Company: RSI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001793659-25-000111
Chunk: 44

Company: Rush Street Interactive, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 44
---
million for the three months ended March 31, 2025 as compared to $25.9 million for the same period in 2024. The decrease was primarily due to lower share-based compensation expense and other administrative costs. General and administrative expense as a percentage of revenue decreased to 10% for the three months ended March 31, 2025 as compared to 12% for the same period in 2024.

Depreciation and Amortization. Depreciation and amortization expense increased by $2.4 million, or 34%, to $9.5 million for the three months ended March 31, 2025 as compared to $7.1 million for the same period in 2024. The increase was mainly due to additional costs to acquire internally developed software and other definite-lived intangible assets. Depreciation and amortization expense as a percentage of revenue increased to 4% for the three months ended March 31, 2025 as compared to 3% for the same period in 2024.

Interest Income, Net. Interest income, net, increased by $0.1 million, or 9%, to $1.7 million for the three months ended March 31, 2025 as compared to $1.6 million for the same period in 2024. The increase in interest income was mainly attributed to higher amounts of cash held in interest-bearing accounts and money market funds as compared to the same period in 2024.

Income Tax Expense. Income tax expense decreased by $0.2 million, or (4)%, to $5.1 million for the three months ended March 31, 2025 as compared to $5.3 million for the same period in 2024. Income tax expense is attributable to the profitability of our foreign operations for which both current and deferred taxes are recorded. Income tax expense as a percentage of revenue remained flat at 2% for the three months ended March 31, 2025 and 2024.

Seasonality and Other Trends Impacting Our Business

Our results of operations may, and generally do, fluctuate due to seasonal trends and other factors such as level of customer engagement, online casino and sports betting results and other factors that are outside of our control or that we cannot reasonably predict. Our quarterly financial performance depends on our ability to attract and retain customers. Customer engagement in our online offerings may vary due to, among other things, customer satisfaction with