Live TV Streaming Platform Delivers
Strongest Quarter in Company History
Company Exceeds Raised Guidance with Solid
Growth in Revenue, Subscription and Engagement
fuboTV Inc. (NYSE: FUBO), the leading sports-first live TV
streaming platform, today announced its unaudited financial results
for the third quarter ended September 30, 2020. The company, which
closed its public offering on October 13, 2020, delivered the
strongest quarter in its history and exceeded previously raised
guidance with solid growth in revenue, subscription and
engagement.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20201110005911/en/
Third Quarter 2020 Financial Highlights
- Revenues were $61.2 million, a 47% increase year-over-year on a
pro forma basis, or +71% excluding 2019 licensing revenue from the
FaceBank AG business, sold in July 2020. This growth was driven by
continued subscriber expansion, an increase in subscription Average
Revenue Per User (ARPU) and growth of advertising sales:
- Subscription revenue increased 64% year-over-year to $53.4
million.
- Advertising revenue increased 153% year-over-year to $7.5
million.
- Paid subscribers at quarter end totaled 455,000, an increase of
58% year-over-year.
- Average Revenue Per User (ARPU) per month was $67.70, up 14%
year-over-year.
- Total content hours streamed by fuboTV users (paid and free
trial) in the quarter increased 83% year-over-year to 133.3 million
hours.
- Monthly active users (MAUs) watched 121 hours per month on
average in the quarter, an increase of 20% year-over-year.
(Note: The company states its key metrics on a year-over-year
basis, given the seasonality of sports content. As the legacy
FaceBank business reported no revenue in the third quarter of 2020,
the comparisons to prior year shown in this document refer to the
pro forma 2019 results of the consolidated legacy fuboTV and
FaceBank business, unless otherwise stated.)
“Q3 was the strongest quarter in fuboTV’s history, exceeding
targets in all of our key metrics: subscription revenue grew 64%
year-over-year, ad revenue grew 153% year-over-year and we ended
the quarter with an all-time high of 455,000 paid subscribers,”
said David Gandler, co-founder and CEO, fuboTV. “A heavy sports
calendar, busy news cycle and Hollywood’s fall entertainment season
delivered many viewing options for consumers. We continued to grow
fuboTV’s premium, personal viewing experience with the launch of
new product features and new programming including Disney Media
Networks (ABC, ESPN, many more), MLB Network, NBC News Now and
more.”
Added Edgar Bronfman Jr., executive chairman, fuboTV, “Our
successful public offering in October demonstrated confidence in
fuboTV’s strategy, and investor excitement has continued to grow.
We believe fuboTV sits firmly at the intersection of three
megatrends: the secular decline of traditional TV viewership, the
shift of TV ad dollars to connected TVs and online sports wagering,
a market which we intend to enter. As a result, we believe our
growth opportunities are numerous. Our optimism in the future of
fuboTV and the live TV streaming business has never been
stronger.”
In a letter released to shareholders today, Gandler and Bronfman
described in greater detail the results of the recently completed
third quarter and the overall business. The complete shareholder
letter is below.
Gandler and CFO Simone Nardi will host a live video webinar
today at 5:30 p.m. ET to deliver brief remarks followed by Q&A.
The live webinar will be available on the Events page of fuboTV’s
investor relations website. Investors can submit questions in
advance to ir@fubo.tv with the email subject “Q3 2020 Earnings.” An
archived replay will be available on fuboTV’s website following the
webinar. Participants should join the webinar 10 minutes in advance
to ensure that they are connected prior to the event.
fuboTV’s Letter to
Shareholders
November 10, 2020
Fellow Shareholders,
We are thrilled to share fuboTV’s Q3 2020 unaudited financial
results and recent business updates with you today. The third
quarter was the biggest in our company’s history, and closed just
prior to our October public offering on the NYSE. 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.
fuboTV is the leading sports-first live TV streaming platform
offering subscribers access to tens of thousands of live sporting
events annually as well as leading news and entertainment content.
