Stephen Squeri   Chairman & CEO

Good morning, everyone. Thanks for coming, and welcome to our 2024 Investor Day. Our focus for today is to demonstrate why we are confident in our ability to deliver on our aspiration of 10% plus annual revenue growth and mid-teens EPS growth on a sustainable basis. I'll start by laying out 4 key factors why we believe our growth aspiration is the right 1 for American Express. First, we're in a growth industry, and we enjoy leadership positions in the most attractive customer segments. We have a differentiated global business model with a number of sustainable competitive advantages. We have executed a strategy that has transformed our business over the past 6 years, which has increased our scale and growth potential. And finally, we have demonstrated a history and a culture of constant innovation, enabling us to attract a large number of new premium customers and increase engagement with existing customers.

Stephen Squeri 董事长兼首席执行官

大家早上好。感谢各位到场，欢迎参加我们2024年投资者日。我们今天的重点是展示为什么我们有信心实现年收入增长超过10%、每股收益中双位数增长的长期目标。我将从四个关键因素谈起，说明为什么我们认为这个增长目标对美国运通来说是合适的。首先，我们所处的是一个增长型行业，我们在最具吸引力的客户细分市场中拥有领先地位。其次，我们拥有差异化的全球业务模式，具备多项可持续的竞争优势。第三，我们过去六年执行的战略已经转型了整个公司，提高了我们的规模和增长潜力。最后，我们一贯秉持持续创新的文化，这使我们能够吸引大量新的高端客户，并提升现有客户的参与度。

Opportunities in the global payment space continue to be significant with global card revenues expected to grow at 7% annually. Account growth in the U.S. premium consumer segment, which is where we excel, is expected to be twice the rate of the industry overall, with Millennial and Gen Z consumer accounts expected to grow at an even faster pace. On a small business front, while billings growth slowed across the industry last year, as the category leader, we are poised to take advantage of the opportunities in this space as growth recovers.

全球支付领域的机会仍然十分可观，全球信用卡收入预计将以每年7%的速度增长。在美国的高端消费者市场——我们最具优势的领域，账户增长速度预计将是整个行业平均水平的两倍，千禧一代和Z世代的账户增长速度预计还将更快。至于小企业市场，尽管去年行业整体账单增长放缓，作为这一领域的领导者，我们有望在增长回升的过程中把握住这一机遇。

Finally, international continues to represent a significant opportunity. While this is the fastest-growing part of our business, we currently have, on average, only 6% spend share in our top 5 countries, giving us a long runway to continue our accelerated growth outside the U.S. These growth opportunities in areas where we are already well positioned gives us the confidence that we can continue our revenue momentum over the longer term.

最后，国际市场仍然是一个巨大的机会。这是我们业务中增长最快的部分，但目前我们在前五大国际市场的平均消费份额仅为6%，这意味着我们在美国以外的市场仍有充足的增长空间。这些我们已经占据有利位置的领域所带来的增长机会，使我们有信心长期维持收入增长的动力。

As I've said before, our global differentiated business model provides the foundation that propels our growth. Starting on the left, for 174 years, the American Express brand has stood for trust and security to enduring qualities that are earned, not manufactured and that resonate with customers globally. At the core of our branded promise is our colleagues' dedication to service excellence, which has resulted in our ranking #1 in customer satisfaction among U.S. credit card companies by J.D. Power 13 times out of the last 17 years as well as receiving numerous awards outside the U.S.

正如我之前所说，我们差异化的全球业务模式是推动增长的基础。从最根本处看，美国运通174年来一直代表着“信任与安全”这两个历久弥新的价值，而这两个价值是靠积累赢得的，而非人为制造的，并且深受全球客户共鸣。我们品牌承诺的核心，是员工对卓越服务的承诺，这也使我们在过去17年中13次被J.D. Power评为美国信用卡公司客户满意度第一，并在美国以外也屡获殊荣。

Another key advantage is our unique membership model with what we believe are the best value propositions in the industry. The many benefits that come with American Express membership build a strong emotional connection with our brand across generations and geographies. As our membership model has evolved, we've innovated beyond our traditional travel and entertainment strengths into differentiated lifestyle services for consumers and business-centric solutions for our commercial customers. We have a premium global customer base that is unmatched in the industry and is highly attractive to our partners who contribute additional value to our membership model.

另一个关键优势是我们独特的会员模式，我们相信这在业内拥有最具价值的客户权益。美国运通会员所享受的诸多权益，在不同世代与地域之间都能建立起与品牌的强烈情感联系。随着会员模式的不断演进，我们的创新也已经突破了传统的旅游和娱乐强项，拓展至差异化的生活方式服务，以及面向商业客户的解决方案。我们拥有全球范围内无可匹敌的高端客户群体，这对我们的合作伙伴也极具吸引力，进一步增强了我们会员模式的价值。

Our global network, supported by state-of-the-art technology, gives us end-to-end relationships with card members and merchants. This provides us with data and analytics that deliver differentiated value to our customers, industry-leading fraud, credit and servicing capabilities and the ability to provide higher spend capacity to our customers while maintaining our best-in-class credit metrics. And the key factor that drives all aspects of our business is our talented and dedicated colleagues.

我们的全球网络由先进技术支持，使我们与持卡人和商户建立起端到端的关系。这使我们能够获取数据和分析洞察，从而为客户提供差异化的价值，具备行业领先的欺诈防护、信用评估和服务能力，并在保持最佳信用指标的同时，为客户提供更高的消费额度。而推动我们整个业务运转的核心因素，是我们才华横溢、敬业奉献的员工团队。

Over the last 6 years, we've focused on building scale and momentum by investing at high levels in key strategic areas. By successfully executing this strategy, we have significantly transformed our business, becoming a larger, stronger and more resilient company than we were pre-pandemic, with continued strong growth potential going forward.

在过去六年中，我们专注于在关键战略领域高强度投资，以实现规模扩张和增长动能的积累。通过成功执行这一战略，我们的业务实现了显著转型，已成为一家比疫情前更大、更强、更具韧性的公司，并在未来持续展现强劲的增长潜力。

Starting on the upper left of this slide, our strategy of investing in refreshing and enhancing the value of our premium products on a regular basis has helped us attract millions of new customers with even better credit quality and higher spend than pre-pandemic. In 2023, over 60% of new consumer accounts globally came from Millennials and Gen Zs. These customers represent a higher potential lifetime value because we can grow with them over time as their needs and interests evolve. The strong demand for our premium products and the resulting growth in scale have enabled us to increase our marketing investments.

从这一页幻灯片左上角的内容说起，我们定期投入资源更新和提升高端产品的价值，这一战略帮助我们吸引了数百万新客户，他们的信用质量和消费能力均优于疫情前。2023年，全球超过60%的新个人账户来自千禧一代和Z世代客户。这类客户拥有更高的潜在生命周期价值，因为我们可以随着他们需求和兴趣的变化，与他们共同成长。对我们高端产品的强劲需求带来了规模增长，也使我们能够进一步加大市场营销投入。

Moving to the lower left of this slide, we've also significantly increased merchant coverage globally. We've been at virtual parity coverage in the U.S. for several years now. This has helped us to grow our share of wallet with our customers, particularly newer ones who never experienced coverage gaps. In addition, we're rapidly closing coverage gaps in key countries and cities outside the U.S.

再看幻灯片左下角的部分，我们在全球范围内显著扩大了商户覆盖率。在美国，我们已经连续多年实现了与主要竞争对手几乎相当的覆盖广度。这帮助我们提升了客户的“钱包份额”，尤其是在那些没有经历过覆盖不足的新客户群体中。此外，我们也在美国以外的重点国家和城市快速缩小覆盖差距。

Our disciplined credit and risk management capabilities have enabled us to widen the gap between our best-in-class credit metrics and those of other issuers. And the growth of our successful retail deposit program has created a large stable source of funding that now covers over 70% of the company's funding needs.

我们严谨的信用与风险管理能力，使我们在信用指标方面持续领先于其他发卡机构。此外，我们成功的零售存款计划也为公司建立了一个庞大而稳定的资金来源，目前已覆盖公司逾70%的融资需求。

Also driving the transformation of our business are the investments we're making in upgrading our technology capabilities and backing our colleagues. As a result, we've created substantial momentum, accelerating our revenue growth and EPS to levels significantly higher on average these past 2 years than at any time over the last 13 years. This chart shows that momentum.

我们在技术能力升级和员工支持方面的持续投入，也推动了业务转型。由此我们形成了强大的增长动能，使过去两年中的收入和每股收益增速，平均值远高于过去13年的任何时期。这张图表展示了这一增长势头。

In much of the 2010s, we delivered average annual revenue growth of around 6%, increasing to around 9% per year in the few years just prior to the pandemic, which is when we first embarked on our strategy of investing to drive scale, share and relevance in our core business. Following the COVID disruption, we've increased momentum and delivered revenue growth that has averaged 19% a year. In fact, in the last 2 years, total revenues have grown 40% from \$42 billion to about \$61 billion. This acceleration of our revenue growth has also led to an increase in EPS driven by our operating leverage generated by our model. Importantly, as we've transformed and grown our business, we continue to make significant investments in strengthening our risk capabilities and our control and compliance programs as we strive to deliver on our promise to our customers and effectively manage the risks our business are exposed to.

在2010年代的大部分时间里，我们的年均收入增长约为6%；在疫情前的几年，这一增长率提升至约9%，那时我们首次启动以扩大规模、提升市场份额和核心业务相关性为目标的投资战略。疫情过后，我们进一步加快了增长步伐，年均收入增长达到19%。事实上，在过去两年中，我们的总收入从420亿美元增长到了约610亿美元，增幅达40%。这一收入增长的加速，也通过我们的商业模式所带来的运营杠杆效应，推动了每股收益的提升。更重要的是，在业务转型和扩张的同时，我们也持续加大在风险能力、内控和合规体系方面的投入，以兑现对客户的承诺，并有效管理我们所面临的各类业务风险。

Critical to our brand's long history of success and a key driver of our momentum these last several years is our consistent focus on innovation. From our early days inventing the traveler's checks as a trusted form of payment to creating an entire suite of premium credit cards that resonate world over from Green to Gold to Platinum to Centurion to corporate and small business cards. Throughout our history, we've created entire new categories of products and services by listening to our customers and anticipating their needs. This slide highlights just some of the many industry-leading innovations we've introduced since launching our first American Express Card 66 years ago. Let me highlight just a few of them.

我们品牌长期成功的关键，以及过去几年推动我们持续增长的核心动力，是我们始终如一地专注于创新。从早年间发明旅行支票作为受信赖的支付方式，到打造一整套在全球范围内广受欢迎的高端信用卡产品——从绿色卡到金卡、白金卡、百夫长卡，以及面向企业和小型商户的信用卡，我们始终走在创新前沿。纵观我们的历史，我们不断通过倾听客户声音、预判其需求，开创了全新的产品和服务类别。这页幻灯片展示了自66年前推出首张美国运通卡以来，我们推出的诸多行业领先创新中的一部分。下面我来强调其中几项亮点。

Membership Rewards was a breakthrough innovation that started in 1991 as a loyalty program offering redemptions for travel with multiple airlines partners. Since then, we've continued to innovate the program by expanding rewards categories and creating new redemption channels like Pay with Points. Our buy now, pay later capability known as Plan It, gives our consumer card members the ability to decide if they want to pay in full or pay in installments for a specific purchase. The no preset spending limit we feature on our premium cards gives our card members higher spend capacity and peace of mind, which drives high levels of spending and loyalty.

“会员奖励计划”是1991年推出的一项突破性创新，最初作为一种忠诚度计划，允许客户使用积分兑换与多家航空公司合作的旅行服务。此后我们不断创新该计划，拓展奖励品类，并开发出如“积分支付”这样的全新兑换方式。我们的“先买后付”功能（Plan It）让持卡人可以灵活选择一次性付款或为特定消费分期付款。我们高端卡上的“无预设消费限额”机制，则赋予客户更高的消费能力和心理安全感，从而推动更高的消费频次和客户忠诚度。

Our tradition of innovation has not been limited to products and services. To help small businesses recover from the lingering effects of the Great Financial Crisis, in 2010, we created Small Business Saturday, a U.S.-based campaign that soon became a global movement to support small businesses and shine a spotlight on their importance in the world economy. As these examples show, we have consistently delivered product innovations over time that help to enhance and differentiate American Express membership. Our commitment to listening to our customers and doubling down on enhancing the value of American Express membership is what's driving our momentum.

我们的创新传统不仅限于产品与服务。为帮助小企业从金融危机的长期影响中恢复，我们在2010年发起了“Small Business Saturday（小企业星期六）”这一美国本土活动，该活动迅速演变为一项全球性的运动，支持小型企业并凸显其在世界经济中的重要性。正如这些例子所展示的，我们始终如一地推出创新产品，从而增强并区分美国运通的会员价值。我们承诺倾听客户需求，并持续提升运通会员的价值——这正是驱动我们增长势头的根本。

As you'll hear in the presentations that follow, we'll maintain our focus on investing in our membership model globally. In 2024, we'll continue to innovate our value propositions with approximately 40 product refreshes planned around the world. As we do so, we'll also innovate with our partners, such as Delta, Hilton, British Airways and others as well as working with our merchant partners globally to continue to drive customer engagement. And at the same time, we'll continue to strengthen our capabilities, investing in innovative technologies such as generative AI, maintaining a strong focus on risk management and operational excellence, transforming servicing, enhancing our core systems and delivering cutting-edge digital and personalized customer experiences.

正如接下来几位高管在演讲中所会提到的，我们将在全球范围内继续专注于对会员模式的投入。2024年，我们计划在全球范围内进行约40项产品焕新，持续优化我们的价值主张。同时，我们也将与合作伙伴进行联合创新，例如达美航空、希尔顿、英国航空等，并携手全球商户合作伙伴，进一步提升客户参与度。与此同时，我们还将持续提升自身能力，包括投资生成式人工智能等前沿科技，强化风险管理和卓越运营，优化服务模式，增强核心系统，并提供领先的数字化和个性化客户体验。

In summary, there are 4 key factors that will enable us to achieve our growth aspiration: a strong runway for growth in the most attractive industry segments where we excel, a differentiated business model built around membership, the continued successful execution of our strategy, and a history and a culture of innovation. These 4 factors fuel a virtuous cycle of growth that we are confident that we can sustain. It starts with offering industry-leading innovative value propositions that enable us to attract and retain large numbers of premium customers.

总结来看，有四大关键因素将助力我们实现增长目标：在我们最具优势的高潜力行业领域拥有广阔的增长跑道；围绕会员构建的差异化商业模式；战略持续成功落地执行；以及根植于公司历史和文化中的创新精神。这四个因素共同驱动着一个良性增长循环，我们有信心将其长期维持下去。增长从领先行业的创新价值主张开始，从而吸引并留住大量高端客户。

These premium customers attract a growing network of merchants and partners who add more value to our membership offerings. As the value of American Express membership grows, it enables us to attract even more premium customers, who attract more merchants and partners, which further drive scale. This scale enables us to generate more investment dollars and drives operating leverage in our membership model, which enables us to inject even more value into our products and services and makes it even more difficult for our competitors to catch up. Our demonstrated ability to drive this virtuous cycle of growth is why we remain committed to pursuing our growth aspiration of delivering 10-plus percent annual revenue growth and mid-teens EPS growth on a sustainable basis.

这些高端客户进一步吸引更多商户和合作伙伴加入我们的网络，为我们的会员体系增添更多价值。随着美国运通会员的价值不断提升，我们又能吸引更多高端客户，进而吸引更多商户和合作伙伴，这种循环持续带动规模扩张。更大的规模使我们能够投入更多资源，加大投资力度，并在会员模式中形成运营杠杆，这让我们可以为产品和服务注入更多价值，也进一步拉大了我们与竞争对手之间的差距。我们已证明自己具备推动这一良性增长循环的能力，这也是我们坚定致力于实现年收入增长超过10%、每股收益中双位数增长这一长期目标的原因。

For the remainder of the morning, the heads of our core businesses will provide the details on how we plan to achieve our growth aspiration. Christophe will then provide an overview of our financial strategy to help answer the question of why you should continue to invest in American Express. And we'll finish the day with a Q\&A session.

接下来的上午时间，我们各核心业务部门负责人将详细阐述我们实现增长目标的具体路径。随后Christophe将介绍我们的整体财务战略，帮助大家了解“为什么值得继续投资美国运通”。最后，我们将以问答环节结束今天的会议。

Now I'll turn it over to Howard Grosfield, Head of our U.S. consumer business for our first business presentation.

现在我将发言权交给我们美国个人消费业务负责人Howard Grosfield，由他为大家带来今天的首场业务展示。

Howard M. Grosfield   Group President of USCS

Good morning, and welcome. I'm delighted to be here today to provide an update on the U.S. consumer business and our unique membership model. My hope is that you'll take 4 key things away from the presentation today. First, our membership model and innovation are the driving force behind our strong performance and leadership position in the premium segment. Second, the model delivers 4 powerful outcomes that we will cover today that are not only differentiated in our industry. They are difficult to replicate. Third, it's a proven strategy that has a track record of delivering strong results and momentum, and it has widened our leadership position. And finally fourth, the premium segment remains very attractive, plays to our strengths and has a long runway for growth.

大家早上好，欢迎大家出席。我很高兴今天在这里为大家介绍我们的美国个人消费业务以及我们独特的会员模式。我希望大家今天能从我的演讲中带走四个关键观点：第一，我们的会员模式和持续创新是我们在高端市场上保持强劲表现和领先地位的核心驱动力；第二，这一模式带来了四项强大的成果，不仅在业内具有差异化，而且很难被复制；第三，这是一个经过验证的战略，已经持续带来优异成果并增强了我们的领先优势；最后，第四，高端市场仍然极具吸引力，符合我们的核心能力，并拥有广阔的增长跑道。

So with these in mind, we've organized the presentation to answer 3 questions: first, what is our differentiated membership model; second, how do we execute and innovate to deliver on this model; and finally, why is there a long runway for growth. So let's start with question one.

基于以上几点，我们将通过回答三个问题来组织本次汇报：第一，我们差异化的会员模式是什么？第二，我们是如何执行和创新来实现这一模式的？第三，为什么这一模式拥有长远的增长潜力？我们先从第一个问题开始。

As you can see from the left side of the page, our model has 3 core components and they are: designing best-in-class premium payment products; a powerful set of highly differentiated membership services like travel, dining, lounges and offers; and building world-class partnerships and working with great brands to co-create, co-fund superior benefits for our card members. But the key to our strategy is how we combine these components, as you can see on the right side of the page.

正如幻灯片左侧所示，我们的会员模式由三大核心要素组成：一是设计世界一流的高端支付产品；二是一整套强大且高度差异化的会员服务，例如旅行、餐饮、贵宾室及专属优惠；三是与全球顶级品牌建立合作伙伴关系，共同设计、共同出资，为我们的持卡人提供卓越权益。但我们战略的关键在于如何将这三部分有机结合——幻灯片右侧对此作了说明。

We start by wrapping our great card products in benefits and services that are unlocked by membership. Partnerships, as I will discuss in more detail later on, serve to strengthen our differentiation by delivering unique benefits that are embedded in our products like statement credits for Disney+, ESPN+ or The Wall Street Journal or a free breakfast and a late checkout at your favorite hotel or access to that hard-to-get table at your favorite restaurant.

我们首先是将优质的信用卡产品与会员所解锁的各类权益和服务捆绑在一起。合作伙伴关系——稍后我会更详细介绍——则进一步加深了我们的差异化优势。例如，我们的产品中包含Disney+、ESPN+或《华尔街日报》的账单抵扣权益，或是在您最喜欢的酒店提供免费早餐和延迟退房，或是帮助您在心仪餐厅预订难以拿到的座位等专属礼遇。

Now I'm going to come back and talk in more detail about the 3 components on the left side and how we bring them to life in the next section. But first, I want to talk about the 4 powerful outcomes this membership model delivers that differentiate us from our competitors and are difficult to replicate. They are, one, a highly attractive global premium customer base across generations and geographies; two, a diversified and subscription-like revenue model; three, superior credit quality and performance; and finally, four, superior loyalty and engagement with our global brand. So let's start with number one.

接下来我会再回过头来详细介绍左侧的三大核心构成及其如何在实际中发挥作用。但首先，我想说明这个会员模式所带来的四项关键成果，这些成果是我们区别于竞争对手、且难以被复制的地方：第一，跨世代、跨地域的高度吸引力的全球高端客户群；第二，多元化且类似订阅型的收入结构；第三，优越的信用质量与信用表现；第四，与我们全球品牌的高度忠诚度和深度互动。我们从第一点说起。

By far, one of the most powerful outcomes of our membership model is our attractive and engaged premium customer base, which is unmatched in our industry. Our customers spend a combined \$1.5 trillion per year across 80 million cards in force, which can be used in 202 countries and territories. They're high spending, high income, high credit quality, high margin and high discretionary spending consumers, which makes them extremely attractive to our strategic partners.

到目前为止，我们会员模式最具影响力的成果之一，就是我们在业内无可匹敌的高质量、高参与度的高端客户群。这些客户持有约8000万张活跃卡片，年总消费额达1.5万亿美元，且可在202个国家和地区使用。他们消费力强、收入高、信用质量佳、利润贡献高，并且拥有高度可支配的消费能力，这使他们成为战略合作伙伴极为看重的目标群体。

A big part of the how we built this global premium customer base is our approach to product design. Our cards are built to attract premium customers at scale, and they deliver subscription-like membership fees and benefits that we refresh every few years. As you can see from this slide, we have a strong track record of success with this strategy across our products in the U.S. and around the world. When we refresh, innovate, add value and raise the fee to reflect that value, we've seen demand accelerate.

我们能够建立如此强大的全球高端客户群，关键在于我们独特的产品设计理念。我们的信用卡产品从一开始就是为大规模吸引高端客户而量身打造的，并通过会员费与持续更新的权益构建出类似订阅的收益模式。正如这页幻灯片所示，这一战略在美国及全球市场均取得了显著成效。每当我们对产品进行焕新、创新并增加价值，同时提高相应年费，我们都会看到客户需求明显提升。

We're also able to test and share insights across countries, including things like price points for membership fees, which, as you can see from the international examples on the right, are higher than they are in the U.S. In many ways, this premium product design strategy helps deliver a diversified revenue model that is unique to our competitors by generating significantly higher average annual fees and annual spend versus competitors. And as you can see on the far right, our revenue model is the opposite of the top 5 issuers in the U.S. and delivers important advantages. We benefit from a more stable and recurring fee revenue. We are less lend dependent, and our spend revenue naturally hedges with our rewards costs. All of these advantages provide flexibility and an ability to pivot quickly, especially during challenging economic environments.

我们还能在不同国家之间测试并共享洞察，例如会员费的定价策略——正如右侧国际市场的例子所示，其价格通常高于美国市场。从多个角度来看，这种高端产品设计战略帮助我们打造出一种在行业内独具一格的多元化收入模式，其平均年费收入和年消费额都远高于竞争对手。正如最右侧所示，我们的收入模式与美国前五大发卡机构几乎完全相反，并因此带来了关键优势：我们拥有更稳定、可持续的会员费收入来源；对放贷依赖更低；而我们的消费收入还能天然对冲奖励成本。所有这些优势为我们在面对经济不确定性时提供了更大的灵活性与快速调整的能力。

The third powerful advantage of our membership model is superior industry-leading credit quality and performance. There are 2 points about this advantage that I want to make here. The first is on the left side of the slide. Our focus on premium also applies to lending. We attract a far more premium and higher credit quality customer that enables us to maintain and even widen our lend margins.

我们会员模式的第三大优势是行业领先的信用质量与信贷表现。关于这一点，我想强调两方面。第一，如幻灯片左侧所示，我们对“高端”的关注同样适用于信贷业务。我们吸引的客户具有更高的信用质量与还款能力，从而使我们得以维持甚至扩大放贷利润率。

The second point is on the right side of the page. This strategy has not only maintained our best-in-class credit performance, but the leadership gap between American Express and the top 5 issuers in the U.S. has widened since 2019.

第二点如幻灯片右侧所示，这一战略不仅帮助我们持续维持行业领先的信用表现，而且自2019年以来，美国运通与美国前五大发卡机构之间的信用表现差距已进一步拉大。

Finally and what I find most encouraging are the metrics behind the fourth advantage of the membership model, superior loyalty and engagement with our global brand. As you can see from the left side of this slide, we have a 98% billed business retention rate, and this number has improved since 2019. But what I find most compelling is the graph on the right, which shows how loyal our customers are to American Express even when times are tough. The top line represents the industry delinquency rate average, excluding American Express customers, and you can see that it is higher than 2019. The very bottom blue line represents American Express customers on American Express products. And you can see the delinquency rate is still below 2019, and we've widened our industry-leading credit performance.

最后，也是我认为最令人鼓舞的，是第四项优势背后的数据——即我们会员模式所带来的卓越客户忠诚度和品牌参与度。如本页左侧所示，我们的账单业务保留率高达98%，且自2019年以来持续提升。而更具说服力的是右侧的图表，展示了即使在经济困难时期，我们客户对美国运通的忠诚程度。图中最上方的曲线表示除美国运通客户以外的行业平均拖欠率，该数据已高于2019年。而最下方蓝色曲线代表美国运通客户使用运通产品的拖欠率，目前仍低于2019年，进一步巩固了我们在信用表现方面的行业领先地位。

But what is most interesting is the line in the middle, which represents the delinquency rate of Amex customers on competitor cards that are also in their wallet. This line shows that even when our customers are faced with limited funds and difficult credit choices, they prioritize paying Amex above paying competitors, and this advantage has also widened since 2019.

最耐人寻味的是中间那条曲线，代表同时持有美国运通与其他竞争对手信用卡的客户，在使用非运通卡时的拖欠率。这表明，即使在资金紧张和信用选择困难的情况下，我们的客户也优先偿还美国运通卡账单，而不是竞争对手的卡。这一忠诚度优势自2019年以来也有所扩大。

So with that in mind, I'd now like to talk about the how we execute, innovate and bring this unique model to life. Execution starts with a disciplined innovation and a strategic focus on premium across the 3 core components of the membership model that I talked about earlier. So let's start with innovation. We generate innovation from multiple sources and activities across the company, and 2 things are unique relative to our industry. The sources of innovation are global, and they are sharpened by a focus on premium. Part of it, as you can see on the left, comes from our strength in partnerships and the way we work with great brands to embed benefits in 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 test a new feature inside Amex labs with a small group of card members to determine if we should build it or buy it based on how they respond. Plus, Amex offers is a great way for us to test a new benefit like streaming services on Platinum by first introducing it as a limited-time Amex Offers to see if card members like it. And unlike our competitors, we can also test new features or different services in multiple countries simultaneously to learn even more and more quickly.

基于上述几点，我现在想谈谈我们是如何执行、创新并将这一独特模式落地的。执行始于在会员模式三大核心要素中始终保持战略性地聚焦高端市场，并秉持有纪律的创新文化。首先来说创新。我们的创新来源多元，覆盖整个公司运营，并且在业内有两点独特性：第一，我们的创新来源是全球化的；第二，我们所有创新都以“高端”为核心导向。如左侧所示，部分创新来源于我们在合作关系方面的优势——我们与顶级品牌合作，将专属权益内嵌到我们的产品与服务中。中间部分展示了我们如何投资新创企业，获取一线学习机会，或在“Amex Labs”实验室中对一小部分持卡人测试新功能，根据客户反馈决定是自建还是收购。此外，“Amex Offers”也为我们提供了试水新权益的理想途径，比如先将串流服务作为Platinum卡的限时优惠引入，从而判断客户的接受度。有别于竞争对手的是，我们还能在多个国家同时测试不同功能或服务，从而获得更多、更快的洞察。

So let's take a closer look at the first core component of the membership model and how we leverage our product design strategy to deliver best-in-class premium payment products. As I briefly mentioned earlier, this playbook is applied across products and around the world and has an impressive track record of driving strong results. There are 5 key components and the Platinum Refresh is a great way to explain how it all works.

现在让我们深入了解会员模式的第一个核心要素——我们如何通过产品设计战略，打造行业领先的高端支付产品。正如我之前简要提到的，这一战略蓝图适用于我们全球范围内的所有产品，并已在推动业务成果方面展现出卓越成效。这一战略包含五大核心步骤，而“Platinum卡焕新”正是展示这一流程的绝佳案例。

We start by developing innovative ideas to strengthen the value proposition, like adding digital streaming credits and exclusive dining access while doubling down on Platinum's strong travel benefits. At the same time, we work closely with great brands to co-create, co-fund and deliver superior benefits and services. It is the combination of these first 2 steps that puts us in a position, as you can see in step 3, to deliver more than $1,500 in value and the confidence to raise the annual fee from $550 to $695.

