Bread Financial (BFH) 8-K Cost Associated with Exit or Disposal Activities

Exhibit 99.1

Financial information for the following tables has been revised to reflect our merchant processing and our utility services businesses as discontinued operations. Additionally, segment information has been revised to reflect the Company’s organizational changes that were effective in the first quarter of 2008.

	Three Months Ended												Year Ended
	March 31, 2007			June 30, 2007			September 30, 2007			December 31, 2007			December 31, 2007
	(In thousands, except per share amounts)
Total revenue	$	466,347		$	481,820		$	492,026		$	521,966		$	1,962,159
Operating expenses
Cost of operations (exclusive of depreciation and amortization disclosed separately below)		293,591			319,870			319,085			372,085			1,304,631
General and administrative		23,303			21,216			22,488			13,891			80,898
Depreciation and other amortization		13,749			14,919			15,368			15,652			59,688
Amortization of purchased intangibles		15,133			17,423			17,380			17,387			67,323
Loss on the sale of assets		—			—			—			16,045			16,045
Merger costs		—			6,171			2,133			4,045			12,349
Total operating expenses		345,776			379,599			376,454			439,105			1,540,934
Operating income		120,571			102,221			115,572			82,861			421,225
Interest income		(2,775	)		(1,997	)		(2,851	)		(2,817	)		(10,440	)
Interest expense		18,575			20,931			20,622			19,693			79,821
Income from continuing operations before income taxes		104,771			83,287			97,801			65,985			351,844
Provision for income taxes		40,056			31,752			36,535			29,060			137,403
Income from continuing operations		64,715			51,535			61,266			36,925			214,441
Discontinued operations, net of taxes(1)		(7,855	)		(7,446	)		(32,093	)		(2,986	)		(50,380	)
Net income	$	56,860		$	44,089		$	29,173		$	33,939		$	164,061
Per share data:
Basic – Income from continuing operations	$	0.82		$	0.66		$	0.78		$	0.47		$	2.74
Basic – Discontinued operations	$	(0.10	)	$	(0.10	)	$	(0.41	)	$	(0.04	)	$	(0.64	)
Basic – Net income	$	0.72		$	0.56		$	0.37		$	0.43		$	2.09
Diluted – Income from continuing operations	$	0.80		$	0.64		$	0.76		$	0.46		$	2.65
Diluted – Discontinued operations	$	(0.10	)	$	(0.09	)	$	(0.40	)	$	(0.04	)	$	(0.62	)
Diluted – Net income	$	0.70		$	0.55		$	0.36		$	0.42		$	2.03
Weighted average shares:
Basic		79,016			78,160			78,201			78,226			78,403
Diluted		81,109			80,504			80,734			81,011			80,811

⁽¹⁾ During the third quarter of 2007, the Company recorded a pre-tax impairment charge of $40.0 million related to the write-down of certain long-lived assets in the Company’s utility services business. The amount net of tax is classified as part of our discontinued operations.

