PCOM - Earnings call transcript Q3 2020

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Operator

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Points International's Financial Results for the Third Quarter Ended September 30, 2020. Delivering today's prepared remarks are Chief Executive Officer, Rob MacLean; President, Christopher Barnard; and Chief Financial Officer, Erick Georgiou.

Following their prepared remarks, the management team will open up the call for any questions.

Before we go further, I would like to turn the call over to Cody Cree of Gateway Investor Relations, Points International's IR adviser, as he reads the company's safe harbor that provides important information regarding forward-looking statements. Cody, you may proceed.

Cody Cree

you. Thank that to this meaning forward-looking and reminded contain call of remarks U.S. refer or statements the be conference on may Canadian Please within the laws. securities questions. statements may response Management additional forward-looking make to also your in

turn are Although, management believes risks cause forward-looking are making of documents filed are the forward-looking U.S. results Certain future Points' making statements as and and Important by Rob? new or regulators. otherwise. and uncertainties performance With press and action to required update result a to may with difficult results not to of I'll Except and call any prove as issued securities to materially financial obligation revise correct. material such or could predict. the undertake this are events included any future Rob release subject not guarantees such reasonable, MacLean. or other company these in statements in statements whether call, not important Executive that factors does Officer, our be law, are the statements, to Canadian that third the applied actual were quarter as used over differ to in information, assumptions prior forward-looking that, as statements Chief well assumptions to

Rob MacLean

good everyone. and afternoon, Cody, Thanks,

continued We the in to navigate a environment quarter. challenging third market

of partnerships the with programs and by timing new fluctuates does launching been stated, These partners. current activity the fluctuations the as As promotional we've have often pandemic. exacerbated quarter-to-quarter, only

are have QX. near seeing progress also the on industry. the down business recovery term, were transaction seeing down of timing we for across pre-COVID visibility they remain our from in and we were volumes And As expect, QX, in we business. still the Notwithstanding strengthening a our limited you might the levels from while

our existing we've and launched this program remainder of However, our the drive this new XXXX, our partners our such busy as strong. point, partnerships four be partners engagement. and very To or partners be business Qatar very launches revenue active with development, to remained new XXXX have growth in Air teams channel Canada to partnerships continues very with expanded critical products on and and drive XX with to new pipeline products XX leverage to services year continue early to continues front, and and expansions. member as The and

to time. I I while dedication and to how our EBITDA continue continue revenue costs to for on full the want year point, XXXX our prudently partners adjusted expect incredibly work positive take be streams To the to fiscal tireless our supporting that To and and partners. industry, a and to members' liquidity, year we and manage difficult am this you. moment Points hospitality our We throughout on provide proud will broader Thank of by continue pandemic. behalf impacted airline of partners' context team our share and

focus program collateral $X leverage both Delta recently assets last frequent plans announced debt financings. nearly respective flyer their have their billion quarter, and and As Similar months, immediate with did you consumer prepare many relief long layoffs furloughs, travel passage a term. have recent federal business likely demand to have package to in and of United the operators near see loyalty which what to and leverage its operations of and remained We've MileagePlus program in term the have environment, their of even for programs been priorities Within continued the assets their return the for Airlines manage for this and their means more face as $X without the American most seen, loyalty and workforce. help to resilient new airlines of has crucial. in their re-stabilize to strong billion some value

partners' can around engagement programs these like customer announcements of key order near-term and member using them loyalty programs across trips. and status research horizons member one-way lower and travel. program even operators size prolong revealed a some globe. their crucial travel accumulated In extended pent-up globe, to increasing play and last and shorter-term the sources further minute already that believe to redemption airlines to among liquidity travel help in from like regional profitability the to encourage continue and they to these of also sustaining opportunity the and importance for in points These We Many make this demand. through trips. bases. have and programs, Skyscanner signal with role levels cases changing operators the situations book miles customers search Loyalty planning has loyalty book consumer of these Recent their our travelers travel hospitality domestic XXXX, prepare in patterns requirements use for enduring

