美國運通 (AXP) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to the American Express Q2 2024 earnings call.

歡迎參加美國運通 2024 年第二季財報電話會議。

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

（操作員說明）謹此提醒，今天的通話正在錄音。

I would now like to turn the conference over to our host, Head of Investor Relations, Mr. Kartik Ramachandran.

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。

Thank you, please go ahead.

謝謝，請繼續。

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

謝謝唐娜，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.

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。

These are based on management's current expectations and are subject to risks and uncertainties.

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。

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.

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.

今天的討論也包括非公認會計準則財務指標。

The comparable GAAP financial measures are included in this quarter's earnings materials as well as the earnings materials for the prior periods we discuss.

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。

Policies are posted on our website at ir.americanexpress.com. We will begin today with Steve Squeri, Chairman and CEO, who will start with some remarks about the company's progress and results.

政策發佈在我們的網站 ir.americanexpress.com 上。今天我們將由董事長兼執行長 Steve Squeri 開始，他將首先對公司的進展和成果發表一些評論。

And then Christophe Caillec, Chief Financial Officer, will provide a more detailed review of our financial performance.

然後財務長 Christophe Caillec 將對我們的財務表現進行更詳細的審查。

After that, we'll move to a Q&A session at the results with both Steve and Christophe.

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。

Good morning, and thanks for joining us.

早安，感謝您加入我們。

As you saw in our earnings release issued a short time ago.

正如您在我們不久前發布的財報中所看到的那樣。

We reported strong second quarter results and raised our EPS guidance for the full year.

我們公佈了強勁的第二季業績，並上調了全年每股收益指引。

Based on the continued momentum we're seeing in our core business.

基於我們在核心業務中看到的持續勢頭。

Revenue in the quarter reached an all-time high and earnings grew 44% year over year or 21% after excluding the gain of $0.66 we realized from the sale of a Accertify.

本季營收達到歷史最高水平，獲利年增 44%，扣除我們透過銷售 Accertify 實現的 0.66 美元收益後，獲利成長 21%。

The strong performance of our core business year to date, and our expectations for the balance of the year will enable us to increase our investments in marketing and other strategic areas that drive our growth without using any of the proceeds from the Accertify sale while still delivering exceptional earnings results.

我們核心業務今年迄今為止的強勁表現以及我們對今年餘下時間的預期將使我們能夠增加對行銷和其他策略領域的投資，從而推動我們的成長，而無需使用 Accertify 銷售的任何收益，同時仍交付卓越的獲利成果。

In fact, we now expect to invest around $6 billion in marketing this year of about $800 million versus last year, all of it funded from the results of our core business.

事實上，我們現在預計今年的行銷投資約為 60 億美元，與去年相比，投資額約為 8 億美元，所有資金均來自我們核心業務的業績。

As a result, we are raising our EPS guidance range for the full year to $13.30 to $13.80, up from $12.65 to $13.15 previously, and we continue to expect revenue growth in line with our 9% to 11% range for the year.

因此，我們將全年 EPS 指導範圍從之前的 12.65 美元至 13.15 美元上調至 13.30 美元至 13.80 美元，並且我們繼續預計今年的收入增長與 9% 至 11% 的範圍一致。

As we've seen through the first half of the year, our core business continues to generate strong momentum even against the backdrop of a slower growth environment.

正如我們今年上半年所看到的，即使在成長放緩的背景下，我們的核心業務仍繼續產生強勁勢頭。

The continued momentum we're generating reflects the earnings power of our business model, which is driven by several interrelated factors, including first and foremost, the quality of our loyal premium customer base, plus the increasing scale of our business, a well-controlled expense base, the success of the strategic investments we're making to enhance Amex membership and our talented colleagues around the world.

我們產生的持續動力反映了我們業務模式的盈利能力，這是由幾個相互關聯的因素驅動的，其中首先是我們忠實的優質客戶群的質量，再加上我們業務規模的不斷擴大，控制良好的費用基礎、我們為增強美國運通會員資格而進行的戰略投資的成功以及我們在世界各地的才華橫溢的同事。

Our continued strong performance starts with our premium customers, who are high spending, long tenured and have excellent credit profiles.

我們持續強勁的業績始於我們的優質客戶，他們消費高、服務期限長且信用狀況良好。

And we continue to attract large numbers of high quality premium customers with our superior products as seen in the consistently strong new account acquisitions and 24 consecutive quarters of double digit growth in card fee revenue we've delivered.

我們繼續以卓越的產品吸引大量高品質的優質客戶，這從我們持續強勁的新帳戶獲取和連續 24 個季度的卡費收入成長中可以看出。

Next to scale.

接下來是規模。

Over the past few years, the scale of our business has grown significantly.

過去幾年，我們的業務規模顯著成長。

Compared to year end 2021 revenues have grown by nearly 50%, Card Member spending has increased by almost 40%.

與 2021 年底相比，營收成長了近 50%，卡片會員支出成長了近 40%。

Cards in force globally have risen by around 23 million or about 20%, and the number of merchant locations on our network has grown by over 30 million or nearly 50%.

全球有效卡片數量增加了約 2,300 萬張，約 20%，我們網路上的商家網點數量增加了超過 3,000 萬個，即近 50%。

This increased scale drives growth and gives us significant flexibility in running our business for the long term.

規模的擴大推動了成長，並為我們的長期業務運營提供了巨大的靈活性。

At the same time, our operating expenses are growing well below revenues as we drive efficiencies across the business.

同時，隨著我們提高整個業務的效率，我們的營運支出成長遠低於收入。

The combination of our increasing scale and a well-controlled expense base produces significant operating leverage that generates more investment dollars we can inject into our business.

我們不斷擴大的規模和良好控制的費用基礎相結合，產生了巨大的營運槓桿，從而產生更多的投資資金，我們可以注入我們的業務。

Another key factor driving our momentum is the success of the strategic investments we've been making in critical areas like marketing, value propositions, technology, control management capabilities and talent to sustain our growth.

推動我們發展勢頭的另一個關鍵因素是我們在行銷、價值主張、技術、控制管理能力和人才等關鍵領域進行的策略投資的成功，以維持我們的成長。

And to keep the momentum going, we're continuing to invest in enhancing our unique membership model through ongoing product innovations and new capabilities and benefits.

為了保持這一勢頭，我們將繼續投資，透過持續的產品創新以及新的功能和福利來增強我們獨特的會員模式。

For example, as we execute our strategy of regularly refreshing our products, we focused on embedding additional value in our premium cards to make them highly attractive to customers across generations and geographies.

例如，當我們執行定期更新產品的策略時，我們專注於在我們的高級卡中嵌入附加價值，使其對跨世代和跨地區的客戶具有高度吸引力。

This enables us to add large numbers of new premium cardmembers to our customer base, drive greater engagement with existing customers and price for the value we add.

這使我們能夠為我們的客戶群增加大量新的高級卡會員，推動與現有客戶的更多互動，並為我們所增加的價值定價。

We are on track to refresh approximately 40 products globally by the end of the year.

我們預計到今年年底將在全球更新約 40 種產品。

As part of that number, we look forward to announcing our refreshed US consumer gold card in the coming weeks, heading through the nearly two dozen refreshed and updated products we've announced through the first half of the year.

作為該數字的一部分，我們期待在未來幾週內宣布我們更新的美國消費者金卡，其中包括我們在今年上半年發布的近兩打更新和更新的產品。

We also continue to add new capabilities and benefits through both internal innovation and bolt-on acquisitions.

我們也持續透過內部創新和補強收購來增加新的功能和優勢。

For example, our [Resy] dining reservation platform has seen significant growth since its acquisition in 2019 and our planned acquisitions of Tock and Rooam will further expand our dining portfolio, giving our customers access to more great restaurants and increasing the digital offerings we provide to restaurants and merchants in the food and beverage industry.

