Ibotta, Inc. (NYSE: IBTA), a leading technology company providing
digital promotions and performance marketing solutions, today
announced financial results for the first quarter ended March 31,
2024.
“Our unwavering focus on building a profitable,
high growth business at scale was visible in our Q1 results, our
first quarter reporting as a public company,” said Ibotta CEO and
founder, Bryan Leach. “Driven by our mission to Make Every Purchase
Rewarding, American consumers have earned over $1.8 billion in cash
back rewards on their everyday purchases between our
direct-to-consumer (D2C) Ibotta app and through the programs we
power behind the scenes for third-party publishers via our IPN. We
believe that the Ibotta growth story is in its early innings and
that we are well positioned to capitalize on a large and growing
market opportunity, with U.S. consumers spending approximately $1.2
trillion in the grocery sector in 2023, and CPG brands outspending
every other industry on marketing as a percentage of overall sales
– approximately $200 billion every year.”
First Quarter 2024 Financial
Highlights:
- Total revenue of $82.3 million, representing year-over-year
growth of 43%. Excluding a one-time breakage benefit of $1.2
million in the first quarter of 2023, non-GAAP revenue growth was
46%.
- Total redemption revenue of $68.0 million, an increase of 63%
year-over year. Excluding a one-time D2C redemption revenue
breakage benefit of $1.2 million in the first quarter of 2023,
non-GAAP redemption revenue growth was 68%.
- During the quarter, the IPN had 12.5 million redeemers,
compared to 4.7 million redeemers in the first quarter of 2023, an
increase of 167% year-over-year. The primary driver of
year-over-year growth was the expansion of the Walmart program,
which initially launched in the third quarter of 2022 to members of
Walmart’s paid membership program, Walmart+, and expanded to all
Walmart customers with a Walmart.com account in the third quarter
of 2023.
- Increased our redemptions to 71.5 million, compared to 43.3
million in the first quarter of 2023, an increase of 65%
year-over-year.
- Achieved net income of $9.3 million, representing net income as
a percent of revenue of 11%, and adjusted net income of $15.4
million, representing adjusted net income as a percent of revenue
of 19%.
- Delivered Adjusted EBITDA of $22.7 million, representing an
Adjusted EBITDA margin of 28%.
- Generated cash from operating activities of $19.4 million and
free cash flow of $16.9 million.
- On April 22, 2024, Ibotta completed its initial public offering
(IPO), raising $197.5 million in net proceeds by selling 2.5
million primary shares with an additional 5.0 million secondary
shares sold by certain selling stockholders.
The following table summarizes the Company’s
consolidated financial results for the first quarter ended March
31, 2024:
|
Three months ended March 31, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
(in thousands, except per share figures) |
|
|
GAAP Results |
|
|
|
|
|
Redemption revenue |
$ |
67,989 |
|
|
$ |
41,703 |
|
|
63 |
% |
Revenue |
$ |
82,327 |
|
|
$ |
57,691 |
|
|
43 |
% |
Net income (loss) |
$ |
9,297 |
|
|
$ |
(4,283 |
) |
|
NM(1) |
Diluted net income (loss) per share |
$ |
0.33 |
|
|
$ |
(0.49 |
) |
|
NM(1) |
Net income (loss) as a percent of revenue |
|
11 |
% |
|
(7 |
)% |
|
NM(1) |
|
|
|
|
|
|
Non-GAAP Results |
|
|
|
|
|
Non-GAAP redemption revenue |
$ |
67,989 |
|
|
$ |
40,533 |
|
|
68 |
% |
Non-GAAP revenue |
$ |
82,327 |
|
|
$ |
56,521 |
|
|
46 |
% |
Adjusted EBITDA |
$ |
22,659 |
|
|
$ |
2,504 |
|
|
805 |
% |
Adjusted EBITDA margin |
|
28 |
% |
|
|
4 |
% |
|
NM(1) |
Adjusted net income (loss) |
$ |
15,398 |
|
|
$ |
(843 |
) |
|
NM(1) |
Adjusted diluted net income (loss) per share |
$ |
0.54 |
|
|
$ |
(0.10 |
) |
|
NM(1) |
_______________(1) NM - not
meaningful
The following table summarizes the Company’s
performance metrics for the first quarter ended March 31, 2024:
|
Three months ended March 31, |
|
|
|
|
2024 |
|
|
2023 |
|
% Change |
|
(in thousands, except per redeemer and per redemption
figures) |
|
|
Performance Metrics |
|
|
|
|
|
Redemptions: |
|
|
|
|
|
Direct-to-consumer redemptions |
|
27,675 |
|
|
31,687 |
|
(13 |
)% |
Third-party publisher redemptions |
|
43,791 |
|
|
11,586 |
|
278 |
% |
Total redemptions |
|
71,466 |
|
|
43,273 |
|
65 |
% |
Redeemers: |
|
|
|
|
|
Direct-to-consumer redeemers |
|
1,928 |
|
|
1,948 |
|
(1 |
)% |
Third-party publisher redeemers |
|
10,559 |
|
|
2,734 |
|
286 |
% |
Total redeemers |
|
12,487 |
|
|
4,682 |
|
167 |
% |
Redemptions per redeemer: |
|
|
|
|
|
Direct-to-consumer redemptions per redeemer |
|
14.4 |
|
|
16.3 |
|
(12 |
)% |
Third-party publisher redemptions per redeemer |
|
4.1 |
|
|
4.2 |
|
(2 |
)% |
