8-K
FuboTV Inc. (FUBO)
UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
WASHINGTON,DC 20549
FORM8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 2, 2021
FUBOTVINC.
(Exact name of registrant as specified in its charter)
| Florida | 001-39590 | 26-4330545 |
|---|---|---|
| (State<br> or other jurisdiction of<br><br> <br>incorporation<br> or organization) | (Commission<br><br> <br>File<br> Number) | (I.R.S.<br> Employer<br><br> <br>Identification<br> Number) |
| 1330<br> Avenue of the Americas, New York, NY | 10019 | |
| --- | --- | |
| (Address<br> of principal executive offices) | (Zip<br> Code) | |
| Registrant’s<br> telephone number, including area code: | (212)<br> 672-0055 |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] | Written<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| [ ] | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common<br> Stock, par value $0.0001 per share | FUBO | New<br> York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. [ ]
| Item 2.02. | Results of Operations and Financial Condition |
|---|
On March 2, 2021, fuboTV Inc., a Florida corporation, (the “Company”) announced its financial results for the quarter and fiscal year ended December 31, 2020 by issuing a letter to its shareholders and a press release. In its shareholder letter and press release, the Company also announced that it would be holding a live webcast on March 2, 2021 to deliver brief remarks followed by Q&A. The full text of the Company’s letter to its shareholders and its press release are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including the information contained in Exhibit 99.1 and Exhibit 99.2, is “furnished” and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933 except to the extent such other filing specifically incorporates such information by reference.
| Item 9.01 | Financial Statements and Exhibits |
|---|
(d) Exhibits.
| Exhibit No. | Description |
|---|---|
| 99.1 | Letter to Shareholders, dated March 2, 2021. |
| 99.2 | Press Release of the Company, dated March 2, 2021. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| FUBOTV INC. | ||
|---|---|---|
| Date:<br> March 2, 2021 | By | /s/ David Gandler |
| Name: | David<br> Gandler | |
| Title: | Chief<br> Executive Officer |
Exhibit99.1
March 2, 2021
Fellow Shareholders,
We are excited to share fuboTV’s unaudited Q4 and full year 2020 financial results and recent business updates with you today. Building on a strong third quarter, fuboTV delivered a record fourth quarter exceeding for the first time $100 million in revenue. In addition, the company executed across all key performance indicators: revenue, average revenue per user (ARPU), advertising average revenue per user (ad ARPU), contribution margin and paid subscribers - exceeding our previously announced guidance.
Note:The Company states its key metrics on a year-over-year basis, given the seasonality of sports content. Unless otherwisestated, 2020 financials represent pro-forma fuboTV + FaceBank standalone and year-over-year comparisons refer to 2019 fuboTVpre-merger. U.S. GAAP 2020 as-reported financials include unaudited FaceBank pre-merger 1Q and FaceBank/fuboTV Q2, Q3and Q4 financials.
2020Highlights
| ● | Total<br> revenue was up 83% YoY to $268.8 million |
|---|---|
| ○ | U.S.<br> GAAP as-reported revenue was $217.7 million |
| --- | --- |
| ● | Advertising<br> revenue grew 133% YoY to $29.0 million |
| --- | --- |
| ● | Subscription<br> revenue increased 73% YoY to $230.7 million |
| --- | --- |
| ● | Adjusted<br> Contribution Margin was positive 10.1%^1^,<br> up from negative 3.1% in 2019 |
| --- | --- |
| ● | fuboTV<br> reached 547,880 subscribers, up 73% YoY |
| --- | --- |
| ● | Notably<br> in 2H 2020, fuboTV grew by 261,754 net subscriber additions |
| --- | --- |
| ● | Average<br> Revenue Per User (ARPU) per month increased 17% YoY to $62.84 |
| --- | --- |
| ● | Annualized<br> ARPU increased $109 to $754 |
| --- | --- |
| ● | Total<br> content hours streamed grew 82% YoY to 544.9 million hours |
| --- | --- |
| ● | Customers<br> streamed 7.2 hours per day, up 11.8% YoY |
| --- | --- |
^1^Or 8.7% normalized from a one-time benefit in content expenses in July 2020.
QuarterlyHighlights
| Key Operating Metrics | 4Q18 | 4Q19 | 4Q20 | 4Q YoY | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Subscribers (thousands) | 210 | 316 | 548 | +73% | ||||||
| Content Hours Streamed (millions) | 40 | 124 | 206 | +66% | ||||||
| ARPU | $ | 42.77 | $ | 59.14 | $ | 69.19 | +17% | |||
| Advertising ARPU | $ | 2.90 | $ | 5.59 | $ | 8.47 | +52% | |||
| Adjusted Contribution Margin % | -4.0 | % | 0.7 | % | 11.7 | % | +1,110 bps | |||
| Guidance | 1Q21 | FY21 | ||||||||
| --- | --- | --- | ||||||||
| Revenue ($ in millions) | $101-$103 | $460-$470 | ||||||||
| Subscribers (thousands) | 520-530 | 760-770 |
OurMission
Our mission is to provide the world’s most thrilling sports-first live TV experience with the greatest breadth of premium content, interactivity and integrated wagering. In 2021 and beyond, we are focused on bringing to life our vision of a streaming platform that transcends the industry’s current virtual MVPD model and experience.
