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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2021

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____________ to _____________

 

Commission File Number: 001-39590

 

fuboTV Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

Florida   26-4330545

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

     
1330 Avenue of the Americas, New York, NY   10019
(Address of Principal Executive Offices)   (Zip Code)

 

(212) 672-0055

(Registrant’s Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.0001 per share   FUBO   New York Stock Exchange

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

  Large accelerated filer Accelerated filer
  Non-accelerated filer Smaller reporting company
  Emerging growth company    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

 

As of October 31, 2021, there were 144,583,674 shares of the registrant’s common stock, par value $0.0001 per share, outstanding.

 

 

 

 

 

 

fuboTV Inc.

TABLE OF CONTENTS

 

    Page
     
  PART I - FINANCIAL INFORMATION 1
     
Item 1. Financial Statements 1
     
  Condensed Consolidated Balance Sheets as of September 30, 2021 (unaudited) and December 31, 2020 1
     
  Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020 (unaudited) 2
     
  Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders’ Equity for the Three and Nine Months Ended September 30, 2021 and 2020 (unaudited) 3
     
  Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 (unaudited) 5
     
  Notes to Condensed Consolidated Financial Statements (unaudited) 7
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 23
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 33
     
Item 4. Controls and Procedures 33
     
  PART II - OTHER INFORMATION 35
     
Item 1. Legal Proceedings 35
     
Item 1A. Risk Factors 36
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 67
     
Item 3. Defaults Upon Senior Securities 67
     
Item 4. Mine Safety Disclosures 67
     
Item 5. Other Information 67
     
Item 6. Exhibits 68
     
Signatures 70

 

 

 

 

BASIS OF PRESENTATION

 

As used in this Quarterly Report on Form 10-Q (“Quarterly Report”), unless expressly indicated or the context otherwise requires, references to “fuboTV Inc.,” “fuboTV,” “we,” “us,” “our,” “the Company,” and similar references refer to fuboTV Inc., a Florida corporation and its consolidated subsidiaries, including fuboTV Media Inc., a Delaware corporation (“fuboTV Sub”). “fuboTV Pre-Merger” refers to fuboTV Inc., a Delaware corporation, prior to the Merger (as defined herein) and “FaceBank Pre-Merger” refers to FaceBank Group, Inc. and its subsidiaries prior to the Merger.

 

FORWARD-LOOKING STATEMENTS

 

This Quarterly Report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements, which are subject to a number of risks, uncertainties, and assumptions, generally relate to future events or our future financial or operating performance. In some cases, you can identify these statements by forward-looking words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “design,” “intend,” “expect,” “could,” “plan,” “potential,” “predict,” “seek,” “should,” “would,” “target,” “project,” “contemplate,” or the negative version of these words and other comparable terminology that concern our expectations, strategy, plans, intentions, or projections. Forward-looking statements contained in this Quarterly Report include, but are not limited to, statements about:

 

  market conditions and global economic factors beyond our control, including the potential adverse effects of the ongoing global COVID-19 pandemic on our business and results of operations, on live sports and entertainment, and on the global economic environment;
     
  our ability to access debt and equity financing;
     
  our efforts to maintain proper and effective internal controls;
     
  factors relating to our business, operations, and financial performance, including:

 

    our ability to effectively compete in the live TV streaming and entertainment industries;
       
    our ability to successfully integrate new operations, including the ability to implement our wagering strategy;
       
    our ability to maintain and expand our content offerings;
       
    our ability to expand into the sports wagering market;
       
    our ability to recognize deferred tax assets and tax loss carryforwards;

 

  the impact of management changes and organizational restructuring;
     
  changes in applicable laws or regulations;
     
  litigation and our ability to adequately protect our intellectual property rights;
     
  our ability to operate a sportsbook and other gaming-related products and services, including, without limitation, our ability to gain state market access and to obtain and maintain required state regulatory approvals;
     
  our success in retaining or recruiting officers, key employees, or directors; and
     
  the possibility that we may be adversely affected by other economic, business and/or competitive factors.

 

We have based the forward-looking statements contained in this Quarterly Report primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, prospects, business strategy and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in Part II, Section 1A titled “Risk Factors.” These risks are not exhaustive. Other sections of this Quarterly Report include additional factors that could adversely impact our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements and you should not place undue reliance on our forward-looking statements.

