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2021-08-17
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FuboTV: Continued Progress On The March To Profitability<blockquote>富博TV：盈利之路持续推进</blockquote>
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Each quarter, fuboTV has only continued to prove critics wrong as the company maintains putting up numbers showing a strong march toward profitability.</p><p><blockquote>我上次在 5 月份发布有关 fuboTV（纽约证券交易所股票代码：FUBO）的信息时，该股的交易价格为 21.72 美元，并且发布了强劲的第一季度收益报告，在收益发布后的第二天，该股上涨了 10%。每个季度，fuboTV 都继续证明批评者是错误的，因为该公司不断公布数据，显示其在盈利方面取得了强劲进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10c059c77020997d84e21eeff219cba5\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Fubo's investing thesis is based on the company producing both strong revenue growth and eventually reaching profitability through the contribution from at least three major revenue sources which currently are:virtual MVPD subscriptions, CTV advertising, and the eventual launch of real-money wagering.</p><p><blockquote>Fubo 的投资论点是基于该公司通过至少三个主要收入来源的贡献实现强劲的收入增长并最终实现盈利，这三个主要收入来源目前是：虚拟 MVPD 订阅、CTV 广告以及最终推出真钱赌博。</blockquote></p><p> As we've cited previously, our strategy is rooted in the intersection of 3 megatrends: the secular decline of traditional television, the shift of TV ad dollars to connected devices; and online sports wagering, a market opportunity which we believe complements our sports-first live TV streaming platform. We are laser-focused on staying ahead of these trends. Source: fuboTV CEO David Gandler -Q2 2021 Earnings Call The key things investors should look for in fuboTV's quarterly results to determine whether the company is on the path of maintaining strong growth and eventually scaling to profitability are:</p><p><blockquote>正如我们之前提到的，我们的战略植根于三个大趋势的交汇点：传统电视的长期衰落，电视广告资金向联网设备的转移；以及在线体育博彩，我们相信这是一个市场机会，可以补充我们的体育优先直播电视流媒体平台。我们专注于保持领先于这些趋势。资料来源：fuboTV 首席执行官 David Gandler -2021 年第二季度收益看涨期权 投资者应该从 fuboTV 的季度业绩中寻找关键内容，以确定该公司是否走在保持强劲增长并最终实现盈利的道路上：</blockquote></p><p> <ul> <li>Strong Paid subscriber growth</li> <li>Strong vMVPD market share growth</li> <li>Strong Advertising ARPU (Average Revenue Per User) growth</li> <li>Strong Total ARPU (Average Revenue Per User) growth</li> <li>Continued growth in the Contribution Margin</li> <li>The successful launch of Fubo Sportsbook with real-money wagering.</li> </ul> This article will go through fuboTV's latest earnings and showing how the company is making tangible progress on all three revenue fronts.</p><p><blockquote><ul><li>付费用户强劲增长</li><li>vMVPD 市场份额强劲增长</li><li>广告ARPU（每用户平均收入）强劲增长</li><li>总 ARPU（每用户平均收入）强劲增长</li><li>贡献率持续增长</li><li>富博体育博彩真钱投注的成功推出。</li></ul>本文将介绍 fuboTV 的最新收益，并展示该公司如何在所有三个收入方面取得切实进展。</blockquote></p><p> <b>Figuring Out the Secret Sauce</b></p><p><blockquote><b>找出秘制酱汁</b></blockquote></p><p> Ever since Dish (NASDAQ:DISH) started the concept of the \"skinny bundle\" with the first vMPVD called SlingTV, companies have been searching for ways to make the concept profitable.</p><p><blockquote>自从 Dish（纳斯达克股票代码：DISH）推出第一个名为 SlingTV 的 vMPVD 以来，各公司一直在寻找使这一概念盈利的方法。</blockquote></p><p> Part of the problem with vMVPDs is that they all have high variable costs, in the form of high content expenses, that cause very low gross margins. Most vMVPDs are structurally unprofitable because the variable (content) costs are sometimes even greater than the price of their subscription fees, consequently, even at scale most vMVPDs would have a profitability problem because scaling the business would only cover costs that are fixed.</p><p><blockquote>VMVPD的部分问题是，它们都有很高的可变成本，以高内容费用的形式出现，导致毛利率非常低。大多数VMVPD在结构上是无利可图的，因为可变（内容）成本有时甚至高于其订阅费的价格，因此，即使在规模上，大多数VMVPD也会存在盈利问题，因为扩展业务只能覆盖固定成本。</blockquote></p><p> In order for most vMVPDs to become profitable, they would have to lower content costs or raise subscription prices. Lowering content costs, more often than not, involves getting rid of expensive content. The problem is the most expensive content is often what the viewers most want to see and when that content is eliminated, it often causes churn and costs the vMVPDs a loss of subscribers.</p><p><blockquote>为了让大多数VMVPD盈利，他们必须降低内容成本或提高订阅价格。降低内容成本通常涉及摆脱昂贵的内容。问题是最昂贵的内容通常是观众最想看到的，当这些内容被淘汰时，它通常会导致客户流失，并使vMVPDs失去订户。</blockquote></p><p> If a vMVPD goes the other route and raises subscription prices, many are finding out that they don't have a lot of pricing power for the content that they are offering. Maybe only two companies, in the general entertainment space in Connected TV, have pricing power and that is Netflix(NASDAQ:NFLX)and Disney(NYSE:DIS). So many vMVPDs are stuck between a rock and a hard place.</p><p><blockquote>如果vMVPD走另一条路，提高订阅价格，许多人会发现他们对他们提供的内容没有太大的定价权。在联网电视的一般娱乐领域，也许只有两家公司拥有定价权，那就是 Netflix（纳斯达克股票代码：NFLX）和迪士尼（纽约证券交易所股票代码：DIS）。如此多的vMVPDs被困在岩石和坚硬的地方之间。</blockquote></p><p> So, what's the solution?</p><p><blockquote>那么，解决办法是什么？</blockquote></p><p> I don't know if fuboTV management logically thought it out or just simply accidently discovered it but the viewing public does have a thirst for live TV. When Netflix first arose as a streaming phenomenon, they pretty much began to dominate every category of TV viewing but the one area Netflix left alone was live TV, made up primarily of sports and news.</p><p><blockquote>我不知道fuboTV管理层是逻辑上想出来的，还是只是偶然发现的，但观众确实渴望电视直播。当网飞第一次作为流媒体现象出现时，它们几乎开始主导电视观看的每一个类别，但网飞只剩下一个领域是直播电视，主要由体育和新闻组成。</blockquote></p><p></p><p> FuboTV started as a soccer streaming service, and then changed to an all-sports service in 2017. So, fuboTV was born as a live streaming service and while fuboTV does offer general scripted entertainment today, they still brand themselves as a \"Sports First\" and a live TV service. In Q2, 94% of Fubo's content was viewed on a big-screen connected TV and 89% of that viewing was for live content.</p><p><blockquote>FuboTV最初是一家足球流媒体服务，然后在2017年改为全体育服务。因此，fuboTV诞生于一个直播流媒体服务，虽然fuboTV今天确实提供一般的脚本娱乐，但他们仍然将自己定位为“体育第一”和直播电视服务。在第二季度，富博94%的内容是在大屏幕联网电视上观看的，其中89%的观看是直播内容。</blockquote></p><p> One reason why live content is important for fuboTV is that there is a ton of competition among vMVPDs that offer mostly scripted content. There is a lot less competition among vMVPDs that have a focus on providing more live content for sports and news.</p><p><blockquote>直播内容对fuboTV很重要的一个原因是，主要提供脚本内容的vMVPDs之间存在大量的竞争。专注于为体育和新闻提供更多直播内容的vMVPDs之间的竞争要少得多。</blockquote></p><p> So, fuboTV fits right into an opening that Netflix left wide open. Also, unlike more general entertainment, there is some emerging evidence that sports viewing has some pricing power and the popularity of sports (especially the NFL and Soccer) is also helping fuboTV gain market share against other vMVPDs.</p><p><blockquote>因此，fuboTV正好适合网飞留下的大门。此外，与更一般的娱乐不同，有一些新的证据表明，体育观看具有一定的定价权，体育（尤其是 NFL 和足球）的流行也有助于 fuboTV 相对于其他 VMVPD 获得市场份额。</blockquote></p><p> Investors that have read FuboTV's S-1, might realize that the company had a plan from the beginning to pay a majority of their variable (content) costs through subscription revenue and then later become profitable through adding a combination of higher margin revenue sources that include advertising, real money wagering and other additional services/content. The company is still in the relative early stages of implementing that plan, which is why I still consider fuboTV a speculative stock.</p><p><blockquote>读过FuboTV的S-1的投资者可能会意识到，该公司从一开始就计划通过订阅收入支付大部分可变（内容）成本，然后通过增加更高利润率的收入来源（包括广告、真钱赌博和其他附加服务/内容）来实现盈利。该公司仍处于实施该计划的相对早期阶段，这就是为什么我仍然认为 fuboTV 是一只投机股票。</blockquote></p><p> <b>FuboTV Q2 2021 Earnings Report</b></p><p><blockquote><b>富博TV 2021年第二季度收益报告</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b001cc03e46cb7bef17b78ec5e028615\" tg-width=\"640\" tg-height=\"353\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Earnings Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：FuboTV 2021 年第二季度收益幻灯片</span></p></blockquote></p><p> FuboTV delivered triple-digit year-over-year growth in total paid subscribers, which was up 138% to 681,721 compared to just 31% growth for the entire virtual MVPD market over the same period. Overall, subscriber growth was driven by cord cutters increasingly choosing fuboTV over more expensive legacy pay-TV services or other vMVPDs.</p><p><blockquote>FuboTV的付费用户总数同比增长了三位数，增长了138%，达到681，721人，而同期整个虚拟MVPD市场仅增长了31%。总体而言，用户增长是由有线电视用户越来越多地选择 fuboTV 而不是更昂贵的传统付费电视服务或其他 VMVPD 推动的。</blockquote></p><p> Secondarily, Q2 2021 subscriber growth was driven by a heavy sports calendar and expanded smart TV distribution which helped increase the net subscriber additions by 91,291, compared to last year's Q2 sequential decline of approximately 1,000 subscribers, a number that last year was largely affected by the pandemic shutting down most sporting events. This year's heavy sports calendar includedfuboTV's exclusive streamsof the South American Qatar World Cup qualifying matches (CONMEBOL).</p><p><blockquote>其次，2021 年第二季度订户增长是由繁忙的体育日历和扩大的智能电视分销推动的，这有助于净订户增加 91,291 人，而去年第二季度订户减少了约 1,000 人，这一数字去年在很大程度上受到了疫情关闭大多数体育赛事的影响。今年的重型体育赛事日历包括FUBOTV对南美卡塔尔世界杯预选赛(CONMEBOL)的独家直播。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b6ff85451655b7867e1030f5b2b36c26\" tg-width=\"640\" tg-height=\"412\" width=\"100%\" height=\"auto\"><span>Source:fuboTV Q2 2021 Shareholder Letter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：富博电视2021年第二季度股东信</span></p></blockquote></p><p> FuboTV also showed <b>strong increases in engagement</b> with users (both paid and trial) streaming over 245 million hours, up 148% year-over-year. Fubo MAUs (Monthly Active Users) watched a total of 134 hours per month per user on average in the quarter. According to management, the strong engagement numbers were driven by product enhancements, content personalization and improvements to fuboTV's technology and platform infrastructure.</p><p><blockquote>FuboTV还显示<b>参与度大幅增加</b>用户（包括付费和试用）流媒体播放时间超过2.45亿小时，同比增长148%。本季度，Fubo MAU（月活跃用户）平均每个用户每月观看134小时。据管理层称，强劲的参与度是由产品增强、内容个性化以及fuboTV技术和平台基础设施的改进推动的。</blockquote></p><p> Our <b>impressive engagement metrics</b>, particularly the number of hours viewed, indicate that consumers prefer a holistic content bundle with a wide assortment of premium content. In our view, we are still in the early days for virtual MVPDs, and our category will continue to gain popularity. Source: fuboTV CEO David Gandler -Q2 2021 Earnings Call Among the reasons that David Gandler thinks it is early days for vMVPDs is because he believes that there will be a major shift in the TV industry back to content \"bundling\". Gandler believes that the proliferation of SVOD or Subscriber Video on Demand services (Ex. Netflix, Disney+) will become increasingly too costly for consumers. There is already some evidence of that particular sentiment becoming true. According to a global survey from Apester, 60.1% of people are sick of so many streaming services.</p><p><blockquote>我们的<b>令人印象深刻的参与度指标</b>，特别是观看的小时数，表明消费者更喜欢具有各种优质内容的整体内容包。在我们看来，我们仍处于虚拟MVPD的早期阶段，我们的类别将继续受到欢迎。资料来源：fuboTV 首席执行官 David Gandler -2021 年第二季度收益 看涨期权 David Gandler 认为 VMVPD 还处于早期阶段的原因之一是，他相信电视行业将发生重大转变，回到内容“捆绑”。甘德勒认为，SVOD或用户视频点播服务（例如网飞、迪士尼+）的激增对消费者来说将变得越来越昂贵。已经有一些证据表明这种特殊的情绪正在成为现实。根据Apester的一项全球调查，60.1%的人厌倦了如此多的流媒体服务。</blockquote></p><p> In the earnings call, David Gandler mentions that consumers are experiencing fatigue from managing too many subscriptions, which is some cases cost more than the original legacy cable bundle that forced consumers to cut the cord in the first place. In my opinion, I believe the TV industry will increasingly consolidate content and/or the concept of \"bundling\" will return, only it will be this time on CTV, instead of cable.