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fuboTV Inc. (FUBO - Free Report) reported fourth-quarter 2020 adjusted loss of $2.47 per share, much wider than the reported loss of $1.07 per share in the year-ago quarter.
Revenues of $105.1 million (excluding revenue from FaceBank AG) grew 98% year over year and surpassed the company’s revised guided revenue expectations. This year-over-year growth was driven by solid growth in advertising revenues and continued spike in subscription revenues.
On Jan 5, 2021, the company revised its fourth-quarter revenue expectations. It now expects revenues in the range of $94-$98 million, indicating growth of 77% to 84% on a year-over-year basis. This is above the previous expectation of $80-85 million.
Moreover, average revenue per user (ARPU) grew 17% to $69.19 (on a trailing 12-month basis) driven by increased per-user engagement, pricing, sell-in of bundled products and advertising expansion.
Subscription ARPU and advertising ARPU were $60.72 and $8.47, up 13% and 52%, respectively,
Subscription (87% of revenues) revenues increased 91% year over year to $91.4 million.
Markedly, content hours streamed by fuboTV users (paid & trial) increased 66% year over year to 205.9 million. Monthly Active Users (MAUs) watched 127 hours per month on average, up 3% year over year.
According to fuboTV, streaming services continue to replace cable in American households - 1.465 million customers cut the cord from traditional pay TV in the fourth quarter. fuboTV capitalized on this tailwind in 2020 with strong subscriber growth.
Markedly, fuboTV ended 2020 with 547,880 paid subscribers, up 73% year over year. Net subscriber additions in the fourth quarter 2020 were 92,800, an increase of 237% year-over-year driven by the company’s sports-first positioning, which differentiates fuboTV from other live TV streaming platforms.
Aided by the company’s carriage agreement with Disney Media Networks and ESPN, fuboTV has one of the strongest football offerings in the market and is the only live streaming TV platform with every NFL in-market game and every college conference network.
Advertising (12.4% of revenues) revenues soared 157% year over year to $13.1 million.
While revenues from software licenses were negligible, other revenues (0.6% of revenues) were $0.6 million.
Operating Details
Total GAAP operating expenses in the fourth quarter of 2020 were $197.4 million. Sales and marketing expenses totaled $29.6 million. General and administrative expenses totaled $35.5 million.
Subscriber-related expenses totaled $89.9 million, an increase of $26.8 million year over year, primarily driven by growth in subscribers.
The company reported a net loss attributable to common stockholders of $167.8 million in fourth-quarter 2020.
Adjusted EBITDA loss was $43.5 million compared with $46.3 million loss in the year ago period.
Balance Sheet
The company ended the fourth quarter of 2020 with 92,490,768 common shares outstanding as well as 46,439,226 Series AA Convertible Preferred issued and issuable on an as-converted basis, for total common shares outstanding of 138,929,994 on an as-converted basis.
As of Dec 31, 2020, the company had $136.2 million in cash.
Key Developments in Q4
During the quarter, fuboTV acquired Balto Sports, marking the company’s first move into the online sports wagering market. fuboTV intends to leverage its own proprietary technology along with Balto’s contest automation software to launch a free-to-play gaming offering.
Additionally, fuboTV officially launched on Hisense Smart TVs with the VIDAA Smart operating system, giving consumers instant access to live sports and entertainment through one click on the Hisense remote control.
Guidance
The company stated that historically, first quarters have been softer than fourth quarters in terms of revenue generation when viewed sequentially, on revenue and contribution margin.
fuboTV’s revenue guidance takes this seasonality into account with revenue expectation of $101-$103 million for the first quarter of 2021, indicating an increase of 98-102% year over year and a sequential decline of 2-4% quarter over quarter.
For first-quarter 2021, the company provided subscriber guidance between 520K-530K subscribers, indicating growth of 81-84% year over year and a sequential decline of 3-5%.
For 2021, the company expects revenues in the range of $460-$470 million, indicating growth of 76-80% year over year.
FuboTV expects total year-end subscribers between 760K-770K, indicating an increase of 39-41% year over year.
Toro Company The, Golden Entertainment and Select Interior Concepts will report fourth-quarter 2020 results on Mar 4, Mar 11 and Mar 15, respectively.
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fuboTV (FUBO) Q4 Earnings Deteriorate, Revenues Improve Y/Y
fuboTV Inc. (FUBO - Free Report) reported fourth-quarter 2020 adjusted loss of $2.47 per share, much wider than the reported loss of $1.07 per share in the year-ago quarter.
