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 fourth
quarter and full year ended December 31, 2022.
Fourth Quarter 2022 Financial
Highlights
- Revenue was
$165.5 million during the fourth quarter of 2022, an increase
of 27%, compared to $130.6 million during the fourth quarter
of 2021.
- Net loss was $31.1 million
during the fourth quarter of 2022, compared to a net loss of
$38.1 million during the fourth quarter of 2021.
- Adjusted EBITDA1 was a loss of
$17.3 million during the fourth quarter of 2022, compared to
an Adjusted EBITDA loss of $31.2 million during the fourth
quarter of 2021.
- Adjusted advertising and promotions
expense1 was $63.2 million during the fourth quarter of 2022,
compared to $64.0 million during the fourth quarter of
2021.
- Real-Money Monthly Active Users
(“MAUs”) in the United States and Canada for the fourth quarter of
2022 were up 22% year-over-year with average revenue per MAU
(“ARPMAU”) of $327 during the fourth quarter of 2022.
- As of December 31, 2022, RSI
had $180 million of unrestricted cash and cash
equivalents.
Full Year 2022
Financial Highlights
- Revenue was
$592.2 million during full year 2022, an increase of 21%,
compared to $488.1 million during full year 2021.
- Net loss was $134.3 million
during full year 2022, compared to a net loss of $71.1 million
during full year 2021.
- Adjusted EBITDA1 was a loss of
$91.8 million during full year 2022, compared to
$65.1 million during full year 2021.
- Adjusted advertising and promotions
expense1 was $218.4 million during the full year 2022,
compared to $186.9 million during the full year of 2021.
- MAUs in the United States and
Canada for the full year 2022 were up 29% year-over-year with
ARPMAU of $315 during the year, down 9% year-over-year.
_________________________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 a
reconciliation of the most comparable measure calculated in
accordance with GAAP to this non-GAAP financial measure.
Richard Schwartz, Chief Executive Officer of
RSI, said, “We are proud to report another strong quarter and
record results for the year, spurred by 95% annual growth in our
Latin American and new North American markets launched after 2020.
We expect to achieve positive Adjusted EBITDA for the second half
of 2023 and continue to be selective as we prioritize investments
in markets with higher returns.”
“Looking forward, we will continue to focus on
earning and retaining customer loyalty, by treating them well,
being thoughtful, developing seamless experiences and reducing
friction at every possible point. We have built our proprietary
platform and culture around a disciplined operating philosophy,
which is reflected in our results.”
Guidance
RSI is initiating revenue guidance for the full
year 2023. It expects revenues for the full year ending December
31, 2023 to be between $630 and $700 million. At the midpoint
of the range, revenue of $665 million represents 12%
year-over-year growth when compared to $592 million of
revenues for 2022.
This range is based on certain assumptions,
including that (i) only operations in live jurisdictions as of
today’s date are included, (ii) all professional and college sports
calendars that have been announced come to fruition, including the
completion of their 2023 seasons, and (iii) RSI continues to
operate in markets in which it is live today.
Recent Business Highlights
- BetRivers went live with online and
mobile sportsbook wagering in Maryland in November and in Ohio on
New Year’s Day 2023.
- Enhanced technology platform to
further personalize casino experiences by player segmentations
- Successful launch of a fully
integrated and innovative squares game in our sportsbook.
- Expanded Latin American presence,
opening two new state-of-the-art offices in Colombia in advance of
additional growth opportunities ahead.
- Continued as an industry leader in
responsible gaming achieving the distinction as the first
U.S.-based online gaming and betting company to receive
accreditations under the Responsible Gambling Council’s RG
Check.
Earnings Conference Call and Webcast
Details
RSI will host a conference call and audio
webcast today at 5:00 p.m. Eastern Time (4:00 p.m. Central Time),
during which management will discuss fourth quarter and full year
results and provide commentary on business performance and its
current outlook for 2023. A question-and-answer session will follow
the prepared remarks.
The conference call may be accessed by dialing
1-844-200-6205 for domestic callers or 1-929-526-1599 for
international callers. The conference call access code is
885159.
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 April 1, 2023.
