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0001484769
fuboTV Inc. /FL
0001484769
2025-02-28
2025-02-28
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date
of report (Date of earliest event reported): February 28, 2025
FUBOTV
INC.
(Exact
name of registrant as specified in its charter)
| Florida |
|
001-39590 |
|
26-4330545 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
Number) |
1290
Avenue of the Americas
New York, NY 10104
(Address
of principal executive offices) (Zip Code)
(212)
672-0055
(Registrant’s
telephone number, including area code)
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☒ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock,
par value $0.0001 per share |
|
FUBO |
|
New
York Stock Exchange |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On
February 28, 2025, fuboTV Inc. announced its financial results for the quarter and fiscal year ended December 31, 2024. The full text
of the shareholder letter and press release issued in connection with the announcement are attached as Exhibits 99.1 and 99.2, respectively,
to this Current Report on Form 8-K.
The
information in this Item 2.02, including the information contained in Exhibits 99.1 and 99.2 of this Current Report on Form 8-K, shall
not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing
under the Exchange Act or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
The
following exhibits relating to Item 2.02 shall be deemed to be furnished, and not filed:
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| |
FUBOTV
INC. |
| |
|
|
| Date:
February 28, 2025 |
By: |
/s/
David Gandler |
| |
|
David
Gandler |
| |
|
Chief
Executive Officer |
Exhibit
99.1
February
28, 2025
Fellow
Shareholders:
Our
fourth quarter and full year 2024 results reflect our company’s high-quality execution, resilience amidst industry transformation,
and steadfast commitment to the consumer. We enter 2025 with pride in our results, meaningful improvements across nearly every aspect
of our business, and excitement about our momentum.
In
2024, we delivered North America revenue of $1.588 billion and subscribers of 1.676 million, both record-breaking metrics for our company,
representing 19% and 4% year-over-year growth, respectively. Notably, on a full-year basis, we achieved year-over-year improvements in
both Net Loss and Adjusted EBITDA of $115 million, Net cash provided by operating activities of $97 million, and Free Cash Flow of $104
million. This means we have improved Adjusted EBITDA and Free Cash Flow by over $100 million each year for the past two years, a significant
achievement by the company.
A
key priority remains providing users with an exceptional experience characterized by quality, innovation, compelling content, and ease
of use, and in 2024, we made strategic investments to support these goals. These investments have already started to yield results, and
we believe they will continue to deliver significant value for all our stakeholders. For example, through our investments in product,
infrastructure, and streaming quality we drove North America viewership to over 1.7 billion hours in 2024, our highest year yet. Furthermore,
according to Comscore, Fubo ranks among the U.S.’s top 10 most-watched video services in 2024, alongside Spectrum TV, ESPN and
Netflix. 2024 marked the first time Fubo appeared in the top 10, ranking above 40 other video services including Pluto, Amazon Prime
Video and Tubi1.
We
are also thrilled with the agreement signed earlier this year with The Walt Disney Company to combine Hulu + Live TV with Fubo. We believe
this is a game-changing opportunity to establish a leading streaming company that prioritizes consumer choice, flexible packages, and
a cutting-edge experience. We will continue to provide periodic updates as the transaction progresses. In addition, we entered into new
carriage agreements that will allow Fubo to create a new Sports & Broadcasting service tailored to sports fans, which we are excited
to bring to market by the fall 2025 sports season.
1Source:
Comscore CTV Intelligence, January 2023 – December 2024, U.S.
| |  |
| | 1 |
Note:
Except as otherwise indicated, financial information presented and discussed in this letter reflects Fubo’s results on a continuing
operations basis, which excludes our former wagering reportable segment. See “Basis of Presentation – Continuing Operations”
below for further detail.
Summary
Financials ($
in millions) Global | |
4Q23 | | |
1Q24 | | |
2Q24 | | |
3Q24 | | |
4Q24 | |
| Revenue | |
$ | 410.2 | | |
$ | 402.3 | | |
$ | 391.0 | | |
$ | 386.2 | | |
$ | 443.3 | |
| Year-over-Year
% | |
| +28.5% | | |
| +24.0% | | |
| +25.0% | | |
| +20.3% | | |
| +8.1% | |
| Total
Operating Expenses | |
$ | 482.3 | | |
$ | 465.7 | | |
$ | 426.6 | | |
$ | 444.8 | | |
$ | 481.7 | |
| Year-over-Year
% | |
| +16.7% | | |
| +14.7% | | |
| +16.8% | | |
| +10.0% | | |
| -0.1 | % |
| Net
Loss | |
| -$71.0 | | |
| -$56.3 | | |
| -$25.8 | | |
| -$54.7 | | |
| -$40.9 | |
| Year-over-Year
(Abs.) | |
| +$24.9 | | |
| +$27.0 | | |
| +$28.4 | | |
| +$29.8 | | |
| +$30.1 | |
| Adjusted
EBITDA | |
| -$50.1 | | |
| -$38.8 | | |
| -$11.0 | | |
| -$27.6 | | |
| -$8.7 | |
| Year-over-Year
(Abs.) | |
| +$25.3 | | |
| +$20.1 | | |
| +$19.6 | | |
| +$33.8 | | |
| +$41.4 | |
| Free
Cash Flow | |
| -$5.9 | | |
| -$71.3 | | |
| -$35.3 | | |
| -$1.1 | | |
$ | 16.3 | |
| Year-over-Year
(Abs.) | |
| +$14.7 | | |
| +$9.7 | | |
| +$40.5 | | |
| +$31.3 | | |
| +$22.1 | |
| North
America (NA) | |
4Q23 | | |
1Q24 | | |
2Q24 | | |
3Q24 | | |
4Q24 | |
| Subscribers
(thousands) | |
| 1,618 | | |
| 1,511 | | |
| 1,450 | | |
| 1,613 | | |
| 1,676 | |
| Year-over-Year
% | |
| +11.9% | | |
| +17.6% | | |
| +24.2% | | |
| +9.2% | | |
| +3.6% | |
| Revenue
($ in millions) | |
$ | 401.8 | | |
$ | 394.0 | | |
$ | 382.7 | | |
$ | 377.3 | | |
$ | 433.8 | |
| Year-over-Year
% | |
| +28.7% | | |
| +24.5% | | |
| +25.6% | | |
| +20.7% | | |
| +8.0% | |
| ARPU | |
$ | 86.65 | | |
$ | 84.54 | | |
$ | 85.69 | | |
$ | 85.64 | | |
$ | 87.90 | |
| Rest
of World (ROW) | |
4Q23 | | |
1Q24 | | |
2Q24 | | |
3Q24 | | |
4Q24 | |
| Subscribers
(thousands) | |
| 406 | | |
| 397 | | |
| 399 | | |
| 378 | | |
| 362 | |
| Year-over-Year
% | |
| -3.2 | % | |
| +4.9% | | |
| +1.3% | | |
| -8.1 | % | |
| -10.9 | % |
| Revenue
($ in millions) | |
$ | 8.4 | | |
$ | 8.4 | | |
$ | 8.3 | | |
$ | 8.9 | | |
$ | 9.4 | |
| Year-over-Year
% | |
| +17.5% | | |
| +7.2% | | |
| +1.8% | | |
| +6.0% | | |
| +12.1% | |
| ARPU | |
$ | 6.81 | | |
$ | 7.00 | | |
$ | 7.02 | | |
$ | 7.50 | | |
$ | 8.50 | |
1Q25
Guidance
| Guidance
(NA) |
| 1Q25 |
| Revenue
($ in millions) |
| |
$400-$410 |
| Subscribers
(thousands) |
| |
1,430-1,460 |
| Guidance
(ROW) |
| 1Q25 |
| Revenue
($ in millions) |
| |
$7.5-$8.5 |
| Subscribers
(thousands) |
| |
330-340 |
| | |
| | 2 |
4Q24
Financial Results
Net
Loss from continuing operations in 4Q24 was $40.9 million, leading to an earnings per share (EPS) loss of $0.11. This compares favorably
to a Net Loss from continuing operations of $71 million, or an EPS loss of $0.24, in 4Q23. Adjusted EPS loss in 4Q24 was $0.02, compared
to an adjusted EPS loss of $0.18 in 4Q23. Adjusted EPS excludes the impact of stock-based compensation, amortization of intangibles,
impairment of other assets, gain on extinguishment of debt and amortization of debt premium (discount), net, and certain litigation and
transaction expenses.
In
4Q24 Adjusted EBITDA was -$8.7 million, a $41.4 million improvement when compared to 4Q23, reflecting our continued focus on efficient
growth, cost control, and our profitability objectives.
Cash
Flow and Capital Structure
Net
cash provided by operating activities in 4Q24 was $20.9 million, a $20.9 million improvement compared to 4Q23, and Free Cash Flow in
4Q24 was $16.3 million, an improvement of $22.1 million compared to 4Q23. These improvements, as well as our improvement in Adjusted
EBITDA, were the result of operating leverage and various efficiencies throughout the business.
| | |
| | 3 |
We
ended the quarter with 339,144,854 shares of common stock issued and outstanding.
North
America Advertising
Fubo
delivered North America ad revenue of $33.9 million for 4Q24 and $114 million for FY24.
Our
direct advertising sales business was solid, up double-digits on a year-over-year basis. Additionally, approximately 13% of FY 2024 ad
revenue was the result of new business generation, demonstrating our team’s increased coverage of the marketplace on a direct sales
basis. Categories representing the most growth in 2024 included political, retail/e-commerce, health services, home & garden, technology,
and automotive.
In
the fourth quarter, we expanded our suite of ad formats giving brands personalized and dynamic experiences to further drive audience
ad engagement. These included transactional and gamified ad formats as well as rotating carousels and creative tailored to regional geo-locations.
