Synchrony Financial (SYF) 2026 Q2 法說會逐字稿

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

早安，歡迎參加 Synchrony Financial 2026 年第二季財報電話會議。請至公司投資人關係網站取得財報相關資料。提醒您，今日會議將被錄音。(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」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，我們今天的發言將包含前瞻性陳述。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。您可在今日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 webcasts are located on our website. On the call this morning are Brian Doubles, Synchrony's President and Chief Executive Officer; and Brian Wenzel, Executive Vice President and Chief Financial Officer.

最後，Synchrony Financial 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。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's second-quarter performance reflected strong momentum across our core business drivers. New accounts continued to grow and average active accounts inflected to growth. Customer engagement continued to be strong, leading to higher spend per account across each of our five sales platforms and 8% growth in purchase volume which reached an all-time high of almost $50 billion in the quarter.

謝謝 Kathryn，各位早安。Synchrony 第二季表現反映出我們核心業務驅動因素的強勁動能。新開戶持續成長，平均活躍帳戶數也出現轉折並回到成長。客戶互動持續強勁，帶動我們五大銷售平台每戶平均消費提升，購買量年增 8%，本季達到接近 500 億美元的歷史新高。

Growth was broad-based across all five of our sales platforms, led by Diversified Value. The broad utility and strong value offered by the partners in this vertical continue to resonate deeply with customers, including our ongoing partner expansion and in combination with higher gas sales drove a 12% increase in purchase volume compared to last year. Spend across our Digital platform grew 9%, primarily reflecting strong performance across partners with broad diversified offerings and highly engaged customers.

成長動能遍及我們五大銷售平台，其中以 Diversified Value 表現領先。此垂直領域合作夥伴所提供的廣泛適用性與強勁價值持續深受客戶認同；在我們持續擴展合作夥伴、並結合汽油銷售增加的帶動下，購買量較去年成長 12%。我們的數位平台消費成長 9%，主要反映具廣泛多元商品/服務的合作夥伴表現強勁，以及客戶高度參與。

Purchase volume in both our Home & Auto and Lifestyle platforms increased by 6% compared to last year. Home & Auto growth was driven by the performance of new programs. And in our Lifestyle platform, higher spend was primarily driven by the performance of new programs and strength in the other apparel and goods category as well as in the luxury category. Meanwhile, Health & Wellness purchase volume grew 2%, primarily reflecting growth in pet.

我們的 Home & Auto 與 Lifestyle 兩大平台購買量皆較去年成長 6%。Home & Auto 的成長來自新方案的表現。在 Lifestyle 平台方面，較高的消費主要由新方案表現，以及其他服飾與商品類別與奢侈品類別的強勁需求所帶動。同時，Health & Wellness 的購買量成長 2%，主要反映寵物相關業務的成長。

Synchrony's co-branded cards, including our consumer and commercial Dual Cards accounted for 52% of our total purchase volume in the second quarter and increased 23% versus last year. This trend was driven by the combination of new programs and product upgrades as well as higher broad-based spend and enhanced utility across our card programs.

Synchrony 的聯名卡（co-branded cards），包括我們的消費者與商用 Dual Cards，第二季占總購買量的 52%，並較去年成長 23%。此趨勢由新方案與產品升級的組合所驅動，同時也受惠於更廣泛的消費成長，以及我們卡片方案在實用性上的提升。

Our partner discretionary spend on our consumer co-branded products grew in line with nondiscretionary, both up double digits despite elevated steel prices in the second quarter. Particular strength came from categories like entertainment, retail, and electronics. And as you can see in the chart at the bottom of slide 3, the proportion of discretionary spend was consistent or higher across customer cohorts throughout the quarter even as steel prices rose significantly.

我們合作夥伴的可選性支出在消費者聯名產品上的成長與非可選性支出一致，兩者皆為雙位數成長，儘管第二季鋼鐵價格仍處於高檔。特別強勁的類別包括娛樂、零售與電子產品。如您在投影片 3 底部圖表所見，即使鋼鐵價格顯著上升，本季各客群的可選性支出占比仍維持一致或更高。

Overall, we believe these trends reflect resilient consumer behavior, likely supported by some benefit from increased tax refunds and lower tax withholdings and strong demand for the value and utility our products deliver. Synchrony is focused on providing the purchasing power customers need for each of life's moments. That kind of financial flexibility depends on dynamic underwriting capabilities, a diversified product suite, and the industry expertise to reach and serve a broad range of both local and national businesses and providers.

整體而言，我們認為這些趨勢反映出消費者行為具韌性，可能受到退稅增加與預扣稅降低所帶來的部分助益，以及市場對我們產品所提供之價值與實用性的強勁需求所支撐。Synchrony 專注於在每個人生時刻提供客戶所需的購買力。這種財務彈性仰賴動態承作（underwriting）能力、多元化產品組合，以及觸及並服務廣泛在地與全國性商家與服務提供者的產業專業。

To that end, we added or renewed more than 15 partners during the second quarter, ranging from Suzuki Motor to AmeriVet and Roto-Rooter. Our renewal with Suzuki Motor extends our 17-year partnership continuing to deliver secured installment financing solutions through their more than 700 dealers nationwide. Meanwhile, our renewed relationship with AmeriVet which supports the network of over 200 locally led veterinary clinics across 37 states positions CareCredit as their exclusive financing partner through a seamless single application waterfall solution.

為此，我們在第二季新增或續約超過 15 家合作夥伴，涵蓋 Suzuki Motor、AmeriVet 與 Roto-Rooter 等。我們與 Suzuki Motor 的續約延長了雙方 17 年的合作關係，持續透過其全美超過 700 家經銷商提供擔保分期融資解決方案。同時，我們與 AmeriVet 的續約合作支援其遍布 37 州、超過 200 家由在地團隊領導的獸醫診所網絡，並透過無縫的單一申請瀑布式（waterfall）解決方案，使 CareCredit 成為其獨家融資合作夥伴。

Together, CareCredit and AmeriVet are helping more pet parents access the care they need, ultimately enabling better outcomes and healthier pets. In Synchrony's multiyear agreement with Roto-Rooter, plumbing and water cleanup will enable us to expand how customers pay for central home repairs and ongoing home care. We will deliver our multiproduct capabilities with revolving installment financing options available side-by-side to enhance flexibility and choice as customers manage these often unplanned expenses.

CareCredit 與 AmeriVet 攜手，協助更多毛孩家長取得所需醫療照護，最終帶來更佳的治療結果與更健康的寵物。在 Synchrony 與 Roto-Rooter 的多年期協議中，涵蓋管線服務與清理積水等項目，將使我們得以擴展客戶支付居家重大修繕與日常居家維護費用的方式。我們將提供多產品能力，並讓循環信用與分期融資選項並列提供，以提升彈性與選擇，協助客戶管理這些往往非計畫性的支出。

Synchrony's partnerships typically spend decades because we continue to evolve together as the consumer landscape changes and our customers' everyday needs and expectations shift. We recently refreshed our credit card program with DICK'S Sporting Goods, building on our long-standing partnership of over 20 years. Our products now feature an everyday 10% back in scorecard rewards and qualifying DICK's purchases to drive greater value, financing flexibility and convenience for consumers.

Synchrony 的合作關係通常可延續數十年，因為我們會隨著消費者環境變化，以及客戶日常需求與期待的轉變而持續共同演進。我們近期與 DICK'S Sporting Goods 更新了信用卡方案，延續雙方超過 20 年的長期合作。我們的產品現提供日常 10% 回饋（以 ScoreCard Rewards 形式）於符合資格的 DICK'S 消費，以為消費者帶來更高價值、融資彈性與便利性。

And in April, we completed our acquisition of the MyLowe's Pro Rewards American Express Card portfolio and became the issuer, delivering a cohesive customer experience with simpler applications, digital servicing, and more utility and value. The MyLowe's Pro Rewards Card complements the existing MyLowe's Pro Rewards private label credit card by extending pro purchasing power and rewards earning potential beyond Lowe's.

此外，我們於 4 月完成收購 MyLowe's Pro Rewards American Express Card 組合並成為發卡機構，透過更簡化的申請流程、數位化服務與更高的實用性與價值，提供一致的客戶體驗。MyLowe's Pro Rewards Card 與既有的 MyLowe's Pro Rewards 自有品牌信用卡相輔相成，將專業客群的購買力與回饋累積潛力延伸至 Lowe's 以外的消費場景。

Together, we are empowering small and medium-sized contractors to keep their businesses running smoothly, unlocking greater value and loyalty for hobby purchases, are enabling pet families to access to care their pets need. Synchrony is driving more meaningful customer and partner outcomes through the moments that matter.

我們共同賦能中小型承包商讓其業務順暢運作，為其採購解鎖更高價值與忠誠度，並協助寵物家庭取得照護毛孩所需的醫療服務。Synchrony 正在關鍵時刻推動更具意義的客戶與合作夥伴成果。

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 Brian，請他更詳細說明我們的財務表現。

Thanks, Brian, and good morning, everyone. Synchrony's second-quarter financial performance was highlighted by a positive inflection in average active account growth, all-time high purchase volume, and continued acceleration in ending loan receivable growth, all while maintaining our credit discipline and delivering a strong credit performance.

謝謝 Brian，各位早安。Synchrony 第二季財務表現的亮點包括：平均活躍帳戶成長出現正向轉折、購買量創歷史新高，以及期末貸款應收款（loan receivable）成長持續加速；同時我們維持嚴謹的信用紀律並交出強勁的信用表現。

As a result, we generated net earnings of $885 million or $2.59 per diluted share, a return on average asset of 2.9%, a return on tangible common equity of 25.2% and an 8% increase in tangible book value per share. Turning to our performance in detail. Purchase volume grew 8% versus last year and reached almost $50 billion. Ending loan receivables grew 2% to $102 billion, reflecting the impact of higher purchase volume, partially offset by the continued effects of elevated payment rates.

因此，我們創造了8.85億美元的淨利，或每股稀釋後2.59美元；平均資產報酬率為2.9%，有形普通股權報酬率為25.2%，且每股有形帳面價值成長8%。接下來詳細說明我們的表現。購買量較去年成長8%，接近500億美元。期末貸款應收款成長2%至1,020億美元，反映較高的購買量影響，但部分被持續偏高的付款率效果所抵銷。

The payment rate of 17% was approximately 70 basis points higher than last year and approximately 170 basis points above the pre-pandemic second-quarter average, primarily reflecting the impacts of new portfolio seasoning, shifts in portfolio and product mix, and our previous credit actions. Net interest income increased 2% to $4.6 billion, primarily driven by the combination of higher interest and fees and lower interest expense.