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: Pennsylvania, Illinois,
New Jersey, New York, Ohio, Connecticut, Michigan, Indiana,
Virginia, Colorado, Maryland, Iowa, West Virginia, Arizona and
Louisiana, as well as in the regulated international markets of
Ontario, Canada, Colombia and Mexico. 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 2022 EGR North America Awards Operator of the Year,
Customer Services 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
Net Loss Per Share, Adjusted Net 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.
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 Net Loss Per Share as
Adjusted Net Loss divided by Adjusted Weighted Average Common
Shares Outstanding. Adjusted Net Loss is defined as net loss
attributable to Rush Street Interactive, Inc. as used in the
diluted net loss per share calculation, 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 net 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.
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 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," "continue," and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, statements regarding guidance, RSI’s future results of
operations, financial condition or profitability, currency
fluctuations, RSI’s strategic plans and focus, anticipated launches
of RSI’s current or new offerings in existing or future
jurisdictions, player growth and engagement, product initiatives
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 COVID-19 on capital
markets, general economic conditions, inflation rates, unemployment
and 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(609) 788-8548lisa@lisajohnsoncommunications.com
Investor
Contact:ir@rushstreetinteractive.com
Rush Street Interactive,
Inc.Consolidated Condensed Statements of
Operations(Unaudited and in thousands, except per share
data)
|
Three Months Ended December 31, |
|
Twelve months ended December 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Revenue |
$ |
165,534 |
|
|
$ |
130,565 |
|
|
$ |
592,212 |
|
|
$ |
488,105 |
|
|
|
|
|
|
|
|
|
Operating costs and
expenses |
|
|
|
|
|
|
|
Costs of revenue |
|
106,603 |
|
|
|
86,477 |
|
|
|
414,664 |
|
|
|
332,145 |
|
Advertising and promotions |
|
63,666 |
|
|
|
64,640 |
|
|
|
220,460 |
|
|
|
190,476 |
|
General administration and other |
|
19,371 |
|
|
|
14,868 |
|
|
|
67,561 |
|
|
|
55,518 |
|
Depreciation and amortization |
|
4,259 |
|
|
|
1,650 |
|
|
|
14,325 |
|
|
|
4,245 |
|
Total operating costs and
expenses |
|
193,899 |
|
|
|
167,635 |
|
|
|
717,010 |
|
|
|
582,384 |
|
Loss from
operations |
|
(28,365 |
) |
|
|
(37,070 |
) |
|
|
(124,798 |
) |
|
|
(94,279 |
) |
|
|
|
|
|
|
|
|
Other income
(expenses) |
|
|
|
|
|
|
|
Interest income (expense), net |
|
91 |
|
|
|
(146 |
) |
|
|
(573 |
) |
|
|
(187 |
) |
Change in fair value of warrant liabilities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41,802 |
|
Change in fair value of earnout interests liability |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,740 |
) |
Total other income
(expense) |
|
91 |
|
|
|
(146 |
) |
|
|
(573 |
) |
|
|
27,875 |
|
Loss before income
taxes |
|
(28,274 |
) |
|
|
(37,216 |
) |
|
|
(125,371 |
) |
|
|
(66,404 |
) |
|
|
|
|
|
|
|
|
Income tax expense |
|
2,785 |
|
|
|
907 |
|
|
|
8,961 |
|
|
|
4,688 |
|
Net loss |
|
(31,059 |
) |
|
|
(38,123 |
) |
|
|
(134,332 |
) |
|
|
(71,092 |
) |
|
|
|
|
|
|
|
|
Net loss attributable to
non-controlling interests |
|
(22,070 |
) |
|
|
(27,718 |
) |
|
|
(95,701 |
) |
|
|
(51,603 |
) |
Net loss attributable
to Rush Street Interactive, Inc. |
$ |
(8,989 |
) |
|
$ |
(10,405 |
) |
|
$ |
(38,631 |
) |
|
$ |
(19,489 |
) |
|
|
