It's very soothing. Yeah, could I get that? Is there a Spotify channel I could get that on? There's actually a YouTube channel just named Chill Jazz. Chill Jazz? Okay. It's an hour of streaming. Sleepy jazz. Okay. Got it. All right. I'm Mark Mahaney at Evercore, part of the internet research team, along with Austin Riddick. We're hosting Chris Riedy, the Chief Revenue Officer of Ibotta. I apologize for my voice. I gave a commencement address this last weekend, true story, and I mentioned AI, and all of a sudden all the heckles started, and I had to shout the rest of my presentation. I went to a really demanding elementary school, and kids just get wild these days. Okay, I made up the last part, but I did lose my voice. We'll get through this. Chris, thanks a ton for joining us, but please give us your background with Ibotta. I think you've come from a couple of different companies. I know you were at Twitter for a long period of time. Just, what's your role at Ibotta? How long have you been there, and what was your background coming to the company? Got it. Thanks, Mark. It's really nice to be here. My name's Chris Riedy, Chief Revenue Officer at Ibotta. I've been at the company for 18 months. Immediately before Ibotta, I worked for CTV startup, tvScientific s ince acquired by Pinterest. Before that, I spent 11. 5 Years with Twitter, both in the United States and also running the Europe, Middle East, and Africa business. I think that the through line amongst all of that is a keen focus on trying to deliver strong performance for advertisers. I've had an opportunity to really understand the ingredients that go into successful performance campaigns. Also I continue to chase it, and I think there's a real opportunity at Ibotta to deliver true value back to the advertiser. Excited to be here. Double-click just a little bit on that, pardon the pun. You chose to come to Ibotta 18 months ago. What is it specifically that you saw that was interesting about the opportunity? Yeah. The thing that really stands out is if you look at the CPG marketing industry, traditionally it is not a performance-oriented marketing industry. I'm talking like a D2C marketer, if you will, that's measuring every single thing, optimizing for success, kind of feeding the winners, starving the losers. CPG has not had that strategy because it's more of a sponsorship model or a cheap reach model. It relies on retailers to move product. At Ibotta, we have a really unique opportunity and a very clear North Star to deliver back to our CPGs proof that we deliver incremental sales impact. Not that we deliver a great media mix model, not that we deliver a great cost per view on the television side, but that we are actually delivering sales, and not just sales, but incremental sales. For me personally, when I met Bryan, our CEO, first of all, he's a really compelling guy, so that was great. Also, we just share this belief that if you can unlock performance advertising for CPG, you have an opportunity to build a really successful and really large company. That's hard to find right now. I'm thrilled to be taking a swing at it. All right. You probably did your due diligence checks. Were there one or two data points that you saw, or one or two companies that you talked with that said there really is an opportunity here? I'll tell you the thing that stood out for me is the misunderstanding I had of what Ibotta is. I knew Ibotta. Ibotta had been an advertiser for one of my teams at Twitter, driving a lot of mobile growth, mobile app install growth. I paid attention to the IPO. I had no idea that Ibotta was much more than the app. When I saw the integration that Ibotta has inside of Walmart, Ibotta is the exclusive provider of Walmart Cash. When you shop at Walmart and you search for toothpaste or you search for deodorant or you search for chips or beverages, whatever it may be, we give brands the opportunity to put Walmart Cash, which is digital cash reward, in front of the shopper. There is no requirement to know anything about Ibotta. There is no requirement to log in to Ibotta. There is no requirement to do anything except to be a Walmart shopper. When you think about that impact, going from millions of users inside of a direct-to-consumer app like Ibotta to tens of millions, if not hundreds of millions of consumers natively inside of Walmart, just that did it for me. That wonderful execution, that we have built upon with Instacart and DoorDash and recently Uber and Giant Eagle, meeting consumers where they are, authentic way, seamless way, simple way, that's really powerful. That was the thing that showed me that this thing could really scale. Has Walmart progressed the way that Ibotta would like it to progress? I think pretty impressively. If you think about the history of the partnership, we started out only available to Walmart+ subscribers, and I think that's 2022 timeframe. Walmart+ in 2022 was a nice size, bigger than