2021 Q3 Form 10-Q Financial Statement

#000179365921000014 Filed on November 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q4 2020 Q3
Revenue $122.9M $100.0M $78.24M
YoY Change 57.11% 259.71% 118.25%
Cost Of Revenue $81.22M $72.10M $47.11M
YoY Change 72.42% 334.34% 189.78%
Gross Profit $41.70M $27.90M $31.13M
YoY Change 33.95% 149.11% 58.89%
Gross Profit Margin 33.92% 27.9% 39.79%
Selling, General & Admin $58.40M $70.70M $148.2M
YoY Change -60.61% 172.97% 468.8%
% of Gross Profit 140.04% 253.41% 476.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.007M $710.0K $452.0K
YoY Change 122.79% 108.82% -43.5%
% of Gross Profit 2.41% 2.54% 1.45%
Operating Expenses $59.40M $71.40M $149.6M
YoY Change -60.29% 171.48% 456.98%
Operating Profit -$17.70M -$43.50M -$26.48M
YoY Change -33.14% 188.08% 264.31%
Interest Expense $11.00K $7.100M $16.00K
YoY Change -31.25% -117.39%
% of Operating Profit
Other Income/Expense, Net -$11.00K -$2.300M -$16.00K
YoY Change -31.25%
Pretax Income -$17.71M -$38.70M -$26.49M
YoY Change -33.14% 156.29% 259.97%
Income Tax $1.200M $2.900M $0.00
% Of Pretax Income
Net Earnings -$5.300M $91.10M -$26.49M
YoY Change -80.0% -703.31% 259.97%
Net Earnings / Revenue -4.31% 91.1% -33.86%
Basic Earnings Per Share -$0.09
Diluted Earnings Per Share -$0.09 $1.745M -$439.6K
COMMON SHARES
Basic Shares Outstanding 59.19M shares
Diluted Shares Outstanding 59.19M shares

Balance Sheet

Concept 2021 Q3 2020 Q4 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $346.6M $255.6M $10.90M
YoY Change 3080.11%
Cash & Equivalents $346.6M $255.6M $482.0K
Short-Term Investments
Other Short-Term Assets $16.63M $9.300M $10.20M
YoY Change 63.03%
Inventory
Prepaid Expenses $390.1K
Receivables $8.194M $779.0K $700.0K
Other Receivables $25.88M $28.70M $35.10M
Total Short-Term Assets $397.3M $294.5M $871.7K
YoY Change 45482.07%
LONG-TERM ASSETS
Property, Plant & Equipment $4.560M $2.016M $2.100M
YoY Change 117.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.418M $1.215M $900.0K
YoY Change 279.78%
Total Long-Term Assets $23.72M $14.08M $230.8M
YoY Change -89.72%
TOTAL ASSETS
Total Short-Term Assets $397.3M $294.5M $871.7K
Total Long-Term Assets $23.72M $14.08M $230.8M
Total Assets $421.0M $308.6M $231.6M
YoY Change 81.78% 420533.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.917M $11.99M $39.17K
YoY Change 25220.43% 35767.22%
Accrued Expenses $44.99M $27.04M $2.441M
YoY Change 1743.18% 172847.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $75.98M $401.0M $2.683M
YoY Change 2731.97% 816975.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $337.0K $0.00 $4.500M
YoY Change -92.51%
Total Long-Term Liabilities $337.0K $0.00 $4.500M
YoY Change -92.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $75.98M $401.0M $2.683M
Total Long-Term Liabilities $337.0K $0.00 $4.500M
Total Liabilities $80.82M $575.9M $10.73M
YoY Change 653.02% 1173363.61%
SHAREHOLDERS EQUITY
Retained Earnings -$70.98M -$61.89M -$2.437M
YoY Change 2811.91% 8596011.11%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $850.0K $0.00
YoY Change
Treasury Stock Shares 218.6K shares 0.000 shares
Shareholders Equity $91.84M -$61.78M $5.000M
YoY Change
Total Liabilities & Shareholders Equity $421.0M $308.6M $231.6M
YoY Change 81.78% 420533.62%

Cashflow Statement

Concept 2021 Q3 2020 Q4 2020 Q3
OPERATING ACTIVITIES
Net Income -$5.300M $91.10M -$26.49M
YoY Change -80.0% -703.31% 259.97%
Depreciation, Depletion And Amortization $1.007M $710.0K $452.0K
YoY Change 122.79% 108.82% -43.5%
Cash From Operating Activities -$6.254M $13.62M $2.560M
YoY Change -344.3% 175.15% -134.55%
INVESTING ACTIVITIES
Capital Expenditures -$2.266M -$2.540M -$3.700M
YoY Change -38.76% 2016.67% -34.51%
Acquisitions
YoY Change
Other Investing Activities -$3.414M -$1.000M
YoY Change 241.4%
Cash From Investing Activities -$5.680M -$1.540M -$4.700M
YoY Change 20.85% 1183.33% -16.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -413.0K 233.9M 7.150M
YoY Change -105.78% 22178.1% -50.69%
NET CHANGE
Cash From Operating Activities -6.254M 13.62M 2.560M
Cash From Investing Activities -5.680M -1.540M -4.700M
Cash From Financing Activities -413.0K 233.9M 7.150M
Net Change In Cash -12.35M 246.0M 5.010M
YoY Change -346.45% 4083.67% 247.92%
FREE CASH FLOW
Cash From Operating Activities -$6.254M $13.62M $2.560M
Capital Expenditures -$2.266M -$2.540M -$3.700M
Free Cash Flow -$3.988M $16.16M $6.260M
YoY Change -163.71% 218.74% -455.68%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
EntityCentralIndexKey
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dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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dei Document Fiscal Year Focus
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dei Document Fiscal Period Focus
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dei Amendment Flag
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dei Document Type
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dei Document Quarterly Report
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dei Document Period End Date
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dei Entity File Number
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dei Security12b Title
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3465000 USD
CY2021Q1 rsi Adjustments To Additional Paid In Capital Settlement Of Earnout Interest Liability
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364788000 USD
CY2021Q1 us-gaap Profit Loss
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-76000 USD
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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364765000 USD
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4661000 USD
CY2021Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2021Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
337000 USD
CY2021Q2 us-gaap Profit Loss
ProfitLoss
