Capital One Financial Corp (COF) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Capital One second-quarter 2025 earnings call. Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Capital One 2025 年第二季財報電話會議。請注意，今天的會議正在錄音。（操作員指示）

I would now like to hand a conference over to your speaker today, Jeff Norris, Senior Vice President of Finance. Please go ahead.

現在，我想將會議交給今天的發言人，財務高級副總裁傑夫諾里斯 (Jeff Norris)。請繼續。

Thanks very much, Josh, and welcome, everybody. Just a few opening remarks. To access the live webcast of this call, please go to the Investors section of Capital One's website, CapitalOne.com. A copy of the earnings presentation, press release, and financial supplement can also be found on the Investors section of Capital One's website by selecting Financials, then Quarterly Earnings Releases.

非常感謝，喬希，歡迎大家。我只想講幾句開場白。如需觀看本次電話會議的現場網路直播，請造訪 Capital One 網站 CapitalOne.com 的「投資者」版塊。您也可以在 Capital One 網站的“投資者”版塊中依次選擇“財務”和“季度收益報告”，以獲取收益報告、新聞稿和財務補充資料。

With me tonight are Mr. Richard Fairbank, Capital One's Chairman and Chief Executive Officer; Mr. Andrew Young, Capital One's Chief Financial Officer. Rich and Andrew are going to walk you through the presentation summarizing our second-quarter results for 2025.

今晚與我一起出席的還有 Capital One 董事長兼執行長理查德·費爾班克先生和 Capital One 財務長安德魯·楊先生。Rich 和 Andrew 將向您介紹我們 2025 年第二季的業績總結。

Please note that this presentation may contain forward-looking statements. Information regarding Capital One's financial performance, and any forward-looking statements contained in today's discussion and the materials speak only as of the particular date or dates indicated in the materials.

請注意，本簡報可能包含前瞻性陳述。有關 Capital One 財務表現的資訊以及今天的討論和資料中包含的任何前瞻性陳述僅代表資料中指明的特定日期。

Capital One does not undertake any obligation to update or revise any of this information, whether it was a result of new information, future events, or otherwise. Numerous factors could cause our actual results to differ materially from those described in forward-looking statements.

無論是由於新資訊、未來事件或其他原因，Capital One 均不承擔更新或修改任何此類資訊的義務。許多因素可能導致我們的實際結果與前瞻性陳述中所述的結果有重大差異。

And for more information on these factors, please see the section titled Forward-Looking Information in the earnings release presentation and the risk factors section of our annual and quarterly reports accessible at Capital One's website and filed with the SEC.

有關這些因素的更多信息，請參閱收益新聞稿中標題為“前瞻性信息”的部分以及我們的年度和季度報告中的風險因素部分，這些報告可在 Capital One 的網站上訪問並提交給美國證券交易委員會 (SEC)。

With that, I'll turn the call over to Mr. Fairbank. Rich.

說完這些，我會把電話轉給費爾班克先生。富有的。

Thanks, Jeff, and good evening to everyone on tonight's call. I want to begin tonight by welcoming our colleagues at Discover to the Capital One journey. As you know, we completed our acquisition of Discover on May 18, and we're fully mobilized and hard at work on integration, which is going well.

謝謝，傑夫，祝今晚電話會議的各位嘉賓晚上好。今晚，首先我想歡迎 Discover 的同事加入 Capital One 之旅。如您所知，我們於 5 月 18 日完成了對 Discover 的收購，目前我們已全力以赴，致力於整合工作，進展順利。

It's still early days, but we very much like what we've seen so far. We share key cultural attributes with Discover, including a deep shared commitment to customers. And we're as excited as ever by the expanding set of opportunities to grow and create value as a combined company.

現在還為時過早，但我們非常喜歡目前所看到的情況。我們與 Discover 有著共同的關鍵文化屬性，包括對客戶的深刻共同承諾。我們對合併後公司不斷擴大的成長和創造價值的機會感到一如既往的興奮。

From our founding days, we've been on a quest to build a great financial institution and integrated banking and global payments platform that's positioned at the forefront of the opportunities that will come as technology and data transform financial services.

自成立以來，我們一直致力於建立優秀的金融機構和綜合銀行及全球支付平台，引領科技和數據改變金融服務所帶來的機會。

Discover enhances and accelerates our progress on this quest. I'll share additional thoughts on the hard work, investments, and compelling opportunities we see going forward at the conclusion of tonight's call.

發現增強並加速了我們在這項探索上的進展。在今晚的電話會議結束時，我將分享我們對未來努力工作、投資和引人注目的機會的更多想法。

But for now, I'll turn the call over to Andrew to discuss the balance sheet and purchase accounting impacts of the deal, as well as our financial performance in the second quarter. Andrew?

但現在，我將把電話轉給安德魯，討論交易的資產負債表和購買會計影響，以及我們第二季的財務表現。安德魯？

Thanks, Rich, and good afternoon, everyone. I will start on slide 3 of tonight's presentation. As Rich just discussed, we closed the acquisition of Discover on May 18. We have now completed provisional purchase accounting and incorporated Discover's business lines into our reported segments with Discover's domestic card and personal loans now included in our credit card segment, and Discover's deposits and network businesses in our consumer segment. As part of the acquisition, we acquired $98.3 billion of domestic card loans with a net fair value discount of $220 million.

謝謝，Rich，大家下午好。我將從今晚演講的第 3 張幻燈片開始。正如 Rich 剛才所討論的，我們在 5 月 18 日完成了對 Discover 的收購。我們現在已經完成了臨時購買會計，並將 Discover 的業務線納入我們的報告分部，其中 Discover 的國內卡和個人貸款現在包含在我們的信用卡分部中，而 Discover 的存款和網絡業務則包含在我們的消費者分部中。作為收購的一部分，我們收購了價值 983 億美元的國內信用卡貸款，淨公允價值折扣為 2.2 億美元。

We also acquired $9.9 billion of personal loans with a net fair value discount of $114 million. And we acquired $106.7 billion of deposits with a net fair value discount of $30 million. The amortization of these net fair value marks decreased net interest income by $85 million in the quarter. The full loan and deposit amortization schedule is included on slide 17 of the appendix.

我們也收購了價值 99 億美元的個人貸款，淨公允價值折扣為 1.14 億美元。我們獲得了 1067 億美元的存款，淨公允價值折扣為 3000 萬美元。這些淨公允價值標記的攤銷導致本季淨利息收入減少了 8,500 萬美元。完整的貸款和存款攤銷計畫包含在附錄的第 17 張投影片中。

We also acquired $7.9 billion of home loans, which had been marked as held for sale and are now included in discontinued operations. The net credit mark on the Discover loan portfolio increase the allowance on the balance sheet by $8.4 billion, with $8.8 billion of provision expense for non-PCD loans flowing through the P&L. I will discuss the allowance in greater detail in a moment.

我們還收購了價值 79 億美元的房屋貸款，這些貸款之前被標記為持有待售，現在被納入停止經營業務。Discover 貸款組合的淨信用標記使資產負債表上的準備金增加了 84 億美元，其中 88 億美元的非 PCD 貸款撥備費用流入損益表。我稍後將更詳細地討論這項津貼。

There were multiple amortizing intangibles created as a result of the acquisition. We recognized a core deposit intangible of $1 billion, a purchased credit card relationships intangible of $10.3 billion, and network and financial partner relationships intangibles of $1.5 billion.

此次收購產生了多項攤銷無形資產。我們確認了 10 億美元的核心存款無形資產、103 億美元的購買信用卡關係無形資產以及 15 億美元的網路和金融合作夥伴關係無形資產。

The amortization of these intangibles increased non-interest expense by $255 million in the second quarter. We have included a full intangible amortization schedule on slide 18 in the appendix. We also recognize two intangibles with indefinite lives: a network intangible of $3.1 billion; and brand and trade name intangibles of $2.3 billion. And finally, we recorded goodwill of $13.2 billion.

這些無形資產的攤銷導致第二季非利息支出增加了 2.55 億美元。我們在附錄第 18 張投影片中附上了完整的無形資產攤銷計畫。我們也確認了兩項使用壽命不確定的無形資產：價值 31 億美元的網路無形資產；價值 23 億美元的品牌和商號無形資產。最後，我們記錄了 132 億美元的商譽。

Including the impact of purchase accounting and the allowance build, the partial quarter impact of the legacy Discover businesses contributed $2 billion of revenue and a $6.4 billion net loss to the results from continuing operations.

包括採購會計和備抵金建構的影響在內，遺留 Discover 業務的部分季度影響為持續經營業績貢獻了 20 億美元的收入和 64 億美元的淨虧損。

I'll also note that, as we bring the two companies together, there are financial reporting presentation realignments and business changes that impact the reporting geography of revenue, marketing, and operating expense recognition. In total, these moves increase the operating efficiency by roughly 30 basis points and the total efficiency by roughly 15 basis points in the second quarter.

我還要指出的是，當我們將兩家公司合併時，財務報告呈現方式會進行調整，業務也會發生變化，從而影響收入、行銷和營運費用確認的報告地理範圍。總體而言，這些舉措使第二季的營運效率提高了約 30 個基點，整體效率提高了約 15 個基點。

Looking ahead, we expect the run rate impact of these changes to result in a roughly 90 basis point increase to the operating efficiency ratio and a roughly 50 basis point increase to the total efficiency ratio, all else equal. There is no impact from the reclassifications to the timing of recognition in either the second quarter or in future quarters, so the net impact to the bottom line is negligible.

展望未來，我們預計，在其他條件相同的情況下，這些變化對運行率的影響將導致營運效率比率增加約 90 個基點，總效率比率增加約 50 個基點。重新分類對第二季或未來幾季的確認時間沒有影響，因此對底線的淨影響可以忽略不計。

Turning to slide 4, I'll cover the second quarter financial highlights for the combined company. Our results for the quarter were significantly impacted by the completion of the Discover acquisition. On a GAAP basis, we had a net loss of $4.3 billion, or a loss of $8.58 per diluted common share.

翻到投影片 4，我將介紹合併後公司第二季的財務亮點。我們本季的業績受到 Discover 收購完成的重大影響。依照 GAAP 標準，我們的淨虧損為 43 億美元，即每股攤薄虧損 8.58 美元。

Included in the results for the quarter were multiple adjusting items related to Discover, as well as a small addition to our legal reserves. Net of these adjustment items, net income in the quarter was $2.8 billion and diluted earnings per share was $5.48.

本季業績包括與 Discover 相關的多個調整項目，以及少量法定儲備金的增加。扣除這些調整項目後，本季淨收入為 28 億美元，每股攤薄收益為 5.48 美元。

There was also one notable item in the quarter. A law change in the State of California increased our effective tax rate, but also created a one-time, $128 million tax benefit as a result of chewing up our deferred tax assets.

本季還有一件值得注意的事情。加州的法律變更提高了我們的有效稅率，但也透過消耗我們的遞延稅務資產創造了一次性 1.28 億美元的稅收優惠。

Revenue in the second quarter increased $2.5 billion, or 25% compared to the first quarter. Adjusted revenue increased 26%, or $2.6 billion. Non-interest expense increased 18%, or 14% net of adjustments. Pre-provision earnings in the second quarter were up 34% relative to the first quarter, Net of adjustments, pre-provision earnings increased by 40%. The increase in pre-provision earnings was largely driven by the partial quarter impact of Discover, while also benefiting from strong legacy Capital One results.

第二季營收較第一季增加 25 億美元，成長 25%。調整後營收成長26%，即26億美元。非利息收入費用增加了 18%，扣除調整後增加了 14%。第二季撥備前利潤較第一季成長34%，扣除調整後，撥備前利潤成長40%。撥備前收益的成長主要受到 Discover 部分季度影響的推動，同時也受益於 Capital One 強勁的業績。

On a GAAP basis, our provision for credit losses was $11.4 billion in the quarter. Excluding the $8.8 billion initial allowance build for Discover, provision for credit losses was $2.7 billion, an increase of $294 million compared to the prior quarter. The increase was more than driven by $324 million in higher net charge-offs. A decline in charge off at legacy Capital One was more than entirely offset by the addition of the partial quarter of the Discover portfolio.

以 GAAP 計算，本季我們的信貸損失準備金為 114 億美元。不計入為 Discover 提取的 88 億美元初始撥備，信貸損失準備金為 27 億美元，較上一季增加 2.94 億美元。這一增長主要得益於 3.24 億美元的淨沖銷金額。原 Capital One 沖銷額的下降被 Discover 投資組合部分季度的增加完全抵銷。

Turning to slide 5, I'll now cover the allowance in greater detail. We built $7.9 billion of allowance in the quarter, bringing the allowance balance to $23.9 billion. The primary drivers of the change in allowance related to the Discover acquisition, which included an $8.8 billion expense for non-PCD loans, and a $2.9 billion initial allowance for PCD loans, offset by a $3.3 billion benefit from the expected recoveries of acquired Discover loans that are fully charged off.

翻到投影片 5，我現在將更詳細地介紹津貼。我們在本季建立了 79 億美元的配額，使配額餘額達到 239 億美元。撥備金變化的主要驅動因素與 Discover 收購有關，其中包括 88 億美元的非 PCD 貸款支出和 29 億美元的 PCD 貸款初始撥備，但被已完全註銷的 Discover 貸款預期回收收益 33 億美元所抵消。

Excluding these Discover impacts, the allowance balance declined by approximately $400 million. Our total portfolio coverage ratio increased 52 basis points to 5.43%, driven largely by the mix shift of our portfolio. I'll cover the drivers of the changes in allowance and coverage ratio by segment on slide 6.

不包括這些 Discover 的影響，準備金餘額減少了約 4 億美元。我們的總投資組合覆蓋率增加了 52 個基點，達到 5.43%，這主要得益於我們投資組合的組合轉變。我將在第 6 張投影片上介紹各個部分撥備和覆蓋率變化的驅動因素。

In our credit card, we built approximately $8 billion of allowance in the quarter. Roughly $760 million of the build is driven by the acquisition of Discover's personal loan portfolio, with the remaining $7.2 billion build in the domestic card business.

