Points.com Inc. (TSX: PTS) (NASDAQ: PCOM) (Points or the Company),
the global leader in powering loyalty commerce, is reporting
financial results for the first quarter ended March 31, 2022.
Unless otherwise noted, all amounts are in USD.
The complete first quarter Condensed Consolidated Interim Financial
Statements and Management’s Discussion & Analysis are available
on Points’ issuer Profile on SEDAR at www.sedar.com and on EDGAR at
www.sec.gov.
“We have maintained our momentum through the
first quarter of 2022, reaching quarterly records for both revenue
and gross profit,” said Rob MacLean, CEO of Points. “We delivered
another quarter of strong sequential top-line growth and drove
continued improvements in adjusted EBITDA1. This growth was
underpinned by sustained pandemic recovery tailwinds and the growth
mandates from our loyalty program partners. In addition, we
continued to expand our product and services footprint, progressing
the strong growth we have driven throughout the past year by adding
both new loyalty program partners and expanding existing
partnerships.
“More importantly, we were very pleased to
announce earlier this week that we have entered into a definitive
agreement to be acquired by Plusgrade, a leading ancillary revenue
platform for the global travel industry. Under the terms of the
agreement, Plusgrade will acquire Points in an all-cash transaction
for a total consideration of approximately US$385 million, or
US$25.00 per share, representing a significant premium to our
historical trading levels and providing a terrific return for our
shareholders. Plusgrade’s extensive airline partner base and
experience with tailored promotional targeting serves as a
compelling strategic complement to our long-standing loyalty
partnerships and expanding platform capabilities. We look forward
to working together with Plusgrade as we continue ramping our
growth initiatives.
“As we look to the rest of 2022, we are excited
to join forces with Plusgrade in what will become a global leader
and provider of value-adding and revenue-generating services for
partners. We are grateful for the support of our team, partners,
and shareholders as our business enters its next phase of
growth.”
First Quarter 2022 Financial Highlights
|
For the three months ended |
(in millions USD) |
March 31, 2022 |
December 31, 2021 |
March 31, 2021 |
Total Revenue |
$127.4 |
$115.1 |
$65.0 |
Gross Profit |
$18.7 |
$17.1 |
$9.0 |
Total Operating Expenses |
$16.4 |
$15.2 |
$10.2 |
Net Income/(Loss) |
$1.3 |
$1.5 |
($1.1) |
Adjusted EBITDA1 |
$6.7 |
$5.5 |
$1.2 |
- Total revenue in the first quarter
of 2022 increased 96% compared to the prior year quarter,
reflecting performance improvements driven by strong marketing
activity and supported by COVID-19 recovery tailwinds. On a
sequential basis, total revenue increased 11% compared to the
fourth quarter of 2021.
- Gross profit in the first quarter
of 2022 increased 108% compared to the prior year quarter. The
increase was primarily attributable to the aforementioned
performance improvements and benefits from the broader pandemic
recovery. Gross profit increased 9% relative to the fourth quarter
of 2021.
- Operating expenses in the first
quarter of 2022 increased both sequentially and year-over-year.
This was largely a result of the gradual easing of spending
restrictions implemented at the beginning of the pandemic, higher
share-based compensation, and the impact of wage subsidies recorded
in the prior year period, which had previously helped offset
operating expenses. The Company recognized subsidies of $1.2
million from the Canada Emergency Wage Subsidy (CEWS) program in
the year ago quarter and ceased participation in the program in the
second half of 2021.
Recent Operational Highlights
New Partnerships
- Signed a new partnership with the
Kuwait Airways Oasis Club program in April. Under the agreement,
Points will deploy its Buy, Gift, Top-Up, and Accelerate Anything
services, marking the eighth deployment of Accelerate Anything in
less than two years.
Expanded Partnerships
- Expanded relationship with Air
Miles Canada in January by launching a car redemption product,
enabling program members the ability to book car rentals with their
miles.
- Renewed long-term partnership with
Marriott Bonvoy to a multi-year extension in March for all existing
products and services in market.
