但部分被平均活躍帳戶下降所抵銷。健康與保健平台購買量成長 3%，主要反映寵物與聽力（Audiology）業務的成長。居家與汽車平台購買量持平，整體反映家具與電子產品合作夥伴擴張的貢獻，但被居家修繕的選擇性支出以及平均活躍帳戶下降所抵銷。Synchrony 的聯名信用卡（含雙卡產品）在第一季占我們總購買量的 51%，較去年成長 20%，主要由產品升級、更廣泛的支出提升，以及這些卡片方案的使用效用增強所帶動。第一季我們汽車合作夥伴投資組合中的可選擇性支出占比上升，連續第三季呈現年對年改善。

Additionally, the rate of discretionary spend growth continue to accelerate, outpacing nondiscretionary spend growth also for the third consecutive quarter and even during the month of March when fuel prices began to rise. This discretionary spend strength came in particular from categories like retail, entertainment and electronics. And while spending on fuel was up significantly during March in our nondiscretionary spend, total portfolio spend per account growth remains strong as consumers navigated the higher costs. Meanwhile, payment rate increased approximately 50 basis points compared to last year. Collectively, we believe these spend and payment trends are a testament to the efficacy of our prior credit actions and consistent credit discipline as well as resilient consumer health supported by some early benefit from increased tax refunds and lower tax withholdings.

此外，可選擇性支出成長率持續加速，連續第三季超越非可選擇性支出成長，即使在 3 月燃油價格開始上漲時亦然。這股可選擇性支出動能特別來自零售、娛樂與電子產品等類別。同時，雖然 3 月我們的非可選擇性支出中燃油支出顯著上升，但在消費者因應成本上升之際，整體投資組合的每戶支出成長仍維持強勁。此外，付款率較去年提高約 50 個基點。綜合而言，我們認為這些支出與付款趨勢證明了我們先前信用措施與一貫信用紀律的成效，也反映消費者健康狀況具韌性，並受到退稅增加與預扣稅降低所帶來的初步助益。

Synchrony continued to execute across our key strategic priorities during the first quarter, adding or renewing more than 15 partners including Indian Motorcycle, Harbor Freight and Miracle Ear. We renewed our partnership with Indian Motorcycle, America's first motorcycle companies founded in 1901 to offer flexible financing solutions through their nationwide dealer network.

第一季，Synchrony 持續推進關鍵策略優先事項，新增或續約超過 15 家合作夥伴，包括 Indian Motorcycle、Harbor Freight 與 Miracle Ear。我們續約了與 Indian Motorcycle 的合作關係；Indian Motorcycle 為美國第一家機車公司，創立於 1901 年，我們將透過其全國經銷商網路提供彈性融資解決方案。

We also extended our relationship with Harbor Freight, America is the number one tool store with nearly 50 years in business and more than 1,600 locations nationwide to provide private label credit card financing with the option of 5% back or 0 interest equal payment installment loans. And our program with Miracle Ear enables patients to pay for hearing devices and related services over time, leveraging practice management software that optimizes the financing experience for both consumers and staff. Synchrony also continued to broaden distribution of CareCredit financing during the first quarter, through our expanded strategic partnerships with Planet DDS.

我們也延長與 Harbor Freight 的合作關係；Harbor Freight 是美國第一的工具零售商，營運近 50 年，並在全美擁有超過 1,600 個據點，提供自有品牌信用卡融資，並可選擇 5% 回饋或 0 利率等額分期貸款。而我們與 Miracle Ear 的方案，讓患者可分期支付助聽裝置及相關服務費用，並運用可優化消費者與員工融資體驗的診所管理軟體。第一季，Synchrony 亦透過與 Planet DDS 擴大的策略合作夥伴關係，持續擴大 CareCredit 融資的通路覆蓋。

As the preferred patient financing solution across all Planet DDS practice management platforms, CareCredit will be integrated across more than 2,500 Cloud 9 orthodontic practices and more than 15,000 Denticon dental practices to improve patient access to treatment while also supporting practice growth operational efficiency and better patient outcomes. And we're also delivering streamlined care credit experiences for pet families through our new partnership with both Figo and Embrace Pet Insurance.

作為 Planet DDS 全部診所管理平台的首選患者融資解決方案，CareCredit 將整合至超過 2,500 家 Cloud 9 矯正診所與超過 15,000 家 Denticon 牙科診所，以提升患者取得治療的可近性，同時支持診所成長、營運效率與更佳的患者結果。我們也透過與 Figo 與 Embrace Pet Insurance 的新合作夥伴關係，為寵物家庭提供更精簡的 CareCredit 體驗。

Today, consumers can use CareCredit at approximately 85% of US pet locations and now approved pet insurance claims can be reimbursed directly as a credit to the consumer's CareCredit account after they pay for their pet's care using our CareCredit card. These partnerships extend CareCredit's pet insurance reimbursement ecosystem to more than 1.7 million insured pets and underscore the larger opportunity we have to our strategic partnership with Independence Pet Holdings.

目前，消費者可在約 85% 的美國寵物相關據點使用 CareCredit；此外，當消費者使用 CareCredit 卡支付寵物照護費用後，已核准的寵物保險理賠可直接以入帳方式回補至消費者的 CareCredit 帳戶。這些合作夥伴關係將 CareCredit 的寵物保險理賠回補生態系擴展至超過 170 萬隻投保寵物，並凸顯我們與 Independence Pet Holdings 策略合作所帶來的更大機會。

Together, we are making it easier for consumers to pay for and manage the cost of pet care. And lastly, we continue to enhance the utility of care credit by broadening its acceptance for eligible health and wellness purchases on walmart.com, complementing CareCredit's long-standing acceptance in-store across Walmart and Sam's Club locations nationwide. In addition to currently eligible health and wellness purchases, CareCredit cardholders can now use their card to make purchases across a wider selection of in-store and online product categories, including medical supplies and equipment, fitness products and sleep essentials. This expanded collaboration with Walmart will enable us to empower more consumers with financial flexibility to purchase health and wellness products and services whenever and however the need arrives.

我們共同讓消費者更容易支付並管理寵物照護成本。最後，我們持續提升 CareCredit 的使用效用，擴大其在 walmart.com 上對符合資格之健康與保健消費的受理範圍，並與 CareCredit 長期以來在全美 Walmart 與 Sam's Club 門市的受理相互補強。除目前符合資格的健康與保健消費外，CareCredit 持卡人現在也可使用該卡在更多門市與線上商品類別中消費，包括醫療用品與設備、健身產品與睡眠必需品。與 Walmart 的這項擴大合作將使我們能賦予更多消費者財務彈性，無論何時、以何種方式出現需求，都能購買健康與保健產品與服務。

And as we look to the remainder of the year ahead, Synchrony is positioned to drive our momentum further as we grow our existing partner programs and win new ones, diversify our programs, products, and markets to reach and serve more consumers and more businesses across the country and power best-in-class experiences for all those we serve.

展望今年剩餘時間，Synchrony 已具備條件進一步推升動能：一方面擴大既有合作夥伴方案並贏得新方案；另一方面多元化我們的方案、產品與市場，以觸及並服務全國更多消費者與企業，並為所有服務對象提供同級最佳的體驗。

I am proud to say that we are doing all of this while also earning the privilege of being ranked as the number one best company to work for in the US by Fortune Magazine and Great Place to Work in 2026. Together, all of our incredible people at Synchrony have built a high trust culture that makes us faster, bolder and better for the customers and partners who count on us every single day.

我很自豪地表示，在推動上述各項工作的同時，我們也在 2026 年獲《Fortune》雜誌與 Great Place to Work 評選為美國最佳雇主第一名。Synchrony 全體優秀同仁共同打造了高度信任的文化，使我們更快速、更大膽、也更出色，為每天仰賴我們的客戶與合作夥伴提供服務。

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

接下來，我將把電話會議交給 Brian，請他更詳細地說明我們的財務表現。

Thanks, Brian, and good morning, everyone. Synchrony's first quarter financial performance delivered record first quarter purchase volume a positive inflection in loan receivables growth, strong credit performance and higher return on average assets intangible common equity compared to last year. These results reflected Synchrony's disciplined execution as we focus on delivering consistent risk-adjusted returns amid evolving market conditions. Turning to our performance in more detail. Synchrony generated $43 billion of purchase volume a first quarter record and a 6% increase compared to last year.

謝謝你，Brian，各位早安。Synchrony 第一季財務表現亮眼，創下第一季購買交易量新高、貸款應收款成長出現正向拐點、信用表現強勁，且平均資產報酬率與有形普通股權益報酬率均較去年提升。這些結果反映了 Synchrony 在市場環境持續演變之際，專注於提供一致的風險調整後報酬，並以紀律執行策略。接著更詳細說明我們的表現。Synchrony 產生 430 億美元的購買交易量，創第一季新高，較去年增加 6%。

Ending loan receivables were flat at $100 billion, though we did achieve a positive inflection in ending loan receivables with an increase of approximately $477 million at the end of the first quarter. This reflected the impact of higher purchase volume, generally offset by the effects of elevated payment rates. The payment rate of 16.3% was approximately 50 basis points higher than last year and approximately 110 basis points above the pre-pandemic first quarter average, primarily reflecting shifts in portfolio and product mix as well as the impacts of new portfolio seasoning, our previous credit actions and higher average tax refunds. Net interest income increased 4% to $4.6 billion primarily driven by the combination of higher interest and fees and lower interest expense. Interest and fees increased 2%, primarily driven by the impact of our PPPCs, partially offset by lower benchmark rates.

