you, thank good everyone. and Well, Steve morning
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have we As with to more performance business all monthly will trends. on year, a billed we granularity continue show bit our you
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low. the spend consumer grow online double even more in You are contrast, has trends to In see in levels offline at an pre-COVID accelerated with and online X segment year-over-year pre-pandemic, relative similar. more April commercial of the the on about recovered quarter, online these XX% gradually our up even to as spend most shifts from the since in spend Slide pace was continuing third the offline digits
You see Slide look by spending non-T&E categories other non-T&E spend of drivers of XX. in you the the segment as growth on at
driven spending non-T&E is by just consumers, retail growth you the see growth growth in with line about. For we spoke spending strong in in the online
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pent demand particularly expectation our we for continue their in will travel trend to time. our and large that consumer base, T&E continue, see limit expect the corporations, some that ones, this We given spending up to to
of You between, In the also the and spending which you varying T&E. to have see T&E at are hand Restaurant recover, different other business, resilient you see the modestly of other a continue by of our followed where to paces. part has within see the been most throughout. on been but airlines. recover, recovery categories the spending lodging volumes very slower Cruises, small pace
travelers resorts, on at seeing at better spending than have locations. are performing in spending example, home leisure been urban rentals, we hotels For and domestic
you T&E international spend our Slide when on the continue You volumes at recover look travel have thus different of impact U.S. which XX, regions in historically, and mixes to third volume. quarter. the declines throughout spending overall more related steadily are larger of spending see showing
largest restrictions Slide across perhaps standpoint with in variance similar, Japan hand, the states have recovery Amex other we medical the volume the spending some in that UK, and as On I the states the on say for Asia trends surprisingly at Europe such parts additional been from of and in a in the U.S. our volume line somewhat trends moderated and government finally, And the across as Australia. six would has key [ph], XX, EU, markets policies. in look given
So, moving receivables loans by on Loans next now to declined XX% primarily the lower spending and year-over-year Slide volumes. in XX. quarter by driven third
third versus spend and we rebounding. up the balances, looking in loan mostly we beginning institutions, levels, I by this by on sequentially see for drove about. you to small continued for driven if QX, other the many Card would from rates a in in spending heard in expect on relative the the quarter improvement the point sequentially payout which just to higher low sequential were the what in volumes receivables to balances X% second today QX. driven the volumes assume in you've As improvement spoke saw to the grow in some decline modestly start loan Based beginning, quarter forward third hand other despite improvement also those quarter spending quarter, volumes in transact member I be
in traditional in our credit third the let's third quarter XX, see respectively trends you in loans XX% excluding which the and and now GCP and receivable were Slide and down, X% metrics, dollars the go class. So solid, were see write-off Card credit remained to best actually member quarter. on you year-over-year
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impact future some these see to quarters. metrics So we on expect would in
exposure far. years gave changes in risk the we've few about quarter the programs year-over-year our rates and fact, we as and and dollars the to to good we've who in are all lowest continued delinquency which ensure with which given so the our management and unusual capabilities, have last economic us certainly credit made in our as assistance. our It several organization the Card place seen that a starting members we've in the be delinquency the our our third work starts way our management feel practices, appropriate mobilize to performance, and quarter addition, in environment. years, manage people to over financial down rates is sequentially our the we support position, In well risk We done needed third solid
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As about reserves. the potential that macro credit and economy, economic in the a do to result, caution reflected we that future remain informs is for cautious our shocks the outlook
performance on you our will simply modest quarter our strong is Moving to as lower credit Slide third declined expense that also reserves. provision XX% well for our the see as sequentially year-over-year, significantly XX, and adjustment to a reflecting
used the think outcomes As economic loss our sheet. reserves lifetime we about to of modeling and of expected balance the the of our on loans range that CECL receivables in are
change sequential you and assumptions in a our decline levels of And weighted high it impact the being favorable resulting metrics the quarter, models this see of can pace and overall see X% offset relative levels. the QX we with macroeconomic the more level little credit more given uncertainty of but of of more our We has quarter in and downside volumes economy You scenario our assumptions cautious up X% pre-pandemic macroeconomic recovery. calculations reserves as our very receivable baseline in $X.X on our Slide The also loan range to to XX, ended the reserve continued representing on $X.X billion set of from their modest and we more The than there will quarter third bit is this Slide in the that did quarter, with on loan by QX, third are was billion have and balances in card the member respectively balances pessimistic. we the XX. improved QX. prior of a our of have line for scenario divergent used reserve from
delinquent outcomes So do dollars are reserves programs relief today's and appropriate looking continue decline of status our one stand balances and in the that in range we now $X.X the financial reserves our higher to $X.X envisioned our scenarios. or end level billion balances XX, environment? this of the sequentially billion baseline feel how of than in were broad believe are that economic on about in balance of sheet Slide they at QX, on to at given And We downside the those pre-pandemic.
