FUBO - Earnings call transcript Q1 2022

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Alison Sternberg

Thank you for joining us to discuss fuboTV's first quarter 2022. 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 strategy and John will cover the financials and guidance. turn Q&A. over to to the going into dig I'm the to call analysts Then

period business begin, would within Securities factors we not beliefs, that cause statements anticipated be discussion current to ended information the Before financial I securities These limited may and the forward-looking can everyone federal integrate strategy quarterly our contain SEC. opportunity, following to Form acquisition These the based materially our March to ability reflect to results XXXX Commission forward-looking statements for those to that annual available continued performance, currently expected fubo market filings statements forward-looking technology could financial including including plans. statements rollout laws, from guidance strategy the Sportsbook, are continued differ and regarding the and periodic on our targets, platforms, report of and The behaviour. on of Exchange found the XX-Q Factors certain other expectations and expected quarterly and like with adjusted XXst, meaning but EBITDA section statements to Risk condition, the assumptions cash Important in shift of risks, remind and acquisitions, our quarterly the with be to actual flow synergies us. filed of and in and consumer assumptions. subject uncertainties the and

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

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

David Gandler

Thank fubo's to and to good everyone. In year-over-year in to afternoon million. macro quarter an $XXX environment American $XX the XX% North business revenue double-digit including you, revenue million, continue first rise challenging XX% increased Total solid advertising Alison, streaming growth. against the deliver

Our also X,XXX,XXX. year-over-year total increased XX% paid subscribers to

approximately in also million X.X December. in pleased quarter our an XXth points at subscribers World for with the our In are expectations Rest revenue. acquisition France with We target full the total our This in of our efficiency improvement ratio being reduction with to quarter, SAC pleased first QX churn XX times. of including operational end our consecutive the in quarter X of XXX,XXX and and year-over-year basis paid ARPU acquisition of of to following end low streaming, to ahead range we $X.X were in of total marks of Molotov

to focus driving goal leverage in EBITDA of measured Notably, adjusted the Our are operating quarter ending take is increased The balance our in modest positive cash. grow XXXX cash and $XXX million us in is on XXXX. flow requirement a through And a with way sheet and flexibility we cash XXXX. we financial with to with expected targeting margin. anticipated relatively primary strengthened expanding

continue and from shift have yet to We we who cut as households benefit have still the to from focus cable profitability there to and TV satellite cord bundles. to our strategies continue sharpened expect achieve are million to on we and XX.X to Internet-delivered scale the

of on costs, costs appropriate content inherent operating model. We areas: an key driving our Efficient these believe focus tech while our balance will cash XXXX Sportsbook strike leverage goal. advertising, in to and fubo We our X growth focus primarily the achieve growth, flow on building initiatives our

acquire to to to drive profitability, path marketing funnel ARPU and higher packages ended, of spend in key at the lower low new our optimize our SAC migrated products bundles. users take to the a lever of higher quarter Since subscribers First, ARPU we target. be existing users our the higher rate in margin we'll end margin managing for

not continue a anticipated had quarters short-term this we to we yielding in churn of meaningful changes. impact, which come. QX price to expect churn While we related content. expansion, to material fact, to The our any experience ARPU already seasonality is approach in did sports churn the seeing we in are to these And related changes is

Henry strategy team allow costs. Second, and our his of also his we of traditional FAST increase this as We deals bring revenue. Business our fubo. realigning content we to even our digital with negotiating and business. and fubo Leveraging margin believe our fast ad experience, newly inventory platforms, our executing laser is Henry minimal more Ahn, number to increase appointed enable to content channels costs, channels already Chief ad-supported driving to us is us decades television premium Henry content with are with expansion. are for the focused continue Officer. grow tasked significantly the programing Leading plan on content both on networks scale ad free or to will customers approach X

advertising Third, our business.

