Thank you for standing by, and welcome to the Pushpay Holdings Limited annual results briefing. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Ms. Gabrielle Wilson. Please go ahead. Thank you, Harmony. Welcome to the Pushpay Holdings Limited annual results investor briefing for the year ended 31 March 2021. Our annual report and annual results investor briefing presentation have been released to the NZX and ASX. Please visit our website, pushpay.com/investors/announcements if you do not have a copy. Before we begin, the information in this investor briefing is for general information purposes only and is not an offer or invitation for subscription, purchase, or recommendation of securities in Pushpay. It should be taken into account in conjunction with and is subject to Pushpay's interim and annual reports, press releases, and information published on Pushpay's website, pushpay.com. It includes forward-looking statements about Pushpay and the environment in which Pushpay operates, which are subject to uncertainties and contingencies outside Pushpay's control. Pushpay's actual results and performance may differ materially from these statements. It includes statements relating to past performance, which should not be regarded as an indicator of future performance, and may contain information from third parties believed to be reliable. No representations or warranties are made as to the accuracy or completeness of such information. All information in this investor briefing is current as the date of this investor briefing unless stated otherwise. All currency amounts are in US dollars unless stated otherwise. Today, you'll be hearing from our CEO, Molly Matthews, and our CFO, Shane Sampson. Following Molly's presentation, our CFO, Shane Sampson, and our Chief Growth Officer, Steve Basden, will also be available for questions. During the presentation, you will be in listen-only mode. Once the presentation has concluded, we will open the call to questions. We ask that questions come from panelists and investors only. Members of the press that have organized interviews with Molly following this briefing, please be in touch with me by emailing investors@pushpay.com. I will arrange this. Thank you for your attention. I will now hand it over to Pushpay's CEO, Molly Matthews. Thank you, Gabby. Good morning and good afternoon, everyone, and thank you for joining us for Pushpay's investor briefing for the year ended 31 March 2021. I'd like to welcome any new shareholders who have joined the call and take this opportunity to thank all our shareholders for their continued support. I'll now turn your attention to the presentation slides that accompanied our annual report, which was released this morning to the market. We are pleased to deliver a strong result for the year ended 31 March 2021. Pushpay continued its momentum throughout the 2021 financial year, delivering strong revenue growth, cash flow growth, expanding operating margins, and EBITDA growth while continuing to attract and support customers throughout the evolving COVID-19 environment. Over the year ended 31 March 2021, the company made significant progress integrating Church Community Builder into the Pushpay solution. By successfully combining Church Community Builder's market-leading Church Management System with Pushpay's Donor Management System over the past year, we are better able to execute against our vision and strategic goal of being the preferred provider of mission- critical software to the U.S. faith sector. With the significant progress in integrating the Pushpay and Church Community Builder solutions achieved over the 2021 financial year, the company welcomed many new customers, successfully realized strategic cross-selling opportunities within the customer base, and achieved operational efficiencies across the combined business. Our results are a reflection of our innovative products, the dedication of our teams in the U.S. and New Zealand, and our culture of continuous improvement. With the impacts of COVID-19 being felt by communities and organizations globally, Pushpay's team remains committed to supporting customers and providing innovative technology solutions. Our solutions enable communities to stay connected and engaged through digital means, which is now more important than ever. Pushpay's strong performance throughout the 2021 financial year demonstrates the adaptability of our customers and our team despite the challenges faced worldwide from COVID-19. Turning to our agenda on slide three, today we'll be covering an update from me, people and culture, a product update, an update on sustainability, and our CFO, Shane Sampson, will share the finance update. We'll also discuss outlooks, and then we'll open up for questions at the end of this call. Now on to slide five. Looking at our key metrics over the year ended 31 March 2021. We'll go into more detail on the primary metrics, but for now, I'll highlight a few. Pushpay increased operating revenue by $51.6 million over the year ended 31 March 2021, from $127.5 million to $179.1 million, an increase of 40%. Total revenue increased by $51.3 million over the year ended 31 March 2021, from $129.8 million to $181.1 million, an increase of 39%. We increased our gross margin over the year ended 31 March 2021 by three percentage points from 65% to 68%. Pushpay is proud to have delivered on guidance, increasing EBITDA for the year ended 31 March 2021 by $33.8 million from $25.2 million to $58.9 million, an increase of 133%. I'm also excited to report today that our operating cash flow increased by $34.1 million over the year ended 31 March 2021, from $23.5 million to $57.6 million, an increase of 145%. Another metric that I'm personally very proud of is our total processing volume, which increased by $1.9 billion over the year from $5 billion to $6.9 billion, an increase of 39%. I'm also pleased to report that Pushpay's total lifetime value of the customer base increased over the year from $4.5 billion to $5.3 billion, an increase of 20% over the year. On to slide six for an update on our product holdings. Following our acquisition of Church Community Builder, which was completed in December 2019, our strategic focus on integrating the two solutions led to growth in our total product holdings over the year ended 31 March 2021. Through successfully realizing strategic cross-selling opportunities, we increased our total product holdings, which increases Donor Management system church management system solutions from 12,338 to 13,552, an increase of 10%. The basis of any successful acquisition is cross-selling solutions and realizing synergies actively, and this was our key focus post the Church Community Builder acquisition through a highly disruptive Donor Management system product holdings increased from 8,180 to 8,927, an increase of 9% over the year 31 March Church Management system product holdings increased from 4,158 to 4,625, an increase of 11% over the year 31 March 2021. We also increased our