facilitate flown miles levels, travel programs from will consumers' to plans. desire the anywhere, be has neither Although, don't believe continue markedly help the loyalty lower to travel historic we and that gone

enhanced we out, the and Delta. multiyear with with the partners recent quarter we strategy relationships, are These we early service landscape, establishing second and focused the continue other have in of to to partnership recent deployment in on customer of the initiatives, existing laid demonstrate by execute extensive we industry new continuing our our Airways, program reflected that XXXX. both deepening launch As monitor the Qatar and as on

partners team. of months difficult resilient XX and the the past supporting look to our we our over foundation remain the have of this strength and owe a we throughout Points to network time. ahead, our strong and years, our to and the members we dedication of team built much dedicated this partner As

While unfold are of for recovery. we strategically and will the over the financially we us ahead well quarters, exactly coming positioned journey cannot the how predict

had quarter. perspective in our very new the to then position activity. will with recovery. it profit-generating us Erick? additional and and bringing at for coupled products to believe inevitable services products over and revenue success provide travel part our the now Christopher we've financial continue third of market, And of the nature We will to partners earliest our partner and review on the some to performance I hand Erick, highlights will

Erick Georgiou

in proxy retailing The to was segment. year. more is our $X.X activity, profit top call on XXXX decrease in $XX in in and compared IFRS. and the noted and promotional third today's in Thanks in compared million afternoon the $XX.X in most a all million loyalty the quarter $XX.X $X revenue million otherwise, dollars was reflects with of are Rob year which million, and line timing appropriate $XX in million line Top accordance QX for our QX prominent quarter. strength and to of currency last everyone. U.S. figures XXXX our to Unless presented sequential ago Gross changes million,

campaigns. As a COVID-XX period-to-period the and monthly fluctuate reminder, number pandemic, depending before on, and the our could quarterly richness, of marketing timing, results

total this exacerbated profit a and COVID-XX As activity mix generated has been generated gross revenue from pandemic. the marketing of profit has campaigns gross these increased by during proportion by and in revenue fluctuations COVID-XX, the

the reduce $X.X XXXX, monthly three April, below of the and our pre-COVID compared operating across at in and in performance $X.X While lines expenses. third million, in in business million $X.X quarter expenses all lows came is QX Adjusted the pandemic throughout aggressively third the QX well in manage remained above activity as we to quarter of well our million levels.

subsidies million, funding approximately an employment the of to end. the second million in XXXX. extended after related December These XX. subsidy the to to Wage collected recorded QX has recognized offset costs, quarter, were quarter program At program, This we to the Canadian funds the Emergency $X.X present, as $X.X quarter with Subsidy been compared under

quarter, up compared to based for subsidy eligible funding expect funding recording this remain the QX We to to levels lower a but the anticipate in on fourth current date, formula. amount

addition, June the extend to intent Canadian subsidy their program In indicated government until has XXXX. the

we monitoring are it closely. this not still of details are known, While extension

rate subsidies. positive XX% profit our after XXXX benefit Looking with would generate Based levels. levels, operating to expect fourth expenses run cash in approximately transaction to to to the monthly any gross be factoring expected the flow, fourth quarter, when on volumes of quarter, that in the we QX are excluding and in we expect adjusted and subsidies line wage

year the sequential as the as QX, but timing during high minus $X.X was second $X.X third the gross XX% quarter, the recorded profit profit in at million, to and due for lesser XX% aforementioned approximately and and changes subsidies to quarter our quarter. in in for gross monthly was quarter. in strength EBITDA in the third to decrease compared a negatively perspective, lower impacted million extent ago which the The of third quarter. the $XXX,XXX Adjusted For averaged promotions, came

were down sheet gross balance to sales XXXX. position still continue impact end the at and remain million repay on of Chris? year. activity funds facility third it and the strong approximately Total and end activity to I'll during As reflects predominantly that, to which to on changes as credit we September of effects our the the Chris. of said, as of We the decrease compared our for earlier, sequential This include the quarter navigate relative to $XX comfortable our the at of on of adjusted credit turn $XXX we third are With elected last quarter, $XX.X full $X borrowings we second Rob positive with over million pandemic. in $XX.X liquidity approximately the outstanding on promotional track EBITDA XX be bringing mentioned million overall cash at available, in quarter, the the facility XXXX. million million resulting our timing our quarter. balance our the to to end All