We stream 90% of nationwide NFL games with the majority of the
country receiving all games (airing on ESPN/ABC, CBS, FOX, NBC and
NFL Network, plus live look-ins of national and regional action on
NFL RedZone) and have strong coverage of other nationally televised
leagues: 100% of NHL (NBC, NBCSN, NHL Network), 88% of MLB (ESPN,
Fox/FS1, MLB Network) and nearly 70% of NBA (ESPN/ABC, NBA TV). We
are the only vMVPD streaming in 4K, including 11 Thursday Night
Football (FOX) games this season and the recent 2020 World Series
(FOX). fuboTV also has more regional sports networks (RSNs) in its
base package than any other live TV streaming platform.
At the core of our offering is our proprietary data and
technology platform optimized for live TV and sports viewership.
Our platform has enabled us to regularly offer new features and
functionality for our subscribers and for our advertising partners.
For example, we were the first virtual multichannel video
programming distributor (vMVPD) to stream in 4K resolution. We
believe fuboTV is also the only vMVPD where customers can watch
four live streams simultaneously, through our recently updated
Multiview on Apple TV feature. Both 4K and Multiview particularly
complement sports viewing, which is why we believe fuboTV offers a
differentiated and more personalized, premium viewing experience
for the sports fan.
Our financial model is driven by strong unit economics. We
expect margin improvement to continue over time, aided by a number
of initiatives. This includes the growth of advertising on our
platform along with strong attachment rates on value-added
services, such as cloud DVR storage and the ability to stream on
multiple devices.
We believe fuboTV sits firmly at the intersection of three
industry megatrends: the secular decline of traditional TV
viewership, the shift of TV ad dollars to connected TVs and online
sports wagering. Our strong subscriber growth indicates consumers
are cutting the cord faster than ever before, and our increased
viewer engagement has driven fuboTV’s ad sales growth.
We’ve previously said that we see the online wagering space - a
market expected to reach $155 billion by 2024 according to Zion
Market Research - as complementary to our sports-first live TV
streaming platform. We believe there is a flywheel opportunity with
video content and interactivity. As our cable TV replacement
product is sports-focused, we believe a significant portion of our
subscribers would be interested in online wagering, creating a
unique opportunity to drive higher subscriber engagement and open
up additional revenue opportunities. Simply put, we expect wagering
will lead to more viewing, and this increased engagement will lead
to higher ad monetization, better subscriber retention and a
reduction in subscriber acquisition costs.
Therefore, we are excited to announce that fuboTV intends to
expand into the online sports wagering market. Our goal with
wagering is to develop a new revenue stream for fuboTV, and one
which we believe will be an important contributor to our
business.
We expect to share more tactical details as appropriate. And, of
course, we expect to continue to grow our subscribers which will
positively impact any decision we make on wagering.
We believe fuboTV has an opportunity to combine a sports
wagering service with our leading live sports streaming package. In
addition to sports, we continue to grow our news and entertainment
offering. We are pleased to announce today new content agreements
with Epix and Starz, and will launch their premium entertainment
channels on fuboTV before the end of the year. This broad mix of
content is why our consumers “come for the sports and stay for the
entertainment.”
We’ve also taken fuboTV to 35,000 feet. Earlier this year, we
announced the closing of a first-of-its-kind partnership with
satellite internet provider Viasat which will make fuboTV the first
vMVPD to stream live content to all passengers - at no charge - on
U.S. flights equipped with Viasat satellite internet. Today, we are
excited to announce that we will bring fubo Sports Network to
JetBlue customers. While viewing fubo Sports Network for free,
JetBlue customers will also be able to sign up for a fuboTV
subscription and begin streaming immediately.
Q3 2020 Financial and Recent Operating Highlights
Our key metrics should be considered on a year-over-year basis
given the seasonality of sports content. Sports content has
historically contributed to higher subscription revenue and
subscriber additions in the third and fourth quarters, and slower
growth in the first and second quarters. For example, in 2018 and
2019, gross adds acquired during the second half of the year
represented 60% and 65% of our full year total gross paid
subscriber additions, respectively. To take advantage of the higher
levels of purchase intent in the second half of the year, we have
historically incurred the majority of our sales and marketing
expenses in these periods. Please note that the legacy FaceBank
business reported $5.8 million revenue in the third quarter of
2019, entirely from FaceBank AG, a business sold in July 2020, and
reported no revenue in the third quarter of 2020; the comparisons
to prior year shown below refer to the pro forma 2019 results.