The addition of these formats is part of Fubo’s ongoing commitment to ad innovation and our overall strategy to connect, interact
with and convert premium audiences.
North
America Content
We
continue to focus on Super Aggregation to create choice through multiple and flexible content options that meet consumers at every point
on the demand curve.
| | |
| | 4 |
During
the quarter, we launched additional standalone subscriptions that can be purchased without a base channel plan or can be added to an
existing subscription. These included Hallmark+, the largest streaming catalog of original Hallmark
Christmas movies, which we launched ahead of the holiday season. Last week, we expanded this strategy to include multicultural bundles
intended to serve U.S. customers with international programming in multiple languages. We plan to launch additional bundles in the future.
Additionally,
we launched NBCUniversal’s FAST channels in the U.S. and Canada, bringing sports, news and the brand’s iconic entertainment
programming to subscribers of our English and Spanish language channel plans. Other content launches during the quarter included the
Chicago Sports Network (CHSN), further increasing our local sports coverage, and FAST channels from Lionsgate, bolstering our entertainment
portfolio.
North
America Growth and Distribution
Fubo
Sports, our owned and operated FAST channel launched in 2019, closed FY 2024 profitable for the first time, and 4Q24 was the network’s
second consecutive profitable quarter. The network carried exclusive live sporting events, including UEFA and BareKnuckle Fighting Championship
(BKFC), and an original series from Matthew Berry’s Fantasy Life.
More
recently, we expanded Fubo Sports’ distribution to more than 100 over-the-air (OTA) stations across the U.S. This move provides
additional reach and corresponding revenue for Fubo Sports as well as visibility for the Fubo brand. Fubo Sports continues to operate
as a FAST channel on Fubo and through most major FAST platforms.
Product
and Technology
In
2024, we continued to make great strides in developing our platform. For example, the expansion of our popular Multiview feature, the
only user-configurated multiviewing product by a vMVPD, to Roku allows us to super-serve sports fans on more devices. Additionally, we
leveraged our proprietary AI technology to increase search and personalization capabilities at scale. Also during the year we introduced
Fubo Free Tier, which offers FAST channels and select UEFA games, keeping users on a paused subscription engaged while increasing upsell
and reactivation pathways. Fubo was named the first Official Live TV Streaming Partner of The Athletic, aiming to enhance the user experience
through joint product development and marketing initiatives.
Looking
ahead, our focus remains on delivering our users an enhanced and frictionless product experience rooted in personalization.
Guidance
North
America
Our
1Q 2025 subscriber guidance projects 1,430,000 to 1,460,000 subscribers, representing a 4% year-over-year decline at the midpoint. Our
1Q 2025 revenue guidance projects $400 million to $410 million, representing 3% year-over-year growth at the midpoint. This outlook reflects
the potential subscriber impact of our recent non-renewal with TelevisaUnivision. Fubo remains focused on providing our subscribers with
the most compelling content viewing options while also advancing profitability objectives.
| | |
| | 5 |
Rest
of World
Our
1Q 2025 subscriber guidance projects 330,000 to 340,000 subscribers, representing a 16% year-over-year decline at the midpoint. Our 1Q
2025 revenue guidance projects $7.5 million to $8.5 million, representing a 5% year-over-year decline at the midpoint.
Conclusion
2024
was another solid year for the company highlighted by record achievements on the top and bottom lines, demonstrating further progress
towards our 2025 profitability goal. We look forward to what we hope will be a transformative future for the streaming industry and for
our business, leveraging the many opportunities in front of us to fulfill our mission of building an innovative and unparalleled streaming
experience that offers value and choice.
Sincerely,
| David
Gandler, co-founder and CEO |
Edgar
Bronfman Jr., executive chairman |
4Q24
Earnings Live Conference Call
Fubo
CEO, David 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 & Presentations 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 prior to ensure that
they are connected prior to the event.
More
Information
We
encourage you to read our full set of financial statements and SEC filings, and to sign up for email alerts, on the investor relations
section of our website at ir.fubo.tv.
Additional
information is available at www.sec.gov under FuboTV Inc.’s filings, as well as https://ir.fubo.tv.
Fubo
intends to use its website as a disclosure channel and investors are encouraged to refer to it, as well as press releases and SEC filings.
The company encourages reading the full set of financial statements and related disclosures in its Annual Report on Form 10-K for the
year ended December 31, 2024 that will be filed with the SEC.
About
Fubo
With
a global mission to aggregate the best in TV, including premium sports, news and entertainment content, through a single app, FuboTV
Inc. (d/b/a Fubo) (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 400 live sports, news and entertainment networks
and is the only live TV streaming platform with every English-language Nielsen-rated sports channel (source: Nielsen Total Viewers, 2024).
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 an intuitive and personalized streaming experience. Fubo has continuously pushed the boundaries
of live TV streaming. It was the first virtual MVPD to launch 4K streaming and MultiView, which it did years ahead of its peers, as well
as Instant Headlines, a first-of-its-kind AI feature that generates contextual news topics as they are reported live on air.
Learn
more at https://fubo.tv
| | |
| | 6 |
Forward-Looking
Statements
This
letter contains forward-looking statements of FuboTV Inc. (“Fubo”) that involve substantial risks and uncertainties. All
statements contained in this letter 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, including programming
and content partnerships, our pending business combination with Hulu + Live TV (the “Transactions”), potential benefits of
our strategic investments, expectations regarding innovation, growth, and macroeconomic, industry, advertising and consumer trends, planned
product offerings, and our financial condition and our anticipated financial performance, including quarterly guidance. 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; risks related to the Transactions;
the long-term nature of our content commitments; our ability to renew our long-term content contracts on sufficiently favorable terms;
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 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 Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024
filed with the Securities and Exchange Commission (“SEC”), our Annual Report on Form 10-K for the year ended December 31,
2024 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 letter represent Fubo’s views as of the date of this letter. 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 letter.
Additional
Information and Where to Find It
This
letter and the information contained herein shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell
any securities or a solicitation of any proxy, vote or approval, nor shall there be any issuance or sale of securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such
jurisdiction. The Transactions will be submitted to the shareholders of Fubo for their consideration and approval at a special meeting.
In connection with the Transactions, Fubo intends to file a preliminary proxy statement with the SEC. Once the SEC completes its review
of the preliminary proxy statement, a definitive proxy statement and a form of proxy will be filed with the SEC and mailed or otherwise
furnished to the shareholders of Fubo. Before making any voting decision, Fubo shareholders are urged to read the proxy statement in
its entirety, when it becomes available, and any other documents to be filed with the SEC in connection with the Transactions or incorporated
by reference in the proxy statement (including any amendments or supplements to these documents), if any, because they will contain important
information about the Transactions and the parties to the Transactions. This communication is not a substitute for the proxy statement
or any other document that may be filed by Fubo with the SEC or sent to its shareholders in connection with the Transactions.
Fubo
investors and shareholders may obtain a free copy of the proxy statement and documents filed by Fubo with the SEC at the SEC’s
website at www.sec.gov. In addition, Fubo investors and shareholders may obtain a free copy of Fubo’s filings with the SEC from
Fubo’s website at ir.fubo.tv or by directing a request by mail to Fubo, 1290 Avenue of the Americas, New York, NY 10104, or telephone
to (212) 672-0055.
Participants
in the Solicitation
The
Company and its directors and executive officers and other members of management and employees may, under the rules of the SEC, be deemed
to be participants in the solicitation of proxies from the shareholders of the Company in respect of the Transactions. Information regarding
Fubo’s directors and executive officers is contained in the definitive proxy statement on Schedule 14A for Fubo’s 2024 annual
meeting of shareholders (the “2024 Proxy Statement”), filed with the SEC on April 26, 2024. Additional information regarding
the persons who are, under the rules of the SEC, participants in the solicitation of the shareholders of Fubo in connection with the
Transactions, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in
the proxy statement for Fubo’s special meeting of shareholders in connection with the Transactions when it is filed with the SEC,
free copies of which may be obtained as described in the preceding paragraph. To the extent holdings of Fubo’s securities by Fubo’s
directors and executive officers change from the amounts set forth in the 2024 Proxy Statement, such changes have been or will be reflected
on Statements of Changes of Beneficial Ownership of Securities on Form 4 filed with the SEC. Fubo investors and shareholders may obtain
free copies of these filings from the SEC’s website at www.sec.gov or from Fubo’s website at ir.fubo.tv.
(FuboTV
Inc. Financial Statements begin on the following pages)
| | |
| | 7 |
fuboTV
Inc.
