Greetings, and welcome to the Ibotta Second Quarter 2024 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce you to your host, Shalin Patel, Head of Investor Relations. Thank you, Shalin. You may begin.

Good afternoon, and welcome to Ibotta's Q2 2024 Earnings Conference Call. With us today are Bryan Leach, Founder and CEO; and Sunit Patel, CFO. Today's press release and this call may contain forward-looking statements, including our guidance for Q3 2024, that are subject to inherent risks, uncertainties and changes and reflect our current expectations and information currently available to us. And our actual results could differ materially. For more information, please refer to the risk factors in our recent SEC filings. In addition, our discussion today will include references to certain supplemental non-GAAP financial measures. They should be considered in addition to and not as a substitute for our GAAP results. Reconciliations to the most comparable GAAP measures are available in today's earnings press release, which is available on our Investor Relations website at investors.ibotta.com. Also, during the call today, we'll be referring to the slide deck posted on our website. Unless otherwise noted, revenue and adjusted EBITDA comparisons to prior periods are provided on a year-over-year basis. Lastly, references to non-GAAP revenue growth reflect the exclusion of onetime breakage revenue benefits in 2023. This is due to an update we made in 2023 to fix the software error to correctly charge maintenance fees to inactive direct-to-consumer redeemers, which resulted in a short-term benefit to GAAP revenue last year. Please see Slide 26 in the appendix for more detail. With that, I'll turn it over to Bryan.

Thanks, Shalin, and good afternoon, everyone. Thank you for joining us to discuss our second quarter results. We're happy to announce that we delivered revenue and adjusted EBITDA above the high end of the guidance range we provided on our first quarter earnings call. The IPN is resonating strongly with all 3 of our key constituencies: consumers, publishers, and CPG brand clients. The total number of redeemers on the IPN continues to grow at a rapid pace, increasing 158% year-over-year and 10% sequentially from Q1. We successfully rolled out the IPN to new publishers in the second quarter while announcing 2 new publisher wins with Schnucks and with Instacart, demonstrating our success in building the Ibotta flywheel. Our redemption revenue grew 51% year-over-year on a non-GAAP basis, highlighting the value that our clients are seeing by leveraging the unique scale of the Ibotta platform. I'll dive into all 3 of these areas in more detail. First, regarding consumers. The IPN is reaching more Americans than ever before, setting a new record for redeemers at 13.7 million in Q2, which is higher than our seasonally strong Q4 last year. With persistent elevated prices and high levels of household debt, U.S. consumers are looking for value more than ever, and they are finding a greater quantity of Ibotta digital offers across a larger number of categories in more and more locations. We are still in the early phases of driving penetration and adoption across the large customer bases of our existing third-party publishers and are working hand-in-hand with each publisher to increase discoverability of our offers for both online and in-store shopping experiences. We have a long list of initiatives in the pipeline and expect our partners to continue upgrading their savings programs between now and the end of the year. The…

Thank you, Bryan, and good afternoon, everyone. We delivered strong revenue, adjusted EBITDA and free cash flow growth, with revenue and adjusted EBITDA 3% and 20% above the midpoint of the guidance range we provided on our first quarter earnings call, respectively. We were particularly pleased with our free cash flow of $32.7 million in the quarter and nearly $50 million year-to-date, which for the first half of the year, represents a free cash flow margin of 29%. We saw significant growth in third-party redeemers across the IPN on both a year-over-year and a quarter-over-quarter basis, highlighting the unique scale that we can bring to our clients. Revenue in the second quarter was $87.9 million, representing non-GAAP revenue growth of 29% year-over-year, excluding $9.4 million in onetime breakage revenue in the prior year period. We delivered Q2 adjusted EBITDA of $25.3 million, representing an adjusted EBITDA margin of 29%. Adjusting for the $9.4 million in onetime breakage revenue last year, this compares to a 20% margin in Q2 of 2023 and implies north of adjusted EBITDA growth of 80% year-over-year. In Q2, redemption revenue comprised 84% of our total revenue, with ad and other products comprising the balance of 16%. This compares to 75% in Q2 of last year. 3PP redemption revenue comprised 47% of total revenue, with D2C redemption revenue representing 37%. This compares to 17% and 55% for 3PP and D2C non-GAAP redemption revenue, respectively, a year ago in second quarter of 2023 and also illustrates the dramatic mix shift in our business. In Q2, our redemption revenue was $74 million, up 51% year-over-year on a non-GAAP basis. Our total redeemer and redemption growth continues to be strong, and we continue to see an accelerated mix shift with relatively stronger performance than we thought in our third-party publisher…

[Operator Instructions]. Our first question comes from the line of Bernie McTernan with Needham & Company.

