Another strong quarter for Synchrony in Q3

In the third quarter, Synchrony continued to deliver strong financial results for shareholders thanks to our well-diversified portfolio, our balanced approach to product, data-driven consumer and credit strategies, and the strength of our differentiated business model.

As the partner of choice for retailers, merchants, and providers alike, we added or renewed 15 partners in Q3. They continue to see the benefits of Synchrony’s advanced digital capabilities, expansive distribution channels, and the powerful network effect of our marketplaces and networks. You can read our full results here, which include double-digit growth across four of our five sales platforms.

Consumer Health Remains Strong

As we would expect, there have been some modest seasonal shifts among a few of our major categories. Consumers are choosing to spend more on education-related expenses and less on travel and entertainment. Also expected, gas and auto-related spending has continued to show growth in line with gas price trends and inflation, while money spent on groceries is running relatively steady with the last few months.

Synchrony's dynamic technology platform is what powers our ability to have a finger on the pulse of each customer. With that data, we’ve been able to determine that consumer health remains strong and supportive of demand, and Americans' financial needs are increasingly powered by the Synchrony ecosystem.

Consumers are still buying and are resilient.?Whether they're taking care of everyday essentials or making more episodic investments — like buying a new mattress or replacing a refrigerator — our customers are responsibly accessing financing for their needs, maximizing the value they seek, and managing well overall as they navigate the pressures of inflation and the uncertainty of the markets. Our investments in our advanced underwriting technology, PRISM, allow us to say yes to more customers, more consistently and for the same level of risk, even as market conditions change, needs evolve and market conditions shift.

Opportunities in Health & Wellness

?One of the opportunities we highlighted in our quarterly earnings call was our Health & Wellness platform. As healthcare costs and out-of-pocket expenses continue to rise, there is a clear and growing need for consumers to have access to the financial solutions that empower them with choice in how and when they manage the costs of planned and unplanned medical procedures, as well as elective care procedures.

We’re broadening our distribution channels to reach and serve more customers through integrations with practice management software providers, like Epic, and health systems, like St. Luke's. More recently, we announced our integration with Sycle — the audiology industry's number one practice management solution. With this expanded partnership, audiology providers can now offer two Synchrony financial solutions, CareCredit and Allegro Credit, via a seamless, integrated digital payment process. Customers can now select the financing options that best meet their needs for hearing aids, services, and more.

We believe there is no other consumer lender with the industry expertise, customer and provider reach, and a suite of financial resources and solutions to address the gap between Americans' patient needs and their ability to pay for them.

In short, Synchrony’s products, capabilities, and understanding of consumer needs are what enable us to consistently deliver the outcomes that matter most for our many stakeholders: utility and value for our customers; sales and loyalty for our partners and providers; and sustainable growth and consistent risk-adjusted returns and growth to our shareholders.