展示文件99.1
2024年11月 1日
尊敬的股东们：
我们很高兴地报告，我们在第三季度取得了强劲的业绩，持续实现了营收和利润的增长。我们实现了北美营业收入增长21%，订阅用户增长9%，同比增长，并分别超过和达到了我们的目标。在第三季度，我们全球范围内的盈利指标也有所改善，净损失同比改善了2980万美元，调整后的EBITDA为3380万美元，经营活动产生的净现金为2740万美元，自由现金流为3130万美元。此外，过去十二个月，我们将这些指标同比分别提高了11010万美元，9880万美元，9560万美元和9610万美元，展示了我们在实现盈利增长道路上的进展。
我们持续将提供高质量、创新和无障碍体验的优先级放在我们的用户身上，其中包括跨内容和价格的个性化。在本季度，我们通过对产品和科技的投资来执行这一要求，并有信心利用这些投资为客户和股东创造价值。
我们致力于促进一个有利于消费者的竞争性流媒体环境，这促使我们对迪士尼、福克斯和华纳兄弟探索公司提起反垄断诉讼。我们很高兴法庭批准了初步禁令，暂时阻止了它们流媒体合作创业公司的推出。尽管法庭关于初步禁令的裁决并未具体涉及节目包装实践的合法性，但法庭指出“很难避免这样的结论，总的来看，这些做法对消费者是不利的。”
我们 很高兴得知美国司法部和纽约州检察长都在考虑提交友情协助意见书，支持Fubo在第二巡回法庭审理前的临时禁令上诉。我们的斗争是跨党派的，我们感谢国会多位成员、公共倡导团体、经销商（包括DIRECTV和dish network）以及节目制作人给予我们的支持。我们期待在2025年10月预定的反垄断诉讼审判中有机会证明我们的主张。
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注：除非另有说明，账单中的财务信息展示和讨论将反映Fubo于持续运营的基础上的结果，而不包括以前的投注报告单元。有关进一步的细节，请参见下面的“报告基础 - 持续业务”
财务总结 （单位：百万美元） 全球 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | |||||||||||||||
| 营业收入 | $ | 320.9 | $ | 410.2 | $ | 402.3 | $ | 391.0 | $ | 386.2 | ||||||||||
| 同比增长% | +42.6 | % | +28.5 | % | +24.0 | % | +25.0 | % | +20.3 | % | ||||||||||
| 总营业费用 | $ | 404.2 | $ | 482.3 | $ | 465.7 | $ | 426.6 | $ | 444.8 | ||||||||||
| 同比增长% | +23.0 | % | +16.7 | % | +14.7 | % | +16.8 | % | +10.0 | % | ||||||||||
| 净亏损 | $ | -84.4 | $ | -71.0 | $ | -56.3 | $ | -25.8 | $ | -54.7 | ||||||||||
| 年度同比（绝对值） | +$21.4 | +$24.9 | +$27.0 | +$28.4 | +$29.8 | |||||||||||||||
| 调整后的EBITDA | $ | -61.4 | $ | -50.1 | $ | -38.8 | $ | -11.0 | $ | -27.6 | ||||||||||
| 同比（绝对值） | +$21.6 | +$25.3 | +$20.1 | +$19.6 | +$33.8 | |||||||||||||||
| 自由现金流 | $ | -32.4 | $ | -5.9 | $ | -71.3 | $ | -35.3 | $ | -1.1 | ||||||||||
| 同比（绝对值） | +$37.3 | +$14.7 | +$9.7 | +$40.5 | +$31.3 | |||||||||||||||
| 北美洲（NA） | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | |||||||||||||||
| 订阅用户数（单位：千） | 1,477 | 1,618 | 1,511 | 1,450 | 1,613 | |||||||||||||||
| 同比增长% | +20.0 | % | +11.9 | % | +17.6 | % | +24.2 | % | +9.2 | % | ||||||||||
