Fubotv, Inc. (NYSE:FUBO) Evercore ISI 2nd Annual Technology, Media & Telcom Conference Call September 8, 2022 2:15 PM ET
Company Participants
John Janedis – CFO & Principal Accounting Officer
David Gandler – Co-Founder, CEO & Director
Conference Call Participants
Shweta Khajuria – Evercore ISI
Shweta Khajuria
Hi, everyone. I’m Shweta Khajuria, Internet analyst at Evercore ISI, and I’m very excited to have David Gandler, CEO and Co-Founder of fuboTV; and John Janedis, CFO of fubo. Thanks so much for being with us today.
Question-and-Answer Session
Q – Shweta Khajuria
Let’s start at a high level. I think most people know what fuboTV is.
David Gandler
At this point, I would hope.
Shweta Khajuria
Yes. But I guess the question is, what is in your view the differentiated value proposition? So a lot of times, you’re compared to perhaps a Hulu or Google. So walk us through that, why fubo?
David Gandler
Yes. It’s a good question. Well, the first thing is, let me just touch on the similarities. One is we all aggregate content. And I just to be clear, I’m a firm believer in aggregation. I think the streaming model is extremely challenged. You have businesses, media companies today that are going, including, I would say, Disney is going from low churn, high-margin, working with aggregators to high churn and low margin.
So I’m not sure how long that model can be maintained, particularly given the macro. So we’ve always been bullish on aggregation. We aggregate the same way that Google and YouTube does, but we do differentiate, I would say, in 3 ways. One is on brand. You’ll see that quite often on big sporting event days, the number of downloads we get far exceeds what any of the other aggregators in the space will get. So brand is one.
We’re known as a sports-first cable TV replacement service. I think that Hulu is probably more known as a general entertainment brand. And I think YouTube TV, I think, is synonymous with free-TV or free television. And so I think on the brand side, we probably have more equity there from a differentiation perspective.
The second thing is on product. I think we’ve demonstrated historically, we’ve been first to market with 4K, things like Multiview, FanView, and we really cater more to the sports fan. We also have features like DVR, which are allowing customers to save their favorite moments perpetually, which is important for sports fan, less valuable for someone who only cares about entertainment. So from a product side, I think it’s the second way.
And the third I would also say it’s probably from a content perspective. Now as I said, we all aggregate. So for the most part, we have very similar content, but fubo has the greatest number of Nielsen rated sports networks. So I think it’s a simple way to explain that. So I think those are kind of the 3 areas in which I think we really differentiate.
Shweta Khajuria
That makes sense. If we double down — double-click on product. So you mentioned Multiview framing, et cetera, some examples. How hard is that for someone like a Google or a Hulu to offer something similar?
David Gandler
Yes, we often say, “Well, why can’t they do it?” And my response, not to answer a question with a question. But — why can’t Cisco build Zoom, like they have 10,000 engineers and you say, why can’t they do it? I don’t know why? Why can’t Amazon go Roku? It’s — this is the question that start-ups have been answering for a very long time.
I do think they can build it. But if you just take, again, historically some of the features that you mentioned, we launched in 4K 2018. I believe YouTube TV launched 4K last year, in 2021. We’ve launched Multiview, 2.5 years ago with some combination of sports features. And rumor has it YouTube TV will be launching it this year. And others like Sling and others have been copying many of the features. So we’re very confident that from a product perspective, we’ll continue to innovate ahead of our competition.
Shweta Khajuria
That makes sense. And then one last one. The high level, where do you think we are in terms of the penetration rates with virtual MVPDs? It is clear that linear is shifting to streaming. How much of that will likely be virtual MVPDs versus pure ala carte, sort of?
David Gandler
Yes. So again, I go back to the headwinds in the streaming space. I think one of the key — I mean, if you think about why consumers wanted streaming in the first place, really 2 problems that Netflix was solving. The first problem was the exorbitant price of cable. Well, we thought it was exorbitant when it was $100, right? It’s a little bit more than that today. And number two is that there were no advertising, right? And the third piece is that you were able to access all the content immediately. There was no appointment viewing.
And so the problem you have today with streaming is that those 3 issues are now becoming once again apparent. So you have streaming services plus services that are increasing prices now, in some cases, up to 50%, and we’ve seen with ESPN+ and others. You have Netflix adding advertising.
