$RSI
Rush Street Interactive Inc

2021 Q2 Form 10-Q Financial Statement

#000110465921105211 Filed on August 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $122.8M $65.04M
YoY Change 88.81%
Cost Of Revenue $84.76M
YoY Change
Gross Profit $38.04M
YoY Change
Gross Profit Margin 30.98%
Selling, General & Admin $49.31M
YoY Change
% of Gross Profit 129.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $914.0K $457.0K
YoY Change 100.0%
% of Gross Profit 2.4%
Operating Expenses $135.0M $115.6M
YoY Change 16.78%
Operating Profit -$12.19M -$50.55M
YoY Change -75.9%
Interest Expense $17.00K $40.00K
YoY Change -57.5%
% of Operating Profit
Other Income/Expense, Net -$17.00K -$40.00K
YoY Change -57.5%
Pretax Income -$12.20M -$50.59M
YoY Change -75.88%
Income Tax $1.800M $0.00
% Of Pretax Income
Net Earnings -$3.767M -$50.59M
YoY Change -92.55%
Net Earnings / Revenue -3.07% -77.79%
Basic Earnings Per Share -$0.06
Diluted Earnings Per Share -$0.06
COMMON SHARES
Basic Shares Outstanding 59.16M shares
Diluted Shares Outstanding 59.16M shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $360.8M
YoY Change
Cash & Equivalents $360.8M $965.0K
Short-Term Investments
Other Short-Term Assets $14.62M
YoY Change
Inventory
Prepaid Expenses $306.6K
Receivables $4.710M
Other Receivables $14.63M
Total Short-Term Assets $394.8M $1.272M
YoY Change 30934.59%
LONG-TERM ASSETS
Property, Plant & Equipment $3.290M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.393M
YoY Change
Total Long-Term Assets $19.93M $230.6M
YoY Change -91.36%
TOTAL ASSETS
Total Short-Term Assets $394.8M $1.272M
Total Long-Term Assets $19.93M $230.6M
Total Assets $414.7M $231.9M
YoY Change 78.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.318M $135.8K
YoY Change 3816.72%
Accrued Expenses $30.93M $318.7K
YoY Change 9603.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $54.75M $668.5K
YoY Change 8089.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $372.0K
YoY Change
Total Long-Term Liabilities $372.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $54.75M $668.5K
Total Long-Term Liabilities $372.0K
Total Liabilities $59.83M $8.719M
YoY Change 586.28%
SHAREHOLDERS EQUITY
Retained Earnings -$47.27M -$140.4K
YoY Change 33579.34%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $850.0K
YoY Change
Treasury Stock Shares $218.6K
Shareholders Equity $95.91M $5.000M
YoY Change
Total Liabilities & Shareholders Equity $414.7M $231.9M
YoY Change 78.82%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$3.767M -$50.59M
YoY Change -92.55%
Depreciation, Depletion And Amortization $914.0K $457.0K
YoY Change 100.0%
Cash From Operating Activities $807.0K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$1.293M
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$910.0K
YoY Change
Cash From Investing Activities -$2.203M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -651.0K
YoY Change
NET CHANGE
Cash From Operating Activities 807.0K
Cash From Investing Activities -2.203M
Cash From Financing Activities -651.0K
Net Change In Cash -2.047M
YoY Change
FREE CASH FLOW
Cash From Operating Activities $807.0K
Capital Expenditures -$1.293M
Free Cash Flow $2.100M
YoY Change

