Ibotta Reports Second Quarter 2024 Financial Results

DENVER, Aug. 14, 2024 (GLOBE NEWSWIRE) -- In a release issued under the same headline August 13, 2024 by Ibotta (NYSE: IBTA) please note that in the Condensed Statements of Cash Flows table, a Proceeds from initial public offering, net row has been added. Everything else remains the same. The corrected release follows.

Grew revenue by 14% year-over-year to $87.9 million and non-GAAP revenue by 29%

Generated a net loss of $34.0 million, representing net loss as a percent of revenue of 39%, and Adjusted EBITDA of $25.3 million, representing a 29% Adjusted EBITDA margin

Announced Instacart as new IPN partner with revenue contribution expected to begin by end of year

Ibotta, Inc. (NYSE: IBTA), a leading technology company providing digital promotions and performance marketing solutions, today announced financial results for the second quarter ended June 30, 2024.

“Our strong second quarter results demonstrate that Ibotta’s pay-for-performance model is resonating with our clients and consumers,” said Ibotta CEO and founder, Bryan Leach. “In the current macroeconomic environment, now more than ever, CPG brands are turning to the IPN to win back market share, and that is leading to strong third-party redeemer and redemption growth. I am also excited about our recently announced strategic partnership with Instacart that highlights the expansion of our network into the promising vertical of online grocery delivery.”

Second Quarter 2024 Financial Highlights:

  • Total revenue of $87.9 million, representing year-over-year growth of 14%. Excluding a one-time breakage benefit of $9.4 million in the second quarter of 2023, non-GAAP revenue growth was 29%.
  • Total redemption revenue of $74.0 million, an increase of 27% year-over-year. Excluding a one-time D2C redemption revenue breakage benefit of $9.4 million in the second quarter of 2023, non-GAAP redemption revenue growth was 51%.
  • During the quarter, the IPN had 13.7 million redeemers, compared to 5.3 million redeemers in the second quarter of 2023, an increase of 158% year-over-year. The primary driver of year-over-year growth was the expansion of the Walmart program (which initially launched in the third quarter of 2022 to members of Walmart’s paid membership program, Walmart+) to all Walmart customers with a Walmart.com account in the third quarter of 2023.
  • Increased redemptions to 80.7 million, compared to 51.2 million in the second quarter of 2023, an increase of 58% year-over-year.
  • Generated net loss of $34.0 million, representing net loss as a percent of revenue of 39%, and adjusted net income of $19.9 million, representing adjusted net income as a percent of revenue of 23%.
  • Delivered Adjusted EBITDA of $25.3 million, representing an Adjusted EBITDA margin of 29%.
  • Generated cash from operating activities of $35.0 million and free cash flow of $32.7 million.
  • On April 22, 2024, Ibotta completed its initial public offering (IPO), raising $198.0 million in net proceeds by selling 2.5 million primary shares with an additional 5.0 million secondary shares sold by certain selling stockholders.

The following table summarizes the Company’s consolidated financial results for the three and six months ended June 30, 2024 and 2023:

  Three months ended June 30,       Six months ended June 30,    
    2024       2023     %
Change
    2024       2023     %
Change
  (in thousands, except per share figures and percentages)
GAAP Results                      
Redemption revenue $ 73,951     $ 58,271     27 %   $ 141,940     $ 99,974     42 %
Revenue $ 87,926     $ 77,385     14 %   $ 170,253     $ 135,076     26 %
Net (loss) income $ (33,966 )   $ 15,341     (321 )%   $ (24,669 )   $ 11,058     (323 )%
Net (loss) income per share, diluted $ (1.32 )   $ 0.58     (328 )%   $ (1.41 )   $ 0.42     (436 )%
Net (loss) income as a percent of revenue   (39 )%     20 %   (295 )%     (14 )%     8 %   (275 )%
                       
Non-GAAP Results                      
Non-GAAP redemption revenue $ 73,951     $ 48,871     51 %   $ 141,940     $ 89,404     59 %
Non-GAAP revenue $ 87,926     $ 67,985     29 %   $ 170,253     $ 124,506     37 %
Adjusted EBITDA $ 25,274     $ 23,207     9 %   $ 47,933     $ 25,711     86 %
Adjusted EBITDA margin   29 %     30 %   (3 )%     28 %     19 %   48 %
Adjusted net income $ 19,859     $ 18,256     9 %   $ 35,257     $ 17,413     102 %
Adjusted net income per share, diluted $ 0.68     $ 0.69     %   $ 1.76     $ 0.66     168 %
                                           

The following table summarizes the Company’s performance metrics for the three and six months ended June 30, 2024 and 2023:

  Three months ended June 30,       Six months ended June 30,    
    2024     2023   %
Change
    2024     2023   %
Change
  (in thousands, except per share figures and percentages)
Performance Metrics                      
Redemptions:                      
Direct-to-consumer redemptions   28,573     35,463   (19 )%     56,248     67,150   (16 )%
Third-party publisher redemptions   52,142     15,738   231 %     95,934     27,324   251 %
Total redemptions   80,715     51,201   58 %     152,181     94,474   61 %
Redeemers:                      
Direct-to-consumer redeemers   1,800     1,940   (7 )%     1,864     1,944   (4 )%
Third-party publisher redeemers   11,902     3,375   253 %     11,230     3,055   268 %
Total redeemers   13,702     5,315   158 %     13,095     4,999   162 %
Redemptions per redeemer:                      
Direct-to-consumer redemptions per redeemer   15.9     18.3   (13 )%     30.2     34.5   (12 )%
Third-party publisher redemptions per redeemer   4.4     4.7   (6 )%     8.5     8.9   (4 )%
Total redemptions per redeemer   5.9     9.6   (39 )%     11.6     18.9   (39 )%
Redemption revenue per redemption:                      
Direct-to-consumer redemption revenue per redemption $ 1.13   $ 1.31   (14 )%   $ 1.16   $ 1.19   (3 )%
Third-party publisher redemption revenue per redemption $ 0.80   $ 0.75   7 %   $ 0.80   $ 0.74   8 %
Total redemption revenue per redemption $ 0.92   $ 1.14   (19 )%   $ 0.93   $ 1.06   (12 )%
 

Second Quarter 2024 Business Highlights:

  • Launched the new and upgraded Family Dollar digital coupon program, which gives customers access to more national offers and an improved shopping experience. The partnership aims to advance Family Dollar’s digital engagement and customer experience strategy, ultimately driving more value and loyalty among its customers in nearly 8,000 store locations. The multi-year agreement, in which Ibotta is the exclusive provider of digital promotions, expands the array of offer types Ibotta supports to include digital coupons.
  • Enabled Digital offers on AppCard, a leading personalized marketing and shopper analytics solution for independent grocers. At the end of the quarter, Ibotta’s offers were available at approximately one-third of all AppCard banners.
  • Signed and announced partnership with Schnuck Markets Inc. (Schnucks) to roll out Ibotta’s digital offers to Schnucks’ customers. Digital offers from the IPN will become available to Schnucks’ customers later this year. In addition, Ibotta and Schnucks began collaborating on research and development initiatives related to novel ways of delivering personalized savings to consumers.
  • Subsequent to the quarter-end, Ibotta and Instacart entered into a multi-year strategic partnership to bring Instacart customers savings on their groceries. Ibotta-provided digital offers will be live on Instacart’s mobile app and website later this year.

Financial Guidance:

Third quarter 2024 outlook summary:

  • Revenue of $91 - $96 million, a year-over-year increase of 12% at the midpoint on a non-GAAP basis excluding the breakage benefit during the third quarter of 2023.
  • Adjusted EBITDA of $28 - $32 million, representing a margin of 32% at the midpoint.

Guidance for Adjusted EBITDA is earnings before interest (income) expense, net, provision for income tax, depreciation and amortization, and excludes stock-based compensation, change in fair value of derivative, loss on debt extinguishment, and other expense, net. We have not reconciled Adjusted EBITDA to GAAP net income 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 income tax, 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. Other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.

Second Quarter 2024 Financial Results Webcast and Conference Call Details

When: Tuesday, August 13, 2024 at 2:30 p.m. MT/ 4:30 p.m. ET
Live Call: US/Canada: 877-405-1211; International: +1 215-268-9896
Webcast: ir.ibotta.com
Audio replay: An audio replay of the call will be available beginning about two hours after the call. To listen to the replay in the United States please dial 877-660-6853 (replay code 13747861). Outside of the United States, please dial 201-612-7415.
   

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 three and six months ended June 30, 2023, the breakage benefit to revenue totaled $9.4 million and $10.6 million, respectively. There was no breakage benefit associated with the three and six months ended June 30, 2024.

Redeemers: ​​A consumer who has redeemed at least one digital offer within the quarter. 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 $1.8 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 regarding Instacart contributing revenue by the end of the year, digital offers from the IPN becoming available to Schnucks’ customers later this year, Ibotta-provided digital offers being live on Instacart’s mobile app and website later this year, 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.
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(unaudited)
 