And when they add advertising, investors, shareholders, the Street, everyone will expect double-digit growth year-over-year. So they’ll have to also raise their subscription pricing. So you’re pretty much going back in that direction, advertising and high prices.
And then on top of that, you also start to see batch releases. So not exactly appointment viewing, but we’re moving to batch releases, meaning that instead of releasing 10 episodes of season, you release 5 now and 5 later. That eventually will, I think, also move to weekly releases versus like at 8 p.m. on the Thursday that you’re used to in broadcast television.
So you’re pretty much going back to the same place. So that’s a long-winded way of saying, I do believe that the aggregated space is probably going to be worth about 55 million to 60 million customers, of which I firmly believe about 70% — 65% to 70% of that will end up in the virtual space. So call it, 20 — probably somewhere in the 20 million will remain in cable over the next 5 years and 40 million will be in the virtual space.
And why is that? You may ask, it’s very simple. For those reasons that I think streaming will struggle as you have price hikes, advertising, you have — I think I saw a comment in the trades where they said that — someone said streaming is the worst thing that happened to sports.
Can you imagine that, a comment like that is because it’s all over the place, right? There’s no way for you to personalize experiences. You can’t do personalized highlights. And some of the other interactive things that we’re bringing into our platform, such as fantasy and betting.
And so I do believe that you’ll see the people that have left the cable/virtual-MVPD ecosystem will return because they’ll spine and that will be the better experience.
Shweta Khajuria
It’s too fragment for sports.
David Gandler
It’s too fragmented. And you also have NFL that’s — will be on broadcast for the next 10 years. So we’re in a good position.
Shweta Khajuria
Okay. Let’s turn to macro headwinds. A, what are you seeing today when you connect with advertisers, brand advertisers? What’s the sentiment like today versus, call it, a month ago or even a quarter ago? Has that changed?
David Gandler
Well, John, do you want to touch on that? It seems to be a topic to — then I’ll add to that.
John Janedis
Maybe I’ll touch on that as a starting point. we had a chat with our new Head of Sales about the marketplace earlier in the week. And I think to your point, Shweta, I think you’ve heard this from others as well in terms of there was a bit of choppiness through the summer.
It sounds like the marketplace has improved a little bit over the past couple of weeks as we think about, call it, September into the fourth quarter. So we’re hearing and seeing a bit of an improvement sequentially on a year-over-year growth basis. And I would say on the political side, that money starting to come in. Maybe it’s slightly late, but that money is coming in as well.
Shweta Khajuria
Okay. When you think about the back half of this year and even next year, what do you — what are some of the puts and takes in terms of the macro environment in terms of consumer demand, in terms of seasonality. Could you touch on the all 3.
David Gandler
I can start — look, I mean, we’re in a good position, right? You have 2 major tailwinds that we’re experiencing. One is obviously the secular decline of television, which means we’re continuing to add more customers. And we’ve actually added more customers than any of the other services over the last 12 to 18 months growing at a spectacular rate. And so that’s 1 component of ads, the more eyeballs you have, obviously, the more interest from the advertising community.
On the advertising side, I would say, again, another strong tailwind is that TV dollars are moving to connected devices, about 50%. I think we said this on the Analyst Day, 50% of viewing is taking place on connected devices, while only 22% of TV ad dollars have moved over. So despite the macro, we think that we’ll be able to continue to grow those dollars double digits year-over-year for the foreseeable future.
Shweta Khajuria
That makes sense. Going back to your Analyst Day, which you just talked about. You shared some 2025 targets for subscribers, ad ARPU and free cash flow that you want to be positive free cash flow, right? Let’s touch on each of those. So let’s start with free cash flow. The business is evolving to some degree when you think about the wagering piece as well. So could you talk about how you’re thinking about it right now, what the options are for that business? And what gives you most confidence in your path to getting to positive free cash flow?
David Gandler
Do you want to talk on gaming to start and then I’ll go to the rest of that?
John Janedis
Sure. I mean, look, we’re still huge believers in the intersection of TV and gaming. I mean every piece of data that you look at suggest that people are more active in their entertainment behavior, whether it’s AR or fantasy or TikTok or whatever type of engagement, Snapchat, people just really experience things in a very different way.
And our goal ultimately was never to compete directly books. This was — you should think of it as ecosystem in the sense that you’ve already acquired a subscriber, why not generate higher margins more revenue off of that same user. So this, to me, is sound logic. We just launched, right, in New Jersey. I think that came out very recently, I just want to make sure. I don’t want to file an 8-K before I get back.
