DraftKings(NASDAQ:DKNG) 
DraftKings Inc. operates as a digital sports entertainment and gaming company in the United States. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily sports, sports betting, and iGaming opportunities. It is also involved in the des...
Website: http://www.draftkings.com
Founded: 2012
Full Time Employees: 4,200 (Dec 2022)
CEO / Co-Founder: Jason D. Robins
Sector: Consumer Cyclical
Industry: Gambling
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At a glance:
- Revenue Growth and Engagement Remain Strong: DraftKings continues to benefit from expanding online sports betting/iGaming adoption, supported by product improvements, higher engagement, and a growing customer base in active states.
- Path to Profitability Driven by Operating Leverage: Management focus remains on scaling efficiently—improving unit economics, optimizing promotions, and leveraging fixed platform costs—as the business matures across more jurisdictions.
- Marketing Intensity and Promotional Spend Are Key Swing Factors: Customer acquisition costs and the level of promotional offers can materially impact margins and near-term earnings, especially during major sports calendars and in newly launched states.
- Regulatory Expansion Is the Primary Long-Term Catalyst: State-by-state legalization, tax rates, and licensing frameworks directly influence addressable market size and profitability; new market openings can drive growth but often come with upfront costs.
- Competitive Landscape Could Pressure Hold and Margins: Competition from other sportsbook and iGaming operators can affect pricing, promotional intensity, and retention, making differentiation (product, odds, UX, responsible gaming) important for sustaining share.
Bull Thesis:
- Continued Market Expansion and User Growth: DraftKings benefits significantly from the ongoing legalization of online sports betting (OSB) and iGaming across more U.S. states and Canadian provinces. As new markets open, DraftKings is well-positioned with its established brand and technology to capture substantial market share, driving robust user acquisition and revenue growth.
- Improving Path to Profitability and Operating Leverage: The company has demonstrated a clear trend towards improved unit economics and reduced promotional intensity in mature markets. As DraftKings scales and marketing spend normalizes in established states, operating leverage is expected to kick in, leading to expanding gross margins, reduced adjusted EBITDA losses, and a clearer path to sustainable GAAP profitability and positive free cash flow.
- Strong Brand Recognition and Product Diversification: DraftKings possesses one of the most recognized brands in the digital sports entertainment and gaming industry. Its diversified product offering, including Daily Fantasy Sports (DFS), OSB, and iGaming, creates a sticky ecosystem that enhances user engagement and cross-selling opportunities, increasing customer lifetime value (CLTV).
Bear Thesis:
- Intense Competition and High Marketing Spend: The online sports betting and iGaming market remains highly competitive, with well-capitalized players like FanDuel (Flutter), BetMGM, Caesars, and ESPN Bet vying for market share. This intense competition often leads to aggressive promotional offers and high marketing expenditures, which can continue to pressure margins and delay the company's path to consistent profitability.
- Free Cash Flow Trajectory Still Negative: Despite improving EBITDA trends, DraftKings continues to report negative free cash flow. While this is common for high-growth companies, sustained negative cash flow requires ongoing capital raises or debt, which can dilute shareholders or increase financial risk. The timeline to consistently positive free cash flow remains a key concern for investors.
- Regulatory and Taxation Risks: The legal landscape for online gaming is dynamic and subject to change. Potential risks include increased state-level taxation on gaming revenue, stricter advertising regulations, or unexpected changes in licensing requirements, all of which could negatively impact DraftKings' operational costs, profitability, and growth prospects in various markets.
- Valuation Concerns Amidst Profitability Uncertainty: Given the company's current lack of GAAP profitability and negative free cash flow, some investors view DraftKings' valuation as stretched, relying heavily on future growth and profitability projections. Any slowdown in market expansion, increased competition, or failure to meet profitability targets could lead to a re-evaluation of its stock price.
Main Competitors:
- FanDuel (Flutter Entertainment) ($FLTR) (FanDuel Sportsbook, FanDuel DFS, FanDuel Casino), FanDuel is DraftKings' primary and most direct competitor across all key segments: Daily Fantasy Sports (DFS), online sports betting, and iGaming. They compete head-to-head for market share, customer acquisition, and retention through aggressive promotional offers, product innovation, and extensive marketing campaigns, often holding the #1 or #2 position alongside DraftKings in many regulated states.
- BetMGM (MGM Resorts International / Entain plc joint venture) ($MGM) (BetMGM Sportsbook, BetMGM Casino), BetMGM is a major competitor in online sports betting and iGaming, leveraging the strong brand recognition and loyalty programs of MGM Resorts. They compete by offering a premium online experience, integrating with their physical casino properties, and targeting a broad customer base with competitive odds and a wide array of betting markets and casino games.
- Caesars Sportsbook (Caesars Entertainment) ($CZR) (Caesars Sportsbook, Caesars Palace Online Casino), Caesars Sportsbook competes significantly in the online sports betting and iGaming space, backed by one of the largest land-based casino empires. They differentiate through their extensive Caesars Rewards loyalty program, which integrates online and offline play, and by leveraging their established brand and marketing power to attract and retain customers in regulated markets.
- PENN Entertainment ($PENN) (ESPN Bet Sportsbook, Hollywood Casino), PENN Entertainment, through its partnership with ESPN to operate ESPN Bet, is a formidable and potentially disruptive competitor. They compete by leveraging ESPN's massive sports media audience and brand recognition to drive customer acquisition, offering a highly integrated media and betting experience designed to convert sports fans directly into bettors.
