美國運通 (AXP) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the American Express Q1 2023 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。歡迎來到美國運通 2023 年第一季度財報電話會議。 （操作員說明）提醒一下，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.

我現在想把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, Donna, and thank you all for joining today's call. As a reminder, before we begin, today's discussion contains forward-looking statements about the company's future business and financial performance. These are based on management's current expectations 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.

謝謝你，唐娜，感謝大家參加今天的電話會議。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存在重大差異的因素包含在今天的演示幻燈片和我們提交給美國證券交易委員會的報告中。

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 GAAP 財務措施。可比較的 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. With that, let me turn it over to Steve.

今天我們將從董事長兼首席執行官 Steve Squeri 開始，他將首先介紹公司的進展和成果；然後，首席財務官傑夫·坎貝爾 (Jeff Campbell) 將對我們的財務業績進行更詳細的審查。之後，我們將進入與史蒂夫和傑夫就結果進行問答環節。有了這個，讓我把它交給史蒂夫。

Thanks, Kerri. Good morning, everyone, and thanks for joining us today on our first quarter earnings call. Back in January, we laid out our guidance for 2023 of 15% to 17% revenue growth and double-digit earnings per share growth. Our first quarter results are tracking to this full year guidance. Revenues were a record $14.3 billion in the quarter, up 22%, which is well above our full year expectations. Stronger spending growth outside the U.S. and in T&E offset some softness in U.S. small business spending. EPS came in a bit higher than our original plan expectation. Our plan calls for quarterly EPS to grow sequentially through the year as our revenue growth continues. Billed business was up 16% globally year-over-year on an FX-adjusted basis.

謝謝，克里。大家早上好，感謝今天加入我們的第一季度財報電話會議。早在 1 月份，我們就制定了 2023 年收入增長 15% 至 17% 和每股收益增長兩位數的指導方針。我們第一季度的業績正在追踪這一全年指引。本季度收入達到創紀錄的 143 億美元，增長 22%，遠高於我們的全年預期。美國以外地區和 T&E 支出的強勁增長抵消了美國小企業支出的疲軟。 EPS 略高於我們最初的計劃預期。隨著我們收入的持續增長，我們的計劃要求季度每股收益在全年連續增長。經外匯調整後，全球收費業務同比增長 16%。

T&E spending was up 39% year-over-year on an FX adjusted basis due to the grow over effect -- due to grow over benefit from the impact of the Omicron variant in last year's results. We saw strong demand across all T&E categories and customer types. Spending at restaurants continues to be a bright spot with growth accelerating to 28% on an FX adjusted basis year-over-year. In fact, March was a record month for reservations booked through our Resy platform. The platform now has more than 40 million users globally, an increase of 5 million in the last 6 months. Consumer level demand also remains high with Q1 bookings through our consumer travel business reaching their highest levels since pre-pandemic.

T&E 支出在外匯調整的基礎上同比增長 39%，這是由於增長效應——由於去年業績中 Omicron 變體的影響而增長超過收益。我們看到了所有 T&E 類別和客戶類型的強勁需求。餐廳消費仍然是一個亮點，經外匯調整後的同比增長加速至 28%。事實上，3 月是通過我們的 Resy 平台預訂的創紀錄月份。該平台目前在全球擁有超過 4000 萬用戶，在過去 6 個月中增加了 500 萬。消費者層面的需求也仍然很高，第一季度通過我們的消費者旅遊業務進行的預訂達到了自大流行前以來的最高水平。

As you'll recall, we reorganized our international business last year, bringing together our consumer, small business and large corporate management teams outside the U.S. to increase agility, scale and efficiency and accelerate our growth. Our international issuing businesses were the fastest growing before the pandemic, and we're seeing a return to those trends. International Card Services billings continued to accelerate in the quarter, up 29% on an FX adjusted basis. Results were driven by robust growth in T&E spending, which increased 58% year-over-year on an FX-adjusted basis.

您可能還記得，我們去年重組了我們的國際業務，將美國以外的消費者、小型企業和大型企業管理團隊聚集在一起，以提高靈活性、規模和效率，並加速我們的增長。我們的國際發行業務在大流行之前增長最快，我們正在看到這些趨勢的回歸。國際卡服務賬單在本季度繼續加速增長，經外匯調整後增長 29%。業績受到 T&E 支出強勁增長的推動，經外匯調整後同比增長 58%。

We also saw continued momentum in card acquisitions with 3.4 million new cards acquired in the quarter. U.S. Consumer Platinum and Gold Business Platinum and Delta co-brand account acquisitions all reached record levels. Notably, over 70% of the new accounts acquired globally in the quarter are on fee-based products. As we noted for some time, Millennial and Gen Z consumers are driving our growth in billings and acquisitions of premium fee-based products. More than 60% of consumer new accounts acquired globally came from Millennial and Gen Z. These customers also continue to contribute the highest growth in billed business among all age cohorts in the U.S., up 28% in the quarter.

我們還看到了卡片收購的持續勢頭，本季度收購了 340 萬張新卡。美國消費者白金和黃金業務白金和 Delta 聯合品牌賬戶收購均達到創紀錄水平。值得注意的是，本季度在全球範圍內獲得的新客戶中有超過 70% 是收費產品。正如我們一段時間以來所指出的那樣，千禧一代和 Z 世代消費者正在推動我們在收費和購買優質收費產品方面的增長。在全球範圍內獲得的消費者新客戶中，超過 60% 來自千禧一代和 Z 世代。這些客戶還在美國所有年齡段的人群中繼續貢獻最高的收費業務增長，本季度增長了 28%。

On credit, our metrics remain best-in-class, supported by the premium nature of our customer base, our strong risk management capabilities and the thoughtful underwriting actions we've taken on an ongoing basis. Our customers have been resilient thus far in the face of slower growth and higher inflation economic environment. While the near-term economic outlook is mixed, our customers' spending and credit performance to date, along with the continued strong demand for our products from high-quality new customers, reinforces our confidence in our ability to achieve our long-term aspirations. Our capital, funding and liquidity positions are strong and we continue to have significant flexibility to maintain a strong balance sheet in periods of [uncertain] stress.

在信用方面，我們的指標仍然是一流的，這得益於我們客戶群的優質性質、我們強大的風險管理能力以及我們持續採取的周到的承保行動。迄今為止，面對增長放緩和通脹上升的經濟環境，我們的客戶一直保持彈性。儘管近期經濟前景喜憂參半，但我們客戶迄今的支出和信貸表現，以及優質新客戶對我們產品的持續強勁需求，增強了我們實現長期目標的能力的信心。我們的資本、資金和流動性狀況良好，我們繼續具有很大的靈活性，可以在[不確定]壓力時期維持強勁的資產負債表。

As you know, we run our company for the long-term. We have a strategy in place to deal with swings in the economy, which has enabled us to be successful in navigating through the pandemic, the initial recovery period and the current environment of elevated inflation and higher interest rates. Through it all, we've continued to attract and retain high-quality customers and our strategic investments have resulted in the momentum we've seen throughout last year and into 2023. We feel good about the decisions we're making around growth, risk management and the economic environment. Our key metrics are strong. The market opportunities we see in our core businesses are plentiful. And our strategy of investing in value proposition innovations, customer acquisitions and global merchant coverage continues to drive our growth.

如您所知，我們長期經營公司。我們制定了應對經濟波動的戰略，這使我們能夠成功度過大流行病、最初的複蘇期以及當前通貨膨脹和利率上升的環境。通過這一切，我們繼續吸引和留住優質客戶，我們的戰略投資帶來了我們在去年和 2023 年看到的勢頭。我們對圍繞增長、風險做出的決定感到滿意管理和經濟環境。我們的關鍵指標很強。我們在核心業務中看到的市場機會很多。我們投資於價值主張創新、客戶獲取和全球商戶覆蓋的戰略繼續推動我們的增長。

Based on our performance to date, we are reaffirming our full year guidance of delivering between 15% and 17% revenue growth and earnings per share of between $11 and $11.40. We remain committed to focusing on achieving our aspiration of delivering sustainable revenue growth greater than 10% and 15 bps growth as we get to a more steady-state macro environment. Thank you, and now I'll turn it over to Jeff.

根據我們迄今為止的表現，我們重申我們的全年目標是實現 15% 至 17% 的收入增長和 11 美元至 11.40 美元的每股收益。隨著我們進入更穩定的宏觀環境，我們仍然致力於實現實現超過 10% 和 15 個基點的可持續收入增長的願望。謝謝，現在我會把它交給 Jeff。

Well, thanks, Steve, and good morning, everyone. It's good to be here to talk about our first quarter results, which are tracking in line with the guidance we gave for the full year and reflect steady progress against our long-term growth aspirations.

好吧，謝謝，史蒂夫，大家早上好。很高興能在這裡談論我們的第一季度業績，這些業績與我們給出的全年指引一致，反映了我們長期增長願望的穩步進展。

Starting with our summary financials on Slide 2. Our first quarter revenues were $14.3 billion, reaching a record high for the fourth straight quarter, up 23% on an FX adjusted basis. This revenue momentum drove reported net income of $1.8 billion and earnings per share of $2.40. Given we had a sizable credit reserve release of pandemic-driven reserves in the first quarter of last year, we've also included pretax pre-provision income as the supplemental disclosure again this quarter. On this basis, pretax pre-provision income was $3.2 billion, up 20% versus the same time period last year, reflecting the growth momentum in our underlying earnings.

