Company: IBTA
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008240
Chunk: 28

Company: Ibotta, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 28
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) the federal funds rate plus 0.50%, (2) Bank of America N.A.’s prime rate, and (3) Term SOFR plus 1.00%. The applicable margin is defined as a rate between 0.75% to 1.25% for Base Rate Loans and between 1.75% and 2.25% for Term SOFR Loans, depending on the Consolidated Net Leverage Ratio as defined in the 2024 Credit Facility. The 2024 Credit Facility 

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Table of ContentsIbotta, Inc.Notes to Financial Statements

bears a commitment fee ranging from 0.30% to 0.40% payable quarterly in arrears based on undrawn amounts. The 2024 Credit Facility contains customary affirmative and negative covenants and restrictions, including limitations on additional indebtedness, creation of liens, restricted payments, investments and certain transactions with affiliates. The Company is also subject to financial covenants to maintain a minimum Consolidated Interest Coverage Ratio of 3.0 to 1.0 and a maximum Consolidated Net Leverage Ratio of 3.0 to 1.0. In addition, the 2024 Credit Facility contains other customary covenants, representations and warranties, and events of default.As of December 31, 2024, the Company had no outstanding borrowings under the 2024 Credit Facility and availability of $99.0 million, which is net of a $1.0 million outstanding letter of credit related to an office space lease. Refer to Note 16 – Commitments and Contingencies for further discussion of the Company’s letters of credit.

7. Fair Value Measurements 

The following tables present information about financial instruments measured at fair value on a recurring basis (in thousands): December 31, 2024TotalLevel 1Level 2Level 3Assets:Cash equivalents$346,070 $346,070 $— $— Total assets$346,070 $346,070 $— $— December 31, 2023TotalLevel 1Level 2Level 3Assets:Cash equivalents$57,890 $57,890 $— $— Total assets$57,890 $57,890 $— $— Liabilities:Convertible notes derivative liability$25,400 $— $— $25,400 Total liabilities$25,400 $— $—