joint customers from 1,422 to 2,453, an increase of 70%. Joint customers are customers that utilize both Donor Management system church management system. turning to slide seven, we increased our customer base by 203 over the year ended 31 March 2021, from 10,896 to 11,099 customers, an increase of 2%. Despite the challenges faced across the U.S. faith sector with the onset of COVID-19, gross monthly recurring revenue added over the year ended 31 March 2021 exceeded the previous financial year. Growth was achieved through a combination of new customers acquired and existing customers purchasing additional products. The ongoing effects of COVID-19 continue to impact Pushpay's customers who have admirably adapted to the evolving situation with the help of our Donor Management and Church Management solutions and working together to ensure the people in their communities are supported throughout this time. As we execute on our sales strategy, our primary focus is on increasing revenue by attracting a large number of customers and cross-selling products to existing customers while expanding ARPC and increasing retention. While Pushpay continues to focus on attracting medium and large customers in the U.S. faith sector, the company saw increased demand from smaller customers as churches seek an all-in-one solution in the COVID-19 environment. This further demonstrates the reach and product fit of Pushpay solutions across all segments of its target market, aided by the integration and bundling of the Donor Management Church Management systems. moving now to slide nine. ARPC increased over the year ended 31 March 2021 from $1,317 per month to $1,475 per month, an increase of 12%. There are a number of factors that contribute to an increased ARPC. These include increased subscription fees from new and existing customers and an increased adoption of digital giving in the U.S. faith sector. Pushpay plans to continue to grow ARPC by increasing revenue derived from existing customers and by continuing to implement its sales strategy to gain new customers, to cross-sell products to existing customers, and to continue to drive increased adoption of digital giving amongst our customer base. Turning to slide 10. As you can see, we are operating at scale, and our success provides a significant platform for Pushpay to engage and attract more customers. I'll now turn to slide 11. Looking at our track record of success, this is something that we really are proud of. Pushpay has a strong track record of delivering on guidance. Since initially listing in August of 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. As I mentioned earlier, we are pleased to have delivered on our guidance with EBITDAF of $5 8.9 million for the FY 2021. Today, we are pleased to announce that we are expecting to achieve EBITDAFI for the year ending 31 March 2022 of between $ 64 million and $ 69 million, although uncertainties and impacts surrounding COVID-19 and the broader U.S. economic environment remain. Looking more closely at some of our key metrics, we'll move on to slide 12. Total revenue for the year ended 31 March 2021 increased by $51.3 million from $ 129.8 million to $ 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 U.S. faith sector. Turning to slide 13. I know Shane will delve into further detail, but I'm really proud of the next few metrics, so I'd like to touch on them briefly. Pushpay increased operating revenue by $51.6 million for the year ended 31 March 2021, from $127.5 million to $179.1 million, an increase of 40%. While operating revenue increased 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. NPAT increased by $15.2 million over the year ended 31 March 2021, from $16 million to $31.2 million, an increase of 95%. Operating cash flow increased by $34.1 million over the year ended 31 March 2021, from $23.5 million to $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 further assess potential strategic acquisitions that broaden Pushpay's current proposition and add significant value to the current business. I'll now turn to slide 14. This is one of the metrics that I'm personally quite proud of and excited to share. Our total processing volume increased by $1.9 billion over the year, from $5 billion to $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 Donor Management system, further development of our product set resulting in a higher adoption and usage rate, and increased adoption of digital giving in our customer base. Now moving to slide 12 for an update on our people at Pushpay. We are extremely proud of our people, who continue to adapt to the challenging circumstances that the evolving COVID-19 environment has posed over this last financial year. Across our three locations, our team demonstrated immense flexibility while remaining focused on delivering innovative software and outstanding support for our customers. As we continue to execute on our strategy, attracting and retaining exceptional talent is critical to our success. Our customer-centric culture of continuous improvement focuses on achieving higher job satisfaction, increased productivity, improved employee retention, as well as increased customer satisfaction. Turning to slide 16, we'll have a board and leadership update. The composition of our board further evolved throughout the year to 31 March 2021. Peter Huljich resigned as a Non-Executive Director, and Christopher Huljich resigned as an Alternate Director effective 31 December 2020. The board and management thank Peter and Chris for their invaluable contribution to the board and immense support of Pushpay over the past seven years. Justine Smyth resigned as an Independent Director effective 20 July 2020. The board and management thank Justine for her contribution to the board. We were delighted to welcome Lorraine Witten to our board as an Independent Director, effective 22 September 2020. Lorraine also joined as chair of Pushpay's Audit and Risk Management Committee and is a member of our Nominations and Remuneration Committee. Lorraine has significant governance experience and commercial experience in technology, software- as- a- service, and information and communications technology sectors, with expertise in financial management, entrepreneurship, strategy, and high change environments. In January 2021, I was excited to be appointed as CEO, effective the 1st of March 2021. Having the opportunity to lead our incredibly talented and experienced team that I've had the pleasure of working alongside of over the past four years is an honor. Prior to my appointment, Bruce Gordon served as CEO on an interim basis from 1 June 2019. The board and management thank Bruce for stepping into the business from the chairman's role, serving as CEO for 18 months, and for his continued support of Pushpay. Today, we also announce to the market that Bruce intends to retire from the board following our 2021 annual meeting, which is being held on 16 June. I would like to personally take a moment to recognize and thank