PCOM - Earnings call transcript Q4 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 fourth quarter and full year ended December 31, 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 the call up for any questions.

Before we go further, I would like to turn the call over to Sean Mansouri of Gateway Investor Relations, Points International’s IR Advisor, as he reads the company’s Safe Harbor that provides important cautions regarding forward-looking statements. Sean, please go ahead.

Sean Mansouri

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

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

Rob MacLean

good and Sean Thanks, everyone. afternoon

year. on and optimally value that the EBITDA generated we team for across our travel’s remains delivered Further, quarter, improvements our the sequential are quarter we fourth of closed have focused XX% partners. adjusted in sequential on creating our with key during our challenge activity footing. and we industry, continues for recovery. profit broader full increase the XXXX, as promotional to long-term We pandemic for Throughout off a Even positioned the out ensuring partners XXXX financial back including solid gross the stronger all metrics positive

environment difficult Our has resilient within most the remain dedication imaginable. team’s to market allowed Points

new this the hospitality in our programs. value partners inherent loyalty As landscape, navigate their long-term leveraging they and travel are

collateral the reach member In addition recently Z financing and their to the enhancing broaden loyalty With certain spend millennial ways through XXXX, strengthens offer favorable members of industry, the virtual loyalty a which for that travel flexibly forefront among which miles, view operators reported as how Wall expanding programs miles their as Airlines loyalty Journal are benefits in customers. their recovery. using e-books of be loyalty at the that Gen U.S. traveled broader are utility spanning loyalty can largest for program subscriptions, redeem debt exercise shifting overall travel. world’s outside programs new much to programs their and features earn, currencies of capabilities particularly the emphasis which changes, demographic We the their additional travel the and spends, further from enhance members our Street belief these and will to

Given around offer value their travel size broadly the while operators and both term, world. travel remains itself even and near flexibility, the programs in tremendous challenged long for loyalty

loyalty pandemic, during inherent travel alike – travelers operators have programs during adaptability and the the benefit. and industry evolves which following following from As the an can

support we of As flexibility Platform our the Loyalty time, through on focus we grow leveraging to our have maintained support our partners and Commerce members’ this their engagement.

we through market us broadened of to services deepened optimize already successes in launched have enhanced relationships, and merchandising automated the new suite XXXX and our partnerships, Our reach geographic in long-term strategies. several allowed

Delta Choice capabilities. of and Airlines subscriptions mileage X expanded our implemented alone, services expansion new partnerships into launched spanning recently Delta earnings but monthly for market This our services X Gift United Buy, loyalty to Transfer product and innovative During QX new for solutions core network not with new partners, we existing only Airlines. program and premium and we includes our also

the with deployed the increase the And our and on in new strategy in is revenue-generating call. will will and With of year provide very than This later the XX% laid products the XXXX. partners the we capacity and current footprint we on resilience Christopher help more as of out our deliver to increased growth in more upcoming we recovers. platform, detail encouraging these and products have to our alone. continued in past launched have adaptability travel during company initiatives accelerate XXXX,

the of to of on ensure to year and the operations, workforce focus platform year our our capitalized volatility. enters and our were intact that From where and today, the that remains company our to we respond last to As we in sit taken we’ve pandemic well onset built we’ve comprehensive I’m safe its continued XXst confident building in actions business. industry-wide proactive

We have review full operational to look And Erick for and on will recovery. to we build for Erick? the now perspective I and Christopher over a and worked quarter fourth to continuing year, financial highlights our and then some and work this enhance resilient XXXX. into diligently inevitable partner activity. additional provide travel’s will financial foundation performance it positioning to our our hand forward

Erick Georgiou

good everyone. figures noted and Unless Thanks, otherwise, dollars afternoon U.S. on presented in with all in accordance are IFRS. and today’s Rob call

from fourth heavily adjusted results, top quarter. in XXXX profit million was flow in quarter as With line we $XX.X for positive of compared environment, $XXX QX, to $X.X the the in comps and in revenue positive with pleased financial quarter continued the Our generating COVID-XX. strong said, growth year Top financial in given quarter fourth to EBITDA million performance line Gross were was by macro $XX.X challenging the fourth that be quarter. while and impacted the we million cash the drove fourth million increased ago our year-over-year sequentially quarter. to sequential but down

prior increased our QX and quarter. this promotional of impact profit $X.X compared reflects from year While gross the increase million the resulting aforementioned in throughout strength the quarter response XXXX. to to down million activity the due in remained COVID-XX, $XX.X XX% the in This consumer

