Loyalty Ventures (LYLTQ) 10-Q 11 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
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	8235 Douglas Avenue, Suite 1200
Entity Address, City or Town	Dallas
Entity Address, Postal Zip Code	75225
City Area Code	972
Local Phone Number	338-5170
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	LYLT
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,611,650
Entity Central Index Key	0001870997
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 97,403	$ 167,601
Accounts receivable, net, less allowance for doubtful accounts ($3.8 million and $4.7 million at June 30, 2022 and December 31, 2021, respectively)	255,000	288,251
Inventories, net	222,058	188,577
Redemption settlement assets, restricted	672,114	735,131
Other current assets	25,180	28,627
Total current assets	1,271,755	1,408,187
Property and equipment, net	70,081	79,959
Right of use assets - operating	91,810	99,515
Deferred tax asset, net	48,233	58,128
Intangible assets, net	2,316	3,095
Goodwill	191,189	649,958
Other non-current assets	24,553	24,885
Total assets	1,699,937	2,323,727
LIABILITIES AND EQUITY (DEFICIENCY)
Accounts payable	93,057	103,482
Accrued expenses	127,119	144,997
Deferred revenue	874,425	924,789
Current operating lease liabilities	8,881	10,055
Current portion of long-term debt	50,625	50,625
Other current liabilities	122,995	118,444
Total current liabilities	1,277,102	1,352,392
Deferred revenue	93,853	97,167
Long-term operating lease liabilities	95,935	103,242
Long-term debt	579,856	603,488
Other liabilities	19,978	20,874
Total liabilities	2,066,724	2,177,163
Commitments and contingencies
EQUITY
Common stock, $0.01 par value; authorized, 200,000 shares; issued, 24,612 shares and 24,585 shares at June 30, 2022 and December 31, 2021, respectively	246	246
Additional paid-in-capital	271,296	266,775
Accumulated deficit	(496,265)	(55,383)
Accumulated other comprehensive loss	(142,064)	(65,074)
Total (deficiency) equity	(366,787)	146,564
Total liabilities and (deficiency) equity	$ 1,699,937	$ 2,323,727

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Millions	Jun. 30, 2022	Dec. 31, 2021
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 3.8	$ 4.7
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares	200,000	200,000
Common stock, issued shares	24,612	24,585

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Total revenue	$ 171,803	$ 150,905	$ 326,748	$ 327,459
Operating expenses
Cost of operations (exclusive of depreciation and amortization disclosed separately below)	146,107	117,092	273,985	252,937
General and administrative	4,608	3,905	10,817	7,590
Depreciation and other amortization	8,612	8,977	17,737	17,571
Amortization of purchased intangibles	273	444	561	883
Goodwill impairment	422,922		422,922
Total operating expenses	582,522	130,418	726,022	278,981
Operating (loss) income	(410,719)	20,487	(399,274)	48,478
Interest expense (income), net	9,394	(113)	18,446	(182)
(Loss) income before income taxes and loss from investment in unconsolidated subsidiary	(420,113)	20,600	(417,720)	48,660
Provision for income taxes	21,787	6,090	23,162	15,074
Loss from investment in unconsolidated subsidiary - related party, net of tax		5		42
Net (loss) income	$ (441,900)	$ 14,505	$ (440,882)	$ 33,544
Net (loss) income per share - Basic (Note 3)	$ (17.95)	$ 0.59	$ (17.92)	$ 1.36
Net (loss) income per share - Diluted (Note 3)	$ (17.95)	$ 0.59	$ (17.92)	$ 1.36
Weighted average shares - Basic (Note 3)	24,612	24,585	24,605	24,585
Weighted average shares - Diluted (Note 3)	24,612	24,585	24,605	24,585
Redemption
Total revenue	$ 96,951	$ 78,831	$ 181,927	$ 183,695
Services
Total revenue	65,290	67,215	129,073	133,438
Other Revenue
Total revenue	$ 9,562	$ 4,859	$ 15,748	$ 10,326

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
UNAUDITED CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net (loss) income	$ (441,900)	$ 14,505	$ (440,882)	$ 33,544
Other comprehensive (loss) income:
Unrealized loss on securities available-for-sale	(10,431)	(2,076)	(31,232)	(8,476)
Tax benefit		693		693
Unrealized loss on securities available-for-sale, net of tax	(10,431)	(1,383)	(31,232)	(7,783)
Unrealized gain (loss) on cash flow hedges	301	(193)	303	928
Tax (expense) benefit	(101)	48	(67)	(156)
Unrealized gain (loss) on cash flow hedges, net of tax	200	(145)	236	772
Foreign currency translation adjustments	(28,771)	10,758	(45,994)	(18,941)
Other comprehensive (loss) income, net of tax	(39,002)	9,230	(76,990)	(25,952)
Total comprehensive (loss) income, net of tax	$ (480,902)	$ 23,735	$ (517,872)	$ 7,592

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF EQUITY (DEFICIENCY) - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Former Parent's Net Investment	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Beginning at Dec. 31, 2020				$ 1,093,920	$ 381	$ 1,094,301
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				33,544		33,544
Other comprehensive income (loss)					(25,952)	(25,952)
Change in former Parent's net investment				(114,878)		(114,878)
Balance at Ending at Jun. 30, 2021				1,012,586	(25,571)	987,015
Balance at Beginning at Mar. 31, 2021				993,227	(34,801)	958,426
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				14,505		14,505
Other comprehensive income (loss)					9,230	9,230
Change in former Parent's net investment				4,854		4,854
Balance at Ending at Jun. 30, 2021				$ 1,012,586	(25,571)	987,015
Balance at Beginning at Dec. 31, 2021	$ 246	$ 266,775	$ (55,383)		(65,074)	$ 146,564
Balance at Beginning (in shares) at Dec. 31, 2021						24,585
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)			(440,882)			$ (440,882)
Other comprehensive income (loss)					(76,990)	(76,990)
Net transfers from former Parent for Separation-related transactions		1,354				1,354
Stock-based compensation		3,909				3,909
Other		(742)				$ (742)
Other (in shares)						27
Balance at Ending at Jun. 30, 2022	$ 246	271,296	(496,265)		(142,064)	$ (366,787)
Balance at Ending (in shares) at Jun. 30, 2022	24,612					24,612
Balance at Beginning at Mar. 31, 2022	$ 246	269,847	(54,365)		(103,062)	$ 112,666
Balance at Beginning (in shares) at Mar. 31, 2022	24,612
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)			(441,900)			(441,900)
Other comprehensive income (loss)					(39,002)	(39,002)
Stock-based compensation		1,581				1,581
Other		(132)				(132)
Balance at Ending at Jun. 30, 2022	$ 246	$ 271,296	$ (496,265)		$ (142,064)	$ (366,787)
Balance at Ending (in shares) at Jun. 30, 2022	24,612					24,612

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (440,882)	$ 33,544
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	18,298	18,454
Deferred income tax expense	7,142	2,579
Non-cash stock compensation	3,909	4,179
Goodwill impairment	422,922
Change in other operating assets and liabilities:
Change in deferred revenue	(35,393)	11,240
Change in accounts receivable	21,846	5,672
Change in accounts payable and accrued expenses	(20,192)	(20,766)
Change in other assets	(46,161)	1,535
Change in other liabilities	6,895	34,135
Other	19,566	7,274
Net cash (used in) provided by operating activities	(42,050)	97,846
CASH FLOWS FROM INVESTING ACTIVITIES:
Change in redemption settlement assets, restricted	12,040	(41,032)
Capital expenditures	(9,741)	(8,859)
Distributions from investment in unconsolidated subsidiary - related party		795
Net cash provided by (used in) investing activities	2,299	(49,096)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under debt agreements	6,000
Repayments of borrowings	(31,313)
Dividends paid to former Parent		(120,000)
Net transfers from former Parent		192
Net transfers from former Parent for Separation-related transactions	1,569
Other	(693)
Net cash used in financing activities	(24,437)	(119,808)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(5,966)	781
Change in cash, cash equivalents and restricted cash	(70,154)	(70,277)
Cash, cash equivalents and restricted cash at beginning of year	232,602	337,525
Cash, cash equivalents and restricted cash at end of year	162,448	267,248
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	16,926	151
Income taxes paid, net	$ 16,488	$ 26,708

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2022
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	​ 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of the Business On November 5, 2021, Bread Financial Holdings, Inc., previously named Alliance Data Systems Corporation (“former Parent”), completed the spinoff of its LoyaltyOne reportable segment (the “Separation”) into an independent, publicly traded company, Loyalty Ventures Inc. (the “Company” or “Loyalty Ventures”). Loyalty Ventures provides coalition and campaign-based loyalty solutions through the Canadian AIR MILES ® Basis of Presentation Prior to the Separation, the Company had operated as part of the former Parent and not as a standalone company. The unaudited condensed combined financial statements for the three and six months ended June 30, 2021 have been derived from the former Parent’s historical accounting records and are presented on a “carve-out” basis. The unaudited condensed combined financial statements for the three and six months ended June 30, 2021 also include allocations of certain general and administrative expenses from the former Parent that directly or indirectly benefited Loyalty Ventures. However, amounts recognized by the Company are not necessarily representative of the amounts that would have been reflected in the unaudited condensed combined financial statements had the Company operated independently. The former Parent’s third-party long-term debt and the related interest expense was not allocated for the three and six months ended June 30, 2021 as the Company was not the legal obligor of such debt. The former Parent’s net investment represents its interest in the recorded net assets of the Company. All significant transactions between the Company and its former Parent have been included in the accompanying unaudited condensed combined financial statements. Transactions with the former Parent as contributions to the carve-out entity or distributions from the carve-out entity are reflected in the accompanying unaudited condensed consolidated and combined statements of equity (deficiency) as “Change in former Parent’s net investment.” The unaudited condensed consolidated financial statements for the three and six months ended June 30, 2022 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 unaudited condensed consolidated and combined financial statements. The Company’s unaudited condensed 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 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 unaudited condensed consolidated and combined financial statements and accompanying notes are presented in U.S. Dollars (“USD”), the Company’s reporting currency. The unaudited condensed consolidated and combined financial statements included herein reflect all adjustments (consisting of normal, recurring adjustments) which are, in the opinion of management, necessary to state fairly the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the fiscal year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated and combined financial statements should be read in conjunction with the consolidated and combined financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on February 28, 2022. Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 Accounting Standards Codification (“ASC”) 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. The Company expects to adopt ASU 2021-08 in the first quarter of 2023 on a prospective basis. While the impact of these amendments is dependent on the nature of any future transactions, the Company does not expect this ASU to have a significant impact on its financial statements and related disclosures.