the Ibotta app, but it wasn't gigantic. A year later, Walmart rolled us out to all logged-in digital users, so via.com or the app. That was a real big kind of momentum, wind at our back moment. Since then, we've worked really closely with Walmart to enable in-store activation. If you have saved a reward or you've added something to your shopping cart that has a Walmart Cash award associated with it and you check out in store, there's a very clear call to action that says, if you want to be able to receive Walmart Cash, put in your phone number, which links to your Walmart account, and then that happens. As we progress forward, I think there's opportunity for us to do more in store with Walmart. Overall, I think that from my perspective, the partnership has progressed really nicely, and we've got a good thing going with them. Just about one or two more high-level questions. Sure. Just the CPG opportunity to really offer performance marketing to them, how difficult do you think this is going to be? Is this like a year slog? I know there's a lot of CPG ad spend. Yeah. If you just think about the TAM that we're talking about, $200 billion in the United States, more or less, from dollars that are spent to compel a consumer to buy a product. That could come from media activation, come from sponsorship, it could come from trade marketing. It's a big number that we're talking about. Now, to your question, how long is it going to take? I don't think it's overnight. I'm 18 months into this thing, and we're making nice progress, but it hasn't been overnight. This is going to be one of these things that requires systematic and methodical execution. One, to tell the CPG businesses just what we just talked about, that we actually live natively inside of Walmart, that it's not an app that you have to go to and then go to Walmart, that it's all just seamlessly built. The second thing that we have to do is, and we've done a lot of this, we have just to show up really well as a revenue organization, a sales and marketing machine that meets a customer where they are. I talk a lot about customer obsession. We're doing a really nice job there. Then we'll talk about this today, but delivering proof that you are adding value to the customer, not in a hand-wavy way, but really showing that not only are you paying for performance, the dollars that we earn are based on how many products you sell, but that the impact, the incremental impact, would not have happened had you not been working with Ibotta. All of that has to come together effectively, and we're making really nice progress there. There's work to do. This will not be overnight, but I do think it is a journey that we're on and one that we're excited about. I think the company has consistently stated that a primary bottleneck to near and maybe medium-term growth is the supply getting enough advertiser offers. Just talk through that. How do you get those? Yeah. What we call supply is advertiser participation. The world of promotions traditionally has been driven by a center of excellence inside of these big CPGs. You'll get these massive holding companies with all of these business units and then all of these brands inside, and then there's this one or two people that are a center of excellence that are the masters of promotions. In the old days, that's Ibotta's main point of contact. We would talk to that person, and we would say, "Hey, here's what we're doing. Do you want to buy more promotions from them?" Had that person not heard from the oral care business or the fabric care business or the snacks division saying, "Hey, we need more promotions," they would've said, "Hey, thanks for the information, and if I get more requests, I'll feed them to you." What we've really done is three things. We've pivoted to becoming much more customer obsessed and really trying to multi-thread our way through an organization. Rather than just working with that center of excellence, we're working with the brand teams, so we know the oral care people, the laundry care people. We know the snacks division. We're understanding what the marketing objectives are. We're understanding and meeting with finance teams so we can understand what the economics of a given business look like. We want to meet with the growth teams. We want to meet with the measurement teams. We are not beholden to that single entity saying, "Hey, we're ready to do something." We're learning as we go what is important to each team and finding a champion, if you will. The second thing that we're doing is working really hard from an insight standpoint, just to bring information to the customer that says, "Hey, here's a nice time to activate, and here's why." Rather than, "We just added Uber. Do you want to try it?" Going and saying, "What Uber will do for you is X, Y, or Z." That gives the customer something that they can respond to, and hopefully, that customer had already said to us, "It'd be really