a million we contribution over the And quarter deployment small perspective. from fourth the we million the $X.X $X.X in the QX we $X.X to QX time. in to related decreased to relatively aggressively these a manage Adjusted from launches $XX.X Rob these Canada million continue quarter. expect had recognized came Wage as busy As expenses million $X.X XXXX ramp in operating In in had would up we to to to and compared launches while quarter Emergency fourth compared in compared at third fourth a impact during noted, quarter, costs. million the Subsidy Program QX,

largely to call, for our Government’s in on reflection mentioned conference expected QX QX reduction the Canadian formula a program. of our is this I last the funding As amount subsidy relative

line gross cadence ago was the in on million profit. government up and operating in increase In sequentially addition, for this program fourth negative has this remain the slightly in Adjusted to were quarter for increased $XXX,XXX and increase QX subsidy our funding elevated until quarter. officially context usual as with fourth levels, June due the to in excluding QX expect quarterly compared $X.X With historically. The and quarter subsidies, quarterly operating benefit to adjusted date. relative eligible to to the of the year expenses expenses extended wage our XXXX, aforementioned this sequential to million EBITDA any we $X.X

near and As so have full breakeven COVID-XX Rob adjusted EBITDA at were far mentioned positive pandemic navigated levels. earlier, we for year the the

quarter the million third this will funds fourth the near-term approximately to of on the quarter. available, in view are compared a to the Total we which results While at levels quarter-to-quarter. the our recognize encouraged continue million $XX included periodic borrowings we end and are take by at end effects on cautious performance, our fluctuations activity of credit approximately $XX facility, of our

Our balance in end an a a facility. limited annual position perspective, to includes time, at and the $XX our a are guidance current credit not of we visibility. drawdown outlook QX this From environment given on million provide

bolstering cost prudent foundation management strong Chris? to And remain financial we team However, turn our our will to committed Christopher. I our over and with partners. business support and that, to it across to

Christopher Barnard

Thanks, Erick.

X environment, currently additional around and we loyalty automated enhanced deepen expand services on XXXX’s optimize worked partnerships relationships have navigated globe, maintained services and programs market to we new the with expand continue our to in As growth merchandising new focus net launching drivers. we through with We’ve create efforts. challenging the by our current core and many

made the recovery we as all future X year, continues. progress the on that During drivers growth for position have our improved

buy, technologies. the fourth This of new suite major launched During launched services we their with with gift presence family gift several new loyalty services personalized LCR following our to was miles option further services Airlines now with facilitated expanding purchase our new with continent. In partnerships. our – with over and buy, program net experience. access to and integrate forward officially this time joint made gift as members and Airways headquartered Airlines, launch Amadeus’ to launched and ability we This Amadeus. benefits, in offerings and progress African reservation Caribbean online, quarter, strategic we and Ethiopian previously miles user international transfer or loyalty, our transfer transfer miles through another on a year merchandising more to partnership expanding we Airlines, Further, LCR on to partners and ShebaMiles our presence, members In announced Miles an with deployed members. first a previously to solidifying the Caribbean or was Amadeus, and partnership to partnership success every builds partner allowing have with through of November, first look also we it friends by and global making offline with we deepening Ethiopian our our our provides Qatar service which only December, Caribbean deepening the as such through available

new focus services at even long-term initially successfully market our that not if XXXX on confident fuel historical they are value, do levels. will launching perform throughout We into

travel and Canada launch our in follow As These ran we highly successful our we the and history. reinstate Aeroplan. the for for promotion also in with and these for to In our them single services gift the services day buy quarter, we Air The launch our our services our of to successful initial still company’s year have continued most new earlier added QX serves amid partnerships. Air transfer of capabilities partners, existing the fourth existing global suite launches Canada’s in promotion we deploy initial advance as pause. traffic

the are when was top-up leading of brand line of with These great this partnership launches back known in Hotels We introduction Radisson our a hospitality expanded Hotels. as service. with partner couple in Carlson new initially partners. examples a service we launched of that the made innovative elaborate Additionally, loyalty to available our incremental program how offerings our with core adaptive further To on been on mentioned create our services value earlier, a network. new and also we’ve Rob continue theme for net XXXX

premium our Platform, during service Delta example, Choice customer For fourth the quarter, we launched program the for Delta Airlines.