OurBusiness Model
fuboTV possesses a compelling business model focused on effectively acquiring, engaging and monetizing users**.**
Acquire
| Recent data shows that streaming services continue to replace cable in American households - 1.465 million customers cut the cord from traditional pay TV in the fourth quarter. fuboTV capitalized on this tailwind in 2020 with strong subscriber growth. Our total subscribers reached 547,880 for the first time. In the fourth quarter, we achieved net subscriber additions of 92,800, an increase of 237% year-over-year.<br><br> <br><br><br> <br>The strength of our Q4 net additions was driven by many factors, including our sports-first positioning, which differentiates fuboTV from<br>other live TV streaming platforms. Aided by our carriage agreement with Disney Media Networks and ESPN, fuboTV has one of the strongest<br>football offerings in the market and is the only live streaming TV platform with every NFL in-market game and every college conference<br>network. As such, our acquisition strategy remains to leverage sports to acquire customers efficiently. Once on our platform, customers<br>also engage with our leading news and entertainment content. It’s this broad mix of content - which includes 42 of the top 50 Nielsen-ranked<br>networks, more than any other virtual MVPD (source: Nielsen Total Viewers, 2020) - that offers something for everyone in the household.<br>fubo customers come for the sports and stay for the entertainment. |
|---|
Engage
In 2020, our users (paid and trial) streamed over 544.9 million hours, an increase of 82% year-over-year, which is significant considering live sports were shut down for much of the spring and summer. We continue to invest in our proprietary data to surface relevant content for our subscribers and drive engagement. As a result, our active subscribers watched 7.2 hours per day, up from 6.4 hours in the previous year. Additionally, they watched 154 programs per month in 2020, up from 90 programs the previous year, as a result of fuboTV’s increasing content portfolio.
Monetize
fuboTV delivers significant value in a crowded market of streaming products, as reflected in our engagement metrics. We believe engagement leads to greater monetization opportunities. Our annual ARPU reached $754, a 17% increase year-over-year. We achieved this growth through pricing, sell-in of bundled products and advertising expansion. In 2020 we introduced premium networks Epix, Starz and TV5Monde, as well as several new content bundles. The popularity of our Cloud DVR continues to grow and, in 2020, we launched 250 hours (DVR 250) and 1,000 hours (DVR 1000) options. Going forward we will continue to iterate on packaging, designed to deliver value to customers, drive ARPU and expand margins.
Sports draws premium audiences, and advertisers are increasingly coming to fuboTV to reach highly engaged viewers. For full year 2020, we grew advertising ARPU to $81.76 on an annual basis, an increase of 54% year-over-year. This was driven by an increase in per-user engagement and investments in our advertising operations. fuboTV’s ad sales grew significantly in 2020, driven by direct sales and sponsorships, in addition to programmatic sales.
To further expand our targeting capabilities, we are working with the digital advertising industry to develop an open-source, interoperable identity solution. fuboTV recently joined with industry leaders such as The Trade Desk, Nielsen and others to participate in Unified ID 2.0, a new industry-wide approach to internet identity that preserves the value of relevant advertising, while putting user control and privacy at the forefront. The ID is an upgrade and an alternative to third-party cookies. fuboTV joined Unified ID 2.0 as its first CTV partner which will expand the industry initiative into fuboTV’s significant footprint on the big screen. We expect this to positively impact CPMs and attract a greater share of ad dollars in the long-term.
Wagering& Interactivity
We believe our expected expansion into wagering and interactivity will further differentiate us from our peers. Free-to-play predictive games mark the beginning of fuboTV’s innovative gaming roadmap. We believe it will enhance the sports streaming experience - while also providing a bridge between video and our sportsbook. We expect the integration of gaming with our expansive live sports coverage will create a flywheel that improves engagement and retention, as well as drives advertising revenue.
We’re excited to announce we’ve officially closed our acquisition of sports betting and interactive gaming company Vigtory, which allows us to accelerate the launch of our owned and operated sportsbook, fubo Sportsbook. We have secured our first market access deal for our sportsbook in Iowa through Casino Queen. We are also excited to announce agreements with Major League Baseball (MLB) and the National Basketball Association (NBA) to become an Authorized Gaming Operator of each league. These agreements will provide access to official data and include MLB and NBA league marks and logos within fubo Sportsbook once it is rolled out.
We plan to launch free-to-play predictive games in the third quarter (first to fuboTV subscribers and later to all consumers) and our sportsbook in the fourth quarter. Ultimately, we intend to integrate fubo Sportsbook into fuboTV’s live TV streaming platform for a seamless viewing and wagering experience. Our platform provides unique customer opportunities that combine video streaming with wagering including cross marketing and promotion.
DetailedQ4 and Full Year Financials
Our key metrics should be considered on a year-over-year basis given the seasonality of sports content. The legacy FaceBank business reported no revenue in Q4 2020. Unless otherwise stated, 2020 financials represent pro-forma fuboTV + FaceBank standalone and the comparisons year-over-year refer to the pro forma 2019 results of the consolidated pre-merger fuboTV and FaceBank business.
