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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
| | | | | |
| x | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2022
or
| | | | | |
| o | TRANSITION 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)
| | | | | | | | |
| Florida | | 26-4330545 |
(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 class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common Stock, par value $0.0001 per share | | FUBO | | New 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 filer | x | Accelerated filer | o |
| Non-accelerated filer | o | Smaller reporting company | o |
| Emerging growth company | o | | |
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.
fuboTV Inc.
TABLE OF CONTENTS
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”).
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.
•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.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
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 users | 918 | | | 579 | |
| Short-term investments | 100,000 | | | — | |
| Accounts receivable, net | 43,938 | | | 34,308 | |
| Prepaid sports rights | 34,242 | | | 3,284 | |
| Prepaid and other current assets | 13,715 | | | 16,040 | |
| Total current assets | 394,034 | | | 428,505 | |
| | | |
| Property and equipment, net | 6,307 | | | 6,817 | |
| Restricted cash | 6,131 | | | 5,112 | |
| Intangible assets, net | 202,932 | | | 218,186 | |
| Goodwill | 607,223 | | | 630,269 | |
| Right-of-use assets | 38,738 | | | 37,755 | |
| Other non-current assets | 12,662 | | | 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 liabilities | 210,031 | | | 219,579 | |
| Notes payable | 5,539 | | | 5,113 | |
| Deferred revenue | 58,674 | | | 44,296 | |
| Warrant liabilities | — | | | 3,548 | |
| Long-term borrowings - current portion | 1,887 | | | 3,668 | |
| Current portion of lease liabilities | 5,768 | | | 4,633 | |
| Total current liabilities | 355,498 | | | 337,297 | |
| | | |
| Convertible notes, net of discount | 393,462 | | | 316,354 | |
| Deferred income taxes | 1,279 | | | 2,431 | |
| Lease liabilities | 37,279 | | | 34,129 | |
| Other long-term liabilities | 18,963 | | | 8,686 | |
| Total liabilities | 806,481 | | | 698,897 | |
| | | |
| COMMITMENTS AND CONTINGENCIES (Note 14) | | | |
| | | |
| Redeemable non-controlling interest | 1,528 | | | — | |
| | | |
| 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 capital | 1,889,274 | | | 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.
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, |
| 2022 | | 2021 | | 2022 | | 2021 |
| Revenues | | | | | | | |
| Subscription | $ | 201,911 | | | $ | 138,119 | | | $ | 621,022 | | | $ | 359,601 | |
| Advertising | 22,714 | | | 18,570 | | | 67,886 | | | 47,642 | |
| Wagering | (176) | | | — | | | (659) | | | — | |
| Other | 364 | | | 1 | | | 473 | | — | | 51 | |
| Total revenues | 224,813 | | | 156,690 | | | 688,722 | | | 407,294 | |
| Operating expenses | | | | | | | |
| Subscriber related expenses | 214,466 | | | 143,370 | | | 679,027 | | | 377,177 | |
| Broadcasting and transmission | 16,608 | | | 14,320 | | | 54,062 | | | 37,266 | |
| Sales and marketing | 57,975 | | | 50,381 | | | 134,950 | | | 94,038 | |
| Technology and development | 20,129 | | | 15,257 | | | 62,477 | | | 46,696 | |
| General and administrative | 21,989 | | | 27,288 | | | 81,663 | | | 73,735 | |
| Depreciation and amortization | 8,521 | | | 9,332 | | | 28,502 | | | 27,788 | |
| Impairment of goodwill, intangible assets and other long-lived assets | 35,454 | | | — | | | 46,136 | | | — | |
| Total operating expenses | 375,142 | | | 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 benefit | 392 | | | 515 | | | 1,150 | | | 1,733 | |
| Net loss | (152,746) | | | (105,865) | | | (409,837) | | | (270,981) | |
| Less: Net loss attributable to non-controlling interest | 98 | | | 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 diluted | 186,750,504 | | | 142,529,770 | | | 176,503,992 | | | 133,941,485 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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 Stock | | Additional
Paid-In
Capital | | | | Accumulated
Deficit | | Non-controlling
Interest | | Accumulated Other Comprehensive Loss | | Total
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 warrants | | | | | | 540,541 | | | — | | | 10,249 | | | | | | | — | | | — | | | — | | | 10,249 | |
