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2 2014 FINANCIAL RESULTS (MILLIONS, EXCEPT PER SHARE AMOUNTS, PERCENTAGES AND EMPLOYEES) % INC/(DEC) Total Revenues Net of Interest Expense $ 34,292 $ 32,974 4% Net Income $ 5,885 $ 5,359 10% Return on Average Equity 29.1% 27.8% Total Assets $159,103 $ 153,375 4% Shareholders' Equity $ 20,673 $ 19,496 6% Diluted Income Attributable to Common Shareholders $ 5.56 $ % Cash Dividends Declared per Share $ 1.01 $ % Book Value per Share $ $ % Average Common Shares Outstanding for Diluted Earnings per Common Share 1,051 1,089 (4)% Common Share Cash Dividends Declared $ 1,055 $ 967 9% Common Share Repurchases (11)% Number of Employees 53,500 62,800 (15)% TOTAL REVENUES NET OF INTEREST EXPENSE (in billions) RETURN ON AVERAGE EQUITY NET INCOME (in billions) 10 $ $ $ $ $ % % % % % 10 $ $ $ $ $5.9 Various forward-looking statements are made in this Annual Report, which generally include the words believe, expect, anticipate, optimistic, intend, plan, aim, will, should, could, would, likely, and similar expressions. Certain factors that may affect these forward-looking statements, including American Express Company s ability to achieve its goals referred to herein are discussed on page 64. BILLED BUSINESS (in millions) CARDS-IN-FORCE (in millions) 10 $ $ $ $ AMERICAN EXPRESS COMPANY 97.4 ANNUAL REPORT
3 DEAR SHAREHOLDERS If I were to focus this Annual Report letter solely on 2014, here is what I would say. For a company generally known to produce consistently strong results, American Express delivered again last year. We posted record earnings while investing heavily in opportunities to fuel our growth over the long run. But the story doesn t begin or end there was just one of many strong years of late. Consider the 14 percent annual earnings per share growth that we ve averaged since During this time, we also delivered high returns on capital, with an average ROE of 27 percent. This performance has translated into a total five-year shareholder return of 145 percent, which is well above market returns on the whole. We ve accomplished this through a post-recession economy and various other business challenges. As we entered 2015, however, the near-term picture changed due to a number of factors that we face, including economic headwinds, regulatory developments and changes in co-brand partnerships. In this letter, I want to give you a sense of how we will deal with these challenges. I also want to review the important progress that we made during 2014 and how we are well-positioned to exploit the many growth opportunities in front of us. 2014: Growth and Transformation Let s start with a small transaction that had big significance. It was Christmas Day at a popular Miami restaurant. After enjoying a meal with her family, a longtime Card Member settled the $157 check with her Blue Cash Card. She didn t know that her routine charge had just made a piece of American Express history. With that purchase, we passed the $1 trillion mark in annual charge volume for the first time. This milestone reflects years of growth from the days when the Card was made of paper and held by a select few, to today, when our global network connects millions of consumers, businesses and merchants, and AMERICAN EXPRESS COMPANY ANNUAL REPORT
4 is influencing the course of digital commerce. We ve come a long way, yet, in many respects, I believe we are just scratching the surface of what we can eventually do. The steps we took during 2014 moved us further along in this journey. There were highlights, some disappointments, and no shortage of ongoing challenges, but we made very good progress. In particular, we took steps to make our brand more welcoming and inclusive, and used technology to bring greater convenience and benefits to our existing customers. I d like to show you how this played out in our numbers and actions. Financial Results American Express earned a record $5.9 billion in net income in 2014, up 10 percent from the prior year. Earnings per share rose 14 percent due to business growth and a strong balance sheet that allowed us to continue to return substantial capital to shareholders through share repurchases. While delivering solid earnings, we also increased spending on business-building investments like marketing and promotion, new product development and Card Member acquisition. Revenues rose by 4 percent, which was below our long-term target of 8 percent. Still, we feel this was a positive result in a challenging environment. Ultimately, higher Card Member spending and borrowing, excellent credit quality, and disciplined expense controls drove our profits. Let s take a closer look at each of these factors. HIGHER CARD MEMBER SPENDING Spending on our network rose 7 percent, which brought us to a total of $1.02 trillion for the year. Adjusting for changes in foreign currency exchange rates, worldwide billings increased by 9 percent. We experienced broad-based growth in spending among consumers, small businesses and large corporations. This was true despite an economy that, while growing, remained weak in many parts of the world. 3 AMERICAN EXPRESS COMPANY ANNUAL REPORT 2014
5 There were many factors behind our higher billings. One, quite simply, is that Card Members spent more on average. Beyond that, we added more Card Members to our franchise and more places for them to spend by expanding our global merchant network. At year-end, total cards-in-force stood at million, up by 5 million from the prior year. HIGHER LOANS AND EXCELLENT CREDIT QUALITY Card Member spending continues to drive the economics of our business, but lending is also playing an important role. During 2014, worldwide loans rose by 5 percent to $70.4 billion, even as Card Members paid down outstanding balances at a higher rate. The quality of our credit portfolio, as measured by write-off and past-due rates, remained exceptional. In fact, we led our major competitors in these measures by a wide margin. Looking ahead, we see opportunities to grow our loan portfolio with existing and new customers without significantly changing the overall risk profile of the company. The company continued to support its investment in Serve and worked to help the nearly 70 million Americans who are underserved by the traditional banking system with convenient, low-cost options for managing and saving money. American Express sponsored the documentary Spent: Looking for Change to help improve financial inclusion in the U.S. Academy Award -winning filmmaker Davis Guggenheim is the executive producer of the documentary, which is narrated by Tyler Perry and directed by Derek Doneen. Debuting on YouTube in June, Spent follows the lives of four American families wrestling with the costs and inconveniences that come with living outside the traditional financial system. AMERICAN EXPRESS COMPANY ANNUAL REPORT
