美國合眾銀行 (USB) 2022 Q1 法說會逐字稿

Welcome to U.S. Bancorp's First Quarter 2022 Earnings Conference Call. Following a review of the results by Andy Cecere, Chairman, President and Chief Executive Officer; and Terry Dolan, Vice Chairman and Chief Financial Officer, there will be a formal question-and-answer session. (Operator Instructions) This call will be recorded and available for replay beginning today at approximately 11:00 a.m. Central Time through Thursday, April 21, 2022, at 10:59 p.m Central Time.

歡迎參加 U.S. Bancorp 2022 年第一季度收益電話會議。在主席、總裁兼首席執行官 Andy Cecere 對結果進行審查後；和副董事長兼首席財務官特里·多蘭（Terry Dolan）將舉行正式的問答環節。 （操作員說明）本次通話將從美國中部時間今天上午 11:00 開始到美國中部時間 2022 年 4 月 21 日星期四晚上 10:59 進行錄音和重播。

I will now turn the conference call over to Jen Thompson, Head of Corporate Finance and Investor Relations for U.S. Bancorp.

我現在將電話會議轉交給 U.S. Bancorp 公司財務和投資者關係主管 Jen Thompson。

Thank you, Francie, and good morning, everyone. With me today are Andy Cecere, our Chairman, President and CEO; and Terry Dolan, our Chief Financial Officer. During their prepared remarks, Andy and Terry will be referencing a slide presentation. A copy of the presentation as well as our earnings release and supplemental analyst schedules are available on our website at usbank.com.

謝謝你，弗蘭西，大家早上好。今天和我在一起的是我們的董事長、總裁兼首席執行官 Andy Cecere；和我們的首席財務官 Terry Dolan。在他們準備好的演講中，安迪和特里將參考幻燈片演示。我們的網站 usbank.com 上提供了演示文稿的副本以及我們的收益發布和補充分析師時間表。

I'd like to remind you that any forward-looking statements made during today's call are subject to risk and uncertainty. Factors that could materially change our current forward-looking assumptions are described on Page 2 of today's presentation, in our press release and in our Form 10-K and subsequent reports on file with the SEC.

我想提醒您，在今天的電話會議中做出的任何前瞻性陳述都存在風險和不確定性。今天的演示文稿的第 2 頁、我們的新聞稿和我們的 10-K 表格以及隨後提交給 SEC 的報告中描述了可能對我們當前的前瞻性假設產生重大影響的因素。

I'll now turn the call over to Andy.

我現在把電話轉給安迪。

Thanks, Jen. Good morning, everyone, and thank you for joining our call. Following our prepared remarks, Terry and I will take any questions you have.

謝謝，珍。大家早上好，感謝您加入我們的電話會議。在我們準備好的發言之後，特里和我會回答你的任何問題。

I'll begin on Slide 3. In the first quarter, we reported earnings per share of $0.99 and total revenue of $5.6 billion. The quarter was highlighted by strong loan growth, continued momentum in our payments businesses, well-controlled expenses and strong credit quality. As expected, mortgage banking revenue declined in the first quarter due to slower refinancing activity in the market. However, we saw a good momentum in business activity and related revenue growth within other fee businesses, including payments, trust and investment management and treasury management.

我將從幻燈片 3 開始。第一季度，我們報告的每股收益為 0.99 美元，總收入為 56 億美元。本季度的亮點是貸款增長強勁、我們的支付業務持續增長、費用控制良好以及信貸質量強勁。正如預期的那樣，由於市場再融資活動放緩，第一季度抵押銀行業務收入下降。然而，我們看到其他收費業務的業務活動和相關收入增長勢頭良好，包括支付、信託和投資管理以及資金管理。

This quarter, we released $50 million in loan loss reserves, reflecting continued strong credit quality. And at March 31, our CET1 capital ratio was 9.8%.

本季度，我們釋放了 5000 萬美元的貸款損失準備金，反映了持續強勁的信貸質量。 3月31日，我們的CET1資本比率為9.8%。

Slide 4 provides key performance metrics. In the first quarter, we delivered a return on assets of 1.09% and a return on tangible common equity of 16.6%. Slide 5 highlights strengths in digital engagement. Digital transactions account for over 80% of total transactions, and total digital loan sales account for about 2/3 of total loan sales. We are pleased with the progress we have seen so far, but believe there is further opportunity to increase customer engagement through digital adoption by helping customers, consumers and business customers to understand the full scope of capabilities available to assist them in managing their financial lives.

幻燈片 4 提供了關鍵績效指標。第一季度，我們實現了 1.09% 的資產回報率和 16.6% 的有形普通股回報率。幻燈片 5 突出了數字參與的優勢。數字交易占總交易量的 80% 以上，數字貸款銷售總額約佔貸款總額的 2/3。我們對迄今為止所看到的進展感到高興，但相信通過幫助客戶、消費者和企業客戶了解可幫助他們管理財務生活的全部能力，還有更多機會通過數字化採用來提高客戶參與度。

We are continually adding and enhancing digital features and functionality and applying a digital plus human approach. A great example of this is our do-it-together cobrowse technology. Through this tool, interactions with our customers, a key driver of engagements, have increased in number and have become more efficient as well as effective.

我們不斷添加和增強數字特性和功能，並應用數字加人的方法。這方面的一個很好的例子是我們的“一起做”協同瀏覽技術。通過這個工具，我們與客戶的互動（參與的關鍵驅動因素）數量增加，並且變得更加高效和有效。

Turning to Slide 6. We believe our complete payments ecosystem is a competitive advantage for our company. The opportunity to connect our banking customers with our payments products and services and our payments customers with our banking products and services will continue to drive meaningful profit and return differentiation for our company over the next several years. Our small business initiative is just one example of many that we see driving both account growth and deeper relationships. We believe the suite of products we offer to our small business customers will allow us to grow those relationships by 15% to 20% and related revenue by 25% to 30% over the next few years.

轉到幻燈片 6。我們相信我們完整的支付生態系統是我們公司的競爭優勢。將我們的銀行客戶與我們的支付產品和服務以及我們的支付客戶與我們的銀行產品和服務聯繫起來的機會將在未來幾年繼續為我們公司帶來有意義的利潤和回報差異化。我們的小型企業計劃只是我們看到的推動客戶增長和加深關係的眾多舉措之一。我們相信，我們為小型企業客戶提供的產品套件將使我們在未來幾年內將這些關係增長 15% 至 20%，相關收入增長 25% 至 30%。

We are particularly encouraged by the trends we are seeing in the uptake of our talech point-of-sale functionality, which allows small business customers to manage their banking and payments needs in a simple, easy-to-use format that we provide in the form of a dashboard. On the right side of the slide, you can see that the number of new talech customers increased fivefold in 2021 compared to 2020, and that strong growth trajectory has continued in 2022. Year-to-date, new talech customers are 1.5x the full year 2020 level.

我們看到的 talech 銷售點功能的採用趨勢尤其令我們感到鼓舞，該功能允許小型企業客戶以我們在儀表板的形式。在幻燈片的右側，您可以看到 2021 年新的 talech 客戶數量比 2020 年增加了 5 倍，並且在 2022 年繼續保持強勁的增長軌跡。年初至今，新的 talech 客戶數量是 1.5 倍2020年水平。

Now let me turn the call over to Terry to provide more details on the quarter.

現在讓我將電話轉給特里，以提供有關本季度的更多詳細信息。

Thanks, Andy. If you turn to Slide 7, I'll start with a balance sheet review followed by a discussion of first quarter earnings trends. Average loans increased 3.4% compared with the fourth quarter, driven by 8.0% growth in commercial loans, 2.1% growth in mortgage loans and 1.0% growth in total other retail loans.

謝謝，安迪。如果您轉到幻燈片 7，我將從資產負債表審查開始，然後討論第一季度的盈利趨勢。受商業貸款增長 8.0%、抵押貸款增長 2.1% 和其他零售貸款總額增長 1.0% 的推動，平均貸款比第四季度增長 3.4%。

Commercial loan growth reflected slowing paydowns, increased business activity and higher utilization rates across many sectors and most geographies. Client sentiment is stable and commercial lending needs are being driven by inventory building, M&A activity and CapEx expenditures.

商業貸款增長反映了許多行業和大多數地區的償還放緩、商業活動增加和利用率提高。客戶情緒穩定，商業貸款需求受到庫存建設、併購活動和資本支出支出的推動。

In the retail portfolio, we saw good growth in residential mortgage and other retail loans, including auto lending. Credit card balances declined linked quarter, reflecting typical seasonality and the impact of certain loans being moved to held for sale in the fourth quarter, which impacted average balance growth.

在零售投資組合中，我們看到住宅抵押貸款和其他零售貸款（包括汽車貸款）增長良好。信用卡餘額與季度掛鉤下降，反映了典型的季節性以及某些貸款在第四季度轉為持有待售的影響，這影響了平均餘額增長。

Turning to Slide 8. Total average deposits increased 1.0% compared with the fourth quarter despite the typical seasonal reduction in noninterest-bearing deposits. Total average deposits increased 6.5% compared with a year ago.

轉到幻燈片 8。儘管非生息存款典型的季節性減少，但總平均存款與第四季度相比增加了 1.0%。平均存款總額較上年同期增長 6.5%。

Slide 9 shows credit quality trends. Credit quality continues to be strong across our loan portfolio. The ratio of nonperforming assets to loans and other real estate was 0.25% at March 31 compared with 0.28% at December 31 and 0.41% a year ago. Our first quarter net charge-off ratio of 0.21% was slightly higher than the fourth quarter level of 0.17%, but lower compared with the first quarter of 2021 level of 0.31%. Our allowance for credit losses as of March 31 totaled $6.1 billion or 1.91% of period-end loans.

