Discover Financial Services Reports Third Quarter 2024 Net Income of $965 Million or $3.69 Per Diluted Share
Discover Financial Services reported strong Q3 2024 results with net income of $965 million or $3.69 per diluted share, up 41% and 42% year-over-year respectively. Total revenue net of interest expense increased 10% to $4,453 million. The company's performance benefited from increased net interest margin, modest loan growth, and some credit improvement.
Key highlights include:
- Total loans up 4% YoY to $127.0 billion
- Credit card loans up 3% YoY to $100.5 billion
- Net interest margin expanded to 11.38%, up 43 basis points YoY
- Total net charge-off rate increased to 4.86%, up 134 basis points YoY
- Digital Banking pretax income increased by $401 million YoY
- Payment Services volume up 9% to $100.5 billion
The Board of Directors declared a quarterly cash dividend of $0.70 per share of common stock.
Discover Financial Services ha riportato risultati solidi per il Q3 2024 con un reddito netto di 965 milioni di dollari o 3,69 dollari per azione diluita, in aumento del 41% e del 42% anno su anno, rispettivamente. Il fatturato totale al netto delle spese per interessi è aumentato del 10% fino a 4.453 milioni di dollari. Le performance dell’azienda hanno beneficiato di un aumento del margine di interesse netto, di una modesta crescita dei prestiti e di un miglioramento del credito.
Le principali evidenze includono:
- Aumento totale dei prestiti del 4% rispetto all’anno precedente a 127,0 miliardi di dollari
- Prestiti con carta di credito in aumento del 3% rispetto all’anno precedente a 100,5 miliardi di dollari
- Margine di interesse netto ampliato all'11,38%, in aumento di 43 punti base rispetto all’anno precedente
- Il tasso totale di cancellazione dei crediti è aumentato al 4,86%, in aumento di 134 punti base rispetto all’anno precedente
- Il reddito ante imposte del Digital Banking è aumentato di 401 milioni di dollari rispetto all’anno precedente
- Il volume dei servizi di pagamento è aumentato del 9% fino a 100,5 miliardi di dollari
Il Consiglio di Amministrazione ha dichiarato un dividendo in contante trimestrale di 0,70 dollari per azione ordinaria.
Discover Financial Services informó resultados sólidos para el Q3 2024 con ingresos netos de 965 millones de dólares o 3,69 dólares por acción diluida, un aumento del 41% y del 42% año tras año, respectivamente. Los ingresos totales netos de gastos por intereses aumentaron un 10% hasta 4,453 millones de dólares. El rendimiento de la compañía se benefició de un aumento en el margen de interés neto, un modesto crecimiento de los préstamos y algunas mejoras en el crédito.
Los aspectos destacados incluyen:
- Préstamos totales aumentaron un 4% interanual a 127,0 mil millones de dólares
- Los préstamos con tarjeta de crédito aumentaron un 3% interanual a 100,5 mil millones de dólares
- El margen de interés neto se expandió al 11.38%, un aumento de 43 puntos básicos interanuales
- La tasa total de cancelación de créditos aumentó al 4.86%, un incremento de 134 puntos básicos interanuales
- Los ingresos antes de impuestos del Digital Banking aumentaron en 401 millones de dólares interanuales
- El volumen de Servicios de Pago aumentó un 9% a 100,5 mil millones de dólares
La Junta Directiva declaró un dividendo en efectivo trimestral de 0.70 dólares por acción de la acción común.
Discover Financial Services는 2024년 3분기에 9억 6,500만 달러의 순이익 또는 희석 주당 3.69달러를 기록하며, 전년 대비 각각 41% 및 42% 증가한 강력한 실적을 보고했습니다. 이자 비용을 제외한 총수익은 44억 5,300만 달러로 10% 증가했습니다. 회사의 실적은 순이자 마진 증가, 소폭의 대출 성장 및 신용 개선의 혜택을 보았습니다.
