Earnings release
Page 1
Rush Street Interactive Announces First Quarter 2025 Resultsand Reiterates Full Year Guidance Ap r il 30 , 2025 - Fi rs t Q u a r te r Reven u e of $262 Million, u p 21 % Yea r -ove r -Yea r - - Fi rs t Q u a r te r N et I ncome of $11 Million - - Fi rs t Q u a r te r A d j us te d E B I TDA excee ds $33 Million, u p 95 % Yea r -ove r -Yea r - - Reite r ating F u ll Yea r 2025 A d j us te d E B I TDA G u i d ance Range of Bet w een $115 an d $135 Million, +35 % g r o w th at the mi d point - C HI CAGO, Ap r il 30 , 2025 (GLOB E NE WSW I R E ) -- R us h St r eet I nte r active, I nc. ( N YS E : RS I ) (“RS I ”), a lea d ing online ca s ino an d s po r t s betting company in the Unite d State s an d the r e s t of the Ame r ica s , to d ay anno u nce d financial r e su lt s fo r the fi rs t q u a r te r en d e d Ma r ch 31 , 2025 . Fi rs t Q u a r te r 2025 H ighlight s Reven u e w a s $262 .4 million dur ing the fi rs t q u a r te r of 2025 , an inc r ea s e of 21 %, compa r e d to $21 7.4 million dur ing the fi rs t q u a r te r of 202 4. N et income w a s $11 . 2 million dur ing the fi rs t q u a r te r of 2025 , compa r e d to a net lo ss of $2 . 2 million dur ing the fi rs t q u a r te r of 202 4. A d j us te d E B I TDA w a s $33 . 2 million dur ing the fi rs t q u a r te r of 2025 , an inc r ea s e of 95 %, compa r e d to $1 7. 1 million dur ing the fi rs t q u a r te r of 202 4. A d j us te d s ale s an d ma r keting expen s e w a s $38 . 8 million dur ing the fi rs t q u a r te r of 2025 , an inc r ea s e of 3 % compa r e d to $3 7. 8 million dur ing the fi rs t q u a r te r of 202 4. Monthly Active U s e rs (“MAU”) in the Unite d State s an d Cana d a w e r e app r oximately 203 , 000 , u p 1 7% yea r -ove r -yea r . MAU s in Latin Ame r ica ( w hich incl ud e s Mexico) w e r e app r oximately 35 4, 000 , u p 61 % yea r -ove r -yea r . Ave r age Reven u e pe r Monthly Active U s e r (“ARPMAU”) in the Unite d State s an d Cana d a w a s $368 dur ing the fi rs t q u a r te r of 2025 , u p 3 % yea r -ove r -yea r . ARPMAU in Latin Ame r ica w a s $36 , compa r e d to $ 44 la s t yea r . Rep ur cha s e d $5 . 2 million of Cla ss A common s tock u n d e r the Company’ s $50 . 0 million a u tho r i z e d b u yback p r og r am. Richa rd Sch w a r t z , Chief E xec u tive Office r of RS I , s ai d , “We have s ta r te d 2025 w ith s t r ong moment u m, b u il d ing on o ur su cce ss f r om r ecent yea rs . O ur fi rs t q u a r te r r even u e inc r ea s e d by 21 % yea r -ove r -yea r to $262 million, an d o ur A d j us te d E B I TDA r eache d a r eco rd $33 million, nea r ly d o u ble that of Q 1 202 4. The s e s t r ong r e su lt s a r e dr iven by o ur commitment to innovation an d enhancing the q u ality of o ur playe r expe r ience, along s i d e efficient 1 1
Page 2
