2025-02-07 Stephen J. Squeri’s Letter to American Express Shareholders

2025-02-07 Stephen J. Squeri’s Letter to American Express Shareholders


Dear Shareholders,
尊敬的股东：

2024 was another strong year for American Express. We delivered record-setting results by continuing to execute our strategy of investing in our value propositions, coverage, marketing, technology, and talent.
2024年对美国运通来说又是强劲的一年。我们持续执行战略，在价值主张、网络覆盖、市场营销、技术和人才方面加大投入，创下多项业绩新高。

As we prepare to celebrate our company’s 175th anniversary this month, I am incredibly grateful for our Card Members, merchants and partners for their loyalty and support; and I am immensely proud of our colleagues who continue to deliver innovative products and services for our customers, while staying true to our brand built on trust, security, and service since our earliest days.
在本月我们即将庆祝公司成立175周年之际，我衷心感谢我们的持卡人、商户和合作伙伴的忠诚与支持；同时我也为我们的员工深感自豪——他们不断为客户提供创新的产品与服务，同时始终秉持我们自创立以来所建立的“信任、安全与服务”的品牌核心。

2024 Year-in-Review
2024年度回顾

Our full-year 2024 results set new records across key metrics. We delivered record revenues of \$66 billion for the year, up 9 percent or 10 percent on an FX-adjusted basis; and we had record annual net income of over \$10 billion, or \$14.01 per share, up 25 percent year-over-year including the gain from Accertify. Full-year revenue growth was consistent with the growth aspirations we have for the company over the long-term, while EPS growth was higher.
2024年，我们在多个关键指标上创下新纪录。全年收入达660亿美元，同比增长9%，按汇率调整后增长10%；全年净利润超过100亿美元，合每股收益14.01美元，同比增长25%，其中包括来自Accertify的收益。全年收入增幅符合我们对公司长期增长的目标，而每股收益增长则更为强劲。

We also saw record levels of annual Card Member spending and record net card fees, which has grown at double digit levels for 26 consecutive quarters. During the year, we acquired a record 13 million new proprietary cards and saw continued high Card Member retention, while maintaining our best-in-class credit performance and disciplined expense management.
我们全年持卡人消费金额和净卡费收入均创下新高，后者已连续26个季度保持双位数增长。全年新增自营卡达1300万张，为历史最高；同时我们维持了高水平的持卡人留存率，并持续保持业内领先的信用质量和严谨的费用管理。

Throughout 2024, we continued to enrich our Membership Model, refreshing over 40 products globally, including the U.S. Consumer Gold Card and Delta cobrand cards, enhancing our dining portfolio with the acquisitions of Tock and Rooam, and launching several new top-tier sponsorships and experiences, such as our multi-year global partnership with Formula 1.
2024年，我们持续完善会员体系，全球范围内对40多款产品进行更新，包括美国消费者金卡和与达美航空的联名卡。我们通过收购Tock和Rooam强化了餐饮生态，还推出多项顶级赞助和体验，例如与一级方程式赛车（F1）达成的多年全球合作伙伴关系。

Millennial and Gen Z consumers were our fastest growing age cohort in terms of both new account acquisitions and Card Member spending, demonstrating that our premium value propositions are resonating and driving strong engagement with younger customers. We also continued to grow our small- and medium-sized enterprise (SME) customer base in the U.S., with strong new Card acquisitions throughout the year. Our International Card Services segment continued to deliver double-digit billings growth, with strength in both Consumer and Commercial customers. We also added millions of new merchant locations globally in 2024 as we continued to expand coverage.
千禧一代和Z世代用户是我们新增账户和持卡消费增长最快的群体，表明我们的高端价值主张正在与年轻客户产生共鸣并带来深度参与。我们还在美国不断扩大中小企业客户基础，全年自营卡新增数量强劲。国际卡服务部门的账单总额继续实现双位数增长，无论是消费者还是商业客户均表现强劲。2024年，我们在全球新增了数百万个商户受理点，持续扩大网络覆盖。