Great. Congrats on signing the Instacart deal, that's really exciting. That's where I wanted to focus my questions. Maybe first, Bryan, if you could just provide any additional help in terms of sizing the potential benefit of the deal and any timing. And then as a follow-up, just any color that you can provide if there was any equity associated with the deal or revenue sharing relative to other third-party publishers that you signed?

Thanks, Bernie. Yes, we're incredibly excited to be partnering with Instacart. I believe it represents a really important catalyst for growth in the future. I cited some data from eMarketer that their e-commerce grocery business is roughly 2/3 the size of Walmart's e-commerce grocery business. As you know, the majority of our redemptions on Walmart today are actually from the online transaction e-commerce flow. And so we believe that there is quite a large opportunity at Instacart that's -- that proportion provides a reasonable guide to the size of the opportunity. Part of that is because we believe that there's going to be a very strong user experience, a real commitment to market the program and just a lot of interest among the entire CPG brand community and making sure they have access to this fast-growing audience. In terms of timing, we're really looking at making sure we try and get this out before the end of the year. The timing is always a little bit tricky because it's a function of rolling it out, making sure it's moving well, that there's no bugs. We don't commit to fixed ship dates and then just ship them out no matter what, damn the torpedoes. We take a little bit more of a -- make sure it's really working approach. But certainly, both sides are motivated to get this opportunity in front of their shoppers, and we think we can do that by the end of the year. Recall, there's a ramp period to get it to where it is something that consumers are aware of using regularly, but we think we feel confident we can do that in the fourth quarter of this year. And as we look out to 2025, I feel like that's going to be a significant driver of redemption revenue growth. And then in terms of your question about the commercials. We don't get into the particulars of the commercial arrangement, except I can say that there's no equity component to this deal of the kind that you might have seen with the warrant arrangements with Walmart. Hopefully, that's helpful.

That's great. Thanks, Bryan.

Our next question comes from the line of Ron Josey with Citi.

Bryan, I wanted to ask a little bit more about the D2C and the 3PP network and the expectations here. Just -- I think you said 3PP redeemers are tracking ahead of expectations at Walmart. And I want to understand a little bit more about what might be driving the strength at the Walmart partnerships that clearly was a positive in the quarter. And then similarly, the challenges at D2C. I've seen that you talked about several, but wanted to understand that a little bit more as 3PP becomes a bigger part of the business.

Thanks, Ron. We'll start with Walmart and the strength of 3PP redeemers. I think overall, you have the opportunity to save money in this climate is extremely compelling, especially at a place like Walmart, where the mission is to save money, live better. We have strong offer content available to Walmart shoppers, and they're taking advantage of that, coming back, using it more frequently, telling their friends, growing organically. There are a number of initiatives that we are excited to look out to that we think will further catalyze growth at Walmart. And so the growth that we've seen and the strength that we've seen in 3PP is not as if it's on the back of all of our best ideas. In fact, it's mostly organic. And I think that's really promising. I will say, in terms of the D2C business, I wouldn't say there's a challenge to the D2C business per se. I would say that there's been so much strength in the 3PP growth of that redeemer audience that there's been a lot more mouths to feed in terms of just the amount of opportunity to redeem an offer on D2C or the length of time that, that offer might be available is somewhat less than we might have anticipated because there's a lot of interest in redemptions occurring on third parties. And that mix shift, as you know, strategically is one that we're excited about. We believe the opportunity to scale this network is especially strong in the third-party environment. And as we see that grow, we're excited because there's very strong economics in that environment as well. We do think that as overall audience size grows, so too go advertiser investment levels. And so these are not completely continuous processes as we step up and are able to go back to our advertisers and say, look, we're really growing faster than anticipated here. In terms of overall redemption revenue, we're doing really well. We're growing. And then third party, we're way ahead of expectations, and that mix shift has kind of accelerated. We're confident that they will allocate the kind of budget to take advantage of not only the third-party growth but also the exciting audience that we have on D2C. So again, we really focus on overall redemption revenue growth and we're very pleased with how that's playing out.

Thank you, Bryan. Congrats again on Instacart.

