美國運通 (AXP) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the American Express Q1 2026 earnings call. (Operator Instructions)

各位女士、先生，感謝您稍候。歡迎參加美國運通 2026 年第一季財報電話會議。（接線員指示）

As a reminder, today's call is being recorded. I would now like to turn the conference over to our host, Head of Investor Relations, Mr. Kartik Ramachandran. Please go ahead.

提醒各位，今天的電話會議將被錄音。現在我想把會議交給我們的主持人——投資人關係主管 Kartik Ramachandran 先生。請開始。

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，Daryl，也感謝各位參加今天的電話會議。提醒各位，在我們開始之前，今天的討論包含關於公司未來業務與財務表現的前瞻性陳述。這些陳述係基於管理層目前的預期，並可能受到風險與不確定性的影響。可能導致實際結果與這些陳述存在重大差異的因素，已載於今天的簡報投影片以及我們向美國證券交易委員會（SEC）提交並存檔的報告中。

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.

今天的討論亦包含非 GAAP 財務衡量指標。相對應的 GAAP 財務衡量指標已包含在本季的財報資料中，以及我們所討論之先前期間的財報資料中。上述資料皆已發布於我們的網站 ir.americanexpress.com。

We will begin today with Steve Squeri, Chairman and CEO, who will start with some remarks about the company's progress and results; 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.

今天我們將先由董事長兼執行長 Steve Squeri 開始，針對公司進展與業績發表一些談話；接著由財務長 Christophe Le Caillec 更詳細地回顧我們的財務表現。之後，我們將由 Steve 與 Christophe 一同進行本次業績的問答環節。

With that, let me turn it over to Steve.

那麼，讓我把時間交給 Steve。

Thank you, Kartik. We had a very strong start to the year. Revenue in the quarter grew 11%, or 10% on an FX-adjusted basis, and EPS was $4.28, up 18% over the prior year. Card Member spending grew 10% on a reported basis, and this is the highest quarterly growth in three years, driven by strong growth across both Goods and Services and T&E. We continue to see strong demand and engagement with our premium products across our customer base.

謝謝你，Kartik。我們今年開局非常強勁。本季營收成長 11%，若以調整匯率（FX-adjusted）基礎計算則成長 10%；每股盈餘（EPS）為 4.28 美元，較去年同期成長 18%。會員刷卡消費（Card Member spending）以報告口徑成長 10%，這是三年來最高的單季成長，主要由商品與服務以及旅遊與娛樂（T&E）的強勁成長所帶動。我們持續看到客戶群對我們高端產品的強勁需求與高度互動。

Within our U.S. Platinum portfolio, we're seeing accelerated spend growth following the refresh while maintaining high retention rates after the fee increase went into effect. Millennial and Gen-Z spending growth continues to be robust, and globally over 70% of new accounts are on fee-paying products. International remains our fastest-growing segment with Billings up double digits for the 20th consecutive quarter on an FX-adjusted basis. And consistent with what we've seen for several years, our credit performance continues to be excellent and best in class.

在我們的美國白金卡（U.S. Platinum）產品組合中，我們看到在改版（refresh）後消費成長加速，同時在年費調升生效後仍維持高留存率。千禧世代與 Z 世代的消費成長依然強勁；在全球範圍內，超過 70% 的新開戶來自付費產品。國際業務仍是我們成長最快的區塊，按調整匯率基礎計算，帳單金額（Billings）已連續第 20 個季度維持雙位數成長。而且與過去數年一致，我們的信用表現持續非常優異，並處於同業領先水準。

Based on our strong results to date and our confidence going forward, we've decided to increase our investments in marketing and technology to capitalize on key growth opportunities and build on our momentum. Looking ahead, we're reaffirming our full year 2026 guidance of 9% to 10% annual revenue growth and EPS of $17.30 to $17.90. While the macro and geopolitical environment remains uncertain, we believe we are well positioned to continue delivering strong results, given our focus on premium customers, our spend-and-fee-centric model and very strong portfolio quality.

基於目前為止的強勁業績以及我們對未來的信心，我們決定增加在行銷與科技方面的投資，以把握關鍵成長機會並延續動能。展望未來，我們重申 2026 全年指引：年營收成長 9% 至 10%，以及 EPS 介於 17.30 至 17.90 美元。儘管總體經濟與地緣政治環境仍不確定，我們相信，憑藉對高端客戶的聚焦、以消費與年費為核心的商業模式，以及非常強健的投資組合品質，我們具備持續交出強勁成果的良好條件。

Our performance once again demonstrates the power of our growth strategy as we continue to execute our proven playbook. A key part of the playbook is the ongoing investments we're making to enhance our differentiated Membership Model, which is fueled by our high-spending Card Members, the value added by our world-class partners, and the innovations and service delivered by our talented colleagues.

我們的表現再次展現了成長策略的力量，因為我們持續執行已被驗證的作戰手冊（playbook）。其中一個關鍵部分，是我們持續投入資源以強化差異化的會員模式（Membership Model）；這一模式由高消費的卡會員所驅動，結合世界級合作夥伴所帶來的附加價值，以及我們優秀同仁所提供的創新與服務。

One of the most compelling features of Amex Membership is the unique experiences and access we offer our Card Members in dining, sports, entertainment and more. Sports are a powerful engagement engine across our customer base. In Q1, we announced several agreements that added to the relationships we have with over 50 top-tier leagues, teams, venues and events around the world.

美國運通會員（Amex Membership）最具吸引力的特色之一，是我們在餐飲、運動、娛樂等領域為卡會員提供的獨特體驗與專屬權益。運動是我們整體客群強而有力的互動引擎。在第一季，我們宣布了多項協議，進一步擴大我們與全球超過 50 個頂級聯盟、球隊、場館與活動的合作關係。

In March, we announced a multiyear global partnership with the NFL, making American Express the League's official payments partner, beginning with the 2026 season. This broad-based sponsorship includes exclusive Card Member experiences, ticket access, on-site activations, and other perks at high-profile league events, including the NFL Draft and the Super Bowl. We're very excited about the opportunity to join with the NFL as they expand internationally, with our large global footprint positioning us well to support their growth while engaging Amex Card Members around the world.

3 月，我們宣布與 NFL 建立多年期全球合作夥伴關係，自 2026 賽季起，美國運通將成為聯盟的官方支付合作夥伴。這項廣泛的贊助合作包含卡會員專屬體驗、購票權益、現場互動活動（on-site activations），以及在聯盟重要活動中的其他禮遇，包括 NFL 選秀（NFL Draft）與超級盃（Super Bowl）。我們非常期待與 NFL 攜手，隨著其國際化擴張，我們遍布全球的版圖使我們能夠良好支援其成長，同時與世界各地的美國運通卡會員建立更深的互動。

We also announced new multiyear sports and entertainment agreements with MetLife Stadium, Mercedes-Benz Stadium, and teams that play there. And we renewed our sponsorship with the NBA, along with several agreements with NBA teams across the country.

我們也宣布與 MetLife Stadium、Mercedes-Benz Stadium 以及在這些場館比賽的球隊，簽訂新的多年期運動與娛樂合作協議。同時，我們續約了與 NBA 的贊助合作，並與全國多支 NBA 球隊達成多項協議。

In addition to our sports sponsor partnerships, we continue to enhance Amex Membership with recent openings and plans for new or expanded airport lounges in Las Vegas, Boston, Charlotte, Dallas-Fort Worth and New Delhi. And the expansion of our Fine Hotels & Resorts and Hotel Collection programs with an additional 300 properties recently accepted into the program out of an approximately 1,400 who apply.

除運動贊助合作夥伴關係外，我們也持續透過近期開幕及規劃中的新設或擴建機場貴賓室，來強化美國運通會員體驗，地點包括拉斯維加斯、波士頓、夏洛特、達拉斯—沃斯堡以及新德里。此外，我們也擴大 Fine Hotels & Resorts 與 Hotel Collection 計畫，近期在約 1,400 家申請加入的飯店中，新增接納 300 家物業加入計畫。

Another key element of our strategy is the ongoing innovation of our product value propositions, and we continued our progress on this front as well. In the quarter, we announced a roadmap for a series of Commercial products and solutions that we're planning to roll out in the U.S. in 2026 for businesses of all sizes, starting with the launch of our new Graphite Business Cash Unlimited Card. The roadmap includes plans to release 8 new or enhanced products, benefits, and capabilities, including a Corporate Cash Back Card and expense management software, making this the most significant 1-year Commercial product expansion in the company's history. Together, these new offerings will give our business customers what they want, card products that combine high spend capacity and great value, plus an integrated suite of tools that will help to manage expenses and cash flow, gain insights from their spending, and automate day-to-day tasks, all backed by American Express' world-class, global customer service.