These results—powered by over 75,000 exceptional colleagues—demonstrate that our strategy is working, enabling us to drive sustained top-line growth, superior earnings, and strong returns for our shareholders.
这些成果的取得，得益于我们7.5万多位卓越员工的努力，充分表明我们的战略正在奏效，使我们能够持续实现收入增长、盈利提升，并为股东带来强劲回报。

Celebrating Our 175 Years of Growth & Innovation
庆祝我们175年的成长与创新

On March 18th, American Express will celebrate a major milestone – 175 years in business. It has been a journey of innovation, transformation and resiliency.
3月18日，美国运通将迎来一个重要里程碑——成立175周年。这是一段充满创新、转型与韧性的旅程。

By continuously reinventing ourselves, challenging the status quo and evolving to serve our customers, colleagues and communities in new and innovative ways, we transformed from an express delivery company into the global premium financial and lifestyle company that we are today. Throughout our journey, the one thing that remained constant has been our brand promise of trust, security, and service. This unique combination of a resilient brand and continuous innovation is how we have been delivering “The Powerful Backing of American Express™” for 175 years.
通过不断自我革新、挑战常规，并以全新方式服务客户、员工与社区，我们从一家快递公司成长为如今的全球高端金融与生活方式企业。在这段历程中，我们始终坚守“信任、安全、服务”的品牌承诺。正是这种坚韧品牌与持续创新的独特结合，使我们175年来始终兑现“美国运通强大后盾™”的承诺。

American Express was established as a freight delivery company in 1850, soon after the California Gold Rush set off the great westward migration across the country. We delivered all kinds of goods with horses, wagons, and trains and what stood us apart was our promise to make good on any losses if something unfortunate happened to our customers’ belongings. We backed our customers, and we earned their trust. As our reputation of reliable service continued to grow, our business expanded nationwide, and then internationally. By the early 20th century, we had American Express offices across Europe, Asia and Latin America.
美国运通成立于1850年，最初是一家货运公司，诞生于加州淘金热掀起全国向西大迁徙之后不久。我们用马车、货车和火车运输各种货物，真正使我们与众不同的是，我们承诺如果客户的物品出现不幸损失，我们将负责赔偿。我们始终支持客户，并赢得了他们的信任。随着可靠服务的口碑不断传播，我们的业务从全美扩展到国际，到20世纪初，我们已在欧洲、亚洲和拉丁美洲设有美国运通办事处。

As we grew internationally, we recognized that our customers needed a safe way to move cash, in addition to goods. To meet this need, we introduced American Express® Money Orders in 1882, marking our entry into financial services. Once again, we differentiated our Money Order offering by guaranteeing to fully protect customers against loss, fraud, or delays. This move paved the way for our first major innovation in 1891 - the introduction of the Travelers Cheque, which provided our customers with a secure and convenient way to exchange money while they traveled. This invention also had a unique watermark and a countersignature that made the cheques difficult to counterfeit, reinforcing our reputation for security.
随着国际业务的发展，我们意识到客户除了需要运输货物，还需要一种安全的方式转移现金。为满足这一需求，我们于1882年推出了美国运通®汇票（Money Orders），标志着我们进入金融服务领域。我们再次通过承诺全面保障客户免受损失、欺诈或延迟的影响，使这项服务与众不同。此举为我们1891年的第一次重大创新铺平了道路——旅行支票（Travelers Cheque）的推出。这项发明为客户在旅途中提供了一种安全便捷的货币兑换方式。旅行支票采用了独特的水印和副签名，难以伪造，进一步巩固了我们在安全方面的声誉。

