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Segment Information
3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment Information Segment InformationThe Company operates its business and reports its results through two operating and reportable segments: B2C and B2B, in accordance with ASC Topic 280, Segment Reporting. The B2C segment provides users with DFS, Sportsbook and iGaming products, as well as media and other online consumer products. The B2B segment is involved in the design, development and
licensing of sports betting and casino gaming software for its Sportsbook and casino gaming products, which is primarily comprised of SBTech.

Operating segments are components of the Company for which separate discrete financial information is available to and evaluated regularly by the chief operating decision maker (“CODM”), who is the Company’s Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The CODM assesses a combination of metrics such as revenue and Adjusted EBITDA to evaluate the performance of each operating and reportable segment.

Any intercompany revenues or expenses are eliminated in consolidation. All of the Company’s operating revenues and expenses, other than those excluded from Adjusted EBITDA as detailed below, are allocated to the Company’s reportable segments. We define and calculate Adjusted EBITDA as net loss before the impact of interest income or expense, income tax expense and depreciation and amortization, and further adjusted for the following items: stock-based compensation, transaction-related costs, litigation, settlement and related costs and certain other non-recurring, non-cash and non-core items, as described in the reconciliation below.
A measure of segment assets and liabilities has not been currently provided to the Company’s CODM and therefore is not shown below.
Summarized financial information for the Company’s segments is shown in the following table:
Three months ended March 31,
20222021
Revenue:
B2C$403,710 $280,847 
B2B13,495 31,429 
Total revenue417,205 312,276 
Adjusted EBITDA:
B2C(269,171)(141,355)
B2B(20,338)2,093 
Total adjusted EBITDA(289,509)(139,262)
Adjusted for:
Depreciation and amortization32,225 28,193 
Interest income, net(148)(985)
Income tax provision (benefit)469 (4,595)
Stock-based compensation187,077 151,843 
Transaction-related costs3,774 3,023 
Litigation, settlement and related costs1,950 622 
(Gain) loss on remeasurement of warrant liabilities(12,681)26,980 
Other non-recurring costs and non-operating (income) costs(34,482)2,001 
Net loss attributable to common shareholders$(467,693)$(346,344)