17%的付款率較去年約高出70個基點，且較疫情前第二季平均水準高出約170個基點，主要反映新投組熟成、投組與產品組合的變化，以及我們先前的信用措施所帶來的影響。淨利息收入成長2%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推動。

Interest and fees increased 1%, primarily driven by the growth in average loan receivables. Interest expense decreased 8%, primarily due to lower benchmark rates. Our second-quarter net interest margin increased 30 basis points versus last year to 15.08% reflecting two key drivers.

利息與費用收入成長1%，主要由平均貸款應收款成長所帶動。利息費用下降8%，主要因基準利率較低。我們第二季淨利差較去年提高30個基點至15.08%，反映兩項關鍵驅動因素。

One, a 39 basis point decline in our total interest-bearing liabilities cost, which reflected the impact of lower benchmark rates and contributed approximately 29 basis points to our net interest margin; and two, a 131 basis point increase in the mix of loan receivables as a percent of interest-earning assets versus last year, which contributed approximately 23 basis points to our net interest margin.

第一，我們全部計息負債成本下降39個基點，反映較低的基準利率影響，並對淨利差貢獻約29個基點；第二，貸款應收款占生息資產的比重較去年提高131個基點，對淨利差貢獻約23個基點。

These improvements were partially offset by two factors: one, a 68 basis point reduction in our liquidity portfolio yield, which reduced our net interest margin by 13 basis points. The decline was generally driven by lower benchmark rates; and two, an 11 basis point decrease in our loan receivables yield, which was primarily driven by lower benchmark rates and lower (inaudible) late fees, partially offset by the continued impact of our PPPCs. This reduced our net interest margin by approximately 9 basis points.

上述改善部分被兩項因素抵銷：第一，我們流動性投資組合收益率下降68個基點，使淨利差減少13個基點。此下降通常由較低的基準利率所致；第二，我們貸款應收款收益率下降11個基點，主要由較低的基準利率及較低的（聽不清）逾期費用所驅動，但部分被PPPCs的持續影響所抵銷。這使我們的淨利差約減少9個基點。

On a sequential basis, net interest margin decreased 42 basis points primarily due to two drivers. One, the decline in our interest and fee yield which reduced our net interest margin by approximately 31 basis points. This was primarily due to the lower assessed late fees as delinquency reaches seasonal low and as the efficacy of our credit actions and ongoing credit discipline support our fewer defaulting accounts.

按季比較，淨利差下降42個基點，主要由兩項因素所致。第一，我們利息與費用收益率下降，使淨利差約減少31個基點。這主要因逾期率進入季節性低點而使評估的逾期費用降低，以及我們信用措施的成效與持續的信用紀律支持，使違約帳戶減少。

And two, the decline in the mix of loan receivables as a percent of interest-earning assets, which reduced our net interest margin by approximately 16 basis points. This was generally due to seasonal prefunding ahead of our expected loan acceleration in the back half of the year.

第二，貸款應收款占生息資產的比重下降，使淨利差約減少16個基點。這通常是因在預期今年下半年貸款加速成長之前，出現季節性的預先資金配置（prefunding）。

Turning to the remainder of our P&L. RSAs of $1 billion or 4% of average loan receivables in the second quarter and increased $35 million versus the prior year, primarily reflecting program performance and higher purchase volume. Provision for credit losses increased $55 million to $1.2 billion primarily driven by a reserve release of $163 million versus $265 million release in the prior year, partially offset by a $47 million decrease in net charge-offs.

接下來看損益表的其餘部分。第二季RSA為10億美元，約占平均貸款應收款的4%，較去年增加3,500萬美元，主要反映方案表現及較高的購買量。信用損失準備金增加5,500萬美元至12億美元，主要因本期準備金釋放為1.63億美元，低於去年釋放的2.65億美元；部分被淨沖銷（net charge-offs）減少4,700萬美元所抵銷。

Other income increased $19 million to $137 million, primarily reflecting the impact of a $30 million gain related to the exchange of our Visa B-2 shares, partially offset by higher loyalty costs. Other expense increased 7% to $1.3 billion, primarily driven by higher operational losses and technology investments. The second-quarter efficiency ratio was 35.8%, approximately 170 basis points higher than last year. This resulted from higher overall expenses and the impact of higher RSA.

其他收入增加1,900萬美元至1.37億美元，主要反映與交換我們Visa B-2股份相關的3,000萬美元收益影響，但部分被較高的忠誠度成本所抵銷。其他費用增加7%至13億美元，主要由較高的營運損失與科技投資所驅動。第二季效率比率為35.8%，較去年約高出170個基點。這源於整體費用較高以及較高RSA的影響。

Turning to our portfolio credit trends on slide 8. Both our 30-plus and 90-plus delinquency rates at the end of the second quarter were generally in line with the prior year. Our net charge-off rate was 5.43%, reflecting a decrease of 27 basis points from 5.7% in the prior year. And our allowance for credit losses as a percent of loan receivables was 10.09%, a decrease of approximately 33 basis points from 10.42% in the first quarter and a decrease of approximately 50 basis points from 10.59% last year.

接下來看第8頁的投組信用趨勢。第二季末，我們30天以上與90天以上的逾期率整體上與去年大致一致。我們的淨沖銷率為5.43%，較去年5.7%下降27個基點。而我們的信用損失備抵占貸款應收款比率為10.09%，較第一季10.42%下降約33個基點，亦較去年10.59%下降約50個基點。

Slide 9 shows Synchrony's funding, capital and liquidity ratios, which remain a core strength of our business. We grew our direct deposits by $2.9 billion versus last year and reduced broker deposits by $2.4 billion. At quarter end, deposits represented 83% of our total funding with secured debt representing 9% and unsecured debt representing 8%. Total liquid assets decreased 9% to $19.8 billion and represented 16.2% of total assets, 186 basis points lower than last year.

第9頁顯示Synchrony的資金來源、資本與流動性比率，這些仍是我們業務的核心優勢。我們的直接存款較去年增加29億美元，並將經紀存款減少24億美元。截至季末，存款占我們總資金來源的83%，其中擔保債務占9%，無擔保債務占8%。總流動性資產下降9%至198億美元，占總資產的16.2%，較去年低186個基點。

Turning to capital. During the second quarter, we issued $500 million of preferred stock with a final dividend of 7.25%, a full 100 basis points lower than our previous resettable preferred deal that was priced in February 2024. With this issuance, our capital stack is now fully developed. Synchrony remains focused on returning capital to shareholders and making further progress towards our CET1 target of 11%.

接下來談資本。第二季期間，我們發行5億美元的優先股，最終股息率為7.25%，較我們先前於2024年2月定價的可重設優先股交易低整整100個基點。透過此次發行，我們的資本結構現已完整建立。Synchrony仍專注於向股東回饋資本，並持續朝11%的CET1目標推進。

At the end of the second quarter, we changed the presentation of our internal use capitalized software costs on our balance sheet and reclassify prior periods to conform to this presentation. This change is reflecting our capital ratios for both the current and prior year.

在第二季末，我們變更了資產負債表上供內部使用之資本化軟體成本的呈列方式，並將前期期間重新分類以符合此呈列方式。此變更會反映在本年度與前一年度的資本比率上。

Accordingly, Synchrony ended the quarter with a CET1 ratio of 13.2%, reflecting 100 basis point reduction versus last year; a Tier 1 capital ratio of 14.9%, reflecting a 50 basis point reduction; a total capital ratio of 16.9%, reflecting a 60 basis point reduction; and a Tier 1 capital plus reserves ratio of 24.7%, reflecting a 100 basis point reduction versus last year.

因此，Synchrony於季末的CET1比率為13.2%，較去年下降100個基點；第一級資本比率為14.9%，下降50個基點；總資本比率為16.9%，下降60個基點；以及第一級資本加準備金比率為24.7%，較去年下降100個基點。

Synchrony returned $950 million to shareholders during the second quarter, which included $850 million in share repurchases and $100 million in common stock dividends. At quarter end, we had approximately $5.7 billion remaining of our share repurchase authorization.

Synchrony在第二季向股東回饋9.5億美元，其中包括8.5億美元的股票回購與1億美元的普通股股利。截至季末，我們尚有約57億美元的股票回購授權額度。

Finally, I'd like to discuss our outlook on slide 10. We continue to expect average active account acceleration and strong growth in purchase volume in the back half of this year while maintaining our credit discipline. This growth should more than offset the impact of elevated payment rate to deliver mid-single-digit growth in ending loan receivables by year end. Net interest income is expected to grow in 2026 as a result of higher average loan receivables, the building impact of PPPCs and lower funding liabilities compared to last year.

最後，我想在第10頁討論我們的展望。我們仍預期在今年下半年，在維持信用紀律的同時，平均活躍帳戶將加速成長，且購買量將強勁成長。此成長應足以抵銷偏高付款率的影響，並在年底前帶動期末貸款應收款達到中個位數成長。由於平均貸款應收款提高、PPPCs的累積效應，以及相較去年較低的資金負債，預期淨利息收入將於2026年成長。

These trends will be partially offset by the impacts of lower late fee incidents and new account growth acceleration. We continue to expect net charge-offs to be less than 5.5% for the full year with delinquency and losses following seasonality. As strong program performance contributes to higher net interest income and lower losses compared to last year, RSA should increase, but remain within our long-term target range of 4% to 4.5% of average receivables.

這些趨勢將部分被較少的滯納金事件以及新帳戶成長加速的影響所抵銷。我們仍預期全年淨沖銷率將低於5.5%，逾期與損失將隨季節性變動。隨著強勁的計畫表現帶動淨利息收入提高、且相較去年損失降低，RSA 應會上升，但仍將維持在我們長期目標區間，即平均應收帳款的4%至4.5%。

Lastly, we expect other expense dollars in the second half of this year to be relatively consistent with the first half as we maintain our focus on driving operating leverage while also investing in Synchrony's capabilities and future growth opportunities. Given the performance of our business so far this year and the expectations for the remainder of 2026, we now expect to deliver between $9.25 and $9.50 in diluted earnings per share.

最後，我們預期今年下半年其他費用金額將與上半年大致一致，因為我們在持續聚焦提升營運槓桿的同時，也投資於 Synchrony 的能力與未來成長機會。鑑於我們今年迄今的業務表現以及對2026年剩餘期間的預期，我們目前預期稀釋後每股盈餘將介於9.25至9.50美元。

In summary, we're confident in our path forward as we execute on our strategic imperatives. We remain focused on enhancing our resilient foundation and generating strong profitability to drive intrinsic value over both the short and long term while also returning significant capital to shareholders.

