Exhibit 99.3 3Q23 Financial Results October 18, 2023 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-33378 DISCOVER FINANCIAL SERVICES (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of in ...

Discover Financial Services (NYSE:DFS) Q2 2023 Earnings Conference Call July 20, 2023 8:00 AM ET Company Participants Eric Wasserstrom - Head of IR Roger Hochschild - CEO John Greene - CFO Conference Call Participants Rick Shane - JPMorgan Jeff Adelson - Morgan Stanley Ryan Nash - Goldman Sachs John Hecht - Jefferies Don Fandetti - Wells Fargo Sanjay Sakhrani - KBW Kevin Barker - Piper Sandler Mihir Bhatia - Bank of America Nick Holowko - UBS Bob Napoli - William Blair Arren Cyganovich - Citi Dominick Gabri ...

Exhibit 99.3 2Q23 Financial Results July 19, 2023 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-33378 DISCOVER FINANCIAL SERVICES (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of i ...

Discover Financial Services (NYSE:DFS) Q1 2023 Earnings Conference Call April 20, 2023 8:00 AM ET Company Participants Eric Wasserstrom - Head of Investor Relations Roger Hochschild - Chief Executive Officer John Greene - Chief Financial Officer Conference Call Participants Sanjay Sakhrani - KBW Moshe Orenbuch - Credit Suisse Bob Napoli - William Blair Rick Shane - JPMorgan Jeff Adelson - Morgan Stanley Dominick Gabriele - Oppenheimer Mark DeVries - Barclays Operator Good morning. My name is Chelsea, and I ...

Exhibit 99.3 1Q23 Financial Results April 19, 2023 ...

[Part I](index=3&type=section&id=Part%20I) [Item 1. Business](index=3&type=section&id=Item%201.%20Business) Discover Financial Services operates as a digital bank and payment network, offering consumer lending, deposits, and transaction processing [Introduction and Operating Model](index=3&type=section&id=Introduction%20and%20Operating%20Model) The company operates two segments: Digital Banking for consumer lending and deposits, and Payment Services for payment network processing - The company operates through two main segments: **Digital Banking** (consumer lending and deposits) and **Payment Services** (PULSE, Diners Club, Network Partners)[15](index=15&type=chunk) - As of December 31, 2022, Discover had **$112.1 billion** in **loan receivables** and **$70.5 billion** in **deposits**, primarily sourced through direct-to-consumer channels[12](index=12&type=chunk) [Digital Banking Products](index=4&type=section&id=Digital%20Banking%20Products) The Digital Banking segment offers credit cards, private student loans, personal loans, and home loans, funded by diverse deposit products - **Interest earned** on revolving **credit card balances** constituted approximately **83%** of the company's total **interest income** for the year ended December 31, 2022[19](index=19&type=chunk) - The company offers a range of consumer loans: unsecured **credit cards**, **private student loans**, **personal loans**, and secured **home loans**[18](index=18&type=chunk)[22](index=22&type=chunk)[27](index=27&type=chunk)[29](index=29&type=chunk) - Funding is sourced through direct-to-consumer and brokered **deposits**, including **savings accounts**, **certificates of deposit** (CDs), **money market accounts**, and **checking accounts**[31](index=31&type=chunk) [Payment Services](index=7&type=section&id=Payment%20Services) The Payment Services segment includes PULSE, Diners Club, and Network Partners, providing transaction processing and settlement services - **PULSE network's** primary revenue comes from transaction fees for switching and settling ATM and debit transactions[35](index=35&type=chunk) - **Diners Club** operates on a licensee model, earning royalties for brand usage and fees for processing cross-border transactions[38](index=38&type=chunk) - The **Network Partners** business leverages the **Discover Global Network** to process payments for financial institutions, technology firms, and commercial service providers[40](index=40&type=chunk) [Credit Risk Management and Operations](index=9&type=section&id=Credit%20Risk%20Management%20and%20Operations) The company employs rigorous credit risk management, using analytical tools for customer acquisition and portfolio management, alongside fraud prevention - New customer acquisition involves a rigorous screening process using proprietary analytical tools and **credit scoring systems** to assess creditworthiness[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) - Existing **credit card** accounts are regularly assessed using statistical models to manage **credit risk**, leading to actions such as credit limit adjustments[49](index=49&type=chunk) - **Fraud prevention** relies on machine-learning models and rules-based logic to screen and authorize transactions, aiming