주요 하이라이트는 다음과 같습니다:
- 총 대출이 전년 대비 4% 증가하여 1,270억 달러에 달합니다
- 신용 카드 대출이 전년 대비 3% 증가하여 1,005억 달러에 도달합니다
- 순이자 마진이 11.38%로 확대되어 전년 대비 43bp 증가했습니다
- 총 순 충당금 비율이 4.86%로 증가하여 전년 대비 134bp 상승했습니다
- 디지털 뱅킹의 세전 수익이 전년 대비 4억 1,000만 달러 증가했습니다
- 결제 서비스 볼륨이 9% 증가하여 1,005억 달러에 달합니다
이사회는 보통주 1주당 0.70달러의 분기 현금 배당금을 선언했습니다.
Discover Financial Services a annoncé des résultats solides pour le T3 2024 avec un revenu net de 965 millions de dollars ou 3,69 dollars par action diluée, en hausse de 41% et 42% par rapport à l'année précédente, respectivement. Le chiffre d'affaires total, net des charges d'intérêt, a augmenté de 10% pour atteindre 4 453 millions de dollars. La performance de l'entreprise a bénéficié de l'augmentation de la marge d'intérêt nette, de la modeste croissance des prêts et de quelques améliorations des crédits.
Les points clés incluent :
- Les prêts totaux ont augmenté de 4% par rapport à l'année précédente, atteignant 127,0 milliards de dollars
- Les prêts par carte de crédit ont augmenté de 3% par rapport à l'année précédente, atteignant 100,5 milliards de dollars
- La marge d'intérêt nette s'est élargie à 11,38%, en hausse de 43 points de base par rapport à l'année précédente
- Le taux global de pertes sur prêts a augmenté à 4,86%, en hausse de 134 points de base par rapport à l'année précédente
- Le revenu avant impôts de la banque numérique a augmenté de 401 millions de dollars par rapport à l'année précédente
- Le volume des services de paiement a augmenté de 9% pour atteindre 100,5 milliards de dollars
Le Conseil d'administration a déclaré un dividende en espèces trimestriel de 0,70 dollar par action ordinaire.
Discover Financial Services berichtete über starke Ergebnisse im Q3 2024 mit einem Nettoeinkommen von 965 Millionen Dollar oder 3,69 Dollar pro verwässerter Aktie, was einem Anstieg von 41% und 42% im Jahresvergleich entspricht. Der gesamte Umsatz netto ohne Zinsaufwendungen stieg um 10% auf 4.453 Millionen Dollar. Die Unternehmensleistung profitierte von einer erhöhten Nettogewinnmarge, moderatem Kreditwachstum und einigen Verbesserungen im Kreditbereich.
Wichtige Highlights sind:
- Gesamtdarlehen stiegen um 4% im Jahresvergleich auf 127,0 Milliarden Dollar
- Kreditkarten-Darlehen stiegen um 3% im Jahresvergleich auf 100,5 Milliarden Dollar
- Nettomarge aus Zinsen erweiterte sich auf 11,38%, ein Anstieg um 43 Basispunkte im Jahresvergleich
- Die Gesamtquote an ausgefallenen Krediten stieg auf 4,86%, ein Anstieg um 134 Basispunkte im Jahresvergleich
- Der Vorsteuergewinn der Digital Banking-Sparte stieg im Jahresvergleich um 401 Millionen Dollar
- Das Volumen der Zahlungsdienste stieg um 9% auf 100,5 Milliarden Dollar
Der Vorstand hat eine vierteljährliche Bardividende von 0,70 Dollar pro Stammaktie erklärt.
