American Express (AMEX) (AXP) 2023 Q2 Earnings Call

Ladies and gentlemen, thank you for standing by. Welcome to the American Express Q2-2023 earnings call. At this time, all participants are on a listen-only mode. Later, we will conduct a question and answer session. If you wish to ask a question, please press star, then one on your touch-tone phone. You will hear a tone indicating that you have been placed in Q. You may remove yourself from the Q at any time by pressing star, then two. If you're using a speakerphone, please pick up the handset before pressing the numbers. Should you require assistance during the call, please press star, then zero. As a reminder, today's call is being recorded.

女士们先生们，感谢您们的等候。欢迎参加美国运通二季度2023财报电话会议。此时，所有参与者处于听取模式。稍后，我们将进行问答环节。如果您想提问，请按下您手机上的星号键，然后按一。您将听到一个音调，表示您已加入提问队列。如果您想退出提问队列，请按下星号键，然后按二。如果您使用的是免提电话，请在按下按键之前拿起听筒。如果在电话会议中需要协助，请按下星号键，然后按零。请注意，今天的电话会议将被记录下来。

I will now turn the conference over to our host head of investor relations, Ms. Kerry Bernstein. Thank you. Please go ahead.

现在我将会把会议交给我们的主持人和投资者关系负责人 Kerry Bernstein 女士。谢谢。请开始。

Thank you, Donna. And thank you all for joining today's call. As a reminder, before we begin, discussion contains certain forward-looking statements about the company's future business and financial performance. These are based on management's current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these statements are included in today's presentation slides and in our reports on file with the FCC. The discussion today also contains non-GAP financial measures. The comparable GAP financial measures are included in this quarter's earnings materials, as well as the earnings materials for the prior periods we discussed. All of these are listed on our website at IR.AmericanExpress.com.

谢谢，唐娜。感谢大家参加今天的电话会议。在我们开始之前，提醒一下，讨论内容包含了有关公司未来业务和财务表现的一些前瞻性陈述。这些陈述是基于管理层的当前预期，可能面临风险和不确定性。导致实际结果与这些陈述有所不同的因素包含在今天的演示幻灯片中，也包含在我们向联邦通信委员会提交的报告中。今天的讨论还包含非通用会计准则的财务指标。可比较的通用会计准则财务指标包含在本季度的盈利材料中，以及我们讨论过的之前时期的盈利材料中。所有这些都可以在我们的网站 IR.AmericanExpress.com 上找到。

We'll begin today with Steve Squary, Chairman and CEO, who will start with some remarks about the company's progress and results. And then Jeff Campbell, Chief Financial Officer, will provide a more detailed review of our financial performance. After that, we'll move to a Q&A session on the results with both Steve and Jeff. With that, let me turn it over to Steve.

今天我们将由董事长兼首席执行官史蒂夫·斯卡里首先发表有关公司进展和业绩的讲话。接下来，首席财务官杰夫·坎贝尔将详细回顾我们的财务表现。之后，我们将与史蒂夫和杰夫进行有关业绩的问答环节。现在，请听史蒂夫发言。

Good morning, everyone. Thanks for joining us today for our second quarter earnings call. This was the sixth consecutive quarter of strong performance since we announced the growth plan in January of 2020. Revenues of $15 billion grew 12% year over year and reached a record high for the fifth straight quarter. Earnings per share of $2.89 is also a quarterly record and is also up 12% over last year. Based on our performance through the first half, we are reaffirming our guidance for the year of delivering revenue growth at 15% to 17% and EPS of $11 to $11.40. We also remain focused on achieving our growth plan aspirations of annual revenue growth in excess of 10% and mid-teens EPS growth in 2024 and beyond in a steady-state macro environment. I continue to feel very good about our ability to achieve these long-term aspirations.

大家早上好。感谢大家今天参加我们的第二季度盈利电话会议。自2020年1月宣布增长计划以来，这已经是我们连续第六个季度的强劲表现。营收达到了150亿美元，同比增长了12%，连续第五个季度创下历史新高。每股收益为2.89美元，也是季度新高，同比增长了12%。根据上半年的表现，我们重申年度营收增长15%至17%和每股收益11至11.40美元的指引。我们还将继续专注于在稳定的宏观环境下实现每年超过10%的年度营收增长和2024年及以后每年中青年人的每股收益增长目标。我对我们实现这些长期目标的能力仍然非常有信心。

Let me tell you why. As I've said on previous calls and at investor conferences, we have a business model that's differentiated from others in the industry, which gives us some important advantages. Our business model is built largely around our fee-based premium products, which drive our spend-centric economics and produce the fast-growing stream of subscription-like revenues. Spending is the largest contributor of revenues while lending plays a more modest role in our model. This revenue mix is a key differentiator for us.

让我告诉你为什么。正如我在之前的电话和投资者会议上所说过的，我们的商业模式与行业中的其他公司有所区别，这为我们带来了一些重要的优势。我们的商业模式主要基于我们的收费高级产品，这推动了我们的支出中心经济模型，并产生了快速增长的类订阅的收入流。支出是收入的最大贡献者，而借贷在我们的模型中扮演了更加适度的角色。这种收入结构的组合对我们来说是一个重要的区分因素。

It all starts with our premium customer base, which is built on our trusted brand. We have a global scale that's unmatched in the industry and leadership positions with a diverse range of high-quality customers. We build long-term relationships through our unique membership model, which we constantly evolve to attract new customers and grow with them over time. Our high-spending card members attract a wider range of merchants and business partners, giving our customers and partners even more reasons to stay with us, which fuels a virtuous cycle of growth.

一切始于我们信任的品牌所建立的高端客户群。我们在行业中拥有无与伦比的全球规模和领先地位，并与各类高质量的客户建立长期合作关系。通过我们独特的会员模式，我们不断迭代以吸引新客户，并与他们共同成长。我们高消费的卡片会员吸引了更广泛的商家和业务合作伙伴，给我们的客户和合作伙伴提供了更多理由与我们保持合作，从而推动了良性循环的增长。

Partnerships play an important role in our model. We have a long history of partnering with brands who share our values of backing customers with world-class products and services, and who value developing broad-based and long-term relationships with us.

合作伙伴在我们的模式中起着重要的作用。我们与那些与我们价值观相同的品牌建立了长期的合作关系，这些合作伙伴支持我们为客户提供世界一流的产品和服务，并重视与我们建立广泛而长期的合作关系。

Hilton is one of those longstanding partnerships. Our relationship started 70 years ago when we opened the travel office at a Hilton Hotel in Madrid, then grew into a merchant relationship after we began issuing cards, and then became our first co-brand partner in the 90s. The partnership has lasted and grown over time because we evolved together and put our customers at the center of what we do.

希尔顿是那种长期合作伙伴之一。我们的关系始于70年前，当时我们在马德里的一家希尔顿酒店开设了旅行社，之后在我们开始发行信用卡后进一步发展成商户关系，然后在90年代成为我们的第一个合作品牌伙伴。这个伙伴关系之所以持久并不断发展，是因为我们共同成长，并把我们的客户放在我们所做的一切的核心。

Today, I'm pleased to announce that we've signed a 10-year extension of our relationship with Hilton, which includes continuing as the exclusive co-brand issue of Hilton Consumer and Small Business Cards in the United States, as well as extensions of our travel and merchant relationships. This extension builds on the strong foundation we've built over the years with Hilton, and gives us a long runway to invest in products and services, and exchanges that attract new customers and deepen our relationships with existing ones. It's a great example of the strength of our business model in that it touches virtually all aspects of our business, providing our customers and our partner with exceptional value.

今天，我很高兴地宣布我们与希尔顿的关系签订了为期10年的延期协议。根据协议，我们将继续成为希尔顿在美国市场唯一合作发行消费者和小企业卡的合作伙伴，并延续我们在旅行和商户合作方面的关系。这一延期协议建立在我们多年来与希尔顿建立的坚实基础之上，为我们投资于产品和服务以及拓展吸引新客户和深化与现有客户关系的交流提供了长期的支撑。它是我们商业模式实力的一个很好例证，涵盖了我们业务的几乎所有方面，为我们的客户和合作伙伴提供了异常的价值。

Our philosophy of making continuous strategic investments on our business model is what's driving our growth today, and it's the way we plan to run our business going forward.

我们持续对我们的商业模式进行战略性投资的理念，正是推动我们今天的增长，也是我们未来经营业务的方式。

For our second quarter performance, the power of our differentiated model can be seen in our results. Card members spending hit another all-time high in the quarter, with US consumers and card members outside the US, both up by double digits, which offsets some softness in US small business. Millennial and Gen Z consumers continue to be the fastest growing portion of our card member base with US buildings up 21% in the quarter.

在我们第二季度的表现中，我们不同寻常的模式所带来的力量可以从我们的成果中看出来。卡片会员的消费在这个季度再次达到了历史新高，其中包括美国消费者和国外的卡片会员，两者都增长了两位数，这抵消了美国小型企业的一些不足。千禧一代和Z一代消费者继续成为我们的卡片会员群体中增长最快的部分，这个季度美国建筑物的增长率达到了21%。

A particular note you'll recall that our international card business was our fastest growing segment in several years prior to the pandemic, and it's again the fastest growing. We continue to see strong growth in travel and entertainment spending, which increased by double digits in the quarter, and remain strong across customer categories and geographies. Q2 is a record quarter for restaurant reservations to our resi platform, and bookings to our consumer travel business reach their highest level since before the pandemic.

