Draftkings Inc (DKNG) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to DraftKings First Quarter 2024 Earnings Call.(Operator Instructions) Please be advised today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 DraftKings 2024 年第一季財報電話會議。

I would now like to hand the conference over to your speaker today, Stanton Dodge, Chief Legal Officer. Please go ahead.

現在，我想將會議交給今天的發言人、首席法律官 Stanton Dodge。請繼續。

Good morning, everyone, and thank you for joining us today. Certain statements we make during this call may constitute forward-looking statements that are subject to risks, uncertainties and other factors as discussed further in our SEC filings that could cause our actual results to differ materially from our historical results or from our forecast. We assume no responsibility to update forward-looking statements other than as required by law.

大家早安，感謝您今天加入我們。我們在本次電話會議中所做的某些聲明可能構成前瞻性聲明，這些聲明受到風險、不確定性和其他因素的影響，如我們在SEC 文件中進一步討論的，這些因素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有重大差異。除法律要求外，我們不承擔更新前瞻性陳述的責任。

During this call, management will also discuss certain non-GAAP financial measures that we believe may be useful in evaluating DraftKings' operating performance. These measures should not be considered in isolation or as a substitute for DraftKings' financial results prepared in accordance with GAAP. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are available in our earnings release and presentation, which can be found on our website and in our quarterly report on Form 10-Q filed with the SEC.

在這次電話會議中，管理階層還將討論某些非公認會計準則財務指標，我們認為這些指標可能有助於評估 DraftKings 的營運表現。這些措施不應被孤立地考慮，也不應取代 DraftKings 根據 GAAP 編制的財務業績。這些非 GAAP 衡量標準與最直接可比較的 GAAP 衡量標準的對帳可在我們的收益發布和演示中找到，這些內容可以在我們的網站和向 SEC 提交的 10-Q 表格季度報告中找到。

Hosting the call today, we have Jason Robins, Co-Founder and Chief Executive Officer of DraftKings, who will share some opening remarks and an update on our business; and Alan Ellingson, Chief Financial Officer of DraftKings, who will provide a review of our financials. We will then open the line to questions. I will now turn the call over to Jason Robins.

今天主持電話會議的是 DraftKings 聯合創始人兼首席執行官 Jason Robins，他將分享一些開場白和我們業務的最新情況；以及 DraftKings 財務長 Alan Ellingson，他將對我們的財務狀況進行審查。然後我們將開放提問熱線。我現在將把電話轉給傑森羅賓斯。

Good morning, and thank you all for joining. DraftKings is off to an outstanding start in 2024, and we're excited to be raising our outlook for the year. There are 5 important takeaways as we reflect on our first quarter results and the rest of the year.

早安，感謝大家的加入。 DraftKings 在 2024 年有一個出色的開局，我們很高興能夠提高對這一年的展望。當我們反思第一季和今年剩餘時間的表現時，有 5 個重要要點。

First, our revenue growth is strong as we continue to efficiently acquire new customers, deepen our engagement with existing customers, improve our structural Sportsbook hold percentage and optimize promotional deployment. Revenue grew 53% year-over-year in the first quarter, and our increased revenue guidance midpoint implies 34% year-over-year growth for fiscal year 2024.

首先，我們的收入成長強勁，因為我們繼續有效地獲取新客戶，加深與現有客戶的接觸，提高我們的結構性體育博彩持有百分比並優化促銷部署。第一季營收年增 53%，我們上調的營收指導中位數意味著 2024 財年年增 34%。

Secondly, we delivered successful Sportsbook launches in Vermont and North Carolina. We acquired customers efficiently and a population penetration rates consistent with prior launches. We expect both states to contribute positively to adjusted EBITDA for the second half of 2024.

其次，我們在佛蒙特州和北卡羅來納州成功推出了體育博彩。我們有效地獲得了客戶，並且人口滲透率與先前的產品發布一致。我們預計這兩個州都將為 2024 年下半年調整後 EBITDA 做出積極貢獻。

Third, we continue to focus on driving product innovation and customer centricity. Our platform and overall customer experience are rapidly improving. And as a result, we are achieving excellent customer retention and participation across sports and games.

第三，我們繼續專注於推動產品創新和以客戶為中心。我們的平台和整體客戶體驗正在迅速改善。因此，我們在體育和遊戲領域實現了出色的客戶保留和參與。

Fourth, we continue to focus on driving operational efficiency across the organization. We expect adjusted EBITDA flow-through percentage of 53% for fiscal year 2024 due to our largely at scale fixed cost structure and our continued optimization of marketing and promotions.

第四，我們持續致力於提高整個組織的營運效率。由於我們大規模的固定成本結構以及我們對行銷和促銷活動的持續優化，我們預計 2024 財年調整後的 EBITDA 流通百分比將達到 53%。

Fifth, we are continuing to explore capital allocation options given the strong trajectory of our free cash flow. Beyond our financial highlights, there are 2 important topics I'd also like to briefly discuss.

第五，鑑於我們自由現金流的強勁軌跡，我們正在繼續探索資本配置方案。除了我們的財務亮點之外，我還想簡要討論兩個重要主題。

The first is responsible gaming. There have been several recent headlines on responsible gaming, a topic that has always been very important to DraftKings. Building products that our customers can enjoy responsibly is rooted in our DNA. And we believe that we are at the forefront of responsible gaming initiatives, including technology, processes, industry affiliations and internal leadership. We will continue to drive these initiatives in conjunction with our regulatory partners and industry participants to responsibly grow this industry to its full potential.

首先是負責任的遊戲。最近有幾則關於負責任遊戲的頭條新聞，這個主題對於 DraftKings 來說一直非常重要。打造讓客戶能夠負責任地享受的產品植根於我們的 DNA。我們相信，我們處於負責任的遊戲計劃的最前沿，包括技術、流程、行業關係和內部領導。我們將繼續與我們的監管合作夥伴和行業參與者一起推動這些舉措，以負責任的方式發展該行業，充分發揮其潛力。

Second, we continue to innovate on our products while focusing differentially on proprietary technology solutions. In Sportsbook, we made substantial progress on our efforts to shift our highest impact content into our in-house technology and modeling platforms, while also expanding unique offerings like our Progressive Parlay products across all states and all major sports. We are also launching a cash out for Same Game Parlay, which is a critical addition to our offering.

其次，我們不斷創新產品，同時差異化地關注專有技術解決方案。在體育博彩方面，我們在將最具影響力的內容轉移到我們的內部技術和建模平台方面取得了實質性進展，同時還在所有州和所有主要體育項目中擴展了獨特的產品，例如我們的漸進式投注產品。我們還推出了 Same Game Parlay 兌現功能，這是我們產品的重要補充。

In iGaming, with the completion of the migration of the GNOG platform onto our in-house technology stack, we achieved important milestone touching both content and technology expansion. We launched Must Hit By Jackpots, another popular variant powered by our proprietary Jackpots platform. And we also continued to expand our homegrown casino games portfolio with the launch of 8 new unique to DraftKings titles in the first quarter of 2024, including Rocket 2, the sequel to our popular original Rocket game. In closing, 2024 is shaping up to be another fantastic year for DraftKings.

在 iGaming 領域，隨著 GNOG 平台向我們內部技術堆疊的遷移完成，我們在內容和技術擴展方面實現了重要的里程碑。我們推出了 Must Hit By Jackpots，這是另一個由我們專有的 Jackpots 平台提供支援的流行變體。我們也繼續擴大我們的本土賭場遊戲產品組合，於 2024 年第一季推出了 8 款 DraftKings 獨有的新遊戲，其中包括我們廣受歡迎的原始 Rocket 遊戲的續作《Rocket 2》。最後，2024 年對 DraftKings 來說將會是另一個美好的一年。

With that, I will turn it over to Alan Ellingson.

有了這個，我將把它交給艾倫·埃林森。

Thank you, Jason. I'll hit the highlights including our first quarter 2024 performance and our updated guidance for the year. Please note that all income statement measures discussed except for revenue, are on a non-GAAP adjusted EBITDA basis. As Jason mentioned, we are off to an outstanding start to the year.

謝謝你，傑森。我將重點介紹我們的重點，包括 2024 年第一季的業績和今年更新的指引。請注意，除收入外，討論的所有損益表指標均基於非公認會計準則調整後的 EBITDA 基礎。正如傑森所提到的，我們今年有一個出色的開局。

In the first quarter, we generated $1.175 billion of revenue, representing 53% year-over-year growth and $22 million of adjusted EBITDA, representing adjusted EBITDA flow through percentage of 60%. We achieved strong results across our core value drivers, customer acquisition, retention and engagement were excellent and resulted in higher-than-expected handle in the first quarter.

第一季度，我們實現營收 11.75 億美元，年增 53%；調整後 EBITDA 達到 2,200 萬美元，調整後 EBITDA 流量百分比為 60%。我們在核心價值驅動因素、客戶獲取、保留和參與度方面取得了強勁的業績，並在第一季取得了高於預期的業績。

Our structural Sportsbook hold percentage was slightly ahead of expectations at 9.8% and increased approximately 150 basis points year-over-year. Promotional reinvestment for OSB and iGaming continue to become more efficient year-over-year and improved by more than 700 basis points as a percentage of GGR. Adjusted gross margin increased more than 550 basis points year-over-year to 44% in the first quarter as a result of higher structural Sportsbook hold and improved promotional efficiency.