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2022
REVENUE
REVENUE	2. REVENUE 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 ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2022 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Major Source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coalition loyalty program ​ $ 63,161 ​ $ — ​ $ — ​ $ 63,161 Campaign-based loyalty programs ​ — ​ 103,930 ​ ​ — ​ 103,930 Other ​ 39 ​ 1,362 ​ ​ (43) ​ 1,358 Revenue from contracts with customers ​ $ 63,200 ​ $ 105,292 ​ $ (43) ​ $ 168,449 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment income ​ 3,354 ​ — ​ ​ — ​ 3,354 Total ​ $ 66,554 ​ $ 105,292 ​ $ (43) ​ $ 171,803 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Major Source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coalition loyalty program ​ $ 68,544 ​ $ — ​ $ — ​ $ 68,544 Campaign-based loyalty programs ​ — ​ 76,630 ​ ​ — ​ 76,630 Other ​ 2 ​ 2,338 ​ ​ — ​ 2,340 Revenue from contracts with customers ​ $ 68,546 ​ $ 78,968 ​ $ — ​ $ 147,514 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment income ​ 3,391 ​ — ​ ​ — ​ 3,391 Total ​ $ 71,937 ​ $ 78,968 ​ $ — ​ $ 150,905 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Major Source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coalition loyalty program ​ $ 125,562 ​ $ — ​ $ — ​ $ 125,562 Campaign-based loyalty programs ​ — ​ 191,530 ​ ​ — ​ 191,530 Other ​ 80 ​ 3,043 ​ ​ (87) ​ 3,036 Revenue from contracts with customers ​ $ 125,642 ​ $ 194,573 ​ $ (87) ​ $ 320,128 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment income ​ 6,620 ​ — ​ ​ — ​ 6,620 Total ​ $ 132,262 ​ $ 194,573 ​ $ (87) ​ $ 326,748 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ Six Months Ended June 30, 2021 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Major Source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coalition loyalty program ​ $ 135,290 ​ $ — ​ $ — ​ $ 135,290 Campaign-based loyalty programs ​ — ​ 182,927 ​ ​ — ​ 182,927 Other ​ 1 ​ 2,338 ​ ​ — ​ 2,339 Revenue from contracts with customers ​ $ 135,291 ​ $ 185,265 ​ $ — ​ $ 320,556 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment income ​ 6,903 ​ — ​ ​ — ​ 6,903 Total ​ $ 142,194 ​ $ 185,265 ​ $ — ​ $ 327,459 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2022 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Geographic Region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ — ​ $ — ​ $ — Canada ​ 66,554 ​ 1,664 ​ ​ (43) ​ 68,175 Europe, Middle East and Africa ​ — ​ 80,504 ​ ​ — ​ 80,504 Asia Pacific ​ — ​ 20,028 ​ ​ — ​ 20,028 Other ​ — ​ 3,096 ​ ​ — ​ 3,096 Total ​ $ 66,554 ​ $ 105,292 ​ $ (43) ​ $ 171,803 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Geographic Region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ 1,497 ​ $ — ​ $ 1,497 Canada ​ 71,937 ​ 1,589 ​ ​ — ​ 73,526 Europe, Middle East and Africa ​ — ​ 52,431 ​ ​ — ​ 52,431 Asia Pacific ​ — ​ 19,809 ​ ​ — ​ 19,809 Other ​ — ​ 3,642 ​ ​ — ​ 3,642 Total ​ $ 71,937 ​ $ 78,968 ​ $ — ​ $ 150,905 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Geographic Region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ — ​ $ — ​ $ — Canada ​ 132,262 ​ 7,684 ​ ​ (87) ​ 139,859 Europe, Middle East and Africa ​ — ​ 143,193 ​ ​ — ​ 143,193 Asia Pacific ​ — ​ 38,306 ​ ​ — ​ 38,306 Other ​ — ​ 5,390 ​ ​ — ​ 5,390 Total ​ $ 132,262 ​ $ 194,573 ​ $ (87) ​ $ 326,748 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2021 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Geographic Region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ 2,542 ​ $ — ​ $ 2,542 Canada ​ 142,194 ​ 11,270 ​ ​ — ​ 153,464 Europe, Middle East and Africa ​ — ​ 131,854 ​ ​ — ​ 131,854 Asia Pacific ​ — ​ 34,723 ​ ​ — ​ 34,723 Other ​ — ​ 4,876 ​ ​ — ​ 4,876 Total ​ $ 142,194 ​ $ 185,265 ​ $ — ​ $ 327,459 ​ 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 and the reward products for its campaign-based loyalty programs. 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, 2022 ​ $ 230,492 ​ $ 791,464 ​ $ 1,021,956 Cash proceeds ​ 87,110 ​ ​ 135,513 ​ 222,623 Revenue recognized (1) ​ (93,593) ​ ​ (164,770) ​ (258,363) Other ​ — ​ ​ 417 ​ 417 Effects of foreign currency translation ​ (4,155) ​ ​ (14,200) ​ (18,355) Balance at June 30, 2022 ​ $ 219,854 ​ $ 748,424 ​ $ 968,278 Amounts recognized in the consolidated balance sheets: ​ ​ ​ Deferred revenue (current) ​ $ 126,001 ​ $ 748,424 ​ $ 874,425 Deferred revenue (non-current) ​ $ 93,853 ​ $ — ​ $ 93,853 (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 $77.5 million in 2022 2023 2024 2025 The contract liabilities for BrandLoyalty’s campaign-based loyalty programs are recognized in other current liabilities in the Company’s unaudited condensed consolidated balance sheets. The beginning balance as of January 1, 2022 was $85.4 million and the closing balance as of June 30, 2022 was $103.3 million, with the change due to cash payments received in advance of program performance, offset in part by revenue recognized of approximately $146.5 million and the effect of foreign currency translation of $7.8 million during the six months ended June 30, 2022.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2022
EARNINGS PER SHARE
EARNINGS PER SHARE	3. EARNINGS PER SHARE A total of 24,585,237 shares of Loyalty Ventures common stock were outstanding at November 5, 2021, the date of the Separation, and this share amount was utilized for the calculation of basic and diluted earnings per share for all periods presented prior to the Separation. For the three and six months ended June 30, 2021, these shares are treated as issued and outstanding for purposes of calculating historical basic and diluted earnings per share. For the three and six months ended June 30, 2022, the calculation of basic and diluted earnings per share is based on the weighted average number of common shares outstanding. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 ​ ​ (in thousands, except per share amounts) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (441,900) ​ $ 14,505 ​ $ (440,882) ​ $ 33,544 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares, basic ​ ​ 24,612 ​ ​ 24,585 ​ ​ 24,605 ​ ​ 24,585 Weighted average effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net effect of dilutive unvested restricted stock (1) ​ ​ — ​ ​ — ​ ​ — ​ ​ — Denominator for diluted calculation ​ ​ 24,612 ​ ​ 24,585 ​ ​ 24,605 ​ ​ 24,585 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net (loss) income per share: ​ $ (17.95) ​ $ 0.59 ​ $ (17.92) ​ $ 1.36 Diluted net (loss) income per share: ​ $ (17.95) ​ $ 0.59 ​ $ (17.92) ​ $ 1.36 (1) The dilutive calculation excludes 0.6 million and 0.4 million restricted stock units for the three and six months ended June 30, 2022, respectively, as they were anti-dilutive due to the net loss for the respective periods. For the three and six months ended June 30, 2021, there are no dilutive equity instruments as there were no equity awards of Loyalty Ventures outstanding prior to the Separation.

INVENTORIES, NET

INVENTORIES, NET	6 Months Ended
	Jun. 30, 2022
INVENTORIES, NET
INVENTORIES, NET	4. INVENTORIES, NET Inventories, net of $222.1 million and $188.6 million at June 30, 2022 and December 31, 2021, respectively, primarily consist of finished goods to be utilized as rewards in the Company’s loyalty programs. Inventories are stated at the lower of cost and net realizable value and valued primarily on a first-in-first-out basis. The Company records valuation adjustments to its inventories if the cost of inventory exceeds the amount it expects to realize from the ultimate sale or disposal of the inventory. These estimates are based on management’s judgment regarding future market conditions and an analysis of historical experience.

REDEMPTION SETTLEMENT ASSETS, R

REDEMPTION SETTLEMENT ASSETS, RESTRICTED	6 Months Ended
	Jun. 30, 2022
REDEMPTION SETTLEMENT ASSETS, RESTRICTED.
REDEMPTION SETTLEMENT ASSETS, RESTRICTED	5. 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 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 ​ 2021 ​ Fair Value Fair Value ​ ​ (in thousands) Restricted cash ​ $ 55,544 ​ $ 58,752 Mutual funds ​ 22,960 ​ 25,990 Corporate bonds ​ 593,610 ​ 650,389 Total ​ $ 672,114 ​ $ 735,131 ​ The following table shows the amortized cost, unrealized gains and losses, and fair value of securities available-for-sale as of June 30, 2022 and December 31, 2021, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ December 31, 2021 ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ Cost Gains Losses Fair Value Cost Gains Losses Fair Value ​ ​ (in thousands) Corporate bonds ​ $ 622,701 ​ $ 24 ​ $ (29,115) ​ $ 593,610 ​ $ 648,248 ​ $ 6,389 ​ $ (4,248) ​ $ 650,389 Total ​ $ 622,701 ​ $ 24 ​ $ (29,115) ​ $ 593,610 ​ $ 648,248 ​ $ 6,389 ​ $ (4,248) ​ $ 650,389 ​ The following tables show the unrealized losses and fair value for those investments that were in an unrealized loss position as of June 30, 2022 and December 31, 2021, respectively, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ ​ 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 $ 401,386 ​ $ (13,919) ​ $ 173,070 ​ $ (15,196) ​ $ 574,456 ​ $ (29,115) Total ​ $ 401,386 ​ $ (13,919) ​ $ 173,070 ​ $ (15,196) ​ $ 574,456 ​ $ (29,115) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ The amortized cost and estimated fair value of the securities available-for-sale at June 30, 2022 by contractual maturity are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Estimated ​ ​ Cost ​ Fair Value ​ ​ (in thousands) Due in one year or less ​ $ 106,428 ​ $ 106,090 Due after one year through five years ​ 516,273 ​ 487,520 Due after five years through ten years ​ — ​ — Total ​ $ 622,701 ​ $ 593,610 ​ 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 $1.2 million and $2.5 million for the three and six months ended June 30, 2022, respectively. Losses associated with the change in fair value of mutual funds were de minimis and $0.6 million for the three and six months ended June 30, 2021, respectively. For available-for-sale debt securities in which fair value is less than cost, ASC 326, “Financial Instruments – Credit Losses,” 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 June 30, 2022, the Company does not consider its investments to be impaired. The Company believes unrealized losses on investments were primarily caused by rising interest rates rather than changes in credit quality. The Company expects to recover, through collection of all of the contractual cash flows of each security, the amortized cost basis of these securities as it does not intend to sell, and does not anticipate being required to sell, these securities before recovery of the cost basis. Losses from the sale of investment securities were de minimis for the three and six months ended June 30, 2022, and $0.2 million for the three and six months ended June 30, 2021.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2022
LEASES
LEASES	6. LEASES The Company has operating leases for general office properties, warehouses, data centers, customer care centers, automobiles and certain equipment. As of June 30, 2022, the Company’s leases have remaining lease terms of less than 1 year to 12 years, some of which may include renewal options. For leases in which the implicit rate is not readily determinable, the Company uses its incremental borrowing rate as of the lease commencement date to determine the present value of the lease payments. The incremental borrowing rate is based on the Company’s specific rate of interest to borrow on a collateralized basis, over a similar term and in a similar economic environment as the lease. Leases with an initial term of 12 months or less are not recognized on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Additionally, the Company accounts for lease and nonlease components as a single lease component for its identified asset classes. The components of lease expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 ​ ​ (in thousands) Operating lease cost ​ $ 3,622 ​ $ 4,015 ​ $ 7,364 ​ $ 8,006 Short-term lease cost ​ 74 ​ 87 ​ 144 ​ 171 Variable lease cost ​ 655 ​ 1,081 ​ 1,789 ​ 2,212 Total ​ $ 4,351 ​ $ 5,183 ​ $ 9,297 ​ $ 10,389 ​ Sublease income was $1.0 million and $1.9 million for the three and six months ended June 30, 2022, respectively, and $0.5 million and $1.0 million for the three and six months ended June 31, 2021, respectively, and is presented net of lease expense. ​ The Company evaluates its right of use assets for impairment in accordance with ASC 360, “Property, Plant and Equipment,” when events or changes in circumstances indicate that a right of use asset’s carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. As a result, the Company recorded an asset impairment charge within its AIR MILES Reward Program segment of $0.5 million in the second quarter of 2022, which is included in cost of operations in its unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2022. ​ Other information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ June 30, ​ 2022 2021 Weighted-average remaining lease term (in years): ​ Operating leases 10.3 11.0 ​ Weighted-average discount rate: ​ ​ Operating leases 4.8 % 4.6 % ​ Supplemental cash flow information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 ​ ​ (in thousands) Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 3,805 ​ $ 5,645 ​ $ 7,774 ​ $ 9,809 Right-of-use assets obtained in exchange for lease obligations: ​ ​ ​ ​ Operating leases ​ $ 1,885 ​ $ 177 ​ $ 2,737 ​ $ 184 ​ Maturities of the lease liabilities as of June 30, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ Operating Year Leases ​ ​ (in thousands) 2022 (excluding the six months ended June 30, 2022) ​ $ 6,578 2023 ​ 13,855 2024 ​ 13,052 2025 ​ 12,664 2026 ​ 12,292 Thereafter ​ 75,345 Total undiscounted lease liabilities ​ 133,786 Less: Amount representing interest ​ (28,970) Total present value of minimum lease payments ​ $ 104,816 ​ ​ ​ ​ Amounts recognized in the June 30, 2022 consolidated balance sheet: ​ Current operating lease liabilities ​ $ 8,881 Long-term operating lease liabilities ​ 95,935 Total ​ $ 104,816 ​

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	6 Months Ended
	Jun. 30, 2022
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL	7. INTANGIBLE ASSETS AND GOODWILL Intangible Assets Intangible assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ ​ ​ Gross ​ Accumulated ​ ​ ​ ​ ​ Assets Amortization Net Amortization Life and Method ​ ​ (in thousands) ​ Tradenames $ 8,806 ​ $ (6,490) ​ $ 2,316 8‑15 years—straight line Total intangible assets ​ $ 8,806 ​ $ (6,490) ​ $ 2,316 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ 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 (excluding the six months ended June 30, 2022) ​ $ 539 2023 ​ 1,076 2024 ​ 552 2025 ​ 28 2026 ​ 28 Thereafter ​ 93 ​ Goodwill The changes in the carrying amount of goodwill are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ ​ Reward Program BrandLoyalty (1) Total ​ (in thousands) Balance at January 1, 2022 ​ $ 194,767 ​ $ 455,191 ​ $ 649,958 Impairment ​ ​ — ​ ​ (422,922) ​ ​ (422,922) Effects of foreign currency translation ​ (3,578) ​ ​ (32,269) ​ (35,847) Balance at June 30, 2022 ​ $ 191,189 ​ $ — ​ $ 191,189 (1) Amount of goodwill as of January 1, 2022 is net of an accumulated goodwill impairment charge of $50.0 million within the BrandLoyalty segment incurred as of December 31, 2021. As of June 30, 2022, the Company recorded a goodwill impairment charge of $422.9 million within the BrandLoyalty segment and the amount of goodwill is net of accumulated goodwill impairment charges of $472.9 million within the BrandLoyalty segment. ​ The Company tests goodwill for impairment annually, as of July 1, or when events and circumstances change that would indicate the carrying value may not be recoverable. During the second quarter of 2022, macroeconomic factors, including Russia’s invasion of Ukraine and its negative impact on consumer confidence and consumer behavior in Europe, inflation, and continued supply chain pressures, led the Company to believe that it is more likely than not the fair value of its BrandLoyalty reporting unit was less than its carrying amount. As a result, the economic disruption, coupled with increased uncertainty, indicated a material deterioration of the significant inputs used to determine the fair value of the BrandLoyalty reporting unit, resulting in the impairment of the goodwill. See Note 15, “Financial Instruments and Fair Value Measurements,” for more information.