 

In addition, forward-looking statements are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

 

The forward-looking statements made in this Quarterly Report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report or to reflect new information or the occurrence of unanticipated events, except as required by law. You should read this Quarterly Report in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2020 included in our Annual Report on Form 10-K, filed with the SEC on March 25, 2021, as amended on Form 10-K/A filed with the SEC on March 29, 2021 (the “Annual Report”).

 

 

 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

fuboTV Inc.

Condensed Consolidated Balance Sheets

(in thousands, except for share and per share information)

 

   September 30,   December 31, 
   2021   2020 
    (Unaudited)      
ASSETS          
Current assets          
Cash and cash equivalents  $393,130   $134,942 
Accounts receivable, net   26,132    17,495 
Prepaid and other current assets   13,746    4,277 
Total current assets   433,008    156,714 
           
Property and equipment, net   5,311    1,771 
Restricted cash   5,402    1,279 
Intangible assets, net   219,254    216,449 
Goodwill   489,089    478,406 
Right-of-use assets   7,177    4,639 
Other non-current assets   962    91 
Total assets  $1,160,203   $859,349 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities          
Accounts payable  $52,629   $31,160 
Accrued expenses   148,248    126,393 
Notes payable   4,978    4,593 
Deferred revenue   35,894    17,428 
Warrant liabilities   8,320    22,686 
Long-term borrowings - current portion   -    24,255 
Current portion of lease liabilities   1,315    799 
Total current liabilities   251,384    227,314 
           
Convertible notes, net of discount   312,119    - 
Deferred income taxes   3,362    5,100 
Lease liabilities   6,057    3,859 
Other long-term liabilities   -    128 
Total liabilities   572,922    236,401 
           
COMMITMENTS AND CONTINGENCIES (Note 13)   -       
           
Stockholders’ equity:          
Series AA Convertible Preferred stock, par value $0.0001, 35,800,000 shares authorized, no shares issued and outstanding at September 30, 2021 and 23,219,613 shares issued and outstanding at December 31, 2020   -    406,665 
Common stock par value $0.0001: 400,000,000 shares authorized; 144,736,626 and 92,490,768 shares issued at September 30, 2021 and December 31, 2020, respectively; 144,559,694 and 91,690,768 shares outstanding at September 30, 2021 and December 31, 2020 respectively   15    9 
Additional paid-in capital   1,495,797    853,824 
Treasury stock, at cost, 176,932 and 800,000 shares at September 30, 2021 and December 31, 2020   -    - 
Accumulated deficit   (897,332)   (626,456)
Non-controlling interest   (11,199)   (11,094)
Total stockholders’ equity   587,281    622,948 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $1,160,203   $859,349 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

1
 

 

fuboTV Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands, except share and per share amounts)

 

                     
  

For the Three Months Ended

September 30,

  

For the Nine Months Ended

September 30,

 
   2021   2020   2021   2020 
Revenues                
Subscription  $138,119   $53,433   $359,601   $92,945 
Advertising   18,570    7,520    47,642    11,843 
Other   1    249    51    7,881 
Total revenues   156,690    61,202    407,294    112,669 
Operating expenses                    
Subscriber related expenses   143,370    61,228    377,177    114,315 
Broadcasting and transmission   14,320    9,778    37,266    19,270 
Sales and marketing   50,381    22,269    94,038    33,526 
Technology and development   15,257    10,727    46,696    20,277 
General and administrative   27,288    8,270    73,735    42,130 
Depreciation and amortization   9,332    14,413    27,788    34,050 
Impairment of intangible assets and goodwill   -    236,681    -    236,681 
Total operating expenses   259,948    363,366    656,700    500,249 
Operating loss   (103,258)   (302,164)   (249,406)   (387,580)
                     
Other income (expense)                    
Interest expense and financing costs   (3,402)   (2,203)   (10,031)   (18,109)
Amortization of debt discount   (4,138)   -    (10,693)   - 
Loss on issuance of common stock and warrants   -    -    -    (13,507)
Gain on sale of assets   -    7,631    -    7,631 
Gain (loss) on extinguishment of debt   -    1,321    (380)   (9,827)
Loss on deconsolidation of Nexway   -    -    -    (11,919)
Change in fair value of warrant liabilities   4,490    4,543    (2,114)   9,143 
Change in fair value of subsidiary warrant liabilities   -    -    -    3 
Change in fair value of shares settled liability   -    -    -    (1,665)
Change in fair value of derivative liability   -    101    -    (426)
Change in fair value of profit share liability   -    -    -    (148)
Unrealized gain on equity method investment   -    -    -    2,614 
Foreign currency exchange loss   -    -    -    (1,010)
Other income (expense)   (72)   583    (90)   147 
Total other income (expense)   (3,122)   11,976    (23,308)   (37,073)
Loss before income taxes   (106,380)   (290,188)   (272,714)   (424,653)
Income tax benefit   515    16,071    1,733    20,589 
Net loss   (105,865)   (274,117)   (270,981)   (404,064)
Less: Net loss attributable to non-controlling interest   14    -    105    1,555 
Net loss attributable to common stockholders  $(105,851)  $(274,117)  $(270,876)  $(402,509)
                     
