Company: RSI
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001793659-25-000168
Chunk: 73

Company: Rush Street Interactive, Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 2
Chunk 73
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 definite-lived intangible assets. Depreciation and amortization expense as a percentage of revenue increased to 4% for the three months ended June 30, 2025 as compared to 3% for the same period in 2024.

Tax Receivable Agreement Expense. Tax receivable agreement expenses increased by $112.7 million for the three months ended June 30, 2025 as compared to nil for the same period in 2024. The increase is associated with our initial recognition of a TRA liability upon realization of future tax benefits associated with the TRA.

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Interest Income, Net. Interest income, net, increased by $0.3 million, or 14%, to $2.2 million for the three months ended June 30, 2025 as compared to $1.9 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 (Benefit), Net. Income tax benefit was $115.0 million for the three months ended June 30, 2025 as compared to income tax expense of $6.4 million for the same period in 2024. Income tax benefit is primarily attributable to the release of valuation allowance as it is more likely than not that some portion of the deferred asset may be realized. 

Comparison of the Six Months Ended June 30, 2025 and 2024

Six Months EndedJune 30,Change($ in thousands)20252024$%Revenue$531,624 $437,807 $93,817 21 %Costs of revenue345,030 289,000 56,030 19 %Sales and Marketing79,271 75,348 3,923 5 %General and administrative48,759 53,074 (4,315)(8)%Depreciation and amortization19,318 14,656 4,662 32 %Income from operations39,246 5,729 33,517 n/mTax receivable agreement expense(113,037)— (113,037)100 %Interest income, net3,880 3,476 404 12 %(Loss) Income before income taxes(69,911)9,205 (79,116)n/mIncome tax (benefit) expense(109,