- Net income increased 41% YoY to $965 million
- Diluted EPS grew 42% YoY to $3.69
- Total revenue net of interest expense rose 10% YoY to $4,453 million
- Net interest margin expanded by 43 basis points YoY to 11.38%
- Total loans increased 4% YoY to $127.0 billion
- Credit card loans grew 3% YoY to $100.5 billion
- Personal loans increased by $879 million, or 9%
- Payment Services volume up 9% to $100.5 billion
- $70 million gain from the student loan sale
- Total net charge-off rate increased 134 basis points YoY to 4.86%
- Credit card net charge-off rate up 125 basis points YoY to 5.28%
- 30+ day delinquency rate for credit card loans increased 43 basis points YoY to 3.84%
- Personal loan net charge-off rate up 138 basis points YoY to 4.01%
- Total operating expenses increased 17% YoY
- Discover Network volume down 4%
- Network Partners volume decreased 24% YoY
- SEC disagreement on certain aspects of Discover's accounting approach for card misclassification matter
Insights
Discover Financial Services' Q3 2024 results show robust performance with net income up 41% YoY to
- Total loans increased by
4% YoY to$127.0 billion - Revenue net of interest expense grew
10% YoY to$4,453 million - Net interest margin expanded 43 bps to
11.38% - Credit card loans rose
3% YoY to$100.5 billion
However, the total net charge-off rate increased 134 bps YoY to
The credit metrics in Discover's Q3 report warrant close attention. The total net charge-off rate of
Board of Directors Declares Quarterly Dividend for Common Stock
Third Quarter 2024 Results |
|||
|
2024(1) |
2023 |
YOY Change |
Total loans, end of period (in billions) |
|
|
|
Total revenue net of interest expense (in millions) |
|
|
|
Total net charge-off rate |
|
|
134 bps |
Net income (in millions) |
|
|
|
Diluted EPS |
|
|
|
Note(s) |
|||
1. Private student loans were classified as held-for-sale effective June 30, 2024. The charge-offs related to private student loans are through June 30, 2024, the date the loans were transferred to held-for-sale classification |
|||
Discover Financial Services (NYSE: DFS) today reported net income of
“Discover's financial performance remained strong in the third quarter, benefiting from increased net interest margin, modest loan growth, and some credit improvement," said Michael Shepherd, Discover’s Interim CEO and President. "We are pleased to have completed the first of four student loan sale closings, which will simplify our business. Additionally, we continued to make good progress on our risk management and compliance capabilities.”
Segment Results
Digital Banking
Digital Banking pretax income of
Total loans ended the quarter at
Net interest income for the quarter increased
Non-interest income increased
The total net charge-off rate was
Provision for credit losses of
Total operating expenses were up
Payment Services
Payment Services pretax income of
Regulatory Matters
As part of its review of the joint proxy statement and prospectus, the Staff of the SEC has indicated that they disagree with certain aspects of Discover's accounting approach for the card misclassification matter. Management is working diligently to resolve their comments, which largely focus on the allocation of previously incurred card misclassification charges between revenue and expense. Resolution of the matter is not expected to impact cumulative historical earnings, capital, or the counterparty restitution plan liability.
Dividend Declaration
The Board of Directors declared a quarterly cash dividend of
Conference Call and Webcast Information
The company will host a conference call to discuss its third quarter results on Thursday, October 17, 2024, at 7:00 a.m. Central Time. Interested parties can listen to the conference call via a live audio webcast at https://investorrelations.discover.com.
About Discover
Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in
A financial summary follows. Financial, statistical, and business related information, as well as information regarding business and segment trends, is included in the financial supplement filed as Exhibit 99.2 to the company's Current Report on Form 8-K filed today with the Securities and Exchange Commission (“SEC”). Both the earnings release and the financial supplement are available online at the SEC's website (http://www.sec.gov) and the company's website (https://investorrelations.discover.com).
