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Rush Street (RSI) Q4 Earnings Surpass Estimates, Stock Up
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Rush Street Interactive, Inc. (RSI - Free Report) reported impressive fourth-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. Also, both metrics increased on a year-over-year basis.
Following the announcement, the company’s shares moved up 23.4% during the after-hours trading session on Mar 6.
The company reported record revenues and adjusted EBITDA for the fourth quarter of 2023. Revenue growth in the year can be attributed to strong customer engagement and retention. Adjusted EBITDA also showed significant improvement compared with the prior year’s levels. The company's strong performance led to optimistic guidance for the new year, reflecting its customer-centric approach and commitment to innovative user experiences.
Earnings and Revenues
In the quarter under review, adjusted earnings per share (EPS) were 1 cent, outpacing the Zacks Consensus Estimate of an adjusted loss of 6 cents by 116.7%. In the prior-year quarter, the company reported an adjusted loss per share of 11 cents.
Total revenues of $193.9 million beat the consensus mark of $181.5 million by 6.8%. The top line increased 17% on a year-over-year basis.
Rush Street Interactive, Inc. Price, Consensus and EPS Surprise
Adjusted EBITDA during the reported quarter amounted to $11.5 million against a loss of $17.3 million reported in the prior-year quarter.
Operating Highlights
During fourth-quarter 2023, the company’s total operating costs and expenses were $197.4 million, up 1.8% year over year. Adjusted advertising and promotions expenses of $34.6 million fell 45% from the year-ago quarter’s levels.
Financial Highlights
As of Dec 31, 2023, the company had unrestricted cash and cash equivalents of $168 million compared with $180 million at the end of 2022.
2023 Highlights
Total revenues in 2023 amounted to $691.2 million compared with $592.2 million in 2022.
Adjusted EBITDA totaled $8.2 million against a loss of $91.8 million a year ago.
Adjusted loss per share came in at 14 cents compared with 53 cents reported in the previous year.
2024 Guidance
For 2024, revenues are projected to be in the range of $770-$830 million. This range indicates a 16% rise at the midpoint from 2023 levels.
The adjusted EBITDA is anticipated to be in the range of $35-$45 million. This range signifies a midpoint growth of 390% from 2023 levels.
American Public Education, Inc. (APEI - Free Report) delivered strong earnings in fourth-quarter 2023. The top and bottom lines handily surpassed the Zacks Consensus Estimate on the back of contributions from the American Public University System (“APUS”) and Hondros College of Nursing (“HCN”) segments.
JAKKS Pacific, Inc. (JAKK - Free Report) reported fourth-quarter 2023 results, with earnings and revenues missing the Zacks Consensus Estimate. Both the top and bottom lines missed the consensus estimate after beating in the preceding three quarters.
In the fourth quarter, two out of the company's top three U.S. Toys/Consumer Products managed to achieve positive year-over-year retail sales figures, despite facing challenging comparisons from the previous year. Additionally, the aggregate end-of-year inventory at retail for these three accounts has decreased by a high single-digit percentage compared with the previous year.
Strategic Education, Inc. (STRA - Free Report) , or SEI, reported impressive results for fourth-quarter 2023. Its quarterly earnings and revenues topped the Zacks Consensus Estimate and increased year over year.
Growth across its three segments, led by continued enrollment growth in the U.S. Higher Education (“USHE”), which was driven significantly by employer-affiliated enrollment, strong growth in the Education Technology Services (earlier known as Alternative Learning) and improving performance in Australia/New Zealand (“ANZ”), drove the result.
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Rush Street (RSI) Q4 Earnings Surpass Estimates, Stock Up
Rush Street Interactive, Inc. (RSI - Free Report) reported impressive fourth-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. Also, both metrics increased on a year-over-year basis.
Following the announcement, the company’s shares moved up 23.4% during the after-hours trading session on Mar 6.
The company reported record revenues and adjusted EBITDA for the fourth quarter of 2023. Revenue growth in the year can be attributed to strong customer engagement and retention. Adjusted EBITDA also showed significant improvement compared with the prior year’s levels. The company's strong performance led to optimistic guidance for the new year, reflecting its customer-centric approach and commitment to innovative user experiences.
Earnings and Revenues
In the quarter under review, adjusted earnings per share (EPS) were 1 cent, outpacing the Zacks Consensus Estimate of an adjusted loss of 6 cents by 116.7%. In the prior-year quarter, the company reported an adjusted loss per share of 11 cents.
Total revenues of $193.9 million beat the consensus mark of $181.5 million by 6.8%. The top line increased 17% on a year-over-year basis.
Rush Street Interactive, Inc. Price, Consensus and EPS Surprise
Rush Street Interactive, Inc. price-consensus-eps-surprise-chart | Rush Street Interactive, Inc. Quote
Adjusted EBITDA during the reported quarter amounted to $11.5 million against a loss of $17.3 million reported in the prior-year quarter.
Operating Highlights
During fourth-quarter 2023, the company’s total operating costs and expenses were $197.4 million, up 1.8% year over year. Adjusted advertising and promotions expenses of $34.6 million fell 45% from the year-ago quarter’s levels.
Financial Highlights
As of Dec 31, 2023, the company had unrestricted cash and cash equivalents of $168 million compared with $180 million at the end of 2022.
2023 Highlights
Total revenues in 2023 amounted to $691.2 million compared with $592.2 million in 2022.
Adjusted EBITDA totaled $8.2 million against a loss of $91.8 million a year ago.
Adjusted loss per share came in at 14 cents compared with 53 cents reported in the previous year.
2024 Guidance
For 2024, revenues are projected to be in the range of $770-$830 million. This range indicates a 16% rise at the midpoint from 2023 levels.
The adjusted EBITDA is anticipated to be in the range of $35-$45 million. This range signifies a midpoint growth of 390% from 2023 levels.
Zacks Rank
Rush Street currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Recent Consumer Discretionary Releases
American Public Education, Inc. (APEI - Free Report) delivered strong earnings in fourth-quarter 2023. The top and bottom lines handily surpassed the Zacks Consensus Estimate on the back of contributions from the American Public University System (“APUS”) and Hondros College of Nursing (“HCN”) segments.
JAKKS Pacific, Inc. (JAKK - Free Report) reported fourth-quarter 2023 results, with earnings and revenues missing the Zacks Consensus Estimate. Both the top and bottom lines missed the consensus estimate after beating in the preceding three quarters.
In the fourth quarter, two out of the company's top three U.S. Toys/Consumer Products managed to achieve positive year-over-year retail sales figures, despite facing challenging comparisons from the previous year. Additionally, the aggregate end-of-year inventory at retail for these three accounts has decreased by a high single-digit percentage compared with the previous year.
Strategic Education, Inc. (STRA - Free Report) , or SEI, reported impressive results for fourth-quarter 2023. Its quarterly earnings and revenues topped the Zacks Consensus Estimate and increased year over year.
Growth across its three segments, led by continued enrollment growth in the U.S. Higher Education (“USHE”), which was driven significantly by employer-affiliated enrollment, strong growth in the Education Technology Services (earlier known as Alternative Learning) and improving performance in Australia/New Zealand (“ANZ”), drove the result.