從幻燈片 2 上的財務摘要開始。我們第一季度的收入為 143 億美元，連續第四個季度創下歷史新高，經匯率調整後增長 23%。這種收入勢頭推動了 18 億美元的報告淨收入和 2.40 美元的每股收益。鑑於我們在去年第一季度有大量由流行病驅動的儲備信用儲備釋放，我們還在本季度再次將稅前撥備前收入作為補充披露。在此基礎上，稅前撥備前收入為 32 億美元，比去年同期增長 20%，反映了我們基礎收益的增長勢頭。

So now let's get into a more detailed look at our results, which in our spend-centric business model always begins with a look at volumes, which you see on Slides 3 through 7. Total network volumes in billed business were both up 16% year-over-year in the first quarter on an FX-adjusted basis. Given that most of our spending categories have fully recovered versus pre-pandemic levels, we saw the more stable growth rates we expected this quarter with first quarter billed business growth of 16%, just above last quarter's growth of 15%.

因此，現在讓我們更詳細地了解我們的結果，在我們以支出為中心的業務模型中，它總是從查看數量開始，您在幻燈片 3 到 7 中看到。計費業務的總網絡數量每年都增長了 16% -第一季度按外匯調整後的同比增長。鑑於我們的大部分支出類別已完全恢復到大流行前的水平，我們看到本季度的增長率更為穩定，第一季度的賬單業務增長率為 16%，略高於上一季度 15% 的增長率。

As Steve noted earlier, we did see particularly strong growth in Travel and Entertainment spending in Q1 of 39%, driven by continued demand for travel and dining experiences. As expected, this growth rate was elevated early in the quarter as we lapped the impact of Omicron in January of the prior year, so I would expect to see growth moderate moving forward but to remain high given the strong demand we are seeing across geographies, customer types and T&E categories. We also saw solid growth in Goods and Services spending for the quarter, up 9% year-over-year. I would note that we did see this growth rate slow sequentially in the U.S. for both SME and consumer as we went through the quarter.

正如史蒂夫之前指出的那樣，在對旅遊和餐飲體驗的持續需求的推動下，我們確實看到第一季度旅遊和娛樂支出增長特別強勁，達到 39%。正如預期的那樣，由於我們在去年 1 月超越了 Omicron 的影響，這一增長率在本季度初有所提高，因此我預計未來增長會溫和，但鑑於我們在各個地區看到的強勁需求，仍將保持高位，客戶類型和 T&E 類別。我們還看到本季度商品和服務支出穩步增長，同比增長 9%。我要指出的是，在整個季度中，我們確實看到美國中小企業和消費者的增長率連續放緩。

So we are continuing to monitor these spending trends. That said, overall billed business reached a record level in the month of March, and our largest segment, U.S. Consumer, grew billings 16% in the first quarter, accelerating a bit above last quarter's growth. Millennial and Gen Z customers again drove our highest billed business growth within this segment with their spending growing 28% year-over-year this quarter.

因此，我們將繼續監控這些支出趨勢。也就是說，整體收費業務在 3 月份達到了創紀錄的水平，我們最大的細分市場美國消費者在第一季度增長了 16%，略高於上一季度的增長速度。千禧一代和 Z 世代客戶在本季度的支出同比增長 28%，再次推動了我們在該細分市場中的最高收費業務增長。

Turning to Commercial Services. We saw a year-over-year growth of 10% overall. U.S. SME growth came in at just 6% this quarter, but was somewhat offset by really good growth in U.S. large and global corporates, up 34% year-over-year. And lastly, you see our highest growth in International Card Services. We are seeing the early benefits of the organizational changes we announced last year start to play out, demonstrated by strong growth across geographies and customer types. Spending from international consumer and international SME and large corporate customers, who were among our fastest-growing pre-pandemic, grew 27% and 34% year-over-year, respectively. International Card Services Travel and Entertainment growth was especially robust at 58% for the quarter. This segment is still in a recovery mode given it started its pandemic recovery later than other segments. Overall, our spending volumes are currently tracking to support our revenue guidance for the year and our long-term aspirations for sustainable growth rates greater than what we were seeing pre-pandemic.

轉向商業服務。我們看到整體同比增長 10%。本季度美國中小企業的增長率僅為 6%，但在一定程度上被美國大型和全球企業的良好增長所抵消，同比增長 34%。最後，您會看到我們在國際卡服務方面增長最快。我們看到我們去年宣布的組織變革的早期好處開始顯現，跨地域和客戶類型的強勁增長證明了這一點。來自國際消費者和國際中小企業和大型企業客戶的支出分別同比增長 27% 和 34%，這些客戶是我們在大流行前增長最快的客戶。國際卡服務旅遊和娛樂業務增長尤其強勁，本季度增長了 58%。該部分仍處於恢復模式，因為它比其他部分更晚開始大流行恢復。總體而言，我們的支出量目前正在跟踪以支持我們今年的收入指導以及我們對可持續增長率的長期期望，該增長率高於我們在大流行前看到的水平。

Now moving on to Loans and Card Member receivables on Slide 8. We saw year-over-year growth of 25% in our loan balances as well as continued sequential growth. This growth continues to come mostly from our existing customers who are rebuilding balances, and as a result, the interest-bearing portion of our loan balances is growing faster than the 25% growth we see in total loans. Specifically, over 70% of this growth in the U.S. is coming from our existing customers. We are pleased with this growth and with the overall lending economics we are generating. That said, looking forward, you may see the growth rate of our loan balances moderate a bit as we progress through 2023, but we would expect it to remain elevated versus pre-pandemic levels.

現在轉到幻燈片 8 上的貸款和持卡人應收賬款。我們看到貸款餘額同比增長 25%，並且持續連續增長。這種增長繼續主要來自我們正在重建餘額的現有客戶，因此，我們貸款餘額的計息部分的增長速度快於我們看到的總貸款增長 25%。具體來說，美國超過 70% 的增長來自我們現有的客戶。我們對這種增長以及我們正在產生的整體貸款經濟感到滿意。也就是說，展望未來，隨著我們到 2023 年，您可能會看到我們的貸款餘額增長率有所放緩，但我們預計它仍將高於大流行前的水平。

If you then turn to credit and provision on Slides 9 through 11. The high credit quality of our customer base continues to show through in our best-in-class credit performance. Our card member loans and receivables write-off and delinquency rates remain below pre-pandemic levels, though they did continue to move up this quarter as we expected, which you can see on Slide 9. We view these consolidated write-off and delinquency rates as more comparable to pre-pandemic rates than the individual loans and receivable rates because, as we talked about last quarter, our charge products in many instances now have embedded lending functionality. Going forward, we continue to expect these delinquency and write-off rates to increase over time, but they are likely to remain below pre-pandemic levels in 2023.

如果您隨後轉向幻燈片 9 到 11 上的信貸和撥備。我們客戶群的高信貸質量繼續體現在我們一流的信貸表現中。我們的信用卡會員貸款和應收賬款註銷率和拖欠率仍低於大流行前的水平，儘管它們確實如我們預期的那樣在本季度繼續上升，您可以在幻燈片 9 中看到。我們認為這些綜合註銷率和拖欠率與大流行前的利率相比，個人貸款和應收賬款利率更具可比性，因為正如我們上個季度所說，我們的收費產品在許多情況下現在都具有嵌入式貸款功能。展望未來，我們繼續預計這些拖欠率和註銷率會隨著時間的推移而增加，但到 2023 年它們可能會保持在大流行前的水平以下。

Turning now to the accounting for this credit performance on Slide 10. The expected increases in delinquency rates, combined with the quarter-over-quarter growth in our loan balances, resulted in a $320 million reserve build. This reserve build, combined with net write-offs, drove $1.1 billion of provision expense in the first quarter as we move past much of the volatility in this line item that CECL reserve builds releases caused during the pandemic. As you see on Slide 11, we ended the first quarter with $4.4 billion of reserves, representing 2.5% of our total loans and current member receivables. This reserve rate remains about 40 basis points and below the levels we had pre-pandemic or day 1 CECL. We expect this reserve rate to continue to increase as we move through 2023 but to remain below pre-pandemic levels.

現在轉到幻燈片 10 中對這一信貸表現的核算。拖欠率的預期增加，加上我們貸款餘額的環比增長，導致了 3.2 億美元的準備金增加。這一儲備金的增加與淨註銷相結合，在第一季度推動了 11 億美元的準備金支出，因為我們已經度過了 CECL 儲備金增加這一項目的大部分波動，導致大流行期間釋放。正如您在幻燈片 11 中看到的那樣，我們在第一季度結束時擁有 44 億美元的準備金，占我們總貸款和當前會員應收賬款的 2.5%。該準備金率保持在 40 個基點左右，低於大流行前或第 1 天 CECL 的水平。我們預計隨著 2023 年的到來，該準備金率將繼續上升，但仍將低於大流行前的水平。

Moving next to revenue on Slide 12. Total revenues were up 22% year-over-year in the first quarter or 23% 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 34% in the quarter driven largely by the year-over-year increases in travel-related revenues that accompanied the tremendous demand we've seen for travel.

