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 September 30, 2019.
The decrease in the over-30 day loan delinquencies as a percentage of period-end loan receivables (the “30+ delinquency rate”) at September 30, 2019 compared to the same period in the prior year is primarily due to the Walmart portfolio, as the current year rate included minimal delinquencies associated with the Walmart portfolio due to the timing of the portfolio sale in October 2019.
The increase in the core 30+ delinquency rate (1) at September 30, 2019 compared to the same period in the prior year is primarily due to the PayPal Credit program, including the impacts from the related purchase accounting benefit in the prior year. Excluding the PayPal Credit program, the core 30+ delinquency rate at September 30, 2019 is flat as compared to September 30, 2018.
The increase in net charge-offs for the month ended September 30, 2019 compared to the same period in the prior year, is primarily due to the purchase accounting benefit in the prior year associated with the PayPal Credit program which was acquired in July 2018.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sep 30,
2019
 
Aug 31,
2019
 
Jul 31,
2019
 
Jun 30,
2019
 
May 31,
2019
 
Apr 30,
2019
 
Mar 31,
2019
 
Feb 28,
2019
 
Jan 31,
2019
 
Dec 31,
2018
 
Nov 30,
2018
 
Oct 31,
2018
 
Sep 30,
2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period-end loan receivables
$
83.2

 
$
83.1

 
$
82.6

 
$
81.8

 
$
81.5

 
$
80.7

 
$
80.4

 
$
80.9

 
$
82.6

 
$
93.1

 
$
90.5

 
$
88.2

 
$
87.5

Average loan receivables, including held for sale
$
91.1

 
$
90.6

 
$
89.9

 
$
89.5

 
$
88.7

 
$
88.2

 
$
88.2

 
$
90.0

 
$
91.5

 
$
92.0

 
$
88.6

 
$
87.3

 
$
87.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30+ days past due as a % of period-end loan receivables
4.5
 %
 
4.4
 %
 
4.4
 %
 
4.4
 %
 
4.5
 %
 
4.6
 %
 
4.9
 %
 
5.2
 %
 
5.2
 %
 
4.8
 %
 
4.9
 %
 
4.8
 %
 
4.6
 %
Adjustment to exclude Walmart portfolio(1)
(0.1
)%
 
(0.2
)%
 
(0.3
)%
 
(0.4
)%
 
(0.5
)%
 
(0.5
)%
 
(0.5
)%
 
(0.5
)%
 
(0.6
)%
 
(0.3
)%
 
(0.3
)%
 
(0.3
)%
 
(0.3
)%
Core 30+ delinquency rate(1)
4.4
 %
 
4.2
 %
 
4.1
 %
 
4.0
 %
 
4.0
 %
 
4.1
 %
 
4.4
 %
 
4.7
 %
 
4.6
 %
 
4.5
 %
 
4.6
 %
 
4.5
 %
 
4.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net charge-offs (annualized) as a % of average loan receivables, including held for sale(2)
5.3
 %
 
5.4
 %
 
5.4
 %
 
5.4
 %
 
6.1
 %
 
6.5
 %
 
6.4
 %
 
6.1
 %
 
5.7
 %
 
5.8
 %
 
5.5
 %
 
5.3
 %
 
4.9
 %
Recovery adjustment(3)
—
 %
 
(0.1
)%
 
—
 %
 
0.1
 %
 
—
 %
 
—
 %
 
(0.3
)%
 
0.3
 %
 
—
 %
 
(0.1
)%
 
0.1
 %
 
—
 %
 
(0.1
)%
Adjusted net charge-offs as a % of average loan receivables, including held for sale(4)
5.3
 %
 
5.3
 %
 
5.4
 %
 
5.5
 %
 
6.1
 %
 
6.5
 %
 
6.1
 %
 
6.4
 %
 
5.7
 %
 
5.7
 %
 
5.6
 %
 
5.3
 %
 
4.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Core 30+ delinquency rate is a non-GAAP financial measure. This measure represents the Company’s 30+ days past due loan receivables as a percentage of period-end loan receivables, adjusted to exclude the delinquent accounts related to the Walmart portfolio and the effects of the reclassification of loan receivables related to the Walmart portfolio to loan receivables held for sale. The loan receivables held for sale do not include certain loan receivables we expect to charge-off prior to the sale date, leading to a temporary increase in our delinquency metrics. We believe the presentation of this measure is useful to investors as it represents the measure more indicative of the performance of our ongoing credit programs.
(2) 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 September 30, 2019, for the calendar months indicated.
 
2018
 
2019
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
January
29
 
28
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
February
28
 
28
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March
25
 
28
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
April
30
 
28
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
May
28
 
28
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June
26
 
28
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
July
30
 
29
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
August
28
 
27
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September
28
 
28
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
October
29
 
28
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
November
27
 
26
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December
28
 
30
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(3) 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.
(4) 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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