DraftKings Inc. (NASDAQ:DKNG) Q2 2022 Earnings Conference Call August 5, 2022 8:30 AM ET

Company Participants

Stanton Dodge - Chief Legal Officer

Jason Robins - Co-Founder, Chief Executive Officer & Chairman

Jason Park - Chief Financial Officer

Conference Call Participants

Michael Graham - Canaccord

Shaun Kelley - Bank of America

Jason Bazinet - Citi

David Katz - Jefferies

Carlo Santarelli - Deutsche Bank

Ed Young - Morgan Stanley

Jed Kelly - Oppenheimer

Joe Stauff - Susquehanna

Daniel Politzer - Wells Fargo

Joe Greff - JPMorgan

Chad Beynon - Macquarie

Robin Farley - UBS

Bernie McTernan - Needham

Brandt Montour - Barclays

Jordan Bender - JMP Securities

Operator

Thank you for standing by. Welcome to the DraftKings' Q2 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today's conference call is being recorded.

I would now like to hand the conference over to your host, Mr. Stanton Dodge, Chief Legal Officer. Sir, you may begin.

Stanton Dodge

Good morning, everyone, and thanks for joining us today. Certain statements we make during this call may constitute forward-looking statements that are subject to risks, uncertainties, and other factors, as discussed further in our SEC filings, that could cause our actual results to differ materially from our historical results or from our forecast. We assume no responsibility to update forward-looking statements other than as required by law.

During this call, management will also discuss certain non-GAAP financial measures that we believe may be useful in evaluating DraftKings' operating performance. These measures should not be considered in isolation or as a substitute for DraftKings' financial results prepared in accordance with GAAP.

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are available in our earnings presentation, which can be found on our website in our quarterly report on Form 10-Q filed with the SEC.

Hosting the call today, we have Jason Robins, Co-Founder, Chief Executive Officer and Chairman of DraftKings, who will share some opening remarks and an update on our business; and Jason Park, Chief Financial Officer of DraftKings, who will provide a review of our financials. We will then open the line to questions.

I will now turn the call over to Jason Robins.

Jason Robins

Good morning, everyone, and welcome to DraftKings Q2 earnings call. I want to touch on a few topics today. Let me start off with my thoughts on Q2. I'm really pleased with how we performed in the quarter. We generated $466 million in revenue, which exceeded the midpoint of the guidance we provided on our Q1 earnings call by $33 million and we outperformed the midpoint of our adjusted EBITDA guidance by almost 40%.