And if I could ask really quickly about travel and entertainment, you said that there was strength there in the quarter, but right now with current fuel prices and sentiment, how durable is that as a driver right now? And how are you guys looking at the rest of the year? Yeah, this is Ralph. You know, the consumers are being thoughtful on how they spend their money. So, you know, as gas prices go up, they may decide to pull back on T&E. But T&E has been a strong category for some time. You know, we see it being a strong category in the future.

Apr 23, 2026 / receipt, needs a key / Ralph, other | earnings call 2026-04-23 | transcript 5f68919e-b14e-47cb-8a63-cfccee5650dc | chars 24153-24702 | segment 24

Within discretionary spend, we saw an increase in travel and entertainment spending compared to the fourth quarter of 2024.

Jan 29, 2026 / receipt, needs a key / Ralph Vendretta, CEO | earnings call 2026-01-29 | transcript 379166f4-c7af-49df-8806-9abac47ce574 | chars 7690-7813 | segment 7

As a result of efficiencies gained from operational excellence initiatives, Along with disciplined expense management and prudent investments, we expect to generate nominal full-year positive operating leverage in 2025, excluding portfolio sales and the pre-tax impact from our repurchase convertible notes.

Apr 24, 2025 / receipt, needs a key / Perry Biberman, CFO | earnings call 2025-04-24 | transcript c8a398e6-4a33-4340-b63b-561eeb9ba36c | chars 16165-16472 | segment 16

I think where perhaps more of the impact could be is on the higher-end consumers, and I say higher-end meaning prime plus to super prime, where they start to pull back on T&E and, you trying to figure out if they're still going to buy that big TV or are they going to make some other choices if inflation comes through at some of the rates they could.

Apr 24, 2025 / receipt, needs a key / Unnamed Speaker, other | earnings call 2025-04-24 | transcript c8a398e6-4a33-4340-b63b-561eeb9ba36c | chars 30332-30683 | segment 30

Operational excellence is all about efficiency ratio and doing things better and taking advantage of scale and becoming expensive and elastic. So, you know, there's always room for improvement and we'll continue to focus on expense management and continue to focus on scale opportunities.

Jan 30, 2025 / receipt, needs a key / CFO, CFO | earnings call 2025-01-30 | transcript c08836f1-f6a2-4544-ba47-752b97af8c7f | chars 55553-55841 | segment 57

As a result of efficiencies gained from ongoing operational excellence initiatives, along with disciplined investment and expense management, we expect to generate nominal full-year positive operating leverage in 2025, excluding portfolio sales and the 2024 $107 million pre-tax impact from our repurchase convertible notes.

Jan 30, 2025 / receipt, needs a key / Perry Bieberman, CFO | earnings call 2025-01-30 | transcript c08836f1-f6a2-4544-ba47-752b97af8c7f | chars 18436-18760 | segment 18

Yeah, you know, if you think about, you know, let me answer that with, you know, the fourth quarter shows a lot of green shoots, right? We saw some pick up in specialty apparel, T&E. millennial spend and Gen Z, we were really comfortable with that.

Jan 30, 2025 / receipt, needs a key / Ralph, CEO | earnings call 2025-01-30 | transcript c08836f1-f6a2-4544-ba47-752b97af8c7f | chars 26720-26968 | segment 27

For moderate to low income Americans who have depleted much of their excess pandemic era savings, we noted a reduction in travel and entertainment spending as these consumers focus more on non-discretionary purchases.

Oct 26, 2023 / receipt, needs a key / Ralph Andretta, CEO | earnings call 2023-10-26 | transcript 1978c838-7cc3-4e35-b30a-9efb2da66b43 | chars 3620-3837 | segment 3

And specifically specialty apparel it sounded like was where you were seeing a fair amount of the moderation I'm wondering, I guess it's a two-part question. One is maybe just an update on some of the vertical exposure, sort of the mix. And secondly, as you think about your historical exposure to very discretionary verticals like jewelry, I think you highlighted travel as holding in there, whether that's something that, you know, may be next in line for moderation. Can you just talk about whether this slowdown is kind of likely to be more broad-based and whether there are discretionary verticals, you know, that are now representing a considerable mix of the portfolio?

Jul 27, 2023 / receipt, needs a key / David Scarf, other | earnings call 2023-07-27 | transcript 6d527120-04d7-449e-84a3-6c7923ebc9ff | chars 44501-45177 | segment 45

Yeah, I think, you know, since 2020, you know, we've really diversified into your risk-off portfolio. If you remember back in 2020, you know, the rap was, You know, soft goods, retail, mall-based. And if you look at the verticals now, you know, just take our announcement today with Dell. You know, we've got a technology vertical. We've got AAA and tech travel entertainment, automotive. We've got a number of verticals, beauty as well. All those verticals, you know, we no longer have that concentration risk. So as we think about it, travel and entertainment and beauty are really holding extremely well and actually growing. While we see a little bit of decline in soft goods, we see an increase in those areas. And remember, our portfolio is very different than it was. We now have a lot of general spend and discretionary spend because we've moved, we've migrated to co-brand cards. That's 50% of our, you know, really 50% of our spend, and those sales and categories are up.

Jul 27, 2023 / receipt, needs a key / Ralph, CEO | earnings call 2023-07-27 | transcript 6d527120-04d7-449e-84a3-6c7923ebc9ff | chars 45178-46159 | segment 46

In certain areas like beauty and travel and entertainment, we are seeing continued strong year-over-year growth.

Jul 27, 2023 / receipt, needs a key / Ralph Andretta, CEO | earnings call 2023-07-27 | transcript 6d527120-04d7-449e-84a3-6c7923ebc9ff | chars 3722-3834 | segment 3

You know, we've talked about almost the tale of two economies right now, the high-end consumer That's been really well. It's absorbing the inflation. It's almost out of blank. They're back to traveling, and that's going on for them.

Oct 27, 2022 / receipt, needs a key / Ralph Andretta, CEO | earnings call 2022-10-27 | transcript c5039473-74ad-4e13-aa0b-4efe4a6c1b76 | chars 49769-50001 | segment 49