Company: IBTA
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008240
Chunk: 149

Company: Ibotta, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 149
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 recognition commenced upon IPO, $3.9 million in other personnel-related costs, and $3.3 million in ongoing public company costs. The increase in other personnel-related costs includes $1.5 million related to one-time IPO costs, with the remaining increase driven by an increase in headcount. 

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Depreciation and amortization

Year ended December 31,Change20242023$%(in thousands, except percentages)Depreciation and amortization$3,984 $3,661 $323 9 %

Depreciation and amortization increased $0.3 million, or 9%, during the year ended December 31, 2024, compared to the year ended December 31, 2023, primarily driven by an increase in capitalized software.

Interest income (expense), net

Year ended December 31,Change20242023$%(in thousands, except percentages)Interest income (expense), net$9,414 $(6,884)$16,298 237 %

Interest income, net, increased $16.3 million, or 237%, during the year ended December 31, 2024, compared to the year ended December 31, 2023, due to an increase in interest earned on cash and cash equivalents largely driven by the IPO proceeds and a decrease in interest expense resulting from the extinguishment of the convertible notes.

Loss on debt extinguishment

Year ended December 31,Change20242023$%(in thousands, except percentages)Loss on extinguishment of debt$9,686 $— $9,686 NM(1)

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(1)NM - not meaningful

Loss on extinguishment of debt increased $9.7 million during the year ended December 31, 2024, compared to the year ended December 31, 2023, due to the conversion of the convertible notes into shares of our Class A common stock concurrently upon the closing of the IPO.

Other expense, net

Year ended December 31,Change20242023$%(in thousands, except percentages)Other expense, net$3,157 $5,064 $(1,907)(38)%

Other expense, net, decreased $1.9 million, or 38%, during the year ended December 31, 2024, compared to the year ended December 31, 2023, due to a $1.9 million decrease in the loss on the convertible notes derivative liability, which was settled in connection