Rush Street Interactive, Inc.

Previous wording

This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains certain financial measures, in particular the presentation of Adjusted EBITDA, which are not presented in accordance with generally accepted accounting principles of the United States (“GAAP”). We present these non-GAAP financial measures because they provide us and readers of this Report with additional insight into our operational performance relative to earlier periods and relative to our competitors. These non-GAAP financial measures are not a substitute for any GAAP financial information. Readers of this Report should use these non-GAAP financial measures only in conjunction with the comparable GAAP financial measures. Reconciliations of Adjusted EBITDA to Net Income (Loss), the most comparable GAAP measure, are provided in this Report.

Current wording

This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains certain financial measures, in particular the presentation of Adjusted EBITDA, which are not presented in accordance with generally accepted accounting principles of the United States (“GAAP”). We present these non-GAAP financial measures because they provide us and readers of this Report with additional insight into our operational performance relative to earlier periods and relative to our competitors. These non-GAAP financial measures are not a substitute for any GAAP financial information. Readers of this Report should use these non-GAAP financial measures only in conjunction with the comparable GAAP financial measures. Reconciliations of Adjusted EBITDA to Net Income, the most comparable GAAP measure, are provided in this Report.

Previous wording

The chart below presents our average MAUs in the United States and Canada for the six months ended June 30, 2025 and 2024:

Current wording

The chart below presents our average MAUs in the United States and Canada for the nine months ended September 30, 2025 and 2024:

Previous wording

The chart below presents our average MAUs in Latin America (including Mexico) for the six months ended June 30, 2025 and 2024:

Current wording

The chart below presents our average MAUs in Latin America (including Mexico) for the nine months ended September 30, 2025 and 2024:

Previous wording

The chart below presents our ARPMAU in the United States and Canada for the six months ended June 30, 2025 and 2024:

Current wording

The chart below presents our ARPMAU in the United States and Canada for the nine months ended September 30, 2025 and 2024:

Previous wording

The chart below presents our ARPMAU in Latin America (including Mexico) for the six months ended June 30, 2025 and 2024:

Current wording

The chart below presents our ARPMAU in Latin America (including Mexico) for the nine months ended September 30, 2025 and 2024:

Previous wording

The year-over-year decrease in ARPMAU in Latin America was mainly driven by the negative impact of additional player bonusing as a result of the value-added tax imposed on customer deposits in Colombia, which became effective during the six months ended June 30, 2025, and unfavorable foreign exchange rate fluctuations.

Current wording

The year-over-year decrease in ARPMAU in Latin America was mainly driven by the negative impact of additional player bonusing as a result of the value-added tax imposed on customer deposits in Colombia, which became effective during the nine months ended September 30, 2025, and unfavorable foreign exchange rate fluctuations.

Previous wording

We define Adjusted EBITDA as net income (loss) before interest income or expense, income taxes, depreciation and amortization, share-based compensation, adjustments for certain one-time or non-recurring items and other adjustments. Adjusted EBITDA excludes certain expenses that are required in accordance with GAAP because certain expenses are either non-cash or are not related to our underlying business performance.

Current wording

We define Adjusted EBITDA as net income before interest income or expense, income taxes, depreciation and amortization, share-based compensation, adjustments for certain one-time or non-recurring items and other adjustments. Adjusted EBITDA excludes certain expenses that are required in accordance with GAAP because certain expenses are either non-cash or are not related to our underlying business performance.

Previous wording

The table below presents our Adjusted EBITDA reconciled from our net income (loss), the most directly comparable GAAP measure, for the periods indicated:

Current wording

The table below presents our Adjusted EBITDA reconciled from our net income, the most directly comparable GAAP measure, for the periods indicated:

Previous wording

Revenue. Revenue increased by $48.8 million, or 22%, to $269.2 million for the three months ended June 30, 2025 as compared to $220.4 million for the same period in 2024. The increase was mainly due to and directly correlated with our continued growth across existing markets and expansion into the new markets, such as Peru. The increase reflects higher period-over-period online casino and sports betting revenue and social gaming revenue of $48.6 million and $0.2 million, respectively.