	Three Months Ended												Year Ended
	March 31, 2006			June 30, 2006			September 30, 2006			December 31, 2006			December 31, 2006
	(In thousands, except per share amounts)
Total revenue	$	392,700		$	402,233		$	416,961		$	438,655		$	1,650,549
Operating expenses
Cost of operations (exclusive of depreciation and amortization disclosed separately below)		248,552			271,071			270,696			305,610			1,095,929
General and administrative		19,966			21,001			28,150			22,698			91,815
Depreciation and other amortization		11,502			11,595			12,360			13,042			48,499
Amortization of purchased intangibles		7,660			11,390			10,414			11,462			40,926
Total operating expenses		287,680			315,057			321,620			352,812			1,277,169
Operating income		105,020			87,176			95,341			85,843			373,380
Interest income		(1,737	)		(1,230	)		(1,534	)		(1,767	)		(6,268	)
Interest expense		10,126			11,206			12,107			13,551			46,990
Income from continuing operations before income taxes		96,631			77,200			84,768			74,059			332,658
Provision for income taxes		36,548			29,818			32,041			27,854			126,261
Income from continuing operations		60,083			47,382			52,727			46,205			206,397
Discontinued operations, net of taxes		(3,663	)		(2,587	)		(3,947	)		(6,595	)		(16,792	)
Net income	$	56,420		$	44,795		$	48,780		$	39,610		$	189,605
Per share data:
Basic – Income from continuing operations	$	0.75		$	0.59		$	0.66		$	0.58		$	2.59
Basic – Discontinued operations	$	(0.05	)	$	(0.03	)	$	(0.05	)	$	(0.08	)	$	(0.21	)
Basic – Net income	$	0.70		$	0.56		$	0.61		$	0.50		$	2.38
Diluted – Income from continuing operations	$	0.74		$	0.58		$	0.65		$	0.57		$	2.53
Diluted – Discontinued operations	$	(0.04	)	$	(0.03	)	$	(0.05	)	$	(0.08	)	$	(0.21	)
Diluted – Net income	$	0.69		$	0.55		$	0.60		$	0.48		$	2.32
Weighted average shares:
Basic		80,065			80,074			79,612			79,269			79,735
Diluted		81,667			81,924			81,491			81,743			81,686

	Three Months Ended												Year Ended
	March 31, 2005			June 30, 2005			September 30, 2005			December 31, 2005			December 31, 2005
	(In thousands, except per share amounts)
Total revenue	$	305,393		$	292,569		$	298,056		$	336,462		$	1,232,480
Operating expenses
Cost of operations (exclusive of depreciation and amortization disclosed separately below)		196,526			201,110			200,129			232,783			830,548
General and administrative		24,299			18,611			23,050			25,572			91,532
Depreciation and other amortization		9,519			9,777			9,997			11,252			40,545
Amortization of purchased intangibles		5,656			5,646			5,614			6,088			23,004
Total operating expenses		236,000			235,144			238,790			275,695			985,629
Operating income		69,393			57,425			59,266			60,767			246,851
Interest income		(751	)		(671	)		(855	)		(1,525	)		(3,802	)
Interest expense		3,283			2,931			3,137			8,356			17,707
Income from continuing operations before income taxes		66,861			55,165			56,984			53,936			232,946
Provision for income taxes		24,553			20,488			21,294			19,983			86,318
Income from continuing operations		42,308			34,677			35,690			33,953			146,628
Discontinued operations, net of taxes		(5,126	)		(295	)		162			(2,624	)		(7,883	)
Net income	$	37,182		$	34,382		$	35,852		$	31,329		$	138,745
Per share data:
Basic – Income from continuing operations	$	0.51		$	0.42		$	0.43		$	0.42		$	1.78
Basic – Discontinued operations	$	(0.06	)	$	0.00		$	0.00		$	(0.03	)	$	(0.10	)
Basic – Net income	$	0.45		$	0.42		$	0.43		$	0.39		$	1.69
Diluted – Income from continuing operations	$	0.49		$	0.40		$	0.42		$	0.41		$	1.73
Diluted – Discontinued operations	$	(0.06	)	$	0.00		$	0.00		$	(0.03	)	$	(0.09	)
Diluted – Net income	$	0.43		$	0.40		$	0.42		$	0.38		$	1.64
Weighted average shares:
Basic		82,329			82,750			82,755			81,003			82,208
Diluted		85,713			85,638			85,249			82,423			84,637

