Prepared Highlights
- Q1 2026是合并后首个完整季度；备考口径下，过去12个月北美收入62亿美元，期末订阅用户620万（CEO）。
- 备考Q1北美收入16.8亿美元，同比增长6%（CFO）；报告收入15.4亿美元（同比对比基数为11.1亿美元）（CFO）。
- 备考调整后EBITDA为4140万美元，较上年同期的2200万美元几乎翻倍（CFO）。
- 备考净亏损4640万美元，较上年同期的1.304亿美元大幅收窄（CFO）；报告净亏损1910万美元，优于上年同期的3860万美元（CFO）。
- 期末现金、现金等价物及受限现金为4.586亿美元（CFO）；运营现金流受合并后应收账款增加影响，预计后续季度恢复正常（CFO）。
- 备考每股亏损0.02美元，基于3.519亿股A类股和9.479亿股B类股（投票权股）（CFO）。
- 整合三阶段：Stage 1（广告技术迁移至迪士尼广告服务器，本月上线，预计提升CPM和填充率）；Stage 2（Fubo Sports通过ESPN商务流程销售，降低用户获取成本）；Stage 3（内容成本效率与组合优化）（CEO）。
- 拉丁裔客户产品订阅创下Fubo历史新高（CEO）；Hulu Live于1月推出西班牙语套餐（CEO）。
- NBCU内容移除后用户影响“温和且好于预期”，公司下调Fubo定价并引导用户转向Peacock（CEO）。
- 宣布计划于2026财年第二季度末前实施反向股票分割（CFO）。
官方指引：未提供下季度或全年量化指引；2026年核心方向为“增长”，聚焦订阅用户扩张、差异化体育内容和分销合作（CEO）。
管理层引述：
- “Q1 marked our first as the owner of Hulu Live, and it validated the strategic rationale behind the combination.”（CEO）
- “We believe this reflects the resilience of our sports-focused value proposition, the actions we took to preserve consumer value... and customers' ability to supplement Fubo with Peacock.”（CEO，关于NBC内容移除）
- “Comcast indicated that they are satisfied with their existing Hulu Live arrangement and do not intend to engage in renewal discussions on the Fubo side at this time.”（CEO）
- “Our 2026 North Star is simple: growth.”（CEO）
- “We delivered positive pro forma adjusted EBITDA of $41.4 million, nearly doubling from $22 million in the prior year period.”（CFO）
Prepared Metrics
| Metric | Value | Speaker/Context |
|---|
| Pro Forma North America Revenue (Q1) | $1.68B, +6% YoY | CFO |
| Pro Forma Adjusted EBITDA (Q1) | $41.4M | CFO |
| Pro Forma Net Loss (Q1) | -$46.4M | CFO |
| Reported Net Loss (Q1) | -$19.1M | CFO |
| EPS (Diluted) | -$0.02 | CFO |
| Cash & Equivalents (end of Q1) | $458.6M | CFO |
| North America Subscribers (pro forma, end of Q1) | ~6.2M | CEO |
| Trailing 12-Month Pro Forma Revenue | $6.2B | CEO |
| Trailing 12-Month Pro Forma Adjusted EBITDA | $77.9M | CEO |
Q&A Batch (1-5 of 5)
Q1 — David Joyce
- Topic: NBC体育版权流失与内容合作关系
- Key points:
- Fubo基期用户同比增长3%，尽管失去NBC超过4周
- 与MLB、迪士尼、福克斯、CBS等主要内容合作仍活跃；NBC仍在Hulu Live上可用
- 拉丁裔套餐达到历史最高用户数；总用户超600万，为美国第二大VMVPD
- Mgmt stance: bullish — 流失后仍实现增长，合作关系稳固
Q2 —
Q&A Batch (6-9 of 9)
Q6 — Douglas Arthur
- Topic: Revenue reconciliation between reported and pro forma, impact of Hulu Live closing
- Key points:
- Difference between reported and pro forma revenues is ~$134 million, attributed to Hulu Live being the accounting acquirer (reported 3 months of Hulu Live + ~2 months + a few days of Fubo).
- Fubo revenue included only ~28 days of October in the stub period.
- Fubo standalone business had a better subscriber outcome than expected, flowing through the P&L.
- Mgmt stance: Neutral — John Janedis confirmed the delta but declined to provide further breakdown on the 8-K, suggesting offline discussion.
Q7 — Laura Martin
- Topic: Disney CEO succession (Josh D'Amaro) and potential impact on Fubo
- Key points:
- Disney confirmed appointment of Josh D'Amaro as next CEO (succeeding Bob Iger), interpreted by analyst as signaling Disney as a parks company.
- David Gandler noted Disney is still working on unifying its technology stack into one app; no short-term impact expected on Fubo.
- Fubo is having conversations with ESPN and Hulu teams; Board focused on talking to right people to grow the business.
- Mgmt stance: Neutral — no immediate changes seen, but outcome is “yet to be determined.”
Q8 — Laura Martin (continued)
- Topic: Next-generation consumer innovation to close subscriber gap with YouTube TV (10M subs vs. Fubo 6.2M subs)
- Key points:
- Focus areas: mobile app relaunch (significant trial users enter via mobile), leveraging Disney/ESPN capabilities (fantasy business with 10M+ users, betting capabilities).
- Highlight generation and DVR experience for sports are key innovation areas.
- Betting not off the table, but early stage (only months of talks with Disney/ESPN); Fubo has strong engineering and product DNA.
- Mgmt stance: Bullish — David Gandler expressed excitement about opportunities, describing Disney as “a kid in a candy store” for a sports platform.
Q9 — David Joyce
- Topic: Disney shelf filing and guidance philosophy
- Key points:
- 2-year lockup (standstill) remains in place; shelf filing was routine housekeeping after Hulu Live closing, registering Disney shares but not changing the 24-month restriction.
- No guidance guardrails yet; factors like timing of ESPN agreement and NBC programming impact subs and revenue; only 98 days into the combination.
- Reverse split was part of corporate hygiene to align with operational scale, reduce volatility, and attract institutional investment.
- Mgmt stance: Neutral on guidance (needs more time); bullish on reverse split (preparing for bright future).