我們策略的另一個關鍵要素，是持續創新產品價值主張（value propositions），而我們在這方面也持續取得進展。本季，我們公布了商用（Commercial）產品與解決方案系列的路線圖，計畫於 2026 年在美國面向各種規模企業推出，並以全新 Graphite Business Cash Unlimited Card 的上市作為起點。該路線圖包含推出 8 項全新或強化的產品、權益與能力的計畫，其中包括企業現金回饋卡（Corporate Cash Back Card）與費用管理軟體，這將成為公司史上最重大的 1 年期商用產品擴張。這些新產品將共同滿足企業客戶的需求：兼具高消費額度與高價值的卡片產品，再加上一套整合式工具，協助管理費用與現金流、從消費中獲取洞察、並自動化日常工作流程，且全程由美國運通世界級、全球化的客戶服務作為後盾。

In addition to these announcements, we furthered the development of our AI capabilities in the quarter. As I said in my recent annual letter to shareholders, while it's still early days, we are embarking on a new era of commerce, where AI-powered agents can make autonomous decisions on behalf of consumers and businesses. But in addition to offering speed and convenience, Agentic Commerce brings added complexity and risk. This plays directly to the strengths of our -- to our strengths of trust, security and service. Given our closed-loop network that provides an end-to-end view of transactions and supported by the investments we've been making in our technology and risk capabilities, we are well positioned to deliver intent-driven authorizations, enhanced fraud protection, and strong security features to help protect our Card Members and merchants.

除上述公告外，我們在本季也進一步推進 AI 能力的發展。正如我在近期致股東的年度信中所說，雖然仍處於早期階段，我們正邁入一個新的商業時代：由 AI 驅動的代理（agents）可代表消費者與企業做出自主決策。然而，除了速度與便利之外，代理式商務（Agentic Commerce）也帶來更高的複雜度與風險。這正好呼應我們在信任、安全與服務方面的優勢。憑藉我們的封閉式網路（closed-loop network）可提供端到端的交易視角，並結合我們持續在科技與風險能力上的投資，我們具備良好條件提供以意圖為導向的授權（intent-driven authorizations）、更強的詐欺防護，以及強健的安全功能，以協助保護卡會員與商戶。

Earlier this month, we introduced the Amex Agentic Commerce Experiences, or ACE, Developer Kit which will enable the integration of American Express Cards into AI-powered transactions with trust and control. Along with the kit, we announced Amex Agent Purchase Protection, an industry-first commitment to back our Card Members by protecting registered agent purchases.

本月稍早，我們推出 Amex Agentic Commerce Experiences（ACE）開發者套件（Developer Kit），可在具備信任與可控性的前提下，讓美國運通卡整合至 AI 驅動的交易中。隨同該套件，我們也宣布 Amex Agent Purchase Protection，這是一項業界首創的承諾，將透過保護已註冊代理的購買行為來支持並保障我們的卡會員。

We have more AI-powered products and capabilities under development that will roll out this year to help transform and grow our business. This includes upcoming announcements with leading AI companies to make our Membership assets discoverable and actionable on their platforms and building proprietary AI-powered experiences across our own platforms.

我們仍有更多 AI 驅動的產品與能力正在開發中，將於今年陸續推出，以協助轉型並推動業務成長。這包括即將與領先的 AI 公司發布相關公告，使我們的會員資產（Membership assets）能在其平台上被發現並可被採取行動（discoverable and actionable），以及在我們自有平台上打造專有的 AI 驅動體驗。

In summary, our business continues to perform at a high level, exhibiting continued momentum from executing our proven strategy and making meaningful progress on the strategic use of AI to drive long-term growth and efficiencies. With our loyal premium customer base, our talented customer-focused colleagues, and a differentiated business model, we are confident in our ability to deliver long-term sustainable growth.

總結來說，我們的業務持續維持高水準表現，展現出執行既有策略所帶來的延續動能，並在策略性運用 AI 以推動長期成長與效率方面取得實質進展。憑藉忠誠的高端客戶基礎、以客戶為中心且才華洋溢的同仁，以及差異化的商業模式，我們對於實現長期可持續成長的能力充滿信心。

Now I'll turn it over to Christophe for more details about the quarter, and then we'll take your questions.

接下來我把時間交給 Christophe，請他提供更多本季細節，之後我們將回答各位的問題。

Thanks Steve, and good morning, everyone. Q1 was a very good quarter. Revenue growth accelerated to 11%, or 10% FX-adjusted, with broad-based growth across revenue lines. Spend growth stepped up to 10%, or 9% FX-adjusted, the highest level we've seen in three years. And we continued to see healthy demand for our premium products, with over 70% of new accounts acquired on fee-based products.

謝謝你，Steve，各位早安。第一季表現非常不錯。營收成長加速至 11%，若以調整匯率基礎計算則為 10%，各項營收線均呈現廣泛成長。消費成長提升至 10%，若以調整匯率基礎計算則為 9%，為三年來最高水準。我們也持續看到市場對高端產品的健康需求，新取得的帳戶中有超過 70% 來自付費產品。

Credit performance remains excellent, with both delinquency and write-off rates still below 2019 levels. And we continue to invest across marketing, technology and our premium value propositions to support long-term growth. We delivered very strong returns in the quarter, with EPS of $4.28, up 18% year-over-year.

信用表現依然非常出色，逾期率與核銷率仍低於 2019 年水準。我們也持續在行銷、科技以及我們的高端價值主張上投入，以支持長期成長。本季我們交出非常強勁的報酬表現，每股盈餘（EPS）為 4.28 美元，年增 18%。

Turning to Billed Business on slide 4. Overall spend was up 10% FX-reported this quarter. That momentum reflects an acceleration in U.S. Platinum spend following the refresh last year, and the benefit of our global footprint, with tailwinds from FX and high growth in international markets. These results demonstrate the strength of our premium focus and our diversified business.

接著看投影片 4 的簽帳金額（Billed Business）。本季整體消費金額以外匯報表口徑（FX-reported）計年增 10%。這股動能反映了美國白金卡（Platinum）在去年改版後的消費加速成長，以及我們全球版圖所帶來的效益，包含外匯順風與國際市場的高速成長。這些結果展現了我們聚焦高端客群與多元化業務的實力。

Spend growth was about 1 percentage point higher than Q4, driven by T&E spending, up 9% FX-adjusted, while Goods and Services growth remained stable, up 8% FX-adjusted. Retail spending kept up its momentum, up 11% FX-adjusted, and spending at luxury retail merchants was up 18%, reflecting the continued strength of our premium customer base. Restaurant spending was up 9% once again this quarter. At the same time, airline spending picked up, growing 8% -- growing 8% -- sorry -- driven by higher growth across Consumers, SMEs and Large Corporates. These trends sustained throughout most of the quarter, but we did see airline growth soften in the last few weeks of March and into April, driven by travel disruptions from the Middle East conflict.

消費成長率較第 4 季高約 1 個百分點，主要由旅遊與娛樂（T&E）支出帶動，以固定匯率（FX-adjusted）計年增 9%；而商品與服務（Goods and Services）成長維持穩定，以固定匯率計年增 8%。零售支出延續動能，以固定匯率計年增 11%；奢侈品零售商戶支出年增 18%，反映我們高端客群基礎持續強勁。餐廳支出本季再次年增 9%。同時，航空支出回升，成長 8%——成長 8%——抱歉——主要由消費者、中小企業（SMEs）與大型企業客戶（Large Corporates）全面較高成長所帶動。這些趨勢在本季大部分時間都持續，但我們確實看到 3 月最後幾週延續到 4 月航空成長趨緩，原因是中東衝突造成的旅遊中斷。

In the U.S., we continue to see strong demand and engagement on Platinum following the refresh last year, with accelerated spend growth on the portfolio, high retention rates, and continued strong new customer acquisition. And we continue to capture a high share of the spend wallet from both new and tenured Platinum customers.

在美國，去年改版後白金卡（Platinum）的需求與客戶參與度仍然強勁，我們看到該產品組合的消費成長加速、續卡率維持高檔，且新客戶獲取持續強勁。我們也持續從新舊白金卡會員中取得較高的錢包占有率（spend wallet share）。

The refresh is also driving high levels of engagement with our Membership assets by U.S. Consumer Card Members. Lodging spend on our Fine Hotels & Resorts and Hotel Collection programs is up 50% year-over-year. And in dining, spend at U.S. Resy restaurants is up 20%.

此次改版也帶動美國消費卡會員對我們會員資產（Membership assets）的高度參與。我們 Fine Hotels & Resorts 與 Hotel Collection 方案的住宿支出年增 50%。在餐飲方面，美國 Resy 餐廳的支出年增 20%。

Looking at our International Business, ICS had another strong quarter, up 13% FX-adjusted. Including the impact of the weaker dollar, spend growth was up 20%. Looking at New Card Acquisition, we acquired 3.1 million New Cards in the quarter, with continued momentum in acquiring younger customers and attracting new customers onto our fee-paying products.

再看國際業務（International Business），ICS 本季再度表現強勁，以固定匯率計年增 13%。若納入美元走弱的影響，消費成長達 20%。在新卡獲取（New Card Acquisition）方面，本季我們新增 310 萬張新卡，持續在吸引年輕客群以及將新客戶導入我們的付費產品上保持動能。

Turning to balance growth. First, a quick note on presentation. The metrics shown on slide 13, which we previously referred to as Total Loans and Card Member Receivables, is now labeled Total Balances. Starting this quarter, in our financial statements, we have combined Card Member Loans and Card Member Receivables into a single line called Card Balances, reflecting the evolution of our products through lending features like Pay Over Time. This is consistent with how we've been presenting balances in our earnings slide for the past few years.