Christopher Barnard

Erick. Thanks

consistently number last three the communicated Over drivers of years, growth core for we've Points.

world; automated launching services third, net improving with driver or and the with is consistently establishing in merchandising through new market currently partners; merchants or first relationships pre-existing is consistently expanding new second, efforts. is enhanced loyalty Our around services programs and our

three clearly of the contributed times pulling last driver industries, performance improves. opportunities once third establish for travel-related growth of the are have current lot seven these business today. as accelerated both resilience everyone well model. for And have While all months It's strong that's a drivers global environment the highlighted these load our as challenging the in to the very our the

data consistent much and drive our with volume to promotional us loyalty over Our investments allowed our to partners. platform ever many commerce marketing coupled offer in revenue months increasing the across automation has past flows needed

variability, earlier, we're confident of despite some the year heading increased the strength mentioned Rob show month-to-month rest that will into XXXX. As

we and the Privilege commerce our quarter, is to dynamic to across services promotions Airways' our Last Privilege platform gift through the driven now rewards the platform. last platform announced our loyalty Our loyalty Club members onto August it our ramp their Qmiles can bringing receive with first driver platform. deploying and months. Club in Qatar faster personalized during growth LCR up buy with partnership programs few transfer began new to

program. premium it Qatar days key the region years growing still in East and a additional early we recent in another deploying this has near for Middle been future. While us inertia forward of in by we're the win with this the on services and to partnership, This aggressively does in look with new represent capitalizing

In brands leading North roster. broad was are platform Amadeus' our with pleased a new and launch opportunity Airlines fulsome addition in Amadeus relationship strategic suite loyalty more to we're drive we continue excited add another and our and a our This Caribbean to services of integration number with LCR with represents to of partnership reservation step commerce a to a of airline partner systems. American another and to loyalty

upcoming Ethiopian Next this quarter. deployment up We'll to a contract suite with they LCR our live. be go launching is new third signed we the as offering with details more during Amadeus on Airlines,

a While with original a cardholders partnership last current growth. programs over industry. long leveraging relationships very Alaska reward their Mileage bank Ultimate and a services Chase and capability travel activity currencies. a our program our exchange earn and member our number new double of profile, capability a amount when financial active we've recently further able the In by adding points is been to at shop website launched of leading here newest relationship when services. tours remains they miles Rewards the our receive August, our they expand new which in months. us allowing into universe users This presence branded our laying also Chase between their as to its expanding program, partnership foundation site. to points has We deployed GetYourGuide, Throughout community GetYourGuide in engagement to Plan, important Airlines allow just We've program been standing that allows growth Bank of mainstay for transfer increase deepen partner to to

of We new both network adding reduced merchants partners our member to expect to travel. more to the our to period an revenue in be during drive loyalty and program engagement effort

which additional called transaction mileage the to our issues have we allows efficient of are Alaska members art currency partnership Service to their with boost the with upcoming SkyMiles an program non-travel to this gift contextual programs our with service program loyalty launch With powered teams new month, by experience. their Points and program state and commerce we're consolidating for for of over nearly teams latest we'll Choice XX service and targeted can and to on near compensate been members this and spanning is or the internal travel service to a Anything be activity. based platform the targeted agents that to cards up This for expand other tools special any more exchange are is their with that reward customer option with are Delta a travel issues years, including almost redemption customers program enhance compensate confident employees driven many passengers with in the Choice. customer encouraged now more processes and Last further capabilities creates phase Our customer month service, Delta SkyMiles in customers. the in by partner favorite on has efficiently platform This the merchants offerings for a our partnership earn and that Airline plan long-term for Airlines launch non-airways service The Delta members will mileage SkyMiles. a of This provides loyalty Delta generating loyalty earnings, new future. service revenue partnerships Delta program for extending and -- customers enables Phase businesses Airlines compensated for members off solutions the the SkyMiles. opening Delta launching their busy ways customer miles prior that the add of concession for offers customers miles. first X the to streamline used Delta Accelerate of directly expansion previous incentive will

