Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | DraftKings Inc. |
Entity Central Index Key | 0001883685 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure pure in Billions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | PAY VERSUS PERFORMANCE As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, the following disclosure (the “Pay Versus Performance Disclosure”) describes the relationship between executive compensation and the Company’s performance with respect to select financial measures. For a complete description regarding the Company’s compensation program, please see “Compensation Discussion and Analysis.” Summary Compensation Compensation Actually (2) Value of Initial Fixed $100 Investment Year (1) PEO Average of PEO Average of DKNG CDI Net Income (3) GAAP Revenue (4) 2022 $ 47.5 $ 27.8 $ (28.4 ) $ (12.7 ) $ 106 $ 105 $ (1.4 ) $ 2.2 2021 $ 14.0 $ 8.9 $ (67.4 ) $ (37.2 ) $ 257 $ 166 $ (1.5 ) $ 1.3 2020 $ 236.8 $ 126.6 $ 584.7 $ 226.7 $ 435 $ 133 $ (1.2 ) $ 0.6 (1) The NEOs for each year presented above comprised Jason Robins, who is the Company’s Principal Executive Officer (the “PEO”), and Matthew Kalish, Paul Liberman, R. Stanton Dodge and Jason Park (collectively, the “non-PEO NEOs”). (2) SEC rules require that certain adjustments be made to the totals set forth in the Summary Compensation Table included in this Proxy Statement (the “Summary Compensation Table”) in order to determine “compensation actually paid” for purposes of this Pay Versus Performance Disclosure. “Compensation actually paid” does not represent cash and/or equity value transferred to the applicable NEO, but rather is a value calculated under applicable SEC rules for purposes of this Pay Versus Performance Disclosure. In general, “compensation actually paid” is calculated as total compensation set forth in the Summary Compensation Table, as adjusted to include the fair market value of equity awards as of December 31 of the applicable year or, if earlier, the vesting date (rather than the grant date). None of the NEOs participate in a defined benefit plan, so the following table does not include an adjustment for pension benefits. The below table reflects the required adjustments to reconcile total compensation as set forth in the Summary Compensation Table to “Compensation actually paid” for purposes of the Pay Versus Performance Disclosure. (3) The S&P Consumer Discretionary Index (“CDI”) is a comprehensive index of companies included in the S&P 500 that are classified as members of the consumer discretionary sector, which the Company deems an appropriate peer group for the purposes of its Pay Versus Performance Disclosure. (4) For 2022 compensation decisions, the Company focused on achievement of GAAP Revenue growth, as well as other metrics such as Adjusted EBITDA, through highly effective customer acquisition, retention, engagement, and monetization, enabled by innovative product offerings and technology enhancements across the Company’s product offerings. Year NEO(s) Summary Subtract (a) Add Year-End (b) Change in (c) Change in Value (d) Change in (e) Compensation 2022 PEO $ 47.5 (43.7 ) 26.6 (37.9 ) 1.5 (22.4 ) $ (28.4 ) Average of Non- $ 27.8 (26.7 ) 16.5 (23.4 ) 0.9 (7.8 ) $ (12.7 ) 2021 PEO $ 14.0 (11.3 ) 4.7 (80.2 ) 0.8 4.6 $ (67.4 ) Average of Non- $ 8.9 (7.7 ) 3.2 (45.2 ) 0.6 3.1 $ (37.2 ) 2020 PEO $ 236.8 (231.2 ) 173.1 38.5 231.0 136.4 $ 584.7 Average of Non- $ 126.6 (123.9 ) 104.6 22.0 61.6 35.8 $ 226.7 (a) Deduction for the amounts reported in the “Stock Awards” column of the Summary Compensation Table. (b) Increase in fair value, calculated in accordance with FASB ASC 718, as of the end of the reported fiscal year of equity awards granted in the reported fiscal year that were outstanding and unvested as of the end of the reported fiscal year. (c) Change in fair value, calculated in accordance with FASB ASC 718, as of the end of the reported fiscal year from the end of the prior fiscal year, of equity awards granted in prior years that are outstanding and unvested as of the end of the reported fiscal year. (d) Change in fair value, calculated in accordance with FASB ASC 718, as of the vesting date for awards that are granted and vest in the same reported fiscal year. (e) Change in fair value, calculated in accordance with FASB ASC 718, from the end of the prior fiscal year to the vesting date for awards granted in prior years that vest in the reported year. | ||