- Deployed hotel booking service for
EVA Air in March, enabling MileageLands members the ability to earn
and redeem their miles when booking hotels. This deployment marks
Points’ first service launch under its collaboration with Rocket
Travel.
- Grew exchange capabilities across
the platform throughout the first quarter:
- Added Qatar Airways Privilege Club
as an exchange option for AIMIA’s Air Miles Middle East program in
February.
- Enabled Turkish Airlines’
Miles&Smiles program as an exchange option for the Citi
ThankYou Rewards program.
- Added United’s MileagePlus Rewards
program as an exchange option for Bilt Rewards in March, bringing
Bilt’s total exchange options up to ten partners.
Arrangement Agreement with Plusgrade
On May 9, 2022, the Company announced that it
entered into an arrangement agreement (“Arrangement Agreement”)
pursuant to which a wholly-owned subsidiary (the “Purchaser”) of
Plusgrade Parent L.P. (“Plusgrade”), a leading ancillary revenue
platform for the global travel industry, will acquire all of the
issued and outstanding common shares of the Company for US$25.00
per common share in cash (the “Consideration”) by way of a
statutory plan of arrangement under the Canada Business
Corporations Act (the “Transaction”). The Transaction was
unanimously approved by the Company’s Board of Directors.
The Transaction values Points at approximately
US$385 million on an equity value basis and the Consideration
represents a 52% premium to the 20–day volume-weighted average
price of the Company’s common shares on the Toronto Stock Exchange
(“TSX”) for the period ending May 6, 2022.
Under the terms of the Transaction, the
Company’s shareholders (“Shareholders”) will receive US$25.00 in
cash per common share held. The Transaction will be subject to the
approval of (i) at least 66 2/3% of the votes cast by Shareholders
at a special meeting of the Shareholders (the “Meeting”); and (ii)
a simple majority of the votes cast by Shareholders, excluding
votes from certain Shareholders, as required under Multilateral
Instrument 61-101 – Protection of Minority Securityholders in
Special Transactions. The Meeting is expected to be held in late
June.
In connection with the Transaction, officers and
directors of Points collectively holding approximately 6.7% of the
issued and outstanding common shares have entered into support and
voting agreements with the Purchaser, pursuant to which they have
agreed, among other things, to vote their common shares in favour
of the Transaction. The Purchaser will fund the Transaction with a
combination of equity from Investissements Novacap Inc. (“Novacap”)
and Caisse de dépôt et placement du Québec (“CDPQ”) and debt from
recognized financial institutions. The Transaction is not subject
to a financing condition.
In addition to Shareholder approval, the
Transaction is subject to approval by the Ontario Superior Court of
Justice (Commercial List) (the “Court”) and certain other
regulatory approvals as well as the satisfaction of certain other
closing conditions. The Arrangement Agreement contains customary
non-solicitation, “fiduciary out” and “right to match” provisions,
as well as a C$18 million termination fee payable to the Purchaser
if the Arrangement Agreement is terminated in certain
circumstances. The Arrangement Agreement also provides for payment
by the Purchaser of a reverse termination fee to Points of C$27
million and C$45 million if the Arrangement Agreement is terminated
in certain specified circumstances, with the fee payable depending
on the circumstances of the termination.
Subject to the satisfaction or waiver of all
conditions to closing, the Transaction is expected to close in
early July 2022. In connection with and subject to closing the
Transaction, Points will apply to have its common shares delisted
from the TSX and NASDAQ Capital Market and Points will cease to be
a reporting issuer under Canadian and U.S. securities laws.
________________1 Adjusted EBITDA (Earnings
before income tax, depreciation and amortization, foreign exchange
gains or losses, finance costs, share-based compensation expense
and impairment charges) is considered by management to be a useful
supplemental measure when assessing financial performance.
Management also believes that Adjusted EBITDA is an important
indicator of the Company’s ability to generate liquidity through
operating cash flow to fund future capital expenditures and working
capital needs. However, Adjusted EBITDA is not a measure of
financial performance under IFRS and should not be considered a
substitute for Net income, which we believe to be the most directly
comparable IFRS measure. See tables below for the reconciliation of
Adjusted EBITDA to Net income (loss).