Condensed
Consolidated Statements of Operations and Comprehensive Loss
(in
thousands, except share and per share amounts)
| | |
For
the Three Months Ended | | |
For
the Years Ended | |
| | |
December
31, | | |
December
31, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
Unaudited | | |
Unaudited | | |
Audited | | |
Audited | |
| Revenues | |
| | | |
| | | |
| | | |
| | |
| Subscription | |
$ | 406,876 | | |
$ | 370,087 | | |
$ | 1,500,101 | | |
$ | 1,249,579 | |
| Advertising | |
| 34,392 | | |
| 38,987 | | |
| 115,200 | | |
| 115,370 | |
| Other | |
| 2,009 | | |
| 1,107 | | |
| 7,495 | | |
| 3,276 | |
| Total
revenues | |
| 443,277 | | |
| 410,181 | | |
| 1,622,796 | | |
| 1,368,225 | |
| Operating
expenses | |
| | | |
| | | |
| | | |
| | |
| Subscriber
related expenses | |
| 356,650 | | |
| 354,854 | | |
| 1,361,011 | | |
| 1,213,253 | |
| Broadcasting
and transmission | |
| 13,811 | | |
| 15,546 | | |
| 57,874 | | |
| 68,824 | |
| Sales
and marketing | |
| 68,200 | | |
| 69,786 | | |
| 202,489 | | |
| 207,045 | |
| Technology
and development | |
| 19,433 | | |
| 14,164 | | |
| 80,009 | | |
| 67,675 | |
| General
and administrative | |
| 9,819 | | |
| 18,286 | | |
| 75,073 | | |
| 64,282 | |
| Depreciation
and amortization | |
| 9,952 | | |
| 9,638 | | |
| 38,548 | | |
| 36,496 | |
| Impairment
of other assets | |
| 3,813 | | |
| - | | |
| 3,813 | | |
| - | |
| Total
operating expenses | |
| 481,678 | | |
| 482,274 | | |
| 1,818,817 | | |
| 1,657,575 | |
| Operating
loss | |
| (38,401 | ) | |
| (72,093 | ) | |
| (196,021 | ) | |
| (289,350 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Other
income (expense) | |
| | | |
| | | |
| | | |
| | |
| Interest
expense | |
| (4,756 | ) | |
| (3,457 | ) | |
| (20,852 | ) | |
| (13,712 | ) |
| Interest
income | |
| 1,406 | | |
| 2,908 | | |
| 7,157 | | |
| 10,971 | |
| Amortization
of debt premium (discount), net | |
| 355 | | |
| (656 | ) | |
| 1,224 | | |
| (2,574 | ) |
| Gain
on extinguishment of debt | |
| - | | |
| 1,607 | | |
| 29,513 | | |
| 1,607 | |
| Other
income (expense) | |
| 716 | | |
| 252 | | |
| 1,860 | | |
| (923 | ) |
| Total
other income (expense) | |
| (2,279 | ) | |
| 654 | | |
| 18,902 | | |
| (4,631 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Loss
from continuing operations before income taxes | |
| (40,680 | ) | |
| (71,439 | ) | |
| (177,119 | ) | |
| (293,981 | ) |
| Income
tax (provision) benefit | |
| (252 | ) | |
| 397 | | |
| (659 | ) | |
| 879 | |
| Net
loss from continuing operations | |
| (40,932 | ) | |
| (71,042 | ) | |
| (177,778 | ) | |
| (293,102 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Discontinued
operations | |
| | | |
| | | |
| | | |
| | |
| Net
income from discontinued operations before income taxes | |
| - | | |
| 515 | | |
| 1,687 | | |
| 5,185 | |
| Net
income from discontinued operations | |
| - | | |
| 515 | | |
| 1,687 | | |
| 5,185 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net
loss | |
| (40,932 | ) | |
| (70,527 | ) | |
| (176,091 | ) | |
| (287,917 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Less:
Net loss attributable to non-controlling interest | |
| 2,383 | | |
| 437 | | |
| 3,837 | | |
| 463 | |
| Net
loss attributable to common shareholders | |
$ | (38,549 | ) | |
$ | (70,090 | ) | |
$ | (172,254 | ) | |
$ | (287,454 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Other
comprehensive loss | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | |
| Foreign
currency translation adjustment | |
| (9,523 | ) | |
| 3,857 | | |
| (9,088 | ) | |
| 4,822 | |
| Comprehensive
loss attributable to common shareholders | |
$ | (48,072 | ) | |
$ | (66,233 | ) | |
$ | (181,342 | ) | |
$ | (282,632 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net
loss per share attributable to common shareholders | |
| | | |
| | | |
| | | |
| | |
| Basic
and diluted loss per share from continuing operations | |
$ | (0.11 | ) | |
$ | (0.24 | ) | |
$ | (0.54 | ) | |
$ | (1.06 | ) |
| Basic
and diluted income per share from discontinued operations | |
| - | | |
| - | | |
| - | | |
$ | 0.02 | |
| Basic
and diluted net loss per share | |
$ | (0.11 | ) | |
$ | (0.24 | ) | |
$ | (0.54 | ) | |
$ | (1.04 | ) |
| Weighted average
shares outstanding: | |
| | | |
| | | |
| | | |
| | |
| Basic
and diluted | |
| 336,151,610 | | |
| 294,737,521 | | |
| 319,653,763 | | |
| 276,282,572 | |
| | |
| | | |
| | | |
| | | |
| | |
| Stock-based
compensation was allocated as follows: | |
| | | |
| | | |
| | | |
| | |
| Subscriber
related expenses | |
| 86 | | |
| 64 | | |
| 324 | | |
| 211 | |
| Sales
and marketing | |
| 3,917 | | |
| 4,308 | | |
| 17,341 | | |
| 22,886 | |
| Technology
and development | |
| 3,020 | | |
| 3,101 | | |
| 12,208 | | |
| 12,024 | |
| General
and administrative | |
| 2,878 | | |
| 4,291 | | |
| 12,637 | | |
| 16,094 | |
| Total
stock-based compensation | |
| 9,901 | | |
| 11,764 | | |
| 42,510 | | |
| 51,215 | |
| | |
| | 8 |
fuboTV
Inc.
Condensed
Consolidated Balance Sheets
(in
thousands)
| | |
December
31, | | |
December
31, | |
| | |
2024 | | |
2023 | |
| | |
Unaudited | | |
Audited | |
| ASSETS | |
| | | |
| | |
| Cash
and cash equivalents | |
$ | 161,435 | | |
$ | 245,278 | |
| Accounts
receivable, net | |
| 71,078 | | |
| 80,299 | |
| Prepaid
sports rights | |
| 24,821 | | |
| 39,911 | |
| Prepaid
and other current assets | |
| 16,699 | | |
| 20,804 | |
| Assets
of discontinued operations | |
| - | | |
| 462 | |
| Total
current assets | |
| 274,033 | | |
| 386,754 | |
| | |
| | | |
| | |
| Property
and equipment, net | |
| 6,080 | | |
| 4,835 | |
| Restricted
cash | |
| 6,137 | | |
| 6,142 | |
| Intangible
assets, net | |
| 133,703 | | |
| 158,448 | |
| Goodwill | |
| 615,399 | | |
| 622,818 | |
| Right-of-use
assets | |
| 31,837 | | |
| 35,825 | |
| Other
non-current assets | |
| 10,239 | | |
| 17,818 | |
| Total
assets | |
$ | 1,077,428 | | |
$ | 1,232,640 | |
| | |
| | | |
| | |
| LIABILITIES
AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| Current
liabilities | |
| | | |
| | |
| Accounts
payable | |
$ | 67,844 | | |
$ | 74,311 | |
| Accrued
expenses and other current liabilities | |
| 335,967 | | |
| 320,041 | |
| Notes
payable | |
| 7,024 | | |
| 6,323 | |
| Deferred
revenue | |
| 98,421 | | |
| 90,203 | |
| Long-term
borrowings - current portion | |
| 1,042 | | |
| 1,612 | |
| Current
portion of lease liabilities | |
| 5,024 | | |
| 5,247 | |
| Liabilities
of discontinued operations | |
| - | | |
| 19,608 | |
| Total
current liabilities | |
| 515,322 | | |
| 517,345 | |
| | |
| | | |
| | |
| Convertible
notes, net | |
| 332,383 | | |
| 391,748 | |
| Lease
liabilities | |
| 32,951 | | |
| 38,087 | |
| Other
long-term liabilities | |
| 15,990 | | |
| 1,635 | |
| Total
liabilities | |
| 896,646 | | |
| 948,815 | |
| | |
| | | |
| | |
| Shareholders’
equity: | |
| | | |
| | |
| Common
stock par value $0.0001: 1,000,000,000 shares authorized; 339,144,854 and 299,215,160 shares issued and outstanding at December 31,
2024 and December 31, 2023, respectively | |
| 34 | | |
| 30 | |
| Additional
paid-in capital | |
| 2,219,002 | | |
| 2,136,870 | |
| Accumulated
deficit | |
| (2,017,796 | ) | |
| (1,845,542 | ) |
| Non-controlling
interest | |
| (15,588 | ) | |
| (11,751 | ) |
| Accumulated
other comprehensive (loss) income | |
| (4,870 | ) | |
| 4,218 | |
| Total
shareholders’ equity | |
$ | 180,782 | | |
$ | 283,825 | |
| TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
$ | 1,077,428 | | |
$ | 1,232,640 | |
| | |
| | 9 |
fuboTV
Inc.
