Company: IBTA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-025593
Chunk: 159

Company: Ibotta, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 159
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 expenses. The change in accrued expenses was primarily driven by higher accrued employee expenses as of December 31, 2023 compared to December 31, 2024, paid in the first quarter of the following year, and the timing of gift card purchases. These cash inflows were partially offset by cash outflows of $5.6 million from accounts receivable driven by increased gross billings and $1.8 million from liabilities due to third-party publishers.

Investing Activities

Net cash used in investing activities increased $2.5 million during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, driven by a $1.7 million increase in additions to property and equipment driven by leasehold improvements for our new corporate headquarters and a $0.8 million increase in additions to capitalized software development costs. 

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Financing Activities

Net cash used in financing activities increased $67.1 million during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, driven by increases of $69.8 million in purchases of treasury stock and $0.6 million in taxes paid related to the net share settlement of equity awards, offset by a $1.7 million decrease in deferred offering costs and a $1.6 million increase in proceeds from the exercise of stock options. 

Material Cash Requirements 

Operating leases

Our operating lease commitments primarily include our corporate office space. As of March 31, 2025, we had noncancellable lease obligations of $37.9 million, of which $1.3 million is payable within 12 months and the remainder thereafter. For additional discussion on our operating leases, refer to Note 7 - Operating Leases to our condensed financial statements included in Part I, Item I, of this Quarterly Report on Form 10-Q.

Purchase Commitments

The Company has non-cancelable purchase obligations which relate to minimum commitments with certain third-party publishers and other contractual commitments with primarily software as a service providers and marketing vendors in the ordinary course of business. As of March 31, 2025, we had fixed noncancellable purchase obligations of $162.7 million, of which $41.7 million is payable within 12 months and the remainder thereafter. For additional discussion on these contractual commitments, refer to Note 14 - Commitments and Contingencies to our condensed financial statements included in Part I, Item I, of this Quarterly Report on Form 10