在我們的信用卡中，我們在本季建立了約 80 億美元的配額。其中約 7.6 億美元的成長來自於對 Discover 個人貸款組合的收購，其餘 72 億美元的成長來自於國內信用卡業務。

The domestic card build was driven by two factors. First, we released approximately $400 million of allowance in the legacy Capital One portfolio. This legacy card release was driven by continued favorable credit performance in the quarter, partially offset by modestly worse economic outlook. And second, we built $7.6 billion of allowance for the Discover domestic card loans added in the quarter.

國內卡片的建設受到兩個因素的推動。首先，我們釋放了 Capital One 原有投資組合中約 4 億美元的配額。此次發行的傳統信用卡是由於本季度信貸表現持續良好，但因經濟前景略有惡化而部分抵消了這一影響。其次，我們為本季新增的 Discover 國內卡貸款設立了 76 億美元的撥備。

The combination of incorporating an updated economic outlook, aligning allowance methodologies, and reserving for growth in the portfolio led to a roughly $400 million increase in the allowance for Discover's card loans relative to the equivalent balance as a standalone company at the end of Q1. The consolidated domestic card coverage ratio now stands at 7.62%.

結合最新的經濟前景、調整撥備方法以及為投資組合的成長預留資金，Discover 信用卡貸款的撥備相對於第一季末獨立公司的等值餘額增加了約 4 億美元。目前國內綜合信用卡覆蓋率為7.62%。

The allowance balance in our consumer banking segment was largely flat at $1.9 billion. Observed credit favorability and the impact of stable auction prices was largely offset by growth in the auto business. The ending coverage ratio of 2.29% was down 8 basis points from the prior quarter. And finally, the commercial banking allowance balance of 1.5 billion and coverage ratio of 1.74% are largely flat to the prior quarter.

我們的消費銀行部門的準備金餘額基本上持平於 19 億美元。信貸優惠和穩定的拍賣價格的影響在很大程度上被汽車業務的成長所抵消。期末覆蓋率為 2.29%，較上一季下降 8 個基點。最後，商業銀行撥備餘額15億元，撥備覆蓋率為1.74%，與上一季基本持平。

Turning to page 7, I'll now discuss liquidity. Total liquidity reserves ended the second quarter at $144 billion, up roughly $13 billion relative to last quarter. Our cash position sits at $59.1 billion, up $10.5 billion from the prior quarter. The increase in cash was primarily driven by proceeds from the sale of a portion of Discover Securities, as well as the addition of acquired cash from Discover. Our preliminary average liquidity coverage ratio increased slightly during the second quarter to 157%, and our average NSFR remained roughly flat at 136%.

翻到第 7 頁，我現在將討論流動性。第二季末總流動性儲備為 1,440 億美元，較上一季增加約 130 億美元。我們的現金狀況為 591 億美元，比上一季增加了 105 億美元。現金的增加主要得益於出售部分 Discover Securities 的收益以及從 Discover 收購的現金。我們初步的平均流動性覆蓋率在第二季度略有上升，達到 157%，而我們的平均 NSFR 基本上保持在 136% 的水平。

Turning to page 8, I'll cover our net interest margin. Our second-quarter net interest margin was 7.62%, 69 basis points higher than the prior quarter. The partial qua impact of adding Discover increased NIM by roughly 40 basis points.

翻到第 8 頁，我將介紹我們的淨利差。我們第二季的淨利差為 7.62%，比上一季高出 69 個基點。加入 Discover 的部分準權益效應使 NIM 增加了約 40 個基點。

This 40 basis point increase includes the roughly offsetting effects of a 6 basis point drag from the fair value marks and a 6 basis point tailwind from changing Discover's historical practice to now include late fees in interest income. The remaining nearly 30 basis point improvement in them was driven by cap legacy Capital One, which had lower rate paid on deposits, a liability mix shift towards deposits, and one additional day in the quarter. Looking ahead, we expect the full quarter benefit from the Discover acquisition to drive an additional 40 basis point increase to NIM, all else equal.

這 40 個基點的成長包括公允價值標記帶來的 6 個基點的拖累，以及 Discover 改變其歷史做法（現在將滯納金納入利息收入）帶來的 6 個基點的順風，這兩者的效應大致相抵。其餘近 30 個基點的改善是由資本遺留的 Capital One 推動的，該公司的存款利率較低，負債組合向存款轉移，並且本季度增加了一天。展望未來，我們預計，在其他條件相同的情況下，收購 Discover 帶來的整個季度收益將推動淨息差額外增加 40 個基點。

Turning to slide 9, I will end by discussing our capital position. Our common equity Tier 1 capital ratio ended the quarter at 14%, approximately 40 basis points higher than the prior quarter. The impact of the equity issuance for the acquisition was partially offset by the additional goodwill and intangible assets, the increase in risk weighted assets, the net loss in the quarter, dividends, and $150 million of share repurchases.

翻到第 9 張投影片，我將最後討論一下我們的資本狀況。本季末，我們的普通股一級資本比率為 14%，比上一季高出約 40 個基點。此次收購的股權發行的影響被額外的商譽和無形資產、風險加權資產的增加、本季度的淨虧損、股息以及 1.5 億美元的股票回購部分抵消。

During the quarter, the Federal Reserve released the results of their stress test. Our preliminary stress capital buffer requirement is 4.5%, resulting in a CET1 need of 9%. The new SCB becomes effective on October 1.

本季度，聯準會公佈了壓力測試的結果。我們初步的壓力資本緩衝要求為 4.5%，因此 CET1 需求為 9%。新的 SCB 將於 10 月 1 日生效。

Now that we've closed the Discover transaction, we are working through our internal modeling of the combined companies' capital need and look forward to sharing an update once our work is complete.

現在我們已經完成了 Discover 交易，我們正在透過內部模型研究合併後公司的資本需求，並期待在工作完成後分享最新消息。

With that, I will turn the call back over to Rich.

說完這些，我會把電話轉回給里奇。

Thanks, Andrew. Slide 11 shows second-quarter results in our credit card business. Credit card segment results are largely a function of our domestic card results and trends, which are shown on slide 12. The Discover acquisition was the dominant driver of second-quarter domestic card results, including the impact of a partial quarter of combined operations, a combined quarter-end balance sheet, and purchase accounting effects.

謝謝，安德魯。幻燈片 11 展示了我們信用卡業務第二季的業績。信用卡部門的表現很大程度上取決於我們的國內信用卡業績和趨勢，如投影片 12 所示。對 Discover 的收購是第二季國內信用卡業績的主要推動因素，包括部分季度合併營運、合併季末資產負債表和購買會計效應的影響。

Looking through the Discover impact, the combined domestic card business delivered another quarter of top-line growth, strong margins, and improving credit. Year-over-year purchase volume growth for the quarter was 22%, which includes $26.5 billion of Discover purchase volume.

從 Discover 的影響來看，合併後的國內信用卡業務又實現了一個季度的營收成長、強勁的利潤率和信用改善。本季購買量年增 22%，其中包括 265 億美元的 Discover 購買量。

Excluding Discover, year-over-year purchase volume growth was about 6%. Ending loan balances increased 72%, largely as a result of adding $99.7 billion of Discover card loans. Excluding Discover, ending loans grew about 4% year over year.

不包括 Discover，年比購買量成長約 6%。期末貸款餘額增加了 72%，主要是因為增加了 997 億美元的 Discover 卡貸款。不包括 Discover 銀行，期末貸款年增約 4%。

And revenue was up 33% from the second quarter of 2024, driven largely by adding the partial quarter of Discover revenue. Excluding Discover, year-over-year revenue growth was about 8% driven by underlying growth in purchase volume and loans.

營收較 2024 年第二季成長了 33%，這主要得益於 Discover 部分季度營收的增加。不包括 Discover，年收入成長約為 8%，這得益於購買量和貸款的潛在成長。

Revenue margin for the quarter was 17.3%, including a 121 basis point impact from the partial quarter of combined operations and amortization of the purchase accounting fair value mark. Excluding these Discover impacts, revenue margin would have been 18.5%.

本季營收利潤率為 17.3%，其中包括部分季度合併經營和購買會計公允價值標記攤銷的 121 個基點的影響。排除這些 Discover 的影響，營收利潤率將達到 18.5%。

The domestic card net charge-off rate was 5.25%, down 80 basis points from the prior year quarter. The 30-plus delinquency rate was 3.60%, down 54 basis points from the prior year. These metrics were impacted by the addition of Discover, which is historically had lower losses and delinquencies than Capital One.

國內卡淨沖銷率為5.25%，較去年同期下降80個基點。30歲以上的拖欠率為3.60%，比前一年下降了54個基點。這些指標受到了 Discover 的影響，從歷史上看，Discover 的損失和拖欠率低於 Capital One。

The delinquency metric was also impacted by aligning methodologies between Discover and Capital One. Capital One's legacy domestic card portfolio would have had a net charge off rate of 5.50%, down 55 basis points year over year, and the 30-plus delinquency rate of 3.92%, down 22 basis points from the prior year. Capital One's card delinquencies have been improving on a seasonally adjusted basis since October of last year, and our losses have been improving since January of 2025.

Discover 和 Capital One 之間計算方法的調整也對拖欠率指標產生了影響。 Capital One 原有的國內信用卡組合的淨沖銷率為 5.50%，年減 55 個基點；30 支以上信用卡的拖欠率為 3.92%，年減 22 個基點。自去年 10 月以來，Capital One 的信用卡拖欠情況經季節性調整後一直在改善，我們的損失自 2025 年 1 月以來一直在改善。

Discover's card credit metrics peaked about a quarter later, but are now improving steadily following a similar path to what we observed on the legacy Capital One portfolio. Domestic card non-interest expense was up 42% compared to the second quarter of 2024, operating expense and marketing both increased year over year.

Discover 的信用卡信用指標在大約一個季度後達到頂峰，但現在正在穩步改善，其路徑與我們在傳統的 Capital One 投資組合中觀察到的類似。國內卡非利息支出較2024年第二季成長42%，營運支出和行銷支出均較去年同期成長。

Total company marketing expense in the quarter was $1.35 billion, up 26% year over year. Our choices in domestic card are the biggest driver of total company marketing. We continue to see compelling growth opportunities in our domestic card business. Our marketing continues to deliver strong new account growth across the domestic card business and build an enduring franchise with heavy spenders at the top of the market.

本季公司行銷總費用為 13.5 億美元，較去年同期成長 26%。我們在國內卡上的選擇是整個公司行銷的最大驅動力。我們繼續看到國內信用卡業務的強勁成長機會。我們的行銷持續為國內信用卡業務帶來強勁的新帳戶成長，並在市場頂端與大額消費者建立持久的特許經營權。

Compared to the second quarter of 2024, domestic card marketing in the quarter included the addition of Discover marketing, hire direct response marketing, higher media spend, and increased investment in premium benefits and differentiated customer experiences. As always, all of our marketing and origination choices are informed by our continuous monitoring of portfolio trends, market conditions, and consumer and competitor behaviors.

與 2024 年第二季相比，本季國內卡行銷包括增加 Discover 行銷、僱用直接回應行銷、增加媒體支出以及增加對優質福利和差異化客戶體驗的投資。像往常一樣，我們所有的行銷和發起選擇都是基於我們對投資組合趨勢、市場狀況以及消費者和競爭對手行為的持續監控。

Slide 13 shows second-quarter results in our consumer banking business. Global payment network transaction volume from the May 18 close of the Discover acquisition through quarter-end was about $74 billion. Auto originations were up 28% from the prior year quarter, driven by overall market growth and our strong position to pursue resilient growth in the current marketplace.

幻燈片 13 展示了我們消費者銀行業務第二季的業績。自 5 月 18 日 Discover 收購結束至本季末，全球支付網路交易約 740 億美元。汽車發起量較去年同期成長 28%，這得益於整體市場的成長以及我們在當前市場中追求彈性成長的強大地位。

Consumer banking ending loan balances increased $5.6 billion, or about 7% year over year. Average loans were up 6%. Compared to the year-ago quarter, ending consumer deposits grew at 36% and average consumer deposits were up about 21%, driven largely by the addition of Discover deposits.

消費者銀行期末貸款餘額增加 56 億美元，年增約 7%。平均貸款增加6%。與去年同期相比，期末消費者存款成長了 36%，平均消費者存款成長了約 21%，這主要得益於 Discover 存款的增加。

Looking through the Discover impact, our digital first national consumer banking business continues to grow and gain traction, powered by our technology transformation and our compelling no fees, no minimums, and no overdraft fees customer value proposition.

縱觀 Discover 的影響，我們的數位優先全國消費者銀行業務繼續增長並獲得關注，這得益於我們的技術轉型以及我們引人注目的無費用、無最低限額和無透支費用客戶價值主張。

Consumer banking revenue for the quarter was up about 16% year over year, driven predominantly by the partial quarter of Discover, as well as growth in auto loans. Non-interest expense was up about 37% compared to the second quarter of 2024, driven largely by the partial quarter of Discover, as well as increased auto originations, the legal reserve addition that Andrew mentioned, higher marketing to drive growth in our national consumer banking business, and continued technology investments.

本季消費者銀行業務營收年增約 16%，主要得益於 Discover 的部分季度業績以及汽車貸款的成長。與 2024 年第二季度相比，非利息支出增加了約 37%，這主要得益於 Discover 的部分季度，以及汽車發起量的增加、安德魯提到的法定準備金增加、推動我們全國消費者銀行業務增長的更高營銷力度，以及持續的技術投資。

The auto charge-off rate for the quarter was 1.25%, down 56 basis points year over year. Largely as a result of our choice to tighten credit and pull back in 2022, auto charge offs are improving on a seasonally adjusted basis. The 30-plus delinquency rate was 4.84%, down 83 basis points year over year.

