10-Q Filing

DRAFTKINGS INC. CIK: 1883685 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001883685-23-000025`
Period End Date	20230331
Filing Date	20230505
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	dkng-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 32 Cash Flow Statement 79 Stockholders Equity 19

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.31B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.09B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.77B	USD	Point-in-time
Cash reserved for users	`CashReservedForUsersCurrent`	$469.65M	USD	Point-in-time
Cash reserved for users	`CashReservedForUsersCurrent`	$436.94M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	10.09M	shares	Point-in-time
Receivables reserved for users	`ReceivablesReservedForUsersCurrent`	$160.08M	USD	Point-in-time
Receivables reserved for users	`ReceivablesReservedForUsersCurrent`	$124.54M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	8.69M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$51.10M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$41.42M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$115.19M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$94.84M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.08B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.81B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$60.10M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$62.27M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$776.93M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$754.51M	USD	Point-in-time
Goodwill	`Goodwill`	$886.37M	USD	Point-in-time
Goodwill	`Goodwill`	$886.37M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$65.96M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$60.80M	USD	Point-in-time
Equity method investment	`EquityMethodInvestments`	$10.08M	USD	Point-in-time
Equity method investment	`EquityMethodInvestments`	$9.96M	USD	Point-in-time
Deposits and other non-current assets	`DepositsAndOtherNoncurrentAssets`	$159.60M	USD	Point-in-time
Deposits and other non-current assets	`DepositsAndOtherNoncurrentAssets`	$155.87M	USD	Point-in-time
Total assets	`Assets`	$4.04B	USD	Point-in-time
Total assets	`Assets`	$3.74B	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$517.59M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$508.73M	USD	Point-in-time
Liabilities to users	`LiabilitiesToUsersCurrent`	$670.46M	USD	Point-in-time
Liabilities to users	`LiabilitiesToUsersCurrent`	$686.17M	USD	Point-in-time
Operating lease liabilities, current portion	`OperatingLeaseLiabilityCurrent`	$4.25M	USD	Point-in-time
Operating lease liabilities, current portion	`OperatingLeaseLiabilityCurrent`	$3.98M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$38.44M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$48.73M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.25B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.23B	USD	Point-in-time
Convertible notes, net of issuance costs	`ConvertibleLongTermNotesPayable`	$1.25B	USD	Point-in-time
Convertible notes, net of issuance costs	`ConvertibleLongTermNotesPayable`	$1.25B	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$69.33M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$66.47M	USD	Point-in-time
Warrant liabilities	`SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares`	$10.68M	USD	Point-in-time
Warrant liabilities	`SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares`	$27.71M	USD	Point-in-time
Long-term income tax liability	`DeferredIncomeTaxLiabilitiesNet`	$69.24M	USD	Point-in-time
Long-term income tax liability	`DeferredIncomeTaxLiabilitiesNet`	$69.86M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$70.03M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$74.43M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.72B	USD	Point-in-time
Total liabilities	`Liabilities`	$2.72B	USD	Point-in-time
Commitments and contingent liabilities (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingent liabilities (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Treasury stock, at cost; 10,089 and 8,690 shares as of March 31, 2023 and December 31, 2022, respectively	`TreasuryStockValue`	$332.13M	USD	Point-in-time
Treasury stock, at cost; 10,089 and 8,690 shares as of March 31, 2023 and December 31, 2022, respectively	`TreasuryStockValue`	$359.49M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$6.75B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$6.87B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.53B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.13B	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$36.49M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$36.49M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.68B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.02B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.39B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.32B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$4.04B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$3.74B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$769.65M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$417.20M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$313.38M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$521.74M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$321.45M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$389.13M	USD	1 Quarter
Product and technology	`ProductAndTechnology`	$88.09M	USD	1 Quarter
Product and technology	`ProductAndTechnology`	$81.35M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$216.61M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$160.48M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-515.58M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-389.79M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$801.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$11.79M	USD	1 Quarter
Interest expense	`InterestExpense`	$655.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$653.00K	USD	1 Quarter
(Loss) gain on remeasurement of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-12.68M	USD	1 Quarter
(Loss) gain on remeasurement of warrant liabilities	`FairValueAdjustmentOfWarrants`	$17.04M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$19.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$37.88M	USD	1 Quarter
Loss before income tax provision and loss from equity method investment	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-464.87M	USD	1 Quarter
Loss before income tax provision and loss from equity method investment	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-395.66M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$469.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.37M	USD	1 Quarter
Loss from equity method investment	`IncomeLossFromEquityMethodInvestments`	$-119.00K	USD	1 Quarter
Loss from equity method investment	`IncomeLossFromEquityMethodInvestments`	$-2.35M	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLoss`	$-467.69M	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLoss`	$-397.15M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-1.14	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.87	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-1.14	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.87	USD	1 Quarter