6 TOTAL REVENUES NET OF INTEREST EXPENSE (in billions) RETURN ON AVERAGE EQUITY NET INCOME (in billions) 10 $ $ $ $ $ % % % % % 10 $ $ $ $ $5.9 BILLED BUSINESS (in billions) CARDS-IN-FORCE (in millions) 10 $ $ $ $ $1, Billed business rose 7 percent to $1.023 trillion on broad-based growth in spending among consumers, small businesses and corporations. Higher spending per card, combined with an expanding Card Member base, drove the increase. DISCIPLINED EXPENSE CONTROLS Controlling costs has been another priority for us. We made good on our commitment to hold expense growth in check in Total expenses were flat with a year ago and slightly below 2012 levels, despite significant increases in business-building investments. For example, spending on marketing and promotion (up 9 percent), rewards (up 7 percent), and Card Member services (up 7 percent) all reached historically high levels. PUTTING ONE-TIME GAINS TO WORK During the year, we benefited from two significant gains. In the second quarter, we realized a $626 million pre-tax gain from the completion of our Global Business Travel (GBT) joint venture. We formed this joint venture to accelerate GBT s growth, while maintaining its close connections with our commercial card business. Then, in the fourth quarter, we realized a $719 million pre-tax gain from selling our strategic investment in Concur Technologies. 5 AMERICAN EXPRESS COMPANY ANNUAL REPORT 2014
7 In both instances, we put most of the proceeds to work rather than letting the money flow directly to the bottom line. We made additional investments in marketing and promotion, made an up-front investment to renew our longtime partnership with Delta Airlines, and recorded two major restructuring charges (in the second and fourth quarters). The two restructuring charges cover a range of actions designed to make American Express more efficient. We are streamlining parts of the organization, focusing our resources on growth areas, and adapting our workforce to changing customer needs. Our aim is to contain operating expenses and, as a result, have more funds available to invest in our future. Adapting to change sometimes means eliminating jobs, and this, unfortunately, is one of those times. We recently announced a substantial number of job cuts across the company. Seeing valued colleagues have their livelihoods disrupted is a part of business that nobody likes. We will do our best to support our colleagues who are affected, whether by reassigning them to other jobs at American Express where possible, or by helping them with their transitions when there are no other alternatives. As we reduce jobs in some areas of the company, we will be adding them in others. For instance, in technologies and risk management, we are bringing in more engineers and data scientists to help us innovate and bring products to market faster. Another example: we are expanding our teams involved in strengthening control and compliance to help ensure that we protect our customers and our brand. It comes down to putting people with the right skills in the right places at the right time. Shareholder Returns I would like to be able to say that our strong earnings, healthy capital position and business-building investments caused our stock to outperform in However, that didn t happen. Our total shareholder return of 4 percent trailed the S&P 500 (up 14 percent) and the S&P Financials (up 15 percent). However, as I noted earlier, we have outperformed the market over the longer term, including five-year returns that topped the S&P 500 and S&P Financials. Although we manage the company for the moderate to long term, we obviously have been disappointed with our recent stock performance. AMERICAN EXPRESS COMPANY ANNUAL REPORT
8 I assure you that we continue to work hard every day to build value for our shareholders. As part of those efforts, we brought a wide range of creative ideas to life this past year in the form of new and improved products, partnerships and digital innovations around the world. I d like to highlight a few of them to give you an idea of how our teams continued to push boundaries. AmEx EveryDay: This is on track to be one of our most successful U.S. card launches in recent years. AmEx EveryDay is a no-annual-fee credit card that rewards you for how often you use it, not just how much you spend. Using the card 20 or more times in a billing period earns 20 percent extra rewards points. OptBlue: Making it easier for small businesses to begin accepting American Express cards is a priority, so we launched OptBlue. Fourteen merchant acquiring firms are helping us expand card acceptance by offering a one-stop solution for servicing, terms and pricing. Centurion Lounges: What better way to wait for your flight than by enjoying cuisine from a celebrity chef in beautiful surroundings? We opened two American Express Centurion Lounges in New York s LaGuardia Airport and San Francisco International to rave reviews from Card Members. We now have 14 proprietary airport lounges worldwide, with more openings planned for The Amex EveryDay Credit Card, launched in March in a new television campaign featuring comedienne Tina Fey, is on track to be one of the company s most successful U.S. card launches in recent years. 7 AMERICAN EXPRESS COMPANY ANNUAL REPORT 2014
