FUBO - Earnings call transcript Q3 2021

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Alison Sternberg

Thank you for joining us to discuss fuboTVs Third Quarter 2021. With me today is David Gandler, Co-Founder and CEO of Fubo, and Simone Nardi, CFO of Fubo. Full details of our results and additional management commentary are available in our earnings release and letter to shareholders, which can be found on the Investor Relations section of our website at ir.fubo. tv.

Before we begin, let me quickly review the format of today's presentation. start strategy brief the and guidance. to quarter on financials going Fubo and Simone is with remarks some the and David will cover I'm to call into Then turn to Q&A. analyst dig over to going the the

be acquisitions, opportunity, we our the discussion that financial financial the of condition, These may such filings expected could forward-looking actual materially period Exchange and XXXX, continued certain current ability are the and remind law, on of to Sportsbook, the securities continued market subject plans, and including to within following acquisition Fubo cause the Securities and statements differ anticipated our ended Report any begin, our rollout federal I'd our reflect to beliefs, in found for XXth, that the information statements, business be our shift expectations forward-looking Factors including Before strategy the These to with integrate to from in other section meaning forward-looking to Risk the everyone our based us. of quarterly assumptions, September and the on Quarterly strategy uncertainties, consumer and statements results and Important risks, assumptions. like contain behavior. statements XX-Q Commission, can performance, available SEC. regarding currently filed statements Form with the factors periodic

obligation undertake occur believe revise we after Although no statements to call. to expectations we reasonable, changes this are any reflect that these

at comparable David. also Shareholder call tv. substitute results. these from our to to and measures measures of GAAP the over non-GAAP for ir.fubo. measures. directly a non-GAAP addition be also non-GAAP XXXX website should considered to refer With the available as is isolation available Reconciliations in most our Earnings or in we in financial call, During on I that, turn are our GAAP the not These will to letter, which QX measures

David Gandler

you all today. thank And Alison. for us you, Thank joining

dive the the we million into million extraordinary poles. leverage, quarter consumer years. just personalization, our Yes, we subscribers mindshare. X an and results, and partners influence points of since are of content go subscribers, thrilled increased traditional leagues, to means X paying third fuboTV closing are means data far-reaching. we still passed quarter, remarkable billions implications plus to and at of mark. product opportunity relevance, for record the tent are particularly And that still the X only XX subscriber Before has increased but that's over monetization subscribers. opportunities, to announce short tremendous X our momentum is X million television. milestone any plus more business It even The with million and given pay upstream milestone on the This also by and measure, undoubtedly million sports households scratching surface subscribe as the iteration

Our entertainment record interactive third mission active passive participants. a television, results a strong It's of our turning viewers mission. Company's consistent category new execution XXXX define sports of quarter to into and showcase

spending towards our advertising traction to up subscribers compared total margin we total again targets, In XXX% once are growth the quarter XXXX. subscribers, to growth up full-year XXX%, our great to We We of revenue in entirety paid raising that's percentage up year delivered long-term we make continue XXX% growth XX% year-over-year that's more drive the QX, and and year. a and triple-digit guidance. and revenue than prior than last prior a than year noteworthy, we as period. net while of third more of the and added subscriber in were approximately revenue less XXX,XXX Also able the in

our increase XXX% of an XXX year-over-year. engagement, Turning users hours. That's to stream million

average. active hours XXX Our watched on month per users monthly

of influx is this the it While strong by at huge engagement, the impacted quarter. end of new the subscribers was

these monetization. and cohorts their As mature, engagement expand we to new expect

contribution our quarter the meaningful QX, up advertising with as third compared Ad normalized Adjusted by a quarter. revenue record points sales This strongest revenue and growth, Alongside with execution our progress also quarter accounts to XXX a in our upsells subscription, profitability basis representing grew associated quarter-to-date. margin in the was XXX% strong we of ARPU ad was for advertising for towards XX.X% business, also partly of expansion third driven made results. packaging. goals. revenue XX% record-breaking our total The year-over-year result XXXX both that's was and and

