Company: IBTA
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001538379-25-000010
Chunk: 152

Company: Ibotta, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 152
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 is a market condition. In addition, the CEO PRSU is subject to acceleration upon a change in control. We recognized stock-based compensation expense related to the CEO PRSU of $1.3 million and $2.6 million during the three and six months ended June 30, 2025, respectively, and $1.1 million during the three and six months ended June 30, 2024.Employee Stock Purchase Plan (ESPP)In April 2024, the Company’s board of directors approved the 2024 ESPP, which became effective in connection with the IPO. The ESPP allows eligible employees to purchase shares of the Company’s Class A common stock at a discounted price per share through payroll deductions over consecutive offering periods that are approximately six months in length. Each offering period has a single purchase period of the same duration. The offering periods will generally start on the first trading day on or after May 15 and November 15 each year and end on the first trading day on or after the following November 15 and May 15, respectively. The per share purchase price is equal to 85% of the lesser of the fair market value of a share of the Company’s Class A common stock on (i) the first trading date of the offering period or (ii) the last trading day of the offering period.Stock-based compensation expense recognized during the three and six months ended June 30, 2025 and 2024, and unrecognized as of June 30, 2025 and 2024, related to the ESPP were immaterial. During the three and six months ended June 30, 2025, the Company issued 39,768 shares of its Class A common stock under the ESPP. The Company issued no shares of stock under the ESPP during the three and six months ended June 30, 2024.

11. Income Taxes

Our income tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment.During the three and six months ended June 30, 2025, the Company recorded an income tax provision of $1.4 million and $1.3 million, respectively, resulting in an effective tax rate of 35.6% and 30.0%, respectively. During the three and six months ended June 30,