2025-01-24 American Express Company (AXP) Q4 2024 Earnings Call Transcript

2025-01-24 American Express Company (AXP) Q4 2024 Earnings Call Transcript

American Express Company (NYSE:AXP) Q4 2024 Earnings Conference Call January 24, 2025 8:30 AM ET

Company Participants

Kartik Ramachandran - Head of Investor Relations
Stephen Squeri - Chairman and Chief Executive Officer
Christophe Le Caillec - Chief Financial Officer

Conference Call Participants

Ryan Nash - Goldman Sachs
Sanjay Sakhrani - KBW
Erika Najarian - UBS
Mark DeVries - Deutsche Bank
Craig Maurer - FT Partners
Donald Fandetti - Wells Fargo
Richard Shane - JPMorgan
Jeffrey Adelson - Morgan Stanley
Cristopher Kennedy - William Blair
Moshe Orenbuch - TD Cowen
Brian Foran - Truist
Saul Martinez - HSBC
Terry Ma - Barclays
Mihir Bhatia - Bank of America

Operator
Ladies and gentlemen, thank you for standing by. Welcome to the American Express Q4 2024 Earnings Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session. [Operator Instructions] As a reminder, today's call is being recorded.
主持人
女士们先生们，感谢您的等待。欢迎参加美国运通2024年第四季度收益电话会议。目前，所有参与者均处于只听模式。稍后我们将进行问答环节。[操作说明] 提醒您，今天的电话会议正在录音中。

Kartik Ramachandran
Thank you, Daryl, and thank you all for joining today's call. As a reminder, before we begin, today's discussion contains forward-looking statements about the company's future business and financial performance. These are based on management's current expectations and are subject to risks and uncertainties.
卡尔蒂克·拉马钱德兰
谢谢你，Daryl，也感谢各位今天的参与。提醒大家，在我们开始之前，今天的讨论包含有关公司未来业务和财务表现的前瞻性声明。这些基于管理层的当前预期，并受到风险和不确定性的影响。

Factors that could cause actual results to differ materially from these statements are included in today's presentation slides and in our reports on file with the SEC. The discussion today also contains non-GAAP financial measures. The comparable GAAP financial measures are included in this quarter's earnings materials, as well as the earnings materials for the prior periods we discussed.
可能导致实际结果与这些声明有重大差异的因素包括在今天的演示幻灯片和我们提交给SEC的报告中。今天的讨论还包含非GAAP财务指标。可比的GAAP财务指标包含在本季度的收益材料中，以及我们讨论的前期收益材料中。

All of these are posted on our website at ir.americanexpress.com. We will begin today with Steve Squeri, Chairman and CEO, who will start with some remarks about the company's progress and results. And then Christophe Le Caillec, Chief Financial Officer, will provide a more detailed review of our financial performance. After that, we'll move to a Q&A session on the results with both Steve and Christophe.
所有这些材料已发布在我们的网站ir.americanexpress.com上。今天，我们将由董事长兼首席执行官Steve Squeri开始，他将首先介绍公司进展和业绩情况。随后，首席财务官Christophe Le Caillec将详细回顾我们的财务表现。之后，我们将进入与Steve和Christophe一起进行的问答环节。

Stephen Squeri
Thank you, Kartik. Good morning and thanks for joining us. 2024 was another strong year for American Express. We delivered record revenues of $66 billion for the year, up 10% on an FX adjusted basis, achieving our long-term aspiration.
斯蒂芬·斯奎里
谢谢你，Kartik。早上好，感谢大家的参与。2024年对美国运通来说是又一个强劲的年份。全年我们实现了创纪录的660亿美元收入，按汇率调整后增长了10%，实现了我们的长期目标。

We had record net income of $10 billion with earnings per share of $14.01, up 25% for the year, which is higher than our long-term aspiration.
我们实现了创纪录的100亿美元净利润，每股收益为14.01美元，同比增长25%，高于我们的长期目标。

The great work of our colleagues around the world drove 2024 results that were strong across our key metrics, setting new records in many categories. In addition to record revenues and net income, we had record levels of annual Card Member spending, record net card fees and a record 13 million new card acquisitions.
全球同事的卓越工作推动了我们2024年的强劲业绩，在许多关键指标上创下新纪录。除了创纪录的收入和净收入外，我们的年度持卡人消费、净卡费用和新增1300万张新卡也创下了新高。

We also saw continued high Card Member retention, best-in-class credit performance and disciplined expense management.
我们还看到了持卡人保留率持续较高、业内领先的信用表现和有纪律的费用管理。

Notably, we exited the year with increased momentum as fourth-quarter billings growth accelerated to 8% overall, driven by robust holiday spend.
值得注意的是，我们在年末表现出更强的势头，第四季度的账单增长加速至整体8%，这主要受假日消费的推动。

We continue to enrich our membership model, refreshing over 40 products globally in 2024, including the US Consumer Gold Card, which is particularly appealing to Millennial and Gen-Z consumers, as well as refreshing our Delta Co-Brand cards.
我们继续丰富会员模式，在2024年全球范围内更新了40多种产品，包括特别吸引千禧一代和Z世代消费者的美国消费者金卡，以及更新了我们的Delta联名卡。

We also enhanced our dining portfolio with the acquisitions of Tock and Rooam and we launched several new top tier sponsorships and experiences such as our multi-year global partnership with Formula 1.
我们还通过收购Tock和Rooam增强了我们的餐饮产品组合，并推出了一些新的顶级赞助和体验，例如与一级方程式（Formula 1）达成的多年全球合作伙伴关系。

Our US small and medium-sized enterprise customer base continued to grow with strong new card acquisitions throughout the year, and we saw an improvement in small business sentiment in the fourth quarter which linked to stronger organic spending by our small business customers through the holiday season.
我们的美国中小企业客户基础在全年保持增长，新增信用卡发放表现强劲。第四季度，小企业信心有所改善，这与我们的中小企业客户在假日季的自然消费增长有关。

A key driver of our growth is the ongoing global expansion of our merchant network. We added millions of new merchant locations globally in 2024, and we reached an average of 80% coverage across our top 12 international countries with coverage in travel and entertainment categories well above 80%. That's an increase of eight percentage points from three years ago.
推动我们增长的关键因素之一是我们商户网络的持续全球扩张。2024年，我们在全球新增了数百万家商户地点，在我们排名前12的国际市场中，平均覆盖率达到80%，而旅行和娱乐类别的覆盖率远超80%。这比三年前增长了8个百分点。

These results clearly show that our strategy of backing our customers by investing in our value propositions, coverage, marketing, technology, and talent is working. As we look ahead to 2025, American Express will be celebrating a major milestone, our 175th year in business.
这些结果清楚地表明，我们通过投资于价值主张、覆盖率、市场营销、技术和人才来支持客户的战略正在奏效。展望2025年，美国运通将庆祝成立175周年这一重要里程碑。

Our company's history is one of innovation and growth from our start in 1850 as a freight delivery company operated with horses, wagons and trains to becoming a global travel services company in the early 20th century, pivoting into a card-focused payments company by the 1960s and ultimately evolving into the global premium financial and lifestyle company powered by technology we are today.
我们的公司历史是一段创新与成长的历程。从1850年作为一家用马车、货车和火车运营的货运公司起步，到20世纪初成为全球旅行服务公司，20世纪60年代转型为以卡片为核心的支付公司，最终发展为如今这家由技术驱动的全球高端金融和生活方式公司。

Our longevity has been fueled by talented colleagues who have delivered a steady stream of innovative products and services that are focused on serving premium consumers and businesses of all sizes and who have stayed true to our brand that has been built on trust, security, and service since our earliest days.
我们能够长盛不衰，得益于才华横溢的同事们，他们持续提供创新产品和服务，专注于为高端消费者和各类规模的企业提供服务，同时始终忠于自品牌创立以来以信任、安全和服务为核心的理念。

As I've discussed over the past several years, we've continued the cycle of customer-focused innovation, which has been largely responsible for resetting the growth trajectory of the company. We believe our growth is sustainable.
正如我在过去几年中所讨论的那样，我们持续以客户为中心进行创新，这在很大程度上重塑了公司的增长轨迹。我们相信我们的增长是可持续的。

We're confident that we will continue to bring in large numbers of new premium customers, especially Millennial and Gen-Z consumers and small businesses, while also maintaining high growth across our international business.
我们有信心继续吸引大量新的高端客户，尤其是千禧一代和Z世代消费者以及中小企业，同时在国际业务中保持高速增长。

In looking at the external marketplace, we continue to see strategic opportunities to sustain our growth. For example, in the US fee-based consumer premium cards are the fastest-growing part of the industry, and we have about 25% of those cards indicating a continued upside opportunity.
在外部市场中，我们持续看到维持增长的战略机会。例如，在美国，以收费为基础的高端消费者信用卡是行业中增长最快的部分，我们占据了其中约25%的市场份额，表明仍有持续增长的潜力。

Across the industry, the number of Millennials and Gen-Z consumers with premium products is growing at an even faster rate, and we're adding highly creditworthy customers in these cohorts faster than the industry, with substantial room to continue this growth.
在整个行业中，拥有高端产品的千禧一代和Z世代消费者的数量正在以更快的速度增长，而我们在这些群体中吸引高信用客户的速度快于行业，且还有很大的增长空间。

It's clear that our premium products are resonating well with these age groups whose spending needs will continue to expand as they move forward in their lives and careers, with many likely to also start new small businesses in the coming years.
显然，我们的高端产品与这些年龄段消费者的需求契合度很高，随着他们生活和职业的进步，他们的消费需求将继续扩大，其中许多人在未来几年可能还会创办新的小型企业。

