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Annual Report 2019 Highlights 2019 Annual Report 2019 Highlights $5.58B $1.27B $572.6M Revenue Adjusted EBITDA, net Income from continuing operations % $ Winning “W” Company 41 ~ 10M for Women on Boards Women leaders across Community investments Alliance Data FTSE4Good Bloomberg Fortune 100 Index Series Gender-Equality Index Best Companies to Work For Message from the CEO Dear Stockholders, 2019 was a both a challenging and a transformational year for Alliance Data. While financial results fell below original expectations, we took several strategic actions to strengthen our financial position and structure the organization for future success. As Alliance Data’s new president and chief executive officer, I am focused on returning Alliance Data to consistent and predictable growth. To do so, we will build upon a strategy of simplification, focus and investment in key strategic areas — with the support of an engaged and committed workforce. Let me briefly review 2019, Ralph Andretta and then provide perspective about our focus heading into 2020. President and CEO A YEAR IN REVIEW The Board and leadership of Alliance Data made a number of critical decisions last year that streamlined the Company, setting us up for improved performance and a return to measured growth moving forward. In 2019, we simplified our business significantly with the completion of the Epsilon sale on July 1, 2019, followed by the sale of LoyaltyOne’s Precima business in January 2020. Our former three segments had contributed to balanced growth in the past, but increasingly competed for internal investment dollars in a rapidly evolving business climate. The sale of Epsilon allowed us to focus our investment in Card Services, our biggest driver of revenue and growth opportunity, but also required us to reduce our capital structure to match the smaller organization. We streamlined the cost structure throughout the Alliance Data enterprise, reducing run rate expenses entering 2020 and improving our balance sheet, to give us greater financial flexibility. We reduced corporate debt by $2.9 billion, while extending the debt maturity ladder. In addition, a portion of the Epsilon sale proceeds funded $976 million in share repurchases, $750 million of which were acquired through a “modified Dutch Auction” tender offer completed in August. Our cost-containment and other strategic initiatives extended throughout the organization, including at our LoyaltyOne® businesses. At Netherlands-based BrandLoyalty, we significantly reduced our workforce, made key senior leadership changes, reduced inventory levels and secured key supplier relationships for the long term, collectively lifting profitability and revenue growth toward the latter part of the year. At our AIR MILES® Reward Program in Canada, we reallocated non-core project investments to the coalition program, made substantive workforce and leadership changes, and enhanced critical technical and digital capabilities that improved engagement across the program’s Collectors and Partners. Message from the CEO Even as Alliance Data underwent significant transition during the year, we maintained our commitment to an ethical and diverse workplace culture with sustainable business practices. We also made changes at Card Services, While external recognition provides validation positioning the business to compete more of the way we build and nurture our culture, effectively within the changing retail landscape we also celebrate individual associates across and setting the stage for improved performance. the business who embody our company Over the past several years, we have been values by giving back to their communities deliberately moving away from focusing on every day. In 2019, we continued to focus traditional mall-based retailers as consumer our community investments — from both a shopping behavior evolved toward digital and financial and volunteerism perspective — on mobile channels, and we accelerated our ongoing education, children, hunger and the environment. transition toward more diverse clients and In addition, we prioritize investments that verticals during the year. We also finalized the connect associates, align with our expertise, are sale of $3.2 billion of income-producing non-core geographically inclusive, and enhance our brand receivables, a process initiated in 2017. The sales and reputation. negatively impacted 2019 revenue, but moved us toward a much healthier client base long-term. COMMENTS REGARDING CORONAVIRUS The downsizing actions undertaken in late 2019 (COVID-19) better aligned our operating cost structure with Having started my tenure with Alliance Data our slower growth rate. in February 2020, I continue to spend time understanding the nuances of the business and OUR STRONG CULTURE meeting the people who make up this great Even as Alliance Data underwent significant organization. Just over one month in, at the transition during the year, we maintained our time of this annual report’s publishing in April commitment to an ethical and diverse workplace 2020, the World Health Organization recently culture with sustainable business practices. declared the coronavirus (COVID-19) a global For the second consecutive year, Alliance Data pandemic, the effects of which have resulted in was one of 230 companies selected for the substantial challenges to the world’s social and annual Bloomberg Gender-Equality Index, economic ecosystems. Our thorough and tested which distinguishes companies committed to business continuity strategies are activated, with transparency in gender reporting and advancing the goal of protecting the health and well-being women’s equality. We were also recognized by of our global workforce and achieving minimal Great Place to Work and FORTUNE as a 2019 business disruption. As a services organization, Best Companies to Work For and a 2019 Best our workforce is mobile-enabled in all locations, Workplaces for Women. And also for the second and our dedicated teams have quickly adapted consecutive year, Alliance Data was included in to temporary work-from-home arrangements. the FTSE4GOOD Index Series, which measures Alliance Data is financially strong, and we are the performance of companies demonstrating committed to working in tandem with our clients strong Environmental, Social and Governance and all of our stakeholders to strive for the best (ESG) practices — an index used by global possible outcome in these difficult times. investors interested in companies’ ESG-related performance and disclosures. Message from the CEO Looking forward, and with the support of the Board and our strong senior leadership team, we are already making progress in areas that I believe will enable Alliance Data to drive improved performance. OUTLOOK saw the start of a nice turnaround for this business, with solid cost controls in place that Looking forward, and with the support of the Board better position BrandLoyalty moving into 2020. and our strong senior leadership team, we are already making progress in areas that I believe will IN CLOSING enable Alliance Data to drive improved performance across key areas of our operations, including: When I accepted the position with Alliance Data, it was with eyes wide open. And, the more I get • Responsible finance; to know the Company and its people, the more I • Prudent risk management; like what I see. This is an organization with solid • Sound regulatory compliance; fundamentals in place and adroit operational, strategic and leadership strengths. Only a bold • Targeted investments in digital products and company with these attributes could make the capabilities that align with client and customer tough decisions that 2019 demanded in order to needs; and lay the groundwork for future success. • Effective corporate governance. Moving forward, Alliance Data is a leaner, more Our key priorities in Card Services will be to efficient and formidable company. We intend expand our offerings to include new digital to execute on where we differentiate from our initiatives that meet the needs and expectations competitors. At our core, we know how to of the changing consumer and retailer. This, successfully use data to drive performance for along with an improved sales cycle approach, our valued clients, so we need to invest in and will accelerate our speed to market, enabling us build new capabilities around that expertise. We to onboard new clients more efficiently as we also need to meet the evolving expectations of continue to diversify our client base. In addition, a broad range of stakeholders, demonstrating to we will lean more heavily into our recently all of them that we operate ethically, responsibly, introduced consumer deposit product as a and with full transparency. While we work toward source of funding. improved long-term results and strengthening the business, we are also intentionally focusing on LoyaltyOne is also set up for 2020. The AIR MILES social and environmental awareness as part of our Reward Program is a mature, well-established sustainability strategy, reporting annually on our business generating solid, consistent cash flow. progress and performance. We will remain committed to enhancing the Program’s digital and marketing technology I am confident that, with the support of our capabilities to further engage our high- and stakeholders, we can shape a new, more mid-frequency Partners. Additionally, we remain promising path forward for Alliance Data as a focused on developing new and innovative company worthy of your investment. Thank you reward options for our diverse Collector base for
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