TORONTO, May 13, 2020 /PRNewswire/ - Aimia Inc. (TSX:
AIM) today reported its financial results for the quarter ended
March 31, 2020. During the quarter,
the company delivered on continued improved financial performance
from continuing operations highlighted by:
Q1 2020 Financial Highlights
- Operating loss reduced significantly, substantially improving
by 71% to $(5.5) million
- Adjusted EBITDA* increased by $4.2
million, from $0.9 million to
$5.1 million
- Operating expenses declined by 35% YoY to $35.1 million
- Free cash flow before Dividends Paid of $(26.2) million, which included $18.7 million of part VI.1 tax paid
- PLM distributions of $9.5 million
received during the quarter
Subsequent to the quarter ending March
31, 2020, the company announced its new corporate strategy
to become an investment holding company focused on strategic
acquisitions in public and private companies, on a global basis,
through controlling or minority stakes. Aimia also announced
two M&A transactions including
the merger of Loyalty Solutions and Kognitiv to form a visionary
leader in loyalty, and the acquisition of Mittleman Brothers
LLC.
As announced in a separate press release yesterday, Aimia has
signed a binding letter of intent with Aeromexico to negotiate
certain amendments to the CPSA, including a 20-year extension to
the CPSA that will result in a termination date for the contract of
September 13, 2050, as well as
certain amendments to the shareholder agreement, including to grant
to Aeromexico an option to acquire Aimia's stake in PLM at a 7.5x
Adjusted EBITDA valuation, with a US$400
million minimum for Aimia's stake. The parties also agreed
to cause PLM to fund, using cash on its own balance sheet,
US$50 million to Aeromexico in the
form of an intercompany loan promptly following the execution of
the letter of intent, with an additional US$50 million of additional liquidity through
pre-purchases of award tickets upon execution of the amendments to
the CPSA.
Furthermore, the company also announced in a separate press
release today that it has made an investment in Clear Media Limited
(HK: 100), one of the largest outdoor advertising firms in
China with market shares of more
than 70% in top-tier cities, totalling approximately $75 million through the acquisition of 58.8
million common shares, representing over a 10% equity stake in
the company.
*A non-GAAP measurement. Refer to the section below entitled
"Non-GAAP Financial Measures".
Q1 2020 financial highlights – continuing operations, unless
otherwise noted:
HIGHLIGHTS
(1)
|
Three Months Ended
March 31,
|
(in millions of
Canadian dollars,
except per share amounts)
|
2020
|
2019
|
YoY %
Change
|
Continuing
operations(2)
|
|
|
|
Total
Revenue
|
29.6
|
34.7
|
(14.7)
|
Operating
Loss
|
(5.5)
|
(19.0)
|
71.1
|
Adjusted
EBITDA
|
5.1
|
0.9
|
**
|
Net
loss(3)
|
(9.6)
|
(3.2)
|
**
|
Loss per Common
Share(3)
|
(0.14)
|
(0.05)
|
**
|
Cash used in
Operating Activities(5)
|
(25.8)
|
(19.7)
|
(31.0)
|
Free Cash Flow before
Dividends Paid(5)
|
(26.2)
|
(20.0)
|
(31.0)
|
Consolidated
|
|
|
|
Net Earnings
(loss)(3)(4)
|
(9.6)
|
1,047.1
|
**
|
Earnings (loss) per
Common Share(3)(4)
|
(0.14)
|
6.85
|
**
|
Cash used in
Operating Activities(5)
|
(25.8)
|
(47.3)
|
45.5
|
Free Cash Flow before
Dividends Paid(5)
|
(26.2)
|
(47.6)
|
45.0
|
Free Cash Flow before
Dividends Paid per Common Share(5)
|
(0.31)
|
(0.54)
|
42.1
|
|
|
|
|
** Information not
meaningful
|
|
|
|
This quarterly earnings release should be read in conjunction
with the consolidated financial statements and the MD&A which
can be accessed on SEDAR as well as at:
https://corp.aimia.com/investors/quarterly-annual-reports. Please
refer to "the Notes for the three months ended March 31, 2020" for details on notations that
appear in this Press Release.
Interim Chief Executive Officer, Phil
Mittleman, commented on the first-quarter 2020 performance
of the company: "The financial results in the first quarter of 2020
were strong, reflecting the successful transformation of the Aimia
Loyalty Solutions business, that will soon be merged with Kognitiv
to form a visionary leader in the loyalty industry. Integration
planning is well underway and initial client responses have been
very positive on both sides. We remain on track to close the
transaction by the end of this month."
