COLUMBUS, Ohio, Oct. 28, 2021 /PRNewswire/ -- Alliance Data
Systems Corporation (NYSE: ADS), a leading provider of data-driven
marketing, loyalty and payment solutions, today announced results
for the quarter ended September 30,
2021.
"Alliance Data's third quarter performance demonstrates
considerable operating progress. Net income improved
year-over-year and pre-tax pre-provision earnings increased
substantially both year-over-year and sequentially, in line with
strong credit sales and reduced expense levels," said Ralph Andretta, president and chief executive
officer of Alliance Data. "At the same time, we continued to
move forward with the transformation of our company and are
demonstrating how the investments we have made and continue to make
drive our future growth."
"Credit sales remained strong in the third quarter as we saw
improving performance across our brand partners, which more than
offset a previously announced portfolio sale in the third
quarter. We saw positive momentum building in the
LoyaltyOne segment as campaign activity picked up late in the
quarter for BrandLoyalty, and AIR MILES® reward miles
redeemed improved to the highest level since the pandemic
began.
"Our net loss rate was particularly low in the third quarter,
and our delinquency rate remained below historic levels. We
expect credit metrics and payment rates to continue to moderate
into 2022 as stimulus programs wind down. We continue to monitor
uncertainties in the market and remain confident that our full
suite of product offerings, combined with our disciplined risk
management, will enable us to drive responsible, profitable growth
in the periods ahead.
"The upcoming spinoff of our LoyaltyOne segment concludes a
multi-year Board initiative to simplify Alliance Data's business
model and strengthen our enterprise-level capital metrics. At the
spin-off date, which is expected to be November 5, 2021, Alliance Data will retain a 19%
ownership in, and expects to receive a $750
million cash distribution from Loyalty Ventures Inc., which
we will use for deleveraging. The spin is expected to provide
a significant improvement in Alliance Data's capital metrics.
Loyalty Ventures will have the opportunity to focus on its own
unique strategic priorities and make meaningful investments to
drive growth and efficiencies. We are excited about the
prospects for both businesses and the long-term potential of each
of the companies."
Mr. Andretta continued, "Our recently announced strategic
relationship with Sezzle provides another way to capitalize on the
versatility of Bread's fintech payments platform to open new
opportunities for expansion outside of our direct distribution
network. Sezzle's over 40,000 merchants will be able to
leverage our digital offerings to provide their consumers with
additional flexible installment payment solutions for big ticket
purchases. We will continue to expand Bread's direct merchant
partners while enlisting existing Alliance Data retail card
partners to launch on Bread's platform. The business
development pipelines across our offerings remain robust, and our
focus on portfolio optimization will continue to drive
profitability and growth into 2022 and beyond.
2021 FULL-YEAR OUTLOOK
"For full-year 2021, we expect our credit sales to increase at a
double-digit growth rate providing positive receivables growth
momentum into 2022. Based on our current visibility and
payment rate expectations, receivables at year-end 2021 are
projected to be in line with year-end 2020 levels. We expect
to resume high-single- to low-double-digit average receivables
growth in 2022," said Mr. Andretta. "Given the continued
strength of our credit metrics, we now expect a net loss rate in
the high 4% range for the year. Total revenue for the year is
anticipated to be down low-single-digits compared to 2020 driven by
lower receivables. As a result of lower expenses in the third
quarter, partially driven by improved credit and collections
efficiencies, we now expect total expenses, excluding provision for
loan loss, to be flat to modestly down year-over-year while we
continue to fund initiatives to position the Company for future
growth. In 2021, we are investing over $100 million in digital innovation and technology
enhancements and plan to continue to invest in 2022."
