Loyalty Ventures (LYLTQ) 10-K 28 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 18, 2022	Jun. 30, 2021
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Entity File Number	001-40776
Entity Registrant Name	Loyalty Ventures Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1353472
Entity Address State Or Province	TX
Entity Address, Address Line One	7500 Dallas Parkway, Suite 700
Entity Address, City or Town	Plano
Entity Address, Postal Zip Code	75024
City Area Code	972
Local Phone Number	338-5170
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	LYLT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		24,611,546
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Dallas, Texas
Entity Central Index Key	0001870997
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED AND COMBINED BALAN

CONSOLIDATED AND COMBINED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 167,601	$ 278,841
Accounts receivable, net, less allowance for doubtful accounts ($4.7 million and $4.0 million at December 31, 2021 and 2020, respectively)	288,251	270,559
Inventories, net, less allowance for obsolescence ($13.5 million and $10.9 million at December 31, 2021 and 2020, respectively)	188,577	164,306
Redemption settlement assets, restricted	735,131	693,461
Other current assets	28,627	23,000
Total current assets	1,408,187	1,430,167
Property and equipment, net	79,959	97,916
Right of use assets - operating	99,515	113,870
Deferred tax asset, net	58,128	70,137
Intangible assets, net	3,095	5,097
Goodwill	649,958	735,898
Investment in unconsolidated subsidiary - related party		854
Other non-current assets	24,885	4,125
Total assets	2,323,727	2,458,064
LIABILITIES AND EQUITY
Accounts payable	103,482	74,818
Accrued expenses	144,997	67,056
Deferred revenue	924,789	898,475
Current operating lease liabilities	10,055	9,942
Current debt	50,625
Other current liabilities	118,444	64,990
Total current liabilities	1,352,392	1,115,281
Deferred revenue	97,167	105,544
Long-term operating lease liabilities	103,242	117,648
Long-term debt	603,488
Other liabilities	20,874	25,290
Total liabilities	2,177,163	1,363,763
Commitments and contingencies (Note 17)
EQUITY
Common stock, $0.01 par value; authorized, 200,000 shares; issued, 24,585 shares at December 31, 2021	246
Additional paid-in-capital	266,775
Accumulated deficit	(55,383)
Parent's net investment		1,093,920
Accumulated other comprehensive (loss) income	(65,074)	381
Total equity	146,564	1,094,301
Total liabilities and equity	$ 2,323,727	$ 2,458,064

CONSOLIDATED AND COMBINED BAL_2

CONSOLIDATED AND COMBINED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Millions	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED AND COMBINED BALANCE SHEETS
Allowance for doubtful accounts	$ 4.7	$ 4
Allowance for obsolescence	$ 13.5	$ 10.9
Common stock, par value (in dollars per share)	$ 0.01
Common stock, authorized shares	200,000
Common stock, issued shares	24,585

CONSOLIDATED AND COMBINED STATE

CONSOLIDATED AND COMBINED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Total revenue	$ 735,307	$ 764,806	$ 1,033,131
Operating expenses
Cost of operations (exclusive of depreciation and amortization disclosed separately below)	573,246	587,615	847,552
General and administrative	20,011	14,315	14,823
Depreciation and other amortization	34,944	28,988	32,152
Amortization of purchased intangibles	1,740	48,953	48,027
Goodwill impairment	50,000
Total operating expenses	679,941	679,871	942,554
Operating income	55,366	84,935	90,577
Gain on sale of a business		(10,876)
Interest expense (income), net	5,534	(834)	2,335
Income before income taxes and (income) loss from investment in unconsolidated subsidiaries	49,832	96,645	88,242
Provision for income taxes	52,175	21,324	11,331
(Income) loss from investment in unconsolidated subsidiaries - related party, net of tax	(4,067)	246	1,681
Net income	$ 1,724	$ 75,075	$ 75,230
Net income per share - Basic (Note 4)	$ 0.07	$ 3.05	$ 3.06
Net income per share - Diluted (Note 4)	$ 0.07	$ 3.05	$ 3.06
Weighted average shares - Basic (Note 4)	24,585	24,585	24,585
Weighted average shares - Diluted (Note 4)	24,591	24,585	24,585
Redemption, net
Total revenue	$ 444,395	$ 473,067	$ 637,321
Services
Total revenue	269,073	264,050	367,647
Other Revenue
Total revenue	$ 21,839	$ 27,689	$ 28,163

CONSOLIDATED AND COMBINED STA_2

CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income	$ 1,724	$ 75,075	$ 75,230
Other comprehensive income (loss):
Unrealized (loss) gain on securities available-for-sale	(16,819)	18,551	6,405
Tax benefit (expense)	693	(670)
Unrealized (loss) gain on securities available-for-sale, net of tax	(16,126)	17,881	6,405
Unrealized gain (loss) on cash flow hedges	2,514	(639)	115
Tax (expense) benefit	(544)	72	(24)
Unrealized gain (loss) on cash flow hedges, net of tax	1,970	(567)	91
Foreign currency translation adjustments (inclusive of contribution from Parent of corporate entities of $0.4 million for the year ended December 31, 2021 and deconsolidation of $3.9 million for the year ended December 31, 2020)	(51,299)	75,133	(6,214)
Other comprehensive (loss) income, net of tax	(65,455)	92,447	282
Total comprehensive (loss) income, net of tax	$ (63,731)	$ 167,522	$ 75,512

CONSOLIDATED AND COMBINED STA_3

CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Contribution from parent of corporate entities	$ 0.4
Deconsolidation		$ 3.9

CONSOLIDATED AND COMBINED STA_4

CONSOLIDATED AND COMBINED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Parent's Net Investment.	Accumulated Other Comprehensive Loss	Total
Balance at Beginning at Dec. 31, 2018				$ 697,378	$ (92,348)	$ 605,030
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income				75,230		75,230
Other comprehensive income (loss)					282	282
Change in Parent's net investment				267,017		267,017
Balance at Ending at Dec. 31, 2019				1,039,625	(92,066)	947,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income				75,075		75,075
Other comprehensive income (loss)					92,447	92,447
Change in Parent's net investment				(20,780)		(20,780)
Balance at Ending at Dec. 31, 2020				1,093,920	381	1,094,301
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income			$ (55,383)	57,107		1,724
Other comprehensive income (loss)					(65,822)	(65,822)
Change in Parent's net investment				(141,939)		(141,939)
Consideration paid to Parent in connection with Separation				(750,000)		(750,000)
Contribution from Parent of corporate entities		$ 7,247			367	7,614
Issuance of common stock and reclassification of Parent's net investment	$ 246	258,842		$ (259,088)
Issuance of common stock and reclassification of Parent's net investment (in shares)	24,585
Stock-based compensation		688				688
Other		(2)				(2)
Balance at Ending at Dec. 31, 2021	$ 246	$ 266,775	$ (55,383)		$ (65,074)	$ 146,564
Balance at Ending (in shares) at Dec. 31, 2021	24,585

CONSOLIDATED AND COMBINED STA_5

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,724	$ 75,075	$ 75,230
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	36,684	77,941	80,179
Deferred income tax expense (benefit)	8,763	(3,502)	(19,853)
Non-cash stock compensation	6,259	7,017	9,076
Loss from investments in unconsolidated subsidiaries - related party	60	246	1,681
Gain on sale of investment in unconsolidated subsidiary - related party	(4,110)
Gain on sale of a business		(10,876)
Asset impairment charges			40,664
Goodwill impairment	50,000
Change in other operating assets and liabilities, net of sale of business:
Change in deferred revenue	9,990	60,826	2,943
Change in accounts receivable	13,145	64,194	(36,104)
Change in accounts payable and accrued expenses	29,868	(40,361)	(50,459)
Change in other assets	(37,061)	79,009	12,845
Change in other liabilities	45,811	(86,787)	(15,332)
Other	18,443	(6,465)	4,829
Net cash provided by operating activities	179,576	216,317	105,699
CASH FLOWS FROM INVESTING ACTIVITIES:
Change in redemption settlement assets, restricted	(51,924)	(40,677)	(9,496)
Capital expenditures	(18,213)	(24,319)	(41,457)
Proceeds from the sale of investment in unconsolidated subsidiaries - related party	4,055		4,000
Investments in unconsolidated subsidiaries - related party		(736)	(6,093)
Distributions from investment in unconsolidated subsidiary - related party	795
Net cash used in investing activities	(65,287)	(65,732)	(53,046)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under debt agreements	675,000		28,271
Repayments of borrowings			(203,634)
Repayments of borrowings from related parties			(127,845)
Payment of deferred financing costs	(22,852)
Contribution from Parent	5,637		288,693
Consideration paid to Parent in connection with Separation	(750,000)
Dividends paid to Parent	(120,000)
Net transfers to Parent	(3,972)	(2,638)	(28,393)
Net cash used in financing activities	(216,187)	(2,638)	(42,908)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(3,025)	14,446	3,600
Change in cash, cash equivalents and restricted cash	(104,923)	162,393	13,345
Cash, cash equivalents and restricted cash at beginning of year	337,525	175,132	161,787
Cash, cash equivalents and restricted cash at end of year	232,602	337,525	175,132
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	5,291	146	5,786
Income taxes paid, net	$ 39,258	$ 76,750	$ 40,301

DESCRIPTION OF BUSINESS, SPINOF

DESCRIPTION OF BUSINESS, SPINOFF AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2021
DESCRIPTION OF BUSINESS, SPINOFF AND BASIS OF PRESENTATION
DESCRIPTION OF BUSINESS, SPINOFF AND BASIS OF PRESENTATION	1. DESCRIPTION OF BUSINESS, SPINOFF AND BASIS OF PRESENTATION Description of the Business —Loyalty Ventures Inc. (the “Company” or “Loyalty Ventures”) provides coalition and campaign-based loyalty solutions through the Canadian AIR MILES ® Reward Program and BrandLoyalty Group B.V. (“BrandLoyalty”). The AIR MILES Reward Program is a full-service outsourced coalition loyalty program for its sponsors who pay a fee per AIR MILES reward mile issued, in return for which the AIR MILES Reward Program provides all marketing, customer service, rewards and redemption management. BrandLoyalty designs, implements, conducts and evaluates innovative and tailor-made loyalty programs for high frequency retailers worldwide. These loyalty programs are designed to generate immediate changes in consumer behavior and are offered across Europe and Asia, as well as around the world. The business represents the LoyaltyOne reportable segment previously owned by Alliance Data Systems Corporation (“ADS” or “Parent”) that was spun off into Loyalty Ventures Inc. on November 5, 2021. Spinoff of the LoyaltyOne Segment —On October 13, 2021, the Board of Directors of ADS approved the previously announced separation (the “Separation”) of its LoyaltyOne segment, into an independent, publicly traded company, Loyalty Ventures Inc. The Separation was completed on November 5, 2021 through the pro rata distribution of 81% of the outstanding shares of Loyalty Ventures to holders of ADS common stock at the close of business on the record date of October 27, 2021, with ADS retaining the remaining 19% of the outstanding shares of Loyalty Ventures. ADS stockholders of record that did not sell their rights to receive Loyalty Ventures stock before the close of business on November 5, 2021 received one share of Loyalty Ventures common stock for every two and one -half (2.5) shares of ADS common stock. Additionally, Loyalty Ventures made a cash distribution of $750.0 million to ADS on November 3, 2021 as part of the Separation. The distribution qualified as a tax-free reorganization and a tax-free distribution to ADS and its stockholders for U.S. federal income tax purposes. On November 8, 2021, “regular-way” trading of Loyalty Ventures’ common stock began on the Nasdaq Stock Market under the symbol “LYLT”. In connection with the Separation, Loyalty Ventures entered into several agreements with ADS, including the Separation and Distribution Agreement on November 3, 2021 and the remaining agreements described below on November 5, 2021, that, among other things, effect the Separation and provide a framework for its relationship with ADS after the Separation: • Separation and Distribution Agreement. Governs the overall terms of the Separation. Generally, the Separation and Distribution Agreement includes ADS’ and Loyalty Ventures’ agreements relating to the restructuring steps taken to complete the Separation, including the assets and rights transferred, liabilities assumed and related matters. The Separation and Distribution Agreement provides for ADS and Loyalty Ventures to transfer specified assets between the companies that operate the LoyaltyOne segment after the Distribution, on the one hand, and ADS’ remaining businesses, on the other hand. • Tax Matters Agreement. Governs ADS’ and Loyalty Ventures’ respective rights, responsibilities and obligations with respect to taxes, including taxes arising in the ordinary course of business, and taxes, if any, incurred as a result of the failure of the Distribution (and certain related transactions) to qualify for tax-free treatment for U.S. federal income tax purposes. The Tax Matters Agreement also sets forth the respective obligations of the parties with respect to the filing of tax returns, the administration of tax contests and assistance and cooperation on tax matters. Under the Tax Matters Agreement, ADS generally is responsible for all of the pre-Separation taxes of Loyalty Ventures and its subsidiaries (“Loyalty Ventures Group”) and is entitled to all the Loyalty Ventures Group’s pre-Separation refunds, and Loyalty Ventures is generally responsible for all post-Separation taxes with respect to the Loyalty Ventures Group. See Note 25, “Related Party Transactions,” for additional information. • Transition Services Agreement. Sets forth the terms on which each of Loyalty Ventures and ADS will provide certain historically shared services to the other, on a transitional basis. Transition services will include various corporate, administrative and information technology services. Both parties are obligated, subject to certain customary exceptions, to provide such services in substantially the same manner as such services have been provided during the 12-month period prior to the distribution. See Note 25, “Related Party Transactions,” for additional information. • Employee Matters Agreement. Governs each company’s respective compensation and benefit obligations with respect to current and former employees, directors and consultants. The Employee Matters Agreement sets forth general principles relating to employee matters in connection with the Separation, such as the assignment of employees, the assumption and retention of liabilities and related assets, expense reimbursements, workers’ compensation, leaves of absence, the provision of comparable benefits, employee service credit, the sharing of employee information and duplication or acceleration of benefits. See Note 18, “Share-based Payments,” for additional information. • Registration Rights Agreement. Provides ADS with certain customary demand registration, shelf takedown and piggyback registration rights with respect to its shares of Loyalty Ventures’ common stock, subject to certain customary limitations. Basis of Presentation —Prior to the Separation, the Company had historically operated as part of ADS and not as a standalone company. The combined financial statements for the periods prior to the Separation date of November 5, 2021 have been derived from ADS’ historical accounting records and are presented on a carve-out basis. The financial statements after the Separation date of November 5, 2021 represent the consolidated financial statements of Loyalty Ventures. All revenues and expenses as well as assets and liabilities directly associated with the business activity of the Company are included in the consolidated and combined financial statements. The consolidated and combined financial statements also include allocations of certain general and administrative expenses from ADS. ADS corporate overhead costs that directly or indirectly benefited Loyalty Ventures’ business were allocated through the date of the Separation in 2021 and for the years ended December 31, 2020 and 2019. However, amounts recognized by the Company are not necessarily representative of the amounts that would have been reflected in the consolidated and combined financial statements had the Company operated independently of ADS. See Note 25, “Related Party Transactions,” for additional information. ADS’ third-party long-term debt and the related interest expense have not been allocated for any of the periods presented as the Company was not the legal obligor of such debt. Parent’s net investment represents ADS’ interest in the recorded net assets of the Company prior to the Separation. All significant transactions between the Company and Parent have been included in the accompanying consolidated and combined financial statements. Transactions with Parent as contributions to the carve-out entity or distributions from the carve-out entity are reflected in the accompanying consolidated and combined statements of equity as “Change in Parent’s net investment” and in the accompanying consolidated and combined balance sheets within “Parent’s net investment.” The consolidated and combined financial statements for the period from November 6, 2021 through December 31, 2021 were based on the reported results of Loyalty Ventures as a standalone company and prepared on a consolidated basis. All significant intercompany accounts and transactions between the businesses comprising the Company have been eliminated in the accompanying consolidated and combined financial statements. The Company’s consolidated and combined financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s consolidated and combined financial statements and accompanying notes are presented in U.S. Dollar (“USD”), the Company’s reporting currency. ​

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation Cash and Cash Equivalents Accounts Receivable, net Inventories, net Redemption Settlement Assets, Restricted Property and Equipment two three Goodwill Intangible Assets impairment when events or conditions indicate that the carrying value of an asset may not be fully recoverable from future cash flows. Costs incurred to renew or extend the terms of intangible assets are expensed as incurred. Income Taxes Income taxes reported in earnings also include deferred income tax provisions and provisions for uncertain tax positions. Deferred income tax assets and liabilities are computed on differences between the financial statement bases and tax bases of assets and liabilities at the enacted tax rates. Changes in deferred income tax assets and liabilities associated with components of other comprehensive income are charged or credited directly to other comprehensive income. Otherwise, changes in deferred income tax assets and liabilities are included as a component of income tax expense. The effect on deferred income tax assets and liabilities attributable to changes in enacted tax rates are charged or credited to income tax expense in the period of enactment. Valuation allowances are established for certain deferred tax assets when realization is less than more-likely-than-not. Liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions, in our judgment, do not meet a more-likely-than-not threshold based on the technical merits of the positions. Additionally, liabilities may be established for uncertain tax positions when, in our judgment, the more-likely-than-not threshold is met, but the position does not rise to the level of highly certain based upon the technical merits of the position. Estimated interest and penalties related to uncertain tax positions are included as a component of income tax expense. Derivative Instruments Derivatives Designated as Hedging Instruments Derivatives not Designated as Hedging Instruments Revenue Recognition determination of whether a contract, an agreement between two or more parties that creates legally enforceable rights and obligations, exists; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when (or as) the performance obligation is satisfied. See Note 3, “Revenue,” for more information about the Company’s revenue and the associated timing and basis of revenue recognition. Currency Translation Leases Marketing and Advertising Costs Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Simplifying the Accounting for Income Taxes.” ASU 2019-12 eliminated certain exceptions within ASC 740, “Income Taxes,” and clarified certain aspects of ASC 740 to promote consistency among reporting entities. Most amendments within the standard were required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company’s adoption of this standard on January 1, 2021 did not have a material impact on its consolidated and combined financial statements. Recently Issued Accounting Standards Not Yet Effective In March 2020, the FASB issued ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts and hedging relationships that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. This ASU is elective and is effective upon issuance for all entities. The Company is evaluating the impact that adoption of ASU 2020-04 will have on its consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with ASC 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. The Company is evaluating the impact that adoption of ASU 2021-08 will have on its consolidated financial statements.