幻燈片 9 顯示了信用質量趨勢。我們貸款組合的信用質量繼續保持強勁。 3 月 31 日，不良資產與貸款和其他房地產的比率為 0.25%，而 12 月 31 日為 0.28%，一年前為 0.41%。我們第一季度 0.21% 的淨沖銷率略高於第四季度 0.17% 的水平，但低於 2021 年第一季度 0.31% 的水平。截至 3 月 31 日，我們的信貸損失準備金總額為 61 億美元，佔期末貸款的 1.91%。

Slide 10 provides an earnings summary. In the first quarter of 2022, we earned $0.99 per diluted share. These results included a relatively small reserve release of $50 million.

幻燈片 10 提供了收益摘要。 2022 年第一季度，我們每股攤薄收益為 0.99 美元。這些結果包括相對較小的 5000 萬美元儲備釋放。

Turning to Slide 11. Net interest income on a fully taxable equivalent basis totaled $3.2 billion. The 1.6% linked-quarter increase reflected strengthening margins and strong loan growth in the quarter, particularly commercial loan growth. Our net interest margin improved 4 basis points to 2.44% due to the changing yield curve, investment portfolio actions and lower cash balances, partially offset by the impact of loan mix.

轉到幻燈片 11。在完全應稅等值基礎上的淨利息收入總計 32 億美元。環比增長 1.6% 反映了本季度利潤率和貸款增長強勁，尤其是商業貸款增長。由於收益率曲線的變化、投資組合行動和現金餘額減少，我們的淨息差提高了 4 個基點至 2.44%，部分被貸款組合的影響所抵消。

Slide 12 highlights trends in noninterest income. Compared with a year ago, noninterest income increased 0.6%, reflecting strong payments services revenue, growth in trust and investment management fees and higher treasury management fees, offset by lower commercial product revenue and lower mortgage banking revenue. The decline in mortgage banking revenue reflected lower refinancing activity in the market and tighter gain on sale margins given excess capacity in the industry.

幻燈片 12 突出了非利息收入的趨勢。與一年前相比，非利息收入增長 0.6%，反映出支付服務收入強勁、信託和投資管理費用增長以及資金管理費用增加，但被商業產品收入下降和抵押銀行收入下降所抵消。抵押貸款銀行業務收入的下降反映了市場上再融資活動的減少以及由於行業產能過剩而導致的銷售利潤率收緊。

In the first quarter, total payments revenues increased 10.1% compared to a year earlier reflecting both continued cyclical post-pandemic recovery as well as strong underlying business trends supported by investments we are making. Credit and debit card revenue increased 0.6% on a year-over-year basis, as the impact of higher credit and debit card volume was offset by lower prepaid card activity. Excluding prepaid card revenue, credit and debit card fee revenue would have increased 9.6% compared with the first quarter of 2021. Both corporate payment, products revenue and merchant processing fees increased at a double-digit pace compared with a year ago, with growth driven by both the cyclical recovery of pandemic-impacted industries as well as underlying business momentum.

第一季度，支付總收入同比增長 10.1%，反映出大流行後持續的周期性複蘇以及我們正在進行的投資支持的強勁潛在業務趨勢。信用卡和借記卡收入同比增長 0.6%，原因是信用卡和借記卡交易量增加的影響被預付卡活動減少所抵消。扣除預付卡收入，信用卡和借記卡手續費收入將比 2021 年第一季度增長 9.6%。企業支付、產品收入和商戶手續費均以兩位數的速度增長，與一年前相比，增長驅動受大流行影響的行業的周期性複蘇以及潛在的商業動力。

Slides 13 and 14 provide additional information on our payment services business. In the middle of Slide 13, we provided a table, which illustrates the cyclicality that naturally occurs in each of our 3 payments businesses over the course of a typical year. On the right side of the slide, you can see that COVID-19-impacted industries continued to recover throughout the first quarter. As of the first quarter of 2022, credit and debit card travel volumes exceeded pre-pandemic levels. In March of 2022, airline volume was flat compared to March of 2019, the first time we have seen recovery to pre-pandemic levels. Although T&E-related volumes in our corporate payments business are still below pre-pandemic levels, they continue their upward trajectory. In March, corporate T&E volumes in CPS were back to 75% of the pre-pandemic level.

幻燈片 13 和 14 提供了有關我們支付服務業務的更多信息。在幻燈片 13 的中間，我們提供了一張表格，該表格說明了我們 3 種支付業務在典型年份中自然發生的周期性。在幻燈片的右側，您可以看到受 COVID-19 影響的行業在整個第一季度繼續復甦。截至 2022 年第一季度，信用卡和借記卡旅行量超過了大流行前的水平。 2022 年 3 月，航空貨運量與 2019 年 3 月持平，這是我們第一次看到恢復到大流行前的水平。儘管我們的企業支付業務中與 T&E 相關的交易量仍低於大流行前的水平，但它們繼續呈上升趨勢。 3 月，CPS 的企業 T&E 量恢復到大流行前水平的 75%。

Slide 14 provides linked quarter and year-over-year revenue growth trends for our 3 payments businesses. Because of the cyclical nature of our payments businesses, we believe year-over-year trends are the best indicator of underlying business performance in a normal environment. Year-over-year, credit and debit card revenue growth rates continued to be negatively impacted by the decline in prepaid card revenue as the benefit of the government stimulus has dissipated. We provide details on prepaid card fee revenue over the past 5 quarters in the upper right quadrant.

幻燈片 14 提供了我們 3 種支付業務的相關季度和同比收入增長趨勢。由於我們支付業務的周期性，我們認為同比趨勢是正常環境下基本業務表現的最佳指標。與去年同期相比，信用卡和借記卡收入增長率繼續受到預付卡收入下降的負面影響，因為政府刺激措施的好處已經消散。我們在右上象限提供了過去 5 個季度的預付卡費用收入的詳細信息。

While prepaid card revenue is approaching a run rate on a linked-quarter basis, it will impact year-over-year credit and debit card fee revenue comparisons through the end of 2022. The bottom half of the slide illustrates the strong year-over-year growth rates in both merchant processing and corporate payments fee revenue over the past several quarters, which have partly reflected the pandemic-related recovery.

雖然預付卡收入在相關季度基礎上接近運行率，但它將影響到 2022 年底的信用卡和借記卡費用收入同比比較。幻燈片的下半部分顯示了強勁的同比過去幾個季度商戶處理和企業支付費用收入的年增長率，部分反映了與大流行相關的複蘇。

While we expect the year-over-year growth rates to moderate from current levels, we continue to believe that both merchant processing and corporate payments fee revenue can grow at a high single-digit pace on a year-over-year basis in a post-pandemic environment.

雖然我們預計同比增長率將從當前水平放緩，但我們仍然認為商戶處理和企業支付費用收入都可以在後期以高個位數的速度同比增長-大流行環境。

Turning to Slide 15. Noninterest expense decreased 0.9% on a linked-quarter basis. The decline was driven by lower professional services expense, marketing and business development expense and technology and communication expenses, partially offset by increases in employee benefit expense, primarily due to seasonally higher payroll taxes and other noninterest expenses. Linked-quarter expense growth includes the impact of the acquisitions completed in the fourth quarter of 2021.

轉到幻燈片 15。非利息支出環比下降 0.9%。下降的原因是專業服務費用、營銷和業務發展費用以及技術和通信費用減少，但部分被員工福利費用的增加所抵消，主要是由於季節性工資稅和其他非利息費用增加。相關季度費用增長包括 2021 年第四季度完成的收購的影響。

Slide 16 highlights our capital position. Our common equity Tier 1 capital ratio at March 31 was 9.8%. As a reminder, at the beginning of the third quarter of 2021, we suspended our share buyback program due to the pending acquisition of Union Bank. After closing the acquisition, we expect to operate at a CET1 ratio between our target ratio and 9.0%. We continue to expect that our share repurchase program will be deferred until our CET1 ratio reaches 9.0% following the pending deal close.

幻燈片 16 突出了我們的資本狀況。 3 月 31 日，我們的普通股一級資本比率為 9.8%。提醒一下，在 2021 年第三季度初，由於即將收購聯合銀行，我們暫停了股票回購計劃。完成收購後，我們預計 CET1 比率在我們的目標比率和 9.0% 之間。我們繼續預計我們的股票回購計劃將被推遲，直到我們的 CET1 比率在待定交易完成後達到 9.0%。

I will now provide some forward-looking guidance. The following guidance is for a U.S. Bank on a stand-alone basis and does not include any potential impact from Union Bank. Let me start with full year guidance. We have updated our interest rate expectations to be consistent with market expectations. Given our revised interest rate assumptions, we now expect total net revenue to increase 5% to 6% compared with 2021, reflecting 8% to 11% growth in taxable equivalent, net interest income and stable fee income, primarily due to lower mortgage banking revenue and deposit service charges offsetting growth in other fee businesses. We expect positive operating leverage of at least 200 basis points in 2022.

我現在將提供一些前瞻性的指導。以下指南適用於獨立的美國銀行，不包括聯合銀行的任何潛在影響。讓我從全年指導開始。我們更新了利率預期以符合市場預期。鑑於我們修改後的利率假設，我們現在預計總淨收入將比 2021 年增長 5% 至 6%，反映應稅等值、淨利息收入和穩定費用收入增長 8% 至 11%，這主要是由於抵押貸款銀行收入減少和存款服務費用抵消了其他收費業務的增長。我們預計 2022 年的正經營槓桿率至少為 200 個基點。

As it relates to the second quarter specifically, we expect total revenue growth of 5% to 7% on a linked-quarter basis, benefiting from seasonal strength in many of our fee businesses, continued loan growth and the second quarter impact of higher rates on net interest income and the recapture of fee waivers. In the second quarter, we expect expenses to increase 1% to 2% on a linked-quarter basis, primarily due to seasonally higher compensation-related costs and business investment spend.