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, which speak to our expected business and financial performance, among other matters, contain words such as "believe," "expect," "anticipate," "intend," "plan," "aim," "will," "may," "should," "could," "would," "likely," "forecast," and similar expressions. Such statements are based on the current beliefs and expectations of our management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements. These forward-looking statements speak only as of the date of this press release and there is no undertaking to update or revise them as more information becomes available. The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: changes in economic variables, such as the availability of consumer credit, the housing market, energy costs, the number and size of personal bankruptcy filings, the rate of unemployment, the levels of consumer confidence and consumer debt and investor sentiment; the impact of current, pending and future legislation, regulation, supervisory guidance and regulatory and legal actions, including, but not limited to, those related to accounting guidance, tax reform, financial regulatory reform, consumer financial services practices, anti-corruption and funding, capital and liquidity; risks related to the proposed merger with Capital One Financial Corporation (“Capital One”) including, among others, (i) failure to complete the merger with Capital One or unexpected delays related to the merger or the inability of the parties to obtain regulatory approvals or satisfy other closing conditions required to complete the merger, (ii) regulatory approvals resulting in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction, (iii) diversion of management’s attention from ongoing business operations and opportunities, (iv) cost and revenue synergies from the merger may not be fully realized or may take longer than anticipated to be realized, (v) the integration of each party’s management, personnel and operations will not be successfully achieved or may be materially delayed or will be more costly or difficult than expected, (vi) deposit attrition, customer or employee loss and/or revenue loss as a result of the announcement of the proposed merger, (vii) expenses related to the proposed merger being greater than expected, and (viii) shareholder litigation that could prevent or delay the closing of the proposed merger or otherwise negatively impact our business and operations; the actions and initiatives of current and potential competitors; our ability to manage our expenses; our ability to successfully achieve card acceptance across our networks and maintain relationships with network participants and merchants; our ability to sustain our card and personal loan growth; our ability to timely complete the sale of the our private student loan portfolio, including due to the failure of a closing condition in the agreement to be satisfied, or any unexpected delay in closing the transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the agreement; our ability to increase or sustain Discover card usage or attract new customers; difficulty obtaining regulatory approval for, financing, closing, transitioning, integrating or managing the expenses of acquisitions of or investments in new businesses, products or technologies; our ability to manage our credit risk, market risk, liquidity risk, operational risk, compliance and legal risk and strategic risk; the availability and cost of funding and capital; access to deposit, securitization, equity, debt and credit markets; the impact of rating agency actions; the level and volatility of equity prices, commodity prices and interest rates, currency values, investments, other market fluctuations and other market indices; losses in our investment portfolio; limits on our ability to pay dividends and repurchase our common stock; limits on our ability to receive payments from our subsidiaries; fraudulent activities or material security breaches of our or others' key systems; our ability to remain organizationally effective; our ability to maintain relationships with merchants; the effect of political, economic and market conditions, geopolitical events, climate change, pandemics and unforeseen or catastrophic events; our ability to introduce new products and services; our ability to manage our relationships with third-party vendors, as well as those with which we have no direct relationship such as our employees' internet service providers; our ability to maintain current technology and integrate new and acquired systems and technology; our ability to collect amounts for disputed transactions from merchants and merchant acquirers; our ability to attract and retain employees; our ability to protect our reputation and our intellectual property; our ability to comply with regulatory requirements; and new lawsuits, investigations or similar matters or unanticipated developments related to current matters. We routinely evaluate and may pursue acquisitions of, investments in or divestitures from businesses, products, technologies, loan portfolios or deposits, which may involve payment in cash or our debt or equity securities.
Additional factors that could cause the company's results to differ materially from those described in the forward-looking statements can be found under “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, 2023, which is filed with the SEC and available at the SEC's internet site (http://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.
Important Information About the Transaction and Where to Find It
Capital One has filed a registration statement on Form S-4 with the SEC to register the shares of Capital One's common stock that will be issued to Discover Financial Services ("Discover") stockholders in connection with the proposed transaction. The registration statement includes a preliminary joint proxy statement of Capital One and Discover that also constitutes a preliminary prospectus of Capital One. The definitive joint proxy statement/prospectus will be sent to the stockholders of each of Discover and Capital One in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND JOINT PROXY STATEMENT/PROSPECTUS WHEN THEY BECOME AVAILABLE (AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE JOINT PROXY STATEMENT/PROSPECTUS) BECAUSE SUCH DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by Discover or Capital One through the website maintained by the SEC at http://www.sec.gov or by contacting the investor relations department of Discover or Capital One at:
|
|
|
|||||
Discover Financial Services |
|
Capital One Financial Corporation |
|||||
2500 Lake Cook Road |
|
1680 Capital One Drive |
|||||
|
|
|
|||||
Attention: Investor Relations |
|
Attention: Investor Relations |
|||||
investorrelations@discover.com (224) 405-4555 |
|
investorrelations@capitalone.com (703) 720-1000 |
Before making any voting or investment decision, investors and security holders of Discover and Capital One are urged to read carefully the entire registration statement and joint proxy statement/prospectus, including any amendments thereto, because they contain important information about the proposed transaction. Free copies of these documents may be obtained as described above.
