American Express (AXP) 2023 Q1 Earnings Call
发布时间 2023-04-21 01:25:53 来源
Ladies and gentlemen, thank you for standing by. Welcome to the American Express Q1 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 you have been placed in 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. 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，感谢您们耐心等待。欢迎参加美国运通2023财年第一季度收益电话会议。目前，所有参会者都处于听取模式下。稍后我们将进行问答环节。如果您想提问，请按下您的触摸电话上的星号键，然后按一。您将听到一个提示音，表示您已被放置在问题队列中。您可以按下星号键，然后按二随时从队列中移出。如果您使用扬声器电话，请在按下数字键之前握起听筒。如果您需要在通话过程中寻求帮助，请按下星号键，然后按零。提醒一下，今天的通话正在录制中。
I would now like to turn the conference over to our host, Head of Investor Relations, Ms. Carrie Bernstein. Please go ahead. Thank you, Donna. And thank you all for joining today's call. As a reminder, before we begin, today's discussion contains forward-looking statements about the company's future business and financial performance. These are based on management's current expectations that are subject to risk and uncertainty. Factors that cause actual results to differ materially from these statements are included in today's presentation slides and in our reports on file with the SEC. The discussion today also contains non-gaup 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 posted on our website at ir.americanexpress.com.
我现在想把会议交给我们的主持人，投资者关系负责人Carrie Bernstein女士。请开始。谢谢，Donna。感谢大家参加今天的通话。提醒一下，在开始之前，今天的讨论涉及公司未来业务和财务表现的前瞻性陈述。这些陈述基于管理层目前的期望，但存在风险和不确定性。导致实际结果与这些陈述不符的因素包含在今天的演示文稿和我们向证券交易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资料以及我们讨论的之前季度的盈利资料中。所有这些都发布在我们的网站上，网址为ir.americanexpress.com。
We'll begin today with Steve Squarey, Chairman and CEO, who will start with some remarks about the company's future 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·斯夸雷开始，他会谈一谈公司的未来和成果。然后首席财务官杰夫·坎贝尔将提供更详细的财务业绩审查。之后，我们将与斯蒂夫和杰夫一起进行结果的问答环节。现在我将把话题转给史蒂夫。
Thanks, Kerry. Good morning, everyone. And thanks for joining us today on our first quarter earnings call. Back in January, we laid out our guidance for 2023 of 15 to 17 percent revenue growth and double-digit earnings per share growth. Our first quarter results are tracking to this full year guidance. Revenues were a record 14.3 billion in quarter, up 22 percent, which is well above our full year expectations. Our spending growth outside the U.S. and in T&E offsets some softness in U.S. small business spending. EPS came in a bit higher than our original plan expectation. Our plan calls for quarterly EPS to grow sequentially through the year as our revenue growth continues.
大家早上好，谢谢Kerry。感谢各位今天参加我们公司第一季度财报电话会议。今年一月，我们发布了2023年15%-17%的营收增长和两位数的每股收益增长指引。我们第一季度的业绩符合了全年指引。营收创下了纪录，达到了143亿美元，同比增长了22%，远高于我们全年的预期。我们在海外以及T&E方面的支出增长抵消了美国小企业支出的某些不足。每股收益略高于我们最初的预期计划。我们的计划要求随着营收的持续增长，每个季度的EPS顺序增长。
Bill business was up 16 percent globally year over year on an FX-adjusted basis. T&E spending was up 39 percent year over year on an FX-adjusted basis due to the grow over effect due to grow over benefit from the impact of the Omicron variant in last years results. We saw a strong demand across all T&E categories and customer types. Spending at restaurants continues to be a bright spot with growth accelerating to 28 percent on an FX-adjusted basis year over year. In fact, March was a record month for reservations booked through our REZY platform. The platform now has more than 40 million users globally, an increase of 5 million in the last six months. Consumer travel demand also remains high with Q1 bookings through our consumer travel business reaching their highest level since pre-pandemic.
根据外汇调整后的数据，比尔业务在全球同比增长16%，因影响去年结果的Omicron变体影响，差旅和娱乐支出同比增长39%。我们看到在所有差旅和娱乐类别以及客户类型之间都有强劲的需求。餐厅支出继续发展良好，按外汇调整后同比增长28%。事实上，3月份是我们通过REZY平台预订的预订历史最高月份。该平台全球用户现已超过4千万，过去6个月增加了500万人。消费者出行需求也保持强劲，我们消费者旅游业务的一季度预订量达到了自疫情前以来的最高水平。
As you recall, we reorganized our international business last year bringing together our consumer, small business, and large corporate management teams outside the U.S. to increase agility, scale and efficiency, and accelerate our growth. Our internationally-shrening businesses were the fastest growing before the pandemic, and we're seeing a return to those trends. Social card services billings continue to accelerate in the quarter of 29 percent on FX-adjusted basis. Results were driven by robust growth in T&E spending, which increased 58 percent year over year on an FX-adjusted basis. We also saw continued momentum in card acquisitions with 3.4 million new cards acquired in the quarter. U.S. consumer platinum and gold, business platinum and Delta Co-brand account acquisitions all reach record levels.
正如您所记得的，去年我们重新组织了我们的国际业务，将我们的消费者、小企业和大企业管理团队集中在美国以外，以增加敏捷性、规模和效率，并加速我们的增长。在疫情之前，我们的国际业务增长是最快的，现在我们正在看到这些趋势的回归。本季度的社交卡服务账单在外汇调整的基础上加速增长了29%。这一结果是由T&E支出的强劲增长带动的，该支出在外汇调整的基础上同比增长了58%。我们还看到了卡片获取方面的持续势头，在本季度获得了340万张新卡。美国消费者白金卡、金卡、企业白金卡和Delta共同品牌账户的获取都达到了历史最高水平。
Alternatively, over 70 percent of the new accounts acquired globally in the quarter are on fee-based products. As we've noted for some time, Millennial and Gen Z consumers are driving our growth in billings and acquisitions of premium fee-based products. More than 60 percent of consumer new accounts acquired globally came from Millennial and Gen Z. These customers also continue to contribute the highest growth in bill business among all the age cohorts in the U.S. of 28 percent in the quarter.
最新季度，在全球获得的新账户中，超过70%采用的是基于费用的产品。我们已经注意到一段时间了，千禧一代和Z一代的消费者正在推动我们的账单和高级费用产品的收购增长。全球超过60%的新消费者账户来自千禧一代和Z一代。这些客户在美国也继续为所有年龄段中的账单业务增长做出最大贡献，季度增长率达28%。
On credit, our metrics remain best in class supported by the premium nature of our customer base, our strongest management capabilities and the thoughtful underwriting actions we've taken on an ongoing basis. Our customers have been resilient thus far in the face of slow growth and higher inflation economic environment. While the Neatron Economic Outlook is mixed, our customers spending and credit performance to date, along with the continued strong demand for our products from high quality new customers, our company forces our confidence and our ability to achieve our long-term aspirations. Our capital, funding and liquidity positions are strong and we continue to have significant flexibility to maintain a strong balance sheet in periods of uncertain distress.
我们的信用业务表现最佳，得益于我们高品质的客户群、最强的管理能力以及我们持续进行的审慎审批。尽管经济增长缓慢、通胀率高，我们的客户至今仍然表现出强大的应对能力。尽管Neatron的经济前景复杂，但我们的客户支出和信贷表现已经证明了我们的实力，并且富有品质的新客户对我们的产品需求仍然旺盛，这让我们有信心实现长期目标。我们的资本、融资和流动性状况强劲，并且我们在不确定的困境时仍保持着强健的资产负债表和重要的灵活性。
As you know, we run our company for the long term. We have a strategy in place to deal with swings in the economy, which is enabled us to be successful in navigating through the pandemic, the initial recovery period, and the current environment of elevated inflation and higher interest rates. Through it all, we've continued to attract and retain high quality customers and our strategic investments have resulted in momentum we've seen throughout last year and into 2023. We feel good about the decisions we're making around growth, risk management and the economic environment. Our key metrics are strong. The market opportunities we see in our core businesses are plentiful and our strategy of investing in value proposition innovations, customer acquisitions, and global merchant coverage continues to drive our growth. Based on our performance to date, we are reaffirming our full-year guidance of delivering between 15 and 17 percent revenue growth and earnings per share of between 11 and 1140. We remain committed to focusing on achieving our aspiration of delivering sustainable revenue growth greater than 10 percent and 15 ZPS growth as we get to a more steady state macro environment.
如您所知，我们长期经营公司。我们已制定了一项策略来应对经济波动，这使我们能够在疫情、初步复苏期和当前高通货膨胀和高利率环境下成功导航。在这一切中，我们继续吸引和留住高质量的客户，我们的战略投资带来了去年以及2023年始终保持的势头。我们对增长、风险管理和经济环境做出的决策感到满意。我们的关键指标非常强劲。我们核心业务中看到的市场机会非常丰富，我们的策略是投资于价值主张创新、客户获取和全球商户覆盖，持续推动我们的增长。基于我们迄今为止的表现，我们重申全年指导，即提供15%至17%的收入增长和每股收益在11至1140之间。我们仍致力于专注于实现可持续的收入增长，实现大于10%的15 ZPS增长，直到我们达到更稳定的宏观环境。
Thank you and now turn it over to Jeff. Well, thanks Steve and good morning everyone. It's good to be here to talk about our first quarter results which are tracking in line to the guidance we gave for the full year and reflect steady progress against our long-term growth aspirations. Starting with our summary financials on slide two, our first quarter revenues were $14.3 billion reaching a record high for the fourth straight quarter, up 20 percent. Alright, I've suggested that this revenue momentum drove reported that income of $1.8 billion in earnings per share of $2.40. Given we had a sizeable credit reserve release of pandemic-driven reserves in the first quarter of last year, we've also included pre-tax, pre-provision income as a supplemental disclosure against this quarter. On this basis, pre-tax, pre-provision income was $3.2 billion of 20 percent versus the same time period last year reflecting the growth momentum in our underlying earnings.
