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Page 4 of 6
anybody that's been to a restaurant, prices are a little bit higher because they're -- they got wages and they got fluid costs and so forth.
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2022 Q2
22 Jul 22
we are on average bringing in new customers who have higher credit qualities than we saw pre-pandemic in 2019, who are showing much higher spending profiles and who are also carrying balances at a greater rate.
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2022 Q2
22 Jul 22
It's a little higher because the travel never went down as much.
So the overall number is at about closer to 80% pre-pandemic.
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2022 Q2
22 Jul 22
our T&E is only at 60%. And Jeff, where are we overall on corporate card spending?
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2022 Q2
22 Jul 22
a modest level of inflation, and I'd still use the word modest for where we are, absent a spike in unemployment, like Steve said, is generally net a positive thing for our business.
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2022 Q2
22 Jul 22
this spending is not inflation-driven. And that's not to say there's not inflation in these numbers.
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2022 Q2
22 Jul 22
the most important thing for us is we're seeing an increase in transactions. And that's what's really driving our growth right now, is an increase in overall transactions in our business.
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2022 Q2
22 Jul 22
the stock market going up and down, we we've never really been tied to that. I mean -- and I've been here for forever, right, 35 years or so. And I've never seen a correlation between that. What I have seen a correlation between is sort of unemployment and people losing their jobs and not being able to pay their bills.
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2022 Q2
22 Jul 22
a disproportionate share of our new account acquisitions are going to that millennial and Gen Z demographic. But then when you break out, just to Steve's raised the same-store sales, it is also the fastest-growing demographic on a same-store sales basis.
So both contribute, both the same-store sales effect and the fact that they are disproportionate, and our new customers.
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2022 Q2
22 Jul 22
boomers, they were used to an American Express that was accepted in a limited universe.
Our Gen Z and our millennials are used to an American Express that's really accepted everywhere.
And so we're able to penetrate their wallets more right out of the gate because, number one, they're more card savvy, and they tend to use no cash. And they're more value proposition savvy, and they tend to figure out how to utilize the card in the best way for them.
And so we're getting a higher percentage of their wallet.
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2022 Q2
22 Jul 22
So it's a big driver for growth for us
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2022 Q2
22 Jul 22
when you look at sort of our international spending this year, it's up higher than our consumer spending year-over-year for this quarter.
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2022 Q2
22 Jul 22
We've probably signed well over 3 million merchants this year
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2022 Q2
22 Jul 22
So -- and the airline industry is probably only about 85%, 90% of their capacity. And they have some staffing issues and what have you, and they're sort of canceling.
So I don't think this is a pull-forward at all.
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2022 Q2
22 Jul 22
We're seeing a tremendous growth, like 48% growth in restaurant. Lodging is huge. Airline is way up. But lodging and airlines are still below 2019 levels in aggregate.
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2022 Q2
22 Jul 22
corporate travel is only 60% of what it was in 2019
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2022 Q2
22 Jul 22
you think about 8% growth over 2019 from a T&E perspective and you think about sort of airline prices, you think about some of the inflation built in, I'd say there's more room to run on T&E.
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2022 Q2
22 Jul 22
If I was thinking there was a slowdown in the next couple of quarters, I wouldn't be sitting here raising revenue to 23% to 25%.
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2022 Q2
22 Jul 22
We've decided not to raise our earning -- our EPS guidance because of the uncertainty with CECL, which, quite honestly, we don't have a lot of control over.
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2022 Q2
22 Jul 22
We have a plan to get us to -- in 2024 at 10% plus revenue growth on a sustainable basis, which means in 2023, we'll certainly exceed 10%.
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2022 Q2
22 Jul 22