- Revenues for the third quarter 2020 were $61.2 million, a 47%
increase year-over-year on a pro forma basis, or +71% excluding
licensing revenue from FaceBank AG. This growth, significantly
ahead of guidance, was driven by continued subscriber expansion, an
increase in subscription Average Revenue Per User (ARPU) and growth
of advertising sales:
- Subscription revenue increased 64% year-over-year to $53.4
million.
- Advertising revenue increased 153% year-over-year to $7.5
million.
- Paid subscribers at quarter end totaled 455,000, an increase of
58% year-over-year.
- Average Revenue Per User (ARPU) per month was $67.70, up 14%
year-over-year.
- Total content hours streamed by fuboTV users (paid and free
trial) increased 83% year-over-year to 133.3 million hours.
- Monthly active users (MAUs) watched 121 hours per month on
average in the quarter, an increase of 20% year-over-year.
- We use adjusted contribution margin to measure the variable
costs against subscriber revenue: adjusted contribution margin was
positive 16.1% in Q3 2020, up from 0.5% in Q3 2019. The improvement
was driven by growth in subscription ARPU, growth in advertising
ARPU and a reduction in the average cost per user (ACPU), mainly
driven by lower per-subscriber content expenses. Q3 2020 adjusted
contribution margin benefitted in part from the unusual timing of
some content deal negotiations in July. Adjusted for this unusual,
one-time impact, the Q3 2020 adjusted contribution margin would
have been approximately 10.5%. Please refer to the reconciliation
of revenue to adjusted contribution margin in the non-GAAP
information in the tables accompanying this letter.
- Total GAAP operating expenses in the period were $363.4
million, or $108.7 million on a non-GAAP adjusted basis excluding
$254.7 million non-cash impact from the impairment of goodwill,
intangibles and related deferred tax liabilities of the legacy
Facebank business, stock-based compensation, one-time non-cash
operating expenses and Depreciation and Amortization (please refer
to reconciliation of operating expenses to adjusted operating
expenses in the tables accompanying this letter). Of these $108.7
million expenses, the main drivers and variances compared to the 3Q
2019 pro forma were:
- Subscriber related expenses totaled $61.2 million, an increase
of $10.3 million.
- Sales and marketing expenses totaled $21.3 million (or $22.3
million including stock-based compensation), an increase of $8.2
million.
- General and administrative expenses totaled $8.0 million (or
$8.3 million including stock-based compensation and a one-time
non-cash adjustment on operating expenses), an increase of $2.6
million including transaction costs.
- The company reported a net loss of $274.1 million in Q3 2020
including non-cash goodwill and intangibles impairment charges of
$236.7 million for the legacy FaceBank business, $27.7 million
benefit for income taxes associated with the legacy FaceBank
business and $7.6 million gain on the sale of Facebank AG. The
Non-GAAP net loss excluding the $201.4 million impact of these
one-time non-cash items was $72.7 million. Please refer to the
reconciliation of net loss to Non-GAAP Net Loss in the tables
accompanying this letter.
- Adjusted EBITDA was a loss of $47.5 million in Q3 2020, a $2.9
million lower loss compared to the prior year. Please refer to the
reconciliation of net loss to adjusted EBITDA in the tables
accompanying this letter.
- We ended the third quarter with 47,392,684 common shares
outstanding, as well as 64,648,724 Series AA Convertible Preferred
issued and issuable on an as-converted basis, for a total common
shares outstanding of 112,041,408 on an as-converted basis.
- We ended Q3 2020 with $40.1 million in cash. This does not
include gross proceeds of $197 million from the public offering
completed in October.
Recent Business Highlights
- Closed in October a successful public offering of 19,706,708
shares of common stock at the price of $10.00 per share. fuboTV
received total gross proceeds of $197 million, before deducting the
underwriting discounts and commissions and other offering
expenses.