接著談餘額成長。先簡要說明呈現方式。投影片 13 所示的指標，我們先前稱為「總放款（Total Loans）」與「卡會員應收款（Card Member Receivables）」，現在改標示為「總餘額（Total Balances）」。自本季起，在財務報表中，我們已將「卡會員放款（Card Member Loans）」與「卡會員應收款（Card Member Receivables）」合併為單一科目「卡餘額（Card Balances）」，反映我們產品隨著「分期付款（Pay Over Time）」等放款功能而演進。這也與我們過去幾年在財報簡報投影片中呈現餘額的方式一致。

Total Balances increased 7% year-over-year FX-adjusted, largely in line with spend growth. As a reminder, there is about a 1 percentage point impact on balance growth from the Small Business co-brand held-for-sale portfolios again this quarter, as we previously disclosed.

總餘額以固定匯率計年增 7%，大致與消費成長一致。提醒一下，如我們先前揭露，本季小型企業聯名卡（Small Business co-brand）待售（held-for-sale）投資組合對餘額成長仍約有 1 個百分點的影響。

As we exit this portfolio over the course of this year, we will see impacts of certain metrics at the consolidated level and within the Commercial Services segment. Most notably, we expect a low single-digit impact to spend growth in SME starting in Q2 until we lap the portfolio exits. At the same time, we expect a negligible impact to pretax income. These impacts were incorporated in the guidance we provided for the year.

隨著我們在今年內逐步退出該投資組合，我們將在合併層級以及商業服務（Commercial Services）事業部的部分指標上看到影響。最顯著的是，我們預期自第 2 季起，中小企業（SME）的消費成長將受到低個位數的影響，直到我們完成與退出投資組合的比較基期（lap）。同時，我們預期對稅前盈餘的影響可忽略不計。這些影響已納入我們對全年所提供的指引中。

Turning to credit on slide 14. Credit performance remains very strong and stable. Delinquency rates were flat to last quarter while write-off rates were slightly down. These results are consistent with our expectations for generally stable credit metrics throughout 2026. Overall provision expense of $1.3 billion included a reserve release of $24 million. The reserve release this quarter was mostly driven by lower ending Card Balances versus Q4. Our reserves also reflect uncertainty in the macroeconomic environment.

接著看投影片 14 的信用。信用表現仍非常強勁且穩定。逾期率與上季持平，而核銷率略為下降。這些結果符合我們對 2026 年信用指標整體維持穩定的預期。本季總提存費用（provision expense）為 13 億美元，其中包含 2,400 萬美元的備抵釋出（reserve release）。本季備抵釋出主要是由期末卡餘額（Card Balances）較第 4 季降低所致。我們的備抵也反映了總體經濟環境的不確定性。

Turning to revenue on slide 16. Revenue was strong this quarter, up 11%. We saw momentum across revenue lines with net card fees, NII, and service fees and other revenue all growing at double-digit rates again this quarter. Net card fees continue to be our fastest-growing line, up 16% FX-adjusted, in line with Q4.

接著看投影片 16 的營收。本季營收表現強勁，年增 11%。各項營收線均呈現動能，淨卡費（net card fees）、淨利息收入（NII）以及服務費與其他收入（service fees and other revenue）本季再度皆以雙位數成長。淨卡費仍是我們成長最快的項目，以固定匯率計年增 16%，與第 4 季一致。

We expect card fee growth to pick up as the year progresses as we see the impact from the Platinum refresh, exiting the year in the high teens. Importantly, about one-fourth of the overall U.S. Consumer Platinum portfolio has been billed for the higher annual fee, and we have seen no change to our very high retention rates relative to pre-refresh.

我們預期隨著年度推進，卡費成長將因白金卡改版效益而加速，年底可達高十位數（high teens）。重要的是，美國消費者白金卡（U.S. Consumer Platinum）整體投資組合約四分之一已按較高年費完成帳單入帳，而我們觀察到續卡率相較改版前的高水準並無任何變化。

Net interest income was up 12% FX-adjusted again this quarter, growing faster than balances. Notably, we are driving strong growth in NII while growing balances largely in line with spending, and while maintaining best-in-class credit results. In fact, write-off dollars are up by only 4% year-over-year, while NII is growing at double-digit pace.

本季淨利息收入（NII）以固定匯率計再度年增 12%，成長速度快於餘額。值得注意的是，我們在維持餘額成長大致與消費同步的同時，推動 NII 強勁成長，並維持同業最佳的信用成果。事實上，核銷金額（write-off dollars）年增僅 4%，但 NII 仍以雙位數速度成長。

We also continue to see strong demand for our deposit products with high-yield savings and direct CD balances up 9% year-over-year. As we see -- as we see with our premium card products, our savings product is resonating with Millennial and Gen-Z customers, which make up over half of the accounts and about one-third of the balances. Looking ahead, we expect NII growth to continue to outpace growth in balances for the year.

我們也持續看到存款產品需求強勁，高收益儲蓄（high-yield savings）與直接定存（direct CD）餘額年增 9%。如同我們的高端卡產品，我們的儲蓄產品也受到千禧世代與 Z 世代客戶青睞，這些客群占帳戶數的一半以上，並約占餘額的三分之一。展望未來，我們預期今年 NII 成長將持續快於餘額成長。

Turning to expenses. The VCE to revenue ratio was 44.7% this quarter, in line with our expectations. There is some quarterly variability in the ratio given seasonality. For the full year, we continue to expect the VCE-to-revenue ratio to be lower than Q1, around 44%. The step-up versus the first half of last year reflects the investment we made in the value proposition of our U.S. Platinum cards when we refreshed these products last year.

接著談費用。本季 VCE 對營收比率為 44.7%，符合我們的預期。由於季節性因素，該比率在季度間會有些波動。就全年而言，我們仍預期 VCE 對營收比率將低於第 1 季，約為 44%。相較去年上半年有所上升，反映我們在去年改版美國白金卡時，對其價值主張所做的投資。

Marketing spend was $1.5 billion this quarter, flat to last year. Given the strong performance we saw in Q1 and our confidence in the balance of the year, we plan to increase our marketing investments to support long-term growth. We now expect marketing expenses to grow in the mid-single digits for the full year.

本季行銷支出為 15 億美元，與去年持平。鑑於我們在第 1 季看到的強勁表現以及對全年其餘時間的信心，我們計畫提高行銷投資以支持長期成長。我們目前預期全年行銷費用將以中個位數（mid-single digits）成長。

Moving on to capital. We returned $2.3 billion of capital to our shareholders including $0.7 billion of dividends and $1.7 billion of share repurchases. We continue to deliver very strong returns, with an ROE of 35% this quarter. Our strong ROE enables us to return high levels of earnings to our shareholders - around 75% over the past three years. And this quarter we increased our dividend by 16%, demonstrating our confidence in the sustainability of earnings generated by our model.

接著談資本。我們向股東返還 23 億美元資本，其中包含 7 億美元股利與 17 億美元庫藏股回購。我們持續交出非常強勁的報酬，本季股東權益報酬率（ROE）為 35%。強勁的 ROE 使我們能將高比例盈餘返還給股東——過去三年約為 75%。此外，本季我們將股利提高 16%，展現我們對本公司模式所產生盈餘可持續性的信心。

As we think about our capital requirements, we view the recent Basel proposals as an improvement from the prior proposal. Under the rules as proposed today, we expect the impact of capital requirements to range from neutral to modestly positive. As we evaluate the proposal in the context of other regulatory considerations, we are encouraged by the Fed’s discussion of modernizing the Tailoring framework and resulting bank category designations.

在思考資本需求時，我們認為近期的巴塞爾（Basel）提案相較先前版本有所改善。依目前所提規則，我們預期資本要求的影響介於中性到小幅正面。當我們在其他監管考量的脈絡下評估該提案時，我們對聯準會（Fed）關於現代化 Tailoring 架構及其所導致的銀行類別指定之討論感到鼓舞。

We remain focused on maintaining a strong balance sheet and capital position. We plan to continue to return the excess capital we generate to shareholders while supporting growth and we do not expect a material change to our capital management approach in the near term.

我們仍專注於維持強健的資產負債表與資本部位。我們計畫在支持成長的同時，持續將所產生的超額資本返還給股東，且短期內不預期我們的資本管理方式會有重大改變。

That brings me to our 2026 guidance. We feel really good about our momentum starting the year and our first quarter results. We are seeing stronger earnings than expected, and we have decided to increase investments in marketing and technology. As a result, we are reaffirming our full year guidance of revenue growth of 9% to 10% and earnings per share between $17.30 and $17.90.

接下來是我們對 2026 年的指引。我們對年初的動能與第 1 季結果感到非常樂觀。我們看到的獲利表現優於預期，因此決定增加在行銷與科技方面的投資。因此，我們重申全年指引：營收成長 9% 至 10%，每股盈餘介於 17.30 美元至 17.90 美元。

With that, I'll turn the call back over to Kartik and we'll take your questions.

那麼，我把電話交回給 Kartik，我們將開始回答各位的提問。

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.