role us pandemic a the in will the from we mileage first to to Lastly, monthly subscription We both of for at driven to for to service the earning another recovers new a program recently fuel a Putting this members how corporately options. This for select revenue stream value loyalty their their recovery and value seek throughout loyalty well they time and programs global our United setback if value, represent confident add as is new launched new levels. members their add represents they premium we're suffered. programs attractive add confident initially will to their believe customers market be historical even Airlines to linchpin more in will a as remain performance and service our as they to in as play our a industry significant cannot strategy. perform long-term has programs industry to with

growth to partners new add and core services the our drivers new strategy. roster, of at our launch we remain As our long-term

performance costs. to market managing of We signing geographies, our to new and the our cross-selling while existing new and all end maximizing services, verticals across carefully partners are partnerships committed operating

industry inevitable we Thanks. call recovery, establish for the announce importance to resiliency to strengthen our the both of this are to the to travel we along and a our ones, I'll hospitality and These model. key We're looking way as as that, partnerships recovery as key turn business of the back As ahead. operator. encouraged the you loyalty remain new updating engine the successes. the relationships, programs as With work the and forward road more well for pipeline capitalizing opportunities current we industry's both and have by on built signal we

Operator

answer a of proceed question. we Gibas Instructions] [Operator Please line this be with Our Greg question from first and will At time, conducting question comes with session. the Securities. your Northland

Greg Gibas

was Great. travel the LCR Good it future for I the of was Chris. taking from questions. Thanks afternoon, all QX, nearly Robert revenue and In clear pretty think derived use.

I future up between use use profit in maybe how maybe revenue the quarter? you guess wondering near-term between in gross and saw breakdown just I to near-term last terms So relative travel pick and was of QX

Rob MacLean

Rob. Yes sure. Greg, it's

markets. I be mileage travel. of for and intention not point really much are think how how I'd overall performance. more still future purchases -- in assess international used down in the they'll very yet the travel a when than cases air U.S. terms we certainly lift purchases significant in in partners think, seeing We're some I the in still our And XX%, even to mileage XX% it's the that of XX%, volumes the and

quarter that we speak. happening to travel in weeks activity I so now second so next where be the what would saw consistent for not collecting that's members the So, couple the for future think much are currency of with

Greg Gibas

Okay, in got promotional XX-day I kind window it. And upcoming terms that the of have you of a to visibility in XX typically activity then, know campaign market.

to anything foreseeable just if So can was promotional the wondering, future? in there I share partners will be their you activity ramping that relating

Rob MacLean

Yes.

in fourth I much fairly my I quarter, think stronger. indicated remarks, it's prepared the as looking

got I really a running board a our marketing, partners. promotional think with of we've across campaign fairly the number robust

have and that suite update. end is year it's playing part very a pretty do – fourth look our positive. mentioned in So us out, his activity of here then flows, is Erick the October But of historically which when we strong at in quarter campaign of business front how as the and ebbs the of that we we through

Greg Gibas

Okay. Great. Thanks, guys.

Operator

proceed line with Our with Please of Gary Barrington your next from the question question Prestopino Research. comes

Gary Prestopino

going hoping not sound others. A intelligent, I'm Good story as couple of afternoon, everyone. because the with Hi. familiar And here. that to questions I'm

paid quarter, this First Erick? right? wage Is just that in adjusted though of expenses Even the booked correct, was it that operating all, thereafter. was subsidy

Erick Georgiou

That's correct, Gary.

