美國運通 (AXP) 2026 Q2 法說會逐字稿

Welcome to the American Express Q2 2026 earnings call. At this time, all participants are in listen-only mode until we conduct a question-and-answer session later on. As a reminder, today's call is being recorded. I will now turn the call over to Kartik Ramachandran, Head of Investor Relations. Please go ahead.

歡迎參加美國運通 2026 年第二季財報電話會議。此刻，在稍後進行問答環節之前，所有與會者將處於僅收聽模式。提醒各位，今天的電話會議將被錄音。現在我將把電話會議交給投資人關係主管 Kartik Ramachandran。請開始。

Thank you, Donna, and thank you all for joining today's call. 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，Donna，也感謝各位參加今天的電話會議。今天的討論包含有關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。

Today's discussion also contains non-GAAP financial measures. Comparable GAAP financial measures are included in this quarter's earnings materials, as well as the prior period earnings materials discussed today. All of these are posted on our website at ir.americanexpress.com.

今天的討論也包含非 GAAP 財務衡量指標。可比的 GAAP 財務衡量指標已包含在本季的財報資料中，以及今天所討論的前期財報資料中。上述資料皆已發布於我們的網站 ir.americanexpress.com。

We'll begin today with Steve Squeri, Chairman and CEO; followed by Christophe Le Caillec, Chief Financial Officer. After their remarks, we'll move to Q&A. With that, I'll turn it over to Steve.

今天我們將先由董事長兼執行長 Steve Squeri 開場；接著由財務長 Christophe Le Caillec 發言。在他們的致詞之後，我們將進入問答環節。接下來我把時間交給 Steve。

Thank you, Kartik. Good morning, and thanks for joining us today. We delivered another excellent quarter with 10% revenue growth and EPS of $4.53. Our results continue the momentum we've seen over the last few quarters and reinforce the confidence that we have in our strategy for sustaining long-term growth.

謝謝你，Kartik。各位早安，感謝今天加入我們。我們再度交出亮眼的一季，營收成長 10%，每股盈餘（EPS）為 4.53 美元。我們的結果延續了過去幾季的動能，並強化了我們對於以策略維持長期成長的信心。

Based on our better-than-expected performance year to date, we are raising our full-year revenue growth guidance to 10%, and we plan to reinvest this outperformance in growth initiatives across our business. We continue to expect full-year EPS of $17.30 to $17.90. I'm sure the question on your mind right now is, if you're outperforming your expectations and you are raising your revenue guidance, why aren't you also raising EPS guidance?

基於今年迄今表現優於預期，我們將全年營收成長指引上調至 10%，並計畫把這份超預期表現再投入到全公司各項成長計畫中。我們仍預期全年 EPS 為 17.30 至 17.90 美元。我相信你們此刻心中的問題是：既然你們表現優於預期、也上調了營收指引，為什麼不一併上調 EPS 指引？

I'll answer it. We have a choice. We can either drop the overperformance to the bottom line and buy back more shares or we can invest to grow the business further through the wide range of attractive growth opportunities we have across our business, both in the US and international. We've chosen the latter because in the long run, it is the one that creates the most value for our shareholders, as demonstrated by our high ROE. That is what we have consistently done over the past several years.

我來回答。我們有一個選擇。我們可以把超預期表現直接反映到淨利並回購更多股票；或者，我們也可以投資以進一步擴大業務，善用我們在美國與國際市場各項具吸引力的成長機會。我們選擇後者，因為從長期來看，這是為股東創造最大價值的方式，這也由我們較高的股東權益報酬率（ROE）所證明。這正是我們在過去幾年一貫採取的做法。

As we're at the halfway point of the year, let me take a step back and walk you through how we approached this year and how our results reflect the strength of our business model and the strategic decisions we've made to position the company for long-term success.

在今年過了一半之際，讓我退一步，帶各位回顧我們如何規劃今年，以及我們的結果如何反映出商業模式的強韌與我們為公司長期成功所做的策略性決策。

Over a year ago, consistent with our strategic focus on strengthening our leadership in the premium space, we made the decision to make a significant investment in enhancing our flagship Platinum products in the US.

一年多以前，配合我們強化在高端市場領導地位的策略重點，我們決定在美國大幅投資，提升我們旗艦的白金卡（Platinum）產品。

While I've said this before, it's worth repeating. When we invest in a product refresh, we expect to realize the full benefits a year or two after launch. First, we anticipate increased customer engagement as well as strong demand and spend growth. Then, as we lap the investments and as the new fees kick in over time, we expect fee revenues to increase and VCE expense growth to moderate. And by focusing on bringing in high credit quality premium customers, we expect to see consistently strong credit performance, which supports strong earnings growth.

雖然我以前說過，但值得再重申一次。當我們投資進行產品改版時，我們預期在上市後一到兩年才能充分體現其全部效益。首先，我們預期客戶互動將提升，同時需求強勁、支出與消費成長加速。接著，隨著我們度過投資高峰期，且新的費用隨時間逐步生效，我們預期費用收入將增加，而 VCE 費用成長將趨於緩和。此外，透過聚焦引入信用品質高的高端客戶，我們預期信用表現將持續強勁，進而支撐獲利穩健成長。

With that in mind, as we entered 2026, our plan was as follows: make the upfront investments in the Platinum value propositions, which we anticipated would continue to drive the high pace of revenue growth, maintain strong credit risk management, and drive operating leverage across our marketing and operating expenses. The combination of high revenue growth, strong credit performance, and disciplined expense management were key elements of our plan for driving mid-teens EPS growth for the fourth consecutive year.

基於上述背景，在進入 2026 年時，我們的計畫如下：先行投入白金卡價值主張的前期投資，我們預期這將持續推動營收維持高速成長；維持強健的信用風險管理；並在行銷與營運費用上推動營運槓桿。高營收成長、強勁的信用表現與嚴謹的費用管理三者結合，是我們連續第四年推動 EPS 以十位數中段（mid-teens）成長計畫的關鍵要素。

Six months into the year, we're seeing stronger momentum than we expected. The investments we've made in our value propositions have driven accelerated spend and revenue growth. And our Platinum portfolio is now the fastest growing in our US Consumer business.

今年過了六個月，我們看到的動能比預期更強。我們在價值主張上的投資帶動支出與營收成長加速。而我們的白金卡投資組合如今已成為美國消費者業務中成長最快的產品組合。

Our credit performance is also better than we expected. Retention rates remain very high, and we continue to attract a large number of high creditworthy customers with 65% of new consumer accounts coming from Millennials and Gen-Zs.

我們的信用表現也優於預期。留存率仍維持在非常高的水準，我們也持續吸引大量信用良好的客戶，其中 65% 的新增消費者帳戶來自千禧世代與 Z 世代。

Importantly, we've continued to deliver strong revenue and earnings growth, while at the same time being able to invest more in customer acquisition and technology over the course of the year as we capitalize on the growth opportunities that position the company for long-term success.

重要的是，我們在持續交出強勁的營收與獲利成長的同時，也能在今年內加大對客戶獲取與科技的投資，掌握能讓公司長期成功的成長機會。

In looking to the second half of the year, we have great momentum. We expect card fee growth to accelerate, credit to continue to be very strong, and variable cardmember engagement growth to decelerate as we lap the Platinum refresh of last year.

展望下半年，我們擁有很強的動能。我們預期卡費成長將加速，信用表現將持續非常強勁，而隨著我們進入去年白金卡改版的比較基期，變動型卡會員互動相關成長將放緩。

As the Platinum refresh has shown, the key to our growth momentum over the past several years has been our focus on investing in innovating our Membership-based value propositions to attract and engage premium customers across generations and geographies. Creating compelling premium value propositions that are competitively differentiated is not just about reward points. It's about enabling spending power, providing access to highly desirable travel, dining, entertainment, and exclusive experiences, forging relationships with world-class partners who provide additional value, and having talented, dedicated colleagues who back our customers and merchant partners when issues arise.

如同白金卡改版所展現的，過去幾年我們成長動能的關鍵，在於我們專注投資並創新以會員為基礎的價值主張，吸引並提升跨世代、跨地域的高端客戶互動。打造具競爭差異化、令人信服的高端價值主張，不僅僅是回饋點數。更在於提升消費能力、提供高度嚮往的旅遊、餐飲、娛樂與專屬體驗的使用權，與提供額外價值的世界級合作夥伴建立關係，以及擁有才華洋溢、投入敬業的同仁，在問題發生時支援我們的客戶與商戶合作夥伴。

In essence, a great premium value proposition is not just a product. It's a multifaceted relationship between the brand and the customer. This is what our Membership Model delivers, and it is very difficult to replicate on a global scale.

本質上，優秀的高端價值主張不只是產品。它是品牌與客戶之間多面向的關係。這正是我們會員模式（Membership Model）所提供的，而且在全球規模上非常難以複製。

To build deep, enduring relationships with our premium customers, we've leaned into adding benefits they value and where they spend, like travel, which is why we continue to expand our lounge and luxury hotel networks; and dining, which is why we acquired Resy, Tock and our proposed acquisition of TheFork, a leading online restaurant booking platform which would add 50,000 restaurants to our dining network across 11 European countries.

為了與高端客戶建立深厚且長久的關係，我們更著重於增加他們重視、且實際消費所在的權益，例如旅遊，因此我們持續擴大貴賓室與奢華酒店網絡；以及餐飲，因此我們收購了 Resy、Tock，並提出收購 TheFork（領先的線上餐廳訂位平台）的計畫，該交易將在 11 個歐洲國家為我們的餐飲網絡新增 50,000 家餐廳。

It's also why we've added new sports sponsorships, like the NFL and Fanatics, and provide access to a wide variety of exclusive Membership-only experiences around the world. Deepening the engagement with our premium customers is also why we continue to introduce new digital payment capabilities, such as the recent announcement that Card Members can redeem Membership Rewards points directly within Apple Pay, giving them greater flexibility to use their points on everyday purchases.

這也是為什麼我們新增了新的體育贊助，例如 NFL 與 Fanatics，並在全球提供各式各樣僅限會員的專屬體驗。深化與高端客戶的互動，也是我們持續推出新的數位支付功能的原因，例如近期宣布卡會員可在 Apple Pay 內直接兌換 Membership Rewards 點數，讓他們在日常消費中使用點數更具彈性。

A core element in designing our value propositions is working with world-class partners who value the opportunity to reach our high-spending premium Card Members. We're expanding partnerships with many of the premier companies in the world across a range of industries that further enrich the value of Membership and drive customer engagement.

在設計我們的價值主張時，一個核心要素是與世界級合作夥伴合作；這些夥伴重視接觸我們高消費的高端卡會員的機會。我們正與全球眾多頂尖企業在多元產業中擴大合作，進一步豐富會員價值並推動客戶互動。

In fact, just a few days ago, we announced a new global partnership with ALL Accor, the booking and loyalty platform for Accor's portfolio of 45 worldwide hotel brands, which include Raffles, Fairmont, and Sofitel. Importantly, our approach to creating value propositions is not a one-size-fits-all exercise. It is tailored to meet the needs and preferences of different customers and in different locations.

