FuboTV Inc. Class A

Thank you for standing by. My name is Kate and I will be your conference operator today. At this time, I would like to welcome everyone to FUBU 2Q25 earnings 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 one again. Thank you. I would now like to turn the call over to Amit Pate, SVP, FP&A, Corporate Development and Investor Relations. Please go ahead.

Thank you for joining us to discuss Fubo's second quarter 2025 results. With me today is David Gandler, co-founder and CEO of Fubo, and John Janidis, 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 will start with some brief remarks on the quarter and our business, and John will cover the financials. 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 we are 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 over these non-GAAP measures to the most directly comparable GAAP measures are also available in our Q2 2025 earnings shareholder letter, which is available on our website at ir.fubo.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. We appreciate you joining us today to discuss Fubo's second quarter 2025 results. We are pleased to report that the second quarter represented Fubo's first quarter of positive adjusted EBITDA, an important milestone for our business. This achievement is the result of Fubo's focused execution, our ability to deliver on consumer needs, and our commitment to value and relevance despite a fragmented and friction-filled streaming marketplace. Our global streaming business exceeded both revenue and subscriber expectations in the second quarter. In North America, we delivered total revenue of $371 million, down 3% year over year, and 1,356,000 paid subscribers, down 6.5% year over year. In the rest of the world, we closed the quarter with total revenue of $8.7 million, up 4.7% year over year, and 349,000 paid subscribers, down 12.5% year over year. We have filed a preliminary proxy statement seeking shareholder approval of our agreement with the Walt Disney Company to combine Fubo with Hulu Plus Live TV. As previously stated, we continue to be excited about the potential to increase competition and consumer choice in the pay TV space. The anticipated timeline to close this transaction is currently the fourth quarter of calendar year 2025, or the first quarter of calendar year 2026. Closing remains subject to regulatory approvals, Fubo shareholder approval, and the satisfaction of other customary closing conditions. Fubo has a demonstrated history of fighting for consumer choice, and we continue to focus on super serving customers with flexible content options at appropriate price points. In the coming weeks, we will launch Fubo Sports, a skinny content service for sports fans. We look forward to sharing more details soon. Fubo's recent launch of pay-per-view further underscores our commitment to offering flexible content experiences. This new feature allows both subscribers and non-subscribers to purchase access to premium live events, including boxing, wrestling, and soccer on a one-off basis. By opening the door to a broader audience, pay-per-view not only expands Fubo's reach, but also creates a strategic pathway to convert casual viewers into monthly subscribers. Our strategy to introduce the Fubo experience to new audiences is exemplified by our recent content partnership with DAZN in the US. Through this collaboration, Fubo Sports Network, our free ad-supported streaming TV channel, has expanded its distribution to DAZN's platform, increasing visibility and reach. In turn, Fubo subscribers now enjoy access to a premium content package that includes the DAZN One channel. featuring select exclusive sports rights. Notably, Fubo was first to market with this offering, reinforcing our leadership in sports streaming. At Fubo, we believe premium content must stand alongside product quality and user experience. Our recent launches of personalized features like catch-up to live, game highlights, and timeline markers optimize the live sports viewing experience on Fubo and complement our strategy of delivering the moments that matter, such as scoring plays in addition to full game access. These and other engaging features enable our customers to consume content the way they choose and have driven a steady lift in time spent on Fubo. In closing, the second quarter was a milestone for Fubo marked by our first ever quarter of positive adjusted EBITDA. We continue to focus on delivering a premium sports streaming experience at scale with flexibility and choice for every consumer. 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.