Mr. Mittleman continued: "This is an historic moment for Aimia,
and we have an exciting and promising future. I am delighted to
lead Aimia as its CEO, but I am also an investor, and am now
surrounded and overseen by investors, each with their own skillsets
to offer, but all of whom are focused on one thing: creating
stakeholder value. Our corporate transformation, including a
refreshed strategy that's led by a new and leaner management team,
overseen by a world-class Board having proven their ownership
mentality by purchasing stock in the open market, will contribute
to and oversee this focus. As evidenced by the expansion of our
relationship with Aeromexico and PLM announced yesterday, the
Kognitiv transaction, and our investment in Clear Media Limited
that we announced this morning, we continue to take advantage of
dislocations in the worldwide economy and market that are providing
investment opportunities for Aimia. We are very confident
that as stakeholders, you can now look to the future with optimism
and excitement. In less than 90 days, we have demonstrated
clear and definitive value creation. We reduced corporate
costs from $27 million last year to a
run-rate of $15 million, with further
savings likely. Through the merger of Loyalty Solutions and
Kognitiv, we will retain significant upside into the new entity
while greatly simplifying the holding company structure and
limiting future risk. The amendments to the CPSA and the
shareholders agreement that we will finalize with Aeromexico are
meant to ensure that both shareholders' interests are fully aligned
going forward, and is expected to value Aimia's stake in PLM at a
US$400 million minimum, representing
more than $5.75 per share.
Furthermore, our investment in Clear Media provides an exciting
long-term investment in a well-established free cash flow
generating business, backed by a blue chip consortium of investors,
at a very attractive valuation, that we believe should deliver
substantial returns to stakeholders. This board and
management team are fueled by an urgency to achieve our goals as
quickly and efficiently as we can, and these achievements should be
a strong harbinger of the exciting future that lies ahead for Aimia
stakeholders.
New Corporate Strategy
As recently announced in late April
2020, the company formed an ad hoc Strategic Review
Committee to explore and review strategic alternatives to create
lasting stakeholder value. The result of that process was a
decision by the Board of Directors to focus on long-term
investments in public and private companies, on a global basis,
through controlling or minority stakes.
Aimia will focus on deploying its cash towards the acquisition
of free cash flow-generating businesses in diverse industries,
diversifying the corporation away from its prior loyalty-only
investment mandate, into a more broad and balanced investment
holding company. The company will seek to target companies
that exhibit durable economic advantages, evidenced by a
well-established track record of substantial free cash flow
generation over complete business cycles, guided by strong,
experienced management teams. In addition, Aimia will consider
investments that may efficiently utilize the Company's
approximately $700 million in various
forms of tax loss assets to further enhance stakeholder value.
Aimia's Corporate Structure
Aimia's corporate structure will be greatly simplified with a
leaner corporate team led by its interim CEO, Philip Mittleman, overseen by a highly-skilled
Board, focused entirely on creating lasting value for all
stakeholders.
As a result of major cost reductions and restructuring, Aimia
now has an annualized operating expense run-rate of $15 million, as compared to $27 million in 2019, with further savings being
targeted. The streamlined holding company structure will be
debt free, cash-rich, and is expected to own 49% of the newly
merged Kognitiv, 49% of PLM, its joint venture with Aeroméxico, 20%
of BigLife, 100% of Mittleman Brothers LLC, and 10% of Clear Media
Limited.
The number of full time employees at Aimia will be approximately
20, which includes staffing from both Aimia and Mittleman Brothers
offices. Following the close of the Mittleman Brothers transaction,
Aimia will appoint Philip Mittleman
as permanent CEO, and Chris
Mittleman will join the company as Chief Investment Officer
and board member, to help the company identify targets for
successful deployment of Aimia's cash and liquid investments.
Consolidated Results from continuing
operations(2) in Q1 2020:
Operating loss significantly narrowed by
$13.5 million to $(5.5) million mainly due to a $18.6 million improvement in operating expenses
from business transformation partially offset by lower revenue. The
improvement in operating expenses was mainly due to lower headcount
leading to reduced compensation and benefits of $11.0 million, as well as lower technology
expenses by $6.7 million from
operational efficiencies, timing of technology expenditures, and
reduced IT spend on lost clients.
