美國運通 (AXP) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the American Express Q3 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。歡迎參加美國運通 2023 年第三季財報電話會議。 （操作員說明）謹此提醒，今天的通話正在錄音。

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

現在我想將會議交給我們的東道主投資者關係主管 Kerri Bernstein 女士。謝謝。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.

謝謝唐娜，也謝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表現的前瞻性陳述。這些是基於管理層目前的預期，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有重大差異的因素包含在今天的簡報投影片和我們向 SEC 提交的報告中。

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.

今天的討論也包括非公認會計準則財務指標。可比較的公認會計準則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 Christophe Le Caillec, 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 Christophe.

今天我們將由董事長兼執行長 Steve Squeri 開始，他將首先介紹公司的進展和成果。然後財務長 Christophe Le Caillec 將對我們的財務表現進行更詳細的審查。之後，我們將與 Steve 和 Christophe 就結果進行問答環節。

With that, let me turn it over to Steve.

那麼，讓我把它交給史蒂夫。

Thank you, Kerri. Good morning, and thanks for joining us today for our third quarter earnings call.

謝謝你，凱裡。早安，感謝您今天參加我們的第三季財報電話會議。

Q3 was our seventh consecutive quarter of strong performance, continuing the momentum we've built over the last few years and aligned with the growth plan we announced in 2022. It was the sixth consecutive quarter of record revenues, which reached $15.4 billion, up 13% year-over-year. Earnings per share of $3.30 was also a new quarterly record. Based on our performance to date, we remain confident in our ability to achieve full year revenue growth and EPS growth that is consistent with the annual guidance we provided at the beginning of the year. And we are well positioned as we seek to achieve our growth plan aspirations of annual revenue growth in excess of 10% and mid-teens EPS growth in 2024 and beyond in a steady-state macro environment.

第三季是我們連續第七個季度表現強勁，延續了我們過去幾年建立的勢頭，並與我們在2022 年宣布的增長計劃保持一致。這是我們連續第六個季度創紀錄的收入，達到154 億美元，成長13 ％ 一年又一年。每股收益 3.30 美元也創下了季度新紀錄。根據我們迄今為止的業績，我們對實現全年收入成長和每股收益成長的能力仍然充滿信心，這與我們年初提供的年度指引一致。我們處於有利位置，因為我們尋求在穩定的宏觀環境下實現 2024 年及以後年收入增長超過 10% 和每股收益增長 10% 以上的增長計劃目標。

My confidence is based on several factors, including the many attractive opportunities available to us because of the businesses and geographies we operate in; our unique membership model, which powers a virtuous cycle of growth; the success of the strategic investments we've been making in key areas of our business; and our ability to leverage our differentiated business model, which includes our premium global customer base, integrated payments platform, strong partner relationships and trusted brand. Together, these factors have driven our strong performance over the past 2 years, including the continued momentum we saw in the third quarter.

我的信心是基於幾個因素，包括我們所從事的業務和地理位置所提供的許多有吸引力的機會；我們獨特的會員模式，推動良性成長循環；我們在業務關鍵領域進行的策略性投資是否成功；以及我們利用差異化業務模式的能力，其中包括我們的優質全球客戶群、整合支付平台、強大的合作夥伴關係和值得信賴的品牌。這些因素共同推動了我們過去兩年的強勁業績，包括我們在第三季看到的持續成長動能。

In the quarter, Card Member spending remained strong, up 7% year-over-year on an FX-adjusted basis. Spending was strongest in our U.S. consumer segment, up 9%, and International Card Services segment, up 15% on an FX-adjusted basis. And U.S. small business spending increased slightly from a year ago.

本季度，卡片會員支出依然強勁，經匯率調整後較去年同期成長 7%。美國消費領域的支出最為強勁，成長了 9%，國際卡服務領域的支出在匯率調整後成長了 15%。美國小企業支出較上年同期略有增加。

Millennial and Gen Z consumers continue to be the fastest-growing portion of our Card Member base, with spending from this demographic in the U.S., up 18% year-over-year, and they accounted for more than 60% of all new consumer account acquisitions globally in the quarter. Demand for our products remain robust, particularly for fee-based products, which represented more than 70% of the new accounts acquired in the quarter. Customers continue to be highly satisfied with our products and services, which drives high levels of engagement and retention. We were rated the #1 U.S. credit card company for customer satisfaction by J.D. Power for the fourth consecutive year and the 13th time in 17 years of the study.

千禧世代和 Z 世代消費者仍然是我們持卡會員群體中成長最快的部分，在美國，這群人的支出年增 18%，佔所有新消費者帳戶的 60% 以上本季在全球範圍內進行的收購。對我們產品的需求依然強勁，特別是收費產品，佔本季新增帳戶的 70% 以上。客戶對我們的產品和服務持續高度滿意，這推動了高水準的參與度和保留率。我們連續第四年被 J.D. Power 評為客戶滿意度排名第一的美國信用卡公司，也是研究 17 年來的第 13 次。

And our credit metrics remain best-in-class, as we continue our focus on growing with discipline and a strong focus on risk management across the portfolio. A key reason for the momentum we're seeing is the investments we've been making in innovating our value propositions to deliver generational relevance across all age groups.

我們的信用指標仍然是同類中最好的，因為我們繼續專注於紀律性成長，並高度重視整個投資組合的風險管理。我們看到這一勢頭的一個關鍵原因是我們一直在創新價值主張方面進行投資，以在所有年齡層提供世代相關性。

Resy is a good example of some of the ways we're doing this. We acquired Resy and continue to invest in building out the platform because we know that dining is something that all generations of Card Members care about. We've seen that in our results as restaurants continue to be the largest and one of the fastest-growing T&E categories in the third quarter. The number of Resy users, restaurants on the platform and reservations booked all continue to grow significantly. In Q3, reservations on the platform set another quarterly record.

Resy 是我們這樣做的一些方法的一個很好的例子。我們收購了 Resy 並繼續投資建造該平台，因為我們知道餐飲是所有幾代卡會員都關心的事情。我們從我們的業績中看到了這一點，餐廳仍然是第三季最大且成長最快的差旅娛樂類別之一。 Resy的用戶數量、平台上的餐廳數量以及預訂量均持續大幅增加。第三季度，該平台的預訂量再創季度紀錄。

Over the last few years, we've also ramped up the number of exclusive lifestyle experiences, sponsorships and access to events we offer that appeal to our Card Members across generations and geographies and reinforce the unique value of membership. Our highly popular experiences cut across entertainment, sports, food, art and fashion. They generate strong on-site engagement with our branded activities and offers and they help drive interest among prospects.

在過去的幾年裡，我們還增加了獨家生活方式體驗、贊助和參與我們提供的活動的數量，這些活動吸引了跨世代和跨地區的持卡會員，並強化了會員的獨特價值。我們廣受歡迎的體驗涵蓋娛樂、運動、美食、藝術和時尚。他們對我們的品牌活動和優惠產生了強烈的現場參與度，並有助於激發潛在客戶的興趣。

They also continue to attract world-class partners who work with us to add new ways for our Card Members and prospects to experience the power of Amex membership. Earlier this week, we announced our latest sponsorship, an exclusive multiyear agreement with Formula 1 to be the official payments partner of Formula 1 in the Americas. This sponsorship is our first new sports vertical in over 10 years, and it represents a great opportunity to build on the rapidly growing popularity of Formula 1 racing around the world.

他們也繼續吸引世界級的合作夥伴與我們合作，為我們的卡片會員和潛在客戶體驗美國運通會員的力量提供新的方式。本週早些時候，我們宣布了最新的贊助計劃，即與 Formula 1 簽訂的獨家多年協議，成為 Formula 1 在美洲的官方支付合作夥伴。這項贊助是我們 10 多年來的第一個新的運動垂直領域，也是在一級方程式賽車在全球迅速普及的基礎上再接再厲的絕佳機會。

Another way we're delivering generational relevance is by regularly refreshing and adding value to our products on a global basis. These product enhancements are tailored to the interest and spending patterns of our customers of all age groups in each local market. So far this year, we've made enhancements to over 20 premium products across the company. Some of the latest of which were refreshes of our Platinum Card products in Japan, our business Gold Card in the U.S. and just yesterday, our Hilton co-branded Consumer Cards.