Moat:
DraftKings operates in a highly competitive and rapidly evolving market for online sports betting, iGaming, and Daily Fantasy Sports. Its primary moat stems from its strong brand recognition, early-mover advantage in many regulated states, and a robust proprietary technology platform. However, competition is intense, characterized by high customer acquisition costs, aggressive promotional spending, and a constant battle for market share against well-capitalized rivals like FanDuel, BetMGM, and Caesars Sportsbook, as well as new entrants like ESPN Bet leveraging massive media reach. The fragmented regulatory landscape means competition is fought state-by-state, requiring significant investment in marketing and product innovation to maintain and grow its user base.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 1,144,019,000 | 1,512,507,000 | 1,408,806,000 | 1,392,772,000 | 1,095,490,000 | 1,104,441,000 | 1,174,996,000 | 1,230,857,000 | 789,957,000 | 874,927,000 | 769,652,000 | 855,133,000 | 501,938,000 | 466,185,000 | 417,205,000 | 473,325,000 | 212,819,000 | 297,605,000 | 312,276,000 | 322,223,000 | 132,836,000 | 70,931,000 | ||||
yoy | 4.43% | 36.95% | 19.90% | 13.15% | 38.68% | 26.23% | 52.67% | 43.94% | 57.38% | 87.68% | 84.48% | 80.67% | 135.85% | 56.65% | 33.60% | 46.89% | 60.21% | 319.57% | ||||||||
qoq | -24.36% | 7.36% | 1.15% | 27.14% | -0.81% | -6.00% | -4.54% | 55.81% | -9.71% | 13.68% | -10.00% | 70.37% | 7.67% | 11.74% | -11.86% | 122.41% | -28.49% | -4.70% | -3.09% | 142.57% | 87.27% | |||||
cost of revenue | 784,079,000 | 854,559,000 | 843,803,000 | 834,644,000 | 742,434,000 | 663,414,000 | 710,069,000 | 716,658,000 | 543,454,000 | 510,323,000 | 521,740,000 | 485,435,000 | 372,692,000 | 312,767,000 | 313,379,000 | 253,182,000 | 170,749,000 | 187,006,000 | 183,225,000 | 159,274,000 | 96,569,000 | 47,330,000 | ||||
sales and marketing | 360,370,000 | 233,187,000 | 343,680,000 | 368,602,000 | 339,943,000 | 215,676,000 | 340,699,000 | 290,775,000 | 313,323,000 | 207,487,000 | 389,133,000 | 345,282,000 | 321,714,000 | 197,529,000 | 321,452,000 | 278,444,000 | 303,658,000 | 170,712,000 | 228,686,000 | 191,959,000 | 203,339,000 | 46,188,000 | ||||
product and technology | 114,680,000 | 108,417,000 | 103,260,000 | 112,063,000 | 103,581,000 | 92,655,000 | 88,815,000 | 88,157,000 | 89,005,000 | 89,906,000 | 88,088,000 | 83,394,000 | 76,299,000 | 77,202,000 | 81,352,000 | 69,639,000 | 65,222,000 | 62,635,000 | 56,159,000 | 66,134,000 | 53,909,000 | 30,549,000 | ||||
general and administrative | 156,780,000 | 165,700,000 | 164,394,000 | 216,642,000 | 208,126,000 | 165,084,000 | 174,251,000 | 179,076,000 | 130,761,000 | 136,256,000 | 160,476,000 | 173,244,000 | 186,261,000 | 187,609,000 | 216,606,000 | 240,816,000 | 219,706,000 | 198,806,000 | 168,997,000 | 173,194,000 | 127,376,000 | 107,308,000 | ||||
income from operations | -271,890,000 | 150,644,000 | -46,331,000 | -139,179,000 | -298,594,000 | -32,388,000 | -138,838,000 | -43,809,000 | -286,586,000 | -69,045,000 | -389,785,000 | -232,222,000 | -455,028,000 | -308,922,000 | -515,584,000 | -368,756,000 | -546,516,000 | -321,554,000 | -324,791,000 | -268,338,000 | -348,357,000 | -160,444,000 | -718,799 | -247,387 | -185,694 | |
yoy | -8.94% | -565.12% | -66.63% | 217.69% | 4.19% | -53.09% | -64.38% | -81.13% | -37.02% | -77.65% | -24.40% | -37.03% | -16.74% | -3.93% | 58.74% | 37.42% | 56.88% | 100.42% | 45085.23% | 140714.59% | 86302.36% | |||||
qoq | -280.49% | -425.15% | -66.71% | -53.39% | 821.93% | -76.67% | 216.92% | -84.71% | 315.07% | -82.29% | 67.85% | -48.97% | 47.30% | -40.08% | 39.82% | -32.53% | 69.96% | -1.00% | 21.04% | -22.97% | 117.12% | 22221.12% | 33.22% | |||
operating margin % | -23.77% | 9.96% | -3.29% | -9.99% | -27.26% | -2.93% | -11.82% | -3.56% | -36.28% | -7.89% | -50.64% | -27.16% | -90.65% | -66.27% | -123.58% | -77.91% | -256.80% | -108.05% | -104.01% | -83.28% | -262.25% | -226.20% | -Infinity% | NaN% | -Infinity% | -Infinity% |
other income: | ||||||||||||||||||||||||||
interest income | -19,573,000 | 12,305,000 | 9,489,000 | 8,780,000 | 9,200,000 | 14,212,000 | 15,067,000 | 18,792,000 | 14,420,000 | 13,411,000 | 11,795,000 | 10,324,000 | 6,301,000 | 1,929,000 | 148,000 | 886,000 | -1,556,000 | 1,642,000 | 985,000 | 1,183,000 | 686,000 | -588,000 | ||||
gain on remeasurement of warrant liabilities | 4,233,000 | -5,851,000 | 2,495,000 | 3,337,000 | 21,000 | 9,791,000 | -12,716,000 | -7,751,000 | -20,041,000 | -17,035,000 | 9,197,000 | -6,797,000 | 14,315,000 | 12,681,000 | 32,970,000 | 7,091,000 | 16,984,000 | |||||||||
other gain | 16,720,000 | 24,459,000 | 22,000 | -17,713,000 | -4,620,000 | -446,000 | -735,000 | |||||||||||||||||||
income before income tax and equity method investments | -270,510,000 | 169,917,000 | -39,419,000 | |||||||||||||||||||||||
income tax provision | -12,065,000 | 11,790,000 | -5,600,000 | -11,133,000 | -1,287,000 | -73,570,000 | -351,000 | 6,860,000 | 1,291,000 | 651,000 | 1,368,000 | 9,714,000 | 3,177,000 | -81,226,000 | 469,000 | 6,615,000 | 3,845,000 | 2,404,000 | -4,595,000 | -323,000 | ||||||
loss from equity method investments | -1,657,000 | 191,000 | 45,000 | 619,750 | 50,000 | |||||||||||||||||||||
net income attributable to common stockholders | -256,788,000 | 157,936,000 | -33,864,000 | 63,822,000 | ||||||||||||||||||||||
yoy | 147.46% | |||||||||||||||||||||||||
qoq | -262.59% | -566.38% | ||||||||||||||||||||||||
net income margin % | -22.45% | 10.44% | -2.40% | 0% | 0% | 5.78% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | NaN% | NaN% | NaN% | NaN% |
earnings per share attributable to common stockholders: | ||||||||||||||||||||||||||
basic and diluted | -0.52 | -0.07 | ||||||||||||||||||||||||
interest expense | -11,640,000 | -5,094,000 | -760,000 | -872,000 | -678,000 | -649,000 | -688,000 | -670,000 | -666,000 | -655,000 | ||||||||||||||||
earnings per share attributable to common stockholders: | ||||||||||||||||||||||||||
basic | 0.32 | 0.13 | ||||||||||||||||||||||||
diluted | 0.3 | 0.1 | ||||||||||||||||||||||||
loss before income tax provision and loss from equity method investment | -145,535,000 | -294,865,000 | -9,509,000 | -143,249,000 | -37,492,000 | -281,804,000 | -76,296,000 | -395,661,000 | -232,567,000 | -447,267,000 | -298,251,000 | -464,873,000 | -298,673,750 | -540,981,000 | -302,928,000 | -350,786,000 | -161,032,000 | |||||||||
