Thank you for joining us to discuss fuboTV's first quarter 2022. With me today is David Gandler, Co-founder and CEO of fubo, and John Janedis, CFO of fubo. Full details of our results and additional management commentary are available in our earnings release and letter to shareholders, which can be found on the investor relations section of our website at ir.fubo.tv. Before we begin, let me quickly review the format of today's presentation. David is going to start with some brief remarks on the quarter and fubo's strategy, and John will cover the financials and guidance. Then I'm going to turn the call over to the analyst to dig into Q&A. Before we begin, I'd like to remind everyone that the following discussion may contain forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding our financial condition, anticipated financial performance, including quarterly and annual guidance, and cash flow and adjusted EBITDA targets, market opportunity, acquisition strategy, and ability to integrate those acquisitions, expected synergies of the technology platforms, business strategy and plans, the expected continued rollout of Fubo Sportsbook, and the continued shift in consumer behavior. These forward-looking statements are subject to certain risks, uncertainties, and assumptions. Important factors that could cause actual results to differ materially from forward-looking statements can be found in the Risk Factors section of our quarterly report on Form 10-Q for the quarterly period ended March 31st, 2022, to be filed with the Securities and Exchange Commission and our other periodic filings with the SEC. These statements reflect our current expectations based on our beliefs, assumptions, and information currently available to us. Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call. During the call, we also refer to non-GAAP financial measures. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are also available in our Q1 2022 earnings shareholder letter, which is available on our website at ir.fubo.tv. With that, I will turn the call over to David. Thank you, Alison, and good afternoon, everyone. In the first quarter, against a challenging macro environment, fubo's North American streaming business continued to deliver solid double-digit year-over-year growth. Total revenue increased 98% to $237 million, including an 81% rise in advertising revenue to $23 million. Our total paid subscribers also increased 81% year-over-year to 1,056,000. We are also pleased with our reduction in churn for the 14th consecutive quarter, including an improvement of 49 basis points year-over-year in Q1, and acquisition efficiency with our SAC-to-ARPU ratio at the low end of our target range of 1-1.5x. In rest of world streaming, we were pleased to end the quarter ahead of expectations with approximately 305,000 total paid subscribers and $5.5 million in total revenue. This marks our first full quarter of being operational in France following our acquisition of Molotov in December. Our goal is to grow in a measured way with a primary focus on driving operating leverage and expanding margin. Notably, we strengthened our balance sheet, ending the quarter with $456 million of cash. The increased financial flexibility is expected to take us through 2023, and we are targeting positive cash flow and adjusted EBITDA in 2025, with a relatively modest cash requirement anticipated in 2024. We have sharpened our focus on strategies to achieve profitability as we continue to scale. There are still 72.5 million households who have yet to cut the cord, and we expect to continue to benefit from the shift from cable and satellite to internet-delivered TV bundles. We will primarily focus on five key areas, efficient growth, content costs, advertising, tech costs, and our fubo Sportsbook to achieve our 2025 cash flow goal. We believe our focus on these initiatives strike an appropriate balance of building growth while driving the operating leverage inherent in our model. First, a key lever in our path to profitability will be managing our marketing spend to acquire higher margin subscribers at the low end of our SAC target. Since the quarter ended, we optimized the funnel to drive take rate of higher margin products for new users and migrated existing users in lower ARPU packages to higher ARPU bundles. While we had anticipated a short-term churn impact, we did not experience any material changes to churn related to these price changes. The churn we are seeing in Q2 is related to our seasonality of sports content. In fact, this approach is already yielding meaningful ARPU expansion, which we expect to continue in the quarters to come. Second, we are laser-focused on realigning our content costs as we continue to scale the business. Leading the strategy for fubo is Henry Ahn, our newly appointed Chief Business Officer. Leveraging his three decades of experience negotiating content deals with both traditional and digital platforms, Henry is tasked with driving content