9 Network Partnerships: Around the world, we continued to expand our partnerships with banks that issue AmEx-branded cards on our network. We launched new cards in several countries, including those with Banco Santander in Mexico, Barclaycard in the U.K., Wells Fargo and U.S. Bank in the U.S., and multiple partners in China. Charge volume on cards issued by bank partners increased 12 percent for the year. Serve and Bluebird: Nearly 70 million Americans are underserved by the traditional banking system, with many shut out from the financial options most of us take for granted. We are working to help them. American Express Serve and Bluebird offer convenient, low-cost options for managing and saving money. In 2014, we made it easier for people to use Serve prepaid accounts by creating the largest cash reload network in the U.S. We also introduced a suite of new money management tools for both Serve and Bluebird account holders. The customer base for both of these products grew substantially over the past year. Small Business Saturday: A holiday tradition now in its fifth year, Small Business Saturday is bigger than ever. About 88 million U.S. consumers shopped small on the Saturday after Thanksgiving, up 15 percent from the prior year. American Express founded Small Business Saturday to help local, independent business owners in the U.S. increase sales on one of the most important shopping days of the year. Now, it s an international event, as we work with partners in the U.K., Australia, Canada and other countries to encourage consumers to shop small in support of their local businesses. Loyalty Partner: A sophisticated approach to customer loyalty, this business brings together groups of merchants to share a common rewards platform. Consumers who enroll earn PAYBACK points and digital offers when they shop at participating merchants. The largest program of its kind in Europe, India and Mexico, Loyalty Partner now serves about 60 million active points-collecting consumers, up 38 percent from a year ago. It s Not the Plastic It s the Platform Ask most people what business American Express is in, and they ll probably tell you that we are a card company. Ask me, and I ll tell you something different. I see us as a platform company. AMERICAN EXPRESS COMPANY ANNUAL REPORT
10 We own the world s largest integrated payments platform a global network connecting millions of consumers, businesses and merchants. It s a source of powerful data about the purchasing preferences of our customers, and we are using it to bring greater convenience and choice to people s lives while building business for our merchant partners. We want people to feel that AmEx values them as customers, understands their preferences, and can personalize offerings and services based on their needs, all while protecting their privacy and keeping a sharp lookout for fraud. Every day we are taking steps to build that reality. Take, for example, how we ve transformed our Membership Rewards program to provide increasingly customized mobile rewards at the point of purchase. Then there s the launch of AmEx Offers, which uses our knowledge of spending patterns to deliver curated merchant deals. Big Data analysis is also helping us improve servicing, detect and prevent fraud, and offer more relevant products to the right customers. As part of this journey, we are working closely with other platform companies to bring our customers great commerce and lifestyle experiences. American Express has been a leader in this space through American Express has offered its Card Members the ability to use Apple Pay since the service first launched, bringing them an easy, secure and private way to pay. Apple Pay allows American Express Card Members to seamlessly add their eligible card and pay with their mobile device at contactless merchants in stores or directly within participating apps that accept American Express. Card Members who use an eligible American Express Card in Apple Pay get real-time notifications and details for all purchases and seamless connection to the Amex Mobile app for enhanced account monitoring, servicing and access to rewards and offers. 9 AMERICAN EXPRESS COMPANY ANNUAL REPORT 2014
11 our early integrations with Foursquare, Facebook, Twitter and TripAdvisor. This year, we launched a new mobile loyalty program with Uber. Our integration with the Uber app lets AmEx Card Members earn double Membership Rewards points or redeem points for rides. In another significant partnership, we joined forces with Apple Pay. Apple has designed a simple, secure, user-friendly payments feature into its latest-generation iphones. We believe that integrating our capabilities with Apple Pay can help fuel our growth in mobile payments. We are also active in the startup community. Through our AmEx Ventures team, we ve invested selectively in a range of startups at the intersection of commerce and data science, from mobile rewards platforms to personalized recommendation engines to in-store retail analytics. Whether by swiping a card, clicking a mouse or tapping a mobile phone, how and where you choose to transact is up to you. Our job is to make it secure, easy and rewarding. The Co-Brand Space & Our Diverse Product Set To help us do that, we have the most diversified product set in the payments industry a broad range of proprietary, co-brand and network products. These products are characterized by strong economic returns that enable us to offer attractive value propositions backed by industryleading service. From time to time, in situations where we see those economics change for the worse, we need to adjust. That s pretty much the story behind our highly publicized split with Costco in the U.S., a 16-year relationship set to end on March 31, It s not easy to see a longstanding partnership end. But when the numbers no longer add up, it s the only sensible outcome. We are proud of the value that we created over many years for our Card Members, our shareholders, and for Costco. The product development, marketing and servicing skills we brought to the table all played a critical role in making this a successful portfolio. AMERICAN EXPRESS COMPANY ANNUAL REPORT