helpful if you could help me with X, Y, or Z." The last thing that I'll say here is effort matters. This is not a really simple sell. When I was at Twitter in 2012, nobody had social media agencies. Nobody had teams buying social media. You had TV teams, and you had omni media teams, and you had digital media teams. We had to figure out how we fit in there to get social media off the ground. Fast-forward 10 years later, there was more people buying social media than you knew what to do with, Facebook had scaled massively. We had done okay. Snap had done okay, et c. If you look at when I went to tvScientific, TV traditionally has been a brand channel. We came against that and said, "No, it's a performance channel. What we're doing here is not dissimilar. We're really trying to break through and be a trailblazer. That requires being in person. That requires asking the right questions. That requires the nuance to understand who you need to work with. I think all of those things together are helping us unlock supply. That's helping us, which really means just sell more effectively. Switching gears a little bit, you initiated, I think, a structural reorg of the sales force in 2025. Has the reorg been successful? Are you set up the way you want to be? What changes did you make, and is it all translating into commercial wins? Yeah. Let me work those one by one. First things first, we're a continuous improvement org. Yes, we did execute a reorg. I feel really good about that, but that doesn't mean that every day we're not trying to find better ways to operate. That's thing number one. As it relates to have we seen the success, in Q1, we reported 6% year-on-year growth with regard to our redemption revenue. That's ultimately the offers that are being redeemed inside of Walmart, inside of Instacart, inside of the Ibotta app. That's the core of our business, and it is going the right way. I feel really good about that. Why did that happen? Well, we took the team, and we organized it around industry verticals rather than geography. We had a team a year and a half ago that was east, west, north, south-based. In those given environments, in the morning you could be at a beverage manufacturer, in the afternoon you could be at a paper company. That is really hard to do if you're trying to be a customer-obsessed, empathetic salesperson. To understand the margins of those businesses, to understand the pain points that they're finding, it's too hard. We now operate with a food team, and a beverage team, and a health and beauty team, and a home and general merchandise team, and we hire experts in those fields. We hire folks that have done this before that have the relationships, and that has been really, really helpful for us. Ultimately, it's allowing us to deliver that redemption growth, which we believe is the catalyst for forthcoming growth, like we've talked about on our earnings calls. That 6%, is it a point where you're starting to build off that, so we should see faster and faster growth? That's a great question. I would love to say you should expect that, but I don't think we're there to be able to make that statement. What I can tell you. Well said. We are a team that is singularly focused on how do we get in front of more CPGs, how do we sell them more offers. A year and a half ago, we had folks looking at the app. That is a nice opportunity to make money, we might've been a little overextended there. We've taken those resources and moved them around, you'll see in our D2C business that that business was down a little bit. That could cause concern. Ultimately, we want to drive redemptions. If they happen in Ibotta, it's great. If they happen at Walmart, that's great. If they happen at Giant Eagle, that's great. To do that effectively, we need the CPG sales team focused on that redemption business. Your speaking engagement must've been a real doozy. If it is on the interweb, I would like a copy of it. I'm feeling for you. I've got some mints in my pocket. If you run low, I will share. Thanks, buddy. I may need your help. One of the core goals of this sales reorg, I think, was moving upstream into the CPG planning cycle. What does that mean operationally, and how does that change the budget pools you can access? Yeah. I talked a little bit about this a moment ago. We can't be beholden to a singular person inside of an organization. When you're trying to sell a breakthrough story, an innovation story, if you just sell it to one person, high likelihood that that may be the wrong person. That's the first thing. We use a term, Bryan has actually adopted this, I think he used it on the last earnings, called multi-threading. Simply meaning, we got to meet many different people inside the organization because as we meet them, we learn more. As we learn more, we can triangulate what really matters. As we understand what really matters, we can bring the right solution to each of the folks. I think