margin expansion. Henry and his team are already executing our plan to increase number of free ad-supported television channels or FAST Networks on fubo. We believe this approach will enable us to significantly grow our ad inventory and increase ad revenue. FAST channels also allow us to bring even more premium programming to our customers with minimal content costs. Third, our advertising business. As mentioned earlier on the call, we achieved an 81% increase in ad revenue year-over-year, despite a less than robust ad market, particularly in categories like finance and technology. fubo also experienced challenges during the quarter, including delays in launching ad tech improvements and new capabilities for advertisers. Moving forward, our plan is to remain focused on strategic hires, continued deployment of first-party data, and optimization of our ad-serving platform to further enhance our targeting capabilities. Additionally, we expect to expand the types of ad formats offered and inventory available across our video and sportsbook products. We believe these efforts will lead to improvement as the year progresses, and we maintain our long-term target for ad ARPU at $15-$20. We have also rolled out a new recommendations-driven homepage across all of our device platforms, giving us sophisticated tools to promote higher value advertising content in a personalized way for our subscribers. These initiatives will position us to benefit from market trends that continue to favor fubo's value proposition to advertisers and grow contribution margin. Building our ad sales infrastructure remains a key strategic priority as advertising represents a vital lever for profitability. Number four, leveraging many synergies we have across the company will also allow us to achieve cost savings. The integration of Molotov and Edisn.ai, both of which we acquired in December, continue to lay the foundation for growth and profitability for fubo globally. We believe the unification of our technology platforms across the global business will result in approximately $75 million in cost synergies between 2022 and 2025. Finally, the fubo Sportsbook. Wagering remains a key pillar of our strategy to integrate interactivity into our live TV streaming experience. We believe our differentiated approach of bringing to market our proprietary fubo Sportsbook, which integrates live sports streaming and wagering into a single ecosystem, will disrupt both video and gaming. Mindful of the increasing cost of capital, we've taken a measured approach to our rollout of our fubo Sportsbook. However, we do not see this as a long-term challenge. Our Sportsbook is both a differentiated product feature within our streaming business as well as a standalone service. Unlike other books in the market, we have the advantage of leaning in on our growing customer database to scale, therefore, significantly decreasing our marketing cost to acquire players, which we expect will shorten our path to profitability. In summary, our total revenue and subscriber results for the quarter were formidable, but we will continue to focus on the path to profitability. We are highly confident in the value of bundling for media companies and consumers alike. We are even more comfortable that the plan we have put in place is achievable. We are well on our way to building a sustainable business that reduces both capital and time required to achieve our positive cash flow goal in 2025. We are excited to share more regarding our strategic plan, our key initiatives, and long-term financial targets at our Investor Day in mid-August, where we will showcase our continued progress towards building a sustainable live TV streaming business. I would now like to turn the call over to John Janedis, our CFO, to review our financial performance. John. Thank you, David, and good afternoon, everyone. Despite a challenging macro environment in the first quarter, we saw solid year-over-year growth in revenue and better than expected paid subscribers. Importantly, we ended the quarter with a strengthened balance sheet and a steadfast commitment to driving operating leverage and expanding margins. As David alluded, we have continued to sharpen our focus on advancing towards profitability as we continue to scale and capture market share. Turning to our results. In the first quarter, we delivered revenue of $242 million. This includes North America streaming, where we delivered revenue of $237 million, in line with our guidance. Subscription revenue was $214 million, an increase of 100% year-over-year. This was primarily driven by paid subscriber growth of 81%, as well as subscription ARPU expansion of 2%. This was also our first full quarter with Molotov in our Rest of World streaming segment, generating $5.5 million of revenue in the quarter on a base of 305,000 subscribers, with both metrics ahead of guidance. Advertising revenue increased 81% year-over-year to $23 million and accounted for 9.6% of total revenue. Ad ARPU