附錄99.1
RUSH STREET INTERACTIVE宣佈2024年第三季度業績並提高全年預測指引
- 三季度營業收入為$ 23200萬，同比增長37% -
- 三季度凈利潤為320萬美元 -
- 強勁勢頭持續，第三季度調整後EBITDA達2300萬美元 -
- 將2024年全年調整後EBITDA指引中點提升24％，修訂區間為82億美元之間。 及
8600萬美元 -
- 公佈股份回購授權5000萬美元 -
芝加哥– 2024年10月30日– Rush Street Interactive, Inc. (紐交所: RSI)（“RSI”），美國及美洲其他地區領先的在線賭場和體育博彩公司，今日宣布截至2024年9月30日的第三季度財務業績。
2024年第三季度及最近亮點
•2024年第三季度營業收入為2,3210萬元，較2023年第三季度的1,6990萬元增加了37%。
•2024年第三季度的凈利潤為320萬美元，相較於2023年第三季度的凈損失為1340萬美元。
•調整後的稅前利潤減除折舊及攤銷後的費用1 2024年第三季度的收入為2340萬美元，而2023年第三季度為410萬美元。
•在2024年第三季，調整後的廣告和促銷費用為$3860萬，較2023年第三季的$3410萬增加了13%。1 在2024年第三季，調整後的廣告和促銷費用為$3860萬，較2023年第三季的$3410萬增加了13%。
•美國和加拿大的月活躍用戶數約為168,000，同比增長28%。拉丁美洲（包括墨西哥）的月活躍用戶數約為329,000，同比增長122%。
•2024年第三季美國和加拿大每月活躍用戶的平均營業收入（ARPU）為388美元，同比增長4%。拉丁美洲的ARPU為39美元，較去年的43美元略低。
•截至2024年9月30日，無限制現金及現金等價物從2024年6月30日的19400萬美元增加至21600萬美元。
•2024年10月24日，RSI董事會授權回購高達5000萬美元的RSI A類普通股。2
RSI的首席執行官Richard Schwartz表示：“我們很高興宣佈，我們取得了另一個表現卓越的季度，營業收入和調整後的EBITDA都創下了新的季度紀錄。我們第三季度的營業收入大幅增長， 37% 同比增長，我們的調整後EBITDA從去年同期增長超過五倍。這些紀錄
1 這是一項非依照通用會計原則（GAAP）的財務指標。請參閱“非GAAP財務指標”以獲得有關此非GAAP財務指標的更多信息，並參閱“依據GAAP計算的最相應指標與此非GAAP財務指標之調和”以了解任何適用的調和情況。
2 RSI獲授權從時間到時間通過公開市場購買、私下協商交易或其他交易來回購其A類普通股，以符合適用的證券法律。回購的時間和金額取決於多個因素，包括市場和業務條件、RSI A類普通股的交易價格以及其他投資機會的性質。此次回購計劃不需要RSI收購任何特定數量或金額的A類普通股，並且可以在任何時候進行限制、修正或終止。
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結果凸顯了我們戰略舉措的有效性和執行能力。我們專注於創新，以吸引和留住高價值玩家，持續推動顯著增長和盈利能力。
我們的策略已經帶來了廣泛的增長和成功。 在我們所有地區和產品中都實現了廣泛的增長和成功。我們連續幾個季度加速了玩家增長，以更高的市場效率顯著增加了玩家數量，同時提高了玩家價值。 這種組合為我們持續強勁的表現奠定了良好基礎。 這種組合為我們持續強勁的表現奠定了良好基礎。
除了這些強勁的結果外，我們很高興宣佈授權回購多達5000萬美元。這一舉措反映了我們對公司未來的信懇智能以及提升股東價值的承諾。我們的現金產生和強勁資產負債表為我們提供了這一戰略投資的選擇。我們 堅定地走在成為美洲線上遊戲領導者的明確道路上，致力於為客戶和股東提供卓越價值。
指導方針
RSI預期截至2024年12月31日的全年營業收入將在區間內。 $900 和 $920 百萬，中點增加百萬，與先前的指引相比。 $30 在區間的中點，營業收入為百萬，較2023年的百萬營業收入增長百分比為。 $910 百萬的營業收入代表年度同比增長與2023年的百萬營業收入相比。 32% 百分比 $691 百萬的營業收入。
RSI預期調整後的EBITDA1 在截至2024年12月31日的整個年度之間區間為 $82 資產和其他 $86 百萬，將中點提高 $16 百萬，與先前的指引相比，中點區間的調整後EBITDA為 $84 百萬，2023年的調整後EBITDA為 $8.2 百萬。
這些指導範圍是基於某些假設，包括（i）截至今天日期為止僅包括在線司法管轄區的業務，以及（ii）RSI繼續在當前啟動的市場運營。
業績發佈會看漲和網路研討會細節
RSI將於今天下午6:00（東部時間下午5:00中部時間）舉行一場電話看漲和音頻網絡研討會，在研討會中管理層將討論第三季度業績並就業務表現和2024年的展望發表評論。準備的講話後將進行問答環節。
請撥打1-833-470-1428（免費撥打）或1-404-975-4839（本地撥打）以及國際撥打者請撥打1-929-526-1599來參加會議。會議接入代碼為550436。
業績發佈會的現場音頻網絡轉播可在RSI的網站ir.rushstreetinteractive.com上查閱，該網站還附有本新聞稿的副本和投資者幻燈片演示。音頻網絡轉播和投資者幻燈片演示將在RSI的投資者關係網站上提供，至少持續至2024年11月30日。
關於Rush Street Interactive
RSI是一家值得信賴的線上遊戲和體育娛樂公司，專注於美國、加拿大和拉丁美洲市場。通過其品牌BetRivers、PlaySugarHouse和RushBet，RSI早期進入許多受監管司法管轄區。它目前在15個美國州提供真錢移動和在線運營：新澤西、賓夕法尼亞、印第安納、科羅拉多、伊利諾伊、愛荷華、密歇根、弗吉尼亞、西弗吉尼亞、亞利桑那、紐約、路易斯安那、馬里蘭、俄亥俄和特拉華，以及在哥倫比亞、安大略（加拿大）、墨西哥和秘魯等受監管的國際市場。RSI通過其專有的在線遊戲平台，在美國提供一些最受歡迎的線上賭場遊戲和體育博彩期權。RSI於2012年由遊戲行業的資深人士在芝加哥創立，曾獲EGR北美獎項客戶
