It's progress good to everyone. reflect just toward about here today that outlined. first good which the Well, a Steve morning, XXXX thank we you, aspirations our Steve. talk have and for quarter And results, be good
along two beginning of marketing trends, growth results. financial with, in this are on to performance year's you the the key morning making of rebuild when year-over-year of pre-pandemic this year, since last we environment looking summary our these said first pandemic drivers on the investments of my results, topics. the But year, this remain and at I'll consider I've volume As months spend credit last first, three, included slide momentum. time quarter most financials the
FX-adjusted look as that year-over-year expect, X% And see look were we were revenues you'd would while in contrast, just results, March, up you were the billion to month quarter at XX% an of basis. of at But down our so, year-over-year. monthly $X.X don't in typically they you first on revenues
in credit per due earnings share billion and reserve net $X.XX these Our $X.XX. continued credit $X.X strong the macroeconomic a outlook release Included improvements income first was in was and results quarter to performance. is billion
renamed is in our reporting. our made grow of expect GNS network what quarters to GNS ahead on So, the with our partners coming have because in with in now, processed a few driver bill as we volume our called we volumes, years, card we nomenclature from other regions. and our unique model different changes what business previously comments in volumes. we let's key have Beginning Mainland, get into the on Thinking China to and do we first how business processing some performance, China
network billed we to as changed call and proprietary We previously we volumes what to our to from just to referred renamed business overall billed business billed volumes. have what also used business
we've disclosures as as on prior will our release, appendix, You well that recast see XX. periods slide the accompany in earnings
I'd begin So, changes and how slide across picture a our lap respectively, in both in recovery March slides down on weeks with several mind, we performance is the our year-over-year and first the X% volume volumes that the we've saw in we relative five April and X%, onset of trends continuation network first pandemic last of as total on only billed into business the we've our FX-adjusted two quarter basis on the first growth, trends of basis. these of first to trends year. views clearer business focus X%, are the to you quarter will process volumes the with continued in moving to details to recovering billed of shown four, seen XXXX saw on that quarter down in on order this a all volumes a of we also all morning. an provide the I'll spending XX, note through which of and exiting see on Getting of
are given important in look goods spending other services from and now calling In there key of few to entertainment will all I'd be which spending on points very these the we impacts addition, categories pandemic and remains is from suggest different Overall, the very on categories, it travel had at takeaways separately the spending, these categories. a on two different volumes slides. has
about. momentum that First, volume there feel we are good clear of signs
will year-over-year front our quarter, can five, the on of volumes, well in throughout sequential entertainment As of geographies. up further exceeded and vast the our of steadily slide also consumer month the recover other growing our XX% versus services, first the business of reopening economy Spending you up view March. the US, travel improvement and X% US progress XXXX goods on expectations, Spending our rollout over with XX% of reinforcing on the vaccines XX% given the months travel volume showed on quarter medical and which business in represents the the to and overall that billed certain recover in in continued the time. the or the and and small see and progressing majority growth
commercial consumer, services both customer Second, versus the spending recovery X% this on spending, spend growth commercial, continued even in the year-over-year has spending quarter. and on and X% across goods and versus and consumer and in as businesses. the year-over-year was six, our overall resilient see driving up spending goods to in In XXXX. which by up most see improve XX% you growth, drove XXXX In accelerated, as spend to first services up in quarter, our we services and up on online seven, card-not-present volumes offline slide year-over-year commercial slide X% shown of SME continue steadily XX% can and BXB types, which growth the remains continued supported goods strong
seeing are we pace a US versus in spending faster the recovery other of regions. Third,
the in levels to recovering. As that, continued in key are March, US and restrictions our hand, more travel-related we and and spending, regions. XXXX international And in we categories not spending, large the and were faster large and is XX. which been recover. drag versus all primarily due international consumer the and shown SME geographies to nine of fact T&E from see recovering will International historically, during quarter. customers the as have the steadily on even spending historically consumer other expected, first global more slowly continued to and that corporate the on tend yet fully did travel type recovering consumer improve see can since than our spend last the on other renewed up with the continued you most significantly, X% slide though and spending total corporations, eight, has than be still customer month as T&E T&E the types of be volumes SME recover faster down the slides customer travel down months of across this card entertainment, to And throughout first Fourth, to SMEs quarter, of
