Company: IBTA
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001628280-25-017508
Chunk: 65

Company: Ibotta, Inc.
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 65
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     |    5,000 |
| Loss on debt extinguishment               |     |                   9,686 |     |        — |
| Provision for (benefit from) income taxes |     |                 -44,246 |     |    5,934 |
| Other expense, net                        |     |                      71 |     |       65 |
| Adjusted EBITDA                           |     |                $112,220 |     |  $82,832 |
| Revenue                                   |     |                $367,254 |     | $320,037 |
| Breakage Benefit                          |     |                       — |     |  -13,537 |
| Non-GAAP Revenue                          |     |                $367,254 |     | $306,500 |
| Net income as a percent of revenue        |     |                     19% |     |      12% |
| Adjusted EBITDA margin                    |     |                     31% |     |      26% |

One-time Breakage Benefit: On the Company’s balance sheet, the Company has a user redemption liability balance that is an accumulation of direct-to-consumer redeemers’ account balances net of estimated breakage. Consumers’ accounts that have no activity for six months are considered inactive and charged a $3.99 per month maintenance fee (i.e., breakage) until the balance is reduced to zero or new activity ensues. Every month, the user redemption liability increases by the amount credited to D2C redeemers for redemptions and is offset by D2C redeemer cash outs, actual inactivity maintenance fees, and estimated breakage. The Company estimates breakage at the time of user redemption and reduces the user redemption liability accordingly. In 2023, the Company made an update to fix a software error to correctly charge maintenance fees to all inactive D2C redeemers on a go-forward basis. This change resulted in a short-term benefit to U.S. GAAP revenue in 2023. For the year ended December 31, 2023, the breakage benefit to revenue totaled $13.5 million. There was no breakage benefit associated with the year ended December 31, 2024.

#### Ibotta, Inc.472025 Proxy Statement

#### Ibotta, Inc.492025 Proxy Statement

#### Ibotta, Inc.502025 Proxy Statement