Investment Ratings - The overall industry view is rated as Attractive [4] - Specific company ratings include Equal-Weight (EW) for Compass, Inc. (COMP), DoubleVerify Holdings Inc (DV), Playtika Holding Corp (PLTK), FIGS, and Peloton Interactive, Inc. (PTON) [6][9][10][11][12] - Underweight (UW) rating for Yelp Inc (YELP) [11] Core Insights - Compass, Inc. (COMP) reported lower-than-expected results in 1Q, with revenue and EBITDA 4% and 15% below estimates, but management remains optimistic about future growth [2] - DoubleVerify Holdings Inc (DV) showed encouraging signs of stabilization with 1Q revenue 7% above estimates, driven by strong growth in Activation [6] - Playtika Holding Corp (PLTK) posted solid 1Q results, with revenue and EBITDA exceeding estimates, but faces challenges in its social casino segment [9] - FIGS delivered strong 1Q results, but lowered its FY25 EBITDA margin guidance due to tariff impacts [7][8] - Yelp Inc (YELP) exceeded expectations in 1Q, but faces uncertainty in long-term growth due to macroeconomic pressures [11][12] Company Summaries Compass, Inc. (COMP) - 1Q results were below expectations, but management added 700 new agents and expects positive free cash flow by year-end [2][5] - Revenue guidance for 2Q is 5% and 2% ahead of estimates, indicating potential recovery [5][69] DoubleVerify Holdings Inc (DV) - 1Q revenue growth was driven by a 20% increase in Activation, with profitability exceeding estimates [6] - The company maintains a FY revenue growth guide of 10% despite solid 1Q results [6] Playtika Holding Corp (PLTK) - 1Q revenue and EBITDA were 12% and 6% above estimates, but social casino challenges persist [9] - The company is optimistic about improving margins and increasing direct-to-consumer revenue [9] FIGS, Inc. (FIGS) - Strong 1Q results with revenue and EBITDA above consensus, but lowered FY25 EBITDA margin guidance due to tariffs [7][8] - Management is focused on long-term growth despite near-term challenges [8] Yelp Inc (YELP) - 1Q results exceeded expectations, driven by strength in Services advertising [11] - The company has widened its revenue and EBITDA guidance for FY25, reflecting ongoing macro uncertainty [12]

Financial Data and Key Metrics Changes - The combined group achieved a record first quarter total revenue of $517 million, growing 25% year over year [9] - Total combined adjusted EBITDA also reached a record of $111 million, increasing by 120% year over year with a combined margin of approximately 22% [9] - The marketing ratio was maintained at 26% of net revenue, indicating a strategic focus on reinvestment for growth [9] Business Line Data and Key Metrics Changes - Sports betting revenue grew by 7% year over year, while casino revenue increased by 23% year over year [9] - Adjusted EBITDA excluding the U.S. grew by 62% to $121 million with a margin of 24% [10] - In Africa, casino and sports revenue surged by 3138% year over year, driven by growth in customer base and strong brand presence [11] Market Data and Key Metrics Changes - Africa's revenue grew by 54% year over year, with significant contributions from South Africa, Ghana, Malawi, and the successful launch in Botswana [11] - Europe saw a 53% year-over-year increase, with the UK revenue up by 87% due to strong growth from Jackpot City and Betway [12] - APAC experienced a decline of 13% year over year, primarily due to currency weakness and the closure of non-performing markets [13] Company Strategy and Development Direction - The company is focused on enhancing technology and product offerings while maintaining a disciplined cost structure to drive sustainable margin expansion [14] - The U.S. iGaming business is progressing with plans for breakeven expected in 2027, and the introduction of new brands like Spin Palace Casino [15] - The company is preparing for potential market entries in Alberta and other regions, leveraging lessons learned from previous launches [27][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential across various markets, highlighting the importance of product localization and effective marketing strategies [33][35] - The company remains optimistic about the second quarter, indicating strong performance across all regions [19] - Management emphasized the need to navigate regulatory environments and the impact of black market competition on overall revenue [83] Other Important Information - The company ended the quarter with unrestricted cash of $351 million and no debt, highlighting a strong balance sheet [16] - A minimum quarterly dividend target of $0.04 per share was declared, resulting in $20 million returned to shareholders [17] - The company plans to maintain its guidance for the fiscal year, with revenue expectations exceeding $2 billion [18] Q&A Session Summary Question: What is working in sports betting and how does the company view competition in the U.S.? - Management highlighted product development and effective marketing as key drivers of engagement, noting that 80% of the business is casino-related [21][24] Question: How does the company plan to approach the Alberta market? - Management indicated that Alberta's legalization might occur in late 2026, and they are prepared to apply lessons learned from Ontario [27] Question: What is the growth outlook for Africa and the competitive landscape in Nigeria? - Management noted significant growth potential in Africa, with Nigeria requiring product localization to improve performance [35][36] Question: How does Jackpot City differentiate itself in the market? - Management explained that Jackpot City resonates well with customers due to its established brand presence and effective marketing strategies [39] Question: What is the company's strategy regarding new market entries and potential M&A? - Management confirmed a focus on organic growth while remaining open to acquisitions that align with their strategic goals [90][92]

