Bread Financial Holdings, Inc. (NYSE: BFH) has provided a performance update for January 2024. The company, a tech-forward financial services firm offering simple, personalized payment, lending, and saving solutions, disclosed its net loss rate and delinquency rate for the period.
According to the update, for the month ended January 31, 2024, the end-of-period credit card and other loans stood at $18,785 million, reflecting a decrease from $20,837 million for the same period in 2023. The average credit card and other loans for January 2024 were $18,915 million, down 9% from $20,700 million in January 2023.
The net principal losses for January 2024 were reported at $128 million, compared to $115 million in January 2023, resulting in a net loss rate of 8.0% for January 2024, up from 6.7% in January 2023. The 30 days + delinquencies – principal for January 2024 were $1,170 million, an increase from $1,137 million in January 2023, leading to a delinquency rate of 6.8% for January 2024, up from 5.8% in January 2023.
In a statement, Bread Financial highlighted its commitment to sustainable business practices and its focus on delivering growth for its partners through a comprehensive suite of payment solutions. The company's shares have moved 0.9% and are currently trading at $37.66.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (M) | $7,791 | $5,581 | $4,521 | $3,868 | $4,684 | $5,158 |
| Operating Margins | 23% | 12% | 7% | 27% | 6% | 14% |
| Net Margins | 12% | 5% | 5% | 21% | 5% | 10% |
| Net Income (M) | $963 | $278 | $214 | $801 | $223 | $541 |
| Net Interest Expense (M) | $542 | $638 | $3,453 | $3,485 | $4,181 | $4,320 |
| Depreciation & Amort. (M) | $41 | $30 | $57 | $26 | $113 | $125 |
| Diluted Shares (M) | 55 | 51 | 48 | 50 | 50 | 50 |
| Earnings Per Share | $17.49 | $5.46 | $4.46 | $16.02 | $4.46 | $10.77 |
| EPS Growth | n/a | -68.78% | -18.32% | 259.19% | -72.16% | 141.48% |
| Avg. Price | $163.49 | $106.45 | $45.0 | $75.72 | $55.91 | $37.31 |
| P/E Ratio | 9.31 | 19.79 | 10.07 | 4.71 | 12.51 | 3.45 |
| Free Cash Flow (M) | $2,555 | $1,076 | $1,829 | $1,459 | $1,780 | $1,799 |
| EV / EBITDA | 6.18 | 6.91 | 6.3 | 7.62 | 16.73 | 3.13 |
| Total Debt (M) | $5,870 | $3,011 | $2,907 | $7,439 | $8,007 | $4,223 |
| Net Debt / EBITDA | 1.14 | -1.25 | 0.31 | 4.11 | 9.97 | 0.97 |
