FUBO - Earnings call transcript Q4 2021

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Alison Sternberg

Thank you for joining us to discuss fuboTV’s Fourth Quarter and Full Year 2021. With me today is David Gandler, Co-Founder and CEO of fubo; and John Janedis, 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. David is going to start with some brief remarks on the quarter and fubo’s strategy and John will cover the financials and guidance. including the business to and statements everyone consumer the continued such the following securities meaning but limited remind forward-looking may shift law, to plans, any of rollout condition, acquisition not expected within financial statements of to, strategy in like performance, market continued that and Fubo discussion our the opportunity, acquisitions, strategy contain ability including integrate anticipated I'd financial our regarding the federal Sportsbook, behavior. and These forward-looking certain uncertainties, statements are subject risks, and to assumptions. filed Important differ on factors Commission, Exchange Factors can in results XXXX, the SEC. that other with section our could with cause and the be ended XX-K Risk Form materially be filings the actual to period Securities the Report statements from XX, quarterly forward-looking and Annual periodic for of our December found to expectations current available our our to reflect assumptions, currently us. statements based and information on These beliefs,

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

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

David Gandler

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

our integrated advertising interactivity, expanding and growth platform to extraordinary several build world's streaming content, margin. year XXXX, adjusted global subscription premium milestones we advancements in closes leading the revenue, out wagering. total by breadth defined fourth towards of and TV while meaningful an triple-digit representing the quarter notable live Within with mission achieved contribution greatest all year-over-year revenue revenue, Our

the XX% most course offering strong numbers came revenue tremendous increase fourth and XXXX. of the acquisition MVPD in growth an same of market over target our Molotov. of validating delivering X our down also performance virtual subscriber the that retention and our period. of an year Xx year-over-year That's multiple this we range to We in economics. option unit the in the came the at quarter. delivered significantly reaffirms of over excluding total up strong million. over efficient costs our and create the attractive have of thesis the drive deployment to growth for of fuboTV XXX% in year-over-year growth $XXX quarter XX% Importantly, remains revenue, monthly at to total from just And QX, the quarter. in In that the marketing dollars, to with the ARPU sales million the end compared for subscribers XX% that's significant them. low we over entire year-over-year with to base These Subscriber XXX% levers our value net X.Xx also Notably, aggregated of exclude achieved monetization that's added XXX,XXX which We Molotov is bringing subscribers, to million X.X impact approximately acquisition. to

by subscriber are staying our made growing in with year-over-year. basis who dramatically attracting longer, strides to addition XXX high cohorts, In improving quality base, we points great churn

partners a advertising quality measurable allows high business audiences targetable our reach growing to and rapidly way. Our in

Repeat accounted XX% million five increased the result, year-over-year with $X record. meaningful each. and Ad number fourth of of spending the and revenue grew in increase spend advertisers’ advertisers quarter excluding quarter, also impact grew As a was of the total acquisition. XX% for revenue a the among the Xx top Molotov advertisers XXXX, in a above our between XXx spend XXX% in and

During users; These streaming active recognition AI TV capital development million and Edisn.ai, service the closed the the foundational over powered monthly an with fourth transactions acquisitions: we accelerate provide and X live video with important and technologies. patent-pending leading human technology our two France's across computer to Molotov, quarter, infrastructure vision platform products.

a to to We these order assets while are synergies, in leverage enacting leverage. also disciplined gaining operating approach global

all integrating We our live we our FanView version new to it service. latest can the plus features widget. can market. With is mix popular continue Apple sporting and widgets, and quarter this to this match most experience our they scoreboard Multiview the new evolution, events. streaming We the and of live stats subscribers viewing in ended, bring game this feature personalized differentiate of simultaneously. customized a a interactive market do product to launched TV up on available Since And channels TV, TV four live with believe

