Synchrony Credit Card Master Note Trust - FORM 8-K - EX-99.1 - COMPOSITION OF THE TRUST PORTFOLIO - December 16, 2014

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Exhibit 99.1

 

The following tables summarize the trust portfolio by various criteria as of November 30, 2014 for each of the retailers included in the trust portfolio, except for the “Composition by FICO® Score” table, which reflects receivables balances as of November 30, 2014, and the composition of accounts by FICO® score as most recently refreshed.

 

Please note that numbers and percentages presented in the tables in this section may not sum to the totals presented due to rounding.

 

For purposes of the tables in this section:

 

•Total Receivables Outstanding is the sum of principal receivables and finance charge receivables (which includes fee receivables) included in the trust portfolio in the period indicated.

 

•Accounts is the number of accounts included in the trust portfolio as of the date or in the period indicated.

 

Composition by Retailer

 

Retailer  Total Receivables
Outstanding		   Percentage of
Total Receivables
Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
JCPenney  $3,440,949,593    20.0%   7,072,138    28.9%
Lowe’s   2,988,743,438    17.4%   2,537,797    10.4%
Wal-Mart (1)   2,291,836,047    13.3%   2,061,015    8.4%
Sam’s Club Dual Card   1,972,638,660    11.5%   1,596,288    6.5%
Sam’s Club(1)   1,850,132,547    10.8%   2,719,620    11.1%
Gap Family Dual Card(2)   1,677,432,264    9.8%   1,849,486    7.6%
Belk   954,239,003    5.6%   2,021,863    8.3%
Gap(3)   652,742,267    3.8%   2,087,318    8.5%
Chevron   437,261,485    2.5%   1,713,794    7.0%
JCPenney Dual Card   174,604,340    1.0%   120,599    0.5%
Other   731,344,428    4.3%   669,489    2.7%
Total  $17,171,924,073    100.0%   24,449,407    100.0%

 

 

(1)Sam’s Club and Wal-Mart are affiliated retailers. Sam’s Club cards may also be used at Wal-Mart locations, and Wal-Mart cards may be used at Sam’s Club locations if the cardholder belongs to the club. Figures shown here are based on which retailer is identified on the card, not where the purchase was made.

 

(2)Figures presented for Gap Family Dual Card include Old Navy Dual Card, Gap Dual Card and Banana Republic Dual Card, which are affiliated retailers. Each of these retailers’ cards may be used at the locations of the other two.

 

(3)Figures presented for Gap include Old Navy, Gap and Banana Republic, which are affiliated retailers. Each of these retailers’ cards may be used at the locations of the other two.

 

 
 

 

Composition by Account Balance

 

Account Balance Range  Total Receivables
Outstanding		   Percentage of
Total Receivables
Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
Credit Balance  $(14,706,747)   -0.1%   285,593    1.2%
No Balance   -    0.0%   8,920,239    36.5%
$0.01-$500.00   1,334,847,400    7.8%   7,878,498    32.2%
$500.01-$1,000.00   1,604,809,986    9.3%   2,207,777    9.0%
$1,000.01-$2,000.00   3,320,064,257    19.3%   2,294,468    9.4%
$2,000.01-$3,000.00   2,947,697,696    17.2%   1,204,791    4.9%
$3,000.01-$4,000.00   2,284,954,990    13.3%   660,706    2.7%
$4,000.01-$5,000.00   1,919,683,883    11.2%   427,771    1.7%
$5,000.01-$6,000.00   1,412,536,163    8.2%   258,488    1.1%
$6,000.01-$7,000.00   891,676,355    5.2%   138,064    0.6%
$7,000.01-$8,000.00   601,909,637    3.5%   80,827    0.3%
$8,000.01-$9,000.00   386,601,082    2.3%   45,685    0.2%
$9,000.01-$10,000.00   277,792,327    1.6%   29,339    0.1%
$10,000.01-$15,000.00   174,117,597    1.0%   15,549    0.1%
$15,000.01-$20,000.00   20,648,602    0.1%   1,236    0.0%
$20,000.01 or more   9,290,845    0.1%   376    0.0%
Total  $17,171,924,073    100.0%   24,449,407    100.0%

