“So as we think about 2025, we are assuming at this point a similar spend environment to what we saw in 2024 on a full year basis.”

In context

“ease in spending from our large and global client base with improvement in T&E spend across client industries as well as improvement in Goods & Services spend. Lastly, international grew 15% in Q4 versus last year on an FX adjusted basis as we continue to make strides in our international business. This rapid growth was visible across spend categories and across our consumer and commercial businesses with each of our top five markets growing in mid to high teens. As you can see, Q4 spend results were strong across our businesses and we feel good about the spend acceleration we saw. While growth in Q1 will be impacted by the grow over from leap year in 2024, so far the first three weeks of January look more in line with Q4 trends. At the same time, we need to see the momentum will sustain. So as we think about 2025, we are assuming at this point a similar spend environment to what we saw in 2024 on a full year basis. Moving on to loans on Slide 7, Q4 total loans and Card Member receivables grew at 9% on an FX adjusted basis versus last year. As a reminder, these growth rates moderated over the course of the year as expected as we lap the period when customers were still building back revolving balances coming out of the pandemic. With that process largely behind us, for 2025, we expect loans and receivables growth to continue to grow a bit faster than spend and we continue to meet more -- as we continue to meet more of the borrowing needs of our premium customers. Turning to Slides 8 and 9, our credit performance continues to be excellent. Delinquency rates and write-off rates are stable versus last quarter and are still below levels from five years ago. Total provision expense was down from a year ag”