		Three Months Ended												Year Ended
		March 31, 2007			June 30, 2007			September 30, 2007			December 31, 2007			December 31, 2007
		(In thousands, except per share amounts)
Income from continuing operations (GAAP Measure)		$	64,715		$	51,535		$	61,266		$	36,925		$	214,441
Stock compensation expense			10,434			10,185			14,539			13,153			48,311
Provision for income taxes			40,056			31,752			36,535			29,060			137,403
Interest expense, net	��		15,800			18,934			17,771			16,876			69,381
Loss on sale of assets			—			—			—			16,045			16,045
Merger and other costs			—			6,171			6,049			7,373			19,593
Depreciation and other amortization			13,749			14,919			15,368			15,652			59,688
Amortization of purchased intangibles			15,133			17,423			17,380			17,387			67,323
Adjusted EBITDA		$	159,887		$	150,919		$	168,908		$	152,471		$	632,185
Change in deferred revenue			13,058			73,612			65,986			24,186			176,842
Change in redemption settlement assets			(16,630	)		(11,391	)		(26,623	)		(1,452	)		(56,096	)
Foreign currency impact			(4,888	)		(38,737	)		(29,798	)		(5,083	)		(78,506	)
Operating EBITDA		$	151,427		$	174,403		$	178,473		$	170,122		$	674,425
Cash Earnings:
Income from continuing operations (GAAP Measure)		$	64,715		$	51,535		$	61,266		$	36,925		$	214,441
Add back non-cash operating items and merger and other costs:
Amortization of purchased intangibles			15,133			17,423			17,380			17,387			67,323
Stock compensation expense			10,434			10,185			14,539			13,153			48,311
Loss on the sale of assets			—			—			—			16,045			16,045
Merger and other costs			—			6,171			6,049			7,373			19,593
Income tax effect			(9,040	)		(12,189	)		(13,486	)		(17,203	)		(51,918	)
Cash Earnings		$	81,242		$	73,125		$	85,748		$	73,680		$	313,795
Weighted average diluted shares			81,109			80,504			80,734			81,011			80,811
Cash earnings per diluted share		$	1.00		$	0.91		$	1.06		$	0.91		$	3.88

	Three Months Ended												Year Ended
	March 31, 2006			June 30, 2006			September 30, 2006			December 31, 2006			December 31, 2006
	(In thousands, except per share amounts)
Income from continuing operations (GAAP Measure)	$	60,083		$	47,382		$	52,727		$	46,205		$	206,397
Stock compensation expense		5,530			10,633			9,793			9,835			35,791
Provision for income taxes		36,548			29,818			32,041			27,854			126,261
Interest expense, net		8,389			9,976			10,573			11,784			40,722
Depreciation and other amortization		11,502			11,595			12,360			13,042			48,499
Amortization of purchased intangibles		7,660			11,390			10,414			11,462			40,926
Adjusted EBITDA	$	129,712		$	120,794		$	127,908		$	120,182		$	498,596
Change in deferred revenue		8,253			43,541			16,087			(26,908	)		40,973
Change in redemption settlement assets		(5,431	)		(14,371	)		(9,188	)		28,996			6
Foreign currency impact		1,958			(17,308	)		(120	)		17,440			1,970
Operating EBITDA	$	134,492		$	132,656		$	134,687		$	139,710		$	541,545
Cash Earnings:
Income from continuing operations (GAAP Measure)	$	60,083		$	47,382		$	52,727		$	46,205		$	206,397
Add back non-cash operating items and merger and other costs:
Amortization of purchased intangibles		7,660			11,390			10,414			11,462			40,926
Stock compensation expense		5,530			10,633			9,793			9,835			35,791
Income tax effect		(4,343	)		(7,711	)		(6,927	)		(7,299	)		(26,280	)
Cash Earnings	$	68,930		$	61,694		$	66,007		$	60,203		$	256,834
Weighted average diluted shares		81,667			81,924			81,491			81,743			81,686
Cash earnings per diluted share	$	0.84		$	0.75		$	0.81		$	0.74		$	3.14