Adjusted EBITDA was $5.1
million, compared to $0.9
million in the first quarter of 2019, representing an
improvement of $4.2 million mostly
due to the positive Adjusted EBITDA performance in Loyalty
Solutions of $3.6 million driven by
servicing a higher quality client base, operating efficiencies, and
timing of technology expenditures, offset by lower PLM distribution
due to the exceptional PLM distribution received in the same period
in the prior year.
Net loss from continuing operations was $(9.6) million, compared to $(3.2) million in the first quarter of 2019,
mostly due to a lower share of net earnings from equity-accounted
investments of $12.0 million, and
fair value gains of $22.5 million on
investments in equity instruments in the same quarter of last year,
partially offset by lower operating loss, lower interest and tax
expenses.
Loyalty Solutions segment performance in Q1 2020:
Revenue from Loyalty Solutions was $29.6 million, a decrease of $5.1 million from the same period in the prior
year. The decline in Loyalty Services revenue was mainly
attributable to client attrition, lower customer spend, offset by
an increase in revenue from new clients.
Operating expenses were down by $18.5 million to $27.1
million mostly reflecting reduced headcount, lower
technology costs, and benefits from office consolidations.
Operating Income (loss) was $2.5
million, compared to $(10.9)
million in the same quarter of last year, benefiting from
cost transformation which more than offset lower revenue.
Adjusted EBITDA was $3.6
million, compared to $(10.0)
million in the first quarter of the prior year as a result
of the improvement in operating expenses.
Corporate and Other performance in Q1 2020:
Operating expenses were $8.0
million, slightly improved compared to $8.1 million in the same quarter of last year, as
the benefit from lower headcount was mostly offset by increased
restructuring expenses in the corporate executive team, as well as
the impact from the remaining one-time costs related to technology
decoupling, and legal cost reimbursements associated with prior
shareholder activism.
Adjusted EBITDA amounted to $1.5 million, a decrease of $9.4 million mainly from the exceptional PLM
distributions received in the same period of the prior year.
Membership in Club Premier, the Mexican coalition loyalty
program, continued to grow, with enrolled members up 7.9% YoY
totaling 6.8 million at the end of March
2020. Gross Billings from Loyalty Units was US$61.5 million, up 3.4% over last year mainly
driven by growth at Aeromexico. PLM Adjusted EBITDA(6)
performance was up 9.3% to US$22.3
million from modest top line growth and tight cost
controls.
Subsequent to the end of the quarter, Aimia and Aeromexico
agreed to an additional distribution and Aimia's share of this
incremental distribution amounts to $6.9
million dollars, which will appear in the company's reported
results for the second quarter of 2020
As recently announced, the company expects PLM to be negatively
impacted by COVID-19, resulting in materially lower Gross Billings,
adjusted EBITDA and Cashflow for the remainder of 2020.
Consequently, Aimia now expects no distributions from PLM
operations in the second half of this year.
The company continues to closely monitor the evolving situation,
and is working collaboratively with Aeromexico and PLM. We believe
the impacts are transient, and although the timing of a return to
normalcy remains uncertain, we do not expect these impacts to be
permanent.
Free Cash Flow before Dividends Paid
Free Cash Flow before Dividends Paid from continuing
operations declined by $6.2
million to $(26.2) million,
which included $18.7 million of part
VI.1 tax paid in the quarter related to preferred dividends paid in
2019 which included $26.0 million of
preferred dividends in arrears paid, as well as reduced
distributions from PLM, which more than offset the decline in
operating expenses from cost transformation.
Free Cash Flow before Dividends Paid was
$(26.2) million compared to
$(47.6) million in the same quarter
of the prior year. The variance is mainly explained by the factors
above and the decrease of $27.6
million in Free Cash Flow related to discontinued Aeroplan
operations in the same period of last year.
Balance sheet
Cash and cash equivalents (which includes restricted cash and
investments in corporate and government bonds) was $322.0 million as at March
31, 2020.
Following the payment of $7.0
million for the acquisition of Mittleman Brothers LLC, and
$21.0 million for the funding of the
12% convertible preferred equity in the merged Kognitiv, other
related costs and expenses of this merger transaction, and
$75.0 million investment in Clear
Media Limited, proforma cash is expected to be approximately
$190 million.
Dividends
Dividends of $3.2 million were
paid on March 31, 2020 on the three
series of outstanding preferred shares in respect of the first
quarter of 2020.
