Rush Street Interactive, Inc. (NYSE:RSI) Q1 2023 Earnings Conference Call May 3, 2023 5:00 PM ET

Company Participants

Kyle Sauers - CFO

Richard Schwartz - CEO

Conference Call Participants

Chad Beynon - Macquarie

Jed Kelly - Openheimer

Dan Politzer - Wells Fargo

David Katz - Jeffries

Jordan Bender - JMP Securities

Edward Engel - ROTH MKM

Mike Hickey - Benchmark Company

Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Rush Street Interactive First Quarter 2023 Earnings Conference Call will follow the formal presentation. Please note that this conference call is being recorded today, May 1, 2023.

I would now like to turn the call over to Kyle Sauers, Chief Financial Officer.

Kyle Sauers

Thank you, operator, and good afternoon. By now, everyone should have access to our first quarter 2023 earnings release that can be found under the heading Financials Quarterly Results in the Investors section of the RSI website at restreinteractive.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 and 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 responsibility for updating any forward-looking statements. Therefore, you should exercise caution in interpreting and relying on them. We refer you to our SEC filings for a more detailed discussion of the risks that could impact our future operating results and financial condition. During the call, we will discuss our non-GAAP measures, which we believe can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available in our first quarter 2023 earnings release and our investor deck, which is available in the Investors section of the RSI website at rushstreetinteractive.com. 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.

With that, I'll turn the call over to Richard.

Richard Schwartz

Thanks, Kyle. Good afternoon, and welcome to our first quarter 2023 earnings call. We began the year with a terrific quarter. Revenues of $162.4 million were up 20% compared to last year. We achieved this revenue growth more efficiently with stronger-than-expected adjusted EBITDA performance as we remain disciplined in how we allocate our marketing spend and managed our G&A costs. These results continue to support our view that online casino is a key driver for us in achieving our long-term goals. Our business model and focus is centered around our deep understanding of online casino customers and developing experiences that will engage and retain them. In markets where we operate both online casino and sports betting, we continue to see a significantly larger opportunity for top line expansion, combined with higher levels of profitability. Our strategic decisions consider our long-range objectives and our goal of delivering consistent and growing profitability for our investors. We continue to see the second half of this year as one where we expect to be adjusted EBITDA positive.