A few decades later, we made the decision to enter the travel business, which stemmed from the trust our customers put in our colleagues at Express offices around the world to provide them travel advice while cashing Travelers Cheques. The decision to enter the travel business, while hotly debated at the time for fear it would distract from our core Express business, was timely, as the U.S. government ended up consolidating the country’s railroads a decade later, putting an end to the nation’s express companies. With that, we transformed our Express locations around the world into travel offices that served as a home away from home for customers, and travel services became our core business for the next six decades.
几十年后，我们决定进军旅游业，这一决定源于客户在全球各地运通办事处现金旅行支票时，对我们员工所提供的旅行建议所建立的信任。虽然当时这一转型在内部引发激烈争论，担心会偏离我们以快递为核心的业务，但时机却恰到好处——十年后，美国政府合并全国铁路系统，终结了传统快递公司。于是，我们将全球各地的快递网点转型为旅游办事处，成为客户旅途中的“另一个家”，旅游服务也随之成为我们此后60年的核心业务。

Our reputation for powerfully backing our customers, colleagues, and communities, particularly when they needed us the most, was solidified during this period. During the World Wars, colleagues in our international offices helped hundreds of stranded travelers escape from war-torn areas, often risking their lives. And when the Great Depression hit in the 1930s and many financial institutions faced bank failures and insolvency, we stayed open to cash Travelers Cheques and money orders, even when the U.S. government declared a national Bank Holiday.
在这一时期，我们“强力支持客户、员工与社区”的声誉进一步确立，尤其是在他们最需要帮助之时。两次世界大战期间，我们海外办事处的员工帮助数百名滞留旅客逃离战乱地区，甚至不惜冒着生命危险。上世纪30年代大萧条来临时，许多金融机构面临倒闭与破产，而我们依然营业，为客户兑现旅行支票和汇票，即便在美国政府宣布全国银行停业假期期间也未曾中断。

After several decades of continuing to build our reputation of trust, security, and service in the travel and Travelers Cheque business, we made another bold decision that led to our next major transformation. After a series of intense debates between those who saw credit cards as the wave of the future and those who saw them as a threat to our thriving Travelers Cheque business, in 1958, we introduced the American Express® Card in the U.S. and Canada. Our first card was purple and printed on paper, as a nod to our popular Travelers Cheques. A year later, we introduced our first plastic card in 1959 and changed its color to green, which we still offer today. In 1964, we started printing “Member Since” on our cards to recognize our customers’ loyalty and as a reminder that American Express is more than a card – it’s a Membership people aspire to belong to. This was the beginning of our premium Membership Model – one of our key competitive advantages to this day.
在数十年持续建立“信任、安全、服务”的声誉后，我们又做出了一个大胆决定，迎来了公司下一次重大转型。当时，公司内部围绕信用卡展开激烈争论——有人认为信用卡代表未来趋势，也有人担心它将威胁我们蓬勃发展的旅行支票业务。最终，在1958年，我们在美国和加拿大推出了美国运通®信用卡。我们的第一张卡是紫色纸质卡，致敬广受欢迎的旅行支票。一年后，我们于1959年推出首张塑料卡，并将颜色改为绿色，这款卡至今仍在发放。1964年，我们开始在卡片上印上“Member Since”（会员起始年份），以表彰客户的忠诚，也提醒大家，美国运通不只是一张卡——它是一种人们向往加入的会员体系。这标志着我们高端会员模式的起点，至今仍是我们的核心竞争优势之一。
Idea
简单不容易的想法。
While this was a great time for innovation at American Express, a major test of the company’s reputation came in late 1963. American Express Warehousing, Ltd., a company subsidiary, was the victim of a major customer fraud involving the non-existent inventory of salad oil, making the subsidiary liable for \$144 million in loans. That was more than triple the parent company’s total capital at the time. The speculation around this scandal – which later became known as the Salad Oil Scandal – was big enough to cause our stock price to lose more than half its value. In a bold decision at the time, American Express committed to settling all legal claims even though it could have walked away and left the subsidiary’s creditors with the bill. We knew one of our most valuable assets is our promise of trust and the damage to our reputation by not settling the claims would have proved more costly over the long term.
尽管这一时期是美国运通的创新高峰，但公司声誉也遭遇了严峻考验。1963年末，我们的子公司American Express Warehousing, Ltd.卷入了一起重大客户欺诈案，涉及虚构的色拉油库存，使公司背负了高达1.44亿美元的贷款责任，相当于当时母公司资本总额的三倍多。这一丑闻——后被称为“色拉油事件”（Salad Oil Scandal）——引发的市场动荡导致公司股价下跌超过一半。面对危机，公司做出了大胆决定：我们承诺解决所有法律索赔，尽管本可选择撇清责任，将债务留给子公司的债权人。我们深知，最宝贵的资产之一是对“信任”的承诺，若不解决这些索赔，声誉受损所带来的长期代价将更加惨重。
Idea
1963年底AMEX母公司的所有者权益是5804万，这里可能指1962年底的数据，1963年净利润1126万，推算1962年底母公司的所有者权益是4678万，14400万/4678万=3.08倍，参考：《American Express Annual Report -- 1964》。
During this time, one young investor recognized the value of our core business, which was profitable and sound, and understood significance of the decision to fulfill on our brand promise. As a result, he decided to initiate a stake in American Express, and built up his position over time. That investor was Warren Buffett, who, through Berkshire Hathaway, remains our largest shareholder today.
就在此时，一位年轻投资者看到了我们核心业务的价值——稳健且盈利，同时也理解我们践行品牌承诺这一决定的重要意义。因此，他开始买入美国运通股票，并逐步增持。那位投资者正是沃伦·巴菲特，他通过伯克希尔·哈撒韦公司成为我们至今最大的股东。

