美國運通 (AXP) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the American Express Q3 2022 Earnings Call. (Operator Instructions) As a reminder, today's call is being recorded.

女士們，先生們，謝謝你們的支持。歡迎參加美國運通 2022 年第三季度財報電話會議。 （操作員說明）作為提醒，今天的通話正在錄音中。

I would now like to turn the conference over to our host, Head of Investor Relations, Ms. Kerri Bernstein. Please go ahead.

我現在想將會議轉交給我們的主持人，投資者關係主管 Kerri Bernstein 女士。請繼續。

Thank you, Darryl, and thank you all for joining today's call.

謝謝你，達里爾，謝謝大家加入今天的電話會議。

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 and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these statements are included in today's presentation slides and in our reports on file with the SEC.

提醒一下，在我們開始之前，今天的討論包含有關公司未來業務和財務業績的前瞻性陳述。這些是基於管理層當前的預期，並受到風險和不確定性的影響。可能導致實際結果與這些陳述產生重大差異的因素包含在今天的演示幻燈片和我們提交給 SEC 的報告中。

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

今天的討論還包含非公認會計原則的財務措施。可比的 GAAP 財務指標包含在本季度的收益材料以及我們討論的前期收益材料中。所有這些都發佈在我們的網站 ir.americanexpress.com 上。

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

今天我們將從董事長兼首席執行官史蒂夫·斯奎裡開始，他將首先發表一些關於公司進展和成果的評論。然後，首席財務官 Jeff Campbell 將對我們的財務業績進行更詳細的審查。之後，我們將轉到史蒂夫和傑夫的結果問答環節。

With that, let me turn it over to Steve.

有了這個，讓我把它交給史蒂夫。

Thanks, Kerri, and good morning, everyone. Thank you for joining us for our third quarter earnings call.

謝謝，Kerri，大家早上好。感謝您參加我們的第三季度財報電話會議。

As you saw in our release this morning, we had another strong quarter. Revenues grew 27% on an FX-adjusted basis and earnings per share was $2.47, up 9% over last year. Our investments to drive customer engagement, acquisitions and retention once again generated great results, and our credit quality remained strong.

正如您在今天早上的新聞稿中看到的那樣，我們又迎來了一個強勁的季度。經外匯調整後的收入增長 27%，每股收益為 2.47 美元，比去年增長 9%。我們為推動客戶參與、獲取和保留而進行的投資再次產生了巨大的成果，我們的信用質量保持強勁。

Card Member spending remained at near record levels in the quarter. Billed business was up 24% on an FX-adjusted basis over the record growth we delivered a year earlier, led by the continued strength in Goods & Services spending and the ongoing strong rebound in Travel & Entertainment. As we said earlier this year, we expected the recovery in travel spending to be a tailwind for us, but the strength of the rebound has exceeded our expectations throughout the year.

本季度持卡會員消費保持在接近創紀錄水平。在商品和服務支出持續強勁以及旅遊和娛樂持續強勁反彈的帶動下，經外匯調整後的計費業務比我們一年前實現的創紀錄增長增長了 24%。正如我們今年早些時候所說，我們預計旅行支出的複蘇對我們來說是一個順風，但反彈的力度已經超出了我們全年的預期。

In the quarter, total T&E spending was up 57% from a year earlier on an FX-adjusted basis, driven by the continued strong demand from consumers and small business customers. Particularly noteworthy is the strength we're seeing in T&E spending in our international markets, which exceeded pre-pandemic levels for the first time this quarter on an FX-adjusted basis. Business travel also continued to recover and overall activity remained strong through September.

受消費者和小企業客戶持續強勁需求的推動，經外匯調整後，本季度的總差旅費支出較上年同期增長 57%。特別值得注意的是，我們在國際市場上看到的 T&E 支出強勁，經外匯調整後，本季度首次超過大流行前水平。商務旅行也繼續復甦，整個 9 月份的活動都保持強勁。

Importantly, we're seeing increased customer engagement with a wide range of travel and dining benefits and services we offer as part of our membership model. For example, bookings to our consumer travel business reached their highest level since before the pandemic in the third quarter. And in dining, our Resy reservation platform continues to see strong growth. Since we acquired the platform in 2019, Resy users have tripled to reach 35 million, and we quadrupled a number of restaurants available around the world on Resy.

重要的是，作為會員模式的一部分，我們提供的各種旅行和餐飲福利和服務正在增加客戶參與度。例如，我們的消費者旅遊業務的預訂量在第三季度達到了大流行之前的最高水平。在餐飲方面，我們的 Resy 預訂平台繼續強勁增長。自從我們在 2019 年收購該平台以來，Resy 用戶增長了兩倍，達到 3500 萬，我們在 Resy 上的全球餐廳數量翻了兩番。

Goods & Services spending grew 16% year-over-year. The continued growth in Goods & Services is supported by the structural shift to online commerce that was accelerated by the pandemic and has been sustained since then (inaudible) the new online and mobile-oriented benefits we added to our value propositions. These benefits are particularly attractive to our millennial and Gen Z customer base, which is our fastest-growing customer cohort.

商品和服務支出同比增長 16%。商品和服務的持續增長得到了向在線商務的結構性轉變的支持，這種轉變因大流行而加速，並且從那時起（聽不清）我們為我們的價值主張增加了新的在線和移動導向的好處。這些好處對我們的千禧一代和 Z 世代客戶群特別有吸引力，這是我們增長最快的客戶群。

The investments we've made in our value propositions are also continuing to drive momentum in new card acquisitions. We added 3.3 million new proprietary cards during the quarter, our highest quarterly level of acquisitions since the pandemic began.

我們對價值主張的投資也繼續推動新卡收購的勢頭。我們在本季度增加了 330 萬張新的專有卡，這是自大流行開始以來我們的最高季度收購水平。

And we continue to see strong uptake of our premium fee-based products with acquisitions of U.S. Consumer Platinum and Gold cards as well as U.S. Business Platinum cards reaching record quarterly highs. millennial and Gen Z customers are powering this growth, comprising more than 60% of our proprietary consumer card acquisitions in the quarter.

隨著對美國消費者白金卡和金卡以及美國商務白金卡的收購達到創紀錄的季度高點，我們繼續看到我們的優質收費產品的強勁吸收。千禧一代和 Z 世代客戶正在推動這一增長，佔本季度我們專有消費卡收購的 60% 以上。

As we sit here today, we see no changes in the spending behaviors of our customers, and our credit metrics continue to be strong, with delinquencies and write-offs remaining at low levels even as loan balances are steadily rebuilding. Of course, we are mindful of the mixed signals in the broader economy. As always, we have plans in place to pivot should the operating environment change dramatically. And we've been taking thoughtful risk management actions to be prepared in the event of a downturn.

今天我們坐在這裡，我們看到客戶的消費行為沒有變化，我們的信用指標繼續強勁，即使貸款餘額正在穩步重建，拖欠和核銷仍處於低水平。當然，我們注意到更廣泛的經濟中的混合信號。與往常一樣，我們制定了計劃，以應對運營環境發生巨大變化。我們一直在採取深思熟慮的風險管理措施，為經濟低迷做好準備。

But as I've emphasized many times before, we run the company for the long term and make through-the-cycle investment decisions. Our strong third quarter results show that our strategy investing in our brand, value propositions, customers, colleagues, technology and coverage continues to pay off, and our performance is consistent with our long-term growth aspirations.

但正如我之前多次強調的那樣，我們長期經營公司並做出貫穿整個週期的投資決策。我們強勁的第三季度業績表明，我們對品牌、價值主張、客戶、同事、技術和覆蓋範圍進行投資的戰略繼續獲得回報，我們的業績符合我們的長期增長願望。

Looking ahead, we continue to see many great growth opportunities, and we will continue to take actions to best position our business for the long term. As you will recall, our international businesses were among the fastest-growing prior to the pandemic. As more countries relax their cross-border travel policies and life returns to normal, we see tremendous opportunities for growth in key regions despite ongoing macroeconomic and geopolitical uncertainties.

展望未來，我們將繼續看到許多巨大的增長機會，我們將繼續採取行動，為我們的業務長期定位。您會記得，我們的國際業務是大流行之前增長最快的業務之一。隨著越來越多的國家放寬跨境旅遊政策，生活恢復正常，儘管宏觀經濟和地緣政治不確定性持續存在，但我們看到關鍵地區存在巨大的增長機會。

To that point, we made an organizational change a few months ago to help seize on these opportunities. We brought together our international consumer, small business and large corporate management teams under one leader, which will increase our speed, agility scale and efficiency in our operations outside the U.S. As a result, you'll see this quarter we've introduced a new International Card Services reporting segment.

為此，我們在幾個月前進行了組織變革，以幫助抓住這些機會。我們將我們的國際消費者、小型企業和大型企業管理團隊聚集在一個領導下，這將提高我們在美國以外的運營的速度、敏捷性規模和效率。因此，您會看到本季度我們推出了一個新的國際卡服務報告部分。

Looking ahead, we remain confident that the successful execution of our strategy, driven by our outstanding leadership team and the talented colleagues throughout the company, positions us well as we seek to achieve our long-term growth plan aspirations of revenue growth in excess of 10% and mid-teens EPS growth in 2024 and beyond.

展望未來，我們仍然相信，在我們傑出的領導團隊和整個公司才華橫溢的同事的推動下，我們的戰略的成功執行將使我們處於有利地位，我們尋求實現收入增長超過 10 倍的長期增長計劃願望2024 年及以後的每股收益增長 % 和中期。

Based on our performance through the third quarter, we also remain confident in our full year revenue growth guidance of 23% to 25%, and we expect to be above our original full year EPS guidance range of $9.25 to $9.65.

根據我們在第三季度的表現，我們對全年 23% 至 25% 的收入增長指導仍然充滿信心，我們預計將高於我們最初的 9.25 美元至 9.65 美元的全年每股收益指導範圍。

With that, I'll turn it over to Jeff to provide a detailed overview of our Q3 results.

有了這個，我將把它交給傑夫來提供我們第三季度結果的詳細概述。

Well, thank you, Steve, and good morning, everyone. Good to be here to talk about our third quarter results, which reflect another strong quarter and great progress against our multiyear growth plan.

好吧，謝謝你，史蒂夫，大家早上好。很高興在這裡談論我們的第三季度業績，這反映了另一個強勁的季度以及我們的多年增長計劃取得的巨大進展。

Starting with our summary financials on Slide 2. Most importantly, our third quarter revenues were $13.6 billion, reaching a record high in a second quarter in a row, up 27% on an FX-adjusted basis. Now I would point out that we continue to see a much stronger U.S. dollar relative to most of the major currencies in which we operate. So you do see a 300 basis point spread between our FX-adjusted revenue growth of 27% and our reported revenue growth of 24% as we absorb some significant foreign exchange headwinds.

從幻燈片 2 上的財務摘要開始。最重要的是，我們第三季度的收入為 136 億美元，連續第二季度創下歷史新高，經外匯調整後增長 27%。現在我要指出的是，相對於我們經營的大多數主要貨幣，我們繼續看到美元走強得多。因此，由於我們吸收了一些重大的外匯逆風，您確實看到我們的外匯調整後收入增長 27% 與我們報告的收入增長 24% 之間存在 300 個基點的差距。

Of course, the overall impact on our earnings, still a headwind, is less significant because we do have some offsetting positive impacts on the expense side. Our revenue performance in the third quarter drove reported net income of $1.9 billion and earnings per share of $2.47, representing EPS growth of 9% year-over-year, a great result considering the sizable credit reserve releases we had in the third quarter last year.

