美國運通 (AXP) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the American Express Q1 2022 Earnings Call. (Operator Instructions) As a reminder, today's call is being recorded.

女士們，先生們，謝謝你們的支持。歡迎參加美國運通 2022 年第一季度財報電話會議。 （操作員說明）作為提醒，今天的通話正在錄音中。

I would now like to turn the conference over to our host, Head of Investor Relations, Ms. Vivian Zhou. Please go ahead.

我現在想將會議轉交給我們的主持人，投資者關係主管 Vivian Zhou 女士。請繼續。

Thank you, Alan, 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，艾倫，謝謝大家參加今天的電話會議。提醒一下，在我們開始之前，今天的討論包含有關公司未來業務和財務業績的前瞻性陳述。這些是基於管理層當前的預期，並受到風險和不確定性的影響。可能導致實際結果與這些陳述產生重大差異的因素包含在今天的演示幻燈片和我們提交給 SEC 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.

今天的討論還包含非公認會計原則的財務措施。可比的 GAAP 財務指標包含在本季度的收益材料以及我們討論的前期收益材料中。所有這些都發佈在我們的網站 ir.americanexpress.com 上。

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 Jeff Campbell, Chief Financial Officer, will provide a more detailed review of our financial performance. After that, we move to Q&A on the results with both Steve and Jeff.

今天我們將從董事長兼首席執行官史蒂夫·斯奎裡開始，他將首先發表一些關於公司進展和成果的評論；然後首席財務官 Jeff Campbell 將對我們的財務業績進行更詳細的審查。之後，我們將與史蒂夫和傑夫一起對結果進行問答。

With that, let me turn it over to Steve.

有了這個，讓我把它交給史蒂夫。

Thanks, Vivian, and good morning, everyone. Welcome to our first quarter earnings call. At our Investor Day last month, we took you through a detailed discussion of our strategies for driving sustainable growth across our businesses and explained why we are confident we can achieve our growth plan aspirations for 2024 and beyond.

謝謝，薇薇安，大家早上好。歡迎來到我們的第一季度財報電話會議。在上個月的投資者日，我們詳細討論了我們推動業務可持續增長的戰略，並解釋了為什麼我們有信心實現 2024 年及以後的增長計劃目標。

As we said then, our confidence is based on 3 interrelated factors: the success of the strategy we've been pursuing over the past several years, which focuses on investing in our brand, customers, value propositions, coverage, technology and talent to build share, scale and relevance; the momentum we've been generating through the effective execution of that strategy; and a number of structural shifts in the payment industry that are contributing to our momentum.

正如我們當時所說，我們的信心基於三個相互關聯的因素：過去幾年我們一直追求的戰略的成功，該戰略側重於投資於我們的品牌、客戶、價值主張、覆蓋範圍、技術和人才，以建立分享、規模和相關性；我們通過有效執行該戰略而產生的勢頭；支付行業的一些結構性轉變為我們的發展勢頭做出了貢獻。

The strong first quarter results we announced today are tracking in line with our expectations for the full year despite the uncertain macro environment, and they reinforce our confidence in our ability to achieve our longer-term aspirations. For the quarter, revenues were $11.7 billion, up 29% year-over-year. And earnings were -- earnings per share were $2.73. These results reflect continued momentum in our core business in areas that are critical to sustainable long-term growth, including customer acquisition, engagement and retention as well as outstanding credit performance.

儘管宏觀環境不確定，但我們今天宣布的強勁第一季度業績符合我們對全年的預期，它們增強了我們對實現長期願望的能力的信心。本季度收入為 117 億美元，同比增長 29%。收益是-每股收益為2.73美元。這些結果反映了我們核心業務在對可持續長期增長至關重要的領域的持續發展勢頭，包括客戶獲取、參與和保留以及出色的信貸表現。

New proprietary card acquisitions remain at their strong pace, reaching 3 million this quarter, which continues to be driven by strong demand for our premium fee-based products, particularly among millennial and Gen Z consumers and small- and medium-sized businesses in the U.S. We had an all-time high in acquisitions of U.S. Consumer Platinum and Gold cards as well as U.S. Business Platinum Cards this quarter. Delta Card acquisitions reached an all-time monthly high in March, an indication of the growing demand for travel-related products and services.

新的專有卡收購保持強勁勢頭，本季度達到 300 萬張，這繼續受到對我們優質收費產品的強勁需求的推動，特別是在美國的千禧一代和 Z 世代消費者以及中小型企業中。本季度我們對美國消費者白金卡和金卡以及美國商務白金卡的收購量創歷史新高。 Delta Card 的購買量在 3 月份創下歷史新高，這表明對旅行相關產品和服務的需求不斷增長。

Regarding customer engagement, we look at a variety of indicators to measure progress. For example, Card Member engagement with our digital capabilities continues to grow, with daily active users across the web and mobile up double digits over last year. We're also seeing strong engagement with the new benefits we added to our recently refreshed Consumer Platinum Card, particularly among millennial and Gen Z card members, nearly half of whom have used at least one of the new travel and lifestyle benefits to date.

關於客戶參與度，我們著眼於各種指標來衡量進度。例如，卡會員對我們數字功能的參與度持續增長，網絡和移動設備上的每日活躍用戶比去年增長了兩位數。我們還看到我們在最近更新的消費者白金卡中添加的新福利的積極參與，特別是在千禧一代和 Z 世代卡會員中，其中近一半的人迄今為止至少使用了一項新的旅行和生活方式福利。

And we continue to see an acceleration in customer engagement with our Resy dining platform, including strong double-digit growth over the last quarter in a number of Amex cards on file and a number of restaurants participating in our global dining access program. March was one of Resy's best month on record for reservations, up nearly 16% over February.

我們繼續看到我們的 Resy 餐飲平台的客戶參與度在加速，包括在上個季度在存檔的一些美國運通卡和一些參與我們全球餐飲訪問計劃的餐廳中實現了兩位數的強勁增長。 3 月是 Resy 有記錄以來預訂量最好的月份之一，比 2 月增長了近 16%。

Ultimately, the key metric to gauge customer engagement is spending growth. Overall, billed business grew 35% in Q1 global year-over-year on an FX-adjusted basis, and we saw our highest volumes ever in March, surpassing our previous highest of December of 2021. Spending growth was led by the acceleration of volumes from millennial and Gen Z consumers, up 56%, and SME is up 30% on an FX-adjusted basis over last year.

最終，衡量客戶參與度的關鍵指標是支出增長。總體而言，經外匯調整後，全球第一季度的計費業務同比增長 35%，我們看到 3 月份的交易量創下歷史新高，超過了 2021 年 12 月的最高水平。支出增長是由交易量的加速推動的來自千禧一代和 Z 世代的消費者，增長了 56%，中小企業在外匯調整的基礎上比去年增長了 30%。

Goods and services spending continued to accelerate in the quarter, growing 21% on an FX-adjusted basis over last year. Travel and entertainment spending was up 121% globally on an FX-adjusted basis year-over-year, driven by strong growth in consumer travel spending.

本季度商品和服務支出繼續加速，經外匯調整後比去年增長 21%。在消費者旅行支出強勁增長的推動下，全球旅行和娛樂支出經外匯調整後同比增長 121%。

Customer retention remains at the very high levels I mentioned at Investor Day, an indication of the value our customers continue to place on Amex membership. A major contributor to our success across all of these areas is the ongoing expansion of many partnerships, which go well beyond our large strategic partners like Delta, Hilton and Amazon.

客戶保留率仍然保持在我在投資者日提到的非常高的水平，這表明我們的客戶繼續重視美國運通會員資格。我們在所有這些領域取得成功的一個主要因素是許多合作夥伴的持續擴展，這些合作夥伴遠遠超出了我們的大型戰略合作夥伴，如達美、希爾頓和亞馬遜。

We continue to extend relationships with a variety of companies that are adding differentiated value to our membership model. For example, last week, we announced a new financial advice service with Vanguard, exclusive for our U.S. Consumer Card members, which brings together Vanguard's digital financial planning and investment management expertise with our industry-leading membership rewards.

我們繼續與各種為我們的會員模式增加差異化價值的公司擴展關係。例如，上週，我們宣布與 Vanguard 合作推出一項新的財務諮詢服務，專為我們的美國消費卡會員提供，該服務將 Vanguard 的數字財務規劃和投資管理專業知識與我們行業領先的會員獎勵相結合。

This is just the latest example of how we're expanding our value propositions beyond their traditional card offerings to meet more of our customers' financial and lifestyle needs. In addition, we're accelerating our focus on fintechs to drive more innovation, including our new partnership with i2c, which will enable fintechs to more seamlessly and quickly issue new products on the American Express network.

這只是我們如何將我們的價值主張擴展到其傳統卡產品之外的最新示例，以滿足更多客戶的財務和生活方式需求。此外，我們正在加快對金融科技的關注，以推動更多創新，包括我們與 i2c 的新合作夥伴關係，這將使金融科技能夠更加無縫、快速地在美國運通網絡上發布新產品。

We also continue to make progress on our ESG initiatives, which are important components of our overall business strategy, because we recognize that when our customers, communities and colleagues thrive, so does our company. On a diversity equity inclusion front, we are more than 3/4 away towards our goal of investing $1 billion in a wide range of actions by 2024, including increasing spend with diverse suppliers, providing resources and financial assistance to minority-owned SMEs in the U.S. and maintaining pay equity across genders globally and ethnicities in the U.S., among other efforts.

我們還繼續在 ESG 舉措上取得進展，這是我們整體業務戰略的重要組成部分，因為我們認識到，當我們的客戶、社區和同事蓬勃發展時，我們的公司也會蓬勃發展。在多元化股權包容性方面，我們距離我們到 2024 年投資 10 億美元用於廣泛行動的目標還有 3/4 以上，包括增加對多元化供應商的支出，為少數族裔擁有的中小企業提供資源和財政援助以及在美國保持全球性別和種族之間的薪酬平等，以及其他努力。

Our DEI progress was cited as one of the key reasons, along with our flexible work policies, for our #8 ranking on Fortune's 2022 list of the Best U.S. Companies to Work For, which was announced last week. This is the third consecutive year we've been in the top 10, which helps us attract and retain talent.

