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，感謝你們的耐心等待。歡迎參加美國運通2025年第三季財報電話會議。（操作員說明）提醒您，今天的通話將會被錄音。

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

現在我謹將會議交給我們的主持人、投資者關係主管卡爾蒂克·拉馬錢德蘭先生。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.

謝謝達裡爾，也謝謝各位參加今天的電話會議。在開始之前提醒大家，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。這些預測是基於管理層目前的預期，但存在風險和不確定性。可能導致實際結果與這些聲明有重大差異的因素已包含在今天的簡報和我們向美國證券交易委員會提交的報告中。

The discussion today also contains non-GAAP financial measures. The comparable GAAP financial measures are included in this quarter's earnings materials as well as the earnings materials for the prior periods we discussed. All of these are posted on our website at ir.americanexpress.com.

今天的討論也涉及非GAAP財務指標。本季的獲利資料以及我們討論過的前幾個期間的獲利資料中都包含了可比較的 GAAP 財務指標。所有這些資訊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.

今天我們首先請董事長兼執行長史蒂夫·斯奎裡 (Steve Squeri) 發言，他將首先就公司的發展和業績發表一些看法。然後，財務長克里斯托夫·勒凱萊克將對我們的財務業績進行更詳細的回顧。之後，我們將與史蒂夫和克里斯托夫進行問答環節，討論討論結果。

With that, let me turn it over to Steve.

那麼，接下來就交給史蒂夫吧。

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，感謝各位的參與。本季業績非常強勁，營收年增 11% 至創紀錄的 184 億美元，每股收益成長 19% 至 4.14 美元。本季持卡會員消費額加速成長 9%，經匯率調整後成長 8%，其中零售消費成長尤為強勁，旅遊業也反彈。我們的信貸表現持續優異。

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.

鑑於前三個季度的強勁表現，我們上調了1月份給出的業績預期。我們現在預計全年營收成長9%至10%，每股盈餘在15.20美元至15.50美元之間。本季最大的新聞是推出了全新升級的美國個人和企業白金卡，這進一步鞏固了我們在高階市場的領先地位。

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.

我很高興地告訴大家，目前的客戶需求和參與度都超出了我們的預期。事實上，雖然現在還為時過早，但這是我們見過的美國白金卡更新中最強勁的開端。在詳細介紹白金版之前，我想先提供一些背景資訊。

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高端客戶群。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。最近推出的白金版再次證明了我們定期更新產品以推動客戶參與和成長的行之有效的策略。

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，我們已在全球範圍內對我們的產品組合進行了 200 多次更新。這是過去十年我們進行的第三次美國白金版升級。我們的更新策略充分利用並加強了我們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想要什麼，然後透過提供極具吸引力的福利、服務和體驗，並以極具價值的價格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.

我們龐大的優質客戶群為我們帶來了明顯的優勢。光是我們的消費者和企業白金卡特許經營權就佔全球每年約 5,300 億美元的消費。這種規模使我們能夠深入了解客戶的消費模式和新興趨勢，從而引導我們的產品改進和投資方向。

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 億家商家建立了合作關係，這些商家接受我們的銀行卡。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，這讓我們的持卡會員有更多地方可以使用他們的卡，也讓更多商家有機會接觸到我們的高消費客戶。這些客戶平均每年在美國運通卡上的消費額幾乎是其他網路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，產品更新換代為公司帶來了良性成長循環。透過不斷改進我們的產品和服務，我們提高了優質客戶群的參與度和規模。我們高消費的持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，從而提高了會員參與度。這使我們能夠創造更多收入，並將這些收入再投資於產品改進。

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.

這一切帶來的結果是：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、卓越的信用質量、費用槓桿作用以及產品組合中利潤的增加。我們的白金卡就是我們執行這項策略的最佳例證。

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.

我們在 40 多年前推出了第一張白金卡。它是業界首款此類高端零件，至今仍是該品類的領導者。白金卡最初是為事業有成、經濟富裕且經常旅行的人士設計的。幾年前，我們做出了一個有意識的決定，擴大我們高端產品的市場範圍，以便我們也能吸引新一代加盟商，並隨著他們需求的變化與他們共同成長。

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.

