美國運通 (AXP) 2019 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to the American Express Q2 2019 Earnings Call.

歡迎參加美國運通 2019 年第二季財報電話會議。

(Operator Instructions) As a reminder, today's call is being recorded.

（操作員說明）謹此提醒，今天的通話正在錄音。

I would now like to turn the conference call over to your host, Head of Investor Relations, Ms. Rosie Perez.

現在我想將電話會議轉交給主持人投資者關係主管 Rosie Perez 女士。

Please go ahead.

請繼續。

Thank you, Al, and good morning.

謝謝你，艾爾，早安。

Appreciate all of you joining us for today's call.

感謝大家參加今天的電話會議。

The discussion today contains certain forward-looking statements about the company's future financial performance and business prospects, which are based on management's current expectations and are subject to risks and uncertainties.

今天的討論包含有關公司未來財務表現和業務前景的某些前瞻性陳述，這些陳述是基於管理層當前的預期，並受到風險和不確定性的影響。

Factors that could cause actual results to differ materially from these forward-looking statements are set forth within today's presentation slides and in the company's reports on file with the SEC.

今天的簡報幻燈片和公司向美國證券交易委員會提交的報告中列出了可能導致實際結果與這些前瞻性陳述有重大差異的因素。

The discussion today also contains certain non-GAAP financial measures.

今天的討論也包含某些非公認會計準則財務指標。

Information relating to comparable GAAP financial measures may be found in the second quarter 2019 earnings release and presentation slides as well as the earnings material for prior periods that may be discussed, all of which are posted on our website at ir.americanexpress.com.

與可比較 GAAP 財務指標相關的資訊可以在 2019 年第二季收益發布和簡報投影片以及可能討論的前期收益資料中找到，所有這些都發佈在我們的網站 ir.americanexpress.com 上。

We encourage you to review that information in conjunction with today's discussion.

我們鼓勵您結合今天的討論來查看這些資訊。

Today's discussion will begin with Steve Squeri, Chairman and CEO, who will start the call 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 second quarter financial performance.

今天的討論將由董事長兼執行長 Steve Squeri 開始，他將首先介紹公司的進展和成果；然後，財務長傑夫坎貝爾將對我們第二季的財務業績進行更詳細的審查。

Once Jeff completes his remarks, we'll move to a Q&A session on the financial results with both Steve and Jeff.

傑夫完成演講後，我們將與史蒂夫和傑夫進行有關財務表現的問答環節。

With that, let me turn it over to Steve.

那麼，讓我把它交給史蒂夫。

Thanks, Rosie.

謝謝，羅西。

Good morning, everyone, and thanks for joining us.

大家早安，感謝您加入我們。

As our second quarter results showed, we continue to build on the broad-based momentum we entered the year with.

正如我們第二季的業績所顯示的那樣，我們繼續鞏固進入今年的廣泛勢頭。

FX-adjusted revenue growth in the quarter accelerated to 10%, and earnings per share of $2.07 was 13% higher than last year.

該季度經匯率調整後的營收成長加速至 10%，每股收益為 2.07 美元，比去年同期成長 13%。

I feel good about these results as well as the breadth and consistency of our performance.

我對這些結果以及我們表現的廣度和一致性感到滿意。

This is the eighth straight quarter we posted FX-adjusted revenue growth of 8% or better and our growth continues to be driven by a well-balanced mix of spending, fees and loans spread across geographies and customer segments.

這是我們連續第八個季度實現經匯率調整後的收入增長 8% 或更高，我們的增長繼續受到跨地區和客戶群的支出、費用和貸款的均衡組合的推動。

We continue to see solid trends in Card Member spending, led by consumers.

我們持續看到以消費者為主導的持卡會員消費趨勢。

This spending is occurring against the backdrop of an economy that is growing at a steady but more modest pace relative to 2018.

與 2018 年相比，這種支出是在經濟以穩定但較為溫和的速度成長的背景下發生的。

FX-adjusted proprietary billings grew 8% on a consolidated basis.

經匯率調整後的自營業務收入綜合成長 8%。

And loan growth remained strong, with over 60% of that growth coming from existing customers.

貸款成長依然強勁，其中超過 60% 的成長來自現有客戶。

Credit continued to perform at industry-leading levels driven by the premium nature of our customer base, our strong risk management capability and the opportunity we have to increase our share of our customers' lending wallets.

由於我們優質的客戶群、強大的風險管理能力以及我們有機會增加在客戶貸款錢包中的份額，信貸表現繼續保持行業領先水平。

The consistent growth we're seeing speaks to the strength of our differentiated business model and the success of our focus on our 4 strategic imperatives.

我們所看到的持續成長證明了我們差異化業務模式的優勢以及我們對四大策略要務的關注所取得的成功。

It's been a busy first half of the year and I thought it would be good to take a step back and reflect on some of the progress we're making in each of our priority areas.

今年上半年非常忙碌，我認為最好退後一步，反思我們在每個優先領域的一些進展。

In the consumer space, we're continuing our disciplined approach globally to upgrade our premium card products, enhancing our unique value propositions and pricing for the additional value that we're delivering to our card members.

在消費者領域，我們將繼續在全球範圍內採取嚴格的方法來升級我們的高級卡產品，增強我們獨特的價值主張和定價，以實現我們向持卡會員提供的附加價值。

In the second quarter, we launched new and refreshed Platinum Cards in the U.K., Italy, Finland, Norway and Sweden.

第二季度，我們在英國、義大利、芬蘭、挪威和瑞典推出了全新升級的白金卡。

And in early July, we launched an enhanced Platinum Card in Germany.

七月初，我們在德國推出了增強型白金卡。

We also made several additional enhancements to the Gold Card in the U.S. And earlier in the year, we launched the new suite of co-branded Marriott Bonvoy cards.

我們也在美國對金卡進行了一些額外的改進。今年早些時候，我們推出了新的聯名萬豪旅享家卡套件。

In each case, we're leveraging our differentiated business model to offer unique benefits, services and experiences to our card members in categories such as travel, dining and access to popular events and experiences.

在每種情況下，我們都利用差異化的商業模式為持卡會員提供獨特的福利、服務和體驗，例如旅遊、餐飲以及參與熱門活動和體驗等。

These are some of the aspects of our products that are more difficult for others to replicate, and they're the ones that our card members most value and are willing to pay for.

這些是我們產品中其他人更難以複製的方面，也是我們的持卡會員最重視並願意付費的方面。

In fact, nearly 70% of the new consumer cards we acquired this quarter carry an annual fee, and card fee revenue grew 17% year-over-year and accelerated sequentially quarter-over-quarter.

事實上，我們本季收購的新消費卡中有近 70% 收取年費，卡費收入年增 17%，環比加速成長。

In addition, we're seeing strong results in attracting next-generation consumers to the franchise.

此外，我們也看到了吸引下一代消費者加入該特許經營店的強勁成果。

With our most recent U.S. consumer product refreshes, more than 50% of our new card members are millennials or Gen Zers.

隨著我們最近的美國消費產品更新，我們超過 50% 的新卡會員是千禧世代或 Z 世代。

I believe we have a long runway to continue this growth.

我相信我們還有很長的路要走，才能繼續這種成長。

Turning to commercial payments.

轉向商業支付。

Scaling our B2B payment offerings is one of our key growth strategies.

擴大我們的 B2B 支付產品範圍是我們的關鍵成長策略之一。

Expanding our network of Strategic Partnerships is a key enabler here and we're making great progress.

擴大我們的策略夥伴網絡是這裡的關鍵推動因素，我們正在取得巨大進展。

Our commercial customers increasingly want payments integrated into their procure-to-pay infrastructure, and we're developing a range of solutions which do that for businesses of all sizes and complexities.

我們的商業客戶越來越希望將支付方式整合到他們的採購到支付基礎設施中，我們正在開發一系列解決方案，可以滿足各種規模和複雜程度的企業的需求。

For example, we're partnering with providers like Amazon Business, Tradeshift and most recently, SAP Ariba to help large and global companies track and reconcile payments within their ERP systems.

例如，我們與 Amazon Business、Tradeshift 以及最近的 SAP Ariba 等供應商合作，協助大型跨國公司在其 ERP 系統內追蹤和核對付款。

For our larger SME customers who are looking for ways to increase efficiency and cash flow, we're working with companies like WEX and MineralTree on payment solutions by integrating their accounting and procurement systems.

對於尋求提高效率和現金流的大型中小企業客戶，我們正在與 WEX 和 MineralTree 等公司合作，透過整合他們的會計和採購系統來開發支付解決方案。

And for our small business customers, we're offering an AP Automation solution with Bill.com that makes it easier for them to pay their suppliers using our cards.

對於我們的小型企業客戶，我們透過 Bill.com 提供 AP 自動化解決方案，使他們能夠更輕鬆地使用我們的卡片向供應商付款。

Our objective is to provide payment capabilities and financing solutions that help our customers manage and grow their business.

我們的目標是提供支付能力和融資解決方案，幫助我們的客戶管理和發展他們的業務。

We want them to view American Express as an essential partner, whether they're a single proprietorship or a Fortune 500 company.

我們希望他們將美國運通視為重要的合作夥伴，無論他們是獨資企業還是財富 500 強公司。

We're still in the relatively early stages of this journey, but we're making good progress in building out our B2B offerings and will continue to invest in this area going forward.

我們仍處於這段旅程的相對早期階段，但我們在建立 B2B 產品方面取得了良好進展，並將繼續在這一領域進行投資。

Moving on to our third imperative of strengthening our global integrated network.

繼續我們的第三個當務之急，即加強我們的全球綜合網絡。

We're on track to achieve our goal of virtual parity coverage in the U.S. by year-end.

我們預計在年底前實現美國虛擬平價覆蓋的目標。

We're also making good progress on expanding merchant coverage internationally and building our network in China.

我們在擴大國際商戶覆蓋範圍和在中國建立網絡方面也取得了良好進展。

In the second quarter, we announced that card members can now tap and pay with their contactless-enabled American Express Cards or digital wallets for subway and bus rides in New York City as part of the MTA's new pilot program.

在第二季度，我們宣布，作為 MTA 新試點計劃的一部分，持卡會員現在可以使用非接觸式美國運通卡或數位錢包在紐約市乘坐地鐵和公車時進行觸碰付款。

This is just another example of the vast array of opportunities in the payment space as contactless will convert more cash transactions to mobile and plastic.