事實上，就在幾天前，我們宣布與 ALL Accor 建立新的全球合作夥伴關係。ALL Accor 是雅高酒店集團旗下 45 個全球酒店品牌（包括萊佛士 Raffles、費爾蒙 Fairmont 與索菲特 Sofitel）的預訂與忠誠度平台。重要的是，我們在打造價值主張時的做法並非一體適用。而是依不同客戶、不同地點的需求與偏好量身打造。

For example, the Platinum Card is designed for customers who value premium travel and lifestyle perks, like airport lounge access, luxury hotel benefits, and one-of-a-kind experiences. The Gold Card, on the other hand, is designed for those who do some traveling, but prioritize their spending on dining, groceries, and other everyday benefits.

例如，白金卡是為重視高端旅遊與生活風格禮遇的客戶所設計，例如機場貴賓室使用權、奢華酒店禮遇，以及獨一無二的體驗。另一方面，金卡則是為會旅行、但更重視餐飲、雜貨與其他日常消費回饋的客戶所設計。

Likewise, our co-brand cards each have their own value propositions with benefits that appeal to their specific customer bases. And our value propositions for small- and medium-sized business customers are designed to fit the different payment and financial management needs of their businesses.

同樣地，我們的聯名卡各自都有其價值主張，並提供能吸引其特定客群的權益。而我們針對中小企業客戶的價值主張，則是為了符合其企業在付款與財務管理上的不同需求而設計。

For example, in the second quarter, we introduced a $300 ChatGPT Business annual statement credit for our US Business Platinum and Gold Card Members, and we launched a pilot of our new expense management platform to an initial group of Middle Market customers. We've been executing the same strategy internationally, creating premium value propositions with benefits, partnerships, and experiences that are tailored to the customer needs and local dynamics in each geography at price points that are typically higher than in the US.

例如，在第二季，我們為美國商務白金卡與金卡會員推出每年 300 美元的 ChatGPT Business 帳單抵扣額度，並向一批初始的中型市場（Middle Market）客戶推出我們全新費用管理平台的試點計畫。我們也在國際市場執行相同策略：在各個地區依據客戶需求與當地市場動態，打造具備權益、合作夥伴關係與體驗的高端價值主張，其定價通常高於美國。

Since 2023, we've refreshed our Platinum Card in approximately 80% of the countries where these cards are issued, which has helped to drive 20% FX-adjusted growth in International Platinum Card spending this year. Furthermore, around 70% of new consumer Platinum Card accounts outside the US are coming from Millennials and Gen-Zs.

自 2023 年以來，我們已在約 80% 發行白金卡的國家完成白金卡更新，這也帶動今年國際白金卡消費金額（以固定匯率調整）成長 20%。此外，美國以外的新個人白金卡帳戶中，約 70% 來自千禧世代與 Z 世代。

This approach to innovating our premium value propositions has served us well, and we plan to continue implementing this successful playbook across our business. As a result, we have built a business that compounds earnings more durably and at a faster pace than in the past. When compared to our historical performance, we now have more momentum in both the top and bottom lines, a more premium fee-paying customer base with strong loyalty, less credit risk, including when it's under stress, and more younger customers who represent greater lifetime value.

這種創新高端價值主張的方法一直為我們帶來良好成效，我們計畫在全公司持續推行這套成功的作法。因此，我們打造出一個相較過去能更持久、且以更快速度複利累積獲利的業務。與我們的歷史表現相比，我們現在在營收與獲利兩端都更具動能，擁有更高端、付費且忠誠度強的客群，信用風險更低（即使在壓力情境下亦然），並且擁有更多代表更高終身價值的年輕客戶。

In sum, we are competing from a position of strength. We are tracking ahead of the expectations we set at the beginning of the year, generating momentum that enables us to invest more in 2026 than we initially planned, in opportunities that drive long-term growth. In fact, our proposed acquisition of TheFork is one of those great opportunities we did not have originally in our plan at the beginning of the year and will require investment in the second half of the year.

總而言之，我們正以優勢地位參與競爭。我們目前的進度超前於年初所設定的預期，所累積的動能使我們能在 2026 年投入比原先規劃更多的資源於推動長期成長的機會。事實上，我們擬議收購 TheFork 就是其中一項年初計畫中原本沒有的重大機會，並將需要在下半年投入資金。

As our strong performance has shown, we are winning with the next generation of premium customers, and we have significant growth opportunities across our businesses and around the world. Taken together, this gives us confidence in our long runway to sustainable growth and our ability to continue delivering attractive returns for our shareholders. I'll now turn it over to Christophe for details on the quarter.

從我們強勁的表現可見，我們正贏得下一代高端客戶，並在各項業務與全球各地擁有顯著的成長機會。綜合而言，這讓我們對可持續成長的長期跑道，以及持續為股東帶來具吸引力回報的能力充滿信心。接下來我把時間交給 Christophe，請他說明本季細節。

Thanks, Steve, and good morning, everyone. We had another strong quarter with revenue growth of 10% and EPS up 11% year over year. Pre-tax income was up 15%, while net income was up 8% due to prior-year tax discretes. The strength of our premium customer base, combined with the success of our product strategy, has driven accelerated momentum in the first half of the year.

謝謝你，Steve，各位早安。我們再度交出強勁的一季：營收年增 10%，每股盈餘（EPS）年增 11%。稅前盈餘年增 15%，而由於前一年稅務一次性項目（tax discretes）的影響，淨利年增 8%。我們高端客群的實力，加上產品策略的成功，推動上半年動能加速。

Spend growth stepped up to the highest level we've seen in three years, up 9% FX-adjusted in both Q1 and Q2. And balance growth continued to keep pace with spending. Demand for our premium products remains strong, with over 70% of new accounts acquired on fee-based products this year. And card fees have now grown at a double-digit rate for 32 consecutive quarters. Importantly, our focus on premium products continues to drive improvements in credit performance. The strengthening we have seen in our credit performance is the deliberate outcome of our strategy to invest in value propositions that attract customers with high credit quality.

消費金額成長提升至三年來最高水準，第一季與第二季（以固定匯率調整）皆成長 9%。而餘額成長也持續與消費同步。市場對我們高端產品的需求仍然強勁，今年新取得帳戶中超過 70% 來自收費型產品。而卡費收入已連續 32 個季度維持雙位數成長。重要的是，我們聚焦高端產品的策略持續帶動信用表現改善。我們所看到的信用表現強化，是我們投資於能吸引高信用品質客戶之價值主張的策略所刻意達成的成果。

As a result of that strategy, both delinquency and write-off rates remain below 2019 levels. And delinquency rates have been between 1.2% and 1.3% for over three years. The combination of top-line momentum, excellent credit, and disciplined expense management have together supported 11% revenue growth and 14% EPS growth through the first half of the year, even as we have invested in our US Platinum value propositions. These results demonstrate the strength of our model and give us confidence in our ability to drive sustainable growth in line with our long-term aspiration.

因此，逾期率與核銷率皆仍低於 2019 年水準。而逾期率已超過三年維持在 1.2% 至 1.3% 之間。營收端動能、優異的信用表現與嚴謹的費用管理三者結合，使我們即便投資於美國白金卡價值主張，上半年仍達成營收成長 11% 與 EPS 成長 14%。這些結果展現我們商業模式的強韌性，並讓我們對能依循長期願景推動可持續成長充滿信心。

Turning to Billed Business trends for the quarter on slide 4, overall spend was up 9.4% FX-adjusted, almost 1 point higher than Q1. Growth was broad-based across categories with Goods & Services spending up 9% and T&E up 10%. Retail spending continued to be very strong, up 13% FX-adjusted in the quarter.

接著看投影片 4 本季的簽帳金額（Billed Business）趨勢，整體消費（以固定匯率調整）成長 9.4%，較第一季高出近 1 個百分點。各類別成長面向廣泛，商品與服務（Goods & Services）消費成長 9%，旅遊與娛樂（T&E）成長 10%。零售消費持續非常強勁，本季（以固定匯率調整）成長 13%。

Restaurant spending, our largest T&E category, was up 10%. Airline spending picked up further from the strong growth we saw in Q1, also up 10% year over year. Our customers are showing strong demand for travel, with global Amex Travel bookings up 22% year-over-year in the quarter.

餐廳消費（我們最大的旅遊與娛樂類別）成長 10%。航空消費在第一季強勁成長的基礎上進一步回升，年增同樣為 10%。我們的客戶展現強勁的旅遊需求，本季全球 Amex Travel 訂單量年增 22%。

US Consumer spending was up 11%, the highest level of growth since Q1 2018, excluding periods impacted by the pandemic. And we continue to see good engagement from our younger customers. Millennial and Gen-Z, which make up the largest share of US Consumer spending, remained our fastest growing cohorts this quarter.

美國個人客戶消費成長 11%，在排除疫情影響期間後，為自 2018 年第一季以來最高的成長水準。我們也持續看到年輕客戶有良好的參與度。千禧世代與 Z 世代占美國個人消費的最大比重，本季仍是成長最快的族群。

Commercial spending picked up to 5%, with both US SME and Large and Global customers growing at the same pace. We are still in the early stages of our Commercial product roadmap, but we are encouraged by recent trends. At the same time, we do expect to see impacts from the sale of the Small Business co-brand portfolios in the balance of year, which I will get to a bit later when I discuss our outlook.

商業端消費回升至 5%，其中美國中小企業（SME）與大型及全球客戶的成長步調相同。我們的商業產品藍圖仍處於早期階段，但近期趨勢令人鼓舞。同時，我們也預期今年剩餘期間將受到出售小型企業聯名卡投資組合的影響；我稍後在談展望時會再說明。

International also delivered another strong quarter with spend up 12% FX-adjusted. Growth remains broad-based across Consumer and Business customers and across geographies with four of our top five countries growing at a double-digit rate.

國際業務也再度交出強勁的一季，消費（以固定匯率調整）成長 12%。成長仍廣泛分布於個人與商務客戶，以及各個地區；我們前五大國家中有四個以雙位數成長。

Turning to new card acquisitions, we acquired 3 million new cards in the quarter with continued momentum in acquiring younger customers and attracting new customers onto our fee-paying products. Looking at balance growth and credit, total balances increased 9% year over year, FX adjusted, in line with Billed Business. We have now lapped the roughly 1 percentage point impact on balance growth from when the Small Business co-brand portfolios were classified as held for sale over a year ago.

接著看新卡獲取，本季我們新增 300 萬張新卡，持續在吸引年輕客戶與將新客戶導入付費型產品方面保持動能。就餘額成長與信用而言，總餘額年增 9%（以固定匯率調整），與簽帳金額成長一致。我們現在也已跨過（lapped）一年多前因小型企業聯名卡投資組合被分類為待售（held for sale）而對餘額成長造成約 1 個百分點影響的比較基期。

As a reminder, although these two portfolios were classified as held-for-sale, we continue to earn economics until the transfers of the portfolios to the new issuers. One portfolio transfer happened in April this year and the second one is expected in Q3. Credit performance continues to be very strong. The Q2 write-off rate was flat versus last quarter, while the delinquency rate declined.

