美國運通 (AXP) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the American Express Q3 2025 earnings call. (Operator Instructions) As a reminder, today's call is being recorded.

女士們、先生們，感謝你們的支持。歡迎參加美國運通 2025 年第三季財報電話會議。（操作員指示）提醒一下，今天的通話正在被錄音。

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

現在，我想將會議交給我們的主持人、投資者關係主管 Kartik Ramachandran 先生。請繼續。

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

謝謝你，達裡爾，也謝謝大家參加今天的電話會議。在我們開始之前提醒一下，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。這些都是基於管理階層目前的預期，並受風險和不確定性的影響。今天的簡報幻燈片和我們向美國證券交易委員會提交的報告中都包含了可能導致實際結果與這些聲明有重大差異的因素。

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.

今天的討論也包含非公認會計準則財務指標。可比較的 GAAP 財務指標包含在本季度的收益資料以及我們討論過的前期收益資料中。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.

今天我們將首先邀請董事長兼執行長史蒂夫·斯奎裡 (Steve Squeri) 介紹公司的進展和業績。然後，財務長 Christophe Le Caillec 將對我們的財務表現進行更詳細的回顧。之後，我們將與史蒂夫和克里斯托夫就結果進行問答。

With that, let me turn it over to Steve.

說完這些，讓我把麥克風交給史蒂夫。

Thank you, Kartik. Good morning, and thank you for joining us. We had a very strong quarter with revenues up 11% year over year to a record $18.4 billion and earnings per share up 19% to $4.14. Card Member spending in the quarter accelerated to 9%, or 8% on an FX-adjusted basis, with particularly strong retail spending and a bounce back in travel. And our credit performance continued to be excellent.

謝謝你，卡爾蒂克。早安，感謝您加入我們。本季我們業績表現強勁，營收年增11%，達到創紀錄的184億美元，每股收益成長19%，達到4.14美元。本季持卡會員消費成長9%，經匯率調整後成長8%，零售消費尤為強勁，旅遊消費也反彈。我們的信用表現持續保持優異。

Based on our strong performance through the first three quarters, we're raising the guidance we provided in January. We now expect full-year revenue growth of 9% to 10% and EPS between $15.20 and $15.50. The big news in the quarter was the launch of our refreshed US Consumer and Business Platinum Cards, which reinforces our leadership in the premium space.

基於前三個季度的強勁表現，我們提高了一月份提供的預期。我們目前預計全年營收成長9%至10%，每股收益在15.20美元至15.50美元之間。本季的重磅新聞是我們推出了全新的美國消費者和商業白金卡，這鞏固了我們在高端領域的領先地位。

I'm very pleased to say that the initial customer demand and engagement are exceeding our expectations. In fact, while it's still early, this is the strongest start we've seen for a US Platinum Card refresh. Before I get into more details on Platinum, I want to provide some context.

我很高興地說，最初的客戶需求和參與度超出了我們的預期。事實上，雖然現在還為時過早，但這是我們所見過的美國白金卡更新最強勁的開端。在詳細介紹 Platinum 之前，我想先介紹一些背景資訊。

We are fortunate to have a global premium customer base that is unmatched in the industry. And our goal is to provide our customers with the best experience in the industry but continually investing and innovating our value propositions. The recent Platinum launch is yet another example of our proven strategy of refreshing our products on a regular basis to drive customer engagement and growth.

我們很幸運擁有業界無與倫比的全球優質客戶群。我們的目標是為客戶提供業內最佳體驗，同時不斷投資和創新我們的價值主張。最近推出的 Platinum 是我們定期更新產品以推動客戶參與和成長的有效策略的又一例證。

In fact, we've done over 200 refreshes across our portfolio globally since 2019. And this is the third US Platinum refresh we've done in the past decade. Our refresh strategy leverages and strengthens the competitive advantages of our Membership Model.

事實上，自 2019 年以來，我們已經在全球範圍內對我們的產品組合進行了 200 多次更新。這是我們在過去十年中第三次更新美國白金唱片。我們的更新策略利用並加強了我們的會員模式的競爭優勢。

It starts with understanding what our customers and our prospective customers want, and then enhancing our value propositions with access to compelling benefits, services, and experiences at a price point that delivers outstanding value.

首先要了解我們的客戶和潛在客戶的需求，然後透過以提供卓越價值的價格提供引人注目的利益、服務和體驗來增強我們的價值主張。

The scale of our premium customer base gives us a distinct advantage. Our Consumer and Business Platinum Card Franchise alone accounts for approximately $530 billion of annual spend globally. This scale gives us deep insights into customer spending patterns and emerging trends, which informs our product enhancements and where we invest.

我們的優質客戶群的規模為我們帶來了獨特的優勢。光是我們的消費者和商業白金卡特許經營權就佔全球每年支出的約 5,300 億美元。這個量表讓我們深入了解客戶的消費模式和新興趨勢，從而為我們的產品改進和投資方向提供資訊。

Another key advantage is the relationships we have with 160 million merchants around the world, who accept our cards. We've grown the number of Amex-accepting merchants by nearly five times since 2017, getting our Card Members more places to use their cards and giving more merchants access to our high-spending customers, who spend on average nearly three times more annually on American Express cards than the average spend per card on other networks.

另一個關鍵優勢是我們與全球 1.6 億接受我們卡片的商家建立了良好的關係。自 2017 年以來，我們接受美國運通卡的商家數量增加了近五倍，使我們的持卡人可以在更多地方使用他們的卡，並讓更多商家能夠接觸到我們的高消費客戶，這些客戶每年在美國運通卡上的平均消費額幾乎是其他網絡每張卡平均消費額的三倍。

Ultimately, product refreshes fuel a virtuous cycle of growth for the company. By continually enhancing our offerings, we drive the engagement and scale of our premium customer base. Our high-spending Card Members attract a growing number of world-class merchant partners who add more value to membership, which drives more engagement. And this enables us to generate more dollars that we can reinvest in enhancing our products.

最終，產品更新將推動公司的良性成長循環。透過不斷增強我們的服務，我們推動了優質客戶群的參與度和規模。我們的高消費卡會員吸引了越來越多的世界級商家合作夥伴，他們為會員增加了更多價值，從而推動了更多的參與。這使我們能夠賺取更多的錢，用於改進我們的產品。

The result of all this is a loyal and growing premium customer base, mutually beneficial relationships with our merchants, and strong returns for our shareholders, including higher revenue growth, excellent credit quality, expense leverage, and increased profit across our product portfolios. There's no better example of how we execute the strategy than our Platinum Cards.

所有這些的結果是，我們擁有了忠誠且不斷增長的優質客戶群、與商家建立了互惠互利的關係，並為股東帶來了豐厚的回報，包括更高的收入增長、卓越的信貸品質、費用槓桿以及我們產品組合的利潤增長。沒有比白金卡更好的例子來說明我們如何執行這項策略。

We launched our first Platinum Card over 40 years ago. It was the first premium part of its kind in the industry and remains the category leader. Platinum was initially designed for well-established, affluent frequent travelers. Several years ago, we made a conscious decision to widen our aperture for our premium products, so that we could also attract new generations to the Franchise and grow with them as their needs change.

40多年前，我們推出了第一張白金卡。它是業界同類產品中的第一款優質零件，至今仍處於領先地位。白金卡最初是為富裕的常旅客設計的。幾年前，我們有意識地決定擴大我們的高端產品範圍，以便我們能夠吸引新一代的特許經營者，並隨著他們需求的變化而共同成長。

With the value enhancements we've made over the past decade, the Platinum Card has evolved into the leading premium lifestyle card that it is today, with a wider range of benefits and experiences that appeal broadly across generations, including Millennial and Gen-Z consumers, who are very comfortable paying for exceptional value and are highly engaged in the product.

憑藉著過去十年來我們不斷提升的價值，白金卡已發展成為如今領先的高端生活方式卡，其更廣泛的優惠和體驗吸引了各代人，包括千禧一代和 Z 世代消費者，他們非常樂意為超值服務付費，並且高度關注產品。

A good example of these value enhancements is the previous US Platinum refresh we did in 2021 coming out of the COVID pandemic. We learned that our Card Members, particularly the younger cohorts, love the benefits we've added in categories like digital entertainment, wellness, and delivery services in addition to our travel offerings, which we also continue to enrich with investments in new Centurion Lounges and the expansion of our hotel programs.