谢谢大家，现在我将把发言权交给杰夫。感谢史蒂夫，大家早上好。很高兴来到这里，与大家讨论我们的第一季度业绩，这与我们全年的指导方针一致，并反映出我们长期增长愿景的稳定进展。从第二页的财务概要开始，我们的第一季度收入为143亿美元，连续第四个季度创下新高，增长20％。此外，我们认为这种收入增长势头推动了报告净收入为18亿美元和每股盈利2.4美元的业绩。鉴于去年第一季度我们有大规模的疫情储备释放，我们还额外披露了税前、税前计提收入，以作为本季度的补充披露。根据此项收入，税前、税前计提收入为32亿美元，比去年同期增长20％，反映了我们基础收益的增长势头。
And now let's get into a more detailed look at our results which in our spend centric business model always beginners with a look at both which you see on slides three through seven. Total network volumes in build business were both up 16 percent year-rearing the first quarter on an FX-adjusted basis. Given that most of our spending categories have fully recovered versus pre-pandemic levels, we saw the more stable growth rates we expected this quarter with first quarter build business growth of 16 percent just above last quarter's growth of 15 percent. As Steve noted earlier, we did see particularly strong growth in travel and entertainment spending in Q1 of 39 percent driven by continued demand for travel and dining experiences. As expected, this growth rate was elevated early in the quarter as we lap the impact of Omicron in January of the prior year. So I would expect to see growth moderate moving forward but to remain high given the strong demand we are seeing across geographies, customer types, and TNE categories.
现在我们来详细看一下我们的业绩，根据我们以支出为中心的商业模式，在第三至第七张幻灯片中，我们始终会先查看这两个指标。在外部业务方面，总网络体积和建设业务都在FX调整后同比增长了16％。考虑到我们的大部分支出类别已经完全恢复到疫情前水平，我们预计本季度的增长率将更加稳定，第一季度建设业务增长16％，略高于上季度的15％。正如史蒂夫早先所说，我们在Q1中看到了特别强劲的旅游和娱乐支出增长，达到了39％，这是由于对旅游和餐饮体验的持续需求所驱动的。如预期，由于我们已经超过了前年一月奥密克戎疫情的影响，所以本季度初的增长率会有所提高。因此，我预计未来增长将会逐渐放缓，但是由于我们在地理区域、客户类型和TNE类别中看到了强烈的需求，增长仍将保持高位。
We also saw solid growth in goods and services spending for the quarter up 9 percent year or year. I would note that we did see this growth rate slow sequentially in the US for both SME and consumer as we went through the quarter. So we are continuing to monitor these spending trends. As I said, overall build business reached a record level in the month of March and our largest segment, US consumer, grew building 16 percent in the first quarter, accelerating a bit above last quarter's growth. Millennial and Gen Z customers again drove our highest build business growth within this segment with their spending growing 28 percent year of year this quarter.
我们也看到了商品和服务支出在本季度中实现了稳健的增长，同比增长了9%。需要注意的是，在本季度中我们看到这种增长率在美国的中小企业和消费者方面出现了逐步放缓的趋势。因此，我们在继续监测这些支出趋势。总的来说，我们的业务在三月份达到了历史最高水平，我们最大的部门美国消费者在第一季度增长了16%，超过了上个季度的增长。千禧一代和Z世代的客户再次推动了我们在这个领域内最高的业务增长，本季度他们的支出同比增长了28%。
Turning to commercial services, we saw year of year growth of 10 percent overall. US SME growth came in at just 6 percent this quarter. It was somewhat offset by a really good growth in US large and global corporates up 34 percent year of year. And lastly, you see our highest growth in international card services. We are seeing the early benefits of the organizational changes we announced last year start to play out demonstrated by strong growth across geographies and customer types. Starting from international consumer and international SME and large corporate customers, we are among our fastest growing pre-pandemic, grew 27 percent and 34 percent year of year respectively. International card services, travel and entertainment growth was especially robust at 58 percent for the quarter. This segment is still in a recovery mode given it started its pandemic recovery later than other segments.
在商业服务方面，我们整体上看到了年增长10%。而美国中小企业增长仅为本季度的6%。但美国大型企业和跨国公司年同比增长率高达34%，在一定程度上有所弥补。最后，请注意我们国际银行卡服务的增长最高。我们正在看到去年宣布的组织变革带来的早期效益，这表现为不同地区和客户类型的强劲增长。从国际消费者、中小企业到大型企业客户，我们是在疫情前增长最快的银行之一，其中国际消费者和跨国公司客户年同比分别增长了27%和34%。国际银行卡服务、旅游和娱乐的增长尤其强劲，本季度增长了58%。考虑到它的疫情复苏晚于其他领域，这一领域仍处于恢复模式。
Overall, our spending volumes are currently 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. Now moving on to loans and card member receivables on slide 8, we saw year over year growth of 25 percent in our loan balances as well as continued sequential growth. This growth continues to come mostly from our existing customers who are rebuilding balances. And as a result, the interest bearing portion of our loan balances is growing faster than the 25 percent growth we see in total loans. Specifically, over 70 percent of this growth in the U.S. is coming from our existing customers. We are pleased with this growth and with the overall lending economics we are generating. That said, looking forward to the growth rate of our loan balances moderate a bit as we progress through 2023. But we would expect it to remain elevated versus pre-pandemic levels.
总的来说，我们目前的支出规模正在跟踪支持我们的全年收入指导和长期可持续增长率的愿景，这些增长率高于疫情前的水平。现在转向第8页的贷款和持卡人应收款项方面，我们发现贷款余额同比增长了25％，同时持续顺序增长。这种增长仍然大部分来自我们现有的顾客，他们在重建贷款余额。因此，我们的贷款余额的利息产生部分的增长速度比我们看到的总贷款增长率25％更快。具体来说，美国70％以上的增长来自我们现有的客户。我们对这种增长和我们正在生成的整体借贷经济学感到满意。尽管如此，展望未来，我们预计贷款余额的增长率会在2023年逐渐放缓，但我们预计它仍将高于疫情前的水平。
If you then turn to credit and provision on slides 9 through 11, the high credit quality of our customer base continues to show through in our best in class credit performance. Our card member loans and receivables write off in the language you rate to remain below pre-pandemic levels, though they did continue to move up this quarter as we expected, which you can see on slide 9. We view these consolidated right off in the link between C-Rates as more comfortable to pre-pandemic rates than the individual loans and receivable rates because as we talked about last quarter, our charge products in many instances now have embedded lending functionality. Moving forward, we continue to expect these delinquency and write off rates to increase over time. But they are likely to remain below pre-pandemic levels in 2023.
如果您转到幻灯片9至11上的信用和拨备部分，我们基于客户群体的高信用质量在信用表现方面仍然表现出最佳水平。我们的持卡人贷款和应收账款核销的语言等级仍将保持在疫情前的水平以下，尽管它们在本季度继续上升，正如我们预期的那样，您可以在第9张幻灯片上看到。我们认为这些与C级别之间的整体核销更舒适，与个人贷款和应收账款利率相比更接近于疫情前的水平，因为正如我们上一季度所说，我们的信用产品现在在许多情况下具有嵌入式贷款功能。未来，我们继续预计这些拖欠和核销率会随时间增加。但它们可能会在2023年保持在疫情前的水平以下。
Turning down to the accounting for this credit performance on slide 10, the expected increases in the link between C-Rates combined with the quarter over quarter growth in our loan balances resulted in a $320 million reserve bill. This reserve bill combined with net write offs drove $1.1 billion of provision expense in the first quarter as we move past much of the volatility in this line item that C-Rates reserve bills releases caused during the pandemic. As you see on slide 11, we ended the first quarter with $4.4 billion of reserves representing 2.5% of our total loans and card member receivables. This reserve rate remains about 40 basis points below the levels we had pre-pandemic or day one C-SEL. We expect this reserve rate to continue to increase as we move through 2023, but to remain below pre-pandemic levels.
在考虑幻灯第10页的信贷绩效时，C-Rates之间的预期增长与我们贷款余额的季度增长相结合导致了3.2亿美元的准备金账单。这个准备金账单与净核销合并，在我们度过C-Rates准备金账单在疫情期间引发的许多波动后，导致了第一季度11亿美元的拨备费用。如您在第11页所见，我们在第一季度结束时拥有44亿美元的准备金，占总贷款和卡片成员应收款的2.5%。这一准备金率仍然比疫情前或C-SEL的第一天低约40个基点。我们预计这一准备率将继续在2023年增加，但仍将低于疫情前水平。
Moving next to revenue on slide 12, total revenues are up 22% year-rear in the first quarter or 23% on an FX-adjusted basis. If I get into more details about our largest revenue drivers in the next few slides, I would note that service fees and other revenue was up 34% in the quarter. Driven largely by the year-over-year increases in travel-related revenues that accompanied the tremendous demand we've seen for travel. As you can see on slide 13, our largest for-line discount revenue grew 17% year-over-year and fewer on an FX-adjusted basis, which, similar to spending volumes, is just above last quarter's growth rate. Net card fee revenues are up 23% year-over-year in the first quarter on an FX-adjusted basis, as you can see on slide 14. Growth, which did moderate slightly this quarter as expected from the extremely high level we saw last quarter, remains quite strong. This growth continued to driven largely by bringing new accounts onto our fee-paying products as a result of the investments we've made in our premium value propositions. This quarter, we acquired 3.4 million new cards demonstrating the demand we're seeing, especially for our premium fee-based products.