例如，我們的[Resy] 餐飲預訂平台自2019 年收購以來取得了顯著增長，我們計劃收購Tock 和Rooam 將進一步擴大我們的餐飲組合，讓我們的客戶能夠訪問更多優質餐廳，並增加我們向客戶提供的數位產品食品和飲料行業的餐廳和商家。

Finally, our talented colleagues across the company are the engine that drives our growth.

最後，我們公司各地才華洋溢的同事是推動我們成長的引擎。

Their creativity, determination and deep commitment to providing the best customer experience every day is what has made American Express what it is today and will continue to make us successful in the future.

他們的創造力、決心和對每天提供最佳客戶體驗的堅定承諾造就了美國運通今天的成就，並將繼續讓我們在未來取得成功。

The combination of all these factors is what drives our premium business at a scale that can deliver superior earnings on a sustainable basis.

所有這些因素的結合推動了我們的優質業務規模不斷擴大，能夠可持續地提供卓越的收益。

The power of our unique business model and the ongoing momentum we're seeing in the business, driven by our loyal customers and dedicated colleagues gives us confidence in our ability to achieve our expectations for the year and our long-term aspiration for the business.

在我們忠誠的客戶和敬業的同事的推動下，我們獨特的業務模式的力量以及我們在業務中看到的持續動力使我們對實現今年的期望和對業務的長期願望的能力充滿信心。

With that, I'll now turn it over to Christophe.

有了這個，我現在就把它交給克里斯托夫。

Thank you, Steve, and good morning, everyone.

謝謝你，史蒂夫，大家早安。

It's good to be here to talk about our second quarter results, which reflect another quarter of strong performance.

很高興在這裡談論我們第二季度的業績，這反映了另一個季度的強勁表現。

Starting with our summary financials, on slide 2.

從投影片 2 上的財務摘要開始。

Second quarter revenues were $16.3 billion and grew 9% year over year on an FX-adjusted basis.

第二季營收為 163 億美元，經匯率調整後較去年同期成長 9%。

Net income was $3 billion in the quarter, generating earnings per share of $4.15.

該季度淨利潤為 30 億美元，每股收益為 4.15 美元。

Our second quarter results also reflect the sale of our Accertify business, which closed during the quarter.

我們第二季的業績也反映了我們在本季關閉的 Accertify 業務的出售。

We recognized an after-tax gain on the sale of $479 million, equating to $0.66 of EPS impact.

我們確認了 4.79 億美元的銷售稅後收益，相當於 0.66 美元的 EPS 影響。

Excluding this gain, EPS grew 21%, reflecting the power of the business to generate stronger earnings growth even in a slower growth environment as Steve noted.

排除這一收益，每股收益增長了 21%，這反映出即使在增長放緩的環境下，該業務也有能力實現更強勁的盈利增長，正如史蒂夫指出的那樣。

On slide 3, billed business grew 6% versus last year on an FX-adjusted basis, reflecting stable growth and in line with the softer spend environment we've seen in the past few quarters.

在投影片 3 上，按匯率調整後的計費業務比去年增長了 6%，反映了穩定的成長，並且符合我們在過去幾季看到的疲軟的支出環境。

The stability in spend growth was also visible by category where we saw 6% growth in goods and services, 7% growth in travel and entertainment spending.

按類別來看，支出成長的穩定性也很明顯，其中商品和服務支出增加了 6%，旅行和娛樂支出增加了 7%。

We did see some slower growth in certain T&E categories versus the prior quarter, such as in airline and lodging.

與上一季相比，我們確實發現某些差旅娛樂類別的成長有所放緩，例如航空和住宿。

At the same time, growth in our largest T&E category restaurants remained strong, and goods and services strengthened a bit versus the prior quarter when excluding the impact of leap year.

同時，我們最大的旅遊與娛樂類餐廳的成長依然強勁，排除閏年的影響後，商品和服務比上一季略有加強。

Stepping back, while spend growth in certain categories was slightly higher or lower versus the prior quarter.

退一步來說，某些類別的支出成長與上一季相比略有較高或較低。

Overall spend growth was stable and we continued to see strong growth in the number of transactions from our Card Members, which grew 9% this quarter.

整體支出成長穩定，持卡會員的交易數量持續強勁成長，本季成長了 9%。

There are a few other key points to take away as we then break down our spending trends across our businesses.

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.

從幻燈片 4 上最大的部分開始。

US Consumer grew billings at 6% this quarter with balanced growth across both goods and services and T&E.

本季美國消費者的帳單成長了 6%，商品和服務以及差旅娛樂的成長均衡。

Our premium customer base continues to demonstrate steady growth.

我們的優質客戶群持續穩定成長。

We also saw growth across all generations, Millennial and Gen-Z customers grew their spending 13% and continued to drive our highest build business within this segment.

我們也看到了各世代的成長，千禧世代和 Z 世代客戶的支出成長了 13%，並繼續推動我們在該細分市場中最高水準的業務發展。

These younger Card Members continue to demonstrate strong engagement and we see that they transact over 25% more on average than our older customers.

這些年輕的持卡會員繼續表現出強烈的參與度，我們發現他們的平均交易量比我們的年長客戶高出 25% 以上。

And in some categories like dining, they transact almost twice as much.

在餐飲等某些類別中，他們的交易量幾乎是原來的兩倍。

Turning to Commercial Services on Slide 5.

轉向投影片 5 上的商業服務。

Overall growth came in at 2% this quarter.

本季整體成長率為 2%。

Spending growth from our US small and medium enterprise customers increased a bit sequentially versus last quarter, but remain modest.

我們的美國中小企業客戶的支出成長較上季略有成長，但仍保持溫和。

Lastly, on slide 6, we see our highest growth again this quarter in International Card Services up 13%.

最後，在投影片 6 中，我們看到國際卡服務領域再次實現本季的最高成長，成長 13%。

We continue to see double-digit growth in spending from international consumers and from international SME and large corporate customers.

我們繼續看到國際消費者以及國際中小企業和大型企業客戶的支出呈現兩位數成長。

And we are also seeing double digit growth across all regions.

我們也看到所有地區都出現了兩位數的成長。

Stepping back, we continue to see stable spend growth across customer segments, spend categories and our US and international geographies, and why we are not in a high-growth spend environment, particularly in the US.

退一步來說，我們繼續看到跨客戶群、支出類別以及我們的美國和國際地區的支出穩定成長，以及為什麼我們沒有處於高成長的支出環境中，尤其是在美國。

Our spending volumes are tracking in line with our expectations and support our revenue expectations for the year.

我們的支出量符合我們的預期，並支持我們今年的收入預期。

Moving on to Loans and Card Member Receivables on slide 7, we saw year-over-year growth of 11%, demonstrating strong growth but continuing to moderate as expected.

接下來是幻燈片 7 上的貸款和卡會員應收帳款，我們看到同比增長 11%，顯示出強勁的增長，但仍如預期那樣放緩。

As we progress through 2024, we expect loan growth in particular to continue to moderate by a few percentage points but still grow in double digits as we exit the year.

隨著 2024 年的進展，我們預計貸款成長將繼續放緩幾個百分點，但在 2024 年結束時仍將實現兩位數成長。

Turning next to Credit and Provision on slide 8 to 10.

前往投影片 8 至 10 上的信貸和撥備。

Our credit performance remains very strong and it's a direct result of our disciplined growth strategy, which has been focused on growing our high credit quality premium customer base, including through the younger customers we attract to the franchise.

我們的信用表現仍然非常強勁，這是我們嚴格的成長策略的直接結果，該策略一直致力於擴大我們的高信用品質優質客戶群，包括透過我們吸引特許經營的年輕客戶。

This strategy coupled with our robust risk management practices are an important aspect of our business models.

這項策略與我們穩健的風險管理實務結合，是我們業務模式的重要面向。

Going forward, we expect our write-off rates to remain generally stable for the remainder of 2024.

展望未來，我們預計 2024 年剩餘時間內我們的沖銷率將保持整體穩定。

Turning now to the accounting of this credit performance on slide 9.