我們的結構性運動博彩持有比例略高於預期，為 9.8%，較去年同期成長約 150 個基點。 OSB 和 iGaming 的促銷再投資繼續逐年變得更加高效，佔 GGR 的百分比提高了 700 個基點以上。由於結構性體育博彩持有量的增加和促銷效率的提高，第一季調整後毛利率年增超過 550 個基點，達到 44%。

Sales and marketing declined 11% on a year-over-year basis and was consistent with our expectations, both products and technology as well as general and administrative expenses were consistent with our expectations. As you are all aware, we are continuing to exert cost discipline across the organization while simultaneously increasing revenue on a year-over-year basis.

銷售和行銷年減11%，符合我們的預期，產品和技術以及一般和管理費用也符合我們的預期。眾所周知，我們將繼續在整個組織內實施成本控制，同時逐年增加收入。

Moving to our full year 2024 guidance, we are poised for a rapid increase in adjusted EBITDA due to continued strong revenue growth, coupled with our efficient fixed cost structure. On February 15, 2024, we guided fiscal year 2024 revenue of $4.65 billion to $4.9 billion and adjusted EBITDA of $410 million to $510 million. Today, we are improving our fiscal year 2024 revenue guidance to a range of $4.8 billion to $5 billion and our fiscal year 2024 adjusted EBITDA guidance to a range of $460 million to $540 million.

展望 2024 年全年指引，由於持續強勁的營收成長以及高效的固定成本結構，我們預計調整後 EBITDA 將快速成長。 2024 年 2 月 15 日，我們預計 2024 財年營收為 46.5 億美元至 49 億美元，調整後 EBITDA 為 4.1 億美元至 5.1 億美元。今天，我們將 2024 財年的營收指引提高至 48 億至 50 億美元，並將 2024 財年調整後的 EBITDA 指引提高至 4.6 億至 5.4 億美元。

Importantly, the midpoints of our updated 2024 revenue and adjusted EBITDA guidance ranges implies a year-over-year adjusted EBITDA flow-through percentage of 53%. This attractive flow-through percentage is based on continued excellent performance across our core value drivers as we rapidly expand our gross margin and exert discipline on our cost structure, while simultaneously investing in promotion and marketing in accordance with our LTV to CAC targets.

重要的是，我們更新的 2024 年收入和調整後 EBITDA 指導範圍的中點意味著同比調整後 EBITDA 流通百分比為 53%。這種有吸引力的流通百分比是基於我們的核心價值驅動因素持續出色的表現，因為我們迅速擴大毛利率並嚴格控製成本結構，同時根據我們的 LTV 到 CAC 目標投資於促銷和營銷。

We will continue to focus on our dual goals of improving our financial expectations while also investing in customer acquisition and our product and technology capabilities. The $125 million improvement in our fiscal year 2024 revenue guidance midpoint and $40 million improvement in our adjusted EBITDA guidance midpoint breakdown as follows: customer acquisition, retention and engagement continue to exceed expectations due to marketing optimization initiatives and product advancements. These trends account for $165 million of the revenue improvement and $68 million of the adjusted EBITDA improvement. Structural Sportsbook hold percentage is increasing primarily as a result of momentum into our same game parlay offering. We now expect our structural Sportsbook hold percentage to approach 10.5% in fiscal year 2024, which accounts for $20 million of the revenue improvement and $14 million of the adjusted EBITDA improvement.

我們將繼續專注於改善財務預期的雙重目標，同時投資於客戶獲取以及我們的產品和技術能力。我們的2024 財年收入指引中點提高了1.25 億美元，調整後的EBITDA 指導中點提高了4000 萬美元，具體情況如下：由於行銷優化舉措和產品進步，客戶獲取、保留和參與度繼續超出預期。這些趨勢導致營收改善 1.65 億美元，調整後 EBITDA 改善 6,800 萬美元。結構性體育博彩持有比例的增加主要是由於我們同一遊戲連贏彩產品的勢頭。我們現在預計 2024 財年我們的結構性體育博彩持有比例將接近 10.5%，這將帶來 2000 萬美元的收入增長和 1400 萬美元的調整後 EBITDA 增長。

Customer-friendly outcomes in late March and April were a headwind of $60 million and $42 million to our fiscal year 2024 revenue and adjusted EBITDA guidance, respectively. We continue to expect our adjusted gross margin to be in the range of 45% to 47% for the year, an improvement of 350 basis points at the midpoint compared to fiscal year 2023. We also continue to expect adjusted sales and marketing expense to decline modestly in fiscal year 2024. We.

3 月底和 4 月的客戶友善成果分別對我們 2024 財年的營收和調整後 EBITDA 指引造成 6,000 萬美元和 4,200 萬美元的不利影響。我們仍預期今年調整後的毛利率將在 45% 至 47% 之間，與 2023 財年相比，中間值提高 350 個基點。適度增長。

Finally, we expect to generate approximately $400 million in free cash flow in fiscal year 2024 based on approximately $120 million of annual capitalized expenditures and capitalized software development costs, as well as a modest source of cash from changes in net working capital combined with interest income. As a result, we expect our year-end 2024 cash and cash equivalents will be approximately $1.6 billion before our expected use of approximately $413 million in cash to fund our proposed acquisition of Jackpocket upon closing.

最後，基於約 1.2 億美元的年度資本化支出和資本化軟體開發成本，以及來自淨營運資本變動和利息收入的適度現金來源，我們預計 2024 財年將產生約 4 億美元的自由現金流。因此，我們預計到 2024 年底，我們的現金和現金等價物將約為 16 億美元，之後我們預計將使用約 4.13 億美元的現金為我們擬議的 Jackpocket 收購提供資金。

That concludes our remarks. We will now open the line for questions.

我們的發言到此結束。我們現在將開通提問熱線。

(Operator Instructions) Our first question comes from Shaun Kelley with BofA.

（操作員說明）我們的第一個問題來自美國銀行的 Shaun Kelley。

Jason or Alan, either, just wanted to see if we could dig in on the hold side a little bit. Obviously, a couple of puts and takes both in the quarter and just for, I think, relative to investor expectations out there. So Jason, if you could talk about like the evolution of kind of your theoretical hold, you actually said that overall, I think it came in a little bit better than management's expectations. So what's driving that? And how do you think about the product evolution maybe both this year and in the out years, what's sort of a good baseline for investors to think about improvement as we get out into 2025 and beyond?

傑森或艾倫都只是想看看我們是否可以在等待方面進行一些深入研究。顯然，本季都有一些看跌期權和看跌期權，我認為，這只是相對於投資者的預期而言的。所以傑森，如果你能談論你的理論主張的演變，你實際上說過，總的來說，我認為它比管理層的預期要好一些。那麼是什麼推動了這一點呢？您如何看待今年和未來幾年的產品演變？

Yes. I think this has been obviously a big topic for a few years now, and our understanding of it is better than ever. So first, just to explain, when we say we think that structural hold is XYZ, that is based on expected hold and then any differences are bet mix driven. So what that really means is that our bet mix came in better than we expected as it relates to projected hold. As far as how we're thinking about it going forward, I think we continue to believe that there's a lot of upside here. I know everybody wants to know what's the ceiling. I think the answer is we don't know.

是的。我認為這顯然是幾年來的一個大主題，我們對它的理解比以往任何時候都更好。首先，解釋一下，當我們說我們認為結構性持有是 XYZ 時，這是基於預期持有，然後任何差異都是由投注組合驅動的。所以這真正意味著我們的下注組合比我們預期的要好，因為它與預期的持有有關。就我們如何看待未來而言，我認為我們仍然相信這裡有很多好處。我知道每個人都想知道上限是什麼。我認為答案是我們不知道。

We continue to monitor metrics and all customer behavior, handle per active rates all look healthy as we continue to drive increased parlay mix and average leg count. So I think that will continue to be the focus as long as we continue to see healthy customer metrics and get positive feedback that our customers are enjoying the products we're putting out there. So we'll see how far we can get it. But right now, we do believe there's a good bit of upside still remaining.

我們將繼續監控指標和所有客戶行為，隨著我們繼續推動連贏組合和平均回合數的增加，每活躍率的處理量看起來都很健康。因此，我認為只要我們繼續看到健康的客戶指標並獲得客戶喜歡我們推出的產品的正面回饋，這將繼續成為焦點。所以我們會看看我們能走多遠。但目前，我們確實相信仍有很大的上行空間。

Our next question comes from Stephen Grambling of Morgan Stanley.

我們的下一個問題來自摩根士丹利的史蒂芬‧格蘭布林。

I guess, one of the big debates seems to be around flow through versus some of your peers. So I'd love to hear your thoughts on where the company is capturing marketing efficiencies in the first quarter. And then where the biggest opportunities are longer term and whether your philosophy around marketing channels or even national versus local has changed?