Continuing our thread of customer-focused innovation, we launched our first Corporate Card in 1966 to back our business customers, then the iconic Platinum Card® in 1984, the first premium, “by-invitation-only” card of its kind that redefined what people came to expect from a credit card. In 1987, we expanded our capabilities into lending with the launch of our first revolving credit card – the Optima® Card – providing our customers with the flexibility to pay their balances over time to meet more of their financial needs. Our first card specifically designed for small business owners was introduced in 1988, and today we are the leading issuer of small business cards in the U.S.
延续我们以客户为中心的创新历程，1966年我们推出了首张企业卡，旨在支持我们的商业客户；随后于1984年推出了标志性的白金卡®——这是首款“仅限邀请”的高端信用卡，重新定义了人们对信用卡的期待。1987年，我们拓展至信贷领域，推出首张可循环信用卡——Optima®卡，为客户提供了分期偿还余额的灵活方式，以满足更多财务需求。1988年，我们发行了首张专为小型企业主设计的信用卡。如今，我们是美国领先的小型企业信用卡发行商之一。

In the decades to follow, we continued to expand our card portfolio and enhance Membership value, launching one of the industry’s first multi-airline rewards programs, Membership Miles, which later evolved into Membership Rewards®. We designed our products and services with differentiated benefits and experiences to help ensure “Membership Has Its Privileges,” including leading travel and dining offerings, and exclusive access to experiences across sports and entertainment, as well as products and services that help business owners manage expenses and build their business. In the late 1990s, we also introduced the sought after Centurion® Card, an invitation only offering that continues to be the ultimate in cachet, generating many references across pop culture.
此后数十年，我们不断扩展信用卡产品组合，提升会员价值。我们率先推出业内首批多航空公司奖励计划之一——Membership Miles，后来发展为如今的Membership Rewards®奖励计划。我们在产品与服务设计上注重差异化福利与体验，确保“会员即特权”的品牌承诺，包括领先的旅行与餐饮服务、独家体育与娱乐体验，以及帮助企业主管理开支、发展业务的产品与服务。90年代末，我们推出广受瞩目的Centurion®黑卡——仅限邀请，至今仍象征着尊贵地位，频频出现在流行文化中。

By focusing on delivering best-in-class products, services and experiences that met our customers’ evolving needs, we continuously enhanced and evolved our value propositions, driving relevance across generations, customer segments, and geographies. As a result, a card that was originally printed on paper has now become an essential part of everyday lives of millions of people and businesses, and continues to grow around the world.
通过持续聚焦于为客户不断变化的需求提供业界领先的产品、服务与体验，我们不断升级和演进我们的价值主张，跨越代际、细分市场与地域保持高度相关性。如今，那张最初印在纸上的卡片，已成为全球数百万个人与企业日常生活中不可或缺的一部分，并仍在不断壮大。

