EX-99.1 2 creditstatsfinancialtables.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1

SYNCHRONY FINANCIAL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MONTHLY CHARGE-OFF AND DELINQUENCY STATISTICS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AS OF AND FOR EACH OF THE THIRTEEN MONTHS ENDED
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(unaudited, $ in billions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table provides monthly charge-off and delinquency statistics as of and for each of the thirteen months ended December 31, 2018. The increase in over-30 day loan delinquencies as a percentage of period-end loan receivables (the "30+ delinquency rate") at December 31, 2018 compared to the prior year period, is primarily due to the inclusion of the PayPal Credit program. Excluding the PayPal Credit program, the 30+ delinquency rate at December 31, 2018 was lower than December 31, 2017 by approximately 15 basis points.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dec 31,
2018
 
Nov 30,
2018
 
Oct 31,
2018
 
Sep 30,
2018
 
Aug 31,
2018
 
Jul 31,
2018
 
Jun 30,
2018
 
May 31,
2018
 
Apr 30,
2018
 
Mar 31,
2018
 
Feb 28,
2018
 
Jan 31,
2018
 
Dec 31,
2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period-end loan receivables
$
93.1

 
$
90.5

 
$
88.2

 
$
87.5

 
$
87.4

 
$
87.1

 
$
78.9

 
$
78.7

 
$
77.6

 
$
77.9

 
$
78.4

 
$
80.1

 
$
81.9

Average loan receivables, including held for sale
$
92.0

 
$
88.6

 
$
87.3

 
$
87.4

 
$
86.9

 
$
86.1

 
$
78.5

 
$
77.7

 
$
77.4

 
$
77.6

 
$
79.1

 
$
80.6

 
$
80.6

30+ days past due as a % of period-end loan receivables
4.8
 %
 
4.9
%
 
4.8
%
 
4.6
 %
 
4.3
%
 
4.1
%
 
4.2
 %
 
4.2
%
 
4.3
%
 
4.5
%
 
4.9
%
 
4.8
 %
 
4.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net charge-offs (annualized) as a % of average loan receivables, including held for sale(1)
5.8
 %
 
5.5
%
 
5.3
%
 
4.9
 %
 
4.8
%
 
5.2
%
 
5.8
 %
 
5.9
%
 
6.3
%
 
5.8
%
 
6.7
%
 
6.0
 %
 
5.5
%
Recovery adjustment(2)
(0.1
)%
 
0.1
%
 
—
%
 
(0.1
)%
 
0.1
%
 
—
%
 
(0.1
)%
 
—
%
 
0.1
%
 
0.1
%
 
—
%
 
(0.1
)%
 
0.2
%
Adjusted net charge-offs as a % of average loan receivables, including held for sale(3)
5.7
 %
 
5.6
%
 
5.3
%
 
4.8
 %
 
4.9
%
 
5.2
%
 
5.7
 %
 
5.9
%
 
6.4
%
 
5.9
%
 
6.7
%
 
5.9
 %
 
5.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Charge-offs are executed on charge-off cycle dates which occur on various days during each calendar month. The number of different charge-off cycle dates in each month varies based on such factors as the calendar and the timing of billing cycles. As a result, the amount of charged-off loan receivables can vary between monthly periods with no corresponding change in the performance of the portfolio. The following table sets forth the number of different charge-off cycle dates for our consumer credit card loan receivables, which represent greater than 95% of total period-end loan receivables at December 31, 2018, for the calendar months indicated.
 
2017
 
2018
 
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
January
30
 
29
 
28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
February
28
 
28
 
28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March
28
 
25
 
28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
April
28
 
30
 
28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
May
29
 
28
 
28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June
27
 
26
 
28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
July
28
 
30
 
29
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
August
28
 
28
 
27
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September
26
 
28
 
28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
October
30
 
29
 
28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
November
28
 
27
 
26
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December
28
 
28
 
30
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Represents adjustment to allocate recoveries, including debt sales, evenly across the three calendar months of each respective quarterly reporting period. The adjustments for periods other than for the last month of each calendar quarter incorporate estimated recoveries for the applicable full quarterly reporting period. Such estimates are subject to change within each applicable quarter and may differ from actual quarterly results.
(3) Adjusted net charge-offs represent a non-GAAP financial measure. Adjusted net charge-offs as a % of average loan receivables, including held for sale, represent the Company's net charge-off rate for each month including the 'recovery adjustment' defined above. We believe the presentation of this measure is useful to investors as it represents a monthly measure which is more indicative of both our quarterly and annual net charge-off rates.


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