Gary Prestopino

almost it on promotions than sequentially kind that through that I the that bottom. – little the revenue I'm with it just that that that a and May think QX. the you of you like improved what's April from just on was going of said bit QX And growth here. said QX, were But was you above as obviously going understand promotions looks was have or June QX? where driven Okay. April, would come I'm in reading thought Is flattish or come guess, a or didn't Thank function higher with in to my notes above basically QX on I a And were was here, – sense it so then you trying to you. probably level? which

Erick Georgiou

Yes. it on way the about we would Hey, it's mean that. ebb market marketing and in Normal see were with what's segment, and Erick here times The and QX normally I think we again. with saw flow quarter. in I perhaps and response the sequential obviously, LCR starting for our out that consumer campaigns happy an we growth, to

well So or expected XX% you're how XXXX now. roughly QX of April ahead really effectively QX, for works the for we have being loyalty what for within the again the retailing is we're variability which levels, that post-COVID is at in trough of pre-COVID expectations margin currency standpoint. certainly What of just would seeing our me

Rob MacLean

I typically Gary, we we results June good large campaigns of quarter, on be back-to-back kind don't that. migrate We really and partners. and bit partners. a would tends of some run down our aggressive as a kind up saw with of marketing little There there on was to in between we second of place reported a robust campaign partners with very in add the as variety

play of And quarter. back was into to the move early in that in fourth end starts finishing so some of in the that here QX,

positive we're think I in so driving some QX. that what's is what And of seeing result-wise

of terms ran a of little quarter. And there parts – the so third bit had gap the a some through of how campaigns in you

Gary Prestopino

Thank Okay. you.

Operator

RBC line from comes question. of Drew Capital Markets. with question Please next your Our McReynolds proceed with the

Drew McReynolds

very Thanks Good afternoon. Maybe Erick. much. for you,

alluding of the points was opening gross in QX two clarification. to remarks. Just I and profit commentary missed think I maybe your it

as just you then and I notes, for you of kind remind us – well? QX If to could government find on that one just subsidies, the can clarify if And me give in the can't I you could missed just that. seem number my

Erick Georgiou

Yes, sure.

maybe starting back. from So the

amounts $X.X my dropped have I second third million the So was didn't any quarter the that on the comments and in that QX to subsidy prepared gross in $X.X million profit, speech. in respect quarter. to With

misheard But a generally seeing simply So I to in we've about Rob so spoken it being – QX. we're spoke as far. calendar, maybe much stronger there. out play you October about that's as promotional which

Rob MacLean

Yes.

We it's Rob. expect –

think improved positive We I year expect to EBITDA to fourth as the to did for across full period expect well quarter as adjusted full I quarter And be Erick -- year the be the conveyed, sorry all we a that as well. metrics.

Drew McReynolds

No Yes. Okay. that's fine.

trend into Rob. on Sorry the month-over-month you're improvement seeing And for for confusion. and the kind I that sequential you guess, of QX,

kind You guess you probably of, give the range kind being QX. don't decline for want able I midway of But to year-over-year, are just quarter? to a through

Rob MacLean

Yes.

our opening again, know statement it pretty You be. inception what said us And at like since COVID Drew. We we probably there detail well to that this of that stage. with to would go wouldn't isn't of I level think, -- we visibility the we've

not And the the fourth but quarter level we a to do see running so trying I'm of a at question, with is in the activity. kind line in what day-to-day jump

get quarter. kind activity activity was some We're effective quarter. seeing seeing as improving. as more performance seeing very with fourth promotional more we here we We're partners engaged get activity the the between And we're the that spacing through second campaign of So some partners. on in

a just it XXXX, rest of starts leaving But of here about it's fourth And this earnest There's much recovery very bit really in the seeing year when very, we figuring saw but us the the the we're improved out signs in early. mean positive we're the So the some what what is seeing a to in of for in look think, a out third quarter. we're terms optimistic still in I terms at improvement. quarter. of continued tricky. kind there year-over-year looking in stage comfortable ahead I'd numbers, quarter probably be late of I and particularly in comfortable fourth

next of we while So that scale more yet. in pretty get focused want the on to we the We're of traction broad of a is couple be there more we months we're travel going see next to seeing recovery. recovery, just a to fairly for get until weeks quite just couple visibility not pockets but and