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2021
REVENUE
REVENUE	3. REVENUE Under ASC 606, revenue is recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company’s contracts with its customers state the terms of sale, including the description, quantity, and price of the product or service purchased. Payment terms can vary by contract, but the period between invoicing and when payment is due is not significant. Taxes assessed on revenue-producing transactions are excluded from revenues. The Company’s products and services are reported under two segments—AIR MILES Reward Program and BrandLoyalty, as shown below. The following tables present revenue disaggregated by major source, as well as geographic region based on the location of the subsidiary that generally correlates with the location of the customer: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Major Source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coalition loyalty program ​ $ 271,130 ​ $ — ​ $ — ​ $ 271,130 Campaign-based loyalty programs ​ — ​ 444,898 ​ ​ — ​ 444,898 Other ​ 55 ​ 5,711 ​ ​ (46) ​ 5,720 Revenue from contracts with customers ​ $ 271,185 ​ $ 450,609 ​ $ (46) ​ $ 721,748 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment income ​ 13,559 ​ — ​ ​ — ​ 13,559 Total ​ $ 284,744 ​ $ 450,609 ​ $ (46) ​ $ 735,307 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Major Source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coalition loyalty program ​ $ 262,470 ​ $ — ​ $ — ​ $ 262,470 Campaign-based loyalty programs ​ — ​ 487,685 ​ ​ — ​ 487,685 Other ​ 1,899 (1) — ​ ​ — ​ 1,899 Revenue from contracts with customers ​ $ 264,369 ​ $ 487,685 ​ $ — ​ $ 752,054 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment income ​ 12,752 ​ — ​ ​ — ​ 12,752 Total ​ $ 277,121 ​ $ 487,685 ​ $ — ​ $ 764,806 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ Year Ended December 31, 2019 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Major Source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coalition loyalty program ​ $ 290,054 ​ $ — ​ $ — ​ $ 290,054 Campaign-based loyalty programs ​ — ​ 635,516 ​ ​ — ​ 635,516 Other ​ 81,337 (1) 13,594 ​ ​ — ​ 94,931 Revenue from contracts with customers ​ $ 371,391 ​ $ 649,110 ​ $ — ​ $ 1,020,501 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment income ​ 12,630 ​ — ​ ​ — ​ 12,630 Total ​ $ 384,021 ​ $ 649,110 ​ $ — ​ $ 1,033,131 (1) Includes revenues from Precima ® , a provider of retail strategy and customer data applications and analytics, which was sold by the Parent on January 10, 2020, which comprised $1.9 million and $80.4 million for the years ended December 31, 2020 and 2019, respectively. See Note 5, “Disposition,” for more information. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Geographic Region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ 2,637 ​ $ — ​ $ 2,637 Canada ​ 284,744 ​ 16,870 ​ ​ — ​ 301,614 Europe, Middle East and Africa ​ — ​ 338,473 ​ ​ (46) ​ 338,427 Asia Pacific ​ — ​ 81,867 ​ ​ — ​ 81,867 Other ​ — ​ 10,762 ​ ​ — ​ 10,762 Total ​ $ 284,744 ​ $ 450,609 ​ $ (46) ​ $ 735,307 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Geographic Region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 1,028 ​ $ 10,062 ​ $ — ​ $ 11,090 Canada ​ 275,825 ​ 11,051 ​ ​ — ​ 286,876 Europe, Middle East and Africa ​ 268 ​ 332,364 ​ ​ — ​ 332,632 Asia Pacific ​ — ​ 80,546 ​ ​ — ​ 80,546 Other ​ — ​ 53,662 ​ ​ — ​ 53,662 Total ​ $ 277,121 ​ $ 487,685 ​ $ — ​ $ 764,806 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Geographic Region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 37,969 ​ $ 2,142 ​ $ — ​ $ 40,111 Canada ​ 336,105 ​ 16,058 ​ ​ — ​ 352,163 Europe, Middle East and Africa ​ 9,947 ​ 439,193 ​ ​ — ​ 449,140 Asia Pacific ​ — ​ 121,731 ​ ​ — ​ 121,731 Other ​ — ​ 69,986 ​ ​ — ​ 69,986 Total ​ $ 384,021 ​ $ 649,110 ​ $ — ​ $ 1,033,131 ​ AIR MILES Reward Program The AIR MILES Reward Program is a coalition loyalty program for sponsors, who pay the Company a fee per AIR MILES reward mile issued, in return for which the AIR MILES Reward Program provides all marketing, customer service, rewards and redemption management. Total consideration from the issuance of AIR MILES reward miles is allocated to three performance obligations: redemption, service, and brand, based on a relative standalone selling price basis. Because the standalone selling price is not directly observable for the three performance obligations, the Company estimates the standalone selling price for the redemption and the service performance obligations based on cost plus a reasonable margin. The Company estimates the standalone selling price of the brand performance obligation using a relief from royalty approach. Accordingly, management determines the estimated standalone selling price by considering multiple inputs and methods, including discounted cash flows and available market data in consideration of applicable margins and royalty rates to utilize. The number of AIR MILES reward miles issued and redeemed are factored into the estimates, as management estimates the standalone selling prices and volumes over the term of the respective agreements in order to determine the allocation of consideration to each performance obligation delivered. The redemption performance obligation incorporates the expected number of AIR MILES reward miles to be redeemed, and therefore, the amount of redemption revenue recognized is subject to management’s estimate of breakage, or those AIR MILES reward miles estimated to be unredeemed by the collector base. Redemption revenue is recognized at a point in time, as AIR MILES reward miles are redeemed. For the fulfillment of certain rewards where the AIR MILES Reward Program does not control the goods or services before they are transferred to the collector, revenue is recorded on a net basis. Service revenue is recognized over time using a time-elapsed output method, the estimated life of an AIR MILES reward mile. Revenue from the brand is recognized over time, using an output method, when an AIR MILES reward mile is issued. Revenue associated with both the service and brand is included in service revenue in the Company’s consolidated and combined statements of income. The amount of revenue recognized in a period is subject to the estimate of breakage and the estimated life of an AIR MILES reward mile, which are based on management’s estimates. For the years ended December 31, 2021, 2020 and 2019, the Company’s breakage rate was 20%. For the years ended December 31, 2021, 2020 and 2019, the Company’s estimated life of a mile was 38 months. Contract Liabilities . The Company records a contract liability when cash payments are received in advance of its performance, which applies to the service and redemption of an AIR MILES reward mile. A reconciliation of contract liabilities for the AIR MILES Reward Program is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Revenue ​ Service Redemption Total ​ ​ (in thousands) Balance at January 1, 2020 ​ $ 258,605 ​ $ 663,421 ​ $ 922,026 Cash proceeds ​ 173,089 ​ ​ 286,177 ​ 459,266 Revenue recognized (1) ​ (188,790) ​ ​ (211,482) ​ (400,272) Other ​ — ​ ​ 1,410 ​ 1,410 Effects of foreign currency translation ​ 4,282 ​ ​ 17,307 ​ 21,589 Balance at December 31, 2020 ​ $ 247,186 ​ $ 756,833 ​ $ 1,004,019 Cash proceeds ​ 177,171 ​ ​ 280,710 ​ 457,881 Revenue recognized (1) ​ (195,918) ​ ​ (252,935) ​ (448,853) Other ​ — ​ ​ 1,234 ​ 1,234 Effects of foreign currency translation ​ 2,053 ​ ​ 5,622 ​ 7,675 Balance at December 31, 2021 ​ $ 230,492 ​ $ 791,464 ​ $ 1,021,956 Amounts recognized in the consolidated and combined balance sheets: ​ ​ ​ Deferred revenue (current) ​ $ 133,325 ​ $ 791,464 ​ $ 924,789 Deferred revenue (non-current) ​ $ 97,167 ​ $ — ​ $ 97,167 (1) Reported on a gross basis herein. The deferred redemption obligation associated with the AIR MILES Reward Program is effectively due on demand from the collector base, thus the timing of revenue recognition is based on the redemption by the collector. Service revenue is amortized over the expected life of a mile, with the deferred revenue balance expected to be recognized into revenue in the amount of $133.3 million in 2022 2023 2024 2025 BrandLoyalty BrandLoyalty designs, implements, conducts and evaluates innovative and tailor-made campaign-based loyalty solutions for grocers and other high-frequency retailers worldwide. The campaign-based loyalty programs typically last between 6 and 20 weeks, depending on the nature of the program, with contract terms usually less than one year in length. These programs are tailored for the specific retailer client and are designed to reward key customer segments based on their spending levels during defined campaign periods. Revenue is recognized at the point in time control passes from BrandLoyalty to the retailer. Contract Liabilities The contract liabilities for BrandLoyalty’s campaign-based loyalty programs are recognized in other current liabilities in the Company’s consolidated and combined balance sheets. In 2021, the beginning balance as of January 1, 2021 was $59.6 million and the closing balance as of December 31, 2021 was $85.4 million, with the change due to revenue recognized of approximately $372.9 million, offset in part by cash payments received in advance of program performance revenue during the year ended December 31, 2021. In 2020, the beginning balance as of January 1, 2020 was $108.8 million and the closing balance as of December 31, 2020 was $59.6 million, with the change due to revenue recognized of approximately $375.9 million, offset in part by cash payments received in advance of program performance revenue during the year ended December 31, 2020. Practical Expedients The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which the Company has the right to invoice for services performed. The Company has elected the practical expedient from ASC 340-40 with respect to contract costs, and expenses the incremental costs as incurred for those costs that would otherwise be recognized with an amortization period of one year or less. These costs are recorded to cost of operations expense in the Company’s consolidated and combined statements of income.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2021
EARNINGS PER SHARE
EARNINGS PER SHARE	4. EARNINGS PER SHARE ​ On November 5, 2021, the date of the Separation, 81% of the outstanding shares of Loyalty Ventures were distributed pro rata based on the outstanding shares of ADS common stock at the close of business on the record date of October 27, 2021, with ADS retaining the remaining 19% of the outstanding shares of Loyalty Ventures. ADS stockholders of record that did not sell their rights to receive Loyalty Ventures stock before the close of business on November 5, 2021 received one ​ For the year ended December 31, 2021, the calculation of basic and diluted earnings per share is based on the weighted average number of common shares outstanding for the period subsequent to the Separation. The dilutive effect of equity awards of Loyalty Ventures granted subsequent to the Separation is included in the diluted calculation. ​ The following table sets forth the computation of basic and diluted earnings per share of common stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 ​ ​ (in thousands, except per share amounts) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 1,724 ​ $ 75,075 ​ $ 75,230 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares, basic ​ ​ 24,585 ​ ​ 24,585 ​ ​ 24,585 Weighted average effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net effect of dilutive unvested restricted stock (1) ​ ​ 6 ​ ​ — ​ ​ — Denominator for diluted calculation ​ ​ 24,591 ​ ​ 24,585 ​ ​ 24,585 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share: ​ $ 0.07 ​ $ 3.05 ​ $ 3.06 Diluted net income per share: ​ $ 0.07 ​ $ 3.05 ​ $ 3.06 (1) For the year ended December 31, 2021, there were no restricted stock units that were anti-dilutive. For all periods presented prior to the Separation, there are no dilutive equity instruments as there were no equity awards of Loyalty Ventures outstanding prior to the Separation.

DISPOSITION

DISPOSITION	12 Months Ended
	Dec. 31, 2021
DISPOSITION
DISPOSITION	5. DISPOSITION On January 10, 2020, the Parent sold Precima, a provider of retail strategy and customer data applications and analytics, to Nielsen Holdings plc for total consideration to the Parent of $43.8 million. The purchase and sale agreement provided for contingent consideration based upon the occurrence of specified events and performance of the business, of which $5.0 million was achieved in 2020. The assets and liabilities of Precima were included in the Company’s AIR MILES Reward Program segment. The following table summarizes the assets and liabilities of Precima as of the sale date: ​ ​ ​ ​ ​ ​ ​ January 10, ​ 2020 ​ ​ (in thousands) Assets: ​ Cash and cash equivalents ​ $ 10,713 Accounts receivable, net ​ 17,154 Other current assets ​ 2,889 Property and equipment, net ​ 9,653 Goodwill ​ 3,206 Other assets ​ 2,051 Total assets ​ $ 45,666 Liabilities: ​ Accounts payable ​ $ 223 Accrued expenses ​ 2,470 Other current liabilities ​ 14,709 Deferred tax liability ​ 2,037 Other liabilities ​ 71 Total liabilities ​ $ 19,510 ​ In accordance with ASC 830, “Foreign Currency Matters,” $3.9 million of accumulated foreign currency translation adjustments attributable to Precima’s foreign subsidiaries sold were reclassified from accumulated other comprehensive income (loss) and included in the calculation of the gain/loss on sale. As a result of the transaction, the Company recorded a pre-tax gain of $10.9 million. The Company incurred $3.1 million in transaction costs associated with the disposition.

PREPAID EXPENSES

PREPAID EXPENSES	12 Months Ended
	Dec. 31, 2021
PREPAID EXPENSES
PREPAID EXPENSES	6. PREPAID EXPENSES Prepaid expenses relate to prepayment made for future services in advance and will be expensed over time as the benefit of the services is received in the future, expected within one year. Prepaid expenses, which are included in other current assets, consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (in thousands) Licenses ​ $ 1,226 ​ $ 11,583 Maintenance ​ 4,678 ​ 4,557 Other ​ 11,877 ​ 2,869 Prepaid expenses ​ $ 17,781 ​ $ 19,009 ​

INVENTORIES, NET

INVENTORIES, NET	12 Months Ended
	Dec. 31, 2021
INVENTORIES, NET
INVENTORIES, NET	7. INVENTORIES, NET Inventories, net of $188.6 million and $164.3 million at December 31, 2021 and 2020, respectively, primarily consist of finished goods to be utilized as rewards in the Company’s loyalty programs. For the year ended December 31, 2019, asset impairment charges of $18.4 million related to the discontinuance of certain reward product lines within inventory were recorded to the allowance for inventory obsolescence for the BrandLoyalty segment.

REDEMPTION SETTLEMENT ASSETS, R

REDEMPTION SETTLEMENT ASSETS, RESTRICTED	12 Months Ended
	Dec. 31, 2021
REDEMPTION SETTLEMENT ASSETS, RESTRICTED.
REDEMPTION SETTLEMENT ASSETS, RESTRICTED	8. REDEMPTION SETTLEMENT ASSETS, RESTRICTED Redemption settlement assets consist of restricted cash, mutual funds, and securities available-for-sale and are designated for settling redemptions by collectors of the AIR MILES Reward Program in Canada under certain contractual relationships with sponsors of the AIR MILES Reward Program. The principal components of redemption settlement assets, which are carried at fair value, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ Fair Value Fair Value ​ ​ (in thousands) Restricted cash ​ $ 58,752 ​ $ 55,427 Mutual funds ​ 25,990 ​ 26,850 Corporate bonds ​ 650,389 ​ 611,184 Total ​ $ 735,131 ​ $ 693,461 ​ The following table shows the amortized cost, unrealized gains and losses, and fair value of securities available-for-sale as of December 31, 2021 and 2020, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ Cost Gains Losses Fair Value Cost Gains Losses Fair Value ​ ​ (in thousands) Corporate bonds ​ $ 648,248 ​ $ 6,389 ​ $ (4,248) ​ $ 650,389 ​ $ 592,247 ​ $ 19,110 ​ $ (173) ​ $ 611,184 Total ​ $ 648,248 ​ $ 6,389 ​ $ (4,248) ​ $ 650,389 ​ $ 592,247 ​ $ 19,110 ​ $ (173) ​ $ 611,184 ​ The following tables show the unrealized losses and fair value for those investments that were in an unrealized loss position as of December 31, 2021 and 2020, respectively, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Less than 12 months ​ 12 Months or Greater ​ Total ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ ​ (in thousands) Corporate bonds $ 104,052 ​ $ (1,341) ​ $ 123,382 ​ $ (2,907) ​ $ 227,434 ​ $ (4,248) Total ​ $ 104,052 ​ $ (1,341) ​ $ 123,382 ​ $ (2,907) ​ $ 227,434 ​ $ (4,248) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Less than 12 months ​ 12 Months or Greater ​ Total ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ ​ (in thousands) Corporate bonds $ 46,190 ​ $ (86) ​ $ 10,316 ​ $ (87) $ 56,506 $ (173) Total ​ $ 46,190 ​ $ (86) ​ $ 10,316 ​ $ (87) ​ $ 56,506 ​ $ (173) ​ The amortized cost and estimated fair value of the available-for-sale securities at December 31, 2021 by contractual maturity are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Estimated ​ ​ Cost ​ Fair Value ​ ​ (in thousands) Due in one year or less ​ $ 117,863 ​ $ 118,835 Due after one year through five years ​ 526,397 ​ 527,548 Due after five years through ten years ​ 3,988 ​ 4,006 Total ​ $ 648,248 ​ $ 650,389 ​ Market values were determined for each individual security in the investment portfolio. The Company recorded losses associated with the change in fair value of mutual funds of $0.9 million for the year ended December 31, 2021. The Company recorded gains associated with the change in fair value of mutual funds of $1.4 million and $0.9 million for the years ended December 31, 2020 and 2019, respectively. For available-for-sale debt securities in which fair value is less than cost, ASC 326 requires that credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk. The Company typically invests in highly-rated securities with low probabilities of default and has the intent and ability to hold the investments until maturity, and the Company performs an assessment each period for credit-related impairment. As of December 31, 2021, the Company does not consider its investments to be impaired. Losses from the sale of investment securities were $0.2 million for the year ended December 31, 2021. There were no realized gains or losses from the sale of investment securities for the year ended December 31, 2020. For the year ended December 31, 2019, realized gains and losses from the sale of investment securities were de minimis.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
LEASES
LEASES	9. LEASES The Company has operating leases for general office properties, warehouses, data centers, customer care centers, automobiles and certain equipment. As of December 31, 2021, the Company’s leases have remaining lease terms of less than 1 year to 12 years, some of which may include renewal options. The components of lease expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 ​ 2020 2019 ​ ​ (in thousands) Operating lease cost ​ $ 15,800 ​ $ 15,580 ​ $ 16,379 Short-term lease cost ​ 337 ​ 451 ​ 1,142 Variable lease cost ​ 4,249 ​ 4,224 ​ 4,106 Total ​ $ 20,386 ​ $ 20,255 ​ $ 21,627 ​ ​ Sublease income was $2.4 million, $1.8 million, and $1.5 million for the years ended December 31, 2021, 2020 and 2019, respectively, and is presented net of lease expense. ​ Other information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2021 2020 Weighted-average remaining lease term (in years): ​ Operating leases 10.7 11.4 ​ Weighted-average discount rate: ​ ​ Operating leases 4.7 % 4.6 % ​ Supplemental cash flow information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 ​ 2020 2019 ​ ​ (in thousands) Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 17,265 ​ $ 17,449 ​ $ 18,183 Right-of-use assets obtained in exchange for lease obligations: ​ ​ ​ ​ ​ Operating leases ​ $ 213 ​ $ 3,028 ​ $ 6,145 ​ Maturities of the lease liabilities as of December 31, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ Operating Year Leases ​ ​ (in thousands) 2022 ​ $ 15,073 2023 ​ 14,250 2024 ​ 13,369 2025 ​ 12,841 2026 ​ 12,429 Thereafter ​ 77,427 Total undiscounted lease liabilities ​ 145,389 Less: Amount representing interest ​ (32,092) Total present value of minimum lease payments ​ $ 113,297 ​ ​ ​ ​ Amounts recognized in the December 31, 2021 consolidated and combined balance sheet: ​ Current operating lease liabilities ​ $ 10,055 Long-term operating lease liabilities ​ 103,242 Total ​ $ 113,297 ​

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2021
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT	10. PROPERTY AND EQUIPMENT Property and equipment consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (in thousands) Computer software and development ​ $ 173,503 ​ $ 162,622 Furniture and equipment ​ 24,336 ​ 28,656 Leasehold improvements ​ 31,142 ​ 32,205 Construction in progress ​ 7,107 ​ 9,709 Total ​ 236,088 ​ 233,192 Accumulated depreciation and amortization ​ (156,129) ​ (135,276) Property and equipment, net ​ $ 79,959 ​ $ 97,916 ​ Depreciation expense totaled $7.0 million, $7.0 million and $9.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. Amortization expense on capitalized software totaled $27.9 million, $22.0 million and $22.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021 and 2020, unamortized capitalized software and development costs included in the consolidated and combined balance sheets totaled $45.5 million and $55.8 million, respectively.

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	12 Months Ended
	Dec. 31, 2021
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL	11. INTANGIBLE ASSETS AND GOODWILL Intangible Assets Intangible assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ Gross ​ Accumulated ​ ​ ​ ​ ​ Assets Amortization Net Amortization Life and Method ​ ​ (in thousands) ​ Tradenames $ 32,289 ​ $ (29,194) ​ $ 3,095 8-15 years—straight line Collector database ​ 55,397 ​ (55,397) ​ — 5 years—straight line Total intangible assets ​ $ 87,686 ​ $ (84,591) ​ $ 3,095 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ Gross ​ Accumulated ​ ​ ​ ​ ​ Assets Amortization Net Amortization Life and Method ​ ​ (in thousands) ​ Customer contracts $ 354,242 ​ $ (354,242) $ — ​ 7 years—straight line Tradenames ​ ​ 34,691 ​ ​ (30,112) ​ ​ 4,579 ​ 8-15 years—straight line Collector database ​ ​ 54,973 ​ (54,455) ​ ​ 518 ​ 5 years—straight line Total intangible assets $ 443,906 ​ $ (438,809) ​ $ 5,097 ​ ​ ​ Amortization expense related to intangible assets was approximately $1.7 million, $49.0 million and $48.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. The estimated amortization expense related to intangible assets for the next five years and thereafter is as follows: ​ ​ ​ ​ ​ ​ ​ For the Years Ending ​ December 31, ​ ​ (in thousands) 2022 ​ $ 1,167 2023 ​ 1,167 2024 ​ 599 2025 ​ 30 2026 ​ 30 Thereafter ​ 102 ​ Goodwill The changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2020, respectively, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ ​ Reward Program BrandLoyalty Total ​ (in thousands) Balance at January 1, 2020 ​ $ 192,756 ​ $ 498,058 ​ $ 690,814 Goodwill allocated to sale of Precima ​ ​ (3,206) ​ — ​ ​ (3,206) Effects of foreign currency translation ​ 3,726 ​ 44,564 ​ 48,290 Balance at December 31, 2020 ​ $ 193,276 ​ $ 542,622 ​ $ 735,898 Impairment ​ ​ — ​ ​ (50,000) ​ ​ (50,000) Effects of foreign currency translation ​ 1,491 ​ ​ (37,431) ​ (35,940) Balance at December 31, 2021 ​ $ 194,767 ​ $ 455,191 ​ $ 649,958 ​ Approximately $3.2 million of the AIR MILES Reward Program’s goodwill was allocated to Precima upon sale in January 2020, based on a relative fair value allocation of the businesses. ADS completed its annual impairment test for goodwill on July 1, 2021 and determined at that date no impairment existed. As of December 31, 2021, the Company does not believe it is more likely than not that the fair value of the AIR MILES Reward Program reporting unit is less than its carrying amount. However, due to the continued effects of COVID-19, the Company determined that it was more likely than not the fair value of the BrandLoyalty reporting unit was less than its carrying value and performed an interim impairment test as of December 31, 2021. The Company utilized an income approach and discounted cash flow model, and the significant unobservable inputs used were the forecasted revenue growth rate, forecasted margin, the discount rate and the terminal growth rate, all of which are classified as Level 3 under the fair value hierarchy of ASC 820, “Fair Value Measurement.” As a result, the Company recorded an impairment charge of

INVESTMENTS IN UNCONSOLIDATED S

INVESTMENTS IN UNCONSOLIDATED SUBSIDIARY - RELATED PARTY	12 Months Ended
	Dec. 31, 2021
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARY - RELATED PARTY
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARY - RELATED PARTY	12. INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES – RELATED PARTY Historically, the Company owned interests in certain entities, ICOM Information & Communications L.P. (“ICOM”) and Comenity Canada L.P. (“Comenity Canada”), which were consolidated subsidiaries of the Parent, and were accounted for using the equity method of accounting, as the Company exercised significant influence but did not control the entities. The investments were included in the AIR MILES Reward Program segment. Under the equity method, the Company’s share of its investee’s earnings or loss is recognized in the consolidated and combined statements of income. On February 13, 2019, the Company made a capital contribution of $5.3 million to ICOM to fund losses. On February 28, 2019, the Company sold its investment in ICOM to Epsilon Interactive CA, ULC, a subsidiary of ADS, for cash consideration of $4.0 million. For the years ended December 31, 2020, and 2019, the Company made capital contributions to Comenity Canada of $0.7 million, for each of the respective periods. In March 2021, the Company received a partnership distribution from Comenity Canada of $0.8 million, and the Company’s ownership interest declined from 99.9% to 98.0%. In August 2021, the Company’s investment in Comenity Canada was sold to an affiliate of ADS for $4.1 million and a gain on sale of investment in unconsolidated related party subsidiary of $4.1 million was recorded in (income) loss from investment in unconsolidated subsidiary. As of December 31, 2021, the Company had no investment in unconsolidated subsidiaries – related party and as of December 31, 2020, the Company’s investment was $0.9 million.

