Slide 1: Quarterly presentation, Third quarter 2024
Quarterly $1.30 back presentation Add offer Third 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: 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 6: 3Q24 financial results and 4Q24 outlook
3Q24 financial results and 4Q24 outlook © 2024 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 6
Slide 7: Third quarter 2024 results
Third quarter 2024 results Total revenue growth Adjusted EBITDA2 growth and margin One-time benefit One-time benefit +19% non-GAAP year-over-year +11% %one-time pt. increase in margin excl. benefit of $2.1M growth1 $98.6M 1.7x increase excl. one-time benefit $85.3M $36.5M (37% margin) $24.1M (28% ma
Slide 8: 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 52% 86% 14% Third-party publisher
Slide 9: Year-over-year revenue change
Year-over-year revenue change Total revenue Redemption revenue Total revenue YoY Growth %1 55% 19% Redemption revenue YoY Growth %1 76% 32% Redemption revenue YoY Growth %1 76% 32% Direct-to-consumer YoY Growth %1 22% (20%) Ad & other YoY Growth % 12% (27)% Third-party publisher YoY Growth % 129% Re
Slide 10: Key drivers of redemption revenue
Key drivers of redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary 15.3M redeemer per redemption1 ▪ Redemption revenue up $0.94 32%2 $0.87 ▪ Redeemers ▪ Growth driven by 7.3 expansion of third-party publisher network 9.4M 6.4 ▪ Redemptions per redeemer ▪ Decrease primarily
Slide 11: Key drivers of third-party redemption revenue
Key drivers of third-party redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary 13.4M redeemer per redemption ▪ 3PP redemption revenue up 4.9 $0.78 129% $0.75 ▪ Redeemers 4.1 Third-party publisher Launch1 Walmart+ Aug-22 All U.S. Walmart.com Sep-23 Dollar General Jul-23 7.2
Slide 12: Key drivers of D2C redemption revenue
Key drivers of D2C redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary 2.1M redeemer per redemption1 17.9 ▪ D2C redemption revenue 1.9M $1.10 down 20%2 year-over-year 16.5 $1.05 and up 3% sequentially ▪ Redemptions per redeemer ▪ Driven by the quantity and quality of offer
Slide 13: 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 87% 88% -10% 62% (%pt. decrease) 52% 34% 24% 14% 14% 14% 14% 3Q23 3Q24 3Q23 3Q24 Note: All 3Q23 and 3Q24 figures are unaudit
Slide 14: Guidance
Guidance Revenue +4% $100M - $106M year-over-year non-GAAP growth at the midpoint Adjusted EBITDA $30M - $34M 31% margin at the midpoint © 2024 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 14
Slide 15: Investment Highlights
Large addressable market AI-enabled platform with valuable dataset Investment Highlights Expansive partner network Solid double-digit revenue growth Increasing profitability © 2024 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 15
Slide 16: Appendix
Appendix © 2024 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 16
Slide 17: Consolidated statements of operations
Consolidated statements of operations In accordance with U.S. GAAP ($ in millions) 3Q23 3Q24 Rev enue $85.3 $98.6 Cost of rev enue 10.8 12.2 Gross profit 74.5 86.4 Operating expenses: Sales and marketing 37.6 27.8 Research and dev elopment 12.4 16.3 General and administrativ e 12.1 20.6 Depreciation
Slide 18: Revenue GAAP to non-GAAP reconciliation
Revenue GAAP to non-GAAP reconciliation ($ in millions) 3Q23 3Q24 Direct-to-consumer redemption revenue $43.6 $33.1 One-time breakage benefit (2.1) - Non-GAAP direct-to-consumer redemption revenue $41.5 $33.1 Direct-to-consumer redemption revenue % YoY growth 28% (24%) Non-GAAP direct-to-consumer re
Slide 19: Revenue GAAP to non-GAAP reconciliation (continued)
Revenue GAAP to non-GAAP reconciliation (continued) ($ in millions) 3Q23 3Q24 Redemption rev enue $66.0 $84.5 Ad & other rev enue 19.3 14.1 Total revenue $85.3 $98.6 One-time breakage benefit (2.1) - Non-GAAP total revenue $83.2 $98.6 Total revenue % YoY growth 59% 16% Non-GAAP total revenue % YoY g
Slide 20: Revenue GAAP to non-GAAP reconciliation (continued)
Revenue GAAP to non-GAAP reconciliation (continued) ($ in millions) 3Q23 3Q24 Direct-to-consumer redemption revenue per redemption $1.15 $1.05 Direct-to-consumer redemption rev enue 43.6 33.1 One-time breakage benefit (2.1) - Non-GAAP direct-to-consumer redemption rev enue 41.5 33.1 Direct-to-consum
Slide 21: Adjusted EBITDA and Adjusted EBITDA margin GAAP to non-GAAP reconciliation
Adjusted EBITDA and Adjusted EBITDA margin GAAP to non-GAAP reconciliation ($ in millions) 3Q23 3Q24 Net income $8.4 $17.2 Add (deduct): I nterest expense (income), net 1.6 (4.4) Depreciation & amortization 2.5 2.1 Stock based compensation 10.8 13.7 Change in fair v alue of deriv ativ e 1.5 0 Loss o
Slide 22: Gross profit GAAP to non-GAAP reconciliation
Gross profit GAAP to non-GAAP reconciliation ($ in millions) 3Q23 3Q24 Gross profit $74.5 $86.4 Stock-based compensation 0.2 0.5 One-time breakage benefit (2.1) - Non-GAAP gross profit $72.5 $86.9 Rev enue 85.3 98.6 1 Non-GAAP rev enue $83.2 $98.6 Gross profit % 87.4% 87.7% Non-GAAP gross profit % 8
Slide 23: Operating expenses GAAP to non-GAAP reconciliation
Operating expenses GAAP to non-GAAP reconciliation ($ in millions) 3Q23 3Q24 Sales & marketing $37.6 $27.8 Stock-based compensation (9.6) (4.3) Non-GAAP sales & marketing $28.0 $23.4 Rev enue 85.3 98.6 Non-GAAP rev enue1 $83.2 $98.6 Sales & marketing % rev enue 44.1% 28.1% Non-GAAP sales & marketing
Slide 24: 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