So yes, so we’ve launched in New Jersey, and we’re continuing to build out features that we think are actually quite compelling. Think about being able to change a channel and looking down your phone in the bet slip changes like that is 1 step versus taking 4 steps every time you want to do something.
So it’s things like that or making sure that a person knows that — these are the — if you bet on the Rangers or the Knicks, the first thing you do when you light up your TV is you say, “Oh, there’s a Knicks game on right now.” And we know because we know when you placed your bet. So all of this stuff is very reasonable, rational. We’ve been building out a set of capabilities very recently.
Whether we use it for ourselves, as you know, where that business is under strategic review, not because we couldn’t do it as we launched in New Jersey. But because as you said, the macro has changed. And at the time we decided to go in, the cost of capital was almost free maybe it was free at the time. So things have changed. And obviously, we have to pay very close attention to ensuring the success of the business over the long term.
And so I think from that perspective, while it is in review, and we’ve decided not to go forward independently on this, it is still something that I think allows us to differentiate our product and create a more engaging experience, more of a flywheel. And as you know, the more engagement you have on the platform, the more advertising you can sell. So this still fits in quite well. And I think that’s that.
Shweta Khajuria
Before we get to the free cash flow, just a follow-up on this is, well, so where are your — internally, where are your efforts focused on right now? So you’ve put this in strategic review. We’re not sure what will happen, but…
David Gandler
But we know what will happen. We’ve said the goal is not to continue independently.
Shweta Khajuria
Right. But what does the strategic partnership mean for example?
David Gandler
Right. Well, again, all options are on the table.
Shweta Khajuria
Yes, exactly. So which option will happen — we are not sure, but…
David Gandler
To be clear, every option.
Shweta Khajuria
Is open?
David Gandler
Is on the table.
Shweta Khajuria
Right. I guess the question is how much — how focused are you and your teams on wagering now versus, call it, before you decided that it would be in your strategic review? Anything internally changed? Are you more focused on other growth initiatives? Or is it the same?
David Gandler
Yes. So to be clear, the way we’re set up is that very similar to other technology companies is that we have a squad infrastructure. So you have different teams that are working together, A/B testing daily and developing products that they look to release based on a set of OKRs or KPIs, if you wish, that have been put together in the previous quarter.
So it’s not easy to just take everybody off and just throw them on something new. And so those teams are constantly being reorganized. Right now, the goal was to get it to New Jersey. We get that launched. We now are live in 3 states. We have not spent any marketing dollars, as you know. But data is coming in and the data is actually quite good. It’s not at scale, right? We haven’t spent any money, but we — in the next few days, we’ll be looking to sort of leverage some of our TV capabilities to see what that brings in. And then obviously, as we kind of look for partners, we’ll share that . So that’s sort of where we’re headed with this.
Shweta Khajuria
Okay. Can we move on to — oh, no, positive free cash flow.
John Janedis
Yes, sure. There are a lot of different components to that question. So if I forget one, bring it back into it. And I would just say in terms of free cash flow, part of the attractiveness in our model is that we have revenue CapEx, right? So we have very high conversion as we turn to free cash flow positive, the conversion that you’ve got free cash flow is very high. In terms of how do we get there, right? There are a few components.
We talked a little bit about advertising a moment ago. Let me give more granularity there, right? And so if we look at where we are today, we’re, call it, high single digits of ad ARPU is the number. How do we get that high, right? There are a bunch of different things we’re doing.
One is that we have as you’ve heard investing more in our sales force. We want to have more direct sales, if you will. The CPM lift even today on direct versus other parts of the business is pretty meaningful. I’d say well into the double digits. So as we scale more into direct business. It will have an underlying lift in terms of the CPM. If you look at our CPM today in terms of the entire business, it’s somewhere in the, call it, the lowish 20s.
We think, over time, that should get into the into the 30s. If you take a step back and say, well, what is in the 30s, is that even rational? I would say a couple of things, right? One is if you look at what we’re getting on our sports business, healthy above in terms of above the low 30s selling. Political is also, in many cases, on an average well above that number.
We get a lot of incoming calls across our business, including me, where other potential partners want access to our sports consumer because of the value of that they think that they would bring. And so we have that piece.
