Ibotta Reports Fourth Quarter and Full Year 2024 Financial Results
Ibotta (NYSE: IBTA) reported strong financial results for FY2024, with total revenue growing 15% year-over-year to $367.3 million. The company's redemption revenue increased 27% to $308.8 million, while generating net income of $68.7 million (19% of revenue) and Adjusted EBITDA of $112.2 million (31% margin).
Key operational metrics showed significant growth, with the Ibotta Performance Network (IPN) averaging 14.7 million redeemers in 2024, up 78% from 2023. Total redemptions increased 34% to 344.1 million. The company generated $115.9 million in operating cash flow and $105.7 million in free cash flow.
Notable business developments included partnerships with Instacart, Schnucks, Family Dollar, and AppCard. For Q1 2025, Ibotta projects revenue of $80-84 million and Adjusted EBITDA of $10-14 million.
Ibotta (NYSE: IBTA) ha riportato risultati finanziari solidi per l'anno fiscale 2024, con un fatturato totale in crescita del 15% rispetto all'anno precedente, raggiungendo 367,3 milioni di dollari. I ricavi da riscatto dell'azienda sono aumentati del 27%, raggiungendo 308,8 milioni di dollari, generando un reddito netto di 68,7 milioni di dollari (19% del fatturato) e un EBITDA rettificato di 112,2 milioni di dollari (margine del 31%).
I principali indicatori operativi hanno mostrato una crescita significativa, con la Rete di Performance Ibotta (IPN) che ha registrato una media di 14,7 milioni di riscatto nel 2024, in aumento del 78% rispetto al 2023. I riscatto totali sono aumentati del 34%, raggiungendo 344,1 milioni. L'azienda ha generato 115,9 milioni di dollari di flusso di cassa operativo e 105,7 milioni di dollari di flusso di cassa libero.
Sviluppi aziendali notevoli hanno incluso partnership con Instacart, Schnucks, Family Dollar e AppCard. Per il primo trimestre del 2025, Ibotta prevede un fatturato di 80-84 milioni di dollari e un EBITDA rettificato di 10-14 milioni di dollari.
Ibotta (NYSE: IBTA) reportó resultados financieros sólidos para el año fiscal 2024, con ingresos totales creciendo un 15% interanual, alcanzando 367,3 millones de dólares. Los ingresos por redención de la compañía aumentaron un 27%, alcanzando 308,8 millones de dólares, generando un ingreso neto de 68,7 millones de dólares (19% de los ingresos) y un EBITDA ajustado de 112,2 millones de dólares (margen del 31%).
Las métricas operativas clave mostraron un crecimiento significativo, con la Red de Rendimiento Ibotta (IPN) promediando 14,7 millones de redenciones en 2024, un aumento del 78% en comparación con 2023. Las redenciones totales aumentaron un 34%, alcanzando 344,1 millones. La empresa generó 115,9 millones de dólares en flujo de caja operativo y 105,7 millones de dólares en flujo de caja libre.
Desarrollos empresariales notables incluyeron asociaciones con Instacart, Schnucks, Family Dollar y AppCard. Para el primer trimestre de 2025, Ibotta proyecta ingresos de 80-84 millones de dólares y un EBITDA ajustado de 10-14 millones de dólares.
Ibotta (NYSE: IBTA)는 2024 회계연도에 강력한 재무 실적을 보고했으며, 총 수익이 전년 대비 15% 증가하여 3억 6,730만 달러에 도달했습니다. 회사의 리딤 수익은 27% 증가하여 3억 8,880만 달러에 이르렀고, 순이익은 6,870만 달러(수익의 19%)를 기록하며 조정 EBITDA는 1억 1,220만 달러(31% 마진)를 기록했습니다.
주요 운영 지표는 상당한 성장을 보여주었으며, Ibotta 성과 네트워크(IPN)는 2024년에 평균 1,470만 리딤을 기록하여 2023년 대비 78% 증가했습니다. 총 리딤은 34% 증가하여 3억 4,410만 건에 달했습니다. 회사는 운영 현금 흐름에서 1억 1,590만 달러, 자유 현금 흐름에서 1억 570만 달러를 생성했습니다.
주목할 만한 비즈니스 발전으로는 Instacart, Schnucks, Family Dollar 및 AppCard와의 파트너십이 포함되었습니다. 2025년 1분기 동안 Ibotta는 8천만~8천4백만 달러의 수익과 1천만~1천4백만 달러의 조정 EBITDA를 예상하고 있습니다.
Ibotta (NYSE: IBTA) a annoncé de solides résultats financiers pour l'exercice 2024, avec un chiffre d'affaires total en hausse de 15 % par rapport à l'année précédente, atteignant 367,3 millions de dollars. Les revenus de rachat de l'entreprise ont augmenté de 27 %, atteignant 308,8 millions de dollars, tout en générant un revenu net de 68,7 millions de dollars (19 % du chiffre d'affaires) et un EBITDA ajusté de 112,2 millions de dollars (marge de 31 %).
Les principaux indicateurs opérationnels ont montré une croissance significative, avec le Réseau de Performance Ibotta (IPN) atteignant en moyenne 14,7 millions de racheteurs en 2024, soit une augmentation de 78 % par rapport à 2023. Les rachats totaux ont augmenté de 34 %, atteignant 344,1 millions. L'entreprise a généré 115,9 millions de dollars de flux de trésorerie d'exploitation et 105,7 millions de dollars de flux de trésorerie libre.