本季的自動沖銷率為1.25%，較去年同期下降56個基點。很大程度上是由於我們選擇在 2022 年收緊信貸並減少開支，經季節性調整後，汽車沖銷額正在改善。30歲以上拖欠率為4.84%，年減83個基點。

Slide 14 shows second-quarter results for our commercial banking business. Compared to the linked quarter, both ending and average loan balances were up 1%. Ending deposits were down about 2% from the linked quarter. Average deposits were down 4%. We continue to manage down selected, less attractive commercial deposit balances. Second-quarter revenue was up 6% from the linked quarter and non-interest expense was up by about 1%.

投影片 14 展示了我們商業銀行業務第二季的業績。與上一季相比，期末和平均貸款餘額均上漲了 1%。期末存款較上一季下降約 2%。平均存款下降了4%。我們繼續降低選定的、吸引力較小的商業存款餘額。第二季營收較上一季成長 6%，非利息支出成長約 1%。

The commercial banking annualized net charge off rate for the second quarter increased 22 basis points from the sequential quarter to 0.33%. The commercial criticized performing loan rate was 5.89%, down 52 basis points compared to linked quarter. The criticized non-performing loan rate was down 10 basis points to 1.30%.

第二季商業銀行年化淨沖銷率較上一季上升22個基點至0.33%。商業銀行不良貸款率為5.89%，季減52個基點。受批評的不良貸款率下降10個基點至1.30%。

As we close this presentation and before we open it up for Q&A, I want to pull up and reflect, not just on the quarter, but also on where we are. In the second quarter, bringing on Discover for a partial quarter and the related purchase accounting impact dominated our reported results.

在我們結束本次演示並開始問答之前，我想回顧一下，不僅回顧一下本季的情況，也回顧一下我們所處的位置。在第二季度，引入 Discover 的部分季度以及相關的購買會計影響主導了我們的報告結果。

But looking through these effects are adjusted earnings top-line growth, credit results, and capital generation continued to be strong. We completed the Discover acquisition on May 18, and we continue to be very excited about the opportunity.

但從這些影響來看，調整後的獲利成長、信貸業績和資本生成持續保持強勁。我們於 5 月 18 日完成了對 Discover 的收購，我們對此機會感到非常興奮。

Here are some early financial observations. They are, of course, still subject to change, but we wanted to share our thoughts with you.

以下是一些早期的財務觀察。當然，它們仍可能發生變化，但我們想與您分享我們的想法。

Let me start with integration costs. Our integration budget covers a wide array of expenses including deal costs, moving Discover onto our tech stack, integrating their products and experiences, making additional investments in risk management and compliance, and integrating the talent and taking care of the associates along the way.

我先從整合成本開始。我們的整合預算涵蓋了廣泛的費用，包括交易成本、將 Discover 轉移到我們的技術堆疊上、整合他們的產品和體驗、在風險管理和合規方面進行額外投資，以及整合人才並在此過程中照顧員工。

The integration is off to a great start, but as we have gotten more granularity on each of these efforts, we expect our integration costs will be somewhat higher than our previously announced $2.8 billion.

整合工作開局良好，但隨著我們在每項工作上都更加細化，我們預計整合成本將略高於我們先前宣布的 28 億美元。

Let me turn now to synergies. We are on track to deliver the $2.5 billion in total net synergies. We discussed on the April earnings call. There are significant cost savings and also significant real revenue synergies and we have line of sight to achieving that.

現在讓我來談談協同效應。我們有望實現 25 億美元的總淨協同效應。我們在四月的收益電話會議上進行了討論。我們不僅節省了大量成本，還實現了顯著的實際收入協同效應，並且我們有望實現這一目標。

I also want to savor this moment and where we are. We are on the cusp of even greater opportunities down the road.

我也想珍惜這一刻以及我們所處的位置。我們正處於未來更大機會的前沿。

These opportunities come both from this deal and also from Capital One's transformation to be at the frontier of a rapidly changing marketplace. These opportunities are exciting, but they will require significant investment to bring them home.

這些機會既來自於這筆交易，也來自於 Capital One 轉型成為快速變化的市場前線。這些機會令人興奮，但需要大量投資才能實現。

Let me start with the opportunities with Discover. The revenue synergies we have already identified come from moving our debit business and a portion of our credit business on to the Discover network. To move more volume and capitalize on the tremendous scale benefits of the network, we need to achieve greater international acceptance, and then build a global network brand. This will enable moving bigger spenders onto the Discover network.

讓我先從 Discover 帶來的機會開始。我們已經確定的收入綜效來自於將我們的金融卡業務和部分信用卡業務轉移到 Discover 網路。為了傳輸更多的數據並充分利用網路巨大的規模優勢，我們需要獲得更大的國際認可，然後打造一個全球網路品牌。這將使更大的消費者能夠轉移到 Discover 網路上。

These additional moves require sustained investment for a number of years, and we will begin to undertake these investments, first in acceptance and then when we get the network to critical mass, we will invest in the network brand. There are only two banks in the world with their own network, and we are one of them. We are moving to capitalize on this rare and valuable opportunity. With all the discussion of Discover, we can lose sight of the very important place legacy Capital One is in.

這些額外的舉措需要持續多年的投資，我們將開始進行這些投資，首先是驗收，然後當我們的網路達到臨界規模時，我們將投資於網路品牌。世界上只有兩家銀行擁有自己的網絡，我們就是其中之一。我們正在努力利用這難得而寶貴的機會。在對 Discover 進行大量討論時，我們可能會忽略 Capital One 所處的非常重要的地位。

We are in the 13th year of an all-in technology transformation. While most companies have invested in transforming technology at the top of the tech stack, in other words, leading with customer-facing applications, we have taken the much harder but ultimately necessary journey. We have been rebuilding the company from the bottom of the tech stack up, essentially building a modern technology company that does banking.

我們正處於全方位技術轉型的第13年。雖然大多數公司都已投資於技術棧頂端的技術轉型，換句話說，以面向客戶的應用程式為主導，但我們走的是更加艱難但最終必要的旅程。我們從技術堆疊的底層開始重建公司，本質上是建立一家從事銀行業務的現代科技公司。

As we move up the tech stack, the opportunities are accelerating. We are also the beneficiary of decades of investment in our data and analytics capabilities and the building of a well-known national brand. Together with our leading technology capabilities, they are the enablers of our many opportunities. Take our retail bank. The universal playbook in banking is to build a national bank through acquisitions.

隨著我們科技棧的不斷提升，機會也隨之加速。我們也受惠於數十年來對數據和分析能力的投資以及知名民族品牌的打造。它們與我們領先的技術能力相結合，為我們帶來了許多機會。以我們的零售銀行為例。銀行業的通用做法是透過收購來建立國家銀行。

However, we are doing it organically on the shoulders of our modern tech stack our full-service digital banking offerings, our thin physical distribution of showroom branches and our national brand. We are enjoying a lot of traction and the acquisition of a network propels us forward even more. Building the National Bank requires sustained investment in marketing, and we are doing that, and we expect to lean in even more.

然而，我們依靠現代科技、全方位服務的數位銀行產品、展廳分公司的薄弱實體分佈和我們的國家品牌，有組織地實現這一目標。我們正在享受巨大的發展動力，而網路的收購將進一步推動我們前進。建立國家銀行需要持續的行銷投資，我們正在這樣做，我們期望投入更多。

Let me turn to our card business. After building a mass market credit card business we declared in 2010, we were launching a quest to win at the top of the market with heavy spenders. Few card players have chosen sustainably to take on this quest. We have been steadfast. We have had a lot of success in this journey, but it is a long one.

讓我來談談我們的信用卡業務。在我們於 2010 年宣佈建立大眾市場信用卡業務之後，我們開始了一場爭奪高消費群體的頂級市場的旅程。很少有牌手選擇以可持續的方式承擔這項任務。我們一直堅定不移。我們在這段旅程中取得了很多成功，但這是一個漫長的過程。

Our two biggest competitors are investing heavily, and we know we will need to keep leaning into this big opportunity.

我們最大的兩個競爭對手正在大力投資，我們知道我們需要繼續抓住這個巨大的機會。

As we have moved up the tech stack, we have seized the opportunity to pursue emerging growth opportunities across our company. Some of the salient ones you have seen and hopefully experience like Capital One Shopping and Capital One Travel. Another example is Auto Navigator, which is a three-party platform designed to reduce friction for consumers and dealers in buying and financing a car.

隨著我們技術棧的不斷提升，我們抓住機會在整個公司尋求新興的成長機會。其中一些引人注目的設施您已經看到過，並且希望能夠體驗一下，例如 Capital One Shopping 和 Capital One Travel。另一個例子是 Auto Navigator，這是一個三方平台，旨在減少消費者和經銷商在購買和融資汽車時的摩擦。

Most importantly, we continue to invest in our modern technology stack. The gap between the modern technology companies fully in the cloud, built on modern applications and data and the rest of corporate America continues to grow. The modern tech companies are well positioned to win as the world continues to evolve, and we have spent years to become one of them.

最重要的是，我們將繼續投資於我們的現代技術堆疊。完全基於雲端、基於現代應用程式和數據的現代科技公司與美國其他企業之間的差距持續擴大。隨著世界的不斷發展，現代科技公司已準備好贏得勝利，而我們花了數年時間才成為其中的一員。

The range of the world is AI. Some aspects of the AI revolution will be broadly accessible to all companies and other aspects will be very exclusive. Most companies will benefit from the transformation in how work is done that will be available through third-party AI tools.

世界的範圍是AI。人工智慧革命的某些方面將向所有公司廣泛開放，而其他方面則將非常獨家。大多數公司都將受益於透過第三方人工智慧工具實現的工作方式的轉變。

But only the companies built on a modern tech stack and deeply invested in data, we'll be in a position to reinvent their business model to put AI at the heart of operations, risk management and the customer experience. The opportunities are transformational, and we are well positioned in that quest. But these opportunities require sustained investment in AI and in AI talent, and we are doing that.

但只有建立在現代技術堆疊上並在數據方面進行大量投資的公司，我們才能夠重塑他們的商業模式，將人工智慧置於營運、風險管理和客戶體驗的核心。機會是變革性的，我們已為這項探索做好了準備。但這些機會需要對人工智慧和人工智慧人才的持續投資，我們正在這樣做。

In a company built for innovation and organic growth, I am struck by the number of compelling opportunities for innovation and value creation that we see. These opportunities are made possible by the choices we have made over the last many years.

在一家以創新和有機成長為宗旨的公司中，我看到了大量引人注目的創新和價值創造機會，這讓我感到震驚。這些機會是我們多年來所做的選擇所致。

As I have been saying, these opportunities require investment and for many of them, timing is critical as we strive to seize competitive advantage. Collectively, these investments across Discover and legacy Capital One are significant but they also will be the basis for our sustained growth and strong returns over the longer term.

正如我一直所說，這些機會需要投資，而對於許多機會而言，時機至關重要，因為我們必須努力抓住競爭優勢。總的來說，對 Discover 和 Capital One 的這些投資意義重大，但它們也將成為我們長期持續成長和強勁回報的基礎。

The opportunities we are describing here have been years in the making, and you have heard me talking about them for quite some time. Importantly, the earnings power of our combined company that we envision on the other side of the deal integration is consistent with what we assumed at the time of our deal announcement even though some individual variables have moved along the way.

我們在這裡描述的機會已經醞釀多年，你們也聽我談論它們很長一段時間了。重要的是，儘管一些個別變數在此過程中發生了變化，但我們在交易整合的另一方所設想的合併後公司的盈利能力與我們在交易宣佈時的假設一致。

When I reflect on our journey from founding the company to where we are today, we got here by always working backwards from where winning is and driving the continual transformations and investments to get there. The choices we made over the years also created the opportunity for us to acquire Discover.

當我回顧我們從創立公司到今天所取得的成就時，我發現我們之所以能走到今天，是因為我們始終從成功的起點逆向而行，並不斷推動變革和投資，最終實現這一目標。我們多年來做出的選擇也為我們收購 Discover 創造了機會。

And in the spirit of that quest, 38 years after the founding idea for Capital One, we find ourselves as well positioned as we've ever been to drive future success and value creation.

本著這項追求的精神，在 Capital One 創立 38 年後，我們發現自己已經處於前所未有的有利位置，可以推動未來的成功和價值創造。

And now we'll be happy to answer your questions. Jeff?

現在我們很樂意回答您的問題。傑夫？

Thank you, Rich. Well, that stars and they wish to ask a question. Please limit yourself to one question plus a single follow up. If you have follow up questions after the Q&A session, the investor relations team will be available. Josh, please start the Q&A session.

謝謝你，里奇。好吧，那位明星他們想問一個問題。請限制自己只問一個問題並進行一次跟進。如果您在問答環節後有後續問題，投資人關係團隊將為您提供協助。喬希，請開始問答環節。

(Operator Instructions) Terry Ma, Barclays.

（操作員指示）巴克萊銀行的 Terry Ma。

Hey. Thank you. Good evening. Now that you've closed the acquisition, and I do appreciate the updated financial observations. But do you have any updated thoughts on economics deal that you can share, whether it's earnings power over time or some return targets that investors should be thinking about?

嘿。謝謝。晚安.現在您已經完成了收購，我很欣賞最新的財務觀察。但是，您對經濟交易有什麼最新的想法可以分享嗎，無論是長期盈利能力還是投資者應該考慮的一些回報目標？

Terry, thank you. We're really glad to be in a position of finally being able to close the deal, and we're a number of weeks into being on the other side of that. I shared some comments in the prepared remarks about how we're thinking about continuing to be very much believing in the earnings power of our combined entity.