現在轉向投影片 9 中信用績效的會計。

The quarter over quarter reserve build up $101 million is mostly driven by growth in our loan balances, largely offset by lower delinquencies.

季度準備金增加 1.01 億美元，主要是由貸款餘額增長推動的，但拖欠率下降在很大程度上抵消了這一增長。

This reserve build, combined with net write-offs drove $1.3 billion of provision expense in the second quarter.

這筆儲備金的增加，加上淨沖銷，導致第二季撥備支出達到 13 億美元。

As you see on slide 10, we ended the second quarter with $5.6 billion of reserves, representing 2.8% of our loans and cardmember receivables, a slight decrease compared to Q1.

正如您在投影片 10 中看到的，我們第二季末的準備金為 56 億美元，占我們貸款和持卡會員應收帳款的 2.8%，與第一季相比略有下降。

It's worth noting that there is a seasonality component to reserves, although we are also encouraged by the strength of the performance we see in the portfolio.

值得注意的是，儲備存在季節性成分，儘管我們也對投資組合中看到的強勁表現感到鼓舞。

Moving next to revenue on slide 11.

接下來轉到投影片 11 上的收入。

Total revenues were up 9% year over year, benefiting from the diversification across revenue streams, customer segments and geographies.

得益於收入來源、客戶群和地理區域的多元化，總收入較去年同期成長 9%。

Looking at the components of our revenue, our largest revenue line discount revenue grew 5% year over year on an FX-adjusted basis, as you can see on slide 12.

從我們收入的組成部分來看，我們最大的收入線折扣收入在匯率調整後比去年同期成長了 5%，如投影片 12 所示。

This growth is mostly driven by the spending trends we discussed earlier.

這種成長主要是由我們之前討論的支出趨勢所推動的。

Net card fee revenues were up 16% year over year on an FX-adjusted basis, as you can see on slide 13.

如投影片 13 所示，經匯率調整後，網卡費用收入較去年同期成長 16%。

We're now generating over $2 billion in quarterly card fee revenue as the differentiated value and experiences we offer on our products continues to resonate with our card members globally.

我們的產品提供的差異化價值和體驗繼續引起全球持卡會員的共鳴，目前我們的季度卡費收入已超過 20 億美元。

This is an important metric for us, because it also reflects the choice that our costs -- that our customers make each year to renew their membership.

這對我們來說是一個重要的指標，因為它也反映了我們的成本——我們的客戶每年為續約會員資格所做的選擇。

We're pleased with the growth and expect to exit the year with further momentum.

我們對成長感到滿意，並期望以進一步的勢頭結束這一年。

In the quarter, we acquired 3.3 million new cards, demonstrating the demand we're seeing for our products and the investment we've made.

本季度，我們購買了 330 萬張新卡，證明了我們對產品的需求以及我們所做的投資。

Acquisition of our premium fee-based products continue to account for around 70% of new accounts.

購買我們優質收費產品的人繼續佔新帳戶的 70% 左右。

And importantly, as we have increased the total number of cards acquired, we have maintained disciplined underwriting standards.

重要的是，隨著我們增加了獲得的卡片總數，我們保持了嚴格的承保標準。

Moving on to slide 14.

繼續看投影片 14。

Net interest income was up 20% year over year.

淨利息收入較去年同期成長20%。

This growth is driven by the increase in our revolving loan balances, which also contributes to the continued net yield expansion versus the prior year.

這一成長是由我們的循環貸款餘額增加所推動的，這也有助於淨收益率較上年持續成長。

As we've shared before we continue to expect this growth further moderate as we progress through the year.

正如我們之前所分享的，我們繼續預計隨著今年的進展，這種成長將進一步放緩。

To sum up revenues on slide 15, the power of our diversified model continues to drive strong revenue momentum even in a slower growth environment as our results in this quarter were fueled by growth in all our major revenue lines across each of our different business segments and across geographies.

總結投影片15 上的收入，即使在成長放緩的環境中，我們多元化模式的力量仍將繼續推動強勁的收入勢頭，因為我們本季的業績是由我們每個不同業務部門的所有主要收入線的成長推動的，跨地域。

Moving to expenses on slide 16, starting at the top of the page.

前往投影片 16 上的費用，從頁面頂部開始。

Variable customer engagement expenses came in at 42% of the total revenues for the second quarters.

可變客戶參與費用佔第二季總收入的 42%。

Looking forward, I expect variable customer engagement expenses as a ratio of revenues to be in line with this level for the balance of the year.

展望未來，我預期可變客戶參與費用佔收入的比例將與今年剩餘時間的這一水平保持一致。

On the marketing line, we continue to invest at an elevated level at $1.5 billion in the second quarter.

在行銷方面，我們第二季繼續以 15 億美元的高水準投資。

Given the strong performance in the core business, we now anticipate our full year marketing spend to be around $6 billion or 15% higher versus last year as we plan to invest at high levels to sustain our growth momentum.

鑑於核心業務的強勁表現，我們現在預計全年行銷支出將比去年增加 60 億美元左右，即增加 15%，因為我們計劃進行高水準投資以維持成長勢頭。

To put this in perspective, this is an incremental $800 million above what we spent in 2023.

從長遠來看，這比我們 2023 年的支出增加了 8 億美元。

At the same time, we intend to deploy those investments in a disciplined way.

同時，我們打算以有紀律的方式部署這些投資。

As I discussed at Investor Day, our investment optimization engine is engineer to make profitability based decisions at the margin.

正如我在投資者日討論的那樣，我們的投資優化引擎旨在根據利潤率做出基於盈利能力的決策。

And there is a high bar for returns on the substantial incremental investments.

而且大量增量投資的回報門檻很高。

Moving to the bottom of slide 16 brings us to operating expenses.

轉到幻燈片 16 的底部，我們看到了營運費用。

Operating expenses were $3 billion in the second quarter, down 13% versus last year due to the [$531 million] pretax gain we recognized from the sale of our Accertify business.

第二季營運費用為 30 億美元，比去年下降 13%，這是由於我們從出售 Accertify 業務中獲得了 [5.31 億美元] 稅前收益。

Excluding the gain, operating expenses were up 3% in the quarter.

剔除收益後，本季營運費用增加了 3%。

Well below the pace of revenue growth even as we continue to invest in technology and our control management capabilities.

儘管我們持續投資技術和控制管理能力，但營收成長速度仍遠低於營收成長速度。

Excluding the impact of Accertify gain, we continue to expect operating expenses for the year to be fairly flat as 2023.

排除 Accertify 收益的影響，我們繼續預期 2023 年的營運支出將相當穩定。

This quarter's results demonstrate how the scale of the business and strong expense discipline enable us to generate significant efficiencies, and those efficiencies are enabling us to invest at elevated levels while still generating significant levers to drive strong earnings growth.

本季的業績表明，業務規模和嚴格的費用紀律如何使我們能夠產生顯著的效率，而這些效率使我們能夠以更高的水平進行投資，同時仍然產生重要的槓桿來推動強勁的盈利增長。

Turning next to capital on slide 17.

轉向投影片 17 上的資本。

Our CET1 ratio was 10.8% at the end of the second quarter within our target range of 10% to 11%.

截至第二季末，我們的 CET1 比率為 10.8%，處於我們 10% 至 11% 的目標範圍內。

We also returned $2.3 billion of capital to our shareholders, including $1.8 billion of share repurchase.

我們也向股東返還了 23 億美元的資本，其中包括 18 億美元的股票回購。

This is the highest level in over two years.

這是兩年多來的最高水準。

And the recent [CCAR] results further demonstrate the strength of our portfolio and the resilience of our business model.

最近的 [CCAR] 結果進一步證明了我們投資組合的實力和我們業務模式的彈性。

The stress test results show that under a severely adverse scenario, our portfolio remains profitable.

