fuboTV Inc. (NYSE: FUBO), the leading sports-first live TV
streaming platform, today announced its financial results for the
first quarter ended March 31, 2022.
fuboTV’s North American (U.S. and Canada) streaming business
delivered a record $236.7 million in total revenue in the first
quarter, an increase of 98% year-over-year. The company also
delivered solid year-over-year growth in advertising revenue (up
81% to $22.8 million) and total paid subscribers (up 81% to
1,056,245). fuboTV states its key metrics on a year-over-year basis
given the seasonality of sports content.
The company also announced results for its Rest of World
(France, Spain) streaming business for the first time. fuboTV ended
the quarter ahead of expectations with approximately 305,000 total
paid subscribers and $5.5 million in total revenue.
Complete first quarter 2022 results are detailed in fuboTV’s
shareholder letter available on the company’s IR site.
“In our first quarter, against a challenging macro environment,
fuboTV achieved strong growth in subscribers and revenue, with
North American subscriber growth of 81% year-over-year,” said David
Gandler, co-founder and CEO, fuboTV. “In a less robust advertising
market, however, we experienced some pressure on adjusted
contribution margin due to slower ad sales growth than we had
initially expected, with ad revenue up 81% year-over-year.
Importantly, we strengthened fuboTV’s balance sheet, ending the
quarter with over $456 million in cash. This increased financial
flexibility is expected to take us through 2023, and we are
targeting positive cash flow and Adjusted EBITDA (AEBITDA) in 2025,
with a relatively modest cash requirement anticipated in 2024.”
“We are committed to a business which replaces the decades-old
basic cable package by giving consumers increased and improved
content, ‘anytime anywhere’ access and mobility, increased choice
and flexibility, personalization and interactivity - including
gaming,” said Edgar Bronfman Jr., executive chairman, fuboTV.
“Wagering remains an important pillar in our path to profitability
and strategy to integrate interactivity into our live TV streaming
experience. While striving to be the most compelling destination
for cord cutters, fuboTV has started to enact a series of
approaches to increase monetization, accelerate our ad sales
business and further strengthen our unit economics.”
Live Webcast
Gandler and CFO John Janedis will host a live video webcast
today at 5:30 p.m. ET to deliver brief remarks followed by Q&A.
The live webcast will be available on the Events page of fuboTV’s
investor relations website. An archived replay will be available on
fuboTV’s website following the webcast. Participants should join
the webcast 10 minutes in advance to ensure that they are connected
prior to the event.
About fuboTV
With a mission to build the world’s leading global live TV
streaming platform with the greatest breadth of premium content,
interactivity and integrated wagering, fuboTV Inc. (NYSE: FUBO)
aims to transcend the industry’s current TV model. fuboTV Inc.
operates in the U.S., Canada, France and Spain.
Leveraging its proprietary data and technology platform
optimized for live TV and sports viewership, fuboTV Inc. aims to
turn passive viewers into active participants and define a new
category of interactive sports and entertainment television. The
company's sports-first cable TV replacement product, fuboTV, offers
U.S. subscribers more than 100 live sports, news and entertainment
networks and is the only live TV streaming platform with every
Nielsen-rated sports channel (source: Nielsen Total Viewers, 2021).
Subscribers can interact with fuboTV’s live streaming experience
through predictive free-to-play games, which are integrated into
select sports content.
Fubo Gaming Inc., a subsidiary of fuboTV Inc., launched Fubo
Sportsbook, a next-generation mobile sportsbook purpose-built to
integrate with fuboTV, in 2021.
Key Metrics
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 fuboTV, have activated a payment method
(only reflects one paying user per plan), from which fuboTV 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.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking statements of fuboTV
Inc. (“fuboTV”) 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 the Molotov acquisition,
expected synergies of the technology platforms, our international
expansion plans, our financial condition, anticipated financial
performance, including quarterly and annual guidance and cash flow
and Adjusted EBITDA targets, market opportunity and future plans
regarding subscription levels, business strategy and plans, the
continued shift in consumer behavior and the continued expansion of
our wagering business. 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 fuboTV makes due to a number of important factors,
including but not limited to risks related to our pursuit and
engagement in acquisitions; our actual operating results may differ
significantly from our guidance; risks related to fuboTV’s access
to capital and fundraising prospects to fund its ongoing operations
and support its planned growth; risks relating to diverting
management’s attention from fuboTV’s ongoing business operations to
address integration and fundraising efforts; 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
technology, as well as cybersecurity and data privacy-related
risks; our ability to achieve or maintain profitability; our
revenue and gross profit are subject to seasonality; our operating
results may fluctuate; our ability to attract and retain
subscribers; we may not be able to license streaming content or
other rights on acceptable terms; risks related to our ability to
capitalize develop and market a sports wagering offering and the
regulatory regime and related risks associated with such offering;
risks related to the difficulty in measuring key metrics related to
our business; risks related to the highly competitive nature of our
industry; 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, including the impact of COVID-19 on the broader market.
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
full year ended December 31, 2021 filed with the Securities and
Exchange Commission (“SEC”) on March 1, 2022, our Quarterly Report
on Form 10-Q for the quarterly period ended March 31, 2022 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 fuboTV’s views as of the
date of this press release. fuboTV 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 fuboTV’s views as of any date subsequent
to the date of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220505005342/en/
Investors: Alison Sternberg, fuboTV asternberg@fubo.tv
JCIR for fuboTV ir@fubo.tv
Media: Jennifer L. Press, fuboTV jpress@fubo.tv
Bianca Illion, fuboTV billion@fubo.tv
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