當然，對我們收益的整體影響（仍然是逆風）並不那麼重要，因為我們確實在費用方面產生了一些抵消性的積極影響。我們在第三季度的收入表現推動報告的淨收入為 19 億美元，每股收益為 2.47 美元，每股收益同比增長 9%，考慮到我們去年第三季度釋放的大量信貸儲備，這是一個很好的結果.

Because of these prior year reserve releases, we have also included pretax provision income as a supplemental disclosure again this quarter. On this basis, pretax provision income was $3.2 billion, up 43% versus the same time period last year, reflecting the growth momentum in our underlying earnings.

由於這些前一年的準備金釋放，我們還在本季度再次將稅前準備金收入作為補充披露。在此基礎上，稅前撥備收入為 32 億美元，較去年同期增長 43%，反映了我們的基本盈利增長勢頭。

Before getting into a more detailed look at results, let me spend just a minute briefly explaining how we've evolved our financial reporting for the organizational changes that Steve discussed earlier. You will see in the disclosures that accompany our earnings release that, beginning this quarter, we have moved from 3 to 4 reportable operating segments.

在更詳細地查看結果之前，讓我花一點時間簡要解釋一下我們如何針對史蒂夫之前討論的組織變革發展我們的財務報告。您將在我們的收益發布隨附的披露中看到，從本季度開始，我們已從 3 個可報告的運營部門轉移到 4 個。

We first took Global Consumer Services and split the U.S. into its own segment, creating U.S. Consumer Services. We then combined the international consumer business with the international portion of small- and medium-sized enterprises and large corporate, creating the new International Card Services segment. Commercial Services, that includes U.S. SME, U.S. large corporate and select global corporate clients.

我們首先採取了全球消費者服務並將美國拆分為自己的部分，創建了美國消費者服務。然後，我們將國際消費業務與中小企業和大型企業的國際部分結合起來，創建了新的國際卡服務板塊。商業服務，包括美國中小企業、美國大型企業和精選的全球企業客戶。

And lastly, our Global Merchant and Network Services segment remains largely unchanged and, as always, includes our global payments network and network partnerships. You will see in the appendix of our disclosures that we have recast prior periods to conform to these new operating segments. The new segments will also be reflected in our third quarter Form 10-Q.

最後，我們的全球商戶和網絡服務部門基本保持不變，並且一如既往地包括我們的全球支付網絡和網絡合作夥伴關係。您將在我們披露的附錄中看到，我們已經重新調整了前期以符合這些新的經營分部。新的部分也將反映在我們第三季度的 10-Q 表格中。

Now let's get into our results, beginning with overall volumes. Looking at Slides 3 and 4, you can see the continued strength in our Card Member spending behavior that Steve noted earlier. Total network volumes and billed business were each up year-over-year at 23% and 24%, respectively, on an FX-adjusted basis in the third quarter. If you were to compare to 2019, third quarter billed business grew 30%, accelerating above last quarter's growth rate of 28% relative to 2019.

現在讓我們來看看我們的結果，從整體數量開始。查看幻燈片 3 和 4，您可以看到史蒂夫之前提到的我們的卡會員消費行為的持續優勢。第三季度經外匯調整後，網絡總流量和計費業務分別同比增長 23% 和 24%。如果與 2019 年相比，第三季度的計費業務增長了 30%，高於上一季度相對於 2019 年的 28% 的增長率。

And importantly, despite the uncertainties in the current economic environment, our spending trends with performance relative to 2019 strengthened as we went through the quarter. We are really pleased with this growth. And the fact, you see strong growth across all customer types and geographies, driven by both sustained growth in Goods & Services spending and continued T&E momentum.

重要的是，儘管當前經濟環境存在不確定性，但隨著我們整個季度的發展，我們的支出趨勢與 2019 年的表現相比有所加強。我們對這種增長感到非常滿意。事實上，在商品和服務支出的持續增長和 T&E 持續增長的推動下，所有客戶類型和地區都實現了強勁增長。

On Slides 5 through 8, we've given you a variety of views of this strong growth across our U.S. Consumer Services, Commercial Services and International Card Services segments, and the various customer types within each.

在幻燈片 5 到 8 中，我們向您展示了我們在美國消費者服務、商業服務和國際卡服務部門以及每個部門中的各種客戶類型的這種強勁增長的各種觀點。

Starting with our largest segment, billings from our U.S. consumer customers grew at 22% in the third quarter, reflecting the continued strength in spending trends from our premium U.S. consumers. Millennial and Gen Z customers, again, drove our highest billed business growth within this segment, with their spending growing 39% year-over-year this quarter.

從我們最大的細分市場開始，我們美國消費者客戶的賬單在第三季度增長了 22%，這反映了我們優質美國消費者的消費趨勢持續強勁。千禧一代和 Z 世代客戶再次推動了我們在該細分市場中最高的業務增長，本季度他們的支出同比增長 39%。

Turning to Commercial Services. You see that spending from our U.S. SME customers represents the majority of our billings in this segment, and that spending from these customers continued its strong growth, up 17% in the third quarter.

轉向商業服務。您會看到，我們的美國中小企業客戶的支出占我們在這一領域的大部分收入，而這些客戶的支出繼續強勁增長，第三季度增長了 17%。

Our U.S. large and global corporate customers, though a smaller part of billings in the segment, remain an important foundation for the entire company. And these customers continued their steady travel recovery this quarter, though overall billings are still 13% below pre-pandemic levels. We do continue to expect, though, that this group will fully recover over time.

我們的美國大型和全球企業客戶雖然只佔該領域的一小部分，但仍然是整個公司的重要基礎。儘管總體賬單仍比大流行前水平低 13%，但這些客戶在本季度繼續穩步復甦。不過，我們確實繼續期望這個群體會隨著時間的推移而完全恢復。

And lastly, international consumer and international SME large corporate customers within the new International Card Services segment were amongst our fastest growing pre-pandemic, as Steve said, and are now in a steep recovery mode. You can see our high levels of growth in Q3 at 34% and 43% year-over-year, respectively.

最後，正如史蒂夫所說，新的國際卡服務部門中的國際消費者和國際中小企業大型企業客戶是我們在大流行前增長最快的客戶之一，現在正處於急劇復甦模式。您可以看到我們在第三季度的高增長水平分別同比增長 34% 和 43%。

And if you were also to look at international consumer growth by age cohort, you would see, similar to the U.S., that the highest growth levels are from our millennial and Gen Z customers, who make up an even larger portion of overall billings than they do in the U.S.

如果您還按年齡組查看國際消費者增長情況，您會發現，與美國類似，最高增長水平來自我們的千禧一代和 Z 世代客戶，他們在整體賬單中的佔比甚至超過了他們在美國做

One other note on overall billings. The majority of our high level of growth this quarter was again driven by the number of transactions flowing through our network, with some modest impact from inflation. Overall, then, we are pleased with the momentum we see across the board in our spending volumes, which is tracking in line with our expectations for both the year and for our long-term aspirations.

關於整體賬單的另一項說明。本季度我們高水平增長的大部分再次受到通過我們網絡的交易數量的推動，並受到通貨膨脹的一些適度影響。總體而言，我們對支出量的整體勢頭感到滿意，這符合我們對今年和我們的長期願望的預期。

Now moving to loan balances. On Slide 9, we saw year-over-year growth accelerate to 31% in our loan balances as well as good sequential growth. The interest-bearing portion of our loan balances also continues to consistently increase quarter-over-quarter, surpassing 2019 levels in the third quarter as customers steadily rebuild balances.

現在轉向貸款餘額。在幻燈片 9 上，我們看到我們的貸款餘額同比增長加速至 31%，並且連續增長良好。隨著客戶穩步重建餘額，我們貸款餘額的計息部分也繼續環比持續增加，在第三季度超過了 2019 年的水平。

As you then turn to credit and provisions, on Slides 10 through 12, the high credit quality of our customer base continued to show through in our strong credit performance. Write-off rates for Card Member loans remain well below pre-pandemic levels, flat to where they have been for the last 3 quarters, as you can see on Slide 10. As expected, you do now see that delinquency rates for loans have started to modestly pick up, but also remain well below pre-pandemic levels.

然後，當您轉向信貸和撥備時，在幻燈片 10 至 12 上，我們客戶群的高信貸質量繼續體現在我們強勁的信貸表現中。卡會員貸款的核銷率仍遠低於大流行前的水平，與過去 3 個季度的水平持平，如幻燈片 10 所示。正如預期的那樣，您現在確實看到貸款的拖欠率已經開始小幅回升，但仍遠低於大流行前的水平。

Turning now to the accounting for this credit performance on Slide 11. As you know, there are 2 components to our provision expense: our actual write-off performance in the quarter, which, as we just discussed, remains strong; and second, changes in our credit reserves, where there are a few key drivers.

現在轉向幻燈片 11 中信貸業績的會計處理。如您所知，我們的撥備費用有兩個組成部分：我們在本季度的實際核銷業績，正如我們剛剛討論的那樣，它仍然很強勁；其次，我們的信貸儲備發生變化，其中有幾個關鍵驅動因素。

Our loan balances, especially our revolving loan balances, grew strongly quarter-over-quarter. And the macroeconomic outlook that we flowed through our models, which was informed by third-party macroeconomic forecast as well as the latest Fed outlook, was slightly worse this quarter relative to last quarter. The combination of our strong loan growth and the updated macroeconomic assumptions resulted in a $387 million reserve build. This reserve build, combined with low net write-offs, drove $778 million of provision expense for the third quarter.

我們的貸款餘額，尤其是循環貸款餘額，環比增長強勁。我們通過我們的模型得出的宏觀經濟前景，是根據第三方宏觀經濟預測以及美聯儲最新的展望得出的，與上一季度相比，本季度略差。我們強勁的貸款增長和更新的宏觀經濟假設相結合，導致儲備金增加了 3.87 億美元。這一儲備金的增加，加上較低的淨沖銷額，為第三季度帶來了 7.78 億美元的撥備費用。

As you see on Slide 12, we ended the third quarter with $3.5 billion of reserves, with reserves for loans representing 3.2% of our balances. I would point out, even with this quarter's reserve build, this remains well below the reserve levels we had pre-pandemic, driven by our improved portfolio quality today compared to that prior time period.

正如您在幻燈片 12 中看到的那樣，我們在第三季度末的準備金為 35 億美元，貸款準備金占我們餘額的 3.2%。我要指出，即使本季度增加了儲備，這仍遠低於我們大流行前的儲備水平，這是由於我們今天的投資組合質量與上一時期相比有所提高。

Going forward, we continue to expect delinquency and loss rates to move up slowly over time, but to remain below pre-pandemic levels this year. I do expect to end the year with a higher level of reserves on our balance sheet and where we ended this quarter, given our expected loan growth, the overall level of reserve adjustments will again be influenced by how the macroeconomic (inaudible) evolves in the fourth quarter.

展望未來，我們繼續預計拖欠率和損失率將隨著時間的推移緩慢上升，但今年仍將低於大流行前的水平。我確實預計到今年年底，我們的資產負債表上的準備金水平會更高，鑑於我們預期的貸款增長，我們在本季度結束時，準備金調整的總體水平將再次受到宏觀經濟（聽不清）如何演變的影響第四季度。

Moving next to revenue on Slide 13. Total revenues were up 24% year-over-year in the third quarter or 27% on an FX-adjusted basis. Before 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 39% year-over-year. Similar to last quarter, this strong growth was largely driven by a recovery in travel-related revenues.

