Good Brian. and you, morning, for call. all Thank thank joining the you
I'd to begin, his Data. acknowledge like Alliance I contributions Before Tim King to for
takeaways I Perry quarter. on accomplished will We joining Perry X, an of Beberman will team. as the CFO. services. in years company new the joining key than Slide financial to announced, look be previously we As start him with leader, is experience with XX the from July our forward executive more in
pleased credit levels. are pre-pandemic towards sales we rebound see to First,
government the vaccine to to in-store expansion rollout, confidence of are we shopping. stimulus, the continues With consumer seeing the return the consumer of and improve, additional
initial partners, AptXB. in the first Bread brand platform our began of to quarter, rollout the Next, the with
more have opportunities, additional discussions to we second quarter. the our and partners expect to active with discuss for in cross-sell in We’re
partners. new we Fiserv its business expansion leverage our payment this a Bread's point-of-sale of partnership. strategic to Data. announced through the drive and very offer lending merchant receivables Fiserv, power Just sales and growth extensive will We're our this base, platform partnership capabilities products to Alliance partnership. potential morning, the and excited The merchant for for digital of relationship strategic will Fiserv’s with platform about
the credit credit as a in our $XXX was our of reported result our our results and to We to Finally, member strong actions, underwriting X continued deliberate took first behavior, for evident payments We by revenue by release payment the $XXX continues total $X.X an metrics share. quarter. improve management, was risk diluted last quarter. performance improve or prudent are sales and $X.XX of Slide inflection X%. stimulus impacted first The consumer provision in $X.XX. actions year. Net million, while enhanced of performance for a year-over-year, quarter receivables second half Revenues year-over-year, move towards and point virtually flat quarter of diluted we loan down excluding expenses, total as million, the declined Credit average XX% closer in billion. included for were growth loss, highlights EPS the deliberate key year, credit behavior, for net payment the card metrics. were the financial the elevated reserve income per
for spent aligns from on can and tracker which time mobility. services you see our continued credit with business, cellphone consumer Moving based the on to sales The is card away improvement confidence in the estimated recovery using location home, in mobility Slide data. X,
quarter, X% year-over-year up and down compared of fourth in of in are now the As activity, only increased XX% quarter brand the to in-store XXXX. picked a result year-over-year, the lower first sales being
online, with also remaining flat bounced first spend improvement to to with the total at in to quarter. of year-over-year, the XX% addition the In digital account sales quarter in sales new Applications X%. continue sales to back improving in-store be consumers the activity, growth
We and optimistic highlights trends our Slide renewals, positive select these the The with economy, model in additions Fiserv. extensive partnership and partner opens remain encouraged Bread. we’re Fiserv strategic continue. will the seeing that by are or distribution X progress partnership an new for
having Fiserv acquiring both will APIs, online will platform, As a the of robust Bread’s its Fiserv first partner, augment best-in-class payments services, Bread and customized growth utilize merchants, use both solution We in primary in suite, XXXX. merchant merchant existing a anticipate a our financing store launch point-of-sale for and services. with of with quarter processing companies. for collaborate to Fiserv suite early to integrated significant fully opportunities that payment provide unlock Fiserv’s third
add allows in payment card easy, new Bread members checkout experience new card to secure XXX. a private array acquiring co-brand quick, with partners with merchant growing Bread’s card, loyalty in partnership to of our and and card, members, continues. Petco, merchant continue partners, We total The Pay and a store, Petco's to offer a and new success for including wide approximately online benefits Petco contactless option. program count label
We of in the the select of to dozens few a new platform added the first displayed on this quarter have partners slide.