- Appointed Laura Onopchenko, the current CFO of Getaround and
former CFO of Nerdwallet, as an independent Director to the Board
of Directors.
- Launched Disney Media Networks’ ESPN (all channels) and Walt
Disney Television networks (ABC, Disney Channel, Freeform, FX, Nat
Geo, etc.) in August following the closing of a multi-year content
agreement announced in June.
- Expanded our leading sports, news and entertainment offering
with the launches of MLB Network, MLB Network Strike Zone, NBC News
Now, Accuweather and Estrella (Spanish language content). Also
closed an agreement to carry AT&T SportsNet’s regional sports
network (RSN) in Pittsburgh.
- Relaunched our popular Multiview feature on Apple TV, doubling
the number of streams subscribers can watch simultaneously to four.
We believe fuboTV is the only vMVPD to enable viewing of four live
channels.
Guidance
Looking ahead, as noted in recent Shareholder Letters, we
continue to be focused on driving both top-line growth and making
progress on our path to profitability. Furthermore, we believe
fuboTV’s differentiation in the marketplace - sports-focused
programming and a tech-first user experience - firmly positions the
company for strong growth.
In recent months, sports have returned despite the ongoing
pandemic. The NFL has continued to play and college football,
including the Pac-12 and Big 10, as well as soccer have begun their
return. Sports fans also enjoyed the 2020 World Series - played on
schedule in October. These events have driven increased subscriber
growth, viewership and ad revenue.
As a result, we are raising our Q4 guidance. We expect Q4
revenues to be $80-85 million, a 51% to 60% increase
year-over-year.* We also expect to end the fourth quarter with
500,000-510,000 paid subscribers, an increase of 58% to 62%
year-over-year.*
Full year 2020 revenue is expected to be $244-248 million, an
increase of over 65% year-over-year.*
Full year 2021 revenue is expected to be $415-435 million, an
increase of over 70% year-over-year.*
As mentioned previously, we are excited about the growth and
revenue opportunities around online sports wagering. Please note,
however, that we have not included in our guidance any projections
regarding online sports wagering.
*Metrics compare the combined company (fuboTV Inc. and FaceBank
Group, Inc.) in 2020 to the legacy fuboTV company (“pre-merger
fuboTV”) in 2019.
Summary
Q3 was the strongest year in fuboTV’s history, exceeding targets
in all of our key metrics: subscription revenue grew 64%
year-over-year, ad revenue grew 153% year-over-year and we ended
the quarter with an all-time high of 455,000 paid subscribers. A
heavy sports calendar, busy news cycle and Hollywood’s fall
entertainment season delivered many viewing options for consumers.
fuboTV continued to iterate its premium, personal viewing
experience with the launch of new product features and new
programming.
The outlook for Q4 is also solid. The growth of advertising on
our platform along with strong attachment rates on value-added
services, such as cloud DVR storage and the ability to stream on
multiple devices, continue to improve margins. Furthermore, we
believe fuboTV’s differentiation in the marketplace -
sports-focused programming and a tech-first user experience -
firmly positions the company for long-term growth. We are also
excited about the potential growth and revenue opportunities around
our intended expansion into online sports wagering.
Our successful public offering in October demonstrated
confidence in fuboTV’s strategy, and investor excitement has only
continued to grow. Our optimism in the future of fuboTV and the
live TV streaming business has never been stronger.
Sincerely,
David Gandler, co-founder and CEO Edgar Bronfman Jr., executive
chairman
Q3 Earnings Live Video Webinar
fuboTV CEO David Gandler and CFO Simone Nardi will host a live
video webinar today at 5:30 p.m. ET to deliver brief remarks
followed by Q&A. The live webinar 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 webinar.
Participants should join the webinar 10 minutes in advance to
ensure that they are connected prior to the event.
More Information
Additional information is available at www.sec.gov under fuboTV
Inc.’s filings, as well as https://ir.fubo.tv.
fuboTV 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, including pro forma financial statements for
the combined company, and related disclosures, as filed in its Form
10-Q for the quarter ended September 30, 2020 to be filed this
week.