INVESTMENT IN UNCONSOLIDATED SU

INVESTMENT IN UNCONSOLIDATED SUBSIDIARY - RELATED PARTY	6 Months Ended
	Jun. 30, 2022
INVESTMENT IN UNCONSOLIDATED SUBSIDIARY - RELATED PARTY
INVESTMENT IN UNCONSOLIDATED SUBSIDIARY - RELATED PARTY	8. INVESTMENT IN UNCONSOLIDATED SUBSIDIARY – RELATED PARTY The Company previously owned a 99.9% interest in Comenity Canada L.P., a limited partnership, which is a consolidated subsidiary of the former Parent, and was accounted for using the equity method of accounting, as the Company exercised significant influence but did not control the entity. The investment was included in the AIR MILES Reward Program segment. In March 2021, the Company received a partnership distribution from Comenity Canada L.P. of $0.8 million, and the Company’s ownership interest declined from 99.9% to 98.0%. Under the equity method, the Company’s share of its investee’s earnings or loss is recognized in the consolidated and combined statements of operations. The Company recognized a de minimis amount of loss from investment in unconsolidated related party subsidiary for the three and six months ended June 30, 2021. In August 2021, the Company’s investment in Comenity Canada L.P. was sold to an affiliate of the former Parent.

RESTRUCTURING AND OTHER CHARGES

RESTRUCTURING AND OTHER CHARGES	6 Months Ended
	Jun. 30, 2022
RESTRUCTURING AND OTHER CHARGES
RESTRUCTURING AND OTHER CHARGES	9. RESTRUCTURING AND OTHER CHARGES In the second quarter of 2022, executive management initiated a plan to simplify the organization, reduce its cost structure, and optimize its supply chain. The Company expects this plan will be implemented throughout fiscal year 2022. For the three and six months ended June 30, 2022, the Company incurred restructuring and other charges in the AIR MILES Reward Program segment related to reductions in force and asset impairments on the closure of certain leased office space, and other exit costs primarily related to third-party professional services and other non-recurring costs. These charges were recorded to cost of operations in the Company’s unaudited condensed consolidated and combined statements of operations. The following tables summarize the restructuring and other charges incurred by reportable segment for all restructuring activities for the three and six months ended June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Termination ​ Asset ​ Other ​ ​ ​ Three Months Ended June 30, 2022 Benefits Impairments Exit Costs Total ​ ​ (in thousands) AIR MILES Reward Program ​ $ 2,357 ​ $ 537 ​ $ 1,372 ​ $ 4,266 Total ​ $ 2,357 ​ $ 537 ​ $ 1,372 ​ $ 4,266 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Termination ​ Asset ​ Other ​ ​ ​ Six Months Ended June 30, 2022 Benefits Impairments Exit Costs Total ​ ​ (in thousands) AIR MILES Reward Program ​ $ 2,357 ​ $ 537 ​ $ 1,372 ​ $ 4,266 Total ​ $ 2,357 ​ $ 537 ​ $ 1,372 ​ $ 4,266 ​ There were no restructuring and other charges incurred for the three and six months ended June 30, 2021. ​ The Company’s liability for restructuring and other charges is recognized in accrued expenses in its consolidated balance sheets. The following table summarizes the activities related to the restructuring and other charges, as discussed above, for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Termination ​ Asset ​ Other ​ ​ ​ ​ Benefits Impairments Exit Costs Total ​ ​ (in thousands) Liability as of January 1, 2022 ​ $ — ​ $ — ​ $ — ​ $ — Charged to expense ​ 2,357 ​ 537 ​ 1,372 ​ 4,266 Adjustments for non-cash charges ​ ​ ​ (537) ​ — ​ (537) Cash payments ​ (233) ​ — ​ (369) ​ (602) Effects of foreign currency translation ​ ​ (11) ​ ​ — ​ ​ (5) ​ ​ (16) Liability as of June 30, 2022 ​ $ 2,113 ​ $ — ​ $ 998 ​ $ 3,111 ​ The Company’s outstanding liability related to restructuring and other charges is expected to be settled in the next twelve months. Management is undergoing an evaluation of its BrandLoyalty segment with additional restructuring and other charges expected to be incurred in the second half of 2022.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2022
DEBT
DEBT	10. DEBT Debt consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ Description 2022 2021 Maturity ​ ​ (in thousands) ​ Revolving credit facility (1) ​ $ — ​ $ — ​ November 2026 Term loan A ​ 168,438 ​ 175,000 ​ November 2026 Term loan B ​ 481,250 ​ 500,000 ​ November 2027 Total long-term debt ​ $ 649,688 ​ $ 675,000 ​ ​ Less: unamortized debt issuance costs ​ ​ 19,207 ​ ​ 20,887 ​ ​ Less: current portion ​ ​ 50,625 ​ ​ 50,625 ​ ​ Long-term portion ​ $ 579,856 ​ $ 603,488 ​ ​ (1) As of June 30, 2022, availability under the revolving credit facility was $126.7 million as a result of $23.3 million in letters of credit outstanding under the Credit Agreement. 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 The Company has a senior secured credit agreement (the “Credit Agreement”) which provides for a $175.0 million term loan A facility, a $500.0 million term loan B facility, and a revolving credit facility in the maximum amount of $150.0 million. The term loan A and revolving credit facility mature November 3, 2026. The term loan B matures November 3, 2027. In the six months ended June 30, 2022, the Company made its quarterly principal amortization payments totaling $25.3 million applicable to the term loan A and term loan B. As of June 30, 2022, the Company was in compliance with its financial covenants. In July 2022, the Company entered into an amendment to its Credit Agreement, which, among other things, provides for adjustments to the financial maintenance covenant and reduces the amount of its revolving commitments by $2.8 million per quarter beginning September 30, 2022, for each quarter in which the total leverage ratio as defined in the Credit Agreement is in excess of 4.75 to 1. Uncommitted Overdraft Facility The Company has an uncommitted overdraft facility with Deutsche Bank AG that provides overdraft protection in several currencies, up to a maximum amount of €10.0 million ($10.5 million as of June 30, 2022). 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. There were no amounts outstanding under the uncommitted overdraft facility as of June 30, 2022 and December 31, 2021, respectively.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 2022
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS.	11. 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 Company generally hedges foreign currency exchange rate risks for periods of 12 months or less. The fair value of the Company’s derivative instruments as of June 30, 2022 was $3.5 million included in other current assets and $1.6 million included in other current liabilities in the Company’s unaudited condensed consolidated balance sheets. 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 unaudited condensed consolidated balance sheets.

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS	6 Months Ended
	Jun. 30, 2022
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS	12. SHARE-BASED PAYMENTS Stock Compensation Expense ​ During the six months ended June 30, 2022, the Company awarded 690,284 service-based restricted stock units with a weighted average grant date fair value per share of $20.16 as determined on the date of grant. Service-based restricted stock unit awards typically vest ratably over a three-year period provided that the participant is employed by the Company on each such vesting date. The Company also awarded 88,033 performance-based restricted stock units with a weighted average grant date fair value per share of $24.19 as determined on the date of grant with pre-defined vesting criteria that permit a range from 0% to 150% to be earned. If the performance targets are met, the restrictions will lapse with respect to 33% of the award on February 15, 2023, an additional 33% of the award on February 15, 2024 and the final 34% of the award on February 15, 2025, provided that the participant is employed by the Company on each such vesting date. ​ Stock-based compensation expense recognized in the Company’s unaudited condensed consolidated and combined statements of operations for the three and six months ended June 30, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 ​ ​ (in thousands) Cost of operations ​ $ 830 ​ $ 1,835 ​ $ 2,330 ​ $ 3,284 General and administrative ​ 751 ​ 490 ​ 1,579 ​ 895 Total ​ $ 1,581 ​ $ 2,325 ​ $ 3,909 ​ $ 4,179 ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Jun. 30, 2022
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	13. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The changes in each component of accumulated other comprehensive income (loss), net of tax effects, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Net Unrealized ​ Foreign ​ Accumulated ​ ​ Unrealized ​ Gains (Losses) ​ Currency ​ Other ​ ​ Gains (Losses) ​ on Cash ​ Translation ​ Comprehensive Three Months Ended June 30, 2022 on Securities Flow Hedges Adjustments (1) Loss ​ ​ (in thousands) Balance at April 1, 2022 ​ $ (18,660) ​ $ 1,306 ​ $ (85,708) ​ $ (103,062) Changes in other comprehensive income (loss) ​ (10,431) ​ 200 ​ (28,771) ​ (39,002) Balance at June 30, 2022 ​ $ (29,091) ​ $ 1,506 ​ $ (114,479) ​ $ (142,064) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Net Unrealized ​ Foreign ​ Accumulated ​ ​ ​ Unrealized ​ Gains (Losses) ​ Currency ​ Other ​ ​ ​ Gains (Losses) ​ on Cash ​ Translation ​ Comprehensive Three Months Ended June 30, 2021 ​ on Securities Flow Hedges Adjustments (1) Loss ​ ​ ​ (in thousands) Balance at April 1, 2021 ​ ​ $ 11,867 ​ $ 217 ​ $ (46,885) ​ $ (34,801) Changes in other comprehensive income (loss) ​ ​ (1,383) ​ (145) ​ 10,758 ​ 9,230 Balance at June 30, 2021 ​ ​ $ 10,484 ​ $ 72 ​ $ (36,127) ​ $ (25,571) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Net Unrealized ​ Foreign ​ Accumulated ​ ​ Unrealized ​ Gains (Losses) ​ Currency ​ Other ​ ​ Gains (Losses) ​ on Cash ​ Translation ​ Comprehensive Six Months Ended June 30, 2022 on Securities Flow Hedges Adjustments (1) Loss ​ ​ (in thousands) Balance at January 1, 2022 ​ $ 2,141 ​ $ 1,270 ​ $ (68,485) ​ $ (65,074) Changes in other comprehensive income (loss) ​ (31,232) ​ 236 ​ (45,994) ​ (76,990) Balance at June 30, 2022 ​ $ (29,091) ​ $ 1,506 ​ $ (114,479) ​ $ (142,064) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Net Unrealized ​ Foreign ​ Accumulated ​ ​ Unrealized ​ Gains (Losses) ​ Currency ​ Other ​ ​ Gains (Losses) ​ on Cash ​ Translation ​ Comprehensive Six Months Ended June 30, 2021 on Securities Flow Hedges Adjustments (1) Loss ​ ​ (in thousands) Balance at January 1, 2021 ​ $ 18,267 ​ $ (700) ​ $ (17,186) ​ $ 381 Changes in other comprehensive income (loss) ​ (7,783) ​ 772 ​ (18,941) ​ (25,952) Balance at June 30, 2021 ​ $ 10,484 ​ $ 72 ​ $ (36,127) ​ $ (25,571) (1) Primarily related to the impact of changes in the Canadian dollar and Euro foreign currency exchange rates. Other reclassifications from accumulated other comprehensive income (loss) into net income for each of the periods presented were not material.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2022
INCOME TAXES
INCOME TAXES	14. INCOME TAXES For the three months ended June 30, 2022 and 2021, the Company utilized an effective tax rate of (5.2)% and 29.6%, respectively, to calculate its provision for income taxes. For the six months ended June 30, 2022 and 2021, the Company utilized an effective tax rate of (5.5)% and 31.0%, respectively, to calculate its provision for income taxes. The change in the effective tax rate for both the three and six months ended June 30, 2022 as compared to the respective prior year periods was primarily a result of non-deductibility of the write-off of goodwill, the increased U.S. corporate expenses and the write-down of certain deferred tax assets. The Company does not believe the U.S. corporate expenses will be currently deductible; therefore, a deferred tax asset has been established with an associated valuation allowance.