Les développements commerciaux notables comprenaient des partenariats avec Instacart, Schnucks, Family Dollar et AppCard. Pour le premier trimestre de 2025, Ibotta prévoit un chiffre d'affaires de 80 à 84 millions de dollars et un EBITDA ajusté de 10 à 14 millions de dollars.
Ibotta (NYSE: IBTA) hat für das Geschäftsjahr 2024 starke finanzielle Ergebnisse gemeldet, mit einem Gesamtumsatz, der im Vergleich zum Vorjahr um 15% auf 367,3 Millionen Dollar gewachsen ist. Die Einlöseerlöse des Unternehmens stiegen um 27% auf 308,8 Millionen Dollar, während ein Nettogewinn von 68,7 Millionen Dollar (19% des Umsatzes) und ein bereinigtes EBITDA von 112,2 Millionen Dollar (31% Marge) erzielt wurden.
Wichtige betriebliche Kennzahlen zeigten ein signifikantes Wachstum, wobei das Ibotta Performance Network (IPN) im Jahr 2024 durchschnittlich 14,7 Millionen Einlösungen verzeichnete, was einem Anstieg von 78% im Vergleich zu 2023 entspricht. Die Gesamteinlösungen stiegen um 34% auf 344,1 Millionen. Das Unternehmen erzielte einen operativen Cashflow von 115,9 Millionen Dollar und einen freien Cashflow von 105,7 Millionen Dollar.
Bemerkenswerte Geschäftsentwicklungen umfassten Partnerschaften mit Instacart, Schnucks, Family Dollar und AppCard. Für das erste Quartal 2025 prognostiziert Ibotta einen Umsatz von 80-84 Millionen Dollar und ein bereinigtes EBITDA von 10-14 Millionen Dollar.
- Revenue growth of 15% YoY to $367.3M
- Redemption revenue up 27% to $308.8M
- 78% increase in average redeemers to 14.7M
- Strong profitability with 31% Adjusted EBITDA margin
- Solid cash generation with $115.9M operating cash flow
- Expansion of partner network with major retailers
- Q4 revenue declined 1% YoY
- Q1 2025 guidance shows flat YoY growth
- Q4 redemptions growth slowed to 1% YoY
Insights
Ibotta's FY2024 results showcase a company successfully scaling its digital promotions network while maintaining strong profitability. The 20% non-GAAP revenue growth and 34% redemption revenue growth (excluding one-time breakage benefits) demonstrate robust demand for Ibotta's promotional platform. The company's ability to generate
However, Q4 results and Q1 2025 guidance point to concerning growth deceleration. Q4 revenue was essentially flat year-over-year on a non-GAAP basis, and Q1 guidance suggests flat YoY growth at the midpoint. This substantial slowdown from the full-year
The Ibotta Performance Network's user metrics reveal an interesting dynamic: while redeemer count increased
The company's partnership expansion strategy appears effective, with Walmart, Instacart, Family Dollar, and the upcoming DoorDash integration extending Ibotta's reach. The Q4 launch of Instacart contributed significantly to the
Ibotta's strong cash generation (
Grew full year 2024 revenue by
Grew full year 2024 redemption revenue by
Generated full year 2024 net income of
Generated full year 2024 cash from operating activities of
“2024 was a year of significant growth and change for Ibotta,” said Ibotta CEO and founder, Bryan Leach. “We completed our IPO on the New York Stock Exchange, added Family Dollar, AppCard, Schnucks and Instacart to the IPN, and grew our non-GAAP revenue by
Fourth Quarter 2024 Financial Highlights:
-
Total revenue of
$98.4 million 1% . Excluding a one-time breakage benefit of$0.8 million -
Total redemption revenue of
$82.4 million 6% year-over-year. Excluding a one-time breakage benefit of$0.8 million 7% . -
During the quarter, the IPN had 17.2 million redeemers, compared to 13.6 million redeemers in the fourth quarter of 2023, an increase of
27% year-over-year. The primary driver of year-over-year growth was the launch of Instacart during the fourth quarter, like-for-like growth of Walmart’s audience, and the launch of Family Dollar in Q2. -
Increased redemptions to 94.6 million, compared to 93.9 million in the fourth quarter of 2023, an increase of
1% year-over-year. -
Generated net income of
$76.2 million 77% , driven in part by a benefit from income taxes, and adjusted net income of$22.4 million 23% . -
Delivered Adjusted EBITDA of
$27.8 million 28% . -
Generated cash from operating activities of
$22.0 million $19.4 million -
Repurchased 0.2 million shares for a total of
$15.6 million $64.12
Full Year 2024 Financial Highlights:
-
Total revenue of
$367.3 million 15% . Excluding a one-time breakage benefit of$13.5 million 20% . -
Total redemption revenue of
$308.8 million 27% year-over-year. Excluding a one-time D2C redemption revenue breakage benefit of$13.5 million 34% . -
