0001538379FALSE00015383792025-02-262025-02-26


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 26, 2025

Ibotta, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
001-42018
(Commission File Number)
35-2426358
(I.R.S. Employer
Identification Number)
1801 California Street, Suite 400
Denver, Colorado
(Address of principal executive offices)
80202
(Zip Code)
303-593-1633
(Registrant’s telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.00001 par value per shareIBTANew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition

On February 26, 2025, Ibotta, Inc. issued a press release announcing financial results for the quarter and year ended December 31, 2024. A copy of the release is furnished with this report as Exhibit 99.1.

The information contained in Item 2.02 of this Current Report on Form 8-K, including the information contained in Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01    Financial Statements and Exhibits
(d) The following exhibits are being filed herewith:
Exhibit No.Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
IBOTTA, INC.
Date:February 26, 2025By:/s/ Sunit Patel
Sunit Patel
Chief Financial Officer
(Principal Financial Officer)



ibottalogo_updateda.jpg

Ibotta Reports Fourth Quarter and Full Year 2024 Financial Results

Grew full year 2024 revenue by 15% year-over-year to $367.3 million and non-GAAP revenue by 20%

Grew full year 2024 redemption revenue by 27% year-over-year to $308.8 million and non-GAAP redemption revenue by 34%

Generated full year 2024 net income of $68.7 million, representing net income as a percent of revenue of 19%, and Adjusted EBITDA of $112.2 million, representing a 31% Adjusted EBITDA margin

Generated full year 2024 cash from operating activities of $115.9 million and free cash flow of $105.7 million

DENVER, February 26, 2025 (Business Wire) -- Ibotta, Inc. (NYSE: IBTA), which operates the largest digital promotions network in North America, today announced financial results for the fourth quarter and full year ended December 31, 2024.

“2024 was a year of significant growth and change for Ibotta,” said Ibotta CEO and founder, Bryan Leach. “We completed our IPO on the New York Stock Exchange, added Family Dollar, AppCard, Schnucks and Instacart to the IPN, and grew our non-GAAP revenue by 20% all while expanding our adjusted EBITDA margins substantially. In 2025, we are focused both on executing against our near-term financial objectives while at the same time introducing major new innovations in measurement and targeting.”

Fourth Quarter 2024 Financial Highlights:

•Total revenue of $98.4 million, representing year-over-year decline of 1%. Excluding a one-time breakage benefit of $0.8 million in the fourth quarter of 2023, non-GAAP revenue growth was flat.
•Total redemption revenue of $82.4 million, an increase of 6% year-over-year. Excluding a one-time breakage benefit of $0.8 million in the fourth quarter of 2023, non-GAAP redemption revenue growth was 7%.
•During the quarter, the IPN had 17.2 million redeemers, compared to 13.6 million redeemers in the fourth quarter of 2023, an increase of 27% year-over-year. The primary driver of year-over-year growth was the launch of Instacart during the fourth quarter, like-for-like growth of Walmart’s audience, and the launch of Family Dollar in Q2.
•Increased redemptions to 94.6 million, compared to 93.9 million in the fourth quarter of 2023, an increase of 1% year-over-year.
•Generated net income of $76.2 million, representing net income as a percent of revenue of 77%, driven in part by a benefit from income taxes, and adjusted net income of $22.4 million, representing adjusted net income as a percent of revenue of 23%.


•Delivered Adjusted EBITDA of $27.8 million, representing an Adjusted EBITDA margin of 28%.
•Generated cash from operating activities of $22.0 million and free cash flow of $19.4 million.
•Repurchased 0.2 million shares for a total of $15.6 million at an average price per share of $64.12, exclusive of immaterial broker commissions.