</p><p><blockquote>在财报看涨期权中，大卫·甘德勒提到，消费者因管理过多的订阅而感到疲劳，在某些情况下，订阅的成本比最初迫使消费者切断电缆的传统有线电视捆绑还要高。在我看来，我相信电视行业将越来越多地整合内容和/或“捆绑”的概念将回归，只是这一次将是在CTV，而不是有线电视。</blockquote></p><p> FuboTV's <b>total Q2 revenue growth was up 196% YoY</b> to $130.9 million and advertising revenue was up 281% to $16.5 million. FuboTV has increased their total revenue YoY growth number in every quarter since the company gave their first pro-forma Q3 2020 revenue growth numbers of 71%.</p><p><blockquote>富博电视台的<b>第二季度总收入同比增长 196%</b>达到 1.309 亿美元，广告收入增长 281%，达到 1650 万美元。自该公司首次公布 2020 年第三季度 71% 的预计收入增长数据以来，FuboTV 每个季度的总收入同比增长数据都有所增加。</blockquote></p><p></p><p> Growth in advertising revenue is also an important aspect for Fubo because capturing the shift of <b>higher margin</b> TV advertising dollars from Linear TV to connected devices is part of the second leg of fuboTV's overall strategy to eventually become profitable.</p><p><blockquote>广告收入的增长也是富博的一个重要方面，因为捕捉<b>更高的利润率</b>从线性电视到互联设备的电视广告收入是 fuboTV 最终实现盈利的整体战略第二阶段的一部分。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6c0253ae9912e4bfe8e06a6e80a4cb0f\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Earnings Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：FuboTV 2021 年第二季度收益幻灯片</span></p></blockquote></p><p> Advertising accounted for 13% of total revenue in the Q2 2021, compared to 10% in the Q2 2020. Fubo's advertising ARPU was up 62% year-over-year to $8.70, and increased 22% sequentially. This is absolutely spectacular growth in ARPU. Rising advertising ARPU for a company like Fubo is an indication that the company's viewers are being seen as being more valuable by advertisers.</p><p><blockquote>2021 年第二季度，广告占总收入的 13%，而 2020 年第二季度为 10%。富博的广告ARPU同比增长62%至8.70美元，环比增长22%。这绝对是ARPU的惊人增长。对于像 Fubo 这样的公司来说，广告 ARPU 的上升表明该公司的观众被广告商视为更有价值。</blockquote></p><p> FuboTV is currently growing their national ad sales team to address what the company calls \"significant demand in the marketplace\". FuboTV's advertiser base consists of Fortune 500 companies and blue-chip national brands that have observed that FUBO has attracted a very <b>highly engaged premium audience</b>. Advertisers like the fact that they can highly target a growing premium audience with Fubo'sfirst-partyaddressable data. Brands also find advertising on the Fubo platform very attractive because CTV allows the effectiveness of ads on the platform to be precisely measured, which is an advantage over cable TV.</p><p><blockquote>FuboTV目前正在扩大其全国广告销售团队，以满足该公司评级的“市场上的巨大需求”。FuboTV的广告客户群体由财富500强公司和蓝筹民族品牌组成，他们观察到FuboTV吸引了许多<b>高度参与的优质受众</b>.广告商喜欢这样一个事实，即他们可以利用Fubo的第一方可寻址数据高度锁定不断增长的优质受众。品牌也发现富博平台上的广告非常有吸引力，因为CTV允许精确衡量平台上广告的效果，这是有线电视的优势。</blockquote></p><p> <b>Expenses</b></p><p><blockquote><b>支出</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d48c1682b13fb5b019a05ec4ca1bfc25\" tg-width=\"640\" tg-height=\"263\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Shareholder Letter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：富博电视2021年第二季度股东信</span></p></blockquote></p><p> Fubo's <b>subscriber-related expenses</b>, which <b>primarily consist of content cost</b>, accounted for 92% of total revenue in the quarter, an improvement of 28 percentage points compared to the year prior. This shows that FUBO has gotten better about managing content costs over the past year.</p><p><blockquote>伏波的<b>订户相关费用</b>，其中<b>主要包括内容成本</b>占当季总收入的92%，同比提升28个百分点。这表明，在过去的一年里，富博在管理内容成本方面变得越来越好。</blockquote></p><p> Subscriber-related expenses can also be considered cost of sales or cost of revenues. Using the formula,<b>Gross Profit = Revenue - Cost of Sales</b>, FUBO had a Gross Profit of $10.38 million, making Gross margins around 8%.</p><p><blockquote>与用户相关的费用也可以被视为销售成本或收入成本。使用公式，<b>毛利=收入-销售成本</b>富博的毛利润为1038万美元，毛利率约为8%。</blockquote></p><p> These low gross margins are among the things critics don't like about fuboTV. The vMVPD subscriber revenue portion of the business carries very low gross margins and the situation won't markedly improve until the company increases its percentage of product revenue that have much higher gross margins, like the advertising, interactive products and the real-money wagering portions of the business.</p><p><blockquote>这些低毛利率是批评者不喜欢fuboTV的地方之一。该业务的 vMVPD 用户收入部分的毛利率非常低，除非该公司提高毛利率更高的产品收入百分比，例如广告、互动产品和真钱投注业务部分，否则这种情况不会明显改善。</blockquote></p><p> FuboTV's operating expenses in Q2 was $211.95 million. Operating expenses as a percentage of revenue in the second quarter improved 97 percentage points from 252% in Q2 2020 to 155% in 2Q 2021, showing that the company is improving its operating leverage.</p><p><blockquote>FuboTV第二季度的运营费用为2.1195亿美元。第二季度运营费用占收入的百分比从2020年Q2的252%提高至2021年Q2的155%，提高了97个百分点，表明公司正在提高运营杠杆率。</blockquote></p><p> One important aspect of the operating expenses is Fubo's investment in S&M, which came in at $21.51 million in Q2 or 16% of revenue, down sequentially from 18% of revenue in the first quarter of 2021. So, the company is also becoming more efficient in how they deploy sales and marketing dollars, while still achieving strong subscriber growth and lowering churn by 203 basis points year-over-year.</p><p><blockquote>运营费用的一个重要方面是富博对 S&M 的投资，第二季度投资额为 2151 万美元，占收入的 16%，低于 2021 年第一季度收入的 18%。因此，该公司在如何部署销售和营销资金方面也变得更加高效，同时仍然实现了强劲的用户增长，并将客户流失率同比降低了 203 个基点。</blockquote></p><p> Currently, fuboTV shows an operating loss of $81.07 million in Q2 2021, compared to an operating loss of $67.29 million in Q2 2020. Investors should be aware that in the companiesS-1, the very first risk factor that fuboTV management included is this one:</p><p><blockquote>目前，fuboTV显示2021年Q2的运营亏损为8107万美元，而2020年Q2的运营亏损为6729万美元。投资者应注意，在 companiesS-1 中，fuboTV 管理层包含的第一个风险因素是：</blockquote></p><p> We have incurred operating losses in the past, expect to incur operating losses in the future and may never achieve or maintain profitability. Source:FuboTV S-1 Profitability is the major risk with FUBO and the progress toward profitability should be closely monitored by anyone investing in this company. However, the overall operating revenue numbers is not the best way to measure fuboTV's path to profitability, instead FuboTV uses a metric called Adjusted Contribution Margin.</p><p><blockquote>我们过往曾出现经营亏损，预期未来将出现经营亏损，且可能永远无法实现或维持盈利能力。资料来源：FuboTV S-1 盈利能力是 FUBO 的主要风险，任何投资该公司的人都应密切关注盈利能力的进展。然而，总体营业收入数据并不是衡量 FuboTV 盈利之路的最佳方式，而是 FuboTV 使用了一种称为调整后贡献率的指标。</blockquote></p><p> I first learned of the concept of Contribution Margin whenNetflix first started using the metricto better manage their content expenses (variable costs).Contribution margin analysisis a measure ofoperating leverage; it measures how growth in sales translates to growth in profits.</p><p><blockquote>当 Netflix 首次开始使用该指标来更好地管理其内容费用（可变成本）时，我第一次了解到贡献边际的概念。贡献边际分析是运营杠杆的衡量标准；它衡量销售增长如何转化为利润增长。</blockquote></p><p> FuboTV is essentially following Netflix's playbook with their use of the contribution margin both to measure their operating leverage and to better manage content expenses. In Q2, FuboTV had an Adjusted Contribution Margin of positive 8.3%, up 316 bps YoY from 5.1%. So Fubo's Adjusted Contribution Margin has been showing constant improvement over the last two years, another confirmation of improving operating leverage.</p><p><blockquote>FuboTV 本质上是在遵循 Netflix 的剧本，利用贡献利润率来衡量其运营杠杆并更好地管理内容费用。第二季度，FuboTV 调整后贡献率为正 8.3%，较 5.1% 同比增长 316 个基点。因此，富博的调整后贡献率在过去两年中不断提高，这再次证实了运营杠杆的提高。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/83025af4aa71f3ff8461f828279aa80e\" tg-width=\"640\" tg-height=\"350\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Earnings Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：FuboTV 2021 年第二季度收益幻灯片</span></p></blockquote></p><p> In addition to an expanding Adjusted Contribution Margin, fuboTV has grown their overall Average Revenue Per User (ARPU) 30% YoY to an impressive <b>$71.43,</b>which is a strong monetization number. Many people consider Roku's ARPU number as impressive andRoku grew their ARPU 46%to only <b>$36.46</b> (on a trailing 12-month basis) in their second quarter.</p><p><blockquote>除了不断扩大的调整后贡献率外，fuboTV 的整体平均每用户收入 (ARPU) 同比增长了 30%，达到了令人印象深刻的水平<b>$71.43,</b>这是一个强劲的货币化数字。许多人认为 Roku 的 ARPU 数据令人印象深刻，ARPU 仅增长了 46%<b>$36.46</b>（以过去 12 个月为基础）在第二季度。</blockquote></p><p> Adjusted EBITDA margin improved YoY from minus 95% to minus 36%. Net loss in Q2 was $94.9 million and EPS in the quarter was negative $0.68 compared to a loss of $2.08 in the second quarter of 2020. This missed analyst estimates by $0.18.</p><p><blockquote>调整后 EBITDA 利润率同比从负 95% 提高到负 36%。第二季度净亏损为9490万美元，本季度每股收益为负0.68美元，而2020年第二季度亏损2.08美元。这比分析师的预期低了 0.18 美元。</blockquote></p><p> Adjusted EPS in the second quarter 2021 was a loss of $0.38 beat analyst estimates by $0.11. Expenses incurred for the launch of the wagering business impacted EPS and adjusted EPS by $0.02 in the quarter.</p><p><blockquote>2021 年第二季度调整后每股收益亏损 0.38 美元，超出分析师预期 0.11 美元。推出博彩业务所产生的费用影响了每股收益，本季度调整后每股收益减少了 0.02 美元。</blockquote></p><p> <b>Balance Sheet</b></p><p><blockquote><b>资产负债表</b></blockquote></p><p> FUBO ended the quarter with $412 million in cash, cash equivalent and restricted cash.</p><p><blockquote>富博本季度末拥有 4.12 亿美元现金、现金等价物和受限制现金。</blockquote></p><p> FUBO has aquick ratioof 2.332. A company with a quick ratio of 1.0 and above can easily pay current liabilities.</p><p><blockquote>富博的快速比率为2.332。速动比率在1.0及以上的公司可以轻松支付流动负债。</blockquote></p><p> FUBO has aDebt-to-Equity ratioof 0.476, which is a measure of the ability to pay long term liabilities. Companies with a Debt-to-Equity ratio of less than 1.0, means a company tends to use more equity than debt to finance operations which is generally less risky than firms whose Debt-to-Equity ratio is greater than 1.0.</p><p><blockquote>富博的债务权益比率为0.476，这是衡量长期负债偿还能力的指标。债务权益比率低于 1.0 的公司意味着公司倾向于使用更多的股权而不是债务来为运营融资，而运营通常比债务权益比率大于 1.0 的公司风险更小。</blockquote></p><p> Operating cash flow in the quarter was negative $33.6 million, improving $20 million compared to the first quarter of 2021 and the number includes a $4.3 million negative impact from a payment associated with the buildup of the wagering business.</p><p><blockquote>本季度的运营现金流为负 3,360 万美元，比 2021 年第一季度增加了 2,000 万美元，该数字包括与博彩业务发展相关的付款产生的 430 万美元负面影响。</blockquote></p><p> <b>Guidance</b></p><p><blockquote><b>指导</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86f71e24685f80b82bdf502aafb3e065\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Shareholder Letter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：富博电视2021年第二季度股东信</span></p></blockquote></p><p> One important take-away from this guidance is that it doesn't include any revenue from the Fubo Sportsbook that's still expected to launch in Q4 and even without that addition, fuboTV increased their revenue and subscriber guidance for the full year 2021.</p><p><blockquote>从这一指导中可以得出的一个重要结论是，它不包括预计仍将在第四季度推出的Fubo Sportsbook的任何收入，即使没有这一补充，fuboTV也增加了2021年全年的收入和订户指导。</blockquote></p><p> <b>More On Advertising</b></p><p><blockquote><b>有关广告的更多信息</b></blockquote></p><p> Two things mentioned in the Q2 2021 Shareholder Letter that occurred in the quarter, was the launch of theBranded Content studioand the start of a first-party datapartnership with LiveRamp(NYSE:RAMP). Both news items were first announced beforethis year upfronts.</p><p><blockquote>本季度发生的 2021 年第二季度股东信中提到的两件事是品牌内容工作室的推出以及与 LiveRamp（纽约证券交易所股票代码：RAMP）建立第一方数据合作伙伴关系。这两项新闻都是在今年提前宣布的。