The IPN averaged 14.7 million redeemers in 2024, compared to 8.2 million redeemers in 2023, an increase of
78% year-over-year. The primary driver of year-over-year growth was the expansion of the Walmart program to all Walmart customers with a Walmart.com account in the third quarter of 2023, the launch of Instacart during the fourth quarter of 2024, like-for-like growth of Walmart’s audience, and the launch of Family Dollar in Q2 2024. -
Increased redemptions to 344.1 million in 2024, compared to 256.2 million in 2023, an increase of
34% year-over-year. -
Generated net income of
$68.7 million 19% , and adjusted net income of$89.0 million 24% . -
Delivered Adjusted EBITDA of
$112.2 million 31% . -
Generated cash from operating activities of
$115.9 million $105.7 million -
Repurchased 0.5 million shares for a total of
$31.2 million $60.23
The following table summarizes the Company’s consolidated financial results for the quarters and fiscal years ended December 31, 2024 and 2023:
|
Three months ended December 31, |
|
Year ended December 31, |
|
||||||||||||||||||
|
2024 |
2023 |
% Change |
2024 |
2023 |
% Change |
||||||||||||||||
|
(in thousands, except per share figures and percentages) |
|||||||||||||||||||||
GAAP Results |
|
|
|
|
|
|
||||||||||||||||
Redemption revenue |
$ |
82,399 |
|
$ |
77,905 |
|
6 |
% |
$ |
308,824 |
|
$ |
243,886 |
|
27 |
% |
||||||
Revenue |
$ |
98,380 |
|
$ |
99,674 |
|
(1 |
)% |
$ |
367,254 |
|
$ |
320,037 |
|
15 |
% |
||||||
Net income |
$ |
76,172 |
|
$ |
18,646 |
|
309 |
% |
$ |
68,742 |
|
$ |
38,117 |
|
80 |
% |
||||||
Net income per share, diluted |
$ |
2.27 |
|
$ |
0.69 |
|
229 |
% |
$ |
2.56 |
|
$ |
1.42 |
|
80 |
% |
||||||
Net income as a percent of revenue |
|
77 |
% |
|
19 |
% |
|
|
19 |
% |
|
12 |
% |
|
||||||||
|
|
|
|
|
|
|
||||||||||||||||
Non-GAAP Results |
|
|
|
|
|
|
||||||||||||||||
Non-GAAP redemption revenue |
$ |
82,399 |
|
$ |
77,058 |
|
7 |
% |
$ |
308,824 |
|
$ |
230,349 |
|
34 |
% |
||||||
Non-GAAP revenue |
$ |
98,380 |
|
$ |
98,827 |
|
— |
% |
$ |
367,254 |
|
$ |
306,500 |
|
20 |
% |
||||||
Adjusted EBITDA |
$ |
27,768 |
|
$ |
32,981 |
|
(16 |
)% |
$ |
112,220 |
|
$ |
82,832 |
|
35 |
% |
||||||
Adjusted EBITDA margin |
|
28 |
% |
|
33 |
% |
|
|
31 |
% |
|
26 |
% |
|
||||||||
Adjusted net income |
$ |
22,372 |
|
$ |
26,607 |
|
(16 |
)% |
$ |
89,038 |
|
$ |
63,187 |
|
41 |
% |
||||||
Adjusted net income per share, diluted |
$ |
0.67 |
|
$ |
0.99 |
|
(32 |
)% |
$ |
3.31 |
|
$ |
2.35 |
|
41 |
% |
||||||
The following table summarizes the Company’s performance metrics for the quarters and fiscal years ended December 31, 2024 and 2023:
|
Three months ended December 31, |
|
Year ended December 31, |
|
||||||||||||||
|
2024 |
2023 |
% Change |
2024 |
2023 |
% Change |
||||||||||||
|
(in thousands, except per share figures and percentages) |
|||||||||||||||||
Performance Metrics |
|
|
|
|
|
|
||||||||||||
Redemptions: |
|
|
|
|
|
|
||||||||||||
Direct-to-consumer redemptions |
|
28,276 |
|
39,522 |
(28 |
)% |
|
116,095 |
|
144,556 |
(20 |
)% |
||||||
Third-party publisher redemptions |
|
66,276 |
|
54,345 |
22 |
% |
|
228,004 |
|
111,641 |
104 |
% |
||||||
Total redemptions |
|
94,552 |
|
93,867 |
1 |
% |
|
344,099 |
|
256,197 |
34 |
% |
||||||
Redeemers: |
|
|
|
|
|
|
||||||||||||
Direct-to-consumer redeemers |
|
1,819 |
|
2,154 |
(16 |
)% |
|
1,864 |
|
2,040 |
(9 |
)% |
||||||
Third-party publisher redeemers |
|
15,396 |
|
11,425 |
35 |
% |
|
12,809 |
|
6,192 |
107 |
% |
||||||
Total redeemers |
|
17,215 |
|
13,579 |
27 |
% |
|
14,673 |
|
8,232 |
78 |
% |
||||||
Redemptions per redeemer: |
|
|
|
|
|
|
||||||||||||
Direct-to-consumer redemptions per redeemer |
|
15.5 |
|
18.3 |
(15 |
)% |
|
62.3 |
|
70.9 |
(12 |
)% |
||||||
Third-party publisher redemptions per redeemer |
|
4.3 |
|
4.8 |
(10 |
)% |
|
17.8 |
|
18.0 |
(1 |
)% |
||||||
Total redemptions per redeemer |
|
5.5 |
|
6.9 |
(20 |
)% |
|
23.5 |
|
31.1 |
(24 |
)% |
||||||
Redemption revenue per redemption: |
|
|
|
|
|
|
||||||||||||
Direct-to-consumer redemption revenue per redemption |
$ |
1.07 |
$ |
1.02 |
5 |
% |
$ |
1.11 |
$ |
1.13 |
(2 |
)% |
||||||
Third-party publisher redemption revenue per redemption |
$ |
0.79 |
$ |
0.69 |
14 |
% |
$ |
0.79 |
$ |
0.72 |
10 |
% |
||||||
Total redemption revenue per redemption |
$ |
0.87 |
$ |
0.83 |
5 |
% |
$ |
0.90 |
$ |
0.95 |
(5 |
)% |
||||||
Note that certain figures shown above may not recalculate due to rounding.