Sportsbook We Sportsbook within evolve. and our soon. summary, measured Our to has our brought customer we announced to sportsbook wagering, iteration We with existing single Fubo markets is spend. we efficiencies Fubo will marketing confident. wagering approach very continues business than We new to in states, ability additional believe intention to also launch effectively in network. we create subscriber XX Iowa Arizona. states, to first markets monetize market that the access now two and a more And in I’m wager will into to year in In deals optimistic and acquisition ecosystem and us only after and and of Less a a a feature limited growing watch the into to launched expand expect market. have sports retention allow we believe deliberate our entry fuboTV

we exceptional this unit quarter undoubtedly an attractive company operational record of metrics. financial way building are quarter, and given on delivered our We to with across and year, a key forward, a a category year closed which defining outstanding execution well economics. number full out Going fourth our

to the the television; decades the fubo’s for benefit I’m industry's model. new brings online craft of two of introduce Research, industry Relations, I TV as sports the partner to position pay for and to be secular about plan our excited our traditional and this the M&A will transcend We beyond. rapid world's than as Equity year of ever leader and Investor ad the media from of some to and am John preeminent financial current to experience leading CFO. adoption shift of of wagering. TV seasoned the pleased future, fubo's John you Markets He's financial in three dollars we at space more trends: Janedis, and critical strategic a continue Capital financial than more we now institutions. a intersection connected And devices; aim mega decline

have go please excited all to him on are We John, board. very ahead.

John Janedis

both confidence David, you, to opportunities the to the joined strong the our guidance year-over-year of subscriber the the to I be to with the in the wagering everyone. million, increased very excluding fubo driven all good quarter significant and fourth Thank and impact XXX%, quarter, impact $XXX of margin our taking afternoon, delivering am I’m XXX% delivered the the million and revenue and businesses triple-digit stakeholders. revenue made excluding growth numbers in of company's excited potential and my significant team of year-over-year a acquisition of our ARPU. Molotov because fourth results deliver by team and $XXX to Subscription nearly long of top-line improvement. acquisition. exceeded streaming, we vision in growth up overall and and term really value advertising subscription in Molotov In the we and the progress advertising, and revenue pleased growth efficient growth strong part as

$XX.X curated acquisition accounted content Molotov. grew XX% efficiencies excluding growth from robust ARPU total through for also saw our X% taking subscribers in and to revenue, Ad as offerings. this expanded $XX.XX Subscription We offering. delivered as to year-over-year X% million ARPU, resulting retention Advertising decreased as we products to more improvements interactive Molotov and excluding revenue by year-over-year of well $X.XX. premium year-over-year XX% our

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

As familiar further. extend to more to subscribers, their expect mature these platform new subscribers and we with long-term monetization the become

annual quarter growth XX%. may remains on contribution an variability our adjusted conviction high. While reported ad we a ARPU basis, in growth towards from Switching quarter to profitability, margin have to path some out basis our of

strategic positioned foundation investments expenses infrastructure. in for in And margin basis expected quarter programming, the we deliberate absolute strategic our infrastructure prior We fourth technology the year. to team, increase content, growth, on to value lay in future technology dollar compared drive as long-term and are expansion resulted the with well an investments and in

impact $XXX was warrant and of in a was improved further improvement loss $X.XX debt from compensation, wagering tax from Adjusted EPS path $X.XX, stock-based decline Molotov impact proportion expenses and in amortization $X.XX material to remeasurement of for $X.XX from of points quarter which deal-related profitability. X.X fourth advance fourth quarter from in of in margin, revenue in we of liabilities, loss was loss of leverage the to expense. from a the XXXX which impact XXXX improve $X.XX our our continue incurred including the our the adjusted fourth non-cash a a of quarter excludes the intangibles EPS expenses as Net However, discount. a XXXX acquisition operating of business, the the the EBITDA and year-over-year, to of fourth XQ quarter resulting and on in percentage million.