acq u i s ition an d r etention of high-val u e playe rs . The con s i s tency an d dur ability of o ur b us ine ss , pa r tic u la r ly in online ca s ino, i s r eflecte d in o ur exec u tion an d pe r fo r mance an d i s the fo u n d ation of the optimi s m w e have fo r sus taining o ur moment u m going fo rw a rd .” ________________________ Thi s i s a non-GAAP financial mea sur e. Plea s e s ee “ N on-GAAP Financial Mea sur e s ” fo r mo r e info r mation abo u t thi s non-GAAP financial mea sur e an d “Reconciliation s of GAAP to N on-GAAP Financial Mea sur e s ” fo r any applicable r econciliation of the mo s t compa r able mea sur e calc u late d in acco rd ance w ith GAAP to thi s non-GAAP financial mea sur e. G u i d ance RS I expect s r even u e fo r the f u ll yea r en d ing Decembe r 31 , 2025 to be bet w een $1 , 010 an d $1 , 080 million, r eite r ating the mi d point of the p r io r g u i d ance. At the mi d point of the r ange, r even u e of $1 , 0 4 5 million r ep r e s ent s 13 % yea r -ove r -yea r g r o w th w hen compa r e d to $92 4 million of r even u e fo r 202 4. RS I expect s A d j us te d E B I TDA fo r the f u ll yea r en d ing Decembe r 31 , 2025 to be bet w een $115 an d $135 million, r eite r ating the mi d point of the p r io r g u i d ance. At the mi d point of the r ange, A d j us te d E B I TDA of $125 million compa r e s to $92 . 5 million of A d j us te d E B I TDA fo r 202 4. The s e g u i d ance r ange s a r e ba s e d on ce r tain a ssu mption s , incl ud ing that (i) only ope r ation s in live j ur i sd iction s a s of to d ay’ s d ate a r e incl ud e d , an d (ii) RS I contin u e s to ope r ate in ma r ket s in w hich it i s live to d ay u n d e r s imila r tax s t ru ct ur e s . E a r ning s Confe r ence Call an d Webca s t Detail s RS I w ill ho s t a confe r ence call an d a ud io w ebca s t to d ay at 6 : 00 p.m. E a s te r n Time ( 5 : 00 p.m. Cent r al Time), dur ing w hich management w ill d i s c uss fi rs t q u a r te r r e su lt s an d p r ovi d e commenta r y on b us ine ss pe r fo r mance an d it s c urr ent o u tlook fo r 2025 . A q u e s tion-an d - an sw e r s e ss ion w ill follo w the p r epa r e d r ema r k s . The confe r ence call may be acce ss e d by d ialing 1 - 833 -47 0 - 1 4 28 (Toll F r ee) o r 1 -4 0 4- 9 7 5 - 4 839 (Local) o r , fo r inte r national calle rs , 1 - 929 - 526 - 1599 . The confe r ence call acce ss co d e i s 3 7 83 7 9 . A live a ud io w ebca s t of the ea r ning s confe r ence call may be acce ss e d on RS I ’ s w eb s ite at , along w ith a copy of thi s p r e ss r elea s e an d an inve s to r s li d e p r e s entation. The a ud io w ebca s t an d inve s to r s li d e p r e s entation w ill be available on RS I ’ s inve s to r r elation s w eb s ite u ntil at lea s t May 30 , 2025 . Abo u t R us h St r eet I nte r active RS I i s a t rus te d online gaming an d s po r t s ente r tainment company foc us e d on ma r ket s in the Unite d State s , Cana d a an d Latin Ame r ica. Th r o u gh it s b r an ds , BetRive rs , PlayS u ga rH o us e an d R us hBet, RS I w a s an ea r ly ent r ant in many r eg u late d j ur i sd iction s . I t c urr ently offe rs 1 1
Page 3
r eal-money mobile an d online ope r ation s in fifteen U.S. s tate s : N e w Je rs ey, Penn s ylvania, I n d iana, Colo r a d o, I llinoi s , I o w a, Michigan, Vi r ginia, We s t Vi r ginia, A r i z ona, N e w Yo r k, Lo u i s iana, Ma r ylan d , Ohio an d Dela w a r e, a s w ell a s in the r eg u late d inte r national ma r ket s of Colombia, Onta r io (Cana d a), Mexico an d Pe ru . RS I offe rs , th r o u gh it s p r op r ieta r y online gaming platfo r m, s ome of the mo s t pop u la r online ca s ino game s an d s po r t s betting option s in the Unite d State s . Fo u n d e d in 2012 by gaming in dus t r y vete r an s , RS I w a s name d the E GR N o r th Ame r ica A w a rds C us tome r Se r vice s Ope r ato r of the Yea r five yea rs in a r o w ( 2020 - 202 4), the 2022 E GR N o r th Ame r ica A w a rds Ope r ato r of the Yea r an d Social Gaming Ope r ato r of the Yea r , an d the SBC Latinoamé r ica A w a rds 202 4 Ca s ino Ope r ato r of the Yea r an d 2021 Spo r t s book Ope r ato r of the Yea r . RS I w a s the fi rs t U.S.