你可能还记得，在疫情爆发之前的几年中，我们的国际卡业务一直是我们增长最快的部门，而且现在又达到了最快增长的速度。我们继续看到旅行和娱乐支出强劲增长，此项支出在本季度增长了两位数，并在各个客户类别和地理区域保持强劲增长。第二季度成为我们“resi”平台的餐厅预订的最高纪录季度，以及自疫情爆发前以来我们消费者旅行业务预订达到最高水平。

We also saw a continued strong demand for our premium products in the quarter. With over 70% of the new accounts we acquired on fee-based products, and more than 60% of new customer accounts acquired globally are coming from millennials and Gen Zs. While a number of new accounts is important, we pay particular attention to the quality and potential revenues they represent. And when you look at the accounts we required over the last year compared to those we acquired over a comparable period pre-pandemic, the overall revenue being generated by these new accounts is up substantially over 2019.

在这个季度，我们还看到了我们优质产品的持续强劲需求。我们新增客户中，有超过70%选择了按费用计算的产品，而全球范围内60%以上的新客户来自千禧一代和Z一代。尽管新客户数量很重要，但我们特别关注他们的质量和潜在收入。当你将我们在过去一年内获得的客户与疫情前同期获得的客户进行比较时，这些新客户所带来的总收入大幅超过了2019年的水平。

Importantly, we continue to be thoughtful about who we grow with and how. And you see that in our results. Our credit metrics remain best in class supported by the premium nature of our customer base, our robust risk management capabilities, and the thoughtful underwriting actions we take on an ongoing basis that we've discussed with you on these calls over the last several quarters.

重要的是，我们在与谁合作以及如何合作方面始终保持深思熟虑。这一点在我们的业绩中体现出来。我们的信贷指标保持在同类中最佳水平，这得益于我们客户群体的优势特点、强大的风险管理能力以及我们持续采取的审慎的贷款承销措施，这些措施我们在过去几个季度的电话会议中已经向您详细介绍过。

Before I turn it over to Jeff, I want to take a couple of minutes to talk about our CFO transitions. As we announced last month, Jeff will be stepping down as our CFO on August 14th, at which time our deputy CFO, Christoph LeChayak, will become CFO of the company.

在我把发言权移交给杰夫之前，我想花几分钟谈谈我们的首席财务官的变动。正如我们上个月宣布的那样，杰夫将于8月14日辞去首席财务官职务，届时我们的副首席财务官克里斯托夫·勒夏亚克将成为公司的首席财务官。

First, I recognize Jeff and Dankham for his outstanding tenure as our CFO for the past decade. He's been an invaluable partner and friend to me and to American Express throughout his time at the company. Jeff's insights, strategic acumen, and calm, opus approach has helped us navigate through numerous challenges, including the unprecedented COVID pandemic, while strengthening the company's overall financial position and the flexibility of our business model. Jeff is a person of exceptional integrity, and our company is stronger today because of him.

首先，我要向杰夫和丹卡姆对他过去十年在我们公司担任首席财务官的出色任职表示认可。他在公司期间一直是我和美国运通宝贵的合作伙伴和朋友。杰夫的洞察力、战略洞察力以及冷静而卓越的处理方式帮助我们在无数挑战中前进，包括前所未有的COVID-19大流行，同时增强了公司的整体财务状况和业务模式的灵活性。杰夫是一个非常正直的人，我们的公司今天更加强大，这多亏了他。

While Jeff will officially be stepping down as CFO in the end of August, he'll be standing on as our vice chairman until next March, during which time he'll be available to me, Christoph, and our executive committee, as we work on many of the important matters facing the company. Jeff, I speak for all of us at American Express when I say that it's truly been an honor and a pleasure working with you as our CFO these last 10 years.

尽管杰夫将在8月底正式辞去首席财务官职务，但他将继续担任我们的副董事长直到明年三月。在这段时间里，我们将与克里斯托弗和执行委员会共同解决许多公司面临的重要事项，而杰夫将一直在身边提供帮助。杰夫，我代表美国运通的全体员工感慨万分，感谢您在过去10年中作为我们的首席财务官所做出的卓越贡献，与您共事真是荣幸和快乐。

I also want to welcome Christoph, who has been a trusted partner to our leadership team and a key contributor to our company's growth for 25 years. As our deputy CFO, Christoph works closely with our executive committee, Jeff and me to drive our financial strategy and performance. Over his tenure, he has served in finance leadership roles across the company. Christoph has gained a deep knowledge of all aspects of our business and his experience and thoughtful analysis play a key role in our strategic decision making. I'm sure you all enjoy getting to know him.

我还想欢迎Christoph，他已经是我们领导团队的一个可信伙伴，并且是我们公司25年来增长的关键贡献者。作为我们的副首席财务官，Christoph与我们的执行委员会，Jeff和我密切合作，推动我们的财务战略和业绩。在任期内，他在整个公司的财务领导岗位上工作过。Christoph已经对我们业务的各个方面都有了深入了解，他的经验和深思熟虑的分析在我们的战略决策中扮演着关键角色。我相信大家都会喜欢认识他。

With that, I'll now turn it over to Jeff for his 85th earnings call as a public company CFO and his 41st and final call as a CFO of American Express.

随着这个，我现在将把发言权交给杰夫，这将是他作为公开公司首席财务官的第85次财报电话会议，也是他作为美国运通首席财务官的第41次、也是最后一次财务电话会议。

Well, thank you, Steve, and good morning, everybody. It's good to be here to talk about our second quarter of results which are tracking with the guidance we gave for the full year and reflects steady progress against our long-term growth aspirations. Starting with our summary financials on slide two, our second quarter revenues were $15.1 billion, reaching a record high for the fifth straight quarter, up 13% year over year on an FX-adjusted basis. This revenue momentum drove reported net income of $2.2 billion and earnings per share of $2.99, up 12% year over year. This does represent a quarterly EPS record for the company and it also reflects the sequential strengthening we expected as we move through the year that I mentioned last quarter. Pre-tax pre-provision income was $3.9 billion, up to 33% versus the same time period last year, reflecting the strong growth momentum in our underlying earnings.

嗨，谢谢你，史蒂夫，大家早上好。很高兴能在这里谈论我们第二季度的业绩，该业绩符合我们对整个年度的预期，并反映了我们长期增长目标的稳步进展。先从我们的摘要财务情况讲起，如幻灯片二所示，我们第二季度的收入达到了151亿美元，创下了连续第五个季度的纪录高位，按照外汇调整后同比增长了13%。这一收入势头带动了22亿美元的净利润和每股收益2.99美元，同比增长了12%。这为公司创下了季度每股收益纪录，也反映了我们预计今年逐渐加强的季度增长趋势，就像我上个季度提到的那样。税前税后利润为39亿美元，同比增长了33%，体现了我们基本盈利的强劲增长势头。

So now let's get into a more detailed look at our results which in our spin-centric business model always begins with a look at volumes which you see on slides three through seven. In total, you see on slide three that we did reach a new record level for spending on our network this quarter with total network volumes and build business of nine and eight percent year over year, respectively on an FX-adjusted basis. Of course, I'd remind you the growth rates were particularly elevated last quarter as we laughed to the impact of Omocron in the first quarter of our year. We are now seeing the more stable rates that we expect are more representative of the kind of growth rates we will see in the balance of the year.

现在让我们来更详细地看一下我们的业绩，而作为我们以旋转为核心的商业模式的一部分，我们总是从货物数量开始，您可以在第三到第七页上看到。总体而言，在幻灯片第三页上，您可以看到我们在本季度网络开支方面达到了一个新的历史记录水平，根据外汇调整数据，总网络货物数量和建设业务贡献分别同比增长了9％和8％。当然，我要提醒您，增长率上季度特别高，因为我们在本财年第一季度承受了Omocron的影响。现在我们看到的增长率更加稳定，符合我们在本年余下时间内预计的增长率。

Good in-services spending grew 6% overall in the second quarter. We saw good growth in goods and services spending in US consumer and international card services of eight and 15% respectively. All this growth rate in the US SME did continue to slow down a bit further from last quarter. In contrast, we saw very strong growth in travel and entertainment spending across geographies and customer types. Up 14% overall driven by sustained demand for travel and dining experiences. Looking forward, I would expect this growth rate to remain in the double digits through the rest of this year.

第二季度整体来看，服务支出增长了6%。我们看到在美国消费者和国际卡服务方面的商品和服务支出增长了8%和15%。与上一季度相比，美国中小企业的增长率继续有所放缓。相反，我们看到旅游和娱乐支出在各个地区和客户类型中都实现了非常强劲的增长。总体上增长了14%，这是由于对旅行和餐饮体验的持续需求。展望未来，我预计这种增长率将在今年剩余时间保持两位数增长。

Turning to our largest segment, US consumer grew billing strongly at 10% this quarter. Daniel and Gen Z customers continue to drive our highest build business growth within this segment with their spending growing 21% year over year. You see our highest growth again this quarter in international card services with strong growth across both geographies and customer types. Spending from international consumers grew 16% while spending from international SME in large corporate customers grew 19%. This strengthened spending growth from our U.S. consumers and card members outside the U.S. offset the continued softness in US SME spending growth that we have been talking about for the past few quarters.

转向我们最大的细分市场，本季度美国消费者的账单增长强劲，达到10%。丹尼尔和Z世代顾客继续驱动我们在这个细分市场中增长最快的业务增长，他们的消费额同比增长了21%。这个季度我们在国际卡片服务方面再次实现了最高增长，无论是在地理区域还是顾客类型上都实现了强劲的增长。国际消费者的消费额增长了16%，而国际中小企业和大型企业客户的消费额增长了19%。这种来自美国境外的消费者和会员的消费支出增长强化了我们过去几个季度一直在谈论的美国中小企业消费增长的不足问题。

Looking at commercial services, US SME growth came in at 2% this quarter. Looking forward, we will continue to monitor these spending trends. Our U.S. large and global corporate customers also grew billings 2% in the second quarter. As we've said for many years, these customers, while not a particular growth driver for our business, to remain an important foundation for the company's business model. Taking all of this into account, spending volumes are tracking to support our revenue guidance for the year and our long-term aspirations for sustainable growth rates greater than what we were seeing pre-pandemic.