access quarter cash. and wagering $XX cash connection the equivalents million proceeds in we payments, interest our included related balance sheet, the mainly $XX in outflow cash, ended with cash offerings, in fourth the net market with as well our million from at-the-market as $X.X Now turning quarter in to $XXX.X deals. restricted million and This million licensing to

evaluate initiatives. plan Molotov million, $X.X with the $X.X build negative million plan with was to associated the we cash order we nonrecurring wagering quarter flow and in continue business, optionality in our have associated million cash to the flow growth optimization fund to highlighted, of operating As inclusive ongoing million previously business. $XX.X capital $XX.X Operating payments, to

be into not metrics and our revenue Moving these down on North of a class to the and while thrilled any existing the Rest fourth and breaking include provide and acquired greater positioned quarter recently operations. Spain, experience with margin to all to differentiated are world we from consumer. in XXXX projected and which that execute of to our sports our delivering guidance by goals, specifically performance World visibility America outlook, on revenue long-term order this wagering. well our remain region, online does In Note business, our includes Molotov we'll

First, we on to subscribers. than when sequentially Due been business, revenue North in our the will QX QX has discuss historically softer Streaming. viewed seasonality and America

revenue XXXX continued we takes are with year subscriber seasonality guiding On subscribers. projected QX operating guiding XXXX to into also to QX full year to Our basis, a expect $X.XX guidance X,XXX,XXX. X,XXX,XXX We're guidance projected forward. million and subscribers end also see to EBITDA our $XXX to leverage revenue billion. billion Similarly, account million we includes of X.X total of of X,XXX,XXX adjusted $XXX to million. to the And revenue going improvement $X.XX

XXXX Now, $XX we're million we Streaming, full to guiding $X of million total of $X will of projected to XXX,XXX are Rest $XX and to QX discuss a end to of subscribers we million On revenue XXX,XXX. year projected revenue and million of XXX,XXX. basis, to to guiding subscribers year World XXX,XXX

continue pleased So are robust very our this we operating drive to efficiently and to growth we performance with summarize, quarter leverage. as

Before will some end Q&A, going to David remarks. closing with

David Gandler

XXXX fubo. John. for was a Thanks, year pivotal

executed our long-term team increased and in plan, we on Our confidence our have business strategy.

losses our and streaming by we continued to beyond, domestic gains, business to XXXX operating and share expect core ahead improve leverage. in led Looking

fueled to foundation scale expected lay growth major and by with and Our in business, advertising strong for contributor very of will high which to and growth flywheel a further our to beneficiary XXXX. become will wagering improvements ARPU our we double-digit CPMs the expect continue a in our margin we is subscribers, business

long-term for join We Alison. Finally, targets the Day. questions. you weeks. will you your our more follow today. for in businesses. And take able second we be to Investor for will strategy I share will about The now hope details our Thank coming our agenda plan our our quarter joining the first to and us in call

Alison Sternberg

the call. We from Thank John. We're you, the to portion our that to in of Laura Q&A question spirit your two. to restrict ask questions you, Martin of our going Needham. Laura. timing, you with David. first now turn And Thank comes

Laura Martin

Hi, welcome, John.

two. to CTV XX%, So go-go. to it I’m of restrict revenue ad going

CPM up what ask now we to was was Are core CPMs? the going $XX I'm we moving I'm more really curious more revenue? And or as CPMs. You viewer engagement, ranks viewers more first drove to Are driver about at still my upside one. hoped? sellout? we or it ad of that the That's you as

David Gandler

fourth the is $XX in I'll take up it. to Well, quarter. about CPM

seen also advertisers movement So we're to see there. direct. starting starting move going buckets some different programmatic to of We've into more

continue time. we will over So trend think that

already hours know, as of per viewership XXX in just under hours, terms customer. we clocked In you

about more really had side demand really was key for that driver CPMs this quarter. it been So and the just the the

Laura Martin

very I'm Could that model you you of three then you to month-to-month. learned ago And weeks fact and interested then pricing that minimums month a a tell three from back in month-to-month? you experiment what of us versus had couple the months went

David Gandler

now. its focus to us of on is service. ability optimize This and our know understand is to better its company predicated well to you that data, on Well, different Sure. of all manage capabilities try how the components a