壓力測試結果表明，在嚴重不利的情況下，我們的投資組合仍然有利可圖。

In fact, we are the most profitable financial institution as a percentage of asset growth across all the banks subject to CCAR and has the lowest credit card loss rate under stress as well.

事實上，在所有受 CCAR 約束的銀行中，以資產成長百分比計算，我們是獲利最高的金融機構，在壓力下信用卡損失率也最低。

This result in our stress capital buffer remaining at 2.5% the lowest prescribed level.

這導致我們的壓力資本緩衝保持在 2.5% 的最低規定水準。

We plan to continue to return to shareholders the excess capital we generate whilst supporting our balance sheet growth.

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。

We do not expect any material near-term changes to our capital management approach.

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。

This brings me to our 2024 guidance on slide 18.

這讓我想起幻燈片 18 上的 2024 年指引。

Let me step back and make a few observations about the growth in the business and the way we see the balance of the year unfolding.

讓我退後一步，對業務成長以及我們對今年餘額的看法進行一些觀察。

First, we have a core business that is comfortably generating mid-teens EPS growth, even in a slower growth environment.

首先，我們的核心業務即使在成長較慢的環境下，也能輕鬆實現十幾歲左右的每股收益成長。

And before the gain from the Accertify sale.

在 Accertify 銷售收益之前。

Second, the pace of earnings generation in the core business, combined with the strong demand we are seeing in the market for our products is enabling us to invest around 15% more in marketing compared to last year.

其次，核心業務創造收入的步伐，加上市場對我們產品的強勁需求，使我們能夠比去年增加約 15% 的行銷投資。

As a result, we are able to fund significantly more investments from our core business than our expectation at the start of the year without relying on the one-off gain from Accertify.

因此，我們能夠從核心業務中獲得比年初預期更多的投資，而無需依賴 Accertify 的一次性收益。

With that as Steve mentioned, we are raising our guidance for EPS for the year to a range of $13.30, $13.80, and within that range we now expect to drop or $0.66 of the Accertify gain to the bottom line.

正如史蒂夫所提到的那樣，我們將今年的每股盈餘指引提高到 13.30 美元至 13.80 美元的範圍，在這個範圍內，我們現在預計 Accertify 收益的底線將下降 0.66 美元。

This is a departure from our usual practice of reinvesting a significant portion of one-off gains in growth initiatives.

這與我們將一次性收益的很大一部分再投資於成長計畫的慣常做法背道而馳。

But we are confident in the ability of our business to support the year-over-year growth of around $800 million in marketing while delivering mid-teens EPS growth.

但我們對我們的業務有能力支持約 8 億美元的行銷同比成長，同時實現十幾歲左右的每股收益成長充滿信心。

Finally, we still expect to deliver revenue growth in the year in line with our initial 9% to 11% range.

最後，我們仍然預期今年的營收成長將符合我們最初設定的 9% 至 11% 的範圍。

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

說完，我將電話轉回給卡蒂克，以解答您的問題。

Thank you, Christophe.

謝謝你，克里斯托夫。

(Event Instructions) Thank you for your cooperation.

（活動須知）感謝您的配合。

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

接線員現在將開放提問線路。

Operator?

操作員？

(Operator Instructions)

（操作員說明）

Ryan Nash, Goldman Sachs.

瑞恩·納什，高盛。

Good morning, Steve.

早安，史蒂夫。

Good morning, Christophe.

早上好，克里斯托夫。

Good morning.

早安.

Good morning.

早安.

Steve, can you maybe expand on what you're seeing in the US consumer and SMEs?

史蒂夫，您能否詳細介紹一下您在美國消費者和中小企業中看到的情況？

US consumer, we saw a little bit of a slowdown from eight to six.

美國消費者，我們看到從八個到六個略有放緩。

Are you seeing a broader slowdown in the consumer?

您是否看到消費者消費出現更廣泛的放緩？

Maybe just talk about what you're seeing on a same-store sales basis and then on the SME side, you obviously saw a slight uptick.

也許只是談談您在同店銷售方面看到的情況，然後在中小企業方面，您顯然看到了輕微的上升。

So maybe if you could just expand on this both.

所以也許你可以擴展這兩個面向。

Thank you.

謝謝。

Yeah.

是的。

So I think look, in US consumer, you saw a little bit of a sequential decline.

所以我認為，在美國消費者中，你看到了一些連續下降。

But also remember last quarter we had the extra day, so it's not really apples to apples, but within the US consumer was 6% up for the quarter continued to be strongly influenced by Millennial and Gen-Z growth.

但也要記住，上個季度我們多了一天，所以這並不是真正的同類競爭，但美國消費者本季成長了 6%，繼續受到千禧世代和 Z 世代成長的強烈影響。

It's now up to 33% of our total billings and they're up 13%.

現在它占我們總帳單的 33%，並且成長了 13%。

And so we feel good where the US consumer is obviously organic spending.

因此，我們對美國消費者明顯的有機支出感到滿意。

We'd like to see a little bit higher, but it is a slower growth economic environment.

我們希望看到更高一點，但這是一個成長較慢的經濟環境。

But one thing I will point out before touching on some SME, when our consumer a lot of their spending is discretionary.

但在談到一些中小企業之前我要指出一件事，當時我們的消費者很多支出都是可自由支配的。

And for our consumer, if they decide they're going to pull back, they'll pull back a little bit on a discretionary, but they'll continue to pay their bills, which is why our credit numbers continue to be so strong and we continue to widen the gap between us and our competitors.

對於我們的消費者來說，如果他們決定要撤回，他們會稍微撤回可自由支配的款項，但他們會繼續支付賬單，這就是為什麼我們的信用數據繼續如此強勁，我們不斷擴大我們與競爭對手之間的差距。

So we feel like the US consumer has been pretty consistent, and we think it's going to be pretty consistent throughout the year.

因此，我們認為美國消費者一直非常穩定，我們認為全年都會非常穩定。

From a small business perspective, while there still is inorganic, decline year over year, that organic decline is less than it was last quarter and the quarter before that.

從小型企業的角度來看，雖然年比仍有無機下降，但有機下降幅度小於上季和前一季。

So we're seeing slight improvement.

所以我們看到了輕微的改善。

In both the US consumer and in small business, retention is still strong and acquisition is still strong, and so what I like about where we're sitting is as the economy rebounds, whenever that may be organic, we'll pick up driving future growth.

在美國消費者和小型企業中，保留率仍然很高，收購仍然很強勁，所以我喜歡我們現在的位置，因為經濟反彈，只要這可能是有機的，我們就會開始推動未來生長。

And then just the last comment on international, you didn't ask about it.

然後就是最後一個關於國際的評論，你沒有問這個。

Because probably it is so strong it's up 13% in the quarter and even small business and commercial within international is up 14%.

因為它可能非常強勁，本季成長了 13%，甚至國際範圍內的小型企業和商業也成長了 14%。

So we feel good about where we are right now.

所以我們對現在的處境感覺良好。

Don Fandetti, Wells Fargo.

唐范德蒂，富國銀行。

Yes.

是的。

Can you talk a little bit, I know you're reiterating your revenue guide for '24 of 9% to 11%.

您能稍微說一下嗎？

But just given results, do you think you're sort of more leaning towards the mid to lower end?

但僅從結果來看，您是否認為您更傾向於中低端？

And then can you talk about where you're investing in marketing in terms of US consumer, commercial and international?

然後您能談談您在美國消費者、商業和國際行銷方面的投資嗎？

Yes.

是的。

So I think look, quarter to date we're at about 10%, both reported and FX, and for the quarter we were at 8% and 9%.

所以我認為，到目前為止，我們的報告利率和外匯利率約為 10%，本季我們的利率為 8% 和 9%。

So I think we're going to wind up within that range.

所以我認為我們最終會在這個範圍內。

And I think depending upon how organic either rebound or stays where it is, we'll determine where we wind up within that range.

我認為，根據有機反彈或保持原狀的程度，我們將決定我們最終在該範圍內的位置。

But we're very comfortable with sort of the the 9% to 11%.