由於具體與第二季度有關，我們預計總收入在環比基礎上將增長 5% 至 7%，這得益於我們的許多收費業務的季節性強勁、持續的貸款增長以及第二季度利率上升的影響淨利息收入和重新獲得費用減免。在第二季度，我們預計費用將在環比基礎上增長 1% 至 2%，這主要是由於與薪酬相關的季節性成本和商業投資支出增加。

Credit quality remains strong. Over the next few quarters, we expect the net charge-off ratio to remain lower than historic levels, but will continue to normalize over time. For the full year 2022, we expect our taxable equivalent tax rate to be approximately 21% to 22%.

信用質量依然強勁。在接下來的幾個季度中，我們預計淨沖銷率將保持低於歷史水平，但隨著時間的推移將繼續正常化。對於 2022 年全年，我們預計我們的應稅等值稅率約為 21% 至 22%。

If you turn to Slide 17, I'll provide an update on our previously announced pending acquisition of Union Bank. In September of 2021, we announced that we had entered into a definitive agreement to acquire the core regional banking franchise of MUFG Union Bank. We continue to make significant progress in planning for closing the deal in the first half of 2022 while we await regulatory approval. As you know, regulatory approvals are not within the company's control and may impact the timing of the closing of the deal.

如果您轉到幻燈片 17，我將提供我們之前宣布的即將收購聯合銀行的最新信息。 2021 年 9 月，我們宣布已達成最終協議，以收購 MUFG Union Bank 的核心區域銀行業務。在等待監管部門批准的同時，我們在計劃於 2022 年上半年完成交易方面繼續取得重大進展。如您所知，監管批准不在公司的控制範圍內，可能會影響交易完成的時間。

We expect to close the deal approximately 45 days after being granted U.S. regulatory approval. Conversion is anticipated late in the second half of 2022. We continue to believe this deal is a compelling use of our excess capital from both a strategic and financial perspective. We feel comfortable with our initial financial deal assumptions, including an expectation that it will generate an internal rate of return of about 20%, which is well above our cost of capital.

我們預計在獲得美國監管部門批准後約 45 天完成交易。轉換預計在 2022 年下半年晚些時候進行。我們仍然認為，從戰略和財務角度來看，這筆交易是對我們過剩資本的有力利用。我們對最初的金融交易假設感到滿意，包括預計它將產生約 20% 的內部回報率，這遠高於我們的資本成本。

Assuming a June 30 close date, we expect Union Bank to contribute approximately $310 million to our pretax pre-provision net revenue in 2022, before considering cost synergies. We continue to expect to achieve approximately $900 million of total cost synergies related to the deal, with approximately $85 million to $100 million of cost savings achieved in the second half of 2022.

假設截止日期為 6 月 30 日，在考慮成本協同效應之前，我們預計聯合銀行將在 2022 年為我們的稅前撥備淨收入貢獻約 3.1 億美元。我們繼續預計與該交易相關的總成本協同效應將達到約 9 億美元，到 2022 年下半年將實現約 8500 萬美元至 1 億美元的成本節約。

We continue to target total merger and integration costs of $1.2 billion, of which approximately $950 million will be incurred in 2022 with some charges anticipated in the second quarter as we prepare for system integration. In addition, there will be day 1 -- there will be a day 1 loss -- loan loss provision required at closing in accordance with the existing CECL accounting rules of approximately $800 million to $900 million.

我們繼續以 12 億美元的合併和集成總成本為目標，其中約 9.5 億美元將在 2022 年產生，預計在第二季度我們準備系統集成時會產生一些費用。此外，根據現有的 CECL 會計規則，在交易結束時將需要在第 1 天 - 第 1 天損失 - 貸款損失準備金約為 8 億至 9 億美元。

I'll hand it back to Andy for closing remarks.

我會把它交還給 Andy 做結束語。

Thanks, Terry. Our strong first quarter results have -- positions us well for the rest of the year, and we are encouraged by the loan growth trends and business activity that we are seeing in the early part of the second quarter. Credit quality remains strong. Nonetheless, we continue to approach credit decisions with a through-the-cycle lens.

謝謝，特里。我們強勁的第一季度業績使我們在今年餘下時間處於有利地位，我們對第二季度初看到的貸款增長趨勢和業務活動感到鼓舞。信用質量依然強勁。儘管如此，我們將繼續從整個週期的角度來處理信貸決策。

We feel good about the secular trends we are seeing across our fee businesses. Our payments revenue continues to recover, and we look to continued cyclical recovery in travel and entertainment as the year progresses. More importantly, over the near and intermediate term, our multiyear investments in this business and the strategic initiatives aimed at leveraging the power of our payments ecosystem will continue to pay off. We are closely managing operating expenses even as we invest in our digital initiatives, our payments capabilities and our technology modernization.

我們對我們在收費業務中看到的長期趨勢感到滿意。我們的支付收入繼續復甦，隨著時間的推移，我們期待旅遊和娛樂領域的持續週期性複蘇。更重要的是，在近期和中期，我們對這項業務的多年投資以及旨在利用我們的支付生態系統力量的戰略舉措將繼續獲得回報。即使我們投資於我們的數字計劃、我們的支付能力和我們的技術現代化，我們也在密切管理運營費用。

On that front, I'd like to highlight a few of our recent announcements. We enhanced the service that we call ExtendPay, an offering which allows our existing consumer and business cardholders to a buy now, pay later option where they can choose a flexible payment plan that suits their needs. We also rolled out a request for payment capability, which allows merchants to send bills directly to customers' banks accounts. Those customers have the option to send payment immediately to the biller via real-time payment rails.

在這方面，我想強調一下我們最近發布的一些公告。我們增強了我們稱之為 ExtendPay 的服務，該服務允許我們現有的消費者和商務持卡人現在購買，以後支付選項，他們可以選擇適合他們需求的靈活支付計劃。我們還推出了支付功能請求，允許商家將賬單直接發送到客戶的銀行賬戶。這些客戶可以選擇通過實時支付軌道立即向開票人付款。

In February, we announced a meaningful investment in our cloud strategy, which is aimed at modernizing our technology foundation so as to further improve the security of our data, financial assets and customer privacy while allowing for the transformation of applications and infrastructure to create leading-edge customer experiences. We will continue to leverage our suite of products, services and capabilities to enhance the customer experience, which we believe will support meaningful account growth and deeper relationships across our entire franchise over the next several years.

2 月，我們宣布對我們的雲戰略進行有意義的投資，旨在使我們的技術基礎現代化，以進一步提高我們的數據、金融資產和客戶隱私的安全性，同時允許應用程序和基礎設施的轉型，以創建領先的-邊緣客戶體驗。我們將繼續利用我們的產品、服務和功能套件來增強客戶體驗，我們相信這將在未來幾年支持有意義的客戶增長和我們整個特許經營的更深層次的關係。

In closing, 2022 is off to a good start, and I'd like to thank our employees for all they do to support our strategic goals and continue our customer -- continue to serve our customers and communities. We will now open up the call for Q&A.

最後，2022 年有了一個良好的開端，我要感謝我們的員工為支持我們的戰略目標和繼續我們的客戶所做的一切 - 繼續為我們的客戶和社區服務。我們現在將打開問答電話。

(Operator Instructions) Your first question comes from the line of Matt O'Connor from Deutsche Bank.

（操作員說明）您的第一個問題來自德意志銀行的 Matt O'Connor。

I was hoping you guys could provide an update on asset sensitivity of USB stand-alone and then the impact of UB. I know at one point, you had said it was going to make you a little more asset sensitive, but obviously, the rate environment has changed. I'm not really sure what's happening to their balance sheet. So some updates there on asset sensitivity, please.

我希望你們能提供有關 USB 獨立資產敏感性的更新，然後是 UB 的影響。我知道，你曾說過這會讓你對資產更加敏感，但顯然，利率環境已經改變。我不太確定他們的資產負債表發生了什麼。因此，請提供有關資產敏感性的一些更新。

Yes. Matt, let me kind of take that question. With respect to asset sensitivity, and I'm going to kind of refer back to maybe the disclosures we had in the 10-K. And probably the best one to look at would be kind of an upward, gradual 200 basis point movement. I think that, that is at least the environment that the market implied with -- expected at this particular point in time. So if you end up applying that rate sensitivity of about 5.4% to the fourth quarter, I think it gives you a pretty good estimate of what sort of benefit that we see in terms of net interest income kind of going forward.

是的。馬特，讓我來回答一下這個問題。關於資產敏感性，我將回顧一下我們在 10-K 中的披露。可能最好看的是一種向上的、漸進的 200 個基點的運動。我認為，這至少是市場暗示的環境 - 在這個特定時間點預期。因此，如果你最終將大約 5.4% 的利率敏感性應用到第四季度，我認為它可以很好地估計我們在未來的淨利息收入方面看到了什麼樣的好處。

Maybe kind of qualitatively, I think that when we see early in the cycle, deposit betas will be relatively low. Our portfolio, when you look at loans, it's probably about 50%, 55% is floating rate and about 45% to 50% is fixed rate. So that probably gives you some perspective with respect to kind of what we're expecting to see.

也許在定性上，我認為當我們在周期的早期看到時，存款貝塔值會相對較低。我們的投資組合，當你看貸款時，大概是 50%，55% 是浮動利率，大約 45% 到 50% 是固定利率。所以這可能會給你一些關於我們期望看到的東西的觀點。

From a Union Bank point of view, as we've said in the past, it is a bit more asset sensitive than us. It should help us kind of, I would say, 35, 40 basis points. When you end up looking at their portfolio and the assets that we'll be acquiring, it's deposit-heavy. So we'll have a substantial amount of cash and the opportunity to be able to reinvest that as the -- as rates move up.