Total redemptions per redeemer |
|
5.7 |
|
|
9.2 |
|
(38 |
)% |
Redemption revenue per redemption: |
|
|
|
|
|
Direct-to-consumer redemption revenue per redemption |
$ |
1.19 |
|
$ |
1.05 |
|
13 |
% |
Third-party publisher redemption revenue per redemption |
$ |
0.80 |
|
$ |
0.73 |
|
10 |
% |
Total redemption revenue per redemption |
$ |
0.95 |
|
$ |
0.96 |
|
(1 |
)% |
|
First Quarter 2024 Business
Highlights:
- Family Dollar officially joined the IPN, benefiting customers
with access to more national offers, increased flexibility for
digital rewards and an improved shopping experience. The
partnership aims to advance Family Dollar’s digital engagement and
customer experience strategy, ultimately driving more value and
loyalty among its customers in over 8,000 store locations. The
multi-year agreement, in which Ibotta is the exclusive provider of
digital promotions, expands the array of offer types Ibotta
supports to include digital coupons.
- We announced that AppCard, a leading personalized marketing and
shopper analytics solution for independent grocers, joined the IPN
to deliver and offer content at scale to independent grocers across
the nation. Our digital offers will be available to an additional
25 million shoppers and 2,000 stores across 375 AppCard independent
grocers.
- Subsequent to the quarter-end, Ibotta and Schnuck Markets Inc.
(Schnucks) agreed to partner together to bring Schnucks’ customers
savings on their groceries. Digital offers from the IPN will become
available to Schnucks’ customers later this year. In addition,
Ibotta and Schnucks plan to collaborate on research and development
initiatives related to novel ways of delivering personalized
savings to consumers.
- Earlier this month, Ibotta was named a Top Workplace by The
Denver Post, ranking third in the large company category in
Colorado. The Company was chosen for this award based on anonymous
feedback from employees.
Financial Guidance:
Ibotta’s second quarter 2024 outlook is as
follows:
- Revenue of $83.5 - $86.5 million, a year-over-year increase of
25% at the midpoint on a non-GAAP basis excluding the breakage
benefit during the second quarter 2023.
- Adjusted EBITDA of $19.5 - $22.5 million, representing a margin
of 25% at the midpoint.
Guidance for Adjusted EBITDA excludes interest
expense, net, depreciation and amortization, stock-based
compensation, change in fair value of derivative, provision for
income tax, and other expense, net. We have not reconciled Adjusted
EBITDA to GAAP net income 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 diluted net income (loss) 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 expense, net, depreciation and amortization, stock-based
compensation, change in fair value of derivative, provision for
income taxes, and other expense, net. Adjusted EBITDA margin is
calculated as Adjusted EBITDA as a percent of revenue. Adjusted Net
Income excludes charges and the related income tax effects for
stock-based compensation and change in fair value of derivative.
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
(loss) 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.
Other companies may calculate non-GAAP financial measures
differently or may use other measures to evaluate their
performance, all of which could reduce the usefulness of our
non-GAAP financial measures as tools for comparison.
First Quarter 2024 Financial Results
Webcast and Conference Call Details
|
|
When: |
Thursday, May 30, 2024 at 2:30 p.m. MT/ 4:30 p.m. ET |
|
|
Live
Call: |
US/Canada: 877-405-1211; International: +1 215-268-9896 |
|
|
Webcast: |
ir.ibotta.com |
|
|
Audio replay: |
An audio replay of the call will be available beginning about two
hours after the call. To listen to the replay in the United States
please dial 877-660-6853 (replay code 13746475). Outside of the
United States, please dial 201-612-7415. |
|
|
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
$3.99 per month maintenance fee (i.e., breakage) until the balance
is reduced to zero or new activity ensues. Every month the user
redemption liability increases by the amount credited to D2C
redeemers for redemptions and is offset by D2C redeemer cash outs,
actual inactivity maintenance fees, and estimated breakage. The
Company estimates breakage at the time of user redemption and
reduces the user redemption liability accordingly. In 2023, the
Company made an update to fix a software error to correctly charge
maintenance fees to all inactive D2C redeemers on a go-forward
basis. This change resulted in a short-term benefit to U.S. GAAP
revenue in 2023. For the three months ended March 31, 2023, the
breakage benefit to revenue totaled $1.2 million. There was no
breakage benefit associated with the three months ended March 31,
2024.