Conference Call
Points will hold a conference call today at 4:30 p.m. Eastern
time to discuss its first quarter 2022 results, followed by a
question-and-answer session.
Date: Wednesday, May 11, 2022Time: 4:30 p.m. Eastern time (1:30
p.m. Pacific time)Toll-free dial-in number:
1-877-407-0784International dial-in number:
1-201-689-8560Conference ID: 13729399
Please call the conference telephone number 5-10
minutes prior to the start time. An operator will register your
name and organization. If you have any difficulty connecting with
the conference call, please contact Gateway Group at
1-949-574-3860.
The conference call will be broadcast live and available for
replay here and via the Events section of Points’ IR site here.
A replay of the conference call will be available after 7:30
p.m. Eastern time on the same day through May 25, 2022.
Toll-free dial-in number: 1-844-512-2921International dial-in
number: 1-412-317-6671Conference ID: 13729399
About Points
Points, (TSX: PTS) (NASDAQ: PCOM) is a trusted partner to the
world’s leading loyalty programs, leveraging its unique Loyalty
Commerce Platform to build, power, and grow a network of ways
members can get and use their favourite loyalty currency. Our
platform combines insights, technology, and resources to make the
movement of loyalty currency simpler and more intelligent for
nearly 60 reward programs worldwide. Founded in 2000, Points is
headquartered in Toronto with teams operating around the globe.
For more information, visit Points.com.
Caution Regarding Forward-Looking
Statements
This press release contains or incorporates
forward-looking statements within the meaning of United States
securities legislation, and forward-looking information within the
meaning of Canadian securities legislation (collectively,
"forward-looking statements"). These forward-looking statements
include or relate to but are not limited to, among other things,
our growth strategies, the terms and conditions of the Arrangement
Agreement; the premium to be received by Shareholders; the expected
benefits of the Transaction as well as the strategic implications
for the Transaction; the anticipated timing of various steps to be
completed in connection with the Transaction, including receipt of
Shareholder, Court and regulatory approvals; the anticipated
delisting of the Company’s common shares on the TSX and NASDAQ
Capital Market, and may also include other statements that are
predictive in nature, or that depend upon or refer to future events
or conditions, and can generally be identified by words such as
"may," "will," "expects," "anticipates," "continue," "intends,"
"plans," "believes," "estimates" or similar expressions. In
addition, any statements that refer to expectations, projections or
other characterizations of future events or circumstances are
forward-looking statements.
Although Points believes the expectations
reflected in such forward-looking statements are reasonable, such
statements are not guarantees of future performance and are subject
to important risks and uncertainties that are difficult to predict.
Certain material assumptions or estimates are applied in making
forward-looking statements, and actual results may differ
materially from those expressed or implied in such statements.
