FuboTV Inc. Class A

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the FUBO first quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad. If you would like to withdraw your question, press star 1 again. We kindly ask that you limit yourself to one question. Thank you. I would now like to turn the call over to Amit Pate, SVP, FP&A, Corporate Development, and Investor Relations for Fubo. Please go ahead.

Thank you for joining us to discuss Fubo's first quarter 2025 results. With me today is David Gandler, co-founder and CEO of Fubo, and John Giannidis, TFO 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 will 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, including our pending business combination and our products and subscription packages, market, industry, and consumer trends, and expectations regarding growth and 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 are discussed in our SEC filings. 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 are accounted for as discontinued operations. 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 Q1 2025 earnings shareholder letter, which is available on our website at ir.fuvo.tv. Please note as well that during Q&A, the company will not provide any information related to the pending business combination with Hulu Plus Live TV and ongoing regulatory matters beyond what we have already shared. With that, I will turn the call over to David.

Thank you, Amit, and good morning, everyone. Thank you all for joining us today to discuss Fubo's first quarter 2025 results. In the first quarter, our global streaming business exceeded our subscriber forecast and achieved our revenue guidance. We are pleased with these results, which came against a typically lighter first quarter sports calendar, and a broader backdrop of economic uncertainty. Looking at our North American streaming business, we delivered 1.47 million paid subscribers down 2.7% year over year, but exceeding our Q1 guidance of 1.46 million at the high point. Total revenue in the region was $407.9 million, and that was up 3.5% year over year. Notably, we once again improved our global profitability metrics by more than $100 million for the trailing 12 months. These results demonstrate our team's ongoing execution as we focus on profitability in 2025 for our global streaming business. We remain excited about our agreement with the Walt Disney Company to combine Fubo with Hulu Plus Live TV and the potential to increase competition and consumer choice in the pay TV space. We continue to work through the regulatory process and look forward to sharing more information when we are able. The streaming landscape continues to evolve and grow more fragmented, further demonstrating the importance and relevance of Fubo's aggregation model. We remain committed to providing customers multiple and flexible packaging options, from skinny bundles to the full virtual pay TV bundle and everything in between. In recent months, we've seen the industry follow our lead and introduce skinnier content bundles. We are gratified by this because we believe a streaming landscape with multiple options benefits all consumers. We continue to focus on meeting consumer needs at every point along the demand curve. As we have previously communicated, our Skinny Bundle offering will include a sports and broadcasting service. In addition to featuring content from the Walt Disney Company, we are working hard to secure content from non-Disney programmers for the new service. It is critical for Fubo subscribers that we are able to negotiate content licensing agreements at fair rates and terms. Our goal remains to launch this service for the fall sports season. In closing, we continue to focus on consumers and what they expect from a streaming service, namely premium content and innovative product experience, value, and above all, choice. At the same time, our priority is providing value for our shareholders and we remain focused on achieving profitability in our streaming business this year. We look forward to keeping you updated on our progress. I will now turn the call over to John Giannidis, CFO, to discuss our financial results in greater detail. John?