RESTRUCTURING AND OTHER CHARGES

RESTRUCTURING AND OTHER CHARGES	12 Months Ended
	Dec. 31, 2021
RESTRUCTURING AND OTHER CHARGES
RESTRUCTURING AND OTHER CHARGES	13. RESTRUCTURING AND OTHER CHARGES In 2019, the Parent, under the direction of its board of directors, evaluated the cost structure and executed on certain cost saving initiatives at each segment. These charges included restructuring and other exit activities related to reductions in force, terminations of certain reward product lines, reduction or closure of certain leased office space, asset impairments, changes in management structure and fundamental reorganizations that affect the nature and focus of operations. Restructuring and other charges of $0.1 million and $50.8 million for the years ended December 31, 2020 and 2019, respectively, were incurred and recorded to cost of operations within the Company’s consolidated and combined statements of income. These charges related to actions taken in 2019 did not continue in 2020 and 2021. The restructuring and other charges incurred in 2020 and charged to expense relate to changes in the Company’s original estimate and consisted of adjustments to the Company’s liability, including the impact of foreign currency translation. The Company’s liability for restructuring and other charges is recognized in accrued expenses in its consolidated and combined balance sheets and was

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2021
ACCRUED EXPENSES
ACCRUED EXPENSES	14. ACCRUED EXPENSES Accrued expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (in thousands) Accrued payroll and benefits ​ $ 31,526 ​ $ 29,838 Accrued taxes ​ 9,391 ​ 14,256 Accrued other liabilities ​ 104,080 ​ 22,962 Accrued expenses ​ $ 144,997 ​ $ 67,056 ​ Included in the accrued other liabilities is $79.9 million associated with the Tax Matters Agreement. See Note 25, “Related Party Transactions,” for additional information.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2021
DEBT
DEBT	15. DEBT Debt consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Description 2021 2020 Maturity ​ ​ (in thousands) ​ BrandLoyalty credit agreement ​ $ — ​ $ — ​ (1) Revolving credit facility (2) ​ ​ — ​ ​ — ​ November 2026 Term loan A ​ 175,000 ​ — ​ November 2026 Term loan B ​ 500,000 ​ — ​ November 2027 Total long-term debt ​ $ 675,000 ​ $ — ​ ​ Less: unamortized debt issuance costs ​ ​ 20,887 ​ ​ — ​ ​ Less: current portion ​ ​ 50,625 ​ ​ — ​ ​ Long-term portion ​ $ 603,488 ​ $ — ​ ​ (1) In November 2021, the BrandLoyalty credit agreement was terminated. (2) As of December 31, 2021, availability under the revolving credit facility was $137.5 million as a result of $12.5 million in letters of credit outstanding under the Credit Agreement. ​ Credit Agreement ​ On November 3, 2021, the Company entered into a senior secured credit agreement (the “Credit Agreement”) with certain subsidiaries as additional borrowers and certain subsidiaries as guarantors, Bank of America, N.A., as administrative agent and collateral agent, and the additional lenders party thereto. The Credit Agreement provides for a $175.0 million term loan A facility, a $500.0 million term loan B facility, which was issued at 98.0% of the aggregate principal amount, and a revolving credit facility in the maximum amount of $150.0 million. The term loan A and revolving credit facility will mature November 3, 2026. The term loan B will mature November 3, 2027. The proceeds of the term loans were used to finance a portion of the $750.0 million distribution by the Company to ADS in connection with the Separation. The outstanding USD borrowings under the term loan A bear interest at a rate elected by the relevant borrower that is based on (i) the Base Rate, subject to a floor of 1.00% per annum, plus an applicable margin that ranges from 2.00% per annum to 2.75% per annum depending on the Consolidated Total Leverage Ratio or (ii) the Eurocurrency Rate, based on LIBOR, subject to a floor of 0.00% per annum, plus an applicable margin that ranges from 3.00% per annum to 3.75% per annum depending on the Consolidated Total Leverage Ratio. The outstanding USD borrowings under the term loan B bear interest at a rate elected by the relevant borrower that is based on (i) the Base Rate, subject to a floor of 1.50% per annum, plus an applicable margin of 3.50% per annum or (ii) the Eurocurrency Rate, subject to a floor of 0.50% per annum, plus an applicable margin of 4.50% per annum. The Company is obligated to pay a commitment fee quarterly, which ranges from 0.40% to 0.50% per annum of the unused portion of the aggregate revolving commitment, which fee is also dependent on the Consolidated Total Leverage Ratio, as such terms are defined in the Credit Agreement. At December 31, 2021, the weighted average interest rate was 3.60% for term loan A and 5.00% for term loan B. The Company will be required to make quarterly principal amortization payments in equal installments in an aggregate amount of 7.5% per annum of the initial aggregate principal amount of each of the term loan A and term loan B. Commencing with the fiscal year ending December 31, 2022, the Credit Agreement requires, on an annual basis, the prepayment of the term loan B with either 0% , 25% or 50% of Excess Cash Flow, depending on the Consolidated Secured Leverage Ratio, as defined in the Credit Agreement. The Credit Agreement contains customary representations and warranties and affirmative and negative covenants. These covenants, among other things, limit additional indebtedness, additional liens, sales of assets, mergers and consolidations, distributions and other restricted payments, and transactions with affiliates. The Credit Agreement also allows for LIBOR to be phased out and replaced with the Secured Overnight Financing Rate. As of December 31, 2021, the Company was in compliance with its financial covenants. Uncommitted Overdraft Facility In November 2021, BrandLoyalty entered into an uncommitted overdraft facility with Deutsche Bank AG. The facility provides overdraft protection in several currencies, up to a maximum amount of €10.0 million ($11.4 million as of December 31, 2021). Interest is calculated on debit balances at a rate of 3.5% per annum plus a relevant benchmark, due and payable at the end of each quarter. As of December 31, 2021, there were no amounts outstanding under the uncommitted overdraft facility. BrandLoyalty Credit Agreement BrandLoyalty and certain of its subsidiaries, as borrower and guarantors, were parties to a credit agreement that provided for an A-1 term loan facility of €90.0 million and an A-2 term loan facility of €100.0 million, subject to certain principal repayments, a committed revolving line of credit of €37.5 million and an uncommitted revolving line of credit of €37.5 million, all of which were scheduled to mature in June 2020. In September 2019, the Company repaid the €115.0 million in term loans outstanding under the BrandLoyalty credit agreement and repaid the €32.5 million amount outstanding under the revolving line of credit. In April 2020, BrandLoyalty and certain of its subsidiaries, as borrowers and guarantors, terminated its existing facility and entered into a new credit agreement that provided for a committed revolving line of credit of €30.0 million, an uncommitted revolving line of credit of €30.0 million, and an accordion feature permitting BrandLoyalty to request an increase in either the committed or uncommitted line of credit up to €80.0 million in aggregate. Each of the committed and uncommitted revolving line of credit were scheduled to mature on April 3, 2023, subject to BrandLoyalty’s request to extend for two additional one-year terms at the absolute discretion of the lenders at the time of such requests. As of December 31, 2020, there were no amounts outstanding under the BrandLoyalty credit agreement. In the first quarter of 2021, BrandLoyalty and certain of its subsidiaries, as borrowers and guarantors, amended its credit agreement to extend the maturity date by one year from April 3, 2023 to April 3, 2024. In November 2021, the 2020 BrandLoyalty credit agreement was terminated in connection with the execution of the Credit Agreement. Note Payable — Related Party In January 2017, the AIR MILES Reward Program entered into a promissory note with Alliance Data Lux Financing S.à r.l., a subsidiary of the Parent, to borrow CDN $142.8 million. The maturity of the note payable was January 27, 2022, with a fixed interest rate of 6.5% per year. Under the terms of the note payable, the AIR MILES Reward Program had the right to make prepayments of the principal amount of the debt at any time, without notice and without premium or penalty. No principal payments of the note payable were required until maturity. In March 2017, the AIR MILES Reward Program repaid CDN $60.0 million of its note payable, and in September 2019, the AIR MILES Reward Program repaid its remaining CDN $82.8 million balance outstanding. In May 2017, BrandLoyalty and certain of its subsidiaries entered into a loan with Alliance Data Lux Financing S.à r.l., a subsidiary of the Parent, for €60.0 million with a fixed interest rate of 2.86% and a maturity date of May 2022. The loan was wholly subordinated to loans under the BrandLoyalty credit agreement. The loan, including interest, was repaid in full in September 2019. Maturities The future principal payments for the Company’s debt as of December 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit Facility ​ ​ ​ Year Term Loan A ​ Term Loan B Total ​ ​ (in thousands) 2022 ​ $ 13,125 ​ $ 37,500 ​ $ 50,625 2023 ​ 13,125 ​ 37,500 ​ 50,625 2024 ​ ​ 13,125 ​ ​ 37,500 ​ ​ 50,625 2025 ​ ​ 13,125 ​ ​ 37,500 ​ ​ 50,625 2026 ​ ​ 122,500 ​ ​ 37,500 ​ ​ 160,000 Thereafter ​ ​ — ​ ​ 312,500 ​ ​ 312,500 Total maturities ​ ​ 175,000 ​ ​ 500,000 ​ ​ 675,000 Unamortized debt issuance costs ​ ​ (975) ​ ​ (19,912) ​ ​ (20,887) ​ ​ $ 174,025 ​ $ 480,088 ​ $ 654,113 ​

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS.	16. DERIVATIVE INSTRUMENTS The Company uses derivatives to manage risks associated with certain assets and liabilities arising from the potential adverse impact of fluctuations in foreign currency exchange rates. Certain derivatives used to manage the Company’s exposure to foreign currency exchange rate movements are not designated as hedges and do not qualify for hedge accounting. The fair value of the Company’s derivative instruments as of December 31, 2021 was $2.5 million included in other current assets and $0.5 million included in other current liabilities in the Company’s consolidated and combined balance sheets. The fair value of the Company’s derivative instruments as of December 31, 2020 was $0.4 million included in other current assets and $1.5 million included in other current liabilities in the Company’s consolidated and combined balance sheets.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES AIR MILES Reward Program The Company has entered into contractual arrangements with certain AIR MILES Reward Program sponsors that result in fees being billed to those sponsors upon the redemption of AIR MILES reward miles issued by those sponsors. The Company has obtained letters of credit and other assurances from those sponsors for the Company’s benefit that expire at various dates. These letters of credit and other assurances totaled $157.1 million and $150.5 million at December 31, 2021, and 2020, respectively, which exceeds the amount of the Company’s estimate of its obligation to provide travel and other rewards upon the redemption of AIR MILES reward miles issued by those sponsors, in the respective periods. The Company currently has an obligation to provide AIR MILES Reward Program collectors with travel and other rewards upon the redemption of AIR MILES reward miles. The Company believes that the redemption settlement assets, including the letters of credit and other assurances mentioned above, are sufficient to meet that obligation. The Company has entered into certain long-term arrangements with airlines and other suppliers in connection with AIR MILES Reward Program redemptions. These long-term arrangements allow the Company to retain preferred pricing, subject to meeting agreed upon annual volume commitments for rewards purchased. Legal Proceedings The Company is involved, from time to time, in litigation, other legal claims, regulatory actions or other proceedings or actions by governmental authorities involving matters associated with or incidental to our business in the ordinary course, including, among other things, matters involving customer or vendor disputes, breaches of contractual obligations, class actions or purported class actions, trademark and other intellectual property protection and licensing disputes, import/export regulations, taxation, and employment matters.

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS	12 Months Ended
	Dec. 31, 2021
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS	18. SHARE-BASED PAYMENTS Stock Compensation Expense ​ Stock-based compensation expense recognized in the Company’s consolidated and combined statements of income for the years ended December 31, 2021, 2020 and 2019, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2021 ​ 2020 2019 ​ ​ (in thousands) Cost of operations ​ $ 4,644 ​ $ 5,498 ​ $ 7,204 General and administrative ​ 1,615 ​ 1,519 ​ 1,872 Total ​ $ 6,259 ​ $ 7,017 ​ $ 9,076 ​ The income tax benefits related to stock-based compensation expense for the years ended December 31, 2021, 2020 and 2019 were $0.1 million, $0.1 million and $0.9 million, respectively. Share-based Payments of Parent Prior to the Separation, certain employees participated in share-based compensation plans of ADS. Under these plans, shares are reserved for grants of nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance share awards, cash incentive awards, deferred stock units, and other stock-based and cash-based awards to selected officers, employees, non-employee directors and consultants performing services for ADS or its affiliates. Terms of all awards are determined by the ADS board of directors or compensation committee of the ADS board of directors or its designee at the time of award. ADS accounts for stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation.” Under the fair value recognition provisions, stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized ratably over the requisite service period. ADS estimates forfeitures at each grant date, with forfeiture estimates to be revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The amount of stock-based compensation expense recognized in the Company’s results of operations prior to the Separation has been reduced for estimated forfeitures. Forfeitures were estimated based on ADS’ historical experience. ADS’ estimated annual forfeiture rate is 5% for the years ended December 31, 2021, 2020, and 2019, respectively. During 2021, 2020 and 2019, ADS awarded both service-based and performance-based restricted stock units. For the service-based awards, the fair value of the restricted stock units is estimated using ADS closing share price on the date of grant and typically vest ratably over a three-year period. Performance-based restricted stock unit awards issued in 2020 and 2019 typically vest ratably over a three-year period if specified performance measures tied to the Company’s financial performance are met. The fair value of these performance-based restricted stock units was estimated using the Company’s closing share price on the date of grant. The performance-based awards granted in 2021 contain pre-defined vesting criteria that permit a range from In connection with the Separation and pursuant to the Employee Matters Agreement with ADS, service-based awards granted to Loyalty Ventures employees more than a year prior to the Separation were accelerated and vested on October 22, 2021, resulting in accelerated stock compensation expense of $2.1 million. Service-based awards and performance-based awards granted to Loyalty Ventures employees less than one year prior to the Separation were forfeited at the time of the Separation, resulting in a credit to stock compensation expense of $4.0 million. In addition, ADS made a cash payment of $5.1 million, which represented 25% of the forfeited awards. These amounts in connection with the Separation and pursuant to the Employee Matters Agreement were included in cost of operations in the consolidated and combined statements of income. Loyalty Ventures Stock Compensation Plan The Company has adopted an equity compensation plan to advance the interests of the Company by rewarding certain employees for their contributions to the financial success of the Company and thereby motivating them to continue to make such contributions in the future. On November 3, 2021, the Company’s sole director and the sole stockholder of the Company adopted the 2021 Omnibus Incentive Plan (the “2021 Plan”). The 2021 Plan became effective November 3, 2021 and expires on November 3, 2031. The 2021 Plan reserves 1,225,000 shares of common stock for grants of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance share awards, cash incentive awards, deferred stock units, and other stock-based awards as well as providing for cash-based awards to selected officers, employees, non-employee directors and consultants performing services for the Company or its affiliates, with only employees being eligible to receive incentive stock options. The maximum amount that may be awarded to any independent member of the Company’s board of directors, together with any cash fees paid to such member, in any one calendar year may not exceed a total value of $1.0 million. On November 9, 2021, the Company registered 1,225,000 shares of its common stock for issuance in accordance with the 2021 Plan pursuant to a Registration Statement on Form S-8, File No. 333-260914. Terms of all awards under the 2021 Plan are determined by the board of directors or the compensation committee of the board of directors or its designee at the time of award. Loyalty Ventures Restricted Stock Unit Awards Subsequent to the Separation, the Company awarded 222,715 service-based restricted stock units. Under the terms of the Employee Matters Agreement, 176,589 awards were issued with the same vesting and service conditions of the forfeited awards previously granted by ADS. Under the fair value recognition provisions, stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized ratably over the requisite service period. The Company accounts for forfeitures of awards as they occur. For service-based awards, the fair value of the restricted stock units was estimated using the Company’s closing share price on the date of grant. Service-based restricted stock unit awards typically vest ratably over a three-year period. The following table summarizes restricted stock unit activity under the Company’s equity compensation plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Service- Average ​ Based Awards Fair Value Balance at January 1, 2021 ​ ​ — ​ $ — Shares granted ​ ​ 222,715 ​ ​ 29.97 Shares vested ​ — ​ — Shares forfeited ​ (485) ​ 30.25 Balance at December 31, 2021 ​ ​ 222,230 ​ $ 29.97 Outstanding and Expected to Vest ​ ​ 222,230 ​ $ 29.97 ​ The aggregate intrinsic value of restricted stock units outstanding and expected to vest was $6.7 million at December 31, 2021. The weighted-average remaining contractual life for unvested restricted stock units was 1.5 years at December 31, 2021. As of December 31, 2021, there was a total of approximately $6.0 million of unrecognized expense related to non-vested, stock-based equity awards granted to employees, which is to be recognized over a weighted average period of approximately 1.5 years.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2021
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	19. EMPLOYEE BENEFIT PLANS The Company provides certain defined contribution benefit plans to its employees, for which eligible employees may defer a portion of their compensation that is matched by the Company, based on plan guidelines and subject to certain restrictions. The Company’s contributions to these plans were $3.9 million, $4.0 million and $4.2 million for the years ended December 31, 2021, 2020 and 2019, respectively.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Dec. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	20. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The changes in each component of accumulated other comprehensive income (loss), net of tax effects, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ Accumulated ​ ​ Net Unrealized ​ Net Unrealized ​ Currency ​ Other ​ ​ Gains (Losses) on ​ Gains (Losses) on ​ Translation ​ Comprehensive ​ Securities Cash Flow Hedges Adjustments (1) Income (Loss) ​ ​ (in thousands) Balance as of January 1, 2019 ​ $ (6,019) ​ $ (224) ​ $ (86,105) ​ $ (92,348) Changes in other comprehensive income (loss) before reclassifications ​ 6,405 ​ 91 ​ (6,214) ​ 282 Amounts reclassified from other comprehensive income (loss) ​ — ​ — ​ — ​ — Changes in other comprehensive income (loss) ​ 6,405 ​ 91 ​ (6,214) ​ 282 Balance at December 31, 2019 ​ $ 386 ​ $ (133) ​ $ (92,319) ​ $ (92,066) Changes in other comprehensive income (loss) before reclassifications ​ 17,881 ​ (567) ​ 71,246 ​ 88,560 Amounts reclassified from other comprehensive income (loss) ​ — ​ — ​ 3,887 (2) 3,887 Changes in other comprehensive income (loss) ​ 17,881 ​ (567) ​ 75,133 ​ 92,447 Balance at December 31, 2020 ​ $ 18,267 ​ $ (700) ​ $ (17,186) ​ $ 381 Changes in other comprehensive income (loss) before reclassifications ​ (16,276) ​ ​ 1,970 ​ ​ (51,299) ​ (65,605) Amounts reclassified from other comprehensive income (loss) ​ 150 ​ ​ — ​ ​ — ​ 150 Changes in other comprehensive income (loss) ​ (16,126) ​ 1,970 ​ (51,299) ​ (65,455) Balance at December 31, 2021 ​ $ 2,141 ​ $ 1,270 ​ $ (68,485) ​ $ (65,074) (1) Primarily related to the impact of changes in the Canadian dollar and Euro foreign currency exchange rates. (2) In accordance with ASC 830, upon the sale of Precima on January 10, 2020, $3.9 million of accumulated foreign currency translation adjustments attributable to Precima’s foreign subsidiaries sold were reclassified from accumulated other comprehensive income (loss) and included in the calculation of the gain on sale of Precima. Other reclassifications from accumulated other comprehensive loss into net income for each of the periods presented were not material.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	21. INCOME TAXES The components of income before income taxes and (income) loss from investment in unconsolidated subsidiaries and income tax expense are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 ​ ​ (in thousands) Components of income before income taxes and (income) loss from investment in unconsolidated subsidiaries: ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ $ (24,611) ​ $ (5,326) ​ $ (25,078) Foreign ​ 74,443 ​ 101,971 ​ 113,320 Total ​ $ 49,832 ​ $ 96,645 ​ $ 88,242 Components of income tax expense: ​ ​ ​ Current ​ ​ ​ Federal ​ $ — ​ $ 63 ​ $ (76) State ​ — ​ (303) ​ — Foreign ​ 43,412 ​ 25,066 ​ 31,260 Total current ​ 43,412 ​ 24,826 ​ 31,184 Deferred ​ ​ ​ Federal ​ — ​ (63) ​ 124 State ​ — ​ 303 ​ — Foreign ​ 8,763 ​ (3,742) ​ (19,977) Total deferred ​ 8,763 ​ (3,502) ​ (19,853) Total provision for income taxes ​ $ 52,175 ​ $ 21,324 ​ $ 11,331 ​ A reconciliation of recorded federal provision for income taxes to the expected amount computed by applying the federal statutory rate for all periods to income before income taxes and (income) loss from investment in unconsolidated subsidiaries is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (in thousands) Expected expense at statutory rate ​ $ 10,465 ​ $ 20,296 ​ $ 18,532 Increase (decrease) in income taxes resulting from: ​ ​ ​ ​ Foreign rate differential ​ 11,274 ​ 1,861 ​ 1,203 Foreign restructuring ​ 14,402 ​ 3,598 ​ — Impact of sale transaction ​ — ​ 3,360 ​ — Global intangible low-taxed income ​ — ​ (8,339) ​ 2,895 Non-deductible expenses ​ 14,696 ​ 2,396 ​ 4,162 Uncertain tax positions ​ (4,178) ​ (7,706) ​ (14,856) Valuation allowance ​ 5,364 ​ 5,066 ​ (196) Other ​ 152 ​ 792 ​ (409) Total ​ $ 52,175 ​ $ 21,324 ​ $ 11,331 ​ H.R. 1, originally known as the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Reform”) was enacted on December 22, 2017. The 2017 Tax Reform permanently reduced the corporate tax rate to 21% from 35%, effective January 1, 2018 and implemented a change from a system of worldwide taxation with deferral to a hybrid territorial system. This system taxes excess foreign profits above a deemed routine return through the Global Intangible Low-Taxed Income (“GILTI”) regime. The Company recognizes tax on GILTI, to the extent that it applies, as an expense in the period incurred. The Company recorded tax expense of $11.3 million for the year ended December 31, 2021 related to foreign taxes on earnings at rates higher than the U.S. statutory rate inclusive of $7.8 million of Canadian withholding taxes on dividend distributions to Parent prior to the Separation. The Company recorded tax expense of $14.4 million during the current year primarily related to the write-down of a foreign intangible deferred tax asset pursuant to a settlement agreement with a tax authority. Previously, a tax benefit resulted from a foreign restructuring of certain non-U.S. intangibles to support a strategic shift whereby various intangibles across legal entities were consolidated. Also in 2021, the Company’s non-deductible expenses increased resulting in additional tax expense of $14.7 million primarily as a result of the goodwill impairment of $50.0 million. The Company recorded a benefit of $8.3 million for the year ended December 31, 2020 related to the impact of the final regulations issued by the Treasury and Internal Revenue Service regarding GILTI. Benefits for uncertain tax positions of $4.2 million, $7.7 million and $14.9 million were recognized in tax years ended December 31, 2021, 2020 and 2019, respectively, primarily due to the expiration of statutes of limitation and the resolution of tax audit issues in various foreign jurisdictions. Deferred tax assets and liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (in thousands) Deferred tax assets ​ ​ Deferred revenue ​ $ 9,121 ​ $ 14,960 Net operating loss carryforwards and other carryforwards ​ 81,557 ​ 69,132 Lease liabilities ​ 29,110 ​ 32,934 Accrued expenses and other ​ 6,640 ​ 9,844 Intangible assets ​ 8,437 ​ 31,478 Total deferred tax assets ​ 134,865 ​ 158,348 Valuation allowance ​ (46,671) ​ (47,854) Deferred tax assets, net of valuation allowance ​ 88,194 ​ 110,494 Deferred tax liabilities ​ ​ Depreciation ​ 4,755 ​ 11,394 Right of use assets ​ 25,311 ​ 28,963 Total deferred tax liabilities ​ 30,066 ​ 40,357 ​ ​ ​ ​ ​ ​ ​ Net deferred tax asset ​ $ 58,128 ​ $ 70,137 ​ ​ ​ ​ ​ ​ ​ Amounts recognized in the consolidated and combined balance sheets: ​ ​ Non-current assets ​ $ 58,128 ​ $ 70,137 Non-current liabilities ​ — ​ — Total – Net deferred tax asset ​ $ 58,128 ​ $ 70,137 ​ The deferred tax assets associated with net operating losses (“NOLs”) included in the table above as of December 31, 2020 reflect NOLs as if the Company was a taxpayer separate from the Parent. The deferred tax assets associated with NOLs included in the table above for the year ended December 31, 2021 reflect the net operating losses the Company has available to offset future taxable income subsequent to the Separation. Hypothetical federal and state NOL deferred tax assets as of December 31, 2020 of $5.4 million were eliminated at the time of Separation. As of December 31, 2021, the Company has federal NOLs of $14.3 million, of which $4.5 million expire at various times through the year 2037, and $9.8 million may be carried forward indefinitely. As of December 31, 2021, the Company also maintains state NOLs of $6.8 million which expire at various times through the year 2040. The Company has $303.5 million of foreign NOLs and $5.2 million of foreign capital losses at December 31, 2021. The foreign NOLs and capital losses have an unlimited carryforward period. The Company does not believe it is more-likely-than-not that any federal or state NOLs, a portion of the foreign NOLs, or any of the capital losses will be utilized. Therefore, in accordance with ASC 740-10-30, “Income Taxes—Overall—Initial Measurement,” the Company has established a valuation allowance against those carryforwards unlikely to be utilized. The Company’s valuation allowance decreased $1.2 million during the year ended December 31, 2021, primarily as a result of the hypothetical deferred tax assets, and corresponding hypothetical valuation allowance, that existed at December 31, 2020 being eliminated at the time of Separation. At December 31, 2021, the Company did not have any excess financial reporting basis over tax basis from a U.S. federal tax perspective primarily as a result of the GILTI regime pursuant to the 2017 Tax Reform. The Company may have, in certain state or foreign jurisdictions, amounts of financial reporting basis that exceeds tax basis as of December 31, 2021. However, these amounts are immaterial and no additional state or foreign tax liability has been recorded. Finally, despite their immaterial nature subsequent to cash distributions to Parent in 2021, the Company intends to permanently reinvest any previously undistributed earnings of our foreign subsidiaries in the operations outside the United States to support its international growth. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): ​ ​ ​ ​ Balance at January 1, 2019 $ 74,231 Increases related to prior years’ tax positions ​ — Decreases related to prior years’ tax positions ​ (10,484) Increases related to current year tax positions ​ — Settlements during the period ​ — Lapses of applicable statutes of limitation ​ (4,251) Foreign currency translation adjustment ​ 1,081 Balance at December 31, 2019 ​ $ 60,577 Increases related to prior years’ tax positions ​ 903 Decreases related to prior years’ tax positions ​ (40,267) Increases related to current year tax positions ​ — Settlements during the period ​ — Lapses of applicable statutes of limitation ​ (6,431) Foreign currency translation adjustment ​ 4,663 Balance at December 31, 2020 ​ $ 19,445 Increases related to prior years’ tax positions ​ — Decreases related to prior years’ tax positions ​ (749) Increases related to current year tax positions ​ — Settlements during the period ​ — Lapses of applicable statutes of limitation ​ (3,742) Foreign currency translation adjustment ​ (405) Balance at December 31, 2021 ​ $ 14,549 ​ Included in the balance at December 31, 2021 are tax positions reclassified from deferred income taxes. Deductibility or taxability is highly certain for these tax positions but there is uncertainty about the timing of such deductibility or taxability. Because of the impact of deferred tax accounting, other than interest and penalties, this timing uncertainty, if realized, would not have a material effect on the annual effective tax rate but could accelerate the payment of cash to the taxing authority to an earlier period. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits in income tax expense. The Company has potential cumulative interest and penalties with respect to unrecognized tax benefits of approximately $5.3 million, $5.8 million and $7.4 million at December 31, 2021, 2020 and 2019, respectively. For the years ended December 31, 2021, 2020 and 2019, the Company recorded a benefit of approximately $0.4 million, $1.8 million and $2.3 million, respectively, for potential interest and penalties with respect to unrecognized tax benefits. At December 31, 2021, 2020 and 2019, the Company had unrecognized tax benefits of approximately $10.7 million, $15.5 million and $58.6 million, respectively, that, if recognized, would impact the effective tax rate. The Company does not anticipate a significant change to the total amount of unrecognized tax benefits over the next twelve months. The Company’s domestic operations that have been included in the Parent’s federal and state tax returns are not separately subject to audit. The Company’s foreign operations are separately subject to tax in multiple foreign jurisdictions. With some exceptions, the tax returns filed by the Company’s foreign operations are no longer subject to foreign income tax examinations for years before 2013.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	22. FINANCIAL INSTRUMENTS Fair Value of Financial Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Amount Value Amount Value ​ ​ (in thousands) Financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redemption settlement assets, restricted ​ $ 735,131 ​ $ 735,131 ​ $ 693,461 ​ $ 693,461 Other investments ​ 471 ​ 471 ​ 253 ​ 253 Derivative instruments ​ 2,465 ​ 2,465 ​ 353 ​ 353 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ Derivative instruments ​ 487 ​ 487 ​ 1,505 ​ 1,505 Long-term debt ​ ​ 654,113 ​ ​ 654,113 ​ ​ — ​ ​ — ​ The following techniques and assumptions were used by the Company in estimating fair values of financial instruments as disclosed herein: Redemption settlement assets, restricted — Other investments Derivative instruments Long-term debt Financial Assets and Financial Liabilities Fair Value Hierarchy ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: ● Level 1, defined as observable inputs such as quoted prices in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and ● Level 3, defined as unobservable inputs where little or no market data exists, therefore requiring an entity to develop its own assumptions. Financial instruments are considered Level 3 when their values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. Level 3 financial instruments also include those for which the determination of fair value requires significant management judgment or estimation. The use of different techniques to determine fair value of these financial instruments could result in different estimates of fair value at the reporting date. The following tables provide information for the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Fair Value Measurements at ​ ​ December 31, ​ December 31, 2021 Using ​ 2021 Level 1 Level 2 Level 3 ​ ​ (in thousands) Mutual funds (1) ​ $ 25,990 ​ $ 25,990 ​ $ — ​ $ — Corporate bonds (1) ​ ​ 650,389 ​ ​ — ​ ​ 650,389 ​ ​ — Marketable securities (2) ​ 471 ​ 471 ​ — ​ — Derivative instruments (3) ​ 2,465 ​ — ​ 2,465 ​ — Total assets measured at fair value ​ $ 679,315 ​ $ 26,461 ​ $ 652,854 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments (3) ​ $ 487 ​ $ — ​ $ 487 ​ $ — Total liabilities measured at fair value ​ $ 487 ​ $ — ​ $ 487 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Fair Value Measurements at ​ ​ December 31, ​ December 31, 2020 Using ​ 2020 Level 1 Level 2 Level 3 ​ ​ (in thousands) Mutual funds (1) ​ $ 26,850 ​ $ 26,850 ​ $ — ​ $ — Corporate bonds (1) ​ ​ 611,184 ​ ​ — ​ ​ 611,184 ​ ​ — Marketable securities (2) ​ 253 ​ 253 ​ — ​ — Derivative instruments (3) ​ 353 ​ — ​ 353 ​ — Total assets measured at fair value ​ $ 638,640 ​ $ 27,103 ​ $ 611,537 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments (3) ​ $ 1,505 ​ $ — ​ $ 1,505 ​ $ — Total liabilities measured at fair value ​ $ 1,505 ​ $ — ​ $ 1,505 ​ $ — (1) Amounts are included in redemption settlement assets in the consolidated and combined balance sheets. (2) Amounts are included in other current assets in the consolidated and combined balance sheets. (3) Amounts are included in other current assets and other current liabilities in the consolidated and combined balance sheets. There were no transfers between Levels 1 and 2 within the fair value hierarchy for the years ended December 31, 2021 and 2020. There were no Level 3 financial instruments held during the years ended December 31, 2021 and 2020. Financial Instruments Disclosed but Not Carried at Fair Value The following table provides assets and liabilities disclosed but not carried at fair value as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Fair Value Measurements at ​ ​ December 31, ​ December 31, 2021 Using ​ 2021 Level 1 Level 2 Level 3 ​ ​ (in thousands) Long-term debt ​ $ 654,113 ​ $ — ​ $ 654,113 ​ $ — Total liabilities measured at fair value ​ $ 654,113 ​ $ — ​ $ 654,113 ​ $ — ​ There were no assets or liabilities disclosed but not carried at fair value as of December 31, 2020. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis For the year ended December 31, 2021, the Company recognized a goodwill impairment charge of $50.0 million. See Note 11, “Intangible Assets and Goodwill,” for more information. For the year ended December 31, 2019, as part of restructuring and other charges, the Company recorded asset impairments of $40.7 million, of which $40.2 million was included in the BrandLoyalty segment and $0.4 million was included in the AIR MILES Reward Program segment, related to the discontinuance of certain product lines within inventory and the impairment of certain prepaid assets and fixed assets. See Note 13, “Restructuring and Other Charges,” for more information. ​