As announced on March 17, 2020,
following the results of the conversion privilege of Series 1
cumulative rate reset preferred shares and Series 2 cumulative
floating rate preferred shares, all Series 2 Preferred Shares were
automatically converted into Series 1 Preferred Shares on
March 31, 2020. As a result,
there are now 5.1 million Series 1 preferred shares and 4.3 million
Series 3 preferred shares.
The Board of Directors has declared a quarterly dividend in
respect of its two series of preferred shares for the second
quarter of 2020. Dividends on the Series 1 and Series 3 preferred
shares will be payable on June 30,
2020, to shareholders of record at the close of business on
June 19, 2020.
Quarterly Conference Call and Audio Webcast
Information
Aimia will host a conference call to discuss its first quarter
2020 financial results at 8:30 a.m.
EST on May 13, 2020. The
call will be webcast at:
https://produceredition.webcasts.com/starthere.jsp?ei=1301214&tp_key=e757cbd08e
A slide presentation intended for simultaneous viewing with the
conference call and an archived audio webcast will be available for
90 days following the original broadcast available at:
https://corp.aimia.com/investors/events-presentations/
This earnings release was reviewed by Aimia's Audit Committee
and was approved by the company's Board of Directors, on the Audit
Committee's recommendation, prior to its release.
Aimia's first quarter 2020 Financial Statements, Management
Discussion & Analysis, and Financial Highlights Presentation
will be filed on SEDAR and can be accessed at
www.sedar.com around 7:00 a.m.
EST on May 13, 2020.
Notes for the three months ended March
31, 2020
1.
|
Non-GAAP financial
measures (Adjusted EBITDA, Free Cash Flow before Dividends Paid and
Free Cash Flow before Dividends Paid per Common Share) are
explained in the section entitled "Non-GAAP Financial
Measures".
|
2.
|
Continuing operations
refers to consolidated results excluding discontinued
operations.
|
3.
|
Net Earnings (loss)
from continuing operations, Earnings (loss) from continuing
operations per Common Share, Net Earnings and Earnings per Common
Share include net fair value gains (losses) related to investments
in equity instruments of $22.5 million for the three months ended
March 31, 2019.
|
4.
|
Net Earnings and
Earnings per Common Share for the three months ended March 31, 2019
include the impact of the gain of $1,043.6 million on the disposal
of the Aeroplan Program and related assets. During three month
ended June 30, 2019, the gain on disposal was adjusted by $19.7
million to $1,063.1 million, being an additional $19.7 million
related to final closing adjustments related to working capital,
offset by $0.2 million of transaction fees.
|
5.
|
Cash used in
Operating Activities from continuing operations, Free Cash Flow
before Dividends Paid from continuing operations, Cash used in
Operating Activities, Free Cash Flow before Dividends Paid and Free
Cash Flow before Dividends Paid per Common Share include $18.7
million of Part VI.1 tax paid during the three months ended March
31, 2020 as a result of preferred dividends paid in 2019, which
included $26.0 million cumulative preferred dividends not
previously declared.
|
6.
|
PLM utilizes a
definition of Adjusted EBITDA, which differs from Aimia's. PLM
Adjusted EBITDA refers to operating income adjusted to exclude
depreciation, amortization and impairment charges related to
non-financial assets, as well as adjusted for certain factors
particular to the business, such as changes in deferred revenue and
Future Redemption Costs.
|
About Aimia
Aimia Inc. (TSX: AIM) is an investment holding company with a
focus on long-term investments in public and private companies, on
a global basis, through controlling or minority stakes.
The company operates a loyalty solutions business, which is a
well-recognized, global full-service provider of next-generation
loyalty solutions for many of the world's leading brands in the
retail, CPG, travel & hospitality, financial services and
entertainment verticals.
Aimia owns a 48.9% equity stake in PLM Premier, S.A.P.I. de C.V
(PLM), owner and operator of Club Premier, the leading coalition
program in Mexico, which it
jointly controls with Aeromexico through its investment in PLM, and
an investment alongside Air Asia in travel technology company
BIGLIFE, the operator of BIG Loyalty.
For more information about Aimia, visit corp.aimia.com.
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
International Financial Reporting Standards ("IFRS"). Please refer
to the MD&A for a complete definition on all non-GAAP financial
measures and for a reconciliation of non-GAAP financial measures to
GAAP.