We recovery in see expect that demand this vaccine as see the the trend to pent-up continue that travel in US positive the given base of domestic to our we consumer travel signs the rollout early progresses. we and
we steady and first continue throughout spending, So to XXXX. spending in confidence to to in trends around services we've T&E domestic feel our to it in XX% seen encouraging seeing sum that and quarter goods spending we QX, its the recovered QX up current led are good the give on On travel. of XXXX spending, recovery are expect the in T&E we about volumes, and have will levels, consumer grow growth assumption us by more by US
receivable about the volume X% sequentially first Receivable down strength more slide and year-over-year, very XX% as spending strong the line base spending which Turning paydown liquidity other in next were balances the see driver, balances, were performance, rates, on loan we customer credit Loan in to with volumes. to X% volumes, the leading quarter, relates and key moment. sequentially to year-over-year in balances, among and down however, X% and higher to our continued XX. just I'll than a talk
lag recovery the balances in to spending the expect recovery volumes. to loan would in I forward, continue Looking
turning provision, through next credit slides key So XX. on XX driver, to our and second
flip a these points away. you few like there are you I'd take As key slides, through to
card nature excluding risk performance attribute as write-off to as our you premium as stimulants can on with loans performance the as and XX% practices, to forecasts see dollars, see customer you and XX. robust unprecedented see our strong improved can macroeconomic the XX% level XX down respectively, this over last We the of slide We programs. XX. forbearance government of GCP, Clearly, days, management credit well slide and member base, continue have year-over-year, extremely receivables on
very quarter on However, our forecast our scenarios, us slide The financial they billion XX. said, as low the assumptions were macroeconomic modeling put on programs scenario in to exiting card the can reserves. be have continued would than the we'll extremely $X.X exit we downside vaccine the the our the macroeconomic us, There different we in financial and drove our will milestone improvement coupled you shown to the all led impact strong in enrolled in on models, two will That balances and also of continues XX. first perform. still and have I quite provision calculate slide have of will out. relief environment In members performance, the observe plays did reserves. release be of decline quarters, we in expense programs relief see the though sequential an as how higher performance some coming balances That rollout, reserve weight write-offs strong. release our still are for to to medical the and set our pre-pandemic, receivables This how see credit important of $X.XX $XXX in loan that early on indicators and uncertainty reserve the benefit that credit with the we looked and a million billion of first to significant quarter, see
balances of quarter significant shows respectively. reserves, a of reserves. X.X% Slide hold XX card of and our X.X% first to ended member our amount you the $X.X continue we billion and receivable representing we of that loan with this balances, so And
XX. marketing X.X up new the sequentially. our key in new Moving quarter, up to rebuild first billion slide invested on in to cards value-injection we million first third driver, momentum acquired to XX% We $X acquisitions, in efforts. maintaining growth investments card marketing as quarter while continued our on ramp around We the
premium accounts US consumer levels. acquisition with fee-based versus number premium business products products up was Importantly, of XX% the our QX, exceeding on and acquired new our volumes of many on small we XXXX
do on rebuilding so. in As focus our and our growth XXXX, maximizing mentioned, is momentum investments Steve to
a a this little year. we spend continued over As to marketing expect to billion result, in full $X.X
to Our ultimate down pace of investment be governed value the opportunities marketing will begin our our which the of wind levels at and attractive again customers benefits value-injection experience the as investment efforts, we our propositions. full by universe existing
quarter? slides pre-pandemic prior-year our this three drivers do financial performance are XX on impacted I the months. key earlier, said for year-over-year what by mean So two our As and revenues XX including quarter,
an as volume in discount card Steve card see and first declines impact down and were continued well income, however, revenues fees commissions the in grew primarily delinquencies XX% interest and fees, net basis, and revenues demonstrating net engagement quarter, as on year-over-year strong quarter as you revenue travel-related year-over-year So declines by driven impacting XX% first impacting can discussed. slide other the other member revenues. XX, of Net on the that FX-adjusted
Looking growth were last the during by for beginning pull slow the quarters, we as uncertainty I pandemic. driven decision the rate through fees more expect on few our will forward, of new the of acquisitions a card year peak back managing of net card to
