Bread Financial Holdings Inc Investor Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Ryan Nash - Goldman Sachs & Co. LLC - Analyst : Ryan Nash, Goldman Sachs. And thank you for all the information today. Maybe just tie together some of the things that Tammy and Perry said, I think one of the keys to reaching a mid 20s return is your better than peer risk adjusted margin? Perry, you highlighted a couple of competitors and you look at your closest competitor, you're talking about seeing a similar loss rate, 6%, but significantly higher yields 600 basis points-plus higher. Now, Tammy, I know you talked about the risks being different from some of the competitors, but what do you attribute this excess yield to? And do you think you can maintain this excess yield and also have similar loss rates to competitor? Thanks.

Question: Ryan Nash - Goldman Sachs & Co. LLC - Analyst : Ralph, you talked about this company should have return significant amounts of capital. I know that Perry showed needing to reach 14%. I'm guessing until we see that happen. But once that does happen. What do you think about the right use of capital generation between organic dividend and repurchase? And do you see acquisitions at all playing a role in the use of your capital you?