Ann: FY20 Results Preview, page-14

It will certainly be interesting to see how much their path to FCF was helped through any grants or government packages.

Given their revenue is 75% subscription based, I’m not sure the company would have dropped anywhere near the required 30% to get the Jobkeeper entitlements?? Assuming H2 growth would have stagnated significantly but don’t think churn was too bad either based off their statement last week saying business wasn’t effected as much as expected.

Think the key driver to FCF was revenue staying stable due to large subscription base and standing down a large number of staff so the company would have saved significant money on wages. Certainly hope they are careful in ramping this back up as double digit growth may be a challenge in FY21 with some sports yet to start up again and unknown effects of large scale 2nd wave of virus.