| 营业收入（单位：百万美元） | $ | 312.5 | $ | 401.8 | $ | 394.0 | $ | 382.7 | $ | 377.3 | ||||||||||
| 同比增长% | +42.6 | % | +28.7 | % | +24.5 | % | +25.6 | % | +20.7 | % | ||||||||||
| ARPU | $ | 83.51 | $ | 86.65 | $ | 84.54 | $ | 85.69 | $ | 85.64 | ||||||||||
| 世界其他地区（ROW） | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | |||||||||||||||
| 订阅用户数（单位：千） | 411 | 406 | 397 | 399 | 378 | |||||||||||||||
| 同比增长% | +14.9 | % | -3.2 | % | +4.9 | % | +1.3 | % | -8.1 | % | ||||||||||
| 营业收入（单位：百万美元） | $ | 8.4 | $ | 8.4 | $ | 8.4 | $ | 8.3 | $ | 8.9 | ||||||||||
| 同比增长% | +45.1 | % | +17.5 | % | +7.2 | % | +1.8 | % | +6.0 | % | ||||||||||
| ARPU | $ | 6.98 | $ | 6.81 | $ | 7.00 | $ | 7.02 | $ | 7.50 | ||||||||||
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第四季度 和全年指引
| 指导 (NA) | 4Q24 | FY24 | ||||||
| 营业收入（单位：百万美元） | $ | 426.1-$446.1 | $ | 1,580.0-$1,600.0 | ||||
| 订阅用户数（单位：千） | 1,665-1,705 | 1,665-1,705 | ||||||
| 指导（其余地区） | 4Q24 | FY24 | ||||||
| 营业收入（单位：百万美元） | $ | 7.9-$8.9 | $ | 33.0-$35.0 | ||||
| 订阅用户数（单位：千） | 345-355 | 345-355 | ||||||
财务结果3Q24
在2024年第三季度，持续经营业务的净损失为5470万美元，导致每股收益（EPS）亏损0.17美元。这相比于2023年第三季度持续经营业务净损失为8440万美元，每股亏损0.29美元的情况更有利。到2024年第三季度，调整后的每股亏损为0.08美元，相比之下，2023年第三季度调整后的每股亏损为0.22美元。调整后的每股收益不包括股票补偿、无形资产摊销、债务摊销和债务折让（贴现）净额以及特定诉讼费用的影响。
在第三季度24调整后的EBITDA为-2760万美元，与第三季度23相比，改善了3380万美元，体现了我们对高效增长和成本控制的持续关注。
现金流和资本结构
3Q24的经营活动现金净额为240万美元，比3Q23提高了2740万美元，而3Q24的自由现金流为-110万美元，比3Q23提高了3130万美元。这些改善，以及我们在调整后EBITDA中的改善，都是业务中运营杠杆和各种效率提升的结果。
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我们以334,092,630股普通股作为期末已发行并流通股份。
产品和科技
正如上季度我们所分享的，统一平台的推出以及Fubo免费版创建了更大的用户参与、沟通、留存和变现机会。在第三季度，我们通过免费版引入了升级销售能力，允许之前的付费订阅用户无缝重新激活他们的订阅。此外，我们部署了增强的商品展示能力，以更好地展示内容（比如我们在季度期间推出的欧元2024和美洲杯的精选播放列表）和升级销售机会（包括我们也在季度推出的无限DVR）。
在本季度，我们还在选定的Roku设备上测试推出了备受欢迎的Multiview功能的beta版。 Fubo是第一个在2020年推向市场的直播电视流媒体多视角体验的开创者。在所有版本中，Fubo的客户可以同时选择并流式传输最多四个他们喜欢的实时频道。
北美 广告
Fubo于北美地区广告营业收入达2690万美元。值得注意的是，我们2024-2025赛季的预付款比2023-2024赛季增加超过40％，创下公司历史新高。
