Slide 1: Inspiring Loyalty
/\IMI/A INSPIRING LOYALTY
Slide 2: Q4 2016 Highlights
Q4 2016 HIGHLIGHTS February 16, 2017
Slide 3: Forward-Looking and Cautionary Statements
FORWARD-LOOKING AND CAUTIONARY STATEMENTS Forward-looking statements are included in this presentation. These forward-looking statements are typically identified by the use of terms such as “outlook”, “guidance”, “target”, “forecast”, “assumption” and other similar expressions or future or condition
Slide 4: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Aimia uses the following non-GAAP financial measures which it believes provides investors and analysts with additional information to better understand results as well as assess its potential. GAAP means generally accepted accounting principles in Canada and represents In
Slide 5: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION* Three months ended Years ended Dec 31, Dec 31, (in millions of Canadian dollars, except per share amounts) 2016 2015 2016 2015 Operating loss (46.5) (18.2) (86.4) (1.2) Depreciation and amortization 15.2 16.3 57.4 57.1 Amortization of Accumulation Partners' contracts
Slide 6: Q4 & FY 2016 Income Statement
Q4 & FY 2016 INCOME STATEMENT Three Months Ended Years Ended December 31, December 31, (in millions of Canadian dollars, except per 2016 2015 2016 2015 share amounts) Revenue 689.0 734.3 $ 2,288.1 $ 2,460.6 Cost of sales Cost of rewards and direct costs 453.4 483.4 1,466.1 1,601.9 Depreciation and a
Slide 7: Quarterly Highlights & Divisional Performance
QUARTERLY HIGHLIGHTS & DIVISIONAL PERFORMANCE DAVID JOHNSTON
Slide 8: Q4 Delivered in Line with Currency-Adjusted Full Year 2016 Guidance
Q4 DELIVERED IN LINE WITH CURRENCY-ADJUSTED † FULL YEAR 2016 GUIDANCE* (in millions of Canadian dollars) Full Year Guidance (as provided in August 2016) Aeroplan growth compensating for Gross Billings $2,340 Between $2,300 and $2,350 currency and customer transitions at Nectar Adjusted EBITDA 10.4
Slide 9: Q4 2016 Financial Highlights
Q4 2016 FINANCIAL HIGHLIGHTS* (in millions of Canadian dollars and YoY (%) variance) Q4 2016 Q4 2015 Gross Billings $647.5 $688.2 Coalition Gross (5.9%) (1) Billings(5) growth of (0.6%) in c.c. 2% on a constant Operating Adjusted EBITDA currency basis margin benefitting Expenses(2) $171.4 $204.0 fro
Slide 10: FY 2016 Returns to Shareholders
FY 2016 RETURNS TO SHAREHOLDERS* FCF per Common Share before Dividends Quarterly Dividend per Common Share Paid(1) and FCF Yield(2) and FCF Payout Ratio(3) More than 30% $0.22 169% 180% increase in Free 160% $0.20 Cash Flow per 140% share $0.18 120% 85% 100% $0.16 64% 80% $0.14 60% 40% $0.12 $0.18 $
Slide 11: Progress on Strategy
PROGRESS ON STRATEGY SIMPLIFY AND FOCUS Q1 2016 Q2 2016 Q3 2016 Q4 2016 • Exited Nectar • Exited the • Completed the sale • Enhancement Services Italia and Cardlytics UK card- of Enhancement business (sold in July 2016) LATAM linked marketing Services to Sigma and US Channel and presence business fo
Slide 12: Q4 2016 Gross Billings and Operational Highlights
Q4 2016 GROSS BILLINGS AND OPERATIONAL HIGHLIGHTS* (in millions of Canadian dollars and Q4 operational highlights reported YoY variance (%) ) Americas Coalitions Aeroplan grew 2%(1) driven by higher financial purchase volumes and growth $347.7 in the active card base 54% of total +0.8% Gross Billing
Slide 13: Aeroplan Gross Billings
AEROPLAN GROSS BILLINGS (in millions of Canadian dollars) 1.4% 350.0 $328.0 35.0 $323.5 Aeroplan Gross Billings 300.0 30.0 Aeroplan GBs up (million CAD) 1% YoY driven by (billion miles) Miles Issued 250.0 25.0 +0.8% increase in active YoY 200.0 Growth 20.0 member base offset partly by 150.0 +0.1% 15
Slide 14: Aeroplan Financial Card Trends