that we are on the right track there, and ultimately, I'll give you an example about how this can come to life. If you're just calling on the center of excellence for promotions and you say, "Hey, we added Uber," they might say, "Oh yeah, that's cool, but no one's called me and asked me for promotions on Uber. So when they do, I'll be sure to let you know, and then we can activate." Now we do something different. We talk to the brand teams, and we ask them, "How does Last Mile stack up for you? Does it matter, or is it just Walmart and Kroger and Albertsons?" We talk to the marketing teams. "How are you thinking about it?" We talk to the finance team. "How's your business when you run through Instacart or Uber? Do you want more of that or less of that? All of that learning enables us to say, "These folks, they said that Last Mile really matters to them." When we announce Uber, we might, in advance of announcing Uber, tell them, under an embargo, say, "Hey, this is going to get announced next week. We want you to be aware of it. We want you to be aware of it early because you mentioned to us that Last Mile really matters." That is such a different sales motion. You're providing a solution based on what somebody's asked you for. When somebody's asked you for it, that's a really nice thing to sell. That's enabling us to drive more supply, better salesmanship, if you will, just by asking more questions and just by showing up more effectively. You've got this metric, do you call it CPID? We do. We do, yes. Not Cupid? Yes. CPID, I think, has already been taken. We wanted to steer clear of Cupid. CPID. That could kind of be misinterpreted. Yeah. CPID, we don't know that that's being used anywhere else. I've never heard it. Yeah, me neither. Cost per incremental dollar. You got it. Who came up with this, and has this created a bit of an unlock for your sales momentum? It's a great question on who came up with this. I would just think that Bryan came up with this, but I'm actually not sure if Bryan is the ultimate architect. CPID predated me walking into the building, just to level set, because it isn't a known or a name brand metric. CPID. Not yet. Well said. CPID is really the inverse of iROAS. If you're thinking about what's the incremental ROAS that this campaign delivered for me, let's say it delivered a three to one. I'm not talking about ROAS because as we all know, ROAS is a bit faulty and everybody claims success. Everybody's ROAS is incredible. Incremental ROAS, let's say it's a $3 incremental ROAS that you receive. Every dollar you spent, you got three back. It wouldn't have happened otherwise. What CPID is, it's just the inverse. It's one over that. The $3 iROAS would be a $0.33 CPID. The way that we think about this is when we're with our manufacturing partners, we ask them, and it's why the finance teams and the growth teams are important to us, what is the margin that's available after all other costs are taken into consideration to grow a dollar, to earn a dollar of revenue? That's different if you're a paper company or if you're a soda company, if you have a great manufacturing setup or you don't. Ultimately, though, what this is allowing us to do is socialize the fact that we are incredibly focused on the success of our partners. We want them to deliver and receive, I should say, to receive incremental revenue growth. Not revenue growth that would have happened otherwise, but truly, this doesn't happen if you're not doing this. When you go into a customer and you can say, "Hey, look, you spent $1 million with me, but we delivered $7 million back to you, and that wouldn't have happened otherwise," those are really nice conversations to have. CPID and our journey, our North Star, to delivering incremental impact is really encouraging, and that ties back to that thing that I mentioned in the beginning when I met Bryan the first time. He said, "I think there's a real opportunity to deliver performance marketing to CPGs." Performance marketing isn't just easier marketing, it's actually marketing that shows that it works. That's why Meta has exploded. That's why TikTok has done well. That's why AppLovin is out of nowhere in the last three years. They have proof that they are delivering results. We're after the same thing. Okay. All right. You got a lot of new stuff here. LiveLift. I like the sound of that. You had strong pilot traction, I think you talked about this on the Q1 earnings call, an 80% re-up rate. What is LiveLift? How does that differ from the core product offering? Is there some sort of special monetization to this, extra monetization associated with LiveLift? Yeah. LiveLift is the encapsulation of everything that the metric CPID lives underneath. CPID is the metric, cost per incremental dollar. LiveLift is the solution. If you think about what Ibotta's been doing forever, we've been measuring campaigns forever. We've been providing performance metrics forever. We