While these 3 steps alone deliver strong differentiation, we invest in 2 more essential steps. We add an emotional layer, where things like member since embossed in the card access to hundreds of incredible experiences around the world or cards designed by world famous artists give membership meaning by making it personal. And as you can see along the bottom, we constantly look for ways to deliver a consistent drumbeat of new news that keeps the product fresh, relevant and lays the groundwork for the next product refresh cycle.

尽管前3步已经形成强有力的差异化，但我们还投资于两个至关重要的附加步骤。第四步是注入情感价值，例如卡片上刻有“Member Since”年份、可解锁全球数百个独特体验的访问权限，或由世界知名艺术家设计的卡面，这些都令会员身份更加个性化，富有意义。第五步如页面底部所示，我们不断寻找方式制造产品上的“持续新闻感”，保持产品的新鲜度和市场相关性，并为下一轮焕新打下基础。

And what is so encouraging about the success of this strategy is how our premium products have resonated with a younger segment of customers. As you can see from the graph on the left, the Millennial and Gen Z share of new accounts across our Platinum and Gold products has increased to over 75%. And we're not just attracting any younger customer. As you can see in the middle of the page, their quality is as strong as our older customers. They have the same willingness and ability to pay a fee, similar lending profiles, slightly lower spend that should naturally grow over time as they age and increase their income, and they also have strong super prime FICOs and credit quality.

这一战略成功最令人鼓舞的成果之一，是我们高端产品与年轻客户群体之间产生的强烈共鸣。如左侧图表所示，在Platinum和Gold卡产品中新开账户中，千禧一代和Z世代的占比已超过75%。更重要的是，我们吸引的并非一般的年轻客户。正如中间图表所示，这些年轻客户的整体质量与年长客户不相上下：他们有相同的支付意愿和支付能力，信贷轮廓相似，虽然当前消费额略低，但随着年龄与收入增长，其消费力将自然提升，且他们拥有非常强劲的超高FICO信用评分与信用质量。

And when you compare our younger customers to their industry peers on the far right, you see the subset we target and attract are far more premium across a number of dimensions. They have higher average incomes, higher average spend and higher credit quality. Our success with this subset of premium younger customers also delivers a steeper initial growth curve and is expected to provide greater lifetime value, and we see this within our portfolio today.

而当你将我们这批年轻客户与行业中同年龄层的同行客户作比较（见最右侧图表），可以看到我们所吸引的群体在多个维度上都更具“高端”特征：他们拥有更高的平均收入、更高的平均消费额和更高的信用质量。我们在这一年轻高端细分客户群上的成功，不仅带来了更陡峭的初期增长曲线，也意味着更高的生命周期价值，这一点已经在我们的客户组合中得到体现。

As you can see from the graph on the left, when we compare the cumulative growth of new Millennial and Gen Z customers with older aged cohorts who joined American Express in the same year, we see significantly steeper growth in spend over the same period, in this case, around 2x for the younger segment. And when you combine this steeper growth curve with the fact that we attract these premium customers much earlier in their careers and on average, benefit from 20-plus more relationship years, it translates into about 2x greater expected lifetime value than older aged customers we acquire later in life. And as you can see on the right side of the page, their credit quality outperforms their industry peers similar to our older customers.

如左图所示，当我们对比千禧一代和Z世代新客户与同期加入的年长客户群体在消费累计增长方面的表现时，可以看到年轻客户的消费增长曲线明显更陡峭，在这个案例中约为后者的2倍。当我们将这条更快增长的曲线与“这些客户在职业早期就加入美国运通”这一事实结合考虑时，我们平均可以拥有与他们超过20年的长期关系，从而带来约2倍于年长客户的生命周期价值。如右侧所示，他们的信用质量也优于同行业的同龄客户，并与我们年长客户的信用水平相当。

Another important point about our best-in-class premium products is how they also power our premium lending strategy and growth. As you can see from the graph on the left, which shows U.S. consumer AR growth since 2019, our lending growth is coming from our premium fee-based cards that have higher credit quality and as you can see, lower write-offs. Lending on our no-fee cards is actually shrinking.

我们一流高端产品的另一个重要作用，是它们为我们的高端信贷战略和增长提供了强有力的支持。正如左侧图表所示，该图展示了自2019年以来美国个人信贷应收账款（AR）的增长情况。我们的信贷增长主要来自于那些收取年费、具有更高信用质量的高端卡种，而这些卡种的冲销率也更低。相比之下，无年费卡的信贷余额实际上正在萎缩。

As you can see on the right, innovative lending features introduced just a few years ago, like Pay Over Time and Plan It are driving strong lending growth on our charge products while maintaining exceptional credit performance. And core to our premium lending strategy is a focus on lower risk segments and existing customers, where we believe there is still a big opportunity for growth.

如右图所示，我们近年来推出的创新信贷功能（如“分期还款 Pay Over Time”与“指定消费分期 Plan It”）正在推动收费类产品的信贷强劲增长，同时保持出色的信用表现。而我们高端信贷战略的核心，是专注于低风险客户群体与现有客户，我们相信这部分人群仍存在巨大的增长空间。

As you can see on the far left, when we look at revolve AR growth by FICO, our strategy to target lower risk segments has translated into significantly higher growth versus the industry in the highest credit quality segments. A big part of this ability to target lower risk segments comes from the fact that more than 70% of our revolving loan growth comes from existing customers we know well, as you can see on the middle of this slide. And if you shift your eyes to the box on the far right, we believe our premium focused lending strategy still has substantial runway for growth. We only have 24% share of our existing customers' lend wallet.

正如最左侧图表所示，从FICO信用评分角度看，我们聚焦低风险客户的策略，使我们在信用质量最高的客户群体中实现了远超行业水平的信贷余额增长。我们之所以能够专注于这类客户，很大程度上是因为我们对其了解深刻——如中间图表所示，超过70%的循环信贷增长来自于我们已有的客户。而最右侧的数据显示，我们目前仅占既有客户“可贷钱包”的24%，这意味着我们专注高端客户的信贷战略仍拥有可观的增长潜力。

So with this in mind, let's shift to the second core component of the membership model, our powerful set of differentiated membership services. As we discussed earlier, these membership services play a critical role in delivering superior and highly differentiated premium benefits and services, many of which are highlighted across this page. Whether it is a hotel upgrade or access to that hard-to-get table, our premier airport lounges or Centurion New York, each of these benefits delivers great value to our customers unlocked by membership and their subscription-like membership fee.

在此基础上，我们来谈谈会员模式的第二个核心要素——一整套强大且差异化的会员服务。正如我们之前所讨论的，这些会员服务在传递卓越且高度差异化的高端权益方面扮演着关键角色，本页展示了其中许多亮点服务。无论是酒店免费升级、预约热门餐厅席位，还是进入高端机场贵宾室或纽约百夫长俱乐部，这些服务均为会员提供了巨大的价值，且都需通过会员身份及类似订阅的年费来解锁。

These membership services also play an important role in strengthening our 2-sided integrated network business model. Each of these services delivers value to our card members and Amex merchants in a way that requires the card to be used to unlock benefits. And in turn, it pulls more of that category spend onto our network and our membership ecosystem.

这些会员服务同样在强化我们双边一体化网络商业模式中发挥着重要作用。所有这些服务不仅为持卡人提供了价值，也为合作商户创造了交易机会——因为客户必须使用运通卡才能解锁相关权益。反过来，这又促使该类消费更多地集中在我们的支付网络与会员生态体系中。

As you can see from the column on the right, travel and dining card member spend is growing significantly faster on our network than spending overall in these categories. Amex Offers, which are statement credits funded by retailers and merchants, can only be triggered by spending on an Amex card. And as you can see, the pace of growth and use by our card members is very strong.

如右侧列所示，在我们网络上的旅行与餐饮类别消费增长，明显快于行业整体的增长水平。而“Amex Offers”（由零售商与商户出资支持的账单抵扣优惠）只能在使用美国运通卡时被触发。正如图中所示，该类优惠在持卡人中的使用率和增长速度都非常强劲。

And as you can see, our deep experience in the investments we're making in travel are paying off. On important key dimensions, we're outperforming the industry in premium travel. For example, about 50% of all Amex travel air sales are premium front-of-the-plane bookings versus an industry average of about 25%. The same can be said about lodging, where luxury hotel makes up about 30% of our sales versus an industry average of about 15%. And our card members clearly value proprietary fine hotels and resorts and the hotel collection benefits. Sales volume for those properties has more than doubled since 2019.

正如你所见，我们在旅游领域的深厚积累和持续投资正取得显著成果。在多个关键维度上，我们在高端旅游市场的表现优于行业平均水平。例如，美国运通旅行销售中约有50%的航空订单为高端舱位（前舱）预订，而行业平均水平约为25%；在住宿方面，奢华酒店占我们销售额的比重约为30%，而行业平均仅为15%。我们的持卡人显然高度重视我们独家提供的“精选酒店与度假村”（Fine Hotels & Resorts）和“Hotel Collection”权益，自2019年以来，这类酒店的销售额已翻倍增长。

Dining is another great example of a service that is unmatched in our industry. Since we acquired Resy, we've increased the number of engaged diners on the platform by 3x, increased the number of restaurants by more than 5x and driven strong growth in diners seated. We spent the last several years creating a set of core proprietary dining benefits and experiences similar to fine hotels and resorts that can only be unlocked by membership and are now deeply integrated across our core card business.

餐饮服务是另一个在行业中无与伦比的典范。自收购Resy以来，我们将该平台的活跃用户数提升了3倍，入驻餐厅数量增长了5倍以上，平台订座人数也显著提升。过去几年里，我们专注打造了一套类似“精选酒店与度假村”体系的独家核心餐饮权益与体验，仅可通过会员身份解锁，如今这些权益已深度融入我们的核心信用卡产品。

So shifting to our third and final core component of our membership model, partnerships and partner-funded value. Our position starts with one of the most comprehensive sets of strategic partnerships in the world. The way we integrate them across almost every aspect of our business differentiates us from our competitors. From the significant portfolio of co-brand product partners around the globe that you see at the top of the page to the 30-plus great brands embedded in our card products to the over 2,000 brands co-funding value for customers through Amex Offers and the way we work with 80-plus partners around the world to give members special access to incredible experiences, these partnerships deliver benefits in a way that is difficult for our competitors to replicate.

接下来是我们会员模式的第三个也是最后一个核心要素：合作关系与由合作伙伴共同出资支持的权益价值。我们在全球拥有最全面的战略合作伙伴组合之一，且我们将合作关系深度融合于几乎所有业务层面，这一点令我们与竞争对手截然不同。从页面顶部列出的全球联名卡产品组合，到30多个优质品牌被嵌入至我们的信用卡产品中；从2000多个品牌通过“Amex Offers”为客户共同提供价值，到我们与全球80多个合作伙伴一起为会员提供独家体验访问权限，这些合作关系创造了竞争对手难以复制的客户价值。

For example, a U.S. card member can enjoy airline lounges in Europe, leveraging co-brand relationships in that region or we can leverage our global presence and partner with F1, Wimbledon or stadiums around the world to give Amex card members in multiple countries special access to great events and differentiated benefits. And we build on this strong foundation of partnerships by combining it with that unmatched and highly attractive global customer base that I talked about earlier in the presentation. This combination is powerful. It creates a partner-funded flywheel, where access to our higher-margin premium customer base enables us to attract great brands willing to fund and market superior benefits at better margins that, in turn, attract more premium customers and more great brands.

例如，美国持卡人可以借助我们在欧洲的联名卡合作关系，享受当地机场贵宾室服务；又如，我们可凭借全球影响力，与F1、温布尔登网球公开赛或世界各地的体育场馆建立合作，为全球运通持卡人提供专属活动通道和差异化权益。我们将这一强大合作伙伴基础与前文提到的高价值、难以匹敌的全球高端客户群相结合，形成了一个极具威力的“合作驱动飞轮效应”：高利润率客户吸引顶级品牌加入，这些品牌愿意出资共同打造并推广优质权益，从而进一步吸引更多高端客户和更多顶级品牌。

And I want to make one additional point that is unique to our model and our company. Our products are backed by a global servicing footprint that delivers exceptional service at a local level in 26 countries and 17 languages around the world. As you'll hear from Anre Williams later today, we set the standard for service excellence, and it matters in premium where the bar and customer expectations are very, very high.

我还想补充一个我们公司独有的要点：我们产品背后拥有遍布全球的服务体系，能够在26个国家、17种语言中提供本地化的卓越服务。正如稍后Anre Williams将进一步阐述的那样，我们在服务卓越方面设立了行业标杆，而在高端市场，客户对服务的要求极高，这种能力尤为关键。

And when you look at our performance over the last several years, as we've shared in earnings calls, it's very clear that our membership model is working. What is even more compelling is when you look at the underlying metrics that distinguish our premium model. Our premium metrics have only become even stronger over time. In the upper left, you'll see that there is no question that we are tracking a more premium and younger customer. Fee-based accounts now make up 77% of all new cards up a full 17 points from 2019. And 75% of all Platinum and Gold are Millennial and Gen Z customers, also up significantly from 2019.

从过去几年的业绩表现来看，正如我们在财报电话会议中所分享的，很明显，我们的会员模式运转良好。而更具说服力的是，当我们观察那些体现高端模式优势的底层指标时，发现这些关键指标在过去几年持续增强。在左上角图表中可以看到，我们正吸引到更多高端、年轻的客户。收取年费的账户目前已占所有新开卡账户的77%，比2019年提升了整整17个百分点；Platinum和Gold卡的新客户中，75%为千禧一代和Z世代，这一比例同样较2019年显著上升。

The same progress can be seen in engagement on the right side of the page. We're doing a much better job at driving deeper engagement with our products and services. This has translated into significantly higher average revenue, spend, revolve and net card fees. And when you're attracting a more premium new customer and driving deeper engagement with existing customers, you deliver industry-leading credit performance that, as I touched on earlier, has only widened the gap versus the top 5 issuers since 2019.

类似的进步也体现在页面右侧的客户互动层面。我们在推动客户与产品和服务之间更深入的互动方面做得更加出色。这一成果直接体现在更高的平均收入、更高的客户消费、更高的循环信贷使用率和更高的净卡费收入上。当你能够持续吸引高端新客户，并让现有客户与品牌产生更深连接时，自然能够实现行业领先的信用表现——正如我前文所提到的，自2019年以来，我们在这一维度与行业前五大发卡机构之间的领先差距持续扩大。

So finally, let's spend a few minutes talking about why we think there is such a long and attractive runway for accelerated growth, which, in turn, allows us to stick to this winning strategy. For starters, we operate in a very attractive industry that is expected to continue to grow in the U.S. by around 8% and reached close to $6 trillion in billings by 2026. And if you look at industry data on account growth over the last several years, you see that premium fee-based accounts are growing 2x faster than no-fee accounts, and younger segments are growing even faster. This plays to our strengths as an industry leader deeply focused on the premium segment. And as you can see on the far right, we are growing significantly faster than the industry on both dimensions.

最后，我想花几分钟讲讲我们为什么认为这是一条长期且极具吸引力的增长跑道，也正是这一点让我们有信心坚持当前这条成功路径。首先，我们所处的行业本身就极具吸引力，预计美国市场将继续以约8%的年复合增长率增长，到2026年整体账单规模将接近6万亿美元。而从近年来的行业账户增长数据来看，收取年费的高端账户增长速度是无年费账户的2倍，且年轻客群的增长更快。这些趋势恰好契合我们的核心优势——深耕高端市场。从页面最右侧可以看出，我们在这两个维度上的增长都显著快于行业平均。

So to summarize why we think the growth opportunity is compelling, our relative share of accounts is low. We operate in an industry that is growing and the fastest-growing segments play to our strengths. And finally, we have strong momentum with premium younger customers who deliver significantly more years of membership and about 2x higher estimated lifetime value.

总结我们为何认为增长机会极具吸引力：其一，我们当前在账户总量中所占份额仍然较低；其二，我们所在行业本身正持续扩张，而增长最快的细分领域正是我们的优势所在；其三，我们在高端年轻客户群体中展现出强劲动能，这些客户将带来更长的会员关系年限，以及约2倍于年长客户的预期生命周期价值。

And so I will end with where I started. I hope you will take away 4 things from today's presentation. First, our unique membership model and innovation have been the driving force behind our performance and leadership position in this premium segment. Two, the model delivers 4 powerful outcomes that are not only differentiated in our industry, they are difficult to replicate. Three, it's a proven strategy that has a track record of delivering strong results and momentum, and it has widened our leadership position. And finally, four, the premium segment remains very attractive, plays to our strengths and has a long runway for growth. As a result, we remain confident we can deliver accelerated growth and continue to widen our leadership position. Thank you.

最后，我想回到开场时的总结。我希望大家能从今天的分享中记住这四点：第一，我们独特的会员模式与持续创新，是我们在高端市场取得强劲表现与保持领先地位的核心驱动力；第二，这一模式带来了四项强大的成果，在行业中不仅具备差异化优势，而且难以被复制；第三，这是一条经过验证的成功战略，已多次交付强劲业绩和增长动能，并进一步扩大了我们的领先优势；第四，高端市场仍具吸引力，契合我们的核心竞争力，并拥有长期增长空间。正因如此，我们有信心持续实现加速增长，并不断扩大我们的领先地位。谢谢大家。

Now let me turn it over to my colleague, Anna Marrs.

现在让我把话筒交给我的同事 Anna Marrs。

Anna Marrs Group President of Global Merchant and Network Services

All right. Good morning. Howard just described our pioneering membership model. I'm going to talk about small business and why we believe SME is a growth opportunity for American Express.

大家早上好。Howard 刚才介绍了我们领先的会员模式。接下来我将谈谈小型企业市场，以及为什么我们认为中小企业（SME）是美国运通的重要增长机会。

Since the launch of our first card for businesses in 1966, we've built on our membership model. Today, we serve nearly 4 million American small businesses. We serve customers across every corner of the U.S. economy across industries. We work with start-up businesses and with well-established corporations.

自1966年推出首张企业卡以来，我们一直在以会员模式为基础不断拓展业务。如今，我们在美国服务着近400万家小型企业，覆盖几乎所有行业和经济领域的客户，从初创公司到成熟企业都在我们的服务范围之内。

Since the pandemic, we've seen a boom and a moderation in small business spending, but all along, we've been building. We've been building new channels to acquire more customers. We've been building new products to deepen our relationship with customers, even building an ecosystem to make it easier for our customers to grow their businesses with American Express. Altogether, we've built a more resilient business. a business that creates more opportunity for growth in both the short term and the long term.

疫情以来，小企业的消费经历了快速增长与随后的趋缓，但我们始终在持续投入与建设：开拓新渠道以获取更多客户，开发新产品以深化客户关系，甚至打造一个完整生态系统，帮助客户借助美国运通实现业务成长。整体而言，我们构建了一个更具韧性的业务体系，为短期和长期的增长创造更多机会。

Today, I'm going to address 3 topics: first, the proof points on how we've strengthened our leadership position through the volatile post-pandemic period; next, the advantages that will enable us to defend our leadership position; and finally, how we're driving growth through acquiring and deepening our relationships with our small business customers. But before we look ahead, let's look back.

今天我将围绕三个主题展开：第一，我们是如何在疫情后的波动时期巩固领导地位的证据；第二，我们具备哪些优势可以捍卫这一领先地位；第三，我们是如何通过获取客户和深化关系来推动增长。但在展望未来之前，让我们先回顾过去。

The last 4 years have been anything but normal. Small businesses have faced a lot of uncertainty. So how have small businesses used their cards in the face of this uncertainty? And what are the proof points that we've strengthened our leadership position? One proof point is in the growth of small business card spending. This is a picture of U.S. small business card spending since 2010. And you can see that, traditionally, it's been a steady momentum business.

过去四年绝非寻常时期，小企业面临着诸多不确定性。在这种背景下，小企业是如何使用信用卡的？又有哪些证据显示我们巩固了领导地位？其中一个证据来自小企业信用卡消费的增长趋势。我们看的是自2010年以来美国小企业信用卡消费的走势图，可以发现这项业务一贯保持着稳定增长的势头。

Then in 2020, that study pattern changed. As we moved through the pandemic and then beyond, we saw spend rapidly expand followed by a spend moderation in 2023. But through this volatile period, we grew our share. American Express had a 45.8% share of all small business card spending in 2019. Today, that share is 47.1%.

但这种稳定模式在2020年发生了变化。随着疫情的推进及逐步恢复，小企业消费出现快速增长，随后在2023年有所回落。但在整个波动期间，我们的市场份额却在持续提升。2019年，美国运通在小企业信用卡消费市场的份额为45.8%；如今，这一份额已提升至47.1%。

Another proof point comes when you break down the drivers of spend growth. We look at spend on our cards in 3 ways: spend we gain from new customers acquired, spend we lose from customer attrition and spend we grow organically. Organic is spend from customers who've been with us for 13 months. Think same-store sales.

另一个证据来自对消费增长驱动因素的拆解。我们将信用卡消费来源分为三类：新客户带来的新增消费、客户流失带来的消费损失，以及“有机增长”——即与我们合作超过13个月的客户的持续消费增长，类似于“同店销售”概念。

As we invested more in marketing, spend from new customer acquisition grew. Spend loss from attrition remains stable and below 2019 levels. The real action on this page is in that organic spend category. In 2019, organic spend contributed 3 percentage points to our growth. In 2021 and 2022, organic's contribution boomed. Organic spend contributed 19 percentage points to growth in 2021 and 13 percentage points to growth in 2022.

随着我们在营销上的投入增加，来自新客户的消费增长明显。而客户流失导致的消费损失则保持稳定，低于2019年的水平。而最关键的数据，是“有机增长”带来的消费提升。2019年，有机增长仅贡献了3个百分点的增长；到了2021年和2022年，这一数字分别跃升至19个百分点和13个百分点。

Now we've all read the headlines, and we know the macro drivers, $1 trillion of stimulus injected into the U.S. economy, inventory restocking, supply chain disruption, inflation. In 2023, organic spend's contribution to growth moderated. We believe that current organic spend moderation is largely macro driven as we grow over the boom and as small businesses tighten their belts to cope with higher cost of borrowing, industry-specific slowdowns and a more uncertain business environment.

我们都看到了新闻标题，也了解背后的宏观因素：美国经济注入了1万亿美元的刺激资金，库存补货、供应链中断以及通货膨胀等。在2023年，“有机增长”对整体增长的贡献有所放缓。我们认为，这种放缓主要是受宏观环境影响——随着疫情后的消费热潮逐步消退，小企业为了应对借贷成本上升、行业性放缓以及更具不确定性的经营环境而开始收紧开支。

Through this period, organic spend has been very difficult to forecast. It will likely remain difficult to forecast the exact pace of recovery or the ultimate level of organic spend in the near term. But through this organic spend, boom and moderation, we have stayed focused on growing and retaining our customers. We've been securing our leadership position to drive future growth.

在这段时期，“有机消费”的波动性很难预测。短期内，我们可能仍难以精准判断其回升节奏或最终水平。但在经历了高峰与回调后，我们始终专注于客户获取与保留，持续巩固领导地位，为未来增长奠定基础。

Another proof point in the power of our leadership position comes with the attractiveness of the small business card opportunity. There are multiple reasons why we believe in this opportunity over the long term. First, there are more small businesses. Small business formation increased 56% after the pandemic, and it stayed there. Second, payments continue to digitize. Isn't it remarkable that 33% of all small business payments in the U.S. are still made via paper check. But we're seeing those payments digitize rapidly. They've gone from 67% of small business payment with check in 2010 to 33% in 2022.

另一个体现我们领先地位的证据是小企业信用卡市场本身的吸引力。我们长期看好这一机会，原因有很多。首先，小企业数量本身在增加。疫情之后，小企业成立数量增长了56%，并维持在这一高位。其次，支付正在加速数字化。值得注意的是，截至2022年，美国仍有33%的小企业支付通过纸质支票完成，而这一比例在2010年是67%。但我们看到，数字化进程正在快速推进。

And finally, the card remains a really useful way for small businesses to pay. Businesses value the cash flow flexibility that comes with the card. They value being rewarded for their spending, and they value the elevated level of purchase protection. This page reminds us of all the opportunity in small business cards. Small business is a great place to have a leadership position.

最后，信用卡仍是小企业极具价值的支付工具。企业非常看重信用卡所提供的现金流灵活性，重视消费奖励机制，也重视更高水平的消费保护。本页内容提醒我们，小企业信用卡蕴藏着大量机会——这是一个拥有领导地位非常值得的市场。

Another proof point in the strength of our leadership position can be found in the health of our customer base. There are multiple trends that we see that point to continued strong demand for and utility of small business card products. Our customer base is growing. We drove a 20% CAGR in new account acquisition from 2019 right through that spend boom and moderation.

我们领先优势的另一个佐证，是我们客户基础的健康度。从多个趋势来看，市场对小企业信用卡产品的需求和实际使用情况仍十分强劲。我们的客户基础正在扩大——从2019年至今，尽管经历了消费的繁荣与回调阶段，我们新账户获取的年均复合增长率仍达到20%。

Our customer base is sticking with us. We retained 98% of the spend put on our cards year-over-year. And our customers are using their products. Although organic spend in dollar terms moderated, when you look at organic spend transaction count or the number of times that existing customers use their card, it grew 9% last year. This is a healthy and growing customer base.

客户粘性同样强劲。我们保持了98%的年同比消费保留率。同时客户仍在积极使用我们的产品。虽然按金额计的“有机消费”略有回落，但从交易笔数来看，即老客户使用卡片的频次，去年仍增长了9%。这是一群健康且持续增长的客户群体。

Another proof point in the strength of our leadership position can be seen in the impact of our premium product strategy. The health of our customer base and their willingness to do more with Amex has enabled us to drive more revenue per dollar of spend. In 2019, our largest acquisition product, excluding our co-brand cards, was Blue Business Cash, a no-fee credit card.

我们在高端产品战略上的成效，也进一步验证了我们的市场领先地位。客户基础的健康与客户对美国运通的深入合作意愿，使我们能够实现更高的“每消费一美元带来的收入”。2019年，除联名卡外，我们最畅销的新客户产品是“Blue Business Cash”无年费信用卡。

In 2023, our largest acquisition product was our newly refreshed Business Platinum Card. The $695 annual fee card is priced to value. Business Platinum delivers over $1,400 in benefits and statement credits. In addition to the higher fees on these cards, we've also expanded our customers' ability to revolve with features like Pay Over Time. We've grown lending responsibly with most of that growth coming from existing customers. Taken together, this premium fee growth combined with responsible lending growth has led to a 21% increase in revenue for every dollar of billed business spend.

2023年，我们最受欢迎的新客户产品是全新焕新的“商务白金卡”（Business Platinum Card）。这张年费为695美元的卡，其定价与所提供的价值相匹配——商务白金卡为持卡人带来超过1,400美元的权益和账单抵扣。除了高年费之外，我们还通过如“分期还款 Pay Over Time”等功能，扩展了客户的循环信贷能力。我们的信贷增长始终保持审慎，且多数增长来自我们熟悉的现有客户群体。将高端卡的年费增长与负责任的信贷增长相结合，我们实现了每一美元账单支出带来21%的收入增长。

The final proof point in the strength of our leadership position is how we've leveraged it to drive a larger multiplier between spend growth and revenue growth. We've diversified our revenue model to ensure that fees and lend also work hard to drive growth. In 2019, revenue grew 7% on 6% billings growth. In 2023, spend only grew 3%, but Commercial Services delivered 9% revenue growth. This higher revenue per dollar of billings dynamic is sustained through the first quarter of this year. Commercial Services grew billings 2% in the first quarter of 2024, slightly above the 1% in the last quarter of last year. But on the back of that 2% billings growth, we delivered 8% revenue growth.

我们领先地位的最后一个有力佐证，是我们如何利用它实现“支出增长”与“收入增长”之间的更高倍数杠杆。我们不断丰富收入结构，使年费和信贷业务同样成为推动增长的重要驱动力。2019年，在账单支出增长6%的基础上，我们实现了7%的收入增长；而到了2023年，尽管账单支出仅增长3%，商业服务收入却增长了9%。这种“每一美元账单带来更多收入”的趋势，在2024年第一季度依然延续——商业服务账单支出增长2%，略高于去年第四季度的1%，但却实现了8%的收入增长。

Now I'm not saying that spend doesn't matter. It does. But it's not all that matters. And what's really exciting about this chart really makes us excited about what's possible as the small business economy recovers.

我并不是说支出增长不重要，它当然重要。但它不是唯一重要的因素。正是这个图表所揭示的趋势，让我们对小企业经济复苏后所蕴含的潜力感到格外振奋。

So far, I've spoken about having strength in our leadership position through a volatile spend period. And it's great to be a leader in any business. But what I want to talk about now is why we believe in our ability to defend our leadership position going forward.

