Grew revenue by 16% year-over-year to $98.6 million and non-GAAP revenue by 19%
Grew redemption revenue by 28% year-over-year and non-GAAP redemption revenue by 32%
Generated net income of $17.2 million, representing net income as a percent of revenue of 17%, and Adjusted EBITDA of $36.5 million, representing a 37% Adjusted EBITDA margin
Generated year-to-date cash from operating activities of $93.9 million and free cash flow of $86.3 million
DENVER, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Ibotta, Inc. (NYSE: IBTA), which operates the largest digital promotions network in North America, today announced financial results for the third quarter ended September 30, 2024.
"Our strong third quarter results were a function of the continued growth of our digital promotions network,” said Ibotta CEO and founder, Bryan Leach. "Ibotta is focused on delivering incremental sales efficiently for our brand partners, particularly as many CPGs are looking for ways of offsetting year-over-year declines in market share.”
Third Quarter 2024 Financial Highlights:
- Total revenue of $98.6 million, representing year-over-year growth of 16%. Excluding a one-time breakage benefit of $2.1 million in the third quarter of 2023, non-GAAP revenue growth was 19%.
- Total redemption revenue of $84.5 million, an increase of 28% year-over-year. Excluding a one-time D2C redemption revenue breakage benefit of $2.1 million in the third quarter of 2023, non-GAAP redemption revenue growth was 32%.
- During the quarter, the IPN had 15.3 million redeemers, compared to 9.4 million redeemers in the third quarter of 2023, an increase of 63% 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+) to all Walmart customers with a Walmart.com account in the third quarter of 2023.
- Increased redemptions to 97.4 million, compared to 67.9 million in the third quarter of 2023, an increase of 43% year-over-year.
- Generated net income of $17.2 million, representing net income as a percent of revenue of 17%, and adjusted net income of $31.4 million, representing adjusted net income as a percent of revenue of 32%.
- Delivered Adjusted EBITDA of $36.5 million, representing an Adjusted EBITDA margin of 37%.
- Generated cash from operating activities of $39.5 million and free cash flow of $36.7 million.
- Repurchased 0.3 million shares for a total of $15.6 million at an average price per share of $56.77, exclusive of immaterial broker commissions and legal costs.
| Three months ended
September 30, | Nine months ended
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| 2024 | 2023 | %
Change | 2024 | 2023 | % Change | ||||||||||||||||
| (in thousands, except per share figures and percentages) | |||||||||||||||||||||
| GAAP Results | |||||||||||||||||||||
| Redemption revenue | $ | 84,485 | $ | 66,007 | 28 | % | $ | 226,425 | $ | 165,981 | 36 | % | |||||||||
| Revenue | $ | 98,621 | $ | 85,287 | 16 | % | $ | 268,874 | $ | 220,363 | 22 | % | |||||||||
| Net income (loss) | $ | 17,239 | $ | 8,413 | 105 | % | $ | (7,430 | ) | $ | 19,471 | (138 | )% | ||||||||
| Net income (loss) per share, diluted | $ | 0.51 | $ | 0.31 | 65 | % | $ | (0.34 | ) | $ | 0.73 | (147 | )% | ||||||||
| Net income (loss) as a percent of revenue | 17 | % | 10 | % | (3 | )% | 9 | % | |||||||||||||
| Non-GAAP Results | |||||||||||||||||||||
| Non-GAAP redemption revenue | $ | 84,485 | $ | 63,887 | 32 | % | $ | 226,425 | $ | 153,291 | 48 | % | |||||||||
| Non-GAAP revenue | $ | 98,621 | $ | 83,167 | 19 | % | $ | 268,874 | $ | 207,673 | 29 | % | |||||||||
| Adjusted EBITDA | $ | 36,519 | $ | 24,139 | 51 | % | $ | 84,452 | $ | 49,850 | 69 | % | |||||||||
| Adjusted EBITDA margin | 37 | % | 28 | % | 31 | % | 23 | % | |||||||||||||
| Adjusted net income | $ | 31,409 | $ | 19,167 | 64 | % | $ | 66,666 | $ | 36,580 | 82 | % | |||||||||
| Adjusted net income per share, diluted | $ | 0.94 | $ | 0.71 | 32 | % | $ | 2.71 | $ | 1.37 | 98 | % | |||||||||
The following table summarizes the Company's performance metrics for the three and nine months ended September 30, 2024 and 2023:
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| 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||
| (in thousands, except per share figures and percentages) | |||||||||||||||||
| Performance Metrics | |||||||||||||||||
| Redemptions: | |||||||||||||||||
| Direct-to-consumer redemptions | 31,571 | 37,884 | (17 | )% | 87,819 | 105,034 | (16 | )% | |||||||||
| Third-party publisher redemptions | 65,795 | 29,972 | 120 | % | 161,728 | 57,296 | 182 | % | |||||||||
| Total redemptions | 97,366 | 67,856 | 43 | % | 249,547 | 162,330 | 54 | % | |||||||||
| Redeemers: | |||||||||||||||||
| Direct-to-consumer redeemers | 1,909 | 2,117 | (10 | )% | 1,879 | 2,002 | (6 | )% | |||||||||
| Third-party publisher redeemers | 13,378 | 7,234 | 85 | % | 11,946 | 4,448 | 169 | % | |||||||||
| Total redeemers | 15,287 | 9,351 | 63 | % | 13,825 | 6,449 | 114 | % | |||||||||
| Redemptions per redeemer: | |||||||||||||||||
| Direct-to-consumer redemptions per redeemer | 16.5 |
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