decreased approximately 5% year-over-year to $6.87 and was a primary factor in adjusted contribution margin softness. We remain confident that the initiatives David discussed earlier will lead to improvement as the year progresses and position us to expand contribution margin over time. In the first quarter, expenses as a percentage of revenue ticked up modestly, largely driven by subscriber related expenses, which increased as a percentage of revenue due to contractual escalators in our content agreements. As a result of this increase, our first quarter adjusted EBITDA loss came in at $105 million. As David mentioned, we have enacted a series of measures to expand subscription ARPU that we expect to meaningfully strengthen this metric over the coming quarters. We had a first quarter 2022 earnings per share loss of $0.89. Adjusted EPS in the first quarter of 2022 was a loss of $0.69. Adjusted EPS excludes the non-cash impact of stock-based compensation, the remeasurement of warrant liabilities, and the amortization of intangibles and debt discount. Now turning to cash flow. Operating cash flow in the quarter was negative $120.1 million, inclusive of the impact of $2.6 million non-recurring payments and $7.5 million associated with the wagering business. Relative to 1Q 2022, our expectation is that operating cash flow losses will moderate meaningfully over the rest of the year. Now turning to the balance sheet. We ended the quarter with $456 million of cash equivalents and restricted cash. This includes $203.8 million of net proceeds from security sales pursuant to our at-the-market program, $2 million cash expense related to M&A activities, and $11.6 million cash investments for wagering activities. We remain highly disciplined in the management of our capital structure to afford fuboTV the financial flexibility and optionality to fund measured and disciplined growth initiatives. Moving on to our outlook, we remain well positioned to execute on our long-term revenue and margin goals, all while delivering a differentiated and world-class experience to the consumer. As a reminder, our guidance metrics are by region, specifically North America and Rest of World, which includes Spain and the recently acquired Molotov operations. Note that this guidance does not include any projected revenue from online sports wagering. First, we will discuss North America streaming. For the second quarter of 2022, we expect to generate revenue of $220 million-$225 million, with subscribers of 965,000-975,000. This sequential subscriber decline is consistent with normal seasonal trends in our business and reflects the moderate churn impact of our recent price up. On a full year basis, we expect to generate revenue of $1.02 billion-$1.03 billion, with subscribers of 1.465-1.485 million. As with our 2Q guide, this full year guidance revision reflects the churn impact of our recent price up and a less robust ad market. For Rest of World streaming, we expect to generate revenue of $5 million-$6 million, with subscribers of 300,000-310,000. On a full year basis, we expect to generate revenue of $20 million-$25 million, with subscribers of 300,000-310,000. This limited growth for the balance of the year reflects our focus on integration and synergy capture. Going forward, we will continue to apply a disciplined approach towards capital deployment and subscriber acquisition to drive both top line growth and improve bottom line results. fuboTV has come a long way in a short period of time, and we remain confident that the actions we are taking to strengthen the business are positioning the company for near and long-term success as we continue to transform the live TV streaming space. Before going to Q&A, David will end with some closing remarks. Thank you, John. I wanna take this opportunity to express my gratitude and appreciation to the entire fubo team across North America, Europe, and India for their ongoing commitment to our mission. I also want to assure our shareholders that the entire company is focused on execution, and we are working harder, faster, and smarter than ever before. Thank you everyone for joining us on the call today. We appreciate your interest and continued support and look forward to continuing to update you on our progress. Thank you, David. Thank you, John. We're now gonna turn to the Q&A portion of our call. I would ask that just in the spirit of getting to everyone, please restrict your questions to one. Our first question comes from Laura Martin with Needham. Laura, it's good to see you. Please go ahead with your question. Thank you very much. I will stick to the rules and just ask one. Thank you. Loved the advertising number and actually loved the North America sub number, much better than we thought. I'm gonna go to gross margins, David. Was there a big step up? We didn't have a gross margin below 5% all of last year, and here we have a negative 2% gross margin, I think. Was there a big cost step up in some of your contracts