2024年第3季，我们持续利用不断增长的连接电视（CTV）销售市场，通过新的专有广告格式，如《The Triple Play》，来进行推广。该模块使我们能够通过品牌视频内容和横幅广告针对受众受众，在主页的精选即时电视内容轮播中进行定位。沃尔玛，我们的启动赞助商，已成功为其《返校季》活动部署了新的格式。
北 美洲内容
我们持续执行我们的超级整合策略，旨在为消费者提供多样且灵活的订阅期权，在Fubo生态系统内。最近推出的独立订阅服务使用户可以在不购买主要Fubo vMVPD产品的情况下，获得领先的体育和娱乐节目，直播和VOD。除了这些订阅服务，我们还提供Fubo Free，这是一个基础的免费FASt频道层级，供以前的Fubo付费用户和免费试用订户使用，以及我们的标志性vMVPD产品。
在本季度，我们推出了独立的奥运专区，包括重点和回顾以及易于访问的特定活动节目，体现了我们在创新方面投资，展示了我们多样化和丰富的内容组合。这一倡议使45%活跃用户与奥运内容互动。广告参与度也很高，CTV测量平台EDO确定，在Fubo上的2024年夏季奥运观众与广告互动的机会比线性电视高出20%。
值得注意的是，我们拥有并经营的Fubo体育频道（O＆O），作为2019年首批在市场上推出的FASt频道之一，于第3季度实现了盈利。我们策略的重要部分是该频道在Fubo平台之外的分发，增加观众参与度和广告营业收入。在第三季度，我们扩大了Fubo体育的分发范围，包括在加拿大亚马逊Prime Video。
我们持续发布额外的O&O FASt频道，覆盖多种类型，在Fubo和透过我们的分发合作伙伴。我们在第三季推出了BKFC TV，这是与合作的 Bare Knuckle Fighting Championship（BKFC），这是世界上成长最快的搏击运动推广活动，标志著BKFC TV首次在BKFC应用程式之外提供。
Fubo 自豪地保持著提供本地体育赛事的地位，与其他vMVPD相比，价格最为亲民。尽管区域型体育网络（RSN）市场最近发生了变故，但我们的重要本地体育覆盖范围基本保持不变，我们仍致力于提供本地体育粉丝他们所热爱的主队比赛。
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北美成长与分配
Fubo最近被任命为The Athletic的首个官方直播电视串流合作伙伴，The Athletic是体育界一个重要品牌。The Athletic和Fubo计划共同在The Athletic平台上开发新的产品功能，旨在最终打造独特且市场领先的用户体验。这项为期多年的合作伙伴关系旨在整合内容和产品，目的是将观众吸引到两个平台。
指导方针
北美
我们2024财年订阅用户数引导现在预计为1,665,000至1,705,000位订阅用户，中间值代表年增长率为4%。
我们2024财年的营业收入指引现在预计为158000万至160000万美元，中点处呈现19%的年增长。
我们 2024年第四季度的营业收入指引为42600万至44600万美元，中间值代表年同比增长率为9%。
其余地区
我们 2024财年的订阅用户数指引现在预计为345,000至355,000订阅用户，中间水平上比去年同期下降14%。
我们的2024财年营业收入指引预计为3300万到3500万美元，中点代表同比增长4％。
我们 2024年第四季度的营业收入指导预期为8到900万美元，中间值代表年同比增长率为0%。
结论
Fubo的2024年第三季度以持续增长的订阅用户和营业收入为突出特点，同时关键盈利指标的改善，这些都是我们对2025年盈利目标持续信心的重要指标。此外，我们对最近在公平竞争市场中取得的胜利感到满意。流媒体行业始终处于持续扰乱之中，富博视之为建立以消费者需求为核心的独特体育娱乐流媒体平台的机会。
我们期待在2025年实现盈利道路上继续分享我们的进展。
此致敬礼，
| David Gandler, 联合创始人和首席执行官 | Edgar Bronfman Jr.，执行主席 |
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第三季度24周年 盈利实时电话会议
Fubo的CEO大卫·甘德勒和CFO约翰·贾内迪斯将于今天上午8:30主持一场直播电话会议，发表简短讲话，随后进行问答环节。直播网络视频可在此处观看 事件和演示页面16.6%Fubo的投资者关系网站。 电话会议结束后，Fubo的网站将提供存档回放。与会者应在会议开始前10分钟加入会议，确保在活动开始前连接上。
了解更多详细信息。
我们鼓励您阅读我们完整的基本报表和SEC提交，并在我们网站的投资者关系部门注册电子邮件提醒 ir.fubo.tv.