我們的 DEI 進展與我們靈活的工作政策一起被認為是我們在上周公布的《財富》2022 年最佳美國公司名單中排名第 8 的關鍵原因之一。這是我們連續第三年進入前 10 名，這有助於我們吸引和留住人才。

And we recently announced a series of initiatives coinciding with Earth month that are designed to engage our customers, community partners and colleagues in our climate efforts, including the goal of significantly expanding the use of recycled plastic in our card products. These initiatives build on the work we've already done and continue our efforts to reduce our own carbon footprint, including our commitment to net-zero carbon emissions by 2035.

我們最近宣布了一系列與地球月同步的舉措，旨在讓我們的客戶、社區合作夥伴和同事參與我們的氣候工作，包括在我們的卡片產品中顯著擴大再生塑料使用的目標。這些舉措以我們已經完成的工作為基礎，並繼續努力減少我們自己的碳足跡，包括我們到 2035 年實現淨零碳排放的承諾。

In summary, with this solid start to the year and the continued tailwinds we expect from the ongoing recovery from the pandemic, we're reaffirming our full year guidance of delivering revenue growth in the range of 18% to 20% and earnings per share of between $9.25 and $9.65. Furthermore, we remain confident that successful execution of our strategy will position us well as we seek to achieve our long-term growth plan aspirations of revenue growth in excess of 10% and mid-teens EPS growth in 2024 and beyond.

總而言之，憑藉今年的良好開端以及我們預計從大流行中持續復甦的持續順風，我們重申我們的全年指導，即實現收入增長 18% 至 20% 和每股收益在 9.25 美元到 9.65 美元之間。此外，我們仍然相信，成功執行我們的戰略將使我們處於有利地位，因為我們尋求實現我們的長期增長計劃，即在 2024 年及以後實現收入增長超過 10% 和 10% 左右的每股收益增長。

I'll now turn it over to Jeff for a deeper dive on the quarter. Thank you.

我現在將把它交給傑夫，以便對本季度進行更深入的了解。謝謝你。

Well, thank you, Steve, and good morning, everyone. It's great to be here to talk about our first quarter results, which reflect a solid start to 2022 and are tracking in line with the guidance we gave for the full year and with our aspiration to build growth momentum beyond 2022.

好吧，謝謝你，史蒂夫，大家早上好。很高興來到這裡談論我們的第一季度業績，這反映了 2022 年的良好開端，並且符合我們為全年提供的指導以及我們在 2022 年以後建立增長勢頭的願望。

Starting with our summary financials on Slide 2. Most importantly, our first quarter revenues were $11.7 billion, up 31% on an FX-adjusted basis, consistent with the momentum we have built and our longer-term growth aspirations. Our reported first quarter net income was $2.1 billion, with earnings per share of $2.73.

從幻燈片 2 上的財務摘要開始。最重要的是，我們第一季度的收入為 117 億美元，經外匯調整後增長 31%，與我們建立的勢頭和我們的長期增長願望一致。我們報告的第一季度淨收入為 21 億美元，每股收益為 2.73 美元。

As you know, year-over-year comparisons of net income have been challenging for the industry over the past 2 years due to the volatility that the pandemic has caused in credit reserve adjustments. For that reason, we thought it would be a helpful supplemental disclosure this quarter to include our pretax pre-provision income. That number was $2.7 billion in the first quarter, up 16% versus the comparable number in 2021, reflecting growth in our core earnings.

如您所知，由於大流行導致信貸準備金調整的波動性，過去 2 年該行業的淨收入同比比較一直具有挑戰性。出於這個原因，我們認為在本季度將我們的稅前撥備收入包括在內將是一個有用的補充披露。第一季度這一數字為 27 億美元，與 2021 年的可比數字相比增長 16%，反映了我們核心收益的增長。

So now let's get into a little more detailed look at our results, starting with volumes. As you can see in our slides, we have mostly gone back to reporting our volumes on a year-over-year basis, moving away from the comparisons to 2019 that we have done in recent quarters. We think that returning to a focus on year-over-year comparison gives you a better view of the momentum we have built and the momentum we are seeking to maintain as we look towards our longer-term growth objectives.

所以現在讓我們更詳細地看看我們的結果，從數量開始。正如您在我們的幻燈片中看到的那樣，我們大部分時間都回到了同比報告我們的交易量，而不是我們最近幾個季度所做的與 2019 年的比較。我們認為，重新關注同比比較可以讓您更好地了解我們在實現長期增長目標時所建立的勢頭以及我們正在尋求保持的勢頭。

Starting on Slide 3. Total network volumes and billed business were both up over 30% year-over-year in the first quarter on an FX-adjusted basis, strengthening further from the strong growth rates seen in the past few quarters and, as Steve highlighted, intra-quarter. While Omicron slowed growth in January and early February, we then saw a strong acceleration into March, with that month achieving our highest-ever level of monthly billed business.

從幻燈片 3 開始。第一季度，經外匯調整的總網絡量和計費業務均同比增長 30% 以上，在過去幾個季度的強勁增長率基礎上進一步加強，正如史蒂夫突出顯示，季度內。雖然 Omicron 在 1 月和 2 月初放緩了增長，但我們看到 3 月的增長強勁，當月實現了我們有史以來最高的月度賬單業務水平。

And I would point out that the majority of this high level of growth was driven by the momentum we have built and the number of transactions flowing through our network, with only a modest impact from inflation. Now as I talked about at our Investor Day last month and as Slide 4 reiterates, the majority of our billed business is spending on goods and services from our consumer and small and medium-sized enterprise customers.

我要指出，這種高水平增長的大部分是由我們建立的勢頭和流經我們網絡的交易數量推動的，通脹影響不大。現在，正如我在上個月的投資者日和幻燈片 4 所重申的那樣，我們的大部分計費業務都用於購買消費者和中小型企業客戶的商品和服務。

And as you can see on Slide 5, goods and services spending remained robust in the first quarter, with year-over-year growth reaching 21%, slightly above the 2021 exit rate. This momentum is from strong growth in online and card-not-present spending that continued in the first quarter even as offline spending growth strengthened, demonstrating the effect of the structural shift in online commerce that we've seen accelerated by the pandemic.

正如您在幻燈片 5 中看到的那樣，第一季度商品和服務支出保持強勁，同比增長達到 21%，略高於 2021 年的退出率。這一勢頭來自第一季度在線和無卡消費的強勁增長，儘管線下支出增長加強，這表明我們看到大流行加速了在線商務結構轉變的影響。

And while T&E spending is a smaller portion of our total billings, you see on Slide 6 that it is now strongly supporting our growth momentum, with overall T&E spending growing 121% year-over-year. T&E spending did show a dip in January and early February due to the Omicron variant, but spending then rebounded tremendously, reflecting pent-up travel demand and essentially reached 2019 levels for the first time since the start of the pandemic in the month of March. And this kind of T&E spending growth has continued right into early April.

雖然 T&E 支出占我們總賬單的一小部分，但您在幻燈片 6 上看到它現在有力地支持了我們的增長勢頭，整體 T&E 支出同比增長 121%。由於 Omicron 變體，T&E 支出在 1 月和 2 月初確實出現了下降，但隨後支出大幅反彈，反映出被壓抑的旅行需求，自 3 月份大流行開始以來首次基本達到 2019 年的水平。這種 T&E 支出增長一直持續到 4 月初。

When you then break these spending trends down across our Consumer and Commercial businesses, as we begin to do on Slide 7, there are a few other key points I'd suggest you take fully. First, our millennial and Gen Z customers continue to drive our highest consumer growth, with their spending up 56% year-over-year and spending growth from all other age cohorts increasing as well in the quarter.

然後，當您在我們的消費者和商業業務中分解這些支出趨勢時，正如我們在幻燈片 7 中開始所做的那樣，我建議您充分考慮其他一些關鍵點。首先，我們的千禧一代和 Z 世代客戶繼續推動我們最高的消費者增長，他們的支出同比增長 56%，所有其他年齡段的支出增長也在本季度增長。

Also of note, global consumer T&E volumes overall were back above 2019 levels as of the first quarter, led by the growth in the U.S. Second, our Commercial businesses' strategic focus on helping SME clients run their businesses continues to drive strong growth in overall SME spending, up 30% in the first quarter, with acceleration in growth across both the U.S. and international.

另外值得注意的是，在美國增長的帶動下，截至第一季度，全球消費者差旅費總量已回升至 2019 年水平以上。其次，我們的商業業務戰略重點是幫助中小企業客戶開展業務，繼續推動整體中小企業的強勁增長第一季度的支出增長了 30%，美國和國際的增長都在加速。

While a smaller part of our overall growth is in this segment, I would point out that our large and global corporate clients have begun to show signs of business travel recovery, especially in the latter part of the quarter, with a year-over-year growth rate for the quarter of 42%. So overall, we are pleased with the growth momentum we see across the board in our spending volumes, which is tracking in line with our expectations for both the year and for our long-term expectations.

雖然我們整體增長的一小部分來自這一領域，但我要指出的是，我們的大型和全球企業客戶已經開始顯示出商務旅行複甦的跡象，尤其是在本季度的後半部分，同比增長本季度增長率為 42%。因此，總體而言，我們對支出量的全面增長勢頭感到滿意，這符合我們對今年和長期預期的預期。

As you then move to receivable and loan balances on Slide 9, you see that our growth momentum has brought our ending loan balances roughly back to pre-pandemic levels in this quarter. As I said at Investor Day, the interest-bearing portion of our loan balances also continues to increase quarter-over-quarter, but is still below 2019 levels as paydown rates remain elevated due to the liquidity and strength amongst our customer base.

