Core Viewpoint - Rush Street Interactive, Inc. (RSI) has received an upgrade to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Revisions - The Zacks Consensus Estimate for Rush Street Interactive indicates an expected earnings of $0.35 per share for the fiscal year ending December 2025, showing no year-over-year change [9]. - Over the past three months, analysts have raised their earnings estimates for Rush Street Interactive by 14.8% [9]. Zacks Rating System - The Zacks rating system is based solely on a company's changing earnings picture, which is tracked through the Zacks Consensus Estimate [2]. - The system classifies stocks into five groups, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. - The upgrade to Zacks Rank 1 places Rush Street Interactive in the top 5% of Zacks-covered stocks, suggesting potential for higher stock prices in the near term [11]. Market Dynamics - Changes in earnings estimates are strongly correlated with stock price movements, particularly due to the actions of institutional investors who adjust their valuations based on these estimates [5][6]. - The Zacks rating system maintains a balanced distribution of "buy" and "sell" ratings, ensuring that only the top 20% of stocks are positioned for superior returns based on earnings estimate revisions [10][11].

Core Viewpoint - Rush Street Interactive, Inc. (RSI) shows potential as a strong investment opportunity due to significant upward revisions in earnings estimates, indicating a positive earnings outlook and potential for continued stock price appreciation [1][2]. Earnings Estimate Revisions - Analysts have become increasingly optimistic about Rush Street Interactive's earnings prospects, leading to higher earnings estimates that are expected to positively influence the stock price [2]. - For the current quarter, the company is projected to earn $0.07 per share, reflecting a year-over-year increase of 40.0%. Over the past 30 days, one estimate has been revised upward, resulting in an 8.33% increase in the Zacks Consensus Estimate [6]. - For the full year, the earnings estimate is $0.35 per share, representing a year-over-year change of 84.2%. The consensus estimate has increased by 21.57% due to one upward revision and no negative revisions in the past month [7][8]. Zacks Rank and Performance - Rush Street Interactive currently holds a Zacks Rank 2 (Buy), indicating favorable conditions for investment based on promising estimate revisions. The Zacks Rank system has a strong track record of identifying outperforming stocks [9]. - Stocks rated Zacks Rank 1 (Strong Buy) and 2 (Buy) have historically outperformed the S&P 500, suggesting that Rush Street Interactive may continue to perform well in the market [9]. Recent Stock Performance - Over the past four weeks, Rush Street Interactive shares have increased by 37.8%, indicating strong investor confidence driven by positive earnings estimate revisions [10].

Group 1 - Clearway Energy (CWENA) has experienced significant selling pressure, resulting in a 9.1% loss over the past four weeks, but it is now in oversold territory with potential for better earnings than previously predicted [1] - The Relative Strength Index (RSI) is a key technical indicator used to determine if a stock is oversold, with a reading below 30 typically indicating this condition [2][3] - CWENA's current RSI reading is 29.56, suggesting that the heavy selling may be exhausting itself and a trend reversal could be imminent [5] Group 2 - Analysts have raised earnings estimates for CWENA, with a 7.1% increase in the consensus EPS estimate over the last 30 days, indicating potential price appreciation [7] - CWENA holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which further supports the likelihood of a turnaround [8]