Participants in Solicitation
Discover, Capital One and certain of their directors and executive officers may be deemed participants in the solicitation of proxies from the stockholders of each of Discover and Capital One in connection with the transaction. Information regarding the directors and executive officers of Discover and Capital One and other persons who may be deemed participants in the solicitation of the stockholders of Discover or of Capital One in connection with the transaction will be included in the joint proxy statement/prospectus related to the proposed transaction, which will be filed by Capital One with the SEC. Information about the directors and executive officers of Discover and their ownership of Discover common stock can also be found in Discover’s definitive proxy statement in connection with its 2024 annual meeting of stockholders, as filed with the SEC on March 15, 2024, as supplemented by Discover’s proxy statement supplement, as filed with the SEC on April 2, 2024, and other documents subsequently filed by Discover with the SEC. Information about the directors and executive officers of Capital One and their ownership of Capital One common stock can also be found in Capital One’s definitive proxy statement in connection with its 2024 annual meeting of stockholders, as filed with the SEC on March 20, 2024, and other documents subsequently filed by Capital One with the SEC. Additional information regarding the interests of such participants will be included in the joint proxy statement/prospectus and other relevant documents regarding the proposed transaction filed with the SEC when they become available.
| DISCOVER FINANCIAL SERVICES | |||||
| (unaudited, in millions, except per share statistics) | |||||
| Quarter Ended | |||||
| Sep 30, 2024 |
Jun 30, 2024 |
Sep 30, 2023 |
|||
| EARNINGS SUMMARY | |||||
| Interest Income |
|
|
|
||
| Interest Expense | 1,457 |
1,447 |
1,288 |
||
| Net Interest Income | 3,655 |
3,524 |
3,322 |
||
| Discount/Interchange Revenue | 1,142 |
1,153 |
1,164 |
||
| Rewards Cost | 779 |
716 |
787 |
||
| Discount and Interchange Revenue, net | 363 |
437 |
377 |
||
| Protection Products Revenue | 42 |
42 |
42 |
||
| Loan Fee Income | 214 |
205 |
194 |
||
| Transaction Processing Revenue | 84 |
91 |
82 |
||
| Other Income | 95 |
239 |
27 |
||
| Total Non-Interest Income | 798 |
1,014 |
722 |
||
| Revenue Net of Interest Expense | 4,453 |
4,538 |
4,044 |
||
| Provision for Credit Losses | 1,473 |
739 |
1,702 |
||
| Employee Compensation and Benefits | 703 |
658 |
575 |
||
| Marketing and Business Development | 263 |
258 |
283 |
||
| Information Processing & Communications | 197 |
167 |
149 |
||
| Professional Fees | 323 |
296 |
281 |
||
| Premises and Equipment | 25 |
23 |
22 |
||
| Other Expense | 181 |
327 |
144 |
||
| Total Operating Expense | 1,692 |
1,729 |
1,454 |
||
| Income Before Income Taxes | 1,288 |
2,070 |
888 |
||
| Tax Expense | 323 |
540 |
205 |
||
| Net Income |
|
|
|
||
| Net Income Allocated to Common Stockholders |
|
|
|
||
| PER SHARE STATISTICS | |||||
| Basic EPS |
|
|
|
||
| Diluted EPS |
|
|
|
||
| Common Stock Price (period end) |
|
|
|
||
| Book Value per share |
|
|
|
||
| BALANCE SHEET SUMMARY | |||||
| Total Assets |
|
|
|
||
| Total Liabilities | 134,333 |
134,800 |
129,196 |
||
| Total Equity | 17,260 |
16,067 |
14,236 |
||
