Vivian Zhou   Former Senior VP & Head of Investor Relations

Good afternoon everyone. Welcome to American Express' 2022 Investor Day. It's great to see many of you in the room. We also appreciate those of you that are joining us via webcast today. My name is Vivian Zhou, I'm the Head of Investor Relations at American Express.

Vivian Zhou   前高级副总裁兼投资者关系负责人

大家下午好，欢迎参加美国运通2022年投资者日活动。很高兴在现场见到各位，也感谢通过网络直播参与的朋友们。我是Vivian Zhou，担任美国运通的投资者关系负责人。

Our discussion today contains forward-looking statements about the company's future business and financial performance which are based on our current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially are included in today's presentation slides, which could be found at American Express' Investor Relations website. You also have a card in front of you with the QR code that will take you directly to our presentation today.

我们今天的讨论将包含有关公司未来业务和财务表现的前瞻性声明，这些声明基于我们当前的预期，但也受到各种风险和不确定因素的影响。可能导致实际结果产生重大差异的因素已包含在今天的演示文稿中，您可以在美国运通的投资者关系网站上找到。此外，您面前还有一张卡片，上面印有二维码，可直接带您进入今天的演示材料。

With that, it is my pleasure to introduce our Chairman and Chief Executive Officer, Steve Squeri.

接下来，我很荣幸为大家介绍我们的董事长兼首席执行官Steve Squeri。

Stephen Squeri   Chairman & CEO

Thank you, Vivian. Welcome, everybody. It's good to see people, in general. But many of us have met over the last 2 years via video. And it looks like some of you have put on some weight, got to tell you. Talking about you, Sanjay.

Stephen Squeri   董事长兼首席执行官

谢谢你，Vivian。欢迎大家。见到大家真好。过去两年里我们大多是通过视频见面，现在终于能面对面交流了。看起来你们当中有些人胖了，说的就是你，Sanjay。

Anyway, welcome. It's good to see everybody here today. And for those of you that are joining us via video. As I said, it's our first in-person Investor Day meeting since 2019 and are -- actually our first in-person meeting. We just opened up -- really opened up the building full time this week. So it's our first in-person meeting since the pandemic began. We planned this session several months ago, well before the recent events in Eastern Europe.

不管怎样，欢迎大家。很高兴今天能在这里见到大家，也欢迎通过视频加入的朋友们。正如我所说，这是我们自2019年以来的首次线下投资者日活动，实际上也是疫情开始以来我们首次举办线下会议。我们本周才真正全面开放大楼。这场活动是我们在几个月前就开始筹划的，那时东欧的局势还未发生。

So before we get to the presentations, we have planned, I'd like to make some comments about our response to the crisis in the Ukraine. I'll start by providing some context about our business in Russia, which is small, consisting of 1 partner that issues cards, and a handful that acquire merchants for payment transactions. We've been moving quickly to comply with all sanctions imposed by the U.S. and international governments. In addition, just over a week ago, we announced that we are suspending all operations in Russia and Belarus.

在我们开始今天的演讲之前，我想先谈谈我们对乌克兰危机的应对。首先介绍一下我们在俄罗斯的业务，这部分业务规模很小，仅有一家合作伙伴负责发卡，另有少数几家机构负责商户收单。我们一直在积极配合美国及国际社会实施的所有制裁。此外，就在一周多以前，我们宣布暂停在俄罗斯和白俄罗斯的所有业务。

The suspension of our business in those countries is not material to either our short or long-term results. With that said, I'd like to take a moment to talk about what's most important. And it's not the impact on our business, but the impact of this attack on the Ukrainian people. Like the rest of the global community, we are shocked and saddened by the devastating human suffering we've seen over the past few weeks. Throughout the crisis, our primary focus has been on supporting our colleagues and customers in the region and to provide humanitarian aid to those who are suffering the effects of this war.

暂停这些国家的业务对我们公司的短期或长期财务表现没有重大影响。话虽如此，我更想花一点时间谈谈更重要的事情，那就是这场战争对乌克兰人民的影响，而不是对我们业务的影响。就像全球其他地区一样，过去几周的惨状让我们深感震惊与悲痛。在整个危机期间，我们的首要任务是支持该地区的同事和客户，并向受战争影响的人们提供人道援助。

We don't have any colleagues in the Ukraine, but we do have many colleagues with family and friends there who are impacted by this crisis. We also have hundreds of colleagues in the surrounding region as well as several dozen in Russia. And we're doing all we can to support them and ensure their safety. We've also been working hard to back our customers affected by the crisis. For example, we've assisted customers with travel arrangements to help them evacuate their employees and other stakeholders in affected areas, and we'll continue to do whatever we can to support them as well.

我们在乌克兰没有员工，但有许多同事的家人和朋友身处乌克兰，受到这场危机的影响。我们在周边地区有数百名员工，在俄罗斯也有几十名员工。我们正在尽最大努力支持他们，确保他们的安全。同时，我们也在积极协助受影响的客户。例如，我们帮助客户安排旅行计划，以便他们能够撤离受影响地区的员工和其他利益相关方，并将继续竭尽所能提供支持。

Finally, we are contributing aid to a number of organizations that are providing critical relief to people in the Ukraine and neighboring countries impacted by this crisis, and we're matching colleague donations globally. We're also working with our partner, Hilton to donate up to 1 million hotel rooms -- hotel room nights across Europe to support Ukrainian refugees and first responders, who are helping them out. Our thoughts are with everyone impacted by this crisis, and we joined the international community in continuing to hope for peace.

最后，我们还向多家为乌克兰及受这场危机影响的邻国人民提供重要援助的组织提供资助，并在全球范围内匹配员工的捐款。同时，我们也正与合作伙伴希尔顿携手，捐赠多达100万间夜的欧洲酒店住宿，以支持乌克兰难民和正在援助他们的一线人员。我们的心与所有受此危机影响的人们同在，并与国际社会一道继续祈愿和平早日到来。

American Express has been around for 172 years. And throughout our history, we have always managed our business with an eye to the future. Keeping our focus on growth over the medium to long term, even as we deal with near-term challenges is embedded in the DNA of how we run our business. It's how we've successfully managed through all kinds of crises, including most recently, the COVID-19 pandemic, only to emerge stronger on the other side. We remain confident in our growth -- in our 2024 growth aspirations despite the uncertainty in the environment due to the Ukraine-Russia conflict.

美国运通已有172年历史。在我们的发展历程中，我们始终以未来为导向来经营企业。即使在应对短期挑战时，我们依然坚持关注中长期的增长，这已深深植入我们的经营理念之中。正是这种方式，使我们成功应对了各种危机，包括最近的新冠疫情，并在危机过后变得更加强大。尽管乌俄冲突带来环境不确定性，我们仍对公司实现2024年增长目标充满信心。

With that in mind, I want to give you the opportunity to better understand our plans for long-term growth and to answer your questions. So here's our agenda for today. I'll kick things off with a high-level overview about why we're confident we can achieve our growth aspirations that we introduced on our earnings call in January. Then I ask members of our senior leadership team to focus on specific areas of the business that are most important to achieving our long-term growth aspirations as opposed to their overall business plans. They'll discuss the key opportunities they see ahead and how they're planning to capitalize on those opportunities to drive sustainable growth across the enterprise.

基于上述背景，我希望借此机会让大家更清楚地了解我们实现长期增长的规划，并解答你们的问题。以下是我们今天的日程安排：我将首先概述我们为何有信心实现1月财报电话会议中所提出的增长目标。接下来，我会请我们高管团队的成员重点介绍各自业务中对实现长期增长最为关键的部分，而不是整体业务计划。他们将分享所看到的主要机遇，以及他们如何计划把握这些机会，推动公司实现持续增长。

First up is Anna Marrs, who leads our Global Commercial Services business. Anna will discuss how we're planning to continue to expand and grow our SME business globally. Next, Howard Grosfield, who runs our U.S. consumer business, will discuss how we're continuing to expand our position as a premium lifestyle brand by innovating our value propositions to drive generational relevance. Doug Buckminster, who leads our consumer businesses globally will join us for the Q\&A.

首先登场的是Anna Marrs，她负责我们的全球商业服务业务。Anna将讲述我们如何计划在全球范围内继续拓展和发展中小企业业务。接下来是负责美国消费者业务的Howard Grosfield，他将介绍我们如何通过不断创新价值主张，推动代际相关性，从而巩固我们作为高端生活方式品牌的地位。负责全球消费者业务的Doug Buckminster将参与问答环节。

Next, Raymond Joabar who heads our Global Merchant and Network business, will walk you through how coverage expansion and the modernization of our network are helping to drive our growth globally. Anre Williams who previously ran our merchant business and is now overseeing both our U.S. banking operations and our Enterprise Services Group will talk about how our technology and customer servicing capabilities are powering our growth and delivering efficiency for the enterprise. Finally, Jeff Campbell, our CFO, will put it all together from a financial perspective to show you why we feel confident in our ability to deliver the higher revenue and EPS aspirations we have put forth in our growth plan. And then we'll finish up today's discussions with the Q\&A session.

随后，负责全球商户与网络业务的Raymond Joabar将向大家说明，我们如何通过拓展商户覆盖范围以及现代化网络，推动全球业务增长。曾负责商户业务、现主管美国银行业务及企业服务集团的Anre Williams将介绍，我们如何通过技术与客户服务能力推动增长并提升企业效率。最后，我们的首席财务官Jeff Campbell将从财务角度进行总结，说明我们为何有信心实现增长规划中提出的更高收入与每股收益目标。然后我们将以问答环节结束今天的讨论。

Here are some of the key questions that my colleagues and I will address today. Why are we confident we can achieve the long-term growth aspirations that we announced in January? What are the competitive advantages of our business model? How are those advantages driving our growth and what can enable us to deliver sustainable growth over the long term? Let me address the first question, why are we confident we can achieve our growth aspirations? On the right, you see our revenue and EPS growth aspirations for 2024 and beyond. Our confidence in our ability to achieve these aspirations is based on 3 interrelated factors.

以下是我和同事们今天将重点解答的一些关键问题：我们为何有信心实现1月份宣布的长期增长目标？我们的商业模式有哪些竞争优势？这些优势如何驱动我们实现增长？我们如何确保实现长期可持续增长？我先来回答第一个问题，我们为何有信心实现我们的增长目标？在右侧，您可以看到我们对2024年及以后的收入与每股收益增长目标。我们对实现这些目标的信心，来自三个相互关联的因素。

First, 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 is working. The successful execution of that strategy has led to the momentum we've been generating in areas that we believe are key to sustainable long-term growth, including customer acquisition, engagement and retention.

第一，我们过去几年一直坚持的战略已取得成效。该战略聚焦于在品牌、客户、价值主张、商户覆盖、技术和人才方面持续投资，旨在提升市场份额、规模与品牌相关性。成功执行这一战略，使我们在一些关键领域实现了增长动能，这些领域包括客户获取、客户互动及客户留存，而这些正是实现可持续长期增长的核心所在。

In addition, our momentum is being helped by a number of structural shifts, including the continued growth of online commerce and digital engagement trends among consumers, the growth of the premium consumer space, growth and creation of small businesses and the accelerating digitization of payments within the commercial sector. These structural shifts are being factored into our strategy as the environment and the opportunities we see continue to evolve.

此外，多项结构性转变也在助推我们的发展势头，包括线上消费和消费者数字互动趋势的持续增长、高端消费人群的扩张、中小企业的涌现与增长，以及商业领域支付数字化的加速。这些结构性变化正在被纳入我们的战略之中，作为我们不断演进的环境与机会的一部分。

So what are the competitive advantages of our business model that we believe will help us achieve our aspirations for the longer term? Our business model gives us a range of advantages that put together are difficult for others to replicate. Starting on the left, we have a brand that for over 170 years has stood for trust and security, 2 enduring qualities that cannot be manufactured, they have to be earned. These qualities that resonate -- these are qualities that resonate with customers globally, across generations and through both good and challenging times. An important part of our brand promise is service excellence, which is much broader than solving a dispute or checking on a payment.

那么，我们相信能够帮助我们实现长期愿景的商业模式优势有哪些？我们的商业模式具备多方面优势，这些优势集合在一起，构成了他人难以复制的竞争壁垒。首先，我们拥有一个已有170多年历史的品牌，代表着“信任”与“安全”这两项无法人为制造、只能靠长期积累获得的核心价值。这些特质在全球各地、跨越不同代际的客户中引发强烈共鸣，无论在顺境或逆境之中都如此。而我们品牌承诺的重要组成部分是“卓越服务”，这一点远远超出了简单的纠纷处理或账单查询。

The things we've done so well that we've won the J.D. Power Award for U.S. credit card satisfaction 11 times out of the past 15 years. We go much further than that. Continuing to demonstrate day in and day out that we have our customers' backs in all kinds of circumstances from everyday issues to the times that matter most. We are there when our customers need us. We have so many examples of when customers are in trouble, such as being stranded in a different country when they're a victim of a robbery. And the first call they make is to us. I don't have any other company where this is the case.

我们的服务做得如此出色，以至于在过去15年中，我们11次获得J.D. Power美国信用卡满意度大奖。而我们的服务远不止于此，我们每天都在不断证明——无论是日常问题还是人生关键时刻，我们始终与客户同在，支持他们。当客户遇到困境时，比如在国外遭遇抢劫滞留异地，第一个打电话求助的就是我们。我想不出还有哪家公司能做到这一点。

We also have a membership model that is not only unique in our industry. It is a unique, period. Many of our customers don't see themselves as simply having or using American Express cards. They feel they are with American Express. They have an emotional connection to our brand and the products and services we offer. Our card members are proud of their association with us. I often have people tell me how long they've been a member when I first meet them. I've been a member since 1981, or I've been a member since 2020, and they'll say it, and they say it with pride. Over time, we've continuously evolved our membership model by adding more offerings, benefits, experiences and digital solutions to meet the changing needs and expectations of our customers.

我们还拥有一个不仅在行业内独一无二、在整个市场中也极为罕见的“会员模式”。许多客户并不只是觉得自己持有或使用美国运通卡，他们感到自己“属于”美国运通，对我们的品牌、产品与服务具有深厚的情感连接。我们的持卡会员为与我们建立的关系感到自豪。我常听到初次见面的人告诉我：“我是1981年就加入的会员”，或者“我是2020年加入的”，他们讲得非常自豪。随着时间推移，我们不断演进会员模式，增加更多产品、权益、体验与数字化解决方案，以满足客户日益变化的需求和期望。

As we've done this, we've expanded beyond our traditional strengths in travel and entertainment into differentiated lifestyle offerings for consumers, which Howard will talk about, and business-centric solutions to our SME customers, which Anna will speak to.

在这个过程中，我们的业务已从传统的差旅与娱乐强项，拓展至面向消费者的差异化生活方式服务（这一部分Howard将进一步说明），以及面向中小企业客户的商务解决方案（这一部分将由Anna详细介绍）。

These continued enhancements are helping to deepen customer relationships and engagement. Our brand, service excellence and membership model have enabled us to build a large premium customer base at scale that is unrivaled among our competitors and is attractive to our partners with millions of consumer and business customers across generations and geographies, who spend on average 3x more on American Express cards versus other networks.

这些持续优化举措正在不断加深我们与客户之间的关系与互动。我们凭借品牌影响力、卓越服务和独特会员模式，构建了一个规模庞大、无与伦比的高端客户群体。该群体横跨多个国家和代际，对我们的合作伙伴极具吸引力——他们在美国运通卡上的人均消费额是其他网络的三倍。

At the foundation of our business model is our network, which gives us end-to-end relationships with card members and merchants. This provides us with data and analytics that enable us to deliver differentiated value to our customers through compelling and relevant value proposition innovations as well as our industry-leading, fraud, credit and servicing capabilities and our ability to provide higher spend capacity.

我们商业模式的基石是我们的网络，它让我们与持卡人和商户建立起端到端的直接关系。由此，我们得以获取丰富的数据与分析能力，借此不断创新并提供差异化的价值主张。同时，我们在防欺诈、信用管理和客户服务等方面也处于行业领先地位，并具备更高的消费额度支持能力，从而为客户提供更大价值。

It also drives value to our merchants who are eager to grow their businesses by providing exclusive partner-funded offerings and experiences to our high-spending consumer and business customers. What's not on this slide, but what is a critical factor in driving all aspects of our business model and ensuring it continues delivering competitive advantages, is our people. Their experience, creativity and talent are the reasons behind our success. And as a result, our people are highly sought after by our competitors around the world.

这同样为我们的商户创造了价值，他们渴望通过向高消费的个人与企业客户提供合作伙伴资助的独家优惠和体验来推动自身业务增长。虽然这一点没有出现在幻灯片上，但推动我们整个商业模式各个方面并确保其持续具备竞争优势的关键因素是我们的人才。他们的经验、创造力与才干是我们成功的根本原因。因此，我们的员工在全球范围内都非常受竞争对手的青睐。

I've talked about our competitive advantages. Now let's talk, and let's take a look at how these advantages are actually driving our growth. The collective assets of our business model, combined with the strategy we've been pursuing to grow our business have driven increases in customer acquisitions, engagement and retention, all of which are critical to delivering sustainable growth over the long term. For example, the growth in card acquisitions we saw through 2021 show that our value propositions are resonating with customers, attracting younger age cohorts and SMEs to our premium offerings. In fact, 75% of new Platinum and Gold Card -- Gold Consumer Card acquisitions in 2021, came from millennials and Gen Z customers. And we had one of our best years ever in acquiring SMEs, where we remain the leading card provider.

我刚才讲到了我们的竞争优势。接下来，我们看看这些优势是如何实质性地推动公司增长的。我们商业模式的整体资产，加上我们一贯实施的增长战略，共同带动了客户获取、互动和留存的持续提升，而这些都是实现长期可持续增长的关键。例如，2021年信用卡新增客户的增长表明，我们的价值主张正在引起客户共鸣，成功吸引了年轻群体和中小企业选择我们的高端产品。事实上，2021年我们新增白金卡和金卡的消费者中，有75%来自千禧一代和Z世代。而在中小企业客户获取方面，我们也迎来了有史以来表现最佳的一年之一，继续保持行业领先地位。

The ongoing innovations and our value propositions and digital capabilities are also leading to growth in customer engagement. In particular, online and card-not-present spending, one of the structural shifts I mentioned earlier, continued its strong growth, up 31% in Q4 over 2019. And the continued expansion of compelling membership offerings, along with our world-class customer service are also contributing to continued strong customer retention, which remains higher than pre-pandemic levels and is above 98% in our global consumer business and 97% in our SME business.

我们在价值主张与数字化能力上的持续创新，也进一步推动了客户互动的增长。尤其是在我之前提到的结构性转变中，线上与非面对面支付领域的消费额持续强劲增长，2021年第四季度较2019年同期增长31%。与此同时，吸引力十足的会员权益不断扩展，加之我们全球领先的客户服务，也促进了客户留存率的提升，目前我们的全球消费者业务客户留存率超过98%，中小企业业务超过97%，均高于疫情前水平。

So how does this all come together to deliver sustainable long-term growth? Simply put, our business model is a virtuous cycle that continues to grow through the execution of our strategy, which drive share, scale and relevance that can lead to long-term sustainable growth. Here's how it works? We start with our strategy of investing at high levels in the categories you see on the left. This high level of investment produces a steady stream of value proposition, innovations and new capabilities designed to meet the evolving needs and preferences of our card members. That differentiated value attracts a broader array of new premium customers and deepens the engagement with our existing customers.

那么，这一切是如何汇聚成长期可持续增长的？简而言之，我们的商业模式是一个良性循环，通过战略执行不断扩大市场份额、业务规模和品牌相关性，最终实现长期可持续增长。它的运行机制是这样的：我们首先在左侧所列出的多个领域进行高强度投资，这种高投入带来的是持续不断的价值主张创新和新能力的涌现，以满足持卡人不断变化的需求与偏好。这种差异化价值吸引了更广泛的新高端客户群，并加深了我们与现有客户的互动关系。

These high spending card members attract more merchants and partners to our ecosystem, who add value for our customers through exclusive offerings and experiences. This additional value makes our membership model even more compelling. As this virtual cycle continues, it grows and produces more investment capacity that we use to continue feeding our value creation engine, which in turn means more card members, more merchants and more partners and so it goes.

这些高消费持卡人又吸引了更多商户和合作伙伴加入我们的生态系统，他们通过提供独家优惠与体验为客户带来附加价值，这进一步增强了我们会员模式的吸引力。随着这个良性循环不断发展，它将带来更大的投资能力，反哺我们的价值创造引擎，从而带来更多持卡人、商户与合作伙伴，如此往复，不断扩大。

Driving all of this is our 65,000 colleagues all around the world who're so focused when they come to work every day is on powering this virtuous cycle, which can deliver higher levels of broad-based revenue growth and scale that increases efficiency and produces ongoing operating expense leverage. And combined, those 2 things can give us the platform for sustainable mid-teen EPS growth over the long term.

推动这一切的，是我们遍布全球的65,000名员工，他们每天都专注于维持和强化这一良性循环，为公司带来更高水平的广泛收入增长和业务规模扩张，同时提升效率，实现持续的运营杠杆效应。这两者结合，为我们实现长期每股收益中双位数增长（mid-teen EPS growth）提供了坚实平台。

I hope that gives you a high-level perspective of why we feel confident in our strategy and our ability to deliver our longer-term growth plan aspirations. And now my colleagues will discuss the opportunities we see in each of our businesses and some of the specific strategies we're pursuing to continue our momentum in driving our virtuous cycle to help us achieve our aspirations in 2024 and beyond.

希望这些内容为大家提供了一个整体视角，让您理解我们为何对自身战略及实现长期增长目标的能力充满信心。接下来，我的同事们将依次介绍我们在各个业务领域中所看到的机遇，以及我们正采取的一些具体战略，以持续推动这一良性循环，从而实现2024年及未来的增长目标。

So with that, Anna Marrs is first up, who will talk about our Global SME business.

接下来有请Anna Marrs，她将介绍我们的全球中小企业业务。

Anna Marrs Group President of Global Merchant and Network Services

All right. Well, thank you, Steve. It's great to be with everybody here today. I joined American Express 3.5 years ago. And when I joined, and I got to know our SME franchise, I saw scale in a business that serves over 3 million small businesses in the U.S. I saw the strength of our core card business. And I saw opportunity to become even more essential to our customers through expanding into products beyond the card. What I certainly did not see was that there was a global pandemic on the horizon that would test our customers and our business in unprecedented ways.

好的，谢谢你，Steve。今天很高兴能与大家见面。我是在三年半前加入美国运通的。当我加入并开始了解我们中小企业业务时，我看到这是一个具有规模的体系，服务着美国超过300万家小企业；我看到了我们核心信用卡业务的强劲实力，也看到了通过拓展卡片以外的产品，使我们对客户变得更加不可或缺的巨大机遇。当然，我当时完全没有预料到，前方正有一场全球大流行即将来临，会以前所未有的方式考验我们的客户和业务。

I have to confess, in the early days of the pandemic as we saw delinquencies begin to trend up. I saw an uncertain picture. Today, I see a very different picture for our SME business. I see a bright picture. I see strong momentum coming into 2022 across billions, revenue and important customer metrics. I see a long runway for growth on the back of both external trends and opportunities within our customer base. And I see we are driving forward to accelerate on the runway that we have with small businesses. In this presentation, I want to show you why I see that bright picture. So let's get into it.

必须承认，在疫情初期，当我们看到逾期率开始上升时，前景看起来相当不确定。但今天，我对我们的中小企业业务有着完全不同的看法。我看到的是一个光明的前景。我看到我们正以强劲势头迈入2022年，无论是账单金额、营收，还是关键客户指标都表现强劲。我看到一个长期增长的跑道，既受到外部趋势推动，也得益于我们客户群中的潜在机会。我也看到我们正在积极加速，在这个中小企业的成长跑道上不断前进。在今天的演讲中，我想向大家展示为什么我对前景充满信心。那么，我们开始吧。

Okay. First, a note on the scope of this presentation. Although my remit on American Express is broader, today, I'm going to focus on small businesses. Why is that? The reason is because small business plays an important role in our growth aspiration. You can see here that our SME franchise accounts for 40% of the company's overall billed business. And Small Business is a major focus for me in both the U.S. and International Small Business makes up 86% of Global Commercial Services.

首先说明一下本次演讲的范围。虽然我在美国运通的职责涵盖更广，但今天我将重点讲述“小企业”板块。为什么？因为小企业在我们的增长目标中扮演着至关重要的角色。大家可以看到，我们的中小企业业务占据了公司整体账单业务的40%。此外，在美国和国际市场上，小企业也都是我工作的重点对象，它们构成了我们全球商业服务业务的86%。

So today, I'm going to cover 4 topics that overall Small Business scope. I'll cover the competitive advantages that have driven the scale and growth in U.S. SME. I'm going to cover the actions we took through the pandemic to build on our leadership position. I'm going to cover the proof points that give us confidence that SME payments have a long runway for growth, and I'll cover the priorities we're executing against to capture on that SME opportunity.

今天，我会从中小企业整体业务角度出发，讲述四个主题：一是支撑我们美国中小企业业务规模和增长的竞争优势；二是在疫情期间我们为巩固领先地位所采取的措施；三是让我们坚信中小企业支付仍具长期增长潜力的一些关键数据；四是我们当前的重点执行策略，旨在抓住这一中小企业增长机遇。

So let me begin with a few key facts that showcase the strength of our U.S. SME franchise. We generated over $350 billion of billed business in 2021. We captured 45% of all Small Business spending on cards in the U.S. and we're 3x larger than our next competitor.

首先，让我用一些关键数据来展示我们美国中小企业业务的实力。2021年，我们的账单业务金额超过3,500亿美元，占据全美小企业信用卡消费总额的45%，是我们第二大竞争对手的3倍。

Now we often get asked the question, what's behind the scale and growth of your U.S. SME business? And my answer is always the same. We believe we have 5 fundamental advantages that are unique to American Express. These advantages enable us to deliver unparalleled value to our customers. And taken together, these advantages are extremely difficult for our competitors to replicate. So let me touch on each.

人们经常问我们一个问题：是什么推动了你们美国中小企业业务的规模与增长？我的回答始终一致：我们认为，美国运通拥有五项独特的核心优势，这些优势能够为客户带来无与伦比的价值。综合起来看，这些优势构成了其他竞争对手极难复制的护城河。接下来我逐一说明。

One advantage we have in Small Business is the American Express brand. We have a 170-year heritage that is synonymous with trust, security and service excellence. Our brand resonates deeply with small businesses. In fact, nearly 3/4 of U.S. small businesses would consider having an American Express business card. When they do, our Net Promoter Score, which is a key metric of customer satisfaction is 22 points higher than the other cards they have in their wallet. Our brand is a core strength. We leverage our brand to attract and retain Small Business customers, and we leverage our brand to compete effectively with a wide range of players from traditional banks to fintechs.

我们的第一个优势是“美国运通品牌”本身。我们拥有170年历史的品牌积淀，代表着信任、安全与卓越服务。这一品牌理念深深打动了中小企业客户。事实上，近四分之三的美国中小企业表示会考虑申请美国运通的商务卡。而一旦他们成为持卡客户，我们的净推荐值（NPS）——即客户满意度的重要衡量指标——比他们钱包中其他卡高出22分。我们的品牌是一项核心优势，它既帮助我们吸引和留住中小企业客户，也使我们在面对传统银行与金融科技公司等各类竞争者时更具竞争力。

Another advantage we have is the scale and quality of our U.S. SME customer base. As I mentioned earlier, we serve over 3 million small businesses in the U.S. These customers are very high credit quality. 80% of AR balances come from customers with a FICO score above 720. And these customers are well diversified. Our AR balances are made up of businesses represent 27 industry sectors. To give you a flavor, we have a large-scale construction company based in Seattle, and we have a dentist running her practice in the Florida Keys. This diversification makes the overall portfolio very resilient to macro stresses or in the case of the last 2 years to a global pandemic that hit T&E industry is hard. Our restaurants, for example, make up only 3% of our overall portfolio.

我们另一个优势在于美国中小企业客户群的规模与质量。如我先前提到，我们在美国服务超过300万家中小企业，这些客户整体信用质量非常高，其中80%的应收账款余额来自FICO信用评分在720以上的客户。而且客户群体高度多元化，我们的应收账款涵盖27个不同行业。例如，我们既有总部位于西雅图的大型建筑公司，也有在佛罗里达群岛经营牙科诊所的医生。这种多样性让我们的整体资产组合对宏观压力具有较强韧性，即使在过去两年全球大流行重创差旅娱乐行业时也能稳健应对。例如，餐饮客户仅占我们整体组合的3%。

The scale of our customer base means we can expand relationships with additional products and the quality of our customer base is an advantage as we run and grow this business. Another advantage is created by our leading Small Business card products. We offer a wide range of cards from fee-based, high-value products like the Business Platinum Card to simple cash-back products to our co-brands with Amazon, Delta and Lowe's.

客户基础的庞大规模使我们可以通过提供更多产品来深化客户关系，而客户基础的高质量则为我们运营和扩大业务提供了巨大优势。我们还拥有领先的中小企业信用卡产品线，包括从收费型、高价值的商业白金卡，到简单的现金返还卡，再到与亚马逊、达美航空和Lowe’s合作的联名卡，产品丰富多样。

We offer valuable benefits, spanning business benefits in areas like technology, wireless and shipping, best-in-class T&E benefits and benefits that are co-funded by partners who are seeking access to our valuable customer base. We offer an industry-leading membership rewards program, an important aspect of our value proposition, both from the ability to earn rewards and also to redeem them on a number of redemption options, ranging from booking travel to paying with points on Amazon. Altogether, we offer superior value propositions for our Small Business customers.

我们提供丰富的权益，涵盖技术、无线通信和运输等商业服务领域，业内一流的差旅福利，以及由合作伙伴共同资助、希望接触我们优质客户群体的特别福利。同时，我们还提供行业领先的会员奖励计划，这一计划是我们价值主张的核心组成部分，不仅有强劲的积分赚取能力，还支持多样化的兑换方式，从旅游预订到在亚马逊上用积分付款不等。总体而言，我们为中小企业客户提供了卓越的价值主张。

Another advantage is our large multichannel, well-tuned marketing engine. We've leveraged the power of these channels to attract more than 600,000 new business accounts in 2021 alone, and we have a scaled set of capabilities, enabling us to offer both upgrades and new products to existing customers. By leveraging these assets, we were able to treat or offer a new product or service to over 1 million Small Business customers last year. And underpinning all of this is the same disciplined approach to underwriting and investment optimization that we leverage across the company.

我们还有一项优势是拥有规模庞大、运行成熟的多渠道营销引擎。仅在2021年，我们就通过这些渠道吸引了超过60万个新商务账户，并依托强大的能力体系，向现有客户提供产品升级与新品推荐。通过这些资产，我们去年向超过100万家中小企业客户推出了新产品或服务。这一切的背后，是我们在公司各层面贯彻始终的严谨风控和投资优化策略。

Now my team and I, as you can imagine, spend a lot of time studying fintechs including the many business card start-ups that are out there. When I reflect on the scale of our marketing engine, I'm confident this will remain a competitive advantage that is very difficult to replicate.

你可以想象，我和我的团队花了很多时间研究金融科技公司，包括目前市场上涌现的大量商务卡创业公司。而当我思考我们营销引擎的规模时，我非常有信心这将长期成为一个难以复制的竞争优势。

The final advantage I want to touch on is American Express' unique integrated model. Our model drives 2 very important aspects of our value proposition for small businesses. We can deliver more spending power. Our integrated model enables us to give customers the spending capacity that they need, while managing our risk. For example, for our largest U.S. Small Business customers, we're able to provide spending capacity that's 3x greater than other card issuers. We can also deliver a network of buyers and suppliers, who work with our buyers to understand who their suppliers are, and then we target and onboard those suppliers who currently do not accept our cards, thereby growing the network.

我要讲的最后一个优势，是美国运通独特的一体化运营模式。这种模式支撑了我们对中小企业的两项重要价值主张。首先是提供更强的消费能力。一体化模式使我们能够在有效管控风险的前提下，为客户提供他们所需的资金支持。例如，对于我们在美国最大规模的中小企业客户群体，我们能够提供是其他发卡机构3倍的消费额度。其次，我们能够提供一个买方与供应商组成的网络，我们与买方合作了解其供应链构成，并有针对性地将尚未接受美国运通卡的供应商纳入我们的网络，从而不断扩大网络覆盖范围。

These core advantages powered strong growth in our SME business before the pandemic. We saw this growth particularly in -- what we call goods in the services spending, which is small businesses buying what they need to run and grow their business, whether it's raw material, shipping or advertising. You can see the strength and resilience of our SME business even before the pandemic with billions mostly in goods and services in both the U.S. and international and with both growing strongly, particularly in international.