提醒一下，雖然這兩個投資組合被分類為待售，但在投資組合移轉給新發行機構之前，我們仍持續賺取經濟利益。其中一個投資組合的移轉已於今年4月完成，第二個預計在第三季完成。信用表現仍然非常強勁。第二季核銷率與上季持平，而逾期率則下降。

Provision expense of $1.1 billion included a reserve release of $191 million, mostly reflecting further strengthening of portfolio credit performance. The strength of our model also holds in a stressed environment as demonstrated by the Fed's recently released CCAR results, which show that under a severely adverse scenario, we have the lowest projected credit card loss rate across all banks and a pre-tax ROA of 3.8% over nine quarters.

11億美元的提存費用包含1.91億美元的準備金回沖，主要反映投資組合信用表現進一步轉強。我們模型的強健性在壓力環境下同樣成立，聯準會近期公布的CCAR結果即為證明；結果顯示在嚴重不利情境下，我們在所有銀行中信用卡預估損失率最低，且九個季度的稅前資產報酬率（ROA）為3.8%。

Turning to revenue on slide 13, revenue was up 10%, marking our fourth consecutive quarter of double-digit revenue growth. Net card fees reached record levels and were once again our fastest-growing line, up 15.4%. We continue to see good momentum in attracting customers onto our premium products, with 75% of new accounts acquired on fee-paying products in the quarter, the highest level we have seen since we increased our focus on premium products.

接著看第13頁的營收，營收成長10%，為我們連續第四個季度達成雙位數營收成長。淨卡費收入創下新高，且再次成為成長最快的項目，年增15.4%。我們在吸引客戶使用高端產品方面持續看到良好動能，本季新取得帳戶中有75%來自需付費產品，為我們加大高端產品聚焦以來的最高水準。

Net interest income was up 11% this quarter. We saw around a 1-percentage-point impact to year-over-year NII growth from the sale of one of the Small Business co-brand portfolios. We continue to grow balances largely in line with spending while driving higher NII growth by expanding the margin earned on balances.

本季淨利息收入年增11%。由於出售其中一個小型企業聯名品牌投資組合，我們看到對淨利息收入（NII）年增率約1個百分點的影響。我們在推動餘額成長大致與消費支出同步的同時，透過擴大餘額所賺取的利差來帶動更高的NII成長。

We are also seeing demand for our deposit products with balances from our US Consumer and Small Business banking deposit products up 9% year over year. The majority of deposits come from our Card Members, deepening their engagement with our Membership Model. And with around 10% of our US Card Members currently holding a deposit account with us, we see a long runway for growth.

我們也看到對存款產品的需求，美國消費者與小型企業銀行存款產品的餘額年增9%。大多數存款來自我們的卡會員，進一步加深他們對我們會員模式的黏著度。目前約有10%的美國卡會員在我們這裡持有存款帳戶，因此我們認為仍有很長的成長跑道。

Turning to expenses on slide 18, marketing and OpEx each grew 6% in the quarter, and the VCE to revenue ratio was 44.6%. The step-up versus the first half of last year reflects the investment we made in the value propositions of our US Platinum cards when we refreshed these products in September last year.

接著看第18頁的費用，行銷費用與營運費用（OpEx）本季各成長6%，VCE占營收比率為44.6%。相較去年上半年比率上升，反映我們在去年9月更新美國白金卡產品時，對其價值主張所做的投資。

As we discussed at the start of the year, the VCE-to-revenue ratio is linked to the level of Card Member spending. Through the first half of the year, we have seen stronger spend than we expected coming into the year, including in categories like airlines where customers earn and use rewards. These factors are contributing to a slightly higher VCE ratio than we originally expected.

如同我們在年初所討論，VCE占營收比率與卡會員消費支出水準相關。今年上半年，我們看到支出強於年初預期，包括航空等客戶賺取並使用回饋的類別。這些因素使VCE比率略高於我們原先的預期。

Moving on to capital. We returned $2.9 billion of capital to our shareholders, including $0.6 billion of dividends and $2.2 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 high levels of earnings to our shareholders - over 75% over the past three years.

接著談資本。我們向股東回饋29億美元資本，其中包含6億美元股利與22億美元庫藏股回購。我們的業務持續創造非常強勁的報酬，本季股東權益報酬率（ROE）為36%。強勁的ROE使我們能將高比例的盈餘回饋給股東——過去三年合計超過75%。

Turning to our 2026 outlook. Let me spend a few minutes on how we're thinking about the balance of year. Starting with Billings and revenue, we expect to see impacts from the sale of the two Small Business co-brand portfolios. The transfers of the portfolios are staggered across Q2 and Q3, building to the full impact by Q4.

接著談我們對2026年的展望。我花幾分鐘說明我們如何看待今年剩餘期間。先從簽帳額（Billings）與營收來看，我們預期會受到出售兩個小型企業聯名品牌投資組合的影響。投資組合移轉將分別在第二季與第三季錯開進行，並在第四季累積至完整影響。

Starting in Q4, we expect a quarterly impact of around 1 percentage point to spend growth and around a 2.5 percentage point impact to net interest income until we lap the portfolio sales. Put together, the impact to total revenue is about 1 percentage point. I would note that the portfolio sales will have a negligible impact to pre-tax income, and these impacts were incorporated in the guidance we provided for the year.

自第四季起，在我們度過（lap）投資組合出售的比較基期之前，我們預期每季對支出成長約有1個百分點的影響，對淨利息收入約有2.5個百分點的影響。合計而言，對總營收的影響約為1個百分點。我也要指出，投資組合出售對稅前收入的影響可忽略不計，而這些影響已納入我們對今年提供的指引之中。

On card fees, we expect growth to accelerate in Q3 and to exit the year in the high teens. We continue to expect credit metrics to be generally stable throughout the year. Turning to expenses, we expect marketing to be up by around 10% year-over-year in the second half of the year, driven by increased investments in customer acquisition. We continue to expect operating expenses to grow in the mid-single digits for the full year, including the additional investments in technology we previously discussed.

在卡費方面，我們預期第三季成長將加速，並在年底達到高十幾%的成長幅度。我們仍預期全年信用指標大致維持穩定。接著看費用，我們預期下半年行銷費用年增約10%，主要由增加客戶獲取投資所帶動。我們仍預期全年營運費用以中個位數成長，包括先前討論的額外科技投資。

On the VCE ratio, given the higher level of spending we have seen this year, we now expect the ratio to be between 44% and 45% for the full year. We will lap the impacts of the Platinum refresh starting in Q4, resulting in lower growth in VCE expenses. We feel really good about our momentum and our results halfway through the year, having delivered 11% revenue growth and 14% EPS growth as well as the opportunities for continued growth ahead.

在VCE比率方面，鑑於今年我們看到較高的支出水準，我們現在預期全年比率介於44%至45%。自第四季起，我們將度過白金卡更新的影響，使VCE費用成長降低。我們對上半年所展現的動能與成果感到非常振奮——營收成長11%、每股盈餘（EPS）成長14%，且未來仍有持續成長的機會。

Given the momentum in the business, we are raising our revenue guidance and now expect full-year revenue growth of 10%. And as we increase investments in new customer acquisition and technology development, we are maintaining our full-year EPS guidance of $17.30 to $17.90. The guidance does not include the potential impact from the sale of our equity interest in Global Business Travel Group that we previously announced. We expect the transaction to close in the second half of the year, and will provide more detail then.

基於業務動能，我們上調營收指引，現在預期全年營收成長10%。同時，隨著我們加大對新客戶獲取與科技開發的投資，我們維持全年EPS指引為17.30至17.90美元。該指引未包含我們先前宣布出售Global Business Travel Group股權可能帶來的影響。我們預期該交易將於下半年完成，屆時將提供更多細節。

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

接下來我把電話交回給Kartik，我們將開始回答各位的問題。

Thank you, Christophe. We will now start the Q&A session. We ask that you please limit yourself to just one question. Thank you for your cooperation. Operator?

謝謝你，Christophe。我們現在開始問答環節。請各位每人僅限提一個問題。感謝各位的配合。接線員？

(Operator Instructions) Sanjay Sakhrani, KBW.

(接線員指示) Sanjay Sakhrani，KBW。

Thank you. Good morning. So, the 11%-plus growth in USCS is truly impressive. I'm curious if there's a way to parse apart how much is coming as a result of the strong account acquisitions you've seen of late versus like your core, mature customers spending more on the card. I'm just trying to think about the sustainability of that outperformance. And then also, it's really impressive this is happening despite all the geopolitical impacts and obviously the contagion to the economy. I'm just curious if you're seeing anything on that front, whether it's in USCS or in other areas?

謝謝。早安。所以，美國消費者服務（USCS）11%以上的成長確實令人印象深刻。我想了解是否有方法拆解：近期強勁的帳戶新增帶來了多少貢獻，相較於你們核心、成熟客戶在卡片上的支出增加又貢獻了多少。我只是想評估這種超越表現的可持續性。另外，也很令人印象深刻的是，即使面對各種地緣政治影響，以及顯然對經濟的外溢效應，這仍在發生。我想請教你們是否在這方面看到任何跡象，不論是在USCS或其他領域？

Hey, good morning, Sanjay. So, on USCS Billings – so, you're absolutely correct. So, it's up 11.4%. We went back in time to see when was the last time we saw such a growth. And if you strip out the discontinuity of COVID, you have to go back to Q1 2018. So, it's truly an impressive performance.

嗨，早安，Sanjay。關於USCS簽帳額——沒錯，你說得完全正確。成長為11.4%。我們回頭看歷史，想了解上一次看到這樣的成長是什麼時候。如果把COVID造成的不連續性排除，你得回到2018年第一季。所以，這確實是非常亮眼的表現。

One of the biggest contributors to the acceleration is the Platinum refresh. It is by far the biggest product we have. It has the fastest growth rate. There's truly a lot of momentum. We see that momentum coming from new Card Member acquisition, as well as tenured Card Members that are increasing their spend, as well as people who had another card in their wallet and upgrading to Platinum Card. And so, Platinum is definitely pulling a lot of -- a lot here in the acceleration.

加速成長的最大推動因素之一是白金卡（Platinum）的改版更新。這無疑是我們最大的產品。它的成長率最快。確實有很強的動能。我們看到這股動能來自新卡會員的獲取，也來自資深卡會員提高其消費金額，還有一些原本錢包裡有其他卡、轉而升級到白金卡的人。因此，白金卡在這波加速中確實拉動了很多——在這裡貢獻非常大。

If you go back to Q1, we quantified that acceleration and I talked about -- it wasn't a Q1 number, but we talked about a 600-basis-point acceleration across the entire Platinum portfolio in US Consumer. So, it's truly coming from a lot of tenured Card Members that are just consolidating their spend because they enjoy the new value proposition.