The second piece we talked about publicly is that we even invested more in our ad tech, and we’re also starting to see some of the fruits of that labor. And I think to my comment before, where we’re seeing a bit of improvement as we go through, call it, June, July, August, September. I think part of that’s a testament to seeing some early signs of improvement on the ad tech side. And then we also look at our peer set, and they’re putting up numbers that are, call it low double digit on a net ARPU basis.
And so we think when we roll out, call it, the direct sales, the more in terms of sales force, more in terms of sports, more in terms of driving people to networks that are more monetizable. And so it’s very subtle when you go to the platform. On the menu, oftentimes, you’ll see, call it, networks that have much more monetizing inventory for us. So it’s settled, but there’s that as well.
And so we think we can get into the, call it, the mid-teens plus on the ad ARPU side, we said $15 to $20. We don’t need to get anywhere close to $20 to get to what we need to get to in terms of 2025 on free cash flow. So that’s 1 piece.
The second piece I would say is that we have worked really hard in terms of our marketing team. And so they’ve done a really good job of not seeing any kind of elevation in SAC. And I think that we don’t get enough credit for, call it, low or no SAC type of ways to bring people in the front door. And so a very meaningful number of our subscribers are either from reactivations or just from word of mouth. And so the SAC number that we…
David Gandler
Sorry, which really speaks to the quality of the product. All that organic growth is really product driven.
Shweta Khajuria
And SAC is the subscriber acquisition cost.
John Janedis
And so to get to our targets in ’25, what we’ve said is that we need to grow or we expect to grow, I should say, North America subscribers in the call, the 20-ish-percent. And if you kind of take our guidance currently for 2022, I’m kind of rounding here, but let’s just say 1.3-plus million. So to north of 1.3 million. A 20% CAGR or so gets you to north of 2 million by 25%. We, again, have taken a much more thoughtful approach as it relates to not chasing after very expensive, call it, negative LTV subs. And so that’s been a focus for us as well.
And so it comes down to, again, smart marketing we’re looking at every cost, as you can imagine. Our product and tech team, we talked about them, they’ve taken $75 million of cost out of the product tech business. And what I said a couple of weeks ago was even on top of that, we’ve identified, call it, low to mid tens of millions of costs coming out of the business. I think when we get into ’23, that number is more like in the mid-tens of millions, if not upper end of mid-tens of millions.
And so there’s more of a cost lever. I think we feel pretty good about where we’re going to land as it relates to our subscriber related expense. And so you roll all those things up, and that’s how you land into a level where we have free cash flow positive in ’25.
In terms of the cadence of getting there, we haven’t gotten specific on that. I think what I would say is that for 2022, would be called our peak burn in terms of cash in the business for the streaming business. And so we’ll see improvement in ’23, improvement in ’24, there’s a very modest need in terms of cash. And then that gets you to — lands you on the — or us on the deposit and positive free cash flow, self-funding in ’25.
Shweta Khajuria
Makes sense. Did I hear you right on June through September, you’ve seen improving trends on the advertising demand? And if so, what do you think is driving that? Is it that your engagement is getting better on the platform? Is it that there’s less pessimism about the macro? What is driving that?
John Janedis
It’s hard to say because [indiscernible]
David Gandler
Yes. I would say probably it comes down to 2 things. One is, I think the initial shock that we all felt as public companies about, oh, the cost of capital increasing. I think that was an immediate shock that causes every advertiser to immediately stop and think about what their plans are in case of continuing deterioration in the economy.
And so that was the first effect. But similar to COVID, what happens is every time you hear all these bad things, you start to become tone deaf. It’s just another day. And so hike after hike, after hike, you realize, okay, why stuff would run my business? And so that’s part of it.
The other part is that you know sports — and with sports and fubo, given our base, you start to see our customers come back. So — and you’ve seen that, I think, every year, we’ve seen growth in the third and fourth quarter, with 65% of our gross adds typically come in the back half of the year.
So I think the 2 events coupled together allows us to see some strength in the ad business. But I’ll just add 1 thing to what John said earlier is that on the ad side in particular, when we think that we can get to $15 to $20, it’s actually not that difficult. It sounds crazy, but it’s not because, as John said, we’re in the $20 sort of CPM range going to $30.
And we all know that customer — or I should say advertisers are willing to pay for targeting an address building, right? Those are the things — and we collect over 2 million data points. So we feel very comfortable we have the right product, the right content.