總結來說，隨著我們落實各項策略要務，我們對前進的路徑充滿信心。我們仍專注於強化我們具韌性的基礎並創造強勁獲利能力，以在短期與長期推動內在價值，同時也向股東回饋可觀資本。

With that, I'll turn the call back 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, demand remains strong. Synchrony delivers everyday value and utility for millions of consumers and compelling outcomes for hundreds of thousands of small and midsized businesses and providers 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語。第一，需求仍然強勁。Synchrony 為數百萬消費者提供日常價值與實用性，並為全國數十萬家中小型企業與服務提供者帶來具吸引力的成果。

Second, Synchrony continues to raise the bar. Through consistent investment in our innovation and evolution, we are driving outcomes that position Synchrony at the heart of what matters to customers and partners alike. And third, the power of our differentiated business model is evident through our financial performance. Synchrony is growing while maintaining our credit discipline, generating strong returns, and building significant long-term value for our stakeholders.

第二，Synchrony 持續提高標準。透過對創新與演進的持續投資，我們正在推動成果，使 Synchrony 站在客戶與合作夥伴所重視事物的核心。第三，我們差異化商業模式的力量，從財務表現中清楚可見。Synchrony 在維持信用紀律的同時持續成長，創造強勁報酬，並為利害關係人建立可觀的長期價值。

With that, I'll turn the call back to Kathryn to open the Q&A.

接下來，我把電話交回給 Kathryn 來開始問答。

That concludes our prepared remarks. We will now begin the Q&A session. (Event Instructions) 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。（活動說明）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) Ryan Nash, Goldman Sachs.

（接線員指示）Goldman Sachs 的 Ryan Nash。

So Brian, if I look at the EPS in the second half relative to Street expectations, it implies some downsides. I know that there's color on some of the moving pieces of the guidance on slide 10. But maybe just walk us through some of the things that are embedded for the second half in NII and credit? And where do you think expectations may be all from here? Thank you. And I have a follow up.

Brian，如果我看下半年 EPS 相對於市場預期的水準，似乎隱含一些下行風險。我知道在第10頁投影片上有對指引中一些變動因素的補充說明。但能否請你帶我們走一遍，下半年在淨利息收入（NII）與信用方面，指引中包含了哪些假設？以及你認為從現在起市場預期可能會落在什麼位置？謝謝。我還有一個追問。

Thanks for the question, Ryan. I think when you look externally and what people have modeled, right, when you think about the reserve coverage ratio, I think the ending point how they got there was a little bit more peanut buttered across quarters, right?

謝謝你的問題，Ryan。我認為當你看外部、也就是大家的模型時，談到備抵覆蓋率（reserve coverage ratio），我覺得他們到達期末水準的方式，可能在各季之間分攤得比較平均（peanut buttered across quarters）。

So when you look at the first half for us, the rate came down even though we had growth to offset the provisions against that growth. I think as you start thinking about the back half of the year, the reserve rate probably doesn't really moderate from here. Over the medium term, it probably can, but you're going to see more growth-driven provisions in the back half. So I think you get to the ending point, it's just how people model the quarter, is number one.

所以看我們上半年，備抵率是下降的，儘管我們有成長，而我們也用成長所帶來的提存去抵銷與該成長相關的提存。我想當你開始思考下半年時，備抵率大概不會從這裡再明顯趨緩。中期來看可能會，但你會在下半年看到更多由成長驅動的提存。因此我認為最終到達同一個期末水準，差別只是大家在逐季建模的方式，這是第一點。

I think when you think about the EPS guide, right, net interest margin was really at the lowest point here in the second quarter, that's going to begin to build. And again, what we try to say to folks is, number one, you -- as much as you have net charge-off declines, you're going to have a significant impact relative to late fees. And when you look at and walking from the first quarter to second quarter, you had 18 basis points [adjust] reduction related to late fees, put aside the AEA piece and the ALR piece.

再來談 EPS 指引，淨利差在第二季其實處於最低點，接下來會開始回升。而且我們想對大家說的是，第一，你——即便淨沖銷下降，你仍會看到滯納金帶來的顯著影響。當你看從第一季走到第二季，與滯納金相關的（調整後）下降是18個基點，先不談 AEA 與 ALR 的部分。

So I think as people try to model this, I think they have to take it to better account. Number one, the effects of late fees are kind of coming from the better charge-off position; and two, kind of have to get the reserve trends probably right over the quarters as it kind of builds with growth.

所以我認為大家在建模時，需要更充分地把這點納入考量。第一，滯納金的影響某種程度來自於較佳的沖銷位置；第二，必須把備抵趨勢在各季之間的變化抓準，因為它會隨成長而逐步上升。

The last thing I'd leave you with, and we try to be clear with this is put aside the operational losses. Oo=perating expenses are down or down year over year versus our expectations. And again, that's something we're dealing with and dealt with in the first half of the year. But that's really going to be consistent. I think people still model a little bit higher -- I'm sorry, a little bit lower OpEx because they're using efficiency ratio. Again, we're trying to help you with dollars.

最後我想補充的是，我們也試著把這點講清楚：先不談營運損失。營運費用（OpEx）低於我們的預期，或說相較去年同期下降。而且這是我們在上半年正在處理、也已經處理過的事情。但接下來大致會維持一致。我認為大家仍用效率比率來推估，因此模型裡的 OpEx 可能做得稍微高一些——抱歉，是稍微低一些。我們再次嘗試用金額（dollars）來協助你們理解。

So those are the bigger pieces, I think, Ryan, as you think about the back half, it's just how you got there quarter by quarter versus the full-year number.

所以我認為這些是較大的幾個因素，Ryan。當你思考下半年時，重點在於你如何逐季推導到期末，而不是只看全年數字。

Got you. And I appreciate the color. And Brian, you had flagged that the margin could be lower in the quarter, and that came through. And I know that you just noted the margin begin to build from here. But maybe just talk about some of the drivers and the key assumptions embedded in that? And do these elevated payment rates, are they going to impede your ability to expand the margin further over time?

了解。也謝謝你提供的補充說明。Brian，你先前提到本季利差可能較低，而結果也確實如此。我知道你剛才也提到利差接下來會開始回升。但能否談談其中的一些驅動因素，以及內含的關鍵假設？另外，這些偏高的付款率，是否會在時間推移下妨礙你們進一步擴大利差的能力？

Yeah. Let me start with where you ended, Ryan. I know there's probably a lot of questions with regard to the 73 basis point increase from the first quarter to the second quarter in the payment rate, 85% of that or 62 basis points were really driven by two factors.

是的。Ryan，我先從你最後那個問題開始。我知道大家對付款率從第一季到第二季上升73個基點可能有很多疑問，其中85%（也就是62個基點）主要由兩個因素驅動。

Number one, new portfolios accounted for probably half that (inaudible) which related to not only Walmart, but you had Bob's. You got some other portfolios that kind of come through. So the amalgamation of a bunch of new programs drove a significant increase in the payment rate quarter on quarter.

第一，新投組大概占了其中一半（聽不清），不僅是 Walmart，還有 Bob's。另外還有一些其他投組也陸續進來。因此，多個新計畫的匯集（amalgamation）使付款率在季度間出現顯著上升。

And then second, promo mix contributed a factor as well that's in there. So those two combined were 85% of the mix. So pay rate was relatively stable quarter on quarter as you think about it. As you think about the net interest margin as you move to the back half of the year, you should see as a framework to think about it, you are going to get a benefit on ALR to step out. And that builds between the third quarter and the fourth quarter.

第二，促銷組合（promo mix）也貢獻了其中一部分。所以這兩項合計占了85%。因此，若從這個角度來看，付款率其實在季度間相對穩定。至於你思考下半年淨利差時，作為一個思考框架，你會看到 ALR 逐步退出所帶來的好處。而這個效益會在第三季到第四季之間逐步累積。

Late fees probably have what I'd say is a trough to some degree. So you won't see as much impact really as you kind of move into the back half of the year. So that headwind that's experienced, be 19 basis points this quarter, that kind of abates and swings quarter on quarter. So those are probably some of the bigger pieces. And again, that late fee component is overwhelming the benefit that we got from the PPPCs.

滯納金我認為在某種程度上可能已經處於低谷。因此，當你進入下半年時，實際上不會看到那麼大的影響。所以本季所經歷的那股逆風（19 個基點）會逐步緩解，並在季度之間出現擺動。所以這些大概是一些比較大的因素。而且再說一次，滯納金這個部分的影響，已經壓過了我們從 PPPCs 所獲得的好處。

So I think as you kind of try to model through the late fee impact and the new account impact on NIM, again, that stems a little bit in the back half of the year.

所以我認為，當你試著把滯納金影響與新帳戶對 NIM 的影響納入模型時，同樣地，這些影響在下半年會稍微減弱一些。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Just building on what Ryan was talking to you about, Brian Wenzel. As I think about the RSAs, those also came in sort of at the low end of the range that you guys are targeting. As we think about the second half of the year, do those then elevate? I mean, I'm just trying to think about where we land in that wide range that you have for the RSAs?

延續 Ryan 跟你談到的內容，Brian Wenzel。當我想到 RSAs 時，它們也算是落在你們目標區間的低端。展望今年下半年，它們會因此上升嗎？我的意思是，我只是想理解，在你們給出的 RSAs 那個很寬的區間裡，我們最後會落在哪裡？

Thank you for the question. So RSAs, there's a number of things that factor through there. I think when you take a step back and look at the relative percent relative to PBR minus net charge-offs, exclusive of RSAs, it's generally in line with prior quarter, so it's not significantly different.

謝謝你的提問。關於 RSAs，有不少因素會影響其中的變化。我想如果你退一步看，若以相對於 PBR 減去淨沖銷（net charge-offs）的比例來看、並排除 RSAs 的影響，整體大致與前一季一致，因此並沒有顯著不同。

The one thing I'd say, though, Sanjay, in this particular quarter, as well as some effects in the first quarter, the way in which operational losses sometimes flow through and they go directly to RSA versus being an offset, it's a charge back through operational losses.

不過我想說的是，Sanjay，在本季以及第一季的一些影響中，作業損失（operational losses）有時候的入帳方式，會直接流入 RSA，而不是作為抵減項；也就是透過作業損失再回沖（charge back）的方式。

So when I think about that piece of it for a second, good bulk, I want to say, 70%-plus of the operational losses are covered by RSA and in particular, over $20 million this quarter was covered directly through the RSA and not through that offset in the operational losses line.