这些核心优势在疫情之前就已推动我们的中小企业业务实现强劲增长。这种增长主要体现在我们所称的“商品与服务支出”方面，也就是小企业为了运营和扩大业务所需采购的各类商品与服务，比如原材料、物流或广告投放。从疫情前的表现中可以看出，我们的中小企业业务在美国和国际市场上以商品与服务为主的账单增长强劲，尤其是国际市场表现尤为突出，显示出极强的韧性与活力。

Now, let's go back to that frequently asked question. What's behind the scale and growth of your U.S. SME business? To recap my answer, it's our world-class brand, our strong customer base, our diverse product set, our powerful marketing engine and our integrated model. These advantages have been with us for years. Any one of them is a competitive strength. Taken together, they both protect and builds on our leadership position.

现在，让我们回到那个经常被问到的问题：是什么支撑了你们美国中小企业业务的规模与增长？重申我的回答，是我们世界级的品牌、强大的客户基础、多元化的产品组合、强效的营销引擎，以及一体化的运营模式。这些优势我们已经积累多年，其中任何一项都是竞争利器，结合在一起则既巩固也拓展了我们市场领导者的地位。

So let's go to the actions that we took through the pandemic to build on those advantages. We took -- made a number of investments to aid our customers through the global health crisis. The actions we took drove retention, drove engagement and as it came out of the crisis drove acquisition.

接下来，我们来看一下疫情期间我们是如何在这些优势的基础上采取行动的。我们投入了大量资源，帮助客户渡过这场全球公共卫生危机。我们的举措有效提升了客户留存度、互动率，并在疫情缓解后成功带动了新客户获取。

Let me give you a few examples. One of the retention actions we took to support our SME customers with relevant product value to make up for the loss of T&E utility as everybody stayed home. We invested $250 million. We've rolled out a series of business-focused benefits to meet our customers' evolving needs. We included statement credits for purchases on wireless, shipping and technology. We reinforced that our cards are powerful business spending tools. And we saw strong engagement with these offers to over 1 million U.S. Small Business customers accessing these benefits.

举几个例子说明。为了留住客户，我们在疫情期间推出了与中小企业高度相关的产品价值，以弥补T&E（差旅娱乐）功能在居家环境下的使用损失。我们投资了2.5亿美元，推出了一系列以商务为导向的权益，满足客户不断变化的需求，包括针对无线通信、运输和技术采购的账单抵扣。我们进一步强调我们的卡是强有力的商务支出工具，最终有超过100万家美国中小企业客户积极使用这些福利，反响热烈。

We also stood up very rapidly the Financial Relief Program in 2020. We wanted to manage our credit risk through the pandemic, but we also wanted to retain those businesses who are able to pivot and survive the crisis. As Steve and Jeff have shared over the years, the size the Financial Relief Program, but the program also had a very positive impact on our ability to retain customers. You can see here that 90% of small businesses, who enrolled in our Financial Relief Program, so the perception of American Express had improved as a result of this program.

我们还在2020年迅速推出了“金融援助计划”。我们既希望在疫情中有效管理信用风险，也希望保留那些有能力调整自身、挺过危机的企业客户。正如Steve和Jeff多年来分享的那样，该计划不仅规模庞大，而且极大提升了我们客户留存的能力。从数据显示，90%参与该计划的小企业表示，通过这一计划对美国运通的整体印象有所提升。

Another set of actions focused on engagement to deepen our relationships with customers throughout the pandemic. We provided small businesses with greater payment flexibility and delivered new features like pay over time. We made strategic acquisitions with Kabbage and ACOM Pay that enabled us to launch new beyond the card products, including a flexible line of credit and AP automation tools. We also launched the American Express business checking account. And we rolled out our largest-ever Shop Small program in 2020 with a $200 million commitment to help jump start spending at small businesses hurt by the pandemic.

我们还采取了一系列旨在增强互动、深化客户关系的举措。在整个疫情期间，我们为中小企业提供了更灵活的支付选项，推出了“分期付款”等新功能。我们还战略性收购了Kabbage和ACOM Pay，使我们能够推出超越传统信用卡范畴的新产品，包括灵活信用额度和应付账款自动化工具。我们还推出了美国运通商务支票账户。此外，我们在2020年启动了迄今为止规模最大的一次“支持小商户”（Shop Small）活动，承诺投入2亿美元，帮助受到疫情冲击的小企业恢复消费活力。

Another action we took was to ramp up our acquisition engine. Let me give you an example with our Business Platinum Card. The Business Platinum portfolio was very healthy coming into the crisis, growing in the high single digits. However, our customers' needs changed and we wanted to reposition that product's value proposition. In short, we wanted to be the best card for travel and for business, and we did this in a few key ways.

我们采取的另一项举措是加速客户获取引擎的运作。以我们的“商业白金卡”为例，这一产品组合在疫情前表现非常健康，年增长率达到高个位数。但疫情后客户需求发生变化，我们决定重新定位该卡的价值主张。简而言之，我们希望它成为旅行和商务场景下最优的信用卡。为此，我们采取了几项关键措施。

First, we delivered benefits to be especially appealing for our larger customers' business spending needs. Second, we inject a differentiated business-focused value into the card, focused on areas like technology, recruiting and software, places where we saw our customers investing. Third, we've built on our strong foundation of travel benefits and features.

首先，我们推出了一系列福利，专门契合大型客户的商务支出需求；其次，我们在产品中注入了具有差异化的、以商业为核心的价值，聚焦于技术、招聘和软件等客户重点投资领域；第三，我们在旅行福利和功能方面继续巩固本已强大的基础。

As we did all of this, we also priced for the value we were embedding, and we increased the fee to $695 a year. To date, the refresh has been very positively received, with new account acquisition up 158% in the fourth quarter of last year. Taken together, these actions enabled us to exit 2021, with very strong momentum in this very large portfolio, with goods and services spending growing and the T&E benefits retained just in time for travel to recover.

在进行上述升级的同时，我们也根据新增价值重新定价，将年费提升至695美元。结果显示市场反应积极，截至去年第四季度，该产品的新开账户数量同比增长158%。综合来看，这些举措让我们在2021年底时，商业白金卡这一大型产品组合展现出强劲势头：商品与服务支出持续增长，T&E权益得以保留，正好赶上差旅市场的复苏。

As you can see, by building on our strengths, we created a powerful momentum on multiple fronts. We achieved customer retention levels of 97% at the end of 2021. We achieved strong customer engagement with 65% of small businesses using their card benefits, the level we maintained before the pandemic. And we achieved strong momentum with billed business acquired, which is a rolling projection of the first year spend from new customers, increasing 83% in the fourth quarter of 2021 versus the average in 2019.

正如您所见，我们在多个方面巩固核心优势，成功创造了强劲增长动能。2021年底，我们的客户留存率达到了97%；客户使用度也很高，65%的中小企业客户在使用其卡片权益，这一水平与疫情前持平；此外，我们在“账单业务获取”上也展现出强劲动力——即对新客户第一年预计消费额的滚动预测，2021年第四季度相比2019年平均水平增长了83%。

When I reflect on these achievements, I've rarely seen a business with so much momentum. And what's even more exciting is the long runway for growth we see ahead. So let's move to the next section. What are the proof points that give us confidence in our long runway for growth? One proof point is the strength of Small Business formation and growth. You might be surprised to learn that coming out of the pandemic, there are more businesses opening and they're growing. Small Business applications were up 23% last year. And 60% of Small Business owners are confident in the future. They have strong momentum, and they expect continued strong sales growth. This highly dynamic and resilient sector represents a promising growth opportunity for us, both with prospects and existing customers.

回顾这些成果，我很少见到一个业务拥有如此强劲的增长势头。而更令人振奋的是，我们面前还有广阔的增长跑道。接下来让我们进入下一部分内容：有哪些证据支持我们对未来增长潜力的信心？第一个证据是中小企业的设立与增长态势强劲。你可能会惊讶地发现，在疫情过后，成立的新企业数量不仅没有减少，反而在增长。去年中小企业申请数量同比增长了23%；而60%的中小企业主对未来充满信心。他们保持强劲的经营动能，并预计销售收入将持续增长。这一充满活力和韧性的领域，不论是新客户还是现有客户，都为我们带来了可观的增长机会。

Another proof point in our long runway for growth is how SME payments are digitizing. And we saw this trend accelerate through the pandemic. So U.S. SME payments are growing from about $8 trillion in 2019 to $11 trillion in 2026. But importantly, the payment methods that U.S. SMEs are using are also changing. As small businesses move away from manual checks to other types of digital payments, whether a card, ACH or wire.

另一个证据，是中小企业支付行为正在加速数字化，这一趋势在疫情期间进一步提速。美国中小企业的支付总额预计将从2019年的约8万亿美元增长至2026年的11万亿美元。而更关键的是，中小企业正在改变支付方式，从传统的手工支票逐步转向更现代化的数字支付方式，无论是信用卡、ACH自动清算，还是电汇。

And as that more than $1 trillion of check volume digitizes, over the next few years, we can capture more of small businesses' digital spending, both with our cards, and our beyond the card products. Another proof point of our runway for growth is our small business relationships in themselves. I shared earlier that the American Express Small Business customer base has been an advantage for the scale and growth of our business. However, today, most of our customers have just 1 product with us, a charge card. That presents a tremendous opportunity to grow our customer relationships. Working capital is just 1 growth opportunity that we see.

随着超过1万亿美元的支票交易在未来几年加速数字化，我们有望通过信用卡产品和卡片之外的解决方案，进一步捕捉中小企业的数字支出。我们增长跑道的另一个有力证据是我们与中小企业之间的客户关系。如我之前所说，美国运通中小企业客户群在我们业务规模和增长中发挥了关键作用。然而，目前大多数客户在我们这里仅持有一项产品，即记账卡，这为深化客户关系带来了巨大的机会。其中一个重要的增长机会是“营运资金”服务。

Today, we have a 45% share of all U.S. card-based spending, but a 20% share of U.S. card-based lending. We've begun to build momentum against this opportunity. Card Member loans are up 25% since before the pandemic. And when we build this momentum, we reap benefits for our business. When a customer has more than one need served by American Express, for example, both a charge card and a loan, we see a meaningful uplift in revenue.

目前，我们占据美国基于信用卡的整体消费支出的45%，但在基于卡片的贷款市场中份额仅为20%。我们已开始在这一领域积聚势能，自疫情前以来，持卡人贷款增长了25%。而一旦我们在此领域打开局面，将为业务带来显著收益。比如，当客户同时在美国运通拥有记账卡和贷款产品时，我们会看到营收出现实质性增长。

Another proof point is the trend of small businesses wanting more, but also wanting less. They want more capabilities, but they want fewer providers, less logins and less hassle. For example, more than 40% of small business owners said their ideal would be to bundle multiple financial services products under a single provider, and 65% value of the consolidation of payments and financing solutions. American Express has a broad range of products, both on the card and beyond the card, and we're well positioned to provide small businesses with integrated solutions from a single source that they trust.

另一个增长佐证是：中小企业在“想要更多”与“希望更少”之间寻求平衡。他们希望拥有更多功能，但又想减少服务提供方数量、减少账户登录频次、简化操作流程。例如，超过40%的小企业主表示，他们理想的选择是在一个供应商处整合多个金融服务产品；65%的小企业主重视支付与融资解决方案的统一整合。美国运通既拥有丰富的卡片产品，也提供卡片之外的服务，完全有能力以值得信赖的单一来源，为中小企业提供一体化解决方案。

The final proof point in our runway for growth is our international franchise. You can see on the left that we had good goods and services momentum before the pandemic coming in and growing. And you can see that we've returned to those strong levels coming out of 2021. On the right, our single-digit SME penetration in key countries provides us with a significant growth opportunity.

我们的增长跑道的最后一个佐证是我们的国际业务。如图左所示，在疫情前我们在商品与服务支出方面就已展现出强劲动能，进入疫情后仍持续增长；而疫情后、尤其是2021年底，我们已重回这一强势水平。从图右来看，我们在主要国家的中小企业渗透率仍处于个位数，说明在这些市场上我们仍拥有巨大的扩展空间。

So those are our proof points. From the external trends I cited like payment digitization to opportunities within our own business, you can see that we're confident in the long runway for growth.

以上就是我们的增长佐证。从支付数字化等外部趋势，到我们自身业务中存在的扩展潜力，种种迹象都让我们对未来的广阔增长跑道充满信心。

How will we capture the SME growth opportunity? Let me walk you through these 5 strategic priorities that we're executing against to win. One priority is to continue fueling and innovating in our powerful marketing engine. So what does that mean? It means sustaining our investment levels and focusing on premium acquisition. It means balancing our marketing between customers and prospects. It means leveraging the diverse channels I spoke about earlier, including our efficient digital channels, where the majority of our acquisition comes today. And it means building greater awareness of the benefits our business cards deliver. One of our marketing priorities is to educate small businesses about the many products and features that we offer that can help them run and grow their business.

那么，我们将如何抓住中小企业的增长机遇？让我为大家介绍我们正在推进的五大战略重点。第一项重点是继续加大投入、不断创新我们的强大营销引擎。具体来说，这意味着维持当前的投资强度，聚焦高价值客户获取；在现有客户与潜在客户之间保持良好的营销平衡；充分利用我之前提到的多元化渠道，尤其是高效的数字化渠道（目前我们的客户获取大部分来自这些渠道）；同时，也意味着加强市场教育，让更多中小企业了解我们的商务卡所带来的实际好处。我们的营销重点之一，就是帮助中小企业全面了解我们所提供的各类产品与功能，助力他们经营与成长。

In summary, we want them to put their business spend on a business card. And when a small business has a consumer card and gets one of our business cards, we see a 47% increase in their billings. Another priority is to capture more goods and services spending and our cards are a powerful tool to do this. Take again Business Platinum. I shared, this is a large and growing portfolio. And last October, we launched the new card, we built in enhanced benefits, like the ability to earn 1.5x membership rewards, on purchases in top business categories as well as on any large purchases over $5,000. Customers can also get up to $1,000 of statement credits from partners like Dell and Adobe. And the new card comes with payment flexibility built-in with pay-over-time. We offer all this in addition to the best-in-class travel benefits that we're known for. So we've rolled out an even more powerful business tool with our new Business Platinum Card. Early results are strong, with billed business acquired up 166% in Q4 2021 versus the same period in 2019.

总结来说，我们希望客户将其商务支出转移至商务卡上。当一家中小企业原本持有消费卡，而后再申请我们的商务卡时，其账单金额平均提升47%。我们另一项重点战略是争取更多“商品与服务”类支出，而信用卡正是实现这一目标的强大工具。以商业白金卡为例，这是一个规模庞大且仍在增长的产品组合。我们在去年10月推出了新版白金卡，加入了一系列增强福利，例如：在主要商务类支出类别及每笔超过5,000美元的大额消费中，可赚取1.5倍会员奖励积分；此外，客户还可获得最高1,000美元的合作伙伴账单抵扣，例如来自Dell和Adobe的优惠。新卡也具备“分期付款”功能，为客户提供支付灵活性。所有这些都在我们本已享有盛誉的业界顶级差旅福利基础上进一步升级，使新版商业白金卡成为更强大的商务工具。初步成效十分显著，2021年第四季度账单业务获取量同比2019年同期增长166%。

Another priority is to capture more goods and services spending with our capabilities beyond the card.

我们还致力于通过卡片以外的产品能力，进一步获取更多商品与服务类支出。

And while we know that card will remain the highest margin type of business payments, the reality is that as that iceberg of check volume melts, not all of it will go on the card. So we're positioning ourselves so we can handle our customers' full AP file. We're doing this through proprietary AP automation products such as one AP, our network capabilities that include tokenization, and our direct relationship with merchants who also serve as suppliers.

我们清楚，信用卡仍是商业支付中利润率最高的支付方式，但事实是，随着“支票冰山”的逐渐消融，并非所有支出都会转向信用卡。因此，我们正积极布局，确保能够处理客户完整的应付账款（AP）数据。我们依靠的是自主开发的应付账款自动化产品（如One AP）、包括代币化在内的网络能力，以及我们与商户（兼为供应商）之间的直接关系。

When Raymond Joabar presents shortly, you'll hear more about the network capabilities that his team is building to support this opportunity. We're also partnering with fintechs and other players to capture more spending beyond the card, including Airbase, which offers an end-to-end expense management solution and Extend, which provides an easy-to-use virtual card platform. These capabilities enable us to capture that melting iceberg of the paper check, both beyond and on the card. After adopting one of our AP automation solutions, we see a 43% average lift in American Express card spending, showcasing how our beyond the card offerings also reinforce our card business.

接下来Raymond Joabar的演讲将详细介绍他的团队正在构建的网络能力，以支持这项机会。同时，我们也正与金融科技公司和其他合作伙伴携手，捕捉卡片之外的支付份额。例如Airbase提供端到端的费用管理解决方案，Extend提供便捷的虚拟卡平台。这些能力帮助我们抓住正在消失的“纸质支票冰山”所释放的机会——无论是卡内还是卡外。当客户采用我们的某项AP自动化解决方案后，其使用美国运通卡的支出平均提升43%，这也证明了我们的“卡外产品”能够反过来强化“卡内业务”。

Another priority is to do more business with the customers we have. And there's a big opportunity here and providing more working capital. I shared earlier, that we have a 45% share of U.S. SME card-based spending and a 20% share of U.S. SME card-based lending. And we know that small businesses value payment flexibility and the opportunity to pay over time when they need it. To address this, nearly all of our small business cards now have built in the ability to revolve. In addition, 70% of our business cardholders are eligible for a flexible line of credit, an important tool to help small businesses manage their cash flow, inventories and more. Providing more working capital to our customers, whether on the card or through our flexible line of credit enables us to deepen these customer relationships and capture a greater share of their wallet.

我们还希望与现有客户开展更多业务。其中一个重大机会是提供更多营运资金支持。前文提到，我们在美国中小企业信用卡支出市场中的份额为45%，但在基于卡片的贷款市场中仅占20%。我们知道，中小企业重视支付灵活性，以及在有需要时进行分期付款的能力。为满足这一需求，我们现已在几乎所有中小企业信用卡中内置“循环信用”功能；此外，70%的商业持卡客户也符合申请灵活信用额度的条件，这对管理现金流、库存等业务具有重要作用。无论是通过信用卡，还是通过灵活信用额度向客户提供营运资金，均有助于我们深化客户关系，提升我们在客户钱包中的占比。

Another priority is maintaining those high customer retention levels. Think of this as our stickiness. Once a customer comes into our doors, we want to give them as many opportunities as possible to stay. And an important way that we're doing this is by building out our digital banking suite. Last June, leveraging our acquisition of Kabbage we began rolling out our line of credit product, an important offering for small businesses like I just mentioned.

我们另一项重点，是保持高客户留存率，也就是提高客户黏性。一旦客户加入我们，我们就希望为他们提供尽可能多的理由留下来。而我们实现这一目标的重要手段之一，是打造完整的数字银行产品组合。去年6月，借助我们对Kabbage的收购，我们开始推出“信用额度”产品，这正是我刚才提到的对中小企业极具价值的关键服务之一。

In October, we launched the American Express business checking account. This fully digital solution has no monthly maintenance fee, an attractive APY and it connects with existing American Express products. Later this year, customers will be able to earn membership reward points and redeem them for deposits in their checking account.

2022年10月，我们推出了美国运通商务支票账户。这是一款完全数字化的解决方案，无月度维护费用，提供有吸引力的年收益率（APY），并且可以与现有的美国运通产品无缝连接。今年晚些时候，客户还将能够通过该账户赚取会员奖励积分，并将这些积分兑换为支票账户的直接存款。

This is just the beginning. Over the next 18 months, again, leveraging the platform and team we acquired with Kabbage, we plan to build out a multiproduct digital ecosystem that will integrate our broader product set. From funding and business checking to cash flow, insights, card accounts and more small business customers will have one easy-to-use digital banking platform to manage all their cash flow needs. This ecosystem can help drive more growth from our existing customers and help us maintain those highly desirable retention rates.

这仅仅是个开始。在接下来的18个月里，我们将再次依托Kabbage团队及其平台，构建一个多产品的数字生态系统，整合我们更广泛的产品组合。从融资、商务支票账户，到现金流管理、数据洞察、信用卡账户等，未来中小企业客户将通过一个易于使用的数字银行平台来管理所有现金流需求。这个生态系统不仅能进一步提升现有客户的业务规模，也有助于我们保持极具吸引力的高留存率。

Our final priority involves regaining momentum in international SME, and we have a number of efforts underway. We refreshed our Business Gold Card in the U.K., Canada and Japan and enhanced our Business Platinum Card in the U.K. and Canada. Like with Business Platinum in the U.S., we embedded business-focused benefits on our premium cards to meet more spending needs. Over time, we've also added payment flexibility to our cards in priority markets. We're also building on our strong network of partners with the intention to drive acquisitions and goods and services spending.

我们的最后一项战略重点是恢复国际中小企业业务的增长动能。为此，我们已在多方面展开工作：我们重新设计了英国、加拿大和日本市场的商业金卡，同时增强了英国和加拿大的商业白金卡功能。正如美国市场的商业白金卡一样，我们在这些高端卡中也加入了更多以商务为导向的福利，以满足客户更多元的支出需求。与此同时，我们在重点市场逐步引入了更灵活的支付方式。我们也在巩固与强大合作伙伴网络的基础上，推动新增客户获取和商品服务类支出的提升。

And Amazon is a great example of this. As a reminder, we launched 2 Amazon co-brand cards in the U.S. in 2018. And based on the card success here, we expanded to the U.K. in 2020, and to Germany and France in 2021. We're seeing strong results with our new and refreshed cards driving between 25% and 40% growth -- acquisition growth in countries.

亚马逊就是一个很好的例子。提醒大家，我们在2018年于美国推出了两款与亚马逊合作的联名卡。基于美国市场的成功经验，我们于2020年将该合作扩展至英国，2021年进一步扩展至德国和法国。目前，新的和升级版的联名卡在各国市场带来了25%到40%的客户获取增长，表现十分亮眼。

Product refreshes and our continued partnership with Amazon are just 2 ways we plan to unlock further growth in international SME. In his introduction, Steve set out why he is confident in the new growth aspiration. This page sets out why I'm confident that our SME business will play an important role in achieving that aspiration. We've built momentum through the crisis, and looking forward, we're taking action to secure an elevated level of growth over the longer term. We're investing to maintain elevated acquisition levels. We're capturing more goods and services spend, whether on the card or beyond the card. We're delivering more working capital to our customers, whether through a card or a line of credit. We're building to maintain our elevated retention levels including by giving our customers a digital banking suite, and we're driving growth in international SME.

产品焕新和与亚马逊持续深化合作，仅仅是我们激发国际中小企业业务进一步增长的两项方式。正如Steve在开场时所提到的，他对公司新的增长愿景充满信心。而这部分内容展示了我为什么相信中小企业业务将在实现该愿景中发挥关键作用。我们已经在危机中建立了强劲动能，并正采取有力措施，确保长期维持这一增长水平。我们在持续投资以保持高客户获取率；我们正积极获取更多商品与服务类支出，无论是在卡片内还是卡片之外；我们通过信用卡或灵活信用额度向客户提供更多营运资金支持；我们在打造数字银行产品组合，以保持高客户留存率；我们也在推动国际中小企业业务的增长。

Taken together, these actions play an important role in achieving the company's new growth aspiration. To close, a lot has happened since I joined American Express just 3.5 years ago. The pandemic is testing all of us in ways we really couldn't have imagined. Over that time, I've seen our Small Business customers, not just pivot, but reinvent. They reinvented how they attracted their customers. They reinvented how they sell. They reinvented how they hire their employees.

综合来看，这些举措在实现公司新增长目标中扮演着重要角色。最后，我想说，自我在三年半前加入美国运通以来，世界已经发生了翻天覆地的变化。疫情以我们难以想象的方式考验了每一个人。在这段时间里，我亲眼见证了我们的中小企业客户不仅成功转型，而且实现了“重塑”：他们重新定义了吸引客户的方式、重新设计了销售流程，也重新思考了招聘员工的方式。

For American Express Small Business, the pandemic was also a time of reinvention. We reinvented to support our customers through difficult times. We invented our card value propositions to ensure we were the best card for travel and for business. And we reinvented our product ambitions, seeking to support our customers with both card and beyond the card payments and our broader digital banking suite.

对美国运通的中小企业业务来说，疫情也是一次“自我重塑”。我们主动革新，以帮助客户渡过难关；我们重新设计了信用卡的价值主张，确保我们的产品在差旅与商务领域都保持领先；我们也重新设定了产品愿景，致力于通过卡片和卡片之外的支付方式，以及更全面的数字银行产品组合，全方位支持客户发展。

So now we're ready. We see a long runway for growth, and we're driving forward to capture it. We're confident there are exciting times ahead, both for our Small Business customers and for American Express.

如今，我们已经准备就绪。我们面前是一条广阔的增长跑道，我们正全力以赴去把握。无论是对我们的中小企业客户，还是对美国运通而言，前方都充满令人期待的机遇。

Thank you. I'll now hand over to my colleague, Howard Grosfield, Howard?

谢谢大家。现在我将时间交给我的同事Howard Grosfield。Howard？

Howard Grosfield

So thank you, Anna. Good afternoon, and welcome. I'm delighted to be here today to give you an update on our Consumer business. And my hope is that you'll take 5 key themes away from the presentation today. First, the business is exiting the pandemic in a position of great strength and our pace of growth is accelerating. Two, our trusted brand and products are resonating in the premium space and across younger generations and in particular, Millennials and Gen Zs, which we'll talk about in a few moments. Three, we're going to show you a series of actions we took during the pandemic that have changed the shape of our business. And as a result, we emerge from the pandemic with a stronger business model. and a stronger leadership position. Four, we'll talk about our differentiated strategy, our approach to innovation and how they both unlock our ability to stay ahead of the industry and deliver accelerated growth. And finally, five, will illustrate why we think the premium space and younger generations are growing, and how that has translated into a pipeline of attractive investments that has emerged stronger.

Howard Grosfield

谢谢你，Anna。大家下午好，欢迎各位。我很高兴今天能在这里向大家介绍我们消费者业务的最新情况。我希望大家今天能带走五个核心主题：第一，我们的业务正在以非常强劲的状态走出疫情，且增长速度正在加快；第二，我们值得信赖的品牌和产品不仅在高端市场产生了共鸣，也吸引了年轻一代，尤其是千禧一代和Z世代，稍后我会详细谈到；第三，我们将在演讲中展示疫情期间采取的一系列举措，这些举措改变了我们业务的形态，使我们以更强的商业模式和更强的市场地位走出疫情；第四，我们会谈到我们的差异化战略和创新方法，这些让我们持续领先于行业，并实现加速增长；第五，我们将阐述为何高端市场与年轻一代在持续增长，以及这如何转化为一批更具吸引力的投资机会，并使我们自身更加稳固。

So with these 5 themes in mind, we've structured them into 3 distinct sections that when added together, we think, make a compelling case for why we are so confident we can accelerate our growth trajectory going forward. So let's jump into Section 1 and talk about why we think we've emerged from the pandemic with a stronger business model and a stronger leadership position. As you can see from the middle section of this slide, which compares our growth to 2019, the business has not only recovered to pre-pandemic levels. The pace of our growth in each quarter from Q1 to Q4 is accelerating and most importantly, the exiting quarter is accelerating across all 3 metrics.

我们将这五个主题归纳为三个清晰板块，并认为这套结构将有力地说明我们为何对未来加速增长充满信心。我们从第一部分开始：为什么我们认为自己以更强的商业模式和更强的领导地位走出了疫情。如幻灯片中部所示，与2019年相比，我们的业务不仅恢复至疫情前水平，而且从第一季度到第四季度，增长速度不断加快，最重要的是，在三个关键指标上，最后一个季度的增长步伐最为显著。

It's also worth pointing out on the left side of the slide that we entered the pandemic with great strength and momentum. You may recall that consumer had 9 quarters of double-digit revenue growth and accelerated share gains in lending. And so the story we're going to share today is really a story of strength to strength. And if you take a closer look at the billed business line and we unpack how our spending recovered. You can see that our recovery has been powered by 3 things: goods and services spend on the left; the U.S. business in the middle; and younger generations on the right, but most notably, Millennials and Gen Zs who spend, as you can see in the bottom right, exited Q4 at 50% higher levels than 2019. And as a result, we should benefit from tailwinds as T&E, international, and older generations continue to accelerate and recover.

同时值得指出的是，从幻灯片左侧可以看到，我们是以非常强劲的状态步入疫情的。大家可能还记得，我们的消费者业务在疫情前连续9个季度实现了两位数的收入增长，并在信贷市场持续提升份额。因此，今天要分享的是一个“强者更强”的故事。如果你仔细观察账单业务这一条线，并分析我们支出恢复的驱动因素，会发现主要来源有三：一是商品与服务支出（左侧），二是美国本土业务（中部），三是年轻一代客户（右侧），尤其是千禧一代和Z世代。从幻灯片右下角可以看到，这一代人在2021年第四季度的消费水平比2019年高出50%。因此，随着T&E支出、国际市场和年长一代的消费持续复苏，我们将持续受益于这些顺风因素。

Our spend-centric model has also been driving accelerated lending growth, as it did before the pandemic. And more recent investments in lending capabilities have only strengthened our ability to capitalize on and accelerate our future lending growth. Starting with the chart on the left, which shows total global consumer card member loan volumes by quarter, you will see that we've not yet fully recovered to pre-pandemic levels at $70.5 billion, but the pace of growth began to accelerate in Q2. And in Q4, we added one of the highest increases in volumes in a single quarter. What might be more interesting are the graphs on the right. Starting with the graph in the middle. We now ship all Centurion line charge products with embedded lending and planet functionality. As a result, we are acquiring an entirely new generation of customers who will never know that our Centurion line of products were once paying full only. Their day 1 understanding of the product includes lending and planet as embedded features alongside our more widely known, no preset spending limits that still enable higher spending. In addition, we no longer have to market to card members to enroll in these very important lending features.

我们的“以支出为核心”的业务模式，也同样在推动信贷增长加速，这一点在疫情前就已显现。我们近期对信贷能力的投资进一步增强了我们在未来加速放贷增长中的执行力。请看左侧图表，它展示了按季度划分的全球消费者持卡人贷款总额。目前我们尚未完全恢复至疫情前的贷款水平（70.5亿美元），但从第二季度开始，增长速度明显加快。在第四季度，我们实现了单季度贷款增量的历史高位之一。右侧图表同样值得关注，尤其是中间的那张图：我们现在将所有Centurion系列的记账卡产品升级为内建贷款功能和“Planet”分期支付功能。这意味着我们正在吸引一批全新一代的客户——他们根本不知道Centurion产品曾经是“全额付款制”。他们从第一天起就认为该卡包含分期与贷款功能，同时也保留了“无预设消费限额”这一高支出能力特性。此外，我们不再需要主动营销这些重要贷款功能，客户默认即享用这些嵌入式服务。

As an example of the impact of this change can be seen in the middle graph, which shows the average balance in the first 3 months of a new platinum customer in the U.S. pre versus post-embedding lending on our U.S. Platinum portfolio. New Platinum customers have gone from effectively 0% to 81% of the early average revolving balance we see across all our lending products. And when you look at the graph on the right, which shows total AR growth versus 2019 for the top 5 issuers, Amex, the Centurion line as well as Platinum, it underscores how this investment is changing this shape of our business model and strengthening our ability to gain share of lend wallet, particularly among our Centurion line of charge customers. And this last point only becomes more compelling if acquisitions of our Centurion line of products continue to accelerate, which is exactly what we're going to talk about on the next slide.

