fuboTV (FUBO) This fall 2024 Earnings Name Transcript

*Inventory Advisor returns as of February 24, 2025

Necessary components that might trigger precise outcomes to vary materially from forward-looking statements are mentioned in our SEC filings. Besides as in any other case famous, the outcomes and steerage we’re presenting at this time are on a continuing-operations foundation, excluding the historic outcomes of our former gaming phase, that are accounted for as discontinued operations. In the course of the name, we may consult with sure non-GAAP monetary measures. Reconciliations of those non-GAAP measures to probably the most immediately comparable GAAP measures are additionally accessible in our This fall 2024 earnings shareholder letter, which is accessible on our web site at ir.fubo.television.

Please observe as nicely that in Q&A, the corporate is not going to present any info associated to the enterprise mixture with Hulu + Dwell TV and ongoing regulatory issues past what we now have already shared. With that, I’ll flip the decision over to David.

David Gandler — Co-Founder and Chief Govt Officer

Thanks, Ameet, and good morning, everybody. We recognize you becoming a member of us at this time to debate Fubo’s fourth-quarter and full-year 2024 outcomes. 2024 was a document 12 months for the corporate. We delivered double-digit income progress in North America, closing the 12 months simply shy of $1.6 billion in complete income, up 19% 12 months over 12 months.

Paid subscribers within the area hit $1,676,000, up 4% 12 months over 12 months. Each full-year metrics have been all-time highs and in keeping with our steerage. Within the fourth quarter, complete income in North America was roughly $434 million, up 8% 12 months over 12 months, additionally in keeping with steerage. We delivered a document $87.90 of common income per consumer within the fourth quarter, marking an growth of 1.4% 12 months over 12 months.

As we proceed to drive towards our 2025 profitability purpose, we improved full-year adjusted EBITDA and free money circulation by over $100 million for the second consecutive 12 months. These outcomes replicate our group’s targeted execution amid an trade in disruption. Persevering with with our robust working efficiency into the brand new 12 months, we now have additionally fostered a extra aggressive surroundings, one which advantages the patron. In early January, we introduced a definitive settlement with The Walt Disney Firm to mix Hulu + LiveTV and Fubo.

Beneath the mixture, each Fubo and Hulu + LiveTV will function as separate and distinct shopper manufacturers beneath Fubo, which is able to proceed to commerce on the NYSE. Fubo’s current administration group will proceed to steer the corporate, and I’ll stay CEO. This mix will make Fubo the sixth largest participant within the pay TV house by subscribers, behind bigger gamers that Comcast, Constitution, DIRECTV, YouTube TV and Dish Sling. In consequence, we anticipate the power to supply extra aggressive choices at extra aggressive worth factors.

We’re making vital progress on our plan to offer shoppers with larger alternative, providing a number of, versatile choices that allow them to tailor their streaming expertise to their wants. These embrace Fubo, our current sports-focused bundle the place shoppers come for the sports activities however keep for the leisure; Hulu + Dwell TV, an entertainment-focused bundle; and a forthcoming fully new sports activities and broadcasting service. This new sports activities and broadcasting service will function a strong lineup of their favourite professional and school sports activities. We intend to launch this service for the autumn sports activities season, and it’s unbiased of the Hulu + Dwell TV transaction.

Fubo has all the time envisioned a good streaming market with the patron at its core. We’re excited to have helped lead an trade shift to extra consumer-friendly skinny sports activities bundles. This was most lately demonstrated by Comcast and DIRECTV’s new sports-focused content material providing. Our forthcoming skinny sports activities and broadcasting service will supply much more consumer-friendly bundles in a aggressive trade as we now have constantly asserted the patron all the time wins.

Fubo isn’t limiting skinny bundles solely to sports activities programming. Sports activities is a unifier throughout our numerous nation, and we wish to guarantee we complement this content material with different sorts of targeted programming that enchantment to many various communities. To that finish, final week, we launched a Zee Household bundle of 18 linear channels serving the South Asian demographic. Zee Household might be bought as a stand-alone bundle or as an add-on to one among our extra strong channel plans.

