Capital One Financial Corp (COF) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Capital One Q4 2025 earnings call. Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Capital One 2025 年第四季財報電話會議。請注意，今天的會議正在錄影。（操作說明）

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

現在我把會議交給今天的主講人，財務高級副總裁傑夫·諾里斯，請開始吧。

Thanks very much, Josh, and welcome, everyone. To access the live webcast of the call, please go to the Investors section of Capital One's website at capitalone.com. A copy of the earnings presentation, press release, and financial supplement can also be found in the Investors section of Capital One's website, capitalone.com, by selecting Financials and then Quarterly Earnings Release.

非常感謝喬希，也歡迎各位。如需收聽電話會議的即時網路直播，請造訪 Capital One 網站 capitalone.com 的「投資者關係」版塊。您也可以在 Capital One 網站 capitalone.com 的「投資者關係」版塊中找到收益簡報、新聞稿和財務補充資料，方法是選擇「財務」和「季度收益發布」。

With me this evening are Mr. Richard Fairbank, Capital One's Chairman and Chief Executive Officer; and Mr. Andrew Young, Capital One's Chief Financial Officer. Rich and Andrew are going to walk you through this presentation that summarizes our fourth-quarter 2025 results.

今晚與我同台的有 Capital One 董事長兼執行長 Richard Fairbank 先生，以及 Capital One 財務長 Andrew Young 先生。Rich 和 Andrew 將帶您了解這份總結我們 2025 年第四季業績的簡報。

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. Capital One does not undertake any obligation to update or revise any of this information, whether as a result of new information, future events, or otherwise.

請注意，本次簡報可能包含前瞻性陳述。今天討論和相關資料中有關 Capital One 財務表現的資訊和任何前瞻性陳述僅代表資料中指明的特定日期或多個日期的情況。Capital One 不承擔任何更新或修改此資訊的義務，無論是由於新資訊、未來事件或其他原因。

Numerous factors could cause our actual results to differ materially from those described in forward-looking statements, 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.

諸多因素可能導致我們的實際業績與前瞻性聲明中所述業績存在重大差異，有關這些因素的更多信息，請參閱盈利發布演示文稿中題為“前瞻性信息”的部分，以及我們年度和季度報告中的“風險因素”部分，這些報告可在 Capital One 的網站上查閱，並已提交給美國證券交易委員會。

With that, I'll turn the call over to Mr. Young. Andrew?

那麼，我就把電話交給楊先生了。安德魯？

Thanks, Jeff, and good afternoon, everyone. Let me begin by saying that we are incredibly excited to announce that we have entered into a definitive agreement to acquire Brex. Rich will talk more about the Brex acquisition in a moment.

謝謝你，傑夫，大家下午好。首先，我非常興奮地宣布，我們已經達成最終協議，收購 Brex。Rich稍後會詳細談談Brex的收購案。

I'll start tonight's presentation by covering the highlights of our fourth-quarter results on slide 3. In the fourth quarter, Capital One earned $2.1 billion or $3.26 per diluted common share. For the full year, Capital One earned $2.5 billion or $4.03 per share. We completed the sale of the $8.8 billion Discover home loans portfolio in the quarter. After refining our preliminary purchase accounting estimates, The proceeds resulted in a net gain on sale of $483 million, which is reported in the results for discontinued operations. You can find the revised Discover purchase consideration walk and amortization schedules in the appendix of tonight's presentation.

今晚的演講將從第三張投影片開始，重點介紹我們第四季的業績。第四季度，Capital One 獲利 21 億美元，即每股攤薄收益 3.26 美元。Capital One全年獲利25億美元，即每股4.03美元。本季我們完成了價值 88 億美元的 Discover 房屋貸款組合的出售。在完善了我們初步的收購會計估計後，所得款項產生了 4.83 億美元的淨出售收益，該收益已在終止經營業務的業績中報告。您可以在今晚簡報的附錄中找到修訂後的 Discover 購買考量清單和攤銷計畫表。

Net of the home loan sales and the other adjusting items, fourth-quarter earnings per share were $3.86. Full-year adjusted earnings per share were $19.61. We also had two notable items in the quarter, $200 million of accelerated philanthropy contributions and $37 million of pension termination expense.

扣除房屋貸款銷售和其他調整項目後，第四季每股收益為3.86美元。全年調整後每股收益為19.61美元。本季還有兩項值得注意的項目，分別是2億美元的加速慈善捐款和3,700萬美元的退休金終止費用。

Relative to the prior quarter, fourth-quarter revenue increased about 1% and non-interest expense increased 13%. Pre-provision earnings declined 12% or 10% net of adjustments. Our provision for credit losses was $4.1 billion in the quarter, an increase of about $1.4 billion relative to the third quarter. The increase was driven by an allowance build of $302 million in the quarter versus last quarter's release, as well as a $360 million increase in net charge-offs.

與上一季相比，第四季營收成長約 1%，非利息支出成長 13%。撥備前收益下降12%，調整後淨收益下降10%。本季我們的信貸損失準備金為 41 億美元，比第三季增加了約 14 億美元。該成長是由於本季撥備增加 3.02 億美元，而上一季則有所增加，以及淨沖銷增加 3.6 億美元。

Turning to slide 4, I'll now cover the allowance in greater detail. The $302 million allowance billed in the quarter brought the allowance balance to $23.4 billion. Our total portfolio coverage ratio decreased 5 basis points and now stands at 5.16%.

接下來請看第 4 張投影片，我將更詳細地介紹津貼問題。本季提列的3.02億美元準備金使準備金餘額達到234億美元。我們的總投資組合覆蓋率下降了 5 個基點，目前為 5.16%。

I'll cover the drivers of the changes in allowance and coverage ratio by segment on slide 5. In our Domestic Card segment, our coverage ratio declined by 11 basis points and now stands at 7.17%. The $335 million allowance bill was largely driven by loan growth in the quarter.

我將在第 5 張投影片中介紹各細分市場津貼和覆蓋率變化的驅動因素。在我們的國內信用卡業務板塊，我們的覆蓋率下降了 11 個基點，目前為 7.17%。本季3.35億美元的撥備支出主要是因為貸款成長所致。

The allowance balance in our Consumer Banking segment was largely flat at $1.9 billion. Growth in the auto business was largely offset by continued observed credit favorability. The coverage ratio ended the quarter at 2.23%, 3 basis points lower than the prior quarter.

我們消費者銀行業務部門的撥備餘額基本上持平，為 19 億美元。汽車產業的成長很大程度上被持續的信貸寬鬆政策所抵消。本季末的覆蓋率為 2.23%，比上一季下降了 3 個基點。

And finally, in our Commercial Banking segment, we released $47 million of allowance. The allowance release was largely driven by charge-offs in the quarter. The Commercial Banking coverage ratio declined 6 basis points and now stands at 1.63%.

最後，在我們的商業銀行業務部門，我們釋放了 4700 萬美元的撥備。本季撥備釋放主要由核銷款項推動。商業銀行的償債覆蓋率下降了 6 個基點，目前為 1.63%。

Turning to page 6, I'll now discuss liquidity. Total liquidity reserves ended the fourth quarter at about $144 billion, up modestly from the prior quarter. Our preliminary average liquidity coverage ratio increased to 173% in the quarter, driven by higher average cash and lower net outflows.

接下來翻到第 6 頁，我將討論流動性問題。第四季末，總流動性儲備約為 1,440 億美元，較上一季略有成長。本季度，由於平均現金增加和淨流出減少，我們的初步平均流動性覆蓋率上升至 173%。

Turning to page 7, I'll cover our net interest margin. Our fourth quarter net interest margin was 8.26%, 10 basis points lower than the prior quarter. The decline was driven by lower asset yields and a higher cash balance as the impact of the sale of the Discover home loans portfolio more than offset the typical seasonal decline in cash.

接下來請翻到第 7 頁，我將介紹我們的淨利差。我們第四季的淨利差為 8.26%，比上一季下降了 10 個基點。此次下跌是由於資產收益率下降和現金餘額增加所致，因為出售 Discover 房屋貸款組合的影響超過了現金的季節性下降。

Turning to slide 8, I will end by discussing our capital position. Our common equity Tier 1 capital ratio ended the quarter at 14.3%, approximately 10 basis points lower than the prior quarter. Quarterly earnings were more than offset by $2.5 billion in share repurchases and the increase in risk-weighted assets.

接下來請看第 8 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適足率為 14.3%，比上一季下降了約 10 個基點。季度收益被 25 億美元的股票回購和風險加權資產的增加完全抵消。

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

接下來，我將把電話交給里奇。富有的？

Thanks, Andrew. Slide 10 shows fourth-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 11.

謝謝你，安德魯。第 10 張投影片展示了我們信用卡業務的第四季業績。信用卡業務的業績很大程度上取決於我們的國內信用卡業績和趨勢，如第 11 頁投影片所示。

In the fourth quarter, the combined Domestic Card business posted steady top-line growth, strong margins, and stable credit. Year-over-year purchase volume growth for the quarter was 39%, driven primarily, of course, by the addition of Discover purchase volume. Excluding Discover, year-over-year purchase volume growth was about 6.2%.

第四季度，國內信用卡業務整體實現了穩定的營收成長、強勁的利潤率和穩定的信貸。本季購買量年增 39%，這主要得益於 Discover 購買量的增加。剔除 Discover 卡後，年比購買量成長約 6.2%。

Ending loan balances increased 69% year over year, also largely as a result of adding Discover card loans. Excluding Discover, ending loans grew about 3.3% year over year. While competitive intensity remains high, we continue to see good traction across our legacy card business with stronger growth results in our heavy spender franchise at the top of the marketplace.

期末貸款餘額年增 69%，這主要是由於 Discover 卡貸款的增加。剔除 Discover 貸款後，期末貸款年增約 3.3%。儘管競爭依然激烈，但我們的傳統信用卡業務持續取得良好進展，其中市場頂端的高消費客戶業務成長更為強勁。

The legacy Discover card loans continued to contract slightly and will likely continue to face near-term growth headwinds due to Discover's prior credit policy cutbacks and some trimming around the edges that we're doing. We continue to see good opportunities to grow the Discover card business on the other side of our tech integration where we can implement growth expansions powered by our unique technology and underwriting.

Discover 的傳統信用卡貸款持續略有收縮，並且由於 Discover 先前的信貸政策削減以及我們正在進行的一些調整，短期內可能會繼續面臨成長阻力。我們繼續看到，透過技術整合，Discover 卡業務還有很大的成長機會，我們可以利用我們獨特的技術和承保能力來實現成長擴張。

Revenue was up 58% from the fourth quarter of 2024, largely driven by the addition of Discover revenue. Excluding Discover, year-over-year revenue growth was about 6.2% driven by underlying growth in purchase volume and loans. Revenue margin for the quarter was steady at 17.3%. The Domestic Card charge-off rate for the fourth quarter was 4.93% up 30 basis points from the prior quarter and down 113 basis points from a year ago.

營收較 2024 年第四季成長 58%，主要得益於 Discover 營收的增加。剔除 Discover 的表現後，受購買量和貸款額成長的推動，年營收年增約 6.2%。本季營收利潤率穩定在 17.3%。第四季國內信用卡註銷率為 4.93%，較上一季上升 30 個基點，比去年同期下降 113 個基點。

Our Domestic Card delinquency rate was 3.99%, up 10 basis points from the prior quarter and down 54 basis points from a year ago. On a sequential quarter basis, both our charge-offs and delinquencies moved in line with normal seasonality. Our credit metrics appear to be settling out after almost a year of steady improvement.

我們的國內信用卡逾期率為 3.99%，比上一季上升了 10 個基點，比去年同期下降了 54 個基點。從季度環比來看，我們的壞帳和逾期帳款均符合正常的季節性變化。經過近一年的穩定改善，我們的信用指標似乎正在趨於穩定。

Domestic Card non-interest expense was up 60% compared to the fourth quarter of 2024, reflecting a full quarter of combined operations and purchase accounting amortization. Operating expense and marketing both increased year over year. Total company marketing expense in the quarter was about $1.9 billion, up 41% year over year. Our choices in Domestic Card are the biggest driver of total company marketing.

國內信用卡非利息支出比 2024 年第四季成長了 60%，反映了合併營運和購買會計攤銷的完整季度。營運費用和行銷費用均較去年同期成長。該季度公司行銷總支出約 19 億美元，年增 41%。我們在國內信用卡方面的選擇是公司整體行銷的最大驅動力。

Compared to the fourth quarter of 2024, Domestic Card marketing in the quarter included the addition of Discover marketing, higher media spend, and increased investment in premium benefits and differentiated customer experiences. Our marketing continues to deliver strong new account originations and to build an enduring franchise with heavy spenders at the top of the market.