CONSOLIDATED RESULTS
SUMMARY
|
Quarter Ended
September 30,
|
(in millions,
except per share amounts)
|
2021
|
2020
|
Change
|
Revenue
|
$1,099
|
$1,050
|
5%
|
Income before income
taxes ("EBT")
|
$291
|
$176
|
65%
|
Net income
|
$224
|
$133
|
68%
|
Net income per
diluted share
|
$4.47
|
$2.79
|
60%
|
Weighted average
shares outstanding –
diluted
|
50.0
|
47.8
|
|
|
|
|
|
**********************************
|
|
|
|
Supplemental Non-GAAP
Metrics (a):
|
|
|
|
Pre-tax
pre-provision earnings ("PPNR")
|
$452
|
$384
|
18%
|
(a) See
"Financial Measures" for a discussion of non-GAAP Financial
Measures.
|
Third Quarter: Consolidated revenue increased 5%
to $1,099 million compared to the
third quarter of 2020, resulting from the ongoing consumer recovery
from pandemic lows. PPNR increased $68
million, or 18%, as a result of the increase in revenue and
lower interest expense in the quarter. EBT increased 65% to
$291 million, impacted by a lower
provision for loan loss during the third quarter of 2021 versus
prior year. Net income was $224
million, or $4.47 per diluted
share.
SEGMENT RESULTS
Card Services: Revenue increased 7% to
$930 million compared to the third
quarter of 2020, primarily due to the negative impact from the
pandemic on gross revenue yields in the third quarter of 2020.
EBT increased $102 million to
$314 million compared to the third
quarter of 2020, attributable to the improvement in revenue, lower
interest expense, and a lower provision for loan loss. The
net principal loss rate was 3.9% in the third quarter of 2021, an
improvement of 190 basis points from the prior year period, while
the delinquency rate of 3.8% improved 90 basis points from the
prior year period.
Credit sales increased 20% to $7.4
billion compared to the third quarter of 2020, as consumer
spending recovers.
LoyaltyOne: Segment revenue declined 8% to
$169 million compared to the third
quarter of 2020. BrandLoyalty revenue decreased 18%, or
$21 million, due to a decline in
retailer programs associated with the continuing impact of
COVID-19. AIR MILES revenue increased 9%, or $6 million, compared to the third quarter of
2020, due in part to higher redemptions, as well as the impact of
favorable currency exchange rates. EBT for the LoyaltyOne
segment increased 143% to $45 million
due to lower cost of redemptions and amortization expense.
Issuance of AIR MILES reward miles decreased 7% compared to the
third quarter of 2020, reflecting certain promotional activity in
the prior year not present in the current year. AIR MILES reward
miles redeemed increased 30% compared to the third quarter of 2020,
reflecting an improvement in travel-related categories.
Contacts:
|
|
|
|
Investor
Relations:
|
Brian Vereb
(brian.vereb@alliancedata.com), 614-528-4516
|
Media
Relations:
|
Shelley Whiddon
(shelley.whiddon@alliancedata.com), 214-494-3811
|
|
Rachel Stultz
(Rachel.stultz@alliancedata.com), 614-729-4890
|
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking
statements give our expectations or forecasts of future events and
can generally be identified by the use of words such as "believe,"
"expect," "anticipate," "estimate," "intend," "project," "plan,"
"likely," "may," "should" or other words or phrases of similar
import. Similarly, statements that describe our business strategy,
outlook, objectives, plans, intentions or goals also are
forward-looking statements. Examples of forward-looking statements
include, but are not limited to, statements we make regarding, and
the guidance we give with respect to, our anticipated operating or
financial results, initiation or completion of strategic
initiatives including the proposed spinoff of our LoyaltyOne
segment, future dividend declarations, and future economic
conditions, including, but not limited to, fluctuation in currency
exchange rates, market conditions and COVID-19 impacts related to
relief measures for impacted borrowers and depositors, labor
shortages due to quarantine, reduction in demand from clients,
supply chain disruption for our reward suppliers and disruptions in
the airline or travel industries.
We believe that our expectations are based on reasonable
assumptions. Forward-looking statements, however, are subject to a
number of risks and uncertainties that could cause actual results
to differ materially from the projections, anticipated results or
other expectations expressed in this release, and no assurances can
be given that our expectations will prove to have been correct.