Current wording

Revenue. Revenue increased by $45.8 million, or 20%, to $277.9 million for the three months ended September 30, 2025 as compared to $232.1 million for the same period in 2024. The increase was mainly due to and directly correlated with our continued growth across existing markets. The increase reflects higher period-over-period online casino and sports betting revenue and social gaming revenue of $45.9 million and $0.1 million, respectively, which was partially offset by a decrease in retail sports betting revenue of $0.2 million.

Previous wording

Costs of Revenue. Costs of revenue increased by $56.0 million, or 19%, to $345.0 million for the six months ended June 30, 2025 as compared to $289.0 million for the same period in 2024. The increase was mainly due to and directly correlated with, our expansion and continued growth as noted above. Gaming taxes, market access costs, operating expenses and payment processing costs contributed $21.8 million, $18.7 million, $6.4 million and $4.2 million, respectively, to the period-over-period increase in costs of revenue. Personnel costs contributed to the remainder of the period-over-period increase. Costs of revenue as a percentage of revenue decreased to 65% for the six months ended June 30, 2025 as compared to 66% for the same period in 2024.

Current wording

Costs of Revenue. Costs of revenue increased by $32.1 million, or 21%, to $183.5 million for the three months ended September 30, 2025 as compared to $151.4 million for the same period in 2024. The increase was mainly due to and directly correlated with our continued growth as noted above. Gaming taxes, market access costs, payment processing costs and operating expenses contributed $15.6 million, $8.7 million, $5.8 million and $2.7 million, respectively, to the period-over-period increase in costs of revenue. Costs of revenue as a percentage of revenue increased to 66% for the three months ended September 30, 2025 as compared to 65% for the same period in 2024.

Previous wording

Sales and Marketing. Sales and marketing expense increased by $0.2 million, or 1%, to $37.1 million for the three months ended June 30, 2025 as compared to $36.9 million for the same period in 2024. The increase was primarily driven by higher marketing personnel costs and share-based compensation expense, which was partially offset by reduced marketing spend resulting from management’s strategy to rationalize marketing spend as the North American and Latin American online gaming industries continue to mature. Sales and marketing expense as a percentage of revenue decreased to 14% for the three months ended June 30, 2025 as compared to 17% for the same period in 2024.

Current wording

Sales and Marketing. Sales and marketing expense decreased by $0.2 million, or 1%, to $39.0 million for the three months ended September 30, 2025 as compared to $39.2 million for the same period in 2024. The decrease was primarily driven by reduced marketing spend resulting from management’s strategy to rationalize marketing spend as the North American and Latin American online gaming industries continue to mature, which was partially offset by higher marketing personnel costs and share-based compensation expense. Sales and marketing expense as a percentage of revenue decreased to 14% for the three months ended September 30, 2025 as compared to 17% for the same period in 2024.

Previous wording

General and Administrative. General and administrative expense decreased by $4.3 million, or 8%, to $48.8 million for the six months ended June 30, 2025 as compared to $53.1 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 9% for the six months ended June 30, 2025 as compared to 12% for the same period in 2024.

Current wording

General and Administrative. General and administrative expense decreased by $0.8 million, or 3%, to $25.7 million for the three months ended September 30, 2025 as compared to $26.5 million for the same period in 2024. The decrease was primarily due to lower share-based compensation expense. General and administrative expense as a percentage of revenue decreased to 9% for the three months ended September 30, 2025 as compared to 11% for the same period in 2024.

Previous wording

Depreciation and Amortization. Depreciation and amortization expense increased by $4.7 million, or 32%, to $19.3 million for the six months ended June 30, 2025 as compared to $14.6 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.

Current wording

Depreciation and Amortization. Depreciation and amortization expense increased by $1.7 million, or 20%, to $10.2 million for the three months ended September 30, 2025 as compared to $8.5 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 remained flat at 4% for the three months ended September 30, 2025 and 2024.

