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• points Points International Reports First Quarter 2021 Results - Continued Operational Resilience Drives Second Consecutive Quarter of Sequential Revenue , Gross Profit and Adjusted EBITDA Growth- - Strong Quarter of New and Expanded Partnership Activity - TORONTO - May 12 , 2021 – Points International Ltd. ( 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 , 2021 . Unless otherwise noted , all amounts are in USD . The complete first quarter Condensed Consolidated Interim Financial Statements and Management's Discussion & Analysis are available at www.sedar.com and www.sec.gov . " Our first quarter results represent our best quarterly performance since the onset of the pandemic , " said Rob MacLean , CEO of Points . " We drove continued sequential improvements across revenue and gross profit , as well as significant Adjusted EBITDA expansion . Further , our recent equity offering has bolstered our strong liquidity position , giving us additional flexibility as we execute on our growth drivers throughout the year . As the broader travel and hospitality industry works towards recovery , we are seeing increased consumer confidence and pent- up travel demand which is driving improved performance across our products and services . These positive trends are strengthening our confidence in the important role loyalty programs will play in the coming years of growth in travel and hospitality . " Building on our pipeline momentum in 2020 , we have continued to execute on our core growth drivers so far in 2021. We expanded our relationships with several existing partnerships , including additional deployments of our new Subscription and Accelerate Anything services , both of which have generated strong partner interest during the pandemic . In addition , we have continued to develop new relationships and deepened our presence in the growing Middle East travel market . " Mr. MacLean concluded : “ As we look to the rest of 2021 , the progress we have seen over the past 2 quarters provides us with confidence that the initial stages of the travel recovery are underway . We will continue to execute on our growth drivers and support our partners as we accelerate our performance in the coming quarters of recovery . Points has demonstrated tremendous resilience throughout the pandemic , and I am proud of our team's commitment and effort as we emerge from the past year as an even stronger organization . " First Quarter 2021 Financial Highlights ( in millions USD ) Total Revenue Gross Profit Total Operating Expenses Net Income / ( Loss ) Adjusted EBITDA¹ For the three months ended March 31 , 2021 December 31 , 2020 March 31 , 2020 $ 65.0 $ 56.4 $ 82.7 $ 9.0 $ 8.5 $ 13.8 $ 10.2 $ 9.9 $ 12.5 ( $ 1.1 ) ( $ 0.7 ) $ 1.1 $ 1.2 $ 0.4 $ 3.6 1 Adjusted EBITDA ( Earnings before income tax expense , depreciation and amortization , foreign exchange , finance costs and equity - settled share - based compensation ) 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 Non - GAAP Financial Measures section of Management's Discussion and Analysis .