-ba s e d online ca s ino an d s po r t s betting ope r ato r to r eceive RG Check iGaming Acc r e d itation f r om the Re s pon s ible Gaming Co u ncil. Fo r mo r e info r mation, vi s it . N on-GAAP Financial Mea sur e s I n a dd ition to p r ovi d ing financial mea sur ement s ba s e d on acco u nting p r inciple s gene r ally accepte d in the Unite d State s of Ame r ica (“GAAP”), thi s p r e ss r elea s e incl ud e s ce r tain financial mea sur e s that a r e not p r epa r e d in acco rd ance w ith GAAP, incl ud ing A d j us te d E B I TDA, A d j us te d Ope r ating Co s t s an d E xpen s e s , A d j us te d E a r ning s Pe r Sha r e, A d j us te d N et I ncome an d A d j us te d Weighte d Ave r age Common Sha r e s O u t s tan d ing, each of w hich i s a non-GAAP pe r fo r mance mea sur e that RS I us e s to su pplement it s r e su lt s p r e s ente d in acco rd ance w ith GAAP. A r econciliation of each su ch non-GAAP financial mea sur e to the mo s t d i r ectly compa r able GAAP financial mea sur e can be fo u n d belo w . RS I believe s that p r e s entation of the s e non-GAAP financial mea sur e s p r ovi d e s us ef u l info r mation to inve s to rs r ega rd ing RS I ’ s r e su lt s of ope r ation s an d ope r ating pe r fo r mance, a s they a r e s imila r to mea sur e s r epo r te d by it s p u blic competito rs an d a r e r eg u la r ly us e d by s ec ur itie s analy s t s , in s tit u tional inve s to rs an d othe r inte r e s te d pa r tie s in analy z ing ope r ating pe r fo r mance an d p r o s pect s . The s e non-GAAP financial mea sur e s a r e not inten d e d to be con s i d e r e d in i s olation o r a s a su b s tit u te fo r any GAAP financial mea sur e s an d , a s calc u late d , may not be compa r able to othe r s imila r ly title d mea sur e s of pe r fo r mance of othe r companie s in othe r in dus t r ie s o r w ithin the s ame in dus t r y. By p r ovi d ing f u ll yea r 2025 A d j us te d E B I TDA g u i d ance, RS I p r ovi d e d it s expectation of a fo rw a rd -looking non-GAAP financial mea sur e. I nfo r mation r econciling f u ll yea r 2025 A d j us te d E B I TDA to it s mo s t d i r ectly compa r able GAAP financial mea sur e, net income (lo ss ), i s u navailable to RS I w itho u t u n r ea s onable effo r t du e to, among othe r thing s , the inhe r ent d iffic u lty in fo r eca s ting an d q u antifying the compa r able GAAP mea sur e an d the applicable a d j us tment s an d othe r amo u nt s that w o u l d be nece ss a r y fo r su ch a r econciliation, an d ce r tain of the s e amo u nt s a r e o u t s i d e of RS I ’ s cont r ol an d may be su bject to high va r iability o r complexity. P r epa r ation of su ch r econciliation s w o u l d al s o r eq u i r e a fo rw a rd - looking balance s heet, s tatement of ope r ation s an d s tatement of ca s h flo ws , p r epa r e d in acco rd ance w ith GAAP, an d su ch fo rw a rd -looking financial s tatement s a r e u navailable to RS I w itho u t u n r ea s onable effo r t. RS I p r ovi d e s a r ange fo r it s A d j us te d E B I TDA fo r eca s t that