期末貸款應收款維持在 1,000 億美元持平，但我們確實在第一季末達成期末貸款應收款的正向拐點，增加約 4.77 億美元。這反映了較高的購買交易量影響，但整體上被偏高的還款率所抵銷。16.3% 的還款率較去年約高 50 個基點，且較疫情前第一季平均水準高約 110 個基點，主要反映投資組合與產品組合的變化，以及新投資組合成熟期（seasoning）、我們先前的信用措施與較高平均退稅的影響。淨利息收入增加 4% 至 46 億美元，主要由較高的利息與費用收入以及較低的利息費用共同帶動。利息與費用增加 2%，主要受我們 PPPCs 的影響所推動，但部分被較低的基準利率所抵銷。

Interest expense decreased 11%, primarily due to lower benchmark rates. Our first quarter net interest margin increased 76 basis points versus last year to 15.5%, reflecting three key drivers: one, a 47 basis point increase in our loan receivables yield, which was partially driven by the impact of our PPPCs and contributed approximately 39 basis points to our net interest margin; two, a 44 basis point decline in our total interest-bearing liabilities cost which reflected the impact of lower benchmark rates and contributed approximately 35 basis points to our net interest margin; and three, a 76 basis point increase in the mix of loan receivables as a percent of interest-earning assets versus last year, which contributed approximately 14 basis points to our net interest margin.

利息費用下降 11%，主要因基準利率較低。第一季淨利差（net interest margin）較去年增加 76 個基點至 15.5%，反映三項關鍵驅動因素：第一，貸款應收款收益率提高 47 個基點，部分由 PPPCs 的影響所帶動，對淨利差貢獻約 39 個基點；第二，整體計息負債成本下降 44 個基點，反映較低的基準利率影響，對淨利差貢獻約 35 個基點；第三，貸款應收款占生息資產的比重較去年提高 76 個基點，對淨利差貢獻約 14 個基點。

These improvements were partially offset by a 69 basis point reduction in our liquidity portfolio yield, which reduced our net interest margin by 12 basis points. The decline was generally driven by lower benchmark rates. Turning to the remainder of our P&L.

上述改善部分被流動性投資組合收益率下降 69 個基點所抵銷，該因素使淨利差減少 12 個基點。此下降通常由較低的基準利率所驅動。接著看損益表（P&L）的其餘項目。

RSAs of $1.1 billion or 4.31% of average loan receivables in the first 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. Provision for credit losses decreased $156 million to $1.3 billion, primarily driven by a $242 million decrease in net charge-offs, partially offset by a $97 million reserve release in the prior year. Other expense increased 6% to $1.3 billion, primarily driven by the costs related to technology investments and higher operational losses. The first quarter efficiency ratio was 35.6%, approximately 220 basis points higher than last year.

第一季 RSA 為 11 億美元，或平均貸款應收款的 4.31%，較去年增加 1.75 億美元，主要反映方案表現（program performance），其中包括較低的淨沖銷（net charge-offs）以及 PPPCs 的影響。信用損失準備金（provision for credit losses）減少 1.56 億美元至 13 億美元，主要由淨沖銷減少 2.42 億美元所帶動，但部分被去年 9,700 萬美元的準備金回轉（reserve release）所抵銷。其他費用增加 6% 至 13 億美元，主要由科技投資相關成本及較高的營運損失所驅動。第一季效率比率為 35.6%，較去年約高 220 個基點。

This resulted from higher overall expenses and the impact of higher RSA as program performance improved. To summarize Synchrony's first quarter results, we generated net earnings of $805 million or $2.27 per diluted share, a return on average assets of 2.7% and return on tangible common equity of 24.5% and an 8% increase in tangible book value per share. Shifting focus to our key credit trends on slide 8. Our portfolio's mix of below men payers remain well below pre-pandemic levels across all credit cohorts during the first quarter with the nonprime population outperforming relative to other credit cohorts since the end of 2023. We believe this continued trend in nonprime is reflective of our previous credit actions.

這主要源於整體費用較高，以及隨著方案表現改善，RSA 較高所帶來的影響。總結 Synchrony 第一季結果：我們創造淨利 8.05 億美元，或稀釋後每股盈餘 2.27 美元；平均資產報酬率 2.7%；有形普通股權益報酬率 24.5%；每股有形帳面價值成長 8%。接著將焦點轉向投影片 8 的主要信用趨勢。第一季期間，我們投資組合中低於最低還款額（below minimum）付款者的占比，在所有信用分群中仍明顯低於疫情前水準；自 2023 年底以來，次優（nonprime）族群相較其他信用分群表現更佳。我們認為次優族群的此一持續趨勢，反映了我們先前採取的信用措施。

We also continue to see normalization in the prime and super prime cohorts with some gradual shifting in the mix from above minimum to minimum payments. At quarter end, both our 30-plus and 90-plus delinquency rates were generally in line with the prior year, and our net charge-off rate was 5.42% in the first quarter, a decrease of 96 basis points from 6.38% in the prior year. Collectively, efficacy of our previous credit actions and ongoing credit management strategies as well as the resilience of our customers and portfolio amid an uncertain environment. Finally, our allowance for credit loss as a percent of loan receivables was 10.42% which increased approximately 36 basis points from 10.06% in the fourth quarter, in line with our seasonal trends and a decreased 45 basis points from 10.87% in the first quarter of 2025.

我們也持續看到優質（prime）與超優質（super prime）分群逐步正常化，付款結構也出現一些由高於最低還款額（above minimum）轉向最低還款額（minimum payments）的漸進變化。截至季末，我們的 30 天以上與 90 天以上逾期率大致與去年持平；第一季淨沖銷率為 5.42%，較去年同期的 6.38% 下降 96 個基點。整體而言，這反映了我們先前信用措施的成效與持續的信用管理策略，以及在不確定環境下客戶與投資組合的韌性。最後，我們的信用損失備抵（allowance for credit loss）占貸款應收款比率為 10.42%，較第四季的 10.06% 增加約 36 個基點，符合季節性趨勢；且較 2025 年第一季的 10.87% 下降 45 個基點。

Turning to slide 9.

接著看投影片 9。

Synchrony's funding, capital and liquidity remain a foundational strength of our business. Synchrony grew our direct deposits by $3.1 billion and reduced broker deposits by $3.7 billion compared to last year. And during the first quarter, we issued $750 million of senior unsecured debt and our tightest five-year credit spread to date and a final coupon of 4.95% and a $500 million three-year secured public bond from the Synchrony Card Issuance Trust with a final coupon of 4.22%. As of March 31, deposits represented 83% of our total funding with secured debt representing 9% and unsecured debt representing 8%. Total liquid assets decreased 4% to $22.8 billion and represented 18.8% of total assets, 72 basis points lower than last year.

Synchrony 的資金來源、資本與流動性仍是我們業務的基礎優勢。與去年相比，Synchrony 的直接存款增加 31 億美元，經紀存款（broker deposits）減少 37 億美元。此外在第一季，我們發行 7.5 億美元的高級無擔保債（senior unsecured debt），創下迄今最緊的五年期信用利差，最終票面利率為 4.95%；並透過 Synchrony Card Issuance Trust 發行 5 億美元三年期擔保公開債（secured public bond），最終票面利率為 4.22%。截至 3 月 31 日，存款占我們總資金來源的 83%，擔保債占 9%，無擔保債占 8%。總流動性資產下降 4% 至 228 億美元，占總資產的 18.8%，較去年低 72 個基點。

Now focusing on our capital ratios. Synchrony ended the quarter with CET1 ratio of 12.7%, a Tier 1 capital ratio of 13.9% and a total capital ratio of 16%, each of which declined by approximately 50 basis points versus the prior year. And our Tier 1 capital plus reserve ratio decreased to 24.1% compared to 25.1% last year. Synchrony returned $1 billion to shareholders during the first quarter, which included $900 million in share repurchases and $104 million in common stock dividends. In addition, our Board of Directors approved a new share repurchase program of up to $6.5 billion of the company's common stock which commenced in the second quarter of 2026 and a change from our prior share repurchase program does not have an expiration date.

接著聚焦我們的資本比率。Synchrony 季末 CET1 比率為 12.7%，第一類資本（Tier 1）比率為 13.9%，總資本比率為 16%，各項比率較去年均下降約 50 個基點。我們的第一類資本加準備金比率（Tier 1 capital plus reserve ratio）降至 24.1%，去年為 25.1%。第一季 Synchrony 向股東回饋 10 億美元，其中包括 9 億美元的庫藏股回購與 1.04 億美元的普通股股利。此外，我們董事會核准新的股票回購計畫，最多可回購公司普通股 65 億美元；該計畫於 2026 年第二季開始執行，且相較先前的回購計畫，本次計畫不設到期日。

The new share repurchase program replaces the company's prior program, which was scheduled to expire on June 30, 2026, and had approximately $300 million remaining. The pace and amount of share repurchases are flexible and will be executed from time to time subject to various factors, including capital levels, financial performance, market conditions, legal and regulatory requirements and in accordance with our capital plans.

新的股票回購計畫取代公司先前的計畫；原計畫預定於 2026 年 6 月 30 日到期，且尚餘約 3 億美元額度。回購的速度與金額具彈性，將視各項因素不定期執行，包括資本水準、財務表現、市場狀況、法律與監管要求，並依照我們的資本規劃進行。

Finally, I'd like to discuss our outlook on slide 10. We continue to expect accelerated growth in purchase volume and average active accounts without any further broad-based credit refinements as we move through the year. The outcome should more than offset the impact of elevated payment rates to drive mid-single-digit growth in ending loan receivables by year-end.

最後，我想在投影片 10 討論我們的展望。隨著今年推進，在不再進行進一步廣泛性的信用調整（broad-based credit refinements）的情況下，我們仍預期購買交易量與平均活躍帳戶將加速成長。預期結果將足以抵銷偏高還款率的影響，並在年底前帶動期末貸款應收款達到中個位數成長。

The rate of receivables growth should follow seasonality and accelerate as we move into the back half of the year. This will be driven by growth in our core portfolio as well as a combination of both recently launched and soon-to-be launched programs, including Walmart OnePay, Bob's Discount Furniture, RH and approximately $725 million of those commercial co-brand loan receivables, which was added in early April. Net interest income is expected to grow in 2026 as a result of higher loan receivables the impact of PPPCs is continuing to build and as we reduce our funding liabilities costs, these trends will partially offset the lower late fee incidents. We expect delinquency and losses to follow normal seasonality through the year with net charge-offs peaking in the second quarter. We expect our net charge-offs to be less than 5.5% for the full year, and we remain focused on our disciplined approach to underwriting our business.

