Ibotta Reports Fourth Quarter and Full Year 2024 Financial Results
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. “20...
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: 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, |
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| 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||||
| (in thousands, except per share figures and percentages) | |||||||||||||||||||||
GAAP Results |
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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 revenue |
| 77 | % |
| 19 | % |
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| 19 | % |
| 12 | % |
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Non-GAAP Results |
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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 margin |
| 28 | % |
| 33 | % |
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| 31 | % |
| 26 | % |
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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, |
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| 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||
| (in thousands, except per share figures and percentages) | |||||||||||||||||
Performance Metrics |
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Redemptions: |
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Direct-to-consumer redemptions |
| 28,276 |
| 39,522 | (28 | )% |
| 116,095 |
| 144,556 | (20 | )% | ||||||
Third-party publisher redemptions |
| 66,276 |
| 54,345 | 22 | % |
| 228,004 |
| 111,641 | 104 | % | ||||||
Total redemptions |
| 94,552 |
| 93,867 | 1 | % |
| 344,099 |
| 256,197 | 34 | % | ||||||
Redeemers: |
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Direct-to-consumer redeemers |
| 1,819 |
| 2,154 | (16 | )% |
| 1,864 |
| 2,040 | (9 | )% | ||||||
Third-party publisher redeemers |
| 15,396 |
| 11,425 | 35 | % |
| 12,809 |
| 6,192 | 107 | % | ||||||
Total redeemers |
| 17,215 |
| 13,579 | 27 | % |
| 14,673 |
| 8,232 | 78 | % | ||||||
Redemptions per redeemer: |
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Direct-to-consumer redemptions per redeemer |
| 15.5 |
| 18.3 | (15 | )% |
| 62.3 |
| 70.9 | (12 | )% | ||||||
Third-party publisher redemptions per redeemer |
| 4.3 |
| 4.8 | (10 | )% |
| 17.8 |
| 18.0 | (1 | )% | ||||||
Total redemptions per redeemer |
| 5.5 |
| 6.9 | (20 | )% |
| 23.5 |
| 31.1 | (24 | )% | ||||||
Redemption revenue per redemption: |
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Direct-to-consumer redemption revenue per redemption | $ | 1.07 | $ | 1.02 | 5 | % | $ | 1.11 | $ | 1.13 | (2 | )% | ||||||
Third-party publisher redemption revenue per redemption |
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