Thank you.

Our next question comes from the line of Eric Sheridan with Goldman Sachs.

Maybe 2, if I could. One, I don't think you mentioned it so I just want to come back on the Instacart partnership. Is there anything we should be keeping in mind between now and the end of the year in terms of either integration costs or things that might put a more onetime pressure on EBITDA that obviously would fall away as you move past the integration and they were fully on the IPN? That would be number one. And then number two, Bryan, when you think about the share taking position you're in with respect to CPG and in marketing budgets more broadly, what do you think longer-term is pretty critical in terms of putting in place to continue some of that momentum on the advertising side as you look out, not towards the back part of this year, but the budgeting cycle ahead of 2025?

Thank you, Eric. First question, Instacart. No is the short answer. I don't foresee any onetime integration costs of note that were not anticipated. It's in the ordinary course of our business. I will say that we're getting better at launching these programs more quickly. We've done it now many, many times. And I think that that's going to benefit the time line as well as the cost profile. There's just a certain amount of reusable technology APIs and so forth that are largely in place. And I would say much of the cost is on the publisher side to get up to speed, and even that is not very significant in the grand scheme of things. So that's exciting. And then on the second question about taking share. Given this position we're in and kind of this countercyclical element to our business, the performance element to our business, I think that since the IPO, I've been on a sort of second roadshow, and I've been visiting with C-level executives at many of our top 20 CPG accounts. And what I think is absolutely critical is to get across to them that these types of promotions are targeted, they're intelligent. They're not subsidizing just people who are going to buy your product anyway needlessly. And they can be designed in a way with a very measurable payback period. And there's a way to do that with the data that we have that truly has never been introduced to the market. In terms of looking at kind of a test and a control and tracking behaviors into the future, that kind of scientific method is really exciting to an industry that, frankly, Eric has had to settle for a lot more blunt instruments in the form of some of these assumption-driven…

Our next question comes from the line of Curtis Nagle with Bank of America.

So I guess just going back to the 3Q guidance. I think I understand the thesis here, right, so just kind of looking at 2Q, right, some weakness obviously from advertising flowing through. 3Q redemption revenues particularly well. I guess it's sort of simply, Bryan, you mentioned that some of your CPG clients and kind of the industry in general are either pointing to more pricing investments, right? Let's get volume up. To what degree is that baked into the guidance for 3Q, if at all?

Yes. I mean if you look at our guidance, as I said, I mean based on our conversations with our clients, we think that the ads business is kind of where it will be, where it was in the second quarter and the third quarter. But what we are seeing -- we talk about the macro, but we are seeing just in the month of August, we've seen strong interest from clients in increasing the budgets, which is benefiting both our third-party publisher business and our D2C business. So it's a little beyond just a seasonal pickup. So I think that there are specific clients that talk to us just about getting volumes up without naming them. In the chickens category, for example, we just want to hit certain volumes. So we are seeing the impact of some of the macro trends that you heard the CPG clients talking about on earnings call. They are trying to drive more volumes. And I think we're going to benefit from that, and we are seeing recent strength there.

Yes. So just, I guess, one -- just again -- just -- on the -- I want to make sure I get the structure of the revenues correct. Did you say you still think total redemptions are going to be kind of up 20% year-over-year? I didn't quite catch that, if you would.

Yes. I think what we're saying is if you assume that the ad revenues in the third quarter are flat compared to the second quarter, which is about $14 million, and what that implies for the midpoint of our revenue guidance deriving from that, the redemption -- overall redemption revenue growth, it means we'll be at like a mid-20s revenue growth and overall redemption revenues in the third quarter.

Our next question comes from the line of Chris Kuntarich with UBS.

Just want to go back to the Instagram -- Instacart partnership. You called out in the press release, they have about 6,000 CPG brands versus your 2,400. Could you just maybe help us think about how a marquee partnership, such as this one, either helps you engage with either new brands or reignite that conversation with existing brands that may not have been over the line and just kind of how should we be thinking about the incrementality from the brand side of things with this Instagram -- Instacart partnership?

