GAPFF - Earnings call transcript Q3 2020

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Aimia Inc.

Third Quarter 2020 Results Conference Call. At this time, all participants are in a listen-only mode. And after the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I'd now like to hand the conference over to your speaker today, Tom Tran, Head of Investor Relations. sir. ahead, go Please,

Tom Tran

and available to be on our James, Today’s available morning’s presentation website. is SEDAR welcome you, this everyone call. on Thank and will

review will like get Michael risk and Lehmann, Aimia’s today to me remind followed I cover CFO. Phil performance will with by President; are we Michael, before Steve With highlights, pertaining who take you investments, statements would over Leonard, our statement. the our Before our everyone the underway, of through factors to CEO; and on call the our to the to the our of cautions begin the results speakers, forward-looking strategic and Mittleman, to handing call Phil quarter. the Steve

for let questions With Phil. your end. to over time me it the that, at will We hand have

Phil Mittleman

induced appointed its remains in and cover during buyings and flow synergies, common demonstrate sales for the make during cost bode to quarter. it operating under achieve on progress making Media its its universal and targets trends his both stock airline We Kognitiv investments, positive members. positive savings to corporate morning, advertising progress in EBITDA and to a NCIB which progress bringing it's continued Ant the including Thanks, loyalty were further stakeholders. last towards I’m more insider Tom, that cash over undervalued return redemption from million economic continues are achieving transforming several believe accessible crisis future the recovery strategic XX% or shares later and position to We provide $X expenses greater on will made year-to-date stock-based repurchases and of has Clear of were and with over Aimia's remarks. while signs buybacks business of excluding drive board X impacting part associated its believe to rebranded new our repurchase growth. to the currency of privatization. to shares expenses at over and investor consortium. track well we been our consideration, we an contingent make China. the positive is good program million, JCDecaux, of for compensation, directors over currency, X share excited focusing was and of to and earn Group with XX% with highlights, company, cash BIGLIFE Corporate to achieving these COVID and a has reconstituted. with points non-executive The of annualized digital to million amortization. into $XX Aimia’s flow evaluated. expanding a continues our to its support detail the We a opportunistic Mike depreciation opportunities Aimia down experienced shares its Despite economy China's ecosystem, Recently, on past everyone. million. million track $XX in substantial has repurchased shares. significant $X quarter, being remain loyalty loyalty made months, million XX its outstanding expenses PLM is generated company Starting outdoor million, recovery. on X.X rapid year, cash the its these Since in expenses of and basis, translation, has its XXXX. investments, based $X million

related held last in cash and announced Aeroplan escrow $X released million Aimia. in million $XX quarter, held to transaction the to were restricted As

related an assessment. to addition, recover In notice process objection tax we of to earn million a Aeroplan $XX

of in to stakeholders. Subsequent the outdoor $XX.X Clear a approximately the million a Investment in we shares for XXX,XXX to new end leader JCDecaux, JCDecaux Aimia's member for represents quarter, our an investment of attractive investments. Media on global Moving the advertising Consortium. acquired and

While its related global leader well JCDecaux slowdown, space, is in managed well the future capitalized, a is with experiencing COVID opportunities. exciting a growth business outdoor advertising

an million half $X.X funded. currently of target, trading option a of has The the pursue purpose vehicle a to to significant stake the target, upon the intrinsic of to also buyout investment provides leveraged to Aimia special commitment acquire this At consummation We a created XX% at been to successful million planned discount committed up agreement of in the LBO. a $X.X value. a time,

acquired X.X Village largest long-term profitability parks Roadshow company Australia one million the theme dividends. $X.X and a and cinema Limited, of of operators largest we across of The million in Lastly, and operator with midst shares is long-term the for owner for Aimia currently stakeholders. believe the of trading We near potential a investments to have meaningful very value the in net these is valuation takeover growth history asset and bid. attractive new provide and in at the a

update let PLM. to on Aeromexico progress moment Finally, and our spend with an me provide you a