Condensed
Consolidated Statements of Cash Flows
(in
thousands)
| | |
For
the Twelve Months Ended | |
| | |
December
31, | |
| | |
2024 | | |
2023 | |
| | |
Unaudited | | |
Unaudited | |
| Cash
flows from operating activities | |
| | | |
| | |
| Net
loss | |
$ | (176,091 | ) | |
$ | (287,917 | ) |
| Less:
Net income from discontinued operations, net of tax | |
| 1,687 | | |
| 5,185 | |
| Net
loss from continuing operations | |
| (177,778 | ) | |
| (293,102 | ) |
| Adjustments
to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
| Depreciation
and amortization | |
| 38,548 | | |
| 36,496 | |
| Stock-based
compensation | |
| 42,510 | | |
| 51,215 | |
| Impairment
of other assets | |
| 3,813 | | |
| - | |
| Gain
on extinguishment of debt | |
| (29,513 | ) | |
| (1,607 | ) |
| Amortization
of debt (premium) discount, net | |
| (1,224 | ) | |
| 2,574 | |
| Deferred
income tax provision (benefit) | |
| 218 | | |
| (995 | ) |
| Amortization
of right-of-use assets | |
| 3,988 | | |
| 3,126 | |
| Other
adjustments | |
| 700 | | |
| 695 | |
| Changes
in operating assets and liabilities of business | |
| | | |
| | |
| Accounts
receivable, net | |
| 9,034 | | |
| (36,200 | ) |
| Prepaid
expenses and other assets | |
| 7,649 | | |
| (14,498 | ) |
| Prepaid
sports rights | |
| 15,389 | | |
| (1,525 | ) |
| Accounts
payable | |
| (5,748 | ) | |
| 6,635 | |
| Accrued
expenses and other liabilities | |
| 13,639 | | |
| 52,180 | |
| Deferred
revenue | |
| 8,348 | | |
| 24,774 | |
| Lease
liabilities | |
| (5,200 | ) | |
| (2,813 | ) |
| Net
cash used in operating activities - continuing operations | |
| (75,627 | ) | |
| (173,045 | ) |
| Net
cash used in operating activities - discontinued operations | |
| (3,851 | ) | |
| (4,577 | ) |
| Net
cash used in operating activities | |
| (79,478 | ) | |
| (177,622 | ) |
| | |
| | | |
| | |
| Cash
flows from investing activities | |
| | | |
| | |
| Purchases
of property and equipment | |
| (2,727 | ) | |
| (1,071 | ) |
| Proceeds
from sale of property and equipment | |
| - | | |
| 28 | |
| Capitalization
of internal use software | |
| (11,468 | ) | |
| (17,282 | ) |
| Purchase
of intangible assets | |
| (1,640 | ) | |
| (3,592 | ) |
| Purchase
of strategic investment | |
| - | | |
| (3,500 | ) |
| Net
cash used in investing activities | |
| (15,835 | ) | |
| (25,417 | ) |
| | |
| | | |
| | |
| Cash
flows from financing activities | |
| | | |
| | |
| Proceeds
from the issuance of common stock, net of offering costs | |
| 43,296 | | |
| 116,886 | |
| Redemption
of non-controlling interest | |
| - | | |
| (2,147 | ) |
| Repurchase
of convertible notes | |
| (26,557 | ) | |
| (3,313 | ) |
| Vested
restricted stock unit settled for cash | |
| (181 | ) | |
| (125 | ) |
| Payments
for financing costs | |
| (4,682 | ) | |
| - | |
| Proceeds
from exercise of stock options | |
| 3 | | |
| 373 | |
| Repayments
of notes payable and long-term borrowings | |
| (414 | ) | |
| (441 | ) |
| Net
cash provided by financing activities | |
| 11,465 | | |
| 111,233 | |
| | |
| | | |
| | |
| Net
decrease in cash, cash equivalents and restricted cash | |
| (83,848 | ) | |
| (91,806 | ) |
| Cash,
cash equivalents and restricted cash at beginning of period | |
| 251,420 | | |
| 343,226 | |
| Cash,
cash equivalents and restricted cash at end of period | |
$ | 167,572 | | |
$ | 251,420 | |
| | |
| | | |
| | |
| Supplemental
disclosure of cash flows information: | |
| | | |
| | |
| Interest
paid | |
| 14,940 | | |
| 13,169 | |
| Income
tax paid | |
| 251 | | |
| 258 | |
| | |
| | | |
| | |
| Non
cash financing and investing activities: | |
| | | |
| | |
| Strategic
investment - marketing commitment | |
| - | | |
| 4,000 | |
| Unpaid
intangible assets included in accounts payable | |
| 50 | | |
| 540 | |
| Unpaid
financing costs included in accounts payable | |
| - | | |
| 15 | |
| Unpaid
property and equipment included in accounts payable | |
| - | | |
| 12 | |
| | |
| | 10 |
Basis
of Presentation – Continuing Operations
In
connection with the dissolution of Fubo Gaming, Inc. and termination of Fubo Sportsbook, the assets and liabilities and the operations
of our former wagering reportable segment are 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 letter reflects Fubo’s
results on a continuing operations basis, which excludes our former wagering reportable segment.
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 (“subscribers”)
are 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 in the month ending the relevant period. Users who are on a free (trial) period are not
included in this metric.
Average
Revenue per User (ARPU)
We
believe ARPU provides useful information for investors to gauge the revenue generated per subscriber on a monthly basis. ARPU, with respect
to a given period, is defined as total Subscription revenue and Advertising revenue recognized in such period, divided by the average
daily paid subscribers in such period, divided by the number of months in such period. Advertising revenue, like Subscription revenue,
is primarily driven by the number of subscribers to our platform and per-subscriber viewership such as the type of, and duration of,
content watched on platform. We believe ARPU is an important metric for both management and investors to evaluate the company’s
core operating performance and measure our subscriber monetization, as well as evaluate unit economics, payback on subscriber acquisition
cost and lifetime value per subscriber. In addition, we believe that presenting a geographic breakdown for North America ARPU and ROW
ARPU allows for a more meaningful assessment of the business because of the significant differences in both Subscription revenue and
Advertising revenue generated on a per subscriber basis in North America when compared to ROW due to our current subscription pricing
models and advertising monetization in the two geographic regions.
Adjusted
EBITDA
Adjusted
EBITDA is a non-GAAP measure defined as Net Loss from Continuing Operations, adjusted for depreciation and amortization, impairment of
other assets, stock-based compensation, certain litigation and transaction expenses, income tax provision (benefit), and other income
(expense). Certain litigation and transaction expenses consist of legal expenses and related fees
and costs for specific proceedings that we have determined arise outside of the ordinary course of business and do not consider representative
of our underlying operating performance, based on the several considerations which we assess regularly, including: (1) the frequency
of similar cases that have been brought to date, or are expected to be brought in the future; (2) matter-specific facts and circumstances,
such as the unique nature or complexity of the case and/or remedy(ies) sought, including the size of any monetary damages sought; (3)
the counterparty involved; and (4) the extent to which management considers these amounts for purposes of operating decision-making and
in assessing operating performance. Certain transaction expenses consist of professional advisor costs related to the pending business
combination with Hulu + Live TV.
| | |
| | 11 |
Adjusted
EBITDA Margin
Adjusted
EBITDA Margin is a non-GAAP measure defined as Adjusted EBITDA divided by Revenue.
Adjusted
Net Loss
Adjusted
Net Loss is a non-GAAP measure defined as Net Loss Attributable to Common Shareholders, adjusting for discontinued operations, stock-based
compensation, amortization of debt premium (discount), net, amortization of intangibles, impairment of other assets, gain on extinguishment
of debt, and certain litigation and transaction expenses (as described further above, see “–Adjusted EBITDA”).
Adjusted
EPS (Earnings per Share)
Adjusted
EPS is a non-GAAP measure defined as Adjusted Net Loss divided by weighted average shares outstanding.
Free
Cash Flow
Free
Cash Flow is a non-GAAP measure defined as net cash used in operating activities - continuing operations, reduced by capital expenditures
(consisting of purchases of property and equipment), purchases of intangible assets and capitalization of internal use software. We believe
Free Cash Flow is an important liquidity measure of the cash that is available for operational expenses, investments in our business,
strategic acquisitions, and for certain other activities such as repaying debt obligations and stock repurchases. Free Cash Flow is a
key financial indicator used by management. Free Cash Flow is useful to investors as a liquidity measure because it measures our ability
to generate or use cash. The use of Free Cash Flow as an analytical tool has limitations due to the fact that it does not represent the
residual cash flow available for discretionary expenditures. Because of these limitations, Free Cash Flow should be considered along
with other operating and financial performance measures presented in accordance with GAAP.
Gross
Profit (GAAP)
Gross
Profit is defined as Revenue less Subscriber related expenses and Broadcasting and transmission. We believe this measure is useful because
it represents a key profitability metric for our business and is used by management to evaluate the performance of our business, including
measuring the cost to deliver our product to subscribers against revenue.
Reconciliation
of Key Performance Metrics and Non-GAAP Financial Measures
Certain
measures used in this letter, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Loss, Adjusted EPS and Free Cash Flow,
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 tables include reconciliations of the non-GAAP financial measures used in this letter to their most directly comparable GAAP
financial measures. The tables also include reconciliations of GAAP Subscription revenue and GAAP Advertising revenue to North America
ARPU and ROW ARPU, respectively, each of which is a key performance metric.
| | |
| | 12 |
fuboTV
Inc.
Reconciliation
of GAAP Subscription and Advertising Revenue to North America ARPU
(in
thousands, except average subscribers and average per user amounts)
Year-over-Year
Comparison
| | |
Three
Months Ended | |
| | |
December
31,
2024 | | |
September
30,
2024 | | |
June
30,
2024 | | |
March
31,
2024 | | |
December
31,
2023 | |
| | |
| | |
| | |
| | |
| | |
| |
| Subscription
Revenue (GAAP) | |
$ | 406,876 | | |
$ | 356,575 | | |
$ | 362,936 | | |
$ | 373,714 | | |
$ | 370,087 | |
| Advertising
Revenue (GAAP) | |
| 34,392 | | |
| 27,054 | | |
| 26,285 | | |
| 27,469 | | |
| 38,987 | |
| Subtract: | |
| | | |
| | | |
| | | |
| | | |
| | |
| ROW
Subscription Revenue | |
| (8,971 | ) | |
| (8,696 | ) | |
| (8,049 | ) | |
| (8,143 | ) | |
| (8,042 | ) |
| ROW
Advertising Revenue | |
| (475 | ) | |
| (201 | ) | |
| (257 | ) | |
| (244 | ) | |
| (382 | ) |
| Total | |
| 431,822 | | |
| 374,732 | | |
| 380,915 | | |
| 392,796 | | |
| 400,650 | |
| Divide: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Average
Subscribers (North America) | |
| 1,637,487 | | |
| 1,458,513 | | |
| 1,481,751 | | |
| 1,548,782 | | |
| 1,541,290 | |
| Months in Period | |
| 3 | | |
| 3 | | |
| 3 | | |
| 3 | | |
| 3 | |
| North
America Monthly Average Revenue per User (NA ARPU) | |
$ | 87.90 | | |
$ | 85.64 | | |
$ | 85.69 | | |
$ | 84.54 | | |
$ | 86.65 | |
| | |
| | 13 |
fuboTV
Inc.