to identify and halt fraudulent activity[63](index=63&type=chunk) [Competition](index=13&type=section&id=Competition) Discover faces intense competition across consumer lending, payment services, and direct-to-consumer deposits from diverse financial institutions - Key competitors in the **credit card** business include **American Express**, **Bank of America**, **JPMorgan Chase**, **Capital One**, and **Citibank**[72](index=72&type=chunk) - The **Discover** and **Diners Club networks'** primary competitors are **Visa**, **MasterCard**, and **American Express**. **PULSE's** main competitors include **Visa's Interlink** and **MasterCard's Maestro**[76](index=76&type=chunk) - In the direct-to-consumer **deposits** business, competitors include **Ally**, **American Express**, **Barclays**, **Capital One**, **Goldman Sachs**, and **Synchrony**[77](index=77&type=chunk) [Human Capital](index=15&type=section&id=Human%20Capital) As of December 31, 2022, Discover employed approximately 20,200 individuals, with a focus on a people-first culture and diversity - The company employed approximately **20,200** individuals at December 31, 2022, with **100%** of customer service agents based in the U.S[79](index=79&type=chunk) - As of December 31, 2022, the U.S.-based employee population was composed of **64%** Women and **44%** People of Color[84](index=84&type=chunk) - A third-party pay equity analysis found that women and minorities at Discover earn, on average, between **$0.99** and **$1.03** for every **$1** earned by men and non-minorities, after adjusting for factors like role and tenure[86](index=86&type=chunk) [Risk Management](index=16&type=section&id=Risk%20Management) Discover utilizes a comprehensive enterprise-wide risk management framework across three lines of defense to manage various financial risks - The **enterprise risk management framework** is built on five key principles: **Comprehensiveness**, **Accountability**, **Independence**, **Defined Risk Appetite**, and **Transparency**[89](index=89&type=chunk) - The governance structure operates on a **three-lines-of-defense model**: business units (1st line), corporate risk management (2nd line), and internal audit (3rd line)[91](index=91&type=chunk)[93](index=93&type=chunk) - The company identifies and manages seven major **risk categories**: **credit**, **market**, **liquidity**, **operational**, **compliance**, **legal**, and **strategic risk**[111](index=111&type=chunk) - **Stress testing** is used to assess material risks and vulnerabilities, informing business strategy, **risk appetite**, and **capital planning** decisions[130](index=130&type=chunk) [Supervision and Regulation](index=26&type=section&id=Supervision%20and%20Regulation) Discover is extensively regulated by federal and state authorities, including the Federal Reserve, FDIC, and CFPB, as a Category IV institution - The company is a **bank holding company** regulated by the **Federal Reserve**, while its subsidiary **Discover Bank** is regulated by the **Delaware Commissioner** and the **FDIC**[137](index=137&type=chunk)[138](index=138&type=chunk) - Under the tailoring rules, DFS is a **Category IV institution**, subject to the least stringent category of enhanced prudential standards for large **bank holding companies**, including supervisory **stress tests** every other year[144](index=144&type=chunk) - The **Consumer Financial Protection Bureau (CFPB)** has broad supervisory, examination, and enforcement authority over Discover's consumer financial products and services[163](index=163&type=chunk) - The **Dodd-Frank Act** includes provisions relevant to the **PULSE debit network**, requiring merchants to control transaction routing and mandating that interchange fees be 'reasonable and proportional'[167](index=167&type=chunk) [Item 1A. Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from economic conditions, evolving regulations, intense competition, and operational challenges like cybersecurity [Current Economic and Regulatory Environment](index=36&type=section&id=Current%20Economic%20and%20Regulatory%20Environment) Discover's business is highly sensitive to economic conditions and a complex, evolving regulatory landscape, impacting operations and costs - Adverse economic conditions can reduce **credit card** usage and increase delinquencies, impacting **interest income**, which was **80%** of net revenues in 2022[183](index=183&type=chunk)[184](index=184&type=chunk) - As a **Category IV institution**, DFS is subject to tailored enhanced prudential standards, including biennial **stress tests**, but many core **Dodd-Frank Act** provisions remain in effect[185](index=185&type=chunk)[186](index=186&type=chunk) - Heightened