you, our to Steve, second today here everyone. good with X. our core strong recovery the objectives. thank and Well, morning, It’s which our our talk XXXX Starting great and financials be slide to business quarter progress momentum reflect towards on in results, about of summary financial good
billings lapped were during of the QX an last we Second most billion in pandemic revenue up on declines and year-over-year quarter XX% that the occurred significant the as lockdowns of $XX.X adjusted year. FX trough of revenues basis,
Our reserve an were, strong macroeconomic in by results performance course, $XXX $X.XX. outlook. per was continued was in and of driven improvements credit income some strong release the $X.X share earnings and net second as saw we quarter These million billion part credit
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As XXXX itself we’ve us XXXX positioning and for transition year, beyond. a said is year, all
to driver several views see our key year, first you as will progress the through X we measure into on which volumes, slides get X. watch now let’s of So, this
recovering declines basis You the all around across with on the second slide we in this in of financial volumes and note year-over-year an we objectives. how spending XXXX, a is shown total recovery to from second shows And to as find that have and X lapped quarter volumes the billings that picture XXXX as clear network we of of XXXX. acceleration picture trends our will XX% volume business trough a year-over-year, the billed QX relative clearer pace the volumes provides our of on quarter way up on both,
X% and volumes you XXXX all X, T&E both QX. billed spending network The FX-adjusted up in goods we can total not see of by in XX% down month to driven business by until surpassed of levels expected and billed slide on spending originally we as quarter. services, travel quarter basis acceleration entertainment for Overall improvement this nearly would versus Importantly, pre-COVID relative June. exited a XX% an is XXXX, just and second was the reached were and the a levels volumes, processed on reach notable and year. This level XXXX, we in fourth the is being spending business as on on which
is coming it growth us. spending see at cost So, had positive quickly any indicator in recovering and in goods the the of without we services to more it a for and slowing than expected
Turning to slide X.
that recovery of in was right total by U.S., is geographies. weaker. been in in has due U.S. more XXXX Overall The volume and spending top in X the levels international T&E we our spending the U.S. services the is on though, outside recovering rates quarter. continued slowly restrictions volumes U.S. in U.S. growth outside weaker led and slide travel-related see the X% government see being is is up and historically, that which vaccination you the do lower more Interestingly, and in business billed of have the both, recovery surpassed strong outside goods regions, the to international certain because billed the You the business and of spend
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we all last said the to be customer type along have travel that We this expect recover. see will
reaching the month X, types T&E across Finally, together T&E you total putting of on customer with improvement do June. slide in spending board all the in spending see the levels of nearly quarter, second XXXX XX%
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to we have assume globally ahead, of Looking fourth XXXX. levels XX% that spending now of will around by T&E overall the XXXX quarter recovered
We also continued steady services goods the growth for expect in XXXX. remaining spending and
all, a spending in on volumes. all really story So, good
on volume metric, Moving other our and balances XX. slide receivable loan to
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the Members strong. environment has relief world, performance are last closely are performing, the macroeconomic forbearance and Card in yet recent financial stimulus the programs including the roll we and We exiting of have programs the industry there uncertainties remaining government around quite are are early But and monitoring medical looked U.S. to exits and the of mindful in that our off, how
continue hold of reserves. amount a to significant So, we
reserves, you representing respectively. we Card see on X% ended Member balances and second of XX, slide with quarter billion balances, As of the $X of receivable our X.X% loan
new sequentially. momentum, continue Moving the cards, in third XX. up acquisitions our billion card as new to value-injection some XX% up driver, invested in to X.X efforts. marketing we to slide ramp key We while of $X.X our investments on million marketing maintaining long-term growth on acquired build We around quarter second
demand products accounts on products up and times cards, X almost number prior the the year-over-year. our for quarter More with just XX% acquired premium importantly we’ve these of versus fee-based than seen great total up new
Gold As levels all we now year, above we’ve examples, would quarter. Steve and new at XXXX marketing small in mentioned, business first seen $X some the reached opportunities spend of as attractive U.S. half of the this governed in year. see and this finish to the of marketing winding billion value-injection be this on of consumer universe Platinum well see momentum great around our we expect though, Ultimately year. efforts investment acquisitions in cards the pace remainder by we and the the our levels down will which Based
So, what in of were revenues quarter, except the we year-over-year one for XX% in income, XX? our of on lines, XX% almost does this double-digit second every mean and interest all slide revenues up Total for had our growth net revenues. which accounts only for revenue
