DraftKings Results Presentation Deck

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August 2022

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#1DRAFT THE GAME INSIDE KINGS THE GAME. Q2 2022 EARNINGS PRESENTATION Buch Beschlecht AUG 5, 2022 ܒܐܛܒ ANALI BAR#2LEGAL DISCLAIMER Forward-Looking Statements and Non-GAAP Financial Measures This presentation, and the accompanying oral presentation, contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including statements about DraftKings Inc. ("DraftKings", the "Company", "we", "us" and "our") and its industry that involve substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this presentation or included as part of the accompanying oral presentation, including statements regarding guidance, our future results of operations or financial condition, business strategy and plans, user growth and engagement, product initiatives, objectives of management for future operations, and the impact of COVID-19 on our business and the economy as a whole, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "forecast," "going to," "intend," "may," "plan," "potential," "predict," "project," "propose," "should," "target," "will," or "would" or the negative thereof or comparable terminology, or by discussions of vision, strategy or outlook. We caution you that the foregoing may not include all of the forward-looking statements made in this presentation. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this presentation primarily on our current expectations and projections about future events and trends, including the COVID- 19 pandemic, that we believe may affect our business, financial condition, results of operations, and prospects. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, including those described in our filings with the Securities and Exchange Commission (the "SEC"), which are available on the SEC's website at www.sec.gov. In addition, the forward-looking statements contained in this presentation or included as part of the accompanying oral presentation relate only to events as of the date on which the statements are made and are based on information available to us as of the date of this presentation. We undertake no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events, including future developments related to the COVID-19 pandemic, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions or investments. This presentation includes certain non-GAAP financial measures, which we use to supplement our results presented in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures, which may not be comparable to other similarly titled measures of performance used by other companies, are presented to enhance investors' overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. A reconciliation of non-GAAP financial measures to their most directly comparable financial measures calculated in accordance with GAAP are provided in the appendix of this presentation. 1#32 Q2 AND CURRENT BUSINESS HIGHLIGHTS $466M of revenue in Q2 primarily driven by strong customer engagement and retention Enhanced OSB product features Launched OSB and iGaming in Ontario; strong 3 pipeline of prospective launches(1) in states that have legalized OSB Continued to operationalize initiatives to drive already excellent player lifetime values (1) (2) 68% YoY B2C revenue growth in Q2 Added MLB live markets (e.g., pitch by pitch) and UFC same game parlays Live In states representing 36% of the U.S. population for OSB, 11% for iGaming Increased OSB parlay bet mix by 1,700bps YoY in Q2 30%/30% YOY B2C MUPS / ARPMUP growth in Q2 Introduced New Social features Preparing to Launch (1) In states representing 8% of the U.S. population that have legalized(²) OSB, but not yet launched operations Launched Reignmakers Football gaming experience Pending regulation, licensure and regulatory approvals. Ohio, Maryland, Puerto Rico, and Kansas have legalized OSB but have not launched operations. Does not include Massachusetts, whose legislature has passed a bill that, pending executive action, would legalize OSB (represents 2% of U.S. population). 12#4IMPROVING FY 2022 REVENUE AND ADJUSTED EBITDA GUIDANCE (1) (2) DRAFTKINGS FY 2022 REVENUE OUTLOOK ($ MILLIONS) $2,115 +$15 Prior Guidance Midpoint(²) $2,130 New Guidance Midpoint DRAFTKINGS FY 2022 ADJ. EBITDA OUTLOOK ($ MILLIONS) ($860) Prior Guidance Midpoint¹²) +$60 ($800) New Guidance Midpoint Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation of Adjusted EBITDA to its most directly comparable financial measure, net income (loss), please refer to the appendix of this presentation. Reflects the midpoint of guidance previously announced on DraftKings' first quarter earnings conference call on May 6, 2022, which also included contributions from the Company's acquisition of Golden Nugget Online Gaming, Inc. ("GNOG") and the Company's expected launch in Ontario. 