Learn about the foreign exchange markets of yesteryear and today in this article exploring the past, present, and future of FX trading. This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. A replay of the conference call will be available later today at the same website address. Delivered full-year 2022 revenue of $1.85 billion and Adjusted EBITDA 1 of $103 million. "Given our momentum, we expect 2023 revenue growth of 15 percent to 17 percent and earnings per share of $11.00 to $11.40. Total expenses were $946 million, up 15 percent from $823 million a year ago, reflecting higher marketing investments and operating expenses, primarily driven by increased compensation. Add a Comment Cancel reply. . American Express Co's quarterly card spending soared to a record as pandemic-weary travelers shrugged off rising airfare to throng airports, helping the company raise its annual revenue forecast . Interest rate on credit cards are at their highest since April 1992. American Express's Revenue, Number of Employees, Funding and Acquisitions . Fourth-Quarter 2022 Revenue Increased 17% to a Record $14.2 Billion, Driven by Highest Ever Quarterly Card Member Spending; EPS for Quarter Was $2.07, Company Expects Full-Year 2023 Revenue Growth of 15% to 17% and EPS of $11.00 to $11.40 as It Continues to Execute on Its Growth Plan. Consolidated provisions for credit losses were $53 million, compared with a benefit of $111 million a year ago. Total revenues net of interest expense were $1.8 billion, up 20 percent from $1.5 billion a year ago, primarily reflecting higher network volumes. Prior to that, I worked in various business functions of American Express Global Business Travel as a part of Program Management Team with an acceptance rate of under 5.5%. Global Consumer Services Group reported fourth-quarter pretax income of $1.3 billion, compared with $1.5 billion a year ago. Factors that could cause actual results to differ materially from these forward-looking statements, include, but are not limited to, the following: A further description of these uncertainties and other risks can be found in American Express Companys Annual Report on Form 10-K for the year ended December 31, 2020, the Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2021 and the companys other reports filed with the Securities and Exchange Commission. . The change reflected a reserve build of $617 million, compared with a reserve release of $2.5 billion in the prior year. You must click the activation link in order to complete your subscription. Our investment strategy enabled us to reach record levels of Card Member spending, maintain customer retention and satisfaction above pre-pandemic levels, increase new Card acquisitions, grow our loan balances, and deepen our digital engagement with customers, producing revenue growth of 30 percent in the fourth quarter and 17 percent for the full year. according to American Express Ventures . Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Credit metrics remained strong in the current quarter and below pre-pandemic levels. Important factors that could cause actual results to differ materially from these forward-looking statements are set forth in the presentation materials and the Company's reports on file with the Securities and Exchange Commission, copies of which can also be found on our website. Oct 11, 2022 . Operating expenses represent salaries and employee benefits, professional services, data processing and equipment, and other, net. In August 2022, RBI finally lifted the ban that it had earlier imposed on Amex in April 2021 for the violation of local data-storage rules. Our first In-Person seminar in 2022 will be presented by the highly regarded . You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Credit metrics remained strong throughout the year and below pre-pandemic levels. Longer term, as the economy reaches a steady state, our aspiration is to achieve revenue growth in excess of 10 percent and EPS growth in the mid-teens.. The increase primarily reflected growth in Card Member spending compared to the prior year. The change primarily reflected a smaller reserve release compared with a year ago, partially offset by lower net write-offs in the current quarter. Computershare New York, NY 10285 # - Denotes a variance of 100 percent or more. American Express Fourth-Quarter Revenue Increases 30% to $12.1 Billion, Driven By Record Card Member Spending, Environmental, Social, and Governance reports. Operating expenses also increased, primarily reflecting higher compensation costs and a net loss on Amex Ventures investments of $234 million in the quarter. Today's Change. Consolidated provisions for credit losses were $1.0 billion, compared with $53 million a year ago. The increase reflected a reserve build of $135 million, compared with a net reserve release of $29 million a year ago, as well as higher net write-offs in the current quarter. View American Express GBT (www.amexglobalbusinesstravel.com) location in New York, United States , revenue, industry and description. P.O. FEBRUARY 26, 2022: A re:Store shop in central . The increase in customer engagement costs was driven by higher network volumes and increased usage of travel-related benefits, and partially offset by lower marketing expenses in the current quarter. Live audio and presentation slides for the investor conference call will be available to the general public on the above-mentioned American Express Investor Relations website. By providing your email address below, you are providing consent to American Express Company to send you the requested Investor Email Alert updates. The company believes the presentation of information on an FX-adjusted basis is helpful to investors by making it easier to compare the companys performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates. The increase reflected a reserve build of $492 million, compared with a net reserve release of $168 million a year ago, as well as higher net write-offs in the current quarter. The increase primarily reflected higher customer engagement costs and operating expenses. Consolidated total revenues net of interest expense for the full year were $42.4 billion, up 17 percent from $36.1 billion a year ago. NEW YORK, January 27, 2023--(BUSINESS WIRE)--American Express Company (NYSE: AXP) today reported full-year net income of $7.5 billion, or $9.85 per share, compared with net income of $8.1 billion, or $10.02 per share, a year ago. Corporate and Other reported a fourth-quarter pretax loss of $209 million, compared with a pretax loss of $545 million a year ago. It brought in more than $30 billion in 2022, contributing to more than 58% of total revenue net of interest expense. American Express customers clearly didn't leave home without their credit cards when they went shopping this holiday season. 