其他信息可从www.sec.gov上的FuboTV Inc的备案，以及https://ir.fubo.tv获取。
Fubo打算将其网站用作信息公开渠道，并鼓励投资者参考网站、新闻发布以及SEC备案。公司鼓励阅读其2023年年度报告在SEC备案的全套财务报表和相关披露时的披露。
关于Fubo
FuboTV（Fubo Inc.，也称为Fubo）（NYSE：FUBO）的全球使命是通过一个单一的应用程序聚合最佳的电视节目，包括高端体育、新闻和娱乐内容，旨在超越该行业当前的电视模式。该公司在美国、加拿大和西班牙操作Fubo，以及在法国操作Molotov。
在美国，Fubo是一款以体育为主的有线电视替代产品，聚合了400多个现场体育、新闻和娱乐网络，是唯一具有每个尼尔森评分体育频道的现场电视流媒体平台（来源：尼尔森全美观众，2023年）。利用Fubo专有的数据和针对现场电视和体育观众优化的技术平台，订阅者可以通过直观且个性化的流媒体体验与他们观看的内容互动。Fubo不断拓展现场电视流媒体的极限。它是首个推出0.4万流媒体和MultiView并提前几年实现这一功能的虚拟MVPD，以及首个AI功能“Instant Headlines”，它会在直播时生成上下文新闻话题。
了解更多信息，请访问https://fubo.tv
前瞻性声明
本函件包含FuboTV Inc.（“Fubo”）的前瞻性声明，涉及大量风险和不确定性。本函件中所有与历史事实无关的声明均属于1995年《私人证券诉讼改革法案》意义上的前瞻性声明，包括关于我们的业务策略和计划，包括节目和内容合作伙伴关系，创新、增长、宏观经济、行业、广告和消费者趋势，我们的竞争对手之间的反竞争行为和我们的应对计划，包括我们针对被告迪士尼公司、福克斯公司和华纳兄弟探索公司的反垄断诉讼以及对我们立场的外部支持，已计划的产品提供，包括技术创新，我们的流动性和预期现金需求，我们的财务状况和预期的财务表现，包括季度和年度指导，盈利性预期和现金流以及调整后的EBITDA目标。 “可能”，“将”，“计划”，“打算”，“预期”，“近似”，“期望”，“潜力”，“相信”或这些词语的否定形式或其他类似表达旨在识别前瞻性声明，尽管并非所有前瞻性声明都含有这些标识词。实际结果或事件可能会与Fubo所作前瞻性声明中披露的计划、意图和期望有实质性差异，这是由于多个重要因素导致的，包括但不限于以下因素：我们实现或保持盈利能力的能力；与我们融资前景和筹集资金以支持我们的财务运营和支持我们计划的业务增长相关的风险；我们的营收和毛利润受季节性影响；我们的营运成果可能会波动；我们有效管理增长的能力；我们内容承诺具有长期性质；我们能否以足够优惠的条款续订长期内容合同的能力；吸引和保留订阅用户的能力；合作伙伴协议对我们施加的义务；我们可能无法以可接受的条款许可流媒体内容或其他权利；内容提供商对我们的产品和服务的分销和营销施加的限制；我们依赖第三方平台来操作业务某些方面的风险；与衡量与我们业务相关的关键指标的困难相关的风险；准备和预测财务结果的风险；高度竞争行业的风险；与迪士尼公司、福克斯公司和华纳兄弟探索公司的联合创业的潜在启动相关的风险；与我们的技术、以及网络安全和数据隐私相关风险；与正在进行或未来的法律诉讼相关风险；以及其他风险，包括行业、市场、经济、政治或监管条件、未来汇率和利率、以及税收和其他法律、法规、汇率和政策变化的影响。鉴于与被告体育流媒体联合创业的潜在启动有许多未知因素，包括我们反垄断诉讼的结果，我们对未来期间的预期财务绩效的前瞻性声明不反映这一启动对我们业务的潜在影响。可能导致实际结果与上述前瞻性声明中表达或暗示的事项实质性产生差异的其他风险在于我们提交给美国证券交易委员会（“SEC”）的截至2024年6月30日季度报告的表单10-Q、我们将提交给SEC的截至2024年9月30日季度报告的表单10-Q以及我们提交给SEC的其他定期报告中讨论。我们鼓励您详细阅读这些风险。本函件中的前瞻性声明代表Fubo在本函件日期的观点。Fubo预计随着后续事件和发展，其观点将发生变化。然而，尽管它可能选择在未来某个时间更新这些前瞻性声明，但明确声明不承担任何更新这些声明的义务。因此，您不应依赖这些前瞻性声明来代表Fubo在本函件日期之后的任何日期的观点。
（FuboTV Inc. 基本报表请参见下一页）
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fuboTV 公司
汇编的综合损失和营运状况
(单位:千美元，股份数和每股金额)
| 截至三个月的时间 | ||||||||
| 2020年9月30日 | ||||||||
| 2024 | 2023 | |||||||
| 未经审计 | 未经审计 | |||||||
| 收入 | ||||||||
| 认购 | $ | 356,575 | $ | 289,623 | ||||
| 广告 | 27,054 | 30,592 | ||||||
| 其他 | 2,578 | 720 | ||||||
| 总收入 | 386,207 | 320,935 | ||||||
| 营业费用 | ||||||||
| 用户相关支出 | 317,692 | 286,068 | ||||||
| 广播和变速器 | 14,390 | 15,187 | ||||||
| 销售及营销费用 | 55,226 | 60,494 | ||||||
| 科技及研发 | 21,187 | 17,506 | ||||||
| ZSCALER, INC. | 26,528 | 15,861 | ||||||
| 折旧和摊销 | 9,816 | 9,103 | ||||||
| 营业费用总计 | 444,839 | 404,219 | ||||||
| 营业亏损 | (58,632 | ) | (83,284 | ) | ||||
| 其他费用收益 | ||||||||
| 利息支出 | (5,277 | ) | (3,440 | ) | ||||
| 利息收入 | 1,565 | 2,960 | ||||||
| 债务溢价（贴现）摊销，净额 | 348 | (650 | ) | |||||
| 债务清偿收益 | 7,752 | - | ||||||
| 其他（费用）收入 | (245 | ) | (318 | ) | ||||
| 其他收入（支出）总额 | 4,143 | (1,448 | ) | |||||
| 持续经营活动的税前亏损 | (54,489 | ) | (84,732 | ) | ||||
| 所得税（负债）益额 | (195 | ) | 247 | |||||
| 持续经营的净亏损 | (54,684 | ) | (84,485 | ) | ||||
| 已停业的业务 | ||||||||
| 终止操作前净利润 | 1,836 | 669 | ||||||
| 终止经营的净收入 | 1,836 | 669 | ||||||
| 净亏损 | (52,848 | ) | (83,816 | ) | ||||
| 减：归属于非控股权益的净亏损 | 425 | 5 | ||||||
| 归属于普通股股东的净亏损 | $ | (52,423 | ) | $ | (83,811 | ) | ||
| 其他综合损失 | ||||||||
| 外币翻译调整 | 5,817 | 3,858 | ||||||
| 归属于普通股股东的综合亏损 | $ | (46,606 | ) | $ | (79,953 | ) | ||
| 每股普通股当期净亏损 | ||||||||
| 持续经营的每股基本和摊薄亏损 | $ | (0.17 | ) | $ | (0.29 | ) | ||
| 停止经营的每股基本和摊薄收益 | $ | 0.01 | $ | 0.00 | ||||
| 每股基本和稀释净损失 | $ | (0.16 | ) | $ | (0.29 | ) | ||
| 加权平均股数： | ||||||||
| 基本和稀释 | 331,582,813 | 292,693,961 | ||||||