Full Year 2024 Business Highlights:
- Announced the appointment of Chris Riedy as Chief Revenue Officer beginning on January 13, 2025.
- During Q4, our offers became available on Instacart properties.
- Enabled digital offers at Schnuck Markets, Inc. (Schnucks) in Q3 and during Q4, integrated our offers with Schnucks’ electronic shelf labels. Ibotta and Schnucks began collaborating on research and development initiatives related to novel ways of delivering personalized savings to consumers.
- During Q2, launched the new and upgraded Family Dollar digital coupon program, which gives customers access to more national offers and an improved shopping experience.
- Also in Q2, enabled digital offers on AppCard, a leading personalized marketing and shopper analytics solution for independent grocers.
- Saw strong growth over the year in redeemers and redemptions from publishers that were live before the start of 2024.
- Subsequent to year-end, announced a multi-year partnership with DoorDash to provide DoorDash customers with access to Ibotta’s industry-leading catalog of digital offers.
Financial Guidance:
First quarter 2025 outlook summary:
-
Revenue of
$80 $84 million 0% at the midpoint -
Adjusted EBITDA of
$10 $14 million 15% at the midpoint.
Guidance for Adjusted EBITDA is earnings before interest (income) expense, net, provision for (benefit from) income tax, and depreciation and amortization, and excludes stock-based compensation, change in fair value of derivative, loss on debt extinguishment, restructuring charges, and other expense, net. We have not reconciled Adjusted EBITDA to GAAP net income for our guidance because we do not provide guidance on GAAP net income and would not be able to present the various reconciling cash and non-cash items between the GAAP and non-GAAP financial measures since certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted, including share-based compensation expense, without unreasonable effort. The actual amounts of such reconciling items could have a significant impact on the Company's GAAP net income.
Use of Non-GAAP Financial Information
Included within this press release are the non-GAAP financial measures of non-GAAP revenue, non-GAAP redemption revenue, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income as a percent of revenue, adjusted diluted net income per share and free cash flow that supplement the condensed financial statements of the Company prepared under generally accepted accounting principles (GAAP). The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Please see the accompanying tables for reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents.
Non-GAAP revenue and non-GAAP redemption revenue exclude the breakage benefit. Adjusted EBITDA is earnings before interest (income) expense, net, provision for (benefit from) income tax, and depreciation and amortization, and excludes stock-based compensation, change in fair value of derivative, loss on debt extinguishment, and other expense, net. Adjusted EBITDA margin is calculated as Adjusted EBITDA as a percent of revenue. Adjusted net income excludes stock-based compensation, loss on debt extinguishment, change in fair value of derivative, and the related income tax effects. The income tax effect of non-GAAP adjustments is the difference between GAAP and non-GAAP income tax expense. Non-GAAP income tax expense is computed on non-GAAP pre-tax income (GAAP pre-tax income adjusted for non-GAAP adjustments). Adjusted diluted net income per share is calculated as adjusted net income divided by diluted weighted average common shares outstanding. Free cash flow is defined as cash provided by operating activities, less additions to property and equipment and capitalization of software development costs.
The Company's management believes that these non-GAAP measures can assist investors in evaluating the Company's operational trends, financial performance, and cash-generating capacity. Management believes these non-GAAP measures allow investors to evaluate the Company’s financial performance using some of the same measures as management. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures versus their nearest GAAP equivalents. The Company’s definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. These non-GAAP measures are not meant to be considered in isolation or as a substitute for the comparable GAAP measures, but are included solely for informational and comparative purposes. Non-GAAP financial measures are subject to limitations and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. In light of these limitations, management also reviews the specific items that are excluded from our non-GAAP measures, as well as trends in these items.
Fourth Quarter and Full Year 2024 Financial Results Webcast and Conference Call Details
When: |
Wednesday, February 26, 2025 at 2:30 p.m. MT/ 4:30 p.m. ET |
|
Webcast: |
ir.ibotta.com |
Key Business Terms and Notes
Ibotta Performance Network (IPN): An AI-enabled technology platform that allows CPG brands to deliver digital promotions to consumers via a network of publishers, in a coordinated fashion and on a fee-per-sale basis.