應收款成長率應會遵循季節性，並在進入下半年時加速。這將由我們核心投資組合的成長所帶動，並結合近期已推出及即將推出的多項計畫，包括 Walmart OnePay、Bob's Discount Furniture、RH，以及約 7.25 億美元的商業聯名貸款應收款（於 4 月初新增）。由於貸款應收款提高、PPPCs 的影響持續累積，以及我們降低資金負債成本，預期 2026 年淨利息收入將成長；這些趨勢將部分抵銷逾期費事件減少所帶來的影響。我們預期逾期與損失將在全年遵循正常季節性，且淨沖銷在第二季達到高峰。我們預期全年淨沖銷將低於 5.5%，並將持續專注於以嚴謹紀律承作我們的授信業務。

And as program performance strengthens due to higher net interest income and lower losses compared to last year, we continue to expect RSAs to increase but remain within our long-term range of 4% to 4.5% of average receivables. Lastly, we remain focused on operating expense discipline while also investing in the long-term potential of our business. As a result, we continue to expect other expense growth to trend in line with loan receivables. Putting all these elements together, Synchrony remains on track to deliver between $9.10 and $9.50 in diluted earnings per share, but also executing across key strategic priorities to deliver consistent risk-adjusted growth and strong capital generation, and we are well positioned to return excess capital in aggressive but prudent way.

此外，隨著淨利息收入提高、且相較去年損失降低使得計畫表現轉強，我們仍預期 RSAs 將上升，但會維持在長期區間內，即平均應收款的 4% 至 4.5%。最後，我們仍專注於營運費用紀律，同時投資於本業的長期潛力。因此，我們仍預期其他費用成長趨勢將與貸款應收款一致。綜合以上各項因素，Synchrony 仍按計畫可達成稀釋後每股盈餘 9.10 至 9.50 美元，同時也在關鍵策略優先事項上持續執行，以實現一致的風險調整後成長與強勁的資本生成；我們也具備良好條件，以積極但審慎的方式回饋多餘資本。

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

接下來，我把電話交回給 Brian。

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 consumer remains resilient and the foundation of our portfolio is strong. Our consistent underwriting discipline, credit management strategies and portfolio performance have positioned us well for both the near and long term. Second, Synchrony's investments are driving results across our business and for the millions of consumers and hundreds of thousands of small and midsized businesses we serve across the country.

謝謝，Brian。在我把電話交給問答之前，我想以今天討論的三個重點結論作結。第一，消費者仍具韌性，我們投資組合的基礎穩健。我們一貫的承作紀律、信用管理策略與投資組合表現，使我們在短期與長期都處於有利位置。第二，Synchrony 的投資正在推動我們整體業務的成果，也為我們在全國服務的數百萬消費者與數十萬家中小企業帶來成效。

And third, because of the results we deliver, Synchrony is generating growth at strong risk-adjusted returns and robust capital, positioning us well to drive considerable long-term value for our stakeholders. With that, I'll turn the call back to Kathryn to open the Q&A.

第三，基於我們所交付的成果，Synchrony 正以強勁的風險調整後報酬與充沛資本創造成長，使我們具備良好條件，為利害關係人創造可觀的長期價值。接下來，我把電話交回給 Kathryn 以開始問答。

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 1 primary and 1 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.

以上為我們事先準備的發言。我們現在開始問答環節。為了盡可能讓更多人提問，我想請各位參與者將問題限制為 1 個主要問題與 1 個追問。若您還有其他問題，投資人關係團隊將在會後提供協助。接線員，請開始問答環節。

(Operator Instructions) Terry Ma, Barclays.

(接線員指示) Terry Ma，Barclays。

Just wanted to start off with the loan growth guide of mid-single digits. Can you maybe just give a little bit more color on kind of what you're seeing in the account acquisitions and just borrower behavior to give you confidence in that second half acceleration?

我想先從你們對貸款成長的指引（中個位數）開始。你能否再多提供一些背景，說明你們在帳戶獲取以及借款人行為方面看到什麼，讓你們對下半年加速有信心？

Yes. Thanks for the question, Terry. As we look at the first quarter and how we exited you saw a clear acceleration of our purchase volume to a record high for the first quarter, 6% year over year. So we've seen that acceleration positively pay rates up from a credit perspective, up 50 basis points. Some of that in the first quarter was a result of higher income tax refunds, which impacted the quarter by 14 basis points.

是的。謝謝你的問題，Terry。回顧第一季以及季末的表現，你可以看到我們的消費金額（purchase volume）明顯加速，第一季創下歷史新高，年增 6%。因此我們看到這樣的加速帶來正面效果；從信用角度來看，付款率（pay rates）上升了 50 個基點。第一季其中一部分是因所得稅退稅較高所致，對該季影響為 14 個基點。

But we feel good about the purchase volume coming through and we feel good about some of the discretionary purchases that we see as we go through. As you kind of step out into the quarters, again, what we're going to start to see is some of the acquisition, whether it's Walmart, OnePay, Lowe's commercial begin to build into the portfolio as we move into the back half of the year. And we saw a strong new account originations of 15% in the first quarter of this year. So we see positive momentum as we exited out of the first quarter.

但我們對消費金額的表現感到樂觀，也對我們一路觀察到的部分非必需性消費支出感到樂觀。當你把視角拉到接下來幾季，我們將開始看到一些獲客動能——不論是 Walmart、OnePay、Lowe's 商業業務——在進入下半年時逐步累積到投資組合中。而今年第一季我們的新帳戶核發（originations）強勁成長 15%。因此，我們在第一季結束時看到正向動能。

For the first couple of weeks in April, we've seen that to be consistent with how we exited to maybe slightly stronger from a purchase volume standpoint. So we feel good that the consumer is engaging with our products and wanting our products as we move forward.

就 4 月前幾週而言，我們看到的情況與第一季末相當一致，從消費金額角度看甚至略強一些。因此，我們對消費者在未來持續使用並偏好我們的產品感到樂觀。

Got it. That's helpful. And then on the payment rate of 16.3% this quarter and it being over 100 basis points above your pre-pandemic average. Has your product mix if driven a permanent resetting of that payment rate higher? If that's the case, what does that mean for your long-term loss expectations and loan growth?

了解。這很有幫助。另外，關於本季 16.3% 的付款率，且比你們疫情前平均水準高出超過 100 個基點。你們的產品組合是否已促使付款率永久性地上調？如果是，這對你們長期的損失預期與貸款成長意味著什麼？

Thanks, again, Terry. So I don't think it's permanently reset it. I think what you look at is two fundamental elements that have happened over the last couple of years, which has been driven by our credit actions. Number one, we have a higher credit quality into the portfolio, particularly into the higher super prime versus what we normally have. So nonprime has gone down, which has a higher revolve rate, number one.

再次謝謝你，Terry。我不認為這是永久性的重置。我認為你看到的是過去幾年在我們信用動作帶動下出現的兩個基本因素。第一，我們投資組合的信用品質更高，特別是超優質客群（super prime）的占比高於我們通常水準。因此次級（nonprime）占比下降，而次級的循環使用率（revolve rate）較高，這是第一點。

Number two, you see a mix in the portfolio as people pull back on discretionary purchases in the last couple of years, particularly in the Home & Auto space and Lifestyle, when you have those larger promotional purchases, those payment rates are generally sub 10%, probably around 8% or 9%. So when you remix the portfolio and the percent of promotional financings are down, you artificially bring the payment rate up. So that, plus the acceleration of new accounts here in the last year or so, they tend to pay off at a slightly higher level. So it's more a phenomenon of a shift inside the portfolio as it relates to credit actions and two, the return to growth.

第二，過去幾年人們在非必需性消費上縮手，特別是在居家與汽車（Home & Auto）以及生活風格（Lifestyle）領域；當你有較大額的促銷性購買時，其付款率通常低於 10%，大概在 8% 或 9%。因此，當投資組合重新配置、且促銷融資的占比下降時，會在表面上把付款率推高。再加上過去一年左右新帳戶加速成長，這些新帳戶往往以略高的水準償還。所以，這更像是投資組合內部因信用動作的變化，以及第二、重回成長所帶來的現象。

Ryan Nash, Goldman Sachs.

Ryan Nash，Goldman Sachs。

Brian, maybe to start on the EPS guide of $9.10 to $9.50. Can you maybe just help us with how some of the moving pieces have shifted. It's clear credit is better with the guide below $5.50. But what else would you say has shifted, given obviously, we've seen rates moving? And where do you think we're tracking within the range after a quarter? And I have a follow-up.

Brian，我想先從每股盈餘指引 9.10 到 9.50 美元開始。你能否協助我們理解一些變動因素如何改變？很明顯信用表現更好，因為你們的指引是低於 5.50%。但除此之外，你會說還有哪些因素改變了，尤其我們也看到利率在變動？另外，經過一季之後，你認為我們在這個區間內的進度落在哪裡？我還有一個追問。

Yes. Thanks, Ryan. So again, I think you started with net charge-offs. I think as we guided at the start of the year that our loss rate would be in line with our long-term target, now it's slightly below. So there's a little bit of favorability.

是的。謝謝你，Ryan。所以我想你先從淨沖銷開始談是對的。我認為我們在年初指引時提到，損失率將與我們的長期目標一致，而現在略低於該水準。因此有一些正向利多。

You do have some payment rate pressure that we saw in the first quarter. But if you take a step back and you say, okay, how do you think about the range for a second and how do you move towards the higher end of the range. There's clearly a couple of things that could play into that equation. Number one, will you see a slowing in the payment rate, which will increase revolve rate, particularly on existing accounts that will drive more revenue towards you, number one. Two, on the delinquency formation and performance of delinquencies, will that continue to improve or stay steady that improves most certainly, you have a little bit of headwind from late fees, but most certainly, you'll get potentially a reserve release and net charge-off benefits.