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2022
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	15. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS In accordance with ASC 825, “Financial Instruments,” the Company is required to disclose the fair value of financial instruments for which it is practical to estimate fair value. To obtain fair values, observable market prices are used if available. In some instances, observable market prices are not readily available and fair value is determined using present value or other techniques appropriate for a particular financial instrument. These techniques involve judgment and as a result are not necessarily indicative of the amounts the Company would realize in a current market exchange. The use of different assumptions or estimation techniques may have a material effect on the estimated fair value amounts. Fair Value of Financial Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ December 31, 2021 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Amount Value Amount Value ​ ​ (in thousands) Financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redemption settlement assets, restricted ​ $ 672,114 ​ $ 672,114 ​ $ 735,131 ​ $ 735,131 Other investments ​ 489 ​ 489 ​ 471 ​ 471 Derivative instruments ​ 3,471 ​ 3,471 ​ 2,465 ​ 2,465 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ Derivative instruments ​ 1,649 ​ 1,649 ​ 487 ​ 487 Long-term debt ​ ​ 630,481 ​ ​ 630,481 ​ ​ 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, “Fair Value Measurement,” 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 June 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Fair Value Measurements at ​ ​ June 30, ​ June 30, 2022 Using ​ 2022 Level 1 Level 2 Level 3 ​ ​ (in thousands) Mutual funds (1) ​ $ 22,960 ​ $ 22,960 ​ $ — ​ $ — Corporate bonds (1) ​ ​ 593,610 ​ ​ — ​ ​ 593,610 ​ ​ — Marketable securities (2) ​ 489 ​ 489 ​ — ​ — Derivative instruments (3) ​ 3,471 ​ — ​ 3,471 ​ — Total assets measured at fair value ​ $ 620,530 ​ $ 23,449 ​ $ 597,081 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments (3) ​ $ 1,649 ​ $ — ​ $ 1,649 ​ $ — Total liabilities measured at fair value ​ $ 1,649 ​ $ — ​ $ 1,649 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ — (1) Amounts are included in redemption settlement assets, restricted in the unaudited condensed consolidated balance sheets. (2) Amounts are included in other current assets in the unaudited condensed consolidated balance sheets. (3) Amounts are included in other current assets and other current liabilities in the unaudited condensed consolidated balance sheets . 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 June 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Fair Value Measurements at ​ ​ June 30, ​ June 30, 2022 Using ​ 2022 Level 1 Level 2 Level 3 ​ ​ (in thousands) Long-term debt ​ $ 630,481 ​ $ — ​ $ 630,481 ​ $ — Total liabilities measured at fair value ​ $ 630,481 ​ $ — ​ $ 630,481 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ — ​ Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are recognized or disclosed at fair value on a nonrecurring basis, including property and equipment, ROU assets and goodwill. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, including when there is evidence of impairment. For the three and six months ended June 30, 2022, as part of restructuring and other charges, the Company recorded an asset impairment charge of $0.5 million related to the closure of certain leased office space. See Note 6, “Leases,” and Note 9, “Restructuring and Other Charges,” for more information. ​ For the three and six months ended June 30, 2022, the Company recognized a goodwill impairment charge of $422.9 million in the BrandLoyalty segment. To determine the fair value of the reporting unit, the Company used both income- and market-based valuation techniques to determine the fair value of the reporting unit, as opposed to just an income approach, as it provided a better representation of fair value of the reporting unit. The income-based approach utilizes a discounted cash flow analysis based on management's estimates of forecasted cash flows, with those cash flows discounted to present value using rates commensurate with the risks associated with those cash flows. The valuation includes assumptions related to revenue growth and profit performance, capital expenditures, and the discount rate which are unobservable inputs. The market-based approach involves an analysis of market multiples of revenues and earnings to a group of comparable public companies and recent transactions, if any, involving comparable companies, with the unobservable input being the forecasted earnings of BrandLoyalty. The assumptions utilized in our quantitative analysis are unobservable inputs classified as Level 3 under the fair value hierarchy of ASC 820, “Fair Value Measurement.” See Note 7, “Intangible Assets and Goodwill,” for more information. ​

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2022
SEGMENT INFORMATION
SEGMENT INFORMATION	16. 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 its sponsors, who pay the AIR MILES Reward Program a fee per AIR MILES reward mile issued, in return for which it provides 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 either 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/ ​ ​ ​ ​ Three Months Ended June 30, 2022 ​ Reward Program ​ BrandLoyalty ​ Other ​ Eliminations ​ Total ​ ​ (in thousands) Revenues ​ $ 66,554 ​ $ 105,292 ​ $ — ​ $ (43) ​ $ 171,803 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ $ 20,626 ​ $ (426,451) ​ $ (14,288) ​ $ — ​ $ (420,113) Interest (income) expense, net ​ (248) ​ (29) ​ 9,671 ​ ​ — ​ 9,394 Depreciation and amortization ​ 6,667 ​ 2,210 ​ 8 ​ ​ — ​ 8,885 Stock compensation expense ​ 265 ​ 565 ​ 751 ​ ​ — ​ 1,581 Goodwill impairment ​ ​ — ​ ​ 422,922 ​ ​ — ​ ​ — ​ ​ 422,922 Strategic transaction costs ​ ​ — ​ ​ 333 ​ ​ 179 ​ ​ — ​ ​ 512 Restructuring and other charges ​ ​ 4,266 ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,266 Adjusted EBITDA (1) ​ $ 31,576 ​ $ (450) ​ $ (3,679) ​ $ — ​ $ 27,447 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ Corporate/ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Reward Program ​ BrandLoyalty ​ Other ​ Eliminations ​ Total ​ ​ (in thousands) Revenues ​ $ 71,937 ​ $ 78,968 ​ $ — ​ $ — ​ $ 150,905 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ $ 30,164 ​ $ (5,659) ​ $ (3,905) ​ $ — ​ $ 20,600 Interest (income) expense, net ​ (194) ​ 81 ​ — ​ ​ — ​ (113) Depreciation and amortization ​ 6,126 ​ 3,295 ​ — ​ ​ — ​ 9,421 Stock compensation expense ​ 662 ​ 1,173 ​ 490 ​ ​ — ​ 2,325 Adjusted EBITDA (1) ​ $ 36,758 ​ $ (1,110) ​ $ (3,415) ​ $ — ​ $ 32,233 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ Corporate/ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ Reward Program ​ BrandLoyalty ​ Other ​ Eliminations ​ Total ​ ​ (in thousands) Revenues ​ $ 132,262 ​ $ 194,573 ​ $ — ​ $ (87) ​ $ 326,748 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ $ 42,348 ​ $ (430,430) ​ $ (29,638) ​ $ — ​ $ (417,720) Interest (income) expense, net ​ (384) ​ ​ 18 ​ ​ 18,812 ​ ​ — ​ 18,446 Depreciation and amortization ​ 13,480 ​ ​ 4,810 ​ ​ 8 ​ ​ — ​ 18,298 Stock compensation expense ​ 973 ​ ​ 1,357 ​ ​ 1,579 ​ ​ — ​ 3,909 Goodwill impairment ​ ​ — ​ ​ 422,922 ​ ​ — ​ ​ — ​ ​ 422,922 Strategic transaction costs ​ ​ 298 ​ ​ 1,109 ​ ​ 618 ​ ​ — ​ ​ 2,025 Restructuring and other charges ​ ​ 4,266 ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,266 Adjusted EBITDA (1) ​ $ 60,981 ​ $ (214) ​ $ (8,621) ​ $ — ​ $ 52,146 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ Corporate/ ​ ​ ​ ​ Six Months Ended June 30, 2021 ​ Reward Program ​ BrandLoyalty ​ Other ​ Eliminations ​ Total ​ ​ (in thousands) Revenues ​ $ 142,194 ​ $ 185,265 ​ $ — ​ $ — ​ $ 327,459 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ $ 60,326 ​ $ (4,076) ​ $ (7,590) ​ $ — ​ $ 48,660 Interest (income) expense, net ​ (376) ​ 194 ​ — ​ ​ — ​ (182) Depreciation and amortization ​ 11,909 ​ 6,545 ​ — ​ ​ — ​ 18,454 Stock compensation expense ​ 1,350 ​ 1,934 ​ 895 ​ ​ — ​ 4,179 Adjusted EBITDA (1) ​ $ 73,209 ​ $ 4,597 ​ $ (6,695) ​ $ — ​ $ 71,111 (1) Adjusted EBITDA is presented in accordance with ASC 280 as it is the primary performance metric utilized to assess performance of the segments and to determine the allocation of resources. Adjusted EBITDA is a non-GAAP financial measure equal to net (loss) income, the most directly comparable financial measure based on GAAP, plus loss from investment in unconsolidated subsidiary – 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 goodwill impairment, strategic transaction costs, which represent costs associated with the Separation, which were comprised of amounts associated with the Employee Matters Agreement and restructuring and other charges.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2022
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	17. SUPPLEMENTAL CASH FLOW INFORMATION The following table provides a reconciliation of cash and cash equivalents to the total of the amounts reported in the unaudited condensed consolidated and combined statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ June 30, ​ 2022 2021 ​ ​ (in thousands) Cash and cash equivalents ​ $ 97,403 ​ $ 205,715 Restricted cash included within other current assets (1) ​ 9,501 ​ 5,401 Restricted cash included within redemption settlement assets, restricted (2) ​ 55,544 ​ 56,132 Total cash, cash equivalents and restricted cash ​ $ 162,448 ​ $ 267,248 (1) Includes cash restricted for travel deposits within the AIR MILES Reward Program. (2) See Note 5, “Redemption Settlement Assets, Restricted,” for additional information regarding the nature of restrictions on redemption settlement assets.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	18. RELATED PARTY TRANSACTIONS Prior to the Separation, transactions between the Company and its former Parent 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 unaudited condensed combined statement of cash flow as a financing activity as net transfers from the former Parent for the six months ended June 30, 2021. In January 2021, the Company paid cash dividends to the former Parent of $124.2 million, of which $4.2 million was withheld for taxes. The former Parent allocated $3.9 million and $7.6 million for the three and six months ended June 30, 2021, respectively, of corporate overhead costs that directly or indirectly benefit the Company that is included in general and administrative expense within the Company’s unaudited condensed combined statements of operations. 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 addition, the Company had an investment in unconsolidated subsidiary that was a consolidated subsidiary of the former Parent. See Note 8, “Investment in Unconsolidated Subsidiary - Related Party,” for additional information. As part of the Separation, the Company entered into certain agreements with its former Parent, including a Transition Services Agreement, Employee Matters Agreement, and Tax Matters Agreement. For the three and six months ended June 30, 2022, the Company incurred $0.6 million and $1.2 million, respectively, of expenses in connection with the Transition Services Agreement for various corporate, administrative and information technology services provided by its former Parent, which have been included in general and administrative expenses in the Company’s unaudited condensed consolidated statements of operations. Pursuant to the terms of the Employee Matters Agreement, the Company received a net cash payment of $1.6 million as final settlement of the estimated prorated bonus amounts established at the time of the Separation. Additionally, the Company has certain assets and liabilities associated with the Tax Matters Agreement. The Company has $20.8 million and $20.1 million of accounts receivable as of June 30, 2022 and December 31, 2021, respectively, accrued expenses of $80.3 million and $80.0 million as of June 30, 2022 and December 31, 2021, respectively and $1.0 million of other liabilities as of June 30, 2022 and December 31, 2021 included in the Company’s consolidated balance sheets.