loss from equity method investment | 449,000 | 110,000 | 239,000 | -330,000 | 269,000 | 8,000 | 323,000 | 119,000 | 78,000 | 2,351,000 | -3,267,000 | 202,000 | 194,000 | 153,000 | 946,000 | -95,000 | -82,000 | |||||||||
net loss attributable to common stockholders | -134,851,000 | -293,688,000 | -142,568,000 | -44,621,000 | -283,103,000 | -77,270,000 | -397,148,000 | -242,697,000 | -450,494,000 | -217,103,000 | -467,693,000 | -326,297,000 | -545,028,000 | -305,526,000 | -346,344,000 | -266,400,000 | -347,753,000 | -161,437,000 | ||||||||
loss per share attributable to common stockholders: | ||||||||||||||||||||||||||
basic and diluted | -0.27 | -0.6 | -0.3 | -0.09 | -0.61 | -0.17 | -0.87 | -0.53 | -1 | -0.5 | -1.14 | -0.8 | -1.35 | -0.76 | -0.87 | -0.68 | -0.98 | -0.55 | ||||||||
loss on remeasurement of warrant liabilities | -18,094,000 | -26,980,000 | ||||||||||||||||||||||||
other income | -288,250 | -1,217,000 | 45,000 | 19,000 | -19,866,000 | 8,257,000 | -5,573,000 | 37,882,000 | ||||||||||||||||||
loss before income tax benefit | -144,292,750 | -347,671,000 | ||||||||||||||||||||||||
income tax benefit | -79,750 | 13,000 | ||||||||||||||||||||||||
general and administrative expenses | 718,799 | 247,387 | 185,694 | |||||||||||||||||||||||
other income - interest on trust account | 1,444,499 | 2,195,999 | 1,194,876 | |||||||||||||||||||||||
income before provision for income tax | 725,700 | 1,948,612 | 1,009,182 | |||||||||||||||||||||||
provision for income tax | -246,289 | -409,209 | -211,786 | |||||||||||||||||||||||
net income | 479,411 | 1,539,403 | 797,396 | |||||||||||||||||||||||
two class method: | ||||||||||||||||||||||||||
weighted-average number of class a common stock outstanding | 40,000,000 | 40,000,000 | 40,000,000 | |||||||||||||||||||||||
net income per common stock, class a - basic | 0.02 | |||||||||||||||||||||||||
weighted-average number of class a diluted stock outstanding | 43,805,838 | |||||||||||||||||||||||||
net income per common stock, class a - diluted | 0.02 | |||||||||||||||||||||||||
weighted-average number of class b common stock outstanding | 10,000,000 | 10,010,045 | 10,000,000 | |||||||||||||||||||||||
net loss per common stock, class b - basic and diluted | -0.04 | -0.01 | ||||||||||||||||||||||||
net income per common stock, class a - basic and diluted | 0.04 | 0.02 | ||||||||||||||||||||||||
weighted-average number of class a common | ||||||||||||||||||||||||||
stock outstanding | 40,000,000 | |||||||||||||||||||||||||
weighted-average number of class b common |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-09-30 |
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assets | ||||||||||||||||||||||||
current assets: | ||||||||||||||||||||||||
cash and cash equivalents | 1,228,275,000 | 1,261,969,000 | 1,119,740,000 | 788,287,000 | 877,822,000 | 815,880,000 | 1,192,662,000 | 1,270,503,000 | 1,111,596,000 | 1,113,715,000 | 1,087,668,000 | 1,309,172,000 | 1,382,651,000 | 1,514,371,000 | 1,772,892,000 | 2,152,892,000 | 2,394,865,000 | 2,646,500,000 | 2,818,128,000 | 1,817,258,000 | 1,140,907,000 | 1,244,266,000 | 157,758 | 76,533,000 |
restricted cash | 4,593,000 | 4,616,000 | 16,752,000 | 16,499,000 | 13,807,000 | 12,844,000 | 12,454,000 | 11,700,000 | ||||||||||||||||
cash reserved for users | 475,319,000 | 297,369,000 | 408,489,000 | 525,407,000 | 264,886,000 | 244,760,000 | 278,141,000 | 341,290,000 | 475,984,000 | 381,097,000 | 436,935,000 | 469,653,000 | 581,355,000 | 426,169,000 | 464,854,000 | 476,950,000 | 480,168,000 | 314,257,000 | 305,732,000 | 287,718,000 | 257,432,000 | 131,995,000 | 144,000,000 | |
receivables reserved for users | 55,917,000 | 67,623,000 | 80,950,000 | 62,542,000 | 341,817,000 | 237,331,000 | 265,961,000 | 301,770,000 | 209,485,000 | 109,153,000 | 124,536,000 | 160,083,000 | 89,454,000 | 56,820,000 | 55,946,000 | 51,949,000 | 30,118,000 | 24,915,000 | 24,036,000 | 30,249,000 | 29,099,000 | 15,060,000 | 19,828,000 | |
accounts receivable | 65,555,000 | 68,950,000 | 66,577,000 | 57,839,000 | 64,358,000 | 65,011,000 | 53,321,000 | 47,539,000 | 27,778,000 | 32,401,000 | 41,423,000 | 40,991,000 | 45,060,000 | 48,211,000 | 45,101,000 | 46,290,000 | 48,359,000 | 44,522,000 | 46,084,000 | 35,104,000 | 10,016,000 | |||
prepaid expenses and other current assets | 115,370,000 | 86,172,000 | 108,293,000 | 83,187,000 | 81,207,000 | 147,007,000 | 135,434,000 | 98,565,000 | 143,079,000 | 82,655,000 | 115,194,000 | 94,836,000 | 98,627,000 | 95,249,000 | 56,562,000 | 25,675,000 | 34,820,000 | 25,002,000 | 15,226,000 | 14,558,000 | 12,334,000 | 24,696,000 | 10,771,000 | |
total current assets | 1,945,029,000 | 1,786,699,000 | 1,800,801,000 | 1,533,761,000 | 1,643,897,000 | 1,522,833,000 | 1,937,973,000 | 2,071,367,000 | 1,967,922,000 | 1,719,021,000 | 1,805,756,000 | 2,084,841,000 | 2,193,078,000 | 2,137,669,000 | 2,398,465,000 | 2,753,330,000 | 2,985,072,000 | 3,056,964,000 | 3,211,481,000 | 2,194,305,000 | 1,485,856,000 | 1,451,121,000 | 251,091 | 261,148,000 |
property and equipment | 52,091,000 | 53,214,000 | 53,416,000 | 50,550,000 | 52,924,000 | 57,425,000 | 59,797,000 | 60,695,000 | 64,927,000 | 59,934,000 | 62,273,000 | 60,102,000 | 58,226,000 | 53,926,000 | 49,734,000 | 46,019,000 | 45,484,000 | 43,352,000 | 42,985,000 | 40,827,000 | 39,482,000 | 37,002,000 | 25,945,000 | |
intangible assets | 861,041,000 | 879,996,000 | 904,525,000 | 933,121,000 | 891,910,000 | 949,381,000 | 682,350,000 | 690,620,000 | 718,958,000 | 734,633,000 | 754,509,000 | 776,934,000 | 788,647,000 | 810,525,000 | 523,023,000 | 535,017,000 | 516,943,000 | 540,664,000 | 532,077,000 | 555,930,000 | 549,252,000 | 542,095,000 | 33,939,000 | |
goodwill | 1,555,116,000 | 1,555,116,000 | 1,555,116,000 | 1,555,116,000 | 1,456,009,000 | 1,456,009,000 | 886,373,000 | 886,373,000 | 886,373,000 | 886,373,000 | 886,373,000 | 886,373,000 | 894,019,000 | 894,019,000 | 615,655,000 | 615,655,000 | 626,090,000 | 631,408,000 | 612,479,000 | 569,603,000 | 486,327,000 | 480,578,000 | 4,738,000 | |
operating lease right-of-use assets | 66,103,000 | 69,066,000 | 71,929,000 | 74,917,000 | 83,292,000 | 89,516,000 | 90,554,000 | 93,985,000 | 77,180,000 | 58,349,000 | 60,804,000 | 65,957,000 | 74,703,000 | 77,338,000 | 61,169,000 | 63,831,000 | 67,834,000 | 70,355,000 | 73,022,000 | 68,077,000 | ||||
equity method investments | 19,388,000 | 13,882,000 | 13,155,000 | 13,200,000 | 12,598,000 | 11,141,000 | 11,380,000 | 10,280,000 | 9,630,000 | 10,080,000 | 8,746,000 | |||||||||||||