About fuboTV
fuboTV (NYSE: FUBO) is the leading sports-first live TV
streaming platform offering subscribers access to tens of thousands
of live sporting events annually as well as leading news and
entertainment content. fuboTV’s base package, fubo Standard,
features a broad mix of 100+ channels, including 43 of the top 50
Nielsen-ranked networks across sports, news and entertainment
(Primetime A18-49).
Continually innovating to give subscribers a premium viewing
experience they can’t find with cable TV, fuboTV is regularly
first-to-market with new product features and was the first virtual
MVPD to stream in 4K.
fuboTV merged with FaceBank Group in April 2020 to create a
leading digital entertainment company, combining fuboTV’s
direct-to-consumer live TV streaming platform for cord-cutters with
FaceBank’s technology-driven IP in sports, movies and live
performances.
Forward-Looking Statements
This letter contains forward-looking statements of fuboTV Inc.
(“fuboTV”) that involve substantial risks and uncertainties. All
statements contained in this press release are forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. The words “could,” “will,” “plan,” “intend,”
“anticipate,” “approximate,” “expect,” “potential,” 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 (i) risks related to the ability to realize the
anticipated benefits of the merger, (ii) risks related to the
combined entity’s access to capital and fundraising prospects to
fund its ongoing operations and its ability to continue as a “going
concern”, (iii) risks related to diverting management’s attention
from fuboTV’s ongoing business operations to address integration
and fundraising efforts, (iv) risks related to our ability to
successfully develop and market a sports wagering offering, and (v)
other business effects, 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 the company’s periodic
filings with the Securities and Exchange Commission and 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 letter.
(fuboTV Inc. Financial Statements begin on the following
pages)
fuboTV Inc.
Condensed Consolidated Statements of
Operations and Comprehensive Loss
(Unaudited)
(in thousands, except share and per
share amounts)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2020
2019
2020
2019
Revenues
Subscriptions
$
53,433
$
-
$
92,945
$
-
Advertisements
7,520
-
11,843
-
Software licenses, net
-
5,834
7,295
5,834
Other
249
-
586
-
Total revenues
61,202
5,834
112,669
5,834
Operating expenses
Subscriber related expenses
61,228
-
114,315
-
Broadcasting and transmission
9,778
-
19,270
-
Sales and marketing
22,269
93
33,526
417
Technology and development
10,727
5,222
20,277
5,222
General and administrative
8,270
2,171
42,130
3,688
Depreciation and amortization
14,413
5,273
34,050
15,589
Impairment of intangible assets and
goodwill
236,681
-
236,681
-
Total operating expenses
363,366
12,759
500,249
24,916
Operating loss
(302,164
)
(6,925
)
(387,580
)
(19,082
)
Other income (expense)
Interest expense and financing costs
(2,203
)
-
(18,109
)
-
Interest income
-
482
-
482
Loss on extinguishment of debt
1,321
-
(23,334
)
-
Gain on sale of assets
7,631
-
7,631
-
Unrealized gain in equity method
investment
-
-
2,614
-
Loss on deconsolidation of Nexway
-
(1,094
)
(11,919
)
(1,994
)
Change in fair value of warrant
liabilities
4,543
-
9,143
-
Change in fair value of subsidiary warrant
liability
-
831
3
4,432
Change in fair value of shares settled
liability
-
-
(1,665
)
-
Change in fair value of derivative
liability
101
(1
)
(426
)
1,017
Change in fair value of profit share
liability
-
-
(148
)
-
Other expense
583
(1,230
)
(863
)
(1,230
)
Total other income (expense)
11,976
(1,012
)
(37,073
)
2,707
Loss before income taxes
(290,188
)
(7,937
)
(424,653
)
(16,375
)
Income tax benefit
(16,071
)
(1,028
)
(20,589
)
(3,234
)
Net loss
(274,117
)
(6,909
)
(404,064
)
(13,141
)
Less: net income (loss) attributable to
non-controlling interest
-
(128
)
1,555
2,653
Net loss attributable to controlling
interest
$
(274,117
)
$
(6,781
)
$
(402,509
)
$
(15,794
)
Less: Deemed dividend on Series D
Preferred stock
-
(6
)
-
(6
)
Less: Deemed dividend - beneficial
conversion feature on preferred stock
-
(379
)
-
(379
)
Net loss attributable to common
stockholders
$
(274,117
)
$
(7,166
)
$
(402,509
)
$
(16,179
)
Net loss per share attributable to common
stockholders
Basic and diluted
$
(6.20
)
$
(0.29
)
$
(11.00
)
$
(0.80
)
Weighted average shares outstanding
Basic and diluted
44,199,709
24,636,124
36,577,189
20,165,089
fuboTV Inc.