我們提供代際相關性的另一種方式是在全球範圍內定期更新我們的產品並為其增加價值。這些產品增強功能是根據每個當地市場所有年齡層客戶的興趣和消費模式量身定制的。今年到目前為止，我們已經對全公司 20 多種優質產品進行了改進。其中一些最新的更新包括我們在日本的白金卡產品、我們在美國的商務金卡以及昨天我們的希爾頓聯名消費卡。

These examples and many others like them are further enriching our membership model, which helps us attract new premium customers, drive retention and deepen engagement with current customers and add more merchants and partners who provide offers and experiences that deliver additional value.

這些例子和許多其他類似的例子進一步豐富了我們的會員模式，這有助於我們吸引新的優質客戶，提高保留率並加深與現有客戶的互動，並增加更多提供額外價值的優惠和體驗的商家和合作夥伴。

Looking ahead, I feel very good about where we are and where we're going. We'll continue our strategy of investing for growth and adding more differentiated value to our membership model to deliver generational relevance, while continuing to leverage the strength of our business model, all of which gives us a competitive advantage.

展望未來，我對我們現在的處境和未來的方向感到非常滿意。我們將繼續實施投資成長的策略，為我們的會員模式增加更多差異化價值，以提供代際相關性，同時繼續利用我們商業模式的優勢，所有這些都為我們帶來了競爭優勢。

I'll now hand the call over to Christophe Le Caillec for additional detail on our quarterly results.

我現在將把電話轉給 Christophe Le Caillec，以了解有關我們季度業績的更多詳細資訊。

Thank you, Steve, and good morning, everyone. I'm excited to have my first earnings call, be one where we discuss our continued strong momentum, which is reflected in our record revenue and EPS in the third quarter.

謝謝你，史蒂夫，大家早安。我很高興能夠召開第一次財報電話會議，我們將在會上討論我們持續強勁的勢頭，這反映在我們第三季度創紀錄的收入和每股收益中。

I would like to take a minute at the outset to share my perspective on the company as someone who has been here for a long time and through various business environments. The company is very focused on driving high levels of profitable revenue growth. A key enabler of that growth has been the discipline we use to deploy our resources. As a result, the underlying quality of our business is very strong, and I have confidence in the sustainability of the growth drivers that we are seeing.

首先，我想花一點時間分享我作為一個在公司工作了很長時間、經歷過各種商業環境的人對公司的看法。該公司非常專注於推動獲利收入的高水準成長。這種成長的關鍵推動因素是我們部署資源的紀律。因此，我們業務的基礎品質非常強勁，我對我們所看到的成長動力的可持續性充滿信心。

We have accelerated the pace of our revenue and EPS growth since before the pandemic. That acceleration is a direct result of the strategy that underpins our growth plan, which Steve described. In the quarter, that strategy has driven $27 billion more in billings versus last quarter. The company is also generating almost $2 billion more in revenue and about $600 million more in net income compared to a year ago. This demonstrates the earnings power of our business model.

自大流行之前以來，我們加快了營收和每股盈餘的成長步伐。史蒂夫描述說，這種加速是支撐我們成長計畫的策略的直接結果。與上季相比，該策略在本季帶來的收入增加了 270 億美元。與一年前相比，該公司的收入增加了近 20 億美元，淨利潤增加了約 6 億美元。這證明了我們商業模式的獲利能力。

Now let's take a look at the details of this quarter's performance, starting with our summary financials on Slide 2. Third quarter revenues were $15.4 billion. They reached a record high for the sixth straight quarter and were up 13% year-over-year. This revenue momentum drove reported net income of $2.5 billion and earnings per share of $3.30, which grew 34% year-over-year.

現在，讓我們從投影片 2 上的財務摘要開始，詳細了解本季的業績。第三季營收為 154 億美元。它們連續第六個季度創下歷史新高，年增 13%。這一收入動能推動淨利潤達到 25 億美元，每股收益達到 3.30 美元，年增 34%。

Let's now go through a more detailed look at the drivers of these results. In our spend-centric business model, that begins with a look at Billed business, starting on Slide 3. Total Billed business grew $27 billion this quarter versus last year, up 7% on an FX-adjusted basis as we continue to see the more stable growth rates than we expected. This growth was driven by 6% growth in Goods & Services spending, consistent with last quarter's growth rate and sustained double-digit growth in Travel & Entertainment spending. This double-digit T&E growth has been driven by continued demand for travel and dining experiences, with restaurant spending, our largest category, up 13% this quarter.

現在讓我們更詳細地了解這些結果的驅動因素。在我們以支出為中心的業務模型中，首先從幻燈片3 開始查看計費業務。本季計費業務總額與去年相比增長了270 億美元，經匯率調整後增長了7%，因為我們繼續看到更多增速穩定超出我們的預期。這一成長的推動因素是商品和服務支出 6% 的成長（與上季的成長率一致）以及旅行和娛樂支出的持續兩位數成長。這種兩位數的差旅費成長是由對旅行和餐飲體驗的持續需求推動的，我們最大的類別——餐廳支出本季增加了 13%。

Total network volumes grew 6% year-over-year on an FX-adjusted basis. As you look at these results, I'd note that we exited a small product last quarter that was reported in our process volumes. This is reflected in the Q3 growth rate. I'd expect to see the impact of the year-over-year growth rate continue for the next few quarters until we lap this exist. As a reminder, process volume includes volumes from cards where we play more of a network role and from alternative payment solutions that we facilitate. The revenue associated with these volumes makes up a small portion of our total revenue, which you can see on Slide 11.

經匯率調整後，網路總流量年增 6%。當您查看這些結果時，我會注意到我們上季度退出了一個小型產品，該產品已在我們的流程量中報告。這反映在第三季的成長率。我預計，同比成長率的影響將在接下來的幾個季度持續存在，直到我們實現這一目標。提醒一下，處理量包括來自我們更多地發揮網路作用的卡的量以及來自我們促進的替代支付解決方案的量。與這些數量相關的收入僅占我們總收入的一小部分，您可以在投影片 11 中看到。

As we then break down our spending trends across our businesses, there are a few other key points to take away. Starting with our largest segment on Slide 4. U.S. Consumer grew billings strongly at 9% this quarter. Our focus on attracting, engaging and retaining our premium card members is driving growth across all generations and age cohorts. Millennial and Gen Z customers continue to drive our highest billed business growth within this segment, with their spending up 18% this quarter.

當我們分解各個業務的支出趨勢時，還有一些其他關鍵點需要注意。從投影片 4 上我們最大的部分開始。本季美國消費者的帳單強勁成長 9%。我們專注於吸引、吸引和留住我們的高級卡會員，這正在推動各代人和各年齡層的成長。千禧世代和 Z 世代客戶繼續推動我們在該細分市場中最高的業務成長，本季他們的支出成長了 18%。

Looking at Commercial Services on Slide 5. U.S. SME growth came in at 2% this quarter, consistent with last quarter's growth rate. As Steve discussed on our Q2 call, organic growth in this segment has slowed given unique dynamics seen by small businesses over the past few years. Importantly, we do continue to see strong high-quality demand for new accounts within this segment. Looking forward, we focus on continuing to help SME clients run their businesses. Billings from our U.S. large and global corporate customers were flat year-over-year. As we have said for many years, these customers are not a major growth driver for our business, but they remain an important foundation for the company's business model.

查看投影片 5 上的商業服務。本季美國中小企業成長率為 2%，與上季的成長率一致。正如史蒂夫在第二季度電話會議上所討論的那樣，鑑於過去幾年小企業所看到的獨特動態，該領域的有機成長已經放緩。重要的是，我們確實繼續看到該細分市場對新帳戶的強勁高品質需求。展望未來，我們致力於持續幫助中小企業客戶經營業務。來自美國大型和全球企業客戶的帳單較去年同期持平。正如我們多年來所說，這些客戶並不是我們業務的主要成長動力，但他們仍然是公司業務模式的重要基礎。

And lastly, on Slide 6, you see our highest growth again this quarter in International Card Services. We saw strong growth across our geographies and customer types, spending from International Consumers and from international SME and large corporate customers each grew 15%. Overall, strength in spending growth from our U.S. Consumers and Card Members outside of the U.S. continues to see -- offset the softness with commercial services that we've been talking about for the past few quarters. Taking everything into account, our spending volumes are tracking to support our revenue guidance for the full year and our long-term aspirations for sustainable growth rates greater than what we were generating pre-pandemic.

