Company: IBTA
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001538379-25-000010
Chunk: 114

Company: Ibotta, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 114
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 stock-based compensation expense, change in fair value of derivative, loss on debt extinguishment, restructuring charges, and other expense, net. We define Adjusted EBITDA margin as Adjusted EBITDA as a percent of revenue.

Adjusted EBITDA and Adjusted EBITDA margin are used by our management team as additional measures of our performance for purposes of business decision-making, including managing expenditures and developing budgets. Period-over-period comparisons of Adjusted EBITDA and Adjusted EBITDA margin help our management team identify additional trends in our financial results that may not be shown solely by comparisons of net income and net income as a percentage of revenue, respectively. In addition, we may use Adjusted EBITDA and Adjusted EBITDA margin in the incentive compensation programs applicable to some of our employees in order to evaluate our performance. 

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The following table provides a reconciliation of net income to Adjusted EBITDA and net income as a percentage of revenue to Adjusted EBITDA margin for each of the periods presented (in thousands, except percentages):

Three months ended June 30,Six months ended June 30,2025202420252024Net income$2,490 $(33,966)$3,045 $(24,669)Add (deduct):Interest income, net(2,636)(2,672)(6,321)(867)Depreciation and amortization(1)2,445 2,114 4,610 4,023 Stock-based compensation(2)13,642 44,817 27,394 49,662 Change in fair value of derivative— 1,385 — 3,085 Loss on debt extinguishment— 9,630 — 9,630 Restructuring charges557 — 2,116 — Provision for income taxes1,378 3,937 1,306 7,038 Other expense, net(3)6 29 405 31 Adjusted EBITDA$17,882 $25,274 $32,555 $47,933 Revenue$86,029 $87,926 $170,603 $170,253 Net income as a percent of revenue3 %(39)%2 %(14)%Adjusted EBITDA margin 21 %29 %19 %28 %

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(1)Amortization of capitalized software development costs included in cost of revenue for