And experiment. the through We're an so was certainly data going that still now.

experiment understand us we'll to is and better just to are what consumers. of expectations You for that also the should anticipate value continue the sort what for

Alison Sternberg

Laura. Thank you,

ahead. Jed, go to with Kelly Jed from Please you. see comes question next Oppenheimer. Our good

Jed Kelly

Dave. on to see Hey, welcome board. John, great you. Hey, Hey,

just question related expenses. subscriber on the First

the significantly year-over-year. was quarters. seeing were nice You up leverage It first three

So how view just leverage What XQ? gross related there. you expenses? guidance of us any then into profit of talk should Can And happened you kind to we kind give the XXXX? some you of saw subscriber about can

David Gandler

key acquired video and all the start rights. want regional new we've performance the that on we're side, you're We've seeing Hopefully light, ready like continue networks. we to to things on product and some little features why of improve. some With that is that our Again, is for indicators. the better what Jed? the customers sports proposition to our what sports with don’t very impact Yes, respect I line, to understand getting added some value SRE the test sports we you

John Janedis

would time I Ted, a And there one just add were of there, one couple -- timers.

content fourth content in affiliates, added also we some some the Canada. some quarter, So from

But see same-store that so a a And forward, that you'll deleverage the tick-up on was bit going of basis. there.

Jed Kelly

in driver significant that And just are mentioned revenue a where David, sports out progress? second terms then XXXX. in you question, the it my you betting or Is pushing of being year a

David Gandler

Yes.

I continue licenses. to sure you've noticed access So am more we market add

under And given licenses sub on for the and our I decided platform it the the attractive cost early user million the entry idea the our access have compete we've don't that we've large the to base think, create the X now that plan market very us over set we think really given and again decided FanDuel that base X And customers. early, goals to just right had think DraftKings seen, company. certainly for the is thesis head-to-head macro are into is to but customers. each I about, for customers and drive more reduce we data get, to economics. that of we we've and our leverage where we situation, We've with million is the of points market that results we've subscriber easier it's to the interesting handle, for enough support

Alison Sternberg

Thanks, Great Jed. questions.

we Next go Darren with Darren, please Aftahi ROTH. ahead. have

Darren Aftahi

questions. my Thanks for taking

the driven in curious sales, issue the a expand business. And could that, about ad I'm scalability kind have kind if like you'll demand you talked two, the when of clarify just you could you on think advertising just a you newsletter one? resolution when that? of about on you First, talked on

David Gandler

Yes.

consumers look, I mentioned in with the So, of deserve. the really developing ad on side, to our really side. haven't service the a that chance we've on we we've of been quality think very a that meetings tech consumer had platform focused many focus before But

see, demand focus ad two on to of continue within that the of resolved you months. or think side as We fourth And the there. be three many business. will next have call And the side items since we begun ad is But can grow it we're the to the the on working quarter. tech we completely

John Janedis

resolved. numbers, And piggyback February just of that. pretty I I look feel being then would on that yes, at, I say, January Darren, If are to businesses our also some confident to say, the date, and

the triple terms at through when that frankly the and ones top all that are less And January, advertisers spend. are in so down than look XX I of are digits $X,XXX advertisers up

trajectory. So feeling about good

Darren Aftahi

OEM and relationships performing? channel kind how just your of And then are to expect relationships, see like we additional And this year? those you can then speak OEM on LG can Great. to Vizio,

David Gandler

Yeah. important. why very Sure, I are OEM relationships The start? don't

think or of years you I And platforms. look were content on Leverage partners. our those the with three platform major as think focused And beyond or if as continue game. see that's name two with back we three starting leverage. we two very partners, we're platforms, now as well I to more to the expand

the be start well. out access going those In actually experiences, quality code, cases, higher to some getting we're to better we'll really so are So experiences. to experiences, build relationships faster that able going

So platforms. you net an it newer the we're had can adds. very see excited on certainly And about impact has that