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連續五年獲得年度服務運營商（2020-2024），2022年EGR北美獎年度運營商、社交遊戲運營商和 2021年SBC拉丁美洲獎體育書籍運營商。RSI是首家在美國的線上賭場和體育博彩運營商，獲得了RG Check iGaming Accreditation來自負責博彩諮詢的機構。更多資訊，請訪問www.rushstreetinteractive.com。
非依照普遍公認會計准則的財務措施
除提供根據美國通用會計準則（「GAAP」）制定的財務衡量標準外，本新聞稿還包括一些未按照GAAP編制的財務指標，包括調整後的EBITDA、調整後的營業成本和費用、調整後的每股收益（損失）、調整後的淨利潤（損失）和調整後的加權平均普通股份等，這些都是RSI用於補充按照GAAP呈現的結果的非GAAP績效指標。每個此類非GAAP財務指標與最直接可比的GAAP財務指標之間的調和在下文中可查找。RSI相信，呈現這些非GAAP財務指標提供了對RSI的經營業績和運營績效的有用信息，因爲它們類似於公共競爭對手報告的指標，並且證券分析師、機構投資者和其他感興趣的各方定期使用這些指標來分析經營績效和前景。這些非GAAP財務指標並非意圖獨立考慮或替代任何GAAP財務指標，其計算方式可能與其他行業或同一行業其他公司的性能名稱類似的指標不可比。
RSI提供了全年2024年調整後的EBITDA指導，提供了其對前瞻性非GAAP財務指標的預期。 將全年2024年調整後的EBITDA與最相關的GAAP財務指標淨利潤（損失）進行協調的信息對RSI而言需要不合理的努力無法獲得，原因包括難以預測和量化可比的GAAP措施以及爲此類對接所需的調整和其他金額的困難，並且其中某些金額不受RSI控制，並可能存在高度變化性或複雜性。 準備這種協調還需要按照GAAP準備前瞻性資產負債表、利潤表和現金流量表，這些前瞻性財務報表對RSI而言同樣需要不合理的努力無法獲得。 RSI爲其調整後的EBITDA預測提供了一個區間，RSI相信將會實現；然而，RSI無法保證能預測出調整後的EBITDA計算的所有元件。 RSI提供調整後的EBITDA的預測，是因爲RSI認爲，與按照GAAP計算的RSI的結果一起查看時，根據本文所述原因，調整後的EBITDA提供了有用的信息。 但是，調整後的EBITDA不是按照GAAP的財務表現或流動性指標，因此不應被視爲替代淨利潤（損失）或經營活動現金流量，也不應被視爲經營績效或流動性的指標。
RSI將調整後的EBITDA定義爲在利息、所得稅、折舊和攤銷、以股份爲基礎的補償、某些一次性或非經常性項目的調整之前的淨利潤（損失），並排除某些依照GAAP要求的開支，因爲某些開支要麼是非現金（即折舊和攤銷、以股份爲基礎的補償），要麼與我們的基礎業務表現無關（即利息收入或支出）。
RSI將調整後的營運成本和費用定義爲RSI的總賬操作成本和費用，經調整以排除股份補償、某些一次性或非經常性項目以及其他調整的影響。調整後的營運成本和費用不包括
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根據GAAP要求，某些支出是必需的，因爲某些支出要麼是非現金的（即，基於股份的薪酬），要麼與我們的基礎業務績效無關。
RSI將調整後的每股收益（虧損）定義爲調整後的淨利潤（虧損）除以調整後的加權平均普通股份。調整後的淨利潤（虧損）被定義爲歸屬於Rush Street Interactive，Inc.的淨利潤（虧損），在稀釋每股收益計算中使用，經過重新分配非控股權益淨虧損、按股發放的補償、某些一次性或非經常項目和其他調整來調整後。調整後的加權平均普通股份被定義爲在稀釋每股收益計算中使用的普通股份的加權平均數量，在淨虧損期間，按照一對一的比例調整爲非控股權益Rush Street Interactive，LP的A類單位轉換爲RSI的A類普通股，以及從假設轉換爲調整後的淨利潤時具有稀釋效應的期權和受限股票單位的增量股份。
RSI包括這些非通用會計原則財務指標，因爲管理層使用它們來評估RSI的核心運營表現和趨勢，並在資本分配和新投資方面做出戰略決策。管理層認爲，這些非通用會計原則財務指標爲投資者提供了有關RSI過去財務和運營表現的有用信息，使得可以比較某些項目可能獨立於業務表現而有所變化的各期財務結果，並提供了關於RSI管理層在運營業務中使用的指標更透明的信息。管理層還認爲，與其他同行業公司相比，這些非通用會計原則財務指標有助於評估我們的運營表現，因爲這些指標通常消除了某些項目的影響，這些項目可能因與整體運營表現無關的原因而因公司而異。
關鍵指標
RSI在本新聞稿中提供了某些關鍵指標，包括月活躍用戶數（「MAUs」）和ARPMAU。 RSI將MAUs定義爲每個月在我們的在線賭場或在線體育投注產品中至少下注一次的獨立用戶數，並將ARPMAU定義爲適用期間的平均營業收入除以相同期間的平均MAUs。
用於計算MAUs和ARPMAU的數字是基於內部RSI數據的。雖然這些數字基於RSI認爲是合理的判斷和對適用測量期間其客戶群的估計，但在衡量RSI在線產品的使用和參與度方面存在固有挑戰。這些挑戰和限制也可能影響RSI對業務某些細節的理解。此外，RSI的關鍵指標和相關估計，包括其定義和計算方法，可能因運營、產品、方法和信息獲取方式的差異而與第三方發佈的估計或競爭對手的同名指標有所不同。RSI定期審查，並可能調整其計算內部指標的流程，以提高準確性。