regulatory expectations and an increased volume of regulatory changes may generate additional expenses and require significant resources to maintain compliance[189](index=189&type=chunk) [Strategic Business Risk](index=38&type=section&id=Strategic%20Business%20Risk) The company faces intense strategic competition in lending and payments, with success dependent on global network acceptance and student loan stability - The consumer financial services business is highly competitive, with rivals including traditional banks and non-traditional fintech firms[190](index=190&type=chunk) - The rewards rate (rewards cost divided by **Discover Card** sales volume) has increased from less than **1%** in 2013 to **1.41%** in 2022, reflecting intense competition[191](index=191&type=chunk) - The **payments business** faces substantial competition from larger, well-established networks like **Visa** and **MasterCard**, which have greater merchant acceptance and global brand recognition[196](index=196&type=chunk)[197](index=197&type=chunk) - The success of the **student loan business** is challenged by economic weakness, potential legislative changes, and competition from non-traditional lenders[207](index=207&type=chunk) [Credit, Market and Liquidity Risk](index=41&type=section&id=Credit%2C%20Market%20and%20Liquidity%20Risk) Discover is exposed to credit risk from loan repayments, liquidity risk from funding sources, and market risk from interest rate fluctuations - At December 31, 2022, **$1.3 billion** (**1.14%**) of **loan receivables** were non-performing, highlighting the inherent **credit risk** in the lending business[212](index=212&type=chunk) - The company's primary funding sources are customer **deposits** and securitization of **credit card receivables**. As of Dec 31, 2022, it held **$70.5 billion** in direct/affinity **deposits** and **$21.1 billion** in brokered **deposits**[214](index=214&type=chunk)[218](index=218&type=chunk) - An early amortization event in **credit card securitizations**, triggered by factors like insufficient cash flows, would materially and adversely affect **liquidity**[224](index=224&type=chunk) - Changes in **interest rates** can materially affect earnings, as rising rates increase funding costs and may lead to higher consumer delinquencies[229](index=229&type=chunk)[231](index=231&type=chunk) [Operational and Other Risks](index=47&type=section&id=Operational%20and%20Other%20Risks) Operational risks include model effectiveness, cybersecurity threats, fraud, third-party reliance, reputational damage, and regulatory limitations on capital actions - The company's **digital banking** and network operations rely on the secure processing of sensitive information, making it a target for **cyber-attacks**[236](index=236&type=chunk) - Fraudulent activity is a significant risk, with **fraud losses** and other charges totaling **$149 million** in 2022, up from **$92 million** in 2021[251](index=251&type=chunk) - The company depends on **third-party service providers** for key operations; failure by these providers could negatively impact business operations and customer service[256](index=256&type=chunk) - The ability to pay dividends and repurchase stock is subject to the discretion of the Board of Directors and regulatory limitations imposed by the **Federal Reserve**[273](index=273&type=chunk) [Item 1B. Unresolved Staff Comments](index=59&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None[281](index=281&type=chunk) [Item 2. Properties](index=59&type=section&id=Item%202.%20Properties) The company's principal U.S. properties, including headquarters and call centers, are considered suitable and adequate for current needs - The company's main properties are in the U.S. and include its corporate headquarters, call centers, and a processing center, which are deemed adequate for its needs[282](index=282&type=chunk)[283](index=283&type=chunk) [Item 3. Legal Proceedings](index=59&type=section&id=Item%203.%20Legal%20Proceedings) Information regarding legal proceedings is detailed in Note 19 to the consolidated financial statements - For a description of legal proceedings, see Note 19: Litigation and Regulatory Matters to our consolidated financial statements[284](index=284&type=chunk) [Item 4. Mine Safety Disclosures](index=59&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reports no mine safety disclosures - None[285](index=285&type=chunk) [Part II](index=60&type=section&id=Part%20II) [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=60&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Discover's common stock trades on the NYSE, with a $4.2 billion share repurchase program approved in April 2022, resuming in November - In April 2022, a new **share repurchase program** was approved, authorizing up to **$4.2 billion** of **share repurchases** through June 30, 2023[288](index=288&type=chunk) - **Share repurchases** were suspended in July 2022 due to an internal investigation into student loan servicing practices and resumed in November 2022 upon its completion[289](index=289&type=chunk) Q4 2022 Share Repurchases | Period | Total Shares Purchased (Repurchase Program) | Average Price Paid Per Share | | :--- | :--- | :--- | | Oct 1-31, 2022 | — | $ — | | Nov 1-30, 2022 | 850,874 | $107.77 | | Dec 1-31, 2022 | 5,031,837 | $101.08 | | **Total Q4 2022** | **5,882,711** | **$102.04** | [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=62&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2022, net income decreased to $4.4 billion due to higher credit loss provisions, despite 20% loan growth, with continued growth expected in 2023 [2022 Highlights and Outlook](index=62&type=section&id=2022%20Highlights%20and%20Outlook) In 2022, net income decreased to $4.4 billion, while total loans grew 20% to $112.1 billion, with continued loan growth and rising charge-offs expected 2022 Key Performance Indicators (vs. 2021) | Metric | 2022 | 2021 | Change | | :--- | :--- | :--- | :--- | | Net Income | **$4.4 billion** | **$5.4 billion** | **-18.5%** | | Diluted EPS | **$15.50** | **$17.83** | **-13.1%** | | Total Loans | **$112.1 billion** | **$93.7 billion** | **+20%** | | Credit Card Loans | **$90.1 billion** | **$74.4 billion** | **+21%** | | Credit Card Net Charge-off Rate | **2.05%** | **2.09%** | **-4 bps** | | Credit Card 30+ Day Delinquency | **2.53%** | **1.66%** | **+87 bps** | | Direct-to-Consumer Deposits | **$70.5 billion** | **$61.9 billion** | **+14%** | - The company expects continued **loan growth**, a modest increase in **net interest margin**, and an increase in the total **net charge-off rate** for the upcoming year[305](index=305&type=chunk) [Regulatory Environment and Developments](index=63&type=section&id=Regulatory%20Environment%20and%20Developments) Discover operates under stringent regulations, including biennial CCAR stress tests, LIBOR to SOFR transition, and CFPB scrutiny on consumer fees - Following the 2022 **CCAR** exercise, the **Federal Reserve** set Discover's new **Stress Capital Buffer (SCB)** at **2.5%**, the lowest possible requirement, effective October 1, 2022[304](index=304&type=chunk) - The company is transitioning away from **LIBOR**. As of December 31, 2022, **LIBOR**-indexed loans comprised **39%** of the **private student loan portfolio** and will convert to a **SOFR** index in 2023[310](index=310&type=chunk)[311](index=311&type=chunk) - The **CFPB's** priorities under Director Chopra include increased enforcement with a focus on consumer fees, **UDAAP**, fair lending, and **student loan servicing**[316](index=316&type=chunk) [Results of Operations](index=67&type=section&id=Results%20of%20Operations) Consolidated net income decreased 19% to $4.4 billion in 2022, driven by higher credit loss provisions and equity investment losses in Payment Services Consolidated Earnings Summary (2022 vs. 2021) | Metric | 2022 ($M) | 2021 ($M) | % Change | | :--- | :--- | :--- | :--- | | Net Interest Income | 10,999 | 9,517 | **+16%** | | Provision for Credit Losses | 2,359 | 218 | **+982%** | | Other Income | 2,338 | 2,570 | **-9%** | | Other Expense | 5,236 | 4,805 | **+9%** | | **Net Income** | **4,392** | **5,449** | **-19%** | - The **Digital Banking** segment's **pretax income** decreased to **$5.7 billion** in 2022 from **$6.5 billion** in 2021, largely due to a higher **provision for credit losses**[327](index=327&type=chunk) - The **Payment Services** segment's **pretax income** fell to **$9 million** in 2022 from **$533 million** in 2021, primarily due to net losses on equity investments[332](index=332&type=chunk) [Loan Quality](index=76&type=section&id=Loan%20Quality) Total loan receivables grew to $112.1 billion, with the allowance for credit losses increasing due to loan growth and rising delinquency rates Loan Portfolio and Allowance for Credit Losses (in millions) | Metric | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Total Loan Receivables | **$112,120** | **$93,684** | | Allowance for Credit Losses | **$7,374** | **$6,822** | | Net Loan Receivables | **$104,746** | **$86,862** | Key Credit Quality Metrics (2022 vs. 2021) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Credit Card Net Charge-off Rate | **2.05%** | **2.09%** | | Credit Card 30+ Day Delinquency Rate | **2.53%** | **1.66%** | | Private Student Loan Net Charge-off Rate | **1.00%** | **0.63%** | | Personal Loan Net Charge-off Rate | **1.25%** | **1.73%** | - The **allowance for credit losses** build