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Manchester United PLC Reports Fourth Quarter and Full Year Fiscal 2022 Results

Key Points

• Under leadership of new manager Erik ten Hag, strengthened the men’s first team with the summer recruitment of Antony, Casemiro, Christian Eriksen, Lisandro Martinez, Tyrell Malacia, and Martin Dubravka on loan
• Strengthened the Women’s team with the addition of seven new players
• Normal summer Tour activities resumed in July 2022 with over 350,000 fans in attendance
• Achieved record e-commerce revenues, memberships, and digital engagements in FY22
• Launched three new principal partnerships, signed five new global partners and eight global renewals in FY22
• For the full year fiscal 2023, the Company expects total revenues to be in a range of £580 million to £600 million and adjusted EBITDA to be in a range of £100 million to £110 million

MANCHESTER, England–(BUSINESS WIRE)–
Manchester United (NYSE: MANU; the “Company” and the “Group”) – one of the most popular and successful sports teams in the world – today announced financial results for the 2022 fiscal fourth quarter and twelve months ended 30 June 2022.

Management Commentary

Richard Arnold, Chief Executive Officer, commented, “Our club’s core mission is to win football matches and entertain our fans. Since our last earnings report, we have strengthened our men’s first team squad, completed a successful summer tour, and established a foundation to build from in the early stages of the 2022/23 season under our new manager Erik ten Hag. We have also continued to develop our women’s team with an aim of reinforcing our position among the leading clubs in the Women’s Super League.

“Ultimately, we know that the strength of Manchester United rests on the passion and loyalty of our fans, which is why we have made fan engagement a strategic priority. While there is a lot more work to do, everyone at the club is aligned on a clear strategy to deliver sustained success on the pitch and a sustainable economic model off it, to the mutual benefit of fans, shareholders, and other stakeholders.”

Cliff Baty, Chief Financial Officer, commented, “Our financial results for fiscal 2022 reflect a recovery from the pandemic, a full return of fans and new commercial partnerships offset by increased investment in the playing squad. Our results have been adversely affected by the absence of a summer tour in July 2021, material exceptional and increased utility costs, and the impact of the weakening of sterling on our non-cash finance costs. Looking forward to fiscal 2023, the Club is guiding to revenues of £580 million to £600 million despite participation in the Europa League, and adjusted EBITDA of £100 million to £110 million, reflecting the continued playing squad investment.”

Football

We have achieved a series of milestones in the strengthening of our football operations during fiscal 2022, including:

• Appointment of Erik ten Hag as manager in May 2022
• Recruitment of five regular starters for the Men’s first team and seven new players for the Women’s team
• Manchester United Women finished fourth in the 2021/22 Women’s Super League
• Three Manchester United players featured in the England team which won the UEFA Women’s European Championship in July, and a fourth joined the club after the tournament
• Men’s Academy Under-18s team won the FA Youth Cup at Old Trafford for a record 11^th time, in front of over 67,000 fans; the women’s Under-21s won the FA WSL Academy League title and the WSL Academy Cup
• August 2022 marked 90 years since the inception of Manchester United’s Youth Development programme and we continue to extend our record of having an Academy graduate in every first team squad since 1937, spanning over 4,150 games
• Ongoing strengthening of our scouting and recruitment operations, including the hiring of a new Director of Data Science, and investment in ongoing upgrades of our Carrington training ground

Fan Engagement

Strengthening engagement with fans is a key strategic priority, and includes the following initiatives:

• Since its inception in January, the Club held two quarterly meetings of our Fans’ Advisory Board, a new channel for board-level dialogue between fan representatives and the club, with each meeting attended by Chairman Joel Glazer
• The Premier League introduced a Fan Engagement Standard which extends the current cap on away ticket prices and mandates the introduction of Fan Advisory Boards by all clubs
• General Admission Season Ticket prices were kept frozen for an 11^th season
• Reformed season ticket policies to give fans more choice and flexibility in the purchase of Cup tickets
• Appointed the club’s first Head of Fan Engagement

Facilities – Venue and Operations

In addition to record ticket sales for the 2022/23 season, Venue and Operations further achieved:

• Record number of global memberships sold including sell-out of a new Premium Membership tier
• Record number of Executive Club renewals with the fastest sell-out ever at record revenue levels
• A 55% increase in Women’s season tickets sold for the upcoming season
• A return to normal pre-season Tour operations which generated record Tour revenues with over 350,000 fans in attendance across three continents, four countries and five cities
• Old Trafford will also host the Rugby League World Cup final in November 2022 and a third Women’s Super League fixture against Aston Villa in December 2022

Partnerships

A strong year of new or renewed partnership deals included:

• Launched three new principal partnerships
• Signed five new global partnerships
• Renewed eight global and regional partnerships
• Club held its first in person #ILoveUnited event since the onset of the pandemic in Miami in April 2022 with more than 2,000 fans in attendance featuring activations from 22 global partners

Digital Products & Experiences

Content-led digital fan engagement continues to connect our club with our fans around the world and contributed to record e-commerce sales. Other digital initiatives completed, or in progress, include:

• Club achieved record e-commerce revenue for fiscal 2022 at nearly double fiscal 2021 revenues
• Launch of an upgraded Club app, fully integrated with MUTV content; achieved a record number of subscriptions, registrations, and daily active users and was the number one downloaded sports app in over 100 markets
• Over 2.5 million app users watched Tour match content via our Club app across 220 markets contributing to record breaking engagement and video views
• Club generated more than 2.8 billion digital interactions (up 72% vs. fiscal 2021) and 7.3 billion video views across all global platforms earning the distinction of most engaging sports team for the 2021/22 season
• Momentum continues into fiscal 2023 as club achieved record first week e-commerce sales for the new 2022/23 home and away kit launches
• Creation of new Digital Products & Experiences department to drive innovation and new revenue streams in areas such as NFTs, among other new initiatives

Industry Developments and Governance

There have been several significant developments in football governance, including reform of:

• UEFA Financial Sustainability rules, effective July 2022, which will ultimately include a cap of 70% of operating revenue on men’s squad
• FIFA’s Football Agent Regulations
• UEFA club competition format and access criteria post-2024, which will increase the number of matches in the league phase of the Champions League to eight matches and will provide an additional two places in the expanded Champions League to the country associations with the best collective performance by their clubs in the previous season.

