fuboTV (FUBO) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 revenue of $1.6 billion, up 19% year-over-year, and 1,676,000 paid subscribers in North America, up 4% year-over-year, both in line with guidance.

• Delivered first-ever quarter of positive free cash flow in Q4 2024.

• Significant improvements in adjusted EBITDA and free cash flow, each by over $100 million for the second consecutive year.

• Announced a definitive agreement to combine with Hulu + Live TV, making the company the sixth largest pay TV provider by subscribers, with both brands operating separately under the same management.

• Launched new multicultural and sports-focused bundles, including the Z Family bundle for South Asian audiences, standalone sports and entertainment bundles, and expanded Multiview product to Roku.

Financial highlights

• Q4 2024 North America revenue reached $434 million, up 8% year-over-year, with record ARPU of $87.90, a 1.4% increase.

• Rest of world revenue was $9.4 million, up 12.1% year-over-year; ARPU was $8.50, up 24.8% year-over-year, but subscribers declined 10.9%.

• Q4 net loss improved to $40.9 million from $71 million in Q4 2023; adjusted EBITDA loss narrowed to $8.7 million from $50.1 million.

• Adjusted EPS loss was $0.02, a significant improvement from $0.18 in Q4 2023.

• Achieved first quarter of positive free cash flow at $16.3 million, a $22.1 million year-over-year improvement; ended Q4 with $167.6 million in cash, cash equivalents, and restricted cash.

Outlook and guidance

• Q1 2025 North America subscriber guidance: 1,430,000–1,460,000, a 4% year-over-year decline at midpoint, reflecting the impact of the Univision non-renewal.

• Q1 2025 North America revenue guidance: $400–$410 million, a 3% year-over-year growth at midpoint.

• Rest of world Q1 2025 subscriber guidance: 330,000–340,000, a 16% year-over-year decline; revenue guidance: $7.5–$8.5 million, a 5% year-over-year decline.

• Guidance reflects potential subscriber impact from non-renewal with TelevisaUnivision.

• Expects continued top-line growth and efficiency improvements, with a focus on driving towards profitability in 2025.