Previous wording

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.

Current wording

Interest Income, Net. Interest income, net, increased by $0.5 million, or 25%, to $2.5 million for the three months ended September 30, 2025 as compared to $2.0 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.

Previous wording

Revenue. Revenue increased by $93.8 million, or 21%, to $531.6 million for the six months ended June 30, 2025 as compared to $437.8 million for the same period in 2024. The increase was mainly due to and directly correlated with our continued growth across existing markets and expansion into new markets, which launched late in the second quarter of 2024. The increase reflects higher period-over-period online casino and sports betting revenue of $93.9 million and social gaming revenue of $0.3 million, which was partially offset by a decrease of retail sports betting revenue of $0.4 million.

Current wording

Revenue. Revenue increased by $139.6 million, or 21%, to $809.5 million for the nine months ended September 30, 2025 as compared to $669.9 million for the same period in 2024. The increase was mainly due to and directly correlated with our continued growth across existing markets and expansion into new markets. The increase reflects higher period-over-period online casino and sports betting revenue of $139.9 million and social gaming revenue of $0.4 million, which was partially offset by a decrease of retail sports betting revenue of $0.7 million.

Previous wording

Costs of Revenue. Costs of revenue increased by $29.7 million, or 21%, to $174.1 million for the three months ended June 30, 2025 as compared to $144.5 million for the same period in 2024. The increase was mainly due to and directly correlated with our expansion and continued growth as noted above. Gaming taxes, market access costs, payment processing costs and operating expenses contributed $13.1 million, $7.8 million, $4.2 million and $4.2 million, respectively, to the period-over-period increase in costs of revenue. Personnel costs contributed to the remainder of the period-over-period increase. Costs of revenue as a percentage of revenue decreased to 65% for the three months ended June 30, 2025 as compared to 66% for the same period in 2024.

Current wording

Costs of Revenue. Costs of revenue increased by $88.1 million, or 20%, to $528.5 million for the nine months ended September 30, 2025 as compared to $440.4 million for the same period in 2024. The increase was mainly due to and directly correlated with, our expansion and continued growth as noted above. Gaming taxes, market access costs, operating expenses and payment processing costs contributed $37.3 million, $27.5 million, $9.0 million and $5.8 million, respectively, to the period-over-period increase in costs of revenue. Personnel costs contributed to the remainder of the period-over-period increase. Costs of revenue as a percentage of revenue decreased to 65% for the nine months ended September 30, 2025 as compared to 66% for the same period in 2024.

Previous wording

Sales and Marketing. Sales and Marketing expense increased by $3.9 million, or 5%, to $79.3 million for the six months ended June 30, 2025 as compared to $75.3 million for the same period in 2024. The increase was primarily driven by higher marketing personnel costs and share-based compensation expense, which was partially offset by reduced marketing spend resulting from management’s strategy to rationalize marketing spend as the North American and Latin American online gaming industries continue to mature. Sales and marketing expense as a percentage of revenue decreased to 15% for the six months ended June 30, 2025 as compared to 17% for the same period in 2024.

Current wording

Sales and Marketing. Sales and Marketing expense increased by $3.7 million, or 3%, to $118.3 million for the nine months ended September 30, 2025 as compared to $114.6 million for the same period in 2024. The increase was primarily driven by higher marketing personnel costs and share-based compensation expense, which was partially offset by reduced marketing spend resulting from management’s strategy to rationalize marketing spend as the North American and Latin American online gaming industries continue to mature. Sales and marketing expense as a percentage of revenue decreased to 15% for the nine months ended September 30, 2025 as compared to 17% for the same period in 2024.

Previous wording

General and Administrative. General and administrative expense decreased by $3.4 million, or 13%, to $23.8 million for the three months ended June 30, 2025 as compared to $27.2 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 9% for the three months ended June 30, 2025 as compared to 12% for the same period in 2024.