And upsells will efficiently the expansion premium our and additional interactive attachments tier to value platform Molotov, of France's Our streaming our active of business Today, free with sports our launch really in quarter. packages. global services. ARPU XXXX. well us leading X monthly live between the TV major of The and the entertainment enable then quarter a of attach million channel also million drive we product. a that's It's Molotov with end third operates products customers capabilities of which drive was scale. the adoption users. towards of This a X.X illustrative the we our from as a extend X.X% leverages rate the positions acquisition sold platform to of provision to customers growth, freemium ability milestone up X.X%, global lifetime streaming to through announced wagering us and model, technology expand to the on of companies

course is sometime quarter closing certain of within that's to XXXX, the of conditions. first transaction and expected close subject to Our

built innovating the internally platform, is industry. has stack Our the us of cornerstone our to streaming technology and that ahead kept

that's the experiences The organization within the QX, engage gateways to FanView data prioritizing announced data games. With of we India. Throughout Edison Accordingly, competitive Last each iterate about of that and feeds, product even Bangalore, interactivity. release and we and and patent thrilled features, and will to money acquisition on globally. computer years. AI, quarter, long-term an pending engineering Edison the technology rollout subscribers making are TV we spaced boundaries we're platform category We're a able capabilities AI. our predictive are new to next commitment vision innovation announce pushing experience market create of to powered bring characterized and also acquisition our excited wagering. live continue in we This is streaming defining leagues. further and very recognition free-to-play science expanded beta expands interactive by We yield X integrate AI be to to the our few further. interactivity the directly additional a Edison advantages new in with to video ultimately strong potential is their to over and to expected engineering to product real defensible become our our

a video. Here's quick

also business wagering evolve. Our continues to

states, live television our Sporstbook, how are November Fubo in We costs. the first-generation will down we integrated first Iowa. base, engage and the launch in to our months, healthy where of consumers growing us pipeline plan transforming Xrd allow a which betting subscriber the unlock with to is with of ensuing first other driving our acquisition launched which watch This scale state, of

of Fubo seamless ourselves as and innovate. the market this time and in we streaming sales. In an an monetization believe mobile video innings while connection between enormous new to very engagement retention platform, and to early to We believe on-ramp this our important opportunity advertising TV driving will only improve We over see our addition to brought betting has serving app.

our pleased very as progress are very we we we are and While operationalize measured initiative. to-date, deliberate a with taking this approach

summary, in execution of this So proud I exceptionally am our quarter.

quality you I discuss for ad adoption increasing Simone, online secular to and Simone trends, subscriber on dollars I'll and on experience growth, We over and TV the forward advertising QX traditional from to guidance to with achieve of a engagement, mega pass XXXX. decline to strong -paying to and be And premium the flywheel, will while of streaming our the are benefit building devices, our driving of please. All position Twitter will raised shift financial at intersection interact while connected later the evening to high progress we attracting our wagering. of it also to optimal audience. that a now, look sports the this enhancing monetization, shareholders. highlights updating rapid category-defining X continue dollars television,

Simone Nardi

year-over-year, fill XX% retention well a when XXX% our the XXXX. second to as to saw and to $XXX.X quarter. the in pleased results were third component strong grew sales delivered a revenue $XXX.X for delivered we taking content and over curated made to and good and XX% compared for subscriber as date XXX% advertising by our XXX,XXX as subscribers progresses efficient increasing Advertising exceeded XX% year-over-year expanded XX% outlook and more to growth in offering. by growth of in robust were rate year-over-year $XX.XX we interactive We very net We advertising by on ARPU top-line The third ended acquisition key XXX% QX XXX% taking numbers XXXX., million Advertising Thank CPM delivering improvements digits afternoon, ARPU strong year-over-year resulting or year-over-year saw increased in strategy, subscribers strength our driven in increase our these driven million product premium to growth an of revenue XXX,XXX $XX.X our efficiencies, subscribers, significant front. results optimization. quarter both continued strong this growth third we quarter I'm up and as highest quarter, total from million, with we offerings. our the $X.XX. growth, through Subscription and up is of and ARPU. Subscription our and revenue. and strength business Advertising additions the to quarter accounted triple the of you, David in monetization surging growth sequentially overall margin everyone. In the with improvements. revenue subscription

As expected, last the weeks we September. within saw of influx few of subscribers a large

of goals, XX.X%, earnings normalized we subscribers their This delivering traction further. our expect with profitability, we XX.X%. adjusted mature margin ACM subscribers, to contribution new was to we year-over-year XXXX when significant basis up familiar made platform our report become long-term points these out of expand into As Switching to our year. an in the towards and long-term more QX which last compared monetization XXX

