Exhibit 99.3
2020 and 4Q20 Financial Results
January 20, 2021
©2021 DISCOVER FINANCIAL SERVICES
Notice
The following slides are part of a presentation by Discover Financial Services (the "Company") in connection with reporting quarterly financial results and are intended to be viewed as part of that presentation. No representation is made that the information in these slides is complete. For additional financial, statistical, and business related information, as well as information regarding business and segment trends, see the earnings release and financial supplement included as exhibits to the Company's Current Report on Form 8-K filed today and available on the Company's website (www.discover.com) and the SEC's website (www.sec.gov).
The presentation contains forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management's estimates, projections, expectations or beliefs at that time, and which are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of certain risks and uncertainties that may affect the future results of the Company, please see "Special Note Regarding Forward-Looking Statements," "Risk Factors," "Business - Competition," "Business - Supervision and Regulation" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K for the year ended December 31, 2019, "Risk Factors" and "Management's Discussion & Analysis of Financial Condition and Results of Operations" in the company's Quarterly Report on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020, and September 30 2020 which is filed with the SEC and available at the SEC's website (www.sec.gov) and subsequent reports on Forms 8-K and 10-Q, including the Company's Current Report on Form 8-K filed today with the SEC. The Company does not undertake to update or revise forward-looking statements as more information becomes available.
2
Full Year 2020 Highlights
- The challenges of 2020 highlighted the strength of our digital banking business model; our effective execution on several initiatives protected employees, supported customers and strengthened the Discover franchise
- Strong credit performance aided by history of conservative credit management and actions taken early in the pandemic
- Tightened underwriting criteria on new accounts
- Pulled back on promotional rate offers
- Proactive credit line management
- Delivered $400MM in planned expense reductions
- Committed to disciplined expense management
- Continuing to invest in core capabilities to drive long-term growth and efficiency gains
- Well-positionedfor growth as U.S. economy moves into recovery
- Remain committed to returning capital to shareholders; recent Board approval for new $1.1 billion share repurchase program
- 2020 Net Income of $1.1Bn; diluted EPS of $3.60; 4Q20 Net Income of $799MM; diluted EPS of $2.59
3
4Q20 Summary Financial Results
Year-Over-Year Net Income & EPS ($MM, except EPS)
4Q20 | $ | 2,377 | $ | 447 | $ | 531 | $ | 1,278 | $ | 216 | ||||||||||||
4Q19 | $ | 2,424 | $ | 520 | $ | 836 | $ | 1,184 | $ | 216 | ||||||||||||
B/(W) | $ | (47) | $ | (73) | $ | 305 | $ | (94) | $ | - | ||||||||||||
EPS | $ | 2.25 | $ | (0.12) | $ | (0.18) | $ | 0.75 | $ | (0.23) | $ | 0.12 | $ | 2.59 |
Key Points
- Revenue net of interest expense was $2.8Bn, down 4%, driven by lower net interest income and lower net discount and interchange revenue
