Synchrony Financial Files Q3 2024 10-Q

TL;DR

**SYF Q3 10-Q FILED: Check financials for latest performance.**

AI Summary

Synchrony Financial filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its assets and liabilities. Key financial data and operational updates are provided for the third quarter of 2024.

Why It Matters

This filing provides investors and analysts with the latest financial details for Synchrony Financial, crucial for understanding the company's performance and making informed investment decisions.

Risk Assessment

Risk Level: medium — As a financial services company, Synchrony Financial is subject to market, credit, and regulatory risks inherent in the banking and lending industry.

Key Numbers

• 2024 Q3 — Reporting Period (Covers the third quarter of 2024)
• 2023-09-30 — Prior Year Period End (For comparative financial analysis)

Key Players & Entities

• Synchrony Financial (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-10-23 (date) — Date of filing
• 777 LONG RIDGE ROAD (address) — Company's business and mailing address
• STAMFORD, CT (location) — City and State of company headquarters

FAQ

Key Financial Figures

• $0.001 — ich registered Common stock, par value $0.001 per share SYF New York Stock Exchange
• $100 billion — become subject to as a result of having $100 billion or more in total assets; impact of capi
• $45.0 billion — s ended September 30, 2024, we financed $45.0 billion and $134.2 billion of purchase volume,
• $134.2 billion — 30, 2024, we financed $45.0 billion and $134.2 billion of purchase volume, respectively, and h
• $102.2 billion — vely, and at September 30, 2024, we had $102.2 billion of loan receivables. We offer our cred
• $82.3 billion — tivities. At September 30, 2024, we had $82.3 billion in deposits, which represented 84% of o
• $30 — or credit card late fees from the prior $30 (adjusted to $41 for each subsequent la
• $41 — te fees from the prior $30 (adjusted to $41 for each subsequent late payment within
• $8 — within the next six billing cycles) to $8 and to eliminate the automatic annual i

Filing Documents

• syf-20240930.htm (10-Q) — 2433KB
• ex-31a9302024.htm (EX-31.A) — 9KB
• ex-31b9302024.htm (EX-31.B) — 9KB
• ex-329302024.htm (EX-32) — 4KB
• syf-20240930_g1.jpg (GRAPHIC) — 15KB
• syf-20240930_g2.jpg (GRAPHIC) — 272KB
• 0001601712-24-000336.txt ( ) — 12415KB
• syf-20240930.xsd (EX-101.SCH) — 59KB
• syf-20240930_cal.xml (EX-101.CAL) — 71KB
• syf-20240930_def.xml (EX-101.DEF) — 430KB
• syf-20240930_lab.xml (EX-101.LAB) — 784KB
• syf-20240930_pre.xml (EX-101.PRE) — 605KB
• syf-20240930_htm.xml (XML) — 2230KB

- FINANCIAL INFORMATION Page

PART I - FINANCIAL INFORMATION Page

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 6

Financial Statements

Item 1. Financial Statements: Condensed Consolidated Statements of Earnings – Three and nine months ended September 30, 2024 and 2023 36 Condensed Consolidated Statements of Comprehensive Income – Three and nine months ended September 30, 2024 and 2023 37 Condensed Consolidated Statements of Financial Position – September 30, 2024 and December 31, 2023 38 Condensed Consolidated Statements of Changes in Equity – Three and nine months ended September 30, 2024 and 2023 39 Condensed Consolidated Statements of Cash Flows – Nine months ended September 30, 2024 and 2023 41 Notes to Condensed Consolidated Financial Statements 42

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 69

Controls and Procedures

Item 4. Controls and Procedures 69

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 70

Risk Factors

Item 1A. Risk Factors 70

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 70

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 70

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 70

Other Information

Item 5. Other Information 70

Exhibits

Item 6. Exhibits 72

Signatures

Signatures 73 3 Certain Defined Terms Except as the context may otherwise require in this report, references to: "we," "us," "our" and the "Company" are to SYNCHRONY FINANCIAL and its subsidiaries; "Synchrony" are to SYNCHRONY FINANCIAL only; the "Bank" are to Synchrony Bank (a subsidiary of Synchrony); the "Board of Directors" or "Board" are to Synchrony's board of directors; "CECL" are to the impairment model known as the Current Expected Credit Loss model, which is based on expected credit losses; and "VantageScore" are to a credit score developed by the three major credit reporting agencies which is used as a means of evaluating the likelihood that credit users will pay their obligations. We provide a range of credit products through programs we have established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which, in our business and in this report, we refer to as our "partners." The terms of the programs all require cooperative efforts between us and our partners of varying natures and degrees to establish and operate the programs. Our use of the term "partners" to refer to these entities is not intended to, and does not, describe our legal relationship with them, imply that a legal partnership or other relationship exists between the parties or create any legal partnership or other relationship. Unless otherwise indicated, references to "loan receivables" do not include loan receivables held for sale. For a description of certain other terms we use, including "active account" and "purchase volume," see the notes to " Management's Discussion and Analysis — Results of Operations — Other Financial and Statistical Data " in our Annual Report on Form 10-K for the year ended December 31, 2023 (our "2023 Form 10-K"). There is no standard industry definition for many of these terms, and other companies may define them differently than we do.

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 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 2023 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 one of the industry's most complete, digitally-enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and 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 ended September 30, 2024, we financed $45.0 billion and $134.2 billion of purchase volume, respectively, and had 70.4 million and 71.1 million average active accounts, respectively, and at September 30, 2024, we had $102.2 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, affinity relationships and commercial customers, a range of deposit products insured by the Federal Deposit Insurance Corporation ("FDIC"), including certificates of deposit, individual retirement accounts ("IRAs"), money market accounts, savings accounts and sweep

View Full Filing

View this 10-Q filing on SEC EDGAR