And then when you couple what the fourth quarter looks like from a sports perspective, you heard John mention political, which means that they’re going to put stress on the inventory. And with the World Cup in fourth quarter, we think that adds even more pressure on the inventory. So my expectations would be that fourth quarter CPMs should trend double digits higher than they are in third quarter. Obviously, September being the big month and the start of football today, Thursday? Yes, sorry, I should know that.
Shweta Khajuria
It’s a good game. I think the Bulls are playing the Rams.
David Gandler
Yes, that’s true. That’s true. So that’s kind of how we think about the ad front. And — we have spent a lot of effort and energy on the advertising front from a programmatic perspective as well. So we’ve updated the platform. And as John said, we’re see that resonate, and we’ve been adding fast channels as well.
Why to dilute some of the value of the paid channels, which gives us more leverage in our discussions with partners, which again should have some impact, not only on the ad side, but also on the SRE one, which is our subscriber related expense level.
John Janedis
The only thing I would add there, by the way, is back to just the macro piece. I think early on in the summer, there was also a concern around how quickly would the macro slow? And what would the impact be on unemployment. And I think that the unemployment numbers have actually been relatively good, I think, versus, call it, low-end expectation. And I think that’s also helped in terms of the psychology of the market.
Shweta Khajuria
And we are here talking about brand marketers, we’re doing video. And that sentiment has improved through September, and that makes sense. When you say — so I’ve got 2 questions. One is, you said $20 CPM. How have they trended for you? And they can get to $30, but how they trended so far?
David Gandler
Well, so I’ve seen addressable campaigns better $50 to $60 range in different categories, but we just have not been able to scale that out yet. So with a new team today, I’m very comfortable that we’ll see sort of, call it, 5% to 10% growth in CPM annually. So that, coupled with more inventory in the fast channels.
And the last thing I’ll say, which we have never discussed is Roku advertising, you know Roku very well, a lot of their — the money that they generate comes off of the display advertising on Roku actually. And so we actually implemented a new unit. So this is brand new.
Shweta Khajuria
The new inventory that [indiscernible]
David Gandler
New inventory coming online, which makes me even more comfortable to drive what John was saying and that inventory from what I understood this morning, again, not on every platform yet. We’ve been rolling it out solely, it’s already sold out. So there is interest in large-scale sort of takeover style homepage, Roku-like takeovers.
John Janedis
Just to get some more color just in terms of your question about trending. If you look at historical CPM levels, I would say, David’s comment about calling that 5% to 10% number, I would say that we’ve historically been trending at that, call it, the lower end of that range.
And so when I think about it and I think when the team thinks about it, when you look at, say, us relative to where others are priced, I think we’re a pretty good value proposition on top of that. So I think we feel good about the demand.
Shweta Khajuria
Makes sense. So your CPMs have been growing at around 5%?
John Janedis
Probably at mid-single second range, yes.
David Gandler
Sorry, the 1 last thing I probably said this in the beginning, but we have a relationship with Ryan Reynolds now, and he’ll be launching a network with us, which is called Maximum Effort Channel. And the guy actually loves advertising, which is really important to our business. And so we think the ability to leverage that network on the platform will also allow us to create innovative capabilities and engagement opportunities for brands that we can then drive across the whole platform.
So I think that for me, personally, I’m bullish on advertising in general, but I’m very much bullish on advertising on fubo, given some of the new capabilities that will be coming online shortly, and we’re already in development with Maximum Effort.
Shweta Khajuria
You’ve got Ryan Reynolds, new inventory, fast channels, the shift to sports, that has higher inventory on your ad tech, this combination to drive your CPM, right?
David Gandler
Yes.
Shweta Khajuria
Okay. When you think about supply growth, this is a high-level question for you on the industry given your experience. When there’s more supply coming in, what do you think will happen to overall CPM? So I’m referring to Netflix entering as supported Disney+, et cetera. There is some debate on more supply good pressure CPMs, but you could have a different point of view. What is your thought?
David Gandler
So I guess the answer is yes and no. And so the way I look at it is very simple. Netflix is going to take a bite out of the non-premium. There’s a lot of long-tail advertising, a lot of fast channel advertising. That probably — you’re a high-quality advertiser or a brand advertiser, where Netflix will offer you opportunities to break through the noise you may think of switching some of those long-tail dollars into something like the Netflix. That’s number one.