Current wording

General and Administrative. General and administrative expense decreased by $5.1 million, or 6%, to $74.5 million for the nine months ended September 30, 2025 as compared to $79.6 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 9% for the nine months ended September 30, 2025 as compared to 12% for the same period in 2024.

Previous wording

Depreciation and Amortization. Depreciation and amortization expense increased by $2.3 million, or 30%, to $9.8 million for the three months ended June 30, 2025 as compared to $7.6 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 June 30, 2025 as compared to 3% for the same period in 2024.

Current wording

Depreciation and Amortization. Depreciation and amortization expense increased by $6.4 million, or 28%, to $29.5 million for the nine months ended September 30, 2025 as compared to $23.1 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 nine months ended September 30, 2025 as compared to 3% for the same period in 2024.

Previous wording

Tax Receivable Agreement Expense. Tax receivable agreement expenses increased by $113.0 million for the six 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.

Current wording

Tax Receivable Agreement Expense. Tax receivable agreement expenses increased by $113.0 million for the nine months ended September 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.

Previous wording

Interest Income, Net. Interest income increased by $0.4 million, or 12%, to $3.9 million for the six months ended June 30, 2025 as compared to $3.5 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.

Current wording

Interest Income, Net. Interest income increased by $0.9 million, or 16%, to $6.4 million for the nine months ended September 30, 2025 as compared to $5.5 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.

Previous wording

Income Tax Expense (Benefit), Net. Income tax benefit was $110.0 million for the six months ended June 30, 2025 as compared to income tax expense of $11.7 million for the same period in 2024. Income tax benefit is primarily attributable to the release of a valuation allowance as it is more likely than not that some portion of the deferred asset may be realized.

Current wording

Income Tax Expense (Benefit). Income tax benefit was $102.8 million for the nine months ended September 30, 2025 as compared to income tax expense of $17.0 million for the same period in 2024. Income tax benefit is primarily attributable to the release of a valuation allowance as it is more likely than not that some portion of the deferred asset may be realized.

Previous wording

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 our platform, the number, timing and type of sporting events, the length of professional sports seasons, our offerings and marketing efforts and those of our competitors (including those not just in the online gaming industry but also in the entertainment industry broadly), other forms of entertainment available to our customers, weather conditions, public sentiment, an economic downturn or other economic factors such as inflation, economic uncertainty or macroeconomic conditions. As customer engagement varies, so may our quarterly financial performance.

Current wording

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 our platform, the number, timing and type of sporting events, the length of professional sports seasons, our offerings and marketing efforts and those of our competitors (including those not just in the online gaming industry but also in prediction markets or in the entertainment industry broadly), other forms of entertainment available to our customers, weather conditions, public sentiment, an economic downturn or other economic factors such as inflation, economic uncertainty or macroeconomic conditions. As customer engagement varies, so may our quarterly financial performance.

Previous wording

As of June 30, 2025, we had $240.6 million in cash and cash equivalents, excluding legally restricted customer cash deposits that we segregate from our operating cash balances. We intend to continue to finance our operations without third-party debt and entirely from operating cash flows and cash on our balance sheet.

Current wording

As of September 30, 2025, we had $273.5 million in cash and cash equivalents, excluding legally restricted customer cash deposits that we segregate from our operating cash balances. We intend to continue to finance our operations without third-party debt and entirely from operating cash flows and cash on our balance sheet.

Previous wording

Our current working capital needs relate mainly to supporting our existing businesses, the growth of these businesses in their existing markets and their expansion into other geographic regions, as well as our personnel’s compensation and benefits. We expect our material cash requirements during the upcoming 12-month period to include $10.9 million of non-cancellable purchase obligations with marketing vendors, $4.3 million of minimum license and market access fees, and $2.6 million of lease payments. We also have $35.0 million of additional non-cancellable purchase obligations that will be due subsequent to the upcoming 12-month period. In addition, we will continue to pursue expansion into new markets, which is expected to require significant capital investments.