這只是支付領域大量機會的另一個例子，因為非接觸式交易將把更多的現金交易轉換為行動和塑膠交易。

Once consumers have experienced the speed, convenience and security of contactless payments in public transit, they're more likely to tap and pay at other establishments such as quick service restaurants, retailers and more.

一旦消費者在公共交通中體驗到非接觸式支付的速度、便利性和安全性，他們就更有可能在其他場所（例如快餐店、零售商等）進行觸碰付款。

We'll continue to expand our contactless capabilities in the U.S. and internationally both through third-party mobile providers and through the issuance of contactless-enabled cards.

我們將透過第三方行動供應商和發行非接觸式卡，繼續擴大我們在美國和國際上的非接觸式功能。

We're also working with merchants to expand contactless acceptance in order to give our card members more options for easy and efficient ways to pay.

我們也與商家合作擴大非接觸式受理範圍，以便為我們的持卡會員提供更多簡單、有效率的付款方式選擇。

Our fourth imperative, making American Express an essential part of our customers' digital lives, cuts across all of our lines of business.

我們的第四個要務是讓美國運通成為客戶數位生活的重要組成部分，它貫穿我們所有的業務線。

We know that our card members spend much of their time online, particularly on their mobile devices.

我們知道我們的持卡會員大部分時間都花在網路上，尤其是在行動裝置上。

We want to help them manage more aspects of their lives by integrating more content, capabilities, experiences and benefits into all of the ways we interact digitally with them.

我們希望透過將更多內容、能力、體驗和好處融入我們與他們進行數位互動的所有方式中，幫助他們管理生活的更多方面。

We're making good progress on this front.

我們在這方面正在取得良好進展。

And to accelerate our efforts, we've acquired a number of digital companies over the past 18 months, including Mezi; LoungeBuddy; Cake Technologies; Pocket Concierge; and our newest acquisition, Resy, the U.S. restaurant booking and management platform, which we announced in May.

為了加速我們的努力，我們在過去 18 個月裡收購了多家數位公司，其中包括 Mezi；休息室夥伴；蛋糕技術；袖珍禮賓服務；以及我們於 5 月宣布的最新收購項目 Resy，美國餐廳預訂和管理平台。

These acquisitions, along with new digital features and content we're continually building in-house, will enable our card members to do more with their American Express membership directly from their mobile device, whether it's getting a recommendation for a new restaurant, finding tickets to popular events, reserving a spot at the nearest airport lounge, redeeming rewards points for a wide variety of merchandise and experiences, saving money at some of their favorite merchants or booking travel.

這些收購，加上我們不斷在內部建構的新數位功能和內容，將使我們的持卡會員能夠直接透過行動裝置利用美國運通會員資格做更多事情，無論是獲得新餐廳的推薦、查找門票參加熱門活動、在最近的機場休息室預訂座位、用獎勵積分兌換各種商品和體驗、在一些他們最喜歡的商家處省錢或預訂旅行。

Today, our card members are engaging with our app more frequently and on a wider range of activities in addition to performing traditional transactions by checking their spending and paying their bills.

如今，我們的持卡會員除了透過檢查支出和支付帳單來執行傳統交易外，還更頻繁地使用我們的應用程式並進行更廣泛的活動。

We expect this to increase as we work to integrate more new capabilities and benefits.

隨著我們努力整合更多新功能和優勢，我們預計這一數字將會增加。

In summary, I feel good about the quarter and I like where we stand at the halfway point of the year.

總而言之，我對本季感覺良好，並且喜歡我們在今年中期的表現。

Our strategy of investing in share, scale and relevance and leveraging the power of our differentiated business model is paying off across the enterprise.

我們投資於份額、規模和相關性以及利用我們差異化業務模式的力量的策略正在整個企業中得到回報。

This strategy is driving growth in spending, lending, customer acquisitions and engagement across businesses and geographies.

這項策略正在推動跨企業和地區的支出、貸款、客戶獲取和參與度的成長。

Our results give us confidence that we're on the right track to delivering on our goal of consistent revenue and earnings growth.

我們的結果讓我們相信，我們正走在實現收入和獲利持續成長目標的正確軌道上。

As we look ahead, we're reaffirming our guidance for the full year of delivering revenue in the 8% to 10% range and adjusted earnings per share of between $7.85 and $8.35.

展望未來，我們重申全年營收成長 8% 至 10% 的指引，調整後每股收益在 7.85 美元至 8.35 美元之間。

Now I'd like to turn it over to Jeff for a detailed discussion about our second quarter results, and then we'll be happy to take your questions.

現在我想將其交給傑夫，詳細討論我們第二季的業績，然後我們將很樂意回答您的問題。

Well, thanks, Steve, and good morning, everyone.

好吧，謝謝史蒂夫，大家早安。

And yes, we are having our call in the morning instead of our historical evening time slot.

是的，我們在早上接聽電話，而不是歷史上的晚上時段。

After trying it in the morning last quarter due to the holiday calendar, we felt the timing worked a bit better for us from a process standpoint.

由於假期日曆，上個季度早上嘗試後，我們覺得從流程的角度來看，這個時機對我們來說更好一些。

And from feedback from many of you, it sounds like many of you prefer a morning call as well.

從你們許多人的回饋來看，聽起來你們中的許多人也更喜歡早上打電話。

With that, it's good to be here today to talk about another solid quarter in 2019 and about another quarterly example of the consistent performance we have been delivering for some time now.

因此，今天很高興能在這裡談論 2019 年又一個穩健的季度，以及我們一段時間以來保持穩定業績的另一個季度示例。

Let's get right into our summary financials on Slide 3.

讓我們直接進入投影片 3 中的財務摘要。

Second quarter revenues of $10.8 billion grew 10% on an FX-adjusted basis.

第二季營收為 108 億美元，經匯率調整後成長 10%。

As Steve mentioned, I think it bears repeating, this is the eighth straight quarter of having FX-adjusted revenue growth of 8% or better.

正如 Steve 所提到的，我認為值得重複的是，這是連續第八個季度經匯率調整後的營收成長達到 8% 或更高。

And importantly for the future, this growth continues to be driven by a well-balanced mix of growth and spend, lend and fee revenues across geographies and across customer segments.

對於未來而言，重要的是，這種成長將繼續由跨地區和跨客戶群的成長與支出、貸款和費用收入的均衡組合所推動。

I would point out that we continue to see a stronger U.S. dollar relative to last year against most of the major currencies in which we operate, so you'll again see a spread between our reported revenue growth of 8% and our FX-adjusted revenue growth of 10%.

我想指出的是，與去年相比，我們繼續看到美元兌我們經營的大多數主要貨幣走強，因此您將再次看到我們報告的 8% 的收入增長與我們的外匯調整收入之間的差距增長10%。

As you recall, the year-over-year strengthening of the U.S. dollar against the major currencies in which we operate began in the third quarter of last year.

如您所知，美元兌我們開展業務的主要貨幣的逐年走強始於去年第三季。

So assuming the dollar stays roughly where it is today, you should see reported and FX-adjusted revenue growth levels more similar to each other in the second half of 2019.

因此，假設美元大致保持在今天的水平，您應該會看到 2019 年下半年報告的收入成長水準和匯率調整後的收入成長水準更加相似。

Our strong top line performance drove net income of $1.8 billion, up 9% from a year ago.

我們強勁的營收業績推動淨利潤達到 18 億美元，比去年同期成長 9%。

And then aided by our resumption of a more typical level of share repurchases over the last 4 quarters, our EPS was $2.07, representing double-digit EPS growth of 13% in the second quarter.

然後，由於我們在過去 4 個季度恢復了更典型水平的股票回購，我們的每股收益為 2.07 美元，這意味著第二季度每股收益實現了 13% 的兩位數增長。

Looking now at the details of our performance, I'll start with billed business, which you see several views of on Slides 4 through 6. Starting on Slide 4, our FX-adjusted total billings growth for the second quarter was 7%, in line with Q1.

現在看看我們業績的細節，我將從計費業務開始，您可以在投影片4 到6 上看到幾個視圖。從投影片4 開始，我們第二季經匯率調整後的總計費成長率為7%，與 Q1 一致。

As we continue to exit the network business in Europe and Australia due to certain regulatory changes, we think it is important to continue to break out our billings growth trends between our proprietary and network businesses.

由於某些監管變化，我們繼續退出歐洲和澳洲的網路業務，我們認為繼續突破自營業務和網路業務之間的帳單成長趨勢非常重要。

Our proprietary business, which makes up 86% of our total billings and drives most of our financial results, was up 8% in the second quarter on an FX-adjusted basis.

我們的自營業務占我們總營業額的 86%，並推動了我們大部分的財務業績，經匯率調整後，第二季成長了 8%。

The remaining 14% of our overall billings, which come from our network business, GNS, was down 2% in the second quarter on an FX-adjusted basis.

我們總帳單的其餘 14% 來自我們的網路業務 GNS，經匯率調整後，第二季下降了 2%。

This is less of a decline than prior quarters as we are getting closer to lapping the impact of exiting our network partnerships in the European Union and Australia.

隨著我們越來越接近退出歐盟和澳洲網路合作夥伴關係的影響，這一下降幅度比前幾季要小。

Turning to Slide 5. You will recall that during our last earnings call in April, we saw the full impact of lapping a step-up in the growth in spending from our existing customers that began in late Q4 of 2017 and became even more evident in Q1 of 2018.

轉向投影片5。您會記得，在4 月的上一次財報電話會議上，我們看到了現有客戶支出成長的全面影響，這種成長始於2017 年第四季末，並在2017 年變得更明顯。2018 年第一季。

We attributed that acceleration, which occurred across geographies and customer segments, to an increase in confidence in our customer base.

我們將這種跨越地域和客戶群的加速歸因於我們客戶群信心的增強。

To bring this comment up-to-date, our Q2 '19 results show a continuation of the Q1 '19 trends, solid and steady growth, though at a more modest pace relative to 2018.

為了更新這一評論，我們 19 年第 2 季的結果顯示，19 年第 1 季趨勢的延續，穩健成長，儘管與 2018 年相比成長速度更為溫和。

If you then turn to Slide 6 to look at the billings by customer type for the second quarter.

然後，如果您前往投影片 6，請查看第二季按客戶類型劃分的帳單。

Starting on the left with the large and global commercial customers, we saw 5% growth on an FX-adjusted basis in the second quarter, in line with Q1.

從大型全球商業客戶開始，我們看到第二季經匯率調整後成長了 5%，與第一季持平。

And our small and midsize enterprise card members, or SMEs, in the U.S. grew 7% in the second quarter.

我們在美國的中小型企業卡會員 (SME) 第二季度成長了 7%。

We feel good about our continued leadership position with both of these customer types.