market in ad challenges ad also As and advertisers. finance than Despite year-over-year. in less achieved including earlier for the launching experienced tech new delays like XX% on quarter, call, revenue mentioned an the we particularly capabilities improvements and categories in fubo ad a during technology, robust increase

to of deployment is optimization plan of capabilities. strategic data platform on enhance first-party focused our to hires, and remain targeting ad continued serving further our our forward, Moving

inventory ad believe ad efforts as the Additionally, to formats improvement lead ARPU our long-term video an target we will these across we year Sportsbook maintain progresses and and available for to our $XX We products. expect $XX. the to expand of at types offered

our Building and key technology streaming to value fubo new advertisers for also margin. rollout measured into differentiated our many will market value also finally, benefit a in have XXXX. across leveraging a continue fubo integrate do million video a platforms experience. higher however, December TV device the approach recommendations us synergies profitability. capital, position to our market unification homepage we've both priority believe of of bringing strategy our this our grow profitability and We in of and proposition trends And tools vital as ecosystem personalized and our that allow platforms, of will the content cost sales live XXXX favour and a which cost believe Sportsbook, Molotov challenge. to Company Mindful growth interactivity Sportsbook. the Edisn.ai, of our Wagering in across have driven gaming. approximately rolled and contribution single giving to to to approach our cost for These disrupt promote subscribers. result us We across taken fubo from in of business fubo's initiatives a will will sophisticated way proprietary global into a key infrastructure integrates out synergies between globally. live fubo long-term all both the Sportsbook, advertising streaming to of of the lever $XX of we savings. achieve to pillar is a a our wagering a sports remains Number see acquired foundation increasing our we advertising lay to which we ad of X, remains strategic represents integration The for the continue for not We

product well differentiated therefore a the advantage the shorten business we a expect cost path decreasing on both is other service. to results will for database books feature players, profitability. our acquire standalone to we in revenue as we have focus In profitability. but of our to scale which marketing will within were the market, our total growing quarter path Unlike formidable Sportsbook summary, our significantly the customer leaning our and as subscriber continue streaming in Our on to to

highly are the and alike. are for the place of value plan we We in bundling put that media is in even achievable. have we more confident And consumers companies comfortable

sustainable We and are XXXX. cash strategic initiatives targets and John key review turn the our flow financial achieve regarding at Janedis, in Day sustainable way building to a required more both now share are to our our excited where our like time plan, our would our Investor John? towards goal our I we progress financial will TV to business. building performance. mid-August, that over call to live And we well long-term showcase positive CFO, business a capital our in continued on reduces to to streaming

John Janedis

you, everyone. revenue quarter, Thank growth subscribers. afternoon first Despite than in and David good a macro the year-over-year challenging we paid and effective better solid environment in saw

steadfast strengthened balance a with a and and leverage to sheet quarter expanding driving the margins. operating commitment ended we Importantly,

have alluded, our we to profitability, scale and continued towards we to As advancing as focus on sharpen capture market share. continue David

subscriber In position was content margin delivered growth due as as XXX,XXX remain as we and subscription million of primarily of $X.XX confident our Advertising revenue for $X.X base ARPU expand with escalators contribution primary well revenue This a largely delivered expansion This with percentage us $XX the quarter ARPU and In was our expenses was a and our quarter adjusted subscriber Subscription Ad which time. in progresses full guidance. on in improvement streaming earlier, revenue. of to decreased revenue quarter, Rest segment, ahead also first modestly expenses, will our generating accounted first in million, ticked the driven approximately million. increased year-over-year This year-over-year that X%. the results. margin World where up XX% paid the related total a over million revenue initiatives year-over-year. to softness. as America by subscribers a discussed the lead we year to of of our to contribution includes of an of volatile of contractual metrics X.X% streaming XX% factor driven and We revenue to of to first as in $XXX agreements. with of increased of increase both Turning percentage guidance. revenue by million X% of David was line North revenue $XXX $XXX quarter, XXX%

loss million. at first As quarter a this $XXX increase, result of came in adjusted EBITDA our

intangibles a Adjusted of to of and meaningfully EPS the the compensation, quarters. subscription amortization share earnings non-cash the strengthen excludes we mentioned, $X.XX. per over coming of adjusted have was this loss and $X.XX we David XXXX in liabilities enacted that of warrant Quarter As of had to a XXXX impact First expand the series discount. a of We measures expect metric debt re-measurement and EPS First ARPU the of stock-based Quarter loss

cash flow operating of the million losses rest XQ cash associated the business. will of inclusive Now Operating wagering flow flow. and payments 'XX, was Relative to in $XXX.X expectation negative is that quarter $X.X the our over million turning cash year. meaningfully the the $X.X with of non-recurring impact million moderate to of