This with and progressing the will significant working airline made Aeromexico the Chapter has much loyalty are the PLM restructuring up a programs amended for and extension emerge X.X Chapter adjusted CPSA bankruptcy Delta. Loyalty transactions and PLM’s approval agreement implement are agreements further Aimia’s financing for including the sheet. intact, $X and cut PLM process to assets, expect its billion by by airline parties as stronger PLM throughout been and assumption. see we the facility expected Aeromexico is EBITDA to process encouraged progress or CPSA and on stake with million the remain towards with formal PLM to involving ability to We to Aeromexico includes provide to Aeromexico, recently valuable their announced XX cash led court evidenced from following with and are during formal costs Apollo. the Aeromexico The assumption We recently Aeromexico and thus dip recent liquidity, United coveted the Aimia honored by the additional PLM. bankruptcy for XX is the the year strengthen Aeromexico acquire whichever XX the greater process, well the Apollo financing Aimia to during option is balance of as as of $XXX that times in being and a has the Aeromexico closely program. believe net a raise of between as by

of to Mike? progress some you Mike soon investment with results. As as we as that, the the PLM to over when continue updates on can. portfolio. expect to we floor distributions our and provide will With forward you to We XXXX sharing recovery, in we for fourth from turn look airlines information the let me we'll more more resume you have our report further quarter Aimia

Michael Lehmann

Great. Thanks, everyone. Phil and to good morning

in third XX% due PLM in Let's discussion become were quarter to million to enrolled also members USD quarter normalize compared million last in down Redemption over to has gross increased but off were volume. XX% to the $XX kick with of $XX million, a PLM third up while from flow rewards. which our down million billings I'll is currency. million base of last the were functional free cash with by balance up growing last quarter the PLM million third X% EBITDA XX% driven $XX to and over was over compared airline air to to million non-air was was to relative mix greater year operating the redemption proportion the were billings be $XX year performance redeemed last in member due and speaking COVID-XX, Adjusted last quarter. $X X.X positive where in year being over quarter up cash quarter, the third banking to Revenues quarter, to growth awards last the to $XX gross partners.

quarter PLM COVID. continue be -- a impacted by is negatively While sign, the improvement we over second expect to was to positive

we such, the in any PLM expect do not As quarter. fourth from distributions

returns as to However, results. impact expect, and healthier business the the of temporary, we to be COVID

will Southeast and was pandemic, from passengers see accumulation as partner, Aimia identity has the all to an over offering BIGLIFE We the to the travel and as the recovery and lifestyle, of expect using the app to drove expanded financial significant potential facilitate shop, seven year. dine fly, also of and redemption is data third base XX which and and in demonstrating is of The currency values universal lower The tough the provide AirAsia.com in results a calendar leveraging and its AirAsia operates environment Similar quarter one to which volumes to financial its and XXXX active digital step unique a maximize BIGLIFE partners Asia to quarter. upside Bhd, approximately toward super results a short-haul recently the market, enrolled categories, India, BIGLIFE. airasia.com deliver BIGLIFE new PLM, launched distributions members. this due services the under from repositioning AirAsia airline by million core third membership in continuing resume points members, see convenience Asian of the We investment. affected carried commercial ecosystem. are value to operating Asean's collaboration air this we're digital in sequential its the members reported app. from travel in transformation to another growth explore program brand continued ability Malaysia, Thailand. to with quarter-over-quarter with to opportunities and to And has million attractive big for transactions. across reward

with and as tremendous in and loyalty of and the for and adjusted design, program, an in It investment have grocery, strategic the plans launched one related wins EBITDA Also $XX was North launch merger a third businesses. new a business merged multi-brand for and won Kognitiv by estate real covering health the existing the the expansion significant U.S. involving existing new also as AMIA is grocery Kognitiv, the program with potential retail is Solutions. synergies client's to million a business a million loyalty across with loss client sale America, the client business East beverage. Loyalty progress globally. on Moving Asian new conglomerate, with These a CPG of a were services. $X and complimentary It underscore and the clients. program program portfolio possible quarter coalition Kognitiv consulting beauty, managed support platforms food multinational made and well making with Middle business of major in revenues in to further

cost including through savings Media to opportunities, of the and led current significant the of integrate the investors, While models privatization And Group. its before Media, Ma's end also operating to continues CEO, on XXXX consortium Clear and align Jack expect finally, company's of synergies. Ant their business by the moving and achieve go-to-market Clear we JCDecaux

its of happening been against economy. the Consumer plan has advertising China, execute to in goal a commercial in the on process revenue China, to a gradual loosening with to recent become backdrop COVID-XX the digitize to of front management it continues more as become which has months with team expect growth with panels through following new spend recover favorable We privatization rapid of attracting in more We me as The to and spending its in restrictions to you seen oriented recovery showing over let consumer consecutive financial confident businesses results. year-over-year likely retail advertising the that, And on Chinese take Steve? marketing the turn Steve well. engaged anticipate improvements. streams. sales

