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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
oTRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to _____________
Commission File Number: 001-39590
fuboTV Inc.
(Exact Name of Registrant as Specified in Its Charter)
Florida26-4330545
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
1290 Avenue of the Americas, New York, NY
10104
(Address of Principal Executive Offices)(Zip Code)
(212) 672-0055
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001 per shareFUBONew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of October 31, 2022, there were 195,323,071 shares of the registrant’s common stock, par value $0.0001 per share, outstanding.
1

fuboTV Inc.
TABLE OF CONTENTS
Page
i

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.,” “FuboTV,” “we,” “us,” “our,” “the Company,” and similar references refer to fuboTV Inc., a Florida corporation and its consolidated subsidiaries.
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, industry and business trends, stock-based compensation, revenue recognition, business strategy, plans and market growth, and our objectives for future operations, including related to investment in our technologies and data capabilities, and strategies with respect to subscriber acquisition, 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 described in Part II, Item 1A, “Risk Factors” of this Quarterly Report. These risks are not exhaustive. Other sections of this Quarterly Report include additional factors that could adversely impact our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements and you should not place undue reliance on our forward-looking statements.
In addition, forward-looking statements are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.
The forward-looking statements made in this Quarterly Report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report to reflect events or circumstances after the date of this Quarterly Report or to reflect new information or the occurrence of unanticipated events, except as required by law. You should read this Quarterly Report in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2021 included in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on March 1, 2022 (the “Annual Report”).


ii

RISK FACTORS SUMMARY
Our business is subject to numerous risks and uncertainties, including those described in Part II, Item 1A. “Risk Factors” in this Quarterly Report. Material risks that may affect our business, operating results and financial condition include, but are not limited to, the following:
Our actual operating results may differ significantly from our guidance.
We have incurred operating losses in the past, expect to incur operating losses in the future and may never achieve or maintain profitability.
We may require additional capital to meet our financial obligations and support planned business growth, and this capital might not be available on acceptable terms or at all.
Our revenue is subject to seasonality, and if subscriber behavior during certain seasons falls below our expectations, our business may be harmed.
Our operating results may fluctuate, which makes our results difficult to predict.
If we fail to effectively manage our growth, our business, operating results, and financial condition may suffer.
If our efforts to attract and retain subscribers are not successful, our business will be adversely affected.
Our agreements with certain distribution partners may contain parity obligations which limit our ability to pursue unique partnerships.
If content providers refuse to license streaming content or other rights upon terms acceptable to us, our business could be adversely affected.
Our content providers impose a number of restrictions on how we distribute and market our products and services, which can adversely affect our business.
We rely upon Google Cloud Platform and Amazon Web Services to operate certain aspects of our service, and any disruption of or interference with our use of Google Cloud Platform and/or Amazon Web Services would impact our operations and our business would be adversely impacted.
If we fail to comply with the reporting obligations of the Exchange Act, our business, financial condition, and results of operations, and investors’ confidence in us, could be materially and adversely affected.
Our key metrics and other estimates are subject to inherent challenges in measurement, and real or perceived inaccuracies in those metrics may seriously harm and negatively affect our reputation and our business.
TV streaming is highly competitive and many companies, including large technology and entertainment companies, TV brands, and service operators, are actively focusing on this industry. If we fail to differentiate ourselves and compete successfully with these companies, it will be difficult for us to attract or retain subscribers and our business will be harmed.
If the technology we use in operating our business fails, is unavailable, or does not operate to expectations, our business and results of operation could be adversely impacted.
If government regulations relating to the Internet or other areas of our business change, we may need to alter the manner in which we conduct our business and we may incur greater operating expenses.
We may be unable to successfully expand our international operations and our international expansion plans, if implemented, will subject us to a variety of economic, political, regulatory and other risks arising from our international operations.
iii

We are subject to a number of legal requirements and other obligations regarding privacy, security, and data protection, and any actual or perceived failure to comply with these requirements or obligations could have an adverse effect on our reputation, business, financial condition and operating results.
Any significant interruptions, delays or discontinuations in service or disruptions in or unauthorized access to our computer systems or those of third parties that we utilize in our operations, including those relating to cybersecurity or arising from cyber-attacks, could result in a loss or degradation of service, unauthorized disclosure of data, including subscriber and corporate information, or theft of intellectual property, including digital content assets, which could adversely impact our business.
We are subject to taxation-related risks in multiple jurisdictions.
We could be subject to claims or have liability based on defects with respect to certain historical corporate transactions that were not properly authorized or documented.
Legal proceedings could cause us to incur unforeseen expenses and could occupy a significant amount of our management’s time and attention.
The impact of worldwide economic conditions may adversely affect our business, operating results, and financial condition.
iv