only charge customers when they actually sell a product. We've been a pay-for-performance platform, since well before I joined. The LiveLift suite of products really layers on top of our core offering. If you imagine a core offering might run for two weeks, you might spend a couple hundred thousand dollars, a month later, we'll tell you, "Okay, here's the impact. You drove this many sales, this many of them were incremental. You should feel really good about this." Maybe it didn't deliver the results, and we need to change some things. What LiveLift does is it gives you the ability to set an incremental sales target before the campaign starts. We sit down, our data science teams, with your measurement teams, with your finance teams, and say, "Okay, what is the goal?" How many units or do you want to move and at what cost per incremental dollar? We'll then come back and we'll say, "Okay, this is how much we think we can deliver." They'll say, "Okay, we can buy this much of that." We'll set that target. As the campaign's running, we're providing intra-campaign reporting, and that's a real difference between LiveLift and our core offering. Rather than just a report at the end of the campaign, we're providing intra-campaign updates. The reason that's important is because when you have an intra-campaign update, you can actually make a change. You could double down if it's going really well. If it isn't going great, you could pause. That's really the ethos of digital marketing that worked so well. What we did at Twitter when we were scaling an app install business, what we were doing at tvScientific when we were running CTV campaigns, trying to get mobile gaming properties installed, it was all about running these experiments, quickly seeing the results, seeing where are we working and where are we not working? You feed the winners, you starve the losers. That information that you're getting intra-campaign enables that optimization, that flywheel is the thing that is really, really exciting about what we're doing. Building something like LiveLift, which is very data-intensive, it's very model, machine learning intensive. It's not something that you do overnight, it does require a lot of testing. It requires a lot of work. We are pretty intent on not going too fast here. We are really focused on building a world-class product and delivering wonderful solutions to our customers. Sometimes somebody says, "Hey, I'd love to run LiveLift," and it might not be the right campaign set up, might not be long enough, might have too many parameters that don't align, and that's okay because we have this core product offering that works great. Think about LiveLift as a mechanism that can sit on top of a standard campaign and that ultimately provides increased functionality that just helps the CPG brand understand, am I delivering incremental impact? When I am, how do I do more of this? If I'm not, because I'll be honest, not every campaign works. We've run campaigns, we set targets, we don't meet those targets, when that happens, that's okay. Turn it off. Chris, is LiveLift still a pilot program? LiveLift is early days. We've been running these campaigns for over a year, but I would not say we're at a place where this is generally available. Why not? Because we're still refining the models. We're taking in the data, we're building the infrastructure, we're modeling more effectively, and then ultimately, kind of leveraging APIs to pull all of that together to give the right result. As pilots and alphas and generally available go, we're making real progress here. Ultimately, though, the thing that's most important is for our customers, for the CPGs, we deliver value. We have to do that every day, and we're not going to get over our skis by going too fast here. Bryan has talked about a pricing strategy evolution, transitioning from a flat-fee price bands to a continuous percentage of price structure. Yep. Actually makes a ton of sense to me, but how has it been received by your enterprise accounts? Yeah, it's been received well. The way that you see that is historically, this is not unusual. You look at a rate card, and if you rewind 20 years and you think about a media rate card, for this many impressions, you're going to pay this CPM. For that many impressions, you're going to pay this many. Sometimes there are some gaps in there, and that's what we had. We had a pricing, if your product costs from this to that, this is your fee. If it costs from that to that, this is your fee. It is just a percentage of, so it's a very reactive and responsive pricing mechanism, and it does make a ton of sense. The thing that it's really done nicely is for lower-priced products, it responds effectively. If you have a $2 product and you're paying a percentage of base price that's consistent with your $10 product, you're not saying, "Well, gosh, the way your fee structure is, I can only run offers for products that are $8 or more." This whole set of inventory that I have, it just doesn't work for me economically. That has been a really nice unlock for us because we would like all pack sizes and all SKUs to be active from our customer. If we only have a pricing policy that incents you to run multi-packs or kind of the big values, then that's going to be hard on us. It's been received nicely. Just to be clear, it's simple. It's really easy to understand. If you have a percentage of base price, you just multiply it times the price of the product and you understand. You don't have to refer back to a sheet that tells you how much you're going to pay. You mentioned Uber and you touched on Giant Eagle. You had a major competitive displacement with Giant Eagle. Who did you displace and why, and how? Let me tell you about how. Let me tell you about why. The how really comes down to the LiveLift platform that we're building. What I think the retail ecosystem sees from Ibotta right now is a platform for tomorrow. A platform that will help them drive incremental revenue growth on their own. How does that happen? Well, we're using intelligence, as we've just been talking about, to show CPGs that we deliver true value. Well, when we do that, more CPGs activate with us. We have a wider swath of offers available today or tomorrow than any of our competitors would. That's a really good thing for Giant Eagle because now their shopper has more of an opportunity to receive cash back and defined value. What is the American consumer looking for today? Value. What are they looking for? More value, and then more value because it's so unpredictable what's happening in our world today. I think that is the thing that is driving the interest in Ibotta, and I think you can expect us to continue to work on this. We want to meet the American consumer where they are. We've had great success. Walmart is such a great platform. Instacart, DoorDash, Uber. The thing about Giant Eagle, it's really nice, it's a regional grocer. There's a lot of folks in that part of America that that's where they shop. A lot of Americans are omni-channel. In the afternoon, they're on Uber or Instacart, but on the weekends, they're going into the grocery store, maybe building their baskets through e-commerce. We are really intent on building our network through more retail partnerships such that we can just be this resource for the American consumer. You don't have to know about Ibotta. We just want to show up authentically inside of all of these ecosystems, and that delivers for the retailer because it delivers for the CPG, because it delivers for the consumer. Where is Giant Eagle? Giant Eagle is Pennsylvania and Ohio, by and large. Okay. I went to school in Pennsylvania. I only saw Wawas. I don't know the Wawa. I went to school in Ohio, though. I saw a lot of Meijer in Ohio. Do you have any Meijer in Pennsylvania? No. I was in Philadelphia. Maybe that's different. Yeah. Probably too big city life. Yeah. Big city. All right. Wonderful city. I've always been a fan of Philadelphia. All right. Direct-to-consumer app declined 25% year-over-year. Does this matter anymore, I wonder? Is the legacy D2C app in structural decline? I think it is. I don't think it's a priority for the company, is it? You've got to be thoughtful about when you add Walmart or you add Instacart, the aperture widens dramatically. We're trying to make offers move faster. We don't mind if a redemption happens at Walmart or Instacart or Giant Eagle or the Ibotta app. If you think about the economics, where five years ago, we had to spend to grow the Ibotta app because that was our only connection point with the consumer. If the Ibotta app didn't grow, didn't maintain, that was a real challenge because that put all of our budgets at risk. As we've been able to expand the Ibotta Performance Network, it's less of a need from a revenue standpoint. Now, let's be clear, more revenue is better. I would like that. We are going to constantly look at different ways we can monetize the app. That's something that we're keen to do. What we're less keen to do is put the marketing budget behind the app right now to grow users because it is not incremental from a redemption standpoint, because we have such a large footprint throughout the Ibotta Performance Network. Okay. Two more questions, then I'll see, Austin, if you want to jump in with a question, but CPG ad budgets under scrutiny, and revenue is supposed to inflect back to positive growth in Q3. Were that hypothetically to happen, why would revenue growth start inflecting back up? I think a couple of reasons. One, because we're showing up effectively. We're just executing well. Two, we have a product that delivers value. As we were just talking about, the American consumer is looking for value. Price is a major problem for the consumer today. The last thing I'll say, if you're CPG, the bar has been raised on how and where you allocate a marketing