In SME, we see continued growth opportunities in the US where we expect to continue adding new small business customers and expanding our offerings to meet more of their needs beyond the card, such as lending, checking, and cash flow management.
在中小企业（SME）领域，我们在美国看到了持续的增长机会，预计将继续吸引新的小企业客户，并扩展我们的产品服务，满足他们在信用卡以外的更多需求，例如贷款、支票账户和现金流管理。

And when we look at international, which is our fastest-growing segment, we are under-penetrated in both consumer and SME.
而在国际市场，这是我们增长最快的领域，我们在消费者和中小企业市场的渗透率都较低。

We have an average of 6% spend share across our top five countries, which represent almost a third of the revenues outside the US. International SME, in particular, is growing off a small base, and with the differentiated products and capabilities we offer, we have an opportunity to continue our rapid growth in this part of our business.
在我们收入最高的五个国家中，平均消费份额为6%，这些国家占我们美国以外收入的近三分之一。尤其是国际中小企业业务，尽管起步规模较小，但凭借我们提供的差异化产品和能力，我们有机会在这一业务领域继续快速增长。

The long runway for growth we see both in international consumer and SME, coupled with the opportunities we have to continue expanding our merchant coverage across the globe, gives us confidence that we can sustain our growth trajectory outside the US.
我们在国际消费者和中小企业领域看到的长期增长潜力，加上继续扩大全球商户覆盖范围的机会，让我们有信心维持我们在美国以外市场的增长轨迹。

So as we look at this year and beyond, we're going to continue with our strategy of investing at high levels in innovative value propositions, marketing, and technology to drive growth. This includes our ongoing focus on our product refresh strategy.
因此，展望今年及未来，我们将继续实施高水平投资的战略，专注于创新价值主张、市场营销和技术，以推动增长。这包括我们持续关注的产品更新战略。

Currently, we're refreshing between 35 and 50 products a year, and we're planning to maintain that pace in 2025, along with other enhancements to our membership model for both our consumer and commercial customers.
目前，我们每年更新35至50种产品，并计划在2025年维持这一速度，同时为我们的消费者和商业客户进一步优化会员模式。

Turning to guidance for the year. We expect 2025 revenue growth of 8% to 10% and EPS of $15 to $15.50 or a 12% to 16% increase over 2024 adjusted for the Accertify Gain.
转向年度指引。我们预计2025年收入增长8%至10%，每股收益（EPS）为15至15.50美元，较2024年（调整了Accertify收益后）增长12%至16%。

Regarding our thinking and establishing this year's guidance, as we've said, Card Member spending is the largest component of our total revenues.
关于我们对今年指引的思考和制定方式，正如我们所说，持卡人消费是我们总收入中最大的组成部分。

In putting our plan together, our assumption had been that steady billings growth we saw through most of 2024 would continue in 2025. But the fourth quarter spend numbers were stronger than we expected.
在制定计划时，我们的假设是2024年大部分时间看到的稳定账单增长将在2025年继续。然而，第四季度的消费数据比我们预期的更强劲。

While it's too soon to tell how this year will play out, we're encouraged by that increased momentum we saw exiting 2024. For now, we're assuming 2025 billings growth will be similar to full year 2024 number.
尽管现在判断今年的表现还为时过早，但2024年末看到的增长势头令人鼓舞。目前，我们假设2025年的账单增长将与2024年全年数据相似。

However, if spend growth continues at the elevated Q4 level throughout this year, we would expect to come in at the higher end of our revenue range, all else being equal.
然而，如果消费增长在今年全年维持在第四季度的高水平，我们预计收入将接近指引范围的高端，其他条件不变的情况下。

I'll now turn it over to Christophe for additional commentary about our results and our 2025 guidance.
接下来我将交给Christophe，他将进一步解读我们的业绩及2025年指引。

Christophe Le Caillec
Thank you, Steve, and good morning, everyone. Given we are at year-end, I will discuss both our Q4 and full year results. Starting first with our full year performance, 2024 was a strong year with 10% revenue growth on an FX adjusted basis and EPS of $14.01 up 25%. And we continue to deliver superior returns driven by our spend and fee-led model as we ended the year with an ROE of 35%.
克里斯托夫·勒卡耶克
谢谢你，Steve，大家早上好。鉴于我们正处于年终，我将讨论我们的第四季度和全年业绩。首先是全年表现，2024年是强劲的一年，按汇率调整后收入增长10%，每股收益（EPS）为14.01美元，同比增长25%。我们继续通过消费和费用驱动的模式提供卓越的回报，全年股本回报率（ROE）达到了35%。

Notably, we also returned $7.9 billion of capital to shareholders this year, which included the Accertify Gain.
值得注意的是，今年我们还向股东返还了79亿美元的资本，其中包括Accertify收益。

We saw a stable spending environment for most of 2024 with an acceleration in spending as we exited the year. We continue to see healthy loan growth and we achieved record net card fees.
我们在2024年的大部分时间内看到稳定的消费环境，并在年底消费加速。我们继续保持健康的贷款增长，并实现了创纪录的净卡费用。

We achieved these results while maintaining our best-in-class credit performance, investing at high levels for growth as well as driving significant operating leverage.
我们在保持行业领先的信用表现的同时，实现了这些成果，并进行了高水平的增长投资，同时推动了显著的运营杠杆。

In sum, the building blocks of our financial model are performing well and drive our confidence in the year ahead.
总之，我们财务模型的基本要素表现良好，为我们对未来一年的信心提供了支持。

Now taking a closer look at total billed business performance on Slide 3, Robust spending during the holiday period by our premium customer base helped generate 8% FX adjusted growth year-over-year in Q4, an uptick from the 6% range we saw for the past few quarters.
现在让我们详细看看幻灯片3上的总账单业务表现。我们高端客户群在假日期间的强劲消费推动第四季度同比增长8%（按汇率调整后），高于过去几个季度的6%范围。

The increase in growth was broad-based across both T&E and Goods & Services categories, across geographies and across every customer segment as we'll see in a moment.
增长的增加在旅行与娱乐（T&E）以及商品与服务（G&S）类别、地理区域和每个客户群中都有体现，我们稍后会详细介绍。

In addition, transaction growth also accelerated to 10% in the quarter, reflecting greater engagement from our Card Members.
此外，交易增长在本季度也加速至10%，反映出持卡人的参与度更高。

I'll highlight a few key points as we look at spend trends across our businesses over the next few slides.
在接下来的幻灯片中，我将重点介绍我们的各项业务的消费趋势。

US Consumer spend was up 9% year-over-year in the quarter as strong holiday spend drove momentum versus Q3.
美国消费者消费在本季度同比增长9%，假日消费的强劲表现推动了较第三季度的势头。

Growth accelerated in both G&S and T&E categories with performance a bit more concentrated in this strong holiday shopping period compared to the rest of the quarter.
商品与服务（G&S）和旅行与娱乐（T&E）类别的增长加速，表现与季度其余时间相比更多集中在这个强劲的假日购物季。

Looking across generations, Millennial and Gen-Z spend continues to grow faster than the other age cohorts, up 16% in Q4 versus last year.
从各代消费者来看，千禧一代和Z世代的消费增长速度继续快于其他年龄群体，第四季度同比增长16%。

Notably, all generations saw an uptick in spend this quarter compared to Q3.
值得注意的是，与第三季度相比，本季度所有年龄段的消费均有所增加。

Commercial services spend was up 4% versus last year for the quarter, with US SME growing 3%, a bit of an uptick from the past few quarters as organic spend growth improved a bit sequentially.
商业服务消费本季度同比增长4%，其中美国中小企业（SME）增长3%，比过去几个季度略有提升，因为自然消费增长有所改善。

We also saw an increase in spending from our large and global client base with improvement in T&E spend across client industries as well as improvement in Goods & Services spend.
我们还看到大客户和全球客户群的消费增加，其中旅行与娱乐（T&E）消费在客户行业中有所改善，商品与服务（G&S）消费也有所提升。

Lastly, international grew 15% in Q4 versus last year on an FX adjusted basis as we continue to make strides in our international business.
最后，国际业务在第四季度同比增长15%（按汇率调整后），因为我们在国际业务中持续取得进展。

This rapid growth was visible across spend categories and across our consumer and commercial businesses with each of our top five markets growing in mid to high teens.
这一快速增长体现在各消费类别以及我们的消费者和商业业务中，我们排名前五的市场的增长率均在中至高两位数范围内。

As you can see, Q4 spend results were strong across our businesses and we feel good about the spend acceleration we saw.
正如您所看到的，第四季度的消费结果在我们各项业务中都表现强劲，我们对观察到的消费加速感到满意。

While growth in Q1 will be impacted by the grow over from leap year in 2024, so far the first three weeks of January look more in line with Q4 trends.
尽管2025年第一季度的增长将受到2024年闰年的影响，但到目前为止，1月的前三周表现更符合第四季度的趋势。

At the same time, we need to see the momentum will sustain. So as we think about 2025, we are assuming at this point a similar spend environment to what we saw in 2024 on a full year basis.
同时，我们需要观察这种势头是否能够持续。因此，在展望2025年时，我们目前假设全年消费环境与2024年类似。

Moving on to loans on Slide 7, Q4 total loans and Card Member receivables grew at 9% on an FX adjusted basis versus last year.
转到幻灯片7，第四季度的总贷款和持卡人应收款同比增长9%（按汇率调整后）。

As a reminder, these growth rates moderated over the course of the year as expected as we lap the period when customers were still building back revolving balances coming out of the pandemic.
提醒一下，这些增长率在全年内按预期有所放缓，因为我们经历了客户在疫情后逐步恢复循环余额的阶段。

With that process largely behind us, for 2025, we expect loans and receivables growth to continue to grow a bit faster than spend as we continue to meet more of the borrowing needs of our premium customers.
随着这一过程基本结束，我们预计2025年的贷款和应收款增长将继续略快于消费增长，因为我们将继续满足高端客户更多的借贷需求。
Idea
以往没有充分挖掘的潜力。
Turning to Slides 8 and 9, our credit performance continues to be excellent.
转到幻灯片8和9，我们的信用表现仍然出色。