deposits and other non-current assets | 125,467,000 | 116,329,000 | 116,871,000 | 123,060,000 | 132,346,000 | 131,877,000 | 132,226,000 | 131,546,000 | 136,526,000 | 138,316,000 | 159,598,000 | 155,865,000 | 174,634,000 | 171,491,000 | 90,795,000 | 45,377,000 | 12,826,000 | 11,152,000 | 8,305,000 | 7,632,000 | 3,601,000 | 3,105,000 | 2,434,000 | |
total assets | 4,624,235,000 | 4,474,302,000 | 4,515,813,000 | 4,283,725,000 | 4,272,976,000 | 4,218,182,000 | 3,800,653,000 | 3,944,866,000 | 3,861,516,000 | 3,606,264,000 | 3,739,274,000 | 4,040,152,000 | 4,192,053,000 | 4,153,764,000 | 3,746,315,000 | 4,069,054,000 | 4,259,057,000 | 4,358,856,000 | 4,483,151,000 | 3,439,329,000 | 2,566,659,000 | 2,516,137,000 | 405,253,325 | 330,725,000 |
liabilities and stockholders’ equity | ||||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||||
accounts payable and accrued expenses | 711,386,000 | 553,162,000 | 577,077,000 | 661,245,000 | 700,720,000 | 573,512,000 | 605,880,000 | 639,599,000 | 594,067,000 | 436,265,000 | 508,725,000 | 517,587,000 | 560,794,000 | 414,680,000 | 379,254,000 | 387,737,000 | 416,537,000 | 294,596,000 | 295,306,000 | 223,633,000 | 226,322,000 | 122,946,000 | 1,495,374 | 85,295,000 |
liabilities to users | 1,022,352,000 | 724,969,000 | 863,056,000 | 979,453,000 | 930,614,000 | 720,668,000 | 770,535,000 | 851,898,000 | 856,334,000 | 600,146,000 | 670,456,000 | 686,173,000 | 670,784,000 | 482,940,000 | 520,775,000 | 528,874,000 | 510,261,000 | 339,146,000 | 329,742,000 | 317,942,000 | 286,506,000 | 147,031,000 | 163,035,000 | |
operating lease liabilities, current portion | 11,464,000 | 11,361,000 | 11,084,000 | 10,993,000 | 11,277,000 | 11,482,000 | 11,274,000 | 11,499,000 | 12,132,000 | 3,305,000 | 3,975,000 | 4,253,000 | 5,645,000 | 5,726,000 | 12,911,000 | 12,814,000 | 13,110,000 | 13,288,000 | 13,370,000 | 12,837,000 | ||||
other current liabilities | 31,130,000 | 45,061,000 | 47,656,000 | 3,300,000 | 4,124,000 | 68,078,000 | 53,921,000 | 46,624,000 | 65,930,000 | 37,520,000 | 48,733,000 | 38,444,000 | 47,951,000 | 17,283,000 | ||||||||||
total current liabilities | 1,776,332,000 | 1,334,553,000 | 1,498,873,000 | 1,654,991,000 | 1,646,735,000 | 1,373,740,000 | 1,441,610,000 | 1,549,620,000 | 1,528,463,000 | 1,077,236,000 | 1,231,889,000 | 1,246,457,000 | 1,285,174,000 | 920,629,000 | 912,940,000 | 929,425,000 | 939,908,000 | 647,030,000 | 638,418,000 | 554,412,000 | 512,828,000 | 269,977,000 | 1,495,374 | 255,080,000 |
convertible notes, net of issuance costs | 1,258,424,000 | 1,257,751,000 | 1,257,086,000 | 1,256,429,000 | 1,255,757,000 | 1,255,086,000 | 1,254,408,000 | 1,253,760,000 | 1,253,089,000 | 1,252,420,000 | 1,251,758,000 | 1,251,103,000 | 1,250,434,000 | 1,249,766,000 | 1,249,106,000 | 1,248,452,000 | ||||||||
term b loan, net of issuance costs | 577,522,000 | 578,499,000 | 585,483,000 | |||||||||||||||||||||
operating lease liabilities | 59,181,000 | 62,332,000 | ||||||||||||||||||||||
warrant liabilities | 7,367,000 | 14,205,000 | 10,566,000 | 22,033,000 | 25,439,000 | 25,477,000 | 35,485,000 | 63,568,000 | 53,695,000 | 46,286,000 | 27,715,000 | 10,680,000 | 19,877,000 | 13,081,000 | 14,230,000 | 26,911,000 | 63,843,000 | 71,953,000 | 90,862,000 | |||||
long-term income tax liabilities | 88,043,000 | 84,328,000 | 75,443,000 | 76,375,000 | 73,835,000 | 71,639,000 | 72,810,000 | 69,858,000 | 79,125,000 | |||||||||||||||
other long-term liabilities | 125,080,000 | 133,006,000 | 150,156,000 | 195,611,000 | 119,332,000 | 115,649,000 | 87,958,000 | 83,975,000 | 79,668,000 | 78,130,000 | 74,428,000 | 70,029,000 | 57,447,000 | 54,369,000 | 51,035,000 | 49,272,000 | 44,835,000 | 49,779,000 | 48,421,000 | 47,287,000 | 59,088,000 | 54,872,000 | 56,862,000 | |
total liabilities | 3,891,949,000 | 3,464,674,000 | 3,642,898,000 | 3,273,099,000 | 3,196,860,000 | 2,919,753,000 | 2,969,674,000 | 3,104,560,000 | 3,060,094,000 | 2,587,773,000 | 2,721,494,000 | 2,717,459,000 | 2,756,937,000 | 2,389,880,000 | 2,360,715,000 | 2,390,526,000 | 2,432,890,000 | 2,153,504,000 | 2,161,921,000 | 742,540,000 | 571,916,000 | 324,849,000 | 15,495,374 | 380,305,000 |
commitments and contingent liabilities | ||||||||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||||||||
class a common stock, 0.0001 par value... | 48,000 | 48,000 | 48,000 | 48,000 | 47,000 | 47,000 | 46,000 | 46,000 | 46,000 | 46,000 | 46,000 | 45,000 | 45,000 | 42,000 | 40,000 | 40,000 | 40,000 | 35,000 | 35,000 | 152 | 18,000 | |||
class b common stock, 0.0001 par value... | 39,000 | 39,000 | 39,000 | 39,000 | 39,000 | 39,000 | 39,000 | 39,000 | 39,000 | 39,000 | 39,000 | 39,000 | 39,000 | 39,000 | 39,000 | 39,000 | 39,000 | 39,000 | 39,000 | 1,000 | ||||
treasury stock | -1,010,579,000 | -907,739,000 | -779,742,000 | -563,146,000 | -490,352,000 | -470,094,000 | -445,681,000 | -412,182,000 | -391,484,000 | -373,317,000 | -359,491,000 | -328,626,000 | -324,090,000 | -320,697,000 | -303,118,000 | -298,681,000 | -291,908,000 | |||||||
additional paid-in capital | 8,280,234,000 | 8,197,948,000 | 8,091,174,000 | 7,978,425,000 | 7,836,271,000 | 7,744,638,000 | 7,316,598,000 | 7,149,858,000 | 7,045,655,000 | 6,961,454,000 | 6,869,647,000 | 6,616,274,000 | 6,490,012,000 | 5,891,235,000 | 5,505,908,000 | 5,322,530,000 | 5,133,806,000 | 3,517,200,000 | 3,395,129,000 | 2,210,029 | 949,186,000 | |||
accumulated deficit | -6,573,944,000 | -6,317,156,000 | -6,475,092,000 | -6,441,228,000 | -6,306,377,000 | -6,012,689,000 | -6,076,511,000 | -5,933,943,000 | -5,889,322,000 | -5,606,219,000 | -5,528,949,000 | -4,889,104,000 | -4,438,610,000 | -4,221,507,000 | -3,427,517,000 | -2,882,489,000 | -2,576,963,000 | -1,576,654,000 | -1,228,901,000 | -998,784,000 | ||||
accumulated other comprehensive income | 36,488,000 | 36,488,000 | 36,488,000 | 36,488,000 | 36,488,000 | 36,488,000 | 36,488,000 | 36,488,000 | 36,488,000 | 36,488,000 | 36,488,000 | 36,488,000 | 36,488,000 | 36,488,000 | 50,815,000 | 63,913,000 | 56,216,000 | 54,123,000 | 24,986,000 | |||||
total stockholders’ equity | 732,286,000 | 1,009,628,000 | 872,915,000 | 1,010,626,000 | 1,076,116,000 | 1,298,429,000 | 830,979,000 | 840,306,000 | 801,422,000 | 1,018,491,000 | 1,017,780,000 | 1,435,116,000 | 1,763,884,000 | 1,385,600,000 | 1,826,167,000 | 2,205,352,000 | 2,321,230,000 | 1,994,743,000 | 2,191,288,000 | -49,580,000 | ||||