從聯合銀行的角度來看，正如我們過去所說，它比我們對資產更敏感。它應該幫助我們，我想說，35、40 個基點。當您最終查看他們的投資組合和我們將要收購的資產時，您會發現大量存款。因此，隨著利率上升，我們將擁有大量現金以及能夠將其再投資的機會。

Okay. And then separately, you gave the impact of the UB deal on tangible book value. I think it was just a 1% reduction. What's the estimated impact on CET1 capital, both from the actual acquisition and then the upfront marks that you mentioned earlier?

好的。然後，您分別給出了 UB 交易對有形賬面價值的影響。我認為這只是減少了1％。從實際收購到您之前提到的前期標記，對 CET1 資本的估計影響是什麼？

Yes. So when -- as we've said, currently, we're at 9.8% in terms of our CET1 ratio. We would expect it will be in the range of that 8.5% to 9% at the end of the closing. Of course, it will be dependent upon how much rates move between now and the actual closing time.

是的。因此，正如我們所說，目前，我們的 CET1 比率為 9.8%。我們預計在收盤結束時它將在 8.5% 至 9% 的範圍內。當然，這將取決於從現在到實際收盤時間之間的匯率變動幅度。

Our -- I talked a little bit about the day 1 provision in terms of the credit mark. From an asset mark, I think it will be a little bit higher than what we had originally anticipated or disclosed in -- at the time of the acquisition, simply because of the rising rates, but not significantly different.

我們的 - 我就信用標記的第 1 天條款談了一點。從資產標記來看，我認為它會比我們在收購時最初預期或披露的要高一點，僅僅是因為利率上升，但沒有顯著差異。

And just a suggestion by the way, lots of good guidance on the call. It would be great if you could put some of it in a slide. It's just such a busy day and scrambling to jot it all down. Some of your peers do that, and it's really helpful for us on this side.

順便提一個建議，在電話會議上有很多很好的指導。如果你能把其中的一些放在幻燈片中，那就太好了。這只是如此忙碌的一天，並爭先恐後地記下來。你的一些同行這樣做，這對我們這方面真的很有幫助。

Yes. We would anticipate we'll start to incorporate more of that as the deal moves forward.

是的。我們預計隨著交易的推進，我們將開始納入更多內容。

Your next question comes from the line of John Pancari of Evercore ISI.

您的下一個問題來自 Evercore ISI 的 John Pancari。

On the card and payment side, just curious if you can just give us a little bit more detail on what you're seeing in terms of consumer spend behavior. Are you seeing any signs of any pullbacks and shifts in the type of spend that could point to some softening there where we're starting to see some shifts to -- towards nondiscretionary from discretionary spend? Curious if you're seeing that in your business, if that is impacting your outlook at all.

在卡和支付方面，只是想知道您是否可以向我們提供更多關於您在消費者支出行為方面所看到的細節。您是否看到任何支出類型出現任何回調和轉變的跡象，這可能表明我們開始看到一些轉變——從可自由支配支出轉向非自由支配支出？好奇您是否在您的業務中看到了這一點，這是否會影響您的前景。

Yes. So let me start, and then Andy can kind of add to it. Certainly, what we are continuing to see, John, through the first quarter is good, strong, both year-over-year growth and comparisons back to 2019 really across the board. I think a couple of the trends that we talked about is that travel, specifically airline was back to pre-pandemic. And so that's continuing to develop and grow, and that's occurred specifically in March. And I think you'll see that continuing as we think about the second quarter and beyond.

是的。讓我開始吧，然後安迪可以添加一些內容。當然，約翰，我們在第一季度繼續看到的情況是良好、強勁的，無論是同比增長還是與 2019 年的比較，都是全面的。我認為我們談到的幾個趨勢是旅行，特別是航空公司回到了大流行前。因此，這種情況正在繼續發展和壯大，尤其是在三月份。我認為當我們考慮第二季度及以後的時間時，你會看到這種情況繼續存在。

We do continue to expect in the CPS business, that travel and entertainment is going to continue to strengthen. And I think that, that is a tailwind or an opportunity for us as we move forward. I would expect that there's probably going to be a shift to some extent from what I would call durable goods that people were spending their dollars on in the past to more service-oriented sort of activities. But in terms of the overall level of spend, I feel like that will continue, at least for some period of time. Andy, what would you add?

我們確實繼續期望在 CPS 業務中，旅遊和娛樂將繼續加強。我認為，這對我們來說是順風或機會，因為我們前進。我預計可能會在某種程度上從人們過去花錢購買的耐用品轉向更多以服務為導向的活動。但就整體支出水平而言，我覺得這種情況會持續下去，至少會持續一段時間。安迪，你會補充什麼？

I think that's a good summary, Terry. John, it's interesting because consumer spend on the merchant side, if we look at that data versus pre-pandemic levels in the first quarter, still up 9% to 15%. Consumer credit card spend still up versus pre-pandemic, 35%; and corporate payments still up 10%.

我認為這是一個很好的總結，特里。約翰，這很有趣，因為消費者在商家方面的支出，如果我們看一下第一季度的數據與大流行前的水平相比，仍然增長了 9% 到 15%。與大流行前相比，消費者信用卡支出仍增長 35%；企業付款仍增長 10%。

The one area, as Terry mentioned, that is not back to recovery yet is corporate T&E, which is about 75% of what is normal or pre-pandemic levels. And we would expect that to continue to get better as we all start to get out on the road more. So we're not seeing any negative trends thus far, and it continues to be very strong.

正如特里所提到的，尚未恢復復甦的一個領域是企業 T&E，約為正常或大流行前水平的 75%。我們希望隨著我們都開始更多地走出去，這種情況會繼續變得更好。因此，到目前為止，我們沒有看到任何負面趨勢，而且它仍然非常強勁。

And then on the commercial side, I know you cited in your prepared remarks that you are beginning to see CapEx plans as a driver behind the loan growth dynamics on the commercial side. Do you expect that to continue as we look out here? Or do you foresee a potential impact on borrower appetite amid still the inflationary dynamics and supply chain issues and Ukraine?

然後在商業方面，我知道您在準備好的評論中提到，您開始將資本支出計劃視為商業方面貸款增長動態的驅動力。當我們看到這裡時，您希望這種情況繼續下去嗎？或者，在通貨膨脹動態和供應鏈問題以及烏克蘭的情況下，您是否預見到對借款人的胃口的潛在影響？

Yes. I think that the capital expenditure is probably driven by a couple of different things. I think that most businesses, over the course of the last couple of years, have been kind of holding back with respect to capital expenditure. And so I think that there's a bit of an increase in that spend just related to that. And then I do think that as companies see more and more inflationary pressure, they're going to look to business and business automation as ways of kind of offsetting some of the pressure that they see with respect to being actually to acquire talent. And so I think that our expectation, at least in the near term, is that capital expenditure will continue to be reasonably strong.

是的。我認為資本支出可能是由幾個不同的因素驅動的。我認為，在過去幾年中，大多數企業都在資本支出方面有所保留。因此，我認為與此相關的支出有所增加。然後我確實認為，隨著公司看到越來越多的通脹壓力，他們將把業務和業務自動化視為一種抵消他們看到的與實際獲取人才有關的一些壓力的方法。所以我認為，至少在短期內，我們的預期是資本支出將繼續相當強勁。

And our -- I think our utilization rates support that, Terry. We have been running in that 19% plus or minus, for a number of quarters, and we saw an increase, certainly not to normal levels, but in the 22% to 23% in the last few months.

而我們的 - 我認為我們的利用率支持這一點，特里。幾個季度以來，我們一直在 19% 的正負值運行，我們看到了增長，當然不是到正常水平，而是在過去幾個月中從 22% 到 23%。

Yes.

是的。

Your next question comes from the line of Betsy Graseck of Morgan Stanley.

您的下一個問題來自摩根士丹利的 Betsy Graseck。

This is Ryan Kenny on behalf of Betsy. Wondering if we could dig in a little bit more on deposit betas. So I know that you mentioned that early in the cycle, you're expecting deposit betas to be relatively low. So on one hand, you have an industry with a lot of excess liquidity. But then on the other hand, you have consumers that might be a little bit more cognizant of rate hikes coming faster with inflation on the headlines every day. You have rising fintech competition. So putting that all together, I'm wondering how you're thinking about deposit betas really over the first 100 bps and then the following rates after that.

我是代表 Betsy 的 Ryan Kenny。想知道我們是否可以在存款測試版上多挖掘一點。所以我知道你提到在周期的早期，你預計存款貝塔值會相對較低。因此，一方面，你有一個流動性過剩的行業。但另一方面，您的消費者可能會更加意識到加息速度會更快，而且通脹每天都會成為頭條新聞。您的金融科技競爭日益激烈。所以把所有這些放在一起，我想知道你是如何考慮存款貝塔的，真正超過前 100 個基點，然後是之後的利率。

Yes. So maybe I think it's helpful to maybe have a little context. When you end up looking at our deposit business or balances, about 50% of it is consumer based, and 50% of it is institutional, if you will, which tends to have a little bit of a higher beta. But our expectation, especially early in the cycle, is that betas will move relatively slow. And then as we get further into the development of the cycle, it will start to accelerate a bit. But to kind of give you some perspective, we would expect, probably through the full cycle of 2022, that betas on the consumer will be less than 10% and then maybe slightly higher that on a terminal basis. On the institutional side, we would expect through the 2022 cycle somewhere between 50% and 60% with a terminal level that's maybe a little bit higher than that.