接下來是幻燈片 13 的收入。第三季度總收入同比增長 24%，或在外匯調整的基礎上增長 27%。在接下來的幾張幻燈片中詳細了解我們最大的收入驅動因素之前，我會注意到服務費和其他收入同比增長了 39%。與上一季度類似，這一強勁增長主要是由旅遊相關收入的複蘇推動的。

Our [last] revenue line, discount revenue, grew 26% year-over-year in Q3 on an FX-adjusted basis, as you can see on Slide 14, driven by both our sustained growth in Goods & Services spending and the continued momentum in T&E spending that you saw in our spending trends.

正如您在幻燈片 14 中看到的那樣，我們的 [最後一條] 收入線（折扣收入）在外匯調整後的第三季度同比增長 26%，這得益於我們在商品和服務支出的持續增長和持續增長的勢頭您在我們的支出趨勢中看到的 T&E 支出。

Net card fee revenues were up 23% year-over-year in the third quarter on an FX-adjusted basis, with growth continuing to accelerate, as you can see on Slide 15, largely driven by the continued attractiveness to both prospects and existing customers of our fee-paying products through the investments we've made in our premium value propositions. This quarter, we acquired 3.3 million new cards, with acquisitions of U.S. Consumer Platinum and Gold Card members and U.S. Business Platinum Card members all reaching record highs in the quarter and now each more than 2x higher than pre-pandemic levels, demonstrating the great demand we're seeing, especially for our premium fee-based products.

經外匯調整後，第三季度淨卡費收入同比增長 23%，增長繼續加速，如幻燈片 15 所示，主要是由於對潛在客戶和現有客戶的持續吸引力通過我們對溢價價值主張的投資，我們的付費產品。本季度，我們新增了 330 萬張新卡，美國消費者白金卡和金卡會員以及美國商務白金卡會員均創下本季度的歷史新高，目前均比疫情前的水平高出 2 倍以上，顯示出巨大的需求我們看到了，尤其是對於我們的收費產品。

Moving on to Slide 16. You can see that net interest income was up 30% year-over-year on an FX-adjusted basis due to the recovery of our revolving loan balances. While, generally speaking, a rising rate environment would be a modest headwind for us due to our sizable noninterest-bearing charge balances, an actual fact, it has been fairly neutral in terms of impact for us year-to-date. Over time, though, I would expect rising rates to represent a modest headwind.

轉到幻燈片 16。由於我們的循環貸款餘額的恢復，您可以看到經外匯調整後的淨利息收入同比增長 30%。雖然一般來說，由於我們龐大的非計息費用餘額，利率上升的環境對我們來說是一個溫和的逆風，但事實上，就今年迄今為止對我們的影響而言，它一直是相當中性的。不過，隨著時間的推移，我預計利率上升將代表適度的逆風。

To sum up on revenues, we're seeing strong results across the board and really good momentum. When looking at Slide 17, I would point out that we have now seen 6 consecutive quarters of revenue growth above 24% on an FX-adjusted basis as we are now showing strong growth even on top of the strong recovery-led growth in the prior year quarter.

總結一下收入，我們看到了全面的強勁業績和非常好的勢頭。在查看幻燈片 17 時，我要指出的是，我們現在已經連續 6 個季度看到在外匯調整的基礎上收入增長超過 24%，因為我們現在顯示出強勁的增長，即使在之前強勁的複蘇帶動的增長之上年季度。

I would also point out that we have a couple hundred basis points of difference when looking at revenue growth on an FX-adjusted basis versus our reported results. So while we are leaving our full year reported revenue guidance at 23% to 25% for 2022, I would expect to be above that growth rate range on an FX-adjusted basis.

我還要指出，在外匯調整基礎上的收入增長與我們報告的結果相比，我們有幾百個基點的差異。因此，雖然我們將 2022 年全年報告的收入指引保持在 23% 至 25%，但我預計在外匯調整的基礎上將高於該增長率範圍。

Now all this revenue momentum we just discussed has been driven by the investments we've made in our brand, value propositions, customers, colleagues, technology and coverage and those investments show up across the expense lines you see on Slide 18. Starting with variable customer engagement costs, these costs, as you see on Slide 18, came in at 41% total revenues for the third quarter, roughly in line with what I still expect variable customer engagement costs to run for the full year at around 42% total revenues.

現在，我們剛剛討論的所有這些收入勢頭都是由我們在品牌、價值主張、客戶、同事、技術和覆蓋範圍內所做的投資推動的，這些投資體現在您在幻燈片 18 上看到的費用線中。從變量開始客戶參與成本，正如您在幻燈片 18 上看到的那樣，這些成本佔第三季度總收入的 41%，大致符合我仍然預計全年可變客戶參與成本佔總收入的 42% 左右.

On the marketing line, we invested $1.5 billion in the third quarter, on track with our expectation to spend over $5 billion in 2022. We feel really good about the strong demand for card acquisitions, especially premium card acquisitions, as we showed on Slide 15. And more importantly, we feel good about the spend, credit and revenue profiles of the customers we are bringing into American Express membership, which continue to look strong relative to what we saw pre-pandemic.

在營銷方面，我們在第三季度投資了 15 億美元，按預期在 2022 年花費超過 50 億美元。我們對卡購買的強勁需求感到非常好，尤其是高級卡購買，正如我們在幻燈片 15 中顯示的那樣. 更重要的是，我們對我們為美國運通會員帶來的客戶的支出、信用和收入狀況感到滿意，與我們在大流行前看到的情況相比，這些情況看起來仍然很強勁。

Moving to the bottom of Slide 18 brings us to operating expenses, which were $3.3 billion in the third quarter, essentially flat to last quarter. As Steve and I have both discussed all year, these results reflect the impact inflation has had on our operating expenses, in addition to our investments in other key growth underpinnings to support our tremendous revenue growth.

移至幻燈片 18 的底部將我們帶到第三季度的運營費用為 33 億美元，與上一季度基本持平。正如史蒂夫和我一整年都在討論的那樣，這些結果反映了通貨膨脹對我們的運營費用的影響，以及我們對其他關鍵增長基礎的投資以支持我們巨大的收入增長。

You can see, based off our third quarter results, that we are tracking with our expectation for operating expenses to be around $13 billion for the full year. And looking at the year-over-year OpEx growth of 22% this quarter, it is also important to note that we see an impact from the prior year, including a sizable benefit from net mark-to-market gains in our Amex Ventures strategic investment portfolio, while this year, we saw a modest impairment charge. More generally, we continue to see operating expenses as a key source of leverage moving forward, and we'd expect to have far less growth in OpEx than revenues in our ambitious growth plan.

你可以看到，根據我們第三季度的業績，我們正在跟踪我們對全年運營費用的預期，約為 130 億美元。從本季度 22% 的同比運營支出增長來看，還需要注意的是，我們看到了上一年的影響，包括從我們的 Amex Ventures 戰略中按市值計價的淨收益中獲得可觀收益投資組合，而今年，我們看到了適度的減值費用。更一般地說，我們繼續將運營費用視為推動未來發展的關鍵來源，並且我們預計運營支出的增長將遠低於我們雄心勃勃的增長計劃中的收入。

Turning next to capital on Slide 19. We returned $1 billion of capital to our shareholders in the third quarter, including common stock repurchases of $600 million and $391 million in common stock dividends on the back of strong earnings generation. Our CET1 ratio was 10.6% at the end of the third quarter, within our target range of 10% to 11%. We plan to continue to return to shareholders the excess capital we generate, while supporting our balance sheet growth.

在幻燈片 19 上轉向資本。我們在第三季度向股東返還了 10 億美元的資本，其中包括 6 億美元的普通股回購和 3.91 億美元的普通股股息。第三季度末，我們的 CET1 比率為 10.6%，在我們 10% 至 11% 的目標範圍內。我們計劃繼續將我們產生的多餘資本返還給股東，同時支持我們的資產負債表增長。

That then brings me to our growth plan and 2022 guidance on Slide 20. With each quarter of this year, we have demonstrated consistent progress against our 2022 guidance and our long-term growth aspirations of delivering sustainable high levels of revenue and EPS growth.

然後，這讓我想到了幻燈片 20 上的增長計劃和 2022 年指導。今年每個季度，我們都在實現 2022 年指導和實現可持續高水平收入和每股收益增長的長期增長願望方面取得了持續進展。

For the full year 2022, we are reaffirming our reported revenue growth guidance of 23% to 25%, although, I would point out, as I said earlier, that I would expect our FX-adjusted revenue growth to be above that range. And we now expect to be above our original EPS guidance range of $9.25 to $9.65.

對於 2022 年全年，我們重申我們報告的 23% 至 25% 的收入增長指導，儘管我會指出，正如我之前所說，我預計我們的外匯調整後收入增長將高於該範圍。我們現在預計將高於我們最初的每股收益指導範圍 9.25 美元至 9.65 美元。

An uncertainty in the level of our final EPS for the year remains the possible impact on credit reserves and how the macroeconomic outlook evolves in the fourth quarter. While I expect our actual credit performance and metrics to remain healthy, it's harder to predict exactly how the macroeconomic outlook might evolve. In addition, we are working towards our 2023 plan and expect revenue growth to remain above our long-term aspirational targets, which should create a platform for producing strong EPS growth.

我們今年最終每股收益水平的不確定性仍然是對信貸儲備的可能影響以及第四季度宏觀經濟前景的演變。雖然我預計我們的實際信貸表現和指標將保持健康，但很難準確預測宏觀經濟前景可能會如何演變。此外，我們正在努力實現我們的 2023 年計劃，並預計收入增長將保持在我們的長期理想目標之上，這將為實現強勁的每股收益增長創造一個平台。

Of course, we'll have to see how the economic environment evolves versus where we are today. In any environment, though, we remain committed to executing against our growth plan and running the company with a focus on achieving our aspiration of delivering revenue growth in excess of 10% and mid-teens EPS growth on a sustainable basis in 2024 and beyond.

當然，我們必須看看經濟環境與我們今天的情況相比如何演變。不過，在任何環境下，我們都將繼續致力於執行我們的增長計劃並運營公司，重點是實現我們的願望，即在 2024 年及以後實現收入增長超過 10% 和 10% 左右的可持續每股收益增長。

And with that, I'll turn the call back over to Kerri to open up the call for your questions.

有了這個，我會把電話轉回給 Kerri 來打開電話詢問你的問題。

Thank you, Jeff. Before we open up the lines for Q&A, I will ask those in the queue to please limit yourself to just 1 question. Thank you for your cooperation. And with that, the operator will now open up the line for questions. Operator?

謝謝你，傑夫。在我們開放問答線路之前，我會要求排隊的人將自己限制在 1 個問題上。謝謝您的合作。有了這個，運營商現在將打開問題線。操作員？

(Operator Instructions) Our first question comes from the line of Ryan Nash with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Ryan Nash。

So maybe just start on the top line, Steve. Solid results, once again, although, clearly, as you and Jeff articulated, FX was a headwind in the quarter. And I know you mentioned you're not seeing any changes. Jeff mentioned the strength over the quarter.

所以也許就從頂線開始吧，史蒂夫。再一次取得了可靠的結果，儘管很明顯，正如你和傑夫所說的那樣，FX 在本季度是一個逆風。我知道你提到你沒有看到任何變化。傑夫提到了本季度的實力。

Can you maybe just talk about what you're seeing from a spend perspective, maybe relative to what you saw 90 days ago? Any changes under the surface? And then maybe just flesh out a little bit further your confidence in the ability to generate mid-teens top and bottom line growth into 2023?

