FINANCIAL SYNCHRONY: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND OPERATING RESULTS (Form 10-Q)
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The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes included elsewhere in this quarterly report and in our 2020 Form 10-K. The discussion below contains forward-looking statements that are based upon current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations. See "Cautionary Note Regarding Forward-Looking Statements." Introduction and Business Overview ____________________________________________________________________________________________ We are a premier consumer financial services company delivering a wide range of specialized financing programs, as well as innovative consumer banking products, across key industries including digital, retail, home, auto, travel, health and pet. We provide a range of credit products through our financing programs which we have established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our "partners." For the three and nine months endedSeptember 30, 2021 , we financed$41.9 billion and$118.8 billion of purchase volume, respectively, and had 67.2 million and 66.5 million average active accounts, respectively, and atSeptember 30, 2021 , we had$76.4 billion of loan receivables. We offer our credit products primarily through our wholly-owned subsidiary, the Bank. In addition, through the Bank, we offer, directly to retail and commercial customers, a range of deposit products insured by theFederal Deposit Insurance Corporation ("FDIC"), including certificates of deposit, individual retirement accounts ("IRAs"), money market accounts and savings accounts. We also take deposits at the Bank through third-party securities brokerage firms that offer ourFDIC -insured deposit products to their customers. We have significantly expanded our online direct banking operations in recent years and our deposit base serves as a source of stable and diversified low cost funding for our credit activities. AtSeptember 30, 2021 , we had$60.3 billion in deposits, which represented 82% of our total funding sources. Our Sales Platforms _________________________________________________________________ We conduct our operations through a single business segment. Profitability and expenses, including funding costs, credit losses and operating expenses, are managed for the business as a whole. Substantially all of our operations are withinthe United States . InJune 2021 , we announced organizational changes aimed to further align the company's activities with its partners and evolving consumer expectations, while leveraging our innovation, data, expertise and scale to deliver products and capabilities to market faster. As part of these changes, we established aGrowth Organization that includes our marketing, data, analytics, customer experience and product development teams in one cohesive group and we also combined our Technology and Operations teams. For our sales activities, we now primarily manage our credit products through five sales platforms (Home & Auto, Digital, Diversified & Value, Health & Wellness and Lifestyle). Those platforms are organized by the types of partners we work with, and are measured on interest and fees on loans, loan receivables, active accounts and other sales metrics. 6
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[[Image Removed: syf-20210930_g2.jpg]] Home & Auto Our Home & Auto sales platform provides comprehensive payments and financing solutions with integrated in-store and digital experiences through a broad network of partners and merchants providing home and automotive merchandise and services, and includes partners such asAshley Homestores LTD and Lowe's, as well as ourSynchrony Car Care network and Synchrony HOME credit card offering. Digital Our Digital sales platform provides comprehensive payments and financing solutions with integrated digital experiences through partners and merchants who primarily engage with their consumers through digital channels, including partners such as Amazon and PayPal. Diversified & Value Our Diversified & Value sales platform provides comprehensive payments and financing solutions with integrated in-store and digital experiences through partners and merchants who offer a wide assortment of merchandise, including partners such as JCPenney andSam's Club . Health & Wellness Our Health & Wellness sales platform provides comprehensive healthcare payments and financing solutions, through a network of providers and health systems, for those seeking health and wellness care for themselves, their families and their pets, and includes key brands such as CareCredit and Pets Best, as well as the recently launched MyWalgreens co-branded program. Lifestyle Lifestyle provides comprehensive payments and financing solutions with integrated in-store and digital experiences through partners and merchants who offer merchandise in power sports, outdoor power equipment, and other industries such as sporting goods, apparel, jewelry and music. 7
