American Express 2015 Annual Report Download - page 8

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7AMERICAN EXPRESS COMPANY | ANNUAL REPORT 2015
We recognize that we’re operating in a new reality. That’s why we’re focused on the
plan I outlined to increase revenues, reduce costs and optimize our investments.
As always, we worked closely with the Board of Directors as they reviewed our
plans and progress. Our Board is an outstanding group of business leaders whose
insights, guidance and support play a critical role in our eorts to build shareholder
value. While we’re intensely focused on raising the company’s performance in the
short-term, we are managing American Express with a long-term view as we adapt
and invest for the future.
As I said at the start of this letter, we face dicult challenges, but we’ve faced tough
challenges before. Each time this company has been tested, we’ve become stronger.
We’re confident that we can deal with our challenges, return to sustainable growth
and position the company for long-term success.
Thank you.
Sincerely,
Kenneth I. Chenault
Chairman & CEO
American Express Company
February 29, 2016
Footnotes:
1 Total revenues net of interest expense, adjusted for FX and excluding Business Travel revenues from the first
half of 2014 and the gain on the sale of our investment in Concur Technologies in the fourth quarter 2014, and
related growth rate are non-GAAP measures. See footnote 2 for an explanation of FX-adjusted information
and Appendix I for a reconciliation to total revenues net of interest expense on a GAAP basis.
2 FX-adjusted information assumes a constant exchange rate between the periods being compared for
purposes of currency translation into U.S. dollars (e.g., assumes the foreign exchange rates used to
determine results for 2015 apply to the period(s) against which such results are being compared). Certain
amounts included in the calculations of FX-adjusted revenues are subject to management allocations.
3 Adjusted worldwide loan growth is a non-GAAP measure and excludes from 2014 the Q4’14 Card Member
loan balances related to cobrand partnerships with Costco in the U.S. and JetBlue, now classified as held for
sale. See Appendix II for a reconciliation to Card Member loans held for investment, on a GAAP basis.