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CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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354867000 USD
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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4468000 USD
CY2021Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-168000 USD
CY2021Q3 us-gaap Profit Loss
ProfitLoss
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CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
340228000 USD
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-3368000 USD
CY2020Q1 us-gaap Partners Capital Account Contributions
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2000000 USD
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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285000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-364000 USD
CY2020Q1 us-gaap Profit Loss
ProfitLoss
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CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-14390000 USD
CY2020Q2 us-gaap Partners Capital Account Contributions
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4500000 USD
CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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1407000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
54000 USD
CY2020Q2 us-gaap Profit Loss
ProfitLoss
-50590000 USD
CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-59019000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-134000 USD
CY2020Q3 us-gaap Profit Loss
ProfitLoss
-26494000 USD
CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-85647000 USD
us-gaap Profit Loss
ProfitLoss
-32969000 USD
us-gaap Profit Loss
ProfitLoss
-90027000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
20705000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
103282000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2595000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1368000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-228000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 USD
rsi Non Cash Operating Lease Costs
NonCashOperatingLeaseCosts
241000 USD
rsi Non Cash Operating Lease Costs
NonCashOperatingLeaseCosts
155000 USD
rsi Fair Value Adjustment Of Earnout Interests Liability
FairValueAdjustmentOfEarnoutInterestsLiability
13740000 USD
rsi Fair Value Adjustment Of Earnout Interests Liability
FairValueAdjustmentOfEarnoutInterestsLiability
0 USD
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-41802000 USD
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
7415000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1192000 USD
us-gaap Increase Decrease Due From Affiliates
IncreaseDecreaseDueFromAffiliates
-2886000 USD
us-gaap Increase Decrease Due From Affiliates
IncreaseDecreaseDueFromAffiliates
32000000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-646000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3352000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
225000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
158000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2122000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
6434000 USD
rsi Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-259000 USD
rsi Increase Decrease In Accrued Liabilities And Other Current Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherCurrentLiabilities
18620000 USD
rsi Increase Decrease In Accrued Liabilities And Other Current Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherCurrentLiabilities
13732000 USD
rsi Increase Decrease In Players Liabilities
IncreaseDecreaseInPlayersLiabilities
8991000 USD
rsi Increase Decrease In Players Liabilities
IncreaseDecreaseInPlayersLiabilities
986000 USD
rsi Increase Decrease In Deferred Royalties
IncreaseDecreaseInDeferredRoyalties
-81000 USD
rsi Increase Decrease In Deferred Royalties
IncreaseDecreaseInDeferredRoyalties
1091000 USD
rsi Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-144000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16677000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2559000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1987000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
909000 USD
rsi Payments To Acquire Gaming Licenses
PaymentsToAcquireGamingLicenses
3472000 USD
rsi Payments To Acquire Gaming Licenses
PaymentsToAcquireGamingLicenses
3787000 USD
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
2984000 USD
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
0 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
1500000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 USD
rsi Payments Of Short Term Advances
PaymentsOfShortTermAdvances
750000 USD
rsi Payments Of Short Term Advances
PaymentsOfShortTermAdvances
0 USD
us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
250000 USD
us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
0 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10943000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4696000 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
650000 USD
us-gaap Proceeds From Partnership Contribution
ProceedsFromPartnershipContribution
0 USD
us-gaap Proceeds From Partnership Contribution
ProceedsFromPartnershipContribution
6500000 USD
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
131588000 USD
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3465000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
870000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
0 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
337000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
126916000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7150000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-1075000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-441000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
