Core Viewpoint - Rush Street Interactive, Inc. (RSI) will release its fourth quarter and full year 2025 results on February 17, 2026, followed by a conference call to discuss the results [1]. Group 1: Earnings Release Details - The earnings press release and related materials will be available on RSI's investor relations website [2]. - The conference call will take place at 6:00 pm Eastern Time, with access via a toll-free number and local numbers for different regions [2]. Group 2: Company Overview - RSI is an online gaming and sports entertainment company operating in the U.S., Canada, and Latin America, with brands including BetRivers, PlaySugarHouse, and RushBet [4]. - The company operates in fifteen U.S. states and several international markets, offering real-money mobile and online gaming options [4]. - RSI has received multiple awards, including the 2025 EGR LatAm Awards Operator of the Year and the EGR North America Awards Customer Services Operator of the Year for five consecutive years [4].

Group 1 - Susquehanna has lowered the price target for Rush Street Interactive (RSI) to $22 from $23 while maintaining a Positive rating on the shares [1] - The reduction in estimates for 2026 is due to a new emergency tax on gaming revenue implemented by the Colombian president, effective January 1 [1] - The emergency tax is expected to remain in effect going forward, impacting the company's financial outlook [1]

Core Thesis - Rush Street Interactive, Inc. (RSI) is positioned as a strong investment opportunity due to its innovative AI-driven platform and significant growth in user engagement, particularly in Latin America [1][2][5]. Company Overview - RSI's share price was $18.77 as of January 13th, with trailing and forward P/E ratios of 72.19 and 36.10 respectively [1]. - The company operates in multiple markets including the U.S., Canada, Mexico, Colombia, and Peru, focusing on personalized gaming experiences [2]. Market Position - RSI has established early market access in key North American states such as Pennsylvania, West Virginia, Michigan, New Jersey, and Ontario, while holding a dominant presence in Latin America [3]. - Monthly active users have increased by 46% year-over-year in the U.S. and Canada, and by 30% in Latin America, indicating strong user engagement [3]. Financial Performance - RSI reported a 20% year-over-year revenue growth, with no debt, $88.9 million in free cash flow, and a cash balance of $273 million [3]. - The company's trailing twelve-month revenue is approximately $1 billion, with a total addressable market in Latin America estimated at $28.9 billion [4]. Regulatory Environment - Recent regulatory developments in Colombia, including the rejection of a proposed 19% online gambling VAT, have removed a potential margin headwind, strengthening the investment case for RSI [4]. Growth Potential - RSI's valuation stands at $4.3 billion, suggesting substantial upside potential driven by user growth, regional expansion, and its unique AI-driven strategy [5].

Rush Street Interactive (NYSE:RSI) FY Conference Summary Company Overview - **Company**: Rush Street Interactive (RSI) - **Industry**: Online Gaming and Sports Betting Key Points Business Performance and Growth - The company has experienced remarkable growth in customer acquisition and market share, particularly in the casino segment, due to a focus on delivering a premier customer experience and leveraging proprietary technology [3][4] - Monthly active users in North America grew by 34% in Q3, with online casino markets seeing a 46% year-over-year growth, marking the fastest growth in four years [8] - First-time depositor records were achieved in Q3, up 10% from the previous quarter, indicating effective marketing strategies [9] Competitive Environment - The competitive landscape has become more rational, with competitors increasing focus on online casino offerings [8] - The exit of ESPN BET from the market has not significantly impacted RSI's business, as it held a small market share [10] - The company is focusing on its strengths in the casino market while competitors are diverting resources to prediction markets, which are currently highly competitive [12][13] Market Trends and Predictions - The company anticipates continued growth in the casino segment, with a focus on international markets, including Latin America [4][13] - The upcoming World Cup is expected to drive significant customer acquisition, particularly in sports betting, which could also convert new users to online casino offerings [58][59] - Legislative changes are anticipated, with states like New York and Virginia showing interest in iGaming legalization, which could present new opportunities for RSI [32][37] Regulatory Environment - The company is monitoring the impact of prediction markets and potential regulatory changes, emphasizing that these markets are unlikely to affect their current operations significantly [18][26] - In Colombia, a new tax structure has been implemented, which is expected to improve profitability compared to the previous tax regime [45][48] Financial Outlook - EBITDA margins have shown significant improvement, moving from -16% in 2022 to 13.5% in 2025, with expectations for further growth in 2026 [69][70] - The company aims to achieve low to mid-20% EBITDA margins in the long term, contingent on the launch of new online casino markets [71] Technology and Product Development - RSI has optimized the user journey to reduce friction in the sign-up process, which is expected to lower customer acquisition costs [72] - The company continues to innovate with new features and products, enhancing the gaming experience and maintaining customer engagement [74][76] Strategic Focus - The company is committed to maintaining a strong ROI by focusing on casino growth and leveraging its unique product offerings to differentiate from competitors [13][64] - RSI is excited about its roadmap for 2026, which includes expanding into new markets and enhancing existing product features [78][79] Additional Insights - The company has successfully managed to grow its customer base while simultaneously reducing acquisition costs, a rare achievement in the industry [66] - The focus on localized marketing strategies has proven effective in reaching target demographics that are often overlooked by larger competitors [65] This summary encapsulates the key insights and strategic directions discussed during the Rush Street Interactive FY Conference, highlighting the company's growth trajectory, competitive positioning, and future opportunities in the online gaming industry.

