Rush Street Interactive Announces Third Quarter 2024 Results and Raises Full Year Guidance
Rush Street Interactive (NYSE: RSI) reported strong Q3 2024 results with revenue reaching $232.1 million, up 37% year-over-year. The company achieved net income of $3.2 million, compared to a net loss of $13.4 million in Q3 2023. Adjusted EBITDA increased significantly to $23.4 million, up from $4.1 million last year. Monthly Active Users grew 28% in US/Canada and 122% in Latin America. The company raised its full-year 2024 guidance, expecting revenue between $900-920 million and Adjusted EBITDA between $82-86 million. Additionally, RSI announced a $50 million share repurchase authorization.
Rush Street Interactive (NYSE: RSI) ha riportato risultati forti per il terzo trimestre del 2024, con un fatturato pari a 232,1 milioni di dollari, in aumento del 37% rispetto all'anno precedente. L'azienda ha raggiunto un utile netto di 3,2 milioni di dollari, rispetto a una perdita netta di 13,4 milioni di dollari nel terzo trimestre del 2023. L'EBITDA rettificato è aumentato significativamente a 23,4 milioni di dollari, rispetto ai 4,1 milioni di dollari dell'anno scorso. Gli Utenti Attivi Mensili sono cresciuti del 28% negli Stati Uniti e in Canada e del 122% in America Latina. L'azienda ha innalzato le previsioni per l'intero anno 2024, prevedendo un fatturato tra i 900 e i 920 milioni di dollari e un EBITDA rettificato tra i 82 e gli 86 milioni di dollari. Inoltre, RSI ha annunciato un'autorizzazione al riacquisto di azioni da 50 milioni di dollari.
Rush Street Interactive (NYSE: RSI) reportó resultados sólidos para el tercer trimestre de 2024, con ingresos que alcanzaron 232.1 millones de dólares, un aumento del 37% interanual. La compañía logró un ingreso neto de 3.2 millones de dólares, en comparación con una pérdida neta de 13.4 millones de dólares en el tercer trimestre de 2023. El EBITDA ajustado aumentó significativamente a 23.4 millones de dólares, frente a los 4.1 millones del año pasado. Los Usuarios Activos Mensuales crecieron un 28% en EE. UU./Canadá y un 122% en América Latina. La empresa elevó su guía para todo el año 2024, esperando ingresos entre 900 y 920 millones de dólares y EBITDA ajustado entre 82 y 86 millones de dólares. Además, RSI anunció una autorización de recompra de acciones de 50 millones de dólares.
러시 스트리트 인터랙티브 (NYSE: RSI)는 2024년 3분기 강력한 실적을 보고하며, 수익이 2억 3,210만 달러에 도달하여 전년 대비 37% 증가했습니다. 회사는 순이익 320만 달러를 달성했으며, 이는 2023년 3분기에 1,340만 달러의 순손실에서 개선된 결과입니다. 조정된 EBITDA는 2,340만 달러로 크게 증가했으며, 이는 지난해의 410만 달러에서 증가한 수치입니다. 월간 활성 사용자가 미국/캐나다에서 28%, 라틴 아메리카에서 122% 증가했습니다. 회사는 2024년 전체 연간 가이던스를 상향 조정하여 수익이 9억에서 9억 2천만 달러, 조정된 EBITDA가 8천 2백만에서 8천 6백만 달러 사이일 것으로 예상하고 있습니다. 또한, RSI는 5천만 달러 규모의 자사주 매입 승인을 발표했습니다.