是的。因此，也許我認為了解一些背景信息會有所幫助。當您最終查看我們的存款業務或餘額時，其中大約 50% 是基於消費者的，其中 50% 是基於機構的，如果您願意的話，這往往具有更高的貝塔係數。但我們的預期是，尤其是在周期的早期，貝塔的移動速度會相對緩慢。然後隨著我們進一步進入周期的發展，它會開始加速一點。但是為了給你一些觀點，我們預計，可能在 2022 年的整個週期內，消費者的 beta 將低於 10%，然後可能會在終端基礎上略高。在機構方面，我們預計到 2022 年周期將在 50% 到 60% 之間，最終水平可能略高於此水平。

A couple of things that as we are looking at it, we believe that relative to, for example, the last cycle that our deposit betas will be a little bit less sensitive for a couple of different reasons. One is the consumer balances are larger by about 5% relative to the last cycle. Our corporate trust deposit balances are lower in terms, so the mix of the deposit base has changed. And then we have moved away from concentrations related to brokerage-related type of deposits, which we had more of in the past. We still have some, but a lower concentration. So all of those things are going to drive lower beta growth than what we saw in the past.

在我們正在研究的一些事情上，我們相信，例如，相對於上一個週期，我們的存款 beta 將由於幾個不同的原因而變得不那麼敏感。一是消費者余額相對於上一個週期增加了約 5%。我們的企業信託存款餘額較低，因此存款基礎的組合發生了變化。然後，我們已經擺脫了與經紀相關類型的存款相關的集中，而我們過去更多地關注這種類型的存款。我們還有一些，但濃度較低。因此，所有這些因素都將推動比我們過去看到的更低的 beta 增長。

And then just as a follow-up, wondering if you could dig into the book value per share decline of 9% linked quarter. How much of that came from AOCI drawdowns on the AFS portfolio? And is there anything you can do to mitigate the AOCI hit going forward if the rate outlook keeps moving higher?

然後作為後續行動，想知道您是否可以深入了解相關季度每股賬面價值下降 9%。其中有多少來自 AFS 投資組合的 AOCI 提款？如果利率前景繼續走高，你能做些什麼來減輕 AOCI 的衝擊？

Yes. The vast majority, if not all of it, was really tied to the change in the unrealized gains and losses on the investment portfolio. And then the driver, when we think about the future, we started to change a couple of different things. So in the fourth quarter, we moved about $43 billion of our investment securities to held-to-maturity. As we are reinvesting runoff associated with the investment portfolio, we'll continue to move more and more of that into the held-to-maturity sort of category.

是的。絕大多數，如果不是全部的話，實際上與投資組合的未實現收益和損失的變化有關。然後司機，當我們考慮未來時，我們開始改變一些不同的事情。因此，在第四季度，我們將大約 430 億美元的投資證券轉為持有至到期。隨著我們對與投資組合相關的徑流進行再投資，我們將繼續將越來越多的徑流轉移到持有至到期的類別中。

And then certainly, as we close on Union Bank, we have the opportunity after the mark to move a lot of that into held-to-maturity as well. So today, about 30% of the overall portfolio is in the held-to-maturity category. And our expectation is over some period of time, we would move that percentage up significantly.

然後當然，當我們關閉聯合銀行時，我們有機會在標記之後將其中的大部分轉移到持有至到期日。所以今天，大約 30% 的整體投資組合屬於持有至到期類別。我們的期望是在一段時間內，我們會顯著提高這個百分比。

Your next question comes from the line of Erika Najarian of UBS.

您的下一個問題來自瑞銀的 Erika Najarian。

Just putting together the most recent question and also on Matt's question. Underneath the 8% to 11% NII growth, could you give us a little bit more of a breakdown in terms of what you're expecting for asset growth, given the strength in your loan book today?

只是把最近的問題和馬特的問題放在一起。在 NII 增長 8% 至 11% 的情況下，鑑於您今天的貸款賬簿實力，您能否就您對資產增長的預期向我們提供更多細分？

And Terry, I know you also -- short-term borrowings, but period end by $10 billion. And again, going back to the question I think everybody is trying to ask, remind us how much of your deposit base is corporate trust today. And of those deposits, how much are indexed? Do they reprice immediately to the changes in underlying benchmark rates? Or do you have some ability and pricing power to be able to perhaps delay some of that repricing?

還有特里，我也認識你——短期借款，但期限為 100 億美元。再一次，回到我認為每個人都想問的問題，提醒我們今天你的存款基礎有多少是企業信任。在這些存款中，有多少是被索引的？他們是否會立即對基礎基準利率的變化重新定價？或者你是否有能力和定價能力來推遲一些重新定價？

Yes. So let me start with the last question and kind of talk a little bit about the deposits. And then to the extent that I don't cover everything, just remind me. But deposits in the corporate trust business or in the trust -- institutional -- the investment services group, which includes corporate trust, represent about 15% of the total interest-bearing deposits. Now in the last rate cycle, that was about 22%. So it's down relative to the overall mix.

是的。所以讓我從最後一個問題開始，稍微談談存款。然後在我沒有涵蓋所有內容的範圍內，只是提醒我。但在企業信託業務或信託——機構——投資服務集團（包括企業信託）中的存款約佔有息存款總額的 15%。現在在上一個利率週期中，大約是 22%。所以它相對於整體組合來說是下降的。

And then the vast majority of it is not indexed to any particular rate. And so we do have the ability to manage that. A fair amount of the deposits within corporate trust are noninterest-bearing as well, which I think is helpful. That percentage is probably a little bit higher than what it was in the past. But the competitive pressure will be -- will really come as money market funds start to move up. We do have the ability to lag relative to that, but that's where some of that competitive pressure comes from.

然後，其中絕大多數都沒有與任何特定的利率掛鉤。所以我們確實有能力管理它。企業信託中的相當數量的存款也是無息的，我認為這很有幫助。這個百分比可能比過去高一點。但競爭壓力將——隨著貨幣市場基金開始上漲而真正到來。我們確實有能力相對滯後，但這就是一些競爭壓力的來源。

Follow-up on the underlying earning asset assumption that you have. I heard you say 8%, yes.

跟進您所擁有的基礎盈利資產假設。我聽說你說8%，是的。

Yes. So when we end up looking at earning assets, our expectation is that the investment portfolio will be relatively flat or stable really through the end of the year. And the vast majority of the growth will come on the loan portfolio side of the equation. As we look into the second quarter, our expectation is that loan growth will continue to be strong. This -- and as a reminder, it was up on a linked-quarter basis about 3.4%. And while it may not be at that level, I think it will still be up on a linked-quarter basis very nicely. And we would continue to expect good, solid growth in the C&I portfolio as well as credit cards will start to seasonally get stronger, et cetera.

是的。因此，當我們最終著眼於盈利資產時，我們的預期是到今年年底投資組合將相對持平或穩定。絕大多數增長將來自等式的貸款組合方面。展望第二季度，我們預計貸款增長將繼續強勁。這 - 作為提醒，它在鏈接季度的基礎上上漲了約 3.4%。雖然它可能沒有達到那個水平，但我認為它仍然會在一個聯繫季度的基礎上非常好地上升。我們將繼續預計 C&I 投資組合的良好、穩健增長以及信用卡將開始季節性地變得更強，等等。

And a follow-up question to Matt's question on CET1. When you close Union Bank, I think I'm estimating your total asset size to be just shy of $690 billion. And how should we think about capital management as you potentially approach $100 billion asset mark in 2 years, Andy and Terry?

以及馬特關於 CET1 的問題的後續問題。當你關閉聯合銀行時，我想我估計你的總資產規模將接近 6900 億美元。 Andy 和 Terry，我們應該如何看待資本管理，因為您有可能在 2 年內接近 1000 億美元的資產大關？

And I'm just wondering in context of -- the TCE hit was obviously more than the CET1 hit because AOCI doesn't run through your CET1. So I guess I'm wondering in terms of like your buybacks, even after you replenish to 9% as we think about crossing the $700 million, how that might influence your capital management and capital return potentially differently over the next 2 years.

我只是想知道——TCE 命中率顯然高於 CET1 命中率，因為 AOCI 沒有貫穿您的 CET1。所以我想我想知道你的回購，即使在我們考慮超過 7 億美元時你補充到 9% 之後，這可能如何影響你的資本管理和未來兩年的資本回報。

Yes. Erika, I think your estimates with respect to the total size are reasonable. Our expectation is that, to kind of give you some perspective, when you end up looking at the rules, rules say that you need to be able to -- you need to be at an average of, over a 4-quarter period, above $700 million. So there's a bit of runway that exists between now and when we might become a Category II sort of entity. Some of the things that -- some of the actions that I talked about with respect to the held-to-maturity composition of the investment portfolio, I think, will help kind of mitigate that. Certainly, we'll generate a fair amount of earnings between now and, let's say, 6 or 7 quarters out. And I think all those things will kind of help us manage through that time frame.

是的。 Erika，我認為你對總規模的估計是合理的。我們的期望是，為了給你一些觀點，當你最終查看規則時，規則說你需要能夠——你需要在 4 個季度內平均高於7億美元。因此，從現在到我們可能成為 II 類實體之間存在一些跑道。我認為，關於投資組合的持有至到期構成，我談到的一些行動將有助於緩解這種情況。當然，從現在到 6 或 7 個季度後，我們將產生可觀的收益。我認為所有這些事情都會幫助我們度過那個時間框架。

The other thing is that when we do close on Union Bank, it's deposit heavy in terms of the mix. So there'll be a significant amount of cash, and we would expect to utilize that to help us manage borrowings down and things like that in order to be able to stay below that $700 million -- or billion-dollar threshold for an extended period of time.

另一件事是，當我們關閉聯合銀行時，就組合而言，它的存款很重。所以會有大量的現金，我們希望利用它來幫助我們管理借款以及類似的事情，以便能夠在很長一段時間內保持在 7 億美元或 10 億美元的門檻以下的時間。

Got it. Just to clarify, as you close, the intention for the cash is not to deploy it, but to shrink the pro forma balance sheet to be able to accommodate more client growth rather than just raw balance sheet growth from.