在第12页，重点关注收入，第一季度总收入同比增长22%，或者按照汇率调整后增长了23%。如果我在接下来的几页中详细介绍我们最大的收入驱动因素，我会指出，服务费和其他收入在本季度增长了34%。这主要是由于随着我们见证的旅游需求的巨大增长，与旅游相关的收入同比增加所致。如您在第13页所见，我们最大的预付卡收益同比增长了17%，或者调整了汇率，这与消费额类似，仅略高于上一季度的增长率。从第14页可以看出，我们的净卡费收入在第一季度同比增长了23%，或者调整了汇率。增长略有所缓和，这是预期的，因为上一季度的收入水平非常高，但仍然相当强劲。这种增长主要是通过将新账户引入我们的收费产品，由于我们在优质价值主张方面所做的投资而产生的。本季度，我们获得了340万张新卡，展示了我们所见到的需求，尤其是对我们的高级收费产品的需求。
Moving on to slide 15, you can see that net interest income was up 36% year-over-year on an FX-adjusted basis, accelerating versus last quarter, primarily due to the growth in our revolving-woven balances. I'd also note that net yield on our card member loans increased 50 basis points sequentially, reaching pre-pandemic levels as quarter, as our customers increase their revolving balances.
转到第15张幻灯片，您可以看到根据外汇调整后，净利息收入同比增长了36％，与上一季度相比加速增长，主要是由于我们循环织物余额的增长。我还想指出，我们的信用卡用户贷款的净收益率按月增长了50个基点，达到了大流行前的水平，因为我们的客户增加了循环余额。
We have been able to increase our net yield while maintaining net right-off rates below pre-pandemic levels, expanding our net credit margin. To sum up on revenues on slide 16, we're tracking well against our expectations of looking forward, we still expect to see revenue growth at 15 to 17% per year for the full year of 2023. The revenue momentum we just discussed has been driven by the investments we've made.
我们成功地提高了净收益，同时保持了低于疫情前水平的净核销率，扩大了净信贷毛利率。总结幻灯片16中的收入，我们对向前展望的预期表现良好，我们仍然期望在2023年全年看到15%至17%的收入增长。我们刚刚讨论的收入动力源于我们所做的投资。
Those investments show up across the expense lines you see on slide 17. Having with variable customer engagement expenses, these costs came in at 43% of total revenues in the first quarter, tracking right with our expectation for them to run around 43% of total revenues on a four-year basis. On the marketing line, we invested $1.3 billion in the quarter on track with our expectation to a marketing spend that is fairly flat to our full year 2022 expense, $5.5 billion.
这些投资反映在第17页的费用项上。由于客户参与度不同，这些成本在第一季度占总收入的43％，与我们预期的在未来四年围绕总收入的43％运行保持一致。在营销方面，我们在当季投资了13亿美元，这与我们预期的营销支出接近我们整个2022年的支出——55亿美元。
We remain focused on driving efficiencies so that our marketing dollars grow far slower than revenues as we did for many years prior to the pandemic. Moving to the bottom of slide 17, brings us to operating expenses, which were $3.6 billion in the first quarter. There's usually some quarterly volatility in this number.
我们仍然专注于提高效率，以使我们的营销开支的增长远远低于疫情前许多年的收入增长水平。移至第17张幻灯片的底部，我们来看营业费用，这在第一季度达到了36亿美元。通常这个数字会有一些季度性的波动。
In this quarter, for example, we saw a $95 million impact from net market to market losses on our AMX Ventures investment portfolio. But you can see, based on our first quarter results, that's similar to marketing, we are tracking with our expectation for operating expenses to be around $14 billion for the full year. We continue to see operating expenses as a key source of leverage and moving forward, expect to have far less growth in objects relative to our high level of revenue growth.
在本季度中，例如，我们的AMX Ventures投资组合由于净市场损失导致了9500万美元的影响。但从我们第一季度的业绩来看，我们预计全年运营费用将约为140亿美元，这与市场类似。我们继续将运营费用视为杠杆作用的关键来源，并希望未来的目标增长相对于高水平的收入增长要少得多。
Moving next to capital on slide 18, we ended the first quarter with our CT1 ratio at 10.6 percent, with our target range of 10 to 11 percent. I would note that AOCI already flows through our regulatory capital today. So any unrealized gains or losses on our investment portfolio are fully reflected in the 10.6 percent that I just quoted. I'd also point out that we hold only $4 billion of investment securities, most of which are short dated US treasuries.
在第18张幻灯片上，我们谈论资本问题。第一季度结尾，我们的CT1比率为10.6％，目标范围为10％至11％。需要注意的是，我们的监管资本已经包括AOCI。因此，我们投资组合上未实现的收益或亏损已经完全反映在我刚刚提到的10.6％中。我还要指出，我们仅持有价值40亿美元的投资证券，其中大部分是短期的美国国债。
In the first quarter, we return $600 million of capital to our shareholders with our strong capital position. We have both the capacity and the intent to continue to return shareholders, the excess capital regenerate, while supporting our balance sheet growth. I'd also note that our liquidity position remains extremely strong. As we ended the quarter with $41 billion of cash, our highest ever balance, excluding the pandemic period, we also saw a 10 percent increase in our deposits this quarter, including the inflows and the weeks following the recent volatility in the banking sector.
在第一季度，我们以强劲的资本实力向股东返还了6亿美元的资本。我们拥有足够的能力和意愿，继续向股东返还超额资本，并支持我们的资产负债表增长。我还想指出，我们的流动性状况仍然非常强劲。由于我们季末拥有410亿美元的现金，这是我们最高的余额，不包括疫情期间，本季度我们的存款增加了10％，包括在银行业最近的波动期之后的流入资金。
On slide 25 of the appendix, we have provided a bit more detail on deposits than we typically do if you'd like to look at some of the numbers. That brings me then to our growth plan in 2023 guidance on slide 19. For the full year 2023, we are reaffirming our guidance of having revenue growth of 15 to 17 percent in earnings per share between $11 and $11.40.
在附录的第25页中，我们提供了有关存款的比平常更详细的信息，如果您想查看一些数字的话。这就把我带到了我们在第19页的2023年增长计划和指导方针。对于2023年全年，我们重申我们的指导方针，收入增长率为15%至17%，每股收益介于11美元至11.40美元之间。
At this level, year-rear revenue growth, we expect to see a significant sequential increase in the amount of revenues as we go through the year. In contrast, our marketing and operating expenses were already more in line with the run rate for the year in the first quarter. Well, there's always some quarter to quarter volatility.
在这个水平下，我们预计年度收入增长将显著顺序增加，随着我们进入这一年。相比之下，我们的营销和经营费用在第一季度已经与今年的运行率更加一致。嗯，总会有一些季度性波动。
The simple math then gets you to the sequential growth in our underlying earnings consistent with our full year EPS. There is clearly uncertain as it relates to the macroeconomic environment, but a steep discussed, our customers have remained resilient thus far in the face of the slower growth higher inflation economic environment. Our outlook is based on the blue chip macroeconomic consensus, which continues to expect slowing growth, though not a significant recession.
这个简单的数学计算能够得出我们基本收益的顺序增长，这与我们全年的每股收益一致。虽然与宏观经济环境相关的不确定性显然存在，但正如我们讨论过的那样，我们的客户在经济增长放缓和通胀率上升的环境中到目前为止仍然表现出强韧性。我们的展望基于业内权威的宏观经济共识，它依然预计经济增长将放缓，但不至于出现严重的经济衰退。
In any environment, though, we are focused on running the company for the long term. Looking forward, we were really committed to focusing on achieving our aspiration of sustainably delivering revenue growth in excess of 10 percent and mid-teens EPS grow as we get to a more steady state environment. With that, I'll turn the call back over to Kerry to open up the call for your questions.
在任何环境下，我们都专注于长期经营公司。展望未来，我们非常致力于实现可持续地实现超过10％的收入增长和中期EPS增长，以在更稳定的环境中实现目标。因此，我将把话题交回给Kerry，让她为您的问题开放电话会议。
Thank you, Jeff. Before we open up the line 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. Operator?
谢谢，Jeff。在我们开始提问环节之前，我想请排队等候的人只提出一个问题。感谢您的合作。现在，接线员将打开问题线路。接线员？
意思是，在回答问题之前，提醒大家只能提出一个问题，并感谢大家的合作，然后会打开问题的通道。
Ladies and gentlemen, if you wish to ask a question, please press star then one on your touchtone phone. You'll hear a tone indicating that you've been placed in queue. You may remove yourself from the queue at any time by pressing star then two. If you're using a speaker phone, please pick up the handset before pressing the numbers.