Undue reliance should not be placed on such statements. In
particular, uncertainty around the duration and scope of the
COVID-19 pandemic and the impact of the pandemic and actions taken
in response on global and regional economies, economic activity,
and all elements of the travel and hospitality industry may have a
significant and materially adverse impact on our business. In
addition, the risks, uncertainties and other factors that may
impact the results expressed or implied in such forward-looking
statements include, but are not limited to: the possibility that
the proposed Transaction will not be completed on the terms and
conditions, or on the timing, currently contemplated, and that it
may not be completed at all, due to a failure to obtain or satisfy,
in a timely manner or otherwise, required Shareholder, Court and
regulatory approvals and other conditions of closing necessary to
complete the Transaction or for other reasons; the Arrangement
Agreement may be terminated in certain circumstances; risks
relating to the Company’s ability to retain and attract key
personnel during the interim period; the possibility of litigation
relating to the Transaction; credit, market, currency, operational,
liquidity and other funding risks generally and relating
specifically to the Transaction, including changes in economic
conditions, interest rates or tax rates; significant transaction
costs or unknown liabilities; the ability of the Board to consider
and approve a superior proposal for the Company; business,
operational and financial risks and uncertainties relating to the
COVID-19 pandemic; risks related to the travel and loyalty
industries; loss of loyalty program partners; and other risks
inherent to the Company’s business and/or factors beyond its
control which could have a material adverse effect on the Company
or the ability to consummate the Transaction; airline or travel
industry disruptions, such as an airline insolvency and continued
airline consolidation; our dependence on a limited number of large
clients for a significant portion of our total revenue; our
reliance on contractual relationships with loyalty program partners
that are subject to termination and renegotiation; our exposure to
significant liquidity risk if we fail to meet contractual
performance commitments; potential changes in a country’s or
region’s political climate, including the current hostilities in
Eastern Europe; our ability to convert our pipeline of prospective
partners or launch new products with new or existing partners as
expected or planned; our dependence on various third-parties that
provide certain solutions on our platform that we market to loyalty
program partners; and the fact that our operations are conducted in
multiple jurisdictions and in multiple currencies and as such
dramatic fluctuations in exchange rates of the foreign currencies
can have a dramatic effect on our financial results. These and
other important risk factors that could cause actual results to
differ materially are discussed in Points' annual information form,
Form 40-F, annual and interim management's discussion and analysis,
and annual and interim financial statements and the notes thereto.
These documents are available at www.sedar.com and www.sec.gov.
The forward-looking statements contained in this
press release are made as at the date of this release and,
accordingly, are subject to change after such date. Except as
required by law, Points does not undertake any obligation to update
or revise any forward-looking statements made or incorporated in
this press release, whether as a result of new information, future
events or otherwise.
Non-GAAP Financial Measures
The Company’s financial statements are prepared