|
|
|
|
|
|
Net loss per common share
attributable to Rush Street Interactive, Inc. – basic |
$ |
(0.14 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.61 |
) |
|
$ |
(0.35 |
) |
Weighted average common shares
outstanding – basic |
|
64,272,722 |
|
|
|
59,581,075 |
|
|
|
63,532,906 |
|
|
|
56,265,541 |
|
|
|
|
|
|
|
|
|
Net loss per common share
attributable to Rush Street Interactive, Inc. – diluted |
$ |
(0.14 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.61 |
) |
|
$ |
(0.51 |
) |
Weighted average common shares
outstanding – diluted |
|
64,272,722 |
|
|
|
59,581,075 |
|
|
|
63,532,906 |
|
|
|
57,426,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rush Street Interactive,
Inc.Consolidated Statements of Comprehensive
Loss(Unaudited and in thousands)
|
Three Months Ended December 31, |
|
Twelve months ended December 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Net loss |
$ |
(31,059 |
) |
|
$ |
(38,123 |
) |
|
$ |
(134,332 |
) |
|
$ |
(71,092 |
) |
|
|
|
|
|
|
|
|
Other comprehensive
loss |
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
(2,109 |
) |
|
|
(1,051 |
) |
|
|
(3,886 |
) |
|
|
(2,111 |
) |
Comprehensive
loss |
|
(33,168 |
) |
|
|
(39,174 |
) |
|
|
(138,218 |
) |
|
|
(73,203 |
) |
|
|
|
|
|
|
|
|
Comprehensive loss
attributable to non-controlling interests |
|
(23,564 |
) |
|
|
(28,483 |
) |
|
|
(98,441 |
) |
|
|
(53,168 |
) |
Comprehensive loss
attributable to Rush Street Interactive, Inc. |
$ |
(9,604 |
) |
|
$ |
(10,691 |
) |
|
$ |
(39,777 |
) |
|
$ |
(20,035 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rush Street Interactive,
Inc.Reconciliations of GAAP to Non-GAAP Financial
Measures(Unaudited and in thousands)
Adjusted EBITDA:
|
Three Months Ended December 31, |
|
Twelve months ended December 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Net loss |
$ |
(31,059 |
) |
|
$ |
(38,123 |
) |
|
$ |
(134,332 |
) |
|
$ |
(71,092 |
) |
|
|
|
|
|
|
|
|
Interest (income) expense,
net |
|
(91 |
) |
|
|
146 |
|
|
|
573 |
|
|
|
187 |
|
Income tax expense |
|
2,785 |
|
|
|
907 |
|
|
|
8,961 |
|
|
|
4,688 |
|
Depreciation and
amortization |
|
4,259 |
|
|
|
1,650 |
|
|
|
14,325 |
|
|
|
4,245 |
|
Change in fair value of
warrant liability |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(41,802 |
) |
Change in fair value of
earnout interests liability |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,740 |
|
Share-based compensation
expense |
|
6,790 |
|
|
|
4,207 |
|
|
|
18,691 |
|
|
|
24,912 |
|
Adjusted
EBITDA |
$ |
(17,316 |
) |
|
$ |
(31,213 |
) |
|
$ |
(91,782 |
) |
|
$ |
(65,122 |
) |
Adjusted Operating Costs and
Expenses:
|
Three Months Ended December 31, |
|
Twelve months ended December 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
GAAP operating costs
and expenses: |
|
|
|
|
|
|
|
Costs of revenue |
$ |
106,603 |
|
|
$ |
86,477 |
|
|
$ |
414,664 |
|
|
$ |
332,145 |
|
Advertising and
promotions |
|
63,666 |
|
|
|
64,640 |
|
|
|
220,460 |
|
|
|
190,476 |
|
General administration and
other |
|
19,371 |
|
|
|
14,868 |
|
|
|
67,561 |
|
|
|
55,518 |
|
Depreciation and
amortization |
|
4,259 |
|
|
|
1,650 |
|
|
|
14,325 |
|
|
|
4,245 |
|
Total GAAP operating
costs and expenses |
$ |
193,899 |
|
|
$ |
167,635 |
|
|
$ |
717,010 |
|
|
$ |
582,384 |
|
|
|
|
|
|
|
|
|
Non-GAAP operating
cost and expense adjustments: |
|
|
|
|
|
|
|
Costs of revenue1 |
$ |
(248 |
) |
|
$ |
(297 |
) |
|
$ |
(987 |
) |
|
$ |
(1,808 |
) |
Advertising and
promotions1 |
|
(516 |
) |
|
|
(634 |
) |
|
|
(2,048 |
) |
|
|
(3,605 |
) |
General administration and
other1 |
|
(6,026 |
) |
|
|
(3,276 |
) |
|
|
(15,656 |
) |
|
|
(19,499 |
) |
Depreciation and