特里，謝謝你。我們真的很高興終於能夠完成這筆交易，而且我們已經花了數週時間來完成它了。我在準備好的演講中分享了一些評論，關於我們如何考慮繼續堅信合併後的實體的獲利能力。

And also, of course, we're leaning into the opportunities that are classic Capital One in terms of really laying the foundation for longer-term earnings power on top of that. So we don't have any really -- other than my earlier comments, I don't have any further specific updates on that, but we certainly are very bullish about the deal and the economics and earnings power and opportunities on the other side.

當然，我們也傾向於抓住經典的 Capital One 機會，為長期獲利能力奠定基礎。所以我們實際上沒有任何——除了我之前的評論之外，我沒有任何進一步的具體更新，但我們確實非常看好這筆交易以及另一方的經濟和盈利能力和機會。

Got it. And then as a follow-up, just on capital level, you mentioned you guys are doing your internal work. Any sense of the timing of when you will get that informed view and communicate that to investors?

知道了。然後作為後續問題，僅在資本層面，您提到您正在進行內部工作。您知道何時會獲得這些明智觀點並將其傳達給投資者嗎？

And then as I take a step back, you guys were at 14% CET1. That's meaningfully above what legacy Capital One's target was of 11% in discovers of 10% to 11%. Is there any reason why on a consolidated basis, it would be meaningfully different? Thank you.

然後我退一步來看，你們的 CET1 為 14%。這明顯高於 Capital One 原定的 11% 的目標（即 10% 至 11% 的發現率）。有什麼理由可以解釋為什麼在合併基礎上會出現如此顯著的差異？謝謝。

Yes, Terry. Having closed the deal just a couple of months ago, we are just getting full access to all of Discover's customer level data, and we need to run all of that information through our models. And so while we receive the SCB from the Fed, and it declined to 9%, as you well know, that number has fluctuated from 10.3% to 7% over the last handful of years. So we think about capital largely through the lens of our internal assessment of our longer-term capital need versus the Feds, which is why we need to do that modeling. And so we are still in the middle of that work right now.

是的，特里。幾個月前剛完成交易，我們就可以完全存取 Discover 的所有客戶級數據，我們需要透過我們的模型運行所有這些資訊。因此，雖然我們從聯準會獲得了 SCB，並且它下降到了 9%，但正如你們所知，在過去幾年裡，這個數字一直在 10.3% 到 7% 之間波動。因此，我們主要透過對聯邦政府的長期資本需求進行內部評估來考慮資本，這就是我們需要進行這種建模的原因。所以我們現在仍處於這項工作之中。

I will say that we're not finding anything surprising at all in our analysis. And we feel comfortable that at 14%. We're operating with excess capital above the long-term need of the combined company, and we have the flexibility with our repurchase actions as we're operating under the SCB, but we need to complete that work. So as we get closer to finishing the work, I think it's reasonable to assume that we'll begin to step up our repurchases from recent levels, but we look forward to sharing an update more broadly on our work when it's complete.

我想說的是，我們在分析中沒有發現任何令人驚訝的事情。我們對 14% 這一比例感到滿意。我們的營運資本超過了合併後公司長期需求的過剩資本，由於我們在 SCB 下運營，因此我們的回購行動具有靈活性，但我們需要完成這項工作。因此，隨著我們越來越接近完成工作，我認為可以合理地假設我們將開始從最近的水平加大回購力度，但我們期待在工作完成後更廣泛地分享我們的工作更新。

Next question, please.

請回答下一個問題。

Rick Shane, JP Morgan.

摩根大通的里克·沙恩。

Thanks for taking my question. Look, I'm going to break my own personal rule here. Congratulations on this completion of the acquisition. It's transformational and it's going to be very interesting to see what happens from here. Rich, you had alluded to the fact that the integration expenses are going to be above the initial $2.8 million target. Could you help us understand that more specifically?

感謝您回答我的問題。聽著，我要在這裡打破我自己的個人規則。祝賀本次收購完成。這是一次變革，看看接下來會發生什麼將會非常有趣。里奇，你曾提到整合費用將高於最初的 280 萬美元目標。您能幫助我們更具體地理解這一點嗎？

And also, could you put into context where you're seeing the opportunity for incremental investment so that, that way we can translate where -- what the opportunity would be?

此外，您能否結合具體情況，說明您認為增量投資的機會在哪裡，以便我們能夠理解這個機會是什麼？

So, Rick, thank you. Thanks for your congratulations. It's been a long time coming. We're all very excited about it, and we our investors are pretty excited as well. With respect to the integration costs, I think when one embarks on a thing at the very beginning as we're undertaking a deal, we do our very best to take all the different things that would be involved in integration and go around the house and ask everybody what they think can add it up. And basically, this is just a matter of as we get deeper into it, it is coming in.

所以，里克，謝謝你。謝謝您的祝賀。已經等了很久了。我們都對此感到非常興奮，我們的投資者也非常興奮。關於整合成本，我認為，當我們在進行交易時，一開始就著手做某事時，我們會盡最大努力考慮整合所涉及的所有不同因素，並詢問每個人他們認為可以加起來的因素。基本上，這只是一個問題，隨著我們深入研究，它就會出現。

So it's coming in -- well, first of all, we're not -- we don't have an absolute definitive final estimate of it, but it's coming in somewhat higher. But it's not in any one thing. It's really just across a variety of the many elements of this deal. So we just -- as we got a sense, it was going to be somewhat higher, we just wanted to flag that. The investment, let me talk about the investments here.

所以它的到來——嗯，首先，我們沒有——我們沒有絕對明確的最終估計，但它的到來會稍微高一些。但它並不存在於任何一件事物中。這其實只是涉及這筆交易的許多要素。所以我們只是——當我們感覺到它會稍微高一些時，我們只是想標記這一點。投資，我來談談這裡的投資。

Everything that I talked about in my remarks a few minutes ago about investments, our investments and opportunities we've been talking about for some period of time. So we're not unveiling new something brand new that we've never talked about before.

幾分鐘前我在演講中談到了有關投資、我們的投資和機會，我們已經談論了一段時間了。因此，我們不會推出以前從未談論過的全新產品。

But my point -- the point I really wanted to make and why I took the time to share that conversation is that all of these opportunities we have been pursuing for a long period of time, and they stand on the shoulders of investments we have been making for a very long period of time, most notably the investment in transforming the tech stack of Capital One but also very much investments in brand and deep, deep investments over many, many years on data and analytics and things like machine learning and AI itself.

但我真正想表達的觀點以及我花時間分享這次談話的原因是，所有這些機會我們都在長期追求，它們建立在我們長期以來的投資之上，最顯著的是對 Capital One 技術棧轉型的投資，同時也是對品牌的投資，以及多年來在數據和分析以及機器學習和人工智能本身等方面的深入投資。

So the point of that I was sharing with you is as we move up the tech stack and get deeper and get closer in the pursuit of these opportunities, we find these opportunities are -- we're very excited about these opportunities. And some of the opportunities are accelerating as we look at them. But the only way to get here -- get there from here is to lean into the investments.

所以我與你們分享的重點是，隨著我們在技術堆疊中不斷進步，在追求這些機會的過程中越來越深入、越來越接近，我們發現這些機會——我們對這些機會感到非常興奮。當我們觀察時，一些機會正在加速出現。但要達到這個目標——從這裡開始——唯一的辦法就是依靠投資。

We've been investing for quite some time, but our point was we're going to really be leaning in from here to pursue this set of opportunities that if I calibrate relative to the whole history of founding and building Capital One, the portfolio of opportunities we have is the broadest and biggest set of opportunities that I've seen in our history.

我們已經投資了相當長一段時間，但我們的觀點是，我們將真正從現在開始努力追求這一系列機會，如果我根據創立和建立 Capital One 的整個歷史來衡量，我們所擁有的機會組合是我在歷史上見過的最廣泛、最大的機會。

But the only way to get there is with investment, and you know the Capital One philosophy we get very rigorous about what the opportunity is and what it cost to get there. but we lean into those investments. And I think that the value creation for our investors on the other side of this, consistent with the plots we've taken in the whole history of building Capital One, I think it's -- there's a lot of value creation opportunity. But we're going to invest significantly to get there. Thank you.

但實現這一目標的唯一方法是投資，你知道，Capital One 的理念是，我們對機會是什麼以及實現這一目標需要花費多少非常嚴格。但我們傾向於那些投資。我認為，另一方面，我們為投資者創造的價值與我們在創建 Capital One 的整個歷史中所採取的策略一致，我認為——有很多創造價值的機會。但為了實現這一目標我們將投入大量資金。謝謝。

Next question, please.

請回答下一個問題。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Thanks. Rich, obviously, Discover was working through a number of credit issues and not really leaning into growth like Capital One had been. I guess since credit is now somewhat under control there, do you expect to lean into growth at Discover as well inside of Prime as we look forward?

謝謝。顯然，Discover 正在努力解決一系列信貸問題，但並沒有像 Capital One 那樣真正成長。我想，既然現在信貸在某種程度上已經得到控制，您是否預計未來 Discover 和 Prime 內部也會成長？

Yeah. Yes, Sanjay. We do plan to lean into growth opportunities with Discover. Let me comment just a little bit about their card business and -- and you've seen this from the outside, but just standing back and talking about it. It's an amazing franchise they've built over the years.

是的。是的，桑傑。我們確實計劃利用 Discover 來抓住成長機會。讓我稍微評論一下他們的信用卡業務——你們從外部看到了這一點，但只是站在後面談論它。這是他們多年來建立起來的令人驚嘆的特許經營權。

The credit losses got higher than they expected, probably higher than anyone expected and due to a number of choices that were made in the preceding years. And they very proactively stepped in and dialed back and went a little bit more back to the basics of how they had built their franchise.

信貸損失比他們預期的要高，可能比任何人預期的都要高，這是由於前幾年做出的一系列選擇造成的。他們非常積極地介入並回撥電話，並稍微回歸到他們建立特許經營權的基本原則。

And that has muted their originations and their growth over this period of time, but it's -- they were very important choices and it's also been powering their good credit performance. So just as an example, their vintage, their most recent vintages are coming in. a lot better than prior years.

這在一段時間內抑制了它們的起源和成長，但這是非常重要的選擇，也推動了它們良好的信用表現。舉個例子，他們最近的年份的葡萄酒比前幾年好得多。

And it's just -- it's a manifestation of pulling back. Now when pulling back happens, there's -- the growth is somewhat muted, and that's the situation that they're in.

這只是──這是撤退的表現。現在，當出現回檔時，成長就會有些放緩，這就是他們所處的境地。

Now we're coming in and getting to know them and their impressive card business. And we like the products. So we plan to continue their flagship credit card products. They have an amazing student lending business that we're very excited to continue to -- not student lending, sorry, student credit card business. We're excited to continue to lean into that. They've been very successful in a secured card -- starter card business that they have had.

現在我們來了解他們和他們令人印象深刻的信用卡業務。我們喜歡這些產品。因此我們計劃繼續推出他們的旗艦信用卡產品。他們有一個很棒的學生貸款業務，我們非常高興能夠繼續下去——不是學生貸款，對不起，是學生信用卡業務。我們很高興能夠繼續堅持這一方向。他們在擔保卡——入門卡業務方面取得了巨大成功。

So from a product point of view, we're going to continue to lean into the business. We've spent a lot of time looking at their customer experience. They score very high on metrics that we ourselves collect not just their own collected metrics, but we ourselves in calibrated metrics in the industry, great customer experiences and very high levels of customer engagement.

因此，從產品的角度來看，我們將繼續致力於業務。我們花了很多時間觀察他們的客戶體驗。他們在我們自己收集的指標上得分很高，不僅是他們自己收集的指標，而且我們自己在行業中校準的指標、出色的客戶體驗和非常高水平的客戶參與度。

So we are adopting a lot of the customer technology choices that they have made. They have a great servicing experience that we're going to very much try to just continue pretty much exactly what they're doing there.

因此，我們採納了許多客戶所做的技術選擇。他們擁有豐富的服務經驗，我們將盡力延續他們所做的事情。

And from a brand point of view, of course, Discover won't be a corporate brand anymore. But on the credit card side, envision it, Sanjay, as a very salient product brand. So we will lean into the opportunities there. It's going to be in the context of a little bit of muted growth at the moment. And I think as we fully get into there, there'll probably be a few areas will dial back around the edges.

當然，從品牌的角度來看，Discover 將不再是企業品牌。但在信用卡方面，桑傑，想像一下它是一個非常突出的產品品牌。因此我們將抓住那裡的機會。目前，成長將略顯緩慢。我認為，當我們完全進入這個領域時，可能會有一些領域需要回撥。

And I'm pretty confident there will be some areas where we will lean even harder into growth than they were. But it is certainly one of our goals to lean in to grow the franchise and try to preserve the very special things that enabled them to build one of the great credit card companies in America.

我非常有信心，在某些領域，我們將比以前更努力地促進成長。但我們的目標之一肯定是致力於擴大特許經營權，並努力保留那些使他們能夠打造出美國最偉大的信用卡公司之一的特殊之處。

Thank you. Just a follow-up for Andrew. Sorry to ask this question because I'm sure I can parse through all of this excellent disclosure that you provided in your comments to get to some of my conclusions. But just as we look ahead, what are some of the variables that we need to think about as a result of these purchase accounting changes?

謝謝。這只是對安德魯的後續關注。很抱歉問這個問題，因為我確信我可以分析您在評論中提供的所有這些出色的披露，以得出我的一些結論。但當我們展望未來時，我們需要考慮這些採購會計變化所帶來的哪些變數？

I heard you mention the NIM having a 40 basis point tailwind because of the reclass of late fees and such. But maybe, Andrew, can you just like help us think through some of the progression of the major line items as a result of this? Thanks.