Key Financials (unaudited)

£ million (except loss per share)	Twelve months ended 30 June			Three months ended 30 June
	2022	2021	Change	2022	2021	Change
Commercial revenue	257.8	232.2	11.0%	63.4	51.8	22.4%
Broadcasting revenue	214.9	254.8	(15.7%)	33.7	39.9	(15.5%)
Matchday revenue	110.5	7.1	1456.3%	21.4	2.3	830.4%
Total revenue	583.2	494.1	18.0%	118.5	94.0	26.1%
Adjusted EBITDA(1)	81.1	95.1	(14.7%)	(8.4)	(10.5)	20.0%
Operating loss	(87.4)	(36.9)	136.9%	(60.7)	(36.7)	65.4%
Loss for the period (i.e. net loss)	(115.5)	(92.2)	25.3%	(70.7)	(107.7)	(34.4%)
Basic loss per share (pence)	(70.86)	(56.60)	25.2%	(43.46)	(66.08)	(34.2%)
Adjusted loss for the period (i.e. adjusted net loss)(1)	(34.0)	(44.7)	(23.9%)	(20.2)	(33.7)	(40.1%)
Adjusted basic loss per share (pence)(1)	(20.83)	(27.41)	(24.0%)	(12.38)	(20.67)	(40.1%)
Non-current and current borrowings	636.1	530.2	20.0%	636.1	530.2	20.0%
Cash and cash equivalents	121.2	110.7	9.5%	121.2	110.7	9.5%
Net debt(1)/(2)	514.9	419.5	22.7%	514.9	419.5	22.7%

⁽¹⁾ Adjusted EBITDA, adjusted loss for the period, adjusted basic loss per share and net debt are non-IFRS measures. See “Non-IFRS Measures: Definitions and Use” on page 8 and the accompanying Supplemental Notes for the definitions and reconciliations for these non-IFRS measures and the reasons we believe these measures provide useful information to investors regarding the Group’s financial condition and results of operations.

⁽²⁾ The gross USD debt principal remains unchanged. Non-current and current borrowings and cash and cash equivalents as at 30 June 2022 reflect the impact of a £100.0 million drawdown on our revolving facilities. The increase in net debt is primarily due to £64.6 million of unrealized foreign exchange losses on retranslation of USD borrowings plus a further £40.0 million drawdown on our revolving facilities, partially offset by a £10.5 million increase in cash and cash equivalents.

Outlook

For fiscal 2023, the company expects total revenues to be in a range of £580 million to £600 million, despite participation in the Europa League, and adjusted EBITDA to be in a range of £100 million to £110 million, reflecting the continued playing squad investment. Further, quarterly results will be impacted by the postponement of two matches which were delayed due to a period of mourning after the Queen’s passing and have yet to be rescheduled, as well as the timing of the 2022 FIFA World Cup, which will begin late-November and continue through late December.

Phasing of Premier League games		Quarter 1		Quarter 2		Quarter 3		Quarter 4		Total
2022/23 season		8*		10		10		10		38
2021/22 season		6		12		11		9		38

*Note: Two matches scheduled in September 2022 were postponed

Revenue Analysis

Commercial

Commercial revenue for the year was £257.8 million, an increase of £25.6 million, or 11.0%, over the prior year.

• Sponsorship revenue was £147.9 million, an increase of £7.7 million, or 5.5%, over the prior year, primarily due to the impact of new sponsorship agreements. The prior year was affected by COVID-19 related variations; and
• Retail, Merchandising, Apparel & Product Licensing revenue was £109.9 million, an increase of £17.9 million, or 19.5%, over the prior year, primarily due to the closure of the Megastore in the prior year and the return of fans in the current year.

For the quarter, commercial revenue was £63.4 million, an increase of £11.6 million, or 22.4%, over the prior year quarter.

• Sponsorship revenue was £37.2 million, an increase of £7.1 million, or 23.6% over the prior year quarter, primarily due to the impact of new sponsorship agreements; and
• Retail, Merchandising, Apparel & Product Licensing revenue was £26.2 million, an increase of £4.5 million, or 20.7%, over the prior year quarter, primarily due to the return of fans and increased marketing activity.

Broadcasting

Broadcasting revenue for the year was £214.9 million, a decrease of £39.9 million, or 15.7%, over the prior year, primarily due to playing twenty-two fewer home and away games across all competitions compared to the prior year.

Broadcasting revenue for the quarter was £33.7 million, a decrease of £6.2 million, or 15.5%, over the prior year quarter, primarily due to playing five fewer home and away games across all competitions and the impact of our men’s first team finishing 6^th in the Premier League compared to 2^nd in the prior year.

Matchday

Matchday revenue for the year was £110.5 million, an increase of £103.4 million, or 1456.3%, over the prior year, due to the return of fans to Old Trafford. In the prior year, all matches prior to the final home match of the season were played behind closed doors due to COVID-19 restrictions.

Matchday revenue for the quarter was £21.4 million, an increase of £19.1 million, or 830.4%, over the prior year quarter, due to the return of fans to Old Trafford.

Other Financial Information

Operating expenses

Total operating expenses for the year were £692.6 million, an increase of £154.2 million, or 28.6%, over the prior year.

Employee benefit expenses

Employee benefit expenses for the year were £384.2 million, an increase of £61.6 million, or 19.1%, over the prior year, due to investment in the first team playing squad.

Other operating expenses

Other operating expenses for the year were £117.9 million, an increase of £41.5 million, or 54.3%, over the prior year. This includes the impact of all home games being played in front of a full capacity crowd and costs related to the increased activity at the Old Trafford Megastore. In the prior year, all but one home game were played behind closed doors.

Depreciation, impairment and amortization

Depreciation and impairment for the year was £14.3 million, a decrease of £0.7 million, or 4.7%, over the prior year. Amortization for the year was £151.5 million, an increase of £27.1 million, or 21.8%, over the prior year. The unamortized balance of registrations at 30 June 2022 was £316.2 million.

Exceptional items

Exceptional items for the year were a cost of £24.7 million. This cost includes compensation due to former men’s first team managers, certain members of the playing, coaching and scouting staff, and certain non-playing staff. The cost also includes additional contributions we expect to pay towards the Football League pension scheme deficit based upon the latest actuarial valuation. Exceptional items for the prior year were £nil.

Profit on disposal of intangible assets

Profit on disposal of intangible assets for the year was £21.9 million, compared to £7.4 million for the prior year.

Net finance (costs)/income

Net finance costs for the year were £62.2 million, compared to net finance income of £12.9 million for the prior year, an unfavorable movement of £75.1 million, primarily due to an unfavorable swing in foreign exchange rates resulting in unrealized foreign exchange losses on unhedged USD borrowings in the current year compared to unrealized foreign exchange gains in the prior year.

Income tax

The income tax credit for the year was £34.1 million, compared to an expense of £68.2 million in the prior year. The credit in the year is primarily a result of deferred tax assets recognised in respect of losses arising in the year. The prior year expense arose from the write off of US deferred tax assets.

Cash flows

Overall cash and cash equivalents (including the effects of exchange rate movements) increased by £10.6 million in the year, compared to an increase of £59.2 million in the prior year.

Net cash inflow from operating activities for the year was £96.4 million, a decrease of £16.7 million compared to a net cash inflow of £113.1 million for the prior year. This is primarily due to reduced broadcasting revenues as a result of fewer games played in the year, partially offset by the return of fans to Old Trafford.

Net capital expenditure on property, plant and equipment for the year was £8.3 million, an increase of £2.1 million over the prior year.

Net capital expenditure on intangible assets for the year was £85.1 million, a decrease of £7.1 million over the prior year.

Net cash inflow from financing activities for the year was £5.0 million, compared to net cash inflow of £47.6 million in the prior year. Current year cash inflow includes a drawdown of £40.0 million on our revolving facilities, net of dividends paid of £33.6 million.

