1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
FUBO
Event Date
2020-10-08
IPO Date (Actual)
2020-10-07
Sector
Communication Services
Subsector
Entertainment
Offer Range
$10.00-$10.00
Shares Offered
18.3M
67.53M
$622.0M
27.1%
Implied Upside vs Midpoint
Description
fuboTV is the leading sports-first, live TV streaming platform, offering subscribers access to tens of thousands of live sporting events annually as well as leading news and entertainment content. fuboTV’s platform allows customers to access content through streaming devices, and on SmartTVs, mobile phones, tablets and computers. fuboTV Pre-Merger launched in 2015 and today is a leading independent virtual multichannel video programming distributor, or vMVPD, in the United States. fuboTV Pre-Merger closed 2019 with approximately 316,000 paid Subscribers. Over the course of 2019, fuboTV Pre-Merger’s paid Subscribers and free trial Users streamed a total of 299 million hours of content on our platform, a 210% increase over 2018. Furthermore, fuboTV Pre-Merger’s MAUs are highly engaged and have watched on average 140 hours of content per month during the three months ended June 30, 2020. We offer subscribers a live TV streaming service, priced at $59.99 per month, with the option to purchase add-ons and features best suited to their preferences. Our base plan includes a broad mix of 100+ channels, including 43 of the top 50 Nielsen-ranked networks (among adults aged 18-49), across sports, news and entertainment. In the summer of 2020, we enhanced our sports-centric offering with the addition of ESPN and ABC as well as other top programming from Disney. We currently provide access to over 700 local TV channels covering 99% of U.S. households. Our app ranked #1 in last-twelve-months, or LTM, user ratings versus other popular live TV streaming providers in both the Apple App Store and Google Play Store, according to Appbot.com as of September 15, 2020. At the core of our offering is our proprietary technology platform purpose-built for live TV and sports viewership coupled with our first-party data. Our proprietary technology stack has enabled us to regularly offer new features and functionality. For example, we were first to market with vMVPD streaming in 4K resolution. We also offer multi-view on Apple TV, which enables subscribers to watch two live streams simultaneously, as well as the ability to watch select sports content from multiple camera angles. We leverage our data throughout our organization to make data driven decisions on what content we acquire for our users, to influence product design and strategy to drive subscriber engagement and to enhance the capabilities and performance of our advertising platform for our advertising partners. We generate revenue from our subscribers through recurring subscription fees, as well as through premium services and features that we refer to as Attachments (e.g., enhanced Cloud DVR, Family Share plan). In 2019, fuboTV Pre-Merger generated a monthly average revenue per user, or Monthly ARPU, of approximately $54, or $648 annually, an increase of 42% year-over-year, through a combination of subscription and advertising revenue. We believe our premium content and industry-leading consumer experience uniquely position us to rapidly grow our advertising business. We have achieved significant revenue growth in recent years, while systematically driving improvements in our key operating metrics. fuboTV reached 286,126 paid Subscribers on June 30, 2020, which represented a 47% increase from fuboTV Pre-Merger’s paid Subscribers on June 30, 2019, although down relative to the prior quarter due to seasonality and suspension of the sports seasons stemming from COVID-19. fuboTV Pre-Merger’s revenues for the year ended December 31, 2019 grew to $146.5 million, an increase of 96% versus fuboTV Pre-Merger’s revenues of $74.8 million for the year ended December 31, 2018. fuboTV Pre-Merger’s net losses were $129.3 million and $173.7 million for the years ended December 31, 2018 and 2019, respectively. The advertising component to fuboTV Pre-Merger’s revenues has been rapidly growing and reached $12.5 million (8% of fuboTV Pre-Merger’s total revenues) for the year ended December 31, 2019, up 201% from the year ended December 31, 2018. Growth in advertising revenue is a key driver of our monetization strategy. Following the Merger, we achieved revenue of $51.5 million for the six months ended June 30, 2020 and net loss of $129.9 million for the same period. The advertising component of our revenues reached $4.3 million (8% of our total revenues) for the six months ended June 30, 2020, (which represented three months of operations for fuboTV post Merger). --- We were incorporated in 2009 under the laws of the State of Florida under the name York Entertainment, Inc. On September 30, 2019, our name was changed to FaceBank Group, Inc. On August 10, 2020, our name was changed to fuboTV Inc. fuboTV Sub was incorporated in 2014 as a Delaware corporation. Following the Merger, we operate our business under the name “fuboTV.” Our headquarters are located at 1330 Avenue of the Americas, New York, NY 10019, and our telephone number is (212) 672-0055. You can access our websites at https://fubo.tv, https://ir.fubo.tv, https://facebankgroup.com and https://ir.facebankgroup.com.
FuboTV Inc. annual income statement and balance sheet, FY 2021 to FY 2024, as reported in SEC filings.
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenue | $638M | $1.0B | $1.4B | $1.6B |
| Operating income | ($359M) | ($412M) | ($289M) | ($196M) |
| Net income | ($383M) | ($561M) | ($287M) | ($172M) |
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Total assets | $1.4B | — | $1.2B | $1.1B |
| Total liabilities | $699M | — | $949M | $897M |
| Total equity | $671M | $402M | $284M | $181M |
| Cash & equivalents | $374M | — | $245M | $161M |