知道了。只是為了澄清，當你結束時，現金的目的不是部署它，而是縮小備考資產負債表，以便能夠適應更多的客戶增長，而不僅僅是原始資產負債表的增長。

Exactly. Exactly.

確切地。確切地。

Your next question comes from the line of Ken Usdin of Jefferies.

您的下一個問題來自 Jefferies 的 Ken Usdin。

Just a question on fees to start. In your revenue guide, do you -- you've fully contemplate the full recovery of fee waivers, which I think you've said you've been running around $70 million. How much do you have that recovering in 2Q? And I assume that's also fully recovered in the full year guide.

只是關於費用的問題。在您的收入指南中，您是否已經充分考慮過完全收回費用減免，我認為您已經說過您已經運行了大約 7000 萬美元。您在第二季度恢復了多少？我認為這在全年指南中也完全恢復了。

Yes. So to answer the last piece, yes, it would be fully recovered, certainly by the end of the year. And just given kind of projections in the marketplace with respect to rates, we'll see a significant amount of that recovered in the second quarter with a residual amount kind of in the third quarter.

是的。所以回答最後一條，是的，它會完全恢復，肯定會在今年年底之前。剛剛給出了市場對利率的預測，我們將看到第二季度有很大一部分恢復，第三季度有剩餘量。

Maybe as a reminder, we recover about 65% of it in the first 25 basis point movement, 90% of it in the next 25 basis point movement, and all of it after the third 25 basis point movement. So most of it in the second quarter, but some amount in the third.

也許提醒一下，我們在前 25 個基點的走勢中恢復了大約 65%，在接下來的 25 個基點走勢中恢復了 90%，在第三次 25 個基點走勢之後全部恢復。所以大部分在第二季度，但在第三季度有一些。

So about 70% of it comes back in the second quarter, Terry, right?

所以大約 70% 會在第二季度回來，特里，對吧？

Yes.

是的。

And then also just on the mortgage business. Obviously, the reset that you had given us, the expectation for just your outlook from here given where rates have gone and the ins and outs of production and servicing.

然後也只是抵押貸款業務。顯然，您給我們的重置，鑑於費率的變化以及生產和服務的來龍去脈，從這裡對您的前景的期望。

Yes. Obviously, the mortgage banking business is going to trend along with, at this particular point in time, refinancings. The mix of business is probably 70% home sales and 30% refinancing. So the -- on a linked-quarter basis, the impact of refinancings will be less than what it has been in the past. So it will come down to kind of home sale activity. We continue to think that, that will be reasonably strong, and our investment in kind of the retail channel will be good.

是的。顯然，在這個特定的時間點，抵押銀行業務將隨著再融資的發展而發展。業務組合可能是 70% 的房屋銷售和 30% 的再融資。因此，在聯繫季度的基礎上，再融資的影響將小於過去。因此，這將歸結為一種房屋銷售活動。我們繼續認為，這將是相當強勁的，我們對零售渠道的投資將是好的。

I think the things that will be drivers, Ken, in the future on a linked-quarter basis will really be where do gain-on-sale margins go. And that will be driven based upon how fast the capacity comes out of the system. But at least at this particular point in time, just looking at kind of industry metrics, I think, is a good way of kind of thinking about how we'll perform as well.

肯，我認為未來在關聯季度的基礎上將成為驅動因素的東西將真正成為銷售利潤的去向。這將取決於容量從系統中釋放出來的速度。但至少在這個特定的時間點，我認為僅查看行業指標是一種思考我們將如何表現的好方法。

Your next question comes from the line of Mike Mayo of Wells Fargo Securities.

您的下一個問題來自 Wells Fargo Securities 的 Mike Mayo。

Just to clarify, so you improved 2022 guidance, revenues from 3% to 4% to 5% to 6%, NII from 5% to 8% to 11%, and operating leverage from 100 basis points to 200 basis points. I just want to make sure I have my facts straight there. Is that correct?

澄清一下，所以你改進了 2022 年的指導，收入從 3% 到 4% 到 5% 到 6%，NII 從 5% 到 8% 到 11%，經營槓桿從 100 個基點到 200 個基點。我只是想確保我有我的事實。那是對的嗎？

You got it, Mike.

你明白了，邁克。

Okay. So that improved guidance, how much of that is due simply to higher interest rate? How much of that is due to better loan growth? And how much of that is due to payments or some other activities?

好的。因此，改進的指導，其中有多少僅僅是由於更高的利率？其中有多少是由於更好的貸款增長？其中有多少是由於付款或其他一些活動？

Yes. I think that, again, we would expect that mortgage -- excuse me, that fee income will be relatively stable on a year-over-year basis. So when you end up looking at what's going to be the driver, it will be net interest income. And from here on out, I think it's going to be kind of a balance between loan growth and interest rates because I -- if I had to kind of give you a mix and I don't necessarily have that with me, but it's probably 60%, 65% rates and 30%, 35% on the loan portfolio growth side of the equation.

是的。我認為，我們再次預計抵押貸款 - 對不起，費用收入將同比相對穩定。因此，當您最終查看驅動因素時，它將是淨利息收入。從現在開始，我認為這將是貸款增長和利率之間的一種平衡，因為我 - 如果我不得不給你一個混合，我不一定有那個，但它可能是60%、65% 的利率和 30%、35% 的利率在等式的貸款組合增長方面。

Okay. So your loan growth was pretty -- your commercial loan growth was kind of fast. And I'm just -- I think you said there might have been a onetime element in there. But what sort of commercial loan growth are you expecting? Is this the big pivot with the recovery from the pandemic? Is it inventory build? Is it CapEx? Is it by differences by region? It just -- this might wind up being some of the best commercial loan growth that we see on a linked-quarter basis percentage-wise than any big bank. So just a little more color around that would be great.

好的。所以你的貸款增長很不錯——你的商業貸款增長有點快。我只是——我想你說那裡可能有一個曾經的元素。但是你期待什麼樣的商業貸款增長？這是從大流行中恢復的重要支點嗎？是庫存構建嗎？是資本支出嗎？是地區差異造成的嗎？它只是 - 這可能最終成為我們在聯繫季度基礎上看到的比任何大銀行都最好的商業貸款增長。所以只要多一點顏色就可以了。

Sure, Mike. I'll start. This is Andy, and Terry will add on. It's across all those categories I mentioned earlier. And there is no one-timer in there, so it is core growth. It -- one of the factors is our utilization rates, as I mentioned, have been hovering in that 19-or-so percent, and they're up nearly 23%, which is a key component, which is, again, takedowns to find all those things you talked about, which is CapEx and inventory growth and other activities. It's fairly widespread. It's true within our large corporate as well as our middle market and spread geographically as well. So it is a strength across many categories. Terry, what would you add?

當然，邁克。我會開始的。這是安迪，特里會補充。它涵蓋了我之前提到的所有類別。那裡沒有一次性的，所以它是核心增長。正如我所提到的，其中一個因素是我們的利用率一直徘徊在 19% 左右，並且上漲了近 23%，這是一個關鍵組成部分，再次，找到您談論的所有內容，即資本支出和庫存增長以及其他活動。它相當普遍。在我們的大型企業以及我們的中間市場中都是如此，並且在地理上也是如此。因此，它是許多類別的優勢。特里，你要補充什麼？

Yes. No, the other thing I would just say is that we'll start to see some seasonal benefit associated with the credit card portfolio as we get into the second and third quarter.

是的。不，我只想說的另一件事是，隨著我們進入第二和第三季度，我們將開始看到與信用卡組合相關的一些季節性收益。

Okay. And then the other part of that question is related to payment. I think payments was a little bit of a disappointment for a little bit of time, and now it's come back a little bit this quarter, 10% year-over-year growth. So I guess is payments back or not back? Or how do you -- is it performing to your expectations? Are there still headwinds? Or is the recovery from the pandemic helping that business? Just how do you think about payments relative to your own expectations and the market's expectations?

好的。然後該問題的另一部分與付款有關。我認為付款在一段時間內有點令人失望，現在本季度又恢復了一點，同比增長 10%。所以我想付款是退回還是不退回？或者你如何——它的表現是否符合你的期望？是否還有逆風？還是從大流行中復蘇有助於該業務？您如何看待與您自己的期望和市場期望相關的付款？

Yes. I mean we're very excited about the payments business. I think there's a number of dynamics that are taking place. I think there's still cyclical recovery that's going to continue on for some period of time, and you're going to see that in the airline and the travel and entertainment and those sorts of areas, I think that, that is all good, Mike.

是的。我的意思是我們對支付業務感到非常興奮。我認為有許多動態正在發生。我認為仍然會持續一段時間的周期性複蘇，你會在航空公司、旅行和娛樂等領域看到這一點，我認為這一切都很好，邁克。

We've talked a lot about investments that we've been making in our payments businesses. And over the course of the last few years, as an example, within the merchant acquiring, 3 years ago or so, our tech-led sort of revenue represented about 15% of our overall merchant acquiring revenue. Today, it represents 30%, and we would expect that to continue to accelerate because of investments that we're making. We talked about the fact that in a normal environment, as the cyclical recovery kind of starts to wane, that we would expect our merchant acquiring and our CPS business to grow at high single digits. That's 2 or 3x what we were seeing, let's say, 4 years ago when we started our investment. So we feel really good about where we're at from a payments perspective at this particular point. Andy, what would you add?