We consider multicultural programming generally is a robust progress phase for us, and we plan to launch extra bundles this 12 months. These stand-alone smaller bundles match our tremendous aggregation technique of delivering a number of and versatile streaming packages at each level alongside the demand curve from free to skinny to the total content material bundle. These tiers should be appropriately priced and ship worth to our subscribers. That’s the reason we’ll solely enter into content material distribution agreements with programmers when it is smart for our subscribers.

The choice to not renew our long-standing settlement with Univision was the one alternative primarily based on the numerous fee will increase Univision demanded, prices that may have been handed on to our subscribers. As an alternative, we’re taking a unique strategy. We lowered the worth of our Latino plan by 55% and to ship larger worth to our clients. That is the primary time we’re conscious that any streaming service has shared with shoppers price financial savings past momentary credit.

Shifting ahead, we plan to switch Univision programming over time with different high-quality sports activities content material that higher aligns with our dedication to flexibility and affordability. In closing, 2024 was a pivotal 12 months for Fubo, marked by robust income and general subscriber progress, together with significant enhancements to our backside line. We couldn’t be extra excited for the various alternatives forward. We consider the chance to create a extra aggressive participant within the pay TV market, mixed with a secular streaming tailwind, may place us to drive vital worth for all our stakeholders, shoppers, media companions, and shareholders alike.

We stay up for holding you up to date on our newest developments. I’ll now flip the decision over to John Janedis, CFO, to debate our monetary ends in larger element. John?

John Janedis — Chief Monetary Officer

Thanks, David, and good morning, everybody. Our fourth-quarter and full-year 2024 outcomes highlights Fubo’s continued execution of our long-term technique: maximizing our aggregated content material platforms amid a fluid media panorama and evolving shopper tendencies. This progress is mirrored throughout nearly each monetary and operational metric validating our initiatives and positioning Fubo for achievement in a dynamic and evolving working panorama. Looking on the outcomes for the quarter, we continued to see a wholesome top-line progress with North America income progress of 8% and rest-of-world income progress of 12%.

The first drivers behind this continued progress in North America have been our skill to draw, retain, and monetize subscribers. To that finish, I’m happy to report North America subscriber progress of 4%, ending the quarter with 1,676,000 subscribers and rest-of-world subscribers of 362,000. With respect to monetization, we attained all-time-high ARPU in each markets with North America ARPU of $87.90 and the rest-of-world ARPU of $8.50. From an promoting standpoint, we delivered international advert income of $34.4 million, an 11.8% decline 12 months over 12 months.

This was primarily as a consequence of a decline in advert insertable content material on account of our content material portfolio changes in 2024. Looking on the operational aspect of the enterprise, our laser deal with enhancing effectivity whereas increasing top-line progress is mirrored in our continued progress on our profitability metrics. In This fall, internet loss improved to $40.9 million, in comparison with a internet lack of $71 million in This fall 2023. Adjusted EBITDA loss was $8.7 million, evaluating favorably to a lack of $50.1 million within the fourth quarter of 2023.

Adjusted EPS loss was $0.02, an enchancment in comparison with an adjusted EPS lack of $0.18 in This fall 2023. Turning to money. I’m excited to report that the enterprise generated free money circulation of optimistic $16.3 million, a $22.1 million enchancment 12 months over 12 months. This marks a major milestone.

I’m comfortable to share that this was Fubo’s first quarter of optimistic free money circulation and underscores our dedication to monetary self-discipline, price administration, and sustainable progress. We’re inspired by this progress and stay devoted to additional enhancing our monetary efficiency within the quarters forward. Shifting to the stability sheet and money circulation. We ended the quarter with $167.6 million of money, money equivalents, and restricted money, up by $15.3 million from $152.3 million on the finish of the third quarter.

Notice that this doesn’t embrace the money funds related to our lately introduced settlement, which happened in January 2025, and we didn’t entry the capital markets. In abstract, our monetary outcomes spotlight the numerous progress we now have made throughout the enterprise. We consider our present trajectory demonstrates each our potential and our resilience. Moreover, we’re assured that our liquidity will sufficiently help investments within the core enterprise and execute on broader strategic endeavors.