这种变革所带来的影响可以从中间图表中看出，它展示了美国白金卡新客户在开卡前三个月的平均余额，比较了在我们美国白金卡产品线嵌入信贷功能前后的变化。过去白金卡新客户的平均循环余额几乎为零，而现在达到了我们所有贷款产品平均水平的81%。右侧图表则显示了2021年与2019年相比，前五大发卡机构的应收账款（AR）增长情况。Amex的Centurion系列与Platinum系列的表现突显出这项投资正在改变我们的商业模式结构，增强我们在“信贷钱包”份额中的竞争力，尤其是在Centurion记账卡客户群体中。如果Centurion产品系列的新增客户获取继续加速，这一优势将更为突出——正是我们下一页要探讨的重点。

As this slide shows, premium acquisition performance is very strong, and it is being powered by our fee-based proprietary products, most notably Platinum and Gold. Starting with the graph on the left, which shows quarterly average new account volume on the solid line and billings acquired on the bars, you can see that we're bringing in fewer cards than we did pre-pandemic, but dramatically higher billings acquired at 1.4x, the size that it was in 2019. This change in the shape of our acquisition engine is explained by the table below. In rows 1 and 2, you can see that we are attracting a significantly higher average spending prospect up by 1.5x versus 2019 and a greater percentage of those prospects, more than 2/3 or 67% are willing to pay a fee. This has translated into an almost doubling of the average fee per NAA in Row 3, where it has increased from $77 to $141, and we expect this to accelerate with the acquisition momentum you see from our fee-based products on the right side of the page. Platinum, Gold and Blue Cash Preferred are powering our growth and the pace of the momentum continue to accelerate throughout the year. In fact, all 3 products delivered some of their highest acquisition volumes on record throughout and exiting 2021.

如这页所示，我们在高端产品客户获取方面的表现非常强劲，这主要得益于我们的收费型自有产品，尤其是Platinum和Gold卡。左侧图表显示的是季度平均新账户量（实线）和新增账单金额（柱状图），可以看到我们获得的新卡数量虽然低于疫情前水平，但获取的账单金额却大幅增长，达到了2019年的1.4倍。这一“获客引擎”的结构性转变可以通过下方数据表解读。第一和第二行数据显示，我们吸引的潜在客户平均消费能力比2019年高出1.5倍，且其中愿意支付年费的比例大幅提升至67%。这推动了每个新账户平均年费收入（NAA）的显著上升，从77美元跃升至141美元。我们预计，随着页面右侧所示的收费产品（如Platinum、Gold、Blue Cash Preferred）新增客户的持续增长，这一趋势将继续加速。事实上，这三款产品在2021年及其年底创下了有史以来最高的新增账户记录之一。

While co-brand products still have room to recover and will provide healthy tailwinds, we're making very important investments in those relationships as well. For example, we continue to invest and increase the appeal of our Delta Airline products to make them the most valuable co-brand cards in the industry. What is even more compelling about the dynamics of our acquisition engine is what you see on the graph on the left. We've significantly increased the Millennial and Gen Z share of new accounts to 60%. And as you will see later in the presentation, and Steve touched on this, when you look at Platinum and Gold, that's 60% jumps to 75%. On the right side of the page, you can see that these Millennial and Gen Z customers are strong, super prime card members. They have the same willingness to pay a fee, similar lending profiles with slightly lower spend that should naturally grow over time as they age and increase their income.

虽然联名卡产品仍有一定恢复空间，也将在未来带来可观增长助力，但我们也在这些合作关系上进行了重要投入。例如，我们持续加大在达美航空联名卡上的投资，使其成为行业中最具价值的联名卡之一。而我们客户获取引擎中更令人振奋的部分，在于左侧图表所示：我们新账户中，千禧一代和Z世代的占比已显著提高至60%。而如稍后PPT及Steve所提，若只看Platinum和Gold卡，这一占比更是跃升至75%。页面右侧显示，这些千禧和Z世代客户属于“超优质信用客户”（super prime），他们愿意支付年费，信贷表现也相当稳定；虽然当前平均消费略低，但预计随着年龄增长与收入提升，其消费水平将自然上升。

So the question becomes how. How did we strengthen our relevance with Millennials and Gen Zs? And I think the evolution of our U.S. Platinum product is a great example of our playbook or our approach. As you can see from the timeline on the far left, in 2017, we refreshed the U.S. Consumer Platinum Card by introducing meaningful incremental value and pricing up for that value for the first time in more than a decade. This refresh performed exceptionally well, and it began to build momentum with Millennials and Gen Zs, particularly those interested in what was still largely a travel-focused product.

那么问题是：我们是如何增强与千禧和Z世代的相关性的？我认为美国白金卡的产品演进过程正是我们策略方法的一个出色范例。如页面最左侧时间轴所示，2017年，我们对美国消费白金卡进行了十多年来的首次重大升级，不仅加入了有意义的新增权益，也同步进行了价格调整。这次焕新表现非常出色，并开始在千禧一代与Z世代群体中积聚势能，尤其是在那些对差旅场景仍感兴趣的年轻人中间。

More recently, we made investments during the pandemic to provide value, while travel was limited, like streaming credits that also resonated with younger generations. And then last July, we refreshed Platinum again and diversified the value proposition with a suite of new lifestyle benefits and experiences, while also doubling down on travel and raising the fee to $695 to price for this additional value. And we continue to add new benefits outside major refreshes like Walmart+ and artist-designed cards to maintain excitement and meet the changing needs of our card members. And this is a strategy you should expect to see us continue going forward.

最近，在疫情期间，我们也做出了一些投资，在旅行受限的背景下提供其他价值，例如推出流媒体订阅抵扣，这类权益也与年轻一代产生了共鸣。去年7月，我们再次对Platinum卡进行了升级，拓展了其价值主张，加入了一系列全新的生活方式福利与体验，同时进一步加强差旅权益，并将年费提升至695美元以匹配新增价值。此外，即使在没有进行大版本更新的时期，我们仍持续推出新权益，例如Walmart+订阅和艺术家设计卡面，以保持客户的兴趣并满足其不断变化的需求。未来我们将继续坚持这种策略。

While our success at attracting younger consumers started long before we introduced a meaningful number of lifestyle benefits, the engagement metrics on the right side of the page illustrate that our benefits are resonating and diversification has strengthened our appeal to a wider segment of Millennials and Gen Zs.

虽然我们吸引年轻消费者的成功早于生活方式福利的大规模推出，但幻灯片右侧的客户使用数据清晰表明，我们的这些新增权益确实产生了共鸣，产品价值的多样化显著增强了我们在更广泛千禧一代与Z世代人群中的吸引力。

So now I want to move away from prospect acquisition and shift the conversation over to our large and very important base of existing card members. The slide outlined just a sample of the many important investments we made during the pandemic to protect and strengthen our relationships with our base of existing card members. Examples like financial relief, digital servicing, value injection investments to make our products more relevant during the pandemic, the platinum refresh and recognition programs all strengthen those relationships during what was a very uncertain time. And as you're going to see in the next couple of pages, when we look at existing customer performance on 3 dimensions, their contribution to growth, their retention and their credit metrics, these investments have unequivocally paid off.

现在，我想从新客户获取转向我们庞大且极其重要的“现有持卡人”客户群。幻灯片中列出的是我们在疫情期间为保护并增强与现有客户关系所进行的重要投资的一部分样例，包括：推出金融援助计划、数字化服务功能、通过“价值注入”增强疫情期间产品相关性、Platinum卡的升级、以及客户忠诚奖励计划。这些举措在充满不确定性的时期显著加深了客户关系。接下来的几页中，我们会从三个维度看现有客户的表现：对增长的贡献、客户留存率以及信用表现，结果无疑证明这些投资是值得的。

So let's start with contribution to growth. As you can see from the left side of this slide, we've scaled the investments we make in strengthening our relationships with existing customers and marketing additional services like supplementary cards for spouses and children, upgrades from gold to platinum, companion cards to help manage the household, line increases, personal loans and now banking services, which we launched just a few weeks ago.

我们先从“对增长的贡献”谈起。正如幻灯片左侧所示，我们持续加大对现有客户关系的投资，同时推广包括配偶和子女附属卡、Gold卡升级为Platinum卡、用于家庭管理的辅助卡、信用额度提升、个人贷款，以及我们几周前刚刚推出的银行服务在内的一系列增值服务。

And as we continue to grow our premium base and the percentage of prospects that are willing to pay a fee so does the demand for the type of customer add-on services I just listed. And as you'd expect, customer investments are about 3x more efficient than prospect. And as you can see on the right side of the page, customer now makes up 45% of all revenue acquired, which is defined as a rolling projection of the revenue from marketing investments to both new and existing customers.

随着我们高端客户群体的持续扩展，以及愿意支付年费的客户比例提升，对上述附加服务的需求也随之增长。如你所预期的那样，针对现有客户的投资，其效率约为获取新客户投资的3倍。右侧图表显示，目前现有客户已贡献了我们整体新增收入的45%，该数据是对新老客户营销投资带来收入的滚动预测结果。

So shifting to retention and credit metrics our performance improved throughout the pandemic and remains strong. The left side of the slide shows our customer retention rate for U.S. consumer, not only has customer retention exceeded pre-pandemic levels. But U.S. customer retention, as you can see, now stands north of 98%. On the right side, we step into credit metrics and delinquency rates. Starting with the very topline, which represents the industry average without Amex, you see that rates have improved across the industry with some increases in the most recent quarter. When you step down to the very bottom line, which represents Amex-only performance, you can see that we've not only improved our performance versus pre-pandemic significantly, but we continue to deliver superior performance versus the industry with the gap currently at 155 basis points. What's even more interesting is the line in the middle, which represents the performance of Amex customers on the competitor card that is also in their wallet. This line suggests that customers are more loyal to Amex even under financial stress, when faced with limited funds, they choose to pay their balance with us ahead of our competitors, which speaks to the investments we've made in servicing as well as our Financial Relief Program.

再来看留存率与信用表现指标。我们的相关表现从疫情开始至今持续改善，并保持强劲。幻灯片左侧展示了我们美国消费者的客户留存率——不仅超过了疫情前水平，目前美国客户留存率已超过98%。右侧部分则涉及信用指标和逾期率。最上方的线代表行业平均水平（不含Amex），你会看到行业整体在疫情后有所改善，但最近一个季度略有回升。而最底部的线代表仅Amex的客户表现，可以看出，我们相较于疫情前已大幅改善，且整体表现优于行业平均，目前领先幅度为155个基点。中间这条线尤其值得注意，它代表的是那些同时拥有Amex卡与竞争对手卡的客户，在竞争对手卡上的信用表现。这条线说明，即使在面临财务压力、资金有限的情况下，客户仍优先偿还Amex的卡债，这体现了我们在客户服务及“金融援助计划”方面的投资成效。

And finally, as all of these investments that we've made over the last couple of years come together in driving our topline, you see a compelling set of revenue outcomes and insights. On the left side, revenue acquired is significantly higher than pre-pandemic levels. And when you [indiscernible] on the right side, by looking at spend, lend and fee revenue at the per card member level, you can see we've exceeded pre-pandemic levels off the back of very strong fee and spend growth and despite declining lend revenue, which creates yet another tailwind as lending recovers.

最后，随着我们过去几年所做的所有投资逐步汇聚，对营收的拉动已产生显著成果和洞察。幻灯片左侧显示，新增收入已大幅超过疫情前水平。而在右侧，若按每位持卡人维度来看消费、信贷与年费三类收入，可以看到，即使信贷收入有所下降，我们仍凭借强劲的年费收入与消费收入增长，全面超过疫情前水平。这也为信贷收入未来复苏提供了又一顺风助力。

This impressive fee and spend revenue growth are being powered by the 3 things we've been talking about: a higher average spending prospect, a greater percentage of those prospects willing to pay a fee and how we've scaled, the monetization of our existing card member base. You'll also notice on the right side that we have a balanced revenue mix across spend, lend and fee revenues, which served us well during the pandemic. And as you know, stands alone in our industry. Our competitors make about 70% to 80% of their revenue from lending.

如此亮眼的年费与消费收入增长，主要由以下三项驱动因素推动：一是我们所吸引的客户平均消费水平更高；二是更大比例的客户愿意支付年费；三是我们在现有持卡客户的变现能力上实现了规模化扩张。你还会注意到，幻灯片右侧展示了我们在消费、信贷、年费三项收入上保持的平衡结构，这种结构在疫情期间发挥了巨大优势。我们也因此在行业中独树一帜——我们的竞争对手通常有70%到80%的收入来自信贷业务。

So when we bring it all together, the actions we took during the pandemic, as you can see listed down the left side of the slide, changed the shape of our business. They changed the shape of our premium acquisition engine and accelerated our goods and services spending. They also changed the role of younger generations, the contribution to growth by existing customers, lending momentum across products and charge in particular as well as the role partnerships play as a core part of our product value propositions, which we discussed in the Platinum example and I will revisit again in just a moment. As a result, we believe we've emerged from the pandemic with a much stronger business model and stronger leadership position.

综合来看，如幻灯片左侧所列，我们在疫情期间采取的各项行动彻底改变了我们的业务结构。我们重塑了高端客户获取引擎，推动了商品与服务支出加速增长；我们也重新定义了年轻一代客户的作用、现有客户对增长的贡献，以及各类信贷产品（尤其是记账卡）的增长动能。同时，我们也重塑了“合作关系”在产品价值主张中的核心地位，这在Platinum卡案例中已有展示，我稍后会再进一步说明。因此，我们相信，我们以更强的商业模式和更稳固的领导地位走出了疫情。

So now let's talk about our strategy and approach to innovation, which, as I said on the very first slide, has served us well and delivered 9 quarters of double-digit revenue growth going into the pandemic, but more importantly, helped us navigate and emerge even stronger. Our strategy has long been a member-focused strategy that places our card members and our core card business at the center. And when you look at the list of membership services around the outside of card membership on the right side of the page, there's no confusion about what business we're in. We're not in the travel or dining business per se. We are in those businesses because they strengthen and differentiate our core card business that is deeply focused on the premium space. So with this in mind, I'm going to quickly highlight just a few examples of how we bring this strategy to life.

现在让我们谈谈我们的战略与创新方法。正如我在演讲开头所说，这一战略使我们在疫情爆发前实现了连续9个季度的两位数营收增长，更重要的是，也帮助我们在疫情中稳健前行，并最终变得更加强大。我们长期以来坚持以“会员为中心”的战略，把持卡人和核心信用卡业务置于业务核心。看看幻灯片右侧卡片会员服务的周边生态，就清楚我们所处的行业定位。我们并非真正意义上从事旅游或餐饮业务，而是借助这些业务强化并差异化我们的核心信用卡业务，特别是在高端市场定位中起到关键作用。有了这个背景，我将快速举几个例子说明我们是如何将这一战略落到实处的。

Let's start by talking about innovation. While competitors can try and replicate our member-focused strategy, it is innovation combined with a singular focus on the card business that powers our differentiation. Part of it, as you can see on the left comes from our strength in partnerships and the way we infuse partner DNA into our products and services. Part of it, as you can see in the middle, is the way we invest in new ventures that give us a front row seat to learn or the way we place a new venture inside Amex lab and expose the service to thousands of card members so that we can watch, learn and ultimately let the card members decide if we should build or buy it, which is exactly what we did with Mezi.

我们先谈“创新”。虽然我们的竞争对手可以尝试模仿我们的会员策略，但真正形成差异化的，是“创新”与“专注于信用卡业务”的结合。左侧展示的是我们在合作伙伴领域的优势，以及如何将合作方的DNA融入我们的产品与服务；中间展示的是我们如何通过对初创企业的投资获取行业前沿洞察，或将这些创业项目纳入Amex Lab中，让成千上万的持卡人提前体验产品与服务，我们从中观察、学习，并最终让客户来决定我们是否应自主构建还是并购——这正是我们在Mezi项目上所采用的方式。

On the right side, Amex offers is a great way for us to test whether we should hardwire a benefit like streaming services on platinum by first introducing it as a limited time offer to see if Platinum card members like it. In addition, another great example is our ability to test new features and services in multiple countries, simultaneously, by leveraging our global footprint.

在幻灯片右侧，“Amex Offers”平台是我们测试某项权益是否应当永久整合进产品体系的极佳方式。例如，我们可以先将流媒体订阅作为Platinum卡的限时优惠推送，观察用户反应，再决定是否固化为常规权益。此外，另一个成功案例是，借助我们的全球布局，我们可以在多个国家同时测试新功能与服务，从而快速获取跨市场反馈。

But I would say, arguably the aspect of our strategy that is most difficult to replicate is the attractiveness of our card member base combined with our ability to target and reach them. This combination is unmatched in our industry. And as you can see from the left side, our card members control approximately 1/3 of industry spend and have significantly higher and more premium consumption behaviors by almost any metric. And this has enabled us to unlock significant funding or advertising dollars from the best brands or merchants and partner to create the powerful cycle that you see on the right side of the page.

我认为，我们战略中最难被模仿的一点，是我们持卡客户群的高吸引力，以及我们精准触达这些客户的能力。这样的组合在整个行业中无可比拟。正如幻灯片左侧所示，我们的持卡人贡献了整个行业约三分之一的消费支出，几乎在所有衡量维度上都表现出更高的消费能力与高端偏好。这也使我们有能力吸引众多顶级品牌与商户向我们投入广告预算或合作资金，从而构建出如右图所示的强大合作循环。

By creating advertising access to our premium card members in the form of funded offers or embedded benefits, we can attract the best brands to help us deliver more unique and differentiated value propositions that are co-funded by our world-class partners. And as long as we deliver superior returns to our partners on these investments, we can retain and expand the funding levels and ultimately deliver even more differentiated value propositions that will, in turn, help us acquire and retain more of these premium customers.

通过“合作伙伴资助权益”或“嵌入式福利”等方式为品牌提供触达高端客户的机会，我们能够吸引全球顶级品牌与我们共同打造差异化的产品价值。这些权益由合作方共同出资支持。只要我们持续为合作伙伴带来优异的投资回报，他们就愿意持续投入甚至扩大支持力度，而我们则能借此推出更多差异化价值主张，进一步促进高端客户的获取与留存。

And this partner-funded strategy is working. Whether partner-funded value is hardwired into our products, as shown on the left side of the slide, or loaded onto our Amex offers platform that now has over 1,000 brands. It is driving significant increases in engagement on both the card member and merchant side of the business, as you can see from the charts on the right. It's also worth pointing out that our card members are our greatest ambassadors, and they help us acquire new customers as well. Customer-sourced acquisition or as we call it member-get-member is now our second largest consumer acquisition channel globally, and the quality of these prospects is exceptional.

这项“合作资助型”战略正在发挥实际成效。无论是如左图所示将合作方权益直接嵌入产品体系，还是通过“Amex Offers”平台推送（目前已有超过1,000个品牌入驻），都大幅提升了我们在持卡人与商户端的业务互动度，右图数据为明证。此外值得一提的是，我们的持卡人也是最好的品牌代言人。他们帮助我们吸引新客户。客户推荐客户（我们称之为“Member-Get-Member”）目前已成为我们全球第二大消费者获取渠道，且这些潜在客户的质量非常高。

As you can see, it is a channel that significantly over indexes on the percentage of prospects who come from Millennial and Gen Z, the percentage of prospects that are fee-based and their credit quality. So if we move to the outer ring of our member-focused strategy, travel and lounge are great examples of how we strengthen the membership model and expand our leadership position. As I said before, we're not in the travel business per se. We're in the travel business to strengthen the core card business by delivering great service and more importantly, delivering valuable benefits, you can only unlock with card membership. Fine Hotels and Resorts is a great example of this. Platinum and Centurion card members can unlock a free upgrade, late checkout, free breakfast or spa credits at thousands of hotels around the world. And the same can be said about lounge. We lead the industry. We've expanded globally, and we brought the lounge experience to local events like sports venues and U.S. Open Tennis.

正如你所见，这一渠道在吸引千禧一代和Z世代、年费付费客户以及高信用质量客户方面远超平均水平。如果我们进一步向外看“会员战略”的外环，旅游与休息室权益是我们强化会员模式并拓展行业领导地位的典型代表。如前所述，我们并不是真的做旅游生意，而是通过旅游场景强化我们的信用卡主业，提供高价值、且仅通过持卡资格才能解锁的专属福利。“精选酒店与度假村”（Fine Hotels and Resorts）便是代表性案例。Platinum与Centurion持卡人可在全球数千家酒店享受免费升级、延迟退房、免费早餐或水疗抵扣等专属待遇。同样的例子还有机场贵宾室——我们在该领域引领行业，并已将其拓展至全球，还将休息室体验延伸到地方性活动，例如体育场馆、美国网球公开赛等。

Our innovation and investments in travel are clearly paying off. And yet again, they underscore just how attractive our card members are. As you can see from both graphs, our travel business leads the industry in premium travel performance by a wide margin on both air and luxury hotels as we exit the pandemic.

我们在旅游领域的创新与投入已显现出显著回报，同时再次证明我们持卡人群体的高价值。从两张图表可以看出，在疫情后期，我们的旅游业务无论在高端机票还是奢华酒店方面，均遥遥领先于行业平均水平。

Dining is another great example or proof point. As you can see from the top half of this slide, since we acquired Resy, we've increased the number of diners on the platform by almost 3x, increased the number of restaurants by close to 4x and close to tripled the number of diners who've reserved and dined at Resy restaurants. We've also started to create proprietary benefits in dining similar to Fine Hotels and Resorts that can only be unlocked by card membership like global dining access, which delivers unique dining experiences and access to tables at some of the most sought after restaurants around the world.

餐饮业务也是一个非常好的例证。如幻灯片上半部分所示，自从我们收购了Resy以来，平台上的用餐人数增长了近3倍，入驻餐厅数量增长了近4倍，通过Resy预订并实际到店用餐的客户数量也接近增长了3倍。我们还开始在餐饮领域打造类似于“精选酒店与度假村”（Fine Hotels and Resorts）的专属福利，仅限持卡人解锁。例如“全球餐饮通行证”，让客户可享受独特的用餐体验，并预订到全球最热门餐厅的专属餐位。

And I think what's also interesting about bringing Resy into the American Express franchise is how these brands and their respective 2-sided marketplaces make each model stronger. When we bring Resy's unique reservation and dining access to our card business and wire it into our products, as you see on the left side, it strengthens our issuing and merchant value proposition by making it easier and more rewarding for our card members to dine at Amex accepting restaurants.

将Resy纳入美国运通体系还有一个特别有趣的地方，就是其双边市场模型如何增强了我们整体业务模型的实力。当我们把Resy独特的订位和餐饮接入能力整合进信用卡产品时（如幻灯片左侧所示），它增强了我们在发卡端和商户端的价值主张，使持卡人在接受Amex支付的餐厅用餐变得更便捷、更具吸引力。

On the right side of the page, when our issuing business promotes and drives card prospects to Resy to unlock exclusive only available at Resy welcome incentives, it strengthens the diner and restaurant value proposition to participate on Resy and it helps lower Resy's customer acquisition costs. As you can see, Resy has proven to be a very efficient affiliate-like card acquisition channel, and more importantly, it is delivering applicant quality significantly higher than the portfolio average.

而在幻灯片右侧，当我们通过发卡业务引导潜在客户前往Resy平台，解锁仅通过Resy可享的专属新户礼遇时，也进一步增强了餐厅和顾客参与Resy的吸引力，并有效降低了Resy的获客成本。事实证明，Resy已成为一种非常高效、类似联盟营销的信用卡获客渠道，更重要的是，它带来的申请人质量远高于我们总体客户组合的平均水平。

There are countless more examples of how we innovate and bring our differentiated membership strategy to life, whether it is entertainment access, membership banking, planet or our partnership with PayPal, Venmo, we're determined to stay several steps ahead of the industry and lead in unique and compelling ways.

类似的创新还有很多，不论是演唱会/娱乐权益、会员银行服务、分期付款产品“Planet”，还是与PayPal、Venmo的合作，我们都致力于始终走在行业前列，以独特且有吸引力的方式引领市场。

So in addition to the first 2 sections, we also believe the premium space is growing, and in particular, it is growing among younger generations. And this premium and younger generation dynamic plays right into our strengths as the industry leader. For proof that the premium space is growing, we can start by looking at our own business for evidence. Starting on the left side of the page, where we illustrate the demand for our premium products through the lens of Platinum acquisition, you will recall that other issuers made big investments in the premium space in 2016.

除了前两部分内容，我们还坚信高端市场正在增长，尤其是在年轻一代人群中增长迅猛。而高端与年轻人群的交集正是我们作为行业领导者最擅长的领域。要验证高端市场的增长，我们可以从自身业务出发。请看幻灯片左侧，我们以Platinum卡的新增账户量为例展示高端产品的市场需求。大家可能还记得，2016年起，其他发卡机构在高端市场投入巨大。

And during this very intense competitive environment, we responded by adding incremental value and pricing up for that value. And as you can see, the number of Platinum accounts acquired annually from 2016 to 2019 doubled, while competitors also grew their premium portfolios. As we entered and weathered the pandemic in 2020 until about the first half of 2021, where arguably our travel propositions were rendered less relevant. We grew volumes again by another 27% off the back of some innovative investments.

在这场竞争激烈的博弈中，我们的应对策略是增加产品价值并相应提价。从2016年到2019年，我们每年新增Platinum账户数量翻了一番，同时竞争对手的高端产品组合也在扩张。而在2020年进入疫情期间，尤其是到2021年上半年，由于旅行场景受限，我们的差旅类权益一度失去部分吸引力，但借助一系列创新投资，我们仍在此期间实现了27%的新增账户增长。

And finally, in July of last year, as we discussed earlier, we refreshed the product, added significant value and priced the fee up again and have already seen a 30% increase in volumes. On the right side of the page, when you look at the size of the total installed Platinum and Gold portfolios, you can see that the number of accounts has significantly increased despite heightened competitive intensity and pricing up for the strong value we deliver, not once, but twice on Platinum. All of this indicates the premium pie is getting bigger.

最后，如前文所述，在去年7月我们再次对Platinum产品进行升级，加入大量新增价值，并再次上调年费，结果已显现——新增账户量同比增长30%。幻灯片右侧显示的是Platinum与Gold卡的总账户规模，可以看到，在竞争日益激烈、且我们已两次对Platinum卡提价的情况下，这两款产品的账户总数依然大幅增长。所有迹象表明，高端市场这块蛋糕正在不断做大。

If we look to industry data, it suggests a similar conclusion. The premium fee-based space is growing 3x faster than the industry average, and the younger segment is growing at 12%. And these dynamics play to our unique strengths as an industry leader, deeply focused on the premium space. As you can see, we estimate we are growing at more than 2x the industry rate for premium accounts at 14% and gaining share.

On the right side, we estimate that our share of premium accounts is approximately 20% of a space that is growing, which provides us with a long runway for growth. In addition, our strong position with Millennial and Gen Z only strengthens our runway for growth. As we pointed out earlier, Millennial and Gen Z already make up more than half of our global acquisitions and 75% of Platinum and Gold. And when we acquire customers under the age of 35, on average, they deliver an additional 18 years of lifetime value opportunity. More importantly, their best earning and spending years are still ahead of them, which is why they provide a steeper growth trajectory as they age, increase their income and expand their need for a wider set of financial and lifestyle services.

我们估算，目前我们在高端账户市场的占比大约为20%，而这一市场仍在快速增长，这为我们提供了长期增长跑道。此外，我们在千禧一代与Z世代中的领先地位也进一步加固了这条增长路径。正如前文所述，这两代人目前已占我们全球新增账户的一半以上，在Platinum与Gold卡中占比更是达到75%。我们获取的35岁以下客户，其平均生命周期价值可延长18年。更重要的是，他们最具消费力和收入增长的阶段还在未来，因此随着他们年龄增长、收入提升及对更多金融和生活方式服务的需求扩展，将带来更加陡峭的增长曲线。

And finally, one more compelling sign that premium space is expanding is what we can see right in front of us as we look at our own investments for this year. The depth and diversity of attractive growth opportunities across our business is compelling, especially in the context of a growing premium space. Whether it is premium fee-based acquisitions, monetization of existing customers, lending, personal loans, new services like consumer banking, our pipeline of investment options has emerged stronger.

最后，还有一个有力信号表明高端市场正在扩大，那就是我们在今年面前所看到的实际投资机会。从各项业务线看，增长机会的深度与多样性令人振奋，尤其是在高端市场快速扩张的背景下。无论是高端收费产品的获客、现有客户的进一步变现、信贷业务、个人贷款，还是像消费者银行这类的新服务，我们可选的投资项目储备比以往更强劲。

In addition, we have a disciplined and data-driven approach to the way we evaluate, choose and optimize what ultimately gets funded against a very high ROI bar. And this year, as you can see from the chart on the right, the list of investments for us to choose from that exceeds this very high bar is up 54% versus pre-COVID levels. And this will translate into improving our overall efficiency.

此外，我们在评估、筛选和优化投资决策时始终坚持严谨、以数据为导向的方法，并设有极高的投资回报率门槛。如右图所示，今年我们在超过高门槛ROI标准的项目数量已比疫情前增长了54%。这将进一步提升我们的整体运营效率。

So in closing, I'd offer 3 takeaways. One, we've emerged from the pandemic with a much stronger business model and a stronger leadership position. Two, we have a long track record of leveraging our differentiated strategy to deliver accelerated growth long before, during and exiting the pandemic. And finally, the premium space and younger segments are growing. As a result, we remain confident we can deliver accelerated growth trajectory. Thank you for your time.

最后总结三点：第一，我们以更强的商业模式和更稳固的领导地位走出了疫情；第二，我们长期以来都依靠差异化战略实现加速增长，无论是在疫情前、期间还是之后；第三，高端市场和年轻人群体正在持续扩张。因此，我们有充分信心实现未来的加速增长。感谢大家的时间。

Now I will turn it over to Raymond who will talk about our expanding network and how it's supporting our growth.

接下来请Raymond为大家介绍我们不断扩展的支付网络，以及它如何支持我们的整体增长。

Raymond Joabar

Good afternoon, everyone. It's a pleasure to speak with you about the Merchant and Network business and the role that we've been playing within the company's growth plan. I've been with American Express for 30 years and the last year had the privilege to lead the dynamic business that's enabling our Consumer and Commercial card members to spend at merchants and transact on the network. I wanted to start by providing you some context and sharing a few numbers that convey the depth and breadth of our business riding on the network. We have 177 issuing and acquiring partners operating in 198 countries and territories, with more than 66 million merchants globally accepting American Express payment products. We have 122 million cards in force that perform 9 billion transactions per year and contribute $1.3 trillion in network volume. If American Express' network volumes were expressed as a country's gross domestic product, we'd be the 16th largest country in the world. It's also important to reinforce what makes us unique. Unlike other networks, we do more than authorized clear and settle transactions. We're also the major issuer of cards as you just heard about from Anna and Howard and a major acquirer on the network. As a result, we have fundamentally different revenue streams as well as unmatched insights into customer spending behavior. This helps power the virtuous cycle that Steve referred to earlier.

大家下午好。很高兴能与大家分享关于商户与网络业务的情况，以及我们在公司整体增长战略中所扮演的角色。我在美国运通已工作30年，过去一年有幸领导这个充满活力的业务单元，致力于让我们的消费者与商业持卡人能够在商户处顺利支付，并在整个网络中完成交易。我想先为大家提供一些背景信息，并分享一组数据，展现我们网络业务的广度与深度：目前我们在198个国家和地区拥有177家发卡与收单合作伙伴，全球范围内已有超过6600万家商户接受美国运通支付产品。我们现有1.22亿张有效卡，每年处理90亿笔交易，网络交易总额达1.3万亿美元。如果将美国运通网络交易规模视作一个国家的GDP，我们将是全球第16大经济体。还有一点也值得强调：我们与其他网络的不同之处在于，我们不仅仅进行授权、清算和结算，我们还是主要的发卡机构（刚才Anna与Howard也提到过），同时也是网络上的主要收单方。因此，我们拥有根本不同的营收结构，并拥有无与伦比的消费者消费行为洞察能力，这也是Steve此前所提到的良性循环的核心推动力。

As I go through the presentation, there are 2 key messages I'd like you to keep in mind. First, our merchant coverage gains are driving scale, share and relevance and have been a significant contributor to American Express' volume growth and revenue growth. And second, we believe that we can drive sustainably higher revenue growth by expanding the network globally, driving greater usage of it by deepening engagement and awareness and leveraging our modern agile capabilities to capture new revenue streams. And with that in mind, let's move to our agenda.