 

Composition by Credit Limit

 

Credit Limit Range  Total Receivables
Outstanding		   Percentage of
Total Receivables
Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
$0.01-$500.00  $186,323,521    1.1%   1,883,283    7.7%
$500.01-$1,000.00   540,906,591    3.1%   2,073,637    8.5%
$1,000.01-$2,000.00   1,827,784,506    10.6%   6,091,588    24.9%
$2,000.01-$3,000.00   2,275,137,979    13.2%   4,500,664    18.4%
$3,000.01-$4,000.00   2,031,754,930    11.8%   2,611,497    10.7%
$4,000.01-$5,000.00   2,291,379,861    13.3%   2,158,966    8.8%
$5,000.01-$6,000.00   2,106,370,015    12.3%   1,443,209    5.9%
$6,000.01-$7,000.00   1,378,119,154    8.0%   926,000    3.8%
$7,000.01-$8,000.00   1,482,235,379    8.6%   972,053    4.0%
$8,000.01-$9,000.00   910,091,641    5.3%   489,012    2.0%
$9,000.01-$10,000.00   1,653,100,650    9.6%   1,064,385    4.4%
$10,000.01 or more   488,719,847    2.8%   235,113    1.0%
Total  $17,171,924,073    100.0%   24,449,407    100.0%

 

Composition by Account Age

 

Age  Total Receivables
Outstanding		   Percentage of
Total Receivables
Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
Up to 6 Months  $-    0.0%   -    0.0%
6 Months to 12 Months   -    0.0%   -    0.0%
Over 12 Months to 24 Months   15,815,006    0.1%   35,267    0.1%
Over 24 Months to 36 Months   1,145,064,486    6.7%   1,767,318    7.2%
Over 36 Months to 48 Months   1,324,531,685    7.7%   1,882,028    7.7%
Over 48 Months to 60 Months   1,407,164,939    8.2%   1,805,879    7.4%
Over 60 Months to 72 Months   1,337,432,193    7.8%   1,741,361    7.1%
Over 72 Months to 84 Months   1,552,078,007    9.0%   1,785,145    7.3%
Over 84 Months to 96 Months   1,547,258,667    9.0%   1,881,594    7.7%
Over 96 Months to 108 Months   1,214,609,708    7.1%   1,502,648    6.1%
Over 108 Months to 120 Months   1,419,309,478    8.3%   1,595,765    6.5%
Over 120 Months   6,208,659,905    36.2%   10,452,402    42.8%
Total  $17,171,924,073    100.0%   24,449,407    100.0%

 

 
 

 

Except for the applicable states listed below, no state accounted for more than 5% of the number of accounts or 5% of the total receivables balances, as applicable, as of November 30, 2014 for each of the retailers included in the trust portfolio.

 

Composition by Billing Address

 

State  Total Receivables
Outstanding		   Percentage of
Total Receivables
Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
Texas  $1,658,317,338    9.7%   2,186,203    8.9%
California   1,392,934,548    8.1%   2,433,803    10.0%
Florida   1,111,383,025    6.5%   1,593,866    6.5%
North Carolina   915,845,196    5.3%   1,244,879    5.1%
New York   823,429,387    4.8%   1,258,981    5.1%
Other   11,270,014,579    65.6%   15,731,675    64.3%
Total  $17,171,924,073    100.0%   24,449,407    100.0%

 

Composition by Delinquency Status

 