that's an annual step up maybe? Or did the acquisitions add a bunch of cost to subscriber related expenses? Could you talk about the gross margin pressure in the first quarter, please? Yeah. Laura, why don't I start, if David wants to come in from behind, he can do that. There are a couple things there. One is really on the content escalators, and those kicked in, as you can imagine, on January 1. We didn't really have a corresponding price increase. We didn't increase prices in 2021, and so the gross margin should improve going forward, somewhat so in 2Q and then significantly in the back half of the year, both in 3Q and 4Q. Those predominantly were the pieces to that. Okay. Thank you very much. Um, I- That's my question. By the way, I would just say on while we're just talking about content, you know, I think in the three months I've been here, we've probably had about 5 or so renewals, and I'd say that we've been very pleased with all five of those. Now, as you know, it takes time for those to kind of flow through, given we have three-year contracts for the most part. I would say on top of that, as we move through, say, the next 6-12 months and beyond, you'll also start to see those content costs start to improve as we become more relevant, right? When those deals were done a couple years ago, we were a fraction of the size we are today. As we've now call it kicked in above 1 million subs going to 1.4 million plus over the back half of the year, I think those negotiations also favor us. Thank you very much. Great. Thank you, Laura. Thank you. Our next question comes from Samuel Nielsen with Oppenheimer. Hey, all. Thanks for taking my question. I'm in for Jed tonight. Nice quarter. The first question's on Turner and the NBA, the strong NBA playoff and March Madness viewership we've seen recently. Do you feel like it's a piece of the puzzle that you'll need in the future to achieve your vision of kind of an all-encompassing sports entertainment platform? Well, Sam, thank you for the question. I think what we demonstrated last year that we were able to continue to grow in excess of the market without Turner. You know, obviously, you always wanna have more content rather than less content, but we don't believe that it is a requirement to have Turner in order to continue to grow the way we have. You know, those conversations will continue and, you know, if the pricing is in line with our 2025 goal of hitting profitability, then, you know, there's a chance that, you know, we can always bring Turner back. Makes sense. If I could follow up. You're a few months into launching wagering in Arizona and Iowa. Just wondering if there's any early learnings on, subscriber retention or any type of increased viewership you're seeing from people that actually use the sportsbook? Yeah. Look, I think, you know, when we came into this, we had a thesis. I think what we've learned in the first two state launches is that people who are watching TV spend more time gambling. They place more bets, and they spend more money. What we've been doing most recently is managing our marketing effectiveness, and our promotions. As we sort of get a better sense of how we'd like to roll that out, you know, we'll continue, you know, to look to migrate our subscribers over to the book. So far, you know, we're very happy about what we've seen, and we're looking forward to doing more. I guess my question is more the other way around. Are you seeing subscribers, you know, stay because of the additional capabilities that you have on the sports side? Yeah. Good question. Right now, we've been focused on subscribers to the book versus the other way around, and the reason is we wanna take advantage, you know, of the million-plus folks on the platform. You know, and what that allows us to do is ensure we don't have a very significant marketing cost, bringing players in. Right now we just don't have enough volume to be able to see if there's an uptick in engagement or viewership from folks that are playing. Thank you very much. Nice job. Mm-hmm. Great. Thank you, Samuel. Our next question comes from Dan Salmon with BMO. Dan, please go ahead. Thanks, Alison. Thanks, everybody. I'm gonna follow up just on advertising. John, you mentioned a little bit of shortfall in ARPU and a couple different reasons I think you ticked off there. Just a couple categories that maybe David mentioned, that were short, financials and technology, maybe some product rollout that was a little slower than expected. Just in terms of that shortfall, maybe can you rank for us, sort of what was the more important things relative to your expectations? What were the bigger shortfalls? Then just visibility on correcting some of those things and bringing them back in line where your original expectations were. Thanks. Why don't I start, and you can talk maybe on the tech side? Yeah. Let me give you some more color in terms of the quarter and how it played out, right? I think like a lot of others you've heard