</blockquote></p><p> The Branded Content Studio allows advertisers to be able to collaborate with fuboTV's creative team to build short or long form custom branded content to air on the Fubo Sports Network.</p><p><blockquote>品牌内容工作室允许广告商能够与fuboTV的创意团队合作，构建短或长形式的定制品牌内容，在Fubo体育网播出。</blockquote></p><p> The new data partnership with LiveRamp is designed to improve Fubo's existing addressable targeting capabilities by enabling advertisers to combine Fubo's first party data with LiveRamp's Advanced TV products, which include subscriber file matching, viewership and measurement with Data Plus Math.Data Plus Mathprovides media measurement and analytics to streaming services like FuboTV along with its advertising brand customers to determine which people are watching the ads, and matching it with other consumer behavior data.</p><p><blockquote>与 LiveRamp 的新数据合作伙伴关系旨在通过使广告商能够将 Fubo 的第一方数据与 LiveRamp 的高级电视产品相结合来提高 Fubo 现有的可寻址定位能力，其中包括用户文件匹配、收视率和使用 Data Plus Math 进行的测量。 Data Plus Math 为 FuboTV 等流媒体服务及其广告品牌客户提供媒体测量和分析，以确定哪些人正在观看广告，并将其与其他消费者行为数据进行匹配。</blockquote></p><p> We capitalized on the high demand for CTV in this year's upfront, with buyers seeking to reach our valuable cord-cutting audience of premium paying subscribers that can't be accessed via linear TV. FuboTV's concentration of live sports content also drove outperformance on advertising in the quarter. Source:FuboTV Q2 2021 Shareholder Letter <b>Wagering & Interactivity</b></p><p><blockquote>我们利用了今年前期对CTV的高需求，买家寻求接触我们宝贵的付费用户，即无法通过线性电视接触到的付费用户。FuboTV 对体育直播内容的集中也推动了本季度广告的优异表现。资料来源：富博电视2021年第二季度股东信<b>投注与互动</b></blockquote></p><p> Fubo indicated in their Shareholder Letter that are on schedule to launch Fubo Sportsbook app in the fourth quarter of this year and the CEO David Gandler also announced during the earnings call that Fubo added amarket access agreementfor their fourth state, Pennsylvania, through a partnership with theCordish Companies, a highly respected international developer of large-scale projects.</p><p><blockquote>Fubo在股东信中表示，他们计划在今年第四季度推出Fubo Sportsbook应用程序，首席执行官David Gandler还在财报看涨期权上宣布，Fubo通过与备受尊敬的国际大型项目开发商theCordish Companies合作，为他们的第四个州宾夕法尼亚州增加了市场准入协议。</blockquote></p><p> CEO David Gandler also revealed a video on the company'sQ2 2021 Earnings Live Video Webinaron how the Sportsbook app is designed to synch with what the user is watching on fuboTV at every moment. The app is designed this way, in order to provide a highly personalized interactive betting experience for the user.</p><p><blockquote>首席执行官大卫·甘德勒（David Gandler）还在公司2021年第二季度收益直播视频网络研讨会上透露了一段视频，内容是体育博彩应用程序如何设计成与用户在fuboTV上观看的内容同步。该应用程序是这样设计的，目的是为用户提供高度个性化的互动投注体验。</blockquote></p><p> FuboTV is all about enhancing interactivity and one of the ways that they have already done that is with their launch of predictive, free-to-play games.</p><p><blockquote>FuboTV致力于增强互动性，他们已经这样做的方式之一是推出预测性的免费游戏。</blockquote></p><p> In the Q2 Shareholder Letter, FUBO highlighted the fact that these free-to-play games are a key component of the company's overall wagering strategy because it is considered a potential customer on-ramp to the Sportsbook app and fuboTV, in general.</p><p><blockquote>在第二季度股东信中，富博强调，这些免费游戏是公司整体博彩战略的关键组成部分，因为总体而言，它被认为是体育博彩应用程序和富博电视的潜在客户入口。</blockquote></p><p></p><p> The company also plans to use the interactive, free-to-play games to measure the likelihood of customers to engage in even greater levels of interactivity on the Fubo platform. Additionally, free-to-play games have the potential to drive greater levels of adoption of the future wagering product.</p><p><blockquote>该公司还计划使用互动、免费游戏来衡量客户在富博平台上参与更高水平互动的可能性。此外，免费游戏有可能推动未来博彩产品的更高水平采用。</blockquote></p><p> Fubo's first stab at a free-to-play predictive game is theCONMEBOL Predictive Challengewhich tested a user's sports knowledge by presenting questions to be answered about each match in the South American Football Confederation (CONMEBOL) that occurred on June 3rd, 4th and 8th. The Challenge provided a chance to win a free year of fuboTV service<b>.</b></p><p><blockquote>Fubo第一次尝试免费玩的预测游戏是CONMEBOL预测挑战赛，它通过提出关于6月3日、4日和8日举行的南美足球联合会（CONMEBOL）每场比赛的问题来测试用户的体育知识。这项挑战提供了一个赢得一年免费富博电视服务的机会<b>.</b></blockquote></p><p> Fubo used their exclusive CONMEBOL coverage to beta test their interactive game, which Fubo had integrated into their core vMVPD platform. Like most beta tests, Fubo tested this gaming experience on a select group of users to gather data on usability and to optimize the experience ahead of launching the gaming experience to a wider audience.</p><p><blockquote>Fubo利用他们独家的CONMEBOL报道来测试他们的互动游戏，Fubo已经将其集成到他们的核心vMVPD平台中。与大多数beta测试一样，Fubo在选定的用户组上测试了这种游戏体验，以收集可用性数据，并在向更广泛的受众推出游戏体验之前优化体验。</blockquote></p><p> Another beta test that Fubo conducted was the new FanView feature, which is a user-initiated feature that shows supplemental, interactive information, like live game stats and scores. FanView screens are located next to and under a reduced-size video player.</p><p><blockquote>Fubo进行的另一个beta测试是新的FanView功能，这是一个用户发起的功能，显示补充的交互式信息，如现场游戏统计数据和分数。FanView屏幕位于缩小尺寸的视频播放器旁边和下方。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0620209ed3727c3f6307fd4eb9dd720\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Source:FuboTV</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FuboTV</span></p></blockquote></p><p> As expected, gaming proved extremely popular across the subset of users with whom we conducted our test. We saw a nice lift in viewership, with subscribers who engaged in free gaming watching CONMEBOL content for <b>significantly more time per user</b> than those that did not play. Source:FuboTV Q2 2021 Shareholder Letter Fubo also indicated that they plan on launching the above features of interactive, free-to-play gaming and FanView to all fuboTV subscribers on multiple sports this fall. I also don't think this will be the last innovative \"first mover\" type features that fuboTV will release in the future either.</p><p><blockquote>正如预期的那样，游戏在我们进行测试的用户子集中非常受欢迎。我们看到收视率有了很好的提升，参与免费游戏的订户观看了南美足联的内容<b>每个用户的时间显著增加</b>比那些不玩的人。资料来源：FuboTV 2021 年第二季度股东信 Fubo 还表示，他们计划今年秋季向所有 FuboTV 订户推出上述互动、免费游戏和 FanView 功能，涵盖多种体育项目。我也不认为这将是fuboTV未来发布的最后一个创新的“先行者”类型的功能。</blockquote></p><p> Fubo management has made commentary since theirS-1, that they were focused on building applications in traditional entertainment, sports entertainment, live events, social networking, mixed reality (AR/VR) and artificial intelligence. That focus has led the company to currently building a personalized and interactive streaming experience that the company credits for their current ability to capture market share.</p><p><blockquote>富博管理自成立以来一直评论说，他们专注于在传统娱乐、体育娱乐、现场赛事、社交网络、混合现实（AR/VR）和人工智能领域构建应用。这种关注使该公司目前正在构建个性化和交互式的流媒体体验，该公司将其目前占领市场份额的能力归功于此。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> <table> <tbody> <tr> <td>Company</td> <td>Mkt Cap (BIL)</td> <td>Price/Sales</p><p><blockquote><table><tbody><tr><td>公司</td><td>市值（BIL）</td><td>价格/销售额</td></tr></tbody></table></blockquote></p><p></td> <td>Free Cash Flow Margin %</td> <td>EV/Sales (FWD)</td> <td>Revenue Growth (Y/Y) %</td> <td>Gross Margins %</td> <td>Operating Margins %</td> </tr> <tr> <td>Roku (ROKU)</td> <td>$50.61B</td> <td>21.70</td> <td>6.01%</td> <td>16.73</td> <td>81.18%</td> <td>52.43%</td> <td>10.71%</td> </tr> <tr> <td>DISH Network (DISH)</td> <td>$22.78B</td> <td>1.46</td> <td>16.63%</td> <td>1.93</td> <td>40.79%</td> <td>35.68%</td> <td>20.21%</td> </tr> <tr> <td>DraftKings (DKNG)</td> <td>$20.97B</td> <td>19.86</td> <td>-40.04%</td> <td>15.27</td> <td>319.6%</td> <td>37.16%</td> <td>-108%</td> </tr> <tr> <td>fuboTV (FUBO)</td> <td>$4.05B</td> <td>6.90</td> <td>-32.76</td> <td>7.87</td> <td>196%</td> <td>8%</td> <td>-61.93%</td> </tr> </tbody> </table> Fubo makes for a very interesting comparison with Roku. Fubo is currently growing faster than Roku and has a much better ARPU. The primary reason that Roku is valued so much more highly than Fubo is that there are very real worries about Fubo ever becoming profitable, while Roku is already profitable.</p><p><blockquote><td>自由现金流量利润率%</td><td>电动汽车/销售 (FWD)</td><td>收入增长（同比）%</td><td>毛利率%</td><td>营业利润率%</td><tr><td>Roku（Roku）</td><td>$506.1亿美元</td><td>21.70</td><td>6.01%</td><td>16.73</td><td>81.18%</td><td>52.43%</td><td>10.71%</td></tr><tr><td>DISH网络（DISH）</td><td>227.8亿美元</td><td>1.46</td><td>16.63%</td><td>1.93</td><td>40.79%</td><td>35.68%</td><td>20.21%</td></tr><tr><td>DraftKings（DKNG）</td><td>$20.97B</td><td>19.86</td><td>-40.04%</td><td>15.27</td><td>319.6%</td><td>37.16%</td><td>-108%</td></tr><tr><td>富博TV（富博）</td><td>$40.5亿美元</td><td>6.90</td><td>-32.76</td><td>7.87</td><td>196%</td><td>8%</td><td>-61.93%</td></tr>伏波与Roku做了一个非常有趣的比较。富博目前的增长速度比Roku快，ARPU也好得多。Roku的估值比富博高得多的主要原因是，人们非常担心富博会盈利，而Roku已经盈利了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/39250f37532ed7be4c37a6da2e78aa9e\" tg-width=\"475\" tg-height=\"389\" width=\"100%\" height=\"auto\"><span>Source: Yahoo Finance</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：雅虎财经</span></p></blockquote></p><p> The above is based on 8 Wall Street analysts offering 12-month price targets for fuboTV in the last 3 months. The average price target is $39.50 with a high forecast of $60.00 and a low forecast of $26.00. The average price target represents a 37% increase from the last price of $28.83.</p><p><blockquote>以上是基于过去 3 个月 8 位华尔街分析师为 fuboTV 提供的 12 个月目标价。平均目标价为 39.50 美元，高预测为 60.00 美元，低预测为 26.00 美元。平均目标价较上次 28.83 美元上涨 37%。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> The results from the latest quarter seems to have the Bears on the run, although as I write this the stock is down 10% in reaction to news that the company plans a$500 million stock offering.</p><p><blockquote>最近一个季度的业绩似乎让空头占据了上风，尽管在我写这篇文章时，由于该公司计划发行 5 亿澳元股票的消息，该股下跌了 10%。</blockquote></p><p> FuboTV is still a speculative stock but each quarter of results makes it look increasingly more likely that the company will both be able to sustain growth and eventually become profitable. If Fubo also successfully launches its wagering business in Q4, then the stock could wind up one of the better performers in 2021, as it could force many short sellers to concede defeat.</p><p><blockquote>FuboTV 仍然是一只投机性股票，但每个季度的业绩都让该公司越来越有可能保持增长并最终实现盈利。如果富宝也在第四季度成功推出博彩业务，那么该股可能会成为 2021 年表现最好的股票之一，因为它可能会迫使许多卖空者认输。</blockquote></p><p></p><p> I look at the pullback in stock price as a reason for aggressive growth investors to buy Fubo after such an excellent quarter that shows progress on all fronts and includes an increase of full year guidance.</p><p><blockquote>我认为股价回落是激进的成长型投资者购买 Fubo 的一个原因，因为这个季度表现如此出色，各方面都取得了进展，包括全年指引的增加。</blockquote></p><p> Fubo was once a company that I only had a little conviction about but I am becoming increasingly more confident in the company's long-term prospects, as Fubo does nothing but strongly execute on its business plan that was first laid out in itsS-1filing.</p><p><blockquote>Fubo 曾经是一家我只有一点信心的公司，但我对公司的长期前景越来越有信心，因为 Fubo 除了大力执行其在 TSS-1 文件中首次制定的商业计划之外什么也没做。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFuboTV: Continued Progress On The March To Profitability<blockquote>富博TV：盈利之路持续推进</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-17 10:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>fuboTV expects to achieve profitability through virtual MVPD subscriptions, CTV advertising, and the eventual launch of real-money wagering.</li> <li>The company had triple-digit year-over-year growth in both total paid subscribers and revenue growth.