Delinquency rates and write-off rates are stable versus last quarter and are still below levels from five years ago.
拖欠率和核销率与上一季度持平，且仍低于五年前的水平。

Total provision expense was down from a year ago as we build fewer reserves.
总拨备费用同比下降，因为我们建立的储备较少。

These results are an outcome of our premium strategy that attracts high credit quality customers.
这些结果得益于我们吸引高信用质量客户的高端战略。

Combined with our risk management capabilities, this strategy has widened the margin of safety and entered profitable growth.
结合我们的风险管理能力，这一战略扩大了安全边际并实现了盈利增长。

We continue to expect some modest upward bias to write-off and reserve rates over time as we continue to acquire new customers at elevated levels and increase our share of lending from existing customers.
我们预计，随着我们继续以较高水平获取新客户并增加现有客户的借贷份额，核销和储备率将随着时间的推移略有上升。

Turning next to revenues starting on Slide 10. We saw another strong year-over-year revenue growth with revenues up 10% on an FX adjusted basis for both Q4 and the full year.
接下来转到幻灯片10，收入方面。我们再一次实现了强劲的同比收入增长，第四季度和全年收入均按汇率调整后增长了10%。

Discount revenue grew 8% FX adjusted in Q4 in line with billed business growth.
第四季度折扣收入同比增长8%（按汇率调整后），与账单业务增长保持一致。

Our cycle of product refreshes helped drive card fee growth to 19% FX adjusted in the quarter and fueled new card acquisition to a record level of $13 million for the year with around 70% of new accounts acquired on fee-paying products.
我们持续的产品更新周期推动了本季度卡费用增长至19%（按汇率调整后），并推动新增信用卡发卡量达到年度创纪录的1300万张，其中约70%的新账户来自付费产品。

We expect card fee growth in 2025 to continue to grow in the mid-to-high teens but to moderate as we progress through the year.
我们预计2025年的卡费用增长将继续保持在中至高两位数范围内，但随着年度的推进，增速将有所放缓。

Turning to Slide 13, Q4 NII was up 13% on an FX adjusted basis. Growth was driven by increases in revolving loan balances and net yield versus the prior year. As expected, growth moderated this quarter as it has over the course of the year.
转到幻灯片13，第四季度净利息收入（NII）按汇率调整后同比增长13%。增长主要得益于循环贷款余额和净收益率较上一年的增加。如预期，本季度的增速与全年趋势一致有所放缓。

An important long-term driver of yield is our ability to improve our funding mix as a result of our growing deposits program. Our high yield savings account balances grew 17% in 2024.
收益率的一个重要长期驱动因素是我们通过不断增长的存款计划改善资金组合的能力。2024年，我们的高收益储蓄账户余额增长了17%。

As with our premium cards, we see that our HYSA product is resonating with younger customers. Millennial and Gen-Z customers make up over half of the accounts and about a third of the total balances today.
与我们的高端信用卡一样，我们看到高收益储蓄账户（HYSA）产品受到年轻客户的青睐。千禧一代和Z世代客户占账户总数的一半以上，约占总余额的三分之一。

As we think about 2025, we expect NII growth to outpace the growth in total loans and receivables supported by growth in revolving balances.
展望2025年，我们预计净利息收入的增长将超过贷款和应收款总额的增长，这得益于循环余额的增长。

And while there is uncertainty in the rate outlook, as a reminder, we are mildly liability sensitive with a relatively small impact from changes to the Fed funds rate.
尽管利率前景存在不确定性，但需要提醒的是，我们的负债对利率变化敏感性较低，美联储基金利率的变化对我们的影响相对较小。

I'll turn next to expenses on Slide 15. In Q4, the VCE to revenue ratio was 43%.
接下来转到幻灯片15，关于费用。本季度的可变成本与收入（VCE）比率为43%。

Rewards expense in particular grew 15% in the fourth quarter largely driven by the slow growth in rewards expense in the prior year.
特别是奖励费用在第四季度增长了15%，主要是由于上一年奖励费用增长较慢。

In addition, as we mentioned last quarter, we made some small changes to the program that are good for both customers and the overall economics of the program, but drive a very small increase in the URR in the short-term.
此外，正如我们在上季度提到的，我们对该计划进行了一些小的调整，这些调整对客户和整体经济性都有利，但短期内会导致单位奖励率（URR）略有上升。

Stepping back, we expect overall VCE expenses to grow slightly faster than revenues in 2025 as we continue to invest in our products and drive Card Member engagement and as our portfolio continues to become more premium.
从整体来看，我们预计2025年的可变成本费用增速将略快于收入增速，因为我们将继续投资于产品，提升持卡人参与度，并使我们的产品组合更加高端化。

We expect rewards growth to remain a bit elevated in Q1 as a result of the URR model changes from the year ago before growing more in line with the historical trend.
我们预计，由于去年单位奖励率（URR）模型的调整，奖励费用的增长将在第一季度保持略高水平，随后将更符合历史趋势。

We ended the year with $6 billion in marketing expenses, up 16% for the full year as we invested at elevated levels based on the attractive growth opportunities we saw.
我们以60亿美元的营销费用结束了这一年，全年增长16%，这是因为我们基于可观的增长机会进行了高水平的投资。

Given the significant increase of the investment pool in 2024, we expect a modest increase in marketing expense for 2025.
鉴于2024年投资规模显著增加，我们预计2025年的营销费用将有适度增长。

Finally, operating expenses for the quarter were down 1% versus last year at $4.2 billion.
最后，本季度的运营费用为42亿美元，同比下降1%。

On a full year basis, operating expenses of $14.6 billion were down 2%. Excluding the gain on sale of the Accertify business in Q2, operating expenses were up 1% for the full year.
全年运营费用为146亿美元，同比下降2%。若排除第二季度出售Accertify业务的收益，全年运营费用增长了1%。

In 2025, we expect operating expenses to grow in low-single-digits versus 2024 levels adjusted for the Accertify Gain.
我们预计2025年的运营费用相比调整了Accertify收益后的2024年水平将以低个位数增长。

This continues our strong track record of disciplined expense management as we maintain the low levels of growth from last year while still investing in key areas such as technology.
我们继续保持在费用管理方面的优异记录，维持了去年的低增长水平，同时仍在技术等关键领域进行投资。

Let me move now to capital on Slide 16. Our Q4 CET1 ratio was 10.5% and continues to be within our 10% to 11% range.
现在让我转到幻灯片16，关于资本的部分。我们第四季度的普通股一级资本比率（CET1）为10.5%，继续处于10%至11%的范围内。

We returned $7.9 billion of capital to our shareholders for the year including $2 billion of dividends and $5.9 billion of share repurchases.
全年我们向股东返还了79亿美元的资本，其中包括20亿美元的股息和59亿美元的股票回购。

In 2025, we also expect to increase our quarterly dividend by 17% to $0.82 per share consistent with our approach of growing our dividend in line with earnings and our 20% to 25% target payout ratio.
我们预计在2025年将季度股息提高17%，达到每股0.82美元，这与我们根据盈利增长和20%至25%目标分红比率提高股息的方式一致。

With this planned increase, we expect to more than double the dividend since the beginning of 2019.
通过这一计划的增加，我们预计自2019年初以来的股息将增加一倍以上。

We have also reduced the share count by 17% demonstrating our confidence in the sustainability of earnings of our differentiated model.
我们还减少了17%的股份数量，表明我们对差异化模式盈利可持续性的信心。

This brings me to our 2025 guidance. We continue to run our business with an aspiration to achieve 10% plus revenue growth and mid-teens EPS growth.
这将引出我们对2025年的指引。我们继续以实现10%以上的收入增长和中双位数的每股收益（EPS）增长为目标经营业务。

As Steve noted, for the full year 2025, we expect revenue growth between 8% to 10% and earnings per share between $15 and $15.50.
正如Steve提到的，我们预计2025年全年的收入增长将在8%至10%之间，每股收益在15至15.50美元之间。

The EPS range reflects 12% to 16% growth year-over-year adjusted for the Accertify Gain in 2024.
这一每股收益范围反映了调整2024年Accertify收益后12%至16%的同比增长。

I'll note that the revenue guidance reflects the balance between the spend environment we saw for most of the year and the acceleration in spend growth we saw in Q4.
我要指出，收入指引反映了我们全年大部分时间的消费环境与第四季度消费增长加速之间的平衡。

If the spend momentum we saw in Q4 were to continue, we would expect revenue growth to be closer to the high end of the range all else equal.
如果第四季度的消费势头得以持续，在其他条件相同的情况下，我们预计收入增长将接近区间的高端。

Our guidance also factors in a range of scenarios based on what we are seeing in our business today.
我们的指引还基于当前业务所见的情况纳入了一系列情景。

It assumes a stable economy and reflects what we know today about the regulatory and competitive environment.
假设经济稳定，并反映我们当前对监管和竞争环境的了解。

At the same time, there is uncertainty in the environment whether in tax policy, interest rates or currency movements. Our outlook is based on the FX rates as they are today.
同时，环境中存在不确定性，无论是在税收政策、利率还是汇率变动方面。我们的展望基于当前的汇率水平。

As a global company, the strengthening of the US dollar is a headwind to our growth.
作为一家全球化公司，美元走强是我们增长的阻力。

In closing, as you heard 2024 was a strong year for the company. We are well positioned to continue our track record of strong growth into 2025 and we feel good about the year ahead.
最后，正如您所听到的，2024年是公司强劲的一年。我们有良好的条件将强劲增长的记录延续至2025年，并对来年充满信心。

With that, I will now turn the call back over to Kartik and we will take your questions.
现在，我将把电话交还给Kartik，我们将回答您的问题。