但我們對 9% 到 11% 的比例感到非常滿意。

As far as investment, we do is, we will look at the myriad of opportunities that we have to acquire more card holders.

就投資而言，我們所做的是，我們將尋找無數的機會來吸引更多持卡人。

And depending upon at any given point in time because our acquisition engine is a very dynamic engine and things change all the time.

取決於任何給定的時間點，因為我們的採集引擎是一個非常動態的引擎，事情一直在變化。

We will allocate those investments either US consumer small business or international.

我們將把這些投資分配給美國消費者小型企業或國際企業。

Traditionally the US consumer business would get more of that investment followed either by international and small business.

傳統上，美國消費者企業將獲得更多投資，其次是國際企業和小型企業。

But as I sit here today, it's hard to say exactly what percentages will be, but it will be focused on acquiring more cardholders.

但當我今天坐在這裡時，很難確切地說出百分比是多少，但它將專注於吸引更多持卡人。

And the key about that is, is that when we acquire cardholders in the second half of the year, it's really not going to drive spending for us this year.

關鍵是，當我們在下半年獲得持卡人時，它實際上不會推動我們今年的支出。

It will -- what we're doing here is we're investing for the medium and the longer term, and it will acquire cardholders that will spend for us for us next year.

它將——我們在這裡所做的是我們進行中長期投資，它將吸引明年為我們消費的持卡人。

So I think the takeaway from the point that Christophe made, the point that I made is the businesses -- we feel the business is strong, right now that we're able to and we invest more and we have line of sight into those opportunities without compromising on credit.

因此，我認為克里斯托夫提出的觀點和我提出的觀點的要點是業務——我們覺得業務很強大，現在我們有能力，我們投資更多，我們對這些機會有洞察力不影響信用。

The only thing I will add to that, Don is that, the revenue growth was exactly as we were expecting it to be.

唐，我唯一要補充的是，營收成長完全符合我們的預期。

And as we talked about it on the Q1 call, we talked about stable billings, which is exactly what we got.

正如我們在第一季電話會議上討論的那樣，我們談到了穩定的帳單，這正是我們得到的。

We talked about card fee remaining in terms of growth where it was in Q1 before picking up a bit of momentum in the balance of the year.

我們討論了信用卡費用在第一季的成長情況，然後在今年餘下的時間裡出現了一些成長勢頭。

We still think that is the right and way to think about card fees.

我們仍然認為這是考慮卡費的正確方式。

And we talked about NII growth rate moderating a little bit.

我們談到NII 成長率略有放緩。

So that revenue growth is where we thought it would be.

因此，營收成長正是我們所預期的。

Sanjay Sakhrani, KBW.

桑傑·薩赫拉尼 (Sanjay Sakhrani)，KBW。

Thanks.

謝謝。

Good morning.

早安.

And Steve, I think you I heard you say a Gold Card refresh will probably be announced shortly I guess.

史蒂夫，我想你聽到你說金卡更新可能很快就會宣布。

Just can we contextualize what that means?

我們能否結合上下文來理解這意味著什麼？

I assume it helps card fees next year.

我認為這有助於明年的卡費。

And then just the spend trends intra-quarter were those pretty stable?

那麼季度內的支出趨勢是否相當穩定？

Sounds like they were, but just clarify.

聽起來好像是這樣，只是澄清一下。

Yeah.

是的。

So not going to get into the details of the card.

所以不打算深入討論卡片的細節。

But what I would say is, what are the big advantages of the refreshes, is it makes the marketing dollars work a lot harder.

但我想說的是，更新的最大優勢是什麼，它使行銷資金更加努力。

So what happens is when you do a product refresh, whether it's gold, whether it's delta, whether it's Hilton or whether it's another gold or platinum card that we do internationally.

因此，當您進行產品更新時，無論是金卡、達美卡、希爾頓卡還是我們在國際上推出的其他金卡或白金卡，都會發生什麼。

What happens is you're able to provide more value to those cardholders that already have the product, you may be able to upgrade a green to gold and obviously you're able to acquire even new cardholders with that.

發生的情況是，您能夠為那些已經擁有該產品的持卡人提供更多價值，您也許可以將綠色升級為金色，顯然您甚至可以透過該產品獲得新的持卡人。

And what happens is as you go out and acquire new cardholders.

當您走出去並獲得新的持卡人時，會發生什麼。

You will have buzz around the fact that we have a new card and it has obviously a different value proposition and you'll have the marketing that goes with it.

您會因為我們有一張新卡而感到興奮，它顯然具有不同的價值主張，並且您將擁有與之相伴的行銷。

So when you do a refresh and you have your marketing spend your marketing dollars work a little bit, the overall value proposition is a lot stronger and it works a little bit harder for you.

因此，當你進行更新並且你的行銷支出你的行銷資金發揮了一點作用時，整體價值主張就會變得更強，並且對你來說會更有效。

And when it comes to the intra-quarter billings, we typically don't talk about those and there's nothing much to say here.

當談到季度內的帳單時，我們通常不會談論這些，這裡也沒什麼好說的。

So there's nothing noticeable in terms of monthly billing growth.

因此，就每月帳單成長而言，沒有什麼明顯的變化。

Craig Maurer, FT partners.

克雷格‧毛雷爾，英國《金融時報》合夥人。

Good morning.

早安.

Thanks for taking the question.

感謝您提出問題。

I wanted to ask about the marketing spend and it seems like you're putting the pedal down.

我想問一下行銷支出，但你似乎正在踩下踏板。

So typically, when American Express does this, it's because -- or at least in the past, you've seen this happened because Amex is either anticipating or already seeing a slowdown from competitors in terms of their market activity and you see a significant opportunity to gain share.

因此，通常情況下，當美國運通這樣做時，是因為——或者至少在過去，你已經看到這種情況發生了，因為美國運通要么預計，要么已經看到競爭對手的市場活動放緩，而你看到了一個重大的機會以獲得份額。

Is that -- is any of that thought process going into this year?

今年有這樣的思考過程嗎？

And second, business development costs were lower than what was being forecast.

其次，業務開發成本低於預期。

So I'm curious if that's due to some slower partner growth that might have [meant] less incentives or what went into that?

所以我很好奇這是否是由於合作夥伴成長緩慢而導致激勵措施減少，或者其中的原因是什麼？

Thanks.

謝謝。

Yeah.

是的。

So a couple of points, I think $6 billion for the year in total marketing is not an area we've ever been in before and an $800 million year over year increase is a pretty significant increase.

所以有幾點，我認為今年 60 億美元的營銷總額不是我們以前涉足過的領域，而同比增長 8 億美元是一個相當顯著的增長。

I think that when we make a decision, Craig, to put more marketing dollars in, is because we see the opportunity.

克雷格，我認為當我們做出決定投入更多行銷資金時，是因為我們看到了機會。

And if you look at where we have been from a marketing spend for the first two quarters, that would show a trajectory of $6 billion.

如果你看看我們前兩季的行銷支出狀況，你會發現支出軌跡為 60 億美元。

So we're really keeping all of our marketing spending consistent quarter to quarter because we do see the opportunity.

因此，我們確實每個季度都保持所有行銷支出保持一致，因為我們確實看到了機會。

And we see the opportunity within the credit box and within the dimensions of who we're looking for our cardholders.

我們在信用卡和我們尋找持卡人的範圍內看到了機會。

It's not due to a -- we're not making this investment because of a slowdown in billings, this was something that we had planned to do with the beginning of the year where billings were where they weren't going to be.

這並不是因為——我們不會因為帳單放緩而進行這項投資，這是我們計劃在今年年初做的事情，當時帳單不會達到預期的水平。

And as far as competitors pulling back, I don't see competitors pulling back at all.

至於競爭對手的撤退，我認為競爭對手根本沒有撤退。

I think competitors right now -- the environment is just as competitive as it's ever been.