謝謝你，Christophe。在我們開放問答之前，我想請排隊等候的各位每人僅限提一個問題。感謝各位的配合。那麼，接下來由接線員開放提問線路。

(Operator Instructions) Ryan Nash, Goldman Sachs.

（接線員指示）Ryan Nash，高盛。

Congratulations on all the new partnership wins. Hopefully, it results in more victories for the Giants and Jets.

恭喜你們拿下所有新的合作夥伴關係。希望這也能為巨人隊和噴射機隊帶來更多勝利。

Maybe, Steve, to kick off, clearly, we're seeing really strong performance in overall spend. I guess for starters, do you think the momentum that you're seeing in the business is enough that we could start to trend towards that aspirational 10% revenue growth, is that on the table for the year?

也許 Steve，我先開個頭。很明顯，我們看到整體支出表現非常強勁。我想先問，你們在業務上看到的這股動能，是否足以讓我們開始朝那個理想的 10% 營收成長趨勢靠攏？今年是否有機會達到？

And you talked about increased marketing and tech spend. Can you maybe just talk about what that's offsetting in terms of where was performance tracking better than expected? And where are you using that to offset? Thank you.

另外你提到會增加行銷與科技支出。你能否談談，這些增加的投入是用來抵銷哪些面向？也就是說，哪些地方的表現優於預期、因此你們把資源挪到哪裡去做抵銷？謝謝。

So, I don't know about the Jets and the Giants, but we -- that will have to play itself out. As we think about -- and let me go -- let me look at this at the beginning here. But as we think about sort of the year and we think about the spending, it continues to be strong. And look, we just had the strongest quarter of spending that we’ve had in the last three years. And obviously, spending will drive higher revenue.

所以，我不確定噴射機隊和巨人隊會怎麼樣，但我們——那就讓它自然發展吧。至於我們如何看待——讓我從一開始來看這件事。當我們思考今年以及支出情況時，支出仍然持續強勁。坦白說，我們剛剛交出了過去三年來最強的一季支出表現。而且很明顯，支出會帶動更高的營收。

When you look at -- and I laugh a little bit about sort of the aspirational 9% to 10%, if you look at the last few years, whether it's FX-reported or -- it's reported or FX-restated, we've kind of hit the 10%. And our guidance this year is 9% to 10%, and we've just delivered a quarter of 11%. So, you can make your own judgment on that. But we feel really good about that aspiration. If we didn't, we wouldn't put it down. So, I think what you're seeing is momentum that I believe if it continues, will allow us to achieve that.

當你看——我對那個理想的 9% 到 10% 其實會稍微笑一下；如果你看過去幾年，不論是按外匯（FX）報告口徑，或——按報告口徑或按外匯重述口徑，我們大致都達到 10%。而我們今年的指引是 9% 到 10%，但我們剛剛交出了一季 11% 的成績。所以你可以自行判斷。不過我們對這個目標感覺非常好；如果不是，我們也不會把它寫下來。因此，我認為你看到的動能，如果能持續下去，將使我們能夠達成該目標。

When you look at the increased investment in technology and marketing, you have regulators in this business. And one of the regulators is making sure that we return what our shareholders are looking for. And so, every year, as we go through our processes, we have ROI cutoffs. And we leave what I would say are really good investments on the table. And so, when you have an overdelivery like we just had in the first quarter, it gives us that confidence that we can move those ROI thresholds down and continue to hit within our guidance range.

當你看增加對科技與行銷的投資時，這個業務有一些「監管者」。其中一個監管者就是確保我們回報股東所期待的成果。因此，每一年在我們走流程時，都會有投資報酬率（ROI）的門檻。我們會把一些我認為非常好的投資機會留在桌上不做。而當你像第一季這樣超額交付時，就會讓我們更有信心把 ROI 門檻下調，同時仍能把結果維持在我們指引區間之內。

And as I think about this business, the way I think about this business is, I don't think about it for this year, I think about it the next year and the year after. And what I'm trying to do and what we're trying to do as a company is to build and continue to build on that momentum. And so, for me, I look at where we are today, it's a function of the decisions that we've made in the past and those decisions that we made in the past are reinvesting in the business versus just always dropping into the bottom line. And so, that's how we said it.

而我看待這個業務的方式是：我不只看今年，我看的是明年以及後年。我想做的、以及我們公司想做的，是在這股動能上持續建構並延續。對我而言，我們今天所處的位置，是過去所做決策的結果；而那些過去的決策，是把資源再投資於業務，而不是總是直接落到最終利潤。因此，這就是我們的說法。

As far as technology goes, we've been very fortunate with some of the results we're seeing from an AI perspective, and that we're getting about 30% benefit with our programmers from a coding perspective and testing perspective. But what that has done is allowed us to get to more stuff. And when you have a company like ours in so many different areas, whether it's the many countries we're in, the merchant business, the network business, the consumer business, corporate or Small Business, there is just a huge appetite for technology.

就科技而言，我們在 AI 方面看到的一些成果非常幸運；從程式撰寫與測試的角度，我們的工程師大約獲得 30% 的效益。但這帶來的結果，是讓我們能做更多事情。像我們這樣的公司，涵蓋這麼多不同領域——不論是我們所在的眾多國家、商戶業務、網路業務、消費者業務、企業或小型企業——對科技的需求都非常龐大。

And so, the overperformance we've had gives us an ability to get to those things a little bit quicker, combined with the AI that we've had -- the AI efficiencies that we're seeing. So, look, I feel really good about where we wound up this quarter and against a backdrop of an unstable world at this point. But against that backdrop of an unstable world, we saw record Billings, Christophe mentioned luxury spending in retail up 18%, front of the cabin is up 12%, and we're seeing great engagement from our Platinum refresh. So, I feel pretty confident about the rest of the year.

因此，我們的超預期表現讓我們能更快推進這些事情，再加上我們看到的 AI——AI 效率提升。總之，在目前這個不穩定的世界背景下，我對本季的落點感覺非常好。但即便在這樣不穩定的背景下，我們仍看到創紀錄的 Billings；Christophe 提到零售中的奢侈品支出成長 18%，頭等／商務艙（front of the cabin）成長 12%，而且我們的白金卡（Platinum）改版帶來很好的互動參與。因此，我對今年剩餘時間相當有信心。

So, maybe I can take the second part of your question, Ryan, around the offset in terms of this incremental investment. So, you might remember the conversation we had at the end of the quarter, right? We had a lot of spend momentum. One of the questions one of you asked is like how are you thinking about 2026 and we said we'll see, we don't know. We're seeing that we're maintaining momentum. We even have stronger momentum when you look at Billings. So, that's the check.

Ryan，你問題的第二部分、關於這些增量投資的抵銷來源，也許我可以回答。你可能記得我們在季末的對話，對吧？我們有很強的支出動能。你們其中有人問到：你們怎麼看 2026 年？我們當時說再看看、我們不知道。我們看到動能仍在維持；而且如果看 Billings，動能甚至更強。所以這是一個驗證。

The other thing is that when you study the P&L, there were also a few unexpected items, you know, on operating expenses. I'll mention two that went in our favor. One is a court decision regarding VAT in Europe. So, we booked that. And there was also a gain that we registered as we completed the acquisition of the half of the joint venture we had in Switzerland. So, that allowed us to book a small gain. So, the completion of that acquisition, the court case in France, gave us a little bit of more confidence in terms of expenses and releasing investment capacity on marketing and technology.

另一件事是，當你研究損益表（P&L）時，營業費用端也有幾個意外項目。我提兩個對我們有利的。第一，是歐洲一項關於增值稅（VAT）的法院判決，因此我們入帳了該項影響。第二，是我們完成收購在瑞士那個合資企業剩餘一半股權時，認列了一筆收益，因此我們得以入帳一筆小幅收益。所以，該收購案的完成、以及法國的法院案件，讓我們在費用面更有信心，也釋放出在行銷與科技上的投資能力。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Thank you. Good morning. I guess I have a follow-up on the Billed Business trends. It is quite remarkable how strong they were in the midst of all this geopolitical activity in the backdrop. I know, Christophe, you mentioned there is some softness in airline spending that you've seen over the last few weeks. I'm just curious, is there a way to quantify that? And sort of is it material enough that -- it doesn't sound like it, but that it could deter some of the upside?

謝謝。早安。我想追問一下已入帳業務（Billed Business）的趨勢。在這樣的地緣政治活動背景下，它們仍然如此強勁，確實相當驚人。Christophe，我知道你提到過去幾週你看到航空支出有些疲軟。我很好奇，有沒有辦法量化？以及它是否大到——聽起來不像，但是否可能抑制一些上行空間？

And then I'm just wondering, is there any other impacts that you've seen across the spending cohorts as a result of the higher fuel prices? And then I guess offsetting that is the momentum you have in Platinum. So, I'm just trying to think about the interplay between these two factors. Thanks.

另外我也想知道，燃油價格上升是否對不同支出客群（cohorts）造成任何其他影響？而與此同時，你們在白金卡（Platinum）上又有動能。我想理解這兩個因素之間的交互作用。謝謝。

So, on airline softness, I mean, yes, we saw definitely noise towards the end of March, beginning of April. And where it was the most visible is in the volume of refunds that were still being processed. It's always hard to know exactly what happened with these refunds, is that people booking on a different schedule, different airline? But we definitely saw a spike in terms of customer refunds. This being said, the impact is not that large. And I don't think that it is something that you should worry too much about.