AEROPLAN FINANCIAL CARD TRENDS One month average actives (Aeroplan TD + CIBC credit cardholders) 2013-2016 CAGR = 6% Active base up 7% YoY in the 2010 to 2013 CAGR = 1% quarter(1) as a result of strong card acquisitions and lower attrition throughout the year (1) 1 month average active card base Q4
Slide 15: A Mutually Beneficial Relationship
A MUTUALLY BENEFICIAL RELATIONSHIP Gross Billings from Payments from Air Canada*† Aeroplan to Air Canada Q4 2016: FY 2016: >2x AC up 5% YoY Gross Billings FY 2016: FY 2016: Incremental c.$185 c.$250 million million(1) Relationship continues to drive Gross Billings from Air Canada and Aeroplan purcha
Slide 16: Aeroplan Redemption and Unit Cost Trends
AEROPLAN REDEMPTION AND UNIT COST TRENDS Favourable cost per mile trend Redemption YoY% 1.06 1.05 1.05 Average unit cost 1.02 1.04 1.03 5.0% 1.01 up 1% YoY due to 0.98 higher 3.0% redemption mix 4.9% 4.2% 3.6% for air rewards 1.0% 2.1% (1.3)% (0.7)% -1.0% (1.6)% (3.6)% -3.0% Increased Air Canada cap
Slide 17: Aeroplan Burn/Earn Ratio
AEROPLAN BURN/EARN RATIO Improving accumulation trend Seasonally normal burn earn Burn/earn ratio Burn/Earn in line with normal 102% 98% seasonal patterns 93% 89% (inverse of 11% breakage) 83% 84% 84% 84% 80% 79% 77% 74% 72% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2014 2014 2014 2014 2015 2015 2015 2015
Slide 18: International Coalitions Gross Billings
INTERNATIONAL COALITIONS GROSS BILLINGS (in millions of Canadian dollars) (14.7)% [1.9% in c.c] Gross Billings up 250.0 30,000 $222.1 2% on a constant $189.5 25,000 currency basis but 200.0 down on a 20,000 reported basis due 150.0 8% to currency YoY 15,000 100.0 10,000 50.0 5,000 Nectar issuance up
Slide 19: Global Loyalty Solutions Gross Billings
GLOBAL LOYALTY SOLUTIONS GROSS BILLINGS (in millions of Canadian dollars) (4.0)% [(5.1)% in c.c.] Platform-based recurring sales $68.0 continued to grow, $65.3 accounting for around 15% of divisional Gross Billings at the end of 2016 The continued transition out of rewards fulfillment contract with
Slide 20: Consolidated Financials & 2017 Guidance
CONSOLIDATED FINANCIALS & 2017 GUIDANCE TOR LØNNUM
Slide 21: Q4 2016 Consolidated Gross Billings
Q4 2016 CONSOLIDATED GROSS BILLINGS* (in millions of Canadian dollars) $688.2 $2.8 $(32.6) $(2.7) ($8.5) $647.5(2) Americas Coalitions International Global Corporate Coalitions Loyalty and Other Solutions • Aeroplan Loyalty • Moved from Units Gross Americas • Nectar Loyalty • Cycling Billings up 2%
Slide 22: Q4 2016 Consolidated Adjusted EBITDA
Q4 2016 CONSOLIDATED ADJUSTED EBITDA* (in millions of Canadian dollars) $8.9 ($11.7) $0.4 $3.9 $64.7(2) $63.2(1) Global Loyalty Corporate and International Solutions Other Americas Coalitions Coalitions • Lower Club • Higher • Ongoing cost Premier Aeroplan discipline and distribution gross margin ti
Slide 23: Club Premier Overview
CLUB PREMIER OVERVIEW • Through its joint venture with Aeromexico, Mexico's flagship airline, Aimia owns 48.9% of PLM Premier, S.A.P.I. de C.V (PLM), which operates Club Premier. • Club Premier is the leading coalition program in Mexico with a growing member base and over 100 partners, and the opera
Slide 24: Progress on Operating Expenses
PROGRESS ON OPERATING EXPENSES (in millions of Canadian dollars) (15)% $52.5 $238.4(1) $(4.0) ($22.2) $215.5 Americas ($2.2) $(1.6) Coalitions International Global Corporate Impairments Coalitions Loyalty Solutions • Reduced Opex(2) down 15% marketing • Exits of • Lower spend Nectar Italia compensat
Slide 25: Progress on Operating Expenses
† PROGRESS ON OPERATING EXPENSES Run-rate Operating Expenses $191 Operational discipline $167 driving opex $168 $162(1) efficiencies $160 $159 FTE down $155 across the $153 around 7% $160 business FY 2015: $555 since the end of FY 2016: $524 2015 $136 $136 $127 $132 $131 $131 $126 Q1 Q2 Q3 Q4 Q1 Q2
Slide 26: Free Cash Flow in Line with Seasonal Patterns