我們對這兩種客戶類型的持續領先地位感到滿意。

I would suggest that the growth levels here are reflective of the economic tones Steve discussed, stable and growing, though at more modest levels than the very robust growth we saw in 2018.

我認為這裡的增長水平反映了史蒂夫討論的經濟基調，穩定和增長，儘管比我們在 2018 年看到的非常強勁的增長更為溫和。

But also note that we will continue to watch these 2 commercial customer types closely to determine whether we are seeing perhaps a bit of caution in our commercial spending trends, which we are not seeing in the consumer segment at this time.

但也要注意的是，我們將繼續密切關注這兩種商業客戶類型，以確定我們的商業支出趨勢是否有些謹慎，而目前我們在消費者領域還沒有看到這種趨勢。

International SME, however, remains our highest-growth customer type, with 17% FX-adjusted growth in the second quarter.

然而，國際中小企業仍然是我們成長最快的客戶類型，經匯率調整後，第二季成長了 17%。

During Investor Day, we highlighted the long-term growth opportunity in this segment given the low penetration we have in the top countries where we operate international small business products, and we continue to believe we have a long runway for higher levels of growth in this segment.

在投資者日期間，我們強調了這一領域的長期成長機會，因為我們在經營國際小型企業產品的頂級國家中的滲透率較低，而且我們仍然相信，我們在這一領域還有很長的路要實現更高水準的成長部分。

Moving to U.S. consumer, which made up 32% of the company's billings in the second quarter, billings are up 8% reflecting continued strong acquisition performance and solid underlying spend growth from existing customers and, in general, solid growth on the part of consumers.

美國消費者佔該公司第二季營業額的 32%，營業額成長了 8%，反映出持續強勁的收購業績和現有客戶的穩健基礎支出成長，以及整體而言消費者的穩健成長。

Moving to the right, international consumer growth remained in the teens at 15% on an FX-adjusted basis.

向右看，經匯率調整後，國際消費者成長仍維持在 15% 左右。

We continue to have widespread growth at our proprietary business across key countries, with double-digit growth in Mexico and Australia and growth of 20% and 18% for the U.K. and Japan, respectively.

我們的自營業務在主要國家繼續廣泛成長，墨西哥和澳洲實現兩位數成長，英國和日本分別成長 20% 和 18%。

Finally, on the far right, as I mentioned earlier, Global Network Services was down 2% on an FX-adjusted basis driven by the impacts of regulation in the European Union and Australia, where we are in the process of exiting our network business.

最後，正如我之前提到的，在最右邊，由於歐盟和澳洲監管的影響，全球網路服務公司在匯率調整後下跌了 2%，我們正在退出這兩個國家的網路業務。

Although network billings are down in these regions, if you were to exclude the European Union and Australia, the remaining portion of GNS was up 6% on an FX-adjusted basis.

儘管這些地區的網路帳單有所下降，但如果排除歐盟和澳大利亞，則經匯率調整後，GNS 的其餘部分增加了 6%。

Overall, we continue to feel good about the breadth of our billings growth and the opportunities we see across the range of geographies and customer segments in which we operate.

總體而言，我們繼續對我們的帳單成長的廣度以及我們在我們經營的各個地區和客戶群中看到的機會感到滿意。

Turning next to loan performance on Slide 7. We continue, as we have for years now, to grow a little faster than the industry by taking advantage of the unique opportunity that our historical underpenetration of our own customers' card-based borrowing behaviors creates.

接下來轉向幻燈片 7 上的貸款績效。正如我們多年來所做的那樣，我們繼續利用我們對客戶基於卡的借貸行為的歷史滲透不足所創造的獨特機會，以比行業更快的速度增長。

Total loan growth was 11% in the second quarter, with over 60% of that growth coming from our existing customers.

第二季總貸款成長 11%，其中超過 60% 的成長來自我們的現有客戶。

And on the right-hand side of Slide 7, you see that net interest yield was 10.8%, up 20 basis points relative to the prior year.

在投影片 7 的右側，您可以看到淨利息收益率為 10.8%，比前一年上升 20 個基點。

While we've been saying for some time that these yield increases were going to moderate, we are pleased that our yield is still increasing year-over-year from continued impacts from mix and pricing for risk.

雖然我們一段時間以來一直在說這些收益率成長將會放緩，但我們很高興看到，由於風險組合和定價的持續影響，我們的收益率仍在逐年增長。

Slide 8 then shows you the credit implications of our strategy.

然後投影片 8 向您展示了我們的策略對信用的影響。

On the left, you can see that the lending write-off rate was 2.3% in the second quarter, up 20 basis points from the prior year and in line with the first quarter.

在左側，您可以看到第二季的貸款核銷率為 2.3%，比去年同期上升 20 個基點，與第一季持平。

On the right, you can see that the charge write-off rate, excluding GCP, was 1.7%, down 10 basis points for the prior year as well as the prior quarter.

在右側，您可以看到費用沖銷率為 1.7%（不包括 GCP），比前一年和上一季度下降了 10 個基點。

You will also see the delinquency and GCP net loss ratio trends.

您還將看到拖欠率和 GCP 淨損失率趨勢。

All of these lead to the same conclusion we have reached in recent quarters.

所有這些都得出了我們最近幾季得出的相同結論。

We still do not see anything in our portfolio that would suggest a significant change in the credit environment, both on the consumer and commercial side.

我們的投資組合中仍然沒有看到任何顯示消費者和商業方面信貸環境發生重大變化的內容。

In fact, all of these portfolios are performing better than we expected so far this year.

事實上，今年到目前為止，所有這些投資組合的表現都比我們的預期好。

So given these credit metric and loan volume trends, you can see on Slide 9 that provision expense was $861 million in the second quarter, up just 7%, while loans, as I said earlier, were up 11%.

因此，考慮到這些信用指標和貸款量趨勢，您可以在幻燈片9 上看到，第二季度撥備費用為8.61 億美元，僅增長7%，而正如我之前所說，貸款增長了11% 。

As you think about this relationship, I would remind you that we have talked in a few forums about how we have been evolving over the past year a number of the things we're doing on the risk management side to create a greater margin of safety and position us well for any potential future downturn.

當您思考這種關係時，我想提醒您，我們在一些論壇上討論了過去一年中我們如何發展，以及我們在風險管理方面所做的一些事情，以創造更大的安全邊際並使我們能夠應對未來任何潛在的經濟衰退。

These changes, coupled with the stable economic environment and the fact that we are acquiring a higher percentage of new accounts on premium fee-based products, are driving our provision costs to be below our original expectations.

這些變化，加上穩定的經濟環境，以及我們在優質收費產品上獲得更高比例的新帳戶，正在推動我們的撥備成本低於我們最初的預期。

As you think about the full year, during our first quarter earnings call, we said we expected provision growth in the mid-20% range in 2019.

考慮到全年情況，在我們第一季財報電話會議上，我們表示預計 2019 年撥備成長將在 20% 左右。

Given the positive underlying trends we have seen in the first half of the year, I would now expect to do better than this, with provision growth below 20% for the full year.

鑑於我們在上半年看到的積極的基本趨勢，我現在預計會做得更好，全年撥備成長率低於 20%。

While we're on the subject of provision, let me take a few minutes to step away from our results and talk about CECL.

當我們討論供應問題時，讓我花幾分鐘離開我們的結果，談談 CECL。

We've made good progress on our implementation efforts, though there's a lot of work left before implementation on January 1 of next year.

儘管在明年 1 月 1 日實施之前還有很多工作要做，但我們的實施工作已經取得了良好進展。

Based on our work so far, we estimate that if we implemented CECL this quarter, our current total reserves of $2.9 billion would increase by roughly 25% to 40%.

根據我們迄今為止的工作，我們估計，如果我們本季實施 CECL，我們目前 29 億美元的總儲備將增加約 25% 至 40%。

This estimate includes a roughly 55% to 70% increase in lending card reserves, somewhat offset by a significantly lower charge card reserve due to the extremely short life of a charge receivable.

這項估計包括貸款卡準備金增加約 55% 至 70%，但由於應收帳款壽命極短而導致簽帳卡準備金顯著降低，這在一定程度上抵消了這一增長。

To be clear, the ultimate impact will depend on the loan and receivable portfolio compositions, macroeconomic conditions and forecast at the adoption date as well as other factors, including the remaining management judgments as we finish off our modeling.

需要明確的是，最終影響將取決於貸款和應收帳款投資組合的構成、宏觀經濟狀況和採用日期的預測以及其他因素，包括我們完成建模時剩餘的管理層判斷。

I would leave you on CECL, though, with 3 important takeaways: First, remember that CECL represents an accounting-driven acceleration of estimated losses.

不過，我想給大家留下關於 CECL 的 3 個重要要點：首先，請記住，CECL 代表了會計驅動的估計損失加速。

There is no change to the underlying economics, our view of the risk portfolio or the ultimate expected losses in our portfolios; second, for us, given our strong balance sheet, 30% plus return on equity and spend-centric model, capital impact of the one-time implementation increase in reserves will likely very be manageable; third, while the impact of implementation is getting the majority of the attention to date, it is important to keep in mind that CECL will have an impact on our provision expense going forward.

基本經濟狀況、我們對創投組合的看法或投資組合的最終預期損失並沒有改變；其次，對我們來說，鑑於我們強勁的資產負債表、30%以上的股本回報率和以支出為中心的模式，一次性實施準備金增加對資本的影響很可能是可控的；第三，雖然迄今為止實施的影響得到了大多數人的關注，但重要的是要記住，CECL 將對我們未來的撥備費用產生影響。

The ultimate impact will, of course, be heavily dependent on multiple factors.

當然，最終影響將在很大程度上取決於多種因素。

However, the growth in our lending portfolio, which has been higher than the industry, coupled with the increased reserve requirement for loans, will very likely result in incremental provision expense under CECL relative to the current accounting methodology.

然而，我們的貸款組合的成長高於行業，加上貸款準備金要​​求的提高，很可能會導致CECL相對於現行會計方法的撥備費用增加。

So now let's get back to our results.

現在讓我們回到我們的結果。

In terms of the strong revenue growth of 10% on an FX-adjusted basis that you see on Slide 10, we see our 8 straight quarters of FX-adjusted revenue growth being at least 8% as evidence that our focus on investing in share, scale and relevance is working.