所以當我再想一下這一塊，大部分——我想說超過 70%——的作業損失是由 RSA 覆蓋的；而且本季有超過 2,000 萬美元是直接透過 RSA 覆蓋，而不是透過作業損失項目中的抵減來反映。

So as I take a step back, again, some of the idiosyncratic things that we saw in operational losses and some of the things may be caused by partners who made modifications that had an unintended impact that hopefully is behind us.

所以當我再退一步看，這些是我們在作業損失上看到的一些特定（idiosyncratic）情況；其中一些可能是合作夥伴做了調整，產生了非預期的影響，而我們希望這些已經過去了。

Now again, we're coming off of historic lows relative to operational losses in 2025. So while we expect it to elevate, we think that the acceleration here should flatten out in the back half of the year. But we'll certainly mix. And I'd say that item drove a little bit of the RSA movement, and you'll see RSAs generally move up a little bit from here, but stay within the range.

另外，我們是從 2025 年作業損失的歷史低點走出來的。因此，雖然我們預期它會上升，但我們認為這裡的加速在下半年應該會趨於平坦。但組成當然會有變化。我會說這個項目推動了 RSA 的部分變動；你會看到 RSAs 從這裡起一般會小幅上升，但仍會維持在區間之內。

Okay. And then maybe if we pull up a little bit more, just thinking about the business model because a lot has changed over the course of the late fees and then Walmart. And obviously, you guys have moved the mix to, I think, a higher credit quality consumer. Maybe this is a question for Brian Doubles.

好的。那也許我們把視角再拉高一點，從商業模式來思考，因為滯納金以及 Walmart 的事件讓很多事情都改變了。而且很明顯，你們已把組合調整到我認為信用品質更高的消費者。也許這個問題要問 Brian Doubles。

When we think about the ROA of the business and the portfolio, does that still -- is that still intact at like 2.5% or so? I'm just trying to think about the overall implications of all the different moves and what it means for the ROA.

當我們思考這個業務與投資組合的 ROA 時，它是否仍然——大概仍維持在 2.5% 左右——不變？我只是想理解，所有這些不同調整的整體影響，以及它對 ROA 的意涵。

Yeah. I'll start on that, Sanjay. I think to your point, a lot has changed in the last five years. I think we've brought in new partners. Obviously, we've renewed a number of our top 10 partners.

是的。Sanjay，我先回答這個。我認同你的觀點，過去五年確實改變了很多。我們引進了新的合作夥伴。很明顯地，我們也續約了多個前十大合作夥伴。

But the one thing that the lens we look at all of those things through is the long-term guidance of 2.5% plus ROA. And so I think when you do all the puts and takes, everything we brought on, even smaller programs that we've exited because they were below our return threshold, they all kind of steer you back to that same range in terms of return.

但我們看待所有這些事情的核心視角，是長期指引：ROA 2.5% 以上。因此我認為，當你把所有利弊因素都納入考量，我們新增的所有項目，甚至是一些因低於我們報酬門檻而退出的小型計畫，最終都會把你帶回到同一個報酬區間。

Okay. Great. Thank you.

好的。很好。謝謝。

Terry Ma, Barclays.

Terry Ma，Barclays。

So you called out some of the impact on the overall consolidated yield for the book. But if I look at kind of platform results, it looks like Digital and Diversified Value showed the most market decline in yields year over year. So any color on kind of what's going on with those two segments? Is it just more kind of promo usage? Or is it more late fees there? Like any color around that, please?

你提到對整體合併收益率（consolidated yield）的影響。但如果我看平台層級的結果，Digital 和 Diversified Value 的收益率年對年下降幅度看起來最大。能否說明一下這兩個分部發生了什麼？只是促銷（promo）使用更多嗎？還是那邊的滯納金因素更多？能否請你提供一些說明？

Yeah. Thanks for the question, Terry. When you think about those two particular platforms, obviously, Diversified Value has seen really strong growth. That's across all the partners when you think about some of the value orientation you have there, whether it's a TJX or Sam's. But clearly, the deal gets impacted when you begin to introduce a new program like the Walmart OnePay program that's in there that has an impact in there.

好的。謝謝你的提問，Terry。談到這兩個特定平台，顯然 Diversified Value 的成長非常強勁。當你想到那裡偏價值取向的定位，不論是 TJX 或 Sam's，這是跨所有合作夥伴的成長。但很清楚的是，當你開始導入像 Walmart OnePay 這樣的新計畫時，交易條件（deal）就會受到影響，因為它被納入其中並帶來影響。

So there's nothing fundamental I would say, in Diversified Value. As you slide up to Digital, again, we have a couple of just amazing partners that are up there when you think about an Amazon and PayPal and the refresh value propositions, which has drawn significant growth in purchase volume and asset growth there, that has an impact.

所以我會說 Diversified Value 並沒有什麼根本性的問題。再看 Digital，同樣地，當你想到 Amazon 和 PayPal 這些非常出色的合作夥伴，以及更新後的價值主張（refresh value propositions），它帶動了購買量與資產規模的顯著成長，這也會產生影響。

Again, when you change the trajectory of the company, we were down last year in assets. Now we're plus 2%. When you do that, there are implications, and I tried to outline this back in January throughout the P&L, including in the net interest margin as you have these new accounts. That begins to subside as you have a more consistent growth rate stepping out of 2026.

再說一次，當你改變公司的成長軌跡時——去年我們的資產是下滑的。現在我們是成長 2%。當你這麼做時，就會有一些影響；我在今年 1 月已嘗試概述這些影響會如何反映在整個損益表（P&L）上，包括淨利差（net interest margin），因為你有這些新帳戶。當你在 2026 年之後進入更一致的成長率時，這些影響就會開始消退。

So again, it's really a factor of the growth, whether it be a new partner or really a value process resonating with consumers.

所以再說一次，這主要是成長因素所致，不論是新合作夥伴，或是價值流程（value process）確實引起消費者共鳴。

Got it. That's helpful. Thank you. And then maybe just talking about Home & Auto. It looks like Lowe's was in there this quarter. Maybe just talk about the underlying trends that you're seeing ex Lowe's. I think you called out some green shoots last quarter.

了解。這很有幫助。謝謝。那再談一下 Home & Auto。看起來本季包含了 Lowe's。能否談談剔除 Lowe's 之後，你們看到的基本趨勢？我記得你們上季提到一些復甦跡象（green shoots）。

Yeah. We're actually encouraged by Home & Auto. You think about that business. There were green shoots that we saw in the quarter. Furniture was up nicely in the quarter. Home Specialty was up mid-single digits, which had been more of a challenge for us as consumers wanted to maybe hold back on larger ticket type purchases.

是的。我們其實對 Home & Auto 感到鼓舞。你想想那個業務。我們在本季確實看到一些復甦跡象。本季家具表現明顯上升。家居專業（Home Specialty）成長了中個位數百分比；這過去對我們更具挑戰，因為消費者可能想要延後較大金額（larger ticket）的購買。

So real bright spots that are in there that we feel good about. And obviously, we're excited about expanding the relationship with Lowe's and bringing that commercial co-branded portfolio in that does have a very different type of payment and volume turned to it. But again, we're excited about expanding that relationship.

所以其中確實有一些非常亮眼的亮點，讓我們感到很有信心。而且很明顯地，我們也很期待擴大與 Lowe's 的合作關係，並把那個商用聯名（co-branded）組合納入，因為它在付款型態與交易量結構上確實非常不同。但再說一次，我們對於擴大這段合作關係感到很興奮。

And what we haven't really talked about is when you add that co-brand relationship on top of what was our private label relationship, all the accounts that maybe imply for co-brand that would get nothing, now will get offered at least a private label card.

另外，我們其實還沒怎麼談到的是：當你把這個聯名合作關係疊加在我們原本的自有品牌（private label）合作之上，那些可能符合聯名資格、但原本什麼都拿不到的帳戶，現在至少會被提供一張自有品牌卡。

So hopefully, it should expand growth as we move forward. So again, we're encouraged by some of the trends that are in there, teams doing a very, very nice job, particularly in the home specialty and furniture area, which, again, goes back to the consumers being a little bit more resilient and we'll like to spend on certain discretionary items.

所以希望隨著我們往前推進，它應該能擴大成長。因此，我們再次對其中一些趨勢感到鼓舞；團隊做得非常、非常好，特別是在居家專門店與家具領域。這也再次呼應：消費者的韌性稍微更強一些，而且仍願意在某些可選擇性（discretionary）品項上花錢。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

With much of the recent increase in expense from tech investments and just some early operational losses as your large de novo program is built, can you just give us some color on your expectation for similar second half expense dollars versus first half?

鑑於近期費用增加多半來自科技投資，以及在你們大型新設（de novo）計畫建置過程中一些早期的營運虧損，你能否提供一些看法：你們預期下半年費用金額相較於上半年會是什麼樣的走勢？

Darrin, as we think about it, you -- our expectation is that operational losses here again, flatten out to trend downward as you think about it. The tech investment will kind of continue at the same pace, but I think we're showing discipline relative to employee cost and other things. When you think about the back half generally has more volume associated than the first half, particularly when you think about the fourth quarter.

Darrin，從我們的角度來看——我們的預期是，這些營運虧損會先趨於持平，接著呈現下滑趨勢。科技投資大致會以相同的節奏持續，但我認為我們在員工成本與其他項目上展現了紀律。而且一般來說，下半年相較上半年會有更多的交易量，尤其是第四季。

So when you think about volume-oriented expenses, whether it's active accounts going, increasing or whether it's some of the fees associated with the networks that are volume oriented, you see a little bit of more of those dollars coming through. But again, dollars in totality in the back half will approximate the first half, which brings you back into, if you pull out operational losses, our expense that we're laying out for you on a dollar basis will align directly with the asset growth.

所以當你想到與交易量相關的費用，不論是活躍帳戶數增加，或是與卡組織網路相關、以交易量計價的部分費用，你會看到這些費用金額會多一些。但再說一次，下半年整體費用金額大致會接近上半年；如果把營運虧損剔除，我們向你們揭露的費用（以金額計）將會與資產成長直接對齊。

So we feel good about that as we move forward. So, again, I think we're showing a lot of discipline around expenses, but making sure that we invest or certainly in technology so that we can ensure that we can hit medium- and longer-term goals for growth of the company driving intrinsic value.