Kartik Ramachandran
Thank you, Christophe. Before we open up the lines for Q&A, I will ask those in the queue to please limit yourself to just one question. Thank you for your cooperation. And with that, the operator will now open up the line for questions. Operator?
谢谢，Christophe。在我们开始问答环节之前，我请求排队提问的人员请限制在一个问题内。感谢您的配合。现在，请运营商打开提问线路。

Operator
[Operator Instructions] Our first question comes from the line of Ryan Nash with Goldman Sachs. Please proceed with your question.
[运营商指示] 我们的第一个问题来自高盛的Ryan Nash。请提问。

Ryan Nash
Hey, good morning, everyone.
大家早上好。

Stephen Squeri
Good morning, Ryan.
早上好，Ryan。

Ryan Nash
I didn't want to disappoint you, Steve, so I'm going to ask about revenue growth. So you gave a lot of different comments, obviously, 8 to 10. You're exiting at 10. You highlighted that billings are started the year at an elevated level similar to the fourth quarter. So Steve maybe just talk a little bit about what could be the potential headwinds to revenue growth that would put you towards the lower end? And I guess given GDP is strong, you've acquired a ton of cards in 2024. Why is 2025 not in line with sort of the aspirational revenue growth given it feels like this is sort of the right kind of environment where we could see that type of top line growth? Thank you.
Steve，我不想让你失望，所以我想问一下收入增长的问题。你提到了很多数据，显然是8到10的范围，你以10的增长退出了2024年。你还提到账单的增长趋势在年初与第四季度相似。所以，Steve，你能不能谈谈可能导致收入增长偏向低端的潜在阻力？而且鉴于GDP表现强劲，你在2024年获得了大量的新卡，为什么2025年没有实现类似的理想收入增长？因为看起来这是适合实现这种收入增长的环境。谢谢。

Stephen Squeri
Yes. So I would say that it is in line. I mean, we've got, we give a range and that range has our top end, the 10% at the top end is in line with our long-term aspiration. Just like this year, we did hit our long-term aspiration not only for the quarter, but for the year on a full year basis.
是的，我认为这与我们的预期一致。我们给出了一个范围，而范围的高端10%是符合我们长期目标的。就像今年一样，我们不仅在季度上达到了长期目标，而且全年也实现了这一目标。

So what would cause you to go sort of below, middle or at? I think what you have to look at last year is a lot of our consumer customers were building balances. And so you had some pretty strong NII growth. And that's sort of moderated a little bit as we got into the year.
那么，什么会导致增长低于、中间或达到目标？我认为你可以看看去年，很多消费者客户在增加余额。因此，我们的净利息收入（NII）增长非常强劲，但在年中有所放缓。

So if you look at it, it really does come down to a billing story for 2025. And I think the way that we've guided is absolutely right. We've guided that if in fact billings are like they were in the fourth quarter, you will see us at the top end of the revenue range.
因此，如果你仔细观察，2025年的增长实际上完全取决于账单收入。我认为我们的指导方向完全正确。我们已经指出，如果账单收入像第四季度那样强劲，你会看到我们达到收入范围的高端。

And as Christophe said and I said all else being equal, you don't have any sort of surprises. But and as we've said at your conference, just giving you another plug for your conference, it really becomes billings.
正如Christophe和我所说的，在其他条件相同的情况下，没有任何意外发生。但正如我们在你的会议上提到的，再给你的会议打个广告，关键确实在于账单收入。

And I think if billings continue at where they were in the fourth quarter, then I think what you will see is us at the top end of that revenue range.
我认为，如果账单收入继续保持第四季度的水平，那么你会看到我们处于收入范围的高端。

If you see them where they were for the whole year, you can assume we'll be in the middle. And I don't think this will happen, but this is why you give ranges if they were below last year you would be at the lower end.
如果收入表现与全年水平一致，你可以假设我们会处于中间值。我不认为会低于去年，但这也是为什么我们给出范围，如果低于去年，我们会处于低端。

So I think it really truly is a billing story. I think we're very confident with card fees. We've got 26 consecutive quarters of double-digit card fees.
所以我认为，这实际上完全是关于账单收入的故事。我对卡费的表现非常有信心。我们已经连续26个季度实现了两位数的卡费增长。

We expect that to continue more to the mid-teens to the lower high-teens. And NII will continue albeit at a little bit of a lower growth rate than you saw in the first two quarters of last year.
我们预计卡费增长将继续保持在中双位数到高双位数的低端。而净利息收入将继续增长，尽管增长率会略低于去年前两个季度。

So I think the guide is truly in line with what we said. I mean, last year we went 9 to 11 and we came in at 10 and we said it was about billings and we got billings in the fourth quarter, which pushed us over the line.
因此，我认为我们的指引确实与我们所说的相符。去年我们的范围是9到11，我们最终实现了10，这归因于账单收入的推动，而第四季度的账单收入将我们推向了目标线。

So, we're just providing guidance that incorporates all those scenarios.
所以，我们提供的指引涵盖了所有这些情景。

Operator
Thank you. Our next question comes from the line of Sanjay Sakhrani with KBW. Please proceed with your question.
谢谢。下一位提问者是来自KBW的Sanjay Sakhrani。请提问。

Sanjay Sakhrani
Thank you. Good morning. Maybe just, well, thank you, Steve for getting in front of that question on the revenue guide. I appreciate that.
谢谢，早上好。Steve，谢谢你率先回答了有关收入指引的问题。我非常感谢。

I guess just a follow-up, if we were to think about where the acceleration came from in spending. I know Christophe you kind of mentioned it was balanced, but maybe can we get a little bit more deeper into that so that we can figure out like how much could sustain itself over the course of the year?
我想跟进一下，关于支出增长的加速来自哪里。Christophe，你提到这比较平衡，但能否详细说明一下，以便我们判断这种增长在全年能否持续？

And then so is it more discretionary versus travel type? And then if we think about the upside to the revenues, I mean, do you think that there would be an upside to the EPS range or that's pretty static on getting higher?
这是否更多来自可自由支配的支出，而非旅行类支出？如果我们考虑收入的上行潜力，你认为每股收益（EPS）的范围会有上行空间吗？还是说这已经较为固定？

Stephen Squeri
So let me deal with the EPS range. I mean, one of the things that we've done over the years is, if we've had opportunities to invest, we've invested.
让我先回答关于每股收益范围的问题。多年来，我们一直采取的一个策略是，只要有投资机会，我们就会投资。

And now just take a look at this year. This year we provided our guidance at the beginning of the year was obviously lower than what we ended the year with.
看看今年的情况。今年年初我们给出的指引显然低于我们最终实现的结果。

And our expectation was that we were going to reinvest the Accertify Gain, but we wound up using that to buy shares back. And we increased our marketing by $800 million.
我们原本预计会将Accertify的收益进行再投资，但最终我们用这些收益回购了股票，并增加了8亿美元的营销投入。

So we want to keep the flexibility, if we have good investment options to invest back in the business.
因此，我们希望保持灵活性，如果有好的投资机会，我们会将其再投入到业务中。

Having said that, if in fact we had a year like we had this year, we're not only do we have good investment options, but we could also exceed EPS, we would do that.
话虽如此，如果我们遇到像今年一样的情况，我们不仅有好的投资机会，而且可能超出每股收益范围，我们会这么做。

So I think as you start to get to the high end of that revenue range, what winds up happening is management has to make a decision.
因此，当收入范围接近高端时，管理层需要做出决策。

Do we reinvest in the business? Do we drop some more of that back to shareholders? And that'll be a decision that we will make on an ongoing basis as we see what the opportunities would be.
我们是将资金再投入业务，还是更多地回馈给股东？这将是我们根据机会不断评估后作出的决定。

So it's plausible that in fact would happen.
因此，这种情况确实是有可能发生的。

As far as billings go for the quarter and I'll let Christophe comment a little bit more. I think what you saw across the board, you saw consumer come up, it was 9%, which was two points above where we have been running.
至于本季度的账单收入，我会让Christophe再补充一点。我认为你可以看到全面的增长。消费者支出增长了9%，比我们之前的水平高了两个百分点。

We saw more organic spend lift in SME, which made SME from 1% to 3%. And that's still not where we want to be from an SME perspective.
我们还看到中小企业（SME）的有机支出有所提升，从1%提高到3%。但从SME的角度看，这仍不是我们想要的水平。

And international continues to perform very, very well both from an SME perspective and from a consumer perspective also picking up two points.
国际市场表现非常出色，无论是从SME还是消费者的角度来看，都提高了两个百分点。

Travel was higher this particular quarter and particularly airline. Airline doubled sequentially quarter-over-quarter of 13%.
本季度的旅行支出尤其是航空方面增长较多。航空支出环比增长翻了一番，达到13%。

The more surprising number I think was front of the cabin up 19% and restaurant continues to be strong.
更令人惊讶的是，高端舱位支出增长了19%，餐厅支出也持续强劲。
Idea
财富效应。
So T&E was very, very strong in the quarter for us.
因此，旅行和娱乐（T&E）在本季度表现非常强劲。

Christophe Le Caillec
I don't have a lot because you covered most of it. The only thing I will say is that the holiday shopping season was especially strong for us.
我没什么要补充的，因为你几乎都涵盖了。我唯一要说的是，假日购物季对我们来说特别强劲。

And you asked the question about the sustainability and that's the keyword, right?
你问了关于可持续性的问题，这是关键点，对吧？

And the team here is looking at either whether it's going to expand into 2025. That's the key question.
团队正在研究这种势头是否会持续到2025年。这是关键问题。

And that's a real -- it's really hard to answer this in a definitive way.
但这个问题确实很难有一个明确的答案。

As I said in my remarks, the first three weeks of January very much looked like in line with what we saw in Q4, but there is like 49 more weeks to come and we don't know how it's going to play.
正如我在发言中所说，1月的前三周与第四季度的表现非常一致，但接下来还有49周，我们无法确定会如何发展。