經過過去十年的價值提升，白金卡已發展成為如今領先的高端生活方式信用卡，擁有更廣泛的福利和體驗，廣泛吸引了各個年齡段的消費者，包括千禧一代和 Z 世代消費者，他們非常樂意為卓越的價值買單，並且對產品高度投入。

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之前在 2021 年新冠疫情結束後對美國白金卡的升級。我們了解到，我們的持卡會員，尤其是年輕一代，非常喜歡我們在數位娛樂、健康和送貨服務等類別中新增的福利，以及我們的旅遊服務。我們也透過投資建造新的百夫長貴賓室和擴展酒店項目，不斷豐富我們的旅遊服務。

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。我們再次延續了先前的策略，透過與更多世界級的合作夥伴攜手，在客戶喜愛的領域提升信用卡的福利和服務，提供業界領先的價值，遠遠超過信用卡的年費。

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，我們不斷提升屢獲殊榮的數位化能力，為美國白金卡會員推出全新的應用程式體驗，讓會員更輕鬆地享受卡片的各項權益。正如我之前提到的，初步結果非常出色，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。在前三週，我們看到用戶對新福利的參與度非常高，並且收到了超過 50 萬份新鏡像卡的申請。雖然年度費用上漲還要幾個月才會生效，但更新後的留存率一直保持穩定。

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.

除了這些成果之外，在白金卡升級和我們於 9 月初在美國推出的全新一體化旅行應用程式之後，我們還透過美國運通旅行帳戶獲得了創紀錄的預訂量。展望未來，我堅信我們能夠透過不斷完善我們強大的會員平台，提供日益豐富的高價值產品、福利、服務和體驗，來維持我們的成長。

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.

我們將持續拓展面向消費者和企業的數位化能力，包括即將推出的商業客戶的中心費用管理解決方案。我們將繼續致力於擴大美國以外地區的商家覆蓋範圍，讓持卡會員有更多地方可以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，我將把麥克風交給克里斯托夫，讓他更詳細地介紹第三季業績。

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.

謝謝你，史蒂夫，大家早安。首先，讓我介紹一下本季的一些亮點。我們的商業模式運作得非常好。本季營收成長加速至 11%，各營收線均實現全面成長。信用卡年費目前已接近 100 億美元，並且連續 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%.

信貸表現依然優異，美國消費者和小型企業的違約率均低於 2019 年的水準。我們透過降低支出和撥備來提高槓桿率，同時也投資於我們的優質價值主張、行銷和技術。因此，我們持續獲得非常可觀的回報。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%.

從本季的計費業務趨勢來看，經匯率調整後的總支出成長了 8.5%，比第二季高出約 2 個百分點。成長加速主要得益於零售支出強勁成長（成長 12%）以及差旅費用的反彈。本季航空支出回升，餐飲業（我們最大的差旅支出類別）持續保持強勁成長，成長 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.

高階差旅預訂呈現良好勢頭，頭等艙機票支出增加了 14%。年輕客戶的這股成長動能也得以延續。千禧世代和 Z 世代目前佔總消費額的 36%，與 X 世代的份額相同。國際業務又迎來一個強勁的季度，經匯率調整後支出成長了 13%。市場整體成長勢頭依然強勁，我們排名前五的國家中有三個在本季度增長了 18% 或更多。

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.

除了我們在美國看到的更新後的強勁早期表現外，本季在美國以外發行的白金卡的消費額也增長了 24%，與我們過去兩年看到的情況一致。整體支出成長繼續由交易量成長推動，第三季成長了 10%，這很​​好地表明了我們客戶群的參與度。

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.

我注意到，千禧世代和 Z 世代持卡會員的參與度很高，美國客戶的平均交易次數比老一代客戶高出約 25%。本季我們新增了 320 萬張信用卡。更重要的是，對我們優質產品的需求仍然非常強勁，超過 70% 的新帳戶都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，貸款和信用卡會員應收款年增 7%，與已開立發票業務基本一致。本季度，待售資產組合再次對資產餘額成長造成了約 1 個百分點的影響。信貸表現依然非常強勁穩定。第三季的拖欠率和壞帳率都很低，拖欠率與上季持平，而壞帳率下降。

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.