platform in for more first good learn is in materialize and team card This relationship. quarter. chance our launched to which for of we successfully the we the mentioned, opportunities RoomPlace AptXB, second test to partner part Bread’s expect existing with I the preparation a was As on several
and and broad value sheet. provides and Bread in focus white represents. Bread shown reside merchant considerable our our The technology includes growth, we and to the partnership relationship. sales, renewals, Big direct the forward. return, as Today, three forward Alliance a which the leveraging The platform, and marketing distribution Bread’s going further receivable build programs business in I strategic merchants. assets, sales In Also interest and our Data. next-generation existing Our XXXX, which an table Fiserv’s X bring signed acquisition, partners provide payment and platform displays relationship have more Lots, platform relationships, fee. checkout the expand even with card can RBC. their with merchant acquires and solutions. Slide will multi-year on greater large merchant drive distribution model, acquirer partnership balance models, look label we Fiserv to augmenting delivering solutions both payment and with Fiserv distribution on and Data growing model, the balances relationship force, capabilities, the with model, will we By for loans Bank's network, capabilities, acquisition the In Alliance Torrid existing
the includes for Let’s turn to which Slide the MILES in Netherlands-based rewards LoyaltyOne, BrandLoyalty. to the performance program review AIR Canada, X, and
picking provision loan of the the of first is while the AIR lower in redemptions provides the strategic XXXX, new the first digital, the in up of was lower the and the expenses. the as with card receivable declined, with delinquency. lockdowns full to is term of net increase in of loss. Canada. expense services the XXXX, MILES in on campaigns, will quarter, XXXX. down a the result to down eventual the the The products of the down slides. continued provide for programs Revenue success impact. year-over-year, comeback sale of revenues, loyalty EBT investments for COVID-XX due in reduction of redemptions, this, first Precima with and January travel were loss, and was airline details strong XX BrandLoyalty’s LoyaltyOne our graph market with second optimistic to half results the down Consumers the LoyaltyOne, pipeline compared quarter results preparing and revenue XXXX, home. our and in both growth issued, coming actively in of of engaged second for quarter results focused on balances fewer and of primarily X% excluding benefit quarter travel-related driver particular to will rewarded provides XX%, slide, in a decrease XXXX. services miles already are the segment provision Slide X due loan MILES the level in in that Slide first quarter, compared total expenses, I quarter bottom despite primarily in displayed for of was high the clients Bread and half is the on more a As short the opportunity, providing primary loyalty increased of income lower redeemed in partners. were card tied year, to a program of AIR substantial for
primarily Although result a up, payment in card we loss behavior, is provision lower rate. delinquency start continued improving are of to activities program services strong seeing the expense, year-over-year from card EBT resulting the member and pick loyalty improvement
total the show credit the bottom some XX, to the our of receivables review trends. and average our I Starting Slide key company. Moving we left, at business metrics sales for will
For in the at credit we saw $X come billion. quarter, sales
see expect stronger as a sales quarter. earlier, would rebound to our credit in the consumer highlighted I second As sales credit in we and confidence continue improves, performance
While average continued normal seasonal elevated sequentially, by balance payment receivables behaviors, pressured out flat season. and to remain the reductions be of holiday coming balances
approximately yields lower funds fourth points our the as the improved sales by basis driven we discipline sequentially, dropped quarter. right, quarter, services Moving seasonal of to Card XX and for cost the pricing the higher maintained in focus.
turning expenses. to Finally,
The first excuse quarter was me. -
lower prior $XXX estate expenses, due was from depreciation quarter, my optimization quarter expenses down real expense. the XXXX, of The from and first amortization redemption million the to in part and in quarter fourth actions lower
will start in the left. I Turning upper to XX, Slide
the rate For versus quarter, finished previous a loss points the quarter. of X%, basis XXX at we down
points you left rate bottom XX basis to can quarter. see our versus X.X%, the in improvement slide, the previous down the delinquency On of the
continued and improvement of took to success. deliberate We results metrics. in our are evidence balanced Last year, are credit and management, our risk the with ensure pleased actions well-managed the we
our for allowance side by reserve primarily the $XXX rate rate, sequential to turning balance to hand a delinquency decline, and the of improving economic billion, driven improved Finally, XX.X%. the of conditions, $X.X right million a page, decreased
levels continued provides the economy, potential year. XX in uncertainty elevated the our the our reflect to reserve outlook remain Slide the for financial risk. Given
year-over-year, high sales single be double expect down full average up XXXX. receivables digits We to low year with credit mid-single digits to in
growth high low resume card single to to digit receivables expect We XXXX. digit in double
in total expenses fuel marketing, remains up Our and and thoughtfully the make Bread, analytics, ramp will and throughout to investments outlook quarter unchanged year. each total data digital, growth. for as for continue revenue future XXXX, to we Expenses
to needed to quarters. cautious our our optimism as outlook. or recovery, align have investment At up time, are with flex the ability down given we this and We (indiscernible) conditions market dollars (indiscernible) our
rate performance net can improving we loss anticipate efficiency, the the As remains growth. you X%, us financial XX of for and we hope drive sustained our focused delinquency showcase quarter will our and business, high on to strategy, our than returns, We low, We join our profitable over and leadership up rate initiatives in to second Event, growth efficiencies, the strategic Operator, loss on into around where risk, team, questions. improves credit continuing to the and long-term. strong be and full-year in our now range. to remain to our be mid the long-term better X% to we're our ready open for rate Investor average May solidifying deeper historic invest go targets lines provide
