Company: IBTA
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001538379-25-000010
Chunk: 104

Company: Ibotta, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 104
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 founding partner of the law firm Wilson Sonsini Goodrich & Rosati, P.C. (Wilson Sonsini), which serves as outside corporate counsel to the Company. During the six months ended June 30, 2025 and 2024, the Company spent $1.4 million 

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

and $2.8 million, respectively, with Wilson Sonsini. During the three months ended June 30, 2025 and 2024, the Company spent $0.5 million and $1.2 million, respectively, with Wilson Sonsini. Amounts payable to Wilson Sonsini were $0.5 million as of June 30, 2025 and $0.4 million as of December 31, 2024.

14. Commitments and Contingencies

Letter of CreditAs of June 30, 2025 and December 31, 2024, the Company had standby letters of credit in the aggregate amount of $1.1 million and $1.4 million, respectively, related to office space leases. The Company’s restricted cash is held to secure $0.1 million and $0.4 million of the balance of the letters of credit as of June 30, 2025 and December 31, 2024, respectively. The remainder is collateralized by our 2024 Credit Facility.Tax ReservesWe conduct operations in many tax jurisdictions. In some of these jurisdictions, non-income-based taxes, such as sales and other indirect taxes, may be assessed on our operations. There is uncertainty and judgment as to the taxability of the Company’s services and what constitutes sufficient presence for a jurisdiction to levy such taxes.The Company records tax reserves in other current liabilities on the condensed balance sheets when they become probable and the amount can be reasonably estimated. As of June 30, 2025 and December 31, 2024, tax reserves were immaterial. Due to the estimates involved in the analysis, the Company expects that the liability will change over time and could exceed the current estimate. The Company may also be subject to examination by the relevant state taxing authorities.Purchase CommitmentsThe Company has non-cancelable purchase obligations which 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 of business.As of June 30, 2025, future minimum payments with a remaining term in