| Exercise of stock options | | | | | | 349,847 | | | — | | | 443 | | | | | | | — | | | — | | | — | | | 443 | |
| Delivery of common stock underlying restricted stock units | | | | | | 392,326 | | | — | | | — | | | | | | | — | | | — | | | — | | | — | |
| 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 options | | | | | | 80,275 | | | — | | | 129 | | | | | | | — | | | — | | | — | | | 129 | |
| Delivery of common stock underlying restricted stock units | | | | | | 135,603 | | | — | | | — | | | | | | | — | | | — | | | — | | | — | |
| 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 | |
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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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 Stock | | Additional
Paid-In
Capital | | | | Accumulated
Deficit | | Non-controlling
Interest | | Accumulated Other Comprehensive Loss | | Total
Stockholders’
Equity |
| | | | | | Shares | | Amount | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Issuance of common stock/At-the-Market offering, net of offering costs | | | | | | 1,815,351 | | | — | | | 8,530 | | | | | | | — | | | — | | | — | | | 8,530 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Exercise of stock options | | | | | | 134,900 | | | — | | | 177 | | | | | | | — | | | — | | | — | | | 177 | |
| Delivery of common stock underlying restricted stock units | | | | | | 100,213 | | | — | | | — | | | | | | | — | | | — | | | — | | | — | |
| Issuance of restricted stock | | | | | | 2,000,000 | | | — | | | — | | | | | | | — | | | — | | | — | | | — | |
| 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.
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 stock | | Common Stock | | Additional
Paid-In
Capital | | Treasury Stock | | Accumulated
Deficit | | Non-controlling
Interest | | | | Total
Stockholders’
Equity |
| | Shares | | Amount | | Shares | | Amount | | | Shares | | Amount | | | | |
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 | |
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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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 stock | | Common Stock | | Additional
Paid-In
Capital | | Treasury Stock | | Accumulated
Deficit | | Non-controlling
Interest | | | | Total
Stockholders’
Equity |
| | Shares | | Amount | | Shares | | Amount | | | Shares | | Amount | | | | |
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| | | | | | | | | | | | | | | | | | | | | | |
| 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.
fuboTV Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands, except share and per share amounts)
| | | | | | | | | | | |
| For the Nine Months Ended
September 30, |
| 2022 | | 2021 |
| 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 amortization | 28,502 | | | 27,788 | |
| Amortization of gaming licenses and market access fees | 2,957 | | | — | |
| Stock-based compensation | 47,294 | | | 46,472 | |
| Impairment of goodwill, intangible assets and other long-lived assets | 46,136 | | | — | |
| Amortization of debt discount | 1,844 | | | 10,693 | |
| Loss on extinguishment of debt | — | | | 380 | |
| Deferred income tax benefit | (1,150) | | | (1,733) | |
| Change in fair value of warrant liabilities | 1,701 | | | 2,114 | |
| Amortization of right-of-use assets | 2,948 | | | 984 | |
| | | |
| Other adjustments | 1,571 | | | 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 payable | 19,173 | | | 21,341 | |
| Accrued expenses and other liabilities | (9,231) | | | 21,029 | |
| Deferred revenue | 14,448 | | | 18,466 | |
| Lease liabilities | 354 | | | (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) | |
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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, |
| 2022 | | 2021 |
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| Cash flows from financing activities | | | |
| Proceeds from the issuance of common stock / At-the-Market offering, net of offering costs | 228,960 | | | 69,970 | |
| Proceeds from convertible note, net of issuance costs | — | | | 389,446 | |
| Proceeds from exercise of stock options | 749 | | | 2,546 | |
| Proceeds from the exercise of warrants | 5,000 | | | 3,761 | |
| Repayments of notes payable and long-term borrowings | (1,472) | | | (24,709) | |
| Net cash provided by financing activities | 233,237 | | | 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 period | 379,406 | | | 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 | $ | — |