到目前为止，我主要讲述了我们如何在支出波动期间展现出强大的领导地位。虽然在任何业务中拥有领导地位都是一件值得肯定的事，但接下来我想谈的是——我们为何有信心在未来持续捍卫这一领导地位。

This slide reminds us of the strength of our leadership position. We're the undisputed leader in small business cards. We have over $400 billion in annual SME billings. We have 3.9 million small business card members. We have a leadership position in small business that's 3x larger than the next competitor. But what advantages will enable us to defend our leadership position as we look ahead?

这页幻灯片提醒我们，我们在小企业卡市场中拥有无可争议的领先地位。我们每年的中小企业账单支出超过4,000亿美元，拥有390万家小企业卡持卡客户，我们在该领域的市场规模是第二名的三倍。那么，展望未来，我们有哪些优势能够帮助我们守住这一领先地位呢？

American Express' leadership position is built on a series of competitive advantages from our suite of small business-focused products to our ability to surround our customers with superior service experience. Taken together, these advantages provide American Express with a clear edge in small business cards.

美国运通的领导地位，建立在一系列竞争优势之上——包括我们为小企业量身定制的产品组合，以及为客户提供卓越服务体验的能力。综合这些优势，我们在小企业信用卡领域拥有无可置疑的领先优势。

One advantage is a suite of small business products we offer and refresh regularly. Over the last 3 years, we refreshed 2 of our largest portfolios, the Business Platinum Card in 2021 and the Business Gold Card in 2023. These cards are built for what small businesses value, and we see that in our Net Promoter Scores. Our customers give our cards a Net Promoter Score that's 18 percentage points higher than the competition. And the value of these products is recognized by our customers' willingness to pay a fee that is the highest in these cards' categories. We've driven a 16% CAGR in fee income from our small business cards since 2019.

我们的一大优势是提供并持续焕新的小企业产品组合。过去三年里，我们对两大核心产品组合进行了产品更新：2021年焕新了“商务白金卡”，2023年焕新了“商务金卡”。这些产品设计正是基于小企业客户的核心需求，而客户的高度认可也反映在我们的净推荐值（NPS）上——我们的NPS比行业平均高出18个百分点。此外，客户对这些产品价值的认可，也体现在他们愿意为这些卡支付该类别中最高的年费上。自2019年以来，我们小企业卡的年费收入实现了16%的复合年增长率。

Another advantage is in our scaled sales and marketing engine. At the core of this engine is a set of business-focused AI-driven models and analytics talent. These models ingest data from over 30 sources and create a 360-degree view of the prospect and customer opportunity. We precisely and efficiently target how we reach our customers. We target the channel, whether through digital marketing or an American Express colleague. We target the right product, and we target the right offer level to drive efficient conversion. This engine has doubled our U.S. small business card billed business acquired versus 2019. And that scale driven by personalized digital capabilities and nearly 1,000 sales and account development colleagues across the U.S. is very difficult to replicate.

我们在销售与营销引擎上的规模化能力也是一项显著优势。其核心是围绕小企业客户构建的一套AI驱动的模型和数据分析人才体系。这些模型整合了来自30多个渠道的数据，为潜在客户和现有客户建立起360度的全面画像。我们能够以极高的精准度和效率，定位到正确的客户接触方式——无论是通过数字营销，还是由美国运通的销售代表出面；我们还能精确匹配合适的产品和优惠等级，以驱动高效转化。这一系统使我们在美的小企业卡账单业务较2019年翻了一番。其背后是强大的个性化数字能力，和分布全美近1000人的销售与客户开发团队，这一优势极难被复制。

Another advantage is that we give our small business customers what they need while managing the company's credit risk. And what businesses want is to use their card at scale. The innovation we've driven through no preset spending limit capabilities enables us to meet that need and to provide more than 3x the spending power of the competition for our highest spending small business card members.

另一个优势是，我们能在满足小企业客户需求的同时，稳健管理公司的信贷风险。企业需要的是“可大规模使用”的信用卡——我们通过“无预设消费限额”功能的创新，满足了这一需求，使我们的高消费小企业客户拥有超过竞争对手3倍的消费能力。

And these same models and capabilities also enable us to prudently manage credit outcomes. Before the pandemic, our competitors' small business delinquency rates were 1.5x higher than ours. You can see that, last year, the advantage grew with competitors now experiencing 1.8x higher delinquency rates. You can also see that our small business delinquency rates remain below what they were before the pandemic.

与此同时，这些模型和能力也使我们能够稳健管理信贷风险。在疫情前，竞争对手的小企业客户拖欠率比我们高出1.5倍。而到去年，这一优势进一步扩大，竞争对手的拖欠率已是我们的1.8倍。更重要的是，我们的小企业客户拖欠率仍然低于疫情前的水平。

The final advantage I want to cover is service. We have a brand that's synonymous with service. Our service capabilities structurally surround our small business customers, building satisfaction and loyalty. Through our sophisticated marketing channels and dedicated account development teams, we can offer a range of small business card products, merchant acceptance, lines of credit and checking, efficient marketing channels through our merchant offers capability and more.

最后一项优势是服务。我们拥有一个与“卓越服务”高度绑定的品牌。我们的服务能力结构性地环绕在小企业客户周围，持续提升客户满意度和忠诚度。借助成熟的营销渠道与专业的客户开发团队，我们能够为小企业提供一整套解决方案，包括多种信用卡产品、商户受理服务、信贷和支票账户、以及通过“商户优惠平台”实现的高效营销渠道等。

Any one of these advantages set us apart from our competitors. Taken together, they enable us to fulfill our brand promise of powerful backing for our small business customers. They create an overall competitive advantage that enables us to defend and even grow from our leadership position.

上述每一项优势都足以将我们与竞争对手区分开来，而将它们综合起来，则形成了我们整体的竞争护城河。这不仅使我们能够兑现“全力支持小企业客户”的品牌承诺，也让我们有能力持续捍卫并进一步扩大我们的市场领导地位。

I started this presentation talking about how we strengthened our leadership position. I then covered why we believe in our ability to defend our leadership position. But we're not just playing defense. I'll close by talking about how we're playing offense and taking action to drive small business growth.

我在这次演讲开始时谈到了我们如何巩固了市场领导地位，接着解释了我们为何有信心捍卫这一地位。但我们不仅仅是“防守型选手”，我最后想谈的是我们如何主动出击，通过具体行动推动小企业业务的增长。

We're taking action in 2 major areas: actions that continue to drive strong acquisition momentum and actions that drive engagement and revenue growth from existing customers. Let's first dig into how we're driving strong customer acquisition momentum to fuel our growth. One action we're taking to drive acquisition momentum is through sustained levels of investment. Coming out of the pandemic, we saw the opportunity to increase marketing investment and accelerate growth. We more than doubled our marketing investment in 2023 versus before the pandemic. And this investment deployed through those analytics-led sales and marketing engines I described earlier has more than doubled the number of new accounts we acquire every year.

我们主要在两个领域积极行动：一是继续推动新客户获取的强劲动能，二是提升现有客户的活跃度与收入贡献。首先，我们来看客户获取方面。为保持增长动能，我们采取的关键行动之一是持续加大投入。疫情后，我们看到市场恢复带来的机会，因此加大了营销投入。2023年，我们的市场营销投资是疫情前的两倍以上。这些投入通过前文提到的、由数据分析驱动的销售与营销系统高效部署，令我们每年获取的新客户账户数量也翻了一番以上。

Another action we're taking to drive acquisition momentum is through personalized offers. Our AI models enable us to target larger businesses with richer offers, both ensuring we deploy our investments efficiently and to increase response rates. Targeted offers achieved, on average, 30% higher response rates. We've nearly quadrupled the amount of offers that are personalized since 2019. We've invested in data and targeting capabilities, making personalization a continued driver both of new customer acquisition and marketing investment efficiency.

我们在推动新客户增长方面采取的另一项措施是提供个性化优惠。我们的AI模型使我们能够更精准地锁定更大规模的企业，并向其提供更具吸引力的优惠方案，这不仅能提升投资效率，还能提高回应率。个性化定向优惠平均实现了30%的更高响应率。自2019年以来，我们个性化优惠的数量几乎增长了4倍。我们在数据和目标定位能力方面的投入，使个性化成为新客户获取和营销投资效率提升的持续驱动因素。

Another action we're taking to drive acquisition momentum comes from the crossover we see between consumer card members who are also small business customers. We can target prospective small business customers who are already Amex customers today through their buying behaviors and presence on commercial bureaus.

我们推动客户获取的另一个动作来源于消费卡用户和小企业客户之间的重合。我们可以通过客户的消费行为以及他们在商业信用数据库中的信息，精准识别出那些已经是美国运通客户、但尚未使用我们小企业产品的潜在客户。

When we capitalize on that crossover, we don't see a substitution between personal and small business products. We see an overall spend lift. And that's because when our card member has a small business product with a limit underwritten by our commercial models, we can provide appropriate business level spend. This very high-quality and already Amex loyal base of card members is a highly attractive prospect pool with an average FICO of 765.

当我们把握住这一交叉机会时，并不会看到个人与小企业产品之间存在替代效应，反而会看到整体支出的提升。原因在于，一旦客户持有由我们商业模型核定授信的小企业卡，我们就能为其提供与其业务发展相匹配的消费额度。这一客户群体质量极高，忠诚度强，FICO平均评分为765，是我们极具吸引力的潜在增长池。

The final action we're taking to drive acquisition momentum is through our strong network of partners. We leverage these partnerships in multiple ways. We have fantastic co-brand partners that enable us to offer relevant reward currencies and reach into partner channels for customer acquisition. In addition, our partner network provides a rational value for our fee-based products.

我们推动客户获取的最后一项举措是充分利用我们强大的合作伙伴网络。我们通过多种方式与合作伙伴协作——如通过优质联名卡合作方，提供契合目标群体的积分奖励，并利用合作伙伴渠道进行客户获取。此外，我们的合作伙伴网络也增强了我们收取年费产品的价值传递能力。

But we're also building out new ways to partner, including the launch of our Amex Sync program last year. Sync provides standardized APIs, enabling early-stage companies to utilize Amex capabilities as they expand their product offerings, ensuring that our card customers will not need to choose between fintechs or Amex card program. They can have both.

我们也在积极探索新的合作方式，比如去年推出的 Amex Sync 计划。该计划提供标准化API接口，使初创公司在拓展产品时能够整合美国运通的能力，从而确保我们的客户无需在金融科技公司和美国运通卡计划之间做出取舍——他们可以两者兼得。

Let's turn now to the actions we're taking to drive revenue growth through customer engagement. At the start of the presentation, I talked about organic spend. At our recent earnings, Christophe and Steve talked about all the analysis we've done to understand organic trends and drivers.

现在，让我们谈谈通过客户参与度提升推动收入增长的相关举措。我在演讲开头提到过“有机消费”。在最近的财报中，Christophe 和 Steve 分享了我们为理解有机消费趋势及其驱动因素所做的大量分析。

But we haven't just analyzed. We're taking action. The actions we've taken have already changed the multiplier between spend and revenue, and we're taking more actions to drive both spend and revenue growth into the future. One action we're taking to drive revenue growth through customer engagement is through spend treatments that grow customer spend over time. We maximize card spend through getting new cards rapidly active to drive first dollar spend. We maximize card spend through adding employee cards as businesses grow. And we maximize card spend through introducing more premium offerings when customers enter a new stage of development. These spend treatments drive ongoing customer engagement and spend growth. These customer treatments helped drive that strong 9% organic transaction count growth we saw in our customer base last year.

我们不仅做了分析，也已采取具体行动。这些举措已经提升了“支出与收入”之间的倍数效应。我们还将继续采取更多行动，推动未来的支出和收入增长。我们当前的一个重点举措是通过“消费引导策略”（spend treatments）提升客户的整体消费水平。我们通过让新卡快速激活，引导“首笔消费”；随着企业成长，我们推动客户添加员工卡来扩大消费范围；当客户进入发展新阶段时，我们推出更高端的产品以提升客户支出。这些“消费引导策略”有效驱动了客户粘性和消费增长——也正是这些举措，帮助我们在去年实现了客户群体9%的“有机交易笔数增长”。

Another action we're taking to drive revenue growth through customer engagement is through leveraging the integrated model or what we sometimes call the closed loop to drive small business spending. Whether through implementing an AP automation software solution like our proprietary One AP solution or by simply sharing their AP file with their account development rep, an Amex small business customer can maximize the spend they put on their card program. This full-file approach enables us to grow card spend for customers who share their AP file by 20% on average.

我们提升客户参与度、推动收入增长的另一项举措，是通过我们所谓的“闭环网络”——也就是整合式商业模式，来推动小企业客户的消费。例如，通过部署我们自研的应付账款自动化工具 One AP，或仅仅是向客户开发代表分享其应付账款文件，小企业客户就可以最大化其在运通卡计划上的支出。采用“全账目共享”模式的客户，其卡片支出平均可增长20%。

Another action we're taking to drive revenue growth through customer engagement by providing our customers the digital ecosystem that makes it easier to do more with American Express. Business Blueprint, the digital home for our small business products drives this better together connectivity. Blueprint is great for our small business customers. And for many, it's becoming the first touch point they have with American Express business membership. When customers access Blueprint, 18% pick a second product within 3 months. We now meet 3-plus business needs for more than 50% of our small business customers with a lot of runway for growth.

我们还通过构建数字生态系统来提升客户参与度并推动收入增长，使客户更便捷地开展与美国运通的合作。Business Blueprint 是我们为小企业客户打造的数字平台，是他们与运通商务服务连接的核心门户。对很多客户来说，Blueprint 是他们接触美国运通商务会员的第一站。数据显示，接入 Blueprint 后，有18%的客户会在3个月内选择第二项产品。目前，我们为超过50%的小企业客户同时满足了三个及以上的业务需求，且仍有大量增长空间。

Another action we're taking to drive revenue growth through customer engagement through enabling our customers to revolve not just on credit cards but also on our charge card portfolio. Coming out of the pandemic, we embedded a capability we call Pay Over Time on 92% of our charge portfolio. While in the past, our charge products require customers to pay their balance in full every month, Pay Over Time, enables customers to revolve a portion of their balance when they need more payment and cash flow flexibility. Pay Over Time is one innovation that helped drive strong lend AR growth in our small business card portfolio since 2019. At the end of 2023, we had a 31% share of all small business card borrowing up from 24% in 2021.

我们还通过扩大循环信贷使用范围（不仅限于信用卡，也涵盖签账卡），来促进客户参与和收入增长。在疫情后，我们在92%的签账卡产品中嵌入了“Pay Over Time”功能。传统上，签账卡要求客户每月全额还款，而“Pay Over Time”允许客户在需要更大支付和现金流灵活性时，仅偿还部分余额。这项创新自2019年以来极大地推动了我们小企业卡贷款余额（AR）的增长。截至2023年底，我们在小企业信用卡贷款市场的份额已从2021年的24%提升至31%。

But despite these recent growth levels, we still punch beneath our weight in card revolve. Compare that 31% share of small business card borrowing on our products to the 47% share we hold of overall small business spend.

但尽管近期循环信贷增长强劲，我们在这一领域仍未充分发挥潜力。目前我们在小企业信用卡贷款市场的份额为31%，而我们在整体小企业消费市场中的份额却高达47%。

And on the right of this page, I highlight some statistics about the quality of recent growth, double clicking on growth in 2023. In 2023, around 70% of the average revolving loan growth came from existing small business customers. The average FICO of this growth is 747. And this growth comes from more mature small businesses. 2/3 of the growth is coming from businesses who've been in operations for more than 5 years. Since embedding Pay Over Time, we've innovated to drive high-quality lending growth in our customer base. We plan to continue to leverage these strategies to drive high-quality lending growth going forward.

右侧数据显示我们近期增长的质量——以2023年为例，约70%的循环贷款增长来自于我们已有的小企业客户群体。这部分客户的平均 FICO 信用评分为747，且大多数是成熟客户——其中有三分之二的增长来自经营年限超过5年的企业。自嵌入“Pay Over Time”以来，我们推动的信贷增长不仅强劲，更具有高质量。未来，我们将继续依托这些策略，推动优质贷款业务增长。

And the final action we're taking to drive revenue growth through customer engagement is through the introduction of entirely new product categories. First, the digitally native business line of credit. Customers that utilize our line of credit average around 3 loans per year, helping them manage major purchases and cash flow cycle. And second, business checking. Today, we see increased engagement from active checking account customers. These customers access their account 8 times a month. Our customers have a clear need for these products, and they also drive inherently more engagement with American Express.

最后，我们还通过引入全新产品类别来提升客户参与度、推动收入增长。第一是数字原生的“企业循环信贷额度”（Business Line of Credit），使用这一产品的客户每年平均发起约3笔贷款，用于支持大额采购和现金流周期管理；第二是“企业支票账户业务”（Business Checking）。目前，我们看到使用支票账户的客户粘性在不断增强——这些客户每月平均登录账户8次。客户对这些产品有着明确的需求，同时也使他们与美国运通之间的互动更为频繁和深入。

So you can see we're not just on the sidelines waiting for organic spend to come back. We're taking action to ensure that SME is a growth engine for the future. The last few years have been a volatile time for small businesses, but through that volatility, we've built a stronger and a more diversified business. We've built on our leadership position in cards. We've invested in and optimized our powerful marketing engine, and we innovate new products and capabilities that drive customer engagement and customer growth.

所以你可以看到，我们并不是在一旁等待“有机消费”自行回升。我们正在积极采取行动，确保中小企业业务成为未来的增长引擎。过去几年，小企业环境充满波动，但在这种波动中，我们打造出了更强大、更多元化的业务结构。我们巩固了在信用卡业务中的领导地位，持续投资并优化强大的营销引擎，并不断创新新产品与新能力，以增强客户互动、驱动客户增长。

Small businesses have always relied on the support, service and strength of American Express. We've built a more resilient business because that's what our customers expect of us, a business that's generating more opportunity for growth now and in the future.

小企业历来依赖美国运通的支持、服务和实力。我们之所以建立起更具韧性的业务体系，正是因为客户对我们的期望——他们需要的是一个不仅当下能支持他们、未来也能持续创造增长机会的合作伙伴。

I'll now hand over to Rafa Marquez, President, International Card Services.

接下来，我将发言权交给国际卡服务总裁 Rafa Marquez。

Rafael Marquez President of International Card Services

Hello, everyone. I'm excited to be here today to talk to you about the international business, where we have a strong track record of growth and confidence that we can continue to deliver momentum for American Express. The key takeaways I will share with you are: first, the international business has been a growth driver for American Express; emerging from the pandemic, our investment in our products and membership model reestablished and strengthened our momentum; and third, we have a significant runway for growth, and we are set up to be accretive to the enterprise aspiration of 10% plus revenue growth.

大家好，我很高兴今天能与大家分享我们的国际业务。我们在这方面拥有强劲的增长记录，也充满信心能够继续为美国运通带来增长动能。今天我想强调的三个要点是：第一，国际业务一直是美国运通的重要增长引擎；第二，在疫情之后，我们在产品与会员模式上的投资帮助我们重建并增强了增长势头；第三，我们仍拥有巨大的增长潜力，有能力助力公司实现10%以上年收入增长的整体目标。

Our focus today is to explain the 3 key reasons for this momentum and why I believe we can continue to grow significantly by focusing on the right countries, the right customer segments and utilizing our unique membership model for growth. To start, I want to provide an overview of how the international proprietary business has been performing for the enterprise.

我今天的重点是解释驱动这股增长势头的三个核心原因，并说明为什么我相信，我们通过聚焦正确的国家、目标客户群体，并运用我们独特的会员模式，能够持续实现显著增长。首先，我想概述一下美国运通的国际专属发卡业务对集团整体的表现贡献。

Prior to the pandemic, international was delivering strong billings growth, which translated into annual FX-adjusted revenue growth of 10%. In the midst of the pandemic, we invested heavily in our customers and refined our strategy to double down on product refreshes, leaning to partnerships and strengthen our value propositions. This enabled us to emerge in an even stronger position with great momentum in our 2022 and 2023 results, producing growth rates higher than the enterprise.

在疫情发生之前，国际业务的账单支出（billings）保持强劲增长，带动了年化汇率调整后的收入增长达到10%。在疫情期间，我们持续加大对客户的投入，优化战略，重点推进产品焕新、深化合作关系并强化客户价值主张。这一系列举措使我们在疫情后以更强的姿态重新出发，2022年和2023年国际业务的增长率超过了集团整体水平。

Now I will go deeper into why we've been able to achieve these growth rates, starting by the fact that we operate in the right countries. American Express operates globally with multiple models. Today, I'm going to focus on the countries where we are a proprietary issuer and generate the lion's share of our international revenue.

接下来我将进一步解释我们为何能取得如此增长，第一点是我们选择在“正确的国家”开展业务。美国运通在全球采取多种运营模式。今天我要聚焦的是我们以“专属发卡机构”身份运营的国家，这些市场贡献了我们国际收入的绝大部分。

Our largest 15 countries comprise 57% of the estimated total international card payments revenue pool across the industry. And our top 5 countries: Australia, Canada, Japan, Mexico and the U.K., which you can see highlighted, represent 1/3 of that same pool. For the remaining opportunities outside of the geographies where we operate as proprietary, we operate through a network partnership model, working closely with other institutions to serve customers.

我们最大的15个国家市场合计占据全球卡支付行业总收入池的57%；而其中5个核心国家——澳大利亚、加拿大、日本、墨西哥和英国（如图中所示）就占了约三分之一。对于我们不以专属发卡机构身份运营的国家，我们则通过网络合作模式，与当地金融机构密切合作，共同服务客户。

Our membership model and focus on premium consumer and small business in these 5 countries have enabled us to outgrow the industry. Our revenue is growing faster than the industry in both pre- and post-pandemic periods, and that revenue momentum has been driven by successfully growing billings faster than the industry over the same time horizon. This is a direct outcome of the strength of our value propositions and the investments that have generated product demand and engagement within our target segments.

我们在这五个国家聚焦于高端个人与小企业客户，并采用会员模式运营，这帮助我们实现了超过行业水平的增长。不论是在疫情前还是疫情后，我们的收入增长速度都快于行业，而这种增长动能的背后，是账单支出持续领先行业的增长速度。这直接反映了我们价值主张的吸引力，以及我们在目标客户群体中推动产品需求和客户互动的投资成效。

We see significant runway to sustain this growth in the future. Our share of the combined credit and debit spend in each of these countries ranges from 11% in Mexico to 4% in Canada. And whilst we have been able to outpace the growth of the industry in our largest 5 countries, we're very excited about the growth opportunities and confident in our ability to continue delivering significant value for our customer base.

我们认为，未来仍有可观的增长空间可持续释放。在我们运营的国家中，美国运通在信用卡与借记卡合并支出中的市占率从墨西哥的11%到加拿大的4%不等。尽管我们已在这五大核心市场的增长速度上超越了行业平均水平，但我们对未来的增长机会依然充满期待，并有信心继续为客户群体创造重大价值。

We're also focused on the right segments, in particular, premium consumers and small businesses. We have a long history of providing strong value propositions and fantastic service to our customers, and over time, we have sharpened our focus on the premium consumer and small business segments where we have the best growth opportunities.

我们同样聚焦于“正确的细分客户群体”，尤其是高端消费者与小企业客户。我们一直以来都致力于为客户提供强有力的价值主张与卓越服务，并在长期实践中不断聚焦在高端个人与小企业这两个增长潜力最大的细分市场。

I will start with our premium consumer base. Our customers spend on average 4x more on their American Express Card than the average spend across all credit cards. In some countries like Japan, this number is even higher, reaching close to 8x that same average. Additionally, our premium consumer customers have better credit performance with lower delinquency rates than the industry as exemplified by Australia and the U.K. Our product value propositions attract higher spending customers that are willing to pay a fee for the products and services that they enjoy.

先从高端个人客户谈起。我们这些客户在美国运通卡上的平均消费额，是行业平均信用卡消费额的4倍。在日本等个别市场，这一数字甚至接近8倍。此外，在信用质量方面，我们的高端客户群体表现也优于行业，例如在澳大利亚和英国，我们的客户拖欠率明显低于市场水平。我们的产品价值主张成功吸引了那些高消费、愿意为优质服务与体验支付年费的客户。

Our small business segment also offers a great growth opportunity. They spend in average 4.7x more than our already high spending consumer base. And whilst small business volumes are a smaller contribution to our international business today, it is the fastest-growing segment in international and has significant runway for growth as evidenced by our penetration on the total population of small- and medium-sized enterprises within our top countries.

我们的小企业客户群体同样展现出巨大增长潜力。他们的平均消费是我们原本已属高消费水平的个人客户的4.7倍。虽然小企业客户目前在我们国际业务中的占比还相对较小，但这是国际市场中增长最快的细分领域。从我们在主要国家市场中小企业整体人口渗透率来看，这一群体未来的增长空间非常可观。

For example, in Japan, which is 1 of our largest countries for small businesses, we estimate that 9% of small businesses have an American Express small business card. Additionally, we are one of only a few players in international providing credit and charge products tailored to these customer segments. And in some cases, we are creating the category of small business products.

例如在日本，这是我们在小企业业务上最大的国家市场之一。我们估算，目前约有9%的日本小企业拥有美国运通的小企业信用卡。此外，在国际市场上，我们是为数不多能够为这一客户群体量身打造信用卡与签账卡产品的机构。在部分市场，我们甚至是在“定义”这一产品类别。

The premium nature of our international business is further illustrated by our spend mix. When compared with our U.S. business that itself is premium, we have a larger share of travel and entertainment and cross-border spend. This reinforces how the membership model, as explained by Howard earlier, attracts a more premium set of consumer -- of customers and businesses.

我们国际业务的“高端属性”还体现在消费结构上。与我们本身就定位高端的美国业务相比，国际市场中“旅行与娱乐”以及“跨境消费”在总支出中所占比重更高。这再次印证了Howard早前所提到的，会员模式能有效吸引更多高端客户——无论是个人还是企业。

Our revenue mix also demonstrated -- demonstrates the premium nature of our international business. As you can see on the slide, international generates the largest share of its revenue from spend and fees, reflecting our ability to price for the significant value of our products, which I will expand on in a moment. When looking at net interest income, we see an opportunity to enhance our membership model and meet the borrowing needs of our premium consumer and small business customers.

我们的收入结构也同样体现了国际业务的高端属性。正如幻灯片所示，国际业务的收入主要来自消费支出和年费，这反映了我们产品高价值定价能力的体现，稍后我将进一步展开说明。至于净利息收入部分，我们也看到了进一步提升会员模式、满足高端消费者与小企业客户信贷需求的机会。

Now that I've explained why we believe we operate in the right countries and our focus in the right segments, I want to go deeper on the membership model. And in particular, I will unpack how our product suite across both consumer and small businesses is continuously evolving through partnerships and innovation and how we are able to attract, engage and retain a younger customer base.

我刚才讲解了我们为何选择在“正确的国家”运营，并聚焦“正确的客户群体”，现在我想深入探讨我们的会员模式。具体来说，我将说明我们如何通过合作与创新，不断演进个人与小企业产品组合，并吸引、激活和留住年轻客户群体。

As Howard mentioned earlier, our membership model is global and is built on 3 core components: first, premium payment products; second, differentiated membership services; and third, partnerships and partner-funded value. We operate internationally similar to the U.S. with a strong set of proprietary products across both Centurion line and co-brands. Through these products, we're able to serve both our premium consumer and small business segments. And we have an enviable set of co-brand partners with whom we develop synergistic products that have enabled us and the partner to grow together, serving our mutual customers, in several cases, across both consumer and small business segments.

正如Howard早前所说，我们的会员模式具备全球一致性，并基于三大核心要素：一是高端支付产品，二是差异化会员服务，三是合作伙伴与由其出资支持的权益价值。在国际市场中，我们与美国本土一样，拥有一套强大的自营产品体系，包括Centurion（百夫长）系列与联名卡产品。这些产品使我们能够同时覆盖高端消费者与小企业客户群体。我们还拥有一批令人羡慕的联名合作伙伴，与他们共同开发协同产品，在多个市场实现我们与合作方的共同成长，服务于共同的客户基础——包括个人与小企业客户。

We continuously evolve our value propositions to ensure that our products remain attractive, competitive and contemporary, identifying opportunities to provide additional value across key customer passion points. For example, in 2023, we executed on more than 30 product refreshes to enhance our value propositions and price for value.

我们不断更新和升级产品价值主张，确保产品在吸引力、竞争力和现代性方面保持领先，同时持续识别客户热衷领域以创造更多附加价值。例如，仅在2023年，我们就完成了30余次产品焕新，以提升价值主张并实现“价值定价”。

This year, we have around 40 planned refreshes globally. Our platinum portfolio illustrates this strategy where we've created strong value propositions and are able to price accordingly. For example, in Japan and Australia, we enhanced the value proposition of our Platinum Card, which enable us to price for value and increase the annual fee while expanding the size of the portfolio. We have been on this journey for several years, and we are confident that our membership model will continue to evolve and grow.

