Manchester United plc Q4 FY2020 earnings call

• COVID-19 has disrupted financial results, but the club shows resilience. On-field, third place in Premier League and strong cup runs. - Player signings: Donny van de Beek, Alex Telles, Edinson Cavani, Facundo Pellistri, Amad Diallo; Academy has 1/3 of first team, 8 graduates last season. - Women's team progress with new signings. - Community efforts: Manchester United Foundation contributions over £1 million, Marcus Rashford's child hunger campaign. - Digital and media: Higher engagement on platforms, record social interactions, e-commerce performance. - Sponsorship: Signed 8 new deals, renewed 8, extended Chevy sponsorship by 6 months, shifted to digital campaigns. - Stadium reopening: Plans advanced, urging UK govt to follow European examples.

Total revenues for the period were £509 million, down £118.1 million versus the prior year due to COVID-19 impact on broadcasting and Matchday revenues. Adjusted EBITDA was £132.1 million, down £53.7 million from prior year. Commercial revenues were £279 million, sponsorship revenues £182.7 million (5.6% higher than prior year), merchandising and licensing £96.3 million (£5.8 million below prior year), broadcasting revenues £140.2 million (down £101 million), Matchday revenues £89.8 million (down £21 million).

• No EBITDA guidance provided. - FY 2021 impact: Loss of Matchday and ancillary revenues if season behind closed doors, loss of pre-season tour; partially offset by £30 million deferred broadcasting revenues and return to Champions League. - Committed player CapEx net cash outflows approx £120 million with amortization £127 million. - No first quarter conference call, only press release; normal cadence resumes for second quarter.

• COVID-19 impact on financial results likely to remain visible. - Uncertainty around stadium reopening timing and capacity due to public health and government guidance. - Economic environment challenging for partners, affecting sponsorship and revenue streams.

Q: Talk about extending sponsorships like Chevy and digital adaptations for partners.

A: Worked with partners to build commercial strategies leveraging digital means; extended Chevy sponsorship 6 months, and generally worked with partners to leverage available opportunities for value.

Q: Anticipation of fans returning to stadiums?

A: Unclear probability and timing of vaccine programs or quick response testing, remain subject to general situation; prior guidance was ~30% fill rate due to distancing, but no infection risk from professionally run stadia.

Q: Premier League and supporting lesser teams, and Champions League changes?

A: No comment on specific story about supporting lesser teams; actively involved in ECA and UEFA discussions on Champions League changes like potential 30/16 format.

Q: Premier League contract in China and new deal expectations?

A: Tencent has one-year stopgap deal, plan to go back to market for full long-term deal in coming months