Draftkings Inc (DKNG) 2022 Q1 法說會逐字稿

Welcome to the DraftKings Q1 2022 Earnings Conference Call. My name is John. I'll your operator for today's call. (Operator Instructions).

歡迎參加 DraftKings 2022 年第一季度收益電話會議。我的名字是約翰。今天的電話我是你的接線員。 （操作員說明）。

I will now turn the call over to Stanton Dodge, Chief Legal Officer.

我現在將把電話轉給首席法務官 Stanton Dodge。

Good morning, everyone, and thanks 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.

大家早上好，感謝您今天加入我們。我們在本次電話會議中所做的某些陳述可能構成前瞻性陳述，這些陳述受風險、不確定性和其他因素的影響，正如我們在 SEC 文件中進一步討論的那樣，這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。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 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. Reconciliation of these non-GAAP measures to the most directly comparable GAAP measures are available in our earnings presentation, which can be found on our website and in our quarterly report on Form 10-Q filed with the SEC.

在本次電話會議中，管理層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準則財務指標。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的收益報告中找到，該報告可在我們的網站和我們提交給 SEC 的 10-Q 表格季度報告中找到。

Hosting the call today, we have 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有 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. On today's call, I will cover the following topics: first, we are very excited to welcome the Golden Nugget Online Gaming team to DraftKings. Since the announcement of the proposed acquisition in August 2021, our excitement around bringing these companies together has only increased. The acquisition closed yesterday, and we are well prepared to integrate our respective businesses, begin executing on our multi-brand strategy and capture adjusted EBITDA synergies, which we expect to reach approximately $300 million long term.

大家，早安。在今天的電話會議中，我將討論以下主題：首先，我們非常高興地歡迎 Golden Nugget 在線遊戲團隊加入 DraftKings。自 2021 年 8 月宣布擬議收購以來，我們對將這些公司聯合起來的興奮之情只增不減。收購於昨天結束，我們已做好充分準備整合各自的業務，開始執行我們的多品牌戰略並獲得調整後的 EBITDA 協同效應，我們預計長期將達到約 3 億美元。

Second, we'll discuss our first quarter financial achievements. Revenue for the first quarter exceeded the midpoint of our guidance by $7 million, and adjusted EBITDA significantly outperformed our expectations, finishing more than 12% better than the midpoint of our guidance.

其次，我們將討論我們第一季度的財務業績。第一季度的收入超過了我們指導的中點 700 萬美元，調整後的 EBITDA 大大超出了我們的預期，比我們的指導中點高出 12% 以上。

Third, we see a stronger top and bottom line outlook for the year and are raising both our 2022 revenue and adjusted EBITDA guidance. Despite broader concerns around the macroeconomic environment and inflation, our cohort level data has remained very healthy and our path to profitability has become more clear. Legislative momentum has remained robust as well. Looking forward, we see strong top line growth continuing through the remainder of the year and beyond, coupled with continued optimization of our margin profile overall cost structure.

第三，我們認為今年的收入和利潤前景更加強勁，並且正在提高我們 2022 年的收入和調整後的 EBITDA 指導。儘管對宏觀經濟環境和通脹存在更廣泛的擔憂，但我們的隊列水平數據仍然非常健康，我們的盈利之路變得更加清晰。立法勢頭也保持強勁。展望未來，我們看到強勁的收入增長將持續到今年剩餘時間及以後，再加上我們的利潤率概況整體成本結構的持續優化。

Finally, I will touch on recent product developments in adjacent growth verticals. We are continuing to innovate and improve the customer experience by consistently adding new games and features, which we believe will ultimately support customer acquisition, retention and by extension player LTV. Additionally, we continue to make progress in media and marketplace, and we are very excited about the future prospects for both.

最後，我將談談相鄰增長垂直領域的最新產品開發。我們通過不斷添加新遊戲和功能來繼續創新和改善客戶體驗，我們相信這最終將支持客戶獲取、保留和擴展玩家 LTV。此外，我們繼續在媒體和市場方面取得進展，我們對兩者的未來前景感到非常興奮。

Let's start with our acquisition of Golden Nugget Online Gaming. We are very excited to welcome the Golden Nugget Online Gaming team to DraftKings and have a well-designed integration plan that is already being implemented. The acquisition will allow DraftKings to leverage Golden Nugget's established brand to broaden our reach in new customer segments, particularly within iGaming. It will also enhance the combined company's iGaming product offerings through DraftKings' vertically integrated tech stack and Golden Nugget Online Gaming's unique live dealer capabilities.

讓我們從收購 Golden Nugget Online Gaming 開始。我們非常高興地歡迎 Golden Nugget 在線遊戲團隊加入 DraftKings，並製定了精心設計的集成計劃，該計劃已經在實施。此次收購將使 DraftKings 能夠利用 Golden Nugget 的知名品牌來擴大我們在新客戶群中的影響力，尤其是在 iGaming 內。它還將通過 DraftKings 的垂直集成技術堆棧和 Golden Nugget Online Gaming 獨特的現場經銷商能力來增強合併後公司的 iGaming 產品。

In addition, the transaction increases DraftKings customer database size through access to the more than 5.5 million members in the databases of the Golden Nugget 24K Club and Landry's Select Club on top of the current DraftKings' database of more than 20 million accounts. We continue to have confidence that the combination of our businesses will result in long-term adjusted EBITDA synergies of approximately $300 million.

此外，該交易通過訪問 Golden Nugget 24K 俱樂部和 Landry's Select Club 數據庫中的超過 550 萬會員，在 DraftKings 超過 2000 萬個帳戶的數據庫之上，增加了 DraftKings 客戶數據庫的規模。我們仍然相信，我們的業務合併將帶來約 3 億美元的長期調整後 EBITDA 協同效應。

Now let's turn to our first quarter results. DraftKings generated $417 million of revenue in the first quarter, which exceeded the midpoint of our guidance by $7 million. Revenue growth was primarily driven by our B2C business, which increased 44% compared to the prior year period. Adjusted EBITDA of negative $290 million in the quarter also outperformed our expectations by $40 million compared to the midpoint of our guidance. Part of the reason why we are outperforming our own expectations markets such as New Jersey have turned highly profitable and continuing to grow at an attractive rate.

現在讓我們看看我們的第一季度業績。 DraftKings 在第一季度創造了 4.17 億美元的收入，超出了我們指導的中點 700 萬美元。收入增長主要由我們的 B2C 業務推動，與去年同期相比增長 44%。與我們指導的中點相比，本季度調整後的 EBITDA 為負 2.9 億美元，也超出了我們的預期 4,000 萬美元。我們的表現優於我們自己的預期的部分原因是，新澤西等市場已經實現了高利潤並繼續以具有吸引力的速度增長。

We have also identified efficiency opportunities and executed on them, which drove some of the outperformance in first quarter adjusted EBITDA. These efficiencies were up and down the income statement, including in our COGS, marketing and corporate fixed costs. The primary driver of these cost opportunities was faster growth in state expansion, which has allowed us to accelerate progress towards our plans for our long-term cost structure.

我們還發現了提高效率的機會並加以執行，這推動了第一季度調整後 EBITDA 的一些優異表現。這些效率在損益表中上下波動，包括我們的銷貨成本、營銷和企業固定成本。這些成本機會的主要驅動力是州擴張的更快增長，這使我們能夠加快實現我們的長期成本結構計劃的進展。

Our Q1 adjusted EBITDA also benefited from corporate costs that shifted from Q1 to the remainder of the year. Consequently, some of the reduced costs in Q1 will continue to positively impact DraftKings going forward, while others are simply due to timing. Suffice it to say, we will continue to look for opportunities to accelerate the realization of cost efficiencies as DraftKings continues to grow at scale.

我們第一季度調整後的 EBITDA 也受益於從第一季度轉移到今年剩餘時間的企業成本。因此，第一季度的一些成本降低將繼續對 DraftKings 的未來產生積極影響，而其他成本只是由於時間安排。可以說，隨著 DraftKings 繼續大規模增長，我們將繼續尋找機會來加速實現成本效益。

Our key performance metrics, including user acquisition, retention and engagement, also continued to trend well. Q1 includes 2 marquee sporting events: the Super Bowl and March Madness. Basketball, both the NBA and College, also drew increased attention and interest throughout the quarter. The NBA has been strong, including when the NFL was still in play, while the Super Bowl saw tremendous customer engagement.

我們的關鍵績效指標（包括用戶獲取、留存和參與度）也繼續保持良好趨勢。 Q1 包括 2 個大型體育賽事：超級碗和瘋狂三月。 NBA 和大學籃球在本季度也引起了越來越多的關注和興趣。 NBA 一直很強大，包括當 NFL 仍在比賽時，而超級碗則見證了巨大的客戶參與度。

For the Super Bowl, we set a single day record for first-time OSB betters, which increased 77% year-over-year. For the first weekend of March Madness, our first-time OSB betters increased 42% year-over-year. March Madness this year featured various player-friendly results overall, especially the exciting run by St. Peters to the Elite 8. Betters across the country backed the Peacock during their surprise run. This run contributed to our lower-than-forecasted OSB hold. Whole variance due to game outcomes resulted in approximately $25 million of reduced revenue in the quarter.

對於超級碗，我們創造了首次 OSB 更好的單日記錄，同比增長 77%。在瘋狂三月的第一個週末，我們的首次定向刨花板比去年同期增長了 42%。今年的瘋狂三月總體上展示了各種對玩家友好的結果，尤其是 St. Peters 對精英 8 的激動人心的運行。全國各地的更好的人在他們出人意料的運行中支持了 Peacock。這次運行導致我們低於預期的 OSB 持有量。由於遊戲結果造成的整體差異導致本季度收入減少約 2500 萬美元。

First quarter monthly unique payers increased to approximately 2 million, up 29% versus Q1 2021. Average revenue per monthly unique player increased 11% year-over-year to $67. Notably, average revenue per monthly unique player would have grown approximately 26% if we adjusted both Q1 2022 and Q1 2021 for OSB hold. Cost of goods sold and marketing spend were both elevated in the first quarter, primarily due to our launch in New York on January 8. Gross margin percentage was also negatively impacted by sports betting hold during the quarter.

第一季度每月獨立付費用戶增加到約 200 萬，與 2021 年第一季度相比增長 29%。每月獨立玩家的平均收入同比增長 11%，達到 67 美元。值得注意的是，如果我們將 2022 年第一季度和 2021 年第一季度都調整為 OSB 持有，則每個月獨立玩家的平均收入將增長約 26%。第一季度的商品銷售成本和營銷支出均有所上升，這主要是由於我們於 1 月 8 日在紐約推出。毛利率百分比也受到本季度體育博彩的負面影響。

With that, I will turn to our updated outlook for the business. We have several unique capabilities, including our growing DFS database, which is a great source of OSB customer acquisition; a decade of marketing know-how to acquire sports fans; our sophisticated data science and analytics organizations; our vertically integrated tech stack; top-rated products across all categories in which we operate; and single account and wallet. These capabilities are very difficult to replicate by other operators and are the reasons for a very attractive tax and strong share, which support our growth outlook for 2022 and beyond.

