Draftkings Inc (DKNG) 2021 Q4 法說會逐字稿

Good day and welcome to the DraftKings Fourth Quarter 2021 Conference Call. (Operator Instructions) As a reminder, this call is being recorded.

美好的一天，歡迎參加 DraftKings 2021 年第四季度電話會議。 （操作員說明）作為提醒，此通話正在錄音中。

I would now like to turn the call over to Stanton Dodge, Chief Legal Officer. You may begin.

我現在想將電話轉給首席法務官 Stanton Dodge。你可以開始了。

Good morning, everyone, and thanks for joining us today. Statements we make during this call that are not statements of historical fact constitute forward-looking statements that are subject to risks, uncertainties and other factors that could cause our actual results to differ materially from our historical results or from our forecast. We assume no responsibility for updating forward-looking statements. For more information, please refer to the risks, uncertainties and other factors discussed in our SEC filings.

大家早上好，感謝您今天加入我們。我們在本次電話會議中所做的非歷史事實陳述的陳述構成前瞻性陳述，這些陳述受風險、不確定性和其他因素的影響，可能導致我們的實際結果與我們的歷史結果或我們的預測存在重大差異。我們不承擔更新前瞻性陳述的責任。有關更多信息，請參閱我們提交給 SEC 的文件中討論的風險、不確定性和其他因素。

During the call, management will also discuss certain non-GAAP measures that we believe may be useful in evaluating DraftKings' operating performance. These measures should not be considered in isolation or as a substitute to DraftKings' financial results prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is available in our annual report on Form 10-K that was filed today with the SEC and our earnings presentation, both of which are available on our website at investors.draftkings.com.

在電話會議期間，管理層還將討論我們認為可能有助於評估 DraftKings 經營業績的某些非公認會計原則措施。這些措施不應孤立地考慮或替代 DraftKings 根據公認會計原則編制的財務業績。這些非 GAAP 措施與最直接可比的 GAAP 措施的對賬可在我們今天提交給 SEC 的 10-K 表格年度報告和我們的收益報告中找到，這兩者都可以在我們的網站上找到。draftkings .com。

Hosting the call today are Jason Robins, Co-Founder, Chief Executive Officer and Chairman of DraftKings, who will share some opening remarks and an update on our business; and Jason Park, Chief Financial Officer of DraftKings, who will provide a review of our financials. We will then open up the line to questions.

今天主持電話會議的是 DraftKings 的聯合創始人、首席執行官兼董事長 Jason Robins，他將分享一些開場白和我們業務的最新情況； DraftKings 首席財務官 Jason Park 將審查我們的財務狀況。然後，我們將打開問題線。

I will now turn the call over to Jason Robins.

我現在將把電話轉給 Jason Robins。

Good morning, everyone. I hope you are all doing well. Before I share my thoughts on the fourth quarter, I want to thank everyone at DraftKings for their tremendous effort and contributions to our success. We had an incredible 2021, and our dedicated employees continued to deliver during an ongoing and challenging pandemic.

大家，早安。我希望你們一切都好。在分享我對第四季度的想法之前，我要感謝 DraftKings 的每個人，感謝他們為我們的成功付出的巨大努力和貢獻。我們度過了令人難以置信的 2021 年，我們敬業的員工在持續且具有挑戰性的大流行期間繼續提供服務。

I also want to thank our loyal customers for their continued support. At DraftKings, we are always striving to put our customers at the center of everything we do.

我還要感謝我們的忠實客戶一直以來的支持。在 DraftKings，我們始終努力將客戶置於我們所做一切的中心。

On today's call, I will cover the following topics. First, I'll discuss our financial achievements. We outperformed our expectations for both revenue and adjusted EBITDA in the fourth quarter, capping off a year in which 5 of our states were contribution profit positive.

在今天的電話會議中，我將討論以下主題。首先，我將討論我們的財務成就。我們在第四季度的收入和調整後的 EBITDA 都超出了我們的預期，結束了我們 5 個州的貢獻利潤為正的一年。

We're off to a tremendous start in 2022 as well. Customer acquisition in new states has been accelerating while continuing to pay back on a gross profit basis in the 2- to 3-year time frame. As of today, 10 states are either already contribution profit positive or on track to achieve that milestone in 2022. Overall, we expect DraftKings to be contribution profit positive for FY '22. And if we were to have frozen new state launches at the end of 2021, we expect that DraftKings would have been able to achieve EBITDA profitability as an enterprise in Q4 of this year.

我們也將在 2022 年迎來一個巨大的開端。在新州的客戶獲取一直在加速，同時在 2 到 3 年的時間框架內繼續以毛利潤為基礎進行回報。截至今天，10 個州要么已經貢獻利潤為正，要么有望在 2022 年實現這一里程碑。總體而言，我們預計 DraftKings 在 22 財年的貢獻利潤為正。如果我們在 2021 年底凍結新的州發布，我們預計 DraftKings 作為一家企業將能夠在今年第四季度實現 EBITDA 盈利。

Second, we continue to see rapid expansion of the OSB and iGaming TAM in the U.S. This is being driven by both new jurisdictions legalizing OSB and iGaming as well as continued healthy growth in existing states. Overall, in 2021, 7 states enacted legislation for mobile sports betting, and we launched in 5 states last year with the other 2 states subsequently launching in 2022. In iGaming, one state enacted legislation in which we subsequently launched. We also saw 2 new states open up for daily fantasy sports.

其次，我們繼續看到 OSB 和 iGaming TAM 在美國的快速擴張。這是由將 OSB 和 iGaming 合法化的新司法管轄區以及現有州的持續健康增長推動的。總體而言，2021 年，7 個州頒布了移動體育博彩立法，我們去年在 5 個州推出，其他 2 個州隨後於 2022 年推出。在 iGaming 中，一個州頒布了我們隨後推出的立法。我們還看到 2 個新州開放了每日夢幻體育賽事。

Third, additional product features and functionality for our mobile sports betting and iGaming apps are driving increased customer retention and monetization as well as improved margins. Many of these benefits are now possible as a result of the migration to our in-house sports betting platform, which gives us the ability to diversify our bet types, optimize our in-game betting features and expand the breadth and depth of our content offering. We also introduced our new Dynasty Rewards loyalty program and continue to expand our social functionality.

第三，我們的移動體育博彩和 iGaming 應用程序的附加產品特性和功能正在推動提高客戶保留率和貨幣化以及提高利潤率。由於遷移到我們的內部體育博彩平台，這些好處中的許多現在都成為可能，這使我們能夠多樣化我們的投注類型、優化我們的遊戲內投注功能並擴大我們提供的內容的廣度和深度.我們還推出了新的王朝獎勵忠誠度計劃，並繼續擴展我們的社交功能。

And finally, adjacent verticals further increase our TAM with the added benefit of more efficient customer acquisition and higher customer LTV. Our new growth initiatives such as DraftKings Marketplace and media are seeing promising early results, and we're optimistic about the potential for future growth.

最後，相鄰的垂直行業進一步增加了我們的 TAM，帶來了更高效的客戶獲取和更高的客戶 LTV 的額外好處。我們的新增長計劃（例如 DraftKings Marketplace 和媒體）看到了可喜的早期成果，我們對未來增長的潛力持樂觀態度。

DraftKings' 47% year-over-year revenue growth to $473 million in Q4 exceeded our guidance by 8%. The strong fourth quarter brought our full year revenue to nearly $1.3 billion, representing 101% year-over-year growth. Adjusted EBITDA in the fourth quarter also outperformed our expectations at minus $128 million. Fourth quarter monthly unique payers increased to about 2 million, up 32% versus Q4 2020. Average revenue per monthly unique payer increased 19% year-over-year to $77.

DraftKings 第四季度收入同比增長 47% 至 4.73 億美元，超出我們的預期 8%。強勁的第四季度使我們的全年收入接近 13 億美元，同比增長 101%。第四季度調整後的 EBITDA 也超出了我們的預期，為負 1.28 億美元。第四季度每月唯一付款人增加到約 200 萬，與 2020 年第四季度相比增長 32%。每個月唯一付款人的平均收入同比增長 19% 至 77 美元。

I'm very pleased with the market share we achieved in Q4, which reflects the success of our technology migration and the strength of our overall business and brand. Our handle share for mobile sports betting across all active states was 32% in Q4. For iGaming, our gross revenue share was 20% in Q4, including Connecticut, and our market share in New Jersey set a record in each of October, November and December. We look forward to providing more color on a number of topics at our upcoming Investor Day, including our TAM, market share, product innovation, unit economics at both the player and state level, enterprise EBITDA and new organic growth vectors.

我對我們在第四季度取得的市場份額感到非常滿意，這反映了我們技術遷移的成功以及我們整體業務和品牌的實力。在第四季度，我們在所有活躍州的移動體育博彩處理份額為 32%。對於 iGaming，我們在第四季度（包括康涅狄格州）的總收入份額為 20%，我們在新澤西州的市場份額在 10 月、11 月和 12 月均創下紀錄。我們期待在即將到來的投資者日上為許多主題提供更多色彩，包括我們的 TAM、市場份額、產品創新、參與者和州一級的單位經濟學、企業 EBITDA 和新的有機增長向量。

Our key performance metrics, including user acquisition, retention and engagement continued to trend well in the fourth quarter and led to strong results across products. The fourth quarter was a record quarter for mobile sports betting handle on an absolute basis as we were live in more states compared to the fourth quarter of 2020 as well as on a same-state basis. In states where we were live for the entirety of Q4 2021 and Q4 2020, we saw a significant increase in engagement, with handle up 65% due to paid actives growing by 37% and handle per paid active growing by 20%.

我們的關鍵績效指標（包括用戶獲取、留存和參與度）在第四季度繼續保持良好趨勢，並帶來了跨產品的強勁業績。與 2020 年第四季度以及同州相比，第四季度絕對是移動體育博彩手柄的創紀錄季度，因為我們居住在更多州。在 2021 年第四季度和 2020 年第四季度我們所在的州，我們的參與度顯著增加，由於付費活躍用戶增長了 37%，處理量增長了 65%，每個付費活躍用戶增長了 20%。

Compared to the fourth quarter of 2020, iGaming gross revenue grew 153% year-over-year including all states and 61% year-over-year on a same-state basis. Looking at New Jersey, our most mature state where we launched mobile sports betting and iGaming in 2018, our MUPs continued to grow at a healthy rate. In the fourth quarter of 2021, combined OSB and iGaming MUPs grew 18% year-over-year. MUPs in New Jersey were 78% higher relative to the fourth quarter of 2019.

與 2020 年第四季度相比，包括所有州在內的 iGaming 總收入同比增長 153%，同州同比增長 61%。看看我們最成熟的新澤西州，我們在 2018 年推出了移動體育博彩和 iGaming，我們的 MUP 繼續以健康的速度增長。 2021 年第四季度，OSB 和 iGaming MUP 的總和同比增長 18%。與 2019 年第四季度相比，新澤西州的 MUP 增長了 78%。

We had a very strong launch for mobile sports betting and iGaming in Connecticut, a state with only 3 mobile sports betting operators and only 2 iGaming operators. For mobile sports betting in Connecticut, our handle market share was 47%. Our gross gaming revenue share was 51%, and our net gaming revenue share was 57% in the fourth quarter. For iGaming in Connecticut, our gross revenue share was 58%.

我們在康涅狄格州推出了非常強勁的移動體育博彩和 iGaming，該州只有 3 家移動體育博彩運營商和 2 家 iGaming 運營商。對於康涅狄格州的移動體育博彩，我們的手柄市場份額為 47%。第四季度，我們的博彩總收入份額為 51%，淨博彩收入份額為 57%。對於康涅狄格州的 iGaming，我們的總收入份額為 58%。

Our business momentum has continued into Q1. On January 8, we launched mobile sports betting in New York. It took DraftKings less than 24 hours to acquire 100,000 first-time paid betters in New York compared to 17 days for Arizona, 170 days for New Jersey, 312 days for Pennsylvania and 344 days for Indiana. In our first 30 days, we acquired over 300,000 users in New York, which was 2.3x the average of our other states in their first 30 days on a population-adjusted basis.