Page 4
it believe s w ill be achieve d ; ho w eve r , RS I cannot p r ovi d e any a ssur ance that it can p r e d ict all of the component s of the A d j us te d E B I TDA calc u lation. RS I p r ovi d e s a fo r eca s t fo r A d j us te d E B I TDA beca us e it believe s that A d j us te d E B I TDA, w hen vie w e d w ith RS I ’ s r e su lt s calc u late d in acco rd ance w ith GAAP, p r ovi d e s us ef u l info r mation fo r the r ea s on s note d he r ein. H o w eve r , A d j us te d E B I TDA i s not a mea sur e of financial pe r fo r mance o r liq u i d ity u n d e r GAAP an d , acco rd ingly, s ho u l d not be con s i d e r e d a s an alte r native to net income (lo ss ) o r ca s h flo w f r om ope r ating activitie s o r a s an in d icato r of ope r ating pe r fo r mance o r liq u i d ity. RS I d efine s A d j us te d E B I TDA a s net income (lo ss ) befo r e inte r e s t, income taxe s , d ep r eciation an d amo r ti z ation, s ha r e-ba s e d compen s ation, a d j us tment s fo r ce r tain one-time o r non- r ec urr ing item s an d othe r a d j us tment s . A d j us te d E B I TDA excl ud e s ce r tain expen s e s that a r e r eq u i r e d in acco rd ance w ith GAAP beca us e ce r tain expen s e s a r e eithe r non-ca s h o r a r e not r elate d to o ur u n d e r lying b us ine ss pe r fo r mance. RS I d efine s A d j us te d Ope r ating Co s t s an d E xpen s e s a s RS I ’ s GAAP ope r ating co s t s an d expen s e s a d j us te d to excl ud e the impact s of s ha r e-ba s e d compen s ation, ce r tain one-time o r non- r ec urr ing item s an d othe r a d j us tment s . A d j us te d Ope r ating Co s t s an d E xpen s e s excl ud e s ce r tain expen s e s that a r e r eq u i r e d in acco rd ance w ith GAAP beca us e ce r tain expen s e s a r e eithe r non-ca s h o r a r e not r elate d to o ur u n d e r lying b us ine ss pe r fo r mance. RS I d efine s A d j us te d E a r ning s Pe r Sha r e a s A d j us te d N et I ncome d ivi d e d by A d j us te d Weighte d Ave r age Common Sha r e s O u t s tan d ing. A d j us te d N et I ncome i s d efine d a s net income (lo ss ) att r ib u table to R us h St r eet I nte r active, I nc. a s us e d in the d il u te d ea r ning s (lo ss ) pe r s ha r e calc u lation s , a d j us te d fo r the r eallocation of net lo ss att r ib u table to non- cont r olling inte r e s t s , s ha r e-ba s e d compen s ation, ce r tain one-time o r non- r ec urr ing item s an d othe r a d j us tment s . A d j us te d Weighte d Ave r age Common Sha r e s O u t s tan d ing i s d efine d a s the w eighte d ave r age n u mbe r of common s ha r e s o u t s tan d ing a s us e d in the d il u te d ea r ning s (lo ss ) pe r s ha r e calc u lation, an d in pe r io ds of A d j us te d N et I ncome, a d j us te d fo r the a ssu me d conve rs ion of the non-cont r olling inte r e s t’ s R us h St r eet I nte r active, LP Cla ss A u nit s to Cla ss A common s tock of RS I on a one-to-one-ba s i s an d inc r emental s ha r e s f r om a ssu me d conve rs ion of s tock option s an d r e s t r icte d s tock u nit s not othe rw i s e incl ud e d in the d il u te d ea r ning s (lo ss ) pe r s ha r e calc u lation. RS I incl ud e s the s e non-GAAP financial mea sur e s beca us e management us e s them to eval u ate RS I ’ s co r e ope r ating pe r fo r mance an d t r en ds an d to make s t r ategic d eci s ion s r ega rd ing the allocation of capital an d ne w inve s tment s . Management believe s that the s e non-GAAP financial mea sur e s p r ovi d e inve s to rs w ith us ef u l info r mation on RS I ’ s pa s t financial an d ope r ating pe r fo r mance, enable compa r i s on of financial r e su lt s f r om pe r io d -to- pe r io d w he r e ce r tain item s may va r y in d epen d ent of b us ine ss pe r fo r mance, an d allo w fo r g r eate r t r an s pa r ency w ith r e s pect to met r ic s us e d by RS I ’ s management in ope r ating o ur b us ine ss . Management al s o believe s the s e non-GAAP financial mea sur e s a r e us ef u l in eval u ating o ur ope r ating pe r fo r mance compa r e d to that of othe r companie s in o ur in dus t r y,
Page 5
a s the s e met r ic s gene r ally eliminate the effect s of ce r tain item s that may va r y f r om company to company fo r r ea s on s u n r elate d to ove r all ope r ating pe r fo r mance. Key Met r ic s RS I p r ovi d e s ce r tain key met r ic s , incl ud ing MAU s an d ARPMAU, in thi s p r e ss r elea s e. RS I d efine s MAU s a s the n u mbe r of u niq u e us e rs pe r month w ho have place d at lea s t one r eal- money bet ac r o ss one o r mo r e of o ur online ca s ino, poke r , o r online s po r t s betting offe r ing s , an d it d efine s ARPMAU a s ave r age r even u e fo r the applicable pe r io d d ivi d e d by the ave r age MAU s fo r the s ame pe r io d . The n u mbe rs RS I us e s to calc u late MAU s an d ARPMAU a r e ba s e d on inte r nal RS I d ata. While the s e n u mbe rs a r e ba s e d on w hat RS I believe s to be r ea s onable j ud gment s an d e s timate s of it s c us tome r ba s e fo r the applicable pe r io d of mea sur ement, the r e a r e inhe r ent challenge s in mea sur ing us age an d engagement w ith r e s pect to RS I ’ s online offe r ing s ac r o ss it s c us tome r ba s e. S u ch challenge s an d limitation s may al s o affect RS I ’ s u n d e rs tan d ing of ce r tain d etail s of it s b us ine ss . I n a dd ition, RS I ’ s key met r ic s an d r elate d e s timate s , incl ud ing the d efinition s an d calc u lation s of the s ame, may d iffe r f r om e s timate s p u bli s he d by thi rd pa r tie s o r f r om s imila r ly-title d met r ic s of it s competito rs du e to d iffe r ence s in ope r ation s , offe r ing s , metho d ology an d acce ss to info r mation. RS I r eg u la r ly r evie ws , an d may a d j us t it s p r oce ss e s fo r calc u lating, it s inte r nal met r ic s to imp r ove thei r acc ur acy. Fo rw a rd -Looking Statement s Thi s p r e ss r elea s e incl ud e s "fo rw a rd -looking s tatement s " w ithin the meaning of the " s afe ha r bo r " p r ovi s ion s of the P r ivate Sec ur itie s Litigation Refo r m Act of 1995 . RS I ' s act u al r e su lt s may d iffe r f r om thei r expectation s , e s timate s an d p r ojection s an d con s eq u ently, yo u s ho u l d not r ely on the s e fo rw a rd -looking s tatement s a s p r e d iction s of f u t ur e event s . Wo rds su ch a s "expect," "e s timate," "p r oject," "b ud get," "fo r eca s