Bruce for his inspiring leadership, support of our team, and dedication to Pushpay since its inception. Bruce has given his time and resource to our company and people over the past 10 years, and we are very grateful. We wish Bruce all the best for his future endeavors. The board will be conducting a process to find a suitable replacement independent director. I'll now move to slide 17 to highlight our recent product updates. We are excited about the innovation that we continue to bring to the Pushpay suite of engagement and giving solutions. Turning to slide 18 for one of our most exciting updates from this last year. In September 2020, we announced our largest product launch to date, which included 16 new products, features, and enhancements to the Pushpay and Church Community Builder solutions. The launch unveiled the new product name for the company's all-in-one engagement solution, ChurchStaq. ChurchStaq combines Pushpay's giving and engagement solution with Church Community Builder's ChMS functionality, delivering a holistic software solution that equips customers of all sizes with the technology they need to seamlessly connect across different ministry touch points, including giving and Donor Management, Church Management, and access to Pushpay's app. ChurchStaq sales as a percentage of total sales have increased following its launch in September 2020 across all customer segments, further validating the hypothesis around the efficacy of an integrated end-to-end solution for customers. Turning to slide 20, in November of 2020, we released Instant Check-In, a feature that allows community members to register their attendance to church events from the convenience of their mobile phone. This is particularly helpful during the COVID-19 environment, as it enables church leaders to identify their participating community members in a time where many churches and community members have been unable to gather in person. Looking at slide 21, in November 2020, we were also pleased to announce the availability of a Spanish language web giving experience for customers who purchase the advanced and complete packages. Web giving form fields are now available in Spanish, in addition to confirmation pages, help resources, email receipts, and SMS security codes, enabling the end user to interact entirely in their native language. Turning to slide 22, in November 2020, Pushpay launched Households in the Donor Management platform, which makes it easy to see giving information for an entire family rather than solely by individual. Supporting the concept of Households makes data reconciliation and reporting easier and cleaner for churches by grouping family members under one giving unit. Slide 23 shows our new lyric and chord chart editor feature, which was released in March of 2021. This feature allows worship pastors to create customized chord charts, transpose songs, and generate lyrics, numbers, and numeral files to use during their worship plans. I've personally had some really great feedback about these features from customers whom I've talked to. Moving to slide 24. Throughout COVID-19, it has become increasingly important for customers and prospective customers to discover new ways to engage with their congregations through modern digital experiences. As an extension of Pushpay's high-touch thought leader series, the company hosted its inaugural digital conference event in May 2020. Building on the success of Church Disrupt 2020, Pushpay is holding Church Disrupt 2021 tomorrow, the 13th of May. The 2021 digital conference features inspirational stories about overcoming challenges with practical advice for how to take action, shared by innovative church leaders and staff from locations across the U.S. I'll now move to slide 26 for one of my favorite highlights, which are the ways that we are committed to giving back to our communities and caring for our team. Our people are what make us great. Pushpay underscores the value of being involved by providing numerous opportunities for employees to give back to their communities. Pushpay's employee resource groups, Women's Leadership Exploration and Development, and the Race and Culture Committee, had a strong year of growth despite our U.S. offices working remotely. We launched a global mentoring program in July 2020 to assist in supporting employee growth and career development, to connect employees in separate offices, and to increase inclusion of remote employees. In August 2020, we launched our Diversity, Equity, and Inclusion Committee, which focuses on company-wide initiatives, workshops, and procedures to support diversity, equity, and inclusion. We are also proud supporters of the Summer of Tech internship program in New Zealand and the James 1:27 initiative, which is a charity based in the U.S. that exists to serve, equip, and empower the lives of women and children in need all over the world. Turning to slide 27. Our Pushpay Cares program continues to support individuals and make a difference in local communities, an opportunity which is both humbling and rewarding for our team. Our 2021 program focused on key issues such as child hunger and environmental sustainability. We strongly believe in giving back to the communities in which we live and work. Pushpay Cares is an employee-led program, meaning we all have an opportunity to seek out volunteer opportunities and ways to make an impact in our local community. With that, I'll now hand it over to Shane Sampson, our CFO, for a finance update. Thanks, Molly. Good morning. Good afternoon, everyone. Turning to slide 29, we see a strong revenue growth, improved gross margins, and disciplined cost management contributing to increased operating leverage. As Molly mentioned earlier, operating revenue was $179.1 million, an increase of $51.6 million or 40% relative to the prior year. Third party direct costs were $57.2 million, an increase of $12.4 million or 28%, a significantly lower rate of growth than the growth in operating revenue. I will talk about management expense a little more in detail on slide 31. Other operating expenses was $64.9 million, an increase of $5.4 million or 9%. Like we've restated our income statement, so that expenses below EBIT, such as depreciation, amortization, and interest expense are removed from operating expenses and are instead shown by the EBIT line, [which we will compare for a distance.] After restating the prior period, the primary drivers of increase in other operating expenses was the inclusion of a full year of Church Community Builder expenses, partially offset by operational efficiencies achieved across the two businesses. Earnings before interest, tax, depreciation, amortization, and foreign exchange was $ 58.9 million, an increase of $ 33.7 million or 133% on the prior year. Net profit after tax was $ 31.2 million, an increase of $ 15.2 million or 95% on the prior year. The primary reason that net profit increased by less than EBIT is foreign exchange losses, which relate to non-cash