Q4 2020
| ● | Revenues<br> were $105.1 million, up 98% YoY excluding revenue from FaceBank AG: |
|---|---|
| ○ | Subscription<br> revenue increased 91% YoY to $91.4 million. |
| --- | --- |
| ○ | Advertising<br> revenue increased 157% YoY to $13.1 million. |
| ● | Paid<br> subscribers at quarter-end totaled 547,880, an increase of 73% YoY. |
| --- | --- |
| ● | ARPU<br> per month was $69.19, up 17% YoY. |
| ○ | Subscription<br> ARPU per month was $60.72, up 13% YoY. |
| --- | --- |
| ○ | Advertising<br> ARPU per month was $8.47, an increase of 52% YoY. |
| ● | Content<br> hours streamed by fuboTV users (paid & trial) increased 66% YoY to 205.9 million. |
| --- | --- |
| ● | Monthly<br> Active Users (MAUs) watched 127 hours per month on average, up 3% YoY. |
| ● | Adjusted<br> contribution margin was positive 11.7%, up from 0.7% in Q4 2019.^2^ |
| ● | Total<br> GAAP operating expenses in the period were $197.4 million, or $148.6 million on a non-GAAP<br> adjusted basis excluding $48.8 million non-cash impact from stock-based compensation,<br> the impairment of legacy FaceBank intangibles, and Depreciation and Amortization^3^.<br> Of these expenses, the main drivers and variances as compared to Q4 2019 pro forma were: |
| ○ | Subscriber-related<br> expenses totaled $89.9 million, an increase of $26.8 million YoY, primarily driven by<br> the growth in subscribers. |
| --- | --- |
| ○ | Sales<br> and marketing expenses totaled $29.6 million (or $28.8 million excluding stock-based<br> compensation, an increase of $18.1 million YoY). |
| ○ | General<br> and administrative expenses totaled $35.5 million (or $11.5 million excluding stock-based<br> compensation, an increase of $2.0 million YoY). |
| ● | The<br> company reported a net loss attributable to common stockholders of $167.8 million in<br> Q4 2020. |
| --- | --- |
^2^Refer to the reconciliation of revenue to adjusted contribution margin in the non-GAAP information in the tables.
^3^Refer to the reconciliation of operating expenses to adjusted operating expenses in the tables.
| ● | Adjusted<br> EBITDA was a loss of $43.5 million in Q4 2020, a $2.8 million lower loss compared to<br> the prior year.^4^ |
|---|---|
| ● | We<br> ended the fourth quarter with 92,490,768 common shares outstanding, as well as 46,439,226<br> Series AA Convertible Preferred issued and issuable on an as-converted basis, for a total<br> common shares outstanding of 138,929,994 on an as-converted basis. |
| ● | We<br> ended Q4 2020 with $136.2 million in cash. In the fourth quarter, we completed a registered<br> public offering and utilized a portion of the proceeds to bring back to current our account<br> payables with content providers and other vendors. |
Full Year 2020
| ● | Revenues<br> for the full year 2020 were $268.8 million on a pro forma basis (including legacy pre-merger<br> Q1 2020 fuboTV revenues). Excluding the first quarter 2020 revenues from the FaceBank<br> AG business sold in July 2020, full year pro forma revenues were $261.5 million, a 78%<br> increase YoY on a pro forma basis excluding 2019 revenue from FaceBank AG: |
|---|---|
| ○ | Subscription<br> revenue increased 73% to $230.7 million. |
| --- | --- |
| ○ | Advertising<br> revenue increased 133% to $29 million. |
| ● | On<br> a GAAP as-reported basis, revenues were $217.7 million. This GAAP revenue excludes $51.0<br> million from fubo pre-merger in Q1 2020. |
| --- | --- |
| ● | Paid<br> subscribers at year end totaled 547,880, an increase of 73% YoY. |
| ● | Average<br> Revenue Per User (ARPU) per month was $62.84, up 17% YoY. |
| ○ | Subscription<br> ARPU per month was $56.03, an increase of 14%, |
| --- | --- |
| ○ | Advertising<br> ARPU per month was $6.81, up 54%. |
| ● | Total<br> content hours streamed by fuboTV users (paid and free trial) in the year increased 82%<br> YoY to 544.9 million hours. |
| --- | --- |
| ● | Adjusted<br> contribution margin was positive 10.1%^5^<br> in 2020 up from negative 3.1% in 2019. In Q3 2020, our adjusted contribution margin benefitted<br> in part from the unusual timing of content deal negotiations in July. Adjusted for this<br> unusual one-time impact, the full year 2020 adjusted contribution margin would have been<br> approximately 8.7%. |
| ● | The<br> company reported a net loss attributable to common stockholders of $570.5 million in<br> 2020 on an as-reported basis. |
| ● | Adjusted<br> EBITDA was a loss of $169.0 million in 2020 on a pro-forma basis, a $5.4 million lower<br> loss compared to the prior year.^6^<br> Excluding the Q1 2020 $34.9 million adjusted EBITDA loss from fubo pre-merger, Adjusted<br> EBITDA was $134.1 million loss. |
^4^Refer to the reconciliation of net loss to adjusted EBITDA in the tables accompanying this letter.
^5^Refer to the reconciliation of revenue to adjusted contribution margin in the tables accompanying this letter.
^6^Refer to the reconciliation of net loss to adjusted EBITDA in the tables accompanying this letter.
Guidance
Given our strong performance in 2020 we are excited about our outlook for 2021.
