DraftKings Results Presentation Deck
PRO FORMA DRAFTKINGS P&L AND ADJUSTED EBITDA RECONCILIATION
Pro Forma Adjusted EBITDA
We define and calculate Pro
Forma Adjusted EBITDA as pro
forma net loss (giving effect to the
Business Combination as if it were
consummated on January 1,
2019) before the impact of interest
income or expense, income tax
expense or benefit and
depreciation and amortization, and
further adjusted for the same
items as Adjusted EBITDA.
(1)
(2)
(3)
(4)
(5)
(in thousands)
Revenue
Cost of revenue
Sales and marketing
Product and technology
General and administrative
Loss from operations
Interest income (expense), net
Loss on remeasurement of warrant liabilities
Loss before income tax benefit
Income tax benefit
Loss from equity method investment
Net Loss
Adjusted For
Depreciation and amortization
(excluding acquired intangibles)
Amortization of acquired intangibles
Interest (income) expense, net
Income tax benefit
Stock-based compensation(¹)
Transation related costs
(2)
Litigation, settlement, and related costs (3)
Loss on remeasurement of warrant liabilities
Other non-recurring costs and special project costs (4)
Other non-operating costs
Adjusted EBITDA
(5)
Three months ended March 31,
2021
2020
312,276
183,225
228,686
56,159
168,997
(324,791)
985
(26,980)
(350,786)
(4,595)
153
(346,344)
9,062
19,131
(985)
(4,595)
151,843
3,023
622
26,980
1,848
153
(139,262)
113,445
68,458
57,273
29,742
39,140
(81,168)
(2,798)
(83,966)
(2,088)
203
(82,081)
5,552
17,699
2,798
(2,088)
4,858
1,330
129
203
(51,600)
The amounts for the three months ended March 31, 2021, primarily reflect stock-based compensation expenses resulting from the issuance of awards under long-term incentive plans and, for the three
months ended March 31, 2020, primarily reflects stock-based compensation expenses resulting from the issuance of awards under time-based, performance-based and long-term incentive plans.
Includes capital markets advisory, consulting, accounting and legal expenses related to evaluation, negotiation and integration costs incurred in connection with transactions and offerings. The
transaction costs related to the Business Combination described in footnote 12 to the preceding table have been eliminated in calculating our pro forma net income for the three months ended March 31,
2020 pursuant to the principles of Article 11 of Regulation S-X.
Includes primarily external legal costs related to litigation and litigation settlement costs deemed unrelated to our core business operations.
Includes primarily consulting, advisory and other costs relating to non-recurring items and special projects.
Includes our equity method share of the investee's losses.View entire presentation