out there, you follow spend a lot of time in the space. You know, January was a really strong month for us, and then February was a little bit softer, and then March was a little bit softer, but still all in 81%. From a categorical perspective of all things, auto was our number one category. It was up, you know, materially above where the 81% came in. We saw a lot of strength in the consumer packaged goods category as well as the retail category, and so a little more flavor there. As we go into April, just for context, not a lot of visibility. I would tell you from April, we're still seeing strength in auto, seeing a little bit of softness that we haven't seen, historically speaking, in the CPG category. From a resource perspective, I would tell you that we are adding to our sales force. Call it since the end of the quarter or so, we've added three sales resources, and we'll start to see the benefits of them coming in, you know, in the back half of the second quarter into the back half of the year. Let me stop there, and then maybe David can add on to the other pieces of this. Yeah. I would just say, Dan, that, you know, the key for us right now is the technology side. You know, we believe we'll be able to launch that header bidding solution sometime towards the end of the second quarter. You know, some of those delays were really based off the fact that, you know, obviously hiring right now is not an easy task. You know, resource allocation internally to be able to develop that capability I think has been a little bit slower than we had anticipated. You know, given the opportunity around header bidding, you know, you know, we believe that component could add 15%-20% upside on both fill and CPM. It is important for us and, you know, hopefully we'll have that up, as I said, towards the end of the second quarter. Yeah, you're not alone on tough hiring these days. Okay. Thank you, guys. Yeah. Thank you. Thanks, Dan. Thanks, Dan. Our next question comes from Darren Aftahi with Roth. Darren, always good to see you. Please go ahead with your question. Alison, hi, everybody. Thanks for taking the question. I'm just curious with the shift from the Starter plan being removed, and kind of the increase to Pro, I know it's early, but what kind of customer sentiment have you seen, kind of good, bad, and different? Thanks. Yeah. Darren, good question. Look, I think as John just mentioned in the previous question, you know, we didn't roll out a price hike in 2021, you know, we've been managing that very closely. What we've seen pretty much is what we had anticipated, was that the price hike didn't really have such a major impact, and it's more so the seasonality that played a bigger part, both in the first quarter and in our guidance. You know, we anticipate a good portion of our subscribers to be profitable from a subscriber perspective. It's something that we're very excited about, comfortable with. The other thing that's really important is the higher priced packages typically result in higher ad ARPU for those customers. Just looking at some of the more expensive packages, you know, they deliver double-digit ad ARPUs. We'll keep a very close eye on that as we go forward. Let me just add to that, because now with that price up, I just wanted to make clear, if it wasn't clear, sorry, I didn't hear the entire question before, but that on an ACM basis now, all of our subscribers are positive now on a margin basis. Great. Darren, thank you for your question. Our next question is from Shweta Khajuria with Evercore. Shweta, please go ahead. Good to see you. Okay. Hi. You too, Alison. Hi. Thanks, Alison. Yeah. My question is on operating cash flow. You mentioned in your shareholder letter. Mm-hmm that the first quarter operating cash flow will, starting first quarter into second, third, and fourth, will start improving. Could you talk about the drivers there and perhaps frame the magnitude of improvement through the year for cash flow? I guess a quick follow-up is, how do you think about ARPU expansion through this year? I, you mentioned a couple of levers, including upsell. Could you help us think about the magnitude of that, please? Thank you. Yeah. Let me start with that. Let me start maybe with the second question first, right? From an ARPU perspective, clearly the price up will be a big driver of that. We're working on product, so there'll be more attachments to come there as well. And then we assume that from an ad ARPU perspective, we'll see improvement as well as we go into the back half of the year. Those are the components of the expansion there. In terms of the cash piece, let me kinda try to walk you through some of this. You'll get, I think, a much more fulsome response, if you will, at the Investor Day. The way I would think about it is that from a big picture business perspective, right, we have greater cash needs in the first half of the year versus the second half, just based on some timing of expenses, right? Q1 would tend to be our