DraftKings Inc
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
DKNG$19.36+3.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash Flows from Operating Activities: | |||
| Net loss attributable to common shareholders | $(802,142) | $(1,377,987) | $(1,523,195) |
| Adjustments to reconcile net loss to net cash flows used in operating activities: | |||
| Depreciation and amortization | 201,920 | 169,252 | 121,138 |
| Non-cash interest expense, net | 386 | 870 | 2,109 |
| Stock-based compensation expense | 398,463 | 578,799 | 683,293 |
| Loss (gain) on remeasurement of warrant liabilities | 57,543 | (29,396) | (30,065) |
| Loss (gain) from equity method investment | 719 | 2,895 | (2,718) |
| Loss (gain) on marketable equity securities and other financial assets, net | 75 | (10,999) | (11,311) |
| Deferred income taxes | 5,849 | (73,407) | (15,509) |
| Other expenses, net | 554 | (7,268) | — |
| Change in operating assets and liabilities, net of effect of acquisitions: | |||
| Receivables reserved for users | (141,687) | (105,320) | (21,700) |
| Accounts receivables | 3,558 | 2,506 | (1,787) |
| Prepaid expenses and other current assets | 2,451 | (26,217) | (10,078) |
| Deposits and other non-current assets | (19,355) | (4,921) | (6,458) |
| Operating leases, net | 6,558 | 1,304 | (1,059) |
| Accounts payable and accrued expenses | 103,593 | 95,269 | 167,927 |
| Liabilities to users | 165,725 | 152,985 | 210,932 |
| Long-term income tax liability | 2,952 | (9,267) | 13,227 |
| Other long-term liabilities | 11,087 | 15,383 | 5,746 |
| Net cash flows used in operating activities | (1,751) | (625,519) | (419,508) |
| Cash Flows from Investing Activities: | |||
| Purchases of property and equipment | (20,902) | (32,402) | (15,925) |
| Cash paid for internally developed software costs | (80,378) | (64,030) | (46,542) |
| Acquisition of gaming licenses | (12,105) | (7,213) | (35,809) |
| Proceeds from (purchase of) marketable equity securities and other financial assets | 24,425 | — | (25,000) |
| Cash paid for acquisitions, net of cash acquired | — | (96,507) | (64,970) |
| Other investing activities, net | (1,400) | (8,614) | (6,776) |
| Net cash flows used in investing activities | (90,360) | (208,766) | (195,022) |
| Cash Flow from Financing Activities: | |||
| Proceeds from issuance of convertible notes, net | — | — | 1,248,025 |
| Purchase of capped call options | — | — | (123,970) |
| Proceeds from exercise of warrants | 288 | 44 | 693 |
| Purchase of treasury stock | (80,049) | (25,519) | (17,830) |
| Proceeds from exercise of stock options | 16,540 | 8,743 | 31,479 |
| Other financing activities | — | — | 416 |
| Net cash flows (used in) provided by financing activities | (63,221) | (16,732) | 1,138,813 |
| Effect of foreign exchange rates on cash and cash equivalents, restricted cash, and cash reserved for users | — | — | 583 |
| Net (decrease) increase in cash and cash equivalents, restricted cash, and cash reserved for users | (155,332) | (851,017) | 524,866 |
|---|---|---|---|
| Cash and cash equivalents, restricted cash, and cash reserved for users at the beginning of period | 1,778,825 | 2,629,842 | 2,104,976 |
| Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period | $1,623,493 | $1,778,825 | $2,629,842 |
| Disclosure of cash and cash equivalents, restricted cash, and cash reserved for users | |||
| Cash and cash equivalents | $1,270,503 | $1,309,172 | $2,152,892 |
| Restricted cash | 11,700 | — | — |
| Cash reserved for users | 341,290 | 469,653 | 476,950 |
| Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period | $1,623,493 | $1,778,825 | $2,629,842 |
| Supplemental Disclosure of Noncash Investing and Financing Activities: | |||
| Investing activities included in accounts payable and accrued expenses | 569 | 9,155 | (3,758) |
| Equity consideration issued for acquisitions | — | 460,128 | 33,149 |
| Decrease in warrant liabilities from cashless exercise of warrants | 4,654 | — | — |
| Supplemental Disclosure of Cash Activities: | |||
| (Decrease) increase in cash reserved for users | (128,363) | (7,297) | 189,232 |
| Cash paid for interest | — | — | — |
| Cash paid for income taxes, net of refunds | 8,341 | 10,366 | 5,632 |
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