Number two is if you take Disney, for instance, I’m sure that anyone who’s already advertising with Disney on other platforms is going to shift their dollars away. So I would assume that the TV CPMs actually start to come down for Disney as that inventory becomes available on streaming. And so I think a lot of these brands are probably just kind of moving dollars around.
It does though, I think, realistically, if you’re a streamer number 6, 7 and 8, I don’t put us in that group because if you’re buying fubo, you’re buying GRPs, and we have a sliver of the audience that none of the cable guys have. You can’t get it on YouTube TV, you can’t get it on Hulu live, you can’t get it on Comcast because we have a competing product in the market. So if you wanted to buy 100% of the market, you have to buy us. So I would say, if I’m a streamer of 5, 6, 7, 8 plus service, I’m probably a little bit nervous at this point. Not too nervous, but I do get.
The $65 CPM is a little bit scary, but that’s what happens.
Shweta Khajuria
You think they’ll get that?
David Gandler
That’s what happens when you’ve never been in advertising, right? You don’t know if that’s possible. My sense is that the first 3 or 4 will pay that because there’s a PR value associated with that. But I think reality is it’ll probably be in the $30 to $40 range, which I think is fair for premium.
Shweta Khajuria
Where are they getting the $60 to $65 from?
David Gandler
Someone told them a great story and probably landed some business from them.
Shweta Khajuria
Well, I heard that HBO may be getting something similar like $50 to $60.
David Gandler
Yes, we’re talking about — just so everyone knows, it’s just like when you say to me, in addressable, what CPMs are you seeing? I have seen a minimal number of campaigns in the $50, $60, $70, $80, minimal. The average campaign, you know our CPM, so that can’t be there — what I would say is that it’s just — it’s going to be tough when there’s so many ways to buy around different platforms. And where you will see the $40, $50, $60 is the same way you saw $40, $50, $60 on television. So when you have a premiere of some zombie TV show, right, on AMC, you’re going to get a $45, $50, $60 CPM. So you should expect that the $50, $60-plus CPMs will be on premieres, and any show that’s in super high demand.
So House of Dragons, Stranger Things. But as you all know, the hit rate for TV is unfortunately for everybody probably at around 6% to 7%. So you’re not going to see a lot of that.
Shweta Khajuria
Okay. Well, I didn’t realize — what’s that?
David Gandler
At least [indiscernible] moving in.
Shweta Khajuria
Yes. I did not realize we are almost out of time, but I guess, I’ll finish with 1 last question. What are you most excited about when it comes to approval. Market is different now than it was before. Things have changed and new business has evolved. What excites you the most today? Where are you spending more time?
David Gandler
So I think if you have read all of my comments or many of my comments throughout the years, I think we’ve been spot on on everything we’ve said. If you go back historically, come for the sports day for the entertainment. That is something that’s been copied by everyone, our [indiscernible] into soccer, CBS, everybody buying soccer now, driving customers through sports and hoping to maintain them through other content. So now I’m very excited about our position relative to everybody else.
I feel like the bundle is actually the best product that a consumer can get, none of the streaming plus services are ever going to be technology focused, real technology focus. And it doesn’t make any sense for them to spend time building amazing features because they’re driving you to their platform. through IP, right?
So I do believe that we — if we continue to develop our product, which we’re doing now, both for passive and interactive users and becoming a gateway to television. I think is going to create tremendous value.
And the one last thing I’ll say is really important as you remember, 20 years ago, you had 8 or 10 cable companies, all worth tens of billions of dollars, whether it was 2, 3 satellite companies, cable companies, there are only 4 players — 5 maybe, 4, 5 players in the space down from 10. And so I’m very excited about the fact that the Street will push media companies to distribute and provide them a return on capital. And I think we’re a great conduit for that. So I’m very excited about all the optionality that’s built into our business more so today than ever.
And the last thing I’ll say is if you look at Hulu and YouTube TV in the last 2 months, you can all check this online, they have all been putting out offers where you can get like 3-month offers for like $20 off the month. We are the only company that has not provided any offers this fall. So we feel good about our competitive position. We feel good about our brand position. And the key is just to weather this out. And with John’s plan in place, I’m very comfortable we’ll be able to do that.
Shweta Khajuria
It should be exciting. David Gandler and John Janedis from fubo, thank you so much.
David Gandler
Thank you.
John Janedis
Thank you.
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