如果你回到第一季，我們量化了那個加速，我也提到——那不是第一季的單季數字，但我們談到在美國消費者（US Consumer）的整個白金卡組合上，加速了600個基點。所以，這確實來自許多資深卡會員，因為他們喜歡新的價值主張，而把消費更集中到我們這裡。

Hi, Sanjay. Let me just add a couple of points. I think with the refresh, engagement has been really accelerated, and that's driving a lot of the spending. When you start to dig into the numbers, we saw a 22% increase in travel bookings. And that, I mean, we put that into the value proposition.

嗨，Sanjay。我再補充幾點。我認為隨著這次改版，互動參與度確實大幅加速，而這正在帶動大量消費。當你開始深入看數據時，我們看到旅遊預訂增加了22%。而這——我的意思是——我們把這納入了價值主張之中。

You look at -- restaurant spend was up 10%, but when you look at Resy restaurant spend, it's double that. So again, I think what we've hit on really -- I think well here with this -- especially with the Platinum refresh, is we're stepping up engagement. So, I think it's, as Christophe said, it's a combination of new acquisition, but it's also the engagement that we're getting with existing Card Members, and it is very impressive to be at 11% for us at this stage of the game.

你看——餐廳消費上升了10%，但當你看Resy餐廳消費時，增幅是它的兩倍。所以再一次，我認為我們真正做到的——我覺得在這裡做得很好——尤其是白金卡改版，是我們正在提升互動參與度。因此，我認為如Christophe所說，這是新客獲取的組合，但同時也是我們從既有卡會員那裡獲得的互動參與度，而在這個階段我們能達到11%對我們來說非常令人印象深刻。

And to the second part of your question about the geopolitical events out there. So, when you look at granular data, you do see, right, you do see gas spend increasing significantly. Now, it's around 2% of the total Billings, so, it's not meaningful in terms of impact to the overall numbers.

再談你問題的第二部分，關於外部的地緣政治事件。所以，當你看更細的數據時，你確實會看到——對，你會看到汽油支出顯著增加。不過它大約只占總刷卡金額（Billings）的2%，因此就對整體數字的影響而言並不重大。

You do see as well, travel to the Middle East, going through the Middle East, like an impact, as you would expect. But travel globally is up 10%, and this is the highest number -- airline is up 10% -- and this is the highest number we've seen in the last six quarters, right? So, there is like some impact, but there is no evidence of a general slowdown, and people are offsetting these transactions with other transactions in other categories. So, it's not really visible at a macro level.

你也會看到，前往中東、或經由中東轉機的旅行確實受到影響，這也符合預期。但全球旅遊支出上升了10%，而且這是我們在過去六個季度看到的最高數字——航空也上升了10%——對吧？所以確實有一些影響，但沒有任何證據顯示整體出現普遍放緩，人們也會用其他類別的交易來抵消這些交易。因此在宏觀層面其實不太看得出來。

Ryan Nash, Goldman Sachs.

Ryan Nash，高盛。

Good morning, Ryan.

早安，Ryan。

So Steve, you noted the decision to reinvest the upside in revenue growth. Maybe just talk a little bit more about the areas that you're investing in. I know you referenced customer acquisition and technology. And maybe just talk a little bit about what you think this will do in terms of your ability to sustain these types of top-line growth levels into 2027. Thank you.

Steve，你提到決定把營收成長的上行空間再投入回去。能否再多談一些你們投資的領域？我知道你提到了客戶獲取與科技。也請談談你認為這將如何影響你們在2027年前維持這類營收（top-line）成長水準的能力。謝謝。

Okay. Thanks for the question. Look, I think we've gotten to a point where the company has got quite large, and to continue the revenue growth, it requires us to continue to invest, and those investments come across a wide range. The one thing that I did call out was, obviously, we've acquired -- we're going to acquire TheFork, all things working out the way we hope they work out, and there will be deal costs, integration costs, things like that.

好的。謝謝你的問題。你看，我認為我們已經走到公司規模相當大的階段，而要持續推動營收成長，就需要我們持續投資，而且這些投資涵蓋很廣的範圍。我特別點到的一件事是，很明顯地，我們已經收購——我們將收購TheFork，只要各項條件如我們希望的那樣順利推進，這會有交易成本、整合成本等等。

We're investing in technology, and when you think about our company, we've got International business, US business, Corporate Card business, Small Business, we operate in so many different countries, we have a merchant-acquiring business, and a network business.

我們正在投資科技；當你想到我們公司，我們有國際業務、美國業務、企業卡業務、小型企業業務，我們在許多不同國家營運，我們有商戶收單（merchant-acquiring）業務，以及網路（network）業務。

There is no shortage of technology investments or enhancements or refreshes that need to occur. And so, across a wide range of technology platforms, we're able to pull some of those investments into the second half of the year. And so, to be able to get to things quicker is a huge advantage for us, because we're going to have to make these investments over time. And why not make those investments sooner rather than later to update the platforms and so forth?

科技投資、強化或更新改版的需求從不缺乏。因此，在廣泛的科技平台上，我們能把其中一些投資提前到今年下半年來做。能更快把事情做出來對我們是很大的優勢，因為這些投資本來就必須隨時間逐步投入。那為什麼不早一點而不是晚一點投入，來更新平台等等呢？

The other thing that is still out there is there are still card acquisition opportunities. And to my point about sustaining the growth, you need to continue to invest in acquiring high-revenue-generating cardholders and high-spending cardholders to continue the really good revenue growth that we've seen over the last few years.

另外一點是，市場上仍然存在卡片獲客的機會。而回到我關於維持成長的觀點，你需要持續投資去獲取能帶來高營收的持卡人，以及高消費的持卡人，才能延續我們過去幾年看到的非常好的營收成長。

And so, that's where you can think about these investments occurring. They're -- it's in technology, a little bit in TheFork, and also in card acquisition. And then you've seen, we've announced a number of things that we're participating in from an agentic commerce perspective, and that requires investment as well, and those things weren't on the docket at the beginning of the year. So, it's not a stagnant business, and it's not a business that you don't need to put gas in the tank.

所以，你可以把這些投資想成會發生在這些地方。它們——在科技方面、TheFork方面一點點，還有卡片獲客。另外你也看到，我們宣布了多項我們從代理式商務（agentic commerce）角度參與的事項，而那也需要投資，而這些事情在年初並不在計畫表上。所以，這不是一個停滯的業務，也不是一個不需要持續投入資源的業務。

And so, that's what we're doing. And I think it's a strategy we've employed for a number of years. I think it's really served us well. I mean, we've been consistently growing the last four years, double-digit revenue growth, mid-teens EPS growth. And we don't look at it just a year. We look at it the medium to long term, and we think this is the best strategy for us and for our shareholders.

因此，這就是我們正在做的事。我認為這是我們採用多年的策略。我覺得它確實讓我們受益良多。我的意思是，我們在過去四年持續成長，營收維持雙位數成長，每股盈餘（EPS）中段十位數（mid-teens）成長。而我們不只看一年。我們看的是中長期，我們認為這對我們以及對股東而言是最好的策略。

Donald Fandetti, Wells Fargo.

Donald Fandetti，富國銀行。

Hi, good morning. Steve, it sounds like you're feeling a little bit better about SME, launched a pilot on the expense management software. I guess I'm trying to understand, is this more of a discussion around like the pace of Billed Business growth or could we see some type of Middle Market customers moving away to the fintechs where there could be some lumpiness? And then my follow-up is just to touch on the advantage of the closed loop around agentic commerce.

嗨，早安。Steve，聽起來你對中小企業（SME）的看法好了一些，也推出了費用管理軟體的試點。我想理解的是：這更多是在討論已開票業務（Billed Business）成長的速度，還是我們可能會看到某些中型市場（Middle Market）客戶轉向金融科技公司（fintechs），因而出現一些波動性？另外，我的追問是想談談在代理式商務中，封閉式循環（closed loop）的優勢。

Thanks for the question, Don. Look, I think we announced a very aggressive Commercial Card roadmap earlier in the year. I think you're seeing a little bit of a bounce back. I mean, we were at 5% from an SME perspective, 5% from a Large and Global perspective.

謝謝你的問題，Don。你看，我認為我們在年初公布了一個非常積極進取的商業卡（Commercial Card）產品路線圖。我想你正在看到一些回升。我的意思是，從SME角度我們是5%，從大型與全球（Large and Global）角度也是5%。

And look, I mean, from a Middle Market space, Ramp and Brex have been out there and Center, which is our expense-management system, which we just launched, I think this will help us not only retain business, but actually win new business as well. It's Middle Market where we have seen the softness.

而你看，就中型市場領域而言，Ramp和Brex一直都在那裡，還有Center——這是我們的費用管理系統，我們剛推出——我認為這不僅能幫助我們留住業務，實際上也能贏得新業務。中型市場是我們看到疲軟的地方。

Small Business has been very strong and Large and Global and Corporate has been moving along, I believe, very nicely. So, my perspective is we've seen an uptick in SME Billings over the last two quarters. And I think the roadmap that we have and this financial -- the launch of the Middle Market expense management software will certainly help us.

小型企業業務一直非常強勁，而大型、全球及企業業務我認為也推進得相當順利。因此，從我的角度來看，我們在過去兩個季度看到中小企業（SME）帳單金額有所上升。我認為我們既有的路線圖，以及這項財務——中型市場費用管理軟體的推出，肯定會對我們有所助益。

As far as agentic, I think the closed loop -- we've talked about the closed loop for many, many years. We've talked about it from a physical perspective, and then we talked about it from an e-commerce perspective, and I think we're even more advantaged from an e-commerce perspective, both from a fraud and data.

至於 agentic，我認為閉環——我們談閉環已經談了很多很多年。我們先從實體的角度談，之後又從電商的角度談；而我認為從電商角度來看，我們的優勢更大，無論是在防詐還是數據方面。

But when you think about agentic commerce, and you think about just how potentially fraught it is with not only fraud, but also with hallucinations that can occur. I think by understanding what a Card Member truly wants to have, and sort of intent, and having that data, being able to go out and then match that purchase data will enable us to provide and back our customers a lot better. Which is why we announced months ago now, the agentic insurance product, where I think we're going to have a huge advantage from a trust, service, and security perspective over our competitors in the marketplace.

但當你想到 agentic commerce，再想到它在潛在上不僅充滿詐欺風險，還可能出現幻覺（hallucinations）。我認為，透過理解卡會員真正想要的是什麼、其意圖為何，並擁有那些數據，進而能夠出去匹配該筆購買數據，將使我們能更好地為客戶提供服務並為客戶背書。這也是為什麼我們在幾個月前宣布了 agentic 保險產品；我認為在市場上，相較於競爭對手，我們將在信任、服務與安全性方面擁有巨大的優勢。

Because we have the data from both sides. We know what the customer wants, we'll know what the customer wanted to do, and we'll also know what the merchant delivered. And I think people -- look, we're in the -- people say you're in the early innings. We're sort of in the pre-season. We didn't even get to the early innings of the regular season yet.

