AXP - American Express Company (AXP) Bernstein's 40th Annual Strategic Decisions Conference (Transcript)
2024-05-31 02:49:10 ET
American Express Company (AXP)
Bernstein's 40th Annual Strategic Decisions Conference
May 30, 2024, 02:30 AM ET
Company Participants
Stephen Squeri - Chairman and CEO
Conference Call Participants
Presentation
Unidentified Analyst
Well, thank you, everyone, for joining. We're delighted to have Steve Squeri from American Express. I don't think the company needs much of an introduction. I would have bet at least half of you have an American Express card in your wallet or the other half, I would bet Steve would talk to you into getting one by the end of the session.
Stephen Squeri
I'd say, if they qualify. I'm looking at this group I'm not sure.
Unidentified Analyst
You teased me last year about not having one. I'm an overachiever, so I got two.
Stephen Squeri
Very good. It's the only reason I came back.
Unidentified Analyst
The credit line is a little tight though.
Stephen Squeri
Well, we'll keep an eye on you.
Unidentified Analyst
Well, look, Steve has had a great run going into its seventh year now as CEO, probably highlighted by a transformation of the growth ambitions and aspirations of the company and delivery, frankly, of 10% plus revenue growth versus what historically in and of itself was a good revenue growth rate of 7% or so on average over time for American Express. I don't want to front run the strategies and tactics that have gotten us there.
But maybe Steve, I'll start. You did an Investor Day. It was a great deck for anyone who hasn't seen it, 150 pages of really good stuff. You really kind of gave the meat of why you think that 10% revenue growth is correct, 10% plus the mid-teens EPS growth. And one of the big pieces is the product refresh cycle, which I know is near and dear to your heart. So maybe we could start in a twofold question.
For those not as close to the story, why is the product refresh cycle so core? And then for those of us who are living and breathing, you're doing 40 this year? What are one or two things you'd highlight things that are working or learnings that you're putting into place with the most recent rounds?
Stephen Squeri
Yes. Well, I think it's important to understand why we do it, right? And it really starts with a maniacal focus on the customer. I think when you look at our company, the customer is really king. And what you really need to do is to make sure you do not take the customer for granted and that you're constantly looking to innovate your value proposition so that you can continue to engage the customer....
American Express Company (AXP) Bernstein's 40th Annual Strategic Decisions Conference (Transcript)