FuboTV Inc. Class A

on your telephone keypad. Once again, star one. Thank you. I would now like to turn the call over to Amit Pate, Senior Vice President of FP&A Corporate Developments and Investor Relations. Amit, please go ahead.

Thank you for joining us to discuss Fubo's second quarter 2024 results. With me today is David Gandler, co-founder and CEO of Fubo, and John Zanidis, CFO of Fubo. Full details of our results and additional management commentary are available in our earnings release and letter to shareholders, which can be found on the investor relations section of our website at ir.fubo.tv. Before we begin, let me quickly review the format of today's call. David is going to start with some brief remarks on the quarter and our business, and John will cover the financials and guidance. then we will turn the call over to the analysts for Q&A. I would like to remind everyone that the following discussion may contain forward-looking statements within the meaning of the federal securities laws, including but not limited to statements regarding our financial condition, anticipated financial performance, business strategy and plans, industry and consumer trends, anti-competitive practices among our competitors and our response plan, including our antitrust lawsuit and expectations regarding profitability. These forward-looking statements are subject to certain risks, uncertainties, and assumptions. Important factors that could cause actual results to differ materially from forward-looking statements include those discussed in our filings with the SEC. Except as otherwise noted, the results and guidance we're presenting today are on a continuing operations basis, excluding the historical results of our former gaming segment, which we are accounted for as discontinued operations. In addition, our guidance and other commentary with respect to FUBO's financial condition and our anticipated financial performance in future periods do not reflect any potential impact of the launch of the sports streaming joint venture between the Walt Disney Company, Fox Corporation, and Warner Brothers Discovery, including the outcome of our antitrust lawsuit. Risks related to this joint venture and the litigation are described in further detail in the company's SEC filings. During Q&A, the company will not address any questions related to ongoing litigations, including this matter. During the call, we may also refer to certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are also available in our Q2 2024 earnings shareholder letter, which is available on our website at ir.fugo.tv. With that, I will turn the call over to David.

Thank you, Amit, and good morning, everyone. We appreciate that you've joined us today to discuss Fubo's second quarter 2024 results. Our second quarter continued our strong start to 2024 and the momentum we've achieved since becoming a publicly traded company in 2020. The second quarter marked our sixth consecutive quarter of global year-over-year improvement in our profitability metrics While in North America, we exceeded expectations. In North America, we closed the second quarter with double-digit year-over-year growth, posting $382.7 million in total revenue, an increase of 26% year-over-year, and 1.45 million paid subscribers, up 24% year-over-year. Our ad business also remained strong, ending the quarter with $25.8 million in revenue, an increase of 14% year over year. Alongside this growth, we are making great strides on our path to profitability with meaningful year over year improvements in net loss, adjusted EBITDA, and free cash flow, which John will discuss in more detail. This progress gives us continued confidence in our ability to execute with all teams at Fubo operating at the highest levels. Note that our profitability goals exclude the potential impact of the sports streaming joint venture. In addition to our robust operational execution, we were agile and opportunistic in managing our balance sheet. In Q2 2024, we repurchased $46.9 million of convertible debt at an average price of 56.6% of par value. To fund these repurchases, we issued stock at $1.28 under our ATM program, achieving an impressive net effective issuance price of $2.26. That's an outstanding 77% premium. This strategic move not only enhanced shareholder value by reducing outstanding debt, but also boosted our financial flexibility and mitigated dilution. These actions further underscore our confidence in our go-forward plan as well as our commitment to driving business growth and shareholder value. Fubo is focused on delivering value and expanding our relevancy to consumers in a fast-changing environment. Consumers benefit from a market with healthy competitive dynamics. We continue to fight for competition and better prices in a market in disruption, contrasting with the Walt Disney Company, Fox Corporation, and Warner Brothers Discovery. Their JV attempts to circumvent the need for regulatory approval while still giving these partners control of 80% of the premium sports market. The JV claims to solve the issue of bulky cable bundles, but we believe its primary goal is to limit competition, boosting partners' profits synthetically, and leading to steep price hikes for consumers, similar to those seen with their SVOD services. Consumers passionate about sports content but frustrated with high prices and inflexible bundles need multiple streaming options with competitive pricing. Fubo, like all distributors, have the right to fairly compete in the sports streaming market. A fair market would force the JV partners to compete against each other in the licensing of sports channels to pay TV platforms, virtual and traditional, as well as with other market participants further downstream in the distribution space. This will foster competition benefiting customers with better prices and choices. Our preliminary injunction hearing to prevent the JV's launch goes before the U.S. District Court, Southern District of New York starting today. We appreciate the support we have received from across the spectrum. We continue to be encouraged by earlier reports that the Department of Justice is looking into the JV and an increasing number of high profile Capitol Hill lawmakers public interest groups and other content distributors are alarmed and have weighed in on the negative impact that JV would have for consumers. We continue to strongly believe in the merits of our case and look forward to going before the judge this week. Meanwhile, we remain focused on delighting our consumers with a seamless and innovative product that aggregates a portfolio of programming at compelling price points. In recent months, we've seen media companies increasingly turn their streaming services into app stores, requiring consumers to log into different apps and stream from multiple interfaces to access content. While these companies are characterizing this approach as consumer-friendly, users are still feeling the same pain point, friction. Therefore, we have every indication that our super aggregation strategy is the right one, as we believe the best consumer experience is frictionless, with multiple bundles from skinny to fat to choose from. As a super aggregator, our vision is to offer users the premium content they love all within the Fubo ecosystem, differentiating our service from the so-called soft bundles on the market. In the second quarter, we launched the Fubo Free tier, the first layer in our super aggregation model. Fubo Free offers nearly 200 free ad-supported streaming television, or FAST, channels and is currently available to certain former Fubo paid and free trial subscribers. Fubo Free users can reactivate their paid subscriptions at any time, which they may choose to do as their favorite sports seasons return to play. Early results are encouraging, and we may expand Fubo Free to other cohorts in the future. We plan to further build out our tiered offering with standalone content that does not require the purchase of the main Fubo product. This content can range from SVOD to pay-per-view and TVOD to skinny bundles. We look forward to sharing more in the weeks and months ahead. In closing, the second quarter continued to demonstrate how Fubo has grown efficiently as we balance our profitability goals while strategically investing in our business. We remain focused on bringing consumers an aggregated sports entertainment offering that delivers premium content and innovative product features at the price point that's right for them. And as I said last quarter, we remain committed to a competitive streaming landscape that offers consumers choice, fair pricing, and innovation. This is the vision upon which Fubo was founded and is only achievable in a truly competitive market. I will now turn the call over to John Giannida, CFO, to discuss our financial results in greater detail. John.