Yes. First of all, you have now joined me in conflating the word Instacart and Instagram potentially in every other sentence in my life. So as far as that specific question, you're absolutely right. I mean, think about all the places where you can use Instacart. It's not just in the grocery store. It's also at Costco, it's also at Lowe's. It's also at Best Buy. So it really does support our effort to reach out beyond the core grocery brands and expand into new verticals in general merchandise. It is a way of diversifying our network. And that is very, very important to our CPG brands because when you can say there's this much volume coming from non-Walmart sources, that is really important in terms of making sure you're accessing the largest possible national budgets. We don't want to be pigeonholed in the sense that there's only people saying, well, this is principally a Walmart vehicle, et cetera. So I think that it is important in that sense. I think it's also a different audience. It is an incremental audience that is different in kind from what you might find a Dollar General or at Family Dollar, for example. And so getting in front of this younger, technologically savvy audience is super important to brand managers that are thinking about this in terms of lifetime value. I'd also point out that it gives you access to kind of the e-commerce budgets within these companies. So there are general brand manager promotional budgets. And in many cases, they have a special focus in dollars allocated to e-commerce. And while we have a very large e-commerce presence today in our network, a pure-play e-commerce grocery of this kind is really important to those people. And frankly, they cannot afford to sit…

Got it. Very helpful. Maybe just one quick follow-up on Walmart. Anything to call out as it relates to the 3P redeemers in 2Q as it relates to in-store Walmart activity? Any movement on initiatives there worth calling out?

Definitely, movement on initiatives because -- out of respect for our partners, we don't want to disclose the initiatives that they have coming up. I would say that there haven't been really material initiatives in the second quarter per se at Walmart. I mean we're really happy with the organic growth of the Walmart Cash program. I think the macro has been a tailwind. We're ahead of where we expected to be on that. It's something that's very popular with the Walmart shopper, and we've seen that in a lot of different ways. We have been testing a few new capabilities with Walmart and other publisher partners in the second quarter that if rolled out more broadly, we believe could be significant, could be material. And we believe that between now and the end of the year, there are 2 or 3 initiatives that we're looking forward to seeing the impact that those may have. As you know, and I've said this all along, we tend to sort of take a wait-and-see approach, a kind of -- we announce marriages and not engagements here at Ibotta approach. And so we have seen some of those capabilities really show up in the data in the past and some not. So we'll be paying close attention to when those are rolled out more fully. And sometimes, frankly, they tell us a couple or 2, 3, 4 weeks in advance, but not orders in advance exactly when things are going to be going live. And so as we get that information and we start to see that and feel like it's a stable, predictable inflection point, we'll certainly relay that.

Our next question comes from the line of Andrew Marok with Raymond James.

Maybe a bit of a follow-on to a prior question, but now that Instacart is on board, I guess, is there any change to the thinking about prioritization for the different types of IPN partners? Is it the case where you still will take national and regional grocery chains as the relationships develop? Or does the Instacart agreement maybe give you a bit of a toehold and some momentum among those types of companies?

Thank you, Andrew. Yes, look, I mean, what I can tell you is that the biggest surprise for me coming out of the IPO has been the effect that it has had on inbound interest in joining our network. I'm really pleased to see that happen across a variety of verticals. So as we think about some of the things that we're pursuing, yes, of course, the core mass grocery space is a real area of strength. But now that we have this grocery technology delivery service publisher, and we can show the power of that. I think that is a validation and creates -- and certainly creates interest among other e-commerce companies. We've had a number of conversations in the specialty retail area. And even nonretailer publishers continuing to see opportunity there. I think we are able to walk and chew gum at the same time. So I believe we're able to pursue multiple different opportunity strands with different publishers. This one is especially exciting in material just because of the sheer scale and because of the fit and overlap between their offer catalog and our current -- I mean, sorry, their product catalog and our current offer catalog and because of their specification as a technologically savvy company that's got a lot of interesting things, both in-store and online coming down the pike. But look, the more we are seen to be on the front edge of demonstrating what is possible with a sort of showcase publisher, right, where they do things in the user experience, in the life cycle communications, in the way they tie into the in-store technologies of the future. I think the more people pay attention to that and say, I want to be associated with that, best-in-class, both technology and it also just begets more offer content. Recall that my library analogy, the more you bring in kind of publishers and increase the size of the student base, it actually -- in my analogy of a library, it actually attracts more interest in being a part of that library, right, and being part of our offer catalog. And so the presence of Instacart and its growth and so forth, I think, will benefit not only the existing publishers that we have and bring more offers to them, it will benefit D2C. And it will also, I think, speed up our success rate in converting both the inbound and some of the long-standing outbound ongoing conversations. But we'll -- only time will tell, Andrew, but I'm optimistic.