Facts In Submission

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dei Entity File Number
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Rush Street Interactive, Inc.
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dei Security12b Title
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dei Trading Symbol
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RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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rsi Non Cash Redemption Of Private Placement And Working Capital Warrants
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NonCashSettlementOfPublicWarrants
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rsi Changes In Accounts Payable For Property And Equipment.
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InterestPaidNet
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us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1.    Description of Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Rush Street Interactive, Inc. is a holding company organized under the laws of the State of Delaware and, through its main operating subsidiary, Rush Street Interactive, LP and its subsidiaries (collectively, “RSILP”), is a leading online gaming company that provides online casino and sports betting in the U.S. and Latin America markets. Rush Street Interactive, Inc. and its subsidiaries (including RSILP) are collectively referred to as “RSI” or the “Company.”  The Company is headquartered in Chicago, IL.  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">On December 29, 2020, dMY Technology Group, Inc. (“dMY”), a special purpose acquisition company incorporated in Delaware on September 27, 2019, completed the acquisition of certain units of RSILP pursuant to a Business Combination Agreement, dated as of July 27, 2020 (as amended and restated on October 9, 2020 and as further amended on December 4, 2020, the “Business Combination Agreement”), between RSILP, the sellers set forth on the signature pages thereto (collectively, the “Sellers” and each, a “Seller”), dMY Sponsor, LLC, a Delaware limited liability company (the “Sponsor”), and Rush Street Interactive GP, LLC, a Delaware limited liability company, in its capacity as the Sellers’ Representative (in such capacity, the “Sellers’ Representative”). </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In connection with the closing (the “Closing”) of the transactions described in the Business Combination Agreement (the “Business Combination”), the Company was reorganized in an umbrella partnership-C corporation, or UP-C, structure, in which substantially all of the assets of the combined company are held by RSILP and the Company’s only assets are its equity interests in RSILP (which are held indirectly through wholly-owned subsidiaries of the Company – RSI ASLP, Inc. (the “Special Limited Partner”) and RSI GP, LLC (“RSI GP”), which is the general partner of RSILP). As of the Closing, the Company owned, indirectly through the Special Limited Partner, approximately 23.1% of the Common Units of RSILP (“RSILP Units”) and controls RSILP through RSI GP, and the Sellers owned approximately 76.9% of the RSILP Units and control the Company through their ownership of the Class V Common Stock, par value $0.0001 per share, of the Company (the “Class V Common Stock”). Upon consummation of the Business Combination, dMY changed its name to “Rush Street Interactive, Inc.” As of June 30, 2021, the Company and the Sellers owned approximately 27.0% and 73.0% of the RSILP Units, respectively. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Impact of COVID-19</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The COVID-19 pandemic has adversely impacted global commercial activity, disrupted supply chains and contributed to significant volatility in financial markets. In 2020 and continuing into 2021, the COVID-19 pandemic continued to adversely impact many different industries. The ongoing COVID-19 pandemic could have a continued material adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the extent and the duration of the impact of COVID-19. The COVID-19 pandemic therefore presents material uncertainty and risk with respect to the Company and its performance and could affect its financial results in a materially adverse way.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The COVID-19 pandemic has significantly impacted RSI. The direct impact, beyond disruptions in normal business operations, is primarily through the change in consumer habits as a result of stay-at-home orders and similar consumer restrictions. During that time, RSI experienced increased player activity that has continued to remain strong even after many of these orders were lifted. COVID-19 has also had a direct impact on sports betting due to the rescheduling, reconfiguring, suspension, postponement and cancellation of major sports seasons and sporting events or exclusion of certain players or teams from sporting events. The suspension of sports seasons and sporting events reduced RSI’s customers’ use of, and spending on, RSI’s sports betting offerings. Primarily starting in the third quarter and continuing into the fourth quarter of 2020, most major professional sports leagues resumed their activities. The return of major sports and sporting events, as well as the unique and concentrated sports calendar, generated significant customer interest and activity in the Company’s sports betting offerings. However, sports seasons and calendars continue to remain uncertain and could be further suspended, cancelled or rescheduled due to additional COVID-19 outbreaks. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s revenues vary based on sports seasons and sporting events, among other things, and cancellations, suspensions or alterations resulting from COVID-19 have the potential to adversely affect our revenue, possibly materially. However, the Company’s online casino offerings do not rely on sports seasons and sporting events, and as such, they may partially offset this adverse impact on revenue.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The ultimate impact of COVID-19 and the related restrictions on consumer behavior is currently unknown. A significant or prolonged decrease in consumer spending on entertainment or leisure activities would likely have an adverse effect on demand for RSI offerings, reducing cash flows and revenues, thus materially harming the business, financial condition and results of operations. In addition, a recurrence of COVID-19 cases or an emergence of additional variants or strains could cause other widespread or more severe impacts depending on where infection rates are highest. As steps taken to mitigate the spread of COVID-19 have necessitated a shift away from a traditional office environment for many employees, the Company has business continuity programs in place to ensure that employees are safe, and that the business continues to function with minimal disruptions to normal work operations while employees work remotely. The Company will continue to monitor developments relating to disruptions and uncertainties caused by COVID-19.</p>