因為我們掌握了雙邊的數據。我們知道客戶想要什麼、也會知道客戶原本想做什麼，同時也會知道商戶實際交付了什麼。而我認為大家——你看，我們處在——大家說你們還在比賽的前幾局。我們其實還算是在季前賽。我們甚至還沒進入例行賽的前幾局。

And I think people are a little bit nervous. They're nervous about interacting in this space. And what we hope is, because of our knowledge of both sides of the equation, that as this begins to take off, they will choose us because of our ability and our historical track record of backing our customers. And so, I think that's our advantage. And I think we've talked about the advantage in a physical world. We've seen it play out there. We've seen it play out in e-commerce. I think it's going to play out even more over time. But as I said, really, we're not even in the early innings. We're in pre-season here.

我認為大家有點緊張。他們對於在這個領域互動感到緊張。而我們希望的是，因為我們對等式兩端都有所了解，當這件事開始起飛時，他們會選擇我們，因為我們有能力、也有長期以來為客戶背書的歷史紀錄。所以，我認為那就是我們的優勢。而且我認為我們談過在實體世界的優勢。我們已經看到它在那裡發揮作用。我們也看到它在電商中發揮作用。我認為隨著時間推移，它會發揮得更明顯。但如我所說，坦白講，我們甚至還不在前幾局。我們現在是在季前賽。

Craig Maurer, FT Partners.

Craig Maurer，FT Partners。

Yeah, thanks. Good morning. Wanted to ask about the adjustment in the URR and how material the benefit was in the quarter and that helps us gauge the rest of the year and when you grow over it next year. And additionally, you talked about higher client incentives and business development expense. Can you talk about those trends considering the big wins you've had recently with the NFL, Fanatics, and so on? Thanks.

是的，謝謝。早安。想請教一下 URR 的調整，以及本季該項效益有多顯著，這有助於我們評估今年剩餘時間，以及明年當你們跨過這個基期時的情況。另外，你們提到更高的客戶激勵與業務開發費用。考量到你們最近在 NFL、Fanatics 等方面取得的大型勝利，你們能談談這些趨勢嗎？謝謝。

Okay, I'll take the URR question. So, the URR, for those who are not familiar, it's part of the key element of our Membership Rewards program. We evaluate and quantify the ultimate rate of redemption. From an accounting standpoint, we book -- we expense the cost of those rewards when they are earned, and we make an assumption about how many of those points ultimately are going to be redeemed. So, it's a fairly complex calculation.

好的，我來回答 URR 的問題。URR 對不熟悉的人來說，是我們 Membership Rewards（會員獎勵）計畫中的關鍵要素之一。我們會評估並量化最終兌換率。從會計角度，我們在獎勵被賺取時就認列——費用化這些獎勵的成本，同時我們會對最終會有多少點數被兌換做出假設。所以，這是一個相當複雜的計算。

So, on a regular basis, we update the models. We try to make it better. We improve the data that feeds the model to be more accurate. And as you can imagine, there's a lot of reviews and a lot of work that goes into any revision of that assumption. And so, when we did that, we came up with a slightly lower ultimate rate of redemption. But it really hasn't changed it much, I think we report externally the ultimate rate of redemption is like a 96% rate, and it really hasn't changed that much.

因此，我們會定期更新模型。我們努力讓它更好。我們改善輸入模型的數據，使其更精準。而你可以想像，任何對該假設的修訂都需要大量審查與大量工作。所以，當我們這麼做時，我們得出一個略低的最終兌換率。但其實變動不大；我想我們對外披露的最終兌換率大約是 96%，而這次也沒有改變太多。

So, it has a small benefit in the quarter in terms of the MR cost, but at the full-year level, it's just going to be like -- it's going to be de minimis. So, it's not -- it's more hygiene and making sure that we have the right accounting process more than anything else.

因此，就 MR 成本而言，它在本季帶來小幅效益，但在全年層級來看，影響將會——幾乎可以忽略不計（de minimis）。所以這不是——與其說是為了帶來效益，不如說更多是例行維護（hygiene），確保我們有正確的會計流程。

Yeah, thanks for the question. When we think about the NFL, Fanatics, and the other sponsorships that we have - the NBA, Formula 1, the USGA, Wimbledon, and US Open Tennis. Well, sponsorships are really all about access for our Card Members, experiences, special things that we can do, which is also why we have our event-stadium benefits that we have as well with over 50 different locations around the world.

是的，謝謝你的問題。當我們想到 NFL、Fanatics，以及我們其他的贊助——NBA、F1、一級方程式、USGA、溫布頓，以及美國網球公開賽。嗯，贊助的核心其實是為我們的卡會員提供進入權、體驗，以及我們能做的一些特別活動；這也是為什麼我們在全球超過 50 個不同地點也提供活動—場館（event-stadium）相關的權益。

And so, what we're trying to do there is package up a group of experiences that our Card Members really like. And that, you can throw music and direct-to-artist things that we do as well. Specifically with the NFL, I think with the NFL, NBA, Formula 1, it gives us, on a global basis, access for our Card Members to events and to venues that they want to go to.

因此，我們在那裡想做的是，把一組我們卡會員真正喜歡的體驗打包起來。此外，你也可以加入音樂以及我們所做的直達藝人（direct-to-artist）相關活動。特別是 NFL，我認為透過 NFL、NBA、F1，我們能在全球範圍內，讓卡會員進入他們想去的活動與場館。

And Fanatics sort of ties it all together for us, not only from an experience perspective when they have Fanatics Fest, but also for the various things that we will do with Fanatics at the NFL Draft, NBA All-Star Game, Super Bowl, et cetera. But also from a merch perspective, and a collectibles perspective, and trading cards, and things like that. So, I think you tie that whole experience together.

而 Fanatics 某種程度上把這一切串聯起來：不僅是在他們舉辦 Fanatics Fest 時的體驗面向，也包括我們會在 NFL 選秀、NBA 全明星賽、超級盃等與 Fanatics 合作的各種活動。同時也涵蓋周邊商品（merch）面向、收藏品面向、球員卡（trading cards）等。所以，我認為你把整個體驗串在一起了。

From a cost perspective, both Fanatics and the NFL, when you think about our entire marketing budget is very, very tiny. And they are in the plan, they're in the run rate. So, when we talk about increased investments that's not some of the things that we're investing in. But we really like the assets that we have, and we like how they work together and how our Card Members really enjoy them.

從成本角度來看，無論是 Fanatics 還是 NFL，相較於我們整體行銷預算都非常、非常小。而且它們已經納入計畫，也已反映在常態化水準（run rate）中。所以，當我們談到增加投資時，並不是指我們在這些項目上的投資。但我們非常喜歡我們擁有的這些資產，也喜歡它們如何彼此協同，以及我們的卡會員如何真正享受這些內容。

Rick Shane, JPMorgan.

Rick Shane，摩根大通（JPMorgan）。

Thanks for taking my questions this morning. Look, you guys have talked a lot about customer acquisition. Can we talk a little bit about attrition, both quantitatively and qualitatively? Can we think through what the one- to two-year retention rates are on new customers versus what you've seen historically? And also to the extent you get feedback when customers don't renew the card, what are the reasons that a customer might walk away?

謝謝今天早上回答我的問題。你們談了很多關於獲客。我們能不能也談談流失（attrition），包含量化與質化兩方面？我們能否梳理一下，新客戶的一到兩年留存率相較於你們歷史上看到的情況如何？另外，在你們能取得客戶不續卡的回饋時，客戶可能離開的原因有哪些？

Hey, good morning, Rick. The executive summary, like the answer to your question is, we're not seeing anything on attrition. And I will send you back to a slide that we showed in Q1. That was actually pretty detailed, on the Platinum Card, where we raised the fee by $200. And by the end of Q1, we had repriced, if you want, about a quarter of the US Platinum portfolio. And the retention rates were not only through the roof, they were like flat year over year, and last year there was like no price increase.

早安，Rick。先給你一個高層摘要：就流失而言，我們沒有看到任何異常。我也想請你回去看我們在第一季展示的一張投影片。那張其實相當詳細，談的是白金卡（Platinum Card），我們把年費提高了 200 美元。而到第一季末，如果你願意這麼說的話，我們已經對美國白金卡投資組合（portfolio）大約四分之一完成了重新定價。而留存率不僅非常高，還幾乎是年對年持平；而去年其實沒有任何漲價。

So, we're not seeing anything on the attrition level, they remain very high. In terms of why the people are attriting or downgrading, sometimes people say, I'm not -- I just retired, I just don't need that kind of benefit anymore, and I'm just going to downgrade. Vice versa, as a matter of fact, I was saying earlier on that we've seen on the Platinum Card as a result of the introduction of the new value proposition, a lot of Card Members upgrading.

所以，我們在流失率層面沒有看到任何變化，仍然非常高。至於為什麼有人流失或降級，有時候人們會說，我不是——我剛退休，我不再需要那種福利了，所以我要降級。反過來說，事實上，我先前也提到，因為推出了新的價值主張，我們看到白金卡有很多卡會員在升級。

So -- but in general, attrition levels remain very consistent with what we've seen in the past. And we've been refreshing a lot of our new products, and we've been repricing a lot of the new Card Members. And the end result is that attrition levels have remained very, very constant, and very low for the past few years.

所以——但整體而言，流失率仍與我們過去看到的非常一致。而且我們一直在更新許多新產品，也一直在對許多新卡會員重新定價。最終結果是，過去幾年流失率一直非常、非常穩定，而且非常低。

Mark DeVries, Deutsche Bank.

Mark DeVries，德意志銀行。

Thank you. Steve, how should we think about the longer term return on investment in platforms like Resy and TheFork? There's benefits that, like you cited, the lift to spend in revenue category. But the less obvious benefits that we may not see like just the revenues from the platforms, and also kind of the higher loyalty, both with the merchants on those platforms and with customers who are engaging. And then also any longer-term plans to integrate those platforms and maybe rebrand?

謝謝。Steve，我們應該如何看待像 Resy 和 TheFork 這類平台的長期投資報酬率？有一些好處，例如你提到的，在某些收入類別中帶動消費提升。但也有一些不那麼明顯、我們可能看不到的好處，例如平台本身的收入，以及與平台上的商戶、以及參與互動的客戶之間更高的忠誠度。另外，是否有任何更長期的計畫要整合這些平台，甚至可能重新品牌化？

Thanks for all those questions, Mark. So, I think that what's interesting here with Resy, with Tock and TheFork, what we've really tried to do with Resy and Tock and TheFork is to create many closed loops within our closed loop, right? So, what we've done here is we're connecting our Card Members and we're connecting merchants.

Mark，謝謝你提出這麼多問題。我認為 Resy、Tock 和 TheFork 這裡有趣之處在於，我們真正嘗試做的是在我們的閉環之內再建立許多小閉環，對吧？我們在這裡所做的，就是把我們的卡會員與商戶連結起來。

But what's also really important is to remember that Resy, Tock, and TheFork are open platforms. So, they're open also to non-Card Members. And that becomes useful for us from an acquisition perspective because what we'll do within those platforms is special offers for Card Members, table access for Card Members, and so forth. So, it's an opportunity for us to acquire Card Members in a cheaper way and also for them to experience the potential benefits of being a Card Member.