观察商业服务方面，美国中小企业在本季度增长了2%。展望未来，我们将继续监测这些支出趋势。我们的美国大型企业和全球公司客户在第二季度的计费也增长了2%。多年来，我们一直说过，尽管这些客户并非我们业务的特定增长驱动因素，但它们仍是公司商业模式的一个重要基石。综合考虑所有这些因素，支出额正在朝着支持我们今年的收入指引和长期可持续增长率的目标方向发展，这些增长率将超过疫情前的水平。

Now, moving on to loans and card member receivables on slide eight, we saw good continued sequential growth, as well as year-over-year growth of 15%. Year-over-year growth moderated a bit this quarter, as we expected, but remains elevated versus pre-pandemic levels. The interest-bearing portion of our loan and receivable balance continues to grow faster than the overall growth you see, as our customers continue to rebuild balances. Importantly, the majority of this revolving loan growth in the U.S. continues to come from our high credit quality existing customers. We also included a disclosure this quarter, showing that only 8% of our U.S. card member loans and receivables comes from customers with a cycle less than 660.

现在，我们来看一下第八张幻灯片上的贷款和卡片会员应收款项。我们看到了不错的连续增长，以及年度增长率达到15%。与我们的预期一致，年度增长率在本季度有所放缓，但与疫情前的水平相比仍然较高。我们贷款和应收款项中带息部分的增长速度继续超过整体增长速度，因为我们的客户继续还款。重要的是，美国的循环贷款增长的大部分仍来自我们高信用质量的现有客户。此外，在本季度，我们还披露了一个数据，表明我们美国的卡片会员贷款和应收款项中，只有8%来自信用评级低于660的客户。

As you then turn to credit and provision, on slides nine through 11, this high credit quality of our customer base continues to show through in our best-in-class credit performance. Our card member loans and receivables right off and delinquency rates remain below pre-pandemic levels. Delinquency rates remain flat quarter over quarter, while our right off rate continues to move up a bit this quarter, as we expected, as you can see on slide nine. Going forward, as we've talked about for many quarters now, we continue to expect these delinquency and right off rates to increase over time, but they are likely to remain below pre-pandemic levels in 2023.

随后，在幻灯片9至11中，当涉及到信用和计提时，我们的客户群体的高信用质量依然在我们卓越的信用表现中得以体现。我们的卡片会员贷款和应收账款核销率以及拖欠率仍然低于疫情前的水平。拖欠率季度间保持稳定，而核销率在这个季度有所上升，正如我们所预期，您可以在第九页上看到。展望未来，正如我们在过去几个季度中所讨论的，我们预计这些拖欠率和核销率将随着时间的推移而增加，但它们很可能会在2023年保持低于疫情前的水平。

Turning now to the accounting for this credit performance on slide 10, the quarter over quarter growth in our loan balances was the primary driver of our $327 million for build. Now, there was also a small component from incorporating a slightly worse macroeconomic outlook this quarter relative to last quarter. This reserve build combined with net write-offs drove $1.2 billion of provision expense in the second quarter. As you see on slide 11, we ended the second quarter with $4.7 billion of reserves, representing 2.6% of our total loans and card member receivables. This reserve rate remains about 30 basis points below the levels we had pre-pandemic or day one seasonal. We continue to expect this reserve rate to increase a bit as we move through 2023, while also reflecting the continued premiumization of our portfolio.

现在来看一下第10张幻灯片上关于信贷表现的会计处理，我们贷款余额季度增长是我们3.27亿美元的主要原因。同时，这个季度相对上个季度稍微恶化的宏观经济前景也有一小部分贡献。这个储备的累计和净核销共同导致了第二季度12亿美元的拨备费用。正如您在第11张幻灯片上所看到的，第二季度结束时我们拥有47亿美元的储备，占我们总贷款和信用卡会员应收账款的2.6%。与疫情前或首日季节性水平相比，这个储备率仍然低了约30个基点。我们预计随着2023年的推进，这个储备率还会稍微增加，同时也会反映我们组合的持续提质。

Moving next to revenue on slide 12, total revenues, we're up 13% year over year in the second quarter on an FX-adjusted basis. Our largest revenue line, discount revenue, 8% you're referring to as you can see on slide 13, driven by the spending trends we discussed earlier. Net card fee revenues were up 22% year over year in the second quarter on an FX-adjusted basis. As you can see on slide 14, growth remains quite strong and continues to be driven largely by bringing new accounts onto our fee-paying products. This quarter, we acquired 3 million new cards and the spend revenue and credit profiles of these acquisitions continue to look strong relative to what we saw pre-pandemic. Importantly, the acquisition trends you see on slide 14 in this end recent quarters are consistent with our long-term growth aspirations.

在第12页的幻灯片上，我们来谈一下收入。总收入按照外汇调整后，与去年同期相比增长了13%。我们最大的收入来源，即折扣收入，如您在第13页上所见，增长了8%，这是由我们之前讨论的消费趋势所驱动的。按照外汇调整后，第二季度净卡费收入同比增长了22%。正如您在第14页上所看到的，增长仍然非常强劲，并且主要是通过将新账户引入我们的收费产品来推动的。本季度，我们获得了300万张新卡，并且这些新增客户的消费和信用状况相对于疫情前更为强劲。重要的是，您在第14页上看到的这些收购趋势与我们的长期增长目标是一致的。

Moving on to slide 15, you can see that net interest income was up 32% year over year driven primarily by the growth and our revolving loan balances. To sum up on revenues on slide 16, we're seeing broad-based revenue growth across our revenue lines. We're tracking with our expectations, so looking forward, we still expect to see revenue growth within our range of 15 to 17% for the full year of 2023. The revenue momentum we just discussed has been driven by the investments we've made. And those investments show up across the expense lines you see on slide 17.

转到第15张幻灯片，您可以看到净利息收入同比增长32％，主要受到我们循环贷款余额增长的推动。总结一下第16张幻灯片上的收入情况，我们看到我们的各项收入线都出现了广泛的增长。我们正在按照预期进行跟踪，因此展望未来，我们仍然预计2023年全年的收入增长将在15％至17％的范围内。我们刚刚讨论的收入势头是由我们所做的投资推动的。而这些投资在第17张幻灯片上的费用线上也有所体现。

Starting with variable customer engagement expenses, these costs came in at 42% total revenues in the second quarters and are tracking with our expectation for them to run at around 43% of total revenues on a full year basis. On the marketing line, we invested $1.4 billion in the quarter on track with our expectation to have a full year marketing spend of around $5.5 billion. We remain focused on driving efficiencies so that our marketing dollars grow slower than revenues while continuing to drive the high-quality new accounts that Steve discussed earlier.

从顾客参与费用开始，这些成本在第二季度占总收入的42%，并且符合我们预计的全年总收入的43%的水平。在市场营销方面，本季度我们投资了14亿美元，与我们预计的全年市场营销支出约为55亿美元的目标相符。我们仍然专注于提高效率，使市场营销费用增长速度低于收入，同时继续推动史蒂夫之前提到的高质量新账户的增长。

Moving to the bottom of slide 17 brings us to operating expenses, which were $3.4 billion in the second quarter, also tracking with our expectation for operating expenses to be around $14 billion for the full year. This quarter, you see that as we expected, we have far less growth in OPEX relative to our high level of revenue growth. And looking forward, we continue to see OPEX as a key source of leverage.

滑动至第17页的底部，我们来看一下运营开支。第二季度的运营开支为34亿美元，与我们对全年运营开支约为140亿美元的预期相符。在本季度，您会发现，我们的OPEX（运营开支）相对于我们高增长的收入增长来说，增长幅度要小得多，正如我们所预期的一样。展望未来，我们继续将OPEX视作关键的杠杆来源。

Turning next to capital on slide 18, we returned $1.6 billion in capital to our shareholders in the second quarter, including common stock purchases of $1.1 billion and $446 million in common stock dividends, all on the back of strong earnings generation. Now, as you know, this is an off-cycle year for Amex as a C-Car bank. But let me briefly remind you of our capital management approach. We generally increase our dividend roughly in line with earnings and target a 20% to 25% payout ratio. And you saw us do that as we increased our dividend by 15% to 60 cents per share last quarter. We target a C-E-T-1 ratio between 10 and 11%. And we ended the second quarter in the middle of that range at 10.6%. As we think about the potential finalization of Basel III, I'd remind you that our 10% to 11% C-E-T-1 target range is actually well above our current regulatory minimum of 7%. We plan to continue to return to shareholders the excess capital we generate while supporting our balance sheet growth. And we don't expect any material near-term changes for our capital management approach driven by the evolution of these rules.

