FuboTV Inc. (NYSE: FUBO), the leading sports-first live TV
streaming platform, today announced its financial results for the
first quarter ended March 31, 2023. Fubo’s North American streaming
business exceeded guidance, posting double digit year-over-year
(YoY) growth in total revenue ($316.5 million, up 34% YoY) and paid
subscribers (1.285 million, up 22% YoY). The company is also
raising full year subscriber guidance to 1.550 million-1.570
million subscribers (representing 8% YoY growth at the midpoint)
and total revenue guidance to $1.235 billion-$1.265 billion
(representing 27% YoY growth at the midpoint) in North America.
The company delivered ad revenue of $22.5 million in the
quarter, remaining flat YoY against continued pressure on the
advertising market. Fubo expects a reacceleration of growth in the
second quarter.
Fubo’s Rest of World (ROW) streaming business also posted double
digit growth in total revenue ($7.8 million, up 41% YoY) and paid
subscribers (379,000, up 24% YoY) during the first quarter. ROW
includes the results of Molotov, the French live TV streaming
service acquired by Fubo in December 2021.
The first quarter also marked a substantial YoY improvement in
Fubo’s cash usage, Net Loss and Adjusted EBITDA (AEBITDA)1 due to
the company's continued focus on unit economics, cost controls and
path to profitability. Fubo also further strengthened its balance
sheet and liquidity position, ending the quarter with $364.8
million in cash, cash equivalents and restricted cash.
Fubo believes that its current cash balance is sufficient to
achieve positive cash flow in 2025 based on its current operating
plan. The company has no further plans to utilize the at-the-market
(ATM) program based on its current outlook.
In the coming months, Fubo will be sharing details of its global
product vision with AI as its centerpiece. The company’s
proprietary tech stack has enabled it to continuously evolve live
TV streaming: Fubo was the first virtual MVPD to launch 4K
streaming (2018) and MultiView (2020) - both years ahead of its
peers. With the 2021 acquisition of AI and computer vision company
Edisn.ai, Fubo is aiming to build a completely new way for
consumers to engage with and watch live TV.
Complete first quarter 2023 results are detailed in Fubo’s
shareholder letter available on the company’s IR site.
“We are pleased with Fubo’s execution to start 2023 - beating
expectations across our KPIs - and our increased North America
guidance for the year reflects our confidence in our continued
leadership in streaming,” said David Gandler, co-founder and CEO,
Fubo. “In addition, we remain confident in our path to generate
positive cash flow in 2025. While the macro uncertainty continues,
the second quarter has started well, with customer engagement
ongoing and advertising accelerating sequentially. We look forward
to keeping shareholders updated on our progress in the quarters to
come.”
“Fubo’s strong first quarter results mark continued traction
towards our 2025 profitability targets,” said Edgar Bronfman Jr.,
executive chairman, Fubo. “We meaningfully exceeded the midpoint of
our first quarter subscriber growth and revenue guidance in North
America by 135,000 subscribers and $19 million respectively.
Considerable progress was also made toward our goal of becoming
cash flow and Adjusted EBITDA (AEBITDA) positive. We are confident
that our current cash balance is sufficient to achieve positive
cash flow in 2025 based on our current operating plan. Accordingly,
we have no further plans to utilize the at-the-market (ATM) program
based on our current outlook.”
Live Webcast
Gandler and CFO John Janedis will host a live conference call
today at 8:30 a.m. ET to deliver brief remarks followed by Q&A.
The live webcast will be available on the Events page of Fubo’s
investor relations website. An archived replay will be available on
Fubo’s website following the call. Participants should join the
call 10 minutes in advance to ensure that they are connected prior
to the event.
About Fubo
With a mission to build the world’s leading global live TV
streaming platform with the greatest breadth of premium content and
interactivity, FuboTV Inc. (NYSE: FUBO) aims to transcend the
industry’s current TV model. The company operates Fubo in the U.S.,
Canada and Spain and Molotov in France.
In the U.S., Fubo is a sports-first cable TV replacement product
that aggregates more than 175 live sports, news and entertainment
networks and is the only live TV streaming platform with every
Nielsen-rated sports channel (source: Nielsen Total Viewers, 2022).
Leveraging Fubo’s proprietary data and technology platform
optimized for live TV and sports viewership, subscribers can engage
with the content they are watching through interactive product
features like FanView, an in-video experience showcasing live game,
team and player stats and scores in real time. Fubo was also the
first virtual MVPD to enable simultaneous viewing of up to four
live channels (Multiview on Apple TV) as well the first to stream
in 4K HDR.
Ranked #1 in Customer Satisfaction among Live TV Streaming
Providers by J.D. Power (2022), Fubo has been called “a force in
sports streaming” by Forbes, “the best streaming service for sports
aficionados” by Tom’s Guide and was heralded by CNET for its “ease
of use.” Learn more at https://fubo.tv
Basis of Presentation – Continuing
Operations
In connection with the dissolution of Fubo Gaming, Inc. and
termination of Fubo Sportsbook in October 2022, the assets and
liabilities and the operations of our former wagering reportable
segment have been presented as discontinued operations in our
consolidated financial statements. With respect to our continuing
operations, we operate as a single reportable segment. Financial
information presented in this release reflects Fubo’s results on a
continuing operations basis, which excludes our former wagering
reportable segment. Prior periods have been recast to conform to
this presentation.