這項業績得益於我們對高端產品的專注，這些產品往往能吸引高收入、高信用等級的客戶。我們從最新的白金卡升級中看到了這項策略的成果，升級後消費者申請人的信用狀況比之前更好，平均 FICO 分數提高了 15 分，促成了 2 倍的收購量。本季總撥備支出為 13 億美元，其中包括 1.25 億美元的準備金增加，反映了均衡成長。

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.

翻到第 14 頁的營收部分，本季營收表現非常強勁，成長了 11%，各營收項目均呈現成長動能。經匯率調整後，淨信用卡手續費上漲了 17%，這一增速自 2019 年以來一直保持不變。正如我們預期的那樣，信用卡手續費成長有所放緩，在 2026 年產品更新後出現上升趨勢之前，成長速度將繼續放緩。

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.

提醒各位，在年費上漲生效前持有白金卡的持卡會員，可以享受幾個月的新權益。新的信用卡費用將在接下來的 12 個月內，於每次續約週年日收取。此外，信用卡費用將在 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，信用卡費用的更新大約需要兩年時間才能完全消除，對增長的貢獻在新年費生效日期後的 12 個月達到高峰。當然，信用卡費用的整體趨勢也取決於許多其他因素，例如獲客量和獲客組合、客戶留存率以及全球產品更新的全套方案和節奏。

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%。我們繼續保持餘額成長與支出基本同步，同時透過擴大餘額的利潤率來推動淨利息收入成長。同時，我們的信貸業績也維持了業內最佳水準。

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含了全球商務旅行集團的一項交易的影響，該交易使該項目同比增長了約 5 個百分點。此外，這是我們自去年 5 月出售 Accertify 業務以來，第一個完全完成結算的季度。

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%.

主要的結論是，服務費和其他收入的成長速度高於去年下半年和今年年初我們看到的個位數低成長率。總的來說，我們對今年目前的良好發展勢頭感到滿意。我們可望實現全年營收成長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.

轉向費用績效。本季 VCE 成長了 14%，VCE 與營收比例為 42%。信用卡會員服務成長在上半年有所加快，這主要得益於客戶對更新後的美國白金卡權益的積極早期參與，尤其是部分季度積分可供客戶使用。

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.

這是消費者對該產品及其新功能表現出濃厚興趣的良好早期跡象。正如我們之前提到的，福利成本會立即產生，而費用收入的實現則會落後，因為費用的收取和會計處理方式不同。

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.

我們的模式也受惠於能夠為客戶創造價值的合作夥伴。在過去的 12 個月裡，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活動，提供了超過 30 億美元的價值。我們也透過不斷創新獎勵和福利來管理 VCE 支出，最新的創新是引入基於金額的兌換方式。

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高端的投資組合轉變，VCE 比率將隨著時間的推移而增加。我們也相信，這些投資加上費用槓桿作用，能夠按照我們的長期目標，推動每股盈餘實現可持續的十幾個百分點的成長。

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%.

接下來談談資本。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。我們的業務持續產生非常強勁的回報，本季淨資產收益率達到 36%。我們強勁的淨資產收益率使我們能夠向股東返還高水準的收益，過去三年約為 70%。同期，我們的股息成長了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.

這就引出了我對今年的展望。儘管市場環境仍存在不確定性，但鑑於我們強勁的業績表現，我們上調了全年業績預期。我們現在預計營收成長9%至10%，每股盈餘在15.20美元至15.50美元之間。這是基於年底宏觀經濟前景穩定的假設。

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.

總的來說，我們對今年迄今為止的發展勢頭感到非常滿意。我們對白金版升級後的初步需求和市場反應非常滿意。那麼，我就把電話轉回給卡爾蒂克，我們來回答你們的問題。

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。在正式開放問答環節之前，請排隊的各位每人只提一個問題。感謝您的合作。接下來，接線員將開通電話接受提問。操作員？

(Operator Instructions) Sanjay Sakhrani, KBW.

（操作說明）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，我很欣賞白金卡的所有資訊揭露和更新，而且看起來一切進展順利。史蒂夫，我想，你的客戶群展現了很強的韌性，甚至可以說是實力。即使是企業和小型企業也出現了逐年加速成長的情況。

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?