Due to the seasonality in our business as a result of fuboTV’s sports-first positioning and the heavier sports calendar in the second half of the year, we evaluate our performance on a year-over-year basis. Historically, Q1 has been softer than Q4, when viewed sequentially, on revenue and contribution margin. Our Q1 2021 revenue guidance takes this seasonality into account with revenue of $101-$103 million. This would represent growth of 98-102% year-over-year and a sequential decline of 2-4% quarter-over-quarter. Similarly, our Q1 2021 subscriber guidance includes 520,000-530,000 subscribers. This would represent growth of 81-84% year-over-year and a sequential decline of 3-5% quarter-over-quarter.
On a full-year basis we are increasing revenue guidance to $460-$470 million, up 76-80% year-over-year. We are also guiding to total year-end subscribers of 760,000-770,000, an increase of 39-41% year-over-year.
In 2021, we plan to accelerate the investment in our team and further build our product development to grow our business and expand into wagering.
Note that this guidance does not include any projected revenues from online sports wagering.
Conclusion
We are very encouraged with our 2020 results and, in particular, with our fourth quarter results. We believe our sports-focused differentiated position will allow us to continue to grow our business across KPIs, including advertising. Our goal is to develop fuboTV into a new kind of media company that combines streaming video and interactive sports wagering.
There is so much more to come from fuboTV.
Sincerely,
David Gandler, co-founder and CEO Edgar Bronfman Jr., executive chairman
Q4and Full Year 2020 Earnings Live Video Webcast
fuboTV CEO David Gandler and CFO Simone Nardi will host a live video webcast 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.
MoreInformation
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.
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-K for the year ended December 31, 2020 to be filed by the end of March.
AboutfuboTV
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. With fuboTV, subscribers can stream a broad mix of 100+ live TV channels, including 42 of the top 50 Nielsen-ranked networks across sports, news and entertainment - more than any other live TV streaming platform (source: Nielsen Total Viewers, 2020). 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 was also the first U.S. virtual MVPD to enter Europe with the 2018 launch of fuboTV España. fuboTV launched fubo Sports Network, the live, free-to-consumer TV network featuring live sports and award-winning original programming, in 2019.
Forward-LookingStatements
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 but not limited to (i) risks related to the ability to realize the anticipated benefits of the Balto and Vigtory acquisitions, (ii) risks related to the company’s access to capital and fundraising prospects to fund its ongoing operations, (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 capitalize successfully on market trends and 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.
(fuboTVInc. Financial Statements begin on the following pages)
fuboTVInc.
CondensedConsolidated Statements of Operations and Comprehensive Loss
(inthousands, except share and per share amounts)
| For the Three Months Ended | For the Twelve Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, | December 31, | |||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||
| Unaudited | Unaudited | Unaudited | Audited | |||||||||
| Revenues | ||||||||||||
| Subscriptions | $ | 91,383 | - | $ | 184,328 | - | ||||||
| Advertisements | 13,061 | - | 24,904 | - | ||||||||
| Software licenses, net | - | 4,186 | 7,295 | 4,286 | ||||||||
| Other | 633 | (5,749 | ) | 1,219 | (15 | ) | ||||||
| Total revenues | 105,077 | (1,563 | ) | 217,746 | 4,271 | |||||||
| Operating expenses | ||||||||||||
| Subscriber related expenses | 89,925 | - | 204,240 | - | ||||||||
| Broadcasting and transmission | 10,273 | - | 29,542 | - | ||||||||
| Sales and marketing | 29,615 | - | 63,141 | - | ||||||||
| Technology and development | 9,912 | - | 30,189 | - | ||||||||
| General and administrative | 35,504 | 4,466 | 77,635 | 13,793 | ||||||||
| Depreciation and amortization | 9,922 | 5,177 | 43,972 | 20,765 | ||||||||
| Impairment of intangible assets and goodwill | 12,245 | 8,598 | 248,926 | 8,598 | ||||||||
| Total operating expenses | 197,396 | 18,241 | 697,645 | 43,156 | ||||||||
| Operating loss | (92,319 | ) | (19,804 | ) | (479,899 | ) | (38,885 | ) | ||||
| Other income (expense) | ||||||||||||
| Interest expense and financing costs | (528 | ) | (549 | ) | (18,637 | ) | (2,062 | ) | ||||