new We on These Airlines, also heels the subscription providing monthly loyalty the miles to United were for new our ability on of members spend card launch miles Plan, the ability Accelerate of Anything and basis both a earned a quarter to deployed earnings, recurring option retail Alaska year. service the a credit third earn throughout prior boost their other members activity. Airlines with on including providing Mileage

We to are forward look this developments partner from in initiative and this new interest network our strong innovative the on sharing coming seeing quarters. further over fin-tech service

members. our periods. continue robust these Looking with valuable of network to more proven travel have we help their engage of expanding forward, programs to the further loyalty have services focus we on during available that Many

of will industry we more So as as be performance, though historical they historical volumes even to performance. benefit proven from and services revert the having current may rebounds these lagging operational

ongoing are in new engagement. linked to not to that ways we today’s environment but member engage immediate members to program regular that travel more are offer adding Additionally, services loyalty

network travel both of and during and new nature level, and continue and change, the the and have in further. of towards will as optionality restricted travel even comprehensive as adapt as the our peak enhance the and we’ve this able important programs been to well to On partners’ continue As both drive works expanded services loyalty play customer programs value power, corporate offers recovery. travel We these in our services to loyalty to long-term enduring recovery industry role programs offerings to our value needs create remain tremendous value periods. confident

continue remain growth our to strategy. a new we pipeline adding and our drivers our XXXX, partners and grows to our in launching service new on as core long-term roster focus to As

new to verticals committed services, cross-selling signing market maximizing over across new and are in partners existing geographies. We partnerships to performance and

ourselves on for already our progress Operator, open this have we and difficult positioning work questions. and made strategy and will up building We have in beyond. history. We look accelerated further for network strengthening our our solid the with year to faced XXXX throughout company’s executing growth forward most in now we

Operator

your first Research. Our question Please Gary question. Barrington Prestopino with [Operator state comes from Instructions]

Gary Prestopino

everyone. I a here. little comments Hey, questions with of in the that all good QX, increase think of there. airlines, up Couple Hope showed three very sequential business one the new is with the afternoon Versus QX well. in was you revenue revenues and it was signed

So, can some of or assume in overall QX, that of see kind it more industry? vis-à-vis industry we a just guys travel sequential the you environment promotional the was did pickup

Erick Georgiou

sure. Hey, here. Gary, it’s Yes, Yes, a that’s assumption. think Erick I fair

basis are a into in a we on mostly cadence We launching basis. terms of on of I market. driven and great dollar what and campaigns. think new right had dollar is I are by quarterly say would those pre-COVID standpoint COVID now launches year from seeing products most obviously partners a net a marketing

– have had we much a basis. is impact although still than would pre-COVID there So, there on what smaller

Gary Prestopino

Okay. jump period signing let new And will company as with new somebody And far or business for again, as for as seasonally am I in. or new lastly airlines programs? development QX then and not the else a hotels others. slow whatever as familiar Is I

Rob MacLean

sorry, COVID, new pretty a of and Gary, No, course Rob. it’s year, stream net I business say, saw new of the with certainly, through XXXX would – partners QX in net joining. the steady we

we deployed in over I our think well as by expanded just year footprint, referenced, alone. I our the XX% products

holidays, standpoint. we things The down an abbreviated didn’t an say, bit would certainly development quarter, in business the in slow pre-COVID that down very strong slow see I’d it’s probably a So because XXXX standpoint question Things was interesting from a etcetera, just world. a that from in little fourth QX but period XXXX. it’s with

Gary Prestopino

Okay, you. thank

Operator

Thank you.

question Greg state Northland your Gibas Securities. question. comes Our from with Please next

Greg Gibas

we on pickup partnerships to new too. I Ethiopian, here? year of the Rob, made some are Qatar, or in afternoon, we the can progress was it in you you coming XXXX, for of that Caribbean Airlines those Chris. be kind the pretty confident in the late that pipeline XXXX just to Considering in question saw Good hard year? kind see be taking in Will how about congrats QX nice Great. relative new saw and Thanks are development of similar going of thinking partnerships wondering Erick and forward the QX. of business this levels lot with kind

Rob MacLean

Yes, Rob. Greg, it’s

of oriented the pipeline through have as loyalty are At ‘XX products We of various the pleased helping and revenue have the been really the articulated. companies programs. with for end we very drive the our day, and around for profitable the services majority parent

products more in a So, are the were we more going here across XXXX and those robust we of renewed or drive saw partners bunch line, of and COVID, to are – bear very services that of in through order, a in and relationships terms interest that that revenue of we in will in that very profitable those is Discussions there relationships of the a depths happened short certainly get expansions fruit to XXXX. optimistic. still pipeline revenue but and able we a lot existing

again, optimistic. So opportunity a tremendous a of we is amount just us ahead company There remain broadly. of as

is going our no there be our footprint partnership forward. continuing to deployment why shouldn’t and So product we footprint expand reason