Rush Street Interactive (RSI) FY Conference Summary Company Overview - **Company**: Rush Street Interactive (RSI) - **Event**: FY Conference on August 13, 2025 - **Key Speakers**: Richard Schwartz (CEO), Kyle Sauers (CFO) Industry Insights - **iGaming Growth**: iGaming has been identified as the primary growth engine for the company, with growth rates reported at around 25% year-over-year in various states [8][10][12] - **Market Potential**: Only 5 US states currently allow legal online casinos, representing just 12% of the US population, compared to over 60% for sports betting, indicating significant growth potential for iGaming [12][13] - **Tax Revenue Generation**: States that legalize iGaming can generate hundreds of millions in tax revenues, as evidenced by Pennsylvania and Michigan [13][14] Company Strategy - **Technology Ownership**: RSI has developed its own technology platform, allowing for unique and differentiated gaming experiences, which is crucial for retaining customers [9][10][25] - **Customer Engagement**: The company focuses on creating a social and engaging environment for players, enhancing user experience through gamified promotional engines and community interactions [30][31] - **Live Dealer Strategy**: RSI offers a variety of live dealer games from multiple suppliers, enhancing player choice and experience [35][36] Market Performance - **User Growth**: Monthly active users in North America grew by 22%, with over 30% growth in iCasino markets [22][23] - **Revenue Growth**: The company reported a 15% year-over-year growth in sports betting, indicating a healthy performance despite lower marketing investments [75] Regional Focus - **Latin America**: The company is expanding its presence in Latin America, particularly in Colombia and Mexico, where it is gaining market share [84][85] - **Colombia's VAT Impact**: A temporary 19% VAT on deposits has affected net revenue, but gross gaming revenue has grown over 50% in the first half of the year [79][80] Regulatory Environment - **Legalization Challenges**: The company faces challenges in expanding iGaming due to various state regulations and interest groups, but financial pressures on states may lead to increased legalization efforts [46][50][52] - **Future Opportunities**: States with larger deficits and existing sports betting frameworks are seen as potential markets for iGaming legalization [60][61] Financial Guidance - **Conservative Outlook**: The company anticipates a deceleration in growth rates in the back half of the year due to tougher comparisons and existing VAT impacts in Colombia [90][92] Key Takeaways - **Unique Value Proposition**: RSI's focus on unique gaming experiences and customer trust is a significant differentiator in the competitive landscape [93][94] - **Cross-Selling Opportunities**: The introduction of poker is seen as a way to cross-sell to existing customers, enhancing overall engagement and retention [41][43] This summary encapsulates the key points discussed during the conference, highlighting the company's strategic focus, market performance, and future opportunities within the iGaming industry.

Core Insights - Rogers Sugar Inc. reported strong financial results for Q3 and the first nine months of fiscal 2025, with consolidated adjusted EBITDA rising to $36.6 million, driven by robust performance in the Maple and Sugar segments [1][2][24] Financial Performance - Q3 2025 revenues reached $313.8 million, a slight increase from $309.1 million in Q3 2024, while year-to-date revenues were $963.2 million compared to $898.7 million in the previous year [2][4] - Gross margin for Q3 2025 was $48.5 million, up from $36.6 million in Q3 2024, with adjusted gross margin increasing to $52.0 million from $47.7 million [2][4][7] - Net earnings for Q3 2025 were $14.4 million, compared to $7.4 million in Q3 2024, with adjusted net earnings at $17.0 million versus $16.3 million [2][4][11] Segment Performance Sugar Segment - Adjusted EBITDA for the Sugar segment was $32.5 million in Q3 2025, an increase of $2.4 million from the previous year, attributed to higher sales volume and improved adjusted gross margin [2][10] - Sugar revenues decreased to $246.3 million in Q3 2025 from $252.5 million in Q3 2024, primarily due to lower average prices for Raw 11 [5][6] - Sales volumes in the Sugar segment were approximately 191,100 metric tonnes, reflecting a 3% increase compared to the same quarter last year [6][10] Maple Segment - The Maple segment reported revenues of $67.5 million in Q3 2025, up from $56.6 million in Q3 2024, driven by higher sales volume [11][12] - Adjusted EBITDA for the Maple segment decreased to $4.0 million from $4.4 million in the same quarter last year, mainly