| 股权补偿分配如下： | ||||||||
| 用户相关支出 | 80 | 38 | ||||||
| 销售及营销费用 | 4,047 | 5,915 | ||||||
| 科技及研发 | 2,679 | 2,901 | ||||||
| ZSCALER, INC. | 2,518 | 3,853 | ||||||
| 股权报酬总额 | 9,324 | 12,707 | ||||||
|
| 7 |
fuboTV Inc.
Condensed Consolidated Balance Sheets
(in thousands)
| September 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Unaudited | Audited | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 146,175 | $ | 245,278 | ||||
| Accounts receivable, net | 76,868 | 80,299 | ||||||
| Prepaid sports rights | 35,777 | 39,911 | ||||||
| Prepaid and other current assets | 19,650 | 20,804 | ||||||
| Assets of discontinued operations | 391 | 462 | ||||||
| Total current assets | 278,861 | 386,754 | ||||||
| Property and equipment, net | 5,633 | 4,835 | ||||||
| Restricted cash | 6,143 | 6,142 | ||||||
| Intangible assets, net | 139,793 | 158,448 | ||||||
| Goodwill | 624,348 | 622,818 | ||||||
| Right-of-use assets | 32,976 | 35,825 | ||||||
| Other non-current assets | 14,544 | 17,818 | ||||||
| Total assets | $ | 1,102,298 | $ | 1,232,640 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 60,492 | $ | 74,311 | ||||
| Accrued expenses and other current liabilities | 319,597 | 320,041 | ||||||
| Notes payable | 6,842 | 6,323 | ||||||
| Deferred revenue | 103,137 | 90,203 | ||||||
| Long-term borrowings - current portion | 1,117 | 1,612 | ||||||
| Current portion of lease liabilities | 5,485 | 5,247 | ||||||
| Liabilities of discontinued operations | 15,013 | 19,608 | ||||||
| Total current liabilities | 511,683 | 517,345 | ||||||
| Convertible notes, net | 332,738 | 391,748 | ||||||
| Lease liabilities | 33,979 | 38,087 | ||||||
| Other long-term liabilities | 1,671 | 1,635 | ||||||
| Total liabilities | 880,071 | 948,815 | ||||||
| Shareholders' equity: | ||||||||
| Common stock par value $0.0001: 1,000,000,000 and 800,000,000 shares authorized at September 30, 2024 and December 31, 2023, respectively; 334,092,630 and 299,215,160 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | 33 | 30 | ||||||
| Additional paid-in capital | 2,209,993 | 2,136,870 | ||||||
| Accumulated deficit | (1,979,247 | ) | (1,845,542 | ) | ||||
| Non-controlling interest | (13,205 | ) | (11,751 | ) | ||||
| Accumulated other comprehensive income | 4,653 | 4,218 | ||||||
| Total shareholders' equity | $ | 222,227 | $ | 283,825 | ||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,102,298 | $ | 1,232,640 | ||||
|
| 8 |
fuboTV Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
| For the Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2024 | 2023 | |||||||
| Unaudited | Unaudited | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (135,159 | ) | $ | (217,390 | ) | ||
| Less: Net income from discontinued operations, net of tax | 1,687 | 4,672 | ||||||
| Net loss from continuing operations | (136,846 | ) | (222,062 | ) | ||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 28,596 | 26,858 | ||||||
| Stock-based compensation | 32,609 | 39,451 | ||||||
| Amortization of debt (premium) discount, net | (869 | ) | 1,918 | |||||
| Gain on extinguishment of debt | (29,513 | ) | - | |||||
| Gain on sale of assets | - | 2 | ||||||
| Deferred income tax provision (benefit) | - | (485 | ) | |||||
| Amortization of right-of-use assets | 2,849 | 2,337 | ||||||
| Other adjustments | 518 | 480 | ||||||
| Changes in operating assets and liabilities of business | ||||||||