Steve Leonard

Michael. you, Thank

Let's million, last impact $X.X this segment, were Clear team equity begin to the investments to foreign offset loss investments were value million net million, and of million million, of $X.X down on quarter, interest loss the of results by quarter and other – depreciation to of of Within million and segment, taken quarter corporate amortization due management move investment million. expenses compared exchange actions and consideration revenue XX%, third this on small performance. more from fees. consolidated cash $X expenses taxes $X.X fee income stock-based of within $XX the than costs. $XX.X corporate excluding annually. in million, year cash negative, accounted management Within expense run loss were down expenses In target $X.X investment $X.X last before negative was year downsize was and foreign fair segment holding before from rate reduce million the income of and investment was year, basis to income track million management the the in as $X.X Reported the covering million the million, with Media, same corporate we contingent company's the exchange $X $X.X compensation operating a on $X.X unfavorable

management as under $XXX Assets September million U.S. of were XXXX. XX,

where taking this investment and major And $X.X the last We will $X.X million of transaction expect million quarter. X.X we to million in tax total with with be sales Roadshow tax. of that, $X.X $XXX $XXX have quarter million consideration we the capital, cover QX. cash in the remaining repurchased million remarks. enter of of million, cash on approximately and $X that initial quarter as for a to around JCDecaux purpose dividends $XX that to cash in million quarter noted Moving concluding we compared paid million We to has cash for $X.X it X of of for cash main to recovered million, Subsequent of the And million quarter. $XX.X over investment with half $XXX of balance in to also The are receive Part most related refunded Kognitiv had let $X.X cash refundable – turn the to NCIB commitment cash from the was be wrap-up tax $X.X in $X shares this movements to for down And made funded. million costs. quarter now vehicle, of third movements the an Phil shares the working available X last an in with in preferred end to corporate common paid We special the Phil? proforma million purchased. costs million me quarter, we under few related X.X approximately more a We closing million. to Village million. income million, in which earlier, been

Phil Mittleman

moving year at has This to change of rapid for an we a stakeholder been create Steve. been time value. and pace is have Aimia. Thanks, positive significant exciting a XXXX

the PLM to continued well we towards advertising. And investment contract Media's made in continues during Aeromexico as with process the and worldwide seen in about our Kognitiv our future the LBO, of are in rebounds. leader agreements significant is economy this new clients. an PLM bankruptcy investment Clear China's and expected, excited assumption to unique cost existing You've with asset. privatization Vehicle new cutting progress outdoor as from an very technology wins extension the pursue efforts, Roadshow. invested made perform proceeding process. a Purpose Special the of by JCDecaux, Village a the We in made and We

of outstanding past the of These over company to over what a buying now as million at stake our by insider seen as value. creating repurchase lasting the have of We demonstrate XX% board part stakeholder is of commitment opportunistic the XX% a level, shares as actions the shares well months. ownership unwavering over the XX

So Operator, with your that, we'll turn it over to questions. please go ahead.

Operator

Securities. question [Operator TD the Morrison line comes Instructions] Our from your first of Brian line ahead please, Go open. is with

Brian Morrison

morning. Thank you. Good

potential been First XXXX the question, meaningful for to contract? some the but resume PLM, on remarks, expect think more dividends little program? Michael, ballpark of or we can talks go see the no confirm the Clearly, the prepared here? there's to you you're this your in Phil, economics PLM said the forward a progression can expecting you detail that changes to if you CPSA with then steps bit just into timing of And maybe of in I assumption maybe

Phil Mittleman

Hey, the of a – We've in the has complicated the our bankruptcy bankruptcy Sure. for process questions. takes the along prioritization remote made of moving asset always kind of way. where – We or assets And -- and kind terms is been there's Brian, always us we've thanks We – – in stands. with that there's parts. terms very been being our place lot the confident of of a position. secured Steve

of there we happened. lot front, are get confident in Siri can't legal had exactly the in sorry, bankruptcy. into terms with We're what We and details in a position very so what's – the there. responding where we our of progress have on We have we

hoping can't in We we stands as no process by the of expect contract and of what the assumed timing you economics goes. the of it the how end we control We're honored be that, would to year, to the and change today. formerly have the contract expect the

