Slide 1: Quarterly presentation
Quarterly $1.30 back presentation Add offer Second quarter 2024 © 2024 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent.
Slide 2: Disclaimer
Disclaimer This presentation is made by Ibotta, Inc. (the “Company,” “Ibotta,” “our,” or “we”) and contains forward-looking statements that involve substantial risks and uncertainties. All statements other than historical factual information are forward-looking statements, including without limitati
Slide 3: We are a technology company
We are a technology company that allows CPG brands to deliver digital promotions to millions of consumers through a single network called the Ibotta Performance Network (IPN). © 2024 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 3
Slide 4: Flywheel effects
Flywheel effects © 2024 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 4
Slide 5: Instacart is joining the IPN!
Instacart is joining the IPN! Partnership gives Instacart customers access to Ibotta’s industry-leading catalog of digital coupons Ibotta will be Instacart's preferred third-party coupon provider across all eligible categories of items on its mobile app and website Ibotta-provided offers will be liv
Slide 6: Expanding to new publisher verticals
Expanding to new publisher verticals CPG Brands Clients General Media Agencies Grocery Merchandise Purchase Data AI Offer Engine Administration Risk Management Technology Retailer integrations Consumer profiling Billing & budgeting Privacy compliance Platform Item-level data 1:1 personalization Cash
Slide 7: Instacart overview
Instacart overview 98% US households Instacart availability in US1 $30B GTV Gross transaction value in 20232 18% Grocery ecommerce market share 3rd behind Walmart (27%) and Amazon (19%)3 1. Instacart press release (https://www.instacart.com/company/pressreleases/northwell-health-partners-with-instac
Slide 8: 2Q24 financial results and 3Q24 outlook
2Q24 financial results and 3Q24 outlook © 2024 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 8
Slide 9: Second quarter 2024 results
Second quarter 2024 results Total revenue growth Adjusted EBITDA2 growth and margin One-time benefit One-time benefit +29% non-GAAP +9% %one-time pt. increase in margin excl. benefit of $9.4M year-over-year growth1 1.8x increase excl. one-time benefit $25.3M $87.9M $23.2M (29% margin) (30% margin) $
Slide 10: Revenue breakdown
Revenue breakdown Redemption revenue Ad & other revenue Total redemptions Ad products Marketers buy ads to support promotions Fee per redemption Data Licensing purchase data & selling audiences Media Redemption Revenue Video media units sold on a cost-per-view basis 47% 84% 16% Third-party publisher
Slide 11: Year-over-year revenue change
Year-over-year revenue change Total revenue Redemption revenue Total revenue YoY Growth %1 45% 29% Redemption revenue YoY Growth %1 63% 51% Redemption revenue YoY Growth %1 63% 51% Direct-to-consumer YoY Growth %1 25% (13%) Ad & other YoY Growth % 13% (27)% Third-party publisher YoY Growth % 255% $8
Slide 12: Key drivers of redemption revenue
Key drivers of redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary redeemer per redemption1 ▪ Redemption revenue up 13.7M 9.6 $0.95 $0.92 51%2 ▪ Redeemers ▪ Growth driven by expansion of third-party publisher network 5.9 ▪ Redemptions per redeemer ▪ Decrease primarily driv
Slide 13: Key drivers of third-party redemption revenue
Key drivers of third-party redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary redeemer per redemption 11.9M 4.7 $0.80 ▪ 3PP redemption revenue up 4.4 255% $0.75 ▪ Redeemers 1 Third-party publisher Launch W almart+ Aug-22 All U.S. W almart.com Sep-23 Dollar General Jul-23
Slide 14: Key drivers of D2C redemption revenue
Key drivers of D2C redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary redeemer per redemption1 1.9M 18.3 $1.13 ▪ D2C redemption revenue 1.8M down 13%2 $1.05 15.9 ▪ Redemptions per redeemer ▪ Driven by the quantity and quality of offers available to each D2C redeemer ▪ Red