Turning to steerage. Our first-quarter North America subscriber steerage is 1,430,000 to 1,450,000 subscribers, representing a 4% year-over-year decline on the midpoint, whereas our first-quarter income steerage initiatives $400 million to $410 million, representing 3% year-over-year progress on the midpoint. Notice that this outlook displays the anticipated potential subscriber affect of our latest nonrenewal with Univision. Concerning remainder of the world, we anticipate 330,000 to 340,000 subscribers within the first quarter, representing a 16% year-over-year decline on the midpoint, whereas our income steerage initiatives $7.5 million to $8.5 million, representing a 5% year-over-year decline on the midpoint.

This steerage displays our present anticipated publicity to potential trade volatility and our dedication to sustaining self-discipline in subscriber acquisition prices relative to monetization. In closing, I’m happy with our outcomes. Fubo enters 2025 with robust momentum and vital enhancements throughout practically each facet of our enterprise as we drive towards profitability. We anticipate continued top-line progress in each income and subscribers, together with continued effectivity in our price construction.

We consider {that a} sports-first reside TV streaming mannequin presents vital shopper worth, and we’re devoted to championing the patron by redefining the way forward for reside sports activities streaming. I’d now like to show the decision over to the operator for Q&A.

Operator

Thanks a lot. [Operator instructions] And within the curiosity of time, we ask that you simply please restrict your self to 1 main query and one follow-up. Thanks. And now, we’ll pause only a second to compile the Q&A roster.

OK. Appears to be like like our first query at this time comes from the road of David Joyce with Seaport Analysis Companions. David, please go forward.

David Joyce — Analyst

Thanks. Together with your pending Disney relationship and with Disney’s ESPN probably opting out of Main League Baseball after subsequent 12 months, what’s the alternative for Fubo going ahead with these rights? Is that one thing that might match into your technique one way or the other? And associated to that, how would you handle any the kind of programming conflicts between the ESPN flagship or the Disney choices after they’re nonetheless going to be in companion with you on the digital MVPDs? Thanks.

David Gandler — Co-Founder and Chief Govt Officer

Yeah. Thanks. Why do not I take this one, John. So, clearly, we try to companion with all the programmers out out there and in addition to the league.

So, we now have a relationship with Main League Baseball. However I believe the first purpose is to proceed distributing reside channels. So, ought to Main League Baseball determine to go in that path because it did managing a few of the native sports activities groups comparable to The Padres, we will definitely look to determine a method to work collectively. After which as for the second a part of your query, we do not actually see any points in any respect with Disney.

We’re persevering with to run our enterprise within the unusual course. We’ve got a relationship. We’ve got a licensing distribution cope with them, and that deal is over a number of years. And we’ll proceed to distribute Disney channels for the contract.

David Joyce — Analyst

All proper. Thanks.

Operator

Thanks, David. And our subsequent query comes from the road of Patrick Sholl with Barrington Analysis. Patrick, please go forward.

Patrick Sholl — Analyst

Good morning. I used to be questioning in the event you can speak about like perhaps the relative pricing and content material prices for, I suppose, the core Fubo service and the printed and sports activities service. Are you — simply with a narrower providing the relative significance of these networks and the potential for, I suppose, the upper price — greater price assigned there?

John Janedis — Chief Monetary Officer

Hey, Pat. It is John. Perhaps I am going to begin. On the pricing, look, I’d say it is too quickly to get particular, however I believe it is honest to say that the distinction will probably be vital on a proportion foundation.

And as we glance to what potential subscribers are on the lookout for, I believe we now have one other alternative to succeed in them alongside the demand curve. So, I do assume it ought to widen the funnel for us. Is there a second half? I could miss the second a part of the query. Was that on programming prices or…

Patrick Sholl — Analyst

Yeah, programming prices.

John Janedis — Chief Monetary Officer

Yeah. Look, on the relative programming price, there is definitely going to be decrease, however I’d simply say give us one other quarter or two to provide you extra context round that as we form of get deeper into the providing.

Patrick Sholl — Analyst

OK. After which simply on the subscriber steerage that you simply supplied, is it — is that — are the sub losses 12 months over 12 months principally throughout the Fubo Latino providing? Or is that extra broad-based by way of the form of problem on account of the programming shift?

John Janedis — Chief Monetary Officer

Yeah. Let me unpack that for you a bit. And so, for the primary quarter, subscribers — on a year-over-year foundation, we might have anticipated to develop subscribers when adjusting for the affect of Univision. And so, to provide you a ballpark determine, progress may very well be in, say, the mid-single digits just like, I might say, barely higher than the 4% year-over-year progress that we reported within the fourth quarter.