在接下来的演讲中，我希望大家牢记两个关键信息。第一，我们在商户覆盖方面的提升正助力我们在规模、份额和相关性方面持续拓展，这对美国运通的交易量和收入增长起到了重要推动作用。第二，我们相信，通过在全球范围内扩展网络、加深用户参与与品牌认知，并运用我们现代化与敏捷的技术能力捕捉新的收入来源，我们能够实现更具可持续性的营收增长。带着这两个核心观点，我们开始今天的内容安排。

Today, I'm going to focus on our coverage journey and the progress we're making to significantly grow the number of locations that accept American Express. I'll start by giving you a global view of our coverage growth and then break it down into the U.S. and international markets; and lastly, provide you an update on our investments to modernize our network. I'm pleased to share that globally since 2017, we grew the number of locations that accept American Express by 164% to more than 66 million locations, and that includes 17 million locations in China.

今天我将重点介绍我们的“覆盖提升之旅”，以及我们在扩大接受美国运通的商户数量方面取得的进展。我将从全球整体视角开始，接着细分讲解美国与国际市场的增长，最后更新我们在网络现代化方面的投资进展。很高兴地告诉大家，自2017年以来，我们在全球范围内将美国运通的受理点数量增长了164%，目前已超过6600万个，其中包含中国市场的1700万个受理点。

Our hybrid acquiring model is a driving force behind these changes. I'll refer to this throughout the presentation, but the primary principle is that we add new merchants to our network in 2 ways. We acquire merchants directly, and we enable our partners to acquire on our behalf. Together, this approach gives us the best of both worlds, a direct relationship with larger merchants in a very cost-efficient way to sign smaller merchants at scale. This strategy has driven fast and strong growth in locations and enable 2 important outcomes. We achieved and maintained virtual parity coverage in the U.S., meaning American Express card members can use their payment products at 99% of the card places that accept cards in the U.S. And we more than doubled our locations internationally.

我们所采用的“混合收单模式”是实现这些增长的关键力量。在整个演讲过程中我会多次提到这一模式，其核心原则是：我们通过两种方式将新商户纳入网络，一是我们直接收单，二是授权合作伙伴代表我们进行收单。这样的组合让我们兼得其利——既能直接与大型商户建立关系，又能通过成本高效的方式大规模签约中小商户。这一策略带来了快速而强劲的受理点增长，并实现了两个重要成果：其一，我们在美国实现并维持了“几乎等同”的覆盖率，也就是说，美国运通卡持卡人现在可以在美国99%的刷卡商户中使用我们的支付产品；其二，我们在国际市场的受理点数量也实现了翻倍增长。

These coverage gains are a significant building block for the company's growth plan. Every year, new merchant signings fuel the expansion of the network, and in 2021, that translated into $60 billion of new spending. That's a significant component of in-year volume growth. And we expect this trend will continue in the years ahead, driven by 3 main sources. New businesses open every day, and we'll focus on capturing them as they're created. Cash and check-based businesses begin accepting cards. And lastly, more card-accepting merchants begin accepting American Express. More merchants on the network give card members more places to spend. And card members around the world are noticing.

这些受理点覆盖的提升，是公司增长计划的重要基石。每年新增的商户签约都在推动网络扩张。以2021年为例，新增商户带来了600亿美元的新增刷卡消费，为当年交易量增长做出了重大贡献。我们预计这一趋势将在未来数年持续，主要来自三个来源：第一，每天都有新企业成立，我们会专注于及时纳入这些新商户；第二，原本以现金和支票为主的企业开始接受刷卡支付；第三，原已接受其他信用卡的商户开始接受美国运通。更多商户加入网络，意味着持卡人有更多地方可以消费，而全球持卡人也正在逐步感知到这一改变。

This slide shows the countries where better coverage is having a positive impact on card member satisfaction, as measured by the Net Promoter Score. Card members are getting even greater lifetime value out of membership because they have more places to spend.

这张幻灯片展示了在覆盖率提升后，客户满意度（以净推荐值衡量）明显上升的一些国家。由于可用商户数量增多，持卡人从会员资格中获得的终身价值也进一步提升。

To summarize, we've made tremendous gains in global coverage. These gains are translating into incremental volume growth and improving the card member experience. And the coverage journey is far from over. There are significant growth opportunities on the road ahead. We're focused on continuing to expand the network by efficiently acquiring new merchants and driving greater usage of it by deepening engagement and awareness of both card members and merchants.

总而言之，我们在全球商户覆盖方面取得了显著进展。这些成果正持续转化为交易量增长，同时也优化了持卡人体验。而我们的覆盖扩张旅程远未结束，前方仍有大量增长机会等待我们挖掘。我们将继续专注于以高效方式拓展新商户，并通过提升持卡人与商户的互动与认知，进一步推动网络使用频次的提升。

In the next section, I'll walk you through the journey so far in the U.S. and the opportunities ahead. As I mentioned earlier, we achieved virtual parity coverage in the U.S. at the end of 2019. And we're pleased to say that we maintain that coverage as confirmed by the February 2022 Nielsen report. The major ingredient of our success in the U.S. has been deploying the hybrid acquiring model. Our proprietary team signed and maintained direct relationships with our larger, more strategic merchants, these are the ones that drive more than 70% of the volume in the U.S. Our partners help manage just over 25% of the spend volume, but represent more than 80% of the locations. These are new partners like Fiserv and FIS as well as aggregators like Adyen, Square and Stripe. They give us scale turning on acceptance for millions of small merchants -- small to micro merchants, while also servicing and managing these relationships on our behalf. They make accepting American Express easier for small merchants, allowing us to significantly grow in a very cost-efficient way.

接下来我将带大家详细了解我们在美国市场的覆盖之旅及未来的机会。如我之前所说，我们在2019年底实现了“几乎等同”的美国商户覆盖率。根据2022年2月Nielsen报告，我们至今仍保持这一覆盖水平。我们在美国取得成功的关键因素是采用了“混合收单模式”。我们的自有团队专注签约并维护与大型、战略性商户的直接关系——这些商户贡献了美国超过70%的刷卡交易量。而我们的合作伙伴则管理约25%的交易金额，但代表着超过80%的商户数量。这些合作方包括Fiserv、FIS等大型机构以及Adyen、Square、Stripe等聚合型支付平台。他们为我们带来了规模效应，能为数百万中小微型商户开启美国运通的受理服务，并代表我们进行服务与关系管理，从而让中小商户更容易接受Amex支付，帮助我们以非常高效的方式扩大覆盖范围。

The result -- our card members can feel confident using their card at more places than ever before from major retailers, both online and in-store to local mom-and-pop coffee shops. Since 2017, the hybrid acquiring model helped us scale our U.S. network efficiently, growing locations by more than 40%. That growth was fueled by a conscious decision to shift the acquiring and management of smaller merchants to our partners. While we continue to directly manage our larger relationships, these partners together have accelerated our gains by adding millions of merchants to our network that we could not have achieved by ourselves. Those partner gains have supported a 23% U.S. volume growth, highlighted by the graph on the right.

结果是：我们的持卡人现在能比以往任何时候都更放心地在各类商户使用信用卡——从大型零售商（线上与线下）到街角的本地咖啡店。自2017年以来，“混合收单模式”助力我们高效拓展美国网络，受理商户数量增长超过40%。这一增长的背后，是我们主动将中小商户的收单与管理工作转由合作伙伴负责的战略决策。我们仍然保持对大商户的直接管理，而合作伙伴的加入让我们能够新增数百万原本难以触及的商户。正是这些伙伴推动了美国区23%的交易量增长，右侧图表对此进行了呈现。

Looking ahead, we expect partners to continue to fuel the expansion of the network, both in the U.S. and as I'll touch on later, around the globe. It's also important to note, travel spend sits mostly on our directly managed merchants, and we expect a tailwind over the next couple of years as travel volumes continue in their recovery. In the U.S., the value of these partnerships really come to life in the goods and service spending. Through our partners, the number of goods and service businesses on our network grew by 85% in the U.S. between 2017 and 2021, which drove an 87% increase in volume.

展望未来，我们预计这些合作伙伴将在美国和全球范围内继续推动网络扩展。同时需要指出的是，差旅类支出主要集中在我们直接管理的商户中，随着未来几年旅游市场持续复苏，这一部分也将为我们带来增长助力。而在美国，我们与合作伙伴的合作在商品与服务类支出方面尤为突出。通过合作伙伴，我们网络中“商品与服务”类商户数量在2017年至2021年间增长了85%，从而带动了87%的交易量增长。

That growth has been fueled by more new merchants signed in categories like online retail, home improvement, personal and professional services and by investments in our card member value propositions, which Howard and Anna just highlighted earlier. Looking ahead our runway for growth is paid by driving greater usage on the network and expanding it with the industry. That's an important distinction. Since in the U.S., we are at parity. We're no longer playing catch up. So let's talk about the expansion opportunities. As new businesses form and more industries adopt card payments, we'll focus on capturing them at their onset.

这一增长，得益于我们在诸如线上零售、家居改善、个人与专业服务等品类中不断签约的新商户，同时也受益于我们在持卡人价值主张上的投资，正如Howard与Anna稍早所介绍的那样。展望未来，我们的增长路径将更多依赖于：一是推动网络的更高使用频率，二是随行业演进同步扩展网络。这一点尤为关键，因为在美国市场，我们的覆盖已与行业“持平”，不再是“追赶者”角色。那我们该如何拓展？随着新企业不断成立、更多行业开始接受刷卡支付，我们将专注于第一时间将这些新增商户纳入网络。

Our hybrid acquiring model allows us to expand the U.S. network efficiently and at scale by adding newly created merchants as we do this through our proprietary client management teams or through our partners across every industry. We're also pushing into new plastic industries. These include transit and parking important and persistent in everyday spend categories that are growing in their contactless usage and capturing a large opportunity in B2B payments. The way businesses buy and sell goods to each other is complex, costly, fraught full of friction and ripe for innovation.

我们所采用的“混合收单模式”使我们能够通过自有客户管理团队，或借助遍布各行业的合作伙伴，在全美高效地、大规模地将新商户纳入网络。此外，我们还正逐步渗透进“新塑料行业”，例如交通运输与停车缴费等日常高频支出类别，这些领域正快速转向非接触式支付。同时，我们也在捕捉B2B支付中的巨大机会。企业之间采购与销售的过程复杂、昂贵、充满摩擦，非常适合进行数字化创新。

More than 40% of B2B transactions in the U.S. are still paid for with paper checks. And as Anna outlined earlier, the digitization of these payments has only accelerated during COVID. Our merchant and commercial teams are partnering closely to build out our integrated B2B network, which allows us to capture more spending between commercial buyers and suppliers. We're also adding -- working with key players in emerging payments -- as emerging payments evolve, such as in the Buy Now, Pay Later space and by signing NFT providers.

目前，美国超过40%的B2B交易仍然通过纸质支票完成。正如Anna早前所述，这一支付领域的数字化进程在疫情期间显著加速。我们的商户与商业团队正在紧密协作，构建一个整合型B2B网络，以便更好地覆盖企业买卖双方之间的资金流。与此同时，我们也在积极拓展“新兴支付”领域的合作伙伴，如“先买后付”（Buy Now, Pay Later）平台以及NFT相关服务商，紧跟支付形态的演进。

Beyond the expansion of the network, the other opportunity is to drive merchant engagement and increased card member awareness. The signing of a merchant is only the beginning of the journey, as measured by these 3 metrics. Technical acceptance is when a merchant is set up to accept American Express payment products. If you run the card through at the point of sale, the transaction will go through. Merchant acknowledge coverage means the merchants and their staff are fully aware and communicating to their customers that they can now accept American Express. That's where stickers on the door, signage at the registers, logos on websites become incredibly important. We're making investments in this area by distributing signage and visiting new merchants. A blue box in the logo or on the website is a powerful signal of acceptance.

除了扩展网络之外，另一项增长机会来自于提升商户的活跃度及持卡人的认知度。签下一个商户只是旅程的开始，后续有三项关键指标用于衡量。第一是“技术受理”，即商户的POS系统已接入美国运通，刷卡交易可以顺利完成。第二是“商户知晓受理”，即商户及员工完全了解自己已支持运通支付，并能主动向客户传达这一信息——这就需要门店贴纸、收银台标识、网站Logo等形式。我们正在这方面加大投入，向新商户发放标识并主动拜访。蓝色方框Logo，无论在线下门口还是线上网站，都是强有力的“可用”信号。

This helps with the third metric, card member perception of coverage, and this is how we measure card member awareness. On the right-hand side of this slide, you see how these metrics stacked up at the end of 2021. In the U.S., American Express cards can be used in 99% of locations that accept credit cards, while 88% of those merchants are both aware and communicating that acceptance to their customers. That said, given the rapid growth in our merchant base, our card members' perception of coverage is still catching up. We're proud of the coverage gains, and we're making good progress against these metrics, but improving these metrics offer significant opportunities to fuel further growth on our existing network in the U.S.

第三个关键指标是“持卡人对覆盖的感知”，这是衡量持卡人是否意识到自己的卡在多数场所可用的重要指标。如幻灯片右侧所示，截至2021年底，美国运通卡在全美99%的可刷卡商户中均可使用；而其中88%的商户对这一受理状态是明确知晓并能主动对外传达的。但由于我们商户基数增长迅速，持卡人对受理范围的认知还在“追赶”过程中。我们为目前的覆盖成果感到自豪，且在各项指标上都取得了良好进展，不过，继续提升这些指标，将为我们在美国现有网络上进一步推动增长提供重要机会。

By strengthening merchant acknowledge coverage and card member perceptions of coverage, we translate technical acceptance gains into incremental spend and revenue. So how are we driving merchant engagement? A good example is merchant membership. Our merchants already have access to our high-spending loyal card members and benefit from the lowest fraud rates in the payment industry. The concept of membership is part of our brand ethos and a significant differentiator for the company. Through merchant membership, we're making accepting American Express even more valuable and more businesses are warmly welcoming our cards in store and online.

通过提升“商户知晓度”和“持卡人覆盖感知”，我们将“技术层面受理”真正转化为更多交易额和收入。那么我们是如何推动商户参与度的？一个很好的例子就是“商户会员计划”。我们的商户本身就能触达一群高消费忠诚客户，同时享有业内最低的欺诈率。“会员”理念本就是我们品牌精神的一部分，也构成了公司的核心差异化因素。通过“商户会员制”，我们让接受美国运通变得更具价值，越来越多商户，无论线上还是线下，都开始热情欢迎我们的卡。

Merchants have full access to a full suite of benefits, insights and services to help them run and grow their business. From merchant discounts and savings to financing and payment solutions and programs like Amex offers that connects card members and merchants and helping merchants find new customers to grow their business. As Howard highlighted earlier, merchant-funded value from American Express and Amex offers is a core component of our value propositions. We'll continue to work together to make membership even more valuable for both card members and merchants. We'll also focus on scaling marketing and industry-specific programs in partnership with the consumer and the commercial teams. These programs were especially important during the pandemic to help support merchants through their recovery.

商户可全面获得各类优惠、洞察与服务支持，帮助其经营和拓展业务，包括商户专属折扣、节省方案、融资与支付解决方案，以及“Amex Offers”等计划——这一计划将持卡人与商户连接起来，帮助商户发现新客户、扩大业务。如Howard先前强调，美国运通的“商户资助型价值”与Amex Offers计划，是我们整体价值主张的核心组成部分。我们将继续协作，令“会员”对商户与持卡人双方都变得更加有价值。同时，我们也将与消费者和企业团队合作，扩大营销与行业专属项目的规模。这些项目在疫情期间尤其关键，帮助商户实现复苏。

We encourage card members to spend with local businesses through marketing programs like Shop Small and Small Business Saturday, as Anna mentioned earlier as well as offer grant programs for historic and long-standing small restaurants. In turn, the presence and impact of these programs encourage small business owners to warmly welcome American Express payment products in their stores, giving card members increasing confidence to use their products in more places.

我们通过“支持小店”（Shop Small）、“小企业星期六”（Small Business Saturday）等营销项目，鼓励持卡人在本地商户消费（正如Anna早前所述），还为一些历史悠久的老牌小餐馆提供补助计划。反过来，这些项目的存在与影响也让越来越多的小企业主积极拥抱美国运通的支付产品，使持卡人在更多场景下使用Amex卡时信心更足。

In summary, we've achieved virtual -- while we've achieved virtual parity in the U.S., we have growth opportunities to get more out of our existing network, while also expanding it with the industry.

总结来说，虽然我们在美国已经实现了“几乎等同”的受理覆盖率，但仍有巨大潜力可进一步挖掘现有网络价值，并随着整个行业发展继续拓展网络。

Now let's look a little more closely across international. Outside the U.S., we have -- we're at a different stage in that journey. At the end of 2017, we launched our international coverage strategy. We have a targeted approach to add coverage where it matters most for our card members and maintain premium economics. As a result, we've more than doubled the number of locations that accept American Express and this excludes China. Our increase in international merchant locations is driven by signing marquee merchants, large brand names where card members want to spend, focusing on key industry verticals as well as priority international cities, and expanding our partner-driven coverage approach. We're making significant progress in driving coverage where it matters most for our card members.

现在我们把视角转向国际市场。美国之外，我们所处的发展阶段略有不同。2017年底，我们启动了国际商户覆盖战略，采取“有针对性扩展”的方式，在最关键、最能触达持卡人的领域提升受理点覆盖，同时保持高端经济性。结果是，除中国外，我们在全球的Amex受理商户数量已翻倍增长。国际商户数量的提升，主要来自于：签约标志性商户、知名品牌（即持卡人高频消费地点）；聚焦关键垂直行业及优先国际城市；并持续扩展以合作伙伴为核心的覆盖模式。我们正在最关键的覆盖领域取得显著进展。

On the left is a small sampling of new merchant signings across multiple markets. These are top brand names requested by our card members from major retail stores to key online players, from pharmacies, to government agencies. Because card members shop at these place often, there's a halo effect to improve overall perceptions of coverage. We're also making strong progress in key verticals, including major e-commerce websites, where spending has increased dramatically since the onset of the pandemic. And we've made tremendous gains in signing top tourist attractions over the last few years, and I'll speak more about the travel opportunity in a moment.

幻灯片左侧列出了一些我们在多个市场新签约的商户样例，这些都是持卡人反复请求我们接入的顶级品牌，包括大型零售商、关键线上平台、连锁药房，甚至是政府机关。由于持卡人在这些地方消费频率很高，签约这些商户带来了“光环效应”，显著提升了他们对整体Amex可用性的认知。此外，我们在关键垂直领域也进展迅速，尤其是在主要电商平台上，自疫情爆发以来，该渠道的消费大幅增长。过去几年中，我们也成功签约了大量顶级旅游景点，关于旅游机会，我稍后还将详细说明。

We're gaining efficient scale by building strong relationships with partners who can acquire on our behalf as we do in the U.S. We have numerous partnerships with international banks and acquirers, who are expanding their geographic footprint and therefore, American Express acceptance. In fact, we launched more than a dozen of these acquiring partnerships in just the last year alone. We are deepening our global relationships with aggregators like Square, Stripe, Adyen as they expand into new markets, and we expanded OptBlue, our small merchant partner acquiring program to Australia, Canada, Mexico and India.

我们正通过与具备代理收单能力的合作伙伴建立紧密关系，复制美国市场的成功模式，进而高效扩大规模。目前我们与多家国际银行与收单机构建立了合作关系，这些合作方不断扩大其地理业务覆盖，也推动了美国运通的受理范围扩展。事实上，仅在过去一年中，我们就新增了十余项国际收单合作。我们还在全球深化与Square、Stripe、Adyen等聚合平台的合作，随着这些平台拓展新市场，我们的受理点也随之增长。此外，我们还将面向小商户的合作收单项目“OptBlue”扩展到了澳大利亚、加拿大、墨西哥和印度。

The results of the strategy, the investments and the team's efforts are paying dividends at both the country and the city level. As you can see here, we show 6 of the 48 priority cities across 3 European countries. We saw double-digit gains in the total number of merchants saying, yes, to American Express, and continued improvement in merchant satisfaction over the same period. Merchants are realizing the benefits and value of accepting American Express, recognizing why welcoming our cards is good for their business. And while we're pleased with the progress, we have a significant runway of opportunity and are pushing on the 2 big levers I highlighted earlier, the expansion of the network and obtaining greater usage of it.

这一战略、相关投资以及团队努力的成效已开始显现，无论在国家层面还是城市层面都带来了显著回报。正如幻灯片所示，我们以3个欧洲国家中的6个重点城市为例，在这些城市中，接受美国运通的商户数量实现了两位数增长，商户满意度也持续提升。越来越多商户意识到接受美国运通带来的价值与好处，明白为什么欢迎我们的卡有助于他们的业务发展。尽管我们对当前的进展感到满意，但我们认为前方还有很长的增长跑道，仍将继续推动先前提到的两大关键杠杆：扩大网络覆盖与提升使用频率。

Given where we are on the coverage journey, the biggest international opportunity comes from expanding our network of merchants, using our hybrid acquiring model in priority cities, key countries and across select verticals. As we expand, we'll also drive greater engagement and card member awareness. Let me touch on each of these. Across international, we have 2 core objectives, achieved more than 75% coverage across 48 priority cities and key countries and ensure strong acceptance across key industry verticals. We'll use the learnings of the past few years to accelerate our progress using American Express colleagues and partner teams to help us win. We'll seek to sign larger marquee merchants to help drive usage and perceptions of coverage, while also using our existing and additional acquiring partners to drive scale and relevance efficiently.

考虑到我们目前在国际市场的覆盖阶段，最大的增长机会来自于进一步扩大商户网络。我们将继续在重点城市、关键国家与特定垂直行业内，采用“混合收单模式”扩展网络。同时，在扩展过程中，我们也将同步推动商户参与度与持卡人认知的提升。具体而言，我们在国际市场有两个核心目标：一是在48个重点城市与核心国家中实现75%以上的覆盖率；二是在关键垂直行业中实现强覆盖。我们将运用过去几年的经验教训，借助美国运通本地团队与合作伙伴团队的力量加速推进。我们将优先签约大型标志性商户，以带动交易频次与感知覆盖，同时借助现有及新增收单合作伙伴，高效实现规模化与相关性提升。

With our strategy, objectives and key levers in place, we're confident that by 2024, we can double the number of priority cities with greater than 75% acceptance of American Express cards. Let me explain this chart. The dark blue on the left represents 17 of the cities where we already have 75% plus coverage. We'll continue to expand here and drive increased engagement. And by 2024, we're focused on moving 17 more cities above the 75% threshold, these are represented in light blue with the red box around it. The next set of cities represented in gray will take a little longer, but we're continuing to advance our coverage efforts. And additionally, in these priority cities, we'll look to achieve 100% coverage in these key verticals to improve the card member experience.

在清晰的战略、目标与杠杆推动下，我们有信心到2024年，将“美国运通受理覆盖率超过75%”的重点城市数量翻一番。让我来解释这张图表：左侧深蓝色区域代表我们目前已实现75%以上覆盖的17个城市，我们将在这些城市继续深化拓展与商户互动；到2024年，我们的目标是再将17个城市推进至75%以上的覆盖率，这些城市在图中以浅蓝色和红框标注；而灰色表示尚未达标的城市，这些将需要更长时间推进，但我们在这些市场的覆盖工作也在稳步推进中。此外，在这些重点城市中，我们还将致力于在核心垂直行业中实现100%覆盖，进一步提升持卡人的整体体验。

Giving card members more freedom to use their cards where they live, work, and travel to most. In particular, we're focused on driving even stronger coverage in important everyday spend categories like e-commerce and transportation as well as in travel verticals like airlines and tourist attractions. We're making these investments now for the long-term benefit of the network. Cross-border travel will return. And as it does, our network will be more vibrant and will capture incremental revenues. Like in the U.S., once we sign a merchant, there's still a large opportunity to drive greater usage. I showed you the merchant growth in these cities a few minutes ago. We still have an opportunity to deepen the relationship with these merchants. To improve our merchant acknowledge coverage, we'll make sure that merchants are aware they can now accept our card and encourage them to promote acceptance to customers. We plan to do this by developing bold coverage messages to ensure card members are aware of our progress, both online and in stores, improving merchant value so that businesses see the unique benefits and prefer American Express transactions, all supported by the expansion of our marketing programs like Shop Small and Amex offers that bring card members and merchants together. The end result, card members feeling increasingly confident using their American Express card for every purchase.

让持卡人在他们居住、工作和旅行最频繁的地方能更自由地使用美国运通信用卡，始终是我们的目标。当前，我们正特别致力于加强一些日常高频支出类别的覆盖，例如电子商务与交通出行领域，以及旅游相关行业如航空公司和热门景点。这些投资是我们为网络的长期价值所做出的布局。跨境旅行终将全面恢复，而届时，我们的网络将更加活跃，并捕捉更多增量收入。就像在美国一样，签下商户只是第一步，之后还有大量提升使用频次的空间。前面我展示了我们在多个城市的商户增长，但我们仍有机会进一步深化与这些商户的关系。为了提升“商户知晓度”，我们将确保商户清楚知道他们已可接受运通卡，并鼓励他们主动告知客户。我们计划通过制定醒目的“覆盖进展信息”传达给持卡人，无论是线上还是门店；提升商户接受Amex的感知价值，让商户切实感受到合作带来的独特优势并更愿意推广Amex支付；这一切将通过像“支持小店”（Shop Small）、“Amex Offers”等项目扩展实现，这些项目帮助我们把持卡人与商户更紧密地连接在一起。最终结果就是：让持卡人在每次消费时都更有信心使用美国运通。

Lastly, I want to highlight how our network modernization efforts are positioning American Express to capture broader revenue streams. At the core of our integrated payments platform is a sophisticated technical infrastructure that supports all our key partners globally. It authorizes, clears and settles all of their transactions. And then over the last few years, we've invested in modernizing and upgrading our networks infrastructure. These investments are making the network more simple, more seamless and more secure for our merchants, acquirers, issuers and bank partners. They allow us to deploy products, services and capabilities with greater speed and agility, be faster to innovate in new and emerging payment spaces like mobile wallets and QR codes, have greater flexibility to build once for many, building a capability and more easily deploying it to many countries at the same time and to develop and support emerging payments.

最后，我想强调的是，我们的网络现代化建设，正让美国运通能够拓展更广泛的收入来源。在我们整合支付平台的核心，是一套高度复杂的技术基础设施，支持我们在全球范围内的所有重要合作伙伴，涵盖授权、清算与结算等全部交易流程。过去几年，我们持续对这套基础设施进行现代化升级。这些投资使我们的网络对商户、收单机构、发卡银行及银行合作方而言变得更加简洁、高效与安全。它让我们能更快速、更灵活地推出新产品、服务与功能；能更迅速地在移动钱包、二维码等新兴支付领域中创新；能“构建一次、全球通用”，即开发一个功能后可轻松部署到多个国家；还能更好地发展与支持新型支付形态。

Our newly modernized network has opened up some exciting opportunities. It enables to be the first foreign network in China, where in just over 2 years, we've added 17 million traditional point-of-sale merchants and 80 million QR accepting locations. And while credit and charge remain our core business, debit capabilities open the door and are offering new product lines and transactions to ride on the network. In just the last few months, we launched 2 new checking accounts with debit for both consumer and commercial customers. By modernizing our capabilities, we'll continue to develop and deploy new technologies that enable safer, more secure transactions as the payment landscape evolves. This includes emerging payments like contactless QR codes and digital wallets as well as new innovations like soft pause, where any phone can be used as a payment terminal. We're seeing growing interest in usage in these areas, and we're engaging and capturing those transactions as they take off.

我们的网络现代化已带来许多令人振奋的新机遇。例如，它使我们成为首家进入中国市场的外资支付网络。仅在短短两年多时间里，我们就在中国新增了1700万个传统POS商户和8000万个支持二维码支付的受理点。虽然信用卡与签账卡仍是我们的核心业务，但借记卡功能也为我们打开了新的产品与交易类型上网的空间。在过去几个月，我们已推出了两款新的支票账户，分别面向个人用户与企业用户，并附带借记卡服务。通过能力现代化，我们将持续开发与部署新技术，推动交易更安全、更可靠地进行，顺应支付领域的不断演进。这包括非接触式二维码、数字钱包等新兴支付方式，也包括像“SoftPOS”这样的创新技术，让任何一部手机都可以变成支付终端。我们看到这些领域的兴趣与使用正在快速增长，我们也正积极参与并捕捉这些交易机会。

The future ahead is exciting for us. And our coverage gains are driving scale, share and relevance, which is accelerating the discount revenue growth. And we're confident that we'll continue by expanding our network around the world, driving greater usage of it and leveraging our modern and agile network to open up broader revenue streams for us.

我们对未来充满信心。目前，受理覆盖率的持续提升正在为我们带来规模扩张、份额提升与市场相关性的增强，这也在加速我们的“商户折扣收入”增长。我们有信心，凭借全球网络的持续扩展、更高的使用频率，以及现代化与敏捷的技术架构，我们将持续开拓更广泛的收入来源。

Thank you. We're now going to take a -- we will now return at 02:55 and hear from our colleague, Anre Williams. Thank you.

谢谢大家。我们现在将稍作休息，并将在下午2:55返回，由我们的同事Anre Williams继续为大家做介绍。谢谢。

[Break]

Anre Williams – Senior Executive Advisor

Hello, everyone. How are you? I'm Anre Williams and as Steve said at the beginning, I'm here to talk to you about technology and customer servicing capabilities and how they're driving growth for the company efficiently. In my remarks today, I'll focus on answering 3 questions. What gives us confidence in our technology capabilities could help deliver on our growth aspirations? Why do we have an industry-leading reputation for customer service and how do we maintain it? And how do our technology and customer servicing capabilities deliver operating efficiencies? And I'll conclude by briefly discussing some of the key opportunities we see ahead to continue our progress on both the technology and customer servicing fronts.

大家好，最近好吗？我是Anre Williams，正如Steve在开场所说，我今天将与大家探讨我们的技术和客户服务能力，以及它们如何高效地推动公司增长。今天我将围绕三个问题展开：第一，我们为何有信心我们的技术能力可以助力实现公司的增长目标？第二，我们为何能在业内保持领先的客户服务声誉，又是如何保持的？第三，我们的技术和客户服务能力如何实现运营效率？最后，我会简要介绍我们在技术与客户服务领域未来的一些关键机会。

Our vision is to leverage technology and our world-class servicing capabilities to drive the following: growth through strong customer acquisition, engagement and retention, best-in-class customer experiences and efficiencies and operating expense leverage. We have over 41,000 colleagues around the world, delivering our technology, our digital and our servicing capabilities, all of whom are united in their focus and determination to make this vision a reality.

我们的愿景是：通过技术与世界级服务能力，实现以下目标——在客户获取、客户互动和客户留存方面带动增长；提供行业领先的客户体验；提升效率，实现运营费用杠杆化。我们在全球拥有超过41,000名员工，涵盖技术、数字化与服务能力交付等所有领域，他们都在为实现这一愿景而努力。

To show how we go about bringing our vision to life, I'll begin with a discussion about how our approach to technology drives growth and efficiency. It starts with our tech philosophy, which is focused on delivering the following outcomes: increase scale and efficiency, improve speed to market, high quality, all with the focus on keeping the customer at the center of all we do. For example, we deploy global platforms, then aligning them with their hybrid cloud strategy, which utilizes both our internal private cloud and our external public cloud providers to optimize our computing footprint. This enables us to scale rapidly and deliver new products, services and features for our customers across geographies and business segments quickly and efficiently. To help drive speed to market, we decided way back in 2013 to invest in building a powerful internal engineering capability with development teams who use both Agile and DevOps methodologies. These methodologies enable our engineers to iterate quickly to meet evolving customer needs with less rework and with the more efficient use of our development spending.

为了展示我们如何将愿景转化为现实，我先讲讲我们的技术方法如何推动增长与效率提升。我们的技术理念聚焦于实现以下目标：提升规模与效率、加快市场响应速度、确保高质量，同时始终坚持“以客户为中心”的设计原则。举例来说，我们部署的是全球化平台，并与混合云战略保持一致，既使用内部私有云，也利用外部公有云服务，以优化整体计算资源结构。这使我们能够快速扩展，并高效地为全球各地区和业务线客户交付新产品、新服务与新功能。为了加快市场响应速度，我们早在2013年就开始投资构建强大的内部工程能力，组建开发团队，采用敏捷开发与DevOps方法。这些方法使我们的工程团队能够快速迭代、响应客户需求变化，减少返工，提高开发投资的效率。

To help ensure quality, we have an integrated automated test environment for our critical platforms, which enables us to continuously test and deploy new software, while eliminating the need to align testing time lines across hundreds of teams and perform manual quality assurance activities. And underpinning all the products and services and capabilities we create is deep appreciation and understanding of what our customers need and expect. Our overall philosophy informs the way we design and architect our technology. We design our systems to provide a single view of the customer, recognizing that many of our customer relationships involve interactions across multiple products, markets and channels. We create connected and seamless omnichannel experiences for our customers, delivering consistency no matter how they choose to transact and engage with us across all channels and a range of devices. We emphasize cloud-native technology, built-in containers, which can run in our private cloud, but can also be easily migrated to the public cloud without having to be rebuilt, which saves us time, effort and cost. We employ secure, modular architecture that is deployed globally. This approach helps drive consistency on a global scale, while also allowing for customization that ensures our products feel local and relevant in every corner of the world.