這些價值提升的一個很好的例子是我們在 2021 年新冠疫情爆發後進行的美國白金更新。我們了解到，我們的持卡會員，尤其是年輕一代，除了旅遊產品外，還喜歡我們在數位娛樂、健康和送貨服務等類別中增加的福利，我們還通過投資新的 Centurion Lounges 和擴展酒店計劃來繼續豐富我們的福利。

That brings me to our most recent Platinum launch. Here again, we continued our strategy of enhancing the card's benefits and services with more world-class partners across the areas we know our customers love to deliver industry-leading value that far exceeds the card's annual fee.

這讓我想到了我們最近推出的白金版產品。在這裡，我們再次延續了我們的策略，透過與客戶喜愛的地區的更多世界級合作夥伴一起增強信用卡的優惠和服務，提供遠遠超過信用卡年費的行業領先價值。

In addition, we continue to enhance our award-winning digital capabilities, introducing a new app experience for our US Platinum members, that makes it even easier to engage with the card's benefits. As I mentioned earlier, the initial results are very strong, exceeding our expectations.

此外，我們繼續增強我們屢獲殊榮的數位功能，為我們的美國白金會員推出新的應用程式體驗，使他們更容易享受卡片的優惠。正如我之前提到的，初步結果非常強勁，超出了我們的預期。

For example, new Platinum account acquisitions are running at twice the level before the refresh. In the first three weeks, we saw very strong engagement in the new benefits and over 500,000 requests for the new mirror card. And while the annual fee increase won't go into effect for a few months, retention rates have been stable post-refresh.

例如，新白金帳戶的取得量是更新前的兩倍。在最初的三週內，我們看到人們對新福利的參與度非常高，新鏡像卡的申請量超過 50 萬份。雖然年費上調幾個月後才會生效，但更新後的保留率一直保持穩定。

In addition to these results, we saw record bookings through Amex Travel following the Platinum refresh and the launch of our new all-in-one travel app, which we introduced earlier in September in the US. Looking ahead, I'm confident about our ability to sustain our growth by continuing to build on our powerful Membership platform, with a growing set of high-value products, benefits, services, and experiences.

除了這些結果之外，隨著白金卡的更新和我們於 9 月初在美國推出的全新一體化旅遊應用程式的推出，我們透過美國運通旅行社的預訂量也創下了紀錄。展望未來，我相信我們有能力透過持續建立強大的會員平台以及不斷增長的高價值產品、福利、服務和體驗來維持成長。

We'll also continue expanding our digital capabilities for consumers and businesses, including the upcoming integration of Center's expense management solution for Commercial customers. And we'll focus on continuing to grow merchant coverage outside the US to give Card Members more places to use their Amex cards.

我們也將持續擴展面向消費者和企業的數位能力，包括即將為商業客戶整合中心的費用管理解決方案。我們將致力於繼續擴大美國境外的商家覆蓋範圍，讓持卡會員可以在更多地方使用他們的美國運通卡。

With that, I'll hand it over to Christophe to walk through more detail on third-quarter results.

接下來，我將把時間交給 Christophe，讓他詳細介紹第三季的表現。

Thanks, Steve, and good morning everyone. Let me start with a few highlights for the quarter. Our business model is performing really well. Revenue growth accelerated to 11% this quarter with broad-based growth across revenue lines. Annual card fees are now approaching $10 billion annually and have grown at double digits for 29 consecutive quarters.

謝謝，史蒂夫，大家早安。首先，我來介紹一下本季的一些亮點。我們的商業模式表現非常好。本季營收成長加速至 11%，各營收項目均廣泛成長。目前，信用卡年費已接近 100 億美元，並已連續 29 個季度保持兩位數成長。

Credit performance remains excellent, with both US Consumer and Small Business delinquency rates still below 2019 levels. And we've driven leverage from expenses and provision even as we have invested in our premium value propositions, marketing, and technology. As a result, we continue to deliver very strong returns. EPS growth was 19% this quarter, with an ROE of 36%.

信貸表現依然出色，美國消費者和小型企業拖欠率仍低於 2019 年的水準。並且，我們在投資優質價值主張、行銷和技術的同時，也從費用和撥備中獲得了槓桿作用。因此，我們繼續帶來非常豐厚的回報。本季每股收益成長 19%，淨資產收益率為 36%。

Turning to Billed Business trends for the quarter, total spend was up 8.5% FX-adjusted, about 2 percentage points higher than Q2. The step-up in growth was driven by strong retail spending, up 12%, as well as a rebound in T&E. Airline spending picked up this quarter, and restaurants, our largest T&E category, continued to be very strong, up 9%.

回顧本季的帳單業務趨勢，總支出經外匯調整後上漲了 8.5%，比第二季高出約 2 個百分點。零售支出強勁成長（成長 12%）以及差旅與娛樂支出反彈推動了經濟成長。本季航空支出回升，而我們最大的差旅和娛樂類別——餐飲，持續表現強勁，成長了 9%。

Premium T&E bookings saw good momentum, with spending on front of cabin airline tickets up 14%. The momentum we've seen from younger customers also continued. Millennials and Gen-Z now account for 36% of total spend, making up the same share as Gen-X. International had another strong quarter, with spend up 13%, FX-adjusted. Momentum remains broad-based across markets with 3 of our 5 top countries growing by 18% or more this quarter.

高階差旅及娛樂預訂勢頭良好，客艙前機票支出增加了 14%。我們看到年輕顧客的勢頭也持續了下去。千禧世代和 Z 世代目前佔總支出的 36%，與 X 世代的份額相同。國際市場又迎來了一個強勁的季度，經外匯調整後支出成長了 13%。各市場依然保持著廣泛的成長勢頭，本季我們排名前五的國家中有三個國家的成長速度達到或超過了 18%。

In addition to the strong early performance we are seeing in the US following the refresh, spend on Platinum Cards issued outside the US is up 24% this quarter, consistent with what we have seen over the last two years. Overall spend growth continues to be driven by transaction growth, up 10% in Q3, a good indicator of engagement from our customer base.

除了我們看到的美國在更新後的強勁早期表現之外，本季度美國以外發行的白金卡消費額增長了 24%，與我們過去兩年看到的情況一致。整體支出成長持續受到交易成長的推動，第三季成長了 10%，這很​​好地表明了我們的客戶群的參與度。

I will note that we see strong engagement from Millennial and Gen Z Card Members, with the average number of transactions per US customer about 25% higher than older cohorts. We acquired 3.2 million new cards in the quarter. And even more important than the overall number of cards, demand for our premium products remains very strong, with over 70% of new accounts acquired on fee-paying products.

我要指出的是，我們看到千禧世代和 Z 世代卡會員的積極參與，每個美國客戶的平均交易數量比老一代高出約 25%。本季我們獲得了 320 萬張新卡。比卡片總數更重要的是，對我們高端產品的需求仍然非常強勁，超過 70% 的新帳戶是透過付費產品獲得的。

Turning to balance growth and credit, Loans and Card Member Receivables were up 7% year-over-year, broadly in line with Billed Business. There was about a 1 percentage point impact on balance growth from our held-for-sale portfolios again this quarter. Credit performance remains very strong and stable. Q3 delinquency and write-off rates were low, with delinquency rates flat to last quarter, while write-off rates declined.

轉向平衡成長和信貸，貸款和持卡人應收款年增 7%，與帳單業務基本一致。本季度，我們的持有待售投資組合的餘額成長再次受到約 1 個百分點的影響。信貸表現依然非常強勁穩定。第三季的拖欠率和註銷率較低，拖欠率與上一季持平，而註銷率則下降。

This performance is supported by our focus on premium products, which tend to attract high income, highly creditworthy customers. We're seeing the outcome of this strategy in the latest Platinum refresh, where the credit profiles of Consumer applicants following the refresh are even better than what we were seeing before, with average FICO score up 15 points, contributing to 2x the number of acquisitions. Overall provision expense of $1.3 billion this quarter included a reserve build of $125 million, reflecting balanced growth.