dollar. You are under pressure, as you mentioned. When that's happening, you've got to be pretty discerning with where your dollars are going to go. If you have a platform and a partner that says, "Look, we are purely pay for performance. Only give us money when we actually sell one of your products." Two, "Hold us accountable to delivering incremental impact," not just impact, but incremental impact. That's the way we show up. That's a pretty compelling way to win dollars from a CPG. While the category is definitely challenged right now, our mode of operation is in the right place. We are delivering value. We are delivering proof, and that's what the American consumer is looking for. That's what the CPG is looking for. Let's see. Two more questions. Sure. What's harder, convincing advertisers to commit to Twitter or convincing CPG advertisers to commit to Ibotta? I think Twitter, in the early days, was really hard because advertisers didn't know what they were doing. What are they getting from this? Honestly, we were selling when someone clicked the heart on a tweet. That's really hard to turn into economic value. Selling when somebody clicks the retweet button. That was tough. What Ibotta has, I would've dreamed for at Twitter. We have a pure pay-for-performance product. Only give me money when I sell your product. That's it. That's the only time. That is a relatively awesome value proposition. The hard part, as I mentioned earlier, is just that when you aren't deep inside of an organization, and something that Twitter had was pop culture cred. If I wanted to get into a company when I was at Twitter, you make a few phone calls, you can get a meeting, because Twitter was everywhere. Ibotta is well-known inside of the CPG promotion space. We've got to expand through that. We've got to help promotions break out. That's what we're doing. Once you get in there, our value proposition's easier to sell. Having a brand like Twitter, that really helps. It's kind of shrunk, hasn't it? I think, based on what I've seen. I think it's gone. I think it's gone. I think it's called X. I think even though the ad base has been cut like in half or? 80%. 80%. Yeah, I think the numbers, it was ±$5 billion run rate- Yeah, now we're at. -in the acquisition, and now we're at about one. Yeah. You think you can recover? I think it's going to be real hard. I think it's going to be real hard. I'm not sure if any usage metrics have been published, but my instinct is that usage is way down. There's a lot that has happened in the last three years in the social sphere. There's been a lot of innovation, and gosh, it's going to be tough to catch up. Hey, by the way, if CPG advertisers aren't, where are you trying to get dollars from? Where are they spending those dollars now? Like, what's your source of funds? Good question. There's two major budget silos or entities inside of a CPG. There's a trade budget that tends to live on the sales side of the house or the finance side of the house. That historically has been allocated retailer by retailer. You're seeing a more of a national approach. Rather than retailer A versus retailer B, there's a national pool. That's where the cash back funding comes from. If and when we're running a campaign, the cash back coupon side, if you will, is funded by trade. Generally, the fees that come to Ibotta are funded by the media side of the house. That is a little different than just selling media because you've got to be able to get folks that may not actually live in the same org to be able to get their budgets to work together. As it relates to where is it coming from, what I feel really confident about is, given what we were talking about, the CPG industry, its challenge today, and the bar for where dollars is going is raising. I think we eclipse that bar because we deliver proof and we are a pay-for-performance partner. I think what will happen is, as people see our results, what'll happen internally is you'll start to look at not trade, not media, but how do we just look at the lowest performing. What you'll see is more of these brands will start to cull the bottom performers, the bottom quartile of where they're spending their social media, or where they're spending their CTV, or where they're spending their digital display, or if they have trade allocated to retailers that are shrinking or maybe they don't have the same shelf space. I think you'll see those dollars come back into the center of the org and be up for grabs for the partners that are truly delivering value. That's where I think we can really stand out because we deliver value. Could you give us some examples of what would be in that bottom quartile that's being culled? Well, it's hard for me to say, what is performing and what isn't performing. I think if you're a marketer, you know, marketing plans tend to be portfolio strategy. You're not just buying one thing. Now part of your strategy might be to sponsor