最後，在投影片 6 中，您可以看到本季國際卡服務領域再次實現最高成長。我們看到各個地區和客戶類型均出現強勁成長，國際消費者以及國際中小企業和大型企業客戶的支出均成長了 15%。總體而言，美國消費者和美國以外的持卡會員的支出成長勢頭繼續強勁，抵消了我們過去幾個季度一直在談論的商業服務的疲軟。考慮到所有因素，我們的支出規模正在跟踪，以支持我們全年的收入指導，以及我們對可持續增長率高於大流行前的水平的長期願望。

Now moving on to loans and Card Member receivables on Slide 7. We saw year-over-year growth of 15% as well as good continued sequential growth. As our customers continue to rebuild balances, the interest-bearing portion of our loans and receivables balances continues to grow faster than the overall growth you see. Importantly, over 70% of our revolving loan growth in the U.S. continues to come from our tenured customers.

現在轉到幻燈片 7 上的貸款和卡會員應收帳款。我們看到同比增長 15%，並且持續保持良好的環比增長。隨著我們的客戶繼續重建餘額，我們的貸款和應收帳款餘額的帶息部分的增長速度繼續快於您看到的整體增長速度。重要的是，我們在美國的循環貸款成長的 70% 以上仍然來自我們的長期客戶。

As you then turn to credit and provision on Slide 8 through 10, the high-credit quality of our customer base continues to show in our best-in-class credit performance. As you can see on Slide 8, our Card Member loans and receivables, write-offs and delinquency rates both remained fairly flat to last quarter and below pre-pandemic levels. Going forward, as we've talked about for many quarters now, we continue to expect this delinquency and write-off rates to increase overtime, and they're likely to remain below pre-pandemic levels in the fourth quarter.

當您轉向幻燈片 8 至 10 上的信貸和撥備時，我們客戶群的高信用品質繼續在我們一流的信用表現中得到體現。正如您在投影片 8 中看到的那樣，我們的卡會員貸款和應收帳款、沖銷率和拖欠率均與上季持平，並低於疫情前的水平。展望未來，正如我們在多個季度所討論的那樣，我們繼續預計拖欠率和沖銷率將隨著時間的推移而增加，並且在第四季度可能仍低於疫情前的水平。

Turning now to the accounting of this credit performance on Slide 9. The quarter-over-quarter royalty in our loan balances, combined with a modest increase in our Card Member loans and receivables delinquency rate, resulted in a $321 million reserve build. This reserve build, combined with net write-offs, drove $1.2 billion of provision expense in the third quarter.

現在轉向幻燈片9 中信用績效的核算。貸款餘額中的季度環比特許權使用費，加上我們的卡會員貸款和應收賬款拖欠率的小幅增長，導致儲備金增加了3.21 億美元。儲備金的增加加上淨沖銷，導致第三季撥備支出達到 12 億美元。

As you see on Slide 10, we ended the third quarter with $5 billion of reserves, representing 2.7% of our total loans and Card Member receivables. This reserve rate remained about 20 basis points below the level we had pre-pandemic or day 1 CECL. We continue to expect this reserve rate to increase a bit in the balance of the year, similar to the modest increases we've seen over the past few quarters.

正如您在投影片 10 中看到的，第三季末我們有 50 億美元的準備金，占我們貸款和卡會員應收帳款總額的 2.7%。該準備率仍比大流行前或 CECL 第一天的水平低約 20 個基點。我們繼續預計準備金率將在今年餘下時間略有增加，類似於我們在過去幾季看到的小幅上漲。

Moving next to revenue on Slide 11. Total revenues were up $1.8 billion or 13% year-over-year in the third quarter. Our largest revenue line discount revenue grew 7% year-over-year in Q3, as you can see on Slide 12, driven by spending trends we discussed earlier. Net card fee revenues were up 19% year-over-year on an FX-adjusted basis, as you can see on Slide 13. This growth remains very strong and is powered by the continued attractiveness to both new and existing customers of our fee-paying products due to the investment we've made in our premium value propositions. As we expected, growth moderated a bit this quarter from the high levels we saw earlier this year, reflecting our cycle of product refreshes.

接下來是投影片 11 上的營收。第三季總營收成長 18 億美元，年增 13%。正如您在投影片 12 中看到的那樣，在我們之前討論的支出趨勢的推動下，我們最大的收入線折扣收入在第三季度同比增長了 7%。正如您在投影片 13 中看到的那樣，經匯率調整後，網卡費用收入年增 19%。這種成長仍然非常強勁，並且得益於我們的費用對新舊客戶的持續吸引力。由於我們對優質價值主張的投資而付費產品。正如我們預期的那樣，本季的成長較今年稍早的高水準有所放緩，這反映了我們的產品更新周期。

This quarter, we acquired 2.9 million new cards. Importantly, the acquisition levels you see on Slide 13 remain consistent with our long-term growth aspirations. The spend, revenue and credit profile of our new Card Members continue to look strong relative to what we saw pre-pandemic.

本季度，我們購買了 290 萬張新卡。重要的是，您在幻燈片 13 上看到的收購水準與我們的長期成長願望保持一致。與我們在疫情前看到的情況相比，我們新持卡會員的支出、收入和信用狀況仍然強勁。

Moving on to Slide 14. You can see that net interest income was up 33% year-over-year on an FX-adjusted basis, driven mostly by the growth in our revolving loan balances.

轉到投影片 14。您可以看到，經匯率調整後，淨利息收入年增 33%，這主要是由我們的循環貸款餘額成長推動的。

To sum up revenues on Slide 15, we're seeing broad-based revenue momentum across our diversified revenue lines. For 2023, we expect revenue growth to be within the range we communicated in January at around 15% growth for the full year.

總結投影片 15 的收入，我們看到多元化收入線的廣泛收入動能。對於 2023 年，我們預計全年營收成長將在 1 月溝通的範圍內，即全年成長 15% 左右。

Moving to expenses on Slide 16. Variable customer engagement expenses came in at 40% of total revenues in the third quarter. Therefore, I now expect these costs to run at around 42% of total revenues in the full year -- on the full year basis. Looking forward, we view this cost as a key driver of our momentum as we continue to innovate our value propositions to deepen engagement with our premium Card Members and to attract new ones, as Steve discussed earlier.

轉到投影片 16 上的費用。第三季可變客戶參與費用佔總收入的 40%。因此，我現在預計這些成本將佔全年總收入的 42% 左右——以全年為基礎。展望未來，正如史蒂夫之前所討論的那樣，我們將這一成本視為推動我們發展勢頭的關鍵驅動力，因為我們將繼續創新我們的價值主張，以加深與高級卡會員的互動並吸引新會員。

On the marketing line, we invested $1.2 billion in the quarter. I still expect to have marketing spend of around $5.5 billion for the full year, fairly flat to our 2022 expense. We feel really good about the quality of our new card acquisitions, which I talked about earlier, and I continue to see great demand for our products across a wide range of attractive investment opportunities. Given this strong set of opportunities, I would expect to increase our marketing spend in the balance of this year. And we're confident that our sophisticated acquisition engine will continue to do so in an efficient way.

在行銷方面，我們本季投資了 12 億美元。我仍然預計全年行銷支出約為 55 億美元，與 2022 年的支出相當。我們對新卡收購的品質感到非常滿意，我之前談到過這一點，我繼續看到在各種有吸引力的投資機會中對我們產品的巨大需求。鑑於這些強大的機會，我預計在今年剩餘時間將增加我們的行銷支出。我們相信，我們先進的採集引擎將繼續以有效的方式做到這一點。

Moving to the bottom of Slide 16 brings us to operating expenses, which were $3.7 billion in the third quarter as we invest in critical areas, such as our talented colleague base and technology. Taking this into account, we now expect our full year operating expenses to be around $14.5 billion. Looking forward, we continue to view marketing and OpEx as a key source of leverage.