這一業績得益於我們專注於高端產品，這些產品往往吸引高收入、高信用的客戶。我們在最新的白金更新中看到了這項策略的成果，更新後的消費者申請人的信用狀況比我們以前看到的還要好，平均 FICO 分數提高了 15 分，使收購數量增加了 2 倍。本季總撥備支出為 13 億美元，其中包括 1.25 億美元的儲備金，體現了均衡成長。

Turning to revenue on slide 14, revenue was very strong this quarter, up 11%, with momentum across revenue lines. Net card fees were up 17%, FX-adjusted, a pace that we have now maintained since 2019. Card fee growth moderated as we expected and will continue to moderate before we see an inflection upward in 2026 as a result of our product refreshes.

談到幻燈片 14 上的收入，本季收入非常強勁，成長了 11%，各收入項目都呈現成長動能。經外匯調整後，淨卡費上漲了 17%，自 2019 年以來我們一直保持這一成長速度。正如我們預期的那樣，卡費成長有所放緩，並將繼續放緩，直到 2026 年由於我們的產品更新而出現上升趨勢。

As a reminder, Card Members who held Platinum Cards prior to the refresh get to experience the new benefits for a few months before the increase in the annual fee goes into effect. The new card fee will then be applied at renewal anniversaries over the next 12 months. Additionally, card fees are amortized over a 12-month period.

提醒一下，在更新之前持有白金卡的持卡會員可以在年費增加生效前的幾個月內體驗新的優惠。新的卡費將在未來 12 個月的續約週年紀念日收取。此外，卡費在 12 個月內攤提。

Putting those factors together, it takes roughly two years to fully lap the impact of the refresh on card fees, with the contribution to growth peaking 12 months following the effective date of the new annual fee. Of course, the overall trajectory of card fees is also dependent on many other factors such as volume and mix of acquisitions, retention, and the full suite and cadence of product refreshes globally.

綜合考慮這些因素，大約需要兩年時間才能完全抵消更新對卡費的影響，對增長的貢獻將在新年費生效後的 12 個月達到頂峰。當然，卡費的整體趨勢也取決於許多其他因素，例如收購的數量和組合、保留以及全球產品更新的全套性和節奏。

Net interest income was up 12% again this quarter. We continue to grow balances largely in line with spending while driving higher NII growth by expanding the margin earned on balances. And at the same time, we've maintained best-in-class credit results.

本季淨利息收入再次成長12%。我們繼續以與支出基本一致的方式增加餘額，同時透過擴大餘額賺取的利潤來推動更高的NII成長。同時，我們保持了一流的信用業績。

This quarter, the service fees and other revenue line includes the impact of a transaction at the Global Business Travel Group, which contributed about 5 percentage points to year-over-year growth in this line. In addition, this is the first quarter that we have fully lapped the sale of the Accertify business last May.

本季度，服務費和其他收入項目包括全球商務旅行集團交易的影響，該交易為該項目的同比增長貢獻了約 5 個百分點。此外，這是我們自去年 5 月全面完成 Accertify 業務出售以來的第一個季度。

The main takeaway here is that growth in service fees and other revenue is running higher than the low single-digits that we saw in the second half of last year and earlier this year. Overall, we feel good about the momentum we have at this point in the year. And we are on track for full year revenue growth of 9% to 10%.

這裡的主要結論是，服務費和其他收入的成長率高於去年下半年和今年稍早看到的低個位數成長率。總體而言，我們對今年此時的勢頭感到滿意。我們預計全年營收成長率將達到 9% 至 10%。

Turning to expense performance. VCE was up 14% in the quarter, with the VCE-to-revenue ratio coming in at 42%. Card member services growth stepped up for the first -- stepped up from the first half of the year, driven by strong early engagement with the refreshed US Platinum benefits, especially some of the quarterly credits that were available to customers.

談到費用表現。本季 VCE 成長了 14%，VCE 與營收比例達到 42%。持卡會員服務成長首次加快－較上半年加快，這得益於早期對更新後的美國白金卡福利的強烈參與，尤其是一些可供客戶享受的季度積分。

This is a good, early sign of interest in the product and the new benefits. And as we noted previously, the cost of benefits occurs immediately, while the realization of fee revenue is lagged, given the timing and accounting of those fees.

這是人們對該產品及其新優勢感興趣的一個良好、早期跡象。正如我們之前提到的，福利成本會立即發生，而費用收入的實現則會落後，因為這些費用的時間和會計原因。

Our model also benefits from partners that offer value to our customers. Over the last 12 months, our partners have offered over $3 billion of value across embedded benefits, Amex Travel, and Amex Offers. We also manage our VCE expenses through constant innovation of our rewards and benefits, the latest one being the introduction of Amount Based redemptions.

我們的模式也受益於為我們的客戶提供價值的合作夥伴。在過去的 12 個月中，我們的合作夥伴透過嵌入式福利、美國運通旅行和美國運通優惠提供了超過 30 億美元的價值。我們還透過不斷創新獎勵和福利來管理我們的 VCE 費用，最新的創新是引入基於金額的兌換。

As we've noted previously, we expect the VCE ratio to increase over time as a result of our investments in the value proposition and the mix shift to a more premium portfolio. We also feel good about the ability of these investments, together with expense leverage, to drive sustainable mid-teens EPS growth under our long-term aspiration.

正如我們之前所指出的，我們預計，隨著我們對價值主張的投資以及投資組合向更優質的投資組合轉變，VCE 比率將隨著時間的推移而增加。我們也對這些投資與費用槓桿相結合的能力感到滿意，這些投資能夠在我們的長期願望下推動可持續的中期每股收益成長。

Moving on to capital. We returned $2.9 billion of capital to our shareholders, including $0.6 billion of dividends and $2.3 billion of share repurchases. Our business continues to generate very strong returns with an ROE of 36% this quarter. Our strong ROE enables us to return a high level of earnings to our shareholders, around 70% over the past three years. Over the same time period, our dividend is up 58%.

轉向資本。我們向股東返還了 29 億美元的資本，其中包括 6 億美元的股息和 23 億美元的股票回購。我們的業務繼續產生非常強勁的回報，本季的 ROE 為 36%。我們強勁的 ROE 使我們能夠為股東帶來高水準的收益，過去三年的收益約為 70%。在同一時期，我們的股息上漲了 58%。

That brings me to the outlook for the year. While there continues to be uncertainty in the environment, given the strength of our performance, we are raising our full-year guidance. We now expect revenue growth of 9% to 10% and earnings per share between $15.20 and $15.50. This assumes a stable macroeconomic outlook as we get to the end of the year.

這讓我對今年有了些展望。儘管環境仍然存在不確定性，但鑑於我們業績強勁，我們提高了全年業績預期。我們目前預期營收成長9%至10%，每股收益在15.20美元至15.50美元之間。這假設到年底宏觀經濟前景將維持穩定。

Stepping back, we feel really good about our momentum year-to-date. And we are very pleased with the initial demand and engagement following the Platinum refresh. With that, I'll turn the call back over to Kartik, and we'll take your questions.

回顧過去，我們對今年迄今的發展勢頭感到非常滿意。我們對白金版更新後的初始需求和參與度感到非常滿意。說完這些，我將把電話轉回給卡蒂克，我們將回答您的問題。

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

謝謝你，克里斯托夫。在我們開始問答環節之前，我請排隊的各位只問一個問題。謝謝您的合作。這樣，接線員就會開始回答問題。操作員？

(Operator Instructions) Sanjay Sakhrani, KBW.

（操作員指示）Sanjay Sakhrani，KBW。

Thank you, good morning. First of all, I appreciate all the disclosures on the Platinum Card and the refresh, and it seems like things are going really well there. Steve, I guess, there's been just a lot of resiliency, if not strength, across your customer base. Even Corporate and Small Business did accelerate sequentially.

謝謝，早安。首先，我很感謝白金卡和更新的所有披露，而且看起來事情進展得非常順利。史蒂夫，我想，你的客戶群即使不具備實力，也具有很大的彈性。甚至企業和小型企業也確實持續加速發展。

So maybe you could just -- could you just talk about how you're feeling about the path forward? Can things actually improve here, because we've bottomed some and because you had this acceleration, maybe just in a stable macro backdrop specifically?