今年我们计划在全球范围内进行大约40项产品焕新。我们的Platinum（白金）系列就是该战略的代表——通过强化产品价值主张，我们能够实现相应的价值定价。例如，在日本和澳大利亚，我们提升了白金卡的价值主张，不仅顺利上调了年费，还扩大了持卡用户规模。我们已在这条路径上深耕数年，并有信心会员模式将在未来持续演化并推动增长。

Underpinning the success of our premium product suite is a broad set of partnerships. This includes some of our key U.S. partnerships that we have been able to successfully expand to international such as our Hilton, Delta and Marriott co-brand products. Partners also support our ability to drive premium value. For example, we're able to provide access to more than 1,400 lounges globally through our proprietary network and our partners. Also, our Membership Rewards program enables our customers to redeem their rewards points at a wide selection of partners from global traditional airlines and hotels to highly relevant local retailers. As a result of all this, our premium offering is highly attractive, and we are always developing improvements to our products with partners that are interested in growing with us.

我们高端产品组合成功的背后，是强大且广泛的合作伙伴体系。其中包括许多关键的美国合作伙伴——如Hilton希尔顿、Delta达美航空和Marriott万豪酒店等联名卡产品已被成功拓展至国际市场。这些合作关系也加强了我们交付高端价值的能力。例如，我们通过自有网络与合作方提供全球超过1,400家机场贵宾室的使用权；我们的“会员奖励计划”允许客户在涵盖全球航空公司、酒店品牌及本地热门零售商的广泛合作网络中兑换积分。凭借这些优势，我们的高端产品在全球范围内极具吸引力，我们也不断与志同道合的合作伙伴一起优化产品，共同成长。

Product evolution across the U.S. and international has only been possible as a result of the innovation exchange that we have across both geographies. As an example, our customer referral program, Member-Get-Member, which is a -- highly valued by consumer and small business globally and is a key acquisition channel was firstly built and tested in international before we've expanded to the U.S. On the flip side, we take significant learnings from the U.S., for example, unlocking opportunities to scale partner-funded value. This innovation value exchange further strengthens our products and services globally.

我们在美国与国际市场的产品进化，得益于双向的创新交流。例如，我们的客户推荐计划“Member-Get-Member”（会员推荐会员）——这项全球广受高端消费者和小企业客户欢迎的关键获客渠道，最初就是在国际市场率先开发并验证成功后才推广至美国的。反过来，我们也从美国市场汲取了重要经验，例如如何扩大“合作伙伴出资权益”的规模。这种双向的创新价值交流机制，进一步强化了我们全球产品与服务的竞争力。

In addition to the product evolution, we're also focused on evolving the way we interact with our customers. We are digitizing the way we acquire new customers through a broad range of new channels. And the way that we interact with customers is also becoming more digital. We are also evolving our capabilities to serve more borrowing needs of our customers. And we are making progress in all these areas, and we still have a lot of room to grow.

除了产品的不断演进，我们也在不断优化与客户互动的方式。我们正在通过多样化的新渠道实现客户获取流程的数字化，与客户的日常互动也正日益数字化。同时，我们也在提升自身能力，以更好地满足客户的借贷需求。所有这些领域我们都在取得积极进展，并且仍有大量增长空间。

Our membership model has proven successful through our ability to attract new generations of our customer base. In 2023, 68% of all consumer cards acquired in international were for Millennials and Gen Z, which is a 17 percentage point increase versus 2019. These customers are increasingly choosing to begin their American Express relationship on fee-based products. And in addition, they also present an opportunity for us to grow with them through their customer life cycle.

我们的会员模式之所以成功，正是因为我们具备吸引新一代客户的能力。2023年，国际市场新获发的个人卡中，有68%发给了千禧一代与Z世代客户，这一比例比2019年提升了17个百分点。这些年轻客户越来越倾向于从“年费型产品”开始他们与美国运通的关系。同时，他们也为我们带来了伴随生命周期成长的深度挖掘机会。

The strength of our model is not only evidenced by our ability to attract new customers but also to retain and increase billings. Average customer spending has grown 42% since 2019, and we've been able to do all this while retaining, on average, 96% of billings each year. Finally, and as an introduction to the topic Raymond will talk about next, we have been making significant progress on expanding coverage, which will serve as an additional growth lever enabling existing and new card members to benefit from more places to spend.

我们模式的优势不仅体现在获客能力上，也体现在客户留存率与账单支出的增长上。自2019年以来，我们的客户平均消费额增长了42%；与此同时，我们每年仍能保持96%的账单消费留存率。最后，为引出Raymond接下来将要分享的内容，我们在商户受理网络扩展方面也取得了重大进展，这将成为我们又一项增长引擎，帮助现有与新客户在更多场所使用运通卡消费。

So to summarize, our international proprietary business has been a source of growth for American Express, and we are confident that it will continue to be a fast-growing segment for the company. This is because we operate in a growing industry within the right countries. We're focused on the right segments with premium consumer and small businesses and have proven ability to innovate on our membership model. Based on these factors, we expect the international business to be accretive to the enterprise aspiration of delivering sustained 10% plus revenue growth.

总结来说，美国运通的国际专属发卡业务一直是推动公司增长的重要动力，我们也有信心这一业务板块将继续保持高增长态势。原因在于：我们所处行业本身具备增长潜力；我们选择在“正确的国家”运营；我们聚焦在高端个人与小企业客户这两个“正确的细分市场”；我们也已验证了在会员模式上的持续创新能力。基于这些要素，我们预计国际业务将助力集团实现10%以上可持续的年收入增长目标。

And with that, I want to thank you for your time today. we're going to take a 20-minute break. And when we return, you will hear from my colleague, Raymond Joabar.

感谢大家今天的聆听。接下来我们将进入20分钟的茶歇时间。回来之后，我的同事 Raymond Joabar 将继续为大家介绍。

[Break]

Raymond Joabar Group President of Global Commercial Services

Good morning, everyone. It's a pleasure to speak with you today. Good morning.

大家早上好，我很高兴今天能与大家分享。早安。

When you think about American Express' core customer base, we have the card members who use our cards and the global network of merchants that accept them. So far today, you've heard from my colleagues who manage the consumer, commercial and the international.

当你想到美国运通的核心客户群体时，我们主要面向两个方面：一是使用我们信用卡的持卡人，二是全球范围内接受运通卡的商户网络。今天到目前为止，大家已经听取了负责个人、企业与国际业务的几位同事的分享。

In the next 20 minutes, I'm going to shed light on the arm of our business dedicated to expanding our network of accepting merchants and the role it plays in the company's growth plan.

接下来的20分钟，我将聚焦于我们专门致力于扩展运通卡受理商户网络的业务部门，并介绍它在美国运通整体增长战略中所扮演的关键角色。

By increasing the number of locations that accept American Express, we give our card members far more places to spend, which in turn drives revenue and continues to offer significant growth opportunities for the company.

通过增加可接受美国运通卡的商户数量，我们为持卡人提供了更多消费场所，从而推动收入增长，并为公司持续创造可观的增长机会。

As I go through this presentation, there are three key messages to keep in mind. First, we more than tripled the number of locations globally that accept American Express since 2017, where our card members live, work and travel most. Second, these coverage gains are driving scale and relevance, and have been a significant contributor to American Express' revenue growth. And lastly, tremendous growth opportunities remain across the globe to sustain this growth. That's because the universe of accepting merchants keeps expanding as new businesses are created every day and existing businesses begin accepting credit cards. We're capturing this volume from day 1.

在今天的分享中，请记住以下三点关键信息：第一，自2017年以来，我们在持卡人“生活、工作和旅行”的主要区域内将全球可受理运通卡的商户数量提升了三倍以上；第二，这些覆盖提升带来了更大规模和更强关联性，是推动美国运通收入增长的重要因素；第三，全球范围内仍存在巨大增长空间——因为每天都有新商户诞生，越来越多的现有商户也开始接受信用卡支付，而我们能够从第一天就捕捉这些新增交易量。

And our card members are having a significantly better experience because Amex acceptance is growing at a rapid pace. And finally, over the last few years, we've enhanced our network capabilities to deliver more value to merchants, card members and partners, both today and as the payment ecosystem continues to evolve.

随着运通卡受理范围的快速扩大，持卡人的整体体验也显著提升。最后，在过去几年中，我们不断增强自身网络能力，为商户、持卡人及合作伙伴创造更多价值，无论是在当前还是面向未来持续演进的支付生态中。

Today, I'm going to cover our coverage journey. First, I'll share the global progress, then provide more detail on both our U.S. and international acceptance strategies. And lastly, I'll highlight how we're driving network volumes by enhancing our capabilities and capitalizing on new opportunities and innovations.

今天我将介绍我们在覆盖网络扩展方面的整体历程。首先，我会讲解全球范围的进展，然后分别分享我们在美国及国际市场的受理策略。最后，我将展示我们如何通过强化能力、抓住新机遇与创新，持续提升网络交易量。

Since 2017, we've more than tripled the number of locations worldwide that accept Amex to more than 89 million. That's up from the 66 million we reported at our last Investor Day in 2022.

In the U.S., we've maintained virtual parity, meaning, American Express card members can use their cards at 99% of the places that accept credit cards. Outside of the U.S., the number of new places accepting Amex has increased fourfold. The result: Card members are finding and spending at these new accepting locations, driving significant volume growth for the company. And with more places to spend, card members are more satisfied with their Amex membership.

在美国，我们已实现与主要信用卡品牌“几乎等效”的受理水平，也就是说，99%的接受信用卡的商户都接受美国运通卡。在美国以外地区，新受理商户数量增长了四倍。结果是：持卡人在这些新商户中找到并进行了消费，为公司带来了显著的交易增长。消费场所越多，客户对美国运通会员的满意度就越高。

A key driver of our success has been the deploying of the hybrid acquiring model where every stakeholder has a role to play. Our team signed and manage our largest, most strategic merchants who generate the majority of our discount revenue. And our partners efficiently sign and manage this longer tail of smaller merchants, which is critical to increasing card member confidence to use their cards, and is transforming the experience for new and existing card members. This page shows the satisfaction and coverage improvement across key countries since 2019.

我们成功的关键在于部署了一种“混合收单模式”，让各参与方都能发挥作用。我们的团队负责签约和管理那些最具战略意义、规模最大的商户，这些商户贡献了大部分的折扣收入；而我们的合作伙伴则高效签约并管理“长尾”小型商户，这对于提升持卡人用卡信心、改善新老客户用卡体验至关重要。这一页展示了自2019年以来多个主要国家的客户满意度与覆盖率提升情况。

To summarize, we've made tremendous gains in global coverage. Card members are noticing all the new places they can spend, which is translating into incremental volume and revenue growth.

总结而言，我们在全球受理网络方面取得了巨大突破。持卡人明显感受到可用场所的增加，这直接转化为额外的交易量与收入增长。

In the next two sections, I'll take you through the U.S. and our international coverage progress separately, because they're in two different stages of their journey. So let's start with the U.S.

接下来的两个部分，我将分别介绍我们在美国和国际市场的受理网络进展，因为它们处于不同的发展阶段。我们先从美国开始。

In the U.S., we reached virtual parity acceptance in 2019, with 99% of credit card accepting merchants able to accept American Express. And we maintain that coverage over time even as the universe of merchants continues to expand. In fact, there were 56% more U.S. small businesses created in 2023 compared to 2019, according to the U.S. Census Bureau and Anna highlighted earlier today.

在美国，我们于2019年实现了“几乎等效受理率”，即99%的接受信用卡的商户也接受美国运通卡。尽管商户数量持续增长，我们仍然保持了这一高覆盖水平。根据美国人口普查局的数据，以及Anna今天早些时候的分享，2023年美国新成立的小企业数量比2019年多了56%。

We've added 7 million more locations since 2019, the same year we reached virtual parity coverage. And as new businesses are created every day, and existing businesses begin accepting credit cards, our hybrid acquiring model has been an efficient and effective way to sign the influx of new merchants, allowing us to grow with the industry. And card members are noticing. As we add new locations, we're giving customers even more places to spend, and new card members are using their Amex more frequently.

自2019年达到“几乎等效受理”以来，我们又新增了700万个受理点。随着每天不断有新商户诞生，越来越多的现有商户开始接受信用卡支付，我们的“混合收单模式”高效地帮助我们签约这些新增商户，使我们能够随行业共同成长。持卡人也有所察觉——每增加一个新商户，就意味着他们有更多的消费场所，新用户也因此更加频繁地使用运通卡。

The chart on the left represents the average number of transactions indexed to 2017, that a new card member makes in their first 12 months of membership. As you can see, we saw 75% more transactions from new card members in 2023 compared to those from 2017.

左侧图表显示了按2017年为基准，新用户在入会后前12个月的平均交易次数。从中可以看到，2023年新用户的交易次数比2017年增长了75%。

A major reason for the increase in transactions is that the younger generations, the millennial and Gen Z card members [indiscernible] coverage in the U.S., which gives them greater confidence to use their card at the point of sale. It enables us to capture a greater share of wallet, as you can see for a couple of our products on the right-hand side.

交易次数大幅提升的一个主要原因，是千禧一代和Z世代的年轻持卡人对美国运通在美国的广泛受理网络更有信心，因此更愿意在线下使用运通卡支付。也正因为如此，我们在年轻客户群体中的“钱包份额”持续提升，右图显示了我们部分产品在这一趋势中的表现。

Beyond new businesses being created every day, there are growth opportunities in some industries, as some industries shift towards greater card adoption. An important part of our U.S. strategy lies in signing merchants from industries where credit card acceptance is either new or with lower card penetration versus debit, check or cash.

除了每天都有新商户产生，一些行业本身也正朝着更高信用卡使用率转变。我们美国市场战略的重点之一，是拓展那些原本不接受或信用卡渗透率较低的行业。

We've highlighted some of these on the left. Card members want to pay for tuition, rent, charitable donations, subway rides, even charge their electrical vehicles with their cards. As you can see on the right, the spending in these new industries is growing every year, and we expect these trends to continue for the next several.

左侧列举了一些关键行业，持卡人希望能够使用运通卡支付学费、房租、慈善捐款、地铁费用，甚至是电动车充电。右侧图表显示，这些“新兴受理行业”的交易金额每年都在稳步增长，我们预计这一趋势将在未来几年持续。

To summarize our U.S. acceptance journey, reaching virtual parity was only the beginning. Since 2019, we've been moving with the industry as it expands. More small businesses are being created and more industries now accept credit cards. We're excited about the continued growth opportunities.

总结我们在美国市场的受理网络发展历程，实现“几乎等效受理”只是起点。自2019年以来，我们始终紧跟行业发展趋势，伴随新商户的不断涌现与新行业对信用卡的采纳率提升，我们的增长机会持续扩大，我们对此充满信心与期待。

We've entered 2024 with great momentum, a strategy focused on signing more merchants and ensuring card members know about those coverage gains. These efforts will result in expanded merchant acceptance and greater spend flowing through our network.

我们带着强劲的动能进入了2024年，并制定了明确的战略重点：签约更多商户，并确保持卡人了解这些覆盖率的提升。这些努力将推动商户受理范围扩大，并带动更多消费通过我们的网络流转。

Now let's look a little closer across international, where we're at a different stage of our journey. Here, we're focused on driving acceptance where it matters most to our card members, with three strategic imperatives. First, accelerate international acceptance in key verticals like e-commerce, restaurant, transportation and lodging. Second, make progress on our priority international cities and tourist destinations where we have a high concentration of card members. And third, deepened coverage across top strategic countries and expand into new countries and territories.

接下来我们深入看看国际市场的发展进程。相较于美国，国际市场仍处于不同阶段。我们聚焦于那些对持卡人最关键的受理点，并明确了三大核心战略重点：第一，加快在关键垂直行业（如电商、餐饮、交通和住宿）中的受理覆盖；第二，在我们高持卡人密度的国际重点城市与旅游目的地中加快拓展进度；第三，深化在战略重点国家的受理覆盖，并拓展至新国家和地区。

Outlined on the right are three main growth levers to help us achieve these imperatives. First, we're deepening the use of partnerships with third-party processors and payment facilitators. This model helped us reach virtual parity in the U.S. and is increasingly effective across international. Second is expand the use of local bank partnerships to sign and manage merchant acceptance in countries where we don't have a proprietary acquiring business. And third, we're focused on signing key merchant holdouts.

Since launching our international coverage strategy in 2017, we've increased acceptance fourfold, reaching 72 million locations at the end of 2023. This progress has significantly contributed to international network spend, and has also changed the card member experience from what it was a decade ago. And we're rapidly adding millions of new places for our card members to spend around the world.

自2017年启动国际市场的受理扩张战略以来，我们已将国际商户受理数量提升了四倍，截至2023年底达到了7200万家。这一进展极大提升了国际市场的网络消费额，并从根本上改善了与十年前相比的客户用卡体验。我们正在迅速为全球持卡人新增数百万个消费场所。

So where are we adding coverage? As Rafa highlighted earlier, this graph shows our progress in some of the key industry verticals, our first strategic imperative. We've reached 96%, the 90% acceptance with top e-commerce websites and tourist attraction.

那么，我们具体在何处扩展了受理网络？正如Rafa先前所指出的，这张图展示了我们在若干关键行业垂直领域中的进展，也正是我们第一项战略重点。截至目前，我们已在主要电商平台和旅游景点的受理率分别达到96%和90%。

Our second imperative is focused on accelerating coverage in 48 important international cities and tourist destinations where we have a high concentration of card members. As we began this journey, our initial target was to achieve more than 75% coverage in these locations, ensuring card members could use their cards in at least 3 out of 4 accepting merchants.

第二项重点战略是加速在全球48个重要的国际城市和旅游目的地的覆盖。在这些地区，我们拥有较高的持卡人密度。我们在这一旅程之初设定的目标是：在这些城市实现超过75%的商户受理率，确保持卡人每四家商户中就有三家可以使用运通卡。

The bars on this chart represent the level of coverage in each of the 48 cities. The dark blue portion indicates our point of departure, while the lighter blue portion is the progress made since launching our strategy. At the end of 2023, 26 cities were already at or above our initial 75% coverage target. And that was just the beginning.

图表中的柱状图代表了48个城市各自的受理水平。深蓝色部分为起始点，浅蓝色为自战略启动以来的进展。截至2023年底，已有26座城市达到或超过最初设定的75%覆盖目标，而这仅仅是开始。

Now with the progress made in these cities and many of their respective countries, we're designing strategies to reach virtual parity coverage over the next several years. In the remaining 22 cities, we're making good progress, and still have more work to do to bring them above the initial 75% threshold. We've made good progress. However, we have a tremendous opportunity to capture more spend, drive more growth and generate more revenue where acceptance is catching up.

如今，随着这些城市及其所在国家的覆盖水平持续提升，我们正制定计划，在未来几年内实现“几乎等效受理率”。在其余22个城市中，我们也已取得积极进展，尽管尚未全部超过75%的目标线，但仍在稳步推进中。整体来看，我们虽然已取得显著成绩，但随着受理网络继续追赶，我们仍有巨大潜力可释放，以捕获更多交易、带动更快增长并创造更多收入。

Tourist destinations are very important to our premium card members. Our card members told us they want to use their cards beyond the resort to explore local shops, markets, restaurants and attractions. The Caribbean is one example.

旅游目的地对我们的高端持卡人来说非常重要。持卡人告诉我们，他们希望不仅能在度假村使用运通卡，还希望在当地的商店、集市、餐馆和景点使用。这方面，加勒比就是一个典型例子。

Here, we expanded the number of local acquiring banks to sign and manage acceptance on our behalf, and the results have been impressive. A little over a year ago, you could use your card at less than 30% of the accepting businesses across these 13 islands. Since then, we've rolled out 23 new bank partnerships on these islands to help drive merchant acceptance.

在加勒比地区，我们扩大了本地收单银行的数量，由他们代表我们签约商户并进行管理，结果非常显著。就在一年多以前，在这13个岛屿中，运通卡的受理率还不到30%。而自那时起，我们已在这些岛屿上建立了23个新的银行合作伙伴关系，以推动商户受理。

A few of these islands are already at 90% coverage. And for the others, we're on track to achieve 90% acceptance once we reach the 1-year mark in each of these partnerships. That's a significant increase in the number of places saying yes to American Express. And we expect to duplicate the success across the remaining Caribbean islands in the coming months.

其中一些岛屿已经达到了90%的受理覆盖率。而对于其他岛屿，一旦我们与当地银行的合作超过一年期，也有望实现90%的受理率。这标志着美国运通在当地的受理网络实现了大幅增长。我们预计将在未来几个月将这一成功模式复制至更多加勒比岛屿。

Our third imperative further broadens our coverage efforts beyond verticals and priority cities to entire countries. We're expanding the use of partners like Stripe, Adyen, SumUp to accelerate coverage and card acceptance, ensuring we can capture the long tail of smaller merchants. This approach helped us reach virtual parity in the U.S. And in international, Canada, Australia and Mexico were early adopters.

我们的第三项战略重点是将覆盖拓展从重点行业和城市，进一步扩大到整个国家。我们正在加大与Stripe、Adyen、SumUp等合作伙伴的合作，以加快商户覆盖和受理能力的扩展，特别是确保我们能够覆盖到长尾小型商户。这一策略曾帮助我们在美国实现“几乎等效受理”；在国际市场，加拿大、澳大利亚和墨西哥也率先采用了这一做法。

The graph on the left highlights the progress in Mexico, as an example, where we've accelerated our coverage gains and now aspire to reach 95% coverage by 2026. Based on this success, we're executing this strategy in the U.K. and in certain countries across Continental Europe, where we aspire to reach 90% and 80% coverage, respectively, by 2026.

左侧图表以墨西哥为例，展示了我们在那里受理覆盖的快速进展。我们计划在2026年达到95%的覆盖率。基于这一成功经验，我们正在将该战略推广至英国和欧洲大陆若干国家，并分别以2026年实现90%和80%的覆盖率为目标。

To close out this section, we'll continue to accelerate coverage where our card members live, work and travel most. And by 2026, we aspire to reach 90 million total international accepting locations, achieve our initial goal of 75% coverage across all 48 priority cities and increase the number of countries with more than 75% coverage. We anticipate that achieving these aspirations by 2026 will significantly increase total international spend.

总结本部分内容，我们将持续加快在持卡人“生活、工作和旅行最频繁地区”的受理覆盖。到2026年，我们的目标是实现全球国际市场9000万个受理点，在48个重点城市中全部实现75%以上的受理覆盖，并增加受理覆盖率超过75%的国家数量。我们预计，到2026年实现这些目标将显著提升国际市场的总交易额。

The last step in our coverage journey is enhancing our capabilities to enable safer, more secure transaction as technology and the payment landscape continues to evolve. To capitalize on these emerging innovations, we significantly enhanced our global payments network. Our network now runs on a more flexible modular architecture, built on secure private cloud technology that evolves and expands to meet our customers' and partners' needs. We've enhanced the security and integrity of the network while making it faster more agile, more flexible, opening up tremendous growth opportunities to innovate and evolve for the future.

我们受理网络战略的最后一步，是提升我们在科技和支付环境不断演进背景下的能力，以实现更安全、更稳定的交易。为抓住这些新兴创新的机会，我们显著增强了全球支付网络。现在，我们的网络运行在一个更灵活的模块化架构之上，基于安全的私有云技术构建，具备持续演进和扩展能力，以满足客户和合作伙伴的多样化需求。在提升安全性与完整性的同时，我们也让网络变得更快速、更敏捷、更具扩展性，从而为未来创新和增长打开巨大空间。

For example, our new modern capabilities are enabling us to uplift our popular Amex offers program, providing greater value to both merchants and card members, expand our Agile partner platform, allowing fintechs and other partners to launch payment innovations on our network more rapidly, and capture more spend by accelerating tap and pay payments for transit.

例如，我们的新一代网络能力让我们能够全面升级广受欢迎的“Amex Offers”优惠项目，为商户和持卡人提供更大价值；同时扩展我们的“敏捷合作伙伴平台”，使金融科技公司和其他合作方能够更快速地在我们的网络上推出支付创新；此外，通过加快公共交通场景下的“挥卡支付（tap and pay）”普及，我们还能捕捉到更多高频小额支付交易。

In the next few slides, I'll dive deeper into these value propositions. As mentioned earlier today, Amex Offers epitomizes our integrated business model, harnessing direct relationships with card members and merchants, driving value to both. It's a powerful program that taps into the fact that all businesses want to grow revenue by finding new customers and drive more loyalty with existing ones.

接下来的几页，我将深入介绍这些价值主张。正如今天早些时候提到的，Amex Offers（运通优惠）是我们一体化商业模式的典范，它依托我们与持卡人和商户的直接关系，为双方带来价值。这是一项非常强大的计划，准确切入所有企业“希望拓展新客户、并增强现有客户忠诚度以推动收入增长”的核心需求。

To do this, businesses advertise. And they face a myriad of options for their advertising spend, and this is where Amex Offers comes in. [indiscernible] platform that provides an extremely efficient -- card members through our mobile app and online.

为实现这些目标，商家通常需要做广告营销。而在实际操作中，他们面临众多广告渠道选择——这正是Amex Offers能够发挥作用的地方。我们提供一个极高效的平台，通过移动App和网页版，直接将商家的优惠内容精准投放给我们的持卡人。

You can see a few of examples of participating merchants on the left. They span retail, travel, dining and everyday spend categories. The enrollment and redemption process is simple. Just click to add the offer to your card, make a purchase, and we'll handle the rest.

左侧展示了一些参与该项目的商户示例，涵盖零售、旅游、餐饮和日常消费等类别。整个注册与使用流程非常简单：只需点击将优惠添加至信用卡，完成消费，剩下的由我们处理。

What differentiates us from other advertising engines, merchants can market to our high-spending card members and only pay when an offer is redeemed. We pass the value to card members in the form of savings, cash back or rewards. And this model provides a terrific return on their advertising spend.

与传统广告平台不同的是，商户可以精准触达我们高消费能力的持卡人，并且只在优惠被兑现时才需支付费用。我们则将这些价值以立减、返现或积分的形式传递给持卡人。这种模式帮助商户获得极高的广告投资回报率。

Since 2017, we've more than tripled the amount of card member savings and value generated through Amex Offers. That's value measured in the hundreds of millions, and we're investing to make the platform even better. By leveraging American Express' differentiated assets, you can see a number of them on the left side of the slide. We're transforming our platform to increase the speed to market, enhance personalization and scale offer content globally.

自2017年以来，通过Amex Offers为持卡人带来的节省与价值已增长三倍以上，累计金额达到数亿美元。我们正持续投资以进一步升级这一平台。借助美国运通独特的优势资源（如左图所示），我们正转型平台体系，以提升上线速度、加强个性化推送能力，并在全球范围扩大优惠内容的覆盖和规模。

Our ambition is to lock -- unlock a fivefold increase in global partner-funded value for our card members and a threefold increase in the number of card members redeeming over the next 3 years, driving loyalty and reinforcing value of membership to both merchants and card members.

我们的目标是，在未来三年内，将“全球合作伙伴出资权益价值”提升五倍，同时让参与Amex Offers的持卡人数量增长三倍。通过这些努力，进一步增强客户忠诚度，并向商户和持卡人双向强化“运通会员”的整体价值。

Our next value proposition is the Agile Partner platform or APP, as we call it, which gives fintechs and other partners a more seamless way to launch cards on our network. We built a bench of sponsor banks, issuer processors, program managers who quickly get our partners innovative payment products to market.

下一个我们将介绍的价值主张是“敏捷合作伙伴平台”，简称APP。该平台为金融科技公司及其他合作方提供了一种更流畅、更高效的方式，将他们的创新支付卡产品部署在我们的网络上。为此，我们建立了一个强大的合作生态，包括赞助银行、发卡处理商和项目管理方，帮助合作方迅速将支付创新产品推向市场。

One of the benefits of APP is that we offer access to Amex branded assets and capabilities like Amex Offers, presale ticketing and dining benefits. Square was one of the first cards launched with APP. Their credit card seamlessly integrates with existing Square seller accounts and provides discounts on processing fees.

APP平台的一大优势，是合作伙伴可以接入美国运通品牌下的多项权益与功能，例如Amex Offers（运通优惠）、演出票务预售、餐饮礼遇等。Square就是首批通过APP平台发行卡片的合作方之一。他们的信用卡产品与Square卖家账户无缝集成，并为商户提供刷卡手续费折扣。

Every new car riding on our network only expands the number of cards -- Amex cards seen by merchants at the point-of-sale. This makes our brand more relevant and above all increases the vibrancy of our network.

每一张通过我们网络发行的新卡，都会扩大商户在销售终端所看到的运通卡数量。这不仅增强了我们品牌的可见度和市场相关性，也进一步提升了整个网络的活跃度与生机。

And finally, let's dive into transit. Transit is an important everyday spend category that can help our cards achieve top-of-wallet status. For many of our card members, transit purchases are a daily occurrence where the average transaction is about $2 to $3 depending upon where you live.

