Synchrony Credit Card Master Note Trust - FORM 8-K - EX-99.1 - COMPOSITION OF THE TRUST PORTFOLIO - May 18, 2015

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Exhibit 99.1

 

The following tables summarize the trust portfolio by various criteria as of April 30, 2015 for each of the retailers included in the trust portfolio, except for the “Composition by FICO® Score” table, which reflects receivables balances as of April 30, 2015, 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  $3,224,601,145    20.2%   6,485,424    28.3%
Lowe’s   2,808,417,252    17.6%   2,405,905    10.5%
Wal-Mart (1)   2,154,482,672    13.5%   1,917,609    8.4%
Sam’s Club Dual Card   1,858,507,087    11.6%   1,562,226    6.8%
Sam’s Club(1)   1,697,313,962    10.6%   2,549,571    11.1%
Gap Family Dual Card(2)   1,528,838,252    9.6%   1,726,338    7.5%
Belk   895,183,936    5.6%   1,917,126    8.4%
Gap(3)   574,905,937    3.6%   1,921,853    8.4%
Chevron   372,147,978    2.3%   1,701,936    7.4%
JCPenney Dual Card   160,162,081    1.0%   112,024    0.5%
Other   706,161,943    4.4%   626,350    2.7%
Total  $15,980,722,246    100.0%   22,926,362    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 Range

 


Account Balance Range

 

Total Receivables
Outstanding

  

Percentage of 
Total Receivables
Outstanding

  

Number
of Accounts

  

Percentage 
of Number 
of Accounts

 
Credit Balance   $(16,962,969)   (0.1)%   318,611    1.4%
No Balance    -    0.0%   9,004,971    39.3%
$0.01-$500.00    1,142,286,527    7.1%   6,940,491    30.3%
$500.01-$1,000.00    1,373,744,090    8.6%   1,886,859    8.2%
$1,000.01-$2,000.00    2,972,353,276    18.6%   2,047,884    8.9%
$2,000.01-$3,000.00    2,731,979,193    17.1%   1,115,048    4.9%
$3,000.01-$4,000.00    2,194,780,388    13.7%   634,317    2.8%
$4,000.01-$5,000.00    1,891,868,506    11.8%   421,523    1.8%
$5,000.01-$6,000.00    1,377,433,923    8.6%   251,992    1.1%
$6,000.01-$7,000.00    873,863,359    5.5%   135,248    0.6%
$7,000.01-$8,000.00    592,061,323    3.7%   79,483    0.3%
$8,000.01-$9,000.00    382,888,733    2.4%   45,253    0.2%
$9,000.01-$10,000.00    267,504,884    1.7%   28,273    0.1%
$10,000.01-$15,000.00    166,099,809    1.0%   14,786    0.1%
$15,000.01-$20,000.00    19,881,316    0.1%   1,190    0.0%(1)
$20,000.01 or  more    10,939,888    0.1%   433    0.0%(1)
Total   $15,980,722,246    100.0%   22,926,362    100.0%

  

Composition by Credit Limit Range

 


Credit Limit Range

 

Total Receivables
Outstanding

  

Percentage of 
Total Receivables
Outstanding

  

Number
of Accounts

  

Percentage 
of Number 
of Accounts

 
$0.01-$500.00   $152,852,169    1.0%   1,722,269    7.5%
$500.01-$1,000.00    432,325,470    2.7%   1,816,195    7.9%
$1,000.01-$2,000.00    1,544,004,760    9.7%   5,558,922    24.2%
$2,000.01-$3,000.00    1,996,329,143    12.5%   4,178,069    18.2%
$3,000.01-$4,000.00    1,850,792,750    11.6%   2,462,119    10.7%
$4,000.01-$5,000.00    2,214,001,196    13.9%   2,094,006    9.1%
$5,000.01-$6,000.00    2,056,400,566    12.9%   1,439,805    6.3%
$6,000.01-$7,000.00    1,322,481,801    8.3%   904,682    3.9%
$7,000.01-$8,000.00    1,426,048,067    8.9%   955,762    4.2%
$8,000.01-$9,000.00    891,111,881    5.6%   489,254    2.1%
$9,000.01-$10,000.00    1,598,446,643    10.0%   1,058,816    4.6%
$10,000.01 or more    495,927,799    3.1%   246,463    1.1%
Total   $15,980,722,246    100.0%   22,926,362    100.0%

 

Composition by Account Age Range

 


Account Age Range

 