那麼也許您可以—您能談談您對未來道路的感受嗎？情況真的會改善嗎，因為我們已經觸底，而且有這種加速，也許只是在穩定的宏觀背景下？

And then just one, Christophe, modeling thing. The gain that you had this quarter, I mean, should we think about it as an explicit benefit? I'm sorry if I missed that commentary if you had any. Thanks.

然後就只有一個，克里斯托夫，模特兒的事情。我的意思是，我們是否應該將您本季獲得的收益視為一項明確的好處？如果我錯過了您的任何評論，我很抱歉。謝謝。

Look, I think you saw a little bit of an accelerant this quarter from a Billings perspective. But if you look back over the last six or seven quarters, that it's been relatively stable. Is this a sign of things to come? I don't know if this -- we're going to keep this Billings up the way we are. But I don't see anything in the horizon here that would indicate that Billings are going to slow down or decline.

看，我認為從比林斯的角度來看，本季度你看到了一些加速器。但如果回顧過去六、七個季度，就會發現情況相對穩定。這是未來事情的徵兆嗎？我不知道這是否——我們是否會維持現狀。但我沒有看到任何跡象表明比林斯的成長將會放緩或下降。

So I think the second quarter, you saw a deceleration in airline spending. I think the pickup in T&E was really good. I mean, restaurants continue to be strong. But airlines really did pick up. And I think what was really encouraging for us as well was the premium part from an airline perspective. I mean, that was up 14% when you think about front of the cabin.

所以我認為第二季航空支出放緩。我認為 T&E 的回升確實很好。我的意思是，餐廳的生意持續強勁。但航空公司的業績確實有回升。我認為，從航空公司的角度來看，優質部分對我們來說也真正令人鼓舞。我的意思是，如果考慮到機艙前部，這個數字就上升了 14%。

So that, coupled with quarterly billing -- quarterly bookings in our US Travel -- Consumer Travel business, which were at an all-time high. So, I think -- look, we're still in a relatively stable environment. I would also point out, as I always point out, our card base is not representative of what's going on across the United States. It truly is a bifurcated economy.

因此，加上季度帳單——我們美國旅遊——消費者旅遊業務的季度預訂量，都達到了歷史最高水準。所以，我認為——看，我們仍然處於相對穩定的環境。我還要指出的是，正如我一直指出的那樣，我們的卡片基礎並不能代表美國各地正在發生的事情。這確實是一個分裂的經濟體。

We have a small percentage of the cards, but our cardholders are much more premium. And we're lucky to have a much more premium card base. So, we're seeing a little bit of a pickup in spend. We hope that that continues into the fourth quarter.

我們擁有的卡片數量不多，但我們的持卡人非常高端。我們很幸運擁有更優質的卡片基礎。因此，我們看到支出略有增加。我們希望這種勢頭能夠持續到第四季。

I think what was encouraging for us is also the pickup in Small Business. We saw 4% growth; a pickup in Large and Global as well, which was up at about 6%. And International continues to just -- continues to really be really strong.

我認為，令我們感到鼓舞的是小型企業的復甦。我們看到了 4% 的成長；大型和全球業務也有所回升，增幅約為 6%。國際業務持續保持強勁。

And the last thing I'll say is I think the retail spending, especially in the US Consumer business, hopefully, is a good harbinger for what will come during the holiday season. Because US Consumer business was very strong as well at 9%. So, are we going to see a big accelerant from here? It's not what we're expecting, but we're not also expecting a deceleration as well.

最後我想說的是，我認為零售支出，特別是美國消費業務的零售支出，預計將成為假日季銷售情況的一個好預兆。因為美國消費者業務也非常強勁，成長了 9%。那麼，我們是否會從這裡看到巨大的加速器？這不是我們所期望的，但我們也不期望出現減速。

And, Sanjay, on your question about the gain, so it's not a large gain. It's in the range of about $80 million. We called it out because it has an impact on the growth rate of that line, service fees and other revenue. There -- if you want more color, as you know, we own about 30% of the Global Business Travel Group.

桑傑，關於你提到的收益問題，所以這不是一個很大的收益。大約在 8000 萬美元左右。我們之所以提出這一點，是因為它對該產品的成長率、服務費和其他收入產生了影響。如果您想了解更多詳情，如您所知，我們擁有全球商務旅行集團約 30% 的股份。

And I'm sure you've heard or seen that they just merged with Carlson Wagonlit. And that translated into a small gain for us, which we recognized this quarter, and that is moving the line a little bit. It's about 5 percentage points of that 17% growth that you see here, FX-adjusted.

我相信您已經聽說或看到他們剛剛與 Carlson Wagonlit 合併。這對我們來說是一筆小的收益，我們在本季度也認識到了這一點，並且這正在稍微改變我們的業績。經外匯調整後，這大約佔您在此處看到的 17% 成長率的 5 個百分點。

Even if you control for that, we would still be in double-digit revenue growth. So, it's really not changing that much the picture in terms of the momentum that we reported this quarter.

即使你控制這一點，我們的收入仍將保持兩位數的成長。因此，就我們本季報告的勢頭而言，這實際上並沒有發生太大的變化。

Ryan Nash, Goldman Sachs.

高盛的瑞安·納許。

Good morning, Steve. Good morning, Christophe. And I echo Sanjay's comments on the disclosure. Maybe, Steve, can you maybe just talk -- or Christophe -- broad strokes on the financial impact of the Platinum refresh, particularly on card fees and VCEs.

早安，史蒂夫。早上好，克里斯托夫。我贊同桑傑對這項披露的評論。也許，史蒂夫，你或克里斯托夫可以大致談談白金卡更新的財務影響，特別是對卡費和 VCE 的影響。

And, Christophe, you broadly commented on this. But does this in any way impact your ability to generate mid-teens EPS growth, not over time, but during the refresh period? Thank you.

克里斯托夫，你對此進行了廣泛的評論。但這是否會以某種方式影響您實現中期每股盈餘成長的能力（不是隨著時間的推移，而是在更新期間）？謝謝。

I'll let Christophe go through some of the numbers here.

我請克里斯托夫介紹這裡的一些數字。

Yeah. The short answer is no. We will try to provide some more color in terms of the dynamic. And you understand, I know, the card fee dynamic is delayed. And then it's amortized over 12 months, while the benefits are immediate and are available to everybody. That clearly puts a little bit of pressure.

是的。簡短的回答是「不」。我們將嘗試在動態方面提供更多色彩。而且您知道，我知道，卡費動態被延遲了。然後，它將在 12 個月內攤銷，而收益是即時的，每個人都可以享受。這顯然帶來了一點壓力。

And we signaled at the beginning of the year that you should expect a little bit of step up in card member services (added by company after the call) at the back end of the year on the back of this Platinum refresh. But the year is really playing out as we were expecting it to play out.

我們在年初就表示，在白金卡更新之後，您應該會在年底稍微提升持卡會員服務（公司在電話會議後添加）。但這一年確實正如我們預期的那樣。

Of course, we had those insights. It was not all that visible to all of you, but we were expecting that kind of like step up in card member services (added by company after the call) in Q4. And we are expecting it as well for 2026 going forward. So, we did all of this with our eyes wide open.

當然，我們有這些見解。雖然並不是所有人都能看到這一點，但我們預計第四季度卡會員服務會有所提升（公司在電話會議後增加了這項功能）。我們對 2026 年也抱持著同樣的期待。所以，我們睜大眼睛做這一切。

It's a material investment, a significant investment, but it's our biggest product. And we gave you a little bit of some global numbers as well on the size the product; it's very large. So, it is a sizable investment for us, but we are still doing all of this with the ambition to deliver 15% -- or mid-teens EPS growth (added by company after the call) in terms of the coming years.

這是一項物質投資，一項重大投資，但這是我們最大的產品。我們還向您提供了一些有關該產品尺寸的全球數據；它非常大。因此，這對我們來說是一筆相當大的投資，但我們仍然會盡一切努力，爭取在未來幾年實現 15% 或十幾% 左右的每股收益成長（公司在電話會議後增加）。

Right. And the only thing I would say is that, look, we plan and we run the company for the medium-to-long term here. So, as Christophe pointed out, we do all this stuff with our eyes wide open and with our aspirations in mind.

