COLUMBUS, Ohio, July 29, 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 June 30,
2021.
"Alliance Data's second quarter results highlight considerable
progress in the transformation of our company, driven by efficient
execution across our portfolio, together with improving business
conditions," said Ralph Andretta,
president and chief executive officer of Alliance Data. "Credit
sales returned to pre-pandemic levels as we exited the quarter, as
retailers experienced robust omnichannel shopping and engagement
aligned with improved consumer confidence and mobility. While
reopening efforts are progressing in the U.S., we are experiencing
a more gradual recovery both in Canada and internationally. We continue
to maintain a favorable outlook for the LoyaltyOne segment given
pipeline and activity level improvement. AIR
MILES® reward miles redeemed and average flight bookings
per day significantly increased in June while BrandLoyalty's new
campaign pipeline strengthened, indicating more robust growth in
the second half of 2021.
"Credit performance remained strong, reflecting our disciplined
risk management and the ongoing impact of economic stimulus
resulting in increased customer liquidity and greater ability to
pay. Our net loss rate remains well below our historic
average rate of 6.0% and our delinquency rate was exceptionally low
at 3.3%. We expect credit metrics and payment rates to begin
to normalize as stimulus programs wind down in the latter half of
the year.
"Business development was robust during the second quarter,
highlighted by a number of new partner signings, multiple renewals,
and a growing pipeline of high-quality prospects. We continue
to expand Bread's direct acquisition merchant partners as well as
enlisting existing card brand partners to launch on Bread's
platform. The e-commerce pilot for the Bread and Fiserv
strategic relationship went live at quarter-end. Select merchant
launches from Fiserv's extensive merchant network will be staggered
throughout the second half of 2021 and a full roll-out planned for
2022. We expect Alliance Data's differentiated full-spectrum
lending capabilities and broad product suite to drive strong growth
in 2022 and beyond.
"In June, we released our 2020 Environmental, Social and
Governance ("ESG") performance report highlighting the progress we
have made over the past three-years. Our ESG strategy is a
key component of our business transformation, which prioritizes
delivering long-term sustainable stakeholder value, modernizing
technology, advancing a diverse and inclusive culture, and
maintaining a commitment to ethical decision making. These
priorities are embedded in the Company's business practices and
corporate governance, and will help drive the long-term success of
Alliance Data."
2021 OUTLOOK
"First half results represent a strong foundation on which to
build continued revenue growth, as receivables gain traction and
LoyaltyOne activity increases in the second half of this year. We
remain keenly focused on the execution of our strategy, focused on
balancing growth and profitability to ensure the sustainable
economics of our portfolio.
"Assuming continued strength in the U.S. economy, we are
increasing our 2021 credit sales forecast to a double-digit growth
rate and now expect a net loss rate in the low 5% range for the
year," said Mr. Andretta. "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, although average
receivables are expected to be down mid-single-digits for the year,
reflecting the year-over-year pressure in the first half of 2021
and elevated payment rates. We expect to resume
high-single-digit to low-double-digit average receivables growth in
2022. Total revenue for the year is anticipated to be down
low-single-digits compared to 2020 as the impact from lower
receivables is partially offset by improving revenue from
LoyaltyOne and the Bread acquisition. We expect efficiencies
to enable us to keep total expenses, excluding provision for loan
loss, flat 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 $50 million in marketing to support growth and a
return to positive operating leverage in 2022.
"We remain on track for the successful spinoff of our LoyaltyOne
segment, with completion expected by year-end 2021, positioning
both companies to pursue their respective unique growth
opportunities and build long-term stockholder value."
CONSOLIDATED RESULTS
SUMMARY
|
Quarter Ended June
30,
|
(in millions,
except per share amounts)
|
2021
|
2020
|
Change
|
Revenue
|
$1,012
|
$979
|
3%
|
Income before income
taxes ("EBT")
|
$372
|
$47
|
691%
|
Net income
|
$273
|
$38
|
612%
|
Net income per
diluted share
|
$5.47
|
$0.81
|
575%
|
Weighted average
shares outstanding – diluted
|
50.0
|
47.7
|
|
|
|
|
|
**********************************
|
|
|
|
Supplemental Non-GAAP
Metrics (a):
|
|
|
|
Pre-provision,
pre-tax earnings
|
$358
|
$297
|
20%
|
|
(a) See
"Financial Measures" for a discussion of non-GAAP Financial
Measures.
|
Second Quarter: Consolidated revenue increased 3%
to $1,012 million compared to the
second quarter of 2020, resulting from the ongoing consumer
recovery from pandemic lows. EBT increased 691% to
$372 million, positively impacted by
a net reserve release of $208 million
during the second quarter of 2021. Net income was
$273 million, or $5.47 per diluted share.