Another major shift we made in the mid-1990s was to embrace partnerships with other world class companies by beginning to issue cobrand cards, first with Hilton and then Delta, both of which remain important strategic partners today. We also made a push to expand merchant acceptance in locations where our customers shopped every day, including grocery stores, gas stations and drug stores. And we focused on growing our merchant network globally to be in more places where our customers live, work, and travel. To do this efficiently, we made another bold decision to allow banks to issue American Express® cards on our network and formed our Global Network Services (GNS) business in 1996 to execute our expansion strategy. GNS has been a key enabler of our growth to reach approximately 108 million merchant locations in force around the world in 2024.
1990年代中期，我们实现了另一个重大转型——与世界一流企业建立合作伙伴关系，开始发行联名卡，首先与希尔顿合作，随后是达美航空，这两家至今仍是我们的重要战略合作伙伴。我们还积极推动商户受理网络的拓展，将美国运通引入客户日常购物的场所，包括超市、加油站和药房。同时，我们专注于在全球范围内拓展商户网络，覆盖客户生活、工作与旅行的各个场景。为实现这一扩张策略，我们大胆决定允许银行在我们的网络上发行美国运通卡，并于1996年设立了全球网络服务（GNS）业务。GNS是推动我们增长的关键力量，使我们在2024年覆盖全球约1.08亿个商户地点。

Throughout the 2000s, we continued to show up for our customers, colleagues and communities during good times and bad. Following the 9/11 attacks, we pledged to keep our headquarters in lower Manhattan, a place that had been our home since shortly after our founding in 1850, and supported the neighborhood’s revitalization. By the middle of the decade, we had introduced hundreds of new card products around the world, including through bank issuing partners, and continued our small business offerings with the launch of OPEN. But then, the Great Recession hit, which drove our decision to become a bank holding company to enhance our access to liquidity while we navigated the market turmoil. During this time, we made another pivotal decision to launch our retail deposit program that ultimately transformed our funding model, and accounts for over 70 percent of our overall funding today.
进入21世纪，我们在顺境与逆境中始终支持客户、员工与社区。9/11事件发生后，我们承诺总部将继续留在下曼哈顿——自1850年创立以来我们一直扎根于此，并积极支持当地社区的重建。至本世纪中叶，我们在全球推出数百款新卡产品，包括通过银行合作伙伴发行，同时持续强化面向小企业的服务，推出了OPEN平台。随后，全球金融危机爆发，我们决定转型为银行控股公司，以增强流动性获取能力，应对市场动荡。在此期间，我们还做出关键性决策，启动零售存款业务，从而彻底转变了我们的资金来源结构，如今该业务已占我们整体融资的70%以上。

On the heels of the financial crisis, one of our most impactful and lasting campaigns as a company was born out of our commitment to backing our customers and communities. In 2010, we created Small Business Saturday® to help drive customer traffic and spending at struggling small businesses so they could recover and thrive again. Since its inception, this innovative campaign evolved into a year-round, global Shop Small® movement, and has generated over \$223 billion in reported consumer spending at small, independent retailers and restaurants on Small Business Saturday.
金融危机之后，我们推出了公司历史上最有影响力、最具持续性的活动之一，以兑现我们对客户和社区的承诺。2010年，我们发起了“小型企业星期六®”（Small Business Saturday®），鼓励消费者前往陷入困境的小企业消费，帮助它们恢复并重获生机。自推出以来，这一创新活动已发展为全年开展、全球参与的“Shop Small®”小企业支持运动，截至目前已在“小型企业星期六”当天促成超过2230亿美元的消费者支出，受益商户包括无数独立零售店与餐厅。