Rush Street Interactive (NYSE: RSI) a annoncé de solides résultats pour le troisième trimestre 2024, avec des revenus atteignant 232,1 millions de dollars, en hausse de 37 % par rapport à l'année dernière. L'entreprise a réalisé un bénéfice net de 3,2 millions de dollars, contre une perte nette de 13,4 millions de dollars au troisième trimestre 2023. L'EBITDA ajusté a fortement progressé, atteignant 23,4 millions de dollars, contre 4,1 millions de dollars l'année précédente. Le nombre d'utilisateurs actifs mensuels a augmenté de 28 % aux États-Unis/Canada et de 122 % en Amérique latine. L'entreprise a relevé ses prévisions pour l'ensemble de l'année 2024, s'attendant à des revenus compris entre 900 et 920 millions de dollars et un EBITDA ajusté entre 82 et 86 millions de dollars. De plus, RSI a annoncé une autorisation de rachat d'actions de 50 millions de dollars.
Rush Street Interactive (NYSE: RSI) hat starke Ergebnisse für das dritte Quartal 2024 berichtet, mit einem Umsatz von 232,1 Millionen US-Dollar, was einem Anstieg von 37% im Jahresvergleich entspricht. Das Unternehmen erzielte einen Reingewinn von 3,2 Millionen US-Dollar, verglichen mit einem Nettoverlust von 13,4 Millionen US-Dollar im dritten Quartal 2023. Das bereinigte EBITDA stieg deutlich auf 23,4 Millionen US-Dollar, von 4,1 Millionen US-Dollar im Vorjahr. Die monatlich aktiven Nutzer wuchsen um 28% in den USA/Kanada und um 122% in Lateinamerika. Das Unternehmen hob seine Jahresprognose für 2024 an und erwartet einen Umsatz zwischen 900 und 920 Millionen US-Dollar sowie ein bereinigtes EBITDA zwischen 82 und 86 Millionen US-Dollar. Darüber hinaus kündigte RSI eine Aktienrückkaufautorisierung über 50 Millionen US-Dollar an.
- Revenue grew 37% YoY to $232.1 million
- Turned $13.4M loss into $3.2M net income YoY
- Adjusted EBITDA increased over 5x to $23.4M
- MAUs grew 28% in US/Canada and 122% in Latin America
- Cash position improved to $216M from $194M QoQ
- Announced $50M share repurchase program
- Raised full-year guidance for both revenue and EBITDA
- Latin America ARPMAU decreased from $43 to $39 YoY
- Advertising expenses increased 13% to $38.6M
Insights
Rush Street Interactive delivered an exceptional Q3 2024, with
Key performance metrics show robust growth:
- MAUs in US/Canada up
28% to 168,000 - Latin American MAUs surged
122% to 329,000 - ARPMAU in US/Canada increased
4% to$388
The
- Third Quarter Revenue of
- Third Quarter Net Income of
- Strong Momentum Continues with Third Quarter Adjusted EBITDA of
- Raising Full Year 2024 Adjusted EBITDA Guidance
of Between
- Announces Share Repurchase Authorization of
CHICAGO, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Rush Street Interactive, Inc. (NYSE: RSI) (“RSI”), a leading online casino and sports betting company in the United States and the rest of the Americas, today announced financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 and Recent Highlights
- Revenue was
$232.1 million during the third quarter of 2024, an increase of37% , compared to$169.9 million during the third quarter of 2023. - Net income during the third quarter of 2024 was
$3.2 million , compared to a net loss of$13.4 million during the third quarter of 2023. - Adjusted EBITDA1 was
$23.4 million during the third quarter of 2024, compared to$4.1 million during the third quarter of 2023. - Adjusted advertising and promotions expense1 was
$38.6 million during the third quarter of 2024, an increase of13% compared to$34.1 million during the third quarter of 2023. - Monthly Active Users (“MAU”) in the United States and Canada were approximately 168,000, up
28% year-over-year. MAUs in Latin America (which includes Mexico) were approximately 329,000, up122% year-over-year. - Average Revenue per Monthly Active User (“ARPMAU”) in the United States and Canada was
$388 during the third quarter of 2024, up4% year-over-year. ARPMAU in Latin America was$39 , compared to$43 last year. - As of September 30, 2024, unrestricted cash and cash equivalents increased to
$216 million from$194 million as of June 30, 2024. - On October 24, 2024, RSI’s Board of Directors authorized the repurchase of an aggregate of up to
$50 million of RSI’s Class A common stock.2
Richard Schwartz, Chief Executive Officer of RSI, said, “We are excited to report that we have achieved another quarter of exceptional performance, setting new quarterly records in both revenue and adjusted EBITDA. Our third quarter revenue surged by
“Our strategy has yielded broad based growth and success across all of our geographies and products. We’ve accelerated player growth for another consecutive quarter, acquired significantly more players with much greater marketing efficiency, all the while increasing our player values. This combination sets us up well for continued strong performance.”