我想，最大的爭論之一似乎是圍繞流量與一些同行的比較。因此，我很想聽聽您對公司第一季行銷效率的看法。那麼，從長遠來看，最大的機會在哪裡？

Yes. I mean we had an unbelievably efficient first quarter and it really continued into April. In fact, April, we had a 40% -- roughly 40% year-over-year decrease in our CAC. So I think it's just optimized performance and also really strong growth in the TAM and addressable market. So I think all of that is contributing to a really healthy and efficient marketing. And I give the team a lot of credit. They've worked hard over the last year or 2 to optimize. And if anything, I think we see maybe some opportunities now to invest a bit deeper. So really excited about the work that's been done there.

是的。我的意思是，我們第一季的效率令人難以置信，而且一直持續到四月。事實上，4 月份，我們的 CAC 年減了 40%——約 40%。所以我認為這只是優化的性能以及 TAM 和潛在市場的強勁成長。所以我認為所有這些都有助於真正健康和高效的行銷。我非常信任這個團隊。他們在過去一兩年裡努力進行優化。如果有什麼不同的話，我認為我們現在可能看到了一些進一步投資的機會。對那裡所做的工作感到非常興奮。

Our next question comes from Joe Greff with JPMorgan.

我們的下一個問題來自摩根大通的喬·格雷夫。

Jason, I was hoping you can update us with your views on M&A from here. Obviously, you have Jackpocket pending and closing in short order here. One, how do you think about M&A? Is it still more domestically focused versus international? And then could you do multiple M&A simultaneously. My question is kind of generated by -- within the quarter. There were some industry chatter with regard to one publicly traded iCasino operator.

傑森，我希望您能在這裡向我們介紹您對併購的最新看法。顯然，這裡有 Jackpocket 等待處理並很快關閉。一、您如何看待併購？與國際相比，它是否更注重國內？然後你可以同時進行多項併購嗎？我的問題是在本季內產生的。業界對一家公開交易的 iCasino 業者有一些議論。

Yes. So first, we hope have been very consistent in saying that we have a very high bar for M&A. We understand there's a lot of ways that we can deploy capital to return value to shareholders. And M&A and going on an M&A spree is not something that we're like, hey, this is all we can do with our capital. I do think that M&A will be a lever for us, but we're also practical about, one, how much to your question, we can write off at a time. I do think it is obviously a question of size, but to do materially sized transactions simultaneously, would be very challenging. So that's certainly something that we weigh in our mind.

是的。首先，我們希望能夠始終如一地表示，我們對併購有很高的標準。我們知道，我們可以透過多種方式部署資本，為股東回報價值。併購和併購熱潮並不是我們喜歡的事情，嘿，這就是我們用我們的資本所能做的一切。我確實認為併購對我們來說將是一個槓桿，但我們也很務實，一，我們一次可以沖銷多少你的問題。我確實認為這顯然是一個規模問題，但同時進行大規模交易將非常具有挑戰性。所以這肯定是我們心裡權衡的事情。

And I think secondly, we feel like our organic growth path is really strong right now. So we don't really feel particularly compelled to do M&A as a source of growth, anything -- we understand that the integration and other work required with M&A is actually a distraction from that organic growth. So I think a long way of saying, bar will continue to be high, never say never, but I think 2 at exactly at the same time of size would be challenging. And I think for us, really, we look at capital allocation as a broader question as well as resource and time allocation. And we don't just look at it as, hey, M&A is the answer on that. It's also what are all the other things, whether it's organic investments we can be making or other methods of returning capital and creating value for our shareholders. So that's something that we're mindful of as well.

我認為其次，我們覺得我們的有機成長道路現在非常強勁。因此，我們並不覺得特別有必要將併購作為成長的來源，任何事情——我們知道併購所需的整合和其他工作實際上會分散對有機成長的注意力。所以我認為，從長遠來看，門檻將繼續很高，永遠不會說永遠，但我認為 2 個尺寸完全相同的時間將是具有挑戰性的。我認為對我們來說，實際上，我們將資本分配以及資源和時間分配視為一個更廣泛的問題。我們不只是認為，嘿，併購就是答案。這也是所有其他事情的意義所在，無論是我們可以進行的有機投資，還是其他回報資本和為股東創造價值的方法。所以這也是我們要注意的事情。

Our next question comes from Ben Miller with Goldman Sachs.

我們的下一個問題來自高盛的本·米勒。

I'm curious how you think about the playbook around iGaming cross-sell the OSB users over time as we potentially see more states go live with iGaming that currently have OSB. Are there any updated views on how to think about any incremental investments needed in that scenario? And how you think about reinvestment of likely better LTVs and share of wallet into faster customer acquisition versus the flow-through to incremental margins?

我很好奇您如何看待 iGaming 隨著時間的推移交叉銷售 OSB 用戶的劇本，因為我們可能會看到更多目前擁有 OSB 的州開始使用 iGaming。關於如何考慮這種情況下所需的增量投資，是否有任何最新觀點？您如何看待可能更好的生命週期價值和錢包份額的再投資，以加快客戶獲取速度，而不是增加利潤？

Yes, it's a great question. I mean, first, anytime we have multiple products in a market, it's a huge boon to LTV. And the cost is -- you already acquired the customer. So there might be a promo or something associated with getting them to adopt a new product. But it's really a fraction of what it costs to acquire the customer on the platform. Once you've already acquired them, cross-selling is incredibly effective. And very fast payback means of increasing not only LTV, but also short-term gross profit as well.

是的，這是一個很好的問題。我的意思是，首先，只要我們在市場上擁有多種產品，這對生命週期價值來說都是一個巨大的福音。成本是－你已經獲得客戶了。因此，可能會有促銷活動或與讓他們採用新產品相關的活動。但這實際上只是在平台上獲取客戶的成本的一小部分。一旦您已經獲得了它們，交叉銷售就會非常有效。快速的回報不僅意味著生命週期價值的增加，也意味著短期毛利的增加。

The main funnel we're seeing is really sports to iGaming. We do see some iGaming to sports cross-sell be effective. And of course, we are cross-selling between all of our products. But really, when we find markets have both iGaming and sports, the much more effective funnel is to acquire them on sports and cross-sell them to iGaming. And actually, what I'm really excited about, once we close Jackpocket, is I think that will be a really effective funnel as well, really efficient funnel acquiring on lottery and cross-selling into OSB and iGaming. So very excited about that one. But the short answer is we try to cross-sell between all of our products, and it doesn't cost that much more once you've acquired the customer onto the platform to get them to try new products.

我們看到的主要管道實際上是體育到 iGaming。我們確實看到一些 iGaming 與體育交叉銷售是有效的。當然，我們在所有產品之間進行交叉銷售。但實際上，當我們發現市場同時擁有 iGaming 和體育賽事時，更有效的管道是透過體育賽事來獲取它們並將其交叉銷售給 iGaming。事實上，一旦我們關閉 Jackpocket，我真正感到興奮的是，我認為這也將是一個非常有效的管道，非常有效的彩票獲取管道以及 OSB 和 iGaming 的交叉銷售。對此非常興奮。但簡單的答案是，我們嘗試在所有產品之間進行交叉銷售，一旦您將客戶吸引到平台上並讓他們嘗試新產品，就不會花費太多。

Our next question comes from Robin Farley with UBS.

我們的下一個問題來自瑞銀集團的羅賓法利。

I was originally going to ask how you balance your thoughts about capital allocation with M&A, but it sounds like you already sort of clarified that M&A is kind of not a major priority right now. So I wonder if you could talk a little bit about capital allocation options and what types of things you're considering.

我本來想問您如何平衡資本配置與併購的想法，但聽起來您已經澄清了併購並不是目前的主要優先事項。所以我想知道您是否可以談論資本配置選項以及您正在考慮的事情類型。

Yes, Robin, I'll speak to that. I think in the last few months, we've developed a lot more confidence than ever in our free cash flow trajectory for 2024 and beyond. To add some color, we recently kicked off our multiyear planning process. This is an exercise that touches all the functions verticals of the organization. And as part of this, we do evaluate potential uses of cash within our core business. We reevaluated the growth trends of the business and we look to maximize shareholder value. That does include potentially returning capital to our shareholders. So we anticipate we'll be able to share more specific details with you in the next quarter. But we're very comfortable with where we're at right now.

是的，羅賓，我會談談這個。我認為在過去幾個月裡，我們對 2024 年及以後的自由現金流軌跡比以往任何時候都更有信心。為了增添一些色彩，我們最近啟動了多年規劃流程。這是一項涉及組織所有垂直職能的練習。作為其中的一部分，我們確實評估了核心業務中現金的潛在用途。我們重新評估了業務的成長趨勢，並尋求股東價值最大化。這確實包括可能向我們的股東返還資本。因此，我們預計我們將能夠在下個季度與您分享更多具體細節。但我們對目前的處境感到非常滿意。

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卡洛桑塔雷利。

If you guys look out over kind of 2024 or 2025, what are kind of the key focal points or items that you're looking at from a legislative perspective, where you think -- whether it's iGaming or sports [betting] you think it will be kind of worth the efforts from your end to kind of make a push? And what are maybe the focused states and/or focused opportunities in your view?