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Corp, Other Corp, Other includes activity and balances related to certain program agreements with retail partners and merchants that will not be renewed beyond their current expiry date and certain programs that were previously terminated, which are not managed within the five sales platforms discussed above, and includes amounts associated with our program agreement with Gap Inc. which is scheduled to expire in the second quarter of 2022. Corp, Other also includes amounts related to changes in the fair value of equity investments and realized gains or losses associated with the sale of investments. Our Credit Products ____________________________________________________________________________________________ Through our sales platforms, we offer three principal types of credit products: credit cards, commercial credit products and consumer installment loans. We also offer a debt cancellation product. The following table sets forth each credit product by type and indicates the percentage of our total loan receivables that are under standard terms only or pursuant to a promotional financing offer atSeptember 30, 2021 . Promotional Offer Credit Product Standard Terms Only Deferred Interest Other Promotional Total Credit cards 57.7 % 20.4 % 16.5 % 94.6 % Commercial credit products 1.8 - - 1.8 Consumer installment loans 0.1 0.1 3.3 3.5 Other 0.1 - - 0.1 Total 59.7 % 20.5 % 19.8 % 100.0 % Credit Cards We typically offer the following principal types of credit cards: •Private Label Credit Cards. Private label credit cards are partner-branded credit cards (e.g., Lowe's or Amazon) or program-branded credit cards (e.g.,Synchrony Car Care or CareCredit) that are used primarily for the purchase of goods and services from the partner or within the program network. In addition, in some cases, cardholders may be permitted to access their credit card accounts for cash advances. Credit under our private label credit cards is extended either on standard terms or pursuant to a promotional financing offer. •Dual Cards and General Purpose Co-Branded Cards. Our patented Dual Cards are credit cards that function as private label credit cards when used to purchase goods and services from our partners, and as general purpose credit cards when used to make purchases from other retailers wherever cards from those card networks are accepted or for cash advance transactions. We also offer general purpose co-branded credit cards that do not function as private label credit cards, as well as, in limited circumstances, a Synchrony-branded general purpose credit card. Credit extended under our Dual Cards and general purpose co-branded credit cards typically is extended on standard terms only. We offer either Dual Cards or general purpose co-branded credit cards across all of our sales platforms, spanning 21 partners and our CareCredit Dual Card, of which the majority are Dual Cards. Consumer Dual Cards and Co-Branded cards totaled 24% of our total loan receivables portfolio, including held for sale, atSeptember 30, 2021 . Commercial Credit Products We offer private label cards and Dual Cards for commercial customers that are similar to our consumer offerings. We also offer a commercial pay-in-full accounts receivable product to a wide range of business customers. 8
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Installment Loans We originate installment loans to consumers (and a limited number of commercial customers) inthe United States , primarily in the power products market (motorcycles, ATVs and lawn and garden), as well as through our various SetPay installment products. Installment loans are closed-end credit accounts where the customer pays down the outstanding balance in installments. Installment loans are generally assessed periodic finance charges using fixed interest rates. Business Trends and Conditions ____________________________________________________________________________________________ We believe our business and results of operations will be impacted in the future by various trends and conditions. For a discussion of certain trends and conditions, see "Management's Discussion and Analysis of Financial Condition and Results of Operations-Business Trends and Conditions" in our 2020 Form 10-K. For a discussion of how certain trends and conditions impacted the three and nine months endedSeptember 30, 2021 , see "-Results of Operations." Seasonality ____________________________________________________________________________________________ We experience fluctuations in transaction volumes and the level of loan receivables as a result of higher seasonal consumer spending and payment patterns that typically result in an increase of loan receivables from August through a peak in late December, with reductions in loan