Revenues of $105.1 million (excluding revenue from FaceBank AG) grew 98% year over year and surpassed the company’s revised guided revenue expectations. This year-over-year growth was driven by solid growth in advertising revenues and continued spike in subscription revenues.
On Jan 5, 2021, the company revised its fourth-quarter revenue expectations. It now expects revenues in the range of $94-$98 million, indicating growth of 77% to 84% on a year-over-year basis. This is above the previous expectation of $80-85 million.
Moreover, average revenue per user (ARPU) grew 17% to $69.19 (on a trailing 12-month basis) driven by increased per-user engagement, pricing, sell-in of bundled products and advertising expansion.
Subscription ARPU and advertising ARPU were $60.72 and $8.47, up 13% and 52%, respectively,
fuboTV Inc. Price, Consensus and EPS Surprise
fuboTV Inc. price-consensus-eps-surprise-chart | fuboTV Inc. Quote
Top-Line Details
Subscription (87% of revenues) revenues increased 91% year over year to $91.4 million.
Markedly, content hours streamed by fuboTV users (paid & trial) increased 66% year over year to 205.9 million. Monthly Active Users (MAUs) watched 127 hours per month on average, up 3% year over year.
According to fuboTV, streaming services continue to replace cable in American households - 1.465 million customers cut the cord from traditional pay TV in the fourth quarter. fuboTV capitalized on this tailwind in 2020 with strong subscriber growth.
Markedly, fuboTV ended 2020 with 547,880 paid subscribers, up 73% year over year. Net subscriber additions in the fourth quarter 2020 were 92,800, an increase of 237% year-over-year driven by the company’s sports-first positioning, which differentiates fuboTV from other live TV streaming platforms.
Aided by the company’s carriage agreement with Disney Media Networks and ESPN, fuboTV has one of the strongest football offerings in the market and is the only live streaming TV platform with every NFL in-market game and every college conference network.
Advertising (12.4% of revenues) revenues soared 157% year over year to $13.1 million.
While revenues from software licenses were negligible, other revenues (0.6% of revenues) were $0.6 million.
Operating Details
Total GAAP operating expenses in the fourth quarter of 2020 were $197.4 million. Sales and marketing expenses totaled $29.6 million. General and administrative expenses totaled $35.5 million.
Subscriber-related expenses totaled $89.9 million, an increase of $26.8 million year over year, primarily driven by growth in subscribers.
The company reported a net loss attributable to common stockholders of $167.8 million in fourth-quarter 2020.
Adjusted EBITDA loss was $43.5 million compared with $46.3 million loss in the year ago period.
Balance Sheet
The company ended the fourth quarter of 2020 with 92,490,768 common shares outstanding as well as 46,439,226 Series AA Convertible Preferred issued and issuable on an as-converted basis, for total common shares outstanding of 138,929,994 on an as-converted basis.
As of Dec 31, 2020, the company had $136.2 million in cash.
Key Developments in Q4
During the quarter, fuboTV acquired Balto Sports, marking the company’s first move into the online sports wagering market. fuboTV intends to leverage its own proprietary technology along with Balto’s contest automation software to launch a free-to-play gaming offering.
Additionally, fuboTV officially launched on Hisense Smart TVs with the VIDAA Smart operating system, giving consumers instant access to live sports and entertainment through one click on the Hisense remote control.
Guidance
The company stated that historically, first quarters have been softer than fourth quarters in terms of revenue generation when viewed sequentially, on revenue and contribution margin.
fuboTV’s revenue guidance takes this seasonality into account with revenue expectation of $101-$103 million for the first quarter of 2021, indicating an increase of 98-102% year over year and a sequential decline of 2-4% quarter over quarter.
For first-quarter 2021, the company provided subscriber guidance between 520K-530K subscribers, indicating growth of 81-84% year over year and a sequential decline of 3-5%.
For 2021, the company expects revenues in the range of $460-$470 million, indicating growth of 76-80% year over year.
FuboTV expects total year-end subscribers between 760K-770K, indicating an increase of 39-41% year over year.
Zacks Rank & Other Stocks to Consider
fuboTV currently carries a Zacks Rank #2 (Buy).
Toro Company The (TTC - Free Report) , Golden Entertainment, Inc. (GDEN - Free Report) and Select Interior Concepts, Inc. a few other top-ranked stocks in the broader computer and technology sector. Each stock carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Toro Company The, Golden Entertainment and Select Interior Concepts will report fourth-quarter 2020 results on Mar 4, Mar 11 and Mar 15, respectively.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>