total liabilities and stockholders’ equity | 4,624,235,000 | 4,474,302,000 | 4,515,813,000 | 4,283,725,000 | 4,272,976,000 | 4,218,182,000 | 3,800,653,000 | 3,944,866,000 | 3,861,516,000 | 3,606,264,000 | 3,739,274,000 | 4,192,053,000 | 4,153,764,000 | 3,746,315,000 | 4,259,057,000 | 4,358,856,000 | 4,483,151,000 | 2,566,659,000 | 2,516,137,000 | 330,725,000 | ||||
non-current operating lease liabilities | 65,291,000 | 67,660,000 | 75,762,000 | 78,162,000 | 78,930,000 | 80,827,000 | 76,926,000 | 64,418,000 | 66,466,000 | 69,332,000 | 76,080,000 | 78,176,000 | 54,457,000 | 57,341,000 | 60,904,000 | 64,036,000 | 66,811,000 | 68,775,000 | ||||||
stockholders' equity: | ||||||||||||||||||||||||
long-term income tax liability | 71,283,000 | 68,253,000 | 69,283,000 | 69,238,000 | 67,925,000 | 73,859,000 | 78,947,000 | 75,615,000 | 73,588,000 | 70,296,000 | 72,066,000 | |||||||||||||
equity method investment | 9,638,000 | 9,961,000 | 8,796,000 | 7,474,000 | 9,825,000 | 4,808,000 | 4,961,000 | 2,802,000 | 2,955,000 | 2,141,000 | 2,236,000 | 2,521,000 | ||||||||||||
accounts receivables | 51,097,000 | 45,864,000 | ||||||||||||||||||||||
convertible notes | 1,247,785,000 | 1,247,118,000 | 1,247,113,000 | |||||||||||||||||||||
stockholders' equity | ||||||||||||||||||||||||
revolving credit line | 6,750,000 | |||||||||||||||||||||||
convertible promissory notes | 68,363,000 | |||||||||||||||||||||||
stockholders’ equity | ||||||||||||||||||||||||
1 | ||||||||||||||||||||||||
stockholder’s equity | ||||||||||||||||||||||||
revenue | 70,931,000 | |||||||||||||||||||||||
cost of revenue | 47,330,000 | |||||||||||||||||||||||
sales and marketing | 46,188,000 | |||||||||||||||||||||||
product and technology | 30,549,000 | |||||||||||||||||||||||
general and administrative | 107,308,000 | |||||||||||||||||||||||
income from operations | -160,444,000 | |||||||||||||||||||||||
other income: | ||||||||||||||||||||||||
interest income | -588,000 | |||||||||||||||||||||||
income before income tax provision and income from equity method investment | -161,032,000 | |||||||||||||||||||||||
income tax provision | -323,000 | |||||||||||||||||||||||
income from equity method investment | -82,000 | |||||||||||||||||||||||
net income attributable to common stockholders | -161,437,000 | |||||||||||||||||||||||
loss per share attributable to common stockholders: | ||||||||||||||||||||||||
basic and diluted | -550 | |||||||||||||||||||||||
assets: | ||||||||||||||||||||||||
prepaid expenses | 93,333 | |||||||||||||||||||||||
cash and investments held in trust account | 405,002,234 | |||||||||||||||||||||||
liabilities and stockholders' equity: | ||||||||||||||||||||||||
deferred underwriting compensation | 14,000,000 | |||||||||||||||||||||||
class a common stock | 384,757,950 | |||||||||||||||||||||||
preferred stock, 0.0001 par value... | ||||||||||||||||||||||||
retained earnings | 2,788,820 | |||||||||||||||||||||||
total stockholders' equity | 5,000,001 | |||||||||||||||||||||||
total liabilities and stockholders' equity | 405,253,325 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-09-30 | 2019-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||||||||||
net income attributable to common stockholders | -256,788,000 | 157,936,000 | -33,864,000 | ||||||||||||||||||||||
adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||||||||||||||||
depreciation and amortization | 66,071,000 | 65,299,000 | 70,116,000 | 66,099,000 | 89,952,000 | 61,623,000 | 53,180,000 | 55,198,000 | 50,245,000 | 48,264,000 | 48,213,000 | 48,623,000 | 46,089,000 | 42,315,000 | 32,225,000 | 32,538,000 | 30,356,000 | 30,051,000 | 28,193,000 | 27,443,000 | 26,595,000 | ||||
non-cash interest expense | -566,000 | 1,315,000 | 909,000 | -42,000 | 59,000 | 940,000 | -176,000 | -535,000 | 157,000 | -115,000 | 54,000 | 277,000 | 654,000 | 667,000 | 667,000 | 663,000 | 112,000 | 0 | 3,000 | ||||||
stock-based compensation | 72,473,000 | 84,701,000 | 78,846,000 | 110,060,000 | |||||||||||||||||||||
loss on remeasurement of warrant liabilities | -4,233,000 | 5,851,000 | -2,495,000 | -3,337,000 | -21,000 | -9,791,000 | 18,094,000 | 12,716,000 | 7,751,000 | 20,041,000 | 17,035,000 | 6,797,000 | -14,315,000 | -12,681,000 | -32,970,000 | -7,091,000 | -16,984,000 | 26,980,000 | |||||||
loss from equity method investment | -1,657,000 | 191,000 | 45,000 | 449,000 | 110,000 | 239,000 | -330,000 | 269,000 | 8,000 | 323,000 | 119,000 | 78,000 | 2,351,000 | -3,267,000 | 202,000 | 194,000 | 153,000 | 186,000 | 95,000 | ||||||
loss on sale of vegas sports information network, llc | 48,000 | ||||||||||||||||||||||||
deferred income taxes | -3,617,000 | -730,000 | 826,000 | -12,129,000 | -842,000 | -80,302,000 | 540,000 | 1,322,000 | 2,534,000 | -261,000 | 2,254,000 | 4,644,000 | -1,395,000 | -76,912,000 | 256,000 | -3,772,000 | -2,189,000 | -1,444,000 | -8,104,000 | -1,735,000 | -343,000 | ||||
other non-cash loss | -18,486,000 | ||||||||||||||||||||||||
change in operating assets and liabilities, net of effect of acquisitions: | |||||||||||||||||||||||||
receivables reserved for users | 11,706,000 | 13,327,000 | -18,408,000 | 279,275,000 | -104,486,000 | 37,722,000 | 35,809,000 | -92,285,000 | -100,332,000 | 15,383,000 | 35,547,000 | -70,629,000 | -32,634,000 | 1,940,000 | -3,997,000 | -21,831,000 | -5,203,000 | -879,000 | 6,213,000 | -1,150,000 | -14,039,000 | ||||
accounts receivable | -6,562,000 | -2,373,000 | -8,738,000 | 3,676,000 | 702,000 | -8,712,000 | -5,782,000 | 4,878,000 | 9,622,000 | 9,674,000 | -11,328,000 | 4,069,000 | 12,112,000 | -2,347,000 | -1,366,000 | 572,000 | 3,187,000 | -4,180,000 | 1,625,000 | -9,080,000 | |||||
prepaid expenses and other current assets | -29,178,000 | 22,562,000 | -25,106,000 | -5,562,000 | 1,994,000 | 6,874,000 | -29,572,000 | 23,208,000 | -32,014,000 | 21,326,000 | -10,069,000 | -5,548,000 | 26,905,000 | -16,687,000 | -30,887,000 | 9,015,000 | -9,957,000 | -8,617,000 | -519,000 | 618,000 | 2,721,000 | ||||
deposits and other non-current assets | 730,000 | 2,396,000 | 363,000 | 1,255,000 | 625,000 | 23,000 | -202,000 | -15,372,000 | 2,254,000 | -2,773,000 | -3,464,000 | -2,932,000 | -1,854,000 | 358,000 | -493,000 | -1,698,000 | -1,816,000 | -1,417,000 | -1,527,000 | -3,666,000 | -410,000 | ||||