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    -    0.0%   -    0.0%
Over 24 Months to 36 Months    616,745,563    3.9%   976,140    4.3%
Over 36 Months to 48 Months    1,196,138,473    7.5%   1,679,854    7.3%
Over 48 Months to 60 Months    1,321,554,211    8.3%   1,738,439    7.6%
Over 60 Months to 72 Months    1,227,702,952    7.7%   1,639,070    7.1%
Over 72 Months to 84 Months    1,332,427,867    8.3%   1,611,633    7.0%
Over 84 Months to 96 Months    1,600,525,773    10.0%   1,862,841    8.1%
Over 96 Months to 108 Months    1,140,800,279    7.1%   1,469,496    6.4%
Over 108 Months to 120 Months    1,327,547,838    8.3%   1,487,914    6.5%
Over 120 Months    6,217,279,290    38.9%   10,460,975    45.6%
Total   $15,980,722,246    100.0%   22,926,362    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 April 30, 2015 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   $1,547,096,716    9.7%   2,068,871    9.0%
California    1,287,338,686    8.1%   2,288,363    10.0%
Florida    1,039,079,037    6.5%   1,496,059    6.5%
North Carolina    861,697,200    5.4%   1,178,206    5.1%
New York    759,537,643    4.8%   1,166,916    5.1%
Other    10,485,972,964    65.6%   14,727,947    64.2%
Total   $15,980,722,246    100.0%   22,926,362    100.0%

  

Composition by Delinquency Status

 


Delinquency Status

 

Total Receivables
Outstanding

  

Percentage of 
Total Receivables
Outstanding

  

Number
of Accounts

  

Percentage 
of Number 
of Accounts

 
Current, Credit and Zero Balance   $15,039,951,370    94.1%   22,328,880    97.4%
1-29 Days    468,574,657    2.9%   359,895    1.6%
30-59 Days    128,794,229    0.8%   76,123    0.3%
60-89 Days    102,985,166    0.6%   52,025    0.2%
90-119 Days    84,251,282    0.5%   40,211    0.2%
120-149 Days    80,079,570    0.5%   36,176    0.2%
150 or More Days    76,085,972    0.5%   33,052    0.1%
Total   $15,980,722,246    100.0%   22,926,362    100.0%

  

The following table reflects receivables as of April 30, 2015, 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   $1,123,349,796    7.0%
600 to 659    3,085,453,783    19.3%
660 to 719    6,405,630,834    40.1%
720 and above    5,296,949,017    33.1%
No Score    69,338,817    0.4%
Total   $ 15,980,722,246    100.0%

 

 

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

 

 
 

 

Receivables Delinquency Experience
(Dollars in Thousands)

 

  

As of April 21,

  

As of December 21,

 
  

2015

  

2014

  

2013

 
  

Receivables

  

Percentage of
Receivables
Outstanding

  

Receivables

  

Percentage of
Receivables
Outstanding

  

Receivables

  

Percentage of
Receivables
Outstanding

 
Receivables Outstanding   $15,969,041        $17,429,750        $19,408,263      
Receivables Delinquent:                              
30-59 Days    130,794    0.82%   171,159    0.98%   223,805    1.15%
60-89 Days    104,499    0.65%   132,705    0.76%   171,322    0.88%
90-119 Days    84,753    0.53%   113,169    0.65%   140,698    0.72%
120-149 Days    84,207    0.53%   101,881    0.58%   119,678    0.62%
150-179 Days    77,794    0.49%   84,550    0.49%   99,588    0.51%
180 or More Days    0    0.00%   0    0.00%   0    0.00%
Total   $ 482,047    3.02%  $ 603,464    3.46%  $ 755,091    3.89%

  

  

As of December 21,

 
  

2012

  

2011

  

2010

 
  

Receivables

  

Percentage of
Receivables
Outstanding

  

Receivables

  

Percentage of
Receivables
Outstanding

  

Receivables

  

Percentage of
Receivables
Outstanding

 
Receivables Outstanding   $20,374,821        $19,636,126        $18,165,466      
Receivables Delinquent:                              
30-59 Days    240,178    1.18%   230,328    1.17%   239,331    1.32%
60-89 Days    175,120    0.86%   171,955    0.88%   182,981    1.01%
90-119 Days    142,810    0.70%   141,543    0.72%   156,931    0.86%
120-149 Days    116,342    0.57%   117,589    0.60%   141,554    0.78%
150-179 Days    101,894    0.50%   95,273    0.49%   110,458    0.61%
180 or More Days    0    0.00%   15    0.00%   4    0.00%
Total   $ 776,342    3.81%  $ 756,702    3.85%  $ 831,259    4.58%

  

 
 

 

Account Delinquency Experience

 

  

As of April 21,

  

As of December 21, 

 
  

2015

  

2014

  

2013

 
  

Accounts

  

Percentage of 
Total Accounts
Outstanding

  

Accounts

  

Percentage of 
Total Accounts
Outstanding

  

