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What guidance did Ibotta's management provide for the next earnings period?

What is Ibotta's latest dividend and current dividend yield?

What does Ibotta do and what are its main business segments?

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- **Q3 Stronger Than Expected**: Revenue ($83.3M) and EBITDA ($16.6M) beat guidance, despite 16% YoY decline. Q4 guidance cautious due to macro challenges.
- **LiveLift Momentum**: 83% of pilots re-upped campaigns, with clients citing reduced sales cycle and precise targeting. Full sales team trained for Q1 '26.
- **Strategic Investments**: $M+ annual spend on third-party measurement to validate ROI, positioning for 2026 growth.
- **AI-Driven Efficiency**: AI reduces campaign setup time by 50%, with 2026 focus on real-time optimization.
- **Macro Risks**: CPG clients cautious amid depressed sales, but Ibotta's outcomes-based model offers resilience.

**【CEO Summary Section】**
- **Revenue Performance**: Q3 revenue of $83.3M (down 16% YoY) was 2% above the midpoint of guidance, with adjusted EBITDA of $16.6M (20% margin), 44% above midpoint. Q4 guidance: $80-85M revenue, $9-12M EBITDA. 2026 focus on 'Make It Easy' theme, streamlining client processes.
- **Strategic Innovations**: Launched LiveLift (AI-driven sales optimization) and Circana partnership for third-party lift studies. 83% of LiveLift pilots re-upped campaigns post-pilot. Client testimonials highlight reduced sales cycle and precise targeting.
- **Sales Transformation**: Reorganized sales team, filled all VP roles, improved B2B marketing and training. Third-party redeemers grew 19% YoY, driven by Instacart and DoorDash integrations.
- **Macro Challenges**: CPG clients face depressed sales growth, consumer sentiment lows, and SNAP disruptions, leading to cautious spending. Ibotta's outcomes-based approach aims to mitigate these risks.

**【CFO Financial Commentary】**
- **Financial Metrics**: Q3 non-GAAP gross margin 80% (down 800bps YoY), operating expenses 61% of revenue. Cost of revenue up $4.8M YoY due to publisher costs. Free cash flow generation continues, with $223.3M cash and $38.7M share buybacks.
- **2026 Outlook**: Anticipates normalized seasonality with Q1 '26 revenue down ~10% YoY, followed by sequential growth. Investing in third-party measurement (est. $M+ annually) to validate LiveLift ROI.
- **Expense Management**: Year-to-date cost control maintained, with Q4 seeing incremental marketing spend and full sales staffing.

**【Q&A Key Highlights】**
- **LiveLift Timeline**: 20+ pilots by end-2025, 83% re-up rate. Full sales team trained for Q1 '26. Acceleration drivers: strong campaign performance, inbound interest from Circana partnership.
- **AI Integration**: AI models optimize campaign parameters, reducing setup time by 50%. 2026 focus on in-flight optimization and recommendation engines.
- **Merchant Contributions**: Instacart and DoorDash drive third-party redeemer growth (49.3% of redemption revenue). DoorDash nearing full customer base coverage, with Beer/Wine/Spirits expansion in 13 states.
- **Macro Risks**: CPG clients pausing discretionary spending, but Ibotta's outcomes-based model positions for 2026 recovery. SNAP disruption impact expected to persist.


Ibotta, Inc. (IBTA) Q3 2025 Earnings Call Transcript

- **Q2 Results Below Guidance**: Revenue $86M (-2% YoY), EBITDA $17.9M (21% margin). Delays in scaling performance marketing pilots and sales reorg disrupted growth.
- **New Performance Model Gains Traction**: Third-party validation shows 15%+ sales lift, with 6 new pilots and 11 in late-stage discussions. Clients now view promotions as measurable media channels.
- **Sales Reorg Challenges**: 16% YoY revenue decline for accounts with rep changes, but new vertical structure expected to stabilize by Q4.
- **Third-Party Publisher Growth**: 17% YoY redemption growth from DoorDash, Instacart, and Walmart integrations, offsetting D2C decline.
- **Long-Term Opportunity**: Transitioning to $200B CPG marketing spend platform, with early client enthusiasm but 9-12 month scaling timeline.

