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, 2021. The company
also announced 2022 guidance, expecting to drive over $1 billion in
total revenue this year.
fuboTV delivered record annual revenue of $638 million total
revenue in 2021, including $1 million impact of the December 2021
acquisition of Molotov. Excluding Molotov, fuboTV’s total annual
revenue was $637 million, an increase of 144% over 2020.
The company closed 2021 with 1.13 million total paid
subscribers, up 106% from the prior year. fuboTV added 185,000 net
subscribers in the fourth quarter.
fuboTV also achieved record year-over-year (YoY) growth during
the fourth quarter of 2021, including:
- $231 million total revenue, including $1 million impact of
Molotov.
- $230 million total revenue, up 119% YoY, excluding
Molotov.
- $26.1 million advertising revenue, including $0.2 million
impact of Molotov.
- $25.9 million revenue, up 98% YoY, excluding Molotov.
- fuboTV customers streamed 404 million hours of content during
the quarter, a 96% increase YoY.
These milestones exceeded the preliminary fourth quarter 2021
results announced on January 10, 2022: 1.1 million plus paid
subscribers, $215-220 million total revenue and over $25 million in
advertising revenue.
fuboTV also reported higher unit economics during the quarter
and benefited from inherent operating leverage as its customer base
scaled. Adjusted Contribution Margin (ACM) was positive 9.7% for
full year 2021, an increase of 104 basis points (bps) YoY when
compared to the company’s normalized full year 2020 ACM. Lower
subscriber acquisition costs, strong marketing discipline and a
lifted attach rate to 2.5 were all achieved, contributing to the
company’s path towards profitability.
These results represent fuboTV’s growth only and exclude the
operating performance of Molotov except where otherwise noted.
Complete fourth quarter and full year 2021 results are detailed in
fuboTV’s shareholder letter available on the company’s IR site.
fuboTV also released revenue and subscriber guidance for 2022,
broken down by North America and Rest of World (ROW), including
France (Molotov) and Spain. Within North America, the company
forecasts first quarter 2022 revenue of $232 million-$237 million
and full year 2022 revenue of $1.08 billion-$1.09 billion, which
projects achieving the billion dollar mark for the first time.
North America subscribers are expected to reach 1.028 million-1.033
million in the first quarter of 2022 and 1.500 million-1.510
million for the full year. Within ROW, the company forecasts first
quarter 2022 revenue of $3 million-$6 million and full year 2022
revenue of $15 million-$20 million. ROW subscribers are expected to
reach 235 thousand-240 thousand in the first quarter of 2022 and
270 thousand-280 thousand for the full year. Note that this
guidance does not include any projected revenues from online sports
wagering.
“fuboTV delivered a record fourth quarter and full year across a
number of our key financial and operational metrics,” said David
Gandler, co-founder and CEO, fuboTV. “Engagement continues to be
strong as we add differentiated content to our offering and focus
on innovating our product to meet consumer preferences and drive a
premium experience. Our expansion into real-money wagering is
underway with the launch of Fubo Sportsbook across two states with
additional states expected to follow this year. This launch
represents a differentiated and industry-first integration of
streaming and a sports wagering product and we see ourselves in the
very early innings of a massive opportunity.”
“Our fourth quarter closes out an extraordinary year defined by
delivering triple-digit year-over-year growth in total revenues,
advertising revenues and subscriber growth all while continuing to
expand adjusted contribution margin,” said Edgar Bronfman Jr.,
executive chairman, fuboTV. “Within the year, we achieved several
important milestones, representing meaningful advancements towards
our mission to build the world’s leading global live TV streaming
platform with the greatest breadth of premium content,
interactivity and integrated wagering. Our progress over the course
of 2021 further fortifies our position to continue to execute on
that mission in 2022.”
Live Webcast
Gandler and CFO John Janedis will host a live video webcast
today at 5:30 p.m. ET to deliver brief remarks followed by 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
fuboTV’s website following the webcast. Participants should join
the webcast 10 minutes in advance to ensure that they are connected
prior to the event.