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. RSI's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could,"
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"should," "believes," "predicts," "potential," “propose”, "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding revenue and Adjusted EBITDA guidance, RSI’s future results of operations, financial condition, cash flows or profitability (whether on a GAAP or non-GAAP basis), currency fluctuations, RSI’s strategic plans and focus, anticipated launches or withdrawals of RSI’s current or new offerings in existing or future jurisdictions, player growth and engagement, product initiatives, outcomes of current or future regulatory developments and the objectives of management for future operations. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside RSI's control and are difficult to predict. Factors that may cause such differences include, without limitation: changes in applicable laws or regulations; RSI’s ability to manage and sustain growth; RSI’s ability to execute its business plan, meet its projections and obtain relevant market access and/or gaming licenses; unanticipated product or service delays; general economic and market conditions impacting the demand for RSI’s products and services; economic and market conditions in the gaming, entertainment and leisure industry in the markets in which RSI operates; the potential adverse effects of general economic conditions, inflation and interest rates and unemployment on RSI’s liquidity, operations and personnel; and other risks and uncertainties indicated from time to time in RSI's filings with the SEC. RSI cautions that the foregoing list of factors is not exclusive. RSI cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. RSI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Media Contacts:
Lisa Johnson
lisa@lisajohnsoncommunications.com
Investor Contact:
ir@rushstreetinteractive.com
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Rush Street Interactive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited and in thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||
| Revenue | $ | 232,109 | $ | 169,887 | $ | 669,916 | $ | 497,310 | ||||||||||||||||||
| Operating costs and expenses | ||||||||||||||||||||||||||
| Costs of revenue | 151,414 | 116,159 | 440,414 | 333,166 | ||||||||||||||||||||||
| Advertising and promotions | 39,252 | 34,620 | 114,600 | 125,525 | ||||||||||||||||||||||
| General and administrative | 26,508 | 22,409 | 79,582 | 64,559 | ||||||||||||||||||||||