Reconciliation
of GAAP Subscription and Advertising Revenue to North America ARPU
(in
thousands, except average subscribers and average per user amounts)
Full
Year Comparison
| | |
Years
Ended | |
| | |
December
31, 2024 | | |
December
31, 2023 | |
| | |
As-Reported | | |
As-Reported | |
| Subscription
Revenue (GAAP) | |
$ | 1,500,101 | | |
$ | 1,249,579 | |
| Advertising
Revenue (GAAP) | |
| 115,200 | | |
| 115,370 | |
| Subtract: | |
| | | |
| | |
| ROW
Subscription Revenue | |
| (33,859 | ) | |
| (31,674 | ) |
| ROW
Advertising Revenue | |
| (1,177 | ) | |
| (1,123 | ) |
| Total | |
| 1,580,265 | | |
| 1,332,152 | |
| Divide: | |
| | | |
| | |
| Average
Subscribers (North America) | |
| 1,531,723 | | |
| 1,349,647 | |
| Months in Period | |
| 12 | | |
| 12 | |
| North
America Monthly Average Revenue per User (NA ARPU) | |
$ | 85.97 | | |
$ | 82.25 | |
| | |
| | 14 |
fuboTV
Inc.
Reconciliation
of GAAP Subscription and Advertising Revenue to ROW ARPU
(in
thousands, except average subscribers and average per user amounts)
Year-over-Year
Comparison
| | |
Three
Months Ended | |
| | |
December
31,
2024 | | |
September
30,
2024 | | |
June
30,
2024 | | |
March
31,
2024 | | |
December
31,
2023 | |
| | |
| | |
| | |
| | |
| | |
| |
| Subscription
Revenue (GAAP) | |
$ | 406,876 | | |
$ | 356,575 | | |
$ | 362,936 | | |
$ | 373,714 | | |
$ | 370,087 | |
| Advertising
Revenue (GAAP) | |
| 34,392 | | |
| 27,054 | | |
| 26,285 | | |
| 27,469 | | |
| 38,987 | |
| Subtract: | |
| | | |
| | | |
| | | |
| | | |
| | |
| North
America Subscription Revenue | |
| (397,906 | ) | |
| (347,879 | ) | |
| (354,887 | ) | |
| (365,571 | ) | |
| (362,045 | ) |
| North
America Advertising Revenue | |
| (33,916 | ) | |
| (26,853 | ) | |
| (26,028 | ) | |
| (27,225 | ) | |
| (38,605 | ) |
| Total | |
| 9,446 | | |
| 8,897 | | |
| 8,306 | | |
| 8,387 | | |
| 8,424 | |
| Divide: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Average Subscribers
(ROW) | |
| 370,603 | | |
| 395,254 | | |
| 394,471 | | |
| 399,528 | | |
| 412,565 | |
| Months in Period | |
| 3 | | |
| 3 | | |
| 3 | | |
| 3 | | |
| 3 | |
| ROW
Monthly Average Revenue per User (ROW ARPU) | |
$ | 8.50 | | |
$ | 7.50 | | |
$ | 7.02 | | |
$ | 7.00 | | |
$ | 6.81 | |
| | |
| | 15 |
fuboTV
Inc.
Reconciliation
of GAAP Subscription and Advertising Revenue to ROW ARPU
(in
thousands, except average subscribers and average per user amounts)
Full
Year Comparison
| | |
Years
Ended | |
| | |
December
31, 2024 | | |
December
31, 2023 | |
| | |
As-Reported | | |
As-Reported | |
| Subscription
Revenue (GAAP) | |
$ | 1,500,101 | | |
$ | 1,249,579 | |
| Advertising
Revenue (GAAP) | |
| 115,200 | | |
| 115,370 | |
| Subtract: | |
| | | |
| | |
| North
America Subscription Revenue | |
| (1,466,242 | ) | |
| (1,217,905 | ) |
| North
America Advertising Revenue | |
| (114,023 | ) | |
| (114,247 | ) |
| Total | |
| 35,036 | | |
| 32,797 | |
| Divide: | |
| | | |
| | |
| Average Subscribers
(ROW) | |
| 389,964 | | |
| 401,009 | |
| Months in Period | |
| 12 | | |
| 12 | |
| ROW
Monthly Average Revenue per User (ROW ARPU) | |
$ | 7.49 | | |
$ | 6.82 | |
| | |
| | 16 |
fuboTV
Inc.
Reconciliation
of Net Loss from Continuing Operations to Non-GAAP Adjusted EBITDA (in
thousands)
Year-over-Year
Comparison
| | |
Three
Months Ended | |
| | |
December
31,
2024 | | |
September
30,
2024 | | |
June
30,
2024 | | |
March
31,
2024 | | |
December
31,
2023 | |
| | |
| | |
| | |
| | |
| | |
| |
| Reconciliation
of Net Loss from Continuing Operations to Adjusted EBITDA | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net
loss from continuing operations | |
$ | (40,932 | ) | |
$ | (54,684 | ) | |
$ | (25,833 | ) | |
$ | (56,329 | ) | |
$ | (71,042 | ) |
| Depreciation
and amortization | |
| 9,952 | | |
| 9,816 | | |
| 9,519 | | |
| 9,261 | | |
| 9,638 | |
| Impairment
of other assets | |
| 3,813 | | |
| - | | |
| - | | |
| - | | |
| - | |
| Stock-based
compensation | |
| 9,901 | | |
| 9,324 | | |
| 10,308 | | |
| 12,977 | | |
| 11,764 | |
| Certain
litigation expenses(1) | |
| 3,397 | | |
| 11,930 | | |
| 4,856 | | |
| 2,257 | | |
| 555 | |
| Certain
transaction expenses(2) | |
| 2,639 | | |
| - | | |
| - | | |
| - | | |
| - | |
| Other
(income) expense | |
| 2,279 | | |
| (4,143 | ) | |
| (9,941 | ) | |
| (7,097 | ) | |
| (654 | ) |
| Income
tax provision (benefit) | |
| 252 | | |
| 195 | | |
| 99 | | |
| 113 | | |
| (397 | ) |
| Adjusted
EBITDA | |
| (8,699 | ) | |
| (27,562 | ) | |
| (10,992 | ) | |
| (38,818 | ) | |
| (50,136 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Adjusted
EBITDA | |
| (8,699 | ) | |
| (27,562 | ) | |
| (10,992 | ) | |
| (38,818 | ) | |
| (50,136 | ) |
| Divide: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Revenue | |
| 443,277 | | |
| 386,207 | | |
| 390,965 | | |
| 402,347 | | |
| 410,181 | |
| Adjusted
EBITDA Margin | |
| -2.0 | % | |
| -7.1 | % | |
| -2.8 | % | |
| -9.6 | % | |
| -12.2 | % |
| (1) | Certain
litigation expenses consist of legal expenses and related fees for specific proceedings that
we have determined arise outside of the ordinary course of business and do not consider representative
of our underlying operating performance. For the periods presented, the adjustment included
expenses attributable to antitrust and data privacy litigation. Note that in calculating
Adjusted EBITDA, prior to the second quarter of 2024 Fubo did not include adjustments for
Certain litigation expenses. For comparative purposes, prior quarter figures have been recast
to reflect this adjustment. |
| (2) | Certain
transaction expenses consist of professional advisor costs related to the pending business
combination with Hulu + Live TV. |
| | |
| | 17 |
fuboTV
Inc.
Reconciliation
of Net Loss from Continuing Operations to Non-GAAP Adjusted EBITDA (TTM) (in
thousands)
Year-over-Year
Comparison
| | |
Trailing
Twelve Months Ended | |
| | |
December
31, 2024 | | |
December
31, 2023 | |
| | |
| | |
| |
| Reconciliation
of Net Loss from Continuing Operations to Adjusted EBITDA | |
| | | |
| | |
| Net
loss from continuing operations | |
$ | (177,778 | ) | |
$ | (293,102 | ) |
| Depreciation
and amortization | |
| 38,548 | | |
| 36,496 | |
| Impairment
of other assets | |
| 3,813 | | |
| - | |
| Stock-based
compensation | |
| 42,510 | | |
| 51,215 | |
| Certain
litigation expenses(1) | |
| 22,441 | | |
| 631 | |
| Certain
transaction expenses(2) | |
| 2,639 | | |
| - | |
| Other
(income) expense | |
| (18,902 | ) | |
| 4,631 | |
| Income
tax provision (benefit) | |
| 659 | | |
| (879 | ) |
| Adjusted
EBITDA (TTM) | |
| (86,070 | ) | |
| (201,008 | ) |
| (1) | Certain
litigation expenses consist of legal expenses and related fees for specific proceedings that
we have determined arise outside the ordinary course of business and do not consider representative
of our underlying operating performance. For the periods presented, the adjustment included
expenses attributable to antitrust and data privacy litigation. Note that in calculating
Adjusted EBITDA, prior to the second quarter of 2024 Fubo did not include adjustments for
Certain litigation expenses. For comparative purposes, prior quarter figures have been recast
to reflect this adjustment. |
| (2) | Certain
transaction expenses consist of professional advisor costs related to the pending business
combination with Hulu + Live TV. |
| | |
| | 18 |
fuboTV
Inc.