largest or close to our largest cash quarter. The back half of the year tends to be much smaller. The way I would think about it, Shweta, is that you see a pretty meaningful decline in terms of cash usage for the back half of this year. Then we'll see an incrementally speaking bigger decline in 2023 versus 2022 in terms of cash usage. The bridge to get to 2025, where we say EBITDA or cash flow positive, there's a relatively modest cash need in 2024, particularly relative to 2022. Hopefully that gives you some pieces to get to what you're trying to get to as it relates to your model or just cash in general. Okay. Thank you. You're welcome. Great. Thank you, Shweta. Our next question comes from Phil Cusick w ith JP Morgan. Phil, it's good to see you. Feel free- I guess. To go ahead with your question. Thank you. I have one question with two parts and a follow-up, if you don't mind. Mm-hmm. Well, that's a sneaky approach. Just that o kay. Yeah. That cash burn bigger in 2023 than 2022, can you expand on why that is? Is that a sort of gaming effort or ramping up in growth? Yeah, if I said that, I didn't mean it. The real question is you. Let me stop you there, Phil, for a second. Let's take them one at a time. Yeah. If I said that, I didn't mean to say that. What I meant to say was that 2023 is less than 2022, and that 2024 is less than 2023, just to clarify. From a segment perspective, there is a pretty significant improvement in North America Streaming, in 2023 relative to 2022. Okay, that makes more sense. Maybe I misunderstood. The question is really, you raised about $200 million in an ATM in the first quarter at you know, record low share prices, and your ATM filing looks like you continued to sell shares after the quarter closed. I'm curious, you know, what you expect to continue to do in an ATM to fund the business, and if you looked at other sources of cash, was an ATM below $5 a share really the most attractive source? Finally, your converts are trading at about $0.50 on the dollar. Would you consider doing anything, or have you had incoming interest to do something about that, take advantage of that discount? Thank you. All right. I'll start with a couple of those things. One is, in terms of the convertible, you know, I wouldn't signal what we would or wouldn't be willing to do, as you can respect, I think. I'll pass on that. As it relates to the ATM, we didn't do the ATM at $5. We did it at something more like $7.50 a share. I think it was $7.52, actually. Significantly more than where we are today in terms of the stock price. I guess what I would say is that, look, there is a lot of uncertainty as you know. Between macro geopolitical, capital markets, et cetera, we thought it was the most efficient way to raise capital, relative to doing other things that could have been presented to us. I would say that in terms of the go forward, look, as we said in the letter, we've got 7+ quarters of cash. Where I sit, I don't see a need to do anything for at least a couple quarters if not longer. We'll see where it lands. In terms of the ATM, we have, call it, north of $100 million available if we wanted to use that. I would say the plan would be to not access the ATM at $5 a share. Hopefully that answers your questions. Thanks, John. You're welcome. Thank you, Phil. Our next question comes from Jim Goss with Barrington. Jim, it's always nice to see you. Please proceed with your question. Jim, you're on mute, I think. Jim, I think you might be on mute. All right. Sorry. Yes, that's perfect. We can hear you. There we go. First, There we go. First, I'd like to applaud this focus on making moves toward achieving profitability. I think that's a very positive thing. I was going to ask going into the call about potential competition from FAST and connected TV. Mm-hmm. Now it looks like you're embracing it as one of your partnership opportunities. I was wondering how you plan to make that work. Would you be sort of doing a split with a branded party like Pluto TV or creating your own? How would that exactly work? Then I have one follow up. Yeah. Thanks for the question, Jim. You know, we have been adding FAST channels. There are two types of relationships. There's one for our own network, the fubo Sports Network. That's a relationship that we would develop with, you know, FAST platforms like Pluto TV or Tubi. I believe we're available in 50 or 60 million homes right now, through The Roku Channel, and others. In terms of our own platform, I think the key is we have a very engaged audience. What we've been seeking out most recently is high-quality FAST channel programming that allows us to, you know, dilute the viewership on the platform of channels where we have less available ad inventory. You know, that strategy has been working quite well in the early testing, and we think we're gonna roll out, you know, 50 to 100 more channels on the platform. The key here is that people are spending, you know, lots of time on the platform. As you