Rush Street Interactive(RSI)2025-05-01 20:39Revenue Performance - Revenue for Q1 2025 was $262,407,000, an increase of 20.6% compared to $217,428,000 in Q1 2024[19] - Total revenue for the three months ended March 31, 2025, was $262.4 million, a 20.6% increase from $217.4 million in the same period of 2024[57] - Revenue from online casino and online sports betting reached $260.9 million, up 20.9% from $215.6 million in the prior year[57] - Revenue from the United States and Canada was $224.9 million, representing a 19.3% increase from $188.5 million in the same period of 2024[57] Net Income and Earnings - Net income for Q1 2025 was $11,211,000, a significant improvement from a net loss of $2,209,000 in Q1 2024[20] - Earnings per share for Q1 2025 were $0.06 (basic), compared to a loss of $0.01 in Q1 2024[19] - Comprehensive income for Q1 2025 was $15,738,000, compared to a loss of $2,108,000 in Q1 2024[20] - The net income attributable to Rush Street Interactive, Inc. for the three months ended March 31, 2025 was $5.3 million, a significant recovery from a net loss of $727,000 in 2024[88] Assets and Liabilities - Total current assets increased to $287,611,000 as of March 31, 2025, compared to $285,046,000 as of December 31, 2024[17] - Total liabilities rose to $191,656,000 as of March 31, 2025, up from $181,150,000 as of December 31, 2024[17] - Players' receivables increased to $16,466,000 as of March 31, 2025, compared to $14,910,000 as of December 31, 2024[17] - The total stockholders' equity attributable to Rush Street Interactive, Inc. was $81,310,000 as of March 31, 2025, up from $78,678,000 as of December 31, 2024[17] Cash Flow and Operating Activities - Net cash provided by operating activities was $28,712,000 in Q1 2025, slightly down from $30,908,000 in Q1 2024[26] - Cash, cash equivalents, and restricted cash at the end of Q1 2025 totaled $232,010,000, compared to $194,316,000 at the end of Q1 2024, showing improved liquidity[26] - Cash paid for income taxes in Q1 2025 was $3.1 million, compared to $2.2 million in Q1 2024, reflecting a 42.0% increase[37] - Cash paid for interest in Q1 2025 was $236,000, slightly down from $252,000 in Q1 2024[37] Expenses - Operating costs and expenses for Q1 2025 totaled $247,830,000, up from $215,896,000 in Q1 2024[19] - Share-based compensation expense increased to $8,813,000 in Q1 2025 from $8,425,000 in Q1 2024, reflecting ongoing investment in employee incentives[26] - Depreciation and amortization expense rose to $9,491,000 in Q1 2025, up from $7,101,000 in Q1 2024, indicating increased asset utilization[26] - Amortization expense for intangible assets rose to $8.5 million for the three months ended March 31, 2025, compared to $6.1 million for the same period in 2024[60] Stock and Shareholder Activities - The company repurchased 498,622 shares of Class A Common Stock for approximately $5.2 million at an average price of $10.35 during the three months ended March 31, 2025[70] - The total number of Class A Common Stock shares increased to 95,509,061 by March 31, 2025, from 90,511,441 shares at the end of 2024[22] - The company granted 714,723 restricted stock units (RSUs) with service conditions during the three months ended March 31, 2025, down from 1,813,694 RSUs in the same period of 2024[72] - The total share-based compensation expense for the three months ended March 31, 2025 was $8.8 million, slightly higher than $8.4 million in 2024[82] Deferred Revenue and Receivables - Deferred revenue associated with online casino and online sports betting includes unsettled customer bets, recorded within players' liabilities[57] - Deferred revenue decreased from $10,814,000 as of March 31, 2025, to $10,022,000, while revenue recognized from deferred revenue increased from $6,312,000 to $9,733,000 year-over-year[58] - The company had receivables from affiliated land-based casinos of $21.0 million as of March 31, 2025, compared to $18.2 million at December 31, 2024[96] Commitments and Legal Proceedings - The company has total commitments of $54,130,000 under non-cancelable contracts, including $32.2 million for license and market access commitments[100] - The company is not currently involved in any material legal proceedings[98]