3#5SAME GAME PARLAY ENHANCEMENTS AND THE LAUNCH OF REIGNMAKERS EXPECTED TO DRIVE HIGHER CUSTOMER LIFETIME VALUES SAME GAME PARLAY Rolled out pre-packaged offerings designed to resonate with the U.S. sports fan across the major sports Developed feature that allows customers to void individual legs without voiding the entire bet slip Optimized merchandising through home page re-design Plan to launch feature that allows multiple same game parlays to be combined into one REIGNMAKERS Innovative sports gaming experience that allows customers to buy NFTS of athletes and build teams for contests Strong partners including the NFL Players Association and UFC expected to support customer adoption Scaled minting infrastructure will enable right-sized supply and pricing REIGNING RAMS Kupp & co. look to pick up right where they left off after winning SB LVI PATRICK Pre-Packaged Same Game Parlay XCQ-13 NELPA LAR to Score First Matthew Stafford 2+ TD Passes Cooper Kupp 10+ Receptions MAHOMES 30F Reignmakers Football Player Card NFTs GENESIS LEGENDARY BURROW KELP GENESIS LEGENDARY LAMAR +600 JACKSON BAL QE NELPA GENESIS LEGENDARY DERBIO HENRY NELPA GENESIS LEGENDARY JOSH ALLEN BUFRB-27 HELPL GENESIS LEGENDARY QUICK SGP KUPP KELP GENESIS LEGENDARY#6DRAFT KINGS THE GAME. THE GAME INSIDE APPENDIX#7RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES ($ in millions)(1) GAAP Operating Expenses Cost of Revenue Sales and Marketing General and Administrative Product and Technology Total GAAP Operating Expenses Non-GAAP Operating Expense Adjustments Cost of Revenue Sales and Marketing General and Administrative Product and Technology Total Non-GAAP Operating Expense Adjustments (1) Adjusted Operating Expenses Cost of Revenue Sales and Marketing General and Administrative Product and Technology Total Adjusted Operating Expenses Totals may not sum due to rounding. (a) (b) (d) (a) (d) (a) (c) DE (a) (d) 30-Jun-22 31-Mar-22 31-Dec-21 30-Sep-21 30-Jun-21 31-Mar-21 $313 $198 $188 $77 $775 ($1) ($27) ($10) ($12) ($1) ($98) ($11) ($2) ($2) ($0) ($24) ($3) ($191) $275 $185 $75 $50 $584 $313 $321 $217 $81 $933 ($1) ($19) ($9) ($14) ($1) ($144) ($4) ($2) ($2) ($1) ($28) ($2) ($226) $284 $307 $64 $52 $707 $253 $278 $241 $70 $842 ($1) ($20) ($9) ($15) ($0) ($142) ($10) ($1) ($1) ($13) ($26) ($1) ($241) $223 $263 $74 $42 $601 $171 $304 $220 $65 $759 ($2) ($20) ($7) ($14) ($0) ($134) ($4) ($1) ($5) ($18) ($26) ($1) ($233) $142 $289 $58 $38 $526 $187 $171 $199 $63 $619 ($1) ($21) ($7) ($14) ($0) ($132) ($8) ($1) ($4) ($13) ($25) ($1) ($226) $159 $157 $41 $36 $393 $183 $229 $169 $56 $637 ($1) ($19) ($7) ($9) ($0) ($122) ($3) ($1) ($1) ($2) ($20) ($1) ($186) $157 $220 $41 $34 $452 (a) Stock-based compensation expense Amortization of acquired intangible assets (b) (c) Transaction expenses (d) Depreciation & amortization (e) Litigation (f) Other |6#8NON-GAAP ADJUSTED EARNINGS PER SHARE BUILD $0.31 h ($0.50) THREE MONTHS ENDED JUNE 30, 2022 - ADJUSTED EARNINGS PER SHARE BRIDGE GAAP Reported EPS $0.01 $0.06 Stock Based Compensation Note: Weighted average number of shares used to calculate Adjusted EPS for Q2 2022 was 437mm. (1) Other Non-GAAP Adj. primarily includes non-cash impact of re-measurement of certain investments and non-cash changes in warrant liabilities. Other Non-GAAP Adj¹) Amort. of Acq. Intangibles ($0.18) Discrete Tax Benefit Attributed to GNOG Acq. ($0.29) Adjusted EPS#9DRAFTKINGS P&L AND ADJUSTED EBITDA RECONCILIATION (1) (2) (5) (6) Adjusted EBITDA We define and calculate Adjusted EBITDA as net loss before the impact of interest income or expense (net), income tax provision or benefit, and depreciation and amortization, and further adjusted for the following items: stock-based compensation, transaction- related costs, litigation, settlement and related costs, advocacy and other related legal expenses, gain or loss on remeasurement of warrant liabilities and other non- recurring and non-operating costs or income, as described in the reconciliation below. (amounts in thousands) Revenue Cost of revenue Sales and marketing Product and technology General and administrative Loss from operations Interest income, net Gain (loss) on remeasurement of warrant liabilities Other (expense) income, net Loss before income tax (benefit) provision and loss from equity method investment Income tax (benefit) provision Loss from equity method investment Net Loss Adjusted For Depreciation and amortization (¹) Interest income, net Income tax (benefit) provision Stock-based compensation (2) Transaction-related costs(3) Litigation, settlement, and related costs (4) Advocacy and other related legal expenses(5) (Gain) loss on remeasurement