Company Selected Measure Name | GAAP Revenue | ||
Named Executive Officers, Footnote [Text Block] | (1) The NEOs for each year presented above comprised Jason Robins, who is the Company’s Principal Executive Officer (the “PEO”), and Matthew Kalish, Paul Liberman, R. Stanton Dodge and Jason Park (collectively, the “non-PEO NEOs”). | ||
Peer Group Issuers, Footnote [Text Block] | (3) The S&P Consumer Discretionary Index (“CDI”) is a comprehensive index of companies included in the S&P 500 that are classified as members of the consumer discretionary sector, which the Company deems an appropriate peer group for the purposes of its Pay Versus Performance Disclosure. | ||
PEO Total Compensation Amount | $ 47,500,000 | $ 14,000,000 | $ 236,800,000 |
PEO Actually Paid Compensation Amount | $ 28,400,000 | 67,400,000 | 584,700,000 |
Adjustment To PEO Compensation, Footnote [Text Block] | (4) For 2022 compensation decisions, the Company focused on achievement of GAAP Revenue growth, as well as other metrics such as Adjusted EBITDA, through highly effective customer acquisition, retention, engagement, and monetization, enabled by innovative product offerings and technology enhancements across the Company’s product offerings. Year NEO(s) Summary Subtract (a) Add Year-End (b) Change in (c) Change in Value (d) Change in (e) Compensation 2022 PEO $ 47.5 (43.7 ) 26.6 (37.9 ) 1.5 (22.4 ) $ (28.4 ) Average of Non- $ 27.8 (26.7 ) 16.5 (23.4 ) 0.9 (7.8 ) $ (12.7 ) 2021 PEO $ 14.0 (11.3 ) 4.7 (80.2 ) 0.8 4.6 $ (67.4 ) Average of Non- $ 8.9 (7.7 ) 3.2 (45.2 ) 0.6 3.1 $ (37.2 ) 2020 PEO $ 236.8 (231.2 ) 173.1 38.5 231.0 136.4 $ 584.7 Average of Non- $ 126.6 (123.9 ) 104.6 22.0 61.6 35.8 $ 226.7 (a) Deduction for the amounts reported in the “Stock Awards” column of the Summary Compensation Table. (b) Increase in fair value, calculated in accordance with FASB ASC 718, as of the end of the reported fiscal year of equity awards granted in the reported fiscal year that were outstanding and unvested as of the end of the reported fiscal year. (c) Change in fair value, calculated in accordance with FASB ASC 718, as of the end of the reported fiscal year from the end of the prior fiscal year, of equity awards granted in prior years that are outstanding and unvested as of the end of the reported fiscal year. (d) Change in fair value, calculated in accordance with FASB ASC 718, as of the vesting date for awards that are granted and vest in the same reported fiscal year. (e) Change in fair value, calculated in accordance with FASB ASC 718, from the end of the prior fiscal year to the vesting date for awards granted in prior years that vest in the reported year. | ||
Non-PEO NEO Average Total Compensation Amount | $ 27,800,000 | 8,900,000 | 126,600,000 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 12,700,000 | 37,200,000 | 226,700,000 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | (4) For 2022 compensation decisions, the Company focused on achievement of GAAP Revenue growth, as well as other metrics such as Adjusted EBITDA, through highly effective customer acquisition, retention, engagement, and monetization, enabled by innovative product offerings and technology enhancements across the Company’s product offerings. Year NEO(s) Summary Subtract (a) Add Year-End (b) Change in (c) Change in Value (d) Change in (e) Compensation 2022 PEO $ 47.5 (43.7 ) 26.6 (37.9 ) 1.5 (22.4 ) $ (28.4 ) Average of Non- $ 27.8 (26.7 ) 16.5 (23.4 ) 0.9 (7.8 ) $ (12.7 ) 2021 PEO $ 14.0 (11.3 ) 4.7 (80.2 ) 0.8 4.6 $ (67.4 ) Average of Non- $ 8.9 (7.7 ) 3.2 (45.2 ) 0.6 3.1 $ (37.2 ) 2020 PEO $ 236.8 (231.2 ) 173.1 38.5 231.0 136.4 $ 584.7 Average of Non- $ 126.6 (123.9 ) 104.6 22.0 61.6 35.8 $ 226.7 (a) Deduction for the amounts reported in the “Stock Awards” column of the Summary Compensation Table. (b) Increase in fair value, calculated in accordance with FASB ASC 718, as of the end of the reported fiscal year of equity awards granted in the reported fiscal year that were outstanding and unvested as of the end of the reported fiscal year. (c) Change in fair value, calculated in accordance with FASB ASC 718, as of the end of the reported fiscal year from the end of the prior fiscal year, of equity awards granted in prior years that are outstanding and unvested as of the end of the reported fiscal year. (d) Change in fair value, calculated in accordance with FASB ASC 718, as of the vesting date for awards that are granted and vest in the same reported fiscal year. (e) Change in fair value, calculated in accordance with FASB ASC 718, from the end of the prior fiscal year to the vesting date for awards granted in prior years that vest in the reported year. | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | |||
Compensation Actually Paid vs. Net Income [Text Block] | |||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | |||
Tabular List [Table Text Block] | Unranked Tabular List of the Company’s Most Important Financial Performance Measures The following is an unranked list of the most important financial performance measures used by the Company to link compensation actually paid to the NEOs, for the year ended December 31, 2022, to Company performance: Financial Performance Measures GAAP Revenue Adjusted EBITDA | ||
Net Income (Loss) | $ 1,400,000,000 | $ 1,500,000,000 | $ 1,200,000,000 |
Company Selected Measure Amount | 2.2 | 1.3 | 0.6 |
PEO Name | Jason Robins | Jason Robins | Jason Robins |
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | GAAP Revenue | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Adjusted EBITDA | ||
DraftKings [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Total Shareholder Return Amount | $ 106 | $ 257 | $ 435 |
Consumer Discretionary Index [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Total Shareholder Return Amount | 105 | 166 | 133 |
PEO [Member] | Stock Awards | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (43,700,000) | (11,300,000) | (231,200,000) |
PEO [Member] | Year-End Granted Award Fair Value | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 26,600,000 | 4,700,000 | 173,100,000 |
PEO [Member] | Change in Value of Prior Awards | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (37,900,000) | (80,200,000) | 38,500,000 |
PEO [Member] | Change in Value of Awards Granted and Vested in Year | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,500,000 | 800,000 | 231,000,000 |
PEO [Member] | Change In Value Of Prior Awards That Vested In Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (22,400,000) | 4,600,000 | 136,400,000 |
Non-PEO NEO [Member] | Stock Awards | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (26,700,000) | (7,700,000) | (123,900,000) |
Non-PEO NEO [Member] | Year-End Granted Award Fair Value | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 16,500,000 | 3,200,000 | 104,600,000 |
Non-PEO NEO [Member] | Change in Value of Prior Awards | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (23,400,000) | (45,200,000) | 22,000,000 |
Non-PEO NEO [Member] | Change in Value of Awards Granted and Vested in Year | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 900,000 | 600,000 | 61,600,000 |
Non-PEO NEO [Member] | Change In Value Of Prior Awards That Vested In Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (7,800,000) | $ 3,100,000 | $ 35,800,000 |