receivables occurring over the first and second quarters of the following year as customers pay their balances down. The seasonal impact to transaction volumes and the loan receivables balance typically results in fluctuations in our results of operations, delinquency metrics and the allowance for credit losses as a percentage of total loan receivables between quarterly periods. In addition to the seasonal variance in loan receivables discussed above, we also typically experience a seasonal increase in delinquency rates and delinquent loan receivables balances during the third and fourth quarters of each year due to lower customer payment rates resulting in higher net charge-off rates in the first and second quarters. Our delinquency rates and delinquent loan receivables balances typically decrease during the subsequent first and second quarters as customers begin to pay down their loan balances and return to current status resulting in lower net charge-off rates in the third and fourth quarters. Because customers who were delinquent during the fourth quarter of a calendar year have a higher probability of returning to current status when compared to customers who are delinquent at the end of each of our interim reporting periods, we expect that a higher proportion of delinquent accounts outstanding at an interim period end will result in charge-offs, as compared to delinquent accounts outstanding at a year end. Consistent with this historical experience, we generally experience a higher allowance for credit losses as a percentage of total loan receivables at the end of an interim period, as compared to the end of a calendar year. In addition, despite improving credit metrics such as declining past due amounts, we may experience an increase in our allowance for credit losses at an interim period end compared to the prior year end, reflecting these same seasonal trends. While the effects of the seasonal trends discussed above remain evident, we also continue to experience improvements in customer payment behavior, which include the effects of governmental stimulus actions and industry-wide forbearance measures. Customer payments as a percentage of beginning-of-period loan receivables for the three months endedSeptember 30, 2021 were approximately 260 basis points higher than our prior five-year historical average for the third quarter. These higher payment rates have resulted in reductions in loan receivables and delinquency rates beyond our seasonal expectations. 9
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Results of Operations ____________________________________________________________________________________________ Highlights for the Three and Nine Months EndedSeptember 30, 2021 Below are highlights of our performance for the three and nine months endedSeptember 30, 2021 compared to the three and nine months endedSeptember 30, 2020 , as applicable, except as otherwise noted. •Net earnings increased to$1.1 billion from$313 million and to$3.4 billion from$647 million for the three and nine months endedSeptember 30, 2021 , respectively, which included the impact of a reserve release related to the reclassification of the Gap portfolio to loan receivables held for sale of$187 million after-tax. The increases in the three and nine months endedSeptember 30, 2021 were primarily driven by lower provision for credit losses. •Loan receivables decreased to$76.4 billion atSeptember 30, 2021 compared to$78.5 billion atSeptember 30, 2020 , driven by the reclassification of$3.5 billion of loan receivables associated with the Gap portfolio to loan receivables held for sale. Excluding the impact of the reclassification, loan receivables increased 2% reflecting strong purchase volume growth, partially offset by higher payment rates. •Net interest income increased 5.8% to$3.7 billion and decreased 3.1% to$10.4 billion for the three and nine months endedSeptember 30, 2021 , respectively. Interest and fees on loans increased 1.7% for the three months endedSeptember 30, 2021 , driven by an increase in average loan receivables, and decreased 6.5% for the nine months endedSeptember 30, 2021 reflecting the impact of elevated payment rates and lower delinquencies during the period. For both current year periods, interest expense decreased primarily due to lower benchmark interest rates. •Retailer share arrangements increased 40.8% to$1.3 billion and 25.5% to$3.3 billion for the three and nine months endedSeptember 30, 2021 , respectively, primarily due to the decreases in provision for credit losses, as well as program performance. •Over-30 day loan delinquencies as a percentage of period-end loan receivables decreased 25 basis points to 2.42% atSeptember 30, 2021 . Excluding amounts related to the Gap Inc. portfolio from both periods, the decrease compared to the prior year was approximately 40 basis points. The net charge-off rate decreased 224 basis points to 2.18% and 194 basis