Group 1 - Rogers Sugar Inc. (RSI) will hold a conference call to discuss their 2026 first quarter results on February 5, 2026, at 8:00 a.m. Eastern Time [1] - The conference call will be chaired by Mr. Michael Walton, Chief Executive Officer, and Mr. Jean-Sébastien Couillard, Chief Financial Officer [1] - Participants can join the call by dialing 1-800-717-1738, and a recording will be available until March 5, 2026 [2] Group 2 - A webcast of the discussion along with a presentation will be accessible through a specified online address [2] - For further inquiries, contact Jean-Sébastien Couillard, Vice President of Finance and Chief Financial Officer, at the provided telephone number [3]

Financial Data and Key Metrics Changes - For 2025, the company expects revenue to be a little over $1.1 billion and Adjusted EBITDA to be $150 million, with solid growth anticipated for 2026 [4] - Monthly active users in North America increased by 34% in Q3, with a notable 46% increase in markets with online casino offerings [8][9] - The cost to acquire players has decreased, contributing to record numbers of first-time depositors in Q2 and Q3 [6][8] Business Line Data and Key Metrics Changes - The revenue mix is approximately 70% from online casino and 30% from online sports [3] - The company has seen significant growth in player count and gross gaming revenue in Colombia, despite previous tax headwinds [18][19] - In Mexico, the company experienced over 100% year-over-year growth, benefiting from the shutdown of competitors [25] Market Data and Key Metrics Changes - North America accounts for about 85% of the company's operations, with 15% in Latin America [3] - In Michigan, the market revenue increased by 18%, while the company's revenue surged by 50% [5] - The company reported strong growth in New Jersey and Ontario, with increases of around 20% [10] Company Strategy and Development Direction - The company focuses on a customer-centric approach, prioritizing online casino over sports betting, which is seen as a long-term growth opportunity as more states legalize online casino [3][4] - The company is exploring new market opportunities, including Alberta and Maine, which have recently legalized online casino [11][12] - The competitive landscape is evolving with the introduction of prediction markets, but the company views it as more of a distraction than a direct threat [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the product and technology, which have contributed to attracting and retaining customers [6][34] - The company anticipates continued growth in existing markets, with all online casino markets growing more than 20% annually [14] - The management is optimistic about the potential for new legislation in states like Virginia, New York, and Illinois, which could provide significant opportunities [13] Other Important Information - The company has successfully navigated regulatory challenges in Colombia, with a new tax structure expected to be more favorable for profitability [20][21] - The company has a unique technology approach that enhances user experience, leading to higher average revenue per user compared to competitors [34] Q&A Session Summary Question: How many states do you have licenses in, and how many states provide licenses at this point in time? - The company holds licenses in all competitive states except Connecticut and Rhode Island, with operations in Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia [35] Question: When you open up a new state, how long does it take to break even? - The company has been profitable in the fourth quarter of operation in every online casino market launched in North America, typically recovering investments within six quarters [40]