in accordance with International Financial Reporting Standards
("IFRS"). Management uses certain non-GAAP measures, which are
defined in the appropriate sections of this press release, to
better assess the Company’s underlying performance. These measures
are reviewed regularly by management and the Company's Board of
Directors in assessing the Company’s performance and in making
decisions about ongoing operations. In addition, we use certain
non-GAAP measures to determine the components of management
compensation. We believe that these measures are also used by
investors as an indicator of the Company’s operating performance.
Readers are cautioned that these terms are not recognized GAAP
measures and do not have a standardized GAAP meaning under IFRS and
should not be construed as alternatives to IFRS terms, such as net
income. Refer to “Non-GAAP Financial Measures” section of the
Company’s Q1 2022 MD&A for reconciliation to, and description
of the Company’s non-GAAP financial measures.
Investor Relations Contact
Cody Slach and Jackie KeshnerGateway Group, Inc.
1-949-574-3860IR@points.com
Points.com Inc. |
|
|
|
Key Financial Measures and Schedule of Non-GAAP
Reconciliations |
|
|
|
|
|
Reconciliation of Net Income to Adjusted
EBITDA [1] |
|
|
|
|
|
|
Expressed in thousands of United States dollars |
|
|
|
|
|
For the three months ended |
|
|
|
Mar 31, 2022 |
Mar 31, 2021 |
|
|
|
|
|
Net income (loss) |
|
$ |
1,349 |
$ |
(1,092 |
) |
Income tax expense (recovery) |
|
681 |
|
(415 |
) |
Finance costs |
|
|
57 |
|
126 |
|
Depreciation and amortization |
|
1,042 |
|
1,417 |
|
Foreign exchange loss |
|
217 |
|
227 |
|
Share-based compensation expense |
|
3,371 |
|
930 |
|
Adjusted EBITDA |
|
$ |
6,717 |
$ |
1,193 |
|
|
|
|
|
|
[1] Adjusted EBITDA is a non-GAAP financial measure, which is
defined as earnings before income tax expense, finance costs,
depreciation and amortization, foreign exchange, share-based
compensation expense and impairment charges. Management believes
that adjusted EBITDA is an important indicator of the Company’s
ability to generate liquidity through operating cash flow to fund
future capital expenditures and working capital needs. However,
adjusted EBITDA is not a measure of financial performance under
IFRS and should not be considered a substitute for Net Income,
which we believe to be the most directly comparable IFRS
measure. |
|
Total funds
available [2] |
|
|
|
|
|
|
Expressed in thousands of United States dollars |
|
As at |
March 31, 2022 |
December 31, 2021 |
|
|
|
|
Cash and cash equivalents |
$ |
129,817 |
$ |
99,648 |
Cash held in trust |
|
5,770 |
|
1,427 |
Funds receivable from payment processors |
|
|
9,895 |
|
7,741 |
Total funds available |
$ |
145,482 |
$ |
108,816 |
|
|
|
|
[2] Total funds available is a non-GAAP financial measure that
is used by management as a key internal measure of assessing
liquidity. However, Total funds available is not a measure under
IFRS and other issuers may use different measures to assess
liquidity. |
Points.com Inc. |
|
|
|
|
Condensed Consolidated Interim Statements of Financial
Position |
|
|
Expressed in thousands of United States dollars |
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
As at |
March 31, 2022 |
|
December 31, 2021 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
129,817 |
|
$ |
99,648 |
|
|
Cash held in trust |
5,770 |
|
1,427 |
|
|
Funds receivable from payment processors |
9,895 |
|
7,741 |
|
|
Accounts receivable |
15,171 |
|
13,099 |
|
|
Prepaid taxes |
219 |
|
205 |
|
|
Prepaid expenses, deposits and other assets |
5,249 |
|
4,366 |
|
Total current assets |
$ |
166,121 |
|
$ |
126,486 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Property and equipment |
1,286 |