Cash Flow Statement 79 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-467.69M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-397.15M	USD	1 Quarter
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$48.21M	USD	1 Quarter
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$32.23M	USD	1 Quarter
Non-cash interest expense	`PaidInKindInterest`	$157.00K	USD	1 Quarter
Non-cash interest expense	`PaidInKindInterest`	$654.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$117.40M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$187.08M	USD	1 Quarter
Loss from equity method investment	`IncomeLossFromEquityMethodInvestments`	$-119.00K	USD	1 Quarter
Loss from equity method investment	`IncomeLossFromEquityMethodInvestments`	$-2.35M	USD	1 Quarter
Loss (gain) on remeasurement of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-12.68M	USD	1 Quarter
Loss (gain) on remeasurement of warrant liabilities	`FairValueAdjustmentOfWarrants`	$17.04M	USD	1 Quarter
Loss (gain) on marketable equity securities and other financial assets	`EquitySecuritiesFVNIAndOtherFinancialAssetsGainLoss`	$37.43M	USD	1 Quarter
Loss (gain) on marketable equity securities and other financial assets	`EquitySecuritiesFVNIAndOtherFinancialAssetsGainLoss`	$-136.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$256.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$2.25M	USD	1 Quarter
Other expenses, net	`OtherNoncashIncomeExpense`	$768.00K	USD	1 Quarter
Other expenses, net	`OtherNoncashIncomeExpense`	$2.73M	USD	1 Quarter
Receivables reserved for users	`IncreaseDecreaseInReceivablesReservedForUsers`	$4.00M	USD	1 Quarter
Receivables reserved for users	`IncreaseDecreaseInReceivablesReservedForUsers`	$-35.55M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.35M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-9.67M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$10.07M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$30.89M	USD	1 Quarter
Deposits and other non-current assets	`IncreaseDecreaseInDepositsAndOtherNonCurrentAssets`	$3.46M	USD	1 Quarter
Deposits and other non-current assets	`IncreaseDecreaseInDepositsAndOtherNonCurrentAssets`	$493.00K	USD	1 Quarter
Operating leases, net	`Increasedecreaseinoperatingleasesnet`	$-125.00K	USD	1 Quarter
Operating leases, net	`Increasedecreaseinoperatingleasesnet`	$1.86M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-6.29M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-16.09M	USD	1 Quarter
Liabilities to users	`IncreaseDecreaseInLiabilitiesToUsers`	$-15.72M	USD	1 Quarter
Liabilities to users	`IncreaseDecreaseInLiabilitiesToUsers`	$-8.10M	USD	1 Quarter
Long-term income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-620.00K	USD	1 Quarter
Long-term income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-178.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$1.51M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$2.15M	USD	1 Quarter
Net cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-356.72M	USD	1 Quarter
Net cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-201.49M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.09M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.61M	USD	1 Quarter
Cash paid for internally developed software costs	`PaymentsToDevelopSoftware`	$19.42M	USD	1 Quarter
Cash paid for internally developed software costs	`PaymentsToDevelopSoftware`	$13.20M	USD	1 Quarter
Acquisition of gaming licenses	`AcquisitionOfGamingLicenses`	$1.36M	USD	1 Quarter
Acquisition of gaming licenses	`AcquisitionOfGamingLicenses`	$267.00K	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-311.00K	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$989.00K	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-27.56M	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-23.07M	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$14.08M	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$27.36M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$2.19M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.77M	USD	1 Quarter
Net cash flows used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-12.31M	USD	1 Quarter
Net cash flows used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-25.17M	USD	1 Quarter
Net decrease in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-254.22M	USD	1 Quarter
Net decrease in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-392.10M	USD	1 Quarter
Cash and cash equivalents and restricted cash at the beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.63B	USD	Point-in-time
Cash and cash equivalents and restricted cash at the beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.78B	USD	Point-in-time
Cash and cash equivalents and restricted cash at the beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.24B	USD	Point-in-time
Cash and cash equivalents and restricted cash at the beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.52B	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.63B	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.78B	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.24B	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.52B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.31B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.09B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.77B	USD	Point-in-time
Cash reserved for users	`RestrictedCashAndCashEquivalents`	$436.94M	USD	Point-in-time
Cash reserved for users	`RestrictedCashAndCashEquivalents`	$464.85M	USD	Point-in-time
Total cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.63B	USD	Point-in-time
Total cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.78B	USD	Point-in-time
Total cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.24B	USD	Point-in-time
Total cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.52B	USD	Point-in-time
Investing activities included in changes in accounts payable and accrued expenses	`InvestingActivitiesIncludedInAccountsPayableAndAccruedExpenses`	$-679.00K	USD	1 Quarter
Investing activities included in changes in accounts payable and accrued expenses	`InvestingActivitiesIncludedInAccountsPayableAndAccruedExpenses`	$7.60M	USD	1 Quarter
Decrease in cash reserved for users	`IncreaseDecreaseInCashReservedForUsers`	$-32.72M	USD	1 Quarter
Decrease in cash reserved for users	`IncreaseDecreaseInCashReservedForUsers`	$-12.10M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	-	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	-	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$1.68B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$1.02B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$1.39B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$1.32B	USD	Point-in-time
Exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	12.46M	shares	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$2.19M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.77M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$117.40M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$187.08M	USD	1 Quarter
Purchase of treasury stock	`TreasuryStockValueAcquiredParValueMethod`	$14.08M	USD	1 Quarter
Purchase of treasury stock	`TreasuryStockValueAcquiredParValueMethod`	$27.36M	USD	1 Quarter
Restricted stock unit vesting	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$1.00K	USD	1 Quarter
Restricted stock unit vesting	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$1.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-467.69M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-397.15M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$1.68B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$1.02B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$1.39B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$1.32B	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.