Key takeaways from the Pushpay (ASX:PPH) AGM

Pushpay is holding its annual general meeting today…
The post Key takeaways from the Pushpay (ASX:PPH) AGM appeared first on The Motley Fool Australia. –

The Pushpay Holdings Ltd (ASX: PPH) share price is trading lower today on the day of its annual general meeting.

In afternoon trade, weakness in the tech sector has led to the donation and engagement platform provider’s shares falling 2.5% to $1.62.

What happened at the annual general meeting?

While there wasn’t anything deemed market sensitive inside its annual general meeting presentation, there were a few takeaways that investors might want to know about.

Pushpay’s CEO, Molly Matthews, spoke about the company’s performance in FY 2021 and her expectations for FY 2022 and the future.

FY 2021 performance

In FY 2021, Pushpay processed a total of 35.2 million transactions, with an average transaction value of over US$199. This was underpinned by a total of 2.5 million unique donors across the platform.

This ultimately led to the company reporting a 39% or US$1.9 billion increase in total processing volume over the year to US$6.9 billion and a 39% increase in total revenue to US$181.1 million.

Things were even better for its earnings, with operating earnings coming in at US$58.9 million, which was an increase of 133% on FY 2020’s result.

Catholic initiative

CEO, Molly Matthews spoke about the company’s expansion into the catholic church market.

She said: “I would also like to take a moment to highlight our Catholic initiative, something that I am very excited about as it represents a big step forward as we continue our growth journey. During the current financial year, our investment into the Catholic segment is expected to be within the range of US$6.0 million to US$8.0 million.”

Matthews believes there is a sizeable opportunity for Pushpay at this side of the market.

“We expect to increase product design and development headcount over the current financial year as we continue to further develop the functionality of our suite of solutions to serve the Catholic segment. In the long-term, we are targeting to acquire more than 25% market share in the Catholic segment by number of parishes,” she added.

Guidance for FY 2022

Management is confident on the year ahead and has reaffirmed its guidance for FY 2022 at its annual general meeting.

Chairman Graham Shaw commented: “To close, Pushpay continues to expect strong revenue growth, as we continue to execute on our strategy to gain further market share through continued innovation of our products, mergers and acquisitions, and expanding into the Catholic market. We believe this strategy is the best way to maximise shareholder value in both the short and long term. I am confident about the future of this Company, as Pushpay continues to help Customers and their communities stay connected through digital solutions, which in these times is more important than ever.”

Matthews added: “Pushpay is expecting to achieve EBITDAFI for the year ending 31 March 2022 of between US$64.0 million and US$69.0 million, although uncertainties and impacts surrounding COVID-19 and the broader US economic environment remain.”

“I am personally excited about the year ahead as we continue to support our Customers and their communities with our innovative technology solutions. Adding additional features and functionalities to our products, enables our Customers and future customers to have greater impact on communities around the world,” she concluded.

The post Key takeaways from the Pushpay (ASX:PPH) AGM appeared first on The Motley Fool Australia.

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James Mickleboro does not own any shares mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended PUSHPAY FPO NZX. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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