- Net interest margin was 10.63%, up 34 bps as lower funding costs were partially offset by lower loan yields driven by prime rate decreases
- Provision for credit losses decreased by $305MM driven by lower net charge-offs; there was no change in reserves in 4Q20
- Expenses were up 8% reflecting one-time items; excluding these items, expenses were down 4% as reductions in marketing and professional fees were partially offset by higher compensation (1)
Note(s)
1. Operating expense adjusted for one-time items is a non-GAAP measure. Management believes providing expenses excluding one-time items helps investors understand the impact of activities that are not expected to continue and provides investors with a useful metric to evaluate the company's operating performance; see appendix for a reconciliation
4
4Q20 Loan Growth ($Bn) | ||||||||||
Total | Card | Key Points | ||||||||
YOY | YOY | |||||||||
$95.9 | (7)% | • Card receivables down 7% | ||||||||
$93.0 | $77.2 | |||||||||
$88.9 | $88.7 | $90.4 | YOY driven by increased | |||||||
$73.8 | payment rates and lower BT/ | |||||||||
$71.5 | ||||||||||
$70.2 | $69.7 | promo activity; up 3% QOQ | ||||||||
driven by seasonal activity | ||||||||||
4Q19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 4Q19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | • Organic student loans up 7% |
YOY reflecting market share | ||||||||||
gain through 2020 peak season | ||||||||||
Organic Student | Personal | |||||||||
YOY | YOY | • Personal loans decreased 7% | ||||||||
+7% | (7)% | YOY reflecting increased | ||||||||
$8.8 | $9.0 | $9.0 | $7.7 | $7.7 | payments and actions taken to | |||||
$8.6 | mitigate credit risk | |||||||||
$8.4 | $7.3 | |||||||||
$7.2 | $7.2 | |||||||||
4Q19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 4Q19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | |
5 |
4Q20 Net Interest Margin
NIM on Loans | |||||||
10.46% | 10.47% | 10.43% | 10.63% | ||||
10.29% | 10.21% | 10.19% | |||||
9.81% | |||||||
1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 |
Change | |||||||||||
(%) | 4Q20 | 3Q20 | 4Q19 | QOQ | YOY | ||||||
Total Interest Yield on Loans | 11.96 % 11.78 % | 12.52 % | 18bps | -56bps | |||||||
NIM on Loans | 10.63 % 10.19 % | 10.29 % | 44bps | 34bps | |||||||
NIM on Interest-Earning Assets | 7.93 % 7.70 % | 8.66 % | 23bps | -73bps | |||||||
4Q20 | 3Q20 | 4Q19 | |||||||||
Interest-Earning Assets ($Bn) | Avg | Yield | Avg | Yield | Avg | Yield | |||||
Bal | Bal | Bal | |||||||||
Total Loans | $89.0 | 11.96 % | $88.4 | 11.78 % | $93.4 | 12.52 % | |||||
Other Interest-Earning Assets | 30.3 | 1.13 % | 28.6 | 0.88 % | 17.7 | 2.05 % | |||||
Total Interest-Earning Assets | $119.3 | 9.20 % | $117.0 | 9.11 % | $111.1 | 10.86 % | |||||
4Q20 | 3Q20 | 4Q19 | |||||||||
Interest-Bearing Liabilities | Avg | Rate | Avg | Rate | Avg | Rate | |||||
($Bn) | Bal | Bal | Bal | ||||||||
Direct to Consumer Deposits (1) | $62.5 | 0.94 % | $61.6 | 1.25 % | $53.0 | 2.03 % | |||||
Brokered Deposits and Other | 13.7 | 2.38 % | 15.3 | 2.47 % | 17.9 | 2.72 % | |||||
Interest Bearing-Deposits | 76.2 | 1.20 % | 76.8 | 1.49 % | 70.9 | 2.20 % | |||||
Borrowings | 25.1 | 2.42 % | 22.9 | 2.23 % | 25.1 | 3.50 % | |||||
Total Interest-Bearing Liabilities | $101.3 | 1.50 % | $99.7 | 1.66 % | $96.0 | 2.54 % | |||||
Note(s)
1. Includes Affinity relationships
Key Points
- NIM on loans was 10.63%, up 44bps QOQ driven by favorable deposit pricing