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2021
SEGMENT INFORMATION
SEGMENT INFORMATION	23. 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/ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Reward Program ​ BrandLoyalty ​ Other ​ Eliminations ​ Total ​ ​ (in thousands) Revenues ​ $ 284,744 ​ $ 450,609 ​ $ — ​ $ (46) ​ $ 735,307 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ $ 118,699 ​ $ (42,883) ​ $ (25,984) ​ $ — ​ $ 49,832 Interest (income) expense, net ​ (749) ​ ​ 311 ​ ​ 5,972 ​ ​ — ​ 5,534 Depreciation and amortization ​ 24,054 ​ ​ 12,630 ​ ​ — ​ ​ — ​ 36,684 Stock compensation expense ​ 1,952 ​ ​ 2,692 ​ ​ 1,615 ​ ​ — ​ 6,259 Goodwill impairment ​ ​ — ​ ​ 50,000 ​ ​ — ​ ​ — ​ ​ 50,000 Strategic transaction costs ​ ​ 3,842 ​ ​ 9,362 ​ ​ 4,478 ​ ​ — ​ ​ 17,682 Adjusted EBITDA (1) ​ $ 147,798 ​ $ 32,112 ​ $ (13,919) ​ $ — ​ $ 165,991 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 11,789 ​ $ 6,424 ​ $ — ​ $ — ​ $ 18,213 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ Corporate/ ​ ​ ​ ​ Year Ended December 31, 2020 ​ Reward Program ​ BrandLoyalty ​ Other ​ Eliminations ​ Total ​ ​ (in thousands) Revenues ​ $ 277,121 ​ $ 487,685 ​ $ — ​ $ — ​ $ 764,806 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ $ 131,630 ​ $ (20,670) ​ $ (14,315) ​ $ — ​ $ 96,645 Interest (income) expense, net ​ (1,071) ​ 237 ​ — ​ ​ — ​ (834) Depreciation and amortization ​ 18,658 ​ 59,283 ​ — ​ ​ — ​ 77,941 Stock compensation expense ​ 2,137 ​ 3,361 ​ 1,519 ​ ​ — ​ 7,017 Gain on sale of business, net of strategic transaction costs ​ ​ (7,816) ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,816) Strategic transaction costs ​ 329 ​ ​ — ​ ​ — ​ ​ — ​ 329 Restructuring and other charges ​ 158 ​ ​ (50) ​ ​ — ​ ​ — ​ 108 Adjusted EBITDA (1) ​ $ 144,025 ​ $ 42,161 ​ $ (12,796) ​ $ — ​ $ 173,390 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 17,360 ​ $ 6,959 ​ $ — ​ $ — ​ $ 24,319 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ Corporate/ ​ ​ ​ ​ Year Ended December 31, 2019 ​ Reward Program ​ BrandLoyalty ​ Other ​ Eliminations ​ Total ​ ​ (in thousands) Revenues ​ $ 384,021 ​ $ 649,110 ​ $ — ​ $ — ​ $ 1,033,131 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ $ 137,474 ​ $ (34,409) ​ $ (14,823) ​ $ — ​ $ 88,242 Interest (income) expense, net ​ (1,722) ​ 4,057 ​ — ​ ​ — ​ 2,335 Depreciation and amortization ​ 21,088 ​ 59,091 ​ — ​ ​ — ​ 80,179 Stock compensation expense ​ 3,878 ​ 3,326 ​ 1,872 ​ ​ — ​ 9,076 Strategic transaction costs ​ 963 ​ 18 ​ — ​ ​ — ​ 981 Restructuring and other charges ​ ​ 3,487 ​ 47,293 ​ — ​ ​ — ​ ​ 50,780 Adjusted EBITDA (1) ​ $ 165,168 ​ $ 79,376 ​ $ (12,951) ​ $ — ​ $ 231,593 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 29,094 ​ $ 12,363 ​ $ — ​ $ — ​ $ 41,457 (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 subsidiaries – related party, provision for income taxes, interest expense (income), net, depreciation and other amortization, amortization of purchased intangibles, and stock compensation expense. Adjusted EBITDA also excludes the gain on the sale of Precima in 2020, strategic transaction costs, which represent costs for professional services and other costs associated with strategic initiatives, including the spinoff and amounts associated with the Tax Matters and Employee Matters agreement, goodwill impairment, and restructuring and other charges for actions taken in 2019. ​ The table below reconciles the reportable segments’ total assets to consolidated and combined total assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ Corporate/ ​ ​ ​ ​ Reward Program BrandLoyalty Other Total ​ ​ (in thousands) Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ $ 1,290,919 ​ $ 956,740 ​ $ 76,068 ​ $ 2,323,727 December 31, 2020 ​ $ 1,332,388 ​ $ 1,089,937 ​ $ 35,739 ​ $ 2,458,064 ​ With respect to information concerning principal geographic areas, revenues are based on the location of the subsidiary that generally correlates with the location of the customer. Information concerning principal geographic areas is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Europe, ​ ​ ​ ​ ​ United ​ ​ ​ ​ Middle East ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States ​ Canada ​ and Africa ​ Asia Pacific ​ Other ​ Total ​ ​ (in thousands) Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ $ 2,637 ​ $ 301,614 ​ $ 338,427 ​ $ 81,867 ​ $ 10,762 ​ $ 735,307 Year Ended December 31, 2020 ​ $ 11,090 ​ $ 286,876 ​ $ 332,632 ​ $ 80,546 ​ $ 53,662 ​ $ 764,806 Year Ended December 31, 2019 ​ $ 40,111 ​ $ 352,163 ​ $ 449,140 ​ $ 121,731 ​ $ 69,986 ​ $ 1,033,131 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long Lived Assets ​ ​ ​ ​ ​ ​ December 31, 2021 ​ $ 21,428 ​ $ 296,800 ​ $ 596,145 ​ $ 1,075 ​ $ 92 ​ $ 915,540 December 31, 2020 ​ $ — ​ $ 311,530 ​ $ 714,317 ​ $ 1,902 ​ $ 148 ​ $ 1,027,897 ​ As of December 31, 2021, 2020 and 2019, revenues from the Bank of Montreal were $125.0 million, $117.3 million and $120.9 million, respectively, which represented approximately 17% , 15% and 12% of respective consolidated and combined revenues, and are included in the AIR MILES Reward Program segment

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2021
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	24. SUPPLEMENTAL CASH FLOW INFORMATION The following table provides a reconciliation of cash and cash equivalents to the total of the amounts reported in the consolidated and combined statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ 2021 2020 ​ 2019 ​ ​ (in thousands) Cash and cash equivalents ​ $ 167,601 ​ $ 278,841 ​ $ 124,981 Restricted cash included within other current assets (1) ​ 6,249 ​ 3,257 ​ 10,842 Restricted cash included within redemption settlement assets, restricted (2) ​ 58,752 ​ 55,427 ​ 39,309 Total cash, cash equivalents and restricted cash ​ $ 232,602 ​ $ 337,525 ​ $ 175,132 (1) Includes cash restricted for travel deposits within the AIR MILES Reward Program. (2) See Note 8, “Redemption Settlement Assets,” for additional information regarding the nature of restrictions on redemption settlement assets. The Separation was completed on November 5, 2021 through the non-cash pro rata distribution of 81% of the outstanding shares of Loyalty Ventures to holders of ADS common stock at the close of business on the record date of October 27, 2021, with ADS retaining the remaining 19% of the outstanding shares of Loyalty Ventures. Pursuant to the Separation agreement, the net assets of certain corporate entities associated with the international businesses of $7.6 million were contributed to the Company by ADS. Additionally, the Company established certain contractual and indemnification assets and liabilities pursuant to the Tax Matters Agreement of $29.4 million and $83.6 million, respectively, and the Employee Matters Agreement of $11.9 million and $1.3 million, respectively. See Note 25, “Related Party Transactions,” for more information.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	25. RELATED PARTY TRANSACTIONS Transactions between the Company and ADS were considered to be effectively settled at the time the transaction was recorded. The net effect of the settlement of these intercompany transactions is reflected in the consolidated and combined statements of cash flows as a financing activity as net transfers to Parent and in the consolidated and combined balance sheets as Parent’s net investment. ADS allocated $12.6 million, $14.3 million and $14.8 million of corporate overhead costs that directly or indirectly benefit the Company for the years ended December 31, 2021, 2020 and 2019, respectively, that are included in general and administrative expense within the Company’s consolidated and combined statements of income. These assessments relate to information technology, finance, accounting, and tax services provided, as well as human resources, and other functional support. These allocations were determined based on management estimates on the number of employees and non-employee costs associated with the use of these functions by the Company and may not be indicative of the costs that the Company would otherwise incur on a standalone basis. In 2019, the Company received a capital contribution of $288.7 million, and the cash was used to repay certain notes payable due to subsidiaries of ADS. See Note 15, “Debt,” for additional information. In addition, the Company had certain investments in unconsolidated subsidiaries that were consolidated subsidiaries of the Parent. See Note 12, “Investments in Unconsolidated Subsidiaries - Related Party,” for additional information. In January 2021, the Company paid cash dividends to ADS of $124.2 million, of which $4.2 million was withheld for taxes. ​ In November 2021, in connection with the Separation, the Company made a distribution to ADS of $750.0 million. Pursuant to the Separation agreement, the assets and liabilities of certain corporate entities associated with the international businesses were contributed to the Company by ADS. The assets and liabilities contributed are as follows: ​ ​ ​ ​ ​ ​ ​ November 5, ​ 2021 ​ ​ (in thousands) Assets: ​ Cash and cash equivalents ​ $ 5,637 Accounts receivable, net ​ 1,996 Right of use assets - operating ​ 10 Total assets ​ $ 7,643 Liabilities: ​ Accrued expenses ​ $ 17 Current operating lease liabilities ​ 12 Total liabilities ​ $ 29 ​ Pursuant to the terms of the Tax Matters Agreement, ADS will be responsible for all pre-distribution tax payables and tax reserves but will also be entitled to receive all pre-distribution tax receivables when realized. As a result, the Company established certain indemnification and contractual assets of $29.4 million, which were included in accounts receivables and other non-current assets as well as $83.6 million in contractual liabilities of which $82.6 million were included in accrued expenses and $1.0 million included in other liabilities in the Company’s consolidated and combined balance sheet on the date of the Separation. The Company received million in connection with amounts due and owed under the Tax Matters Agreement. It was also determined that million of the indemnification asset would not be paid by ADS, as the Company released the associated tax reserve, and as such the indemnification asset was written off and included in general and administrative expenses in the Company’s consolidated and combined statement of income for the year ended December 31, 2021. As such, as of December 31, 2021, the assets and liabilities related to the tax matters agreement were Pursuant to the terms of the Transition Services Agreement, ADS will provide various corporate, administrative and information technology services to the Company, subsequent to the Separation. Amounts incurred during the year ended December 31, 2021, subsequent to the Separation, was million and has been included in the general and administrative expenses in the Company’s consolidated and combined statement of income.