Current wording

Our current working capital needs relate mainly to supporting our existing businesses, the growth of these businesses in their existing markets and their expansion into other geographic regions, as well as our personnel’s compensation and benefits. We expect our material cash requirements during the upcoming 12-month period to include $19.3 million of non-cancellable purchase obligations with marketing vendors, $4.1 million of minimum license and market access fees, and $2.8 million of lease payments. We also have $54.7 million of additional non-cancellable purchase obligations that will be due subsequent to the upcoming 12-month period. In addition, we will continue to pursue expansion into new markets, which is expected to require significant capital investments.

Previous wording

We are required to make payments equal to 85% of the tax benefits we realize in connection with the TRA. These obligations under the TRA, while mainly non-current in nature, reduce future operating cash flows as the associated tax benefits are realized. Although the actual timing and amount of any payments made under the TRA will vary, such payments may be significant. Any payments made under the TRA will generally reduce the amount of overall cash flow that might have otherwise been available to us and, to the extent that payments required under the TRA are unable to be made for any reason, the unpaid amounts generally will be deferred and will accrue interest until paid. To date, no material payments under the TRA have been made, and no material payments thereunder are expected in the next 12 months. We expect additional obligations of $112.7 million associated with the TRA liability subsequent to the upcoming 12-month period.

Current wording

We are required to make payments equal to 85% of the tax benefits we realize in connection with the TRA. These obligations under the TRA, while mainly non-current in nature, reduce future operating cash flows as the associated tax benefits are realized. Although the actual timing and amount of any payments made under the TRA will vary, such payments may be significant. Any payments made under the TRA will generally reduce the amount of overall cash flow that might have otherwise been available to us and, to the extent that payments required under the TRA are unable to be made for any reason, the unpaid amounts generally will be deferred and will accrue interest until paid. To date, no material payments under the TRA have been made. Payments associated with the TRA liability are expected to include $1.1 million in the next 12 months and additional obligations of $122.9 million are expected subsequent to the upcoming 12-month period.

Previous wording

We had been issued $31.1 million in surety bonds as of June 30, 2025 and December 31, 2024 that are used to satisfy regulatory requirements related to securing cash held for the benefit of customers.

Current wording

We had been issued $31.3 million and $31.1 million in surety bonds as of September 30, 2025 and December 31, 2024, respectively, that are used to satisfy regulatory requirements related to securing cash held for the benefit of customers.

Previous wording

We had been issued $6.3 million and $6.1 million in surety bonds as of June 30, 2025 and December 31, 2024, respectively, to satisfy regulatory requirements necessary to operate in certain jurisdictions.

Current wording

We had been issued $6.5 million and $6.1 million in surety bonds as of September 30, 2025 and December 31, 2024, respectively, to satisfy regulatory requirements necessary to operate in certain jurisdictions.

Previous wording

As of June 30, 2025 and December 31, 2024, we had no outstanding debt. As of June 30, 2025 and December 31, 2024, we had an outstanding letter of credit for $5.8 million and $4.3 million, respectively, in connection with our operations in Colombia, for which no amounts had been drawn.

Current wording

As of September 30, 2025 and December 31, 2024, we had an outstanding letter of credit for $6.0 million and $4.3 million, respectively, in connection with our operations in Colombia, for which no amounts had been drawn.

Previous wording

During the three and six months ended June 30, 2025, we repurchased 234,397 and 733,019 shares, respectively, of Class A Common Stock pursuant to the Stock Repurchase Program. The aggregate purchase price was approximately $2.5 million during the three months ended June 30, 2025 and $7.6 million during the six months ended June 30, 2025, at average prices of $10.55 and $10.41, respectively.

Current wording

During the three and nine months ended September 30, 2025, we repurchased nil and 733,019 shares, respectively, of Class A Common Stock pursuant to the Stock Repurchase Program. The aggregate purchase price was approximately $7.6 million during the nine months ended September 30, 2025 at average prices of $10.41.

