Company: IBTA
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008240
Chunk: 44

Company: Ibotta, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 44
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,646 $(58,624)Year ended December 31, 2022$(43,440)$(21,830)$— $(65,270)As of December 31, 2024 and 2023, the Company had no federal net operating losses, net of uncertain tax positions, for U.S. federal income tax purposes. As of December 31, 2024 and 2023, the Company had federal tax credit carryforwards of $7.8 million and $17.7 million, respectively. Total state tax credits as of December 31, 2024 and 2023 were immaterial. If unused, the federal tax credit carryforwards will begin to expire in 2042, and the state tax credits will begin to expire in 2028.As of December 31, 2024 and 2023, the Company had state net operating loss carryforwards, net of uncertain tax positions, of $68.1 million and $76.5 million, respectively. As of December 31, 2024, $60.8 million of the state net operating losses expire between 2034 through 2042. As of December 31, 2024, $7.3 million of the state net operating losses in 2018 and subsequent years for states that conform to the federal tax law changes do not expire and can be carried forward indefinitely. If a business combination is consummated such that a change in control occurs, these net operating losses may become subject to an annual limitation as defined under Section 382 of the Internal Revenue Code of 1986, as amended.Management has evaluated the income tax positions taken or expected to be taken, if any, on income tax returns filed and the likelihood that, upon examination by relevant jurisdictions, those income tax positions would be sustained. The Company recognizes interest accrued and penalties related to unrecognized uncertain tax position benefits in income tax expense. Total accrued interest and penalties as of December 31, 2024 and 2023 were immaterial. A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows (in thousands):Year ended December 31,202420232022Beginning balance$15,306 $17,251 $18,800 Additions/(reductions) based on tax positions related to the current year4,506 (1,945)(1,549)Additions/(reductions) for tax positions related to prior years— — — Ending balance