Adjusted EBITDA
Adjusted EBITDA is not a measurement based on GAAP, is not
considered an alternative to net earnings in measuring
profitability, does not have a standardized meaning, and is not
comparable to similar measures used by other issuers. We provide a
reconciliation to operating income in the Management Discussion
& Analysis (MD&A) for the three months ended March 31, 2020. Adjusted EBITDA is used by
management to evaluate performance. Management believes Adjusted
EBITDA assists investors in comparing Aimia's performance on a
consistent basis excluding depreciation and amortization and
impairment charges related to non-financial assets, which are
non-cash in nature and can vary significantly depending on
accounting methods as well as non-operating factors such as
historical cost. Management believes that the inclusion of
distributions and dividends received or receivable from
equity-accounted investments in Adjusted EBITDA assists investors
by adding a performance indicator representative of earnings from
equity-accounted investments accessible to the Corporation. Unless
otherwise noted, Adjusted EBITDA for the current and comparable
periods exclude the results of discontinued operations.
Adjusted EBITDA is operating income adjusted to exclude
depreciation, amortization and impairment charges related to
non-financial assets. Adjusted EBITDA also includes distributions
and dividends received or receivable from equity-accounted
investments. Adjusted EBITDA should not be used as an exclusive
measure of cash flow because it does not account for the impact of
working capital growth, capital expenditures, debt repayments and
other sources and uses of cash, which are disclosed in the
statements of cash flows.
Free Cash Flow, Free Cash Flow before Dividends Paid and
Free Cash Flow before Dividends paid per Common Share
Free Cash Flow and Free Cash Flow before Dividends Paid are
non-GAAP measures, do not have a standardized meaning, and are not
comparable to similar measures used by other issuers. They are used
in order to provide a consistent and comparable measurement of cash
generated from operations and used as indicators of financial
strength and performance. Free Cash Flow is defined as cash
flows from operating activities, as reported in accordance with
GAAP, less adjustments for (all as reported in accordance with
GAAP): (a) total capital expenditures; (b) principal elements of
lease payments; and (c) dividends paid.
Free Cash Flow before Dividends Paid is defined as cash flows from
operating activities as reported in accordance with GAAP, less
capital expenditures as reported in accordance with GAAP and
principal elements of lease payments.
Free Cash Flow before Dividends Paid per Common Share is a
measurement of cash flow generated from operations on a per share
basis. It is calculated as follows: Free Cash Flow before Dividends
Paid minus dividends paid on preferred shares and non-controlling
interests over the weighted average number of common shares
outstanding.
PLM Adjusted EBITDA
Adjusted EBITDA for PLM ("PLM Adjusted EBITDA") is operating
income adjusted to exclude depreciation, amortization and
impairment charges related to non-financial assets, as well as
adjusted for certain factors particular to PLM, such as changes in
deferred revenue and Future Redemption Costs. Change in deferred
revenue is calculated as the difference between Gross Billings and
revenue recognized, including recognition of Breakage. Future
Redemption Costs represent management's estimated future cost of
rewards in respect of Loyalty Units sold which remain outstanding
and unbroken at the end of any given period. Future Redemption
Costs are revalued at the end of any given period by taking into
account the most recently determined average unit cost per Loyalty
Unit redeemed for that period (cost of rewards / Loyalty Units
redeemed) and applying it to the total Unbroken Loyalty Units
outstanding at the end of that period. As a result, Future
Redemption Costs and the change in Future Redemption Costs must be
calculated at the end of any given period and for that period. The
simple addition of sequential inter-period changes to arrive at a
cumulative change for a particular period may result in inaccurate
results depending on the fluctuation in the Average Cost of Rewards
per Loyalty Unit redeemed for the period in question. PLM Adjusted
EBITDA is not a measurement based on GAAP, is not considered an
alternative to net earnings in measuring profitability, does
not have a standardized meaning, and is not comparable to similar
measures used by other issuers. Aimia and PLM's management do not
believe that PLM Adjusted EBITDA has an appropriate directly
comparable GAAP measure. However, a reconciliation to PLM's
operating income is provided in our MD&A on page 31. PLM
Adjusted EBITDA is used by Aimia and PLM's management to evaluate
performance. Aimia and PLM's management believe PLM Adjusted EBITDA
assists investors in comparing PLM's performance on a consistent
basis without regard to depreciation and amortization and
impairment charges related to non-financial assets, which are
non-cash in nature and can vary significantly depending on
accounting methods, and non-operating factors such as historical
cost.