amortization |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total non-GAAP
operating cost and expense adjustments |
$ |
(6,790 |
) |
|
$ |
(4,207 |
) |
|
$ |
(18,691 |
) |
|
$ |
(24,912 |
) |
|
|
|
|
|
|
|
|
Adjusted operating
costs and expenses: |
|
|
|
|
|
|
|
Costs of revenue |
$ |
106,355 |
|
|
$ |
86,180 |
|
|
$ |
413,677 |
|
|
$ |
330,337 |
|
Advertising and
promotions |
|
63,150 |
|
|
|
64,006 |
|
|
|
218,412 |
|
|
|
186,871 |
|
General administration and
other |
|
13,345 |
|
|
|
11,592 |
|
|
|
51,905 |
|
|
|
36,019 |
|
Depreciation and
amortization |
|
4,259 |
|
|
|
1,650 |
|
|
|
14,325 |
|
|
|
4,245 |
|
Total adjusted
operating costs and expenses |
$ |
187,109 |
|
|
$ |
163,428 |
|
|
$ |
698,319 |
|
|
$ |
557,472 |
|
- Non-GAAP operating cost and expense
adjustments for the three-and-twelve months ended December 31,
2022 and 2021 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 Loss, Adjusted Weighted
Average Common Shares Outstanding and Adjusted Net Loss Per
Share:
|
Three months ended December 31, |
|
Twelve months ended December 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Adjusted Net
Loss |
|
|
|
|
|
|
|
Net loss attributable to Rush Street Interactive, Inc. –
diluted1 |
$ |
(8,989 |
) |
|
$ |
(10,405 |
) |
|
$ |
(38,631 |
) |
|
$ |
(29,058 |
) |
Adjustments: |
|
|
|
|
|
|
|
Net loss attributable to non-controlling interests |
|
(22,070 |
) |
|
|
(27,718 |
) |
|
|
(95,701 |
) |
|
|
(51,603 |
) |
Change in fair value of warrant liabilities attributable to
non-controlling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(32,233 |
) |
Change in fair value of earnout interests liability |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,740 |
|
Share-based compensation expense |
|
6,790 |
|
|
|
4,207 |
|
|
|
18,691 |
|
|
|
24,912 |
|
Adjusted Net
Loss |
$ |
(24,269 |
) |
|
$ |
(33,916 |
) |
|
$ |
(115,641 |
) |
|
$ |
(74,242 |
) |
|
|
|
|
|
|
|
|
Adjusted Weighted
Average Common Shares Outstanding |
|
|
|
|
|
|
|
Weighted average common shares
outstanding – diluted2 |
|
64,272,722 |
|
|
|
59,581,075 |
|
|
|
63,532,906 |
|
|
|
57,426,885 |
|
Adjustments: |
|
|
|
|
|
|
|
Conversion of weighted average RSILP units to Class A Common
Shares |
|
156,255,867 |
|
|
|
159,657,590 |
|
|
|
156,660,156 |
|
|
|
159,335,977 |
|
Adjusted Weighted
Average Common Shares Outstanding |
|
220,528,589 |
|
|
|
219,238,665 |
|
|
|
220,193,062 |
|
|
|
216,762,862 |
|
|
|
|
|
|
|
|
|
Net loss per common share
attributable to Rush Street Interactive, Inc. – diluted |
$ |
(0.14 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.61 |
) |
|
$ |
(0.51 |
) |
Adjusted Net Loss per
Share |
$ |
(0.11 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.34 |
) |
- Net loss
attributable to Rush Street Interactive, Inc. – diluted for the
twelve months ended December 31, 2021, includes the Net loss
attributable to Rush Street Interactive, Inc. adjusted for the
dilutive effect of previously outstanding warrants that were
redeemed in March 2021 (i.e., the portion of the change in fair
value of warrants attributed to Rush Street Interactive Inc.).
There was no dilutive effect for the three months ended December
31, 2021 or the three-and-twelve months ended December 31,
2022.
- Weighted average
common shares outstanding – diluted for the twelve months ended
December 31, 2021, includes the basic number of weighted average
common shares outstanding, adjusted for the dilutive effect of
previously outstanding warrants that were redeemed in March 2021
using the Treasury Stock Method. There was no dilutive effect for
the three months ended December 31, 2021 or the three-and-twelve
months ended December 31, 2022.
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