Greg Gibas

of in hear has asked if to I this, far relative how but helpful, great. future, you if your trended Rob – this, it’s I saw is whether on to for to an if maybe missed in of apologize give from the that’s partners XX activity couple kind good days? as already QX, you mean, and XX And could activity or months foreseeable Okay, Yes, have just campaign the you the well. promotional I How that next update the thus QX? promotional Gary activity wondering

Rob MacLean

Yes. of sequential was the explained, saw growth. I’d fourth lots Obviously, QX, say there pretty we Erick XX% as activity strong. driving quarter, in

generally, of the I having run campaign of terms we that. different steady stages are about engage a at are of to members. and continue happy recovery, partners capacity see obviously, comment at activity. their activity Different and in stages campaign to cadence pretty We’re would fairly will different

be So industry And think, travel of that’s the where shorter not it still bit given is are overall, we is a one choppy. sense the a again, do in general. term will surprising, dealing I too things of visibility. with

So we standpoint, a are too engagement still far on still – a from not partner looking out.

members. our partners think I with their stay looking to engaged are

as given can far you to and deliver. to activity, kind to have as look terms in certain, working able basis month-by-month be of of be we are we can, We possibly the try been but too campaign on but a still out it’s aggressive results hard

continue to see will XXXX. through course campaign the of We activity

Greg Gibas

Sure. one was Any Canadian Government you Wage me, subsidy sense for you how That June. QX makes of that you expect from remind of extended sense. I Subsidy saw us QX guess QX? Program in the and would in a can you the last and much it impact through said

Erick Georgiou

Yes, hey, again. it’s Erick

million extended $X.X program So quarter been until and fourth the we XXXX. in has had that June out

we what the yet a by us for year-over-year top rates until number it formula growth I mid-March. value want is to funding is decrease on put wouldn’t because or really basis. on rates know line So driven now the just dollar right up a

formula until looks to want Extending out wouldn’t pretty us TBD. out there in from still yet, first the is that put I So number favorable a but June, March funding quarter. the for

close takes to when So they effect. it typically pretty announce those details

that. So we waiting on still are

Greg Gibas

Thanks sounds guys. good. Okay,

Operator

you. Thank

your Please Drew McReynolds Our with next comes question from Markets. Capital question. RBC state

Drew McReynolds

what kind kind some updated goalposts XXXX, what could board two the at much. flow, you the you, that range? everyone. any first, of specific all think the given moment think thoughts just in repurchase? more steps is at suspended earlier on that your thematically, to financial are some be company Probably obvious obviously but than us can guidance, surprised And so one? you cash the of at kind afternoon, don’t objectives look on buyback not thanks required XXXX Erick, of obviously, Good fully what’s anybody share is EBITDA, the Yes, looking you not give providing positive to for whether I kind can to the And positive what it’s visibility, for are return one? Maybe of speak of to answer XXXX, kind for reinstitute you understandably that thematically

Erick Georgiou

Yes. Sure.

I’ll So second to and question. the throw maybe on NCIB the start with I’ll off Rob it question,

you’re started So terms NCIB. challenging think a of in out to I right in when would is right date want pretty the where terms put we we with restart now It there to that. of

now a I obviously I right we hurdle price rates It’s pre-COVID in internal environment our on a ideal now. buy not capital. at. had is think is would back terms of I’d share It focus preserving something own say challenging macro our pretty right to basis, share publicly.

we’re I’d say taking that would probably I’d still. – we’re suggest ways I So quarter-by-quarter, that from that but out

Rob MacLean

Yes. Thematically, work Drew. position of now. how the than of notwithstanding And of request, to trying guidance, back the second we’re financial half we I did right kind focused we’re then the on question, specific and rather think what XXXX

a I belief a the strengthening of partners industry we speak as our around the There optimism think we second half around ‘XX. is and sense to have a of a kind world.