我認為現在的競爭者——環境與以往一樣競爭激烈。

Obviously you make these investments because you obviously want to gain more traction with your cardholders and you want again more share.

顯然，您進行這些投資是因為您顯然希望獲得更多持卡人的關注，並且您再次希望獲得更多份額。

Craig let me add a few things that and I will also answer your question about business development expenses so the other element here to factor into the decision to invest more is the visibility we have in the balance of your performance.

克雷格讓我補充一些內容，我也會回答您有關業務開發費用的問題，因此影響更多投資決策的另一個因素是我們對您的績效平衡的可見性。

There the business is generating a lot of earnings we have more visibility in terms of the credit performance in the balance of the year in terms of the OpEx as well.

那裡的業務正在產生大量收益，我們在營運支出方面也能更清楚地了解當年餘額中的信用表現。

And that gives us confidence in our ability to actually deploy more marketing dollars.

這讓我們對實際部署更多行銷資金的能力充滿信心。

And to get to your question about business developments, it's expenses -- there's nothing here significant.

至於你關於業務發展的問題，那就是費用——這裡沒有什麼重要的。

There was in the quarter, some efficiencies.

本季取得了一些效率提升。

I'll use that word in terms of the commercial spend and the incentives that we have with some card members and partners here.

我將在商業支出以及我們與一些持卡會員和合作夥伴的激勵方面使用這個詞。

And it give us a bit of efficiency, but there was nothing related specifically to co-brand partners or anything of the nature.

它為我們帶來了一點效率，但沒有任何與聯合品牌合作夥伴或任何性質相關的具體內容。

Rick Shane of JPMorgan.

摩根大通的里克·肖恩。

Thanks, everybody, for taking my question.

謝謝大家回答我的問題。

And I apologize I can't see my computer this morning.

我很抱歉今天早上我看不到我的電腦。

So it's a little hard to get context on the marketing spend.

因此，要了解行銷支出的背景有點困難。

But what I'm trying to understand is the following, what I've heard is that given the strength of the underlying business, the incremental marketing spend is going to be funded organically as opposed to from the Accertify gain.

但我想了解的是，我所聽到的是，鑑於基礎業務的實力，增量行銷支出將由有機資金資助，而不是從 Accertify 收益中獲得資金。

What I'm wondering is that $800 million year over year, has that changed materially from your prior guidance?

我想知道的是，年比 8 億美元，這與您之前的指導相比是否有重大變化？

Have you in fact increased your expectations and funded it organically or is it roughly the same and it's just a matter of how you're going to pay for it.

事實上，你是否提高了你的期望並有機地資助它，還是大致相同，這只是你將如何支付的問題。

Yeah.

是的。

Let me take that question and I hope you fix your computer problems soon.

讓我回答這個問題，希望您盡快解決您的電腦問題。

The way to think about this is we always -- so we entered the year thinking we want to invest and we want to invest more because we see the opportunities and they are compelling investments with attractive returns.

我們思考這個問題的方式始終是——所以我們進入了這一年，認為我們想要投資，我們想要投資更多，因為我們看到了機會，而且它們是具有有吸引力回報的引人注目的投資。

The fact of the matter is that their core business, which I would define as like the business, excluding the Accertify gain, is generating more earnings than we had anticipated.

事實上，他們的核心業務（我將其定義為不包括 Accertify 收益的業務）正在產生比我們預期更多的收益。

So you're right, we can afford to spend more, to fund it through the core business.

所以你是對的，我們有能力花更多的錢，透過核心業務為其提供資金。

But on top of that, we also raised a little bit our marketing dollars.

但最重要的是，我們也籌集了一些行銷資金。

Now it's not a significant amount either, as we've said in the past in a given week, we spent $120 million on average of marketing dollars so [$100 million or $200 million] a bit more a bit less, it's actually not that material.

現在這也不是一個大數目，正如我們過去所說的，在某一周內，我們平均花費了1.2 億美元的營銷費用，所以[1 億美元或2 億美元] 多一點或少一點，實際上並不是那麼重要。

But the key thing here is that in terms of the funding, it's going to be funded all from the core business and because it's generating more earnings than we had anticipated at the beginning of the year.

但這裡的關鍵是，就資金而言，它將全部來自核心業務，因為它產生的收益比我們年初的預期要多。

Jeff Edelson, Morgan Stanley.

傑夫‧艾德爾森，摩根士丹利。

Hey, good morning.

嗨，早安。

Stephen and Christophe.

史蒂芬和克里斯托夫。

Good morning.

早安.

Good morning.

早安.

Just wanted to revisit the credit quality a little bit.

只是想重新檢視一下信用品質。

I know last quarter, Christophe, you were talking about your expectation for write offs to kind of continue ticking up from here and seems like your view is has now shifted to a more stable outlook over the rest of the year.

我知道上個季度，克里斯托夫，您在談論您對沖銷的預期從現在開始會繼續上升，而且您的觀點現在已經轉向今年剩餘時間內更加穩定的前景。

Can you just maybe talk about what you're seeing from your core customers help.

您能否談談您從核心客戶那裡看到的幫助？

Maybe what's driving some more confidence in the outlook there?

也許是什麼讓人們對那裡的前景更有信心？

And then should we also be thinking about a stable reserve rate from here versus I think you were talking about more of an uptick over the rest of the year as well previously.

然後，我們是否也應該考慮從這裡開始保持穩定的準備金率，而不是我認為您所說的在今年剩餘時間里以及之前的準備金率更多地上升。

Thank you.

謝謝。

Hey, good morning, Jeff.

嘿，早安，傑夫。

So you're right.

所以你是對的。

We have changed a little bit the way we think about credit write offs for the balance of the year end.

我們對年末餘額信貸沖銷的看法略有改變。

We are at the beginning of Q3 now we had good visibility in terms of what's going to write off in Q3 and Q4.

我們正處於第三季的初期，現在我們對第三季和第四季將沖銷的內容有了很好的了解。

So we can be more confident in terms of providing a direction here.

因此，我們可以更有信心在這裡提供方向。

And to your point, the direction we're providing now is that it's going to be like stable at about the level you saw in Q2 at around 2.1%.

就您而言，我們現在提供的方向是，它將穩定在第二季 2.1% 左右的水平。

Now I need to say this specifically to address your question on the reserve and how to think about it for the balance of you.

現在我需要專門說這個問題，以解決您關於儲備金的問題以及如何考慮它以平衡您的利益。

A big driver of the reserve is going to be the delinquency levels.

儲備金的一個重要推動因素將是拖欠水準。

Those card members that are showing signs of signal as I've stressed early on.

正如我之前強調的那樣，那些正在顯示信號跡象的持卡會員。

The delinquency improvement in the quarter, there is seasonality in that in that improvement.

本季拖欠率有所改善，這種改善存在季節性。

And so we expect either that delinquency rate is going to probably tick up a bit in the balance of year and that will drive a bit of incremental reserves together with the volume growth that we expect to see.

因此，我們預計拖欠率可能會在今年剩餘時間內略有上升，這將推動一些增量儲備以及我們預期看到的數量成長。

But from a reserve rate standpoint, we are 2.8% it's a good reference point for what to expect for the balance of the year,. it might increase a little bit.

但從準備金率的角度來看，我們的利率是 2.8%，這是對今年剩餘時間的預期的一個很好的參考點。它可能會增加一點。

We'll see it's hard to predict where [see bullish the Skinner] land exactly at the end of Q4, but it's a good guide in terms of what to expect for the balance of the year.

我們將看到，很難預測第四季末的具體情況（請參閱史金納的樂觀預測），但就今年剩餘時間的預期而言，這是一個很好的指南。

I would expect 2.8, maybe 2.9%, but we're going to be in that range.

我預計是 2.8%，也許是 2.9%，但我們會在這個範圍內。

And to your point on credit losses, we expect stability from where we are now for the balance of the year.