Full Year 2024 Financial Highlights:

•Total revenue of $367.3 million, representing year-over-year growth of 15%. Excluding a one-time breakage benefit of $13.5 million in 2023, non-GAAP revenue growth was 20%.
•Total redemption revenue of $308.8 million, an increase of 27% year-over-year. Excluding a one-time D2C redemption revenue breakage benefit of $13.5 million in 2023, non-GAAP redemption revenue growth was 34%.
•The IPN averaged 14.7 million redeemers in 2024, compared to 8.2 million redeemers in 2023, an increase of 78% year-over-year. The primary driver of year-over-year growth was the expansion of the Walmart program to all Walmart customers with a Walmart.com account in the third quarter of 2023, the launch of Instacart during the fourth quarter of 2024, like-for-like growth of Walmart’s audience, and the launch of Family Dollar in Q2 2024.
•Increased redemptions to 344.1 million in 2024, compared to 256.2 million in 2023, an increase of 34% year-over-year.
•Generated net income of $68.7 million, representing net income as a percent of revenue of 19%, and adjusted net income of $89.0 million, representing adjusted net income as a percent of revenue of 24%.
•Delivered Adjusted EBITDA of $112.2 million, representing an Adjusted EBITDA margin of 31%.
•Generated cash from operating activities of $115.9 million and free cash flow of $105.7 million.
•Repurchased 0.5 million shares for a total of $31.2 million at an average price per share of $60.23, exclusive of immaterial broker commissions.


The following table summarizes the Company’s consolidated financial results for the quarters and fiscal years ended December 31, 2024 and 2023:

Three months ended December 31,Year ended December 31,
20242023% Change20242023% Change
(in thousands, except per share figures and percentages)
GAAP Results
Redemption revenue$82,399 $77,905 6 %$308,824 $243,886 27 %
Revenue$98,380 $99,674 (1)%$367,254 $320,037 15 %
Net income $76,172 $18,646 309 %$68,742 $38,117 80 %
Net income per share, diluted$2.27 $0.69 229 %$2.56 $1.42 80 %
Net income as a percent of revenue77 %19 %19 %12 %
Non-GAAP Results
Non-GAAP redemption revenue$82,399 $77,058 7 %$308,824 $230,349 34 %
Non-GAAP revenue$98,380 $98,827 — %$367,254 $306,500 20 %
Adjusted EBITDA$27,768 $32,981 (16)%$112,220 $82,832 35 %
Adjusted EBITDA margin28 %33 %31 %26 %
Adjusted net income$22,372 $26,607 (16)%$89,038 $63,187 41 %
Adjusted net income per share, diluted$0.67 $0.99 (32)%$3.31 $2.35 41 %


The following table summarizes the Company’s performance metrics for the quarters and fiscal years ended December 31, 2024 and 2023:

Three months ended December 31,Year ended December 31,
20242023% Change20242023% Change
(in thousands, except per share figures and percentages)
Performance Metrics
Redemptions:
Direct-to-consumer redemptions28,276 39,522 (28)%116,095 144,556 (20)%
Third-party publisher redemptions66,276 54,345 22 %228,004 111,641 104 %
Total redemptions94,552 93,867 1 %344,099 256,197 34 %
Redeemers:
Direct-to-consumer redeemers1,819 2,154 (16)%1,864 2,040 (9)%
Third-party publisher redeemers15,396 11,425 35 %12,809 6,192 107 %
Total redeemers17,215 13,579 27 %14,673 8,232 78 %
Redemptions per redeemer:
Direct-to-consumer redemptions per redeemer15.518.3(15)%62.370.9(12)%
Third-party publisher redemptions per redeemer4.34.8(10)%17.818.0(1)%
Total redemptions per redeemer5.56.9(20)%23.531.1(24)%
Redemption revenue per redemption:
Direct-to-consumer redemption revenue per redemption$1.07 $1.02 5 %$1.11 $1.13 (2)%
Third-party publisher redemption revenue per redemption$0.79 $0.69 14 %$0.79 $0.72 10 %
Total redemption revenue per redemption$0.87 $0.83 5 %$0.90 $0.95 (5)%

Note that certain figures shown above may not recalculate due to rounding.

Full Year 2024 Business Highlights:

•Announced the appointment of Chris Riedy as Chief Revenue Officer beginning on January 13, 2025.
•During Q4, our offers became available on Instacart properties.
•Enabled digital offers at Schnuck Markets, Inc. (Schnucks) in Q3 and during Q4, integrated our offers with Schnucks’ electronic shelf labels. Ibotta and Schnucks began collaborating on research and development initiatives related to novel ways of delivering personalized savings to consumers.
•During Q2, launched the new and upgraded Family Dollar digital coupon program, which gives customers access to more national offers and an improved shopping experience.
•Also in Q2, enabled digital offers on AppCard, a leading personalized marketing and shopper analytics solution for independent grocers.
•Saw strong growth over the year in redeemers and redemptions from publishers that were live before the start of 2024.
•Subsequent to year-end, announced a multi-year partnership with DoorDash to provide DoorDash customers with access to Ibotta’s industry-leading catalog of digital offers.