所以，或許你可以──你能談談你對未來道路的感受嗎？情況真的會好轉嗎？因為我們已經觸底反彈，而且你們也經歷了加速成長，也許只是在宏觀經濟穩定的背景下？

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，克里斯托夫，就一件模特兒工作。我的意思是，你們本季取得的收益，我們應該把它看作是一項明確的收益嗎？如果您有任何評論，而我錯過了，我深表歉意。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.

你看，從比林斯的角度來看，我認為本季出現了一些加速成長。但回顧過去六、七個季度，就會發現情況相對穩定。這是未來趨勢的預兆嗎？我不知道這樣是否——我們是否會繼續保持比林斯目前的狀況。但我目前看不到任何跡象表明比林斯的發展速度會放緩或衰退。

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.

所以我認為第二季度，航空公司支出成長放緩了。我覺得《T&E》的收視率真的很高。我的意思是，餐飲業依然保持強勁勢頭。但航空公司確實有所改善。而且我認為，從航空公司的角度來看，真正讓我們感到鼓舞的是其高端定位。我的意思是，如果考慮到機艙前部，那可是上漲了 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，再加上我們美國旅遊業務的季度結算——季度預訂——消費者旅遊業務，這些都達到了歷史最高水平。所以，我認為──你看，我們仍然處於一個相對穩定的環境。我還要指出，正如我一直指出的那樣，我們的持卡人群體並不能代表美國各地的情況。這確實是一個兩極化的經濟體。

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.

我們擁有的信用卡數量雖然佔比不大，但我們的持卡人素質要高得多。我們很幸運擁有更高階的信用卡用戶群。所以，我們看到消費支出略有回升。我們希望這種勢頭能夠延續到第四季。

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也出現了復甦跡象。我們看到成長了 4%；大型企業和全球企業也有所成長，增幅約 6%。國際賽區依然—依然非常強勁。

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，尤其是美國消費品產業的支出，有望成為假日季節到來之際的一個好兆頭。因為美國消費者業務也非常強勁，成長了 9%。那麼，我們會看到經濟大幅成長嗎？這並非我們所預期的，但我們也沒想到會減速。

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，關於你問的收益問題，收益並不大。金額大約在 8000 萬美元左右。我們之所以指出這一點，是因為它會影響該線路的成長率、服務費和其他收入。如果您想了解更多細節，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.

我相信你們都已經聽說或看到，他們剛剛與卡爾森·瓦格利特公司合併了。這為我們帶來了一點小收益，我們在本季度確認了這一點，這也稍微推動了業績下滑。經匯率調整後，這大約是這裡顯示的 17% 成長率中的 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.

即使考慮到這一點，我們的營收成長仍將達到兩位數。所以，就我們本季報告的成長動能而言，情況並沒有太大變化。

Ryan Nash, Goldman Sachs.

Ryan Nash，高盛集團。

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。我贊同桑傑對資訊揭露的評論。史蒂夫，或許你或克里斯托夫，可以大致談談白金卡升級對財務的影響，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，你對此也發表了一些看法。但這是否會對您在更新換代期間實現兩位數以上每股收益成長的能力產生任何影響？謝謝。

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

我請克里斯托夫來介紹這裡的一些數據。

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。簡而言之，答案是否定的。我們將嘗試在動態方面增添更多色彩。你也明白，我知道，信用卡手續費的到帳是有延遲的。然後，本金將在 12 個月內攤銷，而收益則立即生效，並且人人都能享受。這顯然會帶來一些壓力。

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.

我們在年初就已表示，隨著此次白金卡升級，您將在年底享受到持卡人服務方面的小幅提升（這是公司在通話後添加的）。但這一年的發展確實正如我們所預期的。

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，我們早就有了這些見解。雖然可能並非所有人都能明顯感受到，但我們預計在第四季度，持卡會員服務會有這樣的提升（這是公司在通話後添加的）。我們預計2026年及以後也將如此。所以，我們做這一切都是在睜大眼睛的情況下進行的。

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.

這是一筆實質的投資，一筆數額龐大的投資，但它是我們最大的產品。我們也向你們提供了一些關於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，但我們仍然懷著實現未來幾年每股收益增長 15%（即兩位數中段）的雄心壯志（公司在電話會議後補充）。

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，我們制定計劃並經營公司，都是著眼於中長期發展。正如克里斯托夫指出的那樣，我們做這一切事情時都睜大了眼睛，並牢記著我們的抱負。

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，正如克里斯托夫所說，當我們考慮規劃期限時，所有事情都需要兩年才能完全展開。而且各項開支會提前一些顯現出來。但我們的目標依然是我們的最終目標：營收成長 10% 以上，每股盈餘成長 15% 以上。

Mark DeVries, Deutsche Bank.