有了這個，我將轉向我們對業務的最新展望。我們有幾個獨特的能力，包括我們不斷增長的 DFS 數據庫，這是獲取 OSB 客戶的重要來源；十年營銷知識，以獲取體育迷；我們成熟的數據科學和分析組織；我們垂直整合的技術堆棧；我們經營的所有類別的頂級產品；和單一賬戶和錢包。這些能力很難被其他運營商複製，並且是非常有吸引力的稅收和強勁份額的原因，這支持了我們對 2022 年及以後的增長前景。

We are raising the midpoint of our 2022 revenue guidance from $1.925 billion to $1.975 billion and improving our 2022 adjusted EBITDA guidance to a range of negative $760 million to negative $840 million. This increased guidance does not include the contribution of the Golden Nugget Online Gaming business nor does it include our contemplated launch in Ontario. Jason Park will touch on our preliminary expectations for GNOG in Ontario.

我們將 2022 年收入指導的中點從 19.25 億美元提高到 19.75 億美元，並將 2022 年調整後的 EBITDA 指導提高到負 7.6 億美元至負 8.4 億美元的範圍。這一增加的指導不包括 Golden Nugget 在線遊戲業務的貢獻，也不包括我們在安大略省的計劃推出。 Jason Park 將談到我們對安大略省 GNOG 的初步預期。

I also want to spend a few minutes discussing the outlook beyond 2022. As a starting point, the pipeline for new states remains robust. As you know, following our launches in New York and Louisiana, DraftKings is currently 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. We also expect to go live in Ontario in the near future, pending licensure and regulatory approval.

我還想花幾分鐘討論 2022 年以後的前景。作為起點，新州的管道仍然強勁。如您所知，在我們在紐約和路易斯安那州推出之後，DraftKings 目前在 17 個州開展在線體育博彩業務，這些州總共代表了大約 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%。我們還希望在不久的將來在安大略省上線，等待許可和監管批准。

Ontario represents about 40% of Canada's population, and Ontario will be the fifth largest U.S. state by population if it were in the U.S. However, due to the presence of gray market operators, many of which have been present in Ontario for several years, we do not believe that the timing of our launch will have any impact on the share we are able to achieve in that province.

安大略省約佔加拿大人口的 40%，如果它在美國，安大略省將成為美國人口第五大州。但是，由於灰色市場運營商的存在，其中許多已經在安大略省存在數年，我們不相信我們推出的時間會對我們能夠在該省實現的份額產生任何影響。

There are 3 U.S. jurisdictions that have legalized mobile sports betting in which we are preparing to launch upon licensure and approval from regulators: Maryland, Ohio and Puerto Rico. These 3 jurisdictions represent approximately 7% of the U.S. population, and we'll bring the percentage of the population where Draftkings expects to offer legalized mobile sports betting to approximately 43%.

有 3 個美國司法管轄區已將移動體育博彩合法化，我們正準備在獲得監管機構許可和批准後在這些司法管轄區推出：馬里蘭州、俄亥俄州和波多黎各。這 3 個司法管轄區約占美國人口的 7%，我們將使 Draftkings 預計提供合法移動體育博彩的人口比例達到約 43%。

In Kansas, which is about 1% of the U.S. population, a mobile and retail sports wagering bill has passed the legislature and is now pending executive action. We are also very excited by momentum in California. The approximately 1.6 million signatures submitted by Californians for solutions to homelessness and mental health support will likely allow us to qualify the ballot measure for the 2022 November ballot. This is a really important step. Once the signatures are verified, then the initiative will be placed on the ballot in November. And if the initiative passes with a simple majority, then it becomes law. From there, regulators will implement the framework, and we are hopeful that we can get live sometime in 2023, pending licensure and regulatory approval.

在約占美國人口 1% 的堪薩斯州，一項移動和零售體育博彩法案已通過立法機構，目前正在等待行政行動。我們也對加州的勢頭感到非常興奮。加州人為解決無家可歸問題和心理健康支持而提交的大約 160 萬個簽名可能會讓我們有資格參加 2022 年 11 月的投票。這是非常重要的一步。一旦簽名得到驗證，該倡議將在 11 月投入選票。如果該倡議以簡單多數通過，那麼它就會成為法律。從那裡開始，監管機構將實施該框架，我們希望我們能夠在 2023 年的某個時候上線，等待許可和監管部門的批准。

California, of course, represents a significant revenue and adjusted EBITDA opportunity, with approximately 12% of the United States population. In fact, if California were a country, it would be the fifth largest economy in the world ranked by GDP. In short, from a legalization perspective, there is a lot to look forward to.

當然，加利福尼亞州代表著巨大的收入和調整後的 EBITDA 機會，約占美國人口的 12%。事實上，如果加州是一個國家，按 GDP 排名，它將是世界第五大經濟體。總之，從合法化的角度來看，有很多值得期待的地方。

Finally, I will touch on recent product developments in adjacent growth verticals. Our sports betting app continues to score very well in third-party surveys. Eilers & Krejcik recently published its quarterly report on U.S. sports betting and app rank. The firm tested 41 sports betting apps and rated each on user experience, betting interface, features, core and esthetics. DraftKings' app was tied for #1 overall and was the top 3 for user experience, betting interface and features. We continue to believe that product innovation and quality of customer experience will create strong customer acquisition, retention and LTVs, giving DraftKings' a sustainable competitive advantage over the long term.

最後，我將談談相鄰增長垂直領域的最新產品開發。我們的體育博彩應用繼續在第三方調查中得分很高。 Eilers & Krejcik 最近發布了關於美國體育博彩和應用排名的季度報告。該公司測試了 41 款體育博彩應用程序，並根據用戶體驗、投注界面、功能、核心和美學對每款應用程序進行評分。 DraftKings 的應用程序整體並列第一，在用戶體驗、投注界面和功能方面位列前三。我們仍然相信，產品創新和客戶體驗質量將創造強大的客戶獲取、保留和 LTV，從而為 DraftKings 提供長期可持續的競爭優勢。

Q1 was only the second full quarter since migrating to our own proprietary in-house technology platform, and we are pleased with the progress we have made not just with our sports betting app, but across our entire product portfolio. In the first quarter, we continued to deepen our content offer for OSB. For example, we added next field goal micro markets for the NBA and college basketball, which offers the ability to wager on the next field go type, next field go team and whether the next 2- or 3-point shot will be made by the home or away team.

第一季度只是遷移到我們自己的專有內部技術平台後的第二個完整季度，我們對我們不僅在體育博彩應用程序方面取得的進展感到高興，而且對我們整個產品組合所取得的進展感到高興。在第一季度，我們繼續深化我們為 OSB 提供的內容。例如，我們為 NBA 和大學籃球添加了下一個投籃微盤，它提供了下一個投籃類型、下一個投籃球隊以及下一個 2 分球還是 3 分球將由主隊或客隊。

We also added several player markets to our college basketball same-game parlay offering, including point score, assist, rebounds and 3 pointers made as well as combinations of these markets. In iGaming, our focus on cross-selling and in-house content development continue to pay dividends. In the first quarter, 43% of mobile sports betting users in our iGaming space also engaged with our iGaming product, and 54% of iGaming handle came from DraftKings' developed game.

我們還在大學籃球同場過關投注產品中增加了幾個球員市場，包括得分、助攻、籃板和三分球，以及這些市場的組合。在 iGaming 中，我們對交叉銷售和內部內容開發的關注繼續帶來回報。第一季度，我們 iGaming 領域 43% 的移動體育博彩用戶也使用了我們的 iGaming 產品，54% 的 iGaming 手柄來自 DraftKings 開發的遊戲。

And in April, we launched our first DraftKings' developed slot scheme in New Jersey. With DraftKings Social, we have created an integrated and highly engaged community that allows fans to interact with each other within a peer-to-peer environment. In April, we launched betting groups, which are a seamless way to collaborate on a sports betting experience. Users can create a group and distribute the link for others to join.

4 月，我們在新澤西州推出了 DraftKings 開發的第一個老虎機計劃。借助 DraftKings Social，我們創建了一個集成且高度參與的社區，允許粉絲在點對點環境中相互交流。 4 月，我們推出了投注小組，這是一種在體育博彩體驗上進行無縫協作的方式。用戶可以創建一個組並分發鏈接以供其他人加入。

Once the group is created, all actions of the members who elected to share their best will be dropped into the group in real time, notifying group members with a link directly to that new bet. In fact, anyone in a league can remake their league as a sports betting group in our mobile sports book. And one tap invite everyone in the league to their betting group. Imagine a group of friends watching March Madness or the World Cup from wherever they might be around a country, all engaged in all with the rooting interest and all of it happening via DraftKings.

創建組後，選擇分享最佳狀態的成員的所有動作將實時放入組中，並通過直接指向該新投注的鏈接通知組成員。事實上，聯賽中的任何人都可以在我們的移動體育書籍中將他們的聯賽重新打造為體育博彩集團。一鍵邀請聯盟中的每個人加入他們的投注組。想像一下，一群朋友在一個國家的任何地方觀看瘋狂三月或世界杯，所有人都帶著根深蒂固的興趣參與其中，所有這一切都通過 DraftKings 發生。

For Daily Fantasy Sports, in March, we added international auto racing lead, Formula One, to our portfolio of sport offer. This offering leverages the experience and success of our NASCAR Daily Fantasy product as well as the popular Netflix series.

對於 Daily Fantasy Sports，我們在 3 月份將國際賽車領頭羊一級方程式賽車添加到我們的運動產品組合中。此產品利用了我們的 NASCAR Daily Fantasy 產品以及流行的 Netflix 系列的經驗和成功。

Turning to DraftKings Marketplace. We now offer options for NFTs in the marketplace in addition to regular drops. We introduced this additional mechanism for participants to access NFTs to broaden our appeal to a wider audience. We also now have a proprietary end-to-end in-house NFT factory, where we create our own content distributed on our marketplace through primary drops in auction. Users can buy, sell and collect NFTs on our secondary market to add to their collection sets and receive promotions and utility associated with certain NFT.

轉向 DraftKings 市場。除了常規投放外，我們現在還提供市場上 NFT 的選項。我們為參與者引入了這種額外的機制來訪問 NFT，以擴大我們對更廣泛受眾的吸引力。我們現在還擁有一個專有的端到端內部 NFT 工廠，我們在其中創建自己的內容，通過主要的拍賣在我們的市場上分發。用戶可以在我們的二級市場上購買、出售和收集 NFT，以添加到他們的收藏集並獲得與某些 NFT 相關的促銷和實用程序。

Prior to March's NCAA basketball tournament, DraftKings Marketplace introduced the Primetime NFT Series, which is designed to deepen engagement with DraftKings during these defining moments. DraftKings' Primetime NFT Series collection includes proprietary and homegrown DraftKings NFTs that receive cross-product utility and bonuses only available at the DraftKings dressings ecosystem, such as DFS tickets, DK dollars, crowns, automatic gold status tier in our loyalty program and sportsbook free bet. We will continue to look for opportunities to develop our own content and work with high-quality third-party content suppliers, such as our relationship with Autograph and our recently announced deal with Metabilia.