those line experience. currently programs with Only programs, card are unprecedented the rails these risk better the not XX% at. current the the have to are of need the term of program the we put to the FRP time our down financial to managing the enroll have that and have reflects card environment, about will these enrolled that of relief Historically, level we [ph] majority longer in environment. customer pandemic trends to our our the global card successfully the enrolled the March, credit we the in program longer feel few at we that over of outcomes see been As enroll nature in continued for The the past that historical work completely assistance do increase our reserves balances of will right them. members the practices, remained the the height quarters the help program in we balances relief done of financial that of program level are management completing effectiveness short-term repayment that ultimate what crisis the of wound members around with balances in have But tell term the in we members place in we've exposure good resulting and current. of given be way exited than
revenues to revenues XX% XX, down in year-over-year Slide third quarter. on were the Moving on
line nature with sequentially centric of volume the spend of mid business April. improved since lows Given model in have our revenue the declines
would move XX. Slide you largest revenue, I our to ahead revenue discount component Turning to of
in revenue and discount the decline the As business average the the prior versus decline in discount with billed larger since year, quarter T&E point This trends. we T&E to basis merchants the was rates drove higher on than in difference merchants. to in third billings earn the contraction non-T&E XX due relative rate a in non-T&E expected, discount average
expect modestly Looking to slightly quarter. less we erosion the year-over-year see would discount recover, forward, if rate T&E to spending continues in fourth
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interest for Moving than see XX% on the income less in tailwinds risk. yield the XX pricing left the effectively basis to the the interest hand declined modest points net the the card the hand quarter funding FX-adjusted slightly from we due details an of basis and which you net driven member on interest declines side on quarter of third in mix to that in the side year-over-year you right loans yield third increased page. expansion yield costs our year-over-year lower on Net by income XX, and see loan was saw on Slide on
fourth we sequentially. net revolving members from relatively interest see expect rates assuming and continue I higher card payout income Looking the would flat forward to to into quarter be
uptick decisions. Moving expenses expenses in expenses, recent usage benefits. the I'd are continuing engagement and on offset driven of decline T&E In If spend the offset. XX, break out benefit, an year-over-year quarter. which of to naturally, excuses to and [ph] The customer between management revenue decline our benefits OpEx, fourth and of to changes we're quarter, by driven marketing in customer XX% related variable in to engagement spend variable usage were total expect redemptions, year-over-year the somewhat come XX% and Slide engagement customer third expenses travel which declines the down less modest lower by see provided related a down continues. Variable rewards in travel in lower
for have by the are third of customer banking as clearly on base of our membership marketing the The Shop on to quarter. seeing Small evidence redeeming to are about points our We on one travel members value to momentum. ever year-over-year. for largest that redemption managing use in driven engagement economic to the spent related I expect environment, them Based on were XX% alternatives. rebuilding expense expenses, enhancements This fourth up was card travel marketing cycle, would up the be which in this campaign. non-travel rewards current is of to Steve's quarter our the future variable to at as we pent strategy aligns opposed levels many similar increase growth our point the $XXX demand phase with entered we and made contrast expenses In we have in approximately through our million earlier our the propositions declines by second
our in Finally, reduction third plans. operating expenses were executed down we as quarter on the cost X% year-over-year
selectively begun phase have to areas we spend growth momentum as rebuilding two. ahead, we enter critical Looking in
the declines result, OpEx which hindsight at As billion $X April moment QX QX through about of a than in future. will we somewhat be expect discussed the year-over-year we peak uncertainty was back our the less initially in
on Moving capital last remained year. capital tremendously liquidity have and positions and Slide to liquidity all strong they as our XX,
reporting ratio, reflecting retention capital we this increased our since earnings ratio highest generated by of stronger the began quarter. level to CETX XX.X%, Our this
investment a sheet maintain Our strong confident and the remain uncertainty. quarter. record to We balance near remained cash liquidity third in balance in stress significant obviously the a flexibility high heightened and of at we periods of $XX.X in billion have and
The for as as situation share are in our forward, we in back scale CETX the we provide growth near we foundation we allows uncertain Vivian. are levels summary, recovery are investments economic target and financial the our of With external long-term. over and to the company and resume we us in phase our phase confident becomes ratio in are the growth call the two gain with we XX% pre-COVID to I'll relevance of to Fed rebuild and environment to as earnings to remains the dividend managing that, distribution, XX% to need Looking to will the term, clearer, return momentum the how In phase share making long committed three. the algorithm banks to term repurchases. turn in though exit