當您在幻燈片 9 上轉到應收賬款和貸款餘額時，您會看到我們的增長勢頭使我們的期末貸款餘額在本季度大致恢復到大流行前的水平。正如我在投資者日所說，我們貸款餘額的計息部分也繼續環比增加，但仍低於 2019 年的水平，因為由於我們客戶群的流動性和實力，還款率仍然較高。

This liquidity and strength is also, of course, evident as you turn to credit and provision on Slides 10 through 12, as we continue to see extremely strong credit performance. Card Member loans and receivables write-off and delinquency rates remain well below pre-pandemic levels and in line with our expectations, but they did tick up a bit this quarter. As you then turn to the accounting for this credit performance, you will see that this quarter, we released a large part of the remaining credit reserves we built to capture the significant uncertainty of the pandemic, which lacked a comparable precedent.

當然，當您轉向幻燈片 10 至 12 上的信貸和撥備時，這種流動性和實力也很明顯，因為我們繼續看到極其強勁的信貸表現。卡會員貸款和應收賬款核銷和拖欠率仍遠低於大流行前的水平，符合我們的預期，但本季度確實有所上升。然後，當您轉向對這種信貸業績的會計處理時，您會看到本季度，我們釋放了大部分剩餘信貸儲備，以應對缺乏可比先例的大流行的重大不確定性。

As we have seen a sustained recovery from the pandemic-driven economic shutdowns, we have been able to reduce pandemic-driven reserves. While there clearly is still plenty of uncertainty today related to the current geopolitical and inflationary environment, we believe that our CECL models are better able to capture our expected credit risk related to these uncertainties to determine the appropriate level of reserves required. Our strong credit performance, combined with the adjustment to our reserves, drove a $33 million provision expense benefit for the first quarter as the low write-offs were fully offset by the net reserve release, as shown on Slide 11.

由於我們已經從大流行驅動的經濟停工中看到持續復甦，我們已經能夠減少大流行驅動的儲備。儘管目前的地緣政治和通脹環境顯然仍然存在很多不確定性，但我們相信我們的 CECL 模型能夠更好地捕捉與這些不確定性相關的預期信用風險，以確定所需的適當準備金水平。如幻燈片 11 所示，我們強勁的信貸表現，加上對儲備金的調整，推動了第一季度 3300 萬美元的撥備費用收益，因為低沖銷完全被淨儲備金釋放所抵消。

As you see on Slide 12, we ended the first quarter with $3.1 billion of reserves, representing 3.3% of our loan balances and 0.1% of our Card Member receivable balances, respectively. This is well below the reserve levels we had pre-pandemic, given the strong credit performance we've seen.

正如您在幻燈片 12 中看到的那樣，我們在第一季度末的準備金為 31 億美元，分別占我們貸款餘額的 3.3% 和我們的卡會員應收餘額的 0.1%。鑑於我們看到的強勁信貸表現，這遠低於我們大流行前的儲備水平。

Going forward, as loan balances, especially the interest-bearing portion of loan balances, build more meaningfully, we expect delinquency and loss rates to continue to slowly move up over time but remain below pre-pandemic levels this year. We would also expect to end the year with a higher level of reserves on our balance sheet than where we ended this quarter, although there could be some quarterly volatility in reserve adjustments throughout the year.

展望未來，隨著貸款餘額，尤其是貸款餘額的計息部分的建設更加有意義，我們預計拖欠率和損失率將隨著時間的推移繼續緩慢上升，但今年仍將低於大流行前的水平。我們還預計年底資產負債表上的準備金水平將高於本季度末的水平，儘管全年準備金調整可能會出現一些季度波動。

As we move to revenue on Slide 13, I do need to explain some changes we've made to our revenue reporting before moving on to results. As a reminder, we began reporting processed volumes in the first quarter of last year to better differentiate between volume and cards we issue versus those where we play more of a network role. For added transparency, we now have moved all of the revenues associated with these volumes out of discount revenue, other fees and commissions and other revenue and combined them into a newly created line called processed revenue, which you can then match up against our processed volumes.

當我們在幻燈片 13 上轉向收入時，我確實需要解釋我們對收入報告所做的一些更改，然後再轉向結果。提醒一下，我們在去年第一季度開始報告處理的數量，以更好地區分我們發行的數量和卡片與我們扮演更多網絡角色的卡片。為了增加透明度，我們現在已將與這些交易量相關的所有收入從折扣收入、其他費用和佣金以及其他收入中移出，並將它們合併到一個新創建的稱為已處理收入的行中，然後您可以將其與我們的已處理量進行匹配.

We have also consolidated the remaining balances from other fees and commissions and other revenue into one line named service fees and other revenue, with the largest components of this line item being service fees earned from merchants like those generated by our Loyalty Coalition business and foreign currency-related revenues such as FX conversion fees. This revenue line was up strong with 42% growth year-over-year in the first quarter, as you will see on the next slide. This growth was primarily driven by the uptick we have seen in travel-related revenues.

我們還將其他費用和佣金以及其他收入的剩餘餘額合併到一個名為服務費和其他收入的行中，該行項目的最大組成部分是從商家那裡賺取的服務費，例如我們的忠誠度聯盟業務和外幣產生的服務費- 相關收入，例如外匯兌換費。正如您將在下一張幻燈片中看到的那樣，該收入線在第一季度同比增長 42% 強勁增長。這種增長主要是由我們看到的旅遊相關收入的增長推動的。

And as I said at Investor Day, we expect this to be a pandemic recovery tailwind throughout this year. You will see we have recast prior periods in the disclosures that accompany our earnings release. A description of these reporting changes and definitions for key terms will also be included in our Form 10-Q.

正如我在投資者日所說的那樣，我們預計這將成為今年全年的大流行複蘇順風。您會看到我們在收益發布隨附的披露中重新調整了之前的期間。這些報告變更和關鍵術語定義的描述也將包含在我們的 10-Q 表中。

With these changes out of the way, let's move to our actual revenue performance beginning on Slide 14. Total revenues were up 29% year-over-year in the first quarter, with broad-based revenue growth across all lines. Our largest revenue line, discount revenue, grew 38% year-over-year in Q1 on an FX-adjusted basis, as you can see on Slide 15.

隨著這些變化的結束，讓我們從幻燈片 14 開始討論我們的實際收入表現。第一季度總收入同比增長 29%，所有產品線的收入都實現了廣泛的增長。正如您在幻燈片 15 中看到的那樣，我們最大的收入線，即折扣收入，在外匯調整後的第一季度同比增長 38%。

This growth was driven by both our sustained growth in goods and services spending and continued recovery of T&E spending. Net card fee revenues were up 16% year-over-year in the first quarter on an FX-adjusted basis, with growth reaccelerating versus the 10% to 11% growth rate seen in 2021, as you can see on Slide 16.

這一增長是由我們的商品和服務支出的持續增長以及差旅費支出的持續復甦推動的。經外匯調整後，第一季度淨卡費收入同比增長 16%，與 2021 年 10% 至 11% 的增長率相比，增長重新加速，如幻燈片 16 所示。

As I said at Investor Day, this growth is largely driven by bringing new accounts onto our fee-paying products as a result of the investments we've made in our premium value propositions and the continued attractiveness of those value propositions to both prospects and existing customers. This quarter, we acquired 3 million new cards with acquisitions of U.S. Consumer and U.S. Business Platinum Card members reaching record high, as Steve noted earlier, demonstrating great demand for our products, especially our premium fee-based products.

正如我在投資者日所說的那樣，這種增長主要是通過將新賬戶引入我們的付費產品來推動的，這是我們對優質價值主張的投資以及這些價值主張對潛在客戶和現有客戶的持續吸引力的結果顧客。正如史蒂夫早些時候指出的那樣，本季度，我們收購了 300 萬張新卡，美國消費者和美國商業白金卡會員的收購量達到了歷史新高，這表明對我們的產品，尤其是我們的收費收費產品的巨大需求。

Moving on to net interest income. On Slide 17, you will see that it surpassed 2019 levels for the first time this quarter, mainly driven by lower interest expense, in part due to our increased mix of deposits, which is generally our lowest-cost funding source, particularly in today's rising rate environment. First quarter year-over-year net interest income growth of 20%, while very strong, remains slower than the growth in our lending AR as revolving loan balances continue to rebuild. And so we expect net interest income to be a pandemic recovery tailwind to our revenue growth in 2022.

轉到淨利息收入。在幻燈片 17 上，您將看到本季度首次超過 2019 年的水平，這主要是由於利息費用降低，部分原因是我們的存款組合增加，這通常是我們成本最低的資金來源，特別是在今天的上升率環境。第一季度淨利息收入同比增長 20%，雖然非常強勁，但仍低於我們的貸款 AR 的增長，因為循環貸款餘額繼續重建。因此，我們預計淨利息收入將成為我們 2022 年收入增長的大流行複蘇順風。

To sum up, on revenues on Slide 18, we're tracking well against our expectations. And looking forward, we still expect to see revenue growth of 18% to 20% for the full year of 2022.

總而言之，就幻燈片 18 的收入而言，我們的表現與我們的預期相符。展望未來，我們仍預計 2022 年全年收入將增長 18% 至 20%。

So all of the revenue momentum we just discussed was driven by the investments we've been making in marketing, value propositions, coverage, technology and talent. And those investments show up across the expense lines you see on Slide 19.

因此，我們剛剛討論的所有收入勢頭都是由我們在營銷、價值主張、覆蓋範圍、技術和人才方面的投資推動的。這些投資顯示在您在幻燈片 19 上看到的費用項目中。

Starting with variable customer engagement expenses, the strong spending growth and customer engagement that Steve discussed earlier is driving the growth in these expenses lines. In total, these costs came in at 41% of total revenues for the first quarter and are tracking in line with our expectations for variable customer engagement costs to enter around 42% of total revenues for the full year.

從可變的客戶參與費用開始，史蒂夫之前討論的強勁支出增長和客戶參與正在推動這些費用項目的增長。總的來說，這些成本佔第一季度總收入的 41%，並且符合我們對可變客戶參與成本的預期，佔全年總收入的 42% 左右。

On the marketing line, we invested $1.2 billion in the first quarter, on track with our expectation to spend around $5 billion in 2022. We feel really good about the strong momentum of our new card acquisitions, as I talked about earlier, and more importantly, about the revenues from those acquisitions, which is trending significantly higher than what we saw pre-pandemic. We continue to see great demand for our products across a wide range of attractive investment opportunities even beyond those we are currently funding.