t," "anticipate," "inten d ," "plan," "may," " w ill," "co u l d ," " s ho u l d ," "believe s ," "p r e d ict s ," "potential," “p r opo s e”, "contin u e," an d s imila r exp r e ss ion s a r e inten d e d to i d entify su ch fo rw a rd -looking s tatement s . The s e fo rw a rd -looking s tatement s incl ud e, w itho u t limitation, s tatement s r ega rd ing r even u e an d A d j us te d E B I TDA g u i d ance, RS I ’ s f u t ur e r e su lt s of ope r ation s , financial con d ition, ca s h flo ws o r p r ofitability ( w hethe r on a GAAP o r non-GAAP ba s i s ), c urr ency fl u ct u ation s , RS I ’ s s t r ategic plan s an d foc us , anticipate d la u nche s o r w ith dr a w al s of RS I ’ s c urr ent o r ne w offe r ing s in exi s ting o r f u t ur e j ur i sd iction s , playe r g r o w th an d engagement, p r o du ct initiative s , o u tcome s of c urr ent o r f u t ur e r eg u lato r y d evelopment s an d the objective s of management fo r f u t ur e ope r ation s . The s e fo rw a rd -looking s tatement s involve s ignificant r i s k s an d u nce r taintie s that co u l d ca us e the act u al r e su lt s to d iffe r mate r ially f r om the expecte d r e su lt s . Mo s t of the s e facto rs a r e o u t s i d e RS I ' s cont r ol an d a r e d iffic u lt to p r e d ict. Facto rs that may ca us e su ch d iffe r ence s incl ud e, w itho u t limitation: change s in applicable la ws an d r eg u lation s , applicable taxe s an d tax r ate s ; RS I ’ s ability to manage an d sus tain g r o w th; RS I ’ s ability to exec u te it s b us ine ss plan, meet it s p r ojection s an d obtain r elevant ma r ket acce ss an d /o r gaming licen s e s ; u nanticipate d p r o du ct o r s e r vice d elay s ; gene r al
Page 6
economic an d ma r ket con d ition s impacting the d eman d fo r RS I ’ s p r o du ct s an d s e r vice s ; economic an d ma r ket con d ition s in the gaming, ente r tainment an d lei sur e in dus t r y in the ma r ket s in w hich RS I ope r ate s ; the potential a d ve rs e effect s of gene r al economic con d ition s , inflation an d inte r e s t r ate s an d u nemployment on RS I ’ s liq u i d ity, ope r ation s an d pe rs onnel; an d othe r r i s k s an d u nce r taintie s in d icate d f r om time to time in RS I ' s filing s w ith the S E C. RS I ca u tion s that the fo r egoing li s t of facto rs i s not excl us ive. RS I ca u tion s r ea d e rs not to place u n du e r eliance u pon any fo rw a rd -looking s tatement s , w hich s peak only a s of the d ate ma d e. RS I d oe s not u n d e r take o r accept any obligation o r u n d e r taking to r elea s e p u blicly any u p d ate s o r r evi s ion s to any fo rw a rd -looking s tatement s to r eflect any change in it s expectation s o r any change in event s , con d ition s o r ci r c u m s tance s on w hich any su ch s tatement i s ba s e d , except a s r eq u i r e d by la w . Me d ia Contact s : Li s a John s on I nve s to r Contact: R us h St r eet I nte r active, I nc. Con d en s e d Con s oli d ate d Statement s of Ope r ation s (Una ud ite d an d in tho us an ds , except pe r s ha r e d ata) Th r ee Month s E n d e d Ma r ch 31 , 2025 202 4 (Una ud ite d ) (Una ud ite d ) Reven u e $ 262 ,4 0 7 $ 21 7,4 28 Ope r ating co s t s an d expen s e s Co s t s of r even u e 1 7 0 , 883 1 44, 523 Sale s an d ma r keting 4 2 , 139 38 ,4 0 4 Gene r al an d a d mini s t r ative 25 , 31 7 25 , 868 Dep r eciation an d amo r ti z ation 9 ,4 91 7, 101 Total ope r ating co s t s an d expen s e s 2 47, 830 215 , 896 I ncome f r om ope r ation s 1 4, 5 77 1 , 532 Othe r income I nte r e s t income, net 1 , 699 1 , 559 I ncome befo r e income taxe s 16 , 2 7 6 3 , 091 I ncome tax expen s e 5 , 065 5 , 300 N et income (lo ss ) 11 , 211 ( 2 , 209)