| Interest income | - | - | - | - | ||||||||
| Loss on extinguishment of debt | (1,188 | ) | - | (24,521 | ) | - | ||||||
| Gain on sale of assets | - | 155 | 7,631 | - | ||||||||
| Unrealized gain in equity method investment | - | - | 2,614 | - | ||||||||
| Loss on deconsolidation of Nexway | - | - | (11,919 | ) | - | |||||||
| Change in fair value of warrant liabilities | (92,484 | ) | - | (83,338 | ) | - | ||||||
| Change in fair value of subsidiary warrant liability | - | 72 | - | 4,504 | ||||||||
| Change in fair value of shares settled liability | - | - | (1,665 | ) | - | |||||||
| Change in fair value of derivative liability | - | (203 | ) | (426 | ) | 815 | ||||||
| Change in fair value of profit share liability | 2,119 | (198 | ) | 1,971 | (198 | ) | ||||||
| Changes in fair value of Investment | - | (8,299 | ) | - | (8,299 | ) | ||||||
| Other expense | - | 1,801 | (863 | ) | 726 | |||||||
| Total other income (expense) | (92,080 | ) | (7,221 | ) | (129,153 | ) | (4,514 | ) | ||||
| Loss before income taxes | (184,399 | ) | (27,025 | ) | (609,052 | ) | (43,399 | ) | ||||
| Income tax (expense) benefit | (10,929 | ) | 2,039 | 9,660 | 5,272 | |||||||
| Net loss | (195,328 | ) | (24,986 | ) | (599,392 | ) | (38,127 | ) | ||||
| Less: net loss attributable to non-controlling interest | 27,503 | 1,114 | 29,058 | 3,768 | ||||||||
| Net loss attributable to controlling interest | $ | (167,825 | ) | $ | (23,872 | ) | $ | (570,334 | ) | $ | (34,360 | ) |
| Less: Deemed dividend on Series D Preferred stock | - | (3 | ) | - | (9 | ) | ||||||
| Less: Deemed dividend - beneficial conversion feature on preferred stock | - | (210 | ) | (171 | ) | (589 | ) | |||||
| Net loss attributable to common stockholders | $ | (167,825 | ) | $ | (24,085 | ) | $ | (570,505 | ) | $ | (34,958 | ) |
| Other comprehensive income (loss) | ||||||||||||
| Foreign currency translation adjustment | - | (770 | ) | - | (770 | ) | ||||||
| Comprehensive loss | $ | (167,825 | ) | $ | (24,855 | ) | $ | (570,505 | ) | $ | (35,728 | ) |
| Net loss per share attributable to common stockholders | ||||||||||||
| Basic and diluted | $ | (2.47 | ) | $ | (1.07 | ) | $ | (12.82 | ) | $ | (1.57 | ) |
| Weighted average shares outstanding | ||||||||||||
| Basic and diluted | 67,907,437 | 22,509,500 | 44,492,975 | 22,286,060 |
fuboTVInc.
CondensedConsolidated Balance Sheets
(inthousands)
| December 31, | |||||
|---|---|---|---|---|---|
| 2019 | |||||
| Audited | |||||
| ASSETS | |||||
| Current assets | |||||
| Cash | 134,942 | $ | 7,624 | ||
| Accounts receivable, net | 17,495 | 8,904 | |||
| Prepaid and other current assets | 4,277 | 1,445 | |||
| Total current assets | 156,714 | 17,973 | |||
| Property and equipment, net | 1,771 | 335 | |||
| Restricted cash | 1,279 | - | |||
| Financial assets at fair value | - | 1,965 | |||
| Intangible assets, net | 216,449 | 116,646 | |||
| Goodwill | 478,406 | 227,763 | |||
| Right-of-use assets | 4,639 | 3,519 | |||
| Other non-current assets | 91 | 24 | |||
| Total assets | 859,349 | $ | 368,225 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Current liabilities | |||||
| Accounts payable | 31,160 | 36,373 | |||
| Accrued expenses | 126,393 | 20,402 | |||
| Due to related parties | - | 665 | |||
| Notes payable, net of discount | 4,593 | 4,090 | |||
| Notes payable - related parties | - | 368 | |||
| Convertible notes, net of 710 discount as of December 31, 2019 | - | 1,358 | |||
| Shares settled liability | - | 1,000 | |||
| Deferred revenue | 17,428 | - | |||
| Profit share liability | - | 1,971 | |||
| Warrant liabilities | 22,686 | 24 | |||
| Derivative liability | - | 376 | |||
| Long term borrowings - current portion | 24,255 | - | |||
| Current portion of lease liability | 799 | 815 | |||
| Total current liabilities | 227,314 | 67,442 | |||
| Deferred income taxes | 5,082 | 30,879 | |||
| Lease liability | 3,859 | 2,705 | |||
| Long term borrowings | - | 43,982 | |||
| Other long-term liabilities | 146 | 41 | |||
| Total liabilities | 236,401 | 145,049 | |||
| Series D Convertible Preferred Stock | - | 462 | |||
| Stockholders’ equity: | |||||
| Series AA Convertible Preferred Stock | 406,665 | - | |||
| Common stock | 9 | 3 | |||
| Additional paid-in capital | 853,824 | 257,002 | |||
| Accumulated deficit | (626,456 | ) | (56,123 | ) | |
| Non-controlling interest | (11,094 | ) | 22,602 | ||
| Accumulated other comprehensive loss | - | (770 | ) | ||
| Total stockholders’ equity | 622,948 | 222,714 | |||
| TOTAL LIABILITIES, STOCKHOLDERS’ EQUITY AND TEMPORARY EQUITY | 859,349 | $ | 368,225 |
All values are in US Dollars.
fuboTVInc.