And let me additionally simply take a step again and unpack it a bit extra as a result of, as you understand, there may be seasonality to our enterprise. And which means we sometimes see a decline in subs on a sequential foundation within the first half of the 12 months after which progress within the second half of the 12 months. And so, once more, I believe we really feel fairly good in regards to the trajectory for Q1 ex Univision. When it comes to the general 12 months, I’d let you know that we anticipate progress in subscribers with or with out Univision.

Patrick Sholl — Analyst

OK, thanks.

Operator

All proper. Thanks, Pat. And our subsequent query comes from the road of Laura Martin with Needham. Laura, please go forward.

Laura Martin — Analyst

Good morning. The primary one is on the Zee Household is type of an attention-grabbing type of pivot away from sports activities for you guys. Do you see that as principally an upsell alternative for current subs? Or do you assume that may very well be an entire new TAM for you? And in that case, how huge may that be as an onboarding course of to new subscribers that perhaps would have been additive to the sports-focused subscribers?

David Gandler — Co-Founder and Chief Govt Officer

Hello, Laura. That is David. Look, I would not say we’re shifting away from sports activities. By no means.

I believe we introduced final 12 months the addition of cricket to our sports activities providing. And so, this was a pure extension. As John simply said, our purpose is basically to draw clients alongside the demand curve. This expands our funnel and in addition suits very nicely with our tremendous aggregation technique.

So, we wish to present slimmer bundles of programming. And the way in which we have been type of growing our product, we expect that we’ll have some very attention-grabbing capabilities round upselling shoppers as soon as we get them in. And I believe through the years, we have constructed a superb lure on the platform the place we have attracted clients via sports activities and have been in a position to drive monetization via leisure. That is related in technique.

So, we’re excited to type of check that out. Doubtlessly, there may very well be decrease acquisition prices, higher retention. And general, we’re very pleased with the place we’re at this time. The enterprise is considerably more healthy than it is ever been.

John Janedis — Chief Monetary Officer

And, Laura, I’d simply add one factor on that’s —

David Gandler — Co-Founder and Chief Govt Officer

Sorry.

John Janedis — Chief Monetary Officer

We’re week in, and I’d say we’re pleased with what we’re seeing by way of that bundle.

Laura Martin — Analyst

OK. And is it totally different subscribers or upsell to current subscribers?

John Janedis — Chief Monetary Officer

I believe it is too quickly to inform. I believe it could be largely an upsell or a unique set of subscribers.

Laura Martin — Analyst

OK. After which can we drill down on promoting somewhat bit? Actually, you had these intriguing phrases within the press launch speaking about you expanded your suite of advert codecs with dynamic. And will you speak about what is going on on with promoting and the way you — the promoting unfolding in 2025? Is there CPM stress in your world downward CPM stress? And will you simply type of drill down into the efforts occurring with the promoting piece in fourth quarter and into the primary quarter right here of ’25?

John Janedis — Chief Monetary Officer

Yeah. Certain, Laura. I am going to begin. Look, on the fourth quarter, I’d say outcomes have been impacted by each the drop of Discovery and Univision.

And so, I might say adjusting for these, we carried out, I might say, possible extra so in keeping with the broader market. However by way of what we noticed through the quarter, I’d say our direct enterprise was up double digits and as you’d anticipate, led by the sports activities vertical. On the pricing entrance, I’d say that sports activities stay wholesome on pricing and promote out, however we’re seeing some relative weak point or softness in leisure because it pertains to CPMs. I’d say, anecdotally, we did see some uncertainty out there submit the election.

I might say that continued into the primary quarter. Heading into March, I might say our group feels just like the tone has improved considerably. So, from a progress perspective, I might say March ought to look higher than February. And perhaps at the very least directionally, though it is early, we’re beginning to see some good early curiosity because it pertains to the 2025 upfront.

Laura Martin — Analyst

Thanks.

John Janedis — Chief Monetary Officer

You are welcome.

Operator

Thanks, Laura. And our subsequent query comes from the road of Clark Lampen with BTIG. Clark, please go forward.

Clark Lampen — Analyst

Thanks. Good morning. I simply had one. John, you have been speaking about mid-single-digit progress for Q1 and 4Q not being very totally different.