與 2024 年第四季相比，本季國內信用卡行銷包括新增 Discover 行銷、增加媒體支出，以及增加對高級福利和差異化客戶體驗的投資。我們的行銷活動持續帶來強勁的新客戶開發，並與市場頂端的高消費客戶建立持久的合作關係。

Slide 12 shows fourth quarter results in our Consumer Banking business. Global payment network transaction volume for the quarter was about $175 billion. Auto originations were up 8% from the prior-year quarter. Increased competitor activity in the quarter drove a slowdown in our originations growth, but we continue to be in a strong position to pursue resilient growth in the current marketplace.

第 12 張投影片展示了我們消費者銀行業務的第四季業績。本季全球支付網路交易額約1750億美元。汽車貸款發放量比去年同期增加了 8%。本季競爭對手活動的增加導致我們的貸款發放成長放緩，但我們仍處於有利地位，能夠在當前的市場環境下追求穩健成長。

Consumer Banking ending loan balances increased $6.7 billion, or about 9% year over year, Average loans were also up 9%. Compared to the year-ago quarter, ending and average consumer deposits grew about 33%, driven largely by the addition of Discover deposits.

消費者銀行業務期末貸款餘額年增 67 億美元，增幅約 9%；平均貸款額也增加了 9%。與去年同期相比，期末和平均消費者存款成長了約 33%，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. Consumer Banking revenue for the quarter was up about 36% year over year, driven predominantly by the full quarter of Discover operations, as well as Discover revenue synergies and growth in auto loans. Non-interest expense was up about 48% compared to the fourth quarter of 2024, driven largely by the full quarter of Discover as well as higher marketing to drive growth in our national Consumer Banking business, increased auto originations, and continued technology investments.

從 Discover 的影響來看，我們以數位化為先導的全國性消費銀行業務持續成長並獲得市場認可。本季消費者銀行業務營收年增約 36%，主要得益於 Discover 業務的全面開展，以及 Discover 營收的綜效和汽車貸款業務的成長。與 2024 年第四季相比，非利息支出成長了約 48%，這主要是由於 Discover 業務的整個季度以及為推動全國消費者銀行業務增長而加大的營銷投入、汽車貸款發放量的增加以及持續的技術投資。

The auto charge-off rate for the quarter was 1.82%, down 50 basis points year over year, and up 28 basis points from the third quarter in line with expected seasonality. Auto charge-offs have been stable near pre-pandemic levels for the past year. The auto delinquency rate increased seasonally in the quarter, up 24 basis points to 5.23%. On a year-over-year basis, our auto delinquencies improved by 72 basis points.

本季汽車壞帳率為 1.82%，年減 50 個基點，較第三季上升 28 個基點，符合預期季節性變動。過去一年，汽車貸款註銷額一直穩定在疫情前水準附近。本季汽車貸款違約率季節性上升，上漲 24 個基點至 5.23%。與去年同期相比，我們的汽車貸款違約率下降了 72 個基點。

Slide 13 shows fourth-quarter results for our Commercial Banking business. Compared to the linked quarter, both ending and average loan balances were flat. Ending deposits were up about 4% from the linked quarter. Average deposits were up 5%. The Commercial Banking annualized net charge-off rate for the fourth quarter increased 22 basis points from the sequential quarter to 0.43%. The commercial criticized performing loan rate was 4.68%, down 45 basis points compared to the linked quarter. The criticized non-performing loan rate was down 3 basis points to 1.36%.

第 13 張投影片顯示了我們商業銀行業務的第四季業績。與上一季相比，期末貸款餘額和平均貸款餘額均持平。期末存款較上一季成長約4%。平均存款額增加了5%。第四季商業銀行年化淨沖銷率較上一季上升 22 個基點至 0.43%。商業貸款利率為 4.68%，較上一季下降 45 個基點。備受詬病的不良貸款率下降了3個基點，至1.36%。

In closing, fourth-quarter results continued to reflect solid top-line growth and strong and stable credit performance. Continuing capital generation and our strong balance sheet powered increased share repurchases of $2.5 billion in the quarter. And we made expected progress on Discover integration and synergies in the quarter. We remain on track to deliver the expected synergies.

綜上所述，第四季業績持續反映出穩健的營收成長和強勁穩定的信貸表現。持續的資本累積和我們強勁的資產負債表推動了本季股票回購額增加至 25 億美元。本季我們在 Discover 的整合和協同效應方面取得了預期進展。我們仍有望實現預期的協同效應。

2025 was a seminal year for Capital One. In addition to delivering strong performance across our businesses, we completed the acquisition of Discover, a singular transaction that's delivering near-term synergies and unlocking significant strategic opportunity and upside over the long term. Our 2025 performance was enabled by years of strategic preparation and our choice to consistently invest to sustain long-term growth and returns. And these same choices put us in a strong position going forward.

2025年是Capital One具有里程碑意義的一年。除了在各項業務中取得強勁業績外，我們也完成了對Discover的收購。這項獨特的交易不僅在短期內帶來了協同效應，而且在長期內釋放了巨大的策略機會和成長潛力。我們2025年的業績得益於多年的策略準備以及我們持續投資以維持長期成長和回報的選擇。而正是這些選擇，使我們在未來的發展中處於有利地位。

As we enter 2026, I'm struck by the number and quality of the opportunities we have before us. We've been investing in many of our opportunities for years, like building our heavy spender franchise with consumers and small businesses at the top of the credit card marketplace, building a national franchise of primary banking relationships in our retail banking business, and building a modern technology and data infrastructure. And as we continue to build on foundational tech investments to migrate up the tech stack, we're generating new growth opportunities like Capital One Travel, Capital One Shopping, and Auto Navigator.

進入2026年，我驚嘆於我們面前機會的數量和品質。多年來，我們一直在投資各種機會，例如在信用卡市場頂端為消費者和小型企業打造高消費客戶特許經營權，在零售銀行業務中建立全國性的主要銀行關係特許經營權，以及構建現代化的技術和數據基礎設施。隨著我們不斷增加基礎技術投資，向上遷移到技術堆疊，我們正在創造新的成長機會，例如 Capital One Travel、Capital One Shopping 和 Auto Navigator。

Our tech stack was built from the outset, working backwards from the AI revolution, and we are now building AI solutions across our businesses. Many of our opportunities are enhanced by the Discover acquisition, which of course also brings the new opportunity to grow and scale our own global payments network. To capitalize on these opportunities at this special moment, we need to make significant and sustained investments, and we are leaning into them.

我們的技術堆疊從一開始就是反向建構的，從人工智慧革命的角度出發，現在我們正在各個業務部門建立人工智慧解決方案。收購 Discover 為我們帶來了許多機會，當然，這也為我們發展壯大自己的全球支付網路帶來了新的機會。為了抓住這一特殊時刻的機遇，我們需要進行大量且持續的投資，而我們正在全力以赴。

Tonight, I'm excited to announce our agreement to acquire Brex for a combination of stock and cash totaling $5.15 billion. We've included slides in the earnings presentation appendix that summarize key aspects of the transaction.

今晚，我很高興地宣布我們已達成協議，將以股票和現金相結合的方式收購 Brex，總金額為 51.5 億美元。我們在收益報告附錄中附上了投影片，總結了此交易的關鍵面向。

Brex is a pioneer in the dynamically changing business payment space. with industry-leading technology and world-class talent. Acquiring Brex accelerates a journey we've been on since our founding days, the quest to build a banking and payments company that's positioned to win where the world is going. The transaction will create purchase accounting impacts that we'll need to help investors navigate.

Brex是瞬息萬變的商業支付領域的先驅，擁有業界領先的技術和世界一流的人才。收購 Brex 加速了我們自創立之初就一直在進行的征程，即打造一家能夠引領世界潮流的銀行和支付公司。此次交易將產生購買會計方面的影響，我們需要幫助投資者了解相關情況。

Importantly, we expect Brex to have no impact on the Discover integration or expected synergies. And the total consideration for the Brex acquisition is around 3.5% of Capital One's market capitalization, so it doesn't change the expected pace or magnitude of our quarterly share repurchases. And perhaps most importantly, we still expect our earnings power on the other side of the Discover integration to be consistent with what we expected at the time we announced the Discover deal, inclusive of Brex.

重要的是，我們預期英國脫歐不會對 Discover 的整合或預期綜效產生任何影響。收購 Brex 的總對價約為 Capital One 市值的 3.5%，因此不會改變我們季度股票回購的預期速度或規模。或許最重要的是，我們仍然預期，在完成 Discover 整合後，我們的獲利能力將與我們在宣布 Discover 交易時所預期的一致，包括 Brex 的影響。

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？

Thanks, Rich. We'll now start the Q&A session. (Operator Instructions) Josh, please start the Q&A session.

謝謝你，里奇。現在開始問答環節。（操作員指示）Josh，請開始問答環節。

(Operator Instructions)

（操作說明）

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

I want to talk a little bit about the Brex acquisition first. Rich, could you just talk a little bit about the strategic value of adding this capability? I see how it could really enhance sort of your platform in the small business space, especially with a network. But maybe you could just talk a little bit about how you see it coming together over time.

我想先談談Brex的收購案。Rich，您能否談談增加這項功能的策略價值？我明白它如何能真正提升你在小型企業領域的平台，尤其是在擁有網路的情況下。但或許你可以稍微談談你認為它會如何隨著時間的推移而發展壯大。

Yes, thank you. Let me just kind of pull up here and talk about the opportunity and Brex holistically. Acquiring Brex builds on and accelerates a journey we've been on since our founding days. It is the quest to build a banking and payments company that's positioned to win where the world is going.

是的，謝謝。讓我在這裡簡單談談這個機會以及Brex的整體情況。收購 Brex 鞏固並加速了我們自公司創立以來一直在走的道路。我們的目標是打造一家能夠引領世界潮流、贏得市場先機的銀行和支付公司。

We were the original fintech years before that term was coined. And we grew by carefully choosing businesses with attractive industry structures that are at the heart of consumers' financial lives and also that we're ripe for transformation by technology and data. As a result, we aren't in all the businesses that other banks are in. We have focused on a select set of businesses that have relevant scale in the competitive marketplace and which fit together synergistically.

早在「金融科技」這個詞出現之前，我們就已經是金融科技領域的先驅了。我們透過精心挑選那些在消費者金融生活中佔據核心地位、且具有有吸引力的產業結構，同時又具備透過科技和數據進行變革潛力的企業，實現了成長。因此，我們並沒有涉足其他銀行所涉足的所有業務領域。我們專注於在競爭激烈的市場中具有相關規模且彼此之間具有協同效應的精選企業。

A central part of that envelope of activities has been payments. From the founding of the company, we have believed that payments will be the tip of the spear in the transformation of banking and financial services. Over time, we built a payments company encompassing credit cards and banking across consumers and businesses and recently added one of the nation's only payment networks.

支付是該系列活動的核心部分。自公司創立以來，我們一直堅信支付將是銀行業和金融服務業轉型升級的先驅。隨著時間的推移，我們建立了一家涵蓋消費者和企業信用卡及銀行業務的支付公司，最近又新增了全國為數不多的支付網絡之一。

Business payments have been a growing part of our strategy and investment agenda. We have built the nation's third largest small business credit card franchise, and we have been investing to grow our small business bank. Our announcement today represents an important step change towards our business payments destination in a broader marketplace that we believe is ripe for reinvention.

企業支付已成為我們策略和投資議程中日益重要的組成部分。我們已經建立了全國第三大小企業信用卡特許經營體系，並且一直在投資發展我們的小型企業銀行。我們今天的公告標誌著我們在更廣泛的市場中，朝著商業支付目標邁出了重要一步，我們相信這個市場已經成熟，可以進行徹底的革新。

Let's talk about what's happening in the business payments marketplace. The credit card is an important piece of a bigger customer need. For decades, businesses of all sizes have faced chronic pain points when dealing with payments, including collecting hundreds or thousands of invoices, deciphering what payment vehicles or platforms to use, dealing with approvals, expense budgets, spending policies, booking travel, and tracking employee T&E spending. And after all of that, businesses need to reconcile and connect all these transactions with accounting and reporting systems.

我們來聊聊企業支付市場正在發生的事情。信用卡是滿足客戶更大需求的重要組成部分。幾十年來，各種規模的企業在處理付款時都面臨著長期的痛點，包括收取數百張發票、弄清楚使用哪些付款方式或平台、處理審批、費用預算、支出政策、預訂旅行以及跟踪員工的差旅費用。最後，企業還需要將所有這些交易與會計和報告系統進行核對和關聯。

It's often manual, error-prone, and very time-consuming. I don't know a single business owner who went into business because they were really passionate about managing the complexity of spending and payments.

它通常是手動操作，容易出錯，而且非常耗時。我認識的創業者中，沒有一個是因為對管理複雜的支出和支付流程充滿熱情而投入創業的。

Solutions and tools to help businesses address these issues have been piecemeal. Banks offer business credit cards and bill pay features. Software companies offer accounts payable and expense management tools. While these solutions are valuable, they only address pieces of the pain and are not integrated or comprehensive. Many are built on legacy technology. The pain points remain, and so does the opportunity to provide a truly integrated modern solution.