As deals a our reflected XXXX content in reminder, timing QX of of unusual XXXX. XX.X% July ACM

expected well contribution of technology, and to subscription strategic Accordingly, as This deliberate absolute content, continued positioned in well third quarter ARPU, investments in Our and optimize by improvement offering. in our margin long-term advertising dollar to resulted grow driven the expansion and content us in our strategic have by investment the year-over-year. as the data-driven making of driving position continue optimization share ARPU margin market while in was increase expansion. basis the expenses our quarter infrastructure

to operating driving our grow than XXXX, primarily XXXX, QX in and However, consist business. in total of expenses, significantly for continue this I our an revenue the like revenue which to quarter, sales total continued content X.X% third of costs, highlight compared focus of from base. and and revenue growing accounted to quarter, percentage a on quarter of in of how would significantly declined XXX% improvement to showcasing points our less than in prior year XXXX expenses, for subscribers of leverage growth expenses our less accounted in the subscriber the expenses, revenue, period. the marketing efficiency And XX.X% our Within XX% underscoring in XX% as related XXXX in

liabilities, impacted compensation, quarter adjusted of of adjusted -XX.X%. their their continued approximately Adjusted impact Expenses million re-measurement for this on $XXX.X loss $XX was in loss EBITDA a Net intangibles $X.XX achieved of was of the non-cash million warrant to in the we in non-cash in was material improvement XXXX quarter stock-based and $X.XX included of in a and compared by result EPS EPS to the discount. compensation, their amortization XXXX. and incurred QX management wagering margin the discount. of business of -XX.X% operating from a EPS our third loss intangibles, in and quarter $X.XX, and award expenses liabilities, of -$X.XX year-over-year As quarter. and amortization excluding launch the in stock-based the third of leverage, EPS

market cash $XX.X These cash, balance our connection and and include licensing ended well equivalent, the turning the the a outflow quarter as our million million $X proceeds offering, quarter $XX as of net Now, payment wagering, in with to restricted in deals. $XXX.X mainly offering, sheet, million related with in cash million cash. at-the-market to access in we from interest

payment wagering flow business million cash to notes. for build our As in is capital $XX.X quarter our fund highlighted, Operating -- of strengthening the growth part negative our August was a $X million of the ongoing the balance ATM non-recurring strategy of million, and in to defining sheet. million million while was XXXX inclusive interest with further of previously $X optimization $XXX optionality payments, associated initiatives of $X.X convertible

Moving onto outlook. our

of higher we X,XXX,XXX, believe well-positioned better quarter end an number, our than margin the the additions of to XXXX from up the increase This additions why, at at guidance, on to prior XXXX, of midpoint goals. increase With of guidance reflecting again, million the Similarly, execute net continue we we year-over-year, strong And in XXX% guidance are our and full-year XXXX to XXX,XXX, approximately full-year subscriber our our increasing XXXX long-term of to of guidance implies full-year guidance. a once represent third $XXX.X XXX,XXX, increasing XXX% net performance It's year XXX% the a revenues XX% revenue up year-over-year. the our are midpoint. XXX,XXX. therefore,

nor our contribution our any In performance for we're closing, this our today. announced you include not continue very recently sport to pleased acquisitions. business, from quarter, we AI drive and Edison wagering does efficiently robust guidance with operating growth current joining revenue and Thank our leverage. Our and Molotov from call

take will questions. We now Alison. your

Alison Sternberg

Thank ask X in that questions you, now ahead. the from to please. spirit to Q&A great limit Simone. Oppenheimer. go turning Thank see the with We're yourself Please that timing first call. And portion David. you. you comes our our Kelly to of Jed question We of Jed, you,

Jed Kelly

Great. Thanks my for questions. taking

for versus lot to you of Still with content it may. a sports Just on that I platform. X the of have channels your have look Behind still acquisition, couple if a expand X. at don't the the strategy a opportunity U.S. lot internationally you if growth.

about you. their the Sportsbook, you rate you learning's strategy. the can Any Iowa. share subscribers? or talk then acquisition So they And on early can tax Thank what