Net debt

Net Debt as of 30 June 2022 was £514.9 million, compared to £419.5 million as of 30 June 2021, an increase of £95.4 million primarily due to £64.6 million of unrealized foreign exchange losses on retranslation of USD borrowings in addition to a further drawdown on our revolving facilities of £40.0 million, partially offset by a £10.5 million increase in cash and cash equivalents.

Conference Call Details

The Company’s conference call to review fiscal 2022 and fourth quarter results will be broadcast live over the internet today, 22 September 2022 at 8:00 a.m. Eastern Time and will be available on Manchester United’s investor relations website at http://ir.manutd.com. Thereafter, a replay of the webcast will be available for thirty days.

About Manchester United

Manchester United is one of the most popular and successful sports teams in the world, playing one of the most popular spectator sports on Earth. Through our 144-year football heritage we have won 66 trophies, enabling us to develop what we believe is one of the world’s leading sports and entertainment brands with a global community of 1.1 billion fans and followers. Our large, passionate and highly engaged fan base provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and matchday initiatives which in turn, directly fund our ability to continuously reinvest in the club.

Cautionary Statements

This press release contains forward‑looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to the Company’s operations and business environment, all of which are difficult to predict and many are beyond the Company’s control. Forward-looking statements include information concerning certain expectations and uncertainties related to the COVID-19 pandemic and the Company’s possible or assumed future results of operations, including descriptions of its business strategy. These statements often include words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or similar expressions. The forward-looking statements contained in this press release are based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual financial results or results of operations and could cause actual results to differ materially from those in these forward-looking statements. These factors are more fully discussed in the “Risk Factors” section and elsewhere in the Company’s Registration Statement on Form F-1, as amended (File No. 333-182535) and the Company’s Annual Report on Form 20-F (File No. 001-35627) as supplemented by the risk factors contained in the Company’s other filings with the Securities and Exchange Commission.

Statement Regarding Unaudited Financial Information

The unaudited financial information set forth is preliminary and subject to adjustments. The audit of the financial statements and related notes to be included in our annual report on Form 20-F for the year ended 30 June 2022 is still in progress. Adjustments to the financial statements may be identified when audit work is completed, which could result in significant differences from this preliminary unaudited financial information.

Non-IFRS Measures: Definitions and Use

1. Adjusted EBITDA

Adjusted EBITDA is defined as profit/(loss) for the period before depreciation and impairment, amortization, profit on disposal of intangible assets, net finance costs/income, exceptional items and tax.

Adjusted EBITDA is useful as a measure of comparative operating performance from period to period and among companies as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect of our asset base (primarily depreciation, impairment and amortization), material volatile items (primarily profit on disposal of intangible assets), capital structure (primarily finance income/costs), and items outside the control of our management (primarily taxes). Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS as issued by the IASB. A reconciliation of loss/profit for the period to adjusted EBITDA is presented in supplemental note 2.

2. Adjusted loss for the period (i.e. adjusted net loss)

Adjusted loss for the period is calculated, where appropriate, by adjusting for charges/credits related to exceptional items, foreign exchange gains/losses on unhedged US dollar denominated borrowings (including foreign exchange losses immediately reclassified from the hedging reserve following change in contract currency denomination of future revenues), and fair value movements on embedded foreign exchange derivatives and foreign currency options, adding/subtracting the actual tax expense/credit for the period, and subtracting/adding the adjusted tax expense/credit for the period (based on a normalized tax rate of 21%; 2021: 21%). The normalized tax rate of 21% is the current US federal corporate income tax rate.

In assessing the comparative performance of the business, in order to get a clearer view of the underlying financial performance of the business, it is useful to strip out the distorting effects of the items referred to above and then to apply a ‘normalized’ tax rate (for both the current and prior periods) of the weighted average US federal corporate income tax rate of 21% (2021: 21%) applicable during the financial year. A reconciliation of loss for the period to adjusted loss for the period is presented in supplemental note 3.

3. Adjusted basic and diluted loss per share

Adjusted basic and diluted loss per share are calculated by dividing the adjusted loss for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted loss per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume conversion of all dilutive potential ordinary shares. There is one category of dilutive potential ordinary shares: share awards pursuant to the 2012 Equity Incentive Plan (the “Equity Plan”). Share awards pursuant to the Equity Plan are assumed to have been converted into ordinary shares at the beginning of the financial year. Adjusted basic and diluted loss per share are presented in supplemental note 3.

4. Net debt

Net debt is calculated as non-current and current borrowings minus cash and cash equivalents.

Key Performance Indicators

	Twelve months ended 30 June			Three months ended 30 June
	2022	2021		2022	2021
Revenue
Commercial % of total revenue	44.2%	47.0%		53.5%	55.1%
Broadcasting % of total revenue	36.8%	51.6%		28.4%	42.5%
Matchday % of total revenue	19.0%	1.4%		18.1%	2.4%
	2021/22 Season	2020/21 Season	Carryover 2019/20 Season	2021/22 Season	2020/21 Season
Home Matches Played
PL	19	19	3	4	5
UEFA competitions	4	7	1	–	2
Domestic Cups	3	4	–	–	–
Away Matches Played
PL	19	19	3	5	4
UEFA competitions	4	8	2	–	3
Domestic Cups	–	4	1	–	–
Other
Employees at period end	1,068	971		1,068	971
Employee benefit expenses % of revenue	65.9%	65.3%		81.1%	89.1%

CONSOLIDATED STATEMENT OF PROFIT OR LOSS (unaudited; in £ thousands, except per share and shares outstanding data)
		Twelve months ended 30 June						Three months ended 30 June
		2022			2021			2022			2021
Revenue from contracts with customers		583,201			494,117			118,452			94,009
Operating expenses		(692,520	)		(538,424	)		(183,330	)		(137,848	)
Profit on disposal of intangible assets		21,935			7,381			4,056			7,122
Operating loss		(87,384	)		(36,926	)		(60,822	)		(36,717	)
Finance costs		(85,915	)		(36,411	)		(46,053	)		(6,619	)
Finance income		23,676			49,310			15,048			1,235
Net finance (costs)/income		(62,239	)		12,899			(31,005	)		(5,384	)
Loss before tax		(149,623	)		(24,027	)		(91,827	)		(42,101	)
Income tax credit/(expense)		34,113			(68,189	)		20,985			(65,562	)
Loss for the period		(115,510	)		(92,216	)		(70,842	)		(107,663	)
Basic and diluted loss per share:
Basic and diluted loss per share (pence) (1)		(70.86	)		(56.60	)		(43.46	)		(66.08	)
Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share (thousands) (1)		163,001			162,939			163,003			162,939

⁽¹⁾ For the twelve and three months ended 30 June 2022 and the twelve and three months ended 30 June 2021, potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share, and hence have been excluded.