所以我們對於接下來的進展感到很有信心。因此，我認為我們在費用上展現了很強的紀律，同時也確保我們會投資——特別是在科技方面——以確保能達成公司中期與長期的成長目標，進而推動內在價值（intrinsic value）。

Okay. Thanks, Brian. Just for a quick follow up. The chart we saw on slide 3, we found that really helpful. It just shows at least among your co-branded cards, there appears to be pretty little discretionary spend impact despite higher gas prices, I suppose. I mean, is this the case from what you're seeing? Is it more the seasoning of the new program? Is there anything else that you can just touch on in terms of the drivers?

好的。謝謝，Brian。我再快速追問一下。我們在第 3 張投影片看到的那張圖表非常有幫助。它顯示至少在你們的聯名卡之中，即便油價較高，似乎也幾乎看不到可選擇性支出受到影響。我的意思是，從你們觀察到的情況也是如此嗎？這更多是新計畫成熟期（seasoning）的因素嗎？還有沒有其他你能談談的驅動因素？

Yeah. When you look at the consumer, again, people are expecting higher gasoline prices, which have abated recently, but hit a peak here in May as well as the accelerated inflation would cause that consumer to pull back and put a greater burden.

是的。當你看消費者時，再次強調，大家原本預期汽油價格會更高；雖然最近有所緩和，但在 5 月也達到高點，同時加速的通膨本來會讓消費者縮手，並帶來更大的壓力。

While the consumers don't like it, and they we'll certainly are showing that. And what they say about consumer confidence, it hasn't really reflected in the action. And when you look at that trend, it was solid to accelerating throughout the quarter.

消費者當然不喜歡這樣，而且他們確實也表現出來。但從消費者信心所反映的說法來看，並沒有真正反映在行為上。而且你看那個趨勢，整個季度都是穩健、甚至加速。

So I think it goes back to having a right product set and a multiproduct set with value props that resonate. But again, we saw green shoots across the portfolio when it comes to discretionary. If you go out to Health & Wellness, dental had been a little bit of a headwind when people think about some of the discretionary procedures there. That turned positive during the quarter. Cosmetics continues to be a little bit under pressure in that segment.

所以我認為這回到：我們擁有合適的產品組合，以及具備能引起共鳴的價值主張（value props）的多產品組合。但再說一次，就可選擇性消費而言，我們在整個投資組合中看到了回暖跡象（green shoots）。如果你看健康與保健（Health & Wellness），牙科在一些可選擇性療程上一直有點逆風。這在本季度轉為正向。而化妝品在該分部仍持續承壓。

But as you go down to our Lifestyle segment, we saw strength in luxury and in other areas, specialty retailer down there, again, a little bit of a headwind when it comes to the outdoor side. And again, I already hit on Home & Auto where we saw furniture and home specialty pulling. The value segment has a lot of just tremendous opportunities for consumers to spend.

但如果你往下看我們的生活風格（Lifestyle）分部，我們看到奢侈品以及其他領域的強勁表現；那邊的專門零售商在戶外相關品類上仍有些逆風。另外，我先前也提到居家與汽車（Home & Auto），我們看到家具與居家專門店帶動成長。而價值型（value）分部則為消費者提供了大量、非常可觀的支出機會。

So again, the consumer is showing tremendous discipline. And then you combine that, Darrin, with the charge-off perspective where entry rates are still as strong as or better than 2019. Late stage is stable to improving and a little bit of pressure on [to-do], but really solid credit trend. So the consumers are being very disciplined with regard to how they manage their own balance sheet, but they're willing to step in and spend in certain areas.

所以再說一次，消費者展現了極高的紀律。然後，Darrin，再把核銷（charge-off）的角度加進來看：新進件（entry）違約率仍與 2019 年一樣強勁、甚至更好。後期（late stage）指標穩定到改善，[to-do] 上有一點壓力，但整體信用趨勢非常穩健。因此，消費者在管理自身資產負債表方面非常自律，但他們也願意在某些領域進場消費。

All right. That's good to hear. Thanks, Brian.

好的。很高興聽到。謝謝，Brian。

Rick Shane, JPMorgan.

Rick Shane，JPMorgan。

I'd like to talk about something a little bit more strategic in terms of your AI strategy and investment. We're sort of now through this period of rapid deployment and probably not an enormous amount of focus on token costs, et cetera. I'm curious, as you look at the opportunity now, how you are managing compute expense? And more importantly, as you move forward, how you implement strategies to balance or give at a managerial level, the decision of tokens versus as employees?

我想談一個更偏策略面的議題：你們的 AI 策略與投資。我們現在大致已經走過快速部署的階段，可能也還沒有把重點放在 token 成本等等。我很好奇，當你們現在回頭看這個機會時，你們如何管理運算（compute）費用？更重要的是，往前走時，你們如何在管理層面落實策略，去平衡或讓員工在使用 tokens 與使用人力（員工）之間做決策？

Yeah, Rick, I'll start on this one. I think, look, this is obviously a huge opportunity for us as it is with every company. We are investing. I think it's going to transform how we work. It's going to transform every function, every platform in the business. It's a big opportunity to increase capacity, deliver productivity.

好的，Rick，我先回答這題。我想，這對我們而言顯然是個巨大的機會，就像對每家公司一樣。我們正在投資。我認為它將改變我們的工作方式。它會改變每一個職能、每一個業務平台。這是提升產能、交付生產力的重大機會。

We're seeing nice efficiency gains already. Speed to market is improving. So I'm really bullish on it. I'm very excited about it. 90% of our exempt employees are actively using the tools. I think that's fantastic.

我們已經看到不錯的效率提升。上市速度（speed to market）正在改善。所以我對此非常看好。我也非常興奮。我們 90% 的免加班費（exempt）員工都在積極使用這些工具。我覺得這非常棒。

So we've done this in a way where we're just -- we're in the stage of just encouraging as much usage as possible. Now with that said, obviously, we're going to be disciplined around the costs associated with that. But if we've got a good use case that drives productivity, drive speed to market, better answer for our partners and our customers, we're going to invest there.

所以我們目前的做法是——我們正處於盡可能鼓勵使用的階段。當然，話雖如此，我們也會對相關成本保持紀律。但如果我們有一個好的使用案例，能提升生產力、加快上市速度，並為合作夥伴與客戶提供更好的答案，我們就會在那裡投資。

We've got great use cases across our tech teams, contact centers, collections, fraud, credit, it really is comprehensive. And those -- I don't even think of those as costs. Those are investments. We're going to make sure that we're getting a good return on those costs. But this is an area where we're going to invest.

我們在技術團隊、客服中心、催收、反詐欺、授信等方面都有很好的使用案例，確實是全面性的。而且——我甚至不把那些視為成本。那些是投資。我們會確保這些成本能帶來良好的回報。但這是一個我們會持續投資的領域。

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

我不知道，Brian，你是否想對此補充什麼？

Yeah, that's right --

對，沒錯--

Go ahead, Brian, sorry.

請說，Brian，不好意思。

That's okay, Rick. Just to unpack that a little bit more. When you ask about the token cost, the token costs are not material to us, and it's not something that we spend a lot of money trying to control at this point.

沒關係，Rick。我再把這點稍微拆解說明一下。你問到 token 成本時，token 成本對我們而言並不重大，而且目前我們也沒有花很多錢去試圖控制它。

What I'd say is we have a framework around looking at the cost of AI, whether it's the license cost, the token or credits and how those kind of come in and how they're consumed. We have a whole FinOps team that has been part of how we manage the cloud costs that are managing this. So right now, we're trying to get to adoption and figure out the right levels.

我會說，我們有一套框架來檢視 AI 的成本，不論是授權成本、token 或點數，以及這些成本如何進來、如何被消耗。我們有一個完整的 FinOps 團隊，原本就參與我們如何管理雲端成本，現在也在管理這一塊。所以目前我們正努力推動採用，並找出合適的使用水準。

I think where we think about it is probably longer term, Rick. You have a lot of these companies are investing billions of dollars in technology and how that cost is going to get -- if it's going to get passed through back through all the end users here, whether it's the license fees or token cost, that's what we're also trying to consider and work with people to understand the trajectory. But again, it's not something that's driving our results today.

我認為我們思考這件事可能是更長期的，Rick。你看到很多公司在技術上投資數十億美元，而這些成本將如何被消化——是否會回傳並轉嫁給所有終端使用者，不論是授權費或 token 成本——這也是我們在考量的，我們也在與各方合作以了解其走勢。但再說一次，這不是目前驅動我們業績的因素。

And we'll certainly -- I want to be really clear, it's not driving the technology cost here. This is really more investments in some of the core things like Pay Later and other initiatives that we have in technology and product.

而且我們當然——我想非常清楚地說，這並沒有在驅動這裡的技術成本。這其實更多是對一些核心事項的投資，例如 Pay Later，以及我們在技術與產品上的其他計畫。

Understood. That's actually really helpful. I'm just curious, at some point do you think we get to a world where we look at token costs the same way we look at T&E where their budgets and it's constrained. It feels right now like it's sort of, to your point, encourage 90% of your employees to use it as aggressively as possible. And I think that's very much the norm. But I do wonder at some point if that transforms to the way we look at other forms of expense and ROIC on that.

了解。這其實非常有幫助。我只是好奇，某個時間點你們是否認為會進入一個世界：我們看待 token 成本的方式會像看待差旅與交際（T&E）一樣，有預算而且受限。現在感覺是——如你所說——鼓勵 90% 的員工盡可能積極地使用它。我想這確實是目前的常態。但我也在想，某個時間點是否會轉變成我們看待其他費用形式，以及其資本投資報酬率（ROIC）的方式。

Yeah. I think you're going to look at it differently inside the company. I think if you go into our technology group, there's most certainly going to be a different way in which we look at the engineers and how they deploy the tools and token utilization there, then you'd say someone that sits in a support function like finance or human resources. So there will be a different model. I think we've developed through RSAs, an activity-based costing system.

是的。我認為你會在公司內部以不同方式來看待它。我想如果你走進我們的技術團隊，對工程師如何部署工具以及 token 的使用方式，肯定會有不同的看法；相較之下，坐在財務或人資等支援職能的人又是另一種情況。所以會有不同的模型。我認為我們透過 RSA 已經建立了一套以活動為基礎的成本計算系統。

I think we have to think about how we look at that in certain processes. So you may say, hey, I'm going to use AI to run a process today. But you understand what that cost is, right, when you think about the human capital and any other direct dollars, we're going to have to figure out do you do AI, what's that token consumption and what's the cost of that process moving forward. That's something that's going to develop.

