Company: RSI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001793659-25-000047
Chunk: 220

Company: Rush Street Interactive, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 220
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 in investing activities(33,363)(33,780)(28,990)Net cash used in financing activities(2,652)(518)(1,216)Effect of exchange rate changes on cash, cash equivalents and restricted cash(8,655)5,126 (3,721)Net change in cash, cash equivalents and restricted cash$61,779 $(35,104)$(94,248)

A discussion of changes in cash flows in 2024 compared to 2023 is included below. A discussion of changes in cash flows in 2023 compared to 2022 has been omitted from this Form 10-K, but it may be found in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on March 7, 2024, which is available free of charge on the SEC's website at www.sec.gov and at www.RushStreetInteractive.com.

Operating activities. Net cash provided by operating activities was $106.4 million for the year ended December 31, 2024 as compared to $5.9 million used in operating activities for the year ended December 31, 2023. The increased provision of cash reflects a higher period-over-period net income totaling $67.3 million, increased non-cash expenses of $7.3 million, and an increase of $37.8 million due to the change in operating assets and liabilities. The increase in non-cash expenses was driven primarily by additional share-based compensation expense totaling $5.3 million, depreciation and amortization expense of $2.4 million, non-cash lease expense of $0.2 million and deferred income taxes of $0.1 million, which was partially offset by fewer write-offs of long-lived assets of $0.7 million.

Investing activities. Net cash used in investing activities during 2024 decreased by $0.4 million to $33.4 million, as compared to $33.8 million during 2023. The decrease reflects lower period-over-period cash paid for gaming licenses of $3.2 million, short-term investments of $1.2 million, investment in equity securities of $0.5 million, and property and equipment purchases of $0.4 million. This was partially offset by higher cash paid for internally developed software totaling $1.9 million, other intangible assets of $1.3 million and the