Key Performance Metrics and Non-GAAP
Measures
Paid Subscribers We believe the number of paid
subscribers is a relevant measure to gauge the size of our user
base. Paid subscribers is defined as total subscribers that have
completed registration with Fubo, have activated a payment method
(only reflects one paying user per plan), from which Fubo has
collected payment from in the month ending the relevant period.
Users who are on a free (trial) period are not included in this
metric.
Adjusted EBITDA Adjusted EBITDA is a non-GAAP measure
defined as Net Loss from Continuing Operations, adjusted for
depreciation and amortization, stock-based compensation, income tax
benefit, other expenses, and one-time non-cash expenses.
Reconciliation of Non-GAAP Financial
Measures
Certain measures used in this release, including Adjusted
EBITDA, are non-GAAP financial measures. We believe these are
useful financial measures for investors as they are supplemental
measures used by management in evaluating our core operating
performance. Our non-GAAP financial measures have limitations as
analytical tools and you should not consider them in isolation or
as a substitute for an analysis of our results under GAAP. There
are a number of limitations related to the use of these non-GAAP
financial measures versus their nearest GAAP equivalents. First,
these non-GAAP financial measures are not a substitute for GAAP
financial measures. Second, these non-GAAP financial measures may
not provide information directly comparable to measures provided by
other companies in our industry, as those other companies may
calculate their non-GAAP financial measures differently.
The following table includes a reconciliation of the non-GAAP
financial measures used in this press release to their most
directly comparable GAAP financial measure.
fuboTV Inc.
Reconciliation of Net Loss from
Continuing Operations to Non-GAAP Adjusted EBITDA
(in thousands)
Year-over-Year Comparison
Three Months Ended
March 31, 2023
March 31, 2022
As-Reported
As-Reported
Reconciliation of Net Loss from
Continuing Operations to Adjusted EBITDA
Net loss from continuing
operations
$ (83,368)
$ (128,363)
Depreciation and amortization
8,842
11,356
Stock-based Compensation
13,688
17,427
Non-GAAP one-time non-cash operating
expenses
-
(1,162)
Other expense
2,022
5,809
Income tax benefit
(114)
(403)
Adjusted EBITDA
(58,930)
(95,336)
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking statements of FuboTV
Inc. (“Fubo”) that involve substantial risks and uncertainties. All
statements contained in this press release that do not relate to
matters of historical fact are forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995, including statements regarding our business strategy and
plans, market opportunity, our financial condition, our anticipated
financial performance, our anticipated cash requirements,
statements regarding our intent not to use our at-the-market
program and our expectations regarding profitability and becoming
cash flow positive in 2025. The words “could,” “will,” “plan,”
“intend,” “anticipate,” “approximate,” “expect,” “potential,”
“believe” or the negative of these terms or other similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Actual results or events could differ materially
from the plans, intentions and expectations disclosed in the
forward-looking statements that Fubo makes due to a number of
important factors, including but not limited to the following: our
ability to achieve or maintain profitability; risks related to our
access to capital and fundraising prospects to fund our financial
operations and support our planned business growth; our revenue and
gross profit are subject to seasonality; our operating results may
fluctuate; our ability to effectively manage our growth; our
ability to attract and retain subscribers; obligations imposed on
us through our agreements with certain distribution partners; we
may not be able to license streaming content or other rights on
acceptable terms; the restrictions imposed by content providers on
our distribution and marketing of our products and services; our
reliance on third party platforms to operate certain aspects of our
business; risks related to our reporting obligations; risks related
to the difficulty in measuring key metrics related to our business;
risks related to preparing and forecasting our financial results;
risks related to the highly competitive nature of our industry;
risks related to our technology, as well as cybersecurity and data
privacy-related risks; risks related to ongoing or future legal
proceedings; and other risks, including the effects of industry,
market, economic, political or regulatory conditions, future
exchange and interest rates, and changes in tax and other laws,
regulations, rates and policies. Further risks that could cause
actual results to differ materially from those matters expressed in
or implied by such forward-looking statements are discussed in our
Annual Report on Form 10-K for the year ended December 31, 2022
filed with the Securities and Exchange Commission (“SEC”), our
Quarterly Report on Form 10-Q for the quarterly period ended March
31, 2023 to be filed with the SEC, and our other periodic filings
with the SEC. We encourage you to read such risks in detail. The
forward-looking statements in this press release represent Fubo’s
views as of the date of this press release. Fubo anticipates that
subsequent events and developments will cause its views to change.
However, while it may elect to update these forward-looking
statements at some point in the future, it specifically disclaims
any obligation to do so. You should, therefore, not rely on these
forward-looking statements as representing Fubo’s views as of any
date subsequent to the date of this press release.
________________________ 1 See “Basis of Presentation –
Continuing Operations” below for further detail.
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version on businesswire.com: https://www.businesswire.com/news/home/20230505005034/en/
Investor Contacts
Alison Sternberg, Fubo asternberg@fubo.tv
JCIR for Fubo ir@fubo.tv
Media Contacts
Jennifer L. Press, Fubo jpress@fubo.tv
Bianca Illion, Fubo billion@fubo.tv
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