Company: IBTA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-025593
Chunk: 116

Company: Ibotta, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 116
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 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 increased $0.5 million during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was a result of a $2.1 million increase in net cash inflows from changes in operating assets and liabilities, offset by an $8.7 million decrease in net income adjusted for a $7.1 million increase in non-cash charges. Non-cash charges increased as a result of the IPO, primarily from accelerated stock-based compensation, partially offset by decreases from the extinguishment of the convertible notes. 

The increase in net cash inflows from changes in operating assets and liabilities was primarily due to cash inflows of $6.6 million from accrued expenses and $2.5 million from prepaid expenses. 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, and the timing of gift card purchases. These cash inflows were partially offset by cash outflows of $5.6 million from accounts receivable driven by increased gross billings and $1.8 million from liabilities due to third-party publishers.

Investing Activities

Net cash used in investing activities increased $2.5 million during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, driven by a $1.7 million increase in additions to property and equipment driven by leasehold improvements for our new corporate headquarters and a $0.8 million increase in additions to capitalized software development costs. 

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Financing Activities

Net cash used in financing activities increased $67.1 million during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, driven by increases of $69.8 million in purchases of treasury stock and $0.6 million in taxes paid related to the net share settlement of equity awards, offset by a $1.7 million decrease in deferred offering costs and a $1.6 million increase in proceeds from the exercise of stock options. 

Material