Clark Lampen

Adam said lead gen remains in testing with nothing new to report; on data, onboarding more substantial mid-market customers that share data is the compounding lever. Partial.

Adam confirmed zero cannibalization between gaming and consumer. Waste impression utilization, cross-vertical data benefits, and expanded supply all act as offsets.

Adam confirmed faster improvement pace driven by team learning curves and broader AI research advances. No reason to expect slowdown.

Adam said prospecting product lets advertisers upload purchase history so model targets new customers. Quick adoption with immediate results; addresses key advertiser request to distinguish new vs retargeted customers.

Adam said APP's model bids thousands of dollars CPM on high-value users, built on years of closed-loop gaming data. Budgets already locked in on APP making displacement extremely difficult for new entrants.

Adam said generative AI creative testing weeks-to-months away using Sora 2 and Veo 3; not gating factor for general availability launch.

Adam explained current 1% conversion rate means 80-90% of impressions are wasted on gaming ads; more advertiser density will improve targeting for all categories.

Adam said GMV threshold raised to $100M+ this quarter but goal is eventually any small business of any type can market on the platform.

Adam said non-gaming supply expansion is not years away; once broad demand is established, they'll pursue social, music, news, sports, and web inventory.

Matt confirmed Q2 guidance excludes premium from divested studios; Tripledot deal expected to close late in the quarter.

Adam confirmed multiple growth drivers: incremental model wins, self-learning, and full-quarter ecommerce contribution; gaming was over 50% of growth.

Adam confirmed platform works across all categories, not just DTC, giving confidence in broad advertiser addressability.

Adam explained gaming ads on TV weren't compelling; non-gaming ecommerce ads on CTV could be transformative but acknowledged attribution challenges.

Robins said DKeX phases in behind customer experience, a multi-year unit-economics tailwind like Sportsbook, with a stable industry fee structure.

Robins said core marketing has room to fall but is more likely deployed into Predictions, with core spend declining as Predictions ramps.

Robins said no surge in promo activity in years, and the conservative guide has cushion; Ellingson said marketing spend has flexibility to lean in.

Robins argued DraftKings' data, scale, brand and media assets make it hard to beat in predictions, as with prior competitive entrants.

Robins said AI focus is mostly expense-side today but sees select top-line initiatives (e.g., trading) over the next 6-12 months, not yet in guidance.

Robins said both new and existing cohorts are shifting to parlays, and promo-seeded parlay adoption is proving sticky.

Robins said structural hold has run better than expectation, driven by parlay mix gains in NFL and NBA and improved merchandising.

Management confirmed product velocity, data and model improvements drive gains; direct.

Management gave a detailed amortization schedule declining to sub-$25 million in 2027; direct.

Management said accessibility opens monetization of the ~90% freemium base; direct.

Management framed a competitive but growing market where AI-driven discovery is critical; direct.

Management acknowledged some internal share movement while expecting to take external share; direct.

Management clarified Vector consolidates data across assets rather than collapsing the products; direct.

Chopra said A/B tests show quick retention/hours gains and an immediate dollars-per-hour hit, with the curves crossing over time; Morpheus is one of many AI cost items.

Baszucki prioritized DAU/hour and genre expansion over lifting bookings per hour, with pricing tools as secondary levers.

Baszucki said transparent discovery and encouraging small iterative updates over monolithic ones avoids developer burnout.