accounting adjustments arising from the New Zealand legal entity set of our New Zealand dollar functional currency. The dip in the New Zealand dollar against the United States dollar in March 2020 resulted in a sizable gain being recognized in the financial statements for the year ending on March 2020. The subsequent recovery of the New Zealand dollar since March 2020 has been reversed. In slide 30, we show EBITDAF as a percentage of operating revenue for each half. In the first half, we saw an acceleration of EBITDAF margin, driven by increased processing volumes with COVID impacting on churches moving online. In the second half, we continued to grow the EBITDAF margin, with processing volumes seasonally strong, continued growth in subscription revenue, and operating expenses broadly flat. Over the course of the year, EBITDAF as a percentage of operating revenue improved by 13 percentage points from 20% to 33%. Turning to slide 31, subscription revenue grew by 40% to $49.3 million. Processing revenue also grew by 40% to $128.9 million. Growth in subscription revenue was driven by a full year of Church Community Builder revenue and 15% growth in product holdings as a result of continued addition of new customers and the strong cross-selling that Molly referred to earlier. Processing revenue growth reflects acceleration of digital adoption in the first part of the financial year with COVID driving churches online. Second half revenue continued to grow aligned with seasonality. Group ARPC grew by 12% to $1,475 per month, with growth across all customer segments, particularly our medium and large customers, driven by strong processing volumes and cross-selling of additional products to existing customers. Third party direct costs increased by only 28% to $57.2 million. This increased processing volume was partially offset by improved processing cost base. Processing cost as a percentage of processing revenue reduced to 41% from 44% as a result of our margin improvement program. I note that other third party direct costs, which primarily relates to payments under the giving guarantee and partner payments, were down from $1.3 million to zero. This reflects the prior year payment partner payments to Church Community Builder prior to their acquisition and a drop in the [middle of guarantee] payouts and a change in the associated provision. The continued reduction in processing costs as a percentage of processing revenue, combined with the acquisition of Church Community Builder, drove an improvement in the gross margin percentage to 68% up from the prior comparable period gross margin of 65%, despite the strong growth in processing volumes. Gross profit increased by 47% to $121.9 million as a result of increased subscription revenue and higher processing revenue margins. Slide 32 shows the impact of Church Community Builder and the marginal improvement programs driving the weighted gross margin up to 68%. Slide 33, as I noted earlier, we have restated the operating expenses for the prior period to reflect our half and full year EBITDAF. Operating expenses were $5.4 million or 9% higher at $64.9 million, due to the inclusion of operating expenses associated with Church Community Builder, of which partially offset by operating efficiencies achieved. Sales and marketing costs increased by 4% despite the inclusion of Church Community Builder and the fact that we achieved higher gross MRR added in the current year versus the prior financial year. We were able to achieve a number of efficiencies, particularly in marketing expense spend. Moving to slide 34, it shows operating expenses by six-month periods. There is a small decrease here from the first half into the second half. That partly reflects some slightly lower headcount we were targeting. However, the continued revenue growth in our business continued to scale revenues and margins while holding operating expenses relatively flat from last year. Operating expenses as a percentage of revenue continued to fall, improving by 10 percentage points relative to the prior comparable period. Looking at slide 35, operating cash flow grew by 145% from $34.1 million to $57.6 million. The quality of our earnings is reflected in the operating cash flow being very close to our EBITDAF. Cash outflows from financing activities was $69.6 million as we fully repaid the borrowing undertaken as part of the Church Community Builder acquisition. Overall, cash on hand declines reflecting the repayment of borrowings. However, we continue to generate strong operating cash flows every month. I note that we are close to having consumed our support for tax losses and deferred R&D expenditure. Therefore, in the year to 31 March 2023, we will have higher tax outflows on cash, which will offset the anticipated continued growth in operating cash flows from EBITDAF growth. Slide 36 sets out the operating cash flows of the business by half year. A continued investment in product development and customer acquisition has been more than offset by the growth in revenue the growing business generates, as well as continuing improving operating cash flows. The operating cash flows position us incredibly well for any future investments and allows us to invest in new initiatives such as our Catholic Initiative from existing cash flows. Looking at slide 37, reflecting the financial position. The key call out is that we have no debt, with the borrowing used for prior Church Community Builder fully repaid. This leaves us incredibly well positioned to fund future acquisitions should the opportunity arise. Turning to slide 39, we expect to see subscription revenue growth over the upcoming year based on the growth in product holdings we've achieved and the continued growth we expect to achieve over the upcoming year. However, the most significant set of assumptions relates to processing volumes. As discussed already, COVID adversely impacted the U.S. economy, but did result in a jump in digital adoption. We saw an increase in the share of church donations that were processed across our platform, which drove revenue growth within our existing customer base after the entire year. In the upcoming year, we expect to see strong U.S. GDP growth, translating into more giving to churches. We expect that the number of churches using our online giving system will continue to grow. The biggest uncertainty is really around what occurs with digital adoption as the U.S. returns to normal. We assume that digital adoption continues to grow from its current point, although at a slower rate than it was prior to the COVID-driven acceleration because we're a bit further up the adoption curve. Looking at the impacts of COVID-19, the physical restrictions around in-person gatherings that have continued to evolve throughout the 2021 financial year. Our customers quickly turned to live streaming virtual givings and providing connection through their apps to continue to engage with their communities. As churches continue to gradually reopen with restrictions, it's become evident that the sector has undergone transformative shifts with our digital solutions playing a crucial role. Pushpay has not seen a meaningful proportion of digital giving [events in] non-digital means, indicating that customers and user base sector have undergone a fundamental shift as a result of the current environment. On slide 41, looking at the Catholic Initiative. In January 2021, we announced that we had allocated an initial investment of resources into developing and enhancing the customer proposition in the Catholic segment of the U.S.