| Accounts receivable, net | 3,470 | (18,123 | ) | |||||
| Prepaid expenses and other assets | 4,214 | (14,173 | ) | |||||
| Prepaid sports rights | 4,433 | (1,125 | ) | |||||
| Accounts payable | (13,312 | ) | (7,545 | ) | ||||
| Accrued expenses and other liabilities | (1,631 | ) | 605 | |||||
| Deferred revenue | 12,907 | 20,543 | ||||||
| Lease liabilities | (3,902 | ) | (1,669 | ) | ||||
| Net cash used in operating activities - continuing operations | (96,477 | ) | (172,988 | ) | ||||
| Net cash used in operating activities - discontinued operations | (2,837 | ) | (2,569 | ) | ||||
| Net cash used in operating activities | (99,314 | ) | (175,557 | ) | ||||
| Cash flows from investing activities | ||||||||
| Purchases of property and equipment | (1,899 | ) | (375 | ) | ||||
| Sale of property and equipment | - | 11 | ||||||
| Capitalization of internal use software | (8,813 | ) | (12,875 | ) | ||||
| Purchase of intangible assets | (540 | ) | (2,899 | ) | ||||
| Net cash used in investing activities | (11,252 | ) | (16,138 | ) | ||||
| Cash flows from financing activities | ||||||||
| Proceeds from sale of common stock, net of fees | 43,330 | 116,890 | ||||||
| Redemption of non-controlling interest | - | (2,147 | ) | |||||
| Vested restricted stock unit settled for cash | (181 | ) | (125 | ) | ||||
| Payments for financing costs | (4,682 | ) | - | |||||
| Repurchase of convertible notes | (26,557 | ) | - | |||||
| Proceeds from exercise of stock options | 3 | 259 | ||||||
| Repayments of notes payable and long-term borrowings | (449 | ) | (335 | ) | ||||
| Net cash provided by financing activities | 11,464 | 114,542 | ||||||
| Net decrease in cash, cash equivalents and restricted cash | (99,102 | ) | (77,153 | ) | ||||
| Cash, cash equivalents and restricted cash at beginning of period | 251,420 | 343,226 | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 152,318 | $ | 266,073 | ||||
| Supplemental disclosure of cash flows information: | ||||||||
| Interest paid | 14,627 | 13,120 | ||||||
| Income tax paid | 190 | 190 | ||||||
| Non cash financing and investing activities: | ||||||||
| Accrued expenses - At-the-market offering | 34 | 6 | ||||||
| Accounts payable - purchase of property and equipment | - | 403 | ||||||
| Accounts payable - purchase of intangible assets | - | 693 | ||||||
|
| 9 |
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, stock-based compensation, certain litigation expenses, income tax provision (benefit), other (income) expenses, and one-time non-cash expenses. Certain litigation expenses consists 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, 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.
|
| 10 |
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, change in fair value of warrants, amortization of debt premium (discount), amortization of intangible assets and other non-cash items, and certain litigation 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 and Gross Margin (GAAP)
Gross Profit is defined as Revenue less Subscriber related expenses and Broadcasting and transmission. Gross Margin is defined as Gross Profit divided by Revenue. We believe these measures are useful because they represent key profitability metrics for our business and are used by management to evaluate the performance of our business, including measuring the cost to deliver our product to subscribers against revenue.