如果你們展望 2024 年或 2025 年，你們從立法角度考慮的關鍵焦點或項目是什麼，你們認為——無論是 iGaming 還是體育博彩，你們認為會值得你付出努力去推動嗎？您認為重點關注的狀態和/或重點關注的機會是什麼？

Yes. I think it's a great question. Obviously, having gotten up and running in 50% of the country population-wise, also roughly 50% of the states in only a little over 5 years is fast. And so I think, naturally, you're going to see a little bit of a slowdown on the sports side and also when you consider the fact that about a little less than half of the remaining population resides in 3 states, that will kind of give you a sense of where the focus is. There's a lot of states left for sure, but there's only a handful of really big ones.

是的。我認為這是一個很好的問題。顯然，從人口角度來看，大約 50% 的州在短短 5 年多一點的時間裡就已經在全國 50% 的人口中建立起來並運行得很快。因此，我認為，自然地，你會看到體育方面的增長有所放緩，而且當你考慮到剩餘人口中大約不到一半居住在三個州這一事實時，這將有點讓您了解焦點在哪裡。肯定還有很多州，但只有少數幾個真正大的州。

And when you kind of extend beyond the top 3 into like 5, 6, 7 states, you're going to capture a lot of that. So obviously, we made a push in Georgia this year, came up a little short in several other states as well. I do think you'll see a couple of bills done later in the year on OSB. But as far as thinking out into 2025, I think the big focus will be on Texas. Texas, I think, has a real shot. It got through 1 chamber last year. And as you may know, the Texas legislature doesn't meet in 2024, so we're really gearing up for 2025.

當你從前 3 個州擴展到 5、6、7 個州時，你將捕獲很多這樣的州。顯然，我們今年在喬治亞州做出了努力，但在其他幾個州也表現不佳。我確實認為今年稍後您會看到幾項有關 OSB 的法案。但就 2025 年的規劃而言，我認為重點將放在德州。我認為德克薩斯州確實有機會。去年它通過了1個議院。如您所知，德州立法機構不會在 2024 年召開會議，因此我們正在為 2025 年做好準備。

Also, I think that if you shift over to iGaming, that's probably where there's going to be a little bit more rapid once I think you start to see some momentum legislation because still just a lot of untapped population there. We're still only live in about 11% of the population. So I think that once the states that in certain regions start moving on iGaming more, you'll see a more rapid succession of them. And I also think that the need for tax revenues is going to increase. I think there's a little bit of a delay in that with some of the COVID-relief money that was sent to state. So I do expect to see some momentum pick up in iGaming.

另外，我認為，如果你轉向 iGaming，一旦我認為你開始看到一些動力立法，那可能會更快一些，因為那裡仍然有很多未開發的人口。我們仍然只生活在大約 11% 的人口中。因此，我認為，一旦某些地區的州開始更多地開展 iGaming，您就會看到它們的更新速度更快。我還認為對稅收的需求將會增加。我認為發送給各州的一些新冠疫情救助資金有一點延遲。因此，我確實希望看到 iGaming 的勢頭有所回升。

And I think that's where you might see the next kind of wave of states really quickly. And then as I noted, I think the focus in sports betting will be on a handful of large states. Obviously, we'll try to get bills pass wherever we can. But the real needle movers will be not just the top 3 I mentioned, but states like Georgia that are also very large states population-wise.

我認為這就是你可能很快就會看到下一波國家浪潮的地方。正如我所指出的，我認為體育博彩的重點將集中在少數幾個大州。顯然，我們將盡力讓法案通過。但真正的推動者不僅僅是我提到的前三個州，還有像喬治亞州這樣的人口數量非常大的州。

And then I guess the last thing I'd note is, obviously, as you know, we're in the process of completing our Jackpocket transaction. And I think there's a ton of state expansion opportunity there. And the vast majority of it doesn't have to be legislative. It's done without legislative action. So really excited about the prospects of getting that business up and running in a lot of different states. And I think you will see some additional states come -- get up and running for Jackpocket before the end of the year.

然後我想我要注意的最後一件事是，顯然，如您所知，我們正在完成我們的 Jackpocket 交易。我認為那裡有大量的國家擴張機會。而且其中絕大多數不必是立法的。這是在沒有採取立法行動的情況下完成的。對於在許多不同州開展和運營該業務的前景感到非常興奮。我想你會看到一些額外的州出現——在今年年底之前啟動並運行 Jackpocket。

Our next question comes from Clark Lampen with BTIG.

我們的下一個問題來自 BTIG 的 Clark Lampen。

I wanted to come back to marketing efficiency, especially since Jason, you noted that there's -- it seems like now there's an opportunity to invest a little bit deeper. Can you help us understand what's sort of driving some of the improvements that you noted in the shareholder letter. And I guess, maybe more importantly, whether what we're seeing now is indicative of ongoing improvements you guys think you can draw? I guess if I look at the numbers for the year, it seems like the OpEx guidance went up a little bit. And I'm wondering, specifically, are you guys seeing better payback periods right now that are leading you to lean in a little bit more aggressively on marketing? Appreciate it.

我想回到行銷效率上來，特別是自從傑森（Jason）您指出以來，現在似乎有機會進行更深入的投資。您能否幫助我們了解是什麼推動了您在股東信中提到的一些改進？我想，也許更重要的是，我們現在看到的是否顯示你們認為可以進行持續改進？我想如果我看一下今年的數字，營運支出指引似乎有所上升。我特別想知道，你們現在是否看到了更好的投資回收期，從而導致你們更積極地投入行銷？欣賞它。

You nailed it. I mean I think I mentioned earlier, the CAC for April was roughly 40% lower year-over-year. I mean we are seeing as efficient marketing as we've seen since, I think, basically launching sportsbook. So really, really excited about that. I don't -- I mean, just to be clear, we're not going to have a massive increase. I think this is like optimization around the edges where we see an opportunity, maybe invest a little bit deeper in a couple of areas. But this isn't going to be like a major shift in strategy by any means. I think we're going to focus on as markets mature, seeing lower and lower external marketing spend. And at the same time, it's not going to be a straight line.

你成功了。我的意思是，我想我之前提到過，4 月的 CAC 同比下降了大約 40%。我的意思是，我們看到了自從推出體育博彩以來我們所看到的高效行銷。對此真的非常非常興奮。我不——我的意思是，澄清一下，我們不會大幅增加。我認為這就像我們看到機會的邊緣優化，也許可以在幾個領域進行更深入的投資。但這無論如何都不會是戰略上的重大轉變。我認為，隨著市場的成熟，我們將專注於外部行銷支出越來越低。同時，它也不會是一條直線。

There will be periods where we find good solid things that we can cut or just natural kind of market conditions lead to us cutting certain spend. And then there will be other times we identify windows where we can increase. And I think given some of the efficiency we've been seeing, we think there's an opportunity maybe for a little bit of a deeper investment. But like I said, it's a little bit. As you mentioned, it was not a huge move. It was just a slight increase in OpEx versus where we were before. And I think that's a sign of the strong revenue growth and unbelievable CACs that we're seeing.

在某些時期，我們會發現我們可以削減一些可靠的東西，或者只是自然的市場條件導致我們削減某些支出。然後我們也會在其他時候確定可以增加的視窗。我認為，鑑於我們已經看到的一些效率，我們認為也許有機會進行更深入的投資。但就像我說的，有一點點。正如你所提到的，這並不是一個巨大的舉動。與之前相比，營運支出只是略有增加。我認為這是我們看到的強勁收入成長和令人難以置信的 CAC 的跡象。

Our next question comes from Joel Stauff with Susquehanna.

我們的下一個問題來自 Susquehanna 的 Joel Stauff。

I wanted to ask maybe Jason, if you can discuss like your more recent customer acquisitions or cohorts versus, say, a year ago or whatever kind of time period to go? And the lifetime value or the LTVs that you calculate for those, are you seeing an improvement largely because of marketing efficiency? Or are the economics or the spending levels for the more recently acquired customers similar to, say, a year ago. I was wondering if you could discuss that.

我想問傑森，你是否可以討論一下你最近的客戶獲取或同類群體與一年前或任何類型的時間段的比較？您計算出的生命週期價值或 LTV 是否有所改善，主要是因為行銷效率？或最近獲得的客戶的經濟狀況或支出水準是否與一年前相似。我想知道你是否可以討論一下這個問題。

It's really both sides of the LTV and CAC equation. As I noted a moment ago, we had a really sharp decrease, about 40% better CAC in April this year than last year. And a continuation of really strong CACs through Q4 and Q1. And at the same time, we've also made a tremendous number of improvements to our product, to our CRM to our customer experience overall, which has led to stickier customers, our activity rates are higher than ever, and our handle and spend per customer is up. So I think we're just in a period of industry growth and still very early stage of the industry where a lot of things are just out there to be optimized and improved upon. And where I think the team is executing really well against both sides of the LTV and CAC equation right now.

這實際上是 LTV 和 CAC 等式的兩邊。正如我剛才指出的，今年 4 月的 CAC 比去年下降了約 40%。第四季和第一季持續強勁的 CAC。同時，我們也對我們的產品、CRM 和整體客戶體驗進行了大量改進，這帶來了更黏性的客戶，我們的活動率比以往任何時候都高，我們的處理量和支出也比以往任何時候都高。因此，我認為我們正處於行業增長期，並且仍處於行業的早期階段，很多東西都需要優化和改進。我認為團隊目前在 LTV 和 CAC 等式的兩邊都執行得非常好。

Our next question comes from Robert Fishman with MoffettNathanson.