12 Although we worked aggressively to renew the relationship, we were unable to reach terms that would have made economic sense for our company and for our shareholders. Instead, we are going to focus on opportunities in other parts of our business where we see significant potential for growth and more attractive returns over time. Given this news, I think it s important for me to further describe how we view the co-brand space in general and how these products fit into our broader growth opportunities. Co-brand partnerships will continue to be important for us, although they represent only a portion of our diversified product set. In fact, more than 70 percent of the purchase volume from the cards we issue takes place on non-co-brand cards. When it comes to co-brands, we ve always been a disciplined buyer. From the start, we ve sought relationships that can bring value to both our Card Members and partners, grow our portfolio over time, and earn economic returns that rival opportunities in other parts of our business. Using these criteria, we have built a successful co-brand business. As competition for co-brands has steadily increased over the years, so too has the cost to renew these relationships. We ve seen this dynamic play out at different times in our industry when multi-year contracts have come up for renewal. This caused us to take a fresh look at our existing co-brand relationships. The company continued to find new ways for Card Members to use their Membership Rewards points by introducing strategic partnerships with Uber and McDonald s. Eligible U.S. Card Members enrolled in the Membership Rewards program can seamlessly use points in real time for food and beverages at participating McDonald s restaurants. In addition, American Express donated $1 to Ronald McDonald House Charities each time a Card Member redeemed points. In a first-of-its-kind technology integration into the Uber ios and Android apps, U.S. Card Members enrolled in the Membership Rewards program can choose to earn 2x points or use points for Uber rides. 11 AMERICAN EXPRESS COMPANY ANNUAL REPORT 2014
13 As a result, we decided last year to accelerate contract renewal discussions with several co-brand partners well before they expired. I m delighted to say that we were able to renew several key co-brand relationships with broad ties to American Express programs including our longstanding partnerships with Delta, Starwood, and Cathay Pacific. In each case, we feel very good about the value propositions that we will be offering our mutual customers, the economics of these relationships, and our ability to grow the customer base for these products. Our decision to accelerate discussions with co-brand partners provided us with greater clarity about the lineup of programs we would focus on going forward, as well as those that would be ending (Costco U.S., Costco Canada and JetBlue). Knowing this, in turn, gives us more flexibility to pursue emerging opportunities throughout our business. These opportunities include: Consumer and Small Business Payments growing profitable spending through our proprietary charge and lending, co-brand and network products. B2B Payments increasing our penetration among small, midsize and large corporate clients. Geographies expanding our international footprint in mature and developing markets. Newer Businesses growing reloadable prepaid products and other alternatives to cash and checks, loyalty coalitions, and marketing services. All of this helps explain the outcome of our negotiations with Costco. It is better to see the relationship end than to renew it under terms that would hinder us for many years to come. Despite the significant impact on our near-term results, we were convinced that it was the right outcome, especially when we have more attractive growth opportunities to fund elsewhere in our business. We intend to invest aggressively in 2015 on a range of business-building initiatives. Spending fewer marketing dollars would help bolster our results for now, however it would also be short-sighted and inconsistent with our approach of managing the business for moderate to long-term growth. AMERICAN EXPRESS COMPANY ANNUAL REPORT
14 Department of Justice Lawsuit As I was finishing this letter, another development took place that I want to address. A federal court judge announced his decision in the antitrust lawsuit brought against us by the U.S. Department of Justice. The suit centered on provisions in our merchant contracts designed to prevent discrimination at the point of sale. Unfortunately, the judge ruled against American Express. While this ruling did not yet address what, if any, changes are required in our merchant contracts, it did find that our non-discrimination provisions are prohibited by the Sherman Act. We intend to appeal this decision because we believe it is wrong and will ultimately harm competition in the marketplace. We will continue to stand up for our rights and the rights of our Card Members. Under our contracts, merchants who choose to accept American Express agree to provide welcome acceptance, not discrimination, when a customer presents their card to make purchases. The Justice Department wants to abolish these protections, which they believe hinder competition. If the Justice Department has their way, merchants who sign a contract to accept American Express cards could nevertheless pressure customers to use a different card when it s time to pay. Rather than settle, we fought this case for several reasons. First, it s unfair to allow merchants who have agreed to honor our cards to then discriminate against American Express and our Card Members. Second, it s fundamentally unfair to interfere with a consumer s right to choose how he or she wants to pay at checkout. Third, we don t believe there would be any benefit to consumers if the government prevails in this case. Instead, competition would be reduced, which would ultimately harm both consumers and merchants. Let me expand on this last point. Visa and MasterCard account for at least 80 percent of card spending in the U.S. Only a small fraction of Visa and MasterCard holders carry American Express cards. In contrast, most American Express Card Members carry a competing card in their wallet. Because of this marketplace reality, merchants would be able to steer customers toward Visa and MasterCard, while it would be virtually impossible to steer away from them. Such an outcome would only further 13 AMERICAN EXPRESS COMPANY ANNUAL REPORT 2014