在幻灯片18转向资本部分，我们在第二季度向股东们返还了16亿美元的资本，包括11亿美元的普通股票购买和4.46亿美元的普通股票股息，这都是在强劲的盈利基础上完成的。现在，正如您所知，这是美国运通在C-Car银行中的一个非循环年份。但是让我简要地提醒您我们的资本管理方法。我们通常根据盈利情况大致提高分红，并且目标分红比率为20%到25%。就在上个季度，您看到我们将每股分红提高了15%至60美分。我们的C-E-T-1比率目标范围为10%到11%。在第二季度，我们以10.6%的比率处于这一范围的中间位置。当我们思考巴塞尔III的可能最终确定时，我想提醒您我们的10%到11%的C-E-T-1目标范围实际上远高于当前的最低监管要求7%。在支持我们的资产负债表增长的同时，我们计划继续将我们创造的多余资本返还给股东。而且我们不预计在短期内会因为这些规则的演变而对我们的资本管理方法进行重大变更。

So that then brings us to slide 19 in the growth plan. To step back for a minute, I joined the bank express 10 years ago in 2013 because I was excited about the long-term growth prospects for the company. Today, as I joined you from my last earnings call, I'm actually even more excited about those growth prospects. Steve and I first introduced our new multi-year growth aspirations back in January of 2022. And I would point out that Christoph was in the room for every key decision we made as we developed that plan with the senior business leaders across AMEX. Now, in July of 2023, we have consistently achieved the aspirations we set out six quarters ago thanks to the great efforts of our 77,000 colleagues across American Express.

这就引出了我们增长计划中的第19页。退一步来说，我在2013年以对公司长期增长前景感到兴奋的心情加入银行快递。今天，在上次盈利电话会议上我加入你们之际，我对这些增长前景感到更加兴奋。史蒂夫和我在2022年1月首次提出了我们的多年增长愿景。我要指出，对于我们与美国运通的高级业务领导人共同制定计划的每个重要决策，克里斯托夫都在场。现在，2023年7月，由于美国运通全体77,000名同事的辛勤努力，我们已经持续实现了六个季度前制定的愿景。

So we are reconfirming today our 2023 full-year revenue guidance of 15% to 17% growth with EPS in the range of $11 to $11.40. Our revenue momentum and customer acquisition trends are positioning us well for our growth aspirations this year in 2024 and beyond. So this momentum combined with this being my 85th consecutive earnings crawl across three industries without a break makes this a good time for me to transition the CFO role to Christoph. With that, I'll ask Christoph to say a few words before Steve and I take your questions.

今天我们再次确认我们2023年全年收入增长指引为15%至17%，每股收益范围在11至11.40美元。我们的收入势头和客户收购趋势使我们在2024年及以后的增长追求中处于良好的位置。因此，这股势头加上我连续85次在三个行业中担任财务总监的经验，使我能够将CFO职务交给克里斯托夫。在此之前，我请克里斯托夫发表几句话，然后史蒂夫和我会回答你们的问题。

Thank you, Jeff. And good morning, everyone. I'm excited to continue the strong legacy of performance that Steve and Jeff have delivered forward to spending time with many of you on the call in the coming months. With that, I'll turn the call over back to Kerry to open up the call for your questions.

谢谢你，杰夫。大家早上好。我很激动地将史蒂夫和杰夫带来的卓越业绩传承下去，并期待在未来几个月里与你们中的许多人通话交流。说到这里，我将通话交还给凯丽，她将为你们的问题开放通话。

Thank you, Christoph. Before we open up the lines for Q&A, I will ask those in the queue to please limit yourself to just one question. Thank you for your cooperation. And with that, the operator will now open up the line for questions. Donna?

谢谢，克里斯托夫。在我们开放问题与回答环节之前，我要求排队的人只提一个问题。感谢大家的合作。现在接线员将会开始提问环节。多娜，请开始。

Ladies and gentlemen, if you wish to ask a question, please press star, then one on your touch tone phone. You'll hear a tone indicating that you've been placing Q. You may remove yourself from the queue at any time by pressing star, then two. If you are using a speaker phone, please pick up the handset before pressing the numbers. One moment, please, for the first question. Our first question comes from Sanjay Sakharani of KBW. Please go ahead.

女士们先生们，如果您想要提问，请按下您手机的星号键，然后按下数字键一。您会听到一个音调，表示您已经进入了提问队列。您可以随时按下星号键，然后按下数字键二来退出队列。如果您正在使用免提电话，请在按下数字键之前拿起话筒。稍等片刻，请提出第一个问题。我们的第一个问题来自KBW的Sanjay Sakharani，请开始。

Thanks. Good morning. And congratulations, Jeff. You've had quite a run at American Express. It's been very helpful throughout your tenure. And I'm sure you will be in your remaining position. Christoph, I look forward to working with you. My first question is on build business growth. Obviously, there's so much noise over the last couple of years, and even in this year. And I'm just, Jeff, you talked about stabilization going forward and expecting that. Could you just talk about what gives you the confidence that you see that stabilization? Because we're still a little bit above trend in terms of that growth and then what you need in the back half to get to that growth guidance on revenues?

谢谢。早上好。祝贺你，Jeff。你在美国运通公司度过了相当长时间，为你的职位带来了很大的帮助。我相信你在剩下的职位上也会很出色。Christoph，期待与你合作。我的第一个问题是关于企业增长。显然，过去几年甚至今年我们都听到了很多噪音。Jeff，你说过未来将会稳定，并对此表示有信心。你能谈谈是什么让你有信心看到这种稳定？因为我们的增长仍然略高于预期，那么下半年我们需要什么来实现收入增长的指导？

So, gosh, I guess I don't particularly understand what's on Jay-C's above trend. What gives us confidence is looking at what has actually happened in our business over the course of this year. In the first quarter, you were clearly lapping Omocron, and that was, in some ways, I think the last of the pandemic driven noise in our results. As you got into the second quarter, we have seen stabilization across geographies. At a level that I would suggest is actually consistent with being in a pretty low growth economy. And what's appearing from us is with the kind of volume growth that you see this quarter, which we think is stabilized, which we think will continue, that is consistent with both the guidance we've provided for this year, as well as with our longer-term growth aspirations. I would point out, at some point, the economy is likely to get stronger. But even with the economy and its current kind of low growth state, the volume growth that we're seeing now allows us to achieve what we have been committing to for six quarters.

噢，天啊，我猜我并不是特别理解Jay-C上面的趋势是什么。给我们信心的是，我们看到了我们业务在今年发生的实际情况。在第一季度，你显然正在击败 Omocron，这在某种程度上，我认为是我们成果中疫情驱动噪音的最后一部分。当你进入第二季度时，我们看到了地理位置的稳定。我想说的是，这实际上与处于低增长经济状态相一致。我们所看到的是，本季度的增长率，我们认为已经稳定下来，并且我们认为将会继续保持，这与我们今年的指引以及我们长期的增长愿景是一致的。我要指出的是，经济在某个时间点很可能变得更强劲。但即使在当前经济处于低增长状态时，我们现在看到的增长量也能使我们实现我们已承诺的六个季度的目标。

Yeah, and just look at consumer. I mean, consumer in the US is up at 10%. T&E is still very, very strong. We talked about travel bookings. Travel bookings more than one month out are higher than they've been pre-pandemic. They were higher than they were at this time last year. They were higher than they were in, obviously, in 2019.

是啊，还有看看消费者。我的意思是，美国的消费者增长了10%。旅游和娱乐行业仍然非常强劲。我们谈论过旅行预订。一个月以上的旅行预订高于疫情前的水平。比去年同期高，当然也比2019年高。

International is really coming back strong for us. And as we said, it's that it was just growing part of our business. And the other thing I'll point out is you had a little hangover of noise from Amma Pron in this quarter because last year, you had a little bit of spending that was pushed from the first quarter to the second quarter. And if you look at, if you go back and look sequentially last year, it was a huge, a huge increase sequentially quarter over quarter. So we feel really good about it. I mean, it's hard to apologize for record buildings. And as Jeff said, it's the buildings we need to hit our growth plan. So we feel really good about it.

国际市场对我们来说真的在强劲复苏。正如我们所说，这只是我们业务增长的一部分。另外一个需要指出的是由于去年第一季度到第二季度有一些支出被推迟了，所以在这个季度我们还受到了一些来自Amma Pron的噪音的影响。如果你回过头来看去年的数据，你会发现按季度计算出现了巨大的增长。所以我们对此感到非常满意。我意思是，难以为创下纪录的业绩道歉。正如杰夫所说，这些成绩是我们实现增长计划所需要的。所以我们对此感到非常满意。

And the other point I'll just reiterate again is that, look, we're not low growth economy right now. We're still at the requiring court members. Credit is really good. Our basis is changing in terms of more millennials and Gen Z who will grow with us. And as the economy gets better, we expect the spending to pick up. So we feel really confident. Thank you.

我再重申一下另一个观点，就是我们现在并不是低增长的经济体。我们仍然需要法院成员的支持。信用状况非常良好。我们的基础正在发生变化，更多千禧一代和Z一代将与我们一起成长。随着经济好转，我们预计支出将增加。所以我们对此感到非常有信心。谢谢。

The next question is coming from Ryan Nash of Goldman Sachs. Please go ahead.

下一个问题来自高盛的瑞安·纳什，请发问。

Hey, good morning, everyone. Morning, Ryan. Jeff, it's been a pleasure working with you. And that's still up in the future. And Christoph, I'm looking forward to working with you in the future.

嗨，大家早上好。早上好，Ryan。Jeff，与你合作很愉快。而且这还将持续下去。Christoph，我期待与你未来的合作。

Maybe to drill down into two areas that were highlighted on the call. First, commercial, obviously, we've seen a big slowdown there to 2% year of your growth. Maybe just talk about what's driving the slowdown and what do we need to see for re-acceleration. And maybe just drill a little bit further on T, in terms of your confidence. It seems like sequentially it may have slowed a little bit. But I take the point that year-to-year growth rates are still strong. So maybe just talk about what you see as the key drivers of that remaining in double digits. Thanks.