馬克‧德弗里斯，德意志銀行。

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?

嗯，謝謝。我希望更了解您認為白金版升級對本季計費業務成長加速的貢獻有多大。我有點驚訝於你們這麼快就推出了像 Resy 和 lululemon 這樣的積分，這可能刺激了一些消費。另外，能否提供一些關於消費者產品與企業產品需求強度對比的資訊？

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，從支出方面來看，如果你看一下總支出，即本季的總帳單業務支出，那麼影響很小。正如我們所說，旅遊和娛樂產業表現出了強勁的勢頭。該航空上季業績持平，而本季業績成長了5%。因此，正是這些宏觀變化推動了本季比林斯股價的強勁上漲。

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.

但如果你仔細觀察一些具體的合作夥伴，你會發現確實存在影響。我認為，我們正在分享一些關於白金卡（Platinum Charge）的數據，我們特別指出，對於右下角列出的合作夥伴，客戶數量增加了一倍左右。但它們對本季帳單總額的影響並不顯著。

Don Fandetti, Wells Fargo.

唐范德蒂，富國銀行。

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.

您好，早安。史蒂夫，你能詳細說說你​​在中小企業領域觀察到的情況嗎？顯然，看到這種回升趨勢是件好事。這是自然成長，還是只是波動？展望2026年，您認為是否有任何情況會導致這種情況恢復正常？此外，金融科技領域也存在一些競爭。

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。你看，我認為我們看到的是，收購仍然勢頭良好，這是件好事。而且，有機產品開始出現一些好轉，尤其是在小端市場，以及中階市場。所以，我認為情況會趨於穩定。

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.

我們討論過很多次的一件事是，我們的大額交易正在從一些在新冠疫情期間開通的信用卡上轉移出去。我認為我們現在正朝著這個方向發展。所以，我們對收購感到滿意。我們對商務白金版發布初期的跡象感到樂觀。

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，這也是我們收購 Center 的原因，也是我們計劃在明年初推出與我們的卡片整合的 Center 版本的原因。所以，我們認為這個領域仍然有很多機會。我們希望，從有機成長的角度來看，我們所看到的下滑趨勢已經過去了。

Craig Maurer, FT Partners.

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.

嗨，早安。謝謝您回答問題。首先我想問一下，在您審視白金卡更新時，我很好奇您認為其中有多少是來自已經擁有其他發卡機構高端信用卡的消費者或企業，或者是您自己產品組合中的升級，我想確定這項投資在多大程度上會削弱其他競爭對手的競爭力。

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，如果您能談談國際市場的優勢，以及您在美國以外哪些地區看到了這種優勢，以及您在覆蓋範圍方面可能仍然存在的不足之處，那就太好了。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。所以你看，我認為──現在就斷言能得出什麼結論還為時過早。我認為這些升級——我們對這些升級非常滿意。我們對新卡的取得感到滿意。

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.

我們還不知道——我們會弄清楚的，但現在已經過去三週了——這些人之前是否持有高級卡？這是他們首次涉足高階信用卡領域嗎？但我們會分析所有數據，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.

就國際業務而言，我們整體表現非常非常出色。我認為我們主要關注的是五大市場。我認為其中三個市場的成長率接近 18%。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，我們討論了城市實現 75% LIF 覆蓋率的策略。我們討論了各國的具體戰略，並繼續朝著這個方向前進。我們將繼續把重點放在歐洲，這始終是我們的工作重點。我們仍在努力完善一些城市的地圖，之後會與大家分享更多細節。但我們對過去幾年覆蓋範圍的大幅成長感到非常滿意。

Erika Najarian, UBS.

瑞銀集團的 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.

您好，早安。克里斯托夫，我可以稍微深入探討瑞恩的問題嗎？非常感謝您詳細地向我們介紹了信用卡費用上漲在政策調整兩年後的影響過程。這已經完全確定了。新卡費用實施12個月後，費用將達到高峰。

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.