在營銷方面，我們在第一季度投資了 12 億美元，預計 2022 年將花費約 50 億美元。正如我之前所說，我們對新卡收購的強勁勢頭感到非常滿意，更重要的是，關於這些收購的收入，其趨勢明顯高於我們在大流行前看到的。我們繼續看到對我們產品的巨大需求，包括各種有吸引力的投資機會，甚至超出了我們目前正在資助的那些機會。

Moving to the bottom of Slide 19. Operating expenses were $3.1 billion in the first quarter, tracking with our expectation to spend a bit over $12 billion for the full year. While OpEx was up 26% year-over-year this quarter, it is important to note that we were growing over a benefit of $384 million in net mark-to-market gains in our Amex Ventures strategic investment portfolio from the first quarter of last year included in the OpEx line.

移動到幻燈片 19 的底部。第一季度的運營費用為 31 億美元，與我們預計全年支出略高於 120 億美元的預期相符。儘管本季度 OpEx 同比增長 26%，但值得注意的是，自去年第一季度以來，我們的 Amex Ventures 戰略投資組合的按市值計價淨收益已超過 3.84 億美元。包含在 OpEx 行中的年份。

I would point out that while I said earlier that inflation is having some modest positive impact on volumes, it is also putting some pressure on our operating expenses, but we'll have to wait to see how material any impact might be for the full year. In any event, I still expect to have far less growth in OpEx compared to revenues and see these costs as a key source of leverage.

我要指出，雖然我之前說過通貨膨脹對銷量產生了一些適度的積極影響，但它也給我們的運營費用帶來了一些壓力，但我們必須等待看看對全年的任何影響有多大.無論如何，與收入相比，我仍然預計 OpEx 的增長要少得多，並將這些成本視為槓桿的關鍵來源。

Turning next to capital on Slide 20, we returned $1.9 billion of capital to our shareholders in the first quarter, including common stock repurchases of $1.5 billion and $394 million in common stock dividends on the back of strong earnings generation. Our CET1 ratio was 10.4% at the end of the first quarter, within our target range of 10% to 11%. We plan to continue to return to shareholders the excess capital we generate while supporting our balance sheet growth.

在幻燈片 20 的資本旁邊，我們在第一季度向股東返還了 19 億美元的資本，其中包括 15 億美元的普通股回購和 3.94 億美元的普通股股息，這是由於強勁的盈利產生。第一季度末，我們的 CET1 比率為 10.4%，在我們 10% 至 11% 的目標範圍內。我們計劃在支持資產負債表增長的同時，繼續將我們產生的多餘資本返還給股東。

That brings me to our growth plan on Slide 21, and then we'll open up the call for your questions. For the full year 2022, we are reaffirming our guidance of having revenue growth of 18% to 20% and earnings per share between $9.25 and $9.65. We continue to expect the amount of our volumes, revenues and core earnings to sequentially strengthen throughout the year, driven in part by our pandemic recovery tailwinds.

這讓我想到了幻燈片 21 上的增長計劃，然後我們將打開電話詢問您的問題。對於 2022 年全年，我們重申我們的指導意見，即收入增長 18% 至 20%，每股收益在 9.25 美元至 9.65 美元之間。我們繼續預計我們的銷量、收入和核心收益將在全年連續增加，部分原因是我們的大流行複蘇順風。

As I mentioned earlier, there's clearly uncertainty as it relates to the current geopolitical and inflationary environment. As we sit here today, despite that uncertainty, the combination of our investments, successful execution of our strategy and a number of structural shifts have all come together to deliver our strong first quarter results and build growth momentum. We remain committed to executing against our new growth plan and running the company with a focus on achieving our aspiration of delivering revenue growth in excess of 10% and mid-teens EPS growth on a sustainable basis in 2024 and beyond.

正如我之前提到的，與當前的地緣政治和通貨膨脹環境有關，顯然存在不確定性。就在我們今天坐在這裡的時候，儘管存在不確定性，但我們的投資、戰略的成功執行以及一系列結構性轉變共同促成了我們強勁的第一季度業績並建立了增長勢頭。我們仍然致力於執行我們的新增長計劃並運營公司，重點是實現我們的願望，即在 2024 年及以後實現收入增長超過 10% 和 10% 左右的可持續每股收益增長。

And with that, I'll turn the call back over to Vivian.

有了這個，我會把電話轉回給 Vivian。

Thank you, Jeff. Before we open up the lines for Q&A, I will ask those in the queue to please limit yourself to just 1 question. Thank you for your cooperation. And with that, the operator will now open up the line for questions. Alan?

謝謝你，傑夫。在我們開放問答線路之前，我會要求排隊的人將自己限制在 1 個問題上。謝謝您的合作。有了這個，運營商現在將打開問題線。艾倫?

Our first question will come from the line of Sanjay Sakhrani with KBW.

我們的第一個問題將來自 KBW 的 Sanjay Sakhrani。

Obviously, the T&E rebound is happening at a brisk pace despite some of these lingering concerns on COVID cases, economic weakness. Jeff, you mentioned large corporate also that recently saw a strong rebound recently. Could you talk about how much of the volume rebound is being driven by unit demand versus sort of inflationary pressures? And how worried are you or your corporate clients about some of these issues like supply chain constraints and the economic concerns?

顯然，儘管對 COVID 病例和經濟疲軟存在一些揮之不去的擔憂，但 T&E 的反彈正在以輕快的速度發生。傑夫，您提到最近也出現了強勁反彈的大型企業。您能否談談單位需求與某種通脹壓力在多大程度上推動了銷量反彈？您或您的企業客戶對供應鏈限制和經濟問題等一些問題有多擔心？

So let me start, and Jeff can maybe add some color as well. But this is not being driven by inflation. Try and book a flight. So that's not inflation. Now that doesn't mean that the airline prices are not a little bit higher. But not just for T&E, but just for the overall business, transactions are up. We had billings up 35%. That's not sort of driven all by inflation. We don't have 35% of inflation.

所以讓我開始吧，傑夫也可以添加一些顏色。但這並不是由通貨膨脹驅動的。嘗試預訂航班。所以這不是通貨膨脹。現在這並不意味著航空公司的價格不會高一點。但不僅對於 T&E，而且對於整體業務，交易量都在增加。我們的賬單增長了 35%。這並不是完全由通貨膨脹驅動的。我們沒有 35% 的通貨膨脹率。

But as far as travel goes, you have to realize, people have not been traveling for probably 2 years. There's a tremendous pent-up demand for travel. I mean, our bookings, just from a consumer perspective, on a global basis, we're up about 38% -- 37%. In the U.S., they were up 48%. And that's not over last year, that's over 2019.

但就旅行而言，你必須意識到，人們可能已經有 2 年沒有旅行了。有一個巨大的被壓抑的旅行需求。我的意思是，僅從消費者的角度來看，我們的預訂量在全球範圍內增長了約 38% - 37%。在美國，他們上漲了 48%。去年還沒有結束，2019年已經過去了。

So people are looking to get out there and travel. And I think that's what's driving us. That is not -- it is not inflation-driven when we look at that T&E number. The other thing, I think, is important with the T&E number, 121% is a great number, but also let's put it in context. Is 121% over last year? It's not 121% over 2019. So we're not all the way back. Consumer's back, but we're not all the way back.

因此，人們希望走出去旅行。我認為這就是我們的動力。那不是 - 當我們查看那個 T&E 數字時，它不是通貨膨脹驅動的。我認為另一件事對 T&E 數字很重要，121% 是一個很好的數字，但也讓我們把它放在上下文中。比去年高出 121%？這不是 2019 年的 121%。所以我們並沒有完全回來。消費者回來了，但我們並沒有完全回來。

As far as large corporations go -- and we're seeing it in our own company. People are looking to get out and not only gather with their own colleagues, but they're also looking to get out and meet with customers. You're seeing conferences come back and so forth. And so I know, in our own company, we are getting together as a senior management team, our top 100, 150 people. We have some sales meetings that are going on because people have not seen each other as well as you're seeing customers opening up their offices.

就大公司而言——我們在自己的公司中看到了這一點。人們希望走出去，不僅與自己的同事聚會，而且還希望走出去與客戶會面。你會看到會議回來等等。所以我知道，在我們自己的公司，我們作為一個高級管理團隊聚集在一起，我們的前 100、150 人。我們正在舉行一些銷售會議，因為人們還沒有見過面，而您看到的客戶正在打開他們的辦公室。

And I think as far as COVID affecting all of this, I think we are starting to learn to live with this. The reality is COVID is not something, I think, we've all learned that is going away. We'll wind up dealing with this as we deal with the flu, as we deal with [strepto], as we deal with other viruses. People will continue to get -- have colds and get sick and off we'll go. But I think the world is opening back up at this point, and people are excited to go out and see the world again, both from a business perspective and from a consumer perspective.

而且我認為，就影響所有這一切的 COVID 而言，我認為我們開始學會忍受這種情況。現實是 COVID 不是什麼東西，我認為，我們都知道它正在消失。我們將在處理流感、處理 [strepto] 和處理其他病毒時處理這個問題。人們將繼續得到 - 感冒和生病，我們會離開。但我認為此時世界正在重新開放，無論從商業角度還是從消費者角度來看，人們都很興奮能夠再次走出去看看這個世界。

Yes. The only thing I would briefly add, Sanjay, is when you think about travel and entertainment spend, some of that increase is not so much inflation as it is a return to people buying more front of airplane or high-end hotel or high-end restaurant oriented. Some of that is the business travel rebound where your average business travel purchase is, of course, much higher than the average consumer purchase.

是的。桑傑，我唯一要簡單補充的一點是，當您考慮旅行和娛樂支出時，其中一些增長與其說是通貨膨脹，不如說是人們在飛機前或高端酒店或高端購買更多的回報以餐廳為導向。其中一些是商務旅行的反彈，您的平均商務旅行購買量當然遠高於消費者的平均購買量。

The other comment I'd make going forward is there's certainly lots of uncertainty in the world. But when you look at everything we see in our actual results and business, you just can't really see any sign of weakness that that's causing as of today.