我們已經談了很多關於我們在支付業務中的投資。例如，在過去幾年的過程中，在 3 年前左右的商家收單中，我們以技術為主導的收入約占我們整體商家收單收入的 15%。今天，它佔 30%，我們預計由於我們正在進行的投資，這一數字將繼續加速。我們談到了這樣一個事實，即在正常環境下，隨著周期性複蘇開始減弱，我們預計我們的商戶收單和 CPS 業務將以高個位數增長。這是我們所看到的 2 或 3 倍，比方說，4 年前我們開始投資時。因此，從支付的角度來看，在這個特定的時刻，我們對自己所處的位置感覺非常好。安迪，你會補充什麼？

I think that's right. And Mike, when you asked about the guidance, and Terry mentioned that fees are relatively stable. That is mortgage coming down a fair bit as well as deposit service charges with some of the changes that we made in overdrafts, which is offset positively by some of our payments businesses and the expectations that we now have for the full year as well as the trust businesses. So there's some value and diversification of those revenue streams, and it's coming through in payments and trust.

我認為這是對的。邁克，當您詢問指導時，特里提到費用相對穩定。那是抵押貸款和存款服務費隨著我們在透支中所做的一些變化而下降了很多，這被我們的一些支付業務以及我們現在對全年的預期以及信任企業。因此，這些收入流具有一定的價值和多樣化，並且通過支付和信任來實現。

That was a detailed answer. If I could just push my -- the limit to any numbers around the payments growth. Should it be high single digits? Can you keep that 10% growth up? Or should it settle back down to a lower range?

那是一個詳細的答案。如果我可以將我的 - 限制在支付增長的任何數字上。應該是高個位數嗎？你能保持這 10% 的增長嗎？還是應該回到較低的範圍？

Yes. Again, I think if you end up looking at the components, merchant and CPS on an ongoing basis, high single digits, I think credit card will be probably at a lower level than that. But it will be consistent with the way the rest of the industry is growing.

是的。同樣，我認為如果您最終持續查看組件、商家和 CPS，高個位數，我認為信用卡可能會低於此水平。但這將與其他行業的增長方式保持一致。

And part of that credit card comp, Mike, is the prepaid impacts of prior years is still impacting the comps year-over-year in 2022.

信用卡補償的一部分，邁克，是前幾年的預付影響仍在影響 2022 年的補償。

Your next question comes from the line of Vivek Juneja of JPMorgan.

您的下一個問題來自摩根大通的 Vivek Juneja。

Terry, just a clarification there. So the high single digit on merchant processing and corporate payments, are you referring to that for '22 or beyond? Because the credit card should be hurt in '22, but after that, those comps should get easier. So what do you think post '22 for credit cards? So I just want to clarify those.

特里，這裡只是一個澄清。因此，商家處理和企業支付的高個位數，您指的是 22 年或以後的數字嗎？因為信用卡應該在 22 年受到傷害，但在那之後，那些補償應該會變得更容易。那麼，您認為 22 年後信用卡的用途是什麼？所以我只想澄清這些。

Again, for merchant and CPS, we think post '22, high single digits. And we believe that credit card will perform kind of consistent with the rest of the industry. The comps, as you say, this year will be impacted by the prepaid card revenue because that is coming down, but then that starts to normalize as you get into 2023.

同樣，對於商家和 CPS，我們認為 22 年後，高個位數。我們相信信用卡的表現將與行業其他部分保持一致。正如您所說，今年將受到預付卡收入的影響，因為該收入正在下降，但隨著您進入 2023 年，這種情況開始正常化。

And within this high single digits, are you expecting any more big contract renewals that could impact this? Or has that been factored into your guidance? Or are you just not expecting much of that to come up in either the credit card or the merchant?

在這麼高的個位數內，您是否期望有更多可能影響這一點的大合同續簽？還是您的指導已考慮到這一點？還是您只是不期望信用卡或商家中出現太多此類情況？

Yes, we don't expect a lot of that. The large contracts that got renegotiated were more on the CPS side of the equation about 2 years ago, and that's kind of fully in the run rate at this particular point in time. As you know that those contracts are usually 10, 12 years in length. So we don't see anything on the horizon there.

是的，我們對此並不抱太大希望。大約 2 年前，重新談判的大型合同更多地屬於 CPS 方面，這在這個特定時間點完全符合運行速度。如您所知，這些合同的期限通常為 10 年或 12 年。所以我們在那裡看不到任何東西。

Okay. One request and that is FICO mix of your loan portfolios. I know we've talked about this in the past, that you're looking to actually disclosing it. Your peers do. And I think given your high consumer mix of loans, it would be very helpful to have that.

好的。一個請求就是您的貸款組合的 FICO 組合。我知道我們過去已經討論過這個問題，你正在尋求真正披露它。你的同齡人會。而且我認為考慮到您的高消費貸款組合，擁有它會非常有幫助。

All right. Thanks, Vivek. We'll take a look at that. Thanks for the feedback.

好的。謝謝，維維克。我們來看看。感謝您的反饋。

Your next question comes from the line of Gerard Cassidy of RBC.

您的下一個問題來自 RBC 的 Gerard Cassidy。

Terry, following up on your comments on the mortgage banking business, with the rates where they are and possibly going higher, probably depressing refinancing activity for the industry as well as yourselves because of the higher rates, is there a -- can you attempt or can you look to growing your home equity business, home equity lines, et cetera? This business, of course, for the industry and yourselves, has been an industry that -- or a line of business that has been shrinking over the years. But could that be an alternative to people refinancing moving into home equity lines?

特里，跟進您對抵押銀行業務的評論，利率可能會更高，可能會因為利率較高而抑制行業以及您自己的再融資活動，您是否可以嘗試或您能期待發展您的房屋淨值業務、房屋淨值線等嗎？當然，對於這個行業和你們自己來說，這項業務一直是一個行業 - 或者多年來一直在萎縮的業務線。但這是否可以替代人們再融資進入房屋淨值線？

I think that it certainly won't shrink at the same level it has been shrinking, Gerard, just for the reasons you mentioned. Because of refinancing people would have money out, and that would be -- would cause -- would replace home equity, so to speak. So I think you'll see a positive trend there. It certainly is not going to offset the mortgage impacts directly, but I think it will be positive.

我認為它肯定不會收縮到它一直在收縮的水平，杰拉德，只是因為你提到的原因。因為再融資，人們會拿出錢，這將是——將導致——將取代房屋淨值，可以這麼說。所以我認為你會在那裡看到積極的趨勢。它當然不會直接抵消抵押貸款的影響，但我認為這將是積極的。

And is there any plan on your guys' part to maybe be more aggressive in marketing those products? Or have you not really thought about that?

你們有什麼計劃可以更積極地營銷這些產品嗎？或者你真的沒有想過嗎？

We're always looking at opportunities to serve the customers in areas they need. The other -- another sort of related is the whole buy now, pay later component that we talked about. I mentioned some examples in my prepared remarks, but as you think about home equity improvements, a new way of financing that is through a buy now, pay later or financing a point of sale. So that's something we're also focused on.

我們一直在尋找機會，在他們需要的領域為客戶提供服務。另一個 - 另一種相關的是我們談到的整個現在購買，以後付款的組件。我在準備好的評論中提到了一些例子，但是當您考慮改善房屋淨值時，一種新的融資方式，即通過立即購買、稍後付款或為銷售點融資。這也是我們關注的重點。

Got it. And then second, obviously, U.S. Bancorp has distinguished itself over the years with having a very strong focus on credit and delivering very strong returns to shareholders. And the question I have -- because credit obviously is not an issue today for most banks, yours included. When do you start to get nervous, or do you get nervous, in this interest rate environment? If the Fed comes through and we have 200 basis points of Fed funds at the end of the year and possibly a 10-year that's well above 3%, how do you guys kind of think about that when you assess the risks for the business here at U.S. Bancorp?

知道了。其次，顯然，U.S. Bancorp 多年來以非常重視信貸和為股東帶來非常豐厚的回報而著稱。我有一個問題——因為對於大多數銀行來說，信用顯然不是今天的問題，包括你的銀行。在這種利率環境下，你什麼時候開始緊張，或者你什麼時候開始緊張？如果美聯儲通過了，我們在年底有 200 個基點的聯邦基金，可能 10 年期的利率遠高於 3%，你們在評估這裡的業務風險時是怎麼想的在美國銀行？

Yes. Fair question. And I think there's a lot more conversation around that in terms of whether or not there will be recessionary sort of pressures 12 to 18 months out. I would start by just saying when we end up looking at the economic outlook right now and kind of what we're seeing, we continue to see a pretty robust environment.

是的。公平的問題。而且我認為關於 12 到 18 個月後是否會出現經濟衰退壓力，還有更多的討論。我首先要說的是，當我們最終看到現在的經濟前景以及我們所看到的那種情況時，我們將繼續看到一個相當強勁的環境。

That said, Gerard, I think it's a fair question because credit issues that we -- decisions we made today and a year ago are what's going to affect us. And we never really changed our underwriting approach. We've always been very focused on -- as an example, on the consumer side, we focus on prime and super prime customers in our card business, in our auto business, et cetera. I think the mortgage, just the underwriting associated with mortgages is different today than it was 10, 15 years ago, which will help.

也就是說，杰拉德，我認為這是一個公平的問題，因為我們今天和一年前做出的決定將影響我們的信用問題。而且我們從未真正改變過我們的承保方式。我們一直非常關注——例如，在消費者方面，我們專注於卡業務、汽車業務等領域的優質和超級優質客戶。我認為抵押貸款，只是與抵押貸款相關的承保，今天與 10 年、15 年前不同，這將有所幫助。

But then on the C&I side of the equation or the corporate side of the equation, we do very little leverage lending sort of activities. And areas that have been kind of structurally impacted like retail, et cetera, retail malls, et cetera, we've kind of made a lot of changes to our portfolio over the last several years. So I actually think that we'll perform quite well in the event that we were to see recessionary pressures develop.