One-time Breakage Benefit: On the Company’s balance sheet, the Company has a user redemption liability balance that is an accumulation of direct-to-consumer redeemers’ account balances net of estimated breakage. Consumers’ accounts that have no activity for six months are considered inactive and charged a
Redeemers: A consumer who has redeemed at least one digital offer within the time period specified. If a consumer were to redeem on more than one publisher during that period, they would be counted as multiple redeemers. Year-to-date redeemers are calculated as the average of current year quarter-to-date redeemers.
Redemptions: A verified purchase of an item qualifying for an offer by a client on the IPN.
Redemption Revenue: The Company’s customers promote their products and services to consumers through cash back offers on the IPN. The Company earns a fee per redemption which is recognized in the period in which the redemption occurred. The Company may also charge fees to set up a redemption campaign which are deferred and recognized over the average duration of historical redemption campaigns.
About Ibotta ("I bought a...")
Ibotta (NYSE: IBTA) is a leading performance marketing platform allowing brands to deliver digital promotions to over 200 million consumers through a network of publishers called the Ibotta Performance Network (IPN). The IPN allows marketers to influence what people buy, and where and how often they shop – all while paying only when their campaigns directly result in a sale. American shoppers have earned over
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements relating to expectations concerning matters that are not historical facts may constitute forward-looking statements. Forward-looking statements may include, without limitation, statements by our CEO and founder about our ability to transition our product and go-to-market, and the Company’s financial guidance, such as revenue and Adjusted EBITDA. When words such as “believe,” “expect,” “anticipate,” “will”, “outlook” or similar expressions are used, the Company is making forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give readers any assurance that such expectations will prove correct. These forward-looking statements involve risks, uncertainties and assumptions, including those related to the Company’s relatively limited operating history, which makes it difficult to evaluate the Company’s business and prospects, the demands and expectations of clients and the ability to attract and retain clients. The actual results may differ materially from those anticipated in the forward-looking statements as a result of numerous factors, many of which are beyond the control of the Company. These and other factors are disclosed in the Company’s reports filed from time to time with the Securities and Exchange Commission, available at www.sec.gov. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company does not intend to update any forward-looking statement contained in this press release to reflect events or circumstances arising after the date hereof, except as required by law.
Ibotta, Inc. |
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(In thousands, except share and per share amounts) |
||||||||||||||||
|
Three months ended December 31, |
Year Ended December 31, |
||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
||||||||||||
Revenue |
$ |
98,380 |
|
$ |
99,674 |
|
$ |
367,254 |
|
$ |
320,037 |
|
||||
Cost of revenue(1) |
|
15,151 |
|
|
12,321 |
|
|
50,121 |
|
|
43,992 |
|
||||
Gross profit |
|
83,229 |
|
|
87,353 |
|
|
317,133 |
|
|
276,045 |
|
||||
Operating expenses(1): |
|
|
|
|
||||||||||||
Sales and marketing(2) |
|
33,306 |
|
|
33,307 |
|
|
139,214 |
|
|
114,756 |
|
||||
Research and development |
|
15,819 |
|
|
13,690 |
|
|
63,271 |
|
|
49,996 |
|
||||
General and administrative |
|
20,246 |
|
|
13,453 |
|
|
82,739 |
|
|
51,633 |
|
||||
Depreciation and amortization |
|
888 |
|
|
646 |
|
|
3,984 |
|
|
3,661 |
|
||||
Total operating expenses |
|
70,259 |
|
|
61,096 |
|
|
289,208 |
|
|
220,046 |
|
||||
Income from operations |
|
12,970 |
|
|
26,257 |
|
|
27,925 |
|
|
55,999 |
|
||||