就您在幻燈片 10 中看到的經匯率調整後 10% 的強勁收入增長而言，我們看到我們連續 8 個季度經匯率調整後的收入增長至少 8%，這證明我們專注於股票投資，規模和相關性正在發揮作用。

And this growth is driven by broad-based growth across spend, lend and fee revenues, as you can see on Slide 11.

正如您在幻燈片 11 中看到的那樣，這種增長是由支出、貸款和費用收入的廣泛增長所推動的。

Importantly, the portion of our revenue coming from discount revenue and fees remained at roughly 80% in the second quarter, in line with recent history.

重要的是，第二季我們來自折扣收入和費用的收入部分仍保持在 80% 左右，與近期歷史記錄一致。

Discount revenue was up 6% on a reported basis and was up 7% on an FX-adjusted basis, which I'll come back to on the next slide.

根據報告，折扣收入成長了 6%，根據匯率調整後，折扣收入成長了 7%，我將在下一張投影片中討論這一點。

Net card fee growth accelerated to 17% in the second quarter.

第二季網卡費用成長加速至17%。

This is the financial outcome of the disciplined approach to product refreshment, our unique value propositions and our focus on fee-based products that Steve talked about in his opening remarks, and we feel good about our ability to maintain the strong growth in net card fees given the breadth of products that are driving our momentum.

這是史蒂夫在開場白中談到的嚴格的產品更新方法、我們獨特的價值主張以及我們對收費產品的關注所帶來的財務成果，我們對我們保持網卡費用強勁增長的能力感到滿意鑑於推動我們發展勢頭的產品範圍之廣。

Net interest income grew at 13% in the second quarter, driven by growth in loans and net yield.

在貸款和淨收益率成長的推動下，第二季淨利息收入成長13%。

Now I know that many of you are focused on the outlook for interest rates and what that means for various financial companies given that the latest rate projections are a bit lower than they were at the beginning of the year.

現在我知道你們中的許多人都關注利率前景以及這對各種金融公司意味著什麼，因為最新的利率預測比年初略低。

I would remind you that for us, the impact of modest changes in rates is fairly muted.

我想提醒您的是，對我們來說，利率適度變化的影響相當輕微。

Our sizable charge portfolio does mean that our balance sheet is a bit liability-sensitive, but we manage our funding stack to keep that sensitivity in a range.

我們龐大的費用組合確實意味著我們的資產負債表對負債有點敏感，但我們管理我們的資金堆疊以將這種敏感性保持在一定範圍內。

If you look at our latest 10-Q -- excuse me, 10-K disclosures, it implies that a 25 basis point increase in rates would cost us about $0.01 of EPS a quarter on a run rate basis over the ensuing year.

如果你看看我們最新的10-Q——對不起，10-K 披露的信息，這意味著利率上漲25 個基點將使我們在接下來的一年中按運行率計算每季度每股收益損失約0.01 美元。

All else equal, including a beta on our deposit account in line with recent history, the impact of a 25 basis point decrease would be similar in size.

在其他條件相同的情況下，包含我們的存款帳戶的貝塔值與近期歷史一致，25 個基點下降的影響大小相似。

Keep in mind as well, of course, that today's modestly lower rate outlook is caused by a view that the economy is a bit weaker, which would tend to move our overall results in the opposite direction of the rate impact itself.

當然，也要記住，今天的利率前景小幅走低是因為人們認為經濟有點疲軟，這往往會使我們的整體業績朝著與利率影響本身相反的方向發展。

Putting this all together, I don't expect current changes in interest rate expectations to have a material impact on our 2019 results.

綜上所述，我預期目前利率預期的變化不會對我們 2019 年的業績產生重大影響。

Turning now to Slide 12 to cover the largest component of our revenue, discount revenue.

現在轉向投影片 12，介紹我們收入的最大組成部分：折扣收入。

On the right, you see that discount revenue grew in line with billings in the second quarter at 7% on an FX-adjusted basis, making this the seventh consecutive quarter with discount revenue growth above 6%.

在右側，您可以看到折扣收入與第二季的帳單成長一致（經匯率調整後為 7%），這使得折扣收入成長連續第七個季度超過 6%。

We see this as continued strong evidence that our strategy of focusing on driving discount revenue, not the average discount rate, is working.

我們認為這持續有力地證明了我們專注於推動折扣收入而不是平均折扣率的策略正在發揮作用。

Moving on now to the things we are doing to drive our strong revenue growth, let's start with our customer engagement costs, which you can see on Slide 13, were $5 billion in the second quarter, up 11% versus last year, a bit more than revenue.

現在繼續討論我們為推動收入強勁成長所做的事情，讓我們從我們的客戶參與成本開始，您可以在幻燈片13 上看到，第二季度為50 億美元，比去年增長11%，略高一些比收入。

Starting at the bottom with marketing and business development.

從行銷和業務開發的底層開始。

I'd remind you that this line has 2 components: Our traditional marketing and promotion expenses as well as payments we make to certain partners primarily corporate clients, GNS partner banks and co-brand partners.

我想提醒您的是，這條線有兩個組成部分：我們的傳統行銷和促銷費用以及我們向某些合作夥伴（主要是企業客戶、GNS 合作銀行和聯合品牌合作夥伴）支付的款項。

Marketing and business development costs were up 7% in Q2.

第二季行銷和業務開發成本成長了 7%。

There are 2 offsetting impacts to mention on this slide: First, our marketing spending will be more evenly distributed across the four quarters in 2019, driving lower growth in marketing and business development in the second quarter relative to the first quarter as we grow over the launch of our global brand campaign in the second quarter of last year.

這張投影片有兩個抵銷影響：首先，我們的行銷支出將更均勻地分佈在2019 年的四個季度中，隨著我們的成長，第二季的行銷和業務發展成長將低於第一季。去年第二季啟動了我們的全球品牌活動。

Offsetting this impact this quarter is the expected $200 million increase in [29] marketing and business development driven by the extension we signed in Q1 of our enterprise-wide Delta partnership.

本季抵銷這一影響的是，由於我們在第一季簽署了企業範圍內的達美合作夥伴關係延期協議，[29] 行銷和業務開發預計將增加 2 億美元，這將抵消這一影響。

This impact will be spread across 3 quarters, beginning with our second quarter results.

從我們第二季的業績開始，這種影響將持續三個季度。

Moving on to rewards expense, you can see that it was up 9% relative to the prior year, broadly in line with proprietary billed business growth.

接下來是獎勵費用，您可以看到它比上一年增長了 9%，與自營計費業務的增長基本一致。

Continuing on to Card Member services.

繼續卡會員服務。

As you'll have seen for some time and as we continue to expect, Card Member services costs were our fastest-growing expense line, up 35% in the second quarter, as this line includes many components of our differentiated value propositions, which we believe are difficult for others to replicate, such as airport lounge access and other travel benefits and help support the strong acquisition and engagement we are seeing on our fee-based product.

正如您在一段時間內所看到的以及我們繼續期望的那樣，卡會員服務成本是我們增長最快的支出項目，在第二季度增長了35%，因為該項目包括我們差異化價值主張的許多組成部分，我們相信其他人很難複製，例如機場休息室使用權和其他旅行福利，並有助於支持我們在收費產品上看到的強勁收購和參與。

Overall, we continue to be pleased with the level of customer engagement we see with our premium benefits and services.

總體而言，我們對優質福利和服務的客戶參與度仍然感到滿意。

That then brings us to the operating expense line on Slide 14, which was up 7% in the quarter.

然後我們看到幻燈片 14 上的營運費用線，該線在本季度增長了 7%。

While there's always some variability in OpEx quarter-to-quarter, I would say that some of the drivers of our strong revenue performance, growth in sales force, premium servicing and digital capabilities, will cause us for this year to see more growth in this line than we have seen in recent years.

雖然營運支出的季度與季度之間總是存在一些變化，但我想說，我們強勁的收入表現、銷售隊伍的成長、優質服務和數位能力的一些驅動因素將使我們今年在這方面看到更多的增長。線比我們近年來看到的要多。

That said, we have a long track record of getting operating expense leverage by growing OpEx more slowly than revenues, and we are confident that we have a long runway to continue to do so.

也就是說，我們在透過營運支出成長速度慢於收入成長來獲得營運費用槓桿方面有著長期的記錄，並且我們有信心繼續這樣做還有很長的路要走。

Turning to capital on Slide 15.

轉向投影片 15 上的資本。

Our CET1 ratio in the second quarter was 11% at the top end of our 10% to 11% target range, and we returned $1 billion of capital to our shareholders.

第二季度我們的 CET1 比率為 11%，處於 10% 至 11% 目標範圍的上限，並且我們向股東返還了 10 億美元的資本。

As you know, in previous years, we've issued a press release at the end of the CCAR process announcing our capital plan.

如您所知，前幾年，我們在 CCAR 流程結束時發布了新聞稿，宣布了我們的資本計劃。

Since we were not subject to the CCAR process this year, we chose not to issue a press release in June.

由於今年我們不受 CCAR 流程的約束，因此我們選擇在 6 月不發布新聞稿。

As we've said, the reality is, going forward, our primary focus is on maintaining our CET1 capital ratio within our 10% to 11% target range as the governor of our capital distribution plans.

正如我們所說，現實是，展望未來，作為資本分配計畫的管理者，我們的主要重點是將我們的 CET1 資本比率維持在 10% 至 11% 的目標範圍內。

Now we've historically been very focused on maintaining capital strength while aggressively returning excess capital to our shareholders, and you should expect us to continue that philosophy.

現在，我們歷來非常注重保持資本實力，同時積極地將多餘資本返還給我們的股東，您應該期望我們繼續這個理念。

In terms of what this means going forward, I'd reiterate the same philosophy we have talked about all this year.

就這對未來意味著什麼而言，我想重申我們今年討論過的同樣的理念。

First, remember that our industry-leading ROE, which was 32% this quarter, means we generate a tremendous amount of capital each year.

首先，請記住，我們領先業界的 ROE（本季為 32%）意味著我們每年都會產生大量資本。

In deploying this capital, our philosophy is straightforward.

在部署這筆資金時，我們的理念很簡單。

You can expect the dividend to grow roughly in line with earnings as it has historically.

您可以預期股息的成長將與歷史上的收益大致一致。

Consistent with this, you may have noticed in our press release today that we intend to increase our dividend from $0.39 to $0.43, subject to Board approval, beginning with the declaration in Q3 '19 and payable in Q4 '19.

與此一致的是，您可能已經在我們今天的新聞稿中註意到，我們打算將股息從0.39 美元增加到0.43 美元，但須經董事會批准，從19 年第三季的聲明開始，並於19 年第四季支付。

We'll then use a modest portion of our capital generated to continue to support our organic growth and if you look at the last 18 months, the occasional small acquisition.