關於航空的疲軟，是的，我們在 3 月底、4 月初確實看到一些雜訊。最明顯的地方是在仍在處理中的退款量。這些退款究竟發生了什麼，總是很難精確判斷：是旅客改訂不同時段、不同航空公司嗎？但我們確實看到客戶退款出現一波高峰。不過，即便如此，影響並不大。我不認為這是你需要太擔心的事情。

I'll take advantage of that to mention as well that this is where our assets, both in terms of TLS or the benefits we offer in airports really were valuable to our Card Members. We were able to rebook I think, something like 18,000 of our customers who have tickets to the Middle East, and we also saw a spike in terms of engagement with our partner, CLEAR, at the airport. So, definitely, I don't think this is something that should create an impact to our overall Billings trends.

我也藉此提一下，這正是我們的資產——不論是 TLS，或是我們在機場提供的各項禮遇——對我們卡會員非常有價值的地方。我們能夠為大約 18,000 名持有中東航線機票的客戶重新訂位；同時，我們也看到在機場與合作夥伴 CLEAR 的互動參與出現一波高峰。因此，我確實不認為這會對我們整體 Billings 趨勢造成影響。

In terms of fuel, yeah, I mean, we saw the average ticket price go up, and we definitely saw an increase in terms of the fuel spend. Now fuel is less than 2% of the overall Billed Business. So, the impact is just not very visible on the overall Billed Business, and it's really, really hard as well to see if there is any offset anywhere. And when we study that at the different product levels, cohort levels, geography, we don't see any discontinuity, and we see, as you mentioned, strength, momentum, stability across the board and across the portfolio.

至於燃油，是的，我們看到平均票價上升，也確實看到燃油支出增加。不過燃油在整體已入帳業務（Billed Business）中占比不到 2%。因此，對整體已入帳業務的影響並不明顯；而且也非常、非常難看出是否在其他地方有任何抵銷。當我們在不同產品層級、客群層級、地理區域去研究時，我們沒有看到任何不連續的變化；正如你提到的，我們看到的是全面性的強勁、動能與穩定，遍及整個投資組合。

Don Fandetti, Wells Fargo.

Don Fandetti，富國銀行。

Good morning. Steve, can you talk a bit about your confidence in enhancing the expense management offerings for the Middle Market SME customers? And I guess, is this an area of focus in terms of the sort of incremental investment?

早安。Steve，你能否談談你對於強化中型市場（Middle Market）SME 客戶費用管理（expense management）解決方案的信心？另外我想問，這是否是你們在增量投資方面的重點領域？

So, thanks Don. Yeah, look, we'll -- in the next few months, we'll relaunch or launch Center. And it certainly has been an area of focus for us. And I think when you look at that expense management software, if you take the Commercial business and break the Commercial business into three parts, Small Business, Middle Market and Large Corporate and Global, I think where we're seeing a lot of strength is truly in Small Business and in Large and Global. Where the expense management, I think, will really come in is in those Middle Market companies, especially those small businesses transitioning to Middle Market. And that software that we will release, I think, will help us solidify our position that we have there.

謝謝你，Don。是的，你看，我們——在接下來幾個月，我們會重新推出或推出 Center。這確實一直是我們的重點領域之一。我認為當你看費用管理軟體時，如果把商業（Commercial）業務拆成三塊：小型企業（Small Business）、中型市場（Middle Market）以及大型企業與全球（Large Corporate and Global），我覺得我們真正看到很多強勁動能的是小型企業以及大型與全球。費用管理我認為真正會發揮作用的，是那些中型市場公司，特別是那些正從小型企業轉型到中型市場的公司。我們將發布的那套軟體，我認為將有助於我們鞏固我們在那裡既有的地位。

Additionally, to the software, and you may have seen, we just acquired a company called HyperCard, we brought in a group of people who we've been working with for a number of years who are really in the expense management space and have a lot of expertise in expense management agents and we'll be integrating those into Center. And so, as we think about our overall Corporate and Commercial portfolio, it's a combination.

此外，除了軟體之外，你可能也看到，我們剛收購了一家叫 HyperCard 的公司；我們引進了一群我們合作多年的人才，他們確實在費用管理領域深耕，並且在費用管理代理（agents）方面有很多專業，我們會把這些整合進 Center。因此，當我們思考整體的企業與商業（Corporate and Commercial）投資組合時，這是一個組合。

It's 8 new products, benefits, and enhancements that we're releasing through. So, it has been and continues to be an area of investment because we still see it as an area of opportunity for us. I mean, we're known for Small Business, Middle Market and Corporate, still a leader in that space. But we are investing now significantly in that, obviously, with the Center acquisition over a year ago, with the HyperCard acquisition, and just the investments that we're making. So, it's an area of focus and will continue to be an area of focus for us.

我們將透過它推出 8 項新產品、權益與功能強化。因此，這一直是、也將持續是投資領域，因為我們仍然把它視為我們的機會所在。我的意思是，我們以小型企業、中型市場與企業客群聞名，在那個領域仍是領導者。但我們現在正大幅投資於此——顯然包括一年多前的 Center 收購、HyperCard 收購，以及我們正在進行的各項投資。所以，這是我們的重點，也會持續是我們的重點。

Erika Najarian, UBS.

Erika Najarian，瑞銀（UBS）。

Thank you. I just wanted to make sure that your investors are taking away sort of the right message on the revenue and expense dynamics. And I know Ryan tried to get into this in his question, but it sounds like from everything, Steve, that you said that your -- you've hit 11% revenue growth. Clearly, you're trending above that 9% to 10%. And given that you are at the top or a little above that revenue range, then you're reinvesting that back to the company, and that's why you're reiterating the EPS. In other words, the key takeaway from this quarter is really that sort of upside to revenue. Is that sort of the correct message that your investors should be taking away?

謝謝。我只是想確認，你們的投資人對營收與費用動態所帶走的訊息是正確的。我知道 Ryan 在他的問題裡試著切入這點，但聽起來，Steve，從你所說的一切來看，你們——你們達成了 11% 的營收成長，顯然趨勢高於 9% 到 10%。而鑑於你們位於該營收區間的上緣或略高於上緣，你們就把這部分再投資回公司，因此才重申 EPS。換句話說，本季的關鍵重點其實是營收的上行空間。這是否是投資人應該帶走的正確訊息？

Well, I think you have a couple of things. I think the message our investors should be taking away is that we're reaffirming guidance of 9% to 10%. I think while we had the 11% growth this quarter, one thing I will point out, as the year goes on, the Amazon and the Lowe's book will roll off. That will have a slight drag on revenue, zero impact on PTI. And so, I think what you should take away from this is that we're reaffirming the 9% to 10%, and we're taking the overdelivery from an EPS perspective and investing that back into the business.

我想有幾件事。投資人應該帶走的訊息是：我們重申 9% 到 10% 的指引。我認為雖然本季我們有 11% 的成長，但我會指出一點：隨著年度推進，Amazon 和 Lowe's 的那本業務（book）會到期退出。那會對營收造成些微拖累，對 PTI（稅前收入）則是零影響。因此，我認為你應該帶走的是：我們重申 9% 到 10%，而我們在 EPS 角度的超額達成（overdelivery）會再投資回業務。

Mark DeVries, Deutsche Bank.

Mark DeVries，德意志銀行。

Thanks. I appreciate that it was a relatively modest acceleration in Billed Business and Commercial Services. But are you seeing any green shoots there that give you optimism about a bigger recovery and just kind of the organic spend there? And what kind of incremental tailwind might you get from this kind of record year of product launches across the Commercial suite?

謝謝。我理解商業帳單金額（Billed Business）與商業服務（Commercial Services）的加速幅度相對溫和。但你們是否看到任何「綠芽」（green shoots），讓你們對更大的復甦、以及有機支出（organic spend）更樂觀？另外，在商業產品套件（Commercial suite）今年創紀錄的產品發布之下，你們可能會獲得什麼樣的增量順風（tailwind）？

Well, I think that one of the green shoots that we're seeing is organic is not as stressed as it has been in the past. And while we had a minor uplift sequentially, we think that as you think about the product enhancements that we've been doing is that that will play out a little bit more over the longer term as opposed to this year. So, those products take some time to get into the marketplace.

我認為我們看到的一個「綠芽」是：有機面（organic）不像過去那樣承壓。雖然我們環比（sequentially）只有小幅上升，但我們認為，當你考量我們一直在做的產品強化時，這些效果更可能在較長期逐步顯現，而不是在今年就完全反映。因為這些產品需要一些時間才能進入市場。

We just launched the Cash Back product from a Small Business perspective. We've got the Cash Back better from a corporate -- Cash Back product from a Corporate perspective, which comes out later this year. So, I think as we go into next year, we expect that to give us a bit of a tailwind into next year, not as much of an impact for this year.

我們剛從小型企業角度推出了 Cash Back 產品。我們也有從企業（Corporate）角度推出的 Cash Back——Cash Back 產品，會在今年稍晚推出。因此我認為，當我們進入明年時，我們預期它會在明年帶來一些順風，但對今年的影響不會那麼大。

Craig Maurer, FT Partners.