轉到幻燈片 16 的底部，我們可以看到第三季的營運支出為 37 億美元，因為我們投資於關鍵領域，例如我們的才華橫溢的同事基礎和技術。考慮到這一點，我們現在預計全年營運費用約為 145 億美元。展望未來，我們繼續將行銷和營運支出視為槓桿的關鍵來源。

Turning next to capital on Slide 17. We returned $1.7 billion of capital to our shareholders in the third quarter. This included common stock repurchase of $1.3 billion and $438 million in common stock dividends, all on the back of strong earnings generation. As you can see on Slide 17, we target a CET1 ratio between 10% to 11%. We ended the quarter with a CET1 ratio of 10.7%, which is well above our current regulatory minimum of 7%.

接下來轉向投影片 17 上的資本。第三季我們向股東返還了 17 億美元的資本。其中包括 13 億美元的普通股回購和 4.38 億美元的普通股股息，所有這些都得益於強勁的獲利能力。正如您在投影片 17 中看到的，我們的目標是 CET1 比率在 10% 到 11% 之間。本季結束時，我們的 CET1 比率為 10.7%，遠高於我們目前 7% 的最低監管水準。

As we think about the Basel III proposal, the RWA increase could consume the buffer above regulatory capital requirements if the proposal is adopted as written. Notably, we believe there are clear opportunities for improvements between the proposal and the final rule. In fact, the regulators themselves have post questions about potential issues in applying these rules broadly, and we are actively engaged in that dialogue. We plan to continue to return to shareholders the excess capital we generate, while supporting our balance sheet growth. We do not expect any material near-term changes to our capital management approach.

當我們考慮巴塞爾協議 III 提案時，如果該提案按書面形式獲得通過，則 RWA 的增加可能會消耗高於監管資本要求的緩衝。值得注意的是，我們認為提案和最終規則之間存在明顯的改進機會。事實上，監管機構本身也對廣泛應用這些規則的潛在問題提出了疑問，我們正在積極參與這場對話。我們計劃繼續向股東返還我們產生的多餘資本，同時支持我們的資產負債表成長。我們預計我們的資本管理方法短期內不會發生任何重大變化。

That brings me to our growth plan and 2023 guidance on Slide 18. As Steve and I discussed in our third quarter results, our third quarter results reflect a continuation of the strong momentum we've built over the last few years, evidenced by our performance across diversified revenue streams. For the full year, we expect revenue growth of around 15%, consistent with the revenue guidance range we provided at the beginning of the year. As I discussed before, we now expect variable Card Member engagement expenses to be around 42% of total revenues on a full year basis, modestly below our original expectation.

這讓我想到了幻燈片18 上的成長計劃和2023 年指導。正如史蒂夫和我在第三季度業績中討論的那樣，我們的第三季度業績反映了我們過去幾年建立的強勁勢頭的延續，我們的業績證明了這一點跨越多元化的收入來源。對於全年，我們預計收入成長在 15% 左右，與我們年初提供的收入指引範圍一致。正如我之前所討論的，我們現在預計可變的持卡會員參與費用將佔全年總收入的 42% 左右，略低於我們最初的預期。

On marketing, we still expect to spend around $5.5 billion for the full year. And lastly, we now expect our operating expenses to be around $14.5 billion this year, modestly above our original expectation as we invest in areas critical to our success.

在行銷方面，我們仍預計全年支出約 55 億美元。最後，我們現在預計今年的營運支出約為 145 億美元，略高於我們最初的預期，因為我們投資於對我們成功至關重要的領域。

Taking everything together, our earnings per share guidance remains between $11 and $11.40. Looking forward, we remain committed to focusing on achieving our aspirations of sustainably delivering revenue growth in excess of 10% and mid-teen EPS growth in a steady-state macro environment.

綜合考慮，我們的每股盈餘指引保持在 11 美元至 11.40 美元之間。展望未來，我們仍然致力於實現我們的願望，在穩定的宏觀環境下持續實現超過 10% 的收入成長和中位數的每股盈餘成長。

With that, we'll open up the call for your questions in a moment.

至此，我們將立即開始電話詢問您的問題。

A final point which relates to our Investor Relations team here at American Express. Steve and I have decided to move Kerri Bernstein to the critical goal of Corporate Treasurer. I'd like to thank Kerri for leading the IR function during a period of strong performance for the company.

最後一點與美國運通的投資人關係團隊有關。史蒂夫和我決定讓凱裡伯恩斯坦 (Kerri Bernstein) 去實現公司財務主管的關鍵目標。我要感謝 Kerri 在公司業績強勁期間領導 IR 職能。

I'd then like to welcome Kartik Ramachandran, our new Head of Investor Relations. Kartik was most recently a key finance lead in our U.S. consumer business and has had a number of finance positions over his 11 years with the company.

接下來我要歡迎我們新任投資人關係主管卡蒂克‧拉馬錢德蘭 (Kartik Ramachandran)。 Kartik 最近擔任我們美國消費者業務的關鍵財務主管，在公司工作的 11 年中擔任過多個財務職位。

Now let me turn it back over to Kerri to open up the call for your questions.

現在讓我將其轉回給 Kerri，以打開詢問您的問題的電話。

Thank you, Christophe. Before we open up the lines for Q&A, I will ask those in the queue to please limit yourself to just one question. Thank you for your cooperation.

謝謝你，克里斯托夫。在我們開放問答隊列之前，我會請隊列中的人限制自己只回答一個問題。謝謝您的合作。

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

話務員現在將開放提問線。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。

Congrats, Christophe, Kerri, Kartik. Steve, just a question. We hear a lot about the choppy macro backdrop and its impact on spending. I'm just curious if you've seen any changes in behavioral over the past quarter that might make you more sanguine on the outlook? Or do you feel like your customers are unfazed? And just on a related point, I know the Delta stuff, there's been a lot of headlines on the changes that Delta has made to the Medallion qualification process. I'm just curious if you've seen any impact.

恭喜克里斯托夫、克里、卡蒂克。史蒂夫，只是一個問題。我們聽到很多關於動盪的宏觀背景及其對支出的影響的資訊。我只是好奇您是否在過去的季度中看到了任何可能使您對前景更加樂觀的行為變化？或者您覺得您的客戶不受影響嗎？與此相關的是，我了解達美航空的情況，有很多關於達美航空對尊爵會資格流程進行的更改的頭條新聞。我只是好奇你是否看到了任何影響。

Yes. So thanks, Sanjay. Let me start with Delta first. I think as Delta makes changes, we're in lockstep with them all the way. And one of the great things about having Delta as a partner is they're a very customer-focused organization. And they made some changes. The team got some reaction, and I think they made some other changes, which I think will be -- and have been received in a very good fashion.

是的。謝謝，桑傑。讓我先從達美航空開始。我認為，隨著達美航空做出改變，我們始終與他們保持同步。達美航空作為合作夥伴的好處之一是他們是一個非常以客戶為中心的組織。他們做了一些改變。團隊得到了一些反應，我認為他們做了一些其他的改變，我認為這些改變將會發生——並且已經得到了很好的接受。

But as far as spending or card acquisition, it has had zero impact. So we haven't seen anything from a card spending on Delta or from a card acquisition. In fact, Delta card spending year-over-year was up almost 20%. So we feel pretty good about that.

但就支出或卡片獲取而言，影響為零。因此，我們還沒有看到任何來自達美航空的卡片消費或卡片收購的資訊。事實上，Delta 卡支出年增了近 20%。所以我們對此感覺很好。

As far as the U.S. consumer, and let's just talk about the U.S. consumer and International Consumer. It's still strong. We had 9% U.S. consumer spending, 6% growth on Goods & Services, 13% growth on T&E, and that continues to be very strong off a high base. And from an International perspective, we've seen 15% spending from an international card services perspective and strong both from a Goods & Services and a T&E perspective. And I think it's important that I'll remind everybody our card base is a really small piece of the overall U.S. economy. And one of the reasons we have such great credit metrics is we have a really high-quality Card Member.