Alison Sternberg

Thank you, Darren.

should Khajuria it’s to Our see questions. your say, Shweta question or next come you. questions, ahead Shweta from I with Evercore. Please always with go good

Shweta Khajuria

stick I'll two. with

mentioned is, will First continue improve. you to and improve losses

churn, or that improving the investments on gaining? have you're important about you've is you, rates us In being how churn, us versus the second question seen product cash other the the with think please you're are the it and the with us is help have just as churn about drivers been that us? for retention what I content. how making flow words, has of improving, you EBITDA, improving. free thinking overall with then And help have trajectory. we drivers up so spell improvement, been should Just of efficiencies Help most What improving

John Janedis

the start second first. question So why don’t I with

quarter. every look we tell so it's -- last the when every churn, been you for And years that would year-over-year I at better three

the that's development. of really pretty of history I the the From past And retention And that so the are the great story. churn by tell so think would also churn you quarters good on company, lot three product pleased it's four perspective, A in quarters we're I a side. best with of a driven that.

the I up cohort if at month sorry, for XXX or and look six wise. the both basis points retention, it's so And several been churn XX month -- retention, trajectory

increase of I the of the cohort, is think in retention the same percentage importantly, terms the six month cohort wise. in and month XX

no we're months, from to it subscriber six a actually perspective. from that drop almost so seeing XX months suggests And off

we're me So question, let to take pleased there On your -- first you very want there. start that?

David Gandler

ahead. go No,

John Janedis

what to question sales if the improvements, on from I so at to and going on drive your first them the leverage of is, expense it foremost say going all look call then be it's biggest we and perspective terms should then would the there, G&A -- related side, subscriber but just forward first Yes, in leverage marketing improve going forward. and and of expense line, and a

to this sometime year, David's the going to months. Day, next do over point, look the we're Investor later few Now

front And to, lever forward. but so improve should we'll more expense on have going talk to the every

Shweta Khajuria

Do release, -- sorry, have know? Investor this you missed the but Day the date have may a you that you in I do for have a

John Janedis

we'll two shortly. it the working still information it We'll months. plan next on call more have you time in it, do but We to for you. We're for have exact

Alison Sternberg

comes ahead JPMorgan. question. with go please Our next with Lizzul question Anna, from Anna your

Anna Lizzul

the longer to the how view months Turner you going to the of fubo new large churn. do related forward mitigate the platform? leading just networks, had Super And of which content up no in Bowl, given three to churn we has sports you customers you noticed balance to carry, that on QX also And that lineup service prepay on a for content required

David Gandler

you'll you sports a given us to excitement the with the month the year. fans Anna, good Bowl, thought don't Again, time test great respect And Super an throughout see test it that to how question. offers react offer see. that’s offer, typically different would to we was the around a typically three

year, But points. is XXX in numbers. that said, We're still data coming looking every So of said, QX as retention basis in. John our at improvement have we the improved levels as

healthy should our you to the and improve. long-term, in X% to continues And churn cohort X% is the, extremely call that range. somewhere we retention of believe see it, All over

that Turner to respect well. With coming that. pretty using last know, as either you also content, keep of storyline. it bit about guess sports And all type But really providing will content managed have teams are consumers the we think happy tournament, is we we the today conservative, very be depends obviously platform didn't the little we sometimes year and data the I teams to The because type of and have a the on really, So in. engaged. the

close with a we feel eye So into comfortable but -- but end we're results it, of very the keeping February. going on

Alison Sternberg

comes from next James with Our Barrington. Goss question

James Goss

reduced? think about fall then things any because extending start demographics get one the option same service? of create have of your there just a of being to Sports to adopt I considering sort viewers have quite by season. you it's Is even the other for the it's pull Fubo have but incentive do so little, maybe first this I’d to viewers, conversation, whatever, is the this to you don't Maybe obviously a other some key nice the or driver quarter out if other football off, situation you're you types, things continually balance

