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American Express Co AXP
Q2 2013 Earnings Call Transcript

Transcript Call Date 07/17/2013

Operator: Ladies and gentlemen, thank you for standing by and welcome to the American Express Second Quarter 2013 Earnings Call. At this time, all participants are in a listen-only mode. As a reminder, this conference is being recorded.

I would now like to turn the conference over to our host, Senior Vice President, Investor Relations, Mr. Rick Petrino. Please go ahead.

Rick Petrino - SVP, IR: Thank you. Welcome and thank you for joining us for today's call. The discussion today contains certain forward-looking statements about the Company's future financial performance and business prospects, which are subject to risks and uncertainties and speak only as of today. The words believe, expect, anticipate, estimate, optimistic, intend, plan, aim, will, should, could, likely, and similar expressions, are intended to identify forward-looking statements.

Factors that could cause actual results to differ materially from these forward-looking statements, including the Company's financial and other goals, are set forth within today's earnings press release and earnings supplement, which were filed in an 8-K report and in the Company's 2012 10-K and Q1, 2013 10-Q already on file with the SEC.

The discussion today also contains certain non-GAAP financial measures. Information relating to comparable GAAP financial measures may be found in the second quarter 2013 earnings release, earnings supplement and presentation slides, as well as the earnings materials for prior periods that may be discussed. All of which are posted on our website at ir.americanexpress.com. We encourage you to review that information in conjunction with today's discussion.

Today's discussion will begin with Dan Henry, Executive Vice President and Chief Financial Officer, who will review some key points related to the quarter's earnings through the series of slides included with the earnings documents distributed, and provide some brief summary comments.

Before I turn the discussion over to Dan, I did want to acknowledge that this will be Dan's last earnings call as our CFO. He'll be leaving AmEx after a distinguished 23 year career including the past six years as CFO where he's played an important role in building relationships with the investment community. On behalf of all of my colleagues throughout the finance organization, I want to sincerely thank Dan for his many contributions and to wish him the best of luck on his retirement.

I also wanted to recognize that Jeff Campbell is joining us on the call today. Jeff joined AmEx from McKesson Corporation, where he was Executive Vice President and CFO of the largest healthcare services company in the U.S. Jeff will be assuming CFO duties in early August after we file our second quarter financial results and we are excited to have him as part of American Express.

With that, let me turn the discussion over to Dan.

Daniel T. Henry - EVP and CFO: Okay. Thanks Rick. So, let's start on Slide 2. The second quarter 2013 summary financial performance slide; total revenues came in at $8.2 billion, that's 4% higher than a year ago. On an FX adjusted basis, it's also 4%. In the first quarter, the growth rates were 4% on a reported basis and 5% on FX adjusted basis. I will speak about the impact of cardmember reimbursements on revenue growth a little later. Net income came in at $1.4 billion, 5% higher. EPS is $1.27, 10% higher as you can see the benefit of our share buyback program. On the last line, you can see that shares outstanding are declining.

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