Aging Status  Total Receivables
Outstanding		   Percentage of
Total Receivables
Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
Current, Credit and Zero Balance  $15,967,832,451    93.0%   23,661,685    96.8%
1-29 Days   582,527,919    3.4%   456,856    1.9%
30-59 Days   179,371,408    1.0%   107,388    0.4%
60-89 Days   138,943,359    0.8%   73,722    0.3%
90-119 Days   113,266,536    0.7%   57,300    0.2%
120-149 Days   102,843,570    0.6%   50,507    0.2%
150 or More Days   87,138,830    0.5%   41,949    0.2%
Total  $17,171,924,073    100.0%   24,449,407    100.0%

 

The following table reflects receivables as of November 30, 2014, and the composition of accounts by FICO® score as most recently refreshed:

 

Composition by FICO® Score

 

FICO® Credit Score Range(1)  Total
Receivables
Outstanding		   Percentage
of Total Receivables
Outstanding		 
Less than or equal to 599  $1,292,066,094    7.5%
600 to 659   3,316,846,823    19.3%
660 to 719   6,755,175,993    39.3%
720 and above   5,733,340,013    33.4%
No Score   74,495,150    0.4%
Total  $17,171,924,073    100.0%

 

 

(1)FICO® is a federally registered trademark of Fair, Isaac & Company.

 

 
 

 

Delinquency and Loss Experience

 

The following tables set forth the aggregate delinquency and loss experience for cardholder payments on the credit card accounts in the trust portfolio for each of the dates or periods shown. Please note that numbers and percentages presented in the tables in this section may not sum to the totals presented due to rounding.

 

Loss Experience
(Dollars in Thousands)

 

   Eleven Months
Ended
November 21,		   Securitization Reporting Year 
   2014   2013   2012   2011   2010   2009 
Average Principal Receivables Outstanding  $17,242,748   $18,127,172   $17,676,845   $17,155,868   $17,547,629   $17,645,181 
Gross Principal Charge-Offs  $1,074,700   $1,189,535   $1,221,977   $1,350,808   $1,764,794   $1,603,030 
Gross Principal Charge-Offs as a Percentage of Average Principal Receivables Outstanding (Annualized)   6.80%   6.56%   6.91%   7.87%   10.06%   9.08%
Less: Recoveries  $184,659   $214,757   $190,602   $170,904   $147,598   $164,903 
Net Principal Charge-Offs  $890,042   $974,778   $1,031,374   $1,179,904   $1,617,195   $1,438,128 
Net Principal Charge-Offs as a Percentage of Average Principal Receivables Outstanding (Annualized)   5.63%   5.38%   5.83%   6.88%   9.22%   8.15%
Gross Charge-Off Accounts   754,320    975,186    1,034,536    1,131,247    1,506,814    1,553,564 
Average Accounts Outstanding   27,837,242    33,456,581    36,425,576    37,840,154    40,654,019    43,532,164 
Gross Charge-Offs as a Percentage of Average Accounts Outstanding (Annualized)   2.96%   2.91%   2.84%   2.99%   3.71%   3.57%

 

 
 

 

Receivables Delinquency Experience
(Dollars in Thousands)

 

   As of November 21,   As of December 21, 
   2014   2013   2012 
   Receivables   Percentage of
Receivables
Outstanding		   Receivables   Percentage of
Receivables
Outstanding		   Receivables   Percentage of
Receivables
Outstanding		 
Receivables Outstanding  $16,848,332        $19,408,263        $20,374,821      
Receivables Delinquent:                              
30-59 Days   180,719    1.07%   223,805    1.15%   240,178    1.18%
60-89 Days   139,424    0.83%   171,322    0.88%   175,120    0.86%
90-119 Days   112,437    0.67%   140,698    0.72%   142,810    0.70%
120-149 Days   102,267    0.61%   119,678    0.62%   116,342    0.57%
150-179 Days   91,638    0.54%   99,588    0.51%   101,894    0.50%
180 or More Days   0    0.00%   0    0.00%   0    0.00%
Total  $626,496    3.72%  $755,091    3.89%  $776,342    3.81%

 