但是在等式的 C&I 方面或等式的公司方面，我們很少進行槓桿借貸活動。在零售業等受到結構性影響的領域，零售商場等，在過去幾年中，我們對我們的投資組合進行了很多改變。所以我實際上認為，如果我們看到衰退壓力出現，我們會表現得很好。

And Terry, just a follow-up there. How about from a balance sheet standpoint, you talked about moving more of your available for sale and to help the maturity in your bond portfolio. In this rising rate environment, is that a -- do we start to see greater risks in that part of the business, not just for U.S. Bancorp, but maybe for the industry as well?

還有特里，只是那裡的後續行動。從資產負債表的角度來看，您談到轉移更多可供出售的資產並幫助您的債券投資組合到期。在這種利率上升的環境中，我們是否開始看到這部分業務存在更大的風險，不僅對 U.S. Bancorp，而且可能對整個行業也是如此？

Within, for example, the investment portfolio?

例如，在投資組合中？

Correct. Correct. Just the marks that people may have to take. I know held to maturity, you don't mark to market. But I'm just wondering -- because we haven't had to focus on this in, god, in years. And I'm just wondering if there's something that we need to keep our eyes out open for.

正確的。正確的。只是人們可能不得不採取的標記。我知道持有至到期，你不盯市。但我只是想知道——因為我們已經有好幾年不用關注這個了。我只是想知道是否有什麼事情需要我們保持警惕。

Yes. I mean I think that -- I think it's worthwhile just kind of trying to understand the mix of the types of investment securities that people are putting into their particular portfolio. When you get into stress in the economy, et cetera, certain types of investments may not perform as well.

是的。我的意思是我認為 - 我認為值得嘗試了解人們投入其特定投資組合的投資證券類型的組合。當您在經濟等方面陷入壓力時，某些類型的投資可能表現不佳。

In terms of our own portfolio, highly concentrated in treasury and government-backed, mortgage-backed securities. So we don't see a lot of credit risk in our particular portfolio, but it is something I think, from an industry standpoint, it's worthwhile watching.

就我們自己的投資組合而言，高度集中於國債和政府支持的抵押貸款支持證券。所以我們在我們的特定投資組合中沒有看到很多信用風險，但我認為，從行業的角度來看，這是值得關注的。

Your next question comes from the line of Terry McEvoy from Stephens.

您的下一個問題來自 Stephens 的 Terry McEvoy。

If I go back to September, I think you expected to realize 25% of the cost savings from Union this year, which was about $225 million. Terry, I believe on the call, was it $85 million to $100 million this year? And is that just simply a function of pushing out the conversion to late in 2022?

如果我回到 9 月份，我想你預計今年 Union 可以節省 25% 的成本，大約是 2.25 億美元。特里，我相信在電話會議上，今年是 8500 萬到 1 億美元嗎？這僅僅是將轉換推遲到 2022 年末的一個功能嗎？

Yes. It's all related to the timing.

是的。這一切都與時間有關。

Okay. And then your thoughts on 2023, the full 100% by the end of the year. Any kind of update on 2023, when the bulk of that savings will occur?

好的。然後是你對 2023 年的想法，到今年年底達到 100%。 2023 年的任何更新，何時會節省大部分資金？

Yes. I mean I think that the bulk of that savings, we certainly start to realize some of it later this year. But the bulk of it does get realized in 2023. And certainly, when we get close to the -- into the fourth quarter and first quarter of '24, the vast majority of it will realized. So I think the timing is very consistent with what we talked about, just affected by the timing of the deal.

是的。我的意思是，我認為大部分節省下來的錢，我們肯定會在今年晚些時候開始實現其中的一部分。但其中大部分確實會在 2023 年實現。當然，當我們接近 24 年第四季度和第一季度時，絕大多數都會實現。所以我認為時機與我們談論的非常一致，只是受交易時機的影響。

Understood. And then as a follow-up, the 6% decline in noninterest-bearing deposits, I think that was on an average basis. In the release, it was seasonal kind of factors coming into play. Anything beyond that in terms of the decline? Or do you truly think that was just a seasonal component?

明白了。然後作為後續行動，無息存款下降 6%，我認為這是平均水平。在發布中，這是季節性因素發揮作用。就下降而言，除此之外還有什麼？還是您真的認為這只是季節性因素？

Yes. With our corporate trust business, we always see a ramp-up in that type of deposit near the end of the year as deals try to get closed. And almost like clockwork, around the 10th of January and through February, we see a runoff. So it's all really seasonal from our standpoint.

是的。對於我們的企業信託業務，隨著交易試圖完成，我們總是看到這種類型的存款在接近年底時有所增加。幾乎就像發條一樣，大約在 1 月 10 日到 2 月，我們看到了徑流。所以從我們的角度來看，這一切都是季節性的。

Your next question comes from the line of Bill Carcache of Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Bill Carcache。

I apologize if I -- if this was talked about before. I might have missed it. But I wanted to ask if you could comment on, as we think about this runoff of the Fed balance sheet and -- happening faster than when we exited the last reserve cycle and the risk of noninterest-bearing deposits outflowing perhaps a bit faster and perhaps impacts on deposit betas. Could you comment on that? And if you already have, I'll just go back to the transcript.

如果我 - 如果之前討論過這件事，我深表歉意。我可能錯過了。但是我想問你是否可以發表評論，因為我們考慮到美聯儲資產負債表的這次徑流，並且 - 發生的速度比我們退出上一個準備金周期時更快，並且無息存款流出的風險可能會更快，也許對存款貝塔的影響。你能對此發表評論嗎？如果你已經有了，我會回到成績單。

Yes. No, it's a good question. And as we kind of go through the modeling and we look at the information and kind of how we think it's going to end up affecting, not only us, but I think the industry, so you're going to see that deposit growth is going to slow. But I do -- our expectation is that certainly, that deposit levels overall will grow slowly. And that will be more in line with just the overall growth of the economy. So our expectation is that deposits continue to grow but at a lower rate.

是的。不，這是個好問題。當我們進行建模時，我們會查看信息以及我們認為它最終將如何影響的方式，不僅是我們，而且我認為是整個行業，所以你會看到存款增長正在增長慢下來。但我確實——我們的預期是，存款水平總體上將緩慢增長。這將更符合經濟的整體增長。因此，我們的預期是存款繼續增長，但增長率較低。

And then following up on your commentary, I believe, Andy, around new point-of-sale solutions that you're looking at, there seems to be a little bit of debate among some banks who appear willing to promote the use of Zelle for retail payments versus others that would prefer to wait. Can you remind us where USB stands in that debate? And how you think about the risk of a product like Zelle potentially cannibalizing some of your payments volume?

然後跟進你的評論，我相信，安迪，圍繞你正在研究的新的銷售點解決方案，一些似乎願意推廣使用 Zelle 的銀行之間似乎存在一些爭論。零售支付與其他願意等待的人相比。你能提醒我們USB在這場辯論中的立場嗎？您如何看待像 Zelle 這樣的產品可能會蠶食您的部分支付量的風險？

What we're focused on with Zelle is just increasing the utilization of Zelle across our customer base. I think it's a terrific product. It has a lot of use cases. We're looking at different use cases. But overall, what we're trying to do is just increase the utilization.

我們對 Zelle 的關注只是在我們的客戶群中提高 Zelle 的利用率。我認為這是一個了不起的產品。它有很多用例。我們正在研究不同的用例。但總的來說，我們要做的只是提高利用率。

And then finally, if I may, there's been this view -- I guess, following up on the strength you're seeing in the merchant acquiring side. There's been this view among some fintech investors that Elavon is a legacy player using legacy technology and losing share in merchant acquiring. But Nilson published its market share stats for the top U.S. merchant acquirers, and it shows Elavon actually moved up from #8 in 2020 to #7 in 2021 based on dollar volume. So from where you stand, do you think the investments that you're making in talech and other digital initiatives can actually help you continue to gain share in the acquiring space? Or is it more effectively protecting your position?

最後，如果可以的話，有這樣的觀點——我想，在跟進你在商家收單方面看到的實力。一些金融科技投資者認為，Elavon 是一家使用傳統技術的傳統參與者，並且在商家收購方面失去了份額。但 Nilson 公佈了美國頂級商戶收單機構的市場份額統計數據，顯示 Elavon 實際上從 2020 年的第 8 位上升到 2021 年的第 7 位（基於美元交易量）。因此，從您的立場來看，您認為您在 talech 和其他數字計劃方面的投資是否真的可以幫助您繼續在收購領域獲得份額？還是更有效地保護你的位置？

No. We do think, Bill, that it can allow us to gain share. I think it's a combination of a number of things. Terry talked about the investments we made over the last 3 or 4 years, our focus on tech-led initiatives and selling points differently than it was 4 or 5 years ago. And then that combination of bringing banking together with merchant processing into a comprehensive product set, I talked about talech and the dashboard. I think all those things position us well for future growth, both growth within the customer base that we have, but also expanding and acquiring new customers.

不。我們確實認為，比爾，它可以讓我們獲得份額。我認為這是很多事情的結合。特里談到了我們在過去 3 年或 4 年所做的投資，我們對技術主導的計劃和賣點的關注與 4 或 5 年前不同。然後將銀行業務與商家處理結合成一個綜合產品集，我談到了 talech 和儀表板。我認為所有這些都為我們未來的增長奠定了良好的基礎，既包括我們擁有的客戶群的增長，也包括擴大和獲得新客戶。

And speakers, we don't have any questions over the phone. Please continue.

發言者，我們在電話中沒有任何問題。請繼續。

Thank you for listening to our earnings call, and please contact the Investor Relations department if you have any follow-up questions. That concludes today's call.

感謝您收聽我們的財報電話會議，如果您有任何後續問題，請聯繫投資者關係部門。今天的電話會議到此結束。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。