fuboTV(FUBO) - 2023 Q4 - Annual Results

Financial Performance - In Q4 2023, Fubo achieved a 12% year-over-year growth in subscribers, reaching 1.618 million, and a 29% year-over-year revenue growth in North America, totaling $402 million[3][9]. - Fubo's total revenue for Q4 2023 was$410.2 million, reflecting a 28% increase compared to Q4 2022[8]. - Total revenues for Q4 2023 reached $410.2 million, a 28.5$319.3 million in Q4 2022[33]. - Subscription revenue increased to $370.1 million, up 30$284.9 million year-over-year[33]. - Total Revenue for the full year 2023 was $1,368,225,000, compared to$1,008,696,000 in 2022, marking a 36% increase[58]. - Fubo's North America ad revenue for Q4 2023 was $38.6 million, a 15$114 million for FY 2023, up 14%[14]. Profitability and Losses - The net loss for Q4 2023 was $71 million, an improvement of 26$95.9 million in Q4 2022[9]. - The net loss attributable to common shareholders for the year 2023 was $287.5 million, compared to a loss of$561.5 million in 2022, representing a 48.9% improvement[33]. - The company reported a comprehensive loss of $282.6 million for the year 2023, down from$562.2 million in 2022[33]. - The adjusted net loss from continuing operations for the full year ended December 31, 2023, was $203,807,000, compared to$332,488,000 in 2022, indicating a 39% year-over-year improvement[62]. - For the three months ended December 31, 2023, fuboTV reported a net loss attributable to common shareholders of $70,090,000, a significant improvement from a net loss of$151,981,000 for the same period in 2022, representing a 54% reduction in losses[61]. Cash Flow and Liquidity - The company ended Q4 2023 with $251 million in cash, cash equivalents, and restricted cash, ensuring sufficient liquidity for ongoing operations[12][22]. - Cash and cash equivalents decreased to$245.3 million as of December 31, 2023, from $337.1 million a year earlier[35]. - Free Cash Flow for Q4 2023 was$(5,853,000), compared to $(20,555,000) in Q4 2022, showing a significant decrease in cash outflow[59]. Subscriber Metrics - The average revenue per user (ARPU) in North America increased by 15$86.65[3][9]. - The subscriber guidance for FY 2024 is set at 1,665,000 to 1,685,000, indicating a 4% year-over-year growth at the midpoint[18]. - North America Monthly Average Revenue per User (NA ARPU) for the full year 2023 was $82.25, up from$72.74 in 2022, indicating a 13% increase[54]. Strategic Initiatives - Fubo plans to continue investing in technology and content expansion, including the integration of AI features into its platform[4][17]. - The company aims to achieve cash flow positivity by 2025, focusing on growth and profitability[31]. - The company plans to continue investing in technology advancements and content partnerships to enhance user experience and market position[31]. - The company continues to focus on improving operational efficiency and reducing losses as part of its strategic initiatives[61]. Shareholder Information - The weighted average shares outstanding increased to 294.7 million in Q4 2023 from 200.1 million in Q4 2022[34]. - The weighted average shares outstanding for the three months ended December 31, 2023, increased to 294,737,521 from 200,129,461 in the prior year, reflecting a 47% increase[61]. Adjusted Metrics - Adjusted EBITDA improved by $25 million year-over-year to a loss of$50.7 million, marking a 33% improvement[8][11]. - Adjusted EBITDA for Q4 2023 was $(50,691,000), an improvement from$(75,431,000) in Q4 2022, reflecting a reduction in losses[57]. - Adjusted Net Loss for the full year 2023 was $(201,639,000), an improvement from$(323,834,000) in 2022[58]. - The adjusted EPS from continuing operations for the three months ended December 31, 2023, was $(0.17), an improvement from$(0.39) in the same quarter of the previous year[61]. Other Financial Metrics - The net loss from discontinued operations for the full year 2023 was $5,185,000, a significant improvement from a loss of$136,874,000 in 2022[62]. - Stock-based compensation for the full year 2023 was $51,215,000, slightly lower than$52,454,000 in 2022[62]. - The amortization of intangibles for the full year 2023 was $35,043,000, compared to$35,484,000 in 2022, showing a minor decrease[62].