最后我们来谈谈公共交通。公共交通是一个高频日常消费类别，有助于我们让运通卡成为用户“首选支付工具”。对许多持卡人来说，搭乘公共交通是每天都在发生的行为，单笔交易金额通常在2到3美元之间，具体取决于所在地。

Over the last several years, we've seen more and more transit authorities moving to open loop payment systems. That's where card members can tap to pay with their card or digital wallet directly at the fairgate instead of purchasing a ticket ahead of time. New York City subway and trains in Osaka are two great examples.

过去几年，越来越多的交通机构转向“开放支付系统”（Open Loop Payment），即持卡人可直接在闸机上挥卡或使用电子钱包支付，无需提前购票。纽约地铁和大阪列车就是典型例子。

Amex has accepted at almost 600 transit authorities around the globe, and 81 of those are live with tap to pay. As more transit authorities convert to the open-loop technology, our cards will be accepted. And the story doesn't stop when a rider leaves the station. We've seen a halo effect driving incremental spend from these transit users as they continue to tap and pay for coffee, for lunch, for essential everyday spend purchases.

截至目前，美国运通已在全球近600家交通机构中获得受理，其中81家已正式启用挥卡支付功能。随着更多交通系统采用开放支付技术，运通卡的可用场景将不断增加。而好处不仅限于交通本身——我们还观察到明显的“光环效应”：乘客在离站后继续使用运通卡挥卡支付购买咖啡、午餐等日常消费，带来额外交易增长。

So we've covered a lot of ground today. Let me recap some of the key messages. We've more than tripled the number of locations that accept Amex since 2017, where card members live, work and travel most. And yet, tremendous opportunities remain. Those gains are driving scale and relevance, giving new and existing card members more places to spend and changing their perceptions, and that's translating into more confidence at the point of sale and higher share of wallet.

今天我们介绍了大量内容，下面让我简要总结几点核心信息：自2017年以来，我们在持卡人“生活、工作和旅行”的重点区域，将运通卡的受理商户数量提升了三倍以上。尽管如此，增长空间依然巨大。这些受理网络的拓展带来了规模效应和相关性提升，让新老持卡人拥有更多消费场所，改变了他们对运通卡的认知，最终转化为更强的用卡信心和更高的“钱包份额”。

The coverage gains are a significant contributor to American Express' revenue growth. We have strong momentum and experienced and energized team and believe that successful execution of our strategy will continue to sustainably drive stronger revenue growth.

受理覆盖率的提升，是美国运通收入增长的重要驱动因素。我们拥有强劲的发展势头、经验丰富且充满活力的团队，我们相信，只要成功执行既定战略，就能持续实现更强劲、更可持续的营收增长。

I'd like now to introduce my colleague, Anre Williams, who will discuss how the enterprise is driving efficiency, growth and service through technology. Thank you.

接下来，请允许我介绍我的同事 Anre Williams，他将为大家讲解美国运通如何通过技术手段提升效率、驱动增长并优化服务。谢谢大家。

Anre Williams Senior Executive Advisor

Good afternoon. Today, I'm going to discuss how we're enabling efficiency, growth and service excellence through technology for the company.

大家下午好。今天我将向大家介绍我们如何通过技术驱动公司的效率提升、增长实现和卓越服务。

In our time today, I'll outline our approach in three key areas: how we're creating operating leverage, how technology powers our business model enables growth for the company, and how technology continues to enable service excellence, which is a core part of our company's business model. My aim is by the end of this presentation, you'll understand how technology, digital and servicing capabilities come together in how they support the company's long-term growth aspirations.

今天的分享将围绕三个关键方面展开：一是我们如何创造运营杠杆；二是技术如何赋能我们的商业模式并推动公司增长；三是技术如何持续驱动服务卓越——这是我们商业模式的核心组成部分。希望在介绍结束时，大家能够理解技术、数字化与服务能力如何协同支持公司实现长期增长目标。

First, we'll begin with operating leverage. This slide shows how we've created and maintained operating expense leverage for the company, which in turn enables growth. Here, we look at expenses in three broad categories that are a large portion of our total operating expenses. First, servicing expenses include the cost of customer care professionals, travel counselors and our global service centers as well as our credit servicing cost and global real estate. Technology operations expenses include the cost of processing transactions, upgrading and maintaining our tech infrastructure and cybersecurity. Tech investment expenses encompass our development spending for new products, new services and new capabilities.

首先我们来看“运营杠杆”。这页幻灯片展示了我们如何创造并保持公司运营费用杠杆，从而助力公司增长。我们把运营支出划分为三大类：第一类是服务成本，包括客户服务专员、旅行顾问、全球服务中心的运营成本，以及信用服务和全球办公设施的费用；第二类是技术运营成本，涵盖交易处理、技术基础设施升级维护和网络安全等；第三类是技术投资成本，主要包括我们在新产品、新服务与新能力开发方面的投入。

As you can see, these expenses have increased each year. However, they've grown slower than our company's revenues. As a result, these expenses as a percentage of revenues have declined [indiscernible] to 11.9% in 2023. The result of this shows, we've built sustainable momentum in creating operating expense leverage for the company, and we are confident that we can continue to deliver this in the future.

可以看到，这些支出虽然逐年增加，但增长速度低于公司整体收入增速。因此，相关费用占收入的比例持续下降，至2023年降至11.9%。这表明我们在创造运营费用杠杆方面已形成可持续势头，并对未来维持这一成果充满信心。

When you look at this slide, you'll see that our annual servicing expenses as a percentage of revenues have steadily declined over the past 7 years, thus creating operating leverage for the company. Going forward, our aspiration is for servicing expenses to be less than 4.5% of revenues. We expect to continue our current momentum through the careful and close management of our expense base while continuing to deliver service excellence.

从这张图表中可以看出，在过去七年里，我们的服务支出占收入比例稳步下降，从而为公司创造了运营杠杆。展望未来，我们的目标是将服务支出控制在收入的4.5%以下。在继续提供卓越服务的同时，我们将通过严谨细致的成本管理，延续当前的良好势头。

Part of the reason we can create sustainable operating leverage is driven by our customers' adoption of digital servicing channels. This slide shows two important themes. First, there's been a consistent yearly increase in the percentage of digitally-active card members globally, defined as a card member who's logged on to our website or mobile app at least once in the past month. The second is that our low-tenure card members, defined as those who've been with American Express for less than 12 months, are more digitally active than card members who have been with us longer.

我们能够持续创造运营杠杆，其中一个重要原因是客户越来越多地使用数字化服务渠道。这页幻灯片展示了两个关键趋势：第一，全球“数字活跃”持卡人（指过去一个月至少登录过一次我们官网或移动App的客户）占比逐年增长；第二，持卡时间不足12个月的新客户在数字渠道上的活跃度高于长期客户。

Leveraging the exact same data as the prior slide. Here, we can see that card members who are 35 years old and younger are more digitally active than those who are over 35, and this continues to increase year after year. Also, we are seeing a decline in the number of total phone calls and an increase in customers who choose to leverage our chat channel to complete their servicing requests.

继续使用上一页幻灯片的同一组数据，我们可以看到，35岁及以下的持卡人比35岁以上的客户更活跃于数字渠道，而且这一趋势逐年上升。同时，我们观察到总的电话服务量在下降，而选择通过在线聊天渠道完成服务请求的客户数量在上升。

These bars show the percentage of customer interactions each year since 2019 across chat, phone calls, service through voice response and phone calls serviced by one of our customer care professionals. This has all been aided by an increased focus on implementing digital self-service journeys that enable customers in all segments: consumers, small business, corporations and merchants and in all geographies -- [indiscernible] phone calls with the customer care professional or our most expensive servicing channel. This has enabled us to continue to provide service excellence in our customers' channel of choice while also containing the growth of our servicing costs.

图表显示了自2019年以来，不同客户服务渠道的使用占比，包括在线聊天、电话、自助语音服务以及由客服专员直接接听的电话服务。我们大力推进数字化自助服务流程，使来自各个客户群体（包括个人、小企业、大型企业和商户）的客户，在全球各地区都能选择替代高成本的电话服务专员通话。这种转变不仅帮助我们在客户首选渠道中维持卓越服务质量，也有效控制了服务成本的增长。

This continued improvement in operating leverage has enabled us to increasingly spend more in technology investment. Over the past 3 years, we've increased our technology investment spend by approximately $600 million or a 40% increase from 2021 to the end of this year. This will enable us to invest in our core platforms and in new capabilities that will drive long-term growth.

运营杠杆的持续提升，使我们能够加大在技术投资上的投入。在过去三年中，我们的技术投资支出增加了约6亿美元，较2021年增长40%。这将使我们能够持续投资于核心平台和新能力建设，从而推动公司长期增长。

Now this was a brief run through how we believe we can continue creating operating leverage for the company through expense management and digitalization, while also investing for growth. But now let me turn to how we can enable growth the company through technology.

刚才我简要介绍了我们如何通过费用管理与数字化手段持续打造运营杠杆，并为增长进行投资。接下来，我将讲讲我们如何通过技术赋能公司增长。

As Steve shared earlier, our company's business model is powered through technology, using technology to enable growth is a core theme of this presentation, and I'll start by sharing a snapshot of our technology systems.

正如Steve早前所说，我们公司的商业模式是由技术驱动的，而利用技术推动增长正是本次分享的核心主题。我将从整体介绍我们的技术系统架构开始。

Our technology systems are an integrated set of platforms that serve our card members on one side and our merchant customers on the other side, with our network in the middle. For example, we support our card members on the issuing side through a simple and easy digital acquisition experience, service them through web and mobile app platforms and enable the functionality of their products through platforms such as accounts receivable or loyalty and benefits.

我们的技术系统是一套一体化平台，左侧服务持卡人，右侧服务商户客户，核心网络居于中央。比如，在发卡端，我们为持卡人提供便捷的数字开户体验；通过网页和移动App平台提供服务；并通过应收账款、会员积分与权益平台等系统实现产品功能的落地。

Within the network, we authorize approximately 11 billion transactions globally in 2023, all while ensuring we protect our customers and company with the network built on secure private cloud technology.

在中间的核心网络层面，2023年我们在全球范围内处理了约110亿笔授权交易，并通过基于安全私有云技术构建的网络架构，确保客户和公司信息安全。

For our merchants, we enable an easy onboarding experience, while ensuring we support them with pricing, payments and settlement capabilities.

在商户端，我们提供简便的开户流程，并为其提供定价、支付和结算等全方位的支持能力。

With our increase in technology investment, we are focused on the continuous development of our core platforms and investment into new capabilities. We've done this through a thoughtful, intentional multiyear investment strategy, which has enabled us to uplift our technology over time.

随着技术投资的不断增长，我们专注于核心平台的持续建设与新能力的投入。这一切都源于我们深思熟虑、持续推进的多年战略投资计划，使我们的技术架构得以不断升级优化。

A few examples include, during the past 5 years, we continuously invested in the development of our network, which enabled us to be the first global network authorized to issue local currency cards in China. We also enabled new functionality for more than 100 banks around the world who issue cards on the network, giving them the ability to process debit, QR codes and ACH transactions if they desire.

举几个例子来说，在过去五年中，我们持续投资于全球支付网络的建设，使我们成为首个获得中国本地货币卡发卡授权的国际网络。同时，我们还为全球100多家在我们网络上发卡的银行提供了新功能，包括处理借记卡交易、二维码支付和ACH清算等服务。

Continuous investment in our servicing capabilities to drive integrated global ecosystems that allow us to provide our customers with even more efficient and personalized interactions and provide our colleagues with the cutting-edge tools they need to deliver service excellence. The enhancement of our next-gen data platform allows us to build more models more quickly, enabling real-time decisioning and insights.

我们还不断投资于服务能力建设，以推动构建全球一体化的服务生态系统。这不仅使我们能为客户提供更加高效和个性化的互动体验，也为我们的员工配备了先进工具，从而实现卓越服务。我们的下一代数据平台也已升级，能更快速地构建模型，支持实时决策与洞察。

It's important to note that we continue to make significant investments in strengthening our risk management control and compliance, ensuring we have the appropriate controls in place to maintain the trust and security that is foundational to our brand.

值得强调的是，我们在风险管理、内部控制与合规方面持续进行重大投入，确保建立健全的机制与流程，以维护客户对品牌“信任与安全”的核心认知。

Of course, our existing technology capabilities have enabled scale that has driven profitable growth across the company, including many examples you've heard today. This allows us to enhance our value propositions, increase acquisition efficiency and improve customer satisfaction. A few examples include: increased global transactions as customers are able to engage with us in more ways.

当然，正是依靠这些技术能力的提升，我们实现了业务规模化扩张，推动了全公司的盈利性增长——其中许多例子今天已经有所分享。得益于技术的支持，我们不断强化产品价值主张、提升获客效率并增强客户满意度。例如，随着客户可接触与互动的渠道增加，我们全球交易总量不断增长。

As Raymond said earlier, global transit taps have nearly tripled in the last 5 years. These taps have enabled our integrated -- have enabled by integrating our technology within global transit systems. Member Get Member, which is powered through our website and mobile app, is our #1 acquisition channel in 12 countries.

正如Raymond早前提到的，过去五年中，全球范围的公共交通“挥卡支付”使用次数已接近三倍增长。这一成果得益于我们将技术系统无缝集成至全球各地交通体系。通过官网和App驱动的“会员推荐会员”计划（Member Get Member）已成为我们在12个国家的第一大获客渠道。

Sales from global travel bookings delivered through our online technology platform have more than doubled since 2019. Our consumer high-yield savings accounts are acquired solely through our digital banking platforms. And total product refreshes enhance the card members experience through compelling rewards and benefits. Hopefully, you can see we're using technology to enable customers to interact with us in many more ways.

通过我们在线技术平台完成的全球旅行预订销售额，自2019年以来已增长超过一倍。我们的高收益储蓄账户完全依靠数字银行平台进行获客。我们不断推出的产品焕新也通过极具吸引力的奖励与权益进一步优化了持卡人体验。希望您已能清楚看到，我们正通过技术赋能客户以更多元的方式与我们互动。

Artificial intelligence or AI has been a key technology capability for American Express, which we've been using for over a decade to power growth and improve servicing capabilities for our customers. A few notable examples include, since 2010, we first used AI in our fraud teams as a way of detecting and preventing fraudulent payments and accounts.

人工智能（AI）已成为美国运通的一项核心技术能力。十多年来，我们持续将AI用于推动增长、提升客户服务能力。值得一提的是，自2010年起，我们就在反欺诈团队中率先部署AI，用于识别与阻止欺诈性支付和账户操作。

In 2012, we started using AI to power merchant offers based on relevancy to our card members and to power our credit risk models.

2012年起，我们开始将人工智能应用于商户优惠推送系统，使其能够根据持卡人的相关性进行个性化推荐，并用于驱动信用风险模型的建设。

Since 2015, 100% of American Express' credit risk models have leveraged machine learning and cover decisions across the entire card member life cycle.

自2015年以来，美国运通的全部信用风险模型都已采用机器学习技术，涵盖了整个持卡人生命周期中的关键决策点。

In 2022, we established our newest Decision Science Center of Excellence in Singapore to focus on machine learning and AI.

2022年，我们在新加坡设立了最新的“决策科学卓越中心”，专注于机器学习和人工智能的研究与应用。

Our use of AI over time has laid the foundation for our move into generative artificial intelligence, also known as Gen AI. Over the past year, everyone's been talking about generative AI, and at American Express, we believe Gen AI has significant potential to help us serve our customers better and help the company grow.

我们多年积累的AI技术应用为我们迈向生成式人工智能（Gen AI）奠定了坚实基础。在过去一年中，生成式AI成为广泛关注的焦点。美国运通相信，Gen AI拥有巨大的潜力，能帮助我们更好地服务客户，并推动公司增长。

Across the company, we've organized our Gen AI focused areas around the themes of protection, productivity and growth. We currently have several pilots underway, and we expect to stand up more as we continue to learn. Our initial focus has been on use cases that can improve productivity, particularly within servicing and technology. Not every pilot is successful, yet we learn from all of them.

我们在公司内部将Gen AI的探索聚焦在“安全保护”、“效率提升”与“增长驱动”三大主题。目前我们正在进行多项试点项目，并将随着实践推进不断拓展。我们的首要关注是那些能显著提升生产力的应用场景，尤其在客户服务与技术领域。并非所有试点都会成功，但每一个项目都带来了宝贵经验。

Here are examples of three pilots, which were successful, that we're now scaling because we believe they can be transformational. Each of them build on our current foundation of leveraging AI models and our data to deliver enhanced experiences for customers.

以下是三项成功的试点项目，我们正大规模推广这些项目，因为它们具有颠覆性潜力。每一项都建立在我们现有AI模型和数据基础上，致力于为客户带来更优体验。

The first, Travel Counselor Assist provides travel planning support to our travel counselor serving Platinum and Centurion Card members with high-quality and efficient travel recommendations and insights. We've seen the 62nd reduction in call handling time by travel counselor so far. And customer satisfaction is higher because customers spend less time on a call and the quality of the recommendations has improved. We currently have half of our travel counselors globally using this new capability and expect to reach 100% by year-end.

第一项是“旅行顾问助手”，为服务白金卡和百夫长卡客户的旅行顾问提供高质量、效率化的旅行建议与洞察支持。目前该系统已帮助顾问平均减少62秒通话处理时间，客户满意度也因建议质量提升和等待时间减少而显著提高。目前已有全球约50%的旅行顾问使用该工具，我们预计年底实现100%覆盖。

The second example, GitHub Copilot, an AI coding assistant that aids with code generation and completions. Within the first months of deployment, our software engineers reported an average of 10% time saved. We currently have this rolled out to 4,000 of our software engineers and we'll roll this out to over 90% globally by the end of June.

Search optimization makes semantic search possible and allows customers to find answers to their questions within the mobile app. This results in 90% fewer calls or chats, following the search interaction as more customers digitally self-serve.

第三项是搜索优化，通过语义搜索功能，客户能够在移动App中直接找到问题答案。结果显示，在使用搜索后，电话与在线聊天请求减少了90%，说明越来越多客户能够自行通过数字渠道完成服务操作。

And wrapping up this section is evident -- change to enable our company's growth. We are committed to continuous development of our platforms, enabling growth through our revenue driving businesses and investing in new transformative technologies such as Gen AI.

总结本部分内容，显而易见，我们正在推动变革以支持公司的持续增长。我们致力于持续打造核心平台，通过收入驱动型业务推动增长，同时投资于如生成式AI（Gen AI）等具有颠覆性的前沿技术。

Service excellence continues to be a core element of our brand promise and an important competitive advantage in 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. And by leveraging technology, we are able to enhance both the customer and the colleague experience. We remain an industry leader for customer satisfaction among credit card companies in the U.S. And as Steve mentioned earlier, we have won 13 of the last 17 J.D. Power awards.

卓越服务始终是我们品牌承诺的核心要素，也是我们商业模式中重要的竞争优势。这一资产是我们数十年来秉持“始终支持客户”的承诺所积累而来。借助技术力量，我们得以同时提升客户与员工的整体体验。我们在美国信用卡公司中始终保持客户满意度的行业领先地位。正如Steve之前提到的，我们在过去17年中赢得了13次J.D. Power大奖。

While a growing number of interactions take place in digital channels, this results in the remaining call volume being more complex, more sensitive and requiring a higher skill set. And this is where our 26,000 frontline customer care professionals and travel counselors play an important role, providing a special level of service that truly differentiates our customer service from the rest.

虽然客户与我们互动的渠道越来越多地转向数字平台，但这也意味着剩余的电话交流更复杂、更敏感，并需要更高的专业能力应对。这正是我们26,000名前线客服人员与旅行顾问发挥关键作用的地方——他们提供的服务水平不仅专业，而且具有温度，这也真正使我们的客户服务在行业中脱颖而出。

Our service excellence elevates the customers' experience with American Express, which is a driver of satisfaction. For many years, we've measured customer satisfaction using Net Promoter Score, NPS, which is signed as the global standard of customer experience metrics across the industry, which I believe is on the previous slide.

卓越服务进一步提升了客户在使用美国运通服务时的整体体验，是客户满意度的重要驱动因素。多年来，我们一直使用NPS（净推荐值）作为衡量客户满意度的标准，而NPS也被公认为全球客户体验评估的行业标准（应可参考前一张幻灯片的说明）。

This graph shows U.S. consumers which answered the question for either American Express or 1 of over 20 providers, including banks and fintechs within the industry. They responded about their likelihood to recommend based on a specific interaction such as paying a bill or disputing a charge. You can see that American Express has consistently performed well as indicated by the numbers on this graph, which highlights the gap between American Express and the industry average.

这张图展示了美国消费者在与美国运通及其他20多家银行与金融科技企业的特定互动中（例如缴费、争议交易处理等）后所作出的推荐意愿评分。从图中可以明显看出，美国运通始终表现出色，与行业平均水平之间存在显著优势差距。

In order to execute upon our vision to provide the world's best customer experience every day, we must invest in cutting-edge tools and capabilities for our frontline colleagues, so they in turn can provide world-class servicing experience to our customers.

要实现“每天为客户提供全球最佳客户体验”的愿景，我们必须为前线员工持续投资于最先进的工具与技术能力，从而反过来帮助他们向客户提供世界一流的服务体验。

VIBES, which valuing interactions by evaluating satisfaction leverages natural language processing and AI to analyze customer satisfaction. It provides a complete view, monitoring the end-to-end customer experience through a chat or call.

我们开发了名为VIBES的系统（全称：Valuing Interactions By Evaluating Satisfaction），该系统基于自然语言处理与AI技术，能够分析客户满意度，全面追踪客户从一次聊天或电话交互中的整体服务体验。

Previously, we measured customer satisfaction through surveys following the call that were entirely reliant on the customer returning that survey. From this method, we captured only feedback on approximately 8% of interactions. using VIBES, we can assess the customer satisfaction on almost every interaction and can do this in nearly real time. Today, we measure interactive of approximately 9,500 customer care professionals and travel counselor serving U.S. customers and expect to extend this to other countries reaching 12,000 by the end of 2024.

过去，我们依赖通话结束后的客户调查问卷来衡量满意度，但这一方式完全取决于客户是否愿意回复问卷，回收率仅能覆盖约8%的客户互动。而通过VIBES，我们几乎可以实时评估每一笔客户交互的满意度。截至目前，我们已在美国覆盖约9,500名客户服务专员和旅行顾问，预计将在2024年底前拓展至其他国家，覆盖人数达到12,000人。

Voice ID enables our colleagues to effectively and more seamlessly authenticate the customers identity using voice biometrics, which can enhance our ability to verify our customers' identities. Customers now have a choice to use Voice ID to eliminate high friction authentication methods that have historically contributed towards dissatisfaction for frequent callers.

Voice ID（语音识别身份验证）使我们的员工能够更高效、无缝地利用语音生物识别技术来验证客户身份，从而显著增强身份识别的准确性。客户现在可以选择启用Voice ID，替代以往繁琐的身份验证流程，尤其对于频繁来电者而言，这大大减少了体验中的“摩擦”，也缓解了由此带来的不满。

This capability delivers fraud savings through early identification, supports the reduction of call handling time [indiscernible] experience. Today, Voice ID has been deployed to approximately [ 8 ] [indiscernible] -- We plan to expand to Canada and Mexico this year. At that point, the capability will be able to support approximately 80% of global call volume.

该功能通过提前识别潜在欺诈风险，帮助我们节省了防欺诈成本，同时也进一步缩短了电话处理时间、提升了客户体验。目前，Voice ID已在约8个国家/地区部署——今年我们计划将其拓展至加拿大和墨西哥，届时该技术将覆盖约全球80%的通话量。

By using technology to enable service excellence, we have been able to continue to strengthen our reputation for service while driving growth and delivering efficiencies. To bring this all together, our next-gen service experience will improve efficiency through multichannel servicing, a full view of a customer's relationship, leveraging artificial intelligence, VIBES and Voice ID. This will reduce call handling time, decrease fraud losses, increase digital engagement and when combined, are expected to result in increased customer satisfaction.

我们通过技术赋能卓越服务，持续巩固了“运通服务”的良好口碑，同时实现增长和效率双提升。整合来看，我们的下一代客户服务体验将通过多渠道服务、一体化客户关系视图、AI、VIBES语义分析系统和Voice ID语音识别身份验证等技术提升效率。这将带来通话时长缩短、欺诈损失减少、数字渠道参与度提高，并最终促进客户满意度提升。

I hope this gives you a better understanding of how technology, digital and servicing capabilities have contributed to the company's momentum, and why we are confident we will continue to enable the company to achieve its long-term growth aspirations.

我希望这段分享能帮助大家更好地理解技术、数字化和服务能力如何驱动了公司的发展势头，也说明了我们为何有信心继续助力公司实现长期增长目标。

I'd like you to take away three things from our presentation today in line with the central themes that Steve shared earlier. We have reduced servicing and technology operations expenses as a percentage of revenue, creating operating leverage and momentum for that to continue. We are leveraging technology to drive growth for the company, and are committed to consistently innovating through the continuous development of our core platforms in Gen AI.

请大家记住今天汇报中的三个要点，这也呼应了Steve早前提出的核心主题：一，我们已成功将服务与技术运营成本占收入比重持续降低，为运营杠杆和未来增长奠定了基础；二，我们正通过技术驱动公司增长；三，我们致力于在生成式AI等关键平台上持续创新和深化投入。

Service excellence is one of our key competitive advantages, and we will continue to leverage technology to improve the customer experience and sustain our competitive edge. Thank you.

卓越服务是我们核心竞争优势之一，我们将持续利用技术不断优化客户体验，保持行业领先地位。谢谢大家！

And now I'd like to turn it over to our CFO, Christophe.

现在，请允许我将发言交给我们的首席财务官 Christophe。

Christophe Le Caillec CFO

Thank you, Anre, and good morning, everyone. It's great with you today. Over the last few hours, you've heard from the heads of our core businesses on how we aim to achieve our growth aspiration. My goal is to tie together what you've heard from a financial perspective to help answer the question of why you should keep investing in American Express. And to explain how all of these strategies lay the foundation for our long-term aspiration of delivering annual revenue growth in excess of 10% and mid-teens EPS growth on a sustainable basis going forward.

谢谢你，Anre。大家早上好，很高兴今天能与大家在一起。过去几小时中，大家听取了我们核心业务负责人关于公司实现增长目标的具体路径。现在，我的目标是从财务角度将这些信息整合起来，帮助大家回答一个关键问题：为什么你应该继续投资美国运通？并进一步解释我们如何通过这些战略，为未来实现年收入增长超过10%、每股收益（EPS）维持在中段两位数增长的长期目标打下坚实基础。

There are four key takeaways that I want to take you through today. First, we operate in a large global and expanding total addressable market. Second, we have a powerful shareholder value creation model that we continue to strengthen. Next, we have laid a foundation for the building blocks of our long-term aspiration. And lastly and perhaps most critical, we have a long track record of delivering superior returns and returning excess capital to shareholders, and we see a long runway for continued growth.

今天我想带大家了解四个关键点：第一，我们身处一个庞大且持续扩展的全球可服务市场；第二，我们拥有一个强大且持续强化的股东价值创造模型；第三，我们已为长期目标奠定了坚实基础；最后也最关键的是，我们拥有长期优异回报记录和持续回馈股东的传统，并且我们看到公司仍有很长的增长跑道。

I'll start with the first reason. The global electronic payments industry is an almost $700 billion revenue. Importantly, card payments, our core focus, makes up approximately 90% of that revenue pool. It has seen high single-digit growth over time, and we expect that it will continue to grow at a high level in the coming years. Specifically, you can see an estimated average annual growth of 9% for billings and 7% for revenue growth through 2026.

When we break down the card payments opportunity into more detail, our focused geographies across the U.S. and our 15 largest international countries make up over 80% of the estimated total revenue pool. And we focus on some of the fastest-growing segments historically within that revenue pool, such as premium consumers and younger age cohorts. And we have a lot of opportunity to further grow our share. As we think about our long-term aspirations, all of this together provides us with a runway to deliver growth above the overall card industry going forward.

当我们进一步拆解信用卡支付市场时，可以看到我们重点聚焦的美国市场及全球15个最大国际市场合计占据整个收入池的80%以上。而我们专注的细分领域——如高端消费者与年轻用户群体——正是这个收入池中增长最快的板块之一。因此我们在这些领域还有很大的市场份额提升空间。综上所述，我们具备在整体信用卡行业之上实现更高增长的坚实基础。

We also operate in an industry that is remarkably resilient. On this slide, you can see U.S. card industry spend over the last 2 decades. While spend does slip during economic cycles, just like we saw during the great financial crisis and the pandemic, it has always bounced back and then show steady growth over time.

此外，我们所处的行业具备高度韧性。从这页幻灯片可以看到，美国信用卡行业在过去二十年的支出表现。尽管在经济周期波动期间，如金融危机和新冠疫情期间，支出有所回落，但始终能迅速反弹，并实现持续稳定增长。

Let me walk you through the second key takeaway. We have a powerful shareholder value creation model. And importantly, we have continued to strengthen that model through the transformation and innovation in our business. Our model is grounded in our virtual cycle of growth, which Steve introduced earlier this morning. It starts by creating innovative and value positions. This enables us to acquire, engage and retain card members, attract merchants and partners and then create operating leverage through scale and efficiencies.