我們確實看到第一季出現一些付款率壓力。但如果你退一步來看，說好，那你如何思考這個區間，並且如何往區間的高端移動。顯然有幾個因素可能會影響這個等式。第一，你是否會看到付款率放緩，這將提高循環率（revolve rate），特別是在既有帳戶上，進而帶來更多收入，這是第一點。第二，在逾期形成以及逾期表現方面，是否會持續改善或維持穩定；若確實改善，雖然你會在滯納金（late fees）上有一點逆風，但你很可能會獲得準備金回轉（reserve release）以及淨沖銷（net charge-off）方面的好處。

Both of those two items have an RSA offset to it. So again, we're not guiding inside the range. But clearly, there are cases where you can get to the higher end of the range. Even if the payment rate stays higher, and charge-offs stay where they are from our first quarter exit, you then see you're towards the middle or lower end of the range. So again, I think we see pathways both ways.

這兩個項目各自都有一個 RSA 的抵銷效果。所以再次強調，我們不會在區間內提供更細的指引。但很明顯，在某些情境下你可以達到區間的高端。即使付款率維持較高、且沖銷維持在我們第一季季末退出時的水準，那你就會落在區間的中段或低端。所以我認為，我們確實看到兩種方向的路徑。

The question you're going to have to answer is what happens in the macro environment. The consumer has been incredibly resilient both from a purchasing behavior pattern and a payment behavior pattern. So again, we'll have to watch the uncertainty as it relates to the geopolitical risk that exists today.

你必須回答的問題是，總體環境會如何發展。消費者在購買行為模式與付款行為模式上都展現出極強的韌性。因此，我們必須持續關注與當前存在的地緣政治風險相關的不確定性。

Got you. And then in terms of the buyback, I guess, how do we think about the pacing of the $6.5 billion, which is open ended, do you think it will be done differently than under the prior process? And I guess, maybe just touch upon what are your expectations for capital relief under the Basel proposal? And how do you think about standard versus (inaudible), which I'm assuming is more onerous on your business, but it would be good to hear how you flesh it out.

了解。那在庫藏股回購方面，我想問，我們該如何看待這個 65 億美元、且為開放式（open ended）的回購節奏？你認為會和先前流程下的做法不同嗎？另外，也請談談你對巴塞爾提案下資本釋放（capital relief）的預期。以及你如何看待標準法（standard）相對於（聽不清），我猜那個對你們業務更嚴苛，但也希望聽聽你們如何具體拆解。

Yes. So to parse that question, Ryan, when you think about the $6.5 billion again being open ended. We don't give quarterly cadence. What -- I'd sit back and say is, if you look back at the recent history and look at that cadence, that's probably what we'll end up doing. That's all dependent upon how the business performs macroeconomic environment, legal, regulatory or capital plans, et cetera, there are a bunch of caveats there.

是。Ryan，先把問題拆開來看，談到這 65 億美元再次強調是開放式的。我們不提供按季度的節奏指引。我會退一步說，如果你回顧近期歷史並看那個節奏，這大概就是我們最終會採取的做法。這一切都取決於業務表現、總體經濟環境、法律、監管或資本規劃等等，這裡有一堆但書。

But again, looking back at history probably gives you a good cadence on how we step out under this plan. Again, this was designed really to align us now that we have a stress capital buffer of 250 basis points with our category for peers. With regards to your question on the Basel III proposal, under the standardized approach, it is favorable to Synchrony. So we absolutely appreciate the Fed's thoughtfulness of reproposing the rules here and their ability and willingness to listen to industry participants with regard to that rule. So when you look at the standardized approach, we clearly get a benefit on the retail exposures or on the risk weighting of assets and only a small negative as it goes to the AOCI inclusion into that would generate -- if the rule is adopted exactly as it is with no changes, you would see our RWAs go down and our capital get relief of 125 to 150 basis points.

但再次強調，回顧歷史大概能讓你對我們在此計畫下的推進節奏有個不錯的概念。另外，這項設計主要是為了讓我們在壓力資本緩衝（stress capital buffer）為 250 個基點後，與同類同業的定位更一致。至於你問到巴塞爾 III 提案，在標準法（standardized approach）下，對 Synchrony 是有利的。因此，我們非常感謝聯準會在此重新提出規則的審慎思考，以及其傾聽產業參與者對該規則意見的能力與意願。所以當你看標準法時，我們在零售曝險或資產風險權重上明顯受益，而在 AOCI 納入方面只有小幅負面影響；若該規則完全按目前文字、且不做任何修改就被採納，你會看到我們的 RWA 下降、資本獲得 125 到 150 個基點的釋放。

If you step out and look at the enhanced risk-based approach, that's a little bit more mixed. You do get more risk weighting risk rating assets benefit, but you're now going to introduce a capital charge for the open to buy in the portfolio, which treats all those open to buys the same way. You're going to introduce operating risk into the equation and then you have an impact on the DTA, which is when you combine all those effects, it's a net negative for us if the rule is adopted exactly as is. But I think we continue to study the rule and I think we'll provide comments as well as industry participants in ways in which you can eliminate some of the double counts, particularly on the operating risk and maybe be a little bit more thoughtful on the open to buy and how that's converted to a risk-weighted asset.

如果你再往外看增強型風險基礎法（enhanced risk-based approach），情況就比較混合。你確實會在風險加權資產（risk-weighted assets）的風險權重／風險評等上獲得更多好處，但你也會引入對投資組合中可用額度（open to buy）的資本計提，且把所有這些可用額度用同樣方式處理。你會把作業風險（operating risk）納入計算，並且 DTA（遞延所得稅資產）的影響也會進來；把這些效果加總後，如果規則完全照目前版本採納，對我們是淨負面。但我認為我們會持續研究該規則，也會像其他產業參與者一樣提出意見，探討如何消除一些重複計算，特別是在作業風險上，並且在可用額度（open to buy）如何轉換為風險加權資產方面更審慎周延。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Maybe Brian Wenzel, if we could just follow up on the earnings guide question just in the commentary. When we look at sort of credit doing better and loan growth sort of still remaining the same. Is it that the -- an EPS remaining stable? Is it that your expectation on yield has changed in some way lower or maybe you could just put that because it would seem like there's sort of -- you're moving towards the higher end of the range with the credit coming in better.

也許 Brian Wenzel，我們能就財測（earnings guide）問題再追問一下，主要是針對你剛才的評論。當我們看到信用表現變好、而放款成長大致仍維持不變時，是不是代表 EPS 會維持穩定？還是你對收益率（yield）的預期在某種程度上改變、變得更低？或許你可以說明一下，因為看起來信用好於預期，應該會讓你們往區間高端移動。

Yes. Thanks for the question, Sanjay. And again, I think if you go back to what I said back in January, and I said kind of coming through here, our guidance was around in line with the 5.5% to 6%. Really, we're trying to give a position of stability as it relates to the charge-off guidance. I think as you look at it now being less than 5.5%, I don't think there's a material difference in the way in which we thought about credit at the end of January and the way we think about credit today.

是。謝謝你的問題，Sanjay。再次強調，如果你回到我一月時說的，我當時提到我們的指引大致與 5.5% 到 6% 的區間一致。我們真正想傳達的是，在沖銷（charge-off）指引方面的穩定性。我認為，現在看起來低於 5.5%，但我不認為這會在我們對信用的看法上造成實質差異——無論是我們在一月底的看法，或是今天的看法。

So I think you may be overweighting that change relative to our guide.

所以我認為，你可能相對於我們的指引，把這個變化看得太重了。

Got it. All right. And then maybe just more of an elaboration on the health of the consumer. I'm just trying to think about the geopolitical events that are happening and the impact on fuel price. You guys talked a little bit about -- I don't know, Brian Doubles, you talked about, you're seeing early benefits of tax refunds.

了解。好。那再請你多談一下消費者的健康狀況。我在想目前發生的地緣政治事件，以及對燃油價格的影響。你們稍早也提到一些——我不確定，Brian Doubles，你提到你們看到退稅（tax refunds）帶來的早期好處。

I'm just curious if you could just sort of list how those are impacting the consumer? I mean, where are we with the tax refunds? Like is there more to come in the second quarter? Maybe you can just help us just think about the assumptions you're making and sort of where we are.

我想請問你能否列舉一下這些因素如何影響消費者？我的意思是，退稅目前進行到哪裡了？例如第二季是否還會有更多？也許你可以幫我們理解你們所做的假設，以及目前所處的位置。

Yes, I'll start on that one, Sanjay. Look, I think the consumer is still in pretty good shape. It's been very consistent over the past few quarters. We're seeing signs of strength when you look at spending patterns, credit continues to outperform our expectations. So I think the macro environment is still pretty constructive, strong labor market, you do have the higher tax refunds when you get into that in a little bit.

是，我先回答這題，Sanjay。你看，我認為消費者的狀況仍然相當不錯。過去幾個季度都非常一致。從支出型態來看我們看到強勁跡象，信用表現也持續優於我們的預期。所以我認為總體環境仍相當具建設性：勞動市場強勁；另外你提到較高的退稅，我們等一下也可以再多談一些。

And you've got some watch items. We're watching inflation very closely, higher gas prices, other factors that I think are creating some uncertainty out there with consumers, but they're really -- they really seem to be looking past at this point. We don't see it impacting spend. You saw spend for us accelerated really nicely this quarter. When you look at the platforms, D&B was up 9%.

同時也有一些需要關注的事項。我們非常密切地觀察通膨、更高的油價，以及我認為會在消費者端造成一些不確定性的其他因素，但他們目前似乎——似乎都能先把這些因素放在一邊。我們沒有看到它影響支出。你也看到我們這一季的支出加速得相當漂亮。以平台來看，D&B 成長了 9%。

Digital is up 8%, lifestyle up 7%. That's indicative of, one, I think, our product suite, but also a pretty healthy resilient consumer. So there's a lot of, what I would call, noise out there right now and things that we're watching and tracking really carefully. But at this point, whether you're looking at spend patterns or early stage, late stage, everything points to a pretty resilient consumer. And I don't know if you want to add on tax refund.