我想我們必須思考在某些流程中要如何看待這件事。所以你可能會說，嘿，我今天要用 AI 來跑一個流程。但你要理解那個成本是什麼，對吧？當你考量人力資本以及任何其他直接支出時，我們將必須釐清：你用 AI 的話，token 消耗是多少，以及未來該流程的成本會是什麼。這會逐步發展出來。

I'd say very early innings there for everyone. So -- but that is something we're going to have to build a framework around as we step out and it becomes more utilized throughout the company.

我會說，對所有人而言都還在非常早期的階段。所以——但隨著我們往外推進、在全公司更廣泛使用，我們確實需要建立一套框架。

Rick, I think it becomes just how you look at return on investment, just like how we look at it today. We've got a very rigorous process where you're putting together a budget for a new product, and that includes all the expenses, people, maybe consultants, T&E, that kind of stuff. This will be one of those costs that goes into the overall investment. And we're very disciplined around the return that we expect to get on that investment and measuring it going forward.

Rick，我認為它最終就會回到你如何看待投資報酬率（ROI），就像我們今天的做法一樣。我們有非常嚴謹的流程：當你為一個新產品編列預算時，會包含所有費用——人員、可能的顧問、差旅與交際（T&E）等等。這也會是納入整體投資的一項成本。而且我們對於期望從該投資獲得的回報，以及後續的衡量，都非常自律。

Got it. Very helpful, guys. Thank you so much.

了解。非常有幫助，各位。非常感謝。

Rob Wildhack, Autonomous Research.

Rob Wildhack，Autonomous Research。

I wanted to go back to slide 3 and zoom in on June a little bit. You have purchase volume in June spiking to 11% growth, which is great. I think loan growth in June, though was still a little slower than seasonality. So I guess, first, what are the drivers? Anything to call out on June volume growth?

我想回到第 3 張投影片，並把 6 月放大看一下。你們 6 月的購買量（purchase volume）成長飆到 11%，這很棒。不過我認為 6 月的放款成長（loan growth）仍然比季節性稍慢一些。所以我想先問，驅動因素是什麼？6 月的交易量成長有什麼特別值得一提的嗎？

And then second, I appreciate all the color on payment rate. And in light of that commentary, like what are the purchase volume assumptions that kind of underpin the loan growth guide from here?

第二，我很感謝你們對付款率（payment rate）的各種補充說明。基於那些評論，從現在起支撐你們放款成長指引的購買量假設大概是什麼？

Yeah. Thanks, Rob, for the question. As you think about the quarter, well, certainly, you have an impact of some of the new programs that kind of came in that accelerated in the back half of that. Whenever you go through a portfolio conversion, there's a little bit of lag time with regard to when new accounts start up. And really, people activating and using a new product versus a product that has gone away.

是的。謝謝你，Rob，這個問題。當你看這一季時，當然會受到一些新方案的影響，這些方案在後半段加速導入。每當你進行投資組合轉換（portfolio conversion）時，新帳戶啟動的時間點通常會有一些滯後。而且實際上，人們啟用並使用新產品，相較於已經下架的產品，也需要一段時間。

And then we'll certainly have building levels, right? You think about Bob's that came on in the middle part of the quarter. Walmart continues to grow as well as a program we launched, I think, late first quarter, Chico's and things like that. So a lot of it's new program oriented in advance of that. Again, as you think about payment rate, it's going to remain elevated.

另外我們當然也會有逐步建立的量能水準，對吧？你想想 Bob's 在本季中段上線。Walmart 也持續成長，還有我們大概在第一季末推出的 Chico's 等等。所以很大一部分是由新方案所帶動，並在此之前逐步鋪陳。再說一次，談到付款率，它會維持在較高水準。

And again, we try to help people here in the second quarter, think about it relative to net interest margin. It's going to remain elevated as you go through the back half of the year, but again, margins should expand. What that's left us with a higher payment rate, you are going to have a slightly higher turn.

而且我們在第二季也試著協助大家把它和淨利差（net interest margin）做對照來思考。隨著你進入下半年，它仍會維持在較高水準，但利差應該會擴大。在付款率較高的情況下，你的周轉率（turn）會稍微高一些。

And most certainly, the mix of the portfolio when you think about new programs and the commercial program that's come in, you would see a little bit of elevation but the historical turn will be a little bit higher as you think about the back half of the year.

而且當你考量新方案以及導入的商業方案（commercial program）所帶來的投資組合組成（mix）時，你會看到些微上升；但當你看下半年時，歷史周轉率會略高一些。

Okay. Thank you.

好的。謝謝。

Mihir Bhatia, Bank of America.

Mihir Bhatia，美國銀行（Bank of America）。

First question I want to ask is about capital. Can you talk a little bit more about the change in presentation because I think the internal use capitalized software. Wat happened there? What's driving the change? And then just more generally on capital levels and CET1 targets now that the capital stack is, I think, a little bit more build out. Is the current buyback cadence of $850 million, $900 million sustainable given the growth outlook you have for the next few quarters?

第一個問題我想問的是資本。你能否多談一點呈現方式的變更？因為我想你們內部使用的資本化軟體。那裡發生了什麼事？是什麼在驅動這個變更？然後更一般性地談資本水準與 CET1 目標：現在資本結構（capital stack）我想已經更完整一些了。考量你們未來幾季的成長展望，目前每季 8.5 億到 9 億美元的回購節奏是否可持續？

Yeah. Thanks for the question, Mihir. Let me start a little bit where you ended. I mean we have significant amounts of capital, both surplus capital. And again, I think one of the strengths of the business model is that we generate large amounts of capital each quarter.

是的。謝謝你的提問，Mihir。我先從你剛才結尾提到的地方開始說起。我的意思是，我們擁有相當可觀的資本，包括超額資本。而且我認為，這個商業模式的優勢之一，就是我們每一季都能產生大量資本。

So I think that's a real strength. And that allows us to grow RWAs as well as return capital to shareholders. We don't really comment on cadence by quarters, but again, you can look at history and what we've historically have done.

所以我認為這是一項真正的優勢。這也讓我們能夠在擴張風險加權資產（RWA）的同時，把資本回饋給股東。我們通常不會就季度節奏做評論，但你可以看看過往紀錄，以及我們歷來的作法。

So capital is a real strength of the company. It's something that we want to continue to leverage as we move forward, including the 13% dividend increase that we announced earlier this morning that takes effect this quarter.

因此，資本確實是公司的強項。這也是我們希望在未來持續加以運用的部分，其中包括我們今天稍早宣布、並於本季生效的股利上調13%。

If you take a step back, your initial question with regard to the treatment around the internally developed software. There is a new accounting standard that happened last year. And as part of that, we go back, we evaluate that standard, while that didn't have anything to do with it, we also did benchmarking with how we treated that software cost, those capitalized costs relative to our peer set. And we realized that we had a difference in presentation relative to others.

如果退一步看，你一開始的問題是關於內部開發軟體的會計處理。去年有一項新的會計準則上路。作為其中一部分，我們回頭檢視並評估該準則；同時，雖然這件事本身並非由該準則直接引起，我們也針對軟體成本（也就是那些資本化成本）相對於同業的處理方式做了標竿比較。我們發現，我們在呈列方式上與其他公司存在差異。

So we obviously had discussions both with our external accounts as well as regulators, and we decided to reclassify the capitalized software from intangibles to other assets. But that has an effect of -- it bolsters or reduces the reduction to capital and then puts it in as an RWA that had a corresponding impact of about 80 basis points of CET1 that was recast both in the prior period and the current period.

因此，我們當然與外部會計師以及監理機關都進行了討論，並決定將資本化的軟體從無形資產重新分類到其他資產。但這樣做的影響是——它會強化（或降低）對資本的扣減，並把它改列為一項RWA；相對應地，對普通股權益第一類資本（CET1）的影響約為80個基點，且我們已在前期與本期一併重編。

So again, it just gives us more room to operate whether we want to expand RWAs or again, have it available as we think about our capital return strategy.

所以再說一次，這只是讓我們有更大的操作空間——不論是我們想擴張RWA，或是在思考資本回饋策略時，把它作為可用的資本。

Got it. Thank you. And then just switching gears a little bit. Late fees (inaudible) a little bit back in the news a few weeks ago. I guess just wanted to check in with you all -- just any incremental you have on that situation, what's going on there and the potential for that come back? I guess what does the toolkit look like if people start talking about that again and implementing it?

了解。謝謝。那我再稍微換個話題。滯納金（聽不清）幾週前又稍微回到新聞焦點。我想跟你們確認一下——針對那個情況，你們是否有任何新增的看法？目前進展如何？以及它再度回來的可能性？如果大家又開始討論並推動落實，你們的應對工具箱會是什麼樣子？

Yeah. I mean, not a lot that we can add. I mean nothing has been formalized at this point. So it's a little tough to speculate. I would just reiterate that, as we've said in the past, it's a very competitive industry. I think price controls generally are bad, whether it's fees or APRs, you have serious unintended consequences. I also think late fees are an important (inaudible) for customers to pay on time.

是的。我的意思是，我們能補充的不多。目前還沒有任何事情被正式定案。所以要推測其實有點困難。我只想重申，我們過去也說過，這是一個競爭非常激烈的產業。我認為價格管制通常都不是好事，不論是費用或APR（年百分率），都會帶來嚴重的非預期後果。我也認為滯納金對於促使客戶準時付款是一個重要的（聽不清）。

And I think if you take that ability for the industry to price for the risk that they're taking, you will have unintended consequences by giving restrict credit. The industry is going to close accounts. I think that's not good for the consumer, obviously not good for the economy. So we're staying very close to it.

而且我認為，如果你拿走產業針對所承擔風險進行定價的能力，就會出現非預期後果，因為信貸會被限縮。產業將會關閉帳戶。我認為那對消費者不好，顯然對整體經濟也不好。所以我們會非常密切關注。

In terms of the toolkit, obviously, there are things that the industry and we would potentially do, but we're clearly not there yet. This is very early. We don't know the intent of any potential RFI. But we're obviously staying very close to it.

至於工具箱，顯然產業以及我們可能會採取一些作法，但我們很清楚現在還沒到那一步。這還非常早期。我們也不知道任何潛在RFI（資訊徵詢）的意圖是什麼。但我們當然會非常密切關注。

Thank you.

謝謝。

John Hecht, Jefferies.

John Hecht，Jefferies。

Last year, I think you guys had a really strong year of customer acquisition. How are -- how is that looking thus far this year? And where are customers coming from? And are there any kind of notable trends there?

