$SYF
Synchrony Financial

2024 Q2 Form 10-Q Financial Statement

#000160171224000172 Filed on April 25, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 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 $121.0M $119.0M $111.0M
YoY Change 7.08% 7.21% 3.74%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $1.163B $735.0M
YoY Change 58.23% 215.45%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $844.0M $1.708B $790.0M
YoY Change 13.75% 116.2% -35.93%
Income Tax $201.0M $415.0M $189.0M
% Of Pretax Income 23.82% 24.3% 23.92%
Net Earnings $643.0M $1.293B $601.0M
YoY Change 15.03% 115.14% -35.52%
Net Earnings / Revenue
Basic Earnings Per Share $1.56 $3.17 $1.36
Diluted Earnings Per Share $1.55 $3.14 $1.35
COMMON SHARES
Basic Shares Outstanding 401.5M shares 406.8M shares 437.0M shares
Diluted Shares Outstanding 402.6M shares 408.2M shares 437.2M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $18.63B $20.02B $15.30B
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 $1.274B $1.073B $1.105B
YoY Change 15.29% -2.9% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $120.5B $121.2B $107.9B
YoY Change 10.85% 12.35% 13.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $6.212B $6.204B $5.301B
YoY Change 16.74% 17.03% 7.88%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.212B $6.204B $5.301B
YoY Change 16.74% 17.03% 7.88%
LONG-TERM LIABILITIES
Long-Term Debt $15.64B $16.13B $14.93B
YoY Change 9.88% 8.03% 11.78%
Other Long-Term Liabilities $0.00 $0.00
YoY Change
Total Long-Term Liabilities $15.64B $16.13B $14.93B
YoY Change 9.88% 8.03% 11.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.212B $6.204B $5.301B
Total Long-Term Liabilities $15.64B $16.13B $14.93B
Total Liabilities $104.9B $105.9B $94.66B
YoY Change 10.11% 11.86% 15.65%
SHAREHOLDERS EQUITY
Retained Earnings $20.31B $19.79B $17.37B
YoY Change 13.92% 13.94% 15.77%
Common Stock $1.000M $1.000M $1.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $15.71B $15.43B $14.51B
YoY Change 6.07% 6.31% 22.56%
Treasury Stock Shares
Shareholders Equity $15.54B $15.28B $13.19B
YoY Change
Total Liabilities & Shareholders Equity $120.5B $121.2B $107.9B
YoY Change 10.85% 12.35% 13.21%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $643.0M $1.293B $601.0M
YoY Change 15.03% 115.14% -35.52%
Depreciation, Depletion And Amortization $121.0M $119.0M $111.0M
YoY Change 7.08% 7.21% 3.74%
Cash From Operating Activities $2.484B $2.248B $1.886B
YoY Change 30.19% 19.19% 35.1%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions $1.935B $0.00
YoY Change
Other Investing Activities -$2.507B $81.00M $141.0M
YoY Change -51.69% -42.55% 20.51%
Cash From Investing Activities -$2.507B $798.0M $692.0M
YoY Change -51.69% 15.32% -61.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.367B $2.604B $2.912B
YoY Change -732.87% -10.58% -398.36%
NET CHANGE
Cash From Operating Activities 2.484B $2.248B $1.886B
Cash From Investing Activities -2.507B $798.0M $692.0M
Cash From Financing Activities -1.367B $2.604B $2.912B
Net Change In Cash -1.390B $5.650B $5.490B
YoY Change -54.65% 2.91% 145.31%
FREE CASH FLOW
Cash From Operating Activities $2.484B $2.248B $1.886B
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 2023 annual consolidated financial statements and the related notes in our Annual Report on Form 10-K for the year ended December 31, 2023 (our "2023 Form 10-K").</span></div>
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CY2023Q4 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
50000000 usd
CY2023Q4 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
104761000000 usd
CY2023Q4 us-gaap Deposits Fair Value Disclosure
DepositsFairValueDisclosure
80935000000 usd
CY2023Q4 us-gaap Disposal Group Including Discontinued Operation Cash
DisposalGroupIncludingDiscontinuedOperationCash
19000000 usd
CY2023Q4 syf Disposal Group Including Discontinued Operations Restricted Cash
DisposalGroupIncludingDiscontinuedOperationsRestrictedCash
93000000 usd
CY2024Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
272000000 usd
CY2023Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
250000000 usd
CY2024Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Upward Price Adjustment Annual Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueUpwardPriceAdjustmentAnnualAmount
0 usd
CY2023Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Upward Price Adjustment Annual Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueUpwardPriceAdjustmentAnnualAmount
0 usd
CY2024Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Downward Price Adjustment Annual Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueDownwardPriceAdjustmentAnnualAmount
0 usd
CY2023Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Downward Price Adjustment Annual Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueDownwardPriceAdjustmentAnnualAmount
0 usd
CY2023Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
270000000 usd
CY2024Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Upward Price Adjustment Cumulative Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueUpwardPriceAdjustmentCumulativeAmount
205000000 usd
CY2024Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Downward Price Adjustment Cumulative Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueDownwardPriceAdjustmentCumulativeAmount
14000000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
1293000000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
601000000 usd
CY2024Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
11000000 usd
CY2023Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
11000000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1282000000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
590000000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
404700000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
434400000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3500000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2800000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
408200000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
437200000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.17
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.36
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.14
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.35
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000000 shares
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5000000 shares
CY2024Q1 us-gaap Preferred Stock Value
PreferredStockValue
1222000000 usd
CY2023Q4 us-gaap Preferred Stock Value
PreferredStockValue
734000000 usd
CY2024Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
242000000 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
230000000 usd
CY2024Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
191000000 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
182000000 usd
CY2024Q1 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
39000000 usd
CY2024Q1 syf Decreasein Unrecognized Tax Benefits That Would Impact Effective Tax Rate
DecreaseinUnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
31000000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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