为确保产品质量，我们在核心平台中部署了一套集成化自动测试环境，支持持续测试与部署新软件，免去了协调数百个团队测试时间表和人工质量检查的负担。在我们所有产品、服务和能力背后，支撑的基础是我们对客户需求与期望的深入理解。我们的整体理念贯穿于技术架构设计中。我们构建的系统能提供“客户视图整合”，因为我们意识到客户往往在多个产品、市场和渠道中与我们互动。我们致力于打造连贯无缝的全渠道客户体验——无论客户选择何种渠道、何种设备，他们都能获得一致的服务体验。我们优先使用云原生技术，构建在容器架构上，既可运行于我们的私有云，也能轻松迁移至公有云，无需重建，从而节省时间、精力与成本。我们采用的是全球部署的安全模块化架构，这一方式既能在全球范围内实现一致性，也能根据本地需求灵活定制，确保我们的产品在世界各地都能贴近本地市场、符合用户偏好。

Finally, we enable flexible and open partner integration through APIs. So customers can experience the same innovative capabilities and features they associate with American Express when they interact with our partners. And a great recent example of this is the integration of our planet, buy now, pay later capability with Delta Airlines. With our philosophy as a guide in our architecture principles, we continuously invest in technology modernization. We've done this through a thoughtful, intentional, multiyear investment strategy, which has allowed us to uplift our technology on an ongoing basis over time, while avoiding large onetime expenditures.

最后，我们通过API提供灵活开放的合作伙伴集成接口，使客户在与我们合作伙伴互动时，也能享受到与美国运通一致的创新功能和产品体验。一个近期的典型案例是：我们将“Plan It”（先买后付）功能集成到了达美航空的支付流程中。在我们的理念和架构原则指引下，我们持续投入于技术现代化，并以有计划、有目标的多年投资战略推动这一进程，从而实现技术能力的持续提升，同时避免一次性大额投入。

And here are a few examples of how this approach has worked. Uplifting our merchant settlement capabilities has been a multiyear initiative, which has enabled us to pay merchants around the globe more quickly and with more flexibility. This has significantly increased merchant satisfaction, especially among the smaller merchants, which is a key factor that's enabled us to achieve our coverage goals. The modernization of our payments network through the use of cloud technology has enabled us to deliver twice as much computing capacity to our network for the same cost.

以下是几个该战略成功的例子：提升我们的商户结算能力，是一项历时数年的计划，现在我们可以以更快、更灵活的方式向全球商户付款，这大幅提高了商户满意度，尤其是在小型商户中，进而成为我们实现商户覆盖目标的关键因素之一。我们也借助云技术推动支付网络现代化，使得我们在不增加成本的情况下，将网络的计算能力提升至原来的两倍。

Importantly, as Raymond spoke about earlier, this modernization effort has enabled us to build and launch a local network in China, but it has also enabled us, for the very first time to authorize and process debit transactions globally, as well as integrate ACH transactions and new payment methods such as QR codes. Continuous investment in our servicing capabilities is driving an integrated global ecosystem that is allowing us to provide customers with even more efficient and personalized interactions. And with our ongoing digital platforms work, we are applying a unified API and web framework to enable scalable global deployment of digital experiences that are seamless across platforms, devices and geographies. The technology capabilities we've built and modernized over the last several years have enabled global scale, which is enabling profitable growth.

值得强调的是，正如Raymond先前提到的，这些现代化努力使我们能够在中国构建并上线本地支付网络，同时也首次实现了全球范围内的借记卡交易授权与处理功能，并整合了ACH交易（自动清算中心）及二维码等新兴支付方式。我们对服务能力的持续投资正在打造一个全球一体化生态系统，使我们能够为客户提供更高效、更个性化的交互体验。与此同时，我们也在数字平台方面持续推进统一的API与Web框架，使得跨平台、跨设备、跨地域的数字化体验能够以可扩展的方式在全球快速部署。过去几年中，我们所建设与升级的技术能力，已使我们实现了全球规模化，从而推动了盈利性增长。

Today, our tech capabilities give us the ability to develop and refresh products and integrate new features much faster and more cost effective than just a few years ago. As a result, our business partners are able to launch significantly more new and refreshed products and services last year than in the past. Through the development and global implementation of our digital marketing capabilities, 80% of new accounts acquired last year came through digital channels.

如今，我们的技术能力使我们在开发和更新产品、整合新功能方面，比几年前快得多、成本更低。因此，去年我们的业务合作伙伴能够推出远超以往数量的新产品与产品更新。依托我们不断发展的数字营销能力，并在全球范围内部署后，去年80%的新账户都是通过数字渠道获取的。

Last year, 85% of our proprietary card members globally used our website or -- and/or our mobile app. And on average, we process 27.8 million proprietary transactions through our authorization systems daily. With consistent upgrades to our authorization system over the years, we've been able to more seamlessly connect digital partners. An example of this is Apple Pay, which we've implemented now in 23 countries. And our authorization platform, combined with our artificial intelligence and machine learning capabilities, has enabled us to create a state-of-the-art fraud detection system that has produced best-in-industry fraud loss rates.

去年，全球85%的美国运通自有卡持卡人使用了我们的网站和/或移动应用程序。我们的授权系统每天平均处理2780万笔交易。通过这些年来对授权系统的持续升级，我们如今能够更无缝地对接各类数字合作伙伴，例如我们目前已在23个国家实现了对Apple Pay的接入。我们的授权平台与人工智能、机器学习能力相结合，构建了业内领先的欺诈检测系统，使我们的欺诈损失率达到行业最低水平。

Now of course, a key focus of our technology investments is to deliver digital innovations that enhance our value propositions, increased acquisition efficiency and drive customer satisfaction. We do this through our internal engineering teams, but also by working with partners from digital giants to fintechs. Some examples include our member-get-member acquisition capability, which has become an important viral acquisition channel, as Howard mentioned earlier. The rewards checking account and debit card that we launched last month for U.S. consumer card members was developed to create a unique offering that integrates American Express card benefits like membership rewards and purchase protection with a fully digital checking account. We rolled out the Amazon Business American Express Card in the U.S. in 3 international countries, and Anna mentioned that a bit ago. In the U.S., we reduced the decisioning time for new account applications by approximately 50%.

当然，我们技术投资的一个关键重点是：推动数字创新，增强我们的价值主张，提高获客效率，并提升客户满意度。我们既通过内部工程团队实现这一目标，也与外部合作伙伴协作，从数字巨头到金融科技公司，形成联动。一些例子包括：Howard 早前提到的“会员带会员”功能，已成为我们一个重要的“病毒式”获客渠道；上个月我们面向美国消费者推出的奖励支票账户与借记卡产品，通过将运通特色福利（如会员积分、购物保障）整合进全数字化支票账户，创造了独特的产品体验；我们还将 Amazon 商业美国运通卡推广至美国以外的3个国际市场，Anna 也提到过这一点。在美国，我们将新账户申请的审批时间缩短了约 50%。

In our digital fraud alert capability leverages the data we have on our payments network, along with our AI and machine learning capabilities to drive real-time texts to our card members and allows them to either accept or deny the charges immediately, providing greater peace of mind. So in addition to driving growth, we leverage our technology capabilities to enhance customers' experiences with our products and services. A recent example is the work we've been doing to introduce self-servicing capabilities for travel, American Express travel through our mobile web experience.

我们的数字欺诈预警功能，依托我们支付网络中掌握的数据，并结合AI和机器学习技术，能向持卡人实时发送短信提醒，让客户即时确认或拒绝一笔交易，从而提升安全感。因此，除了推动业务增长，我们也积极利用技术能力来提升客户使用我们产品与服务的整体体验。一个近期的例子，是我们在 Amex Travel（美国运通旅行服务）移动端网站上推出自助服务功能的努力。

It's widely known that American Express operates a large consumer travel agency. But what is less well-known is that the vast majority of our travel bookings -- in fact, 83% in 2021 are done digitally. As the chart shows, this is -- this figure has grown significantly over the last 5 years as we've invested in upgrading and expanding our digital capabilities in travel.

众所周知，美国运通运营着一个庞大的消费者旅行代理业务。但较少人知道的是，我们大多数旅行预订实际上是通过数字渠道完成的——2021年，这一比例高达83%。正如图表所示，这一数字在过去5年显著增长，得益于我们对旅行相关数字化能力的持续投入与拓展。

Since 2017, we've introduced 23 new digital travel capabilities, enabling our customer to self-service and avoid calling us or their travel providers directly. For example, customers can now change or cancel flight and car reservations and get refunds right through our mobile web experience quickly and securely. This has been a major plus for us during the pandemic, helping to offload call volume to our travel counselors as travel plans have been disrupted by changing personal plans and evolving restrictions at destinations around the world.

自2017年以来，我们已推出23项新的旅行类数字功能，使客户可自助完成操作，无需再致电我们或旅行服务提供商。举例来说，客户现在可以直接通过移动端网站更改或取消机票和租车预订，并快速、安全地申请退款。这在疫情期间发挥了巨大作用，当个人行程变化频繁、全球目的地政策持续调整时，自助服务功能有效分担了旅行顾问的呼叫量压力。

Creating global technology platforms at scale, enables us to deliver cost efficiencies for the company that give us sustainable operating expense leverage. Now we look at technology expenses in 2 broad categories, tech ops expenses, which we refer to as running the business costs. This includes upgrading and maintaining our tech infrastructure, such as our authorization platform, or our merchant network infrastructure or cybersecurity and so on.

构建具有全球规模的技术平台，使我们能够提升成本效率，并在公司层面实现可持续的运营费用杠杆效应。我们将技术相关支出划分为两大类：第一类是“技术运营支出”，即我们所说的“日常运维成本”，涵盖了对技术基础设施的升级与维护，比如授权平台、商户网络基础设施、网络安全等。

And the second broad category is tech investment expenses, which encompasses our development spending for new capabilities and new products and services. This slide looks at our technology operations spending since 2017 on an absolute basis and as a percentage of our revenues. What the bars show is that our annual operations expense -- expenses have remained relatively flat over the past 5 years. But at the same time, the number of transactions processed have grown over this time period. As a result, our tech operations expenses have remained below 4% of revenues since 2017, and we expect that this trend will continue.

第二类是“技术投资支出”，指我们在新功能、新产品与新服务上的开发投入。本页幻灯片展示了自2017年以来，我们在技术运维方面的支出情况，既有绝对值，也按营收占比呈现。从图中可以看到，我们的年运维支出在过去5年基本保持平稳，而同期我们处理的交易量却不断增长。因此，自2017年以来，我们的技术运营支出始终保持在营收的4%以下，并预计这一趋势还将持续。

The next slide shows our tech investment spending since 2017. And as you can see, our technology investment spending has remained within a relatively stable range for the past several years. During which time, we have continuously -- been continuously innovating, and improving our capabilities and bringing a growing number of new digital-first products and services to the market.

下一页展示了我们自2017年以来的技术投资支出情况。可以看到，在过去几年中，我们的技术投资支出始终维持在相对稳定的区间内。与此同时，我们不断进行技术创新，持续提升能力，并推出越来越多以数字化为核心的新产品与服务。

As a result of these 2 slides, they show that we can create operating expense leverage for the company on a sustainable basis while also ensuring that our technology capabilities remain up-to-date and delivering results that could help drive long-term growth. And we are confident that we can continue to deliver results like these without requiring a step function increase in investments.

这两页幻灯片的结论是：我们能够在保持技术能力不断更新和助力长期增长的同时，持续为公司创造运营费用杠杆效益，而且无需以大幅跳升的投入支出来实现这一点，我们对此有信心。

So that was a brief run-through of how we believe our tech capabilities will help us achieve our growth aspirations, but now let me turn to customer service. As Steve mentioned earlier, service excellence is a core element of our brand promise and an important differentiating characteristic of our business model. It's an asset that has been built and strengthened over decades of delivering on our deep commitment to back our customers through all kinds of circumstances.

以上简要说明了我们如何通过技术能力实现增长目标，接下来我将转向客户服务板块。正如Steve早前所提，“卓越服务”是我们品牌承诺的核心组成部分，也是我们商业模式的重要差异化特征。这是一项我们用几十年如一日对客户始终如一承诺所打造、并不断强化的关键资产。

Our digital-first -- our customer service philosophy is guided by the following principles: digital first. We take a digital-first approach in developing, servicing capabilities to enable customers to self-serve for a variety of tasks quickly and easily, but according to their preferences. We've created a globally integrated flexible servicing network that enables us to deliver seamless service around the world, 24 hours a day, 7 days a week. And most important, we approach every customer interaction with a premium servicing mindset, both in everyday transactions, but also in the moments that matter most. By building our servicing strategy around this philosophy, we've been able to continue to strengthen our reputation for service excellence while driving growth and delivering efficiencies. So I'll talk about how we'll do that next.

我们坚持“数字优先”作为客户服务战略的核心原则。我们在开发服务能力时采用“数字优先”思维，使客户能根据自身偏好快速、便捷地自助完成多种任务。我们打造了一个全球一体化、灵活配置的服务网络，支持全天候、全年无休的无缝服务交付。更重要的是，我们以“高端服务”心态处理每一次客户互动，无论是日常交易，还是关键时刻。围绕这一理念，我们构建服务战略，既不断巩固我们在服务卓越方面的声誉，又能推动增长并提升效率。接下来我将谈谈我们是如何做到这些的。

In executing against our customer-first philosophy, we've created an omnichannel spectrum of servicing options, which include web, mobile, chat, phone and voice response. But we've had these channels for a number of years now, but we continue to enhance and expand their capabilities, and we're seeing increasingly digital engagement from our customers as a result.

在践行“以客户为中心”理念过程中，我们构建了一套全渠道服务体系，涵盖网页、移动端、在线聊天、电话和语音交互等方式。这些渠道我们已经运营多年，并持续优化和扩展其功能，因此我们观察到客户的数字化互动正在持续增长。

An important point is that these capabilities are connected through an integrated servicing platform that enables us to serve our customers better by giving a single view of their servicing needs. While a growing amount of our servicing volume is coming through digital channels, the call volume that remains is more complex, more sensitive and it demands high skill. And this is where the human capital comes in. That's our 32,000 frontline customer care professionals and travel counselors in 29 locations around the world, who provide that special sauce, which truly differentiates our customer service from the rest.

一个关键点是：这些服务能力是通过一个“统一服务平台”整合的，这使我们能够更好地服务客户，提供统一的“服务需求全景视图”。虽然我们的服务请求中，越来越多通过数字渠道完成，但仍保留的电话交互部分往往更加复杂、敏感，且对专业技能要求更高。这正是“人”的价值所在——我们在全球29个地点拥有32,000名前线客户服务专家与旅行顾问，他们才是让我们客户服务真正与众不同的“关键调味料”。

In addition to driving customer satisfaction, our servicing network generates revenues. Our customer care professionals or we refer to them as our CCPs, talk to customers all day every day, and their expert handling of customer increase builds trust. But -- and it's because of that trust and aided by our intelligent systems that serve up recommendations, which are individually suited for our card members, that we found that during these calls, our CCPs are very effective at executing appropriate customer treatments that produce revenues. Such as adding supplemental cards for our customers' family members or employees, or upgrading customers to a product that better meets their needs and increasing credit lines where warranted.

除了提升客户满意度，我们的服务网络也能够创造收入。我们的客户服务专员（Customer Care Professionals，简称CCPs）每天都在与客户进行互动，凭借其专业处理能力赢得客户信任。而正是这种信任，再结合我们智能系统所推送的个性化建议，使我们的CCPs在通话过程中，能有效开展提升收入的“客户激活处理”——例如为客户家庭成员或员工添加附属卡、将客户升级至更契合其需求的产品，或在合适的情况下增加信用额度。

Last year, for example, our CCP successfully executed 1.4 million treatments globally. Our servicing capabilities across channels are recognized through excellence by our customers. Last year, we won the trifecta of J.D. Power awards coming in #1 in their U.S. credit card satisfaction study for the 11th time in its 15-year history. And #1 for both our mobile app and our website experiences. Our superior servicing, which combines the best of both high tech and high touch, also enhances customers' experiences with American Express, which is a key driver of retention. For many years, we've measured customer satisfaction using a method called Recommend to a Friend or RTF, where we ask customers at the end of interaction with 1 of our frontline service professionals if they would recommend American Express to a friend.

例如，在去年，我们的CCP团队在全球范围内成功完成了140万次“客户激活处理”。我们的全渠道服务能力因卓越表现而广受客户认可。去年，我们荣获J.D. Power三项大奖，实现“满贯”：第11次（在15年评比历史中）获得“美国信用卡客户满意度”第1名，同时在“移动应用体验”和“网站体验”方面也分别荣登榜首。我们卓越的服务，融合了“高科技”与“高触感”的优势，全面提升了客户在美国运通的使用体验，也成为客户保持粘性的关键推动力。多年来，我们一直使用“是否愿意推荐给朋友”（Recommend to a Friend，简称RTF）作为衡量客户满意度的标准——即在客户与前线服务专员互动结束后，我们会询问客户是否愿意向朋友推荐美国运通。

Early on in the COVID pandemic, we faced the challenge of handling a spike in calls as customers reached out to us throughout. Thanks to our integrated servicing model we were able to shift thousands of our colleagues to the areas, which had the highest needs at the time, whether that was consumer travel or credit servicing. And we did it all while our 32,000 service professionals were working remotely from home.

疫情初期，我们面临大量客户来电激增的挑战。多亏我们高度整合的服务体系，我们能够迅速将数千名员工调配至需求最紧迫的领域，无论是消费者旅行服务还是信用账户支持。而这一切，都是在我们32,000名服务专员居家远程工作的背景下完成的。

The service we provided through the course of the pandemic results in global Recommend to a Friend scores that were higher in 2020 than they were before the pandemic, and they continue to increase again in 2021. We believe these results coupled with the successful implementation of the financial relief programs that both Anna and Howard referred to earlier, have contributed to a very high customer retention rates that we've seen through the very same period.

疫情期间，我们所提供的服务，使得全球RTF评分在2020年高于疫情前的水平，且在2021年进一步提升。我们认为，这些成果，加上Anna和Howard先前提到的财务援助项目的成功实施，共同推动了我们在这段时期维持非常高的客户留存率。

Customer adoption of digital servicing channels is very cost effective. This slide shows the growth that we've seen in U.S. self-servicing rates on an index basis back to 2018 as the use of digital servicing capabilities increase through the pandemic. Now what's key to note here is that these increases are coming from all age cohorts from digital-native Gen Ziers all the way through the baby boomers.

客户对数字服务渠道的采纳是非常具备成本效率的。这张幻灯片展示了自2018年以来，美国客户自助服务使用率的增长指数，反映出疫情期间数字服务能力的广泛采纳。值得特别指出的是，这一增长趋势贯穿所有年龄群体——从数字原住民Z世代到婴儿潮一代，均在快速拥抱这些数字化功能。

And this slide shows the accompanying decrease in the average number of calls per card member over the same time period. And while we still handle millions of calls every day, or should I say, a year, not every day. But that number is decreasing significantly as digital adoption grows. And we expect these trends to continue. And as they do, they will drive increasing efficiencies in our overall servicing activities.

另一张幻灯片显示，同期每位持卡人的平均通话次数明显下降。尽管我们仍然每年处理数百万通来电——不是每天，是每年——但随着数字化服务使用的普及，该数字持续下降。我们预计这一趋势仍将继续，并将推动我们整体服务运营效率不断提升。

Now with the dynamic that we saw in the last slide, we've been able to drive significant operating expense leverage for the company. From 2017 to 2021, servicing expenses decreased slightly, while the company's revenues increased, driving our servicing expense to revenue ratio to its lowest levels in 2021. And going forward, we expect to continue producing operating expense leverage for the company through the prudent management of our servicing costs.

正是由于上一页所示的变化，我们为公司带来了显著的运营费用杠杆效果。从2017年到2021年，尽管公司营收持续增长，但服务相关费用略有下降，使得服务费用与营收的比率在2021年降至历史最低水平。展望未来，我们预计将通过对服务成本的审慎管理，继续为公司实现运营费用杠杆效应。

So looking ahead, we will apply our technology philosophy and architecture principles as we continue our modernization efforts to drive competitive advantage. The next steps in our journey include moving big data to the cloud, which will enable us to unlock even more insights and value from our data through access to cutting-edge tools and technologies, uplifting partner integration through greater use of secure and scalable APIs, which will make integration with our systems even easier for our partners and continued modernization of our authorizations platform, which will improve time to market for new risk models and provide more opportunities to introduce enhanced artificial intelligence and machine learning capabilities.

展望未来，我们将继续秉持技术理念与架构原则，推进现代化进程，打造竞争优势。接下来的重点包括：将大数据迁移至云端，这将使我们能够借助最新的工具与技术，从数据中挖掘出更多洞见与价值；通过更大范围地采用安全且可扩展的API，提升合作伙伴系统接入体验，使集成更为简便；继续推进授权平台现代化，加快新风险模型的市场响应速度，并为进一步引入先进的人工智能与机器学习功能创造条件。

In customer service, we look to maintain our industry-leading servicing outcomes by increasing digital interactions and making further enhancements to our globally integrated omnichannel servicing platform. We will continue to elevate humanity and servicing, particularly in the moments that matter. We will continue to build our digital capabilities to extend our competitive advantage in travel. And we will continue to drive operating leverage through our scale, ongoing digital adoption and increased automation.

在客户服务方面，我们将通过增加数字化互动、进一步优化全球整合的全渠道服务平台，继续保持行业领先的服务成果。在关键时刻，我们也将继续强化服务的人性化体验。同时，我们还将不断提升旅行领域的数字化能力，进一步巩固在该市场的竞争优势。通过规模化、数字化普及率提升与流程自动化，我们也将继续推动运营杠杆的释放。

So I hope this all gives you a better understanding of how our technology, our digital capabilities, our servicing capabilities have contributed to the company's momentum over the past year and why by continuing to execute on our tech and servicing philosophies we believe we can help the company achieve its long-term growth aspirations.

希望通过以上分享，您能更清晰地了解过去一年里，我们的技术、数字化能力与客户服务如何助推公司持续增长，并理解我们为何相信，只要坚持贯彻技术与服务战略，就能助力公司实现长期增长目标。

But if you've heard nothing else over the last 19 minutes, I'd like you take away 3 things. We have a global scale and flexible technology stack that through ongoing investments will continue to enable innovation, best-in-class customer experiences and partnership in a cost-effective way. The industry-leading service we provide, our premium customer base around the world will continue to give us a competitive advantage and lead to higher customer satisfaction, engagement and retention. And together, technology and servicing will continue to drive growth, enhance customer experiences and deliver efficiencies for the company. Thank you.

如果刚才19分钟的信息中只能记住3件事，请记住这3点：第一，我们拥有具备全球规模和灵活架构的技术体系，并将通过持续投资，以具成本效益的方式不断推动创新、提供卓越客户体验、拓展合作生态；第二，我们行业领先的服务水准和全球高价值客户群，继续为我们带来竞争优势，并驱动更高的客户满意度、互动率与留存率；第三，技术与服务能力相结合，将持续推动公司增长、优化客户体验、提升整体效率。谢谢大家。

And now I'll turn it over to our CFO, Jeff Campbell.

接下来，请允许我将时间交给我们的首席财务官，Jeff Campbell。

Jeffrey Campbell – Former Vice Chairman

Well, thank you, Anre, and good afternoon, everyone. It's good to see people in our auditorium. And I suppose I should thank both people watching in real time the live stream and those of you who are here, for choosing us over Jerome Powell and the Fed and his 2:00 press conference, which I'm sure you've all looked at on your phone while you're listening. So my role today is to try to take everything you've heard over the last few hours and explain how it builds up financially to the growth plan. Before I get to that, though, I thought I would start by putting this slide up, which Steve started with. And these questions are very much what we think all of you have had on your mind since we first talked about the growth plan in January. I hope at this point of the day, you feel that you have a better understanding of how we feel about answers to all of these questions. But I do want to take just a minute on the first question, why are we confident in the growth aspirations? And Steve talked about the intersection of our strategy, with the momentum we built during the pandemic with structural shifts.

谢谢你，Anre，大家下午好。很高兴在我们礼堂看到这么多朋友。我想也该感谢那些正在观看直播的朋友们，还有今天亲临现场的各位，感谢你们选择来听我们，而不是收看Jerome Powell和美联储的2点新闻发布会——我相信你们很多人还是边看边刷手机了（笑）。我今天的任务是，把大家这几个小时听到的所有内容，从财务层面整合起来，说明它们如何构建出我们的增长计划。但在正式展开之前，我想先展示一张幻灯片——这也是Steve演讲开头那页。这些问题，也正是我们认为自一月首次公布增长计划以来，各位最关心的核心疑问。我希望，走到今天这个时点，大家对我们是如何看待这些问题已经有了更深入的理解。不过，我想还是花一分钟时间特别讲讲第一个问题：我们为何对自身增长目标充满信心？Steve之前提到过，是我们战略、疫情期间所积累的动能，以及一些结构性变化的交汇，使我们有信心提出这些目标。

And I would start by reminding you that pre-pandemic, we had 10 consecutive quarters of putting up revenue growth in excess of 10%. We did that while producing double-digit EPS growth, and we did it while maintaining our industry-leading return on equity in excess of 30%. So we had a lot of momentum based on our strategies going into the pandemic. Then you've heard a lot over the last few hours about the way we executed during the pandemic based on the strategies and also based on all the work we did in 2018 and 2019 that we called winning through the cycle, which really prepared our entire leadership team to think about how to optimize in a turbulent period and in a downturn.

我想先提醒大家，在疫情爆发前，我们已经连续10个季度实现了超过10%的营收增长。与此同时，每股收益（EPS）也保持两位数增长，并且我们的净资产收益率（ROE）持续保持在30%以上，行业领先。可以说，在进入疫情前，我们的战略已经为我们积累了强劲的增长动能。而在过去几小时中，你们也听到了很多关于我们如何在疫情期间高效执行战略的内容，这些不仅是基于既定战略，还得益于我们在2018年与2019年期间所开展的“周期应对”准备工作（Winning Through the Cycle），这项工作让整个管理团队在面对不确定与下行周期时，能够有系统性的方法来优化资源、驾驭局势。

I would point out, we've talked about almost everything on this slide. We did maintain those best-in-class credit metrics. And I would point out, we have a business model that in difficult times like we've been in the last 2 years, produces well above target levels of capital and liquidity, which then gave us the financial flexibility to invest, to build the kind of momentum that we talked about on that January earnings call. 31% year-over-year revenue growth, the best quarter ever for bringing new people into the platinum franchise in the U.S. on both the consumer and small business side.

我想指出，幻灯片上列出的内容，我们几乎都已经讲到了。我们的信用指标持续保持行业领先。同时，我要强调的是，我们的商业模式，在过去这两年这样充满挑战的时期里，依然能持续产生远高于目标水平的资本与流动性，这为我们提供了财务灵活性，能够继续投资、持续积累增长动能——正如我们在1月财报电话会议中所提到的：同比营收增长31%，创下美国区白金卡（Platinum）业务在个人与小企业客户两个维度的历史最佳新增表现。

So you take the strategies, you take this kind of momentum, you add the structural shifts that we've talked about which further play to our business model. And hopefully, that helps you understand why, as we, as a management team talked about our plans for '22 and beyond, we really reached the conclusion it was the right thing to do to reach for much higher growth aspirations in the long term than what we're producing pre-pandemic. And so that led to the growth plan. Long-term growth aspirations of revenue growth in excess of 10%, with mid-teens EPS growth. In '22 and '23, results that are even above that fueled by the pandemic recovery tailwinds. So we gave you very specific guidance for 2022, 18% to 20% revenue growth, earnings per share between $9.25 and $9.65. And we pointed out in 2023, you'll also see revenue growth above that long-term aspirational level. So that's the growth plan and where it came from.

所以，将战略、执行力与动能相结合，再叠加上我们所提到的几项结构性趋势变化——这些趋势正好契合我们的商业模式优势——你就能理解我们管理团队在制定2022年及更长期计划时，为何会一致认为，制定比疫情前更高的增长目标，不仅可行，而且是正确的方向。这就是我们增长计划的由来：长期目标是营收增长保持在10%以上、EPS增长保持在中段两位数（mid-teens）。而2022年与2023年，在疫情复苏带来的顺风推动下，我们的表现将优于长期目标。因此，我们也给出了非常明确的2022年业绩指引：营收增长18%至20%，每股收益在9.25至9.65美元之间。同时我们也指出，2023年的营收增速也将高于长期目标水平。这就是我们的增长计划及其由来。

Let me now walk you through the building blocks financially and, of course, I need to start with revenue. So -- at its core, we have a spending based business model, right? Over 60% of our revenues as a consolidated company come from spend. And at the core of that spending, is spending on goods and services. In 2021, over 80% of the spending on the network was on goods and services. And the growth that we've seen in that goods and services spending is powered by both consumers and by small businesses, and by all the actions that Anna and Howard have talked about over the last few hours, things we have evolved in terms of value prop, marketing efforts, technology, et cetera.

接下来让我从财务角度带大家梳理我们的增长组成部分，当然我们必须从收入谈起。我们的核心是一个基于“消费驱动”的商业模式，对吧？在整个集团层面，超过60%的收入来自于客户的消费活动。而在这些消费中，核心又是商品与服务类消费。2021年，我们网络上的消费中，有超过80%是商品与服务消费。推动这些消费增长的，是消费者、小企业，以及过去几个小时里Anna与Howard介绍的所有行动，包括我们在价值主张、营销策略、技术平台等方面的不断演进。

The growth is also powered by the structural shifts, particularly the digitization of payment flows and the growth in e-commerce. And I would say part of our confidence comes from the fact that when you think about the continued really strong growth we've seen in online spending on goods and services, that has maintained itself even as growth in the offline world has come back. To us, that is a strong indicator of the sustainability of the trends we've seen the last 2 years.

这背后的增长，也受到结构性趋势的推动，特别是支付流程的数字化和电子商务的快速发展。我想强调的是，我们的信心部分来自一个事实——即使线下消费在恢复，线上商品与服务消费的强劲增长依然持续。对我们而言，这正是过去两年趋势具有可持续性的强力信号。

So you put it together and pre-pandemic spending on goods and services on our network was growing at about 7%. In aggregate, over the course of the pandemic, that growth accelerated to 11% on a compound annual growth rate. And as we think about the long term, we are absolutely focused on driving goods and services spending at rates above that pre-pandemic level, fueled by all the changes that we spent the last few hours talking about.

综合来看，疫情前，我们网络上的商品与服务消费年增长率约为7%；而在整个疫情期间，这一增长加速至11%的年复合增长率。展望长期，我们的目标就是维持一个高于疫情前水平的增速，推动商品与服务消费持续增长——这一切将依托过去几个小时我们反复提到的各项策略变革作为基础。

Now travel and entertainment spending is still important. It's a more modest part of our overall spending now. But look, it's an important foundation for the company, and it remains a very important strength for our company. And we continue to be very confident that travel and entertainment spend will fully recover to pre-pandemic levels. Now in the fourth quarter, in total, we were at about 80% of pre-pandemic levels, but it really varied by industry, right? So even in the fourth quarter, restaurant spend was already above where it was pre-pandemic at 110%. My old industry airlines were lagging down at 57%, although many of you have heard me say, is the an old airline CFO, I was the CFO at American Airlines post 9/11. Airline travel will come back, right? No one thought airline travel would come back after 9/11 and you saw the biggest boom in air travel ever instead in the years after.

