For DraftKings Inc., 2022 was one other banner 12 months — not less than it was for the net sports activities betting and digital sports activities leisure firm’s three co-founders, if not for traders.
The Boston-based firm reported $1.38 billion in losses in 2022, narrower than the $1.52 billion it misplaced the 12 months earlier than, whereas income grew 73% to $2.24 billion.
The inventory
DKNG,
plunged 58.5% in 2022, in contrast with the S&P 500’s
SPX,
19.4% decline. And in 2021, the inventory tumbled 41%. So far this 12 months, it has bounced $6.42, or 56.4%, to recuperate about 40% of the $16.08 it misplaced final 12 months and about 18% of the $35.17 it misplaced over the previous two years.
The firm’s 2022 proxy assertion, filed with the Securities and Exchange Commission late Friday, included particulars of govt compensation.
Co-founder and Chief Executive Jason Robins’s whole compensation in 2022 was $47.47 million, up 238% from the $14.03 million he acquired in 2021. In 2020, which was the 12 months DraftKings went public, Robins’s whole compensation was $236.83 million.
Robins’s wage was lower to $1 in 2002, from $112,500 in 2021, however the worth of his inventory awards, which embrace performance-based restricted inventory models (PSUs), jumped to $43.74 million from $11.3 million.
Under “all other compensation,” the assertion exhibits that Robins acquired $2.3 million in 2022, in contrast with $666,650 in 2021. For 2022, that class included $131,607 for Super Bowl bills, which represented “the purchase of game-day tickets, special events, travel and accommodations for Mr. Robins’ family members during the week’s activities.”
The class additionally included $968,990 in safety prices, $975,191 in airplane prices, $15,000 for tax planning, $202,502 for tax reimbursements acquired, partly in reference to advantages and conditions included below Super Bowl bills, and $9,150 for a 401(ok) match.
To put Robins’ whole compensation in perspective, median compensation for DraftKings staff in 2022 was $111,236, pushing the CEO pay ratio to 427:1, up from 137:1 in 2021.
Mathew Kalish, co-founder and president of DraftKings North America, noticed his whole 2022 compensation rise 257.5% from a 12 months in the past, to $40.86 million, from $11.43 million in 2022.
Kalish’s wage was additionally lower to $1, from $73,558 in 2021, whereas his inventory awards jumped to $39.98 million from $10.27 million. His “all other compensation” class didn’t embrace any Super Bowl bills, safety prices or airplane prices.
And Paul Liberman, the third co-founder and the corporate’s president of worldwide expertise and merchandise, acquired 2022 whole compensation of $40.92 million, up 258% from $11.43 million in 2021.
Liberman additionally took a wage lower to $1, from $73,558, however his inventory awards rose to $39.98 million from $10.72 million.
For Liberman, the “all other compensation” class grew to $155,751 from $23,700 in 2021. It didn’t embrace any Super Bowl bills however did embrace $39,759 for tax reimbursement, $34,342 for airplane prices and $57,500 for reimbursements for submitting charges and preparation bills in reference to filings made below the Hart-Scott-Rodino Act of 1976.
The whole compensation for the three co-founders was $129.25 million, up 250% from $36.89 million the 12 months earlier than.
Also listed in DraftKings’ 2022 abstract compensation desk, Chief Legal Officer Stanton Dodge’s whole compensation rose to $14.58 million from $6.44 million in 2021, whereas Chief Financial Officer Jason Park’s elevated to $14.87 million from $6.43 million the earlier 12 months.
Source web site: www.marketwatch.com