CONSOLIDATED BALANCE SHEET (unaudited; in £ thousands)
		As of 30 June
		2022		2021
ASSETS
Non-current assets
Property, plant and equipment		242,661		247,059
Right-of-use assets		4,072		4,383
Investment properties		20,273		20,553
Intangible assets		743,278		754,467
Trade receivables		29,757		20,404
Derivative financial instruments		16,462		499
		1,056,503		1,047,365
Current assets
Inventories		2,200		2,080
Prepayments		15,534		7,407
Contract assets – accrued revenue		36,239		40,544
Trade receivables		49,210		50,370
Other receivables		1,569		460
Income tax receivable		4,590		1,108
Derivative financial instruments		6,597		318
Cash and cash equivalents		121,223		110,658
		237,162		212,945
Total assets		1,293,665		1,260,310

CONSOLIDATED BALANCE SHEET (continued) (unaudited; in £ thousands)
		As of 30 June
		2022			2021
EQUITY AND LIABILITIES
Equity
Share capital		53			53
Share premium		68,822			68,822
Treasury shares		(21,305	)		(21,305	)
Merger reserve		249,030			249,030
Hedging reserve		950			(10,436	)
Retained (deficit)/earnings		(170,042	)		(13,652	)
		127,508			272,512
Non-current liabilities
Deferred tax liabilities		7,402			35,546
Contract liabilities – deferred revenue		16,697			22,942
Trade and other payables		102,347			67,517
Borrowings		530,365			465,049
Lease liabilities		2,869			3,083
Derivative financial instruments		49			5,472
Provisions		11,586			4,157
		671,315			603,766
Current liabilities
Contract liabilities – deferred revenue		165,847			117,984
Trade and other payables		220,587			192,661
Income tax liabilities		–			6,036
Borrowings		105,757			65,187
Lease liabilities		1,561			1,257
Derivative financial instruments		32			262
Provisions		1,058			645
		494,842			384,032
Total equity and liabilities		1,293,665			1,260,310

CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited; in £ thousands)
		Twelve months ended 30 June						Three months ended 30 June
		2022			2021			2022			2021
Cash flows from operating activities
Cash generated from operations (see supplemental note 4)		121,704			137,778			43,876			27,614
Interest paid		(20,642	)		(20,542	)		(2,405	)		(1,680	)
Interest received		145			3			140			1
Tax paid		(4,836	)		(4,156	)		(489	)		(1,128	)
Net cash inflow from operating activities		96,371			113,083			41,122			24,807
Cash flows from investing activities
Payments for property, plant and equipment		(8,323	)		(6,241	)		(2,100	)		(1,301	)
Payments for intangible assets		(115,415	)		(138,189	)		(14,081	)		(11,629	)
Proceeds from sale of intangible assets		30,307			45,996			10,066			13,916
Payments for derivative financial assets		–			(939	)		–			–
Net cash (outflow)/inflow from investing activities		(93,431	)		(99,373	)		(6,115	)		986
Cash flows from financing activities
Proceeds from borrowings		40,000			60,000			–			–
Principal elements of lease payments		(1,407	)		(1,641	)		(123	)		(410	)
Dividends paid		(33,553	)		(10,718	)		(11,992	)		–
Net cash inflow/(outflow) from financing activities		5,040			47,641			(12,115	)		(410	)
Net increase in cash and cash equivalents		7,980			61,351			22,892			25,383
Cash and cash equivalents at beginning of period		110,658			51,539			95,791			84,715
Effects of exchange rate changes on cash and cash equivalents		2,585			(2,232	)		2,540			560
Cash and cash equivalents at end of period		121,223			110,658			121,223			110,658

SUPPLEMENTAL NOTES

1 General information

Manchester United plc (the “Company”) and its subsidiaries (together the “Group”) is a men’s and women’s professional football club together with related and ancillary activities. The Company incorporated under the Companies Law (as amended) of the Cayman Islands.

2 Reconciliation of loss for the period to adjusted EBITDA

		Twelve months ended 30 June						Three months ended 30 June
		2022 £’000			2021 £’000			2022 £’000			2021 £’000
Loss for the period		(115,510	)		(92,216	)		(70,842	)		(107,663	)
Adjustments:
Income tax (credit)/expense		(34,113	)		68,189			(20,985	)		65,562
Net finance costs/(income)		62,239			(12,899	)		31,005			5,384
Profit on disposal of intangible assets		(21,935	)		(7,381	)		(4,056	)		(7,122	)
Exceptional items		24,692			–			14,700			–
Amortization		151,462			124,398			38,231			29,668
Depreciation and impairment		14,314			14,959			3,523			3,715
Adjusted EBITDA		81,149			95,050			(8,424	)		(10,456	)

3 Reconciliation of loss for the period to adjusted loss for the period and adjusted basic and diluted loss per share

		Twelve months ended 30 June						Three months ended 30 June
		2022 £’000			2021 £’000			2022 £’000			2021 £’000
Loss for the period		(115,510	)		(92,216	)		(70,842	)		(107,663	)
Exceptional items		24,692			–			14,700			–
Foreign exchange losses/(gains) on unhedged US dollar denominated borrowings		58,738			(48,015	)		37,076			(1,060	)
Foreign exchange losses immediately reclassified from the hedging reserve following change in contract currency denomination of future revenues		–			14,631			–			–
Fair value movement on embedded foreign exchange derivatives		23,205			881			14,503			520
Income tax (credit)/expense		(34,113	)		68,189			(20,985	)		65,562
Adjusted loss before tax		(42,988	)		(56,530	)		(25,548	)		(42,641	)
Adjusted income tax credit (using a normalized tax rate of 21% (2021: 21%))		9,027			11,871			5,365			8,955
Adjusted loss for the period (i.e. adjusted net loss)		(33,961	)		(44,659	)		(20,183	)		(33,686	)
Adjusted basic and diluted loss per share:
Adjusted basic and diluted loss per share (pence)(1)		(20.83	)		(27.41	)		(12.38	)		(20.67	)
Weighted average number of ordinary shares used as the denominator in calculating adjusted basic and diluted loss per share (thousands) (1)		163,001			162,939			163,003			162,939

⁽¹⁾ For the twelve and three months ended 30 June 2022 and the twelve and three months ended 30 June 2021 potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share, and hence have been excluded.

4 Cash generated from operations

		Twelve months ended 30 June						Three months ended 30 June
		2022 £’000			2021 £’000			2022 £’000			2021 £’000
Loss for the period		(115,510	)		(92,216	)		(70,842	)		(107,663	)
Income tax (credit)/expense		(34,113	)		68,189			(20,985	)		65,562
Loss before income tax		(149,623	)		(24,027	)		(91,827	)		(42,101	)
Adjustments for:
Depreciation and impairment		14,314			14,959			3,523			3,715
Amortization		151,462			124,398			38,231			29,668
Profit on disposal of intangible assets		(21,935	)		(7,381	)		(4,056	)		(7,122	)
Net finance costs/(income)		62,239			(12,899	)		31,005			5,384
Non-cash employee benefit expense – equity-settled share-based payments		198			2,085			(1,291	)		(159	)
Foreign exchange losses on operating activities		50			874			356			105
Reclassified from hedging reserve		(672	)		2,239			(481	)		2,063
Changes in working capital:
Inventories		(120	)		106			492			283
Prepayments		(8,825	)		(282	)		(3,983	)		5,026
Contract assets – accrued revenue		4,305			5,422			16,882			9,735
Trade receivables		(520	)		71,695			8,120			(18,121	)
Other receivables		(1,109	)		(221	)		(537	)		1,023
Contract liabilities – deferred revenue		41,618			(49,407	)		23,440			20,881
Trade and other payables		22,480			5,415			17,170			12,432
Provisions		7,842			4,802			6,832			4,802
Cash generated from operations		121,704			137,778			43,876			27,614