remain cash. restricted This net Now or and disciplined related M&A turning $XXX.X million to activities measured cash market $XXX the with We the to capital the the cash our at expense financial pursuant to of million balance sheet, wagering of investments highly management in of disciplined includes sales structure growth and flexibility to $XX.X ended and securities our fund afford fuboTV initiatives. quarter to million cash we optionality from cash, $X million and proceeds the program. activities. equivalents

on to while outlook, all goals, differentiated positioned we on experience long-term to world-class well Moving our remain execute the and margin delivering consumer. our a to and revenue

that and sports As from does North America operations. any a includes, include revenue not online of our Note Molotov Spain guidance specifically recently wagering. by metrics world, acquired the guidance and region, are reminder, projected which rest this

First, North we will discuss streaming. America

of XXXX, reflects $X,XXX,XXX,XXX we business, XXX,XXX seasonal $XXX subscribers of generate of consistent of expect moderate to This to the On churn decline quarter of second price a million sequential is revenue up. expect X.XXX subscriber recent to to X.XXX XXX,XXX. with our of year trends $XXX impact full generate normal with million. in we the $X,XXX,XXX,XXX subscribers with revenue basis, our to million and to For

full year of the As robust price guidance ad impact churn less recent a market. this reflects with up our revision XQ our guide, and

synergy $XX streaming, XXX,XXX. limited million For On we with of to generate year a This we with $X to XXX,XXX. subscribers to year basis, growth generate of focus on $X to the for to and rest full our of XXX,XXX revenue reflects $XX of expect balance subscribers to million million expect million XXX,XXX integration world capture. the of revenue of

we we actions positioning and period business strengthen space. that we for to line the of time Going remain both to the fuboTV continue apply come will has disciplined way acquisition bottom company the the in top confident a approach results. near improved continue long-term long forward, transform live and short capital are success and deployment a subscriber a to we drive taking line and to growth towards streaming TV are as

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

David Gandler

their execution fubo want Europe appreciation that I to to to entire the and call Thank you focused my continuing team working support North are you, harder our faster interest shareholders on also ever take on forward today, joining and appreciate update continued and company assure on commitment entire opportunity smarter before. gratitude and is your look India the us you to and to for to everyone Thank want John. we I across this progress. and our than mission. America, express to our for ongoing the we

Alison Sternberg

go you, it's We're Thank question our with getting that David. first call. your with restrict now ask you, would to ahead question. see one. just you. Q&A to everyone, our turn Please Laura, comes of the please And in to Laura from Needham. Thank good spirit questions John. to going Martin I portion your the of to

Laura Martin

to and one. just the ask I will rules stick

love So than number thought. sub number we better love advertising North the and much the America actually

gross So here I to think. gross have I'm there go have up. big gross a a didn't we X% last It margins, X% to negative of We going a step margin year. all And margin, was David. below

bunch a big about cost up quarter, in step expenses? Could some a annual in contracts of pressure gross your of related So was margin talk you the acquisitions or maybe up first an that's subscriber did cost there that please? the step out

John Janedis

comment can and Why don't for do the David I that. wants start? ad to he

the things there is of are content one couple So really a there, escalators. on

back really the you and have we going both corresponding gross prices somewhat year as the Jan in XXXX We in X XQ imagine so XQ in in in on and then increase. price didn't margin the forward kicked increase those half a and so, didn't should so and And improve of so XQ. can significantly

the So that. pieces predominantly for that where

John Janedis

content. I on why talking would just about say just we

been say or we all of in think and X probably renewals I been I've so X X months here, we've those. about the with had pleased that I'd very

takes kind most it know, the have you through as flow those we given Now, of for to time X-year contract for part.

of we will today. and on a improve we see fraction top to cost to size a And move say, couple to those would the relevant that, so of years more the beyond, we say content months when are were X you let's we I also of done were as next those right, start start XX as deals become ago, through,

over million kicked call subs And the X million it back year. so as we've now the in going of half to above plus X X

think I those us. favour negotiations also

Alison Sternberg

comes Our next question from Samuel Nielsen with Oppenheimer.