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
1

fuboTV Inc.
Condensed Consolidated Balance Sheets
(in thousands, except for share and per share information)
September 30,
2022
December 31,
2021
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents$201,221 $374,294 
Cash reserved for users918 579 
Short-term investments100,000  
Accounts receivable, net43,938 34,308 
Prepaid sports rights34,242 3,284 
Prepaid and other current assets13,715 16,040 
Total current assets394,034 428,505 
Property and equipment, net6,307 6,817 
Restricted cash6,131 5,112 
Intangible assets, net202,932 218,186 
Goodwill607,223 630,269 
Right-of-use assets38,738 37,755 
Other non-current assets12,662 43,134 
Total assets$1,268,027 $1,369,778 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable$73,599 $56,460 
Accrued expenses and other current liabilities210,031 219,579 
Notes payable5,539 5,113 
Deferred revenue58,674 44,296 
Warrant liabilities 3,548 
Long-term borrowings - current portion1,887 3,668 
Current portion of lease liabilities5,768 4,633 
Total current liabilities355,498 337,297 
Convertible notes, net of discount393,462 316,354 
Deferred income taxes1,279 2,431 
Lease liabilities37,279 34,129 
Other long-term liabilities18,963 8,686 
Total liabilities806,481 698,897 
COMMITMENTS AND CONTINGENCIES (Note 14)
Redeemable non-controlling interest1,528  
Stockholders’ equity:
Common stock par value $0.0001: 400,000,000 shares authorized; 189,343,531 and 153,950,895 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
19 16 
Additional paid-in capital1,889,274 1,691,206 
Accumulated deficit(1,406,107)(1,009,293)
Non-controlling interest(11,561)(11,220)
Accumulated other comprehensive income (loss)(11,607)172 
Total stockholders’ equity$460,018 $670,881 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY AND TEMPORARY EQUITY$1,268,027 $1,369,778 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2

fuboTV Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(in thousands, except share and per share amounts)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2022202120222021
Revenues
Subscription$201,911 $138,119 $621,022 $359,601 
Advertising22,714 18,570 67,886 47,642 
Wagering(176) (659) 
Other364 1 473 — 51 
Total revenues224,813 156,690 688,722 407,294 
Operating expenses    
Subscriber related expenses214,466 143,370 679,027 377,177 
Broadcasting and transmission16,608 14,320 54,062 37,266 
Sales and marketing57,975 50,381 134,950 94,038 
Technology and development20,129 15,257 62,477 46,696 
General and administrative21,989 27,288 81,663 73,735 
Depreciation and amortization8,521 9,332 28,502 27,788 
Impairment of goodwill, intangible assets and other long-lived assets35,454  46,136  
Total operating expenses375,142 259,948 1,086,817 656,700 
Operating loss(150,329)(103,258)(398,095)(249,406)
Other income (expense)    
Interest expense (net) and financing costs(2,792)(3,402)(10,242)(10,031)
Amortization of debt discount(625)(4,138)(1,844)(10,693)
Loss on extinguishment of debt   (380)
Change in fair value of warrant liabilities 4,490 (1,701)(2,114)
Other income (expense)608 (72)895 (90)
Total other income (expense)(2,809)(3,122)(12,892)(23,308)
Loss before income taxes(153,138)(106,380)(410,987)(272,714)
Income tax benefit392 515 1,150 1,733 
Net loss(152,746)(105,865)(409,837)(270,981)
Less: Net loss attributable to non-controlling interest98 14 341 105 
Net loss attributable to common stockholders$(152,648)$(105,851)$(409,496)$(270,876)
Other comprehensive income (loss)
Foreign currency translation adjustment(8,720) (11,779) 
Comprehensive loss$(161,368)$(105,851)$(421,275)$(270,876)
Net loss per share attributable to common stockholders
Basic and diluted$(0.82)$(0.74)$(2.32)$(2.02)
Weighted average shares outstanding:
Basic and diluted186,750,504 142,529,770 176,503,992 133,941,485 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3

