fuboTV Announces Preliminary Fourth Quarter 2021 Results Including Revenue and Subscriber Growth, Expects to Exceed Prior Guidance
10 1월 2022 - 11:00PM
Business Wire
fuboTV Inc. (NYSE: FUBO), the leading sports-first live TV
streaming platform, today announced preliminary fourth quarter 2021
results, including revenue and subscriber growth, ahead of its
participation at this week’s 24th Annual Needham Virtual Growth
Conference. Both revenue and subscriber metrics are expected to
exceed previously issued guidance resulting in a record quarter and
year for fuboTV.
- Fourth quarter 2021 total revenue is expected to be between
$215-$220 million, an increase of 105%-109% year-over-year. Prior
guidance was $205-210 million for the quarter.
- Full year 2021 total revenue is expected to be between $622-627
million, an increase of 138-140% year-over-year1. Prior guidance
was $612-$617 million.
- Fourth quarter 2021 advertising revenue is expected to be over
$25 million, an increase in excess of 90% year-over-year, and
crossing an annual run rate of $100 million.
- Paid subscribers at year-end are expected to exceed 1,100,000,
an increase of more than 100% year-over-year. Prior guidance was
1,060,000-1,070,000 subscribers at year-end.
- Subscriber Acquisition Cost (SAC) is expected to be at the low
end of the company’s target range of 1.0-1.5x monthly Average
Revenue Per User (ARPU) for the quarter.
- Subscriber churn is expected to improve in the quarter by more
than 200 basis points year-over-year. This marks the 13th
consecutive quarter of churn improvements.
- fuboTV expects to end the quarter with more than $375 million
of cash, cash equivalents and restricted cash.
The metrics above exclude Molotov SAS, acquired by fuboTV in
December 2021.
“fuboTV’s strong preliminary fourth quarter 2021 results close
out a pivotal year where we made meaningful advancements against
our mission to define a new category of interactive sports and
entertainment television,” said David Gandler, co-founder and CEO,
fuboTV. “In the fourth quarter, we continued to deliver triple
digit revenue growth, alongside operating leverage, through the
efficient deployment of acquisition spend and the retention of high
quality customer cohorts. This was evidenced by continued
improvements in subscriber churn year-over-year within the quarter.
This wraps up a phenomenal year where we grew revenue by over 138%
while advancing towards our path to profitability. We look forward
to discussing our full fourth quarter and year-end 2021 results
including Adjusted Contribution Margin, Adjusted EBITDA, EPS and
cash flow on our forthcoming earnings call.”
Gandler further commented: “We are also very pleased with the
ongoing integration of Molotov, the Paris-based live TV streaming
platform we acquired in December. While still early, our progress
to date continues to reinforce our belief that the synergies of the
combined companies will give us operating leverage to build a
scalable global platform with minimal incremental spend.”
About fuboTV
With a mission to provide the world’s most thrilling
sports-first live TV experience through the greatest breadth of
premium content, interactivity and integrated wagering, fuboTV Inc.
(NYSE: FUBO) is focused on bringing to life its vision of a
streaming platform that transcends the industry’s current virtual
MVPD model. fuboTV Inc. operates in the U.S., Canada, Spain and,
through its acquisition of Molotov, in France.
Leveraging its proprietary data and technology platform
optimized for live TV 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 cable TV replacement product, fuboTV, offers subscribers
more than 100 live sports, news and entertainment networks and is
the only live TV streaming platform with every Nielsen-rated sports
channel (source: Nielsen Total Viewers, 2021). Subscribers can
interact with fuboTV’s live streaming experience through predictive
free-to-play games, which are integrated into select sports
content.
Fubo Gaming Inc., a subsidiary of fuboTV Inc., launched Fubo
Sportsbook, a next-generation mobile sportsbook purpose-built to
integrate with fuboTV, in 2021.
Financial Disclosure
Advisory
fuboTV (or “The Company”) reports its financial results in
accordance with U.S. generally accepted accounting principles
(“GAAP”). The expected financial results discussed in this press
release are preliminary and represent the most current information
available to the Company’s management, as financial closing
procedures for the fourth quarter and fiscal year ended December
31, 2021 are not yet complete. These estimates are not a
comprehensive statement of the Company’s financial results for the
fourth quarter and fiscal year ended December 31, 2021 and actual
results may differ materially from these estimates as a result of
the completion of year-end accounting procedures and adjustments,
including the execution of the Company’s internal control over
financial reporting, the completion of the preparation and audit of
the Company’s financial statements and the subsequent occurrence or
identification of events prior to the formal issuance of the
audited financial statements for fiscal 2021.
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 regarding our financial condition,
anticipated financial performance, market opportunity, business
strategy and plans, and the expected continued rollout of Fubo
Sportsbook. The words “could,” “will,” “plan,” “intend,”
“anticipate,” “approximate,” “expect,” “potential,” “believe” 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 risks related to our pursuit and
engagement in acquisitions; our actual operating results may differ
significantly from our guidance; risks related to fuboTV’s access
to capital and fundraising prospects to fund its ongoing operations
and support its planned growth; the 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 cybersecurity and data privacy-related risks; 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 develop and market a
sports wagering offering and the regulatory regime and related
risks associated with such offering; risks related to the
difficulty in 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 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 our Quarterly Report on Form 10-Q for
the quarterly period ended September 30, 2021 filed with the
Securities and Exchange Commission (“SEC”) on November 10, 2021 and
our other periodic filings with the SEC. 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 press release.
__________________________________ 1Compared to 2020 financials
including fuboTV pre-merger Q1 and full year FaceBank/fuboTV
excluding the FaceBank AG and Nexway businesses sold in July
2020
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version on businesswire.com: https://www.businesswire.com/news/home/20220110005309/en/
Investors
Alison Sternberg, fuboTV asternberg@fubo.tv
The Blueshirt Group for fuboTV ir@fubo.tv
Media
Jennifer L. Press, fuboTV jpress@fubo.tv
Bianca Illion, fuboTV billion@fubo.tv
fuboTV (NYSE:FUBO)
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