These risks and uncertainties include, but are not limited to,
factors set forth in the Risk Factors section in our Annual Report
on Form 10-K for the most recently ended fiscal year, which may be
updated in Item 1A of, or elsewhere in, our Quarterly Reports on
Form 10-Q filed for periods subsequent to such Form 10-K. Our
forward-looking statements speak only as of the date made, and we
undertake no obligation, other than as required by applicable law,
to update or revise any forward-looking statements, whether as a
result of new information, subsequent events, anticipated or
unanticipated circumstances or otherwise.
Financial Measures
In addition to the results presented in accordance with
generally accepted accounting principles, or GAAP, the Company may
present financial measures that are non-GAAP measures, such as
pre-tax pre-provision earnings. Pre-tax pre-provision
earnings is calculated by adding the provision for loan loss to
income before taxes. The Company believes that these non-GAAP
financial measures, viewed in addition to and not in lieu of the
Company's reported GAAP results, provide useful information to
investors regarding the Company's performance and overall results
of operations.
Reconciliation of Non-GAAP Financial Measures
Reconciliations to comparable GAAP financial measures are
available in the accompanying schedules, which are posted as part
of this earnings release in both the News and Investors sections on
the Company's website (www.AllianceData.com). The events
necessitating a non-GAAP adjustment are inherently unpredictable
and may have a material impact on the Company's future results.
The financial measures presented are consistent with the
Company's historical financial reporting practices. The non-GAAP
financial measures presented herein may not be comparable to
similarly titled measures presented by other companies, and are not
identical to corresponding measures used in other various
agreements or public filings.
Conference Call
Alliance Data will host a conference call on Thursday, October 28, 2021 at 8:30 a.m. (Eastern Time) to discuss the Company's
third quarter 2021 results. The conference call will be available
via the Internet at www.alliancedata.com. There will be several
slides accompanying the webcast. Please go to the website at least
15 minutes prior to the call to register, download and install any
necessary software. The recorded webcast will also be available on
the Company's website.
If you are unable to participate in the conference call, a
replay will be available. To access the replay, please dial (866)
813-9403 or (929) 458-6194 and enter "859154". The replay will be
available at approximately 11:59 a.m.
(Eastern Time) on Thursday, October 28, 2021.
About Alliance Data
Alliance Data® (NYSE: ADS) is a leading provider of
data-driven marketing, loyalty and payment solutions serving large,
consumer-based industries. The Company creates and deploys
customized solutions that measurably change consumer behavior while
driving business growth and profitability for some of today's most
recognizable brands. Alliance Data helps its partners create and
increase customer loyalty across multiple touch points using
traditional, digital, mobile and emerging technologies.
Headquartered in Columbus, Ohio,
Alliance Data is an S&P MidCap 400 company that consists of
businesses that together employ approximately 8,000 associates at
more than 45 locations worldwide.
Alliance Data's Card Services business is a comprehensive
provider of market-leading private label, co-brand, general purpose
and business credit card programs, digital payments, including
Bread® and Comenity-branded financial services.
LoyaltyOne® owns and operates the AIR MILES®
Reward Program, Canada's most
recognized loyalty program, and Netherlands-based BrandLoyalty, a global
provider of tailor-made loyalty programs for grocers. More
information about Alliance Data can be found at
www.AllianceData.com.
Follow Alliance Data on Twitter, Facebook, LinkedIn, Instagram
and YouTube.