Reconciliation to GAAP
For a reconciliation of the above Non-GAAP financial measures
to GAAP, please refer to the MD&A for the three months ended
March 31, 2020 in the section called
"Summary of consolidated operating results and reconciliation of
Adjusted EBITDA and Free Cash Flow".
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking information" within the meaning of Canadian
securities laws ("forward-looking statements"), which are based
upon our current expectations, estimated, projections, assumptions
and beliefs. All information that is not clearly historical in
nature may constitute forward-looking statements. In some cases,
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 conditional
terms such as "anticipate", "believe", "could", "estimate",
"expect", "intend", "may", "plan", "predict", "project", "will",
"would", and "should". Forward-looking statements in this
press release include, but are not limited to, statements with
respect to our current and future plans, expectations and
intentions, results, level of activity, performance, goals and
achievements (including of our equity investments), the anticipated
benefits of the proposed transactions with Kognitiv and Mittleman
Brothers LLC, including expected revenue synergies, cost synergies
and the pro forma financial impact on the combined businesses
resulting therefrom, and the completion and timing of the
transactions.
Forward-looking statements, by their nature, are based on
assumptions and are subject to known and unknown risks and
uncertainties, both general and specific, that contribute to the
possibility that the predictions, forecasts projections and other
forward-looking statement will not occur. The forward-looking
statements in this press release speak only as of the date hereof
and reflect several material factors, expectations and assumptions,
including a number of economic and market assumptions, assumptions
relating to the expected benefits to be realized from the
transaction with Mittleman Brothers and synergies to be realized
from the transaction with Kognitiv, as well as assumptions
regarding currencies and the performance of the economies in which
the company operates and market competition and tax laws applicable
to the company's operations. The company cautions that the
assumptions used to prepare the above guidance, although reasonable
at the time they were made, may prove to be incorrect or
inaccurate. In addition, the guidance does not reflect the
potential impact of any non-recurring or other special items or of
any new material commercial agreements, dispositions, mergers,
acquisitions, other business combinations or other transactions
that may be announced or that may occur after May 13, 2020. The financial impact of these
transactions and non-recurring and other special items can be
complex and depends on the facts particular to each of them. We
therefore cannot describe the expected impact in a meaningful way
or in the same way we presently know about the risks affecting our
business. Accordingly, our actual results could differ materially
from our expectations as set forth in this presentation.
Undue reliance should not be placed on any forecasts,
predictions or forward-looking statements as these may be affected
by, among other things, changing external events and general
uncertainties of the business and its corporate structure. Results
indicated in forward-looking statements may differ materially from
actual results for a number of reasons, including without
limitation, failure of the proposed amalgamation of Aimia's Loyalty
Solutions and ISS businesses (together, "Aimia Loyalty Solutions")
with Kognitiv and the proposed acquisition of Mittleman Brothers
LLC being completed on the contemplated terms and in a timely
manner or at all, failure to successfully negotiate the proposed
amendments of the Shareholders Agreement with Aeromexico or the
CPSA between Aeromexico and PLM on the same terms as set forth in
the letter of intent or at all, failure to realize the anticipated
benefits from the transactions with Kognitiv and/or Mittleman
Brothers, the execution of the strategic plan, investment risks,
including in connection with how and when to deploy and invest
Aimia's considerable cash and other liquid assets, investment
partnerships risks, reliance on key personnel, market price and
trading volume of the common shares and preferred shares, passive
foreign investment company risk, industry competition, failure to
protect intellectual property rights, technological disruptions and
inability to use third-party software and outsourcing, regulatory
matters - privacy, failure to safeguard databases, cyber security
and consumer privacy, uncertainty of dividend declarations and/or
payments on either common shares or preferred shares, tax losses,
business and industry disruptions related to natural disasters,
security issues and global health crises particularly as they might
affect the airline, travel and hospitality sectors, airline
industry changes and increased airline costs, foreign operations,
interest rate and currency fluctuations, retail market/economic
conditions, legal proceedings, audit by tax authorities, as well as
the other factors identified throughout this news release and
throughout Aimia's public disclosure records on file with the
Canadian securities regulatory authorities. A discussion of the
material risks applicable to us can be found in our current
Management and Discussion and Analysis and Annual Information Form,
each of which have been or will be filed on SEDAR and can be
accessed at www.sedar.com. Except as required by applicable
securities laws, forward-looking statements speak only as of the
date on which they are made and we disclaim any intention and
assumes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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SOURCE Aimia Inc.