至於您對信貸損失的觀點，我們預計今年剩餘時間將保持穩定。

Mark DeVries, Deutsche Bank.

馬克‧德弗里斯，德意志銀行。

Yes, thanks.

對了謝謝。

I think you pointed out it is pretty unusual for you to let again like you sort of I can fall to the bottom line.

我想你指出，你再次像你一樣讓我陷入底線是很不尋常的。

And I realize you don't give 2025 guidance that, Steve, just kind of wondering if you're still expect to target that mid-teens EPS growth office, this higher 2024 EPS level?

我知道你並沒有給出 2025 年的指導，史蒂夫，只是想知道你是否仍然希望以十幾歲左右的每股收益增長為目標，即更高的 2024 年每股收益水平？

Well, I'm actually glad you asked that question because it is a one-time gain.

嗯，我真的很高興你問這個問題，因為這是一次性的收穫。

And so as we do give guidance for next year.

我們確實為明年提供了指導。

We certainly do expect some to be in that mid-teens EPS range.

我們確實預計其中一些每股收益將處於十幾歲左右的範圍內。

However, we will be -- and we'd expect that people would adjust for that one-time gain.

然而，我們將會——而且我們預計人們會針對這一一次性收益進行調整。

I think by calling out that one-time gain the way that we have and not using it within the business, I think it makes your job a little bit easier to just sort of remove that and then build from there.

我認為，透過指出我們所擁有的一次性收益方式，而不是在業務中使用它，我認為這會讓你的工作變得更容易一些，只需刪除它，然後從那裡開始構建。

Because when you look at it, it's a one-time gain, that's what I call it, a one-time gain.

因為當你看它的時候，它是一次性的收穫，這就是我所說的，一次性的收穫。

But the thing that I would also point out is that because we have elevated our marketing spending to where it is using the core business and not use the one-time gain, that gives us the opportunity to actually reset our marketing at a much higher level for next year, which will allow us to drive even more growth as we as we go forward.

但我還要指出的是，因為我們已經將行銷支出提高到使用核心業務的水平，而不是使用一次性收益，這使我們有機會在更高的水平上真正重置我們的行銷明年，這將使我們能夠在前進的過程中推動更多的成長。

So that's the that's the big advantage that we look at this by not using a one-time gain and saying, hey, look, that's what we didn't have in our core by adjusting up our marketing by using core earnings.

所以這就是我們看待這個問題的一大優勢，不使用一次性收益，然後說，嘿，看，這是我們透過使用核心收益來調整我們的行銷而沒有的核心優勢。

Our anticipation is we'll be able to keep that marketing there and grow from there going forward versus going back to the $5.2 billion.

我們的預期是，我們能夠將行銷保持在該水平，並在此基礎上繼續成長，而不是回到 52 億美元。

Chris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

Good morning.

早安.

Thanks for taking the question.

感謝您提出問題。

At the Investor Day, digital banking was one of the key areas of investment over the next couple of years.

在投資者日，數位銀行是未來幾年的重點投資領域之一。

Can you just talk about those investments and what the goal is there?

您能談談這些投資以及目標是什麼嗎？

Yeah.

是的。

Look, the overall goal is to be more engaged with both our small businesses and to be more engaged with our consumers.

看，總體目標是更多地與我們的小型企業互動，並更多地與我們的消費者互動。

And I think digital banking is a bit of a journey for us.

我認為數位銀行對我們來說是一段旅程。

We now have multiple accounts, and we're just going to continue to invest not only in capabilities, but continue to invest in making sure that our customers are using that.

我們現在擁有多個帳戶，我們不僅要繼續投資於功能，還要繼續投資以確保我們的客戶正在使用它。

So there'll be more to come on that.

因此，還會有更多的事情發生。

But we're at the beginning of this journey, it is still a long way for us to go.

但我們正處於這段旅程的開始，我們還有很長的路要走。

Terry Ma, Barclays.

馬特里，巴克萊銀行。

Hey, thanks, good morning.

嘿，謝謝，早安。

I just want to get some more color on how your announced product refreshes are going in terms of just acquisitions, retentions and just overall receptiveness and whether or not you still feel pretty good about having that card fees exit the year higher than last year.

我只是想更多地了解你們宣布的產品更新在收購、保留和整體接受度方面的進展情況，以及你們是否仍然對今年的卡費高於去年的退出感到滿意。

In terms of acquisition for the product refreshes or in terms product refreshes.

在產品更新的取得方面或在產品更新方面。

In terms of just overall how product refreshes are going and whether or not you still feel pretty good about having net card fee growth exiting your

就總體而言，產品更新進展如何，以及您是否仍然對網卡費用增長退出感到滿意

(multiple speakers)

（多個發言者）

So we feel very good about either adding a bit more momentum, as we said, in terms of the card fee growth we are at like 16% FX-adjusted.

因此，我們對增加一點動力感到非常滿意，正如我們所說，就卡費成長而言，我們的匯率調整後約為 16%。

And we are definitely expecting this to tick up a bit in the balance of year.

我們肯定預計這一數字在今年餘下的時間裡會有所上升。

It's on the back of their product refreshes, but not only on the back of product refreshes and under the single most important, as I said in my prepared remark here, single most important element of that is their renewed commitment that cardmembers tenured cardmembers into portfolio make every year to actually renew their membership.

這是在他們的產品更新的背後，但不僅僅是在產品更新的背後，而且在最重要的一個因素下，正如我在我準備好的評論中所說的，其中最重要的一個因素是他們重新承諾持卡會員將持卡會員納入投資組合每年都會真正更新他們的會員資格。

That's a super important element of the mix here.

這是這裡混合的一個非常重要的元素。

But card refreshes, we are on track, we talked about 40 products and we are tracking well against that.

但是卡片刷新後，我們已經步入正軌，我們討論了 40 種產品，並且我們正在很好地追蹤這些產品。

And as Steve said, you know, goal is next to come.

正如史蒂夫所說，你知道，目標即將到來。

Yes.

是的。

I mean, we're about halfway through on those on those product refreshes.

我的意思是，我們的產品更新工作已經完成一半了。

Gold is the next big one to come, and it's really a little bit too early to tell how each one individually has done.

黃金是下一個即將到來的重要貨幣，現在判斷每個貨幣的表現確實有點太早。

But when you look at is, 3.4 million cards, 3.3 million cards acquired and retention rates are still strong.

但如果你看一下，340 萬張卡、330 萬張卡的取得和保留率仍然很高。

And those are the things that you look at, but we'll be able to have more color as the year goes on.

這些都是你所看到的，但隨著時間的推移，我們將能夠擁有更多的色彩。

Saul Martinez of HSBC.

匯豐銀行的索爾·馬丁內斯。

Hey, good morning, guys.

嘿，早上好，夥計們。

So the question (technical difficulty) the midpoint of your guidance range implies an EPS in the second half that, at the midpoint of the range suggests around 2.6% growth, I think at the higher end, but it's roughly a little under seven.

因此，問題（技術難度）指導範圍的中點意味著下半年的每股收益，在該範圍的中點表明增長約為 2.6%，我認為處於較高端，但大約略低於 7。

Now.

現在。

Obviously, the higher marketing explains the bulk of it, if not all of it.

顯然，較高的行銷水平解釋了大部分（如果不是全部）。

But just wanted to ask, was there anything else there that is relevant that we should be thinking about driving that deceleration and maybe different than what you had anticipated?

但只是想問，是否還有其他相關的事情我們應該考慮推動減速，並且可能與您的預期不同？

Because obviously on a core basis, your numbers stripping out a certified have been better than expected in the first half, yet coordination kept the EPS side unchanged.

因為顯然在核心基礎上，上半年扣除認證的數據好於預期，但協調性使 EPS 方面保持不變。

On that second half outlook, I think you have said in the past, but if I'm wrong, but quite deceleration in the year closer to 20%.