Financial Data and Key Metrics Changes - The combined group achieved a record first quarter total revenue of $517 million, growing 25% year over year [9] - Adjusted EBITDA also reached a record of $111 million, increasing by 120% year over year, with a combined margin of approximately 22% [9] - Total revenue excluding the U.S. was $502 million, growing 24% year over year, while adjusted EBITDA excluding the U.S. grew 62% to $121 million with a margin of 24% [10] Business Line Data and Key Metrics Changes - Sports betting revenue increased by 7% year over year, while casino revenue grew by 23% year over year [9] - In Africa, revenue grew by 54% year over year, with casino and sports up 31% and 38% respectively [11] - Europe saw a 53% year-over-year increase, with the UK up 87% and Spain up 20% [12] Market Data and Key Metrics Changes - Canada grew 13% year over year, with Ontario up 2% and the rest of Canada up 16% [12] - APAC was down 13% year over year due to currency weakness and market closures, with New Zealand showing a 7% decline in dollar terms [13] Company Strategy and Development Direction - The company is focused on enhancing technology and product offerings while maintaining a disciplined cost structure to drive sustainable margin expansion [14] - The U.S. iGaming business is progressing with plans for breakeven expected in 2027, and the introduction of new brands like Spin Palace Casino [15][16] - The company is maintaining its guidance for fiscal year group revenue of greater than $2 billion and adjusted EBITDA of greater than $421 million [17] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the progress in the U.S. market and highlighted the importance of product and marketing efficiencies [21][24] - The company sees significant growth potential in Africa, particularly in new markets like Botswana, Nigeria, and others [30][32] - Management emphasized the importance of maintaining a strong marketing budget to compete effectively in various markets [58] Other Important Information - The company ended the quarter with unrestricted cash of $351 million and no debt, highlighting a strong free cash flow profile [16] - A quarterly dividend of $0.04 per share was declared, resulting in $20 million paid to shareholders [16] Q&A Session Summary Question: What is working in sports betting and how does the company view competition in the U.S.? - The company highlighted product development and effective marketing as key drivers of engagement, noting that 80% of the business is casino-related [21][22][24] Question: How does the company plan to approach the Alberta market? - The company plans to apply lessons learned from the Ontario launch and is prepared for potential regulatory changes [26] Question: What is the growth outlook for Africa and the competitive landscape in Nigeria? - Management noted strong growth across various African markets and emphasized the need for localized products in Nigeria [30][32] Question: How does the company differentiate its brands like Jackpot City? - Jackpot City has a strong brand presence and resonates well with customers, differentiating it from other offerings [35] Question: What is the company's strategy regarding new market entries and potential M&A? - The company is open to both organic growth and acquisitions, emphasizing the need for the right fit and pricing [86]