Interest income (expense), net |
|
4,111 |
|
|
(2,111 |
) |
|
9,414 |
|
|
(6,884 |
) |
||||
Loss on debt extinguishment |
|
(56 |
) |
|
— |
|
|
(9,686 |
) |
|
— |
|
||||
Other expense, net |
|
(25 |
) |
|
(1,812 |
) |
|
(3,157 |
) |
|
(5,064 |
) |
||||
Income before benefit from (provision for) income taxes |
|
17,000 |
|
|
22,334 |
|
|
24,496 |
|
|
44,051 |
|
||||
Benefit from (provision for) income taxes |
|
59,172 |
|
|
(3,688 |
) |
|
44,246 |
|
|
(5,934 |
) |
||||
Net income |
$ |
76,172 |
|
$ |
18,646 |
|
$ |
68,742 |
|
$ |
38,117 |
|
||||
Net income per share: |
|
|
|
|
||||||||||||
Basic |
$ |
2.48 |
|
$ |
2.04 |
|
$ |
2.85 |
|
$ |
4.26 |
|
||||
Diluted |
$ |
2.27 |
|
$ |
0.69 |
|
$ |
2.56 |
|
$ |
1.42 |
|
||||
Weighted average common shares outstanding: |
|
|
|
|
||||||||||||
Basic |
|
30,721,336 |
|
|
9,128,273 |
|
|
24,124,833 |
|
|
8,948,537 |
|
||||
Diluted |
|
33,598,707 |
|
|
26,998,486 |
|
|
26,860,931 |
|
|
26,921,567 |
|
||||
(1) |
Amounts include stock-based compensation expense as follows (in thousands): |
|
|
Three months ended December 31, |
Year Ended
|
||||||||||
|
2024 |
2023 |
2024 |
2023 |
||||||||
Cost of revenue |
$ |
485 |
$ |
155 |
$ |
1,484 |
$ |
659 |
||||
Sales and marketing(2) |
|
4,309 |
|
4,671 |
|
39,086 |
|
15,420 |
||||
Research and development |
|
2,289 |
|
514 |
|
9,325 |
|
2,074 |
||||
General and administrative |
|
5,796 |
|
469 |
|
26,321 |
|
2,015 |
||||
Total stock-based compensation expense |
$ |
12,879 |
$ |
5,809 |
$ |
76,216 |
$ |
20,168 |
||||
(2) |
Stock-based compensation expense included in sales and marketing includes common stock warrant expense of |
|
Ibotta, Inc. |
||||||||
BALANCE SHEETS |
||||||||
(In thousands) |
||||||||
|
December 31, 2024 |
December 31, 2023 |
||||||
Assets |
|
|
||||||
Current Assets: |
|
|
||||||
Cash and cash equivalents |
$ |
349,282 |
|
$ |
62,591 |
|
||
Restricted cash |
|
408 |
|
|
— |
|
||
Accounts receivable, net |
|
220,883 |
|
|
226,439 |
|
||
Prepaid expenses and other current assets |
|
11,168 |
|
|
9,314 |
|
||
Total current assets |
|
581,741 |
|
|
298,344 |
|
||
Property and equipment, net |
|
1,951 |
|
|
2,541 |
|
||
Capitalized software development costs, net |
|
16,201 |
|
|
12,844 |
|
||
Equity investment |
|
4,531 |
|
|
4,531 |
|
||
Deferred tax assets, net |
|
73,211 |
|
|
– |
|
||
Other long-term assets |
|
794 |
|
|
1,530 |
|
||
Total assets |
$ |
678,429 |
|
$ |
319,790 |
|
||
Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity |
|
|
||||||
Current liabilities: |
|
|
||||||
Accounts payable |
$ |
7,160 |
|
$ |
8,937 |
|
||
Due to third-party publishers |
|
93,982 |
|
|
73,155 |
|
||
Deferred revenue |
|
4,964 |
|
|
2,628 |
|
||
User redemption liability |
|
74,006 |
|
|
84,531 |
|
||
Accrued expenses |
|
17,965 |
|
|
24,582 |
|
||
Other current liabilities |
|
6,088 |
|
|
4,317 |
|
||
Total current liabilities |
|
204,165 |
|
|
198,150 |
|
||
Long-term liabilities: |
|
|
||||||
Long-term debt, net |
|
— |
|
|
64,448 |
|
||
Convertible notes derivative liability |
|
— |
|
|
25,400 |
|
||
Other long-term liabilities |
|
16,981 |
|
|
3,864 |
|
||
Total liabilities |
|
221,146 |
|
|
291,862 |
|
||
Redeemable convertible preferred stock |
|
— |
|
|
— |
|
||
Stockholders’ equity: |
|
|
||||||
Preferred stock |
|
— |
|
|
— |
|
||
Common stock |
|
— |
|
|
— |
|
||
Class A common stock |
|
— |
|
|
— |
|
||
Class B common stock |
|
— |
|
|
— |
|
||
Additional paid-in capital |
|
629,050 |
|
|
237,116 |
|
||
Treasury stock |
|
(31,321 |
) |
|
— |
|
||
Accumulated deficit |
|
(140,446 |
) |
|
(209,188 |
) |
||
Total stockholders' equity |
|
457,283 |
|
|
27,928 |
|
||
Total liabilities, redeemable convertible preferred stock, and stockholders' equity |
$ |
678,429 |
|
$ |
319,790 |
|
||
Ibotta, Inc. |
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In thousands) |
||||||||
|
Year Ended December 31, |
|||||||
|
2024 |
2023 |
||||||
Operating activities |
|
|
||||||
Net income |
$ |
68,742 |
|
$ |
38,117 |
|
||
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
||||||
Depreciation and amortization |
|
8,080 |
|
|
6,664 |
|
||
Impairment of capitalized software development costs |
|
574 |