the Champions League or might be to sponsor the U.S. Men's National Team. We've got the World Cup coming up. You've also got CTV running, you might have linear TV, you've got social running, you have digital display. You've got all these different things going together, put it in a media mix model, and it tells you something. I think what you'll see happen is that the Chief Marketing Officer will sit down with the Chief Financial Officer. The Chief Financial Officer will say, "Hey, if I needed 10% of your budget, not to take away from you, but to ask you to reallocate it into higher performing things, where would you find that 10%?" I think the Chief Marketing Officer, and it would depend company by company, will say, "Okay. This is lagging. That is lagging over there, and so let's pull that, fund experiments, and then if the experiments pay off, well, then we double down. If they don't, then cycle it back through." That's what you see in performance marketing. Performance marketing is another continuous improvement channel. You think about the mobile app ecosystem, it doesn't stop. Your goal's never, "Okay, we're done. We did it. Now give us" No. It's every single day you have to improve, and CMOs inside of a mobile gaming company, they look much more like CFOs than they do like creative geniuses. That's a difference. A CMO of a traditional media company or, sorry, a traditional marketing shop, they're not going to be the CFO, but I think we're seeing that change a little bit. I can't say explicitly who's going to fall through, but I will say I like to be in places where the platform can deliver proof, and if I was working for a company right now asking for advertising dollars, and I couldn't tell you how it was delivering value back to your company, that would make me nervous. Are you still sponsoring the Denver Nuggets? We are still sponsoring the Denver Nuggets. Do you get courtside seats? There are some tickets available. Nice. Call Bryan Leach, isn't it? No, I'm kidding. Last question, and I can't believe I've gone this far without asking about how Ibotta fits into an agentic commerce world. Is the CPG ad spend the last to figure this out? No. There's a lot of talk. Has anyone figured it out? No, agentic commerce is a very cool sounding buzzword. Here's what I think. I was having this conversation the other day. A use case of this agentic commerce, which makes a ton of sense to me, is not the high consideration part of shopping. Personally, if I'm doing a vacation, I like to experience the looking at the websites and thinking about where we're going to be. I don't want to just say to one of the agents, "Go figure this out for me." If you're buying a house, you're not going to, "Go figure this out for me." What about consumer staples? What about laundry detergent? What about toothpaste? What about soda? What about milk? Where I think it gets interesting is the metadata that sits behind a product. You've got a product, let's just say it's toothpaste. It's a three-pack. It's got these features and benefits. It's available at these stores. As a consumer, I feel there are a couple things you're really interested in. One, availability. Can I actually buy the thing? Two, how quickly am I going to get it? If it's whatever time it is, 2:30 P.M. on a Tuesday afternoon, and I need it for 6:00 P.M. tonight, well, that rules out a lot of other things. The other thing is price. Could be absolute price, it could be the amount of discount right now. What we believe is all we're doing is offering a brand the ability to discount a price, and it sounds simple, but it's really important. As agents become more prolific, more ubiquitous, they're going to be looking for price. Why? Because you and I are going to say, "Hey, for this product set, please provide me the three cheapest options," or, "Please provide me the three options that are on the deepest discount right now." Some other folks are going to say, "Only give me the products that I can get in one hour, period, full stop." That's the list. That information, is it available? How quickly can I get it? What is the price? What is the discount? That is just metadata that should live with each product. I believe as these agents, whether it's one of the big AI companies or it's Sparky inside of Walmart, or I think Alexa has taken over Rufus at Amazon. Wherever it happens, availability, delivery, time, price. I think it's integral to how those things work, and I think we sit right there. So I feel really excited about it. I don't know personally. My household has not adopted agentic commerce in that regard yet, so I think there's still a little bit more time, a little more work to do. You want to ask you a question? I think we're all done. We We covered everything I wanted to cover. We're at the end of our time. We've got to get you a water. Chris is Chief Revenue Officer of Ibotta. Thank you very much, Chris. Mark, thank you. Great to see you.