DESCRIPTION OF BUSINESS AND B_2

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2022
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION.
Description of the Business	Description of the Business On November 5, 2021, Bread Financial Holdings, Inc., previously named Alliance Data Systems Corporation (“former Parent”), completed the spinoff of its LoyaltyOne reportable segment (the “Separation”) into an independent, publicly traded company, Loyalty Ventures Inc. (the “Company” or “Loyalty Ventures”). Loyalty Ventures provides coalition and campaign-based loyalty solutions through the Canadian AIR MILES ®
Basis of Presentation	Basis of Presentation Prior to the Separation, the Company had operated as part of the former Parent and not as a standalone company. The unaudited condensed combined financial statements for the three and six months ended June 30, 2021 have been derived from the former Parent’s historical accounting records and are presented on a “carve-out” basis. The unaudited condensed combined financial statements for the three and six months ended June 30, 2021 also include allocations of certain general and administrative expenses from the former Parent that directly or indirectly benefited Loyalty Ventures. However, amounts recognized by the Company are not necessarily representative of the amounts that would have been reflected in the unaudited condensed combined financial statements had the Company operated independently. The former Parent’s third-party long-term debt and the related interest expense was not allocated for the three and six months ended June 30, 2021 as the Company was not the legal obligor of such debt. The former Parent’s net investment represents its interest in the recorded net assets of the Company. All significant transactions between the Company and its former Parent have been included in the accompanying unaudited condensed combined financial statements. Transactions with the former Parent as contributions to the carve-out entity or distributions from the carve-out entity are reflected in the accompanying unaudited condensed consolidated and combined statements of equity (deficiency) as “Change in former Parent’s net investment.” The unaudited condensed consolidated financial statements for the three and six months ended June 30, 2022 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 unaudited condensed consolidated and combined financial statements. The Company’s unaudited condensed 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 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 unaudited condensed consolidated and combined financial statements and accompanying notes are presented in U.S. Dollars (“USD”), the Company’s reporting currency. The unaudited condensed consolidated and combined financial statements included herein reflect all adjustments (consisting of normal, recurring adjustments) which are, in the opinion of management, necessary to state fairly the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the fiscal year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated and combined financial statements should be read in conjunction with the consolidated and combined financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on February 28, 2022.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 Accounting Standards Codification (“ASC”) 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. The Company expects to adopt ASU 2021-08 in the first quarter of 2023 on a prospective basis. While the impact of these amendments is dependent on the nature of any future transactions, the Company does not expect this ASU to have a significant impact on its financial statements and related disclosures.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2022
REVENUE
Schedule of revenue disaggregation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2022 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Major Source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coalition loyalty program ​ $ 63,161 ​ $ — ​ $ — ​ $ 63,161 Campaign-based loyalty programs ​ — ​ 103,930 ​ ​ — ​ 103,930 Other ​ 39 ​ 1,362 ​ ​ (43) ​ 1,358 Revenue from contracts with customers ​ $ 63,200 ​ $ 105,292 ​ $ (43) ​ $ 168,449 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment income ​ 3,354 ​ — ​ ​ — ​ 3,354 Total ​ $ 66,554 ​ $ 105,292 ​ $ (43) ​ $ 171,803 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Major Source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coalition loyalty program ​ $ 68,544 ​ $ — ​ $ — ​ $ 68,544 Campaign-based loyalty programs ​ — ​ 76,630 ​ ​ — ​ 76,630 Other ​ 2 ​ 2,338 ​ ​ — ​ 2,340 Revenue from contracts with customers ​ $ 68,546 ​ $ 78,968 ​ $ — ​ $ 147,514 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment income ​ 3,391 ​ — ​ ​ — ​ 3,391 Total ​ $ 71,937 ​ $ 78,968 ​ $ — ​ $ 150,905 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Major Source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coalition loyalty program ​ $ 125,562 ​ $ — ​ $ — ​ $ 125,562 Campaign-based loyalty programs ​ — ​ 191,530 ​ ​ — ​ 191,530 Other ​ 80 ​ 3,043 ​ ​ (87) ​ 3,036 Revenue from contracts with customers ​ $ 125,642 ​ $ 194,573 ​ $ (87) ​ $ 320,128 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment income ​ 6,620 ​ — ​ ​ — ​ 6,620 Total ​ $ 132,262 ​ $ 194,573 ​ $ (87) ​ $ 326,748 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ Six Months Ended June 30, 2021 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Major Source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coalition loyalty program ​ $ 135,290 ​ $ — ​ $ — ​ $ 135,290 Campaign-based loyalty programs ​ — ​ 182,927 ​ ​ — ​ 182,927 Other ​ 1 ​ 2,338 ​ ​ — ​ 2,339 Revenue from contracts with customers ​ $ 135,291 ​ $ 185,265 ​ $ — ​ $ 320,556 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment income ​ 6,903 ​ — ​ ​ — ​ 6,903 Total ​ $ 142,194 ​ $ 185,265 ​ $ — ​ $ 327,459 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2022 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Geographic Region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ — ​ $ — ​ $ — Canada ​ 66,554 ​ 1,664 ​ ​ (43) ​ 68,175 Europe, Middle East and Africa ​ — ​ 80,504 ​ ​ — ​ 80,504 Asia Pacific ​ — ​ 20,028 ​ ​ — ​ 20,028 Other ​ — ​ 3,096 ​ ​ — ​ 3,096 Total ​ $ 66,554 ​ $ 105,292 ​ $ (43) ​ $ 171,803 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Geographic Region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ 1,497 ​ $ — ​ $ 1,497 Canada ​ 71,937 ​ 1,589 ​ ​ — ​ 73,526 Europe, Middle East and Africa ​ — ​ 52,431 ​ ​ — ​ 52,431 Asia Pacific ​ — ​ 19,809 ​ ​ — ​ 19,809 Other ​ — ​ 3,642 ​ ​ — ​ 3,642 Total ​ $ 71,937 ​ $ 78,968 ​ $ — ​ $ 150,905 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Geographic Region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ — ​ $ — ​ $ — Canada ​ 132,262 ​ 7,684 ​ ​ (87) ​ 139,859 Europe, Middle East and Africa ​ — ​ 143,193 ​ ​ — ​ 143,193 Asia Pacific ​ — ​ 38,306 ​ ​ — ​ 38,306 Other ​ — ​ 5,390 ​ ​ — ​ 5,390 Total ​ $ 132,262 ​ $ 194,573 ​ $ (87) ​ $ 326,748 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2021 ​ Reward Program ​ BrandLoyalty ​ Eliminations ​ Total ​ ​ (in thousands) Disaggregation of Revenue by Geographic Region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ 2,542 ​ $ — ​ $ 2,542 Canada ​ 142,194 ​ 11,270 ​ ​ — ​ 153,464 Europe, Middle East and Africa ​ — ​ 131,854 ​ ​ — ​ 131,854 Asia Pacific ​ — ​ 34,723 ​ ​ — ​ 34,723 Other ​ — ​ 4,876 ​ ​ — ​ 4,876 Total ​ $ 142,194 ​ $ 185,265 ​ $ — ​ $ 327,459
Schedule of reconciliation of contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Revenue ​ Service Redemption Total ​ ​ (in thousands) Balance at January 1, 2022 ​ $ 230,492 ​ $ 791,464 ​ $ 1,021,956 Cash proceeds ​ 87,110 ​ ​ 135,513 ​ 222,623 Revenue recognized (1) ​ (93,593) ​ ​ (164,770) ​ (258,363) Other ​ — ​ ​ 417 ​ 417 Effects of foreign currency translation ​ (4,155) ​ ​ (14,200) ​ (18,355) Balance at June 30, 2022 ​ $ 219,854 ​ $ 748,424 ​ $ 968,278 Amounts recognized in the consolidated balance sheets: ​ ​ ​ Deferred revenue (current) ​ $ 126,001 ​ $ 748,424 ​ $ 874,425 Deferred revenue (non-current) ​ $ 93,853 ​ $ — ​ $ 93,853 (1) Reported on a gross basis herein.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2022
EARNINGS PER SHARE
Schedule of computation of basic and diluted earning per share of common stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 ​ ​ (in thousands, except per share amounts) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (441,900) ​ $ 14,505 ​ $ (440,882) ​ $ 33,544 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares, basic ​ ​ 24,612 ​ ​ 24,585 ​ ​ 24,605 ​ ​ 24,585 Weighted average effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net effect of dilutive unvested restricted stock (1) ​ ​ — ​ ​ — ​ ​ — ​ ​ — Denominator for diluted calculation ​ ​ 24,612 ​ ​ 24,585 ​ ​ 24,605 ​ ​ 24,585 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net (loss) income per share: ​ $ (17.95) ​ $ 0.59 ​ $ (17.92) ​ $ 1.36 Diluted net (loss) income per share: ​ $ (17.95) ​ $ 0.59 ​ $ (17.92) ​ $ 1.36 (1) The dilutive calculation excludes 0.6 million and 0.4 million restricted stock units for the three and six months ended June 30, 2022, respectively, as they were anti-dilutive due to the net loss for the respective periods. For the three and six months ended June 30, 2021, there are no dilutive equity instruments as there were no equity awards of Loyalty Ventures outstanding prior to the Separation.

REDEMPTION SETTLEMENT ASSETS,_2

REDEMPTION SETTLEMENT ASSETS, RESTRICTED (Tables)	6 Months Ended
	Jun. 30, 2022
REDEMPTION SETTLEMENT ASSETS, RESTRICTED.
Schedule of redemption settlement assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 ​ 2021 ​ Fair Value Fair Value ​ ​ (in thousands) Restricted cash ​ $ 55,544 ​ $ 58,752 Mutual funds ​ 22,960 ​ 25,990 Corporate bonds ​ 593,610 ​ 650,389 Total ​ $ 672,114 ​ $ 735,131
Schedule of amortized cost, unrealized gains and losses, and fair value of securities available-for-sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ December 31, 2021 ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ Cost Gains Losses Fair Value Cost Gains Losses Fair Value ​ ​ (in thousands) Corporate bonds ​ $ 622,701 ​ $ 24 ​ $ (29,115) ​ $ 593,610 ​ $ 648,248 ​ $ 6,389 ​ $ (4,248) ​ $ 650,389 Total ​ $ 622,701 ​ $ 24 ​ $ (29,115) ​ $ 593,610 ​ $ 648,248 ​ $ 6,389 ​ $ (4,248) ​ $ 650,389
Schedule of unrealized loss position and fair value of debt securities available for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ ​ 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 $ 401,386 ​ $ (13,919) ​ $ 173,070 ​ $ (15,196) ​ $ 574,456 ​ $ (29,115) Total ​ $ 401,386 ​ $ (13,919) ​ $ 173,070 ​ $ (15,196) ​ $ 574,456 ​ $ (29,115) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)
Schedule of contractual maturity of debt securities available for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Estimated ​ ​ Cost ​ Fair Value ​ ​ (in thousands) Due in one year or less ​ $ 106,428 ​ $ 106,090 Due after one year through five years ​ 516,273 ​ 487,520 Due after five years through ten years ​ — ​ — Total ​ $ 622,701 ​ $ 593,610

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2022
LEASES
Schedule of components of lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 ​ ​ (in thousands) Operating lease cost ​ $ 3,622 ​ $ 4,015 ​ $ 7,364 ​ $ 8,006 Short-term lease cost ​ 74 ​ 87 ​ 144 ​ 171 Variable lease cost ​ 655 ​ 1,081 ​ 1,789 ​ 2,212 Total ​ $ 4,351 ​ $ 5,183 ​ $ 9,297 ​ $ 10,389
Schedule of weighted average remaining lease term and discount rate	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ June 30, ​ 2022 2021 Weighted-average remaining lease term (in years): ​ Operating leases 10.3 11.0 ​ Weighted-average discount rate: ​ ​ Operating leases 4.8 % 4.6 %
Schedule of supplemental cashflow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 ​ ​ (in thousands) Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 3,805 ​ $ 5,645 ​ $ 7,774 ​ $ 9,809 Right-of-use assets obtained in exchange for lease obligations: ​ ​ ​ ​ Operating leases ​ $ 1,885 ​ $ 177 ​ $ 2,737 ​ $ 184
Schedule of maturities of the lease liabilities	​ ​ ​ ​ ​ ​ ​ Operating Year Leases ​ ​ (in thousands) 2022 (excluding the six months ended June 30, 2022) ​ $ 6,578 2023 ​ 13,855 2024 ​ 13,052 2025 ​ 12,664 2026 ​ 12,292 Thereafter ​ 75,345 Total undiscounted lease liabilities ​ 133,786 Less: Amount representing interest ​ (28,970) Total present value of minimum lease payments ​ $ 104,816 ​ ​ ​ ​ Amounts recognized in the June 30, 2022 consolidated balance sheet: ​ Current operating lease liabilities ​ $ 8,881 Long-term operating lease liabilities ​ 95,935 Total ​ $ 104,816

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL (Tables)	6 Months Ended
	Jun. 30, 2022
INTANGIBLE ASSETS AND GOODWILL
Schedule of Intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ ​ ​ Gross ​ Accumulated ​ ​ ​ ​ ​ Assets Amortization Net Amortization Life and Method ​ ​ (in thousands) ​ Tradenames $ 8,806 ​ $ (6,490) ​ $ 2,316 8‑15 years—straight line Total intangible assets ​ $ 8,806 ​ $ (6,490) ​ $ 2,316 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​
Schedule of estimated amortization expense related to intangible assets	​ ​ ​ ​ ​ ​ ​ For the Years Ending ​ December 31, ​ ​ (in thousands) 2022 (excluding the six months ended June 30, 2022) ​ $ 539 2023 ​ 1,076 2024 ​ 552 2025 ​ 28 2026 ​ 28 Thereafter ​ 93
Schedule of changes in the carrying amount of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ ​ ​ ​ ​ ​ Reward Program BrandLoyalty (1) Total ​ (in thousands) Balance at January 1, 2022 ​ $ 194,767 ​ $ 455,191 ​ $ 649,958 Impairment ​ ​ — ​ ​ (422,922) ​ ​ (422,922) Effects of foreign currency translation ​ (3,578) ​ ​ (32,269) ​ (35,847) Balance at June 30, 2022 ​ $ 191,189 ​ $ — ​ $ 191,189 (1) Amount of goodwill as of January 1, 2022 is net of an accumulated goodwill impairment charge of $50.0 million within the BrandLoyalty segment incurred as of December 31, 2021. As of June 30, 2022, the Company recorded a goodwill impairment charge of $422.9 million within the BrandLoyalty segment and the amount of goodwill is net of accumulated goodwill impairment charges of $472.9 million within the BrandLoyalty segment.