Subscriber Acquisition Cost
Subscriber Acquisition Cost (SAC) reflects total GAAP sales and marketing expenses less headcount related to sales and marketing spend for a given period divided by Gross Paid Subscriber Additions for the same period.
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.
|
| 11 |
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 | ||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | ||||||||||||||||
| Subscription Revenue (GAAP) | $ | 356,575 | $ | 362,936 | $ | 373,714 | $ | 370,087 | $ | 289,623 | ||||||||||
| Advertising Revenue (GAAP) | 27,054 | 26,285 | 27,469 | 38,987 | 30,592 | |||||||||||||||
| Subtract: | ||||||||||||||||||||
| ROW Subscription Revenue | (8,696 | ) | (8,049 | ) | (8,143 | ) | (8,042 | ) | (8,108 | ) | ||||||||||
| ROW Advertising Revenue | (201 | ) | (257 | ) | (244 | ) | (382 | ) | (285 | ) | ||||||||||
| Total | 374,732 | 380,915 | 392,796 | 400,650 | 311,822 | |||||||||||||||
| Divide: | ||||||||||||||||||||
| Average Subscribers (North America) | 1,458,513 | 1,481,751 | 1,548,782 | 1,541,290 | 1,244,579 | |||||||||||||||
| Months in Period | 3 | 3 | 3 | 3 | 3 | |||||||||||||||
| North America Monthly Average Revenue per User (NA ARPU) | $ | 85.64 | $ | 85.69 | $ | 84.54 | $ | 86.65 | $ | 83.51 | ||||||||||
|
| 12 |
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 | ||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | ||||||||||||||||
| Subscription Revenue (GAAP) | $ | 356,575 | $ | 362,936 | $ | 373,714 | $ | 370,087 | $ | 289,623 | ||||||||||
| Advertising Revenue (GAAP) | 27,054 | 26,285 | 27,469 | 38,987 | 30,592 | |||||||||||||||
| Subtract: | ||||||||||||||||||||
| North America Subscription Revenue | (347,879 | ) | (354,887 | ) | (365,571 | ) | (362,045 | ) | (281,515 | ) | ||||||||||
| North America Advertising Revenue | (26,853 | ) | (26,028 | ) | (27,225 | ) | (38,605 | ) | (30,307 | ) | ||||||||||
| Total | 8,897 | 8,306 | 8,387 | 8,424 | 8,393 | |||||||||||||||
| Divide: | ||||||||||||||||||||
| Average Subscribers (ROW) | 395,254 | 394,471 | 399,528 | 412,565 | 400,806 | |||||||||||||||
| Months in Period | 3 | 3 | 3 | 3 | 3 | |||||||||||||||
| ROW Monthly Average Revenue per User (ROW ARPU) | $ | 7.50 | $ | 7.02 | $ | 7.00 | $ | 6.81 | $ | 6.98 | ||||||||||
|
| 13 |
fuboTV Inc.