</li> <li>fuboTV had an Adjusted Contribution Margin of positive 8.3%, up 316 bps YoY from 5.1%, thereby showing improved operating leverage.</li> <li>The company is on schedule to launch Fubo Sportsbook app in the fourth quarter of this year and fubo added a market access agreement for their fourth state, Pennsylvania in Q2.</li> <li>fubo is a buy for aggressive growth investors.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af7296f7a2085a34994d7c485a529563\" tg-width=\"768\" tg-height=\"432\" width=\"100%\" height=\"auto\"><span>RightFramePhotoVideo/iStock via Getty Images</span></p><p><blockquote><ul><li>fuboTV 预计将通过虚拟 MVPD 订阅、CTV 广告以及最终推出真钱博彩来实现盈利。</li><li>该公司的付费用户总数和收入增长均实现了三位数的同比增长。</li><li>fuboTV 调整后贡献率为正 8.3%，较 5.1% 同比上升 316 个基点，显示出运营杠杆有所改善。</li><li>该公司计划在今年第四季度推出富博体育博彩应用程序，富博在第二季度为他们的第四个州宾夕法尼亚州增加了市场准入协议。</li><li>富博是积极进取的成长型投资者的买入选择。</li></ul><p class=\"t-img-caption\"><span>右框架照片视频/iStock 来自盖蒂图片社</span></p></blockquote></p><p> The last time I posted about fuboTV(NYSE:FUBO)in May, the stock was trading at $21.72 and was coming off a strong Q1 earnings report that sent the stock up +10% the day after earnings were released. Each quarter, fuboTV has only continued to prove critics wrong as the company maintains putting up numbers showing a strong march toward profitability.</p><p><blockquote>我上次在 5 月份发布有关 fuboTV（纽约证券交易所股票代码：FUBO）的信息时，该股的交易价格为 21.72 美元，并且发布了强劲的第一季度收益报告，在收益发布后的第二天，该股上涨了 10%。每个季度，fuboTV 都继续证明批评者是错误的，因为该公司不断公布数据，显示其在盈利方面取得了强劲进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10c059c77020997d84e21eeff219cba5\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Fubo's investing thesis is based on the company producing both strong revenue growth and eventually reaching profitability through the contribution from at least three major revenue sources which currently are:virtual MVPD subscriptions, CTV advertising, and the eventual launch of real-money wagering.</p><p><blockquote>Fubo 的投资论点是基于该公司通过至少三个主要收入来源的贡献实现强劲的收入增长并最终实现盈利，这三个主要收入来源目前是：虚拟 MVPD 订阅、CTV 广告以及最终推出真钱赌博。</blockquote></p><p> As we've cited previously, our strategy is rooted in the intersection of 3 megatrends: the secular decline of traditional television, the shift of TV ad dollars to connected devices; and online sports wagering, a market opportunity which we believe complements our sports-first live TV streaming platform. We are laser-focused on staying ahead of these trends. Source: fuboTV CEO David Gandler -Q2 2021 Earnings Call The key things investors should look for in fuboTV's quarterly results to determine whether the company is on the path of maintaining strong growth and eventually scaling to profitability are:</p><p><blockquote>正如我们之前提到的，我们的战略植根于三个大趋势的交汇点：传统电视的长期衰落，电视广告资金向联网设备的转移；以及在线体育博彩，我们相信这是一个市场机会，可以补充我们的体育优先直播电视流媒体平台。我们专注于保持领先于这些趋势。资料来源：fuboTV 首席执行官 David Gandler -2021 年第二季度收益看涨期权 投资者应该从 fuboTV 的季度业绩中寻找关键内容，以确定该公司是否走在保持强劲增长并最终实现盈利的道路上：</blockquote></p><p> <ul> <li>Strong Paid subscriber growth</li> <li>Strong vMVPD market share growth</li> <li>Strong Advertising ARPU (Average Revenue Per User) growth</li> <li>Strong Total ARPU (Average Revenue Per User) growth</li> <li>Continued growth in the Contribution Margin</li> <li>The successful launch of Fubo Sportsbook with real-money wagering.</li> </ul> This article will go through fuboTV's latest earnings and showing how the company is making tangible progress on all three revenue fronts.</p><p><blockquote><ul><li>付费用户强劲增长</li><li>vMVPD 市场份额强劲增长</li><li>广告ARPU（每用户平均收入）强劲增长</li><li>总 ARPU（每用户平均收入）强劲增长</li><li>贡献率持续增长</li><li>富博体育博彩真钱投注的成功推出。</li></ul>本文将介绍 fuboTV 的最新收益，并展示该公司如何在所有三个收入方面取得切实进展。</blockquote></p><p> <b>Figuring Out the Secret Sauce</b></p><p><blockquote><b>找出秘制酱汁</b></blockquote></p><p> Ever since Dish (NASDAQ:DISH) started the concept of the \"skinny bundle\" with the first vMPVD called SlingTV, companies have been searching for ways to make the concept profitable.</p><p><blockquote>自从 Dish（纳斯达克股票代码：DISH）推出第一个名为 SlingTV 的 vMPVD 以来，各公司一直在寻找使这一概念盈利的方法。</blockquote></p><p> Part of the problem with vMVPDs is that they all have high variable costs, in the form of high content expenses, that cause very low gross margins. Most vMVPDs are structurally unprofitable because the variable (content) costs are sometimes even greater than the price of their subscription fees, consequently, even at scale most vMVPDs would have a profitability problem because scaling the business would only cover costs that are fixed.</p><p><blockquote>VMVPD的部分问题是，它们都有很高的可变成本，以高内容费用的形式出现，导致毛利率非常低。大多数VMVPD在结构上是无利可图的，因为可变（内容）成本有时甚至高于其订阅费的价格，因此，即使在规模上，大多数VMVPD也会存在盈利问题，因为扩展业务只能覆盖固定成本。</blockquote></p><p> In order for most vMVPDs to become profitable, they would have to lower content costs or raise subscription prices. Lowering content costs, more often than not, involves getting rid of expensive content. The problem is the most expensive content is often what the viewers most want to see and when that content is eliminated, it often causes churn and costs the vMVPDs a loss of subscribers.</p><p><blockquote>为了让大多数VMVPD盈利，他们必须降低内容成本或提高订阅价格。降低内容成本通常涉及摆脱昂贵的内容。问题是最昂贵的内容通常是观众最想看到的，当这些内容被淘汰时，它通常会导致客户流失，并使vMVPDs失去订户。</blockquote></p><p> If a vMVPD goes the other route and raises subscription prices, many are finding out that they don't have a lot of pricing power for the content that they are offering. Maybe only two companies, in the general entertainment space in Connected TV, have pricing power and that is Netflix(NASDAQ:NFLX)and Disney(NYSE:DIS). So many vMVPDs are stuck between a rock and a hard place.</p><p><blockquote>如果vMVPD走另一条路，提高订阅价格，许多人会发现他们对他们提供的内容没有太大的定价权。在联网电视的一般娱乐领域，也许只有两家公司拥有定价权，那就是 Netflix（纳斯达克股票代码：NFLX）和迪士尼（纽约证券交易所股票代码：DIS）。如此多的vMVPDs被困在岩石和坚硬的地方之间。</blockquote></p><p> So, what's the solution?</p><p><blockquote>那么，解决办法是什么？</blockquote></p><p> I don't know if fuboTV management logically thought it out or just simply accidently discovered it but the viewing public does have a thirst for live TV. When Netflix first arose as a streaming phenomenon, they pretty much began to dominate every category of TV viewing but the one area Netflix left alone was live TV, made up primarily of sports and news.</p><p><blockquote>我不知道fuboTV管理层是逻辑上想出来的，还是只是偶然发现的，但观众确实渴望电视直播。当网飞第一次作为流媒体现象出现时，它们几乎开始主导电视观看的每一个类别，但网飞只剩下一个领域是直播电视，主要由体育和新闻组成。</blockquote></p><p></p><p> FuboTV started as a soccer streaming service, and then changed to an all-sports service in 2017. So, fuboTV was born as a live streaming service and while fuboTV does offer general scripted entertainment today, they still brand themselves as a \"Sports First\" and a live TV service. In Q2, 94% of Fubo's content was viewed on a big-screen connected TV and 89% of that viewing was for live content.</p><p><blockquote>FuboTV最初是一家足球流媒体服务，然后在2017年改为全体育服务。因此，fuboTV诞生于一个直播流媒体服务，虽然fuboTV今天确实提供一般的脚本娱乐，但他们仍然将自己定位为“体育第一”和直播电视服务。在第二季度，富博94%的内容是在大屏幕联网电视上观看的，其中89%的观看是直播内容。</blockquote></p><p> One reason why live content is important for fuboTV is that there is a ton of competition among vMVPDs that offer mostly scripted content. There is a lot less competition among vMVPDs that have a focus on providing more live content for sports and news.</p><p><blockquote>直播内容对fuboTV很重要的一个原因是，主要提供脚本内容的vMVPDs之间存在大量的竞争。专注于为体育和新闻提供更多直播内容的vMVPDs之间的竞争要少得多。</blockquote></p><p> So, fuboTV fits right into an opening that Netflix left wide open. Also, unlike more general entertainment, there is some emerging evidence that sports viewing has some pricing power and the popularity of sports (especially the NFL and Soccer) is also helping fuboTV gain market share against other vMVPDs.</p><p><blockquote>因此，fuboTV正好适合网飞留下的大门。此外，与更一般的娱乐不同，有一些新的证据表明，体育观看具有一定的定价权，体育（尤其是 NFL 和足球）的流行也有助于 fuboTV 相对于其他 VMVPD 获得市场份额。</blockquote></p><p> Investors that have read FuboTV's S-1, might realize that the company had a plan from the beginning to pay a majority of their variable (content) costs through subscription revenue and then later become profitable through adding a combination of higher margin revenue sources that include advertising, real money wagering and other additional services/content. The company is still in the relative early stages of implementing that plan, which is why I still consider fuboTV a speculative stock.</p><p><blockquote>读过FuboTV的S-1的投资者可能会意识到，该公司从一开始就计划通过订阅收入支付大部分可变（内容）成本，然后通过增加更高利润率的收入来源（包括广告、真钱赌博和其他附加服务/内容）来实现盈利。该公司仍处于实施该计划的相对早期阶段，这就是为什么我仍然认为 fuboTV 是一只投机股票。</blockquote></p><p> <b>FuboTV Q2 2021 Earnings Report</b></p><p><blockquote><b>富博TV 2021年第二季度收益报告</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b001cc03e46cb7bef17b78ec5e028615\" tg-width=\"640\" tg-height=\"353\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Earnings Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：FuboTV 2021 年第二季度收益幻灯片</span></p></blockquote></p><p> FuboTV delivered triple-digit year-over-year growth in total paid subscribers, which was up 138% to 681,721 compared to just 31% growth for the entire virtual MVPD market over the same period. Overall, subscriber growth was driven by cord cutters increasingly choosing fuboTV over more expensive legacy pay-TV services or other vMVPDs.</p><p><blockquote>FuboTV的付费用户总数同比增长了三位数，增长了138%，达到681，721人，而同期整个虚拟MVPD市场仅增长了31%。总体而言，用户增长是由有线电视用户越来越多地选择 fuboTV 而不是更昂贵的传统付费电视服务或其他 VMVPD 推动的。</blockquote></p><p> Secondarily, Q2 2021 subscriber growth was driven by a heavy sports calendar and expanded smart TV distribution which helped increase the net subscriber additions by 91,291, compared to last year's Q2 sequential decline of approximately 1,000 subscribers, a number that last year was largely affected by the pandemic shutting down most sporting events. This year's heavy sports calendar includedfuboTV's exclusive streamsof the South American Qatar World Cup qualifying matches (CONMEBOL).</p><p><blockquote>其次，2021 年第二季度订户增长是由繁忙的体育日历和扩大的智能电视分销推动的，这有助于净订户增加 91,291 人，而去年第二季度订户减少了约 1,000 人，这一数字去年在很大程度上受到了疫情关闭大多数体育赛事的影响。今年的重型体育赛事日历包括FUBOTV对南美卡塔尔世界杯预选赛(CONMEBOL)的独家直播。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b6ff85451655b7867e1030f5b2b36c26\" tg-width=\"640\" tg-height=\"412\" width=\"100%\" height=\"auto\"><span>Source:fuboTV Q2 2021 Shareholder Letter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：富博电视2021年第二季度股东信</span></p></blockquote></p><p> FuboTV also showed <b>strong increases in engagement</b> with users (both paid and trial) streaming over 245 million hours, up 148% year-over-year. Fubo MAUs (Monthly Active Users) watched a total of 134 hours per month per user on average in the quarter. According to management, the strong engagement numbers were driven by product enhancements, content personalization and improvements to fuboTV's technology and platform infrastructure.</p><p><blockquote>FuboTV还显示<b>参与度大幅增加</b>用户（包括付费和试用）流媒体播放时间超过2.45亿小时，同比增长148%。本季度，Fubo MAU（月活跃用户）平均每个用户每月观看134小时。据管理层称，强劲的参与度是由产品增强、内容个性化以及fuboTV技术和平台基础设施的改进推动的。</blockquote></p><p> Our <b>impressive engagement metrics</b>, particularly the number of hours viewed, indicate that consumers prefer a holistic content bundle with a wide assortment of premium content. In our view, we are still in the early days for virtual MVPDs, and our category will continue to gain popularity. Source: fuboTV CEO David Gandler -Q2 2021 Earnings Call Among the reasons that David Gandler thinks it is early days for vMVPDs is because he believes that there will be a major shift in the TV industry back to content \"bundling\". Gandler believes that the proliferation of SVOD or Subscriber Video on Demand services (Ex. Netflix, Disney+) will become increasingly too costly for consumers. There is already some evidence of that particular sentiment becoming true. According to a global survey from Apester, 60.1% of people are sick of so many streaming services.