| Depreciation and amortization | 8,471 | 8,401 | 23,127 | 22,144 | ||||||||||||||||||||||
| Total operating costs and expenses | 225,645 | 181,589 | 657,723 | 545,394 | ||||||||||||||||||||||
| Income (loss) from operations | 6,464 | (11,702) | 12,193 | (48,084) | ||||||||||||||||||||||
| Other income | ||||||||||||||||||||||||||
Interest income, net | 2,049 | 762 | 5,525 | 1,430 | ||||||||||||||||||||||
| Income (loss) before income taxes | 8,513 | (10,940) | 17,718 | (46,654) | ||||||||||||||||||||||
| Income tax expense | 5,274 | 2,426 | 16,970 | 7,946 | ||||||||||||||||||||||
| Net income (loss) | 3,239 | (13,366) | 748 | (54,600) | ||||||||||||||||||||||
| Net income (loss) attributable to non-controlling interests | 2,049 | (9,187) | 385 | (38,022) | ||||||||||||||||||||||
| Net income (loss) attributable to Rush Street Interactive, Inc. | $ | 1,190 | $ | (4,179) | $ | 363 | $ | (16,578) | ||||||||||||||||||
| Earnings (loss) per common share attributable to Rush Street Interactive, Inc. – basic | $ | 0.01 | $ | (0.06) | $ | 0.00 | $ | (0.25) | ||||||||||||||||||
| Weighted average common shares outstanding – basic | 82,847,325 | 69,698,787 | 79,652,992 | 67,465,694 | ||||||||||||||||||||||
| Earnings (loss) per common share attributable to Rush Street Interactive, Inc. – diluted | $ | 0.01 | $ | (0.06) | $ | 0.00 | $ | (0.25) | ||||||||||||||||||
| Weighted average common shares outstanding – diluted | 233,118,670 | 69,698,787 | 230,235,179 | 67,465,694 | ||||||||||||||||||||||
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Rush Street Interactive, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited and in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||
| Net income (loss) | $ | 3,239 | $ | (13,366) | $ | 748 | $ | (54,600) | ||||||||||||||||||
| Other comprehensive income (loss) | ||||||||||||||||||||||||||
| Foreign currency translation adjustment | (148) | 1,495 | (3,781) | 3,465 | ||||||||||||||||||||||
| Comprehensive income (loss) | 3,091 | (11,871) | (3,033) | (51,135) | ||||||||||||||||||||||
| Comprehensive income (loss) attributable to non-controlling interests | 1,956 | (8,161) | (2,049) | (35,621) | ||||||||||||||||||||||
| Comprehensive income (loss) attributable to Rush Street Interactive, Inc. | $ | 1,135 | $ | (3,710) | $ | (984) | $ | (15,514) | ||||||||||||||||||
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Rush Street Interactive, Inc.
Reconciliations of GAAP to Non-GAAP Financial Measures
(Unaudited and in thousands)