我接下來要發表的另一條評論是，世界上肯定存在很多不確定性。但是，當您查看我們在實際結果和業務中看到的所有內容時，您就無法真正看到今天造成的任何疲軟跡象。

Our next question will come from the line of Mihir Bhatia with Bank of America.

我們的下一個問題將來自美國銀行的 Mihir Bhatia。

A lot has changed since guidance was initially set. And I am curious if you could maybe just talk about how your plans for the year have been evolving since they were established. Are there areas that made sense to lean into now versus what you had thought coming into the year versus maybe pulling back in others? Like, I guess, I'm just trying to understand the flexibility in the model, particularly on the expense side in terms of as things change, what's changing under the hood even as you maintain guidance? Maybe just give us a flavor of that.

自最初設定指導以來，發生了很多變化。我很好奇你是否可以談談你今年的計劃自製定以來是如何演變的。現在有哪些值得關注的領域，而不是你認為進入這一年的領域，而不是可能撤回其他領域？就像，我想，我只是想了解模型的靈活性，特別是在費用方面，隨著事情的變化，即使你保持指導，引擎蓋下發生了什麼變化？也許只是給我們一個味道。

Yes. I think as far as flexibility, I think -- we demonstrated we have tremendous flexibility during the pandemic, especially as that related to our marketing expenditures. And obviously, as consumers and business travelers didn't use -- caused -- our Card Member services, you saw flexibility there. So that -- so those things we do have some control over.

是的。我認為就靈活性而言，我認為——我們證明了我們在大流行期間具有巨大的靈活性，尤其是在與我們的營銷支出相關的靈活性方面。很明顯，由於消費者和商務旅行者沒有使用——導致——我們的卡會員服務，您在那裡看到了靈活性。所以——所以我們確實可以控制這些事情。

But -- as far as the plan and the guidance that we have, we feel really comfortable where we are from a $9.25 to $9.65. But more importantly, I think we feel comfortable on what we are doing day by day to make sure that we are in line with tracking what our 2024 growth aspirations, which is a sustainable 10% revenue and mid-teens EPS. And that's how we're running the company.

但是 - 就我們所擁有的計劃和指導而言，我們覺得從 9.25 美元到 9.65 美元的價格真的很舒服。但更重要的是，我認為我們對每天所做的事情感到滿意，以確保我們符合 2024 年的增長目標，即可持續的 10% 收入和十幾歲的每股收益。這就是我們經營公司的方式。

As far as what we see under the hood, we see, as Jeff mentioned, a range of good investment opportunities. And you have to understand, when we see investment opportunities from a card acquisition perspective, they are here today and gone tomorrow. So if you don't act on them, you don't get them.

就我們所看到的幕後情況而言，正如傑夫所說，我們看到了一系列良好的投資機會。你必須明白，當我們從卡片獲取的角度看到投資機會時，它們今天就在這裡，明天就會消失。所以如果你不採取行動，你就不會得到它們。

And so we will continue to drive value, shareholder value, by continuing to invest in the business and to grow the business for the medium to the long term. And that's been a strategy that's worked for us, and that is going to be how we're going to run it. But right now, if I was to look at the beginning of the year versus now, I'd probably see better investment opportunities today than I did with the plan.

因此，我們將通過繼續投資業務並在中長期內發展業務，繼續推動價值、股東價值。這是一個對我們有用的策略，這將是我們將如何運行它。但是現在，如果我看一下年初與現在的對比，我今天可能會看到比計劃時更好的投資機會。

But as we know, those investment opportunities, they pay back over time. And what they do is they set us up better for 2023 and for 2024. So we feel really good about the guidance. We feel really good about the underlying investments that we're making and will continue to make.

但正如我們所知，這些投資機會會隨著時間的推移而得到回報。他們所做的是讓我們在 2023 年和 2024 年做得更好。所以我們對指導感到非常滿意。我們對我們正在進行並將繼續進行的基礎投資感覺非常好。

The only sort of simple financial summary I'd put to that in here -- when we gave the guidance for our revenue ambitions, they're quite ambitious. We feel really good about the momentum we've built, but we have more investment opportunities, as I said in my remarks, than we probably anticipated, and maybe a little bit of pressure on costs from inflation. So all of those things, I think, position us really well to build momentum towards our long-term target of sustainable -- over 10% revenue growth.

我會在這裡給出的唯一一種簡單的財務摘要——當我們為我們的收入目標提供指導時，它們非常雄心勃勃。我們對我們建立的勢頭感覺非常好，但正如我在講話中所說，我們有更多的投資機會，比我們可能預期的要多，而且通脹可能對成本造成一點壓力。因此，我認為，所有這些事情都使我們能夠很好地為實現我們可持續的長期目標——收入增長超過 10%——建立動力。

Our next question will come from the line of John Pancari with Evercore ISI.

我們的下一個問題將來自與 Evercore ISI 的 John Pancari。

So given the expected Fed moves to cool the economy and tame inflation, what degree of slowing in network volumes or billed business volumes, let's go with, do you incorporate in your outlook? And then on the T&E side, I know you indicated it's up nicely and continues in April. How do you view this trend being as the Fed tightens and the economy cools through the year?

因此，鑑於預期美聯儲將採取行動為經濟降溫和抑制通脹，網絡量或計費業務量放緩到何種程度，讓我們一起來看看，您是否將其納入您的展望？然後在 T&E 方面，我知道你表示情況很好，並會在 4 月繼續。隨著美聯儲收緊政策和經濟全年降溫，您如何看待這一趨勢？

The general comment I'd make, John, is, as you know, we don't have in-house economists. So we tend to say we should run the economy and run our guide to run the business, run our guidance based on the macroeconomic consensus, which is not for there to be a recession. And the Fed will say that they are certainly focused on bringing inflation down without causing a recession. So that's what's built into our guidance, and that's how we're running the company.

約翰，我的一般評論是，如你所知，我們沒有內部經濟學家。因此，我們傾向於說我們應該運行經濟並運行我們的指南來運行業務，根據宏觀經濟共識運行我們的指導，這不是經濟衰退。美聯儲會說，他們肯定專注於在不引起衰退的情況下降低通脹。這就是我們的指導方針，這就是我們經營公司的方式。

I think as Steve pointed out earlier, we have clearly demonstrated over the last couple of years our ability to manage the company in a very agile way and react to a scenario that's different than what I just described. But in terms of our base level of planning, I don't think it's our role to second guess that general macroeconomic consensus.

我認為正如史蒂夫早些時候指出的那樣，在過去的幾年中，我們已經清楚地展示了我們以非常敏捷的方式管理公司並對與我剛才描述的情況不同的情況做出反應的能力。但就我們的基本計划水平而言，我認為我們的職責不是重新猜測普遍的宏觀經濟共識。

Our next question will come from the line of Betsy Graseck with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Betsy Graseck。

I wanted to just dig in a little bit on the loan growth and the card fee growth. As you indicated, the loan growth is -- still has room to run. So maybe -- and as well the impact on the NII. So maybe you could help us understand, is it the NII that's likely to accelerate here, but loan growth will be stabilizing? Or how are you thinking about that? And also how it relates to the card fees, which I noticed were up nicely in the quarter?

我想深入了解一下貸款增長和卡費增長。正如你所指出的，貸款增長——仍有運行空間。所以也許——以及對 NII 的影響。所以也許你可以幫助我們理解，是不是這裡的 NII 可能會加速，但貸款增長會趨於穩定？或者你是怎麼想的？以及它與信用卡費用的關係，我注意到這個季度很好？

Well, card fees are up because we continue to acquire more cards, and we're continuing to acquire. And I think we acquired -- 68% of the Consumer Cards we acquired were fee-based cards, which is still slightly below where we were, I think, pre-pandemic. So what is -- what is important to understand is our card -- the majority of our card fee growth comes from new cards that we acquire. So it doesn't just come from the fee increase, but we've also had a fee increase, which will come in over time. So we feel really good about where we are from a card fee perspective.

好吧，卡費上漲了，因為我們繼續獲得更多卡，而且我們還在繼續獲得。我認為我們獲得了——我們獲得的消費卡中有 68% 是收費卡，我認為這仍然略低於大流行前的水平。那麼什麼是 - 重要的是要了解我們的卡 - 我們的大部分卡費增長來自我們獲得的新卡。因此，它不僅來自費用增加，而且我們還增加了費用，這將隨著時間的推移而出現。因此，從卡費的角度來看，我們對自己所處的位置感覺非常好。

Let me just make one comment on sort of our overall loan growth, and then Jeff can get into the details. But the reality is, pre-pandemic, we were growing slightly faster than the industry. We tend to have a lower share of our Card Members' loan wallets than we do have their spending wallet. And our intent is to grow judiciously, but we will probably hope to get back to growing. And we are growing fast -- we are growing faster than the industry, but to get our balances back up. But I'll let Jeff comment on the rest.

讓我對我們的整體貸款增長發表一點評論，然後傑夫可以進入細節。但現實是，在大流行之前，我們的增長速度略快於行業。與我們的消費錢包相比，我們在卡會員的貸款錢包中所佔的份額往往較低。我們的意圖是明智地增長，但我們可能希望恢復增長。而且我們正在快速增長——我們的增長速度超過了整個行業，但要恢復我們的平衡。但我會讓傑夫評論其餘的。

Well, I'd just emphasize the financial implication, Steve, of what you just said, which is we are now, Betsy, growing those lending balances faster than the industry, and we absolutely expect that to continue. So there's a lot of runway for growth on the lending side. And because of quarters like we just had with a record level of new U.S. Platinum and Gold Cards on the consumer side and a record level of U.S. Business Platinums, I'd expect net card fee growth to probably accelerate even further from where it is.

好吧，史蒂夫，我只是強調你剛才所說的財務影響，那就是我們現在，貝齊，這些貸款餘額的增長速度超過了行業，我們絕對希望這種情況繼續下去。因此，貸款方面有很多增長空間。由於像我們剛剛在消費者方面擁有創紀錄水平的新美國白金卡和金卡以及美國商業白金卡的創紀錄水平的季度，我預計淨卡費用增長可能會進一步加速。

Our next question will come from Bill Carcache with Wolfe Research.