你能不能從支出的角度談談你所看到的，也許是相對於你在 90 天前看到的？表面之下有什麼變化嗎？然後也許只是進一步充實您對到 2023 年實現十幾歲的頂線和底線增長的能力的信心？

We're confident. Look, the spending speaks for itself. I mean, just look at some of these numbers. You've got Goods & Services up 16%. Our U.S. Consumer is up 22%. Millennial spending is up 39%. Our T&E spending is up 57%. International spending is 37%. We haven't seen any change. And you can look at this quarter-over-quarter, and the reality is that last quarter was a record-level quarter in terms of spending. And this is like, I don't know, $1 billion behind or something like that.

我們有信心。看，支出不言自明。我的意思是，看看其中一些數字。您的商品和服務增長了 16%。我們的美國消費者增長了 22%。千禧一代的支出增長了 39%。我們的 T&E 支出增長了 57%。國際支出為 37%。我們沒有看到任何變化。你可以看看這個季度環比，現實是上個季度在支出方面是創紀錄的季度。這就像，我不知道，落後 10 億美元或類似的東西。

But if you look at year-over-year growth, we're not seeing any changes in consumer spending behavior at all. And look, that's not to say that things may not change, but I can only look at what I'm seeing right now. And if I look from a forward perspective, the question that we get is, what about T&E? Can T&E spending hold, so forth and so on?

但如果你看一下同比增長，我們根本看不到消費者支出行為的任何變化。看，這並不是說事情可能不會改變，但我只能看看我現在所看到的。如果我從前瞻的角度來看，我們得到的問題是，T&E 呢？ T&E 支出能否維持，等等？

And look, I think you heard Ed Bastian last week, and he talked about not only what's been going on at Delta, but what they see going on through the holiday season. I think you've heard Chris Nassetta as well say the same kinds of things and what's happening with Hilton, 2 of our biggest partners. And so when we look at our consumer travel booking, we see higher bookings than we've seen in a long, long time, I mean, that goes pre-pandemic.

看，我想你上週聽過 Ed Bastian，他不僅談到了 Delta 發生的事情，還談到了他們在假期期間看到的情況。我想你也聽過 Chris Nassetta 說了同樣的話，以及我們最大的兩個合作夥伴希爾頓的情況。因此，當我們查看我們的消費者旅行預訂時，我們看到的預訂量比我們在很長一段時間內看到的要高，我的意思是，那是在大流行之前。

So if I look 3 out, because the next question that people ask is, what does the holiday season look like? Well, the holiday season from a travel perspective looks really, really strong because people are booking 3 months out. And if you're going to be traveling, you're probably going to be going to restaurants. And if you're traveling to some place, you're probably bringing presents with you as well.

所以如果我看 3，因為人們問的下一個問題是，假期是什麼樣的？嗯，從旅遊的角度來看，假期看起來非常非常強勁，因為人們要提前 3 個月預訂。如果你要去旅行，你可能會去餐館。如果你要去某個地方旅行，你可能也會隨身攜帶禮物。

So we don't see anything really changing over the next 3 months. And as we go into next year, we still feel really good about what our growth plan is. And the only thing I would say is, because I think I need to say this, is that if things change, we will be prepared to pivot. And I think people saw that during the pandemic.

因此，在接下來的 3 個月裡，我們看不到任何真正的變化。當我們進入明年時，我們仍然對我們的增長計劃感到非常滿意。我唯一想說的是，因為我認為我需要說的是，如果情況發生變化，我們將準備好轉向。我認為人們在大流行期間看到了這一點。

We've got our recession playbook, you have a credit cycle playbook, and we'll pull that playbook lever if we need to pull it. But to pull it at this particular point in time doesn't make any sense. We're seeing strong growth, and we're seeing strong credit results overall. So right now, nothing new.

我們有我們的衰退劇本，你有一個信貸週期劇本，如果我們需要拉動它，我們會拉動那個劇本槓桿。但是在這個特定的時間點拉它沒有任何意義。我們看到了強勁的增長，我們看到了整體上強勁的信貸業績。所以現在，沒有什麼新鮮事。

And the way I would headline this is that this quarter looks like the first quarter, which looked like the second quarter, and it's the third quarter. It's another strong quarter for us. And the only thing that I would say is, I mean, when you look at our model, I think not only this quarter but this year, it really shows the strength of our differentiated business model.

我的標題是這個季度看起來像第一季度，看起來像第二季度，現在是第三季度。對我們來說，這是另一個強勁的季度。我唯一想說的是，我的意思是，當您查看我們的模型時，我認為不僅在本季度，而且在今年，它確實顯示了我們差異化商業模式的實力。

We have a different model than other people out there in the market. And I think that's coming through in our statistics. Year-over-year earnings growth and the top line revenue growth is not something you're used to seeing from us, unless you've been looking at the last 6 quarters.

我們的模型與市場上的其他人不同。我認為這在我們的統計數據中得到體現。除非您一直在查看過去 6 個季度，否則您不會習慣從我們那裡看到同比收入增長和收入增長。

And Ryan, let me just add maybe a few other comments to try to dimension when Steve and I used a term like, well, we know how to pivot if we need to. I would remind everyone that GDP in the U.S. shrank in the first 2 quarters of this year, and we've been putting up revenue growth in the 24% to 30% range steadily right through that.

瑞安，讓我添加一些其他的評論來嘗試衡量史蒂夫和我使用的術語，比如，好吧，如果我們需要，我們知道如何調整。我要提醒大家，美國的 GDP 在今年前兩個季度出現萎縮，而我們一直在將收入增長穩定在 24% 到 30% 的範圍內。

I'd remind you that I talked about our credit reserve is influenced by macroeconomic forecasts. And so you can go look at what the Fed said in September. You can go look at what Moody's is saying. And they are predicting modest upticks in unemployment. And that's contemplated in everything Steve and I have said and in the guidance that we've provided. If you look at October, October is just a continuation of all that Steve just talked about thus far.

我要提醒你，我談到我們的信貸儲備受宏觀經濟預測的影響。所以你可以去看看美聯儲在 9 月份所說的話。你可以去看看穆迪是怎麼說的。他們預測失業率將小幅上升。史蒂夫和我所說的一切以及我們提供的指導都考慮到了這一點。如果你看一下 10 月，那麼 10 月只是史蒂夫到目前為止所說的所有內容的延續。

So we feel good about the guidance we've given. We are acknowledging the environment we're in. But I don't want people to overplay our reaction to the fact that growth has been pretty slow in the U.S. because we're, with our differentiated business model, as Steve just pointed out, performing very strongly in this environment.

因此，我們對我們提供的指導感覺良好。我們承認我們所處的環境。但我不希望人們誇大我們對美國增長相當緩慢這一事實的反應，因為正如史蒂夫剛剛指出的那樣，我們擁有差異化的商業模式，在這種環境下表現非常強勁。

Our next question comes from the line of Sanjay Sakhrani with KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

I guess I want to follow up on that, maybe a question. Steve, you talked about the recession playbook. Maybe we could just talk about your comments about operating the business for the long term. And if we were to see a slowdown, how we should think about managing expenses. Marketing has been boosted quite a bit. You wouldn't want to grow as fast as you are right now in the backdrop.

我想我想跟進一下，也許是一個問題。史蒂夫，你談到了經濟衰退手冊。也許我們可以談談您對長期經營業務的評論。如果我們看到經濟放緩，我們應該如何考慮管理費用。市場營銷得到了很大的提升。您不會希望在背景下像現在這樣快速增長。

So maybe you can just talk about the flex there, how we should think about the aspirational targets in the backdrop of a recession or a mild one even. And then, Jeff, could you just hit the reserve rate? I know people tend to think about that reserve rate as a result -- as it relates to CECL day 1. Do you see yourself getting back to that level, given how low losses are right now?

所以也許你可以談談那裡的彈性，我們應該如何考慮在經濟衰退或溫和的背景下的雄心勃勃的目標。然後，傑夫，你能不能達到準備金率？我知道人們往往會因此考慮該準備金率——因為它與 CECL 第 1 天有關。鑑於現在的損失有多低，您是否認為自己會回到那個水平？

If you think about operating sort of in a recession, operating in the -- operating the playbook, I think the first thing you have to realize is that when you look at sort of credit and you look at how you acquire customers and how you underwrite customers, those are things that we do on an ongoing basis, right? And so we've been -- we make adjustments daily, weekly.

如果您考慮在經濟衰退中運營，在 - 運營劇本中運營，我認為您必須意識到的第一件事是，當您查看信用並查看您如何獲得客戶以及如何承保時客戶，這些是我們一直在做的事情，對吧？所以我們一直 - 我們每天，每週都會進行調整。

I mean the models are constantly being updated and changing, and our return thresholds are changing. And so, as we say, we manage through the cycle. When we look at (inaudible) Card Members, we manage that so that coming through that, there is profitability, okay? And so we will continue to do that.

我的意思是模型在不斷更新和變化，我們的回報門檻也在變化。因此，正如我們所說，我們管理整個週期。當我們查看（聽不清）卡會員時，我們會管理它，以便通過它，有盈利能力，好嗎？因此，我們將繼續這樣做。

And I'll point you back to the pandemic and what we did during the pandemic because I think that's a really good -- it's a really good model for us. So what did we do? Well, we pulled back on new Card Member acquisition because, number one, we didn't have enough transparency at that particular point in time. And number two, maybe we weren't feeling good about sort of the Card Members that we could acquire at that point. But we never shut it down. We still acquired Card Members. So you would see that.

我會向你指出大流行以及我們在大流行期間所做的事情，因為我認為這非常好——這對我們來說是一個非常好的模式。那麼我們做了什麼？好吧，我們撤回了新卡會員的獲取，因為第一，我們在那個特定時間點沒有足夠的透明度。第二，也許我們當時對我們可以獲得的那種卡會員感覺不太好。但我們從未關閉它。我們仍然獲得卡會員。所以你會看到的。

The only thing I would point out is, we've been trending from a marketing perspective to spend well in excess of $5 billion. If you go back pre-pandemic, that number was between $3.5 billion and $3.9 billion. And so it gives us a lot of flexibility in terms of delevering our marketing expenditure.

我要指出的唯一一件事是，從營銷的角度來看，我們一直傾向於花費超過 50 億美元。如果你回到大流行前，這個數字在 35 億美元到 39 億美元之間。因此，它在降低營銷支出方面為我們提供了很大的靈活性。

The other thing you have to realize is that a lot of our -- cost of Card Member services are variable in terms of spending. And so they -- and rewards as well go up and they go down as spending increases. And so I have a lot of confidence in our ability to flex our marketing numbers down. I have tremendous confidence in our ability to flex our operating expenses because operating expenses, in a lot of ways, go along with a lot of our volumes. So -- and we've proven we can do that.

您必須意識到的另一件事是，我們的很多 - 卡會員服務成本在支出方面是可變的。因此，它們 - 以及獎勵也會隨著支出的增加而上升和下降。因此，我對我們降低營銷數量的能力充滿信心。我對我們調整運營費用的能力充滿信心，因為運營費用在很多方面都伴隨著我們的很多業務量。所以 - 我們已經證明我們可以做到這一點。

And I think our underwriting, you would continue to tighten that up. But that's something that we look at on an ongoing basis. That's not something that you sort of just sort of end up when you get into it. You're tightening that up as you go along and as you see any signals.