Reconciliation
of Net Cash Provided by (Used in) Operating Activities - Continuing Operations to Free Cash Flow (in
thousands)
Year-over-Year
Comparison
| | |
Three
Months Ended | |
| | |
December
31,
2024 | | |
September
30,
2024 | | |
June
30,
2024 | | |
March
31,
2024 | | |
December
31,
2023 | |
| | |
| | |
| | |
| | |
| | |
| |
| Net
cash provided by (used in) operating activities - continuing operations | |
$ | 20,850 | | |
$ | 2,444 | | |
$ | (31,874 | ) | |
$ | (67,046 | ) | |
$ | (57 | ) |
| Subtract: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Purchases
of property and equipment | |
| (828 | ) | |
| (1,583 | ) | |
| (208 | ) | |
| (108 | ) | |
| (696 | ) |
| Capitalization
of internal use software | |
| (2,655 | ) | |
| (1,984 | ) | |
| (3,221 | ) | |
| (3,609 | ) | |
| (4,407 | ) |
| Purchase
of intangible assets | |
| (1,100 | ) | |
| - | | |
| - | | |
| (540 | ) | |
| (693 | ) |
| Free
Cash Flow | |
| 16,267 | | |
| (1,123 | ) | |
| (35,303 | ) | |
| (71,303 | ) | |
| (5,853 | ) |
| | |
| | 19 |
fuboTV
Inc.
Reconciliation
of Net Cash Provided by (Used in) Operating Activities - Continuing Operations to Free Cash Flow (TTM) (in
thousands)
Year-over-Year
Comparison
| | |
Trailing
Twelve Months Ended | |
| | |
December
31, 2024 | | |
December
31, 2023 | |
| | |
| | |
| |
| Net
cash provided by (used in) operating activities - continuing operations | |
$ | (75,627 | ) | |
$ | (173,045 | ) |
| Subtract: | |
| | | |
| | |
| Purchases
of property and equipment | |
| (2,727 | ) | |
| (1,071 | ) |
| Capitalization
of internal use software | |
| (11,468 | ) | |
| (17,282 | ) |
| Purchase
of intangible assets | |
| (1,640 | ) | |
| (3,592 | ) |
| Free
Cash Flow (TTM) | |
| (91,462 | ) | |
| (194,990 | ) |
| | |
| | 20 |
fuboTV
Inc.
Reconciliation
of Net Loss Attributable to Common Shareholders to Non-GAAP Adjusted Net Loss and Adjusted EPS (in
thousands)
Year-over-Year
Comparison
| | |
Three
Months Ended | |
| | |
December
31, 2024 | | |
December
31, 2023 | |
| | |
| | |
| |
| Net
loss attributable to common shareholders | |
$ | (38,549 | ) | |
$ | (70,090 | ) |
| Subtract: | |
| | | |
| | |
| Net
income from discontinued operations, net of tax | |
| - | | |
| 515 | |
| Net
loss from continuing operations attributable to common shareholders | |
| (38,549 | ) | |
| (70,605 | ) |
| | |
| | | |
| | |
| Net
loss from continuing operations attributable to common shareholders | |
| (38,549 | ) | |
| (70,605 | ) |
| Stock-based
compensation | |
| 9,901 | | |
| 11,764 | |
| Amortization
of debt (premium) discount, net | |
| (355 | ) | |
| 656 | |
| Amortization of intangibles | |
| 9,606 | | |
| 9,282 | |
| Impairment
of other assets | |
| 3,813 | | |
| - | |
| Gain
on extinguishment of debt | |
| - | | |
| (1,607 | ) |
| Certain
litigation expenses(1) | |
| 3,397 | | |
| 555 | |
| Certain
transaction expenses(2) | |
| 2,639 | | |
| - | |
| Adjusted
net loss from continuing operations | |
| (9,548 | ) | |
| (49,955 | ) |
| | |
| | | |
| | |
| Weighted average
shares outstanding: | |
| | | |
| | |
| Basic
and diluted | |
| 336,151,610 | | |
| 294,737,521 | |
| | |
| | | |
| | |
| Adjusted
EPS from continuing operations | |
$ | (0.02 | ) | |
$ | (0.18 | ) |
| (1) | Certain
litigation expenses consist of legal expenses and related fees for specific proceedings that
we have determined arise outside the ordinary course of business and do not consider representative
of our underlying operating performance. For the periods presented, the adjustment included
expenses attributable to antitrust and data privacy litigation. Note that in calculating
Adjusted EPS, prior to the second quarter of 2024 Fubo did not include adjustments for Certain
litigation expenses. For comparative purposes, prior quarter figures have been recast to
reflect this adjustment. |
| (2) | Certain
transaction expenses consist of professional advisor costs related to the pending business
combination with Hulu + Live TV. |
| | |
| | 21 |
fuboTV
Inc.
Reconciliation
of Net Loss Attributable to Common Shareholders to Non-GAAP Adjusted Net Loss and Adjusted EPS (in
thousands)
Full
Year Comparison
| | |
Years
Ended | |
| | |
December
31, 2024 | | |
December
31, 2023 | |
| | |
| | |
| |
| Net
loss attributable to common shareholders | |
$ | (172,254 | ) | |
$ | (287,454 | ) |
| Subtract: | |
| | | |
| | |
| Net
income from discontinued operations, net of tax | |
| 1,687 | | |
| 5,185 | |
| Net
loss from continuing operations attributable to common shareholders | |
| (173,941 | ) | |
| (292,639 | ) |
| | |
| | | |
| | |
| Net
loss from continuing operations attributable to common shareholders | |
| (173,941 | ) | |
| (292,639 | ) |
| Stock-based
compensation | |
| 42,510 | | |
| 51,215 | |
| Amortization
of debt (premium) discount, net | |
| (1,224 | ) | |
| 2,574 | |
| Amortization of intangibles | |
| 37,110 | | |
| 35,043 | |
| Impairment
of other assets | |
| 3,813 | | |
| - | |
| Gain
on extinguishment of debt | |
| (29,513 | ) | |
| (1,607 | ) |
| Certain
litigation expenses(1) | |
| 22,441 | | |
| 631 | |
| Certain
transaction expenses(2) | |
| 2,639 | | |
| - | |
| Adjusted
net loss from continuing operations | |
| (96,165 | ) | |
| (204,783 | ) |
| | |
| | | |
| | |
| Weighted average
shares outstanding: | |
| | | |
| | |
| Basic
and diluted | |
| 319,653,763 | | |
| 276,282,572 | |
| | |
| | | |
| | |
| Adjusted
EPS from continuing operations | |
$ | (0.29 | ) | |
$ | (0.74 | ) |
| (1) | Certain
litigation expenses consist of legal expenses and related fees for specific proceedings that
we have determined arise outside the ordinary course of business and do not consider representative
of our underlying operating performance. For the periods presented, the adjustment included
expenses attributable to antitrust and data privacy litigation. Note that in calculating
Adjusted EPS, prior to the second quarter of 2024 Fubo did not include adjustments for Certain
litigation expenses. For comparative purposes, prior quarter figures have been recast to
reflect this adjustment. |
| (2) | Certain
transaction expenses consist of professional advisor costs related to the pending business
combination with Hulu + Live TV. |
#
# #
Contacts
Investor
Contacts:
Ameet
Padte, Fubo
ameet@fubo.tv
JCIR
for Fubo
ir@fubo.tv
Media
Contacts:
Jennifer
L. Press, Fubo
jpress@fubo.tv
Bianca
Illion, Fubo
billion@fubo.tv
| | |
| | 22 |
Exhibit
99.2
FOR
IMMEDIATE RELEASE
FUBO
CLOSED 2024 WITH RECORD $1.59B REVENUE,
1.676M
PAID SUBSCRIBERS IN NORTH AMERICA
COMPANY
ACHIEVED FIRST-EVER QUARTER OF POSITIVE FREE CASH FLOW IN Q4 2024
NEW
YORK – FEBRUARY 28, 2025 – FuboTV Inc. (d/b/a/ Fubo) (NYSE: FUBO), the leading sports-first live TV streaming platform,
today announced its financial results for the fourth quarter and full year ended December 31, 2024. The Company closed the full year
2024 in North America with record total revenue and paid subscribers, achieved its first quarter of positive free cash flow and improved
key profitability metrics by over $100 million on an annual basis for the second consecutive year.
Fubo
delivered full year 2024 results in North America of $1.588 billion in total revenue, up 19% year-over-year (YoY), and 1.676 million
subscribers, up 4% YoY, both record-breaking metrics for the Company. Fubo closed the fourth quarter with $433.8 million in total revenue,
up 8% YoY, in North America, achieving its guidance. Average revenue per user (ARPU) in the fourth quarter was $87.90 in the region,
an all-time high for the Company and an expansion of 1.4% YoY.
In
the Rest of World (ROW), the Company delivered $9.4 million total revenue, up 12.1% YoY, and 362,000 paid subscribers, down 10.9% YoY.
ARPU reached $8.50, up 24.8% YoY. ROW includes the results of Molotov, the French live TV streaming service acquired by Fubo in December
2021.
Fubo
states its key metrics on a YoY basis given the seasonality of sports content.
Notably,
on a full-year basis, Fubo achieved YoY improvements in Net Loss of $115 million, Adjusted EBITDA of $115 million, Net cash provided
by operating activities of $97 million and Free Cash Flow of $104 million. AEBITDA and Free Cash Flow each improved by over $100 million
in 2024. This marked the second consecutive year of over $100 million annual improvements in AEBITDA and Free Cash Flow.