  Three months ended June 30,   Six months ended June 30,
    2024       2023       2024       2023  
Revenue $ 87,926     $ 77,385     $ 170,253     $ 135,076  
Cost of revenue(1)   12,283       9,644       22,798       20,894  
Gross profit   75,643       67,741       147,455       114,182  
Operating expenses(1):              
Sales and marketing   50,018       22,208       78,147       43,810  
Research and development   17,526       12,220       31,167       23,915  
General and administrative   28,708       12,737       41,862       26,071  
Depreciation and amortization   1,048       762       2,031       1,514  
Total operating expenses   97,300       47,927       153,207       95,310  
(Loss) income from operations   (21,657 )     19,814       (5,752 )     18,872  
Interest income (expense), net   2,672       (1,545 )     867       (3,217 )
Loss on debt extinguishment   (9,630 )           (9,630 )      
Other expense, net   (1,414 )     (238 )     (3,116 )     (1,741 )
(Loss) income before provision for income taxes   (30,029 )     18,031       (17,631 )     13,914  
Provision for income taxes   (3,937 )     (2,690 )     (7,038 )     (2,856 )
Net (loss) income $ (33,966 )   $ 15,341     $ (24,669 )   $ 11,058  
Net (loss) income per share:              
Basic $ (1.32 )   $ 1.73     $ (1.41 )   $ 1.25  
Diluted $ (1.32 )   $ 0.58     $ (1.41 )   $ 0.42  
Weighted average common shares outstanding:              
Basic   25,659,465       8,882,350       17,484,092       8,851,194  
Diluted   25,659,465       26,563,550       17,484,092       26,528,229  

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

  Three months ended June 30,   Six months ended June 30,
    2024     2023     2024     2023
Cost of revenue $ 365   $ 133   $ 523   $ 353
Sales and marketing   26,808     558     30,430     1,122
Research and development   4,036     510     4,589     1,037
General and administrative   13,608     554     14,120     1,072
Total stock-based compensation expense $ 44,817   $ 1,755   $ 49,662   $ 3,584

 
Ibotta, Inc.
CONDENSED BALANCE SHEETS
(In thousands)
 
  June 30, 2024   December 31, 2023
  (unaudited)    
Assets      
Current Assets:      
Cash and cash equivalents $ 317,858     $ 62,591  
Accounts receivable   209,023       226,439  
Prepaid expenses and other current assets   7,353       9,314  
Total current assets   534,234       298,344  
Property and equipment   2,272       2,541  
Capitalized software development costs   14,361       12,844  
Equity investment   4,531       4,531  
Other long-term assets   652       1,530  
Total assets $ 556,050     $ 319,790  
Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity      
Current liabilities:      
Accounts payable $ 5,235     $ 8,937  
Due to third-party publishers   80,542       73,155  
Deferred revenue   2,831       2,628  
User redemption liability   81,044       84,531  
Accrued expenses   16,918       24,582  
Other current liabilities   3,596       4,317  
Total current liabilities   190,166       198,150  
Long-term liabilities:      
Long-term debt, net         64,448  
Convertible notes derivative liability         25,400  
Other long-term liabilities   6,182       3,864  
Total liabilities   196,348       291,862  
Redeemable convertible preferred stock          
Stockholders’ equity:      
Preferred stock          
Common stock          
Class A common stock          
Class B common stock          
Additional paid-in capital   593,559       237,116  
Accumulated deficit   (233,857 )     (209,188 )
Total stockholders' equity   359,702       27,928  
Total liabilities, redeemable convertible preferred stock, and stockholders' equity   556,050       319,790  

 
Ibotta, Inc.
CONDENSED STATEMENTS OF CASH FLOWS 
(In thousands)
(unaudited)
 
  Six months ended June 30,
    2024       2023  
Operating activities      
Net (loss) income $ (24,669 )   $ 11,058  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization   4,023       3,254  
Impairment of capitalized software development costs   366       692  
Stock-based compensation expense   24,802       3,584  
Common stock warrant expense   24,860        
Credit loss expense   681       409  
Loss on extinguishment of debt   9,630        
Amortization of debt discount and issuance costs   1,029       1,641  
Change in fair value of convertible notes derivative liability   3,085       1,700  
Other   23       40  
Changes in assets and liabilities:      
Accounts receivable   16,741       (23,628 )
Other current and long-term assets   (1,603 )     895  
Accounts payable   (2,917 )     745  
Due to third-party publishers   7,387       11,257  
Accrued expenses   (7,787 )     (2,347 )
Deferred revenue   203       596  
User redemption liability   (3,487 )     (8,069 )
Other current and long-term liabilities   2,019       (756 )
Net cash provided by operating activities   54,386       1,071  
Investing activities      
Additions to property and equipment   (353 )     (202 )
Additions to capitalized software development costs   (4,436 )     (3,560 )
Maturities of short-term investments         27,900  
Net cash (used in) provided by investing activities   (4,789 )     24,138  
Financing activities      
Proceeds from exercise of stock options   4,706       671  
Proceeds from initial public offering, net   206,692        
Deferred offering costs   (5,637 )      
Other financing activities   (91 )      
Net cash provided by financing activities   205,670       671  
Net change in cash and cash equivalents   255,267       25,880  
Cash and cash equivalents, beginning of period   62,591       17,818  
Cash and cash equivalents, end of period $ 317,858     $ 43,698  
 

