Book excerpt: Revenue decreased less than 1 percent to $1.46 billion for the fourth quarter of 2019. EPS decreased 41 percent to $2.74 for the fourth quarter of 2019, negatively impacted by ($0.65) in restructuring and strategic transaction costs. Core EPS decreased 29 percent to $4.12 and adjusted EBITDA, net decreased 39 percent to $278 million for the fourth quarter of 2019. EPS, core EPS and adjusted EBITDA were negatively impacted by a 59 percent decrease in earnings before taxes at Card Services. Full year result LoyaltyOne®: Constant currency revenue increased 1 percent to $1.08 billion while constant currency adjusted EBITDA was flat at $253 million for 2019. AIR MILES® reward miles issued increased less than 1 percent for 2019. Changes to the collector value proposition during 2019 are expected to stimulate issuance growth in 2020. BrandLoyalty returned to double-digit adjusted EBITDA growth for the year as a result of better program mix and cost containment initiatives undertaken in 2019. Card Services: Revenue decreased 1 percent to $4.55 billion due to nominal growth in normalized receivables coupled with a 50 basis points decline in gross yields. Adjusted EBITDA, net decreased 25 percent to $1.12 billion for 2019, primarily a result of an additional $90 million negative adjustment to the carrying value of held-for-sale receivables and a $172 million increase to the loan loss provision, as principal loss rates stabilized in 2019 as compared to improving in 2018. Net principal loss rates were 6.1 percent in 2019, 3 basis points better than 2018, while delinquency rates increased slightly to 5.8 percent at December 31, 2019 primarily due to the turn of receivables acquired in the second quarter of 2019