我想請您以同樣的節奏，為我們詳細介紹相關費用的成長。是——在接下來的三到四個季度裡是最沉重的，然後在接下來的——比如說，在 2027 年下半年——就會減輕嗎？那次散步會很有幫助。

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，早安，艾莉卡。預測2027年會發生什麼事真的很難。但從互動角度來看，我們肯定會繼續與持卡會員保持互動。我們的目標是提高用戶參與度。

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，我認為可以假設所有會員，無論持卡人是新卡會員還是新卡會員，從第一天起就可以享受所有權益。在 9 月 18 日發布新產品當天，我們就看到了他們非常強烈的參與度，從一開始就非常高，並且從那時起一直保持著高水平和強勁的參與度。

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，我不認為我們──這些福利的發展軌跡，就像信用卡手續費的發展軌跡一樣，呈現出某種曲線，對吧？會計處理也簡單得多。許多福利都是按季度發放的。所以，你基本上是希望持卡會員一賺到這些錢就立即將其計入費用。因此，這些福利不像信用卡手續費那麼複雜。

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.

所以，它會更加線性。但正如我所說，隨著時間的推移，我們的目標實際上是讓越來越多的持卡會員享受這些權益。所以，你應該預料到這種穩定上升的趨勢是人為設計的。

Brian Foran, Truist Securities.

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，或許可以稍微借一下克雷格的問題問一下。如果我考慮金卡、白金卡和黑卡的等級劃分，現在白金卡的餐飲選擇更多了，你有沒有看到任何與金卡相關的互動需要特別指出？另一方面，既然許多消費者都願意支付相當高的年費，那麼在白金卡和黑卡之間是否有空間推出一些增強型或新的——甚至是全新的卡呢？

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.

所以你看，金卡仍然是我們非常強勁的產品，我們也不斷獲得新的持卡人。所以，我們沒有看到金卡獲取量下降，反而看到了升級。但現在下結論還為時過早。我的意思是，我們才在這裡待了三個星期。所以，我們拭目以待。

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.

我們的策略之一是為持卡會員提供一條通往更高端產品的途徑，這些產品有可能滿足他們的需求。請問，Platinum 和 Centurion 之間還有什麼產品嗎？或許。如果您有任何想法，我們都非常樂意接受。

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.

但我們時不時會討論這個問題，到時候再說吧。但我們對百夫長目前的狀況非常滿意，對白金目前的狀況也很滿意。我認為此次更新將繼續鞏固我們作為領先高端產品的地位。

Rick Shane, JPMorgan.

Rick Shane，摩根大通。

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，夥計們。謝謝。我想就 Erika 的問題做個後續說明，特別是關於挽留優惠的問題，因為新的更高費用即將推出。我估計這種情況會在 12 個月內逐漸顯現出來。

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看待客戶留存優惠的百分比，或者說，有多少比例的客戶會接受或要求提供留存優惠；根據你目前看到的初步回饋，你預計這次的回覆率會更高還是更低？

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，我認為總的來說，這是我們留住客戶群所佔比例非常低的一部分。大部分客戶留存工作其實只是向他們解釋產品。我認為，當你審視這款產品，並考慮你所支付的價格和你所獲得的價值時，很容易得出結論：這是我真心想要保留的產品。

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.

所以我覺得，我們這次更新真正努力做到的事情之一，就是讓使用者更容易理解有哪些好處，並更容易享受這些好處。我認為這至關重要。因為這樣做會提高客戶留存率、提升客戶參與度，為我們的商家帶來更多業務，最終提高客戶忠誠度。

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，我不認為留任獎勵會起到什麼作用——事實上，我認為它們的作用可能比過去還要小。而且他們已經發揮了一定的作用，因為我認為這款產品本身就非常出色。

Jeff Adelson, Morgan Stanley.

傑夫·阿德爾森，摩根士丹利。

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，史蒂夫和克里斯托夫，早安。我只是想更深入地探討一下消費者健康問題。我知道——我認為你的成績已經足以說明一切了。您已經非常明確地表示，過去六、七個季度消費環境保持穩定；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，或許正是由於我們最近看到的這些看似孤立的新聞標題（市場可能也在反映這些新聞，或並非孤立事件），人們才更加關註消費者的健康。很顯然，你們的消費族群與大多數消費族群非常不同。

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.