us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates and assumptions reflected in the consolidated financial statements relate to and include, but are not limited to: the valuation of share-based awards; the estimated useful lives of property and equipment and intangible assets; redemption rate assumptions associated with the player loyalty program and other discretionary player bonuses; deferred revenue relating to our social gaming revenue stream; accrued expenses; determination of the incremental borrowing rate to calculate operating lease liabilities and finance lease liabilities; valuation of the earnout interests liability; valuation of the warrant liabilities; and deferred taxes and amounts associated with the Tax Receivable Agreement entered into in connection with the Business Combination (the “Tax Receivable Agreement”).</p>
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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rsi Earnout Interests Liability Text Blocks
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">7.    Earnout Interests Liability</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The earnout interests were subject to certain restrictions on transfer and voting and potential forfeiture pending the achievement of certain earnout targets. The earnout targets included (a) a change of control within three years of the Closing, (b) achieving certain revenue targets for the 2021 year, and (c) achieving certain volume weighted average share prices (“VWAPs”) within three years of the Closing. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Earnout interests represented a freestanding financial instrument initially classified as liabilities on the accompanying condensed consolidated balance sheet as the Company determined that these financial instruments were not indexed to the Company’s own equity in accordance with ASC 815, <i style="font-style:italic;">Derivatives and Hedging</i>. Earnout interests were initially recorded at fair value and were adjusted to fair value at each reporting date with changes in fair value recorded in Change in fair value of earnout interests liability in the consolidated statement of operations and comprehensive loss.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">On January 13, 2021, the earnout interests were fully earned and no longer subject to the applicable restrictions on transfer and voting because the VWAP exceeded $14.00 per share for 10 trading days within a 20 consecutive trading day period following the Closing. As a result, the earnout interests liability was reclassed to equity resulting in 1,212,813 shares of Class A Common Stock held by Darla Anderson, Francesca Luthi, Charles E. Wert and Sponsor and 15,000,000 shares of Class V Common Stock and RSILP Units issued to the Sellers (i.e., non-controlling interests) that were no longer subject to the applicable restrictions. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The Company recorded $13.7 million to Change in fair value of earnout interests liability on the Company’s condensed consolidated statement of operations and comprehensive loss, representing the change in fair value of the earnout interests from December 31, 2020 through January 13, 2021 when the earnout interests were no longer subject to the restrictions.</p>
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14.00
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3784000
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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55452029
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CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1752000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2556000
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1800000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2600000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.14
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.22
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2020Q4 us-gaap Unrecognized Tax Benefits
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ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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CY2021Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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EarningsPerShareBasic
-0.06
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
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EarningsPerShareDiluted
-0.06
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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rsi Percentage Of Equity Stake Offered
PercentageOfEquityStakeOffered
0.01
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11302000
CY2021Q2 us-gaap Contractual Obligation Due In Next Twelve Months
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CY2021Q2 us-gaap Contractual Obligation Due In Second Year
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CY2021Q2 us-gaap Contractual Obligation Due In Third Year
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CY2021Q2 us-gaap Contractual Obligation Due In Fourth Year
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CY2021Q2 rsi Purchase Obligation To Be Paid After Year Four
PurchaseObligationToBePaidAfterYearFour
24577000
CY2021Q2 us-gaap Contractual Obligation
ContractualObligation
67916000
us-gaap Lease Cost
LeaseCost
2200000

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