在三月份的 NCAA 籃球錦標賽之前，DraftKings Marketplace 推出了 Primetime NFT 系列，旨在在這些決定性時刻加深與 DraftKings 的互動。 DraftKings 的 Primetime NFT 系列系列包括專有和本土的 DraftKings NFT，它們獲得僅在 DraftKings 敷料生態系統中可用的跨產品實用程序和獎金，例如 DFS 門票、丹麥克朗、皇冠、我們忠誠度計劃中的自動黃金狀態等級和體育博彩免費投注.我們將繼續尋找機會開發我們自己的內容並與高質量的第三方內容供應商合作，例如我們與 Autograph 的關係以及我們最近宣布與 Metabilia 的交易。

We also continue to build out our media vertical through content agreements with prominent voices within the sports industry, such as former ESPN and a hosting commentator, Mike Golic Sr.; Meadowlark Media personality, Jessica Smetana; and a championship-winning NFL executive, Michael Lombardi. Most recently, popular baseball personality and content creator, Jared Carrabis and former Notre Dame Footfall player and television personality, Mike Golic Jr. joined DraftKings. Each of these agreements brings exclusive content such as podcast and in-depth commentary, which can only be found at DraftKings. I look forward to updating you on additional product development throughout the year.

我們還繼續通過與體育行業知名人士的內容協議（例如前 ESPN 和主持人評論員 Mike Golic Sr.）建立我們的媒體垂直領域； Meadowlark Media 人物，Jessica Smetana；以及獲得冠軍的 NFL 執行官邁克爾·隆巴迪（Michael Lombardi）。最近，受歡迎的棒球名人和內容創作者 Jared Carrabis 和前聖母大學足球運動員兼電視名人 Mike Golic Jr. 加入了 DraftKings。這些協議中的每一項都帶來了播客和深度評論等獨家內容，這些內容只能在 DraftKings 中找到。我期待著在全年為您提供更多產品開發的最新信息。

Before I conclude my remarks, I'd like to note that we recently marked our 10-year anniversary as a company. I want to thank my cofounders, Paul Liberman, and Matt Kalish; and all of our stakeholders, including our employees, both past and present; our customers; and our investors who help make all of our achievements possible.

在結束我的發言之前，我想指出，我們最近慶祝了公司成立 10 週年。我要感謝我的聯合創始人 Paul Liberman 和 Matt Kalish；以及我們所有的利益相關者，包括我們過去和現在的員工；我們的顧客;以及幫助我們實現所有成就的投資者。

We also recently published our second ESG report. You can find the report on our Investor Relations website. The report focuses on our ongoing commitment to environmental, social and governance issues, including responsible gaming, the well-being and vitality of our employees and the communities in which they work and environmental sustainability. We believe our long-term success is sustained by our attentiveness to each and every one of our customers, employees, shareholders and communities. And we look forward to continuing to achieve meaningful ESG progress.

我們最近還發布了第二份 ESG 報告。您可以在我們的投資者關係網站上找到該報告。該報告側重於我們對環境、社會和治理問題的持續承諾，包括負責任的博彩、我們員工及其工作所在社區的福祉和活力以及環境可持續性。我們相信，我們的長期成功取決於我們對每一位客戶、員工、股東和社區的關注。我們期待繼續取得有意義的 ESG 進展。

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

我現在將把電話轉給 DraftKings 的首席財務官 Jason Park，他將討論我們的第一季度業績和更新的 2022 年指導。

Thank you, Jason, and good morning, everyone. We are really pleased to announce our Q1 results of $417 million of revenue and negative $290 million of adjusted EBITDA. Our B2C revenue grew 44% versus prior year as we saw a strong performance across our states. Our customers are very strong, with handle per active up in every single state versus prior year and no discernible sign of macroeconomic factors impacting our customers' engagement with our products.

謝謝你，傑森，大家早上好。我們非常高興地宣布我們的第一季度收入為 4.17 億美元，調整後 EBITDA 為負 2.9 億美元。我們的 B2C 收入與去年相比增長了 44%，因為我們在各州都看到了強勁的表現。我們的客戶非常強大，與上一年相比，每個州的人均活躍度都在上升，並且沒有明顯跡象表明宏觀經濟因素會影響客戶對我們產品的參與度。

It's worth noting our revenue would have been roughly $25 million better, if not for some customer-friendly sport outcomes. MUPs increased by 29% to 2.0 million and ARPMUP increased 11% to $67. MUPs were up in all states with mobile registration available in both Q1 2021 and Q1 2022 as we continue to retain well and acquire new customers, and we're buoyed by new states we've launched since Q1 2021. ARPMUP was strong as well and would have been $71 were it not for tough hold. As most of you saw in the state data and in press reports, hold was lower than typical for the industry in Q1 due to sport outcomes. B2B was as expected, generating $13 million in the quarter due to the termination of our Asian reseller agreement.

值得注意的是，如果不是為了一些對客戶友好的運動成果，我們的收入會增加大約 2500 萬美元。 MUP 增長 29% 至 200 萬，ARPMUP 增長 11% 至 67 美元。隨著我們繼續保持良好並獲得新客戶，所有州的 MUP 都在增加，2021 年第一季度和 2022 年第一季度都可以進行移動註冊，而且我們受到自 2021 年第一季度以來推出的新州的鼓舞。ARPMUP 也很強勁，而且如果不是因為艱難的持有，本來應該是 71 美元。正如你們大多數人在州數據和新聞報導中看到的那樣，由於體育賽事的結果，第一季度該行業的持有率低於該行業的典型水平。 B2B 正如預期的那樣，由於我們終止亞洲經銷商協議，本季度產生了 1300 萬美元的收入。

Gross margin rate on an adjusted EBITDA basis was 32%. Q1 gross margin rate was heavily impacted by the launch of New York, which had negative gross margin in the quarter due to Q1 being its launch quarter and, of course, the state having the highest tax rate in the country. New York accounted for more than half of our year-over-year decline in gross margin rate. Continued mix shift out of high-margin Daily Fantasy Sports also impacted our year-over-year change in gross margin rate.

經調整 EBITDA 基礎上的毛利率為 32%。第一季度的毛利率受到紐約推出的嚴重影響，由於第一季度是其推出季度，當然該州是該國稅率最高的州，因此該季度的毛利率為負。紐約占我們毛利率同比下降的一半以上。持續從高利潤的 Daily Fantasy Sports 轉移組合也影響了我們毛利率的同比變化。

Looking forward, I expect gross margin rate to settle at roughly 40% for the full year 2022 as promotional intensity declines in our more mature states, and we continue to reap the benefits from bringing our bet engine in-house. On adjusted EBITDA, I am pleased that we posted negative $290 million, which was $40 million better than the midpoint of our guidance range. Our better-than-expected Q1 adjusted EBITDA was driven by a combination of timing of expenses as well as true cost efficiencies, which will permanently improve our underlying cost structure.

展望未來，隨著我們更成熟的州的促銷強度下降，我預計 2022 年全年的毛利率將穩定在大約 40%，並且我們將繼續從內部引進我們的投注引擎中獲益。關於調整後的 EBITDA，我很高興我們公佈了負 2.9 億美元，比我們指導範圍的中點高出 4,000 萬美元。我們優於預期的第一季度調整後 EBITDA 是由支出時間安排和真正的成本效率共同推動的，這將永久改善我們的基本成本結構。

Sales and marketing expenses were up 40% versus prior year, due primarily to the additional states in which we operated versus Q1 of 2021. Tax continue to be very attractive and in line with our goal of acquiring customers for an amount less than their cumulative 3-year gross profit generation.

銷售和營銷費用較上年增長 40%，這主要是由於與 2021 年第一季度相比，我們經營的州增加了。稅收仍然非常有吸引力，並且符合我們以低於累計 3 的金額獲得客戶的目標-年毛利潤產生。

Product and technology and general and administrative expenses were up 53% and 56%, respectively, versus prior year, mostly due to higher compensation expense. As I mentioned last quarter, we have clear plans in place to have meaningfully slower growth in our fixed costs starting in 2023, which supports our overall path to profitability.

產品和技術以及一般和管理費用分別比上年增長 53% 和 56%，主要是由於更高的補償費用。正如我上個季度提到的，我們制定了明確的計劃，從 2023 年開始顯著放緩固定成本的增長，這支持了我們實現盈利的整體路徑。

During the quarter, we refreshed our multiyear plan and continue to have a strong conviction that under any realistic scenario state-launch timing, we have sufficient capital to achieve positive free cash flow comfortably. As a reminder, we continue to believe that at least 10 states will be contribution-profit positive in 2022, meaning those states would generate significant positive contribution profit in 2023. This trend, combined with a meaningfully slower growth rate in our fixed costs, sets us up for improved cash flow in 2023 and to not need additional capital.

在本季度，我們更新了我們的多年計劃，並繼續堅信在任何現實情況下的國家啟動時間，我們都有足夠的資金來輕鬆實現正的自由現金流。提醒一下，我們仍然認為，至少有 10 個州將在 2022 年實現正貢獻利潤，這意味著這些州將在 2023 年產生可觀的正貢獻利潤。這一趨勢，再加上我們的固定成本增長率顯著放緩，設定我們希望在 2023 年改善現金流並且不需要額外的資本。

Looking forward, on our earnings call in February, we increased our 2022 revenue guidance to a range of $1.85 billion to $2.0 billion. Today, we are raising our revenue guidance to a range of $1.925 billion to $2.025 billion for 2022. The $50 million increase of the midpoint to $1.975 billion equates to year-over-year revenue growth of 52%, largely due to B2C revenue growth of approximately 60%. This guidance is based on the strong fundamental customer trends we are seeing and a return to normal hold for the remainder of the year. This guidance is only for the states in which we are currently live. We expect MUPs and ARPMUP to grow at a roughly equal rate in 2022 as in 2021. Our outlook for Marketplace in B2B is unchanged at approximately $70 million and $40 million, respectively.