“In addition to these strong results, we are pleased to announce a share repurchase authorization of up to
Guidance
RSI expects revenue for the full year ending December 31, 2024 to be between
RSI expects Adjusted EBITDA1 for the full year ending December 31, 2024 to be between
These guidance ranges are based on certain assumptions, including that (i) only operations in live jurisdictions as of today’s date are included, and (ii) RSI continues to operate in markets in which it is live today.
Earnings Conference Call and Webcast Details
RSI will host a conference call and audio webcast today at 6:00 p.m. Eastern Time (5:00 p.m. Central Time), during which management will discuss third quarter results and provide commentary on business performance and its current outlook for 2024. A question-and-answer session will follow the prepared remarks.
The conference call may be accessed by dialing 1-833-470-1428 (Toll Free) or 1-404-975-4839 (Local) or, for international callers, 1-929-526-1599. The conference call access code is 550436.
A live audio webcast of the earnings conference call may be accessed on RSI’s website at ir.rushstreetinteractive.com, along with a copy of this press release and an investor slide presentation. The audio webcast and investor slide presentation will be available on RSI’s investor relations website until at least November 30, 2024.
About Rush Street Interactive
RSI is a trusted online gaming and sports entertainment company focused on markets in the United States, Canada and Latin America. Through its brands, BetRivers, PlaySugarHouse and RushBet, RSI was an early entrant in many regulated jurisdictions. It currently offers real-money mobile and online operations in fifteen U.S. states: New Jersey, Pennsylvania, Indiana, Colorado, Illinois, Iowa, Michigan, Virginia, West Virginia, Arizona, New York, Louisiana, Maryland, Ohio and Delaware, as well as in the regulated international markets of Colombia, Ontario (Canada), Mexico and Peru. RSI offers, through its proprietary online gaming platform, some of the most popular online casino games and sports betting options in the United States. Founded in 2012 in Chicago by gaming industry veterans, RSI was named the EGR North America Awards Customer Services Operator of the Year five years in a row (2020-2024), the 2022 EGR North America Awards Operator of the Year and Social Gaming Operator of the Year, and the 2021 SBC Latinoamérica Awards Sportsbook Operator of the Year. RSI was the first U.S.-based online casino and sports betting operator to receive RG Check iGaming Accreditation from the Responsible Gaming Council. For more information, visit www.rushstreetinteractive.com.
Non-GAAP Financial Measures
In addition to providing financial measurements based on accounting principles generally accepted in the United States (“GAAP”), this press release includes certain financial measures that are not prepared in accordance with GAAP, including Adjusted EBITDA, Adjusted Operating Costs and Expenses, Adjusted Earnings (Loss) Per Share, Adjusted Net Income (Loss) and Adjusted Weighted Average Common Shares Outstanding, each of which is a non-GAAP performance measure that RSI uses to supplement its results presented in accordance with GAAP. A reconciliation of each such non-GAAP financial measure to the most directly comparable GAAP financial measure can be found below. RSI believes that presentation of these non-GAAP financial measures provides useful information to investors regarding RSI’s results of operations and operating performance, as they are similar to measures reported by its public competitors and are regularly used by securities analysts, institutional investors and other interested parties in analyzing operating performance and prospects. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for any GAAP financial measures and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.