David Gandler

Jed. you, Thank

always, As questions. excellent

think relates talk I AI be going Company. Company. here. I'll many times it back-end this I to acquisitions different One It were really provides actually technology-based, there's opportunistic, strategy, about and our we tech for X As the to about think first. acquisition We're is we've foundational excited Edison said

If you real time. metadata to video extract think able in about it, be you'll the from

cases So offline over of business things see this a how about time? that number You can use lot with of the and these discussed changing do technology think this. I you about, you like

opportunities to that There's core, the over the video things able that be EPGs, for currently to be experience sync well capturing by to very improving there's is that as will can a on the because going use the clock in cases it video you very able A, value relates of touch being DVRs frame Obviously, So, like at to, important. lot That's data the overtime. data. to short-term, stream. the will as other extract the And term you contextual this the do of be you'll displayed. advertising out long

strategy. really type of focus that we well-positioned think with to to we're our So on integration technology, continue

in significant a that to and XXX why respect difficult should if in many you similar As it, Molotov an relatively model. important did to It's hire it think relates strong that infrastructure, the headwinds goal also team the labor of very, integrate there's and know, reasons as the velocity. some We to you really is here there's which we our very much about very situation. are and we engineers. in short-term, deal. Molotov, very think pretty development I so U.S. technology has that the our are very X could of businesses plus, quickly, this One is, think and improve obviously with alignment tooling, respects, operational there

more allows reasons. so more access one first to point and talent in on country to that's even flag a probably us important the plant of us allow It that's also So the to another that.

The France, million European second the application number largest which second streaming it's is in market with the over X XX is, households.

really of means us So a tier. It's users, X model. in a thought to then business which was channels not is. free you again that for TV a a use case with to that is have live we model. million a paid their to this their model we highlight what upsell Remember, learn monthly just And freemium that active do content, that to great about opportunity have freemium tier they

about Now really in give to opportunity U.S. to we global market and when think capabilities that garner, what us leverage in our an here we continue that the to this is as we knowledge we going the really develop scalable a know platform.

completely number, this if hope we're So was driving you as in focused way on our part that and comfortable question, -- know, focus I that book, the U.S. any impact doesn't about the business. of scaling X million you on subscriber our the launched And your I that U.S. additional really out given the subscribers in recall, second we And makes

Jed Kelly

in [Indiscernible] Iowa.

David Gandler

Yeah, very did was in we with do. it we regulators an we've feature. lift our excited. sportsbook we're we live to not to months. been what launched was not November we a and Xrd. you this than going We working sync shared less with And were And easy an task, XX Look, said easy launch

we've seen I the So our subscribers far very better week. far, next couple time it's the was what advantage given of are subscriber want but did we've where there few mean, an play. think I area We'll focus the why so growing early, take throughout that here at probably to we're interest is because will reason what seeing, our seen, moments We of weeks understand really live is important. important on the a very that think to entry. about economics. have market point number we to to if for take I of interesting over what been really a in really base. cost least attractive that this. think days, create to access What X we XXXX, we've from whole licenses is the The first going very piece early in to That's reduce say is number of this what's X, to we're user our and these is

people So million in we've revenue stream customers. a when a successful you been have selling year, that create how attachments, over very with upsell can X.X ability and new actually million talk and attachments seen every you we're our to you've comfortable day to our this existing

Alison Sternberg

Great.

Jed Kelly

you. Thank

David Gandler

you. Thank

Alison Sternberg

Jed, thank your questions. for you thoughtful

comes is good question you. see who ahead. from Shweta, Shweta next to always Khajuria, with Please go Our Evercore.

Shweta Khajuria

Thanks, Alison.