Redeemers: A consumer who has redeemed at least
one digital offer within the quarter. If a consumer were to redeem
on more than one publisher during that period, they would be
counted as multiple 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 $1.8 billion through the IPN
since 2012. The largest tech IPO in history to come out of
Colorado, Ibotta is headquartered in Denver, and is continually
listed as a top place to work by The Denver Post and Inc.
Magazine.
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 regarding the plans, objectives, and
expectations of management with respect to the Company’s industry,
growth and strategy, and partnership opportunities and initiatives,
and the Company’s ability to successfully leverage such
opportunities and initiatives, to increase customer engagement and
value, industry and market trends, 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. CONDENSED STATEMENTS OF
OPERATIONS (In thousands, except share and per
share amounts, unaudited) |
|
|
Three months ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
82,327 |
|
|
$ |
57,691 |
|
Cost of revenue(1) |
|
10,515 |
|
|
|
11,250 |
|
Gross profit |
|
71,812 |
|
|
|
46,441 |
|
Operating expenses(1): |
|
|
|
Sales and marketing |
|
28,129 |
|
|
|
21,602 |
|
Research and development |
|
13,641 |
|
|
|
11,695 |
|
General and administrative |
|
13,154 |
|
|
|
13,334 |
|
Depreciation and amortization |
|
983 |
|
|
|
752 |
|
Total operating expenses |
|
55,907 |
|
|
|
47,383 |
|
Income (loss) from operations |
|
15,905 |
|
|
|
(942 |
) |
Interest expense, net |
|
(1,805 |
) |
|
|
(1,672 |
) |
Other expense, net |
|
(1,702 |
) |
|
|
(1,503 |
) |
Income (loss) before provision for income taxes |
|
12,398 |
|
|
|
(4,117 |
) |
Provision for income taxes |
|
(3,101 |
) |
|
|
(166 |
) |
Net income (loss) |
$ |
9,297 |
|
|
$ |
(4,283 |
) |
Net income (loss) per share: |
|
|
|
Basic |
$ |
1.00 |
|
|
$ |
(0.49 |
) |
Diluted |
$ |
0.33 |
|
|
$ |
(0.49 |
) |
Weighted average common shares outstanding: |
|
|
|
Basic |
|
9,310,928 |
|
|
|
8,819,693 |
|
Diluted |
|
28,356,797 |
|
|
|
8,819,693 |
|
(1) Amounts include stock-based
compensation expense as follows (in thousands):
|
Three months ended March 31, |
|
|
2024 |
|
|
2023 |
Cost of revenue |
$ |
158 |
|
$ |
220 |
Sales and marketing |
$ |
3,622 |
|
$ |
564 |
Research and development |
$ |
553 |
|
$ |
527 |
General and administrative |
$ |
512 |
|
$ |
518 |
Total stock-based compensation |
$ |
4,845 |
|
$ |
1,829 |
|
Ibotta, Inc. CONDENSED BALANCE
SHEETS (In thousands, except share and per share
amounts, unaudited) |
|
|
March 31, 2024 |
|
December 31, 2023 |
|
(unaudited) |
|
|
Assets |
|
|
|
Current Assets: |
|
|
|
Cash and cash equivalents |
$ |
79,499 |
|
|
$ |
62,591 |
|
Accounts receivable, less allowances of $3,111 and $3,160,
respectively |
|
206,433 |
|
|
|
226,439 |
|
Prepaid expenses and other current assets |
|
14,203 |
|
|
|
9,314 |
|
Total current assets |
|
300,135 |
|
|
|
298,344 |
|
Property and equipment, less accumulated depreciation of $9,299 and
$8,905, respectively |
|
2,385 |
|
|
|
2,541 |
|
Capitalized software development costs, less accumulated
amortization of $14,574 and $13,482, respectively |
|
13,904 |
|
|
|
12,844 |
|
Equity investment |
|
4,531 |
|
|
|
4,531 |
|
Other long-term assets |
|
1,112 |
|
|
|
1,530 |
|
Total assets |
$ |
322,067 |
|
|
$ |
319,790 |
|
Liabilities, Redeemable Convertible Preferred Stock, and
Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
7,675 |
|
|
$ |
8,937 |
|
Due to third-party publishers |
|
67,523 |
|
|
|
73,155 |
|
Deferred revenue |
|
4,190 |
|
|
|
2,628 |
|
User redemption liability |
|
82,990 |
|
|
|
84,531 |
|
Accrued expenses |
|
15,401 |
|
|
|
24,582 |
|
Other current liabilities |
|
3,886 |
|
|
|
4,317 |
|
Total current liabilities |
|
181,665 |
|
|
|
198,150 |
|
Long-term liabilities: |
|
|
|
Long-term debt, net |
|
65,270 |
|
|
|
64,448 |
|
Convertible notes derivative liability |
|
27,100 |
|
|
|
25,400 |
|
Other long-term liabilities |
|
3,937 |
|
|
|
3,864 |
|
Total liabilities |
|
277,972 |
|
|
|
291,862 |
|
Commitments and contingencies (Note 13) |
|
|
|
Redeemable convertible preferred stock, $0.00001 par value:
17,245,954 shares authorized, issued and outstanding as of
March 31, 2024 and December 31, 2023 |
|
– |
|
|
|
– |
|
Stockholders’ equity: |
|
|
|
Common stock, $0.00001 par value: 40,000,000 shares authorized as
of March 31, 2024 and December 31, 2023; 9,417,665 and
9,207,337 shares outstanding as of March 31, 2024 and
December 31, 2023, respectively |
|
– |
|
|
|
– |
|
Additional paid-in capital |
|
243,986 |
|
|
|
237,116 |
|
Accumulated deficit |
|
(199,891 |
) |
|
|
(209,188 |
) |
Total stockholders' equity |
|
44,095 |
|
|
|
27,928 |
|
Total liabilities, redeemable convertible preferred stock, and
stockholders' equity |
$ |
322,067 |
|
|
$ |
319,790 |
|
|
Ibotta, Inc. CONDENSED STATEMENTS OF CASH
FLOWS (In thousands, except share, per share and
par value amounts, unaudited) |
|
|
Three months ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Operating activities |
|
|
|
Net income (loss) |
$ |
9,297 |
|
|
$ |
(4,283 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
Depreciation and amortization |
|
1,909 |
|
|
|
1,615 |
|
Impairment of capitalized software development costs |
|
92 |
|
|
|
320 |
|
Stock-based compensation expense |
|
1,814 |
|
|
|
1,829 |
|
Common stock warrant expense |
|
3,031 |
|
|
|
– |
|
Credit loss expense |
|
81 |
|
|
|
308 |
|
Amortization of debt discount and issuance costs |
|
826 |
|
|
|
816 |
|
Change in fair value of convertible notes derivative liability |
|
1,700 |
|
|
|
1,500 |
|
Other |
|
(3 |
) |
|
|
(53 |
) |
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
|
19,925 |
|
|
|
3,679 |
|
Other current and long-term assets |
|
(2,136 |
) |
|
|
(1,094 |
) |
Accounts payable |
|
(1,214 |
) |
|
|
(619 |
) |
Due to third-party publishers |
|
(5,632 |
) |
|
|
6,617 |
|
Accrued expenses |
|
(10,197 |
) |
|
|
(9,376 |
) |
Deferred revenue |
|
1,562 |
|
|
|
1,135 |
|
User redemption liability |
|
(1,541 |
) |
|
|
499 |
|
Other current and long-term liabilities |
|
(148 |
) |
|
|
(201 |
) |
Net cash provided by operating activities |
|
19,366 |
|
|
|
2,692 |
|
Investing activities |
|
|
|
Additions to property and equipment |
|
(152 |
) |
|
|
(11 |
) |
Additions to capitalized software development costs |
|
(2,315 |
) |
|
|
(995 |
) |
Maturities of short-term investments |
|
– |
|
|
|
10,500 |
|
Net cash (used in) provided by investing activities |
|
(2,467 |
) |
|
|
9,494 |
|
Financing activities |
|
|
|
Proceeds from exercise of stock options |
|
1,799 |
|
|
|
260 |
|
Deferred offering costs |
|
(1,700 |
) |
|
|
– |
|
Other financing activities |
|
(90 |
) |
|
|
– |
|
Net cash provided by financing activities |
|
9 |
|
|
|
260 |
|
Net change in cash and cash equivalents |