接下来讲第二个要点：我们拥有一个强大的股东价值创造模型。更重要的是，我们通过业务的转型与持续创新不断强化这一模型。我们的模型基于一个“增长飞轮”，正如Steve今天早上提到的那样。这个飞轮始于提供具有创新性和吸引力的价值主张，进而帮助我们获取、激活并留存持卡人，吸引商户与合作伙伴，并通过规模效应与效率提升实现运营杠杆。

The framework that you see on this page lays out the many attractive features of this model and how they create value. For example, we have an integrated model that enables us to benefit from the economics of the entire payment ecosystem and creates a powerful network effect. Additionally, our business is tech-enabled, which creates continued efficiencies as we scale and as we digitize our processes.

这一页展示的框架清晰阐释了我们商业模式的诸多吸引力特征及其如何创造价值。例如，我们拥有一体化的商业模式，能够从整个支付生态系统的经济环节中受益，并形成强大的网络效应。此外，我们的业务高度依赖技术，这使我们在规模扩大和流程数字化的过程中不断提升运营效率。

We also have a large attractive base of card members across our customer segments. Our focus on premium means that around 55% of the spend in our U.S. Consumer segment comes from customers with an annual income over $200,000. For our U.S. small business, we are 3x larger than our next competitor. And for our U.S. large and global corporation, 65 of the 100 largest U.S. company -- public companies are American Express clients. This makes it attractive to partners to co-fund additional value for our card members, both embedded as part of our products and as targeted offers.

我们在各个客户细分市场都建立了庞大而有吸引力的持卡人基础。聚焦高端客户意味着在美国个人消费者业务中，约55%的刷卡消费来自年收入超过20万美元的客户。在美国小企业市场，我们的规模是第二名的三倍。在美国大型及跨国企业客户中，100家最大的上市公司中有65家是美国运通的客户。这使我们对合作伙伴极具吸引力，他们愿意共同出资为我们的持卡人提供额外价值，无论是嵌入产品本身，还是通过定向优惠。

On the left-hand side of this slide, you can see the percent of value funded by partners on our U.S. consumer and small business Platinum products and how we've grown this percentage since 2018. Similarly, partner-funded value for redemption on our Amex offers platform have also increased 3x over the same time period. And you heard Raymond speak earlier about the significant opportunity we see ahead of us here. This gives our customers and partners even more reason to stay with us. And as a result, we can build long-term relationship with our partners and fuel our virtual cycle of growth.

幻灯片左侧展示了自2018年以来，我们在美国个人与小企业白金卡产品中由合作伙伴出资的权益占比增长情况。同时，Amex Offers平台上可供兑换的合作方出资权益价值也提升了三倍。Raymond早前也提到，这一领域未来机会巨大。这种合作机制不仅增强了客户和合作方的黏性，也有助于我们建立长期合作关系，并进一步推动增长飞轮。

We build on this attractive franchise by continuing to invest in our industry-leading value propositions through an ongoing cadence of product innovation and refreshes. When we refresh a product, we look to accomplish four things: drive increased demand for our premium products by strengthening the value and generating new news, improve acquisition efficiency by having better product in market and by increasing pool of attractive investments, third, improve margin from adding additional value to our cards and pricing for that value. And lastly, drive continued high levels of retention of our card members.

我们持续投资于业内领先的价值主张，通过产品的不断创新与迭代，进一步巩固这一极具吸引力的特许经营体系。每当我们进行产品焕新时，目标主要包括四点：一是通过增强产品价值与制造市场“新鲜感”，提升客户对高端产品的需求；二是通过更具吸引力的产品提升获客效率；三是通过增值定价改善利润率；四是保持我们已建立的高客户留存率。

Our most important and most recent refresh of the -- our most recent refresh of the consumer Platinum Card in the U.S. in 2021 is a great example of this playbook. We doubled the amount of new accounts we acquired while maintaining the average risk profile of these new customers. We drove higher spend per new account of 18%. We increased the average profit of our existing accounts by 28%, and importantly, we maintained the already high retention rate of 99% on our U.S. consumer Platinum product after the fee increase. This is a great example of why we look to regularly refresh our -- and enhance the value of our products.

以2021年美国消费者白金卡的焕新为例，这是我们产品迭代策略的典范。焕新后，我们新增账户数翻倍，同时新客户的平均风险状况保持稳定；新账户平均消费增长了18%；现有账户的平均利润提高了28%；而在年费提升后，我们依旧保持了高达99%的留存率。这充分说明了我们为何持续进行产品焕新与价值提升。

The power of our product refreshes is amplified by the engine we use to deploy our marketing dollars in an efficient [indiscernible] leverage the data that we get from our integrated model and our decades of historical performance. This let us have an ever evolving view of the lifetime value of card members across products, channels and offers, and also to dynamically allocate our marketing dollars to our most attractive opportunities.

我们高效的市场投放引擎放大了产品焕新的成效。凭借我们一体化模型所产生的数据，以及数十年来积累的历史运营数据，我们得以持续更新各类产品、渠道与优惠活动下持卡人的生命周期价值评估。这使我们能将营销预算动态分配到最具吸引力的机会点上，实现效益最大化。

This approach has driven increased returns and investment efficiency over time. Following the pandemic, we decided to increase our marketing spend by approximately 40%. The spend from our new acquisitions increased even more than that by 60% over the same time period, as we acquired more premium and higher spending card members through our most effective channels and across all our geographies.

这种策略在时间推移中不断提升我们的投资回报与效率。疫情过后，我们决定将市场营销投入提高约40%。与此同时，由新客户带来的消费增长超过60%，因为我们通过最有效的渠道，在全球各市场成功吸引了更多高价值、高消费的优质持卡人。

One of the benefits of our product and marketing strategy has been our ability to attract younger age cohorts to the franchise. As you heard Howard discuss, these younger customers have a greater expected average lifetime value, which comes with embedded growth opportunities for future years.

我们的产品与营销策略的另一大成效是成功吸引了更多年轻客户加入，如Howard早前所述，这些年轻群体的预期生命周期价值更高，未来带来的增长潜力也更大。

For new U.S. consumer platinum card members, we estimate that millennials less than 30 years old, an average lifetime value that is 1.8x higher than Gen Xers acquired at the same time. And that's even higher for Gen Z customers at 2x. Of course, we do not use age in our underwriting decisions, but it does inform how we build our products and source our partner benefits. Overall, younger age cohorts show greater engagement with our card benefits and digital servicing capabilities. Importantly, we expect they will bring higher overall growth opportunities as they age.

对于美国市场新获得的白金卡客户，我们估算30岁以下的千禧一代客户，其平均生命周期价值比同期获得的X世代客户高出1.8倍，而Z世代客户甚至高达2倍。当然，我们在授信审批中不会使用年龄作为评估标准，但年龄确实指导了我们在产品设计与合作权益设置上的策略。整体来看，年轻群体对卡片权益与数字服务的参与度更高，并且随着年龄增长，我们预期他们将带来更高的整体增长潜力。

Another example of how we have strengthened our model is the way in which we have transformed our funding sources over time. This has had a major impact on our economics and on NII growth. We launched our first direct-to-customer deposit program in 2009 with Amex savings, and we have grown it diligently since then. Today, this funding channel is a very stable source of funding, and it has displaced more expensive channels, such as asset-backed securities and unsecured loans. We estimate that this change in funding mix since 2017 has driven a cost of fund savings and a corresponding net interest income benefit of almost 1 billion in 2023, assuming the same funding structure.

我们加强公司模式的另一个重要举措是对融资来源的优化调整，这对我们的财务结构和净利息收入（NII）增长产生了深远影响。2009年，我们推出了首个直面客户的存款产品——Amex储蓄账户，并持续扩展至今。如今，该渠道已成为我们资金来源中非常稳定的一部分，逐步取代了成本更高的融资方式，如资产支持证券（ABS）和无担保债务。我们估算，自2017年以来融资结构的调整为我们带来了大约10亿美元的资金成本节省与净利息收入提升（以2023年为基准）。

All of these product and marketing decisions create the foundation for increased revenue growth on a sustainable basis. We expect this growth will come from both higher revenue growth, new customers -- from new customers acquired and higher organic growth from our tenured card members, especially from younger customers.

所有这些产品和市场策略决策，共同构建了我们可持续收入增长的基础。我们预计未来的增长将来自两个方向：一方面是通过吸引新客户带来的新增收入，另一方面是来自现有客户，尤其是年轻客户群体带来的更高自然增长率。

Specifically, looking at our U.S. consumer and small business products, revenue from new customers acquired in the year was over 2x higher in '23 than in 2019. And we continue to engage our card members after they have a full 12 months of spend with us. As you can see, how revenue from our 2019 acquisition has grown from 2020 through 2023. The stacking of this increasingly larger cohorts, together with a greater expected organic growth is a key driver of our expectations for revenue growth in the future.

以美国的个人与小企业产品为例，2023年我们从当年新增客户中获得的收入是2019年的两倍以上。我们还持续激活持卡人12个月后的使用与参与。您可以看到，从2020年到2023年，我们2019年获客的收入持续增长。随着每一批新增客户的逐步堆叠叠加，加之自然增长预期的提升，这将成为我们未来收入增长的关键驱动力之一。

Everything you just heard me walk through has helped lay the foundation for the building blocks of our long-term aspirations. Now I'll walk you through those building blocks. Looking forward, we expect our revenue mix to continue to be predominantly driven by spend and fees.

刚才提到的所有内容，共同构成了我们实现长期增长目标的核心基础。接下来我会进一步说明这些“增长积木”。展望未来，我们预计我们的收入结构将继续以客户支出和年费收入为主导驱动因素。

You can see here that we have seen only a modest increase in our NII as a percentage of our overall revenues compared to 2006. And if you were to adjust our NII for the cost of fund savings that I just previously described, our NII mix in 2023 would decrease to 20% of our revenues. Moreover, as you think about our NII growth, you can see on the right-hand side of this page, that our asset growth in the U.S. when compared to 2019 has come almost entirely from fee-based products. These products include mostly our proprietary charge in co-brand products, which typically -- pillar of our diversified revenues is the subscription like card fees that we earn from our customers.

从这张图可以看出，与2006年相比，我们的净利息收入（NII）在总收入中的占比仅略有上升。如果将我刚才提到的融资成本节约因素纳入调整，2023年我们的NII收入占比将降至20%。此外，从右侧图表可以看到，与2019年相比，美国市场的资产增长几乎全部来自于基于年费的产品，这些产品主要包括我们自有的签账卡和联名卡产品。而支撑我们多元化收入结构的支柱之一，正是客户支付的这种类似订阅的卡费收入。

Here, you can see the strength of our card fee growth over time, and how it has accelerated versus historically. We have seen double-digit net card fee revenue growth every year for the last 6 years, including through the pandemic. This is the combined result of our focus on acquiring premium card members, the multiple product refreshes we executed on and the very high membership renewal rate from our tenured card members.

从图中可以看到，我们的卡费收入长期增长稳健，并且近年来增速进一步加快。在过去6年中（包括疫情期间），我们的净卡费收入每年都实现了两位数增长。这得益于我们持续专注高端客户的获取、产品的多轮焕新升级，以及资深持卡人极高的续卡率。

Taken together, all our strategy give us confidence in our ability to deliver our aspiration of revenue growth in excess of 10%. Here, we live -- we have laid out building blocks that underpin that aspiration driven by strength across our three main diversified revenue stream: billing growth in high single-digit growth industry, continued net card fee growth that is accretive to our total revenue growth, and lending to grow at a bit faster than spending, driven mostly by our premium and 10-year card members.

综上所述，这些战略组合增强了我们对实现年收入增长超过10%的长期目标的信心。我们也已明确这些增长的核心构成要素，来自三大收入支柱的支撑：一是账单金额增速高于整个信用卡行业的高单位数增长；二是持续的卡费收入增长，且该增长具有累加性；三是信贷增长速度略快于消费增长，主要由我们的高端客户和资深持卡人驱动。

Moving now to credit. We continue to drive best-in-class credit metrics, which we attribute to what I have discussed today. The high credit quality of our premium customer base, the positive selection created by our premium products and distribution channels, our robust data and risk management practices and our disciplined growth strategy.

接下来讲讲信贷。我们仍保持行业领先的信用表现，这得益于我今天提到的几个关键要素：我们高信用质量的客户群体、高端产品和分销渠道带来的“优选效应”、强大的数据与风险管理体系，以及我们严谨稳健的增长策略。

When you look at our credit performance, we've grown card member loans and receivables in line with peers, while increasing the distance to our peers in credit metrics since 2019. We have also significantly increased the quality of our portfolio over time. As a result, you can see our portfolio how -- you can see that our portfolio looks very different during the great financial crisis.

从信用表现来看，自2019年以来，我们的卡片贷款和应收账款增速与同行保持一致，但在信用质量指标方面则与同行的差距进一步扩大。与此同时，我们的资产组合质量也在不断提升。与全球金融危机时期相比，如今我们的资产结构已经发生了显著改善。

80% of our U.S. consumer and small business receivables are now on fee-based products. 70% of these receivables are from card members with a FICO above 720 and balance transfers play a de minimis role today in our asset base and acquisition strategy.

目前，美国消费者与小企业业务中，有80%的应收账款来自年费产品；其中70%的应收账款来自FICO评分在720以上的客户。同时，余额转移在我们的资产组合和获客策略中所占比重已经可以忽略不计。

The last component of the building blocks to our long-term aspiration is our resource allocation. The most important point to take away is that we have many levers available to drive operating leverage while still investing for growth. We discussed our approach to product refreshes and marketing investments earlier. We used the product refresh cycle to optimize the VCE ratio to revenue at the product level. And we maximize the return on our marketing investments by making profitability-based decisions at the margin.

构建我们长期增长目标的最后一个组成部分是资源配置。关键要点在于：我们拥有多重手段在继续投资增长的同时实现运营杠杆提升。前面我们已讲过产品焕新与营销投资的策略，我们会利用产品更新周期来优化单品层面的VCE（可变客户支出）占收入比，并基于边际利润的考量，最大化市场投放的回报率。

Let me highlight here how our global scale combined with all of the technology and servicing efficiencies that Anre talked about enable us to drive ongoing operating expense leverage. Over the last 6 years, we have reduced our operating expenses as a ratio to revenue by as much as 5 points. This is a major source of sustainable earnings growth, and we believe that there are more opportunities to come. So taking everything together, we believe we are well positioned to deliver sustainable and accretive growth consistent with our long-term aspiration. We have the building blocks to revenue growth in excess of 10%, best-in-class credit and a lot of expense efficiencies driven by scale and technology, while we continue to look for efficiencies in rewards and benefits.

我想特别强调一点：正如Anre提到的，我们凭借全球规模优势、技术和服务效率的提升，持续释放运营支出杠杆。在过去6年中，我们将运营支出占收入比降低了整整5个百分点。这已成为可持续利润增长的重要来源，我们认为未来仍有进一步优化空间。综上所述，我们相信自己具备实现长期增长目标的充分条件：包括10%以上收入增长的坚实基础、行业领先的信用表现、由规模与技术带来的成本效率提升，并持续优化奖励和权益方面的成本结构。

The last and perhaps most important takeaway is that we have a long track record of delivering superior returns, and we see a long runway for continuing our growth. We have an ROE that is over 30%, and that remains strong even during the great financial crisis. Additionally, the revenue and EPS growth that we are generating today is higher than the vast majority of the corporations that make up the S&P 500.

最后一个，也是最重要的结论是：我们长期以来都能为股东提供卓越回报，并且未来仍有很长的增长跑道。我们的股本回报率（ROE）超过30%，即便在全球金融危机期间也保持强劲。同时，我们当前的营收和每股收益（EPS）增长，已高于标普500多数企业。

Over the last few years, you've seen this performance both in terms of revenue and EPS growth. But it is also worth highlighting the resilience of our business under stress. Here are the results of the 2022 CCAR process. This is the last time we participated in this process. You can see here that the Federal Reserve Bank model for the American Express was one of the most resilient of U.S. institutions under stress testing and also that we remain profitable under the severe economic scenario tested. I would also note that if you were to look at these results as a percentage of average assets, American Express has consistently been the top-performing bank in all years we were tested since 2014.

过去几年，我们的收入与每股收益增长表现可圈可点。但更值得强调的是，在压力情境下我们业务的韧性。图中是我们在2022年参与美联储CCAR压力测试的结果——这是我们最近一次参加该流程。从图中可以看出，美联储的模型显示，美国运通在所有受测机构中是最具韧性的之一，并且即使在极端经济情境下仍保持盈利。值得一提的是，若以平均资产比衡量，从2014年以来，美国运通在所有测试年度中始终是表现最好的银行。

And our flexible and resilient model has enabled us to deliver strong earnings through different economic environments and significantly accelerate earnings generation in recent years, which you can see on this slide. This has enabled us to consistently return capital to shareholders in a disciplined way. And like many institutions, we maintain our dividend during the great financial crisis and the pandemic. And when we paused the share repo in 2020, we were able to restart the [repo] program immediately in 2021 when the Fed's restrictions were lifted.

我们灵活而有韧性的商业模式，使我们能够在不同的宏观经济环境下保持强劲盈利能力，并在近年显著加速盈利增长。正如本页所示，这也使我们能够始终如一地以审慎方式回馈股东资本。例如在金融危机和新冠疫情期间，我们并未削减股息；2020年虽然因监管暂停回购计划，但2021年美联储解禁后我们立即恢复了股票回购。

This disciplined capital management strategy starts with our strong capital position. We target a CET1 ratio between 10% to 11%, which is well above our current regulatory minimum of 7%. And on the right-hand side of this page, you can see the consistent increase in our capital and our continued share buyback, enabling our investors to gain a larger share of a growing business.

我们之所以能实施这样审慎的资本管理策略，根本原因在于我们本身拥有稳健的资本状况。目前我们设定的普通股权一级资本充足率（CET1）目标在10%至11%之间，远高于当前7%的监管要求。页面右侧显示，我们资本金不断上升，持续的股票回购让投资者能够在公司扩张的同时获得更大份额的权益。

Over the last 6 years, we have accelerated these results. We have significantly increased our scale, adding $24 billion of revenue while increasing our gap to peers in credit performance, and we have increased both our adjusted EPS and quarterly dividend by 70% over this time period.

在过去6年中，我们加速实现了这些成果。我们在扩大业务规模的同时收入增加了240亿美元，并进一步拉大了在信用质量上的领先优势；在此期间，我们调整后的每股收益（EPS）与季度股息均增长了70%。

Now as we approach the end of the morning, you should hopefully have a greater sense from all the presenters for how our strategy has driven the transformation of our business and the breadth of opportunities for continued growth across each of these businesses. We believe that these opportunities create a long runway for growth in the future as we look to further differentiate our products, engage our card members and drive increased efficiencies over time.

现在，随着上午会议的接近尾声，相信在座各位已经充分了解了我们的战略如何推动了业务转型，以及各业务板块如何拥有广阔的持续增长机会。我们相信，这些机会将在未来为我们打开更长远的增长跑道，推动我们不断深化产品差异化、提升客户参与度并持续优化运营效率。

Importantly, as we continue to grow, we remain focused on ongoing investments in our risk management, control and compliance functions as we strive to deliver on our brand promise to our customers and shareholders.

更为重要的是，在持续增长的同时，我们始终专注于在风险管理、内控和合规领域保持投资力度，力求兑现我们对客户与股东的品牌承诺。

So why should you continue to invest in American Express? Putting it all together, an attractive and growing industry, the power of our model, the way in which we have strengthened that model and the long runway we see for continued growth. This factor drives our confidence in our long-term aspirations.

所以，为什么你应该继续投资美国运通？总结来看：我们处于一个有吸引力且不断增长的行业，拥有强大的商业模式，不断强化该模式的战略，以及清晰可见的长期增长跑道。这些因素共同构成了我们对实现长期增长目标的坚定信心。

Thank you all. And with that, I'll ask our presenters to join Steve and me up here on stage to take your questions.

谢谢大家！接下来我邀请今天所有发言嘉宾与我和Steve一起上台，进入答问环节。

Stephen Squeri Chairman & CEO

Thank you for listening to 2.5 hours, and now it's your turn to talk. Let us get all set up here and then Kartik will do the honors and select our questionnaires.

Stephen Squeri（董事长兼首席执行官）

感谢大家聆听了两个半小时的内容，现在轮到你们发言了。我们稍作准备，由Kartik来主持提问环节。

Kartik Ramachandran

Thanks, Steve. [Operator Instructions] I see a question there from Sanjay.

Kartik Ramachandran

谢谢你，Steve。好，我看到Sanjay那边有问题。

Sanjay Sakhrani Keefe, Bruyette, & Woods, Inc.

Sanjay Sakhrani from KBW. Thank you for all the details. So forgive me if you touched on a little bit of this. And I appreciate all the improvements and acceptance The Caribbean by the way, Raymond. So, I guess, there's a lot of detail on the Millennial and Gen Z penetration you guys have. I'm just wondering how to think about it as it filters through in terms of the portfolio composition over the next 5 to 10 years. How should we think about it as a tailwind to revenue growth? And then I have one for Anna as well.

Sanjay Sakhrani（KBW分析师）

我是KBW的Sanjay Sakhrani，感谢你们今天分享的丰富内容，尤其感谢Raymond提到加勒比地区的受理覆盖提升。你们今天讲了很多关于千禧一代和Z世代渗透率的内容，我想进一步了解，在未来5到10年内，这些年轻群体将如何影响你们的产品组合构成？我们应该如何把它作为收入增长的顺风因素来看待？另外我还有一个问题是想问Anna的。

Stephen Squeri Chairman & CEO

Okay. So I'm going to have Howard answer that question. But I think the key thing that Howard laid out is the 20 years, right, the extra 20 years and thinking about that lifetime value just increasing. And so as that base continues to increase for us, it's going to be a huge tailwind, but where is Howard? There he is, right in the middle.

Stephen Squeri（董事长兼CEO）

这个问题我请Howard来回答。但我想强调一点就是他之前提到的“额外的20年”——也就是说客户生命周期的延长会显著提高他们的整体价值。随着这部分客户群不断壮大，这无疑是一个巨大的顺风因素。Howard你在哪？哦，在中间。

Howard M. Grosfield Group President of USCS

I think I'd come back to some of the stats we talked about today. So on the front end, for Platinum and Gold acquisition, 75% of all new customers are Millennial and Gen Z customers. You combine that with the stat that Steve just talked about, which is 20-plus more years of relationship with those customers and 2x more lifetime value. So as you do the math, associated with how those customers have already for the last several years and for the most recent years, filter through our portfolio, we think that there is a healthy and high momentum associated with the tailwind they provide from a growth perspective.

The other piece, as we've talked about is these are a generation of customers that never knew that Charge was a pay-in-full product and on day 1 never experienced anything other than parity coverage. And so you have the added benefit of the way in which they use those card products on day 1 that also layers on what I would say is a tailwind for growth.

Stephen Squeri Chairman & CEO

Just before you get to Anna's question, the last point is one of the slides that Howard had up was the acquisition of Millennials in 2019 to 2023, how the spending has doubled versus the other cohort. So think about that doubling and then think about the 20 years. And so that provides a big tailwind, and that should add more organic growth to that constituency over time.

Stephen Squeri（董事长兼CEO）

你提问Anna前，我再补充一点：Howard有一页幻灯片展示了2019到2023年期间新获得的千禧一代客户在支出上的表现——他们的消费额是其他年龄层的两倍。你把“支出翻倍”与“额外的20年关系”结合考虑，这将是一个巨大的增长顺风，也意味着该群体未来将带来持续不断的自然增长。

Sanjay Sakhrani Keefe, Bruyette, & Woods, Inc.

And there's no way to dimensionalize that 10% over the next 5 years and say half of it is coming from that penetration improving? Or are those cohorts -- becoming a bigger part of the total?

Sanjay Sakhrani（KBW分析师）

那有没有办法量化一下这个影响？比如你们未来5年目标的10%以上增长中，有一半来自这些年轻客户的渗透率提升？还是说，他们只是构成整体组合中越来越大的份额？

Stephen Squeri Chairman & CEO

Well, there is. We're just not there.

Stephen Squeri（董事长兼CEO）

这个问题当然可以量化，只是我们现在还没具体测算到那个维度。

Sanjay Sakhrani – Keefe, Bruyette & Woods, Inc.

Anna. I had a question about SMB acquisition. It sounds like you're not as concerned about like the fintechs anymore, you're competing quite aggressively with them. But you're seeing a lot of like vertical SaaS players getting SMB acquisition and doing all sorts of financial services and card-based -- I mean how are you combating that? I mean, Intuit is becoming a bigger part of that ecosystem. Maybe you could just talk about embedded finance broadly, too, but I just thought I'd ask that question in terms of customer acquisition.

Sanjay Sakhrani（KBW 分析师）

Anna，我有个关于小企业客户（SMB）获客的问题。听起来你们现在对金融科技公司（fintech）的担忧不像以前那么大了，而且你们正积极与他们竞争。但目前我们也看到很多垂直SaaS公司正在吸纳大量小企业客户，同时开始提供各种金融服务，包括基于信用卡的解决方案。比如Intuit，现在就在这个生态系统中扮演越来越重要的角色。你们是如何应对的？也请你聊聊你们对“嵌入式金融”这个趋势的看法。我主要是想了解你们在客户获客方面的策略。

Anna Marrs – Group President of Global Merchant and Network Services

Well, it's super encouraging that everybody believes in the small business growth opportunity, and there's no shortage of competition out there, whether it's our traditional competitors or the fintechs. I talked about the fact that we've slightly gained share in U.S. small business cards over the last few years, that 45.8% to 47.1% share. But we have a healthy degree of paranoia about all that competition. 33% of small business payments are still made by checks, that's ridiculous. It's very inefficient. There are a lot of players attacking that opportunity in terms of making it easier for small businesses to pay and get paid. You see it across the universe that you described.

我觉得值得欣慰的是，市场上所有人都看到了小企业客户群体的巨大增长机会，而且竞争非常激烈——无论是传统银行还是新兴的fintech公司。我们这几年在美国小企业卡市场上略有份额提升，从45.8%升到47.1%。但我们对这个竞争态势始终保持高度警惕。目前还有33%的小企业支付仍然是用支票——这显然是不合理、低效率的。有许多玩家在针对这一痛点，努力让小企业“支付和收款更轻松”，你提到的这些SaaS平台基本都在这样做。

I also highlighted this program we have called Amex Sync, which is a series of very standardized APIs that enable us to plug, for example, virtual card capabilities into some of these platforms because a lot of the platforms are saying to us now, a few years ago, we thought cards were easy. We will just do our own card. But the fact that they can get a virtual card capability from us and they can focus on the software interface, which is what they do best. And we believe that's a great way to play in the opportunity.

我也介绍过我们推出的 Amex Sync 计划。这个计划是一整套标准化的API接口，让我们可以把虚拟信用卡等能力嵌入这些SaaS平台中。其实很多平台几年前都觉得“发卡这事不难，我们自己搞”，但他们现在发现：我们能提供完整的虚拟卡能力，他们就可以专注在自己擅长的软件体验与前端界面。这种合作方式，对我们而言，是参与这一生态机遇的绝佳方式。

Stephen Squeri – Chairman & CEO

So just to add on to that, I think this part -- as Anna just said partnership opportunities are really important. And I think you can learn from them as well. And I think that's been a big opportunity for us as well. As we look at what other players are doing, given our scale, given our share, taking some of their innovation and incorporated it within, there's no -- we're not shy about doing that either.

我补充一点。就像Anna说的，合作机会非常关键。而且我们也在从这些玩家身上不断学习，这是我们的一大机会。我们会密切关注其他公司在做什么，结合我们自身的规模与市场份额，把他们的创新吸收融合进我们自己的体系里。我们在这方面从不避讳。

Anna Marrs – Group President of Global Merchant and Network Services

We know we need to invest. And that Anre's presentation about technology investment plays into it as well.

我们非常清楚自己需要持续投资，而Anre在技术投入方面的讲解也是这一点的体现。

Kartik Ramachandran

Our next question there. Ryan, at Goldman.

Kartik Ramachandran

下一位提问的是Ryan，来自高盛。

Ryan Nash – Goldman Sachs Group, Inc.

Ryan Nash, Goldman Sachs. Steve, on one of the slides in U.S. consumer, you showed you guys have 25% share of fee-based accounts. You're growing 8%. The industry is growing 8%. If you look at certain markets, right? So you've got 47% share in small business, international is growing real fast. So there's clearly a runway to grow at a faster pace. How do you think about the opportunity set and just total fee-paying cards as you look both domestically and internationally? And is there a desire to -- Christophe showed this on his slide to potentially invest more and can inevitably lead to even faster growth.