X year And be a team? your next the Thank Let David, me follow-up you what for basis. well How terms investment on X, focus churn year-over-year then top as as of the on please. the of improved churn. areas try your letter, would quick shareholder trend you. resources In sequentially? it in did said

David Gandler

love make Yeah. tell Very difficult but very it we've way to be I'd our year, to acquire you assets to to tell strategy, the if we're go-forward about. then we able good going question, about which done Shweta. you, obviously happy we're this very

continue say that going I'll companies is So we're is a X, be to Company. fit culturally, I performance-driven opportunistic. what think We're for number looking this to because

get have We typically, continue as felt to put churn, really With I our lot Olympics been churn very XXXX. and one-off third for -- year goal we'll able points in events say year-over-year. But execute respect a where of would We of we but over sequentially, quarter. relatively at drive said place the the to to which we're comfortable. had something continue remember churn again, very these at to a you a that. lot we mitigate significant we us and flat, happy course would XX the we're of churn, basis it's risk that of was but that said refine July, churn, quarter-over-quarter also the is quarter in -- this to with look churn was minus XX

our see, to numbers, strong, seeing. extremely reactivation the content all as that. related could offering we're As drove also our well of very happy have really we're about up really product it our that subscribers, that numbers as so that improvements about we that We're happy subscriber you provide been and to is the

and quarter this with looking to happy very forward we're QX. So

Shweta Khajuria

Thanks, David. Okay.

David Gandler

you. Thank

Alison Sternberg

Always and you, you for the Thank questions. to good Shweta. see thank you

Laura from comes Needham. with question Martin next Our

Laura Martin

quarter Hey there, as a Fourth fourth beating quarter rates. public David. Company,

these excellent So numbers are again.

David Gandler

Thank you.

Laura Martin

here. you're why That's

your You're job. doing

David Gandler

here. much. why Thank That's we're you so

Laura Martin

One your what this to subscriber longevity Okay. onto year, a the NFL Two to NFL growth. you. key post increase to Sunday, to end that guys are for to questions be their do these driving you are astronomical extraordinary Super season? the Bowl that with catalyst past hold one. is, to is ratings going My seems question start Let's try of and

David Gandler

will has not of season return think I season us. That September. We're for has product. in that's had about also impact, certainly features full super of we to football. looking NFL forget, But a college excited sports. our ways Look, we're a had to college on certain that been We're the improve great call. continuing particularly an focused engagement. tremendous let's for improve drive

cohort actually This I -- of greatest the far is viewership got on the actually platform sports September ever. XX% percentage We think by to is viewership platform. cohort interesting. the sports on or quite this of the number largest

I think or that XX%. was XX% the last about record

be there certainly on we So first do We'll what there is Sportsbook when what also we to capabilities our of as the predictive be the free-to-play of And more in games. states hopefully, about And to to focus no room, retention. Again, as product. more quarter, these did you into we our entry upgrade as believe we're first XXXX. talk improve into on some well focused we'll able continuing get our will continuing is. point to quarter think

Laura Martin

had really -- of the good When helpful. that's revenue you doing gross CTV is super love saying about to margins. Company And CTV, what I which your I something. highest reported, it's That's growth think actually Okay. any

business it to coming variable subscription of in really trying figure cost of that you're pieces addition just advertising, You out the really -- or subscription? on variable is business most actually from leverage delivery. strong So that's I'm a from have advertising. -- if margin gross over getting Is David, a cost of coming to in some different

David Gandler

the escape as we our to experiencing some level have some that, today, start in to we are that you terms given Well, going in letter the of did typically comments scale shareholder having see my velocity. of conversations content partners. opening to we're that, continue in as our experience with start When to we're you well mention control

As some relates the the our impacted made to our update we second you which end profile changes margin the know, we've We it to variable cost. content positively as of continued at quarter, portfolio. believe

On the front, a advertising in to we're continuing strength see area. that lot of

not You only the our from fact still And from year-over-year, but data-driven that moving at that that Ad see TV, was and really pull. they're levers impact. we starting X area we is that's you advertisers where change to can are XX% make moving and when an into relatively we have think what's an buys, to X% compelling And it's which XX%. I CPM up look about low, also about

what this have what equal. high-class There's problem, room, is assuming I stays think about else you if about to this all we CPM, like -- growth here, say. in So a XX% the

to margins the understand opportunities space have in can the what it really long drive to advertising the do and start you over we can really So term.

Laura Martin

David. Thanks,

David Gandler

Thank you. Be safe.