Craig Maurer，FT Partners。

Thanks for taking my questions. I wanted to ask about the Platinum refresh for a second. It's -- we're going to lap that in September. And I'm curious if you can -- if you can separate perhaps how much lift you got in spend from that refresh from existing Card Members versus new customers? I'm trying to get my hands around how much of a decel we might see as you grow over that in terms of Billed Business growth later in the year?

謝謝回答我的問題。我想先問一下 Platinum 的改版（refresh）。我們在 9 月會進入同比基期（lap）比較。我很好奇你能否拆分一下：這次改版帶來的支出提升（lift），有多少來自既有卡會員（existing Card Members），又有多少來自新客戶？我想掌握的是，當你們在今年稍晚的商業帳單金額（Billed Business）成長跨過這個基期後，可能會看到多大的放緩（decel）？

So, it's a good question. I guess you're looking at the -- one of the slides that we have with U.S. Consumer Platinum accelerating by 6 percentage points. The majority of that, given the size of the portfolio, is coming from tenured Card Members. Although we're very pleased with new account acquisition, the majority of that 6% lift is coming from the back book, and that's a very strong sign.

這是個好問題。我猜你是在看我們其中一張投影片：美國消費者 Platinum 的增速提高了 6 個百分點。由於投資組合規模很大，其中大部分其實來自資深（tenured）卡會員。雖然我們對新帳戶獲取（new account acquisition）非常滿意，但那 6% 的提升多數來自既有存量（back book），這是一個非常強的訊號。

As you think about projecting that into 2027, we'll see what happens. But I don't think at this stage, we should expect like a further acceleration in 2027. I expect that step-up to maintain into 2027. But I don't think that you should expect to see another one. So, we're going to lap that at some stage in '27.

至於把這推估到 2027 年，我們再看看會如何發展。但我認為在這個階段，我們不應該預期 2027 年還會再進一步加速。我預期這個台階式上升（step-up）會延續到 2027 年，但我不認為你應該期待再出現另一個台階。所以，我們會在 2027 年的某個時點進入同比基期（lap）。

Rick Shane, JPMorgan.

Rick Shane，摩根大通（JPMorgan）。

Thanks for taking my questions this morning. Look, a really big part of the journey in American Express over the last decade is reinvigorating your products and penetration to younger cohorts, and it's been a big part of the success here. I am curious, as we think about sort of a more uncertain, more volatile economic environment, if you think about that younger cohorts, are they more sensitive to changes that we see, whether it's in terms of spending pattern credit? Is there greater sensitivity sort of beta to the cycle in their behavior versus your more seasoned cohorts?

謝謝今天早上回答我的問題。你看，過去十年美國運通（American Express）這段旅程中，很大一部分是重新振興你們的產品，並提高對年輕族群的滲透率，而這也是成功的重要因素。我很好奇，當我們思考一個更不確定、更波動的經濟環境時，若看年輕族群，他們是否對我們看到的變化更敏感——不論是支出模式或信用（credit）？相較於你們更資深的族群，他們的行為對景氣循環的敏感度（beta）是否更高？

I think ultimately, there'll be less, not more. And I'll tell you why. I think the younger generation is more equipped for the changing dynamics in the world today that, in fact, maybe more middle-aged people, maybe more people, Christophe and my age. I think they're more adaptable, more technology savvy, more in-tune with what's going on in the marketplace today. So, I feel a lot more comfortable having a card base that is actually skewed a little bit younger than one that would be what you used to see 10 years ago.

我認為最終會更低，而不是更高。我告訴你原因。我認為年輕一代更能應對當今世界的變動態勢；事實上，可能比一些中年族群、比一些像 Christophe 和我這個年紀的人更能適應。我認為他們更具適應力、更懂科技，也更能掌握當今市場正在發生什麼。所以，相較於 10 年前你們習慣看到的卡會員結構，我其實更放心我們的卡基礎（card base）現在是略偏年輕。

I think the other thing that's really important is to understand that when you look at our -- when you look at the Millennials and you look at the Gen-Z that's in our card base, it's not every Millennial and Gen-Z. It's the cream of the crop. And we showed the slide a quarter ago, two quarters ago, where our Millennial and Gen-Z credit performance is better than the industry's Gen-X and Baby Boomer credit performance, and is significantly better than the industry's Millennial and Gen-Z performance is.

我認為另一個非常重要的是要理解：當你看我們——當你看我們卡基礎中的千禧世代（Millennials）與 Z 世代（Gen-Z）時，並不是所有的千禧世代與 Z 世代，而是其中最優質的一群。我們在一季前、兩季前展示過那張投影片：我們的千禧世代與 Z 世代的信用表現（credit performance）優於同業的 X 世代與嬰兒潮世代（Baby Boomer）的信用表現，而且也顯著優於同業千禧世代與 Z 世代的表現。

So, one of the things that we've seen with the Millennials over time is, and Gen-Z, we get a high share of their -- we get a high share of their wallet right out of the gate. But what we've seen with Millennials is, as time goes on, that high share translates into even more spend as they continue to move through their lives and continue to be successful, so forth and so on. So, I actually feel a lot more comfortable with the skew of our base today, than if you would have asked me this question, if my base hasn't skewed. Because I'd be more concerned with my Gen-X-ers and my Boomers.

因此，我們長期觀察千禧世代與 Z 世代的一點是：我們一開始就能取得他們錢包份額（share of wallet）的很高比例。但我們在千禧世代身上看到的是，隨著時間推進，這個高份額會轉化為更多支出，因為他們在人生進程中持續前進、持續成功，等等。因此，相較於如果你在我的客群結構尚未偏移時問我這個問題，我其實對我們今天的客群偏年輕更感到安心。因為那樣我反而會更擔心我的 X 世代與嬰兒潮世代。

I mean, the reality is when you look at it, and we showed a slide on the Consumer, you see that Gen-Z is up 38%. The Millennials are up 13%. Our Gen-X are actually really strong at 8%, but then you look at the Boomers up about 4%. And so, I think we're -- we will continue to depend on that for our growth and just look at our card acquisition. So, I feel very confident on who we're acquiring because of the characteristics that they possess, and the characteristics that they have, to deal in an ever-changing world. So, that's how we think about it.

我的意思是，現實情況是，當你去看這些數據時——我們在「消費者」那張投影片也展示過——你會看到 Z 世代成長 38%。千禧世代成長 13%。我們的 X 世代其實也很強，成長 8%，但再看嬰兒潮世代大約成長 4%。因此，我認為我們——我們會持續仰賴這些族群來帶動成長，也會看我們的卡片獲客情況。所以，我對我們正在獲取的客群非常有信心，因為他們所具備的特質，以及他們所擁有、能在不斷變化的世界中應對的特質。因此，我們就是這樣思考的。

Maybe I'll add one data point, Steve. And I mentioned it in my remarks, but if you look at like in terms of like the quality of the Gen-Z and Millennials that we attract to the Franchise, one interesting data point is to look at the profile of the HYSA customers. And I mentioned that half of these customers are actually Gen-Z and Millennials. Of course, they represent one-third of the balances, or they have lower balances.

Steve，我或許再補充一個數據點。我在我的發言中提過，但如果你從我們吸引到加入本品牌（Franchise）的 Z 世代與千禧世代的「品質」來看，一個有趣的數據點是看高收益儲蓄帳戶（HYSA）客戶的輪廓。我提到，這些客戶中有一半其實是 Z 世代與千禧世代。當然，他們只占三分之一的存款餘額，或者說他們的餘額較低。

But if you had asked me a few years ago, where are the balances going to come from, where are the accounts going to come from, I wouldn't have told you that I'm confident it's going to come from the younger cohorts. And -- but that's what we're saying, right? So, it tells you something about the profile of these younger customers that are joining the Franchise. They have savings.

但如果你幾年前問我，餘額會從哪裡來、帳戶會從哪裡來，我不會告訴你我有信心會來自較年輕的族群。而——但我們現在就是這麼說的，對吧？所以，這也反映出這些加入本品牌的年輕客戶的輪廓：他們有儲蓄。

Rob Wildhack, Autonomous Research.

Rob Wildhack，Autonomous Research。

Good morning, guys. I wanted to ask about the relationship between spending growth and balance growth. Back in January, I think the commentary was for balances to grow in line with spending. And I know you've got the cobrands rolling off there. But if we could normalize for that, how do you think about balance growth if the acceleration in spend from this quarter continues? Would you expect to grow balances concurrently? Or do you kind of like the balance growth at the level that you laid out back in January?

各位早安。我想問一下支出成長與餘額成長之間的關係。回到 1 月時，我記得你們的說法是餘額會與支出同步成長。我知道你們那邊有聯名卡（cobrands）到期退出的影響。但如果把那個因素正常化（normalize）後，如果本季支出加速的趨勢延續，你們如何看待餘額成長？你們會預期餘額也同步成長嗎？還是你們比較偏好維持 1 月時所提出的那個餘額成長水準？

I think -- first, I like it when I see spend accelerate. And the fact that balances are growing at a slower pace, like 7%, some of it is just rounding. So, I would not interpret it too much. The other thing is that typically balance lag. The final thing is that we're not chasing balance growth, we're chasing customers who are going to spend with us. And if they feel the need to revolve, then we're going to put in front of them the best possible products so that they can revolve at the pace they want, including Pay Over Time, which typically has shorter revolve durations. And so, that's the kind of revolve that we like. So, I'm not too concerned about that.