Net
Loss from continuing operations in the fourth quarter was $40.9 million, leading to an earnings per share (EPS) loss of $0.11. This compares
favorably to a Net Loss from continuing operations of $71 million, or an EPS loss of $0.24, in the fourth quarter 2023. Adjusted EPS
loss in the fourth quarter was $0.02, compared to an adjusted EPS loss of $0.18 in the fourth quarter 2023. Adjusted EPS excludes the
impact of stock-based compensation, amortization of intangibles, impairment of other assets, gain on extinguishment of debt and amortization
of debt premium (discount), net and certain litigation and transaction expenses.
In
the fourth quarter, Adjusted EBITDA was -$8.7 million, a $41.4 million improvement when compared to the fourth quarter 2023, reflecting
the Company’s continued focus on efficient growth, cost control and achieving profitability.
Net
cash provided by operating activities in the fourth quarter was $20.9 million, a $20.9 million improvement compared to the fourth quarter
2023, and Free Cash Flow in the fourth quarter was $16.3 million, an improvement of $22.1 million compared to the fourth quarter 2023.
Fubo
ended the quarter with $167.6 million in cash, cash equivalents and restricted cash on hand.
Guidance
North
America
First
Quarter 2025: Fubo is projecting $400 million to $410 million total revenue, representing 3% YoY growth at the midpoint, and 1.430 million
to 1.460 million total subscribers, representing a 4% YoY decline at the midpoint. This outlook reflects the potential subscriber impact
of the Company’s recent non-renewal with TelevisaUnivision. Fubo remains focused on providing its subscribers with the most compelling
content viewing options while also advancing profitability objectives.
ROW
First
Quarter 2025: Fubo is projecting $7.5 million to $8.5 million total revenue, representing a 5% YoY decline at the midpoint, and 330,000
to 340,000 subscribers, representing a 16% YoY decline at the midpoint.
Complete
fourth quarter and full year 2024 results are detailed in Fubo’s shareholder letter available on the Company’s IR site.
“Fubo
continued to deliver on our promise to shareholders in 2024, achieving record total revenue and paid subscribers in North America, as
well as significant improvements in Adjusted EBITDA and Free Cash Flow,” said David Gandler, co-founder and CEO, Fubo. “Notable
achievements in 2024 included the launch of standalone sports and entertainment skinny bundles as part of our mission to be a Super Aggregator,
and expanded availability of our market-first user-configurated Multiview product to Roku devices. We also introduced innovative and
interactive connected TV ad formats for brand marketers.
“As
we look ahead to 2025, Fubo remains focused on delivering to consumers an unparalleled streaming experience with multiple and flexible
content options at appropriate price points. This is demonstrated by our recently announced business combination agreement with The Walt
Disney Company’s Hulu + Live TV and our plans to launch a new Sports & Broadcasting service, both of which we expect to further
scale our business, deliver additional compelling sports content to consumers and bring more competition to the industry. We will continue
to provide periodic updates as the Disney transaction progresses.”
“2024
was another solid year for Fubo highlighted by record achievements on the top and bottom lines, demonstrating further progress towards
our 2025 profitability goal,” said Edgar Bronfman Jr., executive chairman, Fubo. “Record revenue and subscriber growth in
North America, as well as the achievement of more than a $100 million improvement each in Adjusted EBITDA and Free Cash Flow for the
second consecutive year, are particular standouts of the prior year. We enter 2025 with pride in our results, meaningful improvements
across nearly every aspect of our business and excitement about our momentum.”
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 & Presentations 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 global mission to aggregate the best in TV, including premium sports, news and entertainment content, through a single app, FuboTV
Inc. (d/b/a Fubo) (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 400 live sports, news and entertainment networks
and is the only live TV streaming platform with every English-language Nielsen-rated sports channel (source: Nielsen Total Viewers, 2024).
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 an intuitive and personalized streaming experience. Fubo has continuously pushed the boundaries
of live TV streaming. It was the first virtual MVPD to launch 4K streaming and MultiView, which it did years ahead of its peers, as well
as Instant Headlines, a first-of-its-kind AI feature that generates contextual news topics as they are reported live on air.
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, the assets and liabilities and the operations
of our former wagering reportable segment are 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.
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 (“subscribers”)
are 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 in the month ending the relevant period. Users who are on a free (trial) period are not
included in this metric.
Average
Revenue per User (ARPU)
We
believe ARPU provides useful information for investors to gauge the revenue generated per subscriber on a monthly basis. ARPU, with respect
to a given period, is defined as total Subscription revenue and Advertising revenue recognized in such period, divided by the average
daily paid subscribers in such period, divided by the number of months in such period. Advertising revenue, like Subscription revenue,
is primarily driven by the number of subscribers to our platform and per-subscriber viewership such as the type of, and duration of,
content watched on platform. We believe ARPU is an important metric for both management and investors to evaluate the Company’s
core operating performance and measure our subscriber monetization, as well as evaluate unit economics, payback on subscriber acquisition
cost and lifetime value per subscriber. In addition, we believe that presenting a geographic breakdown for North America ARPU and ROW
ARPU allows for a more meaningful assessment of the business because of the significant differences in both Subscription revenue and
Advertising revenue generated on a per subscriber basis in North America when compared to ROW due to our current subscription pricing
models and advertising monetization in the two geographic regions.
Adjusted
EBITDA
Adjusted
EBITDA is a non-GAAP measure defined as Net Loss from Continuing Operations, adjusted for depreciation and amortization, impairment of
other assets, stock-based compensation, certain litigation and transaction expenses, income tax (provision) benefit, and other income
(expense). Certain litigation expenses consist of legal expenses and related fees and costs for
specific proceedings that we have determined arise outside of the ordinary course of business and do not consider representative of our
underlying operating performance, based on the several considerations which we assess regularly, including: (1) the frequency of similar
cases that have been brought to date, or are expected to be brought in the future; (2) matter-specific facts and circumstances, such
as the unique nature or complexity of the case and/or remedy(ies) sought, including the size of any monetary damages sought; (3) the
counterparty involved; and (4) the extent to which management considers these amounts for purposes of operating decision-making and in
assessing operating performance. Certain transaction expenses consist of professional advisor costs related to the pending business combination
with Hulu + Live TV.
Adjusted
EBITDA Margin
Adjusted
EBITDA Margin is a non-GAAP measure defined as Adjusted EBITDA divided by Revenue.
Adjusted
EPS (Earnings per Share)
Adjusted
EPS is a non-GAAP measure defined as Adjusted Net Loss divided by weighted average shares outstanding.
Adjusted
Net Loss
Adjusted
Net Loss is a non-GAAP measure defined as Net Loss Attributable to Common Shareholders, adjusting for discontinued operations, stock-based
compensation, amortization of debt premium (discount), net, amortization of intangible assets, impairment of other assets, gain on extinguishment
of debt and certain litigation and transaction expenses (as described further above, see “Adjusted EBITDA”).
Free
Cash Flow
Free
Cash Flow is a non-GAAP measure defined as net cash used in operating activities - continuing operations, reduced by capital expenditures
(consisting of purchases of property and equipment), purchases of intangible assets and capitalization of internal use software. We believe
Free Cash Flow is an important liquidity measure of the cash that is available for operational expenses, investments in our business,
strategic acquisitions, and for certain other activities such as repaying debt obligations and stock repurchases. Free Cash Flow is a
key financial indicator used by management. Free Cash Flow is useful to investors as a liquidity measure because it measures our ability
to generate or use cash. The use of Free Cash Flow as an analytical tool has limitations due to the fact that it does not represent the
residual cash flow available for discretionary expenditures. Because of these limitations, Free Cash Flow should be considered along
with other operating and financial performance measures presented in accordance with GAAP.
Reconciliation
of Key Performance Metrics and Non-GAAP Financial Measures
Certain
measures used in this release, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Loss, Adjusted EPS and Free Cash Flow,
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 tables include reconciliations of the non-GAAP financial measures used in this press release to their most directly comparable
GAAP financial measures. The tables also include reconciliations of GAAP Subscription revenue and GAAP Advertising revenue to North America
ARPU and ROW ARPU, respectively, each of which is a key performance metric.
fuboTV
Inc.
Reconciliation
of GAAP Subscription and Advertising Revenue to North America ARPU
(in
thousands, except average subscribers and average per user amounts)
Year-over-Year
Comparison
| | |
Three Months Ended | |
| | |
December 31, 2024 | | |
December 31, 2023 | |
| | |
| | |
| |
| Subscription Revenue (GAAP) | |
$ | 406,876 | | |
$ | 370,087 | |
| Advertising Revenue (GAAP) | |
| 34,392 | | |
| 38,987 | |
| Subtract: | |
| | | |
| | |
| ROW Subscription Revenue | |
| (8,971 | ) | |
| (8,042 | ) |
| ROW Advertising Revenue | |
| (475 | ) | |
| (382 | ) |
| Total | |
| 431,822 | | |
| 400,650 | |
| Divide: | |
| | | |
| | |
| Average Subscribers (North America) | |
| 1,637,487 | | |
| 1,541,290 | |
| Months in Period | |
| 3 | | |
| 3 | |
| North America Monthly Average Revenue per User (NA ARPU) | |
$ | 87.90 | | |
$ | 86.65 | |
fuboTV
Inc.