About fuboTV
With a mission to build the world’s leading global live TV
streaming platform with the greatest breadth of premium content,
interactivity and integrated wagering, fuboTV Inc. (NYSE: FUBO)
aims to transcend the industry’s current TV 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 sports-first cable TV replacement product, fuboTV, offers
U.S. 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.
Key Metrics and Non-GAAP Measures
Paid Subscribers We believe the number of paid
subscribers is a relevant measure to gauge the size of our user
base. 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.
Content Hours We believe the number of Content Hours
streamed on our platform is a relevant measure to gauge user
engagement. Content Hours is defined as the sum of total hours of
content watched on the fuboTV platform for a given period.
Monthly Average Revenue per User (Monthly ARPU) We
believe Monthly Average Revenue Per User (ARPU) is a relevant
measure to gauge the revenue received per subscriber on a monthly
basis. ARPU is a fuboTV measure defined as total subscriber revenue
collected in the period (subscriber and advertising revenues
excluding other revenues) divided by the average daily paid
subscribers in such period divided by the number of months in the
period.
Average Cost Per User (ACPU) We believe Monthly Average
Cost Per User (ACPU) is a relevant measure to gauge our expenses
per subscriber. ACPU reflects COGS per user defined as subscriber
related expenses less minimum guarantees expensed, payment
processing for deferred revenue, In-App-Billing (IAB) fees for
deferred revenue and other subscriber related expenses in a given
period, divided by the average daily subscribers in the period,
divided by the number of months in the period.
Adjusted Contribution Margin We believe Adjusted
Contribution Margin (ACM) is a relevant metric to gauge our
per-subscriber profitability. ACM is a non-GAAP measure that
measures costs against subscriber revenue. ACM is calculated by
subtracting ACPU from ARPU.
Reconciliation of Non-GAAP Financial Measures
Certain measures used in this release, including Revenue ex.
Molotov, Subscription Revenue ex. Molotov, Advertising Revenue ex.
Molotov, and Adjusted Contribution Margin are non-GAAP financial
measures. We believe these are useful financial measures for
investors as they are supplemental measures used by management in
evaluating our core operating performance. 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 financial measures. 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.
Reconciliation of Revenue to Non-GAAP
Platform Bookings and Reconciliation of Subscriber Related Expenses
to Non-GAAP COGS and Adjusted Contribution Margin
(in thousands, except average
subscribers and average per user amounts)
Full Year Comparison
Twelve Months Ended
December 31, 2021
December 31, 2020
December 31, 2019
As-Reported
Pro-forma
Combined fubo
Pre-Merger and
Facebank
Pre-Merger
excluding
Facebank AG
and excluding
Nexway
Pro-forma
Combined fubo
Pre-Merger and
Facebank
Pre-Merger
excluding
Facebank AG
and excluding
Nexway
Revenue (GAAP)
$ 638,350
$ 261,498
$ 146,529
Add
(Subtract):
Other Revenue
(1,418)
(1,756)
(777)
Prior period subscriber deferred
revenue
(17,345)
(9,377)
(4,228)
Current period subscriber deferred
revenue
43,734
17,345
9,377
Non-GAAP Platform Bookings
663,321
267,710
150,901
Divide:
Average Subscribers
760,298
355,010
234,064
Months in Period
12
12
12
Non-GAAP Monthly Average Revenue per
User (Monthly ARPU)
$ 72.70
$ 62.84
$ 53.73
Subscriber Related Expenses
(GAAP)
$ 593,241
$ 262,240
$ 201,448
Add
(Subtract):
Payment Processing for Deferred Revenue
(current period)
121
40
206
In-App Billing Fees for Deferred Revenue
(current period)
13
274
53
Minimum Guarantees and Content Credits
13,280
(18,211)
(43,931)
Payment Processing for Deferred Revenue
(prior period)
296
162
-
In-App Billing Fees for Deferred Revenue
(prior period)
114
46
(98)
Other Subscriber Related Expenses
(8,365)
(3,929)
(2,151)
Non-GAAP COGS
598,700
240,622
155,527
Divide:
Average Subscribers
760,298
355,010
234,064
Months in Period
12
12
12
Non-GAAP Monthly Average Cost per User
(Monthly ACPU)
$ 65.62
$ 56.48
$ 55.37
Non-GAAP Monthly Average Revenue per User
(Monthly ARPU)
$ 72.70
$ 62.84
$ 53.73
Subtract:
Non-GAAP Monthly Average Cost per User
(Monthly ACPU)
$ 65.62
$ 56.48
$ 55.37
Divide:
Non-GAAP Monthly Average Revenue per User
(Monthly ARPU)
$ 72.70
$ 62.84
$ 53.73
Non-GAAP Adjusted Contribution
Margin
9.7%
10.1%
-3.1%
FY20 ACM was 10.1% non-normalized for the one-time benefit in
content expenses in July 2020. On a normalized basis, FY20 ACM was
8.7%
fuboTV Inc.
