Company: IBTA
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008240
Chunk: 146

Company: Ibotta, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 146
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 upon extinguishment of the convertible notes, gains and losses incurred on the convertible notes derivative liability and disposals of assets, and penalties.

Benefit from (provision for) income taxes

The benefit from (provision for) income taxes consists primarily of income taxes related to federal and state jurisdictions in which we conduct business, with the exception of the fourth quarter of 2024 when we released our valuation allowance on our deferred tax assets. 

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Results of Operations

The following tables set forth our results of operations in dollars and as a percentage of total revenue for each of the periods presented:

Year ended December 31,20242023(in thousands)Revenue$367,254 $320,037 Cost of revenue(1)50,121 43,992 Gross profit317,133 276,045 Operating expenses(1):Sales and marketing139,214 114,756 Research and development63,271 49,996 General and administrative82,739 51,633 Depreciation and amortization3,984 3,661 Total operating expenses289,208 220,046 Income from operations27,925 55,999 Interest income (expense), net9,414 (6,884)Loss on debt extinguishment(9,686)— Other expense, net(3,157)(5,064)Income before benefit from (provision for) income taxes24,496 44,051 Benefit from (provision for) income taxes44,246 (5,934)Net income$68,742 $38,117 

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(1)Amounts include stock-based compensation expense as follows (in thousands):

Year ended December 31,20242023Cost of revenue$1,484 $659 Sales and marketing39,086 15,420 Research and development9,325 2,074 General and administrative26,321 2,015 Total stock-based compensation$76,216 $20,168 

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Comparison of the year ended December 31, 2024 and 2023

Revenue

Year ended December 31,Change20242023$%(in thousands, except percentages)Direct-to-consumer revenueRedemption revenue$128,558 $163,687 $(35,129)(21)%Ad & other revenue58,430 76,151 (17,721)(23)%Total direct-to-consumer revenue186,988 239