Points.com Inc.

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Point International's financial results for the first quarter ended March 31st, 2021. Delivering today's prepared remarks are Chief Executive Officer Rob McLean, President Christopher Barnard, and Chief Financial Officer Eric Giorgio. Following their prepared remarks, the management team will open up the call for any questions. Before we go further, I would like to turn the call over to Cody Slaw of Gateway Investor Relations Point International's IR Advisor as he reads the company's safe harbor that provides important cautions regarding forward-looking statements. Cody, 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 could cause actual results to differ materially and the assumptions used in making such statements were included in our first quarter financial results press release issued prior to this call, as well as other documents filed with the Canadian and US 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 said, I'll turn the call over to Point's Chief Executive Officer, Rob McLean. Rob?

Thanks, Cody, and good afternoon, everyone. As our broader industry works towards recovery, we are pleased to have carried our momentum from last quarter through Q1. Our first quarter results exceeded our expectations as we continued to deliver sequential improvements across key financial metrics, achieving three times the adjusted EBITDA we generated last quarter. In addition, we have further enhanced our strong liquidity position through the successful completion of our $31.6 million Canadian dollar public bought deal offering in March. Our team has remained dedicated to not only supporting our current partners, but also driving new business development opportunities across our growing partner base. Though we continue to operate with caution in the near term, the resilience and flexibility of our platform has made us well-prepared for longer-term growth in our industry. With COVID-19 vaccinations becoming more widespread, the travel and hospitality industry has begun to see the return of consumer confidence in travel. In the United States, the CDC recently deemed domestic travel a low-risk activity for people who are fully vaccinated, and throughput at TSA checkpoints nationwide has remained at well over 1 million travelers per day since the middle of March. Many countries around the globe are also easing their pandemic-related restrictions and putting new travel policies in place. The pace of recovery, of course, is neither quick nor universal. Several countries are still contending with elevated case counts, and international traffic remains below 2019 levels. Yet the trends we are seeing demonstrate that there is significant pent-up demand for travel and that loyalty programs have a key role to play in meeting these returning travelers' needs. Operators have also continued to leverage the ongoing value of loyalty programs to support their own recovery. In early March, American Airlines announced the issuance of $7.5 billion in new financing backed by its Advantage program, an offering that was soon raised to $10 billion in response to elevated interests. The prevalence of actions like these since the onset of the pandemic signals the important, steady role that loyalty programs are fulfilling in the industry's short- and long-term recovery efforts. On an operational level, loyalty programs have been strong, consistent sources of value for both customers and operators because of their scale and flexibility. Even as they remained largely grounded over the past year, active loyalty consumers have continued earning points and miles, which they can readily deploy for new trips as travel rebounds and spend on an increasing range of non-travel options. For operators, the points that their loyalty customers continued earning served as critical sources of liquidity during the most difficult times the travel industry has ever experienced. Against this backdrop, the work we have put into adapting our own service suite and developing our pipeline seeks to enhance this inherent scale and flexibility. Helping our loyalty partners and customers adapt to new normal requires us to continually innovate as we respond to their needs. This focus on innovation and adaptability has fueled our continued execution on our core growth drivers. Our recent launches to date in 2021 have deepened our existing relationships by deploying net new services and optimizing several services we already have in the market. We've also further enhanced some of our newer relationships and strengthened our foothold in the Middle East. As Chris will discuss later on the call, we have worked to expand several features that gained traction during the pandemic such as our subscription and accelerate anything products, which have generated strong partner interest throughout the pandemic. This is all in addition to the continued progress we've made with our core currency retailing activity. As we have since the outset of the pandemic, we are closely monitoring the various states and paces of recovery around the world and across our partner base. While we remain encouraged by current trends, we recognize that visibility is still limited within our own business and those of our current and prospective partners. We certainly believe we are in the early stages of the recovery. However, the pace of that recovery will be gradual and largely non-linear. Yet, amid this landscape, we are making demonstrable progress with the factors that are within our control. We are building the roster of partnerships that benefit from our services, We are leveraging our unique and valuable products and services to enhance and grow our existing loyalty program partnerships. And we are optimizing the reach and technological capabilities of our already comprehensive platform. Given the continued growth we see ahead, we have also streamlined our business internally to better serve our partners and leverage the capabilities of our platform to drive greater efficiencies. This realignment of our operations towards a platform-focused approach will enable us to better capture current and future opportunities as the pace of recovery increases. We have also aligned our financial reporting to this approach, and Eric will address this shortly. I'm proud of our team's constant resilience and dedication, and we look forward to working towards further progress on our global growth drivers. I will now hand it over to Eric to review our financial performance for the first quarter, and then Christopher will provide some additional highlights and perspective on our partner activity. Eric?