FREE CASH FLOW IN LINE WITH SEASONAL PATTERNS* Normalized Free Cash Flow before Dividends Paid (in millions of Canadian dollars) (11) (1) (4) (3) (7) (9) (10) (5) (8) FCF growth (6) driven by higher cash (2) from operating activities and lower capex 2013 2014 2015 2016 *THIS SLIDE CONTAINS NON-GAAP
Slide 27: Working Capital Quarterly Trends
WORKING CAPITAL QUARTERLY TRENDS* (in millions of Canadian dollars) $122.7 Expected reversal of $76.4 working capital $35.6 and normal GB $7.4 $22.9 seasonality -$19.7 -$15.6 -$31.4 contributed to -$33.0 -$40.2 strong Q4 FCF -$46.1 -$63.0 generation Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2014 2014 2014
Slide 28: Capital Expenditures
CAPITAL EXPENDITURES (in millions of Canadian dollars) FY 2015: $93.6 FY 2014: $81.5 Focus on FY 2013: $54.4 delivering $30.0 $29.4 FY 2016: $68.2 improving $23.7 returns and $21.9 $21.6 $20.5 $20.0 $19.5 driving capital $18.1 $18.2 $16.1 efficiencies $14.4 $11.2 $12.2 $11.8 $9.1 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 29: Capex Focused on Growth Priorities
CAPEX FOCUSED ON GROWTH PRIORITIES (in millions of Canadian dollars) Corporate and GLS & Other Corporate 30.4% 34.3% and Other Americas Coalitions FY 2016 FY 2017 $68.2 6.6% GLS International Coalitions Americas Coalitions & 28.7% International Coalitions Capex expected to reduce further in 2017 wit
Slide 30: FY 2016 Adjusted EBITDA to Free Cash Flow Bridge
FY 2016 ADJUSTED EBITDA TO FREE CASH FLOW** BRIDGE* (in millions of Canadian dollars) ($30.4) $40.8 ($68.2) $4.9 $9.6 $42.7 ($50.3) $234.2 $6.5 $233.6 $16.3 $206.1 Non-cash items 88% Free cash flow conversion(2) Adjusted Change in Stock-based Cash Net cash Capex Working Free Cash Tax refunds Severan
Slide 31: Financial Position at December 31, 2016
FINANCIAL POSITION AT DECEMBER 31, 2016* (in millions of Canadian dollars) As of December 31, 2016 Early repayment of Cash + Restricted Cash + Investments c. $620 2017 debt maturity aligned with targeted Reserves + Restricted Cash + Working Capital c. ($490) to ($520) medium-term leverage level of A
Slide 32: Focusing on Core Assets
FOCUSING ON CORE ASSETS* • c.($20) million Enhancement Americas Americas Coalitions Services Coalitions $1,296 million (57%)(1) • c.($150) million US Channel • Coalitions (Aeroplan) $1,495 million (64%) and Employee Loyalty Assets • Canada Rewards held for sale International Coalitions 2016 $618 mil
Slide 33: 2017 Guidance
2017 GUIDANCE* (in millions of Canadian dollars) 2016 2017 Guidance (1) (3) Gross Billings (core business) $2,142 Core business broadly stable Gross Billings $2,340 around $2.1 billion (1) Adjusted EBITDA $239 (3) (1) Core business around 12.0% and margin 11.2% margin Free Cash Flow before Dividends
Slide 34: Continued Seasonality of Free Cash Flow
CONTINUED SEASONALITY OF FREE CASH FLOW* Normalized Free Cash Flow before Dividends Paid (in millions of Canadian dollars) (11) (1) Q1 2013-16 cash outflow (4) (3) due to (7) (9) redemption (5) (10) seasonality -$9.5 (6) -$15.2 (8) -$12.0 -$62.0 Typical cash outflow (2) in Q1 2013-16 Q1 Q2 Q3 Q4 Q1
Slide 35: 2017 Gross Billings Considerations
2017 GROSS BILLINGS CONSIDERATIONS* AMERICAS INTERNATIONAL GLOBAL LOYALTY COALITIONS COALITIONS SOLUTIONS • Low single digit growth • Underlying decline expected at • Continued transition to higher expected at Aeroplan driven by: Nectar driven by: margin platform services outside coalitions o Purcha
Slide 36: Conclusion
CONCLUSION We expect the following in 2017: • Continued economic and geopolitical Our plan for 2017 will volatility follow the same principles that we have • Stability across our main coalitions, with implemented in 2016: currency impact on our reported numbers a simpler, more focused business, with
Slide 37: Aimia: Inspiring Loyalty
AIMIA INSPIRING LOYALTY
Slide 38: Why Invest in Aimia?