Samuel Nielsen

Jed for quarter. Nice I mean tonight.

the entertainment need achieve out first all and we've question sports the your NBA, of Madness to kind you do NBA a March will The of the is recently, Turner it's feel like an in play piece in encompassing future puzzle the you of on platform? of viewership, that vision showing seen

David Gandler

Well, Sam.

content less to the we able I don't have in that excess demonstrated want rather have Obviously, it grow we've of the were is in think without but than to requirement what content, that to Turner to year a last more always order continue you Turner. to believe have. way we to we grow market continue

XXXX will with in So that conversations hitting is can a then the we of and those line goal continue always there if bring pricing is back. Turner profitability chance our

Samuel Nielsen

follow sense. And I could up. Makes if then

You're Arizona few in and wagering Iowa. months into launching

increased any from if viewership that wondering there I'm use subscriber people the actually Sportsbook? is you're on of retention learnings or any type early So seeing

David Gandler

Yes.

of and doing seen our to are bets a looking what when money have thesis people I and subscribers spend better out, most more and very think promotions. we've managing far, they look watching place in But And we've had sense spend time effectiveness we'll of book. that more sort been they that X as we're roll we first marketing is our recently gambling. we'd think look, to launches doing So what They we've we to is we the migrate and about get -- more how to so into state we're TV the learned over this, I what forward and a came like who our so happy more. to continue

Samuel Nielsen

other question capabilities my is of more of seeing you that have? additional because guess around. Are the subscribers stay you I the way

David Gandler

if is have subscribers plus volume versus Right that to reason book is enough viewership of question. on a we cost we've from be But don't us folks ensure just see don't now, we the platform. able the right advantage playing. is significant uptick we to bringing now, around. on are the engagement Good the to folks And and other have very that marketing players an in. allows Yes. the want there been take to of do way focused million What to

Alison Sternberg

Our with BMO. Salmon Dan next from comes question

Daniel Salmon

going bit reasons. in of John, on you to shortfall and advertising. ARPU a follow I'm mentioned up different just a of couple little

think ticked I there. off you

categories couple little a was product expected. of and some we're short technology. maybe a that So financials David that mentioned slower Maybe rollout than that

of Just shortfalls? your things that that can bigger shortfall, were of, expectations. us, were? things more sort them some for back And line the you in those to where expectations original and correcting of your bringing on was What terms what relative important visibility rank maybe then in the

John Janedis

think of let can it I about you played text? the terms Yes, like how Why And of so me out? don't some give more quarter start of and some others. and in colour talk you a so that lot I

then this a softer. And was are where the out then the a consumer softer. of spent category all the was perspective, heard XX%. saw category. of number XX% materially little category goods in really our came space. time one auto was from as well category You On packaged a was January bit and retail lot in things, month and as us all in I a above strong bit February in up margin But still a we the lot there is, of strength for a little it and

flavour more little so there. And

we lot force we'll you the I category. the of half not strength to the sales bit in the it year. would of that or so end from benefits in seen half quarter tell go just the As the visibility. and April, we've X tell of From historically we haven't back into call context, CPG you auto, into in perspective, added for we resources April, still of seeing see of the a of seeing adding coming would so since our that a in softness a speaking are we're resource I start them second to sales quarter back and the little

So and let there the David, other then maybe, me add of can this. stop pieces

David Gandler

the Yes, towards is we'll I to sometimes believe launch would the for of Dan second key We the that the be quarter. right header now technology just bidding end say side. solution us able that

Some off the were task. based obviously hiring is that those now not easy delays of fact really an right

develop to CPM. we And allocation XX% capability, heading opportunity than to able component both so that Phil believe obviously been think internally XX% anticipated. had we to I on a resource that that could little bidding, around and be And upside slower bit the add it's header given

So said, second important for quarter. it have the is I us and end up, as of we'll that the towards hopefully

Daniel Salmon

Okay. Not these top hiring days. alone on

Alison Sternberg

with from next Our comes Darren question ROTH. Aftahi

Darren Aftahi

the kind know Pro. it's good, the curious Just from you early, and I kind seen bad plan different. customer of removed start have kind with X shift of being increase but what of to of

David Gandler

Yes.