the activity Middle U.S. advanced starting Eastern in markets. Europe to little We’re see data bit. seeing in We the booking, a pick domestic and some booking up advanced good

talk anything. want appears, is recovery long a and much that capture We We to pretty a the all we the is starting in second it and it pretty The felt partners optimistic that, come. time demand this ready see of year strong kind the for to will as inevitable it’s momentum. momentum be opportunity are but that about quite deep, way. as industry as more us, half convinced pent-up for to now So that of we of are

ready build our energy into capture is the footprint, to accelerate that effort really So momentum, kind lot of to be a and our our recovery. of

the We continue edge front be at that loyalty of travel recovery. to be will confident the

that. just we’re so to kind of And capture to want we make ready sure

starts on, activity so working all position put think that And of right things I to we’re scale-based the we’re be direction. in in activity us end that on, working front the finally are should that infrastructure going at that that a curve

Drew McReynolds

Okay, Thank folks. super. you,

Rob MacLean

Thanks Drew.

Operator

Woo [Operator with question. Instructions] comes Thank Ed your question Ascendiant Our you. state Capital. next from Please

Ed Woo

on getting on a good question had – through did products, you new guys more congratulations terms that So managing COVID. mention of My XXXX you out products in more XX% very partners, is expanding there.

back and versus and comes that products XXXX launched more last optimistic, more going your even the you As and become that’s in partners year? partners you accelerate to think have industry do

Christopher Barnard

much Certainly, The they year. But focus activity Ed, are the Hey, another all would getting be actual vary a kind we’re program’s more that’s taking they on potential. the and what’s as try investment. goal also bit that expanded sure point, of little we’re the and to trying then obviously, profile things ahead of given our program thinking beat next? a it’s to capitalize And view But that always place launches, this raise where Chris. the to cadence that to are making seeing, recovering, figuring we’re XXXX an start Rob’s immediate quarter-to-quarter. of out, and

services. we is basically one a new or allows referred I’d or points they it or fin-tech triple through it, services, our here and member prepared choose where our their to month, traveling. mentioned credit my they lots a that if So on to that independent call kind partnership of say in miles Anything, earn earned which of of I did card remarks, or to they of some double during it’s their whether Accelerate

is platform efficient basis. are like new can kind The travel not a of that network the adding in partner service very operating things offload onto services infrastructure those And entire obviously, dependent. to that and over us. at So our regular

our of universe opportunities of expand many clearly, always cross-sell addition to the focus. to partners trying to And are potential. see then a we’re is possible the those logos So new new as and

Ed Woo

sectors I much on know of how have guys travel. the travel? you focused past on on of outside is other it in focused then the And pipeline,

Christopher Barnard

Yes.

the For travel. good recovery you about us, have on ahead, think when interesting we that’s particularly, a footprint what’s very

see the added opportunities partners I travel the with on think our some in still We have here partners. added, been side, if both partners are travel net there of new that oriented. new we’ve with you interesting that partners largely really existing XXXX we’ve think and

to we So monetizing around our active very where terms continue continue Again, companies services of tapping for connected that. progress that there for tap are their bases sweet the opportunities like in are that fall billion these initiatives us we’ve the players to that in platform. our Having up XXX industry X are into some and working spot. into said between and are interested and companies economic programs, you most again, to to in travel see making will that travel sophisticated think been in very accounts certain. the loyalty open platform Lyft customer million their loyalty massive time of our and I loyalty other interesting programs products the understanding we customers, out around platform allow There that, to right in that with

outside the the size travel see So scale more of marketplace. of and tapping the us continue to platform you’ll the from into the loyalty travel, but reach perspective of broadening of

Ed Woo

my and good you Well, luck. Great. thank for questions answering

Christopher Barnard

Thanks, Ed.

Operator

Thank you.

Please question state Our Barrington Prestopino Research. your comes with next question. from Gary

Gary Prestopino

Yes.

comes optimistic. of then logistics you some this business of Have business what more to given half may back thought maybe and the can simply versus cooped things that about you meeting be to do more – Zoom the it probably they lot lot something more recovery going post-COVID, much because fact difficult mentioned now with that your just a be on back to being be side the a as trying the with a be personal that, and year the of versus to up business – there are travel to is personal because the And especially side? partners, kind starting people travel. just just like would expected of a you’re than lot stronger any starting You

