Q3 2024 Fubotv Inc Earnings Call Transcript
Key Points
- FuboTV Inc (FUBO) exceeded revenue guidance in North America, closing the quarter with $377 million in total revenue, up 21% year-over-year.
- Subscriber growth was strong, achieving 1,613,000 paid subscribers, up 9% year-over-year.
- The company delivered a nearly $100 million year-over-year improvement in adjusted EBITDA over the trailing 12 months.
- FuboTV Inc (FUBO) posted meaningful year-over-year improvements in net loss, adjusted earnings per share loss, net cash used in operating activities, and free cash flow.
- The company is encouraged by a record upfront season and plans to add gamification to its interactive ad offerings.
- Advertising revenue in North America declined 11% year-over-year due to a tough comparison with Q3 2023 and adjustments to the content portfolio.
- The Rest of the World revenue growth was only 6%, with a projected 14% year-over-year decline in subscribers for Q4.
- The company faces ongoing litigation challenges, including an antitrust lawsuit against Disney, Fox, and Warner Bros. Discovery.
- FuboTV Inc (FUBO) is still working towards its 2025 profitability target, indicating ongoing financial challenges.
- The company experienced a net loss of $54.7 million in Q3, although this was an improvement from the previous year.
Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the fubo third quarter 2024 earnings call. (Operator Instructions) I would now like to turn the conference over to Ameet Padte, SVP, Investor Relations. You may begin.
Thank you for joining us to discuss fubo's third quarter 2024 results. 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 call. David is going to start with some brief remarks on the quarter and our business, and John will cover the financials and guidance. Then we will turn the call over to the analysts for Q&A.
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