Ryan Nash（高盛分析师）

我是高盛的Ryan Nash。Steve，你们展示的幻灯片中提到，在美国消费端，贵司目前占有25%的付费账户市场份额，增速为8%，与整个行业持平。但如果看某些细分市场，比如你们在小企业卡市场的占有率是47%，国际业务也在高速增长——显然你们有潜力实现更快增长。请问你们如何看待无论在美国还是国际市场中，付费持卡客户的增长机会？你们是否也考虑，像Christophe所展示的那样，加大投入以实现更快的增长？

Stephen Squeri – Chairman & CEO

Yes. So look, I think when you look at the overall opportunity set, we talked about an industry that's growing revenue at 7%. We talked about the premium segment growing a little bit faster than that. We talked about Millennial and Gen Z growing faster than that. When you looked [indiscernible] been growing at 6%, and then you continue to go. And so I think what it basically says is, look, that's a healthy industry overall. But we are playing in absolutely the right segments.

Stephen Squeri（董事长兼CEO）

是的，我们来看看整体的增长机会。整个支付行业的收入增长约为7%；我们聚焦的“高端客户群”增长更快；而千禧一代与Z世代的增长又快于此。行业整体健康，而我们所聚焦的，正是这些增长最快、最具潜力的细分市场。

And -- to your point about investing more, if you go back to 2019 or so, when the marketing investment was a lot lower than it is now, that investment has continued to increase. It increased in 2021, it increased last year, it will increase this year. But I think what's important -- and this gets back to the aspiration. We set an aspiration of 10% revenue growth, and we set an aspiration of mid-teens EPS growth. And when you look at those 2, they have to work in concert. So we're not going to get 10% revenue growth at 2% EPS growth. And we're not going to get 14% revenue growth and drive that. So we have to balance those two.

关于你提到的“是否可以加大投资”，我们可以回头看2019年，那时我们的营销投入远低于现在。从2021年开始我们就不断加码，并且去年、今年都会持续增加。但关键点在于，我们设定了长期目标——10%以上的年收入增长和中段两位数（mid-teens）的EPS增长，这两者必须相辅相成。我们不能一方面追求10%的收入增长却只有2%的EPS增长，也不会为了14%的收入增长而牺牲利润，所以要保持平衡。

So is there an opportunity to invest more? I think there's always an opportunity for invest more, but I think we also have to take into account what our investors are looking for.

所以说，有没有空间进一步加大投资？答案当然是有的，但我们也必须考虑股东的期望和回报。

And I think one of the key things investors are looking for is EPS growth. And I think that's why it was important to put that aspiration out there because it allows us to chase scale. But yes, chase scale but not losing at the fact that we have a responsibility to our shareholders to deliver value back to them. And Christophe just showed how we return capital in terms of the dividend has doubled over the last 6 years, and we continue to buy back more shares.

我认为投资者最看重的其中一点就是每股收益（EPS）的增长。这也是我们明确提出增长目标的原因——它一方面支持我们扩大规模，但同时我们不能忽视对股东的责任，即持续回报价值。Christophe 也刚展示了我们的回购和分红情况：过去6年股息翻倍，我们也持续回购股份。

Ryan Nash – Goldman Sachs

As my follow-up, you spent a lot of time talking about the membership model, and you can't see that anywhere better than in card fees, which have grown double digits for the last 6 years. I think there was a slide where you showed different prices across different countries. And curious, do you see any major differences in customer behavior, whether it's at renewals or something as you move up different absolute levels? Or is this just all about continuing to enhance the value proposition?

Ryan Nash（高盛）

作为追问，我想问关于会员模式的一点。你们反复提到这个模式，而最能体现其威力的就是年费收入——过去6年都是双位数增长。你们还展示了不同国家的价格分布。那请问，当你们不断将价格提高到新的绝对水平时，会不会在续费率或客户行为方面看到一些差异？还是说核心问题只是“不断增强价值主张”？

Stephen Squeri – Chairman & CEO

Look, It's all about continuing to enhance the value proposition. Christophe had a slide up, which showed the refresh of the Platinum Card in 2021, right? And double the amount of cards that were acquired, 18% billings growth, 28% net income revenue growth and 99% retention. And so people will stick with you if you're adding value. So it's not about raising the fee for raising the fees sake.

其实这一切都归结为一点：是否持续在“价值主张”上增强。Christophe 刚才展示了2021年白金卡的产品更新情况——卡片发行为原来的两倍，账单金额增长18%，净收入增长28%，续费率达到99%。所以只要你不断提供真正的价值，客户就会留下。因此，这不是“为涨价而涨价”。

Howard talked a lot about the membership model, and Rafa talked about the differentiation in markets, right?

Howard讲了很多关于会员模型的内容，Rafa则介绍了国际市场上价值主张的差异化。

And there are markets in -- outside the United States that we actually have higher fees than the Platinum Card, you get asked -- you've asked this question, how high can it go? It can go as high as the value you provide.

而且在美国以外的很多市场，我们的年费其实比白金卡还要高。你刚才问“价格能涨到多高”？答案是，只要你提供的价值足够，就可以涨得更高。

And this is where the virtuous cycle comes in because the more premium customers we bring to our merchant partners, the more they're going to want to invest with us and the more value we will deliver.

这正是“良性循环”的体现：我们带给商户的高端客户越多，合作伙伴就越愿意与我们共创价值，我们就能为客户提供更高的价值。

Kartik Ramachandran

Craig?

Kartik Ramachandran

下一位是Craig？

Stephen Squeri – Chairman & CEO

Bat and third, it's not a bad spot.

Stephen Squeri（开玩笑）

第三棒出场，可是个不错的位置。

Craig Maurer – Bernstein Autonomous LLP

So for the cleanup hitter. Anyway, so I wanted to ask first question on international. You showed separately very strong growth in SMEs that use your card product internationally and very strong growth in international acceptance. But how do those 2 drive each other? Is there a cross talk between the groups so that maybe you get an SME to take a card, but they're not accepting Amex yet, how do you leverage that or the other way around?

Craig Maurer（Bernstein Autonomous LLP 分析师）

我来收个尾棒。我的第一个问题是关于国际业务的。你们刚才分别展示了两方面强劲增长：其一是使用你们卡片的国际中小企业（SMEs），其二是国际受理网络的覆盖扩张。但这两者之间如何相互驱动？比如说，有没有这种情况：一个中小企业成为了你们的发卡客户，但尚未接受Amex的收单？或者反过来？你们如何利用这两者之间的联动机会？

Stephen Squeri – Chairman & CEO

I'll let Rafa start and then Raymond can go.

Stephen Squeri（董事长兼CEO）

这个问题我先请Rafa来回答，然后让Raymond补充。

Rafael Marquez – President of International Card Services

Listen, small business is probably the fastest growing that we have in international but also is the one with the longest runway to continue to grow at a very fast pace. We have a focused strategy to participate in the countries where we can make a difference in that segment. And I think that both our value proposition resonate especially well with this segment, particularly no preset spending limit and the ability to actually capture more volatile spend levels. It's really valuable.

首先，中小企业毫无疑问是我们国际业务中增长最快的板块之一，而且也是我们认为未来增长空间最长的领域。我们有一套聚焦明确的策略，专注在那些我们可以真正发挥影响力的国家市场。我们所提供的价值主张，在这一客户群体中具有很强的吸引力，尤其是“无预设额度”（no preset spending limit）这种功能，能够帮助他们应对更大波动的支出需求，这一点非常重要。

We also are focused on driving not only the everyday type of business spend on categories that we have normal acceptance, but we also have strong focus on capturing B2B spend. And we have probably the best success stories in our largest markets in international as well in that segment. I think that, that serves as a segue for...

我们不只是着眼于日常运营支出这类常规领域的受理，而是也在大力推动B2B类型的企业间支付支出捕捉。我们在国际业务中最大的一些市场上，在这方面其实已经有了一些非常成功的案例。这也正好可以交给Raymond继续讲。

Raymond Joabar – Group President of Global Commercial Services

Yes, to drive acceptance, those merchants need to see card members at the point of sale. So we work very hard not only to sign, but then we work and putting details up, whether it's online or in the window, but we work very hard with all of the issuing businesses around the globe to make sure that those card members are aware of those coverage gains.

是的，推动受理网络增长的关键，是让商户“在销售终端看见持卡人”。所以我们不仅仅是去签约那些商户，我们还要把他们列出来，比如通过线上、店面橱窗贴纸等方式可视化展示。我们也和全球所有发卡团队密切合作，确保我们的持卡人知道这些新的受理覆盖正在不断拓展。

The only thing I'd add is, especially in the B2B space, whether it's here in the U.S., the commercial team and the merchant team and certainly in many of Rafa's markets where they're targeted. The integrated approach to know who are the buyers that are out there and where are the suppliers and how can we work together to come up with the right product at the right price point.

我补充一点，特别是在B2B领域——无论是在美国还是在Rafa所覆盖的国际市场，我们的商户团队和商用卡团队都采取了高度协同的一体化策略。我们会去识别市场上“谁是买方、谁是卖方”，并探讨如何提供“匹配的产品和定价”，形成买卖双方之间高效的闭环。

To Anna's comment about 33% is still done in check across international. The opportunity is measured in the trillions of dollars. And that's why everybody is rushing in there, but we work very, very closely to make sure that we're coming up with the right merchant price point and the value product -- card product to make sure that we can capture the spend in those areas. Japan is a great example where I think we've seen tremendous growth in the SME space by partnering together.

正如Anna提到的，国际市场上仍有33%的企业付款是通过支票完成的，这里面潜藏着数万亿美元的机会。因此市场上所有人都在“抢滩”。我们所做的，是通过深入合作，提供合适的商户定价以及具备价值优势的卡片产品，真正把这些支出收入囊中。以日本为例，我们与合作伙伴在中小企业市场上取得了非常亮眼的增长成果。

Craig Maurer – Bernstein Autonomous LLP

Steve, a question for you. There's potentially some material changes coming with the settlement that Visa and MasterCard have agreed to with the small merchants and the changes that can bring to surcharging card acceptance and the Capital One-Discover deal, which could create a new largest player by far in the space, plus another closed-loop network. So thoughts on those changes coming and how Amex deals with that?

Craig Maurer（继续追问）

Steve，我想问你一个更宏观层面的问题。现在Visa和Mastercard正在和小商户达成和解，可能会带来一些重大变化，比如允许附加信用卡手续费（surcharging）。另外Capital One和Discover之间的并购案，也可能催生一个全新的超级巨头，同时打造另一个闭环网络。在这样的行业动态变化下，Amex会如何应对？你怎么看这些趋势？

Stephen Squeri – Chairman & CEO

Well, right now, they're all in play but not -- has not come to fruition yet. So I think when you look at the Capital One–Discover potential combination, it will create the largest lender in the United States, not necessarily the largest billings. And it's a very different customer base. In fact, it's a little bit of a complement that they want to recreate a closed-loop network. But it just takes a little bit more than just putting 2 things together.

Stephen Squeri（董事长兼CEO）

目前这些事情都还在酝酿中，还没有真正落地。就Capital One收购Discover这件事来看，它确实可能会创造出美国最大的信贷发卡机构，但那不意味着它们拥有最大的账单支付规模（billings）。而且它们的客户群体跟我们非常不同。其实，它们想复制一个“闭环网络”（closed-loop network），在某种程度上也算是对我们网络模式的一种认可。但要建立这样一个网络，并不是简单地把两家公司拼在一起就能做到的。

But look, [Rich] is a really smart guy and the fact that he wanted to do this is, I think, a complement to just how our network works, but he's publicly stated it's probably only going to move about 14% of his volume over there. So we'll see how it plays out, but it really doesn't change our strategy. We'll still go after coverage. We play in a premium set. And so we'll see how all that plays out.

不过说实话，Capital One的CEO Rich是个非常聪明的人，他愿意做这个组合，本身也是对我们闭环网络的一种认可。但他自己也公开表示，可能也就14%的交易量会转移到他们的网络上。所以我们会持续关注它的发展，但它不会改变我们的核心战略。我们还是专注于扩大受理覆盖（coverage），深耕高端客户群（premium segment）。所以我们会观望整个格局怎么演变。

As far as the Visa-MasterCard settlement, this has been going on forever. And you just said the National Retail Federation come out against it this morning. So again, we will -- we'll see how all that plays out. It is 5 basis points. And it's a pause for 5 years. And with all the pricing tables, we'll have to see how all that also plays out in the marketplace. And in fact, it does play out.

至于Visa和Mastercard的商户诉讼和解案，这已经拖了很久了。你也提到今天早上美国零售联合会（NRF）已经公开反对了这项和解。所以这一切还不确定，最终会怎么执行还有待观察。目前来看只是调降5个基点，而且只适用5年。再加上复杂的定价机制，我们还要继续观察它是否真的会在市场中起到作用。

But as far as surcharging goes—look, surcharging is a bad experience for consumers. If you want to raise prices, raise your prices. But the credit card industry plays a vital role, I think, in providing the liquidity into the system so that people can make purchases.

至于附加费用（surcharging），我们认为这对消费者而言是非常糟糕的体验。如果你想涨价，那就直接涨价。但信用卡产业其实在整个经济体系中扮演着“提供流动性”的关键角色，使得消费者能够进行消费。

And we'll see how that all winds up playing out if, in fact, it comes through. But I think regulators and consumer advocacy groups should really look at surcharging and understand what the impact of that is to the consumer experience.

这些事未来是否真的会实施，还有待观察。但我认为监管机构和消费者权益组织应该认真研究surcharging的影响，它真正会如何影响消费者的体验。

Kartik Ramachandran

Steve, down here.

Stephen Biggar – Argus Research Company

I just wanted to follow up on Ryan's question about the 25% share of fee-based premium cards. I think it was—do you think that there's a level upon which you can't exceed whether it's 30%, 50%? I mean, how are you thinking about that? Because obviously, there are other players in the market, whether it's JPMorgan or other entrants that are getting a little bit more active like Wells recently. Just how are you thinking about that?

Stephen Biggar（Argus Research）

我想接着Ryan的问题问一下——你们目前在收费型高端信用卡市场占有25%的份额，那你们是否认为这个份额存在某种“天花板”？比如说，是30%、50%？毕竟市场上也有很多竞争对手，比如JPMorgan，甚至像Wells Fargo这样的后来者也开始活跃了。你们怎么看这方面的潜在增长空间？

Stephen Squeri – Chairman & CEO

Well, what I'd say—and I'd ask Howard to comment—there's still a tremendous long runway for growth. I mean, are we going to get 100%? No. But there is still a long runway for growth here.

我会说——当然我也请Howard补充——我们在这个领域还有非常大的增长空间。我们能做到100%市场份额吗？不现实。但确实还有很长的增长跑道。

And look, when Chase came out with their product a number of years ago, it really put a spotlight on this entire market, and we've grown a lot faster as a result of it. I mean, it was like 2017, and we really just took off since then.

再说，Chase在几年前推出他们的高端卡产品时，其实在整个市场上引起了很大关注。而从那时起，我们的增长也加速了。差不多从2017年开始，我们的业务真正腾飞了。

So—but I think there's still a long runway for growth with that. It's hard to put a percentage on it, but Howard...

所以我认为，这个市场还有空间。要说具体能到多少百分比很难讲，但我还是让Howard接着说说。

Howard M. Grosfield – Group President of USCS

I think the only thing I'll add is sort of emphasizing a point that Steve talked about. I think that in many respects, the way in which competitors and issuers have begun to focus in earnest in the premium space has, in fact, accelerated the size of the pie of the market.

Howard M. Grosfield（美国消费者服务部总裁）

我想补充的一点，是想进一步强调Steve刚才提到的观点。从某种意义上说，竞争对手和其他发卡机构对高端客户市场的积极投入，反而扩大了整个市场的规模。

So every time that one of our competitors announces a new lounge as a category leader, we disproportionately benefit. You see how they talk about their lounge introduction, and then there’s a paragraph on the suite of global lounge networks for American Express.

每当我们的竞争对手宣布推出新的高端休息室产品时，我们往往能够获得超额受益。你可以看到，每次他们介绍自家休息室服务时，几乎都会顺带提到American Express遍布全球的休息室网络。

And so I think that while that 25% number is a point-in-time number, it doesn't accurately describe how the pie around it is growing at an accelerated pace. And as we see Capital One as well as JPMorgan Chase continue to lean in and invest, we would suggest that the market will continue to accelerate growth, educate and bring more customers up into the premium segment, which is exactly what we're seeing today.

所以，虽然我们目前在收费型高端卡领域的市场份额是25%，但这个数字只是一个时间点数据，它并不能真实反映出整个高端市场的增长速度。我们可以看到，Capital One 和 JPMorgan Chase 也都在加码投入，我们认为这会进一步带动市场扩容、教育用户，把更多人带入高端客户群体。这也是我们如今实际所观察到的趋势。

Kartik Ramachandran

Bill?

Bill Carcache – Wolfe Research

Bill Carcache with Wolfe Research. I wanted to follow up on the significant increase in appetite among your customers to fund value. Amex has always been a premium brand with premium customers. But what’s been the catalyst to sort of increase their appetite to fund more value over the years? And as you look forward, Christophe, you had that slide that showed the value funded by partners. How much room is there as you look forward for that to continue to potentially drift higher?

Bill Carcache（Wolfe Research 分析师）

我是Wolfe Research的Bill Carcache。我想追问一个关于你们合作伙伴“出资”提供会员权益的问题。Amex一向是高端品牌、服务高端客户，但这些年你们合作伙伴愿意“掏腰包”提供更多价值的意愿显著提高。你们怎么看这个趋势？Christophe，你之前那页PPT上也展示了合作伙伴资助的价值占比不断上升。未来这种上升还有多少空间？

Stephen Squeri – Chairman & CEO

So why don’t I have Christophe. Christophe was supposed to be sitting next. I don’t know what happened? Anyway, switch. Christophe, why don’t you just talk about that and then Raymond talk about what we do with the merchants.

Stephen Squeri（董事长兼CEO）

这个问题我们让Christophe来回答。Christophe本来应该坐在旁边，不知道去哪儿了（笑）。你先说这个问题，然后再请Raymond补充一下我们在商户那边的合作。

Christophe Le Caillec – CFO

Yes. So that percentage varies by product. But the example I gave on that slide was for the U.S. Consumer Platinum and Small Business Platinum. It’s very hard to predict what’s going to happen.

Christophe Le Caillec（首席财务官）

是的，不同产品中由合作伙伴资助的价值占比是不一样的。我在那张幻灯片中举的例子是美国消费者版Platinum和小企业版Platinum。未来会怎么变化其实很难预测。

I think every time we refresh a product, we contemplate what the new value proposition should be, what it could do, how we price for it, what’s the appetite from the partner. So every product refresh is a catalyst for exactly that kind of conversation. It happens at that moment. And then we’ll live with that product and that construct for several years.

每一次产品刷新，我们都会重新思考：新的价值主张要怎么设定？定价策略如何调整？合作伙伴的出资意愿有多高？所以每一轮产品更新，本质上就是一次重新定义“由谁提供多少价值”的机会。这类对话通常都发生在产品更新的那一刻，然后一款产品会以这种设计持续运营若干年。

I think the key thing to understand here is the relationship between the attractive base — I get the slides as well — referring to the consumer base, for instance, in the U.S., where 55% of our billing comes from card members who have income in excess of $200,000.

我认为大家要理解的核心是“高价值客户基础”对合作伙伴的吸引力。比如美国的消费者群体，我们有55%的账单收入来自年收入超过20万美元的持卡人。

That’s what they want, right? They want exposure, they want access. They want a direct relationship with that base of customer. And the product is the way to get there, right? And so we’re just certainly going to keep doing it. It’s working for the partners. It’s working for the card members and it’s working for us. It’s working for everybody.

这正是合作伙伴们想要的——他们想获得“曝光”、想建立“接触点”、想与这些高端客户直接建立关系。而我们正是通过产品将他们联结在一起。所以我们肯定会继续沿着这条路径走下去。对合作伙伴有效，对我们的持卡人有价值，对我们自身也是利好——这是一种三赢的模式。

Raymond Joabar – Group President of Global Commercial Services

So I'd say on the embedded value that's core part of the value propositions, the Amex Offers platform really taps into kind of a core theme of all businesses: they want to find new customers and they want to deepen the loyalty with existing ones.

Raymond Joabar（全球商务服务总裁）

关于“嵌入式价值”这一核心命题，Amex Offers 平台确实抓住了所有企业都关心的关键点：他们希望获取新客户，也希望增强与现有客户的忠诚度。

And we — I think the differentiated assets I had a slide up there that highlighted — we have tens of millions of high spending card members around the globe. We have the integrated business model, which can combine the closed-loop information so we can target a lot more efficiently and effectively to help meet that partner’s needs.

我之前的幻灯片也提到了我们拥有的差异化资产：我们在全球拥有数千万高消费能力的持卡人，我们的整合式商业模式让我们可以利用闭环信息，实现更高效、更精准的定向营销，从而更好地满足合作伙伴的需求。

And we pass all of the value right now onto the card member. I think Steve had the slide of the virtuous cycle where we’re not charging them for advertising. We’re putting that value to reinforce the value that they’re paying for the card product.

而且我们目前是把全部价值回馈给持卡人。正如Steve展示的“良性循环”幻灯片那样，我们并不向合作商户收取广告费用，而是通过提供这些优惠来加强持卡人对产品价值的感知。

So the card member wins, the merchant sees us as a super-efficient way to advertise. And it’s very differentiated in terms of how we — the returns that they can get on that spend.

因此，持卡人受益，商户则将我们视为一种超高效的营销平台。从投入回报角度来看，这种合作模式与市场上的其他方式有很大差异化优势。

So it’s been super powerful and we recognize that we have a bigger opportunity, and we’re investing over the next 2 years to revamp the platform to make it even easier for merchants to be able to advertise in that space. So it’s — we’re excited about the opportunity for the future as well.

这已经成为一个非常强大的平台，而我们也认识到其中还有更大的潜力。因此我们将在未来两年持续投资，全面升级这个平台，使商户能更便捷地在此进行广告投放。我们对这个未来机会感到非常兴奋。

Bill Carcache – Wolfe Research

Anna and Raymond, I believe you touched on the role of APP and the penetration of payments. And there’s been a lot of focus over the years around the challenges of penetrating B2B payments and you’ve talked about AP automation and a lot of the things that you’re doing. Could you speak to where we are on that journey and sort of the opportunity that you see sort of over the course of the next 3 to 5 years and beyond and just frame for us?

Bill Carcache（Wolfe Research）

Anna 和 Raymond，你们刚才都提到了 APP 和支付渗透率的内容。这些年B2B支付一直是个难点，你们也提到了应付账款自动化（AP automation）等举措。能不能具体说说现在你们在这个旅程上的进展如何？未来3到5年，以及更长期的机会你们怎么判断？

Stephen Squeri – Chairman & CEO

Why don’t you start and take the mic away from Bill.

Stephen Squeri（董事长兼CEO）

Anna，你先来回答，顺便把麦克风从Bill那儿“抢过来”吧（笑）。

Anna Marrs – Group President of Global Merchant and Network Services

It’s lovely to see you, Bill. Great to be here. So absolutely, I said in my presentation that what small businesses want is to use their card at scale. We enable that with features like no preset spending limit, but the key thing we have to do to enable it is also to ensure the card is accepted at their largest suppliers.

Anna Marrs（全球商户和网络服务总裁）

Bill，很高兴见到你。确实如此，我在发言中提到过，小企业的核心诉求之一就是“能大额使用他们的卡片”。我们通过“无预设消费额度”等功能满足了这一点，但更关键的是要确保他们的主要供应商也接受American Express卡。

And Raymond and my team, we do that with technology, as you pointed out, capabilities like AP automation but there’s also just a constant drumbeat between Raymond and my organization of capturing the accounts payable file from the buyer, feeding it into a center of excellence that we have between our organizations that filters those supplier leads and then getting it into one of the colleagues in Raymond’s team that reaches out to that supplier, gets them on board and then broadcasts back to all of our card members: “Hey, this supplier now accepts American Express.”

Raymond和我团队之间每天都在围绕这个问题高频协作。我们不仅有AP自动化等技术能力，还有一个双方共建的卓越运营中心，专门负责接收客户的应付账款文件、筛选潜在的供应商线索、转交Raymond团队同事与之联系，促成他们开通Amex收单服务。然后我们会再通知我们的持卡人：“这家供应商现在接受American Express啦。”

So I feel good about the machinery you’ve put in place but I still think there’s a lot of potential.

我对这套体系已经很满意，但我也相信还有大量未被挖掘的潜力。

And it’s really — we talk a lot about how you make sure the value proposition on both the buyer and the supplier side is really sharp. So buyer side, paying of the card is a great thing to do. You get float, you get rewards, you get service — purchase protection in many cases.

我们一直强调：买方和卖方两边的价值主张都要足够清晰。对买方来说，用卡付款能带来账期浮动（float）、积分奖励，很多时候还有消费保障，这非常有吸引力。

But on the supplier side, there’s also a great value proposition, right? You get the certainty of the receivable, you get cash flow acceleration and you get data. And so those 2 hands clapping between buyer and supplier, we feel good about our progress, but there’s still a lot we’re doing together. Raymond, if you want to add?

但对供应商而言，这也同样划算——他们可以更快确认应收账款、加速现金流，同时还能获取交易数据。所以这种“买卖双方共同鼓掌”的局面，让我们对自己的进展感到满意。当然我们还有很多工作要继续推进。Raymond，你要不要补充一下？

Raymond Joabar – Group President of Global Commercial Services

Well, I think what is also driving is the recognition that we also need to look at those value propositions, whether it's cards or other types of payments. What we want to make sure we can do is process that buyer's complete buyer file, the supplier file and many of them accept today, some of them don't, making sure that we can process it and then that gives us warm leads to go out.

Raymond Joabar（全球商务服务总裁）

我认为，驱动我们前进的一个关键因素是我们意识到需要全面审视这些价值主张，无论是信用卡还是其他支付形式。我们需要确保能处理买方完整的应付账款文件，包括所有供应商，有些目前已经接受Amex，有些还没有，我们的目标是确保所有文件都能顺畅处理，这样就能获得明确的销售线索来推进拓展。

So we do work hand-in-hand to make sure that we can penetrate it in the U.S. but it's also an opportunity across international.

因此我们在美国密切协作推进这一策略，同时也把这视为国际市场的重大机会。

And sometimes in the U.S., we're probably a little more buyer-led. Some markets, I think it's been even more supplier led. The supplier sees a lot of benefits because they can get paid with certainty, and then we go out and sign up their buyers to make sure that we can provide value to both.

在美国市场，有时是以买方为主导。而在某些国际市场，情况可能是以供应商为主导。因为供应商能明确获得付款，他们会主动与我们合作，然后我们再联系他们的买家，确保双方都能从中受益。

So it really, it gets down to the customer needs and making sure that we have the right solutions to solve both sets of needs. And it's a massive opportunity. It's an opportunity measured in the trillions of dollars.

归根结底，我们要做的是精准匹配客户的需求，确保我们拥有解决买卖双方问题的正确方案。而这本身就是一个万亿美元级别的巨大市场机会。

Kartik Ramachandran

Jeff Adelson?

Jeffrey Adelson – Morgan Stanley

Jeff Adelson, Morgan Stanley. Christophe and Steve, just wanted to focus on Slide 165, where you gave the write-off metric for fee-paying cards. I don't think you've ever given that before, so it is really good to see that stat. Just curious, what does that look like over time?

Jeffrey Adelson（摩根士丹利）

我是Morgan Stanley的Jeff Adelson。Christophe和Steve，我想聚焦在你们第165页的那张幻灯片，你们首次披露了付费卡账户的核销率，这个指标很有价值，我之前没见你们公开过。请问这个指标在过去几年是怎么变化的？

And given that, I think in a later slide, you show 80% of your U.S. loans and receivables are now fee paying. Do you see further opportunity for that to kind of remix in as you continue to premiumize the portfolio? Or is that opportunity more cap for now?

而且后面你们还展示了美国市场80%的贷款和应收款来自于付费卡客户。你们是否还看到这方面有继续优化空间，还是说已经基本到顶了？

Christophe Le Caillec – CFO

Yes. The way I got to answer this question, I don't know whether it will help you, but we're not trying to lower this number. We need to find the right balance between all the growth ambition that we have and taking the appropriate level of risk.

Christophe Le Caillec（首席财务官）

这个问题我得这样回答，不知道对你有没有帮助——我们并没有刻意去压低这个核销率。我们真正关心的是，在我们力求实现增长目标的同时，也要承担合适的风险水平。

And the way we think about this level of credit cost, if you want, it's a cost of doing business given where we are — the industry where we are.

从我们的角度，这个信用成本水平本质上就是“做生意的必要代价”，考虑到我们所处的行业特性。

We approve every single transaction that we deem as profitable, and we decline every single transaction that we deem as unprofitable for us. And their write-off rate that you see here is the blend and the outcome of all these transactions.