fuboTV Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
Three and Nine Months Ended September 30, 2022 and 2021
(Unaudited)
(in thousands, except share and per share amounts)
Common StockAdditional
Paid-In
Capital
Accumulated
Deficit
Non-controlling
Interest
Accumulated Other Comprehensive LossTotal
Stockholders’
Equity
Shares Amount
Balance at December 31, 2021
153,950,895 $16 $1,691,206 $(1,009,293)$(11,220)$172 $670,881 
Issuance of common stock/At-the-Market offering, net of offering costs 27,443,580 2 203,794 — — — 203,796 
Reclassification of the equity components of the 2026 Convertible Notes to liability upon adoption of ASU 2020-06— — (87,946)12,682 — — (75,264)
Exercise of warrants540,541 — 10,249 — — — 10,249 
Exercise of stock options349,847 — 443 — — — 443 
Delivery of common stock underlying restricted stock units392,326 — — — — — — 
Stock-based compensation— — 19,449 — — — 19,449 
Foreign currency translation adjustment— — — — — (2,215)(2,215)
Net loss attributable to non-controlling interest— — — — (93)— (93)
Net loss attributable to common stockholders— — — (140,724)— — (140,724)
Balance at March 31, 2022 (Unaudited)182,677,189 $18 $1,837,195 $(1,137,335)$(11,313)$(2,043)$686,522 
Issuance of common stock/At-the-Market offering, net of offering costs 2,400,000 1 16,391 — — — 16,392 
Exercise of stock options80,275 — 129 — — — 129 
Delivery of common stock underlying restricted stock units135,603 — — — — — — 
Stock-based compensation— — 14,209 — — — 14,209 
Foreign currency translation adjustment— — — — — (844)(844)
Net loss attributable to non-controlling interest— — — — (150)— (150)
Net loss attributable to common stockholders— — — (116,124)— — (116,124)
Balance at June 30, 2022 (Unaudited)185,293,067 $19 $1,867,924 $(1,253,459)$(11,463)$(2,887)$600,134 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4

fuboTV Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
Three and Nine Months Ended September 30, 2022 and 2021
(Unaudited)
(in thousands, except share and per share amounts)
Common StockAdditional
Paid-In
Capital
Accumulated
Deficit
Non-controlling
Interest
Accumulated Other Comprehensive LossTotal
Stockholders’
Equity
Shares Amount
Issuance of common stock/At-the-Market offering, net of offering costs1,815,351 — 8,530 — — — 8,530 
Exercise of stock options134,900 — 177 — — — 177 
Delivery of common stock underlying restricted stock units100,213 — — — — — — 
Issuance of restricted stock2,000,000 — — — — — — 
Stock-based compensation— — 12,643 — — — 12,643 
Foreign currency translation adjustment— — — — — (8,720)(8,720)
Net loss attributable to non-controlling interest— — — — (98)— (98)
Net loss attributable to common stockholders— — — (152,648)— — (152,648)
Balance at September 30, 2022 (Unaudited)
189,343,531 $19 1,889,274 $(1,406,107)$(11,561)$(11,607)$460,018 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5

fuboTV Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
Three and Nine Months Ended September 30, 2022 and 2021
(Unaudited)
(in thousands, except share and per share amounts)
Preferred stockCommon StockAdditional
Paid-In
Capital
Treasury StockAccumulated
Deficit
Non-controlling
Interest
Total
Stockholders’
Equity
SharesAmountSharesAmountSharesAmount
Balance at December 31, 2020
23,219,613 $406,665 92,490,768 $9 $853,824 $(800,000)$ $(626,456)$(11,094)$622,948 
Conversion of Series AA Preferred Stock
(23,219,613)(406,665)46,439,226 5 406,660 — — — —  
Exercise of common stock warrants— — 536,825 — 15,803 — — — — 15,803 
Recognition of debt
discount on 2026
Convertible Notes
— — — — 88,059 — — — — 88,059 
Exercise of stock options— — 1,082,964 — 776 — — — — 776 
Issuance of treasury stock in connection with acquisition— — — — 8,538 623,068 — — — 8,538 
Stock based compensation— — — — 9,374 — — — — 9,374 
Other— — — — (5)— — — — (5)
Net loss attributable to non-controlling interest— — — — — — — — (76)(76)
Net loss attributable to common stockholders— — — — — — — (70,110)— (70,110)
Balance at March 31, 2021 (Unaudited) $ 140,549,783 $14 $1,383,029 (176,932)$ $(696,566)$(11,170)$675,307 
Exercise of common stock warrants— — 71,428 — 500 — — — — 500 
Recognition of debt discount on 2026 Convertible Notes— — — — (113)— — — — (113)
Exercise of stock options— — 508,664 — 1,200 — — — — 1,200 
Stock based compensation — — — — 24,431 — — — — 24,431 
Other— — (32,581)— 2 — — — — 2 
Net loss attributable to non-controlling interest— — — — — — — — (15)(15)
Net loss attributable to common stockholders— — — — — — — (94,915)— (94,915)
Balance at June 30, 2021 (Unaudited) $ 141,097,294 $14 $1,409,049 (176,932)$ $(791,481)$(11,185)$606,397 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