正確的。我唯一想說的是，你看，我們在這裡為中長期公司製定計劃並運營。因此，正如克里斯托夫指出的那樣，我們在做所有這些事情時都要睜大眼睛，心中懷抱著自己的願望。

And so when we think about our planning horizon, as Christophe said, it will take two years for everything to fully play out. And expenses play out a little bit earlier. But our aspirations are still our aspirations, 10%-plus revenue growth and mid-teens EPS growth.

因此，當我們考慮我們的規劃期限時，正如克里斯托夫所說，一切需要兩年時間才能完全完成。而且費用的產生會更早一些。但我們的願望仍然是我們的願望，即營收成長 10% 以上，每股收益成長 15% 左右。

Mark DeVries, Deutsche Bank.

德意志銀行的馬克‧德弗里斯。

Yeah, thanks. I was hoping to get a better sense of how much you think the Platinum refresh contributed to the acceleration in Billed Business growth during the quarter. I was kind of surprised at how quickly you made some of those credits like the Resy and lululemon available, probably stimulated some spend. And also, any color on kind of the strength of demand on the Consumer product versus the Business?

是的，謝謝。我希望更了解您認為白金更新對本季度帳單業務成長加速的貢獻有多大。我有點驚訝你們如此迅速地提供一些積分，例如 Resy 和 lululemon，這可能刺激了一些消費。另外，對於消費品和商業產品的需求強度有何不同？

Good morning, Mark. So, on the spend, if you look at the spend in aggregate, total Billed Business for the quarter, the impact is small. We've seen strength, as we said, in Travel & Entertainment. Airline went from being flat last quarter to being at 5% this quarter. So those macro changes are what's driving the Billings strength that you see in the quarter.

早上好，馬克。因此，就支出而言，如果您查看總體支出，即本季的總帳單業務，則影響很小。正如我們所說，我們在旅遊和娛樂領域看到了實力。航空公司的成長率從上個季度的持平上升至本季的 5%。因此，這些宏觀變化正是本季比林斯表現強勁的動力。

If you were to look at some specific partners, though, you would see like an impact. And we are sharing, I think, some of those numbers on that Platinum Charge -- Platinum Card, where we're calling out that for those partners listed on the bottom right here, there was like a 2x increase in terms of the number of customers. But their total impact Billings-wise for the quarter is not really material.

但是，如果你專注於一些特定的合作夥伴，你會看到影響。我認為，我們正在分享一些有關白金卡（Platinum Charge）的數據，我們指出，對於這裡右下角列出的合作夥伴，客戶數量增加了 2 倍。但從本季帳單來看，它們的整體影響並不大。

Don Fandetti, Wells Fargo.

富國銀行的唐‧范德蒂 (Don Fandetti)。

Hi, good morning. Steve, can you dig in a bit on what you're seeing in SME? Obviously, it's good to see the uptick. Is that organic growth, or is this just sort of bouncing around? And do you see any scenarios where that could normalize as you look out to 2026? There's also some fintech competition.

嗨，早安。史蒂夫，您能否深入了解您在中小企業中看到的情況？顯然，看到這種上升趨勢是件好事。這是有機成長嗎？還是只是一種波動？展望 2026 年，您是否看到任何可以正常化的情境？也存在一些金融科技競爭。

Yeah. Look, I think what we're seeing is, we're seeing still good acquisition, which is good. And you're seeing organic start to turn around a little bit, especially at the small end and at the -- in the medium -- in the Middle Market as well. So, I think it'll stabilize.

是的。看，我認為我們所看到的是，我們看到的仍然是良好的收購，這是好事。而且你會看到有機成長開始出現一些好轉，特別是在小端市場和中端市場。所以，我認為它會穩定下來。

One of the things that we've talked about quite a bit is our larger transactions moving off some of the cards that came on during the COVID piece. And I think we're growing over that right now. So, we feel good about acquisitions. We feel good about the early indications as it relates to the Business Platinum launch.

我們經常討論的事情之一是，我們將大額交易從 COVID 疫情期間出現的一些卡片中轉移出去。我認為我們現在正在克服這一點。因此，我們對收購感到滿意。我們對與商業白金計劃發布相關的早期跡象感到滿意。

And yeah, look, it's a competitive marketplace out there, no doubt about it, which is why we've done the Center -- we did the Center acquisition and why we'll be looking early next year to launch our version of Center integrated with our cards. So, we think there's still a lot of opportunity in this space. And we think, hopefully, the downturn that we saw from an organic perspective is going to be behind us.

是的，毫無疑問，這是一個競爭激烈的市場，這就是我們收購 Center 的原因，也是我們將在明年年初推出與我們的卡整合的 Center 版本的原因。因此，我們認為這個領域仍有許多機會。我們希望，從有機角度來看，我們所看到的低迷將會過去。

Craig Maurer, FT Partners.

克雷格·莫雷爾（Craig Maurer），FT Partners。

Yeah hi, good morning. Thanks for taking the questions. Wanted to ask first, when you look at the Platinum Card refresh, I was curious how much of that you think has been with consumers or businesses that have high-end cards with other issuers already or upgrades within your own portfolio, trying to ascertain the degree to which this investment is creating a competitive takeaway from others.

是的，你好，早安。感謝您回答這些問題。首先想問一下，當您查看白金卡更新時，我很好奇您認為其中有多少是針對已經擁有其他發卡機構的高端卡或在您自己的投資組合中進行升級的消費者或企業，試圖確定這項投資在多大程度上創造了與其他人的競爭優勢。

And second, if you could just talk about the International strength and where you saw that most outside the US, and where you might still be lacking in terms of coverage. Thanks.

其次，您能否談談國際實力，以及您在美國以外看到的最大優勢在哪裡，以及在哪些方面您在覆蓋範圍方面可能仍然有所欠缺。謝謝。

Yeah. So look, I think the -- it's a little bit too early to tell in terms of what the takeaways are at this point. I think the upgrades -- we're very happy with the upgrades. And we were happy with the new card acquisition that we saw.

是的。所以，我認為──現在就判斷結果還為時過早。我認為升級——我們對升級非常滿意。我們對看到的新卡收購感到非常高興。

What we don't know -- and we'll figure this out, but we're sort of three weeks in here -- were these people had premium cards before? Is this their first foray into the premium card segment? But we will look at all that data and figure that out.

我們不知道的是——我們會弄清楚的，但我們已經在這裡待了三個星期了——這些人以前有高級卡嗎？這是他們首次進軍高階卡領域嗎？但我們會查看所有數據並找出答案。

As far as International goes, International pretty much across the board was very, very strong for us. I think we focus on really the big 5 markets. I think 3 of those markets, we had almost 18% growth. And coverage continues.

就國際化而言，我們在各方面的國際化程度都非常高。我認為我們真正關注的是五大市場。我認為其中 3 個市場實現了近 18% 的成長。報道仍在繼續。

As I said, we're -- we talked about the city strategy of getting to 75% LIF coverage. And we talked about the various country strategies, and we continue to march in that direction. We'll continue to focus on Europe, and that's been a big focus. There are still some cities that we're working on, and we'll share more color with that as that occurs. But we're really pleased with just how much coverage has increased over the last few years.

正如我所說，我們——我們討論了實現 75% LIF 覆蓋率的城市策略。我們討論了各國的戰略，並將繼續朝著這個方向前進。我們將繼續關注歐洲，這一直是我們的重點。我們仍在為一些城市開展工作，屆時我們將分享更多相關資訊。但我們確實對過去幾年覆蓋範圍的擴大感到高興。

Erika Najarian, UBS.

瑞銀的 Erika Najarian。

Hi, good morning. Christophe, if I could just dig into Ryan's question a little bit. Thank you so much for taking us through the sort of lifespan of the increase in card fees two years after the refresh. It's fully baked in. 12 months after the new card fee, it will peak.

嗨，早安。克里斯托夫，我可以稍微深入探討瑞安的問題嗎？非常感謝您帶我們了解更新兩年後卡費上漲的生命週期。它已經完全成熟。新卡費用上線 12 個月後，將達到高峰。

I'm wondering if you could walk us through in terms of the same pacing, in terms of the step-up in related expenses. Is it -- would it be the heaviest over the next like three to four quarters, and then it would subside in the next -- in the back half of, let's say, '27? That walk would be helpful.