Our next question comes from the line of Andrew Boone with JMP Securities.

I wanted to ask about expanding budgets. They were really healthy, right? $50,000 budgets grew, I think, 50% this quarter, but it sounds like some 3 key redemption, just demand, pushed out demand on D2C. And so the question is, can you help us understand how you can unlock more budgets to better match supply and demand across the network? Is that a thought or am I misinterpreting that? And then secondly, general merchandise almost doubled year over year. Can you just help us understand the drivers of that growth, just given the potential size of that category?

Thank you, Andrew. Great question. So let's take them in turn. First, we expand budgets within the CPG universe. The thing we've seen over the last 12 years consistently is that advertisers want to capitalize on large and growing audiences. And so as the overall redeemer audience on our network grows, so too is the interest in getting out in front of the audience very high, I think, particularly so because of the macro. Sometimes, we have a company that is not yet in a kind of agile posture. I described earlier that some of our measurement techniques will enable a world where you can actually monitor the efficiency of your campaign live and decide, wow, that is one of the most efficient channels that I have, look at how well it's paying back, how high that return is. And you can then allocate kind of dollars intra-period, but we're dealing with an industry that, for decades, has had sort of a fixed annual planning process and then they may have some dollars that have some discretion with their media agencies. And so what we've been doing is getting out in front of them and saying, look, we're ahead of pace here on growing this network. Look, this is a very efficient tactic if you actually look at this test and control and so forth. And that is starting to, I think, cause them to take a look at this as a much more strategic pillar within their marketing program, not just a layer or a tactic that rides along a seasonal marketing campaign. And then there are competitive dynamics. As you see a competitor, Sunit mentioned chicken, we've seen over the summer, a very large spike in investments by one major chicken producer lead to offers from another chicken…

Just one other thing on the previous question. I mean he asked a question on budgets. We've literally more than doubled the business over the last couple of years and still seeing significant growth. So sometimes you might see slight lags. But as I was saying, we are seeing interest pick up a lot with our clients just here in this month. So over time, we've not had that issue that audiences have grown. We've generally been able to grow our budgets with our clients without much of a problem.

Yes. I mean, when you're growing third-party redemption revenue 254% year-over-year, you're having to accommodate substantial increases in investment. And one of the reasons why we built the network was that what we kept hearing was, look, we love the fee per sale model. We just need more scale. You need to give us more scale. We would like to replace tactics that do not have this level of efficiency and predictability. I don't have to bear the risk of whether this particular piece of [ aggrated ] converts. Even if I can measure that, let's say you can measure that with certainty, which has always proven difficult, you still have to bear the risk of whether a given ad is going to work. With our system, you don't. If the ad doesn't work, there is no redemption, there is no fee. And so I think that marrying that notion with the scale has sort of been the missing ingredient. And I think with these high-profile publisher additions, it's going to become clear that this is -- you're going to get asked the question, what is your Ibotta strategy, no matter what brand you work out in the U.S.

Our next question comes from the line of Mark Mahaney with Evercore ISI.

Two questions, please. With Instacart, you now have -- and Walmart and Kroger and maybe some others, a good chunk of maybe the top 10 grocery chains. Just give us a status update on how many of those you actually have, of the top ones. And any expectations you want to set on your ability to bring in some of the other largest grocery publishers? And then secondly, I know you're not disclosing specifics on where you are with Walmart, but could you give us a sense, at least qualitatively, of how much adoption or penetration you have amongst Walmart Plus or walmart.com customers so we get a sense of what the ramp looks like going forward?

Sure, Mark. Let's tackle your first question on sort of big ones, top 10 in core grocery. Keep in mind, our network, we think, in terms of retailers as one kind of publisher. And then within that, you have the core grocery, mass, club. And then you have things like pharmacy, convenience, specialty sale. So it's a broad category. But if you mean sort of -- sort to send top 10 in terms of all sales -- all commodity sales volume, yes. I mean we are speaking to all 10 of those companies about the opportunity on Ibotta. You mentioned that some of those are already live on the platform. Some of them aren't. A good example of one that's not is Target. That's an example where we believe we have something that could be very valuable to their guests, that there is no reason for them not to have access to our national content, particularly as there's fierce competition on price, being able to have access to the resources in our network at no cost feels like a very compelling value proposition with these other top 10 publishers. And so some of those,the reasons why we don't have them yet are very kind of mundane reasons having to do with their strategic planning cycle or the prioritization of their road map or waiting to outlast a contract that will come open and allow us an opportunity. But I think there are -- we're focused very much on having kind of category leaders in each category. So we have Walmart as a category leader in mass, for example. We have Dollar General and Family Dollar in the dollar channel, which is very powerful. We have Instacart now. And we're certainly looking out at Amazon. We're looking at Target. We are…

Our next question comes from the line of Ken Gawrelski with Wells Fargo.