- Total loan yield of 11.96% down 56bps YOY reflecting the impact of prime rate decreases partially offset by favorable portfolio mix and lower interest charge-offs; up 18bps QOQ driven by favorable portfolio mix and lower interest charge-offs
- Average consumer deposits of $62.5Bn grew 18% YOY and were up 1.0Bn QOQ; consumer deposits composed 62% of total funding
- Rate on average interest-bearing liabilities of 1.50%, down 104bps YOY and 16bps QOQ, driven by lower deposit pricing
6
Funding Mix
Funding Mix (%), Average Balance | Maturities | ||
Maturity profile provides opportunity to continue optimizing funding costs
Maturities | ||||||||||||||
($Bn) | FY20 | FY21 | FY22 | |||||||||||
Brokered & Other | $ | 19.0 | $ | 17.9 | $ | 4.5 | ||||||||
Deposits | ||||||||||||||
Securitized | ||||||||||||||
Borrowing | $ | 3.0 | $ | 3.4 | $ | 4.4 | ||||||||
Unsecured | $ | 1.8 | $ | 0.8 | $ | 0.8 | ||||||||
Borrowings | ||||||||||||||
Total | $ | 23.8 | $ | 22.0 | $ | 9.7 | ||||||||
Average | ||||||||||||||
Maturity Rate | FY20 | FY21 | FY22 | |||||||||||
(%) (1) | ||||||||||||||
Brokered & Other | 2.34 % | 1.81 % | 2.21 % | |||||||||||
Deposits | ||||||||||||||
Securitized | 0.63 % | 0.47 % | 0.70 % | |||||||||||
Borrowing | ||||||||||||||
Unsecured | 4.21 % 1.93 % 4.35 % | |||||||||||||
Borrowings | ||||||||||||||
Total | 2.26 % | 1.61 % | 1.72 % | |||||||||||
Note(s)
1. Effective cost net of hedge impact
7
4Q20 Operating Expense
Year-Over-Year Expense ($MM)
$57 | $85 | $49 | $1,278 |
$1,184 $(22)
$(75)
4Q19 | Employee | Marketing | Info | Prof | All | 4Q20 | |||||
Expense | Comp | Process | Fees | Other | Expense | ||||||
($MM) | 4Q20 | 4Q19 | $ | % | |||||||
Employee Compensation and Benefits | $504 | $447 | $57 | 13% | |||||||
Marketing and Business Development | 159 | 234 | (75) | (32%) | |||||||
Information Processing & Communications | 198 | 113 | 85 | 75% | |||||||
Professional Fees | 192 | 214 | (22) | (10%) | |||||||
Premises and Equipment | 30 | 27 | 3 | 11% | |||||||
Other Expense | 195 | 149 | 46 | 31% | |||||||
Total Operating Expense | $1,278 | $1,184 | $94 | 8% | |||||||
Total Operating Expense ex one-time items(1) | |||||||||||
$1,141 | $1,184 | ($43) | (4%) | ||||||||
Operating Efficiency(2) | 45.2 % | 40.2 % | 500 bps |
Key Points
One-time items in the quarter included:
($MM) | ||
Information Processing | $77 | Software write-offs |
Compensation & | $26 | Voluntary early |
Benefits | retirement program | |
Other Expense | $27 | Penalties and restitution |
Premise & Equipment | $7 | Accelerated lease |
depreciation | ||
Excluding one-time items, expenses were down 4% and included:
- Increased employee compensation reflecting higher average salaries and increased headcount
- Lower marketing expense as we aligned costs with the economic environment; reductions primarily in brand and acquisition marketing
- Decreased professional fees primarily driven by lower collection fees
Note(s)
- Operating expense adjusted for one-time items is a non-GAAP measure. Management believes providing expenses excluding one-time items helps investors understand the impact of activities that are not expected to continue and provides investors with a useful metric to evaluate the company's operating performance; see appendix for a reconciliation
- Defined as reported total operating expense divided by revenue net of interest expense
8
4Q20 Key Credit Metrics