至於美國消費者，我們只談美國消費者和國際消費者。它仍然很強。我們的美國消費者支出成長了 9%，商品和服務成長了 6%，旅遊和娛樂成長了 13%，並且在高基數的基礎上仍然非常強勁。從國際角度來看，我們看到 15% 的支出來自國際卡服務的角度，而從商品和服務以及差旅娛樂的角度來看，支出也很強勁。我認為重要的是，我要提醒大家，我們的信用卡基礎只是美國整體經濟的一小部分。我們擁有如此出色的信用指標的原因之一是我們擁有真正高素質的持卡會員。

And so at this point in time, they have not been impacted by anything. But the other thing that I would say is you probably had the same question at this time last year. And I probably gave you the same answer. And right now, look, we can only manage the business for what we're seeing in our business, which is still strong growth. And we used the blue-chip economic forecast, and that calls for pretty much more of the same. So in a steady-state macro environment, I feel really good about delivering on delivering on our plan, as Christophe said. We are well positioned. And as I said in my remarks, we're well positioned to continue to deliver on our growth plan.

所以此時此刻，他們還沒有受到任何影響。但我要說的另一件事是，去年這個時候你可能也有同樣的問題。我可能給了你同樣的答案。現在，你看，我們只能根據我們在業務中看到的情況來管理業務，這仍然是強勁的成長。我們使用了藍籌股經濟預測，這需要更多相同的預測。因此，正如克里斯托夫所說，在穩定的宏觀環境中，我對實現我們的計劃感到非常滿意。我們處於有利位置。正如我在演講中所說，我們有能力繼續實現我們的成長計劃。

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

下一個問題來自高盛的瑞安·納許。

Look, as a follow-up to Sanjay's question, obviously, it was good to see the solid revenue growth given the challenging economic backdrop. And you're still talking about double-digit revenue growth next year. But can you maybe just talk about some of the pieces or the drivers you expect to see, given what's going on in billings growth? And are you leaning more into lending in order to drive this growth? And then just lastly, like do we need to see billings to improve in order to be able to drive double-digit revenue growth?

看，作為桑傑問題的後續，顯然，在充滿挑戰的經濟背景下，看到穩健的收入成長是件好事。你還在談論明年兩位數的營收成長。但考慮到比林斯的成長情況，您能否談談您期望看到的一些因素或驅動因素？為了推動這種成長，您是否會更傾向於貸款？最後，我們是否需要看到帳單改善才能推動兩位數的營收成長？

Well, those are a lot of questions, Ryan.

嗯，這是很多問題，瑞安。

I know. Trying to put in one, there.

我知道。試圖在那裡放一個。

That's good. You actually only asked one, you just put it in multiple parts. Yes, right. Exactly. We'll leave that one alone. But when you look at our model, there are many ways for us to grow revenue. We grow revenue from a billings perspective. We grow revenue from a card fee perspective, and we do grow revenue from a lending perspective. The current revenue growth that we had, the current billings growth that we have is in line with what our long-term growth aspirations are. So where we are from a billings growth perspective, we feel really good about that.

那挺好的。其實你只問了一個，你只是把它分成多個部分了。是的，沒錯。確切地。我們就不去打擾那個人了。但當你看看我們的模型時，你會發現我們有很多方法可以增加收入。我們從帳單的角度來增加收入。我們從卡費角度增加收入，也從貸款角度增加收入。我們目前的收入成長、目前的帳單成長符合我們的長期成長願望。因此，從比林斯增長的角度來看，我們對此感覺非常好。

From a fee perspective, and I'd like to point this out, is that the major driver of our fee revenue is actually new card acquisition. It's not raising fees. It's really new card acquisition. And we -- look, we've -- we've invested -- we're going to invest approximately $5.5 billion this year. We'll probably step that up next year. So we're very confident in our card acquisition. As Christophe said, there were a lot of great opportunities out there for us.

從費用的角度來看，我想指出的是，我們費用收入的主要驅動力實際上是新卡的獲取。這不是提高費用。確實是新卡獲取。我們——看，我們已經——我們已經投資了——我們今年將投資約 55 億美元。明年我們可能會加大力度。所以我們對於拿卡還是非常有信心的。正如克里斯托夫所說，我們有很多很好的機會。

And from a lending perspective, and we've mentioned this multiple times, our book today, we believe, is better than our book was in 2019. And if our Card Members, we will continue to lend responsibly and our Card Members have various needs at various points in time. And I think it's that model. It's our 3-legged stool of revenue, which will continue to provide confidence that we're going to be able to deliver double-digit revenue growth next year.

從貸款的角度來看，我們已經多次提到這一點，我們相信，我們今天的書比2019 年的書更好。如果我們的持卡會員，我們將繼續負責任地放貸，並且我們的持卡會員有各種需求在不同的時間點。我認為就是那個模型。這是我們的收入三腳凳，它將繼續為我們明年實現兩位數的收入成長提供信心。

And maybe, Ryan, I can add one point on the lending side. As Steve said, we have a premium customer base. And we're growing lending of that premium customer base, 70% of the balances are coming from established Card Members that we know well. So those Card Members we know revolve with competitors' products. And historically, we under-index on that -- we capture a big share of their spend, a smaller share of debt lending. And what we're doing here is just deepening the relationship with them and capturing a bigger share of their revolving needs.

瑞安，也許我可以在貸款方面添加一點。正如史蒂夫所說，我們擁有優質的客戶群。我們正在增加對優質客戶群的貸款，70% 的餘額來自我們熟悉的老卡會員。所以我們所知道的那些卡會員都是與競爭對手的產品相關的。從歷史上看，我們對此的索引不足——我們捕獲了他們支出的很大一部分，而債務貸款的份額較小。我們在這裡所做的只是加深與他們的關係，並更大程度地滿足他們的循環需求。

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伯納波利。

Congratulations to everyone. Kerri it's been great working with you and good luck. So a question, Steve, on the SMB business. That's a really important business for you, it's only growing 2%. I think there are large opportunities there. But what is -- can you maybe give a little color on what's going on in SMB? And your thoughts about SMB as we move into 2024?

恭喜大家。 Kerri，與你合作非常愉快，祝你好運。史蒂夫，這是一個關於中小企業業務的問題。這對您來說是一項非常重要的業務，但僅成長了 2%。我認為那裡有很大的機會。但是，您能否介紹一下 SMB 中正在發生的事情？進入 2024 年，您對 SMB 有何看法？

Yes. I think this is probably the second quarter in a row. It's been low growth. I think a lot of it -- a lot of our high growth was really driven by organic growth, and we haven't seen as much organic growth from a small business perspective. I think from an acquisition perspective, we're still very happy about the opportunities that are out there. We're still happy about the lending opportunities that are out there. And I think small businesses went through a very interesting cycle over the last few years in terms of not having a lot of inventory and then stocking up on inventory.

是的。我認為這可能是連續第二季。一直是低成長。我認為很多——我們的高成長實際上是由有機成長推動的，而從小企業的角度來看，我們還沒有看到那麼多的有機成長。我認為從收購的角度來看，我們仍然對現有的機會感到非常高興。我們仍然對現有的貸款機會感到高興。我認為小型企業在過去幾年中經歷了一個非常有趣的周期，即沒有大量庫存，然後又囤積庫存。

And so we're still very positive on small business, albeit the last 2 quarters were relatively slow, but we share your perspective that it's still a huge opportunity for us. And it's a big part of our business from a billings perspective. And to remind people, our small business footprint is across a variety of small businesses, whether it's restaurant, in retail or professional services and construction and so forth. So we still feel good about it. And I think that we'll see just when organic does come back. But we're still very positive on small business.

因此，我們仍然對小型企業非常樂觀，儘管過去兩個季度相對緩慢，但我們同意您的觀點，即這對我們來說仍然是一個巨大的機會。從比林斯的角度來看，這是我們業務的重要組成部分。並提醒人們，我們的小型企業足跡遍佈各種小型企業，無論是餐廳、零售或專業服務和建築等。所以我們還是感覺很好。我認為我們會看到有機食品何時回歸。但我們對小型企業仍然非常樂觀。

The next question is coming from Rick Shane of JPMorgan.

