Ibotta, Inc. Citi’s 2026 Global TMT Conference

I guess that's the cue. Thanks everybody. Thanks for joining. I'm Ron Josey. I cover the internet sector here at Citi and excited to have with me Matt Puckett, who's the CFO of Ibotta. I think most people in the room know what Ibotta does, and there's a lot going on at Ibotta, a big turnaround that I think we're starting to see some traction, which is exciting. As we kick off, Matt, tell us a little bit about what Ibotta does and maybe your background. What Ibotta does, and then we'll get through the list of questions that I've prepared here.

Yeah, absolutely. Well, thank you for having me, Ron, and happy to be here. It's great to be in New York in the fall.

Always good. U.S. Open as well.

U.S. Open. Yeah. I didn't stay up till 3:30.

No. But evidently that was pretty exciting.

So Ibotta, a digital promotions provider, really kind of the first of its kind. Today, we work with all of the major CPG companies and leverage the Ibotta Performance Network, which has been a real boom for us as we established that several years ago. We have the app, which is kind of the origin of the company, the Ibotta app, which was able to really be a direct consumer offering, providing digital promotions to consumers on the app that they could redeem across the spectrum of retailers. But we created the Ibotta Performance Network a few years ago, and we're a number of retailers. We're really kind of the white label provider of digital coupons, digital promotions for them.

Whether it's in the mass space with Walmart or in the grocery space with a number of regional grocers, whether it's in the dollar space, whether it's in last mile delivery. A number of publishers across the network that we can then procure offers. That's kind of the supply of the business for us is budgets from CPG, promotions, the offers that we then serve up on the network to our publisher partners. The Ibotta app is, in essence, one of those publishers as well. So, bringing that to bear for consumers to kind of think about working, it's kind of the flywheel, if you will, the network effect of retailers, where offers are served, CPG, where the budgets are procured, and consumers who benefit from that. A little bit about, I've been in the company a little over 1 year.

Yep. I came to the company that I kind of describe us as a technology company who sits at that kind of that intersection.

My background is in retail, in footwear and apparel, actually. I came into the company thinking how much can I add strategically to this business coming in as a very specific mandate from a finance perspective as the company had been public for a little bit. But understanding how retailers think and really how brands make decisions about marketing spend and the trade-offs across their P&L is something that I've found pretty valuable from my background. So it's been really good. And happy to be here.

That's great. No, very helpful. You said something that I wanted to sort of dive a little bit deeper on. The comment was working with most all CPG companies, I think was the comment.

Yeah. Could we have said that six months ago?

Yeah, I think you probably could've said that six months ago. Certainly we're adding CPGs. But the big ones, yes.

We're today working with something like 900- Okay clients across 3,000 or north of 3,000 brands.

It was more the brand comment.