Reconciliation of Net Loss from Continuing Operations to Non-GAAP Adjusted EBITDA
(in thousands)
Year-over-Year Comparison
| Three Months Ended | ||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | ||||||||||||||||
| Reconciliation of Net Loss from Continuing Operations to Adjusted EBITDA | ||||||||||||||||||||
| Net loss from continuing operations | $ | (54,684 | ) | $ | (25,833 | ) | $ | (56,329 | ) | $ | (71,042 | ) | $ | (84,485 | ) | |||||
| Depreciation and amortization | 9,816 | 9,519 | 9,261 | 9,638 | 9,103 | |||||||||||||||
| Stock-based compensation | 9,324 | 10,308 | 12,977 | 11,764 | 12,707 | |||||||||||||||
| Certain litigation expenses(1) | 11,930 | 4,856 | 2,257 | 555 | 76 | |||||||||||||||
| Other income (expense) | (4,143 | ) | (9,941 | ) | (7,097 | ) | (654 | ) | 1,448 | |||||||||||
| Income tax (provision) benefit | 195 | 99 | 113 | (397 | ) | (247 | ) | |||||||||||||
| Adjusted EBITDA | (27,562 | ) | (10,992 | ) | (38,818 | ) | (50,136 | ) | (61,398 | ) | ||||||||||
| Adjusted EBITDA | (27,562 | ) | (10,992 | ) | (38,818 | ) | (50,136 | ) | (61,398 | ) | ||||||||||
| Divide: | ||||||||||||||||||||
| Revenue | 386,207 | 390,965 | 402,347 | 410,181 | 320,935 | |||||||||||||||
| Adjusted EBITDA Margin | -7.1 | % | -2.8 | % | -9.6 | % | -12.2 | % | -19.1 | % | ||||||||||
| (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. |
|
| 14 |
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 | ||||||||
| September 30, 2024 | September 30, 2023 | |||||||
| Reconciliation of Net Loss from Continuing Operations to Adjusted EBITDA | ||||||||
| Net loss from continuing operations | $ | (207,888 | ) | $ | (317,977 | ) | ||
| Depreciation and amortization | 38,234 | 35,415 | ||||||
| Stock-based compensation | 44,373 | 49,364 | ||||||
| Certain litigation expenses(1) | 19,598 | 76 | ||||||
| Other income (expense) | (21,835 | ) | 7,815 | |||||
| Income tax (provision) benefit | 10 | (998 | ) | |||||
| Adjusted EBITDA (TTM) | (127,508 | ) | (226,305 | ) | ||||
| (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. |
|
| 15 |
fuboTV Inc.
Reconciliation of Net Cash Used in Operating Activities - Continuing Operations to Free Cash Flow
(in thousands)
Year-over-Year Comparison
| Three Months Ended | ||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | ||||||||||||||||
| Net cash used in operating activities - continuing operations | $ | 2,444 | $ | (31,874 | ) | $ | (67,046 | ) | $ | (57 | ) | $ | (24,921 | ) | ||||||
| Subtract: | ||||||||||||||||||||
| Purchases of property and equipment | (1,583 | ) | (208 | ) | (108 | ) | (696 | ) | (108 | ) | ||||||||||
| Capitalization of internal use software | (1,984 | ) | (3,221 | ) | (3,609 | ) | (4,407 | ) | (4,471 | ) | ||||||||||
| Purchase of intangible assets | - | - | (540 | ) | (693 | ) | (2,899 | ) | ||||||||||||
| Free Cash Flow | (1,123 | ) | (35,303 | ) | (71,303 | ) | (5,853 | ) | (32,399 | ) | ||||||||||
|
| 16 |
fuboTV Inc.
Reconciliation of Net Cash Used in Operating Activities - Continuing Operations to Free Cash Flow (TTM)
(in thousands)
Year-over-Year Comparison
| Trailing Twelve Months Ended | ||||||||
| September 30, 2024 | September 30, 2023 | |||||||
| Net cash used in operating activities - continuing operations | $ | (96,534 | ) | $ | (192,106 | ) | ||
| Subtract: | ||||||||
| Purchases of property and equipment | (2,595 | ) | (474 | ) | ||||
| Capitalization of internal use software | (13,220 | ) | (14,213 | ) | ||||
| Purchase of intangible assets | (1,233 | ) | (2,899 | ) | ||||
| Free Cash Flow (TTM) | (113,582 | ) | (209,692 | ) | ||||
|
| 17 |
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 | ||||||||
| September 30, 2024 | September 30, 2023 | |||||||
| Net loss attributable to common shareholders | $ | (52,423 | ) | $ | (83,811 | ) | ||
| Subtract: | ||||||||
| Net income from discontinued operations, net of tax | 1,836 | 669 | ||||||
| Net loss from continuing operations attributable to common shareholders | (54,259 | ) | (84,480 | ) | ||||
| Net loss from continuing operations attributable to common shareholders | (54,259 | ) | (84,480 | ) | ||||
| Stock-based compensation | 9,324 | 12,707 | ||||||
| Amortization of debt (premium) discount, net | (348 | ) | 650 | |||||
| Amortization of intangibles | 9,431 | 8,839 | ||||||
| Gain on extinguishment of debt | (7,752 | ) | - | |||||
| Certain litigation expenses(1) | 11,930 | 76 | ||||||
| Adjusted net loss from continuing operations | (31,674 | ) | (62,208 | ) | ||||
| Weighted average shares outstanding: | ||||||||
| Basic and diluted | 331,582,813 | 292,693,961 | ||||||
| Adjusted EPS from continuing operations | $ | (0.08 | ) | $ | (0.22 | ) | ||
| (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. |
|
| 18 |
# # #
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
|
| 19 |