Pine Labs’ Chief Financial Officer, Sameer Kamath, says the company does not earn income from “gift card breakage,” meaning unused balances on co-branded gift cards. In comments to NDTV Profit, Kamath states that any unused balances on co-branded cards are passed on entirely to the partner brands. He adds that Pine Labs does not recognize breakage-related income in its financial reporting: it records no income from gift card breakage in its profit and loss statement and does not reflect any related balances on its balance sheet. The statement addresses how unused gift card amounts are treated and whether Pine Labs retains any portion as revenue. The disclosure is presented as a clarification of Pine Labs’ accounting and cash-flow approach for co-branded gift cards, indicating that partner brands receive the unused amounts rather than the payment company. The information comes from Kamath’s remarks to NDTV Profit and is limited to the issue of breakage income recognition and allocation to partner brands.