WHY INVEST IN AIMIA?* Aeroplan • >80% of Gross Billings • 5 million active members from Americas and • Partners include: TD bank, CIBC, Europe(1) Air Canada, AMEX, and Esso Pure play marketing Strong retail, • c.80% of Gross Billings and loyalty financial and Nectar from coalitions and • 19 million
Slide 39: Track Record on Capital Return
TRACK RECORD ON CAPITAL RETURN (in millions of Canadian dollars) Share buybacks Total common dividends >$600 million(1) >$780 million(1) $333 million $275 million(1) $250.00 $200.00 $150.00 $100.00 $50.00 $142.5 $166.2 $24.2 $0.0 $29.8 $223.3 $21.8 $0.00 2010 2011 2012 2013 2014 2015 2016 *Based on
Slide 40: A Cash Generative Business
A CASH GENERATIVE BUSINESS At steady state, the business generates sufficient operating cash to reinvest, minimizing need for debt *THIS SLIDE CONTAINS NON-GAAP FINANCIAL MEASURES. PLEASE REFER TO SLIDE 4 FOR A DETAILED DESCRIPTION OF SUCH NON-GAAP FINANCIAL MEASURES AND SLIDE 5 FOR A RECONCILIATION
Slide 41: Current and Longer Term Financing Structure
CURRENT AND LONGER TERM FINANCING STRUCTURE (in millions of Canadian dollars) Sept 30, 2016 Dec 31, 2016 $2,500 $300 (available) $300 (available) We have access $2,000 $650 to - and will want $450 to use - debt to optimize the $1,500 $323 $323 capital structure $1,000 $1,349 $1,349 $500 Common share
Slide 42: Balance Sheet
BALANCE SHEET DEBT Interest Dec CASH & INVESTMENTS Dec (in millions of Canadian Rate Maturing 31, 2016 (in millions of Canadian dollars) 31, 2016 dollars) Revolving Facility(1) Apr. 23, 2020 - Cash and cash equivalents 293 Senior Secured Notes 5 4.35% Jan. 22, 2018 200.0 Restricted cash 20 Senior Se
Slide 43: FY 2016 Consolidated Gross Billings
FY 2016 CONSOLIDATED GROSS BILLINGS* (in millions of Canadian dollars) $2,469.0 $16.2 ($107.9) Americas Coalitions ($11.0) ($28.0) $2,339.7(2) International Coalitions Global Loyalty Corporate Solutions and Other Consolidated: (5.2)% growth; (3.6)% in c.c.(1) Americas Coalitions: 1.2%; International
Slide 44: Quarterly Consolidated Cost of Rewards Trend
QUARTERLY CONSOLIDATED COST OF REWARDS TREND (in millions of Canadian dollars) $200 $301 $287 $182 $258 $152 $174 $145 $129 $164 $144 $120 $223 $231 $218 $181 $201 $202 $189 $197 $192 $193 $196 $195 Q1 Q1 Q1 Q2 Q2 Q2 Q3 Q3 Q3 Q4 Q4 Q4 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 Aerop
Slide 45: Progress on Operating Expenses
PROGRESS ON OPERATING EXPENSES (in millions of Canadian dollars) $(1.1)(1) ($29.6) $52.5 $725.3(2) $711.2(1) $1.9 ($10.4) Americas International Global Corporate Coalitions Impairments Coalitions Loyalty and Other Solutions • Lower • Lower severance advertising and and global product • Exits of prom
Slide 46: FY 2016 Consolidated Adjusted EBITDA
FY 2016 CONSOLIDATED ADJUSTED EBITDA* (in millions of Canadian dollars) $9.6 ($7.2) $24.7(1) $(10.6) $234.2 $217.7(1) International Global Coalitions Loyalty Corporate Americas Solutions and Other Coalitions Consolidated: 7.6% growth; 6.7% in c.c.(1)(2) Americas Coalitions: 11.4%(1); International C