我們的下一個問題將來自 Wolfe Research 的 Bill Carcache。

So you've clearly navigated the pandemic exceptionally well, and your acceleration in investment spending couldn't have been better timed, as evidenced by your customer acquisition growth. But as you look ahead from here, I wanted to follow up on some of your earlier comments. Are you at all concerned over the risk that the Fed may be forced to actually push the economy into recession to tame inflation?

因此，您顯然已經非常出色地應對了這一流行病，而且您在投資支出方面的加速再合適不過了，您的客戶獲取增長就證明了這一點。但是，當您從這裡往前看時，我想跟進您之前的一些評論。您是否擔心美聯儲可能被迫實際將經濟推入衰退以抑制通貨膨脹的風險？

Does that give you any pause to be growing aggressively into that? I mean everything looks great now, but just would love to hear your thoughts a bit more on how about that risk. And maybe if you could help us understand how you think the Amex customer base would perform in that kind of environment.

這會讓你停下來積極成長嗎？我的意思是現在一切看起來都很好，但只是想听聽你對這種風險的看法。如果您能幫助我們了解您認為美國運通客戶群在這種環境下的表現，也許可以。

Well, we -- as I said earlier, we are always, in terms of our guidance, planning for macroeconomic consensus as -- while also making sure we're thinking about other possibilities. And certainly, Bill, is just one example. We are doing work today and making adjustments on the risk management side as we think about what the impact is of sustained levels of inflation at its current level on different aspects of our customer base because we want to make sure we're positioned from a risk perspective for that, although that is not the macroeconomic consensus. So I think we demonstrated over the last couple of years, again, our ability to be agile and manage through a downturn, should that happen. And we're trying to strike all those same balances right now.

好吧，我們——正如我之前所說，就我們的指導而言，我們總是在規劃宏觀經濟共識——同時確保我們正在考慮其他可能性。當然，比爾只是一個例子。我們今天正在開展工作，並在風險管理方面進行調整，因為我們要考慮當前水平的持續通脹水平對我們客戶群的不同方面的影響，因為我們希望確保我們能夠避免風險對此的看法，儘管這不是宏觀經濟共識。因此，我認為我們在過去幾年中再次展示了我們在經濟低迷時期保持敏捷和管理的能力，如果發生這種情況。我們現在正試圖達到所有這些相同的平衡。

We'll go next to the line of Mark DeVries with Barclays.

我們將與 Barclays 一起進入 Mark DeVries 的行列。

Steve, I think, in your prepared comments, you alluded to both the new partnership with Vanguard and also some really strong activity out of Resy. Could you just help us think through how kind of those 2 initiatives will -- what really impact the top line?

史蒂夫，我認為，在你準備好的評論中，你既提到了與 Vanguard 的新合作夥伴關係，也提到了 Resy 的一些非常強大的活動。您能否幫助我們思考一下這兩項舉措將如何 - 真正影響收入？

Well, I think, the way you got to think about both of these is we are constantly and continuously adding more benefits and more services to the card. When you look at both of those partnerships, they -- onto themselves, they do not drive top line growth. What they do, do though is they, in our mind, drive more engagement, drive more retention and give people more reason to want to be with the card.

嗯，我認為，你必須考慮這兩個方面的方式是我們不斷地不斷地為卡增加更多的好處和更多的服務。當您查看這兩個合作夥伴關係時，他們 - 就他們自己而言，他們並沒有推動收入增長。他們所做的，在我們看來，他們所做的是推動更多的參與，推動更多的保留，並讓人們有更多的理由想要使用這張卡。

Now I'll just talk about Resy for a second. Resy is not only a vehicle for giving our Card Members access to restaurant reservations. And Card Members do get access to the global dining program, but it's also a card acquisition vehicle as well because Resy is an open platform. And so Resy was all about what our -- where our Card Members spend their money and how we can integrate more with restaurants and connect our Card Members and really take advantage of our closed loop in a different way, not just for payments, but the reservation piece and then which leads to payments.

現在我只談一下Resy。 Resy 不僅是讓我們的卡會員訪問餐廳預訂的工具。卡會員確實可以訪問全球餐飲計劃，但它也是一種卡獲取工具，因為 Resy 是一個開放平台。所以 Resy 是關於我們的——我們的卡會員在哪里花錢，以及我們如何與餐廳進行更多整合併連接我們的卡會員，並以不同的方式真正利用我們的閉環，不僅僅是為了支付，而是預訂件，然後導致付款。

And so when you look at the partnerships that we have that are sort of around the core of the card -- and I'm not talking about the Delta co-brand partnerships and so forth. But when you look at the other things that we do add on, what we're constantly adding to our products are more services, better access, more experiences and so forth, so that you continue to build the value propositions in different and more sustainable ways.

因此，當您查看我們擁有的圍繞卡片核心的合作夥伴關係時 - 我不是在談論達美聯合品牌合作夥伴關係等等。但是，當您查看我們確實添加的其他內容時，我們不斷添加到我們的產品中的是更多服務、更好的訪問、更多體驗等等，以便您繼續以不同且更可持續的方式構建價值主張方法。

And Vanguard is an example of offering an investment service opportunity for Card Members that want to take advantage of it, that combines Vanguard's digital adviser service with the personal adviser service and put an MR component into it. And so we'll continue to look at other lifestyle, financial and travel and entertainment services that just add to the overall underlying value of our card products.

Vanguard是為想要利用它的卡會員提供投資服務機會的一個例子，它將Vanguard的數字顧問服務與個人顧問服務相結合，並在其中加入了MR組件。因此，我們將繼續關注其他生活方式、金融、旅遊和娛樂服務，這些服務只會增加我們卡產品的整體潛在價值。

We'll go next to the line of Ryan Nash with Goldman Sachs.

我們將與高盛（Goldman Sachs）一起進入瑞安納什（Ryan Nash）的行列。

So Steve -- maybe a question for both of you. So Steve, you talked about the investment opportunities looking better, and then, Jeff, you talked about the potential to build reserves. So I'm assuming you're talking about reserve dollars. And do you think we're at the bottom on the reserve rate?

所以史蒂夫——也許是你們倆的問題。所以史蒂夫，你談到了看起來更好的投資機會，然後，傑夫，你談到了建立儲備的潛力。所以我假設你在談論儲備美元。你認為我們的準備金率是最低的嗎？

And also, despite recession fears, credit continues to outperform expectations. And if we do continue to see better credit, Steve, how are you thinking about the potential to lean further into opportunities to continue to acquire cards and move towards your aspirational targets for 2024, 2025?

此外，儘管存在衰退擔憂，但信貸仍繼續優於預期。如果我們確實繼續看到更好的信用，史蒂夫，你如何看待進一步利用機會繼續獲得卡片並朝著 2024 年、2025 年的理想目標邁進的潛力？

Well let me answer questions 1 and 3, and Jeff can answer question 2. So -- if I remember, 1 and 3. But look, the reality is, is that we continue to see good opportunities. And as those opportunities continue to arise, we'll continue to invest in them. What's important to know is that, well, when we make an investment, we're making those investments through the cycle. So as we underwrite ROIs -- and as we underwrite and we look at ROIs, we feel good about what we see.

好吧，讓我回答問題 1 和 3，Jeff 可以回答問題 2。所以 - 如果我記得，1 和 3。但是看，現實是，我們繼續看到好的機會。隨著這些機會的不斷出現，我們將繼續對其進行投資。重要的是要知道，當我們進行投資時，我們是在整個週期中進行這些投資。因此，當我們承保投資回報率時——當我們承保並查看投資回報率時，我們對所看到的感覺良好。

Now why are those opportunities presenting themselves? Well, I think, for a couple of reasons. Number one, I think the premium card space has been expanding, I think, especially as you think about Gen Zs coming into the workforce, I think about millennials, which are getting a little bit older now, but millennials who are still gravitating to the product. So the opportunities have arisen, I think, because the pool for our products has been getting bigger and bigger.

現在為什麼這些機會會出現？嗯，我想，有幾個原因。第一，我認為高級卡空間一直在擴大，尤其是當你想到 Z 世代進入勞動力市場時，我想到千禧一代，他們現在變得有點老了，但千禧一代仍然傾向於產品。所以機會出現了，我認為，因為我們的產品池越來越大。

And we've talked about this in the past. We used to look at people coming into our franchise, we used to start them off on fee-free cards. Well, a lot of our fee-free cards are probably not as differentiated as some of the others, and we have better service and so forth. But when you look at the value of the products for the fee-free product -- the fee products that we're offering, a smart consumer and a smart small business person can really generate a lot more value out of those products than they're paying for the card.

我們過去已經討論過這個問題。我們過去常常觀察進入我們特許經營權的人，我們過去常常用免費卡開始他們。好吧，我們的很多免費卡可能不像其他一些卡那樣有差異化，而且我們有更好的服務等等。但是，當您查看免費產品（我們提供的收費產品）的產品價值時，聰明的消費者和聰明的小企業人員確實可以從這些產品中產生比他們更多的價值'重新支付卡。

And as you know, with our value propositions, given our partner network, we work with our partners to provide value to our card members. And it all works out for all 3 of us: the Card Member, the partner and for us. I think the other thing that's important, and you've seen a growth in small business acquisition as well, is more and more small businesses are forming. And that's one of the structural shifts that we are taking advantage of.

如您所知，憑藉我們的價值主張，鑑於我們的合作夥伴網絡，我們與我們的合作夥伴一起為我們的卡會員提供價值。這一切都適用於我們三個人：卡會員、合作夥伴和我們。我認為另一件重要的事情，你也看到了小企業收購的增長，那就是越來越多的小企業正在形成。這是我們正在利用的結構性轉變之一。

And to get to the third question, and Jeff can get to the second question, which, if he remembers it at this point. But to get to your third one, will we take -- if credit continues to perform better, we release more reserves, we take advantage of opportunities. We will continue to take advantage of those opportunities as they present themselves. As I said, we're running this for the medium to long term, and it really is irresponsible, in my opinion, of me to pass up really good investment opportunities that will pay off over the longer term.