展望未來，在 2 月份的財報電話會議上，我們將 2022 年的收入指引上調至 18.5 億美元至 20 億美元之間。今天，我們將 2022 年的收入指引上調至 19.25 億美元至 20.25 億美元。中點增加 5000 萬美元至 19.75 億美元，相當於收入同比增長 52%，這主要是由於 B2C 收入增長約 60%。該指導基於我們所看到的強勁的基本客戶趨勢以及今年剩餘時間恢復正常水平。本指南僅適用於我們目前居住的州。我們預計 MUP 和 ARPMUP 在 2022 年的增長速度將與 2021 年大致相同。我們對 B2B 市場的前景分別保持不變，約為 7000 萬美元和 4000 萬美元。

Regarding our 2022 quarterly revenue cadence, we expect Q2 revenue to be between $400 million and $420 million, which is slightly higher than the implied guidance we provided in February. We expect Q3 revenue to also be between $400 million and $420 million and Q4 to be $730 million to $750 million. You'll notice that cadence implies a relatively higher percentage of revenue being generated in the second half of this year compared to 2021. This is due to our expectation that New York and Louisiana will ramp up throughout the year and DraftKings Marketplace will hit its stride at the beginning of football season.

關於我們 2022 年的季度收入節奏，我們預計第二季度的收入將在 4 億美元至 4.2 億美元之間，略高於我們在 2 月份提供的隱含指引。我們預計第三季度收入也將在 4 億美元至 4.2 億美元之間，第四季度將在 7.3 億美元至 7.5 億美元之間。您會注意到，與 2021 年相比，節奏意味著今年下半年產生的收入比例相對較高。這是由於我們預計紐約和路易斯安那州將全年增長，而 DraftKings 市場將大踏步前進在足球賽季開始時。

Today, we are also meaningfully improving our adjusted EBITDA guidance from a range of negative $825 million to $925 million to a range of negative $760 million to $840 million, which represents a $75 million improvement in the midpoint. We performed $40 million better than our expectations in Q1 as a result of the timing of expenses that we now expect to recognize through the remainder of the year and efficiency opportunities that we have identified and captured across the P&L. The net impact of these efficiencies as well as flow-through of our increased 2022 revenue guidance results in the $75 million improvement in the midpoint of our 2022 adjusted EBITDA guide.

今天，我們還將調整後的 EBITDA 指引從負 8.25 億美元至 9.25 億美元提高到負 7.6 億美元至 8.4 億美元的範圍，這意味著中點提高了 7500 萬美元。我們在第一季度的表現比我們的預期好 4000 萬美元，原因是我們現在預計在今年剩餘時間內認識到的支出時間安排以及我們在損益表中識別和捕捉到的效率機會。這些效率的淨影響以及我們增加的 2022 年收入指導的流動導致我們 2022 年調整後 EBITDA 指導的中點提高了 7500 萬美元。

From a quarterly perspective for 2022, we expect our adjusted EBITDA in Q2 to be between negative $140 million and $160 million due to the timing shift of expenses, offset by efficiencies. We expect adjusted EBITDA in Q3, which is impacted by the start of the NFL season, to be about double Q2, and we expect our Q4 performance to be the best for the year as we benefit from higher seasonal revenue.

從 2022 年的季度來看，我們預計第二季度調整後的 EBITDA 將在負 1.4 億美元至 1.6 億美元之間，原因是費用的時間轉移被效率所抵消。我們預計受 NFL 賽季開始影響的第三季度調整後的 EBITDA 約為第二季度的兩倍，我們預計第四季度的表現將是今年最好的，因為我們受益於更高的季節性收入。

It is very important to note that our revenue and adjusted EBITDA guidance for 2022 includes all states in which we were live as of May 6, including New York and Louisiana, but does not include the impact of our acquisition of GNOG or any other new jurisdiction launches such as Ontario.

值得注意的是，我們對 2022 年的收入和調整後 EBITDA 指導包括截至 5 月 6 日我們居住的所有州，包括紐約和路易斯安那州，但不包括我們收購 GNOG 或任何其他新司法管轄區的影響推出安大略省等。

For the full year, we expect that the acquisition of GNOG, combined with our expected launch in Ontario in the second quarter, would contribute $130 million to $150 million in revenue and negative $50 million to $70 million in adjusted EBITDA. For Q2, we expect that the GNOG business, combined with our launch in Ontario, would contribute between $20 million and $25 million in revenue and negative $35 million to $45 million in adjusted EBITDA, assuming Ontario launches in May.

對於全年，我們預計對 GNOG 的收購，再加上我們預計在第二季度在安大略省推出的產品，將貢獻 1.3 億至 1.5 億美元的收入和 5,000 萬至 7,000 萬美元的調整後 EBITDA。對於第二季度，我們預計 GNOG 業務，加上我們在安大略省的推出，將貢獻 2000 萬至 2500 萬美元的收入，並在調整後的 EBITDA 中產生負的 3500 萬至 4500 萬美元，假設安大略省於 5 月推出。

We are very pleased that underlying customer trends continue to be very positive and that we have identified and captured efficiency opportunities that, together, have allowed us to improve our 2022 adjusted EBITDA forecast. We feel terrific about our customer cohort gross profit paybacks as well as state profitability and thus, our trajectory for revenue and adjusted EBITDA in the short and long term.

我們很高興看到潛在的客戶趨勢繼續非常積極，我們已經發現並抓住了提高效率的機會，這些機會共同使我們能夠改進我們對 2022 年調整後 EBITDA 的預測。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短期和長期收入軌跡和調整後的 EBITDA 感到非常好。

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 is from Thomas Allen from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Thomas Allen。

So in the first quarter, revenue came a little bit ahead of expectations while marketing was much lower. Can you just talk about what's going on with marketing? Where you're finding efficiencies? Where you're seeing opportunities?

因此，在第一季度，收入略高於預期，而營銷則要低得多。您能談談營銷方面的情況嗎？你在哪裡找到效率？你在哪裡看到機會？

Thanks, Tom. It's a great question. I think we're starting to enter the phase where national advertising is going to be more and more of our mix and we are able to, through a series of tests that we've been conducting over the past few quarters, optimize out of some of the local television and other local marketing that we're doing. So I think that's been a big source of efficiency there, and we expect it to increase, of course, as more states launch.

謝謝，湯姆。這是一個很好的問題。我認為我們開始進入全國廣告將越來越多地成為我們組合的階段，我們能夠通過過去幾個季度進行的一系列測試，優化一些我們正在做的地方電視和其他地方營銷。所以我認為這是提高效率的一個重要來源，當然，隨著更多州的啟動，我們預計它會增加。

Our next question is from Jed Kelly from Oppenheimer.

我們的下一個問題來自奧本海默的 Jed Kelly。

Just circling back to GNOG and in some of their remarks. How should we think about what GNOG is going to do for MUPs and ARPMUP? And then Jason, I appreciate the commentary on all the state legislation. You didn't mention Massachusetts. I know there's 2 competing bills. Could you give us an update on what you think about what's going on there as well?

回到 GNOG 和他們的一些評論中。我們應該如何考慮 GNOG 將為 MUP 和 ARPMUP 做些什麼？然後傑森，我很欣賞對所有州立法的評論。你沒有提到馬薩諸塞州。我知道有 2 個相互競爭的法案。您能否向我們介紹一下您對那裡正在發生的事情的看法？

Sure. So on GNOG, just to remind everybody, the rationale -- strategic rationale behind the deal was really for us to be able to increase the audience that we'd be able to reach. What we found is that the DraftKings brand is very strong with a certain demographic of customers, particularly those that are sports fans. It's really more as a sports brand. We have had some success getting casino-first customers on, and we feel really good about the state of the product and have really great LTVs once we do get those customers on, but we think there might be a more efficient way to do it. And we also think there might be audience that we're not getting to right now. So that's really the goal is to go after that other segment to the iGaming market. And I think having a strong brand like Golden Nugget that really appeals to that segment of audience will help us increase our MUPs.

當然。所以在 GNOG 上，只是為了提醒大家，交易背後的基本原理 - 戰略基本原理實際上是讓我們能夠增加我們能夠接觸到的受眾。我們發現，DraftKings 品牌非常強大，擁有一定的客戶群，尤其是體育迷。它實際上更像是一個運動品牌。我們在吸引賭場優先客戶方面取得了一些成功，我們對產品的狀態感覺非常好，一旦我們確實吸引了這些客戶，我們就會擁有非常好的 LTV，但我們認為可能有更有效的方法來做到這一點。我們還認為，我們現在可能無法接觸到一些觀眾。所以這才是真正的目標，就是將其他細分市場推向 iGaming 市場。而且我認為擁有像 Golden Nugget 這樣真正吸引那部分觀眾的強大品牌將有助於我們提高 MUP。

As far as Massachusetts goes, we continue to be hopeful that there will be something done. This is obviously our backyard. So having our products be legal in the Commonwealth is very important to us. And just like any legislative process, even one in our backyard, it's always impossible to predict what's going to happen. And we continue to be hopeful and we continue to be ready and available to work with lawmakers should we be able to be of assistance.

就馬薩諸塞州而言，我們仍然希望能有所作為。這顯然是我們的後院。因此，讓我們的產品在英聯邦合法是非常重要的。就像任何立法程序一樣，即使是在我們的後院，也總是無法預測會發生什麼。我們仍然充滿希望，如果我們能夠提供幫助，我們將繼續準備好並隨時與立法者合作。

And just following up on Golden Nugget. The gross margin guidance you called out, that does not include any impacts from Golden Nugget.

並且只是跟進Golden Nugget。您提出的毛利率指導不包括 Golden Nugget 的任何影響。

No. We separately are guiding to the combined impact of Golden Nugget and Ontario. We want to provide more of an apples-to-apples view so that we could highlight some of the cost efficiencies and also revenue outperformance we're seeing in the core business. And we -- separately, Jason Park shared some numbers around what we expect the combined effect of Golden Nugget and Ontario to be this year.

不，我們分別針對 Golden Nugget 和安大略省的綜合影響進行指導。我們希望提供更多的蘋果對蘋果的觀點，以便我們可以突出我們在核心業務中看到的一些成本效率和收入表現。我們 - 分別地，傑森帕克分享了一些關於我們預計今年金塊和安大略省的綜合影響的數字。

Our next question is from Shaun Kelley from Bank of America.

我們的下一個問題來自美國銀行的 Shaun Kelley。

I just want to go back to some of the comments around gross margin. Obviously, some clear onetime impacts in this quarter due to New York, and it sounds like hold as well. But Jason, if I caught the comment correctly, I think you mentioned 40% for the full year. I think your longer-term target, how's that number getting into the mid or even high 50s? Could you help us think about like the bridge and some of the pieces to see that step function or improve materially in the medium to long term?

我只想回到有關毛利率的一些評論。顯然，由於紐約，本季度出現了一些明顯的一次性影響，聽起來也保持不變。但是傑森，如果我沒聽錯的話，我想你提到了全年的 40%。我認為您的長期目標是，這個數字如何進入 50 年代中期甚至較高水平？您能否幫助我們考慮一下橋樑和一些部分，以查看該階梯功能或在中長期內進行實質性改進？

Sure. So I think the biggest factor will be the lowering of promotional intensity, promotional intensity as both an impact to net revenue and margin because a lot of the costs that we see in the COGS lines come as a function of gross revenue. So naturally, having less contra revenue will bring up margin. Also, there are a number of other cost initiatives that we have underway, some focused on COGS, some focused on other parts of the P&L that we believe will improve COGS over time. So we think between the internal initiatives that we have as well as just the natural change to gross margin, due to lower in promotional intensity, you'll see us reach the long-term targets that we've set out.