ALLIANCE DATA SYSTEMS
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except
per share amounts)
(Unaudited)
|
|
|
|
Three Months
Ended
September 30,
|
|
|
Nine Months
Ended
September 30,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
1,099.3
|
|
|
$
|
1,050.5
|
|
|
$
|
3,196.5
|
|
|
$
|
3,411.5
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
operations
|
|
|
523.7
|
|
|
|
511.7
|
|
|
|
1,559.7
|
|
|
|
1,547.9
|
|
|
Provision for loan
loss
|
|
|
161.1
|
|
|
|
207.7
|
|
|
|
180.3
|
|
|
|
1,113.7
|
|
|
Depreciation and
amortization
|
|
|
31.7
|
|
|
|
40.1
|
|
|
|
97.2
|
|
|
|
120.3
|
|
|
Total operating
expenses
|
|
|
716.5
|
|
|
|
759.5
|
|
|
|
1,837.2
|
|
|
|
2,781.9
|
|
|
Operating
income
|
|
|
382.8
|
|
|
|
291.0
|
|
|
|
1,359.3
|
|
|
|
629.6
|
|
|
Interest expense,
net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securitization funding
costs
|
|
|
26.0
|
|
|
|
37.5
|
|
|
|
89.9
|
|
|
|
130.1
|
|
|
Interest expense on
deposits
|
|
|
37.3
|
|
|
|
52.9
|
|
|
|
124.7
|
|
|
|
172.1
|
|
|
Interest expense on
long-term and other debt, net
|
|
|
28.8
|
|
|
|
24.7
|
|
|
|
87.9
|
|
|
|
79.1
|
|
|
Total interest
expense, net
|
|
|
92.1
|
|
|
|
115.1
|
|
|
|
302.5
|
|
|
|
381.3
|
|
|
Income before income
tax
|
|
$
|
290.7
|
|
|
$
|
175.9
|
|
|
$
|
1,056.8
|
|
|
$
|
248.3
|
|
|
Income tax
expense
|
|
|
67.0
|
|
|
|
42.6
|
|
|
|
273.4
|
|
|
|
46.6
|
|
|
Net income
|
|
$
|
223.7
|
|
|
$
|
133.3
|
|
|
$
|
783.4
|
|
|
$
|
201.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding – basic
|
|
|
49.8
|
|
|
|
47.7
|
|
|
|
49.7
|
|
|
|
47.7
|
|
|
Weighted average
shares outstanding – diluted
|
|
|
50.0
|
|
|
|
47.8
|
|
|
|
50.0
|
|
|
|
47.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic – Net
income
|
|
$
|
4.50
|
|
|
$
|
2.79
|
|
|
$
|
15.75
|
|
|
$
|
4.23
|
|
|
Diluted – Net
income
|
|
$
|
4.47
|
|
|
$
|
2.79
|
|
|
$
|
15.68
|
|
|
$
|
4.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
pre-provision earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax
|
|
$
|
290.7
|
|
|
$
|
175.9
|
|
|
$
|
1,056.8
|
|
|
$
|
248.3
|
|
|
Provision for loan
loss
|
|
|
161.1
|
|
|
|
207.7
|
|
|
|
180.3
|
|
|
|
1,113.7
|
|
|
Pre-tax pre-provision
earnings
|
|
$
|
451.8
|
|
|
$
|
383.6
|
|
|
$
|
1,237.1
|
|
|
$
|
1,362.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLIANCE DATA SYSTEMS
CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In
millions)
(Unaudited)
|
|
|
|
September 30,
2021
|
|
December 31,
2020
|
|
Assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
3,172.2
|
|
$
|
3,081.5
|
|
Credit card and loan
receivables:
|
|
|
|
|
|
|
|
Credit card and loan
receivables
|
|
|
15,689.9
|
|
|
16,784.4
|
|
Allowance for loan
loss
|
|
|
(1,644.8)
|
|
|
(2,008.0)
|
|
Credit card and loan
receivables, net
|
|
|
14,045.1
|
|
|
14,776.4
|
|
Redemption settlement