77,300 people were employed by American Express at the end of 2022, up from 64,000 in 2021. Source:American Express. Operating expenses were flat, reflecting increased compensation, offset by net gains on Amex Ventures equity investments. The increase primarily reflected growth in Card Member spending compared to the prior year. This has led to sustained growth in customer acquisitions which reached a record 12.5 million new Card accounts in 2022 along with high levels of engagement and retention, which has enabled us to build scale while driving momentum across our core businesses. American Express Company (Amex) is an American multinational financial services corporation specialized in payment cards headquartered in New York City.It is one of the most valuable companies in the world and one of the 30 components of the Dow Jones Industrial Average. Total expenses were $1.1 billion, up 7 percent from $992 million a year ago, primarily reflecting higher compensation expenses. American Express Company (NYSE: AXP) today reported full-year net income of $7.5 billion, or $9.85 per share, compared with net income of $8.1 billion, or $10.02 per share, a year ago. American Express and the National Trust for Historic Preservation Launch Third Year of $1 Million Grant Program "Backing Historic Small Restaurants". Company Expects Full-Year 2023 Revenue Growth of 15% to 17% and EPS of $11.00 . Credit metrics remained strong throughout the year and below pre-pandemic levels. Kerri S. Bernstein, Kerri.S.Bernstein@aexp.com, +1.212.640.5574 Revenue by Business Vertical: Q3 2020 Q2 2021: Q3 2021: Revenue contribution in Q3 2021: Global Consumer Services Group: 2,364: 6,381: Important factors that could cause actual results to differ materially from these forward-looking statements are set forth in the presentation materials and the Company's reports on file with the Securities and Exchange Commission, copies of which can also be found on our website. Total revenues net of interest expense were $6.5 billion, up 23 percent from $5.3 billion a year ago. Key links to products, services and corporate responsibility information: personal cards, business cards, travel services, gift cards, prepaid cards, merchant services, Accertify, Kabbage, Resy, corporate card, business travel, diversity and inclusion, corporate responsibility and Environmental, Social, and Governance reports. Consolidated provisions for credit losses were $1.0 billion, compared with $53 million a year ago. Quarters Ended 2022 and 2021, and $45 million for both the nine months ended September 30, 2022 and 2021, (ii) dividends CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS. The increase reflected a reserve build of $269 million, compared with a net reserve release of $133 million a year ago, as well as higher net write-offs in the current quarter. Global Merchant and Network Services reported fourth-quarter pretax income of $508 million, compared with $276 million a year ago. New York, NY 10285 "Our performance demonstrates that our strategy is working, and our business is in an even stronger position today than before the pandemic. Leah M. Gerstner, Leah.M.Gerstner@aexp.com, +1.212.640.3174 If you experience any issues with this process, please contact us for further assistance. The increase was primarily driven by increased Card Member spending and foreign exchange-related revenue. Should you invest in American Express (NYSE:AXP)? In 2021, American Express pulled in $42.4 billion in revenue. Total expenses were $2.2 billion, up 10 percent from $2.0 billion a year ago, primarily reflecting higher customer engagement costs and increased compensation expenses. The increase reflected a reserve build of $492 million, compared with a net reserve release of $168 million a year ago, as well as higher net write-offs in the current quarter. . The increase primarily reflected growth in Card Member spending compared to the prior year. Michelle A. Scianni, Michelle.A.Scianni@aexp.com, +1.212.640.5574, 200 Vesey Street U.S. Consumer Services reported fourth-quarter pretax income of $1.3 billion, flat with the prior year. Commercial Services reported fourth-quarter pretax income of $547 million, compared with $717 million a year ago. the companys ability to achieve its 2023 earnings per common share (EPS) outlook, grow earnings in the future and deliver on its growth plan, which will depend in part on revenue growth, credit performance and the effective tax rate remaining consistent with current expectations and the companys ability to continue investing at high levels in areas that can drive sustainable growth (including its brand, value propositions, customers, colleagues, technology and coverage), controlling operating expenses, effectively managing risk and executing its share repurchase program, any of which could be impacted by, among other things, the factors identified in the subsequent paragraphs as well as the following: fiscal and monetary policies and macroeconomic conditions, such as recession risks, effects of inflation, higher interest rates, labor shortages or higher rates of unemployment, supply chain issues, energy costs and the continued effects of the pandemic; geopolitical instability, including the ongoing military conflict between Russia and Ukraine; the impact of any future contingencies, including, but not limited to, restructurings, investment gains or losses, impairments, changes in reserves, legal costs and settlements, the imposition of fines or civil money penalties and increases in Card Member remediation; issues impacting brand perceptions and the companys reputation; impacts related to new or renegotiated cobrand and other partner agreements; and the impact of regulation and litigation, which