QUARTERLY RESULTS OF OPERATIONS

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)	12 Months Ended
	Dec. 31, 2021
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)	26. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) Unaudited quarterly results of operations for the years ended December 31, 2021 and 2020 are presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, ​ 2021 2021 2021 2021 ​ ​ (in thousands, except per share amounts) Revenues $ 176,554 ​ $ 150,905 ​ $ 169,257 ​ $ 238,591 Operating expenses ​ ​ 148,565 ​ ​ 130,418 ​ ​ 132,998 ​ ​ 267,960 Operating income (loss) ​ 27,989 ​ 20,487 ​ 36,259 ​ (29,369) Interest (income) expense, net ​ (69) ​ ​ (113) ​ ​ (136) ​ ​ 5,852 Income (loss) before income taxes and loss (income) from investment in unconsolidated subsidiaries ​ 28,058 ​ 20,600 ​ 36,395 ​ (35,221) Provision for income taxes ​ 8,984 ​ ​ 6,090 ​ ​ 16,542 ​ ​ 20,559 Loss (income) from investment in unconsolidated subsidiaries – related party, net of tax ​ 36 ​ ​ 5 ​ ​ (4,108) ​ ​ — Net income (loss) ​ $ 19,038 ​ $ 14,505 ​ $ 23,961 ​ $ (55,780) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.77 ​ $ 0.59 ​ $ 0.97 ​ $ (2.27) Diluted ​ $ 0.77 ​ $ 0.59 ​ $ 0.97 ​ $ (2.27) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 24,585 ​ ​ 24,585 ​ ​ 24,585 ​ ​ 24,585 Diluted ​ ​ 24,585 ​ ​ 24,585 ​ ​ 24,585 ​ ​ 24,591 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, ​ 2020 2020 2020 2020 ​ ​ (in thousands, except per share amounts) Revenues $ 198,105 ​ $ 151,071 ​ $ 184,756 ​ $ 230,874 Operating expenses ​ ​ 166,113 ​ ​ 130,795 ​ ​ 170,261 ​ ​ 212,702 Operating income ​ 31,992 ​ 20,276 ​ 14,495 ​ 18,172 Gain on sale of a business ​ (10,876) ​ ​ — ​ ​ — ​ ​ — Interest income, net ​ (267) ​ ​ (82) ​ ​ (167) ​ ​ (318) Income before income taxes and loss (income) from investment in unconsolidated subsidiaries ​ 43,135 ​ 20,358 ​ 14,662 ​ 18,490 Provision for income taxes ​ 13,408 ​ ​ 441 ​ ​ 3,534 ​ ​ 3,941 Loss (income) from investment in unconsolidated subsidiaries – related party, net of tax ​ 68 ​ ​ (10) ​ ​ 148 ​ ​ 40 Net income ​ $ 29,659 ​ $ 19,927 ​ $ 10,980 ​ $ 14,509 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.21 ​ $ 0.81 ​ $ 0.45 ​ $ 0.59 Diluted ​ $ 1.21 ​ $ 0.81 ​ $ 0.45 ​ $ 0.59 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 24,585 ​ ​ 24,585 ​ ​ 24,585 ​ ​ 24,585 Diluted ​ ​ 24,585 ​ ​ 24,585 ​ ​ 24,585 ​ ​ 24,585 ​

SCHEDULE II - CONSOLIDATED VALU

SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNT	12 Months Ended
	Dec. 31, 2021
SHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNT.
SHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNT	SCHEDULE II CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at Charged to Charged to Write-Offs Balance at ​ ​ Beginning of ​ Costs and ​ Other ​ Net of ​ End of Description ​ Year ​ Expenses ​ Accounts (1) ​ Recoveries (2) ​ Year ​ ​ (in thousands) Allowance for Doubtful Accounts—Accounts receivable: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ $ 3,953 ​ $ (906) ​ $ 1,701 ​ $ (94) ​ $ 4,654 Year Ended December 31, 2020 ​ $ 3,396 ​ $ 1,128 ​ $ — ​ $ (571) ​ $ 3,953 Year Ended December 31, 2019 ​ $ 224 ​ $ 3,600 ​ $ — ​ $ (428) ​ $ 3,396 (1) Amounts of certain corporate entities associated with the international businesses contributed to the Company by ADS in connection with the Separation. (2) Amounts written off during the year, net of recoveries and foreign exchange impact.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of the Business	Description of the Business —Loyalty Ventures Inc. (the “Company” or “Loyalty Ventures”) provides coalition and campaign-based loyalty solutions through the Canadian AIR MILES ® Reward Program and BrandLoyalty Group B.V. (“BrandLoyalty”). The AIR MILES Reward Program is a full-service outsourced coalition loyalty program for its sponsors who pay a fee per AIR MILES reward mile issued, in return for which the AIR MILES Reward Program provides all marketing, customer service, rewards and redemption management. BrandLoyalty designs, implements, conducts and evaluates innovative and tailor-made loyalty programs for high frequency retailers worldwide. These loyalty programs are designed to generate immediate changes in consumer behavior and are offered across Europe and Asia, as well as around the world. The business represents the LoyaltyOne reportable segment previously owned by Alliance Data Systems Corporation (“ADS” or “Parent”) that was spun off into Loyalty Ventures Inc. on November 5, 2021.
Spinoff of the LoyaltyOne segment	Spinoff of the LoyaltyOne Segment —On October 13, 2021, the Board of Directors of ADS approved the previously announced separation (the “Separation”) of its LoyaltyOne segment, into an independent, publicly traded company, Loyalty Ventures Inc. The Separation was completed on November 5, 2021 through the pro rata distribution of 81% of the outstanding shares of Loyalty Ventures to holders of ADS common stock at the close of business on the record date of October 27, 2021, with ADS retaining the remaining 19% of the outstanding shares of Loyalty Ventures. ADS stockholders of record that did not sell their rights to receive Loyalty Ventures stock before the close of business on November 5, 2021 received one share of Loyalty Ventures common stock for every two and one -half (2.5) shares of ADS common stock. Additionally, Loyalty Ventures made a cash distribution of $750.0 million to ADS on November 3, 2021 as part of the Separation. The distribution qualified as a tax-free reorganization and a tax-free distribution to ADS and its stockholders for U.S. federal income tax purposes. On November 8, 2021, “regular-way” trading of Loyalty Ventures’ common stock began on the Nasdaq Stock Market under the symbol “LYLT”. In connection with the Separation, Loyalty Ventures entered into several agreements with ADS, including the Separation and Distribution Agreement on November 3, 2021 and the remaining agreements described below on November 5, 2021, that, among other things, effect the Separation and provide a framework for its relationship with ADS after the Separation: • Separation and Distribution Agreement. Governs the overall terms of the Separation. Generally, the Separation and Distribution Agreement includes ADS’ and Loyalty Ventures’ agreements relating to the restructuring steps taken to complete the Separation, including the assets and rights transferred, liabilities assumed and related matters. The Separation and Distribution Agreement provides for ADS and Loyalty Ventures to transfer specified assets between the companies that operate the LoyaltyOne segment after the Distribution, on the one hand, and ADS’ remaining businesses, on the other hand. • Tax Matters Agreement. Governs ADS’ and Loyalty Ventures’ respective rights, responsibilities and obligations with respect to taxes, including taxes arising in the ordinary course of business, and taxes, if any, incurred as a result of the failure of the Distribution (and certain related transactions) to qualify for tax-free treatment for U.S. federal income tax purposes. The Tax Matters Agreement also sets forth the respective obligations of the parties with respect to the filing of tax returns, the administration of tax contests and assistance and cooperation on tax matters. Under the Tax Matters Agreement, ADS generally is responsible for all of the pre-Separation taxes of Loyalty Ventures and its subsidiaries (“Loyalty Ventures Group”) and is entitled to all the Loyalty Ventures Group’s pre-Separation refunds, and Loyalty Ventures is generally responsible for all post-Separation taxes with respect to the Loyalty Ventures Group. See Note 25, “Related Party Transactions,” for additional information. • Transition Services Agreement. Sets forth the terms on which each of Loyalty Ventures and ADS will provide certain historically shared services to the other, on a transitional basis. Transition services will include various corporate, administrative and information technology services. Both parties are obligated, subject to certain customary exceptions, to provide such services in substantially the same manner as such services have been provided during the 12-month period prior to the distribution. See Note 25, “Related Party Transactions,” for additional information. • Employee Matters Agreement. Governs each company’s respective compensation and benefit obligations with respect to current and former employees, directors and consultants. The Employee Matters Agreement sets forth general principles relating to employee matters in connection with the Separation, such as the assignment of employees, the assumption and retention of liabilities and related assets, expense reimbursements, workers’ compensation, leaves of absence, the provision of comparable benefits, employee service credit, the sharing of employee information and duplication or acceleration of benefits. See Note 18, “Share-based Payments,” for additional information. • Registration Rights Agreement. Provides ADS with certain customary demand registration, shelf takedown and piggyback registration rights with respect to its shares of Loyalty Ventures’ common stock, subject to certain customary limitations.
Basis of Presentation	Basis of Presentation —Prior to the Separation, the Company had historically operated as part of ADS and not as a standalone company. The combined financial statements for the periods prior to the Separation date of November 5, 2021 have been derived from ADS’ historical accounting records and are presented on a carve-out basis. The financial statements after the Separation date of November 5, 2021 represent the consolidated financial statements of Loyalty Ventures. All revenues and expenses as well as assets and liabilities directly associated with the business activity of the Company are included in the consolidated and combined financial statements. The consolidated and combined financial statements also include allocations of certain general and administrative expenses from ADS. ADS corporate overhead costs that directly or indirectly benefited Loyalty Ventures’ business were allocated through the date of the Separation in 2021 and for the years ended December 31, 2020 and 2019. However, amounts recognized by the Company are not necessarily representative of the amounts that would have been reflected in the consolidated and combined financial statements had the Company operated independently of ADS. See Note 25, “Related Party Transactions,” for additional information. ADS’ third-party long-term debt and the related interest expense have not been allocated for any of the periods presented as the Company was not the legal obligor of such debt. Parent’s net investment represents ADS’ interest in the recorded net assets of the Company prior to the Separation. All significant transactions between the Company and Parent have been included in the accompanying consolidated and combined financial statements. Transactions with Parent as contributions to the carve-out entity or distributions from the carve-out entity are reflected in the accompanying consolidated and combined statements of equity as “Change in Parent’s net investment” and in the accompanying consolidated and combined balance sheets within “Parent’s net investment.” The consolidated and combined financial statements for the period from November 6, 2021 through December 31, 2021 were based on the reported results of Loyalty Ventures as a standalone company and prepared on a consolidated basis. All significant intercompany accounts and transactions between the businesses comprising the Company have been eliminated in the accompanying consolidated and combined financial statements. The Company’s consolidated and combined financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s consolidated and combined financial statements and accompanying notes are presented in U.S. Dollar (“USD”), the Company’s reporting currency.
Principles of Consolidation	Principles of Consolidation
Cash and Cash Equivalents	Cash and Cash Equivalents
Accounts Receivable, net	Accounts Receivable, net
Inventories, net	Inventories, net
Redemption Settlement Assets, Restricted	Redemption Settlement Assets, Restricted
Property and Equipment	Property and Equipment two three
Goodwill and Other Intangible Assets	Goodwill Intangible Assets impairment when events or conditions indicate that the carrying value of an asset may not be fully recoverable from future cash flows. Costs incurred to renew or extend the terms of intangible assets are expensed as incurred.
Income Taxes	Income Taxes Income taxes reported in earnings also include deferred income tax provisions and provisions for uncertain tax positions. Deferred income tax assets and liabilities are computed on differences between the financial statement bases and tax bases of assets and liabilities at the enacted tax rates. Changes in deferred income tax assets and liabilities associated with components of other comprehensive income are charged or credited directly to other comprehensive income. Otherwise, changes in deferred income tax assets and liabilities are included as a component of income tax expense. The effect on deferred income tax assets and liabilities attributable to changes in enacted tax rates are charged or credited to income tax expense in the period of enactment. Valuation allowances are established for certain deferred tax assets when realization is less than more-likely-than-not. Liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions, in our judgment, do not meet a more-likely-than-not threshold based on the technical merits of the positions. Additionally, liabilities may be established for uncertain tax positions when, in our judgment, the more-likely-than-not threshold is met, but the position does not rise to the level of highly certain based upon the technical merits of the position. Estimated interest and penalties related to uncertain tax positions are included as a component of income tax expense.
Derivative Instruments	Derivative Instruments Derivatives Designated as Hedging Instruments Derivatives not Designated as Hedging Instruments
Revenue Recognition	Revenue Recognition determination of whether a contract, an agreement between two or more parties that creates legally enforceable rights and obligations, exists; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when (or as) the performance obligation is satisfied. See Note 3, “Revenue,” for more information about the Company’s revenue and the associated timing and basis of revenue recognition.
Currency Translation	Currency Translation
Leases	Leases
Marketing and Advertising Costs	Marketing and Advertising Costs
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Effective	Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Simplifying the Accounting for Income Taxes.” ASU 2019-12 eliminated certain exceptions within ASC 740, “Income Taxes,” and clarified certain aspects of ASC 740 to promote consistency among reporting entities. Most amendments within the standard were required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company’s adoption of this standard on January 1, 2021 did not have a material impact on its consolidated and combined financial statements. Recently Issued Accounting Standards Not Yet Effective In March 2020, the FASB issued ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts and hedging relationships that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. This ASU is elective and is effective upon issuance for all entities. The Company is evaluating the impact that adoption of ASU 2020-04 will have on its consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with ASC 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. The Company is evaluating the impact that adoption of ASU 2021-08 will have on its consolidated financial statements.

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2021
REVENUE
Schedule of revenue disaggregation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Major Source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coalition loyalty program ​ $ 271,130 ​ $ — ​ $ — ​ $ 271,130 Campaign-based loyalty programs ​ — ​ 444,898 ​ ​ — ​ 444,898 Other ​ 55 ​ 5,711 ​ ​ (46) ​ 5,720 Revenue from contracts with customers ​ $ 271,185 ​ $ 450,609 ​ $ (46) ​ $ 721,748 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment income ​ 13,559 ​ — ​ ​ — ​ 13,559 Total ​ $ 284,744 ​ $ 450,609 ​ $ (46) ​ $ 735,307 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Major Source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coalition loyalty program ​ $ 262,470 ​ $ — ​ $ — ​ $ 262,470 Campaign-based loyalty programs ​ — ​ 487,685 ​ ​ — ​ 487,685 Other ​ 1,899 (1) — ​ ​ — ​ 1,899 Revenue from contracts with customers ​ $ 264,369 ​ $ 487,685 ​ $ — ​ $ 752,054 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment income ​ 12,752 ​ — ​ ​ — ​ 12,752 Total ​ $ 277,121 ​ $ 487,685 ​ $ — ​ $ 764,806 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ Year Ended December 31, 2019 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Major Source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coalition loyalty program ​ $ 290,054 ​ $ — ​ $ — ​ $ 290,054 Campaign-based loyalty programs ​ — ​ 635,516 ​ ​ — ​ 635,516 Other ​ 81,337 (1) 13,594 ​ ​ — ​ 94,931 Revenue from contracts with customers ​ $ 371,391 ​ $ 649,110 ​ $ — ​ $ 1,020,501 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment income ​ 12,630 ​ — ​ ​ — ​ 12,630 Total ​ $ 384,021 ​ $ 649,110 ​ $ — ​ $ 1,033,131 (1) Includes revenues from Precima ® , a provider of retail strategy and customer data applications and analytics, which was sold by the Parent on January 10, 2020, which comprised $1.9 million and $80.4 million for the years ended December 31, 2020 and 2019, respectively. See Note 5, “Disposition,” for more information. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Geographic Region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ 2,637 ​ $ — ​ $ 2,637 Canada ​ 284,744 ​ 16,870 ​ ​ — ​ 301,614 Europe, Middle East and Africa ​ — ​ 338,473 ​ ​ (46) ​ 338,427 Asia Pacific ​ — ​ 81,867 ​ ​ — ​ 81,867 Other ​ — ​ 10,762 ​ ​ — ​ 10,762 Total ​ $ 284,744 ​ $ 450,609 ​ $ (46) ​ $ 735,307 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Geographic Region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 1,028 ​ $ 10,062 ​ $ — ​ $ 11,090 Canada ​ 275,825 ​ 11,051 ​ ​ — ​ 286,876 Europe, Middle East and Africa ​ 268 ​ 332,364 ​ ​ — ​ 332,632 Asia Pacific ​ — ​ 80,546 ​ ​ — ​ 80,546 Other ​ — ​ 53,662 ​ ​ — ​ 53,662 Total ​ $ 277,121 ​ $ 487,685 ​ $ — ​ $ 764,806 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Geographic Region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 37,969 ​ $ 2,142 ​ $ — ​ $ 40,111 Canada ​ 336,105 ​ 16,058 ​ ​ — ​ 352,163 Europe, Middle East and Africa ​ 9,947 ​ 439,193 ​ ​ — ​ 449,140 Asia Pacific ​ — ​ 121,731 ​ ​ — ​ 121,731 Other ​ — ​ 69,986 ​ ​ — ​ 69,986 Total ​ $ 384,021 ​ $ 649,110 ​ $ — ​ $ 1,033,131
Schedule of reconciliation of contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Revenue ​ Service Redemption Total ​ ​ (in thousands) Balance at January 1, 2020 ​ $ 258,605 ​ $ 663,421 ​ $ 922,026 Cash proceeds ​ 173,089 ​ ​ 286,177 ​ 459,266 Revenue recognized (1) ​ (188,790) ​ ​ (211,482) ​ (400,272) Other ​ — ​ ​ 1,410 ​ 1,410 Effects of foreign currency translation ​ 4,282 ​ ​ 17,307 ​ 21,589 Balance at December 31, 2020 ​ $ 247,186 ​ $ 756,833 ​ $ 1,004,019 Cash proceeds ​ 177,171 ​ ​ 280,710 ​ 457,881 Revenue recognized (1) ​ (195,918) ​ ​ (252,935) ​ (448,853) Other ​ — ​ ​ 1,234 ​ 1,234 Effects of foreign currency translation ​ 2,053 ​ ​ 5,622 ​ 7,675 Balance at December 31, 2021 ​ $ 230,492 ​ $ 791,464 ​ $ 1,021,956 Amounts recognized in the consolidated and combined balance sheets: ​ ​ ​ Deferred revenue (current) ​ $ 133,325 ​ $ 791,464 ​ $ 924,789 Deferred revenue (non-current) ​ $ 97,167 ​ $ — ​ $ 97,167 (1) Reported on a gross basis herein.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
EARNINGS PER SHARE
Schedule of computation of basic and diluted earning per share of common stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 ​ ​ (in thousands, except per share amounts) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 1,724 ​ $ 75,075 ​ $ 75,230 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares, basic ​ ​ 24,585 ​ ​ 24,585 ​ ​ 24,585 Weighted average effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net effect of dilutive unvested restricted stock (1) ​ ​ 6 ​ ​ — ​ ​ — Denominator for diluted calculation ​ ​ 24,591 ​ ​ 24,585 ​ ​ 24,585 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share: ​ $ 0.07 ​ $ 3.05 ​ $ 3.06 Diluted net income per share: ​ $ 0.07 ​ $ 3.05 ​ $ 3.06 (1) For the year ended December 31, 2021, there were no restricted stock units that were anti-dilutive. For all periods presented prior to the Separation, there are no dilutive equity instruments as there were no equity awards of Loyalty Ventures outstanding prior to the Separation.

DISPOSITION (Tables)

DISPOSITION (Tables)	12 Months Ended
	Dec. 31, 2021
DISPOSITION
Schedule of information related to disposition of business	​ ​ ​ ​ ​ ​ ​ January 10, ​ 2020 ​ ​ (in thousands) Assets: ​ Cash and cash equivalents ​ $ 10,713 Accounts receivable, net ​ 17,154 Other current assets ​ 2,889 Property and equipment, net ​ 9,653 Goodwill ​ 3,206 Other assets ​ 2,051 Total assets ​ $ 45,666 Liabilities: ​ Accounts payable ​ $ 223 Accrued expenses ​ 2,470 Other current liabilities ​ 14,709 Deferred tax liability ​ 2,037 Other liabilities ​ 71 Total liabilities ​ $ 19,510

PREPAID EXPENSES (Tables)

PREPAID EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
PREPAID EXPENSES
Schedule Of Prepaid Expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (in thousands) Licenses ​ $ 1,226 ​ $ 11,583 Maintenance ​ 4,678 ​ 4,557 Other ​ 11,877 ​ 2,869 Prepaid expenses ​ $ 17,781 ​ $ 19,009

REDEMPTION SETTLEMENT ASSETS,_2

REDEMPTION SETTLEMENT ASSETS, RESTRICTED (Tables)	12 Months Ended
	Dec. 31, 2021
REDEMPTION SETTLEMENT ASSETS, RESTRICTED.
Schedule of redemption settlement assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ Fair Value Fair Value ​ ​ (in thousands) Restricted cash ​ $ 58,752 ​ $ 55,427 Mutual funds ​ 25,990 ​ 26,850 Corporate bonds ​ 650,389 ​ 611,184 Total ​ $ 735,131 ​ $ 693,461
Schedule of amortized cost, unrealized gains and losses, and fair value of securities available-for-sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ Cost Gains Losses Fair Value Cost Gains Losses Fair Value ​ ​ (in thousands) Corporate bonds ​ $ 648,248 ​ $ 6,389 ​ $ (4,248) ​ $ 650,389 ​ $ 592,247 ​ $ 19,110 ​ $ (173) ​ $ 611,184 Total ​ $ 648,248 ​ $ 6,389 ​ $ (4,248) ​ $ 650,389 ​ $ 592,247 ​ $ 19,110 ​ $ (173) ​ $ 611,184
Schedule of unrealized loss position and fair value of debt securities available for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Less than 12 months ​ 12 Months or Greater ​ Total ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ ​ (in thousands) Corporate bonds $ 104,052 ​ $ (1,341) ​ $ 123,382 ​ $ (2,907) ​ $ 227,434 ​ $ (4,248) Total ​ $ 104,052 ​ $ (1,341) ​ $ 123,382 ​ $ (2,907) ​ $ 227,434 ​ $ (4,248) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Less than 12 months ​ 12 Months or Greater ​ Total ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ ​ (in thousands) Corporate bonds $ 46,190 ​ $ (86) ​ $ 10,316 ​ $ (87) $ 56,506 $ (173) Total ​ $ 46,190 ​ $ (86) ​ $ 10,316 ​ $ (87) ​ $ 56,506 ​ $ (173)
Schedule of contractual maturity of debt securities available for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Estimated ​ ​ Cost ​ Fair Value ​ ​ (in thousands) Due in one year or less ​ $ 117,863 ​ $ 118,835 Due after one year through five years ​ 526,397 ​ 527,548 Due after five years through ten years ​ 3,988 ​ 4,006 Total ​ $ 648,248 ​ $ 650,389

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
LEASES
Schedule of components of lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 ​ 2020 2019 ​ ​ (in thousands) Operating lease cost ​ $ 15,800 ​ $ 15,580 ​ $ 16,379 Short-term lease cost ​ 337 ​ 451 ​ 1,142 Variable lease cost ​ 4,249 ​ 4,224 ​ 4,106 Total ​ $ 20,386 ​ $ 20,255 ​ $ 21,627
Schedule of weighted average remaining lease term and discount rate	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2021 2020 Weighted-average remaining lease term (in years): ​ Operating leases 10.7 11.4 ​ Weighted-average discount rate: ​ ​ Operating leases 4.7 % 4.6 %
Schedule of supplemental cashflow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 ​ 2020 2019 ​ ​ (in thousands) Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 17,265 ​ $ 17,449 ​ $ 18,183 Right-of-use assets obtained in exchange for lease obligations: ​ ​ ​ ​ ​ Operating leases ​ $ 213 ​ $ 3,028 ​ $ 6,145
Schedule of maturities of the lease liabilities	​ ​ ​ ​ ​ ​ ​ Operating Year Leases ​ ​ (in thousands) 2022 ​ $ 15,073 2023 ​ 14,250 2024 ​ 13,369 2025 ​ 12,841 2026 ​ 12,429 Thereafter ​ 77,427 Total undiscounted lease liabilities ​ 145,389 Less: Amount representing interest ​ (32,092) Total present value of minimum lease payments ​ $ 113,297 ​ ​ ​ ​ Amounts recognized in the December 31, 2021 consolidated and combined balance sheet: ​ Current operating lease liabilities ​ $ 10,055 Long-term operating lease liabilities ​ 103,242 Total ​ $ 113,297

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2021
PROPERTY AND EQUIPMENT
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (in thousands) Computer software and development ​ $ 173,503 ​ $ 162,622 Furniture and equipment ​ 24,336 ​ 28,656 Leasehold improvements ​ 31,142 ​ 32,205 Construction in progress ​ 7,107 ​ 9,709 Total ​ 236,088 ​ 233,192 Accumulated depreciation and amortization ​ (156,129) ​ (135,276) Property and equipment, net ​ $ 79,959 ​ $ 97,916