Reconciliation of GAAP Revenue to
non-GAAP Revenue excluding the impact of the Molotov
Acquisition
(in thousands)
Year-over-Year Comparison
Twelve Months Ended
December 31, 2021
December 31, 2020
As-Reported
Pro-forma Combined
fubo Pre-Merger and
Facebank Pre-Merger
excluding Facebank
AG and excluding
Nexway
Revenue (GAAP)
$ 638,350
$ 261,498
Add
(Subtract):
Molotov Revenue
(1,388)
-
Non-GAAP Revenue ex. Molotov
636,962
261,498
Twelve Months Ended
December 31, 2021
December 31, 2020
As-Reported
Pro-forma Combined
fubo Pre-Merger and
Facebank Pre-Merger
excluding Facebank
AG and excluding
Nexway
Subscription Revenue (GAAP)
$ 564,441
$ 230,715
Add
(Subtract):
Molotov Subscription Revenue
(1,047)
-
Non-GAAP Subscription Revenue ex.
Molotov
563,394
230,715
Twelve Months Ended
December 31, 2021
December 31, 2020
As-Reported
Pro-forma Combined
fubo Pre-Merger and
Facebank Pre-Merger
excluding Facebank
AG and excluding
Nexway
Advertising Revenue (GAAP)
$ 73,749
$ 29,026
Add
(Subtract):
Molotov Advertising Revenue
(211)
-
Non-GAAP Advertising Revenue ex.
Molotov
73,538
29,026
fuboTV Inc.
Reconciliation of GAAP Revenue to
non-GAAP Revenue excluding the impact of the Molotov
Acquisition
(in thousands)
Year-over-Year Comparison
Three Months Ended
December 31, 2021
December 31, 2020
As-Reported
As-Reported
Revenue (GAAP)
$ 231,056
$ 105,077
Add
(Subtract):
Molotov Revenue
(1,388)
-
Non-GAAP Revenue ex. Molotov
229,668
105,077
Three Months Ended
December 31, 2021
December 31, 2020
As-Reported
As-Reported
Subscription Revenue (GAAP)
$ 204,840
$ 91,383
Add
(Subtract):
Molotov Subscription Revenue
(1,047)
-
Non-GAAP Subscription Revenue ex.
Molotov
203,793
91,383
Three Months Ended
December 31, 2021
December 31, 2020
As-Reported
As-Reported
Advertising Revenue (GAAP)
$ 26,107
$ 13,061
Add
(Subtract):
Molotov Advertising Revenue
(211)
-
Non-GAAP Advertising Revenue ex.
Molotov
25,896
13,061
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 and future
plans regarding subscription levels, business strategy and plans,
the continued shift in consumer behavior 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; risks relating
to diverting management’s attention from fuboTV’s ongoing business
operations to address integration and fundraising efforts; 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, our Annual Report on Form
10-K for the full year ended December 31, 2021 to be filed with the
SEC, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220223005888/en/
Investor: 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
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