但同樣非常重要的是要記得，Resy、Tock 和 TheFork 都是開放式平台。所以它們也對非卡會員開放。從獲客角度來看，這對我們很有用，因為我們會在這些平台內提供卡會員專屬優惠、卡會員專屬訂位權益等等。因此，這讓我們有機會以更低成本獲取卡會員，也讓他們體驗成為卡會員的潛在好處。

When you look at Resy, Tock, and TheFork on a standalone P&L basis, we don't look at it that way. So, because -- it's part of the value proposition, that's how we look at it, it's a benefit. And I think when a restaurant looks at Resy, Tock, or -- and again we'll look at TheFork, they will look at it from a perspective of, I now have access to some of the best customers and the ones that are going to spend more money at my restaurant. And the proof is in the pudding. I mean, it's 2x the spending at Resy restaurants, and our ticket prices are higher for Card Members versus non-Card Members in all restaurants. I mean, we have a higher ticket.

如果你以單獨的損益表（P&L）角度來看 Resy、Tock 和 TheFork，我們並不是這樣看的。因為——它是價值主張的一部分，我們就是這樣看待它：它是一項福利。我認為當一家餐廳看 Resy、Tock，或——再說 TheFork——他們會從這樣的角度來看：我現在可以接觸到一些最優質、也會在我餐廳花更多錢的客人。而成果是最好的證明。也就是說，在 Resy 餐廳的消費是 2 倍，而且在所有餐廳中，卡會員相較於非卡會員的客單價更高。我們的客單價更高。

As far as the plans, Resy and Tock will come together from a user-experience perspective, especially from a front-end user experience perspective. And so, that will give us a broader, more integrated look at restaurants from a Card Member perspective. And TheFork, given it is European-focused, at this point, will stay as a standalone entity. And I think that works out.

至於計畫方面，Resy 和 Tock 會在使用者體驗層面整合在一起，特別是在前端使用者體驗方面。這將讓我們從卡會員角度，對餐廳提供更廣、更整合的呈現。而 TheFork 由於以歐洲為主，目前會維持為獨立的實體。我認為這樣安排是可行的。

But importantly, our travel representatives will have access to both. So, when you book travel, you book your hotel, you book your airline, you will be able to -- they'll be able to also book restaurants for you. And restaurants in Europe is the highest -- one of the highest demand things that we have in that area.

但重要的是，我們的旅遊服務專員將能同時使用兩者。所以當你訂旅遊、訂飯店、訂機票時，你將能夠——他們也能替你訂餐廳。而在歐洲，餐廳訂位是我們在那個地區需求最高——也是最高需求之一的項目。

So, we don't look at the P&L per se of Resy, Tock, and we won't look at TheFork. I mean, we manage it aggressively, but it's not a revenue maker or a profit maker in itself. What it is, though, is it does help Card Member retention, customer acquisition, merchant satisfaction, and it drives spend. And that's what's really important, and it integrates very, very well with our travel business as it adds the capability for our travel representatives to just have that at their fingertips.

所以，我們不會特別去看 Resy、Tock 的損益表（P&L），也不會去看 TheFork 的。我的意思是，我們會積極管理它，但它本身不是用來賺收入或賺利潤的。不過，它確實有助於卡會員留存、客戶獲取、商戶滿意度，並帶動消費。這才是真正重要的，而且它與我們的旅遊業務整合得非常、非常好，因為它讓我們的旅遊服務專員能隨手就具備這項能力。

Terry Ma, Barclays.

Terry Ma，巴克萊。

Hey, good morning. Can you maybe just give a little bit more color on your net card fee growth guidance in the back half this year? You know, what's contemplated in that, whether it's just from a step up with the annual fee from the back book, or are you contemplating more acquisitions? And maybe just taking a step back, I think historically you've seen more of a notable acceleration after refresh, and you just haven't seen this thus far with Platinum.

嗨，早安。你能否就今年下半年淨卡費成長指引再多補充一些細節？你們在其中考量了哪些因素？是主要來自存量客群（back book）年費上調帶來的階梯式提升，還是也考量了更多的新增獲客？另外退一步看，我想過去在產品更新（refresh）後通常會看到更明顯的加速，但白金卡目前為止似乎還沒有看到這種情況。

Hey, good morning, Terry. Let me explain what's happening here. So, we are growing card fee at 15%. What I said in my prepared remarks is that we expect that card fee growth rate to accelerate in Q3 and to exit in Q4 in high teens. The key driver of that acceleration, you can track it back to the Platinum refresh. That's there -- there are a lot of course like -- a lot of things that are impacting that number across the world, but the single biggest contributor to that inflection point is Platinum.

嗨，早安，Terry。我來解釋一下這裡發生了什麼。所以，我們的卡費目前成長 15%。我在事先準備的發言中提到，我們預期卡費成長率會在第三季加速，並在第四季以高十幾%的成長率作收。推動這個加速的關鍵因素，你可以追溯到白金卡的更新。當然——全球有很多因素都在影響這個數字，但造成這個拐點的單一最大貢獻者就是白金卡。

The reason why it takes a while to hit the P&L is because we started repricing Card Members from January only. And when we move Card Members to the new price point, we amortize it over 12 months. So, it's kind of like a slow process. And that's why the impact, if you want, is delayed. It is also because of that delayed impact that you've seen this kind of declining momentum, because you have to go back to the refresh of the Delta Card and the Gold Card, and you'll see that kind of acceleration on the card fee line. And we're now in the declining like growth rate as a result of that.

之所以需要一段時間才會反映到損益表（P&L），是因為我們從一月才開始對卡會員重新定價。而當我們把卡會員調整到新的價格點時，我們會在 12 個月內攤銷。所以這有點像是一個緩慢的過程。因此，如果你要說影響的話，它會有延遲。也正因為這個延遲影響，你才會看到這種動能下滑，因為你得回頭看達美卡（Delta Card）和金卡（Gold Card）的更新，你會在卡費那一行看到那種加速。而我們現在正處於因為那個因素而導致的成長率下滑階段。

So, there is inertia in that number, in that growth rate. And it takes from beginning to end something like two years to find its way into the P&L. That's why you have this kind of like cycle. But to be clear, because that's the most important thing, we expect that card fees are going to exit this year with a growth rate in the high-teens.

所以，這個數字、這個成長率是有慣性的。從開始到結束，大概需要兩年左右才會完全反映到損益表（P&L）。這就是為什麼你會看到這種循環。但要說清楚，因為這是最重要的：我們預期卡費在今年結束時的成長率會落在高十幾%。

Rob Wildhack, Autonomous Research.

Rob Wildhack，Autonomous Research。

Good morning, guys. A question on NII growth. First, in the quarter, growth there slowed 150 bps from 1Q to 2Q. So, just wondering if there's anything to call out there. And then going forward, I know you said it could grow faster than Billings, but wondering if you could unpack that a little bit more on the -- you have the Commercial portfolios that are drags.

各位早安。我有一個關於淨利息收入（NII）成長的問題。首先，本季那邊的成長從1Q到2Q放緩了150個基點。所以想請問這裡是否有什麼需要特別說明的。另外往後看，我知道你們說NII可能會比Billings成長更快，但想請你們再多拆解一下——你們的商業（Commercial）投資組合是拖累因素。

But on the positive side, you have the really strong credit outcomes, which might be a reason to continue to lean into NII growth. So, just curious how that all comes together in terms of growth in that line and then in the context of the higher revenue guide too?

但正面來看，你們有非常強勁的信用表現，這可能是繼續加碼推動NII成長的理由。所以想了解這些因素如何綜合起來，影響該項目的成長，以及在你們也上調營收指引的背景下，這條線的成長會如何呈現？

Yeah, hi. So, let me clarify this because there is indeed a bit of a noise in those numbers. First, let me start with the balance sheet and the growth of balances, right? We're reporting this quarter growth rate of 9%, which is in line with the Billings growth of 9%. Last quarter, the balance growth rate was 7%, so there's a step-up. The biggest contributor -- the rounding doesn't help here -- but the step-up is a function of the classification of those two Small Business co-brand portfolios that we reclassified as held for sale over a year ago.

好的，嗨。我先澄清一下，因為這些數字確實有一些雜訊。首先從資產負債表與餘額成長談起，對吧？我們本季報告的成長率是9%，與Billings的9%成長一致。上季餘額成長率是7%，所以有一個上升。最大的貢獻者——四捨五入在這裡也不太有幫助——但這個上升主要是因為我們把兩個小型企業聯名（co-brand）投資組合在一年多前重新分類為待售（held for sale）。

And we just lapped that kind of like reclass -- and that's why you see a step up in the balance growth. Now from a P&L standpoint and the NII line specifically, despite the fact that those two portfolios were classified as held for sale, the economics were flowing through our P&L.

而我們剛好跨過（lapped）那次重新分類——所以你會看到餘額成長出現跳升。現在從損益表角度、特別是NII這一行來看，儘管那兩個投資組合被分類為待售，它們的經濟效益仍然會流入我們的損益表。

But in Q2, specifically in the month of April, we transferred one of these portfolios, the Lowe's portfolio to be specific. It's not a large portfolio, but it was large enough to impact the NII growth rate by about 1 percentage point. So, the decline you see in the growth rate from 12% to 11% is largely attributable to the transfer of that portfolio to the new issuer.

但在第二季，特別是4月，我們移轉了其中一個投資組合，具體來說是Lowe's投資組合。它不是很大的投資組合，但規模足以讓NII成長率受到約1個百分點的影響。所以你看到成長率從12%降到11%，主要就是因為該投資組合移轉給新的發卡機構（issuer）。

And as you think about the balance of the year, there will be another transfer, the Amazon portfolio in Q3. And so, by the time you get to Q4, both portfolios will be out of our system, if you want, and the impact to the NII line is going to be 2.5%. And this would be a headwind until we lap it. Now, what's important to understand is that although it impacts NII, the impact to net income and earnings is really negligible.

而當你思考今年剩餘期間，第三季還會有另一筆移轉，也就是Amazon投資組合。因此到第四季時，如果你願意這麼說，兩個投資組合都會退出我們的系統，對NII這一行的影響將會是2.5%。在我們跨過（lap）這個影響之前，這會是一個逆風。不過重要的是要理解，雖然它會影響NII，但對淨利與獲利的影響其實非常微不足道。

And so, it's not only negligible, it's also completely baked in the original guidance that we gave at the beginning of the year because this was a slow train coming. We knew exactly what would happen. So, no impact to guidance, no impact to earnings, but it does create some discontinuity both in terms of the balance sheet balance growth and in terms of the NII growth rate. Hope that was useful.

而且不只是微不足道，這也已經完全反映在我們年初給出的原始指引中，因為這件事早就逐步在發生。我們很清楚會發生什麼。所以對指引沒有影響、對獲利沒有影響，但它確實會在資產負債表的餘額成長，以及NII成長率上，造成一些不連續性。希望這樣的說明有幫助。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Hey, guys. Thanks. I just want to touch on the operating leverage for a minute. I know that you've obviously said you're going to be reinvesting quite a bit of the top-line upside between tech and customer acquisition. But just thinking for a minute about deploying AI within both your customer service and internal functions. I know that's still a considerable opportunity for operating leverage to offset some of the reinvestments. So just -- where are you seeing in terms of pacing on that right now? And when would you expect us to see some of the incremental benefits start to show up in a more material way?