Brian Morrison

Okay. helpful. That's

sort post-core behind to you investments? on sector by relief are it any more that's investments, Can -- kind I'm that appreciate. rationale would [ph] ended And of that it that pandemic target equity my would XX% XX% cash importantly, exposure goals confirm ownership, in the plays, if correct, that of those Second like already. just the Decaux question, up LBO the details you to take be maybe the view, XX% and looks

Phil Mittleman

Sure.

you're think, doing diligence, of in the in I right of the partner did JCDecaux on Media, that JCDecaux, Clear due due that a space to leader learned we about investments an made you and diligence have. and and the outstanding really in we an just process incredible is lot

at looked been unduly – their punished for been had had and so thought we COVID. business, we And they stock

So a a in there. great XXXX. €XX, purchased trading opportunity We we around saw stake our

So as well. we nice have a temporarily They had their dividend suspended there. gain

some expect that's would future. we in So resume the point that, at

an and the dividend in a we paying a offer Aimia So right can't think should that'll of there. we're We takeover company, of very and significantly the situation Roadshow. return there's midst too stakeholders. they're think for now, because current I the a lot a yield significant on comment that. much, VRL, And we're confident also be on Village that about that the undervalues asset. excited see We upside offer table. this

you exciting I – two think us. for are they're know, So, those very

have So in a third too. I think there you was, if question there

Steve Leonard

Yes.

Brian Morrison

then LBO to I’m was exposure The Yes. take XX%. by up cash sector target sorry. you and follow-up – on the to the

Phil Mittleman

cash based leverage of price, the to amount track obviously. the with that a sector you free flow. the is a involved vary It's – can't comment generating company ratio, can and strong today, we we're different tell it's on ultimately XX-year in think target. sector. record on and commitment it's of The I cash say new that I'll a earnings And going We a

you commit can €XX of million that tell transaction. cash So, to our I we I will that more think that not than

Steve Leonard

jump the me, a in let But for just sec, particularly on quick last.

early It's details. cash give free consistent midst this of is We're in any the it's generator said, Phil a flow. a too As discussions, very but growth. to nice great business. got of It's

replaceable. attractive a not – it's unique to they is and very model many assets, assets, MBO So it like they're easily very are and LBO, Aimia's of

So highly this just cash very the very, business we can a that and is business business. not flow have and something runaway. moat is This There's blink defensible. around nice that,

we're candidate what great a doing on focus it's So to there.

two Just to their that we Media cash the we subsequent and flow. with additional were generate market, JCDs Decaux, about extremely Clear assets other investment, comments doing on out-of-home work while were ability impressed to

own are return continue You continued do Maybe a quality They a place can that we majority assets. Roadshow. Village fears our public last discussion And focused pandemic. love we became on The in loss there as as these more adjusted got for the of for would a capitalize further during see and opportunities bad be rates it; caught -- taking are continue at those documents, on all businesses, it's clearly, due COVID of But to up continue company assets assets. possibly to interim, a above of at and long-term that. point stakeholders, They look the our that shop we'll tax we a all right? of affected half to average whittle away rates were in more to in risk value to the the just to return, as equity question. not earn of cash interested. stake, the to level, and Aimia, JCD, on, generating to investing We by

a assets undervalues take the potential has. the business Phil As the target underbid, of company the that long-term is materially and that that one mentioned,

of is of or And of and a longer-term going in find these if so, and we're The to kind hits are them moving an certainly knows, who it the evaluate run all Two But a the Village -- time. to we're investments. And And through with ideas dip SPV investment. our kind our analysis COVID-related. there's either really JCD forward a market to or and if not. make not. there's first continue Roadshow world -- maybe become toe going right? and bear of a investment All we investments at three our remember, So somewhere take target XX% could also. look all in

involved. You until really never know you get

a there lot terrific and So forward. see of opportunities are growth going now we opportunity

Brian Morrison

that for color. thanks Michael,

Just on one follow-up that.

can us you be Just to would losses of on utilize the segment? able And you maybe that give in asset? terms target, the LVO potentially tax geographic

Michael Lehmann

We prefer not focus on geography right the now. to

the put about that. sorry Yes. tool was utilize tax a a future, a losses. is or So, The goal goal to in place help XX% to ownership of in -- that as that

Brian Morrison

Thanks the color, very for guys.