我聽到您提到由於滯納金等的重新分類，NIM 獲得了 40 個基點的順風。但是，安德魯，也許你可以幫助我們思考一下由此產生的一些主要項目的進展嗎？謝謝。

Well, appreciate the acknowledgment, Sanjay. Worked really hard to disclose a lot, and I think you'll find not only in the presentation itself and in some of the footnotes but also the monthly 8-K data that went out today. There are some additional disclosures around delinquency and charge-offs as well. So we really did our best to provide visibility into all of those pieces.

好吧，感謝你的認可，桑傑。我們確實努力披露了很多信息，我想您不僅可以在演示文稿本身和一些腳註中找到這些信息，還可以在今天發布的每月 8-K 數據中找到這些信息。還有一些關於拖欠和沖銷的額外披露。因此，我們確實盡了最大努力讓所有這些部分都清晰可見。

Reluctant to try to give you the full reconciliation of all of the metrics. I'd really point you to the couple of slides in the appendix because that very clearly spells out what are the implications to NIM, what are the implications to operating expenses in the footnote there, you will see that we not only gave annual views, but we gave a quarterly view of this year.

不願意嘗試為您提供所有指標的完整對帳。我真的想向你指出附錄中的幾張幻燈片，因為那張幻燈片非常清楚地說明了對 NIM 的影響，對腳註中的運營費用的影響，你會看到我們不僅給出了年度觀點，而且還給出了今年的季度觀點。

But for instance, you can see that NIM given the very short life for instance, of the non-PCD card loans, which are marked above par, that actually creates a net drag in the immediate term, but that burns off very quickly. And so the non-PCD -- I'm sorry, the PCD that carries forward is actually going to be a good guide to NIM over the course of multiple years.

但是，例如，您可以看到，由於非 PCD 信用卡貸款的期限非常短，且其利率高於票面利率，因此 NIM 實際上會在短期內產生淨拖累，但很快就會消退。因此，非 PCD——抱歉，結轉的 PCD 實際上將在多年內成為 NIM 的良好指南。

So it's really hard to give you a using summary of all of those pieces, which is why we did our best to lay everything out as best we can. Of course, these are subject to some revisions over time, which is why I phrased it in the way that we did, but we're hopeful that these ultimately end up being the final marks.

因此，很難為您提供所有這些部分的使用摘要，這就是為什麼我們盡力將所有內容盡可能地列出所有內容。當然，隨著時間的推移，這些可能會進行一些修改，這就是我以這樣的方式表達的原因，但我們希望這些最終會成為最終的標誌。

Next question, please.

請回答下一個問題。

Ryan Nash, Goldman Sachs.

高盛的瑞安·納許。

Good evening, everyone.

大家晚上好。

Hey, Ryan.

嘿，瑞安。

Hey, Ryan.

嘿，瑞安。

So Rich, you talked about significant sustained investment, I think the phrase was used several times, talked about acceptance, marketing, the tech stack and AI. And I think you know this obviously create questions about how much all of this is going to cost. So is there anything that you can share that can give the market comfort that there isn't significant synergy reinvestment risk and that eventually, this will result in a more efficient, consolidated company over time?

所以，Rich，你談到了大量的持續投資，我認為這個短語被使用過幾次，談到了接受度、行銷、技術堆疊和人工智慧。我想你知道這顯然會引發關於這一切要花多少錢的問題。那麼，您能否分享一些訊息，讓市場放心，因為不存在重大的協同效應再投資風險，並且最終，隨著時間的推移，這將使公司更加高效、更加整合？

Thank you, Ryan. So when you think about the opportunities that we're talking about investing in, there are things I think investors have come to know over the years, and we have talked a lot about them. But it starts with the tech transformation itself. As I say, we're in the 13th year of our technology transformation. The world continues to evolve, and we continue to build the most fully modern aspect up and down the tech stack.

謝謝你，瑞安。因此，當您考慮我們正在談論的投資機會時，我認為投資者多年來已經了解了一些事情，並且我們已經就這些事情進行了很多討論。但它始於技術轉型本身。正如我所說，我們正處於技術轉型的第 13 年。世界不斷發展，我們也在不斷建構技術棧中最現代化的面向。

There's still work to do with respect to that, but we've had amazing progress, and we're not just trying to modernize the company, but rebuild it in a way that is really way more efficient, way more able to scale up innovation way more able to more effectively manage risk, credit risk, fraud risk, operating risk, and to create enhanced customer experience and collectively, we have found virtually all the things that we would like, the capabilities we'd like for our company to have. They all have the same shared path, which is through the modernization of the technology.

雖然在這方面仍有工作要做，但我們已經取得了驚人的進展，我們不僅試圖使公司現代化，而且試圖以更高效的方式重建公司，使其能夠更有效地擴大創新規模，更有效地管理風險、信用風險、欺詐風險、運營風險，並創造增強的客戶體驗，總的來說，我們幾乎找到了所有我們想要的東西，以及我們希望公司擁有的能力。它們都有著相同的共同路徑，那就是透過科技的現代化。

So we will continue to invest there. And so I don't think there's anything from an investor point of view that would surprise them with respect to that. It's just that as we move up the tech stack, it's a lonely journey when you're in the bottom of the tech stack modernizing one piece of core infrastructure because until a lot of other things are modernized, it's hard to see the tangible benefits, but moving up the tech stack moves one closer and the ability to more monetize the opportunities.

因此我們將繼續在那裡投資。因此，我認為從投資者的角度來看，沒有什麼會讓他們感到驚訝。只是，隨著我們向上移動技術堆疊，當你在技術堆疊的底部對一個核心基礎設施進行現代化改造時，這是一個孤獨的旅程，因為在許多其他東西都實現現代化之前，很難看到切實的好處，但向上移動技術堆疊會讓我們更接近目標，並能夠更多地將機會貨幣化。

Then, of course, beyond that, we have now the whole Discover opportunity. And there's lots we're investing in terms of integration and things like that. But specifically, I call out that after this first wave of moving all of our debit card business and a portion of our credit card business onto the network to really capitalize on the tremendous scale that the scale economics in the network business, we really want to work to move more volume there and all roads in that quest lead through investing in international acceptance and then a global network brand.

當然，除此之外，我們現在還有整個發現機會。我們在整合等方面投入了大量資金。但具體來說，我想說，在將我們的所有借記卡業務和部分信用卡業務轉移到網絡之後，我們真正利用了網絡業務的規模經濟，我們真的希望努力將更多的業務轉移到那裡，而這一目標的所有道路都通過投資國際認可和全球網絡品牌來實現。

So that I think -- and we've talked a lot to investors about that. We're very compelled by the opportunities on the other side, but it's very clear to us, that's a multiyear journey, and it's going to require quite a bit of investment.

所以我認為——我們已經和投資者討論了很多這個問題。我們對另一邊的機會非常感興趣，但我們很清楚，這是一個多年的旅程，需要相當多的投資。

Additionally, let's talk about our national bank. We're the only major bank that I know of that is trying to build a national full service bank organically. Everybody else is doing it through acquisitions. That requires a lot of investment.

此外，我們來談談我們的國家銀行。據我所知，我們是唯一一家試圖有機打造全國性全方位服務銀行的大型銀行。其他人都在透過收購來實現這一目標。這需要大量的投資。

We've had a lot of success in building this, now bringing on the Discover network and seeing the traction that we're getting collectively in our business. We are -- these are very attractive. We see great opportunity to continue to lean in, in fact, even lean in harder on building our national bank.

我們在建立這個網絡方面取得了巨大成功，現在我們引入了 Discover 網絡，並看到了我們在業務上共同獲得的吸引力。我們——這些都非常有吸引力。我們看到了繼續努力、甚至更加努力建立我們國家銀行的巨大機會。

And then, of course, there's the quest at the top of the market. We all see what even including over the last week or so, what players -- the small number of players who are really focused on winning at the very top of the market, they're investing hard and -- but there's a reason they're investing hard because there is a great opportunity at the top of the market, and it's not an opportunity that is available widely to all the credit card companies. It requires a lot of sustained investment in brand building and technology and experiences and products, et cetera. So that -- we're very pleased with the traction there.

當然，還有對市場頂端的追求。我們都看到了，甚至包括過去一周左右的情況，少數真正專注於在市場頂端獲勝的參與者正在努力投資——但他們努力投資是有原因的，因為市場頂端存在著巨大的機會，而這並不是所有信用卡公司都能廣泛獲得的機會。它需要在品牌建立、技術、體驗和產品等方面進行大量的持續投資。所以——我們對那裡的進展感到非常滿意。

And Ryan, each year in our quest, we find that while we're getting good growth in our card business, the highest -- the fastest-growing part of our card business has been with the heavier spenders. And it's a continued indication of the success as we keep moving higher in the marketplace build the strength of our brand a little bit more each year, and that's something we're excited about. And the traction we're getting is validation to us of the payoff of continuing to invest there.

瑞安，在我們每年的探索中，我們發現，雖然我們的信用卡業務取得了良好的成長，但信用卡業務中成長最快的部分是那些消費能力較強的消費者。這持續預示著我們的成功，因為我們在市場上不斷前進，每年都在一點點增強我們品牌的實力，這是我們感到興奮的事情。我們取得的進展證明了繼續在那裡投資是有回報的。

As we have moved up the top of the tech stack, we also are building customer experiences to capitalize on being a company. If you pull up, Ryan, and think about this, we're not trying to just build a bank like the next bank down the street. We're trying to build a bank that is right at the heart of consumers and businesses, financial lives with the with primary banking relationships and primary spending relationships.

隨著我們不斷攀升至技術棧的頂端，我們也在建立客戶體驗，以充分利用公司的優勢。瑞安，如果你停下來想一想，你會發現，我們並不是想簡單地建立一家像街上其他銀行一樣的銀行。我們正在努力建立一家處於消費者和企業核心的銀行，透過主要的銀行關係和主要的支出關係來維護金融生活。

And we now have well over 100 million customers and the ability to, over time, leverage that franchise a very highly engaged customers with not just banking and credit card products, but in fact, build a much broader franchise with those highly engaged customers, that's why we're leaning into opportunities like Capital One Shopping, Capital One Travel, and Auto Navigator, each of which is much more deeply expanding our franchise and each of them is getting a significant growth and traction and also able to leverage the size of our franchise, which, by the way, just got quite a bit bigger with this acquisition.

現在，我們擁有超過 1 億客戶，隨著時間的推移，我們能夠利用這些特許經營權，不僅透過銀行和信用卡產品吸引高度參與的客戶，而且實際上，我們還可以透過這些高度參與的客戶建立更廣泛的特許經營權，這就是為什麼我們傾向於像 Capital One Shopping、Capital One Travel 和 Auto Navigator這樣的機會，它們每一個都在更深入地擴展我們的特許經營權，並且每一個都獲得了顯著的增長和牽引力，並且能夠利用我們的特許經營權的規模，順便說一句，通過這次收購，我們的特許經營權規模變得更大了。

So my point to investors is, and in a calibration across all the years I've been building Capital One, we've always taken the philosophy of working backwards from where winning is and investing with our pencils sharpened and very rigorously from a value creation framework investing on what it takes to win as the marketplace evolves. This -- where we are at this time in the evolution of the company has probably the best opportunities that I've seen, and we are leaning into this.

所以我對投資者的觀點是，在我創建 Capital One 的這些年裡，我們始終秉持這樣的理念：從勝利的地方開始逆向工作，用我們的鉛筆進行投資，並根據價值創造框架進行非常嚴格的投資，投資於隨著市場發展而獲勝所需的一切。目前，公司正處於發展階段，這可能是我見過的最好的機會，我們傾向於抓住這個機會。

And also, as I mentioned, the earnings power, even as we look at the investments we're talking about here, the earnings power remains consistent in our estimation, remains consistent with what we expected at the announcement.

而且，正如我所提到的，盈利能力，即使我們看一下我們在這裡談論的投資，盈利能力在我們的估計中仍然是一致的，與我們在公告中的預期一致。

Appreciate the call. I'm going to step back and let somebody else ask a question.

感謝您的來電。我要退後一步，讓其他人提問。

Next question, please.

請回答下一個問題。

Erika Najarian, UBS.

瑞銀的 Erika Najarian。

Hi. Good afternoon. I'm going to just move off to the expense question for a second and then reask the question on capital. Fully appreciate that you're going through a review and fully appreciate the statement that you found nothing yet that's surprising as we think about the 14% versus the legacy targets of Capital One and Discover, I guess another way to ask the question is, how much time will you give yourself to optimize the capital to where you think the right level is for the company?

你好。午安.我將暫時轉到費用問題，然後再重新詢問有關資本的問題。完全理解您正在進行審查，也完全理解您沒有發現任何令人驚訝的事情，當我們考慮 14% 與 Capital One 和 Discover 的傳統目標時，我想另一種提問方式是，您將給自己多少時間來優化資本，以達到您認為適合公司的水平？

Yeah. Well, there's two parts. I think, to that question, Erika. One is what level are we heading towards which it also impacted any point in time of what's just happening more broadly around us, which then spills into the second piece of it of how much do we want to be repurchasing at any one moment in time. So I don't have a precise answer for you. Of course, there is some upper bound in terms of SEC limitations to repurchases.

是的。嗯，有兩個部分。我認為，對於這個問題，艾莉卡。一是我們正在走向一個什麼樣的水平，這也會影響到我們周圍正在發生的事情的任何時間點，然後蔓延到第二部分，即我們想要在任何一個時間點重新購買多少。所以我無法給你一個準確的答案。當然，美國證券交易委員會對回購的限制也有一定的上限。

But really, what I would point you to is we're going to work through the customer level data, determine our longer-term capital need. And as we move towards finishing that work, I think the operative phrase that I said earlier is well likely begin to step up our repurchases from recent levels. But once that work is complete, which we're doing as quickly as we can, we'll provide an update at that time.