Reconciliation
of Net Loss from Continuing Operations to Non-GAAP Adjusted EBITDA (in thousands)
Year-over-Year
Comparison
| | |
Three Months Ended | |
| | |
December 31, 2024 | | |
December 31, 2023 | |
| | |
| | |
| |
| Reconciliation of Net Loss from Continuing Operations to Adjusted EBITDA | |
| | | |
| | |
| Net loss from continuing operations | |
$ | (40,932 | ) | |
$ | (71,042 | ) |
| Depreciation and amortization | |
| 9,952 | | |
| 9,638 | |
| Impairment of other assets | |
| 3,813 | | |
| - | |
| Stock-based compensation | |
| 9,901 | | |
| 11,764 | |
| Certain litigation expenses(1) | |
| 3,397 | | |
| 555 | |
| Certain transaction expenses(2) | |
| 2,639 | | |
| - | |
| Other (income) expense | |
| 2,279 | | |
| (654 | ) |
| Income tax provision (benefit) | |
| 252 | | |
| (397 | ) |
| Adjusted EBITDA | |
| (8,699 | ) | |
| (50,136 | ) |
| | |
| | | |
| | |
| Adjusted EBITDA | |
| (8,699 | ) | |
| (50,136 | ) |
| Divide: | |
| | | |
| | |
| Revenue | |
| 443,277 | | |
| 410,181 | |
| Adjusted EBITDA Margin | |
| -2.0 | % | |
| -12.2 | % |
fuboTV
Inc.
Reconciliation
of Net Loss from Continuing Operations to Non-GAAP Adjusted EBITDA (TTM) (in thousands)
Year-over-Year
Comparison
| | |
Trailing Twelve Months Ended | |
| | |
December 31, 2024 | | |
December 31, 2023 | |
| | |
| | |
| |
| Reconciliation of Net Loss from Continuing Operations to Adjusted EBITDA | |
| | | |
| | |
| Net loss from continuing operations | |
$ | (177,778 | ) | |
$ | (293,102 | ) |
| Depreciation and amortization | |
| 38,548 | | |
| 36,496 | |
| Impairment of other assets | |
| 3,813 | | |
| - | |
| Stock-based compensation | |
| 42,510 | | |
| 51,215 | |
| Certain litigation expenses(1) | |
| 22,441 | | |
| 631 | |
| Certain transaction expenses(2) | |
| 2,639 | | |
| - | |
| Other (income) expense | |
| (18,902 | ) | |
| 4,631 | |
| Income tax provision (benefit) | |
| 659 | | |
| (879 | ) |
| Adjusted EBITDA (TTM) | |
| (86,070 | ) | |
| (201,008 | ) |
fuboTV
Inc.
Reconciliation
of Net Cash Provided by (Used in) Operating Activities - Continuing Operations to Free Cash Flow (in thousands)
Year-over-Year
Comparison
| | |
Three Months Ended | |
| | |
December 31, 2024 | | |
December 31, 2023 | |
| | |
| | |
| |
| Net cash provided by (used in) operating activities - continuing operations | |
$ | 20,850 | | |
$ | (57 | ) |
| Subtract: | |
| | | |
| | |
| Purchases of property and equipment | |
| (828 | ) | |
| (696 | ) |
| Capitalization of internal use software | |
| (2,655 | ) | |
| (4,407 | ) |
| Purchase of intangible assets | |
| (1,100 | ) | |
| (693 | ) |
| Free Cash Flow | |
| 16,267 | | |
| (5,853 | ) |
fuboTV
Inc.
Reconciliation
of Net Cash Provided by (Used in) Operating Activities - Continuing Operations to Free Cash Flow (TTM) (in thousands)
Year-over-Year
Comparison
| | |
Trailing Twelve Months Ended | |
| | |
December 31, 2024 | | |
December 31, 2023 | |
| | |
| | |
| |
| Net cash provided by (used in) operating activities - continuing operations | |
$ | (75,627 | ) | |
$ | (173,045 | ) |
| Subtract: | |
| | | |
| | |
| Purchases of property and equipment | |
| (2,727 | ) | |
| (1,071 | ) |
| Capitalization of internal use software | |
| (11,468 | ) | |
| (17,282 | ) |
| Purchase of intangible assets | |
| (1,640 | ) | |
| (3,592 | ) |
| Free Cash Flow (TTM) | |
| (91,462 | ) | |
| (194,990 | ) |
fuboTV
Inc.
Reconciliation
of Net Loss Attributable to Common Shareholders to Non-GAAP Adjusted Net Loss and Adjusted EPS (in thousands)
Year-over-Year
Comparison
| | |
Three Months Ended | |
| | |
December 31, 2024 | | |
December 31, 2023 | |
| | |
| | |
| |
| Net loss attributable to common shareholders | |
$ | (38,549 | ) | |
$ | (70,090 | ) |
| Subtract: | |
| | | |
| | |
| Net income from discontinued operations, net of tax | |
| - | | |
| 515 | |
| Net loss from continuing operations attributable to common shareholders | |
| (38,549 | ) | |
| (70,605 | ) |
| | |
| | | |
| | |
| Net loss from continuing operations attributable to common shareholders | |
| (38,549 | ) | |
| (70,605 | ) |
| Stock-based compensation | |
| 9,901 | | |
| 11,764 | |
| Amortization of debt (premium) discount, net | |
| (355 | ) | |
| 656 | |
| Amortization of intangibles | |
| 9,606 | | |
| 9,282 | |
| Impairment of other assets | |
| 3,813 | | |
| - | |
| Gain on extinguishment of debt | |
| - | | |
| (1,607 | ) |
| Certain litigation expenses(1) | |
| 3,397 | | |
| 555 | |
| Certain transaction expenses(2) | |
| 2,639 | | |
| - | |
| Adjusted net loss from continuing operations | |
| (9,548 | ) | |
| (49,955 | ) |
| | |
| | | |
| | |
| Weighted average shares outstanding: | |
| | | |
| | |
| Basic and diluted | |
| 336,151,610 | | |
| 294,737,521 | |
| | |
| | | |
| | |
| Adjusted EPS from continuing operations | |
$ | (0.02 | ) | |
$ | (0.18 | ) |
| |
(1) |
Certain
litigation expenses consist of legal expenses and related fees for specific proceedings that we have determined arise outside of
the ordinary course of business and do not consider representative of our underlying operating performance. For the periods presented,
the adjustment included expenses attributable to antitrust and data privacy litigation. Note that in calculating AEBITDA and Adjusted
EPS, prior to the second quarter of 2024 Fubo did not include adjustments for Certain litigation expenses. For comparative purposes,
prior quarter figures have been recast to reflect this adjustment. |
| |
(2) |
Certain
transaction expenses consist of professional advisor costs related to the pending business combination with Hulu + Live TV. |
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,
our offerings, including our planned Sports & Broadcasting service, our pending business combination with Hulu + Live TV (the “Transactions”),
industry trends, our financial condition and our anticipated financial performance, including quarterly guidance. 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; risks related to the Transactions;
the long-term nature of our content commitments; our ability to renew our long-term content contracts on sufficiently favorable terms;
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 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 Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024
filed with the Securities and Exchange Commission (“SEC”), our Annual Report on Form 10-K for the year ended December 31,
2024 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.
Additional
Information and Where to Find It
This
press release and the information contained herein shall not constitute an offer to buy or sell or the solicitation of an offer to buy
or sell any securities or a solicitation of any proxy, vote or approval, nor shall there be any issuance or sale of securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of any such jurisdiction. The Transactions will be submitted to the shareholders of Fubo for their consideration and approval at
a special meeting. In connection with the Transactions, Fubo intends to file a preliminary proxy statement with the SEC. Once the SEC
completes its review of the preliminary proxy statement, a definitive proxy statement and a form of proxy will be filed with the SEC
and mailed or otherwise furnished to the shareholders of Fubo. Before making any voting decision, Fubo shareholders are urged to read
the proxy statement in its entirety, when it becomes available, and any other documents to be filed with the SEC in connection with the
Transactions or incorporated by reference in the proxy statement (including any amendments or supplements to these documents), if any,
because they will contain important information about the Transactions and the parties to the Transactions. This communication is not
a substitute for the proxy statement or any other document that may be filed by Fubo with the SEC or sent to its shareholders in connection
with the Transactions.
Fubo
investors and shareholders may obtain a free copy of the proxy statement and documents filed by Fubo with the SEC at the SEC’s
website at www.sec.gov. In addition, Fubo investors and shareholders may obtain a free copy of Fubo’s filings with the SEC from
Fubo’s website at ir.fubo.tv or by directing a request by mail to Fubo, 1290 Avenue of the Americas, New York, NY 10104, or telephone
to (212) 672-0055.
Participants
in the Solicitation
The
Company and its directors and executive officers and other members of management and employees may, under the rules of the SEC, be deemed
to be participants in the solicitation of proxies from the shareholders of the Company in respect of the Transactions. Information regarding
Fubo’s directors and executive officers is contained in the definitive proxy statement on Schedule 14A for Fubo’s 2024 annual
meeting of shareholders (the “2024 Proxy Statement”), filed with the SEC on April 26, 2024. Additional information regarding
the persons who are, under the rules of the SEC, participants in the solicitation of the shareholders of Fubo in connection with the
Transactions, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in
the proxy statement for Fubo’s special meeting of shareholders in connection with the Transactions when it is filed with the SEC,
free copies of which may be obtained as described in the preceding paragraph. To the extent holdings of Fubo’s securities by Fubo’s
directors and executive officers change from the amounts set forth in the 2024 Proxy Statement, such changes have been or will be reflected
on Statements of Changes of Beneficial Ownership of Securities on Form 4 filed with the SEC. Fubo investors and shareholders may obtain
free copies of these filings from the SEC’s website at www.sec.gov or from Fubo’s website at ir.fubo.tv.
#
# #
Investor
Contacts
Ameet
Padte, Fubo
ameet@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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