SEGMENT RESULTS
Card Services: Revenue increased 4% to
$861 million compared to the second
quarter of 2020, primarily due to the impact from pandemic-related
consumer relief programs offered by Alliance Data in the second
quarter of 2020. EBT increased $334
million to $404 million
compared to the second quarter of 2020, attributable to a lower
provision for loan loss. The net principal loss rate was 5.1%
in the second quarter of 2021, an improvement of 250 basis points
from the prior year period, while the delinquency rate of 3.3%
improved 100 basis points from the prior year period.
Credit sales increased 54% to $7.4
billion compared to the second quarter of 2020, continuing
to improve as consumer spending recovers.
LoyaltyOne: Segment revenue was nearly unchanged
at $151 million compared to the
second quarter of 2020. BrandLoyalty revenue decreased 9%, or
$7 million, due to a decline in
retailer programs associated with the continuing impact of
COVID-19. AIR MILES revenue increased 11%, or $7 million, compared to the second 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 2% to $24 million
due to lower amortization expense.
Issuance of AIR MILES reward miles increased 8% compared to the
second quarter of 2020, reflecting an increase in discretionary
spending, including credit card spend. AIR MILES reward miles
redeemed increased 32% compared to the second quarter of 2020,
reflecting an improvement in travel-related categories and
continued strength from merchandise redemptions.
Contacts:
Investor Relations: Brian
Vereb (brian.vereb@alliancedata.com), 614-528-4516
Media Relations: Shelley
Whiddon (shelley.whiddon@alliancedata.com), 214-494-3811
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-provision pre-tax earnings. Pre-provision pre-tax
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, July 29, 2021 at 8:30 a.m. (Eastern Time) to discuss the Company's
second 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 (800)
585-8367 or (416) 624-4642 and enter "4284128". The replay will be
available at approximately 11:59 a.m.
(Eastern Time) on Thursday, July 29, 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
June 30,
|
|
|
Six Months
Ended June 30,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
1,012.4
|
|
|
$
|
979.3
|
|
|
$
|
2,097.3
|
|
|
$
|
2,361.1
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
operations
|
|
|
521.7
|
|
|
|
479.0
|
|
|
|
1,036.1
|
|
|
|
1,002.2
|
|
|
Provision for loan
loss
|
|
|
(14.1)
|
|
|
|
250.1
|
|
|
|
19.3
|
|
|
|
906.0
|
|
|
Depreciation and
amortization
|
|
|
31.5
|
|
|
|
41.3
|
|
|
|
65.5
|
|
|
|
80.1
|
|
|
Asset
impairments
|
|
|
—
|
|
|
|
34.2
|
|
|
|
—
|
|
|
|
34.2
|
|
|
Total operating
expenses
|
|
|
539.1
|
|
|
|
804.6
|
|
|
|
1,120.9
|
|
|
|
2,022.5
|
|
|
Operating
income
|
|
|
473.3
|
|
|
|
174.7
|
|
|
|
976.4
|
|
|
|
338.6
|
|
|
Interest expense,
net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securitization funding
costs
|
|
|
30.4
|
|
|
|
42.7
|
|
|
|
64.0
|
|
|
|
92.6
|
|
|
Interest expense on
deposits
|
|
|
41.8
|
|
|
|
58.9
|
|
|
|
87.3
|
|
|
|
119.2
|
|
|
Interest expense on
long-term and other debt, net
|
|
|
29.5
|
|
|
|
26.1
|
|
|
|
59.0
|
|
|
|
54.4
|
|
|
Total interest
expense, net
|
|
|
101.7
|
|
|
|
127.7
|
|
|
|
210.3
|
|
|
|
266.2
|
|
|
Income before income
tax
|
|
$
|
371.6
|
|
|
$
|
47.0
|
|
|
$
|
766.1
|
|
|
$
|
72.4
|
|
|
Income tax
expense
|
|
|
98.1
|
|
|
|
8.6
|
|
|
|
206.4
|
|
|
|
4.0
|
|
|