接下來是幻燈片 12 的收入。第一季度總收入同比增長 22%，按匯率調整後增長 23%。在我在接下來的幾張幻燈片中詳細介紹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在本季度增長了 34%，這主要是由於伴隨而來的旅遊相關收入同比增長我們看到的對旅行的巨大需求。

As you can see on Slide 13, our largest revenue line discount revenue grew 17% year-over-year in Q1 on an FX-adjusted basis, which, similar to spending volumes growth, is just above last quarter's growth rate. Net card fee revenues were up 23% year-over-year in the first quarter on an FX-adjusted basis, as you can see on Slide 14. Growth, which did moderate slightly this quarter as expected from the extremely high level we saw last quarter, remains quite strong. This growth continued driven largely by bringing new accounts onto our fee-paying products as a result of the investments we've made in our premium value propositions. This quarter, we acquired 3.4 million new cards demonstrating the demand we're seeing, especially for our premium fee-based products.

正如您在幻燈片 13 中看到的那樣，我們最大的收入線折扣收入在第一季度經外匯調整後同比增長 17%，這與支出增長相似，略高於上一季度的增長率。如您在幻燈片 14 中所見，第一季度經外匯調整後的淨卡手續費收入同比增長 23%。與我們上次看到的極高水平相比，本季度的增長略有放緩季度，仍然相當強勁。由於我們對優質價值主張的投資，我們的付費產品帶來了新客戶，這主要推動了這種增長。本季度，我們獲得了 340 萬張新卡，證明了我們看到的需求，尤其是對於我們的收費產品。

Moving on to Slide 15. You can see that net interest income was up 36% year-over-year on an FX-adjusted basis accelerating versus last quarter, primarily due to the growth in our revolving loan balances. I'd also note that net yield on our Card Member loans increased 50 basis points sequentially, reaching pre-pandemic levels this quarter as our customers increase their revolving balances. We have been able to increase our net yield while maintaining net write-off rates below pre-pandemic levels, expanding our net credit margin.

轉到幻燈片 15。您可以看到，與上一季度相比，經外匯調整後的淨利息收入同比增長 36%，這主要是由於我們的循環貸款餘額的增長。我還注意到，隨著我們的客戶增加循環餘額，我們的持卡人貸款的淨收益率連續增加了 50 個基點，達到本季度大流行前的水平。我們已經能夠提高淨收益率，同時將淨註銷率保持在大流行前水平以下，從而擴大了我們的淨信貸利潤率。

To sum up on revenues on Slide 16. We're tracking well against our expectations. And looking forward, we still expect to see revenue growth of 15% to 17% for the full year 2023.

總結幻燈片 16 上的收入。我們的跟踪情況與我們的預期相符。展望未來，我們仍預計 2023 年全年收入將增長 15% 至 17%。

The revenue momentum we just discussed has been driven by the investments we've made. Those investments show up across the expense lines you see on Slide 17. Starting with variable customer engagement expenses, these costs came in at 43% of total revenues in the first quarter, tracking right with our expectation for them to run around 43% of total revenues on a [full year] basis. On the marketing line, we invested $1.3 billion in the quarter, on track with our expectation to a marketing spend that is fairly flat to our full year 2022 expense of $5.5 billion. We remain focused on driving efficiencies so that our marketing dollars grow far slower than revenues, as we did for many years prior to the pandemic.

我們剛剛討論的收入勢頭是由我們所做的投資推動的。這些投資顯示在您在幻燈片 17 上看到的費用線上。從可變的客戶參與費用開始，這些成本佔第一季度總收入的 43%，與我們預計它們佔總收入的 43% 左右一致[全年] 的收入。在營銷方面，我們在本季度投資了 13 億美元，符合我們對營銷支出的預期，該支出與我們 2022 年全年的 55 億美元支出相當持平。我們仍然專注於提高效率，以便我們的營銷資金增長遠低於收入增長，就像我們在大流行之前的許多年所做的那樣。

Moving to the bottom of Slide 17 brings us to operating expenses, which were $3.6 billion in the first quarter. There's usually some quarterly volatility in this number. In this quarter, for example, we saw a $95 million impact from net mark-to-market losses on our Amex Ventures investment portfolio. But you can see, based off of our first quarter results that similar to marketing, we are tracking with our expectation for operating expenses to be around $14 billion for the full year. We continue to see operating expenses as a key source of leverage, and moving forward, expect to have far less growth in OpEx relative to our high level of revenue growth.

轉到幻燈片 17 的底部，我們看到第一季度的運營費用為 36 億美元。這個數字通常會有一些季度波動。例如，在本季度，我們發現 Amex Ventures 投資組合因按市值計價的淨虧損產生了 9500 萬美元的影響。但是你可以看到，根據我們與營銷類似的第一季度業績，我們預計全年的運營費用約為 140 億美元。我們繼續將運營費用視為槓桿的主要來源，並且展望未來，相對於我們的高收入增長水平，預計運營支出的增長要低得多。

Turning next to capital on Slide 18. We ended the first quarter with our CET1 ratio at 10.6% with our target range of 10% to 11%. I would note that AOCI already flows through our regulatory capital today. So any unrealized gains or losses on our investment portfolio are fully reflected in the 10.6% that I just quoted. I'd also point out that we hold only $4 billion of investment securities, most of which are short-dated U.S. treasuries. In the first quarter, we returned $600 million of capital to our shareholders. With our strong capital position, we have both the capacity and the intent to continue to return to shareholders the excess capital we generate while supporting our balance sheet growth.

接下來轉向幻燈片 18 上的資本。第一季度結束時，我們的 CET1 比率為 10.6%，目標範圍為 10% 至 11%。我要指出，AOCI 今天已經流經我們的監管資本。因此，我們投資組合的任何未實現收益或損失都完全反映在我剛才引用的 10.6% 中。我還要指出，我們只持有 40 億美元的投資證券，其中大部分是短期美國國債。第一季度，我們向股東返還了 6 億美元的資本。憑藉我們強大的資本狀況，我們有能力也有意願繼續將我們產生的過剩資本返還給股東，同時支持我們的資產負債表增長。

I'd also note that our liquidity position remains extremely strong as we ended the quarter with $41 billion of cash, our highest ever balance, excluding the pandemic period. We also saw a 10% increase in our deposits this quarter, including the inflows in the weeks following recent volatility in the banking sector.

我還要指出，我們的流動性狀況仍然非常強勁，因為我們在本季度結束時擁有 410 億美元的現金，這是我們有史以來最高的餘額，不包括大流行時期。本季度我們的存款也增加了 10%，包括最近銀行業波動後幾週內的資金流入。

On Slide 25 of the appendix. We have provided a bit more detail on deposits than we typically do, if you'd like to look at some of the numbers.

在附錄的幻燈片 25 上。如果您想查看一些數字，我們提供了比通常更多的存款細節。

That brings me then to our growth plan and 2023 guidance on Slide 19. For the full year 2023, we are reaffirming our guidance of having revenue growth of 15% to 17% and earnings per share between $11 and $11.40. At this level, year-over-year revenue growth, we expect to see a significant sequential increase in the amount of revenues as we go through the year. In contrast, our marketing and operating expenses were already more in line with the run rate for the year in the first quarter, but there's always some quarter-to-quarter volatility. So the simple math then gets you to the sequential growth in our underlying earnings, consistent with our full year EPS guidance.

這讓我想到了幻燈片 19 上的增長計劃和 2023 年指導。對於 2023 年全年，我們重申我們的指導，即收入增長 15% 至 17%，每股收益在 11 美元至 11.40 美元之間。在這個水平上，收入同比增長，我們預計全年收入將出現顯著的環比增長。相比之下，我們的營銷和運營費用在第一季度已經更符合全年的運行率，但季度之間總是存在一些波動。因此，簡單的數學運算就可以讓您了解我們的基本收益的連續增長，這與我們的全年每股收益指引一致。

There is clearly uncertainty as it relates to the macroeconomic environment. But as Steve discussed, our customers have remained resilient thus far in the face of the slower growth, higher inflation economic environment. Our outlook is based on the blue chip macroeconomic consensus which continues to expect slowing growth, though not a significant recession. In any environment, though, we are focused on running the company for the long-term. Looking forward, we remain committed to focusing on achieving our aspiration of sustainably delivering revenue growth in excess of 10% and mid-teens EPS growth as we get to a more steady-state environment.

顯然存在與宏觀經濟環境相關的不確定性。但正如史蒂夫所說，面對增長放緩、通貨膨脹率較高的經濟環境，我們的客戶迄今仍保持彈性。我們的展望基於藍籌宏觀經濟共識，該共識繼續預期增長放緩，但不會出現嚴重衰退。不過，在任何環境下，我們都專注於長期經營公司。展望未來，我們將繼續致力於實現我們的願望，即隨著我們進入更穩定的環境，可持續地實現超過 10% 的收入增長和十幾歲的每股收益增長。

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 Kerri 來打開你的問題的電話。

Thank you, Jeff. And before we open up the lines for Q&A, (Operator Instructions). Thank you for your cooperation. And with that, the operator will now open up the line for questions. Operator?

謝謝你，傑夫。在我們打開問答熱線之前，（操作員說明）。謝謝您的合作。有了這個，接線員現在將打開問題熱線。操作員？

(Operator Instructions). Our first question is coming from Sanjay Sakhrani of KBW.

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

Steve, I think the number that's pretty striking is the strong growth among Millennials and Gen Z, which seem like 1/3 of the U.S. spending volumes. I've heard some worry about like this cohort because they're relatively new to credit. But obviously, it seems like the spending remains quite strong. So I'm just curious sort of how you're seeing things trend for them, whether or not you feel like there's more risk or less risk? And then maybe, Jeff, you can elaborate a little bit more on the weaker spending trends that you saw in March.