女士们，先生们，如果您想提问，请在您的按键电话上按*1键。您将听到一个提示音，表示您已进入排队等待中。您可以随时按*2键自行退出队列。如果您使用的是扩音电话，请在按数字键之前拿起听筒。
One moment please for the first question. Our first question is coming from Sanjay Sakbrani of KPW. Please go ahead. Thanks. Good morning. Steve, I think the number that's pretty striking is the strong growth among millennials and Gen Z, which seem like third of the U.S. spending volumes. I've heard some worry about this cohort because they're relatively new to credit, but obviously it seems like the spending remains quite strong. So I'm just curious sort of how you're seeing things trend for them. Whether or not you feel like there's more risk or less risk, and then maybe Jeff, you can elaborate a little bit more on the weaker spending trends that you saw in March. Thanks.
请稍等第一个问题。我们的第一个问题来自 KPW 的 Sanjay Sakbrani。请开始提问。谢谢。早上好。Steve，我认为最引人注目的数字是千禧一代和Z一代的强劲增长，他们似乎占美国消费额的三分之一。我听到有些人对这一群体感到担忧，因为他们相对于信贷领域来说比较新，但显然他们的消费保持相当强劲。因此，我很想知道您如何看待他们的趋势。无论您认为风险更大还是更小，也许Jeff可以更详细地阐述一下您在3月份看到的较弱消费趋势。谢谢。
Yeah, I think that Jeff can elaborate a little bit more, but March was a record spending month for us overall. It was the highest month we ever had in history at a company. So, feel free to elaborate on that, Jeff.
是的，我认为Jeff可以再详细解释一下。总体而言，三月是我们创下开支记录的一个月。这是公司历史上最高的一个月。所以Jeff，你可以自由发挥一下。
Millennials have been a big part of our growth story, and if you go back pre-pandemic, they're represented about 20% of our buildings. Now they represent 30% of our buildings, and they're growing at, I mean, last quarter, they grew at 30%, this quarter, they grew at 28%, and we're acquiring 60% of our new cards acquired. I think from risk perspective, they play out much like low tenure plays out. And so we really have not seen anything different with millennials than we have seen with any of our other card acquisitions. And so, like anything, you watch that, but right now, we don't have any concerns with that.
千禧一代一直是我们增长故事的重要组成部分，如果回到疫情前，他们约占我们建筑物的20％。现在，他们占我们建筑物的30％，并且增长率很高，上个季度增长了30％，这个季度增长了28％，我们正在收购60％的新卡。从风险角度来看，他们的表现与低渗透度相似。因此，我们实际上没有看到千禧一代与我们其他卡收购有什么不同之处。所以，像任何事情一样，我们会观察这一点，但现在，我们对此并没有任何担忧。
The other thing that I will point out is that this whole concept of getting more millennials really started with our focus on generational relevance and making sure that our products and services were attractive across an entire cohort. And so that is really working for us, as you've seen, the composition of our base change. And so that gives me a lot of confidence as we move forward that we're making the right moves from a value proposition perspective and continuing to invest in the right benefits and we are acquiring the right customers. And as I've said on these calls before, we continue to raise the bar in the face of an uncertain economic environment. We continue to raise the bar on who we're acquiring.
我要指出的另一个事情是，我们更多地吸引千禧一代的整个概念，其实始于我们关注世代相关性，确保我们的产品和服务在整个队列中具有吸引力。如你所见，这对我们非常有效，我们的用户基础正在发生变化。因此，这让我非常有信心，我们正从价值主张的角度做出正确的举措，继续投资于正确的福利，获得正确的顾客。正如我在这些通话中所说的，我们在面对不确定的经济环境时继续提高门槛。我们继续提高我们所获得的顾客的门槛。
The last point that I'll make, because I think it's really relevant. And stay with me on this for a second. If you go back to 2018 and look at all the cards that we acquired in 2018 and look at what the first quarter spending was in 2019. And you did the same thing in 2022 and looked at what the first quarter spending was in 2023. We are 50% higher, meaning we are acquiring higher spending card members.
我要说的最后一点，因为我认为这真的很相关。请耐心听我讲一下。如果你回到2018年并查看我们在2018年获得的所有卡片，再看看2019年第一季度的花费情况。然后再在2022年做同样的事情，看看2023年第一季度的花费情况。我们的花费量增加了50％，这意味着我们正在吸引更多高消费的卡片会员。
And so I think the teams have done a phenomenal job of really sort of getting through the clutter and getting not only more card members, but getting card members that spend, getting card members that are paying fees and getting card members that will be with us for a long time. So it's a long sort of answer, but I think it really is relevant to what you were talking about in terms of millennials, because I think that gives you a pretty good picture of just how we are looking at that segment and just how that segment is performing and how we believe it will continue to perform.
因此，我认为团队们做了一项了不起的工作，成功地穿越了各种杂乱无章的纷扰，不仅获取了更多的信用卡会员，而且获取了那些消费更多、支付会费、并会长期留在我们身边的信用卡会员。所以，这是一个相对较长的回答，但我认为它确实和您所谈论的千禧一代相关，因为我认为这给了您一个相当清晰的画面，关于我们如何看待这个细分市场，以及这个细分市场的表现情况以及我们相信它将继续表现的方式。
So you want to talk about March, Jeff? Well, the only thing I would add is we are just trying to be transparent, Sanjay. I think a lot of people describe the current economic environment as mixed. And so March was our strongest month ever across the globe in terms of volumes as a company in the US spending costumer types on travel and entertainment is really strong. But you did see in goods and services as you went from January to February and March spending slow a little bit, the growth rate sequentially on the other end, you've also got to start through how does Omicron last January, February, and into that. So we're just trying to be transparent about sorting through all the mixed signals, but I think we'd come back to our customers overall, shown great resilience in the face of all the mixed signals in the economy and that's what we are running the company on.
“Jeff，你想谈谈三月的情况吗？”嗯，我们只是尝试保持透明，Sanjay。我认为很多人将当前的经济环境描述为复杂。因此，对于公司而言，3月份是全球交易量最高的一个月，尤其是在美国，消费者对于旅游和娱乐的支出非常强劲。但是，当你从1月到2月再到3月，商品和服务支出的增长率有所放缓，这也与Omicron在去年1月、2月和3月的影响有关。因此，我们只是尝试透明地处理所有复杂的信号，但我认为我们的客户总体上表现出了极强的韧性，面对经济中的混乱信号，这也是我们经营公司的基础。
Thank you.
谢谢你。简单表达感谢之意。
So, again, is coming from here, Bakia, Bank of America, please go ahead.
所以，这里是来自美国银行的Bakia，请讲。
Hi, thank you. Thank you for my question. I was curious. If you could elaborate a little bit more on the slow down that you've seen, I think you mentioned in the US a little bit. Are there particular types of spending you're seeing? Is it broad based across customers? And I think you mentioned both on the consumer and all the sites to just elaborate on that. And if you have any data on it, bro, you can share.
你好，非常感谢你回答我的问题。我有些好奇，能否再详细解释一下你们见到的放缓，我记得你提到过美国市场。你们有看到特定类型的支出放缓吗？是否广泛地影响了顾客的消费？你还提到了消费者和所有网站，能否再补充一下？如果你有任何相关数据，也可以分享一下。
On the consumer side, just look at, substantially, consumer in the fourth quarter, grew 15 percent. We're growing 16 percent. So there was really no slow down there.
在消费者方面，仅仅看，实质上，第四季度消费者增长了15％。而我们增长了16％。因此，那里真的没有减缓的迹象。
When you look at US SMA, we grew 8 percent. We're growing 6 percent now. So I think it was a little bit of a slow down in US SMA.
当你看看美国SMA情况时，我们增长了8％。现在我们增长了6％。因此，我认为美国SMA有点放缓了。
And remember, when you look at our consumer business, our consumer business, I don't believe it's really representative of the entire economy. Our consumer business is representative of a really high end premium consumer base.
请记住，当你看我们的消费业务时，我认为它并不能真正代表整个经济。我们的消费业务代表的是真正高端的高端消费群体。
Our small business, because of the volumes that we have, are probably a little bit more representative. And where you do see a slow down in small businesses, goods and services, what I remind people, the small businesses are small businesses because they're small.
因为我们所拥有的量，我们的小企业可能更具有代表性。当你看到小企业的货物和服务减少时，我提醒人们，小企业之所以小，是因为它们本来就是小的。
To a level of spending, unless you're going to let that business really grow, you can only spend for what you're taking in. But I think what we've seen, and this is a continuing trend, is you've seen a slow down in a lot of the advertising spending. But I will point out that that's not any different than what you've seen from a lot of corporations and ours ourselves.
如果你不想让生意真正成长，那么你只能按照自己的收益水平进行支出。但是我认为我们已经看到了一种持续的趋势，那就是许多广告支出的减缓。但是我要指出的是，这并不比其他许多公司和我们自己看到的情况不同。
I mean, if you look at it, our plan has been to spend the same amount of marketing that we spent last year this year. And that number is $5.5 billion. When you look at that number, we try and get more and more efficient with that. And we push our partners to become more and more efficient as well. And so you get to a point of scale where you just don't spend anymore. And I think we're seeing a little bit in small businesses as well.
