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Mar 31, 2024
DraftKings Q1 2024 Earnings Report
DraftKings reported strong first-quarter results, marked by significant revenue growth and increased customer engagement.
Key Takeaways
DraftKings' first quarter of 2024 showed substantial growth, with revenue increasing by 53% to $1,175 million. The company raised its fiscal year 2024 revenue guidance midpoint to $4.9 billion and its Adjusted EBITDA guidance midpoint to $500 million, reflecting strong customer acquisition and engagement.
Revenue increased by 53% to $1,175 million compared to the same period in 2023.
Average monthly unique payers increased by 23% year-over-year.
Average revenue per monthly unique payer increased by 25% year-over-year.
Fiscal year 2024 revenue guidance raised to a midpoint of $4.9 billion and Adjusted EBITDA guidance raised to a midpoint of $500 million.
DraftKings
DraftKings
DraftKings Revenue by Segment
Revenue by Segment
Sportsbook Revenue
CapyFin.comiGaming Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
DraftKings raised its fiscal year 2024 revenue guidance to a range of $4.8 billion to $5.0 billion and Adjusted EBITDA guidance to between $460 million and $540 million.
Positive Outlook
- Strong first quarter results.
- Improved outlook on customer acquisition.
- Improved outlook on customer engagement.
- Expected Adjusted EBITDA Flow-through Percentage to exceed 50%.
- Expansion of gross margin and discipline on cost structure.
Challenges Ahead
- Guidance excludes the estimated impact of the proposed acquisition of Jackpocket.
- Forward-looking guidance is subject to risks and uncertainties.
- Changes in applicable laws or regulations, particularly with respect to gaming.
- General economic and market conditions impacting demand for DraftKings’ products and services.
- Economic and market conditions in the media, entertainment, gaming, and software industries in the markets in which DraftKings operates.
Revenue & Expenses
Visualization of income flow from segment revenue to net income