Q2 2024 Fubotv Inc Earnings Call Transcript
Key Points
- FuboTV Inc (FUBO) reported a 26% year-over-year increase in total revenue for North America, reaching $382.7 million.
- The company achieved a 24% year-over-year growth in paid subscribers in North America, totaling 1.45 million.
- Ad revenue grew by 14% year-over-year, ending the quarter at $25.8 million.
- FuboTV Inc (FUBO) made significant strides towards profitability, with improvements in net loss, adjusted EBITDA, and free cash flow.
- The company repurchased $46.9 million of convertible debt at an average price of 56.6% of par value, enhancing financial flexibility and reducing outstanding debt.
- The potential impact of the sports streaming joint venture between The Walt Disney Company, Fox Corp., and Warner Bros. Discovery remains uncertain and could affect future profitability.
- Despite the growth, the ad revenue increase of 14% year-over-year was slower compared to previous quarters.
- The company faces ongoing litigation related to the sports streaming joint venture, which could have financial and operational implications.
- Subscriber growth in the rest of the world was only 2%, significantly lower than North America's 24% growth.
- The company continues to operate at a net loss, with a Q2 net loss of $25.8 million, although this is an improvement from the previous year.
Thank you for standing by. At this time, I would like to welcome everyone to today's FuboTV second quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.
I would now like to turn the call over to Amit Patte (ph), Senior Vice President of FP&A, Corporate Developments and Investor Relations. Amit, please go ahead.
Thank you for joining us to discuss fuboâs second quarter 2024 results. With me today is David Gandler, Co-Founder and CEO of Fubotv; and John Janedis, CFO of Fubotv. 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 call. David is going to start with some brief remarks on the quarter and our business, and John will cover the financials and
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