A well-run loyalty program can punch above its weight when it comes to value generation. In this chapter, de Boer and Chin explore how to use a loyalty program as part of a complete financial strategy and explore the different options available to leverage the program (both literally and philosophically). They offer an overview of historical mergers and acquisitions (M&A) transactions and look at loyalty programs through the lens of investors. De Boer and Chin discuss how companies have evolved their reporting strategies over time for loyalty segments and their underlying reasons. They also explore how loyalty programs communicate their performance (or choose not to)—and the underlying reasons for these decisions.