Synchrony Financial (NYSE:SYF) Q1 2024 Earnings Conference Call April 24, 2024 8:00 AM ET

Company Participants

Kathryn Miller - SVP of IR
Brian Doubles - President & CEO
Brian Wenzel - EVP & CFO

Conference Call Participants

Ryan Nash - Goldman Sachs
Sanjay Sakhrani - KBW
Terry Ma - Barclays
John Hecht - Jefferies
Jeffrey Adelson - Morgan Stanley
Saul Martinez - HSBC
Donald Fandetti - Wells Fargo
Rick Shane - JPMorgan
Brian Foran - Autonomous Research
John Pancari - Evercore
Mihir Bhatia - Bank of America

Operator

Good morning, and welcome to the Synchrony Financial First Quarter 2024 Earnings Conference Call. Please refer to the company's Investor Relations website for access to their earnings materials. Please be advised that today’s conference call is being recorded. Currently, all callers have been placed in a listen-only mode. The call will be opened up for your questions following the conclusion of the management's prepared remarks. [Operator Instructions]

I will now turn the call over to Kathryn Miller, Senior Vice President of Investor Relations. Thank you. You may begin.

Kathryn Miller

Thank you, and good morning, everyone. Welcome to our quarterly earnings conference call. In addition to today's press release, we have provided a presentation that covers the topics we plan to address during our call. The press release, detailed financial schedules, and presentation are available on our website, synchronyfinancial.com. This information can be accessed by going to the Investor Relations section of the website.

Before we get started, I wanted to remind you that our comments today will include forward-looking statements. These statements are subject to risks and uncertainty and actual results could differ materially. We list the factors that might cause actual results to differ materially in our SEC filings, which are available on our website.

During the call, we will refer to non-GAAP financial measures in discussing the company's performance. You can find a reconciliation of these measures to GAAP financial measures in our materials for today's call. Finally, Synchrony Financial is not responsible for and does not edit or guarantee the accuracy of our earnings teleconference transcripts provided by third parties. The only authorized webcasts are located on our website.

On the call this morning are Brian Doubles, Synchrony's President and Chief Executive Officer, and Brian Wenzel, Executive Vice President and Chief Financial Officer.

I will now turn the call over to Brian Doubles.

Brian Doubles

Thanks, Kathryn. Good morning, everyone. Today, Synchrony reported strong first quarter results, including the successful completion of two previously announced transactions: the sale of our Pets Best insurance business, which generated an $802 million after-tax gain in the quarter and will extend our reach in the rapidly growing pet industry through a minority interest in International Pet Holdings we received as part of that sale; and the acquisition of Ally Lending's $2.2 billion point-of-sale financing business, which will augment the existing offerings in our Home & Auto and Health & Wellness sales platforms.