Page 7
N et income (lo ss ) att r ib u table to non-cont r olling inte r e s t s 5 , 892 ( 1 ,4 82) N et income (lo ss ) att r ib u table to R us h St r eet I nte r active, I nc. $ 5 , 319 $ (7 2 7) E a r ning s (lo ss ) pe r common s ha r e att r ib u table to R us h St r eet I nte r active, I nc. – ba s ic $ 0 . 06 $ ( 0 . 01) Weighte d ave r age common s ha r e s o u t s tan d ing – ba s ic 93 , 850 ,7 0 7 7 6 , 02 7,4 2 7 E a r ning s (lo ss ) pe r common s ha r e att r ib u table to R us h St r eet I nte r active, I nc. – d il u te d $ 0 . 05 $ ( 0 . 01) Weighte d ave r age common s ha r e s o u t s tan d ing – d il u te d 23 4, 292 , 159 7 6 , 02 7,4 2 7 R us h St r eet I nte r active, I nc. Con d en s e d Con s oli d ate d Statement s of Comp r ehen s ive I ncome (Lo ss ) (Una ud ite d an d in tho us an ds ) Th r ee Month s E n d e d Ma r ch 31 , 2025 202 4 (Una ud ite d ) (Una ud ite d ) N et income (lo ss ) $ 11 , 211 $ ( 2 , 209) Othe r comp r ehen s ive income Fo r eign c urr ency t r an s lation a d j us tment 4, 52 7 101 Comp r ehen s ive income (lo ss ) 15 ,7 38 ( 2 , 108) Comp r ehen s ive income (lo ss ) att r ib u table to non-cont r olling inte r e s t s 8 , 555 ( 1 ,4 16) Comp r ehen s ive income (lo ss ) att r ib u table to R us h St r eet I nte r active, I nc. $ 7, 183 $ ( 692) R us h St r eet I nte r active, I nc. Reconciliation s of GAAP to N on-GAAP Financial Mea sur e s (Una ud ite d an d in tho us an ds ) A d j us te d E B I TDA: Th r ee Month s E n d e d Ma r ch 31 , ( $ in tho us an ds ) 2025 202 4 N et income (lo ss ) $ 11 , 211 $ ( 2 , 209)
Page 8
I nte r e s t income, net ( 1 , 699) ( 1 , 559) I ncome tax expen s e 5 , 065 5 , 300 Dep r eciation an d amo r ti z ation 9 ,4 91 7, 101 Sha r e-ba s e d compen s ation expen s e 8 , 813 8 ,4 25 Tax r eceivable ag r eement expen s e 3 4 5 — A d j us te d E B I TDA $ 33 , 226 $ 1 7, 058 A d j us te d Ope r ating Co s t s an d E xpen s e s : Th r ee Month s E n d e d Ma r ch 31 , 2025 202 4 GAAP ope r ating co s t s an d expen s e s : Co s t s of r even u e $ 1 7 0 , 883 $ 1 44, 523 Sale s an d ma r keting 4 2 , 139 38 ,4 0 4 Gene r al an d a d mini s t r ative 25 , 31 7 25 , 868 Dep r eciation an d amo r ti z ation 9 ,4 91 7, 101 Total ope r ating co s t s an d expen s e s $ 2 47, 830 $ 215 , 896 N on-GAAP ope r ating co s t an d expen s e a d j us tment s : Co s t s of r even u e $ ( 63) $ ( 2 7 0) Sale s an d ma r keting ( 3 , 32 4) ( 5 7 0) Gene r al an d a d mini s t r ative ( 5 ,77 1) (7, 585) Dep r eciation an d amo r ti z ation — — Total non-GAAP ope r ating co s t an d expen s e a d j us tment s $ ( 9 , 158) $ ( 8 ,4 25) A d j us te d ope r ating co s t s an d expen s e s : Co s t s of r even u e $ 1 7 0 , 820 $ 1 44, 253 Sale s an d ma r keting 38 , 815 3 7, 83 4 Gene r al an d a d mini s t r ative 19 , 5 4 6 18 , 283 Dep r eciation an d amo r ti z ation 9 ,4 91 7, 101 Total a d j us te d ope r ating co s t s an d expen s e s $ 238 , 6 7 2 $ 20 7,47 1 1 N on-GAAP Ope r ating Co s t s an d E xpen s e A d j us tment s fo r the th r ee month s en d e d Ma r ch 31 , 2025 incl ud e Sha r e-ba s e d compen s ation expen s e an d Tax r eceivable ag r eement expen s e. N on-GAAP Ope r ating Co s t s an d E xpen s e A d j us tment s fo r the th r ee month s en d e d Ma r ch 31 , 202 4 incl ud e Sha r e-ba s e d compen s ation expen s e. 1 1 1