目前，幫助企業解決這些問題的方案和工具還很零散。銀行提供企業信用卡和帳單支付功能。軟體公司提供應付帳款和費用管理工具。雖然這些解決方案很有價值，但它們只解決了部分痛點，並不全面或綜合。許多產品都是基於老舊技術開發的。痛點依然存在，提供真正一體化現代化解決方案的機會也依然存在。

Brex was the pioneer of that modern solution. In 2017, Brex invented the integrated combination of business credit cards, spend management software, and banking together in a single platform. They totally changed the game by delivering breakthrough experiences like customizable credit card limits and controls, automated expense receipt capture, real-time blocks for out-of-policy spend, reconciling spend data with internal budgeting, catching payment fraud and errors by matching invoice data to purchase orders, and enabling businesses to close their books effortlessly through real-time ERP integrations.

英國是這種現代解決方案的先驅。2017 年，Brex 首創了將企業信用卡、支出管理軟體和銀行服務整合到一個平台上的模式。他們透過提供突破性的體驗徹底改變了遊戲規則，例如可自訂的信用卡限額和控制、自動費用收據捕獲、實時阻止違規支出、將支出數據與內部預算進行核對、通過將發票數據與採購訂單進行匹配來發現支付欺詐和錯誤，以及通過實時 ERP 集成使企業能夠輕鬆完成賬目結算。

Brex has grown rapidly with companies from startups to large enterprises. Some of the world's most tech-forward companies use Brex today, including Anthropic, Robinhood, TikTok, Coinbase, Scale AI, Toast, CrowdStrike, Cloudflare, and DoorDash. Brex's heritage began with tech companies but their solutions are equally valuable to all companies. Over the last two years, 60% of their originations have been to non-tech companies.

Brex發展迅速，客戶涵蓋了從新創公司到大型企業的各種規模的企業。目前，世界上一些最具科技前瞻性的公司都在使用 Brex，包括 Anthropic、Robinhood、TikTok、Coinbase、Scale AI、Toast、CrowdStrike、Cloudflare 和 DoorDash。Brex 的歷史可以追溯到科技公司，但他們的解決方案對所有公司都同樣有價值。過去兩年，他們所發放的貸款中有 60% 流向了非科技公司。

Business cards represent approximately $2 trillion in purchase volume split roughly between corporate liability, where the business entity is responsible for making payments on the card, and personal liability, where the small business owner is personally responsible for making payments on the card. And that latter space, the personal liability card, is where we primarily play today.

商業信用卡交易金額約 2 兆美元，大致分為公司責任（企業實體負責支付信用卡上的款項）和個人責任（小企業主個人負責支付信用卡上的款項）。而後一個領域，即個人責任卡，正是我們今天主要發揮作用的領域。

Collectively, this business card market is growing at about 9% annually as business payments continue the secular migration from cash and checks to digital payments. And companies like Brex have grown even faster. Brex is taking share from banks and software providers alike. The integrated platform solution they pioneered redefines and expands the market opportunity beyond credit cards to business payments, banking, and spend management software.

總體而言，隨著商業支付方式從現金和支票向數位支付的長期轉變，商務卡市場正以每年約 9% 的速度成長。像Brex這樣的公司發展速度甚至更快。英國股市正在蠶食銀行和軟體供應商的市場份額。他們首創的整合平台解決方案重新定義並擴展了市場機會，使其不再局限於信用卡，而是擴展到企業支付、銀行和支出管理軟體領域。

Brex has been a beacon for us, and we have admired them from afar. As we've gotten closer, we've been even more struck by what they have built. The Brex team has amazing talent. They built a full modern tech stack from the bottom up. Their card and banking businesses run on an in-house, fully modern core. They're 100% in the cloud.

英國脫歐一直是我們的指路明燈，我們一直遠遠地仰慕著他們。隨著我們越來越接近目的地，我們更加驚嘆於他們所建造的一切。Brex團隊人才濟濟。他們從零開始建構了一整套現代化的技術堆疊。他們的銀行卡和銀行業務採用自主研發的、完全現代化的核心系統。它們100%都在雲端。

While most fintechs we've seen through the years leverage third-party technology solutions to get there faster, Brex has taken the more difficult and rarest of journeys for a fintech. They've invested in a modern technology infrastructure and data ecosystem that's built to last. And it powers remarkable capabilities.

雖然我們多年來看到的大多數金融科技公司都利用第三方技術解決方案來更快地實現目標，但 Brex 卻走了一條金融科技公司中最艱難、最罕見的道路。他們投資建造了現代化的技術基礎設施和數據生態系統，旨在使其能夠長期發展。它賦予了它卓越的功能。

On the shoulders of their technology investments, Brex was able to rapidly develop and launch innovative solutions for a wide range of customers, from startups to large businesses with complex international needs. For example, Brex's technology enables them to issue business credit cards in local currencies in over 50 countries. This automated platform is the foundation for AI solutions on top of it.

憑藉在技術方面的投資，Brex 能夠迅速開發並推出創新解決方案，服務於從新創公司到具有複雜國際需求的大型企業等各類客戶。例如，Brex 的技術使其能夠在 50 多個國家以當地貨幣發行企業信用卡。這個自動化平台是其上各種人工智慧解決方案的基礎。

Brex has built and deployed their own in-house AI agents for expense management and audit and are on the way to procurement, payments, and accounting agents. Brex has grown from a startup into a thriving business with hundreds of millions of dollars in revenue and tens of thousands of customers.

Brex 已經建置並部署了自己的內部 AI 代理，用於費用管理和審計，並且正在開發採購、支付和會計代理。Brex 已從一家新創公司發展成為一家蓬勃發展的企業，擁有數億美元的收入和數萬名客戶。

As we got to know this company, we kept asking ourselves, how on earth did a startup pull off building a full tech stack from the bottom up? Brex has made the right choices, the hard choices, to put themselves in a strong position to grow and win in the marketplace and to sustain success over the long term. Along the way they realized that their exceptional growth opportunity was limited only by their scale and resources. And that brought the two of us together.

隨著我們對這家公司的了解加深，我們不斷地問自己，一家新創公司究竟是如何從零開始建立一整套技術堆疊的？Brex 做出了正確的選擇，也是艱難的選擇，使自己處於有利地位，能夠在市場中成長並取得成功，並在長期內保持成功。在這個過程中，他們意識到，他們非凡的成長機會僅受限於他們的規模和資源。就是這件事讓我們走到了一起。

Several Capital One strengths and capabilities are on the bullseye of what Brex needs to fully capitalize on the growth opportunity. We have a compelling and ubiquitous brand. Brex has found that When they can get in the door with a potential customer, their success rate is impressive. We believe that our brand and our customer scale will open many more doors.

Capital One 的幾項優點和能力恰好與 Brex 充分掌握成長機會所需的要素不謀而合。我們擁有一個引人注目且無所不在的品牌。Brex 發現，當他們能夠接觸到潛在客戶時，他們的成功率非常高。我們相信，我們的品牌和客戶規模將為我們打開更多的大門。

Also, we can immediately leverage our marketing machine, bringing massive data scale, targeting models, extensive channels, and a large customer base to enhance the flow of prospects. and Capital One's balance sheet, which is primarily funded by federally insured retail deposits, is yet another enabler of growth, returns, and resilience for Brex. And finally, we can bring additional investment capacity in marketing, sales force expansion, engineering, and AI.

此外，我們可以立即利用強大的行銷資源，包括大量數據、精準定位模型、廣泛的管道和龐大的客戶群，來提升潛在客戶的轉換率。而主要由聯邦保險零售存款提供資金的Capital One的資產負債表，也為Brex的成長、報酬和韌性提供了另一個助力。最後，我們可以在行銷、銷售團隊擴張、工程和人工智慧方面增加投資能力。

The striking thing is most of these benefits from Capital One can be brought right away post-close and do not need to wait for fuller integration down the road. So we believe we can accelerate Brex's growth almost from day one.

最引人注目的是，Capital One 的這些好處大部分都可以在交易完成後立即實現，而無需等到日後完全整合。因此我們相信，我們幾乎可以從第一天起就加速Brex的成長。

As we integrate over time, there is more value to capture, much of it coming from what Brex can bring to us. Brex brings exactly what Capital One needs to accelerate what we've been building. Brex opens up the opportunity in the corporate liability part of the marketplace where our presence is currently much smaller than it is in the personal liability space.

隨著我們不斷整合，我們將獲得更多價值，其中大部分價值來自英國脫歐能為我們帶來的益處。英國脫歐恰好為 Capital One 帶來了加速我們一直在建立的業務所需的契機。英國脫歐為企業責任險市場帶來了機遇，而我們目前在該領域的業務規模遠小於個人責任險領域。

Additionally, Capital One can leverage Brex's spend management tools to broaden and enhance our offerings for our existing personal liability card customers and for our small business bank, which has been mostly a local offering in our branch footprint. Brex gives us the capabilities to unlock a national small business banking opportunity.

此外，Capital One 可以利用 Brex 的支出管理工具來擴展和增強我們為現有個人責任卡客戶和小型企業銀行提供的服務，而小型企業銀行服務此前主要在我們分行的覆蓋範圍內提供。英國脫歐協議賦予我們開啟全國小型企業銀行業務發展機會的能力。

Brex can also help to propel another important growth business at Capital One, which is our travel business. Our travel portal is already on a strong growth trajectory, powered largely by our massive consumer franchise. As we integrate Brex and its spend management platform with our Travel portal, businesses will be able to manage their corporate travel expenditures, payments, and travel policies directly on the Capital One Travel portal. This will open up the opportunity to grow business travel revenues as well as consumer travel.

英國脫歐還可以幫助推動 Capital One 的另一項重要成長業務，即我們的旅遊業務。我們的旅遊門戶網站已經走上了強勁的成長軌道，這主要得益於我們龐大的消費者群體。隨著我們將 Brex 及其支出管理平台與我們的差旅入口網站整合，企業將能夠直接在 Capital One 差旅入口網站上管理其企業差旅支出、付款和差旅政策。這將為增加商務旅行收入和消費者旅行收入創造機會。

Beyond the remarkably compatible technology and vision of where the world is going, we've also found amazing cultural alignment. We are both founder-led companies with a heritage of innovation and entrepreneurship. We've both disrupted the status quo to reimagine markets and drive transformation. And our strategic choices along the way have been guided by strikingly similar core tenets to invest to sustain growth and returns over the long term, to work backward from where the world is going, to build from the bottom of the tech stack up, and to search the world to find and hire great people and give them a chance to be great.

除了在科技和世界發展方向上驚人的契合度之外，我們還發現彼此在文化上也高度契合。我們都是由創辦人領導的公司，擁有創新和創業的傳統。我們都打破了現狀，重新構想了市場，並推動了改變。我們一路走來的策略選擇都遵循著驚人相似的核心原則：投資以維持長期成長和回報，從世界發展方向反向思考，從技術堆疊的底層向上構建，並在全球範圍內尋找和聘用優秀人才，給他們一個成就偉大的機會。

Pulling way up, acquiring Brex and joining forces to win in the business payments marketplace fits squarely into our more than three-decade quest to build a banking and payments company that's positioned to win where the world is going. It's a hand-in-glove fit that will accelerate and enhance a path that we were already on, propelling us to the frontier of business payments.

大幅提升，收購 Brex 並攜手在商業支付市場取得成功，這完全符合我們三十多年來打造一家能夠引領世界潮流的銀行和支付公司的願景。這可謂天作之合，它將加速並加強我們已經走上的道路，推動我們走向商業支付的前沿。

Capital One and Brex have been on separate paths working toward the same business payments destination, an integrated platform that combines business payments, spend management, and banking powered by a modern tech stack that's built for and powered by AI. Combining our businesses and capabilities onto one shared path will accelerate the journey for both of us.

Capital One 和 Brex 各自走著不同的道路，朝著同一個商業支付目標努力，那就是一個整合平台，該平台結合了商業支付、支出管理和銀行服務，並由專為人工智慧構建和驅動的現代技術堆疊提供支援。將我們的業務和能力整合到一條共同的道路上，將加速我們雙方的發展進程。

Thank you. Thank you, Rich. That was very interesting and I appreciate it. Maybe just a follow-up question on the 10% credit card cap topic. Obviously, the industry has been quite vocal about the explicit and unintended consequences of it. I'm just curious to hear your view and if you've had any discussions with the administration on the issue.

謝謝。謝謝你，里奇。那很有意思，我很感激。關於信用卡10%利率上限的問題，或許可以再問一個後續問題。顯然，業界已經對此的顯性和隱性後果表達了相當強烈的意見。我只是好奇想聽聽你的看法，以及你是否就這個問題與校方進行過任何討論。

We appreciate the energy to help consumers with affordability on many aspects of their spending. Let's talk about credit cards. Let me start by saying that we have built a company focused on providing Americans with products that are simple to understand and are accessible.