但實際上，我想指出的是，我們將透過客戶層面的數據來確定我們的長期資本需求。隨著我們逐步完成這項工作，我認為我之前說過的關鍵字詞很可能會開始從最近的水平加大回購力度。但一旦這項工作完成，我們會盡快完成，屆時我們將提供更新資訊。

And just a quick follow-up for me. Ryan mentioned it was more to investors. And I just picked up on something that Rich said at the end of his answers to Ryan, which is that EPS power remains consistent with how you thought about it in the beginning of this journey to Discover.

對我來說這只是一個快速的後續問題。瑞安提到，這對投資人來說意義更大。我剛剛注意到 Rich 在回答 Ryan 的問題時最後說了一句話，那就是 EPS 功率與你在探索之旅之初的想法保持一致。

And I guess if I break it down, your integration expenses are coming in a little heavier than $1.8 billion. You did mention you reiterate the synergy targets, which I would for including an synergy targets.

我想，如果我把它分解一下，你的整合費用會略高於 18 億美元。您確實提到您重申了協同目標，我也會將其納入協同目標。

And so I guess the last piece that everyone is trying to get at is this the run rate of expense growth for lack of a better word, legacy Capital One, accelerate? And I guess based on the explanation of what you're investing in, it seems like that would have been the case.

因此，我想大家想要了解的最後一點是，由於缺乏更好的詞彙，傳統的 Capital One 的費用成長運行率正在加速嗎？我想，根據您對所投資項目的解釋，情況似乎確實如此。

But then, Rich, through an EPS power should be consistent with what you originally thought. So again, I know we're belaboring a point where need critical for investors as we think about the pro forma EPS power of this company.

但是，Rich，透過 EPS 權力應該與你最初的想法一致。因此，我知道我們正在反覆強調這一點，當我們考慮這家公司的預測每股盈餘時，這一點對投資者來說至關重要。

Yeah. Erika, I think you were breaking up a little bit, but we got the essence of what you were saying there. So Capital One and Discover have both historically had strong earnings power. And in combining them, we can build again, create a very strong institution and, of course, also add synergies. There have been many moving pieces since we announced the deal.

是的。艾莉卡，我認為你們有點分手了，但我們明白你所說的話的本質。因此，Capital One 和 Discover 歷來都具有強大的獲利能力。透過將它們結合起來，我們可以重建並創建一個非常強大的機構，當然，還可以增加協同效應。自從我們宣布這筆交易以來，已經發生了很多變動。

In both companies' actual operating results and investment choices and of course, in the broader economic, competitive and credit backdrop.

在兩家公司的實際經營績效和投資選擇中，當然還有更廣泛的經濟、競爭和信貸背景。

Since the deal announcement, individual line items have, of course, drifted, but the net drift has so far been in a favorable direction. At the same time, the opportunities and the investment associated with them have also grown. So we estimate that the net earnings power of our combined company as it emerges from integration is similar to our estimates in the deal model.

自交易宣布以來，個別項目當然有所變化，但迄今為止淨變化一直朝著有利的方向發展。同時，與之相關的機會和投資也在成長。因此，我們估計，合併後的公司在整合後的淨獲利能力與我們在交易模型中的估計相似。

Next question, please.

請回答下一個問題。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

Great. Thanks. Rich, a couple of times, you alluded to competition in the high end of the card business. I was hoping you could give us your sense as to how that's likely to evolve this year given what you've got going on at two of the major competitors, perhaps three, if you include all of the ones that have made announcements thus far? And whether there are any elements of the transaction that will be helpful to Capital One in addressing that? And I do have a follow-up. Thanks.

偉大的。謝謝。里奇，你曾經幾次提到高端信用卡業務的競爭。我希望您能根據您在兩個主要競爭對手（如果包括所有迄今為止發佈公告的競爭對手）方面的情況，告訴我們今年的情況可能如何發展？交易中是否有任何因素有助於 Capital One 解決這個問題？我確實有一個後續行動。謝謝。

Yes, Moshe. So when we look at the competitive environment, I've said for years, competition is very intense in the card business. Certainly, most striking of late has been competition at the very top of the market. And before we get into specifically things that happened over the last couple of weeks, two areas that the stakes have gone up and the investment required has gone up to be at the highest level is in lounges and you see a little bit of the like an arms race -- that's probably not the right word, but certainly, the effort of the biggest players at the top of the market to build their own lounges in addition to offering a partnership, a network of lounges through partners.

是的，摩西。因此，當我們審視競爭環境時，我多年來一直說，信用卡業務的競爭非常激烈。當然，最近最引人注目的是市場頂端的競爭。在我們具體討論過去幾週發生的事情之前，有兩個領域的風險已經上升，所需的投資也已經增加到最高水平，那就是休息室，你會看到有點像軍備競賽——這可能不是正確的詞，但可以肯定的是，市場頂端的最大參與者除了提供合作夥伴關係、透過合作夥伴建立休息室網絡外，還在努力建立自己的休息室。

And Capital One has been doing that, and we're very, very pleased with the four lounges that -- I guess, five lounges that we have now, I guess, five-plus what we call the landing, the one we have at Reagan National Airport.

第一資本銀行一直都是這麼做的，我們對現在的四個休息室感到非常非常滿意——我想，我們現在已經擁有五個休息室，我想，五個以上，我們稱之為著陸休息室，也就是我們在裡根國家機場擁有的休息室。

But -- so that's one of the areas that there's a lot of competition, but the research shows people really care about lounges. And so we understand that's part of the game and we are very pleased with the customer reaction there, the traction, the volumes and the pickup in our own originations that we think is coming from that.

但是——這是競爭非常激烈的領域之一，但研究表明人們確實關心休息室。因此，我們明白這是遊戲的一部分，我們對客戶的反應、牽引力、銷售以及我們自己的起源的回升感到非常高興，我們認為這些都是由此產生的。

Another area of competition at the top of the market is competition in marketing spend and competition in creating unique access for customers. We also, in this space, have been very pleased with some of the unique access we've been able to offer.

市場頂端的另一個競爭領域是行銷支出的競爭以及為客戶創造獨特管道的競爭。我們也對我們在這個領域能夠提供的一些獨特訪問感到非常高興。

Obviously, our Taylor Swift partnership has been special opportunity for us. But this is -- the flip side of the -- some of the investments required is that a small number of players, I think, are separating from the pack relative to their offerings and the extent of their commitment to this space. So I think competitively, there are real opportunities on the other side of the higher stakes of investment.

顯然，與泰勒絲的合作對我們來說是一個特殊的機會。但另一方面，我認為，一些所需的投資是少數參與者在其產品和對這一領域的投入程度方面脫穎而出。因此我認為從競爭角度來看，在更高風險的投資中也存在著真正的機會。

We then get to the products, and it is striking that at the top of the market, both Chase and American Express have made announcements about things that -- well, with American Express, it's still -- we haven't seen what they're going to come out with.

然後我們來看看產品，令人驚訝的是，在市場的頂端，大通和美國運通都發布了一些產品公告——至於美國運通，我們仍然不知道他們會推出什麼產品。

But certainly, on the Chase side, we have seen a higher fee on the one hand, but also ramping up some of the rewards and also extending the list significantly of the opportunities more on a coupon type basis that can come. So it's very clear, both -- and Amex seems to be -- they've already been on a similar path there for a number of years. And I think that we would expect they'll come out with some enhanced offerings there.

但可以肯定的是，就大通銀行而言，我們一方面看到了更高的費用，另一方面也增加了一些獎勵，並且還大大擴展了可能出現的優惠券類型的機會清單。因此很明顯，兩家公司（美國運通似乎也是如此）多年來都已經走上了類似的道路。我認為我們期望他們會推出一些增強的產品。

We have crafted our strategy at the top of the market. to not just be going out and try to exactly copy what the others do, but to try to create something that in its own way, for the right customers is an absolutely best-in-class experience. So take our Venture X product.

我們制定了站在市場頂端的策略，不只是走出去並試圖完全複製其他人的做法，而是嘗試以自己的方式為合適的客戶創造出絕對一流的體驗。因此，請選擇我們的 Venture X 產品。

First of all, in terms of the earn rates on Venture X, it's earning at the 2 times rate, which is the higher earn rate in some of the competitive products. Other products have co-brand relationships with airlines, and there are both a lot of expenses there, but also unique offerings. We instead have the any airline and the unique aspects of the 2 times on everything with Venture X.

首先，從Venture X的收益率來看，是2倍的收益率，是一些競爭產品中較高的收益率。其他產品與航空公司有聯合品牌關係，這既需要花費很多錢，也需要提供獨特的產品。相反，我們擁有任何航空公司和 Venture X 兩次航班的獨特之處。

But what I would share with you is we are very pleased with the traction on Venture X. You've seen us on television continuing to tell our story. And I think that as other competitors come out with their plays that are different from ours, there continues to be, I think, quite a lot of open space at our price point and our collective set of offerings and experiences that really, I think, offers a lot of opportunity for us.

但我想與你們分享的是，我們對 Venture X 的進展感到非常高興。你們已經在電視上看到我們繼續講述我們的故事。我認為，隨著其他競爭對手推出與我們不同的策略，我們的價格點、整體產品和體驗仍然有很大的開放空間，這確實為我們提供了許多機會。

So we're leaning in hard with Venture X, and then we're continuing to build enhanced capabilities across digital experiences, product offerings, lounges and special preferred access that I think will continue to position Capital One in a very attractive way in the competitive environment.

因此，我們正全力投入 Venture X，然後我們將繼續在數位體驗、產品供應、休息室和特殊優先通道方面建立增強的功能，我認為這將繼續使 Capital One 在競爭環境中保持非常有吸引力的地位。

You asked about the network. And basically, will adding Discover, what impact will that have? Certainly, adding the scale of Discover certainly helps us with respect to the -- just more opportunity to -- even though Discover was not a top of the market player. But then I think also Moshe, down the road longer term, I think we see opportunities on the network side of the business relative to the higher end of the market. But I think that's an opportunity that is more way down the road than one in the near term. Thank you.

您詢問的是網路。那麼，加入 Discover 會產生什麼影響呢？當然，增加 Discover 的規模肯定會對我們有幫助——儘管 Discover 並不是市場上的頂尖參與者。但我也認為，從長遠來看，我們會看到網路業務相對於高端市場存在的機會。但我認為，這是一個需要較長時間才能實現的機會，而不是短期內就能實現的機會。謝謝。

Okay. Thanks. Maybe just as a follow-up. I think the -- one of the things that we've thought about a little bit is using the benefit of unregulated debit interchange to help build the banking franchise and to go to a rewards checking model. And you talked about the banking franchise and some of those impacts. Could you talk about how you see that in now that you've got access to this and can start migrating your debit accounts?

好的。謝謝。也許只是作為後續行動。我認為——我們考慮過的事情之一是利用不受監管的借記卡交換的優勢來幫助建立銀行特許經營權並轉向獎勵支票模式。您談到了銀行特許經營權及其一些影響。您能否談談您現在如何看待這一點，因為您現在已經可以訪問它並可以開始遷移您的借記帳戶了？

So our national bank strategy has always been about offering industry-leading products backed by a business model that can economically support that. So when you think about that, we have a full service digital bank.

因此，我們的國家銀行策略一直是提供領先業界的產品，並以能夠提供經濟支持的商業模式為後盾。所以當你想到這一點時，你就明白我們擁有一家全方位服務的數位銀行。

There are a lot of folks out there with digital banking capabilities. A key differentiator is Capital One has full service digital banking. We do believe physical presence matters, and our research continues to confirm that even ironically, so many people say, yes, I never go into branches. But in their choices, physical presence does matter to a lot of people.

有很多人擁有數位銀行業務。一個關鍵的區別是 Capital One 擁有全方位服務的數位銀行。我們確實相信實體存在很重要，而且我們的研究繼續證實，甚至諷刺的是，很多人說，是的，我從不去分行。但在選擇時，身體的存在對許多人來說確實很重要。

And that's why we have built our thin distribution model of these showroom branches. But again, importantly, working backwards from having the economics that's different from a branch on every corner a thing.

這就是我們建立這些展廳分支機構的薄弱分銷模式的原因。但同樣，重要的是，從經濟學的角度來反向思考，這與每個角落的分支機構都不同。

So the economics of this have supported a product offer that's industry-leading; no fees, no minimums and no overdraft fees. And no other major bank has a primary offering that matches that. And actually, our product offer is democratizing banking by making it available to anyone at no cost, and customers have responded very positively.

因此，其經濟效益支持了業界領先的產品供應：無費用、無最低限額、無透支費用。並且沒有其他大型銀行提供與之匹敵的初級產品。事實上，我們提供的產品使銀行業務民主化，任何人都可以免費使用，客戶的反應非常正面。

Now let me turn to Discover. Discover as a small portfolio of cash-back debit cards. We plan to keep those customers in their current product. And we are -- with the benefit of the network now and bringing Discover on, we are raising the investment levels in our flagship product to help propel our national bank growth with the very successful industry-leading value proposition that has gotten us here. So we are keeping what Discover had for its customers, and we will lean into our industry-leading banking product going forward.

現在讓我轉向「發現」。發現一小部分現金回饋借記卡。我們計劃讓這些客戶繼續使用他們現有的產品。現在，借助網路優勢和 Discover 的推出，我們正在提高旗艦產品的投資水平，以非常成功的行業領先價值主張推動我們的國家銀行成長，正是這種價值主張讓我們走到了今天。因此，我們保留了 Discover 為其客戶提供的服務，並且未來將依靠我們領先業界的銀行產品。

Next question, please.

請回答下一個問題。

Don Fandetti, Wells Fargo.

富國銀行的唐‧范德蒂 (Don Fandetti)。

Rich, can you share a little bit more about your international acceptance build-out plans? I'm just trying to think if there's a way you can help size it or talk about how the expenses get funded because I guess the revenue benefit of moving the bulk of the credit cards over to the network happens after you get the acceptance. And if there are any guidepost or targets that you have, that would be helpful.

