In late 2011, we announced the implementation of five-year expiry on all existing and future AIR MILES, and we anticipated that the introduction of an expiry policy would cause a temporary one-time pull forward of miles which redeemed in the first quarter, and we expect that that redemption activity will abate and return to more normal 2% to 3% year-over-year growth rates for the remainder of this year.
Alliance Data Systems' CEO Discusses Q1 2012 Results - Earnings Call Transcript
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