我想——首先，我喜歡看到支出加速。而餘額以較慢的速度成長，例如 7%，其中一部分只是四捨五入造成的差異。所以我不會過度解讀。另一點是，通常餘額會落後。最後一點是，我們不是在追逐餘額成長，我們追逐的是會在我們這裡消費的客戶。如果他們覺得需要循環信用（revolve），那我們會把最好的產品放在他們面前，讓他們能以自己想要的節奏循環，包括「分期付款」（Pay Over Time），而這通常有較短的循環期間。因此，這就是我們偏好的循環型態。所以我對此不太擔心。

And you've seen that 7% kind of like stable over the past few quarters. What you've seen as well is, over the last few quarters, NII outgrowing that balance growth, and NII I think has been stable in that 12% range as well. And some of it is coming from what I just mentioned a few minutes ago, we are successful at funding those balances with, you know, High-Yield Savings Accounts that are a cheaper funding source for us, and that's helping the NII growth as well. So, the dynamic is very stable and consistent over the past few quarters.

而且你也看到這個 7% 在過去幾季算是相當穩定。你同時也看到，在過去幾季，淨利息收入（NII）的成長速度超過餘額成長，而 NII 我認為也大致穩定在 12% 左右。其中一部分原因來自我幾分鐘前提到的：我們成功用對我們而言更便宜的資金來源——也就是高收益儲蓄帳戶——來支應這些餘額，這也在幫助 NII 成長。所以，這個動態在過去幾季非常穩定且一致。

Jeff Adelson, Morgan Stanley.

Jeff Adelson，Morgan Stanley。

Good morning. I just wanted to follow up on Rick's question. I appreciate all the color and understand, obviously, that you've got a healthier consumer in there. You view the Gen-Z more adept at handling these changes in technology. But just given the market focus on AI jobs-related displacement. Just curious if you're seeing any sort of impact in the customer base today? Or just if you have any sort of views on what that trend might look like for you over the next few years? Thank you.

早安。我只是想追問 Rick 的問題。我很感謝你們提供的所有細節，也理解很明顯你們的客群中有更健康的消費者。你們認為 Z 世代更能適應這些科技變化。但考量市場目前很關注 AI 對工作相關的取代（displacement），我想請教你們今天在客戶基礎中是否看到任何影響？或者你們對於未來幾年這個趨勢可能對你們呈現的樣貌，有沒有什麼看法？謝謝。

Yeah, we're not seeing any impact at all -- on this at all. And maybe I'll just make a couple of comments. I think technological change over the years, no matter what it has been, whether it's been the Internet, the cell phone, what have you, and even eliminating the word processor and going to desktop PCs, has always brought a plethora of new jobs, number one; and number two, has fueled GDP.

是的，我們完全沒有看到任何影響——在這方面完全沒有。也許我補充幾點。我認為多年來的科技變革，不管是什麼——無論是網際網路、手機等等，甚至是淘汰文字處理機、轉向桌上型電腦——第一，總是帶來大量的新工作；第二，也推動了 GDP。

Now, will AI lose some jobs? Yeah, it would. But who would have thought about influencers, podcasters, web developers, AI programmers years ago. Probably nobody. And if you think about the jobs that are out there today, and where these jobs are, and I think more Gen-Zs and Millennials are going to be more trained for this and more ready for this.

那麼，AI 會讓一些工作消失嗎？會的，確實會。但誰會在幾年前想到網紅（influencers）、播客主（podcasters）、網頁開發者、AI 程式設計師呢？大概沒有人。而如果你想想今天存在的工作、以及這些工作所在的領域，我認為更多 Z 世代與千禧世代會更受過相關訓練、也更準備好面對這些。

And so, will jobs go away? Yes, jobs will go away. A number of the service jobs will go away. I mean, even at American Express today, if you look at our volume increase and you look at our ratio of volume to how many people we have on the phones, it's decreased. Not as many people want to talk on the phones and plus, we're making the people that are answering the phone more efficient because they have AI tools at their disposal, whether that's for travel or whether that's for card servicing.

所以，工作會消失嗎？會，工作會消失。一些服務業工作會消失。我的意思是，即使在今天的美國運通，如果你看我們的交易量增加，再看交易量相對於我們電話端人員數量的比率，它是下降的。因為想打電話的人變少了；另外，我們也在讓接聽電話的人更有效率，因為他們手上有 AI 工具可用，不管是用在旅遊服務，或是用在卡片客戶服務。

We'll always have a representative there that you can call up and talk to. That's never going to go away from American Express. We're always going to be able to serve our customers how they want to be served. But I think from an AI perspective, yes, you'll see a bunch of jobs go away, but I think you'll also see a tremendous creation of new jobs. And I think this cohort will be much more likely to fill those jobs and create new jobs, new opportunities.

我們永遠都會保留一位你可以打電話過去、能跟他對話的客服代表。這在美國運通永遠不會消失。我們永遠都能以客戶想要的方式來服務他們。但從 AI 的角度來看，是的，你會看到一批工作消失，但我也認為你會看到大量新工作的創造。我認為這個族群更有可能去填補那些工作，並創造新的工作、新的機會。

The last thing I'll say is a lot of people talk about white-collar workers. Our base is not just white-collar workers. Our base is premium consumers and premium small businesses that, from a consumer perspective, want access to experiences and want access to service and special offers and things like that. And that runs the gamut. I mean, that runs the gamut for the individual entrepreneur to the TikToker and to the influencer and to the podcaster, to as well as people that are research analysts, investors, and hedge funds and everything else. So, I think that will be there, and we'll see how it all plays out. But again, technology has, over time, fueled GDP, not crushed GDP.

我最後想說的是，很多人談白領工作者。但我們的客群不只是白領。我們的客群是高端消費者與高端小型企業；從消費者角度，他們想要獲得體驗、想要獲得服務、特別優惠等等。這涵蓋的範圍非常廣。我的意思是，從個人創業者到 TikToker、到網紅、到播客主，也包括研究分析師、投資人、對沖基金以及其他各種人。所以，我認為這些都會存在，我們也會看看最後如何發展。但再說一次，科技長期以來是推動 GDP，而不是壓垮 GDP。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Steve, you recently launched your Agentic Commerce Experience Developer Kit, I know you wrote about it at length in your letter. So, just given our checks are indicating in general, across AI and agentic, if there's been more fraud on some of these transactions. It's early days, but you're still seeing some of the questions on that. And then just structural questions around networks in an increasingly agentic world. Just -- I'd love to hear how you would think about through all your closed-loop data and then its place in these transactions?

Steve，你最近推出了 Agentic Commerce Experience Developer Kit，我知道你在信中也詳細談到。就我們的調查來看，一般而言，在 AI 與 agentic 領域，一些交易的詐欺似乎更多。現在還是早期，但大家仍在問這方面的問題。以及在一個愈來愈 agentic 的世界裡，關於網路（networks）的結構性問題。只是——我很想聽聽你如何透過你們所有的閉環（closed-loop）數據來思考，以及它在這些交易中的定位？

I mean, look -- I mean, I think from my perspective here is that in an agentic world, data is king. Data is a king from a service perspective, an identification perspective, a fraud perspective, a credit perspective, data is king. And when you look at our -- when you look at our business model, we have the Card Member, we have the network, and we have the merchant. And we have a free flow of information and it's as perfect information as you're going to get in this model.

我的意思是，你看——以我的角度，在一個 agentic 的世界裡，數據為王。從服務、身分識別、詐欺、信用等角度來看，數據都是王者。當你看我們——當你看我們的商業模式，我們有卡會員（Card Member）、我們有網路（network）、我們有商戶（merchant）。我們有資訊的自由流動，而在這個模式下，你能得到的資訊幾乎是最接近完美資訊的。

And so, when you think about agentic commerce and you think about a lot of the early forays into it, yes, it can be fraught with fraud and it can be fraught with -- it's a lot riskier environment that you're dealing in. In a normal e-commerce world, in a normal brick-and-mortar world, our fraud is significantly less than the competition, significantly less. And why is that? Because of data.

因此，當你思考 agentic commerce，並思考許多早期的嘗試時，是的，它可能充滿詐欺，也可能充滿——你所處理的是一個風險更高的環境。在一般的電子商務世界、在一般的實體零售世界，我們的詐欺率顯著低於競爭對手，顯著更低。為什麼？因為數據。

And so, while agentic commerce, that story is yet to be written. We're at the -- I would -- I think we're warming up in the bullpen. I wouldn't even say we're in the first inning here of agentic commerce, but we're warming up in the bullpen. But it will take off fast, eventually. And so, as we released our ACE Developer Kit, one of the things that we did with our ACE Developer Kit is we said, look, to control the transaction, to understand what's going on, what we want to do is have the agent declare intent, and we want to match that intent with what was actually purchased.

