“This is reflected in the Q3 growth rate and expect to see the impact of the year-over-year growth rate continue for the next few quarters until we lap this exit.”

In context

“ic business model, that begins with a look at bill business starting on Slide 3. Total billed business grew $27 billion this quarter versus last year, up 7% on an FX adjusted basis as we continue to see the more stable growth rates that we expected. This growth was driven by 6% growth in goods and services spending, consistent with last quarter's growth rate and sustained double digit growth in travel and entertainment spending. This double-digit T&E growth has been driven by continued demand for travel and dining experiences with the restaurant spending, our largest category, up 13% this quarter. Total network volumes grew 6% year-over-year on an FX-adjusted basis. As you look at these results, I'd note that we exited a small product last quarter that was reported in our process volumes. This is reflected in the Q3 growth rate and expect to see the impact of the year-over-year growth rate continue for the next few quarters until we lap this exit. As a reminder, process volume includes volumes from cards where we play more of a network role and from alternative payment solutions that we facilitate. The revenue associated with these volumes makes up a small portion of our total revenue, which you can see on Slide 11. As we then break down our spending trends across our businesses, there are a few other key points to take away. Starting with our larger segment on Slide 4. US consumer grew billings strongly at 9% this quarter. Our focus on attracting, engaging, and retaining our premium Card Members is driving growth across all generations and age cohorts. Millennial and Gen Z customers continue to drive our highest billed business growth within this segment with their spending up 18% this quarter. Looking at commercial services on Sl”