我們的業務勢頭一直持續到第一季度。 1 月 8 日，我們在紐約推出了移動體育博彩。 DraftKings 用不到 24 小時的時間在紐約獲得了 100,000 名首次付費玩家，而亞利桑那州需要 17 天，新澤西州需要 170 天，賓夕法尼亞州需要 312 天，印第安納州需要 344 天。在前 30 天，我們在紐約獲得了超過 300,000 名用戶，這是我們其他州前 30 天人口調整後平均水平的 2.3 倍。

There is no question that customers are joining our platform faster than they did in states that we launched in previous years. As a result, our CACs are fantastic, but overall spending for the first few months is higher than it was for our more mature states, such as New Jersey.

毫無疑問，客戶加入我們平台的速度比我們前幾年推出的州更快。因此，我們的 CAC 非常棒，但前幾個月的總體支出高於我們更成熟的州，例如新澤西州。

When the New York market launched, there was some aggressive promotional behavior by many operators, but DraftKings is committed to maintaining its disciplined approach to customer acquisition and is targeting a 2- to 3-year path to profitability for the state.

當紐約市場推出時，許多運營商進行了一些激進的促銷行為，但 DraftKings 致力於保持其嚴謹的客戶獲取方法，併計劃在 2 到 3 年內為該州實現盈利。

We believe that product will be the key differentiator between operators over time. For example, our technology provides a seamless customer experience through a single integrated sign-in and wallet across product offerings and jurisdictions. We are already seeing this play out in the Northeast, where customers who travel between New York, Connecticut, New Hampshire and New Jersey and Pennsylvania are able to play on the DraftKings app without having to open a new account.

我們相信，隨著時間的推移，產品將成為運營商之間的關鍵區別。例如，我們的技術通過跨產品和司法管轄區的單一集成登錄和錢包提供無縫的客戶體驗。我們已經在東北部看到了這種情況，在紐約、康涅狄格州、新罕布什爾州、新澤西州和賓夕法尼亞州之間旅行的客戶可以在 DraftKings 應用程序上玩遊戲，而無需開設新賬戶。

On January 12, we announced that DraftKings will become the official sportsbook provider of the Oregon Lottery. Pursuant to our exclusive agreement with the Oregon Lottery, DraftKings Sportsbook replaced the Scoreboard app on January 18. The DraftKings Sportsbook app offers additional betting markets and an overall superior customer experience. We look forward to serving all sports betters in Oregon.

1 月 12 日，我們宣布 DraftKings 將成為俄勒岡州彩票的官方體育博彩提供商。根據我們與俄勒岡州彩票的獨家協議，DraftKings Sportsbook 於 1 月 18 日取代了 Scoreboard 應用程序。 DraftKings Sportsbook 應用程序提供額外的投注市場和整體卓越的客戶體驗。我們期待為俄勒岡州的所有體育愛好者提供服務。

On January 28, we launched mobile sports betting for eligible customers in Louisiana's permitted parishes. With several professional franchises in addition to Division I collegiate athletics, there are ample hometown fan bases and opportunities in Louisiana to engage.

1 月 28 日，我們在路易斯安那州允許的教區為符合條件的客戶推出了移動體育博彩。除了一級大學田徑運動之外，還有幾家專業的特許經營權，路易斯安那州有充足的家鄉球迷基礎和參與機會。

And last Sunday, an exciting NFL playoff ended with another game that went down to the wire. It was also a great end to the season for DraftKings as on Super Bowl Sunday, our total actives across all products was nearly 1.7 million. In fact, this year's Super Bowl was our highest-ever day for actives and handle both in total and on a same-state basis.

上週日，一場激動人心的 NFL 季后賽以另一場比賽告終。這也是 DraftKings 賽季的一個很好的結束，因為在周日的超級碗比賽中，我們所有產品的總活躍人數接近 170 萬。事實上，今年的超級碗是我們有史以來最高的一天，無論是在總人數還是在同一州的基礎上。

Looking ahead, we are raising our revenue guidance to incorporate the impact of New York and Louisiana as well as strong underlying performance in the states we were already live in last quarter. Jason Park will provide more detail.

展望未來，我們正在提高我們的收入指引，以納入紐約和路易斯安那州的影響以及我們上個季度已經居住的州的強勁潛在業績。 Jason Park 將提供更多細節。

Turning to legalization trends. we have continued to see momentum. Following our launches in New York and Louisiana in January, DraftKings is live with online sports betting in 17 states that collectively represent approximately 36% of the U.S. population. Additionally, DraftKings is live with iGaming in 5 states, representing approximately 11% of the U.S. population. After the governor of Ohio signed into law a bill authorizing mobile and retail sports wagering, there are now 3 U.S. jurisdictions that have legalized where we are preparing to launch upon licensure and approval from regulators: Maryland, Puerto Rico and Ohio. These jurisdictions represent approximately 7% of the U.S. population and will bring the percentage of the population where DraftKings expects to offer legalized mobile sports betting to approximately 43%.

轉向合法化趨勢。我們繼續看到勢頭。繼我們於 1 月在紐約和路易斯安那州推出之後，DraftKings 在 17 個州進行在線體育博彩，這些州共同代表了大約 36% 的美國人口。此外，DraftKings 在 5 個州與 iGaming 一起直播，約占美國人口的 11%。在俄亥俄州州長簽署了一項授權移動和零售體育博彩的法案後，現在有 3 個美國司法管轄區已經合法化，我們正準備在獲得監管機構的許可和批准後推出：馬里蘭州、波多黎各和俄亥俄州。這些司法管轄區約占美國人口的 7%，將使 DraftKings 預計提供合法移動體育博彩的人口比例達到約 43%。

So far in 2022, 10 state legislatures have introduced legislation to legalize mobile sports betting, and 8 state legislatures have introduced legislation either to expand their existing sports betting frameworks, create referendums regarding sports betting legislation or increase in-person sports betting opportunities. In addition, 3 states have introduced iGaming legislation, and 3 other states have introduced online poker legislation. We also made 2 announcements that position us for mobile and retail sports betting in Kansas and the state of Washington pending changes in state law, licensure and receiving necessary approval from state regulators.

到 2022 年為止，已有 10 個州立法機構出台了將移動體育博彩合法化的立法，8 個州立法機構出台了立法，以擴大其現有的體育博彩框架、就體育博彩立法進行全民投票或增加現場體育博彩的機會。此外，有 3 個州引入了 iGaming 立法，另外 3 個州引入了在線撲克立法。我們還發布了 2 項公告，讓我們在堪薩斯州和華盛頓州進行移動和零售體育博彩，等待州法律的變更、許可和獲得州監管機構的必要批准。

I also want to comment on California and Florida. In California, we continue to work with a number of leading online sports betting operators in support of a campaign to bring regulated, safe and responsible online sports betting to the state. Legal online sports betting is projected to bring hundreds of millions in tax revenue annually to the state to address 2 of the state's most pressing issues: homelessness and mental health. We are confident that the California Solutions to Homelessness and Mental Health Support Act will create a competitive market with the best products and experience for consumers.

我還想評論加利福尼亞和佛羅里達。在加利福尼亞，我們繼續與一些領先的在線體育博彩運營商合作，支持一項將受監管、安全和負責任的在線體育博彩帶到該州的運動。合法的在線體育博彩預計每年將為該州帶來數億稅收，以解決該州最緊迫的兩個問題：無家可歸和心理健康。我們相信，加州無家可歸者解決方案和心理健康支持法案將為消費者創造一個具有最佳產品和體驗的競爭市場。

In Florida, we were unfortunately not able to get the required number of signatures in time for inclusion on the ballot this November. This is due to a variety of factors, including COVID as well as the compressed time frame given when signature gathering started. We are very encouraged, however, by the over 1 million individuals who signed petitions in less than 8 months, which shows that Floridians do want the opportunity to vote on a competitive mobile sports betting market in the state. We are exploring all options to ensure that Floridians get that opportunity as soon as possible. And if we were to refile, we are very confident that, given the extended time frame, we will be able to qualify for the 2024 ballot.

在佛羅里達州，遺憾的是，我們未能及時獲得所需數量的簽名，無法將其納入今年 11 月的選票。這是由於多種因素造成的，包括 COVID 以及簽名收集開始時給出的壓縮時間範圍。然而，在不到 8 個月的時間裡，超過 100 萬人簽署了請願書，這讓我們感到非常鼓舞，這表明佛羅里達人確實希望有機會在該州競爭激烈的移動體育博彩市場上投票。我們正在探索所有選擇，以確保佛羅里達人盡快獲得這個機會。如果我們要重新提交，我們非常有信心，在延長的時間範圍內，我們將有資格參加 2024 年的投票。

Ontario has announced that the province will launch the first competitive regulated and licensed online sports betting and iGaming market in Canada on April 4, 2022. We look forward to launching in Ontario and competing in that market, pending licensure and required approvals. For context, Ontario represents about 40% of Canada's population and would be the fifth-largest U.S. state by population.

安大略省已宣布，該省將於 2022 年 4 月 4 日在加拿大推出第一個受監管和許可的競爭性在線體育博彩和 iGaming 市場。我們期待在安大略省推出並在該市場競爭，等待許可和所需的批准。就上下文而言，安大略省約佔加拿大人口的 40%，將成為美國人口第五大州。

Moving on to product and technology. We continue to add breadth and depth to our mobile sports betting and iGaming products. As we have mentioned in the past, we believe that the long-term winners in this industry will provide the best product experience to customers.

轉向產品和技術。我們繼續增加移動體育博彩和 iGaming 產品的廣度和深度。正如我們過去所提到的，我們相信這個行業的長期贏家將為客戶提供最好的產品體驗。

With the completion of the migration to our in-house bet engine, we are now capturing the acquisition synergies we anticipated in our mobile sports betting cost structure and have turned a variable cost into a fixed cost.

隨著向我們內部投注引擎的遷移完成，我們現在正在捕捉我們在移動體育博彩成本結構中預期的收購協同效應，並將可變成本轉變為固定成本。

For mobile sports betting, we launched parlay and same-game parlay insurance promotion capabilities in the fourth quarter. For those who are unfamiliar with this feature, parlay insurance allows betters to win something even if they lose legs within their parlay bet. This new capability has had a great response from our users, and it has supported growth in our mix in mobile sports betting handle coming from parlays.

對於移動體育博彩，我們在第四季度推出了過關和同局過關保險推廣功能。對於不熟悉此功能的人來說，過關保險讓更好的人即使在過關投注中輸掉腿也能贏得一些東西。這一新功能得到了我們用戶的強烈反響，它支持了我們在來自過關投注的移動體育博彩手柄組合中的增長。

For same-game parlays, we also expanded our sport coverage beyond the NFL, college football and the NBA with the launch of college basketball and the NHL in November. We invested in our in-play offering and in-play experience by introducing a new front-end user interface for Flash Bet that allows for a more engaging wagering experience. Flash Bet is an immersive live betting experience where users can follow what's going on in the game and get shown our flash markets, which refer to the next occurrence that will happen in the game. Markets supported by this functionality include: Next Play Result, Drive Result and Drive Yardage for the NFL; and Next Team to Score and Type of Score for the NBA.

