Segments

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segments

Segments

Prior to the third quarter of 2021, the Company operated its business and reported its results through a single reportable segment. As a result of the launch of the Company’s Online Sportsbook, the Company began to operate its business and report its results through two operating and reportable segments: streaming and wagering. During the fourth quarter of 2022, the Company ceased operation of its Online Sportsbook in connection with the dissolution of Fubo Gaming. As a result, the Company expects it will begin to report its results through a single reportable segment effective in the first quarter of 2023.

Operating segments are components of the Company for which separate discrete financial information is available to and evaluated regularly by the CODM, who is the Company’s Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The CODM assesses a combination of metrics such as revenue and adjusted operating expenses to evaluate the performance of each operating and reportable segment.

The following tables set forth our financial performance by reportable segment for the three and nine months ended September 30, 2022 (in thousands). Comparable information for the three and nine months ended September 30, 2021 is not presented because the Online Sportsbook had not commenced operations during the three and nine months ended September 30, 2021.

	Three Months Ended September 30, 2022
	Streaming		Wagering		Total
Revenue	$	224,989	$	(176)	$	224,813
Adjusted operating expenses
Subscriber related expenses	214,450		—		214,450
Broadcasting and transmission	16,608		—		16,608
Sales and marketing	49,857		2,684		52,541
Technology and development	15,249		2,303		17,552
General and administrative	11,783		4,597		16,380
Depreciation and amortization	8,408		113		8,521
Impairment of goodwill, intangible assets and other long-lived assets	—		35,454		35,454
Total adjusted operating expenses	316,355		45,151		361,506
Stock-based compensation					13,636
Other expense					2,809
Loss before income taxes	$	(91,366)	$	(45,327)	$	(153,138)

	Nine Months Ended September 30, 2022
	Streaming		Wagering		Total
Revenue	$	689,381	$	(659)	$	688,722
Adjusted operating expenses
Subscriber related expenses	678,935		—		678,935
Broadcasting and transmission	54,062		—		54,062
Sales and marketing	107,501		8,883		116,384
Technology and development	46,896		7,414		54,310
General and administrative	49,228		11,966		61,194
Depreciation and amortization	28,174		328		28,502
Impairment of goodwill, intangible assets and other long-lived assets	—		46,136		46,136
Total adjusted operating expenses	964,796		74,727		1,039,523
Stock-based compensation					47,294
Other expense					12,892
Loss before income taxes	$	(275,415)	$	(75,386)	$	(410,987)

	September 30, 2022
	Streaming		Wagering		Total
Total Assets	$	1,224,711	$	43,316	$	1,268,027
Total Goodwill	$	607,223	$	—	$	607,223
Total Intangibles, net	$	177,708	$	25,224	$	202,932

The following tables set forth our financial performance by geographical location (in thousands):

	Total Revenue				Total Assets
	Three Months Ended September 30, 2022		Nine Months Ended September 30, 2022		September 30, 2022
United States	$	214,245	$	665,493	$	1,224,711
Rest of world	10,568		23,229		43,316
Total	$	224,813	$	688,722	$	1,268,027