points to 3.11% for the three and nine months endedSeptember 30, 2021 , respectively. •Provision for credit losses decreased by$1.2 billion , or 97.9%, and$4.4 billion , or 96.4% for the three and nine months endedSeptember 30, 2021 , respectively, primarily driven by lower reserves, including a$247 million reserve release following the reclassification of the Gap portfolio to loan receivables held for sale, and lower net charge-offs. Our allowance coverage ratio (allowance for credit losses as a percent of period-end loan receivables) decreased to 11.28% atSeptember 30, 2021 , as compared to 12.92% atSeptember 30, 2020 . •Other expense decreased by$106 million , or 9.9%, and$214 million , or 7.0%, for the three and nine months endedSeptember 30, 2021 , respectively, primarily driven by a prior year restructuring charge of$89 million and lower operational losses. •AtSeptember 30, 2021 , deposits represented 82% of our total funding sources. Total deposits decreased by 3.9% to$60.3 billion atSeptember 30, 2021 , compared toDecember 31, 2020 . •During the nine months endedSeptember 30, 2021 , we declared and paid cash dividends on our Series A 5.625% non-cumulative preferred stock of$42.18 per share, or$32 million . •During the nine months endedSeptember 30, 2021 , we repurchased$1.9 billion of our outstanding common stock, and declared and paid cash dividends of$0.66 per share, or$380 million . InMay 2021 we announced that the Board of Directors approved a new share repurchase program of up to$2.9 billion for the period which commencedApril 1, 2021 throughJune 30, 2022 , subject to market conditions and other factors, including legal and regulatory restrictions and required approvals, if any. 10
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•InFebruary 2021 in our Health & Wellness sales platform, we completed our acquisition of Allegro Credit, a leading provider of point-of-sale consumer financing for audiology products and dental services. 2021 Partner Agreements •In our Home & Auto sales platform, we announced our new partnership with Alarm.com, BoxDrop andGardner White and extended our program agreements withAbt Electronics ,Ashley HomeStores LTD , CITGO,Mitchell Gold Co. , Phillips 66 andWG&R Furniture . •In our Digital sales platform, we announced PayPal Savings, a new PayPal-branded savings account and extended our program agreement with Shop HQ. •In our Diversified & Value sales platform, we extended our program agreement with TJX Companies, Inc. •In our Health & Wellness sales platform, we launched our Walgreens credit card, expanded our network through our new partnerships withEmory Healthcare ,Mercy Health ,Ochsner Health ,Prime Health ,Southern Veterinary Partners and Sycle and extended our agreements with Heartland Dental,LCA Vision and Rite Aid. In addition, we also made our CareCredit patient financing app available in the EpicApp Orchard , further expanding the availability of CareCredit to healthcare organizations using Epic. •In our Lifestyle sales platform, we announced our new partnerships withFamily Farm & Home , and JCB and extended our program agreements with American Eagle, Daniels, Ricoma, Sutherlands,Tacony Corporation and The Container Store. •We announced our expanded strategic partnership with Fiserv to broaden our distribution network for Synchrony products and services via the Clover point-of-sale and business management platform. •During the third quarter of 2021, we entered into an agreement to sell loan receivables associated with our program agreement with Gap Inc. We expect to recognize a gain on sale of the portfolio, which, subject to customary closing conditions, is expected to be completed in the second quarter of 2022. •Excluding our program agreement with Gap Inc., our five largest programs based upon interest and fees on loans for the year endedDecember 31, 2020 were Amazon, JCPenney, Lowe's,PayPal andSam's Club . Summary Earnings The following table sets forth our results of operations for the periods indicated. Three months ended September 30, Nine months ended September 30, ($ in millions) 2021 2020 2021 2020 Interest income$ 3,898 $ 3,837 $ 11,218 $ 12,074 Interest expense 240 380 809 1,331 Net interest income 3,658 3,457 10,409 10,743 Retailer share arrangements (1,266) (899) (3,261) (2,598) Provision for credit losses 25 1,210 165 4,560 Net interest income, after retailer share arrangements and provision for credit losses 2,367 1,348 6,983 3,585 Other income 94 131 314 323 Other expense 961 1,067 2,841 3,055 Earnings before provision for income taxes 1,500 412 4,456 853 Provision for income taxes 359 99 1,048 206 Net earnings$ 1,141 $ 313 $ 3,408 $ 647 Net earnings available to common stockholders$ 1,130 $ 303 $ 3,376 $ 615 11
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Other Financial and Statistical Data
The following table sets forth certain other financial and statistical data for
the periods indicated.
