Key points:
- Revenue has continued to grow year-on-year; adjusted EBITDA shows significant growth
- Monthly active users, particularly in Latin America, continued to grow
- The operator has also announced a share repurchase authorisation of $50m
Q3 2024
During the third quarter, RSI’s revenue was up 37% year-on-year to a figure of $232.1m, while adjusted EBITDA saw a jump of 470.7% to $23.4m.
Looking at net income, this was set at $3.2m for Q3 2024, compared to a net loss of $13.4m for Q3 2023.
These numbers have been boosted by an increase in monthly active users, where in the US and Canada, the number was up 28% to approximately 168,000, while in Latin America the number was up 122% to approximately 329,000.
This translated into average revenue per user going up 4% in the US and Canada to $388, while in Latin America the figure was actually down 9.3% to $39.
The company’s Board of Directors has also authorised the repurchase of an aggregate of up to $50m of RSI’s Class A common stock.
Guidance
Following these results, RSI now expects revenue for the full year to be between $900m and $920m, which is an increase of the midpoint by $30m compared to its previous guidance. Should the revenue reach the midpoint of $910m, it would mean 32% growth compared to 2023’s total revenue.
For adjusted EBITDA, RSI expects this figure for the full year to be between $82m and $86m, which raises the midpoint by $16m. The midpoint range of $84m would be 924.4% higher than 2023’s adjusted EBITDA.
RSI's share price has remained relatively steady, rising marginally during the reporting period.
Good to know: RSI adjusted EBITDA was up 1683.3% in Q2
Comments
RSI CEO Richard Schwartz said: “We are excited to report that we have achieved another quarter of exceptional performance, setting new quarterly records in both revenue and adjusted EBITDA. Our third quarter revenue surged by 37% year-over-year, and our adjusted EBITDA increased more than fivefold from the same period last year. These record results highlight the effectiveness of our strategic initiatives and ability to execute. Our focus on innovation to attract and retain high-value players continues to drive significant growth and profitability.
“Our strategy has yielded broad based growth and success across all of our geographies and products. We’ve accelerated player growth for another consecutive quarter, acquired significantly more players with much greater marketing efficiency, all the while increasing our player values. This combination sets us up well for continued strong performance.
“In addition to these strong results, we are pleased to announce a share repurchase authorization of up to $50 million. This move reflects our confidence in the company’s future and our commitment to enhancing shareholder value. Our cash generation and strong balance sheet provides us with the option to make this strategic investment. We remain on a clear path to becoming a leader in online gaming across the Americas, and are dedicated to delivering exceptional value to our customers and shareholders.”