下一個問題來自摩根大通的里克·謝恩。

Congratulations, Kerri. We really enjoyed working with you and Christophe. We are looking forward to more dialogue. I just have one question. There was a comment about raising the reserve rate modestly as we move forward. Obviously, that's not a function of changing economic outlook because you don't know what that will be. I'm assuming it's a mix shift issue. Can you talk about that a little bit in terms of what components are shifting in the mix and the different reserve rates for those products?

恭喜你，凱裡。我們非常喜歡與您和 Christophe 一起工作。我們期待更多對話。我只有一個問題。有人評論說，隨著我們的前進，適度提高準備率。顯然，這不是經濟前景變化的結果，因為你不知道那會是什麼。我認為這是一個混合移位問題。您能否談談組合中哪些組成部分正在發生變化以及這些產品的不同準備金率？

Yes, yes, yes. So the trend -- there is like still a bit of normalization going on. So if you look at our delinquency rates, they're fairly flat if you squint a little bit, you're going to see a couple of basis points increase. And that's effectively what I meant when I said that you should expect that reserve rate to increase a little bit. But there's still a little bit of normalization happening here. But as you know well, those delinquency rates and write-off rates are very strong relative to our historical performance and of course, relative to peers. So there's nothing that gives me concern in that comment. It's just to preempt a little bit what we are seeing.

對對對。所以趨勢——似乎仍在進行一些正常化。因此，如果你看一下我們的拖欠率，如果你稍微觀察一下，你會發現它們相當平坦，你會看到幾個基點的增加。這其實就是我說的準備率會稍微上升的意思。但這裡仍然存在一些正常化的情況。但如您所知，相對於我們的歷史業績，當然也相對於同行，這些拖欠率和沖銷率非常高。所以該評論中沒有什麼讓我擔心的。這只是為了搶先一點我們所看到的。

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

下一個問題來自富國銀行的唐范德蒂。

Christophe on the Basel III endgame, has the message -- is the message still unchanged? I mean it seems like that's a pretty big increase in RWAs and that maybe you might have to ultimately dial back the buybacks at some point? Just want to get your thoughts on that.

Christophe 在巴塞爾協議 III 的最後階段傳達了這樣的訊息——這個訊息仍然沒有改變嗎？我的意思是，RWA 似乎出現了相當大的成長，也許你可能最終不得不在某個時候回撤回購？只是想聽聽您對此的想法。

Yes. So this is, as you know, a complicated set of rules like over 1,000 pages. So let me try to summarize it for you and the way we are thinking about Basel III.

是的。如您所知，這是一套複雜的規則，長達 1,000 多頁。因此，讓我嘗試為您總結一下，以及我們對巴塞爾協議 III 的思考方式。

I think the right starting point is to remind ourselves that, first, we generate a lot of capital, ROE in the 30% range. The second element of the starting point is that although our regulatory capital is at 7% -- CET1 at 7%, we actually operate with a target of 10% to 11%. So that's 300 to 400 basis points north of the regulatory level. And what I meant to say in my comment was to say that, that buffer could be consumed by the Basel III rules if they are adopted as currently drafted. Another way of saying the same thing is that our level of capital today is very healthy given those rules.

我認為正確的起點是提醒自己，首先，我們產生大量資本，ROE 在 30% 範圍內。出發點的第二個要素是，雖然我們的監理資本是7%──CET1是7%，但我們實際操作的目標是10%到11%。因此，這比監管水準高出 300 到 400 個基點。我在評論中想說的是，如果巴塞爾 III 規則按照目前起草的方式被採用，那麼該緩衝可能會被巴塞爾 III 規則消耗掉。同一件事的另一種說法是，考慮到這些規則，我們今天的資本水準非常健康。

I also need to highlight the fact that in the rules themselves, the regulators post some questions about the applicability of these rules to businesses such as ours and their reference the charge card, for instance, business. And as you know, over 75%, 78% of our revenue comes from fees, but those fees are stable, visible, such as card fees that we talked about a bit earlier. And we are actively engaged with the regulators to figure out what's the right thing to do here. So we'll see where we land. No one knows. But for now, I don't expect any change to our near-term capital management policies and practices.

我還需要強調這樣一個事實，即在規則本身中，監管機構提出了一些關於這些規則對我們這樣的企業的適用性的問題，以及他們引用簽帳卡（例如企業）的問題。大家知道，我們75%、78%以上的收入來自於手續費，但這些手續費是穩定的、看得見的，例如我們之前談到的卡費。我們正在積極與監管機構合作，找出正確的做法。所以我們會看看我們降落在哪裡。沒人知道。但就目前而言，我預計我們的近期資本管理政策和實踐不會發生任何變化。

The next question is coming from Jeff Adelson of Morgan Stanley.

下一個問題來自摩根士丹利的傑夫阿德爾森。

Just wanted to focus a little bit on the spend versus account growth dynamics. It looks like your average spending per card or account is flattening out and your account growth is finally slowing a little more flat sequentially this quarter even as you continue to add 3 million new accounts or cards a quarter. And it came against the backdrop of your marketing a little bit lower this quarter, although it sounds like you're going to be leaning back in next quarter to hit that $5.5 billion. So I guess my question is, are you seeing something that's causing you to drive a little bit slower account growth here? Or is there anything going on with attrition or anything with Delta?

只是想稍微關註一下支出與帳戶成長動態。看起來您每張卡或帳戶的平均支出正在趨於平穩，並且您的帳戶增長最終在本季度環比放緩一些，儘管您每個季度繼續添加 300 萬個新帳戶或卡。儘管聽起來您將在下個季度實現 55 億美元的目標，但本季的行銷業績略有下降。所以我想我的問題是，您是否看到了導致您的帳戶成長速度放緩的原因？或者達美航空有人員流失或其他問題嗎？

No. I think it becomes down to timing. And what happens is quarters happen to cut off on particular days and that's just the way it is. But no, we're committed to the $5.5 billion overall approximately of marketing. You saw a slight sequential drop. I think we went under the 3 million for the first time in a while.

不，我認為這取決於時機。發生的情況是季度恰好在特定的日子中斷，事情就是這樣。但事實並非如此，我們承諾總共投入約 55 億美元的行銷費用。您看到了輕微的連續下降。我認為我們一段時間以來第一次低於 300 萬。

And we look at account growth as cards acquired from an overall revenue perspective. But we still see tremendous opportunities out there, which is why we sort of signaled here, more than signaled. We said we're going to raise our marketing expense for next year as well. So no, we're not seeing anything at all that gives us pause. And we will continue to acquire those cards as long as those opportunities are out there. So you will see a higher level of marketing spending in the next quarter.

我們從整體收入的角度來看帳戶成長和卡片獲取。但我們仍然看到了巨大的機會，這就是為什麼我們在這裡發出了更多的信號。我們說過我們也將提高明年的行銷費用。所以不，我們根本沒有看到任何讓我們猶豫的事情。只要有這些機會，我們就會繼續拿到這些卡片。因此，您將在下個季度看到更高水準的行銷支出。

The next question is coming from Bill Carcache of Wolfe Research.

下一個問題來自沃爾夫研究中心的比爾·卡卡什。

Steve and Christophe, welcome to the call. Can you share any initial thoughts on the open banking rule that the CFPB recently proposed? There's a view that open banking essentially forces banks to hand over the keys to their customer relationships. So I was just hoping you could speak to any opportunities that may present for Amex? And then following up on the capital commentary, Christophe, there's a view that you could reduce your app risk if you treated your rewards expense as a counter revenue. Any thoughts on that would be great.

史蒂夫和克里斯托夫，歡迎致電。您能否分享一下對 CFPB 最近提出的開放銀行規則的初步想法？有一種觀點認為，開放銀行本質上迫使銀行交出客戶關係的鑰匙。所以我只是希望您能談談可能為美國運通帶來的任何機會？然後跟進資本評論，Christophe，有一種觀點認為，如果您將獎勵支出視為櫃檯收入，則可以降低應用程式風險。任何對此的想法都會很棒。

Yes. Look, as far as said now, I think let's just go to the U.K., U.K. had open banking for 10 years or so. And it's really had no impact on our business either positively or negatively. So I don't really see this as either a big threat or a big opportunity.