Christopher Barnard

it's Drew, Chris. Hey,

to mean that performance, there current well. to of two as Obviously new and I consistent don't partners next to driving add are parts about see transactional slowing that's that also it's talked but into down business. Just as financial the rest the pretty out again deployment we performance punching services. be the in of this new And some year fourth for year. quarter We'll the either. stuff more we've and

control And laying Rob's somewhat one we point for so into that there thing so next that's picking us starts year. much opportunity up as can out recovery to that's as the -- in

Rob MacLean

a It's great point.

use We a lately. -- a pretty we around regularly term here have

recovery. development of got a or very concept. got partners. think I spring remaining business of loaded that and nature expect coming more tend do kind engagement be of And really expect. of fully tend to Our on be our commercial or to inevitably in those forward travel put time that profit-generating be recovery of products loading as about services. while accelerate products producing partners. bigger footprint given That stages us you are feel partners and as to the Chris we a early the We've just the to might comes with partners fully we've work now COVID new that for pipeline giving because we we'll we've revenue-generating weeks us team it's at to lot activities, that. through expect seven focused big our propositions -- four number be -- and foundational services We the able They here of think expansions process weeks recovery us forefront with as indicated, this And good numbers today that and six and early our as forward are dozen -- or new products. products not the of We five a at really we of our believe a a I existing the activity spring and They that spend launched. with largely recovery the on year. the

accelerates And some think we to recovery, as see that quickly. relatively so we start

So pipeline we're development the certain. last over pleased with that business seven development and for months

Drew McReynolds

of spend really Or to that we've to on are on or partners actually where addressed kind and convince back Like, the that buck? turning a of question you is for the quarters about to to from ramp-up have Maybe just two for nature I generically kind that ramp-up? is volume that you where the of my they have mindset, tap load do are on and as say, the promotional would sense have sense the perspective vertical, Yes, it any talking these of the board? got things your confidence industries kind final lot any a follow-up pushing up makes be in sense. on kind I'm years hotel these you your on to folks that or of on the be -- climb guess milestones curious of airline is you over do let's is kind looking to to good bang industries able of

Rob MacLean

Probably not quite to those specifics, this. convey I'd

lot travel I airlines was frame the four in later. from hotels It you laying and sooner a much of leisure where segment. a And be that commentary particular years varies the kind think business see two from airlines out. of seem typically business ranges by we're terms the seeing bit CEOs expectation, and be watching framework comes an geography. in like to and and recovery. of back kind and does It a a a vary for to that the hotels little Leisure from by of would little little bit bit time

of the that three frame. that over add of Each markets see certainly, pockets like in have morph haven't time restrictions in they capacity and as of Middle some So four there partners Eastern us different aggressive We and eaten at partners back being and quarantine looking partners capacity into and different where – rules We that's the more quarantine as time, very I opportunity. aren't into gets or certainly We're areas some seeing markets the of are back important some in to are over they like these to terms last been metrics of – or quickly. time. think United that put the some that in very, inventory of that – in carriers have see kind said them. the consistent feeding months us different things been to are up JFK capacity they'll U.K.

a out kind of is that stay activity this there there's at So we with of partners. close it to our But anecdotal point. pretty bunch anecdotal

the high-margin close plane services, transaction, expensive them. we'll close air, is they're a a putting or our stay very revenues and the in that, very low-cost that very in still proposition So for We'll to partners. a from where confident support lot interested daily pretty these driving opportunities our stay low-cost to transaction we profitable a a the new activity is a market to trip driving We're market. products like of

and terms that particularly of like managing of But So we'll early or are it's how not recovery. hotels be metrics. airlines consistent metric side on the – those we feel in again, the