RESTRUCTURING AND OTHER CHARG_2

RESTRUCTURING AND OTHER CHARGES (Tables)	6 Months Ended
	Jun. 30, 2022
RESTRUCTURING AND OTHER CHARGES
Summary of restructuring and other charges incurred by reportable segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Termination ​ Asset ​ Other ​ ​ ​ Three Months Ended June 30, 2022 Benefits Impairments Exit Costs Total ​ ​ (in thousands) AIR MILES Reward Program ​ $ 2,357 ​ $ 537 ​ $ 1,372 ​ $ 4,266 Total ​ $ 2,357 ​ $ 537 ​ $ 1,372 ​ $ 4,266 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Termination ​ Asset ​ Other ​ ​ ​ Six Months Ended June 30, 2022 Benefits Impairments Exit Costs Total ​ ​ (in thousands) AIR MILES Reward Program ​ $ 2,357 ​ $ 537 ​ $ 1,372 ​ $ 4,266 Total ​ $ 2,357 ​ $ 537 ​ $ 1,372 ​ $ 4,266
Summary of restructuring and other charges recognized in accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Termination ​ Asset ​ Other ​ ​ ​ ​ Benefits Impairments Exit Costs Total ​ ​ (in thousands) Liability as of January 1, 2022 ​ $ — ​ $ — ​ $ — ​ $ — Charged to expense ​ 2,357 ​ 537 ​ 1,372 ​ 4,266 Adjustments for non-cash charges ​ ​ ​ (537) ​ — ​ (537) Cash payments ​ (233) ​ — ​ (369) ​ (602) Effects of foreign currency translation ​ ​ (11) ​ ​ — ​ ​ (5) ​ ​ (16) Liability as of June 30, 2022 ​ $ 2,113 ​ $ — ​ $ 998 ​ $ 3,111

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2022
DEBT
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ Description 2022 2021 Maturity ​ ​ (in thousands) ​ Revolving credit facility (1) ​ $ — ​ $ — ​ November 2026 Term loan A ​ 168,438 ​ 175,000 ​ November 2026 Term loan B ​ 481,250 ​ 500,000 ​ November 2027 Total long-term debt ​ $ 649,688 ​ $ 675,000 ​ ​ Less: unamortized debt issuance costs ​ ​ 19,207 ​ ​ 20,887 ​ ​ Less: current portion ​ ​ 50,625 ​ ​ 50,625 ​ ​ Long-term portion ​ $ 579,856 ​ $ 603,488 ​ ​ (1) As of June 30, 2022, availability under the revolving credit facility was $126.7 million as a result of $23.3 million in letters of credit outstanding under the Credit Agreement. 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.

SHARE-BASED PAYMENTS (Tables)

SHARE-BASED PAYMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
SHARE-BASED PAYMENTS
Stock-based compensation expense recognized in statements of income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 ​ ​ (in thousands) Cost of operations ​ $ 830 ​ $ 1,835 ​ $ 2,330 ​ $ 3,284 General and administrative ​ 751 ​ 490 ​ 1,579 ​ 895 Total ​ $ 1,581 ​ $ 2,325 ​ $ 3,909 ​ $ 4,179

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Jun. 30, 2022
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Schedule of changes in components of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Net Unrealized ​ Foreign ​ Accumulated ​ ​ Unrealized ​ Gains (Losses) ​ Currency ​ Other ​ ​ Gains (Losses) ​ on Cash ​ Translation ​ Comprehensive Three Months Ended June 30, 2022 on Securities Flow Hedges Adjustments (1) Loss ​ ​ (in thousands) Balance at April 1, 2022 ​ $ (18,660) ​ $ 1,306 ​ $ (85,708) ​ $ (103,062) Changes in other comprehensive income (loss) ​ (10,431) ​ 200 ​ (28,771) ​ (39,002) Balance at June 30, 2022 ​ $ (29,091) ​ $ 1,506 ​ $ (114,479) ​ $ (142,064) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Net Unrealized ​ Foreign ​ Accumulated ​ ​ ​ Unrealized ​ Gains (Losses) ​ Currency ​ Other ​ ​ ​ Gains (Losses) ​ on Cash ​ Translation ​ Comprehensive Three Months Ended June 30, 2021 ​ on Securities Flow Hedges Adjustments (1) Loss ​ ​ ​ (in thousands) Balance at April 1, 2021 ​ ​ $ 11,867 ​ $ 217 ​ $ (46,885) ​ $ (34,801) Changes in other comprehensive income (loss) ​ ​ (1,383) ​ (145) ​ 10,758 ​ 9,230 Balance at June 30, 2021 ​ ​ $ 10,484 ​ $ 72 ​ $ (36,127) ​ $ (25,571) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Net Unrealized ​ Foreign ​ Accumulated ​ ​ Unrealized ​ Gains (Losses) ​ Currency ​ Other ​ ​ Gains (Losses) ​ on Cash ​ Translation ​ Comprehensive Six Months Ended June 30, 2022 on Securities Flow Hedges Adjustments (1) Loss ​ ​ (in thousands) Balance at January 1, 2022 ​ $ 2,141 ​ $ 1,270 ​ $ (68,485) ​ $ (65,074) Changes in other comprehensive income (loss) ​ (31,232) ​ 236 ​ (45,994) ​ (76,990) Balance at June 30, 2022 ​ $ (29,091) ​ $ 1,506 ​ $ (114,479) ​ $ (142,064) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Net Unrealized ​ Foreign ​ Accumulated ​ ​ Unrealized ​ Gains (Losses) ​ Currency ​ Other ​ ​ Gains (Losses) ​ on Cash ​ Translation ​ Comprehensive Six Months Ended June 30, 2021 on Securities Flow Hedges Adjustments (1) Loss ​ ​ (in thousands) Balance at January 1, 2021 ​ $ 18,267 ​ $ (700) ​ $ (17,186) ​ $ 381 Changes in other comprehensive income (loss) ​ (7,783) ​ 772 ​ (18,941) ​ (25,952) Balance at June 30, 2021 ​ $ 10,484 ​ $ 72 ​ $ (36,127) ​ $ (25,571) (1) Primarily related to the impact of changes in the Canadian dollar and Euro foreign currency exchange rates.

FINANCIAL INSTRUMENTS FINANCIAL

FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Schedule of estimated fair value of Company's financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ December 31, 2021 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Amount Value Amount Value ​ ​ (in thousands) Financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redemption settlement assets, restricted ​ $ 672,114 ​ $ 672,114 ​ $ 735,131 ​ $ 735,131 Other investments ​ 489 ​ 489 ​ 471 ​ 471 Derivative instruments ​ 3,471 ​ 3,471 ​ 2,465 ​ 2,465 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ Derivative instruments ​ 1,649 ​ 1,649 ​ 487 ​ 487 Long-term debt ​ ​ 630,481 ​ ​ 630,481 ​ ​ 654,113 ​ ​ 654,113
Schedule of assets and liabilities carried at fair value measured on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Fair Value Measurements at ​ ​ June 30, ​ June 30, 2022 Using ​ 2022 Level 1 Level 2 Level 3 ​ ​ (in thousands) Mutual funds (1) ​ $ 22,960 ​ $ 22,960 ​ $ — ​ $ — Corporate bonds (1) ​ ​ 593,610 ​ ​ — ​ ​ 593,610 ​ ​ — Marketable securities (2) ​ 489 ​ 489 ​ — ​ — Derivative instruments (3) ​ 3,471 ​ — ​ 3,471 ​ — Total assets measured at fair value ​ $ 620,530 ​ $ 23,449 ​ $ 597,081 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments (3) ​ $ 1,649 ​ $ — ​ $ 1,649 ​ $ — Total liabilities measured at fair value ​ $ 1,649 ​ $ — ​ $ 1,649 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ — (1) Amounts are included in redemption settlement assets, restricted in the unaudited condensed consolidated balance sheets. (2) Amounts are included in other current assets in the unaudited condensed consolidated balance sheets. (3) Amounts are included in other current assets and other current liabilities in the unaudited condensed consolidated balance sheets .
Schedule of assets and liabilities disclosed but not carried at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Fair Value Measurements at ​ ​ June 30, ​ June 30, 2022 Using ​ 2022 Level 1 Level 2 Level 3 ​ ​ (in thousands) Long-term debt ​ $ 630,481 ​ $ — ​ $ 630,481 ​ $ — Total liabilities measured at fair value ​ $ 630,481 ​ $ — ​ $ 630,481 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	6 Months Ended
	Jun. 30, 2022
SEGMENT INFORMATION
Schedule of segment information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ Corporate/ ​ ​ ​ ​ Three Months Ended June 30, 2022 ​ Reward Program ​ BrandLoyalty ​ Other ​ Eliminations ​ Total ​ ​ (in thousands) Revenues ​ $ 66,554 ​ $ 105,292 ​ $ — ​ $ (43) ​ $ 171,803 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ $ 20,626 ​ $ (426,451) ​ $ (14,288) ​ $ — ​ $ (420,113) Interest (income) expense, net ​ (248) ​ (29) ​ 9,671 ​ ​ — ​ 9,394 Depreciation and amortization ​ 6,667 ​ 2,210 ​ 8 ​ ​ — ​ 8,885 Stock compensation expense ​ 265 ​ 565 ​ 751 ​ ​ — ​ 1,581 Goodwill impairment ​ ​ — ​ ​ 422,922 ​ ​ — ​ ​ — ​ ​ 422,922 Strategic transaction costs ​ ​ — ​ ​ 333 ​ ​ 179 ​ ​ — ​ ​ 512 Restructuring and other charges ​ ​ 4,266 ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,266 Adjusted EBITDA (1) ​ $ 31,576 ​ $ (450) ​ $ (3,679) ​ $ — ​ $ 27,447 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ Corporate/ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Reward Program ​ BrandLoyalty ​ Other ​ Eliminations ​ Total ​ ​ (in thousands) Revenues ​ $ 71,937 ​ $ 78,968 ​ $ — ​ $ — ​ $ 150,905 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ $ 30,164 ​ $ (5,659) ​ $ (3,905) ​ $ — ​ $ 20,600 Interest (income) expense, net ​ (194) ​ 81 ​ — ​ ​ — ​ (113) Depreciation and amortization ​ 6,126 ​ 3,295 ​ — ​ ​ — ​ 9,421 Stock compensation expense ​ 662 ​ 1,173 ​ 490 ​ ​ — ​ 2,325 Adjusted EBITDA (1) ​ $ 36,758 ​ $ (1,110) ​ $ (3,415) ​ $ — ​ $ 32,233 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ Corporate/ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ Reward Program ​ BrandLoyalty ​ Other ​ Eliminations ​ Total ​ ​ (in thousands) Revenues ​ $ 132,262 ​ $ 194,573 ​ $ — ​ $ (87) ​ $ 326,748 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ $ 42,348 ​ $ (430,430) ​ $ (29,638) ​ $ — ​ $ (417,720) Interest (income) expense, net ​ (384) ​ ​ 18 ​ ​ 18,812 ​ ​ — ​ 18,446 Depreciation and amortization ​ 13,480 ​ ​ 4,810 ​ ​ 8 ​ ​ — ​ 18,298 Stock compensation expense ​ 973 ​ ​ 1,357 ​ ​ 1,579 ​ ​ — ​ 3,909 Goodwill impairment ​ ​ — ​ ​ 422,922 ​ ​ — ​ ​ — ​ ​ 422,922 Strategic transaction costs ​ ​ 298 ​ ​ 1,109 ​ ​ 618 ​ ​ — ​ ​ 2,025 Restructuring and other charges ​ ​ 4,266 ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,266 Adjusted EBITDA (1) ​ $ 60,981 ​ $ (214) ​ $ (8,621) ​ $ — ​ $ 52,146 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AIR MILES ​ ​ Corporate/ ​ ​ ​ ​ Six Months Ended June 30, 2021 ​ Reward Program ​ BrandLoyalty ​ Other ​ Eliminations ​ Total ​ ​ (in thousands) Revenues ​ $ 142,194 ​ $ 185,265 ​ $ — ​ $ — ​ $ 327,459 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ $ 60,326 ​ $ (4,076) ​ $ (7,590) ​ $ — ​ $ 48,660 Interest (income) expense, net ​ (376) ​ 194 ​ — ​ ​ — ​ (182) Depreciation and amortization ​ 11,909 ​ 6,545 ​ — ​ ​ — ​ 18,454 Stock compensation expense ​ 1,350 ​ 1,934 ​ 895 ​ ​ — ​ 4,179 Adjusted EBITDA (1) ​ $ 73,209 ​ $ 4,597 ​ $ (6,695) ​ $ — ​ $ 71,111 (1) Adjusted EBITDA is presented in accordance with ASC 280 as it is the primary performance metric utilized to assess performance of the segments and to determine the allocation of resources. Adjusted EBITDA is a non-GAAP financial measure equal to net (loss) income, the most directly comparable financial measure based on GAAP, plus loss from investment in unconsolidated subsidiary – 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 goodwill impairment, strategic transaction costs, which represent costs associated with the Separation, which were comprised of amounts associated with the Employee Matters Agreement and restructuring and other charges.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2022
SUPPLEMENTAL CASH FLOW INFORMATION
Schedule of reconciliation of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ June 30, ​ 2022 2021 ​ ​ (in thousands) Cash and cash equivalents ​ $ 97,403 ​ $ 205,715 Restricted cash included within other current assets (1) ​ 9,501 ​ 5,401 Restricted cash included within redemption settlement assets, restricted (2) ​ 55,544 ​ 56,132 Total cash, cash equivalents and restricted cash ​ $ 162,448 ​ $ 267,248 (1) Includes cash restricted for travel deposits within the AIR MILES Reward Program. (2) See Note 5, “Redemption Settlement Assets, Restricted,” for additional information regarding the nature of restrictions on redemption settlement assets.