David Gandler

amount fans I it's than the XX% good think, on on you're virtual subscribers you more question. that couple going number then mean, sports. sports on I That's the may the And to with James, have last the fubo sports platform, of that platform. inherently watch of of any call seasonality we or traditional a mentioned content have. have given I when other

and advancement ourselves our share. to in we that's evident So differentiate market continue in continued

And hours So we you the before our to seen these haven't since look And ticked XXX basis. limit interesting John hours. on we extremely right annual the at in are cohorts look plus said, those healthy. things XXXX, XXX when item ensure have the in of of January already that terms viewership again, engagement, as north And fact, at numbers, February teams are working but of that of COVID. note one is an we churn,

normalized a I level. that's sort think of

these daily, cohorts. see And on again, team we'll feel limited comfortable with seasonality the working of that maturation we is very in we're but to this the March. So starting see the

John Janedis

QX And point the consistently XQ just say at XQ, to even seasonality sort you levels churn of would I the in side, David's in in have code. year-over-year. it's if XQ, better the same churn XQ, And versus on then add been with zip that, look

James Goss

I service question the some Molotov other horizon something spec over ambitions have, has international. meaningful of period that can be on here, into how My what would would grow realize a but time, is of you venture? think sort Okay. and you any degree you do you finance such

David Gandler

Yes.

decouple James, I'm So going that.

We have our hands -- be is provider this live to ambitions the largest in That the company has tremendous of television down. world, goal.

We making that they in the business very again, that build we measured really And the on an things. on and also This have data is service. very and we front. to a we're aggregation realize is Molotov have not this the streaming discipline to integration not our with today that comfortable time, two way. focus other take I players into market. a users, a that that in But better And One player. behind million app feel of technology. the are us foundational And that note number to They product. to allows we active monthly also actually service. continue very the model, optionality, the gives X is as window, which on integrate that it's have similar acquisition. some two us fubo in are France have right with that we're this a core positioned Again, today important than operating there Netflix quickly having capital delighted view plus with to and the of we're we're focus with actually timing. progress the very And Molotov We're use human

John Janedis

point, And for call looking guidance would David's North plus if we're our in America. I add at Jim, growth America, just XX% North as example, look at the an you to it organic

anything don't we the domestic that that do given kind have we So on to have side. growth

Alison Sternberg

as Great always. Jim. questions Thanks

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

Zach Silverberg

goods discussions into what other and slower feel potentially purchasing heading there maybe period a elasticity on during prices Are inflation subscribers’ services? price a consumers’ for be question. Is with or streaming internal how sports dealing Yes. taking the maybe could there to summer? and my it Thanks any power increased or television would impact and

David Gandler

one one Zach. you were fubo, companies took up. at the great I'm And now see brought are of of you other growth, many see you a stay COVID, the retention. glad of to No talks position like those companies, really advantage it. That's inflation. in take it advantage question. But about we home we excellent

million out that As quality, know, you we there's And cheaper, the expensive, than less cable better a traditional product still better replacement service. are service is XX people there.

a So of we're option. at if you're to our we're develop want time, positioned brand, and I that. same your take this to cut costs advantage to think with lifestyle continue consumer, going the and And you to your maintain continue is to well And proliferate respected platforms.

pricing, ways go. still some to have of we terms In

our where paraphernalia, jerseys, like up wager, we've buy As people love to content, $X.XX, you cetera. sports last there's a watch, started five they for where to huge at pricing know, love to we for demand the And sports, been they love years. where et they service

we bit well we priced facing And inflationary think we're again, probably our given think for there's is well that more still we product So, that that provide. are positioned, we some value room a pressure. the little there,

Zach Silverberg

one just more. And

summer? placed into just You MLB curious or of have how the season go and lockout, Shareholder the crossover curious the over higher retention number talk anticipating the you're a spring NFL about who crossover of rate, Letter, given users is you're rates, might forecasting anticipating this just sort higher the how into in bets, this

David Gandler

Iowa in it's states right two now, comments, my as early I days, We're look, very said in Yes, Arizona. right? and

