Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 128

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 128
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 nine months ended September 30, 2024. The decrease was a result of a $12.0 million increase in net income adjusted for a $36.8 million decrease in non-cash charges and a $1.7 million decrease in net cash inflows from changes in operating assets and liabilities. 

The decrease in non-cash charges was largely driven by the IPO in the prior year, including accelerated stock-based compensation and losses on the extinguishment of the convertible notes and derivative liability. The decrease in net cash inflows from changes in operating assets and liabilities was primarily due to cash outflows of $18.5 million 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 

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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