Company: RSI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001793659-25-000111
Chunk: 49

Company: Rush Street Interactive, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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.2 million at an average price of $10.35.

32

Cash Flows

The following table shows our cash flows from operating activities, investing activities and financing activities for the three months ended March 31, 2025 and 2024:

Three Months EndedMarch 31,($ in thousands)20252024Net cash provided by operating activities$28,712 $30,908 Net cash used in investing activities(7,554)(7,413)Net cash used in financing activities(27,178)(182)Effect of exchange rate changes on cash, cash equivalents and restricted cash5,274 26 Net change in cash, cash equivalents and restricted cash$(746)$23,339 

Operating activities. Net cash provided by operating activities for the three months ended March 31, 2025 decreased by $2.2 million to $28.7 million, as compared to $30.9 million during the same period in 2024. The decrease was primarily brought by changes in operating assets and liabilities of $18.8 million, which was partially offset by higher period-over-period net income totaling $13.4 million and increased non-cash expenses of $3.6 million. The increase in non-cash expenses was driven primarily by additional depreciation and amortization, and share-based compensation expense totaling $2.4 million and $0.4 million, respectively which was partially offset by lower deferred income tax benefit of $0.8 million, 

Investing activities. Net cash used in investing activities for the three months ended March 31, 2025 increased by $0.1 million to $7.5 million, as compared to $7.4 million during the same period in 2024. The increase reflects higher  acquisition of internally developed software costs totaling $0.5 million and acquisition of developed technology totaling $0.2 million. This was partially offset by lower period-over-period cash paid for acquisition of gaming licenses totaling $0.4 million, purchases of property and equipment totaling $0.1 million and short-term investment totaling $0.1 million. 

Financing activities. Net cash used in financing activities for the three months ended March 31, 2025 increased by $27.0 million to $27.2 million, as compared to $0.2 million during the same period in 2024. The period-over-period increase primarily reflects the payments for employee taxes related to shares withheld and repurchases of Class A Common Stock totaling to $20