</p><p><blockquote>我们的<b>令人印象深刻的参与度指标</b>，特别是观看的小时数，表明消费者更喜欢具有各种优质内容的整体内容包。在我们看来，我们仍处于虚拟MVPD的早期阶段，我们的类别将继续受到欢迎。资料来源：fuboTV 首席执行官 David Gandler -2021 年第二季度收益 看涨期权 David Gandler 认为 VMVPD 还处于早期阶段的原因之一是，他相信电视行业将发生重大转变，回到内容“捆绑”。甘德勒认为，SVOD或用户视频点播服务（例如网飞、迪士尼+）的激增对消费者来说将变得越来越昂贵。已经有一些证据表明这种特殊的情绪正在成为现实。根据Apester的一项全球调查，60.1%的人厌倦了如此多的流媒体服务。</blockquote></p><p> In the earnings call, David Gandler mentions that consumers are experiencing fatigue from managing too many subscriptions, which is some cases cost more than the original legacy cable bundle that forced consumers to cut the cord in the first place. In my opinion, I believe the TV industry will increasingly consolidate content and/or the concept of \"bundling\" will return, only it will be this time on CTV, instead of cable.</p><p><blockquote>在财报看涨期权中，大卫·甘德勒提到，消费者因管理过多的订阅而感到疲劳，在某些情况下，订阅的成本比最初迫使消费者切断电缆的传统有线电视捆绑还要高。在我看来，我相信电视行业将越来越多地整合内容和/或“捆绑”的概念将回归，只是这一次将是在CTV，而不是有线电视。</blockquote></p><p> FuboTV's <b>total Q2 revenue growth was up 196% YoY</b> to $130.9 million and advertising revenue was up 281% to $16.5 million. FuboTV has increased their total revenue YoY growth number in every quarter since the company gave their first pro-forma Q3 2020 revenue growth numbers of 71%.</p><p><blockquote>富博电视台的<b>第二季度总收入同比增长 196%</b>达到 1.309 亿美元，广告收入增长 281%，达到 1650 万美元。自该公司首次公布 2020 年第三季度 71% 的预计收入增长数据以来，FuboTV 每个季度的总收入同比增长数据都有所增加。</blockquote></p><p></p><p> Growth in advertising revenue is also an important aspect for Fubo because capturing the shift of <b>higher margin</b> TV advertising dollars from Linear TV to connected devices is part of the second leg of fuboTV's overall strategy to eventually become profitable.</p><p><blockquote>广告收入的增长也是富博的一个重要方面，因为捕捉<b>更高的利润率</b>从线性电视到互联设备的电视广告收入是 fuboTV 最终实现盈利的整体战略第二阶段的一部分。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6c0253ae9912e4bfe8e06a6e80a4cb0f\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Earnings Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：FuboTV 2021 年第二季度收益幻灯片</span></p></blockquote></p><p> Advertising accounted for 13% of total revenue in the Q2 2021, compared to 10% in the Q2 2020. Fubo's advertising ARPU was up 62% year-over-year to $8.70, and increased 22% sequentially. This is absolutely spectacular growth in ARPU. Rising advertising ARPU for a company like Fubo is an indication that the company's viewers are being seen as being more valuable by advertisers.</p><p><blockquote>2021 年第二季度，广告占总收入的 13%，而 2020 年第二季度为 10%。富博的广告ARPU同比增长62%至8.70美元，环比增长22%。这绝对是ARPU的惊人增长。对于像 Fubo 这样的公司来说，广告 ARPU 的上升表明该公司的观众被广告商视为更有价值。</blockquote></p><p> FuboTV is currently growing their national ad sales team to address what the company calls \"significant demand in the marketplace\". FuboTV's advertiser base consists of Fortune 500 companies and blue-chip national brands that have observed that FUBO has attracted a very <b>highly engaged premium audience</b>. Advertisers like the fact that they can highly target a growing premium audience with Fubo'sfirst-partyaddressable data. Brands also find advertising on the Fubo platform very attractive because CTV allows the effectiveness of ads on the platform to be precisely measured, which is an advantage over cable TV.</p><p><blockquote>FuboTV目前正在扩大其全国广告销售团队，以满足该公司评级的“市场上的巨大需求”。FuboTV的广告客户群体由财富500强公司和蓝筹民族品牌组成，他们观察到FuboTV吸引了许多<b>高度参与的优质受众</b>.广告商喜欢这样一个事实，即他们可以利用Fubo的第一方可寻址数据高度锁定不断增长的优质受众。品牌也发现富博平台上的广告非常有吸引力，因为CTV允许精确衡量平台上广告的效果，这是有线电视的优势。</blockquote></p><p> <b>Expenses</b></p><p><blockquote><b>支出</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d48c1682b13fb5b019a05ec4ca1bfc25\" tg-width=\"640\" tg-height=\"263\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Shareholder Letter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：富博电视2021年第二季度股东信</span></p></blockquote></p><p> Fubo's <b>subscriber-related expenses</b>, which <b>primarily consist of content cost</b>, accounted for 92% of total revenue in the quarter, an improvement of 28 percentage points compared to the year prior. This shows that FUBO has gotten better about managing content costs over the past year.</p><p><blockquote>伏波的<b>订户相关费用</b>，其中<b>主要包括内容成本</b>占当季总收入的92%，同比提升28个百分点。这表明，在过去的一年里，富博在管理内容成本方面变得越来越好。</blockquote></p><p> Subscriber-related expenses can also be considered cost of sales or cost of revenues. Using the formula,<b>Gross Profit = Revenue - Cost of Sales</b>, FUBO had a Gross Profit of $10.38 million, making Gross margins around 8%.</p><p><blockquote>与用户相关的费用也可以被视为销售成本或收入成本。使用公式，<b>毛利=收入-销售成本</b>富博的毛利润为1038万美元，毛利率约为8%。</blockquote></p><p> These low gross margins are among the things critics don't like about fuboTV. The vMVPD subscriber revenue portion of the business carries very low gross margins and the situation won't markedly improve until the company increases its percentage of product revenue that have much higher gross margins, like the advertising, interactive products and the real-money wagering portions of the business.</p><p><blockquote>这些低毛利率是批评者不喜欢fuboTV的地方之一。该业务的 vMVPD 用户收入部分的毛利率非常低，除非该公司提高毛利率更高的产品收入百分比，例如广告、互动产品和真钱投注业务部分，否则这种情况不会明显改善。</blockquote></p><p> FuboTV's operating expenses in Q2 was $211.95 million. Operating expenses as a percentage of revenue in the second quarter improved 97 percentage points from 252% in Q2 2020 to 155% in 2Q 2021, showing that the company is improving its operating leverage.</p><p><blockquote>FuboTV第二季度的运营费用为2.1195亿美元。第二季度运营费用占收入的百分比从2020年Q2的252%提高至2021年Q2的155%，提高了97个百分点，表明公司正在提高运营杠杆率。</blockquote></p><p> One important aspect of the operating expenses is Fubo's investment in S&M, which came in at $21.51 million in Q2 or 16% of revenue, down sequentially from 18% of revenue in the first quarter of 2021. So, the company is also becoming more efficient in how they deploy sales and marketing dollars, while still achieving strong subscriber growth and lowering churn by 203 basis points year-over-year.</p><p><blockquote>运营费用的一个重要方面是富博对 S&M 的投资，第二季度投资额为 2151 万美元，占收入的 16%，低于 2021 年第一季度收入的 18%。因此，该公司在如何部署销售和营销资金方面也变得更加高效，同时仍然实现了强劲的用户增长，并将客户流失率同比降低了 203 个基点。</blockquote></p><p> Currently, fuboTV shows an operating loss of $81.07 million in Q2 2021, compared to an operating loss of $67.29 million in Q2 2020. Investors should be aware that in the companiesS-1, the very first risk factor that fuboTV management included is this one:</p><p><blockquote>目前，fuboTV显示2021年Q2的运营亏损为8107万美元，而2020年Q2的运营亏损为6729万美元。投资者应注意，在 companiesS-1 中，fuboTV 管理层包含的第一个风险因素是：</blockquote></p><p> We have incurred operating losses in the past, expect to incur operating losses in the future and may never achieve or maintain profitability. Source:FuboTV S-1 Profitability is the major risk with FUBO and the progress toward profitability should be closely monitored by anyone investing in this company. However, the overall operating revenue numbers is not the best way to measure fuboTV's path to profitability, instead FuboTV uses a metric called Adjusted Contribution Margin.</p><p><blockquote>我们过往曾出现经营亏损，预期未来将出现经营亏损，且可能永远无法实现或维持盈利能力。资料来源：FuboTV S-1 盈利能力是 FUBO 的主要风险，任何投资该公司的人都应密切关注盈利能力的进展。然而，总体营业收入数据并不是衡量 FuboTV 盈利之路的最佳方式，而是 FuboTV 使用了一种称为调整后贡献率的指标。</blockquote></p><p> I first learned of the concept of Contribution Margin whenNetflix first started using the metricto better manage their content expenses (variable costs).Contribution margin analysisis a measure ofoperating leverage; it measures how growth in sales translates to growth in profits.</p><p><blockquote>当 Netflix 首次开始使用该指标来更好地管理其内容费用（可变成本）时，我第一次了解到贡献边际的概念。贡献边际分析是运营杠杆的衡量标准；它衡量销售增长如何转化为利润增长。</blockquote></p><p> FuboTV is essentially following Netflix's playbook with their use of the contribution margin both to measure their operating leverage and to better manage content expenses. In Q2, FuboTV had an Adjusted Contribution Margin of positive 8.3%, up 316 bps YoY from 5.1%. So Fubo's Adjusted Contribution Margin has been showing constant improvement over the last two years, another confirmation of improving operating leverage.</p><p><blockquote>FuboTV 本质上是在遵循 Netflix 的剧本，利用贡献利润率来衡量其运营杠杆并更好地管理内容费用。第二季度，FuboTV 调整后贡献率为正 8.3%，较 5.1% 同比增长 316 个基点。因此，富博的调整后贡献率在过去两年中不断提高，这再次证实了运营杠杆的提高。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/83025af4aa71f3ff8461f828279aa80e\" tg-width=\"640\" tg-height=\"350\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Earnings Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：FuboTV 2021 年第二季度收益幻灯片</span></p></blockquote></p><p> In addition to an expanding Adjusted Contribution Margin, fuboTV has grown their overall Average Revenue Per User (ARPU) 30% YoY to an impressive <b>$71.43,</b>which is a strong monetization number. Many people consider Roku's ARPU number as impressive andRoku grew their ARPU 46%to only <b>$36.46</b> (on a trailing 12-month basis) in their second quarter.</p><p><blockquote>除了不断扩大的调整后贡献率外，fuboTV 的整体平均每用户收入 (ARPU) 同比增长了 30%，达到了令人印象深刻的水平<b>$71.43,</b>这是一个强劲的货币化数字。许多人认为 Roku 的 ARPU 数据令人印象深刻，ARPU 仅增长了 46%<b>$36.46</b>（以过去 12 个月为基础）在第二季度。</blockquote></p><p> Adjusted EBITDA margin improved YoY from minus 95% to minus 36%. Net loss in Q2 was $94.9 million and EPS in the quarter was negative $0.68 compared to a loss of $2.08 in the second quarter of 2020. This missed analyst estimates by $0.18.</p><p><blockquote>调整后 EBITDA 利润率同比从负 95% 提高到负 36%。第二季度净亏损为9490万美元，本季度每股收益为负0.68美元，而2020年第二季度亏损2.08美元。这比分析师的预期低了 0.18 美元。</blockquote></p><p> Adjusted EPS in the second quarter 2021 was a loss of $0.38 beat analyst estimates by $0.11. Expenses incurred for the launch of the wagering business impacted EPS and adjusted EPS by $0.02 in the quarter.</p><p><blockquote>2021 年第二季度调整后每股收益亏损 0.38 美元，超出分析师预期 0.11 美元。推出博彩业务所产生的费用影响了每股收益，本季度调整后每股收益减少了 0.02 美元。</blockquote></p><p> <b>Balance Sheet</b></p><p><blockquote><b>资产负债表</b></blockquote></p><p> FUBO ended the quarter with $412 million in cash, cash equivalent and restricted cash.</p><p><blockquote>富博本季度末拥有 4.12 亿美元现金、现金等价物和受限制现金。</blockquote></p><p> FUBO has aquick ratioof 2.332. A company with a quick ratio of 1.0 and above can easily pay current liabilities.</p><p><blockquote>富博的快速比率为2.332。速动比率在1.0及以上的公司可以轻松支付流动负债。</blockquote></p><p> FUBO has aDebt-to-Equity ratioof 0.476, which is a measure of the ability to pay long term liabilities. Companies with a Debt-to-Equity ratio of less than 1.0, means a company tends to use more equity than debt to finance operations which is generally less risky than firms whose Debt-to-Equity ratio is greater than 1.0.</p><p><blockquote>富博的债务权益比率为0.476，这是衡量长期负债偿还能力的指标。债务权益比率低于 1.0 的公司意味着公司倾向于使用更多的股权而不是债务来为运营融资，而运营通常比债务权益比率大于 1.0 的公司风险更小。</blockquote></p><p> Operating cash flow in the quarter was negative $33.6 million, improving $20 million compared to the first quarter of 2021 and the number includes a $4.3 million negative impact from a payment associated with the buildup of the wagering business.</p><p><blockquote>本季度的运营现金流为负 3,360 万美元，比 2021 年第一季度增加了 2,000 万美元，该数字包括与博彩业务发展相关的付款产生的 430 万美元负面影响。