v3.21.2

SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2021
SEGMENT INFORMATION |
SEGMENT INFORMATION | 16. SEGMENT INFORMATION Operating segments are defined by ASC 280, “Segment Reporting,” as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The operating segments are reviewed separately because each operating segment represents a strategic business unit that generally offers different products and services.
| ● | The AIR MILES Reward Program is a full service outsourced coalition loyalty program for our sponsors, who pay us a fee per AIR MILES reward mile issued, in return for which we provide all marketing, customer service, rewards and redemption management.
| ● | BrandLoyalty designs, implements, conducts and evaluates innovative and tailor-made loyalty programs for grocers and other high-frequency retailers worldwide. These loyalty programs are designed to generate immediate changes in consumer behavior and are offered through leading grocers across Europe and Asia, as well as around the world.
| ● | Corporate and other consists of corporate overhead not allocated to any of the Company’s segments.
Income taxes and equity in earnings (losses) from related party investments accounted for under the equity method are not included in the computation of segment operating profit for internal evaluation purposes. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | AIR MILES |  | ​ | ​ |  | Corporate/ |  | ​ | ​
Three Months Ended September 30, 2021 | ​ | Reward Program | ​ | BrandLoyalty | ​ | Other | ​ | Total
​ | ​ | (in thousands)
Revenues | ​ | $ | 71,928 | ​ | $ | 97,329 | ​ | $ | — | ​ | $ | 169,257
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) before income taxes | ​ | $ | 33,889 | ​ | $ | 6,524 | ​ | $ | (4,018) | ​ | $ | 36,395
Interest (income) expense, net | ​ |  | (206) | ​ |  | 70 | ​ |  | — | ​ |  | (136)
Depreciation and amortization | ​ |  | 6,018 | ​ |  | 3,080 | ​ |  | — | ​ |  | 9,098
Stock compensation expense | ​ |  | 777 | ​ |  | 948 | ​ |  | 418 | ​ |  | 2,143
Adjusted EBITDA (1) | ​ | $ | 40,478 | ​ | $ | 10,622 | ​ | $ | (3,600) | ​ | $ | 47,500
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | AIR MILES |  | ​ | ​ |  | Corporate/ |  | ​ | ​
Three Months Ended September 30, 2020 | ​ | Reward Program | ​ | BrandLoyalty | ​ | Other | ​ | Total
​ | ​ | (in thousands)
Revenues | ​ | $ | 66,198 | ​ | $ | 118,558 | ​ | $ | — | ​ | $ | 184,756
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) before income taxes | ​ | $ | 28,376 | ​ | $ | (10,084) | ​ | $ | (3,630) | ​ | $ | 14,662
Interest (income) expense, net | ​ |  | (223) | ​ |  | 56 | ​ |  | — | ​ |  | (167)
Depreciation and amortization | ​ |  | 4,730 | ​ |  | 15,543 | ​ |  | — | ​ |  | 20,273
Stock compensation expense | ​ |  | 562 | ​ |  | 920 | ​ |  | 344 | ​ |  | 1,826
Gain on sale of business, net of strategic transaction costs | ​ | ​ | 178 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 178
Strategic transaction costs | ​ |  | 66 | ​ |  | — | ​ |  | — | ​ |  | 66
Restructuring and other charges | ​ |  | (5) | ​ |  | — | ​ |  | — | ​ |  | (5)
Adjusted EBITDA (1) | ​ | $ | 33,684 | ​ | $ | 6,435 | ​ | $ | (3,286) | ​ | $ | 36,833
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | AIR MILES |  | ​ | ​ |  | Corporate/ |  | ​ | ​
Nine Months Ended September 30, 2021 | ​ | Reward Program | ​ | BrandLoyalty | ​ | Other | ​ | Total
​ | ​ | (in thousands)
Revenues | ​ | $ | 214,123 | ​ | $ | 282,593 | ​ | $ | — | ​ | $ | 496,716
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) before income taxes | ​ | $ | 94,214 | ​ | $ | 2,447 | ​ | $ | (11,608) | ​ | $ | 85,053
Interest (income) expense, net | ​ |  | (582) | ​ |  | 264 | ​ |  | — | ​ |  | (318)
Depreciation and amortization | ​ |  | 17,927 | ​ |  | 9,626 | ​ |  | — | ​ |  | 27,553
Stock compensation expense | ​ |  | 2,126 | ​ |  | 2,883 | ​ |  | 1,313 | ​ |  | 6,322
Adjusted EBITDA (1) | ​ | $ | 113,685 | ​ | $ | 15,220 | ​ | $ | (10,295) | ​ | $ | 118,610
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | AIR MILES |  | ​ | ​ |  | Corporate/ |  | ​ | ​
Nine Months Ended September 30, 2020 | ​ | Reward Program | ​ | BrandLoyalty | ​ | Other | ​ | Total
​ | ​ | (in thousands)
Revenues | ​ | $ | 207,351 | ​ | $ | 326,581 | ​ | $ | — | ​ | $ | 533,932
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) before income taxes | ​ | $ | 107,509 | ​ | $ | (18,562) | ​ | $ | (10,794) | ​ | $ | 78,153
Interest (income) expense, net | ​ |  | (826) | ​ |  | 310 | ​ |  | — | ​ |  | (516)
Depreciation and amortization | ​ |  | 13,136 | ​ |  | 43,722 | ​ |  | — | ​ |  | 56,858
Stock compensation expense | ​ |  | 1,515 | ​ |  | 2,478 | ​ |  | 1,191 | ​ |  | 5,184
Gain on sale of business, net of strategic transaction costs | ​ |  | (7,791) | ​ |  | — | ​ |  | — | ​ |  | (7,791)
Strategic transaction costs | ​ |  | 229 | ​ |  | — | ​ |  | — | ​ |  | 229
Restructuring and other charges | ​ |  | 174 | ​ |  | (50) | ​ |  | — | ​ |  | 124
Adjusted EBITDA (1) | ​ | $ | 113,946 | ​ | $ | 27,898 | ​ | $ | (9,603) | ​ | $ | 132,241
(1) | Adjusted EBITDA is a non-GAAP financial measure equal to net income, the most directly comparable financial measure based on GAAP, plus (income) loss from investment in unconsolidated subsidiary – related party, provision for income taxes, interest (income) expense, net, depreciation and other amortization, and amortization of purchased intangibles, and stock compensation expense. Adjusted EBITDA also excludes the gain on the sale of business, strategic transaction costs, which represent costs for professional services associated with strategic initiatives, and restructuring and other charges.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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