FuboTV Inc. (NYSE: FUBO), the leading sports-first live TV
streaming platform, today announced its financial results for the
second quarter ended June 30, 2022.
FuboTV’s North American (U.S. and Canada) streaming business
delivered double-digit year-over-year growth in total revenue (up
65% to $216.1 million), ad revenue (up 32% to $21.7 million) and
paid subscribers (up 41% to 946,735) during the second quarter.
The company’s streaming business in the Rest of World (France,
Spain) closed the quarter ahead of expectations with approximately
347,000 total paid subscribers and $5.8 million in total
revenue.
FuboTV also closed the quarter with a healthy liquidity position
of $378.8 million in cash and short-term investments. Additionally,
the company achieved an improvement in Adjusted Contribution
Margin, Operating Cash Flow and Adjusted EBITDA (AEBITDA) compared
to the first quarter of 2022.
Complete second quarter 2022 results are detailed in FuboTV’s
shareholder letter available on the company’s IR site.
“In the second quarter, FuboTV achieved strong growth in
subscribers and revenue, with North American subscriber growth of
41% year-over-year and total revenue growth of 65% year-over-year.
In addition, ad revenue grew 32% year-over-year,” said David
Gandler, co-founder and CEO, FuboTV. “Importantly, we ended the
quarter with $378.8 million in cash and achieved a sequential
improvement in Operating Cash Flow and AEBITDA compared to the
prior quarter. We are pleased to see improvements in our AEBITDA
margins as we anticipate a return to growth in the back half of the
year, and we remain confident in our path to our positive cash flow
and AEBITDA targets in 2025.”
“We remain steadfast in the aggregated streaming model and
FuboTV’s mission to build the world’s leading global live TV
streaming platform with the greatest breadth of premium content and
interactivity,” said Edgar Bronfman Jr., executive chairman,
FuboTV. “We continue to make strides toward our goal of achieving
positive cash flow and AEBITDA in 2025 and look forward to
outlining our strategic plan, key initiatives and long-term
financial targets at our first Investor Day on August 16,
2022.”
Live Webcast
Gandler and CFO John Janedis will host a live conference call
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 call. Participants should join the
call 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 and
interactivity, 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 Fubo Sportsbook (in markets where available), free games
and pick’ems, which are integrated into select sports content.
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.
Adjusted Contribution Margin
We believe Adjusted Contribution Margin (ACM) is a relevant
metric to gauge our per-subscriber profitability. ACM is a non-GAAP
measure that measures costs against subscriber revenue. ACM is
calculated by subtracting ACPU from ARPU.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP measure defined as Net Loss,
adjusted for depreciation and amortization, stock-based
compensation, income tax benefit, impairment of intangibles, other
expenses, and one-time non-cash expenses.
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 our financial condition,
anticipated financial performance, market opportunity, business
strategy and plans, and the continued shift in consumer behavior.
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 strategic review of our wagering business, including
our ability to identify a strategic partner; 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 Quarterly report on Form 10-Q for
the quarterly period ended March 31, 2022 filed with the Securities
and Exchange Commission (“SEC”) on May 10, 2022, our Quarterly
Report on Form 10-Q for the quarterly period ended June 30, 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/20220804005289/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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