could affect the profitability of the companys business activities, limit the companys ability to pursue business opportunities, require changes to business practices or alter the companys relationships with Card Members, partners and merchants; the companys ability to achieve its 2023 revenue growth outlook and its revenue growth aspirations for 2024 and beyond, and the sustainability of the companys future growth, which could be impacted by, among other things, the factors identified above and in the subsequent paragraphs as well as the following: a slowdown or increase in volatility in consumer and business spending volumes; the strengthening of the U.S. dollar beyond expectations; an inability to address competitive pressures, innovate in our products and services, expand into value-adding products and services and implement strategies and business initiatives, including within the premium consumer space, commercial payments and the global merchant network; the continued effects of the COVID-19 pandemic, including the spread and severity of the virus, the availability and effectiveness of treatments and vaccines, the imposition of further containment measures and the lingering impacts on customer behaviors, spending and travel patterns, any of which could further exacerbate the effects on economic activity and travel-related revenues; and merchant discount rates changing by a greater or lesser amount than expected; net card fees not performing consistently with expectations, which could be impacted by, among other things, a deterioration in macroeconomic conditions impacting the ability and desire of Card Members to pay card fees; higher Card Member attrition rates; the pace of Card Member acquisition activity; and the companys inability to address competitive pressures, develop attractive value propositions and implement its strategy of refreshing card products and enhancing benefits and services; net interest income, the effects of interest rates and the growth rate of loans outstanding being higher or lower than expectations, which could be impacted by, among other things, the behavior and financial strength of Card Members and their actual spending, borrowing and paydown patterns; the companys ability to effectively manage risk and enhance Card Member value propositions; changes in benchmark interest rates, including where such changes affect the companys assets or liabilities differently than expected; changes in capital and credit market conditions and the availability and cost of capital; credit actions, including line size and other adjustments to credit availability; the yield on Card Member loans not remaining consistent with current expectations; and the effectiveness of the companys strategies to capture a greater share of existing Card Members spending and borrowings, and attract new, and retain existing, customers; future credit performance, the level of future delinquency, reserve and write-off rates and the amount and timing of future reserve builds and releases, which will depend in part on macroeconomic factors such as unemployment rates, GDP and the volume of bankruptcies; the ability and willingness of Card Members to pay amounts owed to the company; changes in consumer behavior that affect loan and receivable balances (such as paydown and revolve rates); the enrollment in, and effectiveness of, financial relief programs and the performance of accounts as they exit from such programs; collections capabilities and recoveries of previously written-off loans and receivables; and governmental actions that provide forms of relief with respect to certain loans and fees, such as limiting debt collections efforts and encouraging or requiring extensions, modifications or forbearance; the actual amount the company spends on marketing in 2023 and beyond, which will be based in part on continued changes in the macroeconomic and competitive environment and business performance; the companys ability to realize marketing efficiencies, optimize investment spending and drive increases in revenue; the effectiveness of managements investment optimization process, managements identification and assessment of attractive investment opportunities and the receptivity of Card Members and prospective customers to advertising and customer acquisition initiatives; and the companys ability to balance expense control and investments in the business; the actual amount to be spent on Card Member rewards and services and business development, and the relationship of these variable customer engagement costs to revenues, which could be impacted by continued changes in macroeconomic conditions and Card Member behavior as it relates to their spending patterns (including the level of spend in bonus categories), the redemption of rewards and offers (including travel redemptions) and usage of travel-related benefits; the costs related to reward point redemptions; higher-than-expected customer remediation expenses; inflation; further enhancements to product benefits to make them attractive to Card Members and prospective customers, potentially in a manner that is not cost effective; new and renegotiated contractual obligations with business partners; and the pace and cost of the expansion of the companys global lounge collection; the companys ability to control operating expenses and the actual amount spent on operating expenses in 2023 and beyond, which could be impacted by, among other things, salary and benefit expenses to attract and retain talent, including with respect to an increased colleague headcount; a persistent inflationary environment; the companys ability to realize operational efficiencies, including through automation; managements decision to increase or decrease spending in such areas as technology, business and product development, sales force, premium servicing and digital capabilities depending on overall business performance; the companys ability to innovate efficient channels of customer interactions and the willingness of Card Members to self-service and address issues through digital channels; restructuring activity; supply chain issues; fraud costs; information security or compliance expenses or consulting, legal and other professional services fees, including as a result of litigation or internal