去年我記得你們在客戶獲取方面表現非常強勁。今年到目前為止看起來如何？客戶主要來自哪些來源？那裡面有沒有什麼值得注意的趨勢？

Listen, I think we have seen really strong new account growth. I think if you look at the second quarter, we generated over 5.1 million new accounts during the quarter and probably just under 10 million, I think, between 9.5 million and 10 million new accounts for the first half of the year, which is strong. We view it -- and to be honest with you, it's obviously some benefit from new programs, but it's going to be across the board. Again, when you have products that resonate and value propositions that are compelling for people, you're going to see that growth.

聽著，我認為我們確實看到非常強勁的新帳戶成長。如果你看第二季，我們在該季新增了超過510萬個新帳戶；而上半年大概接近1,000萬個，我想大約在950萬到1,000萬個新帳戶之間，這是很強勁的。我們的看法是——坦白說，這當然有一部分受惠於新方案，但成長其實是全面性的。再說一次，當你有能引起共鳴的產品、以及對人們具有吸引力的價值主張時，你就會看到這樣的成長。

And again, a lot of our partners are in very attractive segments. When you think about a TJX or Sam's, when you think about Lowe's, when the housing market is a little bit soft, you have things like that, that are in there. So the diversity we have in the verticals and the sales platform really kind of drives that growth. I mean, there are a lot of people would like to say, I generated between 9.5 million and 10 million new accounts for first half of the year.

而且，我們很多合作夥伴都在非常有吸引力的細分市場。當你想到TJX或Sam's，想到Lowe's，即使房市稍微疲軟，仍然有這些因素在支撐。所以我們在垂直領域與銷售平台上的多元性，確實推動了這樣的成長。我的意思是，很多人都希望能說自己上半年新增了950萬到1,000萬個新帳戶。

So again, a little bit broader base, but we feel good about the acquisition of the accounts kind of coming in. And I think, again, it goes back to years where we were putting out 20 million new accounts a year, we're on that trajectory.

所以再說一次，基礎更廣，但我們對於持續流入的新帳戶獲取狀況感到樂觀。而且我認為，這也回到過去那些年份——我們一年推出2,000萬個新帳戶——我們正走在那樣的軌道上。

I think, John, you know this about our business. We've got big commercial teams that sit every day with our partners, and they work the marketing calendar. They work promotions and offers to drive that new account flow. So that's so embedded in our DNA throughout the company. That's a big important metric for us.

我想，John，你了解我們的業務。我們有大型的商務團隊每天都和合作夥伴坐在一起，並且規劃行銷行事曆。他們會操作促銷與優惠，以推動新帳戶流入。所以這已深深融入我們整家公司DNA。這對我們來說是一個非常重要的指標。

And our partners obviously are very aligned to the deal structure and RSA to help us drive those new accounts. It's good for them. It's good for the program. Obviously, it's good for us as well.

而且我們的合作夥伴顯然也在交易結構與RSA方面高度一致，以協助我們推動這些新帳戶。這對他們有利。對這個方案有利。當然，對我們也有利。

Okay. That's helpful. And then any comments on how the Walmart -- the latest Walmart program is ramping and anything you've noticed about the behavior of that customer versus the, call it, the book you had before?

好的。這很有幫助。那麼，關於Walmart——最新的Walmart方案目前的爬坡情況如何？以及你們是否注意到該客戶的行為，和你們先前所擁有的那一批（就稱為既有組合）相比，有什麼不同？

Yeah. So look, we continue to be really excited about the trends that we're seeing on the Walmart program. It's our fastest-growing program. I've mentioned this before in our history across multiple metrics, it's definitely a leading-edge program from a tech perspective. So it's different in a lot of ways from what we did in the past with Walmart.

是的。所以你看，我們對於在Walmart方案上看到的趨勢仍然非常興奮。這是我們成長最快的方案。我之前在我們的歷史中也提過，從多項指標來看，它絕對是成為領先前緣的方案，尤其在科技角度。因此，它在很多方面都不同於我們過去與Walmart合作時所做的事情。

Everything runs through the OnePay app. They've been a great partner to us, has a very strong value prop both if you're a Walmart Plus member, but even if you're not. And so that loyalty program is much stronger in this program than it's been in the past. So there's just a lot of reasons to be excited about this. This will be a top five program for us.

一切都透過 OnePay 應用程式運作。他們一直是我們很棒的合作夥伴，無論你是 Walmart Plus 會員，或即使你不是，都有非常強的價值主張。因此，這個方案中的忠誠度計畫比過去任何時候都更強。所以有很多理由讓人對此感到興奮。這將會是我們前五大的方案之一。

I'm certain of that. And Walmart has been incredibly supportive in terms of the digital placement and how they're supporting the program.

我對此很有把握。而且 Walmart 在數位版位以及他們如何支持這個方案方面，給了非常大的支持。

Yeah. The one thing I'd add, John, Brian just highlighted the value proposition, particularly Walmart Plus, that was not around back in 2018 and 2019 and over half of our accounts are Walmart Plus, which are highly engaged with the brand. They're buying multiple SKUs. So those are people that are really engaged with the retailer. So those are kind of folks that, again, you expect early adopters of because they're so connected to the retailer.

是的。John，我想補充一點，Brian 剛剛強調了價值主張，特別是 Walmart Plus；這在 2018 和 2019 年時還不存在，而我們超過一半的帳戶是 Walmart Plus 會員，他們對品牌的參與度非常高。他們會購買多個 SKU。所以這些人確實與零售商高度互動。因此，這類族群同樣是你會預期的早期採用者，因為他們與零售商的連結非常緊密。

Perfect. Thanks, guys.

太好了。謝謝各位。

Mark DeVries, Deutsche Bank.

Mark DeVries，德意志銀行。

One question for Brian Doubles. Brian, can you just talk about where you see the best kind of longer-term growth opportunities, whether it's existing customers, more organic kind of TAM expansion through retail or is there (inaudible) haven't provided financing or inorganic? And as you think about that broader opportunity set, just talk about your confidence in getting back to kind of longer-term growth aspirations?

我有一個問題想請教 Brian Doubles。Brian，你能談談你認為最佳的長期成長機會在哪裡嗎？是既有客戶、透過零售帶動更有機的 TAM（總可服務市場）擴張，還是（聽不清）尚未提供融資的領域，或是非有機成長？另外，當你看待這個更廣泛的機會集合時，也請談談你對回到長期成長目標的信心。

yeah, sure. So I'll highlight a couple of things. I mean, first, look, our strategy is largely going to be an organic growth strategy. We're pretty disciplined around M&A. I think we've demonstrated that over the last decade or so. One of the big areas where we're investing heavily is in our product suite and our capabilities.

好的，當然。我先強調幾點。首先，我們的策略大致上會以有機成長為主。我們在併購（M&A）方面相當自律。我認為過去十年左右我們已經證明了這一點。我們大力投資的一個重要領域，是我們的產品組合與能力。

We've got a very comprehensive set of products now, I think, more than anybody else in the industry. We've got starter products like secured cards, SetPay, and that allows us to graduate customers into the more traditional products, revolving PLCC co-brand, et cetera. And I feel like that strategy is winning. So as you think about the partner base, they are highly engaged in offering that multiproduct set. And it allows us to serve more of their customers, drive sales, drive loyalty, et cetera.

我們現在擁有非常完整的一套產品，我認為比業界任何人都更全面。我們有入門型產品，例如擔保卡、SetPay，這讓我們能把客戶逐步培養、升級到更傳統的產品，例如循環型 PLCC（自有品牌信用卡）、聯名卡等。我覺得這個策略正在奏效。因此，當你看我們的合作夥伴基礎時，他們在提供這套多產品組合上參與度很高。這也讓我們能服務更多他們的客戶、帶動銷售、提升忠誠度等。

So I think that's one big kind of pillar I would highlight. The other one, frankly, customer experience has never been more important than it is today. I mean, customers have a lot of choices these days in terms of how they pay, how they finance for purchases, and it's got to be a great experience through that life cycle, making it easy for our customers to apply for credit, use them immediately.

所以我認為這是我會強調的一個重要支柱。另一個方面，坦白說，客戶體驗在今天的重要性前所未有。現在客戶在支付方式、購買融資方式上有很多選擇，而整個生命週期都必須提供很棒的體驗，讓客戶容易申請信用、並能立即使用。

You have to be everywhere that customer wants to be. So we've been investing and integrating into ISVs and software platforms and payment providers. Those are as I think about the future, that's a big part of it. So we call them kind of nontraditional partners because they're not a merchant, they're not a provider.

你必須出現在客戶想要出現的每一個場景。因此我們一直在投資並整合到 ISV（獨立軟體供應商）、軟體平台以及支付服務提供商。就我對未來的看法，這會是很大的一部分。所以我們把他們稱為某種「非傳統合作夥伴」，因為他們不是商戶，也不是服務提供者。

They're allowing us to serve many merchants, many providers by integrating once into a software platform or an ISP, I think that is a -- that will be a big wave of the future for us, and we're well ahead on that strategy, particularly in our Health & Wellness business. We're integrated in more ICs than anybody. And I think that is going to be really helpful as we look to drive growth into the future.

他們讓我們只要在一個軟體平台或 ISP 上整合一次，就能服務許多商戶、許多服務提供者；我認為這——將會是我們未來的一大浪潮，而我們在這個策略上走得很前面，特別是在我們的健康與福祉（Health & Wellness）業務。我們整合的 IC 數量比任何人都多。我認為，當我們展望未來推動成長時，這會非常有幫助。

It allows us to connect once and immediately get some scale. And if you go back a decade, that was always a little bit of a challenge as you connect and integrate once and with one partner, and now you're able to do that at scale. So very excited about that as well.

這讓我們能一次連接就立刻取得一定規模。如果回到十年前，這一直有點具挑戰性，因為你連接並整合一次只對應一個合作夥伴；而現在你能以規模化的方式做到。所以我們對此也非常興奮。

And the last thing I'll just touch on quickly, I think our underwriting -- our proprietary underwriting platform PRISM is a competitive advantage. We're out there competing for new business. We've made big investments there. I think we do this better than anybody and we're hearing that feedback from prospects. We're hearing it in renewal discussions.

最後我快速提一下，我認為我們的承銷——我們自有的承銷平台 PRISM——是一項競爭優勢。我們正在市場上競爭新業務。我們在那方面做了大量投資。我認為我們做得比任何人都好，而且我們也從潛在客戶那裡聽到這樣的回饋。我們在續約討論中也聽到同樣的回饋。

And so that's just the third area that I would highlight in terms of excitement going forward.

