美國運通 (AXP) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the American Express Q1 2024 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 2024 年第一季財報電話會議。 （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, Mr. Kartik Ramachandran. Please go ahead.

現在我想將會議轉交給我們的東道主投資者關係主管卡蒂克·拉馬錢德蘭 (Kartik Ramachandran) 先生。請繼續。

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

謝謝達裡爾，也謝謝大家參加今天的電話會議。

As a reminder, before we begin, today's discussion contains forward-looking statements about the company's future business and financial performance. These are based on management's current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these statements are included in today's presentation slides and in our reports on file with the SEC.

提醒一下，在我們開始之前，今天的討論包含有關公司未來業務和財務表現的前瞻性陳述。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。可比較的公認會計原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. Thank you.

那麼，讓我把它交給史蒂夫。謝謝。

Q1 was another strong quarter with revenues up 11% year-over-year to $15.8 billion and EPS up 39% to $3.33. The trends we've seen for the past several years continued through the first quarter of 2024. Our double-digit revenue increase was driven by strong spending growth, up 7% overall on an FX-adjusted basis with U.S. Consumer Card spending up 8% in the quarter and spending from International Card Members up 13% on an FX-adjusted basis. Spending by U.S. SME card members continued to be soft but new customer acquisitions, retention and credit on our small business products all continued to be strong.

第一季又是一個強勁的季度，營收年增 11% 至 158 億美元，每股收益成長 39% 至 3.33 美元。我們過去幾年看到的趨勢一直持續到 2024 年第一季。國際卡會員的支出（經匯率調整後）增加了13%。美國中小企業卡會員的支出持續疲軟，但我們的小型企業產品的新客戶獲取、保留和信用仍然強勁。

Fee revenues again grew by double digits, up 16% on an FX-adjusted basis. We continued to attract high-spending, high-credit quality customers to the franchise with new card acquisitions accelerating quarter-over-quarter, adding 3.4 million new cards in the quarter. Our fee-based products accounted for approximately 70% of the new account acquisitions globally, and we continued to see strong demand for millennial and Gen Z consumers who accounted for over 60% of the new consumer account acquisitions globally.

費用收入再次達到兩位數成長，經匯率調整後成長 16%。我們持續吸引高消費、高信用的優質客戶加入我們的特許經營店，新卡收購速度環比加速，本季新增 340 萬張新卡。我們的收費產品約佔全球新帳戶獲取量的 70%，而且我們繼續看到千禧世代和 Z 世代消費者的強勁需求，他們佔全球新消費者帳戶獲取量的 60% 以上。

Finally, our credit metrics continued to be best in class.

最後，我們的信用指標仍然是同類中最好的。

The ongoing momentum in our business is a result of the great work of our colleagues across the company and the loyalty and engagement of our premium customers around the world. Based on our performance and the trends we've seen through the first quarter, we are reaffirming our full year guidance of 9% to 11% revenue growth and EPS of $12.65 to $13.15. Our first quarter results continued to show that our strategy is working, and we feel good about where we are and where we are heading.

我們業務的持續發展勢頭得益於全公司同事的出色工作以及全球優質客戶的忠誠度和參與度。根據我們的業績和第一季的趨勢，我們重申全年營收成長 9% 至 11% 的預期，每股收益 12.65 美元至 13.15 美元。我們第一季的業績繼續表明我們的策略正在發揮作用，我們對自己的現狀和前進方向感到滿意。

In 10 days, we'll be hosting our 2024 Investor Day. At that session, we'll have a series of presentations from our senior business leaders that, taken together, will demonstrate why we are confident that our long-term growth aspiration is the right one. We will discuss our strategy for growing our premium consumer base in the U.S. through our membership model; our plans for winning the recovery in the U.S. small business space; our runway for growth in International; our progress in expanding merchant coverage and enhancing our network capabilities globally; how we're driving efficiency, growth and service through technology and how it all comes together from a financial perspective. We'll end our Investor Day with a Q&A session.

10 天后，我們將舉辦 2024 年投資者日。在那場會議上，我們將聽取高級商業領袖的一系列演講，這些演講將共同證明我們為何相信我們的長期成長願景是正確的。我們將討論透過會員模式擴大美國高端消費者基礎的策略；我們贏得美國小企業領域復甦的計劃；我們的國際發展跑道；我們在擴大商戶覆蓋範圍和增強全球網路能力方面取得的進展；我們如何透過科技推動效率、成長和服務，以及如何從財務角度將這一切結合在一起。我們將以問答環節結束投資者日。

Christophe will now take you through a detailed look at Q1 performance.

Christophe 現在將帶您詳細了解第一季的表現。

Thank you, Steve, and good morning, everyone. It's good to be here to talk about the first quarter results, which reflect another quarter of strong results and are tracking in line with the guidance we gave for the full year.

謝謝你，史蒂夫，大家早安。很高興在這裡談論第一季的業績，該業績反映了另一個季度的強勁業績，並且與我們為全年提供的指導保持一致。

Starting with our summary financials on Slide 2. First quarter revenues were $15.8 billion and grew 11% year-over-year. This revenue momentum drove reported net income of $2.4 billion and earnings per share of $3.33.

從幻燈片 2 上的財務摘要開始。這一營收成長勢頭推動淨利潤達到 24 億美元，每股收益達到 3.33 美元。

On Slide 3. Billed business grew 7% versus last year in the first quarter on an FX-adjusted basis, in line with the overall spend environment we have seen in the past few quarters as we expected.

在投影片 3 上。

Looking by category. We saw 6% growth in goods and services spending and 8% growth in travel and entertainment spending. There are a few other key points to take away as we then break down our spending trends across our businesses.

按類別尋找。我們看到商品和服務支出增加了 6%，旅遊和娛樂支出增加了 8%。當我們分析整個企業的支出趨勢時，還有其他一些關鍵點需要注意。

Starting with our largest segment on Slide 4. U.S. Consumer grew billings at 8% this quarter, with growth across all generations and age cohorts. Millennial and Gen Z customers grew their spending 15% and continued to drive our highest billed business growth within this segment. In fact, we see that younger customers use their cards more overall and this is even more pronounced in certain spend categories. For example, customers aged 35 and under use their cards at restaurants over 70% more on average than other customers in this segment.

從幻燈片 4 上我們最大的細分市場開始。千禧世代和 Z 世代客戶的支出成長了 15%，並繼續推動我們在該細分市場中最高的計費業務成長。事實上，我們發現年輕客戶更全面地使用他們的卡，這在某些支出類別中更為明顯。例如，35 歲及以下的顧客在餐廳使用信用卡的次數平均比該細分市場的其他顧客多 70% 以上。

Looking at Commercial Services on Slide 5. Overall growth came in at 2% this quarter. Spending growth from our U.S. small- and medium-sized enterprise customers remained modest, given the unique dynamics seen by small businesses.

檢視投影片 5 的商業服務。鑑於小型企業獨特的動態，美國中小型企業客戶的支出成長仍然溫和。

Lastly, on Slide 6, you see our highest growth again this quarter in International Card Services, up 13%. We continued to see double-digit growth in spending from international consumers and from international SME and large corporate customers as well as strong growth across our geographies.