up John price Look, a the in question. So, I in mentioned hike just Darren. we XXXX. didn't as Good question, think, roll previous

our in good didn't was price played a both So But managed perspective. had major have be really impact closely first pretty quarter anticipated the of so is very that seen and we anticipate what from we've subscriber we've and -- been managing a much the to more guidance. up in it's subscribers been bigger what the that such and portion we've profitable part, seasonality we a our a that

result it's higher other packages the something and those very important for in excited that are ARPU customers. priced the So really comfortable ad we're higher about that's typically with thing

deliver So just packages, they of digit more double looking ad at the expensive some ARPU.

we'll forward. on go very a close as keep eye So, that we

John Janedis

make Because sight. didn't with on now I I question that. me are price now add of just up clear. subscribers ACM before, our at basis. entire that It all wanted now, fair to on to wasn't that a basis the positive margin hear Let but just an

Alison Sternberg

Our next Shweta Khajuria is Evercore. with question from

Shweta Khajuria

operating on is cash question My flow.

through starting will year of that a I that then So, mentioned about you first drivers the letter flow? about follow-up improving. think the a the mentioned and magnitude year? ARPU this levers do into perhaps quarter there cash quarter Could please? quick about fourth including second, help first and frame you improvement And You your up-sell, you expansion the in shareholder will third us is, start the operating talk flow you through how of couple could for cash guess magnitude think of

John Janedis

that, me with let with start first. me question let so Right. start the Yes, second

as perspective, so an So price that. more as well into attachments clearly of big be half assume the that then see We're a as we'll they ARPU And well. from up be from there'll we of products back will year. go an working there the improvement the ad driver ARPU on come perspective, to

the expansion are those there. the So of components

let of the cash of walk you terms through me of kind some this. to try In piece,

our think big is But picture year smaller. greater that the our cash business timing I of to QX, needs be the expenses. first versus a year to you think it much the or Right? cash about second the half we quarter, from half, half I in at Investor based the have get, on Day. largest would a So largest some be perspective, the close fulsome to of back response, just of will, way tends more much if right, tend the You'll we

pretty a terms cash incrementally the decline decline about way And of this 'XX. that, bigger versus year. uses of we'll Shweta, speaking 'XX I an back half in Then for is see see think so in the meaningful would it, you

XX, where is cash usage, cash particularly of XX XX. terms to a bridge positive, to there to relatively In say cash EBITDA get in flow need the relative we modest or

to to to pieces trying it get to in just or general. relates some what get you model your to gives you're cash as that hopefully So

Alison Sternberg

Cusick comes question from JPMorgan. Our next Phil with

Philip Cusick

follow-up. you. have question Thank parts a X I and one with

If you don't mind.

Alison Sternberg

approach, a right. That's sneaky

Okay.

Philip Cusick

that cash in expand Can is? bigger burn ramping in up gaming that of why you Is sort That Yes. on effort 'XX or 'XX. than growth?

John Janedis

stop there, second. Phil, you me for Let a

time. at one it take Let's the

So 'XX 'XX is is less what doesn't if is then than than say that said and I less 'XX. I 'XX meant this mean, that to was

Just to clarify. From in is in pretty segment a a there streaming relative America 'XX 'XX. perspective, North improvement to significant

Philip Cusick

I Okay, that makes sense, more maybe misunderstood.

to So is in about really, $XXX shares you ATM you million after of the I'm the question And if source? filing to quarter continue you look trading in closed, an take the Thank AMG something attractive first below advantage your doing an converts that share ATM of expect do if was curious dollar. you record Would to at sell this an business. you anything the at finally, looks other about really interest consider about incoming raised at continue your And the the low $X a ATM share fund to and had on sources in prices you what to quarter $X.XX like do coming? cash, most or to you.