Slide 15: Improving cost & margin profile
Improving cost & margin profile Non-GAAP1 gross profit % Non-GAAP1 operating expenses (% of non-GAAP revenue) Sales & marketing Research & development General & administrative 86.0% 86.4% 67% -8% (%pt. decrease) 59% 32% 26% 17% 15% 18% 17% 2Q23 2Q24 2Q23 2Q24 Note: All 2Q23 and 2Q24 figures are unau
Slide 16: Guidance
Guidance Revenue +12% $91M - $96M year-over-year non-GAAP growth at the midpoint Adjusted EBITDA $28M - $32M 32% margin at the midpoint © 2024 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 16
Slide 17: Investment Highlights
Large addressable market AI-enabled platform with valuable dataset Investment Highlights Expansive partner network Solid double-digit revenue growth Increasing profitability © 2024 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 17
Slide 18: Appendix
Appendix © 2024 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 18
Slide 19: Consolidated statements of operations
Consolidated statements of operations In accordance with U.S. GAAP ($ in millions) 2Q23 2Q24 Rev enue $77.4 $87.9 Cost of rev enue 9.6 12.3 Gross profit 67.7 75.6 Operating expenses: Sales and marketing 22.2 50.0 Research and dev elopment 12.2 17.5 General and administrativ e 12.7 28.7 Depreciation
Slide 20: Revenue GAAP to non-GAAP reconciliation
Revenue GAAP to non-GAAP reconciliation ($ in millions) 2Q23 2Q24 Direct-to-consumer redemption revenue $46.5 $32.3 One-time breakage benefit (9.4) - Non-GAAP direct-to-consumer redemption revenue $37.1 $32.3 Direct-to-consumer redemption revenue % YoY growth 57% -31% Non-GAAP direct-to-consumer red
Slide 21: Revenue GAAP to non-GAAP reconciliation (continued)
Revenue GAAP to non-GAAP reconciliation (continued) ($ in millions) 2Q23 2Q24 Redemption rev enue $58.3 $74.0 Ad & other rev enue 19.1 14.0 Total revenue $77.4 $87.9 One-time breakage benefit (9.4) - Non-GAAP total revenue $68.0 $87.9 Total revenue % YoY growth 65% 14% Non-GAAP total revenue % YoY g
Slide 22: Revenue GAAP to non-GAAP reconciliation (continued)
Revenue GAAP to non-GAAP reconciliation (continued) ($ in millions) 2Q23 2Q24 Direct-to-consumer redemption revenue per redemption $1.31 $1.13 Direct-to-consumer redemption rev enue 46.5 32.3 One-time breakage benefit (9.4) - Non-GAAP direct-to-consumer redemption rev enue 37.1 32.3 Direct-to-consum
Slide 23: Adjusted EBITDA and Adjusted EBITDA margin GAAP to non-GAAP reconciliation
Adjusted EBITDA and Adjusted EBITDA margin GAAP to non-GAAP reconciliation ($ in millions) 2Q23 2Q24 Net (loss) income $15.3 $(34.0) Add (deduct): I nterest expense (income), net 1.5 (2.7) Depreciation & amortization 1.6 2.1 Stock based compensation 1.8 44.8 Change in fair v alue of deriv ativ e .2
Slide 24: Gross profit GAAP to non-GAAP reconciliation
Gross profit GAAP to non-GAAP reconciliation ($ in millions) 2Q23 2Q24 Gross profit $67.7 $75.6 Stock-based compensation .1 .4 One-time breakage benefit (9.4) - Non-GAAP gross profit $58.5 $76.0 Rev enue 77.4 87.9 1 Non-GAAP rev enue $68.0 $87.9 Gross profit % 87.5% 86.0% Non-GAAP gross profit % 86.
Slide 25: Operating expenses GAAP to non-GAAP reconciliation
Operating expenses GAAP to non-GAAP reconciliation ($ in millions) 2Q23 2Q24 Sales & marketing $22.2 $50.0 Stock-based compensation (.6) (26.8) Non-GAAP sales & marketing $21.7 $23.2 Rev enue 77.4 87.9 Non-GAAP rev enue1 68.0 87.9 Sales & marketing % rev enue 28.7% 56.9% Non-GAAP sales & marketing %
Slide 26: 2023 one-time breakage benefit
2023 one-time breakage benefit User redemption liability & breakage • On our balance sheet, we have a user redemption In 2023, we made an update to fix a software liability balance that is an accumulation of direct- error to correctly charge maintenance fees to to-consumer (D2C) redeemers' account b