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2021
INTANGIBLE ASSETS AND GOODWILL
Schedule of Intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ Gross ​ Accumulated ​ ​ ​ ​ ​ Assets Amortization Net Amortization Life and Method ​ ​ (in thousands) ​ Tradenames $ 32,289 ​ $ (29,194) ​ $ 3,095 8-15 years—straight line Collector database ​ 55,397 ​ (55,397) ​ — 5 years—straight line Total intangible assets ​ $ 87,686 ​ $ (84,591) ​ $ 3,095 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ Gross ​ Accumulated ​ ​ ​ ​ ​ Assets Amortization Net Amortization Life and Method ​ ​ (in thousands) ​ Customer contracts $ 354,242 ​ $ (354,242) $ — ​ 7 years—straight line Tradenames ​ ​ 34,691 ​ ​ (30,112) ​ ​ 4,579 ​ 8-15 years—straight line Collector database ​ ​ 54,973 ​ (54,455) ​ ​ 518 ​ 5 years—straight line Total intangible assets $ 443,906 ​ $ (438,809) ​ $ 5,097 ​ ​
Schedule of estimated amortization expense related to intangible assets	​ ​ ​ ​ ​ ​ ​ For the Years Ending ​ December 31, ​ ​ (in thousands) 2022 ​ $ 1,167 2023 ​ 1,167 2024 ​ 599 2025 ​ 30 2026 ​ 30 Thereafter ​ 102
Schedule of changes in the carrying amount of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ ​ Reward Program BrandLoyalty Total ​ (in thousands) Balance at January 1, 2020 ​ $ 192,756 ​ $ 498,058 ​ $ 690,814 Goodwill allocated to sale of Precima ​ ​ (3,206) ​ — ​ ​ (3,206) Effects of foreign currency translation ​ 3,726 ​ 44,564 ​ 48,290 Balance at December 31, 2020 ​ $ 193,276 ​ $ 542,622 ​ $ 735,898 Impairment ​ ​ — ​ ​ (50,000) ​ ​ (50,000) Effects of foreign currency translation ​ 1,491 ​ ​ (37,431) ​ (35,940) Balance at December 31, 2021 ​ $ 194,767 ​ $ 455,191 ​ $ 649,958

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
ACCRUED EXPENSES
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (in thousands) Accrued payroll and benefits ​ $ 31,526 ​ $ 29,838 Accrued taxes ​ 9,391 ​ 14,256 Accrued other liabilities ​ 104,080 ​ 22,962 Accrued expenses ​ $ 144,997 ​ $ 67,056

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2021
DEBT
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Description 2021 2020 Maturity ​ ​ (in thousands) ​ BrandLoyalty credit agreement ​ $ — ​ $ — ​ (1) Revolving credit facility (2) ​ ​ — ​ ​ — ​ November 2026 Term loan A ​ 175,000 ​ — ​ November 2026 Term loan B ​ 500,000 ​ — ​ November 2027 Total long-term debt ​ $ 675,000 ​ $ — ​ ​ Less: unamortized debt issuance costs ​ ​ 20,887 ​ ​ — ​ ​ Less: current portion ​ ​ 50,625 ​ ​ — ​ ​ Long-term portion ​ $ 603,488 ​ $ — ​ ​ (1) In November 2021, the BrandLoyalty credit agreement was terminated. (2) As of December 31, 2021, availability under the revolving credit facility was $137.5 million as a result of $12.5 million in letters of credit outstanding under the Credit Agreement.
Schedule of maturity of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit Facility ​ ​ ​ Year Term Loan A ​ Term Loan B Total ​ ​ (in thousands) 2022 ​ $ 13,125 ​ $ 37,500 ​ $ 50,625 2023 ​ 13,125 ​ 37,500 ​ 50,625 2024 ​ ​ 13,125 ​ ​ 37,500 ​ ​ 50,625 2025 ​ ​ 13,125 ​ ​ 37,500 ​ ​ 50,625 2026 ​ ​ 122,500 ​ ​ 37,500 ​ ​ 160,000 Thereafter ​ ​ — ​ ​ 312,500 ​ ​ 312,500 Total maturities ​ ​ 175,000 ​ ​ 500,000 ​ ​ 675,000 Unamortized debt issuance costs ​ ​ (975) ​ ​ (19,912) ​ ​ (20,887) ​ ​ $ 174,025 ​ $ 480,088 ​ $ 654,113

SHARE-BASED PAYMENTS (Tables)

SHARE-BASED PAYMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
SHARE-BASED PAYMENTS
Stock-based compensation expense recognized in statements of income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2021 ​ 2020 2019 ​ ​ (in thousands) Cost of operations ​ $ 4,644 ​ $ 5,498 ​ $ 7,204 General and administrative ​ 1,615 ​ 1,519 ​ 1,872 Total ​ $ 6,259 ​ $ 7,017 ​ $ 9,076
Schedule of restricted stock units activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Service- Average ​ Based Awards Fair Value Balance at January 1, 2021 ​ ​ — ​ $ — Shares granted ​ ​ 222,715 ​ ​ 29.97 Shares vested ​ — ​ — Shares forfeited ​ (485) ​ 30.25 Balance at December 31, 2021 ​ ​ 222,230 ​ $ 29.97 Outstanding and Expected to Vest ​ ​ 222,230 ​ $ 29.97

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Dec. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Schedule of changes in components of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ Accumulated ​ ​ Net Unrealized ​ Net Unrealized ​ Currency ​ Other ​ ​ Gains (Losses) on ​ Gains (Losses) on ​ Translation ​ Comprehensive ​ Securities Cash Flow Hedges Adjustments (1) Income (Loss) ​ ​ (in thousands) Balance as of January 1, 2019 ​ $ (6,019) ​ $ (224) ​ $ (86,105) ​ $ (92,348) Changes in other comprehensive income (loss) before reclassifications ​ 6,405 ​ 91 ​ (6,214) ​ 282 Amounts reclassified from other comprehensive income (loss) ​ — ​ — ​ — ​ — Changes in other comprehensive income (loss) ​ 6,405 ​ 91 ​ (6,214) ​ 282 Balance at December 31, 2019 ​ $ 386 ​ $ (133) ​ $ (92,319) ​ $ (92,066) Changes in other comprehensive income (loss) before reclassifications ​ 17,881 ​ (567) ​ 71,246 ​ 88,560 Amounts reclassified from other comprehensive income (loss) ​ — ​ — ​ 3,887 (2) 3,887 Changes in other comprehensive income (loss) ​ 17,881 ​ (567) ​ 75,133 ​ 92,447 Balance at December 31, 2020 ​ $ 18,267 ​ $ (700) ​ $ (17,186) ​ $ 381 Changes in other comprehensive income (loss) before reclassifications ​ (16,276) ​ ​ 1,970 ​ ​ (51,299) ​ (65,605) Amounts reclassified from other comprehensive income (loss) ​ 150 ​ ​ — ​ ​ — ​ 150 Changes in other comprehensive income (loss) ​ (16,126) ​ 1,970 ​ (51,299) ​ (65,455) Balance at December 31, 2021 ​ $ 2,141 ​ $ 1,270 ​ $ (68,485) ​ $ (65,074) (1) Primarily related to the impact of changes in the Canadian dollar and Euro foreign currency exchange rates. (2) In accordance with ASC 830, upon the sale of Precima on January 10, 2020, $3.9 million of accumulated foreign currency translation adjustments attributable to Precima’s foreign subsidiaries sold were reclassified from accumulated other comprehensive income (loss) and included in the calculation of the gain on sale of Precima.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
Schedule of components of income before income taxes and components of income tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 ​ ​ (in thousands) Components of income before income taxes and (income) loss from investment in unconsolidated subsidiaries: ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ $ (24,611) ​ $ (5,326) ​ $ (25,078) Foreign ​ 74,443 ​ 101,971 ​ 113,320 Total ​ $ 49,832 ​ $ 96,645 ​ $ 88,242 Components of income tax expense: ​ ​ ​ Current ​ ​ ​ Federal ​ $ — ​ $ 63 ​ $ (76) State ​ — ​ (303) ​ — Foreign ​ 43,412 ​ 25,066 ​ 31,260 Total current ​ 43,412 ​ 24,826 ​ 31,184 Deferred ​ ​ ​ Federal ​ — ​ (63) ​ 124 State ​ — ​ 303 ​ — Foreign ​ 8,763 ​ (3,742) ​ (19,977) Total deferred ​ 8,763 ​ (3,502) ​ (19,853) Total provision for income taxes ​ $ 52,175 ​ $ 21,324 ​ $ 11,331
Summary of reconciliation of recorded federal provision for income taxes to the expected amount computed by applying the federal statutory rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (in thousands) Expected expense at statutory rate ​ $ 10,465 ​ $ 20,296 ​ $ 18,532 Increase (decrease) in income taxes resulting from: ​ ​ ​ ​ Foreign rate differential ​ 11,274 ​ 1,861 ​ 1,203 Foreign restructuring ​ 14,402 ​ 3,598 ​ — Impact of sale transaction ​ — ​ 3,360 ​ — Global intangible low-taxed income ​ — ​ (8,339) ​ 2,895 Non-deductible expenses ​ 14,696 ​ 2,396 ​ 4,162 Uncertain tax positions ​ (4,178) ​ (7,706) ​ (14,856) Valuation allowance ​ 5,364 ​ 5,066 ​ (196) Other ​ 152 ​ 792 ​ (409) Total ​ $ 52,175 ​ $ 21,324 ​ $ 11,331
Summary of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (in thousands) Deferred tax assets ​ ​ Deferred revenue ​ $ 9,121 ​ $ 14,960 Net operating loss carryforwards and other carryforwards ​ 81,557 ​ 69,132 Lease liabilities ​ 29,110 ​ 32,934 Accrued expenses and other ​ 6,640 ​ 9,844 Intangible assets ​ 8,437 ​ 31,478 Total deferred tax assets ​ 134,865 ​ 158,348 Valuation allowance ​ (46,671) ​ (47,854) Deferred tax assets, net of valuation allowance ​ 88,194 ​ 110,494 Deferred tax liabilities ​ ​ Depreciation ​ 4,755 ​ 11,394 Right of use assets ​ 25,311 ​ 28,963 Total deferred tax liabilities ​ 30,066 ​ 40,357 ​ ​ ​ ​ ​ ​ ​ Net deferred tax asset ​ $ 58,128 ​ $ 70,137 ​ ​ ​ ​ ​ ​ ​ Amounts recognized in the consolidated and combined balance sheets: ​ ​ Non-current assets ​ $ 58,128 ​ $ 70,137 Non-current liabilities ​ — ​ — Total – Net deferred tax asset ​ $ 58,128 ​ $ 70,137
Summary of reconciliation of unrecognized tax benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): ​ ​ ​ ​ Balance at January 1, 2019 $ 74,231 Increases related to prior years’ tax positions ​ — Decreases related to prior years’ tax positions ​ (10,484) Increases related to current year tax positions ​ — Settlements during the period ​ — Lapses of applicable statutes of limitation ​ (4,251) Foreign currency translation adjustment ​ 1,081 Balance at December 31, 2019 ​ $ 60,577 Increases related to prior years’ tax positions ​ 903 Decreases related to prior years’ tax positions ​ (40,267) Increases related to current year tax positions ​ — Settlements during the period ​ — Lapses of applicable statutes of limitation ​ (6,431) Foreign currency translation adjustment ​ 4,663 Balance at December 31, 2020 ​ $ 19,445 Increases related to prior years’ tax positions ​ — Decreases related to prior years’ tax positions ​ (749) Increases related to current year tax positions ​ — Settlements during the period ​ — Lapses of applicable statutes of limitation ​ (3,742) Foreign currency translation adjustment ​ (405) Balance at December 31, 2021 ​ $ 14,549

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
FINANCIAL INSTRUMENTS
Schedule of estimated fair value of Company's financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Amount Value Amount Value ​ ​ (in thousands) Financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redemption settlement assets, restricted ​ $ 735,131 ​ $ 735,131 ​ $ 693,461 ​ $ 693,461 Other investments ​ 471 ​ 471 ​ 253 ​ 253 Derivative instruments ​ 2,465 ​ 2,465 ​ 353 ​ 353 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ Derivative instruments ​ 487 ​ 487 ​ 1,505 ​ 1,505 Long-term debt ​ ​ 654,113 ​ ​ 654,113 ​ ​ — ​ ​ —
Schedule of assets and liabilities carried at fair value measured on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Fair Value Measurements at ​ ​ December 31, ​ December 31, 2021 Using ​ 2021 Level 1 Level 2 Level 3 ​ ​ (in thousands) Mutual funds (1) ​ $ 25,990 ​ $ 25,990 ​ $ — ​ $ — Corporate bonds (1) ​ ​ 650,389 ​ ​ — ​ ​ 650,389 ​ ​ — Marketable securities (2) ​ 471 ​ 471 ​ — ​ — Derivative instruments (3) ​ 2,465 ​ — ​ 2,465 ​ — Total assets measured at fair value ​ $ 679,315 ​ $ 26,461 ​ $ 652,854 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments (3) ​ $ 487 ​ $ — ​ $ 487 ​ $ — Total liabilities measured at fair value ​ $ 487 ​ $ — ​ $ 487 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Fair Value Measurements at ​ ​ December 31, ​ December 31, 2020 Using ​ 2020 Level 1 Level 2 Level 3 ​ ​ (in thousands) Mutual funds (1) ​ $ 26,850 ​ $ 26,850 ​ $ — ​ $ — Corporate bonds (1) ​ ​ 611,184 ​ ​ — ​ ​ 611,184 ​ ​ — Marketable securities (2) ​ 253 ​ 253 ​ — ​ — Derivative instruments (3) ​ 353 ​ — ​ 353 ​ — Total assets measured at fair value ​ $ 638,640 ​ $ 27,103 ​ $ 611,537 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments (3) ​ $ 1,505 ​ $ — ​ $ 1,505 ​ $ — Total liabilities measured at fair value ​ $ 1,505 ​ $ — ​ $ 1,505 ​ $ — (1) Amounts are included in redemption settlement assets in the consolidated and combined balance sheets. (2) Amounts are included in other current assets in the consolidated and combined balance sheets. (3) Amounts are included in other current assets and other current liabilities in the consolidated and combined balance sheets.
Schedule of assets and liabilities disclosed but not carried at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Fair Value Measurements at ​ ​ December 31, ​ December 31, 2021 Using ​ 2021 Level 1 Level 2 Level 3 ​ ​ (in thousands) Long-term debt ​ $ 654,113 ​ $ — ​ $ 654,113 ​ $ — Total liabilities measured at fair value ​ $ 654,113 ​ $ — ​ $ 654,113 ​ $ —

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
SEGMENT INFORMATION
Schedule of segment information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ Corporate/ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Reward Program ​ BrandLoyalty ​ Other ​ Eliminations ​ Total ​ ​ (in thousands) Revenues ​ $ 284,744 ​ $ 450,609 ​ $ — ​ $ (46) ​ $ 735,307 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ $ 118,699 ​ $ (42,883) ​ $ (25,984) ​ $ — ​ $ 49,832 Interest (income) expense, net ​ (749) ​ ​ 311 ​ ​ 5,972 ​ ​ — ​ 5,534 Depreciation and amortization ​ 24,054 ​ ​ 12,630 ​ ​ — ​ ​ — ​ 36,684 Stock compensation expense ​ 1,952 ​ ​ 2,692 ​ ​ 1,615 ​ ​ — ​ 6,259 Goodwill impairment ​ ​ — ​ ​ 50,000 ​ ​ — ​ ​ — ​ ​ 50,000 Strategic transaction costs ​ ​ 3,842 ​ ​ 9,362 ​ ​ 4,478 ​ ​ — ​ ​ 17,682 Adjusted EBITDA (1) ​ $ 147,798 ​ $ 32,112 ​ $ (13,919) ​ $ — ​ $ 165,991 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 11,789 ​ $ 6,424 ​ $ — ​ $ — ​ $ 18,213 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ Corporate/ ​ ​ ​ ​ Year Ended December 31, 2020 ​ Reward Program ​ BrandLoyalty ​ Other ​ Eliminations ​ Total ​ ​ (in thousands) Revenues ​ $ 277,121 ​ $ 487,685 ​ $ — ​ $ — ​ $ 764,806 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ $ 131,630 ​ $ (20,670) ​ $ (14,315) ​ $ — ​ $ 96,645 Interest (income) expense, net ​ (1,071) ​ 237 ​ — ​ ​ — ​ (834) Depreciation and amortization ​ 18,658 ​ 59,283 ​ — ​ ​ — ​ 77,941 Stock compensation expense ​ 2,137 ​ 3,361 ​ 1,519 ​ ​ — ​ 7,017 Gain on sale of business, net of strategic transaction costs ​ ​ (7,816) ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,816) Strategic transaction costs ​ 329 ​ ​ — ​ ​ — ​ ​ — ​ 329 Restructuring and other charges ​ 158 ​ ​ (50) ​ ​ — ​ ​ — ​ 108 Adjusted EBITDA (1) ​ $ 144,025 ​ $ 42,161 ​ $ (12,796) ​ $ — ​ $ 173,390 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 17,360 ​ $ 6,959 ​ $ — ​ $ — ​ $ 24,319 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ Corporate/ ​ ​ ​ ​ Year Ended December 31, 2019 ​ Reward Program ​ BrandLoyalty ​ Other ​ Eliminations ​ Total ​ ​ (in thousands) Revenues ​ $ 384,021 ​ $ 649,110 ​ $ — ​ $ — ​ $ 1,033,131 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ $ 137,474 ​ $ (34,409) ​ $ (14,823) ​ $ — ​ $ 88,242 Interest (income) expense, net ​ (1,722) ​ 4,057 ​ — ​ ​ — ​ 2,335 Depreciation and amortization ​ 21,088 ​ 59,091 ​ — ​ ​ — ​ 80,179 Stock compensation expense ​ 3,878 ​ 3,326 ​ 1,872 ​ ​ — ​ 9,076 Strategic transaction costs ​ 963 ​ 18 ​ — ​ ​ — ​ 981 Restructuring and other charges ​ ​ 3,487 ​ 47,293 ​ — ​ ​ — ​ ​ 50,780 Adjusted EBITDA (1) ​ $ 165,168 ​ $ 79,376 ​ $ (12,951) ​ $ — ​ $ 231,593 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 29,094 ​ $ 12,363 ​ $ — ​ $ — ​ $ 41,457 (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 subsidiaries – related party, provision for income taxes, interest expense (income), net, depreciation and other amortization, amortization of purchased intangibles, and stock compensation expense. Adjusted EBITDA also excludes the gain on the sale of Precima in 2020, strategic transaction costs, which represent costs for professional services and other costs associated with strategic initiatives, including the spinoff and amounts associated with the Tax Matters and Employee Matters agreement, goodwill impairment, and restructuring and other charges for actions taken in 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ Corporate/ ​ ​ ​ ​ Reward Program BrandLoyalty Other Total ​ ​ (in thousands) Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ $ 1,290,919 ​ $ 956,740 ​ $ 76,068 ​ $ 2,323,727 December 31, 2020 ​ $ 1,332,388 ​ $ 1,089,937 ​ $ 35,739 ​ $ 2,458,064
Schedule of information concerning principal geographic areas	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Europe, ​ ​ ​ ​ ​ United ​ ​ ​ ​ Middle East ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States ​ Canada ​ and Africa ​ Asia Pacific ​ Other ​ Total ​ ​ (in thousands) Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ $ 2,637 ​ $ 301,614 ​ $ 338,427 ​ $ 81,867 ​ $ 10,762 ​ $ 735,307 Year Ended December 31, 2020 ​ $ 11,090 ​ $ 286,876 ​ $ 332,632 ​ $ 80,546 ​ $ 53,662 ​ $ 764,806 Year Ended December 31, 2019 ​ $ 40,111 ​ $ 352,163 ​ $ 449,140 ​ $ 121,731 ​ $ 69,986 ​ $ 1,033,131 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long Lived Assets ​ ​ ​ ​ ​ ​ December 31, 2021 ​ $ 21,428 ​ $ 296,800 ​ $ 596,145 ​ $ 1,075 ​ $ 92 ​ $ 915,540 December 31, 2020 ​ $ — ​ $ 311,530 ​ $ 714,317 ​ $ 1,902 ​ $ 148 ​ $ 1,027,897

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
SUPPLEMENTAL CASH FLOW INFORMATION
Schedule of reconciliation of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ 2021 2020 ​ 2019 ​ ​ (in thousands) Cash and cash equivalents ​ $ 167,601 ​ $ 278,841 ​ $ 124,981 Restricted cash included within other current assets (1) ​ 6,249 ​ 3,257 ​ 10,842 Restricted cash included within redemption settlement assets, restricted (2) ​ 58,752 ​ 55,427 ​ 39,309 Total cash, cash equivalents and restricted cash ​ $ 232,602 ​ $ 337,525 ​ $ 175,132 (1) Includes cash restricted for travel deposits within the AIR MILES Reward Program. (2) See Note 8, “Redemption Settlement Assets,” for additional information regarding the nature of restrictions on redemption settlement assets.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
Schedule of assets and liabilities contributed	​ ​ ​ ​ ​ ​ ​ November 5, ​ 2021 ​ ​ (in thousands) Assets: ​ Cash and cash equivalents ​ $ 5,637 Accounts receivable, net ​ 1,996 Right of use assets - operating ​ 10 Total assets ​ $ 7,643 Liabilities: ​ Accrued expenses ​ $ 17 Current operating lease liabilities ​ 12 Total liabilities ​ $ 29

QUARTERLY RESULTS OF OPERATIO_2

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2021
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
Summary of unaudited quarterly results of operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, ​ 2021 2021 2021 2021 ​ ​ (in thousands, except per share amounts) Revenues $ 176,554 ​ $ 150,905 ​ $ 169,257 ​ $ 238,591 Operating expenses ​ ​ 148,565 ​ ​ 130,418 ​ ​ 132,998 ​ ​ 267,960 Operating income (loss) ​ 27,989 ​ 20,487 ​ 36,259 ​ (29,369) Interest (income) expense, net ​ (69) ​ ​ (113) ​ ​ (136) ​ ​ 5,852 Income (loss) before income taxes and loss (income) from investment in unconsolidated subsidiaries ​ 28,058 ​ 20,600 ​ 36,395 ​ (35,221) Provision for income taxes ​ 8,984 ​ ​ 6,090 ​ ​ 16,542 ​ ​ 20,559 Loss (income) from investment in unconsolidated subsidiaries – related party, net of tax ​ 36 ​ ​ 5 ​ ​ (4,108) ​ ​ — Net income (loss) ​ $ 19,038 ​ $ 14,505 ​ $ 23,961 ​ $ (55,780) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.77 ​ $ 0.59 ​ $ 0.97 ​ $ (2.27) Diluted ​ $ 0.77 ​ $ 0.59 ​ $ 0.97 ​ $ (2.27) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 24,585 ​ ​ 24,585 ​ ​ 24,585 ​ ​ 24,585 Diluted ​ ​ 24,585 ​ ​ 24,585 ​ ​ 24,585 ​ ​ 24,591 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, ​ 2020 2020 2020 2020 ​ ​ (in thousands, except per share amounts) Revenues $ 198,105 ​ $ 151,071 ​ $ 184,756 ​ $ 230,874 Operating expenses ​ ​ 166,113 ​ ​ 130,795 ​ ​ 170,261 ​ ​ 212,702 Operating income ​ 31,992 ​ 20,276 ​ 14,495 ​ 18,172 Gain on sale of a business ​ (10,876) ​ ​ — ​ ​ — ​ ​ — Interest income, net ​ (267) ​ ​ (82) ​ ​ (167) ​ ​ (318) Income before income taxes and loss (income) from investment in unconsolidated subsidiaries ​ 43,135 ​ 20,358 ​ 14,662 ​ 18,490 Provision for income taxes ​ 13,408 ​ ​ 441 ​ ​ 3,534 ​ ​ 3,941 Loss (income) from investment in unconsolidated subsidiaries – related party, net of tax ​ 68 ​ ​ (10) ​ ​ 148 ​ ​ 40 Net income ​ $ 29,659 ​ $ 19,927 ​ $ 10,980 ​ $ 14,509 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.21 ​ $ 0.81 ​ $ 0.45 ​ $ 0.59 Diluted ​ $ 1.21 ​ $ 0.81 ​ $ 0.45 ​ $ 0.59 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 24,585 ​ ​ 24,585 ​ ​ 24,585 ​ ​ 24,585 Diluted ​ ​ 24,585 ​ ​ 24,585 ​ ​ 24,585 ​ ​ 24,585