	Three Months Ended												Year Ended
	March 31, 2005			June 30, 2005			September 30, 2005			December 31, 2005			December 31, 2005
	(In thousands, except per share amounts)
Income from continuing operations (GAAP Measure)	$	42,308		$	34,677		$	35,690		$	33,953		$	146,628
Stock compensation expense		802			1,203			1,257			7,699			10,961
Provision for income taxes		24,553			20,488			21,294			19,983			86,318
Interest expense, net		2,532			2,260			2,282			6,831			13,905
Depreciation and other amortization		9,519			9,777			9,997			11,252			40,545
Amortization of purchased intangibles		5,656			5,646			5,614			6,088			23,004
Adjusted EBITDA	$	85,370		$	74,051		$	76,134		$	85,806		$	321,361
Change in deferred revenue		2,712			4,387			44,092			12,219			63,410
Change in redemption settlement assets		(312	)		4,748			(18,265	)		(3,642	)		(17,471	)
Foreign currency impact		1,689			3,599			(18,329	)		(1,351	)		(14,392	)
Operating EBITDA	$	89,459		$	86,785		$	83,632		$	93,032		$	352,908
Cash Earnings:
Income from continuing operations (GAAP Measure)	$	42,308		$	34,677		$	35,690		$	33,953		$	146,628
Add back non-cash operating items and merger and other costs:
Amortization of purchased intangibles		5,656			5,646			5,614			6,088			23,004
Stock compensation expense		802			1,203			1,257			7,699			10,961
Income tax effect		(2,372	)		(2,544	)		(2,568	)		(4,523	)		(12,007	)
Cash Earnings	$	46,394		$	38,982		$	39,993		$	43,217		$	168,586
Weighted average diluted shares		85,713			85,638			85,249			82,423			84,637
Cash earnings per diluted share	$	0.54		$	0.46		$	0.47		$	0.52		$	1.99

	Three Months Ended												Year Ended
	March 31, 2007			June 30, 2007			September 30, 2007			December 31, 2007			December 31, 2007
	(In thousands, except percentages)
Revenue:
Loyalty Services	$	131,816		$	153,228		$	150,304		$	193,444		$	628,792
Epsilon Marketing Services		98,582			109,369			122,866			127,793			458,610
Private Label Services		97,896			91,546			92,552			88,838			370,832
Private Label Credit		219,816			206,251			207,587			194,298			827,952
Corporate/Other		11,186			10,183			8,633			3,358			33,360
Eliminations		(92,949	)		(88,757	)		(89,916	)		(85,765	)		(357,387	)
Total	$	466,347		$	481,820		$	492,026		$	521,966		$	1,962,159
Adjusted EBITDA:
Loyalty Services	$	25,495		$	32,295		$	35,520		$	38,826		$	132,136
Epsilon Marketing Services		20,941			23,595			36,820			36,863			118,219
Private Label Services		32,503			24,620			24,222			17,739			99,084
Private Label Credit		99,975			89,360			89,041			71,703			350,079
Corporate/Other		(19,027	)		(18,951	)		(16,695	)		(12,660	)		(67,333	)
