Company: IBTA
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001538379-25-000010
Chunk: 165

Company: Ibotta, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 165
---
 In addition, we may use Adjusted EBITDA and Adjusted EBITDA margin in the incentive compensation programs applicable to some of our employees in order to evaluate our performance. 

32

The following table provides a reconciliation of net income to Adjusted EBITDA and net income as a percentage of revenue to Adjusted EBITDA margin for each of the periods presented (in thousands, except percentages):

Three months ended June 30,Six months ended June 30,2025202420252024Net income$2,490 $(33,966)$3,045 $(24,669)Add (deduct):Interest income, net(2,636)(2,672)(6,321)(867)Depreciation and amortization(1)2,445 2,114 4,610 4,023 Stock-based compensation(2)13,642 44,817 27,394 49,662 Change in fair value of derivative— 1,385 — 3,085 Loss on debt extinguishment— 9,630 — 9,630 Restructuring charges557 — 2,116 — Provision for income taxes1,378 3,937 1,306 7,038 Other expense, net(3)6 29 405 31 Adjusted EBITDA$17,882 $25,274 $32,555 $47,933 Revenue$86,029 $87,926 $170,603 $170,253 Net income as a percent of revenue3 %(39)%2 %(14)%Adjusted EBITDA margin 21 %29 %19 %28 %

_______________

(1)Amortization of capitalized software development costs included in cost of revenue for the three months ended June 30, 2025 and 2024 was $1.4 million and $1.1 million, respectively, and for the six months ended June 30, 2025 and 2024 was $2.6 million and $2.0 million, respectively. 

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

Three months ended June 30,Six months ended June 30,2025202420252024Cost of revenue$625 $365 $1,282 $523 Sales and marketing4,873 26,808 10,002 30,430