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 2026 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 that time, simply press star then the number one on your telephone keypad. I would now like to turn the call over to Amit Pate, SVP of Financial Planning Analysis, Corporate Development, Investor Relations. Amit, please go ahead.

Thank you for joining us to discuss FUBO's first quarter fiscal 2026 results. With me today is David Gandler, co-founder and CEO of Fubo and John Giannidis, 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. These include statements regarding our financial condition, anticipated financial performance, expected synergies and benefits from our recent business combination, business strategy and plans, including our products, subscription packages, and commercial agreements, market, industry, and consumer trends, and expectations regarding growth and profitability. These forward-looking statements are subject to certain risks, uncertainties, and assumptions, which could cause actual results to differ materially from our current expectations. For further information, refer to the earnings release we issued today, our letter to shareholders, and our SEC filings, all of which are available on our website at ir.fubo.tv. During the quarter, we closed our business combination with Hulu Plus Live TV. As a result, our reported results for the current period reflect the results of the Hulu Live business prepared on a carve-out basis for the period from September 28th, 2025 through October 28th, 2025 and excludes Fubo's results for this period. For the period from October 29th, 2025 through December 31st, 2025, the results include the combined Fubo and Hulu live businesses. The reported prior year period fiscal Q1 2025 also reflects Hulu live financials prepared on a carve out basis and excludes the results of the historical Fubo business. To facilitate comparability between periods, we will discuss certain results on a pro forma basis giving effect to the transaction as if it had been completed at the beginning of the first period presented. We will also refer to certain non-GAAP measures during the call. Please refer to our Q1 fiscal 2026 letter to shareholders available on our website at ir.fubo.tv for a further description of the pro forma presentation and reconciliations of these non-GAAP measures to the most directly comparable GAAP measure. With that, I will turn the call over to David. Thank you, Amit, and good morning, everyone.

Q1 marked our first as the owner of Hulu Live, and it validated the strategic rationale behind the combination, offering greater scale, broader distribution, and improved economics. On a pro forma basis, over the past 12 months, the Fubo and Hulu Live businesses generated $6.2 billion of revenue and ended the period with 6.2 million subscribers in North America. This firmly establishes us as a scaled and relevant player in the pay TV market and one focused on growing. On a trailing 12-month pro forma basis, adjusted EBITDA was $77.9 million. As a combined company, we believe there are meaningful opportunities ahead to unlock synergies and efficiencies that will support sustained growth and improved profitability. Since closing the Hulu Live combination in late October, our priority has been execution to expand reach, scale, and monetization across all of our services. And just a few months in, we are converting strategy into action. We are nearing completion of stage one of our integration plan, migrating Fubo's ad tech into the Disney ad server. Once live later this month, Fubo inventory will be sold alongside Disney+, ESPN+, and Hulu. We expect this integration to drive a meaningful uplift in both CPM and fill rates. Stage two of our plan is focused on the consumer. We've experienced strong market traction for our well-priced Fubo Sports service. It resonates with value-oriented consumers and complements our broader content offering. Fubo Sports includes major networks such as ESPN, ABC, CBS, and Fox, among others. Building on this momentum, we are pleased to announce that we are working with ESPN to include Fubo Sports in ESPN's commerce flow. Customers will be able to purchase Fubo Sports alongside offerings such as ESPN Unlimited and the ESPN Disney Plus Hulu bundle and then watch directly on the Fubo app. This opportunity is particularly exciting given ESPN's scale. Per Comscore, ESPN's digital and social properties reached four out of every five U.S. adults in November of 2025, representing hundreds of millions of unique fans. It allows us to market Fubo Sports directly to a sports-centric audience and drive subscriber growth more efficiently with meaningfully lower customer acquisition costs. We continue to focus on our Spanish-speaking audience, and in fiscal 1Q26, we delivered record-high subscribers on Fubo's Latino product. In January, Hulu Live launched the Spanish language bundle, meaning that Spanish speaking customers now have two plan options within the Fubo and Hulu Live ecosystem. Stage three of our plan focuses on achieving content cost efficiencies commensurate with our increased scale and applying greater portfolio discipline as we evaluate which content best supports flexible pricing and affordability. As major distribution agreements for the Fubo services and the Hulu Live service come up for renewal, our objective is to move towards market-based pricing and penetration that reflects our combined increased scale. In the near term, I want to address NBCUniversal as we've received questions from investors and subscribers. Through November, our teams were engaged in renewal discussions with NBCU. Following the confirmation of the Versant spinoff, we paused discussions to allow the separation process to proceed. Beginning in early January, Comcast ceased engagement in renewal discussions despite multiple outreach attempts. Comcast indicated that they are satisfied with their existing Hulu Live arrangement and do not intend to engage in renewal discussions on the Fubo side at this time, preferring to re-engage closer to the Hulu Live expiration. Given that most commercial terms had been largely aligned prior to the Versant spinoff, this position is very difficult to reconcile. Importantly, the subscriber impact date has been modest since the removal of NBC content and better than our expectations. We believe this reflects the resilience of our sports-focused value proposition, the actions we took to preserve consumer value, including our decision to lower prices, and customers' ability to supplement Fubo with Peacock. While we remain open to constructive engagement, we will review the role of the NBCU and Versant portfolios as we continue to evaluate content alignment for our 6 million plus subscriber base. Looking ahead, our 2026 North Star is simple, growth. We are focused on expanding our subscriber base through differentiated sports offerings, scale distribution partnerships, and improved monetization. driving long-term value for consumers and shareholders. I will now turn the call over to John Giannidis, CFO, to discuss our financial results in greater detail.