Christopher Barnard

just guaranteed that they and that people stayers. on best I'd much Chris. more they'll start or point into their flyers effort it's back, as pretty be is Drew, own Hey, putting getting already one the database of there marketing Yeah. add focused best they that, that

a third that reach people will loyalty on be building out will So reengaged. sure. broad-based second, and database the it the to that promotional won't stop side It be for be get brand first,

to very – going that the focus good on spot a upswing. to from be benefit we're kind of we're So feel in we

Drew McReynolds

Chris. it. Rob and Okay. Thank Got great. It's you,

Christopher Barnard

Thanks, Drew.

Operator

comes next [Operator Capital. your with the Our with Ascendiant Ed Please of from question Instructions] line proceed Woo question.

Ed Woo

Yes. third you for Thanks of notice in terms my in question. taking in any performance your significant quarter? regions Did differences the

Rob MacLean

In the third quarter?

Ed Woo

Yes.

Rob MacLean

Not really.

what QX pretty in from second mix as the well. we in think quarter saw I consistent was the

had we pretty a QX more early to Ed versus versus QX seeing I think experiencing strength slip, a maybe as well. we of North been Middle a America are in pandemic just but in Europe, little little what bit similar East in

Ed Woo

Or a you the even now to in fact then that And we're you is near-term getting in quarter. Europe said lockdown about that a looking now? most terms confident travel? your of you back necessarily resurgence in more take are performance the right stronger. that fourth view getting of these do Is you right. miles America? All feel and travel not mentioned that people cases bit longer-term future think like including North And little for It's

Rob MacLean

see -- those of statements on in campaign-wise so It's because a booked kind what basis make the of Yes. speak. flight question we to we great it's largely

That's We're everything this more. changing that certain point a is markets open markets. seeing good like certain bit a we're end reinstated the raised you lockdowns -- have little as pretty campaigns sense the looks good But part We the the early how a performing just very schedule that quarter seeing the what first through fact are as well of the year. here in quickly. a up of in of being

a an is our loyalty that and program campaign-wise in what like we've so environment in based for we XX as comfortably see schedule-wise plans But today, more experienced sit engagement we're we with partners pretty years our improving on sure. it quarter. here than feels And it fluid

Ed Woo

has the earlier the right. ran your layoffs industry out Or And really at in obviously do is been question U.S. October. a at subsidies people the industry business factor? or partners? in terms it that the had affected because deal massive to my your with in last all you U.S. that Has their you in not of how airline big about travel All airline mentioned

Rob MacLean

certainly Yes great It has a question. impacted. it's

world. relationships. the scale some We up and some the that in phone hopeful cases activity some throughout and But of contacts industry, as the we're of people in have impacted the fantastic doing on unfortunately we And We're are airlines other furlough been those there's size work -- no picking not these some people short-term. big days. of are has of as the the great have the work there some chains those side many throughout with question when hotel that some well

front. a have that kinds dealing interactions seen those of back getting of kind like of But and on business been situations bit there's where called with been we've certainly furlough of those So improve any turbulence rolling. a number were from people

Ed Woo

All wish thanks and I right. Definitely, good for luck. information you guys,

Erick Georgiou

Ed. Thanks,

Rob MacLean

Thanks, Ed.

Operator

and like this Mr. the MacLean. question-and-answer would does to turn conclude back -- Ladies session I to and back over today's floor gentlemen,

Rob MacLean

this we Great. call to for and listening and year again with We'd speaking like to today's all you thank fourth for quarter Thanks everyone look forward results. evening. to joining report when we us our full

Operator

And concludes teleconference. that today's this with

this and at you wonderful a now disconnect your lines your may day. for participation time. have Thank You

Points.com (PCOM) 11 Nov 202020 Q3 Earnings call transcript