FuboTV Q3 2024 Earnings Report Filed

TL;DR

FuboTV filed its Q3 2024 10-Q, showing subscription and ad revenue for the period.

AI Summary

FuboTV Inc. reported its third quarter 2024 results, ending September 30, 2024. The company's filing details revenue from subscription and advertising segments for the third quarter and year-to-date periods of 2024 and 2023. Specific financial figures for these segments are provided within the report.

Why It Matters

This filing provides investors with the latest financial performance data for FuboTV, crucial for understanding the company's revenue streams and operational progress in the competitive streaming market.

Risk Assessment

Risk Level: medium — FuboTV operates in a highly competitive and rapidly evolving streaming market, facing significant financial pressures and regulatory scrutiny.

Key Numbers

• 2024-09-30 — Reporting Period End (End date for the financial data presented in the 10-Q.)
• 2024-11-01 — Filing Date (Date the 10-Q was officially filed with the SEC.)

Key Players & Entities

• fuboTV Inc. (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241101 (date) — Filing Date
• 1290 AVENUE OF THE AMERICAS (address) — Company Business Address

FAQ

Key Financial Figures

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

Filing Documents

• fubo-20240930.htm (10-Q) — 1848KB
• fubo-20240930xexx311.htm (EX-31.1) — 10KB
• fubo-20240930xexx312.htm (EX-31.2) — 10KB
• fubo-20240930xexx321.htm (EX-32.1) — 7KB
• 0001628280-24-044756.txt ( ) — 8985KB
• fubo-20240930.xsd (EX-101.SCH) — 55KB
• fubo-20240930_cal.xml (EX-101.CAL) — 101KB
• fubo-20240930_def.xml (EX-101.DEF) — 312KB
• fubo-20240930_lab.xml (EX-101.LAB) — 752KB
• fubo-20240930_pre.xml (EX-101.PRE) — 539KB
• fubo-20240930_htm.xml (XML) — 1233KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 2 Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended Septem ber 30, 2024 and 2023 (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 30 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 4.

Controls and Procedures

Controls and Procedures 43

- 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 a nd Use of Proceeds 80 Item 3. Defaults Upon Senior Securities 80 Item 4. Mine Safety Disclosures 80 Item 5. Other Information 80 Item 6. Exhibits 80

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 outcome of our antitrust lawsuit and 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

- 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) September 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 146,175 $ 245,278 Accounts receivable, net 76,868 80,299 Prepaid sports rights 35,777 39,911 Prepaid and other current assets 19,650 20,804 Assets of discontinued operations 391 462 Total current assets 278,861 386,754 Property and equipment, net 5,633 4,835 Restricted cash 6,143 6,142 Intangible assets, net 139,793 158,448 Goodwill 624,348 622,818 Right-of-use assets 32,976 35,825 Other non-current assets 14,544 17,818 Total assets $ 1,102,298 $ 1,232,640 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 60,492 $ 74,311 Accrued expenses and other current liabilities 319,597 320,041 Notes payable 6,842 6,323 Deferred revenue 103,137 90,203 Long-term borrowings - current portion 1,117 1,612 Current portion of lease liabilities 5,485 5,247 Liabilities of discontinued operations 15,013 19,608 Total current liabilities 511,683 517,345 Convertible notes, net 332,738 391,748 Lease liabilities 33,979 38,087 Other long-term liabilities 1,671 1,635 Total liabilities 880,071 948,815 COMMITMENTS AND CONTINGENCIES (Note 13) Shareholders' equity: Common stock par value $ 0.0001 : 1,000,000,000 and 800,000,000 shares authorized at September 30, 2024 and December 31, 2023, respectively ; 334,092,630 and 299,215,160 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 33 30 Additional paid-in capital 2,209,993 2,136,870 Accumulated deficit ( 1,979,247 ) ( 1,845,542 ) Non-controlling interest ( 13,205 ) ( 11,751 ) Accumulated other comprehensive income 4,653 4,218 Total shareholders' equity $ 222,227 $ 283,825 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,102,298 $ 1,232,640 The accompanying notes are an integral part of these unaudit

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View this 10-Q filing on SEC EDGAR