Alison Sternberg

Laura. you, Thank

As great questions. always,

Our next at comes from Dan question ahead. go BMO. please Dan, Salmon

Daniel Salmon

Alison. everyone evening Thank right. All you Good

David Gandler

Dan. Hey

Daniel Salmon

Hey David, Salmon. it's

as there, you've multiple also got have a Canadian business. little in and a David in So platform business said you They've France. and Spanish Africa footprint the got standing leading

to favored a there's right just X that healthy And seem letter then second to million mean, South more what I mark come just APAC particular? your expect in that of the contracts gives the So that if if your about little of you is to there's You some America and America covered, and scope activates better next? ambitions and speak now? one, shareholder protection. EMEA crossing milestones Can that have part should North international the specifically the we in some a bit passing you nation in wording most some

David Gandler

Yeah. ambitions. Dan, It's X it's you. about good while. ambition. your been Look, Company question This international is massive our to has first see a

that, We're the demonstrating quarter-in, We for do are this to able looking global United we're doing quarter-out we're that domination. States. in

net quickly on net XXX,XXX adds. to adds, our touch Just

net TV the level, in traditional to pay churn If roughly you X.X. third churn at traditional it of subscribers the was We look X.X about quarter. the in into around XX% took

I to I where believe X gets it years, over trend the think think that I when So excited. me next market about about will and or the really X

performing is States. well in team United the exceptionally Our

is Again, decided so I do we And what believe might we stress the to because have we've assets our that something are value. to that cultural performance really internationally, take importance provide to time Company. pick significant is

I to able how I'm into that asset. think Latin will America shouldn't create because we asset going other reason don't be to lot But we're believe value So any not there's why that computer we or the see no region. saying of we if business, an for it is. I market is an cap overlook leverage our acquire vision But people really understand Edisn wouldn't transformational. also the transformational AI transaction really a

and that across we frame really across track You metadata from advertising, product across leverage everything accurate video, real-time do. that players, can live extract you can track data, sales,

question extremely questions. all Africa the other is me, product. So acquisition up to not sets your Last least really but this important us mentioned in global these around it nicely you Molotov for an and -- our and on

velocity in in reasons they that to is users why really have them the active allows the monthly the of be development obviously really to XXX-plus efficiently our increase the to very in team available But Molotov, million team. But addition that X countries. these the the of other developed that liked geographies. they've also able different technology One they're key to we and localize

of Thank all thing is you. quickly, opportunities, data. optionality. the provides moving about you Fubo, if again, we're the which the this one world, that DNA And leveraging about most So think I in value

Alison Sternberg

thank questions. for your Dan, you thoughtful

see to with Jim, good always Our next question. your Barrington. with Jim question comes from Goss Please you. proceed

Jim Goss

Hi David, hi Simone.

next ambition. you think And You're of will assume of talking you years. the from? several might domestic take grows explain [Indiscernible] expense wonder if taking in do over in I what I the global the sort broadcasters. share about terms you who from you're share

you're you space. in competitors the from share think If some taking of also your

Simone Nardi

question, for Jim. the Thanks

had we are we offering. the regular overall the terms growth are guide business, seen we on of point, in of significant think you've cabl David's portion very to people taking traditional significant that that I out To number. a their in have of into a earlier as coming

portion We the and well. expected to significant space virtual in continue are is as MVPD to the of as fore that within imagine, our grow taking you market can share

an of likely are most as to the cable I by existing in is as coming that ecosystem, think increase definitely our from traditional well from allow to platform with the as our influx features reflected that subscribers individual platform marketing and them we the us provide attract equities. space, subscribers there virtual share appreciating MVPD

Jim Goss

to all usage traveling assume of an about when they're outside on the [Indiscernible] users number -- using patterns. First viewing going I remotely you increasing of gaining home, but are be is most you areas talk

Simone Nardi

Yes.

So a that our of television, really for purposes. on we're good actually connected is lot advertising seeing viewership

well offer is flexibility on and downloadable and many different to usable As point, we as an items. platforms the your of app that

So with flexibility that it's we benefit allowing across actually is is for the resonating think to people well provide that us the subscribers. board a

Jim Goss

the who bring through What Could just the games, how sustain that the Okay. area? table going you non-betting do exactly you would think you to and ask. were games. would you flesh also concept the of I to out -- might type you engagement

Simone Nardi

Sorry, Jim, again.

David Gandler

Yeah. question again? you It's David. ask could Jim, Hi. that

first. hear I couldn't the Sorry,

Jim Goss

Yes.