我的意思是，如果你仔细看，我们的计划是在今年花费与去年相同的市场营销费用，也就是55亿美元。当你看到这个数字时，我们会设法让这个费用越来越高效。我们也会推动我们的合作伙伴变得更加高效。因此，你会达到一个规模的点，你就不再花费。我认为我们也在小企业中看到了这一点。
But look, 60% growth in the US small business for the amount of volume that we have. Right now, we're okay with that. And it's in line with us making our overall plan. What I would point out from a small business perspective is international is not like that. International is growing much faster than that. And international is back to our fastest growing segment. So we'll keep watching it. But really happy with the consumer. And right now, I think small businesses kind of in line with where we have it going for a rest of our plan for the rest of the year. Thank you.
看起来，我们在美国的中小企业数量增长了60％。目前，我们对此感到满意。这与我们的整体计划相符。但是，从中小企业的角度来看，国际市场情况并非如此。国际市场增长得比这快得多。而国际市场也成为我们增长最快的部分。我们会继续关注这个市场的情况。但是目前，我们对消费者非常满意，并且我们对今年的整体计划的中小企业部分也比较满意。谢谢。
The next question is coming from Mark Dvreeze of Barclays. Please go ahead.
下一个问题来自巴克莱的Mark Dvreeze。请继续发言。
意思：现在要接收来自巴克莱的Mark Dvreeze提出的问题。请Mark Dvreeze提出问题。
Yeah, thanks. I just wanted to get into what drove the acceleration of growth in international car services. Jeff, I heard you allude to the fact of seeing results from the reorg. But could you talk a little bit more specifically about kind of what you did in that business segment to really drive the improvement?
是的，谢谢。我只是想了解是什么推动了国际汽车服务增长的加速。杰夫，我听说你提到了从组织重组中看到了成效。但你能具体说一下在该业务领域做了什么来真正推动改善吗？
Well, I think so there's a couple things, right? Number one, there was no place in the world were impacted by the pandemic and international. And when you look at our card base internationally, it is a really high T&E-oriented card base. And correct me if I'm wrong. I think this is at 59% T&E increase in our international part. So that's number one, I mean, I think you just have, you have just some built up demand that had been pushed down.
我认为有几点原因。首先，全球范围内都受到了疫情的影响。当我们看到我们的国际卡片使用基础时，它是以旅游和娱乐为主的。如果我记得没错的话，国际部分的旅游和娱乐使用增长了59%。所以这是第一点，我认为这是因为有一些积压需求被推迟了。
Number one, number two, we continue to improve our merchant coverage tremendously in international. So there were more and more places to use the card. And I think coverage cannot be understated or overlooked in how it drives growth, especially in international.
我们在国际市场上不断地提高商家覆盖率，这样卡片就可以在越来越多的地方使用。我认为商家覆盖率对于推动增长的作用非常重要，在国际市场上更是如此，这一点不应被低估或忽视。
And I think that's really important. I think we continue to acquire new card members in international as well. And as far as the reorganization, what the reorganization does for us is makes us a lot more efficient. And so let me give you an example. Sometimes it's really hard to determine whether a potential customer is a small business, or whether a potential customer is a consumer.
我认为这非常重要。我认为我们在国际上继续吸引新的会员。至于重组，重组为我们带来了更高效的效率。我来给你一个例子。有时候很难确定潜在客户是一个小企业还是一个消费者。
And what you do is you put resources and you go against, you attack them both ways. And now what we're doing is we're looking at that in a more holistic way. And so instead of having what I like to refer to as the Noah's Ox syndrome of two of everything, we now have some, you know, someone in a market focused on card acquisition, both small business, consumer, and international and large market and corporate as well. And so I think what we've done is we've been able to become more efficient with our marketing.
你所做的就是投入资源，从两个方向攻击他们。现在，我们更全面地看待这个问题。相比于拥有像诺亚方舟一样的两个以上同类资源，我们现在有些人在市场上专注于卡片收购，包括小企业、消费者、国际大市场和企业。因此，我认为我们已经变得更加高效地进行营销了。
We've been able to share intellectual property across, you know, business lines. And we've been able to, in a given market, make better trade off decisions from an investment perspective because we're running it much more as a market as opposed to running it as global segments. And I think that's really given the team a lot more flexibility and given them a lot more ability to achieve their goals.
我们已经能够在不同业务部门之间共享知识产权。在一个特定市场，我们能够从投资的角度做出更好的决策，因为我们更多地将其运营为市场，而不是全球部分。我认为这确实为团队提供了更多的灵活性和实现目标的能力。
So, and look, the reality is international was the fastest growing part of our business, the most massive pandemic. And this was, these moves were made to become more efficient, to get it back to where it was, and go beyond it. And so we feel, we feel good about, you know, the, the start that international's on at the moment.
因此，事实上，国际业务是我们业务增长最快的部分，也是最大规模的一次流行病。这些举措是为了提高效率，使业务恢复到之前的水平，并超越它。因此，我们感觉国际业务目前的起点非常好。
You know, the only common I add, art is, is remarkable. The breath of the strength right now when you look across geography, is it's Europe, It's where we are in my Americanization. It's really broad-based, so we feel really good about the progress. Thank you.
你知道，我所增加的唯一共同点，就是艺术是卓越的。当你跨越地理位置时，强度的气息就在眼前，它在欧洲，也在我们的美国化之中。它真的是广泛的，所以我们对进展感到非常满意。谢谢。
The next question is coming from Betsy Grosik of Borgon Stanley. Please go ahead. Hi, good morning. I did want to just ask a overarching question on top-line growth drivers from here. I know we have already spoken about a couple of different line items. I think US and large corporate is still something we could unpack a little bit, but I would also like if you could just from your vantage point give us where you think the growth drivers are from here, which one queue is extremely strong. Thanks.
下一个问题来自Borgon Stanley的Betsy Grosik，请提问。您好，早上好。我想问一个总体的问题，关于我们未来的顶线增长驱动因素。我知道我们已经谈论了几个不同的项目。我认为美国和大型企业仍然是值得深入挖掘的，但我也希望您能从您的角度告诉我们，您认为未来的增长驱动因素在哪里，一季度哪些方面非常强劲。谢谢。
Well, you know, in many senses, Betsy, I would almost just point you to the first quarter result. There's one of the drivers of our confidence is the breadth of strength we see across all the lines of the P&L. So discount revenues when you look forward and look at growth are going to look about like they did this quarter. I think you'll see a tail down site because you have a little bit of an Omotron tail in maybe in January and February, but volumes look good and that's going to continue to be a nice double digit driver of growth.
嗯，你知道，从许多方面来看，Betsy，我几乎可以只指向第一季度的业绩结果。我们信心的一个推动因素是，我们看到P＆L的所有线路都拥有广泛的实力。因此，当您展望增长并查看折扣收入时，它们将看起来与本季度大致相同。我认为您将看到一个下行趋势，因为您可能在一月和二月的Omotron尾部略有一些，但是交易量看起来很好，这将继续成为良好的二位数字增长驱动器。
We have grown net card fees in double digits consistently for years right through every single quarter of the pandemic. And they've been above 20% for the last couple of quarters. That's going to continue because what we constantly have to remind people is it's not particularly increases in fees for any given card that drive that although it helps, it's mostly the steady acquisition that's deep about more people on our higher fee paying cards.
我们连续多年以双位数增长的速度增加了网上银行卡费用，即使在疫情期间的每个季度也是如此。在过去的几个季度中，这些费用已经超过了20%。这种增长趋势将会继续，因为我们必须不断提醒人们的是，推动这种增长的主要原因并非是单个银行卡费用的提高，虽然这确实有帮助，而是不断地吸引更多人使用我们更高费用的银行卡。
You know, net interest income, as I said, I think our overall loan balance growth will probably continue to be higher than it was pre-pandemic, but moderate a bit as our customers kind of get through the process of rebuilding balances. I think I don't want to pretend to suggest I can predict exactly what interest rates do the rest of the year. That'll have some impact on the growth rate, although I remind you, unlike most banks, where the impact of rates moving one way or another on us is very, very modest.
你知道，像我说的那样，我们的净利息收入可能会继续高于疫情前的水平，但会适度下降，因为我们的客户正在恢复余额的过程中。我认为我并不想假装说我能准确地预测今年剩余时间的利率走势，这将对增长率产生一定的影响。尽管如此，我提醒你们，与大多数银行不同，利率上涨或下跌对我们的影响非常微小。
So reasonably hedge, there's a 10k disclosure about that for anyone who's interested, but we're not that heavily impacted. And then you have the service fee and other revenue line, which is benefiting from travel related strengths, and I think that will continue. So I think as you think about the drivers of revenue growth across the rest of the year, it doesn't look that different than what you saw in the first quarter. It's very broad-based and that's what gives us confidence.
合理对冲，这方面有一个10k披露，对于任何感兴趣的人来说，但我们受影响并不严重。然后你有服务费和其他收入项，这些都受益于旅行相关的优势，我认为这将继续。所以我认为，当你考虑到全年的收入增长驱动因素时，与第一季度所看到的并没有太大的不同。这是非常广泛的，这是给我们信心的原因。
So, I could just say what he said, but let me just take it up a level. And I think that one of the things that we do in looking for opportunities is we try and make sure we're investing in those opportunities which have the greatest return. And Jeff said this many, many times on these calls, we have more good opportunities to invest in than we have dollars to invest. And I think nothing is a better example of how good our opportunities, how much better our opportunities have been come than how I answered the first question for Sanjay in talking about how the cards that we're acquiring now are 50 percent in this first quarter. Anyway, 50 percent better than they were back in 2018.