of warrant liabilities Other non-recurring and non-operating costs (income)(6) Adjusted EBITDA Three months ended June 30, 2021 2022 466,185 312,767 197,529 77,202 187,609 (308,922) 1,929 14,315 (5,573) (298,251) (81,226) 78 (217,103) 42,315 (1,929) (81,226) 135,521 10,505 2,446 (14,315) 5,652 (118,134) 297,605 187,006 170,712 62,635 198,806 (321,554) 1,642 16,984 (302,928) 2,404 194 (305,526) 30,051 (1,642) 2,404 171,739 7,890 3,599 11,035 (16,984) 2,132 (95,302) Six months ended June 30, 2021 2022 883,390 626,146 518,981 158,554 404,215 (824,506) 2,077 26,996 32,309 (763,124) (80,757) 2,429 (684,796) 74,540 (2,077) (80,757) 322,598 14,279 4,396 (26,996) (28,830) (407,643) The amounts include the amortization of acquired intangible assets of $27.1 million and $20.6 million for the three months ended June 30, 2022 and 2021, respectively, and $46.3 million and $39.7 million for the six months ended June 30, 2022 and 2021, respectively. Primarily reflects stock-based compensation expenses resulting from the issuance of awards under long-term incentive plans. Includes capital markets advisory, consulting, accounting and legal expenses related to evaluation, negotiation and integration costs incurred in connection with pending or completed transactions and offerings. Primarily includes external legal costs related to litigation and litigation settlement costs deemed unrelated to our core business operations. Includes certain non-recurring costs relating to advocacy efforts and other legal expenses in jurisdictions where we do not operate certain products and are actively seeking licensure, or similar approval, for those products. For the three and six months ended June 30, 2021, those costs primarily related to our activities in Florida. The amounts presented exclude other costs relating to advocacy efforts and other legal expenses incurred in jurisdictions where related legislation has been passed and we currently operate. Primarily includes the change in fair value of certain financial assets, as well as our equity method share of the investee's losses and other costs relating to non-recurring and non-operating items. 609,881 370,231 399,398 118,794 367,803 (646,345) 2,627 (9,996) (653,714) (2,191) 347 (651,870) 58,244 (2,627) (2,191) 323,582 10,913 4,221 11,035 9,996 4,133 (234,564) I 80#10DRAFTKINGS KPI COMPARISON OVER TIME B2C KEY PERFORMANCE INDICATORS Monthly Unique Payers ("MUPS") MUPS is the average number of unique paid users ("unique payers") that use our B2C products on a monthly basis We define MUPs as the number of unique payers per month who had a paid engagement (i.e., participated in a real-money engagement with one of our B2C products such as a DFS contest, sports bet or casino game) across one or more of our products via our technology MUPS is a key indicator of the scale of our user base and awareness of our brand We believe that growth of our MUP base is generally indicative of the long-term revenue growth potential of our B2C segment, although MUPS in individual periods may be less indicative of our longer-term expectations Average Revenue per MUP ("ARPMUP") We define and calculate ARPMUP as the average monthly revenue for a reporting period, divided by B2C segment MUPS (i.e., the average number of unique payers) for the same period ARPMUP represents our ability to drive usage and monetization of our B2C products We use ARPMUP to analyze comparative revenue growth and measure customer monetization and engagement trends Average Monthly Unique Payers ("MUPS") (in millions) Average Revenue per MUP ("ARPMUP") (in whole dollars) Three months ended June 30, 2022 1.5 $103 2021 1.1 $80 | 9#11DRAFTKINGS SHARE COUNT BUILD (Shares in thousands) Total Capitalization Common Shares Outstanding (30-June-22) Vested Stock Options @ TSM(¹) Memo: Vested Stock Options Diluted Shares Outstanding (With Vested Stock Options @ TSM) DEAC Private Placement Warrants (2) GNOG Private Placement Warrants (3) Fully Diluted Shares Outstanding (With Vested Stock Options @ TSM) Note: Table does not include shares of Class B common stock, which have no economic or participating rights. Excludes any potential dilution from performance-based options and RSUS. Based on Treasury Stock Method ("TSM"); assumes DraftKings Class A share price as of 04-August-2022 and strike price of $4.52 per stock option. Based on TSM; assumes DraftKings Class A share price as of 04-August-2022 and strike price of $11.50 per warrant. (1) (2) (3) Based on TSM; assumes DraftKings Class A share price as of 04-August-2022. Strike price of $31.50 per warrant is above the current share price of DraftKings Class A common stock, so the dilutive effect is 0. 448,022 17,958 24,813 465,980 479 466,459 | 10

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