|
|
169 |
|
||
Stock-based compensation expense |
|
46,924 |
|
|
6,991 |
|
||
Common stock warrant expense |
|
29,292 |
|
|
13,177 |
|
||
Credit loss expense |
|
1,215 |
|
|
828 |
|
||
Loss on extinguishment of debt |
|
9,686 |
|
|
— |
|
||
Amortization of debt discount and issuance costs |
|
1,055 |
|
|
3,310 |
|
||
Change in fair value of convertible notes derivative liability |
|
3,085 |
|
|
5,000 |
|
||
Other |
|
28 |
|
|
62 |
|
||
Changes in assets and liabilities: |
|
|
||||||
Accounts receivable |
|
4,397 |
|
|
(105,709 |
) |
||
Other current and long-term assets |
|
(78,262 |
) |
|
1,180 |
|
||
Accounts payable |
|
(911 |
) |
|
1,818 |
|
||
Due to third-party publishers |
|
20,827 |
|
|
60,724 |
|
||
Accrued expenses |
|
(6,360 |
) |
|
5,196 |
|
||
Deferred revenue |
|
2,336 |
|
|
(423 |
) |
||
User redemption liability |
|
(10,525 |
) |
|
(13,881 |
) |
||
Other current and long-term liabilities |
|
15,734 |
|
|
(507 |
) |
||
Net cash provided by operating activities |
|
115,917 |
|
|
22,716 |
|
||
Investing activities |
|
|
||||||
Additions to property and equipment |
|
(871 |
) |
|
(548 |
) |
||
Additions to capitalized software development costs |
|
(9,330 |
) |
|
(7,680 |
) |
||
Maturities of short-term investments |
|
— |
|
|
27,900 |
|
||
Net cash (used in) provided by investing activities |
|
(10,201 |
) |
|
19,672 |
|
||
Financing activities |
|
|
||||||
Proceeds from exercise of stock options |
|
13,478 |
|
|
3,049 |
|
||
Debt issuance costs |
|
(808 |
) |
|
(12 |
) |
||
Proceeds from initial public offering, net |
|
206,692 |
|
|
— |
|
||
Purchase of treasury stock |
|
(31,321 |
) |
|
— |
|
||
Taxes paid related to net share settlement of equity awards |
|
(3,319 |
) |
|
— |
|
||
Deferred offering costs |
|
(6,037 |
) |
|
(652 |
) |
||
Proceeds from employee stock purchase plan |
|
2,788 |
|
|
— |
|
||
Other financing activities |
|
(90 |
) |
|
— |
|
||
Net cash provided by financing activities |
|
181,383 |
|
|
2,385 |
|
||
Net change in cash, cash equivalents, and restricted cash |
|
287,099 |
|
|
44,773 |
|
||
Cash, cash equivalents, and restricted cash, beginning of period |
|
62,591 |
|
|
17,818 |
|
||
Cash, cash equivalents, and restricted cash, end of period |
$ |
349,690 |
|
$ |
62,591 |
|
||
The following table disaggregates the Company’s direct-to-consumer and third-party publishers revenue by redemption and ad & other revenue:
Supplemental Revenue Detail |
||||||||||||||||||
|
Three months ended December 31, |
|
Year Ended December 31, |
|
||||||||||||||
|
2024 |
2023 |
% Change |
2024 |
2023 |
% Change |
||||||||||||
|
(in thousands, except percentages) |
|||||||||||||||||
Direct-to-consumer revenue |
|
|
|
|
|
|
||||||||||||
Redemption revenue |
$ |
30,132 |
$ |
40,266 |
(25 |
)% |
$ |
128,558 |
$ |
163,687 |
(21 |
)% |
||||||
Ad & other revenue |
|
15,981 |
|
21,769 |
(27 |
)% |
|
58,430 |
|
76,151 |
(23 |
)% |
||||||
Total direct-to-consumer revenue |
|
46,113 |
|
62,035 |
(26 |
)% |
|
186,988 |
|
239,838 |
(22 |
)% |
||||||
Third-party publishers revenue |
|
|
|
|
|
|
||||||||||||
Redemption revenue |
|
52,267 |
|
37,639 |
39 |
% |
|
180,266 |
|
80,199 |
125 |
% |
||||||
Ad & other revenue |
|
— |
|
— |
— |
% |
|
— |
|
— |
— |
% |
||||||
Total third-party publishers revenue |
|
52,267 |
|
37,639 |
39 |
% |
|
180,266 |
|
80,199 |
125 |
% |
||||||
Total |
|
|
|
|
|
|
||||||||||||
Redemption revenue |
|
82,399 |
|
77,905 |
6 |
% |
|
308,824 |
|
243,886 |
27 |
% |
||||||
Ad & other revenue |
|
15,981 |
|
21,769 |
(27 |
)% |
|
58,430 |
|
76,151 |
(23 |
)% |
||||||
Total revenue |
$ |
98,380 |
$ |
99,674 |
(1 |
)% |
$ |
367,254 |
$ |
320,037 |
15 |
% |
||||||
Non-GAAP Financial Metrics
(In thousands, except shares, per share amounts, and percentages)
The following tables show the Company’s non-GAAP financial metrics reconciled to the comparable GAAP financial metrics included in this release:
Reconciliation of Adjusted EBITDA |
||||||||||||||||
|
Three months ended December 31, |
Year Ended December 31, |
||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
||||||||||||
Net income |
$ |
76,172 |
|
$ |
18,646 |
|
$ |
68,742 |
|
$ |
38,117 |
|
||||
Add (deduct): |