more and get in largest other sharply driven year-over-year travel-related commissions in up I were fees the quarter, note the revenues. details in revenue into drivers about uptick the second that I Before revenue both other few slides, our next would by and primarily
discount revenue, as the line, spending quarters. goods Our the year-over-year, This led an strong over Net growth card past the year-over-year and recovery quarter. XX% on few it we’ve basis primarily XX% that though, in recovery is was by the driven on largest FX-adjusted services seen revenue shown as revenues XX. grew up slide in fee
impact slide recovery net existing than revenues $XXX revenues. accounts line our is they both, continued propositions income in back only been are of to I The showing XX% a now XXXX, premium interest throughout second mentioned, demonstrating as the slower our higher slide can see customers. prospects for on XX, the our these on which, value the pandemic, revenue XX. revenue one of of have Importantly, you and XX% line as attractiveness of the quarter or million were resilient They most
leading rates strong interest and For costs customers, demonstrated net our historically the both low are us and which to in balances. liquidity is loan is though, a our paydown recovery to yields that lower by higher the slower revolving driving credit driver here
I lag continue income to loan recovery ahead, expect volumes. to the in net Looking recovery in interest the
revenue revenues, on see recovery you up strengthened QX, in sum as the can of momentum to our slide So, XX. on
adjusted an levels FX XX% While up they revenues X% remain on below year-over-year. pre-pandemic basis, were
in updated expect trends the overall Looking first could the assumption forward, year the continue. revenue and half that of to we’ve year now of levels XXXX the with by to XX% spend recover the seen year, and we T&E assuming current be XX%, full services our around goods fourth growth XX% growth of momentum in quarter to
to on Moving expenses.
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forward, the expect of XX% about them Looking I’d to that expenses engagement year. total way these think of to the customer our variable a good revenues be for is remainder about
expenses. Moving on operating to
expect our the can given see down Ventures full be gains OpEx year-over-year continue that we You over now in our build to year, to gains portfolio, year by also primarily year-to-date investment I’d growth keep XXXX, billion seen $XX.X full portfolio. to our X% while few were investing in equity operating the a business. as in our the Amex they expected, In expenses originally a momentum we’ve equity our second we driven below tight bit quarter, in investment control sizable
to Turning capital slide next on XX.
strong. remains capital Our tremendously position
past our common in and common our dividends. returned have in Our $XXX year QX total above stock including levels, capital exceeded XX.X% sheet in this repurchases distributions. stock target quarter, million of to base the billion from and shrinkage driven in ratio the CETX over shareholders growth remains $X.X our balance million earnings by that $XXX far We of
we Looking long-term CETX of forward, XX% to our committed XX%. remain to ratio target
Federal our plan pace repurchases the to ratio CETX few the over the next towards target Given guidance, we of migrate Reserve’s quarters. to increase share latest
what first of were year mean two future. the on potential talking based So, momentum and again that saw reserves. of XXXX in for might I let’s scenarios for half out In January the April, the close signs laid the by outcomes we with of primarily in what happens about credit
would environment in subsequent that low credit we reserves a quarters. or this release our worse medical year reminder, assumed not a and the one economic scenario scenario any As and much
year, performance the our the has and into incredibly remained macro credit outlook improved halfway has actual strong. somewhat, Now,
still however, with reserve due billion So, we’ve is already us, That the a above remaining to released pre-pandemic reserves. $X.X levels that of leaves uncertainties. ratio
pressure some our on we Such So, to likely of outlook persists and current a XX% outcome year. release therefore reserves this economic lead economic environment put QX T&E assumption would and outcome slide things assumes as an don’t one our overall the around an an drive this scenario that weaker any worsens likely credit XX that updated on somewhat recovery. uncertainty medical combination of EPS low that and as by these revenue The could recovery share. $X.XX per additional
More Our and as revenue a to that we our in sort high steady economic recovery in somewhat This though around updated to could strong this a the In also the as to be XX% credit likelihood, build credit in than is continue stronger scenario, drive numbers all assumption $X.XX. focus reserves. outlook, scenario two with XXXX XX% on uncertainty these line growth the assumes economic contrast outcome momentum. lower our revenue leading I of of about a performance Company earlier. to would level further EPS XXXX see and in less likely growth important improvement spoke managing
we be within expectations our turn the Based confident And our XXXX. XXXX strategies range to call for that was quarter $X.XX. current in of gives performance are to algorithm strong, And beyond pandemic EPS around Our high end of before $X.XX the we our XXXX that, back trends, resume to confidence in all had over ability key of in our growth originally Vivian. the to working. drivers, are are financial confident very I’ll with and the ability progress these and we credit volumes, this this marketing on our us