know, live TV is still sort of the way most people watch television. With the effort that we've put into discovery, you know, we feel that we can drive viewers to like programming where we have more inventory and obviously that will lead to more ad revenue. The last thing I'll say is the FAST channels are also a great way to lower content costs. The typical deals are, you know, zero fees with 50-50 rev share. Again, it's something that we think we could take advantage of over the long term. Okay. The other sort of related thing is just you might discuss the changes in the competitive space with ever increasing numbers of streaming services. How, you know, you're all competing for the same number of viewers, and there are a lot of options that are growing. How is that affecting your strategy? Look, I mean, our strategy is intact. You know, I look at the world that we're in, which I like to call an infinite sum game, meaning that all media partners take advantage of any one other partner, whether it's a distribution partner or, you know, like a non-sports network group that takes advantage of the Olympics on NBC because fubo carries that and pays out variable rates. All of these streaming services, these plus services, are now heading into a zero-sum game where there will be losers and there will be winners. You know, what we're proposing is an opportunity for everybody to make money. This is a bundled platform. We believe that consumers prefer bundles. I think I mentioned in my in the shareholder letter that you know, according to a recent Nielsen survey, 64% of you know, surveyed were unhappy that they're not able to find the content that they're looking for, which is very interesting because when you know, we had started this business back in 2017-2018, I remember there was a survey that came out that said 64% of people were very unhappy with cable because it was you know, for whatever reason, expensive, the ads, et cetera. It looks like we're coming full circle and you know, I believe that virtual MVPDs will become the gateways to television. It's an opportunity to create a very frictionless environment for consumers to move in and out of programming of different media companies. It also allows us to create a very personalized experience that really creates more value for the user. I think over the long term, we've positioned ourselves the right way, and we differentiate in three ways. One is on brand. You know, we've built a platform that's known for coming for the sports and staying for the entertainment. Number two, we do have some content differentiation in the sports space. Number three, we continue to develop product features that are differentiated from general entertainment platforms like, you know, YouTube TV and Sling. Across the board, we feel very good about our position, and we're very confident we'll continue to grow. Yeah. Jim, if I could just add to that, actually. When you look at, say, our subs overall. We grew 81% year-over-year in Q1, even with the step down sequentially. In terms of the full year guidance, we're hovering around 30% growth in a marketplace, at least obviously on the traditional side, which is declining. We feel great about our market share gains. You know, you didn't ask this, but I'll just throw it out there as well in terms of just with the path we need to get to. You know, if you think about profitability looking out to 2025, you know, we need to call it, you know, 3 million subs or less to get to profitability. If you're thinking about longer term, maybe that's a number to think about. Thanks. That was gonna be my other question. Appreciate it. Great. Thanks, Jim. Thank you so much, Jim. Just a gentle reminder to everyone, we respectfully ask that you limit your questions to one. We really wanna be able to get to everybody today, so thank you very much for accommodating that. Our next question comes from Clark Lampen with BTIG. Clark, it's good to see you. Please go ahead with your question. Thanks a lot. So, I have a question on extensions. I know, FAST and fubo Gaming are much bigger priorities at the moment, but David, you know, last quarter, I think while you were talking about inflation, you kinda mentioned offhand that paraphernalia is a big source of consumer spending, especially among avid sports fans, which is a key piece of your sub base. Maybe this isn't part of the sort of short-term roadmap, but I guess as we think about, you know, maybe out to 2025, since that's, you know, part of the purview right now, is that maybe a part of the roadmap or sort of long-term strategy for you guys? Look, it's a good question. I... Right now we're very focused on, you know, the areas that I discussed in my prepared remarks. I will say that some of the technology that we've acquired around AI allows us to really understand what's happening on screen. So, I do believe that there is a world where, you know, there'll be very targeted ads based on what you're seeing on screen, and that technology right now is available. We have several patents around that, and we'll continue to build it out. But I think the key takeaway for me from what you're saying is that, you know, fubo is a very special company. We have a very, I would say, focused position in the marketplace. 