最後，在投影片 6 中，您可以看到國際卡服務本季再次實現最高成長，成長 13%。我們持續看到國際消費者、國際中小企業和大型企業客戶的支出呈現兩位數成長，而且我們各地區的支出均強勁成長。

Overall, while we do continue to see a softer spend environment, our spending volumes are tracking in line with our expectations to support our revenue guidance for the full year. And we are pleased with the continued strong engagement of our customers as the number of transactions from our Card Members continued to grow double digits this quarter.

總體而言，雖然我們確實繼續看到支出環境更加疲軟，但我們的支出量符合我們的預期，以支持我們全年的收入指導。我們對客戶的持續強勁參與感到高興，因為我們的持卡會員的交易數量本季繼續以兩位數成長。

Now moving on to loans and Card Member receivables on Slide 7. We saw year-over-year growth of 12%. As we progress through 2024, we continue to expect this growth to moderate but to still grow modestly faster than billings.

現在轉到投影片 7 上的貸款和卡會員應收帳款。隨著 2024 年的進展，我們繼續預計這一增長將放緩，但仍將略高於比林斯的增長速度。

Turning next to credit and provision on Slide 8 through 10. First, and most importantly, we continued to see strong and best-in-class credit metrics. We attribute this performance to the high credit quality of our customer base, our robust risk management practices and our disciplined growth strategy. As we expected, our write-off and delinquency rates ticked up a bit, increasing very modestly quarter-over-quarter.

接下來轉向幻燈片 8 至 10 中的信貸和撥備。我們將這項業績歸功於客戶群的高信用品質、穩健的風險管理實務和嚴格的成長策略。正如我們預期的那樣，我們的沖銷率和拖欠率略有上升，季度環比增幅非常小。

Going forward, we expect to see this delinquency and write-off rates remain strong with some continued modest increase in 2024.

展望未來，我們預計拖欠率和沖銷率將保持強勁，並在 2024 年繼續小幅成長。

Turning now to the accounting of credit -- of this credit performance on Slide 9. The quarter-over-quarter growth in our loan balances, combined with a modest increase in our Card Member loans and receivables delinquency rate, resulted in a $148 million reserve build. This reserve build, combined with net write-offs, drove $1.3 billion of provision expense in the first quarter.

現在轉向信貸會計——幻燈片 9 上的信貸績效。儲備金的增加加上淨沖銷，第一季撥備支出增加了 13 億美元。

As you see on Slide 10, we ended the first quarter with $5.6 billion in reserves representing 2.9% of our total loans and Card Member receivables. We continue to expect this reserve rate to increase a bit as we move through 2024, 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，我們第一季末的準備金為 56 億美元，占我們貸款和卡片會員應收帳款總額的 2.9%。我們繼續預計，隨著 2024 年的到來，準備金率將略有上升，與過去幾季的小幅上升類似。

Moving next to revenue on Slide 11. Total revenues were up 11% year-over-year in the first quarter. Our largest revenue line, discount revenue, grew 6% year-over-year in Q1 on an FX-adjusted basis as you can see on Slide 12. This growth is mostly driven by the spending trends we've discussed earlier.

接下來是幻燈片 11 上的收入。正如您在投影片12 中看到的那樣，我們最大的收入項目——折扣收入，在匯率調整後的基礎上，第一季同比增長了6%。支出趨勢推動的。

Net card fees revenues were up 16% year-over-year in the first quarter on an FX-adjusted basis as you can see on Slide 13. We are pleased with this growth and continue to expect to exit the year with some further momentum, reflecting our cycle of product refreshes.

正如您在投影片 13 中看到的那樣，經匯率調整後，第一季的網卡費用收入年增 16%。的產品更新周期。

In the quarter, we acquired 3.4 million new cards, demonstrating the demand we're seeing for our products and the investments we've made. Importantly, acquisition of our premium fee-based products accounted for around 70% of new accounts and the spend, revenue and credit profiles of our new card members continue to look strong.

本季度，我們購買了 340 萬張新卡，證明了我們對產品的需求以及我們所做的投資。重要的是，我們的優質收費產品約佔新帳戶的 70%，而且我們新卡會員的支出、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 26% year-over-year in Q1. This growth is driven by the increase in our revolving loan balances and also by continued net yield expansion versus last year.

轉到投影片 14。這一增長是由我們的循環貸款餘額增加以及淨收益率較去年持續擴張所推動的。

We do expect this growth to continue to moderate as we move through the year. And I would remind you that for our business model, we would not expect to see a meaningful impact from the lower interest rate environment this year.

我們確實預計這一成長將在今年繼續放緩。我想提醒您，對於我們的業務模式，我們預計今年較低的利率環境不會產生有意義的影響。

To sum up revenues on Slide 15, the power of our diversified model continues to drive strong revenue growth momentum.

總結投影片 15 上的收入，我們多元化模式的力量持續推動強勁的收入成長動能。

I would note as you think about the CFPB late fee rule that late fees from our U.S. Consumer segment make up a small portion, less than 1% of our overall revenue. While we have no specific plans to mitigate as of now, we are always looking at our pricing and policies in the ordinary course of business.

我想指出的是，當您考慮 CFPB 滯納金規則時，我們美國消費者部門的滯納金只佔一小部分，不到我們總收入的 1%。雖然我們目前還沒有具體的緩解計劃，但我們始終在日常業務過程中關注我們的定價和政策。

Moving to expenses on Slide 16. Starting at the top of the page, variable customer engagement expenses came in at 40% of total revenues for the first quarter. As you look at these costs, I would note that Card Member rewards included a $196 million benefit as a result of enhancements to our models for estimating future membership rewards redemption, some of which we reinvested for growth in our marketing line. Looking forward, I still expect our variable customer engagement expenses to grow slightly higher than our revenue on a full year basis as we continue to focus on our premium products and drive engagement from our Card Members.

前往投影片 16 上的費用。當您查看這些成本時，我會注意到，卡會員獎勵包括1.96 億美元的收益，這是由於我們用於估計未來會員獎勵兌換的模型得到增強的結果，其中一些我們重新投資用於營銷線的增長。展望未來，我仍然預計我們的可變客戶參與費用的成長將略高於我們全年的收入，因為我們將繼續專注於我們的優質產品並提高持卡會員的參與度。

On the marketing line, we increased investments to $1.5 billion in the first quarter. We continue to be pleased with the strong high-quality customer acquisition and engagement we see as a result of these actions. And we are on track to increase marketing spend in 2024 versus last year.

在行銷方面，我們第一季將投資增加到 15 億美元。我們仍然對這些行動所帶來的強大的高品質客戶獲取和參與感到滿意。與去年相比，我們預計在 2024 年增加行銷支出。

Moving to the bottom of Slide 16 brings us to operating expenses, which were $3.6 billion in the first quarter, flat to last year's expense and in line with our expectations for the year.