At and for the At and for the
Three months ended September 30, Nine months ended September 30,
($ in millions) 2021 2020 2021 2020
Financial Position Data (Average):
Loan receivables, including held for
sale $ 78,714 $ 78,005 $ 77,965 $ 80,368
Total assets $ 91,948 $ 96,340 $ 93,915 $ 98,333
Deposits $ 59,633 $ 63,876 $ 61,258 $ 64,380
Borrowings $ 13,522 $ 16,017 $ 14,528 $ 17,207
Total equity $ 14,117 $ 12,139 $ 13,619 $ 12,303
Selected Performance Metrics:
Purchase volume(1)(2) $ 41,912 $ 36,013 $ 118,782 $ 99,210
Home & Auto $ 11,765 $ 10,653 $ 33,889 $ 29,486
Digital $ 10,980 $ 9,038 $ 31,250 $ 24,871
Diversified & Value $ 12,006 $ 9,634 $ 32,844 $ 26,718
Health & Wellness $ 3,024 $ 2,738 $ 8,660 $ 7,349
Lifestyle $ 1,298 $ 1,267 $ 3,857 $ 3,550
Corp, Other $ 2,839 $ 2,683 $ 8,282 $ 7,236
Average active accounts (in
thousands)(2)(3) 67,189 64,270 66,500 67,246
Net interest margin(4) 15.45 % 13.80 % 14.40 % 14.17 %
Net charge-offs $ 432 $ 866 $ 1,815 $ 3,037
Net charge-offs as a % of average loan
receivables, including held for sale 2.18 % 4.42 % 3.11 % 5.05 %
Allowance coverage ratio(5) 11.28 % 12.92 % 11.28 % 12.92 %
Return on assets(6) 4.9 % 1.3 % 4.9 % 0.9 %
Return on equity(7) 32.1 % 10.3 % 33.5 % 7.0 %
Equity to assets(8) 15.35 % 12.60 % 14.50 % 12.51 %
Other expense as a % of average loan
receivables, including held for sale 4.84 % 5.44 % 4.87 % 5.08 %
Efficiency ratio(9) 38.7 % 39.7 % 38.1 % 36.1 %
Effective income tax rate 23.9 % 24.0 % 23.5 % 24.2 %
Selected Period-End Data:
Loan receivables $ 76,388 $ 78,521 $ 76,388 $ 78,521
Allowance for credit losses $ 8,616 $ 10,146 $ 8,616 $ 10,146
30+ days past due as a % of period-end
loan receivables(10) 2.42 % 2.67 % 2.42 % 2.67 %
90+ days past due as a % of period-end
loan receivables(10) 1.05 % 1.24 % 1.05 % 1.24 %
Total active accounts (in
thousands)(2)(3) 67,245 64,800 67,245 64,800
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(1)Purchase volume, or net credit sales, represents the aggregate amount of
charges incurred on credit cards or other credit product accounts less returns
during the period.
(2)Includes activity and accounts associated with loan receivables held for
sale.
(3)Active accounts represent credit card or installment loan accounts on which
there has been a purchase, payment or outstanding balance in the current month.
(4)Net interest margin represents net interest income divided by average
interest-earning assets.
(5)Allowance coverage ratio represents allowance for credit losses divided by
total period-end loan receivables.
(6)Return on assets represents net earnings as a percentage of average total
assets.
(7)Return on equity represents net earnings as a percentage of average total
equity.
(8)Equity to assets represents average total equity as a percentage of average
total assets.
(9)Efficiency ratio represents (i) other expense, divided by (ii) sum of net
interest income, plus other income, less retailer share arrangements.
(10)Based on customer statement-end balances extrapolated to the respective
period-end date.
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Average Balance Sheet
The following tables set forth information for the periods indicated regarding
average balance sheet data, which are used in the discussion of interest income,
interest expense and net interest income that follows.