Net income
|
|
$
|
273.5
|
|
|
$
|
38.4
|
|
|
$
|
559.7
|
|
|
$
|
68.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding – basic
|
|
|
49.7
|
|
|
|
47.6
|
|
|
|
49.7
|
|
|
|
47.6
|
|
|
Weighted average
shares outstanding – diluted
|
|
|
50.0
|
|
|
|
47.7
|
|
|
|
49.9
|
|
|
|
47.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic – Net
income
|
|
$
|
5.50
|
|
|
$
|
0.81
|
|
|
$
|
11.26
|
|
|
$
|
1.44
|
|
|
Diluted – Net
income
|
|
$
|
5.47
|
|
|
$
|
0.81
|
|
|
$
|
11.21
|
|
|
$
|
1.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-provision
pre-tax earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax
|
|
$
|
371.6
|
|
|
$
|
47.0
|
|
|
$
|
766.1
|
|
|
$
|
72.4
|
|
|
Provision for loan
loss
|
|
|
(14.1)
|
|
|
|
250.1
|
|
|
|
19.3
|
|
|
|
906.0
|
|
|
Pre-provision pre-tax
earnings
|
|
$
|
357.5
|
|
|
$
|
297.1
|
|
|
$
|
785.4
|
|
|
$
|
978.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial
measures of adjusted EBITDA, net and core earnings per share and
the associated reconciliations are available in earnings slide
appendix
|
ALLIANCE DATA SYSTEMS
CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In
millions)
|
(Unaudited)
|
|
|
|
June 30, 2021
|
|
December 31, 2020
|
|
Assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
3,001.9
|
|
$
|
3,081.5
|
|
Credit card and loan
receivables:
|
|
|
|
|
|
|
|
Credit card and loan
receivables
|
|
|
15,723.8
|
|
|
16,784.4
|
|
Allowance for loan
loss
|
|
|
(1,635.3)
|
|
|
(2,008.0)
|
|
Credit card and loan
receivables, net
|
|
|
14,088.5
|
|
|
14,776.4
|
|
Redemption settlement
assets, restricted
|
|
|
745.1
|
|
|
693.5
|
|
Right of use assets -
operating
|
|
|
215.3
|
|
|
233.2
|
|
Intangible assets,
net
|
|
|
69.6
|
|
|
81.7
|
|
Goodwill
|
|
|
1,359.3
|
|
|
1,369.6
|
|
Other
assets
|
|
|
2,332.7
|
|
|
2,311.2
|
|
Total
assets
|
|
$
|
21,812.4
|
|
$
|
22,547.1
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
Deferred
revenue
|
|
$
|
1,042.8
|
|
$
|
1,004.0
|
|
Deposits
|
|
|
9,619.8
|
|
|
9,792.6
|
|
Non-recourse
borrowings of consolidated securitization entities
|
|
|
4,603.3
|
|
|
5,709.9
|
|
Long-term and other
debt
|
|
|
2,760.1
|
|
|
2,805.7
|
|
Operating lease
liabilities
|
|
|
281.0
|
|
|
300.0
|
|
Other
liabilities
|
|
|
1,457.5
|
|
|
1,413.3
|
|
Total
liabilities
|
|
|
19,764.5
|
|
|
21,025.5
|
|
Stockholders'
equity
|
|
|
2,047.9
|
|
|
1,521.6
|
|
Total liabilities and
stockholders' equity
|
|
$
|
21,812.4
|
|
$
|
22,547.1
|
|
|
|
|
|
|
|
|
|
Shares of common
stock outstanding
|
|
|
49.7
|
|
|
49.7
|
|
ALLIANCE DATA SYSTEMS
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
millions)
|
(Unaudited)
|
|
|
|
Six Months
Ended June 30,
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
Cash Flows from
Operating Activities:
|
|
Net income
|
|
$
|
559.7
|
|
$
|
68.4
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
Depreciation and
amortization
|
|
|
65.5
|
|
|
80.1
|
|
Deferred income
taxes
|
|
|
22.1
|
|
|
131.4
|
|
Provision for loan
loss
|
|
|
19.3
|
|
|
906.0
|
|
Non-cash stock
compensation
|
|
|
16.0
|
|
|
11.0
|
|
Amortization of
deferred financing costs
|
|
|
16.4
|
|
|
18.3
|
|
Change in operating
assets and liabilities, net of sale of business
|
|
|
(4.9)
|
|
|
(179.8)
|
|
Other
|
|
|
39.1
|
|
|
32.1
|
|
Net cash provided by
operating activities
|
|
|
733.2
|
|
|
1,067.5
|
|
|
|
Cash Flows from
Investing Activities:
|
|
Change in redemption
settlement assets
|
|
|
(41.0)
|
|
|
(18.7)
|
|
Change in credit card