Financial Guidance:

First quarter 2025 outlook summary:

•Revenue of $80 - $84 million, a year-over-year increase of 0% at the midpoint
•Adjusted EBITDA of $10 - $14 million, representing a margin of 15% at the midpoint.

Guidance for Adjusted EBITDA is earnings before interest (income) expense, net, provision for (benefit from) income tax, and depreciation and amortization, and excludes stock-based compensation, change in fair value of derivative, loss on debt extinguishment, restructuring charges, and other expense, net. We have not reconciled Adjusted EBITDA to GAAP net income for our guidance 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 net income as a percent of revenue, adjusted diluted net income 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 (income) expense, net, provision for (benefit from) income tax, and depreciation and amortization, and excludes stock-based compensation, change in fair value of derivative, loss on debt extinguishment, and other expense, net. Adjusted EBITDA margin is calculated as Adjusted EBITDA as a percent of revenue. Adjusted net income excludes stock-based compensation, loss on debt extinguishment, change in fair value of derivative, and the related income tax effects. 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 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. The Company’s definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. These non-GAAP measures are not meant to be considered in isolation or as a substitute for the comparable GAAP measures, but are included solely for informational and comparative purposes. Non-GAAP financial measures are subject to limitations and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. In light of these limitations, management also reviews the specific items that are excluded from our non-GAAP measures, as well as trends in these items.



Fourth Quarter and Full Year 2024 Financial Results Webcast and Conference Call Details

When:
Wednesday, February 26, 2025 at 2:30 p.m. MT/ 4:30 p.m. ET
Webcast:ir.ibotta.com

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 quarter and year ended December 31, 2023, the breakage benefit to revenue totaled $0.8 million and $13.5 million, respectively. There was no breakage benefit associated with the quarter and year ended December 31, 2024.

Redeemers: A consumer who has redeemed at least one digital offer within the time period specified. If a consumer were to redeem on more than one publisher during that period, they would be counted as multiple redeemers. Year-to-date redeemers are calculated as the average of current year quarter-to-date 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 $2.3 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 by our CEO and founder about our ability to transition our product and go-to-market, 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.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)

Three months ended December 31,Year Ended December 31,
2024202320242023
Revenue$98,380 $99,674 $367,254 $320,037 
Cost of revenue(1)
15,151 12,321 50,121 43,992 
Gross profit83,229 87,353 317,133 276,045 
Operating expenses(1):
Sales and marketing(2)
33,306 33,307 139,214 114,756 
Research and development15,819 13,690 63,271 49,996 
General and administrative20,246 13,453 82,739 51,633 
Depreciation and amortization888 646 3,984 3,661 
Total operating expenses70,259 61,096 289,208 220,046 
Income from operations12,970 26,257 27,925 55,999 
Interest income (expense), net4,111 (2,111)9,414 (6,884)
Loss on debt extinguishment(56)— (9,686)— 
Other expense, net(25)(1,812)(3,157)(5,064)
Income before benefit from (provision for) income taxes17,000 22,334 24,496 44,051 
Benefit from (provision for) income taxes59,172 (3,688)44,246 (5,934)
Net income$76,172 $18,646 $68,742 $38,117 
Net income per share:
Basic$2.48 $2.04 $2.85 $4.26 
Diluted$2.27 $0.69 $2.56 $1.42 
Weighted average common shares outstanding:
Basic30,721,3369,128,27324,124,8338,948,537
Diluted33,598,70726,998,48626,860,93126,921,567

(1)Amounts include stock-based compensation expense as follows (in thousands):

Three months ended December 31,Year Ended
December 31,
2024202320242023
Cost of revenue$485 $155 $1,484 $659 
Sales and marketing(2)
4,309 4,671 39,086 15,420 
Research and development2,289 514 9,325 2,074 
General and administrative5,796 469 26,321 2,015 
Total stock-based compensation expense$12,879 $5,809 $76,216 $20,168 

(2)Stock-based compensation expense included in sales and marketing includes common stock warrant expense of $2.2 million and $4.1 million recognized during the three months ended December 31, 2024 and 2023, respectively, and $29.3 million and $13.2 million recognized during the year ended December 31, 2024 and 2023, respectively.