15 entrench Visa and MasterCard s dominant position and lead to the commoditization of payments cards. Freedom of choice and fair competition are worth defending. We continue to believe that the Justice Department s arguments are flawed and that we should prevail upon appeal. This initial ruling is a first step in what we expect will be a lengthy legal process. For now, our non-discrimination provisions remain in effect. Challenges, but Greater Opportunities As I ve described for you in this note, American Express has turned in strong earnings and made major strides in our digital transformation over the past several years. Thanks to our flexibility and financial strength, we ve successfully navigated many challenges to grow our business and reward our shareholders. Looking ahead, it s clear that the degree of difficulty we face won t ease anytime soon. The economy is growing again, especially in the U.S., but the pace of growth is weak in many parts of the world. Meanwhile, the strong U.S. dollar poses additional challenges. We simply can t count on a robust global economy to lift our results. New regulations, including those designed to limit card fees paid by merchants, are challenging our business in many parts of the world. The cost to acquire and retain co-brand partnerships is going up. And, competition in general is intensifying as both traditional players and new entrants want to disrupt the marketplace. On the positive side and I believe there are many more positives than negatives we also have tremendous opportunities to grow our business: We have major, untapped potential to benefit from the ongoing multitrillion-dollar shift in global payments away from cash and checks. The convergence of online and offline commerce is opening up new opportunities to connect Card Members and merchants. As this AMERICAN EXPRESS COMPANY ANNUAL REPORT
16 happens, our closed-loop network and the insights we derive from it provide us with a major advantage. Millions of people around the world are underserved by today s financial system, and we can help many of them with products that make our brand more welcoming and inclusive. Our ability to innovate, combined with our reputation for trust and security, can help us build upon our early leadership in digital commerce. Through our Big Data expertise and customer knowledge, we can transform risk management, marketing and servicing in ways that will delight our customers. We are realistic about our challenges, inspired by our opportunities, and eager to tackle whatever comes next. The road map we intend to follow is clear: grow our core business, advance our digital transformation, and invest in new opportunities that complement our strengths. American Express is nothing if not resourceful a trait that we ve demonstrated throughout the years as we ve transformed our business through innovation. I have seen us go from what was essentially a oneproduct, charge card-based model to having an expansive set of hundreds of products that are segmented and tailored to customer needs. We ve significantly expanded our proprietary consumer business, while also growing corporate and small business billings many times over. With terrific people and a respected brand, we are excited to keep innovating and evolving. Sincerely, Kenneth I. Chenault Chairman & CEO American Express Company February 24, AMERICAN EXPRESS COMPANY ANNUAL REPORT 2014
18 FINANCIAL REVIEW AMERICAN EXPRESS COMPANY 2014 FINANCIAL REVIEW The financial section of American Express Company s Annual Report consists of this Financial Review, the Consolidated Financial Statements and the Notes to the Consolidated Financial Statements. The following discussion is designed to provide perspective and understanding regarding the consolidated financial condition and results of operations. Certain key terms are defined in the Glossary of Selected Terminology. When we use the terms American Express, the Company, we, our or us, we mean American Express Company and its subsidiaries on a consolidated basis, unless we state or the context implies otherwise. EXECUTIVE OVERVIEW BUSINESS INTRODUCTION We are a global services company with four reportable operating segments:u.s.cardservices(uscs),internationalcardservices(ics), Global Commercial Services (GCS) and Global Network and Merchant Services (GNMS). We provide our customers with access to products, insights and experiences that enrich lives and build business success. Our principal products and services are charge and credit payment card products and travel-related services offered to consumers and businesses around the world. After June 30, 2014, business travel-related services are offered through the non-consolidated joint venture, American Express Global Business Travel (GBT JV). Until June 30, 2014, the business travel operations were wholly owned. Our range of products and services includes: charge and credit card products; expense management products and services; travel-related services; stored-value/prepaid products; network services; merchant acquisition and processing, servicing and settlement, and point-of-sale, marketing and information products and services for merchants; and fee services, including fraud prevention services and the design of customized customer loyalty and rewards programs. Our products and services are sold globally to diverse customer groups, including consumers, small businesses, mid-sized companies and large corporations. These products and services are sold through various channels, including direct mail, online applications, in-house and third-party sales forces and direct response advertising. We compete in the global payments industry with