96% of our users watch sports, which means that, you know, we can continue to price up if necessary, if content costs, particularly around sports, continue to escalate. People are, you know, spending a lot of time on the platform. We have a very captive audience, which means we'll have opportunities to really sell more and more goods as we get better at, you know, putting the foundational technology in place. I'm extremely bullish. People continue to watch TV, and there's 72 million households that, you know, still have cable. Going into a recession, you know, I think it's really compelling to have a competitive, you know, lower priced alternative to cable that still gives people a robust bundle at a relatively low cost. John, I think you mentioned the cost per hour to me earlier was quite low. We think this is a good space to be in, and we're very comfortable that we'll be able to really build a sustainable business over the next three years. Great. Thank you, Clark. It's good to see you. Our next question comes from Zachary Silverberg with Berenberg. Zach, please feel free to go ahead with your question. Thanks, guys. Can you talk about maybe the near-term sportsbook outlook, maybe in light of the decision from the Illinois Gaming Board, and the potential for a longer-term revenue contribution from the sportsbook segment? Yeah. I'll take that. Look, we have 10 market access deals now, signed. We have a pipeline of, you know, call it 4-5 more. Can't really comment on the state's decision, but again, we've received 10 approvals before that. I'm not sure what the line of questioning was. I'm not even sure they even reached out to us to provide any additional information. I'm pretty sure our general counsel is probably talking to the state already about what has happened. Sorry, what was the second part of your question? Just maybe any sort of update on the potential long-term contribution from the sports book segment, if you can give any. Yeah. Thank you. What I'll say right now is that, you know, we'll probably launch a couple more states before the end of the year, number one. Long-term, you know, the goal from an ARPU expansion perspective is probably, you know, low to mid-single digits from a dollar perspective. We'll probably start to see some revenue coming in in 2023. I don't know if we have any additional color on that. Yeah. I would just add, Zach, to your question, we'll start seeing some revenue kick in, call it, you know, late-ish 3Q, 4Q. You'll start seeing that line start to tick up a bit, and then, you know, more material revenue will start in 2023, just to add to that point. You're welcome. Great. Thank you, Zach. Our next question comes from Nick Zangler at Stephens. Nick, good to see you. Thanks for joining the call. Feel free to go ahead with your question. Hey, guys. How's it going? Hi, Nick. Excited to join the group here. With regard to FanView, you know, sports viewership is unique, right? In that it's an entertainment offering in which consumers actually might desire to have an interface on the screen showing them stats that enhance the viewership experience. In this way, I feel like fubo has an opportunity through FanView to provide a unique ad offering that other streaming services simply can't, where you have effectively a corporate sponsorship or some type of advertising inventory on screen potentially at all times, at least while FanView's up. I'm just curious on how you're thinking about leveraging FanView as an advertising asset, and if that's currently occurring at all today. Thanks. Yeah. Thank you for that question. You know, I mentioned in my prepared remarks that we're continuing to expand our portfolio of ad formats, so I think you're on track with leveraging FanView as a way for us to integrate, you know, product experiences, and we're doing that with predictive games as well. This is an area of focus for us because outside the video inventory, we think there's ways for us to really create brand value. As you know, sports fans, you know, like to participate with brands during events. You see that in stadium and in other places. Again, this is an area of focus for us. We're trying to build out the right product set to ensure that, you know, we're not sort of interfering with the viewing experience. that type of experimentation is gonna continue, but certainly on our radar. Great. Thank you so much, Nick. This now concludes the Q&A portion of our call. I wanna thank everybody for your participation. We realize it's an incredibly busy earnings season, and today in particular was very busy. We really appreciate your participation and your thoughtful questions, and look forward to speaking with everybody soon. Thanks very much again.