因此，我可以说他说的话，但让我提高一下层次。我认为我们在寻找机会时要做的一件事情是，尽力确保我们投资在那些回报最大的机会上。Jeff在这些电话会议上多次提到过，我们有更多的好机会可以投资，比我们有可投资的资金还多。我认为没有什么比我在回答Sanjay的第一个问题时所说的更好的例子来说明我们的机会有多好，我们现在正在收购的卡片比2018年要好50%。
And the other thing that I would say, which I think is really important, is when we've looked at acquiring a customer. And we report cards, but we look at acquiring revenue. And when we look at a customer, revenue for us is a three-legged stool. We acquire card members and a majority, 70 percent of the cards we're acquiring right now are paying fees. That's a huge differentiated for us.
另外，我认为非常重要的一点是，当我们考虑获得客户时。我们查看成绩单，但我们看的是获得收入。对我们而言，查看客户时，收入是一把三条腿的椅子。我们获得卡会员，目前我们获得的卡中，70％支付费用，这对我们来说是一个巨大的差异。
Then what we do, you pay that fee, you use the product, and then as Jeff said that this count revenue, and at this count revenue, it's going to grow pretty much in line where it was now. And then the third leg of this stool is interesting come. And we've modified our products so that we have planted on it, we have pay overtime. And so we're giving our customers lots and lots of choices in how they want to manage their financial lives with us, and then how they want to manage their credit card payments. And so we really focus a lot on revenue for our customers. And that's what gives us a lot of confidence because when we acquire a customer, it's not, okay, we're going to acquire a customer and they're going to drive lending revenue. You're going to acquire this customer, it's going to be fee. We really look at that entire basket, and as we look at the ROI, all that is taken into account.
那么我们的做法是，您支付那笔费用，使用该产品，而且正如Jeff所说的那样，这会产生收入。在这个收入季度，它会与目前大致相同。然后，这个策略的第三个支柱就很有意思了。我们修改了我们的产品，使其内置了付款功能。因此，我们为客户提供了许多选择，他们可以通过我们来管理他们的财务生活，以及管理他们的信用卡付款方式。因此，我们非常关注为我们的客户带来收入。这就是给我们带来很多信心的原因，因为当我们获得一个客户时，我们不是说，好的，我们获得了一个客户，他们将带来贷款收入。您获得这个客户，将会获得一笔费用。我们真正看重的是整个篮子的价值，以及投资回报率时所考虑的所有因素。
Thank you. The next question is coming from Rick Shane of JP Morgan. Please go ahead.
谢谢。下一个问题来自JP摩根的Rick Shane。请提出您的问题。
Thanks, guys, for taking my question this morning. I'd like to discuss the accounting and strategy on fee waivers. When fees are waived, I'm assuming that the fees are recognized and there's an off-setting expense in terms of marketing. Are both the fees and expenses accreted and amortized quarterly? Is that the way we should think about it?
谢谢大家今早回答我的问题。我想讨论手续费豁免的会计和策略。当手续费被豁免时，我认为手续费已被认可，并且有相应的营销费用支出。这两个费用和支出是否每个季度都应计和摊销？我们应该这样考虑吗？
Well, I think, can I maybe step back, Rick? Because in many ways, sometimes there's a misnomer about what we have a line called marketing, what's actually in the marketing line. So there are a variety of incentives that we offer to customers and sometimes to partners to acquire customers that are involved in bringing new card members into the franchise.
嗯，我觉得，能否让我退后一步，Rick？因为在很多方面，我们对于所谓的营销有一个错误的印象，不清楚营销中到底包含了哪些内容。因此，在吸引新的信用卡用户成为我们的一个群体时，我们会提供多种激励措施，有时还会针对客户和合作伙伴提供激励措施。
And when you look at the 5.5 billion that we spend in marketing, there's a very small portion of that that is ads that probably people talk about more. But the overwhelming majority of what's in that 5.5 million are the costs of the many kinds of incentives that we offer to customers. And so fee waivers can be incentive or interest rates on balances that are at promotional levels.
当你看到我们在市场营销方面的55亿美元支出时，其中只有一小部分是可能会被人们谈论得更多的广告。但是，在这55亿美元中，压倒性的大多数是我们向客户提供的各种激励措施的成本。因此，免除费用可以作为激励，或者是在推广水平上的余额利率。
But in general, the costs of those welcoming centers are going to be amortized over varying periods. Right? We offer lots of different kinds of marketing incentives so I can't generalize to the exact period. But generally, they're going to be amortized over a period. So one of the things we always wrestle with is when you look at it in total as you're bringing more customers into the franchise, you generally are recognizing the costs of bringing them in more quickly than they're spending and their revenues ramp up. And so like many companies, you sometimes have the good problem that the more you bring new customers in, which is a good thing for the long term, in the short run, that can create a little bit of an economic headwind.
一般来说，这些欢迎中心的成本将在不同的时期内分摊。我们提供许多不同类型的市场激励，无法推广到确切的期限。但一般来说，它们将在一定时期内摊销。因此，我们总是要面对的一个问题是，当你把它看作是为加强加盟商的顾客群体，你通常比顾客支出和收入增长更快地承担了带来他们的成本。就像很多公司一样，有时候你会遇到一个好问题，那就是你越吸引新顾客进来（这对于长远来说是好事），短期内可能会带来一些经济困难。
So that's the way I would think about this. Thank you. The next question is coming from Craig Moore of F.T. Partners. Please go ahead.
这就是我对此的想法。谢谢。下一个问题来自 F.T. Partners 的 Craig Moore，请发问。
意思是说，这就是我对这个问题的思考方式。感谢问题的提出。接下来的问题来自 F.T. Partners 公司的 Craig Moore，请他发问。尽量易读是指尽量使用通俗易懂的词语，增加读者的理解。
Good morning. Thanks for thinking about it.
早上好。感谢您考虑此事。
Good morning. Hey, welcome back. Thanks. It's been fun getting the business up and running for F.T. Partners. And again, I appreciate you taking the question. So with thinking about credit, if we look at what drove the provisioning expense in the quarter, you know, it looks like the allowance bill was actually materially less than it was in fourth quarter, despite the relatively similar provisioning amount. So it seems like you were soaking up the losses that were driven by the rise in the linkities and the back half of last year.
早上好。欢迎回来。谢谢。为F.T.合伙人开展业务非常有趣。再次感谢您接受我的提问。如果我们考虑信贷问题，看看上季度储备费用的增加，您会发现，尽管预计储备款项相对相似，储备费用实际上比第四季度要少得多。所以看起来，您一直在吸收去年下半年出现的联动性和损失。
But you only saw a very small increase in the linkities in the quarter. So I guess the question is, are you comfortable with where allowance levels are now, especially considering their materially higher than where they were going into the pandemic?
但您在这个季度仅看到了极小的链接密度增加。因此，我的问题是，您是否满意当前的容忍水平，特别是考虑到它们比大流行前高得多？
Well, can I work backwards? You know, I think the simple way, because this is such a complex subject is, you know, Craig, that I always encourage people to think about this, just take the reserves on the balance sheet, divide it by the total loans and receivables. That ratio is 2.5 percent at the end of this quarter. Compare that number to last day one, CISO, it was 2.9 percent. You can compare that same number to every other financial institution that reports and I think that's a simple way to both track us for a statistic and us versus other companies.
我可以反过来工作吗？你知道，因为这是一个非常复杂的主题，所以我认为简单的方法是，你知道，克雷格，我总是鼓励人们考虑一下，只需要看一下资产负债表上的准备金，将其除以总贷款和应收账款。这个比率在本季末是2.5％。将这个数字与上一个季度的2.9％进行比较。你可以将这个数字与其他报告的金融机构进行比较，我认为这是一种简单的方法，既可以追踪我们的统计数据，也可以与其他公司进行比较。
And as you know, our 2.5 percent is by a long shot, best in class relative to what others have. When you think about sequential CISO accounting, what I would say is the fourth quarter of last year was probably one of the last quarters that still I will refer to as pandemic CISO noise. In other words, you know, all of the financial institutions, bills, all these big reserves, release them at different times for us. And I think there's a different from any other institutions. We're kind of past that. And so, you know, what you see starting in the first quarter, not in the fourth quarter of last year, is really not influenced by all the noise that the pandemic drove as we all build and then released reserves.
你知道的，我们的2.5%绝对是最好的，相对于其他公司来说。当你考虑CISO（首席信息安全官）的顺序会计时，我会说去年第四季度可能是最后一个我会称之为疫情CISO噪音的季度。换句话说，所有的金融机构、账单、大量储备，它们在不同的时间释放，但我们与其他机构有所不同。我们已经过去了那个阶段。所以，你看到的从去年第四季度开始，实际上并不受疫情噪音的影响，因为我们都已经建立并释放了储备。
It's why in some ways, I think, going forward from here, you're back to, I don't know if there's such a thing as a BAU view of CISO accounting because none of us have done CISO accounting in a normal world. But for us, we're sort of back at a fairly steady state run rate. So if you think about it, we expect low-neilances to continue to build. We expect credit metrics to continue to moderate up a little bit and that will cause us to continue to build a little bit of reserve. Each quarter and all of that is built into the guidance that we're referring today.