因此，關於代理式商務（agentic commerce），這個故事仍有待書寫。我們正處於——我會——我認為我們還在牛棚熱身。我甚至不會說我們已經進入代理式商務的第一局，但我們正在牛棚熱身。不過，它最終會快速起飛。因此，當我們發布 ACE Developer Kit 時，我們在 ACE Developer Kit 中做的一件事是：我們說，為了控制交易、了解發生了什麼，我們希望代理宣告意圖（intent），並且希望把該意圖與實際購買的內容進行匹配。

And so, we want data from an intent perspective, all the way to a completion perspective. We don't even have that today in a normal brick-and-mortar world. It would be hard to do. But in an e-commerce agentic world, we can get that data.

因此，我們希望從意圖視角一路到完成（completion）視角都能取得資料。即使在今天一般的實體（brick-and-mortar）世界裡，我們也沒有這些資料；要做到會很難。但在電商的代理式世界裡，我們可以取得那些資料。

And so, I think it's going to make our fraud and our risk capabilities and our ability to detect fraud and our ability to back our Card Members even better than we would in a brick-and-mortar world or in a traditional e-commerce world, which is why we came out with Amex Agent Protection. It basically says if the developer and the agent register with us and we see the intent and we see what the purchase was and our Card Member is left holding the bag, we'll back our Card Member and we'll figure it out on the other side.

因此，我認為這將使我們的詐欺與風險能力、我們偵測詐欺的能力，以及我們支持卡會員（Card Members）的能力，比在實體世界或傳統電商世界更好，這也是我們推出 Amex Agent Protection 的原因。它基本上是說：如果開發者與代理向我們註冊，而我們看得到意圖、也看得到實際購買內容，而我們的卡會員最後成了「背鍋的人」，我們會支持我們的卡會員，並在另一端把事情釐清。

So, I think -- and as I wrote in the shareholder letter, I think this sets us up a lot better than our competitors because of the closed loop network and the amount of data that we have. And I think anybody that talks to you about large language models will basically say to you, the model is as good as the data that it has. And so, what we're trying to do is get as close to perfect data as you can in agentic transaction. And that's how we're thinking about it.

所以，我認為——正如我在股東信中所寫，我認為這讓我們比競爭對手更有利，因為我們的封閉式循環網路（closed loop network）以及我們擁有的資料量。我想任何跟你談大型語言模型的人基本上都會告訴你：模型的好壞取決於它擁有的資料。因此，我們正在努力在代理式交易中取得盡可能接近完美的資料。這就是我們的思考方式。

Mihir Bhatia, Bank of America.

美國銀行（Bank of America）的 Mihir Bhatia。

Good morning. Thank you for taking my questions. You mentioned that you're reinvesting the 1Q upside in technology and marketing. I think you've talked about technology investments a little bit on the call and even the Commercial side investments. But maybe just a little bit more on the marketing. Where are you investing on the marketing side? Is it to support the Commercial? Is it just more programs across the board to brand marketing and like what is the payback period on these, like will these drive faster growth in '27? Just maybe more on the marketing investments you're making. Thank you.

早安。謝謝讓我提問。你提到你們把第一季（1Q）的超預期表現再投資於科技與行銷。我想你們在電話會議中已稍微談到科技投資，甚至也談到商業（Commercial）端的投資。但我想再多問一點行銷方面：你們在行銷端把錢投在哪裡？是為了支持 Commercial 嗎？還是全面性增加各項計畫、包含品牌行銷？以及這些投資的回收期（payback period）是多久——例如，這些是否會在 2027 年帶來更快的成長？想請你多談談你們正在做的行銷投資。謝謝。

Good morning, Mihir. Thanks for the question. You know, simply said, it's going to go again to our acquisition efforts, like new card acquisition efforts. As Steve said previously, at any point in time, we have a series of marketing ideas. We call them investment opportunities that are not funded.

早安，Mihir。謝謝你的問題。簡單來說，這會再次投入到我們的獲客（acquisition）工作上，例如新卡獲取（new card acquisition）等。正如 Steve 先前所說，在任何時間點，我們都有一系列行銷構想；我們稱之為尚未獲得資金支持的投資機會（investment opportunities）。

We rank order them, and we stop when we run out of capacity. These marketing ideas are ready to be executed, and that's what we're going to do with those incremental dollars. So, what we're trying to do is take advantage of the opportunities we're seeing. We expect the returns to be very strong, and that's why we're directing this incremental performance towards these investment opportunities.

我們會把它們排序，然後在資源容量用完時停止。這些行銷構想已經準備好執行，而我們會用這些增量資金去做這件事。因此，我們要做的是把握我們看到的機會。我們預期報酬會非常強勁，這也是我們把這些額外的績效導向這些投資機會的原因。

Terry Ma, Barclays.

巴克萊（Barclays）的 Terry Ma。

Thank you. Good morning. Just wanted to touch on Commercial. You just announced a pretty major expansion, which probably involves some level of investment. So, I'm just curious, like should we expect some impact to the VCE from that kind of launch going forward?

謝謝，早安。我想談一下 Commercial。你們剛宣布一項相當重大的擴張，這可能涉及一定程度的投資。所以我想了解的是：從現在往後，這類產品/服務推出是否會對 VCE 造成一些影響？

Good morning, Terry. On VCE, you should not expect any impact, at least for the reason that, as Steve said previously, you know, those new products and capabilities that we are going to roll out, it will take time before they flow through the P&L, before we see a lift in terms of volume. So, I don't think you should expect to see a change to VCE ratio, and 44% is still the right number for the full year.

早安，Terry。關於 VCE，你不應該預期會有任何影響，至少原因是——如 Steve 先前所說——我們將要推出的那些新產品與能力，需要時間才會反映到損益表（P&L）上，也需要時間才會在交易量（volume）上看到提升。因此，我不認為你應該預期 VCE 比率會改變，全年 44% 仍然是正確的數字。

And I think if you look at the -- what we've just announced, you look at those -- they're more -- not a lot of additional benefits on those cards. It's more about capabilities here. I mean, we have the OpenAI ChatGPT benefit and the Cash Back one will be the rewards piece of it. But I think as Christophe said, it will be benign.

而且我認為如果你看——我們剛宣布的內容，你看那些——它們更——那些卡片並沒有增加很多額外福利，更多是在能力（capabilities）方面。我的意思是，我們有 OpenAI ChatGPT 的福利，而 Cash Back 那張會是其獎勵（rewards）部分。但我認為如 Christophe 所說，影響會是中性的（benign）。

Chris Kennedy, William Blair.

William Blair 的 Chris Kennedy。

Good morning. Thanks for taking the question. I just wanted to follow up on your prior comments. Steve, in your letter, you kind of mentioned how new technology can accelerate growth at American Express. Is there a way to frame kind of the opportunity today with data in agentic relative to prior innovations, such as e-commerce or mobile payments?

早安。謝謝讓我提問。我想跟進你們先前的評論。Steve，你在信中提到新技術如何能加速美國運通（American Express）的成長。能否用一種方式來框架（frame）當下在代理式（agentic）資料方面的機會，相較於先前的創新，例如電商或行動支付？

I think it's a little bit too early. And I think the company is so big at this particular point, as I said just before, I think it’s so early stages. I think if you would’ve asked me that question when e-commerce first started, I would have probably given you the same answer. And I don't think anybody could have imagined what the phone -- what the phone would have ultimately represented, right?

我認為現在談還有點太早。而且公司在這個時間點規模已經很大；正如我剛才說的，我認為這仍是非常早期的階段。我想如果你在電商剛開始時問我同樣的問題，我可能也會給你同樣的答案。而且我不認為有人能想像手機——手機最終會代表什麼，對吧？

I mean, everybody thought the phone was for making phone calls. And the reality is nobody makes phone calls with the phone anymore. I mean, you're doing a lot of commerce on the phone. It's been -- Uber has shown how you put private capital into the public market by having drivers out there. So, I think it's -- our sense is it will be an accelerant. I just think it's really hard to quantify it at this early stage.

我的意思是，大家都以為手機是用來打電話的。但現實是，現在幾乎沒有人用手機打電話了。我的意思是，你在手機上做了大量的商務。這一直——Uber 已經展示了你如何透過讓司機在外面跑，把私人資本帶入公開市場。所以我認為——我們的感覺是它會成為加速器（accelerant）。我只是覺得在這麼早的階段很難量化。

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

接下來，我們將結束本次電話會議。再次感謝各位參加今天的電話會議，並持續關注美國運通。投資人關係（IR）團隊將可協助任何後續問題。接線員，交還給你。

Ladies and gentlemen, the webcast replay will be available on our Investor Relations website at ir.americanexpress.com shortly after the call. You can also access a digital replay of the call at (877) 660-6853 or (201) 612-7415, access code 13759550 after 1:00 PM Eastern Time on April 23 through April 30.

各位女士、先生，本次網路直播重播將在電話會議結束後不久，於我們的投資人關係網站 ir.americanexpress.com 提供。您也可以在 4 月 23 日美東時間下午 1:00 之後至 4 月 30 日期間，撥打（877）660-6853 或（201）612-7415 收聽本次電話會議的數位重播，存取碼（access code）為 13759550。

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。感謝各位的參與。您現在可以掛線。