assets, restricted
|
|
|
734.0
|
|
|
693.5
|
|
Right of use assets -
operating
|
|
|
208.0
|
|
|
233.2
|
|
Intangible assets,
net
|
|
|
64.1
|
|
|
81.7
|
|
Goodwill
|
|
|
1,342.7
|
|
|
1,369.6
|
|
Other
assets
|
|
|
2,691.2
|
|
|
2,311.2
|
|
Total
assets
|
|
$
|
22,257.3
|
|
$
|
22,547.1
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
Deferred
revenue
|
|
$
|
1,020.9
|
|
$
|
1,004.0
|
|
Deposits
|
|
|
9,885.5
|
|
|
9,792.6
|
|
Non-recourse
borrowings of consolidated securitization entities
|
|
|
4,588.7
|
|
|
5,709.9
|
|
Long-term and other
debt
|
|
|
2,733.9
|
|
|
2,805.7
|
|
Operating lease
liabilities
|
|
|
271.8
|
|
|
300.0
|
|
Other
liabilities
|
|
|
1,510.9
|
|
|
1,413.3
|
|
Total
liabilities
|
|
|
20,011.7
|
|
|
21,025.5
|
|
Stockholders'
equity
|
|
|
2,245.6
|
|
|
1,521.6
|
|
Total liabilities and
stockholders' equity
|
|
$
|
22,257.3
|
|
$
|
22,547.1
|
|
|
|
|
|
|
|
|
|
Shares of common
stock outstanding
|
|
|
49.8
|
|
|
49.7
|
|
ALLIANCE DATA SYSTEMS
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In
millions)
(Unaudited)
|
|
|
|
Nine Months
Ended
September
30,
|
|
|
|
2021
|
|
|
2020
|
|
|
|
|
|
Cash Flows from
Operating Activities:
|
|
Net income
|
|
$
|
783.4
|
|
|
$
|
201.7
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
Depreciation and
amortization
|
|
|
97.2
|
|
|
|
120.3
|
|
Deferred income
taxes
|
|
|
20.0
|
|
|
|
(157.7)
|
|
Provision for loan
loss
|
|
|
180.3
|
|
|
|
1,113.7
|
|
Non-cash stock
compensation
|
|
|
24.6
|
|
|
|
16.2
|
|
Amortization of
deferred financing costs
|
|
|
23.5
|
|
|
|
26.6
|
|
Asset impairment
charges
|
|
|
—
|
|
|
|
34.2
|
|
Change in operating
assets and liabilities, net of sale of business
|
|
|
25.4
|
|
|
|
121.6
|
|
Other
|
|
|
53.6
|
|
|
|
12.0
|
|
Net cash provided by
operating activities
|
|
|
1,208.0
|
|
|
|
1,488.6
|
|
|
|
Cash Flows from
Investing Activities:
|
|
Change in redemption
settlement assets
|
|
|
(47.3)
|
|
|
|
(31.3)
|
|
Change in credit card
and loan receivables
|
|
|
87.9
|
|
|
|
3,107.8
|
|
Proceeds from sale of
business
|
|
|
—
|
|
|
|
26.7
|
|
Purchase of credit
card portfolios
|
|
|
(99.5)
|
|
|
|
—
|
|
Sale of credit card
portfolio
|
|
|
512.2
|
|
|
|
289.5
|
|
Capital
expenditures
|
|
|
(58.8)
|
|
|
|
(37.9)
|
|
Other
|
|
|
(13.8)
|
|
|
|
10.0
|
|
Net cash provided by
investing activities
|
|
|
380.7
|
|
|
|
3,364.8
|
|
|
|
Cash Flows from
Financing Activities:
|
|
Borrowings under debt
agreements
|
|
|
38.0
|
|
|
|
1,150.0
|
|
Repayments of
borrowings
|
|
|
(114.1)
|
|
|
|
(1,194.5)
|
|
Net increase
(decrease) in deposits
|
|
|
88.4
|
|
|
|
(2,012.0)
|
|
Non-recourse
borrowings of consolidated securitization entities
|
|
|
2,767.5
|
|
|
|
435.0
|
|
Repayments/maturities
of non-recourse borrowings of consolidated securitization
entities
|
|
|
(3,891.2)
|
|
|
|
(3,380.0)
|
|
Payment of deferred
