Billed business grew 5% YoY, with U.S. Consumer Services growing 6% YoY and International Card Services growing 10% YoY (13% on an FX-adjusted basis). Commercial Services grew 2% YoY.

Marketing expenses increased 5% YoY as the company continues to invest in acquiring high-spending, high-quality customers. The company acquired 3.3 million new proprietary cards in the quarter.

The company announced plans to acquire Tock and Rooam to build on the success of its Resy restaurant platform, indicating strategic investments in enhancing its Membership Model.

Operating expenses decreased 13% YoY, primarily due to the gain recognized on the sale of Accertify, partially offset by higher compensation costs. Excluding the Accertify gain, operating expenses grew at a slower pace than revenue growth.

The company returned $2.3B of capital to shareholders through share repurchases and common stock dividends in the quarter. The company plans to continue to return excess capital while managing its CET1 capital ratio.

The company continues to demonstrate operating expense efficiencies, allowing for continued investments in growth initiatives. Management remains focused on driving marketing and operating expense efficiencies.

Total loans and Card Member receivables increased 11% YoY, with growth continuing to moderate sequentially. Provisions for credit losses increased due to higher net write-offs.

The company acknowledges the uncertainty of the geopolitical and macroeconomic environment and the evolving regulatory and competitive landscape, indicating potential risks to future performance.

The company notes that it will become a Category III bank holding company and subject to heightened capital, liquidity and prudential requirements. The company is monitoring proposed regulatory changes.

The company's results reflect the earnings power of its business model, driven by its premium, high credit-quality customer base. The company continues to invest in and enhance its Membership Model.

The company achieved market share gains in key segments despite new competitive entries. Success is attributed to product innovation and enhanced customer support.

The company acknowledges the intense competition in the payments industry and the evolving regulatory landscape, indicating potential challenges to maintaining its competitive position.

Excluding the Accertify gain, operating expenses grew at a slower pace than revenue growth, reflecting continued operating expense discipline. These efficiencies enable the company to invest in growth initiatives.

The company remains focused on driving marketing and operating expense efficiencies over time, indicating a commitment to improving operational performance.

While operating expenses decreased overall, higher compensation costs to support business growth partially offset the gains from the Accertify sale.

The company continues to invest in technology and digital capabilities to enhance its products and processes for the digital environment, including the Amex app and digital channels.

The company is focused on effectively utilizing data and data platforms, building partnerships and executing programs with other companies, and increasing automation to address servicing and other customer needs.

The company is investing in capabilities that allow for greater digital integration and modernization of its authorization platform, indicating a focus on technological advancements.

The company returned $2.3B of capital to shareholders through share repurchases and common stock dividends in the quarter. The company plans to continue to return excess capital while managing its CET1 capital ratio.

The company maintained its capital ratios within its current target range of 10 to 11 percent, indicating a commitment to managing its capital structure.

The company maintains flexibility to shift capital across its businesses as appropriate, including infusing additional capital into subsidiaries to maintain capital at targeted levels.

The 10-Q filing does not contain any specific information regarding environmental commitments, social responsibility initiatives, or governance practices.

The 10-Q filing does not contain any specific information regarding sustainability risks or opportunities.

The 10-Q filing does not contain any specific information regarding board diversity or governance enhancements.

The company notes that billed business grew 5% YoY, consistent with the past few quarters, and in line with a slower growth environment, indicating potential headwinds.

The company notes sequential softening in airline and lodging spend growth, while growth in restaurants remained strong, indicating potential shifts in consumer spending patterns.

The company acknowledges the uncertainty of the geopolitical and macroeconomic environment, indicating potential risks to future performance.