嗨，各位。謝謝。我想先談一下營運槓桿。我知道你們顯然提到，會把相當一部分營收端的超預期表現再投資在科技與客戶獲取上。但如果從在客服與內部職能導入AI來看。我知道這仍然是很可觀的營運槓桿機會，可以抵銷部分再投資。所以想問——你們目前在這方面的推進節奏如何？以及你們預期我們何時會看到一些增量效益，以更具實質性的方式開始反映出來？

Yeah, all right, Darrin, thanks for the question. Let me ask Christophe to talk about what we look at for the rest of the year from an operating leverage perspective, and then I'll talk about -- I'll come back and talk about AI.

好的，Darrin，謝謝你的問題。我先請Christophe從營運槓桿的角度談談我們對今年剩餘期間的看法，然後我再回來談AI。

So, the way we define operating leverage, just to be clear, because I don't know whether we got the same definition, but we look at OpEx as a ratio of revenue. And OpEx for us annualized is like between $16 billion and $17 billion. And as you can imagine, there is a variety of things that hit that line and the one thing I will say is just to be very careful with looking at a quarter-specific OpEx number because there's always discrete items, one-offs that hit that line.

我們對營運槓桿的定義，先說清楚，因為我不確定我們的定義是否一致；我們看的是營業費用（OpEx）占營收的比率。而我們的OpEx年化大約在160億到170億美元之間。如你所想，會有各式各樣的項目影響這一行；我想提醒的一點是，解讀單一季度的OpEx數字要非常小心，因為那一行總會有一些離散項目、一次性因素的影響。

But if you take a step back, and I know you know this, but I think it's worth repeating, if you take like a giant step back and look at over many years, you know that we've been very effective at driving operating leverage in terms of that ratio of OpEx to revenue. And we are committed to doing that again. And AI is going to play a critical role in that. And it's part of the reason as well that we are investing so much in strategy.

但如果你退一步看——我知道你也了解——但我覺得值得再重申一次：如果你大幅拉長時間、看很多年的趨勢，你會知道我們在推動營業費用占營收比率的營運槓桿方面一直非常有效。而我們也承諾會再次做到。AI將在其中扮演關鍵角色。這也是我們在策略上投入如此之多的原因之一。

And so, in terms of how and what to expect in the balance of year, we are expecting operating expense this year to be in the mid-teens -- mid-single digit, sorry, mid-single digit this year and we're tracking well against that. I think this quarter, it's at 6% and we're going to be in that range by the time we get to the end of the year. In terms of the specific, maybe I'll let Steve talk about what we're working on.

因此，就今年剩餘期間的預期而言，我們預期今年的營業費用成長會落在中個位數——抱歉，是中個位數——而我們目前的追蹤進度符合這個目標。我想本季大約是6%，到年底我們會落在那個區間。至於更具體的部分，也許我讓Steve談談我們正在做的事情。

So, let me talk a little bit about AI and I think every company out there is engaged with this at this particular point in time. I'm not so sure how many companies have really committed to actual in-P&L savings for 2026 and probably not even for 2027.

我來談一下AI。我想此時此刻每家公司都在投入這件事。但我不太確定有多少公司已經真正承諾在2026年、甚至可能連2027年，都能在損益表（P&L）上實際體現節省。

I think when we look at it, one of the first places that we have deployed it, and we've deployed it in multiple places in the business right now, is technology. And from a technology perspective, what we're seeing is anywhere from a 30% to 40% decrease in cycle time from a coding perspective. Now, that's really not a savings because what that does is allows us to do more, and so that's what we're doing.

我們在多個業務環節都已經部署AI，而最早部署的其中一個地方是科技（technology）。從技術角度來看，我們看到在程式撰寫（coding）的週期時間上，大約縮短30%到40%。但這其實不算是節省，因為它帶來的是讓我們能做更多事情，所以我們也確實是這麼做的。

So, we are, if you remember early on, I mentioned that we have a large backlog of technology projects, and so, we're getting to more things quicker. From a servicing perspective, both from a travel and from a card-servicing perspective, we've equipped our customer service and travel agents with AI-powered tools. And so, what we've seen there is a lack of acceleration in hiring of more travel representatives, more customer service reps, even as the business continues to grow.

所以，如果你還記得我先前提到，我們有大量的技術專案待辦清單（backlog），因此我們能更快處理更多事項。在服務（servicing）方面，無論是旅遊或卡片服務（card-servicing），我們都為客服與旅遊專員配備了AI驅動的工具。因此我們看到的是，即使業務持續成長，我們在增聘更多旅遊代表與客服人員方面，並沒有出現加速。

And, if you look at how many customer travel -- how many representatives that we had servicing our customers, that number really hasn't grown, and we would expect over time for that number to decrease, and I think that will normally decrease from an attrition perspective.

而且，如果你看看客戶出差的數量——以及我們有多少位代表在服務客戶，這個數字其實並沒有成長；而我們預期隨著時間推移，這個數字會下降，我認為從自然流失（attrition）的角度來看，通常也會下降。

From a marketing perspective, we're really using AI right now to streamline some of our marketing campaigns, so that we're getting out the marketing campaigns a lot quicker, and that gets you time to money. And I think that's critically important. And look, we've used AI in credit and risk and fraud for 15, 16 years, but now what we're doing is - how do you implement unstructured data, agentic in that, to help make the decisions a little bit better.

從行銷的角度來看，我們現在確實在使用 AI 來精簡部分行銷活動流程，讓我們能更快推出行銷活動，這能加速從時間到變現（time to money）。我認為這點至關重要。另外，我們在信用、風險與詐欺領域使用 AI 已經有 15、16 年了，但我們現在在做的是——如何把非結構化資料、以及其中的代理式（agentic）能力導入，來幫助把決策做得更好一些。

So, look, we're investing in it. I think one of the things -- and other companies will talk about this as well, as you look to integrate AI within existing systems, you need to either, as you redo them, embed it within, or you need to put a layer above so that you can integrate these systems in a seamless way. And by doing that, what you're doing is making it a lot easier.

所以，我們正在投入。我認為其中一件事——其他公司也會談到——當你要把 AI 整合進既有系統時，你要嘛在重做系統時把它內嵌進去，要嘛就在上面加一層，讓你能以無縫的方式整合這些系統。而這麼做的結果，就是讓事情變得容易得多。

I mean, we just launched a servicing portal for our CCPs, our Card Member service representatives, where we've embedded within, and it'll reduce the handle time for them and enable them to give our customers a much better experience. So, a lot more to come on this. Again, I think we're further along on this than I would say we are on agentic commerce. This is more in the early innings, but like every other company, I mean, we have high hopes that this will streamline, make us more efficient, make us more productive, and eventually, hopefully, drive more top-line revenue growth and more earnings growth as we move on.

我的意思是，我們剛為我們的 CCP（Card Member 服務代表）推出了一個服務入口網站，我們已把相關能力內嵌其中，這將縮短他們的處理時間，並讓他們能為客戶提供更好的體驗。所以，後續還會有更多進展。再說一次，我認為我們在這方面的進度，比我會說我們在代理式商務（agentic commerce）上的進度更超前。這還在早期階段，但和其他公司一樣，我們對此抱有很高期望：它將簡化流程、提升效率、提高生產力，並最終希望在未來推動更高的營收（top-line）成長與更高的獲利成長。

Bill Carcache, Piper Sandler.

Bill Carcache，Piper Sandler。

Thank you. Good morning, Steve and Christophe.

謝謝。早安，Steve 和 Christophe。

Good morning, Bill, and welcome back.

早安，Bill，歡迎回來。

Thank you. So, you've both been with Amex for many years, and as investors debate Amex's valuation versus history, it would be helpful to get your thoughts on, as you reflect on your years with the company, what has fundamentally changed about Amex's product flywheel that makes the growth algorithm more durable today than it was historically. And maybe if you could also touch on what gives you confidence that the rebuilt product flywheel can compound beyond the current refresh cycle rather than just requiring repeated reinvestment to sustain growth? Thank you.

謝謝。所以，你們兩位都在 Amex 待了很多年；當投資人討論 Amex 的估值相對於歷史水準時，如果能聽聽你們的看法會很有幫助：回顧你們在公司這些年，Amex 的產品飛輪（product flywheel）究竟有哪些根本性的改變，使得今天的成長演算法（growth algorithm）比過去更具持久性？另外，也想請你們談談：是什麼讓你們有信心，重建後的產品飛輪能在目前這一輪更新週期（refresh cycle）之後持續複利成長，而不是只靠反覆再投資來維持成長？謝謝。

So, I'm finishing up, 41 years, so I've been around a little bit longer than Christophe. But I think when we take a step back, I think what's changed is I think we've committed more to truly understanding what our customer needs and where our customer is going. I think that's fundamental -- is that we've done, I think, a much better job as a team -- understanding the customer. Because this business is all about the customer.

我快要滿 41 年了，所以我在這裡的時間比 Christophe 還久一些。但我認為，當我們退一步看，我覺得改變之處在於：我們更投入於真正理解客戶的需求，以及客戶要往哪裡走。我認為這是根本——我們作為一個團隊，在理解客戶方面做得更好。因為這個業務的一切都圍繞著客戶。

And the customer doesn't stay stagnant. The customer continues to evolve. And so, that's why product refreshes are so critically important because customer needs are changing. One could argue on a daily basis, but we can't change products on a daily basis.

而客戶不會停滯不前。客戶會持續演變。因此，產品更新（product refresh）才會如此關鍵，因為客戶需求正在改變。有人可能會說每天都在變，但我們不可能每天都改產品。

I think the other thing that we have done is really we have expanded our aperture of who our customer is. And fundamentally, we believe -- and we've always believed, but we still believe -- that our customer is a high-spending, high-creditworthy, premium, aspirational customer. I think where we've pivoted is that before the pivot, we defined that as a specific cohort. And the reality is, whether you're a Boomer, a Gen-X, a Millennial, or a Gen-Z, there are those types of customers in every single cohort. What we've created now, from a durability perspective, is a flywheel and an ecosystem that we can adapt to the next cohort of customers that come through the pipeline versus attempting to fit our one-size-fits-all product into multiple customer sets. We now are able to modify that product so the product is very expandable. Because if you look at -- just look at the Platinum product, that's a product that can play well with Boomers, Gen-X, Millennial, and Gen-Z, and the next generation along, because we'll continue to add value to it that'll have applicability across a wider set.