當然。所以我認為最大的因素將是促銷強度的降低，促銷強度對淨收入和利潤率都有影響，因為我們在 COGS 線中看到的很多成本都是總收入的函數。因此，自然而然地，減少對沖收入會提高利潤率。此外，我們正在進行許多其他成本計劃，其中一些側重於 COGS，一些側重於損益表的其他部分，我們認為隨著時間的推移這些部分會改善 COGS。因此，我們認為在我們擁有的內部舉措以及毛利率的自然變化之間，由於促銷強度較低，您會看到我們達到了我們設定的長期目標。

Our next question is from Bernie McTernan from Needham & Company.

我們的下一個問題來自 Needham & Company 的 Bernie McTernan。

Jason, I was just wondering, are you seeing any change in the promotional or competitive intensity in the U.S.? And is that impacting your strategy at all? And would love -- if intensity is falling off, just how you think about kind of like the diminishing terms of advertising spend, whether it's an opportunity for you guys to be more aggressive or keep your spend and keep share? Or is the opportunity to pull back and have more flow through to the bottom line?

Jason，我只是想知道，您是否看到美國的促銷或競爭強度有任何變化？這會影響你的策略嗎？並且會喜歡 - 如果強度下降，您如何看待廣告支出的減少條款，這是否是你們更加積極進取或保持支出並保持份額的機會？還是有機會撤退並有更多的資金流向底線？

I think that's a great question. I would separate that into 2 things. One would be new user offers and the second would be tentpole events, such as start of NFL or Super Bowl. I think we'll always run promotions around those events. Those events are great for reactivating people. They're great for acquiring. I think that will always be a part of our strategy. And what we see is that a lot of the promotional dollars end up being put back into play, which increases the longevity of a customer, which is great. And it also is just really great for activating people during key times. So that I think will continue.

我認為這是一個很好的問題。我會把它分成兩件事。一個是新用戶優惠，第二個是觸角事件，例如 NFL 或超級碗的開始。我認為我們將始終圍繞這些活動開展促銷活動。這些活動非常適合重新激活人們。它們非常適合收購。我認為這將永遠是我們戰略的一部分。我們看到的是，很多促銷資金最終都被重新投入使用，這增加了客戶的壽命，這很棒。它也非常適合在關鍵時刻激活人們。所以我認為會繼續。

I do think that some of the very aggressive new user offers have started to taper off significantly. And we always stay disciplined. We never went nearly as far as we saw some of our competitors going with the aggression of new user offers. But certainly, a softening there will help, I think, the overall market and could lead to faster-than-expected reduction in promotional intensity versus previous -- previously what we may have thought.

我確實認為一些非常激進的新用戶優惠已經開始顯著減少。我們始終保持自律。我們從來沒有看到我們的一些競爭對手隨著新用戶提供的侵略而走得那麼遠。但可以肯定的是，我認為，那裡的疲軟將有助於整個市場，並可能導致促銷強度比以前下降的速度快於預期 - 以前我們可能會認為。

Our next question is from Joe Stauff from Susquehanna.

我們的下一個問題來自 Susquehanna 的 Joe Stauff。

Two questions, if I could. One is on Golden Nugget. And just wondering, it's always a well-managed company. As you suggested, it gives you access to a new consumer demographic and a high proportion of digital slots. They did rent all 3 pieces of their tech stack. And I'm wondering how quickly that software integration would take? And then maybe the second question is just on sports hold kind of going forward and maybe some of the product mix changes that you have and how to think about that the rest of the year.

兩個問題，如果可以的話。一個在金塊上。只是想知道，它總是一家管理良好的公司。正如您所建議的，它使您可以接觸到新的消費者群體和高比例的數字老虎機。他們確實租用了所有 3 個技術堆棧。我想知道軟件集成需要多快？然後也許第二個問題只是關於運動會向前發展，也許是你擁有的一些產品組合變化以及如何在今年餘下的時間裡考慮這些變化。

Can you repeat the second question, please?

請你重複第二個問題好嗎？

Sure. I was just wondering for your OSB product offering and the product mix that you've realized to date, some of maybe the newer products that you would have that could move the sports margin higher going forward.

當然。我只是想知道您的 OSB 產品供應和您迄今為止實現的產品組合，您可能擁有的一些較新的產品可以提高運動利潤率。

Great. Thank you. So on your first question around Golden Nugget and the integration plan, one of the nice things about having a bit of a period between the announcement and the close of the deal is we have a really strong integration plan. So everybody knows exactly what they need to do to perform that migration.

偉大的。謝謝你。因此，關於您關於 Golden Nugget 和整合計劃的第一個問題，在宣布和交易完成之間有一段時間的好處之一是我們有一個非常強大的整合計劃。所以每個人都確切地知道他們需要做什麼來執行遷移。

That said, until we closed, which was only yesterday, there were limitations to what access to their code base and other sorts of things that the engineering team here could have. So a lot of what you learn is in the weeks after you acquire when you can really get under this. I think at this point, we're not prepared yet to put a time line on the migration. But certainly, by the time of our next earnings call in August, we will be able to do that and intend to do so. And we expect that there will be a lot of synergy realized once we complete that migration.

也就是說，直到昨天我們關閉之前，對他們的代碼庫的訪問權限以及這裡的工程團隊可以擁有的其他種類的東西都是有限制的。所以你學到的很多東西都是在你獲得之後的幾週內，當你真正能夠理解這一點的時候。我認為在這一點上，我們還沒有準備好為遷移設定時間表。但可以肯定的是，到我們 8 月份的下一次財報電話會議時，我們將能夠做到這一點並且打算這樣做。我們預計，一旦我們完成遷移，將會實現很多協同作用。

On the product side, I think it continues to be about pushing parlay and same-game parlays. We've only had the same-game parlay product for about 6 months or so now. It's been doing very well. We've added a lot to that offering. So we're going to continue to find ways to improve that product and also continue to find ways to introduce it to our audience and ensure that they know how fun it can be. And I think that will be the biggest driver of upward hold. When we look at where we see some opportunities based on observations of competitors, almost all of the opportunity, we believe, is in driving higher parlay mix.

在產品方面，我認為繼續推動過關投注和同局過關投注。我們現在只有大約 6 個月左右的時間才有相同的遊戲過關產品。它一直做得很好。我們為該產品添加了很多內容。因此，我們將繼續尋找改進該產品的方法，並繼續尋找將其介紹給我們的觀眾的方法，並確保他們知道它有多有趣。我認為這將是向上持有的最大驅動力。當我們根據對競爭對手的觀察來查看我們在哪裡看到了一些機會時，我們相信幾乎所有的機會都在於推動更高的過關投注組合。

Our next question is from Jason Bazinet from Citi.

我們的下一個問題來自花旗的 Jason Bazinet。

I just had a quick question on the 10 states contributing or generating positive contribution margin this year. But is there -- would those just be the states that we would expect based on the launch date? And then given the lower promotions, the faster customer ramp you talked about on the last earnings call in advertising efficiency, has the rule of thumb sort of tightened in terms of how long it takes the state to generate contribution profits?

我剛剛對今年貢獻或產生正貢獻邊際的 10 個州提出了一個簡短的問題。但是有沒有——那些只是我們根據發布日期所期望的狀態嗎？然後考慮到較低的促銷活動，您在上次收益電話會議上談到的廣告效率方面的客戶增長速度越快，就國家產生貢獻利潤需要多長時間而言，經驗法則是否有所收緊？

That's a great question. On the first topic, we specifically list the states out in our March Investor Day presentation, which can be found on our Investor Relations website. I must confess, I will probably lose track if I try to cite all 10 off memory here, but we list them out. So I encourage you to go take a look there.

這是一個很好的問題。關於第一個主題，我們在 3 月的投資者日演示文稿中特別列出了各州，該演示文稿可在我們的投資者關係網站上找到。我必須承認，如果我試圖在這裡引用所有 10 個記憶，我可能會迷失方向，但我們將它們列出來。所以我鼓勵你去那裡看看。

On the second question, I think it's a great point. We are seeing faster ramp, which has resulted in more meaningful marketing and promotional investment upfront in some of our earlier states, but also appears to be leading to a faster path to profitability. So we haven't put a new sort of game plan out there yet, but we are seeing that. And in the coming months, we may be able to say something about what that path to profitability time line can look like, but it certainly is moving in a positive direction.

關於第二個問題，我認為這是一個很好的觀點。我們看到了更快的增長，這在我們早期的一些州帶來了更有意義的營銷和促銷投資，但似乎也導致了更快的盈利之路。所以我們還沒有推出一種新的遊戲計劃，但我們正在看到這一點。在接下來的幾個月裡，我們或許可以談談盈利時間線的路徑會是什麼樣子，但它肯定正朝著積極的方向發展。

Our next question is from Carlo Santarelli from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Carlo Santarelli。

I just want to go back to -- Jason Park, something you talked about a little bit about the growth rates on products and technology and G&A expenses. Obviously, in the quarter, and I'm making the adjustments for some of the noncash items, but core G&A was down fairly nicely sequentially. I'm assuming that's where some of the timing stuff lies?

我只想回到傑森·帕克（Jason Park），您談到了一些關於產品和技術的增長率以及 G&A 費用的問題。顯然，在本季度，我正在對一些非現金項目進行調整，但核心 G&A 連續下降相當不錯。我假設這就是一些計時的東西所在的地方？

Yes. On a sequential basis, Q4 versus Q1, I think the G&A reduction is more about the accrual of annual bonuses for the employees. That's going to be the big driver. In terms of timing shift, that was probably a bit more than half of the Q1 beat. And you'll see that come back in as recognized costs throughout the remainder of the year. It was throughout multiple cost categories, Carlo. It wasn't any -- it wasn't sort of disproportionately focused on any one category.

是的。在第四季度與第一季度的連續基礎上，我認為 G&A 的減少更多是關於員工年度獎金的累積。這將是最大的驅動力。就時間轉移而言，這可能是第一季度節拍的一半多一點。你會看到它在今年剩餘時間裡作為公認的成本回來了。它涉及多個成本類別，卡洛。它不是任何——它並沒有不成比例地專注於任何一個類別。

Okay. Great. And then just as you talked about kind of moving into '23, the comment was we would see kind of meaningfully slower expense growth. At some point in this year, do we anticipate perhaps some of those items start to level off on a sequential basis at least, and then you start to kind of straight line from there?