轉到幻燈片 16 的底部，我們可以看到第一季的營運支出為 36 億美元，與去年的支出持平，並且符合我們對今年的預期。

When you look at the components of our operating expenses, salaries and benefits grew modestly versus last year compared to the growth we've seen in this line over the past years. This reflects the discipline with which we manage our expenses and is a great example of how we're able to drive efficiency while continuing to grow our business. We continue to see OpEx as a key source of leverage and are focused on delivering low levels of growth as we have historically done.

當您查看我們營運費用的組成部分時，與過去幾年我們在該領域看到的增長相比，工資和福利與去年相比略有增長。這反映了我們管理費用的紀律，也是我們如何在持續發展業務的同時提高效率的一個很好的例子。我們仍然將營運支出視為槓桿的主要來源，並像我們歷史上所做的那樣專注於實現低水平的成長。

Turning next to capital on Slide 17. We have returned $1.6 billion of capital to our shareholders in the first quarter on the back of strong earnings generation. Our CET1 ratio was 10.6% at the end of the first quarter, within our target range of 10% to 11%.

接下來轉向幻燈片 17 上的資本。截至第一季末，我們的 CET1 比率為 10.6%，在我們 10% 至 11% 的目標範圍內。

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.

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 2024 guidance on Slide 18. We feel really good about our first quarter results, which are tracking in line with our expectations for the year. These results continue to reinforce that our strategy is working, and we plan to continue to invest to support our momentum.

這讓我想到了幻燈片 18 上的 2024 年指引。這些結果繼續證明我們的策略正在發揮作用，我們計劃繼續投資以支持我們的發展勢頭。

As Steve discussed, for the full year 2024, we are reaffirming our guidance of having revenue growth of 9% to 11% and earnings per share between $12.65 and $13.15. And we remain committed to running the business for the long term.

正如 Steve 所討論的，對於 2024 年全年，我們重申收入增長 9% 至 11%、每股收益在 12.65 美元至 13.15 美元之間的指導方針。我們仍然致力於長期經營業務。

As a reminder, this guidance and the items related to the full year 2024 that I just walked through do not include the potential impact from the sale of our Accertify business that we previously announced. We expect to realize a sizable gain on the sale and to reinvest a substantial portion of the gain back into our business as we've done with similar transactions in the past. We still expect the deal to close in the second quarter and plan to provide more detail then.

提醒一下，本指南以及我剛剛瀏覽的與 2024 年全年相關的項目不包括我們先前宣布的出售 Accertify 業務的潛在影響。我們希望透過此次出售獲得可觀的收益，並將大部分收益重新投資回我們的業務，就像我們過去進行類似交易一樣。我們仍然預計該交易將在第二季完成，並計劃屆時提供更多細節。

With that, I'll turn the call back over to Kartik to open up the call for your questions.

這樣，我會將電話轉回給卡蒂克，以解答您的問題。

Thank you, Christophe. (Operator Instructions) And with that, the operator will now open up the line for questions. Operator?

謝謝你，克里斯托夫。 （操作員說明）然後，操作員將開啟提問線路。操作員？

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

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

I guess a question for both Steve and Christophe. Christophe, you said that you guys are seeing a softer spending environment. I'm just curious, when you look at the data, what's driving that? Is it inflation? Is it just a bit of tapering off after the post-pandemic spending?

我想這對史蒂夫和克里斯托夫來說都是一個問題。 Christophe，你說你們看到了一個更疲軟的消費環境。我只是好奇，當你查看數據時，是什麼推動了這一點？是通貨膨脹嗎？是不是疫情過後支出減少？

And I'm just curious, as we think about what gets that going again, what is it? Obviously, the comparisons get easier as well so that should help. But maybe you could just walk through that.

我只是很好奇，當我們思考是什麼讓這種情況再次發生時，它是什麼？顯然，比較也變得更容易，所以這應該會有所幫助。但也許你可以簡單地經歷一下。

Yes. Let me start and then Christophe can jump in. But when you look at overall spending, our overall spending is 7%, but consumer spending is 8%. And I think consumer spending is relatively strong. And when you look at international, international consumer spending is up 14%. And overall, international is up 13%.

是的。讓我開始，然後 Christophe 可以插話。我認為消費者支出相對強勁。當你看看國際市場時，你會發現國際消費者支出增加了 14%。總體而言，國際成長了 13%。

Where you're seeing some softness is in SME. And so SME is up approximately 1%. And so I think as SME comes back, which we look as an opportunity down the road, as SME comes back, that will drive some stronger spending. And I think the good things that we see from an SME perspective is that we're still acquiring cards. Credit looks really good. And even though organic has come down, organic transactions have gone up.

你會看到中小企業有些疲軟。因此，中小企業上漲了約 1%。因此，我認為隨著中小企業的回歸，我們將其視為未來的一個機會，隨著中小企業的回歸，這將推動一些更強勁的支出。我認為從中小企業的角度來看，我們看到的好處是我們仍在獲取信用卡。信用看起來確實不錯。儘管有機交易有所下降，但有機交易卻有所上升。

So I think, in aggregate, we see softness and I think a lot of that softness is driven from a commercial perspective. But 8% consumer growth in the U.S. is not too bad.

所以我認為，總的來說，我們看到了軟性，而且我認為這種軟性很大程度上是從商業角度驅動的。但美國 8% 的消費者成長還不錯。

Our next question comes from the line of Mihir Bhatia with Bank of America.

我們的下一個問題來自米希爾·巴蒂亞 (Mihir Bhatia) 與美國銀行的聯繫。

I wanted to ask about the Membership Rewards expense. It looks like there's a little bit of a change there with model enhancements and stuff. Can you just talk about that a little more? Did the estimate for the URR redemption rate change from the 96% at year-end? Like should we think of this $196 million benefit as a onetime thing? Or is that going to be continuous?

我想問一下會員獎勵費用。看起來模型增強等方面發生了一些變化。能再多談一下嗎？ URR贖回率預估較年底96%有變動嗎？我們是否應該將這 1.96 億美元的福利視為一次性的事？或者說會持續下去嗎？

Thank you for the question. So you should think about it as a onetime thing. And the URR is 96%. It's still at 96%. What we do is because it's such an important model for us. We, on a regular basis, we redevelop the model. And every time we redevelop the model, we try to enhance the model. So we feed the model with more data and try to refine their URR calculation.

感謝你的提問。所以你應該把它當作一次性的事情。 URR 為 96%。仍然是96%。我們這樣做是因為它對我們來說是一個非常重要的模型。我們定期重新開發模型。每次我們重新開發模型時，我們都會嘗試增強模型。因此，我們為模型提供更多數據，並嘗試改進其 URR 計算。

That's exactly what happened. And when we did that in Q1, we came back with a little bit of the benefit. I see a little bit because you have to remember that the entire Membership Rewards bank is about $14 billion -- it's a bit less than $14 billion. So $196 million is very small compared to the size of the balance sheet. And so it's a one-off, and we don't expect something similar anytime soon.

這正是發生的事情。當我們在第一季這樣做時，我們獲得了一些好處。我看到了一點點，因為你必須記住，整個會員獎勵銀行大約有 140 億美元——比 140 億美元略少一點。因此，與資產負債表的規模相比，1.96 億美元非常小。所以這是一次性的，我們預計不會很快出現類似的情況。

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

我們的下一個問題來自德意志銀行的馬克‧德弗里斯。

Could you discuss what drove the reacceleration in the new card growth this quarter?

