Bread Financial Holdings, Inc. Q2 2024 10-Q Filing

TL;DR

Bread Financial's Q2 10-Q is in. Check financials.

AI Summary

Bread Financial Holdings, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with a detailed look at Bread Financial's financial health and operational performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures for public companies, but the specific financial details and any disclosed risks can impact a company's risk profile.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter of 2024 financial performance)
• 2024-06-30 — Period End Date (End of the reporting period)
• 2023-06-30 — Prior Year Quarter End (Comparison point for Q2 2024 performance)

Key Players & Entities

• BREAD FINANCIAL HOLDINGS, INC. (company) — Filer
• 0001101215-24-000181.txt (document) — Accession Number
• 20240630 (date) — Reporting Period End Date
• 20240801 (date) — Filing Date
• COLUMBUS (location) — Business Address City
• 6147294000 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share BFH New York Stock Exchange
• $316 million — In connection with the issuance of our $316 million aggregate principal amount of 4.25% Con
• $61.48 — ction and/or offset subject to a cap of $61.48 per share. We use Adjusted net income p
• $6.6 billion — od in the prior year. Credit sales of $6.6 billion were down 7% year-over-year reflecting
• $17.9 billion — Average credit card and other loans of $17.9 billion increased 1%, driven primarily by growt
• $17.7 billion — f-period credit card and other loans of $17.7 billion decreased 1% driven by the decline in C
• $8 m — deposits. Non-interest income decreased $8 million, primarily driven by a decrease i
• $0.9 b — non-interest income for the quarter was $0.9 billion, down 1% versus the second quarte
• $92 million — the second quarter of 2023, driven by a $92 million reserve release in the current period c
• $15 million — e in the current period compared with a $15 million reserve release in the prior year perio
• $382 million — were offset by net principal losses of $382 million and $351 million for the three months e
• $351 million — et principal losses of $382 million and $351 million for the three months ended June 30, 202
• $469 million — folio. Total non-interest expenses of $469 million decreased 12% from the second quarter o
• $7.2 billion — Additionally, DTC deposits increased to $7.2 billion as of June 30, 2024, with average DTC d
• $4 million — ates which increased interest income by $4 million and $11 million, respectively, as well

Filing Documents

• bfh-20240630.htm (10-Q) — 1828KB
• bfh-06302024xexx1011.htm (EX-10.11) — 63KB
• bfh-06302024xexx1012.htm (EX-10.12) — 63KB
• bfh-06302024xexx1013.htm (EX-10.13) — 45KB
• bfh-06302024xexx311.htm (EX-31.1) — 11KB
• bfh-06302024xexx312.htm (EX-31.2) — 11KB
• bfh-06302024xexx321.htm (EX-32.1) — 5KB
• bfh-06302024xexx322.htm (EX-32.2) — 5KB
• bfh-20240630_g1.jpg (GRAPHIC) — 14KB
• 0001101215-24-000181.txt ( ) — 8376KB
• bfh-20240630.xsd (EX-101.SCH) — 55KB
• bfh-20240630_cal.xml (EX-101.CAL) — 82KB
• bfh-20240630_def.xml (EX-101.DEF) — 201KB
• bfh-20240630_lab.xml (EX-101.LAB) — 636KB
• bfh-20240630_pre.xml (EX-101.PRE) — 431KB
• bfh-20240630_htm.xml (XML) — 1272KB

: FINANCIAL INFORMATION

Part I: FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Consolidated Statements of Income for the three and six months ended June 30 , 2024 and 2023 25 Consolidated Statements of Comprehensive Income for the three and six months ended June 30 , 2024 and 2023 26 Consolidated Balance Sheets as of June 30 , 2024 and December 31, 2023 27 Consolidated Statements of Stockholders' Equity for the three and six months ended June 30 , 2024 and 2023 28 Consolidated Statements of Cash Flows for the three months ended June 30 , 2024 and 2023 30

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 31 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) 1 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 Item 4.

Controls and Procedures

Controls and Procedures 54

: OTHER INFORMATION

Part II: OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 55 Item 1A.

Risk Factors

Risk Factors 55 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55 Item 3. Defaults Upon Senior Securities 55 Item 4. Mine Safety Disclosures 55 Item 5. Other Information 55 Item 6. Exhibits 57

SIGNATURES

SIGNATURES 60 Table of Contents PART 1: FINANCIAL INFORMATION

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A). The following discussion and analysis of our results of operations and financial condition should be read in conjunction with the unaudited Consolidated Financial Statements and related notes thereto presented in this quarterly report and the audited Consolidated Financial Statements and related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the SEC) on February 20, 2024 (the 2023 Form 10-K). Some of the information contained in this discussion and analysis constitutes forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those discussed in these forward-looking statements. See "Cautionary Note Regarding Forward-Looking Statements" included elsewhere in this report. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and those identified in our other filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our 2023 Form 10-K and this and our other Quarterly Reports on Form 10-Q. OVERVIEW We are a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions. We create opportunities for our customers and partners through digitally enabled choices that offer ease, empowerment, financial flexibility and exceptional customer experiences. Driven by a digital-first approach, data insights and white-label technology, we deliver growth for our partners through a comprehensive product suite, including private label and co-brand credit cards and buy now, pay later (BNPL) products such as installment loans and our "split-pay" offerings. We also offer direct-to-consumer solutions that give customers more acces

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View this 10-Q filing on SEC EDGAR