当然，差旅与娱乐（T&E）支出仍然重要，虽然目前在我们总消费中的占比已相对较小。但这依然是公司业务的根基，也是我们的一大优势。我们仍然非常有信心，差旅娱乐支出将全面恢复至疫情前水平。以2021年第四季度为例，整体T&E支出已恢复至疫情前的80%，但在各行业之间恢复进度不一。例如餐饮业在第四季度的支出已达到疫情前的110%，而我曾经所在的航空行业仍然滞后，仅恢复至57%。不过很多人听我说过，我在“9·11”之后曾担任美航（American Airlines）的首席财务官，当时也没人认为航空旅行能恢复，结果却迎来了有史以来最大的航空繁荣。所以我相信，航空旅行终将全面复苏。

But T&E will recover at varying paces, not just by industry but also by customer type and by geography, right? So the U.S. consumer back to Q4. It's already back above where it was pre-pandemic. That's 1 of the things that gives us confidence that other sectors will also eventually recover. By the end of this year, I'd expect on a global basis, both consumer and small business to be back above pre-pandemic levels, though the U.S. will lead there and the non-U.S. markets will lag a little bit. Certainly, the last group to recover will be the large and global corporations. But even that group, we fully expect to recover.

T&E恢复节奏会因行业、客户类型、地区等因素而各异。以美国消费者为例，到2021年第四季度，他们的T&E支出已超过疫情前水平。这正是让我们相信其它客户群与行业最终也会恢复的重要依据。我预计到今年底，从全球范围看，消费者与小企业的T&E支出将全面回升至疫情前以上水平，尽管美国市场会领先一步，而非美市场则稍有滞后。当然，最后一个完全恢复的群体可能是大型跨国企业客户。但即便如此，我们仍然预期他们最终也将完全复苏。

Now I will say we haven't talked much about that part of our business today, partly because it's an important foundation for the company, wasn't a particular driver of growth pre-pandemic. We don't necessarily see it as a particular driver of growth post-pandemic, but it is important, and we're quite confident it will come back.

我还要补充一点，今天我们并没有太多提及这块业务（大企业T&E），部分原因是：它虽是公司业务的重要基石，但在疫情前并不是增长的主要驱动力，我们也不认为疫情后它会成为主要增长引擎。但它的战略意义毋庸置疑，我们也非常有信心它会恢复。

So if you put those spending trends together, it leads you to a view that when you think about discount revenue, it's growing at about 7% pre-pandemic. We're very focused on driving that growth rate above that in the long term because we believe we can drive goods and services spending at rates faster than we were seeing pre-pandemic. In '22 and '23, of course, the growth rate will be much higher than that as travel recovers. I'd point out to you that in Q4, the growth rate was 36% year-over-year. So that's discount revenue.

把这些消费趋势结合来看，意味着我们的折扣收入（discount revenue）在疫情前的增长率约为7%。我们非常专注于在长期内推动这一增长率超过疫情前的水平，因为我们相信，我们能将商品与服务的消费增速提高到疫情前以上的水平。当然，2022年和2023年，由于差旅支出的恢复，增速将远高于这一水平。我想强调的是，在2021年第四季度，折扣收入同比增长达到了36%。

Now pre-pandemic, the highest growth line in our income statement was net card fee revenues, right? It was growing in the mid-teens, 15% pre-pandemic. And of course, these revenues continue to grow double digits right through the pandemic. And in fact, in 2021, that card fees were 28% higher than they were in 2019. So given everything you've already heard of, I hope it's pretty easy to convince this group that we expect that to accelerate that 10% rate you see in 2021, I expect that to accelerate as we go through '22. And our focus here in the long term is absolutely maintaining and beating that mid-teens growth rate that we were at pre-pandemic.

在疫情前，我们利润表中增长最快的一项是“净卡费收入”（net card fee revenues），对吧？当时它的增长率在中段两位数，大约是15%。而即使在疫情期间，该项收入仍维持了两位数增长。事实上，2021年的净卡费收入比2019年高出28%。考虑到大家之前听到的所有内容，我相信各位也容易认同，我们预计2021年所看到的10%增速将在2022年加快。在长期内，我们的目标是维持甚至超越疫情前的中段两位数增长。

Now many of you do realize, but I think it's worth emphasizing that when we talk about that growth in net card fees, it's mostly driven by bringing new customers under fee-paying products as well as moving existing customers from lower fee-paying products to products with more value that have higher fees. And in fact, if you look at the time period from 2019 to '21, that's what drove 71% of the increase in net card fees. And the fact that we do step up fees, as we add value to cards is a more modest contributor to that growth in net card fees.

或许你们中的许多人都已经意识到，但我还是想特别强调：净卡费收入的增长，主要来自两方面——一是吸引新客户加入我们收费类产品；二是将已有客户从低费率产品迁移至更高价值、更高费用的产品。实际上，从2019年至2021年，这两项因素共同推动了净卡费收入增长中的71%。而我们通过为卡片增值进而提升年费的举措，在净卡费收入增长中的占比则相对较小。

Behind net card fees, the fastest-growing line in our income statement, pre-pandemic, was net interest income. And that's because, as you all hopefully remember, for many years, pre-pandemic we grew lending a little faster than the industry. And we did that by growing our lending to our existing customer base, mainly 60% of the growth came from existing customers.

在净卡费收入之后，疫情前我们利润表中增长第二快的项目是净利息收入（net interest income）。原因大家应该记得——在疫情前很多年里，我们的放贷增速略高于行业平均。这一增长主要是通过向现有客户群体提供更多信贷实现的，60%的放贷增长都来自我们原有的客户基础。

And we were able to do that -- and we think we have a long runway to continue to do it because of the facts that both Howard and Anna touched on, which is our share of our own customers' borrowing behaviors is much lower than our share of our own customers' spending behaviors.

我们之所以能做到这一点，并认为未来仍有很长的增长跑道，原因正如Howard和Anna所提到的：在我们自己的客户中，我们在“消费行为”上的份额远高于我们在“借贷行为”中的份额。

So we have many years, we believe, to grow a little faster than the industry. Now the exact rate of that growth is going to be determined by broader market factors. So if you look at our loan balances, they have in the last few quarters started to grow more quickly.

因此，我们认为在未来多年里，我们仍有空间实现略高于行业的放贷增长。当然，增长的具体速度也会受到更广泛市场因素的影响。就我们的贷款余额而言，过去几个季度已经开始加速增长。

And certainly, in '22, those loan balances will be above pre-pandemic levels. On the right-hand side of this chart, we show you the revolving portion of those loan balances. And that is growing more slowly. We hit an inflection point in 2021. But certainly, growth in those revolving balances well lag spending behaviors.

可以确定的是，到2022年，我们的贷款余额将超过疫情前水平。在这页幻灯片的右侧，我们展示了贷款余额中的循环信贷部分（revolving）。该部分增长较为缓慢，但在2021年已经出现拐点。不过循环余额的增长仍明显滞后于消费支出的增长节奏。

But we firmly believe that there has been no permanent change in the borrowing behaviors of our customers. Before we talk about what all that means for net interest income, let me talk for a second about funding. So the left-hand side of this chart points out to you that we enter '22 with far lower interest cost than we had prepandemic.

我们坚信，我们客户的借贷行为并未发生永久性改变。在谈到这一切对净利息收入（Net Interest Income, NII）的影响之前，我想先简要讲一下我们的融资状况。这页幻灯片左侧显示，我们进入2022年时的资金利息成本远低于疫情前的水平。

And that's a function of 2 things, right? Of course, the entire industry is seeing lower interest rates. But the other thing happening with us is illustrated on the right-hand side of the chart. And that is you've had quite a material change in our funding stack versus what we saw in 2019, with deposits now representing 2/3 of our overall funding stack.

这主要由两个因素造成。第一，整个行业都经历了利率下行的周期。第二点，是我们自身融资结构的变化——如右侧所示，相比2019年，我们的资金来源结构已经发生了显著变化：如今，存款已占我们整体资金来源的三分之二。

And of course, particularly in a rising rate environment, I think Paul talked about another 6 increases this year earlier today, earlier this afternoon, particularly in a rising rate environment, deposits are generally our lowest cost source of financing.

特别是在加息周期中（我记得今天下午Paul还提到今年可能还会加息6次），存款通常是我们最低成本的融资来源。

Now to be clear, because of our charge card-based model, we are still fairly uniquely a liability-sensitive company. I'm sure you all study every page of our 10-K, so you know in our 10-K, that it says that if you overnight had a 100 basis point rise in interest rates over the course of the ensuing 12 months, it would cost us around $200 million in isolation. But that is in isolation. And when you think about rising rates, particularly in the current environment, I'd suggest 2 things go with those rising rates. One, a generally pretty strong economy, which is pretty darn good for our business and, two, an inflationary environment right now.

当然要说明的是，由于我们以签账卡（Charge Card）为核心，我们依然是一个对负债端利率较为敏感的公司。你们肯定都仔细阅读过我们的10-K报告，里面就写道：如果未来12个月内利率突然上升100个基点，在其他因素不变的假设下，这将使我们单独承担大约2亿美元的成本。但那只是静态情景分析。在现实中，利率上行通常伴随两件事：第一，是经济整体较强劲——这对我们来说是好消息；第二，是当前的通胀环境。

And I would point out to you that when you think about our spend-centric business model, the majority of our revenues just naturally inflate with inflation, but only a minority of our costs go up with inflation. So inflation is generally a positive for our business model, unless and until you get to such high interest rates that you start to see consumers and businesses having credit challenges.

我想强调，我们的商业模式是“消费导向型”的，这意味着：我们的大部分收入会随着通胀自然上升，而只有一小部分成本会随通胀上涨。因此，在利率尚处于合理区间时，通胀整体上对我们是有利的——除非利率高到让消费者和企业出现信用风险，那就另当别论了。

I would suggest we're a long way from that in the current environment.

在当前环境下，我认为我们距离那种高利率带来信用风险的情景还有很长一段距离。

So you put the funding together with what we expect to have happen on the loan side and net interest income in 2022 on an absolute dollar basis, I expect to be back well above 2019 levels. That's fueled this year in 2022, mainly by the interest expense savings. And then I'd expect revolving balances to rebuild over time. I do expect though, us to grow lending, as I said earlier, a little faster than the industry. So I do expect in the long run us to grow at to above, on the net interest income line, that prepandemic level of 13%.

所以综合融资成本与贷款端的发展，我们预计2022年我们的净利息收入（以绝对金额计）将显著超过2019年。这主要受益于今年的利息成本节省。至于循环贷款余额，我预计它会随着时间逐步恢复。正如我之前所说，我也认为我们整体放贷速度会略快于行业平均。因此，在长期内，我们有信心将净利息收入增速维持在疫情前13%的水平，甚至略高于这一水平。

So before we leave revenues, I'm going to touch on one other line that generally I never bother to talk about. And that's the miscellaneous other fees, commissions and revenues that we have. And I generally don't talk much about these lines because they really weren't a driver of growth in any way prepandemic. However -- and I don't, in the long term, expect them to be a big driver of growth, either. They're growing 3%, 4% prepandemic. But many of these lines are actually travel-related revenues and/or things that have to do with cross-border flows and/or fees and other revenue lines that have to do with business travel.

在结束收入部分之前，我还想简单提一下一个通常我不会特别讲的项目——那就是“其他杂项费用、佣金和收入”（miscellaneous other fees, commissions and revenues）。疫情前这些收入本就不是增长驱动因素，因此我一般也不会着墨太多。长期来看，我也不认为它们会成为主要的增长引擎——疫情前它们的年增速大约也就3%-4%。但要注意，这里面其实有不少是与旅游、跨境支付以及商务差旅相关的收入。

So for '22 and '23 on a percentage basis, I actually expect pretty high growth rates in these lines. So these would be another in what I would call, what we've taken to calling today are pandemic recovery tailwinds. So that's the revenue story, right? Really good performance, prepandemic in excess of 8%, 10 straight quarters, higher growth aspirations now as we think about the long term in excess of 10%.

因此在2022和2023年，这类收入的同比增速预计将相当可观。这也属于我们今天反复提到的“疫情恢复顺风因素”之一。好了，这就是我们的“收入故事”了：疫情前营收已连续10个季度实现8%以上增长；而面向未来，我们的长期目标是实现超过10%的年化增长。

So let's talk about what drives that revenue growth. And I think here, it might be helpful to start by throwing another slide up again that Steve showed because I think this virtuous cycle is really important, right?

那我们接下来来谈谈推动营收增长的因素。我觉得此处可以重新展示一下Steve提过的那张“正向循环”幻灯片，因为这个正循环模型实在太重要了，对吧？

And so we've now talked a lot about the various investments that we have been and will continue to make on the left-hand side of the slide, brand, customer value props, et cetera. It's all of those investments that create the differentiated membership value that we have. And it's that differentiated membership value that creates the uniquely strong and engaged and growing customer base. And that's what uniquely attracts an engaged and growing network of merchants and partners who then help us fund that differentiated membership value and model. So what does that mean when you think about our income statement?

刚才我们已经花了不少时间讨论幻灯片左侧的投资项目：品牌、客户价值主张等等。正是这些投资，构建了我们独特的“会员价值体系”。而这种独特的会员价值，造就了我们粘性极高、活跃度极强的客户群体。这种客户基础，又反过来吸引了商户与合作伙伴持续加入，并参与到我们会员体系的价值共创中，提供资金支持、提升服务内容。这一切，在我们的财务报表中如何体现呢？

Well, the value prop is really at the heart of that differentiated membership value and model. And many, though not all, but many of the costs associated with our differentiated value propositions fall into the lines on the P&L that we collectively refer to as our variable customer engagement costs.

我们的“客户价值主张”（value proposition）是这个会员价值体系的核心。而围绕这些差异化价值主张而产生的成本，很多都计入了我们损益表中统称的“可变客户参与成本”（variable customer engagement costs）科目中。

So we were pretty clear back in January on our earnings call that in 2019, those costs collectively were 37% of revenues. And we told you that in 2022, we expect them to be 42%. Now a little of that increase is the fact that net interest income is a smaller portion of our revenue. The majority of the increase is the fact that we have concluded that by investing in all of the things you've heard about today, the brand, the value props, the technology, et cetera, we can drive higher levels of revenue growth.

我们在1月的财报电话会议中就明确提到，2019年，这部分客户参与成本大约占我们收入的37%；而我们预计2022年会升至42%。这其中一小部分的变动是因为净利息收入占比有所下降。但主要原因，是我们已经确认：通过加大在品牌、价值主张、技术平台等方面的投入——也就是今天讲到的这些内容——我们能够推动更高水平的营收增长。

And our focus is on driving the highest possible levels of revenue growth and the highest possible levels of EPS growth, not on managing that 42% to any particular outcome. So when you think about that number beyond 2022, we'll just have to see because our focus is doing whatever we think given the environment is the best thing to do to drive the highest level of revenue growth and the best level of profitability.

我们的重点是实现尽可能高的营收增长和每股收益（EPS）增长，而不是去人为控制42%这个比例去达到某个目标。因此，这个比例在2022年之后会不会变化，我们将视情况而定。我们的原则是：在不同市场环境下，做出最有利于推动收入增长和盈利能力的选择。

And it's because that differentiated value prop and differentiated membership value is so important to driving the great results, we have shown most recently on acquiring new customers, on engaging our existing customers and on driving record levels of customer retention. And it's only by continuing that level of customer engagement and growth that we can continue to attract more merchant value and more partner value and stay ahead of the competition. And those merchants and partners provide value through our offer network as well as directly into our value propositions.

正是因为我们差异化的客户价值主张（value proposition）和会员体系如此关键，才带来了我们近年来在新客户获取、现有客户参与度以及客户留存率方面的出色表现。我们必须持续维持这种客户参与度与增长，才能不断吸引更多商户和合作伙伴加入，保持领先竞争地位。这些商户与合作伙伴既通过我们的优惠网络（offer network）为客户提供价值，也直接丰富了我们的客户价值主张内容。

So the faster we can drive revenue growth and the higher we can get revenue growth, the better the platform we have to then get leverage on our marketing line and on the operating expense line.

因此，我们推动收入增长得越快，增幅越高，我们在营销支出和运营成本方面就越能实现杠杆效应，提升盈利能力。

So let's first talk about the marketing line. So hopefully, many of you have heard either me or Doug or Anna or Steve, over the years, talk about our highly disciplined and analytical approach to deploying our marketing dollars.

我们先谈谈营销支出部分。相信各位这几年应该多次听到我、Doug、Anna或Steve提到，我们在营销预算上的部署是一套高度纪律化、基于数据分析的方法。

Our integrated model gives us a treasure trove of data, which, combined with all the technology and analytics that Anre talked about, let us in incredibly real time, constantly move marketing dollars between channels, between products, between geographies, all based on an ever evolving view of the lifetime value of different types of card members, exactly what kind of marketing investment is necessary to bring customers in.

我们的整合模式让我们掌握了大量宝贵数据，加上Anre所讲的技术与分析能力，我们可以在极短时间内动态调整营销预算，跨渠道、跨产品、跨地域灵活配置资源——一切都基于我们对不同类型持卡人的生命周期价值的动态评估，精准判断每一类客户需要投入多大力度的营销资源才能获取。

It is a machine that works better, the more scale we have and the more opportunities we have. And that's what has allowed us, if you think about our results in the run into the pandemic, to get marketing efficiencies every year and to grow that marketing line at rates below where we're growing revenues.

这个机制在我们业务规模越大、增长机会越多的情况下，运转效果就越好。回顾我们疫情前几年的表现，每一年我们都实现了营销效率的提升，而且营销开支增长率持续低于收入增长率。

So we've given you very specific guidance for 2022. We expect to spend about $5 billion on the marketing line. Beyond that, though, you should expect to see the marketing line steadily grow at rates well below where revenue is growing, and that is a key source of leverage for us as you think about getting to our bottom line goals.

关于2022年，我们已给出明确指引：预计全年营销开支为50亿美元。但在此之后，大家可以预期我们的营销支出将继续稳定增长，且增长率会持续低于收入增长率。这正是我们达成利润目标的关键杠杆之一。

Now the other source of leverage is hopefully something you feel like you've heard us talk about for a decade because while this particular chart that is in our decks only goes to 2016, at various times, we've gone back a decade and shown you that the growth in our operating expenses, the cost of running the infrastructure in the network, that growth has been just de minimis, really for a decade.

另一项杠杆作用，大家可能已经听我们讲了十年了——那就是运营开支（operating expenses）的控制。虽然我们幻灯片中显示的数据只追溯到2016年，但实际上我们不止一次向大家展示过：我们的运营开支，也就是维持网络和基础设施运行的成本，在过去十年里几乎没怎么增长。

And so it's a tremendous source of leverage. And of course, the more we can drive revenue growth, the more leverage we can get on this line. And we get that leverage from our global scale and from all of the kind of technology and servicing efficiencies in particular that Anre talked about.

这带来了巨大的成本杠杆效应。当然，收入增长得越快，我们在这条成本线上的杠杆效果就越显著。而这种杠杆作用，正是得益于我们全球业务的规模效应，以及Anre提到的各类技术和服务流程带来的效率提升。

So risk management. I had a very unusual experience 2 weeks ago in my 9 years, I guess, as CFO here at Amex. I was speaking at a conference. The conference will go unnamed. So I did a big tent Q&A and then a couple of group meetings. And in an entire morning, I did not get a single question about credit. I thought that was amazing. I also thought it was an amazing complement to our business model and to our risk management team into our long track record of having best-in-class credit metrics because we are very proud of the fact that, as I said earlier, we had many years prepandemic of growing our lending faster than the industry, while driving up net interest yield, while maintaining best-in-class credit metrics.

关于风险管理，我想分享一个不寻常的经历。大概两周前，在我担任Amex首席财务官的九年里，我第一次遇到这种情况：我在某个不具名的投资会议上发言，上午参加了全场问答和几场小组会议，居然没有人问我任何有关信用风险的问题。我当时觉得这实在太神奇了。同时我也觉得这充分体现了大家对我们商业模式的认可，对我们风险管理团队的肯定，以及我们长期保持业内领先的信用表现记录的肯定。正如我之前提到的，在疫情前的很多年里，我们的放贷增速超过整个行业，同时还提升了净利息收益率，并始终保持了业内一流的信用指标。

I'd suggest that's a pretty good trifecta. And then I'm particularly pleased by the fact that we went into the pandemic with best-in-class credit metrics. And then the distance between us and our peers actually grew during the pandemic.

我认为这是一种“完美三连击”。更让我满意的是，我们在进入疫情前就拥有业内领先的信用指标，而在疫情期间，我们与同行的差距还进一步扩大了。

So we think that leaves us very well positioned for the growth we foresee this year in the next couple of years. And certainly, in '22, you should expect to see our write-off and delinquency rates begin to go up. They will not, in 2022, get anywhere near where they were prepandemic.

因此，我们认为自身的信用风险表现让我们处于非常有利的地位，能够支撑我们今年以及未来几年预计的增长。当然，2022年我们的坏账和逾期率预计会有所回升，但它们不会接近疫情前的水平。

I fully expect over the long term, these rates to remain best-in-class. I will point out that in my -- I joined the company in 2013. In my first 7 years as CFO, every investor meeting someone would ask me, well, when are rates going to get back to where they were before the great financial crisis? And of course, in hindsight, we know they never did. So I'm just warning you now. If you ask me, when are rates going to get back to prepandemic levels, we'll see. Look, the great financial crisis was very, very different from the pandemic, but we have a strong belief in our customer base, in our business model and a strong belief in our risk management team and the capabilities that our integrated model gives us.

我预计从长期看，我们的信用风险指标仍将保持业内最佳。顺便说一句，我是在2013年加入Amex的，在我前7年担任CFO期间，每次与投资人见面，总会有人问我：“利率什么时候能回到金融危机前的水平？”——现在回头看，我们都知道，那些水平从未再出现过。所以现在我提前提醒你们：如果你想问“信用指标什么时候会回到疫情前的水平？”，我的回答是：“我们走着看。”当然，全球金融危机和新冠疫情是截然不同的事件。但我们对自己的客户基础、商业模式以及风险管理能力都有强烈信心，也相信我们整合模式赋予的风险识别与控制能力。

Okay. We're nearing the home stretch, I promise. Capital for us is a really simple story, right? So we produce a tremendous amount of capital. We have a return on equity of over 30%, right? And our target capital ratio is a really simple thing to think about, which is we need our CET1 ratio to be between 10% to 11%. That's actually above our regulatory minimum but it needs to be there based on our view of the access we want to the capital markets and the rating agency view of what our balance sheet should look like.

好，最后一部分了——关于资本管理。这其实非常简单：我们每年都能产生大量资本，我们的股本回报率（ROE）超过30%。我们的资本目标也很直观：普通股一级资本充足率（CET1）维持在10%到11%之间。这个水平高于监管最低要求，但我们维持这个水平，是基于两方面考量：一是我们希望始终保持对资本市场的良好准入；二是信用评级机构对于我们资产负债表的期望。

So what do we do with all that capital we generate? Well, priority one is just funding organic growth, but our spend-centric model is not very capital intensive. So generally, in a steady-state year it only takes 20%, 25% of the capital we generate to fund our organic growth.

那我们生成的这么多资本用来干嘛？第一优先是支持业务自然增长。但我们的“消费驱动型”模式对资本的需求并不高——在正常年份，我们只需要用大约20%-25%的资本来支持业务的有机增长。

We pay a dividend that you should expect to kind of just grow in line with earnings. We target a 20% to 25% payout ratio. We just did dividend increase to catch up, if you will, to not increasing it during the pandemic.

我们也会派发股息，这部分大致与利润增长保持同步。我们的目标派息率是20%到25%。我们刚刚宣布了一次股息上调，相当于是弥补疫情期间我们并未上调股息的“缺口”。

You will periodically see us make more bolt-on acquisitions. I think Howard's discussion of Resy and Anna's discussion of Kabbage are 2 really good examples of the kinds of things you might see us do periodically. And beyond that, we'll return capital to shareholders to stay within our 10% to 11% range.

我们也会适时进行一些“补强型”收购（bolt-on acquisitions）。比如Howard提到的Resy和Anna提到的Kabbage，就是我们这类收购的典型案例。除此之外，我们也会将多余资本回馈股东，以保持我们的CET1资本比率处于10%到11%的目标区间。

So that's the growth plan and how the financial building blocks ladder up to it. I hope you have a better understanding of how the math works behind all the other things you've heard today.

这就是我们的增长计划，以及支撑这一计划的财务基础构成。我希望大家现在已经更清楚了，今天所听到的一切背后是如何在财务层面实现闭环的。

So we've spent a lot of time, almost 3 hours, talking about the long term. It is March 16. We're 2 weeks from closing the books on the first quarter. So let me make a few nearer-term comments. First and most important, as you see here on March 16, we remain very comfortable and confident with the guidance we've given you for full year '22, and we're sort of formally affirming that guidance, if you will, today, earnings per share of $9.25 to $9.65 and revenue growth of 18% to 20%.

我们已经用了将近三个小时的时间来探讨公司的长期发展。但现在是3月16日，距离一季度结束还有两周时间，所以我想就近期做一些补充说明。首先，也是最重要的一点，截至今天（3月16日），我们依然非常确信并确认我们对2022年全年业绩的指引：每股收益为9.25至9.65美元，收入增长为18%至20%。

Next, we've talked a lot today about what we've taken to calling our pandemic recovery tailwinds. So if you think about that for a second, it kind of naturally leads to the thought that as we go sequentially through the 4 quarters of 2022, you should naturally expect our core volumes revenues and earnings to sequentially strengthen and sort of ladder up to that full year guidance that we've given you.

此外，我们今天频繁提到“疫情复苏的顺风因素”。如果你对此稍加思考，就会自然得出这样的判断：2022年的四个季度中，我们的核心交易量、收入和盈利将逐季改善，逐步“攀升”以达成我们对全年做出的指引目标。

If you think about the first 75 days of the year and think, well, how are we doing on that sequential build, goods and services looks great, right? Spending has continued to be really strong right in line with the kind of exit rate that we had from 2021.

如果回顾一下今年前75天的表现，那我们是否如预期那样在逐步积累增长动能呢？就商品与服务支出来看，表现非常强劲，与我们2021年年末的出场节奏（exit rate）完全一致。

If you think about travel and entertainment spend, I will say there was a real dip in January due to the Omicron variant, probably below our expectations for the year, and that continued into the first couple of days of February. But boy, traveled entertainment spend then just strongly rebounded in the rest of February that has continued into March.

至于旅行和娱乐（T&E）支出，1月确实受到Omicron变种影响，出现了明显回落，低于我们年初的预期，并延续至2月初。但接下来，2月剩余时间里的T&E支出强势反弹，这种势头一直延续到了3月。

And frankly, it leaves us very confident with the comments we've made about our full year expectations for travel and entertainment. In some ways, I'd also suggest that, that short impact from Omicron with a strong rebound is also a little indicative of the fact that our consumers and our small businesses, I would suggest, have gotten better with each medical surge or challenge at just figuring out how to manage their way through it.

坦率说，这让我们对全年T&E的增长预期充满信心。从某种意义上讲，这种“短暂冲击后迅速反弹”的节奏，也说明了我们的消费者和中小企业在面对每一波疫情冲击时，适应能力越来越强，学会了如何自己应对并继续前行。

If you think about credit, credit looks really strong. You see some of the monthly data. If you think about accounting and credit reserves and CECL, so that's not necessarily core. That is a little bit more volatile as I think about what might happen from quarter-to-quarter this year. I think I feel very good about the full year. Like many financial institutions, we entered '22 with some remnant of more qualitative credit reserves left over from the pandemic.

至于信用表现，它目前看起来也非常稳健。从一些月度数据就可以看出。至于会计处理、信用准备金以及CECL模型的变化，那不是我们核心的盈利驱动因素，而且这些指标在季度之间的波动性也较大。但就全年而言，我们仍然感觉良好。和许多金融机构一样，我们在进入2022年时，账面上仍保留了一部分疫情期间建立的“更具判断性”的信用准备金。

As I sit here today, what decision we might make at the end of Q1 about some of those qualitative reserves looks more uncertain than it might have 4 weeks ago, given uncertainty in the world. But we'll have to see what the world looks like in another 2 weeks.

以当前这个时点来看，由于全球局势的不确定性，我们对第一季度末是否释放一部分这些判断性准备金的决策，确实比四周前更难判断。但再过两周，我们会根据最新情况做出更清晰的判断。

My last near-term comment when you think about turbulence in the world. Steve talked about at the beginning, the tragic situation in Russia, Ukraine, not material to our ongoing revenue, earnings or volumes. I did point out publicly a couple of weeks ago that should circumstances cause us to completely wind down our business in Russia, that could drive a write-down in the tens of millions of dollars for us in Q1 or sometime later this year. We'll have to see.

关于近期全球动荡，我最后想补充一点。Steve在开场时提到了俄罗斯和乌克兰的悲惨局势。从我们业务的角度看，这一事件对我们的收入、盈利或交易量都不是实质性的影响。但我确实在几周前公开提到过，如果局势发展迫使我们彻底关闭在俄罗斯的业务，那么我们可能会在第一季度或今年稍晚计入数千万美元的减值损失，这还需视后续情况而定。

Beyond the Russia-Ukraine impact, we have not seen an impact anywhere else in the world in our network. For that matter, for those of you reading headlines about the BA.2 variant, we haven't seen any impact from the BA.2 variant anywhere in the world. Obviously, if any of those things suddenly had a dramatic impact on the global economy, it would be a different story.

除了俄乌冲突，目前我们尚未在全球任何市场上看到对我们网络造成的其他影响。至于你们可能看到的一些关于BA.2（奥密克戎亚型变种）的新闻，截至目前，我们在世界任何地方也未看到它对我们的业务造成影响。当然，如果这些因素对全球经济产生突然且剧烈的冲击，那就是另一回事了。

So hopefully, at this point, we have great opportunities. We have some unique competitive advantages from our business model. We're particularly focused on the premium consumer and small businesses as the growth opportunity. We are going to keep investing to drive growth, and that's what ladders up to the growth plan.

总的来看，我们拥有许多积极的机会。我们的商业模式赋予我们一些独特的竞争优势，特别是在高端消费者和中小企业市场，我们认为蕴含着重要的增长潜力。我们会持续加大投资以推动增长，这也正是我们整体增长计划的核心路径。

So Steve started us by talking a little bit about our 170-year history and the way customers just attach to our brand, a brand that's been built over 170 years. So I have not been at American Express for 170 years, as old as I may look. But I have been a public company CFO for 20 years now. And I have done 80, 8-0 consecutive earnings calls across 3 different industries. And in only one of those 80 calls have I said something about targets for growth as aggressive as what we just said 3 years out.

Steve开场时提到了我们170年的公司历史，以及客户对我们品牌的深度认同——一个170年积淀而成的品牌。当然，我本人并没有在Amex工作170年（尽管我看起来可能确实挺老的）。但我确实已经在上市公司担任CFO超过20年，在三个不同的行业里，一共主持过80场财报电话会议。在这80场中，仅有一次，我给出的增长目标像我们刚才为未来三年设定的目标一样“激进”。

And I mention that story because I just want you to think about the intersection that Steve talked about at the beginning, of the strategies that we went into the pandemic with, which we're producing tremendous results, the added momentum we built during the pandemic and then the structural shifts that play to our business model. And those are the things that led us to say it's absolutely the right thing to do to set more aspirational targets for this company and to be very transparent about it, which I hope you feel today has helped with.

我之所以分享这个故事，是想让大家思考一下Steve开场所提的几个交汇点：我们带入疫情前的战略基础，在疫情中不断增强的动能，以及疫情催化下那些进一步强化我们商业模式的结构性转变。正是这些交汇，让我们认为现在是时候为公司设定更有抱负的目标，并以透明方式分享这些目标。我希望今天的内容能让大家对此有更深入的理解。

So with that, I'm going to invite people to like appear from behind the stage to bring chairs out for Q&A. And I'm going to invite my colleagues to join the stage. And I think Vivian, you're going to MC, I believe the questions and answers, and we're happy to talk about whatever people in the room, and we also have a way for people who are not in the room, to ask questions.

接下来，我会请我们的同事从后台把座椅搬上来，我们将进入问答环节。我也会邀请我的几位同事一起上台。Vivian将主持这部分环节，我们非常乐意回答在场各位的问题，同时也欢迎场外通过网络参与的朋友提问。

Vivian Zhou Former Senior VP & Head of Investor Relations

[Operator Instructions] With that, I think if I don't see -- ah, there is a hand. Sorry. Lisa.

Vivian Zhou 前高级副总裁兼投资者关系主管

[操作说明] 如果大家没有其他问题——啊，有人举手了。不好意思，Lisa。

Stephen Squeri Chairman & CEO

Okay, Lisa, you have the hand. You don't have a mic, though. They're working on it.

