Monday, 24 September 2018

Announcement

MKTUPDTE: PPH: Pushpay surpasses US$100m ACMR target by US$6.4m, US...

10 Jan 2018 09:30NZX
Pushpay surpasses US$100m ACMR target by US$6.4m, US market listing this
calendar year

Auckland, New Zealand 
 Redmond, Washington, USA - 10 January 2018

Pushpay Holdings Limited (NZSX:PPH, ASX:PPH, ''Pushpay'' or ''the Company'') is
pleased to announce that it has surpassed its 31 December 2017 target of
US$100 million Annualised Committed Monthly Revenue (ACMR) by US$6.4 million,
achieving US$106.4 million of ACMR as at 31 December 2017.

Chris Heaslip, Pushpay''s CEO and Co-founder said, "Surpassing US$100 million
ACMR within 27 months after reaching US$10 million ACMR is a significant
milestone for the business. Pushpay remains in a position to reach its
targets of FY18 NZ GAAP revenue guidance of US$70 million and breakeven on a
monthly cash flow basis prior to the end of calendar 2018.

"Pushpay continues to build on its market leading position in a growing
sector and has seen pleasing results in terms of the proportion of ACMR
derived from large Customers. Over the year to 31 December 2017, Pushpay''s
proportion of ACMR derived from large Customers increased to 57.1%, from
51.0% a year earlier. We continue to focus on scaling the business in the US
faith sector in order to maximise shareholder value over the long term."

Highlights for the quarter ended 31 December 2017

- ACMR increased to US$106.4 million, an increase of 83.8% over the year to
31 December 2017.

- ARPC increased to US$1,233 per month, an increase of 57.1% over the year to
31 December 2017.

- Pushpay increased its Customer base to 7,190, an increase of 17.0% over the
year to 31 December 2017. As at 31 December 2017, 12 of the top 20 and 50 of
the top 100 largest churches in the US have chosen to use Pushpay.

- Months to Recover CAC remained at less than 12 months. Pushpay now expects
its Months to Recover CAC to remain below 18 months as the business scales.

- Annual Revenue Retention Rate (excluding upsells into the existing Customer
base) continued to exceed 95%, which the Company believes places it among the
best-in-class for SaaS companies. Pushpay now expects its Annual Revenue
Retention Rate to remain above 100% as the business scales.

- Staff headcount increased to 345, an increase of 1.2% over the year to 31
December 2017. Pushpay now has 86 staff based in New Zealand and 259 staff
based in the US.

- Pushpay released Web Giving, a redesigned generosity experience which
operates seamlessly across smartphones, tablets and desktop computers.

- Pushpay intends to pursue a US market listing this calendar year. See more
under ''US market listing''.

- Pushpay will begin providing quarterly revenue targets when it releases its
quarterly operational update for the 31 March 2018 quarter on 11 April 2018.
From the 30 June 2018 quarter and onwards, Pushpay will release its quarterly
operational updates on the first Wednesday of the second month following each
quarter end.

Outlook

"Pushpay is confident in its strategy to gain further market share in the
medium-term and believe this is the best way to maximise shareholder value.
The Company will continue to implement its targeted account based and field
sales strategy, focusing more heavily on medium and large Customers.

"Given seasonality, we expect ACMR and ARPC to decrease over the current
quarter ending 31 March 2018, before steadily growing over the rest of the
calendar year to 31 December 2018. We also expect Customer unit churn to
decrease and Customer numbers to gradually strengthen over the calendar year.

"Pushpay remains in a position to reach its targets of FY18 NZ GAAP revenue
guidance of US$70 million and breakeven on a monthly cash flow basis prior to
the end of calendar 2018.

"In the medium term, our goal is to reach the milestone of US$10 billion in
Annualised Monthly Payment Transaction Volume, representing less than 10% of
annual giving to religious organisations in the US. In the long term, Pushpay
is targeting over 50% of the medium and large church segments, an opportunity
representing over US$1 billion in annual GAAP revenue," said Chris Heaslip.

Investor Briefing

Pushpay will hold an Investor Briefing today at 11:00 am (NZT) to discuss its
operational results for the quarter ended 31 December 2017.

Dial-in details

New Zealand: 0800 122 360
All countries: +64 9 950 5335
Conference ID (required for dial-in): 555079

Playback details

Replay of the Quarterly Investor Briefing will be available for 30 days
following the completion of the call.

New Zealand: 0800 122 135
All countries: +64 9 950 7088
Replay Pin: 1678#

Please refer to the PDF announcement for further information.
End CA:00312891 For:PPH    Type:MKTUPDTE   Time:2018-01-10 09:30:52
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