CondensedConsolidated Statements of Cash Flows
(inthousands)
| For the Twelve Months Ended | ||||||
|---|---|---|---|---|---|---|
| December 31, | ||||||
| 2020 | 2019 | |||||
| Unaudited | Audited | |||||
| Cash flows from operating activities | ||||||
| Net loss | $ | (599,392 | ) | $ | (38,127 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
| Depreciation and amortization | 43,972 | 20,765 | ||||
| Stock-based compensation | 50,738 | - | ||||
| Loss on impairment | 248,926 | 8,598 | ||||
| Issuance of common stock in connection with cancellation of a consulting agreement | - | 13 | ||||
| Issuance of common stock for services rendered | - | 302 | ||||
| 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 | 47 | ||||
| Loss on investments | - | 8,281 | ||||
| Stock-based compensation in connection with Panda | - | 1,118 | ||||
| Loss on extinguishment of debt | 24,521 | - | ||||
| Gain on sale of assets | (7,631 | ) | - | |||
| Amortization of debt discount | 12,271 | 603 | ||||
| Amortization of debt issuance cost | 56 | - | ||||
| Non-cash interest | 4 | - | ||||
| Deferred income tax benefit | (9,660 | ) | (5,272 | ) | ||
| Change in fair value of derivative liability | 426 | (815 | ) | |||
| Change in fair value of warrant liability | 83,337 | - | ||||
| Change in fair value of subsidiary warrant liability | - | (4,504 | ) | |||
| Change in fair value of shares settled liability | 1,665 | - | ||||
| Change in fair value of profit share liability | (1,971 | ) | - | |||
| Change in fair value of Panda interests | - | 198 | ||||
| Unrealized gain on investments | (2,614 | ) | - | |||
| Amortization of right-of-use assets | 167 | 200 | ||||
| Other income related to note conversion | - | (50 | ) | |||
| Accrued interest on note payable | 246 | 658 | ||||
| Foreign currency loss | 1,010 | (770 | ) | |||
| Other, net | (617 | ) | (1,304 | ) | ||
| Changes in operating assets and liabilities of business, net of acquisitions: | - | - | ||||
| Accounts receivable | (8,100 | ) | 7,705 | |||
| Prepaid expenses and other current assets | (6,631 | ) | (227 | ) | ||
| Accounts payable | (43,866 | ) | 5,476 | |||
| Accrued expenses | 32,396 | (964 | ) | |||
| Due from related parties | 10,889 | - | ||||
| Deferred revenue | 8,620 | - | ||||
| Lease liability | (162 | ) | (200 | ) | ||
| Net cash (used in) provided by operating activities | (150,560 | ) | 1,731 | |||
| Cash flows from investing activities | ||||||
| Purchases of property and equipment | (166 | ) | (175 | ) | ||
| Advance to fuboTV Pre-Merger | (10,000 | ) | - | |||
| Acquisition of fuboTV’s Pre-Merger cash and cash equivalents and restricted cash | 9,373 | - | ||||
| Acquisition of Balto Sports | (45 | ) | - | |||
| Investment in Panda Productions (HK) Limited | - | (1,000 | ) | |||
| 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 | ) | |||
| Lease security deposit | - | (21 | ) | |||
| Net cash (used in) provided by investing activities | (838 | ) | 1,509 | |||
| Cash flows from financing activities | ||||||
| Proceeds from sale of common stock and warrants | 280,416 | 3,589 | ||||
| Proceeds from exercise of stock options | 2,154 | - | ||||
| Proceeds from exercise of warrants | 1,685 | - | ||||
| Proceeds from issuance of convertible notes | 3,003 | 847 | ||||
| Repayments of convertible notes | (3,913 | ) | (541 | ) | ||
| Proceeds from issuance of preferred stock | - | 700 | ||||
| Proceeds from issuance of Series D preferred stock | 203 | - | ||||
| Proceeds from loans | 33,649 | - | ||||
| Repayments of notes payable | (25,400 | ) | - | |||
| Repayments of short term borrowings | (10,000 | ) | - | |||
| Proceeds from sale of subsidiary’s common stock | (619 | ) | 92 | |||
| Redemption of Series D preferred stock | (883 | ) | (337 | ) | ||
| Proceeds from related parties | - | 423 | ||||
| Repayments of notes payable related party | (300 | ) | (264 | ) | ||
| Repayments to related parties | - | (156 | ) | |||
| Net cash provided by financing activities | 279,995 | 4,353 | ||||
| Net increase in cash | 128,597 | 7,593 | ||||
| Cash at beginning of period | 7,624 | 31 | ||||
| Cash and restricted cash at end of period | 136,221 | 7,624 |
KeyMetrics and Non-GAAP Measures
PaidSubscribers
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.
MonthlyActive 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.
DailyActive Users (DAUs)
Daily Active Users (DAU) refers to the total count of Paid Subscribers that have consumed content for greater than 10 seconds in a given day
ContentHours
Content Hours is defined as the sum of total hours of content watched on the fuboTV platform for a given period.
MonthlyContent 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.
DailyContent Hours Watched per DAU (“Daily Engagement”)
Content Hours per DAU refers to the total hours of content viewed by DAUs in a given day, divided by the DAU count in the day.
MonthlyAverage 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.
AverageCost 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.
AdjustedContribution 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.
Reconciliationof 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.
fuboTVInc.