對於同場比賽，我們還在 11 月推出了大學籃球和 NHL，將我們的體育覆蓋範圍擴大到 NFL、大學橄欖球和 NBA 之外。我們通過為 Flash Bet 引入新的前端用戶界面來投資我們的遊戲中產品和遊戲體驗，從而提供更具吸引力的投注體驗。 Flash Bet 是一種身臨其境的現場投注體驗，用戶可以在其中關注遊戲中發生的事情並展示我們的 Flash 市場，它指的是遊戲中將發生的下一個事件。此功能支持的市場包括：NFL 的 Next Play Result、Drive Result 和 Drive Yardage；以及下一個得分球隊和 NBA 得分類型。

For iGaming, we continue to benefit from cross-selling in the games we have created in-house. In the fourth quarter, 49% of mobile sports betting users in our iGaming states also engaged with our iGaming product. When looking at DraftKings' developed games, 56% of iGaming handle in the fourth quarter came from DraftKings' developed games, which is important both for differentiation and from a gross margin rate perspective. As an example, DraftKings Rocket is now launched in Connecticut and in Michigan in addition to New Jersey. This game continues to be very popular with our users. In the first 14 days following launch, 40% of Michigan's iGaming paid actives and 41% of Connecticut's iGaming paid actives played Rocket. This compares to 33% of New Jersey's iGaming paid actives in the first 14 days. We look forward to updating you on the DraftKings developed games we will launch in 2022 on future earnings calls.

對於 iGaming，我們繼續受益於我們內部創建的遊戲的交叉銷售。在第四季度，我們 iGaming 州 49% 的移動體育博彩用戶也使用了我們的 iGaming 產品。從 DraftKings 開發的遊戲來看，第四季度 56% 的 iGaming 手柄來自 DraftKings 的開發遊戲，這對於差異化和毛利率都很重要。例如，DraftKings Rocket 現已在康涅狄格州和密歇根州以及新澤西州推出。該遊戲繼續受到我們用戶的歡迎。在推出後的前 14 天內，密歇根州 40% 的 iGaming 付費活躍用戶和康涅狄格州 41% 的 iGaming 付費活躍用戶玩 Rocket。相比之下，新澤西州 iGaming 前 14 天付費活躍用戶的比例為 33%。我們期待在未來的財報電話會議上向您更新我們將於 2022 年推出的 DraftKings 開發遊戲。

DraftKings Social is an industry-first innovation that creates an integrated social community, allowing fans to interact with each other within a peer-to-peer environment. This functionality, which we began rolling out in Q2 of 2021, is now live across our sports betting and daily fantasy sports products, and it is driving customer engagement through features such as bet sharing. The average number of bets for users who have placed at least one bet through our social platform grew 67% from Q3 to Q4, which significantly outpaced quarter-over-quarter growth for users who have not placed a wager through our social platform.

DraftKings Social 是一項行業首創的創新，它創建了一個集成的社交社區，允許粉絲在點對點環境中相互交流。我們於 2021 年第二季度開始推出此功能，現已在我們的體育博彩和每日夢幻體育產品中使用，並通過投注共享等功能推動客戶參與。從第三季度到第四季度，至少通過我們的社交平台下注的用戶的平均下注數量增長了 67%，這大大超過了未通過我們的社交平台下注的用戶的季度環比增長。

We will continue to add to our social functionality in 2022. For example, we're launching several additional social integration points across our Sportsbook and DFS products in the first part of the year. We're also building additional features, such as betting groups, which allow friends to bet in private groups where everyone gets to see each other's bets and chat, as well as chat features for both DFS and our live casino games. We will also be launching a feature that allows any user to go live with video and audio, which broadcast bets they make in real time to viewers.

我們將在 2022 年繼續增加我們的社交功能。例如，我們將在今年上半年在我們的 Sportsbook 和 DFS 產品中推出幾個額外的社交集成點。我們還在構建其他功能，例如允許朋友在私人組中下注的投注組，每個人都可以看到彼此的投注和聊天，以及 DFS 和我們的真人娛樂場遊戲的聊天功能。我們還將推出一項功能，允許任何用戶通過視頻和音頻進行直播，將他們的投注實時廣播給觀眾。

In November, we launched Dynasty Rewards, our all-new cross-product loyalty program that rewards players to their play across all DraftKings consumer products in all jurisdictions. Dynasty Rewards is the most comprehensive DraftKings loyalty program ever, featuring a wide spectrum of rewards curated for every kind of customer, from free credits to exclusive experiences. With the ability to earn on everything DraftKings and to choose how you're rewarded, we believe it will take the customers' experience to the next level, help drive retention and cement DraftKings as a top gaming and entertainment brand.

11 月，我們推出了王朝獎勵，這是我們全新的跨產品忠誠度計劃，獎勵玩家在所有司法管轄區的所有 DraftKings 消費產品中的遊戲。 Dynasty Rewards 是 DraftKings 有史以來最全面的忠誠度計劃，為各類客戶提供廣泛的獎勵，從免費積分到獨家體驗。憑藉在 DraftKings 上賺取所有收益並選擇獎勵方式的能力，我們相信這將把客戶的體驗提升到一個新的水平，幫助提高保留率並鞏固 DraftKings 作為頂級遊戲和娛樂品牌的地位。

We have tapped into our deep roster of lead deals and strategic partnerships to craft these once-in-a-lifetime exclusive experiences. At the launch of Dynasty Rewards, we partner with the NFL for an exclusive DraftKings Super Bowl getaway and the NHL for the Winter Classic, with many more experiences to come.

我們利用我們深厚的領先交易和戰略合作夥伴關係來打造這些千載難逢的獨家體驗。在王朝獎勵推出之際，我們與 NFL 合作舉辦獨家 DraftKings 超級碗之旅，並與 NHL 合作舉辦冬季經典賽，還有更多體驗即將到來。

Engagement with the loyalty program has been phenomenal. Approximately 95% of customers in our highest 2 tiers have actively engaged with the Dynasty Rewards program since launch. And this is just the beginning. Over the months ahead, we will continue to enhance Dynasty Rewards with more ways to earn and redeem, deeper integrations and utility within our core products, new perks with partners and retail locations and more.

忠誠度計劃的參與非常出色。自推出以來，我們最高 2 層的大約 95% 的客戶積極參與了王朝獎勵計劃。而這僅僅是個開始。在接下來的幾個月裡，我們將繼續通過更多賺取和兌換的方式、在我們的核心產品中更深入的集成和實用性、與合作夥伴和零售地點的新特權等來增強王朝獎勵。

DraftKings Marketplace had another dynamic quarter as interest and demand continues to be strong. We sit at the intersection of Web3 and sports culture as the only company to offer digital collectibles, sports betting, daily fantasy and iGaming products. As the NFT space evolves, the broader DraftKings ecosystem will create more opportunities for our marketplace around utility gamification and custom offers that only we can provide.

由於興趣和需求持續強勁，DraftKings Marketplace 又迎來了一個充滿活力的季度。我們位於 Web3 和體育文化的交匯處，是唯一一家提供數字收藏品、體育博彩、每日幻想和 iGaming 產品的公司。隨著 NFT 空間的發展，更廣泛的 DraftKings 生態系統將為我們的市場創造更多機會，圍繞只有我們才能提供的公用事業遊戲化和定制服務。

The fourth quarter featured drops from Usain Bolt, Rob Gronkowski, Wayne Gretzky, Simone Biles, Tom Brady and Tony Hawk as well as SLAM Logo Passes and the Saw film franchise. We also revealed plans with the NFL Players Association and OneTeam Partners, the group licensing partner of the NFLPA, to launch gamified NFT collections that we anticipate debuting on DraftKings Marketplace during the 2022/2023 NFL season. The agreement grants DraftKings licensing rights for active NFL players, including the authentic use of name, image and likeness. Initial anticipated features of DraftKings gamified NFL player NFTs include the ability for customers to use these collectibles within games against each other on the platform as well as separate buying and selling functionality.

第四季度的特色是 Usain Bolt、Rob Gronkowski、Wayne Gretzky、Simone Biles、Tom Brady 和 Tony Hawk 以及 SLAM Logo Passes 和 Saw 電影特許經營權。我們還透露了與 NFL 球員協會和 NFLPA 的團體許可合作夥伴 OneTeam Partners 的計劃，以推出我們預計在 2022/2023 NFL 賽季期間在 DraftKings Marketplace 上首次亮相的遊戲化 NFT 系列。該協議授予現役 NFL 球員的 DraftKings 許可權，包括真實使用姓名、圖像和肖像。 DraftKings 遊戲化 NFL 球員 NFT 的最初預期功能包括客戶能夠在遊戲中使用這些收藏品在平台上相互對抗，以及單獨的買賣功能。

It is expected that there will be a variety of NFT editions and tiers that incorporate different aspects of utility and digital rarity. DraftKings previously announced a strategic agreement with Polygon to provide a scalable, eco-friendly blockchain solution that enables added throughput, lower transaction fees and expanded capabilities.

預計會有各種 NFT 版本和層級，結合實用性和數字稀有性的不同方面。 DraftKings 此前宣布與 Polygon 達成戰略協議，以提供可擴展、環保的區塊鏈解決方案，以增加吞吐量、降低交易費用和擴展功能。

We continue to add functionality and features to marketplace. We launched auctions in conjunction with the exclusive drop of Dale Earnhardt Jr. NFTs and also offer an experiential element, with one auction featuring NFT coupled with the chance to do a lap with Dale at speedway.

我們繼續向市場添加功能和特性。我們與 Dale Earnhardt Jr. NFT 的獨家發售一起推出了拍賣，還提供了一種體驗元素，其中一次拍賣以 NFT 為特色，並有機會在賽道上與 Dale 一起跑一圈。

Our media vertical is seeing good momentum with month-over-month audience growth driven in large part through our Dan Le Batard and VSiN assets. Our goal is to continue to grow our audience and content, which is uniquely positioned across 3 dynamic industries: sports, entertainment and technology. As part of that, we are excited to welcome Mike Golic Sr. to our roster of talent, and we have also been actively working closely with our partners at Meadowlark to green-light several new shows that we expect will be announced in the coming months.

我們的媒體垂直市場勢頭良好，觀眾人數逐月增長，這在很大程度上是通過我們的 Dan Le Batard 和 VSiN 資產推動的。我們的目標是繼續增加我們的受眾和內容，這在 3 個充滿活力的行業中具有獨特的定位：體育、娛樂和技術。作為其中的一部分，我們很高興歡迎 Mike Golic Sr. 加入我們的人才名單，我們也一直在與 Meadowlark 的合作夥伴積極密切合作，為我們預計將在未來幾個月內宣布的幾個新節目開綠燈.

And finally, last month, we announced the addition of 2 new senior leaders with extensive media experience to bolster our team and add velocity to our efforts. We will continue to invest in adjacent growth vectors like DraftKings Marketplace and media in 2022, with the approach that each of them will continue to drive the LTV-to-CAC flywheel that we are creating along with our existing core DFS, OSB and iGaming offerings.

最後，上個月，我們宣布增加 2 位具有豐富媒體經驗的新高級領導，以加強我們的團隊並加快我們的努力。我們將在 2022 年繼續投資於 DraftKings Marketplace 和媒體等相鄰的增長載體，它們中的每一個都將繼續推動我們正在創建的 LTV-to-CAC 飛輪以及我們現有的核心 DFS、OSB 和 iGaming 產品.

I'd also like to provide an update on our acquisition of Golden Nugget Online Gaming. In Q4, we made significant progress towards closing the acquisition. And upon closing, we are prepared to integrate the business and capture the synergies we outlined when we announced the transaction in August.

我還想提供有關我們收購 Golden Nugget Online Gaming 的最新信息。在第四季度，我們在完成收購方面取得了重大進展。交易完成後，我們準備整合業務並獲得我們在 8 月宣布交易時概述的協同效應。

We're excited to deploy a multi-brand strategy while accessing the millions of loyal Golden Nugget Online Gaming and Fertitta Entertainment customers. We anticipate multiple channels for cost savings by, among other things, recognizing enhanced returns on advertising spend through marketing efficiencies and eliminating platform costs by migrating to DraftKings' in-house technology.