我們的下一個問題來自羅伯特·菲什曼和莫菲特·內桑森。

Jason, on media right partnerships, I'm wondering if you can talk about your Amazon relationship and how that's helped drive incremental opportunities for Thursday Night Football. And then really, any early thoughts on how that partnership can be expanded if they're able to secure a big NBA package or maybe any other comments you want to make on NBA's new media deal and how that could impact DraftKing. And then just separately, if I can add, wondering if you could just speak to Jason Parks new role and how you could characterize the biggest near-term versus longer-term opportunities with that?

傑森，關於媒體權利合作夥伴關係，我想知道您是否可以談談您與亞馬遜的關係，以及這如何幫助為週四橄欖球之夜帶來更多機會。然後，實際上，如果他們能夠獲得一份大的 NBA 合同，那麼關於如何擴大這種合作關係的任何早期想法，或者您想對 NBA 新媒體協議發表的任何其他評論，以及這將如何影響 DraftKing。然後，如果我可以補充一下，想知道您是否可以與傑森帕克的新角色談談，以及您如何描述最大的近期與長期機會？

Great question. So on the first one, Amazon has been a great partner of ours. We've really gotten a lot of value, and I think they have too out of the relationship and if there's ways we can expand it depending on what their future plans are, then that's certainly a discussion we would welcome. And I'd also note we have great relationships with a number of different parties that are rumored to be involved in the bidding. So wherever it lands, I look forward to hopefully finding ways to build relationships and bring great content to customers and partner with other great organizations. So we'll have to see how that plays out.

很好的問題。因此，在第一個方面，亞馬遜一直是我們的重要合作夥伴。我們確實獲得了很多價值，我認為他們也已經脫離了這種關係，如果我們可以根據他們未來的計劃來擴大這種關係，那麼我們當然會歡迎討論。我還想指出的是，我們與據傳參與競標的許多不同各方都有著良好的關係。因此，無論它發生在哪裡，我都希望能夠找到建立關係的方法，為客戶帶來精彩的內容，並與其他偉大的組織合作。所以我們必須看看結果如何。

And then in terms of Jason Parks role, as you may know, Jason actually just turned the reins over to Alan officially, I think, like a day or 2 ago. So he's been working hard on the queue and on everything else just like the rest of us. And I think where he's had some spare bandwidth, he's really dove into the Jackpocket integration, which obviously is a very immediate term thing that we need to really make sure we do a good job with. So that's been his immediate-term focus. I think as he rolls off this CFO role and Alan rolls in, I think you'll see him start to have more time free up. And my expectation is that areas like payments and AI will be a major focus for him in the next 6 to 12 months. So more to come there, but really, I think, looking at things that, hence the title can be more medium- to long-term transformational for DraftKings as well as obviously making sure given how important the Jackpocket integration is that we do a great job there.

然後就傑森帕克的角色而言，正如你所知，傑森實際上剛剛正式將權力移交給艾倫，我想，大約一兩天前。所以他就像我們其他人一樣，在隊列和其他一切事情上努力工作。我認為他有一些空閒頻寬，他真的很投入 Jackpocket 集成，這顯然是一個非常直接的事情，我們需要真正確保我們做得很好。所以這是他近期的重點。我認為，當他卸任財務長一職並且艾倫上任時，我想你會看到他開始有更多的空閒時間。我預計支付和人工智慧等領域將成為他未來 6 到 12 個月的主要關注點。所以還有更多的事情要做，但實際上，我認為，著眼於這些事情，因此這個標題可以為DraftKings 帶來更多的中長期轉型，並且顯然要確保考慮到Jackpocket 集成的重要性，我們做得很好在那裡工作。

Our next question comes from Dave Katz with Jefferies.

我們的下一個問題來自傑弗里斯的戴夫·卡茨。

This is [Ara Mattias] for David Katz. Congrats on the quarter. I wanted to ask how you're thinking about AI, maybe high level, but in terms of range of uses and responsible gaming.

這是大衛·卡茨的[阿拉·馬蒂亞斯]。恭喜本季。我想問你如何看待人工智慧，也許是高水平的，但在使用範圍和負責任的遊戲方面。

Yes. I'm excited you asked that. This is one of the areas that I know a lot of companies are talking about, and we certainly agree can really be impactful in a significant and transformational way to DraftKings in the future. So we're all in on it. I think some of the early momentum we've gotten and really the focus for us is utilizing best-in-class third-party applications. Right now, we're using multiple tools from about 5 to 10 vendors. And we're testing a variety of different use cases across the company, things that improve our product like rapid prototyping and sprint metrics supporting and also initiatives that improve efficiency like code refactoring, code review and marketing asset creation.

是的。我很高興你這麼問。這是我知道很多公司都在談論的領域之一，我們當然同意未來確實會對 DraftKings 產生重大和變革性的影響。所以我們都全力以赴。我認為我們已經獲得的一些早期動力以及我們真正關注的重點是利用一流的第三方應用程式。目前，我們正在使用來自大約 5 到 10 個供應商的多種工具。我們正在整個公司測試各種不同的用例，改進我們產品的東西，如快速原型設計和衝刺指標支持，以及提高效率的舉措，如程式碼重構、程式碼審查和行銷資產創建。

And then obviously, being customer-centric, customer experience is at the center of our AI initiatives, including using AI to help model and detect signs of problem gaming. So that we can properly fag things for our player intervention team to go and investigate. So lots of really good stuff there. And I think we're just scratching the surface. It's super early, but our focus is not on trying to build proprietary tech as much as it is. I mean we may build some on top of it, but it's really getting in there and using best-in-class third-party tools and figuring out the proper applications to drive value for DraftKings.

顯然，以客戶為中心，客戶體驗是我們人工智慧計畫的核心，包括使用人工智慧來幫助建模和檢測問題遊戲的跡象。這樣我們就可以正確地為我們的玩家介入團隊進行調查。那裡有很多非常好的東西。我認為我們只是觸及了表面。現在還為時過早，但我們的重點並不是嘗試建立專有技術。我的意思是，我們可能會在此基礎上建立一些內容，但它確實是在使用一流的第三方工具並找出適當的應用程式來為 DraftKings 帶來價值。

Your next question comes from Michael Graham with Canaccord Genuity.

您的下一個問題來自 Canaccord Genuity 的 Michael Graham。

I wanted to help -- ask you to help us think through the platform becoming more of a mass-market entertainment product in some of your more mature states like New Jersey, are you seeing penetration slow down there? Is it hitting a J-curve type of dynamic? And could you also address what's going on with GGR concentration at the top end of the customer base? Is it becoming a little more spread out or more concentrated? Just hit on some of those dynamics.

我想幫忙 - 請您幫助我們思考該平台在新澤西州等一些更成熟的州變得更像是大眾市場娛樂產品，您是否發現那裡的滲透率正在放緩？它是否達到了 J 曲線類型的動態？您能否談談 GGR 集中在高端客戶群的情況？是變得更加分散還是更集中？只需關注其中的一些動態即可。

Yes, it's a great question. I mean, all of our older states, and you have to remember, there's still even New Jersey, it's still only 5.5 years in. So they're all still really growing nicely. In fact, if you take sort of a same-store view of our 2018 to 2022 states, we grew net revenue about 40% year-over-year in Q1. So really healthy growth in our existing states. And I think we'll continue to see that as we improve product and also just as the industry develops and the TAM increases.

是的，這是一個很好的問題。我的意思是，我們所有較老的州，你必須記住，甚至還有新澤西州，它仍然只有 5.5 年的時間。事實上，如果你從 2018 年到 2022 年各州的同店角度來看，我們第一季的淨收入比去年同期成長了約 40%。我們現有的州確實實現了健康的成長。我認為，隨著我們改進產品以及行業的發展和 TAM 的增加，我們將繼續看到這一點。

As far as the concentration, we're seeing it actually trend a little bit away from that. So definitely, as with any industry, there is a cohort of customers that spend a lot. And that drives a decent amount of the revenue. But I think especially relative to other companies in the industry, we're much more diversified. And the trend we're seeing is more and more casual is coming to the market, particularly as you noted, in older states, I think as more people come into the market, that percentage of casual increases. So definitely something that we're seeing trend in that direction.

就集中度而言，我們發現它實際上有一點偏離這一趨勢。因此，與任何行業一樣，肯定有一群消費者會花很多錢。這帶來了可觀的收入。但我認為，特別是相對於業內其他公司，我們更加多元化。我們看到的趨勢是越來越多的休閒服裝進入市場，特別是正如您所指出的，在較老的州，我認為隨著越來越多的人進入市場，休閒服裝的比例會增加。所以我們肯定看到了這個方向的趨勢。

Our next question comes from Ben Chaiken with Mizuho.

我們的下一個問題來自 Mizuho 的 Ben Chaiken。

You mentioned promo expense was down over 700 basis points year-over-year, which is clearly generating a lot of operating leverage on net revenue. I would love to hear your thoughts around maybe what's driving the improvement? Is it just the natural evolution of the existing customers who are happy to use the product? Is DraftKings becoming more accurate and efficient how you target? Or is it a function of just kind of entering less states? It'd be good to hear any color on what you think the biggest drivers are of the traction and then the largest opportunities going forward?