So more to come on this, but what we saw so far looks very strong.
因此，这方面还有待观察，但到目前为止的表现看起来非常强劲。

Operator
Thank you. Our next question comes from the line of Erika Najarian with UBS. Please proceed with your question.
谢谢。下一位提问者是来自UBS的Erika Najarian。请提问。

Erika Najarian
Hi. Good morning. Just wanted to continue to unpack the billing story for 2025. When I look at the proprietary net cards acquired, it looked like it slowed down a bit in the fourth quarter after being up double-digits in the second and third quarter, of course, up 6.5% year-over-year.
你好，早上好。我想继续探讨一下2025年的账单收入。根据我看到的数据，自有净新增卡数量在第二和第三季度实现了两位数增长后，第四季度似乎有所放缓，但全年同比增长了6.5%。

As we think about what's going to drive the billing strength in 2025, particularly in light of, Christophe, your comment about modest increase in marketing expenses.
在我们考虑2025年账单增长的驱动力时，尤其是Christophe提到的营销费用将会适度增加这一点上。

Should we think about, what is the split between, an increase in new cards acquired in terms of versus that 6.5% versus better spend per account?
我们是否应该考虑一下，新增卡增长与6.5%的同比增速以及每账户消费增长之间的分配情况？

We noticed, of course, that spend per account was up a little bit in the fourth quarter, up 3% versus 2% for the year.
我们注意到每账户消费在第四季度有所增长，同比增长3%，全年增速为2%。

Stephen Squeri
Yes. So there's a lot in your question, Erika. Let me try to address most of the points.
好的，Erika，你的问题涉及很多内容。让我尝试回答大部分要点。

The first thing is that here, there -- it's very hard to read a lot in the quarterly distribution of NCA.
首先，在季度新增卡（NCA）的分布上，很难得出太多结论。

And there is definitely not a good alignment between the marketing spend in the quarter and the NCA in the quarter.
季度内的营销支出与新增卡之间并不存在很好的直接对应关系。

There is like a time difference between the two because of their -- the accounting around how we account for the welcome incentives.
两者之间存在时间差，这主要是因为我们在计算欢迎激励时的会计处理方式。

But the point here is that we invested a lot in 2024 and we got a lot of cards, 13 million cards, which is a record for the company.
但重点是我们在2024年投入了大量资金，新增了1300万张卡片，这创造了公司的历史记录。

As you think about how this is going to play out and the math we're doing about the 2025 spend, as you know, the way we think about billing growth is like we split it between what's coming from this recently acquired Card Members, what's coming from organic, which are either the growth coming from the 10 year Card Members and the last piece of the puzzle is attrition.
在考虑2025年的发展时，我们的账单收入增长分析是这样拆分的：来自新近获得的持卡人、来自现有客户的自然增长（例如10年以上持卡人的消费增长），以及最后一部分是客户流失的影响。

The expectation that we have for '25 around attrition is consistent with what we've seen over the last, I would almost say, the last four, five years is that it's going to be like very stable, very low.
我们对2025年客户流失的预期与过去四五年的情况一致，也就是保持非常稳定且很低的水平。

There's not a lot of attrition going on here in terms of the billing growth.
从账单收入的增长来看，这里的客户流失影响并不大。

Their contribution coming from organic is the one that is the hardest to predict. And that's the source of the softness we saw in Q4.
自然增长的贡献是最难预测的。这也是我们在第四季度看到增长放缓的原因。

And that's what is the positive performance that we saw, sorry, the softness we saw in 2024.
这正是我们2024年所看到的增长放缓的表现。

And that's the organic that was stronger in Q4. So it's hard to say how that organic is going to perform in 2025, but it's the source of the volatility for sure.
自然增长在第四季度表现更强劲。因此，很难预测2025年的自然增长表现，但它无疑是波动的来源。

And we provided some of the details in the past, but I would say a good 7% of the billing growth comes from these new customers and the balance is typically the organic spend and the attrition.
我们之前提供过一些细节，我可以说，账单收入增长中有7%来自这些新客户，其余通常是自然消费增长和客户流失的贡献。

Operator
Thank you. Our next question comes from the line of Mark DeVries with Deutsche Bank. Please proceed with your question.
谢谢。下一位提问者是来自德意志银行的Mark DeVries。请提问。

Mark DeVries
Thanks. As we've been discussing, you're seeing accelerating billed business growth into year-end. We're also getting consumer and business confidence that's really been climbing.
谢谢。正如我们讨论的那样，你们在年底看到账单业务增长加速。与此同时，消费者和企业的信心也在显著提升。

So, Steve, I was hoping to hear about what you may have learned both from any conversations you've had with customers recently about kind of their optimism and spend.
因此，Steve，我想了解一下，你最近与客户的对话中是否有关于他们乐观情绪和消费的见解？

And also just looking at your historic billed business numbers and how that has historically kind of responded to rising confidence?
此外，从历史账单业务数据来看，这些数据通常是如何对信心上升做出反应的？

Stephen Squeri
Well, I think, look, I think we saw rising confidence in the fourth quarter. Certainly, you saw it from a consumer perspective, 9%.
我认为，在第四季度，我们确实看到了信心的提升。当然，从消费者角度来看，你会发现增长了9%。

I think as I'll just go back and comment on travel. I mean travel traditionally for us, especially airline in the fourth quarter is not -- is not a big number, but it doubled sequentially in front of the cabin.
我想回过头来谈谈旅行。对我们来说，传统上旅行，尤其是第四季度的航空业务，通常不是一个大数字，但本季度前舱收入环比翻了一番。

I think front of the cabin is a really good indicator of consumer confidence because what you do is when people don't have confidence, they may not cancel a trip, but they may downgrade the hotel, downgrade the airline and the class of service and so forth.
我认为前舱是一个非常好的消费者信心指标，因为如果人们缺乏信心，他们可能不会取消旅行，但可能会降低酒店档次、航空公司服务等级等等。

So I think we're seeing more consumer confidence. We've done a survey of small businesses and the sentiment is really, really good and it's higher than it's been in a long time.
因此，我认为我们看到了更多的消费者信心。我们对小企业进行了调查，发现情绪非常好，比很长一段时间以来的水平都高。

And I think we saw that come up with -- from an organic growth perspective. International has just been strong.
我认为我们从自然增长的角度也看到了这种信心的体现。国际市场表现一直非常强劲。

International has been a strong story for us since two years after COVID. It has just been -- it's been marching on.
自新冠疫情两年之后，国际市场对我们来说一直是一个强劲的增长点。它一直在稳步推进。

So I think that that's what gives us hope for the year that this will continue. But again hope is not a plan.
我认为这就是我们对未来一年的希望所在，希望这种趋势能够持续下去。但希望并不是计划。

And so we do our plan based upon what we saw at the time of the plan. And as we look at the first couple of months in the first quarter, we'll see where we are.
因此，我们的计划是基于当时的实际情况制定的。当我们回顾第一季度的前几个月时，我们将会评估我们的处境。

And provided that we have this continued growth, we would expect again to be at the high end of the range from a revenue perspective.
如果这种增长持续下去，我们预计收入将处于目标范围的高端。

The only thing that I will throw out there from a timing perspective is that we will have one less day in this first quarter due to leap year.
唯一需要从时间角度提及的是，由于去年是闰年，今年第一季度会少一天。

So we'll have to -- we'll manage that. But we like to look at things on a days mix adjusted basis anyway.
因此，我们需要管理这一点。但无论如何，我们更喜欢从天数调整的角度来看待问题。

And so we'll be able to see through that and determine what that will mean for the second quarter.
因此，我们可以透过这些数据，判断这对第二季度意味着什么。

So I think there's more to come. But I think the basic story here is, there is consumer confidence at this point. There is small business confidence.
所以，我认为还有更多的内容需要观察。但我认为这里的基本情况是，目前消费者有信心，小企业也有信心。

We just don't want one quarter to color what a whole year is going to be. We'd like to see that be repetitive before we do anything with it.
我们只是不希望一个季度的表现决定整年的情况。我们希望在采取任何行动之前，看到这种趋势是可重复的。

Operator
Thank you. Our next question comes from the line of Craig Maurer with FT Partners. Please proceed with your question.
谢谢。下一位提问者是来自FT Partners的Craig Maurer。请提问。

Craig Maurer
Yes. Good morning and thanks. Wanted to -- I had two questions. The first on SME, we've seen very strong growth from some of your competitors, some newer competitors like Ramp.
早上好，谢谢。我有两个问题。首先关于中小企业（SME），我们看到一些竞争对手，尤其是像Ramp这样的新兴公司，取得了非常强劲的增长。

And I was wondering how you feel about your customer-facing tech and SME and whether that might be an area of potential acquisition in the future?
我想问一下，你们如何看待自己在面向客户的技术和中小企业领域的表现？这是否可能成为未来潜在收购的领域？

And second, Delta had very strong commentary about the Co-Brand card growth and their expectation for 2025 that, that growth will be at least as good.
其次，达美航空对联名卡增长的评论非常积极，他们预计2025年的增长至少会保持相同的强劲水平。

So I wanted to ask you how that lines up with your thought process on the travel space and how the Delta book has been comping versus the rest of the book? Thanks.
所以我想问一下，这与你们在旅行领域的想法如何一致？此外，达美航空的账本表现与其他业务相比如何？谢谢。

Stephen Squeri
Yes. I think, well, remember, look, we align very closely with Ed and his team. And so we're aligned with that.
是的。我认为，首先请记住，我们与Ed和他的团队密切合作。所以我们在这方面是保持一致的。

But also remember that the Delta book is not just what's spent on Delta, it is spent what Delta Card Members -- American Express Card Member spend on everything else.
但也请记住，达美账本不仅包括在达美的支出，还包括达美卡持有人和美国运通卡持有人在其他所有方面的消费。

