NEW YORK–(COMMERCIAL THREAD) – fuboTV Inc. (NYSE: FUBO), the leading live sports TV streaming platform, today announced preliminary results for the fourth quarter of 2021, including revenue and subscriber growth, before attending this week’s 24th annual Needham Virtual Growth conference. Revenue and subscriber numbers are expected to exceed previously released guidance, resulting in a record quarter and year for fuboTV.
Total fourth quarter 2021 revenue is expected to be between $ 215 million and $ 220 million, an increase of 105-109% year-over-year. The previous forecast was $ 205-210 million for the quarter.
Total revenue for 2021 is expected to be between $ 622 million and $ 627 million, an increase of 138-140% year-on-year1. Previous forecasts were $ 612-617 million.
Fourth-quarter 2021 ad revenue is expected to exceed $ 25 million, an increase of over 90% year-over-year and breaking through an annual circulation rate of $ 100 million.
The number of paying subscribers at the end of the year is expected to exceed 1,100,000, an increase of more than 100% year over year. Previous forecasts were 1,060,000 to 1,070,000 subscribers at the end of the year.
Subscriber Acquisition Cost (SAC) is expected to be in the lower end of the company’s target range of 1.0 to 1.5 times the Average Monthly Revenue per User (ARPU) for the quarter.
The churn rate is expected to improve in the quarter by more than 200 basis points year-on-year. This is the 13th consecutive quarter of improvement in the churn rate.
fuboTV expects to end the quarter with more than $ 375 million in cash, cash equivalents and restricted cash.
The above metrics exclude Molotov SAS, acquired by fuboTV in December 2021.
“FuboTV’s strong preliminary fourth quarter 2021 results close a pivotal year in which we made significant progress on our mission to define a new category of interactive sports and entertainment television,” said David Gandler, co-founder and CEO of fuboTV. “In the fourth quarter, we continued to deliver triple-digit revenue growth alongside operating leverage through the effective deployment of acquisition spend and retention of high quality client cohorts. This was demonstrated by the continued improvement in the year-over-year churn rate during the quarter. This concludes a phenomenal year in which we increased our revenues by over 138% while progressing on the path to profitability. We look forward to discussing our full fourth quarter and year-end 2021 results, including Adjusted Contribution Margin, Adjusted EBITDA, EPS and Cash Flow in our next earnings call. ”
Gandler added: “We are also very pleased with the ongoing integration of Molotov, the Paris-based live TV streaming platform that we acquired in December. Although still early, our progress to date continues to strengthen our belief that the synergies of the combined companies will give us operational leverage to build a scalable global platform with minimal additional expense. ”
With a mission to provide the world’s most exciting live sports TV experience through the widest range of premium content, interactivity and built-in betting, fuboTV Inc. (NYSE: FUBO) is focused on achieving its vision for a streaming platform that transcends the industry’s current virtual MVPD model. fuboTV Inc. operates in the United States, Canada, Spain and, through its acquisition of Molotov, in France.
Leveraging its proprietary data and technology platform optimized for live TV and sports viewers, fuboTV Inc. aims to turn passive viewers into active participants and define a new category of interactive sports and entertainment TV. . The company’s cable TV replacement product, fuboTV, brings subscribers over 100 live sports, news and entertainment networks and is the only live TV streaming platform with all channels. sports classified by Nielsen (source: Nielsen Total Viewers, 2021). Subscribers can interact with fuboTV’s live streaming experience through free predictive games, which are embedded in some sports content.
Fubo Gaming Inc., a subsidiary of fuboTV Inc., launched Fubo Sportsbook, a next-generation mobile bookmaker specifically designed to integrate with fuboTV, in 2021.
Financial Disclosure Notice
fuboTV (or “the Company”) reports its financial results in accordance with US generally accepted accounting principles (“GAAP”). The expected financial results discussed in this press release are preliminary and represent the most recent information available to the management of the Company, as the financial close procedures for the fourth quarter and the year ended December 31, 2021 have not yet been finalized. completed. These estimates do not constitute a complete statement of the Company’s financial results for the fourth quarter and year ended December 31, 2021 and actual results may differ materially from these estimates due to the completion of accounting procedures and adjustments to year-end, including the performance of the Company’s internal control over financial reporting, the completion of the preparation and audit of the Company’s financial statements and the occurrence or subsequent identification of events before the formal publication of the audited financial statements for the financial year 2021.
Caution regarding forward-looking statements
This press release contains forward-looking statements of fuboTV Inc. (“fuboTV”) that involve substantial risks and uncertainties. All statements in this press release that do not relate to historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial condition, anticipated financial performance, market, business strategy and plans, and the expected continued deployment of Fubo Sportsbook. The words “could”, “will”, “plan”, “intend”, “anticipate”, “approximate”, “expect”, “potential”, “believe” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results or events could differ materially from the plans, intentions and expectations disclosed in fuboTV’s forward-looking statements due to a number of important factors, including, but not limited to, risks relating to our pursuit and our engagement in acquisitions; our actual operating results may differ materially from our expectations; risks associated with fuboTV’s access to capital and the prospect of fundraising to finance its ongoing operations and support its expected growth; restrictions imposed by content providers on our distribution and marketing of our products and services; our reliance on third party platforms to operate certain aspects of our business; risks related to our technology, as well as risks related to cybersecurity and data privacy; our ability to achieve or maintain profitability; our revenues and gross profit are subject to seasonality; our operating results may fluctuate; our ability to attract and retain subscribers; we may not be able to license streaming content or other rights on acceptable terms; the risks related to our ability to capitalize, develop and market a sports betting offer and the regulatory regime and associated risks associated with this offer; risks related to the difficulty of measuring key indicators related to our activity; risks associated with the highly competitive nature of our industry; risks associated with ongoing or future legal proceedings; and other risks, including the effects of industry, market, economic, political or regulatory conditions, future exchange and interest rates, and changes in laws, regulations, tax and other rates and policies , including the impact of COVID-19 on the wider market. Other risks that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are discussed in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 filed with the Securities and Exchange Commission. (“SEC”) on November 10, 2021 and our other periodic filings with the SEC. We encourage you to read these risks in detail. The forward-looking statements contained in this press release represent the views of fuboTV as of the date of this press release. fuboTV anticipates that subsequent events and developments will cause a change of opinion. However, although it may choose to update these forward-looking statements at some time in the future, it specifically disclaims any obligation to do so. You should therefore not rely on any such forward-looking statements as representing the views of fuboTV as of a date subsequent to the date of this press release.
1Compared to 2020 financial data including first quarter of fuboTV merger and full year FaceBank / fuboTV excluding FaceBank AG and Nexway businesses sold in July 2020