and loan receivables
|
|
|
666.2
|
|
|
3,053.4
|
|
Proceeds from sale of
business
|
|
|
—
|
|
|
25.4
|
|
Purchase of credit
card portfolio
|
|
|
(31.5)
|
|
|
—
|
|
Sale of credit card
portfolio
|
|
|
—
|
|
|
289.5
|
|
Capital
expenditures
|
|
|
(34.9)
|
|
|
(26.1)
|
|
Other
|
|
|
(24.2)
|
|
|
16.5
|
|
Net cash provided by
investing activities
|
|
|
534.6
|
|
|
3,340.0
|
|
|
|
Cash Flows from
Financing Activities:
|
|
Borrowings under debt
agreements
|
|
|
31.0
|
|
|
650.0
|
|
Repayments of
borrowings
|
|
|
(81.7)
|
|
|
(300.7)
|
|
Net decrease in
deposits
|
|
|
(176.0)
|
|
|
(936.4)
|
|
Non-recourse
borrowings of consolidated securitization entities
|
|
|
2,065.0
|
|
|
350.0
|
|
Repayments/maturities
of non-recourse borrowings of consolidated securitization
entities
|
|
|
(3,172.9)
|
|
|
(2,630.0)
|
|
Payment of deferred
financing costs
|
|
|
(8.3)
|
|
|
(3.0)
|
|
Dividends
paid
|
|
|
(21.1)
|
|
|
(40.4)
|
|
Other
|
|
|
(0.6)
|
|
|
(1.1)
|
|
Net cash used in
financing activities
|
|
|
(1,364.6)
|
|
|
(2,911.6)
|
|
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
|
|
0.7
|
|
|
(2.9)
|
|
Change in cash, cash
equivalents and restricted cash
|
|
|
(96.1)
|
|
|
1,493.0
|
|
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
|
|
$
|
3,367.1
|
|
$
|
5,451.1
|
|
|
|
|
|
|
|
|
|
|
|
ALLIANCE DATA SYSTEMS
CORPORATION
|
|
SUMMARY FINANCIAL
HIGHLIGHTS
|
|
(In
millions)
|
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
June 30,
|
|
|
|
Six Months
Ended, June 30,
|
|
|
|
|
|
2021
|
|
2020
|
|
Change
|
|
2021
|
|
2020
|
|
Change
|
|
Segment
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LoyaltyOne
|
|
$
|
150.9
|
|
$
|
151.1
|
|
—%
|
|
$
|
327.5
|
|
$
|
349.2
|
|
(6)%
|
|
Card
Services
|
|
|
861.5
|
|
|
828.2
|
|
4
|
|
|
1,769.8
|
|
|
2,011.9
|
|
(12)
|
|
Corporate/Other
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
Total
|
|
$
|
1,012.4
|
|
$
|
979.3
|
|
3%
|
|
$
|
2,097.3
|
|
$
|
2,361.1
|
|
(11)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Earnings
Before Taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LoyaltyOne
|
|
$
|
24.5
|
|
$
|
24.0
|
|
2%
|
|
$
|
56.2
|
|
$
|
70.6
|
|
(20)%
|
|
Card
Services
|
|
|
404.5
|
|
|
70.3
|
|
475
|
|
|
814.3
|
|
|
102.4
|
|
695
|
|
Corporate/Other
|
|
|
(57.4)
|
|
|
(47.3)
|
|
21
|
|
|
(104.4)
|
|
|
(100.6)
|
|
4
|
|
Total
|
|
$
|
371.6
|
|
$
|
47.0
|
|
691%
|
|
$
|
766.1
|
|
$
|
72.4
|
|
958%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Performance
Indicators:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
sales
|
|
$
|
7,401
|
|
$
|
4,799
|
|
54%
|
|
$
|
13,445
|
|
$
|
10,898
|
|
23%
|
|
Average
receivables
|
|
$
|
15,282
|
|
$
|
16,116
|
|
(5)%
|
|
$
|
15,533
|
|
$
|
17,205
|
|
(10)%
|
|
End of period
receivables
|
|
$
|
15,724
|
|
$
|
15,809
|
|
(1)%
|
|
$
|
15,724
|
|
$
|
15,809
|
|
(1)%
|
|
Card Services gross
revenue yield
|
|
|
22.5%
|
|
|
20.4%
|
|
2.1%
|
|
|
22.8%
|
|
|
23.2%
|
|
(0.4)%
|
|
Net principal loss
rate
|
|
|
5.1%
|
|
|
7.6%
|
|
(2.5)%
|
|
|
5.0%
|
|
|
7.3%
|
|
(2.3)%
|
|
Delinquency
rate
|
|
|
3.3%
|
|
|
4.3%
|
|
(1.0)%
|
|
|
3.3%
|
|
|
4.3%
|
|
(1.0)%
|
|
AIR MILES reward miles
issued
|
|
|
1,139
|
|
|
1,053
|
|
8%
|
|
|
2,251
|
|
|
2,369
|
|
(5)%
|
|
AIR MILES reward miles
redeemed
|
|
|
800
|
|
|
608
|
|
32%
|
|
|
1,540
|
|
|
1,602
|
|
(4)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/alliance-data-reports-second-quarter-2021-results-301343784.html
SOURCE Alliance Data Systems Corporation