| Total Liabilities and Stockholders' Equity |
|
|
|
||
| TOTAL LOAN RECEIVABLES | |||||
| Ending Loans 1 |
|
|
|
||
| Average Loans 1 |
|
|
|
||
| Interest Yield 1 |
|
|
|
||
| Gross Principal Charge-off Rate 2 |
|
|
|
||
| Net Principal Charge-off Rate 2 |
|
|
|
||
| Delinquency Rate (30 or more days) 2 |
|
|
|
||
| Delinquency Rate (90 or more days) 2 |
|
|
|
||
| Gross Principal Charge-off Dollars 2 |
|
|
|
||
| Net Principal Charge-off Dollars 2 |
|
|
|
||
| Net Interest and Fee Charge-off Dollars 2 |
|
|
|
||
| Loans Delinquent 30 or more days 2 |
|
|
|
||
| Loans Delinquent 90 or more days 2 |
|
|
|
||
| Allowance for Credit Losses (period end) |
|
|
|
||
| Reserve Change Build/(Release) 3, 4 |
|
( |
|
||
| Reserve Rate 2 |
|
|
|
||
| CREDIT CARD LOANS | |||||
| Ending Loans |
|
|
|
||
| Average Loans |
|
|
|
||
| Interest Yield |
|
|
|
||
| Gross Principal Charge-off Rate |
|
|
|
||
| Net Principal Charge-off Rate |
|
|
|
||
| Delinquency Rate (30 or more days) |
|
|
|
||
| Delinquency Rate (90 or more days) |
|
|
|
||
| Gross Principal Charge-off Dollars |
|
|
|
||
| Net Principal Charge-off Dollars |
|
|
|
||
| Loans Delinquent 30 or more days |
|
|
|
||
| Loans Delinquent 90 or more days |
|
|
|
||
| Allowance for Credit Losses (period end) |
|
|
|
||
| Reserve Change Build/(Release) 4 |
( |
|
|
||
| Reserve Rate |
|
|
|
||
| Total Discover Card Volume |
|
|
|
||
| Discover Card Sales Volume |
|
|
|
||
| Rewards Rate |
|
|
|
||
| SEGMENT- INCOME BEFORE INCOME TAXES | |||||
| Digital Banking |
|
|
|
||
| Payment Services | 84 |
277 |
85 |
||
| Total |
|
|
|
||
| NETWORK VOLUME | |||||
| PULSE Network |
|
|
|
||
| Network Partners | 7,512 |
8,111 |
9,899 |
||
| Diners Club International 5 | 10,388 |
9,421 |
9,723 |
||
| Total Payment Services | 100,473 |
99,281 |
91,768 |
||
| Discover Network - Proprietary | 55,184 |
55,351 |
57,228 |
||
| Total |
|
|
|
||
| 1 Total Loans includes private student loans, home equity and other loans | |||||
| 2 Excludes loans classified as held-for-sale as of June 30, 2024 | |||||
| 3 Includes the adjustment to eliminate the allowance for credit losses upon classifying the private student loan portfolio as held-for-sale as of June 30, 2024 | |||||
| 4 Excludes any build/release of the liability for expected credit losses on unfunded commitments as the offset is recorded in accrued expenses and other liabilities in the Company's condensed consolidated statements of financial condition | |||||
| 5 Volume is derived from data provided by licencees for Diners Club branded cards issued outside of |
|||||
| Note: See Glossary for definitions of financial terms in the financial supplement which is available online at the SEC's website (http://www.sec.gov) and the Company's website (http://investorrelations.discoverfinancial.com). | |||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241015860298/en/
Investors:
Erin Stieber, 224-405-4555
investorrelations@discover.com
Media:
Matthew Towson, 224-405-5649
matthewtowson@discover.com
Source: Discover Financial Services
FAQ
What was Discover Financial Services' (DFS) net income for Q3 2024?
How much did Discover's (DFS) diluted EPS grow in Q3 2024 compared to Q3 2023?
What was the total loan balance for Discover (DFS) at the end of Q3 2024?
How did Discover's (DFS) credit card loans perform in Q3 2024?
What was Discover's (DFS) net interest margin in Q3 2024?
