Company: IBTA
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008240
Chunk: 42

Company: Ibotta, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 42
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2024, the Company recognized stock-based compensation expense related to the ESPP of $1.6 million and issued 48,876 shares of its Class A common stock under the ESPP.The fair value of ESPP shares was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:Year ended December 31,2024Risk-free interest rate4.96 %Expected dividend yield — Expected volatility50 %Expected term (in years)0.5

12. Employee Benefit Plan

The Company sponsors a defined contribution plan pursuant to Section 401(k) of the Internal Revenue Code for all eligible employees. The Company’s matching contribution expense was $3.6 million, $2.9 million, and $2.3 million during the years ended December 31, 2024, 2023, and 2022, respectively.

13. Income Taxes

The (benefit from) provision for income taxes consists of the following (in thousands):Year ended December 31,202420232022Current taxes:Federal2,688 2,419 — State6,688 3,515 262 Total current taxes9,376 5,934 262 Deferred taxes:Federal(41,331)— — State(12,291)— — Total deferred taxes(53,622)— — (Benefit from) provision for income taxes$(44,246)$5,934 $262 

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Table of ContentsIbotta, Inc.Notes to Financial Statements

The following table summarizes the significant differences between the U.S. federal statutory tax rate and the Company's effective tax rate:Year ended December 31,202420232022Federal income tax rate21.0 %21.0 %21.0 %State and local taxes, net of federal benefit17.2 %6.3 %(0.4)%Permanent items— %6.7 %(4.0)%Stock-based compensation(11.9)%2.1 %(1.9)%Net federal prior period adjustment(3.3)%(0.5)%(2.9)%Change in valuation allowance(239.3)%(17.8)%(34.9)%Tax credit(19.9)%(15.0)%22.7 %Warrant expenses25.1 %6.3 %— %Uncertain tax position(8.2)%4.4 %—