Reconciliationof Revenue to Non-GAAP Platform Bookings and Reconciliation of Subscriber Related Expenses to Non-GAAP Variable COGS andAdjusted Contribution Margin
(inthousands, except average subscribers and average per user amounts)
Quarter-over-QuarterComparison
| Three Months Ended | ||||||
|---|---|---|---|---|---|---|
| December 31, 2020 | December 31, 2019 | |||||
| As-Reported | Pro Forma Combined | |||||
| Revenue | $ | 105,077 | $ | 53,142 | ||
| Subtract: | ||||||
| Software licenses, net | 0 | 0 | ||||
| Other Revenue | (633 | ) | (182 | ) | ||
| Prior period subscriber deferred revenue | (15,119 | ) | (8,569 | ) | ||
| Add: | ||||||
| Current period subscriber deferred revenue | 17,345 | 9,377 | ||||
| Non-GAAP Platform Bookings | 106,669 | 53,769 | ||||
| Divide: | ||||||
| Average Subscribers | 513,894 | 303,058 | ||||
| Months in Period | 3 | 3 | ||||
| Non-GAAP Monthly Average Revenue per User (Monthly ARPU) | $ | 69.19 | $ | 59.14 | ||
| Multiply: | ||||||
| Months in Year | 12 | 12 | ||||
| Non-GAAP Annual Average Revenue per User (Annualized ARPU) | $ | 830.28 | $ | 709.68 | ||
| Subscriber Related Expenses | $ | 89,925 | $ | 63,047 | ||
| Add: | ||||||
| Payment Processing for Deferred Revenue (current period) | 40 | (2 | ) | |||
| In-App Billing Fees for Deferred Revenue (current period) | 274 | 0 | ||||
| Content Credits | 4,843 | 0 | ||||
| Subtract: | ||||||
| Minimum Guarantees Expensed | 282 | (9,102 | ) | |||
| Payment Processing for Deferred Revenue (prior period) | 51 | 12 | ||||
| In-App Billing Fees for Deferred Revenue (prior period) | 3 | (3 | ) | |||
| Other Subscriber Related Expenses | (1,215 | ) | (538 | ) | ||
| Non-GAAP Variable COGS | 94,204 | 53,414 | ||||
| Divide: | ||||||
| Average Subscribers | 513,894 | 303,058 | ||||
| Months in Period | 3 | 3 | ||||
| Non-GAAP Monthly Average Cost per User (Monthly ACPU) | $ | 61.10 | $ | 58.75 | ||
| Multiply: | ||||||
| Months in Year | 12 | 12 | ||||
| Non-GAAP Annual Average Cost per User (Annualized ACPU) | $ | 733.20 | $ | 705.00 | ||
| Non-GAAP Platform Bookings | 106,669 | 53,769 | ||||
| Subtract: | ||||||
| Non-GAAP Variable COGS | (94,204 | ) | (53,414 | ) | ||
| Divide: | ||||||
| Non-GAAP Platform Bookings | 106,669 | 53,769 | ||||
| Non-GAAP Adjusted Contribution Margin | 11.7 | % | 0.7 | % |
fuboTVInc.
Reconciliationof Revenue to Non-GAAP Platform Bookings and Reconciliation of Subscriber Related Expenses to Non-GAAP Variable COGS
(inthousands, except average subscribers and average per user amounts)
FullYear Comparison
| Twelve Months Ended | ||||||
|---|---|---|---|---|---|---|
| December 31, 2020 | December 31, 2019 | |||||
| Pro Forma Combined | Pro Forma Combined | |||||
| Revenue | $ | 268,793 | $ | 146,530 | ||
| Subtract: | ||||||
| Software licenses, net | (7,295 | ) | 0 | |||
| Other Revenue | (1,757 | ) | (777 | ) | ||
| Prior period subscriber deferred revenue | (9,377 | ) | (4,228 | ) | ||
| Add: | ||||||
| Current period subscriber deferred revenue | 17,345 | 9,377 | ||||
| Non-GAAP Platform Bookings | 267,708 | 150,902 | ||||
| Divide: | ||||||
| Average Subscribers | 355,010 | 234,064 | ||||
| Months in Period | 12 | 12 | ||||
| Non-GAAP Monthly Average Revenue per User (Monthly ARPU) | $ | 62.84 | $ | 53.73 | ||
| Multiply: | ||||||
| Months in Year | 12 | 12 | ||||
| Non-GAAP Annual Average Revenue per User (Annualized ARPU) | $ | 754.08 | $ | 644.76 | ||
| Subscriber Related Expenses | $ | 262,240 | $ | 201,448 | ||
| Add: | ||||||
| Payment Processing for Deferred Revenue (current period) | 40 | 206 | ||||
| In-App Billing Fees for Deferred Revenue (current period) | 274 | 53 | ||||
| Content Credits | 6,458 | 0 | ||||
| Subtract: | ||||||
| Minimum Guarantees Expensed | (24,669 | ) | (43,931 | ) | ||
| Payment Processing for Deferred Revenue (prior period) | 162 | 0 | ||||
| In-App Billing Fees for Deferred Revenue (prior period) | 46 | (98 | ) | |||
| Other Subscriber Related Expenses | (3,929 | ) | (2,151 | ) | ||
| Non-GAAP Variable COGS | 240,621 | 155,527 | ||||
| Divide: | ||||||
| Average Subscribers | 355,010 | 234,064 | ||||
| Months in Period | 12 | 12 | ||||
| Non-GAAP Monthly Average Cost per User (Monthly ACPU) | $ | 56.48 | $ | 55.37 | ||
| Multiply: | ||||||
| Months in Year | 12 | 12 | ||||
| Non-GAAP Annual Average Cost per User (Annualized ACPU) | $ | 677.76 | $ | 664.44 | ||
| Non-GAAP Platform Bookings | 267,708 | 150,902 | ||||
| Subtract: | ||||||
| Non-GAAP Variable COGS | (240,621 | ) | (155,527 | ) | ||
| Divide: | ||||||
| Non-GAAP Platform Bookings | 267,708 | 150,902 | ||||
| Non-GAAP Adjusted Contribution Margin | 10.1 | % | -3.1 | % |
fuboTVInc.