我認為我們的承銷，你會繼續收緊。但這是我們持續關注的事情。當你進入它時，這不是你最終會結束的東西。隨著您的前進和看到任何信號，您正在收緊它。

And then the last thing I would say is, you get into credit and collections in your ability to help out Card Members in a thoughtful way and your ability to collect money. And I think that a lot of the programs that we introduced during the pandemic were programs that we would be taking off the playbook.

然後我要說的最後一件事是，您以周到的方式幫助卡會員的能力以及收款的能力進入信用和收款領域。而且我認為我們在大流行期間引入的許多計劃都是我們將取消劇本的計劃。

And the last point I would say is, our card base is not representative of the U.S. economy. We -- when you look at the share of card that we have in this marketplace and the number of Card Members, it's obviously well below double digits. And they're not necessarily representative of what's going on in the broader economy. And the last point that I would make is, a lot of people are trying to equate what's going on with the stock market and going on in spending. There is no correlation in our history of that.

我要說的最後一點是，我們的卡基礎並不代表美國經濟。我們 - 當您查看我們在這個市場上的卡份額和卡會員數量時，它顯然遠低於兩位數。而且它們不一定代表更廣泛的經濟中正在發生的事情。我要說的最後一點是，很多人都試圖將股市的情況與支出的情況等同起來。在我們的歷史中沒有相關性。

The thing that you do worry about is unemployment and, in particular, white collar unemployment. And so as we think about professionals that could potentially be laid off, that's something that you look at. But again, our models take all that into account. And we've been through this, we've been through that kind of stuff before, and I think we're very well prepared for it.

您確實擔心的是失業，尤其是白領失業。因此，當我們考慮可能被解僱的專業人士時，這就是你所關注的。但同樣，我們的模型將所有這些都考慮在內。我們經歷過這些，我們之前也經歷過這種事情，我認為我們已經為此做好了充分的準備。

So before I get to credit reserve, Sanjay, I can't resist just adding, though. You said, well, what would you do in a mild recession? I don't want to get into the cool debate here about semantics, but some could argue that, from a growth perspective, we're in a mild recession, and we just grew revenues 27%. And to turn it to our credit reserves, our credit reserve adjustments do include the latest economic forecast, which has unemployment ticking up a little bit next year, and that's included in all of our forward-looking comments.

因此，在我獲得信用儲備之前，桑傑，我無法抗拒只是添加。你說，好吧，在溫和的衰退中你會怎麼做？我不想在這裡進入關於語義的酷辯論，但有些人可能會爭辯說，從增長的角度來看，我們正處於溫和的衰退中，我們的收入僅增長了 27%。為了將其轉化為我們的信貸儲備，我們的信貸儲備調整確實包括最新的經濟預測，明年失業率會略有上升，這包含在我們所有的前瞻性評論中。

As you point out and maybe to help everyone, Sanjay, I think it's on Slide 12 in our deck today. Our day 1 credit reserve percentages of total loans were 4.6%. This quarter, they were all the way down at 3.2%. I will point out that if you look across the industry, that is, by far, the lowest percentage. It's also the lowest percentage relative to day 1.

正如你所指出的，也許是為了幫助大家，Sanjay，我認為它今天在我們牌組的第 12 張幻燈片上。我們在總貸款中的第一天信用準備金百分比為 4.6%。本季度，它們一路下跌至 3.2%。我要指出的是，如果你縱觀整個行業，也就是說，到目前為止，百分比最低。這也是相對於第 1 天的最低百分比。

There's differential timing that all the different financial institutions have had over the last couple of years just due to the vagaries of the way the accounting works here. But as you sit here today, our reserve balance, both on an absolute basis and relative to that day 1 basis, is below the industry. And that makes sense, Sanjay, because we have, by far, the most premium book in the industry. We have, by far, the strongest credit metrics.

由於會計工作方式的變幻莫測，過去幾年所有不同的金融機構都有不同的時間安排。但是，當您今天坐在這裡時，我們的儲備餘額，無論是在絕對基礎上還是相對於第一天的基礎上，都低於行業。桑傑，這是有道理的，因為到目前為止，我們擁有業內最優質的書籍。到目前為止，我們擁有最強大的信用指標。

And relative to pre-pandemic, in that day 1 number, our credit profile is stronger today. All the talk you hear from Steve and I and Doug and others about our record success, bringing more premium consumers into the franchise over the last couple of years, has an impact on credit profile as well. So all else being equal, you would not expect our reserve percentage of loans to get back to where it was day 1 CECL because the average credit profile is stronger than it was day 1 CECL.

相對於大流行前，在第一天的數字中，我們今天的信用狀況更強。你從史蒂夫和我以及道格和其他人那裡聽到的關於我們創紀錄的成功的所有談話，在過去幾年裡將更多的優質消費者帶入了特許經營權，這也對信用狀況產生了影響。因此，在其他條件相同的情況下，您不會期望我們的貸款準備金百分比回到 CECL 第 1 天的水平，因為平均信用狀況比 CECL 第 1 天的要強。

Our next question comes from the line of Mark DeVries with Barclays.

我們的下一個問題來自巴克萊銀行的 Mark DeVries。

Could you discuss what's driving the accelerating new account growth off of already higher numbers? And how sustainable you view account growth anywhere near these levels to be? Any color you can provide on kind of the ramp in spend you would normally observe from new accounts as they age? And then finally, did you see a surge in new account applications from Gen Z around your Jack Harlow concert?

您能否討論一下是什麼推動了已經較高的新賬戶增長加速？您認為接近這些水平的賬戶增長的可持續性如何？隨著新帳戶的老化，您通常會從新帳戶中觀察到的支出斜坡上，您可以提供任何顏色嗎？最後，您是否看到 Z 世代的新帳戶申請在您的 Jack Harlow 演唱會上激增？

I can't comment on the Jack Harlow concert. Not that I can't comment on it, I'm not aware of the surge in account and account acquisition. I'm sure it didn't hurt us. Look, I think that what you've seen here is we're not going out and just trying to grab the lots and lots of cards. I mean, we're out there. We're having high-value cards, and the value proposition is really strong. And the value propositions are really playing well with millennial and Gen Z. It's 60% of our card acquisition.

我不能評論傑克哈洛的演唱會。不是我不能評論它，我不知道帳戶和帳戶獲取的激增。我敢肯定它沒有傷害我們。看，我認為你在這裡看到的是我們不會出去，只是想抓住很多很多的牌。我的意思是，我們在外面。我們擁有高價值的卡片，價值主張非常強大。價值主張在千禧一代和 Z 世代中表現得非常好。這是我們購買卡的 60%。

And -- well, I don't have the numbers handy with me in terms of how the ramping goes in -- sort of in year 1 spending here. What I would point out is we're acquiring -- 60% of the cards that we're acquiring are millennial and Gen Z. And that cohort was up 39% this quarter. So I think this whole concept of generational relevance in bringing people into the franchise early and bringing them in on a premium product that they can really embed their lives into has really helped us out tremendously as opposed to bringing them in on a fee-free product and then trying to upgrade them along.

而且 - 好吧，我沒有手邊的數字來說明如何增加 - 有點像第一年在這裡的支出。我要指出的是，我們正在收購——我們收購的卡中有 60% 是千禧一代和 Z 世代。這個群體在本季度增長了 39%。因此，我認為這一代代相傳的概念讓人們及早加入特許經營並讓他們接觸到他們可以真正融入生活的優質產品，這確實極大地幫助了我們，而不是讓他們接觸免費產品然後嘗試升級它們。

I think a lot of millennials and Gen Zs are using this product. And again, as we've always said, (inaudible) just a payment product. I mean, we view ourselves as a lifestyle brand and as a lifestyle product. And that, that Harlow concert is a good example of kind of the things that we do to embed ourselves in people's lives.

我認為很多千禧一代和 Z 世代都在使用這款產品。再說一次，正如我們一直說的那樣，（聽不清）只是一種支付產品。我的意思是，我們將自己視為生活方式品牌和生活方式產品。而且，那場哈洛音樂會是我們為融入人們生活所做的事情的一個很好的例子。

And we talked about Resy and we talked about travel. And those services and those bookings are going up, and people are using that. And so it's just more than just the payment product. So again, Mark, I don't have the sort of first year ramp-up spending, but 39% is a pretty good indication.

我們談到了 Resy，我們談到了旅行。這些服務和預訂量正在上升，人們正在使用它。因此，它不僅僅是支付產品。再說一次，馬克，我沒有那種第一年的增加支出，但 39% 是一個很好的跡象。

As far as we're going to acquire 3.3 million cards next quarter, I don't really have any idea. I mean, we'll acquire those cards that, as we underwrite them, they make sense for us to go -- they will be profitable through the cycle. Could that be 3.3? Yes, it could be 3.3, it could be 2.9, it could be 3.5. We don't -- we're not in card acquisition targets. What we're looking at is acquiring those Card Members that meet our criteria, and it just so happened that it was 3.3 this particular quarter.

至於我們下個季度要購買 330 萬張卡，我真的不知道。我的意思是，我們將獲得那些在我們承保它們時對我們有意義的卡片——它們將在整個週期中盈利。會不會是3.3？是的，可能是 3.3，可能是 2.9，可能是 3.5。我們沒有——我們不在卡片獲取目標中。我們正在關注的是獲得那些符合我們標準的卡會員，而這個特定季度恰好是 3.3。

The only 2 comments I would add are, amongst the modest risk management adjustments we've made across the course of this year, as we have significantly actually raised our financial hurdles required for some of the new Card Members that we're bringing in and still just brought in a record level, which tells you something about the level of demand that we see right now due to all of the trades that Steve just talked about.

我要補充的唯一兩條評論是，在我們今年進行的適度風險管理調整中，因為我們實際上已經顯著提高了我們引入的一些新卡會員所需的財務障礙，以及仍然只是帶來了創紀錄的水平，這告訴您由於史蒂夫剛剛談到的所有交易，我們現在看到的需求水平。

I'd also point out, as I said in my earlier remarks, that, that average customer, whose behavior we track every single month, is coming in with much higher spend patterns, much better average credit quality and a much greater average fee component than what we were seeing pre-pandemic.

我還要指出，正如我在之前的評論中所說，我們每個月都會跟踪其行為的普通客戶正在以更高的消費模式、更好的平均信用質量和更高的平均費用組成比我們在大流行前看到的。

So it's harder to qualify to get a card. We're getting more, I mean, just to cut to the chase.

所以更難拿到卡。我們得到更多，我的意思是，只是為了切入正題。

Our next question comes from the line of Betsy Graseck with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Betsy Graseck。

I just wanted to understand a little bit about how you thought the FX impacted yourself in the quarter? I mean, we can see a variety of ways that you present, but just want to understand from your perspective what the impact was on the revs and on the expense side, in particular, the reward side? And then give us a sense as to how you think about the revenue guidance range, if it was FX adjusted for the year and for what you're expecting in the fourth quarter?

我只是想了解一下您認為外彙在本季度對您自己有何影響？我的意思是，我們可以看到您提出的各種方式，但只是想從您的角度了解對轉速和費用方面的影響，特別是獎勵方面？然後讓我們了解您如何看待收入指導範圍，如果它是針對當年的外匯調整的，以及您對第四季度的預期？

So thank you for the question, Betsy. I will say, I think, foreign exchange movements, very dramatic right now and more dramatic than they've been in many years. I think are a little difficult to communicate and hard for a lot of people to fully understand.

所以謝謝你的問題，Betsy。我會說，我認為，外匯走勢現在非常劇烈，而且比多年來更加劇烈。我認為溝通有點困難，很多人很難完全理解。

So you've seen dramatic in many of the currencies that are most important to us, from the yen to the euro to the pound. And so when you look at our revenue growth this quarter, that's why you saw a 300 basis points difference between the FX-adjusted revenue growth and the reported revenue growth of 24%.