I do know there have been some headwinds from Univision and Discovery all year long. But when we type of pull again and take a much bigger image view of your progress relative to trade, we have seen a deceleration during the last two years in each. And I am curious, one, in the event you and David may type of present some ideas across the slowdown, type of what’s occurring. Are we hitting maybe the bedrock stage of sports activities fanatics and conventional cable? Or perhaps extra importantly, what are the avenues for type of reaccelerating the migration fee as we go ahead? Do we want worth and bundle changes? And in that case, how do you guys take into consideration with the ability to supply one thing type of totally different and higher later within the 12 months? Thanks quite a bit.

David Gandler — Co-Founder and Chief Govt Officer

Yeah. Sorry, there was quite a bit in that query. So, let me see if I can break that down somewhat bit. So, by way of the deceleration, I believe the USA is a comparatively mature market.

You’ve about 70 million households between conventional pay TV and digital, of which, I’d say, the normal aspect most likely represents round 50 million or so. So, for us, we nonetheless assume that there is fairly vital progress. The streaming aspect, the SVOD aspect of the enterprise, I believe, can be maturing, which I believe bodes nicely for Fubo and the digital MVPD house on the whole. There’s nonetheless a robust secular tailwind of shoppers shifting from conventional cable to streaming.

However what I believe has modified dramatically during the last 24 months is the variety of ad-supported companies popping out of the likes of the Netflix and different SVOD companies. So, what I believe has occurred is during the last 4 or 5 years, we have seen type of an escalation of about 7% progress or, I ought to say, price or pricing from these SVOD companies, which is sort of in keeping with the kind of escalators that we have seen during the last 5 or 6 years within the digital MVPD house. However our product is changing into extra aggressive. There’s fewer programming TV exhibits, or I believe they’re extra spares on SVOD companies.

Our programming, we proceed to keep up about 100 or so hours of viewership. So, I believe it is only a extra aggressive product. And we have finished a superb job getting individuals to transform. You will have additionally observed, we have diminished our advertising and marketing spend as a proportion of income during the last couple of years.

And so, we have actually been targeted on guaranteeing that we now have a wholesome enterprise. And fourth-quarter money circulation clearly highlights the truth that we’re nonetheless on monitor to ship 2025, as we mentioned again then. However I believe individuals most likely have a a lot tougher time now deciding whether or not they need to go to an SVOD service or take a look at a pay TV platform or streaming TV platform like Fubo. Finally, once you mixture the price of three or 4 of those companies with out advert merchandise, you are moving into the type of $100 worth level.

So, I believe over time, we’ll be somewhat bit extra aggressive with these companies. And as I mentioned in my opening feedback, this — an aggregated streaming service most likely offers one of the best worth for shoppers. It offers one of the best worth for media corporations. And it permits us to keep up decrease churn.

It permits media corporations to cut back the quantity of promoting, their spending, and permits everyone to benefit from sparse hits from every of those totally different media suppliers.

John Janedis — Chief Monetary Officer

And, Clark, I’d simply add one factor on high of what David mentioned. No less than on the packaging aspect, we truly rolled out two new packages within the fourth quarter, each decrease priced, and we’re very happy with what we have seen over the — I suppose, the primary two or three months of getting them within the market.

Clark Lampen — Analyst

Thanks. You guys had all of that type of eight-part query that I printed earlier than — however simply to guarantee that I am clear on type of what you guys assume is the type of differentiator what, I suppose, is resonating with the market. It is filling gaps, primarily, in type of necessary sports activities and, as you guys put it, broadcast programming at a greater worth level. Is that — am I oversimplifying? Or do I’ve that proper, I suppose? And the way you guys take into consideration the go-to-market?

David Gandler — Co-Founder and Chief Govt Officer

Yeah. I’d say that is about 80%. I believe the opposite 20% most likely lies in the truth that we proceed to enhance our product. We proceed so as to add extra options.

Frankly, some options — one function specifically has actually taken off related. It would even have the identical affect as Multiview had on the trade, which is our group channels’ functionality, which is our in-house developed AI function that appears to have actually picked up traction within the a whole lot of hundreds of customers comparatively rapidly. So, we expect we’ll proceed to develop our product. And clearly, as you mentioned, fill within the gaps with extra flexibility, higher choices.

