DraftKings Results Presentation Deck
Share Dilution Due to SBC Expected to be <75th Percentile of Peer Group in 2023 and 2024
Historical and Projected Common Shares Outstanding
Millions
Outstanding (Beginning of Year)
Transaction activity(¹)
Vesting Activity (2)
Treasury shares repurchased
Stock options exercised
Warrants exercised
Outstanding (End of Year)
3-Year CAGR(4) (End of Year) Due to Stock-based Compensation
Totals may not sum due to rounding.
(1) Includes M&A activity and common stock offerings.
2020
185
170
16
(7)
15
18
396
2021
396
1
2
(0)
9
0
408
2022
408
29
12
(1)
m
0
451
The 75th percentile vesting burn rate from SBC for the last three years for our peer group (3) is 4.4%
2023E
451
0
21
(3)
3
1
473
3.8%
(2) Based on management achieving 100% payout on long-term equity incentive plan; excluding potential share repurchases.
(3)
Peer group from our 2022 definitive proxy statement includes: CarGurus, Chegg, Churchill Downs, Coupa Software, DocuSign, Electornic Arts, Etsy, HubSpot, Lyft, Rapid7, Roku, Snap, Take-Two, The Trade Desk, Twittter, Zscaler, and Zynga. Slack and Grubhub were
not included in peer group calculation as a result of being acquired.
(4) CAGR is calculated as 3-year prior beginning shares plus transaction activity, vesting activity, stock options exercised, and warrants exercised divided by 3-year prior beginning shares plus transaction activity, raised to the power of 1/3, minus 1.
2024E
473
0
9
(2)
3
1
484
3.8%
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