我想知道您是否可以向我們介紹相關費用增加的相同步伐。它會不會在接下來的三到四個季度裡最為嚴重，然後在下一個季度，比如說 27 年下半年，逐漸消退？那次散步將會很有幫助。

Hey, good morning, Erika. Predicting what's going to happen in '27 is going to be like really hard. But from an engagement standpoint, we're certainly going to keep engaging with Card Members. And our goal is to increase the engagement.

嘿，早上好，Erika。預測 27 年會發生什麼事將會非常困難。但從參與的角度來看，我們肯定會繼續與持卡會員互動。我們的目標是提高參與度。

But from a modeling standpoint, I think you can assume that the entire benefits are available to our Card Members, front book, back book, from day one. And their very strong engagement that we've seen right on the day of announcing the new product on September 18 was very high from day one and has remained elevated and strong since then.

但從建模的角度來看，我認為你可以假設從第一天起，我們的持卡會員、前書和後書都可以享受所有福利。我們在 9 月 18 日新產品發布當天就看到了他們的強烈參與度，從第一天起就一直很高，並且從那時起一直保持著高水平和強勁的勢頭。

So, I don't think we -- there is like a bit of a curve that is playing out for those benefits the way it's playing out, if you want, for card fees, right? The accounting is also a lot more straightforward. Many of the benefits are quarterly benefits. So, you kind of like expense them as soon as the Card Member earns them. So, there is not that kind of complexity for those benefits as there is for card fees.

所以，我不認為這些福利會呈現出一種曲線式的變化，就像卡費的變化一樣，對嗎？會計工作也變得更簡單。許多福利都是季度福利。因此，當持卡會員賺取積分後，您便可以將其作為費用。因此，這些福利並不像卡費那麼複雜。

So, it's going to be like much more linear. But over time, as I said, the goal is actually to get more and more of these Card Members to engage with those benefits. So, you should expect that kind of like modest trend up by design.

因此，它會變得更加線性。但隨著時間的推移，正如我所說，我們的目標實際上是讓越來越多的持卡會員享受這些福利。因此，您應該預料到這種設計上的溫和趨勢會逐漸上升。

Brian Foran, Truist Securities.

布萊恩‧福蘭 (Brian Foran)，Truist Securities。

Hey, maybe piggybacking a little on Craig's question. If I think about the tiering of Gold, Platinum, and Black, now that there's more dining on Platinum, are you seeing any interactions with Gold that you would call out? And then on the other side, is there a white space available for some enhanced or new -- even new card between Platinum and Black now that it's clear that a lot of consumers will jump at a pretty high annual fee?

嘿，也許可以稍微附和一下 Craig 的問題。如果我考慮黃金、白金和黑金的等級，現在白金上有更多的餐飲，您是否看到了與黃金的任何互動？另一方面，既然現在很明顯很多消費者會願意支付相當高的年費，那麼在白金卡和黑卡之間是否存在一些增強型或新型卡——甚至是新卡——的空白？

So look, Gold continues to be a very strong product for us, and we continue to acquire new cardholders there. So, we haven't seen Gold Card acquisition go down, and we have seen upgrades. But it's still early. I mean, we're only three weeks in here. So, we'll see how that plays out.

所以，Gold 對我們來說仍然是一個非常強大的產品，而且我們將繼續在那裡獲得新的持卡人。因此，我們並沒有看到金卡購買量下降，相反，我們也看到了升級。但現在還為時過早。我的意思是，我們在這裡才待了三個星期。所以，我們將看看結果如何。

And part of our strategy is to provide Card Members with a path to higher-end products that potentially meet their needs. Look, is there a product between Platinum and Centurion? Maybe. If you have any ideas, we're open to those ideas.

我們的策略之一是向持卡會員提供可能滿足其需求的高端產品。看看，Platinum 和 Centurion 之間有產品嗎？或許。如果您有任何想法，我們都願意接受。

But it's something that we talk about from time to time, but we'll see. But we're really happy where Centurion is, and we're happy with where Platinum is. And I think this refresh will continue to cement our position as the leading premium product.

但這是我們時不時談論的事情，我們會看到。但我們對 Centurion 的現狀非常滿意，對 Platinum 的現狀也很滿意。我認為這次更新將繼續鞏固我們作為領先高端產品的地位。

Rick Shane, JPMorgan.

摩根大通的里克·沙恩。

Hey, guys. Thanks. I'd kind of like to follow up related to Erika's question, particularly related to retention offers as you -- as the new higher fees roll out. I assume that that really sort of cascades over 12 months.

嘿，大家好。謝謝。我想跟進 Erika 的問題，特別是與保留優惠有關的問題——因為新的更高費用已經推出。我認為這種情況會在 12 個月內逐漸顯現。

And I'm curious how we should think about, perhaps, what percentage of customers take retention offers or request retention offers; and if you expect that that response rate is going to be higher or lower this time based on the initial responses you've seen?

我很好奇我們應該如何思考，有多少比例的客戶接受保留優惠或要求保留優惠；根據您所看到的初步反應，您是否預計這次的回應率會更高或更低？

Yeah. So, I think in general, that's a very low percentage of how we retain our base. Most of the retaining of the base is actually just explaining the product to them. And I think when you look at this product and you look at what you pay for the value that you get, it's pretty easy to come to the conclusion that this is a product that I really want to keep.

是的。所以，我認為總體而言，這只是我們保留基礎的一個非常低的比例。大多數保留基地實際上只是向他們解釋產品。我認為，當您看到這款產品並考慮到您為獲得的價值所付出的代價時，您很容易得出結論：這是我真正想要保留的產品。

And so I think what we -- one of the things that we've really tried to do with this refresh is really make it easy to understand what the benefits are and easy to engage in those benefits. And I think that's critical. Because what that will do will lead to more retention, more engagement, will drive more business to our merchants, and we'll have more loyalty all the way around.

所以我認為，我們透過這次更新真正嘗試做的事情之一就是讓人們真正容易理解它的好處，並且容易享受這些好處。我認為這是關鍵。因為這樣做將會帶來更多的保留、更多的參與，將為我們的商家帶來更多的業務，我們將擁有更多的忠誠度。

So I don't see retention offers playing a -- in fact, I would argue that they may play even a smaller role than they have in the past. And they already had a small role because I think this product really works really hard for itself.

因此，我認為留任優惠不會發揮什麼作用——事實上，我認為它們發揮的作用甚至比過去更小。他們已經發揮了很小的作用，因為我認為這個產品確實為自己做出了巨大的努力。

Jeff Adelson, Morgan Stanley.

摩根士丹利的傑夫·阿德爾森。

Hey, good morning, Steve and Christophe. I just wanted to maybe dig in a little bit more on consumer health. I know -- I think your results really speak for themselves. And you've been pretty clear that you're seeing a stable spend environment the last six to seven quarters; delinquencies remain low.

嘿，早上好，史蒂夫和克里斯托夫。我只是想更深入地了解消費者健康。我知道——我認為你的結果確實不言而喻。而且您已經非常清楚，過去六到七個季度的支出環境穩定；拖欠率仍然很低。

I guess, just maybe in light of all these seemingly one-off headlines we've seen recently, which the market is maybe sharing or not so one-off, there's been a lot of focus on the health of the consumer. So obviously, your consumer base is very different than most.

我想，也許只是鑑於我們最近看到的所有這些看似一次性的頭條新聞，市場可能正在分享這些新聞，或者不是一次性的，人們非常關註消費者的健康狀況。因此很明顯，您的消費者群體與大多數消費者群體有很大不同。

But maybe you could just give us a little bit more color and commentary into the health of your consumer base, maybe what you're seeing at the lower end of that spectrum. And relatedly, just anything you're noticing from the government shutdown so far, if at all? Thanks.

但也許您可以向我們提供更多關於您的消費者群體健康狀況的詳細資訊和評論，也許您可以看到該範圍的低端情況。與此相關的是，到目前為止，您是否注意到政府關門事件有什麼變化？謝謝。

All right. Let me make a couple of comments, and then whatever I miss, Christophe can fill in. I think that there's been a little bit of noise out there in the last couple of days about defaults and especially from a commercial perspective.