也许我们可以深入探讨一下电话中提到的两个问题。首先是商业方面，显然，我们注意到了明显的增长放缓，只有2%的年增长率。也许你可以谈谈是什么导致了增长的放缓，以及我们需要看到哪些因素才能重新加速增长。另外，也许你可以更详细地谈谈关于T的问题，你对此的信心如何。从顺利程度来看，可能有一些放慢的迹象。但是我理解你说的年增长率仍然很强劲。所以也许你可以谈谈你认为仍然会保持两位数增长的主要推动因素。谢谢。

Yeah. I mean, from a T&E perspective, and I think you just have to listen to our friends at Delta and what Ed had said, they're seeing record growth. And for us, we have a line of science to future bookings. And so when you look at consumer T&E, restaurant, not only is airline bookings up, but if you look at what's going on in restaurants in terms of resident restaurant, it's probably not the biggest segment that we have in T&E. Because we have all other, but we'll wind up disaggregating that. Yeah, and it grew 15%. And so we have really strong T&E growth. And I think that people are just back traveling. And so the line of sight into what we see from resi and the activity we see on resi from a restaurant perspective, from the activity that we see in our consumer travel business, we feel really about that.

是的。我是说，从差旅与娱乐的角度来看，我觉得你只需要听听我们在达美航空的朋友和埃德所说的，他们正在看到创纪录的增长。对我们来说，我们有一条关于未来预订的线索。所以当你看消费者差旅、餐厅方面的情况时，不仅航空预订增加了，如果你看看居民餐厅的情况，它可能不是我们在差旅与娱乐中最大的部分。因为我们还有其他的，但我们会将其分解。是的，它增长了15%。所以我们有强劲的差旅与娱乐增长。我认为人们只是开始重新旅行了。因此，我们从居民餐厅的角度所看到的活动，以及我们在消费者旅行业务中所看到的活动，我们对此感到非常满意。

As far as a small business and corporate, look, I think let's talk about large corporate first. I think large corporate, it's crawling its way back, is the best way to describe it. It is a small piece of our business. It's about 5% of our business right now. It's an important piece of our business. And we value all the corporate relationships that we have. But as many of us know, the first step is to get people into the office. And then the second step is to get them out onto the road. And I think what you're seeing a little bit less of is those one stop trips that quick hop to London to meet with that one client or that quick run across the country to have an internal meeting. You're seeing less of that. So I think that will continue to come back. We continue to be aggressive, obviously, at retaining those customers and aggressively acquiring new customers. But I think that's going to be slower. I don't think that's coming back as fast, which is a contrast to consumer.

就小型企业和大型企业而言，我认为先谈谈大型企业吧。大型企业正在慢慢恢复，这是最好的描述方式。它只是我们业务的一小部分，目前约占5%。它是我们业务的重要组成部分，我们很重视所有与企业的关系。但正如我们中的许多人所知，第一步是让人们回到办公室。然后第二步是让他们外出。而我认为你会看到更少的那种一站式旅行，比如快速飞往伦敦与客户见面，或者快速跑遍全国参加内部会议。这样的情况会减少。所以我认为这种情况会继续恢复。我们继续积极地保留这些客户，并积极地获得新客户。但我认为这将会较慢。我认为这不会像消费者那样迅速恢复，这是一个对比。

A small business goes, I think when we look at small business, I think the biggest thing there from a small business perspective is really the organic growth. I think organic growth has slowed. I don't think that's an amex phenomenon. I think that's a little bit of an industry phenomenon. And I think small businesses grew very, very rapidly. And I think they have slowed down. What we have focused in on from a small business perspective is making sure we're continuing to acquire more small business customers, continuing to meet the other needs that they have, which are some lending needs for existing customers. And also, if they're deposit needs and so as we grow both aspects of those business. And as when they're ready to grow, again, we'll be ready to grow judiciously with them. And that's what we're focused on.

在我看来，当我们谈论小型企业时，我认为最重要的事情就是有机增长。我认为有机增长已经放缓，这不仅仅是美国运通的现象，也是整个行业的现象。小型企业曾经增长非常快速，但现在已经放缓了。从小型企业的角度来看，我们专注于确保继续吸引更多小型企业客户，并满足他们其他的需求，包括对现有客户的贷款需求和存款需求。随着我们发展这两个业务方面，当他们准备好再次增长时，我们也将会准备好与他们一起谨慎地成长。这是我们的重点。

So look, would we prefer that our SME business was growing like our consumer business? Sure, we would. But there are these cycles. And at this particular point in time, I think you're seeing a little bit of an industry wide slow down from a small business perspective. But again, just to pick up on Jeff's point from before, after the slowdown comes to recovery. So we'll be poised for that. Thank you.

那么看吧，我们是否希望我们的中小企业业务像我们的消费者业务一样增长？当然，我们希望。但是存在这些周期波动。就目前而言，我认为从中小企业的角度来看，整个行业正在经历一次放缓。但还是要回应之前Jeff提到的观点，放缓之后就会出现复苏。所以我们会为此做好准备。谢谢。

The next question is coming from Betsy Grosserk of Morgan Stanley. Please go ahead. Hi, good morning. And Jeff, all the best. It's been great working with you and Christoph looking forward to meeting you and working with you as well. I did just want to make sure I understood the guide on the rev outlook here. Because what I'm hearing and tell me where I'm wrong, what I'm hearing is that I'm hearing the other day. Because what I'm hearing and tell me where I'm wrong, what I'm hearing is that Billings growth, you're anticipating something similar to what you generated this quarter on a year on your basis for the second half of this year. And that's a little bit of a slower pace, obviously, than the rev guide of 15 to 17%, clearly, 1.2 was very strong well above that. So I'm just trying to understand if the other lines in revenue are going to be more than make up for that, i.e., net interesting, come, maybe could speak to that a little bit, or some of the other felines that drive your outlook for the 15 to 17 for the full year rev guide. Thanks.

下一个问题来自根斯坦利的贝琪·格罗瑟克。请继续。嗨，早上好。杰夫，一切顺利。很高兴与您合作，期待与您见面并与您合作。我只是想确保我正确理解了营收展望。因为我所听到的是，你们预计在今年下半年，按年计算的账单增长将与本季度产生的类似。这显然比15%至17%的营收指南要慢一些，明显，1.2已经很强劲，远高于这一数值。所以我只是想弄清楚其他收入线路是否能够弥补这一差距，也就是净利润。也许你可以详细解释一下，或者其他驱动你们15%至17%全年营收指南的因素。谢谢。

So I think it's an important question, Betsy. But if you really just look at this quarter, the thing I would point out is you do have some unusual noise in the service fees and other revenue line when you look at our slide 12 and the slide debt. Because in a prior year, we had a complicated litigation settlement that drove some unusual movement in that line. What we're really saying is that we are in a low growth economy, but it is consistent with the objective reset if you maintain the volume growth that we have and then combine it with the kind of consistent high growth in that card fees that we've seen right through the pandemic, through 21% this quarter, you combine it with the fact that you still have customer rebuilding balances a little bit on the net interest income side, and you take the noise out on the service fee and other revenue side, you then easily get to a number that is very consistent in the back half of the year with what we've guided for the full year.

所以，我认为这是一个重要的问题，贝琪。但是，如果你真的只看这一个季度，我要指出的是当你看我们的第12张幻灯片和幻灯片债务时，你会发现服务费和其他收入方面有一些不寻常的噪音。因为在前一年，我们有一个复杂的诉讼解决方案，导致了该项目中的一些不寻常的波动。我们实际上是在说，我们处于一个低增长的经济环境中，但是，如果你保持我们目前的增长速度，并将其与我们在整个疫情期间一直看到的信用卡费用的一致高增长相结合，这一季度增长了21％，结合净利息收入方面客户重建余额仍有一些增长，然后再剔除服务费和其他收入方面的噪音，你会发现后半年的数字非常一致，与我们对整个年度的指导相符。

Yeah. And I think, you know, he has a great example of the model, right? But it's a great example of the three-legged stool, but you know, we've got card fee growth is very, very strong. I mean, it's a third, I think it's a third straight quarter we've had of 20% card fee plus growth. Yeah, we're benefiting a little bit from that interest income. As Jeff said, there's noise in the services fee and other revenue, and that will shift. But yeah, we feel comfortable with, you know, buildings around where we are today to make that revenue guidance because of the three tiers of the three tiers of revenue that we have. So, you know, that's what gives us confidence.

是的，我认为他有一个很好的模型示例，对吧？但这是一个很好的三脚凳示例，但是我们的卡费增长非常强劲。我是说，这已经是我们连续第三个季度实现20%的卡费增长了。是的，我们在利息收入上也有一些受益。正如杰夫所说，服务费和其他收入中有一些噪音，而且这将会发生变化。但是，由于我们拥有三层次的收入来源，我们对今天的收入指导感到满意，并对大楼周围的建设感到自信。所以，这就是给我们带来信心的原因。

Thank you. The next question is coming from Rick Shane of JP Morgan. Please go ahead. Thanks for taking my question. Hey, Jeff, I often say this in these circumstances a little bit tongue and cheek that we're going to miss you more than you're going to miss us, but I think that's absolutely true here. It's been a pleasure working with you over the years, and Christoph, we're looking forward to getting to know you as well. I do. Beth, you really just pulled on the thread that I'm interested in pursuing as well, but would love to sort of think about this a little bit more when we look at the deceleration of top line in the second quarter.