Change | |||||
4Q19 | 3Q20 | 4Q20 | QOQ | YOY | |
Credit Card Loans | |||||
Ending Loan Balance ($MM) | $77,181 | $69,656 | $71,472 | 2.6% | (7.4)% |
Net Principal Charge-off Rate | 3.41% | 3.45% | 2.63% | (82) bps | (78) bps |
30-Day Delinquency Rate | 2.62% | 1.91% | 2.07% | 16 bps | (55) bps |
Private Student Loans | |||||
Ending Loan Balance ($MM) | $9,653 | $10,016 | $9,954 | (0.6)% | 3.1% |
Net Principal Charge-off Rate | 1.02% | 0.58% | 0.71% | 13 bps | (31) bps |
30-Day Delinquency Rate (1) | 1.72% | 1.41% | 1.32% | (9) bps | (40) bps |
Personal Loans | |||||
Ending Loan Balance ($MM) | $7,687 | $7,211 | $7,177 | (0.5)% | (6.6)% |
Net Principal Charge-off Rate | 4.26% | 2.69% | 2.79% | 10 bps | (147) bps |
30-Day Delinquency Rate | 1.37% | 1.10% | 1.08% | (2) bps | (29) bps |
Total Loans | |||||
Ending Loan Balance ($MM) | $95,894 | $88,660 | $90,449 | 2.0% | (5.7)% |
Net Principal Charge-off Rate | 3.19% | 3.00% | 2.38% | (62) bps | (81) bps |
30-Day Delinquency Rate (1) | 2.40% | 1.76% | 1.88% | 12 bps | (52) bps |
Note(s)
1. 30-Day Delinquency Rate excludes purchased loans
Key Points
- Credit card net charge-off rate decreased 78 bps YOY while 30-Day delinquency decreased 55bps YOY reflecting strong credit performance
- Student loan credit performance remains stable
- Personal loan net charge-offs improved 147bps YOY reflecting underwriting enhancements and consumer liquidity
9
Allowance for Credit Losses
($MM) | Credit Card | Student | Personal | Other | Total Loans | ||||
Loans | Loans | ||||||||
Balance at January 1, 2020 | 4,550 | 653 | 613 | 28 | 5,844 | ||||
Reserve rate | 5.90 % | 6.76 % | 7.97 % | N/A | 6.09 % | ||||
Balance at March 31, 2020 | 5,306 | 765 | 807 | 35 | 6,913 | ||||
Reserve rate | 7.19 % | 7.68 % | 10.55 % | N/A | 7.44 % | ||||
Balance at June 30, 2020 | 6,491 | 799 | 857 | 37 | 8,184 | ||||
Reserve rate | 9.25 % | 8.21 % | 11.71 % | N/A | 9.2 % | ||||
Balance at September 30, 2020 | $6,491 | $840 | $857 | $38 | $8,226 | ||||
Reserve rate | 9.32 % | 8.38 % | 11.89 % | N/A | 9.28 % | ||||
Provision for credit losses | 463 | 18 | 50 | - | 531 | ||||
Net Charge-offs | (463) | (18) | (50) | - | (531) | ||||
Balance at December 31, 2020 | $6,491 | $840 | $857 | $38 | $8,226 | ||||
Reserve rate | 9.08 % | 8.43 % | 11.94 % | N/A | 9.09 % |
10
Capital Trends
13.1
12.2
11.5 | 11.4 | 11.4 | 11.7 | ||
11.2 | 11.3 | 165 | |||
11.1 | |||||
123 | |||||||||||
93 | 99 | ||||||||||
88 | |||||||||||
82 | 79 | ||||||||||
77 | 76 | ||||||||||
4Q18 | 1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | |||
Common Equity Tier 1 | Payout Ratio(2) (%) | ||||||||||
(CET1) Capital Ratio(1) (%) | |||||||||||
Note(s)
- Based on the final rule published September 30, 2020. Capital ratios reflect delay in the recognition of the impact of CECL reserves on regulatory capital for two years in accordance with the final rule
- Payout Ratio is displayed on a trailing twelve month basis. This represents the trailing twelve months' Capital Return to Common Stockholders divided by the trailing twelve months' Net Income Allocated to Common Stockholders
11
2021 Perspective
Loan Growth
Net Interest Margin
Operating Expense
Net Charge-offs
Capital Management
- Modestly positive, subject to payment rate trends and economic conditions
- Decline in funding costs provides tailwind
- Focus on disciplined expense management