我們讚賞您為幫助消費者在各方面降低支出負擔能力所付出的努力。我們來聊聊信用卡吧。首先我想說的是，我們建立了一家專注於為美國人提供簡單易懂、方便購買的產品的公司。

All of our banking products have no minimum balance requirements and no fees, including no overdraft fees. And we offer many credit cards with no annual fees. The credit card industry is intensely competitive, as thousands of banks and credit unions compete directly based on product pricing and other features.

我們所有的銀行產品均無最低餘額要求，且不收取任何費用，包括透支費用。我們提供多種免年費的信用卡。信用卡產業競爭異常激烈，成千上萬的銀行和信用社直接根據產品定價和其他功能競爭。

Putting a price control in place, such as the proposed rate cap, would not make credit more affordable. It would make credit much less available for consumers up and down the credit spectrum. This is far more than a subprime issue. This would happen because we and the industry would be compelled to immediately slash credit lines, restrict accounts, and limit new originations to a very small subset of consumers.

實施價格管制，例如提議的利率上限，並不會讓信貸更實惠。這將使所有信用等級的消費者更難獲得信貸。這遠不止是次貸問題那麼簡單。這種情況的發生是因為我們和整個產業將被迫立即削減信貸額度、限制帳戶，並將新貸款發放限制在極少數消費者的範圍內。

And consumers are the backbone of the American economy. 70% of GDP is driven by consumer spending, and $6 trillion of that spending is on credit cards. A material contraction in available credit would likely cause multiple shocks throughout the economy as the lack of credit would result in greatly reduced consumer spending and would likely bring on a recession. And let's not forget about the impact of businesses beyond lost sales. Other parts of the economy beyond banks are highly dependent on card programs from retailers to airlines to hotels.

消費者是美國經濟的支柱。國內生產毛額的70%來自消費支出，其中6兆美元是透過信用卡消費的。信貸供應的大幅萎縮可能會對整個經濟造成多重衝擊，因為信貸短缺會導致消費者支出大幅減少，並可能引發經濟衰退。我們也不能忘記，除了銷售損失之外，企業還會受到其他影響。除了銀行業之外，從零售商到航空公司再到酒店，經濟的其他領域也高度依賴信用卡項目。

In addition, credit cards are many consumers' initial entry point into building a credit history. A reduction in available credit could significantly impact their ability to get auto loans, mortgages, and other forms of credit. And for many consumers, a credit card is their only access to credit. So while we can't predict what will happen next, we feel strongly that a cap on interest rates would catalyze a number of unintended consequences.

此外，信用卡是許多消費者建立信用記錄的最初途徑。可用信貸減少可能會嚴重影響他們獲得汽車貸款、抵押貸款和其他形式信貸的能力。對許多消費者來說，信用卡是他們獲得信貸的唯一方法。因此，雖然我們無法預測接下來會發生什麼，但我們強烈認為，限制利率將會引發一系列意想不到的後果。

Erika Najarian, UBS.

瑞銀集團的 Erika Najarian。

Yes. Rich, pulling up again, another point of discussion that was heavily debated in the past few weeks has been the Credit Card Competition Act. And given your acquisition of Discover and what the opportunity set could be, maybe help us think through what you think the consequences could be of passing CCCA. And also, maybe the broader question is, as we think about the strategic imperatives over the next year or two, where would you put increasing global acceptance?

是的。Rich再次提出，過去幾週來備受爭議的另一個討論點是《信用卡競爭法》。鑑於您收購了 Discover，以及由此可能帶來的機遇，或許您可以幫我們思考一下，您認為透過 CCCA 可能會產生哪些後果。此外，或許更廣泛的問題是，當我們思考未來一兩年的策略要務時，你會把提高全球認可度放在什麼位置？

So Erika, interchange has been around for a long time because it's part of a well-established payments ecosystem in the United States that benefits both retailers and consumers alike. We believe that there is substantial competition in the payments industry already with banks like Capital One taking a big portion of its interchange revenue and giving it to the consumer in the form of rewards. And that then stimulates consumer spending and the ecosystem thrives.

所以，Erika，互換費已經存在很久了，因為它是美國成熟的支付生態系統的一部分，零售商和消費者都能從中受益。我們認為支付產業已經存在相當大的競爭，像 Capital One 這樣的銀行會將很大一部分交易收入以獎勵的形式回饋給消費者。這樣就能刺激消費支出，使生態系統蓬勃發展。

So pulling up, we believe this is a system that is working well. I think government intervention in this marketplace in this manner may have unintended consequences that could harm market participants, including consumers.

綜上所述，我們認為這是一個運作良好的系統。我認為政府以這種方式乾預市場可能會產生意想不到的後果，損害包括消費者在內的市場參與者。

Could you ask again your global acceptance question, Erika?

Erika，你能再問一次你之前關於全球認可度的問題嗎？

Yes. So I guess I'm asking where on your strategic imperatives would increasing global acceptance rank as investors were thinking that if CCCA goes through, that given that you have a Discover network, that you potentially could be a beneficiary as a second network on the card. But of course, the limitation currently would be global acceptance.

是的。所以我想問的是，提高全球接受度在您的策略要務中處於什麼位置？因為投資者認為，如果 CCCA 獲得通過，鑑於您擁有 Discover 網絡，您有可能成為該卡的第二個受益網絡。當然，目前的限制在於全球接受度。

So Erika, as we have talked about since we announced the Discover deal, the network is a crown jewel in that acquisition. And when we looked at every strategic opportunity to leverage the network, every single one of them we found to capitalize on those opportunities had the same exact shared path. And that shared path was to raise international acceptance and to build the network brand.

所以，Erika，正如我們自從宣布收購Discover以來一直討論的那樣，該網絡是此次收購中的一顆璀璨明珠。當我們檢視每一個利用網路的策略機會時，我們發現每一個利用這些機會的途徑都完全相同。而共同的目標就是提高國際認可度，打造網路品牌。

And so that is a path that we are already going down that path. It's a long journey to build acceptance all over the world. And along the way, we are, to use a phrase, we always use internally, we're sloping the work to put the highest emphasis on the places that Americans travel. So we believe that this -- and so there's so many different types of opportunities that we have that'll sort of need that same double set of solutions, and that's why we're investing in that.

所以，我們已經走上了這條路。要在全球範圍內建立廣泛的認同感，還有很長的路要走。在這個過程中，我們（用我們內部經常使用的一句話來說）正在調整工作方向，將工作重點放在美國人常去的地方。所以我們相信，有很多不同類型的機會都需要同樣的兩套解決方案，這就是我們投資的原因。

I'm struck. It's rare in business where every single thing that you hope to be down the road has the same shared path to get there, so it's why we're really leaning pretty hard into this network opportunity.

我震驚了。在商業領域，你希望未來實現的每一件事都遵循同一條共同路徑的情況很少見，所以這就是為什麼我們如此重視這個網路機會的原因。

Ryan Nash, Goldman Sachs.

Ryan Nash，高盛集團。

So maybe putting aside all the macro stuff, you know, we've spent the last few quarters talking about investing in the business. Can you maybe just talk a little bit about whether the acceleration that you've been speaking of has made its way into the results yet? What are some of the areas?

所以，拋開所有宏觀因素不談，你知道，過去幾季我們一直在討論對業務的投資。您能否簡單談談您一直提到的加速發展是否已經體現在結果中了？有哪些領域？

And I guess given the fears of rising efficiency, can you maybe just talk about whether or not you can manage at around these levels over the medium terms, fully understand that I could differ over any individual quarter?

鑑於大家對效率提升的擔憂，您能否談談您是否能在中期內將效率維持在這些水準附近？我完全理解，我對每個季度的具體情況可能會有不同的看法。

So Ryan, yeah, let me just pull up for a moment and reflect on your comment and your question about our investments just to kind of reset the table here. As a result of years of strategic preparation, we have a wealth of opportunities today that put us in an advantageous position to grow and win in the marketplace as it continues to change at a breathtaking pace. And these investment areas include Discover and, as we just talked about, leaning into international acceptance and building the network brand.

瑞恩，是的，讓我停下來片刻，思考一下你對我們投資的評論和問題，以便重新梳理一下情況。經過多年的策略準備，我們今天擁有豐富的機遇，使我們處於有利地位，能夠在瞬息萬變的市場中發展壯大並取得成功。這些投資領域包括 Discover，以及我們剛剛提到的，努力獲得國際認可並建立網路品牌。

We, of course, continue, as we have for many years, to lean into the premium credit card space, and there is just so much opportunity in building a franchise of heavy spenders. I do want to comment there that it's very clear that the biggest players in that space are leaning even harder into that in their investing. We are doing so as well.

當然，我們像多年來一樣，繼續增加對高端信用卡領域的投入，因為建立一個高消費人口的特許經營體系蘊藏著巨大的機會。我想指出的是，很明顯，該領域最大的參與者正在加強投資力度，更加重視這一點。我們也正在這樣做。

I think the flip side of all that investment is it's going to be a higher hill for maybe other competitors to climb, but we're climbing that hill and seeing a lot of traction. In fact, our growth in our Credit Card business and purchase volume, the highest growth is at the very top of the market. And retail banking, for years, we've been building a national retail bank organically. We're the only major bank doing that organically. That requires a lot of investment in marketing. And now with the Discover acquisition, we have continued opportunity in that space and we're leaning pretty much even harder there.

我認為所有這些投資的另一面是，其他競爭對手可能需要攀登更高的山峰，但我們正在攀登這座山峰，並且看到了巨大的進展。事實上，我們信用卡業務和購買量的成長，成長最快的是市場頂端。多年來，我們在零售銀行業務方面一直穩步發展，逐步建立起全國性的零售銀行。我們是唯一一家透過自身努力實現這一目標的大型銀行。這需要在行銷方面投入大量資金。現在，隨著對 Discover 的收購，我們在這個領域擁有了更多的機會，我們也正更加努力地投入其中。

As AI continues to transform the world, we, of course, are investing in AI. And being on the top of the tech stack that we built, AI has a really, I think, special -- especially high leverage at a company like Capital One. And in fact, as we have moved up the tech stack, we're investing in opportunities that sit on the tech stack like Capital One Shopping, Auto Navigator, our Travel business. And now with Brex we have a chance to massively accelerate and advance our journey with corporate liability, personal liability, the small business bank as we talked about earlier.

隨著人工智慧不斷改變世界，我們當然也在投資人工智慧。人工智慧位於我們建構的技術堆疊頂端，我認為它對像 Capital One 這樣的公司來說具有非常特殊的——尤其是極高的槓桿作用。事實上，隨著我們不斷向上擴展技術棧，我們也在投資那些位於技術棧頂端的項目，例如 Capital One Shopping、Auto Navigator 和我們的旅遊業務。現在，隨著 Brex 的推出，我們有機會大幅加快並推動我們在企業責任、個人責任以及我們之前討論過的小型企業銀行方面的發展進程。

So let me go back to your question about efficiency ratio. In recent quarters, we've talked about these opportunities and we have indicated that collectively these investments will put upward pressure on efficiency ratio in the near term and we continue to lean into those. With the acquisition of Brex now, we have additional investments and they -- those investments we are making are directly in service of driving growth.

那麼，讓我回到你關於效率比率的問題。在最近幾個季度，我們一直在討論這些機會，並指出這些投資將在短期內共同推高效率比率，我們將繼續加大投入。現在，隨著對 Brex 的收購，我們又增加了投資，而這些投資——我們正在進行的這些投資——都直接服務於推動成長。

But it's also the case that we already had investment dollars set aside for pursuing this market organically, which will be replaced by the Brex investment. So there is some offset there, and we've also tightened up in some other areas. But the net effect of all these investments across Capital One in pursuit of opportunities that collectively are really as good as I've seen in my journey of founding Capital One and being there for all these years. The net effect will be some upward pressure on efficiency ratio in the near term.

但我們也已經預留了投資資金，用於自主開拓這個市場，而這些資金將被 Brex 的投資所取代。所以這方面有些偏差，我們也在其他一些方面進行了收緊。但 Capital One 所有這些投資的最終結果是，為了尋求發展機遇，這些機會總體而言確實是我創立 Capital One 並在那裡工作這麼多年以來所見過的最好的。短期內，這將對效率比率造成一定的上行壓力。

Now, importantly, we still expect our earnings power on the other side of the Discover integration, to be consistent with what we expected at the time we announced the Discover deal, inclusive of Brex.

現在，重要的是，我們仍然預期在完成 Discover 整合後，我們的獲利能力將與我們在宣布 Discover 交易時所預期的一致，包括 Brex 的影響。

Terry Ma, Barclays.

Terry Ma，巴克萊銀行。

Maybe a question for Rich. Credit card delinquencies are now down year over year, 13, 14 months in a row. There's consumer stimulus in the form of tax refunds this spring. You re-highlighted some of the comments you made around the loan growth brownout. Maybe just help us tie all that together.