Financial Data and Key Metrics Changes - For 2025, the company expects revenue to be a little over $1.1 billion and Adjusted EBITDA to be $150 million, with solid growth anticipated for 2026 [4] - Monthly active users in North America increased by 34% in Q3, with a notable 46% year-over-year increase in markets with online casino offerings [8][9] - The cost to acquire players has decreased, contributing to record numbers of first-time depositors in Q2 and Q3 [6][8] Business Line Data and Key Metrics Changes - The revenue mix is approximately 70% from online casino and 30% from online sports [3] - The company has seen significant growth in player count and gross gaming revenue in Colombia, despite previous tax headwinds [18][19] - In Mexico, the company experienced over 100% year-over-year growth, aided by the shutdown of competitors [25] Market Data and Key Metrics Changes - North America accounts for about 85% of the company's operations, with 15% in Latin America [3] - In Michigan, the market revenue increased by 18%, while the company's revenue surged by 50% [5] - The company reported strong growth in New Jersey and Ontario, with increases of around 20% [10] Company Strategy and Development Direction - The company focuses on a customer-centric approach, prioritizing online casino over sports betting, which is seen as a long-term growth opportunity as more states legalize online casino [3][4] - The company is exploring new market opportunities, including Alberta and Maine, which have recently legalized online casino [11][12] - The competitive landscape is evolving with the introduction of prediction markets, but the company views it as more of a distraction than a direct threat [15][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the product and technology, which have contributed to attracting and retaining customers [6][8] - The company anticipates continued growth in existing markets, with all online casino markets growing more than 20% annually [14] - The management is optimistic about the potential for growth in Colombia and Mexico, with plans to increase marketing efforts in these regions [21][30] Other Important Information - The company has a unique approach to technology, focusing on enhancing user experience through promotional games and community engagement, which has resulted in higher average revenue per user compared to competitors [34] - The company has licenses in all competitive states except Connecticut and Rhode Island, with a strong presence in Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia [35] Q&A Session Summary Question: What are the growth opportunities in North America? - The company sees potential in new markets like Alberta and Maine, which have recently legalized online casino [11][12] Question: How does the company view prediction markets? - The company considers prediction markets as more noise than a threat, focusing on its core business instead [15][17] Question: What is the situation in Colombia regarding taxes? - The company faced a 19% tax on deposits in 2025 but has since transitioned to a VAT on revenue, which is more favorable for profitability [18][20] Question: How long does it take to break even in new states? - The company has been profitable in the fourth quarter of operation in every online casino market launched in North America [40]

Financial Data and Key Metrics Changes - For 2025, the company expects revenue to be a little over $1.1 billion and Adjusted EBITDA to be around $150 million, with solid growth anticipated for 2026 [4] - Monthly active users in North America increased by 34% in Q3, with a notable 46% year-over-year growth in markets with online casino offerings [8][9] - The cost to acquire players has decreased, contributing to record numbers of first-time depositors in Q2 and Q3 [6][7] Business Line Data and Key Metrics Changes - The revenue mix is approximately 70% from online casino and 30% from online sports, with a focus on online casino in North America and sports betting in Latin America [3] - The company has outperformed competitors in key markets like Michigan, where revenues were up 50% in October and November [5][10] Market Data and Key Metrics Changes - North America accounts for about 85% of the company's operations, while Latin America makes up 15%, with significant growth opportunities as more states legalize online casino [3] - In Colombia, despite a challenging tax environment, the company has seen growth in player count and gross gaming revenue [17][18] - Mexico has shown over 100% year-over-year growth, benefiting from the shutdown of competitors [24] Company Strategy and Development Direction - The company adopts a customer-focused approach, prioritizing online casino over sports betting and being selective in capital investments to balance growth and profitability [3][4] - New market opportunities are being explored, including Alberta and Maine, which have recently legalized online casino [11][12] - The company is cautious about entering Brazil, waiting to assess the market dynamics before committing resources [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the product and technology, highlighting the importance of customer engagement and retention [6][34] - The competitive landscape is evolving, with management viewing prediction markets as more of a distraction than a direct threat [15][16] - The company anticipates continued growth in existing markets, with all online casino markets currently in operation growing more than 20% annually [13] Other Important Information - The company has a unique technology approach that enhances user experience, contributing to higher average revenue per user compared to competitors [34] - The company has been profitable in the fourth quarter of operation in every online casino market launched in North America [40] Q&A Session Summary Question: What are the growth opportunities in new markets? - Management highlighted Alberta and Maine as potential growth catalysts, with Alberta finalizing regulations and Maine recently approving online casino [11][12] Question: How does the company assess competition from prediction markets? - Management views prediction markets as noise, primarily affecting states without legalized sports betting, and does not plan to lead in this area [15][16] Question: What is the impact of the tax situation in Colombia? - The previous 19% tax on deposits was challenging, but a new 19% VAT on revenue is seen as incrementally positive for profitability [19][20] Question: How long does it take to break even in new states? - The company has been profitable in the fourth quarter of operation in every online casino market launched, with investment recovery typically within six quarters [40]

