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  "documentTitle": "DraftKings | Investor Day Presentation Deck | 50 slides",
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  "presentationDate": "2022-03-01 00:00:00",
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  "notes": "Includes specific footnotes defining revenue retention and margin assumptions.",
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      "text": "Cohort Payback Period of n -> Cumulative Cohort Gross Profit After n Years - Cohort Acquisition Spend = Zero",
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      "text": "(1) Year 1 gross margin approximately 35%. (2) For cohorts with less than one year of data, Year 2 Net Revenue defined as Year 1 Net Revenue * Year 1 to Year 2 Revenue Retention Rate. (3) Year 2 gross margin approximately 45%. (4) For cohorts with less than two years of data, Year 3 Net Revenue defined as Year 2 Net Revenue * Year 2 to Year 3 Revenue Retention Rate. (5) Year 3 gross margin approximately 50%.",
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