或許可以問問里奇。信用卡逾期率已連續13、14個月年減。今年春季的退稅政策將刺激消費。你重新強調了你之前就貸款成長放緩問題發表的一些評論。或許可以幫我們把所有這些連結起來。

Just kind of talk about how you think about the outlook for consumer health and growth at Capital One. And any color you can provide on how long the brownout will kind of persist for.

請您談談對Capital One消費者健康與成長前景的看法。以及您能否預測一下電力短缺會持續多久。

Okay, great. Let me actually start with the brownout. So the brownout that we flagged in prior earnings calls, just to remind ourselves what's driving that, is, first of all, following Discover's credit expansion in the '22 kind of timeframe, they ran into some issues. So Discover dialed back their origination programs by a fair amount toward the end of 2023 and continued to run it at a scaled-back level.

好的，太好了。讓我先從停電說起。所以，我們在之前的財報電話會議中提到的電力中斷，為了提醒我們是什麼導致了這種情況，首先，Discover 在 2022 年左右的時間裡擴大了信貸規模，之後他們遇到了一些問題。因此，Discover 在 2023 年底大幅縮減了其貸款發放計劃，並繼續以縮減後的規模運作。

As a result, they've had some pretty darn good credit. But the flip side of that is they put a whole bunch of vintages in place that are just smaller than prior vintages were -- and that just has an extended impact on the growth. And so that's kind of factor number one.

因此，他們的信用記錄相當不錯。但另一方面，他們也推出了一系列年份較小的葡萄酒，這些葡萄酒的產量都比之前的年份少——而這會對葡萄酒的生長產生長期影響。所以，這算是第一個因素。

We also, as we -- and this is not surprising that we find this, but as we look over discovers shoulders at their credit policy and things that are now being implemented fully still on the Discover system, we are doing some trimming on the margins of their origination in areas particularly around higher-balance revolvers, which, as we've said for way more than a decade, that's an area that we, probably relative to the industry, are more trying to avoid. So there's been some trimming around the edges that we're adding on top of their dial back that they did that collectively leads to this brownout that we flagged.

我們也注意到——這並不奇怪——當我們審視 Discover 的信貸政策以及目前仍在 Discover 系統中全面實施的措施時，我們發現，我們正在削減其信貸發放的利潤率，尤其是在高額循環信貸方面。正如我們十多年來一直強調的，相對於業內其他公司而言，我們可能更傾向於避免涉足這一領域。所以，除了他們之前所做的調整之外，我們還進行了一些其他方面的調整，這些調整共同導致了我們之前提到的這項電力短缺。

Now, that is -- everything we're talking about is temporary in nature and the thing that will change that trajectory is getting on the other side of the tech integration of Discover into Capital One because now, when Discover is entirely on our platforms and we're able to leverage all of our data credit policies, the marketing machine of Capital One connected to the technology and everything else, we look forward to being able to resume growth.

現在，我們所說的一切都是暫時的，而能夠改變這一軌蹟的是Discover與Capital One的技術整合完成。因為現在，當Discover完全融入我們的平台，我們能夠利用我們所有的數據信用政策、Capital One的營銷機器與技術連接起來等等，我們期待能夠恢復成長。

And we've already identified a bunch of growth opportunities that are natural for Discover's really quite remarkable brand and business position. So we look forward to that on the other side. So that's the brownout, but that will continue until the card integration is done.

我們已經發現了一系列成長機會，這些機會與 Discover 卓越的品牌和業務地位非常契合。所以我們期待著那一天的到來。這就是停電情況，但這種情況會持續到銀行卡整合完成為止。

Let me turn to your other question on the health of the consumer. The US consumer and the overall macroeconomy remain resilient. The unemployment rate inched up in 2025, but remains pretty low by historical standards. Layoffs and new unemployment claims are low and stable. Wages are still growing in real terms, and consumer spending remains robust. Debt servicing burdens remain stable and close to pre-pandemic levels.

讓我來回答你關於消費者健康的另一個問題。美國消費者和整體宏觀經濟依然保持韌性。2025年失業率略有上升，但以歷史標準衡量仍相當低。裁員人數和新增失業救濟申請人數均處於較低且穩定的水平。薪資實際仍在成長，消費支出依然強勁。債務償還負擔維持穩定，接近疫情前水準。

Because of the budget bill implemented last summer, consumers will see larger tax refunds this year than last year. Tax withholdings will also be lower in 2026. I'll come back in a moment to tax refunds, but let me keep going for a moment.

由於去年夏天實施的預算案，消費者今年將獲得比去年更多的退稅。2026年稅款預扣額也會降低。我稍後會再談退稅的事，但請容許我先繼續說一會兒。

But I do think we're still in a period of elevated economic uncertainty. You know, inflation remains above the Fed's target. job creation slowed significantly in the second half of 2025. Some consumers are feeling pressure from the cumulative effects of price inflation, higher interest rates, and many of those relying on the Affordable Care Act for their health insurance will see their premiums going higher quite sharply in some cases. And so I think these uncertainties will hang over the economy and hang over the choices that consumers make.

但我認為我們仍然處於經濟高度不確定時期。你知道，通膨率仍然高於聯準會的目標。 2025年下半年就業成長顯著放緩。有些消費者正感受到物價上漲、利率上升等因素帶來的累積壓力，許多依靠《平價醫療法案》獲得醫療保險的人，在某些情況下，將會發現他們的保費大幅上漲。因此，我認為這些不確定性將籠罩經濟，並影響消費者的選擇。

Let me make a comment before I turn to our portfolio just to comment on tax refunds. Tax refunds are an important driver of the seasonal improvements in delinquent payments that we see around March and April of each year in both card and auto.

在介紹我們的投資組合之前，我想先就退稅問題發表一下看法。退稅是每年三、四月信用卡和汽車貸款逾期付款季節性改善的重要驅動因素。

In 2026, the total amount of tax refunds is expected to be higher than in 2025 because some of the tax cuts in the Big Beautiful Bill last summer were made effective retroactively to the start of 2025. Tax withholdings will also be lower in 2026. So all else equal, higher tax refunds will likely be a good guide for consumer credit especially, and I think this is a really important point, especially when they are higher than consumers expect.

預計 2026 年的退稅總額將高於 2025 年，因為去年夏天通過的《大而美法案》中的一些減稅措施追溯至 2025 年初生效。2026年稅款預扣額也會降低。因此，在其他條件相同的情況下，更高的退稅額很可能對消費者信貸起到很好的指導作用，我認為這是一個非常重要的方面，尤其是在退稅額高於消費者預期的情況下。

But we believe that this will probably be a one-time benefit because tax withholdings will be lower in 2026, so we won't see another round of higher refunds in 2027. And I think consumers will set their expectations, hopefully not counting on too big a refund coming in 2027. So I think we're looking at a one-time effect. That is our view there.

但我們認為這可能是一次性的好處，因為 2026 年的預扣稅額會降低，所以我們不會在 2027 年看到另一輪更高的退稅。我認為消費者會調整他們的預期，希望他們不會指望在 2027 年獲得太大的退款。所以我認為這只是一次性的影響。那是我們在那裡的看法。

Let me turn to our own portfolio. We talked about the improvement in our charge-off rate. It's steadily improved really through most of 2025. And, in fact, in the fourth quarter, it was 113 basis points lower than a year ago. And our front book of new originations continues to perform well.

讓我來看看我們自己的投資組合。我們討論了壞帳率的改善。2025 年的大部分時間裡，情況都在穩步改善。事實上，第四季比去年同期下降了 113 個基點。我們的新貸款業務持續表現良好。

As we look ahead, delinquencies remain the best leading indicator of credit performance. Our card delinquencies improved steadily beginning in the second half of 2024 all the way through the first half of 2025. But we've now seen two quarters in which they've moved more or less in line with normal seasonality. This has been true both in our legacy Domestic Card portfolio and for Discover. And it suggests that credit is settling out after almost a year of steady improvement.

展望未來，違約率仍是衡量信貸表現的最佳領先指標。從 2024 年下半年到 2025 年上半年，我們的信用卡逾期率穩定下降。但現在我們已經看到，在過去的兩個季度裡，它們的走勢基本上符合正常的季節性規律。無論是我們傳統的國內信用卡產品組合，還是Discover信用卡，情況都是如此。這表明，在經歷了近一年的穩定改善之後，信貸市場正在趨於穩定。

In auto, our credit performance has been strong and stable over the past year with losses back near pre-pandemic levels. But I think auto is also -- both auto and card are benefited by choices we made several years ago to normalize for the great inflation in credit scores that I think has been a surprise to the industry. But pulling way up, we think the health of the overall macroeconomy and of the US consumer, it's really in a pretty good place. And as a result, we continue to lean into our growth opportunities.

在汽車領域，過去一年我們的信貸表現強勁穩定，損失已回落至疫情前水準附近。但我認為汽車金融也受益於——汽車金融和信用卡都受益於我們幾年前做出的選擇，即對信用評分大幅上漲的情況進行調整，我認為這對整個行業來說都是一個意外。但總的來說，我們認為整體宏觀經濟和美國消費者的健康狀況都相當不錯。因此，我們將繼續抓住成長機會。

John Pancari, Evercore.

John Pancari，Evercore。

I'm wondering if you could provide some additional detail just around the financial impacts of the Brex deal. You know, could you possibly share some detail around the tangible book dilution and earnings accretion and maybe book value earned back from the transaction?

我想請您提供一些關於英國脫歐協議對財務影響的更多細節。您能否詳細介紹一下此次交易造成的帳面稀釋、收益成長以及帳面價值回收等情況？

And then, just separately, I totally understand the merits of the transaction and the commercial capability, in addition to your product suite that it provides. But anything just around the timing, like why now pursue the deal at this point, just given the ongoing effort around the Discover integration?

此外，我完全理解此交易的優點和商業能力，以及貴公司提供的產品組合。但任何關於時機的問題，例如，鑑於目前Discover整合工作的持續進行，為什麼現在要推進這筆交易？

Hey, John, why don't I first take your question about the metrics. You know, given the relative size of Brex to Capital One, we don't intend to provide additional metrics. You know, we're providing the purchase price and the associated balance sheet marks and integration costs as we're intending to break those out in our financial statements over the coming quarters. So you know, we're providing our current estimates now and will provide revised marks and the quarterly amortization schedule after close.

嘿，約翰，不如我先回答你關於指標的問題。你知道，考慮到 Brex 相對於 Capital One 的規模，我們不打算提供額外的指標。你知道，我們提供收購價格以及相關的資產負債表標記和整合成本，因為我們打算在接下來的幾季的財務報表中將這些項目單獨列出。所以，我們現在提供的是目前的估算，交易完成後會提供修訂的估值和季度攤還計畫。

And then I'll turn it to Rich to talk about your second question.

然後我會把麥克風交給 Rich，請他來回答你的第二個問題。

Thank you, John. To your question of why now, obviously not long ago, we did the Discover deal, and we are well down the path of what I think is a very successful integration. We, very carefully, looked at the impact that doing a deal like this might have on the resources. And anything related to the Discover acquisition, we took a very close look at that because obviously that's just a paramount priority, doing that acquisition well.

謝謝你，約翰。至於你問為什麼是現在，顯然不久前我們完成了對 Discover 的收購，而且我認為我們正在穩步推進一項非常成功的整合。我們非常仔細地研究了達成這樣一筆交易可能會對資源造成的影響。任何與收購 Discover 相關的事宜，我們都進行了非常仔細的研究，因為顯然，要做好這項收購是頭等大事。

And it turns out that, for the most part, the business areas that are impacted in this integration are different from the ones primarily in the Discover integration. Obviously, Discover One was really about pulling consumer business together. This is about pulling business -- related businesses together. So we looked long and hard at this from a resources point of view, and we concluded that we think we can do both of these in parallel, and we're very comfortable about that.

事實證明，此次整合所影響的業務領域與 Discover 整合所影響的業務領域在很大程度上有所不同。顯然，Discover One 的真正目的是為了整合消費者業務。這是為了將相關企業整合在一起。因此，我們從資源角度對此進行了長時間的認真研究，並得出結論：我們認為我們可以同時做這兩件事，對此我們非常有信心。

Then the other aspect is sort of financially. I talked a little bit earlier, we will lean in just in terms of sort of ongoing investment. We will lean into the growth opportunity for Brex. That's an important reason that Capital One -- this important value that Capital One could add in the near term relative to sort of where they were on a standalone basis. So it's a synergy that can happen -- be created right away. even without the full integration.

另一方面，也涉及財務方面的問題。我之前稍微提了一下，我們會加大投入，進行持續的投資。我們將充分利用Brex帶來的成長機會。這正是 Capital One 的一個重要優勢——Capital One 能夠在短期內相對於其獨立營運而言，增加重要的價值。所以，即使沒有完全整合，這種協同效應也能立即產生。

Financially, it does offset some spending that we were otherwise doing, investing in similar kinds of solutions at Capital One. And also, around the company, we're really just managing things tightly so we're in a -- so that as we've talked about for the last few quarters, we're in the same position that we were before relative to the earnings power coming out the other side of the Discover integration. So even as we lean more into the Brex investment, our view of the earnings power out the other side is the same view that we've had all along.

