American Express Company

- The company is shifting its funding mix more toward deposits, which are described as the most economical and stable source of funding. - Currently, about 92% of the funding comes from deposits, and direct deposit balances are below the FDIC cap. - There is no explicit mention of new fundraising through debt or equity in this transcript. - The Chief Financial Officer mentions that the funding cost trend has been improving over several years with more to come, implying ongoing optimization rather than new capital raising. - Capital returned to shareholders was $1.6 billion in Q1, supported by strong earnings and a CET1 ratio within the target range. - There are no indications or plans disclosed about raising new equity or debt financing in the near term based on this call.

- American Express plans to reinvest a substantial portion of the sizable gain expected from the sale of their certified business back into the business, similar to past transactions (Page 2). - Continued investment in marketing to support momentum, including increasing marketing spend in 2024 compared to prior years (Page 2). - Focus on international expansion as a strategic area, investing proportionately more internationally since brand and acceptance growth opportunities are significant (Pages 4-5). - Ongoing product refreshes (around 40 planned for the year) to stimulate demand, upgrade and engage card members (Page 4). - Investment in innovation within the Membership Rewards program to improve engagement and economics (Page 4). - No specific dollar figures on capital expenditures disclosed, but emphasis on strategic reinvestment and sustained marketing support for growth.

- International acceptance and business continue to grow rapidly, providing a long runway for future growth. - Overall revenue growth guidance for 2024 reaffirmed at 9% to 11%. - Q1 results align with expectations; billed business grew 7% year-over-year. - U.S. consumer spending grew 8%, international card spending grew 13% (FX-adjusted). - New card acquisitions accelerated, adding 3.4 million in Q1, with ~70% being premium fee-based products. - Pay over time balances are the fastest growing segment, contributing to efficient growth. - Investments in product refreshes and marketing are expected to drive demand and engagement. - Commercial spending, especially SME segment, currently weak but acquisition remains strong; company is focused on re-engaging this segment. - Net interest income growth expected to moderate, but overall revenue trend remains positive.

- American Express reaffirmed its full-year 2024 guidance: - Revenue growth of 9% to 11% annually. - Earnings per share (EPS) expected between $12.65 and $13.15. - Q1 earnings per share were strong at $3.33, up 39% year over year. - Operating expenses were flat year over year and managed efficiently, supporting profitability. - Growth driven by strong spending, particularly in consumer and international segments. - New card acquisitions are accelerating, with a focus on premium fee-based products (~70% of new accounts). - Net interest income grew 26% in Q1 but expected to moderate as loan growth slows. - Variable customer engagement expenses expected to grow slightly higher than revenue growth as investments in marketing continue. - The company plans to continue investing in growth while maintaining cost discipline and returning excess capital to shareholders.

The provided document excerpt from page 5 does not contain any information related to the current or expected order book or pending orders. The discussed topics revolve around: - International business growth and strategy. - Pay over time feature performance and funding mix. - Small and medium enterprise (SME) spending and growth challenges. - Revenue growth trajectory and quarterly expectations. - Card product refresh plans and customer response. - Marketing investment and acquisition metrics. - Membership rewards expense and model updates. - Loan workout program and economic outlook. No details about order book status or pending orders are mentioned in the excerpts.