Condensed Consolidated Balance
Sheets
(in thousands, except for share and per
share information)
September 30,
December 31,
2020
2019
(Unaudited)
*
ASSETS
Current assets
Cash
$
38,864
$
7,624
Accounts receivable, net
6,975
8,904
Prepaid and other current assets
12,177
1,445
Total current assets
58,016
17,973
Property and equipment, net
1,840
335
Restricted cash
1,275
-
Financial assets at fair value
-
1,965
Intangible assets, net
238,440
116,646
Goodwill
493,847
227,763
Right-of-use assets
4,886
3,519
Other non-current assets
1,009
24
Total assets
$
799,313
$
368,225
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities
Accounts payable
61,679
36,373
Accrued expenses
37,363
20,402
Due to related parties
85,847
665
Notes payable, net of discount
5,884
4,090
Notes payable - related parties
35
368
Convertible notes, net of $710 discount as
of December 31, 2019
-
1,358
Shares settled liability
43
1,000
Deferred revenue
15,424
-
Profit share liability
2,119
1,971
Warrant liabilities
28,085
24
Derivative liability
-
376
Long term borrowings - current portion
9,696
-
Current portion of lease liability
903
815
Total current liabilities
247,078
67,442
Deferred income taxes
9,428
30,879
Lease liability
3,997
2,705
Long term borrowings
25,905
43,982
Other long-term liabilities
3,968
41
Total liabilities
290,376
145,049
Convertible preferred stock
566,124
462
Stockholders' equity:
Common stock
5
3
Additional paid-in capital
385,030
257,002
Accumulated deficit
(458,632
)
(56,123
)
Non-controlling interest
16,410
22,602
Accumulated other comprehensive loss
-
(770
)
Total stockholders' equity
508,937
222,714
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY AND TEMPORARY EQUITY
$
799,313
$
368,225
fuboTV Inc.
Condensed Consolidated Statements of
Cash Flows (Unaudited)
(in thousands, except share and per
share amounts)
For the Nine Months Ended
September 30,
2020
2019
Cash flows from operating
activities
Net loss
$
(404,064
)
$
(13,141
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
34,050
15,589
Stock-based compensation
24,082
-
Impairment expense intangibles
88,059
-
Impairment expense goodwill
148,622
-
Issuance of common stock in connection
with cancellation of a consulting agreement
-
13
Issuance of common stock for services
rendered
-
101
Non-cash expense relating to issuance of
warrants and common stock
2,209
-
Loss on deconsolidation of Nexway, net of
cash retained by Nexway
8,564
-
Common stock issued in connection with
note payable
67
-
Loss on extinguishment
23,334
-
Gain on sale of assets
(7,631
)
-
Amortization of debt discount
12,271
501
Deferred income tax benefit
(20,589
)
(3,234
)
Change in fair value of derivative
liability
426
(1,017
)
Change in fair value of warrant
liability
(9,146
)
-
Change in fair value of subsidiary warrant
liability
-
(4,432
)
Change in fair value of shares settled
liability
1,665
-
Change in fair value of profit share
liability
148
-
Unrealized gain on investments
(2,614
)
-
Amortization of right-of-use assets
434
46
Accrued interest on note payable
244
557
Foreign currency loss
1,010
-
Other adjustments
(157
)
(636
)
Changes in operating assets and
liabilities of business, net of acquisitions:
Accounts receivable
(2,071
)
3,620
Prepaid expenses and other current
assets
(10,558
)
(100
)
Accounts payable
7,881
2,819
Accrued expenses
(11,093
)
617
Due from related parties
36,474