我认为，在某些方面，从现在开始向前看，您回到了不知是否存在一种常规CISO会计观点，因为我们没有在正常世界中进行过CISO会计。但对于我们来说，我们回到了一个相当稳态的运行速率。因此，如果您考虑一下，我们预计低委托人将继续增加。我们预计信贷指标将继续适度上升，这将导致我们继续增加一些储备。每个季度都建立了这些指引。
Thank you. The next question is coming from Dominic Gabriel of Oppenheimer. Please go ahead.
谢谢您。下一个问题来自Oppenheimer的Dominic Gabriel。请提问。
Hey guys, good morning. Thank you so much for taking my questions. So I know a lot of the business obviously depends on the consumer, but you do have a very large, unique commercial business. And so if you think about the bank tightening, some believe will occur, how do you think this plays out through your large and SMB businesses, access to credit changes? And how do you think those dominoes kind of fall in affecting their spending levels or whatever you think are the key elements there? That'd be great to hear your perspective. Thanks so much.
大家早上好。非常感谢你们回答我的问题。我知道商业很大程度上取决于消费者，但是你们确实有一个非常大、独特的商业部门。如果你考虑到银行收紧信贷的情况，有些人认为这将会发生，那么你认为这将如何影响你们的大型和中小型企业，以及他们对信用的获取方式的变化？你认为这些骨牌的倒塌将如何影响他们的支出水平或其他关键元素？很高兴听到你们的看法。非常感谢。
Well, I think let's look at how much it represents. Large and global accounts represent about 6% of our overall spending. And not so sure when you look at that segment, that credit tightening is really going to drive their spending, that is predominantly a T&E game. And most companies are trying to get their people out and trying to get them to go out and travel. And that spending has been up 34%. We're still not back to where we were. What normally affects that for us is more layoffs and things like that. But even in the face of layoffs, especially in the tech segment or late starts that are going to occur in consulting and things like that, I think it's a unique situation right now where I just don't think credit tightening in that segment is really going to be an issue. I think there it's going to be more of an earning story. And do they do layoffs? But again, we're in such a crazy spot where most people aren't traveling anyway and people don't encourage you to travel. I don't see that.
我认为，我们来看看它代表了多少。大型和全球客户约占我们总支出的6％。当你看到这个领域时，不确定信用紧缩是否真的会推动他们的支出，那主要是一个差旅和娱乐的游戏。大多数公司都试图让员工出差，并鼓励他们出行。这方面的支出已经增长了34％。我们还没有回到过去的水平。对我们来说，通常会受到更多裁员和其他影响。但即使在裁员的情况下，特别是在科技领域或咨询等领域的晚期启动中，我认为现在的情况是独特的，信用紧缩在那个领域真的不会成问题。我认为这将更多地成为一个赚钱的故事。他们会不会裁员？但同样，我们现在处于如此疯狂的境地，大多数人都不会旅行，而且人们也不鼓励旅行。我看不到这一点。
I think when you look at small businesses, small businesses going out quite a bit. And you could see with some credit tightening, some small businesses having harder access to some working capital. What I would say is one of the things that we do have from a small business perspective is we are really with our launch of blueprint and cabbage and so forth. We have working capital loans, we have short term loans and so forth. And we're not in the same position as a lot of these other smaller banks are. And for those credit worthy small businesses, we will continue to extend credit. And it could be an opportunity for us actually. Provided the credit is good. So I think in general it can affect the small business economy and our ability maybe to grow, to get working capital. But I think it also provides us with an opportunity because we may not be the lender of first resort to these small businesses right now. And I think it could be an opportunity for us. Again, judiciously but an opportunity. Thank you.
我认为，当你看小型企业时，那些小企业相当频繁地倒闭。而且可以看出，随着一些信贷紧缩，一些小企业在获取工作资本方面变得更加困难。我想说的是，我们从小企业的角度来看，我们真正拥有的是通过我们的蓝图和甘蔗等公司推出的营运资本贷款，短期贷款等等。我们并不像许多其他小银行那样处于同样的境地。对于那些有信用评级的小企业，我们将继续提供信贷。如果信用良好，这可能是我们的机会。因此，我认为总的来说，这可能会影响小型企业经济以及我们获得工作资本的能力。但我也认为，这也给了我们机会，因为我们现在可能不是这些小企业的首要贷款方。我认为这是一个机会，但需要审慎。谢谢。
The next question is coming from Moshe Ormba of Credit Suisse. Please go ahead.
下一个问题来自瑞士信贷的Moshe Ormba。请继续。
意思是提醒主持人下一个提问者是来自瑞士信贷的Moshe Ormba，请他继续发问。
Great. Thanks. Jeff, you talked a little bit about the op-ex being kind of flatish over the course of the year. I think, I mean, historically that had kind of been seasonally low in the beginning of the year and seasonally high at the end. Is there something that's changed with respect to that?
太好了，谢谢。Jeff，你谈到经营费用在今年基本上保持平稳。但就从历史上看，通常在年初时经营费用较低，年末时较高。这方面有什么变化吗？
Yeah, I think look every year is a little different and you have a higher growth for a year every year, most this quarter because you think about 2022. We really were in the ramp up as were many companies as we came out of the pandemic as we all dealt with what was some pretty high attrition in late 2021 and 2022. We were sort of fully ramped to where we needed to be. The way we think about op-ex in some ways, and this is actually the way we talk about it internally as well, is we have a lot of confidence in that very high revenue growth rates that we have set out in our guides, 15 to 17% this year. We built the infrastructure of this company through the end of last year to manage that level of volume and revenue. We are where we need to be to manage that, which is why we'd expect sequentially this year to find that op-ex pretty flat. We provided guidance for op-ex of about $14 billion. If you take out the $95 million market to market loss, we had on our Ventures portfolio, which was manager of the one company. We're pretty much tracking right to that. I think our record I would suggest over more than a decade is when we tell you we're going to hit a certain op-ex number or a Ventoral op-ex, I think we have a pretty detractor doing that. That's how I would think about it. Thank you.
是的，我认为每年的情况都会有一些不同，而且每年的增长率都会更高，尤其是在这个季度，因为我们考虑到2022年的情况。正如其他很多公司一样，我们也在走出疫情的阴影，同时还面临了2021年末和2022年某些高离职率的问题。但我们已经完全准备好了，以达到自己所需的规模和水平。就我们的经营支出而言，我们内部也是这样讨论的，我们对我们所制定的非常高的收入增长率（今年在15%到17%之间）非常有信心。我们在去年年底构建了公司的基础设施，以管理那么高的交易量和收入。我们已经准备好管理这一切，因此我们预计今年的经营支出会相对平稳。我们给出的经营支出指引是约140亿美元。如果我们把我们在Ventures投资组合中的一家公司造成的9500万美元的市场损失扣除掉，我们实际上就几乎达到了这个指引。我想说，我们在过去十年多里的记录表明，当我们告诉你我们将达到某个经营支出数字或投资组合的经营支出时，我们有很大的把握能够做到。这就是我对此的看法。谢谢。
The next question is coming from Bob Dappily, a fully in-blare. Please go ahead.
下一个问题来自Bob Dappily，他是全程参与者。请您发言。
意思是：Bob Dappily提出下一个问题，他是完全参与其中的人，请发言回答。
Thank you. Thank you and good morning. A question just on a big picture, if you will, from. If you look at the big tech companies, Amazon and Apple, and their involvement in financial services getting a little bit more, and I know that in some ways they're partners, but are. What are your thoughts around the competitive risk from the large tech companies? They seem to be getting more and more involved in credit cards and other financial service types that might be competitors.
谢谢，早上好。我的问题是关于大局的，如果您愿意的话，就是关于大型技术公司，例如亚马逊和苹果，以及它们越来越多地涉足金融服务领域，我知道它们在某些方面是合作伙伴，但是您如何看待来自这些大型科技公司的竞争风险？它们似乎越来越多地涉足信用卡和其他可能成为竞争对手的金融服务类型。
Well, they've been involved for a decade. Obviously, we partnered with Amazon. We work very, very closely with Apple on Apple Pay and obviously the large merchant and the large partner. It's not just Apple and Amazon we look at. We look at all the fintechs and the startups and what have you. That's why we always say, when you look at competition, it's just not the traditional banks. It's the fintech. It's the big tech players and so forth. The reality is the way that you have to compete not only against them, but compete against everybody else is you have to give your customers what they want and you have to continually to develop better value propositions.
他们已经参与了10年。很明显，我们与亚马逊合作。我们与苹果在Apple Pay上非常、非常密切地合作，显然大型商户和大型合作伙伴也是如此。我们不仅关注苹果和亚马逊，也关注所有的金融科技公司和初创公司等。这就是为什么我们经常说，当你考虑竞争时，不只是传统银行，还有金融科技公司、大型科技公司等。现实是，你不仅要与他们竞争，还要与其他所有企业竞争，给你的客户提供他们想要的，不断发展更好的价值主张。
These are great companies. They're great banks out there. They're a great Amazon and Apple or phenomenal companies that know the consumer. We believe we know the consumer as well. They help us raise our game overall, but we're not naive enough to think that we can just throw on the street here thinking, is everyone going to compete and no one's going to come after us the way we're paranoid. We think everybody's coming after us and it's one of the reasons that we constantly focus on upgrading our products and services and it's one of the things that we talk about. We're constantly adding value to our products. It would be probably easier to not do that, but we challenge the team constantly to develop better value propositions. We worry about everybody and the only thing that we can do about it is continue to do what we've done for years, offer the best service, offer the best products and make sure that our customers are happy. Thank you.