-based sector. The Catholic segment of the U.S.-based sector comprises 196 dioceses and archdioceses with an estimated 17,000 individual parishes and churches, and 68 million Americans are identified as being associated with one of those Catholic parishes. [By the pool of religious] organizations report just released estimates Catholic donations to be over 28% of the total donations in the U.S. While we are a relatively small source of what Catholics donate, we believe that it's clear that this is a sizable opportunity in terms of both subscription and processing revenue. [Open investment] into the Catholic segment represents a significant milestone as Pushpay continues to execute on its strategy of being the preferred provider of software to the U.S. faith sector. During the year, we entered into a pilot with the Archdiocese of Chicago and welcomed a number of new Catholic parishes and dioceses into the Pushpay platform. The current year will serve as a key period of initial investment, with our team focused on recruitment, ramping of staff, and establishing relationships with key stakeholders in the Catholic Church in America. During the current financial year, we anticipate investment in the Catholic segment to be between $6 million and $8 million. Of this investment, we expect that approximately 2/3 will be product design and development expense, and that will be required to capitalize this. The remaining expense is predominantly in sales and marketing. We expect to increase product design and development headcount over the current financial year as we continue to develop and actualize our suite of solutions to serve the Catholic market. We believe that the benefits of this investment will appear in future years. We consider that the Catholic market is underserved by current providers in a similar manner to how the non-denominational and evangelical churches were underserved by their providers when we entered the U.S. market. We are seeking to repeat our success in those markets. We've achieved significant market share in large churches, and have been a key part of driving donations online since we entered the U.S. church market. Many Catholic churches are on average significantly larger than non-Catholic churches. While there are only 17,000 Catholic churches, we estimate that over 80% of those churches sit within our focus area of medium and large churches. We therefore consider that a target of more than 25% share of the Catholic market in the medium to long term is consistent with what we have achieved in the Protestant and non-denominational markets. With that, I will now hand you back to Molly for an update on guidance. Thank you, Shane. Now turning to slide 42. To recap, Pushpay is expecting to achieve EBITDAFI for the year ending 31 March 2022 of between $64 million and $69 million. Although uncertainties and impacts surrounding COVID-19 and the broader U.S. economic environment remain. Excluding the impact of the investment into the Catholic Initiative, Pushpay expects to achieve EBITDAFI for the year ending 31 March 2022 from the current business of between $66 million and $71 million. Looking ahead, an exciting future awaits us as we continue to innovate and improve our software solutions to provide customers with effective tools that strengthen connection within their communities. Our success would not be possible without the expert direction from our board of directors, successful execution from management, and the hard work of my dedicated colleagues. Thank you so much for your attention. With that, I'll hand it now back over to our operator to open the call for questions. Thank you. If you wish to ask a question please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone please pick up the handset to ask your question. Your first question comes from Stephen Ridgewell from Craigs Investment Partners. Please go ahead. Yeah, good morning, first of all, congratulations on an excellent result. Just had a quick question on the back book for Shane. Shane, would you mind calling out what back book penetration was over the year as a best estimate for the core Pushpay business? Also interested to see whether you've seen any notable change in the penetration rate in the second half versus the first half, and then perhaps even for exit run rates. The general theme of the question is, have you seen a change in back book penetration as churches partially reopen through the year? Thanks, Stephen. Thanks for those questions. In terms of the back book, probably one update would be we previously indicated that we were seeing kind of low 60%. One of our discoveries is that churches aren't very good at putting all their offline donations into the system prior to needing to be there or think about people individually. We've actually seen that the calendar year could be, was about 57%, is our estimate based on that Church Community Builder data that we use. That came down slightly as more offline donations were put in. With that qualification around the data, what we have seen is that even though when we look at Church Community Builder's check-in solution, we're seeing about 83% of the level of churches using that we were prior to COVID. I feel like most churches have some activity going on. We still believe that most churches are operating under restrictions. For example, they might have 25% or 50%, depending on their restrictions. We've seen no sign at all that that's having any impact on the share of donations that are coming through our platform. In fact, that's slightly still continuing to climb slightly. The key call-out would be at the moment America's not fully back to normal, so we can't say definitively that there won't be any impact if churches go back. At the moment, we've now got a fair amount of data that implies that the change in behavior is permanent. Okay. That's helpful. Thanks, Shane. Yeah. Maybe just one for Molly on ChurchStaq. Just it's good to see that return to customer growth for the medium large set segment in that second half. I'm just wondering if you could call out for us the momentum, perhaps, that ChurchStaq product has kind of hit as the years progressed and perhaps a little bit color on how many of those customers, if you like, new to Pushpay and how many are upsells, and then do you think or should we be thinking that net customer growth in that medium large space might improve on that second half run rate as that product perhaps