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Friday, July 29, 2022 3:44:15 PM
From its press release and Securities and Exchange Commission (SEC) filings on May 6, DraftKings reported negative cash flow. Its “net cash flows used in operating activities” (usually known as cash flow from operations or CFFO) was negative $356.7 million during the first quarter. This is on page 7 of its 10-Q filing. Moreover, after deducting $8.6 million in capex expenditures, its total free cash flow (FCF) was negative $364.82 million for the quarter.
This puts the DraftKings cash burn in an unsustainable situation. It means that on an annualized run-rate basis, cash burn will be $1.459 billion. Moreover, now that it has acquired GNOG, the cash burn is likely to increase.
For example, if we assume that this raises cash burn by 10% to approximately $1.6 billion a year, that could use up most of the company’s cash. It had $1.77 billion at the end of March. Depending on how much cash GNOG brings in with the combination, that might mean that in one year, three-quarters of the cash on its balance sheet will be eliminated or burnt through.
https://finance.yahoo.com/news/draftkings-could-run-cash-within-202113306.html
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