98221000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4572000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
262065000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10543000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
360286000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15115000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1765000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
971000 USD
rsi Non Cash Redemption Of Private Placement And Working Capital Warrants
NonCashRedemptionOfPrivatePlacementAndWorkingCapitalWarrants
50798000 USD
rsi Non Cash Redemption Of Private Placement And Working Capital Warrants
NonCashRedemptionOfPrivatePlacementAndWorkingCapitalWarrants
0 USD
rsi Non Cash Settlement Of Public Warrants
NonCashSettlementOfPublicWarrants
77509000 USD
rsi Non Cash Settlement Of Public Warrants
NonCashSettlementOfPublicWarrants
0 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3180000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
178452000 USD
rsi Non Cash Settlement Of Earnout Interests Liability
NonCashSettlementOfEarnoutInterestsLiability
364788000 USD
rsi Non Cash Settlement Of Earnout Interests Liability
NonCashSettlementOfEarnoutInterestsLiability
0 USD
rsi Changes In Accounts Payable For Property And Equipment
ChangesInAccountsPayableForPropertyAndEquipment
45000 USD
rsi Changes In Accounts Payable For Property And Equipment
ChangesInAccountsPayableForPropertyAndEquipment
0 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 USD
us-gaap Interest Paid Net
InterestPaidNet
21000 USD
us-gaap Interest Paid Net
InterestPaidNet
101000 USD
us-gaap Nature Of Operations
NatureOfOperations
Description of Business<div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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”). </span></div><div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the closing (the “Closing”) of the transactions described in the Business Combination Agreement (the “Business Combination”), the Company was reorganized into 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 September 30, 2021, the Company and the Sellers owned approximately 27.02% and 72.98% of the RSILP Units, respectively. </span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Impact of COVID-19</span></div><div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The COVID-19 pandemic has significantly impacted RSI. The direct impact to the business, beyond disruptions in normal business operations, is primarily through the change in consumer habits as a result of people being ordered or requested to stay home and restrict their traveling or otherwise voluntarily choosing to stay home or restrict travel. During the periods affected by government imposed stay-at-home orders, the Company’s business volume significantly increased and has since continued to remain strong as many of these orders were lifted. COVID-19 directly impacted 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. While most major professional sports leagues resumed their activities primarily starting in the second half of 2020, the third quarter of 2021 was still impacted by the COVID-19 pandemic. For example, the number of games in the NBA’s 2020-2021 and NHL’s 2021 season were reduced and nearly every major professional sports league has experienced postponed, rescheduled or canceled games, or players or teams being excluded from certain games or events due to COVID-19, COVID-19 protocols or local COVID-19 vaccine requirements.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The return of major sports and sporting events during the second half of 2020, 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. </span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The alteration of sports seasons and sporting events, including the postponement or cancellation of events, during the third quarter of 2021 reduced the Company’s customers’ use of, and spending on, the Company’s sports betting offerings </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">and from time to time caused us to issue refunds for canceled events. Additionally, while many bricks-and-mortar casinos where we operate retail sports betting have reopened, visitation at these casinos is still generally below their pre-COVID-19 levels. Ongoing or future closures of bricks-and-mortar casinos and certain ongoing limitations on visitations to such casinos due to COVID-19 may provide additional opportunities for us to market online casino and sports betting to traditional bricks-and-mortar casino patrons.</span></div><div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 the Company’s revenue, possibly materially. However, the Company’s online casino offerings do not rely on sports seasons and sporting events, thus, they may partially offset this adverse impact on revenue.</span></div><div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 uptick in 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.</span></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, long-lived assets and investments in equity; the estimated useful lives of property, equipment, and intangible assets; redemption rate assumptions associated with the player loyalty program and other discretionary player bonuses; deferred revenue relating to the Company’s 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”).</span></div>
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
357540000 USD
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
122920000 USD
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
122920000 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
78237000 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
78237000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
357540000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
178452000 USD
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1797000 USD