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 June 30,       Six months ended June 30,    
    2024     2023   %
Change
    2024     2023   %
Change
  (in thousands, except percentages)
Direct-to-consumer revenue                      
Redemption revenue $ 32,300   $ 46,530   (31)%   $ 65,282   $ 79,801   (18)%
Ad & other revenue   13,975     19,114   (27)%     28,313     35,102   (19)%
Total direct-to-consumer revenue   46,275     65,644   (30)%     93,595     114,903   (19)%
Third-party publishers revenue                      
Redemption revenue   41,651     11,741   255%     76,658     20,173   280%
Ad & other revenue         —%           —%
Total third-party publishers revenue   41,651     11,741   255%     76,658     20,173   280%
Total                      
Redemption revenue   73,951     58,271   27%     141,940     99,974   42%
Ad & other revenue   13,975     19,114   (27)%     28,313     35,102   (19)%
Total revenue $ 87,926   $ 77,385   14%   $ 170,253   $ 135,076   26%
                               

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 June 30,   Six months ended June 30,
    2024       2023       2024       2023  
               
  (in thousands)
Net (loss) income $ (33,966 )   $ 15,341     $ (24,669 )   $ 11,058  
Add (deduct):              
Interest (income) expense, net   (2,672 )     1,545       (867 )     3,217  
Depreciation and amortization   2,114       1,640       4,023       3,255  
Stock-based compensation   44,817       1,755       49,662       3,584  
Change in fair value of derivative   1,385       200       3,085       1,700  
Loss on debt extinguishment   9,630             9,630        
Provision for income taxes   3,937       2,690       7,038       2,856  
Other expense, net   29       36       31       41  
Adjusted EBITDA $ 25,274     $ 23,207     $ 47,933     $ 25,711  
Revenue $ 87,926     $ 77,385     $ 170,253     $ 135,076  
Net (loss) income as a percent of revenue   (39 )%     20 %     (14 )%     8 %
Adjusted EBITDA margin   29 %     30 %     28 %     19 %
                               

Reconciliation of Adjusted Net Income

  Three months ended June 30,   Six months ended June 30,
    2024       2023       2024       2023  
               
  (in thousands)
Net (loss) income $ (33,966 )   $ 15,341     $ (24,669 )   $ 11,058  
Stock-based compensation   44,817       1,755       49,662       3,584  
Loss on debt extinguishment   9,630             9,630        
Change in fair value of derivative   1,385       200       3,085       1,700  
Adjustment for income taxes   (2,007 )     960       (2,451 )     1,071  
Adjusted net income $ 19,859     $ 18,256     $ 35,257     $ 17,413  
Revenue $ 87,926     $ 77,385     $ 170,253     $ 135,076  
Adjusted net income as a percent of revenue   23 %     24 %     21 %     13 %
               
Weighted average shares of common stock outstanding, diluted   25,659,465       26,563,550       17,484,092       26,528,229  
Net (loss) income per share, diluted $ (1.32 )   $ 0.58     $ (1.41 )   $ 0.42  
               
Adjusted weighted average common shares outstanding, diluted   29,022,347       26,563,550       20,065,490       26,528,229  
Adjusted net income per share, diluted $ 0.68     $ 0.69     $ 1.76     $ 0.66  
                               

Reconciliation of Non-GAAP Revenue

  Three months ended June 30,   Six months ended June 30,
    2024     2023       2024     2023  
               
  (in thousands)
Revenue $ 87,926   $ 77,385     $ 170,253   $ 135,076  
Breakage benefit       (9,400 )         (10,570 )
Non-GAAP revenue $ 87,926   $ 67,985     $ 170,253   $ 124,506  
                           

Reconciliation of Non-GAAP Redemption Revenue

  Three months ended June 30,   Six months ended June 30,
    2024     2023       2024     2023  
               
  (in thousands)
Redemption revenue $ 73,951   $ 58,271     $ 141,940   $ 99,974  
Breakage benefit       (9,400 )         (10,570 )
Non-GAAP redemption revenue $ 73,951   $ 48,871     $ 141,940   $ 89,404  
                           

Reconciliation of Free Cash Flow

  Three months ended June 30,   Six months ended June 30,
    2024       2023       2024       2023  
               
  (in thousands)
Net cash provided by (used in) operating activities $ 35,020     $ (1,621 )   $ 54,386     $ 1,071  
Additions to property and equipment   (201 )     (191 )     (353 )     (202 )
Additions to capitalized software development costs   (2,121 )     (2,565 )     (4,436 )     (3,560 )
Free cash flow $ 32,698     $ (4,377 )   $ 49,597     $ (2,691 )
                               

Contact

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

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


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Source: Ibotta