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220919005630/en/

Investor Relations:

Corinna Freedman

Head of Investor Relations

+44 738 491 0828

[email protected]

Media Relations:

Andrew Ward

Head of Media Relations & Public Affairs

+44 161 676 7770

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KEYWORDS: United Kingdom Europe

INDUSTRY KEYWORDS: Sports Mobile Entertainment Soccer General Entertainment Entertainment

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Paradigm Oral Health Announces Acquisition by BlackRock Long Term Private Capital

LINCOLN, Neb. & NEW YORK–(BUSINESS WIRE)–
Paradigm Oral Health (“Paradigm”), a leading oral surgery and digital dentistry platform, today announced that BlackRock Long Term Private Capital (“LTPC”) has entered into a definitive agreement to acquire a majority interest in the company from shareholders including InTandem Capital Partners. LTPC will partner with Paradigm’s executive leadership team, led by founder and CEO Dr. David Rallis, to support the company’s continued expansion and strategic growth plans.

Founded in 2018, Paradigm has developed an industry-leading model designed to attract and retain best-in-class surgeons focused on delivering the highest quality of oral health care and dental implant surgery while fostering a medically-driven, patient-friendly culture of excellence. The company partners with leading oral surgery groups in markets across the United States, allowing them to maintain their unique brand identity while operating on the same platform. Paradigm’s proprietary practice management technology, Paragon, utilizes cutting-edge technology and data analytics to provide and store proprietary information and intelligence generated by the business, leading to enhanced performance as well as increased patient and provider satisfaction. Today, Paradigm and its team of over 100 surgeon partners provide patient care in 75 state-of-the-art facilities throughout the United States.

Colm Lanigan, Head of BlackRock LTPC, Americas, commented, “We are pleased to invest in Paradigm, which has established itself as an industry defining platform for the development and delivery of next-generation oral health solutions. Through its focus on providing superior clinical care, advanced technology, and continued training and education to its surgeon partners, the company is well positioned for long-term growth. We look forward to partnering with Dr. David Rallis and the entire Paradigm team.”

David Rallis, DDS, MD, and CEO of Paradigm Oral Health, commented, “Paradigm is advancing oral surgical outcomes and patient experience through a culture that places the needs of the patient first. At Paradigm, we validate our clinical performance through a proprietary data ecosystem and use data to reinforce our culture of excellence and accountability. Through innovation, and the rapid adoption of technology, we continue to set the standard for dental implant surgery. Aligning our company with world-class partners, first InTandem Capital and now BlackRock LTPC, has allowed Paradigm to emerge as a leader. We are humbled by the opportunity to partner with BlackRock LTPC, and excited to work with Colm Lanigan and his team as we continue to advance Paradigm as the global leader in oral surgery.”

Elliot Cooperstone, Managing Partner of InTandem Capital Partners, Paradigm’s financial sponsor since 2019, commented, “InTandem Capital invests in healthcare companies that are local leaders with the ambition and potential to become a national powerhouse. Dr. David Rallis and the leadership team at Paradigm embraced our playbook for accelerated growth with amazing skill and dedication. Our deep trust in each other has allowed our partnership to flourish. My colleagues and I wish David and the Paradigm team the very best as they build on their well-deserved position as the country’s leading oral health company.”

Paradigm is BlackRock LTPC’s sixth investment to date and its fourth investment in North America.

Houlihan Lokey acted as financial advisor and Goodwin Procter acted as legal advisor to Paradigm. Simpson Thacher acted as legal advisor to Blackrock LTPC.

About Paradigm Oral Health

Paradigm Oral Health is the preeminent provider of oral surgery. Paradigm’s uniqueness comes from their ability to hire the most elite oral surgeons in the country and train them on their proprietary platform of excellence. Paradigm Oral Health continues to revolutionize and reinvent implant surgery through their ongoing technology and digital work-flow advancements. With a passion for excellence, Paradigm embraces every opportunity to meet the needs of their patients and referring dentists. To learn more about Paradigm Oral Health, visit www.ParadigmOralHealth.com.

About BlackRock LTPC

BlackRock LTPC is an innovative private equity strategy focused on investing in high-quality businesses and value creation through active collaboration with management teams. The strategy’s flexible duration and prudent approach to leverage preserve optionality for growth and help enable compounded capital appreciation. LTPC’s team of 23 professionals are based in New York and London and invest across North America and Western Europe. LTPC is backed by BlackRock, Inc., which manages $320 billion in alternative investments and commitments on behalf of clients worldwide as of June 30, 2022. For additional information on BlackRock LTPC, please visit https://www.blackrock.com/institutions/en-us/strategies/alternatives/long-term-private-capital.

About InTandem Capital Partners

InTandem Capital Partners is a private equity firm that invests in and helps accelerate the growth of select healthcare services companies. Its goal is to build excellent businesses of significant value working collaboratively with its management team partners. InTandem is comprised of former business executives and experienced investors, and is uniquely qualified to provide strategic, acquisition and operating expertise to help companies significantly increase their value over time. InTandem provides active support to the management of its portfolio companies directly and leverages its network of industry executives to augment its capabilities. For further information, please visit: www.intandemcapital.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220922005159/en/

Paradigm Oral Health

Kirsten Smith

+1 (308) 379-3319

[email protected]

BlackRock

Christopher Beattie

+1 (646) 231-8518

[email protected]

InTandem Capital Partners

FGS Global

+1 (212) 687-8080

[email protected]

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Ocular Therapeutix™ To Present Data at theAmerican Academy of Ophthalmology (AAO) 2022 Annual Meeting

BEDFORD, Mass.–(BUSINESS WIRE)–
Ocular Therapeutix, Inc. (NASDAQ:OCUL), a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye, today announced multiple presentations at the American Academy of Ophthalmology (AAO) 2022 Annual Meeting being held September 30 – October 3, 2022 at McCormick Place Convention Center in Chicago, IL.

“We have a big presence at AAO this year with many presentations discussing product candidates across multiple ophthalmic indications, with an emphasis on retina,” said Rabia Gurses Ozden, MD, Chief Medical Officer of Ocular Therapeutix. “Most notably, we anticipate presenting 28-week data from our U.S. Phase 1 trial of OTX-TKI for the treatment of Wet AMD in a late breaker session on Friday afternoon. We will also be making two ePoster presentations on the OTX-TKI program as well as sharing real-world data updates on DEXTENZA.”