史蒂夫，我認為非常驚人的數字是千禧一代和 Z 世代的強勁增長，這似乎占美國消費量的 1/3。我聽說過一些人擔心這個群體，因為他們相對較新。但顯然，支出似乎仍然相當強勁。所以我很好奇你是如何看待他們的趨勢的，你是覺得風險更大還是風險更小？然後，傑夫，也許你可以詳細說明你在 3 月份看到的較弱的支出趨勢。

Yes. I think that -- well, Jeff can elaborate a little bit more, but March was a record spending month for us overall. It was the highest month we ever had in the history of the company. So feel free to elaborate on that, Jeff. But Millennials have been a big part of our growth story. And if you go back pre-pandemic, they represented about 20% of our billings. Now they represent 30% of our billings. And they're growing at -- I mean, last quarter, they grew at 30%. This quarter, they grew at 28%. And we're acquiring 60% of our new cards acquired.

是的。我認為 - 好吧，傑夫可以詳細說明一點，但 3 月份對我們來說是一個創紀錄的整體支出月份。這是我們公司歷史上最高的一個月。傑夫，請隨意詳細說明。但千禧一代一直是我們成長故事的重要組成部分。如果你回到大流行前，它們約占我們賬單的 20%。現在它們占我們賬單的 30%。他們的增長速度——我的意思是，上個季度，他們增長了 30%。本季度，它們的增長率為 28%。我們正在收購 60% 的新卡。

I think from a risk perspective, they play out much like low tenure plays out. And so we really have not seen anything different with Millennials than we have seen with any of our other card acquisitions. And so like anything, you continue to watch that. But right now, we don't have any concerns with that. And the other thing that I will point out is that this whole concept of getting more Millennials really started with our focus on generational relevance and making sure that our products and services were attractive across an entire cohort. And so that is really working for us as you've seen the composition of our base change.

我認為從風險的角度來看，它們的結果很像低任期的結果。因此，我們真的沒有看到千禧一代與我們在任何其他卡片收購中看到的有什麼不同。因此，就像任何事情一樣，您會繼續觀看。但現在，我們對此沒有任何擔憂。我要指出的另一件事是，吸引更多千禧一代的整個概念實際上始於我們對世代相關性的關注，並確保我們的產品和服務在整個群體中都具有吸引力。所以這真的對我們有用，因為你已經看到了我們基礎變化的組成。

And so that gives me a lot of confidence as we move forward that we're making the right moves from a value proposition perspective and continuing to invest in the right benefits and we are acquiring the right customers. And as I've said on these calls before, we continue to raise the bar. In the face of an uncertain economic environment, we continue to raise the bar on who we're acquiring. The last point that I'll make because I think it's really relevant, and stay with me on this for a second.

因此，在我們前進的過程中，這給了我很大的信心，我們正在從價值主張的角度採取正確的舉措，並繼續投資於正確的利益，我們正在獲得正確的客戶。正如我之前在這些電話會議上所說的那樣，我們繼續提高標準。面對不確定的經濟環境，我們繼續提高收購對象的門檻。我要說的最後一點是因為我認為它真的很重要，請稍等片刻。

If you go back to 2018 and look at all the cards that we acquired in 2018 and looked at what the first quarter spending was in 2019, and you did the same thing in 2022 and looked at what the first quarter spending was in 2023, we are 50% higher, meaning we are acquiring higher spending card members. And so I think the teams have done a phenomenal job of really sort of getting through the clutter and getting not only more card members, but getting card members that spend, getting card members that are paying fees and getting card members that will be with us for a long time.

如果你回到 2018 年，看看我們在 2018 年獲得的所有卡片，看看 2019 年第一季度的支出，然後你在 2022 年做同樣的事情，看看 2023 年第一季度的支出，我們高出 50%，這意味著我們正在獲得更高消費的卡會員。因此，我認為團隊已經完成了一項非凡的工作，真正克服了混亂，不僅獲得了更多的持卡人，而且獲得了消費的持卡人、支付費用的持卡人以及將與我們在一起的持卡人許久。

So that's a -- it's a long sort of answer, but I think it really is relevant to what you were talking about in terms of Millennials because I think that gives you a pretty good picture of just how we are looking at that segment and just how that segment is performing and how we believe it will continue to perform. So you want to talk about March, Jeff?

所以這是一個 - 這是一個很長的答案，但我認為它確實與你所談論的千禧一代相關，因為我認為這讓你很好地了解了我們如何看待這個細分市場並且只是該細分市場的表現如何以及我們認為它將如何繼續表現。所以你想談談馬奇，傑夫？

Well, the only thing I would add is we're just trying to be transparent, Sanjay. I think a lot of people describe the current economic environment as mixed. And so March was our strongest month ever across the globe in terms of volumes as a company. In the U.S., spending customer types on Travel and Entertainment is really strong. But you did see in Goods and Services as you went from January to February to March, spending slow a little bit the growth rate sequentially. On the other hand, you've also got to sort through how does Omicron last January, February fit into that. So we're just trying to be transparent about sorting through all the mixed signals. But I think we come back to our customers overall have shown great resilience in the face of all the mixed signals in the economy, and that's what we're running the company on.

好吧，Sanjay，我唯一要補充的是我們只是想保持透明。我認為很多人將當前的經濟環境描述為喜憂參半。因此，就公司的銷量而言，3 月是我們全球有史以來最強勁的月份。在美國，在旅遊和娛樂上消費的客戶類型非常強勁。但是從一月到二月再到三月，您確實在商品和服務中看到，支出的增長率環比有所放緩。另一方面，你還必須弄清楚 Omicron 去年 1 月、2 月是如何融入其中的。所以我們只是試圖在對所有混合信號進行分類時保持透明。但我認為，面對經濟中的所有混合信號，我們回到我們的客戶整體上表現出了極大的彈性，這就是我們經營公司的基礎。

The next question is coming from Mihir Bhatia, Bank of America.

下一個問題來自美國銀行的 Mihir Bhatia。

I was curious, if you could elaborate a little bit more on the slowdown that you've seen, I think you mentioned in the U.S. a bit. Are there particular types of spending you're seeing? Is it broad-based across customers? And I think you mentioned both on the consumer and small business side. So if you could just elaborate on that. And if you have any data on April you can share.

我很好奇，如果你能詳細說明你所看到的經濟放緩，我想你在美國提到過一點。您是否看到了特定類型的支出？它在客戶中的基礎廣泛嗎？我想你在消費者和小企業方面都提到了。所以，如果你能詳細說明一下。如果您有 4 月份的任何數據，您可以分享。

Well, on the consumer side, just look at sequentially, consumer in the fourth quarter grew 15%, We're growing 16%. So there was really no slowdown there. When you look at U.S. SME, we grew 8%, and we're growing 6% now. So I think there was a little bit of a slowdown in U.S. SME. And remember, when you look at our consumer business, our consumer business, I don't believe is really representative of the entire economy.

那麼，在消費者方面，按順序看，第四季度消費者增長了 15%，我們增長了 16%。所以那裡真的沒有放緩。看看美國中小企業，我們增長了 8%，現在增長了 6%。所以我認為美國中小企業有一點放緩。請記住，當您查看我們的消費者業務時，我認為我們的消費者業務並不能真正代表整個經濟。

Our consumer business is representative of a really high-end premium consumer base. Our small business, because of the volumes that we have, are probably a little bit more representative. And where you are -- where you do see a slowdown in small business is Goods and Services. What I'll remind people is small businesses are small businesses because they're small. And what happens is to a level of spending, and then unless you -- unless that business is really going to grow, you can only spend for what you're taking in.

我們的消費者業務代表了真正高端的優質消費者群體。我們的小企業，由於我們擁有的數量，可能更具代表性。你在哪裡 - 你確實看到小企業放緩的地方是商品和服務。我要提醒人們的是，小企業之所以是小企業，是因為它們很小。發生的是一定程度的支出，然後除非你 - 除非該業務真的要增長，否則你只能為你所接受的支出。

But I think what we've seen, and this is a continuing trend is you've seen a slowdown in a lot of the advertising spending. But I will point out that, that's not any different than what you've seen in -- from a lot of corporations, I mean -- and ours ourselves. I mean, if you look at it, our plan has been to spend the same amount of marketing that we spent last year this year, and that number is $5.5 billion. And when you look at that number, we try and get more and more efficient with that and we push our partners to become more and more efficient as well. And so you get to a point of scale where you just don't spend anymore. And I think we're seeing a little of that in small business as well.

但我認為我們所看到的是，這是一個持續的趨勢，你已經看到很多廣告支出放緩。但我要指出的是，這與你所看到的——我的意思是來自很多公司——以及我們自己所看到的沒有什麼不同。我的意思是，如果你看一下，我們的計劃是在今年花費與去年相同的營銷費用，這個數字是 55 億美元。當你看到這個數字時，我們會努力提高效率，並推動我們的合作夥伴也變得越來越高效。所以你達到了一個你不再花錢的規模點。我認為我們在小型企業中也看到了一些這樣的情況。

But look, 6% growth in the U.S. small business with the amount of volume that we have, right now we're okay with that and it's in line with us making our overall plan. What I would point out from a small business perspective is international is not like that. International is growing much, much faster than that, and international is back to our fastest growing segment. So we'll keep watching it, but really happy with the consumer. And right now, I think small business is kind of in line with where we have it going for the rest of our plan for the rest of the year.