我们会批准每一笔我们认为可盈利的交易，拒绝每一笔我们认为无法盈利的交易。而你所看到的这个核销率，其实是所有这些交易结果的一个综合体现。

So our key focus is to grow as much as we can while keeping — while declining as many nonprofitable transactions. And that will be the driver of where that write-off rate is going to go.

因此，我们的重点在于尽可能扩大盈利性交易规模，同时尽可能减少非盈利交易。这个策略将决定我们未来的核销率水平。

What we know as well is that the more premium card members we bring on — and one test for the premiumness is either whether they buy into this membership value proposition, they pay the card fee and they engage with the product — we know that premium card members over time will always do better than non-premium card members.

我们也知道，吸引越多优质的高端客户，我们的资产质量就越好。而衡量“高端性”的一个重要标准就是他们是否愿意为我们的会员模式买单，即付年费且频繁使用卡片。从经验来看，这类高端客户的信用表现始终优于非高端客户。

So that's how we handle it, right? So I'm not going to be able to tell you where this is going and whether that write-off rate of 2% is going to become like — portfolio write-off rate of 2% is going to move to like 2.1%, 2.2% or 1.9% because that's not the way we think about it.

所以我们更看重的是策略组合本身，而不是设定一个精确的数值目标。所以我也不会去预测这个2%的核销率未来会变成2.1%、2.2%还是1.9%，因为我们不会以那种方式来做规划。

Stephen Squeri – Chairman & CEO

It's Christophe's point, though, about the -- buying into the value proposition. If you remember the slide that Howard put up -- I don't remember the number of the slide. But if you remember the slide that Howard put up showed that when somebody is delinquent, on both products, how there's a difference in terms of how they pay us back in their smaller delinquency -- the lower delinquency rate versus their other card.

Stephen Squeri（董事长兼首席执行官）

正如Christophe提到的，关键在于客户是否“买单”这个价值主张。如果你还记得Howard展示过的一张幻灯片（我不记得是第几页了），其中讲到一位客户如果在我们的卡和其他竞争对手的卡上都出现了逾期，他更倾向于优先偿还Amex的卡。这体现了我们卡片的逾期率更低，客户对我们的优先还款意愿更强。

Jeffrey Adelson – Morgan Stanley

And as a follow-up, Anre. Thanks for highlighting the AI slide there. I was curious, do you see AI from here continuing to increase as a percent of tech spend? Or do you view yourself as fully at run rate here? What other opportunities or use cases do you see for AI? And is this a driver of improving operating leverage? Or is it really just all about maintaining your operating leverage from that?

Jeffrey Adelson（摩根士丹利）

我有一个关于AI的后续问题给Anre。谢谢你刚才分享关于AI的内容。我想问的是，从现在开始，AI在你们整体科技支出中的占比是否还会继续提升？或者你们认为现在已经达到了一个稳定的水平？你们还看到了哪些潜在的AI应用场景？AI是有望进一步提升运营杠杆的动力，还是主要用于维持现有的杠杆水平？

Anre Williams – Senior Executive Advisor

Okay. Well, generative AI is something that's only been around for about a year or so. And we think it's transformational technology has tremendous potential for payments industry and a lot of other industries that's going to impact the world.

Anre Williams（高级执行顾问）

好问题。生成式人工智能（Gen AI）真正广泛被关注其实也就过去一年的事。我们认为它是一项颠覆性技术，对支付行业以及很多其他行业都具有巨大潜力，可能会对整个世界带来深远影响。

When we put together our Gen AI council internally, we look for -- we asked for suggestions in the use cases throughout our colleague base globally, and we had about 500 use cases that were suggested. And we've only implemented a few dozen of them but we think there's tremendous opportunity.

我们内部成立了一个生成式AI专项小组，向全球员工广泛征集AI在各个领域的应用想法，我们收到了大约500个潜在应用案例。目前我们只实施了几十个，但我们认为未来的机会非常大。

What I have today, which is 3 of them that have been successful. We'll keep trying things, the things that we think make sense and have opportunity to help our company. We'll expand on, but I believe these are early days.

今天提到的那3个只是目前较成功的案例。我们会不断试验，只要我们认为合理、能带来帮助，我们就会扩大应用。但现在还只是刚刚起步阶段。

We've been at AI, as I said, going back to, I think it was 2010 or so, and so that was a long run -- has been a long runway. Generative AI is brand new, and I think it has tremendous potential.

如我之前所说，其实我们早在2010年左右就开始用AI了，这是一个长期积累的过程。而生成式AI是一个全新的阶段，我们认为它的潜力巨大。

And we highlight one area, which is about productivity, but there is also a growth area and it's also protecting products and services and our fraud losses and other things. So we see a lot of potential for it.

我们目前展示的更多是AI在提升生产效率方面的应用，但它同样适用于业务增长、产品保护、防止欺诈等多个方面，因此我们对它充满期待。

Stephen Squeri – Chairman & CEO

And we're not going to stop investing. I mean, I think one of the things that you've seen over the last few years, it's been transformational for us is our ability and our willingness to invest when there is opportunities.

Stephen Squeri（董事长兼CEO）

我们不会停止投资。我想大家过去几年已经看到，我们之所以能转型得这么成功，关键就在于我们有能力、也有意愿在出现机会时大胆投资。

I mean, we've almost doubled our marketing investment. You saw on slide above $600 million on our tech investment.

举例来说，我们的市场营销投入几乎翻了一倍；你也看到我们在科技方面投入超过6亿美元。

And so we're not going to trade off new opportunities versus continuing to upgrade and enhance our existing systems. If the returns are there, and it drives more operating leverage, drives more revenue, whatever it drives, we'll make those investments because I think the most important thing for us is we run the company for the long term.

我们不会为了节省成本而牺牲新机会，也不会停止对现有系统的持续升级与优化。只要回报合理，无论是提升运营杠杆，还是带来收入增长，我们就会投。因为我们始终把公司当作一项长期事业来经营。

And so for us to make a short-term decision of not investing in an opportunity that's going to make a difference in the long term, it just doesn't make any sense. So as those opportunities arise, we'll evaluate them. And if we need to invest more, we'll invest more.

所以，如果我们为了短期目标而放弃一项可能在未来几年带来巨大回报的机会，那就完全说不通了。只要机会出现，我们会评估，如果需要加码，我们就会加码。

Kartik Ramachandran

Don Fandetti?

Donald Fandetti – Wells Fargo Securities

So can you talk a little bit -- I mean, SME spend has been a little bit sluggish relative to consumer international. Are you seeing any inflection in any industries or any green shoots on that? And then I noticed that the digital banking, one of the strongest growth rates I've seen all today was the SME digital banking. Can you talk about sort of how that's progressing in your multiproduct approach? Do you feel like you can continue to maintain the sort of strong market share gap?

Donald Fandetti（富国证券）

能否请你们谈谈SME（中小企业）方面的情况？我们看到相较于国际消费者业务，SME的消费增长略显疲弱。你们是否观察到某些行业正在出现拐点或一些“绿色萌芽”？另外，今天展示的最强劲的增长之一是SME的数字银行业务。你们能否介绍一下在你们的多产品策略中，这项业务目前发展得如何？你们是否认为还能持续保持如此强劲的市场份额领先优势？

Anna Marrs – Group President of Global Merchant and Network Services

So what I wanted to do in the presentation today was really kind of lift the lid on those small business spend trends we've seen over the last few years. There's a lot going on. And my favorite slide in the deck, that Slide 47, I think it is, which shows small business organic spend. We put the absolute numbers on the bottom, which are really almost more interesting than the percentages.

Anna Marrs（全球商户与网络服务总裁）

今天我在展示中主要是想揭示一下我们过去几年在小企业支出方面观察到的趋势，背后其实非常复杂。我个人最喜欢的一张幻灯片应该是第47页，展示了小企业的“有机支出”增长情况。我们在幻灯片下方也列出了绝对金额，事实上，这些金额比百分比变化还更能说明问题。

Prepandemic in 2019, we had about $9 billion of organic spend growth from our small business customers. And then in 2021, it was $53 billion, 2022, it was $45 billion. So that surge was just so enormous on the back of all the externalities I talked about, stimulus, inflation, supply chain.

疫情前的2019年，我们的小企业客户贡献了约90亿美元的有机支出增长。而2021年是530亿美元，2022年是450亿美元。这种激增背后的推动因素主要是我们提到的一系列外部因素，包括财政刺激、通胀和供应链问题。

And there were also industry dynamics, both in the boom and the moderation. And although the spend was very broad-based, the industry that stands out for us is very obviously construction, right? So it boomed a lot just post pandemic. I mean everyone put a new roof on their house, and then they didn't need a new roof in 2023, and we saw that spend contract.

行业本身也经历了繁荣与调整。尽管支出增长涉及面广，但最明显的一个行业是建筑业。疫情后这块支出曾经大幅增长——几乎每个人都给房子换了新屋顶——但到了2023年，没有人再需要新屋顶了，所以我们看到这方面的支出出现了收缩。

So that's the only real industry move there. Broadly, it was all that external stimulus followed by the tightening that happened with both continued inflation and interest rates. So that's the spend story.

从行业角度讲，这算是唯一一个较明显的变化。整体来看，是由外部刺激带来的短期繁荣，之后则受到通胀和利率上升所带来的收紧影响。这是支出的整体趋势。

And then when it comes to products beyond the card, as we call it, we really are excited about those products' ability to continue to engage and drive growth within the customer base, which is why on the slide I put up some of our engagement metrics more than like a number of customers or revenue.

而谈到我们所谓“超越信用卡”的产品时，我们对这些产品能持续提升客户粘性、推动业务增长感到非常兴奋。这也是为什么我在幻灯片中强调的是参与度等互动指标，而不仅仅是客户数量或营收。

They see them as really important points of engagement. And our ability to surround customers with more of that multiproduct experience, it grows revenue but it also reduces attrition. So we're going to keep embedding those products into the customer base to continue to drive that growth.

客户也认为这些是非常关键的参与渠道。而我们通过提供“多产品组合”体验的能力，不仅能推动收入增长，还能降低客户流失。因此，我们会继续将这些产品深度嵌入客户体验中，以持续驱动增长。

Donald Fandetti – Wells Fargo Securities

Are you seeing anything competitively? I know Capital One has a no limit card that's been sort of a secret sauce for Amex? Do you feel like you can maintain this sort of dominant market share?

Donald Fandetti（富国证券）

你们在竞争方面观察到什么动向吗？我知道Capital One 推出了一种没有限额的信用卡，而这恰好曾经是Amex的一项“秘密武器”。你们认为自己还能持续维持目前这种市场份额上的主导地位吗？

Anna Marrs – Group President of Global Merchant and Network Services

And so Steve talked about how we are -- we never rest on our laurels. We have a really healthy sense of paranoia inside the company, and there are a lot of great competitors out there.

Anna Marrs

正如Steve提到的，我们从不自满。公司内部始终保持一种“健康的焦虑感”，因为市场上确实有很多优秀的竞争对手。

We've competed successfully against those other big issuers for decades now. We've competed successfully through a real period of kind of small business volatility, and we're going to keep running our playbook, competing from our strengths to make sure we continue to hold our share. So that's where we're staying focused.

几十年来，我们始终能够在与这些大型发卡机构的竞争中保持领先。即使在中小企业客户波动非常剧烈的时期，我们也能成功应对。未来我们会继续按照既定策略，从自身优势出发开展竞争，确保我们保持市场份额。这就是我们现在专注的方向。

Kartik Ramachandran

Saul Martinez?

Saul Martinez – HSBC

Saul Martinez from HSBC. You tell a really convincing story about how you can drive better than industry volume growth, better than industry revenue growth, drive operating leverage. But what could go wrong in terms of getting to that algorithm that gets you to 10% revenue growth, 15% EPS growth? If you had to rank order 3, 4, 5 things that you think are the biggest risks that keep you up at night, what would they be?

Saul Martinez（汇丰银行）

你们讲了一个非常有说服力的故事，说明你们可以实现超过行业平均水平的交易量增长、收入增长，并带来经营杠杆。但你们实现“10%营收增长、15%每股收益增长”的这个模型，有什么可能出错？如果让你们列出3、4、5个最让你们担忧的风险因素，会是哪几个？

Stephen Squeri – Chairman & CEO

So it's not only a story, it's actually happened, right? So that's number one. I mean, I think that would be an interesting story, except we've done it for the last 3 years.

Stephen Squeri（董事长兼首席执行官）

首先，我要说这不仅是一个“故事”，而是我们过去三年已经实际做到的事情。如果这只是个假设，它或许只是一个好听的故事；但我们确实已经实现了。

There's a multitude of things that keep us up at night: pandemic, a financial crisis. We've got a world that is being torn apart in many, many places. So as Anna said, we have a healthy paranoia about everything.

很多事情确实会让我们夜不能寐，比如：疫情、金融危机。目前这个世界在很多地方都处于动荡状态。正如Anna说的，我们对各种可能的风险始终保持“健康的焦虑”。

But I think that -- let's go back to Christophe’s slide. Even in the depths of great despair in the great financial crisis, we made money. And if you look at the financial crisis, you look at the pandemic, we're not going to hit 10% revenue growth, and we're not going to hit mid-teens EPS growth. But nobody is.

不过回到Christophe的幻灯片——即使在2008年金融危机最深的低谷，我们也依然保持了盈利。再看2020年疫情期间，我们确实未能实现10%的营收增长和中双位数（mid-teens）的EPS增长——但没有任何一家公司能在那种环境下做到。

But what we've proven is, we'll make money. We've made money in the pandemic, and we made money in the Great Financial Crisis.

但我们已经证明，我们依然能保持盈利。疫情期间我们盈利了，金融危机时我们也盈利了。

I think that as far as hitting the 10% aspiration and hitting the mid-teens EPS growth, it's all about execution for us. It really is all about execution. And this team and the people that work for the people on this team are maniacally focused on executing our strategy in a compliant way.

而要实现10%营收增长和中双位数EPS增长的目标，归根到底是“执行力”的问题。对我们来说，一切都取决于执行。而我们这个团队，包括每一位为这个团队工作的员工，都对战略执行保持极度专注，并且严格合规地推进。

And we've been able to do that very successfully and that's what we're going to continue to do because the opportunities are really in front of us.

我们已经证明自己能够成功执行，这也是我们会继续坚持的方向，因为真正的增长机会就在我们眼前。

But we live in a world of so much uncertainty but we've lived through so much uncertainty.

当然，这个世界充满不确定性，但我们已经经历过很多这样的不确定性。

And I think when you have that -- those cataclysmic events, and I think those were cataclysmic events, nobody is going to hit any of their targets. And then it's a matter of the sustainability of the organization.

当发生那种“灾变性事件”时——我认为金融危机和疫情都属于此类——没有任何一家公司能实现目标。这时候，比什么目标更重要的是组织的可持续性。

Do we have the liquidity? Do we have the right capital? We've proven we have, and we continue to strengthen not only our capital position or our liquidity position, but our ability to know what our capital and liquidity position is as well.

我们是否有充足的流动性？是否有合适的资本结构？我们的表现已经证明答案是肯定的。我们也会继续强化我们的资本状况、流动性状况，以及对自身财务状况的准确掌握能力。

So -- yes, but things as where we are. We think our aspiration is absolutely the right aspiration of 10%. 10% revenue growth and mid-teens EPS growth, and that's what we're going to continue to strive for.

所以总结来说，虽然外部环境存在很多变数，但我们依然认为“10%营收增长 + 中双位数EPS增长”是一个完全合理、适合我们的目标，也是我们会坚定追求的方向。

Kartik Ramachandran

[Operator Instructions] I'll take Jimmy Hanna, right here.

Kartik Ramachandran

【操作提示】我请Jimmy Hanna发言，就在这里。

James Hanna North Reef Capital

It's Jimmy Hanna with North Reef Capital. I appreciate Saul's question and the spirit of it because it is a very good financial algorithm. I'm going to ask Steve, Christophe, Anre and Anna. One of you maybe can help me answer this one because I know your face is better. In terms of just thinking about that new aspiration, it is a little bit confusing in the last few years and American Express has done a great job describing the revenue dynamics, spending trends, what's happened post COVID between business and consumer.

James Hanna North Reef Capital

我是North Reef Capital的Jimmy Hanna。我很欣赏Saul的问题以及他的思路，因为那是一个非常优秀的财务算法。我想请教Steve、Christophe、Anre和Anna中的某一位，因为我更熟悉你们的面孔，也许能帮我回答这个问题。关于新的增长目标，过去几年确实有点令人困惑，而American Express在解释收入动态、消费趋势以及疫情后企业和消费者之间的变化方面做得非常出色。

But if I think Saul's question, one thing that I worry about is maybe the management team when you came up with 10% aspiration is basing it off 4 years where the consumer was actually in a pretty darn good spot, especially your customer base. And so I know you all are thoughtful in thinking about these things, but how do you know that, for example, card fees and the refresh that we point to in 2021, that was a pretty big step-up in card fees. A lot of customers across all geographies in the pandemic, we're spending money a little bit more loosely, maybe not as focused on what they're spending on. I know you guys think about that, and you have data that can help me kind of bridge this gap.

但如果从Saul的问题出发，我担心的一点是，管理层在设定10%增长目标时，是否是基于过去4年消费者状况非常好的时期，尤其是你们的客户群体。我知道你们在这方面考虑得很周到，但你们怎么判断，比如2021年我们提到的那次卡费调整，那是一次相当大的提价，当时疫情期间，全球各地很多客户在消费上相对更宽松，可能没有那么在意具体支出。我知道你们对此有深入思考，也拥有数据帮助我们填补这个认知差距。

But how do you know that the last few years weren't just a really good time? And now we have a revenue expectation out there that's a little bit higher, just if there's anything that maybe you can walk me inside baseball, how you guys thought about setting that?

你们如何确定过去几年并非只是一个异常好的时期？而现在我们所设定的收入预期可能有些偏高。你们能否分享一些内部的思考逻辑，解释你们是如何制定这一目标的？

Stephen Squeri Chairman & CEO

Well, I think it goes back to the end of 2017. We were growing at 9% in '18 and '19. So -- and that was before what you've described as this wild spending spree that was going on for the last few years. So we were at 9% those 2 years, and we had really just started to ramp up. Our marketing investment at that point in time, our tech investment at that point in time and our focus on becoming a revenue growth company. And then when you look to 2020, our revenue went down about [ 17% ]. And back in 2021, we popped that up at 17%. And I think -- we learned a lot during the pandemic. And what we learned during the pandemic is we needed to expand the organic value propositions that we had. And we did it. We also learned that if you took care of your customers, which we did, that they'll stay with you. And so I think, I've been here a long time, almost 40 years. And I remember when we used to raise card fees just because we needed more revenue, we didn't add anything.

Stephen Squeri 董事长兼首席执行官

我认为这可以追溯到2017年末。我们在2018年和2019年的增长率是9%，那是在你所说的过去几年“消费狂潮”开始之前。那两年我们就是9%的增长，而且那时我们刚刚开始加大市场营销投入、科技投资，并专注于打造收入增长型公司。然后到了2020年，我们的收入下降了大约17%。但2021年，我们又拉升了17%。我想我们在疫情期间学到了很多。我们意识到必须扩展我们原有的价值主张，而我们做到了。我们还学到了一点：如果你照顾好客户——我们确实这么做了——他们就会继续留在你身边。我在这里已经将近40年了，我还记得过去我们调高卡费仅仅是因为需要更多收入，却没有增加任何附加价值。

But that's not how we operate. I mean, we just did a refresh of Delta reserve. We raised the price by $100 and added $500 of value. And consumers were a lot more savvy today than they were even 5, 6, 7 years ago. And listen, if I'm going to pay [ $695,] I'm going to pay [ $795 ], I want more value. And so why wouldn't you do that? And reason you put money in the market, you want it to grow. Well, if I can invest $695 and get $1,400, I might as well do that. So when you take the 10%, and you put it in context of that 9%, it really isn't all that great of a leap.

但我们现在不是这样运营的。比如我们刚刚更新了Delta Reserve卡，把年费提高了100美元，但增加了500美元的价值。今天的消费者比5、6、7年前更精明。如果我要付695美元甚至795美元年费，我肯定要获得更多回报。你投入市场是为了增长，对吧？如果我花695美元能获得1400美元的价值，我当然愿意这么做。所以当你把10%的增长放到当初那9%的背景下，其实这个跳跃并不算夸张。

And so what we did do, though, to your point, we did take advantage of this sort of spending that happened over those last 2 years. Anna had it on her slide, with the 19%, 18% from a small business perspective. We saw that from the consumer, which has enabled us to drive revenue at 25% and 14.5%. And so as we came up with that aspiration, we knew we could build off of what we did in 2021, in '22 and '23. We exceeded our own expectations in '22 because remember, we said 18% to 20% round up at 25%.

不过正如你指出的，我们确实利用了过去两年这种消费活跃的现象。Anna的幻灯片上就显示了，小企业方面有18%、19%的增长。消费者那边我们也看到了类似的趋势，这帮助我们实现了25%和14.5%的收入增长。因此，当我们制定这一增长目标时，我们知道可以在2021、2022和2023年打下的基础上继续推进。我们在2022年超过了自己的预期——原本目标是18%到20%，最后实现了25%。

And then as we moved into this -- and the reason we did the Investor Day today -- not today, but this year is because we wanted to reinforce the fact that hopefully, we have reinforced that fact that, that 10% aspiration is the right aspiration. And I think you have to book end it. You got to book end the 9 with the 10. Then you look at the model, then you look at the algorithm, and it's not that wild at this point, especially when you think about the segments that we play in. We've got a 7% revenue growth, and we're playing in consumer, which is -- premium, which is growing faster and Millennial and Gen Z, going back to Sanjay's original question this morning, what's that runway for growth? And then going to Howard's slide, you've got 20 years more of lifetime value. In a 5-year period, they're doubling their spending. Think about that as more same-store sales.

此外，我们今年召开投资者日的原因，正是为了重申这10%的增长目标是合适的。你必须把9%和10%作为参照边界，再看整体模型和算法，在这个背景下就不显得离谱了。特别是考虑到我们所处的市场板块：我们目前的整体收入增长是7%，而我们所服务的消费者领域是高端市场，这一部分增长更快，还有千禧一代和Z世代。回到今天早上Sanjay的问题，他们的增长潜力巨大。再看Howard的幻灯片，我们可以从这代客户身上获得20年的生命周期价值，在5年内他们的消费翻倍了——这就像同店销售增长一样。

And what we didn't have on any of the slides today, when you go back to the fourth quarter of 2019, we had 19% of our spending was Millennial and Gen Z. And in the last quarter is 32%. So we're growing with the right people and their spending grew 15% in the last 2 quarters. So we feel pretty confident about it.

今天的幻灯片里没有的一点是，2019年第四季度，我们的消费中只有19%来自千禧一代和Z世代，而最近一个季度这个数字是32%。所以我们正与正确的客户群体一同成长，并且他们在过去两个季度的消费增长了15%。我们对此感到非常有信心。

And Saul to your question, lots of things that could go wrong in the world at large. But I think in terms of where we are, it's our ability to execute against that and to make sure we stay ahead of the competition. And that's what we're focused on, and that's what you have to trust this management team to do.

至于Saul提到的问题，全球层面确实存在很多不确定性。但就我们而言，关键是我们执行计划的能力，以及确保我们始终领先于竞争对手。这是我们关注的重点，也正是你们需要信任这个管理团队去实现的事情。

Was that helpful? Well, it was all on the prompter back there.

有帮助吗？其实这些内容都写在提词器上了。

Kartik Ramachandran

All right. I think we're coming to a close. Steve, do you want to do one more question?

Kartik Ramachandran

好的，我想我们快到尾声了。Steve，你还想再回答一个问题吗？

Stephen Squeri Chairman & CEO

Yes, we could do one more.

Stephen Squeri 董事长兼首席执行官

可以，我们可以再回答一个问题。

Kartik Ramachandran

We'll do one more question. [Operator Instructions]. And I'll take the gentleman who's right here.

Kartik Ramachandran

我们再接最后一个问题。【操作提示】我请这位先生发问。

Unknown Analyst

[indiscernible] I appreciate all the color on spending ramps with Gen Z and Millennial customers. Could you talk a little bit about the lend portion of the journey there? And by that, what I mean by that is how fast does this movement from spent to lend come today versus the past? And once they're revolving their loans, how quickly are these customers growing their share of lend wallet with Amex now? And I have a follow-up if we have time.

不具名分析师

谢谢你们关于Z世代和千禧一代消费增长的详细说明。你们能否谈一谈在他们的金融旅程中“借贷”这一部分的发展？我的意思是，从“消费”转向“借贷”这一转变如今相比过去有多快？一旦他们开始循环借贷后，这些客户在Amex的借贷占比增长速度如何？如果有时间我还有一个追问。

Stephen Squeri Chairman & CEO

Yes. I think as we talked about today, and I want to be -- and it's a great opportunity to emphasize the clarity of our strategy which is a -- it's a premium-focused strategy starting first with 77% of all new customers that joined the American Express [ FanPriser ] on fee-paying products. And by their very nature, as Christophe said, that's a proxy as you see for the premium, high credit quality of customers that we're attracting that filter through the base.

Stephen Squeri 董事长兼首席执行官

是的，我想正如我们今天所说的——我也想借这个机会强调我们的战略非常明确，那就是以高端客户为核心的策略。首先，有77%的新客户是选择了American Express的付费产品加入我们的。如Christophe所说，这本身就是一个指标，说明我们吸引的是具有高信用质量的高端客户，这些客户正逐步渗透到我们的基础客户群中。

The second piece, as we talked about, is 70% of all of our lending related growth is targeted against the existing installed premium customer base we have. But more importantly, we know really, really well. And we can be targeted and specific around those customers that we know have about close to 75% of their lending on other cards in their wallet and use the product, the value proposition to encourage them to move that lending on. As a result, when you filter that through, it translates into industry-leading credit performance that is not only industry-leading pre-COVID, but as you saw, we've widened that lending gap between us and our industry competitors. And we are because of the size of our first lending opportunity remain committed to sticking to that very same premium lending strategy.

其次，我们今天也提到，70%的借贷增长是来自于我们现有的高端客户群体。更重要的是，我们对这些客户非常了解。我们能够有针对性地定位这些客户，因为我们知道他们大约有75%的借贷余额是在钱包里的其他信用卡上。我们通过有竞争力的产品和价值主张，鼓励他们将借贷转移到Amex平台上。结果就是，我们的信用表现不仅在疫情前就处于行业领先，现在我们和同行的借贷质量差距还在进一步扩大。鉴于我们首次借贷的潜力仍然很大，我们将继续坚持这一高端借贷战略。

Unknown Analyst

My follow-up is on international opportunity -- sorry. What are -- have you guys talked about structural return on equity outside the U.S., if we're able to grow the international portion of the business more -- bigger portion of the mix? Is there opportunity for return on equity to go higher or the risk of it going lower?

不具名分析师

我想追问一个关于国际市场的问题——请问你们有没有讨论过美国以外业务的结构性股本回报率（ROE）？如果我们能把国际业务的占比做大，是不是有提升ROE的机会？还是存在ROE下降的风险？

Christophe Le Caillec CFO

So we don't report ROE by segment. We think about it enterprise-wide, also because it gets very complicated. You have a merchant side, you have an issuing side. And so we focus on the enterprise view. What I would say, though, is that the returns in international are very attractive because as Rafa pointed on some of the slides, it tends to be a more premium portfolio. The brand is a bit more premium in international. You've seen some of the card fee that we have in Japan, in Mexico. So the returns are super, super attractive. And as a result, we invest a lot in international and it remains a fantastic opportunity for us.

Christophe Le Caillec 首席财务官

我们没有按业务板块披露ROE数据，我们是从整个企业层面来衡量的，因为一旦细分会变得非常复杂，涉及到商户端和发卡端。所以我们更关注整体视角。但我可以说，国际市场的回报非常有吸引力。正如Rafa在幻灯片中指出的，国际市场往往是一个更高端的客户组合。我们的品牌在国际上也是偏高端的。你可以看到我们在日本、墨西哥的卡费水平都很高。因此这些业务的回报非常非常可观。也正因为如此，我们在国际市场持续进行大量投资，它对我们来说是一个极具潜力的机会。

Stephen Squeri Chairman & CEO

All right. So I want to thank everybody spending a little bit over 3 hours with us. Thank you for your continued interest in American Express, for the analysts that cover us and for the investors, thanks for your continued investment in our company, and we appreciate it. Thank you very much.

Stephen Squeri 董事长兼首席执行官

好，那么我想感谢大家花了三个多小时的时间参与本次会议。感谢你们持续关注American Express，感谢分析师朋友们的覆盖，也感谢投资者一直以来对我们公司的信任和支持，我们非常感激。谢谢大家！