And as we renegotiate our offers and the market turns into accustomed to making sure that the digital MVPD house can drive worth for them, we expect we’ll be capable to create extra worth for shoppers over time.

Operator

All proper. Thanks, Clark. And our subsequent query comes from the road of Nik Aluru with JPMorgan. Nik, please go forward.

Nik Aluru — Analyst

Hey, guys. Good morning. How’s it going? Thanks for taking the query. So, I consider this might be the primary form of seasonal roll-off quarter the place you’ve got the Fubo free tier lively.

So, are you able to focus on any early insights there and the way that is labored as a retention instrument? And long term, in case you have any replace to your pondering in the event you would transfer the free tier in entrance of the paywall in some unspecified time in the future?

David Gandler — Co-Founder and Chief Govt Officer

Yeah. I believe the one main level that we have seen via the free tier is the improved reactivation charges. Frankly, I believe in the event you exclude the December COVID month, I believe December was our greatest retention month within the historical past of the corporate. So, we’re persevering with to work on the totally different tiers that we now have.

And clearly, we’re beginning to really feel fairly good about the place we’re. Payback durations are coming down. Retention is enhancing, which, by the way in which, not a simple job once you take away a major variety of channels from the platform in a really quick time period. So, once more, we’re very excited in regards to the future, and we expect we’re nicely positioned for progress after we’re prepared.

However as John mentioned, it is actually about sustainable progress going ahead.

Nik Aluru — Analyst

Understood. Thanks. And another, if I may, simply unpacking the 1Q information. You talked in regards to the Univision affect.

However was there any form of materials profit perhaps on a subscriber acquisition entrance associated to the MSG Networks blackout at Optimum?

John Janedis — Chief Monetary Officer

Yeah, Nik. That is John. I am going to take that. I consider that was a Q1 occasion, not a This fall occasion by way of when that block had occurred.

I’d let you know that, anecdotally, we have seen a modest profit. However now that that is again on, we’ll see how a lot by way of that has lagged or not. However I might say we noticed a modest enchancment or profit in Q1.

Nik Aluru — Analyst

Received it. Thanks, guys.

Operator

Nice. Thanks, Nik. And our last query at this time comes from the road of Doug Arthur with Huber Analysis. Doug, please go forward.

Doug Arthur — Analyst

Yeah. Only a quickie. John, on the working bills, there have been some dips and doodles by way of the classes, like G&A was down quite a bit. Was there any– I have never been via each doc right here.

Is there something uncommon, significantly in that line within the quarter?

John Janedis — Chief Monetary Officer

Sure, Doug. Thanks for the query. So, to your level, on that line merchandise, there are some ins and outs. I’d let you know that, name it on a run-rate foundation, it is most likely extra like a low double-digit million sort of quantity for 2025.

And so, perhaps there’s a few million {dollars} in that profit within the fourth quarter. To David’s remark earlier than, I’d simply add that if we take a look at the opposite price buckets, we noticed an absolute enchancment, if you’ll, 12 months over 12 months on a greenback foundation I believe throughout each advertising and marketing. We’d have seen that in tech and dev if not for some capitalized prices. And we additionally see that in B&T.

So, the working leverage continues to be shifting in the proper path. And I’d simply add, not that you simply talked about this, however because you’re speaking in regards to the bills, I want to say that from a broader perspective, look, the group has been hyper-focused on balancing our funding within the enterprise and reaching these money circulation targets. And so, our incremental adjusted EBITDA margins have been, name it, 34% in ’23 after which 45% in ’24. And so, I do assume, even with the ins and outs, the incremental margins on the enterprise and money circulation enhancements are nonetheless very vital.

Doug Arthur — Analyst

OK, nice. Thanks.

Operator

Nice. Thanks, Doug. And that concludes our Q&A session. That additionally concludes our name at this time.

[Operator signoff]

Period: 0 minutes

Ameet Padte — Senior Vice President of FP&A, Company Improvement, and Investor Relations

David Gandler — Co-Founder and Chief Govt Officer

John Janedis — Chief Monetary Officer

David Joyce — Analyst

Patrick Sholl — Analyst

Laura Martin — Analyst

Clark Lampen — Analyst

Nik Aluru — Analyst

Doug Arthur — Analyst

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