fuboTV Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>fuboTV Inc. has filed its Q1 2024 10-Q report detailing financial performance and corporate information.</b>

AI Summary

fuboTV Inc. /FL (FUBO) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. fuboTV Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The company's principal executive offices are located at 1290 Avenue of the Americas, New York, NY. fuboTV Inc. was formerly known as FaceBank Group, Inc. and Pulse Evolution Group, Inc. The filing includes financial data related to common stock, additional paid-in capital, retained earnings, and noncontrolling interests.

Why It Matters

For investors and stakeholders tracking fuboTV Inc. /FL, this filing contains several important signals. This 10-Q filing provides investors with the latest financial statements and operational updates for fuboTV Inc. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks moving forward.

Risk Assessment

Risk Level: medium — fuboTV Inc. /FL shows moderate risk based on this filing. The company's financial performance and future prospects are subject to market competition and evolving consumer preferences in the streaming industry, as indicated by the nature of its business and the need for regular financial reporting.

Analyst Insight

Monitor fuboTV's subscriber growth and revenue streams in upcoming filings to gauge its competitive positioning in the streaming market.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report.)
• 2024-05-03 — Filing Date (Date the 10-Q was filed.)
• 2024-01-01 — Quarter Start Date (Start date for Q1 2024 reporting period.)
• 2023-03-31 — Prior Year Quarter End (End date for Q1 2023 reporting period.)

Key Players & Entities

• fuboTV Inc. (company) — Filer of the 10-Q report.
• 2024-03-31 (date) — Conformed period of report.
• 2024-05-03 (date) — Filed as of date.
• 1290 Avenue of the Americas (location) — Business and mailing address.
• New York (location) — City and State of business address.
• FaceBank Group, Inc. (company) — Former company name.
• Pulse Evolution Group, Inc. (company) — Former company name.

FAQ

Risk Factors

• Market Competition [high — market]: The company operates in a highly competitive market for streaming services, facing pressure from established players and new entrants.
• Profitability and Cash Flow [high — financial]: Sustaining profitability and managing cash flow are critical challenges given the capital-intensive nature of content acquisition and technology development.
• Technological Dependence [medium — operational]: The business relies heavily on its technology platform and infrastructure, making it susceptible to disruptions or failures.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share FUBO New York Stock Exchange

Filing Documents

• fubo-20240331.htm (10-Q) — 1547KB
• fubo-20240331xexx311.htm (EX-31.1) — 10KB
• fubo-20240331xexx312.htm (EX-31.2) — 10KB
• fubo-20240331xexx321.htm (EX-32.1) — 7KB
• 0001628280-24-020310.txt (&nbsp;) — 8156KB
• fubo-20240331.xsd (EX-101.SCH) — 55KB
• fubo-20240331_cal.xml (EX-101.CAL) — 100KB
• fubo-20240331_def.xml (EX-101.DEF) — 288KB
• fubo-20240331_lab.xml (EX-101.LAB) — 738KB
• fubo-20240331_pre.xml (EX-101.PRE) — 507KB
• fubo-20240331_htm.xml (XML) — 1052KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 20 2 3 1 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 202 4 and 202 3 (unaudited) 2 Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended M arch 31, 202 4 and 202 3 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 202 3 (unaudited) 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 4.

Controls and Procedures

Controls and Procedures 44

- OTHER INFORMATION

PART II - OTHER INFORMATION 45 Item 1.

Legal Proceedings

Legal Proceedings 45 Item 1A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 80 Item 3. Defaults Upon Senior Securities 81 Item 4. Mine Safety Disclosures 81 Item 5. Other Information 81 Item 6. Exhibits 81

Signatures

Signatures 84 i Table of Contents BASIS OF PRESENTATION As used in this Quarterly Report on Form 10-Q ("Quarterly Report"), unless expressly indicated or the context otherwise requires, references to "fuboTV Inc.," "Fubo," "we," "us," "our," "the Company," and similar references refer to fuboTV Inc., a Florida corporation and its consolidated subsidiaries.

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements, which are subject to a number of risks, uncertainties, and assumptions, generally relate to future events or our future financial or operating performance. In some cases, you can identify these statements by forward-looking words such as "believe," "may," "will," "estimate," "continue," "anticipate," "design," "intend," "expect," "could," "plan," "potential," "predict," "seek," "should," "would," "target," "project," "contemplate," or the negative version of these words and other comparable terminology that concern our expectations, strategy, plans, intentions, or projections. Forward-looking statements contained in this Quarterly Report include, but are not limited to, statements regarding our future results of operations and financial position, anticipated cash requirements, industry and business trends, stock-based compensation, revenue recognition, business strategy, plans and market growth, legal proceedings, including the potential impact of the launch of the Network JV (as defined herein), and our objectives for future operations, including related to investment in our technologies and data capabilities, subscriber acquisition strategies, impacts of the dissolution of our gaming business, and our international operations. We have based the forward-looking statements contained in this Quarterly Report primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, prospects, business strategy and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in Part II, Item 1A, "Risk Fact

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements fuboTV Inc. Condensed Consolidated Balance Sheets (in thousands, except for share and per share information) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 168,854 $ 245,278 Accounts receivable, net 73,611 80,299 Prepaid sports rights 44,489 39,911 Prepaid and other current assets 20,836 20,804 Assets of discontinued operations 461 462 Total current assets 308,251 386,754 Property and equipment, net 4,549 4,835 Restricted cash 6,140 6,142 Intangible assets, net 153,046 158,448 Goodwill 619,911 622,818 Right-of-use assets 34,831 35,825 Other non-current assets 16,913 17,818 Total assets $ 1,143,641 $ 1,232,640 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 52,588 $ 74,311 Accrued expenses and other current liabilities 314,229 320,041 Notes payable 6,491 6,323 Deferred revenue 89,771 90,203 Long-term borrowings - current portion 1,469 1,612 Current portion of lease liabilities 5,341 5,247 Liabilities of discontinued operations 19,629 19,608 Total current liabilities 489,518 517,345 Convertible notes, net 379,722 391,748 Lease liabilities 36,665 38,087 Other long-term liabilities 1,635 1,635 Total liabilities 907,540 948,815 COMMITMENTS AND CONTINGENCIES (Note 13) Shareholders' equity: Common stock par value $ 0.0001 : 800,000,000 shares authorized; 299,724,400 and 299,215,160 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 30 30 Additional paid-in capital 2,148,745 2,136,870 Accumulated deficit ( 1,901,552 ) ( 1,845,542 ) Non-controlling interest ( 12,325 ) ( 11,751 ) Accumulated other comprehensive income 1,203 4,218 Total shareholders' equity $ 236,101 $ 283,825 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,143,641 $ 1,232,640 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 Table of Contents fuboTV Inc.

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View this 10-Q filing on SEC EDGAR