您能否討論一下是什麼推動了本季新卡成長的重新加速？

Yes. I mean, so we invested more. And I think when you go back and you look at the first quarter, we had 3.4 billion -- 3.4 million, excuse me. $3.4 billion would be a pretty sizable amount of cards to acquire in a quarter. 3.4 million cards acquired. And if you remember at that time, you had the SVB situation and so there was a pullback. There was not only a pullback on our side, there was a little bit of a pullback in the industry and I think there was some consumer trepidation as well. And so as the year went on, we started to build up and it culminated this year with -- in the first quarter of 3.4 million cards. We invested more in marketing as we said we were going to do.

是的。我的意思是，所以我們投入了更多。我想當你回顧第一季時，我們有 34 億——340 萬，對不起。 34 億美元對於一個季度購買的信用卡來說是一筆相當大的金額。獲得 340 萬張卡。如果你還記得當時，你遇到了 SVB 的情況，所以出現了回呼。不僅我們這邊出現了回調，整個產業也出現了一些回調，我認為消費者也感到了一些恐慌。隨著這一年的過去，我們開始不斷積累，今年第一季的卡片數量達到了頂峰，達到了 340 萬張。正如我們所說的那樣，我們在行銷方面投入了更多資金。

But I'd also like to highlight that a key driver of that acceleration is the product refreshes that we do. We've talked a lot how product refreshes really stimulate demand and how it makes our marketing dollars work a lot harder. And so we had the Delta product refreshes. We had a product refresh in Japan. We had a Hilton small business card. We had a British Airways card. And we're on our way to those 40 product refreshes that we talked about.

但我還想強調，這種加速的關鍵驅動因素是我們所做的產品更新。我們已經討論了很多產品更新如何真正刺激需求以及它如何使我們的行銷資金更加有效。因此我們對達美航空的產品進行了更新。我們在日本進行了產品更新。我們有一張希爾頓小名片。我們有一張英國航空卡。我們即將進行我們所討論的 40 項產品更新。

And what product refreshes do, they do stimulate demand and it stimulates upgrades and so forth. So that's really what's behind the increase sequentially of cards quarter-over-quarter, but we're sort of back to where we were at this time last year.

產品更新確實會刺激需求並刺激升級等等。這確實是卡片數量環比增長的原因，但我們又回到了去年這個時候的水平。

The only thing I would add, Mark, is as we increase the NCA, the percentage of new cards that are coming on a fee-paying product remains stable at about 70%, right? So it talks about the quality of this 3.4 million new cards.

馬克，我唯一要補充的是，隨著 NCA 的增加，付費產品中新卡的百分比保持穩定在 70% 左右，對吧？所以說的是這340萬張新卡的品質。

Our next question comes from the line of Craig Maurer with FT Partners.

我們的下一個問題來自 Craig Maurer 與 FT Partners 的對話。

So wanted to ask about your assumptions on Page 23 of the deck. It looks like for quarters, the second and third quarter, you're assuming a better macro scenario in the U.S. So just curious with -- in combination of the rewards...

所以想問你對這副牌第 23 頁的假設。看起來，在第二季度和第三季度，你假設美國的宏觀情況會更好，所以只是好奇——結合獎勵...

Please stand by. We are waiting for our operator.

請稍候。我們正在等待我們的接線員。

(technical difficulty)

（技術難度）

Okay. Sorry. So what I was saying was with the -- what seems to be firmer macro assumptions for second and third quarter and the rewards benefit, how come EPS guide was held flat? I'm assuming there's probably a bigger buffer in there.

好的。對不起。所以我所說的是──第二季和第三季的宏觀假設和獎勵收益似乎更加堅定，每股盈餘指南為何持平？我假設那裡可能有更大的緩衝區。

And second, if you could comment on what the trends have been in your loan workout program. Have you been seeing higher or lower additions to that program? And how has progress been in terms of getting consumers on good payment plans and maintaining them?

其次，您能否評論一下您的貸款解決方案的趨勢。您是否看到該計劃的增加量增加或減少？在讓消費者獲得良好的付款計劃並維持這些計劃方面取得了哪些進展？

American Express speaker line. Are you guys there?

美國運通揚聲器線。你們在嗎？

(technical difficulty)

（技術難度）

Ladies and gentleman please stand by. We will continue with the next question in just a moment.

女士們先生們請站在一旁。我們稍後將繼續下一個問題。

You guys are back. Are you able to hear me?

你們回來了。你聽得到我說話嗎？

Yes, operator. Thank you. Please go ahead.

是的，接線生。謝謝。請繼續。

Okay. So that last question was from the line of Craig Maurer with FT Partners. Craig, you may have to ask your question again.

好的。最後一個問題來自 FT Partners 的 Craig Maurer。克雷格，你可能需要再問一次你的問題。

Yes. We didn't hear it.

是的。我們沒有聽到。

No problem. So wanted to ask about the assumptions later in the deck. It looks like you're assuming a firmer economic environment for quarters 2 and 3. So taking that with the benefit on Rewards, should we assume there's a larger buffer built into your guide because you didn't raise EPS guide?

沒問題。所以想詢問甲板後面的假設。看來您假設第二季和第三季的經濟環境更加堅挺。

And second, along the same lines, I wanted to ask about your loan workout program. Are you seeing any change in terms of the pace of loans being added or loans being worked out and how loans are progressing through that program?

其次，同樣，我想問一下你們的貸款解決方案。您認為增加貸款的速度或製定貸款的速度以及貸款通過該計劃的進展是否有任何變化？

Okay. Under -- how we think about the balance of your -- so we -- as I said, we're going to stick to our EPS guidance. We're not going to change that range at this point in time. There are still a lot of things that need to play out in the balance of the year and we think that, that guidance best represent what we expect at this point in time.

好的。正如我所說，我們將如何考慮您的平衡，因此我們將堅持每股收益指引。我們目前不會改變這個範圍。在今年剩下的時間裡，仍有許多事情需要解決，我們認為，該指導最能代表我們目前的期望。

Specifically about how to think about that URR benefit, as I said in my prepared remarks, I would say that a significant portion of that benefit was reinvested on the marketing line. We knew -- we saw that benefit coming in the quarter and we took advantage of that as well to dial up the marketing. So all in all, it doesn't have a meaningful impact on EPS for the full year.

具體來說，關於如何考慮 URR 收益，正如我在準備好的演講中所說，我想說該收益的很大一部分被再投資到了行銷線上。我們知道－我們看到了本季帶來的好處，我們也利用了這一點來加大行銷力度。總而言之，它不會對全年每股收益產生有意義的影響。

When it comes to, what we call, the financial relief program and the modified loans, so this is an important program for us. We have, we think, one of the best program in the industry. We have innovated, for instance, we have a short-term program. We are also either in that short-term program enabling the Card Members to retain some spend capacity and usage of the product. So we really think that it's a differentiator to help the Card Members that are experiencing stress.