By providing full year 2024 Adjusted EBITDA guidance, RSI provided its expectation of a forward-looking non-GAAP financial measure. Information reconciling full year 2024 Adjusted EBITDA to its most directly comparable GAAP financial measure, net income (loss), is unavailable to RSI without unreasonable effort due to, among other things, the inherent difficulty in forecasting and quantifying the comparable GAAP measure and the applicable adjustments and other amounts that would be necessary for such a reconciliation, and certain of these amounts are outside of RSI’s control and may be subject to high variability or complexity. Preparation of such reconciliations would also require a forward-looking balance sheet, statement of operations and statement of cash flows, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to RSI without unreasonable effort. RSI provides a range for its Adjusted EBITDA forecast that it believes will be achieved; however, RSI cannot provide any assurance that it can predict all of the components of the Adjusted EBITDA calculation. RSI provides a forecast for Adjusted EBITDA because it believes that Adjusted EBITDA, when viewed with RSI’s results calculated in accordance with GAAP, provides useful information for the reasons noted herein. However, Adjusted EBITDA is not a measure of financial performance or liquidity under GAAP and, accordingly, should not be considered as an alternative to net income (loss) or cash flow from operating activities or as an indicator of operating performance or liquidity.
RSI defines Adjusted EBITDA as net income (loss) before interest, income taxes, depreciation and amortization, share-based compensation, adjustments for certain one-time or non-recurring items and other adjustments. Adjusted EBITDA excludes certain expenses that are required in accordance with GAAP because certain expenses are either non-cash (i.e., depreciation and amortization, and share-based compensation) or are not related to our underlying business performance (i.e., interest income or expense).
RSI defines Adjusted Operating Costs and Expenses as RSI’s GAAP operating costs and expenses adjusted to exclude the impacts of share-based compensation, certain one-time or non-recurring items and other adjustments. Adjusted Operating Costs and Expenses excludes certain expenses that are required in accordance with GAAP because certain expenses are either non-cash (i.e., share-based compensation) or are not related to our underlying business performance.
RSI defines Adjusted Earnings (Loss) Per Share as Adjusted Net Income (Loss) divided by Adjusted Weighted Average Common Shares Outstanding. Adjusted Net Income (Loss) is defined as net income (loss) attributable to Rush Street Interactive, Inc. as used in the diluted earnings (loss) per share calculations, adjusted for the reallocation of net loss attributable to non-controlling interests, share-based compensation, certain one-time or non-recurring items and other adjustments. Adjusted Weighted Average Common Shares Outstanding is defined as the weighted average number of common shares outstanding as used in the diluted earnings (loss) per share calculation, adjusted for the assumed conversion of the non-controlling interest’s Rush Street Interactive, LP Class A units to Class A common stock of RSI on a one-to-one-basis, only in periods of Net Loss, and incremental shares from assumed conversion of stock options and restricted stock units when dilutive to Adjusted Net Income.
RSI includes these non-GAAP financial measures because management uses them to evaluate RSI’s core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Management believes that these non-GAAP financial measures provide investors with useful information on RSI’s past financial and operating performance, enable comparison of financial results from period-to-period where certain items may vary independent of business performance, and allow for greater transparency with respect to metrics used by RSI’s management in operating our business. Management also believes these non-GAAP financial measures are useful in evaluating our operating performance compared to that of other companies in our industry, as these metrics generally eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance.
Key Metrics
RSI provides certain key metrics, including Monthly Active Users (“MAUs”) and ARPMAU, in this press release. RSI defines MAUs as the number of unique users per month who have placed at least one real-money bet across one or more of our online casino or online sports betting offerings, and it defines ARPMAU as average revenue for the applicable period divided by the average MAUs for the same period.