然後，我們將使用產生的資本的一小部分來繼續支持我們的有機成長，如果你看看過去 18 個月，偶爾會有小額收購。

And we'll return the remainder of our capital to our shareholders while managing within the 10% to 11% CET1 target range.

我們將把剩餘資本返還給股東，同時在 10% 至 11% CET1 目標範圍內管理。

To sum up, before we open the call for your questions, our solid performance in the first half of the year reflects our investment strategy focused on share, scale and relevance; delivering high levels of revenue growth; and steady and consistent EPS growth.

綜上所述，在我們開始提問之前，我們上半年的穩健表現反映了我們注重份額、規模和相關性的投資策略；實現高水準的收入成長；每股收益穩定持續成長。

For the full year 2019, we are reaffirming our guidance of having revenue growth in the 8% to 10% range and having our adjusted earnings per share be between $7.85 and $8.35.

對於 2019 年全年，我們重申營收成長在 8% 至 10% 範圍內的指導方針，調整後每股收益在 7.85 美元至 8.35 美元之間。

During our earnings call in January and Investor Day in March, we said that the lower end of the EPS range is there if there is some more significant economic slowdown relative to 2018.

在我們 1 月的財報電話會議和 3 月的投資者日期間，我們表示，如果相對 2018 年出現更嚴重的經濟放緩，每股收益範圍的下限就會出現。

Halfway through 2019, we continue to see a stable and growing economy, though not quite at the robust levels of growth we saw in 2018 as we put our 2019 plan together.

2019 年已過半，我們繼續看到經濟穩定成長，儘管還沒有達到 2018 年制定 2019 年計畫時看到的強勁成長水準。

In addition, we've had a few changes relative to our original outlook for the year.

此外，我們對今年的最初展望進行了一些調整。

Most significantly, we have a $200 million increase to marketing and business development from the Delta renewal, which you saw beginning in our results for the second quarter.

最重要的是，由於達美航空續約，我們的行銷和業務開發費用增加了 2 億美元，這一點您可以在我們第二季的業績中看到。

And going in the other direction, we have more favorable credit performance relative to our initial expectation.

另一方面，相對於我們最初的預期，我們的信用表現更為良好。

Given where we are today, I would expect our full year EPS results to be more in line with the middle part of our original guidance range.

鑑於我們今天的處境，我預計我們的全年每股收益結果將更符合我們最初指導範圍的中間部分。

With that, I'll turn the call back over to Rosie.

這樣，我會將電話轉回給 Rosie。

Thank you, Jeff.

謝謝你，傑夫。

(Operator Instructions) Thank you for your cooperation.

（操作員說明）感謝您的合作。

And with that, the operator will now open up the line for questions.

話務員現在將開放提問線。

Operator?

操作員？

(Operator Instructions) Our first question will come from the line of Sanjay Sakhrani with KBW.

（操作員說明）我們的第一個問題將來自 KBW 的 Sanjay Sakhrani 線。

I guess I'll start off where you -- with where you ended, Jeff, on the guidance.

我想我會從你結束的地方開始，傑夫，關於指導。

You mentioned the middle part of the range.

您提到了範圍的中間部分。

Thinking through the $200 million and the favorable provision, it would seem to me like the provision, given the credit trajectory, has been trending better roughly than the $200 million.

考慮到 2 億美元和有利的準備金，在我看來，考慮到信貸軌跡，該準備金的趨勢大致比 2 億美元要好。

Perhaps you can just reconcile that for me.

也許你可以幫我協調一下。

And then as far as the CECL numbers you gave in terms of the quantification, I was just doing the back of the envelope on the percentage you mentioned.

至於你在量化方面給出的 CECL 數字，我只是根據你提到的百分比做了粗略的了解。

And if we were to assume sort of a similar environment to this year, it would seem like the provision might go up low-single digits percentage-wise.

如果我們假設與今年類似的環境，那麼該準備金似乎可能會增加低個位數的百分比。

I know there's a lot of assumptions.

我知道有很多假設。

Can you just help us think through that?

你能幫我們想一下嗎？

So 2 good questions, Sanjay.

這是兩個好問題，Sanjay。

Thank you for them.

謝謝你們。

First, on the guidance.

第一，關於引導。

I'd really say there's 3 things going on, all of which I talked about in my remarks.

我真的想說有三件事正在發生，所有這些都是我在演講中談到的。

You're correct, U.K. added $200 million of cost this year due to the tremendous new long-term agreement we have with Delta.

你是對的，由於我們與達美航空簽訂了巨大的新長期協議，英國今年增加了 2 億美元的成本。

It's a great thing for shareholders long term.

從長遠來看，這對股東來說是件好事。

Offsetting that, provision is clearly much better than we had expected.

抵消這一點的是，供應顯然比我們預期的要好得多。

And I'd say you're right, that benefit is probably a little bit bigger than the $200 million.

我想說你是對的，這個收益可能比 2 億美元大一點。

But I think the third thing to recall is if you go back, Sanjay, to the January call when we first talked about guidance, I said at the time that in a world where 2019 turns out to look kind of like 2018 in terms of the economy, you should expect us to be in the middle or upper part of the range.

但我認為要回憶的第三件事是，Sanjay，如果你回到 1 月份的電話會議，當時我們第一次討論指導意見，我當時說過，在 2019 年的世界中，就經濟方面，你應該期望我們處於該範圍的中間或上部。

In fact, while the economy is stable, it is clearly growing at a more modest level than it was in 2018.

事實上，儘管經濟穩定，但其成長速度卻明顯低於 2018 年。

Frankly, we put our plan together based on the more robust growth you saw in 2018.

坦白說，我們是根據 2018 年更強勁的成長來製定計劃的。

So there's a little bit of softness in volume relative to our expectations and so that's really the missing third piece.

因此，相對於我們的預期，音量有點軟，所以這確實是缺少的第三部分。

All that said, 8 straight quarters of revenue growth above 8%, 10% revenue growth this quarter, we feel tremendous about the momentum.

話雖如此，連續8個季度的營收成長超過8%，本季營收成長10%，我們感受到了巨大的勢頭。

On the CECL side, boy, predicting the ongoing P&L impacts of CECL, Sanjay, has so many moving parts right now.

在 CECL 方面，桑傑預測 CECL 對損益的持續影響，現在有許多變動的部分。

I'm reluctant to give you a number.

我不願意給你一個數字。

All I was trying to do on the call at this point is begin to focus people a little bit on the fact that for us, the onetime increase in reserves, given the strength of our balance sheet and ROE, doesn't have any material impact, I think, on our capital returns.

此時此刻，我在電話會議上想做的就是開始讓人們專注於這樣一個事實：對我們來說，考慮到我們的資產負債表和股本回報率的實力，準備金的一次性增加不會產生任何實質影響我認為，關於我們的資本回報。

But the ongoing provision cost, depending on the environment, is something that you will probably hear us continue to talk about.

但根據環境的不同，持續的供應成本是您可能會聽到我們繼續談論的話題。

And I think your back of the envelope is as good as any.

我認為你的信封背面和任何人一樣好。

I'd just caution you that there could be lots of different factors that affect it going forward.

我只是提醒您，可能有很多不同的因素會影響它的發展。

So thanks for the questions, Sanjay.

謝謝你的提問，桑傑。

For our next question, we'll go to the line of Don Fandetti with Wells Fargo.

對於我們的下一個問題，我們將轉到唐范德蒂 (Don Fandetti) 與富國銀行 (Wells Fargo) 的合作。

Jeff, I think most financial institutions have put out a buyback discussion.

傑夫，我認為大多數金融機構都已經進行了回購討論。

I know you provided some general background.

我知道你提供了一些一般背景。

Is there any reason why you're not talking specifically about that?

您有什麼理由不具體談論這一點嗎？

And then secondarily, what is your general thought on operating leverage or lack thereof?

其次，您對經營槓桿或缺乏經營槓桿的整體看法是什麼？

Obviously, your OpEx expense is growing at a more rapid pace.

顯然，您的營運支出正在以更快的速度成長。

But if you sort of layer in engagement costs, are your expenses going to grow faster than your revenues?

但是，如果您將參與成本分層計算，您的支出成長速度是否會快於收入成長速度？

Yes.

是的。

So 2 things.

所以有兩件事。

First, on capital, Don, we've said for a while now that the governor of how we manage our share repurchase is that we intend to keep that CET1 ratio in the 10% to 11% range, and that is actually more important than where we are with the Fed.

首先，關於資本，Don，我們已經說過一段時間了，我們管理股票回購的首要原則是我們打算將 CET1 比率保持在 10% 到 11% 的範圍內，這實際上比我們與美聯儲的關係。

And so depending on our earnings, depending on our levels of organic growth, that's how you should expect us to move the share repurchase up and down.

因此，根據我們的收益，根據我們的有機成長水平，這就是你應該期望我們上下調整股票回購的方式。

Now all that said, that means share repurchase at levels very similar to what you've seen since we've rebuilt the balance sheet post the Tax Act charge.

話雖如此，這意味著股票回購的水平與我們在稅法收費後重建資產負債表以來所看到的水平非常相似。

But that's really the way I encourage everyone to think about our capital return, not -- we are no longer in this world where the CCAR outcomes are governing what we're doing on capital.

但這確實是我鼓勵每個人思考我們的資本回報的方式，而不是——我們不再生活在這個由 CCAR 結果決定我們在資本方面所做的事情的世界。

And so we're going to return exactly that amount of capital.

因此，我們將準確返還這筆資金。

On leverage, boy, I think we're just executing, Don, on the financial and business model that we've been talking about ever since Steve became CEO last February, which is we're generating industry's leading levels of revenue growth.

在槓桿方面，小伙子，我認為我們只是在執行自從史蒂夫去年二月成為首席執行官以來我們一直在談論的財務和商業模式，這就是我們正在創造行業領先水平的收入增長。

We think that's the best way to create value for our shareholders long term.

我們認為這是為股東長期創造價值的最佳方式。

Customer engagement costs have been and, I expect, will continue to grow a little faster than our revenues.

我預期客戶參與成本的成長速度將持續快於我們的收入成長速度。

And so that creates a little bit of margin compression.

這樣就造成了一點邊際壓縮。

That's mitigated by the fact that we expect operating expenses to grow less than revenue.

我們預計營運費用的成長將低於收入的成長，這一事實緩解了這一情況。

They have for a decade.

他們已經十年​​了。

We're highly confident that they will continue to.