due to an unfavorable customer mix [11][17] - Total volume for the Maple segment was 13,796 thousand pounds, an increase from 11,392 thousand pounds in Q3 2024 [11][12] LEAP Project - The LEAP Project aims to add approximately 100,000 metric tonnes of refined sugar capacity, with total costs expected between $280 million and $300 million, anticipated to be operational by the end of 2026 [18][21] - As of June 28, 2025, $115.2 million has been capitalized for the LEAP Project, with $30.3 million spent on property, plant, and equipment in Q3 2025 [22][27] Outlook - The company expects continued strong performance in both the Sugar and Maple segments for fiscal 2025, despite potential adverse impacts from US tariffs [24][26][32] - The Sugar segment's sales volume outlook remains at 785,000 metric tonnes for fiscal 2025, reflecting a 1% year-over-year increase [26] - The Maple segment anticipates a sales volume growth of approximately 6.5% in 2025, contingent on market conditions and syrup availability [32][33]

Company Overview - Rush Street Interactive, Inc. (RSI) is a leading online casino and sports betting company operating in the United States and the Americas [3] - The company offers real-money mobile and online operations in fifteen U.S. states and several international markets including Colombia, Ontario, Mexico, and Peru [3] - RSI operates under brands such as BetRivers, PlaySugarHouse, and RushBet, and has been recognized with multiple awards for customer service and operational excellence [3] Upcoming Event - Richard Schwartz, CEO, and Kyle Sauers, CFO of RSI will participate in a fireside chat at Oppenheimer's Technology, Internet & Communications Conference on August 13 at 9:55 a.m. Eastern Time [1] - Access to the webcast will be available through the "Investors" section of RSI's website, with a replay archived for 90 days [2]

Company Announcement - Rogers Sugar Inc. (RSI) will hold a conference call to discuss their 2025 third quarter results on August 12, 2025, 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] Participation Details - Interested participants can join the call by dialing 1-800-717-1738 [2] - A recording of the conference call will be available by dialing 1-888-660-6264, access code 08258, until September 12, 2025 [2] - The discussion and presentation will also be accessible through a webcast [2] Contact Information - Jean-Sébastien Couillard serves as Vice President of Finance, Chief Financial Officer, and Corporate Secretary [3] - Contact number for further information is (514) 940-4350 [3]

Core Viewpoint - Rush Street Interactive Inc. has demonstrated significant growth in its second-quarter earnings, leading to a notable increase in its stock price, suggesting a positive outlook for the online gaming industry as a whole [1][4][13]. Company Performance - Rush Street's revenue grew by 22% year-over-year, reaching record levels, while EBITDA increased by 88% during the same period [4]. - The growth was driven by a 25% increase in revenue from the online casino segment and a 15% increase from sports betting [4]. - The company reported a year-over-year surge in monthly active users of 30% in North America and 40% in Latin America [6]. - Rush Street remains debt-free with cash reserves of $241 million and has raised its full-year revenue and EBITDA growth guidance to 16% and 51%, respectively [7]. Industry Context - The strong performance of Rush Street may indicate a broader trend of growth within the online gaming sector, particularly as competitors like PENN Entertainment prepare to report their earnings [2][3]. - Advances in AI, user experience, and data-driven personalization are contributing to a favorable environment for online gaming companies [2]. - The recent earnings miss by DraftKings raises questions about whether Rush Street's success is indicative of a broader industry trend or specific to the company itself [15]. Analyst Sentiment - Analysts are generally bullish on Rush Street, with eight out of ten rating it a Buy, despite the stock price exceeding the consensus price target of around $18 per share [7]. - The stock forecast suggests a potential downside of 8.61% from the current price of $19.58, with a 12-month price target of $17.89 [5][6].