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3822000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1635000 USD
CY2021Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
700000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1800000 USD
CY2020Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
400000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1100000 USD
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4111000 USD
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1948000 USD
CY2021Q3 rsi Accrued Operating Expenses Current
AccruedOperatingExpensesCurrent
14483000 USD
CY2020Q4 rsi Accrued Operating Expenses Current
AccruedOperatingExpensesCurrent
7006000 USD
CY2021Q3 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
23946000 USD
CY2020Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
12093000 USD
CY2021Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
727000 USD
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
873000 USD
CY2021Q3 us-gaap Due To Affiliate Current
DueToAffiliateCurrent
313000 USD
CY2020Q4 us-gaap Due To Affiliate Current
DueToAffiliateCurrent
3751000 USD
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1412000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1371000 USD
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
44992000 USD
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
27042000 USD
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-41800000 USD
CY2021Q1 rsi Volume Weighted Average Share Price
VolumeWeightedAverageSharePrice
14.00
CY2021Q1 rsi Number Of Trading Days To Calculate Volume Weighted Average Share Prices
NumberOfTradingDaysToCalculateVolumeWeightedAverageSharePrices
P10D
CY2021Q1 rsi Number Of Consecutive Trading Days To Calculate Volume Weighted Average Share Prices
NumberOfConsecutiveTradingDaysToCalculateVolumeWeightedAverageSharePrices
P20D
rsi Fair Value Adjustment Of Earnout Interests Liability
FairValueAdjustmentOfEarnoutInterestsLiability
13700000 USD
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
130565 shares
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
130565 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.41
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
0 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
0
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
11246 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
7.41
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
119319 shares
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
7.41
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
0 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1000000 USD
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4468000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
36023000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20705000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
103282000 USD
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1225000 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3781000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1200000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3800000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.07
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.13
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
42500000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
51600000 USD
CY2021Q3 us-gaap Profit Loss
ProfitLoss
-18939000 USD
us-gaap Profit Loss
ProfitLoss
-32969000 USD
CY2021Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-13639000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-23885000 USD
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5300000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9084000 USD
CY2021Q3 rsi Warrants Net Of Amounts Attributable To Noncontrolling Interest
WarrantsNetOfAmountsAttributableToNoncontrollingInterest
0 USD
rsi Warrants Net Of Amounts Attributable To Noncontrolling Interest
WarrantsNetOfAmountsAttributableToNoncontrollingInterest
-9569000 USD
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-5300000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-18653000 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
59191384 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55148218 shares
CY2021Q3 rsi Incremental Common Shares Attributable To Dilutive Effect Of Public Warrants
IncrementalCommonSharesAttributableToDilutiveEffectOfPublicWarrants
0 shares
rsi Incremental Common Shares Attributable To Dilutive Effect Of Public Warrants
IncrementalCommonSharesAttributableToDilutiveEffectOfPublicWarrants
782283 shares
CY2021Q3 rsi Incremental Common Shares Attributable To Dilutive Effect Of Private Placement And Working Capital Warrants
IncrementalCommonSharesAttributableToDilutiveEffectOfPrivatePlacementAndWorkingCapitalWarrants
0 shares
rsi Incremental Common Shares Attributable To Dilutive Effect Of Private Placement And Working Capital Warrants
IncrementalCommonSharesAttributableToDilutiveEffectOfPrivatePlacementAndWorkingCapitalWarrants
558190 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59191384 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56488691 shares
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.33
CY2021Q3 us-gaap Contractual Obligation Future Minimum Payments Due Remainder Of Fiscal Year
ContractualObligationFutureMinimumPaymentsDueRemainderOfFiscalYear
7867000 USD
CY2021Q3 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
17683000 USD
CY2021Q3 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
12060000 USD
CY2021Q3 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
2081000 USD
CY2021Q3 us-gaap Contractual Obligation Due In Fourth Year
ContractualObligationDueInFourthYear
10131000 USD
CY2021Q3 rsi Purchase Obligation To Be Paid After Year Four
PurchaseObligationToBePaidAfterYearFour
14702000 USD
CY2021Q3 us-gaap Contractual Obligation
ContractualObligation
64524000 USD

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