Wednesday 12th May 2021
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Pushpay Holdings is pleased to present its financial results for the year ended 31 March 2021 and its 2021 Annual Report. This announcement should be read in conjunction with and is subject to, Pushpay’s 2021 Annual Report.
Pushpay has a strong track record of delivering on guidance. Since initially listing in August 2014, Pushpay is pleased to have met or exceeded all guidance provided to the market. Over the financial year ended 31 March 2021, Pushpay upgraded EBITDAF guidance several times. We are pleased to have delivered on guidance with EBITDAF of US$58.9 million for the 2021 financial year. Further information is provided in the commentary following.
Pushpay increased operating revenue by US$51.6 million for the year ended 31 March 2021 from US$127.5 million to US$179.1 million, an increase of 40%. Total revenue for the year ended 31 March 2021 increased by US$51.3 million from US$129.8 million to US$181.1 million, an increase of 39%.
We expect to see continued revenue growth as the business executes on its strategy, achieves increased efficiencies and gains further market share in the US faith sector.
Gross margin improvement
Pushpay’s diligent approach to optimising gross margin continues to drive pleasing results. Pushpay increased gross margin by three percentage points for the year ended 31 March 2021 from 65% to 68%.
Expanding operating leverage
While Pushpay increased operating revenue over the year ended 31 March 2021 by 40%, total operating expenses increased by 9%. As a percentage of operating revenue, total operating expenses improved by 11 percentage points, from 47% to 36%.
Operating leverage was largely driven by strong operating revenue growth, further margin improvements and disciplined cost management. Pushpay expects significant operating leverage to accrue as operating revenue continues to increase, while growth in total operating expenses remains low.
Pushpay adopted best-in-class software tools and scalable processes early in its development. Combined with strong financial discipline, these investments will allow significant operating leverage to be achieved as revenue grows.
Pushpay increased its EBITDAF for the year ended 31 March 2021 by US$33.8 million from US$25.2 million to US$58.9 million, an increase of 133%.
NPAT increased by US$15.2 million over the year ended 31 March 2021, from US$16.0 million to US$31.2 million, an increase of 95%.
Operating cash flow
Operating cash flow increased by US$34.1 million over the year ended 31 March 2021, from US$23.5 million to US$57.6 million, an increase of 145%.
Strong operating cash flow enabled Pushpay to fully repay its bank debt, which was taken on to facilitate the acquisition of Church Community Builder, over the year ended 31 March 2021.
Pushpay’s positive cash flow provides flexibility, as we continue to assess further potential strategic acquisitions that broaden Pushpay’s current proposition and add significant value to the current business.
Total Processing Volume
Total Processing Volume increased by US$1.9 billion over the year ended 31 March 2021 from US$5.0 billion to US$6.9 billion, an increase of 39%.
We expect continued growth in Total Processing Volume driven by continued growth in the number of Customers using our donor management system, further development of our product set resulting in higher adoption and usage, and increased adoption of digital giving in our Customer base.
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