但或許您可以更詳細地介紹一下您的消費者群體的健康狀況，特別是您在該群體低端觀察到的情況。另外，就目前政府停擺的情況來看，你有發現嗎？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。我先說幾點，如果我有任何遺漏，克里斯托夫可以補充。我認為最近幾天，關於違約問題的討論有些吵雜，尤其是從商業角度來看。

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.

但如果你從信用卡核銷和信用卡逾期的角度來看銀行的報告，情況就都好轉了。銀行的壞帳核銷有所下降——我們關注的主要發行機構的壞帳核銷有所下降。青少年犯罪率下降了。

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.

就我們本身而言，拖欠率與過去幾個季度以來一直保持在 1.3% 左右。我們的壞帳核銷率季減至 1.9%。但我們一直徘徊在 2% 到 1.9% 之間。我們與競爭對手之間仍存在巨大差距。

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.

所以我認為我們消費者的健康狀況非常好。而且他們還在消費。他們正在使用產品，並且按時支付帳單。而且我認為，我們銀行競爭對手的健康狀況——消費者——似乎正在略微改善。

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.

至於政府停擺——這並非我們第一次經歷政府停擺。目前我們還沒有看到任何實際影響。如果回顧歷史，我認為上一次——不是最近一次，而是更早一次——大概是 35 天左右——並沒有產生什麼影響。

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，對於受影響的持卡會員，我們確實有一些短期救濟計劃，可以幫助他們渡過難關，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，這就是我們目前看到的情況。

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.

我沒什麼要補充的。我將提及一些反映我們投資組合實力的指標——例如零售支出增長 12%，餐飲支出增長 9%；客戶獲取也非常強勁，70% 的持卡會員加入了特許經營體系，選擇加入美國運通的付費產品。所以，他們做的第一件事就是支付一筆費用，表達對未來的信心。

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，在信用指標方面，我們的部分工作也是要查看每一位客戶，看看是否有弱點。而且整體而言非常穩定，非常強勁，這點在各項指標和儲備率中都有所體現。我們進行了很多研究——這種建模方法經過了大量的審查，我們看到了整體上很強的穩定性和可靠性。

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。我想請您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，還有更長遠的未來，例如到 2026 年。我猜，對於第四季度，你們應該會繼續支持白金版升級。

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.

但您能否提供一些細節，說明這每年約 60 億美元的支出都花在哪裡了？或許可以讓我們一窺究竟。廣泛性的贊助、品牌建立與更細緻的推廣活動（例如信用卡會員獎勵、顧客留存等）相比，哪個更重要？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，米希爾。在行銷方面，佔比最大且變化最大的因素是迎新獎勵的規模，對吧？這是該行銷產品線中佔比最大的部分。

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：我們想投入更多行銷資金，但我們也希望這筆行銷資金能更有效地利用。所以，如果你在行銷部門工作，你就會不斷地在「讓我們做得更多」、「讓我們花更多錢」之間掙扎。但同時，我們也要確保每一分錢都能為我們創造價值。

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.

我們每季和每年的最終支出金額，是這兩個壓力點共同作用的結果。我們對這兩點都非常嚴格，紀律嚴明。我們真的不想錯過這個絕佳的機會。因此，我們將繼續投資，並保持較高的投資水準。

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我們過去所說的嚴格審查，確保這項投資的回報——我們將其視為一項投資——符合我們的盈利標準，對吧？對於不符合這些標準的投資，我們的立場非常明確，就是停止這些投資。

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.

我們在衡量和追蹤這些指標方面也變得越來越精細。我們就是這樣做出決定的。這並不是說，讓我們今年花掉 60 億美元。我們非常注重細節，而正是所有這些分析的總和才使我們得出這個數字。我們過去一直這樣做，將來也會繼續這樣做。

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。你已經基本回答了關於信用卡費用和消費額度更新的問題。在消費性金額方面，是否存在某種類似往年的表現，以及由此產生的關鍵收入驅動因素？例如，您能否與我們分享一下，您是如何從新帳戶和現有帳戶增加消費中獲得收入的？接下來幾季有什麼方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.

