Fubotv Inc at Evercore TMT Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : Let's start at a high level. I think most people know what fuboTV is.

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : Yes. But I guess the question is, what is in your view the differentiated value proposition? So a lot of times, you're compared to perhaps a Hulu or Google. So walk us through that, why fubo?

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : That makes sense. If we double down -- double-click on product. So you mentioned Multiview framing, et cetera, some examples. How hard is that for someone like a Google or a Hulu to offer something similar?

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : That makes sense. And then one last one. The high level, where do you think we are in terms of the penetration rates with virtual MVPDs? It is clear that linear is shifting to streaming. How much of that will likely be virtual MVPDs versus pure ala carte, sort of?

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : It's too fragment for sports.

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : Okay. Let's turn to macro headwinds. A, what are you seeing today when you connect with advertisers, brand advertisers? What's the sentiment like today versus, call it, a month ago or even a quarter ago? Has that changed?

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : Okay. When you think about the back half of this year and even next year, what do you -- what are some of the puts and takes in terms of the macro environment in terms of consumer demand, in terms of seasonality. Could you touch on the all 3. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2022 / 6:15PM, FUBO.N - Fubotv Inc at Evercore TMT Conference

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : That makes sense. Going back to your Analyst Day, which you just talked about. You shared some 2025 targets for subscribers, ad ARPU and free cash flow that you want to be positive free cash flow, right? Let's touch on each of those. So let's start with free cash flow. The business is evolving to some degree when you think about the wagering piece as well. So could you talk about how you're thinking about it right now, what the options are for that business? And what gives you most confidence in your path to getting to positive free cash flow?

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : Before we get to the free cash flow, just a follow-up on this is, well, so where are your -- internally, where are your efforts focused on right now? So you've put this in strategic review. We're not sure what will happen, but...

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : Right. But what does the strategic partnership mean for example?

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : Yes, exactly. So which option will happen -- we are not sure, but...

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : Is open?

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : Right. I guess the question is how much -- how focused are you and your teams on wagering now versus, call it, before you decided that it would be in your strategic review? Anything internally changed? Are you more focused on other growth initiatives? Or is it the same?

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : Okay. Can we move on to -- oh, no, positive free cash flow.

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : And SAC is the subscriber acquisition cost.

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : Makes sense. Did I hear you right on June through September, you've seen improving trends on the advertising demand? And if so, what do you think is driving that? Is it that your engagement is getting better on the platform? Is it that there's less pessimism about the macro? What is driving that?

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : It's a good game. I think the Bulls are playing the Rams.

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : And we are here talking about brand marketers, we're doing video. And that sentiment has improved through September, and that makes sense. When you say -- so I've got 2 questions. One is, you said $20 CPM. How have they trended for you? And they can get to $30, but how they trended so far?

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : The new inventory that (inaudible)

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : Makes sense. So your CPMs have been growing at around 5%?

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : You've got Ryan Reynolds, new inventory, fast channels, the shift to sports, that has higher inventory on your ad tech, this combination to drive your CPM, right? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2022 / 6:15PM, FUBO.N - Fubotv Inc at Evercore TMT Conference

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : Okay. When you think about supply growth, this is a high-level question for you on the industry given your experience. When there's more supply coming in, what do you think will happen to overall CPM? So I'm referring to Netflix entering as supported Disney+, et cetera. There is some debate on more supply good pressure CPMs, but you could have a different point of view. What is your thought?

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : You think they'll get that?

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : Where are they getting the $60 to $65 from?

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : Well, I heard that HBO may be getting something similar like $50 to $60.

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : Okay. Well, I didn't realize -- what's that?

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : Yes. I did not realize we are almost out of time, but I guess, I'll finish with 1 last question. What are you most excited about when it comes to approval. Market is different now than it was before. Things have changed and new business has evolved. What excites you the most today? Where are you spending more time?

Question: Shweta R. Khajuria - Evercore ISI Institutional Equities, Research Division - Analyst : It should be exciting. David Gandler and John Janedis from fubo, thank you so much.