2021 2020
Interest Average Interest Average
Average Income / Yield / Average Income/ Yield /
Three months ended
Rate(1) Balance Expense
Tariff (1)
Assets
Interest-earning assets: Interest-earning cash and equivalents(2)$ 9,559 $ 3 0.12 %$ 13,664 $ 4 0.12 % Securities available for sale 5,638 8 0.56 % 7,984 12 0.60 % Loan receivables, including held for sale(3): Credit cards 74,686 3,793 20.15 % 74,798 3,752 19.96 % Consumer installment loans 2,555 64 9.94 % 1,892 46 9.67 % Commercial credit products 1,407 29 8.18 % 1,238 22 7.07 % Other 66 1 NM 77 1 NM Total loan receivables, including held for sale 78,714 3,887 19.59 % 78,005 3,821 19.49 % Total interest-earning assets 93,911 3,898 16.47 % 99,653 3,837 15.32 % Non-interest-earning assets: Cash and due from banks 1,588 1,489 Allowance for credit losses (8,956) (9,823) Other assets 5,405 5,021 Total non-interest-earning assets (1,963) (3,313) Total assets$ 91,948 $ 96,340 Liabilities Interest-bearing liabilities: Interest-bearing deposit accounts$ 59,275 $ 131 0.88 %$ 63,569 $ 245 1.53 % Borrowings of consolidated securitization entities 7,051 41 2.31 % 8,057 53 2.62 % Senior unsecured notes 6,471 68 4.17 % 7,960 82 4.10 % Total interest-bearing liabilities 72,797 240 1.31 % 79,586 380 1.90 % Non-interest-bearing liabilities: Non-interest-bearing deposit accounts 358 307 Other liabilities 4,676 4,308 Total non-interest-bearing liabilities 5,034 4,615 Total liabilities 77,831 84,201 Equity Total equity 14,117 12,139 Total liabilities and equity$ 91,948 $ 96,340 Interest rate spread(4) 15.16 % 13.42 % Net interest income$ 3,658 $ 3,457 Net interest margin(5) 15.45 % 13.80 % 13
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2021 2020
Interest Average Interest Average
Average Income / Yield / Average Income/ Yield /
Nine months ended
Rate(1) Balance Expense
Tariff (1)
Assets
Interest-earning assets: Interest-earning cash and equivalents(2)$ 12,567 $ 11 0.12 %$ 13,992 $ 49 0.47 % Securities available for sale 6,128 21 0.46 % 6,918 56 1.08 % Loan receivables, including held for sale(3): Credit cards 74,179 10,934 19.71 % 77,476 11,764 20.28 % Consumer installment loans 2,398 176 9.81 % 1,624 118 9.71 % Commercial credit products 1,334 73 7.32 % 1,210 85 9.38 % Other 54 3 7.43 % 58 2 4.61 % Total loan receivables, including held for sale 77,965 11,186 19.18 % 80,368 11,969 19.89 % Total interest-earning assets 96,660 11,218 15.52 % 101,278 12,074 15.92 % Non-interest-earning assets: Cash and due from banks 1,594 1,475 Allowance for credit losses (9,656) (9,253) Other assets 5,317 4,833 Total non-interest-earning assets (2,745) (2,945) Total assets$ 93,915 $ 98,333 Liabilities Interest-bearing liabilities: Interest-bearing deposit accounts$ 60,907 $ 447 0.98 %$ 64,075 $ 894 1.86 % Borrowings of consolidated securitization entities 7,296 136 2.49 % 8,966 185 2.76 % Senior unsecured notes 7,232 226 4.18 % 8,241 252 4.08 % Total interest-bearing liabilities 75,435 809 1.43 % 81,282 1,331 2.19 % Non-interest-bearing liabilities: Non-interest-bearing deposit accounts 351 305 Other liabilities 4,510 4,443 Total non-interest-bearing liabilities 4,861 4,748 Total liabilities 80,296 86,030 Equity Total equity 13,619 12,303 Total liabilities and equity$ 93,915 $ 98,333 Interest rate spread(4) 14.09 % 13.73 % Net interest income$ 10,409 $ 10,743 Net interest margin(5) 14.40 % 14.17 % _______________________ (1)Average yields/rates are based on total interest income/expense over average balances. (2)Includes average restricted cash balances of$745 million and$214 million for the three months endedSeptember 30, 2021 and 2020, respectively, and$570 million and$612 million for the nine months endedSeptember 30, 2021 and 2020, respectively. (3)Interest income on loan receivables includes fees on loans of$610 million and$487 million for the three months endedSeptember 30, 2021 and 2020, respectively, and$1.6 billion for both the nine months endedSeptember 30, 2021 and 2020, respectively. (4)Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. (5)Net interest margin represents net interest income divided by average total interest-earning assets. 14
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For a summary description of the composition of our key line items included in our Statements of Earnings, see Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2020 Form 10-K. Interest Income Interest income increased by$61 million , or 1.6%, and decreased by$856 million , or 7.1%, for the three and nine months endedSeptember 30, 2021 , respectively. The increase in the three months endedSeptember 30, 2021 was primarily driven by increases in interest and fees on loans attributed to an increase in average loan receivables, including held for sale. The decrease in the nine months endedSeptember 30, 2021 reflected the impact of improvements in customer payment behavior and lower delinquencies during the period, which resulted in lower average loan receivables.
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