Okay.

you've in you mind engagement. you what I'm -- and that about wondering you'd additional were users just You some what's also games that use that in And in for had area. sustaining engage talked of -- types would

David Gandler

very free-to-play We've games. focused Yeah. been on

can user video can you an games. the into could play predictive see, you get initiated where event format showcased we then you these and where watch think I

an sales there they the work these they know, Will throw And a increase to anywhere pass? a this your adds Will on of users interception? of player that they a So XX%, and Will and more. a so and we've Will of game be you also think create seen goal? like, will during tests continue running XX% impacts value all a lot So we've advertising Will engaging could bunch comparable to score are ask our field on we as sort of been play? going that. engage in engaging touchdown? seen platform questions questions that attention. if take between they or think we're more, we games We've you engagement by which and your and

that get the better. the we stay people more on the to can platform, So

secondary other like we'll forefront But is to play the fact think to quickly is thing the at come that players important, that we're in a now games. The moment. the XXXX I also pretty I were think bit that people these that isolating

we can So casual potentially what question a went games, bet to who is, are better, out. you these that if a someone you will the in tell likes participate events for or typically play you you

betting That almost feel pick, our another football cost. of picked gives into to at picked and drive that you venture trying games, you games. funnel us cost You subscribers in goals, soccer edge reduce no

able be Edisn games. So basis, discrete this to it is allows again, then of to games, of lot us that. watching we'll And AI acquisition this that's learn with important people because sync a are on the provide of thousands a plan viewing what allows to us hundred and information, of and

All things companies their we've extend but These that. pretty launching a thing. value talking we doing is, are a consumers, is Game same with all shows platform been about so this we're like first, Netflix the gaming Things. What's of They're and about of interesting is to in ways, starting similar we've brand Squid to something year. to excited their much for see we're super Stranger felt develop been that other platforms engage

Jim Goss

Thanks very much.

David Gandler

you. Thank

Simone Nardi

Jim. you, Thank

Alison Sternberg

Jim, much. thank so you

see good Berenberg. Zach, question proceed with Our with next Please comes Silverberg question. Zach you. your from to

Zachary Silverberg

on Good of entry, what on What for the do Thanks taking the of market partnerships and partnerships Sportsbook, do these my Cleveland your first Hey. is we customer mean acquisition, growth the Cavaliers. Jets, partnerships the My for see with sort the NASCAR, one evening. question. horizon?

David Gandler

able with Good Look, We want to partnerships these have getting major getting to certain space, question, we're Zach. into sure the our now. leverage we IP right make to feet wet of we're some be partners.

that have strategy, on and expand our Right And pretty brand million those for our partnerships now we're we'll looking We to equity a as you As know, to exceeded with in continue the we we've subscribers. happy to place. look develop we relationships. gaming right now build partnerships. we're want

Zachary Silverberg

side talk what's ad Got driving of you ad on just revenue the can then it. growth about the And year-over-year? business, of stronger some the

David Gandler

really it -- basic a down of it's Again, comes elements Yeah. to advertising.

sales Company As components the X. the CPM, I the drive hour. Is now. X. there that rate, viewership the really for Is X right just advertising X. Is are fill mentioned, and

the are those So drive. can X levers pull to that you

it's the quarter. good sometimes drive, Now, X of news sometimes X, them it's is We have we X, can all X. it's don't drive sometimes every to

it's is range, long devices, we're keeps X. really CPM seen a a XX increase the seeing CPM me this to there's on XX which excited we're plus. that the And quarter, from that of few which what in the combination elements, to because XX hitting again go typically so to connected Is somewhere around a seeing way we've

So that strong to indicate you should that growth. just there's

one opportunities. and the rate, fill and We've units And viewership second we testing is leave advertisers XX seem rate. last for those. fill other to I'll been versus The there's hours, XXs, the again, have then like the really

focus to So Viewership but is to for fill the continue increase. go. rate very influx an to there good to which was now, on we're took to and long a basis, got the hours subscribers number year-over-year CPM drive a at going Obviously, way the continue we've we'll on quarter, we down But of comfortable end somewhat. engagement. the continue feel third of news

space So numbers higher. to ad-tech advertising, for able very into be a to investing certainly drive and exciting we'll our those us be

Zachary Silverberg

you. Thank

Alison Sternberg

your for questions. you thank Zach,

Dillon with your is question Dillon with final ROTH. please proceed with Our Heslin question.