我們非常有信心他們將繼續這樣做。

And then you add a little bit of share repurchase to all that and you get to double-digit EPS growth.

然後再加上一點股票回購，每股盈餘就會達到兩位數的成長。

Now that does mean that PCI, in any given period, may grow a little faster or a little slower than revenue.

現在，這確實意味著 PCI 在任何特定時期內的成長可能比收入成長快一點或慢一點。

But we think this is the right strategy focused on share, scale and relevance for creating the most value for our shareholders in the long term.

但我們認為，這是專注於份額、規模和相關性的正確策略，可以為我們的股東長期創造最大價值。

For our next question, we'll go to the line of Mark DeVries with Barclays.

對於我們的下一個問題，我們將討論巴克萊銀行的馬克·德弗里斯（Mark DeVries）。

It seemed like the U.S. consumer might have been the biggest source of strength in the quarter.

美國消費者似乎是本季最大的成長動力。

I think you guys -- you had proprietary billables and it's actually declined modestly Q-over-Q, but your discount revenue growth accelerated.

我想你們——你們有專有的可計費的，實際上它比上一季略有下降，但你們的折扣收入增長加速了。

Was that due to the acceleration in the U.S. consumer where presumably you have higher discount rate revenue?

這是由於美國消費者的加速成長導致您的折扣率收入可能更高嗎？

And then also just higher level, what are you seeing from the U.S. consumer?

然後是更高的層面，您從美國消費者身上看到了什麼？

Are they being more resilient for some of the uncertainties we're seeing around things like the China trade issues that may be having maybe a bigger impact on the corporate side?

他們是否對我們所看到的中國貿易問題等可能對企業產生更大影響的不確定性更具彈性？

Well, maybe I'll start, Mark, on the math and then, Steve, you might add a little bit of color.

好吧，也許我會從數學開始，馬克，然後，史蒂夫，你可以添加一點顏色。

Look, I think when you look sequentially, sure.

看，我想當你按順序看時，當然。

As you heard from many people, the consumer is strong.

正如您從許多人那裡聽到的那樣，消費者很強大。

And you did see in the U.S. consumer business a little bit of a modest uptick in billings sequentially.

您確實看到美國消費者業務的帳單連續略有上升。

All that said, I think we see overall stability but at more modest levels than last year.

話雖如此，我認為我們看到整體穩定，但水平比去年溫和。

Commercial spending is still at a good level, but I exercise -- I've noted a little bit of caution.

商業支出仍處於良好水平，但我鍛煉了——我注意到了一點謹慎。

We just have our eye on that a little bit more than the consumer.

我們只是比消費者更關注這一點。

So Steve, maybe you want to add a little bit of color.

所以史蒂夫，也許你想添加一點色彩。

Yes.

是的。

I mean look, I think that international is still strong as well.

我的意思是，我認為國際化仍然很強大。

I mean you had 17% international SME growth.

我的意思是國際中小企業成長了 17%。

You had 15% international consumer growth.

國際消費者成長了 15%。

But just to comment on U.S. SME.

但只是對美國中小企業發表評論。

I think when we dig into the numbers in U.S. SME, what I always look at is how we're bringing on new booked business.

我認為，當我們深入研究美國中小企業的數據時，我總是關注的是我們如何帶來新的預訂業務。

So that's from new signings.

這是新簽約的結果。

And that's been stable for a long time.

而且這種情況已經穩定了很長一段時間。

How are we looking at the attrition, and that's also been very stable.

我們如何看待人員流失，這也非常穩定。

What you see -- and I think this is to Jeff's point.

你所看到的——我認為這正是傑夫的觀點。

What you see is maybe a little less confidence than the consumer from an SME perspective, where there's been an organic decline from what we would say pretty much all-time highs from what we're growing over, but it's still positive.

從中小企業的角度來看，你所看到的可能比消費者的信心要低一些，從我們所說的歷史高點來看，我們的成長經歷了有機下降，但它仍然是正面的。

So that's U.S. SME.

這就是美國中小企業。

And I think large corporate, we're pretty comfortable with large corporate, especially when we had such a breakout year, I think, last year from large and global corporate accounts.

我認為大型企業，我們對大型企業非常滿意，尤其是當我們去年在大型全球企業帳戶中取得瞭如此突破的一年時。

So I think the commercial side of the business is being slightly more cautious than the consumer side.

所以我認為商業方面比消費者方面稍微謹慎一點。

And I think you heard that as you listened to other earnings calls this week as well.

我想你在本週聽取其他財報電話會議時也聽到了這一點。

So -- but still strong.

所以——但仍然很強大。

I mean still strong growth.

我的意思是仍然強勁增長。

Our next question will be from the line of Jason Kupferberg with Bank of America.

我們的下一個問題將來自美國銀行的 Jason Kupferberg。

Maybe just to pick up on those comments with international SME.

也許只是為了了解國際中小企業的這些評論。

I know it's been on a little bit of a decelerating trend here.

我知道這裡的趨勢有點減速。

17% is still a very strong number, but it was, I believe, 25% recently the year ago.

17% 仍然是一個非常強勁的數字，但我相信一年前的最近是 25%。

So you've got some tough comps you're working through.

所以你正在經歷一些艱難的比賽。

I guess as those comps trying to get easier for the next few quarters, is it potentially -- and obviously, we're going to see some reacceleration in international SME.

我想，隨著這些公司試圖在接下來的幾個季度變得更容易，是否有可能 - 顯然，我們將看到國際中小企業的一些重新加速。

And then if you can just separately make a quick comment on the sustainability of the card fee growth, which continues to be very impressive, that will be great.

然後，如果您可以單獨對卡費成長的可持續性做出快速評論，這仍然非常令人印象深刻，那就太好了。

Yes.

是的。

So I think I got the question with a little bit of the background noise.

所以我認為我在一些背景噪音的情況下得到了這個問題。

But look, I mean if you look at what was going on for international SME for pretty much like 6 quarters prior to this, you had sort of a long run of 20% growth, but off a relatively smaller base.

但是，我的意思是，如果你看看國際中小企業在此之前的大約 6 個季度的情況，你會發現，你會發現，長期增長是 20%，但基數相對較小。

I'm pretty happy with where we are with 17% international SME growth.

我對國際中小企業成長 17% 的現狀感到非常滿意。

We continue to invest not only in the value propositions, but in the sales organizations.

我們不僅繼續投資於價值主張，也投資於銷售組織。

And our absolute numbers are actually getting bigger and bigger.

而且我們的絕對數字其實越來越大。

So I'm not really worried at all about 17% international SME growth.

因此，我對於 17% 的國際中小企業成長一點也不擔心。

Our performance there has been, I think, really outstanding.

我認為我們在那裡的表現非常出色。

So we're going to -- and we're going to continue to invest.

因此，我們將繼續投資。

I mean -- and that's one of the reasons why you saw a little bit of an uptick sort of in operating expenses, is we're investing in sales organizations, not only international SME, but we're investing in some sales resources as well as it relates to international coverage.

我的意思是 - 這就是您看到營運費用略有上升的原因之一，是我們正在投資銷售組織，不僅是國際中小企業，而且我們還投資於一些銷售資源因為它涉及國際報道。

So you have some extra OpEx as it relates to that.

因此，您有一些與此相關的額外營運支出。

As far as card fees go, card fees is all about adding value to the products, and we will continue on our quest to continue to add differentiated value on an ongoing basis to all of our products around the globe.

就卡費而言，卡費就是為了增加產品的價值，我們將繼續努力，持續為我們在全球的所有產品增加差異化的價值。

We have taken a very deliberate step to make sure that we are constantly looking at and refreshing these products on a very proactive basis.

我們採取了非常審慎的步驟，以確保我們不斷地積極主動地研究和更新這些產品。

And by doing that, that enables us to continue that tremendous pace that we've been on in terms of card fee acceleration.

透過這樣做，我們能夠繼續在卡費加速方面保持巨大的步伐。

I mean you saw 17% card fee growth year-over-year and you even saw a sequential uptick.

我的意思是，卡費同比增長了 17%，甚至連續上漲。

And 70% of the cards that we acquired are fee-based cards, and people are paying for those cards because they are getting value out of those cards.

我們獲得的卡片中有 70% 是收費卡，人們為這些卡付費是因為他們從這些卡中獲得了價值。

And so it is how our model has been for decades, and we will continue to invest in those value propositions so that we can continue to generate card fees.

這就是我們幾十年來的模式，我們將繼續投資這些價值主張，以便我們能夠繼續產生卡費。

We'll go next to the line of James Friedman with Susquehanna.

我們將沿著詹姆斯·弗里德曼 (James Friedman) 與薩斯奎哈納 (Susquehanna) 的路線走下去。

It's Jamie.

是傑米。

Steve, I wanted to ask you about the M&A strategy.

史蒂夫，我想問你有關併購策略的問題。

You had some activity year-to-date.

今年迄今為止您進行了一些活動。

How would you describe the themes in M&A?

您如何描述併購的主題？

Because some of it seems consumer-oriented, but some of it seems merchant-oriented, like your last couple.

因為有些似乎是面向消費者的，但有些似乎是面向商人的，就像你的最後一對。

Anyway, if you could provide some structure about how you're thinking about M&A would be helpful.

不管怎樣，如果你能提供一些關於你如何看待併購的結構將會有所幫助。

Yes.

是的。

So look, for every business, we have an opportunity to grow sort of 3 different ways, right?

那麼，對於每個企業來說，我們都有機會以 3 種不同的方式成長，對嗎？

You grow from organic growth, you grow through partnerships and you grow through acquisitions.

您透過有機成長、透過合作夥伴關係、透過收購實現成長。

I think if you look at the last sort of 5 acquisitions or so, and I think you picked up on a really important point with Resy -- but I'll get to that in a minute.

我想，如果你看看最後大約 5 筆收購，我想你會發現 Resy 的一個非常重要的觀點——但我稍後會談到這一點。

But if you really look at the last 5 acquisitions, while you could say they are consumer-rated, consumer-driven, what they really are is all about embedding ourselves more in our customers' digital lives.

但如果你仔細觀察最近的 5 次收購，雖然你可以說它們是消費者評價的、消費者驅動的，但它們真正的目的都是為了讓我們更融入客戶的數位生活。

And those customers are not only consumers, but they're small businesses and they're corporate card customers.

這些客戶不僅是消費者，而且是小型企業和公司卡客戶。

So maybe from a business process perspective, we're not -- we haven't done any M&A in that area.