financing costs
|
|
|
(13.0)
|
|
|
|
(16.2)
|
|
Dividends
paid
|
|
|
(31.6)
|
|
|
|
(50.5)
|
|
Other
|
|
|
(1.1)
|
|
|
|
3.9
|
|
Net cash used in
financing activities
|
|
|
(1,157.1)
|
|
|
|
(5,064.3)
|
|
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
|
|
(4.2)
|
|
|
|
3.7
|
|
Change in cash, cash
equivalents and restricted cash
|
|
|
427.4
|
|
|
|
(207.2)
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
|
|
3,463.2
|
|
|
|
3,958.1
|
|
Cash, cash equivalents
and restricted cash at end of period
|
|
$
|
3,890.6
|
|
|
$
|
3,750.9
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLIANCE DATA SYSTEMS
CORPORATION
SUMMARY FINANCIAL
HIGHLIGHTS
(In
millions)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
|
|
Nine Months
Ended
September 30,
|
|
|
|
|
2021
|
|
2020
|
|
Change
|
|
2021
|
|
2020
|
|
Change
|
Segment
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LoyaltyOne
|
|
$
|
169.3
|
|
$
|
184.8
|
|
(8)%
|
|
$
|
496.7
|
|
$
|
533.9
|
|
(7)%
|
Card
Services
|
|
|
930.0
|
|
|
865.7
|
|
7
|
|
|
2,699.8
|
|
|
2,877.5
|
|
(6)
|
Corporate/Other
|
|
|
—
|
|
|
—
|
|
nm*
|
|
|
—
|
|
|
0.1
|
|
nm*
|
Total
|
|
$
|
1,099.3
|
|
$
|
1,050.5
|
|
5%
|
|
$
|
3,196.5
|
|
$
|
3,411.5
|
|
(6)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Earnings
Before Taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LoyaltyOne
|
|
$
|
44.5
|
|
$
|
18.3
|
|
143%
|
|
$
|
100.7
|
|
$
|
88.9
|
|
13%
|
Card
Services
|
|
|
314.2
|
|
|
212.1
|
|
48
|
|
|
1,128.5
|
|
|
314.5
|
|
259
|
Corporate/Other
|
|
|
(63.9)
|
|
|
(54.5)
|
|
17
|
|
|
(168.3)
|
|
|
(155.1)
|
|
9
|
Eliminations
|
|
|
(4.1)
|
|
|
—
|
|
nm*
|
|
|
(4.1)
|
|
|
—
|
|
nm*
|
Total
|
|
$
|
290.7
|
|
$
|
175.9
|
|
65%
|
|
$
|
1,056.8
|
|
$
|
248.3
|
|
326%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Performance
Indicators:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
sales
|
|
$
|
7,380
|
|
$
|
6,152
|
|
20%
|
|
$
|
20,825
|
|
$
|
17,050
|
|
22%
|
Average
receivables
|
|
$
|
15,471
|
|
$
|
15,300
|
|
1%
|
|
$
|
15,512
|
|
$
|
16,570
|
|
(6)%
|
End of period
receivables
|
|
$
|
15,690
|
|
$
|
15,599
|
|
1%
|
|
$
|
15,690
|
|
$
|
15,599
|
|
1%
|
Card Services gross
revenue yield
|
|
|
24.0%
|
|
|
22.5%
|
|
1.5%
|
|
|
23.2%
|
|
|
23.0%
|
|
0.2%
|
Net principal loss
rate
|
|
|
3.9%
|
|
|
5.8%
|
|
(1.9)%
|
|
|
4.7%
|
|
|
6.8%
|
|
(2.1)%
|
Delinquency
rate
|
|
|
3.8%
|
|
|
4.7%
|
|
(0.9)%
|
|
|
3.8%
|
|
|
4.7%
|
|
(0.9)%
|
AIR MILES reward miles
issued
|
|
|
1,155
|
|
|
1,240
|
|
(7)%
|
|
|
3,406
|
|
|
3,609
|
|
(6)%
|
AIR MILES reward miles
redeemed
|
|
|
896
|
|
|
687
|
|
30%
|
|
|
2,436
|
|
|
2,289
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* nm- not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/alliance-data-reports-third-quarter-2021-results-301410458.html
SOURCE Alliance Data Systems Corporation