   As of December 21, 
   2011   2010   2009 
   Receivables   Percentage of
Receivables
Outstanding		   Receivables   Percentage of
Receivables
Outstanding		   Receivables   Percentage of
Receivables
Outstanding		 
Receivables Outstanding  $19,636,126        $18,165,466        $19,772,387      
Receivables Delinquent:                              
30-59 Days   230,328    1.17%   239,331    1.32%   306,064    1.55%
60-89 Days   171,955    0.88%   182,981    1.01%   240,634    1.22%
90-119 Days   141,543    0.72%   156,931    0.86%   200,383    1.01%
120-149 Days   117,589    0.60%   141,554    0.78%   170,865    0.86%
150-179 Days   95,273    0.49%   110,458    0.61%   139,642    0.71%
180 or More Days   15    0.00%   4    0.00%   5    0.00%
Total  $756,702    3.85%  $831,259    4.58%  $1,057,593    5.35%

 

 
 

 

Account Delinquency Experience

 

   As of November 21,   As of December 21, 
   2014   2013   2012 
   Accounts   Percentage of
Total
Accounts
Outstanding		   Accounts   Percentage of
Total
Accounts
Outstanding		   Accounts   Percentage of
Total
Accounts
Outstanding		 
Accounts Outstanding   24,463,638         30,218,856         36,683,421      
Accounts Delinquent:                              
30-59 Days   108,229    0.44%   150,856    0.50%   201,009    0.55%
60-89 Days   74,233    0.30%   104,695    0.35%   126,736    0.35%
90-119 Days   57,298    0.23%   81,893    0.27%   97,742    0.27%
120-149 Days   50,142    0.20%   68,371    0.23%   74,700    0.20%
150-179 Days   44,481    0.18%   55,793    0.18%   63,945    0.17%
180 or More Days   3    0.00%   0    0.00%   0    0.00%
Total   334,386    1.37%   461,608    1.53%   564,132    1.54%

 

   As of December 21, 
   2011   2010   2009 
   Accounts   Percentage of
Total
Accounts
Outstanding		   Accounts   Percentage of
Total
Accounts
Outstanding		   Accounts   Percentage of
Total
Accounts
Outstanding		 
Accounts Outstanding   38,362,612         36,768,070         42,944,125      
Accounts Delinquent:                              
30-59 Days   176,207    0.46%   185,246    0.50%   249,590    0.58%
60-89 Days   117,955    0.31%   124,760    0.34%   177,159    0.41%
90-119 Days   93,716    0.24%   103,634    0.28%   141,317    0.33%
120-149 Days   76,267    0.20%   90,730    0.25%   118,525    0.28%
150-179 Days   62,484    0.16%   70,391    0.19%   96,242    0.22%
180 or More Days   6    0.00%   4    0.00%   2    0.00%
Total   526,635    1.37%   574,765    1.56%   782,835    1.82%

 

 
 

 

Revenue Experience

 

The net revenues collected from finance charges and fees related to accounts in the trust portfolio for each of the periods shown are set forth in the following table. Fees include late fees, pay by phone fees, over limit fees, balance transfer fees, cash advance fees and returned check fees.

 

We cannot assure you that the future revenue experience for the receivables in the trust portfolio will remain similar to the historical experience set forth below.

 

Revenue Experience
(Dollars in Thousands)

 

   Eleven Months
Ended
November 21,		   Securitization Reporting Year 
   2014   2013   2012   2011   2010   2009 
Average Principal Receivables Outstanding  $17,242,748   $18,127,172   $17,676,845   $17,155,868   $17,547,629   $17,645,181 
Collected Finance Charges and Fees  $4,195,582   $4,771,273   $4,392,709   $3,972,184   $4,275,252   $4,241,337 
Collected Finance Charges and Fees as a Percentage of Average Principal Receivables Outstanding (Annualized)   26.54%   26.32%   24.85%   23.15%   24.36%   24.04%