回答第三個問題，傑夫可以回答第二個問題，如果他現在還記得的話。但是為了達到你的第三個，我們會採取 - 如果信貸繼續表現更好，我們會釋放更多的儲備，我們會利用機會。我們將繼續利用這些機會，因為它們出現了。正如我所說，我們是從中長期來看的，在我看來，我放棄將在長期內獲得回報的非常好的投資機會確實是不負責任的。

I think one of the things that you've seen this year is, look, we're committing to 18% to 20% revenue growth off of a -- basically off of a 2019 revenue base. And you've never seen that from us before. And that is a direct result of us investing in our Card Members, investing in our brand and not walking away from good investment opportunities.

我認為你今年看到的一件事是，看，我們承諾在 2019 年的收入基礎上實現 18% 到 20% 的收入增長。您以前從未在我們這裡看到過。這是我們投資於我們的卡會員、投資於我們的品牌而不是放棄良好投資機會的直接結果。

And Ryan, to come back on the credit side, maybe just to clarify my remarks. So when you look at the credit reserves we closed the first quarter with, I would expect the dollar level of those reserves to be higher by the time we get to the end of the year because I very much expect our AR balances to grow. Whether the reserve rate grows is much less clear, and it's probably more going to be a function of where economic forecasts go.

Ryan，回到信用方面，也許只是為了澄清我的言論。因此，當您查看我們在第一季度結束時的信貸儲備時，我預計到年底時這些儲備的美元水平會更高，因為我非常希望我們的 AR 餘額會增長。準備金率是否增長還不太清楚，它可能更多地取決於經濟預測的走向。

Could the reserve rate go lower? Well, I don't think our delinquencies and write-offs are going to go lower. So the only thing just mechanically that could cause the reserve rates to go down will be a dramatic improvement in the balanced economic outlook, which probably would mean all the uncertainties in the world go away. So if magically that were to happen, I suppose it's mechanically possible the reserve will [rank] in lower, but I would have to say that's pretty unlikely sitting here.

存款準備金率能降低嗎？好吧，我不認為我們的拖欠和沖銷會減少。因此，唯一可能導致準備金率下降的機械因素將是平衡經濟前景的顯著改善，這可能意味著世界上所有的不確定性都會消失。因此，如果神奇地發生這種情況，我想從機制上講，預備隊可能會[排名]較低，但我不得不說這不太可能坐在這裡。

We'll go next to the line of Meng Jiao with Deutsche Bank.

我們和德意志銀行一起去孟郊線旁邊。

Just on the competitive environment, I mean, we've seen a competitor come up with a new [fab] offering and the premium travel space is always top. But that doesn't seem to be stopping you guys much, if at all. I'm just wondering, can you quantify sort of the market share that you guys have taken? And also speak to any potential headwinds you're keeping an eye on into the landscape currently.

就競爭環境而言，我的意思是，我們已經看到一個競爭對手提出了一個新的 [fab] 產品，而且優質的旅行空間總是最重要的。但這似乎並沒有阻止你們太多，如果有的話。我只是想知道，你能量化一下你們所佔據的市場份額嗎？還要談談你目前正在關注的任何潛在不利因素。

Well, I mean, look, we -- this is a competitive space. When you're talking about U.S. Consumer, it's a competitive space. It's always been a competitive space. And it will continue to be a competitive space. And you've got Capital One out there with the new product and JPMorgan, all terrific companies that are looking to double down on the premium side of it. And we'll continue to -- again, going back to what I said when we -- the question was asked about Resy and Vanguard and so forth, we're going to continue to add value to the products and making sure that we are still top of mind and top of wallet. And that -- look, we had record acquisitions.

好吧，我的意思是，看，我們 - 這是一個競爭空間。當您談論美國消費者時，這是一個競爭空間。它一直是一個競爭激烈的空間。它將繼續成為一個競爭空間。而且你已經有了新產品和摩根大通的 Capital One，所有這些都很棒的公司都希望在它的高端方面加倍努力。我們將繼續 - 再次回到我剛才所說的 - 關於 Resy 和 Vanguard 等的問題，我們將繼續為產品增加價值並確保我們是仍然是頭等大事和錢包的頭等大事。那 - 看，我們有創紀錄的收購。

However, it's still a competitive space. When you think about competition, though, we just don't think about competition in the U.S. Consumer, we also think about it in the U.S. Small Business and which is competitive as well. And you can go market by market by market, both from a small business perspective.

但是，它仍然是一個競爭空間。但是，當您考慮競爭時，我們只是不考慮美國消費者的競爭，我們還會考慮美國小企業的競爭，這也是競爭的。從小型企業的角度來看，您可以逐個市場逐個市場地進行分析。

And so there is a lot of competition out there. We keep our eye on the competition. And our objective is to continue to understand what our customer needs are, understand where our customer needs are going and continue to develop our products and services. And the reality is, you just don't -- you don't launch a product and then sort of go to sleep for a few years and then say, okay, in 3 years, we'll come up with a new one. We're constantly adding value.

所以那裡有很多競爭。我們密切關注競爭。我們的目標是繼續了解我們的客戶需求是什麼，了解我們的客戶需求在哪裡，並繼續開發我們的產品和服務。而現實情況是，你只是沒有——你不會推出一種產品，然後沉睡幾年，然後說，好吧，在 3 年內，我們會推出一個新產品。我們不斷增加價值。

And I think you saw that as we added more value to the Platinum Card, even after the refresh when we put the Walmart+ benefit on. So we always assume high competition, and we always assume that the competition is really good. And that has served us well, having that mindset running the business.

我想你已經看到了，因為我們為白金卡增加了更多的價值，即使在我們更新了 Walmart+ 福利之後也是如此。所以我們總是假設競爭激烈，我們總是假設競爭真的很好。這對我們很有幫助，以這種心態經營業務。

The one thing, Steve, I'd add is I take people back to your discussion at Investor Day about what you call the virtuous recycle, which is the faster we can continue to grow our premium customer base, the more we're also successful in attracting partners who want access to that base and help fund and further improve the value proposition. And that's -- that's one of the most important ways we cooperate in a very competitive space.

史蒂夫，我要補充的一件事是，我讓人們回到你在投資者日關於你所說的良性循環的討論，這是我們能夠繼續發展我們的優質客戶群的速度越快，我們就越成功吸引想要進入該基礎並幫助資助和進一步改善價值主張的合作夥伴。那就是 - 這是我們在競爭激烈的空間中合作的最重要方式之一。

No, that's a real good call out. And remember, that virtuous cycle sits on top of an actual network, right? Because where we get those partners from are from our network, our merchant network. And so you have this physical merchant network, and we're able to create that sort of flywheel to drive more and more value, not only to card members but to partners. And the more -- as Jeff said, the more cardholders you have and the more value our customers get out of it, the more they want to invest in that base.

不，這是一個非常好的呼籲。請記住，良性循環位於實際網絡之上，對嗎？因為我們從我們的網絡、我們的商家網絡中獲得這些合作夥伴。所以你有這個實體商戶網絡，我們能夠創造這種飛輪來推動越來越多的價值，不僅對卡會員而且對合作夥伴。而且越多——正如傑夫所說，你擁有的持卡人越多，我們的客戶從中獲得的價值就越多，他們就越想在這個基礎上投資。

Our next question will come from Chris Donat with Piper Sandler.

我們的下一個問題將來自 Chris Donat 和 Piper Sandler。

I just wanted to -- just want to double check on the net card fees and the year-on-year growth there and the acceleration in the growth. So a bit of that being a function of new additions, but also fee changes, should we expect a similar year-on-year trajectory for the next 4 quarters as you recognize some of that revenue over time? Or is this a onetime kind of bump?

我只是想 - 只是想仔細檢查淨卡費和那裡的同比增長以及增長的加速。因此，這在一定程度上是新增加的功能，但也有費用變化，我們是否應該預期未來 4 個季度的同比軌跡類似，因為您會隨著時間的推移認識到其中的一些收入？或者這是一種一次性的碰撞？

No. So -- yes, good question, Chris. As I pointed out earlier, the main -- and as I think I showed a chart at Investor Day, the majority of the growth in net card fees is driven by bringing more customers into the high fee-paying products, not by any particular price increase, although the price increases when we price for adding value add a little bit.

不，所以——是的，好問題，克里斯。正如我之前指出的那樣，主要——而且我認為我在投資者日展示了一張圖表，淨卡費用的大部分增長是由將更多客戶帶入高收費產品推動的，而不是任何特定價格增加，雖然價格增加時我們為增加價值增加一點價格。

When you think about the rate at which we've been bringing new premium card members into the franchise, record first quarter for U.S. Platinum, Gold on the Consumer side and Business Platinum. That mechanically now just makes me pretty darn confident that as you look at the next few quarters, that 16% is likely to even further accelerate a little bit as we build on the acquisition momentum we have. Because as I think, it sounds like, you recall the accounting for fees, you're amortizing them over 12 months from when they're paid. So there's a fairly predictable effect here.

當您考慮我們將新的高級卡會員帶入特許經營權的速度時，美國白金卡、消費者黃金和商務白金卡在第一季度創下紀錄。現在機械地讓我非常有信心，當你看接下來的幾個季度時，隨著我們建立在我們擁有的收購勢頭上，這 16% 的增長可能會進一步加快一點。因為正如我所想，聽起來，您回想起費用的會計處理，您將在支付後的 12 個月內將其攤銷。所以這裡有一個相當可預測的效果。

Our next question will come from Rick Shane with JPMorgan.

我們的下一個問題將來自摩根大通的 Rick Shane。

I'd love to understand the really strong first quarter results in context of maintaining '22 guidance in your previous comments about sequential build throughout the year. Obviously, there's going to be some normalization of provision expense, but I am wondering what this says about operating leverage and efficiency ratio given your accelerating top line?

我很想了解在您之前關於全年順序構建的評論中保持 '22 指導的背景下，第一季度的真正強勁業績。顯然，撥備費用將會正常化，但我想知道這對運營槓桿和效率比率有何影響，因為您的收入正在加速增長？

Well, I think that the very careful word that I inserted, Rick, when we talked about sequential growth was in what we're calling core earnings, which is why we included that pretax pre-provision net income number on the first page because credit reserves are going to bounce all over the place. Although in terms of dollars, I would expect credit reserves at the end of the year, assuming AR continues to grow as we expect fee a little bit higher.