數位業務成長 8%，生活風格成長 7%。這反映了第一，我認為是我們的產品組合；同時也反映出消費者相當健康且具韌性。所以我會說，現在外界有很多所謂的「雜訊」，以及一些我們正在非常仔細觀察與追蹤的事情。但就目前而言，不論你看的是支出型態，或是早期、後期的各項指標，一切都指向消費者相當有韌性。另外我不確定你是否想補充一下退稅的部分。

Yes. Let me just add some color, both on tax and then on gas, Sanjay. So first on tax refunds, the tax refunds are slightly lower than our expectations, low end of the range for us, we thought would be around $500. They're coming in $350. And the way we've seen that -- well, it hasn't had a material effect on our book.

是的。Sanjay，我補充一些背景，先談退稅，再談油價。首先就退稅而言，退稅金額略低於我們的預期，落在我們預估區間的低端；我們原本認為大約會是 500 美元。目前實際大約是 350 美元。而我們觀察到的情況是——它對我們的放款餘額（book）並沒有造成實質影響。

We've seen it will certainly impact when we look at payment rate and we lag payment rates to the refunds there's about a 14 basis point impact in the quarter from higher payment rate in the quarter related to tax refunds. You hit on a good point where in the next couple of weeks, you tend to see a little bit higher refunds of people who file closer to the April 15 deadline. So that refund amount could creep up a little bit. But we didn't see a week on week when you look at it, we did not see any real change in purchasing behavior pattern. When I look at the depository side of the business, we saw lower inflows and lower outflows, but that trend week-on-week with returns has mirrored for the last three years.

我們看到它確實會影響我們在觀察付款率時的結果；由於我們將付款率相對於退稅入帳做了滯後處理，本季因退稅帶動付款率較高，對季度的影響約為 14 個基點。你提到一個重點：接下來幾週，通常會看到一些較高的退稅，因為有些人會在 4 月 15 日截止日前較晚申報。因此退稅金額可能會小幅上升。但我們按週比較來看，並沒有看到購買行為模式出現任何實質變化。從存款業務端來看，我們看到流入與流出都較低，但這個按週趨勢在過去三年、搭配退稅季的情況下都呈現相同的走勢。

So I think when we look at refunds, there hasn't been a material impact on to the business. When you look at gas prices, if you look at the average transaction value for gas in March, it's up 17% sequentially February to March of this year and up 10% year over year, but we haven't seen any change in the frequency. It's actually up slightly, to be honest with you, year over year on frequency of gas purchases, and we haven't seen any pullback as it relates to gas. So at this point, I think the consumer is probably annoyed, but they haven't changed their behavioral patterns to date as it relates to that spending.

所以我認為，就退稅而言，對業務並沒有造成實質影響。再看油價：如果看今年 3 月的加油平均交易金額，較 2 月環比上升 17%，年增 10%，但我們沒有看到頻次有任何變化。坦白說，加油購買頻次年比還略有上升，而且我們也沒有看到與油價相關的任何縮手情況。因此就目前而言，我認為消費者可能覺得煩，但截至目前在這項支出上，他們的行為模式並沒有改變。

Darrin Peller, Wolfe Research.

Wolfe Research 的 Darrin Peller。

Could we just start on expenses, just given it grew 8% on an adjusted basis in the first quarter and your guidance appears to imply expense growth decelerates throughout the year, even as receivables growth improves. How much of that is due to upfront investment in new program adds rolling off? Or any other color on any expense, that would be great.

我們能否先從費用談起？因為第一季在調整後基礎上費用成長 8%，而你們的指引似乎暗示費用成長在全年會逐步放緩，即便應收帳款成長有所改善。其中有多少是因為新增計畫的前期投資逐步消退？或是其他任何費用面的補充說明也很有幫助。

Yes. Thanks, Darren. The expense, there are two, what I'd say items I'd point you to inside the quarter. Number one is slightly higher information technology expense that goes in there. There's two components that are in there.

是的。謝謝你，Darren。關於費用，我會指出本季裡面兩個項目。第一是資訊科技費用略高。其中包含兩個組成部分。

Number one is the association fees that we paid to MasterCard and Visa. So on a volume basis, with volume being up, particularly in the co-brand space, we see slightly higher expense. That should continue on for the year. And then you have some information technology and investments that we're making, whether it's cloud and the like. And again, that will probably continue on.

第一是我們支付給 MasterCard 和 Visa 的協會費用。因此在交易量基礎上，隨著交易量上升、尤其是在聯名卡（co-brand）領域，我們看到費用略有增加。這種情況在今年應該會持續。另外還有一些我們正在進行的資訊科技投入與投資，例如雲端等。同樣地，這大概也會持續。

The other item that you see is up is in the other, which relates to some operational losses, which I think is a little bit more syncratic in the first quarter and should reduce down as we move forward. So again, I think when you think about the run rate of expense dollars, there'll probably be about the same. But again, you get a step up as assets kind of come through and get some leverage in the back half of the year.

另一個上升的項目是在「其他」之中，與一些營運損失相關；我認為這在第一季比較偏一次性（較具特殊性），隨著往後推進應該會下降。所以總的來說，若你看費用金額的常態水準（run rate），大概會差不多。但隨著資產逐步進來、在下半年會帶來一些營運槓桿。

Okay. All right. That's helpful. And just for my follow-up, I want to touch on AI and Agentic for a moment. Just maybe you guys can give us more color on any incremental investments you've been making around both the AI side and the efficiencies in the business.

好的。好。這很有幫助。那我追問一下，我想稍微談談 AI 和 Agentic。也許你們可以就 AI 相關的增量投資，以及業務效率提升方面，提供更多細節。

I know your FTEs have been effectively flat since 2023. But any early signs of evidence where you might be able to create more efficiencies on that front. And then on the Agentic side, also just incremental investments being made over the past couple of quarters to ensure that your placement on choice at the point of sale stays as high as it should be for Synchrony and its merchant partners.

我知道你們自 2023 年以來 FTE（全職員工數）基本持平。但在這方面是否已經看到任何早期跡象，顯示你們可能可以創造更多效率？另外在 Agentic 方面，過去幾個季度是否有做任何增量投資，以確保在銷售點（point of sale）「選擇」中的排序/曝光能維持在 Synchrony 與其商戶夥伴應有的高水準？

Yes. It's a great question. I'll start with the second piece of that because I actually think this is the more important of the two, which is around Agentic commerce. It's a big area of focus for us. I think we're moving very quickly here.

是的。這是個很好的問題。我先從你提到的第二部分開始，因為我其實認為這兩者之中更重要的是 Agentic commerce。這是我們非常聚焦的一個重點領域。我認為我們在這裡推進得非常快。

We've got, hopefully, first mover advantage. And like you said, this is going to fundamentally change how consumers discover new products, how they research REIT reviews and ultimately purchase. It's still early. We're working with all of the top companies to ensure that as that purchasing path changes, our financing offers, our products are embedded in that experience. So there's still a lot that is unknown here in terms of how this could play out.

我們希望能取得先行者優勢。而如你所說，這將從根本上改變消費者如何發現新產品、如何研究評論，並最終完成購買。目前仍在早期階段。我們正與所有頂尖公司合作，確保當購買路徑改變時，我們的分期/融資方案與產品能嵌入到那個體驗之中。因此就這件事最終會如何發展，仍有很多未知數。

One scenario, which is probably the most prevalent right now is that when a consumer research is a product inside of the AI platform, to complete the purchase, it will still go back to the merchant site. We're already embedded there. So that's kind of the easier of the two use cases. I think the second one which is bound to happen at some point is that the purchase actually gets completed inside of the AI platform. And that's where, as you indicated, it's really important that were in there, our financing options are present in that checkout process.

其中一種情境——也是目前最常見的——是當消費者在 AI 平台內研究某個產品時，真正完成購買仍會回到商戶網站。我們在那裡已經完成嵌入。所以這算是兩種使用情境中較容易的一種。我認為第二種情境——某個時間點一定會發生——是購買會在 AI 平台內直接完成。而這也就是如你所指出的，確保我們在其中、讓我們的融資選項出現在結帳流程中，變得非常重要。

The good news is our partners have a huge incentive to make sure that that's the case. So as they're talking to all of the AI companies about how this is going to work, they're pulling us in and saying, okay, it's imperative that Synchrony's cards, our cards with them are present an option for the consumer to purchase because they want to make sure that those transactions run on our rails that the valve prop is protected, that the consumer benefits and it feels very similar to as they were purchasing on the merchant side.

好消息是，我們的合作夥伴有非常強的誘因來確保這件事能成立。因此當他們與所有 AI 公司討論這將如何運作時，他們會把我們拉進來並表示：Synchrony 的卡、以及我們與他們共同發行的卡，必須作為消費者的付款選項之一，因為他們希望確保這些交易能跑在我們的支付軌道（rails）上，確保價值主張（value prop）受到保護，讓消費者受益，而且整體感受要非常接近在商戶端購買時的體驗。

So that's kind of the genic piece of it. The Gen AI or what I would call it more the productivity and efficiency piece, we've been on this for well over a year at this point, big opportunity for us. You referenced holding head count last I think the bigger benefit, frankly, in the near term is just speed to market, right?

以上就是 Agentic 的部分。至於 Gen AI，或我更願意稱之為生產力與效率的部分，我們在這方面已經投入超過一年了，對我們而言是很大的機會。你提到我們維持人力編制不變；坦白說，我認為短期內更大的好處其實是加快產品上市速度（speed to market），對吧？

We're using this. Our coders are using it, 90% of our professional workforce is using it across all functions, across all platforms. and they're getting real economies of scale. And so I think the early returns are -- this is going to help us be a lot faster, a lot more efficient, but also free up and redeploy our resources to things that are frankly more challenging, more strategic and frankly, more fun to work on. So I'm very optimistic about how we're operating here. I think we're off and running. I think there's big benefits in the future.

