Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 178

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 178
---
 from liabilities due to third-party publishers driven by the timing and ramp up of new publishers and $2.4 million from deferred revenue. These cash outflows were partially offset by cash inflows of $8.7 million from accounts receivable due to the timing of client payments, $6.2 million from other assets and liabilities primarily related to the collection of a portion of the lease incentive receivable, $2.9 million from accrued expenses, and $1.3 million from accounts payable. 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, the timing of gift card purchases, and an increase in other accrued liabilities.

Investing Activities

Net cash used in investing activities increased $15.5 million during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, driven by a $12.1 million increase in additions to property and equipment driven by leasehold improvements for our new corporate headquarters and a $3.4 million increase in additions to capitalized software development costs. 

Financing Activities

Net cash used in financing activities increased $363.1 million during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, driven by $200.7 million of net IPO proceeds in the prior year, a $162.6 million increase in purchases of treasury stock, and a $2.6 million increase in taxes paid related to the net share settlement of equity awards, partially offset by 

46

increases of $2.0 million in proceeds from the employee stock purchase plan and $0.7 million 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 September 30, 2025, we had noncancellable lease obligations of $37.0 million, of which $1.6 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 that relate to minimum commitments with certain third-party publishers and other contractual commitments primarily with software as a service providers and marketing vendors in the ordinary course