-
Deferred revenue
6,615
-
Lease liability
(421
)
(46
)
Net cash used in operating activities
(72,190
)
1,257
Cash flows from investing
activities
Purchases of property and equipment
(103
)
-
Advance to fuboTV Pre-Merger
(10,000
)
-
Acquisition of fuboTV’s Pre-Merger cash
and cash equivalents and restricted cash
9,373
-
Sale of Facebank AG
(619
)
-
Investment in Panda Productions (HK)
Limited
-
(1,050
)
Acquisition of FaceBank AG and Nexway, net
of cash paid
-
2,300
Sale of profits interest in investment in
Panda Productions (HK) Limited
-
655
Purchase of intangible assets
-
(250
)
Payments for leasehold improvements
-
(9
)
Lease security deposit
-
(21
)
Net cash used in investing activities
(1,349
)
1,625
Cash flows from financing
activities
Proceeds from sale of common stock and
warrants
97,143
-
Proceeds from exercise of stock
options
324
-
Proceeds from issuance of convertible
notes
3,003
275
Repayments of convertible notes
(3,913
)
(523
)
Proceeds from issuance of Series D
preferred stock
203
450
Proceeds from loans
33,649
-
Repayments of notes payable
(14,143
)
-
Repayments of short term borrowings
(8,407
)
-
Proceeds from sale of subsidiary's common
stock
-
65
Redemption of Series D preferred stock
(880
)
-
Repayments to related parties notes
-
410
Repayments of notes payable related
party
(333
)
(259
)
(Repayments) proceeds from (to) related
parties
(592
)
(351
)
Net cash provided by financing
activities
106,054
67
Net (decrease) increase in cash
32,515
2,949
Cash at beginning of period
7,624
31
Cash and restricted cash at end of
period
40,139
2,980
Key Metrics and Non-GAAP Measures
Paid Subscribers
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.
Monthly Active Users (MAUs)
Monthly Active Users (MAU) refers to the total count of Paid
Subscribers that have consumed content for greater than 10 seconds
in the 30-days preceding the period-end indicated.
Content Hours
Content Hours is defined as the sum of total hours of content
watched on the fuboTV platform for a given period.
Monthly Content Hours Watched per MAU
Content Hours per MAU refers to the total hours of content
viewed by MAUs in a given month divided by the MAU count in the
period.
Monthly Average Revenue per User (Monthly ARPU)
ARPU (Average Revenue Per User) is a fuboTV measure defined as
total subscriber revenue collected in the period (subscriber and
advertising revenues excluding other revenues) divided by the
average daily paid subscribers in such period divided by the number
of months in the period.
Average Cost Per User (ACPU)
Average Cost Per User (ACPU) reflects variable COGS per user
defined as subscriber related expenses less minimum guarantees
expensed, payment processing for deferred revenue, IAB fees for
deferred revenue and other subscriber related expenses in a given
period, divided by the average daily subscribers in the period,
divided by the number of months in the period.
Adjusted Contribution Margin
Adjusted Contribution Margin (ACM) is a non-GAAP figure to
measure the variable costs against subscriber revenue. ACM is
calculated by subtracting ACPU from ARPU.
Reconciliation of Non-GAAP Financial Measures
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
revenue. 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 reconcile the most directly comparable GAAP
financial measure to the non-GAAP financial measure.
fuboTV Inc.