我們正在使用這個。我們的程式設計師在用它，我們90%的專業人力在所有職能、所有平台上都在使用它，而且他們正在獲得真正的規模經濟效益。因此我認為早期回饋是——這將幫助我們更快、更有效率，同時也能釋放並重新部署資源，投入到坦白說更具挑戰性、更具策略性，而且坦白說更有趣的工作上。所以我對我們在這裡的運作方式非常樂觀。我認為我們已經上軌道並全速推進。我認為未來會有很大的效益。

Rick Shane, JPMorgan.

Rick Shane，摩根大通。

Look, you mentioned strength in luxury strength in discretionary. You also mentioned 17% increase at the pump on a ticket basis, to follow up on Sanjay's question, can you help us understand spending and credit performance right now based on both income level and FICO score realizing that they're difference? Are you seeing divergence in the portfolio based upon sort of borrower category?

你提到奢侈品的強勁表現以及可選消費的強勁表現。你也提到以單筆交易（ticket）計算，加油站的金額上升了17%。延續Sanjay的問題，你能否協助我們理解目前依收入水準與FICO分數來看的支出與信用表現（我知道兩者不同）？你是否看到投資組合在不同借款人類別上出現分化？

Yes. Thanks for the question, Shane. So when you go back One of the key things we talked about on this call has been payment rate. And when you look at payment rate by credit cohort -- I'm sorry, by credit -- yes, credit cohort, you see strength coming at $780, $780 plus. That is up the largest as you look at that piece of it.

是的。謝謝你的問題，Shane。回頭看，我們在這通電話中談到的一個關鍵點是付款率（payment rate）。當你按信用分群——抱歉，按信用——是的，按信用分群（credit cohort）來看付款率時，你會看到在$780、$780以上的族群表現強勁。在那一段中，它的上升幅度最大。

The next group is then the nonprime that is up. And then the middle at $650 to $720 and $720 to $780 is performing about equally. So again, you see the top end continuing to pull up, which goes back to the mix shift I indicated earlier on the call. When you look at it by behavioral pattern inside of that, you do see a little bit of shift as it relates into in pay but that's really getting offset by -- between MinPay and Statement Pay. And when you look at it by cohort, then again, underneath that and that -- if you were paying MinPay or full pay, again, the bottom end is holding firm with regard to that MinPay and really where you see more MinPay happening is in the prime segment between $650 and $ 780.

下一個族群是非優質（nonprime），也在上升。而中間的$650到$720，以及$720到$780，表現大致相當。所以再一次，你會看到高端持續拉升，這也呼應我先前在電話中提到的組合轉移（mix shift）。若再看該族群內部的行為模式，你確實會看到與「正在還款（in pay）」相關的一點點變化，但那基本上被——最低還款（MinPay）與帳單全額還款（Statement Pay）之間的變動所抵銷。而當你按分群來看——同樣地，在其下方——如果你是付最低還款或全額還款，再次地，低端在最低還款方面仍然穩健；真正看到更多最低還款發生的，是在$650到$780之間的優質（prime）區段。

So again, I think we see the middle moving a little bit here. But again, the high end is continuing to pull through. When we look at it generationally, again, generations in that high-end cohort are continuing to pull the spend, but slightly higher payment rates particularly at the high end of the portfolio.

所以再一次，我認為我們看到中間層有些微變動。但同樣地，高端仍持續帶動表現。從世代（generationally）來看，同樣地，在高端分群中的各世代仍持續拉動支出，但付款率略高，特別是在投資組合的高端。

Mihir Bhatia, UBS.

Mihir Bhatia，瑞銀。

Maybe just talking about average accounts for a second. They've been declining for 6 quarters here I think some of that is just a deliberate byproduct of your previous credit restrictions. But I had a 2-part question on that. The first was just, are you seeing any shifts in consumer engagement with programs there? And maybe relatedly, we've seen a little bit of an increase in loyalty costs.

想先談一下平均帳戶數（average accounts）。我想它已經連續6個季度在下降，其中一部分可能只是你們先前信用收緊政策的刻意結果。但我有一個兩部分的問題。第一，你們是否看到消費者在方案（programs）上的參與度有任何變化？另外相關地，我們也看到忠誠度成本（loyalty costs）略有上升。

So is that like have you just readjusting programs to see that to drive a little bit more volume there? Or is it just the Walmart and some of the other co-brand programs picking up speed in the loyalty costs.

所以這是你們重新調整方案以在那裡帶動一些量（volume）嗎？還是只是Walmart以及其他一些聯名（co-brand）方案在忠誠度成本上加速上升？

Yes. Thanks, Mihir, for the question. I'm glad you didn't change firms, by the way, as well. But on the active account, the first part of your question, that's generally just lagging the loan receivables. You should see that in Vertis we've accelerated new accounts and they begin to engage into the portfolio.

是的。謝謝你的問題，Mihir。順帶一提，我也很高興你沒有換公司。至於活躍帳戶（active account），你問題的第一部分，那通常只是落後於貸款應收款（loan receivables）。你會在Vertis看到我們加速了新帳戶，而它們開始在投資組合中產生互動與使用。

So again, it trails a little bit, but you will see that inversion happen probably in the middle part of this year. So that's one. I think when you get to the loyalty question, again, a couple of things. One, we've enhanced certain value propositions last year on some of the cards that drives a slightly higher loyalty cost. And then to a large degree, what happens when you launch some new programs, you are going to see higher loyalty costs as some of the most engaged people take up that product and they tend to spend in store, which has a higher value proposition for our partners and merchants than it does in the world.

所以它確實會稍微落後一些，但你可能會在今年年中看到那個反轉發生。這是第一點。至於忠誠度的問題，同樣有幾件事。第一，我們去年在部分卡片上強化了某些價值主張（value propositions），這會帶來略高的忠誠度成本。其次，在很大程度上，當你推出一些新方案時，你會看到較高的忠誠度成本，因為最投入的那群人會先採用該產品，而且他們往往在店內消費；相較於在外部世界（the world）的消費，店內消費對我們的合作夥伴與商戶具有更高的價值主張。

And that's just a phenomenal a byproduct of how the portfolio seasons when you add those new accounts. Again, having 15% new account growth, again, will drive a little bit more of that in-store value proposition versus world as you launch. But again, when you look at the co-branded volume being up 20%, you are going to drive more loyalty costs, which is really a good thing. When you look at transaction frequency, it is up. So it's not -- our customers are engaging with the product and engaging in a bigger way year-over-year.

而這只是當你新增那些新帳戶時，投資組合隨時間成熟（seasons）所帶來的一個非常顯著的副產品。同樣地，15%的新帳戶成長，在你推出時，會讓店內價值主張相對於外部世界的占比提高一些。但同樣地，當你看到聯名交易量（co-branded volume）上升20%，你就會帶動更多忠誠度成本，而這其實是好事。當你看交易頻率（transaction frequency），它也在上升。所以並不是——我們的客戶正在使用這個產品，而且相較去年以更大的幅度在使用。

Got it. And then just a follow-up. I wanted to go back to Ryan's question about just buybacks. Can you just remind us like what's the -- what factors impact that level of buyback? Is CET1 just the binding other considerations we should be keep in mind, things like rating agencies, requirements, et cetera.

了解。再追問一下。我想回到Ryan關於庫藏股回購（buybacks）的问题。你能否提醒我們，哪些因素會影響回購的規模？CET1是否是主要約束？還有沒有其他我們應該留意的考量，例如評級機構、相關要求等等。

Yes. CET1 is not the binding constraint for us. Obviously, the only thing left in the capital stack that we have to fully develop is the Tier 1, so it's a little bit more preferred to do. That is not a binding constraint today for us. We still have plenty of room right relative to our targets.

是的。CET1對我們而言不是具約束力的限制（binding constraint）。顯然，在我們的資本結構（capital stack）中，唯一還需要完全建構的是第一級資本（Tier 1），所以在那方面做一些會更合適一些。但這在今天對我們也不是具約束力的限制。相對於我們的目標，我們仍有相當充足的空間。

There are multiple factors. Yes, you hit on one, which is radio ages and things like that that kind of come in our regulators. But again, I think we start with how is the business performing, what's the visibility to our business performance, what do we see as RWA growth as we move through. then you start looking into factors around, okay, what is the regulatory environment? And how do you think about that?

有多個因素。是的，你提到其中一個，也就是評級機構（rating agencies）以及類似這些、以及監管機構等會納入我們的考量。但同樣地，我認為我們會先從：業務表現如何、我們對業務表現的能見度如何、我們在推進過程中看到的風險加權資產（RWA）成長如何。接著你才會開始看一些因素，例如：監管環境是什麼？以及你如何看待這些？

And just step through those things, that's when we set the cadence along with our capital plan and the Board with regard to do it. We are going to be aggressive but prudent. And I think you'd have to appreciate the fact that we can't drop 100 basis points right away or go right down to the target. I think the regulators and most certainly rating agencies, our Board probably wouldn't be comfortable on that. But I think we've shown a measured discipline.

把這些事情逐一梳理後，我們才會結合資本計畫以及董事會，來設定執行的節奏。我們會積極但審慎。我想你也必須理解，我們不可能立刻就下降100個基點，或直接降到目標水準。我認為監管機構，當然還有評級機構，以及我們的董事會，可能都不會對此感到安心。但我認為我們已展現出有節制的紀律。

You see that really on the chart that we laid out in the in the earnings deck on page 3, where we have been accelerating capital return to shareholders. And we'll certainly, I think when you look at the latter part of the deck, and you go back into the capital ratio page, which sits on page 9, you see the earnings generation power of the business, generating year over year 350 basis points of CET1. So we are we are driving towards that target. And again, we'll use an appropriate cadence to get there and hopefully an aggressive but prudent way.

你在我們於財報簡報（earnings deck）第3頁所展示的圖表上可以清楚看到，我們一直在加速把資本回饋給股東。而且我想，當你看簡報後半部、回到資本比率那一頁（在第9頁），你會看到公司獲利創造能力很強，年對年可產生350個基點的CET1。所以我們正朝那個目標推進。同樣地，我們會用適當的節奏達成，並希望以積極但審慎的方式做到。

Erika Najarian, UBS.

