$SYF
Synchrony Financial

2022 Q1 Form 10-Q Financial Statement

#000160171222000133 Filed on April 21, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $107.0M $95.00M
YoY Change 12.63% -1.04%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $233.0M $303.0M
YoY Change -23.1% -41.39%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $1.233B $1.315B
YoY Change -6.24% 244.24%
Income Tax $301.0M $290.0M
% Of Pretax Income 24.41% 22.05%
Net Earnings $932.0M $1.025B
YoY Change -9.07% 258.39%
Net Earnings / Revenue
Basic Earnings Per Share $1.79 $1.74
Diluted Earnings Per Share $1.77 $1.73
COMMON SHARES
Basic Shares Outstanding 515.3M shares 583.3M shares
Diluted Shares Outstanding 519.5M shares 587.5M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $10.54B $16.62B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $1.105B $1.104B
YoY Change 0.09% 2.41%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $95.27B $95.85B
YoY Change -0.61% -2.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $4.914B $4.494B
YoY Change 9.35% 6.87%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.914B $4.494B
YoY Change 9.35% 6.87%
LONG-TERM LIABILITIES
Long-Term Debt $13.36B $15.16B
YoY Change -11.87% -12.11%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $13.36B $15.16B
YoY Change -11.87% -12.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.914B $4.494B
Total Long-Term Liabilities $13.36B $15.16B
Total Liabilities $81.85B $82.42B
YoY Change -0.69% -4.24%
SHAREHOLDERS EQUITY
Retained Earnings $15.00B $11.47B
YoY Change 30.8% 15.16%
Common Stock $1.000M $1.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.84B $8.302B
YoY Change 42.64% 1.26%
Treasury Stock Shares 327.8M shares 252.9M shares
Shareholders Equity $13.42B $13.44B
YoY Change
Total Liabilities & Shareholders Equity $95.27B $95.85B
YoY Change -0.61% -2.23%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $932.0M $1.025B
YoY Change -9.07% 258.39%
Depreciation, Depletion And Amortization $107.0M $95.00M
YoY Change 12.63% -1.04%
Cash From Operating Activities $1.396B $1.839B
YoY Change -24.09% 19.65%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $117.0M $252.0M
YoY Change -53.57% 218.99%
Cash From Investing Activities $1.818B $4.637B
YoY Change -60.79% 19.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $968.0M $200.0M
YoY Change 384.0% -79.7%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$976.0M -$979.0M
YoY Change -0.31% -77.16%
NET CHANGE
Cash From Operating Activities $1.396B $1.839B
Cash From Investing Activities $1.818B $4.637B
Cash From Financing Activities -$976.0M -$979.0M
Net Change In Cash $2.238B $5.497B
YoY Change -59.29% 383.47%
FREE CASH FLOW
Cash From Operating Activities $1.396B $1.839B
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Interim Period Presentation</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The condensed consolidated financial statements and notes thereto are unaudited. These statements include all adjustments (consisting of normal recurring accruals) that we considered necessary to present a fair statement of our results of operations, financial position and cash flows. The results reported in these condensed consolidated financial statements should not be considered as necessarily indicative of results that may be expected for the entire year. These condensed consolidated financial statements should be read in conjunction with our 2021 annual consolidated financial statements and the related notes in our Annual Report on Form 10-K for the year ended December 31, 2021 (our "2021 Form 10-K").</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">New Accounting Standards</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Recently Issued But Not Yet Adopted Accounting Standards</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This ASU eliminates the separate recognition and measurement guidance for Troubled Debt Restructurings ("TDRs") by creditors. The elimination of the TDR guidance may be adopted prospectively for loan modifications after adoption or on a modified retrospective basis, which would also apply to loans previously modified, resulting in a cumulative effect adjustment to retained earnings in the period of adoption for changes in the allowance for credit losses. This guidance is effective for the Company on January 1, 2023, with early adoption permitted. The Company is currently assessing the impacts of the guidance.</span></div>
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Deposits
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383000000 USD
CY2022Q1 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
81492000000 USD
CY2022Q1 us-gaap Loans Held For Sale Fair Value Disclosure
LoansHeldForSaleFairValueDisclosure
4175000000 USD
CY2022Q1 us-gaap Deposits Fair Value Disclosure
DepositsFairValueDisclosure
63615000000 USD
CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
8337000000 USD
CY2021Q4 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
349000000 USD
CY2021Q4 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
84483000000 USD
CY2021Q4 us-gaap Loans Held For Sale Fair Value Disclosure
LoansHeldForSaleFairValueDisclosure
4499000000 USD
CY2021Q4 us-gaap Deposits Fair Value Disclosure
DepositsFairValueDisclosure
62486000000 USD
CY2022Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
242000000 USD
CY2021Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
111000000 USD
CY2022Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Upward Price Adjustment Annual Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueUpwardPriceAdjustmentAnnualAmount
7000000 USD
CY2021Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Upward Price Adjustment Annual Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueUpwardPriceAdjustmentAnnualAmount
32000000 USD
CY2022Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Downward Price Adjustment Annual Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueDownwardPriceAdjustmentAnnualAmount
2000000 USD
CY2021Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Downward Price Adjustment Annual Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueDownwardPriceAdjustmentAnnualAmount
0 USD
CY2021Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
232000000 USD
CY2022Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Upward Price Adjustment Cumulative Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueUpwardPriceAdjustmentCumulativeAmount
188000000 USD
CY2022Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Downward Price Adjustment Cumulative Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueDownwardPriceAdjustmentCumulativeAmount
10000000 USD
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000000 shares
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.74
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
932000000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
1025000000 USD
CY2022Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
10000000 USD
CY2021Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
11000000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
922000000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1014000000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
515300000 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
583300000 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4200000 shares
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4200000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
519500000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
587500000 shares
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.79
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.77
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.73
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000000 shares
CY2022Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
244000000 USD
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
274000000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
170000000 USD
CY2021Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
160000000 USD
CY2022Q1 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
61000000 USD
CY2022Q1 syf Decreasein Unrecognized Tax Benefits That Would Impact Effective Tax Rate
DecreaseinUnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
25000000 USD

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