Wednesday 10th November 2021
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Pushpay Holdings Limited (NZSX:PPH, ASX:PPH) (‘Pushpay’ or ‘the Company’) is pleased to present its financial results for the six months ended 30 September 2021 and its 2022 Interim Report. This announcement should be read in conjunction with and is subject to, Pushpay’s 2022 Interim Report.
Molly Matthews, CEO said, “We are pleased to deliver our results for the first six months of the 2022 financial year. Pushpay continued to deliver revenue growth, Total Processing Volume growth, net profit growth and EBITDAFI growth over the period, whilst maintaining sustainable margins and underlying operating metrics.
“Over the period, Pushpay further set the foundation for future growth. We increased the number of Products purchased and welcomed new Customers, while continuing to successfully realise strategic product bundling opportunities within the Customer base. We completed the strategic acquisition of Resi Media and made significant enhancements to our existing product suite. Our performance represents the value that our Customers attribute to Pushpay’s differentiated solutions and the meaningful progress achieved as we continue to execute against our strategic goal of being the preferred provider of mission-critical software to the US faith sector.
“Throughout the evolving COVID-19 environment, our Customers and our dedicated team have continued to admirably adapt to the conditions that are faced by communities and organisations worldwide. Pushpay’s solutions enable communities to stay connected and engaged through innovative digital means, which we know is now more important than ever.”
Key performance highlights
- Total Processing Volume increased from US$3.2 billion to US$3.5 billion, an increase of 9% over the six months ended 30 September 2021, when compared to the prior comparable period. While Pushpay saw a softer period to begin the first half of the current financial year, Total Processing Volume growth in the second quarter was higher than the first quarter and the level of digital penetration within our Customer base remained consistent. We expect continued growth in Total Processing Volume driven by continued growth in the number of donor management system Products utilised by Customers, further development of our product set resulting in higher adoption and usage, and increased adoption of digital giving in our Customer base.
- Despite the impacts being felt globally from COVID-19, Pushpay has maintained an average Annual Revenue Retention Rate of over 110% over the last five comparable periods ended 30 September, with the period ended 30 September 2021 maintaining this average.
- Pushpay increased operating revenue by US$7.9 million to US$93.5 million for the six months ended 30 September 2021, an increase of 9%. Excluding Resi Media, Pushpay increased operating revenue by US$6.1 million, an increase of 7%. 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.
- Net profit after tax increased by US$5.7 million to US$19.1 million over the six month period, an increase of 43% when compared to the prior comparable period.
- Pushpay enters its next phase of growth with a durable and sustainable gross margin. Gross margin increased from 68% to 69% for the six month period.
- Pushpay increased EBITDAFI to US$26.9 million for the six month period. The Group reviews its performance using Underlying EBITDAFI, which excludes costs such as acquisition related costs, and believes this measure provides a more appropriate representation of the Group’s performance. Underlying EBITDAFI increased by US$3.1 million to US$29.6 million, an increase of 12%.
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