Adjusted EBITDA:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| ($ in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
| Net income (loss) | $ | 3,239 | $ | (13,366) | $ | 748 | $ | (54,600) | ||||||||||||||||||
| Interest income, net | (2,049) | (762) | (5,525) | (1,430) | ||||||||||||||||||||||
| Income tax expense | 5,274 | 2,426 | 16,970 | 7,946 | ||||||||||||||||||||||
| Depreciation and amortization | 8,471 | 8,401 | 23,127 | 22,144 | ||||||||||||||||||||||
| Share-based compensation expense | 8,458 | 7,402 | 26,574 | 22,595 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 23,393 | $ | 4,101 | $ | 61,894 | $ | (3,345) | ||||||||||||||||||
Adjusted Operating Costs and Expenses:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
| GAAP operating costs and expenses: | ||||||||||||||||||||||||||
| Costs of revenue | $ | 151,414 | $ | 116,159 | $ | 440,414 | $ | 333,166 | ||||||||||||||||||
| Advertising and promotions | 39,252 | 34,620 | 114,600 | 125,525 | ||||||||||||||||||||||
| General and administrative | 26,508 | 22,409 | 79,582 | 64,559 | ||||||||||||||||||||||
| Depreciation and amortization | 8,471 | 8,401 | 23,127 | 22,144 | ||||||||||||||||||||||
| Total operating costs and expenses | $ | 225,645 | $ | 181,589 | $ | 657,723 | $ | 545,394 | ||||||||||||||||||
| Non-GAAP operating cost and expense adjustments: | ||||||||||||||||||||||||||
Costs of revenue1 | $ | (295) | $ | (269) | $ | (860) | $ | (795) | ||||||||||||||||||
Advertising and promotions1 | (606) | (565) | (1,866) | (1,660) | ||||||||||||||||||||||
General and administrative1 | (7,557) | (6,568) | (23,848) | (20,140) | ||||||||||||||||||||||
| Depreciation and amortization | — | — | — | — | ||||||||||||||||||||||
| Total non-GAAP operating cost and expense adjustments | $ | (8,458) | $ | (7,402) | $ | (26,574) | $ | (22,595) | ||||||||||||||||||
| Adjusted operating costs and expenses: | ||||||||||||||||||||||||||
| Costs of revenue | $ | 151,119 | $ | 115,890 | $ | 439,554 | $ | 332,371 | ||||||||||||||||||
| Advertising and promotions | 38,646 | 34,055 | 112,734 | 123,865 | ||||||||||||||||||||||
| General and administrative | 18,951 | 15,841 | 55,734 | 44,419 | ||||||||||||||||||||||
| Depreciation and amortization | 8,471 | 8,401 | 23,127 | 22,144 | ||||||||||||||||||||||
| Total adjusted operating costs and expenses | $ | 217,187 | $ | 174,187 | $ | 631,149 | $ | 522,799 | ||||||||||||||||||
1Non-GAAP Operating Costs and Expense Adjustments include Share-based compensation expense.