但是看，美國小企業的增長 6% 以及我們擁有的數量，現在我們對此感到滿意，這符合我們制定的總體計劃。我要指出的是，從小企業的角度來看，國際化並非如此。國際業務的增長速度要快得多，而國際業務又回到了我們增長最快的部分。所以我們會繼續關注它，但對消費者真的很滿意。現在，我認為小型企業在某種程度上符合我們今年剩餘時間計劃的發展方向。

The next question is coming from Mark DeVries of Barclays.

下一個問題來自巴克萊銀行的 Mark DeVries。

Just wanted to get into what drove the acceleration of growth in International Card Services. Jeff, I heard you allude to the fact of seeing results from the reorg. But could you talk a little bit more specifically about kind of what you did in that business segment to really drive the improvement?

只是想了解是什麼推動了國際卡服務的加速增長。傑夫，我聽說你提到了看到重組結果的事實。但是你能更具體地談談你在那個業務部門做了什麼來真正推動改進嗎？

Well, I think -- so there's a couple of things, right? Number one, there was -- no place in the world is more impacted by the pandemic than International. And when you look at our card base internationally, it is a really high T&E-orientated card base. And correct me if I'm wrong, I think this is a 59% T&E increase in our international part. So that's number one. I mean, I think you just have -- you have just some built-up demand that had been pushed down, number one. Number two, we continue to improve our merchant coverage tremendously in international. So there are more and more places to use the card. And I think coverage cannot be understated or overlooked in how it drives growth, especially in international. And I think that's really important. I think we continue to acquire new card members in international as well.

嗯，我想 - 所以有幾件事，對吧？第一，世界上沒有哪個地方比國際受到大流行的影響更大。當您在國際上查看我們的卡庫時，它是一個非常高的以 T&E 為導向的卡庫。如果我錯了請糾正我，我認為我們國際部分的 T&E 增加了 59%。所以這是第一。我的意思是，我認為你只是 - 你只有一些被壓低的累積需求，第一。第二，我們繼續極大地提高我們在國際上的商戶覆蓋率。所以用卡的地方越來越多。而且我認為報導在推動增長方面不能被低估或忽視，尤其是在國際上。我認為這非常重要。我認為我們也會繼續在國際上獲得新的持卡人。

And as far as the reorganization, what the reorganization does for us is it makes us a lot more efficient. And so let me give you an example. Sometimes it's really hard to determine whether a potential customer is a small business or whether a potential customer is a consumer. And what you do is you put resources in, you go against -- you attack them both ways. Well, now what we're doing is we're looking at that in a more holistic way. And so instead of having what I like to refer to as the Noah's Ark syndrome of 2 of everything, we now have someone in a market focused on card acquisition, both small business, consumer and international and large market and corporate as well.

就重組而言，重組為我們所做的是它使我們更有效率。所以讓我給你舉個例子。有時真的很難確定潛在客戶是小型企業還是消費者。你所做的就是投入資源，你反對 - 你雙向攻擊它們。好吧，現在我們正在做的是以更全面的方式來看待它。因此，我們不再有我喜歡稱之為諾亞方舟綜合症 2 的一切，我們現在在一個專注於卡片收購的市場上有人，包括小型企業、消費者和國際以及大型市場和企業。

And so I think what we've done is we've been able to become more efficient with our marketing. We've been able to share intellectual property across business lines. And we've been able to, in a given market, make better trade-off decisions from an investment perspective because we're running it much more as a market as opposed to running it as global segments. And I think that's really giving the team a lot more flexibility and giving them a lot more ability to achieve their goals. So -- and look, the reality is international is the fastest-growing part of our business pre-pandemic. And this was -- these moves were made to become more efficient to get it back to where it was and go beyond that. And so we feel good about the start that international is on at the moment.

所以我認為我們所做的是我們已經能夠通過營銷變得更有效率。我們已經能夠跨業務線共享知識產權。我們已經能夠在一個給定的市場中，從投資的角度做出更好的權衡決策，因為我們更多地將它作為一個市場來運行，而不是作為全球細分市場來運行。我認為這真的給了團隊更多的靈活性，讓他們更有能力實現他們的目標。所以 - 看，現實是國際是我們業務大流行前增長最快的部分。這是——這些舉措是為了更有效地讓它回到原來的位置並超越它。因此，我們對國際目前的開端感到滿意。

Yes. The only comment I'd add, Mark, is it is remarkable the breadth of the strength right now when you look across geographies. It's Europe, it's the U.K., it's where we are in Latin America, it's Asia. It's really broad-based. So we feel really good about the progress.

是的。馬克，我要補充的唯一評論是，當你跨地域看時，現在的實力廣度非常顯著。它是歐洲，它是英國，它是我們在拉丁美洲的地方，它是亞洲。它的基礎非常廣泛。所以我們對進展感到非常滿意。

The next question is coming from Betsy Graseck of Morgan Stanley.

下一個問題來自摩根士丹利的 Betsy Graseck。

I did want to just ask an overarching question on top line growth drivers from here. And I know we have already spoken about a couple of different line items. I think U.S. and large corporate is still something we could unpack a little bit. But I would also like if you could just, from your vantage point, give us where you think the growth drivers are from here, which 1Q extremely strong.

我確實想從這裡問一個關於頂線增長驅動力的總體問題。我知道我們已經談過幾個不同的項目。我認為美國和大型企業仍然是我們可以拆開的東西。但我也想，如果你能從你的角度出發，告訴我們你認為增長動力來自哪裡，第 1 季度非常強勁。

Well, many [senses] Betsy, I would almost just point you to the first quarter results because I think one of the drivers of our confidence is the breadth of strength we see across all the lines of the P&L. So discount revenues, when you look forward and look at growth, are going to look about like they did this quarter. I think you'll see a tail-down slightly because you have a little bit of Omicron tailwind maybe in January and February. But volumes look good, and that's going to continue to be a nice double-digit driver of growth.

好吧，很多[感覺] Betsy，我幾乎只是向你指出第一季度的結果，因為我認為我們信心的驅動力之一是我們在損益表的所有方面看到的實力的廣度。因此，當你展望未來並觀察增長時，折扣收入將與本季度的表現大致相同。我認為你會看到略有下降，因為你可能在 1 月和 2 月有一點 Omicron 順風。但銷量看起來不錯，這將繼續成為兩位數的增長動力。

We have grown net card fees in double digits consistently for years right through every single quarter of the pandemic, and they've been above 20% for the last couple of quarters. That's going to continue because what we constantly have to remind people of is it's not particularly increases in fees for any given card to drive that, although it helps. It's mostly the steady acquisition that Steve talked about, more people are on higher fee-paying cards.

多年來，在大流行病的每個季度，我們的淨卡費用一直以兩位數的速度增長，並且在過去幾個季度中一直保持在 20% 以上。這將繼續下去，因為我們經常要提醒人們的是，雖然它有所幫助，但並不是特別增加任何特定卡的費用來推動它。這主要是史蒂夫談到的穩定收購，更多的人使用更高的付費卡。

Net interest income, as I said, I think our overall loan balance growth will probably continue to be higher than it was pre-pandemic but moderate a bit as our customers kind of get through the process of rebuilding balances. I think -- I don't want to pretend to suggest I can predict exactly what interest rates through the rest of the year. That will have some impact on the growth rate. Although I'd remind you, unlike most banks, we're -- the impact of rates moving one way or another on us is very, very modest. We're reasonably hedged. There's a 10-K disclosure about that for anyone who's interested, but we're not that heavily impacted.

淨利息收入，正如我所說，我認為我們的整體貸款餘額增長可能會繼續高於大流行前的水平，但隨著我們的客戶在一定程度上完成重建餘額的過程，會有所緩和。我認為——我不想假裝暗示我可以準確預測今年剩餘時間的利率。這將對增長率產生一些影響。儘管我要提醒你，與大多數銀行不同，我們 - 利率以一種或另一種方式移動對我們的影響非常非常小。我們進行了合理的對沖。對於任何感興趣的人，都有一個 10-K 的披露，但我們並沒有受到那麼大的影響。

And then you have the service fee and other revenue line, which is benefiting from travel-related strength and I think that will continue. So I think as you think about the drivers of revenue growth across the rest of the year, it doesn't look that different than what you saw in the first quarter. It's very broad-based, and that's what gives us confidence.

然後是服務費和其他收入線，這得益於與旅遊相關的實力，我認為這將繼續下去。所以我認為，當你考慮今年剩餘時間收入增長的驅動因素時，它看起來與你在第一季度看到的沒有什麼不同。它的基礎非常廣泛，這給了我們信心。

Yes. So I could just say what he said. But let me just take it up a level. And I think that one of the things that we do in looking for opportunities is we try and make sure we're investing in those opportunities which have the greatest return. And Jeff said this many, many times on these calls, We have more good opportunities to invest in than we have dollars to invest. And I think nothing is a better example of how good our opportunities -- how much better our opportunities have been come than what I -- and how I answered the first question for Sanjay in talking about how the cards that we're acquiring now are 50% in this first quarter, anyway, 50% better than they were back in 2018.

