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Alliance Data Systems (ADS) Avg. Receivables Up 15% in March, Q1

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April 15, 2014 7:33 AM EDT

Alliance Data Systems Corporation (NYSE: ADS) provided an update on its Private Label segment.

In conjunction with the release of the Company's Master Trust Monthly Noteholder's Statement, the Company is releasing similar metrics for the overall total managed portfolio. The Master Trust data represents a subset of the Company's total managed portfolio, and the Company believes the information presented below provides a more complete view of the Private Label segment.

For the

month ended

For the three

months ended

March 31, 2014

March 31, 2014

(dollars in thousands)

Average receivables

$ 7,869,725

$ 8,022,652

Year over year change in average receivables

15%

15%

Net charge-offs

$ 31,016

$ 96,593

Net charge-offs as a percentage of average receivables

4.7%*

4.8%

As of

As of

March 31, 2014

March 31, 2013

(dollars in thousands)

30 days + delinquencies - principal

$ 297,328

$ 254,454

Period ended receivables - principal

$ 7,674,407

$ 6,680,812

Delinquency rate

3.9%

3.8%

*Compares to 4.6% for the month ended March 31, 2013 on a pro forma basis. Included in the pro forma net charge-off rate are those losses associated with the purchased credit card receivables of Bon Ton, Inc. and Talbots, which were acquired on July 24, 2012 and August 3, 2012, respectively. The Company believes that it is meaningful to investors to see the net charge-off rate that includes losses on these acquired credit card receivables as it is more indicative of a normalized loss rate.


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