|
16,908 |
|
|
|
12,446 |
|
Cash and cash equivalents, beginning of period |
|
62,591 |
|
|
|
17,818 |
|
Cash and cash equivalents, end of period |
$ |
79,499 |
|
|
$ |
30,264 |
|
|
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 March 31, |
|
|
|
|
2024 |
|
|
2023 |
|
% Change |
|
(in thousands) |
|
|
Direct-to-consumer revenue |
|
|
|
|
|
Redemption revenue |
$ |
32,982 |
|
$ |
33,271 |
|
(1 |
)% |
Ad & other revenue |
|
14,338 |
|
|
15,988 |
|
(10 |
)% |
Total direct-to-consumer revenue |
|
47,320 |
|
|
49,259 |
|
(4 |
)% |
Third-party publishers revenue |
|
|
|
|
|
Redemption revenue |
|
35,007 |
|
|
8,432 |
|
315 |
% |
Ad & other revenue |
|
— |
|
|
— |
|
— |
% |
Total third-party publishers revenue |
|
35,007 |
|
|
8,432 |
|
315 |
% |
Total |
|
|
|
|
|
Redemption revenue |
|
67,989 |
|
|
41,703 |
|
63 |
% |
Ad & other revenue |
|
14,338 |
|
|
15,988 |
|
(10 |
)% |
Total revenue |
$ |
82,327 |
|
$ |
57,691 |
|
43 |
% |
|
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 March 31, |
|
|
2024 |
|
|
|
2023 |
|
|
(in thousands) |
Net income (loss) |
$ |
9,297 |
|
|
$ |
(4,283 |
) |
Interest expense, net |
|
1,805 |
|
|
|
1,672 |
|
Depreciation and amortization |
|
1,909 |
|
|
|
1,615 |
|
Stock-based compensation |
|
4,845 |
|
|
|
1,829 |
|
Change in fair value of derivative |
|
1,700 |
|
|
|
1,500 |
|
Provision for income taxes |
|
3,101 |
|
|
|
166 |
|
Other expense, net |
|
2 |
|
|
|
5 |
|
Adjusted EBITDA |
$ |
22,659 |
|
|
$ |
2,504 |
|
Revenue |
$ |
82,327 |
|
|
$ |
57,691 |
|
Net income (loss) as a percent of revenue |
|
11 |
% |
|
(7 |
)% |
Adjusted EBITDA margin |
|
28 |
% |
|
|
4 |
% |
|
Reconciliation of Adjusted Net Income
(Loss)
|
Three months ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
|
(in thousands) |
Net income (loss) |
$ |
9,297 |
|
|
$ |
(4,283 |
) |
Stock-based compensation |
|
4,845 |
|
|
|
1,829 |
|
Change in fair value of derivative |
|
1,700 |
|
|
|
1,500 |
|
Adjustment for income taxes |
|
(444 |
) |
|
|
111 |
|
Adjusted net income (loss) |
$ |
15,398 |
|
|
$ |
(843 |
) |
|
|
|
|
Diluted net income (loss) per share |
$ |
0.33 |
|
|
$ |
(0.49 |
) |
|
|
|
|
Weighted average common shares outstanding, diluted |
|
28,356,797 |
|
|
|
8,819,693 |
|
|
|
|
|
Adjusted diluted net income (loss) per share |
$ |
0.54 |
|
|
$ |
(0.10 |
) |
|
Reconciliation of Non-GAAP
Revenue
|
Three months ended March 31, |
|
|
2024 |
|
|
2023 |
|
|
(in thousands) |
Revenue |
$ |
82,327 |
|
$ |
57,691 |
|
Breakage benefit |
|
— |
|
|
(1,170 |
) |
Non-GAAP revenue |
$ |
82,327 |
|
$ |
56,521 |
|
|
Reconciliation of Non-GAAP
Redemption Revenue
|
Three months ended March 31, |
|
|
2024 |
|
|
2023 |
|
|
(in thousands) |
Redemption revenue |
$ |
67,989 |
|
$ |
41,703 |
|
Breakage benefit |
|
— |
|
|
(1,170 |
) |
Non-GAAP redemption revenue |
$ |
67,989 |
|
$ |
40,533 |
|
|
Reconciliation of Free Cash
Flow
|
Three months ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
|
(in thousands) |
Net cash provided by operating activities |
$ |
19,366 |
|
|
$ |
2,692 |
|
Additions to property and equipment |
|
(152 |
) |
|
|
(11 |
) |
Additions to capitalized software development costs |
|
(2,315 |
) |
|
|
(995 |
) |
Free cash flow |
$ |
16,899 |
|
|
$ |
1,686 |
|
|
Contact
Corporate Communications Hilary O’Byrne,
hilary.obyrne@ibotta.com
Investor Relations Shalin Patel,
shalin.patel@ibotta.com
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