是的。所以我只能說他說的話。但是讓我把它提升一個層次。我認為我們在尋找機會時所做的其中一件事就是我們嘗試並確保我們投資於那些回報最大的機會。傑夫在這些電話中說了很多很多次，我們有更多好的投資機會，而不是我們有多少美元可以投資。我認為沒有什麼比這更好的例子來說明我們的機會有多好——我們的機會比我的好多少——以及我如何回答 Sanjay 的第一個問題，談論我們現在獲得的卡片是怎樣的第一季度增長了 50%，無論如何，比 2018 年好 50%。

And the other thing that I would say, which I think is really important is when we look at acquiring a customer and we report cards, but we look at acquiring revenue. And when we look at a customer, revenue for us is a 3-legged stool. We acquire card members, and the majority 70% of the cards we're acquiring right now are paying fees. That's a huge differentiator for us. Then what we do, you pay that fee, you use the product. And then as Jeff said, that discount revenue -- and that discount revenue is going to grow pretty much in line with where it was now.

我要說的另一件事，我認為非常重要的是，當我們著眼於獲得客戶和我們的報告卡時，我們著眼於獲得收入。當我們審視客戶時，收入對我們來說是一張三足凳。我們獲得卡會員，我們現在獲得的卡中有 70% 是付費的。這對我們來說是一個巨大的差異化因素。然後我們做什麼，您支付該費用，您使用該產品。然後正如傑夫所說，折扣收入——以及折扣收入的增長將與現在的水平基本一致。

And then the third leg of the stool is interest income. And we've modified our products so that we have planted on it, we have pay over time. And so we're giving our customers lots and lots of choices in how they want to manage their financial lives with us and then how they want to manage their credit card payments. And so we really focus a lot on revenue for our customers. And that's what gives us a lot of confidence because when we acquire a customer, it's not -- okay, we're going to acquire -- we're gonna lending revenue, we're going to acquire this customer and it's going to be fee. We really look at that entire basket. And as we look at the ROIs, all of that is taken into account.

然後凳子的第三條腿是利息收入。我們已經修改了我們的產品，以便我們在上面種植，我們會隨著時間的推移付出代價。因此，我們為客戶提供了很多選擇，讓他們可以選擇如何與我們一起管理他們的財務生活，以及他們希望如何管理他們的信用卡付款。因此，我們真的非常關注客戶的收入。這就是給我們很大信心的原因，因為當我們獲得客戶時，它不是 - 好吧，我們將獲得 - 我們將藉出收入，我們將獲得該客戶並且它將是費用。我們真的看著整個籃子。當我們查看 ROI 時，所有這些都被考慮在內。

The next question is coming from Rick Shane of JPMorgan.

下一個問題來自摩根大通的 Rick Shane。

I'd like to discuss the accounting and strategy on fee waivers. When fees are waived, I'm assuming that the fees are recognized and there's an offsetting expense in terms of marketing. Are both the fees and expenses accreted and amortized quarterly? Is that the way we should think about it?

我想討論費用減免的會計和策略。當費用被免除時，我假設費用被確認並且在營銷方面有抵消費用。費用和支出是否均按季度計提和攤銷？這是我們應該考慮的方式嗎？

Well, I think -- can I maybe step back, Rick. So when you -- because in many ways, I think sometimes there's a misnomer about what we have a line called marketing, what's actually in the marketing line, right? So there are a variety of incentives that we offer to customers and sometimes to partners to acquire customers that are involved in bringing new card members into the franchise. And when you look at the $5.5 billion that we spend in marketing, there's a very small portion of that of these ads that probably people talk about more.

好吧，我想——我可以退後一步嗎，里克。所以當你——因為在很多方面，我認為有時我們有一條叫做營銷的線路用詞不當，營銷線路中實際上是什麼，對嗎？因此，我們向客戶提供各種激勵措施，有時向合作夥伴提供激勵措施，以吸引參與將新卡會員引入特許經營權的客戶。當你看看我們在營銷上花費的 55 億美元時，這些廣告中只有很小一部分可能是人們談論得更多的。

But the overwhelming majority of what's in that $5.5 million are the cost of the many kinds of incentives that we offer to customers. And so fee waivers can be incentive or interest rates on balances that are at promotional levels. But in general, the cost of those welcome incentives are going to be amortized over varying periods, right? We offer lots of different kinds of marketing incentives so I can't generalize to the exact period. But generally, they're going to be amortized over a period.

但這 550 萬美元中的絕大部分是我們為客戶提供的多種激勵措施的成本。因此，費用減免可以是對處於促銷水平的餘額的激勵或利率。但總的來說，這些受歡迎的激勵措施的成本將在不同時期內攤銷，對嗎？我們提供了許多不同類型的營銷激勵措施，因此我無法概括為確切的時期。但一般來說，它們將在一段時間內攤銷。

So one of the things we always wrestle with is when you look at it in total, as you're bringing more customers into the franchise, you generally are recognizing the cost of bringing them in more quickly than their spending and their revenues ramp up. And so like many companies, you sometimes have the good problem that the more you bring new customers in, which is a good thing for the long-term, in the short run, that can create a little bit of an economic headwind. So that's the way I would think about this.

因此，我們一直在努力解決的一件事是，當您從整體上看時，隨著您將更多客戶帶入特許經營權，您通常會認識到將他們帶入的成本比他們的支出和收入增長更快。因此，與許多公司一樣，您有時會遇到一個好問題，即您帶來的新客戶越多，這對長期而言是一件好事，但從短期來看，這可能會造成一點經濟逆風。這就是我思考這個問題的方式。

The next question is coming from Craig Maurer of FT Partners.

下一個問題來自 FT Partners 的 Craig Maurer。

Welcome back.

歡迎回來。

It's been a fun game getting the business up and running for FT Partners. So with -- thinking about credit, If we look at what drove the provisioning expense in the quarter, it looks like the allowance build was actually materially less than it was in fourth quarter despite the relatively similar provisioning -- provision amount. So it seems like you were soaking up the losses that were driven by the rise in delinquencies in the back half of last year. But you only saw a very small increase in delinquencies in the quarter. So I guess the question is, are you comfortable with where allowance levels are now, especially considering they're materially higher than where they were going into the pandemic?

對於 FT Partners 來說，這是一個讓業務啟動和運行的有趣遊戲。因此，考慮到信貸，如果我們看看是什麼推動了本季度的準備金支出，那麼儘管準備金金額相對相似，但準備金的增加實際上遠低於第四季度。因此，您似乎正在吸收去年下半年拖欠率上升所造成的損失。但是您只看到本季度的拖欠率增加非常小。所以我想問題是，你對現在的津貼水平感到滿意嗎，尤其是考慮到它們比大流行時要高得多？

Well, I think can I work backwards. I think the simple way, because this is such a complex subject, as you know, Craig, but I always encourage people to think about this is take the reserves on the balance sheet divided by the total loans and receivables. That ratio is 2.5% at the end of this quarter. Compare that number to day 1 CECL, it was 2.9%. You can compare that same number to every other financial institution that reports. And I think that's a simple way to both track us versus history and us versus other companies. And as you know, our 2.5% is by a long shot, best-in-class relative to what others have.

好吧，我想我可以倒著工作嗎？我認為簡單的方法，因為這是一個如此復雜的主題，正如你所知，克雷格，但我總是鼓勵人們思考這是將資產負債表上的準備金除以貸款和應收賬款總額。本季度末該比率為 2.5%。將該數字與第 1 天的 CECL 進行比較，為 2.9%。您可以將相同的數字與報告的所有其他金融機構進行比較。我認為這是跟踪我們與歷史以及我們與其他公司的一種簡單方法。如您所知，我們的 2.5% 遙遙無期，相對於其他人擁有的一流水平。

When you think about sequential CECL accounting, what I would say is -- the fourth quarter of last year was probably one of the last quarters that's still what I will refer to as pandemic CECL noise. In other words, all of the financial institutions build all these big reserves, release them at different times. For us, and I think this is different from any other institutions, we're kind of past that. And so what you see starting in the first quarter, not in the fourth quarter of last year, is really not influenced by all the noise that the pandemic drove as we all built and then released reserves.

當你考慮順序 CECL 會計時，我想說的是——去年第四季度可能是最後一個季度之一，我仍然將其稱為大流行 CECL 噪音。換句話說，所有的金融機構都建立了所有這些巨額儲備，並在不同的時間釋放它們。對於我們來說，我認為這與任何其他機構都不同，我們已經超越了這一點。因此，從第一季度開始，而不是從去年第四季度開始，你所看到的情況實際上並沒有受到大流行病引發的所有噪音的影響，因為我們都建立了儲備，然後又釋放了儲備。

It's why in some ways, I think going forward from here, you're back to -- I don't know if there's such a thing as a BAU view of CECL accounting because none of us have done CECL accounting in a normal world. But for us, we're sort of back at a fairly steady state run rate. So if you think about it, we expect loan balances to continue to build, we expect credit metrics to continue to moderate up a little bit. And that will cause us to continue to build a little bit of reserve each quarter. And all of that is built into the guidance that we're working today.

這就是為什麼在某些方面，我認為從這裡開始，你會回到——我不知道是否存在 BAU 對 CECL 會計的看法，因為我們都沒有在正常世界中做過 CECL 會計。但對我們來說，我們有點回到相當穩定的狀態運行率。因此，如果你考慮一下，我們預計貸款餘額將繼續增加，我們預計信貸指標將繼續略有上升。這將使我們每個季度繼續建立一點儲備。所有這些都融入了我們今天正在製定的指南中。

The next question is coming from Dominick Gabriele of Oppenheimer.

