FuboTV Inc. Class A

Good morning and welcome to the FUBO second quarter 2026 earnings call. All participants are in a listen-only mode. After the speaker's remarks, we'll conduct a question and answer session. To ask a question at this time, you'll need to press star followed by the number one on your telephone keypad. As a reminder, this conference call is being recorded. I would now like to turn the call over to Amit Pate, SVP, FP&A, Corporate Development and Investor Relations. Thank you. Please go ahead.

Thank you for joining us to discuss Fubo's second 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.gubo.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 payments regarding our financial condition, our expected future financial performance, including our financial outlook, guidance, and long-term targets, business strategy and plans, including our products, subscription packages, and tech features, our partnerships, and other arrangements, the benefits of the business combination, including expected synergies and integrations, 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 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 of these non-GAAP measures to the most directly comparable GAAP measures are also available in our Q2 2026 Earnings Shareholder Letter and Press Release, which are available on our website at ir.fubo.tv. With that, I'll turn the call over to David.

Thank you, Amit. We appreciate everyone joining us for today's call to discuss our Q2 2026 financial results. We delivered the strongest second quarter in our history on an adjusted EBITDA basis. More importantly, on a trailing 12-month basis, we have now exceeded $100 million in pro forma adjusted EBITDA, an important milestone that reinforces our confidence in delivering against our long-term target of at least $300 million in adjusted EBITDA by 2028. We also achieved record revenue for the quarter, driven by continued expansion of our Fubo and Hulu Plus Live TV offerings, differentiated content, and product innovations. The migration of our advertising business to the Disney ad server began in February, and we are pleased with the early benefits to date with both fill rates and CPMs experiencing healthy increases. The business combination fundamentally expands our strategic position. Fubo is now built to scale as a preeminent video player driven by flexible content packaging. We can aggregate and deliver a range of content packages at different price points, allowing us to serve distinct consumer segments rather than forcing a single package across the entire bundle. That flexibility is a durable advantage and a key driver of both growth and margin over time. We are already executing on this strategy. We now offer our Spanish-speaking customers two clear options. Pruvo Latino, a lighter bundle without Univision, and Hulu Plus Live TV Español, a more comprehensive package, launched this quarter, which includes Univision. Fubo is applying the same approach across our broader service portfolio. We offer the Fubo Sports Service alongside our core Fubo bundle, as well as a more comprehensive entertainment offering through Hulu Live, which includes NBC and Versant. This diversified product set is designed to expand choice while reducing churn. Importantly, we believe we have successfully navigated the loss of NBCU on Fubo, even during a period when NBC held a dominant portion of February sports programming. Customers continue to access that content through Hulu Live, and incremental churn at the combined business during the quarter was minimal. This provides a clear example that we are not reliant on any one programming provider as we segment our content strategy across our portfolio. At the same time, we are beginning to unlock synergies following our business combination. Over the last 12 weeks, we have been hard at work to explore, define, and execute against the series of initiatives we've identified to power future growth. Let me expand upon a few of these. First, Fubo's aggregated storefront now offers the full Fubo and Hulu plus live TV content portfolios. Consumers can select the content plan that's right for them, whether that's an English or Spanish package, our Fubo Sports Service, the Fubo Virtual MVPD, or Hulu plus live TV's complete cable replacement package. Second, through our integration with ESPN, fans looking to watch a live game will soon be able to seamlessly access Fubo via link outs on ESPN's Where to Watch pages. creating a new acquisition channel. Third, we previously announced that our Fubo Sports service will be integrated into ESPN's e-commerce flow through a reseller and marketing arrangement. I'm pleased to update you that launch is expected in the first half of calendar year 2027. As a reminder, the ESPN ecosystem reaches over 100 million users every month. Through our progress on various cross-selling initiatives, we are building a powerful growth flywheel to scale our business. But this is just the start. We believe the next phase of aggregation will be the conversational layer, where discovery becomes the product. As content libraries expand, simplifying how consumers find and engage with programming becomes critical. This fall, we intend to launch our first AI conversational feature within the Fubo app, starting with sports. With Fubo's AI assistant, customers will be able to use natural conversational voice to search their DVR content for game highlights and ask for recommendations. They can ask precise questions such as, give me all of the scoring plays by the New England Patriots quarterback in the past two games, but I only want to see passing touchdowns, no rushing. Or I'm trying to figure out who to move on to my fantasy team. show me all of the Kansas City Chiefs defensive highlights from last month. We believe our AI Assistant is a fundamentally more intuitive way to interact with live sports and video than scrolling up and down or being fed algorithmic carousels. We expect this to drive deeper engagement and stronger attention over time. We look forward to adding the AI Assistant to Fubo's Roku, Apple TV, and mobile apps to start. We also plan to extend the AI system to news and entertainment talk shows, enabling the Fubo app to instantly retrieve any clip our customers are looking for. In closing, we are more confident than ever in the pay TV category and in Fubo's growing position within it. Based on these and other initiatives, we believe there will be opportunities to drive growth and scale as we focus on our long-term target of at least $300 million in adjusted EBITDA. I will now turn the call over to John Gineas, CFO, to discuss our financial results in greater detail. John.