Previous wording

The following table shows our cash flows from operating activities, investing activities and financing activities for the six months ended June 30, 2025 and 2024:

Current wording

The following table shows our cash flows from operating activities, investing activities and financing activities for the nine months ended September 30, 2025 and 2024:

Previous wording

Operating activities. Net cash provided by operating activities for the six months ended June 30, 2025 increased by $3.4 million to $54.5 million, as compared to $51.1 million during the same period in 2024. The increase was primarily brought by higher period-over-period net income totaling $42.5 million, which was partially offset by changes in operating assets and liabilities of $32.3 million and decreased non-cash expenses of $6.8 million. The decrease in non-cash expenses was driven primarily by deferred income tax benefit and decrease in share-based compensation expense totaling $121.3 million and $3.2 million, respectively, which was partially offset by tax receivable agreement expense totaling $113.0 million and additional depreciation and amortization totaling to $4.7 million.

Current wording

Operating activities. Net cash provided by operating activities for the nine months ended September 30, 2025 increased by $15.4 million to $95.9 million, as compared to $80.5 million during the same period in 2024. The increase was primarily brought by higher period-over-period net income totaling $54.1 million, which was partially offset by changes in operating assets and liabilities of $31.3 million and decreased non-cash expenses of $7.4 million. The decrease in non-cash expenses was driven primarily by deferred income tax benefit and decrease in share-based compensation expense totaling $121.6 million and $5.3 million, respectively, which was partially offset by tax receivable agreement expense totaling $113.0 million and additional depreciation and amortization totaling to $6.4 million.

Previous wording

Investing activities. Net cash used in investing activities for the six months ended June 30, 2025 increased by $0.2 million to $19.1 million, as compared to $18.9 million during the same period in 2024. The increase reflects the acquisition of additional other intangible assets totaling $0.8 million, increased costs for internally developed software totaling $0.7 million and acquisition of developed technology totaling $0.2 million. This was partially offset by lower period-over- period short-term investments, acquisition of gaming licenses and purchases of property and equipment totaling $0.8 million, $0.4 million and $0.3 million, respectively.

Current wording

Investing activities. Net cash used in investing activities for the nine months ended September 30, 2025 increased by $2.7 million to $28.9 million, as compared to $26.2 million during the same period in 2024. The increase reflects increased costs for internally developed software totaling $3.3 million and additional acquisitions of other intangible assets and developed technology totaling $0.6 million and $0.2 million, respectively. This was partially offset by lower period-over-period short-term investments, acquisition of gaming licenses and purchases of property and equipment totaling $0.8 million, $0.4 million and $0.2 million, respectively.

Previous wording

Financing activities. Net cash used in financing activities for the six months ended June 30, 2025 increased by $33.4 million to $33.9 million, as compared to $0.5 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 $24.2 million and $7.6 million, respectively. Payments of finance lease liabilities contributed to the remainder of the period-over-period increase.

Current wording

Financing activities. Net cash used in financing activities for the nine months ended September 30, 2025 increased by $33.7 million to $34.4 million, as compared to $0.7 million during the same period in 2024. The period-over-period increase primarily reflects the payments for employee taxes related to shares withheld, repurchases of Class A Common Stock and payments of finance lease liabilities totaling to $24.4 million, $7.6 million and $1.6 million, respectively. Decrease in proceeds from exercise of stock options contributed to the remainder of the period-over-period increase.

Previous wording

Effect of exchange rate changes on cash, cash equivalents and restricted cash. The effect of exchange rate changes increased cash, cash equivalents and restricted cash by $7.7 million for the six months ended June 30, 2025 as compared to a decrease of $3.9 million for the same period in 2024. These changes were due to fluctuations in foreign currency exchange rates (primarily the Colombian Peso) from period to period.

Current wording

Effect of exchange rate changes on cash, cash equivalents and restricted cash. The effect of exchange rate changes increased cash, cash equivalents and restricted cash by $12.2 million for the nine months ended September 30, 2025 as compared to a decrease of $4.3 million for the same period in 2024. These changes were due to fluctuations in foreign currency exchange rates (primarily the Colombian Peso) from period to period.