accounts payable and accrued expenses | 153,429,000 | -29,491,000 | -68,950,000 | -62,835,000 | 126,789,000 | -67,813,000 | -14,341,000 | 24,546,000 | 158,980,000 | -73,641,000 | -6,292,000 | -33,964,000 | 144,892,000 | 428,000 | -16,087,000 | -26,808,000 | 121,426,000 | 1,917,000 | 71,392,000 | -8,686,000 | 100,574,000 | 11,683,760 | 2,240 | ||
liabilities to users | 297,383,000 | -138,087,000 | -116,397,000 | 48,839,000 | 209,946,000 | -66,744,000 | -81,363,000 | -4,436,000 | 256,188,000 | -70,310,000 | -15,717,000 | 16,335,000 | 187,845,000 | -43,096,000 | -8,099,000 | 18,613,000 | 171,115,000 | 9,404,000 | 11,800,000 | 31,436,000 | 139,475,000 | ||||
long-term income tax liability | 3,715,000 | 8,885,000 | -932,000 | 2,540,000 | 2,196,000 | 356,000 | -1,527,000 | 4,557,000 | -1,030,000 | 45,000 | -620,000 | 1,933,000 | -5,934,000 | -5,088,000 | -178,000 | 5,438,000 | 3,915,000 | 2,352,000 | 1,522,000 | ||||||
other long-term liabilities | 1,772,000 | 1,712,000 | 2,903,000 | 17,131,000 | 2,751,000 | 1,975,000 | 3,412,000 | 5,975,000 | -996,000 | 3,963,000 | 2,145,000 | 5,907,000 | 4,473,000 | 3,496,000 | 1,507,000 | 6,602,000 | -2,739,000 | -1,085,000 | 2,968,000 | 3,126,000 | 4,326,000 | ||||
net cash flows from operating activities | 287,477,000 | 173,921,000 | -119,016,000 | 325,189,000 | 133,584,000 | 29,389,000 | -70,395,000 | 72,067,000 | 145,395,000 | -17,721,000 | -201,492,000 | 52,242,000 | -172,585,000 | -356,718,000 | -172,247,000 | -70,886,000 | -98,624,000 | -77,751,000 | -96,584,000 | -106,320,000 | |||||
cash flows from investing activities: | |||||||||||||||||||||||||
purchases of property and equipment | -4,433,000 | -4,316,000 | -2,647,000 | -2,028,000 | -2,702,000 | -2,421,000 | -3,025,000 | -1,017,000 | -10,236,000 | -2,555,000 | -7,094,000 | -12,499,000 | -5,446,000 | -5,843,000 | -8,614,000 | -4,754,000 | -4,950,000 | -3,832,000 | -2,389,000 | -3,519,000 | -4,897,000 | ||||
cash paid for internally developed software costs | -33,018,000 | -29,166,000 | -31,248,000 | -24,639,000 | -26,987,000 | -21,407,000 | -22,665,000 | -20,372,000 | -20,719,000 | -19,868,000 | -19,419,000 | -17,517,000 | -17,094,000 | -16,224,000 | -13,195,000 | -15,300,000 | -11,753,000 | -10,803,000 | -8,686,000 | -8,668,000 | |||||
cash paid for gaming market access and licenses | -2,109,000 | ||||||||||||||||||||||||
cash paid for acquisitions, net of cash acquired | 0 | 0 | -1,000 | 0 | |||||||||||||||||||||
other investing activities | -2,271,000 | -1,172,000 | -3,495,000 | -2,601,000 | 652,000 | -393,000 | -1,915,000 | -919,000 | 1,000 | -793,000 | 311,000 | -3,524,000 | -1,393,000 | -2,708,000 | -989,000 | -3,026,000 | -50,000 | ||||||||
net cash flows from investing activities | -41,831,000 | -35,259,000 | -39,019,000 | -78,417,000 | -31,650,000 | -417,335,000 | -39,199,000 | -23,442,000 | -39,966,000 | 612,000 | -27,564,000 | -24,464,000 | -124,403,000 | -23,065,000 | -76,327,000 | -18,116,000 | -48,658,000 | -51,921,000 | -15,708,000 | -12,981,000 | |||||
cash flows from financing activities: | |||||||||||||||||||||||||
proceeds from term b loan | 0 | 0 | 588,116,000 | ||||||||||||||||||||||
repayment of term b loan principal | -1,500,000 | ||||||||||||||||||||||||
purchase of treasury stock for rsu withholding | -31,628,000 | -27,534,000 | -74,318,000 | ||||||||||||||||||||||
purchase of treasury stock under stock repurchase program | -71,212,000 | -100,463,000 | -142,278,000 | ||||||||||||||||||||||
proceeds from exercise of stock options | 2,927,000 | 2,908,000 | 3,396,000 | 2,367,000 | 1,355,000 | 2,586,000 | 2,857,000 | 7,698,000 | 5,506,000 | 1,144,000 | 2,192,000 | 3,618,000 | 224,000 | 3,131,000 | 1,770,000 | 6,361,000 | 6,664,000 | 10,816,000 | 7,638,000 | 17,525,000 | 3,996,000 | ||||
proceeds from shares issued under employee stock purchase plan | 0 | ||||||||||||||||||||||||
other financing activities | 0 | ||||||||||||||||||||||||
net cash flows from financing activities | -101,413,000 | -119,689,000 | 372,823,000 | -73,094,000 | -18,903,000 | -21,827,000 | -30,642,000 | -12,712,000 | -12,661,000 | -12,682,000 | -25,166,000 | 111,000 | -4,312,000 | -218,000 | -12,313,000 | 4,684,000 | 2,218,000 | 3,143,000 | 1,128,768,000 | 790,359,000 | 14,840,000 | ||||
net increase in cash and cash equivalents, restricted cash, and cash reserved for users | 144,233,000 | 18,973,000 | 214,788,000 | ||||||||||||||||||||||
cash and cash equivalents, restricted cash, and cash reserved for users at the beginning of period | 0 | 0 | 1,330,193,000 | 0 | 0 | 0 | 1,623,493,000 | ||||||||||||||||||
cash and cash equivalents, restricted cash, and cash reserved for users at the end of period | 144,233,000 | 18,973,000 | 1,544,981,000 | 173,678,000 | 83,031,000 | -409,773,000 | 1,483,257,000 | ||||||||||||||||||
disclosure of cash and cash equivalents, restricted cash, and cash reserved for users | |||||||||||||||||||||||||
cash and cash equivalents | -33,694,000 | 142,229,000 | 1,119,740,000 | -89,535,000 | 61,942,000 | -376,782,000 | 1,192,662,000 | 158,907,000 | -2,119,000 | 26,047,000 | 1,087,668,000 | -73,479,000 | -131,720,000 | -258,521,000 | 1,772,892,000 | -241,973,000 | -251,635,000 | ||||||||
restricted cash | -23,000 | -12,136,000 | 16,752,000 | 2,692,000 | 963,000 | 390,000 | 12,454,000 | ||||||||||||||||||
cash reserved for users | 177,950,000 | -111,120,000 | 408,489,000 | 260,521,000 | 20,126,000 | -33,381,000 | 278,141,000 | -134,694,000 | 94,887,000 | -55,838,000 | 436,935,000 | -111,702,000 | 155,186,000 | -38,685,000 | 464,854,000 | -3,218,000 | 165,911,000 | 332,271,000 | -18,014,000 | -30,286,000 | -125,437,000 | ||||
supplemental disclosure of noncash investing and financing activities: | |||||||||||||||||||||||||
investing activities included in accounts payable and accrued expenses | 1,875,000 | 2,659,000 | -1,575,000 | 79,000 | 1,021,000 | 688,000 | |||||||||||||||||||
equity consideration issued in connection with acquisitions | 0 | ||||||||||||||||||||||||
decrease of warrant liabilities from cashless exercise of warrants | 2,605,000 | 2,212,000 | 8,973,000 | 18,000 | 217,000 | 46,181,000 | 342,000 | ||||||||||||||||||
shares issued for contingent consideration | 0 | ||||||||||||||||||||||||
stock-based compensation capitalized to internally developed software costs | |||||||||||||||||||||||||
supplemental disclosure of cash activities: | |||||||||||||||||||||||||
increase in cash reserved for users | 177,950,000 | -111,120,000 | -116,918,000 | 20,126,000 | -134,694,000 | ||||||||||||||||||||