charge, credit and debit card networks, issuers and acquirers, as well as evolving alternative payment providers. As the payments industry continues to evolve, we face increasing competition from non-traditional players that leverage new technologies and customers existing accounts and relationships to create payment or other fee-based solutions. We are transforming our existing businesses and creating new products and services for the digital marketplace as we seek to enhance our customers digital experiences and develop platforms for online and mobile commerce. Our products and services generate the following types of revenue for the Company: Discount revenue, our largest revenue source, which represents fees generally charged to merchants when Card Members use their cards to purchase goods and services at merchants on our network; Net card fees, which represent revenue earned from annual card membership fees; Travel commissions and fees, which are earned by charging a transaction or management fee to both customers and suppliers for travelrelated transactions (business travel commissions and fees included through June 30, 2014); Other commissions and fees, which are earned on foreign exchange conversions, card-related fees and assessments, Loyalty Partner-related fees and other service fees; Other revenue, which represents revenues arising from contracts with partners of our Global Network Services (GNS) business (including commissions and signing fees), insurance premiums earned from Card Member travel and other insurance programs, prepaid card-related revenues, revenues related to the GBT JV transition services agreement, earnings from equity method investments (including the GBT JV) and other miscellaneous revenue and fees; and 18
19 2014 FINANCIAL REVIEW Interest on loans, which principally represents interest income earned on outstanding balances. FINANCIAL HIGHLIGHTS For 2014, we reported net income of $5.9 billion and diluted earnings per share of $5.56. This compared to $5.4 billion of net income and $4.88 diluted earnings per share for 2013 and $4.5 billion of net income and $3.89 diluted earnings per share for results included: A $719 million ($453 million after-tax) gain on the sale of our investment in Concur Technologies (Concur) in the fourth quarter; A $626 million ($409 million after-tax) gain as a result of the business travel joint venture transaction in the second quarter; $420 million ($277 million after-tax) of net charges for costs related to reengineering initiatives, including $313 million ($206 million after-tax) and $133 million ($90 million after-tax) of restructuring charges in the fourth and second quarter, respectively; and A $109 million ($68 million after-tax) charge related to the renewal of our partnership with Delta Air Lines (Delta) in the fourth quarter results included: A $66 million ($41 million after-tax) charge related to a proposed merchant litigation settlement in the fourth quarter results included: $461 million ($328 million after-tax) of net charges for costs related to reengineering initiatives, including a $400 million ($287 million after-tax) restructuring charge in the fourth quarter; $342 million ($212 million after-tax) in expense resulting from enhancements to the process that estimates future redemptions of Membership Rewards points by U.S. Card Members; and A tax benefit of $146 million related to the realization of certain foreign tax credits. FINANCIAL TARGETS We seek to achieve three financial targets, on average and over time: Earnings per share (EPS) growth of 12 to 15 percent; Revenues net of interest expense growth of at least 8 percent; and Return on average equity (ROE) of 25 percent or more. If we achieve our EPS and ROE targets, we will seek to return on average and over time approximately 50 percent of the capital we generate to shareholders as dividends or through the repurchases of common stock, which may be subject to certain regulatory restrictions as described herein. See Current Business Environment/Outlook for a discussion of certain factors regarding our ability to achieve our financial targets. FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES Certain of the statements in this Annual Report are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of Refer to the Cautionary Note Regarding Forward-Looking Statements section. We prepare our Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (GAAP). However, certain information included within this Annual Report constitutes non-gaap financial measures. Our calculations of non-gaap financial measures may differ from the calculations of similarly titled measures by other companies. BANK HOLDING COMPANY American Express Company is a bank holding company under the Bank Holding Company Act of 1956 and The Board of Governors of the Federal Reserve (the Federal Reserve) is our primary federal regulator. As such, we are subject to the Federal Reserve s regulations, policies and minimum capital standards. 19
20 2014 FINANCIAL REVIEW CURRENT BUSINESS ENVIRONMENT/OUTLOOK Our results for 2014 reflect higher spending by our Card Members, growth in average Card Member loans, credit quality indicators at or near historical lows and continued control over operating expenses, while our strong balance sheet allowed us to return a substantial amount of capital to our shareholders. We believe we produced solid earnings given the current economic and competitive environment, but recognize we face a number of increasing challenges in In 2014, we exceeded $1 trillion in annual Card Member global spend on our network for the first time. Card Member billed business increased 7 percent annually over the prior year, with a modest deceleration of the growth rate in the fourth quarter. Discount revenue increased 4 percent annually over the prior year. Billed business growth outpaced discount revenue growth primarily due to accelerated growth of our GNS business (where we share discount revenue we earn from merchants with our issuing bank partners), certain contract signings and payments made to corporate clients and merchant