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DraftKings (DKNG)

DraftKings Inc. is a digital sports entertainment and gaming company created to fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming and digital media. Headquartered in Boston, and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings is a multi-channel provider of sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming in 5 states through its DraftKings brand, as well as operating Golden Nugget Online Gaming, an award-winning iGaming product and iconic gaming brand, in 3 states. DraftKings’ Sportsbook is live with mobile and/or retail betting operations in the United States pursuant to regulations in 18 states. DraftKings’ daily fantasy sports product is available in 6 countries internationally with 15 distinct sports categories. DraftKings is both an official daily fantasy and sports betting partner of the NFL, NBA, MLB, NHL, PGA TOUR and UFC as well as an official daily fantasy partner of NASCAR. Launched in August 2021, DraftKings Marketplace is a digital collectibles ecosystem designed for mainstream accessibility that offers curated NFT drops and supports secondary-market transactions. DraftKings also owns Vegas Sports Information Network (VSiN), a multi-platform broadcast and content company.

Company profile

DKNG stock data

Calendar

5 Aug 22
14 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Cash on hand (at last report) 1.94B 1.94B 1.94B
Cash burn (monthly) 99.07M 102.97M (no burn)
Cash used (since last report) 147.98M 153.82M n/a
Cash remaining 1.79B 1.79B n/a
Runway (months of cash) 18.1 17.4 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
9 Aug 22 Paul Liberman Class A Common Stock Payment of exercise Dispose F No No 17.89 12,584 225.13K 912,796
9 Aug 22 Paul Liberman Class A Common Stock Option exercise Acquire M No No 0 28,309 0 925,380
9 Aug 22 Paul Liberman RSU Class A Common Stock Option exercise Dispose M No No 0 28,309 0 396,322
9 Aug 22 Dodge R Stanton Class A Common Stock Payment of exercise Dispose F No No 17.89 6,215 111.19K 344,339
9 Aug 22 Dodge R Stanton Class A Common Stock Option exercise Acquire M No No 0 14,155 0 350,554
9 Aug 22 Dodge R Stanton RSU Class A Common Stock Option exercise Dispose M No No 0 14,155 0 198,161
9 Aug 22 Jason Robins Class A Common Stock Payment of exercise Dispose F No No 17.89 16,978 303.74K 4,495,942
9 Aug 22 Jason Robins Class A Common Stock Option exercise Acquire M No No 0 38,217 0 4,512,920
9 Aug 22 Jason Robins RSU Class A Common Stock Option exercise Dispose M No No 0 38,217 0 535,034
9 Aug 22 Jason Park Class A Common Stock Payment of exercise Dispose F No No 17.89 6,872 122.94K 410,350

Financial report summary

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Management Discussion
  • Revenue. Revenue increased $168.6 million, or 56.6%, to $466.2 million in the three months ended June 30, 2022, from $297.6 million in the three months ended June 30, 2021. The increase was attributable to $184.5 million in incremental B2C segment revenue, partially offset by a decrease in B2B segment revenue of $16.0 million.
  • The $184.5 million increase in our B2C segment revenue was primarily attributable to our online gaming revenues which increased $175.9 million, or 68.1%, to $434.1 million in the three months ended June 30, 2022, from $258.2 million in the three months ended June 30, 2021. The remaining increase in our B2C segment revenue was attributable to “Other” revenue, which primarily includes media, Marketplace and retail Sportsbooks.
  • Online gaming revenue grew in the three months ended June 30, 2022 primarily due to MUPs increasing by 29.7% and ARPMUP also increasing by 29.7% as compared to the three months ended June 30, 2021. These key performance indicators increased primarily due to strong customer engagement, a continued mix shift into our iGaming and Sportsbook products and reduced promotional intensity compared to the same period in 2021.

Content analysis

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No filings