</blockquote></p><p> <b>Guidance</b></p><p><blockquote><b>指导</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86f71e24685f80b82bdf502aafb3e065\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source:FuboTV Q2 2021 Shareholder Letter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：富博电视2021年第二季度股东信</span></p></blockquote></p><p> One important take-away from this guidance is that it doesn't include any revenue from the Fubo Sportsbook that's still expected to launch in Q4 and even without that addition, fuboTV increased their revenue and subscriber guidance for the full year 2021.</p><p><blockquote>从这一指导中可以得出的一个重要结论是，它不包括预计仍将在第四季度推出的Fubo Sportsbook的任何收入，即使没有这一补充，fuboTV也增加了2021年全年的收入和订户指导。</blockquote></p><p> <b>More On Advertising</b></p><p><blockquote><b>有关广告的更多信息</b></blockquote></p><p> Two things mentioned in the Q2 2021 Shareholder Letter that occurred in the quarter, was the launch of theBranded Content studioand the start of a first-party datapartnership with LiveRamp(NYSE:RAMP). Both news items were first announced beforethis year upfronts.</p><p><blockquote>本季度发生的 2021 年第二季度股东信中提到的两件事是品牌内容工作室的推出以及与 LiveRamp（纽约证券交易所股票代码：RAMP）建立第一方数据合作伙伴关系。这两项新闻都是在今年提前宣布的。</blockquote></p><p> The Branded Content Studio allows advertisers to be able to collaborate with fuboTV's creative team to build short or long form custom branded content to air on the Fubo Sports Network.</p><p><blockquote>品牌内容工作室允许广告商能够与fuboTV的创意团队合作，构建短或长形式的定制品牌内容，在Fubo体育网播出。</blockquote></p><p> The new data partnership with LiveRamp is designed to improve Fubo's existing addressable targeting capabilities by enabling advertisers to combine Fubo's first party data with LiveRamp's Advanced TV products, which include subscriber file matching, viewership and measurement with Data Plus Math.Data Plus Mathprovides media measurement and analytics to streaming services like FuboTV along with its advertising brand customers to determine which people are watching the ads, and matching it with other consumer behavior data.</p><p><blockquote>与 LiveRamp 的新数据合作伙伴关系旨在通过使广告商能够将 Fubo 的第一方数据与 LiveRamp 的高级电视产品相结合来提高 Fubo 现有的可寻址定位能力，其中包括用户文件匹配、收视率和使用 Data Plus Math 进行的测量。 Data Plus Math 为 FuboTV 等流媒体服务及其广告品牌客户提供媒体测量和分析，以确定哪些人正在观看广告，并将其与其他消费者行为数据进行匹配。</blockquote></p><p> We capitalized on the high demand for CTV in this year's upfront, with buyers seeking to reach our valuable cord-cutting audience of premium paying subscribers that can't be accessed via linear TV. FuboTV's concentration of live sports content also drove outperformance on advertising in the quarter. Source:FuboTV Q2 2021 Shareholder Letter <b>Wagering & Interactivity</b></p><p><blockquote>我们利用了今年前期对CTV的高需求，买家寻求接触我们宝贵的付费用户，即无法通过线性电视接触到的付费用户。FuboTV 对体育直播内容的集中也推动了本季度广告的优异表现。资料来源：富博电视2021年第二季度股东信<b>投注与互动</b></blockquote></p><p> Fubo indicated in their Shareholder Letter that are on schedule to launch Fubo Sportsbook app in the fourth quarter of this year and the CEO David Gandler also announced during the earnings call that Fubo added amarket access agreementfor their fourth state, Pennsylvania, through a partnership with theCordish Companies, a highly respected international developer of large-scale projects.</p><p><blockquote>Fubo在股东信中表示，他们计划在今年第四季度推出Fubo Sportsbook应用程序，首席执行官David Gandler还在财报看涨期权上宣布，Fubo通过与备受尊敬的国际大型项目开发商theCordish Companies合作，为他们的第四个州宾夕法尼亚州增加了市场准入协议。</blockquote></p><p> CEO David Gandler also revealed a video on the company'sQ2 2021 Earnings Live Video Webinaron how the Sportsbook app is designed to synch with what the user is watching on fuboTV at every moment. The app is designed this way, in order to provide a highly personalized interactive betting experience for the user.</p><p><blockquote>首席执行官大卫·甘德勒（David Gandler）还在公司2021年第二季度收益直播视频网络研讨会上透露了一段视频，内容是体育博彩应用程序如何设计成与用户在fuboTV上观看的内容同步。该应用程序是这样设计的，目的是为用户提供高度个性化的互动投注体验。</blockquote></p><p> FuboTV is all about enhancing interactivity and one of the ways that they have already done that is with their launch of predictive, free-to-play games.</p><p><blockquote>FuboTV致力于增强互动性，他们已经这样做的方式之一是推出预测性的免费游戏。</blockquote></p><p> In the Q2 Shareholder Letter, FUBO highlighted the fact that these free-to-play games are a key component of the company's overall wagering strategy because it is considered a potential customer on-ramp to the Sportsbook app and fuboTV, in general.</p><p><blockquote>在第二季度股东信中，富博强调，这些免费游戏是公司整体博彩战略的关键组成部分，因为总体而言，它被认为是体育博彩应用程序和富博电视的潜在客户入口。</blockquote></p><p></p><p> The company also plans to use the interactive, free-to-play games to measure the likelihood of customers to engage in even greater levels of interactivity on the Fubo platform. Additionally, free-to-play games have the potential to drive greater levels of adoption of the future wagering product.</p><p><blockquote>该公司还计划使用互动、免费游戏来衡量客户在富博平台上参与更高水平互动的可能性。此外，免费游戏有可能推动未来博彩产品的更高水平采用。</blockquote></p><p> Fubo's first stab at a free-to-play predictive game is theCONMEBOL Predictive Challengewhich tested a user's sports knowledge by presenting questions to be answered about each match in the South American Football Confederation (CONMEBOL) that occurred on June 3rd, 4th and 8th. The Challenge provided a chance to win a free year of fuboTV service<b>.</b></p><p><blockquote>Fubo第一次尝试免费玩的预测游戏是CONMEBOL预测挑战赛，它通过提出关于6月3日、4日和8日举行的南美足球联合会（CONMEBOL）每场比赛的问题来测试用户的体育知识。这项挑战提供了一个赢得一年免费富博电视服务的机会<b>.</b></blockquote></p><p> Fubo used their exclusive CONMEBOL coverage to beta test their interactive game, which Fubo had integrated into their core vMVPD platform. Like most beta tests, Fubo tested this gaming experience on a select group of users to gather data on usability and to optimize the experience ahead of launching the gaming experience to a wider audience.</p><p><blockquote>Fubo利用他们独家的CONMEBOL报道来测试他们的互动游戏，Fubo已经将其集成到他们的核心vMVPD平台中。与大多数beta测试一样，Fubo在选定的用户组上测试了这种游戏体验，以收集可用性数据，并在向更广泛的受众推出游戏体验之前优化体验。</blockquote></p><p> Another beta test that Fubo conducted was the new FanView feature, which is a user-initiated feature that shows supplemental, interactive information, like live game stats and scores. FanView screens are located next to and under a reduced-size video player.</p><p><blockquote>Fubo进行的另一个beta测试是新的FanView功能，这是一个用户发起的功能，显示补充的交互式信息，如现场游戏统计数据和分数。FanView屏幕位于缩小尺寸的视频播放器旁边和下方。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0620209ed3727c3f6307fd4eb9dd720\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Source:FuboTV</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FuboTV</span></p></blockquote></p><p> As expected, gaming proved extremely popular across the subset of users with whom we conducted our test. We saw a nice lift in viewership, with subscribers who engaged in free gaming watching CONMEBOL content for <b>significantly more time per user</b> than those that did not play. Source:FuboTV Q2 2021 Shareholder Letter Fubo also indicated that they plan on launching the above features of interactive, free-to-play gaming and FanView to all fuboTV subscribers on multiple sports this fall. I also don't think this will be the last innovative \"first mover\" type features that fuboTV will release in the future either.</p><p><blockquote>正如预期的那样，游戏在我们进行测试的用户子集中非常受欢迎。我们看到收视率有了很好的提升，参与免费游戏的订户观看了南美足联的内容<b>每个用户的时间显著增加</b>比那些不玩的人。资料来源：FuboTV 2021 年第二季度股东信 Fubo 还表示，他们计划今年秋季向所有 FuboTV 订户推出上述互动、免费游戏和 FanView 功能，涵盖多种体育项目。我也不认为这将是fuboTV未来发布的最后一个创新的“先行者”类型的功能。</blockquote></p><p> Fubo management has made commentary since theirS-1, that they were focused on building applications in traditional entertainment, sports entertainment, live events, social networking, mixed reality (AR/VR) and artificial intelligence. That focus has led the company to currently building a personalized and interactive streaming experience that the company credits for their current ability to capture market share.</p><p><blockquote>富博管理自成立以来一直评论说，他们专注于在传统娱乐、体育娱乐、现场赛事、社交网络、混合现实（AR/VR）和人工智能领域构建应用。这种关注使该公司目前正在构建个性化和交互式的流媒体体验，该公司将其目前占领市场份额的能力归功于此。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> <table> <tbody> <tr> <td>Company</td> <td>Mkt Cap (BIL)</td> <td>Price/Sales</p><p><blockquote><table><tbody><tr><td>公司</td><td>市值（BIL）</td><td>价格/销售额</td></tr></tbody></table></blockquote></p><p></td> <td>Free Cash Flow Margin %</td> <td>EV/Sales (FWD)</td> <td>Revenue Growth (Y/Y) %</td> <td>Gross Margins %</td> <td>Operating Margins %</td> </tr> <tr> <td>Roku (ROKU)</td> <td>$50.61B</td> <td>21.70</td> <td>6.01%</td> <td>16.73</td> <td>81.18%</td> <td>52.43%</td> <td>10.71%</td> </tr> <tr> <td>DISH Network (DISH)</td> <td>$22.78B</td> <td>1.46</td> <td>16.63%</td> <td>1.93</td> <td>40.79%</td> <td>35.68%</td> <td>20.21%</td> </tr> <tr> <td>DraftKings (DKNG)</td> <td>$20.97B</td> <td>19.86</td> <td>-40.04%</td> <td>15.27</td> <td>319.6%</td> <td>37.16%</td> <td>-108%</td> </tr> <tr> <td>fuboTV (FUBO)</td> <td>$4.05B</td> <td>6.90</td> <td>-32.76</td> <td>7.87</td> <td>196%</td> <td>8%</td> <td>-61.93%</td> </tr> </tbody> </table> Fubo makes for a very interesting comparison with Roku. Fubo is currently growing faster than Roku and has a much better ARPU. The primary reason that Roku is valued so much more highly than Fubo is that there are very real worries about Fubo ever becoming profitable, while Roku is already profitable.</p><p><blockquote><td>自由现金流量利润率%</td><td>电动汽车/销售 (FWD)</td><td>收入增长（同比）%</td><td>毛利率%</td><td>营业利润率%</td><tr><td>Roku（Roku）</td><td>$506.1亿美元</td><td>21.70</td><td>6.01%</td><td>16.73</td><td>81.18%</td><td>52.43%</td><td>10.71%</td></tr><tr><td>DISH网络（DISH）</td><td>227.8亿美元</td><td>1.46</td><td>16.63%</td><td>1.93</td><td>40.79%</td><td>35.68%</td><td>20.21%</td></tr><tr><td>DraftKings（DKNG）</td><td>$20.97B</td><td>19.86</td><td>-40.04%</td><td>15.27</td><td>319.6%</td><td>37.16%</td><td>-108%</td></tr><tr><td>富博TV（富博）</td><td>$40.5亿美元</td><td>6.90</td><td>-32.76</td><td>7.87</td><td>196%</td><td>8%</td><td>-61.93%</td></tr>伏波与Roku做了一个非常有趣的比较。富博目前的增长速度比Roku快，ARPU也好得多。Roku的估值比富博高得多的主要原因是，人们非常担心富博会盈利，而Roku已经盈利了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/39250f37532ed7be4c37a6da2e78aa9e\" tg-width=\"475\" tg-height=\"389\" width=\"100%\" height=\"auto\"><span>Source: Yahoo Finance</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：雅虎财经</span></p></blockquote></p><p> The above is based on 8 Wall Street analysts offering 12-month price targets for fuboTV in the last 3 months. The average price target is $39.50 with a high forecast of $60.00 and a low forecast of $26.00. The average price target represents a 37% increase from the last price of $28.83.</p><p><blockquote>以上是基于过去 3 个月 8 位华尔街分析师为 fuboTV 提供的 12 个月目标价。平均目标价为 39.50 美元，高预测为 60.00 美元，低预测为 26.00 美元。平均目标价较上次 28.83 美元上涨 37%。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> The results from the latest quarter seems to have the Bears on the run, although as I write this the stock is down 10% in reaction to news that the company plans a$500 million stock offering.</p><p><blockquote>最近一个季度的业绩似乎让空头占据了上风，尽管在我写这篇文章时，由于该公司计划发行 5 亿澳元股票的消息，该股下跌了 10%。</blockquote></p><p> FuboTV is still a speculative stock but each quarter of results makes it look increasingly more likely that the company will both be able to sustain growth and eventually become profitable. If Fubo also successfully launches its wagering business in Q4, then the stock could wind up one of the better performers in 2021, as it could force many short sellers to concede defeat.</p><p><blockquote>FuboTV 仍然是一只投机性股票，但每个季度的业绩都让该公司越来越有可能保持增长并最终实现盈利。如果富宝也在第四季度成功推出博彩业务，那么该股可能会成为 2021 年表现最好的股票之一，因为它可能会迫使许多卖空者认输。</blockquote></p><p></p><p> I look at the pullback in stock price as a reason for aggressive growth investors to buy Fubo after such an excellent quarter that shows progress on all fronts and includes an increase of full year guidance.