Company: IBTA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-025593
Chunk: 112

Company: Ibotta, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 112
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 to the three months ended March 31, 2024, due to increases of $2.6 million in stock-based compensation expense and $1.8 million in other personnel-related costs. The increase in stock-based compensation expense was comprised of a $3.3 million increase related to equity awards for which expense recognition commenced after the IPO, partially offset by a $0.7 million decrease related to a higher allocation of personnel costs to cost of revenue. The increase in other personnel-related costs was driven by $0.7 million of restructuring charges incurred in February 2025 with the remainder from increased average headcount.

General and administrative

Three months ended March 31,Change20252024$%(in thousands, except percentages)General and administrative$21,386 $13,154 $8,232 63 %

General and administrative increased $8.2 million, or 63%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, due to increases of $4.3 million in stock-based compensation expense, $1.2 million in ongoing public company costs, $1.0 million in other personnel-related costs, $0.7 million related to the timing of the Company’s annual town hall, $0.4 million in facilities costs due to the commencement of a new office space lease in the first quarter of 2025, and $0.3 million in bad debt expense. The increase in stock-based compensation expense was comprised of a $6.0 million increase related to equity awards for which expense recognition commenced upon IPO, partially offset by a $1.6 million decrease from the reversal of previously recognized stock-based compensation expense for unvested equity awards related to the departure of the Company’s chief financial officer in March 2025. The increase in other personnel-related costs was driven by $0.3 million of 

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restructuring charges incurred in February 2025 with the remainder from increased average salary, offset by decreased average headcount.

Depreciation and amortization

Three months ended March 31,Change20252024$%(in thousands, except percentages)Depreciation and amortization$972 $983 $(11)(1)%

Depreciation and amortization did not change meaningfully during the three months ended March 31, 2025 compared to the three months ended March 31, 2024.

Three months ended March 31,Change20252024$%(in thousands