DESCRIPTION OF BUSINESS, SPIN_2

DESCRIPTION OF BUSINESS, SPINOFF AND BASIS OF PRESENTATION (Details) $ in Millions	Nov. 05, 2021	Nov. 03, 2021USD ($)
Alliance Data Systems (ADS)
Noncontrolling Interest [Line Items]
ADS stockholders to receive Loyalty Ventures common stock (in percentage)	0.40
Cash distribution spin off		$ 750
Holders of Alliance Data Corporation Common Stock
Noncontrolling Interest [Line Items]
Ownership interest	81.00%
Alliance Data Systems (ADS)
Noncontrolling Interest [Line Items]
Ownership interest	19.00%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Property, plant and equipment other than software development and conversion cost | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	2 years
Property, plant and equipment other than software development and conversion cost | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Software Development and Conversion Costs | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Software Development and Conversion Costs | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Marketing Costs and Other (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Currency Translation
Foreign currency transaction gains recognized	$ (0.6)	$ (1)	$ 1.5
Marketing and Advertising Cost
Marketing and advertising expense	$ 22.6	$ 22.8	$ 24.7

REVENUE - Schedule of revenue d

REVENUE - Schedule of revenue disaggregation (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Disaggregation of Revenue [Line Items]
Number of segments | segment									2
Revenue from contracts with customers									$ 721,748	$ 752,054	$ 1,020,501
Investment income									13,559	12,752	12,630
Total	$ 238,591	$ 169,257	$ 150,905	$ 176,554	$ 230,874	$ 184,756	$ 151,071	$ 198,105	735,307	764,806	1,033,131
Precima
Disaggregation of Revenue [Line Items]
Revenues from disposal group										1,900	80,400
United States
Disaggregation of Revenue [Line Items]
Total									2,637	11,090	40,111
Canada
Disaggregation of Revenue [Line Items]
Total									301,614	286,876	352,163
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total									338,427	332,632	449,140
Asia Pacific
Disaggregation of Revenue [Line Items]
Total									81,867	80,546	121,731
Other
Disaggregation of Revenue [Line Items]
Total									10,762	53,662	69,986
Operating segment | Brand Loyalty
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									450,609	487,685	649,110
Total									450,609	487,685	649,110
Operating segment | Brand Loyalty | United States
Disaggregation of Revenue [Line Items]
Total									2,637	10,062	2,142
Operating segment | Brand Loyalty | Canada
Disaggregation of Revenue [Line Items]
Total									16,870	11,051	16,058
Operating segment | Brand Loyalty | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total									338,473	332,364	439,193
Operating segment | Brand Loyalty | Asia Pacific
Disaggregation of Revenue [Line Items]
Total									81,867	80,546	121,731
Operating segment | Brand Loyalty | Other
Disaggregation of Revenue [Line Items]
Total									10,762	53,662	69,986
Operating segment | AIR MILES Reward Program
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									271,185	264,369	371,391
Investment income									13,559	12,752	12,630
Total									284,744	277,121	384,021
Operating segment | AIR MILES Reward Program | United States
Disaggregation of Revenue [Line Items]
Total										1,028	37,969
Operating segment | AIR MILES Reward Program | Canada
Disaggregation of Revenue [Line Items]
Total									284,744	275,825	336,105
Operating segment | AIR MILES Reward Program | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total										268	9,947
Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									(46)
Total									(46)
Eliminations | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total									(46)
Coalition loyalty program
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									271,130	262,470	290,054
Coalition loyalty program | Operating segment | AIR MILES Reward Program
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									271,130	262,470	290,054
Campaign-based loyalty programs
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									444,898	487,685	635,516
Campaign-based loyalty programs | Operating segment | Brand Loyalty
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									444,898	487,685	635,516
Other Revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									5,720	1,899	94,931
Total									21,839	27,689	28,163
Other Revenue | Operating segment | Brand Loyalty
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									5,711		13,594
Other Revenue | Operating segment | AIR MILES Reward Program
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									55	$ 1,899	$ 81,337
Other Revenue | Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									$ (46)

REVENUE - Schedule of reconcili

REVENUE - Schedule of reconciliation of contract liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 372,900	$ 375,900
Amounts recognized in the combined balance sheets:
Deferred revenue (current)	924,789	898,475
Deferred revenue (non-current)	97,167	105,544
AIR MILES Reward Program
Disaggregation of Revenue [Line Items]
Beginning balance	1,004,019	922,026
Cash proceeds	457,881	459,266
Revenue recognized	(448,853)	(400,272)
Other	1,234	1,410
Effects of foreign currency translation	7,675	21,589
Ending balance	1,021,956	1,004,019
Amounts recognized in the combined balance sheets:
Deferred revenue (current)	924,789
Deferred revenue (non-current)	97,167
AIR MILES Reward Program | Services
Disaggregation of Revenue [Line Items]
Beginning balance	247,186	258,605
Cash proceeds	177,171	173,089
Revenue recognized	(195,918)	(188,790)
Effects of foreign currency translation	2,053	4,282
Ending balance	230,492	247,186
Amounts recognized in the combined balance sheets:
Deferred revenue (current)	133,325
Deferred revenue (non-current)	97,167
AIR MILES Reward Program | Redemption, net
Disaggregation of Revenue [Line Items]
Beginning balance	756,833	663,421
Cash proceeds	280,710	286,177
Revenue recognized	(252,935)	(211,482)
Other	1,234	1,410
Effects of foreign currency translation	5,622	17,307
Ending balance	791,464	$ 756,833
Amounts recognized in the combined balance sheets:
Deferred revenue (current)	$ 791,464

REVENUE - Narratives (Details)

REVENUE - Narratives (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Number of performance obligations | item	3
Estimated breakage rate	20.00%	20.00%	20.00%
Estimated life of an AIR MILES reward mile	38 months	38 months	38 months
Revenue recognized	$ 372.9	$ 375.9
Initial application and transition, completed contract, same reporting period	true
Incremental Cost of Obtaining Contract	true
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue balance expected to be recognized	$ 133.3
Deferred revenue balance expected to be recognized, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue balance expected to be recognized	$ 68.3
Deferred revenue balance expected to be recognized, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue balance expected to be recognized	$ 28
Deferred revenue balance expected to be recognized, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue balance expected to be recognized	$ 0.9
Deferred revenue balance expected to be recognized, period	12 months
Other current liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities	$ 85.4	$ 59.6	$ 108.8
Campaign-based loyalty programs
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Typical contract term of campaign-based loyalty programs	1 year
Campaign-based loyalty programs | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Typical term of campaign-based loyalty programs	42 days
Campaign-based loyalty programs | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Typical term of campaign-based loyalty programs	140 days

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details)	Nov. 05, 2021shares
Earning Per Share [Line Items]
Common stock, shares outstanding	24,585,237
Alliance Data Systems (ADS)
Earning Per Share [Line Items]
ADS stockholders to receive Loyalty Ventures common stock (in percentage)	0.40
Holders of Alliance Data Corporation Common Stock
Earning Per Share [Line Items]
Ownership interest	81.00%
Alliance Data Systems (ADS)
Earning Per Share [Line Items]
Ownership interest	19.00%

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of basic and diluted earning per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								10 Months Ended	12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Nov. 04, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income	$ (55,780)	$ 23,961	$ 14,505	$ 19,038	$ 14,509	$ 10,980	$ 19,927	$ 29,659		$ 1,724	$ 75,075	$ 75,230
Denominator:
Weighted average shares, basic	24,585,000	24,585,000	24,585,000	24,585,000	24,585,000	24,585,000	24,585,000	24,585,000		24,585,000	24,585,000	24,585,000
Net effect of dilutive unvested restricted stock										6,000
Denominator for diluted calculation	24,591,000	24,585,000	24,585,000	24,585,000	24,585,000	24,585,000	24,585,000	24,585,000		24,591,000	24,585,000	24,585,000
Basic net income per share:	$ (2.27)	$ 0.97	$ 0.59	$ 0.77	$ 0.59	$ 0.45	$ 0.81	$ 1.21		$ 0.07	$ 3.05	$ 3.06
Diluted net income per share:	$ (2.27)	$ 0.97	$ 0.59	$ 0.77	$ 0.59	$ 0.45	$ 0.81	$ 1.21		$ 0.07	$ 3.05	$ 3.06
Dilutive equity instruments (in shares)									0
Equity awards (in shares)									0
Restricted Stock [Member]
Denominator:
Anti-dilutive restricted stock units										0

DISPOSITION - Summaries of the

DISPOSITION - Summaries of the Assets and Liabilities (Details) - Precima - Discontinued operation - USD ($) $ in Thousands	Jan. 10, 2020	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration	$ 43,800
Proceeds on earnout determination date		$ 5,000
Deconsolidation related to sale of business	3,900
Pre tax gain	10,900
Transaction costs	3,100
Assets:
Cash and cash equivalents	10,713
Accounts receivable, net	17,154
Other current assets	2,889
Property and equipment, net	9,653
Goodwill	3,206
Other assets	2,051
Total assets	45,666
Liabilities:
Accounts payable	223
Accrued expenses	2,470
Other current liabilities	14,709
Deferred tax liability	2,037
Other liabilities	71
Total liabilities	$ 19,510

PREPAID EXPENSES (Details)

PREPAID EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
PREPAID EXPENSES
Licenses	$ 1,226	$ 11,583
Maintenance	4,678	4,557
Other	11,877	2,869
Prepaid expenses	$ 17,781	$ 19,009

INVENTORIES, NET (Details)

INVENTORIES, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Inventories, net		$ 188,577	$ 164,306
Brand Loyalty
Asset impairment charges	$ 18,400

REDEMPTION SETTLEMENT ASSETS,_3

REDEMPTION SETTLEMENT ASSETS, RESTRICTED - Components of redemption settlement assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Redemption Settlement Assets [Line Items]
Redemption settlement assets, Fair Value, Total	$ 735,131	$ 693,461
Restricted cash
Schedule Of Redemption Settlement Assets [Line Items]
Redemption settlement assets, Fair Value, Total	58,752	55,427
Mutual funds
Schedule Of Redemption Settlement Assets [Line Items]
Redemption settlement assets, Fair Value, Total	25,990	26,850
Corporate bonds
Schedule Of Redemption Settlement Assets [Line Items]
Redemption settlement assets, Fair Value, Total	$ 650,389	$ 611,184

REDEMPTION SETTLEMENT ASSETS,_4

REDEMPTION SETTLEMENT ASSETS, RESTRICTED - Amortized cost, unrealized gains and losses, and fair value of securities available-for-sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 648,248	$ 592,247
Unrealized Gains	6,389	19,110
Unrealized Losses	(4,248)	(173)
Fair Value	650,389	611,184
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	648,248	592,247
Unrealized Gains	6,389	19,110
Unrealized Losses	(4,248)	(173)
Fair Value	$ 650,389	$ 611,184

REDEMPTION SETTLEMENT ASSETS,_5

REDEMPTION SETTLEMENT ASSETS, RESTRICTED - Unrealized losses and fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	$ 104,052	$ 46,190
Less than 12 months, Unrealized Losses	(1,341)	(86)
12 Months or Greater, Fair Value	123,382	10,316
12 Months or Greater, Unrealized Losses	(2,907)	(87)
Fair Value	227,434	56,506
Unrealized Losses	(4,248)	(173)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	104,052	46,190
Less than 12 months, Unrealized Losses	(1,341)	(86)
12 Months or Greater, Fair Value	123,382	10,316
12 Months or Greater, Unrealized Losses	(2,907)	(87)
Fair Value	227,434	56,506
Unrealized Losses	$ (4,248)	$ (173)

REDEMPTION SETTLEMENT ASSETS,_6

REDEMPTION SETTLEMENT ASSETS, RESTRICTED - Maturity (Details) $ in Thousands	Dec. 31, 2021USD ($)
Amortized Cost
Due in one year or less	$ 117,863
Due after one year through five years	526,397
Due after five years through ten years	3,988
Total	648,248
Estimated Fair Value
Due in one year or less	118,835
Due after one year through five years	527,548
Due after five years through ten years	4,006
Total	$ 650,389

REDEMPTION SETTLEMENT ASSETS,_7

REDEMPTION SETTLEMENT ASSETS, RESTRICTED - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REDEMPTION SETTLEMENT ASSETS, RESTRICTED.
Realized gain (loss)	$ (900,000)	$ 1,400,000	$ 900,000
Realized gains or losses	$ (200,000)	$ 0

LEASES - Narratives (Details)

LEASES - Narratives (Details)	Dec. 31, 2021
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	12 years
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year

LEASES - Components of lease ex

LEASES - Components of lease expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee Disclosure [Abstract]
Operating lease cost	$ 15,800	$ 15,580	$ 16,379
Short-term lease cost	337	451	1,142
Variable lease cost	4,249	4,224	4,106
Total	20,386	20,255	21,627
Sublease income	$ 2,400	$ 1,800	$ 1,500

LEASES - Other information rela

LEASES - Other information related to leases (Details)	Dec. 31, 2021	Dec. 31, 2020
LEASES
Operating leases, Weighted-average remaining lease term (in years)	10 years 8 months 12 days	11 years 4 months 24 days
Operating leases, Weighted-average discount rate:	4.70%	4.60%

LEASES - Supplemental cash flow

LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
LEASES
Operating cash flows from operating leases	$ 17,265	$ 17,449	$ 18,183
Operating leases, right-of-use assets obtained in exchange for lease obligations	$ 213	$ 3,028	$ 6,145

LEASES - Maturities (Details)

LEASES - Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
LEASES
2022	$ 15,073
2023	14,250
2024	13,369
2025	12,841
2026	12,429
Thereafter	77,427
Total undiscounted lease liabilities	145,389
Less: Amount representing interest	(32,092)
Total present value of minimum lease payments	113,297
Current operating lease liabilities	10,055	$ 9,942
Long-term operating lease liabilities	103,242	$ 117,648
Total	$ 113,297

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total	$ 236,088	$ 233,192
Accumulated depreciation and amortization	(156,129)	(135,276)
Property and equipment, net	79,959	97,916
Depreciation
Depreciation	7,000	7,000	$ 9,400
Amortization on capitalized software	27,900	22,000	$ 22,800
Unamortized capitalized software costs	45,500	55,800
Computer software and development
Property, Plant and Equipment [Line Items]
Total	173,503	162,622
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total	24,336	28,656
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total	31,142	32,205
Construction in progress
Property, Plant and Equipment [Line Items]
Total	$ 7,107	$ 9,709

INTANGIBLE ASSETS AND GOODWIL_2

INTANGIBLE ASSETS AND GOODWILL - Intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Assets	$ 87,686	$ 443,906
Accumulated Amortization	(84,591)	(438,809)
Net	3,095	5,097
Amortization expense related to Intangible Assets	1,740	48,953	$ 48,027
Customer Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Assets		354,242
Accumulated Amortization		$ (354,242)
Amortization Life		7 years
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Assets	32,289	$ 34,691
Accumulated Amortization	(29,194)	(30,112)
Net	$ 3,095	$ 4,579
Trade Names [Member] | Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization Life	8 years	8 years
Trade Names [Member] | Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization Life	15 years	15 years
Collector Database [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Assets	$ 55,397	$ 54,973
Accumulated Amortization	$ (55,397)	(54,455)
Net		$ 518
Amortization Life	5 years	5 years

INTANGIBLE ASSETS AND GOODWIL_3

INTANGIBLE ASSETS AND GOODWILL - Intangible assets maturity (Details) $ in Thousands	Dec. 31, 2021USD ($)
INTANGIBLE ASSETS AND GOODWILL
2022	$ 1,167
2023	1,167
2024	599
2025	30
2026	30
Thereafter	$ 102

INTANGIBLE ASSETS AND GOODWIL_4

INTANGIBLE ASSETS AND GOODWILL - Goodwill carrying amount (Details) - USD ($) $ in Thousands	Jul. 01, 2021	Jan. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Goodwill carrying amount
Balance at Beginning		$ 690,814	$ 735,898	$ 690,814
Goodwill allocated to sale of Precima				(3,206)
Impairment	$ 0		(50,000)
Effects of foreign currency translation			(35,940)	48,290
Balance at Ending			649,958	735,898
AIR MILES Reward Program
Goodwill carrying amount
Balance at Beginning		192,756	193,276	192,756
Goodwill allocated to sale of Precima				(3,206)
Effects of foreign currency translation			1,491	3,726
Balance at Ending			194,767	193,276
AIR MILES Reward Program | Operating segment
Goodwill carrying amount
Goodwill allocated to sale of Precima		(3,200)
Brand Loyalty
Goodwill carrying amount
Balance at Beginning		$ 498,058	542,622	498,058
Impairment			(50,000)
Effects of foreign currency translation			(37,431)	44,564
Balance at Ending			455,191	$ 542,622
Brand Loyalty | Operating segment
Goodwill carrying amount
Impairment			$ (50,000)

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED SUBSIDIARY - RELATED PARTY (Details) - USD ($) $ in Thousands	Feb. 28, 2019	Feb. 13, 2019	Aug. 31, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 28, 2021
Schedule of Equity Method Investments [Line Items]
Capital contribution						$ 736	$ 6,093
Proceeds from sale of investments					$ 4,055		4,000
Gain on sale of investment of unconsolidated subsidiary - related party					4,110
ICOM
Schedule of Equity Method Investments [Line Items]
Capital contribution		$ 5,300
Proceeds from sale of investments	$ 4,000
Comenity Canada L.P [Member]
Schedule of Equity Method Investments [Line Items]
Capital contribution						700	$ 700
Distribution				$ 800
Ownership percentage				98.00%				99.90%
Proceeds from sale of investments			$ 4,100
Gain on sale of investment of unconsolidated subsidiary - related party			$ 4,100
Investment in Comenity Canada L.P.					$ 0	$ 900

RESTRUCTURING AND OTHER CHARG_2

RESTRUCTURING AND OTHER CHARGES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
RESTRUCTURING AND OTHER CHARGES
Restructuring and other charges	$ 108	$ 50,780
Restructuring liability recognized	$ 1,300		$ 1,300

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ACCRUED EXPENSES
Accrued payroll and benefits	$ 31,526	$ 29,838
Accrued taxes	9,391	14,256
Accrued other liabilities	104,080	22,962
Accrued expenses	144,997	$ 67,056
Amount of liabilities related to Tax Matters Agreement	$ 79,900

DEBT (Details)

DEBT (Details) $ in Thousands, € in Millions, $ in Millions

Nov. 03, 2021USD ($)

Apr. 03, 2020item

Sep. 30, 2019EUR (€)

Sep. 30, 2019CAD ($)

Mar. 31, 2017CAD ($)

Dec. 31, 2020USD ($)

Dec. 31, 2021USD ($)

Nov. 30, 2021EUR (€)

Jun. 30, 2020EUR (€)

Apr. 30, 2020EUR (€)

May 31, 2017EUR (€)

Jan. 31, 2017USD ($)

Jan. 31, 2017CAD ($)

Debt Instrument [Line Items]

Outstanding debt

$ 654,113

Term loan A facility

Debt Instrument [Line Items]

Quarterly principal payments, percentage of principal amount of debt

7.50%

Term loan B facility

Debt Instrument [Line Items]

Quarterly principal payments, percentage of principal amount of debt

7.50%

Uncommitted overdraft facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 11,400

€ 10

€ 30

Interest rate

3.50%

Overdraft facility outstanding balance

$ 0

Committed Revolving Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity | €

30

Brand loyalty credit agreement

Debt Instrument [Line Items]

Repayment of outstanding loan | €

€ 115

Number of requests for one-year extensions | item

2

Term of individual extensions

1 year

Total long-term and other debt

$ 0

Brand loyalty credit agreement | A1 Term Loan Facility

Debt Instrument [Line Items]

Principal amount of debt | €

€ 90

Brand loyalty credit agreement | A2 Term Loan Facility

Debt Instrument [Line Items]

Principal amount of debt | €

100

Notes Payable - Related Party | Brand Loyalty

Debt Instrument [Line Items]

Principal amount of debt | €

€ 60

Interest rate

2.86%

Notes Payable - Related Party | AIR MILES Reward Program

Debt Instrument [Line Items]

Principal amount of debt

$ 142.8

Repayment of outstanding loan

$ 82.8

$ 60

Interest rate

6.50%

6.50%

Debt Instrument, Principal Payments Required Until Maturity

$ 0

Senior secured credit agreement

Debt Instrument [Line Items]

Cash distribution spin off

$ 750,000

Senior secured credit agreement | Minimum

Debt Instrument [Line Items]

Percentage of commitment fee

0.40%

Senior secured credit agreement | Maximum

Debt Instrument [Line Items]

Percentage of commitment fee

0.50%

Senior secured credit agreement | Term loan A facility

Debt Instrument [Line Items]

Outstanding debt

$ 174,025

Principal amount of debt

$ 175,000

Weighted average interest rate

3.60%

Senior secured credit agreement | Term loan A facility | Base rate

Debt Instrument [Line Items]

Floor interest rate

1.00%

Senior secured credit agreement | Term loan A facility | Base rate | Minimum

Debt Instrument [Line Items]

Interest rate

2.00%

Senior secured credit agreement | Term loan A facility | Base rate | Maximum

Debt Instrument [Line Items]

Interest rate

2.75%

Senior secured credit agreement | Term loan A facility | Eurodollar

Debt Instrument [Line Items]

Floor interest rate

0.00%

Senior secured credit agreement | Term loan A facility | Eurodollar | Minimum

Debt Instrument [Line Items]

Interest rate

3.00%

Senior secured credit agreement | Term loan A facility | Eurodollar | Maximum

Debt Instrument [Line Items]

