Company: IBTA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-025593
Chunk: 152

Company: Ibotta, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 152
---
 dollar amount of our general and administrative expenses to increase. However, they may fluctuate as a percentage of total revenue from period to period.

33

Depreciation and amortization

Depreciation and amortization consists of amortization of intangible assets, including infrastructure-related software development costs and acquired technology, and depreciation of property and equipment.

Interest income (expense), net

Interest income (expense), net consists of interest income earned on cash, cash equivalents, and restricted cash, net of interest expense incurred on debt instruments.

Other expense, net

Other expense, net consists of gains and losses on the convertible notes derivative liability, penalties, and gains and losses on the disposal of assets.

Benefit from (provision for) income taxes

The benefit from (provision for) income taxes consists primarily of income taxes related to federal and state jurisdictions in which we conduct business, with the exception of the fourth quarter of 2024 when we released our valuation allowance on our deferred tax assets.

34

Results of Operations

The following tables set forth our results of operations in dollars for each of the periods presented (in thousands):

Three months ended March 31,20252024Revenue$84,574 $82,327 Cost of revenue(1)17,092 10,515 Gross profit67,482 71,812 Operating expenses(1):Sales and marketing29,858 28,129 Research and development18,069 13,641 General and administrative21,386 13,154 Depreciation and amortization972 983 Total operating expenses70,285 55,907 (Loss) income from operations(2,803)15,905 Interest income (expense), net3,685 (1,805)Other expense, net(399)(1,702)Income before benefit from (provision for) income taxes483 12,398 Benefit from (provision for) income taxes72 (3,101)Net income$555 $9,297 

_______________

(1)Amounts include stock-based compensation expense as follows (in thousands):

Three months ended March 31,20252024Cost of revenue$657 $158 Sales and marketing5,129 3,622 Research and development3,147 553 General and administrative4,819 512 Total stock-based compensation$13,752 $4,845 

35

Comparison of the three months ended March 31,