說到我們所說的財政救濟計劃和修改後的貸款，這對我們來說是一個重要的計劃。我們認為，我們擁有業內最好的計劃之一。我們進行了創新，例如，我們有一個短期計劃。我們也參與了這個短期計劃，使持卡會員能夠保留一定的消費能力和產品的使用。因此，我們確實認為這是幫助面臨壓力的持卡會員的差異化因素。

So that program is working really well for us. It's very effective. And what I can say is that the enrollment in the program has moderated in Q1 and that the performance of the Card Members within this program is very, very strong. We have a ton of metrics. One of the metrics we talked about in the past was we're looking at payment loyalty and how much the Card Members who are either in delinquent status or paying versus paying our peers.

所以這個計劃對我們來說非常有效。這非常有效。我可以說的是，該計劃的註冊人數在第一季有所放緩，並且該計劃中的持卡會員的表現非常非常強勁。我們有大量的指標。我們過去討論過的指標之一是我們正在研究付款忠誠度以及處於拖欠狀態或付款狀態的卡會員與向我們同行付款的金額相比。

And we like what we're seeing, right? We're typically front of their wallet in terms of repayments. And it's definitely contributing to the strong credit metrics that you've seen.

我們喜歡我們所看到的，對吧？在還款方面，我們通常會考慮到他們的錢包。它肯定對您所看到的強大信用指標做出了貢獻。

We think it's also consistent with our brand in terms of being there for our card members and having their back. So that program is working well. But just to be specific on your question, the enrollment in this program is moderating in Q1.

我們認為這也符合我們的品牌，為我們的持卡會員提供支援並提供支援。所以這個程式運作良好。但為了具體說明您的問題，該計劃的註冊人數在第一季有所放緩。

Our next question comes from the line of John Hecht with Jefferies.

我們的下一個問題來自約翰·赫克特和傑弗里斯的對話。

Most of my questions have been asked. So I guess I'm going to ask about the Visa and Mastercard settlement, a reduction in interchange rates and then some steering mechanisms. And I know historically, given your premium brand and so forth, those actions haven't had any impact on the business. But we haven't talked about that for a while, so I'm wondering if you guys just have some updated thoughts about that.

我的大部分問題都被問到了。所以我想我會詢問維薩卡和萬事達卡的結算、交換率的降低以及一些指導機制。我知道，從歷史上看，考慮到您的優質品牌等，這些行動並沒有對業務產生任何影響。但我們已經有一段時間沒有討論這個問題了，所以我想知道你們對此是否有一些最新的想法。

Yes. Well, it's really hard to say how it's going to play out over time. I mean, this has been going on probably close to 20 years. And it still has to be approved by the courts, and we'll see.

是的。嗯，真的很難說隨著時間的推移它會如何發展。我的意思是，這種情況可能已經持續了近 20 年。它還需要得到法院的批准，我們拭目以待。

But what I would say is it really doesn't change sort of our strategy in any way. I mean, we're still focused on premium customers. Our customers still engage with the products, will demand to use the products and we'll still maintain our virtual parity.

但我想說的是，這確實不會以任何方式改變我們的策略。我的意思是，我們仍然專注於優質客戶。我們的客戶仍然會使用這些產品，會要求使用這些產品，而我們仍然會保持我們的虛擬平價。

So we'll see how it all plays out, but we're going to continue to focus on what we control. And the only other thing I would say is that our pricing policies and structures are fundamentally different than the networks.

所以我們會看看這一切會如何發展，但我們將繼續專注於我們所控制的事情。我唯一要說的是，我們的定價政策和結構與網路根本不同。

(technical difficulty)

（技術難度）

Ladies and gentlemen, thank you for your patience in standing by. Our conference will resume momentarily. We are experiencing technical difficulties. Please remain on the line, and once again, your conference will begin shortly. Thank you so much for joining us.

女士們先生們，感謝你們的耐心等待。我們的會議將立即恢復。我們遇到技術困難。請保持通話，您的會議很快就會開始。非常感謝您加入我們。

Operator, we can hear you. Can you go ahead and ask for the next question, please.

接線員，我們聽得到您的聲音。您可以繼續問下一個問題嗎？

Sure. Our next question comes from the line of Jeff Adelson with Morgan Stanley.

當然。我們的下一個問題來自傑夫阿德爾森與摩根士丹利的對話。

Can you hear me okay?

你聽得到我說話嗎？

Yes, we can.

我們可以。

Okay. Good. Yes, I just wanted to ask on the prior comments you made last quarter about the card refresh plans for this year, 40 card products. I think from a quick count (inaudible) it seems like you've done 8 so far this year with Delta, Hilton and maybe a card in India. Is that right?

好的。好的。是的，我只是想問您之前在上季度發表的有關今年卡牌更新計劃的評論，40 種卡牌產品。我認為，從快速計數（聽不清楚）來看，今年到目前為止，您已經與達美航空、希爾頓酒店以及印度的一張信用卡合作過 8 次。是對的嗎？

And maybe you could just talk a little bit about trajectory over the rest of the year, cadence over the rest of the year and what the response has been to some of those refreshes so far? I think more notably, the Delta -- the big Delta one you did earlier this year would be interesting to hear the response you've seen from customers so far on that.

也許你可以談談今年剩餘時間的軌跡、今年剩餘時間的節奏以及迄今為止對其中一些刷新的反應是什麼？我認為更值得注意的是，達美航空——今年早些時候你做的大型達美航空，將會很有趣地聽到你迄今為止從客戶那裡看到的反應。

Yes. So the product refreshes will go out through the year. We don't really talk about exactly when they're going to be released. But you can rest assure that all 40 or approximately 40 will be done. It's a little early to tell on the refreshes as it's still in the early stages here.

是的。因此，產品更新將貫穿全年。我們並沒有真正談論它們何時發布。但您可以放心，所有 40 個或大約 40 個都會完成。現在談論刷新還為時過早，因為它仍處於早期階段。

But what I would say, from a Delta reserve perspective, it has really, really gone well, probably beyond our expectations. So that is a -- it's a great product. It's a -- we raised the fee $100 and added over $500 worth of -- $560 worth of value. So that's going well.

但我想說的是，從達美航空儲備的角度來看，它確實非常順利，可能超出了我們的預期。所以這是一個——這是一個很棒的產品。我們將費用提高了 100 美元，並增加了價值超過 500 美元的價值 560 美元。所以一切進展順利。

And as I said, the proof will be in the pudding because refreshes really do help to drive demand. It drives awareness. It not only -- and it drives more engagement with existing cardholders.

正如我所說，證據就在布丁中，因為更新確實有助於推動需求。它提高了意識。它不僅——而且還推動了現有持卡人的更多參與。

And it's been a strategy that has worked very, very well for us over the last number of years, and it's one that we're committed to on a go-forward basis because it's not only important to, again drive demand, but you really you want to reignite and reengage with the base. And what we really do is we look at what our customers really want and make sure that we're adding that value that makes the most sense to them.