Erika Najarian，瑞銀（UBS）。

I'm glad Mihir didn't take my job. So just --

我很高興 Mihir 沒有搶走我的工作。所以就--

We're happy for you too, Erika.

我們也替你高興，Erika。

So my first question is I know you don't love this question, but it's a fierce debate in the marketplace right now. So I have to reask it. So for -- I guess, it's two parts. First, based on the RSA mass, under Basel III end game that you gave us, Brian, that would essentially take your CET1 from 12.7% closer to 14%, if I'm hearing you right on the 120 basis points I guess as you think about having a higher level of CET1 relative to that 11% minimum, is that going to be biased towards buybacks or more aggressive portfolio acquisition. And additionally, I know you don't love the question about pacing of buybacks, but that is a fierce debate right now with the investor community.

所以我的第一個問題是，我知道你不喜歡這個問題，但目前市場上對此爭論非常激烈。所以我必須再問一次。所以就——我想分成兩個部分。第一，根據你給我們的、在《巴塞爾協定三》終局（Basel III end game）下的 RSA 影響，Brian，如果我沒聽錯，你的 CET1 會從 12.7% 更接近 14%，也就是大約增加 120 個基點；那麼，當你考量相對於 11% 最低門檻、維持更高水準的 CET1 時，這會更偏向用於庫藏股回購，還是更積極地進行投資組合收購？另外，我知道你也不喜歡關於回購節奏的問題，但投資人社群現在對此也爭論得很激烈。

Over the past 3 quarters, your buyback average has been about $900 million per quarter, which would then suggest that you would go through this current authorization in under two years. And thus, I guess I'm just wondering what drove that $900 million pacing? And as the receivables growth improves, is that an immediate offset to that buyback pacing?

過去 3 個季度，你的回購平均約為每季 9 億美元，這意味著你會在不到兩年的時間內用完目前這項授權。因此，我想問的是，是什麼因素驅動了這個每季 9 億美元的回購節奏？而隨著應收帳款成長改善，是否會立刻抵銷（影響）這個回購節奏？

Thanks, Erika. I won't comment whether we love or dislike the question, but let me try to -- let me try to parse it out for you a little bit as you kind of go through it. With regard to what happens ultimately with Basel III, I mean, to be honest with you, we don't know what the final rule will look like. To the extent that that rule gets implemented the way it is today, we certainly would have a discussion with the Board with regard to our capital levels and what we do with that incremental capital. And I think we have shown over time to either invest that capital into acquisitions such as Ally Lending and Allegro and other things or we can return it back to shareholders.

謝謝，Erika。我不評論我們喜不喜歡這個問題，但我試著——我試著幫你把它拆解一下，讓你比較好理解。關於《巴塞爾協定三》最終會如何落地，老實說，我們不知道最後的規則會長什麼樣子。如果該規則最終以目前的樣貌實施，我們當然會與董事會討論我們的資本水準，以及如何運用那部分新增資本。而且我們也一直以來都展現出：要嘛把資本投入到收購上，例如 Ally Lending、Allegro 以及其他項目；要嘛把資本回饋給股東。

But that's a decision that's going to be out. We don't -- we haven't really engaged the Board with that today. It's not something that we're working on. We're currently studying that evaluation right in that rule and seeing what are the positives and negatives and where does the need to be adjusted and where we may come on either with the industries or by ourselves. So that part of the question.

但那會是一個之後才會做的決策。我們——目前還沒有就此與董事會深入討論。這不是我們現在正在推進的事情。我們目前正在研究該規則的評估，看看它的優點與缺點是什麼、哪些地方需要調整，以及我們可能會與產業一起、或以我們自身名義提出哪些意見。以上是這部分問題的回答。

With regard to the cadence in the pacing, again, I look at a slightly longer horizon. Again, where we see opportunities and where we saw how the business perform, right, relative to the earnings power of the business and the market will lean in to the extent that that shifts or we allocate more to RWAs, we'll adjust that pattern. So again, I'm not sure many people give a quarterly cadence. I know that's something everyone would like to do. But again, we'll be aggressive but prudent.

至於節奏與步調（cadence/pacing），同樣地，我會看稍微更長的時間範圍。同樣地，當我們看到機會、以及看到業務表現相對於其獲利能力時，市場也會在某種程度上跟進；若這些因素出現變化，或我們把更多資本配置到風險加權資產（RWA），我們就會調整那個模式。所以，同樣地，我不確定有多少人會給出逐季的節奏。我知道大家都希望我們這麼做。但同樣地，我們會積極，但也會審慎。

But I think if you look back over the past history, I think you'll get a better read versus a quarter or two.

不過我認為，如果你回頭看過去的歷史，你會比只看一兩個季度更能掌握脈絡。

And just my second follow-up. Just clarifying your response to Ryan and Sanjay's question, is the reserve release in the guide? Or is there only -- is the reserve release at sort of the mid- to high point of the EPS guide?

那我的第二個追問。我想釐清你對 Ryan 和 Sanjay 問題的回覆：指引（guide）裡有包含準備金回沖（reserve release）嗎？還是說——準備金回沖只會出現在每股盈餘（EPS）指引區間的中高端？

Yes. So let's make sure we're clear, Erika. I was trying to sit back and say ways in which you can get to the high end. Again, we haven't given any view on whether or not we'll be releasing reserves or not. I think if I take a step back, right, credit has been a strength for us.

是的。所以我們先把事情講清楚，Erika。我當時是想退一步，說明有哪些方式可以達到區間的高端。同樣地，我們並沒有就是否會回沖準備金提供任何看法。如果我退一步看，信用表現一直是我們的強項。

I think we've been a leader in the industry. I think our performance has been terrific. Now the question becomes in the macro, we have qualitative overlays that sit there and say, okay, we're prepared to the extent that the macro environment gets worse. I think I've consistently said that where I see this if the environment continues to play out the way we think there's a little bit more of a downward bias, but I'm not necessarily sure I would plan on that today. Again, we continue to evaluate the environment and we step out quarter by quarter.

我認為我們一直是業界的領先者。我認為我們的表現非常出色。現在問題在於宏觀環境：我們有一些質化覆蓋（qualitative overlays），用來表示「好，如果宏觀環境惡化，我們已經做好準備」。我一直以來都說，我對此的看法是：如果環境持續按照我們的預期發展，可能會有一點偏向下行（downward bias），但我不確定我今天會把它納入計畫。同樣地，我們會持續評估環境，並逐季調整。

But again, we haven't provided guidance that I was only trying to give some of the previous analysts away when you think about the range of where you can end up inside the range.

但同樣地，我們並沒有提供那樣的指引；我只是想在你思考區間內可能落點時，給前面幾位分析師一些參考方向。

Mark DeVries, Deutsche Bank.

Mark DeVries，德意志銀行（Deutsche Bank）。

Could you comment on how the pipeline for new program acquisitions or signs look kind of relative to recent history. And how meaningful those types of opportunities could be for growth over the next year? And if possible, comment on kind of how big of an opportunity you think the new RH program could be?

你能否評論一下，新方案收購或簽約（new program acquisitions or signs）的管線，與近期歷史相比看起來如何？以及這類機會在未來一年對成長可能有多大意義？如果可以的話，也請談談你認為新的 RH 方案可能有多大的機會？

Yes. Look, we continue to have a very active pipeline, a combination of new start-up de novo programs, which we're really excited about, some existing programs I would say the existing programs that are coming to market in the next year or two are in kind of the midsized range, nothing really that significant in terms of portfolios we require, but we've got a great track record of buying portfolios, winning programs then driving a lot of penetration and seeing really good growth there.

可以。你看，我們的管線仍然非常活躍，包含新的新創、從零開始（de novo）的方案，我們對此非常興奮；也包含一些既有方案。我會說，未來一到兩年會進入市場的既有方案，大多屬於中型規模，並沒有什麼在我們需要收購的投資組合規模上特別重大的案子；但我們在收購投資組合、拿下方案，然後推動更高滲透率並看到非常好的成長方面，有很好的往績。

So across all five of our platforms, it's got a very robust pipeline, I would say, in traditional programs, but also a nice pipeline of opportunities in what I would consider non-traditional opportunities, whether it's ISVs inside of Health & Wellness or Home & Auto in the more fragmented space. And the good news, too, just to add on to that, we're seeing pretty good price discipline in the market. That continues to be the case.

所以在我們五個平台的整體來看，傳統方案的管線非常強健；同時，在我認為屬於非傳統機會的領域，也有不錯的機會管線，例如健康與保健（Health & Wellness）或家居與汽車（Home & Auto）領域中的 ISV（獨立軟體供應商），尤其是在較為分散的市場。另外一個好消息是，補充一下，我們看到市場上的價格紀律相當不錯。這點仍然持續如此。

That's been consistent for the last two or three years. There's always some pockets of rational behavior. But generally, I think the industry is pricing in the right way for this environment, and we're winning the programs that we want to win. And we're very excited about RH. It's a great franchise, and we think we'll be able to drive a lot more penetration and really grow that program.

這在過去兩到三年一直都很一致。當然總會有一些區塊呈現較理性的行為。但整體而言，我認為產業在這個環境下的定價方式是正確的，而我們也正在贏得我們想贏的那些方案。而我們對 RH 也非常興奮。這是一個很棒的特許經營（franchise），我們認為能夠推動更高的滲透率，並真正把這個方案做大。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

Maybe to kind of follow up, four out of your five verticals all had growth, some have been pretty strong growth in purchase volume and Home & Auto was flat, although with down 6% accounts, I guess, had okay growth per account. Could you drill into that a little bit? Like what went on there from an account perspective? Are there things that you're doing to restart account growth in some of those programs? Obviously, you've got some new programs.