Slide 47: Increasing Adjusted EBITDA Margin
INCREASING ADJUSTED EBITDA MARGIN* EXCLUDING SEVERANCE COSTS FY 2016: 10.4%(4) FY 2015: 9.5%(2)(3) FY 2014: 8.1%(1) *THIS SLIDE CONTAINS NON-GAAP FINANCIAL MEASURES. PLEASE REFER TO SLIDE 4 FOR A DETAILED DESCRIPTION OF SUCH NON-GAAP FINANCIAL MEASURES AND SLIDE 5 FOR A RECONCILIATION TABLE TO THE M
Slide 48: Q4 2016 Adjusted EBITDA to Free Cash Flow Bridge
Q4 2016 ADJUSTED EBITDA TO FREE CASH FLOW BRIDGE* (in millions of Canadian dollars) 188% Free cash flow conversion(1) $122.7 $121.6 $64.7 $(37.1) $1.0 $(3.0) ($8.5) ($18.2) Non-cash items Adjusted Change in Stock-based Cash Net cash Capex Working capital Free Cash EBITDA FRC compensation taxes inter
Slide 49: Q4 2016 Free Cash Flow Bridge
Q4 2016 FREE CASH FLOW BRIDGE* (in millions of Canadian dollars) $121.6 $46.3 $32.6 $(10.6) $(19.9) $78.9 ($40.7) Distribution $11.2 from equity ($6.2) $30.0 investments Change in Operating Income working Net cash Capital expenses taxes capital and excluding interest expenditures other share based c
Slide 50: FY 2016 Gross Billings to Free Cash Flow Walk
FY 2016 GROSS BILLINGS TO FREE CASH FLOW WALK* (in millions of Canadian dollars) FY 2015 FY 2016 Gross Billings 2,469.0 2,339.7 Less: Cost of rewards and direct costs (1,601.9) (1,466.1) Less: Operating expenses (excluding share-based compensation and Operational discipline driving (691.7)(1) (649.7
Slide 51: Americas Coalitions Gross Billings
AMERICAS COALITIONS GROSS BILLINGS* (in millions of Canadian dollars) 0.8% 450 30.0 $344.9 400 $347.7 25.0 350 300 0.8% 20.0 Americas YoY Coalitions Gross 250 0.1% 15.0 Billings up on the 200 YoY back of Aeroplan 150 10.0 growth 100 5.0 50 0 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2015 2015 2015 2015 2016 2016
Slide 52: Drivers Impacting Gross Billings and Redemptions
DRIVERS IMPACTING GROSS BILLINGS AND REDEMPTIONS* Consumer debt continues to grow coupled with lower consumer spending Lower foreign exchange affects ability of Canadians to travel abroad Source: Canadian Economic Outlook, RBC Capital Markets Economics – December 2016 *THIS SLIDE CONTAINS NON-GAAP F
Slide 53: Building Aeroplan Growth Around Long Term Contracts
BUILDING AEROPLAN GROWTH AROUND LONG TERM CONTRACTS* % of Consolidated Gross Billings FY 2016 17% TD (10 year) 11% CIBC (10 year) CIBC (10 year) 11% Air Canada (15 year) 8% AMEX (>5 year) AMEX (4 year + 1) 7% Other Aeroplan Contracts Total % of Gross Billings FY 2016 54% 2003 2014 2020 Contracts Rel
Slide 54: Q4 2016 Financial Highlights – Americas Coalitions
Q4 2016 FINANCIAL HIGHLIGHTS – AMERICAS COALITIONS* Three Months Ended Dec 31, (in millions of Canadian dollars) 2016 2015 Reported Reported % Gross Billings Aeroplan 328.0 323.5 1.4% Loyalty Services & Other 43.2 51.7 (16.4)% Intercompany eliminations (23.5) (30.3) Total revenue Aeroplan 281.0 283.