这些是伟大的公司，有着很出色的银行。还有像亚马逊和苹果这样的杰出公司，它们了解消费者。我们相信我们也了解消费者。它们帮助我们提高整体水平，但我们不会天真地认为我们可以在这里任意行走，认为每个人都会竞争，而无人会像我们这样偏执地来找我们麻烦。我们认为每个人都在追逐我们，这是我们不断专注于升级我们的产品和服务的原因之一，我们经常谈论这个问题。我们不断为我们的产品增加价值，这可能更容易，但我们一直在挑战团队，不断发展更好的价值主张。我们关心每一个人，我们唯一能做的就是继续多年来所做的事情，提供最好的服务，提供最好的产品，确保我们的客户满意。谢谢。
The next question is coming from Don Fandetti of Wells Fargo. Please go ahead. Good morning, Jeff. I was wondering if you could talk about the banking crisis. Do you expect that to impact your ability to buy back stock? Also, was there any impact from the Delta sharing adjustment and will there be any this year?
下一个问题来自富国银行的唐·范德蒂。请提问。早上好，杰夫。我想知道你能否谈谈银行危机。你认为这会影响你回购股票的能力吗？此外，三角洲股份调整是否有影响，今年是否会有影响？
Two very different questions. Capital liquidity, we are in a very strong position. Our capital target of 10 to 11 percent on a CET one basis is actually well above the regulatory requirement. Our target is really driven by the rating agency view. So we just know exactly what's going to happen from the regulatory perspective, but even some change in the regulatory environment that significantly increased the capital we need to hold is unlikely to have any impact on what we actually hold today. And so, look, our company has a ROE of 30 percent of better. We generate a tremendous amount of capital. We don't need that much capital to support our organic growth. So you'll see us continue to aggressively buy back shares, which is why I think the board in fact approved a huge new multi-year target for share we purchased earlier in the quarter.
这是两个非常不同的问题。关于资本流动性，我们处于一个非常强劲的地位。我们以CTE一基础的10至11%的资本目标实际上远高于监管要求。我们的目标实际上是根据评级机构的观点来安排的。所以，我们确切知道从监管角度来看会发生什么，但即使监管环境发生了极大的变化，需要保留的资本也不太可能对我们当前的持有资本产生影响。我们公司的ROE是30%或更高。我们产生了大量的资本。我们不需要那么多的资本来支持我们的有机增长。所以你会看到我们继续积极回购股份，这也是为什么我认为，在本季度的早些时候，董事会实际上批准了一个巨大的新的多年目标来回购股份。
Our liquidity position is also very strong as I talked about in our remarks. When you think about headwinds in 2023, I'd remind you on the January call, I pointed out that a 500-day basis point increase in interest rates in a year is a headwind for us year over year in 2023, which won't really exist in 2024. They're unlikely to do another 500 basis points. So that matter, I just talked in response to Craig's question about the fact that our provision this year is kind of back to a steady state level, whereas last year you had it still greatly impacted by cease-to-reserve releases. So those are two headwinds in 2023. We will not have in 2024. You have put your finger on the third headwind, which is we have a fabulous partnership with Delta. Works great for them, works great for us. We work together all the time. You see the C-Steven together like every week practically.
我们在演讲中也谈到了我们的流动性状况非常强劲。当你考虑到2023年的风险时，我要提醒你，在一月份的电话会议上，我指出，利率在一年内上涨500个基点对我们来说是一个2023年同比上升的阻力，但在2024年并不会真正存在。他们不太可能再做出500个基点的调整。因此，这些是2023年的两个阻力，而在2024年则不会存在。至于你提到的第三个阻力，我们与Delta有一个绝佳的合作伙伴关系。对他们来说很好，对我们来说也很好。我们经常一起工作，你几乎每周都能看到我们一起出现在C-Steven中。
But it is true that when we renewed early, the partnership back in 2019 and extended it through 2030, we agreed to a change in the rates of how some of the economic sharing work effective the year the original contract was going to expire, which is 2023. So there is a step up this year that flows through various lines in the P&L, but generally fall into the variable customer engagement line. So that part of what drove us up a little bit on the 42 to 43 percent target that we have this year. I would point out that's another sort of headwind to our earnings growth this year that we will not face in 2024. So thank you for the question.
但事实上，当我们在2019年提前续约并将合作伙伴关系延长至2030年时，我们同意改变部分经济分享工作的费率，这个改变将在原始合同到期年份2023年生效。因此，今年经济分享费用有所增加，影响了P＆L的各个方面，但主要是变动的客户参与度。这部分部分推动了我们今年的42到43％的目标。我想指出的是，这是我们今年盈利增长面临的另一个风险，但在2024年我们将不会面临这种风险。感谢这个问题。
Thank you. Our question will come from Lisa Ellis of Moffett, Nathanson. Please go ahead.
谢谢。我们的问题将来自Moffett，Nathanson的Lisa Ellis。请开始。
意思是：谢谢。我们将要接受来自Moffett，Nathanson的Lisa Ellis的问题，请开始。
Terrific. Thanks for taking my question. I did a question on TNE re-normalization. You know, with TNE up 39 percent again year on year, it's still clearly re-normalizing a bit post pandemic as you highlighted particularly outside the U.S. Do you have a sense like looking under the covers at the spending dynamics? How much further that has to go and when we might see that piece that's been driving your disproportionate growth moderate a little bit, I think some folks might have been expecting that to start happening already at the beginning of this year, but clearly it's not happening from wondering how much more we've got to go on that.
太好了，谢谢您回答我的问题。我问了一个有关TNE再次规范化的问题。您知道，TNE去年同比增长39%，尤其是在美国之外，仍然明显地再次规范化了一些。您对支出动态有什么感觉？我们还需要走多远？我们何时才能看到那个推动您的不成比例的增长的因素有所缓和？我认为有些人可能已经预期在今年年初就会开始发生，但很明显现在还没有发生，想知道我们还有多少路要走。
Thank you. I think you still have quite a bit to go on TNE and especially as corporations start to bring back their TNE spending as well. And TNE spending is up in every single segment that we have. I mean, we talked about TNE up 39 percent, the consumers up 30, commercials up 41. It just keeps growing. And we talked about international up 50, 59 percent. So we still think we have more room to grow and I talked about bookings with airlines and airlines will also expand their capacity and as they expand their capacity, we'll continue to grow with them. So I think there's still more up side to airlines and when there's more up side to airlines, it becomes more up side and lodging and people have gotten used to eating out.
谢谢。我认为你在TNE方面还有很大的进步空间，特别是随着企业开始恢复他们的TNE支出。我们每个细分市场的TNE支出都有所增加。我们谈到TNE增长39％，消费者增长30％，商业增长41％。它不断增长。我们谈到国际市场增长了50％至59％。所以我们认为还有更多的增长空间，我也谈到了航空公司的预订，航空公司也将扩大他们的容量，随着他们的扩大，我们将继续与他们一起增长。所以我认为航空公司还有更多的上升空间，当航空公司上升时，住宿业也会跟着增长，并且人们已经习惯在外面吃饭。
And you know, the restaurant spending is, you know, if you asked me about anything that surprises me, it would be restaurant spending continuing to be as strong as it is. But I think for us, a lot of that has to do with REZI and the fact that we are able to probably even get a larger share of our card members' restaurant spending as they book their reservations through REZI. And the other thing at point about REZI has been a really nice addition to our acquisition of new card holders who have a propensity to want to use, to want to eat at restaurants and TNA. So I think you're still going to see very strong TNA throughout this year. It'll certainly outpace our goods and services. And we're getting back, you know, we're continuing to climb back.
你知道的，餐厅消费，如果你问我有什么让我惊讶的事情，那就是餐厅消费保持如此强劲。但我认为这与REZI有很大关系，因为我们能够通过REZI预订餐厅，可能获得更大一部分我们卡片持有人的餐厅消费份额。另一个关于REZI的优点是它对我们吸引倾向于想在餐厅和TNA用餐的新卡片持有人的增援非常有好处。因此，我认为今年会继续看到非常强劲的TNA。它肯定会超过我们的商品和服务。我们正在回升。
If you remember pre-pandemic, we're around 70-30 in terms of our spending, 70 percent goods and services and 30 percent TNA. And there really is no reason that should not go back to the way it was. So we think we should have upside TNA. Great.
如果你还记得疫情前，我们的支出大约是七成用于商品和服务，三成用于旅游与活动。其实，这种比例完全可以恢复到以前的状态。因此，我们认为应该增加旅游与活动的支出。不错。
And with that, the operator will close the call. Thank you again for joining today's call and for your continued interest in American Express. The IR team will be available for any follow-up question.
随着此次通话的结束，接线员将关闭通话。再次感谢您参加今天的通话，对美国运通持续的兴趣表示感谢。IR团队将为您提供任何后续问题的帮助。
Operator, back to 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 1373-6900 after 1pm Eastern time on April 20 through April 27.
各位女士先生，操作员回到你了。网络直播的回放将很快在我们的投资者关系网站ir.americanexpress.com上提供。您还可以在4月20日下午1点东部时间到4月27日，通过877-660-6853或201-612-7415访问此次电话会议的数字回放。访问代码为1373-6900。
That will conclude our conference call for today. Thank you for your participation. And we now disconnect.
今天的电话会议就到这里结束了，感谢您的参与。现在我们将挂断电话。