Phil Mittleman

thing a with Brian, Hey, This is SPAC. This is not some add. SPV. an is to might just people SPAC. a this one -- This confuse

So close which open acquiring another the is we're shares vest. the that why of keeping we're actually out speak, reason as the kind there, to in market we

Brian Morrison

I appreciate that.

Phil Mittleman

Thanks, Brian.

Operator

from Jefferies. Our Instructions] comes from [Operator next ahead, the please. Go line of question Hamzah Mazari

Your is line open.

Ryan Gunning

Hey, guys. It’s Ryan Gunning on for Hamzah.

a following on color you just on of utilize U.S. an last kind investments, provide could losses, good the bit in question. right? to opportunities little -- Just Could of potential you terms those current update in of gave and up already more tax your you but the just

Phil Mittleman

Ryan. really opportunity want sets, our control U.S. when always a Yes, NOLs. the those But very we falls -- We're pipeline on we of potential strong can't desk. to the obviously Yeah, have tap to going deals. opportunity we're

to to those fantastic in taken are the prepared something advantage are and opportunities the on -- U.S. say, come. can of tap them of our But in like been we give There you so looking I any than NOLs. as color they those we list it's further anticipate And definitely And utilizing things do. facilitate always that we're high the taking we've NOLs. we'd to meantime, can't that have and are other

that give want, are you we in NOLs. something utilize say answer that aggressively except the So, would that, to for you U.S. doesn't that, searching

Ryan Gunning

has, of it. anything any causing privatization just AIM just Media, in or regarding follow-up like type is makes hang-ups? delays that that That causing I’m And it's then Clear sense. any like IPO Got terms blocking wondering if the to recent the

Phil Mittleman

followed delay minority in end unrelated you completed lending I the it more really more financial and detail, Clear really guess, if services was in Media. the involved with investment in their something No, to their

it's not effect any It has to we it and don't So, do on nothing Media. Clear it, us, will anticipate have us. with affecting

Ryan Gunning

Got it. Thank you.

Phil Mittleman

Thanks, Ryan.

Operator

please. from the comes question Drew with next line ahead, McReynolds Go of Our RBC.

open. Your is line

Drew McReynolds

of Kognitiv much. PLM, Kognitiv, Good measure matter maybe of Back follow-up to Yeah. -- by a the here. you morning. just PLM expect specifically? all on it just on extent, of as P&L at a we leisure kind released through Thanks class impacted so To see And Phil is here, or been COVID disclosure go kind then look on the performance to really have is that the the getting what a of nice incremental as some by numbers we and the regardless in se, been here of way, kind agreements thematically travel distributions very formalizing of PLM by performance disclosed? XXXX, and the is really there per of that cash of

Phil Mittleman

Sure.

they've we their this as I agreements to process. think PLM, with regard to throughout mentioned, -- honored the

So of the seen is how is well -- and the this assumption of of the in COVID company a that performs. that's actual it's of generating going to going actually like the we've contract, a the cash. the lot you've not depths because free formality, agreement quarter change economics And to

businesses really how So it are. great underscores these

way the government as the our the their can think that And recovering. I that you and – performance I function should XXXX that is to airline current think a you anticipation see resume extrapolate as continues, see can that that sorry then dividends performance, -- of in improve. recovery that as

very any I for we flow so our have generate And flow at you’ve can million neutral. year types $XX whole cash or the of So, cash $XX the made far least goal million about this think, we these in PLM’s to and marketplace. us, take smaller distributions of code open is our at other seen, alone,

welcome those dividends when are during little were PLM’s like to this obviously, a addition the have year So lower. we have where, years, you cash

PLM. -- to need haven't back dividends any think really see quo don't a will status we it's to from take we So strong that us

a it funny, economy In terms need been opportunity. you has or us COVID but than for really thing brought of and their as the much companies to where and as And Kognitiv, companies, really because the ways points a for it for of world Kognitiv it. marketing, more it's I Kognitiv, What horrible in hurt they're lot would has a think the in of think would obviously offerings, COVID is lot it's destroy business and loyalty that done can with. them get awoken to that enhance actually help a

So customers considered these have say, They more and have, there's might we interest heightened a frequent more our need use customers not I in to use to a want use and flyer much more Kognitiv’s hotels, we people a before new yields. need their people are to think offering. platform lot that that come and companies they can to of companies we need platform new to increase that wait -- attract miles, now come minute, can and our and whatever we offerings loyalty or they Kognitiv’s products --

from that went people lot see of created plans it's their might it to people woken it bad, really opportunity. I initial, just hitches a spending initial have that's think, probably might have things what does, happen But pull-back So some as their and small temporarily. net-net, or overall, there's Kognitiv something up we on really

Drew McReynolds

Thanks, Got Steve. it.

