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Ibotta, Inc. (IBTA) is a technology company specializing in digital promotions for consumer packaged goods (CPG) brands. Through its Ibotta Performance Network (IPN), the company connects over 200 million consumers with personalized savings opportunities, leveraging partnerships with major retailers and advanced AI technology. Ibotta offers a range of digital cashback and promotional services to drive sales for over 850 clients and 2,400 CPG brands across various categories, including grocery, beauty, electronics, and more.
- Direct-to-Consumer (D2C) Revenue - Generates revenue through Ibotta's own properties, including its mobile app, website, and browser extension, offering cashback and promotional savings directly to consumers.
- Redemption Revenue - Earned from consumer redemptions on Ibotta's D2C platforms.
- Ad & Other Revenue - Derived from advertising and other related services on Ibotta's D2C platforms.
- Third-Party Publishers Revenue - Earns revenue through partnerships with external platforms like Walmart, Dollar General, and Family Dollar, integrating Ibotta's offers into their loyalty programs.
- Redemption Revenue - Generated from consumer redemptions on third-party publisher platforms.
- With the rapid redeemer growth exceeding your clients' allocated budgets leading to supply constraints, how confident are you that supply can catch up to demand in 2025, and what specific actions are you taking to ensure budgets are sufficiently increased to prevent a repeat of this year's issues?
- Can you quantify the impact of budget exhaustion on your Q4 guidance, and is this challenge concentrated among a few large clients or indicative of a broader trend across your client base that could affect future quarters?
- Given the traditional annual planning cycles of your CPG clients, what concrete steps are you taking to shift the industry mindset towards a continuous, always-on investment approach, and how do you plan to overcome the challenges in changing established budgeting practices?
- Your D2C redemption revenue and ad revenues have been declining year-over-year; what strategies are you implementing to revitalize growth in your D2C segment, and how do you address concerns about the long-term sustainability if this trend continues?
- With the anticipated increase in operating expenses in Q4 and beyond, including costs associated with launching Instacart and increased R&D investments, how do you plan to manage margin pressures while sustaining growth, and can we expect adjusted EBITDA margins to recover in 2025?
Recent press releases and 8-K filings for IBTA.
Earnings
Revenue Acceleration/Inflection
Share Buyback
- Financial Performance: Q1 revenue reached $84.6M with a 3% YoY increase and adjusted EBITDA of $14.7M (17% margin), driven by a strong redemption revenue growth of 8% YoY.
- Operational and Strategic Initiatives: The company is advancing CPID pilot campaigns through key partnerships with Instacart—expanding into a new alcohol category pilot in select states—and DoorDash, while adding additional CPG clients to the pipeline.
- Capital Management: Ibotta ended the quarter with $297.1M in cash, repurchased 8.1M shares at an average price of $39.47, and received a $100M increase in share repurchase authorization.
May 14, 2025, 8:31 PM
CFO Change
Management Change
Board Change
- Valarie Sheppard has been appointed as the interim CFO, effective March 14, 2025, following the departure of former CFO Sunit Patel, who will continue as an advisor for at least one year.
- Sheppard, a current board member with extensive experience from Procter & Gamble, will serve as the company’s Principal Financial Officer during the transition while a search for a permanent CFO is conducted.
Mar 14, 2025, 12:00 AM
Share Buyback
- Ibotta’s Board of Directors approved an increase to its share repurchase program, authorizing an additional $100 million to purchase Class A common stock.
- The repurchase program has no expiration date and may be executed through open market purchases or privately negotiated transactions, subject to legal and market factors.
- The program also allows for the use of Rule 10b5-1 plans, providing flexibility in execution and timing.
Mar 12, 2025, 12:00 AM