The numbers RSI uses to calculate MAUs and ARPMAU are based on internal RSI data. While these numbers are based on what RSI believes to be reasonable judgments and estimates of its customer base for the applicable period of measurement, there are inherent challenges in measuring usage and engagement with respect to RSI’s online offerings across its customer base. Such challenges and limitations may also affect RSI’s understanding of certain details of its business. In addition, RSI’s key metrics and related estimates, including the definitions and calculations of the same, may differ from estimates published by third parties or from similarly-titled metrics of its competitors due to differences in operations, offerings, methodology and access to information. RSI regularly reviews, and may adjust its processes for calculating, its internal metrics to improve their accuracy.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. RSI's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," “propose”, "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding revenue and Adjusted EBITDA guidance, RSI’s future results of operations, financial condition, cash flows or profitability (whether on a GAAP or non-GAAP basis), currency fluctuations, RSI’s strategic plans and focus, anticipated launches or withdrawals of RSI’s current or new offerings in existing or future jurisdictions, player growth and engagement, product initiatives, outcomes of current or future regulatory developments and the objectives of management for future operations. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside RSI's control and are difficult to predict. Factors that may cause such differences include, without limitation: changes in applicable laws or regulations; RSI’s ability to manage and sustain growth; RSI’s ability to execute its business plan, meet its projections and obtain relevant market access and/or gaming licenses; unanticipated product or service delays; general economic and market conditions impacting the demand for RSI’s products and services; economic and market conditions in the gaming, entertainment and leisure industry in the markets in which RSI operates; the potential adverse effects of general economic conditions, inflation and interest rates and unemployment on RSI’s liquidity, operations and personnel; and other risks and uncertainties indicated from time to time in RSI's filings with the SEC. RSI cautions that the foregoing list of factors is not exclusive. RSI cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. RSI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Media Contacts:
Lisa Johnson
lisa@lisajohnsoncommunications.com
Investor Contact:
ir@rushstreetinteractive.com
| Rush Street Interactive, Inc. Condensed Consolidated Statements of Operations (Unaudited and in thousands, except per share data) | ||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||
| Revenue | $ | 232,109 | $ | 169,887 | $ | 669,916 | $ | 497,310 | ||||||
| Operating costs and expenses | ||||||||||||||
| Costs of revenue | 151,414 | 116,159 | 440,414 | 333,166 | ||||||||||
| Advertising and promotions | 39,252 | 34,620 | 114,600 | 125,525 | ||||||||||
| General and administrative | 26,508 | 22,409 | 79,582 | 64,559 | ||||||||||
| Depreciation and amortization | 8,471 | 8,401 | 23,127 | 22,144 | ||||||||||
| Total operating costs and expenses | 225,645 | 181,589 | 657,723 | 545,394 | ||||||||||
| Income (loss) from operations | 6,464 | (11,702 | ) | 12,193 | (48,084 | ) | ||||||||
| Other income | ||||||||||||||
| Interest income, net | 2,049 | 762 | 5,525 | 1,430 | ||||||||||
| Income (loss) before income taxes | 8,513 | (10,940 | ) | 17,718 | (46,654 | ) | ||||||||
| Income tax expense | 5,274 | 2,426 | 16,970 | 7,946 | ||||||||||
| Net income (loss) | 3,239 | (13,366 | ) | 748 | (54,600 | ) | ||||||||
| Net income (loss) attributable to non-controlling interests | 2,049 | (9,187 | ) | 385 | (38,022 | ) | ||||||||