所以你已經看到了許多對我們最重要的貨幣的戲劇性，從日元到歐元再到英鎊。因此，當您查看我們本季度的收入增長時，您會看到外匯調整後的收入增長與報告的 24% 的收入增長之間存在 300 個基點的差異。

Now on the bottom line, it is a much more muted impact, Betsy, because, of course, we also have a very large proportion of our colleagues outside the U.S. to go with all that business that we do around the globe, the cost of rewards in all those countries is in the local currencies. So the impact on our earnings per share is pretty de minimis.

現在歸根結底，這是一個更溫和的影響，Betsy，因為當然，我們在美國以外的地方也有很大一部分同事來處理我們在全球範圍內開展的所有業務，成本所有這些國家的獎勵都是當地貨幣。因此，對我們每股收益的影響是微乎其微的。

I think we have a 10-K disclosure where we talk about over the course of a full year movement maybe costing you $0.10. That's a [penny a] quarter. So that's why I don't really call it out when I think about EPS.

我認為我們有一個 10-K 披露，我們在整個一年的運動過程中談論可能會花費你 0.10 美元。那是 [一分錢] 四分之一。所以這就是為什麼我在考慮 EPS 時並沒有真正說出來的原因。

When you convert all that into our guidance, it's why we're very comfortable saying we're going to be above our EPS guidance range. We left our reported revenue growth number the same as it was previously. I would expect to be a couple of hundred basis points above that reported revenue guidance on an FX-adjusted basis.

當您將所有這些轉換為我們的指導時，這就是為什麼我們很樂意說我們將超過我們的 EPS 指導範圍。我們將報告的收入增長數字與以前相同。我預計在外匯調整的基礎上比報告的收入指導高出幾百個基點。

So I'll conclude by saying, in some ways, what we're saying is, our revenue performance has exceeded our expectations of 90 days ago. That has sort of offset the foreign exchange headwinds, which are a little bit greater on the revenue side than what I would have expected 90 days ago. But at the bottom line, you don't really need to factor it in that much.

所以我最後要說，在某些方面，我們所說的是，我們的收入表現已經超出了我們 90 天前的預期。這在某種程度上抵消了外匯逆風，這在收入方面比我 90 天前的預期要大一些。但歸根結底，你真的不需要考慮那麼多。

Our question comes from the line of Bob Napoli with William Blair.

我們的問題來自 Bob Napoli 和 William Blair。

I'd love to get a little update on SMB and online spending. I mean, the SMB, obviously, is a critical business for you and just obviously growing strongly. But any color you can give on SMB, any changes?

我很想了解有關 SMB 和在線消費的一些最新信息。我的意思是，顯然，中小型企業對你來說是一項關鍵業務，而且顯然增長強勁。但是您可以在 SMB 上提供任何顏色，有什麼變化嗎？

And then online spend has actually been pretty steady. I mean a lot of, I guess, discussion around what is the right growth rate for online spend versus offline over the long run. I think it's a little bit of a decel in maybe an offline but steady in online. So just any color on SMB and your thoughts on the long-term growth of online spending.

然後在線支出實際上相當穩定。我的意思是，我想，從長遠來看，在線支出與線下支出的正確增長率是多少有關的討論。我認為這可能在離線時有點減速，但在線時穩定。因此，SMB 的任何顏色以及您對在線支出長期增長的看法。

Well, I mean, let's just start. We'll talk about a little about Goods & Services spending, which, I mean, which is really when you start to talk about online and offline. Look, our Goods & Services spending is 16%, and it's -- the growth rate is split pretty evenly. In fact, offline may be growing slightly more than online, but both in that 15% to 17% range.

好吧，我的意思是，讓我們開始吧。我們將討論一些關於商品和服務支出的內容，我的意思是，這實際上是您開始談論在線和離線的時候。看，我們的商品和服務支出是 16%，而且增長率相當平均。事實上，線下的增長可能略高於線上，但都在 15% 到 17% 的範圍內。

So -- and I think that's sustainable. I think that, obviously, online spending popped up, but offline spending is back above pre-pandemic levels. So we feel really good about both. I think consumers are -- I mean, drive past the mall, I mean, consumers are out there shopping and spending, and they're also ordering online. And so I think it's sort of a double hit for us in a very positive way.

所以 - 我認為這是可持續的。我認為，很明顯，在線支出突然出現，但線下支出又回到了大流行前的水平。所以我們對兩者都感覺很好。我認為消費者是——我的意思是，開車經過商場，我的意思是，消費者在外面購物和消費，他們也在網上訂購。所以我認為這對我們來說是一種非常積極的雙重打擊。

So we're very comfortable with the 16% Goods & Services spending, and that's approximately 70% of all of our spending. As far as small business, small business continues to perform very, very well. And we've had -- in this quarter, we had 17% growth, and that's -- it's a large piece of our business. And we're doing more and more things with our checking account, with Kabbage and small business loans and so forth. So we feel good about small business, and it continues to perform really well for us.

因此，我們對 16% 的商品和服務支出感到非常滿意，這大約是我們所有支出的 70%。就小企業而言，小企業繼續表現非常非常好。而且我們已經 - 在本季度，我們實現了 17% 的增長，這就是 - 這是我們業務的重要組成部分。我們正在用我們的支票賬戶、Kabbage 和小企業貸款等做越來越多的事情。因此，我們對小型企業感覺良好，並且它繼續為我們表現出色。

Our next question comes from the line of Rick Shane with JPMorgan.

我們的下一個問題來自摩根大通的 Rick Shane。

I want to revisit the topic we raised last quarter. Historically, your product offerings basically caused a customer base that's positively selected for spend and pay. And the product offering essentially habituated them to the pattern.

我想重溫我們上個季度提出的話題。從歷史上看，您的產品供應基本上會導致積極選擇支出和支付的客戶群。產品供應基本上使他們習慣了這種模式。

Now you're offering a product that offers revolve on day 1. And as you move into a younger demographic, do you think, over time, despite the upward move in terms of credit profile, that, that will change credit performance, that you will actually increase your beta to the credit cycle because you've changed the way you habituated your customer and how you've selected them?

現在您提供的產品在第一天提供。隨著您進入更年輕的人群，您是否認為，隨著時間的推移，儘管信用狀況有所上升，這會改變信用表現，您實際上會增加您對信用周期的測試，因為您已經改變了習慣客戶的方式以及您選擇他們的方式？

Yes. So I think, Rick, it's a good question because you are good to point out that there's been a significant change as we have, from our perspective, added more functionality for all of our customers on what our traditional charge products. And many to most of those customers still use them as traditional charge products and leave it paying off every 30 days. And some occasionally take advantage of their new functionality and being able to carry a balance, if they want, for a little bit.

是的。所以我認為，Rick，這是一個很好的問題，因為你很好地指出，我們已經發生了重大變化，從我們的角度來看，我們在傳統收費產品的基礎上為所有客戶添加了更多功能。大多數客戶仍然將它們用作傳統的收費產品，並使其每 30 天還清一次。有些人偶爾會利用他們的新功能，如果他們願意的話，可以保持一點平衡。

But when you think about the impact on the company, Steve used the term a couple of times today, our differentiated business model. If you look over time, our net interest income is about 19%, 20% of our overall revenues. And that's where it was many years ago, and frankly, that's where we'd expect it to be many years from now.

但是，當您考慮對公司的影響時，史蒂夫今天多次使用了這個詞，即我們的差異化商業模式。如果隨著時間的推移，我們的淨利息收入約為 19%，占我們總收入的 20%。這就是多年前的情況，坦率地說，這就是我們期望多年後的情況。

Because as much as we see an opportunity to get a little bigger share of our both consumer and small business customers' lending wallet, we grew fees 23% this quarter, and we are seeing tremendous growth in discount revenue. So we do get great growth and expect to continue to get great growth on the lending side, but I don't actually expect it to make a big difference in the overall mix of revenues that we have as a company or in the business model we have.

因為儘管我們看到了在消費者和小企業客戶的貸款錢包中獲得更大份額的機會，我們本季度的費用增長了 23%，而且我們看到折扣收入的巨大增長。因此，我們確實獲得了巨大的增長，並期望在貸款方面繼續獲得巨大的增長，但我實際上並不認為這會對我們作為一家公司的整體收入組合或我們的商業模式產生重大影響有。

No, I don't think it's going to make a difference in the mix of -- as Jeff said, in the mix of our overall breakup of revenue. But I think what it also gives us an opportunity is to actually acquire more spending.

不，我認為這不會像傑夫所說的那樣對我們整體收入的組合產生影響。但我認為它也給了我們一個機會，實際上是獲得更多的支出。

And when we did not have that feature, that group may have started off with a competitive lending card, or we may have put them on a blue cash what-have-you card. And so what's happening is, and I think this bears this out in the spending numbers of 39% growth, that cohort is consolidating their spending. And they're consolidating their spending with our product, and it's giving them an opportunity to earn more rewards.

當我們沒有該功能時，該組可能已經開始使用有競爭力的貸款卡，或者我們可能已將他們放在藍色現金你有什麼卡上。所以正在發生的事情是，我認為這可以從 39% 的支出增長中得到證實，該群體正在鞏固他們的支出。他們將他們的支出與我們的產品整合在一起，這讓他們有機會獲得更多獎勵。

And so I don't really think it changes the credit profile. I think it gives us an opportunity to actually capture more spend and to ultimately capture more revenue. And the more important part is, I think the lifetime value of these customers is going to be a lot more than the lifetime value of where we acquired previously because we're going to run these people right through. We're going to run these consumers right through the cycle, and they're going to be with us from day 1. And I think that's really important.

所以我真的不認為它會改變信用狀況。我認為這讓我們有機會實際獲得更多支出並最終獲得更多收入。更重要的是，我認為這些客戶的生命週期價值將遠遠超過我們之前獲得的地方的生命週期價值，因為我們要讓這些人通過。我們將在整個週期中運行這些消費者，他們將從第一天開始與我們在一起。我認為這非常重要。

So I don't think it changes the profile of our revenue. I don't think it changes the profile of sort of the riskiness of our company, but I do think it gives us an opportunity to grow more spending and obviously to capture more revenue from this segment.

所以我認為這不會改變我們的收入狀況。我不認為它會改變我們公司的風險狀況，但我確實認為它給了我們一個增加支出的機會，並且顯然可以從這一領域獲得更多收入。

Our next question comes from the line of Dominick Gabriele with Oppenheimer.

我們的下一個問題來自 Dominick Gabriele 和 Oppenheimer。

The loan growth was up, as you just mentioned, about 31%. That's really industry-leading levels of loan growth. And I know you've talked about in the past that you're trying to penetrate your existing customer base. And so you've effectively underwritten these people through their spending habits over time.

正如你剛才提到的，貸款增長了大約 31%。這確實是行業領先的貸款增長水平。而且我知道您過去曾說過您正試圖滲透現有的客戶群。因此，隨著時間的推移，您通過他們的消費習慣有效地為這些人提供了保障。

But you -- and you -- and a while ago, I think you provided how much of the loan growth was coming from an existing customer base spending cohort and not. Could you just provide some of the breakdowns that are giving you this supercharged loan growth versus the industry again?