And television has we've what also really footprint we've at seen that regular it And just least then In we're seen to What that that we months. those of there's What terms betting is volume who relative that it's again, TV Sportsbook a the produce more But product retention. means a subscription. that, more more small. customer means in customers right been customer. they of is onset in crossover. fuboTV, that active, that a non-TV bets -- has active only is now the call seeing seem two very customer to be this also better they're using

we've So only place month. in seen these the bets people second

continue our our we got look sure. now, money I'm coming Super we are one amounts data is to spend which seasonality, product see to be you in we we the footprint. trial able the then relatively growth the that to towards X really going million early, And year, have gauge to like where is the it's is be, half going Their to large guiding customers to will the a back of over of TV Sportsbook, probably Bowl. I year. course if strongest just the up in kind of going growth course, post cohort, the cohort right think it's the of was of pull we But, where Bowl, until cohort, like Super not customers, which our feel access to other -- there's customer We've strong, base, compete. million that large we're assuming X.X we're starting to So can still to actually have over from expand is market

all of a that focus measured think focus DraftKings approach of this see and nail have you that streaming but We here that put and game said. on betters, goal product same FanDuel entertainment we'll we down they're not taking cohort if of think focused lot hey, this create can watching some think that's But when probably are we're a casual concurrent you that five users to prove on is the Caesars to to game, game. is driven is and And and when event product, value, of as So we a be XXX,XXX the the very we to I that. love on that know the going down say, you value, bucks lot and on time is going that Georgia, we the right. Georgia changing is

Alison Sternberg

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

Dan Salmon

John. Welcome,

in I'm So to two questions. going slip to try

guidance more into have or How anything as thinking then that key you First, grow. include obviously not of integrate I gross of portfolio updates might your sports And might see And David, XXXX international elaborate rights impacting your little adds outlook on that? eventually? Can your does continues churn? on I it But subscriber may strategy? metrics it still you sports for how missed own the on second, just gambling. be taking part your bit It's to of Any like flavor well. an some a for it.

David Gandler

Yes.

have So we go deliberate we very on delivered IPOed, I'll we every we we've on Look, have the do. been back, we And you start metric said deliver everything would one. if that since second on. on

testing are is We've carnival you fall. now so starting UEFA what we're And rights correct. we've acquired acquired this the waters, the rights, for doing

We home have the EPL rights in of country your Canada.

start do And known, also expand of really at and we're so with we we're think to footprint profile. costs our yes to where in so now starting what can we're to because to sports look about -- fixed starting some that associated the leverage space that, the margin right,

to positive such ability to our our games, turn delivering to of isolate create into obviously casual features lower cost help of and of plays sports In just Again, which predictive in the content entry, customers. into drive that that betting, really users we'll be which able -- us leverage will some our gaming economics. is user as will the product our new right, on and ARPU, attractive again, eventually terms mission,

X, think so the a a starting all highest can the the see virtual sports Number brand betting of to by, emerge as taken feel had because the to per different score I services we've MVPD see And that approach, parts slightly NPS associates. our supported you we starting it's on subscriber platform. reason we're growth side, is comfortable of base. one we're and different approach with pace the And

on perspective, So, comfortable, competing money we're very retracting. spending don't think we a plan I from that lot of directly

So now continue focus want the into idea to the can on Sportsbook. market drive more sub licenses we so is subscribers we growth, access to acquire

that. the we And And simply to efficiently so at little that same get where time, video And a want immersive closer just we're be. starting to think focused to to we we on that ways from won't can bit you very do in do continuing hopefully, be product. saw, a really others deliver to that that can we're able really

Alison Sternberg

and call. portion out encourage speaking Thank for questions. have want reach forward And you soon. the also We thank and we Q&A you questions your everybody to our concludes with extent any insightful look to your This follow-up you and what again. thoughtful participation everybody to of to

David Gandler

you. Thank

fuboTV (FUBO) 24 Feb 222021 Q4 Earnings call transcript