我們很高興部署多品牌戰略，同時接觸數百萬忠實的 Golden Nugget 在線遊戲和 Fertitta Entertainment 客戶。我們預計通過多種渠道來節省成本，其中包括通過提高營銷效率來提高廣告支出的回報，並通過遷移到 DraftKings 的內部技術來消除平台成本。

I also want to provide some recent updates on responsible gaming. I am proud that DraftKings is playing the long game and refining the customer experience through a relentless focus on responsible gaming education and by supporting research in this area.

我還想提供一些關於負責任遊戲的最新更新。我很自豪 DraftKings 堅持不懈地專注於負責任的遊戲教育並支持該領域的研究，從而不斷提升客戶體驗。

In December, DraftKings announced a multiyear financial commitment to the Kindbridge Research Institute for a new research program to study the nexus of veterans and responsible gaming, with the ultimate goal of advancing evidence-based research in this area and improving the lives of impacted veterans.

12 月，DraftKings 宣布向 Kindbridge 研究所提供一項多年財務承諾，以開展一項新的研究計劃，以研究退伍軍人與負責任遊戲的關係，最終目標是推進該領域的循證研究並改善受影響退伍軍人的生活。

And in January, we announced a multiyear financial commitment to assist the 35 state problem gaming councils across the country by providing critical funding, which will support the work of local nonprofit organizations. As part of the new initiative, entitled The State Council Funding Program, DraftKings has offered each state council $15,000 per year for 3 years, a total commitment of $1.575 million over the span of the 3-year program.

1 月份，我們宣布了一項多年財務承諾，通過提供關鍵資金來幫助全國 35 個州問題博彩委員會，這將支持當地非營利組織的工作。作為名為“國務院資助計劃”的新計劃的一部分，DraftKings 向每個國務院提供了為期 3 年的每年 15,000 美元，在 3 年計劃的跨度內總承諾為 157.5 萬美元。

I will now turn the call over to DraftKings' CFO, Jason Park, who will discuss our fourth quarter results and 2022 guidance.

我現在將把電話轉給 DraftKings 的首席財務官 Jason Park，他將討論我們的第四季度業績和 2022 年指導。

Thank you, Jason, and good morning, everyone. We are pleased to announce that we generated $473 million in revenue for the quarter, an increase of 47% versus Q4 2020. Our revenue performance was significantly better than the midpoint of our guidance for the quarter, which was $437 million. Our B2C business generated $458 million for the quarter, an increase of 58% versus Q4 2020.

謝謝你，傑森，大家早上好。我們很高興地宣布，我們本季度的收入為 4.73 億美元，與 2020 年第四季度相比增長了 47%。我們的收入表現明顯好於我們本季度指引的中點，即 4.37 億美元。我們的 B2C 業務在本季度創造了 4.58 億美元，與 2020 年第四季度相比增長了 58%。

OSB hold was not a driver of overperformance versus our guidance. Our guidance on November 4 had included $25 million of core hold in October, and November and December combined were fairly typical. Given that hold was neutral relative to the guidance we shared in November, the $36 million organic outperformance versus our guidance was due to strength across customer acquisition, retention and monetization.

與我們的指導相比，OSB 持有並不是導致業績超常的驅動因素。我們在 11 月 4 日的指導包括 10 月 2500 萬美元的核心持有量，而 11 月和 12 月的總和相當典型。鑑於相對於我們在 11 月分享的指導而言，持有是中性的，與我們的指導相比，3600 萬美元的有機表現優於我們的指導，這是由於客戶獲取、保留和貨幣化方面的實力。

In our B2C business, we continued to drive strong growth through player acquisition and retention as measured through MUPs as well as player engagement and monetization as measured through ARPMUP. B2C monthly unique payers in the quarter increased 32% year-over-year to approximately 2.0 million, which brings our full year MUPs to 1.49 million, which is up 69% versus prior year.

在我們的 B2C 業務中，我們繼續通過通過 MUP 衡量的玩家獲取和留存以及通過 ARPMUP 衡量的玩家參與度和貨幣化來推動強勁增長。本季度 B2C 每月獨立付款人同比增長 32% 至約 200 萬，這使我們的全年 MUP 達到 149 萬，比上年增長 69%。

The increase reflects excellent player retention in states where we were live with our OSB and iGaming product offerings in Q4 2020 as well as the expansion of our OSB and iGaming product offerings into new states. Results reflected typical intraquarter seasonality, with October and November higher from a MUPs perspective, followed by a modest decline in December. As a reminder, a MUP is a monthly unique payer, and therefore, our number of annual active players is higher based on how many months per year a MUP plays.

這一增長反映了我們在 2020 年第四季度使用 OSB 和 iGaming 產品的州的出色玩家保留率，以及我們的 OSB 和 iGaming 產品擴展到新的州。結果反映了典型的季度內季節性，從 MUP 的角度來看，10 月和 11 月較高，隨後 12 月略有下降。提醒一下，MUP 是每月唯一付款人，因此，根據 MUP 每年播放的月數，我們的年度活躍玩家數量會更高。

Average revenue per monthly unique payer, or ARPMUP, was $77 in Q4, representing a 19% increase versus $65 for the same period in 2020, which brings our full year ARPMUP to $67, up 31% versus prior year. Our ARPMUP was positively impacted by a continued mix shift into our Sportsbook and iGaming product offerings and cross-selling our customers into more products.

第四季度每月唯一付款人（ARPMUP）的平均收入為 77 美元，比 2020 年同期的 65 美元增長 19%，這使我們的全年 ARPMUP 達到 67 美元，比上年增長 31%。我們的 ARPMUP 受到了體育博彩和 iGaming 產品組合的持續混合轉變以及我們的客戶交叉銷售更多產品的積極影響。

B2B generated $15 million, a decrease versus prior year due primarily to the termination of our Asian reseller agreement.

B2B 產生了 1500 萬美元，與去年相比有所減少，這主要是由於我們終止了我們的亞洲經銷商協議。

We generated $251 million of gross profit dollars on an adjusted EBITDA basis for the entire business in the quarter, representing a 33% increase versus last year. Gross margin rate in the quarter on an adjusted EBITDA basis for the business was 53% versus 33% in Q3 and versus 59% last year. On a quarter-over-quarter basis, you can see how the promotional intensity for new customer acquisition impacted our gross margin rate in Q3 versus Q4, where we focus more on monetization.

我們在本季度整個業務的調整後 EBITDA 基礎上產生了 2.51 億美元的毛利潤，與去年相比增長了 33%。在調整後的 EBITDA 基礎上，該業務本季度的毛利率為 53%，而第三季度為 33%，而去年為 59%。在季度環比的基礎上，您可以看到新客戶獲取的促銷強度如何影響我們在第三季度與第四季度相比的毛利率，在第四季度我們更關注貨幣化。

On a year-over-year basis, more than half of the change in our gross margin rate was due to the reduction in B2B revenues resulting from the termination of our Asia reseller agreement. The remaining portion of the change was primarily due to investment in new states launched after Q4 2020, including Michigan, Virginia, Wyoming, Arizona and Connecticut.

與去年同期相比，我們毛利率變化的一半以上是由於我們終止亞洲經銷商協議導致 B2B 收入減少。其餘部分的變化主要是由於對 2020 年第四季度之後推出的新州的投資，包括密歇根州、弗吉尼亞州、懷俄明州、亞利桑那州和康涅狄格州。

As Jason mentioned, the migration to our in-house bet engine has positively impacted our COGS as a percentage of revenue for OSB.

正如 Jason 所提到的，遷移到我們的內部投注引擎對我們的銷貨成本佔 OSB 收入的百分比產生了積極影響。

Adjusted EBITDA for the quarter was negative $128 million, which also exceeded our expectations due to the strong underlying performance of our business. Our sales and marketing expenses were $263 million, which include our external marketing. External marketing was higher in Q4 2021 versus the fourth quarter of 2020 due to the 5 additional states that went live in 2021, offset by declines in more mature states. The 5 new states represent 9% of the U.S. population and were in their first NFL season. We are seeing more customers engage faster in new states versus states that launched in 2018 through 2020, which improves our per player acquisition costs while accelerating our total marketing investment in a new state. As a reminder, we invest to acquire a player based on 2- to 3-year gross profit paybacks, which we will discuss more at our upcoming Investor Day.

本季度調整後的 EBITDA 為負 1.28 億美元，由於我們業務的強勁基礎表現，這也超出了我們的預期。我們的銷售和營銷費用為 2.63 億美元，其中包括我們的外部營銷費用。由於 2021 年新增了 5 個州，2021 年第四季度的外部營銷高於 2020 年第四季度，但被更成熟州的下降所抵消。這 5 個新州占美國人口的 9%，並且是他們的第一個 NFL 賽季。與 2018 年至 2020 年推出的州相比，我們看到更多客戶在新州更快地參與其中，這提高了我們的每位玩家獲取成本，同時加快了我們在新州的總營銷投資。提醒一下，我們根據 2 到 3 年的毛利潤回報率投資收購一個玩家，我們將在即將到來的投資者日討論更多。

Our general and administrative and product and technology costs on an adjusted EBITDA basis were $74 million and $42 million, respectively, as we continued to invest to achieve scale in our back-office functions such as human resources, legal, finance and accounting and customer service as well as adding to our technology team principally for new product development. A majority of the combined $23 million of year-over-year growth in these 2 expense lines was due to the compensation of new employees.

我們在調整後 EBITDA 基礎上的一般和行政以及產品和技術成本分別為 7400 萬美元和 4200 萬美元，因為我們繼續投資以實現人力資源、法律、財務和會計以及客戶服務等後台職能的規模以及主要用於新產品開發的技術團隊。這兩個費用項目合計 2300 萬美元的同比增長，其中大部分是由於新員工的薪酬。

Our strong Q4 revenue brought our full year to $1.296 billion of revenue, $616 million of gross profit at a 48% gross margin rate and negative $676 million of EBITDA.

我們強勁的第四季度收入使我們全年的收入達到 12.96 億美元，毛利潤為 6.16 億美元，毛利率為 48%，EBITDA 為負 6.76 億美元。

Taking a step back, 2021 was a fantastic year of execution and continued learning. We will discuss more in our upcoming Investor Day, but it is clear that the business model is working. We are acquiring customers efficiently with clear 2- to 3-year gross profit payback periods, and states are turning positive 2 to 3 years after launching. Therefore, we have an increasingly clear line of sight into turning EBITDA-positive.

退後一步，2021 年是執行和持續學習的美妙一年。我們將在即將到來的投資者日進行更多討論，但很明顯這種商業模式正在發揮作用。我們以明確的 2 到 3 年毛利潤回收期有效地獲取客戶，並且在推出後 2 到 3 年各州正在轉正。因此，我們越來越清楚地將 EBITDA 轉為正數。

Moving on to our balance sheet and liquidity. We ended the quarter with $2.2 billion of cash on our balance sheet. As we look forward through our scenario-driven multiyear plan, we continue to feel that we are well capitalized for the legalization path and growth ahead of us. As a reminder, our primary use of capital is to fund state launches. And under almost all scenarios and state launch timing, we have sufficient capital to achieve positive free cash flow.

繼續我們的資產負債表和流動性。我們在本季度結束時資產負債表上有 22 億美元的現金。在我們展望以情景為導向的多年計劃時，我們繼續感到我們為未來的合法化道路和增長做好了充分準備。提醒一下，我們對資金的主要用途是為州發射提供資金。並且在幾乎所有場景和狀態啟動時機下，我們都有足夠的資金來實現正的自由現金流。

Looking at 2022. On our November earnings call, we introduced annual revenue guidance of $1.7 billion to $1.9 billion. Given new state launches and underlying customer acquisition, retention and monetization trends, today, we are increasing our 2022 revenue guidance to a range of $1.85 billion to $2.0 billion, representing a 7% increase of the midpoint to $1.925 billion.