Total	$	159,887		$	150,919		$	168,908		$	152,471		$	632,185
Stock compensation expense:
Loyalty Services	$	1,922		$	1,804		$	1,833		$	1,794		$	7,353
Epsilon Marketing Services		2,036			2,469			2,871			4,004			11,380
Private Label Services		1,344			1,314			1,292			1,663			5,613
Private Label Credit		202			193			190			189			774
Corporate/Other		4,930			4,405			8,353			5,503			23,191
Total	$	10,434		$	10,185		$	14,539		$	13,153		$	48,311
Depreciation and amortization:
Loyalty Services	$	5,455		$	6,035		$	6,146		$	6,965		$	24,601
Epsilon Marketing Services		15,403			18,425			18,794			19,279			71,901
Private Label Services		2,353			2,165			2,009			1,902			8,429
Private Label Credit		2,830			2,789			2,776			2,836			11,231
Corporate/Other		2,841			2,928			3,023			2,057			10,849
Total	$	28,882		$	32,342		$	32,748		$	33,039		$	127,011
Operating expenses(1):
Loyalty Services	$	106,321		$	120,933		$	114,784		$	154,618		$	496,656
Epsilon Marketing Services		77,641			85,774			86,046			90,930			340,391
Private Label Services		65,393			66,926			68,330			71,099			271,748
Private Label Credit		119,841			116,891			118,546			122,595			477,873
Corporate/Other		30,213			29,134			25,328			16,018			100,693
Eliminations		(92,949	)		(88,757	)		(89,916	)		(85,765	)		(357,387	)
Total	$	306,460		$	330,901		$	323,118		$	369,495		$	1,329,974
Operating income from continuing operations:
Loyalty Services	$	18,119		$	24,456		$	27,540		$	30,069		$	100,184
Epsilon Marketing Services		3,501			2,701			15,154			13,579			34,935
Private Label Services		28,806			21,142			20,921			14,173			85,042
Private Label Credit		96,943			86,378			86,076			68,678			338,075
Corporate/Other		(26,798	)		(32,456	)		(34,119	)		(43,638	)		(137,011	)
Total	$	120,571		$	102,221		$	115,572		$	82,861		$	421,225
Adjusted EBITDA margin(2):
Loyalty Services		19.3	%		21.1	%		23.6	%		20.1	%		21.0	%
Epsilon Marketing Services		21.2	%		21.6	%		30.0	%		28.8	%		25.8	%
Private Label Services		33.2	%		26.9	%		26.2	%		20.0	%		26.7	%
Private Label Credit		45.5	%		43.3	%		42.9	%		36.9	%		42.3	%
Total		34.3	%		31.3	%		34.3	%		29.2	%		32.2	%
Segment operating data:
AIR MILES reward miles issued		942,106			1,036,083			1,019,968			1,144,844			4,143,001
AIR MILES reward miles redeemed		644,329			673,923			615,348			789,924			2,723,524
Private Label statements generated		34,425			33,748			33,931			33,157			135,261
Credit sales	$	1,586,455		$	1,917,194		$	1,773,529		$	2,225,769		$	7,502,947
Average managed receivables	$	3,916,191		$	3,853,346		$	3,901,632		$	3,967,339		$	3,909,627

