Ibotta (IBTA) 21st Annual Needham Technology, Media, & Consumer Conference summary

Company evolution and business model

• Transitioned from a direct-to-consumer coupon app to a broad digital promotions network over 14 years.

• Key growth catalyst was the 2021 Walmart partnership, leading to the Ibotta Performance Network (IPN).

• Expanded publisher base to include Dollar General, Family Dollar, Instacart, DoorDash, Uber, Schnucks, and Giant Eagle.

• Network now reaches hundreds of millions of consumers, with the D2C app acting as one publisher among many.

• Walmart partnership provided scale, data access, and credibility, enabling further growth and IPO.

Recent financial and operational performance

• Improved execution and sales reorganization have driven better client engagement and opportunities.

• Achieved two consecutive quarters of beating and raising financial outlook, with sequential improvement in YoY revenue declines (Q3: -16%, Q4: -10%, Q1: -2%).

• Redemption revenue, nearly 90% of business, is stabilizing and expected to return to growth in Q2.

• Profitability above guidance, with focus on rebuilding credibility with clients, investors, and as a stock.

• Expect total business growth in Q3 and redemption revenue growth at the midpoint of Q2 guidance.

Advertiser and supply-side dynamics

• Works with over 900 CPG clients and 3,000 brands, organized by verticals: food, beverage, health & beauty, and household goods.

• Sales reorganization shifted from geographic to vertical focus, improving efficiency and depth with clients.

• Main growth bottleneck is offer supply, not demand; more demand than supply currently.

• Upskilled sales team and strategic conversations are unlocking more advertising budgets.

• Product enhancements, including LiveLift and third-party validation (Circana, ABCS), are increasing advertiser receptivity.