從財務角度來看，這確實抵消了我們在 Capital One 投資類似解決方案的一些支出。此外，在公司內部，我們也確實在嚴格管理各項事務，所以正如我們在過去幾季所討論的那樣，就 Discover 整合後的獲利能力而言，我們目前的處境與之前相同。因此，即使我們越來越重視英國脫歐的投資，我們對脫歐後獲利能力的看法仍然和我們一直以來的看法一樣。

Richard Shane, JPMorgan.

理查沙恩，摩根大通。

Look, one of the unique facets of Capital One, I think this is the seventh acquisition I can name. You have a management team that has a very long-term vision in terms of how you build this business.

你看，Capital One 的獨特之處在於，我認為這是它第七次收購了。你們的管理團隊對如何發展這項業務有著非常長遠的願景。

Rich, when we think about your target efficiency ratios and sort of that 2027 guide, there's always something to invest in with Capital One, and that's part of the secret sauce here. Do you think that that efficiency ratio will be because you grow the revenues into it? Or do you actually think we will see a peak in expenses that will recede?

Rich，當我們考慮您的目標效率比率和 2027 年的指導方針時，總會有 Capital One 的投資機會，這也是成功秘訣的一部分。你認為提高效率比率是因為營收成長帶動了效率提升嗎？還是你真的認為我們會看到支出達到高峰後就會回落？

Well, thank you, Rick. You know, I think -- just pulling up for a moment on our philosophy and maybe distinguish it from -- I think a number of banks, as they drive efficiency, first and foremost, do it by really trying to dial back and manage expenses extremely tightly. We try to manage expenses very carefully too, but our efficiency journey, which we've said is an important part of the value proposition for Capital One, for investors is, first and foremost, the engine of that is growth -- revenue growth.

謝謝你，里克。你知道，我認為──就先談談我們的理念，或許可以將其與──我認為許多銀行在提高效率時，首先也是最重要的，是透過嚴格控制和削減開支來實現的。我們也努力非常謹慎地控制支出，但我們的效率提升之旅（我們說過，這是 Capital One 價值主張的重要組成部分）對投資者而言，首先也是最重要的，是成長的引擎——收入成長。

And so what we have done since the founding of the company is to absolutely focus on where are the structurally good opportunities in the marketplace, make sure that we understand where the not-good opportunities are, and avoid those even if other banks are chasing them. But then where we see the good structural opportunities, we work backwards from how can we capitalize on those.

因此，自公司成立以來，我們所做的就是絕對專注於市場上的結構性良好機會，確保我們了解哪些機會不好，即使其他銀行都在追逐這些機會，我們也要避開它們。但是，當我們發現良好的結構性機會時，我們反過來思考如何利用這些機會。

And one of the terms that I've used, you probably remember, Rick, is to have a growth platform. And acquisitions that we have tended to do have been acquisitions of growth platforms to enable us to build a business so that we don't have to go from sort of zero to one. In a sense, we can start a bit beyond that and then really leverage the opportunity.

瑞克，你可能還記得，我用過的一個術語是「擁有成長平台」。我們傾向於收購成長平台，以便建立業務，這樣我們就不必從零開始。從某種意義上說，我們可以從稍微超出這個範圍的地方開始，然後真正利用這個機會。

And this acquisition of Brex is a classic case of that. It is right in the heart of our business strategy as a company, which is all about payments for both consumers and businesses. It is a growth platform which, interestingly, as I talked about, we have things that we bring that can enhance Brex's growth significantly and early on. And then Brex actually brings things that can strengthen our growth platforms across small business card, our small business bank, and our travel business.

而此次對 Brex 的收購就是一個典型的例子。它正是我們公司業務策略的核心，我們的業務策略就是為消費者和企業提供支付服務。這是一個成長平台，有趣的是，正如我剛才所說，我們帶來了一些可以顯著且迅速地促進 Brex 成長的東西。而且，Brex 實際上帶來了一些可以加強我們在小型企業信用卡、小型企業銀行和旅遊業務方面的成長平台的東西。

We are, in many ways, the company that does invest. We've been investing since the founding of the company. But always, these are things that have gone along with that. From the founding days, we built a rigorous horizontal accounting framework to rigorously measure before, during, and after investments to see that they actually pay off. We're extremely focused on net present value.

從很多方面來看，我們是一家真正進行投資的公司。自公司成立以來，我們就一直在投資。但一直以來，這些都是伴隨而來的事物。從公司創立之初，我們就建立了一套嚴格的橫向會計框架，對投資前、投資中和投資後進行嚴格衡量，以確保投資真正獲得回報。我們非常注重淨現值。

Despite announcing this acquisition today, we are built as an organic growth company. So if I pull up on all of those, what I've been sharing with investors over the last number of quarters is to say on a calibration, across decades of building Capital One. I see more opportunities which will drive future revenues than I've seen, in some ways ever, but certainly the number and diversity of those. Why are they there? Because we built a technology platform from the bottom of the tech stack up. And as we go to the top of the platform, we are in a position to capitalize on opportunities that I think other companies would not be.

儘管今天宣布了這項收購，但我們是一家依靠自身有機成長的公司。所以，如果我把所有這些因素都考慮進去，過去幾個季度我一直在和投資者分享的是，回顧Capital One幾十年的發展歷程，我認為，未來能夠推動營收成長的機會比以往任何時候都多，尤其是在數量和多樣性方面。它們為什麼會在那裡？因為我們是從技術棧的最底層開始建構技術平台的。當我們攀升到平台頂端時，我們就能夠抓住其他公司無法把握的機會。

Along the way, as these opportunities manifest, we have chosen to lean into investing, which, as I have said, in the near term, that pressures efficiency ratio. But while we don't give specific efficiency ratio guidance, All of these investments are in service of driving future revenue growth, which is the engine for efficiency ratio improvement and value creation in the long term.

一路走來，隨著這些機會的出現，我們選擇加強投資力度，正如我所說，這在短期內會對效率比率造成壓力。雖然我們不提供具體的效率比率指導，但所有這些投資都是為了推動未來的收入成長，而收入成長是提高效率比率和長期創造價值的引擎。

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

I was wondering if you could provide us with an update on how the debit transition to Discover is going. Any learnings from that process as you think about which and when to transition the credit portfolios? And also just related to that, any initial thoughts on if there's an opportunity to move Brex cards over to Discover?

我想請您提供一下借記卡過渡到 Discover 卡的進展。從這個過程中學到了什麼，尤其是在考慮何時以及對哪些信貸組合進行過渡時？另外，關於將 Brex 卡轉移到 Discover 卡上，大家有什麼初步想法嗎？

Yes. Mihir, as we shared at the announcement of the deal, we are moving all of our debit business to the Discover debit network to take full advantage of the synergies that come from vertical integration. We've been migrating our debit cardholders to the Discover network since August of last year, and we are now nearly complete with our conversion. You're starting to see the network synergies and our reported results, and you will see more of those results as we complete the debit conversion.

是的。米希爾，正如我們在宣布這筆交易時所分享的那樣，我們將把所有的借記卡業務轉移到 Discover 借記卡網絡，以充分利用垂直整合帶來的協同效應。自去年八月以來，我們一直在將借記卡持卡人遷移到 Discover 網絡，現在我們的轉換工作已經接近完成。您已經開始看到網路綜效和我們公佈的業績，隨著簽帳卡轉換的完成，您將會看到更多這樣的業績。

On the Credit Card side, we plan to do a lot of testing. And by the middle of this year, we will be able to originate Capital One credit cards on the Discover network. Early next year, we will be able to move some existing credit cards to the Discover network.

在信用卡方面，我們計劃進行大量的測試。到今年年中，我們將能夠在 Discover 網路上發行 Capital One 信用卡。明年年初，我們將能夠把一些現有的信用卡轉移到 Discover 網路。

Now longer term, we will work on building Discover's international acceptance and strengthening the network brand, which will open the doors for us to have an opportunity to move more business over there.

從長遠來看，我們將致力於提升 Discover 的國際認可並加強其網路品牌，這將為我們打開更多向海外拓展業務的機會之門。

You asked about the learnings? We are really pleased with what we've seen in the conversion in terms of the smoothness of the conversion, the customer take-up on the debit cards and really pretty much all aspects of this have gone as well or maybe a little better than we had expected.

你問的是學習心得嗎？我們對此次轉換的進展非常滿意，轉換過程非常順利，客戶對借記卡的接受度也很高，幾乎所有方面都比我們預期的要好，甚至可能還要好一些。

But we know that choices to move cards and everything along with that, is it's a really, really important strategic choice and a very, very important thing from a customer experience point of view, which is why we have a big testing agenda in the near term and why we also are working so hard to make sure that we continue to raise the international acceptance, and also create a lot of technology-based solutions to make it easier for consumers to move their cards.

但我們知道，轉移銀行卡以及相關的一切都是一個非常非常重要的戰略選擇，從客戶體驗的角度來看也是一件非常非常重要的事情，因此我們在近期制定了一個大型測試計劃，並且我們也在努力確保我們繼續提高國際接受度，並創造許多基於技術的解決方案，使消費者更容易轉移他們的銀行卡。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

I've got like one sort of housekeeping type thing and then a follow-up. The housekeeping question, Andrew, I appreciate that Brex is small relative to Cap One, but could you size for us the size of the small business card portfolio at Capital and the small business banking and perhaps maybe revenues from the travel portal that you would expect to affect, if you will, through the Brex acquisition?

我這裡有一件家務活，然後還有後續工作。Andrew，關於一些細節問題，我知道 Brex 相對於 Capital One 來說規模較小，但您能否估算一下 Capital 的小型企業信用卡業務規模、小型企業銀行業務規模，以及您認為 Brex 收購會對旅遊入口網站的收入產生哪些影響？

Yes. Moshe, appreciate the interest there, but those just aren't metrics that we break out in our reporting, and we're not intending to do so at this point either.

是的。莫舍，感謝你對此的關注，但這些並不是我們在報告中會單獨列出的指標，而且我們目前也沒有這樣做的打算。

Just, Moshe, just to sort of just generally give you -- as I mentioned earlier, small business card portfolio is number three in purchase volume on the personal liability -- in the personal liability marketplace. Our small business bank is a still mostly a local bank that was built on the shoulders of the local banks that we bought, which are in about 18% of the US.

莫舍，我只是想大致跟你說一下——正如我之前提到的，小企業信用卡組合在個人責任險市場的購買量排名第三。我們的小型企業銀行仍然主要是一家本地銀行，它是在我們收購的本地銀行的基礎上建立起來的，這些銀行遍布美國約 18% 的地區。

We have strategically for quite a while, Moshe, felt that the tremendously successful building of our national retail bank in that there's a parallel opportunity to go national and build our small business -- digital for small business bank, leveraging the capabilities that we now have in the small business space. But what we have lacked in many ways is the business tech platform on which to build that.

莫舍，我們從戰略上已經認為，我們全國零售銀行的巨大成功，也為我們提供了一個同步發展全國性業務的機會，即建立我們的小企業數位化銀行，充分利用我們目前在小企業領域擁有的能力。但我們在很多方面都缺乏建構這一切所需的商業技術平台。

We didn't have enough scale in our small business bank business to -- we didn't feel that we had the scale to build the sort of tech stack fully necessary for that, but that comes along with the Brex acquisition. So it gives us a chance now to have shoulders to stand on to accelerate the growth of our small business bank.

我們在小型企業銀行業務方面規模不夠大——我們覺得我們沒有足夠的規模來建立完全必要的技術堆疊，但收購 Brex 後，這種情況就出現了。因此，我們現在有機會藉助前人的肩膀來加速我們小企業銀行的發展。

Great. And Rich, you had talked about broad number of opportunities. Could you just talk a little bit about how both the Discover acquisition and the Brex acquisition might change kind of the priorities? And where -- what are the -- could you just talk a little bit about what the highest priorities in those investment opportunities are?

偉大的。里奇，你之前談到了很多機會。您能否簡要談談收購 Discover 和 Brex 可能會如何改變公司的優先事項？那麼，您能否談談這些投資機會中最重要的優先事項是什麼？

Discover and Brex both expand the number of opportunities. And we already had a pretty good list of opportunities that -- it was not an accident. We had the opportunities we've had at legacy Capital One because we were working backwards from those opportunities for years as part of the benefit of transforming our technology platform.

Discover 和 Brex 都能增加機會的數量。我們當時已經掌握了相當多的機會──這絕非偶然。我們在前身 Capital One 所擁有的機會，是因為我們多年來一直在從這些機會出發，反向推進技術平台轉型，而這正是我們轉型帶來的益處之一。

So along came Discover and that brings the network opportunity but also the network investments that we've talked about. And along comes bricks and that brings the very near in growth opportunities, but the investments required that go along with that.

