FUBO Q3 Earnings Report

Investment Analysis Clubs Saul’s Investing Discussions
1

fuboTV (FUBO) had its Q3 report today.

Highlights:

  • 944,605 total paid subscribers, up 108% yoy
  • $156.7 million total revenue, up 156% yoy
  • $18.6 million advertising revenue, up 147% yoy
  • 284 million hours consumed, up 113% yoy
  • 263k net subscriber add in the quarter (more than they added in 2020 full year)
  • $8.23 advertising ARPU, +10% yoy
  • $(106)M Net loss (from $(274)M last year)

Also, fuboTV now has more than one million total paid subscribers.

Wagering product revenues will start to show up in Q4.

Full year guidance
Subscribers 1,065k
Revenue $614.5M

Presentation:
https://s21.q4cdn.com/819998841/files/doc_financials/2021/q3…

(Long FUBO ~3%, will look to add)

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Large psychological barrier to break 1 million subscribers.

I thought I’d include an updated link tracking previous quarters and developments from the quarter.

It looks like they plan to taper into the sports wagering— which is obviously prudent.

Highlights from the report include:

Over 1 Million paid subscribers (guidance was less than 850k)

Ad revenue growth increased (13% QoQ 147% YoY), but not by as much as last quarter (31%QoQ 281% YoY) or as much as would be expected considering the subscriber growth and record steaming hours for the quarter (284M hours) — I believe this is the one clear disappointment in my opinion.

Margins improved from ~8% to a little better than 12%. A nice jump— but very low margin— this is why ad growth deceleration was such a disappointment to me.

FUBO to acquire Molotov SAS — a French live-streaming leader with roughly 4 million monthly active users (MAU)— there may be concern regarding this acquisition as FUBO is burning cash and running (relatively)low (under $400M). Molotov is quite a different platform with free streaming and up-selling premium and content packages. It will be interesting to see how FUBO plans to utilize them in their global expansion plans going forward.

https://docs.google.com/spreadsheets/d/1GWZ0IP7VsPvh2W9fPw1z…

Not sure if FUBO is really topical for the board or not based on margins, etc— but feel free to respond directly.

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