Q3 2024 Rush Street Interactive Inc Earnings Call Transcript
Key Points
- Rush Street Interactive Inc (RSI) reported a record-breaking quarter with revenue of $232 million, marking a 37% increase compared to the previous year.
- The company achieved its seventh consecutive quarter of improving profitability, with adjusted EBITDA reaching $23 million, a fivefold increase from the same period last year.
- RSI continues to attract new quality players efficiently, maintaining high player values, which contributes to growth and profitability.
- The company raised its 2024 revenue guidance by 3% and EBITDA guidance by 24% at the midpoint, reflecting strong financial performance.
- RSI announced a buyback of up to $50 million of its common shares, indicating confidence in its cash generation and financial stability.
- Despite strong growth, RSI faces potential headwinds from currency fluctuations in non-US markets, which could impact revenue.
- The company will be lapping the launch of Delaware, which may affect year-over-year growth comparisons in the future.
- RSI's Latin American market saw a 9% decrease in average revenue per user compared to last year, despite overall growth in user numbers.
- The recent tax increase in Illinois could lead to less investment and potential adjustments in market strategies.
- RSI remains cautious about entering the Brazilian market, indicating potential uncertainties or challenges in expanding there.
(audio in progress) Other income statement measures other than revenue. We're referring to those items on a non-GAAP adjusted EBITDA basis.
With me on the call today, we have Richard Schwartz, Chief Executive Officer. We will first provide some opening remarks and then open the call to questions and with that, I'll turn the call over to Richard.
Thanks Kyle. Good afternoon and welcome to our third quarter, 2024 earnings call.
I am pleased to report that we've achieved another record breaking quarter in both revenue and adjusted EBITDA for the third quarter. We reported revenue of $232 million up 37% compared to last year and up sequentially for the 15th time during our 16th quarters of being a public company, our adjusted EBITDA reached $23 million, which is the seventh consecutive quarter of improving profitability in terms of the scale. This represents an increase of over five
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