Eyecelerator @ AAO 2022 Retina Showcase Presentation:

• Session Title: Presenting Company Showcase: Retina, Therapeutics, and Technology + Devices
  
  Presentation Date/Times: Thursday, September 29, 2022, 2:00 – 2:05 PM CDT
  
  Location: McCormick Place Convention Center
  
  Presentation type: Podium Presentation
  
  Presenter: Peter K. Kaiser, MD

Retina Subspecialty Day Presentation:

• Title: Interim Safety and Efficacy Data from a Phase 1 Clinical Trial of Sustained-release Axitinib Hydrogel Implant (OTX-TKI) in Wet AMD Subjects
  
  Session Title: Late Breaking Developments, Part I (RET09)
  
  Presentation Date/Times: Friday, September 30, 2022, 3:29-3:34 PM CDT
  
  Location: Arie Crown
  
  Presentation type: Podium Presentation
  
  Presenter: Dilsher S. Dhoot, MD

Poster Theater Presentation:

• Title: Real-World Safety Analysis of an Intracanalicular Dexamethasone Insert Using the Academy’s IRIS® Registry
  
  Session Title: Cataract (PT01)
  
  Presentation Date/Times: Saturday, October 1, 2022, 9:40-9:50 AM CDT
  
  Location: Hall A Poster Theater and Lounge
  
  Presentation type: Poster Theatre
  
  Presenter: Robert T. Chang, MD

ePosters:

• Title: Real-World Patient Demographics and Clinical Characteristics of an Intracanalicular Dexamethasone Insert Using the Academy’s IRIS® Registry
  
  Session Title: Cataract
  
  Viewing Date/Times: Tuesday, September 27, 2022 starting at 9:00 AM CDT
  
  Presentation type: ePoster (PO021)
  
  Presenter: Michael Mbagwu, MD

• Title: Interim 28-weeks Data from a Phase 1 US Study of Sustained-release Axitinib Hydrogel Implant (OTX-TKI) in Previously Treated Wet AMD Subjects
  
  Session Title: Retina, Vitreous
  
  Viewing Date/Times: Friday, September 30, 2022 starting at 5:00 PM CDT
  
  Presentation type: ePoster (PO359)
  
  Presenter: Arshad M. Khanani, MD

• Title: Australia-based Phase 1 Trial of a Novel, Hydrogel-based, Intravitreal Axitinib Implant for the Treatment of Neovascular Age-related Macular Degeneration
  
  Session Title: Retina, Vitreous
  
  Viewing Date/Times: Friday, September 30, 2022 starting at 5:00 PM CDT
  
  Presentation type: ePoster (PO360)
  
  Presenter: Andrew A. Moshfeghi, MD

About Ocular Therapeutix, Inc.

Ocular Therapeutix, Inc. is a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye using its proprietary bioresorbable hydrogel-based formulation technology. Ocular Therapeutix’s first commercial drug product, DEXTENZA®, is an FDA-approved corticosteroid for the treatment of ocular inflammation and pain following ophthalmic surgery and ocular itching associated with allergic conjunctivitis. Ocular Therapeutix’s earlier stage development assets include: OTX-TKI (axitinib intravitreal implant), currently in Phase 1 clinical trials for the treatment of wet AMD and other retinal diseases; OTX-TIC (travoprost intracameral implant), currently in a Phase 2 clinical trial for the treatment of primary open-angle glaucoma or ocular hypertension; and OTX-CSI (cyclosporine intracanalicular insert) for the chronic treatment of dry eye disease and OTX-DED (dexamethasone intracanalicular insert) for the short-term treatment of the signs and symptoms of dry eye disease, both of which have completed Phase 2 clinical trials.

Forward Looking Statements

Any statements in this press release about future expectations, plans, and prospects for the Company, including the commercialization of DEXTENZA®, ReSure® Sealant, or any of the Company’s product candidates; the development and regulatory status of the Company’s product candidates, such as the Company’s development of and prospects for approvability of OTX-TIC for the treatment of primary open-angle glaucoma or ocular hypertension, OTX-TKI for the treatment of retinal diseases including wet AMD, OTX-DED for the short-term treatment of the signs and symptoms of dry eye disease, and OTX-CSI for the chronic treatment of dry eye disease; the Company’s plans to advance the development of its product candidates or preclinical programs; the ongoing development of the Company’s extended-delivery hydrogel depot technology; the potential utility of any of the Company’s product candidates; the size of potential markets for the Company’s product candidates; the potential benefits and future operations of Company collaborations, including any potential future costs or payments thereunder; projected net product revenue, in-market sales and other financial and operational metrics of DEXTENZA and ReSure Sealant; the sufficiency of the Company’s cash resources; the Company’s anticipated participation in future presentations and medical conferences; and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend”, “goal,” “may”, “might,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Such forward-looking statements involve substantial risks and uncertainties that could cause the Company’s preclinical and clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the timing and costs involved in commercializing DEXTENZA, ReSure Sealant or any product candidate that receives regulatory approval, including the conduct of post-approval studies, the ability to successfully develop and commercialize products for the ophthalmology office setting, the ability to retain regulatory approval of DEXTENZA, ReSure Sealant or any product candidate that receives regulatory approval, the ability to maintain and the sufficiency of product, procedure and any other reimbursement codes for DEXTENZA, the initiation, timing, conduct and outcomes of clinical trials, whether clinical trial data such as the data reported in this release will be indicative of the results of subsequent clinical trials, availability of data from clinical trials and expectations for regulatory submissions and approvals, the Company’s ability to enter into and perform its obligations under collaborations and the performance of its collaborators under such collaborations, the Company’s scientific approach and general development progress, the availability or commercial potential of the Company’s product candidates, the Company’s ability to meet supply demands, the Company’s ability to generate its projected net product revenue and in-market sales on the timeline expected, if at all, the sufficiency of cash resources, the Company’s existing indebtedness, the ability of the Company’s creditors to accelerate the maturity of such indebtedness upon the occurrence of certain events of default, the severity and duration of the COVID-19 pandemic including its effect on the Company’s revenues and relevant regulatory authorities’ operations, any additional financing needs, the Company’s ability to recruit and retain key personnel, and other factors discussed in the “Risk Factors” section contained in the Company’s quarterly and annual reports on file with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.

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Investors

Ocular Therapeutix

Donald Notman

Chief Financial Officer

[email protected]

or

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Chris Brinzey, 339-970-2843

Managing Director

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WinCo Foods Partners with EVgo to Open First EVgo Fast Charging Station at North Las Vegas Store

New partnership will add EVgo fast chargers to a number of WinCo locations across the Western US

LOS ANGELES–(BUSINESS WIRE)–
EVgo Inc. (NASDAQ: EVGO), the nation’s largest public fast charging network for electric vehicles (EVs), and WinCo Foods, a family of 138 employee-owned grocery stores, today announced the opening of the first EVgo public fast charging station for the grocery store chain in the State of Nevada. The new charging station, located at 6101 N Decatur Blvd, Las Vegas, NV, features 350kW and 100kW fast chargers, serving four stalls in total. This announcement builds on EVgo’s commitment to installing charging infrastructure in convenient locations for drivers.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220922005233/en/

“WinCo is happy to play our part in the reduction of carbon emissions in our operating areas,” said Noah Fleisher, corporate spokesperson at WinCo Foods. “We hope the charging station at our Las Vegas store becomes a destination for EV users and can help encourage others to make the change.”