And so, look, I think the remuneration that we provide Delta, we would expect that to continue to increase.
因此，我认为我们为达美提供的报酬将会持续增加。

We're happy to see that increase because that means spending is increases and we're getting our piece of the pie. We're getting our piece of the pie as well.
我们很高兴看到这种增长，因为这意味着消费的增加，而我们也在分得一部分收益。

So I think it bodes well for travel. And I think that we saw that in the fourth quarter and we hope that, that continues.
因此，我认为这对旅行业务是个好兆头。而且我们在第四季度看到了这一点，希望这一趋势能继续下去。

And I know in my conversations with Ed, he feels very confident about this year. And I think that's how he spoke about it during his earnings call.
我与Ed的对话中了解到，他对今年非常有信心。我认为他在财报电话会议中也表达了类似的看法。

As far as SME Tech, look, we constantly look at ways to improve the customer experience. And obviously, I'm not going to comment on acquisitions or things like that.
至于中小企业技术领域，我们一直在寻找改善客户体验的方法。当然，我不会对收购等事项发表评论。

But we feel good about where we are and the progress that we're making, especially with our Kabbage acquisition and so forth.
但我们对自己当前的状况和取得的进展感到满意，特别是在我们收购Kabbage之后的表现等方面。

And, yes, we keep our eye on Ramp, Brex and everybody else that's out there. They are working from a smaller base, but they have good products, and they're making some inroads, and we will make sure that we are responsive to that.
是的，我们一直关注Ramp、Brex以及其他市场参与者。他们的基础较小，但产品不错，并且取得了一些进展。我们会确保能够对此做出响应。

Operator
Thank you. Our next question comes from the line of Don Fandetti with Wells Fargo. Please proceed with your question.
谢谢。下一位提问者是来自Wells Fargo的Don Fandetti。请提问。

Donald Fandetti
Hi. Good morning. Steve, it looks like the Capital One, Discover merger is going to go through. Any thoughts on the competitive impact. I know they don't have incremental affluent consumers, but it's more scale, ability to build lounges and they do compete SME.
你好，早上好。Steve，看起来Capital One和Discover的合并将顺利完成。对此你有什么看法？我知道他们并没有增加富裕消费者，但这更多是规模的提升、建立休息室的能力，以及他们在中小企业领域的竞争。

Stephen Squeri
Yes. Look, I think Rich is a really smart CEO, and I think it's a really good deal for them, picks up a debit network and picks up a lot more scale at I think he becomes the largest credit card lender in the United States with that.
是的。我认为Rich是一个非常聪明的CEO，我觉得这对他们来说是个非常好的交易。他们获得了一个借记卡网络，并大大提升了规模。我认为这使他们成为美国最大的信用卡发卡机构。

Discover is a multifaceted company not only with debit and credit cards, but with a bunch of loans and what have you from a card student and so forth.
Discover是一家多元化的公司，不仅拥有借记卡和信用卡，还包括一系列贷款，比如学生贷款等等。

So I think it fits very nicely in with their strategy.
因此，我认为这非常符合他们的战略。

Capital One with Venture X is making inroads within the premium space. I think we continue, though, to more than hold our own.
Capital One通过Venture X正在高端市场中取得进展。我认为我们仍然能够很好地保持我们的竞争力。

And look they're a formidable competitor, but I think also they'll have -- their hands full with integrating Discover over the next couple of years and we will continue to evolve our products with our product refreshes and we look forward to competing with them.
他们确实是一个强大的竞争对手，但我认为他们在未来几年将忙于与Discover的整合。而我们会继续通过产品的更新迭代提升我们的产品，我们期待与他们的竞争。
Idea
这个判断正确的概率很大。
Operator
Thank you. Our next question comes from the line of Rick Shane with JPMorgan. Please proceed with your question.
谢谢。下一位提问者是来自JPMorgan的Rick Shane。请提问。

Richard Shane
Thanks for taking my question. Hey, Steve, one of the key initiatives of your team and your tenure is the increased focus on experiences and incentive versus reward. The impact on account growth has been significant, well understood. Is it fair to say that the other benefit besides growth is that there's higher operating leverage because there's more fixed costs associated with experience than there is with traditional rewards?
感谢回答我的问题。Steve，你的团队在你任期内的一个重要举措是更关注体验和激励，而不是单纯的奖励。这对账户增长的影响是显著的，也很容易理解。那么，除了增长以外，是否可以说另一个好处是有更高的运营杠杆，因为与传统奖励相比，体验相关的固定成本更高？

Stephen Squeri
I mean, it's a good point. I think that you're absolutely right. I mean you have -- you do have more fixed cost when you're doing sort of experiential sponsorships. You have more fixed costs when you're doing lounges and things like that than you do when you're on a variable rewards basis.
这是个好问题。我认为你说得很对。确实，当你进行体验类的赞助时，确实会有更多的固定成本。比如开设休息室等，与基于可变奖励的方式相比，固定成本会更高。

The trick is with that piece of it, though, is that as you continue to grow, it's just like technology, right? You have x amount of mainframe capacity or servers or what have you. And then as you get big, you need to add a little bit more, but then you grow into that scale.
但其中的诀窍在于，随着你的业务持续增长，这就像技术一样，对吧？你可能有一定数量的主机容量或服务器。当你的规模变大时，你可能需要增加一些，但你会逐步适应并利用这些扩展规模。

And so I think that's what you're seeing as we expand some of our lounges, we'll be making some more investments, not only in new lounges, but we'll be expanding some of the existing lounges as well.
所以，我认为你会看到，我们在扩展一些休息室时，不仅会在新休息室上进行更多投资，也会扩展一些现有的休息室。

But I think that's part of the calculus for us is that our Card Members, while they like the rewards, they also like all the experience and the access that we put around it.
但我认为，这对于我们来说是一个平衡。我们的持卡人虽然喜欢奖励，但他们也非常喜欢我们围绕这些奖励提供的体验和特殊权益。

And so by making sure that we're balancing our investments in these areas, we're able to give people the best of both worlds and that's what we strive to do. And it also enables us again to lever a little bit more fixed cost across a wider base.
通过确保我们在这些领域的投资平衡，我们能够为客户提供最佳的双重体验，这是我们努力的方向。同时，这也让我们能够在更广泛的基础上进一步利用固定成本的杠杆效应。

Operator
Thank you. Our next question comes from the line of Jeff Adelson with Morgan Stanley. Please proceed with your question.
谢谢。下一位提问者是来自Morgan Stanley的Jeff Adelson。请提问。

Jeffrey Adelson
Hey, good morning. Thanks for taking my question.
早上好，谢谢回答我的问题。

Stephen Squeri
Good morning.
早上好。

Jeffrey Adelson
Steve, I was wondering if you could shed a little bit more light into the planned product refresh strategy for this year where you might go with that. I know you previously talked about refreshing every three to four years in platinum, US Platinum is one that's sort of been sitting out there since 2021.
Steve，我想了解一下你们今年计划的产品更新策略。你之前提到过每三到四年更新一次，比如美国的白金卡，自2021年以来好像还没有更新。

And, Christophe, I was wondering if you could maybe shed a little bit more light into your credit commentary. The credit has been doing pretty well. It seems like it's outperformed what you've been looking for stable this year.
Christophe，我还想问一下有关你们信用表现的评论。信用表现似乎非常好，甚至超出了你们今年的稳定预期。

Can you talk about why you might be expecting a little bit of a modest increase from here? Is that conservatism on your part or do you think you could actually see a better result than that?
你能谈谈为什么你预计信用表现可能会略有上升吗？这是因为你们比较保守，还是说你们认为实际结果可能会更好？

Stephen Squeri
Yes. So I'll disappoint you with the first answer. But, so look, we're going to do between 35 and 50. I'm not going to comment on which ones and preannounce.
好的，可能我的第一个回答会让你失望。我们计划今年更新35到50款产品，但我不会透露具体是哪款，也不会提前宣布。

I think that we'll let you speculate on what's going to happen. But, yes, we look to refresh products on an ongoing basis and also when we feel the need that those products need to refresh.
我认为你们可以猜测一下会发生什么。是的，我们会持续更新产品，并且在我们认为有必要时进行更新。

And so you'll just have to wait and see what we come out with, but we got 11 more months to go.
所以你只能等着看我们会推出什么，但我们还有11个月的时间。

Christophe Le Caillec
So, good morning, Jeff. On the credit metrics, the first thing that I'm going to say is that we are still materially below where we were pre-COVID. Unlike, I think, most of our competitors. So that tells you something about the performance from a credit standpoint.
Jeff，早上好。关于信用指标，首先我要说的是，我们的信用表现仍显著低于疫情前的水平，这与大多数竞争对手不同。这说明了我们的信用表现非常优秀。

It says as well that all the growth that we generated over the last few years was very much focused in the premium space. So I like that.
同时，这也表明我们过去几年的增长非常专注于高端市场，我对此非常满意。

So the comment on the upward buyers, I made a similar comment at the beginning of last year and it turned out that the credit metrics were actually fairly stable, especially towards the later part of the year.
关于信用表现略有上升的评论，我去年初也有过类似的看法，但事实证明，信用指标实际上相当稳定，特别是在去年后半段。

I still believe that those metrics should trend up a little bit while either remain best-in-class. They're going to trend up because we're acquiring a lot of customers and there going to be some seasoning happening for those vintages.
我仍然相信这些指标可能会略有上升，同时仍然保持行业最佳水平。会上升的原因是我们正在吸引大量新客户，这些客户群会有一些自然的风险增加。

And the performance, those metrics are so low, so good that to some extent, they can only go up a little bit from here. But these are -- we're very comfortable with the performance on the credit side.
而这些指标的表现非常好，已经很低了，从某种程度上来说，它们只能稍微上升一点。但我们对信用方面的表现非常满意。