REVENUE - Schedule of revenue d

REVENUE - Schedule of revenue disaggregation (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Disaggregation of Revenue [Line Items]
Number of segments | segment			2
Revenue from contracts with customers	$ 168,449	$ 147,514	$ 320,128	$ 320,556
Investment income	3,354	3,391	6,620	6,903
Total	171,803	150,905	326,748	327,459
United States
Disaggregation of Revenue [Line Items]
Total		1,497		2,542
Canada
Disaggregation of Revenue [Line Items]
Total	68,175	73,526	139,859	153,464
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total	80,504	52,431	143,193	131,854
Asia Pacific
Disaggregation of Revenue [Line Items]
Total	20,028	19,809	38,306	34,723
Other
Disaggregation of Revenue [Line Items]
Total	3,096	3,642	5,390	4,876
Brand Loyalty
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	105,292	78,968	194,573	185,265
Total	105,292	78,968	194,573	185,265
Brand Loyalty | United States
Disaggregation of Revenue [Line Items]
Total		1,497		2,542
Brand Loyalty | Canada
Disaggregation of Revenue [Line Items]
Total	1,664	1,589	7,684	11,270
Brand Loyalty | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total	80,504	52,431	143,193	131,854
Brand Loyalty | Asia Pacific
Disaggregation of Revenue [Line Items]
Total	20,028	19,809	38,306	34,723
Brand Loyalty | Other
Disaggregation of Revenue [Line Items]
Total	3,096	3,642	5,390	4,876
AIR MILES Reward Program
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	63,200	68,546	125,642	135,291
Investment income	3,354	3,391	6,620	6,903
Total	66,554	71,937	132,262	142,194
AIR MILES Reward Program | Canada
Disaggregation of Revenue [Line Items]
Total	66,554	71,937	132,262	142,194
Operating segment | Brand Loyalty
Disaggregation of Revenue [Line Items]
Total	105,292	78,968	194,573	185,265
Operating segment | AIR MILES Reward Program
Disaggregation of Revenue [Line Items]
Total	66,554	71,937	132,262	142,194
Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(43)		(87)
Total	(43)		(87)
Eliminations | Canada
Disaggregation of Revenue [Line Items]
Total	(43)		(87)
Coalition loyalty program
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	63,161	68,544	125,562	135,290
Coalition loyalty program | AIR MILES Reward Program
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	63,161	68,544	125,562	135,290
Campaign-based loyalty programs
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	103,930	76,630	191,530	182,927
Campaign-based loyalty programs | Brand Loyalty
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	103,930	76,630	191,530	182,927
Other Revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,358	2,340	3,036	2,339
Total	9,562	4,859	15,748	10,326
Other Revenue | Brand Loyalty
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,362	2,338	3,043	2,338
Other Revenue | AIR MILES Reward Program
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	39	$ 2	80	$ 1
Other Revenue | Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ (43)		$ (87)

REVENUE - Schedule of reconcili

REVENUE - Schedule of reconciliation of contract liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 146,500
Amounts recognized in the combined balance sheets:
Deferred revenue (current)	874,425	$ 924,789
Deferred revenue (non-current)	93,853	$ 97,167
AIR MILES Reward Program
Disaggregation of Revenue [Line Items]
Beginning balance	1,021,956
Cash proceeds	222,623
Revenue recognized	(258,363)
Other	417
Effects of foreign currency translation	(18,355)
Ending balance	968,278
Amounts recognized in the combined balance sheets:
Deferred revenue (current)	874,425
Deferred revenue (non-current)	93,853
AIR MILES Reward Program | Services
Disaggregation of Revenue [Line Items]
Beginning balance	230,492
Cash proceeds	87,110
Revenue recognized	(93,593)
Effects of foreign currency translation	(4,155)
Ending balance	219,854
Amounts recognized in the combined balance sheets:
Deferred revenue (current)	126,001
Deferred revenue (non-current)	93,853
AIR MILES Reward Program | Redemption
Disaggregation of Revenue [Line Items]
Beginning balance	791,464
Cash proceeds	135,513
Revenue recognized	(164,770)
Other	417
Effects of foreign currency translation	(14,200)
Ending balance	748,424
Amounts recognized in the combined balance sheets:
Deferred revenue (current)	$ 748,424

REVENUE - Narratives (Details)

REVENUE - Narratives (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized	$ 146.5
Effect of foreign currency translation	7.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue balance expected to be recognized	$ 77.5
Deferred revenue balance expected to be recognized, period	6 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	$ 86.4
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	$ 46.2
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	$ 9.8
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	$ 103.3	$ 85.4

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details)	Nov. 05, 2021 shares
EARNINGS PER SHARE
Common stock, shares outstanding	24,585,237

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net (loss) income	$ (441,900)	$ 14,505	$ (440,882)	$ 33,544
Denominator:
Weighted average shares, basic	24,612,000	24,585,000	24,605,000	24,585,000
Denominator for diluted calculation	24,612,000	24,585,000	24,605,000	24,585,000
Basic net (loss) income per share:	$ (17.95)	$ 0.59	$ (17.92)	$ 1.36
Diluted net (loss) income per share:	$ (17.95)	$ 0.59	$ (17.92)	$ 1.36
Dilutive equity instruments (in shares)		0		0
Equity awards (in shares)		0		0
Restricted Stock [Member]
Denominator:
Anti-dilutive restricted stock units	600,000		400,000

INVENTORIES, NET (Details)

INVENTORIES, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
INVENTORIES, NET
Inventories, net	$ 222,058	$ 188,577

REDEMPTION SETTLEMENT ASSETS,_3

REDEMPTION SETTLEMENT ASSETS, RESTRICTED - Components of redemption settlement assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Schedule Of Redemption Settlement Assets [Line Items]
Redemption settlement assets, Fair Value, Total	$ 672,114	$ 735,131
Restricted cash
Schedule Of Redemption Settlement Assets [Line Items]
Redemption settlement assets, Fair Value, Total	55,544	58,752
Mutual funds
Schedule Of Redemption Settlement Assets [Line Items]
Redemption settlement assets, Fair Value, Total	22,960	25,990
Corporate bonds
Schedule Of Redemption Settlement Assets [Line Items]
Redemption settlement assets, Fair Value, Total	$ 593,610	$ 650,389

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	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 622,701	$ 648,248
Unrealized Gains	24	6,389
Unrealized Losses	(29,115)	(4,248)
Fair Value	593,610	650,389
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	622,701	648,248
Unrealized Gains	24	6,389
Unrealized Losses	(29,115)	(4,248)
Fair Value	$ 593,610	$ 650,389

REDEMPTION SETTLEMENT ASSETS,_5

REDEMPTION SETTLEMENT ASSETS, RESTRICTED - Unrealized losses and fair value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	$ 401,386	$ 104,052
Less than 12 months, Unrealized Losses	(13,919)	(1,341)
12 Months or Greater, Fair Value	173,070	123,382
12 Months or Greater, Unrealized Losses	(15,196)	(2,907)
Fair Value	574,456	227,434
Unrealized Losses	(29,115)	(4,248)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	401,386	104,052
Less than 12 months, Unrealized Losses	(13,919)	(1,341)
12 Months or Greater, Fair Value	173,070	123,382
12 Months or Greater, Unrealized Losses	(15,196)	(2,907)
Fair Value	574,456	227,434
Unrealized Losses	$ (29,115)	$ (4,248)

REDEMPTION SETTLEMENT ASSETS,_6

REDEMPTION SETTLEMENT ASSETS, RESTRICTED - Maturity (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Amortized Cost
Due in one year or less	$ 106,428
Due after one year through five years	516,273
Total	622,701
Estimated Fair Value
Due in one year or less	106,090
Due after one year through five years	487,520
Total	$ 593,610

REDEMPTION SETTLEMENT ASSETS,_7

REDEMPTION SETTLEMENT ASSETS, RESTRICTED - Narratives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REDEMPTION SETTLEMENT ASSETS, RESTRICTED.
Realized gain (loss)	$ (1.2)		$ (2.5)	$ 0.6
Realized gains or losses		$ 0.2		$ 0.2

LEASES - Narratives (Details)

LEASES - Narratives (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
AIR MILES Reward Program
Lessee, Lease, Description [Line Items]
Asset impairment charges	$ 0.5	$ 0.5
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	12 years	12 years
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year	1 year

LEASES - Components of lease ex

LEASES - Components of lease expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lessee Disclosure [Abstract]
Operating lease cost	$ 3,622	$ 4,015	$ 7,364	$ 8,006
Short-term lease cost	74	87	144	171
Variable lease cost	655	1,081	1,789	2,212
Total	4,351	5,183	9,297	10,389
Sublease income	$ 1,000	$ 500	$ 1,900	$ 1,000

LEASES - Other information rela

LEASES - Other information related to leases (Details)	Jun. 30, 2022	Jun. 30, 2021
LEASES
Operating leases, Weighted-average remaining lease term (in years)	10 years 3 months 18 days	11 years
Operating leases, Weighted-average discount rate:	4.80%	4.60%

LEASES - Supplemental cash flow

LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
LEASES
Operating cash flows from operating leases	$ 3,805	$ 5,645	$ 7,774	$ 9,809
Operating leases, right-of-use assets obtained in exchange for lease obligations	$ 1,885	$ 177	$ 2,737	$ 184

LEASES - Maturities (Details)

LEASES - Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
LEASES
2022 (excluding the six months ended June 30, 2022)	$ 6,578
2023	13,855
2024	13,052
2025	12,664
2026	12,292
Thereafter	75,345
Total undiscounted lease liabilities	133,786
Less: Amount representing interest	(28,970)
Total present value of minimum lease payments	104,816
Current operating lease liabilities	8,881	$ 10,055
Long-term operating lease liabilities	95,935	$ 103,242
Total	$ 104,816

INTANGIBLE ASSETS AND GOODWIL_2

INTANGIBLE ASSETS AND GOODWILL - Intangible assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Assets	$ 8,806	$ 87,686
Accumulated Amortization	(6,490)	(84,591)
Net	2,316	3,095
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Assets	8,806	32,289
Accumulated Amortization	(6,490)	(29,194)
Net	$ 2,316	$ 3,095
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
Accumulated Amortization		$ (55,397)
Amortization Life		5 years

INTANGIBLE ASSETS AND GOODWIL_3

INTANGIBLE ASSETS AND GOODWILL - Intangible assets maturity (Details) $ in Thousands	Jun. 30, 2022 USD ($)
INTANGIBLE ASSETS AND GOODWILL
2022 (excluding the six months ended June 30, 2022)	$ 539
2023	1,076
2024	552
2025	28
2026	28
Thereafter	$ 93

INTANGIBLE ASSETS AND GOODWIL_4

INTANGIBLE ASSETS AND GOODWILL - Goodwill carrying amount (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Goodwill carrying amount
Balance at Beginning		$ 649,958
Impairment	$ (422,922)	(422,922)
Effects of foreign currency translation		(35,847)
Balance at Ending	191,189	191,189
AIR MILES Reward Program
Goodwill carrying amount
Balance at Beginning		194,767
Effects of foreign currency translation		(3,578)
Balance at Ending	191,189	191,189
Brand Loyalty
Goodwill carrying amount
Balance at Beginning		455,191
Impairment		(422,922)
Effects of foreign currency translation		(32,269)
Brand Loyalty | Operating segment
Goodwill carrying amount
Impairment	$ (422,922)	$ (422,922)

