NEW YORK–( BUSINESS WIRE )– FuboTV Inc. (NYSE: FUBO), the leading live sports television streaming platform, today announced its financial results for the second quarter ended June 30, 2022.
FuboTV’s streaming business in North America (US and Canada) delivered double-digit year-over-year growth in total revenue (up 65% to $216.1 million), advertising revenue (up 32% to $21.7 million) and paid subscribers (up 41% to $21.7 million). 946,735) during the second quarter.
The company’s streaming business in the rest of the world (France, Spain) ended the quarter ahead of expectations with approximately 347,000 total paying subscribers and $5.8 million in total revenue.
FuboTV also ended the quarter with a strong liquidity position of $378.8 million in cash and short-term investments. In addition, the company achieved an improvement in Adjusted Contribution Margin, Operating Cash Flow and Adjusted EBITDA (AEBITDA) compared to the first quarter of 2022.
Full results for the second quarter of 2022 are detailed in FuboTV’s shareholder letter available on the company’s IR website.
“In the second quarter, FuboTV achieved strong subscriber and revenue growth, with US subscriber growth of 41% year-over-year and total revenue growth of 65% year-over-year. In addition, advertising revenue grew 32 % year over year,” said David Gandler, FuboTV co-founder and CEO. “Importantly, we ended the quarter with $378.8 million in cash and achieved sequential improvement in operating cash flow and AEBITDA compared to the prior quarter. We are pleased to see improvements in our margins from ‘AEBITDA as we anticipate a return to growth in the back half of the year, and we remain confident on our path to our positive cash flow and AEBITDA targets in 2025.’
“We remain committed to the aggregated streaming model and FuboTV’s mission to build the world’s leading global live TV streaming platform with the widest breadth of premium content and interactivity,” said Edgar Bronfman Jr., Executive Chairman from FuboTV. “We continue to make progress towards our goal of achieving positive cash flow and AEBITDA by 2025 and look forward to outlining our strategic plan, key initiatives and long-term financial goals at our first Investor Day on 16 August 2022”.
Gandler and CFO John Janedis will host a live conference call today at 5:30 PM ET for brief remarks followed by a 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 the FuboTV website following the call. Participants must join the call 10 minutes in advance to ensure they are connected before the event.
With a mission to build the world’s leading global live TV streaming platform with the widest breadth of premium content and interactivity, FuboTV Inc. (NYSE: FUBO) aims to transcend the industry’s current television model. FuboTV Inc. operates in the USA, Canada, France and Spain.
Leveraging its proprietary technology and data platform optimized for live television 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 first sports cable television replacement product, FuboTV, offers US subscribers over 100 live sports, news and entertainment networks and is the only live TV streaming platform with all Nielsen-rated sports channels (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.
We believe that the number of paid subscribers is a relevant measure of the size of our user base. Paid subscribers are defined as the total number of subscribers who have completed registration with FuboTV, activated a payment method (reflects only one paying user per plan), from whom FuboTV has collected payment during the month ending the period corresponding Users who are in a free (trial) period are not included in this metric.
Adjusted contribution margin
We believe Adjusted Contribution Margin (ACM) is a relevant metric for evaluating our profitability per subscriber. ACM is a non-GAAP measure that measures costs against subscriber revenue. ACM is calculated by subtracting ACPU from ARPU.
Adjusted EBITDA is a non-GAAP measure defined as Net Loss, adjusted for depreciation and amortization, stock-based compensation, income tax benefit, intangible impairment, 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 about our financial condition, expected financial performance, opportunity market, business strategy and plans, and the continued change in consumer behavior. The words “could”, “will”, “plan”, “attempt”, “anticipate”, “approximate”, “expect”, “potential”, “believe” or the negative of such terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such 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 research and participation in acquisitions ; our actual operating results may differ materially from our guidance; risks related to FuboTV’s access to capital and prospects for raising funds to fund its ongoing operations and support its planned growth; risks related to diverting management’s attention from FuboTV’s ongoing business operations to address integration and fundraising efforts; 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 risks related to cybersecurity and data privacy; 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 on developing and marketing a sports betting offering and the regulatory regime and risks associated with that offering; risks related to the strategic review of our betting business, including our ability to identify a strategic partner; risks related to the difficulty of 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 wider market. . Other risks that could cause actual results to differ materially from those matters expressed or implied in these 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 and Values. (“SEC”) on May 10, 2022, our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022 for filing with the SEC and our other periodic filings with the SEC. We encourage you to read these risks in detail. 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 change their views. However, although it may choose to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. Therefore, you should not rely on these forward-looking statements as representations of FuboTV’s views as of any date after the date of this press release.
Alison Sternberg, FuboTV
JCIR for FuboTV
Jennifer L. Press, FuboTV
Bianca Illion, FuboTV
Source: FuboTV Inc.