展望 2022 年。在 11 月的財報電話會議上，我們引入了 17 億美元至 19 億美元的年收入指引。鑑於新的州發布和潛在的客戶獲取、保留和貨幣化趨勢，今天，我們將 2022 年的收入指導提高到 18.5 億美元至 20 億美元的範圍，中間值增長 7% 至 19.25 億美元。

Our revised guidance equates to year-over-year revenue growth of 43% to 54% and B2C growth of 57%. We expect both MUPs and ARPMUP to grow in 2022, with MUPs increasing at a rate of about 50% higher than the expected rate of increase in ARPMUP. This guidance includes New York, Oregon and Louisiana as well as the resumption of mobile registration in Illinois no later than March 5. It also includes approximately $70 million in DraftKings Marketplace revenue in 2022.

我們修訂後的指引相當於收入同比增長 43% 至 54%，B2C 增長 57%。我們預計 MUP 和 ARPMUP 都將在 2022 年增長，其中 MUP 的增長率比 ARPMUP 的預期增長率高出約 50%。該指南包括紐約、俄勒岡州和路易斯安那州，以及不遲於 3 月 5 日在伊利諾伊州恢復移動註冊。它還包括 2022 年 DraftKings Marketplace 約 7000 萬美元的收入。

It does not include additional state launches nor the impact of the Golden Nugget acquisition, which we anticipate will close this quarter. We will update our guidance following the closing of the transaction.

它不包括額外的州發布，也不包括收購 Golden Nugget 的影響，我們預計該交易將在本季度結束。我們將在交易完成後更新我們的指導。

For B2B, we expect revenues to be about $40 million with minimal growth going forward.

對於 B2B，我們預計收入約為 4,000 萬美元，未來增長最小。

Regarding our 2022 quarterly revenue cadence, we expect Q1 to be between $400 million and $420 million. Please remember that although New York and Louisiana launched in Q1, new states typically start generating positive GAAP revenue after 1 to 2 months. Looking at the rest of the year, we expect Q2 to be similar to Q1, Q3 to be modestly lower than Q1 and Q4 to represent the seasonally highest quarter for revenue. You'll notice this cadence implies a higher percentage of revenue in the second half of this year compared to 2021. This is partly due to New York and Louisiana as well as DraftKings Marketplace ramping throughout the year.

關於我們 2022 年的季度收入節奏，我們預計第一季度將在 4 億美元至 4.2 億美元之間。請記住，儘管紐約和路易斯安那州在第一季度推出，但新州通常會在 1 到 2 個月後開始產生正的 GAAP 收入。展望今年剩餘時間，我們預計第二季度將與第一季度相似，第三季度將略低於第一季度和第四季度，以代表收入季節性最高的季度。您會注意到，與 2021 年相比，這種節奏意味著今年下半年的收入比例更高。這部分是由於紐約和路易斯安那州以及 DraftKings Marketplace 全年的增長。

Additionally, revenue distribution is affected by variations in hold. For example, in 2021, Q1 and Q2 had positive variances, whereas Q3 and Q4 had negative variance. For the purposes of our guidance, we are not assuming variances in hold will reflect last year's patterns as these are primarily driven by sport outcomes.

此外，收入分配受到持有變化的影響。例如，在 2021 年，Q1 和 Q2 的方差為正，而 Q3 和 Q4 的方差為負。出於我們指導的目的，我們不假設暫停的變化將反映去年的模式，因為這些主要是由運動結果驅動的。

Prior to today, we have not provided guidance for adjusted EBITDA. However, over the past few years, we have gained experience in multiple states, ran many tests to understand how to optimize our business, increased our clarity on organizational requirements and gained scale in marketing, which supports providing EBITDA guidance at this time.

在今天之前，我們沒有為調整後的 EBITDA 提供指導。然而，在過去的幾年裡，我們在多個州獲得了經驗，進行了許多測試以了解如何優化我們的業務，提高了我們對組織要求的清晰度並獲得了營銷規模，這支持在此時提供 EBITDA 指導。

We are focused on growth and on efficiency. We feel terrific about our customer cohort gross profit paybacks as well as state profitability, and thus, our trajectory for revenue and EBITDA.

我們專注於增長和效率。我們對我們的客戶群毛利潤回報以及國家盈利能力以及我們的收入和 EBITDA 軌跡感到非常好。

Three important points on profitability. First, we expect to be contribution profit positive this year, with contribution profit defined as gross profit minus external marketing. Number two, if we had not launched any additional states after December 31, 2021, we expect that DraftKings would have been able to achieve EBITDA profitability in Q4 of 2022. And most importantly, number three, based on all the states we are currently in, and if legalization trends remain consistent with prior years, which has been around 7% to 9% OSB legalization per year and 3% to 4% iGaming legalization per year, we would expect to be EBITDA positive in Q4 of 2023.

關於盈利能力的三個要點。首先，我們預計今年貢獻利潤為正，貢獻利潤定義為毛利潤減去外部營銷。第二，如果我們在 2021 年 12 月 31 日之後沒有啟動任何其他州，我們預計 DraftKings 將能夠在 2022 年第四季度實現 EBITDA 盈利。最重要的是，第三，基於我們目前所處的所有州，並且如果合法化趨勢與前幾年保持一致，即每年大約 7% 至 9% 的 OSB 合法化和每年 3% 至 4% 的 iGaming 合法化，我們預計 2023 年第四季度的 EBITDA 為正。

For this year, including the 5 states representing approximately 11% of the population that we have launched since September and a return to mobile registration in Illinois, we expect our adjusted EBITDA to be between negative $825 million to $925 million. Our business model is based on acquiring customers with 2- to 3-year gross profit paybacks, states turning positive contribution profit after 2 to 3 years and then positive contribution profit states offsetting negative contribution profit states.

今年，包括自 9 月以來我們推出的佔人口約 11% 的 5 個州以及伊利諾伊州恢復移動註冊，我們預計調整後的 EBITDA 將在負 8.25 億美元至 9.25 億美元之間。我們的業務模式基於以 2 到 3 年的毛利潤回報率獲取客戶，在 2 到 3 年後變為正貢獻利潤狀態，然後正貢獻利潤狀態抵消負貢獻利潤狀態。

In 2022, the states we launched in 2018, 2019 and 2020 will generate significant positive contribution profit. This includes New Jersey, which exceeded the expectations we laid out at our last Investor Day on both the top and bottom line. The positive contribution profit from these more mature states is partially offset by the negative contribution profit from newer 2021 states as well as large negative contribution profit from New York.

2022年，我們在2018年、2019年和2020年推出的狀態將產生顯著的正貢獻利潤。這包括新澤西州，它超出了我們在上一個投資者日對頂線和底線的預期。這些更成熟的州的正貢獻利潤被較新的 2021 州的負貢獻利潤以及紐約的大量負貢獻利潤部分抵消。

Our guidance for adjusted EBITDA also includes continued near-term investments in non-external marketing expenses, given the high-growth stage of our industry. We will see the benefits of the investments we are making in 2023 as our P&T, G&A and fixed marketing expenses will grow at a meaningfully lower annual rate compared to prior years.

鑑於我們行業的高增長階段，我們對調整後 EBITDA 的指導還包括對非外部營銷費用的持續短期投資。我們將在 2023 年看到我們正在進行的投資的好處，因為與往年相比，我們的 P&T、G&A 和固定營銷費用將以顯著降低的年增長率增長。

From a quarterly perspective for 2022, given our launch in New York on January 8 and in Louisiana on January 28, we expect our adjusted EBITDA loss in Q1 to be between $320 million and $340 million. We expect Q3, which is impacted by the start of the NFL season, to be slightly worse than Q1, with the second quarter representing a little less than half of our expected Q1 loss. We expect our fourth quarter loss to be smallest as we benefit from higher seasonal revenue.

從 2022 年的季度來看，鑑於我們於 1 月 8 日在紐約和 1 月 28 日在路易斯安那州推出，我們預計第一季度調整後的 EBITDA 虧損將在 3.2 億美元至 3.4 億美元之間。我們預計受 NFL 賽季開始影響的第三季度將比第一季度略差，第二季度略低於我們預期的第一季度虧損的一半。我們預計第四季度的虧損將最小，因為我們受益於更高的季節性收入。

As a reminder, as you think about the rest of 2022, please keep in mind that any states at launch have minimal to negative impact initially on the top line as we promote and a negative impact on adjusted EBITDA as we spend on external marketing to drive early customer engagement at CACs that are consistent with our 2- to 3-year gross profit payback period target. Our marketing spend is also highly flexible and can be reduced or paused altogether if attractive customer acquisition opportunities are not available or the sports calendar shifts.

提醒一下，當您考慮 2022 年剩餘時間時，請記住，在我們推廣的過程中，發佈時的任何州最初對頂線的負面影響都微乎其微，而對調整後的 EBITDA 產生負面影響，因為我們花在外部營銷上以推動與我們 2 至 3 年毛利潤回收期目標一致的 CAC 的早期客戶參與。我們的營銷支出也非常靈活，如果沒有有吸引力的客戶獲取機會或體育日曆發生變化，可以減少或完全暫停。

That concludes our remarks, and we will now open the line for questions.

我們的發言到此結束，我們現在開始提問。

(Operator Instructions) Our first question comes from Michael Graham with Canaccord.

（操作員說明）我們的第一個問題來自 Canaccord 的 Michael Graham。

I just wanted to ask 2. The first one is just any quick update on in New York, how you're sort of dealing with the high tax rate there and sort of passing that along to the players.

我只是想問 2。第一個是關於紐約的任何快速更新，你如何處理那裡的高稅率並將其傳遞給球員。

And then for a more involved question, just on ARPMUP, the performance there was so strong. Maybe just a little more color on the mix of factors from engagement or product or cross-selling. Just a little bit more color on sort of what you're seeing under the hood that's driving such good performance there.

然後是一個更複雜的問題，就在 ARPMUP 上，那裡的表現是如此強大。也許只是對參與度、產品或交叉銷售的因素組合多一點色彩。只是在引擎蓋下看到的那種推動瞭如此良好性能的東西多一點顏色。

Thanks, Michael. Two questions. So the first one on New York. There's been some chatter of New York considering in this upcoming legislative session adjusting the tax rate down. I think the approach we're taking is a wait and see on that. And I think if that happens, depending on where it lands, then we'll adjust accordingly. And if it doesn't happen, then we'll adjust accordingly. So I think we're kind of taking a wait-and-see approach to this legislative session.

謝謝，邁克爾。兩個問題。所以第一個在紐約。在即將舉行的立法會議上，有一些紐約正在考慮調低稅率。我認為我們正在採取的方法是觀望。我認為如果發生這種情況，取決於它的位置，那麼我們會相應地進行調整。如果它沒有發生，那麼我們將相應地進行調整。因此，我認為我們對本屆立法會議採取了觀望態度。

And in New York, customer acquisition has been so efficient, and the early player cohort results have been so strong that we're hopeful that, with an appropriate tax rate, it can be a very profitable market for us. But if not, we'll make the necessary adjustments to ensure that it meets the 2- to 3-year payback and that it is a very profitable market for us in the long run.

在紐約，客戶獲取非常有效，早期玩家群體的結果非常強勁，我們希望，在適當的稅率下，這對我們來說是一個非常有利可圖的市場。但如果沒有，我們將進行必要的調整，以確保它滿足 2 到 3 年的回報，從長遠來看，它對我們來說是一個非常有利可圖的市場。

As far as ARPMUP goes, a few things at play there. One, we continue to see mix shift into OSB and iGaming from legacy DFS. That's been helpful. Second, we've improved our product dramatically over the last 6 months or so after migrating onto our own proprietary tech platform. We've seen an uptick in parlay mix. We've seen an uptick in live betting. So lots of good things there.