Page 9
R us h St r eet I nte r active, I nc. Reconciliation s of GAAP to N on-GAAP Financial Mea sur e s (Una ud ite d an d in tho us an ds , except s ha r e an d pe r s ha r e d ata) A d j us te d N et I ncome, A d j us te d Weighte d Ave r age Common Sha r e s O u t s tan d ing an d A d j us te d E a r ning s Pe r Sha r e: Th r ee Month s E n d e d Ma r ch 31 , 2025 202 4 A d j us te d net income N et income (lo ss ) att r ib u table to R us h St r eet I nte r active, I nc. – ba s ic $ 5 , 319 $ (7 2 7) E ffect of d il u te d s ec ur itie s : I nc r ea s e to net income att r ib u table to non-cont r olling inte r e s t s 5 , 892 — N et income (lo ss ) att r ib u table to R us h St r eet I nte r active, I nc. - d il u te d 11 , 211 (7 2 7) A d j us tment s : N et lo ss att r ib u table to non-cont r olling inte r e s t — ( 1 ,4 82) Sha r e-ba s e d compen s ation expen s e 8 , 813 8 ,4 25 Tax r eceivable ag r eement expen s e 3 4 5 — A d j us te d net income $ 20 , 369 $ 6 , 216 A d j us te d w eighte d -ave r age common s ha r e s o u t s tan d ing Weighte d -ave r age common s ha r e s o u t s tan d ing – ba s ic 93 , 850 ,7 0 7 7 6 , 02 7,4 2 7 A d j us tment s : A ssu me d conve rs ion of w eighte d -ave r age RS I LP u nit s to Cla ss A Common Sha r e s 13 4, 065 , 12 7 — I nc r emental s ha r e s f r om a ssu me d conve rs ion of s tock option s an d r e s t r icte d s tock u nit s 6 , 3 7 6 , 325 — Weighte d -ave r age common s ha r e s o u t s tan d ing - d il u te d 23 4, 292 , 159 7 6 , 02 7,4 2 7 A d j us tment s : A ssu me d conve rs ion of w eighte d -ave r age RS I LP u nit s to Cla ss A Common Sha r e s — 1 47, 0 7 0 , 02 4 I nc r emental s ha r e s f r om a ssu me d conve rs ion of s tock option s an d r e s t r icte d s tock u nit s — 6 , 15 4, 80 4 A d j us te d w eighte d -ave r age common s ha r e s o u t s tan d ing 23 4, 292 , 159 229 , 252 , 255 ( 1 ) ( 1 )
Page 10
A d j us te d ea r ning s pe r s ha r e E a r ning s (lo ss ) pe r common s ha r e att r ib u table to R us h St r eet I nte r active, I nc. – ba s ic $ 0 . 06 $ ( 0 . 01) E a r ning s (lo ss ) pe r common s ha r e att r ib u table to R us h St r eet I nte r active, I nc. – d il u te d $ 0 . 05 $ ( 0 . 01) A d j us te d ea r ning s pe r s ha r e $ 0 . 09 $ 0 . 03 1 A d j us te d net income incl ud e s the r eallocation of net lo ss att r ib u table to non-cont r olling inte r e s t s that i s not othe rw i s e incl ud e d in net income (lo ss ) att r ib u table to R us h St r eet I nte r active, I nc. - d il u te d . A d j us te d w eighte d -ave r age common s ha r e s o u t s tan d ing incl ud e s the a ssu me d conve rs ion of w eighte d -ave r age RS I LP u nit s to Cla ss A Common Sha r e s that i s not othe rw i s e incl ud e d in Weighte d -ave r age common s ha r e s o u t s tan d ing - d il u te d . So ur ce: R us h St r eet I nte r active, I nc.