Points.com Inc.

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Points International's financial results for the fourth quarter and full year ended December 31, 2020. Delivering today's prepared remarks are Chief Executive Officer Rob McClain, President Christopher Barnard, and Chief Financial Officer Eric Georgiou. Following their prepared remarks, the management team will open the call up for any questions. Before we go further, I would like to turn the call over to Sean Mansoury of Gateway Investor Relations, Points International's IR Advisor, as he reads the company's safe harbor that provides important cautions regarding forward-looking statements. Sean, please go ahead.

Thank you. Please be reminded that the remarks on this conference call may contain or refer to forward-looking statements within the meaning of Canadian and U.S. securities laws. Management may also make additional forward-looking statements in response to your questions. Although management believes these forward-looking statements are reasonable, such statements are not guarantees of future performance or action and are subject to important risks and uncertainties that are difficult to predict. Certain material assumptions are applied in making forward-looking statements and may not prove to be correct. Important factors that can cause actual results to differ materially and the assumptions used in making such statements were included in our fourth quarter and full year 2020 financial results press release issued prior to this call, as well as other documents filed with the Canadian and U.S. securities regulators. Except as required by law, the company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. With that, I'll turn the call over to Point's Chief Executive Officer, Rob McLean. Rob?

Thanks, Sean, and good afternoon, everyone. Even as the pandemic continues to challenge our broader industry, we have closed out 2020 on solid footing. We delivered sequential improvements across all key financial metrics during the fourth quarter, including a 49% sequential increase in gross profit off the back of stronger promotional activity with our partners. Further, we generated positive adjusted EBITDA for the quarter and the full year. Throughout 2020, our team remained focused on creating value for our partners and ensuring that we are optimally positioned for travel's long-term recovery. Our team's dedication has allowed points to remain resilient within the most difficult market environment imaginable. As our travel and hospitality partners navigate this new landscape, they are leveraging the long-term value inherent in their loyalty programs. In addition to certain travel operators using their loyalty programs as collateral for debt financings through 2020, The Wall Street Journal recently reported that U.S. airlines are enhancing their loyalty programs to broaden their demographic reach and offer members additional benefits outside of travel. With new program features spanning virtual exercise subscriptions, e-book capabilities, and a shifting emphasis from miles traveled to how much members spend, loyalty programs are expanding the ways in which their members can flexibly earn, redeem, and spend their miles. particularly among millennial and Gen Z customers. We view these changes, which enhance the overall utility of the world's largest loyalty currencies, as favorable for the broader industry, which further strengthens our belief that loyalty will be at the forefront of a travel recovery. Given their size and flexibility, loyalty programs offer tremendous value for travel operators in both the near and long term, even while travel itself remains broadly challenged around the world. As the travel industry evolves during and following the pandemic, loyalty programs have an inherent adaptability from which travelers and operators alike can benefit. As we support our partners through this time, we have maintained our focus on leveraging the flexibility of our loyalty commerce platform to grow and support their members engagement. Our successes in 2020 deepened several long-term partnerships, launched new relationships, broadened our geographic reach, and allowed us to optimize the suite of services we already have in market through enhanced and automated merchandising strategies. During Q4 alone, we launched three new loyalty program partnerships into market and expanded services for six existing partners, spanning not only our core buy, gift, and transfer solutions, but also new and innovative premium capabilities. This expansion to our network of services includes monthly mileage earning subscriptions we recently implemented for United Airlines and our new Delta Choice product with Delta Airlines. With the adaptability and resilience of our platform, we have continued to deliver on the strategy we laid out in 2019. And with these new partners and products launched during 2020, we have increased our products deployed footprint more than 10% in the past year alone. This increase in revenue generating capacity is very encouraging and will help to accelerate the growth of the company as travel recovers. Christopher will provide more detail on our current and upcoming initiatives later in the call. As our company enters its 21st year of operations, I'm confident in the comprehensive platform we've built and in our continued focus on building our business. From the onset of the pandemic last year to where we sit today, we've taken proactive actions to ensure that our workforce remains safe and intact and that we were well-capitalized to respond to industry-wide volatility. We've worked diligently to build a resilient operational and financial foundation and enhance our positioning for travel's inevitable recovery, and we look forward to continuing this work into 2021. I'll now hand it over to Eric to review our financial performance for the fourth quarter and full year, and then Christopher will provide some additional highlights and perspective on our partner activity.