Ibotta, Inc.(IBTA) - 2024 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2024 reached $98.6 million, a 16$84.5 million, with non-GAAP redemption revenue increasing by 32%[2] - Net income for Q3 2024 was $17.2 million, representing 17$31.4 million, or 32% of revenue[2] - Adjusted EBITDA for the quarter was $36.5 million, resulting in a 37$98.6 million, a 15.0% increase from $85.3 million in the same period of 2023[18] - Gross profit for the three months ended September 30, 2024, was$86.4 million, compared to $74.5 million in the same period of 2023, reflecting a gross margin improvement[18] - Net income for the three months ended September 30, 2024, was$17.2 million, up from $8.4 million in the same period of 2023, representing a 104.5$98,621,000 compared to $85,287,000 in the same period of 2023[22] - Adjusted EBITDA for the three months ended September 30, 2024, was$36,519,000, representing a margin of 37% compared to 28% in 2023[23] - The company reported a net loss of $7,430,000 for the nine months ended September 30, 2024, compared to a net income of$19,471,000 in 2023[21] Cash Flow and Assets - Year-to-date cash from operating activities totaled $93.9 million, with free cash flow of$86.3 million[1] - Net cash provided by operating activities was $93,930,000 for the nine months ended September 30, 2024, compared to a cash outflow of$952,000 in 2023[21] - Cash and cash equivalents significantly rose to $341.3 million as of September 30, 2024, from$62.6 million at the end of 2023[20] - Cash and cash equivalents at the end of the period increased to $341,274,000 from$39,673,000 in the previous year[21] - Free cash flow for the nine months ended September 30, 2024, was $86,274,000, compared to a negative free cash flow of$7,195,000 in 2023[28] Shareholder Equity and Liabilities - Total current assets increased to $576.1 million as of September 30, 2024, compared to$298.3 million as of December 31, 2023[20] - Total liabilities decreased to $220.3 million as of September 30, 2024, down from$291.9 million as of December 31, 2023[20] - Stockholders' equity increased to $378.0 million as of September 30, 2024, compared to$27.9 million as of December 31, 2023[20] - The company repurchased 0.3 million shares for $15.6 million at an average price of$56.77 per share[3] Revenue Streams - The number of redeemers increased by 63% year-over-year to 15.3 million, driven by the expansion of the Walmart program[2] - Direct-to-consumer revenue decreased by 25% to $47,280,000 for the three months ended September 30, 2024, down from$62,900,000 in 2023[22] - Third-party publishers revenue surged by 129% to $51,341,000 for the three months ended September 30, 2024, compared to$22,387,000 in 2023[22] Future Projections and Partnerships - For Q4 2024, the company projects revenue between $100 million and$106 million, reflecting a year-over-year increase of 4% at the midpoint[6] - Adjusted EBITDA guidance for Q4 2024 is set between $30 million and$34 million, indicating a margin of 31% at the midpoint[6] - A multi-year strategic partnership with Instacart was established to provide savings on groceries, with testing of digital offers expected to be fully launched by year-end[5] - The company expects to be fully launched on Instacart by the end of the year, indicating future growth potential[17] Research and Development - Research and development expenses for the three months ended September 30, 2024, were $16.3 million, compared to$12.4 million in the same period of 2023, reflecting a 31.5% increase[18] - The company has facilitated over $2.0 billion in earnings for American shoppers through its performance marketing platform since 2012[16] Stock-Based Compensation - Stock-based compensation expense rose significantly to$36,253,000 for the nine months ended September 30, 2024, compared to $5,307,000 in 2023[21]