renewed expect to momentum, card growth now new to I reaccelerate. fee see net would are the then we acquisitions. Given card beginning
income FX-adjusted basis. that net XX% XX, an see Moving year-over-year declined on income on on slide to net interest you interest
the While basis revolving decreased due the card our from yield card is on credit member products. paydown XX rates volumes, this higher loan in loans card decline on members driver the primary of to net points also interest our
net discount recovery primary lag trends you on in to driver volumes. forward, revenue also income interest the slide recovery XX. I expect loan Volumes Looking the the in are the see of
the X I declined points on bit in contraction about declines be in quarter quarter erosion year-over-year to that the continued discount recovery the in greater bit T&E spoke the the where less in spending The driven QX higher earn due rates. first than to spending a decline average, basis in earlier. in though, a T&E saw we, is we discount throughout than by average larger discount revenue business. expected, the billed The year-over-year, As rate
mentioned around to T&E we of I you'd recovers year around XX% quickly, than for QX, but lower XX% expect could you T&E recovers XXXX. of see see or slowly that higher growth spending somewhat XX%. to growth full by XXXX levels X% probably as if forward, revenue or year that if overall still And X% revenue more previously, Looking or full
to slide expenses, variable decisions. out to customer benefits XX management in spend on in continuing customer driven naturally Variable and experience Relative and we've were are total our the usage engagement which on the which engagement XX% which higher we OpEx, rewards, break expenses, to a volumes with and down move Moving sign year-over-year. usage we see expenses demand past are by marketing pent-up of talking as few did clear quarters, we and benefits about. of been travel-related line
a the be Looking think them next quarters. to total about is these that forward, expect way expenses our XX% about good engagement few variable customer I'd for revenues of to
sizable to and expenses. we some In to rebuild our operating tight you our gains by driven other on $XX.X year-over-year also operating in investment below momentum. a in can expenses, be compensation expenses, they equity around as levels, XXXX, offset while growth Moving continue Ventures operating portfolio, first see keep investing still few to quarter, by higher Amex XXXX primarily expect were billion, to control our the over that deferred expenses we partially down XX%
XX, remain slide our and capital to On liquidity. tremendously and liquidity strong. positions next capital Turning
committed this in target the reporting long-term ratio target our XX%. and billion, QX, plan at repurchases quarter, capacity the sheet over maximum in the above to amount to levels, million. the $XX.X ended the quarter dividend driven in $XXX Our shares We XX.X% past balance our shares. we investment to began to repurchase our we distribution first ratio. of of our our around million far share under cash our ratio increased XX% And we to resumed since X.X first repurchasing by the highest CETX to year. balance up In the CETX quarter, shrinkage level remain and And Fed-authorized permitted
in the capital Looking our generation, a of growth will forward, guidelines, our the distributions and be sheet. our Fed's balance function capital
by that close the January, saw momentum out of might what In based for laid primarily what two let's the signs on with So talking XXXX about of in happened for we outcomes scenarios mean QX future. potential I credit reserves. were
this one, low assumed original a Our medical that the scenario we any worse much economic year, not reserves would in environment credit and and or year. scenario, release
Now, remained strong. outlook three macro and has performance improved, very months into the credit year, the has
already released leaves reserves built due billion $X.XX economic a however, reserves. us, of with we've we've lot of still This to So uncertainty. credit
these likely put revenue somewhat some of per could The of by lead assumption around recovery. our slide pressure this So an things on a year. updated $X outcome we, likely that persists additional credit a do XX and and XX% scenario further recovery improve as therefore, on medical combination T&E not QX our uncertainty that that the would and economic reserves environment Such current to not any drive share. release weaker one this EPS does economic as assumes an outcome low
to in and continue reserves. a outcome revenue a updated stronger in uncertainty credit line economic credit earlier. about to less in somewhat level of assumption we growth steady need Our improvement I be our having In this economic the the assumes with current strong of scenario, revenue X% leading to to XXXX EPS This as outlook, also maintain our could drive likely XX% would recovery contrast $X.XX. spoke as sort that and see two scenario performance no high
being its Vivian. the EPS a XXXX. original positioned the importantly, financial marketing we managing either for back XXXX, opportunities by and to specific not EPS and expectations of that said to on and beyond focused back for any we our the on be growth XXXX. investment as for governed rebuild achieving the algorithm levels with that And of investment we that, to will to on scenario, I More is What are growth I'll in turn XXXX see attractive by universe the outcome focus earlier, momentum to our aspiration be had over company call execute company