partners, strong growth in our cash rebate rewards products and changes in the mix of spending by location and industry. These factors as well as competition and pricing regulation (including regulation of competitors interchange rates) will likely result in a continuation of this trend over time. Average loans grew 4 percent during 2014, which, along with lower funding costs, led to an 8 percent increase in net interest income. Net write-off rates remained at or near historically low levels, though the overall rate of improvement slowed in We expect, at some point, net write-off rates will increase from these historic lows, which will result in a growth in provision for losses assuming average loans remain at or above current levels. As previously noted, our 2014 results include net gains from the business travel joint venture transaction in the second quarter ($626 million pretax) and the sale of our investment in Concur in the fourth quarter ($719 million pretax). We used a substantial portion of those gains to make additional investments in business building activities and initiatives designed to improve operating efficiencies. Specifically, marketing, promotion and rewards expenses reflect incremental investments, as well as a charge related to the renewal of our long-term relationship with Delta. We also undertook restructuring actions in the second quarter ($133 million pretax) and fourth quarter ($313 million pretax) designed to make us more efficient, contain operating expenses, and, as a result, better enable us to invest in new and enhanced products and services. Operating expenses for the year decreased 6 percent and adjusted operating expenses, a non-gaap measure, were flat year over year. Refer to Table 1 for details of adjusted operating expenses. While our business is diversified by product and geography, including a range of consumer and commercial card offerings, a large international business and GNS partners around the world, we face a number of increasing challenges in Regulation of the payments industry has increased significantly in recent years and various governments around the world have established or are proposing to establish payment system regulatory regimes. In the European Union (EU), proposed regulatory changes in the card payment sector, including the introduction of price regulation, the elimination of honor-all-cards and anti-steering rules, and requirements on granting access to our network, among other important changes, will likely negatively impact the discount revenue derived from our business in the EU and could significantly limit our flexibility to compete with the more entrenched bankcard networks. See Certain Legislative, Regulatory and Other Developments for additional information on the legislative and regulatory environment. In addition, global economic growth continues at a modest and mixed pace. Our 2014 results were negatively impacted by the strengthening U.S. dollar, and we currently expect foreign exchange to have an adverse impact in Our results could be adversely affected by increases in short-term interest rates or the failure of the U.S. Congress to continue the renewal of legislation regarding our active financing income, which could increase our effective tax rate and have an adverse impact on net income in 2015 and beyond. Competition remains extremely intense across the payments industry. Within the co-brand space, we are focusing on those relationships that offer the best value to our Card Members while also providing appropriate returns to our business and shareholders. We recently renewed and extended our relationships with Delta, Starwood and Cathay Pacific. More intense competition has generally increased our cost of renewing and extending co-brand relationships which are an important component of our business model. We will continue to strive for a diverse and balanced portfolio of product categories. 20
AMERICAN EXPRESS COMPANY ANNUAL REPORT 2013 Deliver Results Today. Invest for Tomorrow. 2013 FINANCIAL RESULTS (Millions, except per share amounts, percentages and employees) 2013 2012 % INC/(DEC) TotalMore information
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text:
This guide lists many well-known and commonly-used practice guides, form books, and other sources available both online and in the library for federal resources and other general subject matter. (Zief Law Library call numbers are given.) To look for other practice guides on your topic, search, USF's online catalog, Ignacio, by keyword (e.g., "administrative mandamus and Federal"), or by subject.
This guide is organized by general topics, such as civil procedure and criminal procedure, jury instructions and multi-subject guides, and by specific practice areas for both litigation and transactional practices.
Online sources: Many individual practice guides are available on Lexis Advance and Westlaw. Some core materials are also available in group files:
Matthew Bender: Available on Lexis Advance.
Rutter Group: Westlaw's Rutter Group Practice Guides & Other Publications database.
Form books as practice guides and vice-versa: many form books also offer extensive analyses, explanations, and practice pointers. Likewise, many practice guides contain at least some basic forms.
Identifying form books in this guide: to find publications that are particularly rich in forms, look for [FORMS] at the end of the description.
California Information: To find more information regarding California specfically, visit California Practice Guides and Form Books.

subset: commoncrawl


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In the event that you are interested in updating the design of your bathroom area, the following tips might be the perfect choice for your upcoming bathroom remodeling plan. One scenario is by throwing the bathroom some unique addition via applying under floor heat and a light, which gives the area the visibility of using natural light. Both the features come with directions that are easy to follow. You could find such manuals and the do-it-yourself instructional videos simply on the web.