在過去的幾年裡，這是一項對我們來說非常非常有效的策略，我們致力於繼續推動這項策略，因為它不僅重要的是，再次推動需求，而且你真的你想要重新點燃並與基地重新接觸。我們真正要做的是了解客戶真正想要什麼，並確保我們添加對他們最有意義的價值。

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

我們的下一個問題來自 Rick Shane 與摩根大通的對話。

And Steve, it ties in with what you're just talking about. When we think about the life cycle of a customer, it's acquisition, it's engagement and then ultimately, it's loyalty and retention. And I think the real strength of American Express is on the loyalty retention side.

史蒂夫，這與你剛才所說的有關。當我們考慮客戶的生命週期時，首先是獲取客戶，其次是參與度，最後是忠誠度和保留度。我認為美國運通的真正優勢在於忠誠度保留方面。

When you talk about refresh, that's acquisition and engagement. Can you talk about what you're doing investing on the back office side as the portfolio is growing so quickly to make sure that you maintain the loyalty and retention aspect of the business as well.

當你談論更新時，指的是獲取和參與。您能否談談您在後台方面所做的投資，因為投資組合成長如此之快，以確保您也保持業務的忠誠度和保留率。

Well, I think it truly is a virtuous cycle. And I think you've got it right. It's important to obviously acquire cards. And then as you acquire a card, you really want to engage them and get those cardholders spending in as many areas as they can. And so you look at this ramp-up period over maybe a 0- to 24-month period, and then at that point in time, what's important is that we are engaging with the customer as a customer who is embedded within the franchise.

嗯，我認為這確實是一個良性循環。我認為你說得對。顯然獲得卡片很重要。然後，當您獲得一張卡時，您確實希望吸引他們並讓這些持卡人在盡可能多的領域中消費。因此，您會看到這個上升期可能是 0 到 24 個月，然後在那個時間點，重要的是我們將客戶作為嵌入特許經營權的客戶進行互動。

And part of our marketing dollars not only goes to acquiring new customers, but we look at how people are spending, we look at how they're spending relative to other people like them and that's where you'll see offers to either upgrade cards, line increases, other products that we have.

我們的部分行銷資金不僅用於獲取新客戶，而且我們還關注人們的消費方式，我們關注他們相對於其他類似人的消費方式，這就是您會看到升級卡、生產線增加，我們有其他產品。

And so it's that constant engagement, it's the analytics that go behind it that really leads to the retention. What you cannot do is once you have somebody, you just can't let them be stagnant. And so -- and there's a lot of learnings out of our Commercial business and out of our Merchant business where we have tremendous account managers that work with our clients on a daily basis, weekly basis to help them grow their spend. Now obviously, with tens of millions of Consumer Card members, you can't do that necessarily personally all the time, but you can do that through communicating through the channels that we have.

因此，正是這種持續的參與，以及背後的分析，才真正帶來了留存。你不能做的是，一旦你有了某人，你就不能讓他們停滯不前。因此，我們從我們的商業業務和商家業務中學到了很多東西，我們擁有大量的客戶經理，他們每天、每週與我們的客戶合作，幫助他們增加支出。顯然，現在擁有數千萬的消費卡會員，你不一定能一直親自做到這一點，但你可以透過我們擁有的管道進行溝通來做到這一點。

And another big part of our value proposition and our service proposition is when people do call into us, our customer care professionals are able to look at their spending, look at how they're doing and offer them other opportunities to really to grow with us, either from a, again, from a lending perspective or from a card upgrade perspective. So I think it's really important what happens on that back office as that continues to fuel that virtuous cycle.

我們價值主張和服務主張的另一個重要部分是，當人們確實打電話給我們時，我們的客戶服務專業人員能夠了解他們的支出，了解他們的表現，並為他們提供其他機會，真正與我們一起成長，無論是從貸款角度還是從卡片升級角度。因此，我認為後台發生的事情非常重要，因為這將繼續推動良性循環。

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

我們的下一個問題來自沃爾夫研究中心的比爾·卡卡什（Bill Carcache）。

Although, you mentioned, Christophe, that the rewards benefit was one-off, are you seeing any evidence of customers deriving greater value from experiential and partner funded rewards? Guess I'm just wondering if there's a possibility that pressure on the rewards rate could potentially abate in a sustained way as customers generate greater value in other ways?

Christophe，儘管您提到獎勵福利是一次性的，但您是否看到任何證據表明客戶從體驗和合作夥伴資助的獎勵中獲得了更大的價值？我想我只是想知道，隨著客戶以其他方式產生更大的價值，獎勵率的壓力是否有可能持續減輕？

So Christophe can get a little bit more into the detail, but I think you've hit on a really good point and one that really is part of our value proposition, whether it's embedded value that we get from our partners that's embedded in the value proposition and we're seeing that increase over time. And that's also, as you look at refreshes, you see that within the refreshes.

因此，克里斯托夫可以更詳細地介紹一些細節，但我認為您提出了一個非常好的觀點，並且確實是我們價值主張的一部分，無論是我們從合作夥伴那裡獲得的嵌入價值我們看到這種情況隨著時間的推移而增加。而且，當您查看刷新時，您會在刷新中看到這一點。

But it's also the Amex offers and how we continue to work with our merchant partners to provide more benefits to our card members on an ongoing basis.

但這也是美國運通的優惠以及我們如何繼續與我們的商業合作夥伴合作，持續為我們的持卡會員提供更多福利。

So I think when you take that entire portfolio of the rewards opportunities that we have, the embedded value that comes within the value proposition and Amex offers, all of that together, and it gets back to what Rick's point was, all of that together leads to more loyalty and more retention.

所以我認為，當你把我們擁有的獎勵機會的整個組合、價值主張中的內在價值和美國運通提供的所有這些放在一起時，它又回到了里克的觀點，所有這些一起導致了提高忠誠度和保留率。

Yes. And to build that a little bit on the rewards side, we are constantly trying to innovate on the MR side: on the number of partners engaged in the program, the ease of redemption as well. One of their latest innovation that is actually very successful in terms of how many Card Members are using it is the ability just to select the transaction on your statement, your digital statement, and actually use MR points to pay for that specific transactions. And we're seeing a lot of Card Members using that.

是的。為了在獎勵方面實現這一點，我們不斷嘗試在 MR 方面進行創新：參與該計劃的合作夥伴數量以及兌換的便利性。他們最新的創新之一實際上非常成功，就有多少持卡會員使用它而言，只需在您的對帳單、數位對帳單上選擇交易，然後實際使用 MR 積分來支付該特定交易。我們看到很多持卡會員都在使用它。

So we're constantly trying to make it easier and better for our Card Members, to redeem to make the product -- the MR program competitive and more and more economic as well for us. So it's definitely a place of innovation that is a very dynamic place.

因此，我們不斷努力讓我們的持卡會員更容易、更好地兌換產品——MR 計劃對我們來說也更具競爭力，也越來越經濟。所以這絕對是一個充滿活力的創新之地。

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

我們的下一個問題來自 Don Fandetti 與富國銀行的對話。

Yes. Christophe, your International billed business growth continues to be very strong. Do you build that into your guidance at this level for '24 revenue growth? And can you give us an update on how your acceptance initiatives are going?