gets a little more momentum? Is that what the company was showing in FY 2022? Yes, thank you for the question, Stephen. We have definitely seen a wonderful response to the ChurchStaq product launching. Just as a reminder, that launched in September of 2020, so really was with us throughout that second half growth. The thing that's been very interesting for us is we've seen the adoption of that product from new customers take place across all of our segments. Small all the way through to large churches are purchasing ChurchStaq, which really, as I stated in the presentation, is very reassuring that our hypothesis around that need for an all-inclusive solution is quite real. That has been wonderful. I'm actually going to invite Steve Basden in, who's our Chief Growth Officer. He's obviously our boots on the ground when it comes to our sales team. Just like to invite Steve to share his feedback on the ChurchStaq product. Yeah. Thank you, Molly. Hi, Stephen. As I've indicated in the commentary earlier, the ChurchStaq product has been very good for us. It's been very strong since it launched in September 2020. It's been really well received. We've seen demand which has grown throughout the second half and is continuing to grow. The combination of the combined offering, Donor Management app and ChMS, has attracted churches and continues to be so. ChurchStaq really represent an increasing percentage of our sales across all segments. I think we probably would want to get back to you. I think the second part of your question was around, if I remember correctly. I'm sorry, Stephen, maybe you could repeat the second part. Yeah. No, sorry. No worries. Part of the question was of the ChurchStaq customers that you're getting, how many are kind of new to Pushpay as a group. Yeah. How many? We could definitely get back to you in terms of how that breaks down. We are seeing a lot of strong demand. When we sell the ChurchStaq product, we typically sell that as a net new customer. We classify that differently from a cross-sell. When we talk about strong ChurchStaq growth, we're talking about net new customers. That's helpful. Just maybe a third part of that question, in terms of the net growth in medium and large customers, which I think is a metric the investors are tracking. It was a little bit soft in the first half, but it has improved quite a bit in the second half, the + 27% number. Is that a reasonable run rate to think about going into FY 2022, or is the company hoping for a bit more than that? I think so. I think, too, just to add a little bit of context to that, Stephen, we throughout the last year, obviously with churches being so impacted, many of our medium and large churches that were prospective customers really slowed their buying processes down, where we have seen a return to a little bit of a faster pace and those decision makers being more willing to make purchasing decisions in the second half, and we believe that that will continue into this upcoming fiscal year. That's helpful. Thanks. Maybe just one last one from me. Perhaps for Molly or Steve. In terms of the Catholic opportunity and the trial with the Chicago Archdiocese. Are you starting to have conversations on the back of the success of that trial with other archdioceses, and is there any sense that some of those accounts might land in the FY 2022 year? Are we thinking a bit longer term? Yeah, we are having conversations at the diocese level across the market, and I think we would definitely anticipate that we'll be able to sign some contracts and get some deals with other diocese and archdioceses. Yeah, we've got a very robust process going on underway right now in order to have those conversations and talk about how Pushpay and Church Community Builder and ChurchStaq product can help serve those parishes in a really good way. Yeah, that's helpful. That's all from me. Thank you. Thank you. Your next question comes from Wassim Kisirwani from Jarden. Please go ahead. Good morning, guys. Can I just ask a question on the ARPC growth, and can you perhaps give us a bit more insight into what's driving that in terms of mix versus price and specifically what impact subscription price increases had through the period? Hi, Wassim, I'll take that one. I think there has been some conversations around us having price increases, which I think is probably a little off target. I think the uptick growth is driven by two things. One is continued growth and processing onto that strong jump even above historically was a growth we've seen in our existing customer pool due to that share of wallet jump coming out of COVID. The other big thing that's driving it is cross-selling. It means that now if we have more product holdings from the same customers, that's going to grow. Those are really the two key drivers. We haven't had any increase in our list price, I think since 2018 in terms of our subscription pricing. Even in terms of existing customers, we do achieve some uplift. That's most typically customers who joined us very early on in significant discounts to the current list price. As they go for a renewal, we'll run it up a little bit. Some individual churches, if we had increases, normally those still would be taking them below where our current list price is. Definitely it's a story of cross-selling and more processing as opposed to a price increase story. Particularly seeing where we were heading in this COVID, we've chosen not to even apply for it for our customer base to do any kind of price increase. Great. Thanks. Then could I ask a question on the headcount reductions? They seem a bit high relative to your earlier commentary around the time of the Church Community Builder acquisition around holding those kind of numbers more flattish. Just interested in sort of what spurred that and then how much of those reductions had an impact in FY 2021 and what the sort of incremental cost impacts from in 2022 do you expect out of those reductions? Yeah, great question. As you well know, our teams worked across this past year to create one operating structure, and through that we were able to gain efficiencies in several areas. As well, I have to say our management team used extreme wisdom and a bit of caution throughout fiscal year 2021 in growing our teams as our nation here in the United States and the wider world was so heavily impacted by COVID-19. We have a responsibility to our customers, our shareholders, and our employees to make really wise decisions in seasons of uncertainty. I'm quite proud of our teams in all of our locations in the way that they've remained productive and agile over this past year. Another thing that we saw take place across the New Zealand market, we're starting to feel a little bit now is, we had a very, very high rate of retention in our employees across the first half as the world was shuttered. As things began to reopen in the New Zealand market and here in the U.S. as they're beginning to reopen, we are seeing some movement in the job market. We