好吧，我認為我插入的非常謹慎的詞，里克，當我們談到連續增長時，我們稱之為核心收益，這就是為什麼我們在第一頁包括稅前準備淨收入數字，因為信貸儲備將在各地反彈。儘管以美元計，我預計年底會有信貸儲備，假設 AR 繼續增長，因為我們預計費用會更高一點。

So I absolutely do expect pretax pre-provision net income to be a little bit stronger each quarter as you go through the year. I don't expect that necessarily of GAAP earnings per share because we just had -- really, we pulled forward in many ways a good sized credit reserve release into Q1 that drove your GAAP EPS up to $2.73. I do not expect sequential growth of that number if you just do the simple math. That's pretty obvious given our EPS guidance.

因此，我絕對確實預計，隨著一年的過去，每個季度的稅前準備金淨收入都會有所增長。我不認為 GAAP 每股收益必然如此，因為我們剛剛擁有 - 實際上，我們在很多方面都在第一季度推出了大量的信貸儲備金，將您的 GAAP 每股收益推高至 2.73 美元。如果您只做簡單的數學運算，我預計該數字不會連續增長。鑑於我們的每股收益指導，這一點非常明顯。

The other point I'd come back to is we feel really good about the revenue momentum. But boy, Steve, I think, has made very clear our focus on pursuing good investment opportunities when they arise. And so we're very comfortable with the EPS guidance we've given for the year.

我要回到的另一點是我們對收入勢頭感覺非常好。但是男孩，我認為，史蒂夫已經非常清楚地表明我們的重點是在出現好的投資機會時尋求它們。因此，我們對今年提供的 EPS 指導感到非常滿意。

Our next question will be from Lisa Ellis with MoffettNathanson.

我們的下一個問題將來自 Lisa Ellis 和 MoffettNathanson。

I was hoping to dig in a little bit on the new card acquisition. With proprietary cards in force at 72.8 million, it was up 6% year-on-year. I was just peaking back at the model. We haven't seen a quarter up 6% since back in 2018. So can you just talk a little bit about what's driving that acceleration in card acquisition? And specifically, is that temporary, like the return of the Delta co-brand growth? Or is it more that you're just seeing a higher ROI on some of your card acquisition marketing spending?

我希望深入了解新卡的獲取。專有卡有效數量為 7280 萬張，同比增長 6%。我只是在模型上達到頂峰。自 2018 年以來，我們還沒有看到過 6% 的季度增長。那麼你能談談是什麼推動了卡片獲取的加速嗎？具體來說，這是否是暫時的，例如 Delta 聯合品牌增長的回歸？或者更多的是您只是在一些卡片獲取營銷支出中看到了更高的投資回報率？

Yes. I mean, look, I think we are seeing a little bit of a higher ROI on our card acquisition spending. And as I -- as we said, I think there's just -- there's an expanding pool. It's not just the consumer base, but it's also the small business base. I'll go back to my comments before. The millennial and Gen Z pool is expanding. There are more small businesses out there.

是的。我的意思是，看，我認為我們的卡購置支出的投資回報率有所提高。正如我 - 正如我們所說，我認為只是 - 有一個不斷擴大的池。這不僅是消費者基礎，也是小企業基礎。我會回到我之前的評論。千禧一代和 Z 世代正在擴大。那裡有更多的小企業。

And as we look at the opportunities, we were able to bring in probably more cards than we thought we were in the first quarter. And we see opportunities going forward. So we'll continue to invest to grow the card base. And -- but remember, what we're looking at, we're just not looking to grow in cards. I mean these cards are hitting our return. You've got a large percentage of these cards are fee-paying cards.

當我們看到機會時，我們能夠帶來可能比我們在第一季度認為的更多的卡片。我們看到了未來的機會。因此，我們將繼續投資以擴大卡基礎。而且 - 但請記住，我們所看到的，我們只是不希望在卡片上成長。我的意思是這些牌正在擊中我們的回報。這些卡中有很大一部分是付費卡。

But I'll also go back to -- and I think it's in either my comments or in this Jeff's script, 60% of the cards that we did acquire from a consumer perspective were millennial cards, which are up 50 -- which is -- was 50% pre-pandemic. So it is a bigger pool for us to acquire from, from a millennial Gen Z perspective, and there are small businesses. So right now, we feel good about card growth, how that translates next quarter.

但我也會回到——我認為無論是在我的評論中還是在傑夫的劇本中，從消費者的角度來看，我們確實獲得的卡片中有 60% 是千禧年卡片，增加了 50——即—— - 是大流行前的 50%。因此，從千禧一代 Z 世代的角度來看，這是一個更大的收購池，而且還有小企業。所以現在，我們對卡的增長感覺很好，下個季度如何轉化。

Look, the last few quarters, we've had sequential card growth quarter-to-quarter. And coming off last year, look, there wasn't a tremendous amount of card growth in the first quarter from a relative basis, on a comparative basis, but it continued to move up every single quarter. And we feel good about what happened this particular quarter. Can it be 6% again next quarter? I don't really know.

看，在過去的幾個季度中，我們的卡按季度連續增長。從去年開始，看，第一季度相對而言，在比較的基礎上，卡的增長量並不大，但每個季度都在繼續增長。我們對這個特定季度發生的事情感覺很好。下個季度還能再漲6%嗎？我真的不知道。

Our final question will come from the line of Don Fandetti with Wells Fargo.

我們的最後一個問題將來自富國銀行的 Don Fandetti。

In SME, I noticed Capital One is marketing a no-limit small business card. I was just curious, I know that's part of your secret sauce, obviously, if you thought that was material. And then lastly, on fintechs, like, I know you have partnerships with Bill.com and Coupa, but do they represent a threat in any way to your business?

在 SME，我注意到 Capital One 正在推銷一張無限額的小型名片。我只是好奇，我知道這是你秘訣的一部分，很明顯，如果你認為那是物質的話。最後，關於金融科技，我知道您與 Bill.com 和 Coupa 有合作關係，但它們是否對您的業務構成威脅？

So just -- I'm sorry, just one other point for Lisa. Just retention helps a lot. And our retention numbers, if you look at the last couple of years, have improved significantly. So if you think about your base is having a leak in it, the leak got a lot smaller. So that's -- I think that's important.

所以只是 - 對不起，麗莎還有一點。只是保留有很大幫助。如果您查看過去幾年，我們的保留人數已顯著提高。因此，如果您認為您的基地有洩漏，洩漏就會小很多。所以這 - 我認為這很重要。

Don, as far as fintechs go, I think there's some opportunities for us. And I think the partnership with i2c, we already have a partnership with them in Latin America. And I think this will just make it easy to onboard fintechs that want to have American Express. Of course, this reality is a lot of them -- not a lot of, most of them don't do their own processing. They'll partner with somebody else to do this. And having i2c and being able now to do this on a global basis will enable us to approach. So I don't look at that as a necessarily a threat. I look at this as an opportunity for us.

唐，就金融科技而言，我認為我們有一些機會。我認為與 i2c 的合作，我們已經在拉丁美洲與他們建立了合作關係。我認為這只會讓想要擁有美國運通的金融科技公司更容易上手。當然，這個現實有很多——不是很多，他們中的大多數不做自己的處理。他們將與其他人合作來做這件事。擁有 i2c 並且現在能夠在全球範圍內做到這一點將使我們能夠接近。所以我不認為這是一個必然的威脅。我認為這對我們來說是一個機會。

And what was the first part of your question, Don? Cap One, no limit. I don't know what no limit -- I really don't know what no limit is. And so -- yes, I think what they've done is put out a no preset spending limit, but -- and I'm not being flippant here. I just don't know what that no preset spending limit is. So we'll see how that plays out.

唐，你問題的第一部分是什麼？第一章，沒有限制。我不知道什麼是無限制——我真的不知道什麼是無限制。所以 - 是的，我認為他們所做的是沒有預設的支出限制，但是 - 我在這裡並不是輕率的。我只是不知道沒有預設支出限制是什麼。所以我們將看看結果如何。

Again, a really good company. It had lots and lots of success. Very tough competitor. They're the first ones to go down this road, and we'll see how it all plays out, how it all plays out. But we take them very seriously as we take everybody else. Yes, it is part of our secret sauce, and we'll see.

再次，一家非常好的公司。它取得了很多很多的成功。非常強悍的競爭對手。他們是第一個走這條路的人，我們將看到這一切如何發展，一切如何發展。但我們非常重視他們，就像對待其他人一樣。是的，它是我們秘方的一部分，我們拭目以待。

So again, just look at the results in the first quarter for us. We had 30% growth from a small business perspective. So we feel pretty good about small business at this point.

因此，再次為我們看看第一季度的結果。從小企業的角度來看，我們實現了 30% 的增長。所以我們在這一點上對小企業感覺很好。

And a record quarter for Business Platinum acquisition.

以及商業白金收購的創紀錄季度。

Acquisition, yes.

收購，是的。

Great. 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. Alan, back to you.

偉大的。這樣，我們將結束通話。再次感謝您參加今天的電話會議並感謝您對美國運通的持續關注。 IR 團隊將隨時為您解答任何後續問題。艾倫，回到你身邊。

Ladies and gentlemen, the webcast replay will be available on our Investor Relations website at ir.americanexpress.com shortly after the call. You can also access a digital replay of the call at (866) 207-1041 or area code (402) 970-0847 with the access code 1532444 after 1:00 p.m. Eastern Daylight Time today, April 22, through midnight, April 30.

女士們，先生們，電話會議後不久，我們的投資者關係網站 ir.americanexpress.com 將提供網絡直播重播。您還可以在下午 1:00 後通過 (866) 207-1041 或區號 (402) 970-0847 訪問電話的數字重播，訪問代碼為 1532444。東部夏令時間今天 4 月 22 日至 4 月 30 日午夜。

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

這將結束我們今天的電話會議。感謝您的參與。您現在可以斷開連接。