</p><p><blockquote>我认为股价回落是激进的成长型投资者购买 Fubo 的一个原因，因为这个季度表现如此出色，各方面都取得了进展，包括全年指引的增加。</blockquote></p><p> Fubo was once a company that I only had a little conviction about but I am becoming increasingly more confident in the company's long-term prospects, as Fubo does nothing but strongly execute on its business plan that was first laid out in itsS-1filing.</p><p><blockquote>Fubo 曾经是一家我只有一点信心的公司，但我对公司的长期前景越来越有信心，因为 Fubo 除了大力执行其在 TSS-1 文件中首次制定的商业计划之外什么也没做。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4449793-fubotv-continued-progress-to-profitability\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FUBO":"fuboTV Inc."},"source_url":"https://seekingalpha.com/article/4449793-fubotv-continued-progress-to-profitability","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155687461","content_text":"Summary\n\nfuboTV expects to achieve profitability through virtual MVPD subscriptions, CTV advertising, and the eventual launch of real-money wagering.\nThe company had triple-digit year-over-year growth in both total paid subscribers and revenue growth.\nfuboTV had an Adjusted Contribution Margin of positive 8.3%, up 316 bps YoY from 5.1%, thereby showing improved operating leverage.\nThe company is on schedule to launch Fubo Sportsbook app in the fourth quarter of this year and fubo added a market access agreement for their fourth state, Pennsylvania in Q2.\nfubo is a buy for aggressive growth investors.\n\nRightFramePhotoVideo/iStock via Getty Images\nThe last time I posted about fuboTV(NYSE:FUBO)in May, the stock was trading at $21.72 and was coming off a strong Q1 earnings report that sent the stock up +10% the day after earnings were released. Each quarter, fuboTV has only continued to prove critics wrong as the company maintains putting up numbers showing a strong march toward profitability.\nData by YCharts\nFubo's investing thesis is based on the company producing both strong revenue growth and eventually reaching profitability through the contribution from at least three major revenue sources which currently are:virtual MVPD subscriptions, CTV advertising, and the eventual launch of real-money wagering.\n\n As we've cited previously, our strategy is rooted in the intersection of 3 megatrends: the secular decline of traditional television, the shift of TV ad dollars to connected devices; and online sports wagering, a market opportunity which we believe complements our sports-first live TV streaming platform. We are laser-focused on staying ahead of these trends.\n\n\n Source: fuboTV CEO David Gandler -Q2 2021 Earnings Call\n\nThe key things investors should look for in fuboTV's quarterly results to determine whether the company is on the path of maintaining strong growth and eventually scaling to profitability are:\n\nStrong Paid subscriber growth\nStrong vMVPD market share growth\nStrong Advertising ARPU (Average Revenue Per User) growth\nStrong Total ARPU (Average Revenue Per User) growth\nContinued growth in the Contribution Margin\nThe successful launch of Fubo Sportsbook with real-money wagering.\n\nThis article will go through fuboTV's latest earnings and showing how the company is making tangible progress on all three revenue fronts.\nFiguring Out the Secret Sauce\nEver since Dish (NASDAQ:DISH) started the concept of the \"skinny bundle\" with the first vMPVD called SlingTV, companies have been searching for ways to make the concept profitable.\nPart of the problem with vMVPDs is that they all have high variable costs, in the form of high content expenses, that cause very low gross margins. Most vMVPDs are structurally unprofitable because the variable (content) costs are sometimes even greater than the price of their subscription fees, consequently, even at scale most vMVPDs would have a profitability problem because scaling the business would only cover costs that are fixed.\nIn order for most vMVPDs to become profitable, they would have to lower content costs or raise subscription prices. Lowering content costs, more often than not, involves getting rid of expensive content. The problem is the most expensive content is often what the viewers most want to see and when that content is eliminated, it often causes churn and costs the vMVPDs a loss of subscribers.\nIf a vMVPD goes the other route and raises subscription prices, many are finding out that they don't have a lot of pricing power for the content that they are offering. Maybe only two companies, in the general entertainment space in Connected TV, have pricing power and that is Netflix(NASDAQ:NFLX)and Disney(NYSE:DIS). So many vMVPDs are stuck between a rock and a hard place.\nSo, what's the solution?\nI don't know if fuboTV management logically thought it out or just simply accidently discovered it but the viewing public does have a thirst for live TV. When Netflix first arose as a streaming phenomenon, they pretty much began to dominate every category of TV viewing but the one area Netflix left alone was live TV, made up primarily of sports and news.\nFuboTV started as a soccer streaming service, and then changed to an all-sports service in 2017. So, fuboTV was born as a live streaming service and while fuboTV does offer general scripted entertainment today, they still brand themselves as a \"Sports First\" and a live TV service. In Q2, 94% of Fubo's content was viewed on a big-screen connected TV and 89% of that viewing was for live content.\nOne reason why live content is important for fuboTV is that there is a ton of competition among vMVPDs that offer mostly scripted content. There is a lot less competition among vMVPDs that have a focus on providing more live content for sports and news.\nSo, fuboTV fits right into an opening that Netflix left wide open. Also, unlike more general entertainment, there is some emerging evidence that sports viewing has some pricing power and the popularity of sports (especially the NFL and Soccer) is also helping fuboTV gain market share against other vMVPDs.\nInvestors that have read FuboTV's S-1, might realize that the company had a plan from the beginning to pay a majority of their variable (content) costs through subscription revenue and then later become profitable through adding a combination of higher margin revenue sources that include advertising, real money wagering and other additional services/content. The company is still in the relative early stages of implementing that plan, which is why I still consider fuboTV a speculative stock.\nFuboTV Q2 2021 Earnings Report\nSource:FuboTV Q2 2021 Earnings Slides\nFuboTV delivered triple-digit year-over-year growth in total paid subscribers, which was up 138% to 681,721 compared to just 31% growth for the entire virtual MVPD market over the same period. Overall, subscriber growth was driven by cord cutters increasingly choosing fuboTV over more expensive legacy pay-TV services or other vMVPDs.\nSecondarily, Q2 2021 subscriber growth was driven by a heavy sports calendar and expanded smart TV distribution which helped increase the net subscriber additions by 91,291, compared to last year's Q2 sequential decline of approximately 1,000 subscribers, a number that last year was largely affected by the pandemic shutting down most sporting events. This year's heavy sports calendar includedfuboTV's exclusive streamsof the South American Qatar World Cup qualifying matches (CONMEBOL).\nSource:fuboTV Q2 2021 Shareholder Letter\nFuboTV also showed strong increases in engagement with users (both paid and trial) streaming over 245 million hours, up 148% year-over-year. Fubo MAUs (Monthly Active Users) watched a total of 134 hours per month per user on average in the quarter. According to management, the strong engagement numbers were driven by product enhancements, content personalization and improvements to fuboTV's technology and platform infrastructure.\n\n Our \n impressive engagement metrics, particularly the number of hours viewed, indicate that consumers prefer a holistic content bundle with a wide assortment of premium content. In our view, we are still in the early days for virtual MVPDs, and our category will continue to gain popularity.\n\n\n Source: fuboTV CEO David Gandler -Q2 2021 Earnings Call\n\nAmong the reasons that David Gandler thinks it is early days for vMVPDs is because he believes that there will be a major shift in the TV industry back to content \"bundling\". Gandler believes that the proliferation of SVOD or Subscriber Video on Demand services (Ex. Netflix, Disney+) will become increasingly too costly for consumers. There is already some evidence of that particular sentiment becoming true. According to a global survey from Apester, 60.1% of people are sick of so many streaming services.\nIn the earnings call, David Gandler mentions that consumers are experiencing fatigue from managing too many subscriptions, which is some cases cost more than the original legacy cable bundle that forced consumers to cut the cord in the first place. In my opinion, I believe the TV industry will increasingly consolidate content and/or the concept of \"bundling\" will return, only it will be this time on CTV, instead of cable.\nFuboTV's total Q2 revenue growth was up 196% YoY to $130.9 million and advertising revenue was up 281% to $16.5 million. FuboTV has increased their total revenue YoY growth number in every quarter since the company gave their first pro-forma Q3 2020 revenue growth numbers of 71%.\nGrowth in advertising revenue is also an important aspect for Fubo because capturing the shift of higher margin TV advertising dollars from Linear TV to connected devices is part of the second leg of fuboTV's overall strategy to eventually become profitable.\nSource:FuboTV Q2 2021 Earnings Slides\nAdvertising accounted for 13% of total revenue in the Q2 2021, compared to 10% in the Q2 2020. Fubo's advertising ARPU was up 62% year-over-year to $8.70, and increased 22% sequentially. This is absolutely spectacular growth in ARPU. Rising advertising ARPU for a company like Fubo is an indication that the company's viewers are being seen as being more valuable by advertisers.\nFuboTV is currently growing their national ad sales team to address what the company calls \"significant demand in the marketplace\". FuboTV's advertiser base consists of Fortune 500 companies and blue-chip national brands that have observed that FUBO has attracted a very highly engaged premium audience. Advertisers like the fact that they can highly target a growing premium audience with Fubo'sfirst-partyaddressable data. Brands also find advertising on the Fubo platform very attractive because CTV allows the effectiveness of ads on the platform to be precisely measured, which is an advantage over cable TV.\nExpenses\nSource:FuboTV Q2 2021 Shareholder Letter\nFubo's subscriber-related expenses, which primarily consist of content cost, accounted for 92% of total revenue in the quarter, an improvement of 28 percentage points compared to the year prior. This shows that FUBO has gotten better about managing content costs over the past year.\nSubscriber-related expenses can also be considered cost of sales or cost of revenues. Using the formula,Gross Profit = Revenue - Cost of Sales, FUBO had a Gross Profit of $10.38 million, making Gross margins around 8%.