We haven't done this in a while.

Stephen Squeri 董事长兼首席执行官

好，Lisa，你可以提问了。不过你那边还没有麦克风，他们正在处理。

我们已经有段时间没做现场问答了。

Lisa Dejong Ellis MoffettNathanson

Lisa Ellis from MoffettNathanson. I think, Steve, this is maybe a you question. It's an organizational question. It's evident from the increased targets in the presentation today that the pandemic kind of gave Amex a shot in the arm and drove the company to, say, reinvigorate a lot of your products.

Can you just talk about like kind of organizationally looking back over this time frame, what drove that and how you're institutionalizing it so that you make sure this continues on an ongoing basis going forward?

Lisa Dejong Ellis（MoffettNathanson）

我是MoffettNathanson的Lisa Ellis。我觉得这个问题可能更适合你回答，Steve，是一个关于组织管理的问题。从今天的展示中可以明显看出，疫情对Amex起到了“强心剂”的作用，推动公司重新激活了许多产品。

能否请你回顾一下这个阶段，从组织层面是哪些因素推动了这种转变？你们又是如何将这种转变机制化，以确保未来能够持续推进？

Stephen Squeri Chairman & CEO

Yes. So look, I think that even pre-pandemic, we had committed to reinvigorating our products on an ongoing basis. I think the key thing in the pandemic for us was we had planned for a credit crisis. We didn't get a credit crisis, we got a pandemic. But the credit crisis playbook really worked for us.

Stephen Squeri 董事长兼首席执行官

是的，其实早在疫情爆发之前，我们就已经承诺要持续性地激活和更新我们的产品。而疫情期间对我们来说，关键的一点是，我们原本是准备应对一场信贷危机的，结果来的不是信贷危机，而是疫情。但我们准备好的那套“信贷危机应对手册”却在这次疫情中真正派上了用场。

And the 2 driving things, and I've said this many times on the earnings calls and at other times is we want to focus on our brand and on our customers. And so it would have been very easy to pull back all the way and not invest. But if you look at what we did, we invested in our customers and we invested in the brand. And we invested in our customers by putting more value in through value injection and things like that when we stood behind our customers, and we sit behind our customers with our financial relief programs.

我在财报电话会议和其他场合也说过很多次，有两个核心驱动力：一个是我们对品牌的聚焦，一个是我们对客户的承诺。在当时的背景下，很容易就会选择全面收缩、暂停投资。但你看看我们当时的做法——我们没有退缩，而是继续对客户进行投入，对品牌进行投入。我们通过“价值注入”、提供客户真正需要的功能和权益，加大产品的吸引力。同时，我们也通过金融救助计划坚定地站在客户身后，给予他们支持。

And I think as we went through this, we didn't stop the machinery. We committed to no layoffs. We didn't cut our development. The only thing we stopped really was customer acquisition because we didn't have great line of sight. But we didn't stop our product refreshes. And so as we came out, our plan always was to come out what we said internally, come out roaring. That was the expression that we had.

在整个过程中，我们没有停止任何核心运转。我们承诺不裁员，也没有削减开发预算。我们唯一短暂暂停的是客户获取活动——因为当时市场环境不明朗。但我们从未中断产品的迭代更新。实际上，我们在内部定下的目标就是，要“咆哮着复出”（come out roaring），这是我们当时内部用的原话。

And for us, we've all been around -- well, not all of us. But some of us like Doug went to gray beard down there. We've been around a long time. And we've learned a lot, and we've been through a lot.

我们团队中的很多人——当然不是全部，比如Doug下面那位“灰胡子”的老兄——我们这些人经历了很多。我们在Amex已经工作了很长时间，也从过往的各种危机中积累了很多经验和教训。

We've been through the financial crisis, went through 9/11, went through self-imposed Costco crisis. And what we learned was, you need to come out strong when you have a situation that you're following. And we had committed to doing that prior to that happening.

我们经历过金融危机、经历过9/11，也经历过我们自己造成的Costco合作危机。而我们从这些事件中学到的一件事就是：当你走出一场危机时，一定要以强势的姿态重新出发。在这次疫情前，我们就已经做出了这种承诺。

What was very encouraging in looking at this team here and the entire organization, what was very encouraging is that we all stuck to it. And they say, don't waste a good crisis, right?

让我最感到鼓舞的是，我们整个团队、整个公司在这段时间里都坚持了下来。人们常说，“不要浪费一次好的危机”，对吧？

And I don't think we did. And you saw what happened. We had retention rates that for us were historic. And we always had great retention rates and our write-off rates were good, and everybody is write-off rates improved. But even the disparity between us and our competitors got even greater.

而我认为我们确实没有浪费这场危机。你们也看到了结果——我们的客户留存率达到了历史最高水平。我们本来就有很高的留存率，但现在更高了。我们的坏账率也表现不错，整个行业坏账率都有所改善，但我们和竞争对手之间的差距反而更大了。

So we felt really good about the plan we had going in, and we just stuck through it. And that's where we are right now. And that's why we had the confidence to come up with sort of this aspiration because as I talked about, we have this virtuous cycle, and it really becomes a flywheel for us. You have Bill.

因此，我们对当初制订的计划非常满意，并且始终坚持执行，这就是我们今天所处的位置。也正是因此，我们才有信心提出这些更高层次的目标。就像我之前说过的，我们已经形成了一个“良性循环”，它现在正转化成我们的增长飞轮。好，Bill你来提问吧。

Sorry.

不好意思，打断了你。

Vivian Zhou Former Senior VP & Head of Investor Relations

I've got Bill.

Vivian Zhou 前高级副总裁兼投资者关系主管

现在轮到Bill提问了。

Stephen Squeri Chairman & CEO

I'm not supposed to MC. But you have Bill.

Stephen Squeri 董事长兼首席执行官

我本来不是主持人（笑），但现在你可以提问了，Bill。

Bill Carcache Wolfe Research

Bill Carcache with Wolfe Research. It seems clear that what you're seeing in the data makes you feel emboldened to give the kind of the outlook that you've given. Could you just speak to concerns that perhaps the -- what you're seeing in the data may be sort of flattered by some of the elevated investment spending that you're doing and the extent to which it may not be sustainable as we move further beyond the pandemic and perhaps some of that spending subsides, broadly speaking?

Bill Carcache（Wolfe Research）

我是Wolfe Research的Bill Carcache。很明显，从你们的数据中获得的信心促使你们给出了如此乐观的前景展望。但是否可以请你回应一下这样的担忧：你们目前看到的良好数据，可能在某种程度上是被你们当前较高的投资支出“美化”了？随着疫情的进一步远离、这些投资支出的减少，这种趋势是否还能持续？

Stephen Squeri Chairman & CEO

Yes. No. Look, I think that as we look at the spending that we're doing, we go through a very rigorous investment optimization process. And as we look at our acquisition spending, we feel as comfortable about it today as we've ever had. And we also believe as we've sort of looked at this, the premium space has gotten a lot wider for us.

Stephen Squeri 董事长兼首席执行官

当然。首先我想说，我们对目前的投资支出是非常谨慎和科学地评估的。我们有一套非常严格的投资优化流程。从客户获取（acquisition）的角度来看，我们对当前的投资决策感到前所未有的安心。同时，我们认为“高端客户群体”（premium space）对于我们来说变得比以往任何时候都更广阔了。

I mean we used to look at the premium space, we sort of looked at Gen X and baby boomers. And now when you look at millennials and you look at Gen Z, it's a broader base for us. And as Howard put up on the slide, these are people that have great credit scores and ultimately will have as high spending, but will be with us longer, especially if we can keep our retention levels going the way they are.

过去我们所定义的高端客户，主要集中在X世代和婴儿潮一代。但现在，当你看千禧一代（Millennials）和Z世代（Gen Z）的时候，这个基数变得更大了。而正如Howard在PPT中展示的那样，这些年轻人信用评分非常高，未来的消费能力也会非常强，而且他们将与我们建立更长久的关系——特别是在我们当前客户留存率保持极高水平的情况下。

And then if you look at the spending, I think we've been able to penetrate wallets a lot better during the pandemic. And I think a lot of the value injection that we initiated helped to do that tremendously.

如果从支出角度看，我们在疫情期间对客户钱包的渗透率明显提升。我们推出的“价值注入”举措（value injection）在这一点上发挥了极大的作用。

And look, we got the tailwinds from T&E. When we see consumer T&E rising and consumer T&E has risen above where 2019 levels were, which was pretty good for us. And we see small business and corporate eventually coming back. So right now, we feel really good about the plan. And to be perfectly honest, we didn't have much of a choice than to provide guidance of 18% to 20%.

此外，我们也确实享受到了来自差旅和娱乐（T&E）支出的顺风。我们看到消费类T&E支出已经超过了2019年的水平——这是非常有利的。同时，我们也看到小企业和企业类客户的T&E支出正在逐步恢复。因此，我们对目前的增长计划非常有信心。说实话，我们几乎别无选择，只能给出18%到20%的增长预期，因为这是数据所展现的客观趋势。

When you know you disclose, and that's what you need to do. And so we really didn't have much choice in doing that, but we feel really comfortable and confident about it. And what we also wanted to do was to give line of sight into -- it's not going to be 18% to 20% every year because you do have those structural changes which give you that lift, but then you have the tailwinds. And as those tailwinds subside, you get into a normal glide zone.

作为上市公司，我们需要如实披露我们的展望，所以我们必须这样做。而且我们对这个预测是非常有信心的。同时，我们也想给大家一个合理的预期：增长不可能每年都保持在18%-20%。因为现在有结构性变化提供了推动力，也有疫情恢复带来的顺风。但这些顺风最终会逐步减弱，到时候我们的增长也会回归到一个“正常的巡航轨道”（glide zone）。

And as we do our planning, glide zone for us shows us 10% revenue growth and mid-teens EPS growth.

Jeffrey Campbell Former Vice Chairman

The other macro comments, Bill, I would make is if you look at our revenue growth relative to others, we're outpacing the industry. If you look at -- Howard and Anna showed some segment numbers, and I showed you in my slides, the almost 1/3 increase in the billed business acquired versus where we were in 2019, we're at record levels of retention.

Jeffrey Campbell 前副董事长

Bill，我再补充一点宏观角度的评论：如果你比较我们的收入增长和同行，我们明显跑赢了整个行业。无论是Howard和Anna展示的细分数据，还是我幻灯片中提到的账单业务量较2019年增长了近三分之一，我们的客户留存率也处于历史最高水平。

So we would suggest our spending is not just to keep us in place. It is producing results that we have not seen before, including the record acquisition of Platinum customers in both consumer and small business.

所以可以说，我们的支出并不是为了维持现状，而是确实产生了前所未有的成果——包括消费和小企业两大领域中白金卡客户的创纪录增长。

So we feel really good about the results we're getting. We don't think we're making these decisions on an assumption about what's going to happen. But to Steve's point, we're just building upon the results we're seeing.

我们对目前取得的成果非常有信心。我们并不是基于某种“未来会怎样”的假设来做决策，而是，正如Steve所说，我们是在已有成绩的基础上持续加码。

Vivian Zhou Former Senior VP & Head of Investor Relations

A question all the way in the back? Thank you. He raised hand.

Vivian Zhou 前高级副总裁兼投资者关系主管

后排有一位举手的朋友？谢谢。

John Hecht Jefferies

Yes. John Hecht with Jefferies.

You guys used to describe growth of billed business as sort of a function of GDP. I think it was like a multiplier of GDP. And I haven't heard that for years. You're now kind of committing to longer-term growth rates that are higher than past growth rates. And I'm wondering, is that -- do you see now there's a -- your ability to grow is driven by -- there's less of a function of GDP and you have more paths to growth that you can execute on? Is there some kind of commentary that you might have around that opportunity?

John Hecht（Jefferies）

我是Jefferies的John Hecht。你们过去常说账单业务（billed business）的增长和GDP之间是相关的，好像是GDP的一个倍数。但这些年好像你们不再这么说了。现在你们给出的长期增长目标甚至高于过去的水平，我想知道，这是否意味着你们现在的增长已经越来越不依赖GDP，而是有更多可以执行的独立增长路径？你们是否可以谈谈这种机会的转变？

Jeffrey Campbell Former Vice Chairman

Well, so as I mentioned earlier, I think I've been here 9 years, John. My guess is you've covered the company longer than that. Because we stopped talking about that GDP correlation many years ago. Because you can't find it if you go run a whole bunch of regressions.

Jeffrey Campbell 前副董事长

John，就像我刚才说的，我在Amex工作了9年，我猜你关注这家公司比我还久（笑）。确实，我们早在多年前就不再把GDP作为衡量依据了。因为你要是跑一大堆回归模型，会发现根本找不到明显的相关性。

We service a particular group of premium consumers, a particular group of small businesses. Certainly, a generally healthy economy is important to us and a generally unhealthy economy is not a good thing. But that direct correlation to GDP, I would not focus on.

我们服务的是一群特定的高端消费者，和一群特定的小企业客户。宏观经济健康与否当然重要，经济不好对我们肯定也不利。但我认为，账单业务与GDP之间的直接相关性，并不值得太过关注。

Instead, what I would focus on is -- what I was trying to do in my presentation is show you here's where we were pre-pandemic. Everyone, to my right here told you all the things that have changed, and that leads you to why we think we can do even a little bit better in a generally healthy economy. And I would also say at the end here that a little bit of inflation will help us.

我更希望大家关注的是——就像我在演讲中所展示的，我们疫情前的位置在哪里，我们的团队这些年做了哪些调整和革新。正是这些改变让我们在一个相对健康的经济环境中，有信心取得比过去更好的表现。而且我还想补充一点，适度的通胀对我们其实是有利的。

Vivian Zhou Former Senior VP & Head of Investor Relations

Sanjay.

Vivian Zhou 前高级副总裁兼投资者关系主管

Sanjay，请。

Sanjay Sakhrani Keefe, Bruyette, & Woods, Inc.

Sanjay Sakhrani from KBW. I thought Anna's presentation was very clear in terms of your size and scale in SME. And I know it's not a winner-take-all situation there, but is there anything that fintechs are doing better than you? Obviously, I'm trying to reconcile the valuations out there and investors' sort of expectation that they're going to become big players.

Maybe you could just address that. And I'll just ask my follow-up question, just on the network. Similar type of question, is there anything more you could do with the network, especially in some of the markets where maybe the proprietary business may not become as large for the foreseeable future? Just trying to get some thought...

你可以谈谈这个问题吗？另外我想顺带问一下网络的问题。在某些你们专有业务未来增长可能受限的市场上，网络层面还有什么更多可以做的吗？想听听你们的想法。

Stephen Squeri Chairman & CEO

So Anna, and Raymond will take the second.

Stephen Squeri 董事长兼首席执行官

这问题前半部分让Anna回答，后半部分关于网络的，请Raymond回应。

Anna Marrs Group President of Global Merchant and Network Services

Great. So I've said in the presentation that my team and I do spend a lot of time studying, meeting with, learning about the various fintechs out there. And we see a couple of things as they go and raise money and support those valuations.

Anna Marrs 全球商户与网络服务集团总裁

好的。在演讲中我提到过，我和我的团队花了很多时间研究、拜访、了解市面上各种金融科技公司。在他们寻求融资、支撑高估值时，我们确实观察到了几件事。

The first is they're talking about the same structural trends we talked about today, that shift, that digitization of payments, the $1 trillion of the melting iceberg of paper checks, it's a real opportunity. And so it's unsurprising that others are trying to capture it.

首先，他们所谈的那些结构性趋势，其实跟我们今天讲的一样，比如支付方式的转型、支付数字化、还有那“融化中的支票冰山”——那一万亿美元的市场机会。这是真实存在的机会，因此其他人也来争夺一点也不奇怪。

And the other thing we see is I put up that 45% of U.S. SME card billions share that is American Express. And it's such an extraordinary number. And so attacking American Express is a good story, right, if you're out there raising money.

其次，我们看到的是：我在演讲中展示过，美国中小企业信用卡账单业务中有45%的份额是American Express的。这是一个令人惊叹的数字。所以如果你是个初创公司，讲一个“挑战American Express”的故事，是很容易在融资时吸引眼球的。

But I would say they're both, to be honest, threats and opportunities. So absolutely, there are times we'll compete against one of those business cards tie-ups in the market. More often than not we win but still, of course, through out there trying to win business, but the opportunity part is real.

但说实话，我认为这些公司既是威胁也是机会。当然了，在市场上我们有时会与某些金融科技公司联合发行的商务卡产品竞争。我们大多数时候都能赢得客户，但毫无疑问，他们确实在努力争夺市场。而且其中的“合作机会”确实也是真实存在的。

And I talked about some of those partnerships we're forming, whether it's expense management players or virtual card platforms as a way of really opening the kind of aperture that we have to capture that melting iceberg of digitizing payments.

我刚才也提到过我们正在建立的一些合作，比如与费用管理平台、虚拟卡平台的合作。这些合作帮助我们拓宽了视野，更好地抓住了支付数字化这个“融化中的冰山”。

So we'll keep studying them for a while. I think they'll remain both threat and opportunity. But the good news is we all agree on those structural trends that give us confidence in the growth path.

因此，我们还会继续研究这些金融科技公司。我认为它们在可预见的未来既是竞争威胁，也是合作机会。但好消息是，大家对这些结构性趋势的判断是一致的——它们都进一步增强了我们对未来增长路径的信心。

Raymond Joabar

With respect to the network and what we can do, we are the proprietary issuer in, I think 23 markets. We're the proprietary acquirer in about 30 markets. But we operate in 198 countries and territories. And our Global Network Services business is really there to support coverage by forming partnerships with the leading banks and bank acquirers in those markets.

Raymond Joabar

关于网络以及我们可以做些什么，目前我们是23个市场的专属发卡机构，在大约30个市场是专属收单机构。但我们的业务遍及198个国家和地区。而我们的全球网络服务（Global Network Services）部门的真正职责，是通过与这些市场中的领先银行和银行收单机构建立合作关系，以支持覆盖范围的扩大。

And frequently, what we'll do is we'll form the partnership with them for the acquiring. But will also offer them the ability to license American Express brand, and they can be the issuer in those markets, so that there's greater insistence at the point of sale, and those 2 pieces go together.

通常我们会与他们建立收单合作关系，同时也会提供American Express品牌的授权许可，让他们在当地市场担任发卡方。这样一来，发卡和收单两端结合，可以在销售终端形成更强的使用偏好和推动力。

And a lot of that growth that I mentioned is the doubling of International has come from just that. In those in those markets where we have the partnerships through the local banks, multi issuers, multi acquirers and those markets to allow us to gain far greater scale and allow the merchants to see more merchants than just the proprietary issued products.

我刚才提到的国际市场覆盖翻倍，很多正是来自这一策略。在这些我们通过本地银行建立合作的市场，我们有多个发卡和收单合作伙伴，使我们可以实现更大规模的增长，也让商户看到的不再只是Amex自己发行的产品。

So it's been a great strategy. And I think -- in the end of 2017, when we laid out that international strategy, we identified those markets where we really wanted to accelerate the coverage and empower the team to go out and form those partnerships.

所以这是一项非常成功的战略。早在2017年末我们制定国际战略时，就明确了要在哪些市场加快覆盖，并赋权当地团队去建立这样的合作关系。

Stephen Squeri Chairman & CEO

The only other thing I would add is that to just build on your question a little bit, is that -- you asked could we do other things with the network. And the reason we have debit cards in the United States right now is because of what we did with the network in China.

Stephen Squeri 董事长兼首席执行官

我想补充一点，回应你刚才提到“我们还能用网络做些什么”。我们现在之所以在美国有借记卡产品，其实是因为我们在中国网络上的一些布局。

And I'm sitting on the stage now for sort of 17 or 18 years. And every time, we will never have a debit card. We're not going to have a debit card, we're not going to have a debit card. And we -- in China, rather, we had -- as we went in, we modified the network. We're able to handle debit transactions.

我已经在这个台上干了17、18年了。之前每一次我都说：“我们不会出借记卡，我们不会出借记卡。” 但当我们进入中国市场时，我们改造了网络系统，使其能够处理借记卡交易。

And given that the world has gone so digitally, you don't need brick-and-mortar to have deposits. Our high-yield savings went so well that then we launched. We launched the checking account and a companion debit. And then in consumer, we did the same thing. So this is a great example of sort of doing something different with the network.

现在世界已经如此数字化，你不再需要实体网点来吸收存款。我们的高收益储蓄产品表现非常好，之后我们推出了支票账户和配套的借记卡。我们也在面向消费者端做了同样的事情。所以这就是一个很好例子，说明我们正在用网络做不同以往的事。

And yes. And I think there are other opportunities for us with the network over time, and we'll just see how that goes. But we're not standing still. We've modernized it. We've invested quite a bit. Anre talked a little bit about it, and Raymond talked a little bit about it. And so as we make it a little bit more flexible and a little bit more agile, it gives us more degrees of freedom.

是的，我认为未来我们在网络层面还有很多机会。我们不会停滞不前。我们已经进行了现代化改造，投入了大量资源。Anre 和 Raymond 刚才都提到过一点。我们现在的网络更加灵活、敏捷，也为我们未来提供了更大的操作空间。

Vivian Zhou Former Senior VP & Head of Investor Relations

Mihir.

Vivian Zhou 前高级副总裁兼投资者关系主管

Mihir，请。

Mihir Bhatia BofA Securities

Thank you Mihir Bhatia, Bank of America. I actually wanted to ask a follow-up on that point about the debit functionality and introducing banking transactions. You had a couple of slides on about a small businesses want one institution to provide all that. So is the goal with the business checking and the debit functionality -- and you've also introduced it on the consumer side, so kind of relevant to that, to become people's primary bank account. Is that the longer-term goal here with those products? Or is it just an add-on that you'll provide some people there.

Mihir Bhatia，美国银行证券

谢谢，我是美国银行的Mihir Bhatia。我想就借记卡功能和银行交易的引入做一个追问。你们之前展示的一些幻灯片提到，小企业希望由一个机构提供所有服务。那么你们推出商业支票账户和借记卡的目标是什么？你们也在消费者端推出了相关产品。从这个角度来看，这些产品的长期目标是成为用户的主账户吗？还是只是一个你们可以提供的附加功能？

Anna Marrs Group President of Global Merchant and Network Services

So when you ask a small business who is primary for them, like who's essential to run their business, many of them do say their American Express Card. We love that answer, but others say naturally, they're checking account, right? It's money coming out, but also money going in. That's very important to running a small business, and it gives you so much data, which you can use for all kinds of things, building primary relationships, providing them with more credit. It's an incredibly useful thing to put in the heart really of as many small business relationships as we can over time.

Anna Marrs，美国运通全球商户与网络服务集团总裁

当你问小企业主他们最主要依赖的金融工具是什么时，很多人会说是他们的American Express卡。我们很喜欢这个答案，但也有人会说是他们的支票账户，对吧？因为这不仅是资金流出的通道，也是资金流入的通道。对小企业来说，这一点非常重要。而且这还带来了大量数据，我们可以用这些数据来做很多事情，比如建立核心关系、提供更多信贷服务等。从长期看，把这个账户作为我们小企业客户关系的核心组成部分，是非常有价值的。

But it leads from us, right, which is a card company at the heart. We'll always lead with the card most probably, but the account provides that additional stickiness. So that's the way we think about it. It's brand new. We just launched in October.

不过，这一切都是从我们核心的卡业务出发的。我们大概率仍然是以卡作为切入点，但账户能带来额外的粘性关系。这是我们对它的定位。这个产品还非常新，我们是在去年10月才刚刚推出。

We're very excited to get it out there also with the debit capability, and we hope it builds more of those sticky, more primary, longer-lasting data-informed relationships over time.

我们很高兴能够将其推出市场，同时配备借记卡功能。我们希望它能逐步建立起更加稳定、核心、持久，并以数据为驱动的客户关系。

Stephen Squeri Chairman & CEO

Howard, do you want to just talk a little bit about that from a consumer perspective or, Doug?

Stephen Squeri，董事长兼首席执行官

Howard，你是否也想从消费者的角度谈一下这方面的内容？或者Doug？

Doug Buckminster Vice Chairman

Yes, I'll take it. So I think whether here, whether it's primary or secondary, the customer will end up making that choice. We are determined to build in the critical functionality to make it primary account for those who choose to use it that way.

Doug Buckminster，副董事长

我来说吧。我认为无论是作为主账户还是次账户，最终的选择权还是在客户手里。但我们的目标是打造关键功能，使得这个账户有能力成为那些愿意使用它的用户的“主账户”。

We think it gives us great opportunity, especially Howard talked a lot about Gen Z and millennial segments. There's a preference for debit in certain transaction types within those demographics. We want to serve that fully and well.

我们认为这给我们带来了很好的机会，尤其是像Howard之前提到的Z世代和千禧一代。在某些类型的交易中，这些人群更倾向于使用借记卡，我们希望能够全面而出色地满足这种需求。

There are certain industries that surcharge credit transactions. We want our customers to have an American Express alternative when they make the choice to avoid that surcharge. And we love the product, right? I mean it's difficult to find a product that is as compelling in terms of rewards on debit, a relatively competitive APY from an established brand with a reputation for trust and service.

有些行业会对信用卡交易收取附加费。当客户希望避开这类附加费时，我们希望他们可以有一个American Express的替代选项。我们也很喜欢这个产品，对吧？毕竟，很难找到一款像我们这样能提供借记卡奖励、相对有竞争力的年利率、又来自一家有品牌信任和服务声誉的机构的产品。

Vivian Zhou Former Senior VP & Head of Investor Relations

Next question is coming from one of our virtual attendees. David Hochstim from ClearBridge. Can you clarify what computing is currently in the public cloud and what is in the private cloud? It sounded like most computing has been modernized and is cloud native. But then you set big data and the authorization platform need to be modernized.

Vivian Zhou，前高级副总裁兼投资者关系主管

下一个问题来自我们的一位线上与会者，ClearBridge的David Hochstim。他问：你们能否澄清目前哪些计算工作是在公有云中，哪些是在私有云中？听起来你们的大部分计算都已经实现了现代化和云原生化，但你们又提到大数据和授权平台还需要现代化升级。请问具体是怎样的情况？

Stephen Squeri Chairman & CEO

Anre, you want to?

Stephen Squeri，董事长兼首席执行官

Anre，你想来回答吗？

Anre Williams Senior Executive Advisor

Sure. So I think -- let me clarify. What I talked about was our philosophy and our journey and where we want to go and that we want to be able to leverage both internal private cloud and external public cloud to have the capabilities we need to be able to give us the functionality to be able to grow into the future. Right now, about 30% of our infrastructure and mainframes are done internally.

Anre Williams，高级执行顾问

好的。让我澄清一下。我刚才讲的是我们的技术理念、我们目前的进程，以及未来的发展方向。我们希望同时利用内部私有云和外部公有云，从而具备支持未来增长所需的能力。目前，大约有30%的基础架构和主机系统运行在我们的内部系统中。

We leverage the private cloud for the 60%. Maybe 10% right now is on the public cloud, but that's going to grow over time as we move big data into the cloud and also as we leverage applications from new partnerships and new entities that we think will give us capabilities that we need. So it will evolve over time.

我们有约60%的系统运行在私有云上。而目前大约10%的系统运行在公有云上。随着我们将大数据逐步迁移至云端，以及通过新合作伙伴和新技术提供方来引入一些我们所需的功能，公有云的占比未来会持续增长。也就是说，这一结构会随着时间推移逐步演变。

Vivian Zhou Former Senior VP & Head of Investor Relations

Betsy?

Vivian Zhou，前高级副总裁兼投资者关系主管

Betsy？

Betsy Graseck Morgan Stanley

Betsy Graseck, Morgan Stanley. Thanks very much for the day. It was externally interesting, and you unpacked a lot of questions that we've had. One thing I wanted to see if we could talk a little bit more about is account acquisition and how you're thinking about driving that accelerating account acquisition. If I recall correctly, pre-pandemic, I think Delta was something around 25% of account acquisition. I don't remember if that's the right number exactly or not, but maybe we get a little bit more understanding as to how much Delta is driving new accounts today, as well as how you're thinking about new channels for account acquisitions?

我来自摩根士丹利的Betsy Graseck。首先感谢你们今天的分享，非常精彩，也解答了我们许多的问题。我想进一步了解一下账户获客这一块。你们现在是如何推动账户增长加速的？如果我没记错的话，在疫情前，达美航空大概占了你们新账户获取的25%左右。我不确定这个数字是否准确。但我想知道如今达美航空在新增账户中的贡献有多大？以及你们现在在拓展新的获客渠道方面有哪些考虑？

I know you mentioned Resy. I would think sitting from where I am that, that might be a slightly more efficient way for you to drive account growth, but maybe not at the same scale as Delta. So if those are my bookends, maybe I can understand how you're thinking about driving the accounts, both in consumer and SME.

你们提到了Resy。从我的角度看，它或许是个更高效的获客渠道，但规模上可能不及达美航空。那么如果我们把达美和Resy看作两个极端，你们是如何在消费端和小企业端平衡和推动账户增长的？

Stephen Squeri Chairman & CEO

So I'm going to let Howard start with consumer and then Anna will jump in from an SME perspective.

Stephen Squeri，董事长兼首席执行官

我会先请Howard来谈一下消费者端的账户获取，然后请Anna从小企业的角度补充。

Howard Grosfield

Yes. I think it's an important question. I think first and foremost, as we talk about co-brand, that's an and, right? That will continue to be a focus and continue to be a growth engine for us. And a lot of the acquisition happens, as you know, through our partner channels, which are extremely efficient in their own right.

是的，我认为这是一个非常重要的问题。首先，当我们谈到联名卡（co-brand）时，它是我们策略中的“加号”，意味着它依然是我们的重点，也是推动增长的重要引擎。如你所知，很多新账户的获取都是通过我们合作伙伴的渠道完成的，而这些渠道本身的效率就非常高。

And as travel demand returns back to the hotel and travel sites, we backdraft to a large extent off the acquisitions, and that will continue to recover and continue to be a core focus from us. And then you correctly picked up on how we continue to diversify the way in which we acquire customers.

随着旅游需求回归酒店和旅行网站，我们将从中带动大规模的新增账户，这一趋势将持续恢复，并继续成为我们的核心关注点。你也正确指出，我们一直在不断多元化客户获取的方式。

And what I would say sort of stepping back and underpinning that is we've been arguably one of the oldest direct-to-consumer companies in existence. When we launched the card in '58, we competed against the competitors who did face-to-face channel-based acquisitions.

我想退一步说，从根本上讲，我们可以说是历史最悠久的直面消费者（direct-to-consumer）公司之一。早在1958年我们推出信用卡时，我们的竞争对手还主要依赖面对面的渠道来获取客户。

So the DNA of our acquisition engine is very much a data-driven direct-to-consumer model that is constantly looking for ways to innovate and expand into new channels like Resy, but also drive greater efficiency with the channels we have.

因此，我们获客引擎的“DNA”就是一个以数据驱动为核心的直销模式，它不断寻求创新和拓展新渠道，比如Resy，同时也持续提升我们现有渠道的效率。

And as you saw in the presentation today, our efficiency will increase over time, not only with the channels we have. We'll continue to test and try partnerships, expand into things like Resy and Member Get Member to continue to diversify and ultimately improve the overall investment efficiency.

正如你在今天的演示中看到的，我们的效率将随着时间不断提升，不仅限于现有渠道。我们将继续测试和尝试新的合作方式，扩大例如Resy和会员推荐会员（Member Get Member）等渠道，从而不断拓展渠道来源，最终提高整体投资效率。

Anna Marrs

So I put up a slide for a small business that showed 600,000 new small business accounts acquired in 2021 and 1 million customers treated, I said, offered an additional product or service. And that's on the back of a similarly diverse set of channels that we quite like. It is co-brand partners, so not just travel but also goods and services partners like a Lowe's or an Amazon, then the many other channels we have from advertising through the sales organization.

我展示过一个关于小企业的幻灯片，其中提到我们在2021年新增了60万个小企业账户，并且向100万名客户提供了新的产品或服务。我提到“treated”，也就是被我们提供额外服务的客户。这背后依托的是我们同样喜欢的、多样化的渠道组合，既包括联名卡合作伙伴，涵盖的不仅是旅游领域，也包括像Lowe’s或Amazon这样的商品与服务类合作伙伴，还包括广告投放、销售团队等其他渠道。

The right-hand side, though, that -- those customer marketing channels, I think there's some quite exciting things ahead, created 1 million customers last year. That's fantastic. It's an important source of growth. But as we expand into some of these other products, whether it's the checking account products or AP automation, it increases the touch points we have with customers.

