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Ibotta Inc. (IBTA-2.93%) Class A has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details a revenue increase to $98.6 million for the quarter, up from $85.3 million in the same quarter of the previous year. This growth is attributed to an increase in third-party publisher revenue, particularly from Walmart (WMT-0.82%), Dollar General (DG-1.37%), and Family Dollar (DLTR-1.70%).
Cost of revenue for the quarter was $12.2 million, representing 12% of total revenue, consistent with the previous year. The increase in cost was driven by higher revenue share and data hosting costs.
Sales and marketing expenses decreased by 26% to $27.8 million, due to reductions in stock-based compensation and self-funded user award expenses.
Research and development expenses rose by 31% to $16.3 million, primarily due to increased headcount and stock-based compensation.
General and administrative expenses increased by 70% to $20.6 million, largely driven by stock-based compensation related to equity awards and ongoing public company costs.
The company reported a net income of $17.2 million for the quarter, up from $8.4 million in the previous year, with an effective tax rate of 31.4%.
Cash provided by operating activities was $93.9 million, while cash used in investing activities was $7.7 million, primarily for capitalized software development costs.
Ibotta had cash and cash equivalents of $341.3 million as of September 30, 2024. The company believes its existing liquidity will be sufficient to meet its projected operating and capital requirements for at least the next 12 months.
The filing also notes that Ibotta completed its initial public offering on April 22, 2024, raising net proceeds of $198.0 million.
Ibotta's board of directors approved a share repurchase program with authorization to purchase up to $100 million of the company’s Class A common stock.
The company continues to focus on expanding its Ibotta Performance Network and maintaining relationships with key partners such as Walmart, Dollar General, and Family Dollar.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ibotta Inc. Class A quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.