|
1,076 |
|
|
Right-of-use assets |
808 |
|
980 |
|
|
Intangible assets |
9,938 |
|
10,355 |
|
|
Goodwill |
5,681 |
|
5,681 |
|
|
Deferred tax assets |
2,686 |
|
4,164 |
|
Total non-current assets |
$ |
20,399 |
|
$ |
22,256 |
|
Total assets |
$ |
186,520 |
|
$ |
148,742 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
12,484 |
|
$ |
9,307 |
|
|
Income taxes payable |
1,806 |
|
1,560 |
|
|
Payable to loyalty program partners |
106,694 |
|
75,275 |
|
|
Current portion of lease liabilities |
928 |
|
1,136 |
|
|
Current portion of other liabilities |
1,493 |
|
1,466 |
|
Total current liabilities |
$ |
123,405 |
|
$ |
88,744 |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Lease liabilities |
23 |
|
27 |
|
|
Other liabilities |
27 |
|
34 |
|
|
Deferred tax liabilities |
4 |
|
985 |
|
Total non-current liabilities |
$ |
54 |
|
$ |
1,046 |
|
Total liabilities |
$ |
123,459 |
|
$ |
89,790 |
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
Share capital |
71,654 |
|
70,991 |
|
|
Contributed surplus |
6,730 |
|
4,878 |
|
|
Accumulated other comprehensive income (loss) |
122 |
|
(123 |
) |
|
Accumulated deficit |
(15,445 |
) |
(16,794 |
) |
Total shareholders’ equity |
$ |
63,061 |
|
$ |
58,952 |
|
Total liabilities and shareholders’ equity |
$ |
186,520 |
|
$ |
148,742 |
|
|
|
|
|
|
|
Points.com
Inc. |
|
|
Condensed Consolidated Interim Statements
of Comprehensive Income (Loss) |
|
|
Expressed in
thousands of United States dollars, except per share amounts |
|
(Unaudited) |
|
|
|
|
|
|
For the three months ended March
31 |
|
2022 |
|
|
2021 |
|
REVENUE |
|
|
|
Principal revenue |
$ |
117,582 |
|
$ |
60,242 |
|
|
Other partner revenue |
|
9,834 |
|
|
4,783 |
|
Total
Revenue |
$ |
127,416 |
|
$ |
65,025 |
|
|
Direct cost of revenue |
|
108,730 |
|
|
56,025 |
|
Gross
Profit |
$ |
18,686 |
|
$ |
9,000 |
|
|
|
|
|
OPERATING
EXPENSES |
|
|
|
Sales and marketing |
|
5,491 |
|
|
3,560 |
|
|
Research and development |
|
4,753 |
|
|
2,530 |
|
|
General and
administrative |
|
5,162 |
|
|
2,701 |
|
|
Depreciation and
amortization |
|
1,042 |
|
|
1,417 |
|
Total
Operating Expenses |
$ |
16,448 |
|
$ |
10,208 |
|
|
|
|
|
|
Foreign exchange loss |
|
217 |
|
|
227 |
|
|
Finance and other income |
|
(66 |
) |
|
(54 |
) |
|
Finance costs |
|
57 |
|
|
126 |
|
|
|
|
|
INCOME
(LOSS) BEFORE INCOME TAXES |
$ |
2,030 |
|
$ |
(1,507 |
) |
|
|
|
|
|
Income tax expense
(recovery) |
|
681 |
|
|
(415 |
) |
NET INCOME
(LOSS) |
$ |
1,349 |
|
$ |
(1,092 |
) |
|
|
|
|
OTHER
COMPREHENSIVE INCOME (LOSS) |
|
|
|
Items that will subsequently
be reclassified to profit or loss: |
|
|
|
Unrealized gain on foreign
exchange derivatives designated as cash flow hedges |
|
303 |
|
|
253 |
|
|
Income tax effect |
|
(80 |
) |
|
(67 |
) |
|
Reclassification to net income
of loss (gain) on foreign exchange derivatives designated as cash
flow hedges |
|
7 |
|
|
(314 |
) |
|
Income tax effect |
|
(2 |
) |
|
83 |
|
|
Foreign currency translation
adjustment |
|
17 |
|
|
2 |
|
Other comprehensive income (loss) for the period, net of
income tax |
|
|
$ |
245 |
|
$ |
(43 |
) |
TOTAL
COMPREHENSIVE INCOME (LOSS) |
$ |
1,594 |
|
$ |
(1,135 |
) |
|
|
|
|
EARNINGS
(LOSS) PER SHARE |
|
|
|
Basic earnings (loss) per
share |
$ |
0.09 |
|
$ |
(0.08 |
) |
|
Diluted earnings (loss) per
share |
$ |
0.09 |
|
$ |
(0.08 |
) |
|
|
|
|
Points.com Inc. |
|
|
Condensed Consolidated Interim Statements of Changes in
Shareholders’ Equity |
|
|
|
Expressed in thousands of United States dollars except number of
shares |
|
|
|
(Unaudited) |
|
|
|
Attributable to equity holders of the
Company |
|
|
Share Capital |
ContributedSurplus |
Accumulatedothercomprehensiveincome (loss) |
|
Accumulateddeficit |
|
Totalshareholders’equity |
|
|
|
Number ofShares |
Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2021 |
|
14,942,792 |
$ |
70,991 |
$ |
4,878 |
|
$ |
(123 |
) |
$ |
(16,794 |
) |
$ |
58,952 |
|
Net Income |
|
- |
- |
|
- |
|
- |
|
1,349 |
|
1,349 |
|
Other comprehensive income, net of tax |
|
- |
- |
|
- |
|
245 |
|
- |
|
245 |
|
Total comprehensive income |
|
- |
- |
|
- |
|
245 |
|
1,349 |
|
1,594 |
|
Effect of share-based compensation expense |
|
- |
- |
|
3,371 |
|
- |
|
- |
|
3,371 |
|
Settlement of RSUs |
|
- |
663 |
|
(1,519 |
) |
- |
|
- |
|
|
(856 |
) |
Balance at March 31, 2022 |
|
14,942,792 |
$ |
71,654 |
$ |
6,730 |
|
$ |
122 |
|
$ |
(15,445 |
) |
$ |
63,061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2020 |
|
13,227,407 |
$ |
49,251 |
$ |
1,795 |
|
$ |
623 |
|
$ |
(16,450 |
) |
$ |
35,219 |
|
Net loss |
|
- |
- |
|
- |
|
- |
|
|
(1,092 |
) |
|
(1,092 |
) |
Other comprehensive loss, net of tax |
|
- |
- |
|
- |
|
|
(43 |
) |
- |
|
|
(43 |
) |
Total comprehensive loss |
|
- |
- |
|
- |
|
|
(43 |
) |
|
(1,092 |
) |
|
(1,135 |
) |
Effect of share-based compensation expense |
|
- |
- |
|
930 |
|
- |
|
- |
|
930 |
|
Settlement of RSUs |
|
- |
243 |
|
(700 |
) |
- |
|
- |
|
|
(457 |
) |
Shares issued, net of issuance costs |
|
1,687,510 |
23,275 |
|
- |
|
- |
|
- |
|
23,275 |
|
Balance at March 31, 2021 |
|
14,914,917 |
$ |
72,769 |
$ |
2,025 |
|
$ |
580 |
|
$ |
(17,542 |
) |
$ |
57,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Points.com Inc. |
|
|
Condensed Consolidated Interim Statements of Cash
Flows |
|
Expressed in thousands of United States dollars |
|
|
(Unaudited) |
|
|
|
|
|
|
For the three months ended March 31 |
|
2022 |
|
|
2021 |
|
Cash flows from operating activities |
|
|
Net income (loss) for the period |
$ |
1,349 |
|
$ |
(1,092 |
) |
Adjustments for: |
|
|
|
Depreciation and amortization |
|
1,042 |
|
|
1,417 |
|
|
Unrealized foreign exchange loss (gain) |
|
2 |
|
|
(51 |
) |
|
Share-based compensation expense |
|
3,371 |
|
|
930 |
|
|
Finance costs |
|
57 |
|
|
126 |
|
|
Deferred income tax expense (recovery) |
|
415 |
|
|
(533 |
) |
Derivative contracts designated as cash flow hedges |
|
310 |
|
|
(61 |
) |
Changes in cash held in trust |
|
(4,343 |
) |
|
(319 |
) |
Changes in non-cash balances related to operations |
|
29,739 |
|
|
4,258 |
|
Interest paid |
|
(57 |
) |
|
(163 |
) |
Net cash provided by operating activities |
$ |
31,885 |
|
$ |
4,512 |
|
|
|
|
|
Cash flows from investing activities |
|
|
Acquisition of property and equipment |
|
(501 |
) |
|
(252 |
) |
Additions to intangible assets |
|
(90 |
) |
|
(204 |
) |
Net cash used in investing activities |
$ |
(591 |
) |
$ |
(456 |
) |
|
|
|
|
Cash flows from financing activities |
|
|
Proceeds from issuance of share capital, net of issuance costs |
|
- |
|
|
23,275 |
|
Repayment of long term debt |
|
- |
|
|
(15,000 |
) |
Payment of principal portion of lease liabilities |
|
(296 |
) |
|
(334 |
) |
Taxes paid on net settlement of RSUs |
|
(856 |
) |
|
(457 |
) |
Net cash (used in) provided by financing
activities |
$ |
(1,152 |
) |
$ |
7,484 |
|
|
|
|
|
Effect of exchange rate fluctuations on cash held |
|
27 |
|
|
72 |
|
|
|
|
|
Net increase in cash and cash equivalents |
$ |
30,169 |
|
$ |
11,612 |
|
Cash and cash equivalents at beginning of the period |
$ |
99,648 |
|
$ |
73,070 |
|
Cash and cash equivalents at end of the
period |
$ |
129,817 |
|
$ |
84,682 |
|
|
|
|
|
Interest received |
$ |
37 |
|
$ |
24 |
|
Taxes received |
$ |
- |
|
$ |
355 |
|
Taxes paid |
$ |
(38 |
) |
$ |
- |
|
|
|
|
|
Amounts received for interest and taxes paid and received were
reflected as operating cash flows in the condensed consolidated
interim statements of cash flows. |
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