我認為我們做的另一件事，是我們確實擴大了對「誰是我們的客戶」的視野。而從根本上，我們相信——我們一直都相信，而且現在仍然相信——我們的客戶是高消費、高信用、偏高端、具抱負（aspirational）的客群。我認為我們轉向之處在於：在轉向之前，我們把這樣的客戶定義為某個特定族群。但現實是，不論你是嬰兒潮世代、X 世代、千禧世代或 Z 世代，每一個族群裡都有這類型的客戶。從持久性（durability）的角度來看，我們現在打造的是一個飛輪與生態系，能夠因應下一批進入管道的客群，而不是試圖把一個一體適用（one-size-fits-all）的產品硬套在多個客群上。我們現在能調整產品，因此產品的延展性非常高。因為如果你看——就看白金卡（Platinum）產品，它能同時適用於嬰兒潮、X 世代、千禧世代與 Z 世代，以及下一代，因為我們會持續為它增加價值，使其能適用於更廣泛的族群。

I think the other thing that we've done and what we've really leaned into here is we work a lot more with partners. Not only from a co-brand perspective, where we create specific co-brand opportunities that allow us to go into a joint customer base, but I also believe our premium partners really want access and are willing to provide benefits to our cardholders.

我認為我們做的另一件事、也是我們在這裡真正加大力道的，是我們與合作夥伴的合作更多了。不僅是在聯名（co-brand）方面——我們打造特定的聯名機會，讓我們能進入共同的客戶基礎——我也相信，我們的高端合作夥伴非常希望接觸，並且願意為我們的持卡會員提供權益。

And so, if you look at not only the value propositions that we have. But if you look at the limited time offers that we offer, the ability for our partners to access this base, I think that's been critically important. The other thing that I would say, and I'm sorry for going on, but you have opened up the door here, is that our focus on International has completely changed.

因此，如果你不只看我們的價值主張。而且如果你看我們提供的限時優惠（limited time offers），以及合作夥伴能接觸這個客群的能力，我認為這一直都非常關鍵。另外我想說的一點——抱歉我講得有點久，但你把這扇門打開了——是我們對國際市場的聚焦已經徹底改變。

From an International perspective, we've really leaned into coverage. We've really leaned into premium. And what we've also done, is we're not treating all of the countries we operate in from a proprietary perspective the same. We've leaned into the UK, Mexico, Canada, Australia, and Japan, and that has played out really, really well for us. And so, when you think about this, and I've only talked about the Consumer side here.

從國際市場的角度來看，我們確實加大了對覆蓋（coverage）的投入。我們也確實加大了對高端（premium）的投入。而且我們也做了另一件事：我們不再以自營（proprietary）的角度，把我們營運的所有國家一視同仁地對待。我們更聚焦在英國、墨西哥、加拿大、澳洲與日本，而這對我們的成效非常、非常好。所以，當你思考這些時，我目前只談到消費者（Consumer）端。

But when you think about this durability from a Consumer perspective, you now have a machine that is able to go after different types of cohorts. We're able to go after those cohorts with various offers that make sense to them, with various products that make sense to them, and also to integrate with our premium customers - extra value. You then do that on a global basis, which we've done, which is why TheFork acquisition is going to be so important for us, because it brings in -- we already have travel, now it brings in restaurants.

但當你從消費者端去思考這種持久性時，你現在有一台機器，能夠鎖定不同類型的客群。我們能用對他們有意義的各種優惠、對他們有意義的各種產品去觸達這些客群，並且也能與我們的高端客戶整合——提供額外價值。接著你把這套做法推向全球，我們已經這麼做了；這也是為什麼收購 TheFork 對我們會如此重要，因為它帶來——我們原本已經有旅遊，現在又把餐廳帶進來。

And then so you look at that, and then you bring the experience layer that we have, and then the investment that we've made in lounges and in Fine Hotels + Resorts, and so you create this premium ecosystem that our customers are going to live in, and it's durable, and the durability is reinforced by the growth that we continue to have, whether it be lounges, whether it be restaurants, whether it be Fine Hotels + Resorts, because our partners want to play in here.

然後你再看這一切，再加上我們的體驗層（experience layer），以及我們在貴賓室（lounges）與 Fine Hotels + Resorts 上的投資，於是你打造出一個高端生態系，讓我們的客戶會在其中生活；它是持久的，而這種持久性又會被我們持續的成長所強化——不論是貴賓室、餐廳，或 Fine Hotels + Resorts——因為我們的合作夥伴也想參與其中。

And look, I think that that's what makes it different. And when we look at the flywheel and we look at the opportunity to reinvest some of our over-delivery that we've had this year, we feel confident because we know we can access the type of customer we need to access on a global basis, and there are more out there for us to access, and we think that's going to continue into the future.

而且你看，我認為這就是不同之處。當我們看飛輪、並看今年我們超額交付（over-delivery）所帶來的再投資機會時，我們感到有信心，因為我們知道我們能在全球範圍接觸到我們需要接觸的那類客戶，而且外面還有更多客戶可供我們觸達；我們認為這將在未來持續下去。

So again, I could speak hours on how I think the company is different and how we approach product development and what have you and how innovation is critical and how we've really integrated technology, but I think that's what's different and part of that is because our scale is so much bigger.

所以再說一次，我可以花好幾個小時談我認為公司有哪些不同、我們如何進行產品開發等等，以及創新如何至關重要、我們如何真正把科技整合進來，但我認為這些就是不同之處，而其中一部分原因是因為我們的規模大得多。

If I go back just to 2017, we're a $30 billion revenue company and now we're $70 billion this year and we're looking at 10% revenue growth, almost an $80 billion revenue company, potentially, by the end of the year. You have more scale and you have more ability to operate in the environment. So, I think that's what's different.

如果我回到2017年，我們是一家營收300億美元的公司，而今年我們是700億美元，並且我們預期營收成長10%，到年底可能接近800億美元的營收公司。你有更大的規模，也有更強的能力在這個環境中運作。所以，我認為這就是不同之處。

Maybe I'll add -- it was a long answer, but I'll add a quick financial overlay on top of that. First, I can assist since I'm younger than Steve, I'm only getting to 30 years with the company. But the key point that I wanted to make is this. There is a lot more momentum now than, say, 10, 15 years ago. You see that in the pace of the product refreshes. You see that as well in the revenue momentum, Billings growth. Many of our metrics are moving at a faster clip today than there were 10, 15 years ago.

也許我補充一下——剛才回答很長，但我再加上一個簡短的財務層面的說明。首先，我可以幫忙，因為我比Steve年輕，我在公司才剛滿30年。但我想強調的重點是這個。現在的動能比起例如10、15年前強得多。你可以從產品更新換代的速度看出來。你也可以從營收動能、Billings成長看出來。我們許多指標如今的變動速度都比10、15年前更快。

The second thing, when I look at the balance sheet. The resilience of the portfolio is much, much stronger now. One piece of evidence that you can go to is when you look at the reserve rate that we have just between the end of 2019, and where we are now, we lowered the credit reserve rate from 2.9% to 2.7%. That's an outcome of focusing on premium Card Members.

第二點，當我看資產負債表時。投資組合的韌性現在強很多很多。其中一個你可以引用的證據是，看看我們的備抵率：從2019年底到現在，我們把信用備抵率從2.9%降到2.7%。這是聚焦高端卡會員所帶來的結果。

The other proof point is you look at some metrics that prove that the Card Member base is getting more premium, you look at the role of card fees, that line has grown at 17% over the last several years, right? And that's because there's just like a lot more Card Members paying fees. And the final point I'm going to make on this is that when you look at the stress testing that the Fed did, you can see as well that through the cycle -- one day there will be an economic cycle -- we have much lower write-off rate, peak write-off rate than any of our competitors and we have -- we remain profitable through the cycle.

另一個佐證是，你看一些能證明卡會員基礎正變得更高端的指標，例如卡費的角色；這一項在過去幾年成長了17%，對吧？這是因為付費的卡會員更多了。最後我想說的是，當你看聯準會做的壓力測試時，你也可以看到，穿越景氣循環——總有一天會出現景氣循環——我們的核銷率、峰值核銷率都比任何競爭對手低得多，而且我們——在整個循環中仍能維持獲利。

And finally, sorry, the last thing is that the focus on younger Card Members gives us a lot of confidence in our ability to sustain growth going forward. They come with a lower income initially, but we're going to grow with them, and they're going to grow with us, and there's a lot of embedded growth that comes with the focus on younger Card Members.

最後，抱歉，最後一點是，聚焦較年輕的卡會員，讓我們對未來持續成長的能力非常有信心。他們一開始的收入較低，但我們會與他們一起成長，他們也會與我們一起成長，而聚焦較年輕卡會員本身就帶來了大量內嵌的成長。

Mihir Bhatia, Bank of America.

Mihir Bhatia，美國銀行。

Hi, good morning. Thanks for squeezing me in here. I wanted to ask about Billings trends a little bit more if you don't mind. Just, I think, Christophe, you had mentioned Billings were particularly strong early in 2Q, and it seems like that continued into June. But anything you can share on July or quarter to date, and maybe just more broadly, what is the Billings growth assumption you have embedded in the raised 10% revenue guide? Are you underwriting Billings to hold at this level? Does it assume some kind of deceleration from here? I know you have the co-brand headwind, of course.

嗨，早安。謝謝讓我插進來提問。如果你不介意，我想再多問一點關於Billings趨勢。我想Christophe，你提到第二季初Billings特別強勁，而且看起來6月也延續了。但你能否分享一下7月或本季迄今的情況？以及更廣泛地說，在上調後的10%營收指引中，你們內含的Billings成長假設是什麼？你們是以Billings維持在目前水準來做假設嗎？還是它假設從這裡開始會有某種程度的放緩？我知道你們當然也有聯名卡的逆風。

So thank you, Mihir, for the question. So, we're not going to get into trying to guide on Billings going forward. But we are a momentum business, right? And so, you can expect that a lot of the good momentum we've seen is going to continue in the balance of year. And the investments we're making, the increase in the investments we're making, the goal is to support that momentum. Now, it's not significant enough to kind of like move the needle in the balance of year, but we expect that momentum to continue.

所以謝謝你，Mihir，這個問題。我們不會試圖對未來的Billings提供指引。但我們是一個動能型的業務，對吧？因此，你可以預期我們看到的許多良好動能會在今年剩餘時間延續。而我們正在進行的投資、以及我們增加的投資，目標就是支撐這股動能。現在，這些投資的規模還不足以在今年剩餘時間產生顯著的影響，但我們預期動能會持續。

Bear in mind, though, that as we transfer those two Small Business portfolios, they're not very large, they're not contributing to earnings, but there was a lot of -- there was some Billed Business associated with those cards, and that will put about a 1% headwind to those Billings numbers. So, you're going to see a little bit of a slowdown as a result of that, but expect or that's our expectation is that the momentum is going to keep going in the balance of year.

不過請記住，當我們移轉那兩個小型企業投資組合時，它們規模不大，也不貢獻盈餘，但這些卡片確實帶來了不少——也就是有一些與之相關的刷卡金額（Billed Business），而這將對Billings數字造成約1%的逆風。因此，你會因為這個因素看到一些放緩，但我們的預期是，今年剩餘時間動能仍會持續。

With that, we will bring the call to an end. Thank you for joining us and for your interest in American Express.

那麼，我們將結束本次電話會議。感謝各位加入並關注美國運通。

Thank you. This concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。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。