are scaling up our recruiting function in order to ensure that we're able to grow in the way that we need to continue to be on the front foot of innovation as well as to grow in that Catholic Initiative. Okay, great. Perhaps maybe just to quantify those reductions going to come later in the period and you're expecting a more meaningful impact on the cost line in 2022 or given that you're back in hiring mode now and we can expect that that'll negate any of the savings out of those efficiencies. Can you maybe just give us a bit more feel for that, please? Sure. Shane, do you want to take that? Yeah. As Molly said, some of that is just the opportunities that we've got which are continuing to flow through. We're certainly looking to in areas like product design and development, we're particularly looking to invest at the levels we did in more with the Catholic Initiative. We are expecting operating expenses to grow year-over-year. Probably even excluding the impact of the Catholic Initiative, they're kind of mid-single digits, and that's less that that number is materially higher than it would have been when we were talking to you at the interim result and more that the second half has come in a little bit lower on OpEx for the reasons that Molly Matthews gave. We're definitely looking. We'll continue to achieve a few ups in operational efficiencies out of combining the businesses. At this point, we're looking to add headcount and to supply 2022, particularly in that product design and development area, continue to invest in the products and drive future growth. Great. Thanks. Just a final question from me, just maybe perhaps, Molly, a comment on how you're sort of seeing the sales capability at the moment in the business and kind of the sales environment in general as the economy sort of normalizes a bit more and the capacity of the business to sort of capitalize on an event like Church Disrupt and kind of see a more meaningful conversion just in net customer growth out of an event like that? Yes. I have great confidence in our sales and marketing engine. We actually, as we do in each season, we look at our efficiencies and our opportunities to grow, be agile, make changes where needed. Our team, led by Steve, have really leaned into that in the last few months. Kind of what we're calling refreshed our go-to-market strategy in order to really capitalize on those moments that our prospective customers experience with us, whether it be through an event like Church Disrupt or the incredible materials that our marketing team produces to really be able to turn those rich, wonderful leads into closed bookings. Really looking forward to what Church Disrupt and the many other different marketing and partnership-led events that we will host throughout the year can turn into for us. Great. Thanks, Molly. Thank you. Your next question comes from Garry Sherriff from Royal Bank of Canada. Please go ahead. Yeah. Morning, Molly and Shane. First question, just wanted to clarify on margins. Given that higher investment in the Catholic sector, should we expect EBITDAF margins to be roughly flat in 2022 on 2021, or are there any other further benefits from scale for gross margins or higher processing volumes that you can talk to? Hi, Garry. I'll take the first question. In terms of the EBITDAF margins, if you excluded the Catholic investment, we would expect to see some gains more because of the continued growth in revenues exceeding the additional investment operating expenses. With Catholic, we will be more flattish in terms of the overall EBITDAF margins this year. As you say, we're seeing the Catholic investment as being a multi-year payment as opposed to a quick payment in the year. Okay. Yep, that's clear. Second question, you talked about pricing not changing since 2018 at the subscription level. Are there any plans to lift our subscription pricing in FY 2022 or beyond that you can talk to? I think the key point here is our churches are still, i t's a very relational market, and our churches are still in a fairly challenging season. I think our focus would be how do we lift revenue through continued to drive increased adoption of the product and through cross-selling of our wider product searches. How do we find other products that we can cross-sell to them, as opposed to doing a price uplift in the current year. Yep, no trouble. Last question. Just on slide six of that presentation. The revenue growth appears to be really driven by the cross-sell, which is great. I'm just wondering, if I look at the absolute customer numbers, they're only up 2%. The question is, are you finding it difficult to add new churches, particularly those in the larger or mega space to the platform, and if so, why? Is it behavioral? Is there more competition? What's actually going on there? That would be interesting. Thank you. Great question. We did see a wonderful opportunity which came along with our why behind purchasing Church Community Builder, which is to really, in this initial year, to cross-sell and to capitalize on increasing product holdings across this year and to bring together those two products, to integrate them together, to be able to deliver the great results that we shared with you all today. I will say that we, again, we saw that growth in new customers across the year, but we really did see that pick up across the second half, and we expect that to continue, that new customer add to continue to grow across this next fiscal year as well. We will always be focused on cross-selling our products. We feel like it is far easier to organically sell to a customer we already have than to a net new customer. That will continue to be a part of our strategy. Both selling ChurchStaq and individual products, if that's what customers desire to purchase from us, to new customers, as well as to cross-sell our products into our customer base. Very clear. Thank you. Last one. Is it EBITDAFI with an FI at the end of it? We know the FX. Is the I impairments, and if it is, what are those impairments and what's the quantum? We don't have any impairment at the moment. Certainly, if you look at the cash flows our business is generating relative to our total balance sheet, then it's hard to conceive of any scenario which our existing business would be impaired. What we have identified, I know you would have seen this in other tech businesses, is the accounting rules around impairment effectively require you to assess cash flows in a way that effectively assumes minimal growth beyond the five-year term. The sort of impact there is if you're buying a growth business, then typically that standalone accounting valuation is going to be dramatically lower than the real world valuation. You've seen a number of tech companies acquire businesses and then effectively have to impair a portion of what they've acquired in the first year. It's really important there in the context of, if that were to occur, we don't see that as having any indicator of economic value