and regulatory reviews; the level of M&A activity and related expenses; information or cyber security incidents; the payment of civil money penalties, disgorgement, restitution, non-income tax assessments and litigation-related settlements; the performance of Amex Ventures and other of the companys investments; impairments of goodwill or other assets; and the impact of changes in foreign currency exchange rates on costs; the companys tax rate not remaining consistent with expectations, which could be impacted by, among other things, changes in tax laws and regulation, the companys geographic mix of income, unfavorable tax audits and other unanticipated tax items; changes affecting the companys plans regarding the return of capital to shareholders, including increasing the level of the dividend, which will depend on factors such as capital levels and regulatory capital ratios; changes in the stress testing and capital planning process and new guidance from the Federal Reserve; results of operations and financial condition; credit ratings and rating agency considerations; required company approvals; and the economic environment and market conditions in any given period; changes in the substantial and increasing worldwide competition in the payments industry, including competitive pressure that may materially impact the prices charged to merchants that accept American Express cards, the desirability of the companys premium card products, competition for new and existing cobrand relationships, competition from new and non-traditional competitors and the success of marketing, promotion and rewards programs; the companys ability to expand its leadership in the premium consumer space, which will be impacted in part by competition, brand perceptions (including perceptions related to merchant coverage) and reputation, and the companys ability to develop and market new benefits and value propositions that appeal to Card Members and new customers, offer attractive services and rewards programs and build greater customer loyalty, which will depend in part on identifying and funding investment opportunities, addressing changing customer behaviors, new product innovation and development, Card Member acquisition efforts and enrollment processes, including through digital channels, continuing to realize the benefits from strategic partnerships, and evolving its infrastructure to support new products, services, and benefits; the companys ability to build on its leadership in commercial payments, which will depend in part on competition, the willingness and ability of companies to use credit and charge cards for procurement and other business expenditures as well as use the companys other products and services for financing needs, perceived or actual difficulties and costs related to setting up card-based B2B payment platforms, the companys ability to offer attractive value propositions and new products to potential customers, the companys ability to enhance and expand its payment and lending solutions and build out a multi-product digital ecosystem to integrate its broad product set, which is dependent on the companys continued investment in capabilities, features, functionalities, platforms and technologies; the ability of the company to expand merchant coverage globally and the companys success, as well as the success of OptBlue merchant acquirers and GNS partners, in signing merchants to accept American Express, which will depend on, among other factors, the companys value propositions offered to merchants and merchant acquirers for card acceptance, the awareness and willingness of Card Members to use American Express cards at merchants, scaling marketing and expanding programs to increase card usage, identifying new-to-plastic industries and business as they form, working with commercial buyers and suppliers to establish B2B acceptance, increasing coverage in priority international cities and countries and key industry verticals and executing on the companys plans in China and for continued technological developments, including capabilities that allow greater digital integration and modernization of the companys authorization platform; the companys ability to stay on the leading edge of technology and digital payment and travel solutions, which will depend in part on the companys success in evolving its products and processes for the digital environment, developing new features in the Amex app and enhancing digital channels, building partnerships and executing programs with other companies, effectively utilizing artificial intelligence and increasing automation to address servicing and other customer needs, and supporting the use of the companys products as a means of payment through online and mobile channels, all of which will be impacted by investment levels, new product innovation and development and infrastructure to support new products, services, benefits and partner integrations; a failure in or breach of the companys operational or security systems, processes or infrastructure, or those of third parties, including as a result of cyberattacks, which could compromise the confidentiality, integrity, privacy and/or security of data, disrupt the companys operations, reduce the use and acceptance of American Express cards and lead to regulatory scrutiny, litigation, remediation and response costs, and reputational harm; legal and regulatory developments, which could affect the profitability of the companys business activities; limit the companys ability to pursue business opportunities or conduct business in certain jurisdictions; require changes to business practices or alter the companys relationships with Card Members, partners, merchants and other third parties, including its ability to continue certain cobrand relationships in the EU; exert further pressure on the average discount rate and the companys GNS business; result in increased costs related to regulatory oversight, litigation-related settlements, judgments or expenses, restitution to Card Members or the imposition of fines or civil money penalties; materially affect capital or liquidity requirements, results of operations or ability to pay dividends; or result in harm to the American Express brand; and. 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