因此，也許從業務流程的角度來看，我們沒有在該領域進行任何併購。

But when you think about what we've done, it first started out -- and we started out with some building blocks.

但當你思考我們所做的事情時，你會發現它首先是從一些建構模組開始的。

We started out with Mezi, which is digital-based AI assist.

我們從 Mezi 開始，這是基於數位的人工智慧輔助。

And now we've rolled that out in the U.K., and we're testing that in the U.S. with some of our Platinum Card holders.

現在我們已經在英國推出了該功能，並且正在美國與一些白金卡持有者進行測試。

And then we went with Cake, which is really sort of middleware to help us sort of manage our restaurant reservations.

然後我們選擇了 Cake，它實際上是一種中間件，可以幫助我們管理餐廳預訂。

We went with Pocket Concierge, which Japan is a really important market for us, and that gave us access to some of the best restaurants in Japan.

我們選擇了 Pocket Concierge，日本對我們來說是一個非常重要的市場，這讓我們可以進入日本一些最好的餐廳。

And then, we went with LoungeBuddy because our focus has been on providing a great experience end-to-end for the travelers.

然後，我們選擇了 LoungeBuddy，因為我們的重點是為旅客提供端到端的優質體驗。

And while I'm not going to be able to build hundreds of lounges, I've got 12 right now, and we'll continue to add them selectively as we go along.

雖然我無法建造數百個休息室，但我現在已經有 12 個，我們將繼續有選擇地添加它們。

LoungeBuddy, from a mobile perspective, will show our customers exactly where other lounges are, and we get access to lots of other lounges.

LoungeBuddy，從移動的角度來看，將向我們的客戶準確顯示其他休息室的位置，並且我們可以訪問許多其他休息室。

And then the last one, Resy, which is really sort of two-pronged, and I think we've probably not done a good enough job talking about the merchant side of this, but it'll give us access to some of the -- what we believe is some of the finest restaurants, and actually one of the more requested restaurants from our card members, and be able to not only provide special card member offers, but to also be able to acquire new card members when they actually use the Resy app and seeing what our existing card members were getting.

然後是最後一個，Resy，這實際上是雙管齊下的，我認為我們在談論這方面的商業方面可能做得不夠好，但它會讓我們接觸到一些—— - 我們認為是一些最好的餐廳，實際上也是我們的持卡會員最需要的餐廳之一，不僅能夠提供特殊的持卡會員優惠，而且還能夠在新持卡會員實際使用時獲得他們Resy 應用程式並查看我們現有的持卡會員獲得了什麼。

And for restaurants, the thing that we love about Resy is they look at the fact that they have 2 customers.

對於餐廳來說，我們喜歡 Resy 的一點是，他們會關注自己有 2 位顧客。

They have the card -- they have the diner as a customer and they have the restaurant and the customers.

他們有卡片——他們有食客作為顧客，他們有餐廳和顧客。

And restaurants are really important partners for us.

餐廳對我們來說是非常重要的合作夥伴。

And so what you're seeing is a constant -- a continued build-out, whether it be organically partnership or via acquisition.

所以你所看到的是一個恆定的——持續的擴建，無論是有機合作還是透過收購。

And remember, we had a partnership with LoungeBuddy before this to constantly and consistently move more upstream or in stream into our customers' digital lives.

請記住，我們在此之前與 LoungeBuddy 建立了合作夥伴關係，以不斷地、持續地向上游或流入客戶的數位生活。

So we'll be opportunistic.

所以我們會投機取巧。

We'll continue to look for those companies, either from a partnership perspective or an acquisition perspective, that will continue to build out our digital capabilities, and we'll continue to look on the commercial side.

我們將繼續從合作夥伴的角度或收購的角度尋找那些將繼續增強我們的數位能力的公司，並且我們將繼續專注於商業方面。

But I don't want you to think it's all consumer because small businesses can use this and our corporate card customers can use this as well.

但我不希望您認為這都是消費者的，因為小型企業可以使用它，我們的公司卡客戶也可以使用它。

We'll go now to the line of David Togut with Evercore ISI.

現在我們將討論 David Togut 與 Evercore ISI 的合作。

You've been repositioning American Express in Europe over the last year, principally winding down GNS.

去年，您一直在重新調整美國運通在歐洲的定位，主要是逐步關閉 GNS。

With the next wave of payment regulation coming, PSD2 on September 14, along with strong customer authentication requirements, is there more to do?

隨著下一波支付監管浪潮的到來，9 月 14 日的 PSD2，以及嚴格的客戶身份驗證要求，還有更多的事情要做嗎？

You signaled on the last call you might introduce a debit card, for example.

例如，您在上次通話中表示您可能會推出簽帳卡。

I'd be curious for your updated thoughts.

我很好奇你的最新想法。

No.

不。

I don't know that we -- yes.

我不知道我們——是的。

Well, actually, yes.

嗯，實際上，是的。

Not necessarily a debit card, but access for sort of more real-time payments.

不一定是藉記卡，但可以進行更即時的支付。

But -- with PSIP.

但是——有了 PSIP。

But I think that we'll wind down Europe by the end of this year and so you wouldn't have that grow over.

但我認為，我們將在今年年底前逐步結束歐洲業務，因此這種成長不會結束。

Our value propositions are very strong in Europe.

我們的價值主張在歐洲非常強大。

We're still -- we're a 3 -- the reason we -- just to refresh everybody's memory, the reason we wound these done is we wanted to stay as a 3-party scheme versus a 4-party scheme, which aspects of our business in Europe were 4-party, which enables us to have a better -- not only better value proposition, but, in fact, a higher discount rate as it relates to our transactions there.

我們仍然 - 我們是 3 - 我們的原因 - 只是為了刷新每個人的記憶，我們完成這些的原因是我們希望保持 3 方計劃而不是 4 方計劃，這方面我們在歐洲的業務是四方的，這使我們能夠擁有更好的東西——不僅是更好的價值主張，而且事實上，與我們在那裡的交易相關的更高的折扣率。

But I don't see us introducing a debit card per se, and I think we'll just continue on our path of increasing our value to our customers, both from a small business perspective and from a consumer perspective.

但我不認為我們會推出借記卡本身，而且我認為我們將繼續走在為客戶增加價值的道路上，無論是從小型企業的角度還是從消費者的角度來看。

And the only thing I'd add, David, on your specific question around September -- the September 14 deadline on merchants having better authentication capabilities.

David，關於你在 9 月左右提出的具體問題，我唯一要補充的一點是，9 月 14 日是商家擁有更好身份驗證功能的最後期限。

We're working with all our merchants.

我們正在與所有商家合作。

It's not a big cost for us.

這對我們來說並不是一個很大的成本。

It's really a merchant question.

這確實是商家的問題。

We don't expect it to cause any significant inflection point.

我們預計它不會造成任何重大的轉折點。

There's some talk about banks deferring a little bit because not all merchants were ready.

有人說銀行會稍微推遲，因為並非所有商家都準備好了。

But I don't see it as a big issue.

但我不認為這是一個大問題。

No.

不。

Actually just -- and we'll leverage our safety technology to do that.

實際上只是 - 我們將利用我們的安全技術來做到這一點。

But in fact, it's really more about conversations and visits with merchants more than just technology, and we've been really ahead of the curve on that at educating merchants on how to interact.

但事實上，這更多的是與商家的對話和訪問，而不僅僅是技術，而且我們在教育商家如何互動方面確實處於領先地位。

So not a cost issue for us at all.

所以對我們來說根本不是成本問題。

We'll go now to the line of Moshe Orenbuch with Crédit Suisse.

現在我們將討論 Moshe Orenbuch 與瑞士信貸銀行的合作。

You started to kind of discuss some of the aspects of this, but could you talk a little bit about the -- how would you expect the SME business to perform, both in terms of kind of growth rate and in terms of credit kind of as the economy looks to be a little more variable?

您開始討論這方面的一些方面，但是您能否談談您期望中小企業業務的表現如何，無論是在增長率還是在信貸方面經濟看起來變數更大一些？

Is it more or less kind of volatile than the consumer side?

它比消費者方面或多或少具有波動性嗎？

Well, we feel really good about the breadth of our small business franchise.

嗯，我們對我們的小企業特許經營的廣度感到非常滿意。

As you know, Moshe, we talk a lot about the fact that we are, in the U.S., larger than our next 5 competitors combined.

如你所知，Moshe，我們經常談論這樣一個事實：我們在美國的規模比接下來 5 個競爭對手的總和還要大。

Outside the U.S., where we have some of the highest growth rates in the company, our shares tend to be small, and we think we have a very long runway to continue to grow.

在美國以外，我們的公司成長率是最高的，但我們的股票往往很小，而且我們認為我們還有很長的路要繼續成長。

We are, broadly speaking -- and I'm actually going to take your question beyond just small business.

從廣義上講，我們是——實際上，我將把你的問題不僅限於小企業。

One of the things you heard me talk about in my prepared remarks is we actually have been making some changes in all of our risk management practices steadily across the last year.

你在我準備好的演講中聽到我談到的一件事是，我們實際上在去年一直在穩步對所有風險管理實踐進行一些改變。

That's both a consumer and a small business issue because they're both so important to us.

這既是消費者問題，也是小企業問題，因為它們對我們都非常重要。

And in fact, those changes are part, along with a stable economic environment, of what's driving stronger-than-expected credit performance for us, provision actually being up less than loan.

事實上，這些變化以及穩定的經濟環境是推動我們信貸表現強於預期的原因之一，撥備的增幅實際上低於貸款的增幅。

So all of those things, we think, help prepare us to continue to perform strongly in all economic environments.

因此，我們認為，所有這些事情都有助於我們做好準備，以便在所有經濟環境中繼續保持強勁表現。

We always spend a lot of time thinking about how we manage the company through all aspects of an economic cycle.

我們總是花很多時間思考如何在經濟週期的各個方面管理公司。

We make every economic decision around customers assuming through-the-cycle view of the economics.

我們以整個週期的經濟視角圍繞著客戶做出每項經濟決策。

So we feel good about where we are in our preparation.

因此，我們對自己的準備工作進展感到滿意。

Yes.

是的。

The other point I would make is when you look at international SME, it's predominantly, if not 100%, a charge business for us and -- which has a lot less -- obviously a lot less volatility.

我要說的另一點是，當你觀察國際中小企業時，它主要（如果不是 100%）對我們來說是一項收費業務，而且波動性要小得多。

And our small business portfolio is more heavily charge-based than, in fact, our consumer portfolio as well.

事實上，我們的小型企業投資組合比我們的消費者投資組合更以收費為基礎。

We'll go next to the line of Bill Carcache with Nomura Instinet.