好的。偉大的。然後就像你談到進入 23 年一樣，評論是我們會看到支出增長明顯放緩。在今年的某個時候，我們是否預計其中一些項目至少會開始按順序趨於平穩，然後你會從那裡開始走直線？

So -- that's a great question, Carlo. Thank you. I think that we will see that start to happen a bit, but a lot of the growth that we're seeing year-over-year and, for example, compensation costs, comes from hires that were made throughout '21, which didn't have a full year of salary and benefits in '21, but due in '22. We already are focusing on leveling off headcount expense and also looking for other areas that we can manage expense better. So there are a number of initiatives underway. We don't have anything yet that we are ready to say is going to yield results, but there's a lot of effort focused there, and we'll have more to say on that in the coming quarter.

所以——這是一個很好的問題，卡洛。謝謝你。我認為我們會看到這種情況開始發生，但我們看到的很多同比增長，例如薪酬成本，來自於整個 21 年的招聘，而這並沒有在 21 年有全年的工資和福利，但在 22 年到期。我們已經專注於平衡員工開支，同時也在尋找可以更好地管理開支的其他領域。因此，有許多舉措正在進行中。我們還沒有準備好說會產生結果的任何東西，但是有很多努力集中在這方面，我們將在下個季度對此有更多話要說。

Our next question is from Michael Graham from Canaccord.

我們的下一個問題來自 Canaccord 的 Michael Graham。

Jason, you mentioned the New Jersey profitability profile, it was improving. And I just wonder if you could give a little more depth around like is that more on the revenue side or the marketing side? Or just kind of what are some of the moving pieces there?

傑森，你提到了新澤西的盈利狀況，它正在改善。我只是想知道你是否可以提供更多的深度，比如在收入方面還是營銷方面？或者只是那裡的一些移動部分是什麼？

And sort of a related question, you're seeing nice ARPMUP expansion, and maybe just it'd be interesting to learn a little bit of kind of about the components of that ARPMUP expansion, like our players engaging across more sports? Are there wager sizes going up? Just sort of what are you seeing in terms of player behavior there?

還有一個相關的問題，你看到了不錯的 ARPMUP 擴展，也許只是了解一點關於 ARPMUP 擴展的組成部分會很有趣，比如我們的球員參與更多運動？賭注大小會增加嗎？就玩家行為而言，你看到了什麼？

Thanks. I'll take the first question and Jason Park can take the second. So on your New Jersey question, it's really up and down the P&L. We're seeing strong revenue growth that's a bit better than our expectations. And we're also seeing some of the cost initiatives that we've put in place play out throughout all the states, particularly the national advertising efficiencies that we're achieving. So it's really up and down the P&L. And JP, do you want to take the second question?

謝謝。我會回答第一個問題，Jason Park 可以回答第二個問題。所以關於你的新澤西問題，損益表真的是上下波動。我們看到強勁的收入增長略好於我們的預期。我們還看到我們在所有州實施的一些成本計劃，特別是我們正在實現的全國廣告效率。所以它實際上是在損益表上下波動。 JP，你要不要回答第二個問題？

Yes. Great question on ARPMUP deconstruction. First off, I'd just remind you that, that Q1 ARPMUP was impacted by that roughly $25 million sport outcome hold results. So when I think about normalized ARPMUP year-over-year, I adjust for last year's hold and this year's hold in terms of a growth rate. In terms of deconstructing it a bit more in terms of frequency or bet size, we're seeing it in both places. We're seeing our existing players, which give you a great baseline on a true full quarter versus full quarter, improving -- increasing frequency. Every customer is a little bit different, but we're seeing health in both frequency and average bet size.

是的。關於 ARPMUP 解構的好問題。首先，我只想提醒您，第一季度 ARPMUP 受到大約 2500 萬美元的體育賽事結果的影響。因此，當我考慮到正常化的 ARPMUP 同比時，我會根據增長率調整去年的持有量和今年的持有量。就頻率或下注規模而言，我們在這兩個地方都看到了它。我們看到我們現有的參與者，在真正的完整季度與完整季度之間為您提供了一個很好的基線，正在改進 - 增加頻率。每個客戶都有點不同，但我們看到頻率和平均下注規模都很健康。

The next question is from Dan Politzer from Wells Fargo.

下一個問題來自富國銀行的 Dan Politzer。

Just a couple of state-specific questions. I was wondering if you can maybe quantify the drag New York was in the quarter. What would EBITDA have been at New York? And also one in Illinois, to the extent you can talk about any impact from the mobile registration restriction being lifted.

只是幾個特定於州的問題。我想知道你是否可以量化紐約在本季度的拖累。紐約的 EBITDA 會是多少？還有一個在伊利諾伊州，您可以談論取消移動註冊限制的任何影響。

You are right that those 2 things were EBITDA headwinds in the quarter. We think that both will lead to revenue outperformance down the road. So both are good things, but in the quarter certainly had negative EBITDA impact. At this time, we're not quantifying that specifically. We think that sharing how much we're investing in individual states would be of a competitively sensitive nature. So we haven't done that. But you can certainly conclude that they were meaningful, and that our adjusted EBITDA would have been meaningfully better if we had not had those 2 events.

你是對的，這兩件事是本季度的 EBITDA 逆風。我們認為兩者都將導致未來的收入表現出色。所以兩者都是好事，但在本季度肯定會產生負面的 EBITDA 影響。目前，我們沒有具體量化。我們認為，分享我們在各個州的投資將具有競爭敏感性。所以我們沒有這樣做。但您當然可以得出結論，它們是有意義的，如果我們沒有這兩個事件，我們調整後的 EBITDA 會更好。

Our next question is from Chad Beynon from Macquarie.

我們的下一個問題來自麥格理的 Chad Beynon。

Wondering if you could touch broadly on trends within DFS, either growth or contribution. I believe, in the back half of the year, you noted that it was still growing. I think it's probably more of a growth business during the NFL. But wondering how that business has changed and kind of how that's contributing to your 2022 guidance.

想知道您是否可以廣泛接觸 DFS 的趨勢，無論是增長還是貢獻。我相信，在今年下半年，您注意到它仍在增長。我認為這可能更像是 NFL 期間的一項增長業務。但想知道該業務發生了怎樣的變化，以及這對您的 2022 年指導有何貢獻。

It's a good question. So what -- we sometimes see with DFS is when state launches, there's so much excitement around sports betting that there's a bit of cannibalization. And we did see that in New York. Now in other states, we've seen that level off or even come back, which is why Daily Fantasy Sports continues to be a growing product. But too early to say whether that will continue in New York. We have no reason to think it will be different than other states though.

這是個好問題。那麼——我們有時在 DFS 中看到的是，當國家啟動時，體育博彩引起瞭如此多的興奮，以至於出現了一些自相殘殺。我們確實在紐約看到了這一點。現在在其他州，我們已經看到這種情況趨於平穩甚至恢復，這就是為什麼 Daily Fantasy Sports 繼續成為一個不斷增長的產品的原因。但現在說這種情況是否會在紐約繼續存在還為時過早。我們沒有理由認為它會與其他州不同。

But certainly, given the size of the DFS customer base and revenue in New York, it did have a meaningful impact on the quarter. And I think going forward, we're not necessarily assuming it will come back, but both, based on historical trends as well as innovations and expansion of that product such as the F1 racing games that we added, we do think there's no reason to believe that DFS will not continue to grow. But certainly, based on cadence of state launch timing, there can be in-quarter impacts to DFS, which are meaningfully cannibalistic because the new state often comes with lots of excitement over sports betting.

但可以肯定的是，鑑於紐約 DFS 客戶群的規模和收入，它確實對本季度產生了有意義的影響。而且我認為展望未來，我們不一定會假設它會回來，但無論是基於歷史趨勢以及該產品的創新和擴展，例如我們添加的 F1 賽車遊戲，我們確實認為沒有理由相信DFS不會繼續增長。但可以肯定的是，根據州發佈時間的節奏，DFS 可能會產生季度內的影響，這在意義上是自相殘殺的，因為新州通常會對體育博彩帶來很多興奮。

And it also depends on the time of the year. As you noted, football is really great time for DFS, early NBA season. Back half of the NBA season tends to be a little lighter. So I think that New York launch, coupled with that, led to a little bit of softness in DFS in the quarter, which, again, we're not assuming will come back. But based on historical trends, we believe it will.

這也取決於一年中的時間。正如您所指出的，足球對於 DFS 來說是非常好的時間，也就是 NBA 賽季初期。 NBA賽季的後半段往往會稍微輕鬆一些。因此，我認為紐約的發布，再加上這一點，導致本季度 DFS 出現了一點疲軟，同樣，我們不認為它會捲土重來。但根據歷史趨勢，我們相信它會。

Our next question is from Stephen Glagola from Cowen.

我們的下一個問題來自 Cowen 的 Stephen Glagola。

Jason, following 4 NFL seasons, the industry remains concentrated around you, FanDuel and BetMGM, with some fragmentation largely around the remaining operators on a state-by-state basis. With the backdrop of depressed share prices, do you see further consolidation in the industry coming near term? And given the scrutiny around your EBITDA losses and liquidity to reach profitability, how does DraftKings balance exploring further M&A with executing on your current playbook?

Jason，在 NFL 的 4 個賽季之後，該行業仍然集中在您、FanDuel 和 BetMGM 周圍，在各州的基礎上主要圍繞剩餘的運營商進行一些分散。在股價低迷的背景下，您認為近期行業將進一步整合嗎？鑑於圍繞您的 EBITDA 損失和流動性以實現盈利的審查，DraftKings 如何平衡探索進一步併購與執行您當前的劇本？

It's a great question. I think that certainly, it is quite possible that there will be further consolidation. I think that from our standpoint, we just made a very significant acquisition in Golden Nugget Online Gaming. We're very excited about that. And I think that's a template that fits the profile of what types of things we'd look for, something that's strategically complementary, not just a pure consolidation play, something that comes with a great team, which we're very excited about, Thomas and Warren and the team as well as, of course, Tillman and the contributions that he'll make and then also a strong business, a healthy business. Golden Nugget Online gaming is not 1 of these businesses that was burning a tremendous amount of cash. So it didn't come with a drag on our EBITDA of any significance. So those are the types of things that we would look for. I obviously can't speak to what other operators, who might be considering themselves consolidators, would look for, but that's the type of thing that we would look for.

這是一個很好的問題。我認為，當然，很有可能會有進一步的整合。我認為，從我們的角度來看，我們剛剛在 Golden Nugget Online Gaming 中進行了一次非常重要的收購。我們對此感到非常興奮。我認為這是一個模板，適合我們尋找的東西類型，戰略上互補的東西，而不僅僅是純粹的整合遊戲，一個偉大的團隊帶來的東西，我們對此感到非常興奮，托馬斯和沃倫和團隊，當然還有蒂爾曼和他將做出的貢獻，然後還有一個強大的企業，一個健康的企業。 Golden Nugget 在線遊戲並不是這些燒錢的企業之一。因此，它對我們的 EBITDA 沒有任何意義的拖累。所以這些是我們要尋找的東西的類型。我顯然無法與可能認為自己是整合者的其他運營商會尋找什麼交談，但這就是我們要尋找的東西。

I appreciate that. And then if I can squeeze in one more. Could you provide any update on what you're seeing on iGaming legislation? Or do you see any catalyst to increase states going live with iGaming over the next 12 to 24 months?