但是你 - 和你 - 不久前，我認為你提供了多少貸款增長來自現有的客戶群支出群體，而不是。您能否提供一些與行業相比再次為您帶來這種超速貸款增長的細分？

Let me just start, Dominick, with a few stats that I think are important, and then Steve may want to add. I mean the biggest thing driving, of course, the 31% growth in loans, tremendous growth in spending, right? So we are in a recovery mode of spending and seeing tremendous progress there. And customers are also beginning to rebuild balances a little bit. So I think it's fairly natural.

Dominick，讓我從我認為重要的一些統計數據開始，然後史蒂夫可能想補充一下。我的意思是最大的推動因素，當然是貸款增長 31%，支出的巨大增長，對吧？因此，我們正處於支出的複蘇模式，並看到了巨大的進步。客戶也開始一點點重建平衡。所以我認為這很自然。

So yes, I think when you look at those who have reported, thus far, you're seeing industry-leading growth in loans, but you're also seeing industry-leading growth in spending. I think that's very, very important to put those 2 together. So I think we feel good about the trends and expect them to continue. And I would expect long term, just as we were before the pandemic, to grow a little faster than the industry on lending and to do it while still maintaining best-in-class credit.

所以，是的，我認為當你查看那些報告的人時，到目前為止，你看到了行業領先的貸款增長，但你也看到了行業領先的支出增長。我認為將這兩個放在一起非常非常重要。所以我認為我們對這些趨勢感覺良好，並希望它們繼續下去。而且我預計，就像我們在大流行之前一樣，長期增長會比貸款行業快一點，並在保持一流信用的同時做到這一點。

Yes. And I think what's also important to realize is that this loan growth is not all revolving balances here, right? I mean, so that's an important point. But spending growth like we've had will drive overall loan growth. And yes, it's -- we've had a large year-to-date sort of spend -- spending in growth.

是的。而且我認為同樣重要的是要認識到，這種貸款增長並不是所有的循環餘額，對吧？我的意思是，這是很重要的一點。但像我們這樣的支出增長將推動整體貸款增長。是的，這是 - 我們年初至今的大量支出 - 增長支出。

But if you just look at it sort of sequentially quarter-to-quarter, because we had pretty much the same card growth. You only have about $4 billion in overall loan growth on a sequential basis, but you do have quite a bit year-over-year. So it's not like all of a sudden, this thing just jumped up. Spending continues. Spending has continued on a quarter-to-quarter basis, and that drives up lending -- loan growth, excuse me.

但是，如果您只是按季度順序查看它，因為我們的卡片增長幾乎相同。您的整體貸款環比增長只有大約 40 億美元，但同比確實有相當多的增長。所以也不是一下子，這東西就跳起來了。支出仍在繼續。支出逐季持續，這推動了貸款——貸款增長，對不起。

Our next question comes from the line of Moshe Orenbuch with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Moshe Orenbuch。

Great. Maybe as a follow-up. I think, Jeff, you had mentioned that the interest-bearing portion had continued to grow faster, kind of helping net interest income. Can you just talk about when that level is off? How does that -- and I guess, Steve had sort of mentioned just in the answer to the last question a little bit about kind of a fair amount of that growth in lending not being kind of interest-bearing balances. So as you look at that going forward, how do you think how do you think that develops?

偉大的。也許作為後續。我認為，傑夫，您曾提到計息部分繼續增長更快，這有助於淨利息收入。你能談談這個水平什麼時候關閉嗎？那是怎麼做到的——我猜，史蒂夫在最後一個問題的答案中提到了一點，即貸款的相當數量的增長不是有息餘額。因此，當您展望未來時，您如何看待它的發展？

So I would expect most for the next couple of quarters to see the revolving or interest-bearing portion of those balances grow a little bit faster than the overall loan growth because we're not quite back to pre-pandemic levels of behavior. I think our expectation is, over time, and I think it may take a while, still you will eventually get back to pre-pandemic types of behavior.

因此，我預計在接下來的幾個季度中，這些餘額的循環或計息部分的增長速度將略高於整體貸款增長速度，因為我們還沒有完全恢復到大流行前的行為水平。我認為我們的期望是，隨著時間的推移，我認為可能需要一段時間，你最終還是會回到大流行前的行為類型。

The other factor I would point to goes a little bit to Rick Shane's earlier question, which is you do have this evolution going on as we've added a little bit more functionality to some of our charge products. So those customers who have the traditional charge products, but have that pay-over-time feature, tend to use it less than your traditional credit card or revolving customers. So that's putting a little bit of complexity in tracking our numbers here.

我要指出的另一個因素與 Rick Shane 早先的問題有關，因為我們已經為我們的一些充電產品添加了更多功能，所以你確實在進行這種演變。因此，那些擁有傳統收費產品但具有按時間付費功能的客戶往往比您的傳統信用卡或循環客戶使用它的次數更少。因此，在此處跟踪我們的數字會增加一點複雜性。

But I think, in terms of watching the macro trend, I would expect loan balances to grow a little bit faster than the industry. I would expect, for the next couple of quarters, the revolving portion to grow a little bit faster than the loan growth. And I would expect all of those things to really set down into steady-state levels about where they were pre-pandemic.

但我認為，就宏觀趨勢而言，我預計貸款餘額的增長速度會比行業快一點。我預計，在接下來的幾個季度中，循環部分的增長速度將略高於貸款增長。而且我希望所有這些事情都會真正降到大流行前的穩態水平。

Our next question will come from the line of Don Fandetti with Wells Fargo.

我們的下一個問題將來自富國銀行的 Don Fandetti。

Yes. On the international org change, does that signal maybe a faster pace of investment? I know it's always been kind of a balancing act in international markets. And then also, is there anything new on the tech investment strategy so you were sort of ramping up hiring seems a little late in the game for that?

是的。關於國際組織的變化，這是否預示著投資步伐可能會加快？我知道這在國際市場上一直是一種平衡行為。然後，科技投資策略有什麼新的東西嗎？所以你增加招聘似乎有點晚了？

No. I think the tech investment strategy remains the same. And I mean, there was an article on us ramping up hiring. And that's -- there's a lot of contracted conversion that we're doing. I mean anybody that's in financial services has their own employee base and has a large contractor base. And so it's not necessarily an indication of increased headcount in technology, nor is it an indication of being late in the game. What it is an indication of is a balancing act between our contracted population and our overall colleague population.

不，我認為科技投資策略保持不變。我的意思是，有一篇關於我們增加招聘的文章。那就是 - 我們正在做很多合同轉換。我的意思是任何從事金融服務的人都有自己的員工基礎，並且擁有龐大的承包商基礎。因此，這不一定表明技術人員數量增加，也不一定表明比賽遲到。這表明我們的合同人口和我們的整體同事人口之間的平衡行為。

So we've been pretty steady with our tech investment over the last couple of years, and we'll continue that same level of tech investment this year. And what was your first question, Don?

因此，在過去幾年中，我們的技術投資一直相當穩定，今年我們將繼續保持同樣水平的技術投資。你的第一個問題是什麼，唐？

Yes.

是的。

So the international piece of this -- I think from an international perspective, I just think that there is -- when you run a global company, it is really important to make sure that you bring the best and the brightest to bear on all the problems and issues that you have.

所以國際化的部分——我認為從國際的角度來看，我認為存在——當你經營一家全球性公司時，確保你帶來最好和最聰明的人來承擔所有的責任是非常重要的您遇到的問題和問題。

And when you think about acquiring Card Members, engaging Card Members and retaining Card Members, having a sort of a dual or a tri-market structure sometimes can slow down your speed and your agility versus having a single market leader looking at making what are the right investment decisions for that market.

當您考慮獲得卡會員、吸引卡會員和保留卡會員時，與單一市場領導者相比，擁有某種雙重或三重市場結構有時會減慢您的速度和敏捷性。為該市場做出正確的投資決策。

And so how many small business cards we could acquire? How many consumer cards we acquire? How do you adjudicate what customers should get a small business and/or a consumer card? I think this will allow us not only to get products to market faster, but to also make sure that we're putting the right investment in the right channels as we move across.

那麼我們可以獲得多少張小名片呢？我們獲得了多少張消費卡？您如何判斷哪些客戶應該獲得小型企業和/或消費卡？我認為這不僅可以讓我們更快地將產品推向市場，還可以確保我們在跨越時將正確的投資投入正確的渠道。

As far as extra money being invested in international, we have an enterprise investment strategy, and we will put the money where the best returns are. So if we can get more returns out of investing in market A or market B versus the U.S. or vice versa, we will do that.

至於額外的資金投入國際，我們有一個企業投資策略，我們會把錢放在回報最好的地方。因此，如果我們可以從投資 A 市場或 B 市場而不是美國獲得更多回報，反之亦然，我們會這樣做。

And the other thing that I would say, look, I've been here for a long, long time. And organizational constructs change for the times that you're in. And for the technology that's available, for the value propositions that are available, I mean, this is, in some ways, a little bit back to the future. We did globalize all these things, but now we feel it's better to take these global capabilities that we have and deploy them on a much more local level, with more local decision-making and more adjudication between sort of the various business units. So we just think that will be a more effective and faster way. And coming out of the pandemic, I think speed of decision-making and agility will be really important.

我要說的另一件事，看，我在這裡已經很久很久了。組織結構會隨著你所處的時代而改變。對於可用的技術，對於可用的價值主張，我的意思是，在某些方面，這有點回到未來。我們確實將所有這些事情都全球化了，但現在我們覺得最好利用我們擁有的這些全球能力並將它們部署在更加本地化的層面上，在不同的業務部門之間進行更多的本地決策和更多的裁決。所以我們只是認為這將是一種更有效、更快捷的方式。從大流行中走出來，我認為決策速度和敏捷性將非常重要。

Our next question comes from the line of Bill Carcache with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Bill Carcache。

Steve and Jeff, your PPNR beat and the strength of the underlying trends certainly highlight the earnings power in the model. But I was hoping that you could address investor concerns that, thinking back to the 2007 time frame, your models back then, we're saying that customers with multiple mortgages were good credits and you guys essentially grew into that recession.

史蒂夫和傑夫，你的 PPNR 節拍和潛在趨勢的強度肯定突出了模型中的盈利能力。但我希望你能解決投資者的擔憂，回想 2007 年的時間框架，你當時的模型，我們說擁有多筆抵押貸款的客戶信用良好，而你們基本上陷入了經濟衰退。

And while today's environment is very different, some investors are looking somewhat by analogy to that time frame and have expressed concern that you may once again be growing into the next recession. And the strong spending trends that you're seeing are a reflection of the inflation problem that the Fed is trying to fight. Would love to hear your thoughts around that dynamic.

雖然今天的環境非常不同，但一些投資者在某種程度上類似於那個時間框架，並表示擔心你可能會再次陷入下一次衰退。你所看到的強勁支出趨勢反映了美聯儲正在努力應對的通脹問題。很想听聽你對這種動態的看法。

I'll give you my thoughts, and Jeff can kind of jump in. We've learned a lot since 2007, and we've changed quite a bit. And to think that 2007 is indicative of how we handle 2022, I think, would be foolish for 2023. And again, I'll just point you to the pandemic, where, I think, one of the things that went unnoticed during this pandemic was how we handled people in distress. And I think we handled them very well from both a short-term perspective and a long-term perspective. And if you remember, when Jeff used to present these slides during the pandemic, we talked about AR in distress at times. And we managed that quite carefully.