Ibotta, Inc.
BALANCE SHEETS
(In thousands)
December 31, 2024December 31, 2023
Assets
Current Assets:
Cash and cash equivalents$349,282 $62,591 
Restricted cash408 — 
Accounts receivable, net220,883 226,439 
Prepaid expenses and other current assets11,168 9,314 
Total current assets581,741 298,344 
Property and equipment, net1,951 2,541 
Capitalized software development costs, net16,201 12,844 
Equity investment4,531 4,531 
Deferred tax assets, net73,211 – 
Other long-term assets794 1,530 
Total assets$678,429 $319,790 
Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity
Current liabilities:
Accounts payable$7,160 $8,937 
Due to third-party publishers93,982 73,155 
Deferred revenue4,964 2,628 
User redemption liability74,006 84,531 
Accrued expenses17,965 24,582 
Other current liabilities6,088 4,317 
Total current liabilities204,165 198,150 
Long-term liabilities:
Long-term debt, net— 64,448 
Convertible notes derivative liability— 25,400 
Other long-term liabilities16,981 3,864 
Total liabilities221,146 291,862 
Redeemable convertible preferred stock— — 
Stockholders’ equity:
Preferred stock— — 
Common stock— — 
Class A common stock— — 
Class B common stock— — 
Additional paid-in capital629,050 237,116 
Treasury stock(31,321)— 
Accumulated deficit(140,446)(209,188)
Total stockholders' equity 457,283 27,928 
Total liabilities, redeemable convertible preferred stock, and stockholders' equity$678,429 $319,790 

Ibotta, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
20242023
Operating activities
Net income$68,742 $38,117 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization8,080 6,664 
Impairment of capitalized software development costs574 169 
Stock-based compensation expense46,924 6,991 
Common stock warrant expense29,292 13,177 
Credit loss expense1,215 828 
Loss on extinguishment of debt9,686 — 
Amortization of debt discount and issuance costs1,055 3,310 
Change in fair value of convertible notes derivative liability3,085 5,000 
Other28 62 
Changes in assets and liabilities:
Accounts receivable4,397 (105,709)
Other current and long-term assets(78,262)1,180 
Accounts payable(911)1,818 
Due to third-party publishers20,827 60,724 
Accrued expenses(6,360)5,196 
Deferred revenue2,336 (423)
User redemption liability(10,525)(13,881)
Other current and long-term liabilities15,734 (507)
Net cash provided by operating activities115,917 22,716 
Investing activities
Additions to property and equipment(871)(548)
Additions to capitalized software development costs(9,330)(7,680)
Maturities of short-term investments— 27,900 
Net cash (used in) provided by investing activities(10,201)19,672 
Financing activities
Proceeds from exercise of stock options13,478 3,049 
Debt issuance costs(808)(12)
Proceeds from initial public offering, net206,692 — 
Purchase of treasury stock(31,321)— 
Taxes paid related to net share settlement of equity awards(3,319)— 
Deferred offering costs(6,037)(652)
Proceeds from employee stock purchase plan2,788 — 
Other financing activities(90)— 
Net cash provided by financing activities181,383 2,385 
Net change in cash, cash equivalents, and restricted cash287,099 44,773 
Cash, cash equivalents, and restricted cash, beginning of period62,591 17,818 
Cash, cash equivalents, and restricted cash, end of period$349,690 $62,591 


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 December 31,Year Ended December 31,
20242023% Change20242023% Change
(in thousands, except percentages)
Direct-to-consumer revenue
Redemption revenue$30,132 $40,266 (25)%$128,558 $163,687 (21)%
Ad & other revenue15,981 21,769 (27)%58,430 76,151 (23)%
Total direct-to-consumer revenue46,113 62,035 (26)%186,988 239,838 (22)%
Third-party publishers revenue
Redemption revenue52,267 37,639 39 %180,266 80,199 125 %
Ad & other revenue— — — %— — — %
Total third-party publishers revenue52,267 37,639 39 %180,266 80,199 125 %
Total
Redemption revenue82,399 77,905 6 %308,824 243,886 27 %
Ad & other revenue15,981 21,769 (27)%58,430 76,151 (23)%
Total revenue$98,380 $99,674 (1)%$367,254 $320,037 15 %