\nThese low gross margins are among the things critics don't like about fuboTV. The vMVPD subscriber revenue portion of the business carries very low gross margins and the situation won't markedly improve until the company increases its percentage of product revenue that have much higher gross margins, like the advertising, interactive products and the real-money wagering portions of the business.\nFuboTV's operating expenses in Q2 was $211.95 million. Operating expenses as a percentage of revenue in the second quarter improved 97 percentage points from 252% in Q2 2020 to 155% in 2Q 2021, showing that the company is improving its operating leverage.\nOne important aspect of the operating expenses is Fubo's investment in S&M, which came in at $21.51 million in Q2 or 16% of revenue, down sequentially from 18% of revenue in the first quarter of 2021. So, the company is also becoming more efficient in how they deploy sales and marketing dollars, while still achieving strong subscriber growth and lowering churn by 203 basis points year-over-year.\nCurrently, fuboTV shows an operating loss of $81.07 million in Q2 2021, compared to an operating loss of $67.29 million in Q2 2020. Investors should be aware that in the companiesS-1, the very first risk factor that fuboTV management included is this one:\n\n We have incurred operating losses in the past, expect to incur operating losses in the future and may never achieve or maintain profitability.\n\n\n Source:FuboTV S-1\n\nProfitability is the major risk with FUBO and the progress toward profitability should be closely monitored by anyone investing in this company. However, the overall operating revenue numbers is not the best way to measure fuboTV's path to profitability, instead FuboTV uses a metric called Adjusted Contribution Margin.\nI first learned of the concept of Contribution Margin whenNetflix first started using the metricto better manage their content expenses (variable costs).Contribution margin analysisis a measure ofoperating leverage; it measures how growth in sales translates to growth in profits.\nFuboTV is essentially following Netflix's playbook with their use of the contribution margin both to measure their operating leverage and to better manage content expenses. In Q2, FuboTV had an Adjusted Contribution Margin of positive 8.3%, up 316 bps YoY from 5.1%. So Fubo's Adjusted Contribution Margin has been showing constant improvement over the last two years, another confirmation of improving operating leverage.\nSource:FuboTV Q2 2021 Earnings Slides\nIn addition to an expanding Adjusted Contribution Margin, fuboTV has grown their overall Average Revenue Per User (ARPU) 30% YoY to an impressive $71.43,which is a strong monetization number. Many people consider Roku's ARPU number as impressive andRoku grew their ARPU 46%to only $36.46 (on a trailing 12-month basis) in their second quarter.\nAdjusted EBITDA margin improved YoY from minus 95% to minus 36%. Net loss in Q2 was $94.9 million and EPS in the quarter was negative $0.68 compared to a loss of $2.08 in the second quarter of 2020. This missed analyst estimates by $0.18.\nAdjusted EPS in the second quarter 2021 was a loss of $0.38 beat analyst estimates by $0.11. Expenses incurred for the launch of the wagering business impacted EPS and adjusted EPS by $0.02 in the quarter.\nBalance Sheet\nFUBO ended the quarter with $412 million in cash, cash equivalent and restricted cash.\nFUBO has aquick ratioof 2.332. A company with a quick ratio of 1.0 and above can easily pay current liabilities.\nFUBO has aDebt-to-Equity ratioof 0.476, which is a measure of the ability to pay long term liabilities. Companies with a Debt-to-Equity ratio of less than 1.0, means a company tends to use more equity than debt to finance operations which is generally less risky than firms whose Debt-to-Equity ratio is greater than 1.0.\nOperating cash flow in the quarter was negative $33.6 million, improving $20 million compared to the first quarter of 2021 and the number includes a $4.3 million negative impact from a payment associated with the buildup of the wagering business.\nGuidance\nSource:FuboTV Q2 2021 Shareholder Letter\nOne important take-away from this guidance is that it doesn't include any revenue from the Fubo Sportsbook that's still expected to launch in Q4 and even without that addition, fuboTV increased their revenue and subscriber guidance for the full year 2021.\nMore On Advertising\nTwo things mentioned in the Q2 2021 Shareholder Letter that occurred in the quarter, was the launch of theBranded Content studioand the start of a first-party datapartnership with LiveRamp(NYSE:RAMP). Both news items were first announced beforethis year upfronts.\nThe Branded Content Studio allows advertisers to be able to collaborate with fuboTV's creative team to build short or long form custom branded content to air on the Fubo Sports Network.\nThe new data partnership with LiveRamp is designed to improve Fubo's existing addressable targeting capabilities by enabling advertisers to combine Fubo's first party data with LiveRamp's Advanced TV products, which include subscriber file matching, viewership and measurement with Data Plus Math.Data Plus Mathprovides media measurement and analytics to streaming services like FuboTV along with its advertising brand customers to determine which people are watching the ads, and matching it with other consumer behavior data.\n\n We capitalized on the high demand for CTV in this year's upfront, with buyers seeking to reach our valuable cord-cutting audience of premium paying subscribers that can't be accessed via linear TV. FuboTV's concentration of live sports content also drove outperformance on advertising in the quarter.\n\n\n Source:FuboTV Q2 2021 Shareholder Letter\n\nWagering & Interactivity\nFubo indicated in their Shareholder Letter that are on schedule to launch Fubo Sportsbook app in the fourth quarter of this year and the CEO David Gandler also announced during the earnings call that Fubo added amarket access agreementfor their fourth state, Pennsylvania, through a partnership with theCordish Companies, a highly respected international developer of large-scale projects.\nCEO David Gandler also revealed a video on the company'sQ2 2021 Earnings Live Video Webinaron how the Sportsbook app is designed to synch with what the user is watching on fuboTV at every moment. The app is designed this way, in order to provide a highly personalized interactive betting experience for the user.\nFuboTV is all about enhancing interactivity and one of the ways that they have already done that is with their launch of predictive, free-to-play games.\nIn the Q2 Shareholder Letter, FUBO highlighted the fact that these free-to-play games are a key component of the company's overall wagering strategy because it is considered a potential customer on-ramp to the Sportsbook app and fuboTV, in general.\nThe company also plans to use the interactive, free-to-play games to measure the likelihood of customers to engage in even greater levels of interactivity on the Fubo platform. Additionally, free-to-play games have the potential to drive greater levels of adoption of the future wagering product.\nFubo's first stab at a free-to-play predictive game is theCONMEBOL Predictive Challengewhich tested a user's sports knowledge by presenting questions to be answered about each match in the South American Football Confederation (CONMEBOL) that occurred on June 3rd, 4th and 8th. The Challenge provided a chance to win a free year of fuboTV service.\nFubo used their exclusive CONMEBOL coverage to beta test their interactive game, which Fubo had integrated into their core vMVPD platform. Like most beta tests, Fubo tested this gaming experience on a select group of users to gather data on usability and to optimize the experience ahead of launching the gaming experience to a wider audience.\nAnother beta test that Fubo conducted was the new FanView feature, which is a user-initiated feature that shows supplemental, interactive information, like live game stats and scores. FanView screens are located next to and under a reduced-size video player.\nSource:FuboTV\n\n As expected, gaming proved extremely popular across the subset of users with whom we conducted our test. We saw a nice lift in viewership, with subscribers who engaged in free gaming watching CONMEBOL content for \n significantly more time per user than those that did not play.\n\n\n Source:FuboTV Q2 2021 Shareholder Letter\n\nFubo also indicated that they plan on launching the above features of interactive, free-to-play gaming and FanView to all fuboTV subscribers on multiple sports this fall. I also don't think this will be the last innovative \"first mover\" type features that fuboTV will release in the future either.\nFubo management has made commentary since theirS-1, that they were focused on building applications in traditional entertainment, sports entertainment, live events, social networking, mixed reality (AR/VR) and artificial intelligence. That focus has led the company to currently building a personalized and interactive streaming experience that the company credits for their current ability to capture market share.\nValuation\n\n\n\nCompany\nMkt Cap (BIL)\nPrice/Sales\nFree Cash Flow Margin %\nEV/Sales (FWD)\nRevenue Growth (Y/Y) %\nGross Margins %\nOperating Margins %\n\n\nRoku (ROKU)\n$50.61B\n21.70\n6.01%\n16.73\n81.18%\n52.43%\n10.71%\n\n\nDISH Network (DISH)\n$22.78B\n1.46\n16.63%\n1.93\n40.79%\n35.68%\n20.21%\n\n\nDraftKings (DKNG)\n$20.97B\n19.86\n-40.04%\n15.27\n319.6%\n37.16%\n-108%\n\n\nfuboTV (FUBO)\n$4.05B\n6.90\n-32.76\n7.87\n196%\n8%\n-61.93%\n\n\n\nFubo makes for a very interesting comparison with Roku. Fubo is currently growing faster than Roku and has a much better ARPU. The primary reason that Roku is valued so much more highly than Fubo is that there are very real worries about Fubo ever becoming profitable, while Roku is already profitable.\nSource: Yahoo Finance\nThe above is based on 8 Wall Street analysts offering 12-month price targets for fuboTV in the last 3 months. The average price target is $39.50 with a high forecast of $60.00 and a low forecast of $26.00. The average price target represents a 37% increase from the last price of $28.83.\nConclusion\nThe results from the latest quarter seems to have the Bears on the run, although as I write this the stock is down 10% in reaction to news that the company plans a$500 million stock offering.\nFuboTV is still a speculative stock but each quarter of results makes it look increasingly more likely that the company will both be able to sustain growth and eventually become profitable. If Fubo also successfully launches its wagering business in Q4, then the stock could wind up one of the better performers in 2021, as it could force many short sellers to concede defeat.\nI look at the pullback in stock price as a reason for aggressive growth investors to buy Fubo after such an excellent quarter that shows progress on all fronts and includes an increase of full year guidance.\nFubo was once a company that I only had a little conviction about but I am becoming increasingly more confident in the company's long-term prospects, as Fubo does nothing but strongly execute on its business plan that was first laid out in itsS-1filing.","news_type":1,"symbols_score_info":{"FUBO":0.9}},"isVote":1,"tweetType":1,"viewCount":2468,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/839493494"}
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