我會告訴你我的想法，Jeff 可以參與進來。自 2007 年以來，我們學到了很多東西，而且我們發生了很大的變化。並且認為 2007 年是我們如何處理 2022 年的指標，我認為，對於 2023 年來說將是愚蠢的。再說一次，我將再次指出大流行病，我認為，在大流行病期間，有一件事情沒有引起注意這就是我們處理遇險人員的方式。而且我認為我們從短期和長期的角度都很好地處理了它們。如果你還記得，當 Jeff 在大流行期間展示這些幻燈片時，我們有時會談到 AR 陷入困境。我們非常小心地處理了這一點。

I can also say that our ability to collect is completely different than it was back then. Our models are different back then. But yes, I think people can think what they want, but would be foolish to think that we haven't changed or learned a lot.

我也可以說，我們的收集能力與當時完全不同。那時我們的模型不同。但是，是的，我認為人們可以思考他們想要的東西，但認為我們沒有改變或學到很多東西是愚蠢的。

In terms of growing into the recession, what I would say is this, 80% of our growth is driven by transactions right now. So if you look at that spending number, this is not inflation, this is transactions. This is higher levels of engagement. And so the notion of us -- we're growing because we have some tailwind of inflation is also a silly notion because we're engaging our Card Members more. We have more transactions. We have more Card Members.

就經濟衰退的增長而言，我想說的是，我們現在 80% 的增長是由交易驅動的。所以如果你看一下這個支出數字，這不是通貨膨脹，這是交易。這是更高層次的參與。所以我們的概念——我們正在成長，因為我們有一些通貨膨脹的順風也是一個愚蠢的概念，因為我們正在更多地吸引我們的卡會員。我們有更多的交易。我們有更多的卡會員。

And the last point, just going back to your first question. So is -- our card base is so much different than it was in 2007 from an economic perspective. It's a much more robust, resilient card base than it was back in 2007. And also, the way we grew our balances was not necessarily just through spending back then. There's a lot of balance transfer activity.

最後一點，回到你的第一個問題。所以——從經濟角度來看，我們的卡基數與 2007 年大不相同。與 2007 年相比，它是一個更強大、更有彈性的卡基礎。而且，我們增加餘額的方式不一定只是通過當時的支出。有很多餘額轉移活動。

And so I think this company is a very different company than it was in 2007 going into the recession. The card base is different. The way we were growing is different. We've really become much more of a spend growth company. We have a lot more premium cardholders. We have a lot more fee-paying cardholders than we did. Our growth is coming from very different sources.

因此，我認為這家公司與 2007 年陷入衰退時的情況截然不同。卡基不同。我們成長的方式不同。我們真的更像是一家支出增長公司。我們有更多的高級持卡人。我們的付費持卡人比我們多得多。我們的增長來自非常不同的來源。

So -- but at the end of the day, when and if you have a big downturn, we'll see what happens. But we feel pretty good about the abilities, and we feel pretty good about our models, and we feel really good about how our spending is being acquired right now. So we're not just riding a tailwind here, we are riding real growth through customer acquisition and increased spending from existing customers because the value propositions are driving that growth.

所以 - 但歸根結底，當你遇到嚴重的經濟低迷時，我們會看看會發生什麼。但是我們對這些能力感覺很好，我們對我們的模型感覺很好，我們對我們現在的支出是如何獲得的感覺很好。因此，我們在這裡不僅順風順水，而且通過客戶獲取和現有客戶的增加支出來實現真正的增長，因為價值主張正在推動這種增長。

And the only thing I would add is that just like that spend is coming from existing customers, the loan growth is predominantly coming from existing customers that we know well, who have a better average credit profile, and we feel good about our winning-through-the-cycle models that tell us these are customers who we should have in any environment.

我唯一要補充的是，就像支出來自現有客戶一樣，貸款增長主要來自我們熟悉的現有客戶，他們擁有更好的平均信用狀況，我們對我們的勝利感到滿意- 循環模型告訴我們這些是我們在任何環境中都應該擁有的客戶。

And I think I'll come back to my earlier comments about our credit reserve levels are still below everyone else in the industry. They're below relative to day 1 CECL, where others are, and that's appropriate given our strong credit profile. So we feel good about where we are.

我想我會回到我之前關於我們的信用儲備水平仍然低於業內其他人的評論。相對於第 1 天的 CECL，它們低於其他人的水平，鑑於我們強大的信用狀況，這是適當的。因此，我們對自己所處的位置感覺良好。

Our next question comes from the line of Lisa Ellis with MoffettNathanson.

我們的下一個問題來自 Lisa Ellis 與 MoffettNathanson 的對話。

Just a follow-up on that point. Given the continued strength in your business and the fact that you're still benefiting from a lot of these sort of lagging recovery tailwinds from the pandemic, can you just update us on your thoughts on taking advantage of the current valuation environment to pursue some tuck-in M&A or other more like chunkier organic investments, for example, things that you're perhaps going to -- looking at or leaning in on in terms of accelerating areas of your business?

只是對這一點的跟進。鑑於您的業務持續強勁，而且您仍然受益於大流行帶來的許多此類滯後的複蘇順風，您能否向我們介紹一下您對利用當前估值環境尋求一些收益的想法？ -在併購或其他更像大塊的有機投資中，例如，你可能會做的事情——在加速你的業務領域方面考慮或依賴？

I mean chunky organic investments, I mean, you've seen how we've driven our marketing spending and to acquire Card Members while, as Jeff said, making it harder to get a card. So I think that we've leaned in on our marketing investments. We feel really good about our technology investments. And look, we're always looking at opportunities to tuck things in that makes sense for us. I mean, whether it was Kabbage or Resy or LoungeBuddy or acompay and so forth, we're always looking at those things that will add -- will be adjacent and add to our organic core. What we're not looking for are things that are sort of outside of our universe.

我的意思是大量的有機投資，我的意思是，您已經看到我們如何推動營銷支出並獲得卡會員，而正如傑夫所說，讓獲得卡變得更加困難。所以我認為我們已經依靠我們的營銷投資。我們對我們的技術投資感覺非常好。看，我們一直在尋找機會把對我們有意義的東西塞進去。我的意思是，無論是 Kabbage、Resy、LoungeBuddy 還是 acompay 等等，我們一直在關注那些會添加的東西——它們會相鄰並添加到我們的有機核心中。我們不是在尋找那些在我們的宇宙之外的東西。

I think we've proven that we can expand with our customer base. We can expand the services that we're offering and looking at additional services that lead them to more spending or lead to more acquisition opportunities, which, when you look at Resy, people look at Resy as a restaurant reservation system. We look at that as a way to engage our Card Members, look at that as a way to engage with our restaurants, and we're looking at it as a way to acquire new Card Members. And so -- and acompay is another one, where it's an ability to pick up more B2B spending.

我認為我們已經證明我們可以擴大我們的客戶群。我們可以擴展我們提供的服務，並尋找額外的服務來引導他們增加支出或帶來更多的收購機會，當您查看 Resy 時，人們將 Resy 視為餐廳預訂系統。我們將其視為與我們的卡會員互動的一種方式，將其視為與我們的餐廳互動的一種方式，我們將其視為獲得新卡會員的一種方式。所以——acompay 是另一個，它有能力獲得更多的 B2B 支出。

So we're always on the lookout for capabilities. And if the right valuation comes along with the right set of capabilities, yes, we'll take advantage of it. But as far as leaning in sort of on organic investments, I think we've leaned in. I think we've invested in marketing. We've invested in Card Member services. We've invested in our value proposition, and we've invested in our colleagues and continue to keep our investment levels up in technology.

所以我們一直在尋找能力。如果正確的估值伴隨著正確的能力，是的，我們會利用它。但就有機投資方面的傾斜而言，我認為我們已經傾斜。我認為我們已經投資於營銷。我們投資了卡會員服務。我們投資於我們的價值主張，我們投資於我們的同事，並繼續保持我們在技術方面的投資水平。

Our final question will come from the line of Mihir Bhatia with Bank of America.

我們的最後一個問題將來自美國銀行的 Mihir Bhatia。

I just wanted to really quickly touch on the regulatory backdrop. It seems that there's anything worth highlighting there from your perspective, specifically I'm thinking of the Durbin proposal. And if that's interesting to you there, but is there anything else also on regulatory that we should be thinking about?

我只是想快速談談監管背景。從您的角度來看，似乎有任何值得強調的地方，特別是我正在考慮德賓提案。如果這對你來說很有趣，但在監管方面還有其他什麼我們應該考慮的嗎？

Okay. I'm sorry, Mihir, it was really hard -- I don't know if you're on a speakerphone or -- it was really hard to hear you. Durbin, is that the question?

好的。對不起，米希爾，這真的很難——我不知道你是在使用免提電話還是——真的很難聽到你的聲音。德賓，是這個問題嗎？

So yes, I was just asking about the Durbin proposal and the regulatory backdrop.

所以是的，我只是在詢問德賓提案和監管背景。

Okay. That's very clear now. So look, in terms of the Durbin proposal, it's a proposal. I can't speculate how this is going to come out and whether -- it obviously is not going to impact us because we're a 3-party system. So we don't really see that impacting us negatively. Will it impact us positively or will it actually happen? We continue to look at it, and we'll see what happens there.

好的。現在很清楚了。所以看，就德賓提案而言，這是一個提案。我無法推測這將如何出現以及是否 - 它顯然不會影響我們，因為我們是一個 3 方系統。所以我們並沒有真正看到這對我們產生負面影響。它會對我們產生積極的影響還是真的會發生？我們繼續觀察它，我們會看看那裡會發生什麼。

As far as -- look, as far as the regulatory environment, it's a tough regulatory environment. And I think, in a lot of ways, the objective is to protect consumers and to be transparent with consumers, and we applaud all of that. And so I think the CFPB is talking about late fees and things like that. And these are not material parts of our revenue streams. But I think transparency with consumers is really, really important, and we obviously want to see all that.

就 - 看，就監管環境而言，這是一個艱難的監管環境。我認為，在很多方面，目標是保護消費者並對消費者保持透明，我們對此表示讚賞。所以我認為 CFPB 正在談論滯納金之類的事情。這些不是我們收入流的重要組成部分。但我認為消費者的透明度真的非常重要，我們顯然希望看到這一切。

But I don't think the regulatory environment is any tougher than it's been over the last few years, and we'll continue to operate in that environment. Obviously, it adds -- sometimes it adds a little bit of cost to comply with certain things, whether that means technological changes or what have you.

但我不認為監管環境比過去幾年更嚴格，我們將繼續在這種環境中運作。顯然，它增加了——有時它會增加一點成本來遵守某些事情，無論這意味著技術變革還是你有什麼。

But it's just like competition. It really -- it's always there. And you have to make sure that you're investing to meet the regulatory guidelines, and we'll continue to do that. But I don't see it as a big headwind for us or a headwind at all for us as we move forward.

但這就像競爭一樣。真的——它一直都在。您必須確保您的投資符合監管準則，我們將繼續這樣做。但我不認為這對我們來說是一個很大的逆風，或者在我們前進的過程中對我們來說根本不是逆風。

Great. With that, we will bring the call to an end. 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 questions.

偉大的。這樣，我們將結束通話。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。 IR 團隊將隨時為您解答任何後續問題。

Operator, back to you.

接線員，還給你。

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 13732309, after 1:00 p.m. Eastern Standard Time on October 21 through October 28.

女士們，先生們，電話會議後不久，我們的投資者關係網站 ir.americanexpress.com 將提供網絡直播重播。您還可以在下午 1:00 後撥打 (877) 660-6853 或 (201) 612-7415，訪問代碼 13732309 訪問電話的數字重播。東部標準時間 10 月 21 日至 10 月 28 日。

That will conclude our conference call for today. Thank you for your participation. You may now disconnect.

這將結束我們今天的電話會議。感謝您的參與。您現在可以斷開連接。