- Investments in marketing, technology capabilities, and automation
- Losses expected to increase in 2H21
- Likely to remain elevated into 2022
- Priorities for capital return remain unchanged
- Approved up to $1.1Bn in share repurchases
12
Appendix
4Q20 Revenue
Inc / | (Dec) | ||||||
($MM) | 4Q20 | 4Q19 | $ | % | |||
Net Interest Income | 2,377 | 2,424 | (47) | (2%) | |||
Net Discount/Interchange Revenue | 242 | 281 | (39) | (14%) | |||
Protection Products Revenue | 45 | 48 | (3) | (6%) | |||
Loan Fee Income | 110 | 123 | (13) | (11%) | |||
Transaction Processing Revenue | 52 | 51 | 1 | 2% | |||
Other Income | (2) | 17 | (19) | (112%) | |||
Total Non-Interest Income | 447 | 520 | (73) | (14%) | |||
Revenue Net of Interest Expense | |||||||
$2,824 | $2,944 | $(120) | (4%) | ||||
Change | |||||||
4Q20 | 4Q19 | QOQ | YOY | ||||
Discover Card Sales Volume ($MM) | $40,957 | $39,188 | 10 % | 5 % | |||
Rewards Rate (1) | 1.38 % | 1.32 % | -bps | 6bps | |||
NIM on Loans | 10.63 % | 10.29 % | 44bps | 34bps |
Key Points
- Net interest income decreased 2% primarily due to lower average receivables
- Net discount and interchange revenue down 14% driven by higher rewards cost
- Rewards rate was 6bps higher YOY primarily driven by increased sales in 5% categories, particularly due to growth in online spending
Note(s)
1. Rewards cost divided by Discover card sales volume
14
4Q20 Payments Volume ($Bn) | ||||||||||
Discover Network | PULSE | Key Points | ||||||||
YOY | YOY | |||||||||
+5% | ||||||||||
+10% | • Discover Network volume was | |||||||||
$42.5 | ||||||||||
$40.6 | up 5% reflecting the increase in | |||||||||
$38.7 | $55.0 | $55.1 | ||||||||
Discover card sales volume | ||||||||||
$35.2 | $52.9 | |||||||||
$32.3 | ||||||||||
$50.0 | ||||||||||
$49.2 | • PULSE volume up 10% YOY | |||||||||
driven by higher average spend | ||||||||||
per transaction, increased | ||||||||||
4Q19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 4Q19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | spend at grocery and home |
improvement and higher ATM | ||||||||||
volume | ||||||||||
Diners (1) | Network Partners | |||||||||
YOY | YOY | • Diners Club volume down 28% | ||||||||
(28)% | +23% | |||||||||
from the prior year reflecting the | ||||||||||
$8.8 | $8.9 | |||||||||
$8.7 | impact of the global pandemic | |||||||||
$7.7 | ||||||||||
on T&E spending | ||||||||||
$6.3 | ||||||||||
$5.8 | $7.1 | $7.3 | ||||||||
$7.0 | ||||||||||
$4.3 | ||||||||||
• Network Partners higher 23% | ||||||||||
driven by higher AribaPay | ||||||||||
4Q19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 4Q19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | volume |
Total Network Volume up 6% YOY
Note(s)
1. Volume is derived from data provided by licensees for Diners Club branded cards issued outside of North America and is subject to subsequent revision or amendment
15
Sales Volume
Weekly Sales Volume Trend (%) | Key Points | ||
100% | |||||||||
• 4Q20 sales volume up 5% YOY | |||||||||
50% | with trends improving across all | ||||||||
categories | |||||||||
0% | |||||||||
-50% | • Sales mix shifted to a higher | ||||||||
concentration from retail and | |||||||||
grocery which are now over half | |||||||||
-100% | of total sales | ||||||||
Mar | Apr | May | Jun | Jul | Aug | Oct | Nov | Dec | Jan |
Week Ending |
Gas | Groceries | Retail | • Significant YOY increase in | ||||||||