好的。請允許我發表幾點評論，然後我遺漏的任何內容，克里斯托夫都可以補充。我認為，過去幾天，外界對違約有一些討論，尤其是從商業角度而言。

But if you look at what the banks reported from a card write-off perspective and a card delinquency perspective, it all got better. Write-offs are down from the bank -- from the major issuers that we follow. Delinquency is down.

但如果從信用卡註銷和信用卡拖欠的角度來看銀行報告的情況，情況就會好轉。銀行的註銷額度有所下降——我們所關注的主要發行機構的註銷額度有所下降。犯罪率下降了。

And for ourselves, delinquencies are exactly what they've been for the last number of quarters around that 1.3%. And our write-offs sequentially are down a little bit to 1.9%. But we've been hovering around 2% and 1.9%. And our gap -- we still have a huge gap between us and our competitors.

對我們自己來說，拖欠率與過去幾季的情況完全一致，約為 1.3%。我們的註銷率季減了一點，至 1.9%。但我們一直徘徊在 2% 和 1.9% 左右。我們的差距——我們與競爭對手之間仍然存在巨大差距。

So I think the health of our consumer is really, really good. And they're spending. They're engaging with the product, and they're paying their bills. And I would argue that it looks like the health of our bank competitors -- consumers are getting a little bit better.

所以我認為我們的消費者的健康狀況非常非常好。他們正在花錢。他們正在使用產品，並且正在支付帳單。我認為，我們的銀行競爭對手的健康狀況——消費者的狀況正在改善一些。

As far as the government shutdown goes -- this is not our first rodeo with a government shutdown. And we haven't really seen any impact at this particular point in time. And if I go back historically, I think the last -- not the last one, but maybe before -- it was like 35 days or something like that -- it didn't really have an impact.

就政府關門而言——這不是我們第一次遭遇政府關門。而我們目前還沒有真正看到任何影響。如果我回顧歷史，我認為上一次——不是最後一次，但可能是之前——大概是 35 天左右——並沒有產生真正的影響。

And so -- and for Card Members that are impacted, we do have our programs, our short-term relief programs, which will get them over the hump, enable them to continue to use the product, and then come back and engage with us as they normally would. So, that's pretty much what we're seeing.

因此，對於受到影響的持卡會員，我們確實有我們的計劃，我們的短期救濟計劃，這將幫助他們渡過難關，使他們能夠繼續使用產品，然後像往常一樣回來與我們互動。所以，這就是我們所看到的。

I don't have a lot to add. I will say some indicators that reflect the strength of our portfolio -- like retail spend up 12%, restaurant spend up 9%; very strong acquisition as well, with 70% of the Card Members joining the Franchise, choosing to join American Express on a fee-paying product. So, the first thing they do is just like to pay a fee that shows confidence in the future.

我沒什麼好補充的。我想說一些反映我們投資組合實力的指標——例如零售支出成長 12%，餐飲支出成長 9%；收購也非常強勁，70% 的持卡會員加入了特許經營，選擇加入美國運通的付費產品。因此，他們做的第一件事就是支付一筆費用，以表明對未來的信心。

And of course, on the credit metric, part of our job is also to kind of look at every single customer in that just to see whether there are areas of weakness. And like it's very stable across the board, very strong and reflected in the metrics, in the reserve rate. We go -- there's a lot of scrutiny that goes into this modeling, and we see a lot of strength and stability across the board.

當然，就信用指標而言，我們的工作之一也是關注每一位客戶，看看是否存在薄弱環節。而且它在各方面都非常穩定、非常強勁，並且反映在指標和準備金率上。我們繼續進行——對這個模型進行了大量審查，並且我們看到了全面的優勢和穩定性。

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

Good morning, and thank you for taking my question. I was wondering if you could spend a couple of minutes on marketing spend and how you're thinking about that, not just into 4Q, but also just longer term or into 2026. I guess, for 4Q, I suspect you want to continue to support the Platinum refresh.

早上好，感謝您回答我的問題。我想知道您是否可以花幾分鐘時間談談行銷支出以及您對此的看法，不僅是第四季度，還有長期或 2026 年。我猜，對於第四季度，我懷疑您想繼續支持白金更新。

But any details you can provide on where that $6 billion-ish of annualized spend is going? Maybe just give us a peek under the hood. How much is broad-based sponsorships, brand building versus like more micro, like the Card Member bonuses, retention type stuff? Thank you.

但是您能否提供關於每年約 60 億美元支出的去向的詳細資訊？也許只是讓我們看看引擎蓋下的情況。廣泛的贊助、品牌建立與更微觀的贊助（如持卡會員獎金、保留類的東西）相比價值幾何？謝謝。

Okay. Hey, good morning, Mihir. The biggest share and the one that is moving from one quarter to another when it comes to marketing, is the size of the welcome incentives, right? That's the biggest share of this marketing line.

好的。嘿，早上好，Mihir。在行銷方面，最大的份額以及從一個季度轉移到另一個季度的份額是歡迎獎勵的規模，對嗎？這是該行銷線的最大份額。

And there is tension here in that number between, we want to spend more marketing dollars but we also want that marketing dollar to be more efficient. So, if you work here in the marketing organization, you're constantly battling between let's do more, let's spend more. And yet at the same time, let's make sure the dollars work really hard for us.

這裡有一個矛盾，我們想花更多的行銷費用，但我們也希望行銷費用更有效率。因此，如果您在行銷組織工作，您就會不斷地在做更多事情和花更多錢之間掙扎。但同時，我們要確保美元真正為我們發揮作用。

And the number that we end up spending each quarter and each year is the outcome of those two kind of like pressure points. And we are very strict and disciplined about those two. We really do not want a great opportunity to go. And so we're going to keep investing and we're going to keep invested at elevated levels.

我們每季和每年最終花費的金額就是這兩種壓力點的結果。我們對這兩項要求非常嚴格且自律。我們確實不想在這麼好的機會就離開。因此，我們將繼續投資，並保持高水準的投資。

And at the same time, we're going to subject every single of this dollar to the level of rigor that we have spoken about in the past, making sure that the return on that investment -- we treat that as an investment -- meets our profitability criteria, right? And we are very clear in terms of stopping those investments where they are not meeting these criteria.

同時，我們將對每一美元都進行嚴格審查，就像我們過去談到的那樣，確保投資回報——我們將其視為一項投資——符合我們的盈利標準，對嗎？我們非常明確地停止那些不符合這些標準的投資。

And we are getting more and more sophisticated in measuring those, tracking those. And that's how we make that decision. It's not like, let's spend this year like $6 billion. We kind of like go in very much into detail, and it is the sum of all this kind of like analysis that leads us to that number. That's what we've done in the past, and that's what we're going to keep doing going forward.

我們在測量和追蹤這些方面也變得越來越成熟。這就是我們做出決定的原因。這並不意味著我們今年就要花掉 60 億美元。我們非常詳細地進行了研究，所有這些分析的總和才讓我們得出這個數字。這就是我們過去所做的，也是我們今後將繼續做的事情。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

Great. Thanks. You've kind of answered both the question about card fees and spending in terms of the refresh. Is there some sort of like a vintage-like performance in terms of spend volumes and therefore, the key revenue driver that you could share with us like as you kind of bring on both from new accounts and from higher spend from existing accounts? Any ways to think about that over the next several quarters?

偉大的。謝謝。您已經回答了有關卡費和刷新支出的問題。就支出量而言，是否存在類似復古的表現？因此，您可以與我們分享主要的收入驅動因素，例如您從新帳戶和現有帳戶的更高支出中獲得的收入？在接下來的幾個季度有什麼辦法可以考慮這個問題嗎？

So, we're not disclosing those kinds of like numbers around spend by vintage or revenue by vintage. But what I can tell you is that, intentionally, we have been, you know, back to the conversation with Mihir about investments and marketing dollars, we've been spending more of our dollars against fee-paying products and premium products. So, there are customers that are -- the more recent customers -- over-indexed on these fee payment products. They also over-indexed on being younger customers, and we've made that point many, many times.