John Janedis

with in what we those a wouldn't be do. convert. signal of start or would one willing of would couple I'll is by terms I things, to the

As can. you

I think respect.

that. pass So, I'll on

like there something relates it is at a didn't ATM $X.XX to more $X As share. we the the ATM, do

other geopolitical was between so most know us. efficient markets, cetera, there And uncertainty a was and think have the I of that as been doing would raise guess where it capital in what you say $X.XX more macro we to stock are than so to lot price. terms things presented is actually to significantly way et relative that the is I capital I it you and of thought could today

the I so, So you do letter, that at need to longer. got of quarters as of sit, don't the we've least that quarters couple we look, a go see in forward, of in anything in terms would where I said I for say plus X cash

where we'll So it lands. see

that, to the If be access In available. we share. call north answers Hope would use we terms million of $X of ATM, wanted ATM have say I your the $XXX would it, to the at plan question. that not a

Alison Sternberg

with question comes Barrington. Jim next Our from Goss

James Goss

profitability. to applaud moves I'd First, achieving I admit, toward like on making focus this

you to I positive one party from call of think TV. make the end a plan Then very be like you I like wondering competition fast that's own? of TV exactly embracing it was branded now, that potential and that going follow-up. connected asked creating with are Would your you doing How one about the work? a and sort I of partnership is And it work? split a would how thing. looks the opportunities. Pluto or have I your was

David Gandler

Yes.

question, the for thanks So Jim.

We have channels. been FAST adding

fast So right this is through fubo Channel is with Roku XX like others. XX The would of or a sports and available now network we million for or platforms not homes a in be. there's that X own one our we're develop types relationships, That's Pluto there network. million relationship to I believe

our In own of terms platform.

we engaged is, very key the audience. think a I have

channels the inventory. been on channel high us out to So quality of fast the what is we've programing viewership ad less that where seeking have allows available dilute we most recently platform

the testing to early out roll platform the and going been XXX well in are here to the and So working key XX the we're we is that of more people think platform. that strategy on time quite has on spending channels lots

Rev the live I'll we last still we way with to to the is and most XX-XX say that with programing lead the will lower that channels fast zero revenue. can are thing viewers is deals people great way The Share. more that ad obviously effort watch where sort we've we and know, you have like into to are fees content also drive put a inventory more As costs. television feel of TV typical The discovery,

that we can think again the long of we something term. So advantage over take it's

James Goss

of competitive sort how of that might the related How growing, your numbers increasing And competing number Okay. just. with all discuss you're is streaming is And strategy? in And services. a options the other there the for thing lot space the there affecting changes are of viewers? you same ever of

David Gandler

that at meaning all it's look other advantage infinite the world distribution that partners of platform Olympics rates, some for and bundled that be Look we're heading I are take is services the advantage be proposing like opportunity of these to -- variable losers that fubo some a an whether but we're takes group now there carries call in these services on pays NBC money. mean consumers a like will a into and is winners partner, because game partner This I our in is prefer a where we non-sports which all media in, and plus out I any there one an that of game zero intact. the bundles. make world will strategy what everybody believe streaming of network to

there mentioned interesting it letter, an to we out and more for unhappy allows also started environment personalized because users. out for the content And circle. cable of a experience MVPD which very that it ads, frictionless different they're Nielsen the and was XX% to gateways expensive, of 'XX, media survey full a of according in when with but able in this very believe in very to I value were back to that the we're find I shareholder it's for that very think opportunity will the business create had people to because really is a remember whatever move looks coming to reason, of surveyed creates consumers in I a was not television, is survey came I like recent that become programming create companies us XX% virtual for, unhappy the that's, they're etcetera, my 'XX, that this looking

is do ways. the Sling. and entertainment. content the that's we for YouTube We've X have staying right on the for Number in develop sports we've a platforms And we X, over space. differentiation continue the differentiated long TV brand. in we from So I and differentiate built term some positioned coming sports X, features. and That to ourselves for the entertainment are product platform known general like number One think way

we'll So across to confident very good our very grow. the we're board, we position about and continue feel

John Janedis

grew there the we we're which assets, we terms I'll of we just you about our at obviously in great could QX. share it the the Yes, with get if the our guidance even say year-over-year out that. terms traditional to and think about to growth look you is at Even XX% on in so around well Jim, throw the, when with as just declining marketplace profitability. side hovering I XX% but full-year if of the to feel sequentially down add path in in overall step just subs gains, on market Actually need least

we Looking X at million are profitability. to less need, it call the get subs XX

that's David, term, about. longer about thinking to number you're a if think So

Alison Sternberg

[Operator Instructions].

next from Lampen BTIG. comes Our with question Clark

Clark Lampen

Thanks a lot.