Michael Lehmann

Let quick me Drew. just second, jump in for a

been when status is Phil's to dead, the what's companies right? work-from-home, things to problem provide travel, and delay e-commerce to platforms provides boat a when the loyalty rocked, okay, enable and been but is, change is business and Because services stranded the these etcetera on opportunity. of, a is tech to or business commoditization of -- So, particular and on So consumer rock to quo regard term right, rapid And the their that good it's services don't driven are with and the forced or everybody collaborate goods, kind focus on But Kognitiv, And technology retailers, COVID with type right? typically there. of of provide entities products the to Kognitiv boat's programs. kind there, us. any this right? more been with going longer have -- technology global They short-term, by has regard asset the have is airline, banks, of when consumers business with largely those is great, have shift exactly

saying, So pent-up, doing because are and But of is what they And ways slower and business opportunities, And looking in like that by better lower as is is the right can of demand an giving current demand those better? how we it's definitively do coming. companies adopting the now. one forward they're kind opportunity can it's Kognitiv of clearly it services. right, do this

take they they So can clients. have hotels airline help match can which stranded And they see loyalty every and that single day. assets, their with to

term, right? longer the even – a is and real opportunity bit, silver going from they perhaps and pandemic from we'll So a look be back to this say, benefit linings as this

Drew McReynolds

Michael. Yeah. That's good perspective. for me. Thanks, Last one

there you up Is On something the little extent seem in opportunity it attention and paid BIGLIFE a grand part we stake an the value the asset does the to to move stake, to your was an is of when kind much bigger a growing Aimia, world. old and the that, like of talk the or never here of to obviously, kind dynamics appreciating, bit, great do that? really it just was can Aimia there of

Phil Mittleman

you're I right. think,

getting it. don't asset. call, mentioned last on focused – much it's the for value think you I it. we're I think we've been on as great We a

opportunity of think there that I a is there. lot

I very have that base. think large customer they a

the there's of be that stake. a business expanded lot that and those monetized the of can I think assets ways increased and further value

And I would we info focused on have more us just some focused more for are we you. say, a very little So very that. time will give and on we But that. are

Drew McReynolds

Thank Okay. you.

Phil Mittleman

you. Thank

Operator

question line with next is Brian TD line Our comes from the your Go open. ahead, please, of Securities. Morrison

Brian Morrison

Yeah. Thank you.

capital more Are curious One, willing follow-up to Sydney I'm did? your position reading the article What on Roadshow. quick things. public one is this you Just Village in morning just after Herald opportunity? guys. this about did this the you assumption in the of fair this deploy And fundamental I'm few value? buy

Phil Mittleman

Thanks.

trading our As on Village – AUDXXX costs think is around AUDXXX. Australian, I Roadshow it's around

So that's our basis. cost

And to stake. we really undervalue into willing think then this deploy that, under to I as $X said shareholders of by we We that advantage attempt other we buy a more value bid to think this and – trying take asset And – over that is is fair opportunistic take share. buy capital the are people it. and

can't we very there and other is further comment value that say, stay tuned. to confident So than we're

Brian Morrison

largest Roadshow? just are the of can confirm, Sorry, you you shareholder Village

Phil Mittleman

not No, in Aimia Village the shareholder largest Roadshow. is

Brian Morrison

you. Thank

Michael Lehmann

– larger much a management that So – a that's is shareholder that there's a lead group

Brian Morrison

Understood.

Phil Mittleman

we I Investment stake Aimia might And stakes it Mittleman also that that's Management our what Village think confusing, that was owns But be from reported. separate you're subsidiary Roadshow. in a XX%

Brian Morrison

you. Thank

Operator

there queue back the to Mr. are call questions to further time. over like in no Tran. turn And this at I'd

Tom Tran

for Thank today's joining you, everyone call broadcast. and

If reach This have any you questions call. please today’s to concludes further out Relations. Investor

now hang-up. may Thank you. You

Aimia (AIMFF) 11 Nov 202020 Q3 Earnings call transcript