Rich，您能否分享更多關於您的國際認可建設計劃的資訊？我只是想知道您是否能幫忙確定規模或討論如何籌集資金，因為我認為將大部分信用卡轉移到網絡後的收入收益是在您獲得接受之後發生的。如果您有任何指導方針或目標，那將會很有幫助。

All right, Don. We, of course, haven't been in the network business. So over the course of our we -- our -- what was it or 16 or 17 months pre deal, we did everything we could to learn about the network business. We brought in a bunch of consultants to teach us everything they knew about that. And now especially as we get on the other side of this, we are really going to school on the amazing learnings we're able to get with Discover.

好的，唐。當然，我們還沒有涉足網路業務。因此，在交易前的 16 或 17 個月裡，我們盡一切努力去了解網路業務。我們聘請了一批顧問來向我們傳授他們所知道的一切。現在，特別是當我們走到這一步時，我們真正要去學習透過 Discover 所能獲得的驚人知識。

And I really want to say it -- I've seen a lot of scale businesses in my days and every -- just about every banking business I've ever seen is really quite scale-driven. I've never seen any business as scale-driven as a network. -- because the marginal cost of a transaction is virtually 0, and the fixed costs are high in a business like that.

我真的想說——我一生中見過很多規模企業，幾乎我見過的每一家銀行業務都是由規模驅動的。我從未見過任何企業像網路一樣以規模為導向——因為交易的邊際成本幾乎為零，而像這樣的企業的固定成本很高。

So it's not an accident that there are to Visa and Mastercard are enormous companies and that most banks around the world don't have enough scale to have their own network even if they could solve the chicken and egg problem to get there.

因此，Visa 和 Mastercard 都是大型公司，而世界上大多數銀行即使能夠解決先有雞還是先有蛋的問題，也沒有足夠的規模來建立自己的網絡，這並非偶然。

So we look at this, and we're certainly blessed to have a network and I am struck that given Discover's really small-scale domestically pretty small scale, but globally, a strikingly modest scale, I am struck at how extensive the international acceptance that they have already built is.

所以我們看到，我們很幸運能擁有一個網絡，而且令我震驚的是，儘管 Discover 的國內規模真的很小，但在全球範圍內，其規模卻非常適中，但他們已經建立的國際認可度之廣，讓我震驚。

Now it's not up to the levels that we would really want it to be in order to move more internationally traveling customers there. But I certainly was surprised at how good it is relative to the scale and thinking about the challenge they have to get there.

現在，它還沒有達到我們真正想要的水平，無法吸引更多的國際旅行客戶。但我確實對它的規模之大感到驚訝，並考慮到他們為實現這一目標所面臨的挑戰。

But here's the inspiring thing. They've already built pretty good international acceptance, and they have a playbook to do it, that is the same playbook one would use to get quite a bit more international acceptance. And there are four ways basically to build international acceptance and four ways that Discover has cobbled together this international network acceptance.

但這裡有一件鼓舞人心的事。他們已經獲得了相當好的國際認可，並且他們有一套策略來實現這一點，這與人們獲得更多國際認可的策略是一樣的。建立國際認可度基本上有四種方法，Discover 也透過四種方法拼湊出這種國際網路認可。

Partnering with other networks partnering with merchant acquirers, partnering with card-issuing financial institutions and finally, going directly to merchants. And they used a combination of all four of those.

與其他網路合作、與商家收單機構合作、與發卡金融機構合作，最後直接與商家合作。他們將這四種方法結合使用。

We have sat with them and said, how feasible is it to get more and how would you get more. And the answer really is continue leveraging those four and just lean in harder and invest more than Discover has historically invested.

我們和他們坐在一起討論，獲得更多收益的可行性如何，以及如何獲得更多利益。而真正的答案是繼續利用這四個因素，並且更加努力，投入比 Discover 歷史上更多的資金。

We don't -- in the calibration of the hills that Capital One has taken on over time and the journeys and the investments we've done in the history of our company. This is right down the fairway of the challenge we take on working backwards from where winning is I'm not -- we don't have an estimate of exactly what it will take.

我們不會——在 Capital One 歷史上所經歷的坎坷、所走過的路程以及我們公司歷史上進行的投資中，我們不會。這正是我們所面臨的挑戰，我們要從勝利的角度來逆向思考，我們無法預估到底需要什麼。

And there's also another thing of even what acceptance level is exactly what we need because this is something as we get into it and see our customers' experiences. It's a bit of a -- when you see it a thing.

還有另一件事，即我們所需要的接受程度到底是多少，因為這是我們深入了解並了解客戶體驗時所得到的資訊。當你看到它時，它有點像一個東西。

But what I'm comfortable with is the playbook is there and the opportunity on the other side of this is very clear because that is the path to help us move more volume to the other side. That plus the building of -- I mean, Discover already has a network brand.

但我感到滿意的是，劇本就在那裡，另一方面的機會非常明確，因為這是幫助我們將更多交易量轉移到另一端的途徑。再加上建造——我的意思是，Discover 已經擁有一個網路品牌。

When I talk about building a global network brand picture, something that is as a more global -- it's more of a global brand, more of a market brand, and these are things working backwards from where we would try to go with our business down the road.

當我談到打造一個全球網路品牌形象時，我認為這是一個更全球化的品牌，更像一個全球品牌，更像一個市場品牌，這些都是我們未來業務發展方向的反向產物。

So it's -- to us, it's a very clear path. It is classic Capital One, and we have taken on many challenges, many opportunities like this and patiently worked backwards from demonstrated opportunities, and this is right in the wheelhouse of that. Thank you.

所以，對我們來說，這是一條非常清晰的道路。這是典型的 Capital One 風格，我們迎接過許多挑戰，抓住過許多這樣的機遇，並耐心地從已展現的機遇中逆向而行，而這正是我們的專長所在。謝謝。

Next question, please.

請回答下一個問題。

John Pancari, Evercore.

約翰·潘卡里（John Pancari），Evercore。

Good evening. Just to go back to the cost topic, again, the expense topic, sorry to go back to it. But just to clarify, what type of costs are included in the upfront integration costs that you indicated are likely to come in higher? And then what types of investments are netted against the $1.5 billion in cost saves that you set out?

晚安.再次回到成本話題，再次回到費用話題，很抱歉再次回到這個話題。但只是為了澄清一下，您指出哪些類型的成本包含在可能更高的前期整合成本中？那麼，哪些類型的投資可以抵銷您設定的 15 億美元成本節省呢？

Well, John, I want to ask for a clarification on the back half of your question, but in terms of what is included in the integration costs, we had deal costs. We are making additional investments in their risk management. We're integrating their people. We're moving them to our tech stack. So those are the components that were included in the integration costs.

好吧，約翰，我想就你問題的後半部分進行澄清，但就整合成本包括哪些內容而言，我們有交易成本。我們正在對他們的風險管理進行額外投資。我們正在整合他們的人員。我們正在將它們轉移到我們的技術堆疊中。這些就是包含在整合成本中的元件。

So it's not one specific thing that I would point you to in terms of what is increasing the integration and signaling that we think they might be somewhat higher. But I didn't quite follow the second half of your question. So could you just repeat that?

因此，關於什麼可以提高整合度以及我們認為整合度可能會更高一些，我無法向你指出某件具體的事情。但我不太明白你問題的後半部。那你能再說一次嗎？

Yeah. I was just trying to determine the difference between the type of costs that are included in the upfront integration costs that are coming in higher versus the type of investments, like the investments in the network, any investments in regulatory areas that are -- that may be netted against the net cost saves that you set out?

是的。我只是想確定前期整合成本中包含的成本類型與投資類型之間的差異，例如網路投資、監管領域的投資——這些投資可能會抵消您設定的淨成本節省？

Yeah. So investments would include things like building out additional capabilities for debit on the network to enable future spend and increase customer engagement as opposed to in the integration cost, that just reflects the sheer act of taking their our debit volume and moving them on to their system. So philosophically, hopefully, that provides a bit of a window into the distinction between what is an integration spend versus what is an ongoing investment.

是的。因此，投資將包括在網路上建立額外的借記功能，以支援未來的支出並提高客戶參與度，而不是整合成本，這僅僅反映了將他們的借記量轉移到他們的系統上的行為。因此，從哲學角度來看，希望這能為區分整合支出與持續投資提供一些幫助。

Right. So those investments, those ongoing investments that you mentioned being that they are netted against the cost saves and that you feel good about or that had indicated in your prepared remarks that you are on track to achieve the expected $2.5 billion synergies. So is it fair to assume that there's no implied expected change in those investments that are within that $2.5 billion?

正確的。因此，您提到的那些投資，那些正在進行的投資，是與成本節省相抵消的，您對此感到滿意，或者在您準備好的發言中表明，您有望實現預期的 25 億美元協同效應。那麼，是否可以公平地假設，這 25 億美元內的投資不會發生任何隱含的預期變化？

There are three pieces to this. Maybe I'll put it in my language to make sure we're saying the same thing. One, are the integration cost, the $2.8 billion number that Rich referenced in his prepared remarks. And those are the necessary expenses, deal costs, people costs integrating them onto our tech stack, moving our debit onto their network.

這其中有三個部分。也許我會用我的語言來表達，以確保我們說的是同一件事。一是整合成本，也就是里奇在準備好的演講稿中提到的 28 億美元。這些都是必要的開支、交易成本、將它們整合到我們的技術堆疊上的人力成本，以及將我們的借記轉移到他們的網路上的成本。

The second piece are the cost synergies that we have identified as a result of bringing those to our two organizations together, and those cost synergies are fully intact. The third piece to it is additional investments that in some ways like Rich enumerated that we will be making beyond the current levels of investments in certain areas that we're making today.

第二部分是我們將兩個組織合併後產生的成本綜效，這些成本綜效是完全完整的。第三部分是額外投資，正如里奇所列舉的那樣，我們將在某些領域進行超出現有投資水平的投資。

So that is distinct from the achievement of the cost synergies that you articulated in the bucket. And I think you were netting the second and third category in your question, but I really want to create a firm distinction between those two things because the additional investments are things that will power future growth and create additional value and the window or the evaluation process that we use for considering those investments are just like any other investment that we would make in Capital One, which is importantly distinct from achieving the synergies that we laid out in announcing the deal.

因此，這與您在桶中闡明的成本協同效應的實現不同。我認為您在問題中考慮了第二類和第三類，但我真的想在這兩者之間做出明確的區分，因為額外的投資將推動未來的增長並創造額外的價值，我們用於考慮這些投資的窗口或評估過程就像我們在 Capital One 進行的任何其他投資一樣，這與實現我們在宣布交易時提出的協同效應有著重要的區別。

Okay. All right. Thank you.

好的。好的。謝謝。

Next question, please.

請回答下一個問題。

Jeff Adelson, Morgan Stanley.

摩根士丹利的傑夫·阿德爾森。

Hey. Good evening. Thanks for taking my question. Most of my questions have been asked and answered. But just on the debit conversion, I know you characterized this as something that can happen relatively quickly.

嘿。晚安.感謝您回答我的問題。我的大部分問題都已提出並得到解答。但就借記卡轉換而言，我知道您將其描述為可以相對較快發生的事情。

Can you just give us an update on where you are in that process, how quickly you'll be able to pull that off, achieve the full get an interchange benefit on a run rate basis? And maybe what are some of the steps you need to take from here to go through with that and complete the conversion?

您能否向我們介紹一下您目前所處的階段，您能夠多快完成這項任務，並在運行率基礎上獲得全部的交換效益？也許您需要從這裡採取哪些步驟來完成轉換？

And as a part of that question, have you had any discussions with some of the largest merchants where your legacy Capital One debit customers are shopping today -- are those merchants on board with some of the changes that are coming forth. And -- or are there any negotiation that needs to happen?

作為這個問題的一部分，您是否與一些最大的商家進行過討論，您的傳統 Capital One 借記卡客戶今天在這些商家購物——這些商家是否同意即將發生的一些變化。並且——或者是否需要進行任何談判？

Okay. Thanks, Jeff. So we began reissuing Capital One debit cards onto the Discover network with early pilot populations in June. And we expect the conversion to continue in phases through early 2026. We expect the majority of customers to be on the Discover network by the fourth quarter of 2025 with all debit purchase volume running on the Discover Network by early 2026.

好的。謝謝，傑夫。因此，我們從 6 月開始向早期試點用戶重新發行 Capital One 金融卡到 Discover 網路。我們預計轉換過程將分階段持續到 2026 年初。我們預計，到 2025 年第四季度，大多數客戶將加入 Discover 網絡，到 2026 年初，所有借記卡購買量都將在 Discover 網路上運行。

So the -- one of the real attractions to us of buying a network is the ability to have direct merchant relationships. When you -- it's the way the market works but when I think about founding Capital One and building a company where I always believed that the tip of the spear of the technology revolution in financial services would be payments.

因此，對我們來說，購買網路的真正吸引力之一是能夠與商家建立直接的關係。當你——這是市場運作的方式，但當我考慮創立 Capital One 並建立一家公司時，我始終相信金融服務技術革命的矛頭將是支付。

And so we built basically a payments company, and it is an odd thing to have one part of the value chain, a very important part in the value chain run by an intermediary. And of course, it's reflective of how scale driven the industry is, and that's why it happens.

因此，我們基本上建立了一家支付公司，而讓中介機構來運作價值鏈中非常重要的一部分，這是一件奇怪的事情。當然，這反映了該行業規模驅動的程度，這就是發生這種情況的原因。

But elsewhere in our Capital One business, we have been working really hard to go direct to merchants and build direct merchant relationships because we have 100 million customers and merchants want to every merchant has the same objective function. They want to drive more sales. And we have over 100 million customers that want to have better deals.