Core Viewpoint - The United States District Court for the District of New Jersey has approved a proposed class action settlement for purchasers of American Depositary Shares of DouYu International Holdings Limited, amounting to $2,250,000 in cash [1][3]. Group 1: Settlement Details - The proposed settlement is intended for individuals who purchased DouYu's ADSs between April 30, 2021, and November 27, 2023, and were affected by the claims [2]. - A hearing is scheduled for August 18, 2025, to determine the fairness and adequacy of the proposed settlement, as well as to address the dismissal of the action against the defendants [4]. - Members of the settlement class must submit a Claim Form by July 21, 2025, to be eligible for a share of the settlement fund [6]. Group 2: Exclusion and Objection Procedures - Settlement class members wishing to exclude themselves must submit a request for exclusion by July 28, 2025, to avoid being bound by court judgments [7]. - Any objections to the proposed settlement or related motions must be filed with the court and delivered to relevant parties by July 28, 2025 [8].

Q1 2025 EARNINGS PRESENTATION May 8, 2025 | 1 Legal Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including statements about DraftKings Inc. ("DraftKings", the "Company", "we", "us" and "our") and its industry that involve substantial risks and uncertainties. All statements, other than statements of historical fact, cont ...

Market Overview - Markets experienced a rise due to optimistic sentiment surrounding trade deals with U.S. partners, particularly following an agreement with the UK that maintained a +10% tariff [1] - The Dow Jones Industrial Average increased by +254 points (+0.62%), while the S&P 500 rose by +0.58%. The Nasdaq and Russell 2000 saw even larger gains of +1.07% and +1.85%, respectively [2] Earnings Reports - Expedia (EXPE) reported Q1 earnings of $0.40 per share, missing the Zacks consensus of $0.42, despite a +90% year-over-year increase. Revenues were $2.99 billion, below the expected $3.03 billion, leading to a -6.7% decline in after-hours trading [3] - Affirm (AFRM) exceeded bottom line expectations with earnings of +$0.01 per share against a forecast of -$0.08. Revenues matched estimates at $783 million, while Gross Merchandise Value (GMV) rose +36% year over year. However, shares fell -8% in late trading [3] - DraftKings (DKNG) reported a bottom line of -$0.07 per share, an improvement from the projected -$0.30. Revenues of $1.41 billion grew +20% year over year but missed the Zacks consensus of $1.42 billion. The company lowered revenue guidance and adjusted EBITDA forecasts, yet shares rose +3% in post-market trading [4]

Core Insights - DraftKings reported first quarter 2025 revenue of $1,409 million, a 20% increase from $1,175 million in the same period of 2024, driven by strong customer engagement and the acquisition of Jackpocket Inc. [2][3][35] - Monthly Unique Payers (MUPs) rose to 4.3 million, reflecting a 28% increase year-over-year, with a 5% decrease in Average Revenue per MUP (ARPMUP) to $108, primarily due to the impact of Jackpocket customers [7][14][15] - The company revised its fiscal year 2025 revenue guidance to a range of $6.2 billion to $6.4 billion, down from a previous range of $6.3 billion to $6.6 billion, indicating approximately 32% year-over-year growth [5][7][10] Financial Performance - DraftKings' net loss for the first quarter of 2025 was $33.9 million, an improvement from a loss of $142.6 million in the same quarter of 2024 [14][15] - Adjusted EBITDA for the first quarter of 2025 was $102.6 million, significantly up from $22.4 million in the prior year [15][26] - The company repurchased 3.7 million shares in the first quarter under its stock repurchase program, indicating a commitment to returning value to shareholders [3][35] Market Position and Growth - DraftKings operates mobile sports betting in 25 states and Washington, D.C., covering approximately 49% of the U.S. population, and iGaming in 5 states, representing about 11% of the U.S. population [7][35] - The acquisition of Jackpocket is expected to enhance customer retention and acquisition across DraftKings' offerings [2][7] - The company is preparing to launch its Sportsbook product in Missouri, pending regulatory approvals, following the legalization of sports betting in the state [7][35]

