Revenue Growth - Full year 2024 revenue increased by 15% year-over-year to $367.3 million, with non-GAAP revenue growth of 20%[1] - Full year 2024 redemption revenue rose by 27% year-over-year to $308.8 million, with non-GAAP redemption revenue growth of 34%[1] - Fourth quarter 2024 total revenue was $98.4 million, a year-over-year decline of 1%, while non-GAAP revenue growth was flat[3] - Revenue for Q4 2024 was $98.38 million, a decrease of 1.3% from $99.67 million in Q4 2023, while full-year revenue increased by 14.7% to $367.25 million from $320.04 million in 2023[21] - Total revenue for the year ended December 31, 2024, was $367,254, an increase of 15% compared to $320,037 in 2023[29] Net Income and Profitability - Generated full year 2024 net income of $68.7 million, representing 19% of revenue, and Adjusted EBITDA of $112.2 million, reflecting a 31% Adjusted EBITDA margin[1] - Net income for Q4 2024 was $76.17 million, significantly up from $18.65 million in Q4 2023, resulting in a full-year net income of $68.74 million compared to $38.12 million in 2023[21] - Adjusted net income for Q4 2024 was $22,372, representing 23% of total revenue, compared to 27% in Q4 2023[28] Cash Flow and Financial Position - The company reported a significant increase in cash and cash equivalents, reaching $349.28 million by the end of 2024, compared to $62.59 million at the end of 2023[23] - Free cash flow for the year ended December 31, 2024, was $105,716, a substantial increase from $14,488 in 2023[31] Operating Expenses - Operating expenses for Q4 2024 totaled $70.26 million, an increase from $61.10 million in Q4 2023, with full-year operating expenses rising to $289.21 million from $220.05 million[21] - Stock-based compensation expense for the year was $76.22 million, up from $20.17 million in 2023, reflecting increased employee incentives[21] - Stock-based compensation for the year ended December 31, 2024, was $76,216, compared to $20,168 in 2023[27] User Engagement and Redemptions - The IPN had 17.2 million redeemers in Q4 2024, a 27% increase year-over-year, driven by the launch of Instacart and Family Dollar[3] - Increased total redemptions to 344.1 million in 2024, a 34% year-over-year increase[5] - The average number of redeemers in 2024 was 14.7 million, up 78% from 2023[5] - Direct-to-consumer revenue for Q4 2024 was $46,113, a decrease of 26% from $62,035 in Q4 2023[26] - Total third-party publishers revenue increased by 39% in Q4 2024 to $52,267, compared to $37,639 in Q4 2023[26] Future Outlook - Guidance for Q1 2025 projects revenue of $80 - $84 million, with an Adjusted EBITDA of $10 - $14 million, representing a margin of 15%[12] - The company anticipates continued growth and expansion in its performance marketing platform, leveraging AI technology to enhance digital promotions[19] Breakage and User Liability - The company experienced a breakage benefit of $0.8 million in Q4 2023 and $13.5 million for the full year 2023, with no breakage benefit reported for 2024[15] - The user redemption liability decreased to $74.01 million in 2024 from $84.53 million in 2023, indicating improved management of inactive accounts[23] Market Impact - Ibotta has delivered over $2.3 billion in cash back to American shoppers since its inception in 2012, highlighting its market impact[18]
Ibotta, Inc.(IBTA) - 2024 Q4 - Annual Results