cash paid for interest | 9,209,000 | 6,282,000 | 3,139,000 | 0 | |||||||||||||||||||||
non-cash interest income | -652,000 | -633,000 | |||||||||||||||||||||||
operating leases | -15,000 | -23,000 | 134,000 | 34,000 | 4,651,000 | 450,000 | -407,000 | 1,864,000 | 606,000 | 458,000 | 365,000 | -125,000 | 153,000 | -780,000 | -193,000 | -239,000 | |||||||||
adjustments to reconcile net loss to net cash flows from operating activities: | |||||||||||||||||||||||||
other expenses (income) | 2,499,000 | ||||||||||||||||||||||||
acquisition of gaming licenses | -1,629,000 | -163,000 | -2,125,000 | -1,101,000 | -11,594,000 | -1,134,000 | -9,012,000 | -597,000 | -1,362,000 | -3,294,000 | -531,000 | -3,121,000 | -267,000 | -28,246,000 | -1,363,000 | -5,895,000 | -305,000 | 930,000 | -282,000 | ||||||
other financing | -2,093,000 | ||||||||||||||||||||||||
net loss attributable to common shareholders | -134,851,000 | -293,688,000 | 63,822,000 | -142,568,000 | |||||||||||||||||||||
loss on marketable equity securities and other financial assets | 0 | 0 | -61,000 | 136,000 | |||||||||||||||||||||
proceeds from marketable equity securities and other financial assets | 0 | ||||||||||||||||||||||||
cash flow from financing activities: | |||||||||||||||||||||||||
proceeds from exercise of warrants | |||||||||||||||||||||||||
net decrease in cash and cash equivalents, restricted cash, and cash reserved for users | 173,678,000 | 83,031,000 | -409,773,000 | -140,236,000 | |||||||||||||||||||||
other income (expenses) | 2,712,000 | ||||||||||||||||||||||||
cash paid for acquisition, net of cash acquired | -488,000 | -40,541,000 | |||||||||||||||||||||||
purchase of treasury stock | -20,258,000 | -24,413,000 | -33,499,000 | -20,698,000 | -18,167,000 | -13,826,000 | -27,358,000 | -3,507,000 | -4,536,000 | -3,393,000 | -14,083,000 | -3,496,000 | -4,437,000 | -6,773,000 | -3,124,000 | ||||||||||
stock-based compensation expense | 90,220,000 | 93,535,000 | 113,517,000 | 78,353,000 | 89,193,000 | 117,400,000 | 130,163,000 | 126,038,000 | 135,521,000 | 187,077,000 | 175,664,000 | 171,739,000 | 151,843,000 | ||||||||||||
other expenses | 627,000 | 2,498,000 | 1,405,000 | -623,000 | -2,726,000 | -2,442,000 | -1,899,000 | -768,000 | |||||||||||||||||
change in operating assets and liabilities: | |||||||||||||||||||||||||
decrease in cash reserved for users | -63,149,000 | 121,274,000 | -32,718,000 | ||||||||||||||||||||||
accounts receivables | |||||||||||||||||||||||||
proceeds from (purchase of) marketable equity securities and other financial assets | |||||||||||||||||||||||||
proceeds from issuance of convertible notes | 909,000 | -9,000 | -900,000 | 1,248,025,000 | |||||||||||||||||||||
purchase of capped call options | 0 | 0 | 0 | -123,970,000 | |||||||||||||||||||||
effect of foreign exchange rates on cash and cash equivalents, restricted cash, and cash reserved for users | |||||||||||||||||||||||||
equity consideration issued for acquisitions | |||||||||||||||||||||||||
decrease in warrant liabilities from cashless exercise of warrants | |||||||||||||||||||||||||
cash paid for income taxes, net of refunds | |||||||||||||||||||||||||
operating activities: | |||||||||||||||||||||||||
net loss | -283,103,000 | -77,270,000 | -397,148,000 | -450,494,000 | -217,103,000 | -467,693,000 | -326,297,000 | -545,028,000 | -305,526,000 | -346,344,000 | -266,400,000 | -347,753,000 | |||||||||||||
change in operating assets and liabilities, net of business combinations: | |||||||||||||||||||||||||
investing activities: | |||||||||||||||||||||||||
financing activities: | |||||||||||||||||||||||||
proceeds from shares issued for warrants | 0 | 494,000 | 0 | 0 | 199,000 | 526,000 | 10,844,000 | ||||||||||||||||||
net decrease in cash and cash equivalents and restricted cash | 92,768,000 | -29,791,000 | -254,222,000 | ||||||||||||||||||||||
cash and cash equivalents and restricted cash at the beginning of period | 0 | 0 | 1,778,825,000 | 0 | 0 | 0 | 2,629,842,000 | 0 | 0 | ||||||||||||||||
cash and cash equivalents and restricted cash, end of period | 92,768,000 | -29,791,000 | 1,524,603,000 | -185,181,000 | 23,466,000 | -297,206,000 | 2,237,746,000 | -245,191,000 | -85,724,000 | ||||||||||||||||
disclosure of cash, cash equivalents and restricted cash: | |||||||||||||||||||||||||
total cash, cash equivalents and restricted cash, end of period | 92,768,000 | -29,791,000 | 1,524,603,000 | -185,181,000 | 23,466,000 | -297,206,000 | 2,237,746,000 | -245,191,000 | -85,724,000 | ||||||||||||||||
investing activities included in changes in accounts payable and accrued expenses | -1,045,000 | 1,316,000 | -679,000 | ||||||||||||||||||||||
net income | 479,411 | 2,336,124 | 796,721 | ||||||||||||||||||||||
adjustments to reconcile net income to net cash flows used in operating activities: | |||||||||||||||||||||||||
(gain) loss on remeasurement of warrant liabilities | |||||||||||||||||||||||||
gain from equity method investment | |||||||||||||||||||||||||
gain on marketable equity securities and other financial assets | |||||||||||||||||||||||||
other incomes | |||||||||||||||||||||||||
net cash flows used in operating activities | |||||||||||||||||||||||||
purchase of marketable equity securities and other financial assets | |||||||||||||||||||||||||
net cash flows used in investing activities | |||||||||||||||||||||||||
proceeds from revolving credit line | |||||||||||||||||||||||||
repayments of revolving credit line | |||||||||||||||||||||||||
cash buyout of unaccredited investors | 0 | 0 | |||||||||||||||||||||||
issuance costs related to merger recapitalization | 0 | 0 | |||||||||||||||||||||||
proceeds from recapitalization of deac shares, net of issuance costs | 1,826,000 | 0 | |||||||||||||||||||||||
proceeds from issuance of class a common stock, net of issuance costs | 1,059,267,000 | 0 | |||||||||||||||||||||||
effect of foreign exchange rates on cash and cash equivalents and restricted cash | -1,301,000 | 1,060,000 | |||||||||||||||||||||||
net increase in cash, cash equivalents and restricted cash | 1,000,870,000 | 676,351,000 | -103,359,000 | ||||||||||||||||||||||
conversion of convertible notes and accrued interest to common shares | 0 | ||||||||||||||||||||||||
increase in net liabilities acquired from deac | 0 | ||||||||||||||||||||||||
loss from equity method investments | |||||||||||||||||||||||||