就 ARPMUP 而言，有幾件事在起作用。一，我們繼續看到混合從傳統 DFS 轉移到 OSB 和 iGaming。這很有幫助。其次，在遷移到我們自己的專有技術平台後，我們在過去 6 個月左右的時間裡顯著改進了我們的產品。我們已經看到過關組合的上升。我們看到現場投注有所增加。那裡有很多好東西。

And then lastly, I think that, really, the ability for us to cross-sell and to engage and activate customers continues to get better as our CRM programs have more and more test data and we optimize those.

最後，我認為，隨著我們的 CRM 程序擁有越來越多的測試數據並且我們對其進行優化，我們交叉銷售以及吸引和激活客戶的能力繼續變得更好。

Our next question comes from Joe Stauff with Susquehanna.

我們的下一個問題來自與 Susquehanna 的 Joe Stauff。

Jason, Jason, I wanted to ask, relative to your EBITDA loss guidance in 2022, what sort of, say, promotional and advertising underlying environment are you assuming with respect to that guidance?

傑森，傑森，我想問一下，相對於您在 2022 年的 EBITDA 損失指導，您對該指導假設的促銷和廣告基礎環境是什麼樣的？

And then the second piece to that is, I guess, it's fair to assume that in the handful of states/province that you'll launch maybe later this year -- I know you don't like to guide until you're actually in there. But one would think, say, the midpoint of that EBITDA loss guidance, the $875 million, is likely to be wider. Is that fair? And is there any magnitude you could give us?

然後第二部分是，我想，可以公平地假設在少數幾個州/省你可能會在今年晚些時候推出——我知道你不喜歡指導，直到你真正進入那裡。但有人會認為，EBITDA 虧損指引的中點，即 8.75 億美元，可能會更大。這公平嗎？你能告訴我們任何數量級嗎？

So on the first question, the new states that we've launched recently, including, of course, New York and Louisiana this year and then a few last year, we'll continue to invest in those in customer acquisition. Typically the first year, sometimes 2 years, of customer acquisition is -- are the strongest cohorts that you acquire. And I think it's really important that we continue to invest there.

所以關於第一個問題，我們最近推出的新州，當然包括今年的紐約和路易斯安那州，然後是去年的幾個州，我們將繼續投資於客戶獲取。通常，客戶獲取的第一年（有時是 2 年）是您獲取的最強群組。我認為我們繼續在那裡投資非常重要。

As noted earlier, we're keeping an eye on the New York legislative session. And I think depending on what happens there with the tax rate, we may make some adjustments. But as of now, we are basing it on what we know.

如前所述，我們正在密切關注紐約立法會議。我認為根據稅率的變化，我們可能會做出一些調整。但截至目前，我們是基於我們所知道的。

And then as far as new states, as you noted, we don't really get into the habit of saying, here's what we expect to happen because we don't know when new states are going to launch. Obviously, Ontario has some clarity around it. But most other states that have legalized, namely Ohio, Puerto Rico and Maryland, have not yet set dates. So I think for now, we're going to wait and see on that.

然後就新州而言，正如您所指出的，我們並沒有真正養成這樣說的習慣，這就是我們期望發生的事情，因為我們不知道新州何時會啟動。顯然，安大略省對此有所了解。但大多數其他已合法化的州，即俄亥俄州、波多黎各和馬里蘭州，尚未確定日期。所以我認為現在，我們將拭目以待。

And I think there's a number of factors that could drive EBITDA better or worse than what we're guiding to right now. I think there's some upside, and there's, of course, the possibility of new states where we'd invest. So hard to say what the net impact will be, given all the moving parts.

而且我認為有許多因素可以推動 EBITDA 比我們現在指導的更好或更差。我認為有一些好處，當然還有我們投資的新州的可能性。考慮到所有活動部件，很難說淨影響是什麼。

Our next question comes from Shaun Kelley with Bank of America.

我們的下一個問題來自美國銀行的 Shaun Kelley。

Jason, I just wanted to dig into some of the comments on reaching breakeven or profitability in 4Q '23. I guess my key question is, if we already use the same assumptions -- and you're incorporating some growth in these numbers, which we appreciate. Under the same assumptions, would you be full year profitable in 2024? And is that -- or is that too ambitious?

傑森，我只是想深入探討一些關於在 23 年第四季度實現盈虧平衡或盈利的評論。我想我的關鍵問題是，如果我們已經使用了相同的假設——並且你在這些數字中加入了一些增長，我們對此表示讚賞。在同樣的假設下，你會在 2024 年實現全年盈利嗎？那是 - 還是過於雄心勃勃？

And sort of as the follow-up to that, would external marketing expense dollars actually start to decline as we get out into that period, let's call it, 4Q '23 or 2024? Or are we just seeing leverage, meaning declining as a percentage of sales but not necessarily declining in absolute dollars, to get to some of those assumptions?

作為後續行動，隨著我們進入那個時期，我們稱之為 23 年第 4 季度或 2024 年，外部營銷費用美元實際上會開始下降嗎？或者我們只是看到了槓桿作用，意味著銷售額的百分比下降，但絕對金額不一定下降，以達到其中的一些假設？

Yes. Good question. So as we noted, we would expect, if we had frozen state launches at the end of last year, we'd be profitable by this year fourth quarter. And given, as you mentioned, normal 7% to 9% legalization of the population on OSB, 3% to 4% on iGaming, we expect to be profitable by the fourth quarter '23.

是的。好問題。因此，正如我們所指出的，我們預計，如果我們在去年年底凍結狀態發射，我們將在今年第四季度實現盈利。正如您所提到的，鑑於 OSB 上的人口合法化率正常為 7% 到 9%，iGaming 上的合法化率為 3% 到 4%，我們預計到 23 年第四季度將實現盈利。

As far as the entire year for '24, I think the expectation is we would either be profitable or close to it. Obviously, the further out we go, the more moving parts. But based on the assumptions we're making, it would be pretty much in that zone of either profitable or very close to profitable.

就 24 年的全年而言，我認為我們的預期是我們要么盈利，要么接近盈利。顯然，我們走得越遠，移動的部分就越多。但根據我們所做的假設，它幾乎處於盈利或非常接近盈利的區域。

And then as far as the question around marketing, we're not providing specific guidance around what marketing will be. But certainly, there will be a very strong impact from leverage. I think you can expect some slowdown in fixed costs as well. And obviously, the revenue growth, we expect to continue to be strong. So I think that's really the primary driver there. But whether or not we make some optimizations to marketing, it will depend on how our testing goes.

然後關於營銷的問題，我們沒有提供關於營銷的具體指導。但可以肯定的是，槓桿作用會產生非常強烈的影響。我認為您也可以預期固定成本會有所放緩。顯然，收入增長，我們預計將繼續強勁。所以我認為這確實是那裡的主要驅動力。但是我們是否對營銷進行一些優化，這將取決於我們的測試如何進行。

Our next question comes from Thomas Allen with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Thomas Allen。

So 2 questions for me. First question, fourth quarter revenues were well ahead and EBITDA beat. One pushback we've heard is on where MUPs were, a little bit lower at around 2 million versus you guys had talked to on the third quarter call, around 2.1 million. Can you discuss that a little bit?

所以我有2個問題。第一個問題，第四季度收入遙遙領先，EBITDA 超過。我們聽到的一個阻力是關於 MUP 的位置，大約為 200 萬，而你們在第三季度電話會議上談到的大約 210 萬。你能稍微討論一下嗎？

Second question, Jason Park, I think I heard you say that you have sufficient capital until you have positive free cash flow. So there's definitely a concern in the market that you may need to raise capital. So can you just address that?

第二個問題，Jason Park，我想我聽到你說你有足夠的資本，直到你有正的自由現金流。因此，市場上肯定存在您可能需要籌集資金的擔憂。那麼你能解決這個問題嗎？

First of all, very prescient report by you, almost nailing our EBITDA guidance, that was good. But I think as far as the MUPs go, we had said we had 2.1 million in September. Last quarter's average was actually lower. We haven't guided to MUPs typically. So we didn't provide a guide. But I mean, it was pretty much on target with consensus, only like 3 or 4 analysts, I think, even predicting MUPs. And I think we were a couple of points short, but we were right where we wanted to be.

首先，您的報告非常有先見之明，幾乎確定了我們的 EBITDA 指導，這很好。但我認為就 MUP 而言，我們曾說過 9 月份有 210 萬。上個季度的平均值實際上更低。我們通常沒有引導到 MUP。所以我們沒有提供指南。但我的意思是，它幾乎達到了共識的目標，我認為只有 3 或 4 個分析師，甚至預測 MUP。而且我認為我們還差幾分，但我們就在我們想去的地方。

But we haven't provided guidance there. And of course, it's an average of all 3 months. So as you get into certain months with different sport mixes and further into the NFL season, it can vary. But if you look at the quarter last quarter, we actually went up in MUPs quarter-over-quarter, and we certainly went up year-over-year.

但我們沒有在那裡提供指導。當然，這是所有 3 個月的平均值。因此，當您進入某些月份使用不同的運動組合併進一步進入 NFL 賽季時，情況可能會有所不同。但是，如果您查看上個季度的季度，我們實際上在 MUP 中環比上升，而且我們肯定同比上升。

And then I apologize, what was the other question? Oh, on capital and free cash flow. So we have said all along and continue to say that we expect that we have enough capital on the balance sheet to get to free cash flow positive. Nothing has changed there. Obviously, we would have to have a meaningful improvement in year-over-year losses starting in '23, which is what we expect, very similar to, I think, what you wrote in your report. But our plan, our multiyear plan that we have, does not require any additional capital raise.

然後我道歉，另一個問題是什麼？哦，關於資本和自由現金流。因此，我們一直說並繼續說，我們預計資產負債表上有足夠的資本來實現正的自由現金流。那裡什麼都沒有改變。顯然，從 23 年開始，我們必須在同比損失方面取得有意義的改善，這是我們所期望的，我認為與您在報告中所寫的非常相似。但是我們的計劃，我們的多年計劃，不需要任何額外的資金籌集。

(Operator Instructions) Our next question comes from Stephen Gambling (sic) [Grambling] with Goldman Sachs.

（操作員說明）我們的下一個問題來自高盛的 Stephen Gambling（原文如此）[Grambling]。

Grambling, but close. Follow-up on MUPs. I think I heard you reference 1.7 million actives at the Super Bowl. How does this compare to last year as optically, it does look like it's down sequentially from fourth quarter even as New York opened?

格格不入，但很接近。跟進 MUP。我想我聽說你在超級碗上提到了 170 萬活躍者。這與去年相比如何，從光學上看，它看起來確實從第四季度開始連續下降，即使在紐約開業時也是如此？

Well, it was way up from last year. I mean, remember, that was one day. If you look at the quarterly MUPs, it's going to be higher than any one day would be or at least the monthly would be. Obviously, there's some seasonality in there as football ended in February. But that was one day -- that was by far the most we've ever had in one day, and it's not even close.

嗯，比去年高了很多。我的意思是，記住，那是一天。如果您查看季度 MUP，它將高於任何一天或至少每月的 MUP。顯然，隨著足球在二月份結束，那裡有一些季節性。但那是一天——這是迄今為止我們在一天中擁有的最多的一天，甚至還沒有接近。

We haven't disclosed specific number last year from Super Bowl, but that's something we can consider doing in our upcoming Investor Day. But I can tell you it was up, extraordinarily higher year-over-year versus last Super Bowl.

我們沒有透露去年超級碗的具體數字，但這是我們可以在即將到來的投資者日考慮做的事情。但我可以告訴你，它是上升的，與上屆超級碗相比，同比增長非常高。

And if I can sneak one other very quick one in. I guess on the guidance, EBITDA loss guidance, I guess, what is the underlying assumption on the broader promotional intensity?

