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fuboTV Inc. /FL (FUBO)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 delivered record North America revenue of $433.8M (+8% YoY), record ARPU of $87.90, and first-ever positive free cash flow ($16.3M), with global revenue of $443.3M and Adjusted EBITDA loss improving to -$8.7M (AEBITDA margin -2.0%) .
  • EPS loss narrowed materially: GAAP EPS loss improved to $0.11 vs $0.24 in Q4 2023; Adjusted EPS loss improved to $0.02 vs $0.18 .
  • Management reaffirmed profitable growth trajectory and introduced Q1 2025 guidance (NA: $400–$410M revenue, 1,430–1,460K subs; ROW: $7.5–$8.5M revenue, 330–340K subs), citing TelevisaUnivision non-renewal headwind on subscribers .
  • Strategic catalysts: definitive agreement to combine Hulu + Live TV with Fubo (company to operate both brands), launch of a new Sports & Broadcasting service by Fall 2025, ad format innovation, and expansion of Multiview and AI features—key stock-reaction drivers as investors price in scale, content flexibility, and product differentiation .

What Went Well and What Went Wrong

What Went Well

  • First-ever quarter of positive free cash flow ($16.3M), alongside positive operating cash flow ($20.9M), reflecting cost discipline and operating leverage .
  • Strong monetization: NA ARPU reached $87.90 (all-time high), NA ad revenue of $33.9M in Q4, ROW ARPU rose to $8.50, underscoring pricing power and product engagement .
  • Strategic momentum: definitive agreement with Disney to combine Hulu + Live TV with Fubo; plan to launch new Sports & Broadcasting service; continued product innovation (Multiview expansion to Roku; AI search/personalization) .
    • CEO: “This combination will make Fubo the sixth largest player in the pay TV space… We anticipate the ability to offer more competitive offerings at more competitive price points” .

What Went Wrong

  • Advertising softness: global ad revenue declined YoY in Q4 due to reduced ad-insertable content from 2024 portfolio changes; entertainment CPMs showed relative weakness even as sports remained healthy .
  • TelevisaUnivision pull created subscriber headwinds; Q1 2025 subscriber guidance embeds a ~4% YoY decline at mid-point in NA; company lowered Latino plan price by 55% to preserve value .
  • Content cost/portfolio transitions (e.g., Discovery, Univision) required careful monetization balance, constraining ad inventory growth in Q4 .

Financial Results

MetricQ2 2024Q3 2024Q4 2024
Global Revenue ($M)$390.965 $386.207 $443.277
GAAP EPS – Continuing Ops ($)$(0.08) $(0.17) $(0.11)
Adjusted EPS ($)$(0.04) $(0.08) $(0.02)
Adjusted EBITDA ($M)$(10.992) $(27.562) $(8.699)
Adjusted EBITDA Margin (%)-2.8% -7.1% -2.0%
Op Cash Flow – Continuing Ops ($M)$(31.874) $2.444 $20.850
Free Cash Flow ($M)$(35.303) $(1.123) $16.267

Segment and KPIs (North America and ROW):

MetricQ2 2024Q3 2024Q4 2024
NA Revenue ($M)$382.7 $377.3 $433.8
NA Subscribers (K)1,450 1,613 1,676
NA ARPU ($)$85.69 $85.64 $87.90
ROW Revenue ($M)$8.3 $8.9 $9.4
ROW Subscribers (K)399 378 362
ROW ARPU ($)$7.02 $7.50 $8.50
NA Advertising Revenue ($M)——$33.9

Note: Company operates as a single reportable segment; geographic disclosures provided for NA and ROW .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
NA Revenue ($M)Q4 2024$426.1–$446.1 Actual: $433.8 Achieved guidance
NA Revenue ($B)FY 2024$1.570–$1.590 (Q2) $1.580–$1.600 (Q3) Raised/updated
NA Subscribers (K)FY 20241,725–1,745 (Q2) 1,665–1,705 (Q3) Updated range
NA Revenue ($M)Q1 2025N/A$400–$410 New guidance
NA Subscribers (K)Q1 2025N/A1,430–1,460 New guidance
ROW Revenue ($M)Q1 2025N/A$7.5–$8.5 New guidance
ROW Subscribers (K)Q1 2025N/A330–340 New guidance

