Fubo TV Q4 results

2020 Highlights

? Total revenue was up 83% YoY to $268.8 million
? U.S. GAAP as-reported revenue was $217.7 million
? Advertising revenue grew 133% YoY to $29.0 million
? Subscription revenue increased 73% YoY to $230.7 million
? Adjusted Contribution Margin was positive 10.1%1,up from negative 3.1% in 2019
? fuboTV reached 547,880 subscribers, up 73% YoY
? Notably in 2H 2020, fuboTV grew by 261,754 net subscriber additions
? Average Revenue Per User (ARPU) per month increased 17% YoY to $62.84
? Annualized ARPU increased $109 to $754
? Total content hours streamed grew 82% YoY to 544.9 million hours
? Customers streamed 7.2 hours per day, up 11.8% YoY

Guidance

Given our strong performance in 2020 we are excited about our outlook for 2021.
Due to the seasonality in our business as a result of fuboTV’s sports-first positioning and the
heavier sports calendar in the second half of the year, we evaluate our performance on a year over-year basis. Historically, Q1 has been softer than Q4, when viewed sequentially, on revenue
and contribution margin. Our Q1 2021 revenue guidance takes this seasonality into account with
revenue of $101-$103 million. This would represent growth of 98-102% year-over-year and a
sequential decline of 2-4% quarter-over-quarter. Similarly, our Q1 2021 subscriber guidance
includes 520,000-530,000 subscribers. This would represent growth of 81-84% year-over-year
and a sequential decline of 3-5% quarter-over-quarter.

On a full-year basis we are increasing revenue guidance to $460-$470 million, up 76-80% year over-year. We are also guiding to total year-end subscribers of 760,000-770,000, an increase of
39-41% year-over-year.

In 2021, we plan to accelerate the investment in our team and further build our product
development to grow our business and expand into wagering.
Note that this guidance does not include any projected revenues from online sports wagering.

Shareholder Letter:

https://s21.q4cdn.com/819998841/files/doc_financials/2020/q4…

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