6

fuboTV Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
Three and Nine Months Ended September 30, 2022 and 2021
(Unaudited)
(in thousands, except share and per share amounts)
Preferred stockCommon StockAdditional
Paid-In
Capital
Treasury StockAccumulated
Deficit
Non-controlling
Interest
Total
Stockholders’
Equity
SharesAmountSharesAmountSharesAmount
Issuance of common stock/At-the-Market offering, net of offering costs— — 2,412,968 1 69,823 — — — — $69,824 
Exercise of warrants— — 744,997 — 3,688 — — — — $3,688 
Exercise of stock options— — 430,151 — 570 — — — — $570 
Delivery of common stock underlying restricted stock units— — 51,216 — — — — — — $ 
Stock-based compensation— —  — 12,667 — — — — $12,667 
Net loss attributable to non-controlling interest— — — — — — — — (14)$(14)
Net loss attributable to common stockholders— — — — — — — (105,851)$(105,851)
Balance at September 30, 2021 (Unaudited)
 $ 144,736,626 $15 $1,495,797 (176,932)$ $(897,332)$(11,199)$587,281 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
7

fuboTV Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands, except share and per share amounts)
For the Nine Months Ended
September 30,
20222021
Cash flows from operating activities
Net loss$(409,837)$(270,981)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization28,502 27,788 
Amortization of gaming licenses and market access fees2,957  
Stock-based compensation47,294 46,472 
Impairment of goodwill, intangible assets and other long-lived assets46,136  
Amortization of debt discount1,844 10,693 
Loss on extinguishment of debt 380 
Deferred income tax benefit(1,150)(1,733)
Change in fair value of warrant liabilities1,701 2,114 
Amortization of right-of-use assets2,948 984 
Other adjustments1,571 449 
Changes in operating assets and liabilities of business, net of acquisitions:
Cash reserved for users(339) 
Accounts receivable, net(9,824)(8,637)
Prepaid expenses and other assets(53)(10,587)
Prepaid sports rights(30,958) 
Accounts payable19,173 21,341 
Accrued expenses and other liabilities(9,231)21,029 
Deferred revenue14,448 18,466 
Lease liabilities354 (808)
Net cash used in operating activities(294,464)(143,030)
Cash flows from investing activities
Cash portion paid for acquisition (1,740)
Purchase of short-term investments(100,000) 
Purchases of property and equipment(1,146)(3,862)
Capitalization of internal use software(3,519) 
Purchase of intangible assets - gaming(2,700) 
Payments for market access and license fee deposits(3,462)(30,071)
Net cash used in investing activities(110,827)(35,673)
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
fuboTV Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands, except share and per share amounts)
For the Nine Months Ended
September 30,
20222021
Cash flows from financing activities
Proceeds from the issuance of common stock / At-the-Market offering, net of offering costs228,960 69,970 
Proceeds from convertible note, net of issuance costs 389,446 
Proceeds from exercise of stock options749 2,546 
Proceeds from the exercise of warrants5,000 3,761 
Repayments of notes payable and long-term borrowings(1,472)(24,709)
Net cash provided by financing activities233,237 441,014 
Net increase (decrease) in cash, cash equivalents and restricted cash(172,054)262,311 
Cash, cash equivalents and restricted cash at beginning of period379,406 136,221 
Cash, cash equivalents and restricted cash at end of period$207,352 $398,532 
Supplemental disclosure of cash flows information:
Interest paid$13,469 $7,670 
Income taxes paid$