是的。你看，就目前而言，我想我們就去英國吧，英國開放銀行業已經有10年左右了。它確實對我們的業務沒有產生積極或消極的影響。所以我並不真正認為這既不是一個大威脅，也不是一個大機會。

And I think what I'd like to take you back, Bill, to is what product we're actually offering. We're offering a membership model product, basically, which has lots of different components other than just commodity paying. And our product has so many more benefits from a security perspective, a fraud perspective, a dispute perspective than an open banking product would have. And so I really don't see this as either an opportunity or as a threat to our business, either in the short term or in the long term.

比爾，我想我想帶你回到我們實際提供的產品。基本上，我們提供的是會員模式產品，除了商品支付之外，它還有許多不同的組件。從安全角度、詐欺角度、爭議角度來看，我們的產品比開放銀行產品有更多的好處。因此，無論從短期還是長期來看，我真的不認為這對我們的業務是機會還是威脅。

I will turn the other question over to Christophe.

我將把另一個問題交給克里斯托夫。

So on Basel, Bill, there are various things that we're discussing with regulators. I don't think it would be useful to go through the list here this morning on the call. But you raised either an important element here, which is that nothing is really changing in our business, right? We're still doing the exact same thing. And so we need to figure out with regulators what the right level of capital here and not be dependent upon accounting treatment or anything like that. So too early to discuss this in detail when we have more clarity, we'll provide you with a ton of Basel III detail.

比爾，在巴塞爾，我們正在與監管機構討論各種事情。我認為今天早上在電話會議上瀏覽這份清單沒有什麼用處。但你在這裡提出了一個重要的因素，那就是我們的業務沒有任何真正的變化，對嗎？我們仍然在做同樣的事情。因此，我們需要與監管機構一起確定適當的資本水平，而不是依賴會計處理或類似的東西。因此，當我們更加清楚時，詳細討論這個問題還為時過早，我們將為您提供大量巴塞爾協議 III 的詳細資訊。

The next question is coming from Dominick Gabriele of Oppenheimer.

下一個問題來自奧本海默的多明尼克·加布里埃爾。

I was just curious on your Card Member rewards as a percentage of billed business. It stepped down quite nicely quarter-over-quarter and year-over-year. I was just curious if you're seeing anything in particular on the utilization of rewards recently or any commentary around that?

我只是好奇你們的卡會員獎勵佔計費業務的百分比。它的季度環比和同比下降得相當好。我只是好奇您最近是否看到了有關獎勵利用的任何特別內容或相關評論？

So yes, and the -- our total VCE, I called that was lower this quarter at 40%. So as you know, variable Card Member engagement and rewards is the biggest number there. It's a very large expense base. So we're constantly looking at when we do product refreshes when we launch products we're looking at ways to make sure that this value proposition works best, and we price for this.

所以，是的，我們的總 VCE，我稱本季較低，為 40%。如您所知，可變的卡片會員參與度和獎勵是其中最大的數字。這是一個非常大的支出基礎。因此，當我們推出產品時，我們會不斷地進行產品更新，我們會尋找方法來確保這一價值主張發揮最佳作用，並為此定價。

And there's always changes as well in terms of how the Card Members choose to redeem their points from one quarter to another. As you know, we're also adding constantly new redemption partners that changed the mix in terms of their weighted average cost per point. So this, at any point in time, a lot of variables that will impact that ratio. We are very focused on making sure that we have the right ratio versus revenue. And we also have the right value proposition that will be compelling in the marketplace.

持卡會員兌換積分的方式也總是會從一個季度到另一個季度發生變化。如您所知，我們也不斷增加新的兌換合作夥伴，改變了每點加權平均成本的組合。因此，在任何時間點，都有很多變數會影響該比率。我們非常注重確保我們的收入比率正確。我們也擁有在市場上具有吸引力的正確價值主張。

So it's a little bit lower this quarter. I think we said 42% for the full year because we are seeing that it's a bit better as well from a full year standpoint. It's still going to be an area of investment for us. It drives a lot of growth as well. That's one of the key reasons why I Card Member sign up for the cards and engage with it. And we're going to keep working on those value propositions and make sure that we have the right balance here.

所以這個季度有點低。我想我們之所以說全年 42%，是因為我們發現從全年的角度來看，情況也好一些。它仍然是我們的投資領域。它也推動了很大的成長。這是 I 卡會員註冊並參與卡片的關鍵原因之一。我們將繼續致力於這些價值主張，並確保我們在這裡取得適當的平衡。

The only other point I'll add is that within our value propositions, because of our really premium card base, lots and lots of partners want to work with us and include benefits within our value propositions to reach our Card Members. And so when you look at the overall value proposition, it's just not rewards base. It is partner-based and there are different mechanisms from a funding perspective of how that all works out. So that's part and parcel of our value proposition as well.

我要補充的唯一一點是，在我們的價值主張中，由於我們真正優質的卡基礎，很多很多合作夥伴希望與我們合作，並將優惠納入我們的價值主張中，以惠及我們的持卡會員。因此，當你檢視整體價值主張時，你會發現它並不是獎勵基礎。它以合作夥伴為基礎，從融資角度來看，這一切的運作方式有不同的機制。所以這也是我們價值主張的重要組成部分。

The next question is coming from Arren Cyganovich from Citi.

下一個問題來自花旗集團的 Arren Cyganovich。

You continue to outperform on credit at least very much relative to your peers and below pre-pandemic levels. What are your thoughts on net charge-offs heading into 2024? And maybe you could touch a little bit on how the seasoning curves are happening for your recent vintages?

至少相對於同業而言，您的信貸表現繼續優於其他公司，並且低於大流行前的水平。您對 2024 年的淨沖銷有何看法？也許您可以談談您最近年份的調味曲線是如何發生的？

Yes, yes. So we're not going to give you a lot of details about 2024 on this call. We plan to do that in -- at the beginning of next year when we speak about 2024 guidance. But what I can tell you is that the starting point for us of our credit performance and all our credit decisions is the quality of the products and the fact that it attracts premium Card Members. That's the starting point, right? We have a very talented risk organization. We have a very disciplined execution of our risk decisions. But it starts with the quality of the product. And that's the key differentiator vis-a-vis our peers, and that's what we focused on.

是的是的。因此，我們不會在這次電話會議上向您提供有關 2024 年的大量詳細資訊。我們計劃在明年初我們討論 2024 年指導方針時做到這一點。但我可以告訴你的是，我們信用表現和所有信用決策的出發點是產品的品質以及它吸引優質卡會員的事實。這就是起點，對嗎？我們有一個非常有才華的風險組織。我們非常嚴格地執行風險決策。但這要從產品的品質開始。這是我們與同行的關鍵區別，也是我們關注的重點。

And as you know, we've said this many times on this call, if anything, we are focused even more on the premiumness of the portfolio. We are -- the new Card Members, because you're talking about vintages, the new Card Members we're bringing in 70% of those consumer Card Members are joining the franchise on a fee-paying product. That's a big statement to join the franchise. And so that's what we use to start projecting out. There are still, as I've said before, there's still a little bit of either COVID, (inaudible) and normalization going on. But we are very pleased with our credit performance that we're seeing. And as you pointed out, the gap versus competitors, if anything, is increasing further.

如您所知，我們在這次電話會議上已經說過很多次了，如果有的話，我們更加關注投資組合的溢價。我們是——新卡會員，因為你談論的是古董，我們引入的新卡會員中有 70% 的消費者卡會員加入了付費產品的特許經營權。這是加入該系列的重要聲明。這就是我們用來開始投影的東西。正如我之前所說，仍然有一些新冠病毒（聽不清楚）和正常化仍在進行。但我們對我們所看到的信用表現非常滿意。正如您所指出的，與競爭對手的差距（如果有的話）正在進一步擴大。

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

下一個問題來自 FT Partners 的 Craig Maurer。

And congrats carrying Kerri and Kartik on your new roles. The net interest yield on Card Member loans saw a nice improvement in the quarter, up 50 basis points quarter-on-quarter, and we're now above Q4 '19. And while I understand what rates are doing, the increase was pretty substantial this quarter, so I was -- versus prior quarter. So I was wondering how we should expect that to trend? And secondly, given your visibility due to the accounting treatment of card fees, how should we expect that to trend over the coming quarters considering it's decelerated for several quarters in a row.