Net loss per share attributable to common stockholders                    
Basic and diluted  $(0.74)  $(6.20)  $(2.02)  $(11.00)
Weighted average shares outstanding:                    
Basic and diluted   142,529,770    44,199,709    133,941,485    36,577,183 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

2
 

 

fuboTV Inc.

Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders’ Equity

Three and Nine Months Ended September 30, 2021 and 2020

(Unaudited)

(in thousands, except share and per share amounts)

 

                                                        
               Additional                Accumulated Other         Total 
   Preferred stock   Common Stock   Paid-In   Treasury Stock   Accumulated    Comprehensive     Noncontrolling   Stockholders’ 
   Shares   Amount   Shares   Amount   Capital   Shares   Amount   Deficit    Loss     Interest   Equity 
Balance at December 31, 2020   23,219,613   $  406,665    92,490,768   $        9   $853,824    (800,000)  $           -   $(626,456)   -     $(11,094)  $          622,948 
Conversion of Series AA Preferred Stock   (23,219,613)   (406,665)   46,439,226    5    406,660    -    -    -           -    - 
Exercise of warrants   -    -    536,825    -    15,803    -    -    -           -    15,803 
Issuance of treasury stock in connection with acquisition   -    -    -    -    8,538    623,068    -    -           -    8,538 
Recognition of debt discount on 2026 Convertible Notes   -    -    -    -    88,059    -    -    -           -    88,059 
Exercise of stock options   -    -    1,082,964    -    776    -    -    -           -    776 
Stock-based compensation   -    -    -    -    9,374    -    -    -    -      -    9,374 
Foreign currency translation adjustment   -    -    -    -    (5)   -    -                -    (5)
Net loss   -    -    -    -    -    -    -    (70,110)          (76)   (70,186)
Balance at March 31, 2021 (Unaudited)   -    -    140,549,783    14    1,383,029    (176,932)   -    (696,566)   -      (11,170)   675,307 
Exercise of warrants   -    -    71,428    -    500    -    -    -           -    500 
Recognition of debt discount on 2026 Convertible Notes   -    -    -    -    (113)   -    -    -           -    (113)
Exercise of stock options   -    -    508,664    -    1,200    -    -    -           -    1,200 
Stock-based compensation   -    -    -    -    24,431    -    -    -    -      -    24,431 
Other   -    -    (32,581)   -    2    -    -    -           -    2 
Net loss   -    -    -    -    -    -    -    (94,915)          (15)   (94,930)
Balance at June 30, 2021 (Unaudited)   -    -    141,097,294    14    1,409,049    (176,932)   -    (791,481)   -      (11,185)   606,397 
Issuance of common stock/At-the-market offering, net of offering costs   -    -    2,412,968    1    69,823    -    -    -           -    69,824 
Exercise of warrants   -    -    744,997    -    3,688    -    -    -           -    3,688 
Exercise of stock options   -    -    430,151    -    570    -    -    -           -    570 
Delivery of common stock underlying restricted stock units   -    -    51,216    -    -    -    -    -    -      -    - 
Stock-based compensation   -    -    -    -    12,667    -    -    -           -    12,667 
Net loss   -    -    -    -    -    -    -    (105,851)          (14)   (105,865)
Balance at September 30, 2021 (Unaudited)   -   $-    144,736,626   $15    1,495,797    (176,932)  $-   $(897,332)   -     $(11,199)  $587,281 

 

3
 

 

fuboTV Inc.

Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders’ Equity

Three and Nine Months Ended September 30, 2021 and 2020

(Unaudited)

(in thousands, except share and per share amounts)

 

   Shares   Amount   Shares   Amount   Capital   Deficit   Loss   Interest   Equity 
                           Accumulated         
                   Additional       Other       Total 
   Preferred stock   Common Stock   Paid-In   Accumulated   Comprehensive   Noncontrolling   Stockholders’ 
   Shares   Amount   Shares   Amount   Capital   Deficit   Loss   Interest   Equity 
Balance at December 31, 2019   -   $-    28,912,500   $        3   $257,002   $(56,123)  $       (770)  $      22,602   $          222,714 
Issuance of common stock for cash   -    -    795,593    -    2,297    -    -    -    2,297 
Issuance of common stock - subsidiary share exchange   -    -    1,552,070    -    1,150    -    -    (1,150)   - 
Common stock issued in connection with note payable   -    -    7,500    -    67    -    -    -    67 
Stock based compensation   -    -    1,040,000    -    10,061    -    -    -    10,061 
Deemed dividend related to immediate accretion of redemption feature of convertible preferred stock   -    -    -    -    (171)   -    -    -    (171)
Accrued Series D Preferred Stock dividends   -    -    -    -    (9)   -    -    -    (9)
Deconsolidation of Nexway   -    -    -    -    -    -    770    (2,595)   (1,825)
Net loss   -    -    -    -    -    (55,470)   -    (873)   (56,343)
Balance at March 31, 2020 (Unaudited)   -   $-    32,307,663   $3   $270,397   $(111,593)  $-   $17,984   $176,791 
Issuance of common stock for cash   -    -    3,906,313    1    478    -    -    -    479 
Issuance of common stock - subsidiary share exchange   -    -    1,201,749    -    892    -    -    (892)   - 
Common stock issued in connection with note payable   -    -    25,000    -    192    -    -    -    192 
Right to receive Series AA Preferred Stock in connection with acquisition of fuboTV Pre-Merger   32,324,362    566,124    -    -    -    -    -    -    566,124 
Settlement of share settled liability             900,000         9,054                   9,054 
Stock based compensation   -    -    343,789    -    8,715    -    -    -    8,715 
Deemed dividend related to immediate accretion of redemption feature of convertible preferred stock   -    -    -    -    -    126    -    -    126 
Accrued Series D Preferred Stock dividends   -    -    -    -    (8)   -    -    -    (8)
Net loss   -    -    -    -    -    (72,922)   -    (682)   (73,604)
Balance at June 30, 2020 (Unaudited)   32,324,362   $566,124    38,684,514   $4   $289,720   $(184,389)  $-   $16,410   $687,869 
                                              
Issuance of common stock for cash   -    -    2,162,163    -    20,000    -    -    -    20,000 
Issuance of common stock and warrants for cash   -    -    5,212,753    1    42,619    -    -    -    42,620 
Issuance of common stock to original owners of Facebank AG   -    -    1,200,000    -    12,395    -    -    -    12,395 
Exercise of stock options   -    -    226,740    -    324    -    -    -    324 
Common stock issued in connection with note payable             30,000    -    -    -              - 
Reclassification of warrant liabilities   -    -    -    -    13,535    -    -    -    13,535 
Stock-based compensation   -    -    15,000    -    6,305    -    -    -    6,305 
Redemption of redemption feature of convertible preferred stock   -    -    -    -    132    (126)   -    -    6 
Net loss   -    -    -    -    -    (274,117)   -    -    (274,117)
Balance at September 30, 2020 (Unaudited)   32,324,362   $566,124    47,531,170   $5   $385,030   $(458,632)  $-   $16,410   $508,937 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

4
 

 

fuboTV Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands, except share and per share amounts)

 

           
  

For the Nine Months Ended

September 30,

 
   2021   2020 
Cash flows from operating activities          
Net loss  $(270,981)  $(404,064)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization   27,788    34,050 
Stock-based compensation   46,472    24,081 
Impairment expense intangibles   -    88,059 
Impairment expense goodwill   -    148,622 
Loss on deconsolidation of Nexway, net of cash retained by Nexway   -    8,564 
Loss on issuance of common stock and warrants   -    13,507 
Loss on extinguishment of debt   380    9,827 
Common stock issued in connection with note payable   -    67 
Gain on sale of assets   -    (7,631)
Non-cash expense relating to issuance of warrants and common stock   -    2,209 
Amortization of debt discount   10,693    12,271 
Deferred income tax benefit   (1,733)   (20,589)
Change in fair value of derivative liability   -    426 
Change in fair value of warrant liabilities   2,114    (9,146)
Change in fair value of shares settled liability   -    1,665 
Change in fair value of profit share liability   -    148 
Unrealized gain on investment   -    (2,614)