下一個問題來自 Oppenheimer 的 Dominick Gabriele。

So I know a lot of the business obviously depends on the consumer, but you do have a very large unique commercial business. And so if you think about the bank tightening some believe will occur, how do you think this plays out through your large and SMB businesses that credit -- access to credit changes? And how do you think those dominoes kind of fall in affecting their spending levels or whatever you think are the key elements there? That would be great to hear your perspective.

所以我知道很多業務顯然取決於消費者，但你確實擁有非常大的獨特商業業務。因此，如果您考慮銀行緊縮，有些人相信會發生，您認為這將如何通過您的大型和 SMB 企業獲得信貸 - 獲得信貸變化？您如何看待這些多米諾骨牌如何影響他們的支出水平或您認為那裡的關鍵因素？很高興聽到您的觀點。

Well, I think let's look at -- let's look at how much it represents, right? Large and global accounts represent about 6% of our overall spending. And I'm not so sure when you look at that segment that sort of credit spend -- credit tightening is really going to drive their spending. That is predominantly a T&E game. And most companies are trying to get their people out and trying to get them to go out and travel and that spending has been up 34%. We're still not back to where we were.

好吧，我想讓我們看看——讓我們看看它代表多少，對嗎？大型和全球客戶約占我們總支出的 6%。而且我不太確定當你看那個細分市場時，那種信貸支出 - 信貸緊縮真的會推動他們的支出。這主要是一個 T&E 遊戲。大多數公司都在努力讓他們的員工出去旅行，而且這種支出已經增長了 34%。我們還沒有回到原來的位置。

What normally affects that for us is more layoffs and things like that. But even in the face of layoffs, (inaudible) tech segment or late starts that are going to occur in consulting and things like that, I think it's -- we're in a unique situation right now where I just don't think credit tightening in that segment is really going to be an issue. I think there, it's going to be more of an earnings story and do they do layoffs. But again, we're in such a crazy spot where most people aren't traveling anyway and people are encouraged to travel, I don't see that.

通常影響我們的是更多的裁員和類似的事情。但即使面對裁員、（聽不清）技術部門或諮詢業將出現的延遲啟動以及類似的事情，我認為我們現在處於一種獨特的情況下，我認為沒有信用該領域的緊縮政策確實會成為一個問題。我認為，這將更多地是一個盈利故事，他們是否會裁員。但同樣，我們處在這樣一個瘋狂的地方，大多數人無論如何都不去旅行，而鼓勵人們去旅行，我看不到這一點。

I think when you look at small businesses, small businesses go in and out quite a bit. And you could see with some credit tightening, some small businesses having harder access to some working capital. What I would say is one of the things that we do have from a small business perspective is we are really, with our launch of Blueprint and Kabbage and so forth, we have working capital loans, we have short-term loans and so forth. And we're not in the same position as a lot of these other smaller banks are. And for those creditworthy small businesses, we will continue to extend credit. And it could be an opportunity for us, actually, provided the credit is good.

我認為當你看小企業時，小企業進進出出很多。你可以看到，隨著信貸緊縮，一些小企業更難獲得一些營運資金。我要說的是，從小企業的角度來看，我們確實擁有的一件事是，隨著我們推出 Blueprint 和 Kabbage 等，我們有流動資金貸款、短期貸款等。而且我們與許多其他小型銀行的處境不同。而對於那些有信用的小企業，我們將繼續提供信貸。實際上，如果信用良好，這對我們來說可能是一個機會。

So I think, in general, it can affect the small business economy and our ability maybe to grow to get working capital. But I think it also provides us with an opportunity because we may not be the lender of first resort to these small businesses right now, and I think it could be an opportunity for us, again judiciously, but an opportunity.

所以我認為，總的來說，它會影響小企業經濟和我們獲得營運資金的能力。但我認為這也為我們提供了一個機會，因為我們現在可能不是這些小企業的首選貸款人，我認為這對我們來說可能是一個機會，再次明智地，但一個機會。

The next question is coming from Moshe Orenbuch of Credit Suisse.

下一個問題來自瑞士信貸的 Moshe Orenbuch。

Jeff, you talked a little bit about the OpEx being kind of flattish over the course of the year. I think, I mean, historically, that had kind of been seasonally low in the beginning of the year and seasonally high at the end. Is there something that's changed with respect to that?

傑夫，你談到了一年中 OpEx 有點持平。我認為，我的意思是，從歷史上看，年初的季節性低點和年底的季節性高點。在這方面有什麼變化嗎？

Yes. I think, look, every year is a little different and you have a higher growth rate year-over-year, Moshe, this quarter because you think about 2022, we really were in a ramp-up, as were many companies, as we came out of the pandemic, as we all dealt with what was some pretty high attrition in late 2021 and 2022. And we were sort of fully ramped to where we needed to be. I mean, the way we think about OpEx in -- and this is actually the way we talk about it internally as well, is we have a lot of confidence in the very high revenue growth rates that we have set out in our guidance, 15% to 17% this year.

是的。我想，你看，每年都有點不同，摩西，這個季度你的增長率比去年同期更高，因為你考慮到 2022 年，我們確實在加速發展，許多公司也是如此，因為我們從大流行中走出來，因為我們都在處理 2021 年末和 2022 年的一些相當高的人員流失。我們有點完全達到了我們需要達到的水平。我的意思是，我們對 OpEx 的思考方式——這實際上也是我們在內部討論它的方式，我們對我們在指南中設定的非常高的收入增長率很有信心，15今年增至 17%。

We built the infrastructure of this company through the end of last year to manage that level of volume and revenue. So we are where we need to be to manage that, which is why we'd expect sequentially this year to find that OpEx pretty flat. So we provided guidance for OpEx of about $14 billion. If you take out the $95 million mark-to-market loss we had on our ventures portfolio, which was mainly driven by one company, we're pretty much tracking right to that. And I think our record, I would suggest, over more than a decade is when we tell you we're going to hit a certain OpEx number or control OpEx, I think we have a pretty good track record of doing that. So that's how I would think about it.

我們在去年年底之前建立了這家公司的基礎設施，以管理該水平的數量和收入。因此，我們處於我們需要管理的位置，這就是為什麼我們預計今年的 OpEx 會持平。因此，我們為運營支出提供了大約 140 億美元的指導。如果你剔除我們的風險投資組合的 9500 萬美元市值損失（主要由一家公司驅動），我們幾乎可以追踪到這一點。我認為我們的記錄，我建議，十多年來，當我們告訴你我們將達到某個 OpEx 數字或控制 OpEx 時，我認為我們在這方面有很好的記錄。所以這就是我的想法。

The next question is coming from Bob Napoli of William Blair.

下一個問題來自威廉·布萊爾的鮑勃·那不勒斯。

Question just on big picture, if you will, from -- if you look at the big tech companies like Amazon and Apple and their involvement in financial services getting a little bit more, and I know that in some ways, they're partners. But what are your thoughts around the competitive risk from the large tech companies? They seem to be getting more and more involved in credit cards and other financial service types that might be competitive.

如果你願意，請從大局上提問——如果你看看像亞馬遜和蘋果這樣的大型科技公司，他們對金融服務的參與程度有所提高，我知道在某些方面，他們是合作夥伴。但您對大型科技公司的競爭風險有何看法？他們似乎越來越多地涉足信用卡和其他可能具有競爭力的金融服務類型。

Well, look, they've been involved for a decade. And we -- obviously, we partner with Amazon. We work very, very closely with Apple on Apple Pay and obviously, they're a large merchant and a large partner. And it's not just Apple and Amazon we look at. We look at all the fintechs and the startups and what have you. And I think -- and that's why we always say, when you look at competition, it's just not the traditional banks. It's the fintech. It's the big tech players and so forth. And the reality is that the way that you have to compete not only against them but compete against everybody else is you have to give your customers what they want and you have to continually to develop better value propositions.

好吧，看，他們已經參與了十年。我們 - 顯然，我們與亞馬遜合作。我們在 Apple Pay 上與 Apple 合作非常非常密切，顯然，他們是一個大商家和大合作夥伴。我們關注的不僅僅是蘋果和亞馬遜。我們看看所有的金融科技公司和初創公司，以及你有什麼。我認為——這就是為什麼我們總是說，當你看待競爭時，它不僅僅是傳統銀行。是金融科技。這是大型科技公司等等。現實情況是，你不僅要與他們競爭，還要與其他人競爭，你必須為客戶提供他們想要的東西，並且你必須不斷開發更好的價值主張。

And so yes, these are great companies. There are great banks out there. There are great -- Amazon and Apple are phenomenal companies that know the consumer. We believe we know the consumer as well, and they help us raise our game overall.

所以是的，這些都是偉大的公司。那裡有很棒的銀行。有偉大的 - 亞馬遜和蘋果是了解消費者的非凡公司。我們相信我們也了解消費者，他們幫助我們提升整體遊戲水平。

But we're not naive enough to think that we can just go on sort of strolling down the street here thinking, who is ever going to compete and no one's going to come after us. The way -- we're paranoid. We think everybody is coming after us. And it's one of the reasons that we constantly focus on upgrading our products and services. And it's one of the things that we talk about. We're constantly adding value to our products. Yes, it would be probably easier to not do that, but we challenge the team constantly to develop better value propositions. And so we worry about everybody. And the only thing that we can do about it is continue to do what we've done for years, offer the best service, offer the best products and make sure that our customers are happy.