谢谢。下一个问题来自摩根大通的Rick Shane。请继续。感谢您回答我的问题。嘿，杰夫，在这些情况下，我常常开玩笑地说我们会比你更想念你，但我认为这在这里是绝对正确的。多年来与您合作非常愉快，克里斯托夫，我们也期待与您相识。是的，贝丝，你正好提到了我感兴趣的方向，但是在我们看第二季度营收放缓这个问题上，我愿意多思考一下。

If revenue stays on that trajectory for the second half of the year, it sort of puts you at the low end of your top line guidance. It sounds like there's a little bit of noise that gives you some confidence, but I'm curious, fundamentally, do you think we will see some acceleration in the back half to sort of offset any potential risk if you just look at the trend line? We still feel really confident that we'll be within the 15 to 17 percent, and there's really not a lot more to say other than that. As I said, you have a little bit of deceleration from a billing's perspective, but it's a record quarter of buildings, 400 over 420 billion dollars of billings.

如果营收在下半年保持这种趋势，你们的收入将处于顶线指导的低端。听起来有一些噪音使你们有些信心，但我想知道，在基本层面上，你们是否认为我们将会看到一些加速，以抵消任何潜在风险，仅仅是从趋势线来看？我们仍然非常有信心能够达到15至17%的目标，除此之外没有太多可说的了。正如我所说，从计费的角度来看，我们有一点减速，但这是建筑领域创下的纪录季度，总计400多4200亿美元的计费。

Again, we feel very confident of the 15 to 17, and we'll see where it winds up landing within that range, but it's the reason we give ranges. Thank you.

再次，我们对15到17非常有信心，并且会看它最终落在这个范围内的位置，但这也是我们给出范围的原因。谢谢。

The next question is coming from Bob Napoli of Leum Blair. Please go ahead.

下一个问题来自Leum Blair的Bob Napoli。请继续提问。

No, thank you. Thank you very much. And Jeff, thank you for your help. Good luck to you, Christoph. Welcome, look forward to meeting you.

不，谢谢。非常感谢。Jeff，感谢你的帮助。祝你好运，Christoph。欢迎你，期待见到你。

I'd like to ask about your views on credit normalization, kind of a trend in credit normalization, what, as you look at your portfolio, what we should expect as we look at the aspirations for 2024, so the, I mean, the back half of 23 is pretty baked, but just as we think about that going into 2024 and onward.

我想问问你对信贷规范化的看法，它是一种信贷规范化的趋势。就你的投资组合而言，我们应该对2024年的愿望有什么期待？所以，我指的是2023年后半年的计划已经确定了，但我们在考虑2024年及以后的情况时，有什么要注意的。

Well, I think the most important point to make there, Bob, is that we have a portfolio today that is more premium and stronger than what we had in 2019 and day one. See, so that is why we added the additional disclosure. This quarter around the small percentage of our portfolio that is in the band where you do see challenges, and that's the cycle band below 660. So we feel really good about where we are from a credit perspective in this environment.

嗯，鲍勃，我认为最重要的一点是，我们如今的投资组合比2019年和初始时更加优质和强大。你看，这就是为什么我们增加了额外的披露。在这个季度，我们的投资组合中仅有一小部分处于信用挑战区间，即660以下的周期带。所以从信用角度来看，我们对当前的环境感觉非常好。

I think we feel really good about the fact that when you look sequentially, you actually saw delinquency flat. There is complexity in the calculation when you try to do comparisons across companies. I did make the observation that the way and with the timing of how we do ours, we actually incorporated a slightly worse economic outlook this quarter than we did last quarter. Sitting here on July 20th, I think most people would say things have perhaps gotten a bit more optimistic in recent days, but, you know, we'll have to see how that influences things.

我认为我们对于一个事实感到非常满意，即在依次观察时，我们实际上看到了拖欠情况的持平。当你尝试跨公司进行比较时，计算会变得复杂。我确实观察到，我们进行计算的方式和时间，实际上比上个季度考虑了略微更糟糕的经济前景。坐在7月20日这一天，我认为大多数人可能会说近来情况可能变得更加乐观一些，但是，你知道的，我们还得看看这将如何影响事情。

At four, though, we feel really good about the product choices, the acquisition choices and the risk management choices we've made, which leave us confident that we will be below this year on credit metrics, all of the places we were in 2019 and absent some dramatic change in the economy. And I think we feel good about what that means for 2024. Thank you.

尽管这里面有很多专业术语，但我会尽力用易懂的语言进行翻译。 到目前为止，我们对产品选择、收购选择和风险管理选择都非常满意，这让我们有信心在信用度量上低于今年的水平，与2019年相比，除非经济发生重大变化。而且，我们对于这对2024年意味着什么也感到乐观。谢谢。

The next question is coming from Craig Moore of FT Partners. Please go ahead.

下一个问题来自FT Partners的Craig Moore，请继续。

Yeah, good morning, Jeff, from meeting you in the middle of a nice storm until now. I appreciate all the help over the years and Christoph, looking forward to meeting you soon. So my question, my two questions really are around one. SME just wanted to dig in a little further there. If you can help me understand if there was a meaningful difference in growth between the total number. And if you just looked at it on the same business activity level and took out the new business ads. And second, has there been any real difference in credit vintages? We've recently seen some data on consumer loans that have shown a real deterioration in recent vintages of loans. So wanted to ask about that. Thank you.

嗨，早上好，杰夫，从在一场美好的暴风雨中见到你到现在，我非常感谢这些年来你的帮助，期待很快见到克里斯托夫。所以我的问题，实际上有两个围绕一个问题。SME只是想进一步了解一下。如果你能帮我理解一下总数量之间是否存在显著增长的差异。如果你只看同一业务活动水平，并排除新业务广告。另外，信用质量是否有任何实质性的差异？最近我们看到一些关于消费贷款的数据，显示最近贷款的质量出现了实质性的恶化。所以想问一下这个问题。谢谢。

So for the second question first, the answer is no. This really not that Jeff you want to ask. Well, with the only color, I'd remind you over the past year, Craig, we have talked about the fact that we have consistently made some adjustments from a risk management perspective that I think that is part of why Steve says it's no change from a managed perspective.

对于第二个问题，答案是否定的。这真的不是你想问的那个Jeff。好吧，既然只有这一个问题，我想提醒一下你，Craig，在过去的一年里，我们一直在从风险管理的角度做一些调整，我认为这也是为什么Steve说没有从管理角度做出变化的部分原因。

Yeah, as far as lying aside into SME, I mean, the way to think about it is, you know, organic is probably flat. You know, you obviously have businesses that go out of business. And so you have, you know, a little bit of sort of, you know, same school that go away. But the acquisition is still relatively strong. So think about organic is having a neutral impact. Think about attrition because attrition has an negative impact, but no different than what we've seen over the last, you know, few years. And then acquisition in there. I think the biggest difference is really organic. And what you saw, you know, through the pandemic is you saw small businesses continue to add and add and add. And, you know, you got to remember small businesses use a card to run their entire business. And so there's a lot of buying ahead from a goods and services perspective from an inventory perspective. And so we're going to watch it really closely in terms of have they finally gotten to sort of full stop and what have you. And, but I think that's the way to think about those three, those three components, organic, basically flat and, you know, acquisition up and attrition pretty much stable. Thank you. Thank you.

是的，就SMME（中小微企业）方面来说，我是指，思考一下，有机增长可能相对平稳。你知道，显然会有一些企业破产。所以你会看到一些学校的去世，但是收购力度仍然相对强劲。所以认为有机增长对整体影响中性。考虑到流失，因为流失会对业务造成负面影响，但与过去几年我们见到的情况没有什么不同。而收购则会带来正面影响。我认为最大的区别在于有机增长。你知道，在疫情期间，我们看到小企业不断增加。你要记住，小企业使用信用卡来运营他们的整个业务。所以在商品和服务以及库存方面，会有很多提前采购。因此，我们将密切关注他们是否终于停止增长，以及其他情况。但我认为这是考虑这三个因素的方法，有机增长基本平稳，收购上升，而流失基本稳定。非常感谢。谢谢您。

The next question is coming from Lisa Ellis of Moffitt, Nathan, please go ahead.

下一个问题来自于莉萨·埃利斯（Lisa Ellis）的莫菲特公司，请纳森继续。

Hey, thank you. Thanks for taking my question. You guys highlighted that it is now six quarters, you know, since you introduced to the. Structural increase in your long term plan to double digit revenue growth and mid teens, EPS growth. You know, a lot's happened in the last six quarters were kind of finally returning to normal after the pandemic. So, can you just highlight when you look at the underlying business drivers required to sustain that model on an ongoing basis. What is sort of doing better than you expected, maybe where do you need to make some adjustments, etc. Just kind of comment on how that strategy and your thoughts about that has evolved as you look forward now coming coming back into a more normalized economy.