|
|
|
|
||||||||||||
Interest (income) expense, net |
|
(4,111 |
) |
|
2,111 |
|
|
(9,414 |
) |
|
6,884 |
|
||||
Depreciation and amortization |
|
1,920 |
|
|
914 |
|
|
8,080 |
|
|
6,664 |
|
||||
Stock-based compensation |
|
12,879 |
|
|
5,809 |
|
|
76,216 |
|
|
20,168 |
|
||||
Change in fair value of derivative |
|
— |
|
|
1,800 |
|
|
3,085 |
|
|
5,000 |
|
||||
Loss on debt extinguishment |
|
56 |
|
|
— |
|
|
9,686 |
|
|
— |
|
||||
Provision for (benefit from) income taxes |
|
(59,172 |
) |
|
3,688 |
|
|
(44,246 |
) |
|
5,934 |
|
||||
Other expense, net |
|
24 |
|
|
13 |
|
|
71 |
|
|
65 |
|
||||
Adjusted EBITDA |
$ |
27,768 |
|
$ |
32,981 |
|
$ |
112,220 |
|
$ |
82,832 |
|
||||
Revenue |
$ |
98,380 |
|
$ |
99,674 |
|
$ |
367,254 |
|
$ |
320,037 |
|
||||
Net income as a percent of revenue |
|
77 |
% |
|
19 |
% |
|
19 |
% |
|
12 |
% |
||||
Adjusted EBITDA margin |
|
28 |
% |
|
33 |
% |
|
31 |
% |
|
26 |
% |
||||
Reconciliation of Adjusted Net Income |
||||||||||||||||
|
Three months ended December 31, |
Year Ended December 31, |
||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
||||||||||||
Net income |
$ |
76,172 |
|
$ |
18,646 |
|
$ |
68,742 |
|
$ |
38,117 |
|
||||
Stock-based compensation |
|
12,879 |
|
|
5,809 |
|
|
76,216 |
|
|
20,168 |
|
||||
Loss on debt extinguishment |
|
56 |
|
|
— |
|
|
9,686 |
|
|
— |
|
||||
Change in fair value of derivative |
|
— |
|
|
1,800 |
|
|
3,085 |
|
|
5,000 |
|
||||
Adjustment for income taxes |
|
(66,735 |
) |
|
352 |
|
|
(68,691 |
) |
|
(98 |
) |
||||
Adjusted net income |
$ |
22,372 |
|
$ |
26,607 |
|
$ |
89,038 |
|
$ |
63,187 |
|
||||
Revenue |
$ |
98,380 |
|
$ |
99,674 |
|
$ |
367,254 |
|
$ |
320,037 |
|
||||
Adjusted net income as a percent of revenue |
|
23 |
% |
|
27 |
% |
|
24 |
% |
|
20 |
% |
||||
|
|
|
|
|
||||||||||||
Weighted average common shares outstanding, diluted |
|
33,598,707 |
|
|
26,998,486 |
|
|
26,860,931 |
|
|
26,921,567 |
|
||||
Net income per share, diluted |
$ |
2.27 |
|
$ |
0.69 |
|
$ |
2.56 |
|
$ |
1.42 |
|
||||
|
|
|
|
|
||||||||||||
Adjusted weighted average common shares outstanding, diluted |
|
33,598,707 |
|
|
26,998,486 |
|
|
26,860,931 |
|
|
26,921,567 |
|
||||
Adjusted net income per share, diluted |
$ |
0.67 |
|
$ |
0.99 |
|
$ |
3.31 |
|
$ |
2.35 |
|
||||
Reconciliation of Non-GAAP Revenue |
||||||||||||||
|
Three months ended December 31, |
Year Ended December 31, |
||||||||||||
|
2024 |
2023 |
2024 |
2023 |
||||||||||
Revenue |
$ |
98,380 |
$ |
99,674 |
|
$ |
367,254 |
$ |
320,037 |
|
||||
Breakage benefit |
|
— |
|
(847 |
) |
|
— |
|
(13,537 |
) |
||||
Non-GAAP revenue |
$ |
98,380 |
$ |
98,827 |
|
$ |
367,254 |
$ |
306,500 |
|
||||
Reconciliation of Non-GAAP Redemption Revenue |
||||||||||||||
|
Three months ended December 31, |
Year Ended December 31, |
||||||||||||
|
2024 |
2023 |
2024 |
2023 |
||||||||||
Redemption revenue |
$ |
82,399 |
$ |
77,905 |
|
$ |
308,824 |
$ |
243,886 |
|
||||
Breakage benefit |
|
— |
|
(847 |
) |
|
— |
|
(13,537 |
) |
||||
Non-GAAP redemption revenue |
$ |
82,399 |
$ |
77,058 |
|
$ |
308,824 |
$ |
230,349 |
|
||||
Reconciliation of Free Cash Flow |
||||||||||||||||
|
Three months ended December 31, |
Year Ended December 31, |
||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
||||||||||||
Net cash provided by (used in) operating activities |
$ |
21,987 |
|
$ |
23,668 |
|
$ |
115,917 |
|
$ |
22,716 |
|
||||
Additions to property and equipment |
|
(216 |
) |
|
(176 |
) |
|
(871 |
) |
|
(548 |
) |
||||
Additions to capitalized software development costs |
|
(2,329 |
) |
|
(1,809 |
) |
|
(9,330 |
) |
|
(7,680 |
) |
||||
Free cash flow |
$ |
19,442 |
|
$ |
21,683 |
|
$ |
105,716 |
|
$ |
14,488 |
|
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250226153878/en/
Corporate Communications
Hilary O’Byrne, hilary.obyrne@ibotta.com
Investor Relations
Shalin Patel, shalin.patel@ibotta.com
Source: Ibotta, Inc.
FAQ
What was Ibotta's (IBTA) revenue growth in 2024?
How many redeemers did Ibotta's IPN network have in Q4 2024?
What is Ibotta's revenue guidance for Q1 2025?
How much cash did Ibotta generate from operations in 2024?
What major partnerships did Ibotta secure in 2024?