Restaurants | Services | Travel | online sales volume | ||||||||
Total Sales Volume | |||||||||||
Year-Over-Year Sales Volume Trend (%) | |||||||||||
• Travel, restaurants, and gas | |||||||||||
FY19 | FY20 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | ||||||
Sales Mix | Sales Mix | have improved significantly; | |||||||||
Gas | 6% | 4% | -% | (48)% | (23)% | (20)% | |||||
Grocery | 9% | 11% | 14% | 14% | 13% | 14% | headwinds remain due to the | ||||
Retail | 35% | 40% | 6% | 7% | 18% | 20% | pandemic | ||||
Restaurants | 8% | 7% | (2)% | (43)% | (18)% | (10)% | |||||
Services | 19% | 18% | (1)% | (25)% | (4)% | 1% | |||||
Travel | 8% | 4% | (20)% | (85)% | (59)% | (53)% | |||||
All Other | 16% | 16% | 6% | (6)% | 4% | 4% | |||||
Total Sales Volume | 100% | 100% | 3% | (16)% | (1)% | 5% |
Category Definitions
- Services includes entertainment, auto, education, medical, and other service providers
- All Other includes discount stores, drug stores, wholesale clubs, telecommunication, utilities, insurance, financial services and government
16
Credit Performance Trends
Total Company Loans | Credit Card Loans | ||||||||||||||||||||||||||||||||||||||||
3.08 | 3.25 | 3.22 | 3.05 | 3.19 | 3.27 | 3.44 | 3.50 | 3.49 | 3.65 | 3.90 | 3.45 | ||||||||||||||||||||||||||||||
2.97 | 3.00 | 3.23 | 3.32 | 3.41 | |||||||||||||||||||||||||||||||||||||
3.14 | |||||||||||||||||||||||||||||||||||||||||
2.38 | |||||||||||||||||||||||||||||||||||||||||
2.63 | |||||||||||||||||||||||||||||||||||||||||
2.22 | 2.31 | 2.28 | 2.18 | 2.32 | 2.40 | 2.38 | 2.32 | 2.43 | 2.45 | 2.34 | 2.50 | 2.62 | 2.62 | ||||||||||||||||||||||||||||
1.98 | 1.76 | 1.88 | 2.17 | 2.07 | |||||||||||||||||||||||||||||||||||||
1.91 | |||||||||||||||||||||||||||||||||||||||||
3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | ||||||||||||||||||||||
NCO rate (%) | 30+ day DQ rate ex-purchased loans (%) | NCO rate (%) | 30+ day DQ rate (%) | ||||||||||||||||||||||||||||||||||||||
Private Student Loans | Personal Loans | ||||||||||||||||||||||||||||||||||||||||
.09 | 4.49 | 4.53 | 4.33 | 4.26 | |||||||||||||||||||||||||||||||||||||
3.99 | |||||||||||||||||||||||||||||||||||||||||
3.59 | |||||||||||||||||||||||||||||||||||||||||
2.13 | 3.43 | ||||||||||||||||||||||||||||||||||||||||
2.00 | |||||||||||||||||||||||||||||||||||||||||
1.76 | 1.78 | 2.79 | |||||||||||||||||||||||||||||||||||||||
1.67 | 1.72 | 1.64 | 2.69 | ||||||||||||||||||||||||||||||||||||||
1.49 | 1.41 | 1.32 | |||||||||||||||||||||||||||||||||||||||
0.96 | 0.86 | 0.66 | 0.61 | 0.59 | 1.02 | 0.68 | 0.62 | 0.58 | 0.71 | .57 | 1.60 | 1.51 | 1.49 | 1.49 | 1.37 | 1.31 | |||||||||||||||||||||||||
1.07 | 1.10 | 1.08 | |||||||||||||||||||||||||||||||||||||||
3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | ||||||||||||||||||||||
NCO rate (%) | 30+ day DQ rate ex-purchased loans (%) | NCO rate (%) | 30+ day DQ rate (%) | ||||||||||||||||||||||||||||||||||||||
17
Non-GAAP Reconciliation
($MM) | 4Q20 | |
Total operating expense | $ | 1,278 |
One-time expenses related to software write-offs, penalties and restitution, voluntary | $ | (137) |
early retirement program, accelerated lease depreciation | ||
Operating expense ex one-time items | $ | 1,141 |
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Disclaimer
Discover Financial Services published this content on 20 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2021 21:35:04 UTC