是的。 Christophe，您的國際計費業務成長仍然非常強勁。您是否將其納入您對 24 年收入成長這一水平的指導中？您能否向我們介紹一下您的驗收計劃的最新進展？

Yes. So we are -- we -- ICS and International was the fastest-growing segment of American Express pre-COVID and has been for several quarters now as well.

是的。所以，我們——我們——ICS 和國際業務是美國運通在新冠疫情之前成長最快的業務，並且已經持續了幾個季度。

The opportunity is just much bigger for us in International. We have either -- we're also investing, everything else being equal, proportionately a bit more in International. Their brand out in International is probably a bit more premium as well than it is in the U.S.

國際化的機會對我們來說要大得多。我們要嘛有──我們也在投資，在其他條件相同的情況下，在國際上比例要多一些。他們在國際上的品牌可能比在美國的品牌更高端一些。

So there's definitely a massive opportunity for us, and we're going after it and that's baked in our guidance for this year. It's also factored in as we think about our long-term aspiration. Part of the things that we're going to do to deliver on that guidance for this year and that long-term aspiration is actually to grow at a faster pace in international. It's a great opportunity for us, for sure.

因此，這對我們來說絕對是一個巨大的機會，我們正在努力抓住它，這已納入我們今年的指導中。當我們考慮我們的長期願望時，它也會被考慮在內。為了實現今年的指導和長期願望，我們要做的部分事情實際上是在國際上以更快的速度成長。這對我們來說無疑是一個很好的機會。

So we're going to talk more about International at Investor Day, we'll have a separate segment on that. But we're also going to talk about how we continue to grow international coverage. And if you remember, a number of years ago, we talked about our international city strategy. We talked about industries we're going after. And so we'll provide some updates on that.

因此，我們將在投資者日更多地討論國際，我們將有一個單獨的部分。但我們也將討論如何繼續擴大國際覆蓋範圍。如果您還記得，幾年前，我們談論過我們的國際城市策略。我們討論了我們要追求的行業。因此，我們將提供一些相關更新。

But the top line is international acceptance continues to grow and continues to improve. And when you look at the International business growing at the rate it's growing and coverage continuing to grow, we see that as a long runway for future growth.

但最重要的是國際接受度持續成長並持續改善。當你看到國際業務的成長速度和覆蓋範圍持續成長時，我們認為這是未來成長的一條漫長道路。

Our next question comes from the line of Gus Gala with Monness, Crespi, Hardt.

我們的下一個問題來自格斯·加拉（Gus Gala）與蒙尼斯（Monness）、克雷斯皮（Crespi）、哈特（Hardt）的關係。

Wanted to dig in and ask, can we talk about the opportunities to lower cost of funding?

想深入探討一下，我們可以談談降低融資成本的機會嗎？

And similar line of thought here. Can you talk a little bit about the Pay Over Time feature?

這裡也有類似的思路。能談談「按時間付費」功能嗎？

Yes. So the Pay Over Time feature, you mean like how it's performing, how it's growing pay over time?

是的。那麼，隨著時間的推移付費功能，你的意思是它的表現如何，隨著時間的推移它如何增加工資？

Yes. Let's talk about the performance and the unit economics, if we can.

是的。如果可以的話，我們來談談性能和單位經濟效益。

Yes. So Pay Over Time, there is a facility that is available on our charge product. It's a service that a lot of Card Members are taking advantage of. It's the opportunity for them to revolve some of their transactions or part of their balance.

是的。因此，按時間付費，我們的收費產品提供了一項功能。許多持卡會員都在利用這項服務。這是他們循環部分交易或部分餘額的機會。

Their performance is very strong. It's actually the segment of our balances that is the fastest growing. And from -- I would say, from a performance standpoint, because that product, that service is attached to our charge card products, so typically premium Card Members, the credit performance is also the best that we have in our lending products. So it's a very efficient way for us to grow balances by extending credit to premium Card Members.

他們的表現非常強勁。實際上，這是我們餘額中成長最快的部分。我想說，從績效的角度來看，因為該產品、該服務附加在我們的簽帳卡產品上，所以通常是高級卡會員，信用績效也是我們貸款產品中最好的。因此，透過向高級卡會員提供信貸，這是我們增加餘額的一種非常有效的方式。

And the first question, I forgot, was funding? So the funding mix is still evolving towards more deposits. And as you know, deposits is, for us, they're the most effective and the most economical source of fund and it's a very stable source of fund as well for us. I think we are at about 92% of our deposit -- direct deposit balances are below the FDIC cap. So it's a stable, resilient, growing source of funding for us. And it's generating a lot of good things for us, including supporting our growth and growth plan and growth aspiration.

我忘了第一個問題是資金？因此，融資組合仍在朝著更多存款的方向發展。大家知道，存款對我們來說是最有效、最經濟的資金來源，也是非常穩定的資金來源。我認為我們大約 92% 的存款——直接存款餘額低於 FDIC 上限。因此，它對我們來說是一個穩定、有彈性、不斷成長的資金來源。它為我們帶來了許多好處，包括支持我們的成長、成長計劃和成長願望。

And when you look at the yield that I had on the lending slide, one of the drivers behind the yield expansion year-over-year is actually a more effective cost of fund. And it's not a one-off, right? That has been a trend for several years now and there is more to come.

當你看到我在貸款投影片上得到的收益率時，收益率同比擴張背後的驅動因素之一實際上是更有效的資金成本。而且這不是一次性的，對吧？這種趨勢已經持續了好幾年，而且未來還會有更多趨勢。

Our next question comes from the line of Moshe Orenbuch with TD Cowen.

我們的下一個問題來自 Moshe Orenbuch 和 TD Cowen 的對話。

Great. If you look at your commercial spending, particularly SME growth, it's been particularly weak the last couple of quarters. And noticing on Slide 5, the Goods & Services has basically been flat to down for a couple of quarters.

偉大的。如果你看看你的商業支出，特別是中小企業的成長，你會發現過去幾季特別疲軟。請注意投影片 5，商品和服務在幾個季度中基本上持平或下降。

And you mentioned things that are unique to small business. But maybe could you expand that a little more and talk about what things we might see that would cause that to start to turn?

您提到了小企業特有的事。但也許你可以再擴展一下，談談我們可能會看到哪些事情會導致情況開始轉變？

And how long you can kind of maintain the kind of teens growth in loans while that is kind of flattish. So if you could you talk about those things.

在貸款成長趨於平穩的情況下，你能維持這種青少年貸款成長多久。所以如果可以的話你可以談談這些事情。

All right. Let me start and I'm sure Steve will add up to this. So you're right. I mean the SME billed business has been in that 1%, 2% range for a year now. We think that this is macro driven, and we have a ton of data that confirms that. It's not specific to American Express and the rest of the industry is experiencing similar trends.