如果我可以非常快速地偷偷溜進去。我猜關於指導，EBITDA 損失指導，我猜，關於更廣泛的促銷強度的基本假設是什麼？

Our assumption is that we continue to run very similar new customer promos to what we've run in the past and that we run similar retention-based promotions around key moments like the start of NFL season. So nothing's really changed there. And I think as we've noted in the past, as states mature, just based on the fact that a higher percentage of promotion is spent on new customers than repeat, you should expect to see natural decline. And then, of course, the mix of new versus mature or more mature, I should say, states will affect the overall. But I think that you can kind of assume it's looked -- or it will look like what it's looked like in the past.

我們的假設是，我們將繼續運行與過去非常相似的新客戶促銷活動，並且我們會在關鍵時刻（如 NFL 賽季開始）運行類似的基於保留的促銷活動。所以那裡並沒有真正改變。而且我認為，正如我們過去所指出的那樣，隨著各州的成熟，僅僅基於這樣一個事實，即花在新客戶身上的促銷比例高於重複客戶，你應該期望看到自然下降。然後，當然，新的與成熟的或更成熟的混合，我應該說，狀態會影響整體。但我認為你可以假設它看起來像 - 或者它看起來像過去的樣子。

Our next question comes from Jed Kelly with Oppenheimer.

我們的下一個問題來自 Jed Kelly 和 Oppenheimer。

Just with your guide to contribution profit neutral, it kind of implies you're spending a lot of money on technology, G&A. How much of these investments are going to revenue channels that we would consider outside of gaming or gambling? And then is there anything you could give us what your total contribution profit was in '21?

僅根據您的貢獻利潤中性指南，這意味著您在技術、G&A 上花費了大量資金。這些投資中有多少將流向我們會考慮在遊戲或賭博之外的收入渠道？然後你有什麼可以告訴我們你在 21 年的總貢獻利潤是多少？

So on the first question, very little is going outside of our DFS, OSB and iGaming products. Our expectation is that the new verticals are breakeven or better. So I don't think you should expect to see any real negative impact to EBITDA from anything new that we're investing in organically at the moment.

所以在第一個問題上，我們的 DFS、OSB 和 iGaming 產品之外的東西很少。我們的期望是，新的垂直行業能夠實現盈虧平衡或更好。因此，我認為您不應該期望看到我們目前有機投資的任何新事物對 EBITDA 產生任何真正的負面影響。

As far as how -- why, I think if you kind of take a step back and look at the competitive picture, and we've always said that we believe that product is where you win. We were in a position where our top 2 competitors have thousands of engineers, have much more mature markets in Europe that they've built up a team around for many, many years. So our strategy was to really pull forward a lot of the product and technology hiring that we needed to do.

至於如何 - 為什麼，我認為如果你退後一步，看看競爭情況，我們一直說我們相信產品是你獲勝的地方。我們所處的位置是，我們的前 2 名競爭對手擁有數千名工程師，在歐洲擁有更加成熟的市場，他們已經圍繞這些市場建立了很多很多年的團隊。所以我們的策略是真正推進我們需要做的大量產品和技術招聘。

As we go forward, I think you should expect to see a meaningful slowdown in fixed costs over the next several years because, really, for us, it was about trying to pull forward and achieve a higher level of scale, maybe a little ahead of where the revenue is. But knowing we had growth, I mean, we more than doubled year-over-year last year, we don't expect it to take more than a year or 2 to grow into that. But it's really a reflection of, if we felt like products and technology was going to be the most important thing winning long term, we had to be on a more level playing field with those we are competing with.

隨著我們前進，我認為您應該期望在未來幾年內看到固定成本顯著放緩，因為，實際上，對我們而言，它是關於努力向前推進並實現更高水平的規模，也許提前一點收入在哪裡。但是知道我們有增長，我的意思是，我們去年同比增長了一倍多，我們預計不會需要超過一兩年的時間才能增長。但這確實反映了，如果我們覺得產品和技術將成為贏得長期勝利的最重要因素，那麼我們必須與我們的競爭對手處於更公平的競爭環境中。

And then what was the other question?

然後另一個問題是什麼？

Contribution profit for '21.

'21 的貢獻利潤。

We'll have more information on that at our upcoming Investor Day. What we said so far is that we were -- we will be positive contribution profit in 2022, but we'll have more information on what 2021 looked like in our upcoming Investor Day on March 3.

我們將在即將到來的投資者日上提供更多相關信息。到目前為止，我們所說的是——我們將在 2022 年實現正貢獻利潤，但在即將到來的 3 月 3 日投資者日，我們將獲得更多關於 2021 年情況的信息。

Our next question comes from Carlo Santarelli with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Carlo Santarelli。

So guys, you provided a lot of color. I was just hoping kind of to more or less understand the definition and see where kind of the contribution profit, if you could bridge the commentary around contribution profit for 2022 relative to the EBITDA guidance and just kind of address some of the major buckets there that maybe we're not appreciating entirely in that kind of definition or nomenclature that you guys use.

所以伙計們，你們提供了很多顏色。我只是希望或多或少地理解這個定義，看看貢獻利潤在哪裡，如果你能將關於 2022 年貢獻利潤的評論與 EBITDA 指導聯繫起來，並解決其中的一些主要問題也許我們並沒有完全理解你們使用的那種定義或命名法。

Sure. So contribution profit is gross profit minus the external marketing, so the advertising that's oriented towards customer acquisition. And we include all of it. So it's not just the local advertising. Any national advertising, DFS advertising we're doing is all included in that number. And as we've said, we expect to be contribution profit positive in 2021 based on the states that we're in today -- 2022, excuse me, based on the states that we're in today.

當然。所以貢獻利潤是毛利潤減去外部營銷，也就是以獲客為導向的廣告。我們包括所有這些。所以這不僅僅是本地廣告。任何全國性的廣告，我們正在做的 DFS 廣告都包含在這個數字中。正如我們所說，根據我們今天所處的州，我們預計 2021 年的貢獻利潤將是正數——對不起，根據我們今天所處的州，到 2022 年。

I think that the logical assumption is that the remaining costs are fixed costs. And as I noted in the last question, we felt like, in order to be competitive, and we feel like we're actually outcompeting our top rivals right now. But in order to get there, we had to staff up on the products and technology side.

我認為合乎邏輯的假設是剩餘成本是固定成本。正如我在上一個問題中指出的那樣，我們覺得，為了保持競爭力，我們覺得我們現在實際上正在超越我們的頂級競爭對手。但為了實現這一目標，我們必須在產品和技術方面配備人員。

We still have less engineers than some of our top competitors. But I think we've been able to ship product and rapidly evolve our products faster than anyone else in the market, and that's partly due to our focus on the U.S. We don't have to use some of those engineering -- some of those engineers to focus on products overseas. So I think that's been very helpful. And I think we feel like now, we're in a position where we can moderate fixed cost growth and really allow the revenue scale and the contribution profit from states to kick in and drive improvements to the bottom line, probably starting later this year and certainly into 2023.

我們的工程師人數仍然少於我們的一些頂級競爭對手。但我認為我們已經能夠以比市場上任何其他人更快的速度交付產品并快速發展我們的產品，這部分是由於我們專注於美國我們不必使用其中一些工程——其中一些工程師專注於海外產品。所以我認為這很有幫助。而且我認為我們現在感覺，我們處於可以緩和固定成本增長的位置，並真正允許各州的收入規模和貢獻利潤發揮作用並推動改善底線，可能從今年晚些時候開始，肯定會到 2023 年。

Great. That's helpful. And just longer term, the external marketing as a percentage of net revenue, you guys are still targeting like around 10%?

偉大的。這很有幫助。從長遠來看，外部營銷占淨收入的百分比，你們的目標仍然是 10% 左右？

Yes, that's about right. We'll have more information on that in our upcoming Investor Day, but that's about right.

是的，這差不多。我們將在即將到來的投資者日提供更多相關信息，但這是正確的。

Our next question comes from David Katz with Jefferies.

我們的下一個問題來自 Jefferies 的 David Katz。

If you could just spend a minute on Canada specifically because if I'm correct, that's incremental to the numbers that you've laid out today. And I'm just wondering if the calculus there in terms of that market entry piece, it is -- it's not a regular state. If the calculus changes there in any way, one way or the other, and how we might work that into our models here.

如果您可以專門花一分鐘時間了解加拿大，因為如果我是正確的，那將增加您今天列出的數字。而且我只是想知道那裡的微積分是否就該市場進入部分而言，它是 - 它不是一個常規狀態。如果微積分以任何方式改變，一種方式或另一種方式，以及我們如何將其應用到我們的模型中。

Definitely, it's different. There's been a gray market there for many years, which a lot of the operators we'll be competing with have already been operating in and have already had time to build customer bases. So as noted in last year's Investor Day, we are not projecting the same level of market share in Ontario or in Canada in general that we are projecting in the U.S. just because we don't have that early-mover advantage that we have in the U.S.

肯定的，不一樣的。多年來一直存在灰色市場，我們將與之競爭的許多運營商已經在其中開展業務，並且已經有時間建立客戶群。因此，正如去年的投資者日所指出的那樣，我們在安大略省或整個加拿大的市場份額與我們在美國的預測不同，只是因為我們沒有在美國擁有的先發優勢。我們

I think the way we'll approach it is the same way we approach everything else that we do. It's going to be analytically based. We're going to target 2- to 3-year paybacks. And I think, depending on what we see in the data, we'll adjust accordingly. But it should be a good market. It has iGaming. It has sports betting, and we already have a decently sized user base of DFS customers there. So we're pretty excited about Ontario.

我認為我們處理它的方式與我們處理其他所有事情的方式相同。它將基於分析。我們的目標是 2 到 3 年的投資回報期。我認為，根據我們在數據中看到的情況，我們會做出相應的調整。但它應該是一個很好的市場。它有iGaming。它有體育博彩，我們已經在那裡擁有相當規模的 DFS 客戶用戶群。所以我們對安大略感到非常興奮。

Our next question comes from Dan Politzer with Wells Fargo.

我們的下一個問題來自富國銀行的 Dan Politzer。

I just want to follow up on Ontario. How do you think about the promotional environment there versus a big market that recently launched such as New York? What are -- are there any differences in terms of what you'd spend maybe there, just given the population and maybe differences in regulations?

我只想跟進安大略。您如何看待那裡的促銷環境與最近推出的紐約等大市場？考慮到人口和法規的差異，您可能在那里花費的東西有什麼不同嗎？

Yes. It's something I think we're still evaluating. Obviously, Ontario is a very large population. It's -- I think it would be the fifth-largest state by population if it were in the U.S. So it's a pretty meaningful population. And of course, it has iGaming. So I think that improves the overall TAM available to us. So just like we will with external marketing, we're going to do a lot of testing, and we're going to base whatever decisions we make on what the data tells us.

是的。我認為我們仍在評估這一點。顯然，安大略省人口眾多。這是 - 我認為如果它在美國，它將是人口第五大州。所以這是一個非常有意義的人口。當然，它還有 iGaming。所以我認為這改善了我們可用的整體 TAM。因此，就像我們對外部營銷所做的那樣，我們將進行大量測試，並且我們將根據數據告訴我們的內容做出任何決定。

And then just a quick clarification on the fourth quarter EBITDA becoming positive. Does that assume a launch in Ontario and Maryland, some of the other jurisdictions you haven't launched in?

然後只是快速澄清第四季度 EBITDA 變為正數。這是否假設在安大略省和馬里蘭州以及您尚未在其他一些司法管轄區推出？

No. We -- so to be clear, we've said that if we did not launch any states after the end of 2021, we would have been EBITDA positive in the end of -- in Q4 of 2022. So the intent is not to be based on -- we've launched now in New York and Louisiana. But what we've also said is that if you assume a normal legalization trend of 7% to 9% in OSB and 3% to 4% in iGaming, that we would expect to be EBITDA positive by Q4 of '23. So I think you can assume that Ontario is included in that, and it will obviously depend on any other states or jurisdictions that open up.