Interest rate

3.75%

Senior secured credit agreement | Term loan B facility

Debt Instrument [Line Items]

Outstanding debt

$ 480,088

Principal amount of debt

$ 500,000

Percentage of principal amount of debt

98.00%

Weighted average interest rate

5.00%

Senior secured credit agreement | Term loan B facility | Option one

Debt Instrument [Line Items]

percentage of prepayment of debt

0.00%

Senior secured credit agreement | Term loan B facility | Option two

Debt Instrument [Line Items]

percentage of prepayment of debt

25.00%

Senior secured credit agreement | Term loan B facility | Option three

Debt Instrument [Line Items]

percentage of prepayment of debt

50.00%

Senior secured credit agreement | Term loan B facility | Base rate

Debt Instrument [Line Items]

Floor interest rate

1.50%

Interest rate

3.50%

Senior secured credit agreement | Term loan B facility | Eurodollar

Debt Instrument [Line Items]

Floor interest rate

0.50%

Interest rate

4.50%

Senior secured credit agreement | Committed Revolving Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 150,000

Revolving credit facility

Debt Instrument [Line Items]

Repayment of outstanding loan | €

€ 32.5

Outstanding letters of credit

$ 12,500

Revolving credit facility | Uncommitted overdraft facility

Debt Instrument [Line Items]

Maximum borrowing capacity | €

37.5

Revolving credit facility | Committed Revolving Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity | €

€ 37.5

Credit Facility Accordion Feature | Uncommitted overdraft facility

Debt Instrument [Line Items]

Maximum borrowing capacity | €

€ 80

DEBT - Schedule of Debt Instrum

DEBT - Schedule of Debt Instruments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Schedule of Debt Instruments
Debt amount	$ 675,000
Less: unamortized debt issuance costs	20,887
Less: current portion	50,625
Long-term portion	603,488
Maturities of Long-term Debt [Abstract]
2022	50,625
2023	50,625
2024	50,625
2025	50,625
2026	160,000
Thereafter	312,500
Total maturities	675,000
Unamortized debt issuance costs	(20,887)
Total	654,113
Revolving Credit Facility [Member]
Schedule of Debt Instruments
Availability under credit facility	137,500
Senior Secured Credit Agreement [Member] | Term Loan A
Schedule of Debt Instruments
Debt amount	175,000
Less: unamortized debt issuance costs	975
Maturities of Long-term Debt [Abstract]
2022	13,125
2023	13,125
2024	13,125
2025	13,125
2026	122,500
Total maturities	175,000
Unamortized debt issuance costs	(975)
Total	174,025
Senior Secured Credit Agreement [Member] | Term Loan B
Schedule of Debt Instruments
Debt amount	500,000
Less: unamortized debt issuance costs	19,912
Maturities of Long-term Debt [Abstract]
2022	37,500
2023	37,500
2024	37,500
2025	37,500
2026	37,500
Thereafter	312,500
Total maturities	500,000
Unamortized debt issuance costs	(19,912)
Total	$ 480,088

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset	$ 2.5	$ 0.4
Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	$ 0.5	$ 1.5

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - AIR MILES Reward Program (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
AIR MILES Reward Program [Abstract]
Letters of credit and other assurances	$ 157.1	$ 150.5

SHARE-BASED PAYMENTS (Details)

SHARE-BASED PAYMENTS (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 05, 2021	Nov. 03, 2021	Oct. 22, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 09, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period					1 year 6 months
Unrecognized expenses				$ 6	$ 6
Forfeiture rate (as a percent)	25.00%				5.00%	5.00%	5.00%
Expense incurred on forfeiture at separation	$ 4
Cash payment by parent under share-based payment	$ 5.1
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeiture term			1 year
Omnibus Incentive Plan 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance		1,225,000						1,225,000
Maximum amount to be awarded to BOD		$ 1
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of the awards				$ 92.62	$ 92.62
Term					3 years
Performance-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting percentage						0.00%	0.00%
Performance-based awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting percentage					170.00%
Performance-based awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting percentage					0.00%
Service-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period					3 years	3 years	3 years
Accelerated expense due to vesting			$ 2.1
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period						3 years	3 years
Service-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period				3 years
Shares granted				222,715	222,715
Employee Matters Agreement , Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted				176,589

SHARE-BASED PAYMENTS - Stock-ba

SHARE-BASED PAYMENTS - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	Nov. 05, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock compensation expense		$ 6,259	$ 7,017	$ 9,076
Income tax benefits related to stock-based compensation expense		$ 100	$ 100	$ 900
Forfeiture rate (as a percent)	25.00%	5.00%	5.00%	5.00%
Cost of operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock compensation expense		$ 4,644	$ 5,498	$ 7,204
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock compensation expense		$ 1,615	$ 1,519	$ 1,872

SHARE-BASED PAYMENTS - Restrict

SHARE-BASED PAYMENTS - Restricted Stock Unit Awards and Stock Options (Details) - Service-based restricted stock units $ / shares in Units, $ in Millions	2 Months Ended	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2021USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares granted | shares	222,715	222,715
Shares forfeited | shares		(485)
Balance at the end of the period (in shares) | shares	222,230	222,230
Outstanding and Expected to Vest (in shares) | shares	222,230	222,230
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares granted (in dollars per share) | $ / shares		$ 29.97
Shares forfeited (in dollars per share) | $ / shares		30.25
Balance at the end of the period (in dollars per share) | $ / shares	$ 29.97	29.97
Outstanding and Expected to Vest (in dollars per share) | $ / shares	$ 29.97	$ 29.97
Aggregate intrinsic value of units outstanding and expected to vest | $	$ 6.7	$ 6.7
Weighted-average remaining contractual life		1 year 6 months

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
EMPLOYEE BENEFIT PLANS
Total defined contribution plans recognized	$ 3.9	$ 4	$ 4.2

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	Jan. 10, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at Beginning		$ 1,094,301	$ 947,559	$ 605,030
Changes in other comprehensive income (loss)		(65,455)	92,447	282
Balance at Ending		146,564	1,094,301	947,559
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at Beginning		381	(92,066)	(92,348)
Changes in other comprehensive income (loss) before reclassifications		(65,605)	88,560	282
Amounts reclassified from other comprehensive income (loss)		150	3,887
Changes in other comprehensive income (loss)		(65,455)	92,447	282
Balance at Ending		(65,074)	381	(92,066)
Net Unrealized Gains (Losses) on Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at Beginning		18,267	386	(6,019)
Changes in other comprehensive income (loss) before reclassifications		(16,276)	17,881	6,405
Amounts reclassified from other comprehensive income (loss)		150
Changes in other comprehensive income (loss)		(16,126)	17,881	6,405
Balance at Ending		2,141	18,267	386
Net Unrealized Gains (Losses) on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at Beginning		(700)	(133)	(224)
Changes in other comprehensive income (loss) before reclassifications		1,970	(567)	91
Changes in other comprehensive income (loss)		1,970	(567)	91
Balance at Ending		1,270	(700)	(133)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at Beginning		(17,186)	(92,319)	(86,105)
Changes in other comprehensive income (loss) before reclassifications		(51,299)	71,246	(6,214)
Amounts reclassified from other comprehensive income (loss)	$ 3,900		3,887
Changes in other comprehensive income (loss)		(51,299)	75,133	(6,214)
Balance at Ending		$ (68,485)	$ (17,186)	$ (92,319)

INCOME TAXES - Components of in

INCOME TAXES - Components of income before income taxes (Details) - USD ($) $ in Thousands	Jul. 01, 2021	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Components of income before income taxes:
Domestic										$ (24,611)	$ (5,326)	$ (25,078)
Foreign										74,443	101,971	113,320
Income from continuing operations before income taxes										49,832	96,645	88,242
Current
Federal											63	(76)
State											(303)
Foreign										43,412	25,066	31,260
Total current										43,412	24,826	31,184
Deferred
Federal											(63)	124
State											303
Foreign										8,763	(3,742)	(19,977)
Total deferred										8,763	(3,502)	(19,853)
Total		$ 20,559	$ 16,542	$ 6,090	$ 8,984	$ 3,941	$ 3,534	$ 441	$ 13,408	$ 52,175	21,324	11,331
Federal statutory rate (as a percent)										21.00%			35.00%
Foreign rate differential										$ 11,274	1,861	1,203
Foreign restructuring										14,402	3,598
Non-deductible expenses										14,696	2,396	4,162
Goodwill impairment	$ 0									50,000
Global intangible low-taxed income											(8,339)	2,895
Uncertain tax positions										(4,178)	(7,706)	$ (14,856)
Hypothetical NOL deferred assets eliminated at the time of separation						$ 5,400					$ 5,400
Federal NOLs balance		14,300								14,300
Federal NOLs subject to expiration		4,500								4,500
NOLs subject to carry forward indefinitely		9,800								9,800
State NOLs balance		6,800								6,800
Foreign NOLs balance		303,500								303,500
Deferred Tax Assets, Operating Loss Carryforwards, Foreign		303,500								303,500
Valuation allowances decreased amount										1,200
Canada
Deferred
Foreign rate differential										7,800
Capital Loss Carryforward
Deferred
Foreign NOLs balance		5,200								5,200
Deferred Tax Assets, Operating Loss Carryforwards, Foreign		$ 5,200								$ 5,200

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Federal provision for income taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of recorded federal provision for income taxes to the expected amount computed by applying the federal statutory rate
Expected expense at statutory rate									$ 10,465	$ 20,296	$ 18,532
Increase (decrease) in income taxes resulting from:
Foreign rate differential									11,274	1,861	1,203
Foreign restructuring									14,402	3,598
Impact of sale transaction										3,360
Global intangible low-taxed income										(8,339)	2,895
Non-deductible expenses									14,696	2,396	4,162
Uncertain tax positions									(4,178)	(7,706)	(14,856)
Valuation allowance									5,364	5,066	(196)
Other									152	792	(409)
Total	$ 20,559	$ 16,542	$ 6,090	$ 8,984	$ 3,941	$ 3,534	$ 441	$ 13,408	$ 52,175	$ 21,324	$ 11,331

INCOME TAXES - Deferred tax ass

INCOME TAXES - Deferred tax assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Deferred revenue	$ 9,121	$ 14,960
Net operating loss carryforwards and other carryforwards	81,557	69,132
Lease liabilities	29,110	32,934
Accrued expenses and other	6,640	9,844
Intangibles assets	8,437	31,478
Total deferred tax assets	134,865	158,348
Valuation allowance	(46,671)	(47,854)
Deferred tax assets, net of valuation allowance	88,194	110,494
Deferred tax liabilities
Depreciation	4,755	11,394
Right of use assets	25,311	28,963
Total deferred tax liabilities	30,066	40,357
Net deferred tax asset	58,128	70,137
Amounts recognized in the consolidated and combined balance sheets:
Non-current assets	58,128	70,137
Net deferred tax asset	$ 58,128	$ 70,137

INCOME TAXES - Operating Loss C

INCOME TAXES - Operating Loss Carryforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of unrecognized tax benefits
Balance at the beginning of the period	$ 19,445	$ 60,577	$ 74,231
Increases related to prior years' tax positions		903
Decreases related to prior years' tax positions	(749)	(40,267)	(10,484)
Lapses of applicable statutes of limitation	(3,742)	(6,431)	(4,251)
Foreign currency translation adjustment		4,663	1,081
Foreign currency translation adjustment	(405)
Balance at the end of the period	14,549	19,445	60,577
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	5,300	5,800	7,400
Benefits recorded from interest and penalties	400	1,800	2,300
Unrecognized tax benefits	$ 10,700	$ 15,500	$ 58,600

FINANCIAL INSTRUMENT - Estimate

FINANCIAL INSTRUMENT - Estimated fair values of the company's financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial assets
Redemption settlement assets, restricted	$ 735,131	$ 693,461
Financial liabilities
Long-term debt	654,113
Carrying Amount
Financial assets
Redemption settlement assets, restricted	735,131	693,461
Other investments	471	253
Derivative instruments - Assets	2,465	353
Financial liabilities
Derivative instruments - Liability	487	1,505
Long-term debt	654,113
Fair Value
Financial assets
Redemption settlement assets, restricted	735,131	693,461
Other investments	471	253
Derivative instruments - Assets	2,465	353
Financial liabilities
Derivative instruments - Liability	487	$ 1,505
Long-term debt	$ 654,113

FINANCIAL INSTRUMENTS - Assets

FINANCIAL INSTRUMENTS - Assets and liabilities carried at fair value measured on a recurring basis (Details) $ in Thousands	Jul. 01, 2021USD ($)	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value		$ 654,113
Transfers between levels 1 and 2		0	$ 0
Assets and liabilities disclosed but not at Fair Value			$ 0
Goodwill impairment	$ 0	50,000
Asset impairment charges				$ 40,664
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value		$ 654,113
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of instruments held | item		0	0
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds		$ 25,990	$ 26,850
Corporate bonds		650,389	611,184
Marketable securities		471	253
Derivative instruments - Assets		2,465	353
Total assets measured at fair value		679,315	638,640
Derivative instruments - Liability		487	1,505
Total liabilities measured at fair value		487	1,505
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds		25,990	26,850
Marketable securities		471	253
Total assets measured at fair value		26,461	27,103
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate bonds		650,389	611,184
Derivative instruments - Assets		2,465	353
Total assets measured at fair value		652,854	611,537
Derivative instruments - Liability		487	1,505
Total liabilities measured at fair value		487	1,505
AIR MILES Reward Program
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment charges				400
Brand Loyalty
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment		50,000
Asset impairment charges				$ 40,200
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		471	253
Derivative instruments - Assets		2,465	353
Derivative instruments - Liability		$ 487	$ 1,505

FINANCIAL INSTRUMENTS - Asset_2

FINANCIAL INSTRUMENTS - Assets and Liabilities Not Carried at Fair Value (Details) $ in Thousands	Dec. 31, 2021USD ($)
Financial liabilities
Long-term debt	$ 654,113
Total liabilities measured at fair value	654,113
Level 2
Financial liabilities
Long-term debt	654,113
Total liabilities measured at fair value	$ 654,113

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	Jul. 01, 2021	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Information
Revenues		$ 238,591	$ 169,257	$ 150,905	$ 176,554	$ 230,874	$ 184,756	$ 151,071	$ 198,105	$ 735,307	$ 764,806	$ 1,033,131
Income (loss) before income taxes		(35,221)	36,395	20,600	28,058	18,490	14,662	20,358	43,135	49,832	96,645	88,242
Interest (income) expense, net		5,852	$ (136)	$ (113)	$ (69)	(318)	$ (167)	$ (82)	$ (267)	5,534	(834)	2,335
Depreciation and amortization										36,684	77,941	80,179
Stock compensation expense										6,259	7,017	9,076
Goodwill impairment	$ 0									50,000
Gain on sale of business, net of strategic transaction costs											(7,816)
Strategic transaction costs										17,682	329	981
Restructuring and other charges											108	50,780
Adjusted EBITDA										165,991	173,390	231,593
Capital expenditures										18,213	24,319	41,457
Total Assets		2,323,727				2,458,064				2,323,727	2,458,064
Eliminations
Segment Information
Revenues										(46)
AIR MILES Reward Program
Segment Information
Total Assets		1,290,919				1,332,388				1,290,919	1,332,388
AIR MILES Reward Program | Operating segment
Segment Information
Revenues										284,744	277,121	384,021
Income (loss) before income taxes										118,699	131,630	137,474
Interest (income) expense, net										(749)	(1,071)	(1,722)
Depreciation and amortization										24,054	18,658	21,088
Stock compensation expense										1,952	2,137	3,878
Gain on sale of business, net of strategic transaction costs											(7,816)
Strategic transaction costs										3,842	329	963
Restructuring and other charges											158	3,487
Adjusted EBITDA										147,798	144,025	165,168
Capital expenditures										11,789	17,360	29,094
Brand Loyalty
Segment Information
Goodwill impairment										50,000
Total Assets		956,740				1,089,937				956,740	1,089,937
Brand Loyalty | Operating segment
Segment Information
Revenues										450,609	487,685	649,110
Income (loss) before income taxes										(42,883)	(20,670)	(34,409)
Interest (income) expense, net										311	237	4,057
Depreciation and amortization										12,630	59,283	59,091
Stock compensation expense										2,692	3,361	3,326
Goodwill impairment										50,000
Strategic transaction costs										9,362		18
Restructuring and other charges											(50)	47,293
Adjusted EBITDA										32,112	42,161	79,376
Capital expenditures										6,424	6,959	12,363
Corporate/Other
Segment Information
Income (loss) before income taxes										(25,984)	(14,315)	(14,823)
Interest (income) expense, net										5,972
Stock compensation expense										1,615	1,519	1,872
Strategic transaction costs										4,478
Adjusted EBITDA										(13,919)	(12,796)	$ (12,951)
Total Assets		$ 76,068				$ 35,739				$ 76,068	$ 35,739

SEGMENT INFORMATION - Geographi

SEGMENT INFORMATION - Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 238,591	$ 169,257	$ 150,905	$ 176,554	$ 230,874	$ 184,756	$ 151,071	$ 198,105	$ 735,307	$ 764,806	$ 1,033,131
Long Lived Assets	915,540				1,027,897				915,540	1,027,897
Bank of Montreal
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									$ 125,000	$ 117,300	$ 120,900
Bank of Montreal | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration Risk, Percentage									17.00%	15.00%	12.00%
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									$ 2,637	$ 11,090	$ 40,111
Long Lived Assets	21,428								21,428
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									301,614	286,876	352,163
Long Lived Assets	296,800				311,530				296,800	311,530
Europe, Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									338,427	332,632	449,140
Long Lived Assets	596,145				714,317				596,145	714,317
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									81,867	80,546	121,731
Long Lived Assets	1,075				1,902				1,075	1,902
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									10,762	53,662	$ 69,986
Long Lived Assets	$ 92				$ 148				$ 92	$ 148

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Reconciliation of cash and cash equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Nov. 05, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and cash equivalents	$ 167,601		$ 278,841	$ 124,981
Total cash, cash equivalents and restricted cash	232,602		337,525	175,132	$ 161,787
Alliance Data Systems (ADS)
Net Assets contributed by Parent under Separation Agreement		$ 7,643
Contractual and indemnification assets under tax matters agreement		29,400
Contractual and indemnification liabilities under tax matters agreement		83,600
Contractual and indemnification assets under employee matters agreement		11,900
Contractual and indemnification liabilities under employee matters agreement		$ 1,300
Holders of Alliance Data Corporation Common Stock
Ownership interest		81.00%
Alliance Data Systems (ADS)
Ownership interest		19.00%
Other current assets
Restricted cash	6,249		3,257	10,842
Redemption settlement assets
Restricted cash	$ 58,752		$ 55,427	$ 39,309

RELATED PARTY TRANSACTIONS - As

RELATED PARTY TRANSACTIONS - Assets and Liabilities contributed and Other details (Details) - USD ($) $ in Thousands	Nov. 05, 2021	Nov. 30, 2021	Jan. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Liabilities:
Contribution from Parent				$ 5,637		$ 288,693
Amount of liabilities related to Tax Matters Agreement				79,900
Alliance Data Systems (ADS)
Assets:
Cash and cash equivalents	$ 5,637
Accounts receivable, net	1,996
Right of use assets - operating	10
Total assets	7,643
Liabilities:
Accrued expenses	17
Current operating lease liabilities	12
Total liabilities	29
Corporate overhead costs				12,600	$ 14,300	14,800
Dividends			$ 124,200
Dividend withheld for taxes			$ 4,200
Contribution from Parent						$ 288,700
Amount of Indemnification and contractual assets established under Tax Matter Agreement	29,400
Contractual liabilities under Tax Matters Agreement	83,600
Indemnification asset written off included in general and administrative expenses	4,000
Amount of Assets related to Tax matters agreement				20,100
Amount of liabilities related to Tax Matters Agreement				81,000
Amount of expenses incurred in relation to Transition services agreement				$ 500
Proceed from Parent under the Tax Matters Agreement	5,300
Payment to Parent under Tax Matters Agreement	2,700
Cash distribution spin off		$ 750,000
Alliance Data Systems (ADS) | Accrued Liabilities
Liabilities:
Contractual liabilities under Tax Matters Agreement	82,600
Alliance Data Systems (ADS) | Other Liabilities
Liabilities:
Contractual liabilities under Tax Matters Agreement	$ 1,000

QUARTERLY RESULTS OF OPERATIO_3

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
Revenues	$ 238,591	$ 169,257	$ 150,905	$ 176,554	$ 230,874	$ 184,756	$ 151,071	$ 198,105	$ 735,307	$ 764,806	$ 1,033,131
Operating expenses	267,960	132,998	130,418	148,565	212,702	170,261	130,795	166,113
Operating Income (Loss)	(29,369)	36,259	20,487	27,989	18,172	14,495	20,276	31,992	55,366	84,935	90,577
Gain on sale of a business								(10,876)		10,876
Interest (income) expense, net	5,852	(136)	(113)	(69)	(318)	(167)	(82)	(267)	5,534	(834)	2,335
Income before income taxes and (income) loss from investment in unconsolidated subsidiaries	(35,221)	36,395	20,600	28,058	18,490	14,662	20,358	43,135	49,832	96,645	88,242
Provision for income taxes	20,559	16,542	6,090	8,984	3,941	3,534	441	13,408	52,175	21,324	11,331
(Income) loss from investment in unconsolidated subsidiaries - related party, net of tax		(4,108)	5	36	40	148	(10)	68	60	246	1,681
Net income	$ (55,780)	$ 23,961	$ 14,505	$ 19,038	$ 14,509	$ 10,980	$ 19,927	$ 29,659	$ 1,724	$ 75,075	$ 75,230
Net income (loss) per share:
Net income per share - Basic	$ (2.27)	$ 0.97	$ 0.59	$ 0.77	$ 0.59	$ 0.45	$ 0.81	$ 1.21	$ 0.07	$ 3.05	$ 3.06
Net income per share - Diluted	$ (2.27)	$ 0.97	$ 0.59	$ 0.77	$ 0.59	$ 0.45	$ 0.81	$ 1.21	$ 0.07	$ 3.05	$ 3.06
Weighted average shares:
Weighted average shares, basic	24,585	24,585	24,585	24,585	24,585	24,585	24,585	24,585	24,585	24,585	24,585
Denominator for diluted calculation	24,591	24,585	24,585	24,585	24,585	24,585	24,585	24,585	24,591	24,585	24,585

SCHEDULE II - CONSOLIDATED VA_2

SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS (Details) - Account receivable - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 3,953	$ 3,396	$ 224
Charged to Costs and Expenses	(906)	1,128	3,600
Charged to Other Accounts	1,701
Write-Offs Net of Recoveries	(94)	(571)	(428)
Balance at End of Year	$ 4,654	$ 3,953	$ 3,396