Company Overview - Rush Street Interactive targets adult consumers seeking regulated online casino and sports betting experiences, focusing on both U.S. and Latin American markets [1] - The company generates revenue primarily from gaming operations under brands such as BetRivers.com, PlaySugarHouse.com, and RushBet.co, leveraging proprietary technology and partnerships with land-based casinos [1][6] Recent Transaction - CEO Richard Todd Schwartz reported the sale of 158,335 shares for a total transaction value of $3.0 million, following the exchange of partnership units for Class A Common Stock [5] - Post-transaction, Schwartz retains approximately 1.2 million directly held Class A shares valued at $23.0 million [2][8] Ownership Structure - After the transaction, Schwartz reported direct ownership of 1.2 million Class A common shares and 5.33 million Class V common shares, along with indirect holdings [4] - The sale of 158,335 shares represents 11.7% of pre-transaction holdings, which is above the recent median of 8.34% [3] Financial Performance - Rush Street Interactive has seen shares increase by approximately 38% over the past year, outperforming the S&P 500's 18% gain [7] - In the third quarter, the company posted record revenue of $277.9 million, a 20% year-over-year increase, alongside net income of $14.8 million and adjusted EBITDA of $36.0 million, a 54% increase from the prior year [7] - Management raised full-year guidance to approximately $1.11 billion in revenue and roughly $150 million in adjusted EBITDA at the midpoint [7] Market Position - The company leverages a multi-brand strategy and proprietary technology to capture share in regulated gaming markets, focusing on customer experience and a diversified product suite [6] - Insider monetization amid strong execution and raised guidance is not inherently bearish, as the company continues to scale profitably in regulated markets with improving margins and sustained user growth [9]

Core Viewpoint - Rogers Sugar Inc. announced a public offering of $50,000,000 aggregate principal amount of Ninth Series convertible unsecured subordinated debentures with an annual interest rate of 5.50% and a maturity date of January 31, 2033 [1][2]. Group 1: Offering Details - The offering price for the Offered Debentures is set at $1,000 per debenture [1]. - The Offered Debentures will be convertible into common shares at a conversion price of $7.91 per share [2]. - The Offered Debentures are not redeemable prior to January 31, 2029, and can be redeemed under specific conditions thereafter [2]. Group 2: Underwriters and Over-Allotment Option - The offering is being conducted through a syndicate of underwriters co-led by BMO Capital Markets and National Bank Capital Markets [2]. - An Over-Allotment Option allows underwriters to purchase up to an additional $7,500,000 of Offered Debentures within 30 days after the closing of the offering [3]. Group 3: Use of Proceeds - The net proceeds from the offering will be used to reduce outstanding amounts under the credit facility of Lantic Inc., a subsidiary of Rogers Sugar, and for general corporate purposes [4]. Group 4: Regulatory and Filing Information - The Offered Debentures will be offered in Canada pursuant to a prospectus supplement that will be filed by January 7, 2026 [6]. - The offering is expected to close on or about January 12, 2026, subject to regulatory and TSX approval [4].