**【CEO Summary Section】**
- Ibotta reported Q2 revenue of $86 million, down 2% YoY, with adjusted EBITDA of $17.9 million (21% margin). Revenue fell below guidance due to delays in scaling new performance marketing pilots and sales reorganization disruptions.
- The company is transitioning to a new performance marketing model, which measures promotions like digital media, with two key pilot clients pausing campaigns mid-quarter. Third-party validation of results from a leading media measurement firm showed stronger-than-expected sales lift, rebuilding client confidence.
- A sales reorganization shifted from territory-based to industry verticals (e.g., food, health & beauty), reducing account loads and improving client focus. However, this caused a 16% YoY decline in revenue for accounts with rep changes.
- Despite challenges, 20 top-to-top client meetings led to 6 new pilots and 11 in late-stage discussions. Third-party publisher redemption revenue grew 17% YoY, driven by DoorDash and Instacart integrations.

**【CFO Financial Commentary】**
- Redemption revenue: $73.2 million (-1% YoY). Third-party publisher redemption: $48.6 million (+17% YoY). D2C redemption: $24.7 million (-24% YoY). Ad & other revenue: $12.8 million (-8% YoY).
- Key metrics: 17.3 million redeemers (+27% YoY), 4.6 redemptions per redeemer (-21% YoY), $0.91 redemption revenue per redemption (-1% YoY).
- Q2 non-GAAP gross margin: 80% (-660bps YoY). Operating expenses: 61% of revenue (+180bps YoY). Q3 guidance: $79-84 million revenue (-17% midpoint YoY), $9.5-13.5 million adjusted EBITDA (-14% margin YoY).
- Cash: $250.5 million. Q2 share buybacks: $67.5 million (1.4 million shares). Remaining buyback authorization: $128.6 million.

**【Q&A Highlights】**
- **Performance Marketing Rollout**: CEO Bryan Leach expects 9-12 months to scale new clients, with third-party validation accelerating adoption. 6 new pilots (mix of large CPGs and emerging brands) in late-stage discussions.
- **Macro Environment Impact**: CPGs pausing promotional spend due to economic uncertainty, but Ibotta's new model reframes promotions as performance media with measurable ROI.
- **Sales Execution**: New sales structure will reduce disruption by Q4, with continuity improving revenue predictability. 2024 rep handoffs caused 16% YoY revenue decline for affected accounts.
- **Publisher Growth**: Walmart expanded digital offer visibility (e.g., self-checkout badging), driving third-party redeemer growth. DoorDash and Instacart integrations contributed 17% YoY publisher redemption growth.
- **Long-Term Vision**: Transitioning from promotions vendor to performance marketing platform, with potential to tap into $200B CPG marketing spend. Early client feedback validates model, but scaling requires time and third-party validation.


Ibotta, Inc. (IBTA) Q2 2025 Earnings Call Transcript

- **CPID Breakthrough**: Two clients saw redemption revenue surge 8x and near-doubles, with 41-state expansion via reward model.\n- **Performance Marketing Shift**: 17% adj. EBITDA margin, 38% third-party redemption growth highlights omnichannel platform traction.\n- **Growth Catalysts**: Q2 adj. EBITDA up 22%, Instacart/DoorDash alcohol rollouts, and 10x+ redemption potential on existing audience.\n- **Execution Excellence**: 37% seller turnover reduction, 81% gross margin despite Instacart costs, and $12.1M adj. net income.