When COVID-19 upended every aspect of life around the world in 2020, we were once again guided by our commitment to backing our colleagues, customers, and communities. We prioritized the health and safety of our colleagues and committed to no pandemic-related layoffs in 2020 to provide them some certainty. We supported our customers by providing financial relief programs and injecting new value into our products to offer our Card Members benefits relevant to their evolving needs. We also backed impacted communities and small businesses by launching our largest Shop Small campaign to date and partnered with Hilton and Marriott to provide free hotel rooms to first responders.
2020年，COVID-19疫情席卷全球，彻底颠覆了人们的生活，我们再次秉持“全力支持员工、客户和社区”的承诺指引前行。我们将员工健康与安全置于首位，并承诺在2020年不因疫情裁员，为员工提供一份确定感。我们通过提供财务援助计划、为产品注入新价值来支持客户，使持卡人享有贴合其变化需求的权益。同时，我们还启动史上最大规模的Shop Small活动，支持受疫情冲击的社区和小型企业，并与希尔顿和万豪合作，为一线应急人员免费提供酒店客房。

Simply put, we made sure that people and businesses could rely on The Powerful Backing of American Express throughout our history.
简而言之，我们始终确保个人与企业可以信赖“美国运通强大后盾”这一承诺。

Our focus on managing the company for the long term and backing our customers during the pandemic paid off. Since 2019, we’ve added millions of new premium customers to our Card Member base, more than doubled the global merchant locations in force, and significantly grew our revenue base. We continuously enhanced our premium products and value propositions, refreshing over 150 of our products around the world and adding differentiated benefits, access and experiences across travel, dining and entertainment. Our customer-focused innovations and the value enhancements over the past few years transformed our customer base, as Millennial and Gen-Z customers have become our fastest growing consumer cohort.
我们专注于公司长期管理，并在疫情期间坚定支持客户的努力取得了成效。自2019年以来，我们新增了数百万高端客户，全球受理商户数量翻倍，收入基础也实现显著增长。我们不断升级高端产品与价值主张，全球范围内更新了150多款产品，增加了差异化的福利、权益和在旅行、餐饮、娱乐等方面的专属体验。近年来以客户为中心的创新和价值提升，彻底转变了我们的客户结构——千禧一代和Z世代已成为增长最快的消费群体。

By consistently executing our playbook and staying true to our brand, we have evolved into the global premium financial and lifestyle company that we are today.
我们始终如一地执行战略，忠于品牌承诺，使美国运通成功转型为全球高端金融与生活方式公司。

Looking Ahead: Long Runway for Growth & Innovation
展望未来：广阔的增长与创新前景

While it is hard to summarize 175 years in one letter, it is clear that the values of trust, security, and service have been the bedrock of our company and fueled our growth throughout our history, and they will continue to do so moving forward.
虽然要在一封信中概括175年的历史并不容易，但可以明确的是，“信任、安全、服务”始终是美国运通的立业之本，也是在我们整个发展历程中推动增长的核心价值，并将在未来继续发挥关键作用。

Looking to the future, I am confident that we are well positioned to build on our strong foundation and drive sustained growth by continuing to deliver on our brand promise and innovate for our customers.
展望未来，我坚信我们将在坚实基础上持续成长，通过持续践行品牌承诺、不断创新以服务客户，推动公司实现长足发展。

My confidence is driven by several factors. It starts with our differentiated business model, including our brand, global premium customer base at scale, and our network of partners. We are continuing to invest at high levels in our innovation engine, value propositions, marketing, and technology, while maintaining our excellent credit performance and expense discipline. We have many attractive growth opportunities across our customer base, particularly with Millennial and Gen Z consumers, SME customers, and in key countries outside the U.S. to build on our strong momentum.
我对未来充满信心，源于多方面因素。首先是我们差异化的商业模式，包括强大的品牌、规模庞大的全球高端客户基础以及广泛的合作伙伴网络。我们正持续在创新引擎、价值主张、营销与科技方面加大投资，同时保持优异的信用表现和严谨的成本控制。我们在多个客户群体中都拥有巨大的增长潜力，尤其是千禧一代和Z世代消费者、中小企业客户，以及美国以外的关键市场，有望进一步释放强劲增长动能。

