SYF FY 2013 Earnings Report — Synchrony Financial Revenue & Financial Results | Market Cap Arena

Synchrony FinancialSYF

FY 2013 Earnings

Reported December 30, 2013

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$9.4B	—	$8.8B	—	7.2%
Op. Income	$3.1B	—	$3.4B	—	-6.9%
Gross Margin	59.6%	—	62.4%	—	-2.8pp
Net Margin	21.0%	—	24.1%	—	-3.1pp
EPS (Diluted)	$2.38	—	$2.55	—	-6.7%
Free Cash Flow	-$1.6B	—	$5.6B	—	-128.3%

Revenue Flow

Item	Amount
REVENUE	$9.4B
Cost of Revenue	$3.8B
GROSS PROFIT	$5.6B
R&D Expenses	$0
Selling & Marketing	$269M
General & Administrative	$698M
SG&A Expenses	$967M
Other Expenses	$1.5B
Operating Expenses	$2.5B
Cost & Expenses	$6.3B
OPERATING INCOME	$3.1B
Interest Income	$11.3B
Interest Expense	$742M
Other Income/Expenses	$0
INCOME BEFORE TAX	$3.1B
Income Tax Expense	$1.2B
Net Income from Continuing Ops	$2.0B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.0B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.0B
D&A	$104M
EBIT	$3.1B
EBITDA	$3.2B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$9.4B
Cost of Revenue	$3.8B
GROSS PROFIT	$5.6B
R&D Expenses	$0
Selling & Marketing	$269M
General & Administrative	$698M
SG&A Expenses	$967M
Other Expenses	$1.5B
Operating Expenses	$2.5B
Cost & Expenses	$6.3B
OPERATING INCOME	$3.1B
Interest Income	$11.3B
Interest Expense	$742M
Other Income/Expenses	$0
INCOME BEFORE TAX	$3.1B
Income Tax Expense	$1.2B
Net Income from Continuing Ops	$2.0B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.0B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.0B
D&A	$104M
EBIT	$3.1B
EBITDA	$3.2B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$2.0B
Depreciation & Amortization	$104M
Stock-Based Compensation	$0
Deferred Income Tax	-$237M
Other Non-Cash Items	$3.1B
Change in Working Capital	$698M
OPERATING CASH FLOW	$5.7B
Capital Expenditure	-$7.3B
Acquisitions (Net)	$6.4B
Purchases of Investments	-$100M
Sales/Maturities of Investments	$40M
Other Investing Activities	-$127M
NET CASH FROM INVESTING	-$1.1B
Net Debt Issuance	-$3.5B
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$137M
NET CASH FROM FINANCING	-$3.6B
FREE CASH FLOW	-$1.6B
Net Change in Cash	$985M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.3B
Short-Term Investments	$221M
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.5B
PP&E (Net)	$0
Goodwill	$949M
Intangible Assets	$300M
Long-Term Investments	$57.3B
Tax Assets	$0
Other Non-Current Assets	-$2.0B
TOTAL NON-CURRENT ASSETS	$56.5B
TOTAL ASSETS	$59.1B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$25.7B
TOTAL CURRENT LIABILITIES	$28.8B
Long-Term Debt	$24.3B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$24.3B
TOTAL LIABILITIES	$53.1B
Common Stock	$0
Additional Paid-In Capital	$0
Retained Earnings	$0
Treasury Stock	$0
Accum. Other Comp. Income	-$13M
Other Equity	$6.0B
TOTAL STOCKHOLDERS' EQUITY	$6.0B
Minority Interest	$0
TOTAL EQUITY	$6.0B
TOTAL LIABILITIES & EQUITY	$59.1B
Total Debt	$24.3B
Net Debt	$22.0B