但在我們的 Capital One 業務的其他部分，我們一直在努力直接面對商家並建立直接的商家關係，因為我們擁有 1 億客戶，商家希望每個商家都有相同的目標功能。他們希望提高銷售量。我們有超過 1 億客戶希望獲得更好的優惠。

So another wing of Capital One is going direct to merchants and really being able to leverage our huge customer base and the massive investment we have made in data and technology and over time, AI to be able to create more value for merchants in areas like reducing fraud.

因此，Capital One 的另一個部門是直接面向商家，真正能夠利用我們龐大的客戶群以及我們在數據和技術方面的大量投資，隨著時間的推移，人工智慧能夠在減少詐欺等領域為商家創造更多價值。

We're way down that path in direct relationships with merchants, direct specific merchant-funded deals. So we're excited that the Discover acquisition allows us to now take this one piece of the value chain that was entirely run through intermediaries and for some of our business to really go direct.

我們在與商家建立直接關係、直接進行由商家資助的特定交易方面已經取得了長足進展。因此，我們很高興 Discover 的收購使我們能夠將這完全透過中介機構營運的價值鏈環節變為直接營運。

So the -- as we do that, Jeff, -- we will continue to have conversations with merchants about -- and we also like to bring them data to show them the value that we're adding and the benefits of all of this -- and the debit and now moving more of our debit business will be another part of those conversations and the growing relationship with merchants. But we look forward to all of that as -- and the big picture point of a company the scale of Capital One really increasingly building a direct to merchant business model.

因此，傑夫，當我們這樣做的時候，我們將繼續與商家進行對話，我們也希望向他們提供數據，向他們展示我們正在增加的價值以及所有這些的好處，而藉記卡以及現在轉移更多的借記卡業務將成為這些對話的另一部分，也是與商家日益增長的關係的一部分。但我們期待這一切——從公司的整體角度來看，Capital One 的規模確實在不斷建立直接面向商家的商業模式。

Next question, please.

請回答下一個問題。

Brian Foran, Truist Securities.

布萊恩·福蘭（Brian Foran），Truist Securities。

Hi. I know you haven't been big users of guidance historically, but there have been times where you set out these guideposts, whether it's the OpEx efficiency target. I think that was threading the theme at one point. loss guidance, EPS guidance, those things when you're helping investors navigate periods of transition or trying to understand an issue.

你好。我知道您過去並不經常使用指導，但有時您會制定這些指導方針，無論是營運支出效率目標。我認為這在某種程度上貫穿了主題。虧損指引、每股盈餘指引，這些都是在幫助投資人度過過渡期或試圖理解某個問題時所用到的東西。

I know you're deferring to give specific guidance right now, but is that something you're contemplating? I mean it is hard to look at the numbers for 2Q with the mid-quarter close and all the adjustments and really get comfortable or confidence of what the core is going to look like over the next couple of quarters?

我知道您現在不願意給出具體的指導，但這是您正在考慮的事情嗎？我的意思是，在季度中期收盤和所有調整之後，很難看清第二季度的數據，也很難對未來幾季的核心情況感到放心或有信心？

Is it -- is there a thought of giving guidance on some high-level metrics or targets on returns or something like that? Or is it going to be a little bit more of a chips fall where they may philosophy?

有沒有想過對一些高層次的指標或回報目標或類似的東西給予指導？或者這會成為他們可能採取的哲學？

Brian, thank you for your question. If I stand back, I go back to the -- when the day we launched the IPO of Capital One, and I had spent a lot of years as strategy consultant before that, a lot of time looking at companies and being inside companies. And one thing I was struck by is the role that guidance played and sometimes a well-intentioned thing ended up ending -- becoming the objective function of the business instead of really creating value for investors.

布萊恩，謝謝你的提問。如果我退一步來看，我會回到——當我們啟動 Capital One 首次公開募股的那一天，在那之前我已經花了很多年時間擔任策略顧問，花了很多時間觀察公司並深入公司內部。令我印象深刻的一件事是指導所起的作用，有時一件原本出於好意的事情最終卻變成了企業的目標功能，而不是真正為投資者創造價值。

And so what we have tried to do is not run the company through guidance, but to -- but instead, what we have done from the founding days is one of the first things that we built is a business model of what I call horizontal accounting, where we were very struck that companies would make choices that working backwards from vertical earnings instead of rigorously measuring horizontal returns, the value of -- and we believe every choice that's made in the company, it's ultimately a -- has cost upfront and return, and we measure before, during and after -- what is the value that got created. And our business model is absolutely focused on while we invest a lot and is very focused on making sure that it's creating value on the other end of that, and that's been a hallmark of what we do.

因此，我們嘗試做的不是透過指導來經營公司，而是——相反，我們從創立之初所做的第一件事就是建立一種我稱之為橫向會計的商業模式，我們非常震驚地發現，公司會做出從縱向收益向後推算的選擇，而不是嚴格衡量橫向回報的價值——我們相信，公司做出的每一個選擇，最終都是——有前期成本和回報，我們會在之前創造的價值和回報，我們會在之前創造的成本和回報，我們會衡量前期成本和回報。我們的商業模式絕對專注於在投入大量資金的同時確保其在另一端創造價值，這是我們所做工作的標誌。

Now the -- along the way, so we have hopefully tried to build a brand and a credibility with investors that our business model is one that builds long-term value and hopefully, our track record speaks for that. We have chosen to give guidance from time to time. where there are specific things that we think it's really important that investors understand on something that matters a lot to them and something where we have a perspective that can be very, very useful there.

現在——一路走來，我們希望努力建立一個品牌，並在投資者心中建立信譽，證明我們的商業模式能夠創造長期價值，希望我們的業績記錄能夠證明這一點。我們選擇不時提供指導。我們認為，投資人了解一些對他們來說非常重要的具體事項，以及我們的觀點可能非常非常有用的事項。

What we try to do is to really help investors understand why we are making the choices we're making and how everything we're doing is built is focused on building a franchise for the long term and create long-term growth and earnings power for our investors.

我們試圖做的是真正幫助投資者理解我們為什麼做出這樣的選擇，以及我們所做的一切都是為了長期打造特許經營權，並為我們的投資者創造長期增長和盈利能力。

So when I think about this important moment here, as we bring discover into Capital One and think about all the earnings power and the opportunities that we have. My comments at the beginning were intended to give a little bit of a bounding of how we're thinking about things by my comments about the earnings power even in an environment where some of the metrics have already moved the individual line items and in an environment where we see a particularly a significant number of investment opportunities to indicate to investors that the earnings power we see out the other side of this is pretty consistent with what we saw at the beginning, knowing that everyone will take it back of the envelope and try to do their own estimations of that.

因此，當我想到這個重要時刻時，當我們將發現帶入 Capital One 並思考我們擁有的所有盈利能力和機會。我在一開始的評論旨在透過我對盈利能力的評論，對我們思考事物的方式給出一些限制，即使在一些指標已經移動個別項目的環境中，並且在我們看到特別大量的投資機會的環境中，也要向投資者表明，我們看到的另一邊的盈利能力與我們一開始看到的非常一致，知道每個人都會把它拿回來並嘗試對此進行自己的估計。

But generally, we -- so I guess the -- I would say, our guidance is situational and it's not that we never give it. We -- I'm sure we will in the future on certain things. But I wouldn't want to set an expectation for investors that at a certain point here coming out of the gate with Discover that we're going to lay out specific numbers because it's probably not what we're going to do.

但一般來說，我想說，我們的指導是根據具體情況而定的，並不是說我們從不提供指導。我們——我相信我們將來會在某些事情上這樣做。但我不想讓投資人抱持期望，認為在 Discover 推出的某個階段，我們會公佈具體的數字，因為這可能不是我們要做的事情。

Next question, please.

請回答下一個問題。

John Hecht, Jefferies.

傑富瑞的約翰·赫克特。

Afternoon. Thanks for putting me in and thank you for all the information on the Discover -- the update on the Discover journey. I guess my question is going back to some of the traditional questions we'd asked you, Rich, is -- what's your -- I guess, a 2-part question I have is what's your opinion on the state of affairs of the US consumer? Has that changed in the last quarter? And have you noticed anything different between your customer set and the Discover customer set in terms of payment behaviors or spend behaviors?

下午。感謝您邀請我加入，也感謝您提供有關 Discover 的所有資訊——有關 Discover 旅程的最新消息。我想我的問題回到了我們問過您的一些傳統問題，Rich，那就是——您的——我想，我有兩個問題，您對美國消費者的狀況有何看法？上個季度情況有變化嗎？您是否注意到您的客戶群和 Discover 客戶群在支付行為或消費行為方面有什麼不同？

Yes. Thank you so much. So the US consumer is in a in a great place here that we continue to we see the US consumer as a source of strength in the economy.

是的。太感謝了。因此，美國消費者處於良好狀態，我們繼續將美國消費者視為經濟的力量來源。

The unemployment rate remains low and stable, Job creation remains healthy. Real wages are, of course, growing steadily. Consumer debt servicing burdens remain stable and near prepandemic levels. In our card portfolio, we're seeing improving delinquency rates and lower delinquency entries, and payment rates are improving on a year-over-year basis.

失業率保持低位且穩定，就業成長保持健康。當然，實質工資正在穩步增長。消費者債務償還負擔維持穩定，接近疫情前的水準。在我們的信用卡組合中，我們看到拖欠率正在改善，拖欠記錄減少，而且支付率也逐年增加。

Now of course, the circumstances of individual consumers and households will vary as they always do. And as we've mentioned in past earnings calls, some pockets of consumers are feeling pressure from the cumulative effects of inflation and higher interest rates. And we're still seeing some delayed charge-off effects from the pandemic, although the improving trend and our delinquencies suggest these effects are moderating. But on the whole, I'd say the US consumer is in really quite good shape.

當然，個人消費者和家庭的情況會像往常一樣改變。正如我們在過去的收益電話會議上提到的那樣，部分消費者正感受到通貨膨脹和利率上升的累積效應所帶來的壓力。我們仍然看到疫情造成的一些延遲沖銷效應，儘管改善的趨勢和我們的拖欠情況表明這些影響正在緩和。但總體而言，我認為美國消費者的狀況確實相當良好。

And of course, like all of you, we're keeping a close eye on the potential impact of tariffs and other public policy changes. And the -- and with the tariffs, there's been a lot of uncertainty. But for now, even in that area, of course, we've all seen markets rebound. Most economic metrics have remained strong and we haven't seen any adverse signals in our credit performance in spend or in payments even in the most leading-edge data.

當然，和大家一樣，我們也密切關注關稅和其他公共政策變化的潛在影響。而且由於關稅，存在著許多不確定性。但就目前而言，即使在該地區，我們也都看到市場反彈。大多數經濟指標仍然保持強勁，即使在最前沿的數據中，我們也沒有看到我們的信貸支出或支付表現出現任何不利訊號。

We're also watching closely as student loan repayments and collections resume after a pause of almost 5 years. Specifically, we're watching the performance of card and auto customers with student loans and especially those customers whose student loans are now being reported as delinquent.

我們也密切關注學生貸款償還和收回在暫停近五年後恢復的情況。具體來說，我們正在關注擁有學生貸款的信用卡和汽車客戶的表現，特別是那些目前被報告為學生貸款拖欠的客戶。

So far, we haven't seen any spillover effects in these segments, but we'll continue to monitor this closely. So pulling way up, there's a lot of positive momentum in our performance in our improving overall credit metrics and in the performance of our front book of new originations.

到目前為止，我們還沒有看到這些領域出現任何外溢效應，但我們會繼續密切關注。因此，我們的表現在不斷改善的整體信貸指標和新貸款前帳簿的表現上顯示出很大的積極勢頭。

So we'll keep a very watchful eye on the economy here, but I think in a world of a lot of turbulence. And if you read the news every day, you can think the world is falling apart, but actually, if we don't read the news and just look at what our customers are telling us with their behaviors, it is a picture of strength.

因此，我們會密切關注這裡的經濟，但我認為世界充滿了動盪。如果你每天都讀新聞，你可能會認為世界正在分崩離析，但實際上，如果我們不讀新聞，只看看我們的客戶透過他們的行為告訴我們什麼，這就是一幅力量的圖景。

The Discover Card performance, as we brought them on, we've been able to start unpacking performance across a number of dimensions. We're seeing credit improving in recent months. The loan and purchase volume growth has been muted due to their originations pullbacks in recent years. The customer engagement and loyalty metrics continue to be very strong. Discover has a little bit -- Discover has a little bit more of a revolver-oriented portfolio.

隨著我們推出 Discover Card 卡，我們已經能夠開始從多個維度解析其效能。我們看到近幾個月來信貸正在改善。由於近年來貸款和購買量減少，其成長一直較為緩慢。客戶參與度和忠誠度指標持續保持強勁。Discover 的投資組合稍微偏向循環信貸。

All of us have revolvers. They have been a little bit more of a revolver led business. We've been a little bit more of a spend driven business model that, of course, has a bunch of revolving.

我們每個人都有左輪手槍。他們的生意有點像是靠左輪手槍主導的。我們的商業模式更多的是支出驅動，當然，也有很多循環。

And so we look forward very much to rolling up our sleeves and looking at some of the differences, and I'm sure many of the great similarities between the two. But pulling way up, the consumer is in a good place and both companies' card performance -- credit performance is really very positive.

因此，我們非常期待能夠捲起袖子，研究兩者之間的一些差異，並且我相信它們之間有很多相似之處。但一路走高，消費者處境良好，兩家公司的信用卡表現——信用表現確實非常正面。

Thank you very much. That concludes our session for this evening. Thank you for joining us on this call today and thank you for your interest in Capital One. Have a great evening, everybody.

非常感謝。今晚的會議到此結束。感謝您今天的電話會議，也感謝您對Capital One的關注。祝大家今晚愉快！

Thank you. This concludes today's conference call. Thank you for participating. You may not disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您不能斷開連線。