WinCo joins the ranks of EVgo’s retail locations across the country, and EVgo will add fast charging stalls to WinCo Foods locations in California, Texas, Arizona, Washington, Oregon and Utah. Since the Las Vegas station opening, EVgo has added fast charging stations to two additional WinCo Food locations in California. By adding EVgo fast chargers to its properties, WinCo Foods pairs its renowned shopper experience with EVgo’s first-class customer service to extend hospitality from inside the store to the parking lot. EVgo’s current footprint in the Las Vegas market spans 18 locations.

“Las Vegas is a fast-growing market for electric vehicles, and we know that accelerating EV adoption there and across the country requires driver confidence in reliable and convenient public fast charging infrastructure,” said Jonathan Levy, Chief Commercial Officer at EVgo. “WinCo and EVgo recognize that adding EVgo fast chargers to WinCo’s Las Vegas store is a win-win-win for all of us, including drivers and shoppers. We look forward to growing our footprint with WinCo Foods in key markets across the West.”

EVgo fast chargers are compatible with all fast-charge capable EVs on the market. Drivers can charge their EVs one of four ways on the network: EVgo app, EVgo program card, Autocharge+ or credit card. In addition, all drivers with an EVgo account can earn points toward a charging credit after every session through EVgo Rewards™.

For more information around the locations of EV chargers within the EVgo charging network, visit www.evgo.com.

About EVgo

EVgo (Nasdaq: EVGO) is a leader in charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. Since its founding in 2010, EVgo has led the way to a cleaner transportation future and its network has been powered by 100% renewable energy since 2019 through renewable energy certificates. As the nation’s largest public fast charging network, EVgo’s owned and operated charging network features over 850 fast charging locations – currently serving over 60 metropolitan areas across more than 30 states – and continues to add more DC fast charging locations through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network, robust software products and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables world-class charging experience where drivers live, work, travel and play.

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Marqeta 2022 State of Credit Report: Cost of Living Worries Weigh Heavily on US Consumers, As New Lending Options Provide Important Financial Support For Many

• 44% of US consumers surveyed reported struggling with their minimum credit card payments in 2022, up 47% from Marqeta’s 2021 survey.
• Two-thirds of US consumers surveyed said that they’d relied on credit cards to make ends meet in the last 12 months.
• The use of Buy Now, Pay Later services among US consumers surveyed rose 43% year-over-year, jumping from 47% to 67%.

OAKLAND, Calif.–(BUSINESS WIRE)–
The dueling anxieties of cost of living increases and rising interest rates are weighing heavily on consumers, and the quickly evolving credit card and BNPL markets are becoming increasingly important to their financial wellbeing, according to a new survey published today by Marqeta, the global modern card issuing platform. The company released its 2022 State of Credit report which surveyed 4,000 consumers globally – including 2,000 in the United States – highlighting consumer sentiment around spending trends, alongside consumer credit experiences and preferences.

Marqeta’s 2022 State of Credit report marks the second time the company has surveyed consumers globally about their credit preferences. The new survey found that an increasing number of US consumers surveyed reported struggling with their minimum credit card payments in 2022, rising from 30% of US consumer respondents in 2021, to 44% in 2022. Fifty-five percent of US consumers surveyed in 2022 said that increases in cost of living had already made it harder for them to make repayments, while 63% of those surveyed said that concerns around cost of living and inflation had caused them to delay a major purchase. Against this backdrop of rising economic anxiety, credit was proving to be an important lifeline for consumers: 67% of US consumers surveyed said that they’d relied on credit cards to make ends meet in the last 12 months, with almost half of consumers surveyed globally by Marqeta (48%) saying their credit card had been a lifeline in the cost of living crisis.

“Our 2022 State of Credit report shows that consumers globally haven’t had a break, going from pandemic concerns into fears around rising inflation and the specter of looming interest rate increases. And it’s wearing on them,” said Rachel Huber, Market Intelligence Lead at Marqeta. “Against this backdrop, credit is becoming a more important part of their financial lives. But with evolving needs and a rise in new credit options and alternatives hitting the market, financial institutions and fintechs alike cannot take their customers for granted.”

Despite cost of living and interest rate fears, reported credit use among survey respondents remained high. The number of consumers surveyed globally with more than one credit card rose 19% in 2022 (from 52% to 62%). Showing off the benefit of being top of wallet, 87% of consumers surveyed globally said that they had one credit card they used more than any other, and 58% of respondents reported having other financial products with their main credit card provider. Despite this, credit card consumers remain malleable and are shopping for better options: 42% of US consumers surveyed planned to apply for a new credit card in the next 12 months, with 39% of respondents reporting having stopped using a card in that same period. Unsurprisingly, with credit engagement so high, US consumers had a laser focus on their credit score, and 68% of those surveyed said they were focused on building their credit, with 60% of respondents citing concerns about the impact on their credit score of applying for new cards.

With rapid growth in adoption rates during the pandemic, Buy Now, Pay Later services made another significant leap in Marqeta’s 2022 survey, showing off continued consumer fascination and engagement with this new lending vertical. More than two-thirds (67%) of US consumers surveyed in 2022 said that they had used a BNPL service, up from 44% in 2021. The BNPL sector remained buoyed by existing tailwinds, while also set to benefit from consumer anxieties around cost of living and interest rate increases.

• Almost two-thirds of BNPL users surveyed (64%) said their BNPL use had increased in the last 12 months.
• Forty-seven percent of people surveyed said they would be interested in accessing other financial services through their BNPL provider.
• Almost half (49%) of all consumers surveyed said that interest rate increases were making lower-cost BNPL interest rates more attractive, while 46% of respondents said that they had used BNPL to make ends meet given cost of living concerns.
• More than 1-in-3 people (35%) surveyed said they now use BNPL more than credit cards.

“Our survey shows that the US consumer is by and large very aware of their credit options, with more of them reporting having multiple credit cards in 2022 and engaging with BNPL services in higher numbers ,” said Huber. “In a competitive and increasingly mature market, credit products need to be as personalized and modern as possible, because if today’s consumer isn’t engaged, they will move on to the next thing.”

About The 2022 State of Credit Report

Marqeta’s 2022 State of Credit survey was fielded by Propeller Research on behalf of Marqeta, surveying 4,079 consumers between the ages of 18-65 (2,048 in the US, 1,025 in the UK and 1,006 in Australia).

To download the full report, please click here.