The premiumness of the strategy is just working and translating really well in the credit performance.
我们的高端策略非常有效，并很好地反映在信用表现上。

We're issuing premium products and that attracts a lot of either very low credit risk customers. And so where we are, it's just like -- it's like a very good position.
我们推出高端产品，吸引了许多信用风险非常低的客户。所以我们目前的状况非常有利。

And I hope that by the time I get to -- we get to the end of the year, we're looking at this rate and I can say I was wrong and the credit were stable.
我希望到年底时，我们可以看到这些指标仍然稳定，我也许可以说我预测错了。

But I think in the long run, the trend is that you should expect those metrics to trend up a little bit, very modest, but a little bit.
但从长期来看，我认为这些指标会略有上升，非常温和，但会稍微上升一点。

Operator
Thank you. Our next question comes from the line of Chris Kennedy with William Blair. Please proceed with your question.
谢谢。下一位提问者是来自William Blair的Chris Kennedy，请提问。

Cristopher Kennedy
Good morning. Thanks for taking the question. Marketing investment has increased a lot in recent years. Can you just talk about how the allocations have evolved between the different buckets, such as customer acquisition, general brand marketing and sponsorship activity? Thank you.
早上好，谢谢回答我的问题。近年来，营销投资大幅增加。您能谈谈这些投资在客户获取、品牌营销和赞助活动等不同类别之间的分配如何变化吗？谢谢。

Christophe Le Caillec
General brand sponsorship has been fairly stable over the past years. And the lion's share of the growth that you saw in marketing, so say, over the last 12 months, the $800 million between last year and this year. The lion's share of that is going into acquisition then we split it between what we call consumer acquisition versus prospect acquisition.
过去几年，品牌赞助的投入相对稳定。而您所看到的营销增长的主要部分，比如过去12个月，去年和今年之间增长的8亿美元，其中大部分用于客户获取。然后我们将其分为现有客户获取和潜在客户获取。

Consumer acquisition, customer acquisition, sorry, refers to upgrading and companion cards. And these are very attractive investments.
现有客户获取，也就是客户获取，抱歉，是指升级卡和附属卡。这些是非常有吸引力的投资。

So we try to find the right balance between investing and deepening the relationship with our current customers and prospect acquisition.
因此，我们尝试在加深与现有客户关系的投资与获取潜在客户之间找到适当的平衡。

So I don't have the split between the two, but we typically try to fund first that customer acquisition, which is the most attractive in terms of return.
虽然我没有具体的分配比例，但我们通常优先为客户获取提供资金，因为从回报率的角度来看，这是最具吸引力的。

And we look at the opportunities that exist in the market and we maintain our very strict standards in terms of underwriting and returns and try to maximize that.
我们会关注市场中存在的机会，同时保持在承销和回报方面的严格标准，尽量实现最大化。

So we have, as you know, a sophisticated process to optimize those marketing dollars, but at a very high level, I think that's the story.
正如您所知，我们有一套复杂的流程来优化这些营销资金，但从更高层面看，大致就是这样的情况。

Operator
Thank you. Our next question comes from the line of Moshe Orenbuch with TD Cowen. Please proceed with your question.
谢谢。下一位提问者是来自TD Cowen的Moshe Orenbuch，请提问。

Moshe Orenbuch
Great. Thanks for that. Most of my questions have already been asked and answered. But maybe could you drill down a little more on the SME business? You saw a little bit of acceleration in the fourth quarter. Any thoughts either about the trends and momentum there more specifically or plans? I know Steve you said you didn't really want to talk about plans for refresh. But are there things that we should be looking for in 2025?
好的，谢谢。我的大部分问题已经被问到并回答了。但能否更深入地谈谈中小企业（SME）业务？您提到第四季度略有加速，关于趋势和具体动向或计划有什么看法吗？我知道Steve您不想谈更新计划，但在2025年我们应该关注哪些方面？

Stephen Squeri
Well, I think mostly what I would say about SME, which is, we still continue to acquire the same amount of SME customers that we've been acquiring and our attrition is the same. It really continues to be an organic story.
我想主要关于SME，我要说的是，我们仍然以一贯的速度获取中小企业客户，而且流失率保持不变。这实际上仍然是一个有机增长的故事。

And organic spending has still not come back to the levels that we saw sort of pre-COVID. And so if you look at what's happened from an SME perspective, during COVID, organic spending went all the way down, coming out of COVID, it really started to ratchet up and then it sort of normalized a little bit.
有机支出仍未恢复到COVID之前的水平。从SME的角度看，疫情期间有机支出大幅下降，疫情之后开始逐步上升，然后稍微趋于正常化。

And then you had inflation, higher interest rates and so forth. So I think we started to see the decel of -- the deceleration of organic spending stop and start to turn around.
之后又遇到通胀、高利率等问题。所以我认为我们开始看到有机支出的放缓停止并开始有所回升。

What I think the story will be with SME is if we can get that back to a 3% organic lift, you will see that -- you will see SME then be more of a contributor to overall billings than it is right now.
我认为关于SME的故事是，如果我们能够将其有机增长恢复到3%，那么您会看到SME在整体账单中的贡献将比现在更大。

So it truly is an organic story. And I just said, as you pointed out, I'm not going to talk about refreshes. But I think it really comes down to small business confidence.
所以这确实是一个有机增长的故事。正如您提到的，我不会谈论更新计划，但我认为这实际上与小企业的信心密切相关。

And it's not an acquisition story, it's not an attrition story. It truly is still an organic story for us. And I think the industry is still seeing that as well.
这不是一个获取客户的故事，也不是一个流失客户的故事。对我们来说，这确实仍然是一个有机增长的故事。我认为整个行业也有类似的看法。

Operator
Thank you. Our next question comes from the line of Brian Foran with Truist. Please proceed with your question.
谢谢。下一位提问者是来自Truist的Brian Foran，请提问。

Brian Foran
Hey, good morning. I hate to use my question on FX. But is the 8% to 10% FX adjusted guide or GAAP because I think you mentioned you assume the dollar stays here. And then can you remind us the EPS impact? I know there's some expense and hedging. So is there any appreciable EPS drag we should think about embedded in the 15% to 15.5% range.
早上好。我不太想用我的问题来问外汇问题。但8%到10%的增长指引是外汇调整后的数据还是GAAP数据？因为我记得您提到假设美元保持当前水平。此外，您能否提醒我们外汇对每股收益的影响？我知道这里涉及一些费用和对冲，那么15%到15.5%的范围内是否包含了任何显著的每股收益拖累？

Christophe Le Caillec
Yes. So thank you for your question, Brian. The first thing I'm going to say on this is that we talk about FX adjusted and FX reported because we think it is useful to you and to us to think about the momentum that we see, say, from a revenue from a billing standpoint, stable currency, like once we control for currency movements because that reflects the true momentum in terms of transaction, no FX noise.
谢谢您的问题，Brian。首先，我们谈论外汇调整后的数据和外汇报告数据，是因为我们认为从收入和账单的角度来看，排除外汇波动后观察增长动能对您和我们来说都很有帮助。这能反映交易的真实动能，而不受外汇波动的干扰。

So for that reason, we speak about it in FX adjusted terms. As we think about forecast and predictions, it's impossible for us to predict where we're going to be from an FX standpoint. So we cannot talk about it in terms of FX reported at year-end because we don't know which way the dollar is going to go. And therefore we're not trying to.
因此，我们以外汇调整后的形式来讨论预测。至于外汇方面的未来情况，我们无法预测外汇市场的走向，因此我们无法在年末以外汇报告的形式准确表述。

The way to think about the impact of these currency movements, you saw it in Q4, right? Here, we have actual movements. The difference from a revenue growth standpoint was one percentage point, right. FX adjusted revenue growth was 10%, FX reported, GAAP reported was 9%.
外汇波动的影响可以从第四季度的数据看出，对吧？在这里，我们有实际的数据变化。从收入增长的角度看，外汇调整后收入增长为10%，而GAAP报告的收入增长为9%，差了一个百分点。

So the impact is material is one percentage point of revenue growth. In terms of EPS impact, it's a far more complicated stories because we have expenses spread out across the world. We have centers of excellence. So it's really a complicated one.
因此，对收入增长的影响大约是一个百分点。而对每股收益的影响则更复杂，因为我们的费用分布在全球范围内，同时还有一些卓越中心的运营，这使得情况更加复杂。

I'm going to refer you, I think, it's in the K or in the Q where we have sensitivity. And it goes something like this. If you can check the numbers precisely, but a 10% increase in the dollar or 1% increase -- the 10% increase in the dollar translate into $136 million dollar negative impact on PTI. And so that's the kind of sensitivity. So it's not hugely impactful, but it is a little bit impactful still.
我建议您查看我们的年报或季报，其中有相关敏感性分析。大致是这样的，美元升值10%或1%的升值，会对税前收入（PTI）产生约1.36亿美元的负面影响。这种影响不算特别大，但仍然有一定的影响。

Operator
Thank you. Our next question comes from the line of Saul Martinez with HSBC. Please proceed with your question.
谢谢。下一位提问者是来自汇丰银行的Saul Martinez，请提问。

Saul Martinez
Hi. Good morning. Thanks for taking my question. Maybe you could double-click a little bit on the international businesses. You talked about -- I think you've said each of your top five markets you grew mid to high teens, the mid to high teen range. Can you just comment on what some of the drivers are -- what kind of momentum you're seeing in terms of merchant acceptance, how the sales changes you made a couple of years ago are impacting it. And I guess I'm just trying to get at the -- how you feel about the trajectory and the sustainability of that kind of growth.
你好，早上好。谢谢回答我的问题。您能否更详细地谈谈国际业务？我记得您提到在前五大市场中，增长达到了中到高两位数范围。您能否评论一下增长的驱动因素——例如商户接受度的趋势，两年前进行的销售变革的影响？我主要想了解您对这种增长轨迹及其可持续性的看法。

