Ibotta, Inc.(IBTA) - 2024 Q2 - Quarterly Report

Financial Performance - Revenue for Q2 2024 reached $87.926 million, a 13.5$77.385 million in Q2 2023[14]. - Gross profit for Q2 2024 was $75.643 million, compared to$67.741 million in Q2 2023, reflecting an increase of 11.3%[14]. - Net loss for Q2 2024 was $33.966 million, compared to a net income of$15.341 million in Q2 2023[16]. - Basic net loss per share for Q2 2024 was $(1.32), compared to earnings of$1.73 per share in Q2 2023[14]. - Total revenue for the three months ended June 30, 2024, was $87.926 million, an increase from$77.385 million in the same period of 2023, representing a growth of approximately 10%[135]. - Adjusted EBITDA for the three months ended June 30, 2024, was $25.274 million, compared to$23.207 million for the same period in 2023, reflecting a margin of 29%[135]. - Total redemption revenue increased by $15.7 million, or 27$73.9 million for the three months ended June 30, 2024, driven by a $29.9 million increase in revenue from third-party publisher properties[189]. - Total redemption revenue for the six months ended June 30, 2024, increased by$42.0 million, or 42%, to $141.9 million compared to$99.9 million for the same period in 2023[200]. Assets and Liabilities - As of June 30, 2024, total assets increased to $556.05 million from$319.79 million as of December 31, 2023, representing a 74% growth[12]. - Cash and cash equivalents rose significantly to $317.86 million, up from$62.59 million, indicating a 408% increase[12]. - Total current assets reached $534.23 million, compared to$298.34 million at the end of 2023, marking an 80% increase[12]. - The company reported a decrease in total current liabilities to $190.17 million from$198.15 million, a reduction of approximately 4.9%[12]. - Stockholders' equity improved to $359.70 million from$27.93 million, reflecting a substantial increase of over 1200%[12]. - Accounts receivable decreased to $209.02 million from$226.44 million, a decline of about 7.7%[12]. - The user redemption liability slightly decreased to $81.04 million from$84.53 million, a reduction of approximately 4.4%[12]. Expenses - Operating expenses surged to $97.300 million in Q2 2024, up from$47.927 million in Q2 2023, representing a 103.5% increase[14]. - Total operating expenses for the first half of 2024 were $153.207 million, significantly higher than$95.310 million in the same period of 2023[14]. - Research and development expenses increased to $17.526 million in Q2 2024, up from$12.220 million in Q2 2023, marking a 43.7% rise[14]. - Stock-based compensation expense increased to $24.802 million for the six months ended June 30, 2024, compared to$3.584 million in the same period of 2023[23]. - General and administrative expenses rose by $16.0 million, or 125$28.7 million for the three months ended June 30, 2024, primarily due to stock-based compensation and one-time IPO costs[194]. Market Strategy and Growth - The company aims to expand its market presence and enhance its platform capabilities, focusing on new offerings and services[3]. - Future growth strategies include maintaining relationships with key partners such as Walmart and Dollar General, and exploring new verticals[5]. - The company has plans for market expansion and new product development as part of its future strategy[14]. - The company expects redemption revenue to increase as a percentage of total revenue as it continues to grow its IPN[170]. IPO and Financing - The company raised $198.0 million in net proceeds from its initial public offering (IPO) by selling 2,500,000 shares at$88.00 per share[26]. - The Company completed its IPO on April 22, 2024, issuing 2,500,000 shares of Class A common stock, resulting in net proceeds of $198.0 million after deducting underwriting discounts and offering costs[72]. User Engagement and Redemption - The company had 80,715 redemptions in the three months ended June 30, 2024, compared to 51,201 redemptions in the same period of 2023, indicating a significant increase in user engagement[135]. - Total redemptions for the three months ended June 30, 2024, were 80.7 million, up from 51.2 million in the same period in 2023, representing a growth of 57.5$1.2 million, or 46%, to $3.9 million for the three months ended June 30, 2024, primarily due to non-deductible items[199]. - Interest paid by the company for the six months ended June 30, 2024, was$2.497 million, slightly up from $2.296 million in the same period of 2023[24]. - Interest income increased by$4.2 million, or 273%, to $2.7 million for the three months ended June 30, 2024, due to higher interest earned on cash and cash equivalents[195].