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Loyalty Ventures Inc. (NASDAQ: LYLT) filed for Chapter 11 bankruptcy in the Southern District of Texas, alongside its subsidiary LoyaltyOne, which sought protection under the CCAA in Canada. BMO announced a purchase agreement to acquire LoyaltyOne's AIR MILES program, subject to a sale process under CCAA. The transaction aims to secure the program for nearly 10 million Canadian collectors. The company expects a $70 million debtor-in-possession credit facility from BMO. Furthermore, Loyalty Ventures plans to voluntarily delist its common stock from Nasdaq to reduce compliance costs, notifying Nasdaq of this intent by March 20, 2023.
In the third quarter of 2022, Loyalty Ventures Inc. (Nasdaq: LYLT) reported a revenue of $162.4 million, a 4% decrease from the previous year, and a net loss of $(0.1 million or $(0.01 per diluted share. The AIR MILES program issued 2% more miles, while BrandLoyalty saw a 2% decline in revenue. Adjusted EBITDA dropped 30% to $33.1 million. Company liquidity stood at $212 million. Leadership remains optimistic, citing recent contract extensions with major partners as key to future growth amid challenging market conditions.
Loyalty Ventures (Nasdaq: LYLT) will release its Q3 2022 financial results on November 8, 2022, before market open. A conference call to discuss these results and future outlook will also take place on the same day at 7:30 a.m. CT. The company, known for its tech-enabled consumer loyalty solutions, operates the AIR MILES Reward Program and BrandLoyalty. With a focus on increasing customer loyalty for its partners, Loyalty Ventures aims to provide enhanced marketing activities and ROI through its extensive data analytics.
Loyalty Ventures Inc. (Nasdaq: LYLT) announced a partnership with Pattison Food Group to enhance the AIR MILES Reward Program. Starting September 22, customers can earn AIR MILES on eligible purchases at 257 grocery locations by linking a Canadian-issued Mastercard. To celebrate the launch, shoppers will receive 100 Bonus Miles for spending $100 or more until November 16. This collaboration aims to increase customer engagement and enhance loyalty, reinforcing AIR MILES' presence with over 300 brands, while also driving sales for Pattison's grocery banners across Western Canada.
Loyalty Ventures Inc. (NASDAQ: LYLT) reported its second-quarter 2022 results, highlighting an 8% increase in AIR MILES issued. Revenue reached $171.8 million, marking a 14% growth year-over-year. However, the company faced a net loss of $441.9 million, largely due to $428 million in restructuring and impairment charges. While AIR MILES performed consistently, BrandLoyalty struggled with rising costs and market challenges, prompting the company to adjust its strategies. Despite these hurdles, Loyalty Ventures aims for an adjusted EBITDA of approximately $110 million for 2022, emphasizing a focus on long-term growth.
Loyalty Ventures Inc. (Nasdaq: LYLT) will report its financial results for Q2 2022 on August 11, 2022, after market close. The company will host a conference call at 4 p.m. CT that day to discuss these results and its business outlook. As a leading provider of tech-enabled consumer loyalty solutions, Loyalty Ventures helps partners enhance customer loyalty through various platforms, including the AIR MILES Reward Program in Canada. A replay of the call will be available for one year on the Company’s investor relations website.
Loyalty Ventures Inc. (Nasdaq: LYLT) announced that its AIR MILES Reward Program will begin losing Sobeys as a sponsor starting in August 2022, with a phased exit through Q1 2023. Sobeys accounted for approximately 10% of the company's adjusted EBITDA in 2021. Despite this, management sees potential growth opportunities, highlighting ongoing support from Metro and prospects for expansion into new retail sectors. The company plans to reassess its 2022 revenue and EBITDA targets during its upcoming second-quarter earnings release.
Loyalty Ventures Inc. (Nasdaq: LYLT) announced its participation in two key financial conferences. Jeff Chesnut, Chief Financial Officer, will host investor meetings on May 12 at the Morgan Stanley Business Services One-on-One Day in New York and present on May 17 at 3:45 PM at the 17th Annual Needham Technology & Media Conference. Loyalty Ventures specializes in tech-driven consumer loyalty solutions, including the AIR MILES® Reward Program in Canada and BrandLoyalty in the Netherlands.
Loyalty Ventures Inc. (LYLT) reported its first-quarter 2022 financial results, showing revenue of $154.9 million, a 12% decline year-over-year, and net income of $1 million ($0.04 per share). The AIR MILES Reward Program revenue decreased by 6% to $66 million, while BrandLoyalty's revenue fell 16% to $89 million. Adjusted EBITDA was $24.7 million, down 36%. The company is investing in digital innovations and enhancing program value, though it anticipates 2022 revenues at the lower end of its $775-$800 million guidance due to the pause of operations in Russia.
