On August 13, 2020, dMY Technology Group, Inc. (the “Company”) and Rush Street Interactive, LP (“RSI”) hosted a joint conference call to review their proposed business combination (the “Business Combination”). Below is a transcript of the conference call.
TRANSCRIPT
Operator
Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Rush Street Interactive and dMY Technology Group Conference Call and Webcast. All participants are in a listen-only mode.
The companies refer participants on this call to the press release issued July 27, 2020, the presentation accompanying that July 27, 2020 press release and dMY Technology’s filings with the SEC for a discussion of the risks that can affect the business combination, our business and the business of the combined company after completion of the proposed business combination. The companies also specifically refer participants to slides two and three of the July 27, 2020 presentation to remind listeners that some of the comments today may contain forward-looking statements and, as such will be subject to risks and uncertainties, which, if they materialize, could materially affect results. Forward-looking statements including, but not limited to, Rush Street Interactive and dMY Technology Group expectations or predictions of financial and business performance and conditions, competitive and industry outlook and the timing and completion of the transaction. Forward-looking statements are subject to risks, uncertainties, and assumptions, and they are not guarantees of performance.
This presentation includes references to EBITDA, a financial measure that was not prepared in accordance with accounting principles generally accepted in the United States, or “GAAP.” This measure may be calculated differently than similar measures from other companies, and you should not consider it as an alternative to, or in isolation from, financial measures determined in accordance with GAAP. The companies refer you to the presentation accompanying the July 27, 2020 press release for a reconciliation of EBITDA to net income, its most comparable GAAP measure.
Rush Street Interactive and dMY Technology are under no obligation and expressly disclaim any obligation to update, alter or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. I will now turn the call over to Mr. Niccolo de Masi, Chief Executive Officer of dMY Technology. Please go ahead, sir.
Niccolo de Masi
Chief Executive Officer, dMY Technology
Thank you operator and thank you everyone for joining us today.
We launched dMY Technology to find a great business with a mobile technology ecosystem that creates compelling consumer experiences and is poised for exceptional growth. We were looking for a situation where we could offer dMY’s public markets experience along with access to capital, and gaming technology expertise to accelerate growth in a target company by optimizing key attraction, retention and monetization metrics. We think we found precisely what we were looking for in Rush Street Interactive.
We believe Rush Street Interactive, is ideally positioned to capitalize on the rapid growth in online casino and online sports betting and are very excited to partner with Neil Bluhm, the Chairman, Greg Carlin, the CEO and Richard Schwartz, the President of RSI. Neil has a long, storied history with a stellar track record. Neil has built several businesses from scratch that became highly successful including JMB Realty, Rush Street Gaming, a developer of brick and mortar casinos, and a public REIT that delivered outsized returns to its shareholders.
My partner and the Chairman at dMY Technology Group, Inc. is Harry You. Harry too has a long and storied history. His reputation among technology investors is well known and includes a track record of success in the public markets with Oracle and Accenture. Being able to bring these two teams together is very exciting. Before turning the call over to Greg and Richard, I want to provide insights on why we are so enthusiastic about the transaction.
At a high level, when we look at the landscape, we appear to be in the early days of a secular growth phase in mobile and online real money gaming – including online casino. We think it is likely, that global events over the past several months are accelerating that trend.