you extensions. I last while talking and I a fans, piece a bigger think amongst is off fast at consumer sub key which know are paraphernalia have about especially So moment that quarter hand you I on mentioned to the were but source spending big base. David question fubo is avid Gaming much trying of priorities inflation sports of your

guess, out I of roadmap maybe But of XXXX long-term the that's sort So maybe roadmap. strategy guys? since part is for in purview of short-term maybe or is think the the sort as about right of part a we that now, of this part you

David Gandler

prepared I now screen. a discussed in the I allows on we've us on it's Right that areas Look, to technology remarks. what's around question. screen on understand some that of happening good that acquired really the very will my AI say we're focused

is I and a that where there'll So seeing believe technology ads, right screen is available. be you're very that do targeted there based on now on world what

build we'll you're around special what a to patents that. takeaway is I key fubo out. continue think several very the that, it saying have from me company. is We And for But

XX% of means we We a focused if the spending marketplace, up, price users sports, that continue the platform. can our continue And watched would have which of to to of say very, necessary time are escalate. content around lot a in on people particularly position I costs, sports

in captive to We place. better means putting foundational technology get audience, more have a and at which more have we'll sell opportunities very as the really we goods

into bullish, XX competitive it's me really continue hour to was relatively have that to it cost John, to the think think gives bundle a I cable lower you priced low still quite robust per earlier, that mentioned low. people So at And a will and compelling cost. still alternative recession, to watch a I people I'm have TV households there cable. million are going extremely

that we're able the it's, we very a be and comfortable a X we So build space to think over think years. business be good really this we'll in, sustainable to is next

Alison Sternberg

question Zachary Berenberg. Silverberg next with comes from Our

Zachary Silverberg

Sportsbook Can you and talk Gaming about contribution maybe longer-term of light segment. the in near term potential for Board revenue Sportsbook, I'll look maybe from from Illinois decision the these the

David Gandler

any signed the on XX really questioning what XX more. question? we probably I'm sure that. again, of, General a is the what that. I'm access X Can't decision take not pipeline was, to reached of pretty it but out to second we have us, we before of to your I'll state has with part happened. now, -- state's market the was Yes, even our provide call received Counsel X deals not approvals Look, comment sorry, about additional already but line talking have to information, sure, I'm the and

Zachary Silverberg

Just if the segment, any? maybe give contribution you potential any sort of update can from long-term the on Sportsbook

David Gandler

I'll now let probably of Yes, more expansion perspective of will ARPU before goal long-term states it the me launch year. an end Number is the from what say couple probably a right the start that. see any is mid probably and don't on we digits in to perspective in, to revenue know have a single coming from additional if I dollar we some low color XXXX. will one,

John Janedis

to start XQ, so a And seeing I in that question. bit. latest Yes, that in in start to material revenue 'XX up see just some point. to your to XQ add start kick then tick just start will a add line would you'll to more revenue We'll

Alison Sternberg

Stephens. from at question Nick Zangler Our next comes

Nicholas Zangler

join the I'm here. excited group to

offering and viewership unique enhance actually So showing on that to sports them to with entertainment regard expand, might in in the right desire have consumers stats which that screen, interface is experience. viewer

where So in potentially or effectively is unique others bring at for on of this view at some provide service a has an I like type have sceen advertising inventory I'll simply way, sponsorship you corporate Google fan that can't premium feel opportunity all time.

views So up. at least about their

advertising currently just I'm about at as you're all thinking an So if on FanView asset creating curious and leveraging today? that's how

David Gandler

continuing you of to we're portfolio in that formats. expand thank my I ad that our question. Yes, remarks prepared mentioned for

leveraging games a experiences we're way as as for So well. with and doing to integrate view track I think that us predictive fan product you're with on

for of us sports participate because this video fans know think of is during outside events. brand we really with area to value So there is create as an to the inventory focus brands and like ways for us you

in see and places. other You stadium in that

build area trying product to out us, right So the for focus of the with that ensure we're viewing again an we're this of set to sort is not interfering experience.

experimentation So certainly going is on but to that's of continue, our radar.

Alison Sternberg

thank call. portion concludes of everybody today. incredibly in participation. busy We our this earnings And now want to it's your the I realize season an for Q&A

fuboTV (FUBO) 6 May 222022 Q1 Earnings call transcript