Core Viewpoint - Sea Limited is expected to report first-quarter 2025 results on May 13, with earnings estimated at 93 cents per share and revenues projected at $4.91 billion, indicating a year-over-year growth of 29.7% [1] Group 1: Earnings and Revenue Expectations - The Zacks Consensus Estimate for Sea Limited's first-quarter earnings is unchanged at 93 cents per share, compared to 21 cents per share in the same quarter last year [1] - Revenue expectations are pegged at $4.91 billion, suggesting a year-over-year growth of 29.7% [1] Group 2: Recent Performance Trends - Sea Limited has missed the Zacks Consensus Estimate in the last four quarters, with an average negative surprise of 22.65% [2] - The credit segment, a key revenue driver, recorded over 60% year-over-year loan book growth in Q4 2024, indicating strong potential for revenue expansion in Q1 2025 [3] Group 3: Business Segments Performance - The Garena gaming segment, particularly the Free Fire franchise, is expected to perform well due to a collaboration with NARUTO SHIPPUDEN, enhancing user engagement and revenue [4] - SPX Express's logistics integration is anticipated to positively impact performance, with nearly 50% of parcels delivered within two days, reflecting year-over-year improvements [5] Group 4: Challenges and Competitive Landscape - Seasonal softness in the e-commerce sector is expected to hinder Shopee's growth momentum in Q1 2025, alongside a highly competitive landscape that may pressure take rates [6] Group 5: Earnings ESP and Zacks Rank - Sea Limited has an Earnings ESP of -4.84% and a Zacks Rank of 3 (Hold), indicating lower odds of an earnings beat compared to other stocks with more favorable metrics [7]

Company Overview - Lottery.com Inc. (Nasdaq: LTRY, LTRYW) is actively involved in the INDY NXT by Firestone championship, showcasing its branding through sponsorship of driver Sebastian Murray [1][4][6]. - The company has recently expanded its portfolio with acquisitions of Concerts.com and TicketStub.com, enhancing its ecosystem that integrates gaming, entertainment, and sports [3][4]. Driver and Event Details - Scottish driver Sebastian Murray is making his debut at the Indianapolis Grand Prix, driving the No. 2 Dream Racing Dubai Dallara for Andretti Cape [1][3]. - The Indianapolis Grand Prix weekend will feature Rounds 3 and 4 of the 2025 INDY NXT season, with a total of 14 rounds scheduled [2][9]. - Murray's car will prominently display Lottery.com and Sports.com branding, continuing a bold marketing campaign [1][2]. Performance and Expectations - Murray expressed excitement about racing at the iconic Indianapolis Motor Speedway, aiming for strong performances based on his previous experience at Barber Motorsports Park [3][9]. - Sports.com Director Marc Bircham highlighted Murray's exceptional control and pace, indicating that Indianapolis will serve as a critical proving ground for his development this season [3][9]. - Matthew McGahan, CEO of Lottery.com, emphasized the significance of this event following a successful weekend at the Miami Grand Prix, showcasing the company's support for Murray [3].

Core Insights - Playtika Holding (PLTK) reported revenue of $706 million for the quarter ended March 2025, reflecting an 8.4% increase year-over-year and a surprise of +1.25% over the Zacks Consensus Estimate of $697.25 million [1] - The company's EPS was $0.09, down from $0.15 in the same quarter last year, resulting in an EPS surprise of -18.18% compared to the consensus estimate of $0.11 [1] Financial Performance Metrics - Playtika's shares have returned +9.9% over the past month, while the Zacks S&P 500 composite increased by +11.3%, indicating a performance in line with the broader market [3] - Average Daily Payer Units (DPUs) were reported at 0.39 million, exceeding the average estimate of 0.33 million from two analysts [4] - The Average Daily Payer Conversion rate was 4.3%, slightly above the estimated 4% [4] - Monthly Active Users (MAUs) reached 31.8 million, surpassing the average estimate of 29.4 million [4] - Daily Active Users (DAUs) were reported at 9 million, exceeding the estimated 8.36 million [4] - Average Revenue Per Daily Active User (ARPDAU) was $0.87, below the estimated $0.91 [4]