Reconciliationof Operating Expenses to Non-GAAP Adjusted Operating Expenses and Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA
(inthousands)
Quarter-over-QuarterComparison
| Three Months Ended | ||||||
|---|---|---|---|---|---|---|
| December 31, 2020 | December 31, 2019 | |||||
| As-Reported | Pro Forma Combined | |||||
| Reconciliation of GAAP Operating Expenses to Non-GAAP Adjusted Operating Expenses | ||||||
| Operating Expenses | $ | 197,396 | $ | 106,444 | ||
| Depreciation | (132 | ) | (254 | ) | ||
| Amortization of intangible assets | (9,791 | ) | (5,215 | ) | ||
| Impairment of Intangible Assets | (12,245 | ) | 0 | |||
| Stock-based Compensation | (26,658 | ) | (1,501 | ) | ||
| Adjusted Operating Expenses | 148,570 | 99,474 | ||||
| Reconciliation of Net Loss to Adjusted EBITDA: | ||||||
| Net loss | $ | (195,328 | ) | $ | (55,215 | ) |
| Depreciation | 132 | 254 | ||||
| Amortization of intangible assets | 9,791 | 5,215 | ||||
| Impairment of Intangible Assets | 12,245 | 0 | ||||
| Stock-based Compensation | 26,658 | 1,501 | ||||
| Other income (expense) | 92,080 | 3,953 | ||||
| Income tax benefit (expense) | 10,929 | (2,040 | ) | |||
| Adjusted EBITDA | (43,493 | ) | (46,332 | ) |
fuboTVInc.
Reconciliationof Operating Expenses to Non-GAAP Adjusted Operating Expenses and Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA
(inthousands, except share and per share amounts)
FullYear Comparison
| Twelve Months Ended | ||||||
|---|---|---|---|---|---|---|
| December 31, 2020 | December 31, 2019 | |||||
| Pro Forma Combined | Pro Forma Combined | |||||
| Reconciliation of Operating Expenses to Non-GAAP Adjusted Operating Expenses | ||||||
| Operating Expenses | $ | 784,157 | $ | 345,045 | ||
| Depreciation | (527 | ) | (636 | ) | ||
| Amortization of intangible assets | (43,580 | ) | (20,682 | ) | ||
| Impairment of Intangible Assets | (248,926 | ) | 0 | |||
| Stock-based Compensation | (53,285 | ) | (2,750 | ) | ||
| Adjusted Operating Expenses | 437,839 | 320,977 | ||||
| Reconciliation of Net Loss to Adjusted EBITDA: | ||||||
| Net loss | $ | (635,349 | ) | $ | (194,409 | ) |
| Depreciation | 527 | 636 | ||||
| Amortization of intangible assets | 43,580 | 20,682 | ||||
| Impairment of Intangible Assets | 248,926 | 0 | ||||
| Stock-based Compensation | 53,285 | 2,750 | ||||
| Other income (expense) | 129,644 | 1,180 | ||||
| Income tax benefit (expense) | (9,659 | ) | (5,287 | ) | ||
| Adjusted EBITDA | (169,046 | ) | (174,448 | ) |
Contacts
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
Exhibit99.2
FORIMMEDIATE RELEASE
FUBOTVEXCEEDS $100 MILLION REVENUE IN Q4 2020
CAPPINGSTRONGEST YEAR TO DATE
LiveTV Streaming Platform Closed 2020 with 547,880 Paid Subscribers
NEWYORK – MARCH 2, 2021 – fuboTV Inc. (NYSE: FUBO), the leading sports-first live TV streaming platform, today announced its financial results for the fourth quarter and full year ended December 31, 2020. The company closed its strongest fourth quarter and year in its history, topping $100 million in quarterly revenue for the first time ($105.1 million actual). fuboTV ended 2020 with 547,880 paid subscribers, including 92,800 net subscriber additions in the fourth quarter.
Complete fourth quarter and full year 2020 results are detailed in fuboTV’s shareholder letter available on the company’s IR site.
“fuboTV’s fourth quarter closed our strongest fiscal year to date,” said David Gandler, co-founder and CEO, fuboTV. “Our record 547,880 paid subscribers streamed more sports, news and entertainment content than ever before. Building on this quarter and year, we remain focused on continued innovation and are excited about our growth opportunities for 2021, including the ongoing expansion of our advertising business and the development of our own sportsbook.”
“Our goal for 2021 and beyond is to develop fuboTV into a new kind of media company that combines both innovative streaming video and sports wagering,” said Edgar Bronfman Jr., executive chairman, fuboTV. “We intend to deliver leading sports, news and entertainment content to a growing subscriber base that transcends the industry’s current virtual MVPD model, and are excited about our ability to capitalize on the future market opportunity.”
LiveWebcast
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 “Q4 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.
AboutfuboTV
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. With fuboTV, subscribers can stream a broad mix of 100+ live TV channels, including 42 of the top 50 Nielsen-ranked networks across sports, news and entertainment - more than any other live TV streaming platform (source: Nielsen Total Viewers, 2020). 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 was also the first U.S. virtual MVPD to enter Europe with the 2018 launch of fuboTV España. fuboTV launched fubo Sports Network, the live, free-to-consumer TV network featuring live sports and award-winning original programming, in 2019.
Forward-LookingStatements
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 Balto and Vigtory acquisitions, (ii) risks related to the company’s access to capital and fundraising prospects to fund its ongoing operations, (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 capitalize successfully on market trends and 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.
Contacts
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