不。我們 - 明確地說，我們已經說過，如果我們在 2021 年底之後不啟動任何州，我們將在 2022 年第四季度結束時的 EBITDA 為正。所以意圖不是基於 - 我們現在在紐約和路易斯安那州推出。但我們也說過，如果你假設 OSB 的正常合法化趨勢為 7% 至 9%，iGaming 為 3% 至 4%，我們預計到 23 年第四季度 EBITDA 為正。所以我認為你可以假設安大略省被包括在其中，這顯然取決於任何其他開放的州或司法管轄區。

And if that ends up being higher, that's a good thing because it means that the TAM is larger, but we probably wouldn't get there on the EBITDA positive side because there'll be more investment. If it ends up being a slower pace of legalization, which ironically is probably not great because it means that the TAM is not growing as quickly, we would actually expect to achieve EBITDA profitability on a faster basis.

如果最終更高，這是一件好事，因為這意味著 TAM 更大，但我們可能不會在 EBITDA 積極方面達到那裡，因為會有更多的投資。如果它最終成為一個較慢的合法化步伐，具有諷刺意味的是，這可能不是很好，因為這意味著 TAM 的增長速度沒有那麼快，我們實際上希望在更快的基礎上實現 EBITDA 盈利。

Our next question comes from Joe Greff with JPMorgan.

我們的下一個問題來自摩根大通的 Joe Greff。

Question is this. Most of my questions on the business have been asked and answered. But why aren't insiders buying the stock? And will insiders buy the stock?

問題是這個。我的大部分業務問題都已被提出並得到解答。但為什麼內部人士不買股票呢？內部人士會購買股票嗎？

Well, of course, we can't talk about what will happen, but we have had several insiders buy the stock. Many members of our Board...

好吧，當然，我們不能談論會發生什麼，但我們已經有幾個內部人士購買了這隻股票。我們董事會的許多成員...

Outside of directors, I'm talking about inside executives.

在董事之外，我指的是內部高管。

Well, I've been exercising options, as has several other members of our executive team, which is in effect, buying stock. So I think as long as there's options to be exercised, that would probably be the first stop for most executives. But I can't speak for everyone else.

好吧，我一直在行使期權，我們執行團隊的其他幾位成員也是如此，實際上是在購買股票。所以我認為只要有選擇權可以行使，這可能是大多數高管的第一站。但我不能代表其他所有人。

Also, as you know, there's wash rules. So based on 10b-5 programs that have not been active the last few months but were active within the 6-month time frame, it's not possible for executives to buy shares right now. But we can certainly exercise options, and we have been.

此外，如您所知，還有洗滌規則。因此，根據過去幾個月不活躍但在 6 個月時間內活躍的 10b-5 計劃，高管現在不可能購買股票。但我們當然可以行使期權，而且一直如此。

Our next question comes from Robert Fishman with MoffettNathanson.

我們的下一個問題來自 Robert Fishman 和 MoffettNathanson。

I have a follow-up on advertising. We've seen how sports betting advertising is already one of the top local TV categories in the legalized markets. And now that New York is live and you continue to scale across the U.S., can you discuss your plans to ramp up on the national advertising piece? And how do you think about the balance of local versus national ad spend this year?

我有一個關於廣告的後續行動。我們已經看到體育博彩廣告已經成為合法市場中頂級的本地電視類別之一。既然紐約已經上線並且您繼續在美國擴大規模，您能否討論一下您在全國廣告片上增加的計劃？您如何看待今年本地與全國廣告支出的平衡？

It's a great question. We've said in the past that we expect to achieve optimal -- excuse me, more efficiency on the advertising side because, of course, advertising at the national level is much less expensive in many channels like television on a cost per impression basis than local. We have already started, starting last NFL season, shifting some of our spend into national. We crossed that threshold with the launch of New York of about 1/3. So I think you'll continue to see more.

這是一個很好的問題。我們過去曾說過，我們希望實現最優——對不起，廣告方面的效率更高，因為當然，在電視等許多渠道中，在國家層面的廣告在每次印象成本的基礎上要便宜得多當地的。我們已經開始，從上個 NFL 賽季開始，將我們的一些支出轉移到國家層面。我們在紐約推出約 1/3 時跨越了這個門檻。所以我想你會繼續看到更多。

And what's nice is that those national ads that we run, with each new state that legalizes, it's not like we have to put more national advertising out there. It actually reaches that population and was always reaching that population. The difference is now, they can sign up for the app. So I think you'll continue to see some tailwinds coming from just more state legalization and a continued shift into national.

好的是我們運行的那些全國性廣告，隨著每個新州的合法化，我們不必在那裡投放更多的全國性廣告。它實際上到達了那個人群，並且一直在到達那個人群。現在不同的是，他們可以註冊該應用程序。所以我認為你會繼續看到一些順風來自更多的州合法化和繼續轉向國家。

Of course, with state launches, we'll always have some heavy up on the local side, and there are certain channels that will always be local, like outdoor and digital. But I think the national advertising will continue to grow as a percentage of the portfolio, and that should have a tailwind effect on the overall efficiency.

當然，隨著州政府的推出，我們總是會在本地進行一些沉重的工作，並且某些渠道將永遠是本地的，例如戶外和數字。但我認為全國廣告在投資組合中的比例將繼續增長，這應該會對整體效率產生順風影響。

Our next question comes from Chaiken with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Chaiken。

Kind of on the lines of Carlo's question, the implied SG&A bucket, as you're bridging from contribution profit to EBITDA, which you can infer from the '22 guide or ballpark, is that fixed? Or does that grow with inflation? How should we think about that?

有點像 Carlo 的問題，隱含的 SG&A 桶，當你從貢獻利潤到 EBITDA 的橋接時，你可以從 '22 指南或球場推斷出來，這是固定的嗎？還是會隨著通貨膨脹而增長？我們應該怎麼想？

Well, we've already made a number of market adjustments. Obviously, it's a tough labor market to deal with that. I don't expect that will have -- obviously, who knows? It's -- I don't have a crystal ball, but I don't expect, based on what we know today, that it will have any more impact to labor cost due to inflation.

嗯，我們已經做了一些市場調整。顯然，這是一個難以應對的勞動力市場。我不認為會有——很明顯，誰知道呢？這是 - 我沒有水晶球，但根據我們今天所知道的，我不認為通貨膨脹會對勞動力成本產生更多影響。

As I noted earlier, we had to really hire up quickly in order to be competitive with some of the more at-scale European competitors that had much larger than we did 2 years ago product and engineering teams. We feel like now we're in a position where we can be very competitive, actually outcompete on product and technology. And we feel like outside of some things like customer service, obviously grows as new states open. Outside of some of the smaller categories like that, we expect much more moderate fixed cost growth starting 2023 forward.

正如我之前提到的，我們必須真正快速招聘，以便與一些規模更大的歐洲競爭對手競爭，這些競爭對手的產品和工程團隊比我們兩年前的規模要大得多。我們覺得現在我們處於一個非常有競爭力的位置，實際上在產品和技術上勝過競爭。而且我們覺得在客戶服務等一些事情之外，隨著新州的開放，顯然會增長。除了諸如此類的一些較小類別之外，我們預計從 2023 年開始，固定成本增長將更加溫和。

Got you. Okay. That's helpful. And then one more. You may have kind of implicitly answered it, but you guided overall 4Q '23 EBITDA to be positive, but that included some incremental states even after New York. I guess just for like illustrative purposes, how should we think about that time line if things remained static?

得到你。好的。這很有幫助。然後還有一個。您可能已經含蓄地回答了這個問題，但您將 23 年 4 季度的整體 EBITDA 引導為積極的，但這包括即使在紐約之後的一些增量狀態。我想只是為了說明的目的，如果事情保持不變，我們應該如何考慮那個時間線？

Well, you mean if no more states legalize?

好吧，你的意思是如果沒有更多的州合法化？

Yes.

是的。

Yes. I think it would be faster. So really, as we've talked about in the past, with a 2- to 3-year path to profitability in states, that first year and sometimes part at least of the second year are meaningful investments for us as we ramp up our customer bases in those states. So were there to be more states in rapid succession, I think it would push out profitability a little bit, and were there to be less in the example you gave, I think it would accelerate profitability.

是的。我認為它會更快。所以真的，正如我們過去所說的那樣，在各州有 2 到 3 年的盈利之路，第一年，有時至少是第二年的部分時間，對我們來說是有意義的投資，因為我們增加了我們的客戶這些州的基地。所以如果有更多的州快速連續，我認為它會推動盈利能力一點點，如果你舉的例子更少，我認為它會加速盈利能力。

And our last question comes from Bernie McTernan with Needham & Company.

我們的最後一個問題來自Needham & Company 的Bernie McTernan。

It seems like as markets keep launching, they're further along the TAM curve, which New York is the latest example of, with Ontario in the already very much established gray market. How far along this curve do you think it could launch relative to the $5 billion market opportunity that you guys called out before at 100% -- assuming 100% regulation?

似乎隨著市場不斷推出，它們沿著 TAM 曲線走得更遠，紐約是最新的例子，安大略省在已經非常成熟的灰色市場中。相對於你們之前以 100% 提出的 50 億美元市場機會（假設 100% 監管），您認為它可以沿著這條曲線推出多遠？

Very hard to say. We don't have any experience yet in Canada. So -- but I think the -- in terms of quantifying. But I think the effect you talked about, absolutely, we believe to be the case. There's already a large built-up market. To some extent, that's true in the U.S., too, where there have been illegal operators and bookmakers that are local for many, many years. And I think that what you're seeing is that, with overall increased awareness, and really, we think the overall sort of weight of advertising, even though it seems more competitive, I actually think it's helped us.

很難說。我們在加拿大還沒有任何經驗。所以 - 但我認為 - 在量化方面。但我認為你所說的效果，絕對，我們相信是這樣的。已經有一個龐大的建成市場。在某種程度上，這在美國也是如此，那裡多年來一直存在當地的非法運營商和博彩公司。而且我認為您所看到的是，隨著整體意識的提高，實際上，我們認為廣告的整體重量，即使它看起來更具競爭力，我實際上認為它對我們有所幫助。

I think DraftKings does a differentially better job converting new users. And I think one of the reasons you see such a faster pace to 100,000 users in recent states like Arizona and New York, it's because of the competitive advertising, ironically. So I think a lot of that is actually accelerating our ability to launch faster and to grow faster. And it might even lead to a faster path to profitability in states. We'll have to see.

我認為 DraftKings 在轉換新用戶方面做得更好。我認為，在最近的幾個州，如亞利桑那州和紐約州，你看到 100,000 名用戶的速度如此之快的原因之一是具有諷刺意味的競爭性廣告。所以我認為其中很大一部分實際上是在加速我們更快啟動和更快增長的能力。它甚至可能為各州帶來更快的盈利之路。我們得看看。

That's all the time we have for questions. I'd like to turn the call back over to Jason Robins for closing remarks.

這就是我們提出問題的所有時間。我想將電話轉回給 Jason Robins 以完成閉幕詞。

Thank you all for joining us on today's call. We are very excited about 2022, and we look forward to speaking with you at our virtual Investor Day on March 3. I hope all of you stay safe and well. Thank you.

感謝大家加入我們今天的電話會議。我們對 2022 年感到非常興奮，我們期待在 3 月 3 日的虛擬投資者日與您交談。我希望你們所有人都平安無事。謝謝你。

This concludes the program. You may now disconnect. Everyone, have a great day.

程序到此結束。您現在可以斷開連接。大家，有一個美好的一天。