| Net income (loss) attributable to Rush Street Interactive, Inc. | $ | 1,190 | $ | (4,179 | ) | $ | 363 | $ | (16,578 | ) | ||||
| Earnings (loss) per common share attributable to Rush Street Interactive, Inc. – basic | $ | 0.01 | $ | (0.06 | ) | $ | 0.00 | $ | (0.25 | ) | ||||
| Weighted average common shares outstanding – basic | 82,847,325 | 69,698,787 | 79,652,992 | 67,465,694 | ||||||||||
| Earnings (loss) per common share attributable to Rush Street Interactive, Inc. – diluted | $ | 0.01 | $ | (0.06 | ) | $ | 0.00 | $ | (0.25 | ) | ||||
| Weighted average common shares outstanding – diluted | 233,118,670 | 69,698,787 | 230,235,179 | 67,465,694 | ||||||||||
| Rush Street Interactive, Inc. Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited and in thousands) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Net income (loss) | $ | 3,239 | $ | (13,366 | ) | $ | 748 | $ | (54,600 | ) | ||||||
| Other comprehensive income (loss) | ||||||||||||||||
| Foreign currency translation adjustment | (148 | ) | 1,495 | (3,781 | ) | 3,465 | ||||||||||
| Comprehensive income (loss) | 3,091 | (11,871 | ) | (3,033 | ) | (51,135 | ) | |||||||||
| Comprehensive income (loss) attributable to non-controlling interests | 1,956 | (8,161 | ) | (2,049 | ) | (35,621 | ) | |||||||||
| Comprehensive income (loss) attributable to Rush Street Interactive, Inc. | $ | 1,135 | $ | (3,710 | ) | $ | (984 | ) | $ | (15,514 | ) | |||||
| Rush Street Interactive, Inc. Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited and in thousands) | ||||||||||||||||
| Adjusted EBITDA: | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| ($ in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income (loss) | $ | 3,239 | $ | (13,366 | ) | $ | 748 | $ | (54,600 | ) | ||||||
| Interest income, net | (2,049 | ) | (762 | ) | (5,525 | ) | (1,430 | ) | ||||||||
| Income tax expense | 5,274 | 2,426 | 16,970 | 7,946 | ||||||||||||
| Depreciation and amortization | 8,471 | 8,401 | 23,127 | 22,144 | ||||||||||||
| Share-based compensation expense | 8,458 | 7,402 | 26,574 | 22,595 | ||||||||||||
| Adjusted EBITDA | $ | 23,393 | $ | 4,101 | $ | 61,894 | $ | (3,345 | ) | |||||||
| Adjusted Operating Costs and Expenses: | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| GAAP operating costs and expenses: | ||||||||||||||||
| Costs of revenue | $ | 151,414 | $ | 116,159 | $ | 440,414 | $ | 333,166 | ||||||||
| Advertising and promotions | 39,252 | 34,620 | 114,600 | 125,525 | ||||||||||||
| General and administrative | 26,508 | 22,409 | 79,582 | 64,559 | ||||||||||||
| Depreciation and amortization | 8,471 | 8,401 | 23,127 | 22,144 | ||||||||||||
| Total operating costs and expenses | $ | 225,645 | $ | 181,589 | $ | 657,723 | $ | 545,394 | ||||||||
| Non-GAAP operating cost and expense adjustments: | ||||||||||||||||
| Costs of revenue1 | $ | (295 | ) | $ | (269 | ) | $ | (860 | ) | $ | (795 | ) | ||||
| Advertising and promotions1 | (606 | ) | (565 | ) | (1,866 | ) | (1,660 | ) | ||||||||
| General and administrative1 | (7,557 | ) | (6,568 | ) | (23,848 | ) | (20,140 | ) | ||||||||
| Depreciation and amortization | — | — | — | — | ||||||||||||
| Total non-GAAP operating cost and expense adjustments | $ | (8,458 | ) | $ | (7,402 | ) | $ | (26,574 | ) | $ | (22,595 | ) | ||||
| Adjusted operating costs and expenses: | ||||||||||||||||
| Costs of revenue | $ | 151,119 | $ | 115,890 | $ | 439,554 | $ | 332,371 | ||||||||
| Advertising and promotions | 38,646 | 34,055 | 112,734 | 123,865 | ||||||||||||
| General and administrative | 18,951 | 15,841 | 55,734 | 44,419 | ||||||||||||
| Depreciation and amortization | 8,471 | 8,401 | 23,127 | 22,144 | ||||||||||||
| Total adjusted operating costs and expenses | $ | 217,187 | $ | 174,187 | $ | 631,149 | $ | 522,799 | ||||||||
- Non-GAAP Operating Costs and Expense Adjustments include Share-based compensation expense.