One more handy and inexpensive tricks to enhance the bathing room is by placing a few tiny pot plants. Potted plants may add a refreshing environment to the whole room and it can certainly be a great decorations to the bathroom at the same time. Actually an artificial potted plants are generally much better in comparison to never using them in the first place as it can also give a comparatively similar results on visual appeal. Although you could not assume the exact same refreshing feeling like the living greenery can give. You can just add several of plants in pots on proper areas within your bathroom or spread it across the bathroom.
|For further information and Bathroom Décor Tips, I suggest you to read from this resources.


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Another version of similar dimensions (33.3 x 44.6 cm.) is in the Albertina (inv. 12739) of which there is a counterproof in the Bibliothèque municipale, Besançon (Fonds Pierre-Adrien Pâris). The drawing in the Albertina is more highly finished and was probably executed when the artist was back in his studio whereas the present work was done on the spot. The tower on the left and the second row of the fortified wall are executed in a different shade of red chalk. Could the artist have added these motifs once back in his studio in order to enhance the composition?
The Besançon counterproof bears an inscription 'Napoli' which may indicate where Robert made these drawings. Robert travelled to Naples in mid-April 1760 with the abbé de Saint-Non and they remained in the city until early June.
We thank Sarah Catala for her kind help in cataloguing this lot.
Signature: Signed and dated 'Roberti 1760'
Alan L. Corey; Sotheby's, New York, 5 December 1974, lot 560.
About Hubert Robert
Nicknamed Robert of the Ruins during his life, Hubert Robert was a popular academy painter in eighteenth-century France who was celebrated for his paintings of fictitious landscapes populated with real ruins. After training in Paris, Robert traveled to Rome in 1754 and spent the following decade enraptured with the architectural ruins there, especially the then-recently excavated Pompeii. Such sites became his paintings' architectural focal points, though they were often situated in lush, imaginary landscapes. Reverential toward ancient Roman culture, he also included renderings of classical sculptures of mythological figures in his paintings. Upon returning to Paris, Robert worked for aristocrats and royals, painting accurate representations of France as well as adding landscape and furniture design to his oeuvre.
French, 1733-1808, Paris, France, based in Paris, France


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Human Performance : Cognition, Stress and Individual Differences Paperback
by D. Roy Davies, Professor Gerald Matthews, Rob B. Stammers, Steve J. Westerman
Human Performance provides the student and researcher with a comprehensive and accessible review of performance, in the real world and essential cognitive science theory. Four main sections cover both theoretical and practical issues: Section One outlines the perspectives on performance offered by contemporary cognitive science, including information processing and neuroscience perspectives. Section Two presents a multi-level view of the performer as biological organism, information-processor and intentional agent.
It reviews the development of the cognitive theory of performance through experimental studies and also looks at practical issues such as human error. Section Three reviews the impact of stress factors such as noise, fatigue and illness on performance.
Section Four assesses individual and group differences in performance with accounts of ability, personality and aging.
- Format: Paperback
- Pages: 416 pages, 23 Tables, black and white
- Publisher: Taylor & Francis Ltd
- Publication Date: 24/08/2000
- Category: Cognitivism, cognitive theory


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Michael I. Mandel; Graham E. Poliner; Daniel P. W. Ellis
- Title:
- Support Vector Machine Active Learning for Music Retrieval
- Author(s):
- Mandel, Michael I.
Poliner, Graham E.
Ellis, Daniel P. W.
- Date:
- 2006
- Type:
- Articles
- Department(s):
- Electrical Engineering
- Volume:
- 12
- Persistent URL:
- https://doi.org/10.7916/D8CC199C
- Book/Journal Title:
- Multimedia Systems
- Abstract:
- Searching and organizing growing digital music collections requires a computational model of music similarity. This paper describes a system for performing flexible music similarity queries using SVM active learning. We evaluated the success of our system by classifying 1210 pop songs according to mood and style (from an online music guide) and by the performing artist. In comparing a number of representations for songs, we found the statistics of mel-frequency cepstral coefficients to perform best in precision-at-20 comparisons. We also show that by choosing training examples intelligently, active learning requires half as many labeled examples to achieve the same accuracy as a standard scheme.
- Subject(s):
- Artificial intelligence
- Publisher DOI:
- https://doi.org/10.1007/s00530-006-0032-2
- Item views
- 182
- Metadata:
- text | xml
- Suggested Citation:
- Michael I. Mandel, Graham E. Poliner, Daniel P. W. Ellis, 2006, Support Vector Machine Active Learning for Music Retrieval, Columbia University Academic Commons, https://doi.org/10.7916/D8CC199C.