您提到促銷費用年減了 700 多個基點，這顯然對淨收入產生了大量營運槓桿。我很想聽聽您的想法，也許是什麼推動了改進？這只是現有客戶樂於使用該產品的自然演進嗎？ DraftKings 是否變得更準確、更有效率？或者它只是進入較少狀態的函數？很高興聽到您認為最大的推動力是什麼以及未來最大的機會是什麼？

Yes. I mean I think the biggest thing is the natural evolution and you mentioned this in your last point. A lot of that comes from entering some new states. So last year, in Q1, we launched Ohio and Massachusetts. This year, we launched North Carolina, Vermont, which are still 2 big states, but populations -- combined population in North Carolina and Vermont is definitely lower than Massachusetts and Ohio. Secondly, just as the customer base matures, we're seeing an increase in the ratio of existing customer volume to new customer volume, which is naturally bringing down the promo rate.

是的。我的意思是，我認為最重要的是自然進化，你在上一點中提到了這一點。其中很大一部分來自進入一些新州。因此，去年第一季度，我們推出了俄亥俄州和馬薩諸塞州。今年，我們推出了北卡羅來納州、佛蒙特州，這兩個州仍然是兩個大州，但人口——北卡羅來納州和佛蒙特州的總人口肯定低於馬薩諸塞州和俄亥俄州。其次，隨著客戶群的成熟，我們看到現有客戶量與新客戶量的比率增加，自然會降低促銷率。

So a lot. In fact, the majority of it is just the natural maturity of states. And as you noted, having a lower percentage of the population launched in Q1 this year than last year. Secondly, we always are working to optimize, and the team has done a fantastic job over the last year really finding ways to lean in, in places that are working and cut in places that aren't. And I think that's made a lot of improvement also in the year-over-year drop. And there's still a ton of opportunity there. I mean we're just scratching the surface on some of this stuff. And I think the level at which we can kind of personalize the experiences will also help us increase return and optimize promo and we're just scratching the surface there, too. So there's a lot of upside on that line item.

這麼多。事實上，其中大部分只是國家的自然成熟。正如您所指出的，今年第一季推出的人口比例低於去年。其次，我們一直在努力優化，團隊在過去一年裡做得非常出色，確實找到了方法，在有效的地方進行改進，在無效的地方進行削減。我認為這也使同比下降有了很大改善。而且那裡仍然有很多機會。我的意思是我們只是觸及其中一些東西的表面。我認為我們可以個性化體驗的水平也將幫助我們增加回報並優化促銷，而我們只是觸及了表面。所以該訂單項目有很多好處。

Our next question comes from Brandt Montour with Barclays.

我們的下一個問題來自巴克萊銀行的布蘭特·蒙圖爾。

So the iGaming market accelerated in the 1Q growth rate for the overall market, you guys accelerated your iGaming growth rate. Jason, I'm wondering if you have any thoughts on what was driving that at the market level if it was you and your peers, better marketing, better cross-sell and if you think you saw more -- or you guys at least did you saw more acceleration on the MAU side or the ARPMUP side?

所以iGaming市場在第一季整個市場的成長速度加快了，你們加快了iGaming的成長速度。傑森，我想知道您對市場層面的推動因素是否有任何想法，如果是您和您的同行、更好的營銷、更好的交叉銷售以及您是否認為自己看到了更多——或者至少您做到了您看到 MAU 方面或 ARPMUP 方面有更多的加速嗎？

Yes, it's a great question. I think that a lot of it is just momentum of the industry, and we're seeing it in sports, too. Just a lot of new customers coming in and a lot of people that are crossing over from sports into iGaming. I also do think that some of it has been product driven. We've made a lot of improvements to our product, many of which we noted on our earnings call earlier, on the scripted part of the earnings call earlier. So definitely a combination of those things. And then I think, certainly, on the marketing side, we've improved as well. That's definitely been a little more recent. So I don't know how much of that's driven the industry growth. But I think we found some wins in the recent days that have helped us acquire customers more efficiently as well.

是的，這是一個很好的問題。我認為這在很大程度上只是行業的動力，我們在體育領域也看到了這一點。只是有很多新客戶進來，還有很多人從運動領域轉向 iGaming。我也確實認為其中一些是產品驅動的。我們對我們的產品做了很多改進，其中許多改進我們在先前的財報電話會議上、在之前的財報電話會議的腳本部分中提到過。所以絕對是這些東西的組合。然後我認為，當然，在行銷方面，我們也有所進步。這肯定是最近的事了。所以我不知道這在多大程度上推動了產業的成長。但我認為最近幾天我們發現了一些勝利，這些勝利也幫助我們更有效地獲取客戶。

Our next question comes from Barry Jonas with Truist.

我們的下一個問題來自巴里·喬納斯和 Truist。

First off, congrats, Alan, on the new role. I wanted to ask about technology. Smaller competitors talk about narrowing the gap. And we know you're not standing still, but are there more specific parts of the product you think you'll be able to maintain your competitive edge over time better than others?

首先，恭喜艾倫擔任新角色。我想問一下技術。規模較小的競爭對手正在談論縮小差距。我們知道您並沒有停滯不前，但您認為產品中是否有更具體的部分，隨著時間的推移，您將能夠比其他人更好地保持競爭優勢？

Absolutely. I mean, first, sports, in particular, but really all online gaming products are incredibly complicated. There's a ton going on. I think, first and foremost, having a lot of scale and a very wide customer base gives us an advantage because we have more data and more data points to model and to improve personalization and make other decisions off of. Secondly, as you noted, we continue to invest and being at scale gives us a much larger revenue base to invest in product and engineering. And so we continue to lean in there. And I think that there's a ton we can do to improve the product that will hopefully be revenue additive and certainly will be competitively differentiated.

絕對地。我的意思是，首先是體育，但實際上所有線上遊戲產品都非常複雜。有很多事情正在發生。我認為，首先也是最重要的是，擁有很大的規模和非常廣泛的客戶群給我們帶來了優勢，因為我們有更多的數據和更多的數據點來建模、改進個性化並做出其他決策。其次，正如您所指出的，我們繼續投資，規模化為我們投資產品和工程提供了更大的收入基礎。所以我們繼續依靠那裡。我認為我們可以做很多事情來改進產品，這些產品有望增加收入，並且肯定會具有競爭優勢。

The other thing that I would say is that a lot of what we're focused on now. Yes, we continue to focus on customer-facing features, but a lot of what we're focused on now are kind of behind the curtain type of things that help us optimize hold rate and trading, things that help us personalize experiences that retain and create stickier customers. Those things are harder to copy because it's not an obvious consumer-facing feature that somebody can say, "Oh, yes, I'm just going to figure out how to do that." Oftentimes, it's invisible to the front end. So I think there's a lot of advantage that can be maintained long term and those sorts of things as well as sort of just the inherent advantages of scale and robustness of data size and size and efficacy of product and engineering team.

我要說的另一件事是我們現在關注的很多事情。是的，我們繼續專注於面向客戶的功能，但我們現在關注的很多東西都是幕後類型的東西，可以幫助我們優化持有率和交易，幫助我們個性化體驗，保留和保留創造更具黏性的客戶。這些東西更難複製，因為它不是一個明顯的面向消費者的功能，有人可以說，“哦，是的，我只是想弄清楚如何做到這一點。”通常，它對前端來說是不可見的。因此，我認為有很多可以長期保持的優勢，諸如此類的事情以及規模和數據規模的穩健性以及產品和工程團隊的規模和效率的固有優勢。

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 want to touch a bit on iGaming again. One of your closest competitors in that market seems to be gaining some share momentum. Could you maybe talk about the promotional environment and how you think about kind of the share outlook for yourselves as we look forward?

我想再談談 iGaming。您在該市場中最接近的競爭對手之一似乎正在獲得一些份額動力。您能否談談促銷環境以及您對我們未來的股票前景有何看法？

Yes. I mean I think what you're seeing, which probably isn't surprising, it's the same dynamic emerging in iGaming as in OSB. So on the one hand, I think that, that gives a lot of sort of clarity in terms of investors of what long-term market structure could look like, which is good. And I think for us, we just continue to focus on trying to deliver the best customer experience. And I think if we do that, we'll maximize our long-term share of the pie. But I do want to note that share is not the only metric. Obviously, everybody follows that, and that's a lot of questions. But we're focused on being the most profitable company in the space and making the most money. So I think that's ultimately how we define share of the space, not GGR share. Obviously, GGR share is a helpful metric to look at, but bottom line share is the most important thing.

是的。我的意思是，我認為您所看到的可能並不奇怪，iGaming 中出現的動態與 OSB 中出現的動態相同。因此，一方面，我認為這讓投資者更清楚地了解長期市場結構可能會是什麼樣子，這是很好的。我認為對我們來說，我們只是繼續專注於提供最佳的客戶體驗。我認為，如果我們這樣做，我們就能最大限度地擴大我們的長期份額。但我確實想指出，份額並不是唯一的衡量標準。顯然，每個人都遵循這一點，這有很多問題。但我們專注於成為該領域最賺錢的公司並賺取最多的錢。所以我認為這最終是我們定義空間份額的方式，而不是 GGR 份額。顯然，GGR 份額是一個有用的指標，但底線份額才是最重要的。

And then just one quick housekeeping. Did you guys give an actual hold for the first quarter? I know you gave the structural, but if you could provide actual , that would be helpful.