of **$552 million** in 2022 was primarily driven by **loan growth**. The **macroeconomic forecast** used in the estimate included a peak **unemployment rate** of **4.68%**[359](index=359&type=chunk)[360](index=360&type=chunk) [Liquidity and Capital Resources](index=83&type=section&id=Liquidity%20and%20Capital%20Resources) Discover maintains strong liquidity and capital, funded primarily by deposits and securitizations, with a CET1 ratio of 13.3% and active capital returns - Primary funding sources include direct-to-consumer and brokered **deposits**, which totaled **$91.6 billion** at December 31, 2022[389](index=389&type=chunk)[390](index=390&type=chunk) - Total **liquidity portfolio** and **undrawn credit facilities** increased to **$67.3 billion** at year-end 2022, up from **$52.9 billion** at year-end 2021[422](index=422&type=chunk) Capital Ratios (DFS) as of Dec 31, 2022 | Ratio | Actual | Minimum Requirement | | :--- | :--- | :--- | | Common Equity Tier 1 (CET1) | **13.3%** | **≥4.5%** | | Tier 1 Capital | **14.3%** | **≥6.0%** | | Total Capital | **16.0%** | **≥8.0%** | - In 2022, the company repurchased approximately **21.5 million** shares for **$2.3 billion** and increased its **quarterly common stock dividend** to **$0.60** per share[438](index=438&type=chunk)[442](index=442&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=95&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations, managed through portfolio mix and derivatives, with a modestly asset-sensitive position - The company's main **market risk** is **interest rate risk**, which affects **net interest income**[444](index=444&type=chunk)[445](index=445&type=chunk) Net Interest Income Sensitivity to Interest Rate Changes (as of Dec 31, 2022) | Basis Point Change | Estimated Impact on NII ($M) | Estimated Impact on NII (%) | | :--- | :--- | :--- | | +100 | **$183** | **1.40%** | | -100 | **$(190)** | **(1.45)%** | - The company's current short-term **interest rate risk** position is modestly **asset-sensitive**, which management considers prudent in a rising rate environment[452](index=452&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=98&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the consolidated financial statements, auditor's report, and notes, with the Allowance for Credit Losses as a critical audit matter [Report of Independent Registered Public Accounting Firm](index=98&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Deloitte & Touche LLP issued an unqualified opinion on financial statements and internal controls, identifying Allowance for Credit Losses as a critical audit matter - The independent auditor, **Deloitte & Touche LLP**, issued an **unqualified opinion** on the financial statements and **internal control over financial reporting**[455](index=455&type=chunk)[462](index=462&type=chunk) - The **critical audit matter** identified was the **Allowance for Credit Losses**, due to the high degree of auditor judgment required to evaluate management's significant estimates and assumptions, particularly regarding the **macroeconomic outlook**[466](index=466&type=chunk)[467](index=467&type=chunk)[471](index=471&type=chunk) [Consolidated Financial Statements](index=102&type=section&id=Consolidated%20Financial%20Statements) Total assets grew to $131.6 billion, driven by net loan receivables, with total liabilities increasing due to deposits, and net income at $4.4 billion Consolidated Statement of Financial Condition Highlights (in billions) | Account | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Total Assets | **$131.6** | **$110.2** | | Net Loan Receivables | **$104.7** | **$86.9** | | Total Deposits | **$91.6** | **$72.4** | | Total Liabilities | **$117.0** | **$96.8** | | Total Stockholders' Equity | **$14.6** | **$13.4** | Consolidated Statement of Income Highlights (Year Ended Dec 31, in billions) | Account | 2022 | 2021 | | :--- | :--- | :--- | | Total Interest Income | **$12.9** | **$10.7** | | Net Interest Income | **$11.0** | **$9.5** | | Provision for Credit Losses | **$2.4** | **$0.2** | | Total Other Income | **$2.3** | **$2.6** | | Total Other Expense | **$5.2** | **$4.8** | | **Net Income** | **$4.4** | **$5.4** | [Notes to the Consolidated Financial Statements](index=107&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Notes detail accounting policies, allowance for credit losses, securitizations, capital adequacy, litigation, and segment financial data - The **allowance for credit losses** is estimated using models that consider probability of default, exposure at default, and loss given default, incorporating **macroeconomic forecasts** over a reasonable and supportable period (Note 4)[504](index=504&type=chunk)[509](index=509&type=chunk) - **Credit