Sanjay Sakhrani

if there's a way to parse apart how much is coming as a result of the strong account acquisitions

is there a way to quantify that? And sort of is it material enough that

like what gets things going a little bit more, some of the investment you've made

Can things actually improve here? Because we've bottomed some because you had this acceleration

how you guys are planning for maybe just the intermediate term on spending trends

if you guys have seen any indication that that's sort of propping up spend volumes

if we were to think about where the acceleration came from in spending

does that help give you sort of ammunition to expand the credit box?

as we think about what's embedded in the assumptions that you guys have, how much of that have you sort of factored in?

So I estimate there was at least a 10 basis point plus drag on the NIM as a result. Is that a safe assumption to make

Should we think about the impact to adjusted operating efficiency as more marginal on a go forward basis

The adjusted efficiency ratio came in a little under 50%, understanding that marketing was a little bit lighter

I wanted to sort of 0 in on the liquidity, obviously, abnormally high understanding the paydowns

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 the network

the 10% credit card cap topic. Obviously, the industry has been quite vocal about the explicit and unintended consequences of it

there's been a lot of chatter about the health of the consumer, some of the cracks we've seen, particularly in subprime and maybe even specifically in auto. Maybe you could just talk a little bit a...

since credit is now somewhat under control there, do you expect to sort of lean into growth at Discover as well inside of Prime

how we should think about the timing in terms of some of the milestones to achieve the synergies. For example, how long would it take for the debit conversion to happen and maybe a similar point on...

Could you just discuss how we should think about it going forward in terms of when you might be able to start sort of elevating the amount of capital return

is it fair to assume like everything is going pretty smoothly in terms of the regulatory approval process and there hasn't been any surprises

the Corporate Payments division obviously did really well with the revenue growth up 16%

do those accelerate the revenue growth rate, or are they just sort of too small to have an impact?

Maybe, Peter, you could just talk a little bit about sort of the puts and takes factored in for the remainder of the year

maybe you could parse apart sort of sizing, timing and sort of the core businesses going forward

anything specific happening there in terms of turning that ship around

does that get you to a higher number or equal number? Just trying to think through, you know, the liquidity you could raise

how much does Alpha specifically add to that? And then on that $0.75 of upside for next year, like how much of it is Alpha versus Avid?

how much of that is driving sort of the preliminary view on revenue growth for next year?

the fourth quarter is a pretty difficult comparison in terms of the growth rate. I mean, could you just talk about like the cadence of the growth?

it ticked down a little bit. Just curious, like, is there anything that you're seeing from an economic standpoint that concerns you

could I just follow up a little bit on the acceleration of the sales at Avid? Like how exactly will you guys be involved in that?

maybe we could just talk about what could drive the upside from here. I know you guys mentioned buyback M&A, but is Gringo in the guide now for 2025

maybe on Corporate Payments. I know Ron, you talked about there's still some work to be done in terms of pruning. Maybe we could talk about like sort of where that would might occur

consumers are under quite a bit of pressure around the world as a result of the geopolitical situations

do you mind just digging a little bit deeper into this quarter's impact from the excess loan growth?

What are you seeing in terms of usage and uplift in GMV from consumers who are signing up for the card?

I'm curious if the World Cup had any play in that and factored into that. Should we expect some moderation

I want to talk about the assumptions on the -- for the outlook on the war ending in 2Q

I'm just curious how you guys are thinking about the implications to yourselves and the industry and sort of you know, the probability that it may or may not get through

pricing, Sachin, you mentioned it as well has been a tailwind this year. I'm just curious can that trend continue in 2026 to a similar degree

as we move through Q2, was there a more prominent impact? And I guess as we look towards the back part of this year

Is there anything that you're seeing that concerns you in terms of the health and the consumer and spending habits

is it that the consumer is really gaining strength in that sort of what's driving the acceleration

how you intend to do things differently from sort of the previous administrations to affect the change

Could you maybe map that out for us in terms of how we should think about the growth rate you've posted recently and what you could do next year and beyond

can we unpack that a little bit? Like how much visibility do you have into the new initiatives

if you could just walk through where the strength was and if it outperformed relative to your expectations

is there any color on sort of what that growth rate was and how it trended into this new year quarter-to-date

those also came in sort of at the low end of the range that you guys are targeting

is that still intact at like 2.5% or so? I'm just trying to think about the overall implications

With credit doing better and loan growth remaining the same, and EPS remaining stable, has your expectation on yield changed lower?

on the news on the 10% APR caps. I'm just curious if you guys obviously, views on it, but if you guys have any had chances to talk to some of your partners

can you just talk about sort of the building blocks for that? I saw the co-brand volume growth accelerated. Is that partly due to Walmart?

Is it fair to assume that you guys haven't necessarily baked in some of the growth expansion coming from the loosening of credit standards

I'm just trying to think through uses of that excess capital as we look forward in the second half into next year

Can we go below average given you've tightened so much? Maybe you could just talk a little bit about that.

Could you just -- I'm not sure if I heard the answer to that, but can you just talk about how you guys feel about the opportunity to secure larger portfolios?

Is it fair to assume that by the end of this year you'd still sort of have that full run rate of what you anticipated

Maybe you could talk about the deal environment. I know there's a couple of RFPs out there?

is the expectation to reinvest all of those savings? Or actually sort of to drop some of those down to the bottom line?

how should we think about the monetization strategy? Is that like a VAS revenue addition? Or is it in other areas

curious if that 28% growth this quarter can sort of sustain itself for the remainder of the year

we've heard some of your competitors talk about choppiness in the economy, different spending habits

do you think stablecoins dilute that? Or do you think it keeps it the same? Does it add to it?

what kind of assumptions you've made for the remainder of this year, because I know that has an impact

Does the improved outlook assume the growth rate sort of sustain themselves, or maybe you could just go