於是 Discover 出現了，它帶來了網路機遇，但也帶來了我們之前討論過的網路投資。隨之而來的是磚瓦，這帶來了近在咫尺的成長機會，但同時也需要相應的投資。

So this is -- but with respect to the opportunities that we have listed -- that I listed earlier, each of those, on a stand-alone basis, our standard is, Moshe, is this a value creation opportunity? And we look at the horizontal economics of this, we say, what is the payoff down the road and what does it take to get there and so on. And the other ones I've listed, we are very compelled by those opportunities and are continuing to pursue them: the opportunity at the top of the market, the National Retail Bank, which even got an extra benefit from the Discover deal, the emerging businesses of Capital One Shopping, Auto Navigator on the auto side, our travel business.

所以，就我們之前列出的那些機會而言──我之前列出的每一個機會，就其本身而言，我們的標準是，莫舍，這是一個創造價值的機會嗎？我們從橫向經濟學的角度來看這個問題，我們會問，從長遠來看，這樣做有什麼回報，需要付出什麼代價才能實現等等。至於我列出的其他機會，我們都非常看好，並將繼續追求這些機會：市場頂端的機會、全國零售銀行（甚至從 Discover 的交易中獲得了額外好處）、Capital One Shopping 的新興業務、汽車領域的 Auto Navigator、我們的旅遊業務。

These are businesses that, on a stand-alone basis, we are very compelled by the opportunity. So what we are working to do is to try to really manage the company efficiently even as we pursue a large list of opportunities. But we are -- these opportunities are opportunities that are opportunities in a particular moment. And that's why we're investing quite a bit to pursue them.

就這些業務本身而言，我們非常看好它們的發展機會。因此，我們正在努力做的，就是在追求眾多機會的同時，盡可能有效率地管理公司。但是，這些機會是特定時刻的機會。這就是為什麼我們投入大量資金來追求他們的原因。

Don Fandetti, Wells Fargo.

唐范德蒂，富國銀行。

Rich, as I look around at the card industry, I mean, it seems like every big bank is trying to grow market share, leaning in regional, fintechs. And I was just curious like how you think this plays out if the industry is going to remain disciplined?

Rich，我環顧信用卡產業，感覺每家大銀行都在努力擴大市場份額，向區域性金融科技公司靠攏。我只是好奇，如果這個行業能夠保持自律，你認為這件事最終會如何發展？

And do you think you can grow your card loans in that type of environment? Or could you consider sort of zagging and slowing things down a little?

你認為在這種環境下，你的信用卡貸款業務還能成長嗎？或者，你能不能考慮稍微改變一下方向，放慢速度？

Thanks, Don. I think it is pretty much a certainty that every time the economy is in a pretty good place, the card industry will have more competition and that competition is really coming from the big players. That competition is coming from fintechs, and it is striking how much the card players are leaning into things.

謝謝你，唐。我認為幾乎可以肯定的是，每當經濟狀況良好時，信用卡產業就會面臨更大的競爭，而這種競爭實際上來自大型企業。這種競爭來自金融科技公司，而紙牌玩家對這種競爭的重視程度也令人驚訝。

You can see it by turning on TV and see the advertisements that are being made. You can look at the products that people are refreshing at the very top of the market, and you can look at some of the early spend bonuses and other things going on. So it is clear that the existing players and the fintechs coming from the side all believe that there is a good opportunity here.

你打開電視看看廣告就知道了。您可以查看市場頂端人們正在更新的產品，也可以查看一些早期消費獎勵和其他正在進行的活動。因此，很明顯，現有參與者和新興的金融科技公司都認為這裡有良好的機會。

But I want to give you, Don, a calibration that I shared with you from 30-some years of building Capital One. I feel this is a rational marketplace. It's definitely striking to see how much competitors are leaning in. But when I look at the choices they're making, when I look at the thing I fear the most is reckless credit, I don't see that.

但我想和你分享我三十多年來創建 Capital One 的一些經驗。我認為這是一個理性的市場。競爭對手們如此積極地投入其中，著實令人印象深刻。但當我審視他們所做的選擇，當我審視我最擔心的魯莽信貸時，我看不到這一點。

I think that this is a market with opportunity for someone like Capital One. But we have our eyes open with respect to the competition. I think the investment -- the table stakes of investment, to your point, I think, are higher than they might be at other times. But all of that, notwithstanding, I really believe this is a good marketplace, and we are leaning in to capture the opportunities.

我認為對於像Capital One這樣的公司來說，這是一個充滿機會的市場。但我們也密切關注著競爭對手。我認為，正如你所說，目前的投資門檻——投資的必要性——比其他時候要高。儘管如此，我仍然相信這是一個很好的市場，我們正在全力以赴抓住機會。

Jeff Adelson, Morgan Stanley.

傑夫·阿德爾森，摩根士丹利。

Rich, I appreciate all the color on the Brex acquisition. I'm also just curious how you're thinking about specific benefits and synergies to your commercial banking franchise. I mean is this -- as you start to bring everything under one roof for your business customers, is this really something that could meaningfully accelerate your growth of lending and deposits within that segment as you maybe attract more of those customers, or just you're able to do more for those customers under one roof over time?

Rich，我很欣賞你對Brex收購案的詳細描述。我也很想知道您是如何考慮為您的商業銀行特許經營帶來的具體好處和協同效應的。我的意思是，當你開始將所有業務集中到一個屋簷下為企業客戶提供服務時，這真的能顯著加速該細分市場的貸款和存款增長嗎？因為你可能會吸引更多這類客戶，或者只是隨著時間的推移，你能夠在一個屋簷下為這些客戶提供更多服務而已？

So yes, let me -- Jeff, I really appreciate that question. I can't remember an acquisition we've done in our history that has had so many connection points to our own business model and the ability to lift so many different parts of the company. And you mentioned one that I didn't even list in my list, which was a benefit to the commercial business.

是的，讓我——傑夫，我非常感謝你的提問。我記不清我們歷史上進行過的哪次收購能像這次一樣，與我們自身的商業模式有如此多的關聯點，並能提升公司如此多不同的業務部門。你還提到了一個我甚至沒有列入清單的因素，這對商業活動來說是有利的。

But we have a treasury management business, like all major commercial banks do. And there's a lot of technology that goes into treasury management products. Our TM team has looked closely at this extraordinary tech stack that Brex has built and believes that there is an opportunity, over time, to build on that tech stack. I didn't mention it because I think it's going to be a down the road kind of thing. There's going to be -- to really kind of pulled together an integrated treasury management capability is -- that was just less of a close-in opportunity.

但我們和所有大型商業銀行一樣，都有資金管理業務。資金管理產品中運用了大量技術。我們的 TM 團隊仔細研究了 Brex 所建構的這款非凡的技術堆疊，並認為隨著時間的推移，有機會在此技術堆疊的基礎上進行擴展。我沒提這件事，是因為我覺得這是以後才會發生的事。要真正整合一個全面的財務管理能力，這並非一個迫在眉睫的機會。

But you've seen me talk over the years. How many times do I talk about building a tech stack from the bottom of the tech stack up? That is what we've done at Capital One. It is a very long and lonely journey to do it. Most companies build from the top of the tech stack down. But the benefits are multiplicative when you have a tech stack that is modern right from the core and moving up from there. What's extraordinary here is that, on the business side of the house, we are bringing in a modern tech stack that has the ability to lift not only business cards but also all aspects of the business side of Capital One.

但這些年來，你們也看到我講過話。我到底講了多少遍要從技術棧的底層往上建構技術棧？這就是我們在第一資本所做的。這是一條漫長而孤獨的道路。大多數公司都是從技術棧的頂層向下建構的。但是，如果你的技術棧從核心開始就保持現代化，並逐步向上發展，那麼帶來的好處將是倍增的。這裡特別之處在於，在業務方面，我們引進了一套現代化的技術體系，它不僅能夠提升名片製作效率，還能提升 Capital One 業務的各個層面。

We've spent so much of our time collectively with investors talking about the consumer side of the house, that's a different tech stack. I mean, well, there's a lot of shared aspects about it, but consumer core is a different thing than commercial. And so I think that Brex is really bringing an opportunity to take some of our activities, particularly those that were lower scale at Capital One, and have the opportunity to accelerate their journey.

我們花了大量時間與投資人討論消費者方面的話題，而那又是另一套技術體系。我的意思是，它們之間有很多共同之處，但消費者核心與商業是不同的。因此，我認為英國脫歐確實為我們帶來了一個機會，讓我們的一些業務，特別是 Capital One 那些規模較小的業務，有機會加速發展。

John Hecht, Jefferies.

約翰‧赫克特，傑富瑞集團。

First one is, you guys have always gone after a barbell strategy where you're going after super prime and prime on one side and the non-prime on the other. You've generally had a mix in a specific range, but I'm wondering, whether it's credit card or auto now, do you guys -- are you leaning into any cohorts in that way or leaning away from? Or is the mix expected to be relatively stable here?

首先，你們一直奉行槓鈴策略，一邊追求特級優質礦石和優質礦石，另一邊追求非優質礦石。你們通常都會在特定範圍內進行混合，但我很好奇，無論是信用卡還是汽車，你們——你們是否傾向於某些群體，或傾向於避免某些群體？或者說，這裡的成分股預計會相對穩定？

John, thanks for your question. The barbell term, I think, was, in many ways, sort of an investor term over the years to try to, from afar, sort of characterize what they saw at Capital One because we had clearly pioneered how to safely lend to mainstream America, including subprime. And also that we always were pushing right at the top of the market going after heavy spenders.

約翰，謝謝你的提問。我認為，「槓鈴」這個詞在許多方面都是多年來投資者用來試圖從遠處描述他們在第一資本所看到的情況的術語，因為我們顯然開創瞭如何安全地向美國主流群體（包括次級貸款群體）放貸的先河。而且我們一直都在市場頂端努力，瞄準高消費群。

I don't think it ever was as much of a barbell as sort of urban legend would have it. But I do want to say, even way before the Discover acquisition, we were a full spectrum lender, including a significant player right in the middle of the market in prime. The one thing that differentiated our strategy in prime from others is that we were more cautious on the prime revolver, especially the more high-balance revolver, and so we have always played just a little more cautiously in that space.

我不認為它像都市傳說中那樣像個槓鈴。但我確實想說，早在收購 Discover 之前，我們就是一家全方位貸款機構，包括在優質貸款市場中扮演重要角色。我們在頂級左輪手槍策略上與其他策略的不同之處在於，我們對頂級左輪手槍，尤其是高額平衡左輪手槍，更加謹慎，因此我們在這個領域一直採取更加謹慎的態度。

But we have played the credit spectrum and in fact, we want to -- with our customers, for example, our customers -- our mainstream America customers to grow them to graduate them and move them up to being ultimately heavy spenders. When Discover joined Capital One, as we said, this is striking. While Capital One has been a full spectrum lender, Discover has been a very specialized and focused player more in the prime part of the marketplace.

但我們已經涉足信用領域，事實上，我們希望——例如，透過我們的客戶——我們主流的美國客戶，幫助他們成長，讓他們逐步晉升，最終成為消費能力強的客戶。正如我們所說，Discover 併入 Capital One 這件事非常引人注目。Capital One 是一家全方位貸款機構，而 Discover 則是一家非常專業化、專注於高端市場的機構。

We've now studied their underwriting. We think they underwrite very safely. We are trimming around the edges with our -- we have a little less appetite for the higher balance revolver than they and the industry do. So that's some of the brown out we've talked about. But Discover is will fit right in with our full spectrum strategy.

我們現在已經研究過他們的承保情況。我們認為他們的核保非常穩健。我們正在精簡產品——我們對高平衡性左輪手槍的需求比他們和整個行業要低一些。以上就是我們討論過的一些電力中斷問題。但Discover將完美契合我們的全方位策略。

I do want to make a comment on the auto side. We are absolutely a full-spectrum player on the auto side. And in fact, one of the biggest players in the industry, in subprime, in near prime, and in prime.

我想就汽車方面發表一些看法。我們在汽車領域絕對是一家全方位的公司。事實上，它是業內最大的參與者之一，業務涵蓋次級貸款、準優質貸款和優質貸款。

Okay. And then a quick follow-up question. Andrew, I'm wondering, given the forward curve, timing of quarter end, and days in quarter, and tax -- the kind of tax refund situation, can you just give us your perspective on kind of the cadence of seasonality and how it might affect NIM? Or can we look to the past as a good indication of that?

好的。然後我又問了一個後續問題。Andrew，考慮到遠期曲線、季度末的時間、季度中的天數以及稅收——例如退稅情況，我想請教一下您對季節性節奏的看法，以及它可能如何影響淨息差 (NIM)？或者，我們能否從過去的經驗中找到一些啟示？

Yeah, John, as you said, that there's seasonal fix that, in most quarters, actually impact NIM. So I'll touch on that, and then I'll just talk a bit more structural about our level of NIM. So looking ahead to the first quarter, there are two seasonal effects, one, two fewer days in the quarter, which is roughly, I think, 18 basis points or so of a headwind to that quarterly rate. And then the second is we are likely to have higher levels of lower-yielding cash because average cash levels just tend to be elevated in Q1 as a result of pay down of seasonal loan balances.