gain on equity securities and other financial assets | -675,000 | 5,625,000 | -37,433,000 | ||||||||||||||||||||||
change in operating assets and liabilities, net of effect of business combinations: | |||||||||||||||||||||||||
net increase in cash and cash equivalents and restricted cash | 23,466,000 | -297,206,000 | -392,096,000 | -85,724,000 | |||||||||||||||||||||
change in operating assets and liabilities, net of effect of business combination: | |||||||||||||||||||||||||
stock-based compensation expense, including value of class b common shares | 148,676,000 | 117,034,000 | |||||||||||||||||||||||
gain on initial equity method investment | |||||||||||||||||||||||||
settlement liability | |||||||||||||||||||||||||
proceeds from issuance of redeemable convertible stock | |||||||||||||||||||||||||
repurchase of preferred stock | |||||||||||||||||||||||||
non-cash redemption of series f redeemable convertible preferred to stock through issuance of promissory note | |||||||||||||||||||||||||
increase in accounts payable and accrued expenses from gaming licenses | |||||||||||||||||||||||||
increase in accounts payable and accrued expenses from property and equipment and internally developed software costs | 680,000 | ||||||||||||||||||||||||
cash paid for income taxes | |||||||||||||||||||||||||
net payment of revolving credit line | 0 | ||||||||||||||||||||||||
disclosure of cash, cash equivalents and restricted cash | |||||||||||||||||||||||||
proceeds from term notes | |||||||||||||||||||||||||
effect of foreign exchange rates on cash and cash equivalents | 1,774,000 | -1,716,000 | 1,102,000 | ||||||||||||||||||||||
cash and cash equivalents at the beginning of period | 1,817,258,000 | 0 | 0 | ||||||||||||||||||||||
cash and cash equivalents, end of period | 2,818,128,000 | 676,351,000 | -103,359,000 | ||||||||||||||||||||||
supplemental disclosure of noncash investing and financing activities | |||||||||||||||||||||||||
equity consideration issued for acquisition | 29,399,000 | ||||||||||||||||||||||||
increase in accounts payable and accrued expenses from convertible notes financing costs | 1,024,000 | ||||||||||||||||||||||||
decrease of accounts payable and accrued expenses from gaming licenses | -100,000 | ||||||||||||||||||||||||
extinguishment of promissory notes for series f redeemable convertible preferred stock | |||||||||||||||||||||||||
supplemental disclosure of cash activities | |||||||||||||||||||||||||
other non-cash expenses | |||||||||||||||||||||||||
purchases of intangible assets | |||||||||||||||||||||||||
investment in equity method investment | |||||||||||||||||||||||||
cash paid for business combination, net of cash acquired | -1,826,000 | 0 | |||||||||||||||||||||||
net proceeds from issuance of redeemable convertible stock | |||||||||||||||||||||||||
net proceeds from issuance of convertible promissory notes | 0 | 0 | |||||||||||||||||||||||
equity consideration issued to acquire sbtech | 0 | ||||||||||||||||||||||||
cash paid for taxes | |||||||||||||||||||||||||
net proceeds from issuance of redeemable convertible preferred stock | |||||||||||||||||||||||||
non-cash rent expense | |||||||||||||||||||||||||
change in operating assets and liabilities, net of effect of business combination | |||||||||||||||||||||||||
capitalization of internal-use software costs | |||||||||||||||||||||||||
adjustments to reconcile net income to net cash used in | |||||||||||||||||||||||||
trust income reinvested in trust account | -1,444,499 | -3,390,875 | -811,543 | ||||||||||||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||||||||||
prepaid expenses | 225,906 | -280,605 | -327,682 | ||||||||||||||||||||||
deferred offering costs | |||||||||||||||||||||||||
net cash from operating activities | -736,942 | -1,089,271 | 175,800 | ||||||||||||||||||||||
capital expenditures | 0 | 0 | 0 | ||||||||||||||||||||||
free cash flows | -736,942 | -1,089,271 | 175,800 | ||||||||||||||||||||||
cash withdrawn from trust account to pay taxes | 403,475 | ||||||||||||||||||||||||
net cash from investing activities | 403,475 | -399,233,334 | -400,000,000 | ||||||||||||||||||||||
net change in cash and equivalents during period | -333,467 | ||||||||||||||||||||||||
cash and equivalents at beginning of period | 491,225 | ||||||||||||||||||||||||
cash and equivalents at end of period | 157,758 | ||||||||||||||||||||||||
supplemental disclosure of cash flow information: | |||||||||||||||||||||||||
supplemental disclosure of non-cash financing activities: | |||||||||||||||||||||||||
class a common stock subject to possible redemption | 479,420 | 384,305,250 | 382,765,850 | ||||||||||||||||||||||
offering costs paid by sponsor in exchange for founder shares | 25,000 | 25,000 | |||||||||||||||||||||||
deferred offering costs included in accrued expenses | |||||||||||||||||||||||||
1. | |||||||||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||||||
accounts payable | 246,085 | 518,304 | |||||||||||||||||||||||
principal deposited in trust account | -400,000,000 | -400,000,000 | |||||||||||||||||||||||
cash withdrawn from trust for income taxes | |||||||||||||||||||||||||
proceeds from promissory note - related party | |||||||||||||||||||||||||
repayment of promissory note - related party | |||||||||||||||||||||||||
proceeds from private placement of warrants | 9,500,001 | 9,500,001 | |||||||||||||||||||||||
proceeds from sale of class a ordinary shares | 400,000,000 | ||||||||||||||||||||||||
payment of underwriters' discount | -8,000,000 | -8,000,000 | |||||||||||||||||||||||
payment of offering costs | -306,545 | -530,870 | |||||||||||||||||||||||
net cash from financing activities | 401,193,456 | 400,969,131 | |||||||||||||||||||||||
increase in cash during period | 870,851 | 1,144,931 | |||||||||||||||||||||||
deferred underwriting compensation | 14,000,000 | 14,000,000 | |||||||||||||||||||||||
deferred offering costs included in accounts payable | 224,325 | 224,325 | |||||||||||||||||||||||
interest income released from trust account to pay taxes | 766,666 | ||||||||||||||||||||||||
proceeds from sale of class a common stock | 400,000,000 | ||||||||||||||||||||||||
cash at beginning of period | |||||||||||||||||||||||||
cash at end of period | 870,851 | 1,144,931 | |||||||||||||||||||||||
cash paid during the year for income taxes | 766,666 | ||||||||||||||||||||||||
adjustments to reconcile net income to net cash from | |||||||||||||||||||||||||
6 |