INTANGIBLE ASSETS AND GOODWIL_5

INTANGIBLE ASSETS AND GOODWILL - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jan. 01, 2022
Goodwill carrying amount
Goodwill impairment	$ 422,922	$ 422,922
Brand Loyalty
Goodwill carrying amount
Goodwill impairment		422,922
Brand Loyalty | Operating segment
Goodwill carrying amount
Goodwill impairment	422,922	422,922
Accumulated goodwill impairment charges	$ 472,900	$ 472,900	$ 50,000

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED SUBSIDIARY - RELATED PARTY (Details) - Comenity Canada L.P [Member] - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2021	Feb. 28, 2021
Schedule of Equity Method Investments [Line Items]
Distribution	$ 0.8
Ownership percentage	98%	99.90%

RESTRUCTURING AND OTHER CHARG_3

RESTRUCTURING AND OTHER CHARGES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
RESTRUCTURING AND OTHER CHARGES
Restructuring and other charges	$ 4,266	$ 0	$ 4,266	$ 0
Termination Benefits
RESTRUCTURING AND OTHER CHARGES
Restructuring and other charges	2,357		2,357
Asset Impairments
RESTRUCTURING AND OTHER CHARGES
Restructuring and other charges	537		537
Other Exit Costs
RESTRUCTURING AND OTHER CHARGES
Restructuring and other charges	1,372		1,372
AIR MILES Reward Program
RESTRUCTURING AND OTHER CHARGES
Restructuring and other charges	4,266		4,266
AIR MILES Reward Program | Termination Benefits
RESTRUCTURING AND OTHER CHARGES
Restructuring and other charges	2,357		2,357
AIR MILES Reward Program | Asset Impairments
RESTRUCTURING AND OTHER CHARGES
Restructuring and other charges	537		537
AIR MILES Reward Program | Other Exit Costs
RESTRUCTURING AND OTHER CHARGES
Restructuring and other charges	$ 1,372		$ 1,372

RESTRUCTURING AND OTHER CHARG_4

RESTRUCTURING AND OTHER CHARGES - Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
RESTRUCTURING AND OTHER CHARGES
Restructuring and other charges	$ 4,266	$ 0	$ 4,266	$ 0
Adjustments for non-cash charges			(537)
Cash payments			(602)
Effects of foreign currency translation			(16)
Liability (Ending balance)	3,111		3,111
Termination Benefits
RESTRUCTURING AND OTHER CHARGES
Restructuring and other charges	2,357		2,357
Cash payments			(233)
Effects of foreign currency translation			(11)
Liability (Ending balance)	2,113		2,113
Asset Impairments
RESTRUCTURING AND OTHER CHARGES
Restructuring and other charges	537		537
Adjustments for non-cash charges			(537)
Other Exit Costs
RESTRUCTURING AND OTHER CHARGES
Restructuring and other charges	1,372		1,372
Cash payments			(369)
Effects of foreign currency translation			(5)
Liability (Ending balance)	$ 998		$ 998

DEBT (Details)

DEBT (Details) € in Millions, $ in Millions	1 Months Ended	6 Months Ended
	Jul. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Debt instrument quarterly principal amortization payments		$ 25.3
Uncommitted overdraft facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 10.5	€ 10
Interest rate		3.50%	3.50%
Letters of credit outstanding		$ 0		$ 0
Senior secured credit agreement
Debt Instrument [Line Items]
Revolving commitments	$ (2.8)
Total leverage ratio	4.75
Senior secured credit agreement | Term loan A facility
Debt Instrument [Line Items]
Principal amount of debt		175
Senior secured credit agreement | Term loan B facility
Debt Instrument [Line Items]
Principal amount of debt		500
Senior secured credit agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		150
Revolving Credit Facility
Debt Instrument [Line Items]
Letters of credit outstanding		$ 23.3		$ 12.5

DEBT - Schedule of Debt Instrum

DEBT - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Schedule of Debt Instruments
Debt amount	$ 649,688	$ 675,000
Less: unamortized debt issuance costs	19,207	20,887
Less: current portion	50,625	50,625
Long-term portion	579,856	603,488
Revolving Credit Facility
Schedule of Debt Instruments
Availability under credit facility	126,700	137,500
Letters of credit outstanding	23,300	12,500
Senior Secured Credit Agreement | Term Loan A
Schedule of Debt Instruments
Debt amount	168,438	175,000
Senior Secured Credit Agreement | Term Loan B
Schedule of Debt Instruments
Debt amount	$ 481,250	$ 500,000

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset	$ 3.5	$ 2.5
Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	$ 1.6	$ 0.5

SHARE-BASED PAYMENTS (Details)

SHARE-BASED PAYMENTS (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted | shares	88,033
Weighted average grant date fair value per share | $ / shares	$ 24.19
Performance-based restricted stock units | Restriction lapse on February 15 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards restriction lapsed	33%
Performance-based restricted stock units | Restriction lapse on February 15 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards restriction lapsed	33%
Performance-based restricted stock units | Restriction lapse on February 15 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards restriction lapsed	34%
Performance-based restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting percentage	150%
Performance-based restricted stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting percentage	0%
Service-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period	3 years
Shares granted | shares	690,284
Weighted average grant date fair value per share | $ / shares	$ 20.16

SHARE-BASED PAYMENTS - Stock-ba

SHARE-BASED PAYMENTS - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock compensation expense	$ 1,581	$ 2,325	$ 3,909	$ 4,179
Cost of operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock compensation expense	830	1,835	2,330	3,284
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock compensation expense	$ 751	$ 490	$ 1,579	$ 895

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at Beginning	$ 112,666	$ 958,426	$ 146,564	$ 1,094,301
Changes in other comprehensive income (loss)	(39,002)	9,230	(76,990)	(25,952)
Balance at Ending	(366,787)	987,015	(366,787)	987,015
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at Beginning	(103,062)	(34,801)	(65,074)	381
Changes in other comprehensive income (loss)	(39,002)	9,230	(76,990)	(25,952)
Balance at Ending	(142,064)	(25,571)	(142,064)	(25,571)
Net Unrealized Gains (Losses) on Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at Beginning	(18,660)	11,867	2,141	18,267
Changes in other comprehensive income (loss)	(10,431)	(1,383)	(31,232)	(7,783)
Balance at Ending	(29,091)	10,484	(29,091)	10,484
Net Unrealized Gains (Losses) on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at Beginning	1,306	217	1,270	(700)
Changes in other comprehensive income (loss)	200	(145)	236	772
Balance at Ending	1,506	72	1,506	72
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at Beginning	(85,708)	(46,885)	(68,485)	(17,186)
Changes in other comprehensive income (loss)	(28,771)	10,758	(45,994)	(18,941)
Balance at Ending	$ (114,479)	$ (36,127)	$ (114,479)	$ (36,127)

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Effective income tax rate	(5.20%)	29.60%	(5.50%)	31%

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Estimated fair values of the company's financial instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Financial assets
Redemption settlement assets, restricted	$ 672,114	$ 735,131
Financial liabilities
Long-term debt	630,481	654,113
Carrying Amount
Financial assets
Redemption settlement assets, restricted	672,114	735,131
Other investments	489	471
Derivative instruments - Assets	3,471	2,465
Financial liabilities
Derivative instruments - Liability	1,649	487
Long-term debt	630,481	654,113
Fair Value
Financial assets
Redemption settlement assets, restricted	672,114	735,131
Other investments	489	471
Derivative instruments - Assets	3,471	2,465
Financial liabilities
Derivative instruments - Liability	1,649	487
Long-term debt	$ 630,481	$ 654,113

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Assets and liabilities carried at fair value measured on a recurring basis (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value	$ 630,481	$ 630,481	$ 654,113
Goodwill impairment	422,922	422,922
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value	630,481	630,481	654,113
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds	22,960	22,960	25,990
Corporate bonds	593,610	593,610	650,389
Marketable securities	489	489	471
Derivative instruments - Assets	3,471	3,471	2,465
Total assets measured at fair value	620,530	620,530	679,315
Derivative instruments - Liability	1,649	1,649	487
Total liabilities measured at fair value	1,649	1,649	487
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds	22,960	22,960	25,990
Marketable securities	489	489	471
Total assets measured at fair value	23,449	23,449	26,461
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate bonds	593,610	593,610	650,389
Derivative instruments - Assets	3,471	3,471	2,465
Total assets measured at fair value	597,081	597,081	652,854
Derivative instruments - Liability	1,649	1,649	487
Total liabilities measured at fair value	1,649	1,649	487
AIR MILES Reward Program
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment charges	500	500
Brand Loyalty
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment		422,922
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	489	489	471
Derivative instruments - Assets	3,471	3,471	2,465
Derivative instruments - Liability	$ 1,649	$ 1,649	$ 487

FINANCIAL INSTRUMENTS AND FAI_4

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Assets and Liabilities Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Financial liabilities
Long-term debt	$ 630,481	$ 654,113
Total liabilities measured at fair value	630,481	654,113
Level 2
Financial liabilities
Long-term debt	630,481	654,113
Total liabilities measured at fair value	$ 630,481	$ 654,113

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Information
Revenues	$ 171,803	$ 150,905	$ 326,748	$ 327,459
Income (loss) before income taxes	(420,113)	20,600	(417,720)	48,660
Interest (income) expense, net	9,394	(113)	18,446	(182)
Depreciation and amortization	8,885	9,421	18,298	18,454
Stock compensation expense	1,581	2,325	3,909	4,179
Goodwill impairment	422,922		422,922
Strategic transaction costs	512		2,025
Restructuring and other charges	4,266	0	4,266	0
Adjusted EBITDA	27,447	32,233	52,146	71,111
Eliminations
Segment Information
Revenues	(43)		(87)
AIR MILES Reward Program
Segment Information
Revenues	66,554	71,937	132,262	142,194
Restructuring and other charges	4,266		4,266
AIR MILES Reward Program | Operating segment
Segment Information
Revenues	66,554	71,937	132,262	142,194
Income (loss) before income taxes	20,626	30,164	42,348	60,326
Interest (income) expense, net	(248)	(194)	(384)	(376)
Depreciation and amortization	6,667	6,126	13,480	11,909
Stock compensation expense	265	662	973	1,350
Strategic transaction costs			298
Restructuring and other charges	4,266		4,266
Adjusted EBITDA	31,576	36,758	60,981	73,209
Brand Loyalty
Segment Information
Revenues	105,292	78,968	194,573	185,265
Goodwill impairment			422,922
Brand Loyalty | Operating segment
Segment Information
Revenues	105,292	78,968	194,573	185,265
Income (loss) before income taxes	(426,451)	(5,659)	(430,430)	(4,076)
Interest (income) expense, net	(29)	81	18	194
Depreciation and amortization	2,210	3,295	4,810	6,545
Stock compensation expense	565	1,173	1,357	1,934
Goodwill impairment	422,922		422,922
Strategic transaction costs	333		1,109
Adjusted EBITDA	(450)	(1,110)	(214)	4,597
Corporate/Other
Segment Information
Income (loss) before income taxes	(14,288)	(3,905)	(29,638)	(7,590)
Interest (income) expense, net	9,671		18,812
Depreciation and amortization	8		8
Stock compensation expense	751	490	1,579	895
Strategic transaction costs	179		618
Adjusted EBITDA	$ (3,679)	$ (3,415)	$ (8,621)	$ (6,695)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Reconciliation of cash and cash equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash and cash equivalents	$ 97,403	$ 167,601	$ 205,715
Total cash, cash equivalents and restricted cash	162,448	$ 232,602	267,248	$ 337,525
Other current assets
Restricted cash	9,501		5,401
Redemption settlement assets
Restricted cash	$ 55,544		$ 56,132

RELATED PARTY TRANSACTIONS - Ot

RELATED PARTY TRANSACTIONS - Other information (Details) - Former parent - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transactions
Corporate overhead costs			$ 3.9		$ 7.6
Dividends	$ 124.2
Dividend withheld for taxes	$ 4.2
Amount of expenses incurred in relation to Transition services agreement		$ 0.6		$ 1.2
Employee matters agreement prorated bonus payment from parent				1.6
Accounts receivable from related party under tax matters agreement		20.8		20.8		$ 20.1
Accrued Liabilities
Related Party Transactions
Contractual liabilities under Tax Matters Agreement		80.3		80.3		80
Other Liabilities
Related Party Transactions
Contractual liabilities under Tax Matters Agreement		$ 1		$ 1		$ 1