我很感激。然後如果我能再擠一個。您能否提供有關您所看到的有關 iGaming 立法的任何更新？或者您是否看到在未來 12 到 24 個月內增加使用 iGaming 的州的催化劑？

Yes. That's another great question. So we've obviously seen tremendous momentum in the sports betting legislative world. iGaming, we've seen several bills introduced but haven't seen much movement since Connecticut legalized back in Q4 of last year, so -- or launched, I should say, back in Q4 of last year. So we are continuing to press forward there. But as we've always said, we expect sports betting to be the main focus for legislators. And then as those states get more comfortable, I think, more iGaming bills will come through. And that's been a pretty consistent view we've had for a while. And we actually have been pleased to see that there's been some acceleration there given that several states have just decided to do sports betting and iGaming together. But we continue to believe that it will be sports betting-led for the next year or 2 and that more and more momentum will begin to build around iGaming over the coming years.

是的。這是另一個很好的問題。因此，我們顯然在體育博彩立法領域看到了巨大的勢頭。 iGaming，我們已經看到了幾項法案的推出，但自去年第四季度康涅狄格州合法化以來，沒有看到太多動靜，所以——或者我應該說，早在去年第四季度推出。因此，我們將繼續向前推進。但正如我們一直說的那樣，我們預計體育博彩將成為立法者的主要關注點。然後隨著這些州變得更加舒適，我認為，將會有更多的 iGaming 法案通過。這是我們一段時間以來非常一致的觀點。鑑於幾個州剛剛決定一起進行體育博彩和 iGaming，我們實際上很高興看到那裡出現了一些加速。但我們仍然相信，未來一兩年它將以體育博彩為主導，並且在未來幾年內將開始圍繞 iGaming 建立越來越多的勢頭。

Our next question is from Robert Fishman from MoffettNathanson.

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

Can you expand on how building out your media vertical with the new personalities and the exclusive content that they bring helps drive the incremental engagement to your platform? And maybe how you measure the return on this investment? And then on a related note, is your preference to keep building out your media strategy organically? Or are you open to new formal partnerships with media companies or even expanding the existing ones?

您能否詳細說明如何利用新人物和他們帶來的獨家內容來構建您的媒體垂直領域，以幫助推動您的平台的增量參與？也許你如何衡量這項投資的回報？然後在相關的說明中，您是否傾向於繼續有機地構建您的媒體策略？或者您是否願意與媒體公司建立新的正式合作夥伴關係，甚至擴大現有合作夥伴關係？

Thank you for asking. So I think we've always thought there were strong synergies between media and what we traditionally do on the gaming side. It's no secret that a lot of our customer acquisition comes from the marketing we do on media channels. So being able to drive some of that traffic organically, I think, is of great interest to us. And at the same time, we want the business to be able to stand on its own and to be able to make a profit. So that's the media business. So that's really how we're looking at it as can we build a business that works on both ends, both as a business that makes money and generate positive cash flow, as well as a business that will help create great synergies for us on the customer acquisition and retention side.

謝謝你的慰問。所以我認為我們一直認為媒體與我們傳統上在遊戲方面所做的事情之間存在強大的協同作用。眾所周知，我們的很多客戶獲取來自我們在媒體渠道上進行的營銷。因此，我認為，能夠有機地推動部分流量是我們非常感興趣的。同時，我們希望企業能夠獨立存在並能夠盈利。這就是媒體業務。所以這就是我們真正看待它的方式，因為我們可以建立一個在兩端都有效的業務，既是一個賺錢和產生正現金流的業務，也是一個有助於為我們創造巨大協同效應的業務客戶獲取和保留方面。

As far as how we are exploring and are actively partaking in all those routes, some of what we do is organic. We also have great partnerships with several media outlets. We also have content partnerships with companies like Meadowlark Media. And I think for us, we recognize that there's a large world out there, and there's a lot of value in cross-pollination with content. So we remain very flexible on that front. I think there are certainly large scale, all the way down to medium-scale partnerships that we would consider that would add to some of the organic efforts that we're putting into this space.

至於我們如何探索並積極參與所有這些路線，我們所做的一些事情是有機的。我們還與多家媒體建立了良好的合作夥伴關係。我們還與 Meadowlark Media 等公司建立了內容合作夥伴關係。我認為對我們來說，我們認識到外面有一個廣闊的世界，與內容的異花授粉有很多價值。所以我們在這方面仍然非常靈活。我認為肯定會有大規模的，一直到中等規模的合作夥伴關係，我們會認為這將增加我們在這個領域投入的一些有機努力。

Our next question is from Noah Naparst from Goldman Sachs.

我們的下一個問題來自高盛的 Noah Naparst。

This is Noah Naparst on for Stephen Grambling. As we look towards this summer and fall, are there any differences in the sports calendar we should be aware of when that comes to mind as the World Cup, which you touched on a bit? Any color on what those events could look like in terms of betting activity or hold? And then I have one follow-up.

這是斯蒂芬·格蘭布林的諾亞·納帕斯特。當我們展望今年夏天和秋天時，當我們想到世界杯時，我們應該注意的體育日曆有什麼不同嗎，你談到了一點？就投注活動或持有而言，這些事件可能看起來像什麼顏色？然後我有一個後續行動。

Sure. Yes, it's a great question. So I think the World Cup is the big one. I think there should be some decent betting on it. Obviously, around the world, soccer is a much more popular sport at this point than in the U.S., but it's been growing with popularity in the U.S., and I think that the World Cup often spikes that interest. So we do have some hope that we'll see an increased volume there this year, and we'll just have to see. But naturally, there are other things that are a little bit different here and there, extra weeks of seasons and days and games, but nothing else that I see is very material.

當然。是的，這是一個很好的問題。所以我認為世界杯是最重要的。我認為應該有一些不錯的賭注。顯然，在世界範圍內，足球在這一點上比在美國更受歡迎，但它在美國的受歡迎程度一直在增長，我認為世界杯經常會激發這種興趣。因此，我們確實希望今年我們會看到那裡的銷量增加，我們只能拭目以待。但很自然地，還有其他一些事情在這里和那裡有些不同，額外的幾個星期的賽季、幾天和比賽，但我看到的沒有其他東西是非常重要的。

Got it. And can you remind us of the NOLs you're carrying forward at this point in time?

知道了。您能提醒我們您目前正在推進的 NOL 嗎？

Do you want to take that one, Jason?

你想拿那個嗎，傑森？

Yes. I'll have to get back to you on the latest and greatest number.

是的。我必須以最新和最大的數字回复你。

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

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

Looking at guidance for Ontario and GNOG, it seems to imply minimal net revenue from Ontario. One, is that right? And then two, if you can deconstruct the 2 on revenue and loss expectations, that would be great.

從安大略省和 GNOG 的指導來看，這似乎意味著安大略省的淨收入很少。一，對嗎？然後是兩個，如果你能解構收入和損失預期的兩個，那就太好了。

Thank you. I think at this point, we are not planning to deconstruct it to because particularly, with GNOG, I mean we just closed it yesterday. And while we've certainly done a lot of diligence, there is some variance there. And so we felt it was better to kind of manage the 2 together as far as impact. I do want to point out that even when you take the most conservative end of our guidance for those 2, we are still -- even with those impacts, which were not contemplated in our guidance last quarter, we're still better with our new guidance plus those impacts than we were last quarter.

謝謝你。我認為在這一點上，我們不打算將其解構，因為特別是對於 GNOG，我的意思是我們昨天剛剛關閉了它。雖然我們確實做了很多努力，但還是存在一些差異。因此，我們認為就影響而言，最好將兩者一起管理。我確實想指出，即使您對這兩個方面的指導採取最保守的態度，我們仍然——即使有這些影響，我們上個季度的指導中沒有考慮到這些影響，我們仍然會更好地使用我們的新指導加上這些影響比我們上個季度。

So great to see that some of the cost efficiencies that we're identifying are able to effectively fund new state or, in this case, province launches as well as the absorption of an acquisition. So we're going to continue to look for ways to try to neutralize the impact of new state launches through identification of further cost efficiencies up and down the business.

很高興看到我們正在確定的一些成本效率能夠有效地資助新的州，或者在這種情況下，省的啟動以及收購的吸收。因此，我們將繼續尋找方法，通過確定業務的進一步成本效率來抵消新州發布的影響。

Great. One more, if I may. New York, I would assume it was decremental to average ARPMUP. Are you able to quantify that?

偉大的。如果可以的話，再來一張。紐約，我認為平均 ARPMUP 是遞減的。你能量化嗎？

So New York, we are not quantifying any specific state impacts at this point. I do think you are correct that, due to it being a launch quarter and having promotional investment, that there was some negative impact. That said, we've also seen a fairly high level of handle per active come from New York as well. So it may not have been as significant as you think, but it certainly did have some impact.

所以紐約，我們目前沒有量化任何具體的州影響。我確實認為你是對的，因為它是一個發布季度並且有促銷投資，所以會有一些負面影響。也就是說，我們還看到來自紐約的每位活躍用戶的處理量也相當高。所以它可能沒有你想像的那麼重要，但它確實產生了一些影響。

And our next question is from Barry Jonas from Truist Securities.

我們的下一個問題來自 Truist Securities 的 Barry Jonas。

Jason, how are you thinking about DraftKings entering Nevada retail and OSB now?

Jason，您如何看待 DraftKings 現在進入內華達州零售和 OSB？

Well, we've been very interested in Nevada. And right now, we're exploring opportunities there. It's obviously a state that attracts a lot of attention because of its association with gaming. There's a decent-sized market there in terms of online sports betting. That said, there's also some things that make it a little bit less integrated with our business, such as the need to have in-person registration to open a mobile account as well as some processes that make it difficult to connect wallets and apps with the rest of the country. But we are certainly interested in Nevada. We are looking into it. And I think that if the opportunity presents itself, we'd love to be able to offer customers in Nevada, our products.

嗯，我們一直對內華達州非常感興趣。現在，我們正在探索那裡的機會。這顯然是一個由於與遊戲相關而引起很多關注的狀態。就在線體育博彩而言，那裡有一個相當大的市場。也就是說，還有一些事情使它與我們的業務的集成度降低了一點，例如需要親自註冊才能開設移動賬戶，以及一些流程使得錢包和應用程序與全國其他地區。但我們當然對內華達州感興趣。我們正在調查它。而且我認為，如果機會出現，我們希望能夠為內華達州的客戶提供我們的產品。

Just to jump in on the question on NOLs, I was just checking ensuring that we did not disclose the latest NOL number for the Q. But if you refer back to our 10-K filed in mid-February, that was just around $800 million.

只是為了回答關於 NOL 的問題，我只是在檢查確保我們沒有透露 Q 的最新 NOL 編號。但如果你回顧一下我們在 2 月中旬提交的 10-K，那大約是 8 億美元.