因此，我們不會揭露按年份劃分的支出或按年份劃分的收入等數字。但我可以告訴你的是，我們有意地回到與 Mihir 關於投資和行銷資金的對話中，我們一直在將更多的資金投入付費產品和高端產品上。因此，有些客戶——最近的客戶——對這些付費產品的依賴程度過高。他們也過度重視年輕顧客，我們已經多次強調這一點。

And this quarter, we shared with you that everything else equal, when you look at the engagement we're getting from this younger customer, they actually tend to transact 25% more than the older cohorts. So, I'm not going to share vintages and detailed numbers with you. But those are the kind of like forces that are at work here: more premium, younger Card Members, more engaged. And that's what's kind of like the dynamic in the portfolio.

本季度，我們與大家分享了在其他條件相同的情況下，從年輕客戶群的參與度來看，他們的交易量實際上比年長群體高出 25%。所以，我不會與你們分享年份和詳細數字。但這些都是在這裡發揮作用的力量：更優質、更年輕的持卡會員、更積極的參與。這就是投資組合中的動態。

Right. The only thing I'll add is that we're getting -- from a younger cohort, we get a higher share of their wallet. And they stay with us longer, and they grow as their lives grow.

正確的。我唯一要補充的是，我們從更年輕的群體中獲得了更高的份額。它們與我們在一起的時間更長，並且隨著它們生命的成長而成長。

And so while we don't disclose vintage numbers, you can just philosophically look at this and say, well, if you're getting somebody younger and they're going to stay with you longer and you have a premium base that you're going after, maybe you can conclude that they will spend more over time.

因此，雖然我們沒有透露具體的年份數字，但你可以從哲學角度來看待這個問題，然後說，好吧，如果你吸引到了一些更年輕的客戶，而且他們會和你在一起的時間更長，而且你擁有一個高端客戶群，那麼也許你可以得出結論，隨著時間的推移，他們會花更多的錢。

And so those vintages as you get these cardholders now tend to add more value down the road. And that's the strategy, without going through sort of this is who we acquired when. But if you just think about this from a strategic perspective, younger premium cardholders, we're going to grow with them as their careers grow, as their families grow, as their life changes.

因此，當您現在獲得這些卡夾時，這些年份的卡夾往往會在未來增加更多的價值。這就是我們的策略，無需考慮我們何時收購了誰。但如果你從策略角度考慮這個問題，對於年輕的高級持卡人，我們將隨著他們的事業發展、家庭壯大、生活變化而共同成長。

And we're -- what we're doing here is we're really creating that loyalty and engagement so that we become that card of choice. And when you put a lot of benefits on a product, people want to engage with that product on an ongoing basis, whether they're using a benefit associated with the product or not. And so that's a dynamic that's at work.

我們在這裡所做的就是真正創造這種忠誠度和參與度，以便我們成為首選卡。當你為產品增添許多好處時，人們就會希望持續使用該產品，無論他們是否使用與該產品相關的好處。這就是正在發揮作用的動力。

Rob Wildhack, Autonomous Research.

Rob Wildhack，自主研究。

Hi, guys. One more on Platinum. The $3 billion figure in partner-offered value was an interesting one. As you've gone through this refresh cycle and maybe looking back over the last few cycles, refresh cycles now, too, I mean, how has that partner receptivity changed with respect to co-funding credits and rewards?

嗨，大家好。再說一個關於白金的事。合作夥伴提供的 30 億美元價值是一個有趣的數字。當您經歷了這個更新週期，也許回顧過去的幾個週期，現在也是更新週期，我的意思是，合作夥伴對共同出資信用和獎勵的接受度發生了怎樣的變化？

And then is there anything unique or different between the products like to call out on the same theme as you compare the Gold refresh to the Platinum refresh?

那麼，當您將黃金更新與白金更新進行比較時，這些產品之間是否存在一些獨特或不同之處，例如在同一主題上有何不同？

Well, I think the nice part about sort of this product and our customer base is people want to work with us. And people that have been working with us want to work more with us. And I think there's no better example than that than our relationship with Uber.

嗯，我認為這種產品和我們的客戶群的優點在於人們願意與我們合作。與我們合作過的人希望與我們有更多的合作。我認為最好的例子就是我們與 Uber 的關係。

We always -- we've had an Uber benefit for a long time, and now you have an Uber One benefit on there. And so, they clearly see the value of working together -- and it's a great partnership of working together -- to drive results for both of us.

我們一直以來都提供 Uber 福利，現在您又可以享受 Uber One 福利。因此，他們清楚地看到了合作的價值——這是一種偉大的合作關係——可以為我們雙方帶來成果。

And so -- it's -- we're very discerning about who we're going to work with. We work -- we try and work with as many world-class brands as we can. And what you want to do is make sure that you're putting together a value proposition that speaks across the generations. And so, as I said in my opening remarks, we've been expanding these value propositions from a pure travel to much more lifestyle, wellness, and retail and so forth, and digital. People live their lives that way.

所以，我們對與誰合作非常謹慎。我們努力——我們嘗試與盡可能多的世界級品牌合作。你要做的就是確保你提出的價值主張能夠跨越幾個世代。因此，正如我在開場白中所說，我們一直在將這些價值主張從純粹的旅行擴展到更多的生活方式、健康、零售等等以及數位化領域。人們就是這樣生活的。

And so I think that as we continue to think about this and as we continue to have success here, it gets back to what we talked about, which is our virtuous cycle, that the more value we bring to our merchant partners, the more they want to engage with our cardholders and then the more that we drive.

因此，我認為，隨著我們繼續思考這個問題，隨著我們繼續取得成功，它又回到了我們所談論的，即我們的良性循環，即我們為商家合作夥伴帶來的價值越多，他們就越想與我們的持卡人互動，然後我們推動的也就越多。

As you think about the various products, you look to target the various value propositions to the target audience that you're going for. And if you just take -- if you look at sort of differential between Platinum and Gold, while Gold has certain travel benefits associated with the hotel collection, it really is targeted. It has a heavy emphasis on dining.

當您考慮各種產品時，您會希望針對目標受眾提供各種價值主張。如果你看一下白金卡和黃金卡之間的區別，你會發現黃金卡在酒店系列中具有一定的旅行福利，但它確實是有針對性的。它非常重視餐飲。

And we've talked about the success that we had with Dunkin' and the engagement that our card base has. And that's worked out very well for our cardholders, very well for us, and very well for Dunkin' as well.

我們已經討論了 Dunkin' 所取得的成功以及我們的卡片基礎的參與度。這對我們的持卡人來說非常有利，對我們而言非常有利，對 Dunkin' 而言也同樣有利。

And so the challenge of our marketing teams is to make sure that we not only know what our Card Members want but anticipate what our Card Members want and then build those into the value propositions by working with those partners that will, in fact, do that.

因此，我們的行銷團隊面臨的挑戰是確保我們不僅了解我們的持卡會員想要什麼，而且預測我們的持卡會員想要什麼，然後透過與那些實際上會這樣做的合作夥伴合作，將這些需求融入價值主張中。

And I think we've done a good job in that respect. And I think the team has really stepped up and created a Platinum Card value proposition that is the best value proposition that we have ever had. And I think our customers are really appreciating it and will continue to appreciate it.

我認為我們在這方面做得很好。我認為團隊確實取得了進步，並創造了白金卡價值主張，這是我們有史以來最好的價值主張。我認為我們的客戶非常欣賞它，並且會繼續欣賞它。

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.

至此，我們的通話就結束了。再次感謝您參加今天的電話會議以及您對美國運通的持續關注。IR 團隊將隨時解答任何後續問題。

Operator, back to you.

接線員，回到你身邊。

Ladies and gentlemen, the webcast replay will be available on our Investor Relations website at ir.americanexpress.com shortly after the call.

女士們、先生們，會議結束後不久，網路直播重播將在我們的投資者關係網站 ir.americanexpress.com 上提供。

You can also access a digital replay of the call at 877-660-6853 or 201-612-7415, access code 13756151, after 1:00 PM Eastern Time on October 17 through October 24.

您也可以在美國東部時間 10 月 17 日下午 1:00 至 10 月 24 日期間撥打 877-660-6853 或 201-612-7415（訪問代碼 13756151）收聽此次電話會議的數位重播。

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

今天的電話會議就到此結束。感謝您的參與。您現在可以斷開連線。