From the recent earnings presentation: Card Services
YTD:
IKEA home dιcor
Wyndham hospitality
Academy Sports sporting goods
Floor & Decor home dιcor
Adorama consumer electronics (store/e-commerce)
Appliances Connection consumer electronics (e-commerce)
Announced signing of $2.0 billion vintage plus signed-not-yet-announced of $2.0 billion vintage puts 2018 at $4 billion vintage (2x recent record years)
100 percent away from mall-based specialty apparel
Credit quality continues to improve
Q1: 6.7 percent → Q2: 6.4 percent → Q3: 5.9 percent
Recovery rate: Q1: ~9 percent → Q2: ~15 percent → Q3: ~18 percent (higher than Q3, 2017 rate)
Strategic Review of Businesses
We believe current stock price does not reflect intrinsic value of our business
We are evaluating which assets could thrive under a different steward, while also unlocking value for
stockholders
We will have a crystallized game plan of what & how before year-end and will communicate this path at that time
Overall, this will be an aggressive and significant effort
Aggressively prune clients in liquidation, bankruptcy or M&A
~50 percent already addressed; remainder to be addressed in fourth quarter
Eliminates drag over next two years and frees up regulatory capital
No renewal risk in 2019 safeguards our base
^^^The slate is being cleaned for 19'