好的。讓我開始吧，我相信史蒂夫會補充這一點。所以你是對的。我的意思是，中小企業計費業務一年來一直處於 1%、2% 的範圍內。我們認為這是宏觀驅動的，我們有大量數據證實了這一點。這並不是美國運通特有的，該行業的其他公司也正在經歷類似的趨勢。

I will note, as I think we said in the prepared remarks, that on the acquisition side, it's going very strongly. So the demand for the product is there. The quality of the applicant is there as well. And as we've said in the past, it's, I would say, the 10-year base that is moderating their spend. We'll see how it goes, those Card Members, the SME, as we've said in the past, have been going through a lot. They're certainly experiencing as well their compound effect of funding costs for several years now. And they are very careful in terms of how they're managing their cash flows and how they're spending.

我要指出的是，正如我們在準備好的發言中所說的那樣，在收購方面，進展非常強勁。所以對產品的需求是存在的。申請人的素質也在那裡。正如我們過去所說，我想說的是，10 年基數正在減少他們的支出。我們會看看事情進展如何，那些卡會員、中小企業，正如我們過去所說的，已經經歷了很多。他們肯定也正在經歷幾年來融資成本的複合效應。他們在管理現金流和支出方面非常謹慎。

This being said, we are very focused at working with them, as I said, engaging with them. And we're confident that we have what it takes to win them back when they are ready to spend more.

話雖如此，正如我所說，我們非常專注於與他們合作，與他們互動。我們相信，當他們準備花更多錢時，我們有能力贏回他們。

Yes. I think that, Moshe, when you look at this, the SME has been -- this entire space has been sort of disrupted over the last 4 years or so, maybe 5 years with COVID, where it took a tremendous drop for 18 months or so. And then all of a sudden, you had unbelievable, unsustainable organic growth of like 19% and 20% in given years. It was crazy growth in '21 and '22.

是的。我認為，Moshe，當你看到這一點時，中小企業——在過去4 年左右的時間裡，整個領域都被打亂了，也許是5 年，因為新冠疫情，它在18 個月或18個月內大幅下降。然後突然之間，在特定年份裡出現了令人難以置信、不可持續的有機成長，例如 19% 和 20%。 21 年和 22 年是瘋狂的增長。

And we saw last year after the first quarter, it really started to wane. And again, a couple -- I think there's, again, a few reasons for that. I think there was a tremendous buildup in inventories. I think interest rates going up did not help from a small business perspective, especially as they thought about purchasing goods and services and buying those goods and services and stocking them in anticipation of another supply chain sort of malady or meltdown.

我們看到去年第一季之後，它真的開始衰退。再說一遍，我認為這有幾個原因。我認為庫存大量增加。我認為，從小型企業的角度來看，利率上升並沒有幫助，特別是當他們考慮購買商品和服務併購買這些商品和服務並進行庫存以應對另一種供應鏈疾病或崩潰時。

And what we do like is that our acquisition is still very strong. The transactions, even within the tenured base, continued to go up. It's the larger transactions that we've really seen the organic decline on and a lot of that can be industry-specific, construction, a lot of that can also be not buying big inventories upfront.

我們真正喜歡的是我們的收購仍然非常強勁。即使在長期使用的基礎上，交易量也持續上升。我們真正看到的是規模較大的交易的有機下降，其中許多可能是特定行業、建築業的，其中許多也可能不是預先購買大量庫存。

So I think what's important for us to focus on right now is to continue to acquire, continue to work with them and engaging with them. And then when they're ready to come back, we're there for them as they want to spend even more.

所以我認為我們現在重點關注的是繼續收購、繼續與他們合作並與他們互動。然後，當他們準備回來時，我們會為他們提供支持，因為他們想要花更多錢。

As far as -- and I started the conversation with this, as far as overall spending, that's what makes me feel really good about our overall spending because we're able to grow 7% with our Commercial business growing very low and small business is only growing at 1%. And it's an important part of the franchise and that's why we feel good because of the credit and of the new acquisition.

就整體支出而言，我開始談論這一點，這讓我對我們的總體支出感覺非常好，因為我們能夠在商業業務增長非常低的情況下增長 7％，而小型企業正在增長僅增長1%。這是特許經營權的重要組成部分，這就是為什麼我們因為信譽和新收購而感覺良好。

Our final question will come from the line of Ryan Nash with Goldman Sachs.

我們的最後一個問題將來自瑞安·納許與高盛的對話。

So maybe to bring together some of the pieces of revenue growth. I think you were on the high end of the first quarter, and I think, Christophe, you said the expectation that NII was going to slow. Maybe just talk a little bit about how you think about the trajectory of the revenue growth. Do we need to see spend stabilize to remain in the range? Or can we see the impact of refreshes and card acquisitions be enough to stabilize revenue growth within the range on a quarterly basis?

因此，也許可以將收入成長的一些部分整合起來。我認為你在第一季的高端，我認為，Christophe，你說過 NII 將會放緩的預期。也許只是談談您如何看待收入成長的軌跡。我們是否需要看到支出穩定才能維持在這個範圍內？或者我們可以看到更新和卡片收購的影響足以將季度收入成長穩定在該範圍內？

Yes. So things are in Q1 played out as we were expecting, right? Billed business came in similar to what we had experienced in the previous quarters. Card fee is moderating slightly from 17% to 16% FX-adjusted growth rate, and we're still expecting that it will pick up a little bit in the balance of the year on the back of the things that you said, including the card refreshes and acquiring a lot of premium cards. And NII at 26% is going to keep moderating because balances are moderating.

是的。那麼第一季的情況正如我們預期的那樣，對嗎？計費業務的情況與我們前幾季的經驗類似。經匯率調整後，卡費成長率從 17% 略微放緩至 16%，而且我們仍然預計，由於您所說的因素（包括卡費），卡費將在今年剩餘時間內略有回升刷新並獲得大量高級卡。 26% 的 NII 將繼續下降，因為餘額正在下降。

So the guidance for the full year is still to be between 9% and 11%. We'll see exactly how things play out. There are still a lot of things to find out, how delayed payment charges are going to come in, what's going to happen with the interest rates. So best at this stage, I think, is to stick to the full year guidance of 9% to 11%.

因此全年指導仍為9%至11%之間。我們將會看到事情到底會如何發展。還有很多事情需要弄清楚，延遲付款費用將如何計算，利率會發生什麼變化。因此，我認為現階段最好的方法是堅持 9% 至 11% 的全年指引。

And -- but I would say Q1 validated the trends and the guidance that we gave at the beginning of the year.

而且 - 但我想說，第一季驗證了我們在年初給出的趨勢和指導。

With that, we will bring the call to an end. Thank you, again, for joining today's call and for your continued interest in American Express. The IR team will be available for any follow-up questions. Operator, back to you.

至此，我們將結束通話。再次感謝您參加今天的電話會議並感謝您對美國運通的持續關注。 IR 團隊將隨時解答任何後續問題。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.

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。

You can access a digital replay of the call at (877) 660-6853 or (201) 612-7415, access code 13745493 after 1:00 p.m. Eastern Time on April 19 through April 26.

您可以在下午 1:00 後撥打 (877) 660-6853 或 (201) 612-7415（訪問代碼 13745493）查看通話的數位重播。東部時間 4 月 19 日至 4 月 26 日。

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

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。