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**Bread Financial Holdings, Inc. (NYSE:BFH) Q4 2023 Earnings Call Transcript January 25, 2024**

**Bread Financial Holdings, Inc. Reports Better-Than-Expected Earnings**

Bread Financial Holdings, Inc. has exceeded earnings expectations for the fourth quarter of 2023. The reported earnings per share (EPS) stand at $0.9, surpassing the expected figure of $-0.73. Despite this positive development, Bread Financial Holdings, Inc. is not one of the 30 most popular stocks among hedge funds at the end of the third quarter.

**Operator Instructions**

The conference call began with an introduction from the coordinator, Emily, placing all participants in a listen-only mode. Following the presentation, the floor was opened for questions.

**Remarks from Brian Vereb, Head of Investor Relations**

Brian Vereb took the opportunity to remind the participants about the availability of the slides and the earnings release on the Investor Relations section of the Bread Financial website. The call featured Ralph Andretta, President and CEO of Bread Financial, and Perry Beberman, Executive VP and CFO of Bread Financial. Vereb also cautioned that some comments and responses may contain forward-looking statements, based on management’s expectations and subject to risks and uncertainties.

**Introduction of Ralph Andretta and Highlights of the Year 2023**

Ralph Andretta addressed the participants, emphasizing key accomplishments in 2023. He highlighted responsible growth and balance sheet strengthening as part of the strategic initiatives. Furthermore, he mentioned the optimization of data and technology, the addition of new brand partners, and the reduction of parent-level debt. The company also invested in technology and innovation, hiring new engineers and enhancing their technology capabilities.

**Highlights of the Fourth Quarter and Looking Ahead**

Andretta discussed the company’s performance in the fourth quarter, marking the 11th consecutive quarter of year-over-year profitless tax and loan loss provision growth. Despite challenges in the macroeconomic environment, the company achieved a net income of $43 million. He also emphasized the company’s disciplined credit risk management and prudent capital and risk management, stating that they are focused on addressing the impact of regulatory changes and varied credit cycles.

**Capital Metrics and Debt Reduction**

Andretta presented the company’s disciplined capital allocation strategy and its focus on profitable growth, improving metrics, and reducing parent-level debt. He highlighted the substantial growth in tangible book value over the past several years and the reduction of parent-level debt by 54% in just over three years.

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