**【CEO Opening Remarks】**
- **CPID Success Stories**: Two major CPG clients saw redemption revenue grow 8x and nearly double year-over-year, with one client expanding to 41 states via a reward model.\n- **Performance Marketing Shift**: Ibotta’s omnichannel platform delivers incremental sales, credible measurement, and scale, with early pilots showing attractive CPID (cost per incremental dollar) efficiency.\n- **Sales Team Optimization**: 37% reduction in seller turnover through streamlined processes, reduced administrative burdens, and clearer account assignments.\n
**【CFO Financial Highlights】**\n- **Q1 2025 Results**: Revenue $84.6M (+3% YoY), adj. EBITDA $14.7M (17% margin). Redemption revenue $73.4M (+8% YoY), driven by 38% growth in third-party publisher redemptions.\n- **Gross Margin Pressure**: 81% non-GAAP gross margin (-700bps YoY) due to Instacart costs and variable tech expenses.\n- **Q2 Guidance**: Revenue $86.5-92.5M (2% midpoint growth), adj. EBITDA $17-22M (22% margin).\n
**【Q&A Key Takeaways】**\n- **Instacart & DoorDash Integration**: Alcohol/beverage offers rolled out in 13 states, with plans to expand to 41 states via reward model. DoorDash adoption smoother due lack of legacy promotions.\n- **CPID Scaling**: 3 new pilot clients added, with focus on automating analytics and ML-driven optimization.\n- **Supply Constraints**: Sequential improvement expected via sales execution tweaks and CPID adoption, with 10x+ redemption potential on existing audience.

Ibotta, Inc. (IBTA) Q1 2025 Earnings Call Transcript

- **Q4 Underperformance**: Revenue and EBITDA missed guidance due to CPG budget constraints and execution challenges.
- **Strategic Breakthroughs**: 
  - New CPID framework secures 3x+ budget from top clients.
  - Programmatic campaign manager in beta with two marquee clients.
- **Near-Term Outlook**: 
  - Q1 flat revenue, improving sequentially with Instacart ramp.
  - Full year margin expansion driven by flattish expenses and revenue growth.
- **Long-Term Vision**: 
  - Transition to programmatic performance marketing.
  - 50%+ revenue from CPID-based campaigns by end of decade.


**【CEO Opening Remarks】**
- Q4 revenue and adjusted EBITDA fell below guidance due to insufficient CPG offer supply, leading to lower redemptions per redeemer.
- Key challenges: 
  1. CPG brands demand stricter ROI measurement amid economic uncertainty.
  2. Sales execution disruptions during leadership transition.
  3. Misalignment with CPG budget cycles.
- Strategic initiatives: 
  - Launching CPID (Cost Per Incremental Dollar) framework for measuring sales lift.
  - Programmatic campaign manager for self-service ad buying.
  - New Chief Revenue Officer (Chris Riedy) to improve sales execution.
- Positive signs: 
  - Two top CPG clients approved multi-million dollar campaigns using new measurement tools.
  - Third-party redeemer growth offset D2C weakness.

**【CFO Financial Review】**
- Q4 Results: 
  - Revenue: $98.4M (0.5% YoY decline ex-breakage)
  - Adjusted EBITDA: $27.8M (28% margin)
  - Free cash flow: $19.4M
- Key metrics: 
  - Total redeemers: 17.2M (27% YoY growth)
  - Redemption revenue per redemption: $0.87 (6% YoY increase)
- Q1 2025 Outlook: 
  - Revenue: $80-84M (flat YoY)
  - Adjusted EBITDA: $10-14M (15% margin)
  - Cost of revenue to increase $2M QoQ due to Instacart ramp.

**【Q&A Highlights】**
1. **Measurement Framework Progress**: 
   - Two pilots converted to live campaigns with 3x+ budget vs. 2024.
   - Expect gradual rollout to all clients through 2025.
2. **Sales Execution Improvements**: 
   - New Chief Revenue Officer implementing better account coverage and CRM tools.
   - Expect reduced handoffs and faster deal closure by mid-2025.
3. **Client Migration to CPID**: 
   - Focus on high-impact campaigns with top 10 clients first.
   - Long-term goal: 50%+ revenue from programmatic campaigns.
4. **Publisher Expansion**: 
   - DoorDash and Instacart alcoholic beverage campaigns launching Q2.
   - Family Dollar and Walmart driving third-party redeemer growth.
5. **D2C Ad Recovery**: 
   - Shifting to CPM pricing and third-party ad server by mid-2025.
   - Expect fill rate improvements and revenue stabilization by Q4.


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