Rob MacLean

next Yes. from travel is mean, seeing tell and CEOs can or think tied characterized of our way seems probably Gary, what But the the regional first we’re question expect and domestic the Domestic in do good or I here at regional leisure I the little travel etcetera. hearing hotels, are and a it’s that, colleagues we’re see it’s you what into hotels for reporting of so consensus be the I that it bit. and that the airlines We U.S. the you of be leisure to to part first. right. and kind is There European, the recovery. is airlines

bit are generally, we industry the in little later. seeing bit and We this I to bit, pick lag transborder, to are has opening some marketplace. markets although that’s starting the European trends up indications – a business America commentary the little seems North that around you then activity We’re absolutely be – signs of think European good that around into a some good a hear bit little little And A is little summer. will be European up international think at generally, lagging. travel travel less Asia, a North so been what will right, there least inbound

we’ll it’s to I seems think bit more that So out, plays but be that consistent into site in because to airline come how senior pretty that messaging executives the is starting story. senior along all little see hotel from a or whether

Gary Prestopino

so you thank much. Okay,

Operator

Acumen your Byrne question with comes questions. state from Jim next Please Capital. Our

Jim Byrne

Yes, thanks. Good afternoon, guys.

a talked times. we’ve few about offline think this I

companies been and on down airlines travel XX% much lots So Obviously, I XX%, drops. wanted or just touch of have to of XX% hit harder, so. kind results your base

a XX% base kind XXXX to you your to profit to products XXXX a get You’ve at travel partners, on like of earnings in wanted travel? Is levels? return and that back filled level broader just I you XX% that of or Is those. what point levels? get do feel sense gross rebound

Rob MacLean

Yes.

It to – I That at – ‘XX is we really number or knew. you hard give be pre We’ve expect It stages. recovered that really that number happens. to we answer that. short we’re up able all as is think different to you think kind we I has of the a on when peg models, levels wish firm date might peg got running. a of wouldn’t

We’re you all that to know to watching expect. is But very the we very be yet honest, don’t be. closely for just going would signs that sharp recovery curve how

that certainly belief, our I stronger very, hotel I is than it would people very back come think will when deep. the partners, generally, and sense be there company, a Generally, starts, faster that belief and airline the most is rapid is as a and expect. will our partners say pent-up it recovery our demand

when is happens, know but that pretty that our it expectation don’t trigger we moves when starts, So quick. it

Jim Byrne

Thanks. Chris. I – go say ahead, will

Christopher Barnard

get the I that, to number exited going consider and if we with current is in partners do year, as to busy really was think we we’ve a the to last then XXXX certain add launching got industry didn’t other products, whole market. cross-selling But talked you anything back been partners. levels. XXXX performance new thing to services just Obviously, XXXX when we back with we’ve new to services, of about,

So of in at of XXXX we or XXXX. than beginning now place did we kind end of have the more the

at have industry of we to work get gets expect would when we in So assets market. because back ahead pieces of back the kind more of the just there

Jim Byrne

Yes.

there you bear now, maybe just then is that? if as And two? And the And that as you great. over it’s fruit me there with line about time first and you I relationship, do out is of are the little were that – excited just Amadeus starting a see coming next if when remind wanted you on it? or a that’s signed know what Okay, then to year just to associated still

Christopher Barnard

Yes.

partnership. long-term a signed we think I

and now. So we’ve at X years X just past working years been it basically

the right of back were we’ve their launches new talked relationships, about. the off of as Some

some probably now pipeline, them. we’re as really now that’s We’re of that. some co-product also on on more focused that with but bearing fruit I some where focused in start think And the will development of relationship flywheel

versus time systems do to have allows their one with through. ad-hoc out us whole much easier in access gate us put through the partners every in infrastructure present idea. – kind new sell it strength open to for then of just solutions partnership be It them an is our a to of to at kind we their more Our embedded industrial airline one-off and is place of

their looking generate strong are obviously valuable we valuable those for to to – things they and customers and introduce economics ours be are So services airlines. sell airline that to happen

pretty up needs our their partner our well and needs airline needs. matches and it So with

the always So of the services kind the we launch prospects the mind we’re that excited about that we leg of new as we’re had second in stool partnership. now, co-developing of of was right some which that

Jim Byrne

Thanks Okay, great. guys.

Operator

turn this I now And to back MacLean Thank Thank closing remarks. at the concludes this to question-and-answer you. time, session. Mr. call our for over like would you.

Rob MacLean

and you, to thanks for Thank everyone Great. joining today. us

Thank look will updating as to We forward our again May in results. we quarter you. first report you

Operator

this gentlemen, does conclude teleconference. and today’s Ladies

disconnect your for may You you all participation. at Thank your lines this time.

Points.com (PCOM) 4 Mar 212020 Q4 Earnings call transcript