David Gandler

Dillon. Hi,

you're -- muted Oh, we you. can't I can't Dillon. hear Sorry, out. Cut

Alison Sternberg

muted. Dillon, you're

David Gandler

Don't worry to about time. happens me the it, all

Alison Sternberg

We hear still you. can't

Still muted. unmute You need to Dillon. yourself,

Dillon Heslin

better? not Is Now.

Alison Sternberg

Yes.

David Gandler

Now hear we you. can

Alison Sternberg

you now. hear can ahead. We Go you. Thank Perfect.

Dillon Heslin

apologies. My

Alison Sternberg

to It Thank worries. happens you. us. of all No

Dillon Heslin

for on you taking my million Thank question. the Congrats subs.

of some attach rates. on First, the

a in Can bat? a off million who rate on mix the subs attach who your X.X You sub bit is comes this later talked existing what versus new plan that little on at to you quarter. about that the their ARPU higher between about talk are up deciding

David Gandler

clear at X.X attachments saw in, million Well, coming because we just not quarter. Yeah. new think subscribers it's I that it's the end the of

what's subscriber, is So every selling -- that products. we're that, telling average you X.X that in for

subscribe board. in people the third the across to that zone. our which is actually fourth and plus red packaging, we Sports it's What typically quarter, seasonally, do includes see the So

after -- that which the is anticipate some we and people seen their season there includes taking ARPU we've just to this again, so package, every And decline is typically NFL due year down in red zone.

Dillon Heslin

Got it. then as And a follow-up.

down figure I double had sales But it's about XXX dollar being can quarter-over-quarter and basis know to up you you of to dollar think subs Obviously, expense, points terms. in the revenue up. you over back do absolute but talked plateau? that marketing of about percentage the as where you a year-over-year, On that that absolute start see

David Gandler

just to Company tough at you're is absolute now look value an it's from because perspective a years talking old. dollar Well, that right about it X

If back Company XX. the IPO you XXXX, the average at age -- look was a about average of

high. Company is as complete I sales that whether mode. look a revenue, Netflix else, revenue at and relatively marketing Roku matter, anybody this or So in see of for or growth -- I or or it's should percentage When it's DraftKings

comfortable testing first the in down same we've X.X want average XX% degree XX% ARPU. range our has around is acquisition subscriber at so we that and that where to which our costs some X And time, feel that the always since waters, between is come guided to range is we month's number and to but roughly times to the be,

we One obviously money actually in high we continues quality And this extremely as see. that would have attracting we note improvement the frankly, thing NFL retention. Now to XXXX, can reflected increase, spend over more that our continuing in that our anything subscribers September is first subscribers. cohort outperformed is for typically added important, month ARPU

the super continue platform. quality we we to we're and in about are again, of excited terms customers where spend So of the attract to

Simone Nardi

operating on improvement well mean the whole that, expenses. our to deal, ultimately all efficiencies I as the in leverage is on driving in marketing that as And other

on You see same the to of percentage subscriber-related side, expenses content down year going with the comparing point also X.X quarter. last

So in that EBITDA in in is our adjusted general, continuously reflected margin, and margins. improvement in our

David Gandler

say just I'll Dillon, one thing.

are stages the this as shout you us out the early difficult deal We they have remarkable, know, evolution I set to extremely a very competitive It's are The of business. just Expectations, at a actually is with. high. to quite quick to want of done job. for give phenomenal the team very

Our public everybody numbers them. are looking at is

So network want out the retention the team, I marketing just finance product team, shout the the quick team, a Sports really team, the to the engineering team, give team. team, the to again, Fubo

value across KPIs. to our So all these of working really all groups are to cohesively drive be able

Dillon Heslin

Appreciate Thank it. you guys.

David Gandler

Thank you.

Alison Sternberg

questions, everybody extent thank update of We business And look Q&A and to Dillon you portion encourage progress Thank you. Thank additional continuing on call. thank have that our you participated of forward you. and everybody who time the in and any for soon. and this would to questions the reach speaking your thoughtful we your the concludes ensuing again to you look quarters, out. forward you to to to

David Gandler

Thank you.

Simone Nardi

Thank you.

fuboTV (FUBO) 10 Nov 212021 Q3 Earnings call transcript