Our next question is from Clark Lampen from BTIG.

我們的下一個問題來自 BTIG 的 Clark Lampen。

I have one on Marketplace. Jason, you talked about Marketplace really hitting its stride around the NFL season. I'm going to guess that, that's not because you expect an inflection in sort of more memorabilia-oriented NFTs. So maybe it's the utility focused ones that you were talking about. So could you give us a sense of maybe, one, whether that factors it; two, the way in which some of those utility-oriented NFTs could actually integrate with the gaming-focused businesses.

我在 Marketplace 上有一個。 Jason，您談到 Marketplace 在 NFL 賽季期間真正取得了長足的進步。我猜想，這並不是因為您期望在某種更以紀念品為導向的 NFT 中出現拐點。因此，也許您正在談論的是實用程序。那麼，您能否給我們一種可能的感覺，一個，是否是它的因素；第二，這些面向實用程序的 NFT 中的一些實際上可以與以遊戲為重點的業務集成的方式。

Thank you. Yes, I think you're exactly right. So a few things. One, we just recently developed some in-house content creation capabilities and also built some back-end infrastructure to be able to tie benefits on sports betting and Daily Fantasy and even iGaming to ownership of NFT content we create. And the way we're seeing the market move, it really is important to have utility. There are certainly some that are working purely as collectibles, and that will continue to be a segment of the market. But I think a lot of the growth will be in utility-based NFTs.

謝謝你。是的，我認為你完全正確。所以有幾件事。一，我們最近剛剛開發了一些內部內容創建功能，還構建了一些後端基礎設施，以便能夠將體育博彩和每日幻想甚至 iGaming 的收益與我們創建的 NFT 內容的所有權聯繫起來。我們看到市場變化的方式，實用性真的很重要。肯定有一些純粹作為收藏品工作，並且將繼續成為市場的一部分。但我認為很多增長將來自基於實用程序的 NFT。

The second thing is, in addition to our in-house content we're producing, we also, just a little while ago, announced a partnership with the NFLPA to create NFT-based Fantasy games. So we think given the size of our Fantasy audience and the success we've had early on with NFT, that will be a really big product for us and could be something that really opens up to a much larger audience.

第二件事是，除了我們正在製作的內部內容之外，我們不久前還宣布與 NFLPA 建立合作夥伴關係，以創建基於 NFT 的幻想遊戲。所以我們認為，鑑於我們 Fantasy 觀眾的規模以及我們早期在 NFT 方面取得的成功，這對我們來說將是一個非常大的產品，並且可能會真正向更多的觀眾開放。

And our next question is from Robin Farley from UBS.

我們的下一個問題來自瑞銀的 Robin Farley。

Great. I was wondering if there's a way to quantify how much of the lower hold was maybe kind of marketing like offering more favorable odds rather than just purely the sport outcomes? If you could give us a sense of that.

偉大的。我想知道是否有辦法量化低保有多少可能是一種營銷方式，比如提供更有利的賠率，而不僅僅是純粹的運動結果？如果你能給我們一個感覺。

Sure. What we've shared is that about $25 million of revenue hit came from purely sport outcome. So that's the number we've shared. And I think other things you can attribute if you are identifying any other questions around hold to other factors. But $25 million was the impact that came from game outcomes, which interestingly was the other way in Q1 last year. So as you look at year-over-year comps, it's affected not only by that $25 million hit in game outcomes this year, but also favorable game outcomes in Q1 of 2021 that had a positive impact on hold.

當然。我們分享的是，大約 2500 萬美元的收入來自純粹的體育成果。這就是我們分享的數字。而且我認為，如果您發現任何其他問題與其他因素有關，您可以歸因於其他事情。但 2500 萬美元是來自遊戲結果的影響，有趣的是去年第一季度的情況正好相反。因此，當您查看同比對比時，它不僅受到今年 2500 萬美元遊戲結果的影響，而且還受到 2021 年第一季度有利的遊戲結果的影響，這對暫停產生了積極影響。

So you're not breaking out anything withhold that's related to kind of marketing costs, anything like that?

所以你沒有打破與營銷成本相關的任何預扣，諸如此類？

No. We typically don't share those types of details as some of the promotional and marketing tactics we've tested into over many years are things that we deem to be very competitively advantaged for us. So we don't typically get into breaking down that element of the business.

不。我們通常不會分享這些類型的細節，因為我們多年來測試的一些促銷和營銷策略是我們認為對我們非常具有競爭優勢的東西。所以我們通常不會分解業務的那個元素。

Great. And then also the comment on the call, I think you talked about handle per active was up in every state. And I know your ARPMUP is up, but just going back to the states where it was in both periods. Can you (technical difficulty) of that for net gaming revenue per user on that sort of comparable like same-state basis?

偉大的。然後還有關於通話的評論，我認為你談到的每個活躍狀態的句柄都在上升。而且我知道您的 ARPMUP 已啟動，但只是回到兩個時期的狀態。您能否在類似同州的基礎上獲得每位用戶的淨遊戲收入（技術難度）？

Sorry, you broke up a little at the end there. Can you repeat that last part of the question?

抱歉，最後你們分手了一點。你能重複問題的最後一部分嗎？

Sure. In the opening comments, there was a mention that handle per active was up in every state, right? In other words, states that were legal in both periods. And so we're just wondering how that would look for net gaming revenue. Just thinking about there are some states that had net NGR declines, even though handle and GGR was up. And so just wondering if that's showing up on a per user basis as well for you.

當然。在開場評論中，提到每個州的每個活躍用戶的句柄都上升了，對吧？換句話說，在這兩個時期都是合法的狀態。所以我們只是想知道這將如何尋找淨遊戲收入。想想有些州的淨 NGR 下降了，儘管句柄和 GGR 上升了。所以只是想知道這是否也為您顯示每個用戶的基礎。

The reason that we saw -- ARPMUP, one of our KPIs, is based on net revenue. So the increase we saw there year-over-year is definitely reflective of the positive momentum we see in growth of net gaming revenue in each state. Of course, with anything, there's always places where 1 or 2 here or there may be up or down. But usually, those are for explainable reasons.

我們看到的原因——ARPMUP，我們的 KPI 之一，是基於淨收入。因此，我們看到的同比增長絕對反映了我們在每個州看到的淨博彩收入增長的積極勢頭。當然，對於任何事情，總會有 1 或 2 在這里或那裡可能向上或向下的地方。但通常，這些都是出於可解釋的原因。

So for example, in Illinois, where we had the relaunch of mobile registration, there was a much more aggressive new user push with contra revenue-generated promotions that didn't exist in Q1 of last year. But for the most part, the ARPMUP increase, which is NGR, is cross forward and cost base.

因此，例如，在伊利諾伊州，我們重新啟動了移動註冊，推出了更加激進的新用戶推送，並推出了去年第一季度不存在的創收促銷活動。但在大多數情況下，ARPMUP 增加，即 NGR，是跨前向和成本基礎的。

Our next question is from Joe Greff from JPMorgan.

我們的下一個問題來自摩根大通的 Joe Greff。

You mentioned that the year-over-year growth in MUP was driven by retention. I was hoping you can help quantify that on everything, excluding DFS in the quarter and how that trended in 1Q relative to the past few quarters?

您提到 MUP 的同比增長是由保留率驅動的。我希望你能幫助量化所有事情，不包括本季度的 DFS，以及相對於過去幾個季度，第一季度的趨勢如何？

And then my second question is probably more for Jason Park. Can you talk about the relationship between EBITDA losses and cash burn? I know this quarter, the cash burn was a little bit higher than EBITDA loss. Some of that can be explained by CapEx and some other investing activities. How do you see that trending over the next year?

然後我的第二個問題可能更適合 Jason Park。您能談談 EBITDA 損失和現金消耗之間的關係嗎？我知道本季度的現金消耗略高於 EBITDA 損失。其中一些可以通過資本支出和其他一些投資活動來解釋。您如何看待明年的趨勢？

So on the first question, ARPMUP was definitely up due to both retention and an increase in player handle growth. So it was both that contributed to that. And we haven't, at this time, deconstructed those, but we can share that both contributed.

所以在第一個問題上，ARPMUP 肯定是由於留存率和玩家手數增長的增加。所以這兩者都促成了這一點。目前，我們還沒有解構這些，但我們可以分享兩者都做出了貢獻。

As far as the product level question, same story. All products were generally up. But DFS, as we noted earlier, did see some cannibalization. So you can infer based on that, that if we had excluded DFS, ARPMUP growth would have been higher.

至於產品級別的問題，同樣的故事。所有產品普遍上漲。但是，正如我們之前提到的，DFS 確實看到了一些自相殘殺。所以你可以據此推斷，如果我們排除了 DFS，ARPMUP 的增長會更高。

Yes. And in terms of your question on EBITDA to free cash flow conversion, I think you listed out a few of the buckets. Capitalized software, which is really DraftKings' primary CapEx, should be fairly steady. If you look at the quarter -- quarterly trends for the last few years, I think that's a very extrapolatable number going forward. Other than that, you'll see some onetime upfront state licenses impact free cash flow and any significant vesting of employee stock, which you saw around the low-teen million impact in Q1, but that will purely depend on timing of vesting. I would say that those are the 3 big things to look for, for EBITDA to free cash flow conversion.

是的。至於你關於 EBITDA 到自由現金流轉換的問題，我認為你列出了一些桶。資本化軟件，這實際上是 DraftKings 的主要資本支出，應該相當穩定。如果你看一下這個季度——過去幾年的季度趨勢，我認為這是一個非常可推斷的數字。除此之外，你會看到一些一次性的前期州許可證會影響自由現金流和員工股票的任何重大歸屬，你在第一季度看到了大約 100 萬的低影響，但這完全取決於歸屬的時間。我想說，對於 EBITDA 到自由現金流的轉換，這些是要尋找的 3 件大事。

And we have no further questions at this time. I'll now turn it back over to Jason Robins for final remarks.

目前我們沒有進一步的問題。我現在將把它交給傑森羅賓斯做最後的評論。

Thank you all for joining us on today's call. We had an excellent first quarter. We continue to be very excited about 2022 and look forward to speaking with you all over the next few weeks. The company continues to be focused on strong top line growth and also on cost optimization, and we're really excited about a number of initiatives we have underway in both those categories and look forward to sharing more with you in the coming quarter. I hope you all stay safe and well, and thank you for joining us today.

感謝大家加入我們今天的電話會議。我們有一個出色的第一季度。我們繼續對 2022 年感到非常興奮，並期待在接下來的幾週內與您交談。公司繼續專注於強勁的收入增長和成本優化，我們對我們在這兩個類別中正在進行的多項舉措感到非常興奮，並期待在下一季度與您分享更多信息。我希望你們都平安無事，感謝你們今天加入我們。

Thank you, ladies and gentlemen. That concludes today's call. Thank you for participating, and you may now disconnect.

謝謝你們，女士們，先生們。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。