嘿，谢谢。感谢您回答我的问题。你们强调了从您引入长期计划以实现两位数的收入增长和中等甚至更高的每股盈利增长开始六个季度了。在过去的六个季度发生了很多事情，我们似乎终于在疫情后逐渐恢复正常。所以，您能否简要指出在持续进行的基础业务推动因素方面有哪些表现超出了您的预期，并可能需要进行一些调整的地方等等。可以评论一下随着您对未来的看法逐渐进入一个更加正常的经济环境，这一战略以及您对此的想法是如何发展的。

Yeah, well, I think you got to go back to sort of strategic priorities. We always talk about which is, you know, focused on premium consumer. We're focused on small business and we're focused on on coverage. If I look at this, I would say that, you know, international is probably even a little quicker than we had thought within our three or horizon. I think millennials are playing out even better than what we had thought both from an acquisition perspective and a spending perspective. I think when you think about boomers, I think they've been slower to return. But it's just it becomes a smaller piece of our business over time. Corporate. I think that's an opportunity going forward from a growth perspective and a small business started out in the beginning, you know, I think all business wind up being sort of a tale of three cities over this. Over this time horizon, I think it was very, really strong for us last year. I think it's a little bit more muted. It's a little bit more muted. And I think it'll probably pick up and, you know, the other thing that's been different since when we started with this plan, it was, it was done in a much slower. It was done with it. We anticipated a more robust economy. So what really makes us feel good about this is that we've accomplished this in a slow growth environment. We've stayed true to who we are from a credit quality perspective. And the last thing that I'll add is I think we've made some really great coverage gains over the over this period of time as we continue to, you know, march to our goals, especially international where I think I think the team has done a really good job from a from a coverage perspective. And, you know, when you think about our longer term partnerships here, we really cemented in our key partnerships over the long term here, obviously with Delta and with we still have, you know, Marriott and VA, which go out, you know, still a number of years. So, you know, we feel good about it. And, you know, the interesting part about this is, you know, did it play out exactly as we thought it was going to play out? No, but the flexibility in the model, you know, has enabled it to go where we wanted it to go. And I think, you know, we really got off to a tremendous start in 2022, you know, with tremendous revenue growth. I mean, when we did this three year plan, we did not project, you know, 25 revenue growth, you know, last year, you know, we were at 17 to 19, I believe when we started the year that we took it up to 19 to 21. And then you got 25. So if you think about sort of where we thought we were going to be, we're ahead of where we thought we were going to be, you know, longer term. And the 15 to 17% guidance that we provided at the beginning of this year was based off original guidance that was 17 to 19. So we're growing over bigger numbers. And that's why I feel really good about it. And so, you know, we'll continue. And I think the most important thing for us is to stay focused and to focus on our priorities. And I think the team has done a really good job of that. And you have to remember, and you know, you guys all know this. This is a very good industry to be in. And when you play in this industry, the way we play in it across three different dimensions of card fees of buildings and of that income. It makes our model completely differentiated from our competitors. Thank you.

是的，我认为你需要回到战略优先事项上来。我们一直谈论的重点是专注于高端消费者。我们专注于小型企业和覆盖范围。如果我看这个情况，我会说国际市场可能比我们在三年或长远计划中预期的要更快一些。我认为千禧一代的表现甚至比我们预期的更好，无论是从获客还是消费角度来看。我认为对于婴儿潮一代来说，他们回归的速度较慢。但随着时间的推移，它会成为我们业务的一个较小部分。企业业务来看，我认为这是一个未来增长的机会，而小企业从一开始就起步，并且我认为它在这个时间范围内对我们来说非常强大。去年对我们来说非常强大。我认为目前的情况略显冷淡一些，但它可能会有所改善，你知道，自从我们开始制定这个计划以来，情况就有所不同，它是在一个更为缓慢的环境中制定的。我们原本预期的是一个更加强劲的经济。所以让我们对此感到非常满意的是，我们在一个缓慢增长的环境中完成了这个计划。从信用质量的角度来看，我们一直坚持做到了自己。最后要补充的是，我认为在这段时间内，我们在覆盖方面取得了一些非常好的进展，特别是在国际市场上，我认为团队在覆盖范围方面做得非常出色。当谈到我们的长期合作伙伴关系时，我们在这里确实确保了我们的关键合作伙伴关系，包括达美和我们仍然拥有的万豪和VA，这些都还将持续多年。所以，我们对此感到满意。有趣的是，这是否完全按照我们的预期发展？不完全是，但模型的灵活性让它能够达到我们的预期。我认为，2022年我们在收入增长方面有了一个非常良好的开端。当我们制定这个三年计划时，并没有预计到去年的收入增长率会达到25％，我们起初预计的是17％至19％，然后提高到19％至21％。所以如果你考虑我们原本预计的发展，我们超过了我们长期预期的水平。而这一年初提供的15％至17％的指引是基于最初的预测，即17％至19％。所以我们在更大的基数上实现了增长。这就是为什么我对此感到非常满意。所以我们会继续努力。对我们来说，最重要的是保持专注并专注于我们的优先事项。我认为团队在这方面做得非常好。而且你们都知道，这是一个非常好的产业。当你在这个行业中参与竞争时，我们在卡费、建筑和其他方面的模式是与我们的竞争对手完全不同的。谢谢。

The next question is coming from Aaron Sigonovich of city. Please go ahead. Your marketing expense, pulled back a bit this quarter. You still have, you know, high customer acquisitions. How are you thinking about marketing expenses going into the second half of the year and. So, kind of quarter quarter of the date update in terms of your growth rate to build business.

下一个问题来自城市的Aaron Sigonovich。请开始提问。您的营销费用本季度有所减少。您仍然拥有很高的客户获取量。您对下半年的营销费用有何考虑？在增长率方面，您对季度日期的更新如何影响业务的发展？

We're not going to do a quarter that they update a build business for, you know, kind of 20 days. And so there's no real, there's no real change. But in terms of marketing, the only thing that's important to know is that we said we'd spend about $5.5 billion on marketing. That's our plan to continue to do that. You know, how it winds up, you know, sort of, you know, moving from quarter to quarter. I think we're probably 100 million from last year or something like this in this particular quarter. But, you know, it all depends on the programs we're running and the timing and everything else. And so, you know, a week here or a week there could make all the difference in the world sometimes when you think about, you know, when you think about spending 1.5, 1.4 billion dollars in a quarter. And I think it's like a 100 million dollars, you know, sort of a week.

我们不打算在他们更新了一个业务展开一个季度，大概20天左右。所以没有真正的变化。但就营销而言，唯一重要的是我们说过我们将在营销上花费大约55亿美元。这是我们继续执行的计划。你知道的，实际结果如何，这在某种程度上取决于季度之间的变化。我认为在这个特定季度里，我们可能和去年相比少了1亿，或者类似这样的数字。但是，这完全取决于我们正在进行的项目、时间以及其他因素。所以，有时候一个星期或者几天的差距真的能够产生巨大的影响，尤其当你考虑在一个季度内花费15亿或14亿美元的时候。我觉得这样大概是1亿美元一个星期。

So the bottom line is we are, we are committed, you know, to go after all the great opportunities that are out there. And we believe that we'll wind up spending about $5.5 billion from a marketing perspective. And just to, you know, remind everybody that, you know, the marketing spend for us is predominantly customer acquisition. Right. And, you know, affiliate fees and incentives and things like that. It's not sort of TV and print and it's kind of advertising. That's what that marketing spend is. And that's why I can vary a little bit from, you know, from quarter to quarter.

所以底线就是我们致力于追求所有的伟大机遇。我们相信，在市场营销方面，我们将花费大约55亿美元。只需提醒大家的是，对我们来说，市场营销支出主要是为了客户获取。它包括联盟费用、奖励等等，而不是电视、印刷和其他广告形式。这就是市场营销支出的内容。这也是为什么它可能会在每个季度有所不同的原因。

Thank you. The next question is coming from Dominic Gabriel of Oppenheim, or, and Co, please go ahead. Hey, great. Thanks so much for the question. So I was just wondering, when you think about your aspirational revenue target. Has the thought process on the contribution to growth from net card fees to total revenue changed over time where it's potentially providing more of a boost towards that 10% revenue goal versus the past versus discount revenue.

谢谢。下一个问题来自Oppenheim的Dominic Gabriel，请提问。嘿，太棒了。非常感谢你的问题。我想知道的是，当你考虑到你们的雄心勃勃的营收目标时，对于净卡费用对总收入的贡献的思考过程是否随着时间的推移发生了变化，是否有可能相对过去的折扣收入更多地推动实现10%的营收目标。

Thanks, guys. No, I, you know, look, I think, you know, one of the big differentiators for us is, is that card fee. I mean, you think about that as sort of subscription, you know, staff kind of, kind of revenue. And we're really pleased with that. But no, I mean, it's in the ballpark of what we, what we thought it was going to be as, as we put together our, our aspirations. Right. I mean, and so when you look at this, you know, the 20% three quarters in a row is, is, is, is a big number. And the other thing I'd point out, during a pandemic, it was growing in double digits and so, which is, it's a big contributor. And it's, you know, obviously a high, it has higher growth than, than discount revenue would, but it's, you know, it's pretty much in line with where we, where we thought we were going to be.

谢谢大家。不，我，你知道，看，我认为，你知道，我们的一个重要区别之一是卡费。我指的是这可以被看作一种订阅、员工类型的收入。我们对此非常满意。但是，我指的是，根据我们制定的目标，这与我们预期的相差无几。没错。当你看到这个数字连续三个季度增长20%时，这是一个很大的数字。另外，值得指出的是，在疫情期间，它以两位数的增长率增长，这是一个重要的贡献者。它的增长速度比折扣收入高，但基本上与我们预期的相符。

I just can't resist adding Dominic. It's for something that grew in double digits all through the pandemic has had really high growth rates last year. It is going to continue to grow to be an ever bigger part of our revenue. And I think that is a key strength of the company. It really ties customers and engages customers with us and the product is a critical part of the overall model.

我就是忍不住要加入Dominic这个元素。在整个疫情大流行期间，它的增长率一直保持在两位数，并且去年增长率非常高。它将继续成为我们收入的越来越重要的一部分。我认为这是公司的一个关键优势。它能够真正与我们的客户建立联系并吸引他们，而且产品在整体模式中起着至关重要的作用。

You know, just, just one other thing is just, just sort of reminded me as he said that, you know, when we talked about, you know, sort of this 10% of double digit growth during the pandemic, it really speaks to how we think about our customers over the long term, because, you know, if we had not invested in our customers during the pandemic, you would not have seen that, that double digit growth during the pandemic or coming out of the pandemic. It was really important to embrace those customers. It would have been easier to drop more money to the bottom line, rather than to put more money into our existing customers. But that's not how we run the company. And we were thinking much more from a long term perspective. And by, by really investing in the value propositions, because as you all remember those value propositions from a travel perspective were challenged best. And to put other things in there, it really helped to cement those relationships, which kept those fees going, but more important, you know, dropped just normal attrition that we had because we improved our retention rates over the course of the pandemic.

