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Sep 30, 2022
DraftKings Q3 2022 Earnings Report
DraftKings reported a significant increase in revenue and provided guidance for future growth and profitability.
Key Takeaways
DraftKings reported a 136% increase in revenue to $502 million for the third quarter of 2022. The company also raised its 2022 revenue guidance and improved its 2022 Adjusted EBITDA guidance. DraftKings introduced 2023 revenue and Adjusted EBITDA guidance, projecting continued growth and improved profitability.
Revenue increased by 136% year-over-year to $502 million.
Monthly Unique Payers (MUPs) increased by 22% year-over-year to 1.6 million.
Average Revenue per MUP (ARPMUP) increased by 114% year-over-year to $100.
The company raised its fiscal year 2022 revenue guidance to $2.16 billion to $2.19 billion and improved its fiscal year 2022 Adjusted EBITDA guidance to a loss of between $800 million and $780 million.
DraftKings
DraftKings
Forward Guidance
DraftKings provided fiscal year 2022 revenue guidance of $2.16 billion to $2.19 billion and Adjusted EBITDA guidance of a loss between $800 million and $780 million. DraftKings introduced fiscal year 2023 revenue guidance of a range of $2.8 billion to $3.0 billion and Adjusted EBITDA guidance of a loss of between $575 million and $475 million.
Positive Outlook
- Fiscal year 2022 revenue guidance was raised to a range of $2.16 billion to $2.19 billion.
- Fiscal year 2022 Adjusted EBITDA guidance was improved to a loss of between $800 million and $780 million.
- Fiscal year 2023 revenue guidance is projected to be between $2.8 billion and $3.0 billion.
- Fiscal year 2023 Adjusted EBITDA guidance is projected to be a loss of between $575 million and $475 million.
- Assumes launches in Maryland in Q4 2022, in Ohio and Massachusetts in Q1 2023, and in Puerto Rico in Q3 2023.
Challenges Ahead
- Fiscal year 2022 Adjusted EBITDA is still expected to be a loss of between $800 million and $780 million.
- Fiscal year 2023 Adjusted EBITDA is still expected to be a loss of between $575 million and $475 million.
- Guidance is subject to licensure and regulatory approvals in new jurisdictions.
- Guidance includes jurisdictions in which the Company was live as of November 4, 2022, as well as jurisdictions in which DraftKings reasonably expects to launch during the guided periods.
- Future results are subject to risks and uncertainties, including changes in applicable laws or regulations, general economic and market conditions, and the potential adverse effects of the current macroeconomic environment.