Reconciliation of Revenue to Non-GAAP
Platform Bookings and Reconciliation of Subscriber Related Expenses
to Non-GAAP Variable COGS
(in thousands, except share and per
share amounts)
Three Months Ended
September 30, 2020
September 30, 2019
As reported
Pro-Forma Combined
Revenue (GAAP)
$
61,202
$
41,684
Subtract:
Software licenses, net
-
(5,834
)
Other Revenue
(248
)
(238
)
Prior period subscriber deferred
revenue
(8,332
)
(5,163
)
Add:
Current period subscriber deferred
revenue
15,119
8,569
Non-GAAP Platform Bookings
67,741
39,019
Subscriber Related Expenses
(GAAP)
$
61,228
$
50,893
Add:
Payment Processing for Deferred Revenue
(current period)
258
197
In-App Billing Fees for Deferred Revenue
(current period)
156
56
Subtract:
Minimum Guarantees Expensed
(3,548
)
(11,611
)
Payment Processing for Deferred Revenue
(prior period)
(202
)
(129
)
In-App Billing Fees for Deferred Revenue
(prior period)
(42
)
(33
)
Other Subscriber Related Expenses
(1,031
)
(530
)
Non-GAAP Variable COGS
56,819
38,842
Non-GAAP Platform Bookings
67,741
39,019
Subtract:
Non-GAAP Variable COGS
(56,819
)
(38,842
)
Divide:
Non-GAAP Platform Bookings
67,741
39,019
Non-GAAP Adjusted Contribution
Margin
16.1
%
0.5
%
fuboTV Inc.
Reconciliation of Operating Expenses to
Non-GAAP Adjusted Operating Expenses and Reconciliation of Net Loss
to Non-GAAP Adjusted EBITDA
(in thousands, except share and per
share amounts)
Three Months Ended
September 30, 2020
September 30, 2019
As reported
Pro-Forma Combined
Reconciliation of GAAP Operating
Expenses to Non-GAAP Adjusted Operating Expenses
Operating Expenses
$
363,365
$
97,482
Depreciation
(127
)
(126
)
Amortization of intangible assets
(14,286
)
(5,273
)
Impairment of Intangible Assets
(236,681
)
-
Stock-based Compensation
(6,305
)
-
non-GAAP one-time non-cash operating
expenses
2,705
-
Non-GAAP Adjusted Operating
Expenses
108,672
92,083
Three Months Ended
September 30, 2020
September 30, 2019
As reported
Pro-Forma Combined
Reconciliation of GAAP Net Loss to
Non-GAAP Adjusted EBITDA:
Net Loss
$
(274,117
)
$
(56,235
)
Depreciation
127
126
Amortization of intangible assets
14,286
5,273
Impairment of Intangible Assets
236,681
-
Stock-based Compensation
6,305
-
non-GAAP one-time non-cash operating
expenses
(2,705
)
-
Other income (expense)
(11,976
)
1,465
Provision for income taxes (income tax
benefit)
(16,071
)
(1,028
)
Non-GAAP Adjusted EBITDA
$
(47,470
)
$
(50,399
)
fuboTV Inc.
Reconciliation of Net Loss to Non-GAAP
Net Loss and Non-GAAP Net Loss per Share
(in thousands, except share and per
share amounts)
Three Months Ended
September 30, 2020
September 30, 2019
As reported
As reported
Reconciliation of GAAP Net loss to
non-GAAP Net loss
Net Loss
$
(274,117
)
$
(7,166
)
Less : Net income (loss) attributable to
noncontrolling interests
-
(128
)
Less: Impairment and restructuring
charges
236,681
-
Less: Tax benefit associated with
impairment
(27,643
)
0
Less: Gain on sale of assets
(7,631
)
-
Less: Loss on deconsolidation of
Nexway
-
1,094
Non-GAAP Net loss
(72,710
)
(6,200
)
Weighted average shares outstanding
Basic and diluted
44,199,709
24,363,124
GAAP Net loss per share
$
(6.20
)
$
(0.29
)
Non-GAAP Net Loss per share
$
(1.65
)
$
(0.25
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201110005911/en/
Investor Contact: The Blueshirt Group for fuboTV ir@fubo.tv
Media Contacts: Jennifer L. Press, fuboTV jpress@fubo.tv
Katie Minogue, fuboTV kminogue@fubo.tv
fuboTV (NYSE:FUBO)
Historical Stock Chart
From Feb 2024 to Mar 2024
fuboTV (NYSE:FUBO)
Historical Stock Chart
From Mar 2023 to Mar 2024