我們將沿著 Bill Carcache 和 Nomura Instinet 的路線走下去。

Jeff, I wanted to follow up on some of your comments regarding the rate environment.

傑夫，我想跟進您有關利率環境的一些評論。

I understand your point that there's a natural buffer in your business model based on the interplay between a stronger or weaker economy and higher or lower rates.

我理解您的觀點，即基於經濟走強或走弱與利率升高或降低之間的相互作用，您的商業模式存在自然緩衝。

But to the extent that the Fed is turning more accommodative in an effort to extend the cycle and not because economic conditions are deteriorating, then wouldn't that be a scenario where lower rates would benefit you?

但如果聯準會轉向更寬鬆的政策是為了延長週期，而不是因為經濟狀況惡化，那麼低利率難道不會讓你受益嗎？

And Steve, if I may, I just wanted to ask a question on the digital investments that you guys are making.

史蒂夫，如果可以的話，我只是想問一個關於你們正在進行的數位投資的問題。

Specifically on cloud, you guys have talked about pursuing a hybrid cloud strategy versus a public cloud strategy that some of your competitors are pursuing.

特別是在雲端方面，你們談到了追求混合雲策略與一些競爭對手正在追求的公有雲策略。

Is there any concern that you may be falling behind your competitors relative to the investments that they're making?

是否擔心您的投資可能落後於競爭對手？

So let me -- I'll answer the second one.

那麼就讓我來回答第二個問題。

No.

不。

I think, look, having been the CIO of this company and spent 10 years running technology, I'm really comfortable with where we are.

我想，看，作為這家公司的首席資訊官，並花了 10 年的時間來運營技術，我對我們現在的處境感到非常滿意。

From an economic perspective, the reason we have a hybrid strategy is we believe that on an ongoing basis, we have better economics by running our own private clouds.

從經濟角度來看，我們採取混合策略的原因是我們相信，在持續的基礎上，我們透過運作自己的私有雲可以獲得更好的經濟效益。

Now that may not be the case with everybody else.

現在其他人可能並非如此。

But when you go to one of the cloud providers, you have a situation where there's obviously just profit built in.

但是，當您選擇其中一家雲端提供者時，您會遇到一種情況，其中顯然只有利潤。

So as we focused on our infrastructure, and if you look at our technology cost over a long period of time, our run-the-company costs are best-in-class and they have been decreasing over time.

因此，當我們專注於我們的基礎設施時，如果你長期觀察我們的技術成本，我們的公司營運成本是同類中最好的，並且隨著時間的推移一直在下降。

So I'm really comfortable with where we are from a hybrid strategy perspective.

因此，從混合策略的角度來看，我對我們目前的處境感到非常滿意。

And what you do is you look to put workloads out there that are variable in nature.

您要做的就是將本質上可變的工作負載放在那裡。

And so I think having a hybrid strategy really works well for us because it enables us not to have some of the fixed cost investment that you would just need to have on a variable basis.

因此，我認為混合策略對我們來說確實很有效，因為它使我們無需進行一些固定成本投資，而您只需要在可變基礎上進行投資。

So I don't think we're falling behind at all and I think we might have been a little bit ahead with the hybrid strategy that we have deployed.

因此，我認為我們根本沒有落後，而且我認為我們部署的混合策略可能有點領先。

And Bill, on rates.

比爾，關於利率。

Look, I'll just start by reminding everyone that 80% of our revenues come from spend and fee revenues.

首先，我要提醒大家，我們 80% 的收入來自支出和費用收入。

So just the math starts with the fact that relative to any other financial institution, we're just far less sensitive in terms of our overall economics to where rates are going.

因此，從數學角度來看，相對於任何其他金融機構，我們的整體經濟狀況對利率走勢的敏感度要低得多。

Second, we do manage our funding stack in terms of our fixed floating mix to keep our exposure to changes in rates pretty modest.

其次，我們確實根據固定浮動組合來管理我們的資金堆棧，以保持利率變化的風險相當適度。

And that's why, in my prepared remarks, I pointed out that when you think about a 25 basis point change, it's $0.01 a quarter and in assuming quarters.

這就是為什麼，在我準備好的發言中，我指出，當你考慮 25 個基點的變化時，每季和假設季度的變化為 0.01 美元。

Third, there is this economic offset, right?

第三，存在這種經濟抵消，對嗎？

I think in response to Sanjay's first question, I did point out that the economy is growing slowly than it was last year as the rate environment or the rate outlook has come down a little bit.

我認為在回答桑傑的第一個問題時，我確實指出，由於利率環境或利率前景略有下降，經濟成長速度比去年緩慢。

That's because people are worried about the economy.

那是因為人們擔心經濟。

That provides a little bit of a natural offset to even the modest impact that rates do.

即使利率帶來的影響不大，這也能提供一點自然的抵銷。

So look, we pay attention to rates.

所以看，我們關注費率。

I'm just making the general point that when you net it all out for us, I don't see modest changes in the rate environment up and down as something that's going to move the needle on our overall earnings.

我只是提出一個一般性的觀點，當你為我們把一切都算出來時，我認為利率環境上下的適度變化不會對我們的整體收益產生重大影響。

We'll go next to the line of John Hecht with Jefferies.

我們將沿著約翰·赫克特（John Hecht）和杰弗里斯（Jefferies）的路線走下去。

Your discount rate has been very stable year-over-year.

你們的折扣率逐年非常穩定。

And I know you've taken specific guidance regarding the discount rate off the table.

我知道您已經採取了有關折扣率的具體指導。

But I'm wondering if you can tell us, is there any trends, whether you're looking by channel, by region, by product or mix shift?

但我想知道您是否可以告訴我們，是否有任何趨勢，無論您是按管道、按地區、按產品還是按組合轉變進行尋找？

Is there any trends underlying that, that we should think about for the next couple of quarters?

在接下來的幾個季度裡，我們應該考慮哪些潛在趨勢？

Well, I'll just remind you, yes, you're correct.

好吧，我只是提醒你，是的，你是對的。

We're focused on driving discount revenue, which we feel great about, not average discount rate.

我們專注於推動折扣收入，而不是平均折扣率，對此我們感覺很好。

All that said, we're also getting further from some of the things we've talked about for a few years, the impact of regulation in Australia and the European Union, the impact of OptBlue, some big strategic deals we cut.

儘管如此，我們也距離我們討論了幾年的一些事情有了進一步的了解，包括澳大利亞和歐盟監管的影響、OptBlue 的影響以及我們達成的一些重大戰略交易。

And so those are having an impact on the average discount rate.

因此，這些都會對平均折扣率產生影響。

But the thing I just want to emphasize is we feel good about the discount revenue trajectory.

但我想強調的是，我們對折扣收入軌跡感覺很好。

That's what we're focused on driving.

這就是我們專注於駕駛的事情。

And the rate will average -- discount rate will kind of go where it will.

而且利率會趨於平均值——折扣率會隨其變化而變化。

Operator?

操作員？

We'll go next to the line of Craig Maurer with Autonomous.

我們將緊跟著克雷格·毛雷爾 (Craig Maurer) 的 Autonomous 系列。

I wanted to ask a question about the Blue Business Cash Card that you put a release out on yesterday.

我想問一個有關您昨天發布的藍色商務現金卡的問題。

You talked about the invoicing product and that you were launching effectively what seems like a working capital program that will be paid over ACH.

您談到了發票產品，並且您正在有效地啟動似乎將透過 ACH 支付的營運資金計劃。

Curious, is that a new offering?

好奇，這是新產品嗎？

How are you marketing it?

你如何行銷它？

How big is it today if it's not a new offering?

如果不是新產品的話，今天的規模有多大？

So actually, the working capital product has been out there for a couple of years now, which maybe got sort of mixed up in this -- in the Blue Cash announcement.

事實上，營運資金產品已經推出幾年了，這可能與 Blue Cash 的公告中的情況有些混淆。

But the working capital product has been out there for quite a long time, a couple of years.

但營運資本產品已經存在很長一段時間了，有幾年了。

It is relatively small and it does ride over ACH rails.

它相對較小，並且確實運行在 ACH 軌道上。

And what we want do is -- remember, what we want to do with small businesses is to help them run their business.

我們想要做的是——記住，我們想要對小企業做的是幫助他們經營業務。

And part -- the role that the card plays, it's part of their overall working capital solution.

該卡所扮演的角色是其整體營運資金解決方案的一部分。

And so there are suppliers and there are merchants that do not accept credit card payments of any type, not just American Express with Visa and MasterCard.

因此，有些供應商和商家不接受任何類型的信用卡付款，而不僅僅是美國運通卡的 Visa 和萬事達卡。

And so to be able to provide along with providing the card product to be able to provide a working capital product as well to these customers helps them manage their business and helps them manage their cash flow.

因此，能夠在提供卡片產品的同時，也能夠向這些客戶提供營運資金產品，幫助他們管理業務並幫助他們管理現金流。

And the reality is these are loans that are anywhere from 30 to 90 days.

事實上，這些貸款的期限從 30 到 90 天不等。

How big is it?

它有多大？

It's very tiny.

它非常小。

With that, we'll bring the call to an end.

這樣，我們就結束通話。

Thank you, Steve.

謝謝你，史蒂夫。

Thank you, Jeff.

謝謝你，傑夫。

Thank you again for joining today's call, and thank you for your continued interest in American Express.

再次感謝您參加今天的電話會議，並感謝您對美國運通的持續關注。

The IR team will be available for any follow-up questions.

IR 團隊將隨時解答任何後續問題。

Ladies and gentlemen, this conference will be made available for digitized replay beginning at 10:30 a.m.

女士們、先生們，本次會議將於上午 10:30 開始提供數位化重播。

Eastern Time today and running until July 26 at midnight, Eastern Time.

東部時間今天持續到東部時間 7 月 26 日午夜。

You can access the AT&T Teleconference Replay System by dialing 1 (800) 475-6701 and entering the replay access code 469337.

您可以透過撥打 1 (800) 475-6701 並輸入重播存取碼 469337 來存取 AT&T 電話會議重播系統。

International participants may dial 1 (320) 365-3844 with the access code 469337.

國際參與者可撥打 1 (320) 365-3844，接入碼為 469337。

That will conclude our conference call for today.

我們今天的電話會議到此結束。

Thank you for your participation and for using AT&T's Executive TeleConference Service.

感謝您的參與並使用 AT&T 的高階主管電話會議服務。

You may now disconnect.

您現在可以斷開連線。