也許作為延伸追問，你們五個垂直領域中有四個都有成長，有些在購買量（purchase volume）上的成長相當強；家居與汽車（Home & Auto）則持平，雖然帳戶數下降 6%，但我想每戶的成長還可以。你能否再深入說明一下？例如從帳戶的角度來看，當中發生了什麼？你們是否有在某些方案中採取措施，重新啟動帳戶成長？顯然你們也有一些新方案。

But in other words, that existing base because that is about 30% of your receivables. So can you talk about the plans there a little bit?

但換句話說，既有基礎（existing base）那一塊，因為那約占你們應收帳款的 30%。所以你能否談談那方面的計畫？

Yes. Thanks, Moshe, for the question. So when you think about the Home & Auto platform, this is a large portion of our promotional financing business. So those average active accounts when consumers are engaging in those discretionary purchases have a tendency to stick. And again, as we've said, they have been a little bit more challenged, particularly in the home specialty space with regard to making those bigger ticket purchases.

是的。Moshe，謝謝你的提問。所以當你思考 Home & Auto 平台時，這是我們促銷融資業務中很大的一部分。因此，當消費者進行這些可自由支配的購買時，那些平均活躍帳戶往往會持續留存。而且再次如我們所說，他們確實面臨了一些較大的挑戰，特別是在家居專業領域，涉及進行那些較大金額的購買。

So that has impacted more of the more of the average account growth. Again, what you've seen is a positive trajectory on Home receivables. But again, you have a fairly broad mix inside that sales platform everywhere from do yourself at Lowe's to home furnishings than to Furniture. And then we'll, certainly, you have Auto, which has a very different dynamic right relative to the average transaction values and frequencies of purchase. So it's more about the mix inside the Home & Auto platform than a delivered strategy that we have.

因此，這對平均帳戶成長的影響更大一些。再次，你所看到的是 Home 應收款項的正向走勢。但同樣地，在那個銷售平台內部有相當廣泛的組合，從 Lowe's 的 DIY（自己動手做）到家居裝飾，再到家具。另外，當然還有 Auto，其動態非常不同，對吧，無論是平均交易金額還是購買頻率。所以，這更多是 Home & Auto 平台內部組合的問題，而不是我們所採取的某種交付策略。

Again, we're moving into an important part of the year for that vertical as you begin to see more things around the Home, whether the Home projects and specialty will certainly do it yourself, et cetera, that again, you tend to see a little bit more of the volume acceleration. So that with the launch of a couple of new programs, both Bobs and RH and again, hopefully, that will create a little bit of a tailwind for that platform.

再次，我們正進入該垂直領域一年中很重要的時段，因為你開始看到更多與家居相關的活動，無論是家居專案、專業類別，當然還有 DIY 等等；通常在這段時間你會看到量能加速。因此，隨著幾個新方案的推出，包括 Bobs 和 RH，而且再次，希望這能為該平台帶來一些順風。

And maybe just as a follow-up, Brian, you had mentioned that not just the impact of tax refunds, but the benefit going forward kind of lower withholdings, I guess could you talk about that a little bit and whether that has been a driver in your -- both credit and spend outlook?

也許作為追問，Brian，你提到的不只是退稅的影響，還有未來較低預扣稅額帶來的好處；我想請你談談這一點，以及這是否一直是你們——在信用與消費展望兩方面——的驅動因素？

Yes. That's a great question, Moshe. And it's probably harder to discern that piece of it. You can look at the flow of dollars into the economy in a similar level relative to the refunds themselves because they're lumpy. As you begin to see this flow that comes through throughout the year, it is harder to pull that piece apart.

是的。Moshe，這是個很好的問題。而且這部分可能更難辨識。你可以用與退稅本身相近的層級來看資金流入經濟體的情況，因為退稅是間歇性的、波動較大。當你開始看到這種全年持續流入的資金流時，就更難把那一部分拆分出來。

What I'd say is if you looked at our purchase volume going through the quarter, it has been relatively consistent. Absent the two storms we saw at the end of January and early February, has been pretty consistent with regard to the growth. Now that's a combination. Part of that's going to be withholding. Part of it is income tax refunds.

我會說，如果你看我們整個季度的購買量，它一直相對一致。若不考慮我們在一月底與二月初看到的兩場風暴，成長表現一直相當一致。現在那是多種因素的組合。其中一部分會是預扣稅額。另一部分則是所得稅退稅。

But really, it's the consumer and some of the discretionary purchases and rotation that Brian talked about in the prepared remarks, kind of pulling through. Again, if I look at the first three weeks of April, we continue to see that strength kind of come through. Again, I'm not sure I can isolate or anyone can really isolate the withholding piece of it. But it must have some effect inside the overall consumer spending behavioral patterns.

但真正的關鍵是消費者，以及 Brian 在開場致詞中談到的一些可自由支配的購買與輪動，正在帶動表現。再次，如果我看四月的前三週，我們仍持續看到那股強勁動能延續。再次，我不確定我是否能夠單獨拆解，或任何人是否真的能單獨拆解預扣稅額那一部分。但它必然會在整體消費支出行為模式中產生一些影響。

And the last thing I'd say, even inside of April, we saw the last three weekends have been three strongest weekends of the year, most certainly ahead of last year's pace. So we're encouraged about the consumer, the resilience and their willingness to engage with our products.

最後我想說的是，即使在四月，我們看到最近三個週末是今年最強的三個週末，確實也領先於去年同期的步調。所以我們對消費者的韌性，以及他們願意使用我們產品的意願感到鼓舞。

Saul Martinez, HSBC.

Saul Martinez，匯豐（HSBC）。

Wanted to go back to expenses. I know for '26, you're expecting expenses to track loan growth. But beyond '26, is the idea -- can you just comment on your ability to deliver operating leverage as you exit '26 and into '27 and top line growth accelerates. And just kind of how do you weigh investment needs? You talked about AI and Agenetic earlier versus the ability and willingness to let revenue flow down to the bottom line.

我想回到費用的問題。我知道對於 2026 年，你們預期費用會跟隨貸款成長。但在 2026 年之後，想法是——你能否評論一下，當你們走出 2026 年並進入 2027 年、營收端成長加速時，你們交付營運槓桿的能力？以及你們如何權衡投資需求？你先前談到 AI 和 Agenetic，相較於讓營收更多流向底線的能力與意願。

Yes. Thanks for the question, Saul. Our intended way in which we want to run the company is we don't want to be adding head count right now. We want to be able to drive productivity through tools that Brian talked about, when you think about simpler things like engineering, but how do we drive AI for all aspects of our business to drive a flat head count environment and get leverage and drive the operating leverage when you look at NII growth relative to OpEx growth. So again, where we want to increase our spending inside OpEx is around some of the technology that creates a differentiator for us and gives us first-mover advantage, particularly when Brian talks about things like AI.

是的。Saul，謝謝你的提問。我們希望採取的公司營運方式是：我們現在不希望增加人頭。我們希望能透過 Brian 提到的工具來提升生產力——當你想到像工程這類較簡單的事情，但更重要的是，我們如何在業務各個面向導入 AI，以在員工數持平的環境下取得槓桿，並在你比較淨利息收入（NII）成長相對於營業費用（OpEx）成長時，推動營運槓桿。所以再次，我們希望在 OpEx 中增加支出的地方，是一些能為我們創造差異化、並帶來先行者優勢的技術投資，特別是 Brian 提到像 AI 這類事情。

So again, I think we want to be disciplined on the core cost, bring our core operating costs down for the consumer, but then continue that investment for the medium to long term in technology, whether it's cloud or AI or other things in that nature. So again, while trying to drive that operating leverage of having NII grow faster than operating expenses.

所以再次，我認為我們希望在核心成本上保持紀律，降低面向消費者的核心營運成本，但同時在中長期持續投資於技術，不論是雲端、AI 或其他類似領域。因此，再次，在努力推動營運槓桿的同時，讓 NII 的成長快於營運費用的成長。

Okay. Great. That's helpful. Then maybe just a follow-up on the consumer. It seems like there's a little bit of a divergence between really strong credit trends, high payment rates persisting -- but you also mentioned minimum payments having gone up and correct me if I get maybe details wrong, but in the super prime and the higher end of the prime market.

好的。很好。這很有幫助。那也許再追問一下消費者。看起來似乎有一點分歧：信用趨勢非常強勁、較高的還款率仍在持續——但你也提到最低還款額已經上升；如果我細節有誤請糾正我，但這似乎發生在超優質（super prime）以及較高端的優質（prime）市場。

Can you just comment on what you're seeing there? Is that just a normalization from historically low levels? Just any color there would be helpful.

你能否評論一下你們在那裡看到的情況？那只是從歷史低位的正常化嗎？任何補充說明都會很有幫助。

Yes. I don't believe it's necessary you saw a divergence. I think it's the way customers engage with how they pay. A lot of times, you see people engage in auto payments and they set it for minimum payments versus setting it for a full statement payment and make the option to make incremental payments. So it's not really a divergence.

是的。我不認為你必然看到的是分歧。我認為那是客戶在付款方式上的互動方式。很多時候，你會看到人們使用自動扣款，並把它設定為最低還款額，而不是設定為全額帳單還款，然後再選擇額外加付。所以這並不是真正的分歧。

I think if you take it up a level, what we're clearly trying to articulate is that we see strength in the consumer from a spending behavior pattern from a payment behavior pattern and is flowing through, which has a little bit of a drag on NII but clear strength in maintaining credit now we're in April, and we have a good portion of the year now covered, that's a good base for us to continue to deliver through what is an evolving macroeconomic environment. So I think it's relatively consistent, and we're pleased with the performance of the consumer inside of our products.

我認為如果把層級拉高一點，我們清楚想表達的是：我們從消費行為模式與還款行為模式中都看到消費者的強勁表現，而且這正在反映出來；這對 NII 會有一點拖累，但在維持信用表現方面則顯示出明確的強度。現在我們已經在四月，而且今年已有相當一部分時間的數據可供觀察，這為我們在不斷演變的總體經濟環境中持續交付成果提供了良好基礎。所以我認為整體相當一致，我們也對消費者在我們產品中的表現感到滿意。

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

Synchrony 的財報電話會議到此結束。你現在可以中斷連線，祝你有美好的一天。謝謝。