Company: IBTA
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001538379-25-000010
Chunk: 358

Company: Ibotta, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 2
Chunk 358
---
 required to pay our third-party publishers within a contractual timeframe, regardless of whether we have collected payment from our client. As a result, timing of cash receipts related to accounts receivable and due to third-party publishers can vary from period to period and significantly impact our cash provided by operating activities for any period.

Net cash provided by operating activities decreased $8.7 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease was a result of a $27.7 million increase in net income adjusted for a $34.7 million decrease in non-cash charges and a $1.7 million decrease in net cash inflows from changes in operating assets and liabilities. The increase in net income was largely driven by non-cash charges in the prior year as a result of the IPO, including accelerated stock-based compensation and losses on the extinguishment of the convertible notes and derivative liability, partially offset by increases in other operating expenses. 

The decrease in net cash inflows from changes in operating assets and liabilities was primarily due to cash outflows of $6.7 million from liabilities due to third-party publishers driven by the timing and ramp up of new publishers and $6.3 million from accounts receivable due to the timing of client payments. These cash outflows were partially offset by cash inflows of $6.3 million from accrued expenses, $4.0 million from accounts payable due to timing of payments, $0.6 million from other assets and liabilities, and $0.4 million from the user redemption liability. The change in accrued expenses was primarily driven by higher accrued employee expenses as of December 31, 2023 compared to December 31, 2024, paid in the first quarter of the following year, the timing of gift card purchases, and an increase in other accrued liabilities.

Investing Activities

Net cash used in investing activities increased $7.2 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, driven by a $5.2 million increase in additions to property and equipment driven by leasehold improvements for our new corporate headquarters and a $2.0 million increase in additions to capitalized software development costs. 

Financing Activities

Net cash used in financing activities increased $338.5 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, driven by $201