Q1 2024 Rush Street Interactive Inc Earnings Call Transcript
Key Points
- First quarter revenue reached $217 million, marking a 34% increase year-over-year, demonstrating strong financial growth.
- EBITDA for the quarter was $17 million, a significant improvement from a negative $8.7 million in the previous year, indicating enhanced profitability.
- Both iCasino and online sports betting sectors experienced over 35% growth, showing balanced expansion across product verticals.
- Record growth in monthly active users in North America by 20% year-over-year, highlighting effective user acquisition and retention strategies.
- Expansion into new markets like Delaware has shown promising early performance, with annual GGR run rate nearing $70 million.
- Despite overall growth, operating margins in Pennsylvania and Illinois remain lower due to arrangements with land-based partners, potentially impacting profitability.
- The company faces intense competition in key markets, which could affect market share and growth sustainability.
- Dependence on the performance of newer markets and products for continued revenue growth introduces risks related to market acceptance and regulatory environments.
- Marketing spend is expected to increase in the upcoming quarters, which could impact short-term profitability if not managed effectively.
- Foreign exchange rates and seasonal variations could pose challenges to maintaining consistent revenue growth, as indicated by the cautious revenue guidance for upcoming quarters.
Good day to you, ladies and gentlemen, thank you for standing by. Welcome to the Rush Street Interactive first quarter 2024 earnings conference call. (Operator Instructions) Please note that this conference call is being recorded today, May first, 2021 four. I will now turn the call over to Kyle Sauers, Chief Financial Officer.
Thank you, operator, and good afternoon. By now, everyone should have access to our first quarter 2024 earnings release. It can be found under the heading Financials, Quarterly Results in the Investors section of the RSI website at Rush Street, interactive.com. Some of our comments will be forward-looking statements within the meaning of the federal securities laws.
Forward-looking statements are not statements of historical fact are usually identified by the use of words such as will, expect, should or other similar phrases and are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. We assume no
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