你知道，还有一件事情提醒了我，当他提到我们在疫情期间实现了10%的双位数增长时，这真的表明了我们对客户的长远思考。如果我们在疫情期间没有投资于我们的客户，你就不会看到那种双位数的增长，无论是在疫情期间还是在疫情结束后。拥抱这些客户真的很重要。我们本可以更轻松地增加底线利润，而不是将更多资金投入到我们现有的客户中。但这不是我们公司的运作方式。我们更注重长远考虑。通过真正投资于价值主张，因为大家都记得旅行业的价值主张受到了严重挑战。这些投资有助于巩固那些关系，使得费用持续增长，更重要的是，我们在疫情期间改善了客户的留存率，降低了正常的流失率。

So I think, you know, it speaks to the membership model because this card fee is a decision that our members make to join the franchise. And that's really important, because that means they see value product, they see ongoing value in the product. And it's our job and we'll continue to do this to continue to insert more values into the product. And that's what keeps this thing going. And that's why, from a strategic perspective, the consistent refreshing of our products is really, really important to our strategy.

所以我认为，你知道的，这表明了会员模式的重要性，因为这个会员费是我们的会员决定加入我们的连锁店的一个决策。这非常重要，因为这意味着他们看到了产品的价值，他们看到了产品的持续价值。而我们的工作，我们将继续这样做，是为了给产品加入更多的价值。这就是使这个事情继续运转的动力所在。而从战略的角度来看，持续刷新我们的产品对于我们的战略非常非常重要。

Thank you. The next question is coming from Don Fanden. Daddy of Wells Fargo. Please go ahead.

谢谢。下一个问题来自唐·范登（Don Fanden）先生，富国银行（Wells Fargo）的负责人。请说。

Yeah. Yeah. So, I think you're asking about the CTE1 target and Basel for E. And the point I was trying to make is you need to remember a few things here. Our 10 to 11% CTE1 target is actually more driven by our home view and rating agency views versus the regulatory constraints because our regulatory minimum has long been only 7%. That's the first point. The second point to remember is we have in our return on equity of over 30%. So our ability to quickly replenish capital, whatever we need to without frankly taking more than a brief pause from share repurchase is very high.

是的。是的。所以，我想你是在问关于CTE1目标和对E的巴塞尔协议。我想表达的观点是你需要记住几件事。我们10至11%的CTE1目标实际上更多地受到我们自身观点和评级机构观点的驱动，而不是监管限制，因为我们的监管最低资本要求一直只有7%。这是第一点。第二点要记住的是我们的净资产收益率超过30%。因此，我们迅速补充资本的能力非常高，我们不需要停止股份回购除了短暂的停顿之外。

Third, you know, I know there's been a lot of attention paid to different iterations of Basel, the Basel 3 end game, particularly around ops risk. I guess I'd also just remind people, ops risk is only one component. There are other components that probably have some positive and probably have some negative impacts on us. So, you know, I guess my, we'll have to see whenever the final rules come out. We've been waiting for them for, I feel like, much of my tenure here. But they may come out, hopefully later this month and the devil's in the details here. But I think my overarching message is we don't see it as a material event for this company because it's certainly a possible outcome that there's no change in our target and even a modest change in our target with a 30% plus money is not going to have any material impact on share repurchase or the trajectory of our EPS growth that we've laid out in the growth plan. Thank you.

第三，你知道的，一直以来关于巴塞尔协议的不同版本，特别是关于业务风险的最终版本，一直受到了很多关注。我想提醒大家，业务风险只是其中的一个组成部分。还有其他的组成部分可能对我们产生一些积极的影响，也可能有一些负面影响。所以，你知道的，当最终规则出台的时候，我们就会看到具体情况了。我感觉我在这里期间一直在等待这些规则的发布。但是它们可能会在这个月晚些时候发布，细节决定成败。但我想表达的主要观点是，我们认为这对公司不会产生重大影响，因为我们有可能不会改变我们的目标，即使有些微小的改变，也不会对股票回购或我们在增长计划中规划的收益增长轨迹产生重大影响。谢谢。

Our final question is coming from here, Bhatia of Bank of America. Please go ahead.

我们的最后一个问题来自美国银行的巴蒂亚。请继续。

Thank you for taking the questions in the morning. So congratulations, Jeff. Thank you for all your help and welcome. I look forward to getting to know and working with you. I'm going to switch gears a little bit and talk about the process revenues of the network, partnerships. I think the old GMS business. It seems like there's been a little bit of momentum in terms of signing some new partners recently. I believe this quarter we actually saw the launch of the square card and process volumes grew faster than build business. I was just wondering if you could talk about that business a little bit more. Has there been something changed internally? Are you focused more on that segment? What's driving that momentum? Thank you.

谢谢您早上接受我的提问。恭喜你，Jeff。感谢你的帮助和欢迎。我期待着认识你并与你共事。我想稍微转换话题，谈一谈网络合作伙伴和流程收入的情况。我觉得老的GMS业务似乎在最近签署了一些新的合作伙伴方面有一些势头。我相信这个季度我们实际上看到了Square卡的推出，处理量增长速度也超过了建筑业务。我只是想知道您能否进一步谈谈这个业务。是内部发生了什么变化吗？你更加关注这个领域吗？是什么推动了这种势头？谢谢。

Yeah, no, I don't think anything has changed. I think these are, it's always been something that we have been focused on, but to switch or to get a partner to come on to the network is a big deal. And there are technical hurdles to wind up crossing. And the GNS team is out there on a consistent basis looking for new partners. And when you think about our overall model, we really operate in around 29 proprietary countries. All the rest of the markets that we operate around the world are GNS markets, either just from a card acceptance perspective or from a both a card acceptance and a card issuing perspective. And it's been a lot of work going on with GNS over the years to get to increasingly get more and more coverage.

是的，我不认为有任何改变。我认为这些都是我们一直关注的事情，但要切换或让一个合作伙伴加入网络是一件大事。同时，还存在一些技术难题需要解决。GNS团队一直在持续寻找新的合作伙伴。当我们考虑到我们整体的模式时，我们实际上在大约29个专有国家运营。我们在全球其他市场上运营的都是GNS市场，无论是从卡片接受的角度还是从卡片发行的角度。多年来，与GNS的合作一直在进行中，以逐渐扩大覆盖范围。

And so when you look at our improvements in coverage so much of that's been driven by our GNS partners. And just to remind you that everything that we're doing in China is really comes under the heading of GNS because we're in there just as a network. We don't acquire merchants. We don't issue cards. We have a joint venture. And that's a GNS relationship. And look, our launch of our card, I mean, with Square, that's been in the pipeline for a long time. But if you aren't in cards or if you're issuing Visa Master cards, it's a little bit different to look up to our systems to get priority within your own system and so forth. And so we've been out there on a consistent basis working to get partners.

因此，当你看到我们在覆盖方面的改进时，其中很大一部分是由我们的GNS合作伙伴推动的。同时提醒大家，在中国我们所做的一切都属于GNS的范畴，因为我们仅仅是一个网络存在，我们并不收购商家，也不发行卡片。我们只有一家合资企业，这就是GNS的关系。当然了，我们与Square合作推出的卡片，这个计划已经在进行中很长时间了。但如果你不是从事卡片业务，或者发行Visa Master Card等等，那么在你自己的系统中争取优先权的情况会有些不同。因此我们一直在全力寻找合作伙伴。

I think the Square one has a little bit more, I guess a little bit more headlines because it's a US partnership, but the team is out there on a real consistent basis all across Asia and South America and Africa and so forth, really thinking through how we continue to get more coverage and how we get more cards issued. So while you may see it a little bit more, I can tell you the team has been working really hard at this for a lot of years. Great. And with that, we will bring the call to an end. Thank you again for joining today's call and for continued interest in American Express. The IR team will be available for any follow-up questions. Donna, back to you.

我认为Square在美国有一些更多的头条新闻，可能是因为它是美国的合作伙伴，但团队实际上在亚洲、南美洲和非洲等地都保持着一致的频率，认真思考如何进一步扩大覆盖范围和发行更多的信用卡。所以尽管你可能会看到它更多一些，但我可以告诉你，团队在这方面已经努力了很多年了。太棒了。就这样，我们将结束通话。再次感谢您参加今天的通话，并对美国运通的持续兴趣表示感谢。IR团队将随时准备回答任何后续问题。Donna，回到你那里。

Thank you. Ladies and gentlemen, the webcast replay will be available on our investor relations website at IR.AmericanExpress.com shortly after the call. You can also access a digital replay of the call at 877-660-6853 or 201-612-7415 access code 1373-9237 after 1 p.m. Eastern on July 21st through July 28th. That will conclude our conference call for today. Thank you for your participation. You may now disconnect.

谢谢。女士们先生们，本次电话会议结束后，我们的投资者关系网站IR.AmericanExpress.com将提供网络播放重播。您也可以通过拨打电话号码877-660-6853或201-612-7415获取通话的数字重播，访问代码为1373-9237，从7月21日下午1点起至7月28日。今天的电话会议到此结束，感谢您的参与。您现在可以挂断电话了。