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

Revenue Performance - Total revenue for Q2 2024 was $87.9 million, a 14$74.0 million, marking a 27% year-over-year increase, and non-GAAP redemption revenue growth was 51% when excluding a one-time breakage benefit[3] - In Q2 2024, the company's revenue reached $87.9 million, a 13.5$77.4 million in Q2 2023[19] - For the six months ended June 30, 2024, revenue totaled $170.3 million, up 26.0$135.1 million in the same period of 2023[19] - For Q3 2024, the company projects revenue between $91 million and$96 million, reflecting a year-over-year increase of 12% at the midpoint[7] - Total revenue for the three months ended June 30, 2024, was $87,926,000, representing a 14$77,385,000 in 2023[23] User Engagement and Redemptions - The Ibotta Performance Network (IPN) had 13.7 million redeemers, a 158% increase from 5.3 million redeemers in Q2 2023, driven by the expansion of the Walmart program[3] - Total redemptions increased to 80.7 million, up 58% from 51.2 million in Q2 2023[3] - Direct-to-consumer redemption revenue decreased by 31% to $32,300,000 for the three months ended June 30, 2024, compared to$46,530,000 in 2023[23] - The company experienced a significant increase in third-party publisher redemption revenue, which rose by 255% to $41,651,000 for the three months ended June 30, 2024[23] Financial Losses and Expenses - The company reported a net loss of$34.0 million, representing a net loss as a percent of revenue of 39%[3] - The company reported a net loss of $33.97 million for Q2 2024, compared to a net income of$15.34 million in Q2 2023[19] - For the six months ended June 30, 2024, Ibotta reported a net loss of $24,669,000 compared to a net income of$11,058,000 in the same period of 2023[22] - Sales and marketing expenses surged to $50.0 million in Q2 2024, a significant increase from$22.2 million in Q2 2023[19] - Research and development expenses rose to $17.5 million in Q2 2024, compared to$12.2 million in Q2 2023[19] - Stock-based compensation expense surged to $24,802,000 for the six months ended June 30, 2024, compared to$3,584,000 in 2023[22] Cash Flow and Equity - Cash and cash equivalents increased to $317.9 million as of June 30, 2024, up from$62.6 million at the end of 2023[21] - Cash and cash equivalents at the end of the period increased to $317,858,000 from$43,698,000 in the previous year[22] - Total stockholders' equity increased to $359.7 million as of June 30, 2024, compared to$27.9 million at the end of 2023[21] - The net cash provided by operating activities for the six months ended June 30, 2024, was $54,386,000, a substantial increase from$1,071,000 in 2023[22] - Free cash flow for the six months ended June 30, 2024, was $49,597,000, compared to a negative free cash flow of$(2,691,000) in 2023[29] Strategic Initiatives - The company launched a new digital coupon program with Family Dollar, enhancing customer engagement across nearly 8,000 store locations[6] - A strategic partnership with Instacart was announced, expected to provide savings to Instacart customers later this year[6] - The company anticipates revenue contributions from Instacart by the end of the year and digital offers becoming available to Schnucks' customers later this year[18] Adjusted Financial Metrics - Adjusted EBITDA for Q2 2024 was $25.3 million, with an Adjusted EBITDA margin of 29$25,274,000, with an adjusted EBITDA margin of 29%[24] - Ibotta's adjusted net income for the three months ended June 30, 2024, was $19,859,000, representing 23$81.0 million as of June 30, 2024, down from $84.5 million at the end of 2023[21] - The company recorded a breakage benefit of$9.4 million in Q2 2023, which was not present in Q2 2024[14]