但我們還沒有天真到認為我們可以繼續在這裡的街道上漫步，想著誰將參加比賽，而沒有人會追趕我們。方式——我們很偏執。我們認為每個人都在追趕我們。這也是我們不斷專注於升級我們的產品和服務的原因之一。這是我們談論的事情之一。我們不斷地為我們的產品增值。是的，不這樣做可能會更容易，但我們不斷挑戰團隊以製定更好的價值主張。所以我們擔心每個人。我們唯一能做的就是繼續做我們多年來所做的事情，提供最好的服務，提供最好的產品，並確保我們的客戶滿意。

The next question is coming from Don Fandetti of Wells Fargo.

下一個問題來自富國銀行的 Don Fandetti。

I was wondering if you could talk the banking crisis. Do you expect that to impact your ability to buyback stock? And also, was there any impact from the Delta sharing adjustment? And will there be any this year?

我想知道你是否可以談談銀行業危機。您認為這會影響您回購股票的能力嗎？還有，Delta 份額調整有什麼影響嗎？今年會有嗎？

So 2 very different questions. So capital and liquidity, Don. We are in a very strong position. Our capital target of 10% to 11% on a CET1 basis is actually well above the regulatory requirement. Our target is really driven by the rating agency view. So [I just know] exactly what's going to happen from a regulatory perspective, but even some change in the regulatory environment that significantly increase the capital we need to hold is unlikely to have any impact on what we actually hold today.

所以 2 個非常不同的問題。所以資本和流動性，唐。我們處於非常有利的地位。我們在 CET1 基礎上的 10% 至 11% 的資本目標實際上遠高於監管要求。我們的目標實際上是由評級機構的觀點驅動的。所以 [我只知道] 從監管的角度來看會發生什麼，但即使監管環境發生一些顯著增加我們需要持有的資本的變化，也不太可能對我們今天實際持有的資產產生任何影響。

And so look, our company has ROE of 30% or better. We generate a tremendous amount of capital. We don't need that much capital to support our organic growth. So you'll see us continue to aggressively buyback shares, which is why I think the Board, in fact, approved a huge new multi-year target for share repurchase earlier in the quarter. Our liquidity position is also very strong, as I talked about in our remarks.

所以看，我們公司的淨資產收益率為 30% 或更高。我們產生了大量的資本。我們不需要那麼多資金來支持我們的有機增長。所以你會看到我們繼續積極回購股票，這就是為什麼我認為董事會實際上在本季度早些時候批准了一個巨大的新的多年股票回購目標。正如我在評論中所說，我們的流動性狀況也非常強勁。

When you think about headwinds in 2023, I'd remind you on the January call, I pointed out that a 500 basis point increase in interest rates in a year is a headwind for us year-over-year in 2023, which won't really exist in 2024. And they're unlikely to do another 500 basis point. For that matter, I just talked in response to Craig's question about the fact that our provision this year is kind of back to a steady-state level, whereas last year, you had it still greatly impacted by [CECL] reserve releases. So those are 2 headwinds in 2020 we will not have in 2024.

當你想到 2023 年的逆風時，我會在 1 月份的電話會議上提醒你，我指出，一年內加息 500 個基點對我們 2023 年的同比增長來說是一個逆風，這不會真正存在於 2024 年。他們不太可能再做 500 個基點。就此而言，我剛剛回答了克雷格的問題，即我們今年的供應有點回到穩態水平，而去年，你仍然受到 [CECL] 儲備釋放的很大影響。因此，這些是 2020 年的兩個逆風，我們在 2024 年不會遇到。

You have put your finger on the third headwind which is we have a fabulous partnership with Delta works great for them, works great for us. We work together all the time. Seem to see Steve add together like every week practically. But it is true that when we renewed early the partnership back in 2019 and extended it through 2030, we agreed to a change in the rates of how some of the economic sharing work effective the year in the original contract is going to expire, which is 2023. So there is a step-up this year that flows through various lines in the P&L but generally falls into the variable customer engagement line. So that's part of what drove us up a little bit on the 42% to 43% target that we have this year. I would point out, that's another sort of headwind to our earnings growth this year that we will not face in 2024. So thank you for the question.

您已經指出了第三個不利因素，即我們與達美航空建立了極好的合作夥伴關係，對他們來說非常好，對我們也很好。我們一直在一起工作。似乎幾乎每週都能看到史蒂夫加在一起。但確實，當我們在 2019 年提前續簽合作夥伴關係並將其延長至 2030 年時，我們同意改變原始合同中的一些經濟分享如何在年內生效的工作將到期的比率，這是2023 年。所以今年有一個升級，流經損益表中的各個行，但通常屬於可變的客戶參與度行。因此，這是促使我們將今年的 42% 提高到 43% 目標的部分原因。我要指出的是，這是我們今年盈利增長的另一種逆風，我們在 2024 年不會遇到這種情況。謝謝你提出這個問題。

Our final question will come from Lisa Ellis of MoffettNathanson.

我們的最後一個問題將來自 MoffettNathanson 的 Lisa Ellis。

Had a question on T&E renormalization. With T&E up 39% again year-on-year, it's still clearly renormalizing a bit post-pandemic, as you highlighted, particularly outside the U.S. Do you have a sense like looking under the covers at the spending dynamics how much further that has to go and when we might see that piece that's been driving your disproportionate growth moderate a little bit? I think some folks might have been expecting that to start happening already at the beginning of this year, but clearly it's not happening. So I'm wondering how many -- how much more we've got to go on that?

對 T&E 重整化有疑問。隨著 T&E 再次同比增長 39%，正如您所強調的那樣，它在大流行病後仍明顯重新正常化，尤其是在美國以外。去吧，什麼時候我們可以看到推動你不成比例的增長的那部分溫和一點？我想有些人可能已經預料到這會在今年年初開始發生，但顯然它沒有發生。所以我想知道有多少 - 我們還需要繼續做多少？

Well, I think you still have quite a bit to go on T&E and especially as corporations start to bring back their T&E spending as well. And T&E spending is up in every single segment that we have. I mean, we talked about total T&E up 39%, the consumer is up 30%, commercial is up 41%. It just keeps -- it keeps growing. And we talked about international, up 59%. So we still think we have more room to grow. And I talked about bookings with airlines, and airlines will also expand their capacity. And as they expand their capacity, we'll continue to grow with them. So I think there's still more upside in airlines. And when there's more upside in airlines, it becomes more upside in lodging.

好吧，我認為您在 T&E 方面還有很多工作要做，尤其是當公司也開始收回他們的 T&E 支出時。我們擁有的每個細分市場的 T&E 支出都在增加。我的意思是，我們談到總 T&E 增長了 39%，消費者增長了 30%，商業增長了 41%。它只是保持 - 它不斷增長。我們談到了國際，增長了 59%。所以我們仍然認為我們有更大的增長空間。我跟航空公司講了訂票，航空公司也會擴容。隨著他們擴大產能，我們將繼續與他們一起成長。所以我認為航空公司還有更多的上升空間。當航空公司有更多的上升空間時，它就會在住宿方面有更大的上升空間。

And people have gotten used to eating out. And the restaurant spending is -- if you ask me about anything that surprises me, it would be restaurant spending continuing to be as strong as it is. But I think for us, a lot of that has to do with Resy. And the fact that we are able to probably even get a larger share of our card members' restaurant spending as they book their reservations through Resy -- and the other thing I'd point about Resy, Resy has been a really nice addition to our acquisition of new cardholders who have a propensity to want to eat at restaurants and T&E. So I think you're still going to see very strong T&E throughout this year. It will certainly outpace our Goods and Services.

人們已經習慣了外出就餐。餐廳支出是——如果你問我有什麼讓我感到驚訝的事情，那就是餐廳支出繼續保持強勁勢頭。但我認為對我們來說，其中很多都與 Resy 有關。事實上，當我們的持卡會員通過 Resy 預訂時，我們甚至可能在他們的餐廳消費中獲得更大份額——關於 Resy，我要指出的另一件事是，Resy 是我們的一個非常好的補充獲得傾向於在餐廳和 T&E 用餐的新持卡人。所以我認為你今年仍然會看到非常強勁的 T&E。它肯定會超過我們的商品和服務。

And we're getting back -- we're continuing to climb back. If you remember, pre-pandemic, we were around 70-30 in terms of our spending: 70% Goods and Services and 30% T&E. And there really is no reason that should not go back to the way it was. So we think we have upside in T&E.

我們正在回歸——我們正在繼續往回爬。如果你還記得，在大流行之前，我們的支出約為 70-30：70% 的商品和服務以及 30% 的 T&E。真的沒有理由不回到原來的樣子。所以我們認為我們在 T&E 方面有優勢。

Okay. And with that, the operator will close the call. Thank you again for joining today's call and for your continued interest in American Express. The IR team will be available for any follow-up questions. Operator, back to you.

好的。這樣，接線員將結束通話。再次感謝您參加今天的電話會議以及您對美國運通的持續關注。 IR 團隊將隨時回答任何後續問題。接線員，回到你身邊。

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 13736900 after 1:00 p.m. Eastern Time on April 20 through April 27. That will conclude our conference call for today. Thank you for your participation. You may now disconnect.

女士們，先生們，網絡直播重播將在電話會議後不久在我們的投資者關係網站 ir.americanexpress.com 上提供。您還可以在下午 1:00 後撥打 (877) 660-6853 或 (201) 612-7415，訪問代碼 13736900 訪問電話的數字重播。東部時間 4 月 20 日至 4 月 27 日。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。