Slide 55: FY 2016 Financial Highlights – Americas Coalitions
FY 2016 FINANCIAL HIGHLIGHTS – AMERICAS COALITIONS* Years Ended Dec 31, (in millions of Canadian dollars) 2016 2015 Reported Reported % Gross Billings Aeroplan 1,262.7 1,242.4 1.6% Loyalty Services & Other 146.8 160.2 (8.4)% Intercompany eliminations (82.7) (92.0) Total revenue Aeroplan 1,176.6 1,15
Slide 56: Aeroplan Revenue
AEROPLAN REVENUE (in millions of Canadian dollars) Q4 2016 Q4 2015 Miles Revenue $242.6 $243.3 Breakage Revenue $30.0 $30.0 Other Revenue $8.4 $10.2 Total Revenue $281.0 $283.5 56
Slide 57: Phasing of Sainsbury's Campaigns
PHASING OF SAINSBURY’S CAMPAIGNS Sainsbury’s points issuance Sainsbury’s successful campaigns delivered strong growth in the Nectar points issuance quarter leading to 8% issuance growth at Nectar Actual points issuance 2015 Actual points issuance 2016 57
Slide 58: Gross Billings from Sale of Loyalty Units by Major Partner
GROSS BILLINGS FROM SALE OF LOYALTY UNITS BY MAJOR PARTNER* Other CIBC Other CIBC Air Sainsbury’s Canada Sainsbury’s Air Canada Q4 2015 Q4 2016 $506.7 $485.3 AMEX TD TD *THIS SLIDE CONTAINS NON-GAAP FINANCIAL MEASURES. PLEASE REFER TO SLIDE 4 FOR A DETAILED DESCRIPTION OF SUCH NON-GAAP FINANCIAL MEA
Slide 59: Gross Billings from Sale of Loyalty Units by Major Partner
GROSS BILLINGS FROM SALE OF LOYALTY UNITS BY MAJOR PARTNER* Other CIBC Other CIBC Sainsbury’s Air Sainsbury’s Canada Air Canada FY 2015 FY 2016 $1,832.7M $1,748.1 AMEX TD TD *THIS SLIDE CONTAINS NON-GAAP FINANCIAL MEASURES. PLEASE REFER TO SLIDE 4 FOR A DETAILED DESCRIPTION OF SUCH NON-GAAP FINANCIA
Slide 60: Foreign Exchange Rates
FOREIGN EXCHANGE RATES Q4 2016 Q4 2015 % Change Average Average Period end Average Average Period end Average Average Period end quarter YTD rate quarter YTD rate quarter YTD rate £ to $ 1.6595 1.7970 1.6567 2.0249 1.9527 2.0551 -18.0% -8.0% -19.4% AED to $ 0.3632 0.3607 0.3666 0.3633 0.3478 0.3774
Slide 61: 2016 Quarterly Gross Billings and Adjusted EBITDA
2016 QUARTERLY GROSS BILLINGS AND ADJUSTED EBITDA* (INCLUDING AND EXCLUDING CEL AND ES BUSINESSES) Business segmentation reflecting Business segmentation reflecting CEL and ES businesses CEL and ES businesses classified under Corporate and Other classified under Americas Coalitions Gross Billings Gr
Slide 62: New Divisional Disclosure Comparable
NEW DIVISIONAL DISCLOSURE COMPARABLE* Years Ended December 31, (in millions of Canadian dollars) 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Operating Segments Americas Coalitions International Coalitions GLS Corporate and Other (b) Eliminations Consolidated Gross Billings from the s
Slide 63: Accounting: Key Things to Remember
ACCOUNTING: KEY THINGS TO REMEMBER* Gross Billings from the sale of Loyalty Units: Revenue Recognition: Recognize upon redemption of Loyalty Units Recognize upon issuance of Loyalty Units Key indicator of top line growth Breakage Recognition: Recognize upon redemption of Loyalty Units Liabil