Stephen Squeri
Well, we feel really good about the trajectory and the sustainability. Merchant acceptance in international continues to grow. I mean -- we acquired millions of merchants and the comment that I made is we're at 80% LIF coverage in the key markets. And from a T&E perspective, we're over 80%. You saw that go up by eight points over the last three years. So merchant acceptance internationally continues to grow very, very rapidly for us.
我们对增长的轨迹和可持续性感到非常乐观。国际市场的商户接受度持续提升。我们增加了数百万商户，我之前提到在主要市场中，我们的生活方式覆盖率（LIF）达到了80%。从旅行和娱乐（T&E）的角度看，这一比例已经超过80%。过去三年中，这一覆盖率提高了8个百分点。因此，国际市场的商户接受度正在快速增长。

As far as overall growth, we invest quite a bit in card acquisition in international. And our opportunities in international for card acquisition are still really, really good. And a lot of that growth comes from new cards for us.
就整体增长而言，我们在国际市场的卡片获取上投入了大量资源。在国际市场上，获取新卡的机会依然非常好。而且我们的增长中有很大一部分是来自于新卡用户。

So we think with less than 6% market share in the top five markets and in a -- in an SME environment, which is really nascent at this point. We think there's still big opportunities in SME and in consumer for us.
目前在前五大市场中，我们的市场份额还不到6%，而在中小企业（SME）环境中，这部分市场仍处于起步阶段。因此，我们认为在中小企业和消费者领域仍有巨大的机会。

And so our expectation is that double-digit billings will continue into the foreseeable future. And remember, pre-COVID that's what we saw. International was the fastest growing part of our business because we added merchant locations and we added more cards. During COVID, it was -- international, if you recall, was almost more than a two-year stoppage, but it's right back to where it was pre-COVID and we continue to feel that that's going to continue.
因此，我们预计双位数的账单增长将在可预见的未来持续下去。记住，在疫情之前，我们看到国际业务是增长最快的部分，因为我们增加了商户数量并发放了更多的卡片。在疫情期间，国际业务几乎停滞了两年多，但现在它已经恢复到疫情前的水平，我们相信这种趋势将会持续下去。

Operator
Thank you. Our next question comes from the line of Terry Ma with Barclays. Please proceed with your question.
谢谢。下一位提问者是来自巴克莱的Terry Ma，请提问。

Terry Ma
Hey, thank you. Good morning. I just wanted to ask about net card fee growth. I think you guided to mid to high teens growth in '25 with some moderation. So maybe just unpack that a bit. You've historically had more of a runway to accelerate that kind of growth when you've done major refreshes. So I'm just curious why that would actually moderate this year?
你好，谢谢，早上好。我想问一下关于净卡费用增长的问题。我记得你们的指引是2025年的增长将达到中到高的两位数，但会有一些放缓。能否详细解读一下？历史上，当你们进行重大产品更新时，通常会有更多机会加速这种增长。我很好奇为什么今年会有所放缓？

Christophe Le Caillec
I mean the first thing is that these growth rates have been very strong for a very long period of time. As a matter of fact, this quarter marks the 26th consecutive quarter where we've seen card fee growth in double-digit. And it's like when I say double-digit, I think the CAGR is like 13% over this period of time, right, something of that magnitude, so very strong growth.
首先，这种增长率在很长一段时间内都非常强劲。事实上，本季度是我们连续第26个季度实现净卡费用的双位数增长。当我说双位数时，我的意思是年复合增长率（CAGR）大约是13%，差不多是这个水平，增长非常强劲。

At the beginning of the year, we started the year at like 16% and we said we should expect to exit the year with an acceleration, which is exactly what happened, right? We were at 18% last quarter and 19% -- 18% in Q3, 19% in Q4. So very strong growth, which it's always a complicated. There's always a lot of moving factors here. So it's not easy to simplify it too much.
今年年初，我们的增长率大约是16%，我们当时预计年底会进一步加速，而事实确实如此，对吧？我们在第三季度达到了18%，第四季度是19%。因此，增长非常强劲，尽管这里有许多动态因素，这让它变得难以过于简化。

But the big driver of that acceleration was actually the cycle of product refreshes and we can see it in our models. And therefore, as you think about 2025, that acceleration that we saw in Q3, Q4 is still going to play out in Q1 2025. And afterwards, it should trend a little bit more like what you saw at the beginning of 2024, which is this mid-teens growth rate.
但这种加速的主要驱动力实际上是产品更新周期，我们可以从模型中看到这一点。因此，当你考虑2025年时，我们在第三季度和第四季度看到的加速趋势将在2025年第一季度继续发挥作用。而之后，增长率可能会更接近于2024年初的中两位数增长水平。

So still continuing on a very strong trajectory of card fee growth. And I just want to remind as well that on this 13 million cards that we acquired this year, 70% are joining the franchise on a fee paying product, right? So that supports that growth together with a very strong renewal rates that we see as well.
因此，我们的净卡费用增长仍然保持在一个非常强劲的轨道上。我还想提醒一下，今年我们新增的1300万张卡中，70%是有支付费用的产品，这显然支持了增长，同时我们的续费率也非常高。

So it's just -- it's been a very successful story for us, not only recently, but over the last five years and that success is going to keep on in 2025.
所以这不仅是最近的成功，也是过去五年来的成功，这种成功将在2025年继续下去。

Operator
Thank you. Our final question will come from the line of Mihir Bhatia with Bank of America. Please proceed with your question.
谢谢。最后一个问题来自美国银行的Mihir Bhatia，请提问。

Mihir Bhatia
Good morning and thank you for taking my question. Maybe I just wanted to take a little bit of a step back in a big picture question for you, just about competition from Fintechs and how that has been evolving? You talked a little bit about it on the commercial side earlier in response to Craig's question. But maybe just talk about it on the consumer side as well. Specifically, I was wondering, we've been seeing some pretty rich cashback offers from some of the newer entrants in the market, if you will. Is that starting to have any impact in drawing customers away from the traditional rewards card and just what are you seeing on competition there from the Fintech in the consumer side? Thank you.
早上好，谢谢回答我的问题。我想稍微后退一步问一个大方向的问题，关于金融科技公司的竞争以及这种竞争如何演变？之前你在回答Craig的问题时谈到了商业领域的一些情况，但我想知道消费者方面的情况。具体来说，我注意到市场上一些新进入者提供了非常丰厚的现金返还优惠，这是否开始影响用户从传统奖励卡转向这些产品？你如何看待消费者领域来自金融科技公司的竞争？谢谢。

Stephen Squeri
No, I would say I'd go back to the answer I gave before. I think Rick Shane asked the question before about how we invest. I think our Card Member is a little bit different. And they're really not really focused on cash back. We have cash back products for those that like it. But our Card Members are more focused on the balance between rewards, experience and service.
不会，我会回到之前的回答。我记得Rick Shane之前问过我们如何投资的问题。我认为我们的持卡会员稍微有些不同。他们并不太关注现金返还。当然，对于喜欢现金返还的用户，我们也有相关产品。但我们的持卡会员更注重奖励、体验和服务之间的平衡。

And so from a Fintech perspective on the consumer side, we really have not seen anything. Not that we don't look at it, not that we're not aware of it. But again it's about knowing your customer. And our customer is one that really does value that experience access and service as well as having rewards with it.
所以从金融科技公司的角度看，我们在消费者方面并没有看到任何威胁。这并不是说我们没有关注或没有意识到它，而是我们了解我们的客户。他们真正看重的是那些能够提供体验、权益和服务并结合奖励的产品。

So and that's not something that the Fintechs have been able to really replicate. Again, it is more of a -- more of a cash back product. On the SME side, it's technology integrated with card. And we're very aware of that. And as I said, we'll take the appropriate steps to address that.
这是金融科技公司目前无法真正复制的。它们更多的是基于现金返还的产品。而在中小企业（SME）领域，则更多是技术与卡片的集成。我们对此非常清楚，正如我之前提到的，我们会采取适当措施应对。

So on the consumer side, though, no, we have not seen any inroads at all. And if you look at it, our card acquisition, we don't unpack it, but our card acquisition from a consumer perspective was at record levels as well. So we had high, high consumer cards that we've acquired. So nothing to see there at this point, but again, we'll continue to watch it.
所以在消费者方面，我们确实没有看到任何实质性的影响。如果你关注我们的新卡发行数据，虽然我们并未详细拆解，但从消费者角度来看，我们的新卡发行数量达到了历史最高水平。因此，我们在消费者卡片市场的表现非常强劲。现阶段没有什么需要担心的，但我们会继续保持关注。
Warning
这个回答看着有些问题，过于自信。
Kartik Ramachandran
Steve, thank you. With that, we will bring the call to an end. Thank you again for joining today's call and for your continued interest in American Express. The IR team will be available for any follow-up questions. Operator, back to you.
谢谢你，Steve。到这里，我们的电话会议即将结束。再次感谢大家参与今天的会议以及对美国运通的持续关注。如果有后续问题，投资者关系团队将随时为您解答。主持人，请继续。

Operator
Ladies and gentlemen, the webcast replay will be available on our Investor Relations website at ir.americanexpress.com shortly after the call. You can also access a digital replay of the call at 877-660-6853 or 201-612-7415. Access code 13750743 after 1:00 P.M. Eastern Standard Time on January 24th through January 31st. That will conclude our conference call for today. Thank you for your participation. You may now disconnect.
女士们，先生们，电话会议的重播将在会后不久通过我们的网站ir.americanexpress.com提供。您也可以通过拨打877-660-6853或201-612-7415访问数字重播，访问码是13750743，时间为美国东部标准时间1月24日下午1点到1月31日。这将结束我们今天的电话会议。感谢您的参与，现在可以挂机了。

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