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Rush Street Interactive, Inc.
Reconciliations of GAAP to Non-GAAP Financial Measures
(Unaudited and in thousands, except share and per share data)
Adjusted Net Income (Loss), Adjusted Weighted Average Common Shares Outstanding and Adjusted Earnings (Loss) Per Share:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
Adjusted net income (loss) | ||||||||||||||||||||||||||
Net income (loss) attributable to Rush Street Interactive, Inc. – basic | $ | 1,190 | $ | (4,179) | $ | 363 | $ | (16,578) | ||||||||||||||||||
Effect of diluted securities: | ||||||||||||||||||||||||||
Increase to net income attributable to non-controlling interests | 2,049 | — | 385 | — | ||||||||||||||||||||||
Net income (loss) attributable to Rush Street Interactive, Inc. – diluted | $ | 3,239 | $ | (4,179) | $ | 748 | $ | (16,578) | ||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||
Net loss attributable to non-controlling interests(1) | — | (9,187) | — | (38,022) | ||||||||||||||||||||||
| Share-based compensation expense | 8,458 | 7,402 | 26,574 | 22,595 | ||||||||||||||||||||||
Adjusted net income (loss) | $ | 11,697 | $ | (5,964) | $ | 27,322 | $ | (32,005) | ||||||||||||||||||
Adjusted weighted-average common shares outstanding | ||||||||||||||||||||||||||
Weighted-average common shares outstanding – basic | 82,847,325 | 69,698,787 | 79,652,992 | 67,465,694 | ||||||||||||||||||||||
Effect of diluted securities: | ||||||||||||||||||||||||||
Assumed conversion of RSILP Units to Class A Common Shares | 142,687,546 | — | 144,940,579 | — | ||||||||||||||||||||||
Incremental shares from assumed conversion of stock options and restricted stock units | 7,583,799 | — | 5,641,608 | — | ||||||||||||||||||||||
Weighted-average common shares outstanding - diluted | 233,118,670 | 69,698,787 | 230,235,179 | 67,465,694 | ||||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||
Assumed conversion of RSILP Units to Class A Common Shares(1) | — | 152,319,724 | — | 154,196,531 | ||||||||||||||||||||||
Adjusted weighted-average common shares outstanding | 233,118,670 | 222,018,511 | 230,235,179 | 221,662,225 | ||||||||||||||||||||||
Adjusted earnings (loss) per share | ||||||||||||||||||||||||||
| Earnings (loss) per common share attributable to Rush Street Interactive, Inc. – basic | $ | 0.01 | $ | (0.06) | $ | 0.00 | $ | (0.25) | ||||||||||||||||||
| Earnings (loss) per common share attributable to Rush Street Interactive, Inc. – diluted | $ | 0.01 | $ | (0.06) | $ | 0.00 | $ | (0.25) | ||||||||||||||||||
Adjusted Earnings (loss) per share | $ | 0.05 | $ | (0.03) | $ | 0.12 | $ | (0.14) | ||||||||||||||||||
1 Adjusted net income (loss) includes the reallocation of net loss attributable to non-controlling interests that is not otherwise included in net income (loss) attributable to Rush Street Interactive, Inc. - diluted. Adjusted weighted-average common shares outstanding includes the assumed conversion of weighted-average RSILP units to Class A Common Shares that is not otherwise included in Weighted-average common shares outstanding - diluted.
9