至于右边那些客户营销渠道，我认为接下来会有很多令人兴奋的事情。去年通过这些渠道我们服务了100万客户，这是一个非常棒的数字，也是一个重要的增长来源。随着我们进一步扩展产品组合，比如提供支票账户服务或应付账款自动化（AP automation）产品，我们和客户的接触点也会显著增加。

Anre gave a great example of how we leverage our servicing channels as one of those touch points. And these digital products also create additional opportunities within our customer base. So the answer overall is I like what we have, but some of those digital touch points, Resy, consumer, Kabbage and accounts in small business will also open the opportunities to be talking more to our customers and doing more.

Anre 之前举了一个很好的例子，说明我们是如何利用服务渠道作为客户接触点之一的。而这些数字化产品也为我们现有客户群带来了更多机会。所以总体的答案是，我很满意我们当前的渠道组合，但同时也认为像Resy、消费端产品、Kabbage、小企业账户等数字化接触点将带来更多与客户互动和合作的机会。

Vivian Zhou

Don.

Vivian Zhou

Don，请发言。

Donald Fandetti Wells Fargo Securities

Don Fandetti, Wells Fargo. I guess this is for Anre. A big benefit that -- or a differentiator for Amex is the experiential benefits that you provide.

唐纳德·范代蒂，富国证券。这个问题是给Anre的。我认为美国运通的一个重大优势——或者说差异化因素，是你们所提供的体验式权益。

I guess, is there like a technology competitive advantage associated with that? Because we see like JPMorgan bought cxLoyalty, Capital One is trying to build out a travel portal. Is it hard to sort of replicate what you have? And is everything under one umbrella for you? Or do you use third parties? Just trying to understand the competitive advantage and how hard it is to replicate?

那么，与此相关的是否存在技术层面的竞争优势？因为我们看到像摩根大通收购了cxLoyalty，Capital One也在尝试打造旅行平台。你们所拥有的这些权益是否难以被复制？你们是一体化管理所有服务，还是也使用第三方？我只是想了解这个竞争优势到底在哪里，以及复制的难度有多大？

Anre Williams Senior Executive Advisor

Okay. We use a lot of -- we partner with other companies to have the underlying technology, but I think our -- the way we approach it, it might be different from other companies, that we really do focus on the customer and the customer experience and members -- moments that matter and trying to make sure we do everything from a perspective of having a long-term view of retaining the customer and having a relationship that they don't just own our products, but this is part of the membership, and we have their back.

好的。我们确实与许多公司合作来提供底层技术支持，但我认为我们处理问题的方式可能与其他公司不同，我们真正专注的是客户本身，以及客户体验、会员的重要时刻，努力确保我们所做的一切都是从长期维系客户关系的角度出发，不只是让他们持有我们的产品，而是让这些产品成为会员身份的一部分，我们始终站在他们这边。

So I think the technology gives us certain capabilities to be able to recognize whether someone goes on the website, then they call in and we can see the same information. I think a lot of financial institutions could do that. But when I think of something like the Financial Relief Program that we had and how we supported people during the pandemic, was a philosophical approach of how we would service through credit and through customer service. When card members would call in, they were in stress, where they were consumers or small business and what we would do for them, that's leveraging the technology in a way that fits with our philosophy that's different than what another financial institution would do. So I don't think the technology that we use necessarily is more unique, but I think it's how we deploy it along with our philosophy, which is a bit of our secret sauce.

所以我认为技术确实赋予我们一些能力，比如当客户访问网站之后打电话进来时，我们能看到相同的信息。我想很多金融机构都能做到这一点。但当我想到像我们在疫情期间推出的“财务援助计划”以及我们是如何支持客户的，这是一个关于我们如何通过信用与客户服务来提供服务的哲学理念。当持卡人打电话进来，他们处于压力之中，不管是消费者还是小企业主，我们会为他们做的事情，是在技术基础上结合我们的服务理念来实现的，这与其他金融机构的做法是不同的。因此，我并不认为我们使用的技术本身就特别独特，而是我们如何部署这些技术并与我们的理念结合在一起，这才是我们“秘密配方”的一部分。

Doug Buckminster Vice Chairman

I mean -- I think our secret sauce or competitive advantage there is largely around our brand and our customer base. Our brand is distinctive in financial services and that it has the elements of a financial services brand, around trust and security. But there's an aspirational lifestyle wrapper around that brand. Where we are, I would say, differentially credible in talking about dining or travel or experiences or access.

我想……我们的“秘密配方”或者说竞争优势，很大程度上在于我们的品牌和客户群。我们的品牌在金融服务领域中是独树一帜的，它具备金融品牌应有的特性，比如信任与安全性。但在此之上，还有一层“理想生活方式”的包裹。我们在谈论餐饮、旅行、体验或尊享权益方面，具有差异化的信誉度。

The customer base advantage, and a number of people talked about it, comes from the fact that if you look at some of the programs we operate like Fine Hotels and Resorts, which I fully expect Chase or Cap One or somebody will try and stand up. What we have is marketing access to a very large, demonstrably premium base of consumers that hoteliers are dying to get in-property and are willing to put up substantial resources in exchange for that advertising placement that we give them.

客户群的优势，很多人都谈到过，举个例子，如果你看我们运营的一些项目，比如“尊贵酒店与度假村计划”，我完全预计Chase或Capital One也会尝试推出类似的计划。但我们拥有的是一大批经过验证的高端消费者，他们是酒店经营者梦寐以求想要吸引到店的对象，而酒店方也愿意投入大量资源来换取我们为他们提供的宣传推广机会。

And I think we've seen it over the last couple of years since, say, the introduction of Sapphire Reserve. It increases competition, but it has also increased interest in the category. And as the category leader, if we do our work, we differentially benefit from that, I think.

我认为过去几年，比如自从Chase推出Sapphire Reserve卡以来，确实加剧了竞争，但同时也提升了整个行业的关注度。而作为该类别的领导者，只要我们做好自己的工作，就能从中获得超额收益，我是这样看的。

Vivian Zhou Former Senior VP & Head of Investor Relations

Mark?

Vivian Zhou 前高级副总裁兼投资者关系主管

Mark？

Mark DeVries Barclays Bank

Mark DeVries from Barclays. I had a question about the virtuous cycle. Do you expect that that's going to make it easy for you to continue to layer on new kind of merchant-funded benefits to the cards? Or does it get to a point at which it's harder to find new brands that kind of align with what you're trying to create?

我是巴克莱银行的Mark DeVries。我有一个关于“良性循环”的问题。你们是否预计，这种机制将使你们更容易不断为信用卡加入新的由商户资助的权益？还是说，最终会遇到越来越难找到与贵司目标契合的新品牌的问题？

And then how do you think about how much more customers are willing to spend in kind of annual fee to pay for the added value that you add on?

另外，你们如何评估客户愿意为这些新增价值支付的年费提升空间？

Stephen Squeri Chairman & CEO

Let me answer the second question first. We charge for value. And so how high it goes, how far it goes, it's a function of how much value that we're offering and what the competitive dynamic is, right?

我先回答第二个问题。我们为“价值”定价。因此，年费能涨到多高、能走多远，取决于我们所提供的价值有多大，以及竞争环境是怎样的，对吧？

And if you look at the value you get from these products today, it far outstrips the fee. As far as are there other merchants, partners? I mean, I think Doug just said it. There is -- we have an enviable base of customers. And even if you look at sort of our Amex Offers platform, that thing has grown substantially over the last 4 or 5 years and we're up to 1,000 national brands.

如果你看看我们现在这些产品所提供的价值，远远超过了年费的金额。至于是否还有其他商户或合作伙伴可加入？我认为Doug刚刚已经提到了。我们拥有一个令人羡慕的客户群体。就连我们的“Amex Offers”平台，在过去四五年中也实现了大幅增长，目前已涵盖超过1000个国家级品牌。

And what's going to happen is it will continue to grow. And we have -- as our base gets even broader and wider, having even more national brands, differentiated brands, local brands, what have you that speak to specific card members in specific geographies and in specific segments is going to be important for us and something that we'll access.

接下来，这个平台还会持续增长。随着我们客户基础的不断扩大，未来会引入更多国家级品牌、有差异化的品牌、本地品牌等等，针对特定地区和细分市场的持卡人提供更具相关性的服务，这是我们将要积极拓展的方向。

And so I think that virtuous cycle for us is almost at the beginning because we've realized over the last couple of years, this goes back to Lisa's point earlier. What we've realized is that the premium space is a lot bigger than we initially thought. And by investing more, we're going to get more out of it. And so that's where we are.

所以我认为对我们来说，“良性循环”几乎才刚刚开始。过去几年我们意识到——这也呼应了Lisa之前的观点——我们发现高端市场远比我们最初预想的更大。而只要我们加大投入，就能获得更大的回报。这就是我们当前所处的位置。

And I think that virtuous cycle continues. And I think it becomes very interesting for partners, and it becomes very interesting for other merchants. And so -- and the opportunities for that virtuous cycle is when we talk about it a lot, we talk about it mostly in the United States. That opportunity is available for us internationally as well, and one we haven't exploited to the same extent we have in the United States.

我认为这个“良性循环”会持续下去，它会让我们的合作伙伴、其他商户都感到非常有吸引力。而且我们现在谈论这个“良性循环”时，大多数都是在美国市场的语境中。但实际上，这种机会在国际市场上同样存在，而且我们在海外市场的开发程度还远不如美国。

And in the United States, you have underlying parity coverage. So you have complete utility with this card now. And then you have even more and more value added on top of it. So we feel really good about it.

在美国，我们已经实现了基础覆盖的“同质化”，也就是说，这张卡已经具备了完整的实用性功能。然后在此之上，我们还不断叠加更多的附加价值。所以我们对此的前景感到非常乐观。

Vivian Zhou   Former Senior VP & Head of Investor Relations

Another question from virtual audience, Bob Napoli from William Blair. We continue to see increases in payment fraud with the increasing share from online. How does AMEX both protect against payment fraud and maintain high authorization or approval rates?

前高级副总裁兼投资者关系主管Vivian Zhou

来自虚拟观众的另一个问题，来自William Blair的Bob Napoli。我们看到，随着线上交易占比的上升，支付欺诈事件持续增加。AMEX是如何在防范支付欺诈的同时，还能保持高授权率和交易通过率的？

Stephen Squeri   Chairman & CEO

We do a better job than everybody else. Look, without going into obviously algorithms and what have you, listen, here's the tremendous advantage of the closed loop. This is where the data analytics is tremendous for us and our insights and lots and lots of experience. We've had over the -- our fraud has always been like half of what the other -- the networks have been.

我们在这方面做得比任何人都好。虽然我不会详细讲算法和技术细节，但我要说的是，“闭环网络”赋予了我们巨大的优势。这也是我们在数据分析、洞察力和丰富经验方面脱颖而出的地方。一直以来，我们的欺诈率只有其他支付网络的一半左右。

And so I'm answering to Vivian. I don't know who to talk to -- but it's always been half. And as fraud has moved from off-line to online, we've still kept that same advantage. And that advantage is really driven by our data and by our algorithms and by a tremendous fraud team.

我现在是回答Vivian的问题，不太确定该看向谁（笑）——但我们的欺诈率确实一直是行业水平的一半。即使欺诈行为从线下转移到了线上，我们依然保持住了这种优势。而这种优势主要来源于我们的数据、算法，以及一支极为出色的防欺诈团队。

Jeffrey Campbell   Former Vice Chairman

I would just point out because we didn't show it. If you look in the appendix at the slides that are posted online, we have a slide showing our fraud rates versus the industry.

我想补充一点，因为我们在现场没有展示这个内容。如果你们查看在线发布的附录资料，有一页幻灯片展示了我们与行业平均水平之间的欺诈率对比。

And to Steve's point, it's a tremendous value to our card members, and it's a tremendous value to our merchants that we're so far below the other networks.

正如Steve所说，这对我们的持卡人来说是巨大的价值体现，对我们的商户来说同样如此，因为我们的欺诈率远低于其他支付网络。

Vivian Zhou   Former Senior VP & Head of Investor Relations

Yes. We need a mic.

Vivian Zhou 前高级副总裁兼投资者关系主管

是的，请递上麦克风。

Heather Takahashi

Heather Takahashi from Thrivent. So your new account acquisitions were 75% millennials and Gen Zs. It's such a high proportion. So what drove that? And then is that sustainable going forward?

我是Thrivent的Heather Takahashi。你们的新账户中有75%来自千禧一代和Z世代，这是一个非常高的比例。请问这背后的驱动因素是什么？你们认为这一趋势在未来是否具有可持续性？

Stephen Squeri   Chairman & CEO

I'm going to let Howard answer that. It was 75% on Platinum and Gold. But Howard, go.

我让Howard来回答这个问题。75%的比例是在白金卡和金卡中体现出来的。Howard，请。

Howard Grosfield

Yes. It was -- so we've taken it from 40% to 60% of share of new acquisitions across the portfolio and 75% on Platinum and Gold. And our playbook has really been a journey that goes back to before we diversified our products into lifestyle-related services. So I think we've been doubling down and making investments to make our products resonate, and that's why it's been growing continuously over time.

是的。我们已将整个产品组合中来自千禧一代和Z世代的新客户占比从40%提高到60%，在白金卡和金卡中则达到了75%。这背后是我们长期以来持续推进的策略，早在我们将产品多元化，拓展到与生活方式相关的服务之前就已开始实施。我们一直在加倍投入，让我们的产品更具吸引力，这也是这类客户群不断增长的原因。

And then more recently, as we diversified the suite of services and leveraged the role partners play to bring brands into the conversation to sort of enhance travel, bring lifestyle services plus brands, we're now appealing to a much wider segment of the millennial and Gen Z population.

最近几年，随着我们不断丰富服务种类，并充分利用合作伙伴的角色，将品牌融入用户体验中，强化了旅行与生活方式的结合，我们如今能够吸引到更广泛的千禧一代和Z世代用户群。

That's piece one. Piece two, as we talked about at one of the last slides, the premium fee-based market is growing at 16%, we're growing at 14%. The millennial and Gen Z piece is growing at 12%. So we think that this long-term and long runway will continue because that is the segment that is growing disproportionately at twice the rate of the premium fee-based market.

这是第一点。第二点是，正如我们在最后几张幻灯片中提到的，整个高端年费市场的年增速为16%，我们自身的增速是14%，而千禧一代和Z世代客户群的增速为12%。因此我们认为，这一趋势是长期的、具备持续增长空间的，因为这个人群的增长速度远高于高端收费市场的平均水平，是后者的两倍左右。

Arren Cyganovich Citigroup Inc.

Arren Cyganovich from Citigroup. Some of your competitor payment networks have been in the press recently that they may be raising their merchant discount pricing. How is that likely to affect your business? And should you have a little bit more pricing power to the extent that they are successful in increasing pricing?

我是花旗的Arren Cyganovich。最近有一些竞争对手的支付网络出现在媒体上，传出他们可能会上调商户的折扣费率（merchant discount rate）。你们认为这会对贵司业务带来什么影响？如果他们成功提价，那你们是否也具备更强的定价能力？

Stephen Squeri Chairman & CEO

Raymond?

Stephen Squeri 董事长兼首席执行官

Raymond？

Raymond Joabar

Yes. So the first thing that I'd say is what -- we don't have interchange. We have just discount rates. What we've been focused on over the last several years is as we gain coverage, making sure that we are growing discount revenue, and Jeff showed kind of the last 8 quarters. At what's most important is profitable incremental discount revenue growth. What we also have is we have our partners and we have our partners.

是的。首先我要说明的是，我们没有收取“交换费”（interchange），我们只收取折扣费率（discount rate）。过去几年，我们的重点是在不断拓展受理覆盖范围的同时，确保折扣收入的增长——Jeff之前展示了我们过去八个季度的情况。最关键的是确保新增的折扣收入是有利润的增长。同时，我们也拥有强大的合作伙伴网络。

And one of the benefits from -- if I take the U.S. as an example, a lot of our -- we price with our partners, they turn around and price for the merchants themselves. And a lot of them bundle the price. So what's really helped us -- if you look at a lot of the aggregators out there, they will sell in-card acceptance for Visa, American Express and American Express and Visa Mastercard at the same price to those smaller merchants.

以美国为例，我们与合作伙伴协同制定价格，而这些合作伙伴再向商户定价。其中很多都会采用捆绑定价模式。对我们来说非常有利的一点是，许多聚合支付商（aggregators）会将Visa、美国运通、Mastercard等的受理服务打包，以相同的价格提供给中小商户。

So it makes it really simple and easy for the merchants to accept card payments all at the same price. We are comfortable with our pricing with the partners ourselves, but the end price is set by those partners. So Visa, Mastercard, the other networks may be doing one thing or another. We're comfortable with our pricing. And where we need to, sometimes, we will make sure that we're pricing for value. Howard and Anna both showed that our card members spend a lot more. And when we can demonstrate that value, we will price appropriately.

这就让商户更容易接受卡类支付，因为所有卡的费率一致。我们对于与合作伙伴之间达成的价格安排感到满意，而最终的价格由这些合作伙伴来制定。至于Visa、Mastercard等网络是否会有所动作，那是他们的事。我们对自身的定价体系是有信心的。必要时，我们也会确保我们的定价能体现出相应的价值。正如Howard和Anna所展示的，我们的持卡人消费金额更高。当我们能够清晰地传达出这些价值时，我们就能做出合理的价格安排。

Vivian Zhou Former Senior VP & Head of Investor Relations

Dominick, in the back.

前高级副总裁兼投资者关系主管Vivian Zhou

Dominick，请发问。

Dominick Gabriele Oppenheimer & Co. Inc.

Dominick Gabriele from Oppenheimer. AXP has significant market share, but there's really a lot of room to run. And you provided sort of that 11% digital payment growth rate through 2026 in particular, which I believe was an industry metric. Can you just talk about the band around that 11% number and what the pushes and pulls are and how American Express can position themselves so it could exceed the industry growth rates within SMB?

我是Oppenheimer的Dominick Gabriele。AXP（美国运通）虽然已经拥有可观的市场份额，但实际上还有很大的增长空间。你们提到到2026年数字支付年复合增长率为11%，我理解这是一项行业指标。你们能否谈谈这个11%预测背后的上下浮动区间？有哪些推动或抑制因素？以及美国运通如何在中小企业市场（SMB）定位自己，以实现超越行业平均增速的表现？

Anna Marrs Group President of Global Merchant and Network Services

Great. So yes, I love that chart and I've seen some of you use versions of that chart about the digitization of small business payments. And it truly is a structural shift that's happening. It's one of those shifts that it's great for our customers because they take a whole lot of efficiency and cost out of their businesses, and great for us as we stand there with our bucket seeking to catch the maximum amount of that payment.

太好了。是的，我很喜欢那张图表，我也看到你们当中有人引用过类似的版本，描述小企业支付的数字化进程。这个趋势确实是一种结构性转变。对我们的客户来说，这是一个非常积极的转变，因为它能显著提升运营效率并降低成本；对我们来说也是利好，因为我们可以“端着水桶”站在趋势面前，尽可能多地承接这类支付流量。

So it's an industry estimate. It's 11% for those digital payments, and it's hard to say exactly what the ups and downs will be. Obviously, the overall economy would drive an increase or decrease. Inflation, we've talked about driving an increase or decrease. But we really do believe that the structural trend of small businesses finding the check a fundamentally inefficient tool is happening.

这确实是一个行业预测：数字支付的年增长率为11%。至于具体波动区间，很难精准预测。宏观经济状况当然会带来上行或下行影响；通胀也会造成一定的波动。但我们确实坚信，这种结构性趋势正在发生——也就是中小企业日益认识到支票这种支付方式在本质上是低效的。

It kind of -- it makes no sense really that the U.S. has 40% of small business payment volume on paper checks. It's operationally inefficient and is inefficient from a funding perspective. It takes so long for that check to -- for the invoice to arrive, often on a PDF and the check to be made.

实际上，美国目前仍有约40%的中小企业支付量依赖纸质支票，这简直不可思议。这种方式在运营效率上非常低，也在资金流动效率上非常差。开票通常是通过PDF发送，之后还要处理纸质支票，这个流程极其缓慢。

So it's hard to say for sure. We think the 11% is a reasonable estimate. And what we're focused on is getting the best bucket possible to capture the maximum amount of those payments on card or via another payment rail.

所以虽然我们无法做出完全精准的预测，但我们认为11%是一个合理的估计值。而我们专注的，是打造最优质的“接水桶”，以卡支付或其他支付渠道尽可能多地承接这部分增长中的交易量。

Mengxian Jiao Deutsche Bank AG

Meng Jiao, Deutsche Bank. Amex clearly has a lot of positive momentum and tailwinds going forward in the next couple of years. But Steve, I just wanted to get your opinion on what sort of keeps you awake at night in terms of concerns? Is it primarily a global macro shock event that we saw with the pandemic? Or is there sort of anything else that you're concerned about that we should be aware of?

我是德意志银行的Meng Jiao。显然，Amex未来几年有很多正向动能和顺风因素。但Steve，我想了解一下，从你的角度看，有什么事情是让你“夜不能寐”的？你最大的担忧是什么？是类似疫情这样的全球宏观冲击事件？还是还有其他我们应当注意的潜在风险？

Stephen Squeri Chairman & CEO

Look, I've been around here for now almost 37 years. There's been a lot that's kept me up at night. And I thought I saw it all until the pandemic. And so you don't know. I mean, for -- when I look at our business right now, it's more of the unknown that keeps me up at night.

我在这里已经工作了快37年。让我“夜不能寐”的事情有很多，我原本以为自己已经经历了一切，直到疫情的发生。所以你永远无法预料。我现在在看我们业务的时候，真正让我担忧的，是那些“未知数”。

And I've seen a lot of unknowns, going from 9/11 to the financial crisis to the pandemic, and now you've got the Ukraine-Russia War, which is not a real big impact to our company or our business or the economy at the moment, but who knows?

我经历过很多突如其来的“黑天鹅”事件，从9/11，到金融危机，再到疫情。而现在又有俄乌战争——目前这对我们公司、业务或经济的直接影响还不算大，但谁知道后面会不会变化？

And so I think the world is a very different place than it probably was when a lot of my colleagues and I started. And I think it's more global, economic, regulatory, political events that is just really hard to plan for. And we do the best that we can.

我认为，如今的世界已与我和许多同事当年入行时完全不同了。现在的不确定性更多来自全球层面，包括经济、监管、政治等因素，而这些恰恰是最难预测和规划的。我们所能做的就是尽最大努力应对。

I think that our winning through the cycle planning and inflationary planning that we do and things like that, you see if you can adapt those sort of disaster scenarios to fit it.

我们的“跨周期应对计划”以及“通胀环境下的规划”等机制，就是帮助我们尽可能去适配这类突发情境。

But there isn't anything specific that we're worried about. In fact, as we think about it, we feel really good about our business and we feel really good about not only the structural shifts, but the momentum from executing our strategy and these tailwinds. But you always have that watch out, right?

不过，目前我们并没有特别担心的某一件事。事实上，我们对公司现状感到非常有信心，不只是对结构性转变，还有我们执行战略所带来的正向动能与顺风趋势。但你始终要保持警觉，对吧？

I mean you have that watch out of what's happening in the environment that you just don't have any control over. And when that gets to it, as Lisa started with the question, how do you then react to it? And what do you learn from it and then how do you go. We've been around 172 years. There's been a lot of stuff that's gone on over those 172 years. This company has morphed itself. This company has adapted to those situations, and we'll continue to do that.

你得时刻关注那些你无法掌控的环境变化。就像Lisa刚才的问题提到的——当那种情况发生时，你该如何反应？你能从中学到什么？之后你又该如何前行？我们公司已有172年历史，期间发生过许多大事。美国运通一直都在不断转型、不断适应变化，我们将继续如此前行。

Vivian Zhou Former Senior VP & Head of Investor Relations

John, in the back.

Vivian Zhou 前高级副总裁兼投资者关系主管

John，请提问。

John Pancari Evercore ISI Institutional Equities

John Pancari, Evercore ISI. Just to piggyback on that question. How sensitive are your -- your aspirational goals for 2024 and beyond? And even 2023, how sensitive are those numbers to the macro backdrop in terms of -- I mean, we could see a pullback in global travel incrementally here amid the war. We could see impacts of the sharp rise in interest rates. If you could just talk about the sensitivity to your projections.

我是Evercore ISI的John Pancari。接着刚才的问题，我想请教一个相关点。你们对2024年及以后的“目标愿景”有多大程度依赖于宏观环境？包括2023年的预期也是如此。比如，我们可能会看到因战争影响导致全球旅行进一步放缓，也可能会看到急剧上升的利率带来冲击。能否谈谈你们这些预测目标对宏观背景的敏感度有多高？

Jeffrey Campbell Former Vice Chairman

When you think about our long-term growth aspirations, the only thing I would say is we need a generally healthy economy. We talked earlier about don't get overly concerned about 2% GDP growth versus 3% growth because it's the core fundamentals of our business and our customers that are driving this.

当你思考我们的长期增长目标时，我唯一要强调的是——我们需要的是一个总体健康的经济环境。我们之前已经提到过，不必过度担忧GDP是增长2%还是3%，因为真正驱动我们业务增长的是公司自身的基本面和客户基础。

Now this quarter versus next quarter's results, yes, those will be shaped by exactly the pace of different customer types and T&E recovery, et cetera. But the long-term growth aspirations are shaped by -- I come back to the strategies, the opportunities and the momentum we have in the structural shifts.

至于本季度与下季度的财报表现，确实会受到不同客户群体活跃度、差旅恢复节奏等因素的影响。但我们的长期增长愿景则根植于我们所制定的战略、所看到的机会以及结构性转变所带来的动能。

And so a lot of the other things that we've talked about are going to vary in the short term quarter-to-quarter. They don't change the fact that that's the right aspiration for all of us as a company to be chasing, and all we need is a generally healthy economy.

所以我们提到的很多宏观变量在季度之间会有所波动，但这并不会改变我们应当追求的长期目标。我们所需要的，只是一个基本健康的经济环境。

Jon Prigoff

Jon Prigoff from Artisan Partners. I was just curious about in the pre-pandemic slides you showed, we -- Amex was doing 8% to 10% revenue growth and I think 12% to 13% EPS growth in the years you showed. And now we're expecting higher revenue growth and mid-teens EPS growth. Is the channel between the 2 likely to be the same? Or is there a higher degree of, I suppose it could be operating leverage or repurchases that get you to higher EPS growth than revenue growth.

我是Artisan Partners的Jon Prigoff。我对你们展示的疫情前幻灯片很感兴趣。当时Amex的营收增长率在8%到10%之间，EPS增长率则是12%到13%。而现在你们预计营收增速会更高，EPS增速也达到中双位数（mid-teens）。那么请问，这两者之间的传导机制是否和过去一样？还是说，目前的EPS增速更多来自于更高程度的经营杠杆或股票回购？我在想，现在营收与EPS之间的“差额”是否会不同？

Jeffrey Campbell Former Vice Chairman

Well, I think the only thing that's really different is the fact that goes back to what I think almost every speaker talked about, which is one of our conclusions from the last few years is that investing more in all the things we talked about, pays off in higher levels of revenue growth, which gives you a platform to get even more operating expense and marketing leverage than we historically were.

我认为真正不同的是这样一点——几乎每位发言人都提到过：过去几年我们得出的一个重要结论是，在我们讨论过的各个领域加大投入，确实能带来更高的营收增长。而更高的营收增长则为我们带来了一个平台，让我们在运营费用和营销费用上的杠杆效应优于历史水平。

Capital, there's no change to how we think about capital, but that is the difference, right? If you think about all the charts I just showed you, the biggest difference is that change in the variable customer engagement costs. And that, to us, is a fundamental strategic learning that we think is absolutely the right thing to do to drive the most revenue growth and earnings growth in the longer term, and that's what I would focus on.

在资本使用上，我们的思路没有变化。但区别就在于你说的这个点——如果你回顾我刚才展示的图表，最大的差异就是在“可变客户触达成本”的变化上。这是我们的一项战略性学习成果，我们坚信这正是推动长期营收增长和盈利增长的正确路径。我们关注的核心，就是这一点。

Vivian Zhou Former Senior VP & Head of Investor Relations

Then another question of virtual audience, Lino Sergo from Van Cleef Asset Management. The general sense is that AXP supported its co-brand partners during the COVID-related shutdown. Considering how painful COVID was to the global airline hotel industry, is still greater opportunity to bring on additional partners that may view a partnership with AXP superior than their existing partner?

接下来是来自线上观众Van Cleef Asset Management的Lino Sergo的问题。普遍认为AXP在疫情期间支持了其联名卡合作伙伴。考虑到疫情对全球航空与酒店行业的冲击极大，现在是否有更多机会吸引那些可能认为与AXP合作优于现有合作关系的新伙伴？

Stephen Squeri Chairman & CEO

There's -- we always look at opportunity. I can't answer the virtual questions. I don't know who to look at, it's very confusing for me. There's always opportunities to look at additional co-brand partners and we do it all the time. The reality is, is that we have over 50 co-brand partnerships in the world. And some of those range from co-brand partnerships that are just card related to all away with Delta where it is such a 360-integrated relationship which is travel-related consumer travel, business travel, membership rewards, lounges. You just can go on a corporate card and so forth, you go on and on. And we're always looking for those -- we'll always look at those opportunities where you can add value.

我们始终在寻找合作机会。顺便说一句，我不太知道该看哪里来回答虚拟观众的问题，这对我来说有点混乱（笑）。但确实，我们一直在寻找潜在的联名卡合作伙伴。目前我们在全球拥有超过50个联名合作关系，这些合作从单纯的信用卡合作到像与达美航空那样的全方位合作都有涵盖。达美是一个高度整合的伙伴，合作领域包括消费旅行、商务差旅、会员奖励、贵宾室权益，甚至还有公司卡等等，内容非常丰富。我们总是在寻找这类能够带来价值的合作机会。

I mean one of the huge advantages from a co-brand perspective is obviously distribution and value proposition. So if it's the right value proposition, and we feel that it works from a from a brand perspective and a partnership perspective, we will certainly look at it, and we do look at them all the time. But we feel really good with the lineup of co-brand partners that we have right now across a wide variety of industries, both from an SME perspective and a consumer perspective.

从联名卡的角度来说，最大的优势无疑在于分销渠道和价值主张。如果一家企业能提供一个合适的价值主张，并且我们认为它在品牌和合作关系层面都是契合的，我们当然会认真考虑。事实上，我们一直在评估此类机会。但总的来说，我们对当前所拥有的联名合作组合感到非常满意，它涵盖了多个行业，既有针对中小企业（SME）的，也有面向普通消费者的。

Jeffrey Campbell Former Vice Chairman

One more plug for the appendix. We did put in an appendix a current listing of the largest co-brand partners because I know that's information many of you have tracked over time.

再补充一句：我们在附录中列出了当前最大的联名卡合作伙伴名单。我知道这是你们很多人长期关注的数据。

Vivian Zhou Former Senior VP & Head of Investor Relations

Great. We are right on time. We have -- I don't think, yes?

很好，我们时间刚刚好。我们现在……我看没有其他问题了，对吧？

Jeffrey Campbell Former Vice Chairman

Do you want to wrap up the earning thing, Steve?

Steve，你要不要来总结一下这次的财报日？

Stephen Squeri Chairman & CEO

Well, first of all, it's great to see everybody here. Obviously, not the same turnout that we would have gotten back in 2019. But you're all warriors to come here today. We had to fill in with some Amex people too, so that we felt good. But look, we appreciate you following us and for all those on the phone and the webcast as well, we truly appreciate your interest in our company, and we hope that today we've given you some more confidence in what our growth plan is. We look to see all of you real soon in person again. So thank you very much for coming.

首先，今天能见到大家真的很开心。当然，人数不像2019年那样多，但你们能亲自来到现场就是“真正的战士”了（笑）。我们还叫了一些Amex内部同事来“充场”，这样看起来热闹些（笑）。不过，说正经的，我们真的很感谢你们对公司的关注，也感谢线上和电话连线的朋友们。我们希望今天的内容能让大家对我们的增长计划更加有信心。也希望不久的将来，能再次与你们在线下见面。谢谢各位的到来！