因此，這就是我對未來感到興奮的第三個重點領域。

Okay. Great. And just as you think about all those opportunities, just discuss your confidence in kind of getting back to the longer-term growth aspirations.

好的。很好。那麼當你思考所有這些機會時，請談談你對回到長期成長目標的信心。

Yeah. Look, I'm confident that we'll get there. I'm confident we'll get there. I think -- you have to remember that a little of the dampening in growth was intentional. We had a credit restricted posture. And frankly, I think our credit team did a great job.

是的。你看，我有信心我們會達成。我有信心我們會達成。我認為——你必須記得，成長放緩有一部分是刻意為之。我們採取了較為保守、受限的授信立場。坦白說，我認為我們的信用團隊做得非常好。

If you think about drifting above the long-term target, quickly bringing it back down below the lower end of our long-term target and dialing in and putting us in a position where we can open up a little bit to hopefully get back in that 5.5% to 6% range longer term. I think as you do that, you'll see the growth come back to where it's been historically.

如果你想想看：當指標漂移到長期目標之上時，我們很快把它拉回到長期目標區間的下緣以下，並加以校準，讓我們處於一個可以稍微放寬的狀態，希望長期能回到 5.5% 到 6% 的區間。我認為當你這麼做時，你會看到成長回到歷史上的水準。

Okay. Great. Thank you.

好的。很好。謝謝。

John Pancari, Evercore.

John Pancari，Evercore。

Just given the time, I'll just ask one question here. Just on the -- I appreciate the color around the margin and the drivers of the pressure this quarter and that it bottomed. And you expect improvement from the year.

考量時間，我這裡只問一個問題。關於——我很感謝你們對本季利差以及壓力來源的補充說明，並提到已經觸底。而你們預期今年會改善。

Any way to help us kind of frame that pace of improvement and possibly think of what exit NIM could look like as we take a look at '27 and how should we think about the pace of net interest income growth that goes along with that when you consider the mid-single-digit receivable expectation?

有沒有什麼方式可以幫我們框架一下改善的速度，並且思考當我們看 2027 年時，期末（exit）NIM（淨利差）可能會是什麼樣子？另外，當你考量應收帳款中個位數中段成長的預期時，我們應該如何看待隨之而來的淨利息收入成長速度？

Yeah. I'll try to help you again with the framework, John. We're not providing specific guidance on most certainly any quarter. But again, I would expect your net interest margin to build off of the second quarter $15.08. Again, the drivers behind it, you're going to see seasonal nature of ALR, right?

是的。John，我再試著用框架來協助你。我們不提供具體指引，當然也不會針對任何單一季度提供。但同樣地，我會預期你們的淨利差會在第二季的 15.08 美元基礎上往上走。再說一次，背後的驅動因素，你會看到 ALR 的季節性特徵，對吧？

So we're at peak kind of liquidity now that abates in the third quarter, the fourth quarter, more in the fourth and the third, right. The late fees, which effectively, if you have peak kind of fee charge off, you'll see a little bit of pressure. But again, it should build off here not necessarily be a drag both in the third quarter and the fourth quarter. You'll see a little bit of continued build on the PPPCs as you move in the back half that should factor in.

所以我們現在處於流動性高峰，第三季會緩解，第四季也會緩解，第四季的緩解幅度會比第三季更大，對吧。至於滯納金，如果你處在費用核銷的高峰期，確實會看到一些壓力。但同樣地，它應該會在此基礎上往上走，而不一定會在第三季與第四季都形成拖累。你也會在下半年看到 PPPCs 持續小幅上升，這也會納入考量。

So you should see rising net interest margin sequentially as we move through the back half of the year as we step through again, that assumes no changes in Fed funds rates or interest rates as we move in the back half of the year.

因此，隨著我們進入今年下半年、一步步推進，你應該會看到淨利差（NIM）按季上升；再次強調，這是假設在今年下半年聯準會基金利率或整體利率水準沒有任何變動。

Thanks, Brian. (inaudible) go for it.

謝謝，Brian。（聽不清）請繼續。

It was a good try, but I'm sure you'll have an opportunity to talk with Kathryn and the IR team later today, and you can continue your efforts.

這次嘗試不錯，但我相信你今天稍晚會有機會和 Kathryn 以及投資人關係（IR）團隊聊聊，你可以繼續努力。

Have a good day. Appreciate it.

祝你有美好的一天。感謝。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

Maybe just another shot at a similar idea, not in terms of a forecast, but you -- Brian Wenzel, you did talk about the impact of lower late fees in the first half of this year. But as we go into next year, will that still be a factor? And can you also talk about the impact of what you've had in terms of '26 from the accelerating account growth can that impact on the loan yield? And will that be something that moderates in '27 and gives you better growth in net interest income versus the loan balances and other metrics?

也許再就類似的想法問一次，不是以預測的角度，而是你——Brian Wenzel——確實談到今年上半年較低的滯納金（late fees）的影響。但進入明年後，這仍會是一個因素嗎？另外也請談談你們在 2026 年因帳戶成長加速所帶來的影響，這會對貸款收益率（loan yield）造成什麼影響嗎？而這是否會在 2027 年趨於溫和，讓你們的淨利息收入（NII）相較於貸款餘額及其他指標有更好的成長？

Great question. I think if you think about '26, right, we are targeting to underwrite to a charge-off rate between 5.5% and 7% in the entry the cycle. Sometimes you may be lower than 5.5%. Sorry, 5.5% to 6%. I don't want to get anyone nervous.

問得很好。我想如果你看 2026 年，對吧，我們的目標是在進入景氣循環時，承作（underwrite）到 5.5% 到 7% 的核銷率（charge-off rate）。有時候你可能會低於 5.5%。抱歉，是 5.5% 到 6%。我不想讓任何人緊張。

(inaudible)

（聽不清）

I scared myself, Moshe. I scared myself. But anyway, in that 5.5% to 6%. So again, where you see it below 5.5%, we would expect it to migrate back up. When that migrates back up, you should see a tailwind when it comes to late fees that comes through net interest margin, right, historically. So that's what I would generally expect.

我把自己嚇到了，Moshe。我把自己嚇到了。不過總之，是在 5.5% 到 6% 之間。所以同樣地，當你看到它低於 5.5% 時，我們預期它會回升。當它回升時，歷史上你應該會看到滯納金帶來的順風，並透過淨利差反映出來，對吧。所以這是我一般會預期的情況。

I think the challenge, and you probably know this as well as anyone else, right, whenever you shift the trajectory, most certainly under CECL when you think about the reserve, but when you just think about the yield side of the equation, when you shift the trajectory of growth upwards or downwards their effects that happen on NII and net interest margin.

我認為挑戰在於——而你可能也和任何人一樣清楚——對吧，每當你改變成長軌跡時，尤其是在 CECL 之下、當你思考備抵（reserve）時；但即便只看收益端（yield side）的方程式，當你把成長軌跡往上或往下調整時，都會對淨利息收入（NII）與淨利差產生影響。

We're going from a year before where assets went down. We're not going to growth. You presume there's going to be growth next year, but that growth is going to be -- I'm not going to give you an indication, but it's going to be not dramatically different, maybe a little slightly higher than what we've seen this quarter or this year, but you're going to be in a flatter growth trajectory as you move through that.

我們是從前一年資產下滑的情況走過來的。我們現在不會再是負成長。你假設明年會有成長，但那個成長會是——我不會給你明確指引——但不會和我們本季或今年看到的差太多，可能略高一點；不過當你往後推進時，成長軌跡會更趨平坦。

If you're moving a point or 2 versus moving 7 points or so year on year, you're going to see a tailwind that comes as that net interest margin matures. So most certainly a growth profile that's more consistent, number one; and two, a net charge-off rate that probably moderates a little bit up, should give you two tailwinds as it relates to margin for next year.

如果你是移動 1 到 2 個百分點，而不是年對年移動大約 7 個百分點左右，隨著淨利差逐步成熟，你會看到一股順風。所以，第一，更一致的成長輪廓；第二，淨核銷率（net charge-off rate）可能小幅回升並趨於溫和，這兩點應該會在明年的利差表現上帶來兩股順風。

Great. Thanks. And maybe a follow up for Brian Doubles. You did say that the key driver of growth will be kind of internal growth. But we have seen a number of your major competitors kind of pulling back in terms of their approach and their desire to expand in private label. Do you think there could be opportunities for larger portfolios, either on a de novo or take them one over from another player?

很好。謝謝。另外想追問 Brian Doubles。你提到成長的關鍵驅動因素會是偏向內生成長。但我們看到你們一些主要競爭對手在其策略與擴張自有品牌（private label）的意願上有所收縮。你認為是否會有機會取得更大的投資組合（portfolio），不論是從零開始（de novo）或是從其他業者手上接手？

Yeah, absolutely, Moshe, I mean, that's a big -- like when I think of organic, that's all part of the engine. So we're actively -- we're always looking at portfolios that come to market. We're the biggest in this space. So we pretty much every RFP comes across our desk. We take a look at it.

是的，絕對有，Moshe。我的意思是，這是一個很大的——當我想到「有機成長」時，這些都屬於引擎的一部分。所以我們積極——我們一直在看市場上出現的投資組合。我們是這個領域最大的業者。所以幾乎每一個 RFP（提案徵求書）都會送到我們桌上。我們都會看一看。

We're obviously very disciplined around how we price those opportunities and the terms that we seek. But that's been a big part of our growth strategy over the years and will continue to be. So when I made my reference to M&A, that was more traditional M&A, buying a company as opposed to a portfolio.

當然，我們在這些機會的定價方式以及我們所追求的條款上非常自律。但多年來這一直是我們成長策略的重要部分，而且未來也會持續如此。所以我先前提到的併購（M&A），比較是傳統意義的 M&A，也就是買下一家公司，而不是買一個投資組合。

The engine that we have that's actively out there in the market looking at new opportunities, de novos, but also looking at bringing on existing portfolios. It's a very active team, and we've got a really good pipeline at the moment.

我們的引擎一直在市場上積極尋找新機會，包括從零開始（de novos），也包括承接既有投資組合。這是一支非常活躍的團隊，而我們目前的案源（pipeline）也相當不錯。

Thanks very much.

非常感謝。

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

謝謝。以上為 Synchrony 的財報電話會議。您現在可以掛斷電話，祝您有美好的一天。謝謝。