```markdown [PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The company's financial statements for the period ended June 30, 2025, show significant revenue growth and a shift to profitability, with total assets increasing to $543.0 million and a substantial Tax Receivable Agreement (TRA) liability recognized [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $240,592 | $229,171 | | Deferred tax assets, net | $145,388 | $522 | | **Total assets** | **$543,021** | **$379,466** | | **Liabilities & Equity** | | | | Total current liabilities | $161,160 | $163,130 | | Tax receivable agreement liability, non-current | $112,707 | $739 | | **Total liabilities** | **$290,780** | **$181,150** | | **Total stockholders' equity** | **$252,241** | **$198,316** | - Total assets grew significantly, primarily driven by a substantial increase in net deferred tax assets from **$0.5 million to $145.4 million**[16](index=16&type=chunk) - Total liabilities increased, mainly due to the recognition of a **$112.7 million** non-current liability related to the Tax Receivable Agreement (TRA)[16](index=16&type=chunk) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 (Unaudited) | Q2 2024 (Unaudited) | Six Months 2025 (Unaudited) | Six Months 2024 (Unaudited) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $269,217 | $220,379 | $531,624 | $437,807 | | Income from operations | $24,324 | $4,197 | $39,246 | $5,729 | | Tax receivable agreement expense | ($112,692) | $0 | ($113,037) | $0 | | Income tax (benefit) expense | ($115,017) | $6,396 | ($109,952) | $11,696 | | **Net income (loss)** | **$28,830** | **($282)** | **$40,041** | **($2,491)** | | Diluted EPS | $0.12 | ($0.00) | $0.17 | ($0.01) | - Revenue for Q2 2025 increased **22%** year-over-year to **$269.2 million**[18](index=18&type=chunk) - The company reported a net income of **$28.8 million** in Q2 2025, compared to a net loss of **$0.3 million** in Q2 2024, significantly impacted by a **($112.7 million)** TRA expense and a **($115.0 million)** income tax benefit[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary - Six Months Ended June 30 (in thousands) | Activity | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Net cash provided by operating activities | $54,499 | $51,118 | | Net cash used in investing activities | ($19,111) | ($18,919) | | Net cash used in financing activities | ($33,851) | ($455) | | **Net change in cash, cash equivalents and restricted cash** | **$9,196** | **$27,877** | - Net cash from operating activities remained stable at **$54.5 million** for the first six months of 2025[26](index=26&type=chunk) - Cash used in financing activities increased significantly to **$33.9 million**, primarily due to **$24.2 million** for employee taxes on share vesting and **$7.6 million** for stock repurchases[26](index=26&type=chunk)[192](index=192&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Revenue by Type - Six Months Ended June 30 (in thousands) | Revenue Type | 2025 | 2024 | | :--- | :--- | :--- | | Online casino and online sports betting | $528,401 | $434,471 | | Retail sports betting | $791 | $1,169 | | Social gaming | $2,432 | $2,167 | | **Total revenue** | **$531,624** | **$437,807** | Revenue by Geography - Six Months Ended June 30 (in thousands) | Geographic Region | 2025 | 2024 | | :--- | :--- | :--- | | United States and Canada | $457,475 | $377,050 | | Latin America, including Mexico | $74,149 | $60,757 | | **Total revenue** | **$531,624** | **$437,807** | - The company recognized a TRA liability of **$113.8 million** as of June 30, 2025, resulting in a TRA expense of **$113.0 million** for the first six months of the year, primarily due to RSILP Unit exchanges and the determination that deferred tax assets are likely to be utilized[93](index=93&type=chunk) - A significant income tax benefit of **$110.0 million** was recorded for the first six months of 2025, primarily due to the release of the valuation allowance on U.S. deferred tax assets based on current and forecasted future income[87](index=87&type=chunk)[88](index=88&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the strong performance to continued growth in existing markets and expansion into new ones, with Q2 2025 revenue growing 22% YoY to $269.2 million and Adjusted EBITDA reaching $40.2 million, while maintaining a strong liquidity position [Trends in Key Metrics](index=31&type=section&id=Trends%20in%20Key%20Metrics) - Average Monthly Active Users (MAUs) in the United States and Canada increased for the six months ended June 30, 2025, compared to the same period in 2024, due to growth in existing markets and effective marketing[121](index=121&type=chunk) - Average Revenue Per MAU (ARPMAU) in the United States and Canada also increased year-over-year, driven by growth in online casino markets and a focus on retaining quality players[126](index=126&type=chunk) - In Latin America, MAUs increased due to growth in Colombia, Mexico, and expansion into Peru, though ARPMAU decreased primarily due to increased bonusing related to a new value-added tax in Colombia and unfavorable foreign exchange rates[123](index=123&type=chunk)[129](index=129&type=chunk) [Non-GAAP Information](index=34&type=section&id=Non-GAAP%20Information) Adjusted EBITDA Reconciliation (in thousands) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | $28,830 | ($282) | $40,041 | ($2,491) | | Adjustments | $11,419 | $21,725 | $33,434 | $40,992 | | **Adjusted EBITDA** | **$40,249** | **$21,443** | **$73,475** | **$38,501** | - Adjusted EBITDA for Q2 2025 was **$40.2 million**, an **88%** increase from **$21.4 million** in Q2 2024[133](index=133&type=chunk) [Results of Operations](index=37&type=section&id=Results%20of%20Operations) Comparison of Three Months Ended June 30, 2025 and 2024 (in thousands) | Item | 2025 | 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $269,217 | $220,379 | $48,838 | 22% | | Costs of revenue | $174,147 | $144,477 | $29,670 | 21% | | Sales and marketing | $37,132 | $36,944 | $188 | 1% | | General and administrative | $23,787 | $27,206 | ($3,419) | (13)% | | Income from operations | $24,324 | $4,197 | $20,127 | n/m | - Q2 2025 revenue increased **22%** YoY, driven by growth in existing markets and expansion into new markets like Peru[155](index=155&type=chunk) - Sales and marketing expense as a percentage of revenue decreased from **17% to 14%** in Q2 2025, reflecting a strategy to rationalize marketing spend[157](index=157&type=chunk) - General and administrative expense decreased by **13%** in Q2 2025, primarily due to lower share-based compensation expense[158](index=158&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) - The company's principal sources of liquidity are cash on hand (**$240.6 million** as of June 30, 2025) and cash flows from operations[177](index=177&type=chunk)[178](index=178&type=chunk) - Material cash requirements for the next 12 months include **$10.9 million** for marketing, **$4.3 million** for license/market access fees, and **$2.6 million** for leases[179](index=179&type=chunk) - Future obligations include payments under the Tax Receivable Agreement (TRA), which are expected to be substantial but are mostly non-current, and tax distributions to RSILP unitholders as profitability increases[180](index=180&type=chunk)[181](index=181&type=chunk) - The company believes existing cash and operating cash flow are sufficient to fund operations and capital expenditures for at least the next 12 months[182](index=182&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to market risks including interest rates, foreign currency exchange, and inflation, but currently considers these risks not to be material to its financial condition or results of operations - The company is exposed to interest rate, foreign currency exchange, and inflation risks, but currently considers them not material[196](index=196&type=chunk) - Foreign currency exposure is mainly from the Colombian Peso, Canadian Dollar, and Mexican Peso, which collectively accounted for less than **20%** of revenue in the first half of 2025[198](index=198&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[201](index=201&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[202](index=202&type=chunk) [PART II. OTHER INFORMATION](index=45&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) The company is not a party to any material legal proceedings and is not aware of any material pending or threatened claims, with current proceedings not expected to materially affect its financial condition or results - The company states that the amount of ultimate liability from any current legal actions is unlikely to materially affect its financial condition, results of operations, or liquidity[205](index=205&type=chunk) [Item 1A. Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K - No material changes to the risk factors disclosed in the Annual Report have occurred[206](index=206&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company continued its stock repurchase program, authorized for up to $50 million, repurchasing 234,397 shares of Class A Common Stock for approximately $2.5 million during Q2 2025 Share Repurchases - Q2 2025 | Period | Total Shares Purchased | Average Price Paid Per Share | Approximate Dollar Value Remaining | | :--- | :--- | :--- | :--- | | April 1 - 30, 2025 | 234,397 | $10.55 | $42,366,000 | | May 1 - 31, 2025 | 0 | N/A | $42,366,000 | | June 1 - 30, 2025 | 0 | N/A | $42,366,000 | | **Total** | **234,397** | **$10.55** | **$42,366,000** | - The Board of Directors authorized a stock repurchase program of up to **$50 million** on October 24, 2024[207](index=207&type=chunk) [Item 5. Other Information](index=46&type=section&id=Item%205.