(1) Operating expenses excludes stock compensation expense, depreciation, amortization, loss on the sale of assets, merger and other costs.

(2) Adjusted EBITDA margin is adjusted EBITDA divided by revenue. Management uses adjusted EBITDA margin to analyze the operating performance of the segments and the impact revenue growth has on operating expenses.

	Three Months Ended												Year Ended
	March 31, 2006			June 30, 2006			September 30, 2006			December 31, 2006			December 31, 2006
	(In thousands, except percentages)
Revenue:
Loyalty Services	$	116,875		$	132,223		$	135,998		$	156,131		$	541,227
Epsilon Marketing Services		58,654			75,385			80,551			87,480			302,070
Private Label Services		96,589			94,371			94,760			96,960			382,680
Private Label Credit		202,037			180,134			185,064			178,101			745,336
Corporate/Other		8,679			8,472			9,527			10,347			37,025
Eliminations		(90,134	)		(88,352	)		(88,939	)		(90,364	)		(357,789	)
Total	$	392,700		$	402,233		$	416,961		$	438,655		$	1,650,549
Adjusted EBITDA:
Loyalty Services	$	20,350		$	23,950		$	29,977		$	29,375		$	103,652
Epsilon Marketing Services		10,500			16,992			21,342			25,324			74,158
Private Label Services		32,168			29,668			30,390			27,609			119,835
Private Label Credit		87,052			67,143			71,189			57,321			282,705
Corporate/Other		(20,358	)		(16,959	)		(24,990	)		(19,447	)		(81,754	)
Total	$	129,712		$	120,794		$	127,908		$	120,182		$	498,596
Stock compensation expense:
Loyalty Services	$	1,701		$	2,050		$	1,867		$	1,874		$	7,492
Epsilon Marketing Services		1,127			1,425			1,462			1,475			5,489
Private Label Services		1,276			1,491			1,336			1,379			5,482
Private Label Credit		204			237			213			215			869
Corporate/Other		1,222			5,430			4,915			4,892			16,459
Total	$	5,530		$	10,633		$	9,793		$	9,835		$	35,791
Depreciation and amortization:
Loyalty Services	$	5,333		$	5,893		$	5,769		$	5,798		$	22,793
Epsilon Marketing Services		6,369			8,707			8,997			10,400			34,473
Private Label Services		2,609			2,621			2,592			2,603			10,425
Private Label Credit		2,531			3,262			2,817			2,798			11,408
Corporate/Other		2,320			2,502			2,599			2,905			10,326
Total	$	19,162		$	22,985		$	22,774		$	24,504		$	89,425
Operating expenses(1):
Loyalty Services	$	96,525		$	108,273		$	106,021		$	126,756		$	437,575
Epsilon Marketing Services		48,154			58,393			59,209			62,156			227,912
Private Label Services		64,421			64,703			64,370			69,351			262,845
Private Label Credit		114,985			112,991			113,875			120,780			462,631
Corporate/Other		29,037			25,431			34,517			29,794			118,779
Eliminations		(90,134	)		(88,352	)		(88,939	)		(90,364	)		(357,789	)
Total	$	262,988		$	281,439		$	289,053		$	318,473		$	1,151,953
Operating income from continuing operations:
Loyalty Services	$	13,317		$	16,006		$	22,342		$	21,704		$	73,369
Epsilon Marketing Services		3,004			6,860			10,884			13,448			34,196
Private Label Services		28,283			25,556			26,461			23,627			103,927
Private Label Credit		84,317			63,645			68,158			54,308			270,428
Corporate/Other		(23,901	)		(24,891	)		(32,504	)		(27,244	)		(108,540	)
Total	$	105,020		$	87,176		$	95,341		$	85,843		$	373,380
Adjusted EBITDA margin(2):
Loyalty Services		17.4	%		18.1	%		22.0	%		18.8	%		19.2	%
Epsilon Marketing Services		17.9	%		22.5	%		26.5	%		28.9	%		24.5	%
Private Label Services		33.3	%		31.4	%		32.1	%		28.5	%		31.3	%
Private Label Credit		43.1	%		37.3	%		38.5	%		32.2	%		37.9	%
Total		33.0	%		30.0	%		30.7	%		27.4	%		30.2	%
Segment operating data:
AIR MILES reward miles issued		856,434			963,921			936,553			984,926			3,741,834
AIR MILES reward miles redeemed		554,311			580,252			578,564			743,806			2,456,933
Private Label statements generated		33,681			33,591			33,562			34,930			135,764
Credit sales	$	1,494,090		$	1,884,168		$	1,763,339		$	2,302,701		$	7,444,298
Average managed receivables	$	3,581,879		$	3,556,953		$	3,602,336		$	3,819,060		$	3,640,057

(1) Operating expenses excludes stock compensation expense, depreciation and amortization.

(2) Adjusted EBITDA margin is adjusted EBITDA divided by revenue. Management uses adjusted EBITDA margin to analyze the operating performance of the segments and the impact revenue growth has on operating expenses.