impact. Therefore, we don't give it talk till the consolidated results. That's why we just don't as we look forward into this year and planning, as we target acquisitions, making sure that we're clear on that point as opposed to, it's like at the end of the year and say, "Well, no, we weren't considered this through any of those non-economic impacts. Understood. Thank you. Thanks for clarifying. Thank you. Your next question comes from Jamie Foulkes from Forsyth Barr. Please go ahead. Morning, everyone. Congratulations, Molly, on the appointment. Firstly, first question on the cross-sell and the bundle, which seems to have gone well during the period. Can you give us an indication of whether you feel you've now achieved what you feel is the full run rate of synergies post the acquisition, whether there's anything other than cross-selling in there? On the back of that, what synergies you'd look to target with further M&A? Obviously, as the U.S. church tech market consolidates, what kind of acquisitions you'd be interested in? Would that be in the Catholic space or the evangelical space, please? Sure. We feel like we still have continued space to grow in cross-sell, as well as that really kind of folds into our M&A strategy. We look at M&A and see it different ways. The first is how could we expand our product offering so that we have an opportunity to either sweeten the packages we can sell to net new customers or have an opportunity to cross-sell a high-value product into our existing customer base. The second way we look at that is how could we approach a target that would allow us to go faster in one of our desired adjacencies, whether that be Catholic or into another space. That's how we really are approaching M&A. Okay, thank you. The second question from me, and I go to Shane, what proportion of your processing do you currently have on Stripe, and what is in-house, please? Currently, Stripe is a very small proportion. We have effectively churches outside the U.S. We've got a meaningful proportion of those on Stripe. Within the U.S., there really is a very small subset, effectively churches that didn't meet our risk criteria for onboarding. Where Stripe really comes into play for us is outside the U.S., where it gives us that ability to enter new markets with a lot less work than if we were trying to build our own in-house processor in those markets. Thanks very much. I'll jump back in a sec. I would add one comment on the cross-sell. Certainly we're not constrained just to the cross-sell opportunity that existed when Church Community Builder and Pushpay came together. While we've seen a lot of good growth in ChurchStaq, as we mentioned before, we're also selling the standalone pieces of our software as we go. For instance, Donor Management made up a significant portion of our sales, which creates a downstream upsell, cross-sell opportunity for us in the future. We're building those opportunities for cross-sell as we go. Thank you. Your next question comes from Phil Campbell from UBS. Please go ahead. Yeah. Morning, everyone. Just a couple of questions from me. The first one was just kind of getting back onto the cross-sell. When I'm looking at the product holdings divided by number of customers, that kind of bundling rate looks around 122%. Is there some sort of theoretical maximum bundling rate that you would look at over the next few years? That's the first question. I suppose the second question is just a little bit around maybe if you could expand a bit on the go-to-market strategy on the Catholic and the kind of specialist people you require there. I see on your website you do have a number of open positions for some Catholic employees, but doesn't seem to be very many. I'm not sure whether you're retraining some of your existing staff or if there's going to be more adds or recruitment in terms of hiring more people into the Catholic part of the business. Yes, Phil, thank you for the question. On the Catholic Initiative, we have a hiring plan that is spread across the next several years. You'll see additional positions come on to our website and into the different hiring and recruitment areas where we operate. We had an intention to really build out the product and engineering hires first and then begin to cascade that into our go-to-market strategy. We are both leveraging new people into the business to bring that area of specialty and focus around Catholic, as well as existing people inside of our business who have a passion for that space and already the expertise with the systems and tools that we have. We've already begun to build out our go-to-market strategy for Catholic. We also know that the Catholic market is highly networked. We've hired a wonderful gentleman this past fall who's not only helping us to make inroads into those relationships with diocese and archdiocese, but also is helping us to network and understand how we can become a thought leader in the Catholic space, just as we did in the non-denominational space years ago. That's great, Molly. Just a quick follow-up. Yeah, in terms of the kind of job ads you've got at the moment, because obviously when you read them, they are quite obviously niche. I'm just wondering kind of what the response has been like to some of those ads. Obviously you've got a couple of offices in the States, and I think one of the ads is targeting kind of remote working. Would there ever be a need to set up a third office in the States as a part of a Catholic expansion? At this point in time, we're not looking at a third office. We have two wonderful spaces in Redmond and Colorado Springs, as well as we have proven out over this last year that we have people who are able to work remotely from all across the U.S. We feel like we're able to hire with the space that we have today as well as remotely where needed to really infiltrate and create some momentum in the Catholic space in those areas where large archdioceses exist. Great. Thanks. Thank you. There are no further questions at this time. I'll now hand the conference back over to Ms. Matthews. Thank you. Thank you so much to everyone who joined us today. I'd particularly like to thank our shareholders for their continued support and confidence, our teams in the U.S. and New Zealand for their hard work, and all of our customers around the world for their loyalty and excitement, as these results are ultimately thanks to their support. Now I'd like to hand it back over to Gabrielle. Thanks, Molly. If there are any additional questions or requests, please contact me by email at investors@pushpay.com. A playback of today's investor briefing will also be available within the next 24 hours for 30 days. The playback can be accessed by dialing 0800 886 078 from New Zealand, and to all other international locations, please dial +64 9 950 7088. The playback pin number is 10012904. We'd like to thank you again for your time. Have a great day. That does conclude our conference for today. Thank you for participating. You may now disconnect.