%20Other%20Information) During the second quarter of 2025, Paul Wierbicki, the company's Chief Legal Officer and Director, adopted a Rule 10b5-1 trading plan for 35,000 securities, effective from August 5, 2025, to August 5, 2026 - Paul Wierbicki, Chief Legal Officer and Director, adopted a Rule 10b5-1 trading plan on May 5, 2025, for the potential sale of **35,000** securities[209](index=209&type=chunk) [Item 6. Exhibits](index=47&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications from the CEO and CFO pursuant to the Sarbanes-Oxley Act of 2002 and XBRL data files - The exhibits filed with this report include CEO and CFO certifications under Sections **302** and **906** of the Sarbanes-Oxley Act[212](index=212&type=chunk) ```

Financial Data and Key Metrics Changes - The company reported record revenue of $269 million, representing a 22% year-over-year increase [14] - Adjusted EBITDA grew 88% year-over-year, reaching a record $40.2 million, indicating strong profitability flow-through from revenue growth [6][16] - Gross margin improved to approximately 35.3%, up about 80 basis points year-over-year, reflecting ongoing revenue diversification [15] Business Line Data and Key Metrics Changes - Online casino revenue grew 25% year-over-year, while online sports betting revenue increased by 15% [7] - Monthly Active Users (MAUs) in North America grew by over 30%, with a notable increase in iCasino markets [8] - In Latin America, MAUs grew over 40% year-over-year, with Mexico showing over 125% growth [9][11] Market Data and Key Metrics Changes - Michigan's revenue grew 42% year-over-year, West Virginia grew 47%, and Delaware grew 74% [10] - Ontario in Canada saw a 25% growth year-over-year, the fastest since 2023 [11] - Colombia's Gross Gaming Revenue (GGR) increased over 70% year-over-year, although net revenue was flat due to higher bonusing [11] Company Strategy and Development Direction - The company is focusing on expanding its presence in Alberta and has launched multi-state poker with shared player pooling [12] - The strategy emphasizes markets where the full suite of gaming offerings can be deployed to maximize player value [8] - The company is optimistic about future growth despite headwinds from increased taxes in the U.S. and Colombia, raising full-year revenue and EBITDA guidance [13][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's positive momentum, which outweighs tax-related headwinds [13] - The company anticipates continued player engagement and growth in markets, particularly in Colombia post-VAT tax [39] - Management highlighted the importance of maintaining a strong cash position to invest in new market opportunities [30] Other Important Information - The company remains debt-free with cash reserves of $241 million as of the quarter-end [17] - A deferred tax asset of approximately $145 million was recognized, reflecting expected future tax benefits [19] Q&A Session Summary Question: What are the assumptions regarding taxes in the guidance? - The company has included the impacts of higher state taxes in Illinois and New Jersey in its guidance, along with the temporary VAT tax in Colombia [23] Question: What is the growth outlook for Mexico? - Mexico is expected to become one of the largest markets in Latin America due to its population size and the company's early success compared to Colombia [25][27] Question: How is cash being utilized, and are there plans for M&A? - The company is focused on investing in new markets, particularly iCasino, while being opportunistic with share repurchases [30][32] Question: What is the outlook for Colombia post-VAT tax? - Management expects an increase in revenue and player engagement once the VAT tax is lifted, with a significant uplift in margins and free cash flow anticipated [39] Question: How does the company view the prediction markets? - The company is monitoring the situation closely, believing that increased prediction markets could accelerate the legalization of iCasino, which is a priority [58] Question: What is the strategy for Live Dealer offerings? - The company is focusing on enhancing the Live Dealer experience by offering a diverse range of games and exclusive content [70][72] Question: What is the outlook for G&A expenses? - G&A expenses are expected to rise sequentially, but the company aims to maintain leverage over this line item [75]