Company: IBTA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-025593
Chunk: 88

Company: Ibotta, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 88
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 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 March 31, 2025, 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 14 – Commitments and Contingencies for further discussion of the Company’s letters of credit.

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Table of ContentsIbotta, Inc.Notes to Condensed Financial Statements(unaudited)

6. Fair Value Measurements 

The following tables present information about financial instruments measured at fair value on a recurring basis (in thousands): March 31, 2025TotalLevel 1Level 2Level 3Assets:Cash equivalents$294,779 $294,779 $— $— Total $294,779 $294,779 $— $— December 31, 2024TotalLevel 1Level 2Level 3Assets:Cash equivalents$346,070 $346,070 $— $— Total $346,070 $346,070 $— $— The Company’s cash equivalents are held in money market funds, which are measured using quoted prices for identical assets in active markets and are therefore classified as Level 1 in the fair value hierarchy.Convertible Notes Derivative LiabilityAs discussed in Note 5 – Long-Term Debt, the convertible notes held prior to the IPO contained certain embedded features that were required to be bifurcated and recorded separately from the debt host as a derivative liability at fair value. The following table summarizes the activity related to the fair value of the convertible notes derivative liability (in thousands):Three months ended March 31,2024Fair value at beginning of period$25,400 Change in fair value1,700 Fair value at end