然後只需進行一次快速的內務處理。你們對第一季的表現有實際的把握嗎？我知道你給了一個結構，但如果你能提供實際的，那會很有幫助。

Yes, I think we've said about 9.5%.

是的，我想我們已經說過大約 9.5%。

Our next question comes from Jed Kelly with Oppenheimer.

我們的下一個問題來自傑德·凱利和奧本海默。

Great. Just can you talk about MAU trends? I thought it was down in the first quarter, realized you were comping some state launches. But can you speak to that? And then just as a follow-up, you're launching your new Pick6 product. Can you talk about how that can help you build your database in states where sports betting is not yet legal.

偉大的。能談談 MAU 趨勢嗎？我以為第一季有所下降，意識到你正在準備一些州的發布。但你能談談嗎？然後，作為後續行動，您將推出新的 Pick6 產品。您能談談這如何幫助您在體育博彩尚未合法的州建立資料庫嗎？

So on the first one, are you talking about like versus consensus because we were up on MUPs year over...

所以在第一個方面，你是在談論“喜歡”還是“共識”，因為我們一年四季都在使用 MUP…

No, I just I'm talking -- it was down sequentially...

不，我只是在說——它是按順序下降的…

From last quarter.

從上個季度開始。

Yes. So first quarter...

是的。那麼第一季...

That's just seasonality. Yes, that's just seasonality. That typically happens. And I think the biggest thing also that drove that was the state launches actually probably even more than seasonality, to be honest, that's what you're seeing there is the state launches. We had Ohio and Massachusetts launch in Q1 of last year. So that drove a lot of MAU in that quarter. So I don't -- there's nothing kind of other than that going on there. And then sorry, what was your second question?

這只是季節性。是的，這只是季節性。這通常會發生。我認為推動這一趨勢的最大因素是州發布實際上可能比季節性更重要，說實話，這就是你所看到的州發布。我們在去年第一季推出了俄亥俄州和馬薩諸塞州。因此，這推動了該季度大量的每月活躍用戶。所以我不知道——除了那裡發生的事情之外，沒有其他的事情發生。抱歉，你的第二個問題是什麼？

Just on how does your Pick6 product help you build up your databases in states where sports betting is not yet legal?

只是關於您的 Pick6 產品如何幫助您在體育博彩尚未合法的州建立資料庫？

Yes, it's a great question. I mean, Pick6 is our latest fantasy product. I think we're pretty excited about it. We think it's something that could definitely as all of our fantasy products have helped us build the database in states that aren't yet legal. And also just create additional revenue and new ways to engage with our customers. So you nailed it, that's kind of the goal there. And I think we haven't done a lot to innovate in fantasy until the last year or so. And I think the team is energized and focused on getting back to innovation in the fantasy space as well, and this is a great example of that.

是的，這是一個很好的問題。我的意思是，Pick6 是我們最新的幻想產品。我想我們對此感到非常興奮。我們認為這絕對是可能的，因為我們所有的幻想產品都幫助我們在尚未合法的州建立了資料庫。並且還可以創造額外的收入和與客戶互動的新方式。所以你成功了，這就是目標。我認為直到去年左右我們才在奇幻方面進行了很多創新。我認為團隊充滿活力，也專注於在奇幻領域回歸創新，這就是一個很好的例子。

Our next question comes from Bernie McTernan with Needham & Company.

我們的下一個問題來自尼達姆公司的伯尼·麥克特南。

Jason, given the increased news flow this year about state tax rates potentially going higher in some areas, if there was an existing or relatively mature state increased taxes, what would the impact be? And then what levers would you have to offset that and over what time frame?

Jason，鑑於今年有關某些地區州稅率可能提高的消息不斷增加，如果現有或相對成熟的州提高稅收，會產生什麼影響？然後你需要用什麼手段來抵銷這個影響，在什麼時間範圍內？

Yes. So first, I do think states understand that there is still a very large illegal market. That's not going away. And in order for us to continue to be able to be competitive and not drive customers back to that market and also continue to take customers out of that market because there's still quite a few even in the most mature states that they need to keep tax rates at a reasonable level. So I do expect that, that will be the case. But we're prepared either way. I mean in the end, the cost has to get absorbed by the consumer if the government raises taxes.

是的。首先，我確實認為各國都明白仍有一個非常大的非法市場。那不會消失。為了使我們能夠繼續保持競爭力，不會將客戶帶回該市場，也不會繼續將客戶帶出該市場，因為即使在最成熟的州，仍然有相當多的客戶需要保持稅率處於合理水平。所以我確實希望情況會如此。但無論如何我們都做好準備了。我的意思是，如果政府提高稅收，最終成本必須由消費者承擔。

So there's various levers to do that. Also, we could lower external marketing, which I think will be also partially just driven by the fact that if taxes go up, we're going to have to create better margins and that will be a lever that we'll have to pull as well. But like I said, I think that states do understand that any sort of negative impacts to the consumer offering that companies would have to take where tax rates increase would really be counter to the notion that we're trying to drive activity from the illegal market to the legal market, which has enormous number of benefits, only one of which is generating taxes.

因此，有多種手段可以做到這一點。此外，我們可以減少外部行銷，我認為這部分是由於這樣一個事實：如果稅收增加，我們將不得不創造更好的利潤率，這將是我們必須拉動的槓桿。但就像我說的，我認為各州確實明白，企業在提高稅率時必須承受的對消費者產品的任何負面影響實際上都與我們試圖推動非法市場活動的理念背道而馳。只有一項就是產生稅收。

So I think states get that, and I expect that maybe there'll be 1 or 2 here and there that look to do that, but I don't think many of them will. And I even think the ones that are getting a lot more information now. And my expectation is that we'll be able to convince them that it's not a good policy decision.

所以我認為各州都明白這一點，我預計也許這裡那裡會有一兩個州想要這樣做，但我認為他們中的許多人不會這樣做。我什至認為那些現在獲得了更多資訊的人。我的期望是我們能夠讓他們相信這不是一個好的政策決定。

Our next question comes from Jordan Bender with Citizens JMP.

我們的下一個問題來自 Citizens JMP 的 Jordan Bender。

Going off at Jason Park's new role in the payment processing, how should we be speaking about what that looks like to bring your payment costs more in line with your long-term goal. Is it coming through initiatives like bringing down the interchange rate that you're paying or more strategic like bringing some or all of that technology in-house?

談到 Jason Park 在支付處理中的新角色，我們應該如何討論如何讓您的支付成本更符合您的長期目標。它是透過降低您所支付的匯率等措施還是更具策略性的舉措（例如將部分或全部技術引入內部）來實現的？

And then, Jason, I just have a follow-up. In your prepared remarks, I think you said the new state launch should add to EBITDA in the back half of the year, is that to say that the paybacks are just way ahead of any states that have been launched in the past?

然後，傑森，我有一個後續行動。在您準備好的發言中，我認為您說過新州的推出應該會在今年下半年增加 EBITDA，這是否意味著回報率遠遠領先過去推出的任何州？

Yes. So on the first question, it's still early, so I don't have a lot of specifics, but I think the types of things that Jason will be looking at are consumer-facing optimizations, like are there ways that we can motivate consumers to use lower-cost payment methods as well as other sorts of medium- to longer-term solutions like in-housing of certain pieces. So really don't know where it's going to go because it's very much an exploratory. And as I noted earlier, he just turned over the reins to Alan in the last day or 2. So I haven't really had a chance. He hasn't really had a chance to dig in there yet. But I do expect there's a lot of opportunity there.

是的。所以關於第一個問題，現在還為時過早，所以我沒有太多細節，但我認為 Jason 將關注的事情類型是面向消費者的優化，例如我們有什麼方法可以激勵消費者使用成本較低的支付方式以及其他類型的中長期解決方案，例如某些部件的內部安裝。所以真的不知道它會去哪裡，因為它很大程度上是一個探索性的。正如我之前指出的，他剛剛在最後一兩天將權力移交給了艾倫。他還沒有真正的機會去挖掘那裡。但我確實預計那裡有很多機會。

And just to clarify one thing, you mentioned in order to reach our long-term levels. Right now, we are tracking to where we have set expectations long term as far as payment costs go. I think this is really looking for opportunities for upside above and beyond that. We feel like already we're based on the trajectory of our current business, and this isn't just for payment processing, it's across all the different metrics of the KPIs that we have, we feel good about that trajectory. So this is really about looking for additional upside above and beyond what we shared at Investor Day last year.

只是為了澄清一件事，您提到為了達到我們的長期水平。目前，就支付成本而言，我們正在追蹤我們設定的長期預期。我認為這確實是在尋找超越這一點的上行機會。我們覺得我們已經基於當前業務的軌跡，這不僅僅是支付處理，它涵蓋了我們擁有的 KPI 的所有不同指標，我們對該軌跡感覺良好。因此，這實際上是為了在我們去年投資者日分享的內容之外尋找額外的好處。

And then I'm sorry, what was the second question?

