Company: IBTA
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008240
Chunk: 43

Company: Ibotta, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 43
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 %Convertible note13.9 %— %— %Executive compensation disallowed8.7 %— %— %Equity compensation related adjustment16.0 %— %— %Effective tax rate(180.7)%13.5 %(0.4)%The significant components of deferred income taxes were as follows (in thousands):December 31,20242023Deferred tax assets:Net operating loss, credit carryforwards19,533 12,911 Accruals and reserves9,640 7,309 User redemption liability9,630 11,637 Capitalized research and development39,031 30,285 Gross deferred tax assets77,834 62,142 Less: valuation allowance— (58,624)Total deferred tax assets77,834 3,518 Deferred tax liabilities:Property and equipment(3,416)(2,045)Other deferred tax liabilities(1,207)(1,473)Gross deferred tax liabilities(4,623)(3,518)Net deferred tax assets $73,211 $— In accordance with ASU 2015-17, Income Taxes, (Topic 740): Balance Sheet Classification of Deferred Taxes, all deferred tax assets and liabilities have been classified as noncurrent on the balance sheets.The Company regularly assesses the ability to realize deferred tax assets based on the weight of all available evidence, including such factors as the history of recent earnings and expected future taxable income. Judgment is required in determining whether a valuation allowance should be recorded against deferred tax assets. Due to cumulative income in recent years, including the effect of permanent adjustments, continuing revenue growth, and the expectation of sustained profitability in future periods, we concluded that as of December 31, 2024, it was more likely than not that the federal and state tax 

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Table of ContentsIbotta, Inc.Notes to Financial Statements

assets were realizable. As a result, the Company released the entire valuation allowance of $58.6 million during the year ended December 31, 2024.The table below details the activity of the deferred tax assets valuation allowance (in thousands):Balance at Beginning of YearAdditionsDeductionsBalance at End of YearDeferred tax assets valuation allowance:Year ended December 31, 2024$(58,624)$— $58,624 $— Year ended December 31, 2023$(65,270)$— $6