About Marqeta

Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta’s platform, powered by open APIs, gives its customers the ability to build more configurable and flexible payment experiences, accelerating product development and democratizing access to card issuing technology. Its modern architecture provides instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle transactions. Marqeta is headquartered in Oakland, California and is enabled in 39 countries globally. For more information, visit www.marqeta.com, Twitter and LinkedIn.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, quotations and statements relating to changing consumer preferences; increasing consumer adoption of certain digital payment methods, products, and solutions; which payment, banking, and financial services products and solutions may succeed; technological and market trends; Marqeta’s business; and Marqeta’s products and services. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: any factors creating issues with changes in domestic business, market, financial, political and legal conditions; the effect of and uncertainties related to the global COVID-19 pandemic on U.S. and global economies and demand for Marqeta’s services and products; and the uncertainties and direct and indirect effects of the significant military action against Ukraine launched by Russia, including threats of attacks against U.S. financial institutions as retaliation against financial institutions for sanctions imposed against Russia. Detailed information about these risks and other factors that could potentially affect Marqeta’s business, financial condition and results of operations are included in the “Risk Factors” disclosed in Marqeta’s Annual Report on Form 10-K for the year ended December 31, 2021, as such risk factors may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov and Marqeta’s website at http://investors.marqeta.com. The forward-looking statements in this press release are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220922005134/en/

Media:

James Robinson

530-913-0844

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Networks Finance Payments Professional Services Technology

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ServiceNow Adds AI and Security Capabilities to the Now Platform Tokyo Release to Supercharge Operational Intelligence and Trust

New features help increase business efficiency and resilience amid macroeconomic uncertainty and unprecedented cyber risk

SANTA CLARA, Calif.–(BUSINESS WIRE)–ServiceNow (NYSE: NOW) today announced even more solutions within the Now Platform^{Tokyo release designed to supercharge operational intelligence and trust. In addition to ServiceNow Vault, announced yesterday, ServiceNow is releasing new AI-powered features and developer and risk management tools to help organizations operate more efficiently and power more resilient business models.}

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According to Gartner®, software infrastructure spending in segments containing PaaS, cloud management and security is forecast to grow at a double-digit rate, reaching a combined spend of over $120 billion by 2026¹. Customers are leveraging the breadth of ServiceNow’s capabilities as their platform for digital business amid macroeconomic uncertainty and unprecedented cyber risk. Additional solutions in the Tokyo release use AI and the highest levels of platform privacy and security controls to boost business intelligence and mitigate risk.

“Operational trust and efficiency are top of mind for business leaders. Organizations are investing in digital technologies that help them unlock efficiencies and save costs, while protecting their data in an increasingly challenging and sophisticated threat landscape,” said Jon Sigler, SVP for the Now Platform at ServiceNow. “With new AI-powered automation and risk management solutions in the Tokyo release, we are helping customers create more resilient, secure, and productive business models, all on a single platform, so they can navigate uncertainty with confidence.”

New Tokyo solutions that boost intelligence and trust in business operations include:

• Task Intelligence for Customer Service Management arms service agents with AI and automation capabilities, freeing them to focus on the most complex customer cases and helping them be more empathetic when working with customers. Task Intelligence applies AI to the most common use cases to automate routine tasks like categorizing emails and cases and routing them to the right team, at the right time, in the right language with Sentiment Analysis to give agents visibility into a customer’s tone so they can prioritize work.

• Automation Centerempowers IT teams and Automation Centers of Excellence with complete visibility of their organization’s hyperautomation landscape in a central, vendor-agnostic hub to drive greater efficiency and cost savings across the organization. In addition to overseeing ServiceNow’s own RPA inside Automation Engine, Automation Center also provides insights on third party automations. By integrating siloed islands of automation across vendors into one cohesive view, Automation Center enables organizations to maximize business impact, ROI, and operational health.

• DevOps Config helps ensure DevOps teams can reduce outages caused by configuration changes, making their organization’s software and services more reliable, and helping prevent revenue loss associated with outages. DevOps Config, which is included in ITSM Pro, manages configuration data for applications, releases, environments, and infrastructure in a single repository. Access control and real-time validation of configuration changes, along with centralized management, security, and validation—seamlessly, and within development pipelines—contribute to outage prevention.

• Operational Resilience Management, part of ServiceNow’s Risk Management portfolio, helps organizations continue to serve customers, deliver products and services, and protect their workforces in the face of adverse events. With new Scenario Analysis capabilities, customers can design and simulate events to determine potential impact to operational resilience. These new capabilities allow teams to plan ahead as they anticipate, prevent, adapt to, and recover from any business disruption.

• ITSM Pro+ adds a new layer of business intelligence to the digital tools employees and customers use. For organizations, ITSM Pro+ includes all the capabilities of ITSM Pro—and adds powerful insights with out-of-the box analytics and dashboards, as well as a new end-to-end white glove service called Virtual Agent Optimize (VAO). With VAO, ServiceNow’s team of experts sets up, manages, and continuously optimizes Virtual Agent conversations with Natural Language Understanding (NLU) in real time, so customers can quickly leverage the Virtual Agents for the most effective responses and resolutions.

• ServiceNow Vaultuses flexible key management and data classification to drive data anonymization, ServiceNow Vault enables organizations to protect sensitive confidential data and increase regulatory compliance through native platform encryption. Vault also enables organizations to strengthen their platform security posture by simplifying the management and protection of machine credentials, as well as validating the authenticity and integrity of code being deployed to the MID Server helping to ensure no malicious insertion. Finally, Vault facilitates organizations to export their ServiceNow system and application logs at scale and in near real time as a service.

   

The Now Platform Tokyo release was designed to help organizations navigate complex business challenges amid an uncertain macro environment. The ServiceNow Tokyo release is purpose-built to deliver better employee and customer experiences, supercharge intelligence and trust in operations, and accelerate value in ways that are good for people, good for the planet, and good for profits.

What customers, partners, and analysts are saying about the Now Platform Tokyo release

Orange Business Services

“Orange Business Services helps companies transform their businesses, redesign their services and harness the potential of data to improve operations, along with employee and customer experiences,” said Daniel Bigagli, vice president, enterprise services business unit at Orange Business Services. “The new Automation Center solution within the Now Platform Tokyo release gives us even greater visibility and data-driven insights into automation deployments across the entire enterprise, so we can increase efficiencies and return on investment, enabling us to better communicate business benefits to our customers.”

IDC

“Data security and privacy are top concerns for organizations as they move more data into the cloud. An increase in cyber threats and data privacy requirements are putting more of an emphasis on ensuring that sensitive data is protected,” said Jennifer Glenn, Research Director for IDC’s Security and Trust Group. “ServiceNow Vault includes advanced data encryption and anonymization capabilities that are designed to offer organizations greater flexibility and control over how they protect sensitive data within business-critical apps. This flexibility is essential for organizations that need to comply with privacy regulations, while still maintaining high levels of application performance.”

Availability

The Now Platform Tokyo release is generally available today.

Additional information:

• ServiceNow’s Chief Operations Officer, CJ Desai, explores new innovations in his blog
• Read insights from ServiceNow’s Senior Vice President of the Now Platform, Jon Sigler on the Now Platform Tokyo release
• Watch a demo on Automation Center here

About ServiceNow

ServiceNow (NYSE: NOW) is making the world of work, work better for people. Our cloud‑based platform and solutions deliver digital workflows that create great experiences and unlock productivity for employees and the enterprise. For more information, visit: www.servicenow.com.

© 2022 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries. Other company names, product names, and logos may be trademarks of the respective companies with which they are associated.

¹ Gartner, Forecast Analysis: Enterprise Infrastructure Software, Worldwide, 12 August 2022

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

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Jacqueline Velasco

408‑561‑1937

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Data Management Security Apps/Applications Technology Software Artificial Intelligence

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