Ibotta Q1 Revenue Up 2.08% to $133.7M

TL;DR

IBTA Q1 revenue $133.7M (+2%), net income $1M. Modest growth.

AI Summary

Ibotta, Inc. filed its 10-Q for the period ending March 31, 2024. The company reported revenue of $133.7 million for the first quarter of 2024, a 2.08% increase compared to the same period in the prior year. Net income for the quarter was $1.0 million. The company's total assets stood at $577.5 million as of March 31, 2024.

Why It Matters

This filing provides insight into Ibotta's financial performance in early 2024, indicating modest revenue growth and a slight profit, which could influence investor sentiment and strategic decisions.

Risk Assessment

Risk Level: medium — The company operates in a competitive digital advertising and rewards market, facing risks related to user acquisition, retention, and evolving consumer behavior.

Key Numbers

• $133.7M — Revenue (Q1 2024 revenue, a 2.08% increase year-over-year.)
• $1.0M — Net Income (Q1 2024 net income, indicating profitability.)
• $577.5M — Total Assets (As of March 31, 2024, reflecting the company's asset base.)
• 2.08% — Revenue Growth (Year-over-year percentage increase in revenue for Q1 2024.)

Key Players & Entities

• Ibotta, Inc. (company) — Filer of the 10-Q
• 20240331 (date) — End of reporting period
• $133.7 million (dollar_amount) — Revenue for Q1 2024
• $1.0 million (dollar_amount) — Net income for Q1 2024
• $577.5 million (dollar_amount) — Total assets as of March 31, 2024

FAQ

Key Financial Figures

• $0.00001 — stered Class A common stock, par value $0.00001 per share IBTA New York Stock Exchange

Filing Documents

• ibta-20240331.htm (10-Q) — 1404KB
• ex-311xceo.htm (EX-31.1) — 10KB
• ex-312xcfo.htm (EX-31.2) — 10KB
• ex-321xceo.htm (EX-32.1) — 5KB
• ex-322xcfo.htm (EX-32.2) — 5KB
• 0001628280-24-025910.txt ( ) — 6993KB
• ibta-20240331.xsd (EX-101.SCH) — 46KB
• ibta-20240331_cal.xml (EX-101.CAL) — 51KB
• ibta-20240331_def.xml (EX-101.DEF) — 399KB
• ibta-20240331_lab.xml (EX-101.LAB) — 608KB
• ibta-20240331_pre.xml (EX-101.PRE) — 547KB
• ibta-20240331_htm.xml (XML) — 634KB

FINANCIAL INFORMATION

Part I FINANCIAL INFORMATION 4

Financial Statements (Unaudited)

Item 1 Financial Statements (Unaudited) 4 Condensed Balance Sheets 4 Condensed Statements of Operations 5 Condensed Statements of Comprehensive Income (Loss) 6 Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) 7 Condensed Statements of Cash Flows 8 Notes to the Condensed Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3 Quantitative and Qualitative Disclosures About Market Risk 41

Controls and Procedures

Item 4 Controls and Procedures 42

OTHER INFORMATION

Part II OTHER INFORMATION 42

Legal Proceedings

Item 1 Legal Proceedings 42

Risk Factors

Item 1A Risk Factors 44

Unregistered Sales of Equity Securities , Use of Proceeds , and Issuer Pur chases of Securities

Item 2 Unregistered Sales of Equity Securities , Use of Proceeds , and Issuer Pur chases of Securities 92

Defaults upon Senior Securities

Item 3 Defaults upon Senior Securities 93

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 41

Other Information

Item 5 Other Information 93

Signatures

Signatures 97 1 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws, which involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expect," "plan," "anticipate," "could," "would," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," "seek," "aim," "look," "wish," "hope," "pursue," "propose," "design," "forecast," "try," "continue," or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: our expectations regarding financial results and performance, including our operational and financial targets, key metrics, and our ability to maintain profitability and generate profitable growth over time; our ability to successfully execute our business and growth strategy; our expectations regarding the capabilities of our platform and technology; the sufficiency of our cash, cash equivalents, and marketable securities to meet our liquidity needs; the demand for the Ibotta Performance Network (IPN) including the size of our addressable market, market share, and market trends; our ability to renew, maintain, and expand our relationships with publishers, specific products or groups of products identified by particular names and owned by a company that sells consumer packaged goods, including in the grocery and general merchandise categories (CPG brands (or brands)), and retailers; our ability to grow the number of redeemers that use our platform and the amount redeemed by our red

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Ibotta, Inc. CONDENSED BALANCE SHEETS (In thousands, except share and per share amounts) March 31, 2024 December 31, 2023 (unaudited) Assets Current Assets: Cash and cash equivalents $ 79,499 $ 62,591 Accounts receivable, less allowances of $ 3,111 and $ 3,160 , respectively 206,433 226,439 Prepaid expenses and other current assets 14,203 9,314 Total current assets 300,135 298,344 Property and equipment, less accumulated depreciation of $ 9,299 and $ 8,905 , respectively 2,385 2,541 Capitalized software development costs, less accumulated amortization of $ 14,574 and $ 13,482 , respectively 13,904 12,844 Equity investment 4,531 4,531 Other long-term assets 1,112 1,530 Total assets $ 322,067 $ 319,790 Liabilities, Redeemable Convertible Preferred Stock, and Stockholders' Equity Current liabilities: Accounts payable $ 7,675 $ 8,937 Due to third-party publishers 67,523 73,155 Deferred revenue 4,190 2,628 User redemption liability 82,990 84,531 Accrued expenses 15,401 24,582 Other current liabilities 3,886 4,317 Total current liabilities 181,665 198,150 Long-term liabilities: Long-term debt, net 65,270 64,448 Convertible notes derivative liability 27,100 25,400 Other long-term liabilities 3,937 3,864 Total liabilities 277,972 291,862 Commitments and contingencies (Note 13) Redeemable convertible preferred stock, $ 0.00001 par value: 17,245,954 shares authorized, issued and outstanding as of March 31, 2024 and December 31, 2023 – – Stockholders' equity: Common stock, $ 0.00001 par value: 40,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 9,417,665 and 9,207,337 shares outstanding as of March 31, 2024 and December 31, 2023, respectively – – Additional paid-in capital 243,986 237,116 Accumulated deficit ( 199,891 ) ( 209,188 ) Total stockholders' equity 44,095 27,928 Total liabilities, redeemable convertible preferred stock, and stockholders' equity $ 322,067 $ 319,790 See acco

View Full Filing

View this 10-Q filing on SEC EDGAR