並祝賀 Kerri 和 Kartik 擔任新角色。本季卡會員貸款的淨利息收益率出現了良好的改善，環比上升了 50 個基點，目前已高於 19 年第四季的水平。雖然我了解利率的變化，但本季的成長相當可觀，所以我是——與上一季相比。所以我想知道我們應該如何預期這種趨勢？其次，考慮到卡費會計處理的可見性，考慮到卡費連續幾個季度減速，我們應該如何預期未來幾季的趨勢。

Yes, yes. So on the yield, the key thing here, there are many moving parts, right? They are, as you know, in terms of the funding, in terms of their pricing, in terms of various vintages. But the key, the biggest element that is driving that small increase in the yield is the revolve rate. So the share -- the revolving balances, the interest-bearing balances in our total loan balance is increasing a little bit. And that's an outcome of our tenured Card Members, rebuilding their balances, which is something we've called out for several quarters now. And I just want to point out again that most of that growth is coming from -- most of that growth, i.e., 70% is coming from tenured Card Members that we know well, and we can underwrite well. So that's the key driver behind the yield improvement.

是的是的。因此，就產量而言，這裡的關鍵是，有很多活動部件，對吧？如您所知，它們在資金方面、定價方面以及各種年份方面都是如此。但推動產量小幅成長的關鍵、最大因素是循環率。因此，循環餘額、帶息餘額在我們總貸款餘額中所佔的份額正在一點點增加。這是我們的終身卡會員重建餘額的結果，這是我們幾個季度以來一直呼籲的。我只想再次指出，大部分成長來自——大部分成長，即 70% 來自我們熟悉的終身卡會員，我們可以很好地承保。因此，這是產量提高背後的關鍵驅動因素。

When it comes to card fees, you're right, we have good visibility because we amortize those fees over 12 months. So we see that trend. So you should expect that trend to continue a little bit, i.e., the growth rate to moderate. As I said, a key driver to this is going to be the cycle of product refreshes. And it's also going to be a function of us investing more marketing dollars, bringing on more fee-paying Card Members. And that dynamic is just it's going to play out. So you should expect in the next few quarters, a bit of a moderation there. But I need to call out that it's a moderation from a very high level. And as we used to say on this call, even during the pandemic, that specific category was still growing. So it's still going to grow strongly in double digits.

說到卡費，您是對的，我們擁有良好的可見性，因為我們將在 12 個月內攤提這些費用。所以我們看到了這種趨勢。因此，您應該預期這種趨勢會持續一點，即成長率會放緩。正如我所說，一個關鍵驅動因素將是產品更新周期。這也將是我們投入更多行銷資金、吸引更多付費卡會員的功能。這種動力即將發揮出來。因此，您應該預計在接下來的幾個季度中，情況會有所放緩。但我需要指出，這是一個非常高水準的溫和。正如我們過去在這次電話會議上所說的那樣，即使在大流行期間，這個特定類別仍在增長。因此，它仍將以兩位數的速度強勁增長。

Right. And if you go back to the pandemic, we were growing in the 10% to 11%. And so when you look at the outsized, let's call it, the outsized growth rates that we had in Q3 and Q4 of 2022, you had not acquired cards in really in 2020. And so when you got to that amortization in the third and fourth quarter of 2021, it was lower. So the growth rate was a little bit higher as we got in there. But look, we're pretty happy with 19% growth rate over numbers that continue to get bigger.

正確的。如果你回顧一下大流行，我們的成長率是 10% 到 11%。因此，當你看到 2022 年第三季和第四季的超額成長率時，你實際上並沒有在 2020 年獲得卡片。所以當你在第三季和第四季進行攤銷時2021 年第四季度，這一數字更低。因此，當我們進入那裡時，成長率會更高一些。但看，我們對 19% 的成長率感到非常滿意，而且數字還在持續成長。

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

我們的最後一個問題將來自美國銀行的 Mihir Bhatia。

And congratulations to Christophe, Kerri and Kartik. Yes. I wanted to maybe switch from talking about the card products that the whole call has been talking about a little bit. And maybe just talk a little bit about the non-card products. I think other loans and receivables is now up over $10 billion in total now. It's obviously been an area where you've spent a lot of time investing in. Maybe just talk a little bit about that, both on the consumer and commercial side. Where are you seeing some of the strongest growth? How do you expect that to trend? How much is that contributing to interest yields and et cetera.

恭喜 Christophe、Kerri 和 Kartik。是的。我想也許不再談論整個電話會議一直在談論的卡片產品。也許只是談談非卡產品。我認為其他貸款和應收帳款現在總計超過 100 億美元。顯然，這是您花了大量時間投資的領域。也許只是談論消費者和商業方面的一些問題。您在哪裡看到了最強勁的成長？您預計這種趨勢會如何？這對利息收益率等有多大貢獻。

Yes. So let me sort of just hit from a strategic perspective of what we're trying to do and even at $10 billion, it's still a relatively small piece. One of the things we try to do from a small business perspective is to make sure that we can provide a variety of working capital needs to our small business customers. And in that case, it can be non-card loans for working capital. It can be shorter term loan for up to 2 years and so forth.

是的。因此，讓我從戰略角度來談談我們正在嘗試做的事情，即使是 100 億美元，它仍然是一個相對較小的部分。從小型企業的角度來看，我們嘗試做的事情之一是確保我們能夠為小型企業客戶提供各種營運資金需求。在這種情況下，可以透過非卡貸款來獲取流動資金。它可以是最長 2 年的短期貸款，依此類推。

And I think part of that is the overall Kabbage acquisition that we did to be able to do that because what we wanted to do, and it goes along with what we did with sort of our checking account as well is we wanted to make sure that we could provide for small businesses a host of products and services from having to check a transaction account, having a lending product, having a charge product and then having working capital loans. And so I think that really fits in. But that's not the driver of growth for us in that segment.

我認為其中一部分是我們對 Kabbage 的整體收購，我們之所以能夠做到這一點，是因為我們想要做的事情，它也與我們對支票帳戶所做的事情相一致，我們希望確保我們可以為小型企業提供一系列產品和服務，從檢查交易帳戶、貸款產品、收費產品到流動資金貸款。所以我認為這確實很合適。但這並不是我們在該領域的成長動力。

From a consumer perspective, what we've continued to try to do is to really grow our organic footprint with our consumers. And that you can go back in history, it started as a charge card and then we put lending and then we put pay overtime and plan it within the product and came up with a savings account and a debit product and also a small component of personal loans. And so we've been judicious and careful about how we've gone about that. But I think it's an important to add to make sure that our customers are not going to our competitors when they need products and services like that. So that's the sort of strategic sort of backdrop on why we have that.

從消費者的角度來看，我們一直在努力做的是真正與消費者一起擴大我們的有機足跡。你可以回顧一下歷史，它最初是一張簽帳卡，然後我們放貸，然後我們放加班費，並在產品中進行計劃，並提出了儲蓄帳戶和借記卡產品以及個人儲蓄的一小部分。貸款。因此，我們對此的處理方式一直是明智且謹慎的。但我認為重要的是要確保我們的客戶在需要此類產品和服務時不會轉向我們的競爭對手。這就是我們這樣做的戰略背景。

Okay. And with that, we will bring the call to an end. Thank you 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。至此，我們將結束通話。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 團隊將隨時解答任何後續問題。接線員，回到您身邊。

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 1374-0799 after 1:00 p.m. Eastern Time on October 20 through October 27. That will conclude our conference call for today. Thank you for your participation. You may now disconnect.

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 上將提供網路廣播重播。您也可以在下午 1:00 後撥打 (877) 660-6853 或 (201) 612-7415（訪問代碼 1374-0799）查看通話的數位重播。東部時間 10 月 20 日至 10 月 27 日。我們今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。