關於下半年的展望，我想你過去已經說過了，但如果我錯了，今年的減速相當接近20%。

I think don't think you've given a specific number on this call, other than to say you see some acceleration business, 20% still the

我想你在這次電話會議上並沒有給出具體的數字，只是說你看到了一些加速業務，20% 仍然是

(inaudible).

（聽不清楚）。

Thanks.

謝謝。

So we haven't given a number.

所以我們還沒有給一個數字。

So and I going to stick to that.

所以我會堅持下去。

But your math is -- either we've done the math as well, and we're looking at those numbers and you need to fill factor as well into account the fact that last quarter we had the (technical difficulty) like about $200 million of one-off gain as well, you may remember linked to the lower our model.

但你的數學是——要么我們也做了數學計算，我們正在研究這些數字，你還需要考慮到上個季度我們遇到了大約 2 億美元的（技術困難）這一事實一次性增益也是如此，您可能還記得與我們模型的較低部分相關聯。

But when as think about the balance of your there, couple of additional items to bake into your forecast.

但是，當考慮您的平衡時，需要將一些額外的項目納入您的預測中。

The first thing is that, as I say it does on a previous question, I think it was from Jeff, we expect to build some balances in the balance of year for credit reserve, [Cecil] balance -- Cecil reserve, sorry.

第一件事是，正如我在上一個問題中所說的那樣，我認為這是來自傑夫的，我們希望在信貸準備金的年度餘額中建立一些餘額，[塞西爾]餘額- 塞西爾準備金，抱歉。

And so that will put a bit of pressure on the EPS.

因此這會給每股收益帶來一些壓力。

The second thing is that OpEx, we're investing in technology, as I said in my remarks as well, we're investing in our control management capabilities and typically as well as the seasonal factor at American Express, we've seen operating expenses pickup a little bit towards the end of the year.

第二件事是營運支出，我們正在投資技術，正如我在發言中所說，我們正在投資我們的控制管理能力，通常以及美國運通的季節性因素，我們已經看到了營運費用接近年底時略有回升。

So when you bake all of this into account, including a bit more marketing that we are projecting this at this point in time in the balance of year, you actually get back on your feet and you'll see that there the EPS cadence or run rate is actually not moving that much and remains like very high.

因此，當您將所有這些因素考慮在內，包括我們在今年餘下的時間點預計的更多營銷活動時，您實際上會重新站起來，您會看到 EPS 節奏或運行情況實際上，利率並沒有太大變化，仍然非常高。

Moshe Orenbush, TD Cowen.

摩西·奧倫布什，TD·考恩。

Great.

偉大的。

Thanks.

謝謝。

Is there -- [Accertify], as you look at the net interest income, that did decelerate about 6 points in the quarter from the first quarter level, but still the growth rate of NII is still well above the growth rate in loans.

[Accertify]，當你觀察淨利息收入時，本季確實比第一季的水準下降了約 6 個百分點，但 NII 的成長率仍然遠高於貸款的成長率。

As you kind of approach the end of the year, do you think that those two kind of converge or will there be margin pressure?

隨著年底的臨近，您認為這兩者會趨同還是會有利潤壓力？

And could that and net interest income growth be lower than the growth in balances by them?

淨利息收入成長是否會低於其餘額成長？

Thank you for your question, Moshe.

謝謝你的提問，摩西。

There are a couple of things to keep in mind here are the first one is that as I've said, we should expect the volume, the balances, the loans to growth rate to moderate a bit further in the balance of year, although it will remain in double digit.

這裡有幾件事需要記住，第一件事是，正如我所說，我們應該預計今年餘下的數量、餘額、貸款與增長率將進一步放緩，儘管仍將保持兩位數。

From a yield standpoint, we have a slide that shows the yields, we had a bit of a yield improvement on the back of better.

從產量的角度來看，我們有一張投影片顯示了產量，在更好的基礎上，我們的產量有所提高。

I would see a few things year over year yield improvement on the back of either there are revolve rates are a bit higher and they keep ticking up a little bit.

我會看到一些年復一年的收益率改善，要么是循環率稍高，要么是持續上升。

And the second thing is and was recovered during the investor day on the funding side, we still have this dynamic around a bigger share of our funding mix going to a high-yield savings account, which for us as an effective funding channel.

第二件事是，在投資者日期間，在融資方面，我們仍然有這種動態，我們的資金組合中的更大份額流向高收益儲蓄帳戶，這對我們來說是一個有效的融資管道。

And so that dynamic is still going to play out in the balance of year.

因此，這種動力在今年餘下的時間裡仍將發揮作用。

And so you should expect to see the NII growth rate kind of like moderate a bit in the balance of year.

因此，您應該預計到今年剩餘的時間裡，NII 成長率會有所放緩。

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

Hi, thank you for taking my question.

你好，謝謝你回答我的問題。

Wanted to go back just staying on spending and revenue.

想回去只停留在支出和收入。

Is it fair to say that you're planning for the softer spending environment to continue for the next couple of quarters?

可以公平地說，您計劃在未來幾季持續疲軟的支出環境嗎？

So discount revenue growth will be like current quarter levels, probably a fair way to think about it or are you taking any change in that trajectory?

因此，折扣收入成長將類似於當前季度的水平，這可能是一個公平的思考方式，或者您會改變這一軌跡？

And then just relatedly on spending, if I could just -- if you could just discuss what happened in large and global spend.

然後就是與支出相關的問題，如果我可以——如果你可以討論大規模的全球支出發生了什麼。

It looked like it decelerated a fair amount.

看起來它減速了相當多。

So is there anything to call the mean, I know it's a smaller business, but so fairly meaningful deceleration.

那麼有沒有什麼可以稱之為平均值，我知道這是一個較小的業務，但相當有意義的減速。

So let me take the first one around how we're thinking about billings.

那麼，讓我來談談我們如何看待帳單的第一個問題。

So we are -- as I said, either we see a lot of stability across the last two, three quarters and even a bit further when you look at this in detail.

因此，正如我所說，我們要么在過去兩個、三個季度中看到很大的穩定性，甚至當你詳細觀察這一點時，情況會更進一步。

So either from a guidance standpoint, when we develop the guidance and the revenue guidance that's what we bake in.

因此，無論是從指導的角度來看，當我們制定指導和收入指導時，這就是我們所製定的。

If there is upside to that spend level, then all it's going to be a good thing for us.

如果這支出水準有上升空間，那麼這對我們來說將是一件好事。

But from a guidance standpoint, that's what we are assuming on the revenue side.

但從指導的角度來看，這就是我們在收入上的假設。

when it comes to global and large, last quarter you remember there was like a tick up, it was up 5% this quarter there was are we back to that 0%?

當談到全球和大型企業時，你記得上個季度出現了小幅上漲，本季上漲了 5%，但我們又回到了 0% 嗎？

There are a few things here like there isn't really nothing meaningful outside of likely notice in like one specific client like or a significant drop in terms of their card member usage.

這裡有一些事情，例如除了可能注意到某個特定客戶或他們的持卡會員使用率大幅下降之外，實際上沒有任何有意義的事情。

But but there was nothing really material there, not big change, not an inflection point in terms of what we see in terms of corporate card spend.

但是，就我們在公司卡支出方面看到的情況而言，沒有什麼真正實質的變化，沒有重大變化，也沒有出現拐點。

Donna, back to you.

唐娜，回到你身邊。

Well, with that, we will bring the call to an end.

好吧，我們就結束這通通話。

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

再次感謝您參加今天的電話會議並感謝您對美國運通的持續關注。

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

IR 團隊將隨時解答任何後續問題。

Thank you.

謝謝。

Donna?

唐娜？

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 also access the digital replay of the call at 8776606853 or 2016127415, access code 13747456.

您也可以撥打 8776606853 或 2016127415，存取代碼 13747456 存取通話的數位重播。

After 1:00 PM, Eastern time on July 19, through July 26.

東部時間 7 月 19 日下午 1:00 至 7 月 26 日。

That will conclude our conference call.

我們的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。