I want to explore the issue of kind of supply versus demand constraints in the marketplace because it feels like to me that you made great progress -- you're making great progress on the supply side, meaning like -- I'm sorry, you're making great progress on the demand side with adding more redeemers or potential redeemers, et cetera. But how should we think about the ability to kind of meet that demand with the supply necessary to capitalize both on the existing partner demand, but also as you bring Instacart online? I mean, just help us understand and frame this from a demand versus supply. I know historically, you've talked about being more demand constrained, but it feels like we are where the business is today is a little different than that. Could you expand on that point, please, Bryan?

Yes, Ken. Thank you. I appreciate the question. Yes, look, I mean, the big picture is that we've grown the average spend or the median, I should say, the median CPG budget on Ibotta for advertisers who spent more than $50,000 has grown by 50% year-over-year, and in many cases, obviously way more than that. There is a kind of outer limit to how much you can go to a brand and say, trust me, volume is going to go up 3x. I need you to allocate 3, 4, 5, 10x which you allocated last year. And they tend to say in the industry, okay, that sounds really exciting. I can't park that much money on your assurance. Let's see you go ahead and get this audience. Let's see me run through a budget in 7 days and miss out on a huge opportunity to further gain market share. Let me see data that shows that my market share is moving by 2 percentage points while my competitor is live and I'm not live, and then I will go get you the budgets that you need to continue to make sure I don't lose market position. As long as you are demonstrating to them that this is an efficient, cost-effective solution, they're going to come back with that, right? And so -- but it is just a little bit of the psychology of an industry with an annual planning cycle that -- getting them to spend maybe 100% or 200% more is something we very often succeed at. The median being 50%, I think, is pretty good. But one of the challenges that we've had is that a lot of the growth has taken place in kind of existing publishers. And they're looking for the diversification, the catalyst of growth…

Can I ask just a quick follow-up question? Because as we think about the -- because the benefit of the DSP model is that it's all digital, right? And so unlike a Walmart, which has got a great -- has a huge audience. The vast majority, as you talked about, is offline in-store, and it's tougher to get there, to get penetration there. But this -- Instacart brings a fully online, full digital logged-in user, right? So there should be very strong demand immediately. I guess, should we expect a lag -- a bit of a lag in terms of meeting that demand from the supply given what you just talked about? Maybe this is going to take a couple -- I don't know, you tell me the time frame to get to kind of fully utilize that demand.

Yes. Look, I mean, the truth is we're going to find that out. We haven't brought a publisher into the network exactly like Instacart, and this is why we're careful with prognostication and looking too far out. It could be that when we speak next, I'm telling you, we've been able to talk to every e-commerce team and we are swimming in content. There's no prospect of a delay. It could be that there is a slight stagger while we wait to get more than what is available on an interim basis at certain brands. I do think you're right. I mean, we are -- this whole paradigm is shifting from kind of a fixed annual client budget to a more real-time, agile bidding process on these people that are incredibly valuable. And so I think that, that is going to really turn in the long run on redeemer count. So the more redeemers we have, the more there is available in that kind of agile model. And you're going to see a generation of marketers, both not only within the brands, but within the media agency say, oh, I know what to do with this kind of tool, right? I know how to flow dollars to this because it's one of our best payback periods. I like the LTV of this cohort, et cetera, et cetera. Language you and I are very accustomed to using in the context of digital businesses like the original Ibotta D2C business is just now being made possible because of the ability to look at purchases in the physical world over time. And it's really that data that we provide that unlocks that real-time optimization that's going to be, I think, quite a significant paradigm shift. How long that paradigm shift is going to take, I would be unable to say with confidence, but I'm already seeing really strong positive indications that the market has been -- the long overdue views this as a level of thought leadership and rigor that they've been waiting for. So thank you for those questions, Ken. And to everyone, thank you for dialing in and joining us on this call. And thank you for your investment and interest in our company, and we look forward to speaking with you soon.

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.