Earnings Call Themes & Trends

TopicPrevious Mentions (Q2 2024)Previous Mentions (Q3 2024)Current Period (Q4 2024)Trend
AI/product personalizationExpanded AI-driven playlists; foundational Free Tier; Super Aggregation vision Unified Platform, Multiview beta on Roku; Free Tier upsell; product-led retention Multiview expanded to Roku; proprietary AI for search/personalization; “team channels” AI feature gaining traction Expanding reach and engagement
Ad market dynamicsNA ad revenue up 14% YoY; focus on agency visibility; new interactive formats Upfront commitments +40%; O&O channel distribution scaling Global ad revenue down YoY due to content portfolio shifts; sports pricing healthy; entertainment CPM softness; tone improving into March Mixed: sports resilient, entertainment softer
Content/carriage & bundlesAdded YES/MASN; MLB direct RSN continuity; Willow cricket partnership Lower-priced packages rolled out; O&O Fubo Sports profitability TelevisaUnivision non-renewal; Latino plan price cut 55%; Hallmark+ standalone; multicultural bundles; NBCU FAST channels Portfolio repositioning; value focus
Regulatory/legalAntitrust lawsuit filed; public support noted Preliminary injunction against JV; DOJ/NY AG amicus interest Pending Disney combination; transaction-related expenses disclosed Legal/combo milestones advancing
Regional trendsROW modest growth in revenue and subs ROW revenue +6% YoY; subs down ROW revenue +12.1% YoY; subs down 10.9% YoY ROW ARPU rising; subs contracting

Management Commentary

  • “We improved full year adjusted EBITDA and free cash flow by over $100 million for the second consecutive year” .
  • “Under the combination, both Fubo and Hulu + Live TV will operate as separate and distinct consumer brands under Fubo… This combination will make Fubo the sixth largest player in the pay TV space” .
  • “We lowered the price of our Latino plan by 55%… first time we are aware that any streaming service has shared with consumers cost savings beyond temporary credits” .
  • “Our team channels capability… our in-house developed AI feature… picked up traction in the hundreds of thousands of users relatively quickly” .
  • CFO: “This was Fubo’s first quarter of positive free cash flow… underscores our commitment to financial discipline, cost management and sustainable growth” .

Q&A Highlights

  • Disney/ESPN/MLB rights: Company remains focused on distributing live channels and partnering with leagues; sees no issues with Disney licensing under multi-year deals .
  • Pricing and costs for the new Sports & Broadcasting service: too early for specifics; pricing differences expected to be significant; programming costs to be lower; further detail in coming quarters .
  • Subscriber guidance and Univision impact: ex-Univision, Q1 subs would have grown mid-single digits; seasonality implies sequential declines in H1, growth in H2 .
  • Advertising: direct ad business up double digits; sports pricing healthy, entertainment CPMs softer; tone improved into March; early interest for 2025 upfront .
  • Free Tier retention: improved reactivation; December retention best in company history excluding COVID distortions .
  • Operating expenses: G&A had “ins and outs”; run-rate low double-digit million in 2025; incremental AEBITDA margins improved to 45% in 2024 .

Estimates Context

  • We attempted to retrieve S&P Global consensus (Revenue, EPS) for Q4 2024 and prior quarters; data was unavailable due to SPGI request limit errors at time of analysis (IQ_REVENUE_EST_CIQ Daily Request Limit Exceeded). Consensus comparison is therefore not included [Values retrieved from S&P Global unavailable at time of request].
  • Company reported Q4 2024 NA revenue as “achieving its guidance,” but without Wall Street consensus we cannot classify a beat/miss vs expectations; investors should anchor near-term to company guidance while awaiting refreshed consensus .

Key Takeaways for Investors

  • Positive cash inflection: First-ever positive FCF ($16.3M) and $20.9M operating cash flow signal durable cost controls and operating leverage—an important milestone toward 2025 profitability .
  • Monetization strength: Record NA ARPU ($87.90) and NA ad revenue of $33.9M despite portfolio adjustments; supports pricing power and engagement in core sports-first bundle .
  • Near-term subscriber headwind: Q1 2025 subscriber guidance embeds a YoY decline tied to TelevisaUnivision non-renewal; watch churn/ARPU offsets and uptake of multicultural bundles .
  • Strategic scale/catalysts: Disney combination and new Sports & Broadcasting service could expand scale and price/package flexibility—key to margin trajectory and investor re-rating if executed .
  • Ad landscape bifurcation: Sports demand/pricing remains healthy while entertainment CPMs soften; mix and content decisions will influence ad revenue pace in 2025 .
  • Product differentiation: Multiview expansion, AI features (“team channels”), and Free Tier reactivation benefits improve retention and upsell potential—important for LTV/CAC math .
  • Tactically: With consensus unavailable, trade around company guidance and execution milestones (cash generation, subscriber trajectory ex-Univision, product launches, Disney transaction updates) .