Accounts

  

Percentage of 
Total Accounts
Outstanding

 
Accounts Outstanding    22,930,595         24,153,279         30,218,856      
Accounts Delinquent:                              
30-59 Days    76,631    0.33%   101,615    0.42%   150,856    0.50%
60-89 Days    52,998    0.23%   69,724    0.29%   104,695    0.35%
90-119 Days    40,737    0.18%   56,060    0.23%   81,893    0.27%
120-149 Days    37,749    0.16%   49,598    0.21%   68,371    0.23%
150-179 Days    34,258    0.15%   40,063    0.17%   55,793    0.18%
180 or More Days    1    0.00%   0    0.00%   0    0.00%
Total    242,374    1.06%   317,060    1.31%   461,608    1.53%

  

  

As of December 21, 

 
  

2012

  

2011

  

2010

 
  

Accounts

  

Percentage of 
Total Accounts
Outstanding

  

Accounts

  

Percentage of 
Total Accounts
Outstanding

  

Accounts

  

Percentage of 
Total Accounts
Outstanding

 
Accounts Outstanding    36,683,421         38,362,612         36,768,070      
Accounts Delinquent:                              
30-59 Days    201,009    0.55%   176,207    0.46%   185,246    0.50%
60-89 Days    126,736    0.35%   117,955    0.31%   124,760    0.34%
90-119 Days    97,742    0.27%   93,716    0.24%   103,634    0.28%
120-149 Days    74,700    0.20%   76,267    0.20%   90,730    0.25%
150-179 Days    63,945    0.17%   62,484    0.16%   70,391    0.19%
180 or More Days    0    0.00%   6    0.00%   4    0.00%
Total   564,132    1.54%   526,635    1.37%   574,765    1.56%

 

 
 

 

Loss Experience
(Dollars in Thousands)

 

  

Four Months
Ended
April 21,

  

Securitization Reporting Year

 
  

2015

  

2014

  

2013

  

2012

  

2011

  

2010

 
Average Principal
Receivables Outstanding 		  $ 15,986,221   $ 17,146,343   $ 18,127,172   $ 17,676,845   $ 17,155,868   $ 17,547,629 
Gross Principal Charge-Offs   $367,624   $1,167,467   $1,189,535   $1,221,977   $1,350,808   $1,764,794 
Gross Principal Charge-Offs as a Percentage of Average Principal Receivables Outstanding (Annualized)    6.90%   6.81%   6.56%   6.91%   7.87%   10.06%
Less:  Recoveries   $49,808   $201,236   $214,757   $190,602   $170,904   $147,598 
Net Principal Charge-Offs   $317,816   $966,231   $974,778   $1,031,374   $1,179,904   $1,617,195 
Net Principal Charge-Offs
as a Percentage of Average Principal Receivables Outstanding (Annualized) 		   5.96%   5.64%   5.38%   5.83%   6.88%   9.22%
Gross Charge-Off Accounts    229,160    814,591    975,186    1,034,536    1,131,247    1,506,814 
Average Accounts Outstanding    23,694,744    27,556,108    33,456,581    36,425,576    37,840,154    40,654,019 
Gross Charge-Offs as a Percentage of Average Accounts Outstanding (Annualized)    2.90%   2.96%   2.91%   2.84%   2.99%   3.71%

  

Revenue Experience
(Dollars in Thousands)

 

 

 

 

Four Months
Ended
April 21,

  

Securitization Reporting Year

 
  

2015

  

2014

  

2013

  

2012

  

2011

  

2010

 
Average Principal Receivables Outstanding   $ 15,986,221   $ 17,146,343   $ 18,127,172   $ 17,676,845   $ 17,155,868   $ 17,547,629 
Collected Finance Charges
and Fees 		  $1,395,449   $4,537,206   $4,771,273   $4,392,709   $3,972,184   $4,275,252 
Collected Finance Charges and Fees as a Percentage of Average Principal Receivables Outstanding (Annualized)    26.19%   26.46%   26.32%   24.85%   23.15%   24.36%

  

Collateral for the Notes

 

The following information regarding the trust portfolio is as of April 21, 2015:

 

•total transferred receivables: $15,969,040,962
•principal receivables: $15,322,784,042
•finance charge receivables: $646,256,921
•total number of accounts designated to the trust portfolio: 22,930,595

 

As of April 30, 2015:

 

•The accounts designated for the trust portfolio had an average total receivable balance of approximately $697 and an average credit limit of approximately $3,467.
•For accounts designated for the trust portfolio, the percentage of the aggregate total receivable balance to the aggregate total credit limit was 20.1%.
•The average age of the accounts designated for the trust portfolio was approximately 129 months.

  

 

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