所以，我們不會公佈按年份劃分的支出或收入等數據。但我可以告訴你的是，我們已經有意地回到了與米希爾討論投資和行銷資金的問題上，我們一直在將更多的資金用於付費產品和優質產品。因此，有些客戶——尤其是最近的客戶——過度依賴這些費用支付產品。他們的年輕客戶比例也過高，這一點我們已經強調多了。

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，從年輕客戶的參與度來看，他們的交易量實際上比年長客戶高出 25%。所以，我不會和你們分享年份和詳細數據。但這裡起作用的正是類似的因素：更多高端、更年輕的持卡會員，更積極的參與。這就是投資組合的動態特性。

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，我們從更年輕的族群中獲得了更高的消費份額。它們會陪伴我們更長時間，並隨著生命的成長而成長。

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，雖然我們不公開年份數據，但你可以從哲學角度來看待這個問題，然後說，如果你吸引的是更年輕的客戶，他們會和你保持更長時間的合作關係，而且你的目標是高端客戶群體，那麼你或許可以得出結論，隨著時間的推移，他們會花費更多。

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，現在入手這些卡套的年份卡，日後往往會更有價值。這就是我們的策略，無需贅述我們何時收購了哪些公司。但如果你從戰略角度考慮這個問題，對於年輕的高端信用卡持卡人，我們將隨著他們的事業發展、家庭壯大和生活變化而與他們共同成長。

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.

而我們——我們在這裡所做的，就是真正地創造這種忠誠度和參與度，從而使我們的卡片成為用戶的首選。當你為一個產品提供許多好處時，人們就會想要持續地與該產品互動，無論他們是否使用了與該產品相關的好處。所以，這就是正在發揮作用的一種動態。

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。再來一張白金卡。合作夥伴提供的30億美元價值是一個很有趣的數字。經歷了這一輪更新周期，回顧過去幾輪更新周期，以及現在的更新周期，我的意思是，合作夥伴對共同出資額度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，在比較 Gold 升級版和 Platinum 升級版時，這兩款產品之間是否有任何獨特或不同之處？例如，在比較兩者時，能否著重強調相同的主題？

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.

我認為這款產品和我們客戶群的優勢在於，人們都願意與我們合作。與我們合作過的人都希望繼續與我們合作。我認為，我們與 Uber 的關係就是最好的例子。

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.

我們一直都享有 Uber 的福利，現在你們又增加了 Uber One 的福利。因此，他們清楚地看到了合作的價值——而且這是一個很好的合作模式——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——在選擇合作夥伴方面非常挑剔。我們努力工作—我們盡可能與更多世界級品牌合作。你要做的就是確保你提出的價值主張能夠跨越世代溝通。因此，正如我在開場白中所說，我們一直在擴展這些價值主張，從純粹的旅遊擴展到更多的生活方式、健康、零售等等，以及數位領域。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.

所以我認為，隨著我們繼續思考這個問題，並且繼續取得成功，最終會回到我們之前討論過的良性循環，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，然後我們就能推動更多業務成長。

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.

在考慮各種產品時，你要針對目標受眾提出不同的價值主張。如果你仔細比較一下白金卡和金卡之間的區別，你會發現金卡雖然享有與酒店系列相關的特定旅行福利，但它的目標客戶群其實是比較有針對性的。它非常注重餐飲。

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.

我們已經討論過我們在 Dunkin' 取得的成功以及我們的會員卡用戶的參與度。這對我們的持卡人來說非常好，對我們來說也非常好，對 Dunkin' 來說也非常好。

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，我們行銷團隊面臨的挑戰是，不僅要確保我們了解持卡會員的需求，還要預測持卡會員的需求，然後與那些真正能夠滿足這些需求的合作夥伴一起，將這些需求融入到價值主張中。

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長足的進步，打造了我們有史以來最好的白金卡價值主張。我認為我們的客戶非常欣賞這一點，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.

通話到此結束。再次感謝您參加今天的電話會議，也感謝您一直以來對美國運通的關注。投資者關係團隊將隨時解答任何後續問題。

Operator, back to you.

接線員，已接通。

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，電話會議結束後不久，您可以在我們的投資者關係網站 ir.americanexpress.com 上觀看網路直播回放。

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 10 月 17 日美國東部時間下午 1 點至 10 月 24 日期間，撥打 877-660-6853 或 201-612-7415，輸入接取碼 13756151，收聽電話會議的數位回放。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。