Bread Financial reports Q2 cont-op EPS $1.27, consensus 18c

Reports Q2 revenue $952M, consensus $968.57M. “I am pleased to report that we achieved another major milestone in the second quarter, reducing parent unsecured debt by more than $500 million, refinancing our term loan and revolving line of credit, and extending certain debt maturities, as well as delivering 23% growth in tangible book value versus the same period a year ago. Since 2020, we have reduced our long-term debt by 55%, paying down more than $1.7 billion and have more than tripled our TCE/TA ratio to 9.4%. Further, our direct-toconsumer deposits have grown $4.8 billion since Q1 of 2020 to $6.0B and represent 33% of our total funding. Coupled with strong free cash flow generation, our balance sheet management actions enhance our financial resilience and provide additional flexibility for capital utilization, including supporting continued business growth, continued debt reduction, and future capital distribution,” said Ralph Andretta, CEO.