Most importantly, we have an exceptional team of colleagues around the world who are committed to successfully executing our strategy and delivering the best customer experience every day. With this winning team building on our remarkable history of innovation, transformation and resiliency, I have no doubt that the best days of American Express lie ahead.
最重要的是，我们拥有一支卓越的全球员工团队，致力于成功执行战略并每天为客户提供最优质的体验。有了这支胜任团队，以及我们辉煌的创新、转型与韧性历程作为基石，我坚信，美国运通的最佳时光仍在前方。


Steve Squeri's Signature
Stephen J. Squeri

Chairman and Chief Executive Officer
American Express Co.

 
Cautionary Note Regarding Forward-Looking Statements
前瞻性声明的风险提示

This letter contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. You can identify forward-looking statements by words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “continue” or other similar expressions. Actual results may differ from those set forth in the forward-looking statements due to a variety of factors, including those contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2024, and the company’s other filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements.
本信函包含若干符合1995年《私人证券诉讼改革法案》定义的前瞻性声明，这些声明存在风险与不确定性。您可通过诸如“相信”、“预期”、“预计”、“打算”、“计划”、“目标”、“将”、“可能”、“应当”、“可以”、“会”、“可能会”、“继续”等词语或类似表述识别前瞻性声明。由于多种因素，实际结果可能与前瞻性声明中陈述的结果存在差异，包括公司截至2024年12月31日的《Form 10-K年度报告》及向美国证券交易委员会提交的其他文件中所述因素。我们提醒您不要对这些前瞻性声明寄予过高信赖，该等声明仅代表其发表当日的观点。我们无义务对任何前瞻性声明进行更新或修订。


Endnotes:
附注：

1. FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (i.e., assumes 2024 foreign exchange rates apply to 2023 results). Total revenues net of interest expense on an FX-adjusted basis is a non-GAAP measure.
所谓“汇率调整后”信息，是指将对比期间的外币按照固定汇率转换为美元（即假设2023年数据采用2024年的外汇汇率）。汇率调整后的扣除利息支出的总收入为非GAAP指标。

2. Diluted earnings per common share includes the \$0.66 per share impact of the gain from the sale of Accertify, Inc. recognized in the second quarter of 2024.
每股摊薄收益包含2024年第二季度出售Accertify, Inc.所带来的每股0.66美元的收益影响。

3. Based on volume. Source: The Nilson Report, Issue No. 1263, May 2024 “Small Business Credit Cards” by issuer for 2023, Argus Advisory, a TransUnion Company, data through November 2024, and internal calculations.
 基于交易量数据。来源：《Nilson报告》第1263期（2024年5月），《2023年小企业信用卡发行人排名》；Argus Advisory（TransUnion旗下公司）截至2024年11月的数据及公司内部测算。

4. Locations in force includes approximately 31 million registered merchants in China for 2024, and does not include merchant locations through certain payment facilitators.
受理商户总数包括2024年在中国注册的约3100万个商户，但不包括通过某些支付服务商接入的商户网点。

5. This spend statistic is an aggregate of the average spend as reported by consumers who shopped small on Small Business Saturday in surveys commissioned by American Express reporting spend habits on Small Business Saturday since 2012. It does not reflect actual receipts, sales or American Express Card Member spending data. Each such survey was conducted online among a nationally representative sample of U.S. adults. The data was projected from the samples based on then-current U.S. Census estimates of the U.S. adult population (18+).
该支出数据为自2012年以来，美国运通委托开展的调查中，消费者在“小型企业星期六”当天的平均支出统计汇总。该统计不代表实际交易、销售收入或美国运通持卡人的真实消费数据。每项调查均通过网络方式，在具有全国代表性的美国成年人口样本中进行，并根据当时的美国人口普查数据进行外推估算。

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