Company: IBTA
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008240
Chunk: 24

Company: Ibotta, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 24
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 consolidated financial statements.The Company reviewed all other recently issued accounting standards and determined they were either not applicable or are not expected to have a material impact on our consolidated financial statements.

3. Property, Equipment, and Software Development Costs

Property and equipment consist of the following (in thousands):December 31,20242023Computer equipment$3,080 $2,973 Leasehold improvements5,859 5,857 Furniture and fixtures2,687 2,616 Property and equipment11,626 11,446 Less: Accumulated depreciation(9,675)(8,905)Property and equipment, net$1,951 $2,541 Depreciation expense was $1.6 million, $2.0 million, $2.1 million for the years ended December 31, 2024, 2023, and 2022 respectively. Software development costs consist of the following (in thousands):December 31,20242023Capitalized software development costs$34,288 $26,326 Less: Accumulated amortization(18,087)(13,482)Capitalized software development costs, net$16,201 $12,844 The Company capitalized software development costs of $9.8 million and $8.1 million during the years ended December 31, 2024 and 2023, respectively. Capitalized software development costs include software under development of $7.7 million and $6.6 million as of December 31, 2024 and 2023, respectively. Capitalized software amortization expense recognized in cost of revenue for the years ended December 31, 2024, 2023, and 2022 was $4.1 million, $3.0 million, and $3.3 million, respectively. Capitalized software amortization expense recognized in depreciation and amortization expenses for the years ended December 31, 2024, 2023, and 2022 was $1.7 million, $0.8 million, and $0.1 million, respectively. Impairment charges for the years ended December 31, 2024, 2023, and 2022 were $0.6 million, $0.2 million, and $0.7 million, respectively.

4. User Redemption Liability Extinguishment

The Company reflects a user redemption liability in the balance sheets associated with the undistributed earnings of consumers on Ibotta’s D2C