抱歉，第二個問題是什麼？

Yes. Just a follow-up. In your prepared remarks, I thought you said that the 2 new spaces that were just launched should add to EBITDA in the back half of the year. Just -- is that -- did I hear that correctly?

是的。只是後續行動。在您準備好的發言中，我以為您說過剛推出的 2 個新空間應該會在今年下半年增加 EBITDA。只是——是嗎——我沒聽錯嗎？

You did. Yes. So that is baked into our guide. And you're right. I think the last -- it's really been a trend not just with these 2, but with the last year or 2 of states. Last year, we noted Ohio and Massachusetts, both contributed positively by Q4. I think this year, our expectation is that the 2 that we launched, North Carolina and Vermont will actually contribute possibly to the entire back half of the year. So I think it's just another example of how we continue to get better and better at optimizing our state launch playbook, we're able to capture a tremendous amount of value in a much shorter period of time with a much more efficient level of investment than we did, say, 3, 4 years ago.

你做到了。是的。因此，這已納入我們的指南中。你是對的。我認為最後——這確實是一種趨勢，不僅是這兩個州，而且是過去一兩年的州。去年，我們注意到俄亥俄州和馬薩諸塞州在第四季度都做出了積極貢獻。我認為今年，我們的期望是我們推出的兩個項目，北卡羅來納州和佛蒙特州實際上可能會對整個下半年做出貢獻。因此，我認為這只是我們如何不斷優化我們的州啟動策略的另一個例子，我們能夠在更短的時間內以比比方說，三四年前我們就這麼做了。

Our next question comes from Chad Beynon with Macquarie.

我們的下一個問題來自麥格理的查德·貝農。

Jason, I wanted to ask really what gave you the confidence to raise the structural hold to 10.5%. Obviously, it's early in the year. Is that just kind of a combination of what you're seeing with pre-match, legs of parlays, in play, et cetera? Any color around that would be helpful.

Jason，我真的想問一下，是什麼讓你有信心將結構性持股比例提高到 10.5%。顯然，現在是年初。這只是您在賽前、連贏、比賽中看到的情況的組合？周圍的任何顏色都會有幫助。

That's exactly right. It's really a function of some of the product enhancements we've made in what we're seeing that due to our parlay mix and average leg count. Progressive parlay as an example, is a much higher average leg count than a typical parlay. So that's been one of the many examples of contributors. We also are right now in the process of rolling out across states cash out for SGP, which is another lever, I think. So it's really a testament to the work the team has done to drive that mix and average leg count.

完全正確。這實際上是我們在我們所看到的由於我們的連贏組合和平均賽段數而做出的一些產品增強的功能。例如，累進連贏投注的平均賽局數比典型連贏投注高得多。這就是眾多貢獻者的例子之一。我們現在也正在跨州推出 SGP 現金，我認為這是另一個槓桿。因此，這確實證明了團隊為推動混合和平均腿數所做的工作。

Our next question comes from Ryan Sigdahl with Craig-Hallum Capital Group.

我們的下一個問題來自 Craig-Hallum Capital Group 的 Ryan Sigdahl。

How do you think about pricing going forward? Our checks indicated DraftKings offers the most competitive or best odds for consumers while also generating industry plus hold due to the bet mix. So kind of a win-win there. But how much of a competitive advantage do you think that is as it relates to customer retention?

您如何看待未來的定價？我們的檢查表明，DraftKings 為消費者提供了最具競爭力或最好的賠率，同時由於投注組合也產生了行業加持。這是一種雙贏。但您認為這與保留客戶有多大的競爭優勢？

Yes. I think for most markets, the price is the price. So I think when it comes to like being able to have optimal pricing for, say, some of the lesser bet markets, there are some customers that may line shop. I don't think it's the majority of them, but some do. And then there's other bet types that tend to have more line shopping like futures bets. But most of the mainstream bets, the player props, the game lines, the over unders are typically fairly comparable.

是的。我認為對大多數市場來說，價格就是價格。因此，我認為，當談到能夠為某些較小賭注的市場提供最佳定價時，有些客戶可能會排隊購買。我不認為這是大多數人的情況，但有些人確實如此。還有其他投注類型往往有更多的投注選項，例如期貨投注。但大多數主流投注、玩家道具、比賽盤口、大小盤通常都具有相當的可比性。

That said, we always make sure that we're competitive. And so we're not trying to win on price, but we're also not trying to have worse pricing than anyone else out there. And I think you noted this, but the real sweet spot is if you have great models and your pricing is tight, you can actually hold better and continue to be super competitive on the pricing side. Those things are not at odds at all.

也就是說，我們始終確保我們具有競爭力。因此，我們並不是想在價格上取勝，但我們也不想比其他人提供更差的定價。我想你已經注意到了這一點，但真正的最佳點是，如果你有很棒的模型並且你的定價很緊，你實際上可以更好地持有並繼續在定價方面保持超級競爭力。這些事情一點也不矛盾。

And the other thing I would mention is -- and this is also a really important part about having great models and tight pricing, the market uptime can be much higher, which I think particularly for live betting is a significant advantage if customers are trying to live that and can't get through, then they're going to go somewhere else. So that's another real advantage to having tight pricing and strong models.

我要提到的另一件事是——這也是擁有出色的模型和嚴格的定價的一個非常重要的部分，市場正常運行時間可以更長，我認為，如果客戶試圖住在那裡並且無法通過，那麼他們就會去其他地方。因此，這是擁有嚴格的定價和強大的模型的另一個真正優勢。

Our next question comes from Jeff Stantial with Stifel.

我們的下一個問題來自 Jeff Stantial 和 Stifel。

Jason, it's been several quarters now of pretty meaningful upside from user acquisition retention and monetization trends. As time goes on, are you seeing sort of the relative impact for each of those individual drivers shift around? In other words, are you seeing user acquisition surprise to the upside more so than monetization relative to trends last year or the inverse or is the relative contribution of each state mostly constant.

傑森，幾個季度以來，用戶獲取保留和貨幣化趨勢都出現了相當有意義的成長。隨著時間的推移，您是否看到對每位駕駛者的相對影響發生了變化？換句話說，相對於去年的趨勢，您是否看到用戶獲取的驚喜比貨幣化更多，或者相反，或者每個州的相對貢獻基本上保持不變。

At any point in time, there's definitely something that you're more like, wow, that is just crushing what we expected. But I will say last few years, really, the last 2 years in particular, it's been across the board. I mean this last sort of quarter and particularly in April, it's been customer acquisition, for sure, which I think was true for Q4 and Q1, but I also -- I've seen significant increases to LTVs made over that period of time, too, our player activity and retention levels have been higher than ever. So I think as we improve the product and also as we just get more data and continue to do the analysis, continue to optimize, continue to build better tools that allow the teams to trade and also tools on the marketing side that allow the teams to get data to optimize the marketing better. Same thing with promos.

在任何時候，肯定有一些東西會讓你覺得，哇，這簡直超出了我們的預期。但我想說的是，過去幾年，特別是過去兩年，這是全面的。我的意思是最後一個季度，特別是四月份，當然是客戶獲取，我認為第四季度和第一季度也是如此，但我也看到在那段時間裡 LTV 顯著增加，此外，我們的玩家活躍度和留存率也比以往任何時候都高。因此，我認為，隨著我們改進產品，當我們獲得更多數據並繼續進行分析時，繼續優化，繼續建立更好的工具，使團隊能夠進行交易，以及行銷方面的工具，使團隊能夠獲取數據以更好地優化行銷。促銷也是如此。

We're just -- again, we're at that stage, I think, the industry or the company where there's just so much that's obvious that we can do, and it's just cranking through all of it, and it's really moving metrics across the entire value chain. So I can't point to any one thing overall, but you are correct that at any point in time, you might be like, wow, we had a great quarter from a customer acquisition standpoint. But often that comes with a great quarter from a retention standpoint, too, because a lot of times the same things that you're doing to drive acquisition also drive great activation and retention.

我認為，我們只是——再說一次，我們正處於這個階段，這個行業或公司有很多明顯的事情我們可以做，而且它只是在努力完成所有這些，而且它確實在跨領域移動指標整個價值鏈。所以我不能指出任何一件事，但你是對的，在任何時候，你可能會說，哇，從客戶獲取的角度來看，我們度過了一個很棒的季度。但從保留的角度來看，這通常也伴隨著一個偉大的季度，因為很多時候，你為推動獲取而做的同樣的事情也會帶來巨大的激活和保留。

And I'm not showing any further questions at this time. I'd like to turn the call back over to Jason Robins for any closing remarks.

目前我不會提出任何進一步的問題。我想將電話轉回給傑森·羅賓斯，讓其結束語。

Thank you all for joining us on today's call. As you can see, DraftKing is off to a fantastic start for 2024, and we're really excited about the rest of this year and beyond. I look forward to speaking with you over the coming weeks and hope you all stay safe and well. Thank you.

感謝大家參加今天的電話會議。正如您所看到的，DraftKing 在 2024 年有了一個美妙的開端，我們對今年剩餘時間及以後的時間感到非常興奮。我期待在接下來的幾週內與您交談，並希望大家保持安全和健康。謝謝。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們、先生們，今天的演講到此結束。您現在可以斷開連接，並度過美好的一天。