Non-GAAP Financial Metrics
(In thousands, except shares, per share amounts, and percentages)
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 December 31,Year Ended December 31,
2024202320242023
Net income$76,172 $18,646 $68,742 $38,117 
Add (deduct):
Interest (income) expense, net(4,111)2,111 (9,414)6,884 
Depreciation and amortization 1,920 914 8,080 6,664 
Stock-based compensation12,879 5,809 76,216 20,168 
Change in fair value of derivative— 1,800 3,085 5,000 
Loss on debt extinguishment56 — 9,686 — 
Provision for (benefit from) income taxes(59,172)3,688 (44,246)5,934 
Other expense, net 24 13 71 65 
Adjusted EBITDA$27,768 $32,981 $112,220 $82,832 
Revenue$98,380 $99,674 $367,254 $320,037 
Net income as a percent of revenue77 %19 %19 %12 %
Adjusted EBITDA margin28 %33 %31 %26 %

Reconciliation of Adjusted Net Income
Three months ended December 31,Year Ended December 31,
2024202320242023
Net income$76,172 $18,646 $68,742 $38,117 
Stock-based compensation12,879 5,809 76,216 20,168 
Loss on debt extinguishment56 — 9,686 — 
Change in fair value of derivative— 1,800 3,085 5,000 
Adjustment for income taxes(66,735)352 (68,691)(98)
Adjusted net income$22,372 $26,607 $89,038 $63,187 
Revenue$98,380 $99,674 $367,254 $320,037 
Adjusted net income as a percent of revenue23 %27 %24 %20 %
Weighted average common shares outstanding, diluted33,598,70726,998,48626,860,93126,921,567
Net income per share, diluted$2.27 $0.69 $2.56 $1.42 
Adjusted weighted average common shares outstanding, diluted
33,598,70726,998,48626,860,93126,921,567
Adjusted net income per share, diluted$0.67 $0.99 $3.31 $2.35 


Non-GAAP Financial Metrics
(In thousands, except shares, per share amounts, and percentages)
Reconciliation of Non-GAAP Revenue
Three months ended December 31,Year Ended December 31,
2024202320242023
Revenue$98,380 $99,674 $367,254 $320,037 
Breakage benefit— (847)— (13,537)
Non-GAAP revenue$98,380 $98,827 $367,254 $306,500 

Reconciliation of Non-GAAP Redemption Revenue
Three months ended December 31,Year Ended December 31,
2024202320242023
Redemption revenue$82,399 $77,905 $308,824 $243,886 
Breakage benefit— (847)— (13,537)
Non-GAAP redemption revenue$82,399 $77,058 $308,824 $230,349 

Reconciliation of Free Cash Flow
Three months ended December 31,Year Ended December 31,
2024202320242023
Net cash provided by (used in) operating activities$21,987 $23,668 $115,917 $22,716 
Additions to property and equipment(216)(176)(871)(548)
Additions to capitalized software development costs(2,329)(1,809)(9,330)(7,680)
Free cash flow$19,442 $21,683 $105,716 $14,488 



Contact

Corporate Communications
Hilary O’Byrne, hilary.obyrne@ibotta.com

Investor Relations
Shalin Patel, shalin.patel@ibotta.com

v3.25.0.1
Cover
Feb. 26, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 26, 2025
Entity Registrant Name Ibotta, Inc.
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 35-2426358
Entity Address, Address Line One 1801 California Street
Entity Address, Address Line Two Suite 400
Entity Address, City or Town Denver
Entity Address, State or Province CO
Entity Address, Postal Zip Code 80202
City Area Code 303
Local Phone Number 593-1633
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, $0.00001 par value per share
Trading Symbol IBTA
Security Exchange Name NYSE
Entity Emerging Growth Company true
Entity Ex Transition Period false
Entity Central Index Key 0001538379
Amendment Flag false
Entity File Number 001-42018
Ibotta (NYSE:IBTA)
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Ibotta (NYSE:IBTA)
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