card** and **student loan securitizations** are accounted for as **secured borrowings**, with the related trusts consolidated. As of Dec 31, 2022, **$25.8 billion** of **credit card receivables** were in the trust (Note 5)[394](index=394&type=chunk)[594](index=594&type=chunk) - The company is subject to a 2020 **consent order** with the **CFPB** regarding **private student loan servicing practices**, which required a **$25 million civil money penalty** and at least **$10 million in consumer redress** (Note 19)[680](index=680&type=chunk) - The **Digital Banking** segment generated **$5.7 billion** in **pretax income** in 2022, while the **Payment Services** segment generated **$9 million** (Note 22)[720](index=720&type=chunk) [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=168&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[738](index=738&type=chunk) [Item 9A. Controls and Procedures](index=168&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls and internal control over financial reporting were effective as of December 31, 2022 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of December 31, 2022[739](index=739&type=chunk) - Management concluded that **internal control over financial reporting** was effective as of December 31, 2022, based on the **COSO framework**[741](index=741&type=chunk) - A new **general ledger system** was implemented in Q1 2022 to modernize technology, resulting in modifications to the control environment[743](index=743&type=chunk) [Item 9B. Other Information](index=168&type=section&id=Item%209B.%20Other%20Information) The company reports no other information - None[745](index=745&type=chunk) [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=168&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[746](index=746&type=chunk) [Part III](index=170&type=section&id=Part%20III) [Item 10. Directors, Executive Officers and Corporate Governance](index=170&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2023 proxy statement - Information regarding directors and corporate governance is incorporated by reference from the company's 2023 **proxy statement**[748](index=748&type=chunk) [Item 11. Executive Compensation](index=170&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's 2023 proxy statement - Information regarding executive compensation is incorporated by reference from the company's 2023 **proxy statement**[750](index=750&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=170&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on equity compensation plans and beneficial ownership is incorporated by reference from the company's 2023 proxy statement - Information regarding security ownership and equity compensation plans is incorporated by reference from the company's 2023 **proxy statement**[750](index=750&type=chunk)[751](index=751&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=170&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related transactions and director independence is incorporated by reference from the company's 2023 proxy statement - Information regarding related transactions and director independence is incorporated by reference from the company's 2023 **proxy statement**[752](index=752&type=chunk) [Item 14. Principal Accounting Fees and Services](index=170&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on principal accounting fees and services is incorporated by reference from the company's 2023 proxy statement - Information regarding principal accounting fees and services is incorporated by reference from the company's 2023 **proxy statement**[752](index=752&type=chunk) [Part IV](index=171&type=section&id=Part%20IV) [Item 15. Exhibits, Financial Statement Schedules](index=171&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the consolidated financial statements and an index of all exhibits filed with the Form 10-K - This section contains the index to the consolidated financial statements and a list of all exhibits filed with the Form 10-K[753](index=753&type=chunk)[757](index=757&type=chunk) [Item 16. Form 10-K Summary](index=177&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no Form 10-K summary - None[767](index=767&type=chunk)

Discover Financial Services (NYSE:DFS) Q4 2022 Results Conference Call January 19, 2023 8:00 AM ET Company Participants Eric Wasserstrom - Head of Investor Relations Roger Hochschild - Chief Executive Officer John Greene - Chief Financial Officer Conference Call Participants Moshe Orenbuch - Credit Suisse Sanjay Sakhrani - KBW John Hecht - Jefferies Mark DeVries - Barclays Betsy Graseck - Morgan Stanley Rick Shane - JPMorgan Bob Napoli - William Blair John Pancari - Evercore ISI Bill Carcache - Wolfe Resear ...