| Rush Street Interactive, Inc. Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited and in thousands, except share and per share data) | ||||||||||||||
| Adjusted Net Income (Loss), Adjusted Weighted Average Common Shares Outstanding and Adjusted Earnings (Loss) Per Share: | ||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| Adjusted net income (loss) | ||||||||||||||
| Net income (loss) attributable to Rush Street Interactive, Inc. – basic | $ | 1,190 | $ | (4,179 | ) | $ | 363 | $ | (16,578 | ) | ||||
| Effect of diluted securities: | ||||||||||||||
| Increase to net income attributable to non-controlling interests | 2,049 | — | 385 | — | ||||||||||
| Net income (loss) attributable to Rush Street Interactive, Inc. – diluted | $ | 3,239 | $ | (4,179 | ) | $ | 748 | $ | (16,578 | ) | ||||
| Adjustments: | ||||||||||||||
| Net loss attributable to non-controlling interests(1) | — | (9,187 | ) | — | (38,022 | ) | ||||||||
| Share-based compensation expense | 8,458 | 7,402 | 26,574 | 22,595 | ||||||||||
| Adjusted net income (loss) | $ | 11,697 | $ | (5,964 | ) | $ | 27,322 | $ | (32,005 | ) | ||||
| Adjusted weighted-average common shares outstanding | ||||||||||||||
| Weighted-average common shares outstanding – basic | 82,847,325 | 69,698,787 | 79,652,992 | 67,465,694 | ||||||||||
| Effect of diluted securities: | ||||||||||||||
| Assumed conversion of RSILP Units to Class A Common Shares | 142,687,546 | — | 144,940,579 | — | ||||||||||
| Incremental shares from assumed conversion of stock options and restricted stock units | 7,583,799 | — | 5,641,608 | — | ||||||||||
| Weighted-average common shares outstanding - diluted | 233,118,670 | 69,698,787 | 230,235,179 | 67,465,694 | ||||||||||
| Adjustments: | ||||||||||||||
| Assumed conversion of RSILP Units to Class A Common Shares(1) | — | 152,319,724 | — | 154,196,531 | ||||||||||
| Adjusted weighted-average common shares outstanding | 233,118,670 | 222,018,511 | 230,235,179 | 221,662,225 | ||||||||||
| Adjusted earnings (loss) per share | ||||||||||||||
| Earnings (loss) per common share attributable to Rush Street Interactive, Inc. – basic | $ | 0.01 | $ | (0.06 | ) | $ | 0.00 | $ | (0.25 | ) | ||||
| Earnings (loss) per common share attributable to Rush Street Interactive, Inc. – diluted | $ | 0.01 | $ | (0.06 | ) | $ | 0.00 | $ | (0.25 | ) | ||||
| Adjusted Earnings (loss) per share | $ | 0.05 | $ | (0.03 | ) | $ | 0.12 | $ | (0.14 | ) | ||||
1 Adjusted net income (loss) includes the reallocation of net loss attributable to non-controlling interests that is not otherwise included in net income (loss) attributable to Rush Street Interactive, Inc. - diluted. Adjusted weighted-average common shares outstanding includes the assumed conversion of weighted-average RSILP units to Class A Common Shares that is not otherwise included in Weighted-average common shares outstanding - diluted.
1 This is a non-GAAP financial measure. Please see “Non-GAAP Financial Measures” for more information about this non-GAAP financial measure and “Reconciliations of GAAP to Non-GAAP Financial Measures” for any applicable reconciliation of the most comparable measure calculated in accordance with GAAP to this non-GAAP financial measure.
2 RSI is authorized to repurchase shares of its Class A common stock from time to time through open market purchases, privately negotiated transactions or other transactions in accordance with applicable securities laws. The timing and amount of repurchases depends on several factors, including market and business conditions, the trading price of RSI’s Class A Common Stock and the nature of other investment opportunities. This repurchase program does not require RSI to acquire any specific number or amount of Class A common stock and may be limited, amended or terminated at any time.
FAQ
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