	Three Months Ended												Year Ended
	March 31, 2005			June 30, 2005			September 30, 2005			December 31, 2005			December 31, 2005
	(In thousands, except percentages)
Revenue:
Loyalty Services	$	86,757		$	95,117		$	95,749		$	110,580		$	388,203
Epsilon Marketing Services		47,225			47,556			46,977			65,024			206,782
Private Label Services		88,747			82,385			84,693			89,898			345,723
Private Label Credit		153,308			132,662			139,142			144,661			569,773
Corporate/Other		9,998			9,346			8,108			7,553			35,005
Eliminations		(80,642	)		(74,497	)		(76,613	)		(81,254	)		(313,006	)
Total	$	305,393		$	292,569		$	298,056		$	336,462		$	1,232,480
Adjusted EBITDA:
Loyalty Services	$	17,927		$	19,398		$	18,095		$	16,746		$	72,166
Epsilon Marketing Services		7,485			9,042			9,191			15,023			40,741
Private Label Services		28,831			21,791			23,355			24,508			98,485
Private Label Credit		57,559			41,597			48,168			48,257			195,581
Corporate/Other		(26,432	)		(17,777	)		(22,675	)		(18,728	)		(85,612	)
Total	$	85,370		$	74,051		$	76,134		$	85,806		$	321,361
Stock compensation expense:
Loyalty Services	$	72		$	108		$	108		$	1,287		$	1,575
Epsilon Marketing Services		54			54			54			121			283
Private Label Services		49			73			73			732			927
Private Label Credit		2			3			3			91			99
Corporate/Other		625			965			1,019			5,468			8,077
Total	$	802		$	1,203		$	1,257		$	7,699		$	10,961
Depreciation and amortization:
Loyalty Services	$	3,477		$	3,424		$	3,632			4,020			14,553
Epsilon Marketing Services		4,722			4,751			4,619			6,423			20,515
Private Label Services		3,308			3,349			3,425			3,359			13,441
Private Label Credit		1,948			1,876			1,894			929			6,647
Corporate/Other		1,720			2,023			2,041			2,609			8,393
Total	$	15,175		$	15,423		$	15,611		$	17,340		$	63,549
Operating expenses(1):
Loyalty Services	$	68,830		$	75,719		$	77,654		$	93,834		$	316,037
Epsilon Marketing Services		39,740			38,514			37,786			50,001			166,041
Private Label Services		59,916			60,594			61,338			65,390			247,238
Private Label Credit		95,749			91,065			90,974			96,404			374,192
Corporate/Other		36,430			27,123			30,783			26,281			120,617
Eliminations		(80,642	)		(74,497	)		(76,613	)		(81,254	)		(313,006	)
Total	$	220,023		$	218,518		$	221,922		$	250,656		$	911,119
Operating income from continuing operations:
Loyalty Services	$	14,379		$	15,866		$	14,356		$	11,438		$	56,039
Epsilon Marketing Services		2,709			4,237			4,518			8,480			19,944
Private Label Services		25,474			18,368			19,855			20,418			84,115
Private Label Credit		55,608			39,718			46,272			47,236			188,834
Corporate/Other		(28,777	)		(20,764	)		(25,735	)		(26,805	)		(102,081	)
Total	$	69,393		$	57,425		$	59,266		$	60,767		$	246,851
Adjusted EBITDA margin(2):
Loyalty Services		20.7	%		20.4	%		18.9	%		15.1	%		18.6	%
Epsilon Marketing Services		15.8	%		19.0	%		19.6	%		23.1	%		19.7	%
Private Label Services		32.5	%		26.5	%		27.6	%		27.3	%		28.5	%
Private Label Credit		37.5	%		31.4	%		34.6	%		33.4	%		34.3	%
Total		28.0	%		25.3	%		25.5	%		25.5	%		26.1	%
Segment operating data:
AIR MILES reward miles issued		710,762			816,186			830,604			889,001			3,246,553
AIR MILES reward miles redeemed		459,647			514,041			475,400			574,130			2,023,218
Private Label statements generated		31,028			30,374			30,879			32,555			124,836
Credit sales	$	1,339,222		$	1,637,592		$	1,508,123		$	2,097,863		$	6,582,800
Average managed receivables	$	3,137,368		$	3,070,988		$	3,114,452		$	3,359,131		$	3,170,485

(1) Operating expenses excludes stock compensation expense, depreciation and amortization.

(2) Adjusted EBITDA margin is adjusted EBITDA divided by revenue. Management uses adjusted EBITDA margin to analyze the operating performance of the segments and the impact revenue growth has on operating expenses.