是的，約翰，正如你所說，存在季節性調整，在大多數季度，這實際上會影響淨利潤。所以我先簡單談談這一點，然後再從結構上更詳細地談談我們的 NIM 層次。展望第一季度，有兩個季節性因素，一是季度天數減少兩天，我認為這大約會對季度利率造成 18 個基點左右的不利影響。其次，由於第一季償還季節性貸款餘額，平均現金水準往往會較高，因此我們可能會持有更高水準的低收益現金。

We have the added effect this year of the cash proceeds from the home loan sale that are unlikely to come all the way down in the immediate term with respect to the tax effect. We'll have to see how consumers behave, to Rich's earlier comment. So I think that's a little bit more of a wildcard.

今年，房屋貸款出售的現金收益還會帶來額外的稅務影響，短期內不太可能完全抵消這部分收益。對於里奇之前的評論，我們得看看消費者的行為如何。所以我認為這有點像個變數。

Then more structurally, I'll point to a couple of things. One is deposit pricing often lags as Fed funds move. So we could see brief periods of pressure after Fed moves if we were to see them in the coming quarters. But over time, given the relatively neutral position of our balance sheet, that largely corrects itself. And then the only other thing that is going to impact the ambient level of NIM would just be the relative growth in different asset classes over time, impacting balance sheet mix.

然後，從結構上來說，我想指出幾點。一是存款定價往往落後於聯邦基金的變動。因此，如果聯準會在未來幾季採取行動，我們可能會看到短暫的壓力期。但隨著時間的推移，鑑於我們資產負債表的相對中性狀況，這種情況很大程度上會得到糾正。除此之外，唯一會影響淨利差水準的因素就是不同資產類別隨時間推移的相對成長，進而影響資產負債表組成。

But other than that, I don't really foresee any structural things impacting the balance sheet. So it really will be much more of a seasonal effect as we look ahead to the coming quarters.

但除此之外，我預期不會有任何結構性因素影響資產負債表。因此，展望未來幾個季度，這確實會更多地受到季節性因素的影響。

Robert Wildhack, Autonomous Research.

Robert Wildhack，自主研究。

Rich, you mentioned a couple of times earlier that Brex's growth opportunity stand-alone was limited by scale. Can you just expand on that a little bit more? Were they lacking scale maybe on the lending side of things or more on the technology side or somewhere else?

Rich，你之前幾次提到，Brex 自身的成長機會受到規模的限制。能再詳細解釋一下嗎？他們在貸款方面、技術方面還是其他方面缺乏規模？

And then do you see as the more attractive growth opportunity for Brex with some of the larger enterprise clients, a number of whom you listed earlier or more in the SMB space?

那麼，您認為 Brex 更具吸引力的成長機會是來自一些大型企業客戶（您之前列舉了一些），還是來自中小企業領域？

Thank you, Robert. So let's talk about Brex for a minute. Almost all rapidly growing startups are constrained on investment dollars. And Brex has built an amazing company and has big aspirations for what they can be. And achieving those aspiration requires a lot of dollars and also a lot of other capabilities as well.

謝謝你，羅伯特。那我們來簡單聊聊英國脫歐吧。幾乎所有快速發展的新創公司都面臨投資資金短缺的問題。Brex 已經打造了一家了不起的公司，並且對未來有著遠大的抱負。而實現這些目標不僅需要大量的資金，還需要許多其他方面的能力。

And I think, as I've gotten to know Pedro Franceschi, their amazing Founder, CEO; and Ben Gammell, their President; and the extraordinary team that they have, it's very clear that they know they have a tiger by the tail. And I think they know they had opportunities to go raise more capital.

而且，隨著我對他們傑出的創始人兼執行長佩德羅·弗朗切斯基、總裁本·加梅爾以及他們擁有的非凡團隊的了解加深，我認為他們很清楚自己掌握著一頭猛虎的尾巴。而且我認為他們也知道他們有機會籌集更多資金。

And they certainly weren't at all looking to go sell a company, but I think what captivated them about the unique opportunity of Capital One is that we, as a tech company ourself with a modern tech stack and the entrepreneurial heritage of having been an original fintech, that we could be a unique opportunity to bring a lot more resources and capabilities to them while still enabling their dream to stay alive and the entrepreneurial spirit that sometimes, when one thinks about large companies, might otherwise be hard to maintain.

他們當然根本沒想過要出售公司，但我認為真正吸引他們的是 Capital One 的獨特機會：我們本身就是一家科技公司，擁有現代化的技術棧和作為一家早期金融科技公司的創業傳統，我們可以為他們帶來更多資源和能力，同時還能讓他們的夢想得以延續，並保持創業精神——而這種精神，有時在大公司中可能很難維持。

But I think they were pretty excited about the ability to have our brand to open doors all over the place. And not just open the doors, but also just for people to know that they're part of one of the biggest banks in America. The sophisticated marketing machine, the balance sheet of the bank, and the capacity to invest in sales and in marketing and engineering, and AI. I think it really was an opportunity, in their mind, to accelerate the growth, while still very much keeping the dream that is Brex, alive. And again, I think that's something that's uniquely possible by pulling these two entrepreneurial companies together.

但我認為他們非常興奮，因為我們的品牌能夠為他們在各地打開機會之門。不僅是為了打開大門，也是為了讓人們知道，他們是美國最大的銀行之一的一份子。精密的行銷機制、銀行的資產負債表，以及在銷售、行銷、工程和人工智慧方面的投資能力。我認為在他們看來，這確實是一個加速成長的機會，同時也能讓 Brex 的夢想繼續下去。而且我認為，將這兩家新創公司合併在一起，才有可能實現這一點。

With respect to the customer base, I am really struck at -- let's just pull way up and favor a couple of things. First of all, most times when one looks at a business in a marketplace and kind of say, well, who would have a need for something like this? The answer is just about every company in America, if not the world, has a need for this because every company has payables, expenses, and they got to manage all of the complexity of the ecosystem on the payment side of the business. And so -- and its need that has not been really filled in the marketplace with an integrated solution.

就客戶群而言，我真的感到震驚——讓我們大幅提升並優先考慮幾件事。首先，大多數時候，當人們在市場上看到一家企業時，都會想，嗯，誰會需要這樣的產品呢？答案是，幾乎美國乃至全世界的每一家公司都需要這種服務，因為每家公司都有應付帳款、支出，而且他們必須管理業務支付方面所有複雜的生態系統。因此，市場上還沒有真正用整合解決方案來滿足這項需求。

So it starts with, wow, this thing could be attractive to companies all the way to really large ones. So if you look at their journey, their journey was one of, in fact, over time, tapping into those. They started with start-ups -- start-up tech companies, they built an incredible brand. And I think their customer base includes like a third of tech companies kind of thing. I don't -- that's not a statement I'm fully grounded. But let's just say it's -- they've had tremendous success with start-ups.

所以一開始大家就會想，哇，這東西對各種規模的公司，甚至是規模非常大的公司，都可能很有魅力。所以，如果你回顧他們的歷程，你會發現他們的歷程其實是隨著時間的推移，逐步挖掘這些潛力的過程。他們從新創公司起步——創辦科技公司，並打造了一個令人難以置信的品牌。而且我認為他們的客戶群大約有三分之一是科技公司之類的。我不這麼認為──我並非完全有把握這麼說。但可以說，他們在創業方面取得了巨大的成功。

But they also, on top of this amazing tech stack that they have built, we're able to build a lot more capabilities that then made their product attractive to middle-market companies and in fact, pretty large middle-market companies and companies that have business all over the world and their employees traveling all over the world.

但是，在他們所建構的這個令人驚嘆的技術堆疊之上，我們還能建立更多功能，這使得他們的產品對中型市場公司，以及實際上規模相當大的中型市場公司和業務遍及全球、員工在世界各地出差的公司都具有吸引力。

So I believe that they are set up for success with small companies, with medium-sized companies and, in fact, pretty large ones because their solution spans the needs of that broader range of customers. And the elegance and simplicity of the solution make it something that small and large can implement.

所以我認為，他們能夠成功地服務小型公司、中型公司，甚至大型公司，因為他們的解決方案涵蓋了更廣泛的客戶群的需求。該方案的優雅和簡潔性使得無論規模大小都能實施。

Saul Martinez, HSBC.

索爾·馬丁內斯，匯豐銀行。

I wanted to follow up on John Pancari's question. I get that the deal is modest in size, and you don't want to give some of the financial metrics. But 80% of the purchase price is allocated to goodwill. That's not a trivial amount on a $5 billion deal. And I suspect Brex is not profitable. And you can correct me if that is the wrong assumption to use here. You do have $950 million of transaction costs and incremental investments.

我想就約翰·潘卡里提出的問題做個後續說明。我知道這筆交易規模不大，你也不想透露一些財務指標。但收購價格的 80% 都分配給了商譽。對於一筆價值 50 億美元的交易來說，這可不是一筆小數目。我懷疑Brex並不營利。如果這個假設有誤，請指正。你們確實有9.5億美元的交易成本和新增投資。

Is it fair to say then that the deal at least initially will be EPS dilutive, intangible book dilutive? It's even at a modest amount, obviously, overall value-accretive to Capital One?

那麼，是否可以說，該交易至少在初期會稀釋每股盈餘和無形資產帳面價值？即使金額不大，顯然也能為 Capital One 帶來整體價值提升？

So in isolation, Brex will result in earnings dilution initially as we're buying a business with a growth rate that is multiples of industry growth rates. We believe this growth dynamic will lead to significant accretion over time.

因此，單獨來看，Brex 收購初期會導致收益稀釋，因為我們收購的是成長率是產業成長率數倍的企業。我們相信，這種成長動能將隨著時間的推移帶來顯著的收益成長。

Okay. All right. Fair enough. And I guess just a follow-up here is, you mentioned you don't expect a change in the expected pace of your quarterly share repurchases, which was $2.5 billion. Is that -- I mean, is that a fair assumption? Or is that -- is it fair to think that, that's sort of a decent cadence for buybacks, at least as we stand here today?

好的。好的。很公平。我想再補充一點，您提到您預期季度股票回購的預期速度不會發生變化，即 25 億美元。我的意思是，這樣的假設合理嗎？或者說——認為這算是比較合理的股票回購節奏，至少就目前的情況來看，這種想法是否公平？

Let me clarify the language a bit, which is we're saying that the Brex transaction itself will take down our capital by, I think, a little more than 40 basis points. So a meaningful amount, but certainly not enough to influence our thinking about near-term repurchases.

讓我稍微解釋一下措辭，我的意思是，英國脫歐交易本身將使我們的資本減少，我認為，略多於 40 個基點。所以數量可觀，但絕對不足以影響我們對近期回購的考量。

So the point we were making is it's just not going to alter our approach to repurchases. And so we've said last quarter that our long-term needs given our current capital position, you saw this quarter, we accelerated our returns upping the repurchases to the $2.5 billion. You cited increased our dividend 33% to $0.80.

所以我們想表達的觀點是，這不會改變我們對股票回購的態度。因此，我們在上個季度說過，鑑於我們目前的資本狀況，我們的長期需求，正如你們在本季度看到的，我們加快了回報步伐，將回購規模增加到 25 億美元。您提到我們將股息提高了 33%，達到 0.80 美元。

So with respect then to the pace of future buybacks, we're really going to look at a variety of things, just current and projected capital levels and our balance sheet growth opportunities, the economy, the regulatory environment. And it's not just a point estimate for those variables. We're going to think about a range of outcomes around them.

因此，關於未來回購的速度，我們將真正考慮各種因素，包括當前和預期的資本水準、資產負債表的成長機會、經濟狀況以及監管環境。而且這不僅僅是對這些變數的一個點估計。我們將考慮圍繞這些結果可能出現的一系列情況。

But given all of that, we have healthy capital levels. We've got $14 billion of remaining authorization, and we've got flexibility under SCB. So we are going to take all of those things into consideration and manage our repurchases accordingly. But the Brex transaction itself is just not influencing our thinking about that plan base.

但即便如此，我們的資本水準依然健康。我們還有 140 億美元的剩餘授權額度，而且在 SCB 的授權下，我們有一定的彈性。因此，我們將把所有這些因素都考慮在內，並據此管理我們的回購計劃。但脫歐交易本身並沒有影響我們對該計畫基礎的思考。

That concludes our Q&A session this evening, and I want to thank everybody for joining us on the conference call and for your continuing interest in Capital One. Have a great evening.

今晚的問答環節到此結束，感謝各位參加本次電話會議，也感謝大家一直以來對Capital One的關注。祝大家晚安。

Thank you. This concludes today's conference call. Thank you for your participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。